FARMING & COMMERCIAL

Dominion, Volume 18, Issue 150, 19 March 1924, Page 10

FARMING & COMMERCIAL

piEWS AND NOTES

AUCTION SALES FORTHCOMING FIXTURES. TO-DAY. Sales will be held nt:— 157 Lambton Quay. Wellington, 10.30 a.m.—Sale of Ford Coupe car and household furniture (E. Johnston and Co.). 267 Tinakori Road. Wellington, 1.30 p.m.—Sale of household furniture (Vine and Wilson). • Johnsonville Yards, 2 p.m.—Stock sale, Dominion Avenue, Wellington, 2 P.m* Sale of furniture (Vino and Wilson). 99 Nelson Street, Petone, 2.30 p.nvSale of carrier’s horses and plant (tl. E. Leighton). 105 Customhouse Quay, Wellington. _.30 p.m.—Sale of residence situate 19 Kent Terrace also freehold property situate Willis Street (formerly occupied by R. Martiji, Ltd.). -S. G. Nathan). TO-MORROW. Waikanae Yards, 1 p.m.-Stock sale 149 Melbourne Road. Island Bay. Belington. 1.30 p.m—Sale of household furniture (Vine and Wilson) 195 Lambton Quay. Wellington, 2.30 „ m —Sale of residence, situate Bolton Street, Prendergast Estate (Harcourt and Co.). FARMING INTERESTS PRICE OF WHEAT LANDING AUSTRALIAN SUPPLIES MINISTER’S STATEMENT The Minister of Agriculture (Hon. W. Nosworthy) replied yesterday to a statement made by the chairman of the wheat conference (Mr. J. D. Hall) in a letter to the chairman of the Wheat Board, to the effect that, at present prices, Australian flour could be imported at such a price as would depress the value of New Zealand wheat to 4S. 7i‘d. per bushel. . “As a matter of fact,’’ said the Minister. “assuming that present prices continue and the duty is increased as proposed, Australian wheat' could be lauded at New Zealand ports duty paid at very little below Gs. lid. per bushel. This price is, of course, sacks in, and the quality of Australian wheat is such as to make it more valuable to the New Zealand millers by a few pence per bushel than local Tuscan, yro far as the competition of Australian flour in New Zealand is concerned the proposed duty of £3 per ton. and the cost of importation, would be such as to enable millers to nay at least the present ruling prices for New Zealand wheat and still compete with importations. If Parliament will approve of the proposed increased duty on flour and if world market conditions remain as at present, and unless the New Zealand harvest is a particularly bountiful one, growers in 19-to should receive prices for their wheat nt least equivalent to those ruling today Indeed, it is by no means improbable that prices wili rise appreciably above, their present level “It is much to be regretted. added the Minister, “that a gentleman m Mr Hall’s position should. . without sufficient foundation, have given publicity to an opinion which will militate against the objective of securing, so far as is reasonably possible, a local production of wheat adequate to the Dominion’s needs.” WOOL MARKET BRADFORD TOPS STEADY. (Rec. March 18, 7.45 p.m.) London, March 17. The Bradford tops market is quietly steady, with good tone for crossbreds and onlv small inquiry for merinos.— Aus.-N.Z. Cable Assn. LONDON MARKETS' DAIRY PRODUCE AND MEAT. The Bank of New Zealand, produce department, has received the following advice from its London office, under date March 14: — Butter. —Very slow, 170 s. to 1725. per cwt. Cheese—Slow. 84s. to 80s. per cwt. Frozen Meat.—The market for wethers has a weaker tendency and there is very little inquiry for ewes. The demand' for lamb is poor. There are no quotations for beef. Wethers, light. Bd. to 9d. per lb., heavy, 6Jd. to 7ld- : ewes. s,’<l. to 7d. ; lambs, under 42’s, lOd. to lid., over 42’s, 10d. to lOJtl., seconds, 9Jd. to IOJd.. Australian. 8)d. to 9R1., Argentine, B|d. to 9d. f MANAWATU WINTER SHOW TO EXTEND OVER FIVE DAYS. (BY TELEGRAPH.—PRESS ASSOCIATION.) Palmerston North, March 18 The General Committee of the Manawatu A. and P. Association has decided that the Winter Show this year shall extend over live days, from Tuesday to Saturday.

