FARMING & COMMERCIAL

Dominion, Volume 18, Issue 194, 12 May 1924, Page 10

FARMING & COMMERCIAL

NEWS AND NOTES

AUCTION SALES FORTHCOMING SALES. TO-DAY; 11 Matai Road, Hataitai, Wellington. 1.30 p.m.—Sale of furniture (L. Johnston and Co.). . , _ Featherston Street, Wellington, 2.30, p.m. —Sale of property, account Dominion Mercantile Agency, Ltd. (J. H. Bethune and Co.). Dominion Avenue, Wellington, ~.30 p.m. —Sale of personal belongings in estate of deceased person (Vine and Wilson), „ TO-MORROW. 196 Lambton Quay Wellington, 40 30 a.m. —Sale of shop fittings (L. Johnston and Co.). Waitara.—Sale of pedigree Jersey herds, account Messrs. W. S. and W. la. Knuckey (Newton King). "Waipiko," Cheltenham, near Feilding. —Sale of Mr. C. G. C. Dermer’s Jersey herd (Wright, Stephenson and Co.). 195 Lambton Quay, Wellington, 2.30 p.m. —Sale of residence situate 29 Parade, Island Bay, also properties situate 157 The Terrace, 110 Willis Street, and 11 Arlington Street (Harcourt and Co.). Levin Yards, noon. —Stock sale WEDNESDAY. Koputaroa, 1 p.m. —Sale of dairy stock a/c Mr. H. K. Walton. (N.Z. Loan and Mercantile Agency Co., Ltd.). Cottle’s Lane. Lower Hutt, 1 p.m. —Sale of cows and sundries a/o Mr. F. Gorrie (Dalgety and Co.). Johnsonville Yards. 1 p.m.—Stock Sale. Chamber of Commerce. Customhouse Quay. Wellington. 2.30 p.m.—Salo of properties situate Alain Road, Lower Hutt, and 231 Tinakori Road (H. E. Leighton).

FARMING INTERESTS

LONDON WOOL SALES CONTINENTAL DEMAND FOR CROSSBREDS. London, May 9. At the wool sales 10,400 bales were offered. The demand was irregular, high limits causing withdrawals among fine greasy merinos and superior stipes. However, some Continental buyers readily bought crossbreds, though the price tended in buyers’ favour. erMessrs. Murray, Roberts and Co., Ltd., have received the following wool market cablegram from their London agents dated May 9: —Crossbred greasy medium, par to 5 per cent, decline : crossbred scoured, medium and coarse, opening rates are barely maintained. Compared with last London sales closing rates crossbred lambs, greasy, declined 5 ner cent.; slipe fine crossbred, par to 5 per cent, decline; slipo medium crossbred, declined 5 ner cent. Messrs. Dalgety and Co., Ltd., report having received the following cablegram from their London house under date May . 9 Wool sales . continue fairly animated. Market is irregular. As compared witli last sales closing rates, merino wools, good, finality, prices are unchanged; comeback wools, prices are unchanged; wasty and faultv merino wools, J,d. to Id. lower: 481’0.* to sGlh., Id. to lid. lower ; 46’s and under, Id. lower. FROZEN MEAT LONDON QUOTATIONS. (Rcc. May 11. 5.5 p.m.) London, May 10. Sheep, Canterbury light. 7|d. per lb.; medium. 7d. : heavy. 61d. North Island light, 6Jd. ; medium, 6Jd.: heavy. Gid. New Zealand ewes. ojd. Argentine light, G’d. ; heavy, 4Jd. Lambs. Canterbury light and medium, IOJd. ; heavy. 9Jd. : seconds, IOJd. Other selectcds, light and medium, 10’d. North Island firsts, IOJd- ; seconds, 9?L Australians first. Victorian. 9-Jd., others, 91d. ; seconds. Victorian 9jd., others. Old.; thirds. 9>d. Argentine firsts, light 9Jd.; medium, B}d. : seconds, BJd. Patagonian firsts, 9'd.; seconds, Old. Frozen Beef. Argentine, fores, 4}d. ; hinds, 6d. Uruguayan, hinds, s|d. Chilled Beef. Argentine, fores, 4}d.; hinds, 6Jd. Uruguayan, fores, 3fd-; hinds. 6d. Other meats unchanged.— Aus.-N.Z. Cable Assn. Messrs. Levin and Co., Ltd., have received the follov.'ing cablegram from their London agents, dated May 9:— Quotations, ex store: New Zealand prime Canterbury lamb, 281 b, to 421 b., JOJd.; North Island lamb. 281 b. to 121 b.. 10->d. ; prime Canterbury mutton. 561 b. to 641 b., 7}d.; North Island mutton, 56!’0. to 641 b., 7d.; ewes, 481 b. 1 to 641 b., old.; New Zealand prime ox beef, hinds and fores, none offering. As compared with last week’s quotations, Canterbury lamb is £d. dearer, North Island lamb Id. dearer, mutton 2d. dearer, and ewes Jd. dearer. The market is firm, with an upward tendency. The Loan and Mercantile Agency Co., Ltd., have received the following cablegram from their Irondon house under date Mav 9: —New Zealand Frozen Meat . Lamb, IOJd. per lb.

