FARMING & COMMERCIAL

Dominion, Volume 18, Issue 54, 28 November 1923, Page 10

FARMING & COMMERCIAL

NEWS AND NOTES

AUCTION SALES FORTHCOMING FIXTURES. TO-DAY. Sales will be held at:—. , 1A qn 157 Lambton. Quay, Wellington, 10.30 a.m— Sato of Furniture (E. Johnston). "Hillsborough” Salamanca Road. Kelburn, 11.30 a.m.-Sato of Mr W. H. George's House Furnishing,? (L. JohnVtotoria Street, Hamilton—Sato of Land, account Mr. Threkeld (Dalgety and Mangaroa, 12.30 p.m.—Stock sale, account Meil and Jacot (H. E. Leighton). _ Featherston Street. Wellington, “ P’ ’, Sato of OH Paintings (J. H. Bethune). 105 Customhouse Quay. Wellington ’ Paraparaumu Property _(S. G. Johnsonville Yards 2 p.m.-Stock sale. Dominion Avenue, Wellington - P'™'. Sale of Furniture (Vine and II ilson). TO-MOR.ROW. Paliiatua. 11 a.m.-Annual Cattle Fair Wairarapa Farmers). Waikanae Yards, 1 p.m.—Stock sale. Upper Hutt, 1 p.m.—Stock sale. Palmerston North, 2.30 p.m.—Sato of City property, on account Supreme Court (Mounsey and Co.). Palmerston North—Sale P f account Foxtan Harbour Board (Moun sey Hind Co.)FRIDAY. Feilding Yards, 9.30 a.m.-Sale of Highclass Blood Stock (Abraham and Wll65 Manners Street, Wellington, 10.30 a.m. Sale of Mr. Jensen e Furniture (E. Johnston). FARMING INTERESTS WOOL MARKET GOOD INQUIRY AT BRADFORD. (Rec. November 27.11.50 p.m.) London, November zo. The Bradford tops market is cheerful in tone and there is S 00 ” 1 for both merinos and crossbreds. Aus.-N.Z. Cable Assn. Messrs. Dalgety and Company Limited. report having received the following cablegram from their London house, under date November 26Our selling dates for the December series are December 11 and December 17. STRONG COMPETITION AT SYDNEY. Sydney, November 26. At the wool sales, there was a strong demand for wools .of good length, quality, and condition at late prices. Pieces and lower qualities sold exceptionally well. Crossbreds were strongly competed for. Greasy merino sold to 35d , and greasy merino lambs, to 39d. per lb. The latter was the record for the season. —Press Assn.

DAIRY CONTROL BOARD ELECTION

THE MINISTER’S POWERS. By Telegraph—Press Association. •' Te Awamutu, November 27. Tn connection with, the Dairy Control Board election, Mr. Richard Cobbe has received legal advice that t there is no power to compel the Minister to issue the roll: the Act makes no such provision, so the Minister can give or withhold. “This,” Mr. Cobbe contends, “virtually places' the Minister in a position to elect any board bv his favours. This serious condition was surely not contemplated by Parliament. A present or future political party should not possess these wide powers, as they put the board undei the political control of whatever Government is holding office.” BURNSIDE STOCK SALE REDUCED PRICES. Bi Telegraph.— Press association. Dunedin, November 27. Although the yardings of stock at the Burnside sale to-day . were on the small side, the. supply in some instances was in excess of requirements. In consequence of this, competition was not so keen and reduced prices were recorded in fat sheep, lambs, and fat cattle. Fat Cattle.—l 92 were yarded compared with 277 last sale. Th? entry included a large proportion of extra prime bullocks. The market opened steady at last week’s reduced prices, but eased after ths middle of the sale and hardened again at the close. Prices were back from 10s. to 15s. per head on the best rates of the previous sale. Prime handy-weight bullocks made up to 375. per 1001 b., prime heavy-weight bullocks 345. 6d. to 365. 6d., medium quality bullocks 335. Rd. to 355. 6d.. prime heifers to 325. 6d., and cows and light heifers to 28s. Extra prime heavy-weight bullocks sold at up to £2O 2s. 6d., prime £l3 to £l7. medium £8 to £9. Prime cows and heifers sold at from £7 to £8 155., medium £6 to £7. Fat Sheep.—A small e.ntrv numbering 1741, compared with 2414 at the last sale. Owing to the warm weather butchers competed morn freely for light and medium-weight shgep. The ento opened at prices about on a par with last week’s rates, but there was an easinn- tendency as the sale proceeded, the closing sales showing an

