COMMERCIAL.

Press, Volume LXXI, Issue 21533, 24 July 1935, Page 16

COMMERCIAL.

(CONTINUED PROM PAGE 13) DAIRY PRODUCE OUTLOOK A HOPEFUL FORECAST There is considerable satisfaction in writing our present monthly survey as quotations generally show a • rise of 8s to 10:5 per cwt, say Samuel Page and Son, London, in their June letter. The top price of Australian is 9s and of New Zealand 10s higher than a month ago, and the market is firm at the advance. It is true that this rise i 3 largely attributable to smaller supplies, the imports from Australia, New Zealand and Denmark during May being 82,310cwt less than in April, but on the other hand it must be noted that, making the same comparison, the total imports from all sources are 86,616cwt more. The countries chiefly responsible tor this increase in the total imports are the Irish Free State, the Soviet Union and Holland, which, together, exported to the United Kingdom in May 85,847cwt in excess of those of the previous month. From the foregoing facts it would appear that the rise in prices renresents a genuine improvement in the trade and that, therefore, there is little likelihood of a serious set-back, and even a further upward movement is not improbable, despite the fact, in view of the forward position, that retail prices must be raised. The Continental production has considerably lagged behind this season owing to the long continued cold weather during spring, and although the receipts of New Zealand into cold store during the four weeks ending June 8 show a marked increase over the corresponding period of 1934—160,000 boxes as against 116,000 —the decrease in gradings in Australia during the same four weeks is far more pronounced, being only 53,540cwt, as compared with 101,420cwt. Also the* total shipments afloat from Australia, New Zealand and Argentina, as at June 13, amount to only 742,620 boxes, while they were 873,030 boxes a year earlier. It may also be noted that re-exports (mostly to America) in. April amounted to 25,042cwt, while in May they were almost a negligible quantity— 5080'cwt. The state of the market in New York may be gathered from a letter we have received from a correspondent under date, June 13:— "There are at the present moment in New York huge quantities of all sorts of foreign butter, such as New Zealand, Australian, Latvian, Lithuanian, Estonian, Swedish, and Holland, both salted and unsalted. Much of this butttr was bought at prices ranging between 12 and 17 cents, c.i.f.. New York, anticipating a high market over here. Instead, however, our markets declined sharply, and we know that many of the holders will be glad to get rid of these butters even at a loss. All these butters are of choicest quality and arrived here during the last tv/o months. Do you think that you would be interested in some of these butters? Very often the London market may be on a higher basis than the New York market, and shipments of such foreign butters from New York to London may be more profitable ihan buying directly from country of origin, and whenever ycur friends are interested in some such butters we should like to hear from you."

At the fame time, our correspondent believes that when the peak of home production in America is prised prices will recover and then that country will again be buyers notwithstanding the 14 cent per lb tariff. The conditions obtaining in the cheese market during April repeated themselves last month, trading bein," without notable feature unless it be the continued dragging tone of the demand for New Zealand; and although the average value is un* changed on the month it 13 white that now commands a slight premium. The large increase in the home production of milk continues to be responsible to a great extent for the poor market for New Zealand and the anxiety to use the milk has resulted in a lot of badly made cheese- some Cheshire has been retailed at as lew as 3d—-'by the scoopful," as one r.gricultural correspondent puts it—whilst considerable quantities of Dutch Edams are being sold weekly at tha« price. CHRISTCHURCH MONEY CLUB

A SATISFACTORY YEAR The annual meeting of the Christchurch and St. Albans Money Club was held yesterday, Mr J. Evans presiding oyer a fair attendance. The half-yearly report was submitted as follows: The capital of the society is £90,629 0s sd, an increase of £1491 13s lid for the half year. Loans amounting to £2435 were granted during the halfyear, bringing the total lent to date up to £472,997 16s 6d. The profit and loss .account shows a credit of £2235 0s lOd. The committee recommends a dividend as follows: (1) On all amounts standing to members' credit on June 30, 1935, up to £IOO, the sum of 6d in

the £ on each complete 10s. (2) On all amounts standing to the credit of members on June 30, 1935, in excess of £IOO the sum of Cd in the £ on each complete 10s on the first £IOO and 4 per cent, per annum on the balance on each complete 10s. There are 1600 members holding 8098 shares, an increase of 17 members and 93 shares for the six months. The chairman, in moving the adoption of the report and balance-sheet, said:

"I am pleased to be in a position to state that since July, 1934, when we last met there has been a steady improvement in the club's affairs, and provided there is a reasonable outlook for investments the position of the society will continue to improve. The lower rate of interest now prevailing has naturally reduced the earning power of the society, and if investments continue to pile up there may be a good deal of difficulty in finding an outlet which will enable the committee to keep up the dividend rate. One of the future problems of the society is the finding of satisfactory securities at a reasonable rate of interest. The funds uninvested have gradually increased, especially during the last three months.

