FARM & COMMERCIAL

Dominion, Volume 18, Issue 152, 24 March 1925, Page 10

FARM & COMMERCIAL

NEWS AND NOTES

AUCTION SALES TO-DAY. Levin. —Stock sale. TO-MORROW. Marinoto Road, Shannon, 1 p.m.—Sale of dairy stock, implements, etc. Abraham and Williams, Ltd.). Johnsonville, 2 p.m.—Stock sale. 256 Lambton Quay, Wellington, 2.30 p.m. —Sale of 3 dwellings, situate 40, 10a, and 42 Frederick Street (Baker Bros.). 78 Hawker Street, Wellington, 12.30 p.m.—Sale of furniture (E. Johnston and Co.). THURSDAY. Waikanae.—Stock sale.

FARMING INTERESTS

LONDON MARKETS HIGH COMMISSIONER’S CABLED REPORT The Department of Agriculture has received the following cablegram dated March 21, from the High Commissioner for New Zealand, London* — Butter. Speculators still active and consuming demand quiet. Reported sales at 170 s. per cwt. Official quotations are:— New Zealand. —Finest salted: March 21, 1725. to 1745. per cwt. (Is. 6?,d. per lb.); exceptional, up to 1765. per cwt. (Is. 6£d. per lb.); March 14, 174 a. to 180 s. per cwt. (Is. 6|d. to Is. 7Jd. per lb.); March 7,180 s. to 184 s. per cwt. (Is. 7Jd. to Is. 7sd per, lb.). Unsalted: March 21, 186 s. to 190 s. per cwt. (Is. 7Jd. to Is. BM. per lb.); March 14, 186 s. to 190 s. per cwt. (Is. 7}d. to Is. B}d. per lb.); March 7,186 s. to 190 s. per cwt. (Is. 7Jd. to Is. BJd. per lb.). Other qualities: March 21, 1645. to 170 s. per cwt. (1» 5Jd. to Is. 6}d. per lb.). Australian. -Salted: March 21, 170 s. to 1745. up to 1765. per cwt. (Is. 6i<l. to Is. 63d. per lb;); March 14, 1765. to 180 s. per cwt. (Is. 6td. to Is. 7Jd. per lb.); March 7, 1765. to 178 s. per cwt. (Is. Gid. to Is. 7d. per lb.). Other qualities: March 21, 158 s. to 168 s. per cwt. (Is. sd. to Is. 6a. per lb.). Unsalted: March 21, 180 s. to 184 s. per cwt. (Is. 7|d. to Is. 7|d. per Ib-lfMarch 14, 182 s. to 184 s. per cwt. (Is.

71d per lb.); March 7,182 s. to ISfis. per cwt (Is. 7kl. to Is. 7Jd. per lb.;. Other qualities: March 21, 1665. to 1765. per cwt. (Is. 53d. to Is. GJd. per lb.). Argentine—March 21, 1745. io 1765. up to 180 s. per cwt. (Is. 6Jd. to Is. 7Jd. per lb)- March 14, 1765. to 180 s. per cwt (is.’63d. to 1«. 71d. per lb.); March 7, 1765. to 180 s. per cwt. (Is. C-Jd. to Is 7 J d. per lb.). Other qualities: March 21, 168 s. to 1725. per cwt. (Is. (Id. to Is 61d. per lb.). Danish.—Market slow. March 21, 2245, to 2265. per cwt. (2s. to 2s. Old. per lb.)> March 14, 2325. to 2345. per cwt. (2s. Id. to 2s. 1-Jd. P er lb.); March 7, 2325. to 2345. per cwt. (2s. Id. to 2s. lid. pei Cheese,

