FARM & COMMERCIAL

Dominion, Volume 19, Issue 94, 15 January 1926, Page 12

FARM & COMMERCIAL

NEWS AND

AUCTION SALES TO-DAY. S Willis Street, Wellington. 10.30 a.m.— Sale of linoleums (E. Johnston and Co.). .MONDAY. Clyde Street, Ohakunc.—iialc of 100-acre property (A. J. Ford and. Co.).

FARMING. INTERESTS

WANGANUI WOOL SALE Messrs. Murray,. Roberts and Co., Ltd., report as follows on the Wanganui wool sale:—-Our catalogue, comprising l>ol bales, consisted almost totally of crossbred, with a small percentage of lambs’ wool, and contained some lairiy showy wools, although tenderness and I'c.or growth was apparent in most lots, while seed was very prevalent. Compet.lion was free and animated, and well spread. Buying was considerably more general than at the November sale hero, Bradford competing freely with Continental buyers far all fleece wools, while pieces and skirtings were well sought after, and were mostly secured by Continental representatives. French support was apparent in lambs, which sold at very satisfactory figures. The market, while still considerably below the rates ruling at the. opening sale here, has recovered somewhat from the decline ' established in December sales, and may be quoted about a halfpenny higher'on the average, than the prices of last month’s North Island sales. As growers were generally prepared to meet the market at about December parity, a ver/ satisfactory clearance was made, and we passed in only i;J per cent, of our offering. Some of the prices recorded arc as follow:— MP over Glenroy, Rom. A IHd., Rom. B 131 d., lambs 143 d.; Glenian, crossbred E 12d., lambs, 12d.; Opuea, crossbred HA 13d., crossbred EA 13d., crossbred EB Hid.. pieces 9)d.; JFK over R, hoggets A 131 d., EA 12Jd„ EB 12d. lambs 13d.; Aparoa, crossbred hoggets 12d., crossbred ewes 113 d.; Errscliffe, crossbred A A 13d., crossbred Jnoggcts A 123 d., crossbred EB Hid.. bells 8(1.; Rukumoana, crosfibrcd E 12«1.; West Ho, crossbred E 12(1., crossbred H 10Jd„ lambs laid.; Waiau, crossbred EA 10d., crossbred 1 10id., EAA URL; EMG over Wairere, hoggets A, Ild., EA URL. KB 101 d.. lambs 113 d.; Operiki, crossbred [f Hid.: Chester HA 13R1.. EA 123 d., lambs 133 d.; J in diamond, EA 13d., lambs A 133 d.. pieces 83d.; LBL underlined, crossbred hoggets 113<L, crossbred ewes IIRJ.. lambs 11(1.. Tunupii, crossbred hoggels 10(1., crossbred ewes 10R1'., crossbred owes 1ORI.; M& J ovci M, Rom. A URL, R<>m. B 103 d.; Araroa, crossbred hoggets 12d., crossbred E 113 d.; JL over It in triangle, N.Z., hoggets URL, ewes Hid.: A in pear, hoggets 121 d.; Matatara, Romney lljd.; W in circle, ewes 12R1. LONDON TALLOW MARKET (Rec. January 14. 7.20 ( p.in.) London, January 13. At the fallow sales 1666 casks were offered, and 446 were sold, mostly at 6(1. per cwt. decline. Mutton, tine 465. per cw t., medium 10s. 6d.; beef._ fine 435. 6d., medium Ms. 6d. —Aus.-N.Z Cable Assn. The Bank of Now Zealand, produce department, has received the following advice from its London office under date January 13:—Tallow: There is a poor demand. Prices have declined 6d. per cwt. Messrs. Dalgety and Co.. Ltd., report having received tho following cablegram from their London house under date January 13:—1665 casks of tallow offered, 375 sold. Since our last wire prices are Cd. per cwt. lower. The New Zealand Leap and Mercantile Agency Co., Ltd., have received the following cablegram from their London house under date January 13:—'Tallow: Wo quote c.i.f. and e. for the following descriptions —Fine mutton, 455. per cwt.: good beef. 435. per cwt.; mixed, 41s. per c.wt. Our quotations arc more or less nominal. LONDON WOOL SALE Messrs. Dalgety and Co.. Ltd., report having received the following cablegram from their London house under date January 13:—Our selling dates are January 26, February 4, and February 9.

