Farm and Commercial Section

Dominion, Volume 22, Issue 82, 31 December 1928, Page 12

Farm and Commercial Section

LATEST REPORTS from ALL CENTRES

THE PRODUCE MARKETS FROZEN MEAT LONDON QUOTATIONS. (Australian Press Association.) (Rec. December 30, 5.5 p.m.) London, December 29. Sheep. Canterbury, light 6 7-Bd. per lb., medium Gid., heavy Gid. North Island, light Gid., medium 61 d. New Zealand ewes, 4 7-Sd. Australian, firsts 4 7-Sd., seconds 4.7-Sd., ewes 44d. ■ Argentine, light s}d., medium s}d., heavy 4}d. Lambs. Canterbury, seconds 7 5-Sd. Other selecteds, medium OJd. North Islands, seconds 7 3-Bd. Australian, firsts Victorian 9d., thirds 7d. Argentine, firsts Bd., seconds G 5-Sd. Frozen Beef. Australian crops, 4 5-16d'. Chilled Beef. Argentine, fores 4 l-Bd., hinds G 1-Sd. Other meats are unchanged. SMITHFIELD PRICES. The New Zealand Meat Producers’ Board has received the following cablegram from its London office, dated December 28, advising Smithfield delivered prices averaged for week ending that date as follow (prices for the two previous week are also shown within parentheses):— New Zealand wethers and maidens: Canterbury quality, selected brands, 561 b. and under. 6 7-Bd. per lb. (63d., GJd.); 57-. 641 b., Gid. (6 3-Sd., Gid.); G5-721b„ Gid. (6 1-Sd.. Gd.). Other-brands, sGlb. and under, Gid. (Gid., 6 1-Sd.); 57-G4lb., Gid. (6 l-Bd., Gd.); G5-721b., Gd. (Gd., 5Jd.). New Zealand ewes: G4lb. and under. 4 7-Bd. (4 5-Sd., 4 3-Bd.). New Zealand lambs: Canterbury quality, 361 b. and under, 9:|d. (9Jd.. 9Jd.); 37-421 b.. Old. (Old., 9}d.); 43-501 b., 9}d.(9}d., Old.); seconds, 7 5-Bd. (7 3-Bd., 74d.). Selected brands, 361 b. and under, Old. (Old., OJd.); 37-421 b., Old. (9 3-Sd„ 9 ,3-Bd.). Other brands, first quality, 3Glb. and under, not quoted; 37-421 b., not quoted; second quality, 30-321 b. average, 7 3-Bd. (7id., 7 3-Bd.). Australian lambs: Victorian, first

quality, 3Glb. and under, 9d. (8 7-Bd., 9d.): 37-421 b„ 9d. (8 7-Bd., 9<1.). Argentine lambs: First quality, 361 b. and under, Sd. (7Jd., 73d.); 37-421 b., B<l. (7Sd, 7R1.). New Zealand beef: Ox fores, not quoted (3 7-Sd.); ox hinds, sd. (5d., 5d.); cow fores, 3Jd- (3jd., 3*d.); cow hinds, 4fd. (4jd., 4Jd.). Argentine chilled beef: Ox fores, 4 1-Sd. («<]., 4 5-Sd.); ox hinds, 6 1-Sd. (7}d., 6 3-Sd.). Argentine frozen beef: Ox fores, not quoted ; ox hinds, not quoted. New Zealand frozen pork: Porkers, 60801 b., 7d. (GJd.); porkers, 81-’J9lb„ 63d. (GJd., GJd.); porkers, 100-1201 b., GJd. (GJd., Gid.); baconers, 121-lSOlb., 7d. (7d., 7d.). New Zealand frozen veal: Not quoted. Lamb market: Small trade this week owing to holidays. Prices show firmer tendency. Muton market: Better inquiry with increased prices.. New Zealand porker pigs: Market. firm, with better consumptive demand.

