FARMING & COMMERCIAL

Dominion, Volume 16, Issue 157, 21 March 1923, Page 10

FARMING & COMMERCIAL

AUCTION SALES FORTHCOMING FIXTURES. TO-DAY. 157 Lambton Quay, Wellington, 10.30 a.m.—Furniture sale /Johnston and Co.). 26 Upper Bata Street, Wellington, 1.30 p.rn. —Furniture sale (Vine and Wilson). 55 Abel Smith Street, Wellington, 1.30 p.m.—Furniture sale (C. W. Price and Co.). Dominion Avenue, Wel-ington, 2 pm. Furniture sale ’Vine and Wilson). Johnsonville Yards. 2 p.m. —Stock sale. 15-17 Brandon Street, Wellington. 2.30 p.m.—Land eale (J. IL Bethune ano Chamber of Commerce, Wellington, 2.30 p.m.—Land sale (Thomson, Brown, and East, Ltd.). , nm 105 Customhouse Quay, Wellington, -.50 p.m.—Sale of residence (S. Geo. Nathan and Co.). TO-MORROW. 157 Lambton Quay, Wellington, 10 a m. —Sale of linoleum (Johnston and Co.) Wanganui. 12 noon—Sale of stock amd implements (Dalgety and Co., Ltd.). Waikanae Yards, 1 p.m.-Stock sale. Upper Hutt Yards. 1 p.m-Stock sn.e. Palmerston North, 1 p.m.—Sale of motor cars (J. L. Bennett). 5 Boulcott Terrace, Wellington, 1.30 p.m. —Furniture sal© (Johnston and Co.;. FRIDAY. Hawara, 10.30 a m.-Aut imn horse fair (N.Z. Loan and Mere-.inr.ib Agency Co., Ltd. B. P. Morrissey and Co.). Levin. 1 p.m.—Sale of dairy stock and implements (Abraham and V illiams, Ltd.). FARMING INTERESTS WOOL MARKET LONDON PRICES UNCHANGED. London, March 19. Buyers at the wool sales were offered an average selection of merinos. Prices are unchanged. There is a pool selection of crossbreds. Fino sorts are unchanged, but medium to low are a shade easier. Realisations include: Well Shot, 28,Jd. to 25d.: Noondoo, 26-ld. to 25d.; Bobundara, 25jd to 23d.; Willhip, 29jd. to 27d.; Portland, 48d. , . The Bradford tops market has a h-tter tone, and prices are a shade firmer. Rather more business is being done in the lower grades.

' GRAIN AND PRODUCE MARKETS ' BY TELEGRAPH.—PHESiJ ASSOCIATION. Christchurch, March 20. The position in regai-d to wheat remains practically the same as at the week end. The majority of the transactions recorded are on a' conditional basis the difference in price to be paid in tlie event of Government ratification of the prices fixed by the growers and millers. . , . , ~ „ .The oats market is also in much the same position as at the week end. Shipments for Australia are being purchased on last week’s basis. Generally, the market is firm, but quiet. Very little is offering from the coun--11 Peas have weakened further. The quality this yea ris stated to be not so good as it was last year. The peas are smaller and are badly wrinkled. F.A.Q. peas, it is asserted, are practically valueless so far as the London market is concerned. The demand for perennial and Italian ryegrass continues firm at» last s P *Very little linseed is being thrashed, owing to the grain season being late and the grain thrashing not being finished. Sales have been made to Australia at £l4. White clover has receded somewhat recent sales having been effected at Is. 4d. to Is. 6d. Cocksfoot is unchanged, and very dull of sale. , It is anticipated that the potato crop will not be quite so good r.s last year, the average this year being estimated at between six and seven tons, as compared with 10 to 12 tons last year, fn Christchurch and the vicinity recent frosts are reported to have cut the potatoes right down. Although sales for April-May delivery are reported at £3 155., it is considered that £3 10s. is nearer present values. Chaff is decidedly weaker, and its value is quoted at £4 10s. on trucks for good bright lots. F.A.Q. is worth £4, and’is difficult’to sell. Supplies have been rushed on the market, with the result that there is more or less of a glut. ”

WANGANUI WOOL SALESv

Messrs. Dalgetv and Co. Ltd., "Wanganui, report: We offered 1900 bales and sold 92 per cent, under the hammer. Competition was sound. Tho quality was medium to inferior, seed

NEWS AND NOTES

being much in evidence. Continental and English buyers were the chief operators, the former buying strongly. There were no wools suitable for American offering. As compared with last Wellington sale, inferior and medium crossbreds were j}d. better. Good crossbreds firm in seller’s favour. Lambs’ wool was erratic, not many good lines offering. Bellies and pieces were firm at late rates. COMMERCIAL ITEMS t WELLINGTON STOCK EXCHANGE YESTERDAY’S BUSINESS AND PRICES