all-round reduction of about Is. per head. Prime handy-weight wethers (shorn) sold at 53d. to 6d. per lb., handy-weigh woolley wethers (not prime), up to GJd., prime heavyweight shorn ewes, 4Jd. to 5d., aged and light ewes, 4d. to 4Jd. Extra prime heavy-weight wethers made up to 465., prime 365. 9d. to 41s. 3d., medium 31s. to 345., light and unfinished sorts to 30s. Extra prime heavy-weight owes sold at up to 375. 9d., prime 325. to 355., medium 265. to 295., light and aged 20s. to 225. Spring Lambs.—The largest yarding this season,. 160 head being offered compared with i"5 last week. The quality w'as go some of tho pens containing many animals of outstanding merit, but there was a. fair number of unfinished sorts. Prime lambs sold on a basis of to 9d. per lb.; prime light-weights, BJd. to OJd.; medium quality, Bd. to BJd.; extra prime lambs sold at from 325. 6d. to 365. ; prime, 275. to 305.; medium 245. to 265. . . ,

Pigs.—A small yarding, consisting principally of porkers. Competition was more animated than last week and a clearance was effected at slightly increased rates. Prime baconers sold on a basis ,of about 7d. per lb., end prime porkers about B§d. per lb. Store Cattle.—A smaller varding than usual, only about 100 head being offered. With the exception of about thirty head of good three and feur-year-old bullocks, the entry consisted of young cattle and aged cows. The line of bullocks elicited good competition, and were sold at prices ranging from £7 to £9 6s. There was practically no change in market values for cows suitable for canning purposes, and for young cattle. Dairy Cattle.—The yarding was smaller than those of recent sales, about thirty head being offered. Competition. was somewhat slack and prices were easier. The entry included a number of animals in splendid condition. Best cows sold at from £8 10s. to £9; heifers, up to £7; and aged cows, from £3 to £4.

GRAIN AND PRODUCE MARKET

By Telegraph—Press Association. Christchurch, November 27. There is still a keen, demand for fowl wheat, but tho rise anticipated by some merchants has not yet taken place. With regard to chaff, it is understood that Auckland merchants are afraid to buy any quantity, and are watching the Australian market pretty closely. For perennial ryegrass there is a little better feeling, and 27-281 b. seed has been sold at 7s. per bushel, sacks extra.

Practically all the surplus partridge peas held in store on account of merchants are being shipped by the Dorset this week for Liverpool, and menhants are looking forward to next season’s operations. The latest advices from England are not very encouraging,, as there are largo stocks at present held in store in London. This week sales of No. 1 took placp at 725. per quarter of 5041 b., ex store, London.

