COMMERCIAL.

Press, Volume LX, Issue 18263, 23 December 1924, Page 12

COMMERCIAL.

DUNEDIN WOOL SALES. SATISFACTORY PRICES. (TXtSB ASSOCIATION TELXQBAM.J DUNEDIN. December 22. The first wool sale of the season was beJd to-day, in the Hums Hall, when over 20,000 bales were offered to the largest bench of buyers - seen in the local sale rooms. The recent reports from Bradford indicated quieter trade, and with the recent London sales closing weaker than the opening of the series the reason for the setback in the last few sales in New Zealand became apparent to sellers. The Dunodin sale compared rather mora than favourably with tho last two or three sales just previously held. In fact, buyers expressed the opinion that both crows bred s and halfbreds were from par to id par lb dearer. Bidding for crosfclbneds was very spirited, and also fov special qualities of halfbreds and pieces, but for the general run of halfbreds and merinos bidding was slow, though the prices paid in the end were generally satisfactoiy. American orders were not much in evidence, although no doubt a proportion of suitable lots were taken tor the United States. Continental operators, however, were very much in evidence, as though as usual secured the bulk of the offerings, competition from French, German, and Italian buyers presented wools being sold under the London equivalent. The local mills bidding was of considerable help on lines suitable for their requirements. Naturally they prefer to buy ■as much as possible'in Dnnedin. The ■bidding at times appeared to be erratic, and it is difficult for sellers arid their brokers to understand the differences! in values made by buyers at times, this applying more to halfbreds and merinos than to crossbreds. The wool offered was superior to the general average submitted at the first sale of the season and in growth and soundness showed the benefit of the last extraordinary winter. A number of clips, however, showed the result of the drought, being dusty and earthy, no doubt due to turnip land having received less than th© *ordinary rainfall.' The range of values was as follows: Merino — . , ' d. d. Extra super .. - • • 3(5$ to 38J Super .. •• 33$ to 36 Average .. • ■ 30 to 43 Inferior .. • • 28$ to 29$ Fine Crossbred — Extra super. .. 35 to 36 Super .. ■ • 32$ to 34$ Average •. • • "9$ to 32 •Inferior • • "o to 28$ Medium Halfbred— Extra super .. 30$ to 32 Super .. . - 28J to 30 Average .. . . .. .255t028 Inferior .. - .. 23 to 25 Coarser Halfbred — Extra super .. .. 27$ to 29 Super .26 to 27 Average .. . . . 23 to 25} > Inferior . ;. .. 21$ to 22J Viae Crossbred — • Sapor ' • • ~ 26 to 28 < AVerige ..23 to2ss . Inferior .. 20 to 22$ Modiom Crossbred — / ■ " Super .. .. 24 to 26 Average .. 23 to 23} Inferior .. 191 to 21J 8elH«B and Pieces— Merino; good to super V, pieces ... ... 24 t0.301 Merino, good to super Vellies . ... ..19 t025 Merino, low to medium ... y. -pieces • .. • ~.,19 t023 Merino, low to medium bellies .. 16} to 181 Halfbred, good to super 1 pieces .. ..24 to3o < "Halfbred,'good to super bellies , .. ... 19 to 23 Halfbred, low to medium pieces .. 18 to 23$ Halfbred, low to medium ' bellies ... .. 16$ to 18$ i <feoasbred,j£ood to super pieces .. ... 19 t023 Qrwsbred, good to super /ybellies .. • 17 to 20 Crossbred, ,low to medium > ■ pieces .'. .. 16 to 18 ' Crossbred, low to medium V bellies .. " .. 15 to 16$ Oratehinga-r , Medium to good .. 14 to 18$ Inferior and seedy .. "TO to 131 locksMerino ' .. 11$ to 15} Halftired .. ll to 14} . Crossbred .. .. 8 to 12 I ■ v WHISKY SHARES ADVANCE. .(BtA(MLBt»~rB*SS ISSOCIATIOS—COPTRIOHT) / - UvSIOAUiII AHS K.Z. OiBLB ASSOCULTIOR.) (BeoerredDecember 22nd,' 10.46 p.m.) . . LONDON, December 22. ' . i - Tfcs "financial Times"- says that the "Big /. Jtoar'' of thaspirits world are negotiating ."fee'-, 'closer ' cooperation "between- the Bochanan-Dewar-Walksr combination and the Distillers' Company.The latter'* shares f VVe hardened sharply frcm 46s 3d to Ms. BRITISH SPELTER INDUSTRY. (BebsiMd -December! 2Snd, 10,45 p.m.) '•v . - <>:, . LONDON, .December 32. Tte Tiinea M sayathat dovek>pn»nto are : foreshadowed in oonnsxion with • Britiph apeltsr.'.'M/the, contract with Belthe supply of. Australian oonoentrates expires in 1926, : Sir Robert' Homeiavisiting Australia and Burma'in cosnttMS tliß supply of raw material for the.-Rational Smelting Company. f TflfiSli~J£mama surplus was .recently redo ood, and Germany's buying has depleted Bttwjwaa snppiie#, so a British shortage is ■ threatened. The present stock in the United ABGTION SALES REPORT. H. C. Si&ith, of the City Market, sold by , yublie' anetion yeeterday, on account of the vendor, a milk round, including hone, cart, and harness and utensile. After keen competition the round was knocked down to Mr' Franklin for £3OO. This is milk joaad this.,firm.' has sold during /the. last few months. At Friday's auction, a motor and aide-chair made £3l, an old Flanden car & 16s, 3 bicycles bom 43 10s to £6 10b, and a splendid clearance farnisiiings. A record entry- of poultry f came fonrard, aqd prime lines sold well at tbs Mlowiai; prices—{feelings 10s to 17s, ducklings 6s 6d to lis 6d, cockerels to 14s. Hens rae aot ia request, tbe price of feed •gainst the price of eggs foroing producers to quit stocks, Whiti' Leghorn liens being at a discount. The same firm report having ' soli Mr A. Cooper's farm at Bells road, Rangkca, consisting of approximately 114 sens, to Mr Nnnn, who has reoently returned fain a trip to England. ■ 8119 H. C. SMITH, Proprietor. TALLOW. J I -¥ j Messrs A. H. Turnbnli and Co. are in I receipt of the following cablegram from W. ; ' Weddal and Co., Ltd., dated London, De- I :. cmaber 17th.J—"Tailow market has advanced ! - Is. At i&snr aactions to-day 900 casks were , f «fcred and TW sold." I AUCTION SALE OF MOTOR- j ; CARS. { Jones, llcCiostie Cour Ltd., sold by pnblio yMtarday, in Mr K. England's-gar- * Moon car, which

