FARM & COMMERCIAL

Dominion, Volume 20, Issue 297, 14 September 1927, Page 14

FARM & COMMERCIAL

NEWS AND NOTES

AUCTION SALES TO-DAY. 113 Customhouse Quay, 2.30 p.m.—-Sale of property, Low 0 r Llutt :J. Al. Power). , Johnsonville stock sale. 8 Wil lesion Street 10.30 a.m. —Sale of cargo, ex “Westmoreland” (E, Johnston and Co.). TO-MORROW. P.N. Saloyurds; Blythewood.—Pedigree pig sale (Dalgety ami Co.). New Masonic Hall, 11 a.m. —Sale of oil pointings (E. Johnston and Co.) . 55 Sydney Street, Petone, 12.30 p.m.— Sale of hosoitai furniture and equipment (J. M. Pearson). Upper Hutt stock sale. FRIDAY. Raetihi salerooms. 3 p.m.—Sale of land Freeman R. Jackson)

FARMING INTERESTS

PRODUCE MARKETS CANTERBURY By Telegraph—Press Association. Christchurch, September 13. Potatoes are a, shade firmer for later months. To-day £6 a ton f.o.b. S.l. is being asked for October, arid though there is not much business being done at this figure, thoro aro no potatoes offering at less. . September remain at the week-end quotation of £5 ss. The Katoa, which sailed north from Lyttelton on Saturday, took a heavier consignment than expected—looo odd from here and 1500 from Tiiuaru. The Kurow is booked to sail on Thursday or Friday. Prices to farmers aro £1 a ton on trucks. It was reported during the week that. Australia was inquiring for oats, and the price hardened a penny. However, no business eventuated, and values to-day aro back at the original level of 2s. lid. f.o.b. S.l. for B’s, and 3s. 2d, lor A-'s. Wheat is in firm demand for the poultry trade at 6s. 7<l. f.o.b. S.l. Tho cocksfoot rush has eased off, and offers of Danish have died down. Cowgrass, ryegrass, and white clover, are in the position recorded at tho week-end. Values are firm, but there is little inquiry. AUCKLAND Dominion Special Service. Auckland, September 13. Stocks of potatoes on spot aro light and the market is distinctly firm At 10s. per tou. The oats market continues dull with, no Quotable change in values. B Gartons at 4s. 2d. per bushel ex store aro cheap feed, but even this rate does not seem to stimulate consumption. Chaff is inclined to be easier, as milder weather is restricting the demand. Maize is weaker owing to heavy supplies. Unions are unaltered. Wholesale current prices are as follow:—Local sharps. £8 ss. per ton. Australian, £9 10s. Bran, £5 15s. per ton. Oat pollard, £8 10s. per ton. Now Zealand oats, seed B Gartons, 4s. 2d.. A's 4s. sd. per bushel. Wheat, New Zealand, Bs. 6d. to Bs. 9d. Maize, ex store, 6b. 6d. to 6s. 9(1.: ex wharf. ss. 6d. per bushel. Barley, feed ss. 9d. per bushel. Cape seed 7s. 6d. per- bushel. Maizemeal, 16s. 6d. per 1001 b. Barley meal, 13s. per 1001 b. Chaff, Blenheim, good bright oaten chaff, £9 10s. per ton, ex store; Canterbury, £9 10s. Potatoes, table southern, £7 10s. per tou; seed Up-to-dates and Early Puritan, 9s. per cwt; Gamekeepr, Northern Star,

and Arran Chief. 75.; Early Rose, Beauty of Hebron and Robin Adair, 12s. Onions, Victorian. £lO 10s. per ton; repicked, £l2.

Messrs. Dalgety and Co.. Ltd., report having received the following cablegram from their London house, under date September 12:— Butter.—Market on spot very firm. We quote: 181 s. to 1825.; exceptional, 184 s. Prices aro expected to rise owing to delayed season in Australia and German demand for Danish, etc., but in view of the high range of values the future is likely to depend on the extent of the competition of margarine. Butter consumption is maintained for the present, in spite of its advancing retail -prices.. Cheese.—Market firm. We quote: Finest, 995. to 100 s. , , Messrs. Joseph Nathan and Co.. Ltd., report having received the following cablegram from their London house, dated September 12:—New Zealand butter, 1825.; New Zealand cheese, 100 s.; both markets firm. Messrs. J. and J. Lonsdale and Co., Ltd., London, have cabl'ed their agents. Messrs. A. S. Paterson and Co.. Ltd., as follows:— Butter and cheese firm, quiet; 1745. to 1765.; 100 s.