Messrs. Levin and Co., Ltd., have received the following cablegram from their London agents, dated December 28: — "Frozen meat quotations (prices on a ‘delivered’ basis, i.e., including storage charges, cartage, tolls, etc.): —Down lamb, 28/42, nil; best North Island, 28/42, 9Jd. per lb.; ordinary North Island, 28/42, nil; second quality lamb, 7Jd. best North Island wethers, 48/64, 6 5-Sd.; ditto, 64,72, GJd.; ordinary-ditto, 48/G4, GJd.; North Island ewes, 48/64, 4 7-Bd.; ditto, 64/72, 4 3-Bd.; New Zealand prime ox beef, IGO/220, 4 5-Bd. As compared with last week’s quotations, second quality , lamb is l-Bd. per lb. higher, and best wethers and light ewes Jd. per lb. higher. The market is quiet at the moment, but a somewhat better tone prevails.”

HEAVY EXPORT OF WOOL FROM SYDNEY . (By Telegraph.—Press Association.) Sydney, December 29. The ships of seven nations will have carried away 73.000 bales of wool, valued at £1,850,000, this week from Sydney when the vessels fixed to sail to-day leave port. The export this week is the heaviest of the season. BUTTER AND CHEESE DAIRY BOARD’S ADVICES. The New Zealand Dairy Produce Board has received the following market report from its London office dated December 28:— Butter. 28/12/28. Last week.

New ZealandSalted 1845.-186 s. • 1825.-186 s. Unsalted 1945--198 s. 1965.-198 s. First whey 1745. 1765. Second whey .... IGGs. 1725. Deliveries, New Zealand, this week, 390 tons. In store, New Zealand, this week, 17u0 tons. 28/12/28. Last week. Australian — Finest Salted .... 180s.-184s. 1825.-184 s. Uusalted 1845.-188 s. 1845.-188 s. Argentine— Finest Unsalted .. 1785.-182 s. 1785.-184 s. Danish — F. 0.8 1935. 200 s. Spot 200 s. 2105.-2125. Dutch— Unsalted 2125. 2145.-2165. Siberian 1345. 1345. Market quiet but steady. Retail prices unchanged. Cheese. 28/12/28. Last week. New Zealand — White . 905.-975. 975..-98 s. Up to 98s. Deliveries, New Zealand, this week, 4250 crates. In store, New Zealand, this week, 15,500 crates. 28/12/28. Last week. Canadian— White 110s.-112s. 110s.-112s. Coloured 108s.-112s. 108s.-112s. Australian— White 955.- 965. 955.- 975. Coloured ......... 98s. 965. 90s.

English— Finest Farmers’ .. 1405.-1445. 140sr-1425. Market quiet. Retail prices unchanged. The Ruahine commenced discharge of cheese on December 27, finished same day. Tlie Ruahine commenced discharge of butter on December 28. Tlie board has also received the following advise from its agents in Canada:—Butter, New York, 484 cents (2s. id.); Montreal, 40J cents (Is. 8 3-Bd.).

