FARM & COMMERCIAL

Dominion, Volume 21, Issue 188, 11 May 1928, Page 12

FARM & COMMERCIAL

NEWS AND NOTES

AUCTION SALES TO-DAY. S Willeston Street, 1.30 p.m.—Sale of unclaimed cargo (E. Johnston and Co.) Clarkson’s Garage, Herbert Street, 10.30 a.m.—Sale of unused cars (E. Johuston and Co.) TO-MORROW. 257 Ohiro Road, Brooklyn, 1.30 p.m.— Sale of furniture (Silverstone and Co.) MONDAY. Grey town Saleyards.—Sale of land (Dalgety and Co.)

TALLOW SALES NOT HELD

(Australian Press Assn.—United Service)

(Rec. .May 10, 5.5 p.m.) London, May 9. The . tallow sales were not held, owing to the limited supplies.

Messrs. Dalgety and Company, Limited, report having received the following cablegram from their London house, under date May 9:—“Tallow: The market is quiet and unchanged.”

FRUIT MARKET

. SALES IN ARGENTINE. The New Zealand Fruit-export ' ContP Board have received a cablegram from (heir South American agents, reporting l hat the I’akelia and Devon shipments of apples arrived in good condition. The I’akelia sliipment contained 10,760 cases and tl>e Devon 14,992. The agents further advise that tlie Pakeha sliipment had been sold, and the approximate prices realised were equivalent to 20s. per ease, c.i.t'., Montevideo lor Delicious, and 18s. per case, •e.1.t., Montevideo, for Jonathan. No advice lias yet been received as to the prices for the Devon fruit.

FARMING INTERESTS LONDON WOOL SALES COMPETITION KEENER FOR ALL SORTS London, May 9. At the wool sales SOUS bales were offered, of which 3764 were Australian, and 4304 New Zealand. There was a good selection of merinos of spinners' descriptions, and a good average offering of greasy crossbreds and slipes. Competition for all sorts was keener than yesterday. Prices are unchanged. New Zealand clips: Mount Fortune, highest price 274(1., average 215 d.: Howard, 25Jd. and 20d.; Ara, 21d. and 20d. OTHER ADVICES The Department of Agriculture has received the following cablegram dated May 9, from the High Commissioner for New Zealand, London:—"Wool sales opened yesterday; large attendance from Home and Continental centres, and good general buying. Compared with last series, good Merino about unchanged: faulty sorts and tine crossbred, pur to 5 per cent, cheaper; medium crossbred and coarse crossbred, unchanged: slipe, 5 per cent, down.- Of total offerings, New Zealand 33,000. Australian 48.000 bales.” Messrs. Murray, Roberts, and Co.. Ltd., lire in receipt of the following wool market cablegram from their London agents, dated May 9:—"Market shows a hardening tendency; increased competition. Compared with last London sale’s closing rates, crossbred coarse market shows no material change.” Messrs. Levin and Co., Ltd., have received the following cablegram from their London agents, dated May 9: —"The auctions have opened with n large attendance of Homo and Continental buyers. Coinpetition is keen, especially from the Continent. As compared with the closing rates of March sales, the market generally for greasy wools is about, unchanged, except for fine balfbreds, which are from 5 per cent, to 74 per cent, lower. Slipe, lialfbred, and. three-quarter-bred lambs are also about 5 per eent. to 7J per cent, lower.” STOCK SALES MASTERTON. Messrs. Wright, Stephenson, and Co.. Ltd., report as follows on Wednesday's Mastertou sale:—We offered a fair yarding of sheep and a good entry of cattle to a large attendance. Sheep met with a very keen demand, lambs selling particularly well. The cattle yarded were of good quality and condition, and although the bidding was not. animated at times, most of the pens sold at values on a par with late rates. Following arc particulars of our entry:—Account W. O. Riddell, 5-year ewes r.w. S.D. rams, 325. to 325. Bd.; store bullocks, £8 10s. to £1(1 10s.; 2J-year steers. £7 Bs. to £7 155.; 18-inonths steers, £6 18s. to £7; 24-year I’.A. heifers, £(i 55.; Hereford heifers lu calf, £5 ,13s. ; cows in calf, £5 ss. to £5 Ils.; fat cows, £7 to £7 Bs.; forward cows, £5 to £5 155.; store cows, £2 10s. to £3 ss. The Walrarapa Farmers' Co-operative Association Ltd. report on Wednesday’s Masterton sales as follows:—We offered a good entry of about 600 sheep and 90 head ot cattle. Sheep again met with keen competition, especially any linos of lambs showing condition. Cattle also sold freely, fat cows and bullocks being in best demand. A line of 40 well-bred weaner steers realised £4 15s. to our list. Wc report: Sheep—lB6 shorn wether iambs, good, 235.; 272 fat lambs, 235.; 57 do., 255.; 5 do., 265.; 101 b.f. lambs, 245. Bd.; 22 do., 20s. 7d.; 79 wolly wether lambs, 20s. 7d.; 39 shorn wether lambs. 165.; 25 medium wether lambs, 16s. 6d.; 17 wethers, 275. Cattle: 8 fat bullocks, on account F. G. Maunseii, £l2; 4 do., on account F. G. Maunseii, £10; 1 fat bullock, £l2 10s.; 1 do., £9 10s.; 1 fat eow, £8 125.; 1 do., £7 10s.; 8 24-year Hereford heifers, .£5 Is. Gd.; 4 cows, r.w. bull, £5 2s. 6d.; store cows, 30S. to £3 17s. Gd.; 40 weaner Hereford and Hereford cross steers. £4 155.; 5 Hereford weaner steers, £3 65.; weaner Hereford heifers, £3 10s.; 1 Hereford bull, £4; 1 P.A. bull, £5. NATIONAL DAIRY SHOW During tho 2G years that the National Dairy Show has been in the hands of the Mnnawatu and West Coast Metropolitan A. jind P. Association, there have been many memorable events, and the forthcoming one, fixed for June 19 to 23, will probably mark another rod-letter function. Palmerston North is a meeting place par excellence, as is indicated by the regularly fixed annual gatherings of the various annual and poultry breed and other associations which are hold in specially provided accommodationat this famous show.

