FINANCE AND COMMERCE

Press, Volume LXXIV, Issue 22419, 4 June 1938, Page 13

FINANCE AND COMMERCE

FROZEN MEAT SMITHFIELD PRICES demand for lamb improves The New Zealand Meat Producers’ Board advises that the following are the ruling prices of wholesale quantities of the descriptions of frozen meat mentioned and Eire for representative parcels of the goods, sold on Thursday, June 2. Chilled beef prices are averages of the week on which this list is issued. All prices are on the basis of delivered to Smithfield market (previous prices are also shown):—

, Ox fores. - 145-2101 b a* The demand for lamb has improved, and prices are very firm, with heavyweights higher. Wethers are firmer, especially for heavy-weights. For ewes the trade is slow, with a weaker tendency. Prices for chi?,led beef are better this week owing to good trade and moderate supplies. Light-weight New Zealand porker pigs are firmer on short supplies. The market for New Zealand baconer pigs is quiet and unchanged.

MARKETING BOBBY CALVES GOVERNMENT TO PROTECT VOLUNTARY POOLS farmers may elect local COMMITTEES WELLINGTON, June 3. In a statement to-day the Hon. W. Nash, Minister for Marketing, announced that it was the intention of the Government to afford every possible protection to voluntarily formed bobby calf pools during the coming season. ;‘A vote of all dairy farmers was taken towards the end of March on the issue of the formation of compulsory pools, embracing the whole Dominion, and under the protection g the Dairy Board,” said Mr Nash. The result of this vote, however, was inconclusive, as certain districts appeared to favour the proposal, while there was definite opposition in other districts. At the same time, the Government desires to be of assistance to this important branch of the dairying Industry. Accordingly, I arranged to discuss the matter with the New Zealand Dairy Board and was hopeful that some method of co-operation in gmng assistance to voluntary pools could be carried out in conjunction with my department. The Dairy Board was of opinion that as the season was so . fa r advanced little good could be gained by their giving assistance at such a late period. _ “I have therefore arranged that the internal Marketing Division will be Sjven the necessary authority to enable that division to give protection m any defined area in which at least P9 r cent, of the producers give written evidence of their desire to form a voluntary pool for bobby calves. In such circumstances it will ne. possible to introduce a regulation making it obligatory for all producers within the area which is defined to market their calves only through the local pool committee, which the farmers them selves will elect. I wish to make it clear that only as representations are made to the Government will the Internal Marketing Division be instructed to give .JP®. necessary supervisionary interest '“i 9, al * Pools themselves would require he said. “All applications for protection should be sent in as soon as possible, together with written evidence showing that at least 80 per cent, of the producers have agreed to support the voluntary pool principle.”

CANTERBURY MARKETS BRITISH DEMAND FOR SEED WHEAT (BT OCR COMMERCIAL EDITOR.) The only bright feSSfin^&m S P wte e ma i kets . is the activity in seed wheat and onions. Seed wheat hhs been going out this week as fast ? aat an y t“ne this season. Farmers re gPonded i well to the appeal'to fhoI V +k Vheat and tt now seems certain that the acreage sown will be substanGovernment's decision not to the importation of onions before +? er i 5 had an immediate effect on the local market, which has been hf,? 1 ’ + u The pric ?, is £9 10s on trucks, «mliii he +u Cro ? thl ? season has been l?. r fR tkar l nsual and supplies are not sufficient to meet the demand. , *; otatoe s remain as dull as they have been m the last few weeks. The nom+ralvPrice is SHU £3 on trucks, but ii.. l e « busmess k as been done even at this figure, A few orders are being received for best quality chaff, which remains firm at £4 5s to £4 10s on trucks. The seed trade is showing its usual seasonal quietness, there being practically no business in any line. , Quotations The following are the prices quoted to farmers, on trucks at country sidings, unless otherwise indicated:— r Wheat—Milling, f.o.b. June. Tuscan 5s 9d, Hunters 5s lid, Pearl 6s Id. season’s