FARM & COMMERCIAL

Dominion, Volume 20, Issue 78, 27 December 1926, Page 12

FARM & COMMERCIAL

NEWS AND NOTES

FARMING INTERESTS BUTTER AND CHEESE LONDON QUOTATIONS. (Rec. December 26, 5.5 p.m.) London, December 23. The butter market is quiet. New Zealand, control prices 170 s. to 1725. per cwt. for finest and 160 s. to 1645, for stored. Australian, choicest salted, 161 s, to 1705.; unsalted, 1675. to 1725. Danish is very firm at 182 s. The cheese market is slow. New Zealand, 955. to 965. per cwt.; Australian, coloured 935., white 955. DAIRY PRODUCE MARKET Messrs. Dalgety and Co., Ltd., report having received the following cablegram from their London house under date of December 23:— Butter.—More inquiry. We quote: Danish, 178 s. to 182 s. (188 s. Australian finest salted, 1645. to 170 s. (168 s. to 170 s.); unsalted, 168 s. to 1725. (1725.); New Zealand Control Board minimum price for finest 1725.. first grade 1705., New Zealand stored 160 s. to 1645. Cheese.—Market steady at present prices. We quote: Canadian white, 925. to 98s. (925. to 985.); coloured, 945. to 98s. (925. to 985.); New Zealand Control Board, minimum price for finest white and coloured, 965.; first grade white and coloured, 955. Since receiving the above a further cable advice has been received from our London office that butter prices are 2s. per cwt. higher.

FROZEN AND CHILLED MEAT LONDON QUOTATIONS, (Rec. December 26, 5.5 p.m.) London, December 24. Sheep. Canterbury, light 6|d. per lb., medium 6d., heavy 5Jd.; New Zealand ewes, 41d. Australian, firsts 4Jd., seconds, 4jd.; ewes, 4d. Argentine, light s}<l., medium 5d.; ewes 4£d. Lambs. Australian, firsts and other* States, 7Jd. Chilled Beef. Argentine, fores 3Jd., hinds 6jd. Other meats are unchanged. Messrs. M. A. Eliott Ltd., Palmerston North, have received cable advice from their London agents of the following Smithfield prices for the week ending December 24 (these prices are on the “delivered" basis, that is, including storage charges, cartage, etc.):—Best North Island prime lambs, up to 361 b. 9?d„ 361 b. to 421 b. BJd., 421 b. to 501 b. 63d.; ordinary North Island lambs, up to 421 b. Bjd., second quality, up to 421 b., BJd.; best North Island wethers and/or maiden owes, 481 b. to 561 b. 6Jd., 561 b. to 641 b. 6J-d., 641 b fo 721 b. s|d., ever 721 b. 5-5 d.; ordinary North Island wethers and/or maiden ewes, 481 b. to 561 b. 5Jd., 561 b. to 641 b. 5Jd„ 641 b. to 721 b. 5Jd., over 721 b. 51d.; North Island ewes, up to 641 b. 4d.. 611 b. to 721 b. 3Jd. over 721 b. 3|d.; New Zealand prime ox href (equal fores and hinds), 1601 b. to 2201 b., 4Jd. Remarks: Nominally prices are unchanged. Messrs. Dalgety and Co., Ltd., have received the following cablegram from their London house under date December 23: Frozen meat market unchanged owing to holidays. Messrs. A. 11. Turnbull and Co. have received a cablegram from their principals. Messrs. W. Weddel and Co.. Ltd., dated London, December 22, reading as follows:—Danish butter, 178 s. to 182 s. (last week 186 s. to 188 s.); N.Z. salted butter, 170 s. to 1725. (170 s. to 1725.); market quiet.; N.Z. first grade stored salted, 160 s. to 1615.; N.Z. cheese, white and .coloured, 955. to 965. (955. to 965.); mar’ket slow; Canadian cheese, white and coloured, 945. to 98s. (945. to 985.); market steady. Messrs. Levin and Co., Ltd., have received the following cablegram from their London agents dated December 23: The market for lamb is unchanged, whilst lor mutton there is a hardening tendency, particularly for light-weights. The increased demand for mutton reported last week is fully maintained. The Now Zealand Loan and Mercantile Agency Company, Limited, have received the following cablegrams from their London house, under date December 23 :— New Zealand frozen meat:— Lamb, 9jd. per lb. average. Mutton, 6jd. per lb., wether and maiden ewe, light; 5Sd. per lb., wether and maiden ewe, heavy; 4{d. per lb., ewe, light; 4d. per lb., ewe, heavy. Market quiet. SMITHFIELD PRICES. The Now Zealand Meat producers’ Board has received the following cablegram from its London office, dated December 23, advising Smithfield delivered prices at that date as follow (previous week’s figures shown within parentheses): — N.Z. Wethers and Maidens.—Canterbury quality, selected brands: 561 b. and under, 6jd. (GJd., 6Jd.); 57 to 641 b., 6d. (">(d., 5Jd.); 65 to 721 b., s’d. (s|<l., 5)d.). Other brands: 561 b. and under, 51d. <5Jd„ 53d.); 57 to 641 b.. 53d. (5Jd.. sjd.); 65 to 721 b., 5Jd. (51d., 52d-)-N.Z. lilwes.—64lb. and under, 41d. (4d., 3DN.Z. Lambs.—Canterbury quality: 361 b. and under, IC-ld. (IOJd.. lOld.); 37 421 b., 9DI- (9M-, 9Jd.); 43 to 501 b., 7Jd. (7Jd., 7Jd); seconds, BJd. (Bjd., Bid.); Selected bronds: 361 b. and under, not quoted; 37 to 421 b., 82d. (83d., 88d.). ■N.Z. Beef—Ox fores, 3}d- (3jd, Sid.); ox hinds, 4d. (4d., 4d.). Argentine Chilled Beef. —Ox fores, 3 b d. '3id.. 4d.); ox hinds, 6gd. (6jd.. 61d.). Argentine Frozen Beef. —Ox fores, 3Jd. f3ld.. 34d.); ox hinds, 4J (41d., 41<1.). Frozen Pork.-80 to 1281 b.. 9d. (9d„ 9d.); 120 to 1801 b.. 81d. (81d., 81d.). SHIPMENTS FROM NEW ZEALAND. The Zealand Meat Producers’ Board reports the following shipments of frozen meat from New Zealand to the United Kingdom and Continent of Europe:—