BRADFORD WOOL MARKET FIRM

(Bee. September 13, 8.20 p.m.) London, September 12. On the Bradford tops market there is a very firm confident tone, but new business is small.

Messrs. Dalgety and Co., Ltd., Palmerston North, report having a small entry of stock at their Marton sale on Monday. Quotations: Wether hogets, 235.; dairy cows, £5; dairy heifers, £7 10s. to £8 2s. 6d.; light fat cows, £4 IDs.

COMMERCIAL ITEMS

WELLINGTON STOCK EXCHANGE

YESTERDAY’S BUSINESS AND PRICES

At the afternoon call yesterday sales were reported of Bank of New Zealanil .shares at 58s. 3d., Metropolitan Permanent Building at .Cl::, and New Zealand Guarantee Corporation (preference) at 21s. (id., Government stocks anti bonds were very slow. .The 41 per cent . stocks were wanted at £96 2s. Cd., and the 51 per cent, bonds at £lOO 15s. There were buyers of Wellington Gas (debentures) at £9B 10s., • Petone and Lower Hutt Gas, 5| per cent, bonds were on sale at £99. Gisborne Shcepfarmers, 7) per cent, bonds) were wanted at £B5, and Dunedin City (5) per cents.) at £9B. Bank shares were steady, with buyers of Commercial Bank at 275. 9(1., National Bank of New Zealand nt. £6 13s. lid., Bank of New Zealand “D” shares at 2Cs. 3d. Sellers quoted £ll 15s. Cd. for Bank of Australasia, 5Ss. Cd. for Bank of New Zealand, ami £l5 Is. (id. for Union Bank. There were. buyers of Goldsbrough Mort and Co.’s shares at 445. Cd.. Equitable Building at £8 135., New Zealand Guarantee Corporation (ordinary) at 9s. 2d., and Wellington Investment at 10s. 3d. Gas shares were steady. There were bids of 225. (cum. rights) for Christchurchli Gas, and 275. Cd. lev Wellington Gas (ordinary), and 16s. Cd. for preference. Standard Insurance were firm at 60s. Meat shares were unchanged, with buyers of Gear Meat at 365. Cd., New Zealand Refrigerating (10s. paid) at Cs. 4d. P. and O. deferred stocks were wifntcd at £270. Wellington Woollen shares were firm, the ordinary at £5 17s. Cd., and the preference at £5 l.Ss. Cd. Westport Coal were firm at 335. 3d. There were buyers of Kauri Timber at 245., National Timber at 12s. 9(1., Tui Brewery at 38s. Cd., Britisli Tobacco at 545., Electrolytic Zinc (preference) at 285., New Zealand Drug at 635. Cd., Wairarapa Farmers’ preference at 14s. 3d., and Wilson's Cement at 355. Cd.

CUSTOMS REVENUE. The Customs revenue collected at the port of Wellington yesterday totalled £27,780. SALES IN OTHER CENTRES BY Telegraph.—press association Auckland, September 13. Sales: Bank of Australasia, £l4 145.; South British Insurance, 585.; Pukemlro Collieries, Ills.; Auckland Gas, 235.; Breweries shares, 445.; British Tobacco, 545. Oil.: Wilson's Portland Cement, St’s.; Kawarau, Bd.; Occidental Una United (contributing). Is. 5(1., Is. 6d., Is. fid.; Walhl, 225., 225. 6d., 225. Orl., 225. lOd., 235. Christchurch, September 13. Sales repo ted: Commercial Bank of Australia, 285.; British Tobacco, 545. fid.: National Bank of Australasia (£5 pnld), £8 7s. fid. Sales: Dnlgety and Co. (new), £l3; Goldsbroiigli Mort, 445. fid.; Kalapol (17s. paid), Bs. (two parcels). BURNS, PHILP AND CO. • An increase in business is shown by Burns. Philp and Co., Ltd., shipowners and merchants, for the year ended March XL Gross profits were £1697.076, which con-

