FARM & COMMERCIAL

Dominion, Volume 20, Issue 28, 28 October 1926, Page 14

FARM & COMMERCIAL

NEWS AND NOTES

FARMING INTERESTS AUCTION SALES TO-DAY. Upper Hutt—Stock sale. 8 Willeston Street, 1 p.tn.—Sale of carpets, rugs, etc. (E. Johnston and Co.). 18 Sieverston Terrace. 1.30 p.m.—Sale of household furniture (R. Wilson and Co.). TO-MORROW. 154 Featherston Street, 2.30 p.m Sale of sections, Lyall Bay (J. 11. Bethune and Finch. Webster, and Oswin). Abraham and Williams, Feilding Offices. -Il a.m.—Sale of land (Abraham and Williams). Feilding—Cattle fair. SATURDAY. Homewood Estate, Karori, 2.30 p.m.— Sale of building sites (S. G. Nathan). BURNSIDE STOCK SALE,LITTLE ORANGE IN PRIDES. B? Telegraph.—Press Association. Dunedin, October 27. Jricea were little changed at Burnside to-day. The most noticeable alteration was in the case of lambs, which receded by 2s. Fat pigs advanced a few shillings and stores were a trifle firmer, but sheep and eattle were unchanged. Fat Sheep —A penning of 1704 of good all-round quality. There were many well-finished wethers, while there was a fair sprinkling of shorn wethers. Ewes were in very short supply. It was a good sale throughout, with prices much on a par with last week's rates. Prime wethers made 30s. to 455. 6d.. medium 345. to 375. 6d„ light to 33a.. prime ewes 30s. to 365., others 255. to 295. Extra prime shorn wethers, which sold very well, made to Sis., medium to good 265. to 205., light 235. to 255. Lambs.—A fair yarding of 61. including odd pens of extra well-finished lambs. A number of lambs too young for the trade were forward, and for them there was practically no bidding. Prices were about 2s. per head less than last week’s rates. Prime made 375. to 43s 6d.. medium 28s. to '355., light 255. to 275. 6d; Extra heavy* wether mutton was worth 6d. per lb., light 6Jd., rwes 5d., shorn wethers 4d.. lamb Is. 2d. to Is. 4d. Fat Cattle.—A medium-sized yarding of 229, composed principally of. medium to good bullocks, with a fair proportion of cows and heifers. Very few extra heavy bullocks were in the entry. Competition was moderate, as a number of butchers had supplies in hand. Prices were about equal to last sale’s. One extra prime bullock realised £lB 15s. Other rates were: Prime bullocks, £l5 to £l7, medium £l2 10s. to £l4 10s.. light £lO to £l2 55., best cows and heifers £lO to £l2, medium £7 10s. to £9. old and inferior £5 to £7. Extra prime ox beef made 425. per 1001 b.. medium quality 385., heifers 355.. cows and light heifers 255. to 30s. Store Cattle.—About 200 were yarded. Only Three or four pens of steers were included, and these met with good competition, and sold firm at ’ast week’s rates. The few good cows and heifers and the rest of the entry—fair to medium with a sprinkling of old animals—also sold at par. , Pigs.—A penning of 74 fats and 86 stores. Fats were in short supply, and advanced by from ss. to 7s. 6d. The good entry of stores met a strong inquiry and these pigs were a trifle dearer.

