COMMERCIAL.

Press, Volume LXI, Issue 18342, 27 March 1925, Page 10

COMMERCIAL.

WELLINGTON WOOL SAl^-

BRIGHTER TONE EVIDENT-

(SPXCtiL TO "THE TRXSf-") WELLINGTON, l»reh 26. The fifth and closing -wool sale of the season to be held at Wellington was begun in the Town HaD ** n '' s evening, and to somo extent exceeded expectations. There was :i attendance of buyers, bnt the bidding was irregular. . The wool submitted comprised some good, bright, fiijp conditioned lots which, in the opp* on some of the buyers, was bett& than that offered at Napier, and for.# is tJass ? f Woo ' good prices were ob& and in mo3t eases the prices weJtf almost if not actually as good as ruling last month. There was & considerable quantity of back count# wool, seedy and dingy, for which/H> ere was scarcely any demand, an#™ 1 ® pricesi were low. Lambs' wool waf depressed, for the usual French competition appeared to be lacking? Bellies and pieees and oddments^ 01 " 11 ? condition attracted competition* good prices were realised. In 0 first catalogue submitted bellies an( j'pieces made 16d, first pieces 15|d aiyf 15} d. There was very little fine. offered and, generally, though the competition was good, prices were not op to vendors' ideas of values. The withdrawals are likely to be heavy, probably from 15 to 20 per cent., which has been the feature at other sales held recently. * As usual the principal support came from Bradford representatives, and buyers on behalf of Continental principals secured a fair number of lots. Local fellmongers were operating and picking up odd lots that appeared cheap. Viewed on the whole the tone of the sale was more cheerful, and brokers were well pleased, for there is an indication that prices have reached their lowest level. The outlook appears brighter than it did a week or two ago. The sale will be resumed at 9 o'clock in the morning.

COMMONWEALTH LOAN.

(austbalias ako x.z. camjs association.)

(Beceared March 26th, 10.45 p.m.)

SYDNEY, March 26. The Commonwealth loan of £5,400,000 was fully, subscribed. •<

N.Z. DRUG COMPANY.

ANNUAL MEETING. (srxcux* to "ibx luss.") DtTNEDIN, March 26. In the course of his address at the annual meeting: of the New Zealand Drag Company to-day, the chairman said:— are no doubt much interested in the new project of the company in the erection of chemical works at Wanganui, ior the financing of which a new issne of ■65,000 shares lias been made. Geographically Wanganui is situated in a eplendid position for the distribution of fertilisers, providing, as it. does, easy and economical access into Taranaki, Havrke's Bay, the southern Waikato, Manawatu, ote. The- use of phosphatic fertilisers ia increasing by leaps and bounds. Farmers find that its use pays handsomely, and also provides regular and satisfactory returns from lands hitherto unprofitable. The construction of these works will" take some considerable time, m the Iraildin'gs and plant will he of'a substantial character. A spendid site has been secured close to the Aramoho station. Kail way sidings have been completely installed on the most modern principle, giving all _poaaible conveniences, and the commencement of building operations was made about a month ago. When these new works are completed the company will havo four thoroughly equipped and up-to-date fertiliser works, divided equally between the iVarth Island and tho South Island. "On the question of the issue o' 65,000 new shares, the 60,000 offered to shareholders Wore largely over-subscribed. A similar remark applies also to the ,SOOO shares offered to the staff of the company. This result, f am sure, you will regard as eminently satisfactory. It oertainly is very gratifying to your directors, and shows tho approval of tho shareholders and the staff in regard to the forward movement to strengthen the company's position in the North Island by the erection of new works. With reference to the shares offered to the staff, these have been taken up by the officers and l staff at all the works and warehouses. This must add to the companjfa strength. I venture to say that one of the best methods of profitsharing is to have the staff of any company well represented on its, share register. I feel sure you will endorse your directors' policy in offering a portion of this new issue of shares to the staff. The present paid-up capital is £400,000, but when all tails ore paid on the new issue, the paidup capital will amount to £530,000."

FARMERS 9 SALEYARDS.

ANNUAL MEETING. There was an attendance of twelve shareloldera at the annual meeting of the Farm--1 ms' Saleyards, Ltd., held on Wednesday in the office of Mr P. Agar, Bhodes's Buildings, Hereford, -street. In the absence, through of the chairman, Mr F. Hubbard, the meeting was presided over by Mr H. E. Peryman. The twentieth annual report of the directors for the year ended December 31st, 1924, showed a profit of £175 13e fid, on the, profit and loss account, which had been written off for depreciation of 'buildings. The interest charges were £l7 3s 6d less. The chairman, in moving the adoption of ihe report ami balance-sheet, stated that no dividend was being paid, the profits earned being used to pay off the second mortgage. Mr W. Hayward, in supporting the motion, stated that they wero ail pleased with the progress. A substantial reduction had been made in the second mortgage—from, £I2OO to £322. . 1 . . The report and balance-sheet were adopted. Messrs W. Hayward and J. E. Fleming, the retiring directors, were re-elected. Mr A. MoKellar, the retiring auditor, was reelected for the ensuing term. It was unanimously decided that a letter be sent to Mr F. Hußbard expressing sympathy with him in hia illness, and thanking him for his earnest efforts on behalf of the company. At the meeting of directors held at the conclusion of the annual meeting, Mr F. HubJ»id was re-elected chairman for the ensuing TM