TRADE REVIEW. HEAVY NEW ISSUES. BREAK IN WOOL UNLIKELY. (BT CABLE -PRESS ASSOCIATION" COPYRIGHT; (AUSTRALIAN AND K.Z. CABLE ASSOCIATION.) LONDON, December 20. There has been a glut of new issues on the Stock Exchange this week, the capital involved amounting to aoout £12,250,000. These hare had an unsettling effect on the gilt-edged market, which further was affected by liquidation for what are known as windowdressing operations in connexion vith tho end-of-the-year operations. I"here has, however, bean no serious decline in values, and there is an undenjing * ec ing of confidence which promises well for an improvement after the holidays. Hie foreign bonds market has been enlivened by dealings in the new >' r ceK. loan, floated under the auspices of the League of Nations, which was enormously over-subscribed. A large number of applicants received under 4 percent. of the amounts they applied for, and there has been a great rush for it, with a premium maintained at about i per cent. Sterling Pirm. In the foreign exchange market, chief interest lies in sterling, which closed firm at 4.71d01. The main support comes from America, where sterling is still talked of as likely to be higher, and there seems a possibility of_ strength being maintained till the spring, when the rate usually improves. The markets for all non-ferrous base metals continue firm, and feeling regarding all of them is optimistic, for there seenis no present indication of anything likely to cause a serious setback on either side of the Atlantic. The position of lead appears paxticuI larly strong, and apparently there is no sign of any relief from the shortage of supplies. Large contracts for pig lead have been placed at high prices for February and March shipment. Values in the United States hare been advanced to a very high level, in order to prevent export sales, and to attract Mexican lead. Thus Europe is compelled to fall back largely on Spain and Australia-, with fnn\supplies from Burma and Africa. Wool Oatlook. Discussing the wool outlook, in connexion with the sudden decline of prices at the New Zealand sales, Bradford newspapers point out that the underlying factors, governing the wool situation hare not changed. There is good ground for stating that current supplies are unlikely to exceed the requirements of the world's textile industries during the next nine or ten months. If America maintains the present rate of machinery activity she will have to buy heavily in the early months of 1925 to enable her manufacturers to tide over the period till the domestic clip comes into the market. Germany has bought enormous weights of yarns at prices not far behind current quotations. Spinners who handle. German trade feel quite confident regarding the ooming year, though it is possible that if prices went still higher the German market would "be adversely affected. The purchasing power 0." Central and pastern Europe Is so low that if the price of wool and clothing goes beyond a certain level the demand will be forced to cheaper fabrics. . ITio • Home trade outlook bag disturbing features, the most serious of which is the bugbear of high prices, which as» bound to make irade difficult. Were prices more' reasonable, one oould more confidently predict a healthy trade expansion, but ag it is, the tendency is in the right direction. There is no reason to fear a bfleak in prices. Big French Vintage. Experts' forecasts, made in September, that the French vintage would be poor, have proved fallacious, for, 'to the general surprise, official returns show that in some of the principal districts the yield far exceeds that of 1923. In the four departments, Heraufffc. Aude, Gard, and Pyrenees-Orientales, which provide roughly half the French 28 500 ES'A es . timated . at near 'y o^Sr^ 0 hectolltres > on increase of 2,750,000 oVer 1923. The four principal districts of the Champagne region show a yield double that of 1923, and rt> " de i yield it hectolitres, which is nearly 700,000 in excess of that of 1923

