FARMING & COMMERCIAL

Dominion, Volume 18, Issue 151, 20 March 1924, Page 10

FARMING & COMMERCIAL

NEWS AND NOTES

AUCTION SALES ’ FORTHCOMING FIXTURES. TO-DAY. Sales will be held at: — ‘ 3G Lernud Street, Berhampore, Wellington, 10-30 a.m.—Sale of furniture (E. Johnston and Co.). Waikanao Yards, 1 p.m.—Stock sale. 149 Melbourne Road. Island Bay, Wellington, 1-30 p.m. —Sale of household furniture (Vine and Wilson). 78 Lambton Quay, Wellington, 1.30 p.m. —Salo of furniture, carpet squares, etc. (C. AV. Price). 157 Lambton Quay, Wellington, 1.30 p.m. —Sale of crockery (E. Johnston and Co.). .1 195 Lambton Quay, Wellington, 2.30 p.m.-—Salo of residence, situate Bolton Street. Prendergast Estate (Harcourt and Co.). TO-MORROW. Shed /o. 22, Taranaki Street Wharf, Wellington, 10 a.m. —Sale *of ships gear, etc., salvaged from the wreck of the Port Elliot (E. Johnston and Co.). SATURDAY. Maoriland Theatre, Shannon, 2 p.m. Sale of dairying land, close to Shannon (Abraham and Williams, Ltd.)Browning Street, Napier, 11 a.m.—Sale of Mangatutu and To Kowhai properties, on account A. Bell and trustees late J. B. Bell (Hoadley, Stewart, and Cp.). Featherston Street, Wellington, 11 a.m. — Sale Of property on account estate late Geo. Hume (Dalgety and Co). FARMING INTERESTS WOOL MARKET LONDON SALES OPEN STRONG ADVANCE IN. CROSSBRED PRICES London, March 18. The wool sales opened strong, cross--bred 10 to 15 yer cent, advance, and merinos very firm.—Aus.-N.Z. Cable (Rec. March 19, 9.5 p.m.) London, March 13. At the wool sales there was a very representative selection of all sorts, including 5637 bales of New Zealands, 3404 bales of Australian, and 28'21 bales of I’untas Arenas. There was a crowded attendance from all centres, including Germany. Crossbreds and all scoured wools met with excited competition, merinos tending in sellers’ favour. Shoes were firm at the rates ruling at the Liverpool sales. —Aus.' N.Z Cable Assn. OTHER ADVICES The Bank of New Zealand, produce department, has received the following advice from its London office under date March 18:—"The sales have opened with strong competition and a largo attendance of buyers. There is a good demand for all kinds of wool. Compared with the close of of last sales, prices for all kinds of merino show no quotable change. The market is strong for all crossbreds and, compared with the close of last series, prices for fine crossbreds are about Id. to ]Jd. per lb. higher. Medium and coarse crossbreds are 2d. to 2id. per lb. higher ”

Messrs. Murray, Roberts and Company, Limited, yesterday received the folio wins wool market cablegram from their London agents, dated March 18-: —“Sales have opened firm, large attendance of buyers, bri-'k competition ; all sections operating. Merino, poor selection offered, advanced a, shade. Crossbred greasy fine, advanced 5 to 10 per cent. ; crossbred greasy medium, advanced 10 per cent. : crossbred greasy coarse, advanced 10 to 15 per cent. ; crossbred greasy scoured, advanced 15 per cent. ; slipe fine crossbred, advanced 5 per cent. ; slipe medium crossbred, advanced 10 per cent. ; slipe coarse crossbred, advanced 10 per cent.” Messrs. Levin and Company, limited, have received the folowing cablegram from their London agents, dated March 18: —“The auctions opened hero to-day with a large attendance of buyers and keen competition. Compared with the closing rates of the last sales, we quote Greasy merino. best, no change; greasy merino, average, no change; halfbred, 50-561 b., Id. to lid. per lb. dearer; crossbred, 48-501 b., Id. to ltd. per lb. dearer; crossbred. 4G--481b., Id. to l]d. ner lb. dearer: crossbred, 44-461 b., 2}d. per lb. dearer; crossbred, 40-4411)., 21d. per lb. dearer; crossbred 36-401 b.. 2d. per lb. dearer; slipe wool. 10 to 15 per cent, dearer.” Messrs. Dalgety and Company. Limited, report having received the following cablegram from their London house under date March 18: —“Wool sales opened, attendance of buvors is large, competition animated. There is an average selection. Good demand from Continental and English buyers for all wools of good length. As compared with last sale’s closing rates, prices for merino wools are unchang-

