FINANCE AND COMMERCE.

Press, Volume LXI, Issue 18525, 29 October 1925, Page 10

FINANCE AND COMMERCE.

WHEAT CONTKOL.

ANXIETY OF GROWERS. FARMERS' UNION DISCUSSION. There was a brief discussion at yestorday's meeting of the executive of the North Canterbury branch of the New Zealand Farmers' .Union on the wheat control question. At the pre-'-<y.iqus meeting it had l*ecn decided to write ia- the various branches of the Union, asking their opinion regarding the question of the Government taking control of the new season's wheat. Mr W. W., 31ullioHand said that the position wjis unaltered since tho previous meeting, very few replies having been received from brandies. . Tho chairman (Mr J. D. Hall): "Three branches have replied." There was, he added, a little doubt as to whether they were to have control with a minimum price. Mr Mnlholland: "There is no such tiling as Government control with a miuiinura price. I think I can say tliat such a proposition is quite impossible for a number of reasons. We have learned this much from experience." Mr Mnlholland added that something of this nature had been tried during the past three seasons and Lad proved unsuccessful. The action of those who were faithful to the agreement entered into regarding the price of wheat mad© it possible for those who were not loyal to reap tho benefit of it. If all growers had acted as the latter class had done the position would have been that instead of reaping a benefit everybody would have lost heavily. Two Alternatives. He thought that the Government would not entertain the proposal of allowing a wheat growers' organisation to control the price of wheat. It would not be fair that the Government should pay a- certain price for whiiat and allow anyone else to beat it. There must be either control or a free, market. ; So far as he could see there was no other way to meet the position than by rigid control of some form or other. He thought that there would be a very considerable shortage of wheat this year, hut to what extent would not be known until the figures setting out the acreage sown were made public. ' On the motion of Mr R. T. McMillan it was decided to hold over the question until after the Elections. LOAN EMBARGO TO BE LIFTED. (by cable—pbbss association—copybight.) (austbaijah aw) h.z. cable association.) '.' • . LONDON, October 27. . Mr L. C. M. S. Amery, Secretary of State for Dominion Affairs, assured the Agents-General that the loan embargo will he lifted very shortly. BURNSIDE MARKET. (PKESS ASSOCIATION 'TELEGRAM!) DUNEDIN, October 28. At Burnside .to-day, the fat cattle sale opened on medium, quality cattle at prices ■that wer-o from 10s to 15s a head lower than those of last week, and continued for a time at' those rates. Sheep prices were not greatly changed. Good store cattle sold well "and pigs were easier. Fat cattle—There was -a • yarding of 236 head compared with 209 last weeii. Some ■ specially prime bullocks, heifers, and cows were included in the entry. The sale opened on medium, quality, and prices were easier by 10s to 15s per head. Extra prime handyweight ox beef sold at ur>. t0,,66s per 1001b, medium quality arid heavy-weight ox beef to 60s, prime cow and. heifer beef from 473 to, 50s, and old'cow beef to 4.0s per . 