A Cartons to 2s ij 1 bartons to 2s 6d, Algerians 2s 9d to 3s. Ryegrass—Perennial (new season’s) 3s 9d, Italian 2s fid to 3s. „ Cocksfoot—Piains 8d to 9d, Akaroa 8d to 94d per lb. Cowgrass—6d to 7d per lb. White Clover—9d to Is per jb. Potatoes—£3 a ton. Onions—£B 10s a ton. Chaff—£4 5s to £4 10s a ton. Barley—Malting 4s 74d, feed 3s a bushel. frowntop —M.d., 9d to lOd per lb. artridge Peas—4s 3d to 5s 3d a bushel. Bran—Large £4 15s. small £5 ss. : Pollard—Large £6 5s a ton, small £6 15s. ASHBURTON The Ashburton market has been quet. There has been a good demand for seed wheat owing to the favourable conditions for sowing. Cartons of good weight are saleable, but light and inferior lines are neglected. Duns of good colour are in keen demand, but very few choice lines are available. There is a good inquiry for bright chaff, but light and discoloured lines are difficult to dispose of. White clover maintains its firmness, but cowgrass is not in such keen demand. . Cocksfoot and ryegrass are firm at recent quotations. Potatoes are. still dull of sale, and growers are anxiously awaiting an improvement in the market. The only lines going forward are in execution of forward contracts. The following are prices quoted to farmers, on trucks at country stations unless otherwise indicated, sacks extra, free of commission:— Wheat—Milling Tuscan 5s 9d, Hunters 5s lid, Pearl 6s Id. Fowl wheat 5s 9d (all f.0.b.). Oats—A Gar tons 2s lOd, B’s 2s 6d; Algerians 2s 9d to 3s; Duns 3s to 3s 6d, according to quality. Grass Seeds—Perennial ryegrass 3s 9d to 4s 3d, Italian 2s 9d to 3s, cocksfoot 7d to 84d, red clover 6d to 7d, white clover- lOd to Is. Chaff—£4 a ton. Partridge Peas—ss 3d for No. 1 grade, undergrade 3s 6d to 4s 6d. Barley—Malting 4s 7 id, feed 3s 6d. Potatoes—Whites and Dakotas, £3. DUNEDIN „ , DUNEDIN. June 3. Seed wheat is still difficult to secure, owing to the shortage of last season's crop. The fowl wheat market is unchanged. Supplies locally are short, and merchants are drawing on South Canterbury for their requirements. Values are unchanged at from 6s to 6s 6d a bushel, sacks extra, ex store. The oats market remains stagnant. There is no inquiry from South Island millers or from merchants in the North Island. Quotations are unchanged at 2s 9d for A’s and 2s sd. for B’s. In some districts there is inquiry for feed oats, because of the shortage of root crops. The demand for chaff continues small. Supplies of bright quality are not plentiful. The nominal quotation for truck loads is £6 a ton. with small lots, ex store, realising £6 5s a ton, sacks extra. The potato market is weak. Farmers are not showing much inclination to sell. They prefer to wait and see if the market will improve. Good quality whites truck loads are worth about £4 a ton, sacks in. delivered in Dunedin. King Edwards command higher prices, but supplies are short. Although the seed markets are steady, little business is being transacted. This is not unusual at this time of the year, and it is not expected that there will be any revival until the spring demand begins. Certified ryegrass continues in short supply, and stocks of ordinary ryegrass are also not overplentiful. The cocksfoot market is unchanged, and values for white clover have settled down. There is not now the demand for'white clover which there was previously. Cowgrass is quiet, and so is brown top and crested dogstail. SOUTHLAND [THE PRESS Special Service.] INVERCARGILL. June 3. The oats market continues slow, shipping demand is dull and although offerings are being made by farmers, merchants are buying with caution. Values range from 2s 4d to 2s Bd. There has been a slackening in chaff offerings and an improvement in price, although there is no shipping demand, and local requirements are not large. Values to farmers range from £4 10s to £4 15s. Interest in ryegrass has practically ceased. Growers’ llpes have passed into, merchants’ hands, and merchants have sold any surplus stocks they held. There has been a lull in overseas demand for Chewings fescue, due partly to the high costs that have been ruling this season. The market for browntop continues firm, with values to growers for machine-dressed seed to export quality ranging from Is 3d to Is 4d for certified and a penny less for uncertified. The white clover market is firm, with attractive lines of machinedressed seed returning the growers about Is 3d. Lotus major is dull of sale. There is no outside inquiry, and the market is overloaded. Top value is about Is 4d. Very little interest has been shown by merchants in potatoes. The value to farmers is about £3 a ton. RANGIORA HORSE FAIR A good clearance was effected at the Rangiora Horse Pair yesterday, when there was an entry of 60 horses. Prices were: —Good draughts, four to seven years, £23 to £27; good draughts, eight to 10 years, £ls to £2O: older draughts, £6 to £l2; inferior draughts, £1 to £5; hacks, 10s to £11; Unbroken, four-year-old gelding, £2O; aged mare and foal, £ll It-

