Farm and Commercial Section

Dominion, Volume 22, Issue 70, 15 December 1928, Page 12

Farm and Commercial Section

AUCTION SALES TO-DAY. Otaki Auction Mart, 2 p.m.—Sale of Xmas presents (Rochford and Co.) Central Mart, Stratford.—Sale of Xmas poultry (Phillips). THE PRODUCE MARKETS BUTTER AND CHEESE LONDON QUOTATIONS. (Australian Press Assn.—United Service.) London, December 13. Butter is very firm, owing to shortage on the Continent. Danish, 2205.; choicest salted New Zealand, 182 s. to 1845., exceptionally good 1865.; Australian, 182 s. to 184 s. Unsalted is scarce; New Zealand, 1345. to I’JOs.; Australian, 182 s. to 186 s. Cheese. —New Zealand white, 985.; coloured, 100 s.; Australian, !)65.. to 38s. Messrs. Dalgety and Company have received the following report from London, dated December 13 (last week’s quotations shown in parentheses) Butter —Market firm. Danish, 2125. to 015 s (200 s. to 2025.); New Zealand finest salted, 180 s. to ISOs. (1765. to 180 s.); Australian finest unsalted, 182 s. to 186 s. (184 s. to 186 s.); Australian finest salted, 180 s. to 182 s. (1725. to 1765.); Australian, G.A.Q., 1725. to 1765. : (1665. to 1705.). Cheese.—Market steady at present prices. New Zealand cheese, white, 06s. to 08s. (965. to 985.); New Zealand cheese, coloured. 08s. to 100 s. (OGs. to 08s.); spot price for Canadian white, 108 s. to 112 s. (110 s. to 112 s- spot price for Canadian coloured, 108 s. to 112 s. (HOs. to 1125.). Total butter imports Into United Kingdom last month were 442,000 cwt., and for the same period last year 401,000 cwt. Mr. G. A. Mills lias received the following cabled advice from Messrs. A. J. Mills and Co., Ltd., London, under date December 13:— , , , „ ... - L Butter.—The market is firm with finest New Zealand at 184 s. to 1865.; first grhde, 182 s. to 1835.; Danish butter, 2025. to 2045. Cheese.—Tills market is steady and New Zealand white cheese is quoted at 975. to 985.; coloured cheese, 995. to 100 s. CANADA’S CROPS ESTIMATED VALUE. (Australian Press Assn.—United Service.) Ottawa, December 13. The value of the principal field crops in Canada this J’ear is 1,651,043,000 dollars, according to the Bureau of Statistics. The estimate includes a reduction of 83.149.600 ' dollars from last year. The grain crops are 733,845,000 dollars, against 797.530.600 dollars last year. BRADFORD TOPS MARKET (Australian Press Association.) London, December 13. The Bradford tops market is stagnant with a pessimistic tone. Quotations: Sixty-fours, 46d.; sixties, 4.3 id.; , fiftysixes, 33d.; fifties, 29d.; forty-sixes,'23d.; forties, 22*d. LONDON SHEEPSKIN MARKET . (Austrafian Press Association.) London, December 13. The sheepskins sales have concluded, the total offered being 5800 bales. Keen competition was general for the better classes, but poor for average and scoured qualities. Sales were 75 per cent, of the offering. Good merinos and comebacks sold at par to 5 per cent, above the October average. New Zealand crossbreds were about 5 per cent, higher. Messrs. Murray, Roberts, and Co., Ltd., are in receipt of the following sheepskin market cablegram from their LonUbn agents, dated. December 13;—Compared with last London sales, sheepskins, merino, advanced 5 per cent.; sheepskins, crossbred, advanced 74 per cent. Competition general. Messrs. Dalgety and Company have received the following report from London dated December 13:—London sheepskin sales; Attendance good, competition fair, and general as compared with closing rates of last series. Merino and crossbred 5 per cent, to 74 per cent, higher on the average, but medium and coarse crossbred somewhat neglected. NEW DEFROSTING PROCESS (Australian Press Association.) (Rec. December 14, 7.50 p.m.) London, December 13. A number of leading Smithfield men in-spected-beet defrosted by the new method. The general opinion. was that in appearance, colour, and dryness the meat was excellent. The process appears to be the most satisfactory yet seen, but experts declare that the -ultimate decision regarding its success must be left to the retailers. Hitherto only small lots have been marketed. One butcher purchased the meat three days running.