After a lapse of several years, the National Dairy Association lias arranged to hold its annual meeting and conference in the lecture hall at the show. The conference of North Island A. and P. Associations also will be held at and during the show, and it. Is estimated that there will be at least eight or nine bun-, dred delegates to one or other of the various meetings. Having Its own grounds on the spot, the A. and P. Association has always featured football matches and horse events, and this year a dog trial Is to be added. A very ' fine entertainment hall Inis been erected, and an attractive programme is in course Of preparation for its opening at the show. . . Space and general competitive entries are now being received. The Railway Department is .doing everything possible to induce outsiders to use the railways at excursion rates, and. in addition is running a farmers’ special train from the north. .All information, and. prize schedules may be obtained from the secretary, P.O. Box <B5. Palmerston North, post tree on application. < LONDON’S MEAT SUPPLY THREE MONTHS’ FIGURES. The; New Zealand Meat Producers Board has been advised by its London otlice that the supplies of .meat to the London Central markets during the three months ended March, and comparisons with the corresponding period of IOLt,

COMMERCIAL ITEMS

WELLINGTON STOCK EXCHANGE YESTERDAY’S BUSINESS AND PRICES At the morning call yesterday a sale of 54 per cent, stock (1936) at £lO9 12s. Gd. was made on ’Change, and a sale of New Zealand Insurance at 41s. Gd. was reported. At the afternoon call sales were reported of 4j per cent, bonds (1939) at £97 155., 4} per cent, bonds (1938) at £97 155., 5J per cent, bonds (1933) at £lOO JOs., Bank of New Zealand (two parcels) at 605., and Wellington Gas (ordinary) at 285., and preference at 16s. 9d. There was a good demand for Government securities, as is evidenced by the number of sales recorded above. The 44 per cents, were firm at £97 12s. 6d., tin: 5} per cents, at £99 and the 54 per cents, at £lOO 10s. Bank shares were linn and in general demand. There were buyers of Bank of Australasia at £l4 2s. Gd., and the rights at 605., Commercial Bank (ordinary) at 28s. 7(1., preference nt £7, National Bank of New Zealand at £7 2s. Gd., Commercial of Sydney at £2O 35., English. Scottish, and Australian at £8 75., Bank of New Zealand at 595. 10d., Bank of New Zealand "D” shares at 20s. Gd., and Union Bank (local register) at £l4 165., and Melbourne register £l4 10s. Gd. Financial shares were steady, but tlie blds are not high enough to attract sellers. Goldsbrough Mort were wanted at 50s. 3d.. Now Zealand Guarantee Corporation (ordinary) at Bs. 4d., preference at 20s. 9d., New Zealand Investment at Bs. Oil., ex-dividend. Wellington Investment, at 10s. 3d. and Wellington Trust and Loan at £6 155., a rise of 2s. 6d. There were bids of 41s. Cd. for New Zealand Insurance, and 595. Gd. for South British Insurance.