ADDINGTON STOCK MARKET LOWER PRICES ALL ROUND. BY TELEGRAPH.—PBESb ASSOCIATION. Christchurch, October 27. ' Entries to-day at the weekly market at Addington were much larger than for some time, particularly in the iat sheep and fat lamb section. All classes of stock dropped on the good prices of the last two sales. Store Sheep.—A very large entry for this time of year. The sale dragged a lot. Hoggets sold fairly well, but were down by Is. to 2s. per head. Not much more than a third of the total entry was sold at auction. Ewes and lambs sold at a drop .on last week. Sound and failing mouthed half-bred ewes and lambs made 19s. Bd., aged half-bred ewes with fair lambs 14s. to 14s. lid., aged three-quarter-bred ewes with lambs 13s. to 14s. 3d., inferior aged ewes with lambs 10s. 6d. to 12s. 8(1., good Corriedale ewe hoggets 315., good threequarter-bred ewe hoggets 355. to 375. 10d., three-quarter-bred ewe hoggets 325. to 345., half-ored wether hoggets 225. to 245. 7d., two and four-’ toothed half-bred wethers, 265. 3d to 275. Ils., four and six-toothed shorn wethers 21s. to 225. sd„ inferior two and four-toothed shorn • wethers 16s. 9a. to 20s. , Spring Lambs. —-An excess entry, <l5 head compare dwith 290 last week. There were far too many for butchers and a. drop of about ss. per head, to'the. level of three week’s ago, was recorded. The average value was about lOd. per lb. Prices ranged from 21s. to 335., the blilk realising from 255. to 28s. . Faf Sheep.—An exceptionally heavy entry of fourteen races, including South Canterbury and Southland sheep. A decline of about 2s. per head was averaged throughout, values, however, still being considerably better than three weeks ago. About 50 per cent, of the sheep were shorn. Extra prime wethers made to 465. 4d., prime wethers 365. 6d. to 405., medium wethers 335. 6d. to 365., light wethers 31s. to 335. 3d., extra prime ewes to 365. 10d.. prime ewes 30s. to 335., medium ewes 275. to 295. 6d., light ewes 235. to 265. 9d„ prime shorn wethers 30s. to 365. 10d., medium shorn wethers 30s. to 365; 10d., medium shorn wethers 235. 6d. to 285., prime woolly hoggets 295. 6<l. to 345. 10a. Fat Cattle.—Another heavy entry of 550 head, including South Otago, Southland, South Canterbury, and Chatham Islands cattle. The quality was good. Values were 20s. per head lower for steers and from 10s. to 15s. for cows and heifers. Extra good beef made to 40s. per 1001 b., prime 265. to 395., medium 335. to 355. 6a., heavy 325. 6d. to 355. 6d., rough down to 275. 6d. Extra heavy bullocks realised to £l9 12s. 6d., prime heavy steers £l5 to £l7 55., prime me-dium-weight steers £l3 15s. to £l6, medium quality steers £ll to £l3 55., light steers £8 to £lO, extra prime heifers to £l4 12s. 6(1., prime heifers £lO 10s. to £l2 10s., ordinary heifers £8 10s. to £lO 55.. light heifers £5 10s. to £B, extra prime cows to £l5 12s. 6d., prime cows £9 10s. to £l2, medium cows £6 15s. to £9 55., light cows £4 ss. to £6 10s. Runners realised £5 15s. to £6 10s., best calves £5 ss. to £5 10s., medium calves 30s. to £5. . Dairy Cattle.—A small entry and slightly harder prices. Best cows made £8 to £9 10s., medium cows £5 10s. to £7 10s., other cows £3 to £5; springing heifers. £4 to £8 10s.; old cows in profit, 15s. to £5 ss. Store Cattle.—Three-year steers made to £9, 18-month heifers to £2, fresh young cows £4 to £5, others 30s. to £3 10s. Fat Pigs.—A medium entry. Ihe market opened easier, but hardened for baconers. Choppers made £3 6s. to £5, baconers £3 15s. to £5 15s„ extra heavy to £6 ss. 6d. (average price per lb. /Jd. to B|d.), porkers 48s. to 725. 6d. (average per lb. 81d. to 9d.). Store Pigs.—A large entry and lower values. IVeaners made 15s. to 245., best to 335., small stores 345. to 375., others 395. to 445.; extra to 525. 6d., sows in pig to £7 2s. 6d. JOHNSONVILLE STOCK SALE Messrs. Abraham and Williams Ltd. and Wright, Stephenson and Co. Ltd. report as follows on the Johnsonville sale, held yesterday: A medium yarding of sheep and cattle came forward. Quality was well represented, but bidding was inclined to be slow, although everything changed hands at prices below last week’s quotations. Quotations: Bullocks, £l3 10s., £l4 2s. 6d., £l4 10s„ £l4 17s. 6(1., £l5. £l5 155., £l6. £l6 2s. 6d„ £l6 7s. 6d„ £l7 2s. 6d., £l7 155., £lB to £2O. Vealers: 165., 275. to £2 16s. Cows: £6 10s. to £lO. Shorn wethers: 265., 275., 30s. 4d. to 31s. 3d. Woolly wethers; 375. 6d. to 375. 10<l. Shorn ewes: ?Ss. 3d. .to 255. Woolly ewes: 295., 59 s. 2d. to 30s. Spring lambs: 265., 275. 3d., 275. 6d., 275. 10d., 28s. to 295. STOCK SALES Messrs. Dalgety and Company, Limited, Palmerston North, report:—At the Bulls sale on October 18. there was a small yarding of sheep and a moderate entry cattle. Quotations: Empty woolly ewes. 16s. 7d.; fat woolly ewes, 245. 9d.; fat shorn ewes, 195.; light fat shorn wethers. 235. 6d.; mixed hoggets, 245. 6d.; light fat cows, .£5: light fat heifers. £7; sprinprinEr heifers. £4 55.. £5 10s.. £6 12s. 6d„ £7, £8 to £8 10s.; bulls, £4, £4 55.. £7, £8 10s. to 12 guineas; porkers, £2 18s.; large store pigs, £2 10s.; slips, 28b. At the Ashhurst sale on October 20 there was a small yarding of sheep and a fair entry of cattle. Quotations: Fat and forward woolly ewes, 18s. 6d. to 235. 6d.; springing heifers, £4 iss„ £5 55., to £8 55.: pedigree yearling Jersey bulls, 9 guineas: 2-year Jersey bulls. £5 10s.. 7 guineas, £8 to £9; fat cows. 5 guineas to £7 155.: cows and calves, £3 17s. 6d.; store cows, 255. to 305.: forward cows, £2 12s. 6d Messrs. Abraham and Williams, Ltd., report having held a very successful clearing sale at Marton on October 21. on account of Messrs. Brown Bros. There was a good attendance, buyers being present from Taranaki, Main Trunk, Hawke’s Bay, etc., though the majority of the stock, etc., was absorbed locally. The hoggets came forward in tip-top order, and the 2000 sold averaged 245. 3d. The horses were also in good order, and elicited keen competition. We quote:— Wether hoggets, 235. 2d. to 265.; ewe hoggets, 265. 4d. to 265. 7(1.; m.s. hoggets, 20s. 6d.: dairy cows, £5 to £7 ss. ; springing heifer, £7 55.; yearling heifer, £2 12s. 6(1.; draught horses, aged geldings, £29 to £3B; lighter sorts, £2O to £26; pony, £6. DAIRY PRODUCE MARKET Messrs. M. A. Eliott. Limited, Palmerston North, have, received the following cabled advice from their London agents: —Hutter: New Zealand. 1445. to 1465.; market quiet.

