FARM & COMMERCIAL

Dominion, Volume 20, Issue 255, 27 July 1927, Page 14

FARM & COMMERCIAL

NEWS AND NOTES

AUCTION SALES TO-DAY. 25 Everton Terrace, 2.30 p.m.—Sale of 7roomed residence (Benge and Co. and J. H. Bethune). 67 Holloway Hoad, 10.30 a.m.—Sala of household furniture (Ramsey Wilson and Co.). 8 Willeston Street, 1.30 .m.—Salo of quilts, etc. (E. Johnston and Co.). 14 Brandon 'Street, 2.30 p.m.—Sale of sites, Lower Hutt (H. E. Leigh--157 Featherston Street, 2.30 p.m.—Sale of land (Finch, Webster, and Oswin). The *Farm, Shannon, noon—Clearing sale (Abraham and Williams, Ltd.) 106 Dixon Street. 1 p.m.—Sale of machinery (J. W. Foster and Co.). Johnsonville. —Stock sale. TO-MORROW. Lambton Quay, 2.30 p.m.—Sale of land (Harcourt and Co.). Addington Showgrounds, Christchurch, i noon.—Salo of Corriedale stud ewes (Dalgety and Wright, Stephenson, 1 and Co). Queen Street, Auckland, 11 am.—-Sale of Hudson Sedan cars (G. Walker). Otaki. —Stock sale. 8 Willeston Street, 10.30 a.m.-Sale of corrugated iron (E. Johnston and ,! Co,) ‘ ' FRIDAY. Dominioii Farmers’ Institute. 2.30 p.m — Salo of land, Hutt district (Horace Baker, Ltd.). — Dominion Farmers’ Institute, 2.30 p.m — Sale of patents (Horace Baker, Ltd.). CANTERBURY PRODUCE MARKET ' Christchurch, July 26. Potatoes were in slightly better demand over the week-end, a tew July ea '®. B taking place at £4 15s. a ton, a, 2s. 6a. advance, but to-day the market is back to the preceding week s level of £A 6d Forward sellers commenced operating when the firming developed, and not much of thia was n»eded to ease the market. August-Scptcmbers are, quoted at £5 a ton f.o.b. 8.1., values on trucks being about £3 10a. A buyer of Dakotas had some difficulty in filling his needs ■with this variety, and paid up to £5 17s. 6d. a ton f.o.b. S.I. The Wingatui, which leaves to-morrow from Lyttelton, is expected to take between 7000 and 8000 sacks, this vessel being the last of this month, llic Waipiata has sailed for Timaru direct with 4135 sacks- , . , . Oats are very dull, /August-September A Gartons having been sold at 3s. 3d. to 3s. 34d., and B’s at 3a. f.o.b. S.I. Chaff is also easier, thpre being fair quantities offering at present from £3 10s. to £3 12a. 6d.—the on-truck quotation. Wheat is very firm, and there seema to be little about. Fowl wheat has been sold at 6s. 6d. f.o.b. for August-September. There is no move in the seed market.

FARMING INTERESTS

WOOL MARKET BRADFORD QUOTATIONS MAINTAINED. London, July 25. On the Bradford tops market business is limited, but all quotations are being firmly maintained. SHIPMENTS OF MEAT FROM SOUTH AMERICA v The New Zealand Meat Producers’ Board has received a cablegram from its representative at' Buenos Aires. South America, advising the following shipments to the United Kingdom for the four weeks ended July 21, from Argentine and Uruguay: 654.850 quarters chilled beef; 29.593 quarters frozen beef; 110,949 carcasses frozen mutton; 117,400 carcasses frozen lamb. The quantity shipped to the Continent of Europe during the same Fpriod was as follows: 255,068 quarters rozen beef; 13,066 carcasses frozen mutton; 1760 carcasses frozen lamb. DAIRY PRODUCE Messrs. J. and J. Lonsdale and Co. Ltd., London, have advised their agents, Messrs. A. S'. Paterson and Co. Ltd. by cablegram, that the butter market is quiet at 158s...cheese firmer at 925. Messrs. Joseph Nathan and Co. Ltd. have received the following cabled advice from, their’ London bouse under date July 25: New-Zealand batter 1565. to 1585., quiet; New Zealand cheese, 925., firm.