Market quiet, but firm undertone. Official quotations are:— English.—Finest farmers’, firm, and supplies small. March 21* 130 s. to 1355. per cwt. (Is. 2d. to Is. 2Jd. per lb.). March 14, 128 s. to 1325. per cwt. (Is. l?d. to Is. 2{d. per lb.). March. 7,128 s. to 1325. per cwt. (Is. Hd. to Is. 2Jd. (coloured and white). —March 21, 110 s. per cwt. (11-Jd. per lb.). March 14 108 s. to 110 s. per cwt. (Hid. per lb.). March 7,106 s. to 108 a. per cwt. (lljd. up to Hid. per lb.). New Zealand (coloured and white).— March 21, 103 s. to 104 s. per cwt. (lid. to Hid. per lb.). March 14, 102 s. to 104 s. per cwt. (Hid. per l’b.). March 7,100 s. to 102 s. per cwt. (IOJd. to Hd. per lb.). Australian (finest coloured).—Market quiet. March 21, 98s. to 100 s. up to 102 s. per cwt. (IOJd, to lid. per lb.). WhiteMarch 21, 995. to 101 s. per cwt. (10id. K 103 d. per lb.). Shipments of New Zealand produce arrived this week per Zealandic, Corinthic, and Ruapehu. Casein.

Present quotations are: —French rennet, 5646 per ton; German rennet (second class quality), 6639 il.er ton. Honey.

Demand quiet, but stocks small and prices firm. Present quotations are: New Zealand, light amber, 755. to 86s. per cwt.; white, 87s. 6d. to 90s. per cwt.; medium amber, 655. to 725. per cwt.; dark amber, 555. to 625. per cwt. Canadian, 555. to 655. per cwt. Californian, 50s. to 625. per cwt. Jamaican, 465. to 625. per cwt. Chilian, 50s. to 60s. per owt. , , Hemp and Wool,

Hemp.—Manila maiket dull and eas. ier. “J" grade, .March-May shipments, now quoted at £5l per ton sellers. New Zealand market quiet. Fair grade in dock reported sold as low as £37 per ton. Nominal quotations are:—Hiiglipoints, March-May shipment, 6640 per ton- fair, 6638 per ton. Stocks of New Zealand in London on February 28 were: 53 tons, against 27 tons samo time last ye Wool—Sales closed yesterday (Friday). After sharp opening, decline, and nob withstanding numerous withdrawals dur. ing the series, competition improved later at the lower level established. Merinos sojd better than at opening, and though crossbred weakened, bulk of later offerings wore sold. Total quantity available during series was 112,000 bales. Of the offerings 71.000 bales were sold, of which 27,000 went to the Home trade and 24 000 to the Continent; 14,000 bales of New Zealand have been carried forward. Compared with closing rates last series, gcod greasy merino was 10 per cent. &; B inferior, 15 perront. & 20 per cent, lower; crossbred, 10 per cent, to 15 par cent, lower. Average closing rates * 60’s to 64’s (merino), 2s. Id. to 2s. Gd. per lb.; 56’s (sujir halfbred), 2s. Id. to 2s. 4d. per lb.; 4S’s (fine crossbred), Is. 9d. to 2s. per lb.; 44’s (medium crossbred), Is. 7d. to Is. 9d. per lb.; 36 s to (coarse crossbred). Is. sjd. to is. Bd. per lb. ... At the close all descriptions were on sounder, foundations, and there is more confidence in the future. Oats. Oatsj—Demand continues quiet, and market easier, all quotations about Is. per quarter lower. Tallow.

Spot market quiet, but firm, and quiet deniand at auction. Mutton neglected. Present quotations are:—Mutton: I'lne, 5Qs. per cwt. (nominal); fair to S°°u> 455. 6d. to 48s. per cwt.; dark, to dull, 435. to 445. per cwt. Beef: No change since last report. Mixed: Fair to good, 435. 6d. to 455. 6d. per cwt.). Gut, etc.: No change since last report. Apples. Steady demand for all descriptions. English' cookers in small supply, about Hs to 14s. per case. Californian Newton Pippin, 10s. 6d. to 12s 6d. perea/o; Oregon Newton Pippin, l'-S- 6d. to 18s. per case; British Columbian Newton Pippin, 12s. to 16s. per case; British Columbian Spitzenburg, 13s. to 18s. per case- British Columbian Staymans Winesap, 14s. to 19s. per case; British Columbian Delicious, 16s. to 20s. per case- Nova Scotian Golden Russet, 30s. to SSs. per barrel; Nova Scotian, other kinds, 18s. to 30s. per barrel.

Messrs. Joseph Nathan and Co., Ltd., have received following cablegram from their London house dated March 20- —New Zealand butter, 1145.; market stagnant.