ed; greasy crossbred wools, fine quality, Id. higher ; greasy crossbred medium, Id. to 2d. higher; greasy crossbred coarse, lid. to 2jd. higher: scoured crossbred wools, 2d. to 3d. higher ; slipc crossbred wools, l]d. to 2.;d. higher.” The Wairarapa Farmers Co-operative Association, Limited, are in receipt of the following cablegram from their London agents, under date March 18: —“Wool Salos opened to-day, and were largely attended by Homo, Continental and American buyers. Fine crossbred advanced 5 per cent., and medium and coarse crossbred advanced 10 to 15 per cent., compared with closing rates of previous sale.” The Loan i»nd Mercantile Agency Co. Ltd. have received the following cablegram from their London house, under date March 18: —“At the wool sales today competition by United Kingdom aikl Continental buyers was spirited. The catalogues were fairly representative, and prices as compared with preceding auction at this centre ruled: About the same for merino; about 5 per cent, higher for fine crossbred ; about 74 per cent, higher for medium crossbred, and about 10 per cent, to 15 per cent, higher for coarse crossbred.” FINAL SALE AT WANGANUI THE BEST OF THE SERIES Br Telegraph—l’uess Association. Wanganui, March 19. The fourth and final wool sale of the season was held to-night, 7077 bales being offered. There was a good muster of buyers. The bulk of the offering was largely back country wool and oddments of clips shut omti of the previous sale. Bidding was spirited, and the .March sale must be regarded as the best of the series. Prices were in sympathy with the rises reported at Wellington and Napier, and show an all-round advance of a halfpenny to a penny per lb. on last sale prices, particularly on low-grade wools. The demand for lambs’ wool and Southdown was easier, but any wools of quality were in great demand, and there was an advance equal to twopence for these grades compared with last sale. Many lines of fine crossbred realised in the vicinity of 26d.

Dalgety and Co. report as follows on the Wanganui sale:—7ooo bales were offered, and 97 per cent were sold. The selection was of inferior to medium wool, with seed much in evidence. Bradford was the principal purchaser, but the local scourers bought freely. Bellies, pieces, and lambs wool were erratic, Franco not operating for very inferior Quality-. Bradford secured most of the lots:. Taking the quality and condition into consideration prices are on a par with the last Wellington sale.

POTATO-GROWERS’ PROTEST

DUTY WANTED ON AUSTRALIAN IMPORTS. Bt Telegiiath—Press Association. Christchurch, March 19. A meeting of potato growers was held to-day to protest against the action of the Government in not placing an embargo on Australian potatoes. It was decided that the Government be asked to impose a duty of £3 a ton on Australian potatoes.

ROYAL SHOW

FURTHER. DONATIONS TO PRIZELIST. The New Zealand Friesian Association has donated 120 guineas’ worth or cups to the Royal Agricultural Society. Perpetual challenge cups, worth 50 guineas each, will be com-' peted for by the best male and female at the Royal Shows, and the owners of tho winners of these cups will receive trophies worth 10 guineas each. The. New Zealand Milking Shorthorn Association has donated £5O to the Royal Agricultural Society. A sale of show stock will be held during the progress of the Royal Show.

