Farm and Commercial Section

Dominion, Volume 22, Issue 34, 3 November 1928, Page 12

Farm and Commercial Section

LATEST REPORTS from ALL CENTRES

AUCTION SALES

• TO-DAY. Hall. Paraparaumu, 2.15 p.m., account Mr. J. Lynch’.—Sale 695 acres, Paraparnumu (N.Z. Loan and Mercantile). 10 Copeland Streets Lower Hutt, 3.30 • p.m.—Sale property (H. E. Leighton).’ ■ 4 Bloomfield Terrace*, 2.15 p.m.—Sale 1 home, Lower Hutt (H. E. Leighton). 18 Petone Avenue, Petone,' 1.30 p.m.— Sale furniture (Moat and Hicks). 60 Elizabeth Street. —Sale of timber, etc., 1.30 p.m. (C. W. Price). MONDAY. Featherston Borough Council Offices, 2.30 p.m.—Sale section, Featherston (N.Z. Loan and Mercantile). Pahiatua cattle fair, noon (N.Z. Loan and-Mercantile). , ' Palmer’s Restaurant, Lambton Quay, 12.30 p.m.—Sale contents (E. Johnston and Co.) THE PRODUCE MARKETS. BUTTER AND CHEESE New Zealand Loan and Mercantile Agency Co.,’Ltd., have received the following cablegram from their London house, dated October 31: — “Dairy Produce (list quotations in parentheses). —Butter, N.Z. choicest salted, 1765. to 180 s. (178 s. to 180 s.); cheese, 106 s. to 108 s. per. cwt (107 s. to 1095.). Markets slow. Messrs. Dalgety and Company have received the following report from London, dated November 1 (last week’s prices are in parentheses): — . .. . , “Butter.—Market firm for new seasons. Danish, 100 s. to JOSs (188 s. to 100 s.); New Zealand finest salted, 1745. to 180 s. (170 s. to 184 s.); Australian finest unsalted, 182 s. to 184 s. (184 s. to '180s.); Australian finest salted, 104 s. to 170 s. (1645. to 170 s. I; Australian G.A.Q., 158 s. to 102 s. (1565. to 1625.). 'k "■ ; 'i ■ "Cheese. —Market very dull. Australian cheese, white and coloured, 104 s. to 106 s. (106 s to 108 s.); New Zealand cheese, white, 107 s. to 108 s. (109 s. to 110 s.); New Zealand eheese, coloured, 105 s. to 106 s. (108 s. to 109 s.); spot price for Canadian white, 108 s. to 110 s. (109 s. to H2s.); spot nrlce for Canadian coloured, 107 s. to 108 s. (108 s. to 110 s.): C.I.F. price for Canadian, 90s. to 101 s. (103 s. to 1055.).’ .. Mr. G. A. Mills has received- advice from Messrs. A. J. Mills and Co., Ltd., London, under date November 1 “Butter.—The market is quiet but steady with fresh arrivals of finest grade at 178 s. to 180 s., first grade 174 s to 1765. ; stored, about 2s. less. Danish 1965. to 1985., Irish, 1745. to 1765.; Australian, 168 s. to 17 " Cheese.—This market" is quiet and Canadian and New Zealand white cheese are quoted at 106 s. to 1075., coloured 105 s. to 1065.” ■■_ ' ■ BRADFORD TOPS MARKET (Australian Press Association.) London, November 1. The Bradford tops market is firmer on the strength of new material/In Australia, but the turnover is small. . Quotations. —64’s. 4614.; 60 s, 43Jd., a 6 s, 33d.; 50's, 28d.; 46’s, 23d.; 40’s, 22d. LONDON TALLOW STOCKS . * London, November 1. Tallow.—Stocks, 1233 barrels; imports, 1371; deliveries, 1230. New Zealand Loan and Mercantile Agency Co.. Ltd., have received the following cablegram from their London house, dated October 31: — “We quote present c.i.f. and e. values for the following descriptions of tallow: Fine mutton. 435. 6d. per cwt.; good beef, 445. per cwt.; mixed, 445. 6d. per cwt. Market quiet.” - : ,

