FINANCE AND COMMERCE

Press, Volume LXXII, Issue 21745, 30 March 1936, Page 13

FINANCE AND COMMERCE

WOOL SALE THIS EVENING

LONDON MARKETS

FIRM

Australian Loans

“Strong

CALMNESS IN BRITISH MARKETS

For the fourth and last wool sale of the Christchurch season, to be held this evening, an offering of 17,000 bales has been received, rather more than was expected. The offering will contain little choice wool, but a good weight of high quality piece wools and crutchings will be included. The commercial summary from London, printed this morning, records that most of the disturbance to normal trading through the present European situation has fallen on France. British financial markets continue firm, but with no great business passing. Better prices for New Zealand lamb are recorded in the cabled advice received from London by the Meat Producers’ Board. Light lambs have improved. Banking shares were generally firmer on the Christchurch Stock Exchange on Saturday, when there was fair business.

SMITHFIELD MARKET

LIGHT-WEIGHT LAMBS FIRMER

WOOL OUTLOOK NOW

ENCOURAGING

(CylTZb i'UZSS ASSOCIATION—COPYRIGHT.) LONDON, March 28. Mr Anthony Eden’s speech favourably impresed the city, but it was over-late in the week to be reflected in market quotations. The undertone was firmer, but little business was passing.

Australian loans maintained considerable strength during dullness of gilt-edged securities, and there has been some consideration lately of the possibility of introducing in London the shares of some leading Australian companies. The most difficult obstacles at present are the exchange rate and the need for careful dispositions in order to avoid double taxation.

Paris rather than London continues to feel the severest effects of the international situation. The exchange control has Been very active and official quarters have be;., forced to deny panic rumours oi an impending devaluation of the franc. Selling on the Paris Bourse has oeen chiefly confined to professionals, the general public holding off. Confidence is expected to revive provided no further shocks come from Herr Hitler.

Australian Interest Rates

The new Australian deposit rates continue to attract considerable attention. The London “Economist” points nut; “On classical grounds alonethere is a case for the advance in interest rates as there .were special circumstances. The banks doubtless will also be obliged to increase their loan rates. Australian trade expansion in conjunction with depletion of London balances reached a point where the time-honoured corrective of dearer money became applicable. The episode between the Commonwealth Bank and the Bank of New South Wales illustrates Australia’s need for a proper money market as the instrument of orderly control by the cen-

tral bank. From this viewpoint, it is unfortunate that the Commonwealth Bank’s first attempt to establish a bill market by issuing treasury bills to the public should have involved the banking system in an imbroglio.” Wool Market Sound Dawson and Son. commenting on the wool outlook, say that the stiength oi the markets and the soundness at prices have seldom appeared more reliable. The paucity of supplies is a definite "bull” point. Crossbred supplies and stocks have been brought down for the first time in many years to a normal figure, and the maintenance of the present rate of consumption should result in higher values. Germany’s urgent need for raw material should bring her more largely on to the market during the summer.

Batter Irregular

Butter continues irregular owing to heavy New Zealand arrivals offsetting the lighter Australian shipments. There is a definite lack of speculative activity, though it may possibly devcJqd just before Easter. Danish has declined, but the market over Australian and New Zealand is still far too wide to affect the latter. . Apple Market The first shipments of apples arrived by the Moldavia. They are of excellent quality and condition. Receivers are most satisfied and are assine 11s to 14s for Jonathans and Granny Smiths, and 15s for Cleos. The first auctions will be held next week.

SHILLINGS LIMITED, ALLOTMENTS association rsi.soßAU.i WELLINGTON, March 29. Shillings, Ltd., went to allotment at the minimum subscription of £50,000. Unallotted applications in hand total £63,000. BRITISH TREASURY BILLS LONDON, March 27. The total amount applied for in tenders for £40,000.000 worth of Treasury bills was £64,815,000. The average rate per cent, for bills at three months was 10..23 d.

BRITISH WAR LOAN (UHITID PBSSB ASSOCIATION —COPTBIOKT.) LONDON. March 27. War Loan Stock, 3$ per cent., is quoted at £lO6 17s 6d. PROPERTY SALES REPORT

H. C, Smith, the City Market, reports having fold by auction on .Saturday, at Kaiapoi, on account of Mrs M., Young, a property in Sneyd s^. r 1 ? Kaiapoi, of one acre, with a dwelling of four rooms, to Mr Wilson. Also on account of Mr W. Young a in Smith street, Kaiapoi, olabout a quarter of an acre, with dwelling of five rooms, to Mr Forrest.

WETHERS EASIER

The New Zealand Meat Producers’ Board advises that the following are the approximate average prices realised for the week, based on actual transactions of wholesale quantities of the descriptions of meat mentioned, and are for representative parcels of the goods offering during the week, being for business done on the basis of delivered to Smithfield Market and/or ex London stores:— (Prices for the two previous weeks are also shown.)