DAIRY CONTROL BOARD

SECRETARY TO BE AI’POINTED. A meeting of the Dairy Produce Control Board will be held on Wednesday next to deal with the appointment of a permanent secretary to the board. It is understood that a large number of applications have been received for the position. LONDON TALLOW MARKET Messrs. A. H. Turnbull and Co. have received a cablegram from Messrs. IV. Wecldel and Co. Ltd., dated l.ondon, March 12, reading as follows: —“Tallow market: Quiet demand; 300 casks were offered, of which 200 were sold. ADDINGTON STOCK MARKET (By Telegraph.—Phess association.) Christchurch, March 19. At Addington yards a keener sale was the rule to-day for practically all important classes of stock. Store sheep, notably ewes, firmed up strongly during tlie sale, whilst good beef brouabt enhanced prices. Fat lambs and sheep were also firmer. Store Sheep.—There were large yardiujjs, including over 5000 from the North Island, and also Marlborough consignments. Competition at ihc- start, when inferior siieep were offered, was dull, but there was a. remarkable firming up as the sale proceeded, averaging from 2s, to 3s. per bead on last week for ewes, and 2s. on lambs. Good twotoothed 'halfbred ewes -lYs. 3d.; ordinary halfbred two-toothed ewes. 335. to 375.; good two-toothed ( hroe-quarterbred owes 36s lOd.; North Island two-toothed UnaL'iiuarterbred, fid. to 355.; goo.l lour six. and eignt-loothed halfbred ewes’ 375. Gil.; ordinary, 325. to 345. lid.: coarse crossbred North Island two-tooth-ed ewes, 295. lid. to 31s. ikl.; good four, six, and eight-tooth oil Romney cross ewes 295. to 335.; lower-conditioned, 235.; good’forward lambs, 21s. fid. to 245. 3<1.; ordinary. 17s. Gd. Io 20s. (id.; medium,

15s to Its. Gd.; small and inferior lambs, 10s- inferior halfbrod owe lambs, 18s. (id. to 225. Gd.; fairly good threo-quur-terbred ewe lambs, 235.; good four and six-toothed, 235. lid. to 285.; inferior, 20s. to 225. 9d. Fat Lambs—A very small yarding of 1'920 head, for whicn competition was keener Primes! sorts made to lOd, a lb. overweights 92d., light-weights 9ld. Prime lambs made 30s. (id. to 335. 10d.; medium 275. to 305., light 235. to 265. Gd. Fat Sheep.—An average-sized yarding and an improved sale by Is. (id. to 2s a head for good wetli’ers and ewes. M ether mutton made from 6jd. to ?d. a lb., ewo from Hd. to 53d. Extra prime wethers made 405., a few special 455.; prime, 335. (id to 38s ; medium, 295. Gd. to 335.; inferior 255. to 28s. Gd.; extra prime ewes 345.. a few special 355. 10d.; prune, 26s Gd. to 30s. lid.; medium, 235. (id. to 265.; light, 20s. to 235.; old, 16s. 6d. t °Fat' Cattle.—A yarding of 390, the quality lieing better than for some. time. There'was a decided improvement in tile demand for good steers wmeh made a head more than last week. A few special sorts made up to 3<s. 6d. per 1001 b.; prime beef made 325. 6d. to Jas. Id • inedium, 28s. 6d. to 3_s.; hght, 2_s. Gd’. to 275. 6d.; rough, down to 15s. Extrr prime steers brought XlB to nrime <£l3 to <£ls 155.; medium, to £l2 15s; light, £G 10s. to £9 10s.; extra prime cows £ll 12s a, : £6 It’s, to .69; ordinary, £4 to £h 55., aged £2 12s. Gd. to £3 10s.; prime heifers, £7 to £9 55.; ordinary heders, £3 10s' to £6 10s. Vealers met an improved sale Runners brought up to £5 5s ; veakrs £3 to «£3 10s.; good calves, vUs. to ids. > small. 10s. to 20s. j n Store Cattle.-A large entry, mostly cows, with a few accent hues Two to thiec-vear steers made up to £3 Bs., two-year steers to £2 ss, yearling stoers to ’as ; yearling heifers, 15s. to -os., fresii COW-S £2 to £2 10s.; old cows, 10s to 30s.'id.; bulls, 30s. to £4 ss. Dairy Cattle—A large entry and a good sale for all good cows c o ° nd third calvers made up to sxu<i good fo £l2 10s-: good springing heifers, £(> to £9 10s.; extra, to £l3; Ixickward, Pips'— A keen sale for baconers. Choppers made £2 10s. to £5 Ils.; light banners, £3 15s. to £4 ,55.; heaVy, £5; extra heavy (average price per lb, 63d. P Store Pe pißS.-A d 'sla O ck d eale Wenners made 12s to 155.; good to 18s.; sma I IQs io 225.; medium, 255. to 325.; large, 485.; sows, in pig, £3 t° -£4-