DAIRY PRODUCE TURNBULL AND COMPANY’S REPORT Messrs A. 11. Turnbull and Co. have received’ the following cable message from Messrs. W. Weddel and Go., Ltd., of London:— Top weekly quotations for butter and ceeso for the last three weeks: Dee. 24. Jan. 1. Jan. 9. Danish 1745. 178 s. 172 e. N.Z. unsalted 17Cs. 1745. 1745. N.Z. salted 1665. 1765. 1725. N.Z. cheeso 112.3. 98s. 100 s. From the above quotations it will be seen that the butter market ha a been somewhat irregular, *being <|il t as low as 1625. on December 29. rapidly recovering to l/2s. to 1765. on January 4, but since then a further decline is manifest. At the time of writing the market is steady. Messrs. AV. Weddel and Co., Ltd., do not anticipate any very great improvement in prices for some time to come. The very heavy arrivals due in January must have a depressing effect on spot quotations, and the best that can be hoped for is that the bulk of these heavy arrivals will be cleared without forcing prices down unduly. It is worthy of note that New Zealand salted butter is quoted to-day at an equal value to Danish. Up to the time of writing, quotations for cheese have been practically nominal, although January arrivals of cheese are now reaching the market, and New Zealand new season’s is quoted at 965. to 985., with a, steady market. Canadian cheese is quoted to-day at 104 s. to 108 s. Towards the end of December there was an inquiry for' limited quantities of January make for shipment, and although a few forward sales were made at as high as Is. sd. f.0.b., the demand was not sustained, and buyers verj- shortly withdrew, and to-day are not very active, even at Is. 4£d. f.o.b. Butter and Cheese Production. From the schedule below, one may see that although butter production is below last season’s, the decrease in December is not. as great as the decrease, in previous months. .However, with the dry weather that is being experienced in the butter-producing districts, it is probable that the January gradings will show a considerable decrease on last year’s figures. ’ Cheeso production shows ?» substantial increase, and in spite of the generally adverse climatic conditions, we anticipate that cheese production for the balance of the season will probably maintain the increase shown to date. BUTTER. 1924. 1925. Owt. Cwt. Shipments from N.Z., December 193,000 156,500 Shipments from N.Z. for five man tbs ending Dec. 518,000 465,000 Gradings during Dec 232,000 219,000 Gradings for five mouths ending December 752,000 655.000 Butter awaiting shipment, December 31 1 35.000 115,000 CHEESE. Crates. Crates. Shipments from N.Z., Dee. 168,000 160,000 Shipments for five months ending December 331,000 306,000 Cwt. Gradings for December ... 236,000 260,000 Gradings for five months ending December 631,000 669,000 Cheese awaiting shipment December 31 177,000 163,000 VESSELS DUE TO ARRIVE IN U.K. Boxes. ' Crates Steamer. Date. butter. cheese. Port Hacking, Jan. 2 .. 19,894 — Port Darwin, Jan. 3 13,550 15.022 Raranga. Jan. 5 55,627 13,234 ‘ Matakana, Jan. 6 78.695 20,496 Rotorua, Jan. 11 16,647 31,825 Port Nicolson, Jan. 14.... 48.719 — Devon. Jan. 20 49,555 14,534 Port Hobart, Jan. 23 ... 58,136 41.523 Tekoa. Jan. 26 64,140 28,497 Leitrim, Jan. 27 34,145 11,639 Otaki. Jan. 31 28,685 12,598 467,193 189,368 Tons. Tons. 1926 11,680 13.526 1925 8,225 8.523 tonic, Feb. 2 62,034 19,806 R emu era. Feb. 11 26,026 6,402 i Suffolk, Feb. 16 27,'C00 21,500 Mahana. Fib. 18 3,000 5,500 Port Bowen, Feb. 18 65.181 23,080 Port Pirie. Feb. 28 58,500 12,700 241,741 88,988 Tons. Tons. 1926 6.043 6,355 1925 10,257 9,270 DAIRY PRODUCE MARKET Messrs. Joseph Nathan and Co., Ltd., have received the following cablegram from their London house, dated January 13: —New Zealand butter. 1745. to 1765. per cwt.: New Zealand cheese. 102 s. per cwt.; both markets firm, quiet. The New Zealand Loan and Mercantile Agency Co., Ltd., advise:—Butter: Now Zealand choicest, 1745. to 1765. per cwt., market firm; Australian. 1665. pci' cwt.; Danish. 1795. Cheese: White, 100 s. per cwt.: coloured. 103 s. to 104 s. per cwt. Market firm.