1001b. Extra, prime bullocks made £3O 10s, priino £24 to £2B, lighter ' £l4 to £lB 10s, extra prime heifers £l6 to - £l9 . ss, prime cows £ll to' £lB. ■ Sheep—There was an entry of 1765 head, made up of prime woolly wethers. and ewes, together with some shorn, wethers and a sprinkling of plain sheep. Heavies were in full supply. There was- a good opening on fair weights, and light prime sheep at very firm prices. Prices eased towards the middle of tho sale, which, after some.irregularity, ran out under a good demand. Heavy sorts can bo quoted at frdm.par to. Is down, and others unchanged. Prime wethers. in the wool made from 7d : f o. 7id : lb, prime ehcrn wethers froni 54d"tp"'od, prime ewes in the wool 6d, and prime shorn ewe 3 4Jd, to sd. Extra prime heavy -wethers made from 55s to 56s 3d; prime "heavy 46s to 49s 9d, lighter 143s to 455, fat hoggets 46s 6d, heavy ewes 46s to 48s 9d, lighter ewes 37s to 40s, shorn wethers 37s to 42s €d, extra jprime to 44s 6d.Lambs —About seventy were forward of fair to good quality. A few of them were lather light. The demand , was very fair, and the best,, sold at from 44s to 51s, and lighter sorts from 265. Prime lamb was worth from Is 6d to Is-8d per pound. Store cattle—There was a full yarding of str.rr cattle, 356 head being forward, compared with 100 last week. There were some very fair four, three, ■•■ and 'two-year-old steers, and • the balance was made up of cows and heifers. Well-bred cattle met with a pood demand, and others were somewhat dull of sale. About fifty head of forward three. to four-year-old bullocks made from £ll to £l3 17s 6d,-and backward medium tliree-year-olds made from £9 os Jo £lO ss. A number of plain cattle were passed in at auction. Pigs—There were 109 fats and 72 slips forward. Extra big baconers sold.well, and average baconers and porkers were about 6s peri head down. Baconers sold at from Sd to Sid; per lb, and porkers to 9d. , BUILDING SOCIETY. The 53rd annual general meeting of share- : holders in the Mutual Benefit Building and '' "Investment Society of Canterbury (Permanent), wa9;held yesterday afternoon, Mr "W. Charles Bean, chairman of directors, pre- j aiding over an. attendance of eight. The balance-sheet disclosed that the profit and loss account was in credit £2614 14s Bd. The credit balance at the bank on September 30th, 1925, was £1232 19s, 7d, while tho deposits were £108,923 12a od, and amounts on mortgage £183,558 17s lOd. In moving tho adoption of the annual re- j port and balance-sheet, and approval of the directors'-recommendations, the chairman eaid it-was the most satisfactory report the) - company had' had for a great number ot" years. . This state of affairs was due largely to the increaso .in loans, amounting to £15,335.' -There had also been an increase in the amount oh deposit by £11,121. The reserve fand had doubled in the past five years..- Applications for loans wcro coming in freely, the company's system of ( repayments- commending itself to borrower's. They had no.cause to complain about their clients, and r tho arrears amounted to a very small figure.' Mr A. McKollar. seconded the resolution. Ho .eaid that ■it was satisfactory to note that while the amount accruing from interest had increased; the percentage of expenseo had shown- a decrease. The motion was-carried. Messrs B. and A. McKellar, retiring, were the only nominations for tljo vacancies, and the chairman declared them re-elected. Messrs Mitchell and Aldridge were appointed' shareholders' auditors. The directors, secretary, and staff, were accorded a -vote of thanks for their services fori tho past year. ' In responding the chairman said" he had had the most loyal support of the directors ' during his term as chairman. Tho secretary-(Mr A.-Marshal!) also acknowledged the vote. -. i Tho remuneration of tho dircctois was iri- _ creased from £3OO to £4OO per annum.

