GRAIN AND PRODUCE MARKETS

Press, Volume LXXXVI, Issue 26129, 3 June 1950, Page 10

GRAIN AND PRODUCE MARKETS

RECORD AUTUMN SOWINGS (By Our Commercial Editor.) The filling of orders from the United Kingdom and the announcement of a New Zealand Government contract for large quantities ofc seeds, mostly white clover, ryegrass and cocksfoot, have further hardened the small seeds market. Values for white clover remain very firm and prices for perennial, short rotation, and Italian have advanced in the face of short crops and keen demand. Merchants report that autumn sowings of small seeds throughout the Dominion were on a tremendous scale, probably constituting a record. In Canterbury, provided there is sufficient rain within the next two months, and favourable weather is experienced in the summer, the total acreage of small seeds harvested should be very impressive. Encouraged by record high prices, many farmers are bound to turn to small seeds production next season, especially as stocking ap with sheep is at present very costly. A substantial increase is reported in the price of linseed, the price to growers for next season’s crop being £4O, a rise uf £8 a ton. Last year the total area devoted to linseed fell far short of requirements, and a very considerable increase is now aimed at. Deliveries of wheat for wiay totalled 3.222,000 bushels, compared with 4,154,900 bushels for the corresponding month of last year. The hazards of growing red clover for seeds production were exemplified last month when a very high wind, which did not reach coastal areas, destroyed many crops of cowgrass about to be harvested in the Sheffield and Coalgate districts. Because of the lack of shipping, the flow of potatoes from Lyttelton to the North Island is being severely hampered. Last week 11.851 sacks were sent to Auckland, 4424 sacks to Wellington, and 1366 sacks to west coast ports of die North Island. This week a small quantity was shipped to Napier and Gisborne and the on y potato ships in sight for next week are the two small ships which trade to the west coast of the North Island, the Port Waikato and the Apanui. Quotations Algerian Oats.—4s 6d to 4s 9d, according to quality; black oats, 4s 6d to ss; Juns, up to 6s. according to quality; Gartons, up to ss; all prices sacks extra on trucks at growers’ stations. Wheat.—Tuscan varieties, 8s 9d a bushel, f.0.b., growers’ nearest port. Premium 2d a bushel for Hunters. 4d for Pearl and Valvet. 6d for Marquis, and Is for Hilgendorf. Price increments: April, Id a bushel; May. 2d; June. 3d; July. 4d; August. 41d: September, sd. Montgomery Red Clover.—2s 3d er ib uncertified, 2s fid standard, 2s 9d mother seed (nominal). Red Clover.—ls 5d to Is 6d per ib; machine dressed. 98/90. White Clover.—4s per lb. uncertified; 4s 3d per lb certified up.; 4s 6d mother seed. Chaff.— £7 a tori on trucks, country stations (sacks extra). Lupins.—los to Ils a bushel, on trucss (sacks extra). Barley.—Main malting varieties, 6s id a bushel: research and cape. 6s 4d 'on trucks, sacks extra). Browntop.—4s 6d per ib certified 98/90, and 3s 9d uncertified machine-dressed seed. Cocksfoot.—ls 3d to 3s per lb, according to quality. Ryegrass.—Certified perennial, 98/90. mother 25s a bushel; certified, pp. 245, H I. certified 89/90, mother 265; standard 245; Italian. 98/90, mother 21s, standard 20s. uncertified 19s. Linseed.—£4o a ton on trucks.

DUNEDIN

(New Zealand Press Association) DUNEDIN, June 2. The hardening in values recorded last week for many of the main seed lines has been accentuated this week by the keen desire of buyers to obtain their requirements. Perennial, short rotation, and Italian ryegrass, both certified and uncertified. have all been receiving the attention of buyers, and sales at very high prices have been recorded. On present indications it appears that this market is likely to remain firm throughout the year and. with a normal demand, values may harden still further. There is a good inquiry for white clover, and here, too, values have appreciated. This is mainly a result of the demand for export quality seed, both certified and uncertified. Chewings fescue, browntop. timothy, crested dogstail. and cocksfoot are all bringing hgh prices, perhaps the highest ever recorded to the knowledge of the present generation of merchants and producers. The potato market is still quiet, ample

supplies of good quality varieties »being held in store. It is reported that in most areas of Central Otago there is a shortage of green feed. and. because of the exceptionally dry autumn, should there be a hard winter there will be a keen demand for hay and other feed for stock.