Wellington Gas were very firm, the ordinarv at 275. 9d.. and the preference at 16s. Gd. Meat shares were unchanged. Wellington Meat Export were in demand at 10s. Gd.. and New Zealand Refrigerating (20s. paid) at 17s. 4d„ and 10s. paid at Bs. Shipping shares were firm. Union Steam were wanted at 20s. 4d., and Hud-dart-Parker (ordinary) at 475. and preference at 20s. 9d. Woollen shares were unchanged. Kaiapoi Woollen (ordinary) were in demand at Bs. 9d., and Wellington Woollen (preference) at £6 Os. West-port-Stockton shares were Wanted, the ordinary at. 2s. 10d., and the preference at 3s. 3d. There were buyers of C. M. Banks (ordinary) at 12s. 3d., British Tobacco at 40s; 4d.. Burns, Philp. and Co. at 425. (cum. dividend), Burns; Philp (South Sea) at 255. (id.. Colonial Sugar at £5B 10s., Electrolytic Zine (ordinary) at 80s. (id., preference nt 325. 3d. Howard Smith at 20s. 9d. and Taranaki Oil at 7s. Gd. - Yesterday’s buying and selling quotations were as under: —, Buyers. Sellers.

SALES IN OTHER CENTRES BY TDLEGaAPn.— PEES 3 ASSOCIATION

Auckland, May 10. Sales—.l936, 5} per cent. £lo] ; Bank of New Zealand, 60s.* 3d.; Now Zealand Insurance, 41s, 3d.; Taupiri, 275. Gd.; Auckland Gas, 235. 3d.; Northern Steam Cou, 7s. 9d.; British Tobacco 415.; Hayward’s Pictures, 205.; Kemp* thorne-Prosser, 695. 3d.; New Zealand Refrigerating (con.), Ss. 4(1.; Wilson’s Cement, 395.; Ohinemuri, 7s. Id. Dunedin. May 10. Sale —Electrolytic Zinc (ord.), 31s. 3d. Sales reported—National Bank of Australasia (con.). £9 3s. Gd.; Dalgcty and Co., £l4 10s. (two). Christchurch, May 10. Sales—Commercial Bank of Sydney. £26 15s. (two parcels), £26 16s. Gd.; Bank of Australasia. £l4 4s.- Gd.; Commercial Bank of Australia, 2Sf>. b’d.: Stockton (pref.), 3s. 3d.; National Bunk of Australasia (£5 pd. cum. div.), £9 35.; N.Z. Refrigerating (contr.), Bs. 4d.; British Tobacco, 40s. 10d. (two parcels), 40s. lid.. 415.; Perdriau Rubber, 325. 3d.; Mahukipawa. Is. Gd. Sales reported—Commercial Bank of Sydney, £26 165.: N.Z. insurance. 41s. Gd.; N.Z. and River Plate. 305.; Union Steam (pref.). 2Os. Gd.: N.Z. Refrigerating (contr.). Ss. 4d. (three parcels), Bs. 3d.: N.Z. Drug Co., 695.