CANTERBURY MARKETS By Telegram—Press Association, Christchurch, March. 18. Tn the Canterbury markets business continues on the quiet side, and the eagerly-anticipated “swafi’ of orders from the North Island which the recent rains were expected to bring forth have not vet materialised. Linseed is offering very freely, and prices have dropped during the past feiw days by 10s. a ton. Wheat is coming in very slowly, and merchants are hoping that the Government will bring in Australian wheat. Owing to the few offerings made by growers they are assuming that there is’little wheat being held. The lack of orders for cocksfoot from the North Island is being felt considerably. Chaff is still in a low state, the f o.b. South Island price being below what merchants can purchase at from farmers, who appear to have a high idea of values. Cowgrass is hard to sell, owing to quotations in respect of imported seed, hut it is understood that several bookings have not been confirmed. COMMERCIAL ITEMS WELLINGTON STOCK EXCHANGE YESTERDAY’S BUSINESS AND PRICES There were no sales recorded at either the morning or afternoon call yesterday. There were no buyers for the 41 per cent, stocks and bonds, but sellers quoted £97 2s. 6d. For the 51 per cent, stocks, 1933, there were bids of £lOO 10s., with sellers at £lOl. ■Wellington Gas Company’s debentures were on sale at £lO5, and Devonport Borough 6 per cent, debentures at £lO3 Bank of New South Wales shares were firm at £4O. and there was a demand for Union Bank shares at £l4 Is . with sellers at £l4 6s. There were sellers of National Bank shares at £6 175., and Bank of New Zealand shares at £2 12s. 3d. New Zealand Insurance shares were 3d. higher at “9s 9d and South British Insurance shares were firm at 40s. There were sellers of National Insurance shares at C 3 18s. 6d. New Zealand Refrigeratsnares, 20s. naicl, were in demand at"2os. 4d., and the 10s. paid shares at par There were sellers of Gear Meat Glares at £2 ss. Huddart-Parker ordinary shares were steady at£22s. 6d. cum dividend. Wellington M oollen shares were in demand at £/, Mestport Coal at 385., and Westport-Stock-ton at 4s. 10cL, the latter showing an advance of 4d. Timber shares were firm at last week’s rates. Yesterday’s buying and selling quo- . • — — — Col I x-ivr* *

SALES IN OTHER CENTRES (BY TELEGRAPH.—PRESS ASSOCIATION.) Auckland, March 18. Sales: Union Bank. 14s. 6d.: National I Timber. 225.. 225. 3d.; Waihi. 30b.; Grand I Junction. 4s. 9d. Christchurch, March 18. | Sales reported: New Zealand GovernI ment 5} per cent. Inscribed Stock (1933). £lOO 155.: Whitcombs and Tombs. 735. Dunedin, March 18. Sales reported: Whitcombo and Tombs (ex div.), 735. DECLINE IN BUTTER AND CHEESE DUE TO EXCESS OF SUPPLIES Tho fall in the prices of both butter and cheese is due to excess supplies—not in tho expansion of supplies from New Zealand, but from other countries mainly. The market was duo to fall before the dockers’ strike eventuated, and the strike really helped to maintain values for a little while. Tho moment a settlement in tho labour dis-

pute was reached values began to decline and the opinion is held that butter will drop to about 160 s. before it can be stabilised. The arrivals <lf New Zealand butter in the British market for the four months, February-May inclusive, this year and last year compare as follow: — 1924. 1923.

*Now being shipped. There is practically no increase from New Zealand, and it is the increases .from Australia and Argentina that ' have depressed the market. The shipments from Australia in February amounted to 4300 tons, and it is estimated that the March shipments will total 4500 tons and the April shipments 3700 tons. Further rains have fallen in Australia, and it is very unlikely that the Commonwealth will require any butter from New. Zealand during the winter. Argentine shipments' during February totalled 2400 tons. This butter is readily bought up by the blenders,, and though it doos not come into direct competition with New Zealand butter it does so indirectly. There are ample supplies available for the next two or three months, and after that European supplies will come in, with Russia a big supplier this year. There is very little prospect of prices recovering with the statistical position gs it is. It is doubtful whether if supplies were regulated from New Zealand, that would have made any material difference in values with the heavy shipments from Australia and Argentina to contend with. The position with regard to cheese, in its statistical aspect, appears to be worse than in the case of butter. The fall in the price of cheese is attributed to the heavy shipments arriving and Jo arrive. In respect to New Zealand cheese the position may be summarised as follows : —•