DUNEDIN MARKET REPORT Dominion Special Service. Dunedin, November 2.. So far as the Otago district is concerned there is practically no wheat now held in growers’ ,hands. A considerable quantity of wheat, however, coming from the Canterbury district, shows effects of the severe weather conditions which prevailed at last harvesting. The value in Dunedin of fowl wheat is ss. lOd. to Cs, per bushel, sacks extra, ex truck. Forward buying of wheat for next season has quietened down. Most of the wheat in the Otago district has now been* sold. The oat market is in a peculiar position. Fairly large quantities are still held in stores, but most of these oats fell heavily at the beginning of the season. These oats are being held as present prices do not permit of them being sold at a profit by the holder. It is understood that several forward sellers have to meet their commitments to this firm for November and December delivery, and that they are experiencing difficulty in securing oats to fulfil their obligations. The position has now developed into a tug-of-war between the firm and forward sellers. The firm appears to have the advantage as it has created something of a corner, and there are not many free oats about of quality, which the forward sellers have to deliver. Prices have now firmed and sales of A Gartons are reported at 4s. 2d., f.o.b.s.i. The chaff market is short of supplies, and sales are being made at up to £6 per ton, sacks extra, ex truck. The demand, however, is not keen, and it will not take many consignments to cause a decline in values. Most of the supplies from this district are still being drawn from Canterbury, where farmers are prepared ttf sell cheaper than the holders of chaff in the Otago district. Stocks of old potatoes have now got into short compass in the South- Island. The shipping market to the North Island has practically ceased, but a fairly large quantity is still held there. These have been selling at £lO per ton, ex wharf, -which' Is equivalent to £8 f.o.b. Owing to the shortness in the South Island, however, prices are still maintained at round about £ll per ton, sacks included, ex truck, for good qualify. The market Is quiet for all varieties of seeds, and deliveries to the retail trade are not large owing to weather conditions preventing farmers from sowing. Stocks of all varieties are on the light side, with the exception of crested dogstall. ' The Kawatiri, from Sydney, brought moderate supplies of citrus fruit, principally oranges. The quality of the fruit could have been improved. A few cases of choice quality apples are reaching the market. Fairly large supplies of poor grade apples are also arriving," but these are hard to place. Pears are still arriving from Canterbury cool stores, and the frut is mostly on the ‘small side. Supplies of hothouse tomatoes were light at the beginning of the week. Prices in the northern towns ruled high, and were, in fact, above those obtainable in Dunedin. Towards the end of the week consignments increased from Christchurch, prices there having apparently eased.

frozen meat

Messrs. Dalgety and Company have received the following report, from London, dated November 1:—

“Lamb.—New Zealand prime Canterbury lamb, 28-361 b., 10 l-Bd.; North Island lamb, 28-301 b., Ofd.; Canterbury lamb, 36-421 b., lOd.; North Island lamb, 36-421 b., Did.; Canterbury lamb, second quality, fid.; North Island lamb, second quality, fid.; Canterbury lamb, 42-501 b., 1) 5-Bd. ; North Island lamb, 42-501 b., 0 3-Bd. Market: Any change is in favour of buyers; demaud limited.