COMMONWEALTH DOLLAR LOAN

The Commonwealth Government Is again on the New York market for a dollar loan, the amount being 50,000,000 dollars at 41 per cent., with the Issue price to the public al 921, and a currency of 28 years. In August last the Commonwealth raised a 5 per cent, loan for 40.066.000 dollars at 98. pennies borrowing in London, where it raised £7,000.000 in July at 98. and £7,000.1'00 in November at 971, and there was also a conversion loan .for £11.711.000 hi April last year. All foreign loans flouted in (he United Stales, except those for Canada and Canadian provinces, carried 5 .per rent, interest and over. Must of the loans Issued on German account carried 6 per cent, or 7 per cent. To get money in New York at 4J per cent, is something of an achievement, but it is probably correct, that the lower rate is due to London investors paying a premium on the scrip of the last loan. In financial matters. New York is working very closely with London, and a greater number of British and foreign securities arc now quoted on the New York Exchange. No doubt the Commonwealth could have raised £10.000.000 in London, but it is more than likely that the Commonwealth has been advised to var.tiira ud on tha Naw Yor-k xaaxkaL axui

so relieve the Bank of England of anxiety, for it has presently to assume control of the £285,009,1)00 Treasury notes. The Commonwealth bonds were offered to the public by.the J. P. Morgan syndicate, which comprises some ot the leading banking and issuing houses. Loan procedures in New York and London differ. In London a loan is underwritten, tlie terms being arranged with the underwriting syndicate, and it is then' offered to the public for subscription. In New York, the issue is bought, outright on. agreed terms, and the members of the syndicate offer the bonds to the public at an advance. If the public do not buy up the bonds, the syndicate must nurse them. In London, it the publie do not. fully subscribe for an issue, Hie underwriters must make up the difference. In either case, the borrower is sure of his monev. The Commonwealth loan raised in New York will probably result in tho transfer of gold to London, as was the case after the issue of the Commonwealth loan for 40,000,000 dollars last year.

CUNARD SHIPPING COMPANY The salient feature of the Cunard Company’s report for 1927 is the increase in tlie net profits from £900,519 to £953,157. This increase, though small, is none the less satisfactory, and it is transmitted to the shareholders in the form of a 7| per cent, ordinary dividend, as against 6 per cent, for 192 G. Gross earnings have risen from £3,057,3GG to £3,339,713, these items including voyage accounts, Interest, dividend, etc.. Tlie expansion In gross earnings is ascribed io some expansion in first and third class passenger traffic, due in part to special group movements, and in part to structural alterations and improvements in the company's three largest ships. Atlantic freights west-bound showed little alteration, but east-bound there was a decline in volume, and also in rates. Outward cargoes in the Australian and Now Zealand services showed some contraction during the closing mouths of the year.

LEVER BROTHERS, LIMITED

The profits of Lever Brothers, Limited, for the year 1927, appear to have made a moderate recovery after the decline of 1926. The profit balance for the year was £5,390,287. which contrasts with £4,599,966 in 1926, and £5,556,868 in 1925. The dividend on tho preference shares absorbs £3,380,770, and the dividend on the ordinary and preferred ordinary shares, £1,634,760. According to a London journal, the capital structure of Lever Brothers, is more or less unique, for a concern of its size, £54,227.546, or 96 per cent, of an issued capital of £56,627,546, being in. the form of preference or preferred shares. The £2.400,000 ordinary shares —all privately hold—receive this vear a dividend of 5 per cent., against nothing in 1925 and 1926. Cash, 5 per cent. War Stock, and debts together exceed creditors by £1,579,850, as against £1.565,214 in 1926. Investments in associated companies figure in the balancesheet at £51,083,300, as compared with £50,457,316 a year ago, and shares in other companies at £7,385,149,. against £7,390,554. These investments gave- an average return of 9.6 per cent, in 1927, as compared .with 5.7 per cent, in 1926. BURNS, PHILP AND CO. For the year ended March 31, Burns, Philp, and Co., Ltd., earned £221,C12 net profit, against £204,589 in the previous year. Tho dividend is. again 10 per cent, for the year, but on increased capital requires £150,000. an advance of £12,500. The sum of £75,000 is added to the reserve fund, raising it to £850,000. and tho amount carried forward is £20,080. Expenses increased from £383,750 to £388.700, provision for depreciation from .£108.730 to £123.000, and gross profits, from £097,075 to £733.447. In their report tho directors state that although there was a falling oft’ in trade in Queensland during the past year, due to the effects of the severe drought, and ■ shipping earnings between Australia and the islands show a shrinkage, further progress was made in ' the company’s operations generally, with a net result in advance of .that attained in the previous year. The capital stands at £1.500.000. against £1,375.000 last year and £1,250.000 in 1925. The insurance reserve is .£457,035, against £435,103. and open liabilities total £1,229.894, against -.£1,911,577. The assets include, merchandise, stock, etc.. £787.598, against .£783.200; cash in hand £103,887. against £151.520; property, shipping, and shares £2,174.080, against £2.109,352; and sundry debtors £1,008,809, against £807,858.