•Now being shipped. The normal consumption of cheese at Home is said to be considerably less than the quantity arriving, consequently it is very difficult to make sales for cheese actually arriving or for later shipments. EXCHANGE RATES. (Reo. March 18. 7.45 p.m.: London, Mafch I>. Foreign rates of exchange on March 17, as compared with na.r rates or as averaged first half of 1914. are as follow:— Mar. 17. Mar. 13. Par. New York, dots, to £1 4.28 i( 4.291 4.86 2-3 Montreal, dols. to £1 4.43 4.451 4.86 2-3 Brussels, francs to £1 1061 1192 25.225 Paris, francs to £1 ... .87.55 981 25.225 Stockholm, knr. to £1 16.27 16.33 18.159 Christiania, knr. to £1 31.80 31.90 18.159 Copenhagen, knr. to £1 27.26 27.59 18.159 Romo, lire to £1 1001 1005 25.221 Yokohama, pence to yen 23 11-16 239 24 43 Calcutta, pence to rupee 16 11-16 169 ” 25 Hong-Kong, pence to dol 281 281 25 Marks are quoted at 18 to 19 billions to the £l. The par rate is 20.43. PRICES OF METALS. Aus.-N.Z. Cable Assn. (Rec. March 18, 7.45 p.m.) London, March 17. Copper.—On spot, £65 13s. 9d. per ton ; forward delivery. £66 Bs. 9d. Lead.—£36 10s. and £3-5. 12s. Spelter.—£3s 12s. Gd. and £35 7s. 6d. Tin.—£2B2 2s. 6d. and £283 2s. 6d. Bar Silver.—33 7-16 d. per' ounce standard CUSTOMS REVENUE. Customs (revenue collected at the pore of Wellington yesterday totalled £3341. BANK OF ENGLAND RETURN Australian-New Zealand Cable Association. London, March 13. The Bank of England return for the week ended March 12 affords the following comparison:— IsSt-B TIErMITMENT. Notes issued £125.042.000 Gov. debt ...£11.015.100 Other securiNotes in ties 8.7.44.0(10 reserve 20.983.000 Gold 126.275.000 £146,025.000 £116.025 000 Banking Department. Proprietors’ Gov. securiennital ...£14.553.000 ties£4B.lB2.ooo Public de- Othersecuriposits 19.271.0u0 ties 72.1:>8.000 Other deposits ...105.557,000 Notes in Rest. 7-dny --7 reserve ... 20,983 000 end other Coin in bills 3.726.000 reserve ... 1.824.000 £143.147 000 £143,147.000 The leading items of the Bank of England return afford the following comparison :— This week. Last week. Last year. £ £ Bullion 126.275.000 126.275.000 125.679.000 Reserve 22.807.000 2!.822.000 24.263.000 Note Circulation 125.042.000 126..020000 122.996.000 Public Peposits.. 19.271 000 12.758.000 15.623.000 Other Deposits— 105.597.000 110.466.000 109.945.000 Proportion of reserves to liabilities ... 18-26 17.71 19.30 GOVERNMENT SECURITIES. Following are latest Quotations for Imperial and Colonial Government securities.

*Ex interest. MONEY MARKET. The Bank of England discount rate is 4 per cent., having been raised on July 5 from 3 per cent., at which it had stood since July 13, 1922. when it was reduced Irom 3i per cent. OPEN MARKET RATE. The open market rate for three months' bills is nominally Ji Per cent., as compared with 33 per cent. last week and 23 per cent, last year. Short loans are Quoted at 2i per cent., against 2* per cent, last week and li nor cent, last year.