“Mutton. —New Zealand Canterbury mutton, 48 561 b., 7d.; North Island mutton, 48-581 b., Ojd.; Canterbury mutton, 50-G4 lb., Gid.; North Island mutton, 58-641 b., 8 5-Bd.; Canterbury mutton, 64-721 b., Ojd.; North Island mutton, 64-721 b., o*3-Bd.; Canterbury ewes, 48-841 b., s}d.; North Island ewes, 48-641 b., sd. Market unchanged; moderate, demand. “Beef.—NeW Zealand prime ox beef hinds 4jd., fores 3}d.; Argentine chilled hinds 7d., fores 4Jd. Market weaker; demand quiet. “Pork.—English porkers, 80-1001 b„ fid.; New Zealand porkers, 80-1001 b„ 7)d.; NewZealand porkers, 100-1201 b., 7d.” Messrs. M. A. Eliott, Ltd., Palmerston North, have received cable advice from London of the following Smithfield prices for the week ended November 2. These prices are on the “delivered” basis, that is, including storage charges, cartage, etc. Best North Island prime lambs, under 36 lb, 101-Bd.; 36-421 b., 10d.; 42-501 b., 9 3-Bd. Ordinary North Island lambs, under 421 b., 9 5-Bd.; second quality, under 421 b., fid. Best North Island wethers and/or maiden ewes, 48-561 b. and 56-641 b„ 6 5-Bd.; 64-<2 lb. and over 721 b„ 0 3-Bd. Ordinary North Island wethers and/or ewes, 48-56 lb. and 56-G4lb., 6}d.; 64-721 b. and over 721 b.. 64d. North Island ewes, under 64 lb, 4?d.: 64-721 b. and over 721 b., lid. liemarks: Lamb par to l-Bd. lower. Wethers and ewes l-B<i.. to id. lower. LIVE STOCK SALE FEILDING Dominion Special Service. Felldlng, November 2. Store cattle formed the principal attraction at to-day’s safe at Felldlng, and although no big lines were in evidence small lots sold at good prices. Well forward store cows brought from £5 17s. 6d. to £7 145.; cows with calves from £6 to £8 95.; 2 and 3-year Hereford steers, £9 17e. Gd. to £lO IBs.; 3-year S.H. steers, £7 10s.; 2-year S.H. heifers, £5 10s. to £7 12s. 6d.; empty heifers to £G Os.; 15 and 18-months Jersey heifers. £6 7s. Od. to £7 55.; yearling steers, £4. The fat pens’ contained a moderate supply of from average to good cows and heifers, best lines of the former making from £ll 15s. to £l3, with smaller sorts at £8 10s. Heavy heifers, made up to £l5 10s.. and lighter lines from £7 Ills, to £8 2s. 6d. No ox beef was available. Dairy cattle showed a falling-off in supply, but values held firm. Best springing heifers made from £lO 7s. Gd. to £l3; heifers in profit to £8 10s.; springing cows, £9 to £ll 15s. Sheep were In small supply and In many cases the reserve was too high. Fat shorn ewes sold at 245. 4d. and fat shorn wethers from 325. 3d. to 325. 6d.

WELLINGTON STOCK EXCHANGE YESTERDAY’S BUSINESS AND PRICES Sales were reported at the afternoon call yesterday of 5i per cent. Government stock (1933) at £lOl 55., National Insurance at 175., New Zealand Insurance at 465., Wilson’s Cement at 40s. lid. and 40s. 3d., and New Zealand Breweries at 555. There was a good demand for stocks and bonds, with buyers of the 4i per cents, at £O9 and the 5i per cents, at £lOl ss. Wellington Gas (debentures) were wanted at £lOO, Wellington Racing Club at £lO6 10s., and New Zealand Breweries (10 per cent, bonds) at 245. 4d. Bank shares were rather slow with more sellers than buyers. National Bank of New Zealand were in demand at £7 Is., Bank of New South Wales at £5l 7s. Gd., Bank of New Zealand. “D” shares at 28s. 3d., and Union Bank at £l5 ss. Sellers quoted £l4 17s. for Bank of Australasia. 30s. Gd. for Commercial Bank of Australia, £2B for Commercial Bank of Sydney,' £9 14s. for National Bank of Australasia. £5 paid, and Gls. 9d. for Bank of New Zealand. National Mortgage shares were steady at 85s. Gd., Goldsbrough Mort at 51s. 3<J., and New Zealand and River Plate at 325. Building shares were in good demand, with buyers of Equitable Building at £8 55., Wellington Trust and Loan at £G 18s., Wellington' Investment at 10s. Bd., Wellington Deposit at 9s. fid., and New Zea? land Investment at 9s. Gd., National Insurance were wanted at 16s. lid., cum. dividend, New Zealand Insurance at 455. Gd., Queensland Insurance at 655„ and South British Insurance at 635. fid. Christchurch Gas shares were firm at 255. 3d., and Napier Gas, £lO paid, at £lO 7s. 6d. There were buyers of Canterbury Frozen Meat at £9, HuddartParker at 475. fid., Union Steam at 20s. Gd., P. and O. deferred stock at 555., Mosglel Woollen at £7 65.. Wellington Woollen, ordinary at £6 17s. and' preference at £G 18s. '