The Bank of New Zealand, produce department, has received the following advice from its London office, under date March 20:—Butter: Market quiet; 1725. per cwt. Cheese: Market quiet; 102s' to 103 s. Frozen meat: The market for wethers is dull with a downward tendency. Heavy-weight ewes are likely to weaken. Lambs are in fair demand. The beef market is quiet, but firm. Wethers, light, Bd. to 9|d. per lb., heavy, Gd. to 7d.: ewes, sfd. to 7{d.; lambs, under 42’s, 1 Ijd. to 12+d. over 42’s and seconds, Hid. to lUd ’ Argentine, lOd. to Hd. Ox hinds, 54d ’to 6d., fores, 4|d. to 4|d.; cow, hinds, sd. to 51d., fores, 4d. to 4{d. The New' Zealand Producers’ Co-oper-ative Marketing Association have received the following weekly cabled market report from London, dated March 20:— Butter: Market slow. New Zealand, 17°s to 1745.: Unsalted. 186 s. to 1905.; Australian. 170 s. to 1745.: Argentine, nnsalted, 1765.; Danish, 224 s Chee»e: Market very quiet. New Zealand, 102 s. to 101 s.; Australian, 100 s.

The New Zealand Loan and Mercantile Agency Co., Ltd., report on their Pahiatua sale, hold on March 17--A fair yarding of sheep came forward, the bulk of which were disposed of under the hammer. Sheep were inclined to ease in price, but vendors accepted prices offered. We quote:—2-tooth wethers, 275. 4d. io 31s. Gd.; ewes, 255. 9d. (o 30s’ Gd.; cull ewes, 145.; lambs, Hs. to 155.; Romney rams, 215.; potter rams, 12 s.

THE WOOL MARKET ENGLISH IMPORTER DISCUSSES POSITION HOPEFUL INDICATIONS

London, March 22. Discussing the wool position, a leading importer says: “There are many hopeful indications that the downward movement in merinos has been checked. It must be borne in mind that from the supply point of view, roughly two-thirds of the year’s clip has been sold in our distributing markets. “Stocks of merino tops and wools in the consuming markets, both on the Continent and in America and even in Yorkshire, are generally below normal. Continental buyers are already finding that* the present basis is beginning to encourage demand. They are probably better situated than the Home trade as regards stocks, and the financial stringency which compelled them to operate sparingly in the colonial markets has turned out to be an advantage in the long run. .t, , + t, “There are evidences also that the great preferential call for cheaper grades during the past year will be less acute, now that fine grades have declined so materially. It is certain that the demand will always favour fine goods where values are reasonable. “The position for crossbreds and coarser wools does not yet appear to be quite so hopeful as for merinos. Competition for the former at the present series has been very slack. Although fine wools have slightly hartleped, crossbred prices are very erratic, weak generally, and show a decline on the opening rates.’’ —Aus.-N.Z. Cable Assn.

Messrs. Dalgety and Company, Limited, report having received the following cablegram . from their London house? under date March 21:—Wool sales closed. The attendance of buyers was very large and bidding more spirited than we have yet seen it in this series for all wools excepting inferior and faulty scoured merinos,, for w’hich competitor! is slack and prices, if anything, in buyers’ favour. There were 71,231 bales catalogued, 51,000 sold, of which Home trade took 26,800, the Continent 23,700, America 500; 61,000 bales carried forward, of which 44’000 have not been offered. Messrs. Murray, Roberts and Company, Limited, are in receipt of the following wool market cablegram from their London agents, dated March 20: Sales have closed with a good tone, Continental buyers operating more freely. Improved competition for merino, Compared with opening rates, merino best descriptions, par to 5 per cent, advance; other descriptions, market shows no change. Crossbred, fine, par to 5 per cent, decline; medium, 5 to 10 per cent, decline; coarse, 10 per cent, decline. Quotations:— Closing rates, present series, 50’s yielding 65 per cent., 23|d., opening rates, present series, 24|d.; 44-46’s preparing yielding 74 per cent., closing rates, present series, 21 d., opening rates, present series, 21|d.; 44-46’s carding yielding 72 tier cent., closing rates, present series, 20d., opening rates, present series, 21d.; 40-44’s yielding 73 per cent., closing rates, present series, 191 d., opening rates, present series, 20}d.; 36-40’s yielding 75 per cent., closing rates, present series, 19d., opening rates, present series, 19|d.