tations were as follow WAR LOANS— Buyers. £ s. d. Seller... £ a. d. ?. nr. lose. Stock. 1’33 — 97 2 6 5i nr. Insc. Stock. 1933 100 10 0 101 0 0 5J p.c. Ins. Stk. (Feb 100 12 6 5/ n.m Insc. Stock, 1927-41 44 n.c. Bonds. 1938. 1930 98 0 0 97 2 6 5 n c. P.O. Ins. Stk.. j 529 97 10 0 5 p P P.O. Insc. Stock, 1927 not quoted DEBENTURES— Wellington Gas —— 105 0 0 ■MM 110 Dcvonport - — 103 0 0 BANKS- ■ — 6 1Z 6 New South Wales « 0 0 — — — 2 12 3 14 1 0 14 6 0 FINANCIAL— Wellington Investment 0 9 6 — GAS— Wellington (pref.) — 0 17 9 INSURANCE— —. 3 18 6 New Zealand 19 9 South British 2 0 0 — MEAT PRESERVING— Mont Export (£3 12s. gd ) I 15 0 Refrigerating (ord.) ... 1 0 4 Tin (1f|c.) 0 10 0 — — 2 5 0 TRANSPORT— TTuddart-Parker (ord.) 2 2 6 2 3 3 WOOLLEN— Kaia.poi (contrib.) 0 8 0 — Wellington (ord. and nref.l ; 7 0 0 .—• Do. (£2 5s. paid) 3 6 0 — COAL— Wcstnort . 1 18 0 1 18 9 We=tnort-Stockton (ord.) 0 4 10 0 5 0 Waipa — 10 6 TIMBER— Kauri 18 6 19 0 Levland-O’Brien 1 19 6 — 13 3 — 1 13 3 National 12 0 MTSCEDLJ NEOUS— 2 0 6 Grown Brewery Dental and Medical — 1 n o Gates, Ltd 0 11 6 Howard Smith .. K . — 2 13 0 Manning and Co — 18 9 Wairarapa. Farmers <nrnf.) 0 16 6 —— 2 4 9 Well Cordaero 10 0 Wilson Cement — 1 10 3 jrTVTNG — Waihi 1 10 3

Arrivals in Tons. Tons. February . .... 8,000 7,696 March .... ....• 9,100 (5,610 April .h 7,700 7,218 ‘May ... 5,200 8,786 30,000 30,310

1924. 1923. Arrivals in Tons. Tons. February ... . 15,100 9,933 March . 11,300 5.674 April . 11,000 12,044 •May . 9,400 9.519 46,800 37,170

Stock This Week. Last Week £ g. d, £ R. (1 Imperial Consols 55 10 9 17 6 34,. War Loan 05 i 0 95 ]0 0 5 „ War Loan 1929-47 101 5 0 :oi 0 0 3J . Conversion Loan 75 10 0 75 5 0 6 Ans.-Commonwealth 104 15 0 104 0 51 .. Aus-Comnionwealth 101 17 6 101 17 G 4 N.S.W. 193.3 .Tan. July 90 17 6 90 12 6 3 ’ N.S.W, 11125 Anl.-Oct. 75 7 6 75 5 0 ?.l N.S.W. 1930-50 Ja.-Jly. R0 10 0 •f>0 0 0 52 N.S.W 1922-32 May-No. 109 7 6 102 5 0 0 N.S.W.1922-32May-N 105 7 6 105 12 6 6i N.S.W. 1930-10 Fe-Au, 107 5 0 107 6 3A Vic. 1921-6 Jan.-July 98 10 0 98 5 0 3i Vic. 1929-49 Apl.-Oct. 78 0 •78 10 o 3 Vic. 1929-49 Jan .-July 72 10 0 72 0 0 5i Vic. 1930-40 Jan.-July 101 0 0 *101 0 0 31.. S.A. 1030 Jan. July 82 0 0 82 0 o 34.. S.A. 1916Jan-July 61 12 6 01 15 0 04 .. S.A. 1930-40. Feb-Aus. 107 0 107 7 6 4 „ QTd. 1924 Jan.-July 99 10 0 99 0 0 3 „ QTd 1921 Jan.-July 99 2 6 99 0 0 3,. QTd. 19.30 88 10 0 87 5 0 3 .. Q I'd. 1922-47 Jan.Jly. 67 10 0 67 15 o 6 .. QTd 1930'40. Feb-Aug. 104 0 0 103 6 4 .. N.Z. 1029 May-Nov. 96 9> 6 95 15 0 3J„ N.Z. 1940 Jan-July 83 0 0 83 0 0 3 .. N.Z. 194.) April-Oct. 74 10 0 *74 0 0 (i „■ N.Z. 1036.51. Feb.-Aug. 108 5 0 108 0 3L. W.A. 1920-35 My.-Nov. 86 0 0 85 12 6 3 .. W.A. 1015-35 My.-Nov. 82 0 0 81 15 0 6 .. W.A. 19.30-40. Jan.-July 101 0 0 lot 0 0 34.. Tas. 1920-40 Jan.-July 82 0 0 82 0 0 3 Tas. 1920-40 Jan. 77 0 0 77 0 0 64.. Tas. 1930-40 Feb.107 ;» 0 107 5 0