FINANCE AND COMMERCE

Press, Volume LXXIV, Issue 22319, 5 February 1938, Page 13

FINANCE AND COMMERCE

CANTERBURY MARKETS WHEAT DELIVERIES HEAVY 310 KE INQUIRY FOR SMALL SEEDS (BV OUR COMMERCIAL EDITOR.) . Friday evening. Deliveries of wheat and oats, particularly wheat, are increasing lapialy, and are now very heavy. The condition of the wheat handled this ween appears to be not quite as good as that which came forward earlier, a number ot tines having snown moisture content considerably higher than the limit of 15.5 per cent. In many cases it is difficult to account for the excess moisture in samples which have been threshed r.-.cler what appeared to be ideal conditions. The trouble appears to occur in both headed and stook-threshed wheat. The system of differentiating samples with different . moisture content has met with the general approval of the trade and the growers, the only, complaints, from a section of the brokers, having met with no wide response. The Christchurch, Ashburton, and Oamaru brokers have assured the Wheat Committee of their approval of the scheme. Millers have tound this season that much headed wheat has been sent forward in bags not properly filled. In every case the bags have been under weight. This, of course, does not make any great difference to the millers, but it is pointed out that farmers are paying charges on extra sacks when these charges might be avoided by filling ■ the sacks properly. Oats have been offered so plentifully that the market is definitely weaker. There is little demand for any grade A Cartons have come back to 2s lOd for heavy samples, and B Cartons to 2s Bd. Algerians, which are not as plentiful as white oats, are worth 2s 9d to 3s. Farmers are generally so busy with their wheat that offerings of ryegrass have not been heavy. Perennial is worth 3s 9d. and Italian 2s 9d to 3s. Only small roadside lines of cocksfoot have so far appeared from the Peninsula, and the quality is not very good. Merchants are offering 6d to 7d per lb. A few lines of Plains have been offered, merchants' ideas of value being 7d to Bd. It appears that the crop will not be large. Clovers are dull. Stocks are heavy, and there is little inquiry. North Island inquiry for cocksfoot and ryegrass is beginning to appear, though demand is small yet. • Potatoes are very . dull, and are hardly mentioned. The nominal price remains unchanged. Quotations The following are the prices quoted to farmers, on trucks at country sidings. unless otherwise indicated, for old season’s crop:— Wheat —Milling f.0.b., Tuscan 5s sd, Hunters 5s 7d, Pearl 5s 9d. Fowl . wheat, prompt, to 6s f.o.b. Oats—New season’s A Cartons to 2s lOd, B Cartons to 2s Bd, Algerians 2s 9d to 3s. Ryegrass—Perennial (new season’s) 1 Ss 9d, Italian 2s 9d to 3s. Cocksfoot—Plains 7d to Bd, Akaroa 6d to 7d per lb. Cowgrass—6d to 7d per lb. ‘ White Clover—Bd to lOd. Potatoes—Forward. £3 5s to £3 7s 6d a ton. Cnaff —£4 5s a ton. Baney—Malting 4_s 74d, feed 3s fid B bushel. Partridge Peas—4s 9d,to 5s a bushel. ' Bran—Large. £4 15s; small, £5 ss:' Pollard—Large, £6 5s a ton; small, £.6 15s. ASHBURTON MARKET - Ashburton grain, seed, afid produce merchants report that wheat is now ' being delivered in large quantities, and all lines conforming to the standard are being taken by millers. In odd cases growers have rushed the heading and threshing and the wheat has to be left in the paddock to condition. Very few lines of oats have been offered, the harvesting of wheat engaging the attention of farmers in the meantime. Oatsheaf chaff is dull of sale. Odd lines of partridge peas have been headed, and the sample has been satisfactory.. Samples of cocksfoot have come forward, but the quality is not up to the usual standard. The yields reported . so. far have been disappointing. The potato crops are looking well, ' but digging will not take place until April. The forward market remains / Muiet. / DUNEDIN (TRESS ASSOCIATION TNL10BA1I.) DUNEDIN, February 4. The dry weather is bringing wheat on earlier than usual and it will not be long before wheat from the coastal areas will be available. The market for fowl wheat remains unchanged. < Good quality lines are hard to secure, r and these are selling at from os to bs ' 3d a bushel. Inferior quality is worth from 5s 3d to 5s 9d. . . Oats are quiet, with no one showing i much interest. There are few m- • • v quiries from the North Island and mulers are not showing much interest in . the market. Chaff continues quiet, .■with only small lots changing hands : ex store. For these the ruling quotation is round £5 15s a ton. The supply ot potatoes is greater than the demand, ■ aha the market Is weak. There have been a few lines of new ...season’s seeds on the local market. - .From now on supplies should increase. , Merchants are not keen to operate in the meantime, as it is considered mat values will ease later on. It is now certain that the fescue crop will ne short, and the prices being paid toi some of the lines are considerably 1 above last season’s levels. The future of the fescue market will depend on . . demand from overseas, especially .'America. Samples of ryegrass mcn- ’ Cate that the seed from southern cus- : tricts will be of good quality, both m regard to weight and germination. SOUTHLAND s , [THE PRESS Special Service.! INVERCARGILL, February 4. With the approach of the new se - ?on’s harvest, the market for f ‘ inclined to be quiet. There is still a • , quantity of last season’s oats in store. a fair proportion of which is of IJgn weight and indifferent quality. Values ! tor last season’s oats range from 2s ' 2s iQd. wheat business at present is confined to the supply of the local Poultry trade, for which a great pari °t the supply is drawn from omer centres. Chaff supplies have been sufficient for requirements, u my Sood. bright quality is In demand, and /ot this the value to farmers, is about '*•4. Ryegrass production this season ydi again be below normal. A iines have been offered, but growers 525*11 to have an exaggerated idea or ’Wliea. Merchants’ opinion of values i 5? bnes off the mill is about 3s 6d to J! W. Offerings up to the presenLln- ' ibat the quality should be satisand very much better than the produced last season, The mar’*t fqp Chewings fescue has now ! at va lues ranging from I s *0 i, ■ -**«*■ .Although it is known that the fPj! will be a short one and that the