•'Dealing directly with the year's working, I can only state that there has been a gradual satisfactory increase all round, and provided too much capital does not remain uninvested, I see.every reason for a. further improvement in the position of the society. The small loans to members keep up remarkably well, and this feature—actually the one for which the society was originally established—is a most pleasing one and demonstrates the use of the society." Mr W. F. Sopor seconded the adoption of the report and balance-sheet, and the resolution was carried.

Mr J. Evans was re-elected president. FOREIGN EXCHANGES (BRITISH OFFICIAL WIRELESS.) RUGBY, July 22. Par. July'JO. July 21. I'aris, fr. to £l 12.1.21 74 47-Gd, 7-t 59-G-i New York, dol. to £1 4.866 4.96J 4.08J ■ Montreal, dol. to £1 <t.S66 4. 0C4 4.06$ ' Brussels, uolgastoil 33 20.33 J 20.39 Geneva, fr. to £1 25.22.15 15.12J IS.10? Amsterdam, fl. to £1 12.107 7.20 7.33:2 MiJsn. lire to £1 93.47 5015-10 00 3-10 Berlin, roichmark'ja to £1 .. 20.43 12.28 12.1)3 Stockholm, kr. to £1 18.150 10.90 a 10.005 Co;.i3nliaj;en, Icr, toil 18.150 '..'Z.Z'il £2.30J Oslo, ir. to £1 18.15!) M 10.00J 10.D0J Vienna, schgs. ™ to £1 34.5e5 20 26 Pi igue, l;r. to £1 161.25 119 1101 Ili.'lsiiigforn, marks to £1 .. 103.23 227 2203 Madrid, pesetas to £1 25.2-15 38 MO 30J Lisbon, ckcu<ios to £1 110 3 10i 110.1 Athena, drach to £1 373 515 5!."> Bucharest, lei • to £1 818.0 485 ISS Belgrade. dinars 25.2213 21.0 21.0 Iti -. de Janeiro, ■■pence to .Tilreis .. 4.802 4 J 4} Biienon Aires, pence to dol. 47.CC 20 3-10 20 3-10 At on ("video, nenee, to dol. 51 303 302 Bombay, pence, to rupee 10 IBJ lA\ Sbi>rr,'h.ii. pene.i to dol. * 18 13-10 I*l Hon- Kowr, neneo to dol. * 25 0-10 23 0-10 Yokohama, i:i:?!eo to yen * 145 145 Bavnia, iTjilrlers 12.107 7/23} 7.23} Warsaw, par 7.loivsto£l 43.30 20.13 30.13 "Determined, by prico of siher. FOREIGN EXCHANGE RATES The Bank of New South Wales. Christchurch, quoted tho following rates us ruling yioiieiday for its purchases tind sales of fnrcijjn exchange. All rates are subject to alteration without nolicc- — Buying. Selling. London — £ N.Z. to £IOO sip;. T.T. 12-1 321/10 O.D. 123/10 124/8/0 Australia — £ A. to £IOO N.Z. T.T. lot 100/10 0.0. 101 100/10 Fiji £ I'. to £IOO N.Z. T.T. 00/7/0 f?0 O.D. 00/7/0 SO . " Do", "to 11 X,Z, T.T. 4.01 3 3.07J O.D. 4. 02J ■''.9B MonUaal— Do,', to £1 N.Z. T.T. 4.012 3.08 O.D. 4.03 3.08Jj Aunt ida— Sc!i:;s, to £1 N.Z. T.T. -- 20.52 O.D. Belsiiir. — Bel;-» to £ I N.Z. T.T. O.D. Cieehosiovakia — Crowns to £1 N.Z. T.T. O.D. Denur/ii-l'-Kroner to £1 N.Z. T.T. 15.203 17.878 O.D. 18.248 17.888 France — Francs to £1 N.Z. T.T. 00.84 f.0.5 I O.D. 01.11 50.50 Germany— EeichniarJts tv £1 N.Z. T.T. O.D. HollandFlorins to £1 N.Z. T.T. G. 030 5.780 O.D. 0.080 5.784, Ilalv— Liro to £1 N.Z. T.T. ~- /7.G4 O.D. Jbtr — Florins to £1 N.Z, T.T. 5.070 5.754 O.D. 6.J29 5.758 Norway— Kroner to £1 N.Z. T.T. 10.200 15.870 CD. 10.240 15.880 Sweden— Kroner to £1 N.Z. T.T. 15.700 15.400 O.D. 15.830 15.470 Switzerland— Francs to £1 N.Z. T.T. 12.407 12.007 O.D. 12.482 12.017 Noumea Francs to £1 N.Z. T.T. 61.70 58.70 O.D. 02.10 58.84