WHOLESALE PRODUCE PRICES

Messrs. Laery and Company. Limited. Wellington, report wholesale prices as follow: —Peameal, £9 10s.; barlev ineiil. £9 55.; bran, Australian £8 ton lots or over; wheatmeal, £11; linseed nuts. 16s. 6d.; linseed l meal, 18s. 6d. : meatmeal, for poultry, 15s. 6d.: chicken raiser, Is. 6d.; shell crit 6s. 1001 b. ; fowl wheat, choice whole 5-sack lots or over 6s. 6d., lesser quantities 6j. 7d. bushel. sacks Is. Id.: shelled oats, for chickens, ss. Sd. bushel • mixed fowl feed. 5-sack lots or over ss. 4c1.. lesser quantities ss. 6d. bushel, sacks in; oats, machine dressed seed Algerians ss. 6d., farmers’ dressed seed Algerians ss. 3d., feed Gartons 45.. crushed 1 4s. 4d., sparrowbills 45.. seed Gartons 4s. 2d., Duns 4s. Id. bushel, sacks in. Dung machine dressed ss. bushel, sacks in; peas, feed ss. 6d., Prussian blue Bs.; partridge peas. 7s. 6d. bushel, sacks in; barley, feed 3s lOd. and 4s. 6d. bushel; maize, whole ss. 10d.. crushed 6s. 4d.; butter, farmers’ separator and dairy. Is. 2d. to Is. 3d. lb.: eggs, new laid Is. 2d. to Is. 3<l'.. storekeepers’ Is. Id. to Is. 2d dozen: fowls, white leghorns 4s. fid. to 55.. black Orpingtons and similar heavy varieties 7s. to 7s. 6*. pair; ducks runners Bs. to 10s.. large white 10s. to 12s. pair: turkeys, Is. Id. to Is. 4d. lb.: geese. 10s. to 12s. pair; fungus. sd. to 6d. lb. ; rock salt. 6s. 6'l. cwt.: dressed pork. 60’s to 90’s, B<l. to Sid. lb.: chaff oaten sheaf, Blenheim nrinie £9 10s.. Blenheim medium oualitv £7 10s. ton. sacks in f.b.b. Wellington; straw chaff, for chickens or cow feed. £6 15s. ton, sacks in : table potatoes (Canterbury). ton lots £8 10s. ton. lesser quantities 9s. cwt.; new potatoes, Us. cwt. WOOL FOR . JAPAN A GROWING TRADE. The recent visit of a Sydney Japanese wool merchant, and his statement that he had acquired an existing Dominion trade connection in the Japanese wool trade with the object of extending his firm’s Australian trade with Japan, which had been carried on for some 20 years, gave an indication that the market was one of considerable importance.

Eigures ascertained bv the Department of Industries and Commerce, and supplied yesterday, at. the request of a Dominion representative, show that the quantity of wool exported bv New Zealand to Japan has increased from 4807 bales in 1914 to 12.764 bales in 1922. Tho exports consist chiefly of greasy wool, as all forms of labour are Cheaper in Nippon.. In 1915 7715 bales were shipped, and in 1916 5659 bales. The commandeer then supervened, and the available figures do not disclose what quantities, (if any), were shipped to Japan. Exports had fallen to 2750 bales in 1921, but rose to 12,764 in 1922.

Tin- decline in values since 1916 is striking. The actual weights exported. and the values, were ns follow:—■ 1914. 1521,9991 b.. £59.222: 1915. 2.964.3971 b., £135.10?: 1916. 2,182.39511,. LWS.6I7: 1921. 1,067.3261 b.. £15,304 : 1922 . 5,001,9181 b.. £86,038.

COMMERCIAL ITEMS

WELLINGTON STOCK EXCHANGE

YESTERDAY’S BUSINESS AND PRICES

Sales of 4J per cent. War Bends 1939 at £96 155., Bank of New South Wales £4O 2s. 6a., Manning and Co.’s shares 255. 6d., and Ward and Co. brewery shares at 225. Gd- wore rcperted at the morning call yesterday, and at the aiternoon call the sales reported were 5 per cent P.O. Inscribed Stock 192/ at £97 los., and New Zealand Loan and Mercantile ordinary stock at £Bl. There were buyers of the 5| per cent. 1933 at £lOO 55., and of 5 per cent. P.OBonds 1927 at £97 15s. There was n > demand for bank shares. There were buyers of N.Z. Loan 1 and Mercantile ordinary stock at £BO, Wellington Gas preference shares at 16s. 9d7, Iluddart Parker ordinary sharps at 415., and Union Steam preference shares at 20s- 6d. Westport Coal shares were steady at 375., and Waipa Coal at 17s. There was again a good demand for timber shares, uith buyers of Kauri Timber shares at 28s. 3d., Leyland O’Brien Timber at 395., Rotoiti Timber at 21s. 9d., and Taringamutu Totara at 345. Crown Brewery shares were again firm at £2 16s. 9d., and there were buyers cf NZ. Paper Mills shares at 21s. 6d. Yesterday’s buying and selling quotations were as follow:—