TALLOW. ißeoeived March 25th, .7.35 p.m.) . ■ LOKDOS, March 25. At the sales, 797 caslcs wero offered, and 599 sold. Mutton and good beef were easier, but other norte were TincU.au«ed. Mutton fine 48s per owt. and good 4w, while beef sold at 45e 9d and 4ts 9d respectively. Dalgetr and Company, Limitea, 'b?™ received the following cablSa advice from London:—At tho weekly auction 600 casks tallow were offered and 640 sold. There was no demand for mutton tallow. Other descriptions are unchanged to sixpence lower. GOLD. (Received March 36th, 7.35 p-ni.) LONDON, March 2». Gold is quoted at~B6a 4d per oz. WHEAT. (Beceived March 35th; 7.35 p.m.) LONDON, March 25. Cargoes are quiet on the disappointing American tone. Values are hardly determinable, Parcels for a similar reason are 6d to l£ easier. , _ .Chicago wheat options are . quoted as under:—M<ty» lfi7J cents per bushel; July 136&. ■

TIMARU RAM FAIR.

(spiein to "frta r*»si."> TIMARU, March 26,

The Timaru Agricultural and Fastor»l Association's annual ram fair was he'd on the Show Grounds at Washdyke to-day, and was attended by about 300 farmers from parts of the district. As in past years, the entry w good, the total catalogue showing S7B rims, of which Bonier Leicesters end | English Leicesters comprised the greater Part. The entry is as follows: Border Leicester 439, English Leiccstera 184, Romney Marth 128, Corriedales 104, Southdowns 14, Shropshires 6, and merino 3. The entry of stud Tams was small, only 27 being offered by the auctioneers. Not all of these were disposed of, however, the bidding failing to reach the owners' reserves. ! The bidding at the start of the fair was I dull, notwithstanding the fact that the stud rams offered carne from somo of the best known breeders in the district. The dem&ud i for Corriedale studs was not great. Four "■uimals were offered, all cij, account of -Jr Isaac Andrew (Waihao Downs), but the top price only reached 10 guineas, the purchaser being Mr J. Farquhar. Romney Marsh studs sold at 7§gns. Passing on to the flock rams, interest ill tho fair appeared to increase, for the bidding was more spirited, and prices generally were good. Corriedales realised be tween 6 and Bgns, anything under the former figure being passed. Flock Shropshires brought prices equal to some of the stud Corriedales and Border Leicesters, one of Mr A. J. Kelman's two-shears bringing &§gns, and another 9Jgns. A pen of three three-shear merinos was sold at a price only equal to 6gns. The j Border Leicesters were more keenly sought after, buyers being allowed the pick of the pen with the. option of the lot. Mr A. J. Bisdee (Arundel) secured 9}gns for some- of his rams, while Mr C. T. Cross (Fanlands, Waihao Downs) secured 10 and lOigns. Prices were as follows: — ' STUD RAMS. Gns. Gns. Englrah Leicesters —One-shear B to H Border Leiceßters—One-ghear 9 to 201 Two-shear .. .. 7} Three-shear .. .. ll Corriedales—One-shear .. 9J.- to 10 Two-Bhear .. .. 8$ Romney Marsh—One-shear 7J FLOCK RAMS. Corriedales—One-shear .. .. 6 to 7} Two-shear .. .. 7 to 8 Shropshire— . 7J to 9J Merino—One-shear ..6 Border Leicester—One-shear 6i to 10} Two-shear .. .. 7 to 8 AUCKLAND MARKETS. (BMCU.L TO "IKB IMS 3.") AUCKLAND, March 26. Although stocktaking and bank balances are eo close at hand, merchants have boen fairly busy this week, and with the forward booking period at hand appear to have put through a greater volume of business during the last few days than for the whole foil* night previous. Retail trade is also much brighter after a period of depression, ljrgely accounted for by the epidemic. Althought thifl is still acute, more shoppers Beem to be about, one notable feature being that children appear to be allowed more liberty and can carry out chopping duties as before. Potatoes —Several lots of potatoes have arrived from the south and further shipments are now on the way. Southern merchants arc offering to sell potatoes, for forward delivery at lowest rates. Southern are at £8 103 and £5 per ton. Onions—Earlier predictions regarding a probable advance in tho price of onions have proved correct. The market ia now exceptionally firm for this line, and owing to the yieid in the south being smaller this season, prices seem likely to rule higher for the rest of the winter. The quotation is £l3 per ton. Maize —The market for this gram continues very firm at late quotations. Owing to the lii-jlt' price of fowl wheat there i 3 now a . greater "demand for maize for fowl purposes. Tho recent shipment oi maize from South Africa temporarily weaiened tho local market, but the bulk of the importations haVe now been distributed. Very small quantities are now coining forward from the Coast as growers tie not disposed to soil, at the prices offering. The new crop is stated to have been seriously affected, by the continued wet weather. Indications point to high prices ruling for maine for some time yet. New Zealand ia quoted at 7s 9d per bushel. Oats—New Zealand feed B Garton 5s 6d per bushel, Algerian seed 6s. Chaff—Southern merchants' quotations for chaff hove been withdrawn for forward delivery. Blenheim merchants state they cannot buy good chaff from farmers for forward delivery at the prices now ruling. Bangitikei merchants decline to quote for chaff fox forward delivery. Victorian compressed i» quoted at £9 10s per ton; Blenheim at £lO lCte, and Rangitikei at £lO. Wholesale current prices are—Superfine quality creamery butter, Is 6id per pound; first grade factory, Is 5Jd per pound booked, Is 5d per pound prompt cash; Farmers' separator, ; Is Id per pound; cheese,* 9d to lOd per pound; bacon and hame, lljd to la uer lb, bacon sides 10& to l»id per lb; lard in bulk, lid per lb, pate Is per lb; flour, £2O l'as per ton (less 2J per cent, discount for 2001b sacks); sharps, £8 per ton; bran, £7 per ton; oatmeal, s's 355, 25'e 33s per 100 lb.