COMMERCIAL ITEMS

WELLINGTON STOCK EXCHANGE YESTERDAY’S BUSINESS AND PRICES At the afternoon call yesterday sales were reported of New Zealand Breweries (10 per cent, bonds), two parcels, at 235. 7d., and New Zealand Guarantee Corporation (ordinary) at 9s. There was a moderate demand for Government stocks and bonds, the 4$ per cents, at £96 12s. (Id. and the 5) per cents, at £lOl 2s. 6d. Wellington Gas (debentures) were firm at £9B, and Now Zealand Breweries (10 per cent, bonds) at 235. sd. Bank shares were slow, with blds of £6 17s. for Commercial Bank (preference), £44 las. for Bank of New South Wales, 58s. 3d. for Bank of New Zealand, and 16s. for Bank of New Zealand shares, 10s. paid. Sellers quoted £l4 16s. for Bank of Australasia, £l7 6s. for National Bank of Australasia (£llO paid), and £l5 12s. (cum. dividend) for Union Bank. Goldsbrough Mort and Co.’s rights were wanted at Bs. 9d„ Equitable Building at £8 155., New Zealand Guarantee Corporation (ordinary) at Bs. lid., and Now Zealand Investment at 9s. 3d. There were buyers of Christchurch Gns at 245., National Insurance at £3 165., Gear Meat at 355.' 9d., HuddartI’arkcr (ordinary) at 475. od., and Union Steam (preference) at 20s. Coal shares wore steady, with buyers of Westport Coal at 335., Westport-Stockton (ordinary) | nt la. 4d., and preference at 2s. od., and Walpa Coal at 145., a rise of 3d. There Were buyers of National Timber at 11®.' ltd.. Crown Brewery at, 12s. (id., C. M. Banks (ordinary) at 225., D.I.C. (preference) at 20s. 9d., Taranaki Oil at <s., Wairarapa Farmers’ (preference) at Ils. od., and Wilson’s Cement at 345. Yesterday’s buying and selling quota-

SALES IN OTHER CENTRES By TELUGKAt’II.— I’ItESS ASSOCIATION Auckland, July 26. Sales.—New Zealand Inscribed Stock (1938), 4J per cent., £96 155.; New Zealand Inscribed Stock. 4J per cent.. £96 155.; New Zealand Breweries debentures, 253. 6d.- National Bank of New Zealand, £6 16s. 3d.; Bunk of New South Wales, £45 2s 6d.: South British Insurance, 565. 6d.; HuddarH’arker, 475. 9d.; Bill and Plummer, 225.; Waihi, 20s. Christchurch, July 26. Sales Reported.—New Zealand Government 61 per cent. Inscribed Stock (1933), £lOl 2s. 6d.; New Zealand Breweries bonds, 235. 7d.; Commercial Bank of Australia, 295. Id.; National Bank of New Zealand. £6 165.; Union Bank. £l5 Us. (two parcels). . . ' „ ~ Sales.—Union Bank. Al 5 10s.; Goldsbrough Mort. 455. 3d.; Goldsbrough Mort (rights). 9s. 3d.; Union Htcam (pref.), 20s. Id.; Mason Struthers (tOs. paid), 10s. 9d. Dunedin, July 26. Sales.—Auckland Amusement Park (ord.). Us.; Kawarau, Is. Id. (two parcels). THE COMMONWEALTH BANK Earlier in the year Sir Ernest Hardy, comptroller of the Hank Of England, visited the Commonwealth by invitation, and discussed with the banking authorities the desirability of the Commonwealth Bank exercising the functions of a central bank. That matters in thia connection are developing is indicated by the fact that the directors of the Commonwealth Bauk decided, as from (he first week in July, to issue weekly statements of the assets and liabilities of the note issue department and of the general banking department. In this respect the Commonwealth Bank is following the example of the Bauk of England, the central banks qf Europe, and the Federal reserve banks of the. United States. The Commonwealth Bauk was established by a Labour Government, but the management of the.bank has been kept clear of politics, and it has been conducted in strict accord with sound banking principles.

BRITISH BEEF TRADE In the report of the Imperial Economic Committee on marketing and preparing for market of foodstuffs produced in the overseas parts of the Empire, is shown the comparative valuation >et by the demand of English consumers for various types of beei. It is stated that no inquiry into the British beef trade can proceed far without its becoming realised that tbo consumer has market , preferences and that, these are’ responsible for certain definite requirements in the quality of beef demanded. It is quite clear that there is. a preference and desire fot fresh killed meat. Some indications of this may bo gathered from a comparison of the average wholesale prices ruling in 1924 for 1 ecf on the London market, namely (per cwt.), Scotch short sides UBs„ English 935. 6d., English, cow and bull 735. 6d„ Irish Sis., Canadian and U.S.A. (U.K. port killed) 915., Argentine chilled hindquarters 645. t ditto, frozen. 525. 6d„ Australian frozen hindquarters 505., New Zealand frozen hindquarters 495. Furthermore, there is an ever-growing demand for smaller joints, which Ims been reflected tn the earlier ago at which beef cattle arc now marketed. Tlie highest class of demand is for carcasses from “blocky,” thick-set, animals of ' beef conformation,’ well finished, from two to three years old. > , EXCHANGE RATES. London, July 25. Foreign rates of exchange on July 25, ns compared with par rates, or ns averaged first halt of 1914. arc ns follow:— July 25. J uly 21. rar.

