Farm and Commercial Section

Dominion, Volume 22, Issue 36, 6 November 1928, Page 14

Farm and Commercial Section

LATEST REPORTS from ALL CENTRES

AUCTION SALES TO-DAY. Levin sale. TO-MORROW. ISI Featherston Street, 2.30 p.m.—Sale of property, Lyall Bay (Dunbar Sloane). 105 Customhouse Quay, 11 a.m.—Sale of building sites (S. Geo. Nathan). Hamilton’s Line, Tiakiatahuna, 12 noon. —Cattle sale, account Vantier (Abraham and Williams). Colombo Yards, Masterton.— Sale of cattle, 12 noon (Dalgety and Co.) WOOL, SKIN, AND HIDE SALE Messrs. Abraham and Williams, Ltdreport having held their usual monthly sale of wool, skin, hide and tallow at Palmerston North on Thursday, when a good catalogue was offered to a full attendance o£ buyers. Wool sold on a par with last sale rates. As was anticipated,, dry sheep skins were easier; best sorts declined Id. to £d., dead and faulty descriptions -Id. to Id. Salteds were Is. to Is. od. lower. Hides met a weaker market, values ruling id. to }d. lower. Calf skins and yearlings were firm. There was a very good inquiry for tallow at ss. to 10s. per ton dearer. Quotations Wool: Dead inferior, 12d. to 13d.; crutchings, medium, 9d. to 9}d.; crutchings, seedy and inferior, 6d. to Bd.; locks and pieces, (id. to 9d. Sheep skins: Crossbred, fine, 14d.: ditto, medium, 13d.; ditto, coarse, lljd. to 121 d.; lambs, IOJd. to 11-fd.; crossbred, damaged, 9d. to lOld.; dead. SJd. to 91d.; pelts, 9d. to 9Jd.; pelts, salted, 4s. to 45., 3d. ench. Hides: Ox. heavy, 10 5-Bd.; ox, medium. 10}d.; ox, light, 9d. to Kid.; cow, heavy, 8 3-Bd.: cow, medium, 8 3-Bd.; cow. light, 8 5-Sd. to 9d.; ent and inferior, 7 5-Bd. to 9d.; horse hides, 9s. Gd. to 10s. Gd. each. Calf skins: Best lines, 19}d.; good, 17 5-Bd.: stained, 15Jd. to 1G 3-Bd.: ent and inferior. 13d. to IGil.; yearlings, 11 l-Bd. to 11 5-Bd. Tallow: In casks. £3O 15s. per ton; in tins, £22 10s. to £27 10s. per ton. POTATOES DEARER IN SYDNEY (By Telegraph.—Press Association.) .(Rec. November 5, 8.30 p.m.) Sydney, "November 5. The price of Tasmanian potatoes advanced in Sydney to-<lay £2 10s. per ton, to £ll. Fourteen thousand sacks were landed.- f