Messrs. A. H. Turnbull alid Co. are in receipt of a cablegram from Messrs. W. Weddel and Co., Ltd., dated London December 28, reading as follows (the previous week’s prices in parentheses):— "Danish butter, 200 s. (210 s. to 2125.); New Zealand uusalted, 1945. to 198 s. (1965. to 19Ss.); New Zealand, salted, 184 s. to 186 s. (182 s. to 1865.). Market quiet, but steady. New Zealand cheese, white, 965. to 975. (975. to 985.); New Zealand cheese, coloured, 995. to 100 s. (995. to 100 s.). Market quiet. Canadian cheese white, 110 s. to 112 s. (110 s. to 112 s.); Canadian cheese, coloured, 108 s. to 112 s. (108 s. to 1125.). COMPANY ACTIVITIES KAURI TIMBER COMPANY At the_ annual meeting of shareholders of tlie Kauri Timber Company, held in Melbourne on December 13, the chairman (Mr. G. Lush) said that he felt it an important duty to present to the shareholders a balance-sheet which did not disclose a more prosperous condition of the company’s business. In tlie previous report it was stated that they were justified in the belief that there were better times ahead. That belief was founded on the fact that favourable indications were manifest. “The same conditions obtain today,” lie said, "for there are distinct signs of a trade revival,” but as the hopes expressed for tlie year under review had not been realised, they were naturally guard-’ cd in forecasting improving conditions for tlie current year. From New Zealand, where most of the company’s assets were situated, recent reliable reports were morefavourable, and indicated that the current of events . was tending towards better business. During the year under review tlie directors considered it prudent not to pay the customary interim dividend on account of tlie continued acute competition Of foreign timbers, and the chaotic condition of tpe timber trade causing the disorganisation of tlie industry and consequent depletion of profits. The associate companies which had hitherto made substantial contributions to the profits of the company had in the main deemed it desirable to conserve their resources rather than impair their financial position by paying dividends during a time of -business depression. For the first time it had been deemed expedient to draw upon the dividend equalisation fund. This course was resorted to as the profits disclosed were insufficient to provide for a 3 per cent, dividend; and as moneys had accumulated, resulting from the realisation of assets it was thought advisable to make a portion of the fund available for distribution rather than allow tlie accumulation to remain, uninvested. The directors expressed confidence tliat tlie potentialities of tlie company were still capable of assorting themselves when trade conditions became so adjusted tliat a full utility of the luimpany’s assets and organisation could be regained.

TARANAKI OIL FIELDS, LTD. Taranaki Oil Fields, Limited, issued the following Press report for tlie week ended December 22:— Gisborne No. 2 well: Landed loin, din meter casing at 1950 feet. Now prepar lug to run BJin. diameter casing. NEW ZEALAND AND RIVER PLATE LAND MORTGAGE Cabled advice has been received by tli" local attorneys of tlie New Zealand and River Pinto Land .Mortgage Co., Ltd., that the not pr.illt for tlie year ended October 3' 1928, was £123,793. At the annual meeting to lie held in London on January 14 the directors will recommend tliat a linal dividend lie declared, making a total of 9 per cent, for the year (less incom" tax 4s. in the £1). absorbing £(13.000, tliat £15,000 bo carried to reserve, aud tliat £45,793 be carried forward.

GOODS FOR CANADA

PREFERENTIAL TARIFF The Canadian Trade Commissioner at Auckland has received advice from Canada to the effect that goods shipped co Canada to be entered for duty under the British preferential tariff or under the Australian Trade Agreement must be accompanied by a certificate that not less than one-half the cost of production of each article has been produced through the industry of the country entitled to preferential treatment. The Canadian Department of National Revenue (Customs) advice that the certificates which have been in use in the past, printed supplies of which many shippers' will have on hand, will be accepted provided the words, “onefourth” are deleted and "one-half” substituted: the alteration must be initialled by the exporter. The new requirements are effective for entries on and after February 1. 1929. and New Zealand exporters should be guidpd accordingly. THE WOOL POSITION In its report upon the wool position in November aiid December, the Australian Mercantile Land and Finance Company states that events have vindicated the view previously expressed regarding tile absence of ground for misgiving in respect to the price of the staple. Although opinions still differed on the outlook for the market, the firm says that it is confident that remunerative prices will be obtained for the remainder of the season. /There Was still a huge stock of wool in sight, but its presence was known by the trade, and despite what might be termed "surface ripples” on the market, the position could- scarcely be more satisfactory. The bulk, of the offering continued to be taken by Japan, the Continent, and Yorkshire. Buying for Russia had been spasmodic, and on American account there had been an absence of enthusiasm. The sustained demand by Japan had stimulated .competition generally, and the company expected a continuance .of strong buying from the same quarter. Even without an improved inquiry from the United States, conditions were not disquieting. The company state's that the most impressive market feature'of the season had been the extreme prices paid for skirtings of all descriptions. The reason was that manufacturers, especially those in the Continental group, found skirting wool superior to any other for their particular requirements. As the total quantity of skirting of all classes was' small In proportion to the supply of fleece wool, the strong demand could be understood.