There were no sales recorded on the Stock Exchange yesterday. Gilt-edged securities are again unchanged, buyers repeating their offers of the previous day. Bank shares were steady. There were buyers of National Bank shares at £6 18s., Bank of New Zealand at £2 16s. 9d., and Union Bank shares at £l3 19s» 6d., the latter showing a slight drop. The shares of financial companies were firm and unchanged. Wellington Gas debentures were 2s. 6'l. higher, with buyers at £lO5 7s. 6d.; Napier Gas shares, £lO paid, wore in demand at £lO 2s. 6d. Insurance shares were very firm. Standard Insurance shares were 3d. dearer, with buyers at £1 14s. National Insurance shares were in demand at £3 15s. 6d., and New Zealand Insurance at. 28s. 6d., the latter showing an advance of 6d. Gear Meat shares were 3d. dearer, with buyers at £2 Is. 6d. Buyers raised their bids for Huddart-Parker oidmary shares by 7d. to £3 Os. 4d., with sellers at £3 Is. There were buyers of Kaiapoi Woollen shares at 235. 3d., and Wellington Woollen or; dinary shares at £8 17s. 6d. Taupiri Coal ordinary shares, which have not been quoted for some time, were yesterday in demaud at 20s. 3d.; West-port-Stockton preference shares were wanted at Bs. 3d., and Waipa Coal shares at 17s. There were buyers of Burns-Philp shares at 325. 3d., and Howard Smith shares at £2 Ils. 9d. Nowton King preference shares were 3d. dearer at 17s. 3d. New Zealand Drug shares were firm at £2 18s. 9d. Yesterday’s buying and selling quotations were as under

DAIRY PRODUCE MARKET THE PRESENT POSITION Tho consumption of cheese in the United Kingdom has been enormous, and owing to shortage of supplies wliolesalo prices have advanced, but retail prices have not advanced correspondingly. It is feared now that retailers must raise the price by at least 2d. per lb., and such an advance it is anticipated will have a decided

effect on the consumption which is bound to contract. The movements in the quotations for cheese during the past seven weeks show as under: — Coloured. White. Per cwt. Per cwt. March 17 ... 148 s. loOs. 1465, 148 s. March 10 ... 1425. 1445. 140 s. 1425. March 3 ... 1365. 140 s. 1345. 138 s. Feb. 24 1.305. 1365. 130 s. 1345. Feb. 17 126 - l 3os - 126 - 128 s. Feb. 10 1265. 128 s. 1225. 1265. Feb. 3 1265. 130 s. 1265. 130 s. Since the week ended February 10, coloured cheese ha-s risen 225. per cwt., and white by 225. to 245. The wholetale price of coloured cheese last week was equal to Is. to Is. 4d. per lb., and white cheese Is. 3fd. to Is. The retailers have been selling tliis cheese at Is. 4d. per lb., which is practically the • cost price. With the prospective short supplies to the end of April a further advance in the wholesale price may lo anticipated unless, of course, there is a falling-off in the consumption. If the retail price is advanced to Is. 6d. per lb. thousands will be obliged to economise in cheese, and in that way consumption will decrease and stocks accumulate.

The butter market is reported very quiet,- and since the beginning of the month prices for salted butter were dropped 6s. per cwt. On February 24, New Zealand salted butter was quoted at 210 s. to 2145. per cwt. and last week the prices were 2045. to 208 s. This, of course, was for finest quality; other qualities ranged from 1765. to 2025. —a rather wide margin. WELLINGTON WOOL SALE OFFERING OF 30,000 BALES Ait the Wellington wool sale, which will begin at 8 p.m. next Monday, a tidal of 30.(XX) bales will bo offered, and tho order of sale, together with

the quantity to bo offered by each firm, are as follow:— Bales. Dalgety and Co 5,500 Wright, Stephenson, and Co. ... 1,500 N.Z. Farmers’ Dist. Co 4,080 Wairarapa Farmers 2,640 Abraham and Williams 2,250 N.Z. Loan and Mercantile 2,250 Levin and Co 6,840 Murray, Roberts, and Co 4,890