101 to 1201b . • 5h 5g 5g N.Z. Prime Baconer Pigs—--121 to 1601b .. 5J 5g 5g Lamb Market—Prime light-weights and second quality firmer, owing to demand being chiefly for light lambs. Other descriptions steady and unchanged. Consumption satisfactory for the time of year. Mutton Market—Wethers easier owing to poor demand. Ewes nominal owing to shortage of supplies. Beef Market—Frozen Beef nominal —supplies continue short. New Zealand Porker Pigs—Firmer, owing to more enquiry. New Zealand Baconer Pigs—Market quiet and unchanged. Bank of New Zealand Report The Bank of New Zealand has received the following advice from its London office as at close of business last week:— . , The market for wethers is steady. The market for ewes is short of supplies and prices are nominal. There is a moderate demand for lambs and prices are firm. Trade generally is

Have you anything to sell?—Do you wish to buy? If so. a small advertisement in the c.assified section Of “The Press’’ will be all you need. .12 words Is, thre; insertions 2s 6d.

WOOL SALES

FOURTH CHRISTCHURCH ' AUCTION

CATALOGUE OF 17,000 BALES

The Christchurch wool-selling season will conclude this evening, when a catalogue of 17,116 bales will be offered in the New Zealand Loan and Mercantile Agency Company’s store at 7 o’clock. The total forward is more than was thought would be available a few weeks ago.

The fleece wool to be offered will be mainly drawn from late-shom backcountry clips, and from Chatham Island and West Coast crossbred flocks, and will not be a particularly classy showing. Some of the outside wools are rather seedy. Catalogues have

been heavy this season, and in today’s sale there will be a good proportion of better class piece wools and crutchings held over from earlier fixtures. lor this class there has been an excellent demand. The sale is not expected to produce sensational results, but growers and brokers are looking confidently to a good clearance at satisfactory prices. The catalogues and the order of sale are:— Bales. New Zealand Loan and Mercantile Agency Co., Ltd. .. 889 Pyne, Gould, Guinness,' Ltd. .. 5,486 New Zealand Farmers’ Co-op. Assn, of Canly., Ltd. .. 2,656 H. Matson and Co. .. 1,741 Dalgety and Company, Ltd. .. 4,891 National Mortgage and Agency Company of N.Z., Ltd. .. 1,673 17,116 PRICES AT WANGANUI (PBBSB ASSOCIATION TELEGRAM.)

THE METALS MARKET

KILLINGS FOR EXPORT

N.Z. SheepCanterbury & North Island selected crossbred wethers and maiden ewes: Mar. Mar. Mar. 27. 20. 13. Per lb. d. d. d. 481b and under 52 54 53 48 to 561b 5.1 58 5s 57 to 641b 42 42 42 65 to 72ib North Island: 4 4 43 48 to 561b 52 53 53 57 to 641b 43 43 43 65 to 721b .. 4 Ewes— / 481b and under' 44 4 43 4i 43 48 to 641b 4 33 33 65 to 721b N.Z. Lambs— Canterbury— 3i 34 34 361b and under 72 74 7 37 to 421b 63 63 43 to 501b Second quality; Average, about 6’, 64 63 311b Other South Island — 73 7 6» 361b and under 72 7 1 • H 7 37 to 421b 6« 63 62 43 to 501b North Island Downs — 61 64 63 361b and under 73 73 74 37 to 421b 62 62 62 43 to 50ib Second quality: Average, about 64 64 64 301 b North Island — First Quality: 73 74 73 361b and under 73 7 62 37 to 421b Second Quality: Average, about 64 64 64 311b Australian Lambs— Victorian: First quality: 73 63 62 361b and under 63 63 61 37 to 421b Argentine Lambs — First Quality: 6 6 6 361b and under 62 63 61 37 to 421b N.Z. Frozen Beef — Ox hinds, 145 to 52 52 53 2101b Ox fores, 145 to 44 44 44 2101b N.Z. Chilled Beef— . Ox hinds, 145 to 23 2g 23 2101b Ox fores, 145 to 34 44 32 2101b Argentine Chilled Beef Ox hinds, 145 to 23 23 23 2101b . Ox fores. 145 to 42 53 43 2101b .. 3 Uruguayan Chilled Beef — Ox hinds. 145 to 33 3 2101b Ox fores, 1451b to 44 44 4 2101b Brazilian Chilled BeefOx hinds, 145 to 22 34 2? 2101b Ox fores, 145 to 3| 43 3 a 2101b Australian Frozen. Beef Ox hinds, 145 to 24 22 24 2101b Ox crops, weights 4i 41 44 corresponding 23 Australian Chilled Beef — Ox hinds, 145 to 22 22 2101b Ox crops, weights 34 — 3S 23 corresponding Union of South Africa Chilled BeefOx hinds. 145 to 23 2101b Ox lores, 145 to 41 —‘ 32 2101b ... 22 Southern Rhodesian Chilled Beef — Ox hinds, 145 to 22 2101b Ox lores, 145 to 33 3 s 34 2101b N.Z. Porker Pigs— First Quality; 23 24 2 60 to 801b 5« 5 2 54 81 to 1001b 54 5-4 54

slow. Wethers Light HeavyEwes Lambs — • • < d. d. Per lb. ,. 4| to 5J ,. 3| to 44 3 to 44 .2’s 8’s 4’s Seconds • • V .. 74 to 74 .. j6| to 65 ,. 6i to 6g . 7 to 7|