faverage) ; good demand. Mutton: Wether and maiden ewe, light 7Jd. per lb. ; heavy, 6Jd. per lb.; ewe, light, s}d. per In. ; heavy, sd. per lb.; better market. I DAIRY PRODUCE MARKET I The Loan and Mercantile Agency Co., Ltd., have received the following cablegram from London, under date May 9, respecting New Zealand dairy produce:—Butter: Choicest, salted, prices unchanged (last quotations May 2, 1924, 170 s. to 1725. per cwt.). Cheese, 82s. to 86s. per cwt. Markets steady* Messrs. A. H. Turnbull and Co. have received a cablegram from Messrs. W. Weddel and Co., Ltd., dated London, Mav 9, reading ns follows: —Danish butter. 208 s. to 2125. (2025.) ; NewZealand, unsalted. 1765, to 182 s. (1765. to 182 s.); New Zealand, salted, 168 s. to 1725. (170 s. to. 1745.); market steady; cheese, white, 84s. to 86s. (84s. to 88s.) ; cluese, coloured, 84s. to 86s (84s to 88s.) : steady demand for poods available. The figures in parentheses are the previous week’s quotations.

Commercial items"'

WELLINGTON STOCK EXCHANGE SATURDAY’S BUSINESS AND PRICES Sales of 4J per cent. War Bonds (1938) at £96 los., and Bank of New Zealand shares at £2 12s. 6d., were reported on Saturday. There was a fair demand for gilt-edged securities, but at reduced prices. For the 4 J pci cents. £96 10s. was offered, notwithstanding a sale here at £96. 15s- and another at ..Auckland nt £96 Its. 6a. For the 5 per cents., P.O. Stocks and Bonds, £97 10s. was offered, but sellers demand £9B; for the 5} per cents. £ICO 12s. 6d. was offered for the stocks and £lOO 15s. for the bonds. The debentures of the Wellington Gas Company were firm at £lO4 10s., and the debentures of New Zealand Breweries Ltd were on sale at 20s. 6d., and busi ness was done at this price at Auckland on Friday. Bank shares displayed considerable* firmness, with a good general demand. There were buyers of Bank of Australasia shares at £l3 55.; Commercial Bank of Australia, ordinary at 28s. Gd. and preference £6 10s.; National Bank of New Zealand at £6 155.; Bank of New South Males at £4O 155., with sales at Christchurch at £4l; Bank of New Zealand at £2 12s. 4d.; and Union Bank at £l4 Ils. 6d. Financial shares were quiet, but a sale of Equitable Building shares was macle in Christchurch at £9 ss. Gas shares were in fair demand; Auckland Gas changed hands at 255. 6d., and there were buyers of Christchurch Gas at £7 165., and Napier Gas at £5 13s. 6d. for the £5 paid shares, and £9 10s. for the preference shares. HuddartParker ordinary shares sold in Christchurch at 435.‘3d., and the preference shares were in demand locally at 20s. 4d., and Union Steam preference shares at 20s. Timber shares were firm and unchanged. Therd were buyers of Burns Philp shares at 325., and Wilson’s Clement at 295. lOd. Saturday’s buying and selling quotations were as under: — Buyers. Sellers.