LAMBING SEASON DOMINION ESTIMATES The following estimates of tlio current season’s lambing, together with the figures for the four previous years, are given in the "Abstract of Statistics” for December :— NORTH ISLAND. Percentage of Number

WOOL MARKET AT HOME NO BUSINESS PASSING AT BRADFORD. (Rec. December 26, 5.5 p.m.) , London, December 23. The Bradford wool market is quiet. There is no business passing and quotations are unaltered. LIKELY TO BECOME EASIER. Dominion Special. Auckland, December 24. "Now that the coal strike lias ended I expect the tone of the wool market in England will become easier," stated Mr. J. McD. Wright, wool buyer of Bradford, who arrived by the Rotorua from London to-day. He stated that the prices for coal had been exorbitant, and consequently manufacturers had not been buying up much wool.*Mr. Wright will attend this season's eales on behalf of English firms.

WESTFIELD STOCK SALE Messrs. Dalgety and Co., Ltd., report having held their weekly sale of fat stock at Westfield, Auckland, on December 21. as under:— Beef.—There was a heavy yarding, prices again being easier. Extra choice ox sold to 28s. per 1001 b.; choice and prime, 245. to 275.; just killable, 21s, to 235.; prime young cow and heifer beef, £1 2s. to £1 45.; just killable, 18s. to 21s. Sheep.—Were penned in less than average numbers, selling at improved prices. Considering it was the Christmas market, the yarding was small. Heavy prime wethers made 255. 6d. Medium, 225. to 245.; light and unfinished, 19s. to £1 Os. 6d.; heavy prime ewes, 17s. 6d.; lighter, 16s. 3d.; other ewes, 12s. to 14s. Lambs.—A good yarding, but the demand exceeded the supply. Values were better all round, and the sale improved as it progressed. A pen of extra choice lambs, on account of Messrs. H. S. Booker and Sons, topped the market at 275.; heavy prime lamb made 275.; medium, 235. to 255.; light, 18s. 6d. to 225. A pen of prime shorn lambs, on account of Mr. W. Duder, Clevedon, made 235. 3dCalves.—There was a fair yarding, which sold readily, especially the good quality calves. Runners made £4 17s. to £5 65.; heavy vealers, £3 14s. to £4 5e.; medium, £3 to £3 10s.; light, 1 18s. to £2 10s.; fresh dropped, 3s. to I "p'igs.— A very small yarding, there being little or no change in values for haconers, but porkers sold under keen competition. Choppers made £2 10s. to £4 10s.; heavy baconers, £3 13s. to £3 18s.; medium baconers, £3 10s. to £3 125.; light baconers, £3 ss. to £3 Bs.; heavy porkers, £3 to £3 45.; medium porkers £2 15s. to £3; light porkers, £2 10s. to £- Ils.