trusts witli £684.041 in the previous year. Working expenses were £383.750. or slightly more than in tho preceding term. Depreciation totalled £108.736, and the balance at revenue account at flic end of tlie term was £204.589, compared with £206.385 in 1926. The balance brought forward was £31.385. Tile sum of £75.1X6 lias been transferred to reserve, against £50,000 in 1926. making that fund £575,000. Tlie dividend is again 10 per cent., and absorbs £137,500. leaving £23,474 to bo carried forward. The directors m their report state that, merchandise, shipping, mid agency operations during tho year showed further advancement. The outlook of the current term did not promise a marked improvement, but tho board hoped to be able to report some further progress During the year the company's capital was increased from £1,250,000 to £1,375,000, and reserve from £926,455 to £1.009.163. Casli credits are shown in tlie balance-sheet to amount to £82.672, and open liabilities ■ and bills £1,222,926, as compared with £1,372,365. Tlie largest asset—properties, shipping, investments, etc.-now amounts to £2.109,352, as compared with £2,071,024 a year ago, while merchandise, stock, and advances aggregate £783,206. against £631.083. and book debts and bills receivable £807,658, against £793,710. UNION BANK OF AUSTRALIA Tlie balance-sheet of the Union Bank of Australia, for the year ended February 28, shows that the gross profit for the period amounted to £1.506.462, and the expenses under all heads totalled £879.036, leaving a net profit of £627,426, to which must bo added £95.513 brought forward, making available £722.939. The interim dividend paid in January last absorbed £262,500, the sum of £50,000 is added to the reserve fund, and £50,000 has been set aside as provision for new buildings. The deposits according to the balance-sheet total £32,545,478, and the advances, etc., £29,088,976. Explaining the position at tlie annual meeting of shareholders held in London in July, Sir. 11. F Sturgis (chairman), stated that the increase in the bank advances which had taken place during the year was due to the further requirements of the bank's customers, and was well spread among the farming and trading community. Mr. Sturgis went on to say that with active trade following favourable seasons, there had been a great expansion of capital requirements by merchants and traders in Australia, ini eluding much activity in the building trade in capital cities. Tlie high cost of all capital outlay had led to considerable and sustained demands for money. That had been accentuated by the time payment system of sales. That system. _ at one time confined to one or two highpriced articles, had now been extended to small retail transactions. Tho general extravagance created by these conditions which was everywhere noticeable in Australia, occasioned some misgiving as to the future, when there might, bo a run of indifferent seasons; while tho immediate effect of the terms granted to every class of buyer was -to cause the large importing houses to lean on the banks for long periods. TARANAKI OIL FIELDS. LTD. Br Telegraph.—press association. Gisborne, September 13. Taranaki Oil Fields, Ltd.. report:— Waipu No. 2 well: Depth 2263 ft., in grey shale, good showing of gas; have withdrawn Bjin casing and found bottom length missing; now running 81in. casing and will drill un lost .joint or side-track, taking probably about two weeks. Gisborne No. 1 well: Depth 535 ft., in blue shale. THE WHEAT MARKETS. (Rec. September 13. 8.20 p.m.) London, September 12. Wheat.—Cargoes arc dull, mostly at 3d. per quarter decline, owing to lower American price and bearish Canadian crop reports. Parcels are in small inquiry, and fell is. to Is. 6d. Liverpool futures: October. 10s. 53d. per cental; December, lOS. 7d.; March. 10s, 7Jd.; May. 10s. sd. Chicago, September 12. Wheat: September. 1 dollar 30 cents per bushel; December, 1 dollar 34 cents; March, 1 dollar 37 i; cents. PRICES OF METALS. (Rec. September 12, 8.15 p.m.) London, September 12. Copper.—On spot, £54 6». IOJd. per ton: forward delivery, £54 18s. l)d.; electrolytic. £6l 15s. and £62 55.: wire bars, £62 ss. Lead. £2l 2s. 6d. and £2l Tss. Spelter. £27 Is. 3d. and £27. Tin. £2BB and £2Bl 2s. 6d. Silver.—Standard, 25jd. per ounce; fine, 27£d. EXCHANGE RATES. (ReiS September 13, 8.20 p.m.) London, September 12. Foreign rates of exchange on September 12. as compared with par rates, or as average first half of 1911, are as follow:—