latest reports from ALL CENTRES

CANTERBURY MARKET REPORT (By Telegraph.—Press Association.) Christchurch, November 14. The deluge of rain has invested the market position with a little new interest. However, It is considered that so far very little damage has been done, though the matter ot rust development will take a few days to determine. The bright conditions since the rain ceased this forenoon are encouraging for the time being. Reports from the country are to the effect that much less wheat is “laid” than was feared. There Is no change in the milling wheat market, and buyers are going slow. Fowl wheat is offering freely at ss. 7d., f.o.b. A little more business has taken place In forward oats. There have been sellers of A Gartons at 3s. 74d. on trucks. Seeds remain at the prices ruling for some time. A substantial amount of forward business has been done in potatoes at £4 17s. Gd. and £5, f.0.b., sli., for April and June, and purchases have been made from farmers at the rather bare equivalent of £3 15s. on trucks. Reports from round about are that crops on low-lying land were under water yesterday, but the tubers are not far enough advanced to be affected, and the water Is likely to get away quickly under the drying conditions that have set in. In another six weeks such a downpour would have created conditions favourable to blight. Quotations-for main crop onions are £4 15s. a ton, anil for February £5 on trucks. Business at £6 ss. f.0.b., s.i., has taken place, but northern buyers are not much interested. At a meeting of merchants yesterday the price of corn sacks was fixed at the same rate as last year, Is. 4d. each for 40’s. The refund to the farmer when the crop is sold will be Is. 2d. to Is, sd. FROZEN MEAT Messrs. Dalgety and Company have re-r ceived the following report from London dated December 13:— . Lamb.—New Zealand, prime Canterbury lamb. 28/361b., 9 5-Bd.; North Island lamb, 28/361b., 9d.; Canterbury- lamb, 36/421b., 9 5-Sd.; North Island lamb, 36/421b., Od.; Canterbury lamb, second quality, 7J<l.; North Island lamb, second quality, 7Jd.; Canterbury lamb, 42/501b., B|d.; North Island lamb, 42/501b., not quoted. Market weaker; demand limited. Mutton.—New Zealand, prime Canterbury mutton, 48/501b„ 6 3-Bd.; North Island mutton, 48/561b., 6d.; Canterbury mutton, 56/641b„ 6 l-Bd.; North Island mutton, 56/041b„ 53<1.; Canterbury mutton, 64/721b„ 5 7-Bd.; North Island mutton, C4/721b., 54<1.; Canterbury ewes, 48/641b., 4}d.; prime North Island ewes, 48/6-Üb., 4d. Market weaker; demand quiet, Australian Lamb.—G.A.Q. Australian lamb, 28/361b„ 9d.; G.A.Q. Australian lamb, 36/421b., 9d.; F.A.Q. Australian lamb, 28/3Glb., 7jd. Market weak; demand runs principally on finest qualities. Australian Mutton.—G.A.Q. Austra an mutton, 40/041b., 4 l-Bd.; F.A.Q. Australian mutton, 30/551b., 3 7-Bd.; Australian ewes, 3 7-Bd. Market dull; demand poor. Beef.