The high price realised for wool recently in Sydney is ’held to be a direct result of the plan of offernng wool under the zoning system. The desire of buyers had been to obtain a proportion of better-class wools concurrently with the wool of other classes. Hence, the zoning system which is giving satisfaction.

AUSTRALIAN AND OVERSEA BANKS

In its November number, the London “Bankers’ Magazine” says tliat by their decision to open current accounts in Australia for banking correspondents the Australian banks have brought banking practice in the Commonwealth into line with that existing in practically all other important countries of the world. The new arrangement which came into effect from the end of September, and includes the Commonwealth Bank, may have the effect of slightly broadening the market in exchange, and should certainly prove a convenience to banking institutions outside Australia; but in view of the necessary limitations imposed, it is considered hardly likely to lessen to any appreciable extent the predominance of the Australian banks, in exchange transactions. A commission of one-eighth per cent... is charged on the turnover of accounts opened in Australia for outside bankers, and it is understood no interest will be allowed on funds held there. Other factors which may tend to lessen the effect of the concession are the absence of a short loan market, as it is known in London, and the exchange charges which are incurred in transferring funds from one Australian centre to another. It is anticipated that the new facilities would be freely used by institutions in Canada, the United States, and the East. COMPANY REGISTRATIONS NEW SOUTH WALES FIGURES Australian Press Association. Sydney, December 28. For new limited liability companies registered in New South Wales during the year just closing tlic nominal capital, approximately £40,000,000, is indicated in documents lodged with the Registrar-Gen-eral. In addition, ninety-five existing companies increased their capital b.v £B,794,155 sterling. New companies registered totalled 759. ’ CUSTOMS REVENUE. The Customs revenue collected at the port of Wellington on Saturday totalled £859. FOREIGN ITEMS THE WHEAT MARKETS. (Australian Tress Assn. —United Service.) (R?c. December 29, 5.5 p.m.) London, December 28. Wheat.—Cargoes are negligible at late rates. Two by unnamed vessels from Australia, amounting to 12,000 tons, sold at about 48s. per quarter, on United Kingdom basis, for Shanghai. Parcels are active at better prices. Australians are dull and pressed for sale. Parcels by the Themistocles and the Moreton Bay brought 455. 9d., and by the Almkerk 455. Gd. Liverpool futures: December, Bs. HJd. per cental; March. 9s. 1 l-Bd.; May, 9s. 2 3-Bd.; July, 9s. 4d. (Rec. December 30, 5.5 p.m.) London, December 29. M’heat.—Cargoes are quiet. Quotations for Manitobas have scarcely altered, but La Plata descriptions are in freer supply at occasionally lower prices. Parcels are inactive at about 3d. per quarter under recent levels. Liverpool futures: December. Bs. 10 7-8(1. per cental; March, 9s. lid.; May. 9s. 2 l-Bd.; July, 9s. 3 5-Sd. Chicago, December 28. ■ Wheat futures: December, 1 dollar 13i cents per bushel; March, 1 dollar 17 5-8 cents; May, 1 dollar.2ol cents. Chicago, December 29.

Wheat futures: December, 1 dollar 12 Cents per bushel: March, J dollar 161 cents; May, 1 dollar 18} cents. PRICES OF RAW MATERIALS. (Australian,(Press Association.) • ' (Rec. December 30, 5.5 p.m.) London, December 29. Cotton.—Liverpool quotation for American middling upland cotton. January delivery, 10.34 d. per lb. Rubber.—Fine hard Para, 10}d. per lb.; plantation first latex .crepe and smoked ribbed sheet, 8 11-l Gd.

Jute.—December-January shipment, £32 ss. per ton. New Zealand Hemp.—December-Febru-ary shipment, £36 10s. per ton. Copra. — January-February shipment, £24 per ton, nominal. Linseed oil, £29 per ton. Turpentine, 48s. Gd. per cwt. Hides are dull. OshiiridiUm is unchanged.