SOUTHLAND MARKETS. (OECIAL TO "tax fiMI.") INVERCARGILL, March 26. Oats—Th-:- market continues firm "both for forward delivery between merchants and also for prompt delivery from faimers. Forward quotations for shipment spread from April to September are on the basis of about 4a BJd to 4a 9d for A grade and 4a 3ld to 4s id for B grade, f.o.b.s.i. s.i.p. Tne equivalent value to farm era on trucks would be 3s lid for A grade and 3u 6d for B grade, but the prices actually being paid to farmers are about 4s 4d for A grade and 4s for B grade. In some cases slightly extra is being paid for heavy samples. Wheat—There is not a great quantity of southern -wheat offering, and there does not seem to have been a great deal grown. Many of the lines offering are being sold; as fowl wheat, and the pries to farmers is from 7b to 7s 2d per bußhel. ' Chaff—The offerings lately have not been so heavy aa they were earlier in the season. No doubt this is due to fanners having decided to thresh their oats, now that the prices are more attractive. Prime lines are in demand and are netting about £5 per ton on trucks at country stations. -Interest !n thi* line has mow a> pood deal, and merchants are not now sucL keen buyers. Probably the top price obtainable is 4s 6d per bushel on trucks for heavy, clean lines. Lighter and inferior linos are worth about 3s 6d per bushel. , , , . Potatoes —Practically all the tefloneSß bemg done at Resent i 9 in Southland-grown potatoes for local consumption. Offerings of main cron potatoes are beginning to be made, wd sales have taken place on the basis of £5 per ton on trucks. Fruit—Tomatoes. whicn were in short supply the previous weelk, nre now more plentiful. Some nico lines of pears are Menng. Stone fruits are about finished, with the exception of peaches, some choice »mplea in crates meeting wiJi good competition and realising a high price. The market is bare of bananas, and supplies nre expected some time next week. Oranges and lemons are also booked for about the same time. Current prices a*e as follows: —Peaches, crates 3Jd to 6d per lb, boxes 2s 6d to ss; plums, I good, dessert to 4d p«ur lb; quinces, 2d to 1 Sd; grapes,,ls 3d to-Is sd; tomatofes, ljd to 3d; apples, Jonathan dessert to 10s €d a esse, (Six's Orange Pippins to lis, cooking apples from 3s to 7s 6d; lemons, Italian, to 35b.

ASHBURTON RAM FAIR. At the Ashburton ram fair, which concluded on Wednesday, Border Leicestezs eokl on account of Colonel Kndlay madfe up to 12gns, for two one-shear rams. AUSTRALIAN MARKETS. UUSTBALIW AKD H.Z. CABLE ASSOCIATION.) (Beceived March . 26th, 11.5 p.m.) SYDNEY, March 26. Oats—Tcamanian Algerians 8e 4d to 3s 6d per bushel; white, 4a 6d. Maize: 3s 3d per 'bushel. Potatoes: Local, £4 U> £5 per ton; Tafiznanian £8 lOs to.XXO. .Onions: "Victorian, £l4 to £ls per ton. ADELAIDE, March 26. Oatfi—2s 8d per bushel.MELBOUBNj; March 2 6. Hides—Stoats and heaves showing sub-stance-were unchanged. Others declined a farthing to a halfuennj.