—New Zpnliind prime ox beer, hinds, 45d.; New Zealand prime ox beef, fores, 3ld.- Argentine chilled hinds, 6)d.; Argentine chilled fores, 4Jd. Market unchanged; demand better. . Pork.—English porkers, 80/1001b., 10d., New Zcalhnd porkers, 80/1001b., 64d. WHEAT POOL LARGE AREA OF LAND AFFECTED. It is announced that the signing up of wheat-growers representing 120,000 acres, the objective set themselves by those interested in the formation of the wheat pool, was attained on December 1, the date arranged. In point of fact, the total acreage was 124,248 acres, and there are still some returns to come in. It is considered likely that this total will be increased, as the canvass of growers will be continued In those districts which seem to warrant that step. HIDE, SKIN, AND TALLOW SALES The fortnightly sales of hides, skins, and tallow were held in Wellington yesterday. There was a good attendance ot buvers. Brokers report as under:— Dry Sheepskins.—4d- to sd. lower: Halfbred, 12}d. to 14Jd.: fine crossbred, 12? d. to 144 d.; medium crossbred, ll}d. to 135<1.; ■ coarse crossbred, 9}d. to 12Jd.: half wools, 84d. to HJd.; quarter wools, B}d. to lljd.; pelts, 6?d. to IOJd. ~ , Salted Skins—3d. to 6d. per skin lower; Pelts, 2s. fid. to 4s. lid.; quarter wools, 4s. 2d. to 4s. lid.; half wools, none offering; three-quarter wools, 9s. 6d. to Ils. Ifid.; full wools, Bs. Bd. to 135.; extra large, 14s. 2d.; lambs, 3s. to 4s. 3d. Hides.—As compared with prices current at last auctions held here, ox and light cow on par; medium and heavy cow, par to id. lower; kip and yearling slightly easier; calf on a par with exception of super lots, which were slightly higher. Ox, 331 b. to 441 b., 04d. to 9i<l.; ox, 451 b. to 521 b., 8 7-Bd. to 9}d.; ox. 531 b. to 591 b., 84d. to lOd.; ox, 601 b. to 691 b., 9 l-Bd. to IOJd.; ox, 701 b. and over. 10 3-Bd. to 10 5-Bd.; cow, 331 b. to 391 b., 8 5-Bd. to 10 3-Bd.; cow, 401 b. to 481 b„ 8 5-Bd. to 9Jd.; cow, 491 b. and over, 8 5-Sd. to 9 l-Bd.; kip, 251 b. to 321 b„ 8 7-Bd. to IOJd.; kip, 171 b. to 241 b., Hid.; yearling. 111 b. to 161 b., lOd. to 12d.; calf, 91b. to 101 b.. lOd.; calf, Gib. to 81b., 14d. to IGid.; calf, lib. to 51b., Hid. to 17 Tallow.— Unchanged. In casks, 80s. to 315.; In tins, etc., 21s. Od. to 295. Sundries—Cow tails, 19d.; horse hair, 164 d. to 19id. WELLINGTON STOCK EXCHANGE YESTERDAY’S BUSINESS AND PRICES Sales reported at the morning call yesterday were New Zealand Breweries bonds at 255. 6d., Bank of New South Wales at £5O 7s. 6d., and Pukemiro Collieries at 655. lid. At the afternoon call the sales reported were Commercial Bank of Australia at 30s. 10d., and Auckland Gas at 235. l)tl. There was a fair demand for Government stocks, with buyers of the 4| per cents at £99 55., and the 54 per cents at £lOl 7s. 6d. Wellington City 54 per cent. 7s 6d. Wellington City 54 per cent.