30,000 The wool to be offered is of fair quality, as some clips that were intended for the February sale had to be carried over as they came in too late. At tho end of this week the London sales will close, and tho tone at the close will have a bearing on the local sale. The London market has shown considerable firmness lately, and crossbreds have been taken by Continental buyers. Tho margin between merino and crossbred wools is still very wide, and as the former is admittedly growing very scarce users must turn to the latter. If the London sales close firm then the 'Wellington sale should reflect this. Prices may not register an actual advance, but they will bo firm with an upward tendency. The wool position has changed during tho past week or so owing to the decision of B.A.W.R.A. not to hold a sale at Liverpool in April. There will thus be no public auctions of wool in England between March 23 and April 24, when the third of the series of London wool sales will begin. A month’s spell should be very useful in giving the trade an opportunity of reviewing the position. The wool sale at Napier will be held on Friday. THE WHEAT MARKET. London, March 19. Wheat cargoes are steady. The Continent is holding off. Higher prices have checked British buying. Parcels are firm, and advanced 3d., closing at level rates. CUSTOMS REVENUE. Customs revenue collected at the port of Wellington yesterday totalled £5979. EXCHANGE BATES. (Bee. March 20, 7..2.0. ..p.m.) London, March 19. Foreign rates of exchange on March 19, as compared with par rates, or as averaged first half of 1914. are as follow:— Mar. 19. Mar. 15,Par. New York, dols. to £1 4.701 4.69 a 4.86 2-3 Montreal, dols. to £1 4.818 4.794 4.86 2-3 Paris, francs to £1 ... 73.25 75.70 25.223 Stockholm, knr. to £1 17.63. 17.63 16.159 Christiania, knr. to £1 25.86 25.80 18.159 Copenhagen, knr. to £1 24.35 24.33 18.159 Berlin, marks to £1 .. 97.500 97.500 22.43 Bomo. lire to £1 97 978 25.231 Yokohama, pence to yen 243 243 24.43 Calcutta, pence to rupee 163-3216 3-32 25 Hong-Kong, pence tadol. 28 289 25 MINING NEWS WELLINGTON SHARE MARKET The following quotation was recorded in the mining market yesterday:— Buyers. Sellers. £ s. d. £ s. d. Waihi 18 0 18 9 STOCK EXCHANGE. By Telegbaph.—press association. Auckland! March 20. Sales—Bank of New Zealand, 675.< 575. 3d. ; New Zealand Insurance, 28s. 7d.; South British Insurance, 375. 6d.; Auckland Gas, 26b.; Devonport Ferry, 255. 6d.; Northern Steam 145., (con.), 75., 6s. 9d.; Milne-Choyco Debentures, 235. 9d.; Waihi, 28s. 6d.; Grand Junction, Bs. 6d.; Hill and Plummer, 21s. 6d.

Christchurch! March 20. Sales reported?—Union Bank, £l4 Is. (two parcels); Goldsbrough Mort, £2 ss. 3d.; Huddart-Parker. Christchurch (div. and rights), £3 Os. 3d. Sale—Christchurch Gas, £7 19s. , Dunedin, March 20. 'Sales—Union Bank, £l4; National Electric. 21s 3d.; New Zealand Paper Mills (oldi iivueh 255. Salo reported—New Zealand Insurance, 28s. 7d. Q

CHRISTCHURCH STOCK EXCHANGE

LONDON STOCK EXCHANGE.

(Rec. March 20. 7.20 p.m.)

London, March.. 19, Waibi shares were quoted on the Stock Exchange to-day at: Buyers, 255. 7<L; sellers, 275. Gd.

Buyers. Sellers. WAR LOANS- £ s. d. £ 8. d. 44 p.c. Insc. Stack, 1939 97 0 0 97 5 0 4i p.c. Tnsc. Stock, 193C —— 97 3 fl Si p.c. Insc. Stock, 1933 — 100'15 0 43 p.c. War Bonds, 1941 97 0 0 — • 4J p.e. War Bonds, 1939 97 0 0 —- 44 p.c. War Bonds. 1938 9 '7 0 0 4J p.c. War Bonds, 1930 97 0 .0 . - 5 p.c. P.O. Bonds, 1927 97 .7 6" •>— 6 p.c. P.O. Insc. Stock, 1927 97 7 6 ** BANKSNational 6 8 0 6 8 9 New South Wales — 37 17 6 New Zealand 2 16 9 2 17 J Union 13 19 6 FINANCIAL--Abraham and Williams or 4 5 0 Dalgety and Co 12 5 0 National Mortgage ... — 4 0 0 N.Z. Loan and Mere. (ord.) 85 0 0 Well. Investment 0 9 4 — ■ Well. Trust Loan 5 14 0 — GASAuckland (paid) 15 9 —— Christchurch — 8 0 0 — - 0 12 0 Napier (£t0) 10 2 6 Ditto (£5) 5 16 Wellington (prrf.) 0 IS 6 —• Ditto (debentures) .. .05 7 6 — Ditto (fractions) 0 5 8 —■ INSURANCENational 3 15 6 New Zealand i 8 6 ■*« T14 Q MEAT BREEZINGN.Z. RefrifferatinK (10b.) — 0 14 4 Gear < 2 16 —• Well. Meat Exp. (£3) . — 4 12 0 Ditto (£3 12b. 6d.) —• 3 2 6 TRANSPORT— Huddart-Parkor (c.d.). lord.) 3 0 4 3 10 WOOLLEN— Kaiapoi (ord.) 1 3 3 14 3 Ditto (contrib.) o ir 3 0 12 0 Wellington (ord.) 8 17 6 Ditto (pref.) 9 5 0 COAL— Taupiri (ord.) 10 3 Westport-Stockton. (pref.) 0 8 3 0 17 0 TIMBER— Taringramutu 1 11 0 MISCELLANEOUS— C. M. Banks (ord....) ... 4 2 6 •— Burns-Philp 1 12 3 1 14 0 — — 14 6 Howard Smith 2 11 9 National Electric 110 119 Newton King (pref.) 0 17 3 — N.Z. Drug (c.d.) 2 18 9 N.Z. Paper Milla 14 9 —— Sharland and Oo 1 1 9 —— Wairarapa Farmers (pref.) 0 16 6 Ward and Co 1 16 0 Wilson's Cement 1 4 3 15 0