THE PRODUCE MARKET HIGH COMMISSIONER’S 'CABLED REPORT \ The Department of Agriculture has received tlie following cablegram, dated November 3, from the High Commissioner for New Zealand, London : — Tallow. Market quiet, especially for shipment. Quotations nominally unchanged. Hemp. Manila market flrm and active until yesterday, when under freer offerings prices eased. “J” grade for November/January shipment sold up to £37 lbs., closing at £37 sellers. Sisal.—Market strong and prices higher. Tanganyika No. 1 for January/March shipment sold up to £39 for best marks. Closing (sellers). No. 1 £3B 10s., No. 2 £37. New Zealand market still firm, but shippers not offering freely. Business has been done up to £33 for highpoints, £3O for fair, £2B 10s. for common, November/January shipments. These are closing values. Tow rather better. Value second grade £2O 10s. and third grade £l7 15s. Eggs. Supplies of new laid decreasing and business brisk at higher prices. Present quotations are:—English, 225. to 30s. per long 100; Dutch, Danish, French, 17s. (id. to 245.; Belgian, 18s. Gd. to 215.; South African, IGs. Gd. to IGs. 9d.; Lithuanian, Argentine, 13s. to IGs.; Polish, Russian, Ils. Gd. to 14s. Gd. j Benns. Market firm. Demand is good for English, choice winter making up to 48s. fid. and best spring 575. Chinese horse for October/November shipment sold at £lO 15s. Danish Cocksfoot. Market firmer and more inquiry. Nominal value for November *. shipment G4s. c.i.f. New Zealand. Oats. English threshing ■ delayed by bad weather, and supplies smaller, choice white feed making up to 30s. 4 better Inquiry for imported. Plate for January shipment sold 255., and new crop Chilean for Febru-arv-Mareh shipment 255. Gd. Nominal value New Zealand. “A” grade Gartons for November shipment 325. <■*■' .. Peas. Maple: English show good quality, best making up to 5Ss.; imported very quiet. New Zealand: Price nominally unchanged at Gls. Gd. for November shipment. Blues: Business confined to English and Dutch: imported neglected: nominal values; New Zealand £lB, Tasmanian £l9 per ton. Wool. Tendency of price for merino tops is against buyers. Demand continues slow for crossbred tops; 59’s prepared 2s. 3d.; others unchanged. OTHER ADVICES. The Bank of New Zealand, Produce Department, has received the following advice from Its London office as at close of business last week: — Butter.—Slow; 1745. to 180 s. per cwt. Cheese. —.Slow. Coloured, 105 s, to IOGs. per cwt.; white, 107s.'to 108 s. Frozen Meat.—Trade in wether mutton is slow. It is thought prices for ewes have reached bottom. The market for second quality lamb is weaker, first grades remain firm. There is a little better demand for beef. Wethers, light, Gid. to 7d. per lb.; heavy, fid. to Gid.; ewes, 41d. to 5R1.; lambs, 2’s % lOd. to IOJd.; B's, 10(1. to 101 <l.: 4’s, Old. to Old.; seconds, Bjd. to fid.; ox hinds, 4Jd. to 43d.; fores, 3Jd. to 4d.; cow hinds, 4(d. to 4jd.; fores, 3Jd. to 3jd. ,