Buying. Selling'. Papeete--IVaucs to £1 X.Z. T.T. 01.7!) 58.7!) O.U. 02.19 58.81 lions: Korir— N.X. pence to dol. T.T. "H 112 9-10 O.U. 31J 32h India and Ceylon N.Z. ueneo to rup. T.T. 228 ~- "T!■ T{2 o.l>. ~~k 22 21-32 ' N.Z. ponco to ven T.T. O.U. ~~ Shanchai--N.Z. pence to do!. T.T. 22 IMG U. O.U. 22 IMG 23 15-10 Singapore— N.Z. penco to dol. T.T. H t 7-32 So 5-32 O.I). 34. 3-32 35 3-32 T.T. represents Telegraphic Transfers. O.U. represents on demand. DOLLAR MARKET RATES Tim Associated Bunks (other thnn the Bank of New South Wales) quoted tlio following dollr.r r.itcs yesterday on a New Zealand currency basic. They aro subject to alteration without notice:U.S.A. CsTiada. U.il. Dol. I Per £1 K.Z.) .Selling--T.T. 3.97S 3.973 O.l). 3.98J; 3.981 Buy in i; — O.I). 4.02E 4.022 STOCK MARKETS RANGIORA Sheep were in (jood demand at the weekly sale yesterday. Good sound-mouth owes in lamb sold well. Dairy cows were also in better demand. Pigs %vcro slightly easier. Two-tooth store wethers made to 21s l)d, sound-mouth ewes in lamb 22s to 245, fail-ing-mouth ewes 18s to 21s, and good wether hoirget* from 20s to 25."!. Cattle —Best springers £-1 10s to SG ss, backward springers £2 10s to £3 10s, heifers in cnlf £2 ss. Good store pigs made 33s Cd to 38s Cd, big woaners 12s to lis Cd, small weaners 0s to 10s. ASHBURTON A riso of up to 2a a head in the price of fat sheep compared wtili tho rates at Tinwold last week, was shown at the Ashburton stock salo yesterday, the upward trend in the market being due principally to tho shortage of fat ewes. Altogether the yarding of fats wan email, although more wethors were entered than for the last month or so. The quality of the stock was fair, with one or two pens of. prime quality. Tho market was topped by G. Hoatten (Elgin), who obtained 27s 7d for four fat wethers. Tho best prico for fnt owes was 23s '3d for ono sold on account of a client, whilo the nearest approach to this was 19s Id for fivo offered by Mr J. McDonald (Soufield). temuka ;.;&:; (»*CUI. *0 flit FMSB.> TEMUKA, July 25. Thero n'tu an appreciable riso in the values for fat cattle at to-day's market, and competition was fairly keen for prime sorts. Soma good quality steers were offered, all finding buyers at r.n advance on late rates. Tho store- pens were fully occupied, Wilt tho quality, .on the whole, wbb only moderate. The fat sheep brought in were mostly ewes, all in, very £,'<>° d condition for the time of year. Prices showed littlo variation from thoso recorded a fortnight ago. Thero was an excellent demand for fat wethers, lip to £os beinp obtained for ono line. The pip sale was fairly buoyant throughout, with littlo variation In prices. LORNEVILLE (PBE33 ASSOCIATION TULEGBAIt.) INVEROARGILL, July 23. The feature of the Lornevillo stock Bale to-day was tho marked riso in fat cattle prices. Tho yarding was tho smallest bo far this season, and values were up to their

rothers v.cro in small nopply, find prices improved, but the market lor ewes was erratic and maintained about the same tone as last week. There was a very Bmall entry of fat sheep, and with the exception of two pens of wethers the yarding was made up wholly of ewes. Owing to tho very short entry of wethers, prices showed a rise, hut ewe sales were erratic, and taken all over, prices were much the name as last week. A lien of pood quality handy-weight wethers realised 2?ts 6d, light and unfinished sorts from 20s to 235, extra prime heavy ewes from 18s (id to 20s 6d, prime quality 17a 6d to ISs 6d, medium 14s 6d to 16s Cd, and light and unfinished down to 12a 6d. Tho fat cattle entry consisted of few pens of good quality bullocks and cows, and the usual sprinkling of rough and tinfinished sorts. Tho market was a very bright one, and prices showed nj increase of 30s for all grades. Prime heavy bullocks made from .€lO 10s to £l2, good quality £8 10s to £9 10s, lighter weights £G 15s to £7 15s, prime handy-welijht heifers up to £7 15s, medium weight £6 to £6 l'ss, light welghtß £4 12s Cd to £5 10s, prime heavy cows up to £8 2s Cd,- good quality mediumweights £5 fia to £6 6s,' ordinary £4 5a to £5, and aged and inferior dowj» to £2 10s,