WANGANUI. March 27. The range of prices at the Wanganui wool sale on Friday were:— Halfbred (56-58)— d. d. Average 13 to 14 Medium Halfbred (50-56)— Average 114 to 13 Inferior 94 to 104 Extra Fine Crossbred (48-50)— Super 104 to 11 Average 94 to 101 Inferior 8 to 9 Fine Crossbred (46-48) — Super 94 to 10 Average 81 to 94 Inferior 74 to 8 Medium Crossbred (44-46)— Average 8 to 83 Inferior 74 to 73 Coarse Crossbred (40-44)— Average 8 to 84 Inferior 71 to 73 Hoggets— Fine (48-50) 104 to 11.1 Medium (46-48) 84 to 94 Lambs— Down (50-56) .. 94 to 11 Fine (46-50) 94 to 12 Seedy and inferior 54 to 74 Bellies apd Pieces— Crossbred, good to super 64 (0 71 Crossbred, low to medium 5 to 54 Crutch ings— Medium to good 71 to 8! Inferior and seedy . ] 44 to 6 Locks— Crossbred 44 to 54

LONDON. March 27. March 26. March 27. Copper— £ s. d. £ s. d. Standard, spot 35 18 U 36 6 10.'. Forward 36 5 0 36 11 10'. Electrolytic .. 39 15 0 40 5 0 to 40 5 0 40 15 0 Wire bars .. 40 5 0 40 15 0 Lead— Spot 16 8 9 16 11 3 Forward 16 11 3 16 13 9 Spelter— Spot 15 17 6 16 0 0 Forward 16 0 0 16 1 3 Tin— Spot 211 12 6 212 0 0 Forward (3 months) 204 17 6 205 5 0 Silver — Fine, per oz. 20d 1915-16d Standard, per oz. 21 9-16d 21^1 Mar. 20. Mar. 27. £ s. d. £ s. d. Pig Iron — British . 3 10 0 3 10 0 Export . 3 10 0 3 10 0 Antimony— British . 72 10 0 72 10 0 Foreign . 48 10 0 48 10 0 A unit. Molybdenite 1 15 6 1 15 6 Wolfram 1 14 3 1 14 0 PRICE OF GOLD LONDON, March 27. Gold is quoted at £7 Os 10id a fine ounce. PRICE OF SILVER ' LONDON, March 27. Silver, fine. is quoted at: Spot 19 15-16d, forward 193d.

MEAT BOARD’S PROGRESS RETURNS The New Zealand Meat Producers' Board has compiled the following tables showing killings for export at all works from October 1, 1935, to March 15, 1936, compared with those for the corresponding part of the previous season; — North Island 1936. 1935. Chilled beef (quar17,147 ters) 58,645 Frozen beef (quar101,410 ters) 47,366 Wethers (carcases) 559,278 583,631 Ewes (carcases) .. 164,103 578,229 Lamb (carcases) .. 3,278,703 3,591,529 Porkers (carcases) 231,958 256,815 Baconers (carcases) 153,759 91,409 Boneless beef (frt. 31,447 carcases) . . 164,804 Sundries .. 139,875 120,000 South Island Chilled beef — Frozen beef .. — 106,921 Wethers 65,795 Ewes .. .. 123,565 252,363 Lamb .. 2,143,878 2,380.171 Porkers 15,382 13,109 Baconers . • • • ijj, 1 CL Boneless beef . • 22,668 Sundries .. • • 55,452 8.748 12,807 48,795 Total Chilled beef 58,645 17,147 Frozen beef • .. 47,366 101,410 Wethers .. 625,073 690,552 Ewes .. 287,668 830,592 Lambs .. 5.422,581 5,971,700 Porkers .. 247,340 269,924 Baconers .. .. 164,461 100,157 Boneless beef . • 187,472 44,344 Sundries .. .. 195,327 168,795 Stocks in hand in stores in New Tiealand on March 15 compared with those on the corresponding date last year were: — 1936. . 1935. Chilled beef 134 — Frozen beef 14,431 19,563 Wethers .. 291,745 300,601 Ewes • • ,. 174,234 464,858 Lamb .. 2,020,667 2,074,017 Porkers 55,923 73,139 Baconers .. . • 29,095 Boneless beef .. , 83,629 22,152 . 44,625 Sundries .. 72,697 46,306