I VEGETABLES AND FRUIT CHRISTCHURCH MARKETS Good supplies of all varieties of vegetables have come forward to the Christchurch market during the week, and values have been as follows: Cauliflowers, up to 6s a dozen; cabbages, up to 3s 6d a dozen; lettuce, from Is 6d to 2s 4d a dozen; spinach. 2s to 2s 3d a dozen; peas, up to 2s Id a peck; beans, up to Is 6d a box; potatoes. 2s 6d a case; onions, 3s 6d to 4s 6d a sugar-bag; cucumbers. 2s to 3s a box. Fruit—Apples, steady supplies are coming forward. Best quality dessert 8s to 10s a case. Cooking, 4s 6d to 5s a. half-case. Pears, William Bon Chretien (coloured), up to 4s 6d a case; Tomatoes, good supplies are coming forward, and values remain firm. Best quality hothouse s£d to 7d; outdoor from 2Jd to Od, according to grade. Grapes, increased quantities now coming forward, and values are a little easier compared with last week. Best quality realising up to 2s Id per lb, inferior grade Is to Is 6d per lb. Stone fruits, with the exception of apricots, good supplies of all varieties are available. Values are: Apricots. 6s to 9s, peaches 4s 6d to 6s 6d, plums 3s to 6s, nectarines up to 7s 6d a case. New Zealand lemons, plentiful supplies are available, and values are unchanged Imported fruits—Supplies of Jamaican oranges and grapefruit, Australian oranges, and Californian lemons are available. Ripe bananas will be extremely scarce next week. Shipments arriving—A further shipment of Jamaican oranges and grapefruit is expected at the end of next week. Eggs—No. I,’s, Is 5d to Is 6d; No. 2’s, Is 4d; duck eggs, to Is 5d a dozen. DUNEDIN (PRESS ASSOCIATION TCLS6RAM.) DUNEDIN, February 4. Business was brisk in the fruit markets during the week and satisfactory prices ruled for all classes. New season’s apples are in short supply and much higher values have ruled. The apples are arriving mostly from Nelson. The tomato market is firmer and supplies have been insufficient for the demand. Bon Chretien pears are in full supply. The season is Akely to be short, as small crops only are reported from all districts. Greengages are offering freely. Choice quality dessert peaches are bringing good values. Some lines have been affected by the hot weather and have arrived in poor condition. These have had to be sold at low rates. Dessert plums have a good demand. A good many lines from Canterbury have been affected by brown rot, and these are hard to place. A small shipment of Samoan bananas arrived early in the week, transhipped at Wellington ex Matua. Oranges have a better demand. Only a small quantity was landed ex Maunganui from Melbourne. MINING i 3IOLYNEUX RIVER The Molyneux River wash-up is 58oz for 252 hours. BUNDI DREDGE Advice has been received from the Sydney office of the Bundi Tin Dredging Company (N.Z.) that as values being recovered are not sufficient to pay mine working costs, the dredge has been closed down pending the decision of a meeting of shareholders to be held on February 18 to consider the financial position and the company’s future operations. MAORI GULLY (P£X3B ASSOCIATION TRLIORAM.) GREYMOUTH, February 4, The Maori Gulfy return is 290 z 3dwt for 1184 hours. It is expected that the dredge will reach the cutting leading to the Waimea Creek, where the last six acres of the claim are situated, in about two weeks. , BARRYTOWN GREYMOUTH, February 4. During January the Barrytown dredge ran 445 hours and treated 154.000 cubic yards for 651 ounces of gold. NEMONA GREYMOUTH, February 4. The Nemona return is 670 z for 126 hours and 16,600 Yards. mossy creek GREYMOUTH, February 4. The Mossy Creek dredge return is 20oz 16dwt for 9157 yards in 132 hours. BRITISH WHEAT MARKETS LONDON, February 3. Wheat cargoes and parcels are quiet. The spot trade is quiet. Futures are quoted:- Jan , 31 . Feb. 7. London (a quarter)— s. d. s. d. January • • 46 8 March .. .. 44 104 4o 0 May •• - 44 3 Liverpool (a cental)— March •• 7 m 7 May fi! July 7 *i 7 64 CHICAGO FUTURES NEW YORK, February 3. Cents a bushel. Jan. 31. Feb. 3. May •• 93 i 94i Julv . • • • 884 90 September ■ • 88 89? RANGIORA HORSE FAIR Only about 20 horses were entered at the monthly fair in Rangiora yesterday; but satisfactory prices were realised. Values were as follows: Good draughts: To six years. £3O to £34 10s; to nine years. £l7 to £25. Aged draughts: £2 to £l2. Hacks: £3 to £lO,