SALES IN OTHER CENTRES By Telegraph—Press Association. Christchurch, November 27. Sales reported: New Zealand Refriseratiny (cent.), Ils. 2d.: Kaiapoi Woollen (ord.). 21s. Auckland, November 27. Sales: War Loan (1941). £96 155.: ditto (1927). £97 155.; New Zealand Insurance, 28s. 9d.; Waipa Coal. 19s. 3d.: Westport (ex div.), 375.; Auckland Gas. 255. 6d„ 255. 7d.; ditto (contrib.), 3s. 4d.; HuddartParker, 415.; Waihi, 295„ 28a. 9d.; Grand Junction, 4s. sd. Dunedin, November 27. Sales: Crown Ewing (ord.). 295. 6d.; NewZealand Breweries, 245. 3d.; Waihi. 295. 3d. (two parcels). Sales reported: Westport Coal. 375. 6d. (two parcels); Bank of New Zealand, 51s. 3d. ADVANCE IN SHARE VALUES BANKS, INSURANCE AND FINANCIAL The Wellington. Stock Exchange’s share list for November is the last to bb issued for the year, and a comparison of the quotations 'for bank, insurance, and financial companies shares, compared with those given in the share list for November, 1922, shows that a general improvemen’t has taken place The variations in the quotations for bank shares are shown in the

ouoted are old issue, and these are os 6d. lower than they were a year ago. The shares of the Bank of New South Wales have risen by £5 10s:, and this is the most pronounced advance in the group. Bank of Australasia shares just." about held their own, National Bank shares advanced 12s 6d., and Union Bank shares by 29s Insurance shares show small advances. The comparison is as un-

National Insurance shares are 9s. 3d. higher, Standard Insurance ss. 6d. higher, South British Insurance 3s Cd. higher, and New Zealand Insurance shares Is 6d. higher. Some of the shares in tlte financial group have improved considerably during the past year, as will be seen by the following table:—

Dalgety’s shares have risen ly £2 155., and New Zealand Lean and Mercantile Stock by £3 National Mortgage and New Zealand and River plate shares show small advances. 'lT.cro was practically' no sale for Equitable Building shares a year rgo, and now thev arc in firm ctemand at £8 14s Wellington Trust < nd Loan and Wellington Investment shares sl ow small advances Generally the share market displays a much more buoyant tone than it did a year ago. PRICES OF METALS. (Rec. November 27, 11.50 p.ra.) London, November 26. Copper. —On spot, £6l. 6s. 3d. per ton: forward delivery, £6l Is. 3d. Lead. £3O 10s. and £2B 10s. Spelter, £33 2s. and £33 7s. 6d. Tin, £231 2s. 6d., and £231. 12s. 6d. Silver, 33 1-Sd. per ounce standard.

LONDON STOCK EXCHANGE. Aus.-N.Z. Cable Assn. (Rec. November 27, 11.50 p.m.) London, November 26. Waihi shares, buyers. 295. 7d.; sellers 30s. 3d.; P. and 0., deferred stock, buyers £292; sellers, £302.

LONDON WHEAT MARKET. Aus.-N.Z. Cable Assn. (Rec. November 27. 11.50 P- m 0 London, November 2/. Wheat cargoes are fairly steady, with little demand. Parcels are in good demand at 3d per quarter decline. PRICE OF SUGAR. (Rec. November 27. 11.50 P-” 1 -) London, November 27. Sugar granulated, 60s. l J ,d. per cwt. RATES OF EXCHANGE. Aus.-N.Z. Cable Assn. (Rec. November 27. 11.50 p.m.) London, November 26. Foreign rates of exchange on November 26 as compared with the par rates or as averaged first half of 1914. are as