THE BUTTER MARKET. REDUCTIONS COMPLAINED OP. (PBBSS ASSOCIATION TMOBA1I.) ' OPOTIKI, December 22. In an interview concerning the reduction of tho price of butter in Aucklaad, ifr H. R Hogg, chairman of the Opotiki Dairy Association, said "his company suppled a large proportion of the butter consumed in Auckland and naturally felt sore at the action taken by one big company in red.uiag rrices when apparently there was .10 good jeaaon lor the reduction in view of ifco Ha»* of the English market and the ..tera locked by the Opotiki Company quite recently. According to latest Lcna-n quotations the f.o.b. parity of' first-grade butter is Is 8d per lb. Allowing ljd for local marketing costs, tho wholesale price of butter to-day should be Is 9}d.The New Zealand Co-operative Dairy Company, however, was selling at Is 4Jd downwards. The Opotiki and some other companies decline to confihn the latest -.(• duction in which attitude they are supported by the Grocers r Association, Bis- comp my- objected -to basing prices on suppositions concerning future values considering the only true basis for local prices was the London parity. . For many years the Butter Committee' fixing Auckland prifces had worked on this basis. Mr Hogg added that it was enfortunate that one cooperative company, in endeavouring to obtain control of the Auck land market, should make reductions bo seriously affecting its own suppliers as well as other dairy" producers.' •

(SKOAL TO "THIS MU6SS.") HAMILTON, December 22. - It. transpires tint the reported offer of 18Jd per lb for the February make of butter was only an enquiry for a small parcel of unsalted butter, which generally commands * OTe r ealtad varying from jd to *44 Per lb.

MINE IN A WHEATFIELD. (reoK oua ows. coubspondut.) SYDNEY, Deoember 11. Memories of the famous Wyalong and Gienfell goldfielda in this SUte were revived litat week by the publication of a promising crashing return by the Bribbaree goldmine. Bribbaree i 3 midway between tha two old fields. When the Rold-bearing OTwte of Wyalong and Grenfell petered out, men found the soil eminently suited for wheafc- : growing, and the district became one of our best grain-producing centre*. The Bribbaree mine is actually in tha middle of a wheatfield. It was surrounded by golden grain when golden metal waa being crushed from the foarts beneath the surface. The owner of the wbeatfield found the gold by stabbing his toe on a piece of quartz which contained lipecka of the yellow metal. He joined with a prospector and another in working the reef, which they found a few feet below the surface. Operations became too extensive for the syndicate, and company was formed in Sydney. The manager of the mine is Mr W. H. Williams, formerly manager of several mines on the Charters Towcro field.