WANGANUI WOOL SALE Reporting on the final Wnganui wool sale of the season, Messrs. Murray, Roberts and Co. state that very few attractive lots were in evidence, but such as they were came under fairly spirited competition. Bradford operated freely and ths Continent bought well on all suitable wools. Compared with last sale prices for better grade wool showed a decline of up to about Id. per lb., while shabby and inferior sorts sold at prices about equal to, and in some cases rather better than, last month’s realisations. This, no doubt, was due to the Continent being inter, ested in such wools. Tor the most part pieces and skirtings catalogued were heavy in condition and showed a considerable amount of seed. The few’ lots of fine lambs’ wool shown were keenly competed for at prices .slightly lower than last sale. We sold 78 per' cent, of our offering under the liammrr. Somo of our prices are ouoted below: —Waipu, crossbred A, 18d.; HP, crossbred E, 17? d.; McD over 5, crossbred B, 163 d., crossbred C, 153 d.; Waiau, crossbred, 154<1.; Ernscliffe, lIAA, 18d., EAA, 183 d., TA, 17d.; V/88/M, crossbred A, 17jd., crossbrecl B, IGJd-; AMB. crossbred, 16£d.; Selkirk, crossbred A, 17Jd„ lambs, 16£d., pieces, 12Jd.; RJ/M, crossbred, 16<1. Messrs. Wright, Stephenson and Co. state that, summed up, this has 'been the most up and dowji sale of the season. The following list shows some of the firm’s sales:—Pioi Estate: 22 bales H, 173 d.; 17 bales W, 16Jd.; 49 bales E, 17jd.; 10 bales pieces, 12d. Burnbank: 9 bales SD Lbs, 173 d. K.H.C.. 4 bales 11, 15Jd.; bales E, S.F'.T.: 5 bales A.A., 18d.; 6 bales A, 17d.; 3 bales Line., 161 d.; bales pieces, Id. 65: 13 bales X. 8., 17{d. J.EY.: 3 bales X. 8., 161 d. G.A.A.8.: 5 bales E, 17d. Terata/0: 3 bales 11, 151<1. PB/Leongatha: 9 bales A, 17d.; 4 bales B, 14d. Glendalla: 5 bales A, 17i<L; 5 bales B, 16Jd.; 3 bigis (!, 16id. W.C. in circle: 4 bales A, I61L; 5 bales B, IGJd. LHN/W: 3 bales E, HJd. 2A/Tutfimai: 12 bales A, 16|d.; 6 bales B, 16<1. Devon: 5 bales .11, 17-id.; 12 bales W.A., 181 d.; 8 bales W.8., 16Jd.; 5 bales A.E., 17£d. Cliffs: 5 bales E, 17d JR/O: 15 bales IL, 17£d. AAL'/O1O:’5 bales Rom, H. <& E., 163 d. DM/B.: 3 bales B, HJ/T: 3 bales W, 161<1.; 4 bales 11, 16}d. Toe Toe: 3 'bales A, 16jd.; 5 bales B, 16d.; 3 bales C, 15d.; 3 bales M, 13d. SO-W: 4 bales A; 17d.; 4 bales B, 16jd. Okirae: 7 bales pieces, 123<1. G. & L.: 16 bales E, 16£d. S.P.F.: 5 bales E, 17Jd. DG/W: 4 bales X. 16jd. Maungatoa: 10 bales X. 8., 16d. Ull/Bonny Glen: 9 bales E, 16d. F.F.: 3 bales 11, ]G£d., 13 bales X. 8., 15}d. Puhanga: 7 bales H.A.A., 17d.; 7 bales H.A., 16£d. E.R.: 19 bales E, 163 d. JI EAO: 5 bales Lbs., 16P1. Kalrunu: 3 bales Lbs., 143 d. Challenger. 4 'bales s/uown, Aid.; 3 bales F. hoggets, 18Jd.; 5 bales A.A., 17*]d.; 10 bales A., 17d.; 18 bales B, 17d.; 7 bales C, 153 d Kaituna: 3 bales H.A.A., 17d.; 6 bales H.A., 16d.; in bales H. 8., 151 d.; 7 bales A.A., 17d.; 6 bales A, 153 - C.W.P.: 5 tales H.A.A., 183 d ; 3 bales 11. A., 173d.'; 10 bales A.A., 17i ( L • 7 Hiles A., Hid. Various: 8 bales DX.’ Lbs., 22d.; 16 tales Lbs., 15Jd.