JOHNSONVILLE FAT STOCK SALE Messrs. Wright. Stephenson and Company, Limited, and Abraham and ■Williams, Limited, report as follows on their Johnsonville fat stock sale yesterday :—A good yarding of sheep camo forward, and • sold well, but the lambs yarded were hard to quit. A good entry of bullocks and vealers sold well at fair prices. We quote: —Best bullocks. £lO 10s, £ll, to £ll 10s. ; others, £8 15s, £8 17s. 6d £9 £9 2s. 6d. to £9 15s. ; wethers. 345. 2d. to 33s 9d. : ewes, 21s. 6d. to 255. 3d.; lambs, 19s. to 24s Id.; vealers*, best, £2 10s. to £3. -smaller, £1 Bs, £2 os. Id. £2 ss, to £2 Bs.

COMMERCIAL ITEMS WELLINGTON STOCK EXCHANGE YESTERDAY’S BUSINESS AND PRICES A sale of Union Bank shares at £l4 6s, reported at the afternoon call, was tho only transaction recorded yesterday. There was a demand for the 5j per cent, stocks and bonds at £lOO 10s, but sellers were holding for 10s. more. Tho 4} per cent, bonds, 1930, were firm at £96 12s. 6d., and. th© 5 per cent. P.O. stocks were steady at £97. Devonport Borough 6 per cent, debentures were nought after at £lO2, with sellers at £lO3. There were buyers of Bank of New Zealand shares at £2 Ils. 6d, but sellers wanted £2 19 s 3d Union Bank shares were in droiiand at £l4 4s, an advance of 4s. on the buying Quotation of tho previous day.' National Bank shares were on sale at £6 17s. 6d. There were buyers of New Zealand and River Plate shares, at 20s, and sellers or Dalo-etv and Company’s shares at £l3 13s” 6d. South British Insurance shares were firm at 40s, and NewZealand Refrigerating 20s. paid at 20s. 4d There were sellers of Gear Meat shares at £2 4s, and Meat Export £3 ]2s. 6d. paid, at 355. For HuddartParker ordinary shares, 425. pd cum. dividend was bid. and for Wellington Woollen shares, £7. Westport- Coal shares were firm at 38s. Timber shares were amain in strong demand. Kauri Timber”at 28s. lOd, showed an advance of 4d„ Levland-O’Brien were 6d higher at 40s, Rotoiti Timber were firm at 235. 3d. Taringamutu Tota-ra at 33s 3d., and National limber at 22s 3d., the latter showing an advance of 3d. . . Yesterday’s buying and selling quotations were- as follow:—

SALES IN OTHER CENTRES By Telegraph—Press Association. Aucktvnd, March 19. Salce: War Loans. 1938. £96 155.; Soldiers’ Inscribed Stock, £ICO 15a.; Bank of New Zealand. 525.. 525. 3d..: New Zealand Insurance. 30s. Id.; Auckland Goa (contrib.l, 4 S ■ Hudda.rt-Pa.rker, 43a.: National Timber 225. M., 225.; WaihL 30s. 6d.

