FARMING & COMMERCIAL

Dominion, Volume 18, Issue 98, 21 January 1924, Page 10

FARMING & COMMERCIAL

NEWS AND NOTES

AUCTION SALES FORTHCOMING FIXTURES. TO-DAY. •Sales will be held at: — 157 Lambton' Quay. Wellington, 10.30 a.m—Sale of unredeemed pledges (B. Johnston and Co.). 206 Cuba Street, 2.30 p.m.—Sale of stock-in-trade Ladies'’ and Gents' Tailor (A. T. Trendle). 105 Customhouse Quay, Wellington, 2.30 p.m.—Sale property situate Pirie Street and Khandallah sections (L. S. Nathan). FARMING INTERESTS CHRISTCHURCH WOOL SALE RUN OF GOOD PRICES CONTINUES REMARKABLE FIGURES FOR FINE LOTS By Telegraph.— Press Association. Christchurohj January 20. The third wool sale of the local series was commenced last night, and will be continued to-morrow. The consistent Yun of good prices which has marked-sales this season was continued, and a number cf new was set The total catalogues comprises 26,676 bales, of which 4269 WGro offer * ed last night and sold with the exception of 27. The woo] lacked brightness and the general condition of last sale. The long sequence of nor’-west-ers has resulted in much of the wool being seedy and earth-stained, and consequently heavy in condition. Practically every buying country was represented on the benches, and wool appeared to be in demand by all of them. Braidford provided the strongest buying end, notably of tliree-quar-ter bred and merino, their activity for the latter' being in contrast to last sale, when, however, there was little merino forward. Pieces (-gain .went soaring, and some remarkable figures were made for fine lots. Fellmongers had difficulty in securing wool which would slwtv a margin for handling. The best prices so far are as follow: — 82Jd. for merino, 2S5d. for halfbred, 28Jd. for Corriedale, 26Jd. for three-quarter-bred, 20Jd. for caossbrcd-, 27Jd. for halfbred pieces, 17|d. for crossbred pieces, 14d. for merino cruicGTngsand Jocks, tnd 22Jd. for merino bellies. There was an allround advance in price on December rates, notably for super merino, good three-quarter and halfbred wools* and fine pieces. FROZEN MEAT LONDON QUOTATIONS. (Rec. January 20, 5.5 p.m.) London, January 19. Sheep. North Island, light, 81d. per lb. Australian, second, 7d. Lambs. Canterbury, medium, IOJd. Australian firsts, Victorian, lOjJd.; other States, 9Jd. Seconds, Victorian, 9jd.; other States, 9’Jd. Argentine seconds, 9Jd. Frozen Beef. No New Zealand offering. Chilled Beef. Argentine fof-es, 4Jd. ; hinds, 5Jd. Uruguayan, fores, 3*}d. ; hinds, sd. Other meats are unchanged.—Aus.N.Z. Cable Assn. REMARKABLE RECOVERY AUCKLAND’S DAIRY PRODUCTION. By Telegraph—Press Association. Auckland, January 19. The production of butter and cheese in Auckland province has been stimulated with the commencement of the New Year. During the first fortnight of this month, 81,668 boxes of butter were received for grading, compared with 79,732 boxes for the corresponding period of last year, an increase of 1936 boxes. These figures indicate a rather remarkable recovery, as the December returns showed a deficit of 12,247 boxes compared with those of December, 1922. A great recovery was made during the week ended January 14, when the receipts were 44,018 boxes against 34.184 boxes for the corresponding week of January, 1923, an increase of 9834. The receipts at the end of December and the beginning of January , are not always a reliable guide as to the production, as butter and cheese are held longer at the factories owing to the holidays. The large apparent increase during the second week of this month therefore mav not represent the actual position. The fact that the advance was so substantial and that it followed fairly general rains throughout the province suggests, ho-wever, that the of the pastures has resulted in an increased milk production. The total quantity of butter received for the season to January 14 was 807.084 boxes, compared with 850.585 boxes for the corresponding period of last season, a decrease of ■13,501 hoxes. The quantity of cheese received for the season to January 14 totalled 93,813 crates, _as against 45,551 crates for the similar period of last season, an increase of 47,262 crates.