WHOLESALE 1 PRODUCE PRICES

Messrs. Laery and Co., Ltd., report wholesale values as follow’:—Mixed fowl feed, 5-sack lots or over, 55., lesser lots os. 3d. bushel; linseed meal, half-ton lots or over, ICs., lesser quantities 10s. Gd. per 1001 b. ;i linseed nuts, half-ton lots or over, 14s. per 1001 b., lesser lots 14s. Od. per 100 lb., freight paid main line stations on’ 30 cwt. parcels, meal Or nuts;' oyster shell grit, 5-ton lots or over 55., lesser lots ss. Od. per 1001 b.; pipi shell grit, 5-sack lots or over 55,, lesser lots ss. Od. per 1001 b.; New Zealand wheat, Os. 9d. to 7s. Id. bushel, less than 10-sack lots 2d. per bushel extra; chick wheat, 100’s 18s, Gd., 50's, 9s. 9d., baby 100’s 195.. 50’s 10s. Od.; barley, ss. bushel; oats, machine dressed and clipped seed, Algerians ss. 2d. bushel, feed Duns 4s. 3d., 4s. lid., machine dressed Duns ss. od., shelled oats ss. Od. to ss. 10d., feed Gartons 4s. id. to 4s. 3d., crushed 4s. fid.; linseed, whole 225., crushed 275. cwt.; Australian crushed maize, ss. Bd. and ss. 10d. bushel; Gisborne maize, os. Od. bushel; partridge peas, 7s. and 7s. 4d., feed peas Os. 0d„ sacks in; wheatmeal, feed, halfton lots, £l2 10s. per font; butter, farmers' prime separator and dairy, bulk and pats, Is. Id. to Is. 2d.; turkeys, Is. 2d. to Is. 3d. per lb.; geese, 10s. to 12s. per pair; ducks, runners, young. 9s. to 11s.. large whites Ils. to 13s. per pair; fowls, White Leghorns ss. Od. to Os. Gd., Black Orpingtons and similar varieties Bs. to 10s. per pair; eggs, first grade new laid eggs Is. 3d. to Is. 5(1.; maizemeal, Bs. bushel; meatmeal, half-ton lots £l2, smaller lots 12s. Gd. cwt.; charcoal, 14s. fid. per 501 b. bag: fungus, New Zealand. Bd. to lOd.; dressed pork,- (iO's to 90’s, 7Jd. to Sid.: sucking pigs, 7d. to Bd.; rocksalt, ton lots £O, lesser quantities Os. fid.; agriculture salt, ton lots £5, lesser quantities ss. Gd.; lucerne hay, prime Blenheim £7 15s. ton, ex wharf, Hawke's Bay £5, f.o;r. Hastings; rye and elover, £4 155., f.0.r., Wairarapa; mutton birds, Tasmanian, in casks, fid. each; Blenheiem chaff, prime ton lots £7 10s„ Wairarapa £7 per ton, lesser lots 10s, extra: .straw chaff, ss. Gd. sack; Chinese shelled peanuts, 2jd. per lb., sacks in. Chinese in shell 4}d. per lb., sacks in; slag, 17/20 per cent., G-ton lots or over £4 10s. per ton. 20/22 per cent. 0-ton lots or over £5, f.o.r. Wellington; N.Z. walnuts, lid. lb. for sack lots, smaller quantities Is. lb.: superphosphates, list price: barley meal. £9 per ton, half-ton lots os. od.; peameal, half-ton lots or over £lO, lesser lots 10s. Od.; bran, half-ton lots or over £8 10s„ lesser lots 95.; pollard. half-ton lots £lO. lesser lots 10s. Cd.; black leaf 40, 21b. tins 13s„ 101 b. tins 505.; Canterbury potatoes. Dakotas £l4 per ton, smaller quantities 10s. extra. BUTTER AND CHEESE Messrs. Joseph Nathan and Co. Limited have received the following cablegram from their London house, dated November I:—“New Zealand butter, 1745. to 178 s. per cwt.; New Zealand cheese, white 100 s., coloured 104 s. per cwt.; both weak.” WOOL SEASON, 1928-29 OPENING NEXT WEEK On Friday of next week the first wool sale of the season 1928-29 will be He,ld in Wellington. Wool buyers from overseas have been arriving by all incoming steamers, and it is generally believed that there will be a full bench of buyers. Some of the buyers, who have visited tlie wool-consuming centres in Europe and tlie United States, have expressed tlie opinion that the values ruling in March last, when tlie 1927-28 season closed, will not be realised at the opening sale next week, and various opinions are held as to probably drop in values. Some think that there will be a drop of 2d. per lb., while others Consider that the fall will be as much as 3d.; in any case, it seems generally believed that prices will be lower. The drop may not be quite so pronounced as is expected in some quarters, and this will be due in some measure to the lighter condition of the wool. The continuous wet weather experienced during the past four or five weeks must have made a big difference to tlie condition of the wool. At the sale held in Wellington in November last year tlie prices realised for average quality wool according to tlie

Tlie drop that, is expected is based on tlie values ruling at. the Marell .sales when tlie prices realised were about 2(1. per lb. on tlie average better than at the openiag Sulu vt (hat Goasoih Them la. Uwm-

fore, some reason for believing that the prices that will rule next week will be on a parity with those realised a year The average per lb. and per bale realised at each of the live wool sales held in Wellington in the past season were as

The average for the five sales was lO.Slld. per lb. and £24 10s. sd. per bale. Last season there were 110.388 bales offered at Wellington against 10,1,927 bales in t ie previous season. Tlie total sola, the average price per bale, and total amount realised in eacli of the past two seasons compare as under:—— Price Total Bales per bale. realised. Season sold. £ s. d. £ s. d. 1927-28 .. 108.979 24 10 5 2,072,318 110 192(1-27 .. 103.311 IS 5 8 1,889,117 15 9 The total quantity of wool sold throughout the Dominion last season was u 17,6-8 bales, the average price per bale was £24 4s 11(1., and the total sum realised was £12,551,828 15s. 7d. Thus it will be seen that the wool sold m Wellington was more than a fifth of the total sold in the Dominion. „ , - „ The average price tier lb. realised at all the sales held in New Zealand during each of the past six seasons shows as under: — „ . ~ Price per lb. Season. 1 d. 1922- 10.85 1923- 15.249 1924- 20.212 1925- 11.930 1920-27 12.700 1927-2 S 10.98 The above figures show the violent, fluctuations that occur from season to season in the wool market.