Yesterday’s buying and selling quotations were as under:Buyers. Seilers. N.Z. GOVT. LOANS— 1 , s. d. £ 8. d. 41 p.c. Ins. Stic. 1939 96 0 (I 90 10 0 44 p.C. ditto, 1938 .... 96 *> 6 . 96 10 0 5A p.c. ditto. 193(5 .... — 41 )>.e. Bonds, 1938 .. —— 96 12 6 5J p.c. ditto, 1933 ..100 15 0 — 54 p.c. ditto. 1930 .. 00 15 0 —— 5 p.e. P.O. Ins. Stk., 19“9 — 99 7 6 DEBENTURES— Wellington Gas 98 10 0 — N.Z. Breweries (stofek) 1 10 Pctone/Lower Hutt Gas L. Board, 5J* p.c., 1957 99 0 0 Gisborne Sheepfarmers’ 74 p.e 85 0 0 Dunedin City, 5| p.c., 1934 98 0 0 Golden Bay "A" .... — 0 13 G Ditto “B” 0 12 0 0 15 0 Devonport Borough, 6 p.c., 1936 103 0 0 BANKS— .. — 11 15 6 Commercial of Aust. (ord.) 1 7 9 1 8 3 National of N.Z 6 15 6 —— , .1 o 18 6 Ditto “D” shares (£1 1 c Ditto (10s. paid) .... 0 16 3 — Union of Aust. ...... —— 15 1 G FINANCIAL— Goldsbrough Mort .. 4 C» 6 Equitable Building .. 8 lu 0 —— N.Z. Guarantee Corp. 0 9 0 9 .. Wellington Investment 0 10 o 0 10 8 Well. Trust, Loan .. —— 6 17 0 GAS— 1 0 »■. 0 0 9 Wellington (ord.) ... 1 7 6 0 16 6 0 17 0 INSURANCE— - IS G 3 0 0 MEAT PRESERVING— 1 lit 6 1 17 3 N.Z. Refrigcrat. (10s.) 0 6 4 Well. Meat. Exp- (ord.) —— 0 9 6 TRANSPORT— P. and O. def. stock... 170 e 0 2S5 0 0 WOOLLEN— Wellington (ord.) .... ' 1 .17 6 ——- Ditto (pref.) v> 18 6 COAL— Westport 1 13 ■* —— West port-Stockton (pref ) — 0 4 0 TIMBER— 1 4 0 «... Levland-O'Brieu ... 1 18 0 0 12 9 BREWERIES— -- o 4 3 Staples and Co — 1 19 Tui 1 18 6 —. ■9 0 0 MISCELLANEOUS— British Tobacco (ord.) •' 14 0 — Electrolytic Zinc (ord.) —— 1 9 G Ditto (pref.) 1 8 0 1 9 9 N.Z. Drug (cum.) ... o 3 6 —— N.Z. Paper Mills .... — 0 17 0 Wnirarnpa Farmers’ 0 1 ! »■ ■,. Wilson's Cement .... 1 15 6 — MINING— Mount Lyell I - 1 0 —- Walhi 1 3 1 {) 0

Sept. 12. Sept. 8. Tar. Brussels, belgas to £1 Paris, francs to 31.91 31.91 25 £ 1 121 124 25.22} Stockholm, knr. to £ 1 38.10 IS. 10 IS.12 Oslo, knr. to £1 Copenhagen, kur. to £1 18.40 18,42 IS. 12 18.16 1S.1G 1S.12 Berlin, Reichsmark to £1 .. 20.11 20.43 —— Koine, lire to £1 Calcutta, pence to 89.10 89.45 — IS 1715-16 24 Yokohama, pence 23123 5-16 24 Hong-Kong, pence to dollar Montreal, dollars 23 i 24 4.SG •t.SG 1-10 4.866 Now York, dollars to £ 1 Amsterdam, florins 4.S0 3-1G 4.80} 4.866 to £1 Batavia, florins to 12.13} 12.12} 12.107 £1 12.13} 12.13} 12.107