loiitv eenerally will l)G good, the ?utu?e of market will-depend on (Uanvoort values obtainable. Brown Sp “nCue' v«y lull. Ther.to.tni a considerable quantity of last season’s crop on hand, which will affect values of the new season’s crop Values growers for machine-dressed quality fre about lOd certified and 8d to 9d uncertified.

SMITHFIKLD MARKET

LAMB AND MUTTON EASIER BEEF FIRMER ‘TRESS ASSOCIATION TELEGRAM.) WELLINGTON. February 4. The New Zealand Meat Producers' Board announces the following Smithfield quotations for the week ending Fabruary 3: New Zealand Sheep— d. Crossbred wethers and/or maiden ewes; 481 b and under .. .. 5g 57/641b .. • • •• 5 Ewes ; 49 561 b •• •• 3 1 57/641b .. • • • • 34 65/721b . • • • . . 3s Canterbury and other South Island —not quoted North Island Downs: 361 b and under .. .. 7^ 37/421b . . ■• • • 7a 43/501b • • •• 'fi Australian Lambs — Victorian, first quality: 29/361b ■ • • • 7 37/421b •■ 7 New Zealand Frozen BeefOx hinds, 145- 2101 b.. 4A Ox fores, 145/2101b 3| Australian Frozen Beef — Ox crops. 145'2101b .. 31 New Zealand Porker Pigs— First quality: 61/801b .. .. •• 7 « 81/1001b - - - - 7 101/1201b .. .. .. 6g Chilled beef prices are approximate. The average prices realised for the week are:— New Zealand Chilled Beef— .. Australian Chilled Beef — Ox hinds. 145/2101b . . Ox crops, weights corresponding 4 Union of South Africa Chilled Beef— Not quoted Argentine Chilled BeefOx hinds, 145/2101b .. 6s Uruguayan Chilled Beef— Ox hinds. 145/2101b .. 62 Ox fores. 145/2101b .. 4', Brazilian chilled beef not quoted; others unchanged. Lamb —The market is slightly easier in anticipation of heavier New Zealand arrivals next week. Mutton —Wether and ewe values generally have declined, with a poor demand. Beef Market—Frozen beef is firmer owing to higher prices. Chilled beef 's firm with a good trade this week. New Zealand Porker Pigs—Prices are easier with a poor demand. New Zealand baconer pigs are quiet and unchanged. FEILDING RAM FAIR ANNUAL SALE CONCLUDED FEILDING. February 4. The annual two-day ram fair held at Feilding was finished to-day with an offering of close on 1400 flock and 40 stud Southdowns.- Again the attendance was large, representing both islands. , The market held very strongly throughout, rams conforming to the required type enjoying a brisk demand. Top price for studs was 43gns, with an average of 284gns. compared with 32jgns for the 1937 fair. Offerings in the special show classes made up to 23gns. the average being 91gns. Flock rams were slightly down in average, which was Signs, against sJgns in 1937. The total offering for the two days of the fair was nearly 3200 rams, the bulk of which were sold. STOCK MARKETS STORTFORD LODGE EWE FAIR HASTINGS. February 4. The market at to-day’s ewe fair at Storttord Lodge exceeded expectations, the selling being brisk throughout. A heavy yarding ot 43,500 included drafts from many well-known stations. The best buying was for young sheep, which were not so well grown as in former years. Best two-tooths ranged from 30s to 335. good medium-grown 27s to 29s 6d, small and In hard condition from 21s to 245; four-tooths ranged from 27s to 31s 6d, six-tooth from 25s to 32s 9d, five-year from 21s to 28s 2d, six-year from 15s to 24s Id. Aged entries suitable for fattening made from 10s to 13s 6d. The market showed an improving tendency as the sale progressed, with the result that values advanced fully 2s a head on the opening rates, which were regarded as very satisfactory. PROPERTY SALE H. Matson and Company report having sold, on account of Mr C. C. Graham, his charming residence, situated 23 Westenra terrace, Cashmere Hills, to Mrs B. Nicoll, —6

FOREIGN EXCHANGES (BRITISH OFFICIAL WIRELESS.)

RUGBY. February 3. Par. Feb. 2. Fob, 3. Paris, fr. to £1 124.21 152 25-32 102 29-3.. New York, 7 dol. to £1 4.866 5.003 3.00 o Montreal. _ dol. to £1 4,866 5.008 Brussels. ..ok? belgas to £1 35 29,574 _9.57 Geneva, on fr. to £1 25.2215 21.613 21.60 Amsterdam, „ fl. to £1 12.107 8.961 8.96 i Milan, lire to £1 92.43 951 951 Berlin, reichmarken to £1 20.43 12.41 12.403 Copenhagen, kr. to £1 18.159 ,22.40 2..40 Stockholm. , n , n kr. to £ 1 18.159 19.40 19-40 Oslo. kr. to £1 18.159 19.90 19.90 Vienna, schgs. to £1 34.585 261 2G I Prague, kr. to £1 164.25 1423 H-a Helsingfors. marks to £1 193.23 2261 2201 Madrid, pesetas to £1 25.2215 Lisbon, oscu- _ ... Dos to £1 375 1(3 7-16 1/3 7-16 Adieus, drach to £1 375 5471 54/1 Bucharest, lei to £1 813.60 6771 ( ’“4 Belgrade, dinars 376.3 216 216 Rio de Janeiro, pence to „„ milreis .. 590 2 27-32 2-(-32 Buenos Aires. pence to dol. 51 Montevideo, pence to peso * 22.', -U Bombay, pence to rupee 18 181 181 Shanghai, ~ „ pence to yen • 14 3-16 14 3-16 Hong Kong, pence to yen • " 15 la Yokohama, pence to yen 24.38 14 14 Batavia, guilders 12,107 8.941 8.944 Warsaw, par zlotys to £ 1 43.36 • Determined by price of silver.