WELLINGTON STOCK EXCHANGE YESTERDAY’S BUSINESS AND PRICES At the morning call yesterday a sale of 51 per cent. Government stock (1932) at £99 2s. Gd. was reported, and at the afternoon call sales were reported of 5J per cent, stock (1933) at £lOl 55., South British Insurance at 045., and Staples and Co. at 40s. There was a steady demand for Government stocks and for other debentures. The 4} per cents, were wanted at £99 ss. and the 54 per cents, at £lOl ss. Wellington Gas (debentures) were steady at £lOO, Wellington Racing Club at £lOO 10s., and New Zealand Breweries at 245. Bank shares were in good demand at full market prices. There were buyers of Bank of Australasia at £l4 145., Commercial Bank of Australia at 30s. 2d.„ National Bank of New Zealand at £7 Is., National Bank of Australasia. £lO paid, at £l9 Os. Od., Bank of New South Wales at £5l 12s. od., Bank of New Zealand at Gls. 3d., Bank of New Zealand “D” shares at 28s. 3d., and Union Bank at 4s. „ „ ■ , Insurance shares were firm, National Insurance at 10s. 10d., New Zealand Insurance at 455. 9d., South British Insurance at 03s. 9d„ and Queensland Insurance at 05s. Financial shares were steadv, with blds of 51s. 3d. for Goldsbrough Mort, 85s. Gd. for National Mortgage, 325. for New Zealand and River Plate, 9s. Gd. for New Zealand Investment. 10s. Bd. for Wellington Investment, 10s. for Wellington Deposit, and £0 18s. Od. for Wellington Trust and Loan. Christchurch Gas shares were wanted at 255. 3d. and Wellington Gas (preference) at 17s. Gd. Canterbury Frozen Meat .were firm! at £9, and Wellington Meat Export at 12s. Cd. There were buyers of Hud-dart-Parker, ordinary at 475. 9d. and preference at 20s. 0(L 1 ■ , Woollen shares were in fair demand. Kaiapoi 'Woollen (ordinary) Were wanted at 13s. 3d., Mosgiel Woollen at £7 (is., Wellington Woollen, ordinary at £0 17s. and preference at £0 10s. There were buyers of New Zealand Breweries at 545. Gd., Burns, Philp, .and Co. at 445. Gd. (cum. dividend), British Tobacco at 445„ New Zealand Drug at 60s. Gd., and Wairarapa Farmers (preference) at Ils. 6d. Yesterday’s buying and selling quota-

SALES IN OTHER CENTRES By Telegraph.—Press Association. Auckland, November 5. Sales. —Inscribed Stock, 1033, 5), £lOl 7s. Od.; Bank of New Zealand, Gls. (id.; South British Insurance, 045.; Auckland Gas, 235., 235. Id.; Northern Steamship (eon.), os. 9d.; New Zealand Breweries, shares, 555.;. Ohinemurl Gold and Silver, 7s. 2d. Christchurch, November 5. Sales. —Carlton Brewery, 48s. Gd.; Electro Zinc (ord.), 335. Od.; Mahikipawh, Is. sd. (five parcels). Sales Reported.—National Insurance, IGs. lid.; Wilson’s Cement, 40s. COMPANY ACTIVITIES MOSGIEL WOOLLEN COMPANY (By Telegraph.—Press Association.) Dunedin, November 5. The directors of the Mosgiel Woollen Factory, Ltd., state, in the annual report, that the operations of tlie company during the past year have resulted in a satisfactory profit. The cost of wool was considerably higher than in the previous year and it was feared that it would he difficult to obtain prices to cover the increased cost, but tlie good demand that existed for the comnanv’s products enabled the extra cost to be secured. Of late the demand tor worsted goods had been so great that the company had hot been able to execute the orders that were offered. This position slioultl be rectified and the board had ordered two sets of carding engines, two combs and the necessary spinning machines, and there would also be.an expenditure on buildings. The profit and loss account closed fol’ the previous year wit’ll II sum of £16.093 19s. 3d., from which were deducted dividend paid in November,* 19”7 amounting to £(>722 Is. Gd., and interim dividend paid in May, 1923,_ameunt,inx to £3813 £t. 04, leavuut jSCoaa lffiu2(L