STOCK SALES The N.Z. Loan and Mercantile Agency Co., Ltd., report that at Levin sale on December 21 they offered a good yarding of sheep and a medium entry of cattle, and with the exception of one pen ot small 2-tooth wethers, a clearance was made at the following prices:—Fat ewes and wethers, 19s. to 225.; forward condition 4-tooth wethers, 20s. Id.; store 4tooth wethers, 18s. 9d.; medium 2tooth wethers, 16s Id- to 16s. 6d.; shorn ewes with lambs, 2<s. 6d.; IS-month sleers. £2 14s. to £1 . 55.; store cows, £2 to £2 10s-i springing heifers. £t>, bnlls £4 2s. 6d.; baconers, £3 Is.; porke“ i=,., .io™. 28.. «• <« 345.: good wenners. 18s. to 245. Messrs. Levin and Co., Ltd., report: At Rongotea on Wednesday a sma 1 yarding came forward for the last sale of the year. A poor sale resulted, except on pigs, which were keenly comnoted for. Quotations: Good weaner ptos 265. to 28s. 6d.; good stores, 38s„ Ss.7 to 515.; light fat cows, £3 2s. to £5 14s.

COMMERCIAL ITEMS EXCHANGE KATES. (Kec. December 26, 5.5 p.m.) London, December 23. Eoreigu rates of exchange on December *»3 ns compared with par rates,- or as averaged first half of 1914, are as follow:— Dec. 23. Dec. 16. Par.

WHEAT AND OTHER PRODUCE. (Rcc. December 2<f, 5.5 p.m.) ' London, December 23. Wheat —Cargoes are fully steady, but buyers are still reserved. Parcels are fullv firm. Australians nnd River Plates nre%till in demand and sales have been made at 555. 3d. to 555. 6d P« quarter, Liverpool futures: December, 11s. 4}d. per cental; March buyers, 10s. 6jd.; May buyers, 10s. 41d. Spot trade is slow, with a holiday tone. Flour is quiet. Australian, ex store, 4, Barley—Australian Chevalier, ex store Oats are steady, and peas and beans are quiet.

PRICES OR RAW MATERIALS. (Rec. December 2C, 5.5 p.m.) London, December 21. Cotton— Liverpool quotation for American middling upland cotton, January delivery, 6.6fd. per lb Rubber—Fine hard Para, IGid. per lb.- plantation first latex crepe and smoked ribbed sheet, lf>d. Jute—lndian native first marks, De. cembor-lanuary shipment, £3O 10s. per to New Zealand hemp—October-December shipment, £3B 10s. per ton Copra—South Sea. December-January shipment. £24 Ils. 3d. per ton. Linseed oil. £3l 10s. per ton., equal to 2s. CJd. per gallon. Turpentine. GOs. 3d. per cwt., equal to 4s. 6Jd. per gallon.