COMMERCIAL ITEMS

WELLINGTON STOCK EXCHANGE

YESTERDAY’S BUSINESS

AND PRICES

For file second day in succession there were no transactions recorded on the Wellington Stock Exchange at either the morning or afternoon calls, there was a good general demand for shares nt "full market rates. For Government stocks and bonds there were bids of £96 for the 4| per cents., and £lOO ss. for the 51 per cents. Wellington Racing Club debentures were firm at £lO6, and N.Z. Breweries 10 per cent, bonds at 235. 6(1. Bank shares were steady, with buyers of Bank of New Zealand at £3, U liion Bank at £l5 2s. 6(1., and Western Australian Bank at 575., cum. dividend. Sellers quoted £45 7s. 6d. for Bank of New South Wales, and £7 Is. for National Bank of New Zealand. Financial shares were in good demand. Goldsbrough Mort, and Co.’s shares were wanted at. 50s. 6d;, N.Z. Guarantee Corporation ordinary at 10s. 3d., Equitable Building at £9 2s. 6(|., Wellington Trust and Loan at £6 95., Wellington Investment at 10s. 5d., and N.Z. Investment at 9s. 3d. There was more inquiry for gas shares, with buyers of Christchurch Gas at 235. 8d„ Wellington Gas ordinary at 265. 6d., and preference at 165.; N.Z. Refrigerating shares, 10s. paid, were a penny higher at 6s. 4d. Union Steam preference shares were wanted at 205., and P. and O. Deferred Stock at £248. Breweries shares were in good demand, with bids of 51s. for N.Z. Breweries, 375. 3d. for Staples and Co., and 425. 6d. for Ward and Co. Howard Smith shares were in demand at 325., N.Z. Farmers’ Fertiliser at 925., ami Wilson’s Cement at 335. 3d. Yesterday’s buying and selling quotation’s were as under:— „ Buyers. Sellers.