at credit of the account. After the Usual debit and credit entries, and after allowance for depreciation (£5000), special account towards cost of extensions at Moggie! (£0000), and addition to reserve (£2090), there remained a final balance of £10,518 19s. 3d. The directors recommend the payment of a final dividend of 4 per cent, and bonus of 2 per cent., which w’ill absorb £5722 165., and will make 10 per cent, for year. After payment of this amount there will remain £10,790 3s. 3d. to be carried forward to the new account. BANKRUPTCY PROCEEDINGS HAIRDRESSER’S FAILURE A meeting of creditors in the bankrupt estate of William .Stuart Reid, hairdresser and tobacconist, of Wellington, was held yesterday morning. The Official Assignee (Mr. S. Tausley) presided. Bankrupt’s statement of accounts showed debts amounting to £259 ss. 4d. owing to unsecured creditors. The assets were set at £2l Is. (id., consisting of book debts estimated to produce £9 Is. Gd., and furniture valued at £l2, leaving a deficiency of £237 ISs. 10s. 'ln bis sworn statement, bankrupt said that he commenced business as a hairdresser and tobacconist at Featherston •in September, 1920, with a capital of £lOO. He purchased stock at £2OO. Ten months later his premises were destroyed by fire with heavy losses. He recommenced business three months later, but carried on under difficulty, having to borrow money from time to time. “Early this year," continued bankrupt, “rumours were spread in Featherston that I was concerned in an affiliation case, and from then on my business was badly affected, and continued to go down. Early in August I received an offer for sale; and, thinking it the best thing, accepted. The purchase price was £250, and accounts that were pressing were then paid. I now find that after necessary expenditure I cannot fulfil my obligations. I am a married man with one Child.” Bankrupt Was asked to supply the Official Assignee with a statement of receipts and expenditure from September 23, 1920. to the date of the sale of the business, and also a statement of accounts relating to (be sale of the business. The meeting was adjourned sine die. BANK OF ENGLAND NOTES .The Bank of England is to issue £1 and 10s. notes as from Monday next, November 12. Up to the present the Bank of England lias not issued notes of a lower denomination than £5. The new issue arises from the fact that by the special amending Bank Act passed by the British Parliament last session the Bank of England takes over the Treasury note circulation on an appointed day, which is apparently Monday next. This transfer was recommended by the Cunllffc Currency Commission, and will cause a big change to be made in the .-weekly statement of the bank to which the world lias become accustomed. The present fiduciary issue of the Bank of England is £19,750,000; that is, the bank can issue notes up to that amount against gilt-edged Government securities, but above that amount for every £5 note issued there must be the equivalent in gold coin or bullion. Under the new Act the limit of the fiduciary Issue is Increased to £200.000,000. and this will no doubt appear in the Bank of England return for the week ending Wednesday, November 14. The metal reserve will also show big changes because the Treasury holds a certain amount in gold and silver as cover for its -note currency, and it is probable, therefore, that the issue department of the Bank of England will show as a separate item silver coin .and bullion. This is no novelty, for it was provided in the Act of 1844 that of the bullion kept in the issue department onefifth might be in silver. The object of this provision was that silver might be available for export to the silver-using countries'of the Continent, but the need for holding silver for this purpose ceased many years ago. and the' item has not appeared in the bank's weekly statement for about 40 years. The bank note of small denomination lips obviously come to stay. CUSTOMS REVENUE. • The Customs ' revenue collected at the port of Wellington yesterday totalled £13,497. FOREIGN ITEMS . LINSEED MARKET. The Department of Agriculture has received the following cablegram, dated November 2, from Messrs. Landale and Clark; Ltd., Calcutta, with reference to the linseed market: —“We quote £l7 15s. for linseed per ton, e. and f. Sydney, for immediate shipment. Market firm.”