WOOL MARKET KEEN COMPETITION AT LIVERPOOL SALES CONSIDERABLE INCREASE ON LONDON PRICES (Reo. January 20, 5.5 p.m.) London, January 18. At the Liverpool sales of colonial wool 34,000 bales were submitted on behalf of B.A.W.R.A. There was a large attendance of Home and Continental buyers. Competition was of the keenest, and prices, compared with closing rates of London’s December sales, showed an improvement of 15 to 20 per cent.—Reuter. PRICES OF FINE TWEEDS ADVANCED (Reo. January 20, 5.5 p.m.) London, January 18. Scottish woollen manufacturers producing the finest tweeds for the London trade have substantially advanced the prices of cloth, owing to the world’s shortage of wool. Fine wools have already been raised over 25 per cent., and as a further advance is assured, cloth is being raised Is. 6d. a yard. Suits will cost more next spring.—Reuter. CANTERBURY MARKET By Telegraph—Press Association. Christchurch, January 13. Comparison of the reports received regarding the effect of the recent southerly gale indicate that little if any damage was done to the wheat and oat crops. Other crops, notably potatoes and peas, and pastures have greatly benefited by the rain. Oats eased sligntly after the rain, but are firming up again. For B grade Gartons, 3s. 10d., f.0.b., 5.1., has been given. Algerians are reported to bo difficult to secure, and as high as 3s. 9d. on trucks hao been paid to farmers. Generally farmers do not appear to be anxious to dispose of their oats. Some are stated .to be holding for the anticipated rise. The demand for fowl w-heat has eased somewhat since the beginning of the week, and to-day’s price w-as given as ss. 7d. f.o.b. The position as regards chaff appears* to Have intensified since the previous report. Some operators report that farmers show very little inclination to sell in view of the possibility of another spell of warm weather. The demand is a.s a consequence unsatisfied. To-day's quotation is £6, and some sales are reported at as high ns £7 155., S.I. For potatoes for April-Alay delivery farmers have boon offered £4 10s. at country stations, but are not showing much anxiety to do business at that price. Onions for prompt delivery are stated to be worth about £5 a ton, but there is not a great deal on offer. Supplies from Victoria are still on the market, and the demand for Canterbury onions will not begin until early next month. Cocksfoot is firming again, ■ and sales of niachine-dfessed standard have been effected at 12)d. for prompt delivery. The keen demand for ryegrass shows no sign of diminishing. Auckland buyers are stated to be operating freely and keeping the market up. For an exceptionally fine line of good to. heavy Italian ryegrass, 7s. on trucks has been paid, but 6s. to 6s. 3d. is about tbs value of the ordinary run. There is now. 'a fair quantity of seed coming to hand from Southland. There is a better feeling in the market for white clover, and all choice lines are being booked by North Island buyers, LONDON MARKETS Messrs. Dalgety and Company, Limited, Palmerston North, report having a very fair entry of sheep and a moderate yarding of cattle at their Fending sale on January 18, all of which changed hands at prices as below:— Small b.f lambs, 7s. 6d., Bs., 9s. to 10s • medium b.f. lambs, 135.; small w.f. lambs, Bs. to 95.; fair w.f. lambs, !10s. to Us.; best short rape lambs, 18s" 4d. ;• low condition 4 and 5-year ewes 10s. 8d ; 4-tooth to 5-year ewes, 16s. lid. to 20s. 4d. ; small 2-tooth ewes, 20s. 9d.; fat 2-tooths, 265. 6d., 265. 7d.; fat shorn lambs, 225. 2d.: fat ewes, 18s. 6d., 20s. Bd., 235. to 235. 6d. ; Potter bulls, to £4; 2-year S.H. heifers, 375. 6d. , ' The New Zealand Loan and Mercantile Agency Company, Limited, have received the following cablegram from their London house, under date January 18: —“New Zealand frozen meat: No change • m market. New Zealand dairy produce:. Butter, choicest salted. 208 s. to 2125. per cwt.; cheese, 102 s. to 106 s. per cwt. Markets steady.” ' Messrs. Levin and Company, Limited, have received the follqwing cablegram from their London agents, dated January 18“ Quotations New land prime Canterbury lamb, 28-421 b., 10W.; North Island lamb, 28-42111., 10jd.; prime Canterbury mutton, 56-' 641 b none; North Island mutton. 56641 b.. Bd.; ewes, 48-641 b., 7d.; New Zealand prune ox beef, 160-2201 b., hinds 4d., fores 3J.” These prices are ex store. As compared with last week’s quotations, lamb is one-eighth of a pennv cheaper, and fores of beef are one farthing dearer. The market is quiet with very little inquiry. COMMERCIAL ITEMS WELLINGTON STOCK EXCHANGE SATURDAY’S BUSINESS AND PRICES Although there werb no transactions recorded between brokers on Saturday, the market closed firm, with all shares at a high level. There was a bettor demand for gilt-edged securities, with buyers of 4) per cent, war bonds 1939 and'l93B. at £96 15d., 5 per cent. P.O. stocks and bonds 1927 at £97 55., and 54 per cent, stocks 1933 at £lOl 10s. Wellington Racing Club 8 per cent-, debentures were in strong demand all through the week at £IOB. Bank shares were very firm at the close of the week, with bids of £6 14s. for National Bank shares. £4O 15s. for Bank of New South Wales shares, and £2 10s. for Bank of New Zealand shares. New Zealand Loan and Mercantile ordinary stock at £B2 showed considerable firmness. National j Insurance shares advanced fid. to £3 17s fid. Shipping shares v/ere firm, with buyers of Adelaide Steam shares I at 20s. fid., Uuddart-Parker ordinary