VEGETABLES AND FRUIT CHRISTCHURCH MARKET Good supplies of 'vegetables have been available during the week, and values are as follows:—Cauliflowers, up to 12s a dozen; cabbages, up to 9s a dozen; lettuce, best quality up to Cs a dozen; spinach, 2s to 2s 6d a dozen; celery, from 4s to 9s a dozen; rhubarb, 5s to 6s a dozen; brussels sprouts, best quality up to 9£d per lb; hothouse beans, up to Is 4d per lb; hothouse cucumbers, up to Is per lb; potatoes, up to 2s 6d a sugar-bag; onions,- best quality up to 5s a sugar-bag. Fruit—Apples, supplies remain plentiful and values are: Delicious 3s to 5s 6d, Jonathans up to 5s 6d a case, Cox’s Orange (ex cool store) up to 7s 6d a case, cooking apples 3s to ss. Pears, choice dessert up to 4s a halfcase, cooking 2s to 2s 6d a half-case. Tomatoes, limited supplies of local hothouse coming forward; yesterday’s values for best quality w6re up to Is 2Jd per lb. Grapes, supplies scarce; extra choice to 2s 6Jd per lb. New Zealand lemons, good supplies available, realising from 10s to 16s 6d a case, according to quality and counts. New Zealand poormans, good supplies coming forward, realising 7s 6d to 8s 6d a case. Imported fruits, supplies of Queensland pineapples came to hand early in the week and realised up to 21s 6d a case. Californian Valencias also arrived during the week, and were sold at reasonable prices. Shipments Arriving Samoan bananas and Niue kumeras are expected on Tuesday, also supplies of Island oranges. A shipment of Australian navels, ex Waitaki, is expected towards the end of the week. Eggs—First grade 2s 3d to 2s 4d, seconds 2s 2d, duck eggs up to 2s 3d a dozen. DUNEDIN (press association telegram.) DUNEDIN, June 3. The first of the season South Australian oranges are due in Dunedin on Wednesday. The price has been fixed at from 13s to 19s a case, according to the count. The prices are 3s a case lower than those for Australian oranges last year. It is expected that the allotment for the- local market will be taken up at once by retailers. A small shipment of Mangaia oranges is due to arrive towards the middle of next week. These oranges were transshipped at Auckland from the Matua. Poorman oranges are how offering freely from Auckland. Bananas are practically unobtainable in the wholesale marts. A shipment is due on Wednesday transhipped from the Maui Pomare at Lyttelton and railed to Dunedin. The price has been fixed at 16s a case, green. The shipment will not be ripened up until about the following Monday, and ripe bananas will be scarce until then. Jam melons are in good supply, and so are both New Zealand and Californian grown lemons. High prices are still ruling for G'ros Colmar grapes. Supplies of hothouse tomatoes are easing off, and the market remains firm. The apple market is lifeless. Supplies of inferior grades have accumulated in the wholesale marts, and it is now difficult to place these even at low rates. Small quantities only of choice quality apples are available, and these are readily saleable at fair prices. Supplies of dessert pears, mostly Winter Nells, have been in excess of the demand, and sales are difficult to make. N.Z. BEEF QUOTA IN BRITAIN QUANTITIES FOR COMING QUARTER A RECORD (PRESS ASSOCIATION TELEGRAM.) WELLINGTON. June 3, The Minister for Marketing (the Hon. W. Nash) announced to-day that •the quantities of New Zealand beef to arrive in the United Kingdom for the third quarter of this year were the highest on record for that quarter. The Government had kept in close touch with the Dominion’s representatives hi London, who had secured, after negotiation, the right to land in the July-September quarter of 1938 maximum amounts of beef as follows: Chilled, 7200 tons; frozen quarters, 5600; boneless, 6200; veal, 1400; beef and veal offals, 800; total, 21,200 tons. Not only the total but the individual amounts, especially chilled beef were very satisfactory, concluded Mr Nash. BRITISH WHEAT MARKETS LONDON, June 2. Wheat cargoes are firm and parcels are firmer. (Die spot trade is quiet. Futures are quoted:— May 30. June 2. • s. d. s. d.London (a qr.)