AUSTRALIAN PRODUCE MARKET. By TEhEGBAPiI. - PnESS ASSOCIATION (Rec. Maj- 10, 7.30 p.m.) Sydney, May 10. Wheat—Growers’ bagged lots at couutrjslutions, ss. to ss. Old. per bushel: extruck Sydney ss. 7-Jd. to ss. Sd. Flour: Export trade lifeless: local, £l3 15s. per ton. Bran £7, pollard £8 per ton. Outs, Tasmanian Algerian 4s. lid. io 4s. 9d. per bushel, white 45., Bd. to 4s. lOd. Maize, 4s. 3d. per bushel. Potatoes, Tasmanian £5 10s. to £8 10s. per ton. Onions, Victorian, .£lO per ton. Adelaide. May 10. Wltcni- Growers’ lots. ss. 7ld. to ss. Sid. per bushel. Flour —Bakers' lots, .£l4 per ton; oats. 3s. 3d. per bushel. THE WHEAT MARKETS. t Australian Press Assn. —United Service.) (Rec. May 10, 5.5 p.m.) London, May 9. Wheat.—t.'argoes arc steadier, owing to labour troubles tn the Argentine, and have advanced 3d. to Gd. per quarter. Buyers are inactive. The Benicia’s brought Otis. 7)d. per quarter. Parcels tire inactive, hut unchanged Id price. Liverpool futures: May 10s. Jljd. per cental; July, Ils. 3 3-Bd.; October, Ils. 5 3-Sd. (Australian Press Association.) (Roe. May 10, 5.5 p.m.) Chicago. May 9. Wheat tut tiros: May. I dollar 581 cents per bushel: July. 1 dollar 59 cents; September, 1 dollar s" : i cents. LONDON Al’I’LE MARKET. (Australian Press Association.) tltee. May Jo, 5.5 p.ot.i LoaOon. Maj’ l‘. ’file B.’trrtil'oofs South Australian Jonathans brought IDs. to 12s. Gd. per ease; liilistoiis. Os. Gd. io 11s. (•„!.; Rcluettes, 10s. to Ils : Loudon Pippins, 10s. od. to Its. Gd.; Allristons. 9s. (id. to Ils. P. AND o. STOCK. (Rec. Ma.v 10, 5.5 p.m.) ~ , , , London. Maj- 9. V. and O. deterred stock, £252. CUSTOMS REVENUE. The Customs revenue collected at tho Wellington yesterday totalled i. 11,008. i

were as follow: — Description and Coun- Three try of Origin. 1928 Tonnage. months. 1027 Tonnage. BEEF AND VEAL. Britain and Ireland .. 12.(135 11,029 Australia ,‘;O 1 New Zeeland *>•■’«> 282 Canada — 746 United States of Amerlea 422 Argentina . .6 55,100 Uruguay, ete. -,3,G 1.7S2 Netherlands — — Other countries — — Totals <U,02S MUTTON AND LAMB. •69,906 Britain and Ireland .. 9.411 9.706 Australia -J.’?.?! • 4 1 New Zealand I0..X1S 12.580 Canada — United States of Ameriea 16 Argentina ’’•I”! Uruguay, etc l..,15 G.rni 1.80 1 Netherlands .__ Other countries .... — —— Totals 35.20!) 311,1(18 POKE AND BACON. Britain and Ireland .. 10,SC., 7.7!'. 1 Australia J .116 New Zealand 117 1111 Canada 68 United States of Amerlea yJH n.vi Argentina I' 1 ' 584 Uruguay, etc 11 Netherlands (xll.020 (x) 754 Other countries .... (x) ,11 (X) .-,01 — — Totals 1.3.310 10,188 , (x) Bacon.