Christchurch, March 19. Sales reported: New Zealand Government 64 per cent. Inscribed Stock (1933). £lOO 155.; Bank of Australasia (cum div.). £l3 55.; Uuddart-Parker (cum. div.l. 43b.; New Zealand Refrigerating (paid). 20s. "a. (three parcels); Kaiapoi Woollen (cont.), B '’ 10 ' Dunedin, March 19. Sales: Dominion Rubber. 14b. Reported sales: Westport Coal. 38s. 3d.; Milburn Lime and Cement. 365. 6d. LONDON WOOL SALES ADVANCE IN CROSSBREDS The second of the series of London wool sales, which commenced on Tuesday, brought a sharp advance in crossbred wools of all qualities, but thie greatest advance has been recorded in medium and coarse crossbreds. Tho movements are clearly shown -in the reports of brok'ers published in this issue. There has been an advance of 2Jd. per lb. in course crossbreds, 40’s to 44' s, and a similar advance in 44’s to 46’s, while low crossbreds, 36’s to 40’s, are 2d. higher. When there were advances at the January sales in London, and at the Hull and Liverpool sales, tic movement was referred to as a “spectacular rise in wool prices,” but here again there is a substantial rise, with Bradford and the Continent keen after all wools of good length. This advance at the London sales is merely bringing tlie quotations there up to the parity of the New Zealand sales for crossbred wools; in other words, London quotations have been following those riding in New Zealand and Australia. Fine wools show no' improvement on last sales, and it is difficult to see how there could have been an improvement, lor line wools have attained a dangerously high level, while crossbred wools, though they have advanced considerably during the past six months, are still comparatively cheap. The appreciation of cressbred wool lias been long overdue, and now that it has come it has been ■too rapid for adjustment and general support in the top, zara, and cloth sections. As ome authority asserts, the trade, during the past two or three years, had been accustomed to abnormally cheap prices, regardless of intrinsic values in crossbred sorts, and there existed an erroneous belief that these low rates were permanent. The finish of B.A.W.R.A. stocks has awakened up the trade to tho actual position, and to the disproportionate values. The cheapness of crossbred wool has created a new and increasing demand. A dangerous element is said to be the inter, mingling of considerable speculative operations with the steady development of demand. New values for tops and manufactured goods must now be established, and there is bound to be a strenuous fight‘before this is accomplished. Statistically, the position of supplies is unquestionably strong. The weakness is said to be in the manufacturing end, cpecially in the Home trade. The raw material has dominated the situation for some time past, but has now gained the upper hand, •’with a strength that is almost appalling to the manufacturers. The woollen trade, it is contended, can meet the situation more easily than the worsted trade, and there are indications of an increasing reversion to cheaper materials. A strong impetus has already been given to the rag and waste trades both at Home and in tho United States.

BANK OF AUSTRALASIA’S BALANCE. Aus.-N.Z. Cable Assn. (Rec. March 19, 9.5 p.in.) London, March 18. The Bank of Australasia divisible balance is £740,427. CUSTOMS REVENUE. Customs revenue collected at the port of Wellington yesterday totalled £4168.

Buyers. Sellers. R n^&t^.l 5 331«lb d 0 £ 101 r. 0 d. 0 5j p.c. Ins. Stk. 1). 1933 (Feb. — 100 12 6 « n.c. lose. Stock, 1927-41 97 17 6 — 41 p.c. Bonds, 1930 . 96 1Z 6 — 54 p.c. Bonds, 1933 100 10 0 —- 5 p c. P.O. Bonds, 1927 97 0 0 5 p.c. In fc.. 1927 . . 97 0 0 97 10 0 DEBENTURES105 Wellington Gas .. — 0 Bn.cin«r Club — 1C9 0 N.Z. Breweries .... ■ Devonport Bor. 6 BANKSp.c. 102 0 0 103 0 0 National — New Zealand . 2 11 6 z 1Z 3 Union . 14 4 0 — FINANCIAL— Dalgctv and Co. . 15 13 6 River Plate , 1 0 0 GAS- , , x Wellington (prof.) — 0 17 9 INSURANCENational 3 18 6 South British 2 0 0 MEAT PRESERVING — N.Z. IP'Dig. (£1) , 1 0 4 __ Do. (10s.) 0 Gear —- 2 4 0 Meat Export (£3 6d.) 12s. — 1 15 0 transport— Hnddart-Parker (ord.) cum. . 2 2 6 3 3 WOOLLEN— Wellington (ord. and I pref.) . 7 0 0 Do. (£2 5s. paid) 3 10 0 COAL— AVnofnnrt . 1 18 0 1° Waipa 1 0 6 TIM HER— Kauri . 1 8 10 1 9 0 Levkmd-O’Bricn 0 0 — Rotoiti 1 3 3 — Taringamutu . 1 13 National . 1 2 3 1 2 6 11ISCELLA NEOU S— Crown Brewery —— 0 0 Dental and Medical Supply 1 0 9 Sn«Hll ... . 2 12 b 13 0 Hanning and Co. — 1 8 9 Wairarapa Farmers rnrof.) 0 16 6 Ward and Co —* 2 4 9 Well. Cordage •— 1 0 0 Wilson Cement .... — 1 10 b miningWaihi , 1 9 9 1 10 3