I CHRISTCHURCH STOCK | EXCHANGE. ' YESTERDAY'S TRANSACTIONS. | Sales reported—Hviddiri-Parker, 4-ls Cd. i . c ale3 cn 'Change—X.Z. Rsfrig. (con.\ l'-S j ?A: Manning- Brewery, Ks 3d. | LATEST QUOTATIONS. I Slock. Buyers. Se'.lo;«. I £ s. d. £ s. d.

OTHER EXCHANGES. (PBBS3 ASSOCIATION TBLSOKAKS.I AUCKLAND, December 22. Sales—Bank of New Zealand, 60s; Union Bank a£ Australia, £l4 4s; Kauri Timber, 29s 6d; Kempthorne, Prosser (rights), 6s; Auckland Gas, Ms 9d; Milne and Choyce Debenture Stock, 23s 6d; Sanford, Ltd., X6a 6d. DUNEDIN, December 22. Sales—Union Bank (old issue), £l4; Mt. Lyell, 22a 6d. ' Sales Reported—Bank of . New Zealand, 60s; Kawarau Gold Mining Co., 20a; New Zealand Paper Mills, 21b. MEAT FOR THE ARMY. AUSTRALIA SECURES BRITISH CONTRACT. Australia has secured a contract to supply the British War Office with for the Army for aix months. The contract will begin early in the new year. -In October the British Government invited tenders ioi the six months' supply of frozen meat for the Army, to date from January Ist, the tenders to be for "Australian and-or New Zealand, ancS-or South African, and-or South American, at contractor's option." '' The representative of the Australian' Meat Council in London tsok the matter up with the director of Army contracts, pointing out that the tender as proposed would the- successul contractor to supply bouth American meat exclusively if he wished to. The contract will mean an amount not very far removed from £500,000.

ASHBURTON MARKET. A double market attracted » moderate attendance to the Tinwald yards yesterday. The entry comprised 279 fat ewes, 80 fat wethers, 611 fat laniba, 406 stores, and 40 head of cattle. There was a' keen demand for the mutton, and both ewes and wethers sold at ai> advance of 1b per head. Prime ewes made 32s 3d to 87s 6d, and second quality 23s 3d to 29s 9d. Wethers realised 36s 6d to 42s lOd. There were a lot of prime lambs forward, but a few would have been better in the paddocks on good feed till about the middle of January. Prim® eorts made 40s Id to 455, and light and unfinished 29s to 33s 6d. The all round average price was 12|d to 13d per lb, while several pens sold at over 13d. The principal sales were: Ewes —6 at 325, 4 at 28s Id, 5 at 29s 9d, 5 at 31s 7d, 3 at 31s, 9 at 32s 6d, 12 at 31s 4d, 3 (in the wool) at 47s 6d, 13 at 32s Id 12 at 33s Id, 13 at 335, 10 at 32s 6d, 10 at'23s 3d, sat 26s 6d, 4at 37a Cd, 12 at 31s 9d 11 at 32s 3d, 10 at 3ls 9d, 6at 31s Bd, 7 at 265, 13 at 31s 2d, 10-at 27s 6d, 11 at s2s 2d, 6 at 32s 4d, 9 at 31s Id, 6 at 27s 9d, 28 at 295. Wethers—6 at 43s 3d, 11 at 44s 9d, 10 at 41s 3d, 4at 435-3 d, 4at 37s 6d, sat 42s 6d, 9 at 42s lOd, 10 at 38s 9d; 11 at 86s 6d. Lambe —5 at 40s Id, 4 at- 33s 6d, 23 at 455, 60 at 37s 9d, 87 at 38s, 17 at 38s 4d, 43 at 43S Id, 18 at 41e sd, 42 at 39s 6d, 24 at 39s Id, 43 at 34s lid, 34 at 40s sd, 113 at 38b lOd, 60 at 38s 6d, 40 Jit ,42b lOd. Stores—The sales of stores were—27 rape lambs at 26s lOd, 110 sound and failingmouth three-quarterbred ewes (in the wool), and 94 lambs (all oounted), at 33s Gd. Cattle—Fat steers, £1 10s to £ll 10s; heifers, £4 10s to £ll 17s 6d, and cows, £3 17s 6d to £4 10s. FROZEN MEAT MARKET. The New Zealand loan and Mercantile Agency Co., Ltd., have received the fol'owing cablegram from their London office, under date 19th instant:— "Frozen, meat —No change in market. Laet quotation: Lamb, 13id per lb (average). Mutton: Wether maiden ewe, light 9d per lb, heavy S£d per lb;'ewe, light 7§d per lb, heavy 7d Fer lb." DAIRY PRODUCE. Messrs A. H. Turnbull and Co. are in receipt of the following cablegram from W. Weddel and Co., Ltd., dated London, 19th inst:— "Danish butter, 243s to 246s (last week 242s to N.Z. unsalted, 212s to 214s (212 a to 2165); K.Z. Salted, 204 a to 208 a (204s to 2065). 1 Market quiet. N.Z. cheese i White, 965,*(94s to 965). Coloured: 95s to 96s (92s to 945). Good enquiry."