debentures were wanted at £9O 10s., and New Zealand Breweries bonds at 255. 7d. Bank shares were again in very good demand. There were bids of £9 19s. for Bank of Adelaide, 30s. 6d. for Commercial Bank of Australia, £27 15s. for Commercial Bank of Sydney, £8 10s. for English, Scottish, and Australian Bank, £5O ss. for Bank of New South Wales, 61s. 3d. for Bank of New Zealand, and £l5 10s. 6d. for Union Bank. Sellers quoted £7 55., cum, dividend, for National Bank of New Zealand.

Goldsbrough Mort were steady at 525. 3d. Building shares were in good demand, with buyers of Wellington Investment at 10s. I)d., Wellington Deposit at 10s„ and Wellington Trust and Loan at £7. Auckland Gas were wanted at 235. 6d.. Wellington Gas at 305., and Napier Gas at £lO 7s. 6d. South British Insurance were very firm at 645. 6d., and New Zealand Refrigerating, 10s. paid, at 9s. 3d. The demand for Huddart-Parker shares Continues steady at 485.; Union Steam wore wanted at 20s. Gd., cum. dividend. Kelbnrne Trains at 265., Wellington- Woollen ordinary at £7 45., and Leyland-O’Brien Timber at 31s. 3d.

New Zealand Breweries shares were very firm at 575., and Ward and Co. at 435. There were buyers of British Tobacco at 445„ Burns, Philp, and Co. at 455. Od., Burns, Philp, and Co. (South Sea) at 305.. Dental and Medical Supply at 9s. fid., Howard Smith ordinary at 245. fid.. Newton King preference at 7s. fid., Wilson’s Cement nt 415., Gasco Bricks at 255. fid., and Waihl 14s. Yesterday’s buying and selling quota-

SALES IN OTHER CENTRES By Telegraph. —Press Association. Auckland, December 14. Sales —Mt. Eden Borough, 1003, oi per cent. £lO2 10s.; Tamaki West Road ner cent., £lO2 10s.; Bank of Nev 1909, Ot P®* c ce A ,,’’ ( lls od -’ New Zealand Insurance 45s (id.? Pukemiro Collieries, G6s * Renown Collieries, 155.; Auckland Gas,’23s. Bd.; Northern Steamship, 13s. 3d. ’ New Zealand Breweries, 075.; Sanford, Ltd., 17s. 6d.; Ohinemuri, Bs., M aihi, lls. Dundeln, December 14. Sale _New Zealand Breweries shares, 57s Sale Reported.—New Zealand Breweries shares, 575. Dec e m ber 14 Sales —Christchurch Drainage Board, 54 per ceAt.. 1973, £lOO 10s.; Bank of New Zealand (“D” Mort shares), 28s. Id-. Na tional Insurance, 16s. 2d.; Nabonal MortBBs. 6d.; Christchurch Gas, -is., -os. fid.'; Timaru Brewery, 18s. (two parcels), New Zealand Guarantee Corporation, Bs. 5(1.7 Mahakipawa, Is. 3d. (eight Parcels) Sales Reported.—United Building ciety 165.; Auckland Gas, 235. fid. (two parcels); New Zealand Guarantee Corporation, Bs. 5d.; Waihl, 14s. 7d. COMPANY ACTIVITIES CANTERBURY MEAT EXPORT CO. ANNUAL MEETING. Dominion Special Service. Christchurch, December 13. The annual meeting of the Canterbury Frozen Meat and Dairy Produce Export Company, Ltd., was held to-day, Sir George Clifford, chairman of . directors, presiding. In moving the adoption of the report and balance-sheet the chairman stated that the past season was a bad one for fat lambs. Many lacked stamina and the percentage of really prime lambs was not good, due probably to the drought of the preceding autumn. Consequently many more second grade lambs were treated than usual, and as the season was prolonged many lambs were sent to the works which otherwise would have been carried over and which in the interest of the export trade would have been better if kept alive. It had been, said Sir George, the consistent policv of the company to endeavour to maintain at its highest the reputation of Canterbury lambs, and It was therefore to be deplored that some works had lowered the standard of exporting laihbs that did not merit even being classed as second grade. If this policy should be persisted in the fair name of Canterbury would be gone and the proud position so long held would be irretrievably lost. The chairman also referred to the necessity for studjing the needs of the Home buyers by bringing our breeding type of ewes up to a s tan<l “ in accordance with the demands of the H °A 6 question of much magnitude,” Sir George added, “has recently been revived