BANK OF NEW SOUTH WALES The Bank of New South Wales quoted the following exchange rates yesterday; Buying. Selling. N.Z. on

London—- £ N.Z. to £IOO stg. T.T. 124 O.D. 123/10/- 124/8/9 Australia—£A to £IOO NZ. T.T. 101 100/10/O.D. 101 Fiil—£F to £IOO N.Z. T.T. 90/7/6 89 O.D. 90/7/6 89 New York — , Dol. to £1 N.Z. T.T. 4.0497 4.0151 O.D. 4.0597 4.0191 Montreal — Dol. to £1 N.Z. T.T. 4.0482 4.0158 O.D. 4,0602 4.0198 Austria— Schgs. to £1 N.Z. T.T. - 21.8 l Belgium— Belgas to £1 N.Z. T.T. 23.961 23.651 O.D. 24.036 23.662 Czechoslovakia — Crns. to £1 N.Z. T.T. - 3.57 O.D. Denmark— _ Kroner to £1 N.Z. T.T. 18.203 Jl'Snn O.D. 18.263 17.899 France— Francs to £1 N.Z. T.T. 124.31 121,81 O.D. Germany— Reichmarks to £1 N.Z. T.T. O.D. Holland— Florins to £1 N.Z. T.T. 7.307 7.157 O.D. 7.347 7.161 Italy— Lire to £1 N.Z. T.T. O.D. JavaFlorins to £1 N.Z. T.T. 7.279 7.129 O.D. 7.319 7.133 Norway— Kroner to £1 N.Z. T.T. 16.182 15,092 O.D. 16.242 15.898 Sweden — Kronor to £1 N.Z. T.T. 15.790 15.495 O.D. 15.850 15.501 Switzerland — Francs to £1 N.Z. T.T. 17.535 17.265 O.D. 17.040 17.270 Noumea— Francs to £1 N.Z. T.T. 125.56 120.56 O.D. Papeete— Francs to £1 N.Z. T.T. 125.41 120.61 O.D. Hong Kong— N.Z. pence to dot. T.T. 18 29-64 18 53-64 O.D, 18 27-64 18 53-64 India and Ceylon— N.Z. pence to rup. T.T. 22g 22 21-32 O.D. 22 11-32 22 21-32 Japan— N.Z. pence to yen T.T. O.D. Shanghai— N.Z. pence to dol. T.T. O.D. Singapore— N.Z. pence to dol. T.T. 34 43-64 35 5-32 O.D. 34 37-64 35 5-32 Chcfoo— N.Z. pence to dol. T.T. O.D. Manila— N.Z. pence to peso T.T. 29 9-16 30 1-16 O.D. 29 15-32 30 1-16

ASSOCIATED BANKS’ DOLLAR RATES The Associated Banks (other than the Bank of New South Wales) quoted the following dollar rates yesterday on a New Zealand currency basis. They are subject to alteration without notice:— U.S.A. Canada. (Per El N.Z.) Dol. Dol.