Hikurangi Coal, preference, shares were in demand at 10s. Gd., and Kauri Timber at 17s. Gd., New Zealand Breweries were firm at 545. fid., and Staples and Co. at 395. fid. There were buyers of British Tobacco at 545., Burns. Philp, and Co. at 445. 6d., Elctrolytie Zinc, ordinary at 335.. preference at 345. 4d., Newton King, preference, at 7s. 4d., New Zealand Drug at 695. Gd., and Walrarapa Farmers’ preference at Ils. Gd. , Yesterday’s buying and selling quota-

SALES IN OTHER CENTRES By Telegraph.—Press’ Association.' Auckland, November 2. Sales.—War Loan, - 1038, 4) per cent., £99 10s.; War Loans, 1939, 4J per cent, £99 10s.; Commercial Bank of Australia, 30s 4d.; National Bank of New Zealand, £7; Bank of New South Wales, £5l 155.; Bank of New Zealand, Gls. Gd.; New Zealand Insurance, 4Gs. 3d.; ; South British Insurance, 635. 6d.; Renown Collieries, 165.; Auckland Gas. 235.-Id.; British Tobacco, 445.: New Zealand Refrigerating con., 9s. 2d.; Wilson's Cement 405.; Waihi, 135.; Mount Lyell, 30s. 9d.

Christchurch, November 2. Sales.—Bank of New Zealand, 61s. 4d. (2 parcels), 61s. 5d.; New Zealand Refrigerating (10s. paid), 9s. ,2d.. 9s. 3d.,-9s. 2d.; Christchurch Gas (10s. paid), 12s. 7d., 12s. Bd.; New Zealand . Breweries, sus.; British Tobacco, 445. 4d. (2 parcels); Electro Zinc (ord.), 335. 6d. (3 parcels); Mahakipawa, Is. 4d., Is. 5d.. (3 parcels); Ward’s Brewery, 425. Gd. Sales Reported.—National Bank of Australasia (£lO paid, cum div.), £l9 6s. 6d.; New Zealand Refrigerating (10s. paid), 95..2d. (2 parcels); New Zealand Breweries, 555. (3 parcels). _ Dunedin, November 2.

Sales.—National Bank, £7 Is. Cd.; New Zealand Insurance, 455. 9d. (two parcels).

CUSTOMS REVENUE.

The Customs revenue c ° ls ® ctea port of Wellington yesterday totalled £20,408.