oflieinl range of prices were as under:— d. d. Merino, 64/70. 60/64 23 to 24 ITnlfbred, 50/58 10:? to 22} Half bred, 50/56 11) to -0} II a If b red. 48/50 10 to IS f'orrietjale 1!) to 20? 171 Crossbred,.40/48 15 to Crossbred, 44/46 14 to ibi Crossbred, 40/44 12} to 14? Crossbred, 30/40 11} to 13

follow: — Per lb. Per bale. 1927-28. d. £ s. d. November December 15.639 23 2 .... 15.38!) 23 1 54 .la n u ary • ...... 16.414 24 6 4i February March 17.361 25 16 . 17.230 25 8 2}

tions were as under: — Buyers. Sellers. N.Z. GOVT. LOANS— £ 8. d. £ s. d. 4* p.c. Ins. Stk., 1039 4l p.c. ditto, 1938 ... 99 0 0 — 99 o 0 —— 54 p.c. ditto, 1933 ... —— 101 10 0 51 p.c. ditto, 1930 ... —- 99 10 0 54 p.c. Bonds, 1930 ..101 0 — DEBENTURES— Wellington Gas .....100 0 0 — Well. Racing Club 100 10 0 N.Z. Breweries (bonds) 1 4 3 —— Christchurch Tramways, 61 p.c.. 1934 —— 104 10 6 BANKS— Australasia 14 14 0 14 17 0 Commercial of Aust. (ord.) 1 10 1 10 National of N.Z 7 1 0 7 3 0 National of Australasia r (£10) 19 6 6 19 8 6 Ditto (£5) — 9 14 0 New South Wales ... 51 12 6 —• New Zealand ......... 3 1 3 3 1 9 Ditto, long-term mortg. 1 8 3 — Union of Aust 15 4 0 — Ditto (Melbourne reglstcr) 15 o 0 15 8 0 FINANCIAL— Goldsbrotigh Mort ... o 11 3 —— National Mortgage .. N.Z. Invest., Mortgage, 4 .5 6 —— and Deposit 0 9 6 —— N.Z. and River Plate 1 12 0 — Weil. Invest., T. & A. 0 10 8 I Well. Trust and Loan 6 18 6 —— Well. Deposit & Mortg. 0 10 0 — GAS— Auckland (contrib.) .. —— . 0 IS 0 Christchurch 1 ■ j 3 1 () 0 Ditto (contrib.) Wellington (pref.) ... 0 12 3 —• 0 17 6 —- INSURANCE— National 0 16 10 0 17 New Zealand J, J) —— Queensland 3 ,) 0 3 7 6 South British 3 3 9 —— MEAT PRESERVINGV Gear — 4 0 Canterbury Frozen Meat . 9 0 0 N.Z. Refrigerat. (£1) — 0 19 1 Ditto (10s.) r 0 3 Well. Meat Export ... 0 12 6 — TRANSPORT— Huddart-Parker (ord.) o 9 — Ditto (pref.) 1 0 6 — WOOLLEN— Kaiapoi (ord.) 0 13 3 —- Ditto (pref.) — 0 15 3 Mosgiel 6 0 —— Wellington (ord.) .... 6 17 0 — Ditto (pref.) 6 19 0 —• COALWestport —- 1 10 0 Waipa — 0 13 6 TIMBER— National —— 0 11 0 Leyland-O’Brien .... —— 1 15 6 BREWERIES— New Zealand ........ o 14 6 2 15 6 MISCELLANEOUS— Burns, Philp 2 4 6 —- British Tobacco (Aust.) (ord.) 4 0 —— Howard Smith (ord.) — 1 5 6 N.Z. Drug Co 3 9 6 —— N.Z. Express Co. (ord.) —— 0 19 0 Walrarapa Farmers’ (pref.) Wilson’s Cement .... 0 11 6 0 15 0 —— 2 0 G "Otago Daily Times” . —— 3 19 0 MINING— Wallii — 0 13 3