N.Z. GOA T. LOANS— £ s. d. s. d. 4* p.c. ins. Stk.. 1030 ■ 97 12 6 —- 4j p.c. ditto, 1938 ... 97 12 6 — 51 p.c. ditto, 1936 ... ——- 100 12 6 5i p.c. ditto, .1930 ... 100 10 0 — 5j p.c. ditto, 1941 ... 99 (1 0 — 44 p.c. Bonds, 1939 .. 97 12 6 — 44 p.c. ditto, 1938 ... 97 12 6 — 4 A p.c. ditto, 1930 ... — 98 10 0 54 p.c. ditto, 11)33 ... 100 10 (1 —— 54 p.c. ditto. 1930 ...: 100 Hl 0 —— DEHENTUBESN.Z. Breweries (bonds) — 1 4 0 Wellington City, 5J D.c.. 1930 — 99 15 0 Ditto.' 5} p.c., 1933 .... 99 5 0 BANKS— Australasia 14 6 — Ditto, Melbourne re14 6 0 0 0 3 0 Commercial of Aust. (ord.) 1 s ■ , Ditto (pref.) 0 0 — Commercial Banking Co. of Sydney 26 3 0 26 16 0 English, Scottish, aud 8 0 National ot’ N.Z 6 New South Wales .. — 48 — (j *> 19 10 3 0 3 Ditto “D” shares (£1 1 6 6 Ditto “D” shares (15s. paid) 1 1 6 ■ Union of Aust 14 16 0 — Ditto (Melbourne reglster) 14 16 6 15 0 0 FINANCIAL— Goldsbrough Mort .. 10 — N.Z. Guarantee Corp. (ord., 8s.) 0 8 0 8 6 Ditto (pref.) 1 0 9 —- N.Z. Invest., Mortg., and Deposit 0 8 6 —— 'Wellington Invest., n ii tl -\ 0 10 o 11 o Well.' Trust, Loan .. 6 13 0 GASWellington (ord.) ... 1 <7 9 1 8 3 Ditto, (pref.) 0 16 6 — INSURANCE— National o 15 11 New Zealand n 1 6 South British 19 6 __ MEAT PRESERVINGGear .. 1 19 9 N.Z. Refrigerat. (£1) 0 17 4 Ditto (10s.) o 8 o o 8 4 Well. Meat Exp. (ord.) 0 10 0 0 11 6 TRANSPORT— Hnddart-Parker (ord.) 7 0 8 0 Ditto (pref.) 1 0 9 —— ■ Union Steam (pref.).. 1 0 4 — 1’. and O. def. stock.. —- t 0 0 WOOLLEN— Kaiapoi (ord.) 0 8 9 — Ditto (eontrib.) 0 0 Wellington (ord.) ... —— 6 6 0 Ditto (pref.) 6 6 0 — COAL— Westport 1 10 6 Westport-Stockton (ord.) .’ ■ 0 10 Ditto (pref.) 0 3 3 ; TIMBER— Leyland-O’Brien .... —— 115 9 BREWERIES— New • Zealand ■ 6 6 Ward aud Co —, 1 18 0 MISCELLANEOUS— C. M., Banks (ord.).. 1 .2 3 —— British Tobacco (Aust ■). (ord.) ■ 0 4 Burns, Philp, and- Co. - — 0 3 0 Ditto (South Sea) .. 1 G —; Colonial Sugar 5S 10 0 Electrolytic Zinc (ord.) 1 10 6 —- Ditto (pref.). 1 12 »■» — Howard Smith (ord.) 1 6 9 N.Z. Paper 2diils .... — 0 16 9 Sliiirland & Co. lord.) — 1 0 6 Taranaki Oil Fields.. 0 7 6 Wilson’s Cement .... __ 1 19 MINING— Mt. .Lyell 1 12 3 Waihi o 12 4 Waihi Grand Junction 0 1 3