LONDON EXCHANGE RATES The exchange rates charged by the banks in Australia and New Zealand on. London were compared on Saturday, and bolow are given the rates London on Australia, and London on New Zealand: —

Importers are interested in the buying; rates, and producers in the selling rates. A Tooley Street merchant, wishing to remit for payment of butter and cheese will if his business is with Australia, be charged £2 2s. 6d. per cent, premium; that is, he would have to find £lO2 2s. 6d. for every £lOO he wishes to remit, while, if his business is with New Zealand, he would be charged £lOl 2s. Gd., for a premium of 225. Gd. per cent. An Australian producer drawing upon his London agent would for his draft of £lOO get £97 2s. Gd.; that is, the bank would buy his draft at a discount of £2 17s. 6d. per cent. A producer in New Zealand drawing upon his London agent would get for his draft of £lOO, £9B, or 17s. 6d. per cent, more than the Australian producer. It is useless comparing the conditions of to-day with those of 1922, for there has been a tremendous change. Now the banks are flooded with credits in London, and their difficulty is to get the, money out hero in the absence of a free gold market. The Empire Currency Bill scheme suggested by a London financier was fully considered at the Imperial Conference and turned down because of certain dangers believed to be surrounding it. In Australia it was suggested that the Note Issue Board should isue notes ; u Australia against securities lodged in London, but that also was turned down because of the danger of inflation.

LONDON MARKET REPORTS. Aus.-N.Z. Cable Assn. (Rec. May 11, 5.5 p.m.) London, May 10. Cotton. —Liverpool quotation of American middlin'! upland cotton, June ciclivery. 17.15 d. per lb. Rubber.—Fino hard Para, lljd. per

lb. : plantation first latex crepe and smoked r’bbnfl sheet. lljd. to 11 IdJute.—lndian native first marks. May-June shipment. £26 7s. Gd. per ton. Now Zealand Hemp.—April-June shinnmnt. p 36 16s ner ton. Cop|-n.—Bagged South Sea. AprilMav shipment, £26 10s. per ton. Linseed Oil.—£3B i>er ton. equal to 3s Old. per gallon. Turpentine.-—72s ,3d. per cwt., equal to ss. s)d. per gallon. CUSTOMS REVENUE. Customs revenue collected at the port of Wellington on Saturday totalled £6682.

N.Z. GOVT. LOANS- £ s. d. £ 8. d. 4’t n.c. Inj'C. Stock, 19o9 96 10 0 — 4i p.i-. Insc. Stock, 1938 96 10 0 5* p.c. Ins<*.. Stock, 1933 100 12 6 4i p.c. War Bonds, 19.9 96 10 0 •— 41. t>r. War Bonds, 1938 96 10 0 —• 41 p.c. War Bonds. 1930 96 10 0 — 5A u.c. War Bond?. 1933 100 lb 0 — 5 p.c, P.O. Bonds, 1'9?,7 97 10 0 98 0 0 DEBENTURESWellington Gas 104 10 0 N.Z. Breweries — 1 0 6 BANKSAustralasia* 13 5 0 — Commercial of Aust. (ord.) 18 6 — 6 10 0 National of N.Z 6 15 0 — New South Wales 40 15 0 2 12 4 2 12 9 14 11 6 GAS7 16 0 8 0 0 Napier (,£51 5 13 6 Do. (pref.) 9 10 0 10 5 0 INSURANCENew Zealand 1 10 3 ME A T P RJ5S15 RVIN G— N.Z. Refrigerating (10s) 0 9 0 TRANSPORT— Huddart-Parlter (pref.) 1 0 4 Union Steam (pref.) ... 10 0 1 0 3 WOOLLEN— Wellington (.£2 5b.) ■— 3 3 0 COALb is —■ TIMBER■Rntoitf — Taringamutu 1 13 6 «— National 12 0 — MISCELLANEOUSBurns, Philp and Co. , 1 12 0 — Gates, Ltd — 0 12 0 Wairarapa Farmers (pref.) 6 17 0 — Wilson’s Cement 1 9 10 —

BUYING KATES. London on London on Usnance . Australia. New Zealand. O.D. .. .... Par 15/- dis. 30 days .. 11/3 dis. 26/3 dis. GO days .. 22/6 dis. 37/6 dis. 90 days .. 35/- dis. 50/- dis. 120 days .. 47/6 dis. 62/6 dis. SELLING RATES. O.D. .. 42/6 prem. 22/6 T.T. ... 50/- prem. 30/-