COMPANY ACTIVITIES NESTLE’S ANGLO-SWISS MILK The trading of Nestle’s Anglo-Swiss Condensed Milk Company (Australasia), Ltd., for the year ended June 24 last, yielded a net profit of £200,640, against £287,164 for 11)26-27. The policy of substantial writting off is continued, £67,500 being allowed for depreciation, £50,000 for taxation, and £5OOO for doubtful debts. Altogether £122,500 out of earnings was dealt with in this way, against a similar transfer of £112,864 in 1927. The directors state that the turnover for the year covered by the accounts again disclosed an advance over that of the previous twelve months. They add that while the company’s assets have been maintained in an efficient condition, adequate provision has been made for depreciation, while stocks of raw materials and manufactured goods on hand at the balancing date had been valued-at cost, or replacement value, whichever was tlie lower. On the ordinary capital of the company of £2.500,000 a dividend was paid at the rate of 3) per cent, and the cumulative preference guaranteed shares are paid 8 per cent. Undivided profits brought into the account were £26.800. The balancesheet total of £4,468,855 compares with £4,499,747. This contraction arises largely from the reduction in the item sundry creditors from £518,703 to £406,247. Capital is unchanged, but the reserves for depredation and taxation have been increased from £360,085 to £447,668. Sundry debtors, cash, short-call money, etc., are lumped and aggregate £1.529,225, a decrease for the year of over £64,000. ■FIJIAN PINEAPPLE COMPANY The directors of the Fijian Pineapple Co.,' Ltd., announce that the company went to allotment on Thursday. November 1, the minimum subscription having been considerably exceeded. They also state that the share list will be finally closed on Saturday, November 17. " AMERICAN MONETARY CONDITIONS The monetary developments of the United States are of world-wide Interest because of the important part that country now plays' in international finance. It is necessary to bear in mind that largely as a result of the war, America holds over 40 per cent, of the world's monetary stock of gold, and, In consequence, ler supply of the metal is considerably in excess of her legal minimum requirements. The twelve Federal Reserve Banks are under statutory obligation to maintain a gold cover of at least 40 per cent, against their notes In actual circulation, and 35 per cent, in gold or lawful money against their deposits. The Monthly Review issued by Barclay’s Bank deals with the monetary conditions In the United States, and points out that' the Federal Reserve Banks , have helped in the reconstruction and currency organisation of Europe, and since the end of August, 1927, when the outward gold movement, from the United States commenced, net exports of the metal have amounted to nearly 600 million dollars. While, however, the easy monetary conditions and low rates - of interest in the United States brought substantial advantages and assisted legitimate business, they were accompanied by certain unsatisfactory deevlopments. Credit became so plentiful that it was in excess of the genuine needs of trade and Industry, with the result that an outlet for the surplus resources was found In Stock Exchange The review points out that while America has been losing gold at a rapid rate, -the credit structure has been expanding through stimulus of speculative activity under American law, the member banks of the Federal Reserve system—numbering approximately 9006—are compelled to keep with the Federal Reserve Banks certain minimum percentages of the deposits of their customers, - and as a withdrawal of gold from the Reserve Banks is usually accompanied by a corresponding reduction in the balances maintained there by the Member Banks, and for this reason Member Banks have considerably increased their rediscounts with the Federal Reserve Banks. While the loss of gold itself is not necessarily a disturbing factor, the loss of gold accompanied by a great expansion of credit for speculative purposes, naturally gives rise to anxiety. The Reserve Banks have advanced the rediscount rate from 3} per cent, to 5 per cent., but they have not been able to control credit, and they have shown a reluctance to take more drastic action. Low monetary rates are the natural corollary to plentiful credit resources, and in view of the benefits which normally should flow from cheap money In the United States, the Inclination to postpone an upward movement as long as possible'is not difficult to understand. Money in New York Is now dearer than in London, and a tendency exists for balances to be transferred to the former, city. In addition, America has been withdrawing short-term, balances previously lent to Europe, and this withdrawal has led to additional demands on the London market. The review also says that recent events tend to emphasise that the management of a currency is no simple task, and that events may work out differently from anticipations ; while a certain amount of elasticity in a currency system may be very desirable, too much elasticity may be attended by inconvenient consequences; the central banking authorities are apt to find themselves in a difficult position unless they are not only equipped with adequate powers of control,’but also exercise those powers freely whenever occasion demands. FOREIGN ITEMS WHEAT AND OTHER PRODUCE. (Australian Press Assn.—United Service.) London, November 1. Wheat. —Cargoes have taken a firmer tone, and occasionally are 3d. per quarter higher. Demand is slow. Parcels arc in fair request, occasionally 3d. up. Shipments by the Buteshire brought 475. 104 d. for bags, and 475. 4)d. for bulk. Liverpool futures: December, 9s. s)d. per cental: March, Bs. 5d.; May, 9s. 51-Bd. Spot trade is quiet. Australian ex-ship, 495. Flour is firm. Australian, ex store, 335. Bd. Oats, peas, and beans are steady. Sugar, granulated. £1 4s. IOVd. per cwt. (Rec. November 2, 5.5 p.m.) Chicago, November 1. Wheat futures.—December, 1 dollar 16) cents per bushel; March, I.dollar 21) cents; May, 1 dollar 23 7-8 cents. , Melbourne, November 2. xvhpnt -Parcels. 4s. IOJd. a bushel. FlZr! £l2 2s M Bd. to £12*71.. Od. a ton. Bran, £6 ss. Pollard, £6 ss. Oats Milling, 3s. Gd. to 3s. 7d.; feed, 3s. to 3s. 3d. Maize. 4s. 3d. a bushel. . , ~ At the sales hides, kips and badlyconditioned parcels were Id. per lb. lower. Other sorts were very firm. HOLIDAY ON LONDON STOCK ■ EXCHANGE. London, November 1; j The Stock Exchange is closed for holiday. . ■