HIGH COMMISSIONER'S REPORT.

The Department of Agriculture has received the following cablegram, dated the •J4lh inst., from the High Commissioner for New Zealand, London: — BUTTER. Demand continues slow, with very little New Zealand available and quotations practically nominal. Present quotations are: — .New Zealand: Finest salted. October LMth—2l4s to 216s per cwt (Is ltd to Is per lb): exceptional, 218s per cwt (Is 11 id per ]1»). October 17th —214s to 220s per cwt (Is 11(1 to Is 1 lid per lb). October 10th—230s to 234s per cwt (2s Old to 2s Id per lb). Unsalted. October 24th —214s to 21Ss per cwt (Is lid to Is Hid per lb). October 17th—216s to 222s per cwt (Is 11 id to Is 113 d per lb). October 10th—22fis to 230s per cwt (2s OJd to 2s Old per lb). Other qualities. October 24th—204s to 210s per cwt (1? 9 : jd to Is 10id per lb). Australian: Salted. October 24th—20(3s to 210s per cwt (Is lOd to Is 10id per lb). October 17th—210s to 216s per cwt (Is 10id to Is 113 d per lb). October 10th- —218s to 222s per cwt (Is HJd to Is 11-Jd per lb). Unsalted. October 241h- J -20Ss to 210s per cwt (Is 10.', dto Is IOJd per lb). October 17th—212s to 216s per cwt (Is 103 d to Is Hid per lb). Other qualities (salted and unsalted). October 24th —190s to 202s per cwt (Is SJd to Is 9id per lb). Canadian. October 24th—208s per cwt (Is 10 Jd per lb). October 17th—20Ss per cwt (Is 10id per lb). October 10th—2.12s to 216s per cwt (Is 103 d to Is UJd per lb). Argentine: Unsalted. October 24'th—186s to 192s per cwt (Is 72d to Is Bid per lb). October 17th —190s to 196s per cwt (Is S}d to Is 9d per lb). October 10th—190s to 204s per cwt (Is 9d to Is 93d per lb). Other qualities. October 24th—174s to 184s per cwt (Is 61d to Is 7ijd per lb). Irish: Salted. October 24th—208s to 210s per cwt (Is IO.Jd to Is 10id per lb).. October 17th—212s to 214s per cwt (Is 103 d to Is lid per lb). October 10th—218s to 220s per cwt (Is Hid to Is -11 I'd per lb). -. Unsalted. October 24th—208s to 210s per cwt (Is IOJd. to Is lOldper lb). October 17th—214s to 216s per., cwt (Is lid to Is Hid per lb). October 10th—218s to 220s per cwt (Is lljd to Is Hid per lb). Siberian. October 24th —172s to 182s per cwt (Is 61d to Is 7Jd per lb). October 17th—180s to 184s per cwt (Is 7Jd to Is 73d' per lb). October 10th—184s to 190s per cwt (Is 73d to Is Sid per lb). Danish. October 2~4th—224s to 226s per cwt (2s to 2s OJd per lb). October 17th—228s to 230s per cwt (2s OJd to 2s Old per lb). October 10th—234s to 236s per cwt (2s Id to 2s lid per lb). CHEESE.. Market firm. No official quotations for New Zealand, which is practically cleared with the exception of a small supply on the West Coast. HEMP. Manila market dull and declining during this week until late yesterday (Friday, the 2ord), when demand'arose, and prices have advanced and business has been done with "J" grade October-December shipments, £4l to £4l 10s; November'-January shipments, £4l 10s; January-March shipments, £42. New Zealand market quiet; high-point • sold down to £3B 10s sellers. Now withdrawn. :.. ..*. WOOD. Bradford market improved. Present quotations are for tops: 64's:(merino) ■warp, 4s 6d; 64's (average), 4s-sd; 56's • (super halfbred), 3s; .50.'.s (halfhred),. 2s-4Jd; 40's (prepared), Is lOd. . ... TALLOW. Market Very flat. No "auction this week. Prices nominal to 6d Ices at last quotations over all descriptions. AUCKLAND MARKET. (special to "the pbess.") AUCKLAND. October 23. Potatoes—The market is firm at £ll 10s per ton, ex store. The Katoa ia in with a small shipment, and importations will continue* for some weeks yet, as it is expected that it will he about flu, end of November before the new crop is available in any quantity. The price this week is 20s per cwt at Pukekohe, but most of the sampleß are, very small, and there is no great demand (for new potatoes when they are only the size of marbles. If the present weather continues for a. couple of weeks, >t will ■very materially the potato position. Trade is not at aJ brisk in Beed potatoes. It was expected that there would be, a much heavier enquiry, but apparently most of the larger growers saved their own seed and the small' househo'd garden ' requirements have not- exhausted the stocks available. '• . Onions—Canadian are getting scarce- and are firm at 80s per crate, but further supplies will be here on November 9th. Oats—A few " are selling for feed, as motorß have not quite annihilated horse traction. The price is firm at 6s, ex store, in small lots, with stocks only moderate. Chaff—Steady sales are taking place at lis, ex store, for southern and 10s 6d for Australian. The Kaiapoi has loaded at Melbourne and the Kaifcmgata is bringing Tasmanian chaff, so that there will be no scarcity. Booking to arrive is not taking place, but importers have not found it very easy t<> obtain their requirements on ihe other side for immediate delivery, as the weather has been unfavourable for chaffcutting.. . firmer market in Australia is encouraging purchases in Canada, and arrangements have already-been made for one shipment. The demand ex store is quiet this week, as the price, 9s' 3d, iiurt bs reduced when duty-free stocks are available. Maize—The market is weak at 6s 4d on the whan* in wholesale lines. A shipment cf South African maize :s still held up ..in Fremantle; and this is causing, some inconvenience.

TIME RIPE FOR NEW CEMENT ISSUE; Qn account of' the" extensive and steadilyincreasing -use of cement for bui.dmg purposes, cement shares are being keenly sought after right throughout the Dominion; but there are few sellers. In view, oi this, it is' obvious that a new issue by any. company: controlling adequate supplies -of raw materia/.s would meet with a good- reception by the many people who realise what a safe and .profitable field of investment such an i3£ue would represent 6