shares at £2 2s. 6d., (an advance of 3d.), and Union Steam preference shares at 19s. 9d. The demand for timboi shares lias been exceptionally strong, but there does not seem to bo any probability of business being done at current rates. On Saturday buyers' offered 28s 3d. for Kauri Timber shares, 38s. 6d. for Leyland-O’Brien Timber, 325. for Taringainutu Totara shares, and 225. 6d. for Rotoiti Timber shares, the latter showing an advance of 3d. Colonial Sugar Company’s shares were firm at £49 155., an advance of os. on last quotation, and there wore buyers of Crown Brewery shares at £3 cum. dividend, national Electric shares at 195.. Sharland Company’s shares at 225. 9d., Wilson’s Cement shares at 295. 9d., and Waihi Mining shares at 295. 3d., the latter showing an advance ot 3d. Saturday’s buying and selling quotations were as follow?— i Buyere. Sellera.

SALES IN OTHER CENTRES Auckland, January 20. Sale—Grand Junction. 6s. Christchurch, January 20. Sales reported—New Zealand Refrigerating (paid), 235. 6d.: Ward's Brewery. 445. (two parcels). Dune( j| ni January 20. Sale—New Zealand Kefriaeratinc (con.). 12s. LONDON WOOL SALES SHARP ADVANCE PROBABLE The first of the series of London wool sales for the current year will beein in Coleman Street wool exchange to-morrow ■ evening. The quantity to be offered at this series comprises 150,500 bales, made up of 55,000 bales B.A.W.R.A. wool, 58,000 bales Australian, 18,000 bales New Zealand, 3800 hales Cape, 170 bales Punta Arenas, and 14,000 bales brought forward. At the January sale last year 178,890 bales were catalogued, so that there is a decrease of 28,390 bales this year, and that is likelv, to be the case all through the year, for more wool is being marketed in Australia and New Zealand now and comparatively little being consigned for sale in London. It seems likely that there will be a sharp rise in London, particularly for wools from 44’s upwards. The Bradford top market has been very active during/the past fortnight, and prides have advanced, as will be seen by the following:— Tops Jan. 3 Jan. 10 Jan. J i A A A