THE WHEAT MARKETS. (Rec. July 26, 7.35 p.m.) LonZon, July 25. Wheat.—Cargoes are unchanged, but demand is inactive. Parcels opened steady, but closed dull, with a decline of 3d. per quarter. Sales were made a.t 545. and 545. 4Jd. Liverpool futures: July-October shipment, 10s. llgd. per cental; December, 10s. lid.; March. 10b. IOJdA May. 10s. 9Jd. Now York, July 25. Chicago wheat futures: July, 1 dollar 101 cents per bushel; September. 1 dollar 38J cents; December. 1 dollar 41J cents.

NEW ZEALAND APPLES IN LONDON. London, July 25. A cargo of 5000 cases of Now Zealand apples, ex Taimii, which were coldstored at Southampton as an experiment., are now marketing in London in excellent condition. Prices realised were: Stunners, 17s. to 215.; Statesman, 20s. to 235.

PRICES OF METALS. (Rec. July 26, 7.35 p.m.) London, July 25. Copper.—On spot, £55 19s. 4jd. per ton; furward delivery, £56 ss. 7Jd. Lead, £24 7s. 6d. and £24 17s. 6d. Spoltot,; £29 Is. 3d. and £2B 13s. 9d. Tin, £2BB Ils. 3d. aud £283. Silver-Standard, 26 3-16 d. per ounce; line, 28id.

Sellers. £ 8. d. N.Z. GOVT. LOANS— Buyers. £ s. d. n.C. Ins. Stli., 1939 90 12 6 97 0 0 44 p.c. ditto, 1938 .... 96 12 6 97 0 0 54 n.c. ditto. 1933 .... —— 101 5 0 54 D.c. ditto. 1930 .... 101 2 G 101 5 0 44 p.c. Bonds, 1939 .. •— 97 2 6 44 p.c. ditto, 1933 .... — 97 2 6 44 p.c. ditto, 1930 .... 97 12 fl 54 p.c. ditto. 1936 ....101 o Q M* DEBENTURES— Wellington Gas 98 0 0 N.Z. Breweries (bonds 1 3 5 J— BANKS— .. — 14 16 0 Commercial of Aust. 6 17 0 —— ■ National of N.Z 6 17 0 National of Australasia (£10) New South Wales ... 44 15 0 17 6 0 45 2 6 2 18 3 Ditto “D” shares (10s paid) ••••• Union of Aust, (cum.) 0 16 0 15 12 0 FINANCIAL— Goldsbrough Mort (rights) Equitable Building .. 0 8 8 15 0 9 4 0 N.Z. Guarantee Corp. 0 8 11 0 9 3 N.Z. Investment 0 9 3 — N.Z. Loan and Merc. Agency (ord.) flj 0 0 Wtlgbt, StOphcnson (second lieu, 6 P-c. \ perpetual debentures) — 88 0 0 GASChristchurch 1 4 0 INSURANCE— 3 16 0 4 0 0 BIEAT PRESERVING— Gear 1 15 9 — N.Z. Refrlgerat. (10s.) — « 0 6 • TRANSPORT— Huddart-Parkcr (ord.) 2 7 9 Union Steam (pref.).. 1 0 0 WOOLLEN— Wellington (ord.) .... —— r» 7 o Ditto (£4 15s.) , — G10 COAT/— Westport 1 13 0 1 14 0 Westport-Stockton « (ord.) 0 1 4 Ditto (pref.) 0 2 9 —— 0 14 0 0 15 0 TIMBER— 14 0 Taringamutu — 10 0 National 0 11 6 —• BREWERIES— 0 12 n* ■ Ward and Co 2 0 0

miscellaneous— C. M. Bunks , (ord.) .. Burns, Philp, mid Co. 12* 1 19 0 Pent.11 mid Medical .. ——. 0 10 0 10 9 ... ~~ Electrolytic Zine (pref.) 1 13 0 1 11 NZ.' Paper Mills .... —• 0 10 9 Sharland & Co. (ord.) —— 1 1 «* Taranaki Oil Fields .. 0 7 0 Wairarapa. !■ ormers 0 14. I* Wilson's Cement .... 1 11 0 — mining— - ■ .■ 1 0 0 Kawarau 0 10 0 —•

Brussels, bclgas to £1 Paris, francs to £1 34.93 124.05 34.93 124 22.22$ Stockholm, l;nr. to £1 18.121 18.13 18.12 Oslo, knr. to £1 1S.SU 18.79 18.12 Copenhagen, knr. to £1 18.15J 18.16 18.12 Berlin. Keiehsmark to £1 .. 20.40 20.43 » 1 ■ Ttoiiie, lire to £1 89.30 89.31 Calcutta, pence to \ rupee ' 171 17} 24 Yokohama, pence 23 932 23i 24 Hong-Kong, pence to dollar 24i 24} 24 Montreal, dollars to £1 4.8G 1-16 4.86 5-16 4.SG6 Xew York, dollars to £1 4.8513-16 4.S5J 4.866 Amsterdam, florins to £1 12.118 • 12.12 12.107 Batavia, florins to £1 12.12 12.12 /