STRONG COMPETITION IN SYDNEY (Rec. March 23, 11.30 p.m.) Sydney, March 23. At the wool sales there was strong general competition and the best rates of the previous week ruled, the improved demand for skirtings being accentuated. Greasy merino sold at up t 0 374d— Press Assn.

FAT STOCK FOR EXPORT WEEKLY PRICES. 'l’he New Zealand Meat Producers’ Board advises (hat the following prices nm being offered. March 21:— Hawke’s Bay.—Wethers, 561 b. and under Bd.; prime woolly lambs, 421 b. and under. 11W-, 431 b. and over, IOJd. ; second quality lambs lOld. Wellington.—Wethers, 561 b. and under, old ■ prime woolly lambs, 421 b. and under, 12c1., 431 b. and ever lljd.; secquality Inmbs, Hid. Canterbury.—Prime woolly laqjbs, 861 b.

and under, 121 d., 371 b. to 421 b., 11W., 431 b. and over, lid.; second quality lambs, Hjd.

SHIPMENTS OF MEAT EROM SOUTH AMERICA. The New Zealand Meat Producers' Board has received a cablegram from its representative at Buenos Aires, South America, advising tta following shipments to the , United Kingdom for the fortnight ended March 20, 1925, from Argentine and Uruguay:—l4s,972 quarters chilled beef, 20,411 quarters frozen beef, 68,497 carcasses frozen mutton, 46.080 carcasses frozen lamb. The quantity shipped to the Continent of Europe during the same period totalled 178,550 quarters frozen beef, 16,216 carcasses frozen mutton.

COMMERCIAL ITEMS

WELLINGTON STOCK EXCHANGE YESTERDAY’S BUSINESS AND PRICES At the morning call yesterday a sale of Ward and Co. brewery shares at £2 I.Bs. was made on ’Change, and at the afternoon call a sale of Burns Philp and Co.’s shares at 365. 6d. was reported. There was more inquiry for Government stocks and bonds. The 4j per cents, were firmer at £96 7s. 6d., and the 5 per cents: x were at £97 10s. Wellington Gas Company’s debentures were wanted at £lO3, but other debentures were slow. Bank shares were steady, but with less inquiry. There were buyers of Bank of New South Wales shares at £4l, Bank of New Zealand shares ex rights at £2 12s. 6d., and the Rights at 31s. 2d. National' Bank shares were on sale at £6 15s. 6d., and Union Bank shares at £l4. Wellington Trust and Loan shares were in demand at £5 15s. with sellers at £6. Gas shares were steady and unchanged. There was a bid of £7 12s. for Christchurch Gas, and 16s. for Wellington Gas preference. For Standard Insurance shares , 41s. was bid. Sellers quoted £3 12s. 6d. for National Insurance shares, and 31s. 6d. for New Zealand Insurance shares. Meat shares were neglected. Gear Meat shares' were _ ou sale at 455. Huddart Parker preference shares were in demand at 205., and Union. Steam preference at 20s. Wellington Woollen preference shares were firm at £6 45., and Waipa Coal Shares at 225. Crown Brewery shares were firm at 355., and Ward and Co. shares at £2 17s. 6d. Wilson’s Cement shares were steady at 31s. 6d. Yesterday’s buying and selling quotations were as under:—

SALES IN OTHER CENTRES By Telegraph.—Press Absociation* Auckland, March 2X Sales: Bank of New Zealand, 525. Gd.; Auckland Gas (con.), ss. 2d.; New Zealand Breweries, 38s. Gd.; Wilson a Cement, 31s. Gd. Christchurch, March 23. Sales reported: New Zealand Government 44 p.e. Inscribed (1938), £96 10s. (two parcels); Bank of Adelaide, £8 7s. Gd., Ward’s Brewery, 58s. , , _ Sales: Union Bank of Australia, £l3 17s. Gd. (two parcels); Bank of New Zealand (rights), 31s. 5d.: New Zealand Refrigerating (con.), os. 7d. (three parcels), Taranaki Oilfields, 30s. 3d.