Since January 3 sixty-fours have risen 4d., sixties by 4d., fifty-sixes by Id., fifties by 2d., forty-sixes by Id., and forties by Id; per lb At the Hull sale on January 12, coarse, medium and fine quality crossbreds advanced 1.0 to 15 per cent. on closing rates of London December sales, and at the Liverpool sale on January 17 prices averaged 71 per cent, above the rates obtained at Hull. The London sales will show a very' pronounced advance. N.Z. LOAN AND MERCANTILE A FAVOURABLE REPORT ■The report of the Board of Directors of the New Zealand Loan and Mercantile Agency Company states that tho itesults of the trading in Australia for the year ended June 30 last again proved satisfactory, and that the position in New Zealand had shown a marked improvement. After paying interest on the first and second mortgage debenture stocks, and making provision for bad and doubtful debts, and other contingencies, there remained a balance of £92,582; interim dividend on the preference stock paid in June last absorbed £25,000, leaving a balance of £67.582, to which has to be added £18,448, the amount brought forward from the previous year, making a total of £86,031. Final dividends of 21 per cent., on the 5 per cent cumulative preference stock amounted to £25.000, and dividend of 4 per cent, (free of income tax) on the ordinary stock £40,000, leaving £21,031 to be carried forward, as compared with £18,448 brought into the accounts. COLONIAL AND OTHER PRODUCE. Aus.-N.Z. Cable Assn. London, January 18. Wheat cargoes 1 are irregular, and Australian is 3d. per bushel easier, but the demand generally is quiet. Parcels are also quiet, and spot trade is quietly steady. Fh.-ur is firm and unchanged In beans, and peas are steady at late rates. . Sugar, granulated, is quoted at £2 Ils. lid. per cwt. (Rec. January 20, 5.5 p.m.) London, January 19. Cotton.—Liverpool quotation for American middling upland cotton, fiebruarv delivery, 19.01 d. pbr lb. Rubber.— Fine hard para, 12Jd. per lb • plantation first latex crepe and smoked ribbed sheet, 14id. to 14Jd. j..| e —lndian native first marks, January-March shipment, £26 17s. 6d. Pe New n Zealand Hemp-High point fair, January-March shipment, £3O PB Copra'.—Bagged South Sea, Janu-ary-Febnrary shipment, £29 15s. per oil, £44 10s. per ton, equal to 3s. 63d. per gallon. Turpentine, 775. 6d. per cwt., equal to ss. 10id. per gallon (Rec. January 20, 11-5 p.m.) ' London, January 19. Wheat cargoes are steady with good demand for near hadings. Of Austolian 7000 tons were Mild at 465. IOJa. per bushel, and 6000 bushels at 4Gs. 3d Parcels are in fair request but <-c1 '• r ed iv

WAR LOANSH tic Inac. Stock. 1938 £ 8. d. £ s. d. 97 2 6 5i p.c. Infw. Stock, 1933 101.10 n.c. War Bonds, 1939 96 15 0 — 0 4% n.c. War Bonds. 1938 96 15 0 — 5 p c. P.O. Bonds. 1927 97 5 0 — — 5 p.c. P.O. lose. Stock. 97 5 0 debentures-. . Well. Racing Club u 0 BANKS—, 6 14 New South vv ales 40 15 0 2 10 0 2 10 financial— N.Z. Loan and Merc. 82 0 0 — Well. Deposit and 0 8 9 0 9 « INSURANCE— National meat PRESERVING5 17 6 . < o 0 Well- Meat Exp. (x3 12s. 6d.) — 2 2 0 transportAdelaide Steam .. 1 0 Huddart-Parker (ord.) N.Z. Shinn ins (pref.) ... Union Steam (pref.)... 2 2 0 19 6 9 . 9 ID 1 0 0 6 COAL — 1 19 timber— 1 8 3 — Leyland-O'Brien 1 18 6 — Tarincramutu 1 12 0 1 2 6 miscellaneous49 15 Colonial Suzar . 0 Crown Brewery (cum.) 3 0 0 0 12 6 Howard Smith — 2 13 National Electric Sharland and Co. (ord. 0 19 0 and nref.) 1 2 9 Wairarapa Farmers (/?.£) 3 0 0 Wairarapa, Farmers 0 17 6 Wilson's Cement 1 9 9 — mining1 9 3 1 10 •

d. d. d. 64’s .... 64 65 68 60’s .... 57 58 61 56’s .... 43 44 44 30 31 32 46’s .... ; 22’23 23} 40’s .... 20 20.} 20}