SALES IN OTHER CENTRES By Telegraph.—Press association. Auckland, October 27. Sales.—New Zealand Breweries, 245.; Union Bank of Australia, £l5 45.; Bank of Western Australia, 575. 9d.; faupiri Coal, 225. 9d. ; Auckland Gas, 235. 10d.; Electrolytic Zinc (pref.), 375. 3d.; M’lne and Choyce debenture stock, 24§.; \Vilson’s Cement, 335. 3d.; Alburnia,. 4s. 4d.; Kawarau, 2s. 7d.; Lucky Shot (contnb.), 9d ■ New Zeehan Consolidated, Is. 6d. Dunedin, October 27. Sales.—Kawarau, 2s. Bd.; P. and O. deferred stock, .£250. ELECTROLYTIC ZINC CO. The Electrolytic Zinc Company of Australia, Ltd., in which a good deal of New Zealand capital is now invested, has done remarkably well recently, partly owing to the liberality on the part ot the British Government in agreeing to take spelter and zinc concentrates obtained in Australia,, and partly owing to the exceedingly high level of market prices. The net profits of the company for the year ended June 30 last amounted to £420,000, and contrasts with £3 380 for the preceding year, and £34>l,<i4S for 1923-24. Dividends have been on an increasing scale, and .£311,845 was disbursed last year, or nearly twice as much as in 1923-24. Since then substantial additions have been made to the equalisation reserve, as it now amounts to ,£160,000. The debenture sinking fund, stands at £55,282, and a depreciation and renewal fund amounts to against .£442,727 last year. No working account is shown, but the profits brought in from it were £552,973, against £510.073 for the previous year. The provision made for taxes is £49,550, or some £13,000 more than last year. With £!(».- 932 brought forward, the directors had available £586.631. Dividends Nos. 8 and 9 absorbed £311.845, and since the close of the financial year dividend No. 10 has been paid, and absorbed £156,000. Out of profits the directors have written £20,000 off research and development account, added £12,100 to the debenture sinking fund reserve, and £441.000 to the equalisation reserve, while £2O 000 hns been allotted towards new plant. The balance carried forward is £°61186 Capital at £2,600,000 is uncharged. as is also the debenture account of £404,033. Provision for taxation amounts to £3D.095, and sundry creditors account for £211,127. Deposits with the company and accrued interest have declined from £415,522 to £242,269. while hank overdraft, which last year was £56,692, has disappeared. The assets of the company are stated at £4.618,743, the largest items being machinery and plant at cost £2,676,795, mine account £379,195, research and development work £190,920; stores, fuel, etc, £166,923; zinc concentiates, £281.001; products and by-products £314,875. ROYAL BANK OF AUSTRALIA The net profit earned by the Royal Bank of Australia Ltd. for the halfyear ended September 30 amounted to £53,832, as compared with £48,170 for the corresponding half of last year. The dividend for the half-year is at the usual rate of 10 per cent, per annum; £15,000 has been transferred to the reserve fund, raising that fund to .£665,000, and the balance of £1332, added to the amount brought forward, gives £29,367, which is carried to the new account. The deposits total £4.953,765. against £4,604.125. The coin and cash balances amount to £1,290,095, against £1,263,878, Government and other public stock £700.802, against £575,000; bills, etc., payable in London £246,487, against £382.577; and advances £4.488,663. against £4,286,7’2. CUSTOMS REVENUE. The Customs revenue collected at the port of Wellington yesterday totalled £14,987.