— July .. 32 54 36 9 November 28 11 27 114 Liverpool (a cental)— July • .. .. 5 6J 5 104 October .. .. 5 4 5 S| December .. CHICAGO FUTURES NEW YORK, June 2. Cents a bushel. May 30. June 2. July .. 69g September .. December .. 72f BUTTER MARKET QUIET NEW ZEALAND BACK TO 122/LONDON, June 2. The butter market is quiet. Danish, 1245. Choicest salted: New Zealand, 1225; Australian, 119 s to 120 s. Unsalted: New Zealand, 1245; Australian, 1225. Cheese, New Zealand white and coloured, 70s; Australian 68s 6d. DUVAUCHELLE CATTLE SALE There was a large entry, mostly of store lines, at the monthly cattle sale at Duvauchelle yesterday, and the sale was well attended. Prices showed a decline on the rates ruling at the last sale. Following is the range of values: —Fat cows to £9 17s 6d, fat heifers to £9 ss, fat steers to £7, two-year-old store steers £5 10s to £6 17s, three-year-olds to £8 14s, springers £6 10s to £B, bulls to £5, store cows £1 to £4 4s. METHVEN Small entries were received for the Methven stock sale on Thursday, and for the store sheep offering there was not a spirited demand. Sales recorded are as follows: Sheep—Seventeen fat ewes at 11s 9d, 16 at 18s 2d, 6 at 11s Id. 32 at 16s, 30 at 103 od, 32 fat lambs at 10s 4d, .28 at 18s 3d, 2 at 10s 4d, 12 at 18s, 1 at 18s. 3 at 17s 4d, 88 mixed sex three-quarterbred lambs at 9s 6d, 9 at 12s, 31 two-tooth halfbred ewes at 24s 9d, 76 wether lambs at 7s 9d, 95 ewe lambs at 13s 3d, 300 merino wethers at 8s 6d, 100 at 9s 6d, IS lambs at 19s 4d. •

GROCERY TRADE PRICES AND PROSPECTS Prices in oversea markets for grocery lines during the week have not altered to any extent. Trade in both the wholesale and retail sections is reported as fair to quiet. Towards the end of this month quotations can be expected for various new season’s lines from Europe, and fig and date prices are already available. There is so far no word as to the standard quotations for new season’s Sicilian almonds from Italian houses, but London speculators are still out for business at speculative prices. It will be remembered that to check this tendency the Italian Government prohibited any quotations being named for new season’s Sicilian almonds until June, and these are now awaited. Wheat Products Advanced Due to increased production costs, the wholesale prices of Granose and Weetbix have been advanced by fid a dozen as from June 1. This increase applies to both the 12oz and 240 z pack of each line. The retail prices will be advanced to cover this increase in gro- 1 cers’ costs. Eggs and Butter Fresh eggs are still coming to hand in fair quantities, and yesterday city stores were obtaining supplies at the following prices:—Firsts 2s 2d, seconds Is 9d, pullets Is fid, ducks Is lOd, all prices net and free of commission. Separator butter is firmer, and buyers are offering one penny per lb over last week’s buying rates, making the present price to farmers lid lb net. Dried Fruit A report this week from Australia states that the intention of the Commonwealth Dried Fruit Control Board is to advance the prices of sultanas and currants in Australia, but no mention is made of the probable date. An increase in prices to Australian merchants may not mean an increase to New Zealand buyers, as Australia is a sheltered market for the growers, whereas New Zealand is free to import from other sources. The news is certainly interesting, and if Greek sultanas and currants in the near future cost to land in New Zealand prices over those ruling for the Australian products, then a price increase for Australian sultanas and currants can be expected. Lexia seeded raisins from Australia are now coming to hand, and fair supplies are now available. For this line buyers are invited to contract for spread delivery up to September next, at present prices. New season’s dates, September shipment from Busrah, were quoted this week by cablegram from London. Prices are within fid per cwt of those ruling at the beginning of the season last year, and consequently are quite attractive. Sugar Several years ago fair quantities of Cuban