N.Z. GOVT. DEBENTURES— 4* per cent. Inscribed, 0 1338 97 2 G 97 10 4 1 . per cent. Inscribed 1939 --- 97 10 0 j ncr cent. In ?or:1:e<i, 0 "19-27 — 95 0 uer cent. Inscribed. 1933 — 101 0 0 'a', per cent. Bonds, 1930 — :oi <> 0 OTHER DEBENTURESCbrirtdroclt Drains go, 5 psr cent. A:h!/urton Electric "37 10 0 96 12 G Power, 55 per cent. — 98 0 0 N.Z. Bre'.verie?, Bonds 9 and Stock — 1 3 Wellington Grt. S per ce^it. — 10-2 1} 0 Booth, Macdonala, 6i pec cff'.il. SO 0 0 83 0 0 BANKS— Adelaide s 0 0 — Anat-TnlPsiM — 15 12 G Bank of Victoria (pref.) IS 11 0 — 0 Comm. of Aust. 111 0 1 13 Omni, of Aust. (new) 1 11 0 Comm. of A list. (preD 6 11 0 — 0 Comm. 0!' Sydney — 23 5 National of Australasia. (£10 paid) 15 7 6 13 13 0 National of N.Z. (cum 0 • div.) 6 15 3 6 18 New South Wales 40 15 0 — New Zealand .. 3 0 0 — 1!oyai (£1 paid'! 1 14 9 — 3 Royal (£4 paid) G 17 6 7 1 Union of Aust. (new).. — 14 0 0 Western Australian ■2 12 0 2 15 G INSURANCE— New Zealand .. 1 11 8 — South British 3 4 0 — Standard 2 1 0 2 3 0 LOAN AND,AGENCY— Goldsbrou"h, Mcvt 2 8 0 2 10 0 National Mortgage 4 0 0 — Permanent Investment — 10 5 0 SFTPPING— H-owajrd, Smith 1 14 4 1 15 3 FPOZEN MEAT— N.Z. Refrig. (paid) 1 2 9 1 3 G I\ 7 P-'ur (COII.) 0 1'2 '2 0 12 5 WOOLLENS— Kaiapoi (paid) — 0 14 ' 6 Kaiapoi (con.^ — 0 7 0 GAS— Auckland (con.) — 0 5 7 Christ church 7 11 0 7 14 ; 0 BREWERIES— Crown ■2 5 0 — Manning I 13 0 1 14 0 Ward .» •« — 2 12 6 CEMENTSWiln^n'fl — 1 9 0 MISCELLANEOUS— Beath and Co. 1 10 0 1 11 6 Burns, Philp 1 15 3 — Electro Zinc, (pref.) .. 1 8 2 1 9 0 Mason, Struthers (10s paid) 0 10 9 0 12 0 N.Z. Farmers' Co-op. (£2 5s paid) N.Z. Farmers' Co-op. 0 9 S 0 11 0 (6 per cent, cum pref. ro div. only) — 3 10 0 N.Z. Farmers' Co-op. (6% cer cent. Stock, . 1930) 83 0 0 ' — N.Z. Paper Mills 1 0 9 — N.Z. Sugar of Milk .. — 1 8 0 MTNING— Mt. Lyell .. .. 1 9 0 — Waihi .. 1 6 6 1 7 6