THE BUTTER MARKET

The butter market is slightly easier, and all makes have declined including Danish which has dropped Bs. per cwt. as compared with 6s. per cwt in respect to Australia and New Zealand. Australian butter continues to command the same price as New Zealand choicest salted. The shipments to the United Kingdom during February from the three exporting countries were as follow:— _ Boxes. New Zealand 293,053 Australia 271,011 Argentine 100,000

Total 664,064 The shipments from Australia continue on a big scale, and Argentine’s shipment of 2500 tons is also noteworthy. These shipments would be reaching the London market during next month, and as March shipments are likely to be large, there will be no shortage on the London market before the European supplies begin to show up The Continental demand for supplies on the London market should also cease presently. LONDON MARKET REPORTS. London, March 21. Cotton. —The Liverpool quotation for American middling upland cotton, April delivery, is 13.86 d. per pound. Rubber. —Fine hard Para, Hid., per lb.; plantation and smoked ribbed sheet, 20d. Jute. —March-April shipment, £46 per ton. Hemp. —March-May shipment, £4O per ton. Copra.—March-April shipment, £2B 10s. per ton. Linseed oil, £47 per ton. Turpentine, 635. 3d. per cwt. Antimony, English, £69 10s. and £7O per ton; foreign, £64 and £65.

Buyers. Sellers. N.Z. GOVT. LOANS— £ s. d. £ s. d. 4* p.c. Insc. Stk., 1939 96 5 0 —— 4$ p.c. ditto, 1938 .... 96 7 6 •— 5i p.c. ditto, 1933 .... — 101 0 0 4$ p.c. Bonds, 1938 ... 96 7 6 —— 41 p.c. ditto, 1939 .... 96 7 6 4* p.c. ditto, 1930 .... 96 7 6 —— 51 p.c. ditto, 1933 .... — 101 2 6 5 p.c. P.O. Insc. Stk., 1927 97 10 0 ■■ , 1 5 p.c. P.O. Bonds, 1927 97 10 0 —. DEBENTURES— Wellington Gas .... 103 0 0 105 0 0 Well. Racing Club .. ——- 108 0 0 ____ 12 0 Wanganui Borough, 5i _—— 100 5 0 Ohakune Borough, 6 p.c., 1940 —— 100 5 0 BANKS— National of N.Z — 6 15 6 New South Wales ... 41 0 0 41 10 0 New Zealand (x.r.) .. 2 12 6 —— Ditto (rights) 1 11 2 1 11 5 14 0 0 FINANCIAL— Abraham aud Williams ■ ■■ 4 7 6 National Mortgage .. — 4 0 0 N.Z. Guarantee Corp. - 10 0 N.Z. Loan and Merc. (ord ) ' —— 95 0 0 Ditto (pref.) — 80 0 0 N.Z. and River Plate — 110 Well. Trust, Loan .. 5 15 0 6 0 0 Well. Deposit and Mortgage — 0 9 9 GAS— Auckland (paid) —— 14 9 7 12 0 7 15 0 Wellington (£10) ... 13 7 0 Ditto (pref.) 0 16 6 0 17 0 INSURANCE— ■ — — 3 12 6 New Zealand — 1 11 6 2 10 .MEAT PRESERVING— N.Z. Refrigerating (10s.) —— 0 10 0 2 5 0 TRANSPORT— Huddart-Parker (ord.) — 2 4 0 Ditto (pref.) .10 0 —- Union Steam (pref.) .. 10 0 10 4 WOOLLEN— , v Wellington (ord.) ... — 6 6 0 Ditto (pref.) 6 4 0 COAL— Westport — 1 13 0 Westport-Stockton (pref.) W'aipa 12 0 0 5 2 TIMBER— ■1 — 1 13 0 1 3 10 14 3 breweries— Crown 1 15 0 2 17 6 2 19 0 MISCELLANEOUS— Burns, Philp, and Co. 1 16 0 D.I.C. (pref.) ........ —— 110 Electrolytic Zinc (dc<f. ord.) • Howard Smith (cum.) 1 16 0 17 6 1 16 0 N.Z. Paper Mills 113 Radiac Metals 15 6 0 17 0 ■■ ■ ■« Taranaki Oil Fields .. — 1 11 9 Walrarapa Farmers’ 0 17 0 iprci.) ' ’ ’ ■Wilson's Cement .... 1 11 6 MINING— Vogel’s Vision — 0 7 9