refined sugar used to occasionally land at Lyttelton, but this business faded away when f.o.b. costs rose. Recently. however, attractive and competitive prices have been named for Cuban sugar for arrival here about August, and a fair amount of business has been cabled and confirmed. The line will land slightly below present ruling prices. The production of sugar Ibst year in Australia was a record, according to a statement made by Mr E. R. Knox, chairman of the Colonial Sugar Refining Company, at Sydney,' on May 25. He said that the output of raw sugar was 782,461 tons, showing an increase of 26,330 tons over that produced during the previous year. Referring to the International Sugar Agreement, Mr Knox stated that # the improvements expected in the sugar position had not materialised, but the situation might have been worse in its abesnce. Canary Seed London merchants handling canary seed are offering Turkish canary seed, new crop, for September shipment, at rather attractive prices, which are lower than present values for Argentine canary seed. This offer is worth attention for importers who may require stocks about November. Tinned Meat The markets in New Zealand at present for tinned meats are exceedingly firm, and following on the impression that prices may rise in the near future many grocers are buying freely and building up their stocks. Almonds Inquiries made recently show that the few Jordan almonds held in London are exceedingly dear, in fact far too dear for»general use on this market. The last importation which arrived here—only a small parcel—landed at a very high figure, which meant about 3s per lb retail, too high a price for the general public. It is expected that this coming Christmas will see little if any Jordan almonds quoted, and, in any case, prices are Expected to be prohibitive. Caustic Bi-Carbonate of Soda, etc. A London report to hand by mail states that there has been a noticeable falling off in the export trade in alkalis from England. Attracted by high prices obtainable in oversea markets last year, British manufacturers shipped heavily, and the present set-back is said to be the natural outcome of this policy. A plant for the manufacture of the various alkalis is now being erected in Australia at Port Adelaide, and another plant is under construction in India. It is stated in the report that as soon as these plants start producing a general upset of the British export business in alkalis is certain as India and Australia are the two largest .users of alkalis in the Empire, outside the United Kingdom. The Japanese market for alkali is also declining, as the Japanese have now a plant in operation, and this is increasing its output to such an extent as to cause a marked decline in the quantities shipped from England to Japan. Onions A message from Wellington states that the New Zealand Government will allow the importation of onions from the Northern Hemisphere from October 5 to November 30. In the past these supplies have come from Japan, Canada, and California, and the landed costs are consequently high. The special mention of Northern Hemisphere shuts out Australian importations so far, and if it is the intention of the Government to allow only Northern Hemisphere onions to land in New Zealand, and two sources of these supplies are from foreign countries, then this market will be closed to Australian shippers, who offer a hapdy and close market from which to draw supplies. Prime Brown Spanish onions are at present worth £7 7s fid a ton, f.0.b., Melbourne, and by October the prices usually run about £ll to £ll 5s a ton, f.0.b., for this grade, whereas Northern Hemisphere onions cost to land somewhere about £lB to £2O a ton. It will be seen that Australian brown Spanish onions at £ll 5s a ton would land in New Zealand about a week or 10 days after the orders were cabled, and at a figure, well below ' the Japanese, Californian, or Canadian onions. Herrings Prices will be available shortly for new season’s pack herrings in sauce and fresh herrings. It is reported that values will be similar to those ruling previously. Muscatels Prices for Californian new season’s muscatels were cabled this week, and are on a level with those ruling at the opening of the season last year. Split Peas The market for split peas in Australia has advanced, and shippers are now asking a £3' 10a a ton increase.