Buyers. Sellers. WAR LOANS— £ s. d. £ s. d. 44 n.c. Insc. Stk., 1939 — 97 0 0 n.c. Insc. Stk., 1938 97 0 0 54 p.c. Insc. Stk.. 1933100 5 0 —• 54 n.c. War Bonds. 1933 100 5 0 —- 5 n.c. P.O. Bonds, 1927 97 15 0 — DEBENTURESEastbourne Borough, 63 — 106 7 6 Devonport Borough. 6 p.c.. 1936 —• 103 0 0 BANKS— 13 5 0 6 17 0 2 11 6 Ditto (new issue) .... —- 2 10 3 14 18 0 FINANCIALN.Z. Lean and Mero. (ord.) 80 0 0 83 0 0 Well. Trust, Loan — 5 18 0 GASWellington (£10) — 14 2 6 Ditto (pref.) 0 16 9 —— INSURANCE— New Zealand 19 0 MEAT PRESERVINGN.Z. Refrigerating (10s.) — 0 11 4 Gear 2 2 9 Well. Mea’t Exp. (£3 12s. 6d) ... — 2 2 0 TRANSPORT— Huddart-Parker (ord.) 2 10 .— Union Steam (pref.)t... 10 6 WOOLLEN— Kaiapoi (contrib.) ....... — 0 10 8 Wellington (pref.) —- 9 5 0 COALWestport 1 17 0 —— Waipa 0 17 0 TIMBER— Kauri (cum.) 18 3 —— Leyland-O’Brien (cum.) 1 19 0 — Rotoiti 119 Tarin gamutu 1 14 0 —— MISCELLANEOUS— Australian Glass 18 0 — Crown Brewery 2 16 9 — Dental and Med. Sup. 1 1 6 Gates, Ltd 0 19 0 Kirkcaldie and Stains — 0 19 0 N.Z. Paper Mills 1 1 6 12 3 Rcoullar Co 12 9 Sharland and Co. ... .. 12 3 — Weirarapa Farmers’ (pref.) MINING— 0 17 3 Waihi 1 9 6

table appended:— , 1923. Nov. 1922. Bank. Nov. £ s. d. a 8. d. Australasia 13 4 0 13 2 0 National 6 1.5 0 6 2 6 N.S. Wales 40 10 0 35 0 0 New Zealand 2 11 0 16 6 Union 14 16 0 13 7 0 The Bank of New Zealand shares

tier: — Nov. , 192.3- Nov.. 1922. Insurance. £ s. d. s. d. National 3 16 6 3 7 3 New Zealand 1 8 9 1 7 3 South British 1 18 6 1 1 ■) 0 Standard 1 17 6 1 12 0

Nov.. 1923. Nov.. 1922. Financial. £ d. £ s. dBalgety and Co. 13 6 0 10 5 0 National Mtg. •1 3 0 3 10 0 N.Z. and lliver Plate 1 1 6 0 19 6 N.Z. Loan and Mercantile 78 0 6 75 0 0 Eonitable Big3 14 0 b 0 1) V'gtn. Trust and Loan •5 16 0 O 9 0 Wgtn. Investment 9 10 0 9 3

follow:— Nov, 26. Nov. 22. Par. New York. dols. to £1 Montreal, dols. to £1 Brussells. francs to £1 Paris, francs to £1 ... Stockholm, knr. to £1 Christiania. knr. to £1 Copenhagen, knr. to £1 ■Rome, lire to £1 Yokohama, pence to yen 4.398 4.494 92.35 79.60 16.67 29.65 24.65 1005 26J 4.372 4.86 2-3 4.47 4.862-3 93.46 25.225 80.25 25.225 16.83 18.159 29 67 18.159 25.23 1 8.159 1003 25.221 26 7-16 24.43 1615-16 25 Calcutta, pence to rupee 17 Hong-Kong, pence to dol. Marks are quoted at 40.000 to 45.OIX) milliards to £1. The par rate