by the granting of permits for the acquisition of existing meat works in the Dominion by large extra-colonial trading concerns. We have always regarded the undue development cf such institutions as a serious menace, their sole motive being the extraction of large profits from the trade for distribution beyond our boundaries. Thus the leading idea which has hitherto worthily Influenced our local companies of assisting the neighbouring farmer must in time be corrupted into an acquisitiveness which moans compelling him to accept the low price which the calculated absence of competition will necessitate. Where insufficient range compels the reduction of works in any district it were better for our general welfare to organise amalgamation of those whose natural tendencies lead to the prosperity of their district and not to the draining of its resources into other pockets.” Tiie report and balance-sheet were adopted. The retiring directors, Messrs. Geo. Humphreys and John Deans, were reelected, and Mr. J. Mawsou Stewart was re-elected auditor. KAURI TIMBER The unfavourable conditions that continue in. the timber industry are reflected in the balance-sheet of the Kauri Timber Co., Ltd. Net profits for the year, -to August 31, after providing for depreciation, ete., amounted to £4933, against £38,172 for 1926-27. The amount brought forward was £3220, and £15,000 is transferred from the dividend equalisation fund, making available for distribution £23,153, out of which a dividend of 3 per cent, has been declared, which absorbs £22,500, leaving £653 to be carried forward.. The dividend for the previous year was 6 per cent. The balance-sheet figures show paid-up capital £750,000, contingent reserves, etc., £114,031 against £125,062 in the previous year, sundry creditors £18,014, against £20,504, due to bankers, £1958 against £4554, insurance funds, £67,923, against £69,338, dividend equalisation fund, £35,000 against £50,000, and loans on deposit, £12,101 against £30,715. The assets include freehold properties, £127,920, against £138,487, leasehold properties, £64,943 against £70,080, plant and machinery, £180,941 against £180,032, stock, £284,241 against £304,667, sundry debtors, £107,291 against £114,867, loans, debentures, etc., £88,323 against £82.517, and shares in other companies, £148,471 against £144,971. BANK OF ENGLAND Owing to the operations of the new Currency and Bank Notes Act, passed this year, the return of the Bank of England for the week ended November 28 and each week since has appeared in different form. . The object of the legislation is the amalgamation of the Government currency £1 and 10s. notes with the Bank of England note issue. It authorises the Bank or England to issue its own notes for £1 and for 10s. The bank was previously prohibited from issuing notes of less than £5. The Act provides that all currency notes actually outstanding, though not the notes of the old issues, which have been called in, but have not yet been presented for payment, shall be deemed to be Bank of England notes, and that the Bank of England shall assume liability in respect of them. The public is not obliged to exchange the currency into the new notes of the Bank of England. The bank, however, has the power to give not less than throe months’ notice to call in the currency notes and exchange them for its own notes. The Act fixes the total value of notes which the bank is allowed to issue above the value secured by gold coin and bullion in the issue department. The fiduciary circulation thus fixed is £260,000,000. The old law, enacted in 1844, made no provision for increasing the note circulation in times of emergency. The new Act lays it down that the Bank of England may at any time represent to the Treasury the expediency of increasing the fiduciary Issue to some specified amount above the fixed £260,000,000, and that the Treasury may then authorise the bank to issue notes to this increased amount. This authority of the Treasury is limited to a period not exceeding six months, subject to the power to renew the authority up to a maximum period of two years, after which Parliamentary sanction would have to be obtained. The new notes are legal tender in England, Scotland, and Northern Ireland. For the purpose of concentrating gold reserves, any person owning gold coin or bullion over £lO.OOO in value must, if required, sell to the bank the whole or any part of it other than any part held for immediate export, or required for industrial purposes.

CUSTOMS REVENUE. The Customs revenue collected at the port of Wellington yesterday totalled £9207. FOREIGN ITEMS LONDON PRODUCE MARKETS. (Australian Press Assn.—United Service.) London, December 13. Wheat.—Cargoes are steady, on tentative Indian Inquiry. Small business closed barely steady, prices being iregular. Cargo by the Hellenic for the Continent sold at 475. 71d. per quarter. Parcels are in fair inquiry, and outports are steady. Liverjool futures: December, 9s. o}d. per_ cental; March, 9s. 2 l-Bd.; May 9s. 2 a-Bd.i July, 9s. 3 7-Bd. Spot trade is quiet. Quotations steady. Australian, ex ship, 49s Flour is slow. Australian, ex store, 345. 6d Oats are dull. Australian Algerian, 275. fid. to 295.; A gartons, 31s. to 325. Peas are quiet. Blue Tasmanian, 3405.

to 3605.; New Zealand, 3205. to 3405. J maples, Tasmanian, 70s. to 725. 6d.; New Zealand. 60s. to 625. fid. New Zealand beans, 48s. to 50s.