This rise is due to the sharp advance in the price of milling peas, which have now risen to 7s 6d a bushel, f.0.b., Melbourne. Short stocks due to small crop returns are the causes of the price alterations in split and whole peas. Olives Bottled olives have been fairly high for some time and the position shows no sign of improvement. British packing houses report considerable difficulty in obtaining supplies from Italy and Spain, and the outlook generally is toward a firmer market. Fish Cakes and Salmon Fat! Bolls Two new lines, packed in England by a well-known concern, fish, cakes and salmon pati rolls, have arrived, and are now on sale in certain retail shops in the city at Is 5d and Is 4d a tin respectively. The fish cakes need frying only and the salmon pati rolls are ready for immediate use. These two lines are attractively labelled, and having behind them the reputation of a well-known British packing house they should sell readily,

May May June 19. 26. Per lb 2. d. d. d. New Zealand Sheep— Crossbred wethers and/or maiden ewes: , 481b and under 49-561b 55 5* 5| 54 55 5* 57-641b 55 54 5| 65-72Ib 4| 44 5 Ewes: 481b and under 4 4 4 49-561b 57-641 b 65-721b N.Z. Lambs— 35 34 35 34 34 34 33 34 34 Canterbury: 361b and under n 7| 7| 37-421b 74 74 74 43-50Ib 74 74 74 Second quality: Aver, about 311b 7* 73 78 Other South Island: 361b and under 73 73 78 37-421b 74 74 74 43-501b 74 74 74 North Island Downs: 361b and under 7} 73 73 37-421b 74 74 74 I ' 43-501b 74 74 74 1 Second quality: i Aver, about 301b 74 74 74 / 37-421b 73 73 73 Second quality: Aver, about 311b 7| 73 73 Australian Lambs— Victorian, first quality: 29-361b 74 7 7 37-421b 7 7 64 Argentine Lambs— First quality: ■ 361b and under 7 7 7 ' 37-421b 63 63 6% NJJi Porker Pigs— First quality: 61-801b 6i 6i 64 81-1001b 6J6| 63 101-1201b 64 64 64 N.Z. Baconer Pigs— 121-1601b 74 74 74 (Chilled beef prices are approximate average prices realised lor the week.) N.Z. Chilled BeefOx hinds. 145-2101b 4J 54 54 Ox fores. 145-2101b 34 34 CO Australian Chilled Beef— Ox hinds. 145-2101b 43 5 54 Ox crops, weights corresponding 33 34 38 Southern Rhodesian Chilled’ beef:— Ox hinds. 145-2101b 44 44 44 Ox fores. 145-2101b 3 32 33 Argentine Chilled BeefOx hinds. 145-2101b 64 64 64 Ox fores. 125-2101b 33 34 32 Uruguayan Chilled Beef— Ox hinds. 145-2101b 5i 54 5* Ox fores. 145-2101b 3g 34 32 Brazilian Chilled BeefOx hinds. 145-210Ib 41 54' 54 Union of South Africa Chilled beef:—