MATAMATA COUNTY COUNCIL LOAN Following out its programme of progressive road works, the Matamata County Council has accepted an offer by Messrs. J. B. Were and Son, finance brokers, 349 Collins Street, Melbourne, of a loan of £30,000 at 52 per cent., with a currency of 36J years, and sinking fund of £1 per cent. The programme nrovides for a total expenditure of £160,000, of which £60,000 was borrowed a year ago, and which has now teen exhausted. EXCHANGE BATES. London, October 25. Foreign rates of exchange on October 25. as compared with par rates, or as averaged first half of 1914, are as follow: — Oct. 25. Oct. 21. Par.

London, October 25. Copper—On spot, £5B Bs. 9d. per ton; forward delivery, £59 6s. 3d. Lead—£3o 10s. in both positions. Spelter—£34 2s. 6d. and £34 6s. Bd. Tin—£3lo 12s. 6d. and £3O-4 12s. 6d. Silver—Standard, 24 9-16 d.; fine, 261(1. per ounce. PRICE OF GOLD; (Rec. October 26. 8.10 n.m.) London, October 26. The price of gold is £4 4s. Hid. per ounce.

N.Z. GOVT. LOANS— £ d. £ 8. d. 4k n.e. Ins. Stk., 1939 96 0 0 96 10 0 p.c. ditto, 1938 .... 90 0 0 — 5k p.c. ditto, 1933 .... 100 0 100 10 0 4k n.e. Bonds, 1939 .. 96 5 0 41 p.c. ditto, 1938 .... 96 5 0 —• 54 p.c. ditto. 1933 .... 100 *) 0 DEBENTURES— Well. Racing Club .. 106 0 0 — N.Z. Breweries (bonds) 1 3 6 — BANKS— National of N.Z 7 1 0 New South Wales ... 45 7 6 New Zealand 3 0 0 3 0 6 Union of Australia .. 15 2 6 —— Western Australian (cum.) 2 17 0 —- . FINANCIAL— Goldsbrough Mort ... Z 10 6 Equitable Building .. 6 —- N.Z. Guarantee Corp. (ord., 8s.) 0 10 3 N.Z. Invest., Mortgage, and Deposit 0 9 3 N.Z. Loan and Merc. I, ■■■ 95 0 0 Well, investment. T. 0 10 5 —1 — Well. Trust, Loan ,. 6 9 0 •— Well. Deposit and Mortgage 0 10 4 GAS— Christchurch 1 8 8 Wellington (ord.) .... 1 6 6 1 7 0 Ditto (pref.) 0 16 0 0 16 6 MEAT PRESERVING— N.Z. Refrigerat. (10s.) 0 6 4 1 17 6 transport— Iluddart-Parker (ord.) —— 2 8 6 Union Steam (pref.).. 1 0 0 1 0 6 P. and O. def. stock.. 248 0 0 254 0 0 TIMBER— 1 1. 0 17 0 BREWERIES— Manning and Co —— 1 1 9 N.Z. Breweries ....<. o 11 0 2 12 6 Staples and Co 1 17 3 1 18 0 2 6 2 4 0 MISCELLANEOUS— Electrolvtic Zinc (ord.) —— 1 16 9 Ditto (pref.) ........ 1 17 6 Howard Smith 1 12 0 — Wairarapa Farmers’ /’nrpf 1 —. ■ 0 17 0 ! IP It,!. J • Wilson s ■ Cement .. . 1 13 3 — N.Z. Farmers’ Fer4 12 0 4 13 0 MINING— Blackwater Mines ... —• 0 6 6 Kawarau 0 2 . 6 —

4.84J 4.866 £1 4.843 Montreal, dols. to £1 4.841 4.84J 4.866 Paris, francs to £1 158.13 161.63 25.221 Brussels, francs to £1 174.13 153.13 25.224 Amsterdam, florins to £1 12.12 12.125 12.107 Stockholm, knr. to • £1 18.15 18.14 18.12 Oslo, knr. to £1 ... 19.50 19.50 18.12 Copenhagen, knr. to £1 - 18.23 18.23 18.12 Berlin, Reichsmark to £1 .: 20.38 20.38 Rome, lire to £1 ... 107.50 111.63 25.22 Yokohama, pence to yen ..... 241 24 3-16 24.48 Calcutta, pence to rupee Hong-Kong, pence to dol. 175 ' 173 24 23 223 24 Batavia, florins to £1 12.08J 12.085 - PRICES OF METALS.