tlons were as under:— Buyers. Sellers. N.Z. GOVT. LOANS— £ 8. d. £ s. d. 4} p.c. Ins. Stk.. 1939 99 0 0 44 p.c. ditto, 1938 ... 99 0 0 ■ ■ B 54 p.e. ditto, 1933 ... —— 101 10 0 54 p.c. ditto, 1939 ... — 101 12 6 5i p.c. ditto, 1941 ... 99 0 0 —— 51 p.c; ditto, 1932 ... —— 99 . 7 6 44 p.c.' Bonds, 1938 and 1939 99 0 0 ——• 54 p.c. ditto, 19-33 ... 101 5 0 —— 54 p.c. ditto. 1938 ... 101 5 0 101 15 0 DEBENTURES— Wellington Gas 100 0 0 — Well. Racing Club .. 100 10 0 N.Z. Breweries (bonds) 1 Wellington 1 City, 5} 4 4 1 4 6 100 0 p.e.. 1033 —— 0 Clirlstcliureli Tramways, 0J p.c., 1934 .1 1 — 101 10 0 BANKS— Australasia 14 17 0 Commercial of Aust. (ord.) * . 1 10 6 Commercial Banking 28 0 Co. (Sydney) 0 National of N.Z 7 1 0 72 6 National of Australasia (£5) —— 9 14 0 New South Wales .... 51 7 6 NOw Zealand —— 3 1 9 Ditto, long-term mortg. 1 8 3 Union of Aust 15 5 0 «—• Ditto (Melbourne reglster) 15 5 6 15 8 0 FINANCIAL— Goldsbrough Mort ... 2 11 3 — National Mortgage .. 4 5 0 Equitable Building .. 8 5 0 —- N.Z. Guarantee Corp. (ord., 8s.) — .0 8 9 N.Z. Invest., Mortgage, and Deposit 0 9 6 —— N.Z. and River Plate 1 12 (1 —— Wellington Investment 0 10 8 •— Well. Trust and Loan 6 18 0 —— Veil. Deposit & Mortg. 0 9 9 — GAS— ' V' Christchurch 1 5 8 •— Napier (£10) 10 7 6 — INSURANCE— National 0 16 h 0 17 3 New Zealand 2 I) ti —— Queensland 3 y 0 ; South British 3 3 9 3 4 6 MEAT PRESERVING— Gear .'. —— *2 4 0 Canterbury Frozen Meat 9 0 0 —— N.Z. Refrlgerat. (10s.) 0 9 3 TRANSPORT— I Huddart-Parker (ord.) 2 7 9 ■ ■ Union Steam (pref.) . 1 0 6 —— P. and O. def. stock.. 2 15 0 2 17 6 WOOLLEN— Mosgiel 7 6 0 w,. Wellington (ord.) .... 6 17 0 Ditto (pref.) 6 18 0 COAL— Westport ... — 1 10 6 Hikurangi (pref.) ... 0 10 6 —— Westport-Stockton (ord.) ■—. 0 3 10 Waipa *—• 0 13 6 TIMBER— Kauri 0 17 6 Leyland-O’Brien .... — 1 15 6 . National —• 0 11 0 BREWERIES— New Zealand 2 14 9 —- Staples and Co 1 19 9 —— MISCELLANEOUS— Burns, Philp 2 4 6 •—- British Tobacco (Aust.), (ord.) 2 4 0 —— ■ Electrolytic Zinc (ord.) 1 13 : o •— Ditto (pref.) ........ 114 4 —— Newton King (pref.) . 0 7 4 •—• N.Z. Drug and Co. -.3 9 6 —— N.Z. Express (ord.) . —— 0 19 0 N.Z. Paper Mills .... —— 0 17 9 Wairarapa Farmers’ (pref.) Oil Wilson’s Cement .... — 6 2 0 6 MINING— Waihi Grand Junction — 0 0 11