COMMERCIAL ITEMS

WELLINGTON STOCK EXCHANGE

YESTERDAY’S BUSINESS AND PRICES

At the morning call yesterday sales were reported of New Zealand Breweries 10 per cent, bonds at 255. 3d., and Staples and Co. brewery shares at 41s. (id., and at the afternoon call the sales reported were 51 per cent, stock (1933) at £99 55., and New Zealand Breweries shares nt: 595. 9d. There was a good demand for the tax free 41 per cent, stoeks and bonds at 965. New Zealand Breweries bonds were steady at 255. Bank shares were steady. For National Bank shares £6 12s. 6d. was bid, and for Union Bank shares £l5. P. and 0. Banking Corporation shares have not been quoted for a long time, .but yesterdav there was a bid of £9 10s. for them. Sellers quoted 335. for Commercial Bank ordinary shares, £4l ss. for Bank of New South Wales shares, and 565. 9(1. for Bank of Now Zealand shares. Shares of financial companies were neglected, there being no buyers. Wellington Gas shares, £lO paid, were firm at £l3 3s. 6d. Insurance shares wero firm and in good demand witli buyers of National .insurance at 775. 6d.. Now Zealand Insiiranco 375. 6d. cum. dividend, and South British Insurance at 535. P. and O. Deferred Stock at £230 were £lO higher. AVestport Coal shares were firm and unchanged at 31s. lid. Tlu-re was a good demand for I.eyland-O’Brien Timber shares at ,395. 9d. Brewery shares wore steady with buyers of (frown Brewery at 205., Manning and Co. at 425. 3d., and New Zealand Breweries at 595. For Electrolytic Zinc preference 355. was bid for New Zealand Drug shares 665. (id., for Taranaki Oil 125.. a rise of 3d., and for Wilson's Cement, 345. 9(1. Yesterday’s buying and soiling quotations wei's as under: —

SALES IN OTHER CENTRES By Telbgkaph.— I’kEss Association Auckland, January 14. Sales War Loan (11127), £9B; New Zealand Breweries Debentures, 235. Bd.; Bank of New Zealand, 565. lid. (two sales) ; Bank of New South Wales, £44; Union Bank of Australia, £l3 2s. 6d.; New Zealand Insurance, 385.; Devonport Ferry, 255.; Sanford Ltd., Ills. 3d.. 19s. 6d.; Taranaki OH, 13s. (kl.. 135.; Wilson’s Cement, 35s ’ Waihi, 245.; Kawarau, 7s. (two sales). Christchurch, January 14.