GROCERY TRADE

PRICES AND PROSPECTS The grocery markets during the week have been steady with a few unimportant fluctuations. Overseas markets generally are firm, causing landed costs to continue high for very many lines. It is significant that several countries are now using Government marketing control methods, or licensing exports, and the outcome of this is always toward higher prices for the goods concerned. Eggs The egg market still continues to show a firm tone, due to supplies diminishing. Yesterday city stores were paying farmers and others for supplies as follows:—Firsts Is 4d, seconds Is 3d, ducks Is 4d, pullets Is a dozen, all prices net, free of commission. Peas Australian milling peas have advanced by threepence a bushel, and present prices are 6s 6d f.o.b. Melbourne. Coconut After suffering a weak market recently, desiccated coconut has recovered and yesterday cabled advice was received that prices in Ceylon had hardened and a 2s per cwt increase is now demanded for future business. Dried Fruit Quotations were received in Christchurch yesterday for new season’s Australian dried pears, peaches, and nectarines. Prices for pears and peaches are slightly lower than those ruling last season, and nectarines are about the same as in the previous season. New season's Australian dried apricots, the price of which was issued a few weeks ago, are also slightly cheaper than last year. The first shipments of dried apricots are now landing, and stocks should be available next week. The cheaper prices for apricots, pears, and peaches for the coming season should assist sales, and retailers expect an increase in turnover. Tea A London report just to’hand by mail states that in May of this year the International Tea Committee recommended to the Governments of India, Ceylon, and the Netherlands East Indies, that the tea export quota for the year from April 1, 1937, to March 31, 1938, be increased from 82J per cent, to 87 J per cent., and the Governments concerned decided to act upon the committee’s recommendation. The need for revision in the quota for 1937-38 arose from the increase in consumption during 1936-37, particularly in countries outside the United Kingdom, the continuance of which was considered likely to render the quota of 82£ per cent, inadequate. The restriction of tea exports was instituted in order to place and maintain tea production upon a profitable basis, but as the potential output capacity is far in excess of consumption, the committee has engaged in propaganda for the stimulation of tea drinking. That this policy has met with success is apparent from the following figures extracted from the International Tea Committee’s annual report for the year 1936-37: — Gn million lb) y ear Absorption 1922 .. .. 717 1932 " 839 1933 .. •• 813 1934 789 1935 813 1936 .. • • •• 823 The report states that there is little doubt that the steady increase shown in the absorption figures for the years 1922 to 1928 reflects a real increase m consumption. During the years 1929 to 1932 the higher figures are considered to have resulted in substantial increases in invisible stocks in some of the consuming countries, which were probably drawn upon during 1934, 1935. and 1936. Consumption since 1932 has therefore probably been in excess of the figures appearing in the table, and the committee concluded that at least since 1934 consumption has registered an appreciable increase. The committee’s policy, when markets show signs of expanding, is to make supplies available ahead of demand, in order not to discourage the expansion of consumption. Although the present quota of 874 per cent, is operative until the end of March, 1938, the committee has already announced an increase of the export quota to 924 per cent, for the year April 1, 1938, to March 31. 1939. The increase is larger than was generally anticipated, but it is thought that the committee hopes by means of the increased supplies to bring about a reduction m the prices of common teas, and thereby to accelerate the increase in consumption. Ceylon tea last week at the auction at Colombo showed an all-round increase of 1 cent, except for good liquoring leaf pekoes, many of which advanced by 4 cents, making the value at present 84 cents. Quality showed an improvement over that of the previous sale, and prices advanced in proportion. • Small offerings of Java tea at Batavia have caused a very firm market for all grades, and although quality is at. present unchanged, all lines showing good liquoring qualities advanced half to one cent. The gen-

eral tone of this market is steady, with a firming tendency. Nuts After a period of reasonable prices. Brazil nuts have made a sharp advance in London. It is understood that this is due to heavy Continental buying, probably by Germany, which country last year entered the market on a barter scheme with Brazil, and placed very heavy orders for this product, this causing prices to advance. C'omsacks and Woolpacks Advices by mail from Calcutta state that the Indian Jute Mills Association, which embraces nearly all the jute mills in India, has been in negotiation with the few' mill owners outside the association, with a view to getting the latter into the association, and thus regulate production and hours of labour. The “outside” mills have for some time been a disturbing factor in the industry by undercutting prices. It. is stated that whilst the association mills have agreed to. and do work a 56-hour week, the outside mills work a 78-hour week. The report states that present indications point to an agreement on hours and production (one aim being to reduce output), and if this eventuates higher prices are expected. As an outcome of this report, the jute market in Calcutta is at present reported to be linn. Salmon Supplies of salmon locally are at present short, and no relief is due until about Hie end of February. No vessel left Vancouver in December for Lyttelton, as was anticipated, ft is understood that a December loading was originally intended, but this arrangement was later cancelled. Instead of cargo from Vancpuver landing here late January, it will not be to hand until the end of the present month. Very small consignments of salmon arrived by the November boat, the first new season’s delivery, and as importers relied on the December dispatch for their main supplies, the present shortage has arisen. Olive Oil The European market for olive oil is unsettled following the recent advance in prices. Some shippers have ceased quoting in the meantime, and they will, it is expected, resume offerings as soon as the market is more settled. Brown Paper Price lists issued by Australian paper manufacturers disclose a slight reduction in the price of brown paper. Oil of Lemon Quotations received .from Italy for oil of lemon show a high cost f.o.b. When exchange and shipping charges are added, the landed cost will show a fairly high figure.

Selling— T.T. .. 4.01 S 4 01 0-16 O.D. .. 4,02 4.01 15-16 Buying— T.T. .. 4.05 1-16 4.043 O.D. .. 4.06 1-16 4,06