P. AND O. SHARES. (Rec. December 26, 5.5 p.m.) London, December 23. I’. and O. shares, £242. LONDON EGG TRADE. (Rec. December 26, 5.5 p.m.) London, December 23. The egg trade is very slow. Australia a 16s. to 18s. THE FRENCH VINTAGE. (Rcc. December 26, 5.5 p.m.) London, December 24. The "Daily Telegraph’s" Paris correspondent says official figures show that the yield of this year’s French vintage is considerably lower than last years. The total procluction of wine, excluding that of Alsace-Lorraine, is estimated at 40,564,101 hectolitres, compared with 62,411,680 hectolitres in 1925. MELBOURNE PRODUCE MARKET. Melbourne, December 23. Wheat: Quiet; ss. 41d. per bushel. Flour: old £l4 10s., new £l3 10s., cash ss. concession. Oats: Milling 2s. 10d., feed 2s. Bd. Barley: English 4s. 3d., 4s. 4!d. per bushel; Cape, feed, 2s. 9d. Potatoes: £lB, £2O per ton. Onions: £8 per ton. “FUTURES” MARKET FOR WOOL At the luncheon given by the Royal Colonial Institute about five or six weeks ago, Mr. N. Willey, prominent in the Yorkshire wool textile trade, made a plea for greater recognition cf the importance of the textile industry. He said the condition of trade in wool textiles had been affected by the decreased purchasing power of the work!, while other operative factors v.ere cheaper conversion costs abroad, vagaries of fashion, and relatively low price of cotton, as well as tariffs. Mr.. Willey added that the lack of statistics concerning the consumption, manipulation and distribution of wool was lamentable, and the tardiness of agreement on this question on the part of the wool textile trade of the country was a serious reflection on its efficiency. On the question of wool futures, Air. Willey said: "I would like to urge the establishment of a future market. Wool alone among all the leading commodities has no futures market. The disastrous experiences of 1919 and 1924 were the result of this lack. The resources accessible to the trade are no longer adequate to attempting to lift a year s wool production in a few months. In the vears 1908-1909 the Australasian wool clip' was valued at about £17.500,000. The same clip on the 1924-25 values required about £68,600,000 to lift it. The obvious alternative is to extend the selling season in primary markets. It has been urged that this ought to have been done in any case. At all events, it must be admitted that the aim of a ‘futures’ market is fo straighten the price curve, and thereby attempt to correct intermittent employment. Violent price fluctuations curtail merchandise distribution. The modern form of reconstruction and fusion yields increased service to the community nnd lower prices of commodities.” So far as New Zealand is concerned, the wool brokers would I e delighted to see the selling season extended for two or even three months, but the buyers are against such an extension, for they desire to return to their homo towns in Europe and elsewhere to consult with their principals and return before the new selling season begins. Ihe establishment of a futures market for woo should not be a difficult matter if al! the parties were agreeable, tut some difficulty would, no doubt be experienced in breaking down the long established customs of the tradt.

Nov., 1920London .. W.C.U.K. Dec., 1-15— London .. Beef Mutton. Lamb. Pork. C’cs. 6062 3019 1202 Qre. ... 1358 ... 1520 93 C’cs. 32,842 35,627 C’cs. 17.286 9,522 54.286 Tl. to Dec. 15. 1920: London .. .. 1451 68.469 71,572 7264 W.C.U.K.. ... 1520 — 9,522 3019 Total for same period last year, viz., to Dec. 15, 1925 London . .. 64.127 380.614 183,741 570 W.C.U.K. 48.397 20,162 3,780 — Havre .... . 16.651 — — — Antwerp .- 19.572 •— —— — Genoa .... . 21,258 ——

Year. Breeding ewes. lambing. of lambs. Lambs tailed. 1922 , (1,771,482 ' 110.30 0,118,530 5,955,081 1923 . ,. 7,170,154 91.34 0,549,143 0,049,054 6,170,073 1924 . ,. 7,148.049 85.00 0.199,881 1925 , .. 7.403,735 85,04 0,391,812 6,345,218 192G , 7,503,200 84.35 6,329,338 SOUTH ISLAND. — 1022 . 5,724,572 82.53 4,724,475 4,940,440 1923 . .. 5,802,849 83.99 4,949,313 4,902,063 1924 . ,. 5,927,145 87.87 5,2'8,378 4,914.040 5,267,260 1925 . .. 0.251,488 78.01 5,090,562 192G . .. 6,445,052 84.79 5,46u,361 DOMINION. — 1922 < ,.12,490,054 80.77 10,843,005 10,895,521 1923 < ,.13,063,003 88.02 11.498,450 11,133,336 1924 . . .13,070,004 80.14 11.258,030 11.467,147 1925 , ..13,715,223 82.43 11,305,858 11,435,780 192G ..13,048,252 84.57 11,794,699 —

Now York, dots. 1.85 5-10 4.85 5-10 4.800 Montreal, dels, to ,1! 1 4.S5& 4.85J 4.800 Paris, francs to 122.23 121 25.22} Brussels, belgas to £■ 1 • 31.88 34.88 — Amsterdam, florins to £t 12.131 12.13 12.107 Stockholm, knr. to p 1 18.15 18.10 18.12 Oslo. knr. to £1 19.29 19.22 18.12 Copenhagen, knr. f 0 pi 1S.21 18.21 18.12 Berlin. Retchs20.37 20.38 Rotne. lire to £1 108 108.15 Yokohama, pence to yen 241 24 3-10 24.48 Calcutta, pence to rupee 17 15-10 17J 24 Hong-Kong, pence to dollar 23} 23* 24 Batavia, florins to £1 12.10 12.11 —