COMPANY NEWS

William Cable and Co., Ltd.—William Cable and Co., Ltd., announce that they are offering to ordinary shareholders on register at 5 p.m. on July 6, one new £1 ordinary share for each three held, at a premium of 5s a share. Present issued capital of the company is £314.281 in 28.695 preference and 285.586 ordinary shares of £1 each. The last new issue was early in 1947, when 142,793 ordinary shares were issued in the proportion of one for one at a premium of 5s each Ballins Breweries.—The first payment of interest on preference calls in advance, together with dividends on amounts called up on preference shares, will be paid on or bout January 31. 1951. for the period ending September 30, 1950. Alex Harvey. Accounts.—A rise of £12,304 to £49,708 is shown in the consolidated net profit of Alex. Harvey and Sons. Ltd., and its subsidiary for the year ended March 31. the parent company’s second year as a public company This result was reached after providing £12.168 more for depreciation at £27,406. and £2'1.459 more for taxation, at £69.959. Dividend, maintained at 10 per cent, on the higher capital. requires £28.565, against £18.208 in the previous year The balance of profit of £21.143 is left to increase the carry-forward to £40.169. Gross profits increased £61.280 to £289.867. but expenses, excluding taxation, were £28.418 higher, at £ 170.200.—(P.A.)

OTHER EXCHANGES

SYDNEY A firm tone was maintained on th? Sydney exchange yesterday, in moderate trade though there were numerous variations. Sales: National Bank. 20s paid, 38s 6d; Commercial Banking of Sydney £26 Is: Union £ll 9s; Aus Paper. 325: British Tobacco. 52s 9d - Broken Hill Prop., 53s 3d: and. contributing. 48s: Claude Neon 435: Electro Zinc. 80s 6d: Goldsboroueh. 46s 3d: Hadfields Steel. 14s; Wilcox Mofflin. 15s: Woolworths. 25s lOJd; Yarra Falls. 70s Hd: Colonial Sugar. £69 17s 6d: ’"'union 40s: Felt and Textiles, 495; Coles 22s 6d: Broken Hill South. 50s: Kua'" nXc 6d MELBOURNE Investment prices were generally steady on the Melbourne Stock Exchange yesterday Trading remained hesitant, and turnover was light Sales; Union Bank, £ll 7s: Goldsb’-ough. 46s 3d: A’asian Paper. 335: A.C.1.. 58s: British Tobacco, 52s 3d: Colonial Sugar. £69 15s; Drug Houses. 42s 6d: Felt and Textiles, 495; Coles. 22s ~d: Goodvear pref.. 40s; Gordon and Gotch 29s sd: Humes, 395; Myer„ pref . 40s 9d - Woolworths, rts.. 15s; Broken Hill Ptv.. 535: South Broken. 50s; Mount Isa. 37s 9d: Motrl T.vell 255: Loloma, 27sj Oil Search 4s 9d

UNLISTED STOCKS 1 £ 5 S ”d. £ s. d Amalg. Batteries 6 Andrews and Beaven, pref. 1 3 3 Asso. Mot Pet., pf. Beechey, Undcr1 11 0 Beaths «s pd. 19s deposit Black and White Cabs 1 18 3 2 1 0 0 4 0 Canty Seed 1 6 3 — Chch. Press 13 7 6 1 3 15 Og Mack’h.. Caley Phoenix. 15s fully paid Contr. Mack’h.. Caley, 1 17 6 Phoenix 2 1 0 2 2 0 N.Z. Woolpack 0 3 7 National Tobacco — 1 7 0 Prudential BuildShirley Links 0 8 0 0 J 8 0 Smith. Wylie 0 0 Whekatane Board Wgtn " Publishing 6 10 0 — Williamson Jeffrey 1 10 0 —