BY TELEGRAPH—PRESS ASSOCIATION. Christchurch, March 20. The following were the dosine auots llions on the Btock jhxohauEe to-da.v:— Buyers. Bellers. N.Z. GOVT STOCK— £ s. d. £ s. 1. 44 p.e. Inscribed. 1938 •— 9/ 7 6 44 p.c. Bonds. 193d 97 0 0 97 7 6 5 p.c. Inscribed. 1929 — 97 12 6 54 p.c. Inscribed, 1933 — JOO 12 6 5$ p.c. Bonds, 1933 ... .00 10 0 101 2 6 banks— Australasia (c.d.) 13 10 0 Co min 1 - of Australia, 1 15 3 —— National of N.Z 6 7 6 -t— New (south Wales —— 37 17 0 New Zealand —- 2 17 a Royal (£1 paid) 1 13 6 1 14 3 Union of Australia 14 0 0 14 1 6 INSURANCENational <• 3 15 3 — New Zealand 1 8 6 1 9 3 Standard 1 14 0 LOAN AND AGENCY— Dalgety and Co 12 7 0 12 14 0 GoJdsbrouKh Mort 2 4 6 2 5 3 N.Z. Loan and Mero. (ord. stocK) — 90 0 0 SHIPPINGHoward Smith 2 12 6 2 15 0 Huddart-Parker (c.d. and ritrhtsl 3 0 0 3 0 3 Ditto (6 p.c. cum pref.. cum div.) ; 1 0 3 1 0 6 New Zealand (6 p.c. cum 9 0 0 9 15 0 Union (54 n.c. cum pref) 0 19 10 —— FROZEN MEATCanterbury 15 7 6 15 15 0 Ditto (6 n.c. cum pref) 5 0 0 N.Z. RefriKer. (£1 pd.) —- 1 8 0 Ditto lids, paid)' 0 14 0 0 14 3 COAL— Taupiri 1 0 0 — WOOLLEN— Kaiapoi (10®- paid) 0 12 0 Ditto (pref, ro div. only) —— 1 2 0 GAS1 5 0 Christchurch 7 18 0 8 0 0 10 2 ■ ■ BREWERIES— 2 0 0 2 1 6 Manning 4 12 6 4 15 0 1 16 0 1 18 0 CEMENTWilson’s N.Z. Portland 1 4 4 1 4 6 MISCELLANEOUS— Beath and Co. (c.d.) . 1 10 6 — Burns-Philp 1 13 0 1 13 9 Ditto (.South Sen) ... — 1 4 0 Dental and Medical — I 4 0 D.i.c."~ 0 11 5 Glenmore Brick and Tilo 0 18 0 — Henry James Co-on. ... 2 0 6 2 '2 0 Mason-Struthers (£1 pd) 1 3 a 0 14 b -Ditto (8s. paid) 0 6 1 — (4s. paid) 0 4 1 — N.Z. Drusr Co. (c.d.) ... 2 19 0 N.Z. Farmers Co-op. (£5 paid) 4 0 0 Ditto (£2 paid) 1 6 0 N.Z. Pnnnr Mills 1 4 — N Z. Milk Products .. t 7 b 1 7 9 — t 7 Whitcombe and Tomb 3 2 3 Electrolytic Zinc (pref) 1 9 0 • 1 10 6 Ditto (rights) o m 10 0 11 1 Fvsng Atlas Go 1 13 6 — MINING— Mount Lyell 1 4 9 — Wn ill i 1 8 0 —— Ditto (?. months’ delivery) 1 8 6 1 9 6