Sales reported.—Bank of New Zealand, slis 3d. (2 parcels), s(is., 565. Od.; Union Bank. £l5 2s. 6(1.; Goldsbrough Mort, 48s. fid.; National Mortgage. 765.; Now Zealand Breweries (cum. div.) 60s. 6(1. (2 pareels) ; Staples Brewery, 41s. 6d. (3 parcels); Mt. Lyell, 255. 3d. (2 parcels). , Sales on change.—Union Steam (prof.), 205.; New Zealand Breweries (cum. div.), 615.; Blacks, mining, 2s. premium; Kawarau, 6s. 11(1., 7s. Id.; Mt. Lyell, £1 ss. 2d.; Grand Junction, Is. N.Z. LOAN AND MERCANTILE AGENCY CO. Th© balance-sheet of tho New Zealand Ixian ami Mercantile Agency Co., Ltd., coveiing the twelve months to June 30 last, ami which was submitted to tho shareholders at the meeting held'in London on December 10, shows that tho revenue from all sources after making piovision for bad and doubtful debts and other contingencies, amounted to £595.6.72. as compared with £547.468 in Hie pievious year. General administration and office expenses absorbed .£332,964, against £317.286. taxes accounted for £42,778 against £30,4.58, .£lO.OOO was written off premises account, the same ns in the previous year, and there remained a balance of £209,890., as compaied with £1897725 in the previous year. Out of this lihlancc there was paid £68.000. interest on first nnd second mortgage debentures, leaving available Jilfl,S9o, as compared with £121,725. Out of this £lO,OOO has been appropriated to the staff benevolent fund, as against .£5OOO last year, and the interim dividend on the preference stock absorbed £25,000. leaving a balance of J 1106.890, to which han to bo added £27,7.56 brought forward from tbe previous year, making available for distribution £134.646. out of which tho final dividend of 2J per cent, on the 5 per cent, cumulative preference stock absorbed £25,000. and a dividend of 7 per cent, on (he ordinary stock absorbed £70,000 leaving £39.646 to bo carried forward. The dividends arc less British income tax of 2s. 3d. in the pound. The dividend on the ordinary stock is one per conf, higher than was paid last year. Tho advances on wool and produce at tho >lato of the balance-sheet amounted to £2,359.452. as compared with J 12.324.063 in the previous year. The investments of the company total £525.083, of which J 3410.310 is in British G' comment securities and £114,772 in other securities, and of this latter amount £76.400 is in Now Zealand tax-free stocks.

Buyei Seller N.Z IIOVT. LOANS £ s. d. £ s d. 4A p.c. 1 nsc. Stock. 1959 % 0 0 — 4A p.c. lime. Slock. 19.58 % 0 0 96 ’J 6 51 p.c. Insc. Stock, 1953 — 99 15 0 4t p.c. lose. Stock 1944 — 87 10 0 p.c. Rands, 1941 — 96 7 6 41 p.c. Bands, 1959 96 0 0 96 10 0 4$ p.C. Bonds. 1938 96 0 0 96 to 0 4*. p.c. Bonds, 1930 96 7 6 — D1WN TVRESN.Z. Breweries (Steck) 1 4 9 1 5 4 no. (Bonds' 1 II 0 b 4

BANKS- . . Common. Xiauk ol Aii». (ord.) •— 1 16 u National of N.Z 6 12 6 6 15 0 New South Wales — 44 5 0 New Zealand -— 2 16 9 P and 0. BankingCorp. 9 10 0 — Union of Aunt 15 0 0 — FINANCIAL— Goldsbrough Mort — z y u National Mortgage .... — 3 17 0 N.Z. Guarantee Corp. (ord.. 8s.) —- 0 10 u N.Z. Loan and Merc. (ord.) — 94 0 0 GASWellington (ord.) 13 3 6 — iNSUKANOE— National *••• 0 1/ b 4 U u New Zealand (cum.) ... 1 17 6 •— South British 2 13 0 • MEAT I’RESEHVTNGN.Z. Kefrig. (10s.) 0 7 6 —— Gear — 2 2 iKANSPOUT Huddart-Parkei: (ord.) — 2 5 6 P and O. Def. Stock 230 0 0 250 0 0 COAL West port Waipa 1'1 M HER111 6 1 12 0 17 6 3 Kauri —- 1 JZ b Leyland <J Brien 1 19 9 2 0 9 National — 1 3 0 Bartholomew — 1 4 b lilt r.W LltlES Crown 1 0 0 — Manning and Co 3 2 3 b Staples and Co — 2 2 0 N.Z. Breweries 2 19 0 3 0 0 MIsOI'.LLA ?'■.<>USBurna, Philp and Co. — 2 1 0 Electrolytic Zinc (pref., eum) 1 15 0 — Howard Smith , — 1 16 6 N.Z. Drug 3 6 6 3 8 3 Taranaki Oilfields 0 12 0 — Wairarapa Farmers (pref.) 0 17 0 —- Wellington Queen s Theatre — d 1 0 Wilson's Cement 1 14 9 — MINING Mt. Lyell 1 5 6 1 6 0 Waihi — 1 4 3 Kawarau 0 6 11 . 0 7 3