CHICAGO WHEAT QUOTATIONS. Chicago. December 13. Wheat futures: December, 1 dollar 18 1-8 cents per bushel; March, 1 dollar W 1-8 cents; May, 1 dollar 21£ cents. LONDON EGG MARKET DULL. (Australian Press Association.) London, December 13. Eggs are very dull, market supplies excecdhig the demand. Australian and New Zealand are very difficult to sell, the tormer at 16s. to 17s. 6d. per long 100 (ten dozen), the latter 17s. 6d. to 18s. fid., with exceptionally good 19s. PRICE OF SUGAR. London, December 13. The price of sugar for January delivery is 9s. 6d. per cwt. AUSTRALIAN PRODUCE MARKETS. By Telegraph.—Press Association. Sydney, December 13. Wheat at country stations, 4s. 04d. per bushel; ex trucks Sydney, 4s. 74d. Fl°u r > £ll Ids. per ton. Bran and pollard, £6 ss. per ton. Potatoes, Clarence River new, £l4 per ton; Tasmanian new, £lB 10s.; old. £7 16s. Onions, Victorian, Globe, £l2 per ton; brown, £5 to £7. Oats, Algerian, or white, 4s. 9d. per bushel. Adelaide, December 13. Wheat, growers’ lots, 4s. BJd.. Flour, £ll 2s. Cd. Bran, £5 17s. Cd. Pollard, £6 ss. Oats, 2s. fid. to 2s. 7d. Melbourne, December 14. Wheat, 4s. 8(1. to 4s. BLI. per bushel; flour, •£ 12 2s. fid. to £l2 7s. fid. per ton; bran, £5 155.; pollard, £6 ss. per ton; oats, 2s. lid. to 3s. per bushel; maize, 4s. 4Jd. to 4s. Gd.; barley, English, 4s. to 4s. 3d.

tions were as under:— Buj’ers. Sellers. N.Z. GOVT. LOANS— £ s. d. £ s. d. 41 p.c Ins. Stk.. 1930 99 0 — 41 p.C. ditto, 1938 ... 99 o 0 — 4% p.c. Bonds, 1941 ... 99 10 0 —— 41 P.C. ditto, 1938 ... 99 7 0 —— 5A p.c. ditto, 1936 ... 101 7 G —— 44 p.c. ditto, 1939 ... 99 ;) 0 4j p.c. ditto, 1930 ... —— 99 10 0 51 p.c. ditto. 1932 ... 99 DEBENTURES— 0 0 — Wellington City, 5} p.c., 1937 99 10 0 —— N.Z. Breweries (bonds) 1 5 7 — BANKS— t ' 10 2 19 0 0 Commercial of Aust. 10 6 1 11 0 Commercial Banking 15 Co. (Sydney) 27 English, Scottish, and 0 — 0 8 11 3 National of N.Z 7 5 0 New South Wales .... 50 0 — New Zealand 3 1 3 — Ditto, long-term inortg. Union of Aust, (both — 1 8 3 registers) 15 FINANCIAL— 10 12 0 2 12 Goldsbrough Mort .. 2 N.Z. Guarantee Corp. 3 9 (ord.. 8s.) — 0 8 7 Well. Invest., T. & A. 0 10 9 — Well. Trust and Loan 7 u 0 — Well. Deposit & Mortg. 0 GAS— 10 0 — Auckland (paid) 1 3 6 1 4 0 1 7 G Napier (£10) 10 ..7 6 Wellington (ord.) .... 1 INSURANCE— 10 0 1 11 6 0 16 4 South British 3 4 6 — MEAT PRESERVING— 2 5 6 N.Z. Refrigerat. (10s.) 0 TRANSPORT— x „ 9 3 0 9 G Huddart-Parker (ord.) 2 8 0. 2 8 9 Union Steam (pref.).. 1 0 G .—. Kelburne Tram (ord.) 1 WOOLLEN— 6 0 Wellington (ord.) ... 7 4 0 — COAL— Hlkurangi (pref.) ... — 0 11 10 Westport 1 10 TIMBER— . — 0 10 0 Levland-O’Brlen 1 11 3 — BREWERIES— 17 0 2 17 Ward and Co. 2 MISCELLANEOUS— % 3 0 — British Tobacco (Aust.), (ord.) ••••• 2 Burns, Philp, and Co. 2 4 11 9 Ditto (South Sea) ... 1 10 0 59 5 Dental and Medical 9 6 0 10 9 Electrolytic Zinc (pref.) __ .— 1 1U 9 Howard Smith (ord.) 1 4 6 1 5 0 12 National Electric .... n Newton King (pref.) 0 7 9 N.Z. Express Co. (ord.) — o N.Z. Paper Mills ■•••• Sharland and Co. (ord.) Wilson’s Cement - 0 1 0 2 2 0 0 Aust. Iron and Steel 1 A fl MINING— n Waihi 0 14 0 —