Farm and Commercial Section

Dominion, Volume 22, Issue 119, 13 February 1929, Page 14

Farm and Commercial Section

LATEST REPORTS from ALL CENTRES

AUQTION SALES TO-DAY. Johnsonville stock sale. S Willeston Street, 12.30 ,pan.—Sale ot. carpets (E. Johnston and ‘Co.) Lambton Quay, 7180 pirn.—Stile of'Olai-e-: inont Estate (Harcourt). Raetihi ewe fair. Martinborough ewe pair. Marton ram fair. Mack' Radio Cp., 'Kent Terrace, 1 p.m. i —Sale of stock (E. Johnston and Co. ) .! S Willeston Street, 10.30 p.m.—Sale ot. records (E. Johnston and Co.) 120 Glenmore -Street, '2 p.m.—Sale of 'furniture ’(Kingsway, Ltd.) BRADFORD TOPS MARKET •(Australian -Press Association.) ■(Bee. February 12. 5.5 -p.m.) London, February 11. Bradford tops quotations are unehang- • ed, 'but the market ihas a very .pessimistic tone.

NEW ZEALAND BUTTER IN COMPETITION WITH CANADIAN PRODUCT (Australian -Press Association.) Vancouver, February 11. Despite the repeated reports to the ef- ■ feet that the Ottawa Treaty will be ati tacked in Parliament, especially on behalf of -dairymen iin the -maritime provinces, where, .it is claimed, the -importation of 1 New Zealand butter sets the -Canadian price, Mr. J. A. Kuddick, .Dominion Government Dairy Commissioner, who is attending the Western Canada Dairy Convention, opening on Tuesday, lias stated that ’the dairy industry throughout Canada Is on -the up grade, and -is steadily increasing in production. Last year was the best for .many years .in Eastern -Canada. and there has been a noticeable increase on the prairies during the last i four months. ■ SYDNEY WOOL SALES STRONG COMPETITION. By Telegraph.—Press Association. (Rec. February 12, 10.5 p.m.) •Sydney, February 12. At the wool sales 10,987 bales were sold. There was strong competition, and the market was firm at yesterday’s levels. Greasy merino sold to per lb. .' ' BUTTER AND CHEESE Messrs. Dalgety and Company have re- '■ nerved the following .report from London, I dated . February 11:—Finest New Zealand '.butter and Australian butter. 178 s. to I 180 s.; New .Zealand cheese, white, -SSs. to 005..; New Zealand -cheese, coloured, 01s. to 935. CANTERBURY PRODUCE PRICES By Telegraph.—Press Association. •Christchurch, February .12. The market tor milling wheat is some,what weaker to-day. A sale of Tuscan was .recorded at ss. 7d. on trucks, althoiigh a halfpenny to a penny more than this has been paid during the week. Millers are buying very little. Milling wheat is quoted at ss. 7d. to ss. Sd. on trucks for Tuscan, and 6s. for hunters. Fowl wheat is quoted at ss. 7d. for prompt and spread delivery. • Oats are weaker, and A Gartons are quoted at 3s. old. for spread delivery,, and B's at '3s. '2id. For Algerians there is no demand, and sales have been made at 2s. 4d. on trucks, with an occasional sale at 2s. 3d. to 2s. 3£d. Consequent ,on the refusal of the Commonwealth Government to allow New Zealand potatoes to en.ter Australia for “food . purposes," the market is inclined to slacken for forward months. lEarly de•livery prices remain at i£4 17s. 6d., but July-September is quoted at £5 15s. f/0.b., s.i., values to growers for early delivery, and £3 10s. to £3 12s. 6d., but at this figure there isialittle selling. The main crop onions is quoted £5 on trucks, and prompt at £6. The last rain eheebed the development of some crops, and helped to prevent an early glut. In the absence of North Island Inquiry for practically all -classes of seeds, there is little disposition on the part of merchants to buy with any freedom. Perennial .ryegrass is in most request, purchases having been made at 4s. Gd. a bushel bn trucks, whilst Italian is quoted at 3s. Gd. to 3s. 9d., purchases for exceptional quality having been made in advance of the latter figure. Plains cocksfoot is being offered, but so far hot -much fro.m the bays. From. 7-d. to Bd. a ib. covers the values. LIVE STOCK SALES. MARTON. Messrs. Dalgety and Co., Ltd., report having at their Marton sale on Monday a moderate entry -of stock, which sold as follows:—Aged ews, 215.; wether lambs, : 18s. Bd.; ewe lambs, 2Gs. 4d.; two-toothed wethers, 28s. 4d. to 295. lOd.; light fat cows, £6 17s. 6d. RAETIHI RAM FAIR. The ram fair at Raetihi was held under the auspices of the Waimarino A., P., H. and I. Association,‘on Friday, when Freeman, 11. Jackson and Co. offered to a large attendance of' buyers IG2 rams, on account,of various breeders. The whole of the entry was disposed of except eight ! Shropshlres. Romney rams were in good demand. Mr. D. G. Forloug topped the' market with a Romney at 14igus. to Mr. . W. E. Waldegrave. Shropshires were in poor demand, only two being sold. Lin- ’ coins, which were of a poor -quality, were hard to quit. The prices realised were as follow:—Romney <1 shear): Estate of Jas. Tod, 15 sold, top price llgus., average GJgns.; D. J. Willis, 12 sold, top price 8 gns., average sgns.; A. E. Sandilands, 15 sold, top price bjgiis, average GJgns.; W. A. Tod, 10 sold, top' price lOgns., average G^gus.; D. G. Forlong, 29 sold, top price : 14jgns., average 7gns.; G. L. Marshall, 30 sold, top price 6lgns., average 4Jgis. Twoshear : D. G. Forlong, 3 sold, top price 13J gns., average lOgns. Lincolns (one-shear); R. J. Bowen, 27 at 2jgns.; two-shear: 11 sold at 3gns. Shropshire: L. G. Marshall, two at 4gns. WAIKANAE. The New Zealand Loan and Mercantile Agency Company, Limited, report that at the Waikanae yards last Thursday, they offered and sold a good yarding of sheep and cattle at the following prices: 4 and 5-year ewes, 275. Gd. to 28s. Id.; woolly hoggets, 335. to 38s. Gd.; medium store wethers, 275. 3d.; good woolly vrether lambs, 21s. to 225. 9d.; medium shorn wether lambs, 18s. to 20s. 3d.; cull lambs, Ils. to 14s. lOd.; 4-tooth S.D. rams, 71 gns.; 18-mos. heifers, r.w.b., £5 10s. to £6 10s.; good weaner steer calves, £4 12s. to £5 Is.; weaner .heifers, £3 to £3 Gd.; dairy cows to £10; bulls, £4 10s. to £5 15s. PLIMMERTON STORE STOCK

SALE. Messrs. Wright, Stephenson and Co., Ltd. report having held a successful sale of store sheep at the yards lent by the Walker Estate, Plimmerton. There was a good attendance of the public, and competition throughout the sale was keen. A total clearance was effected at auction at prices considered very satisfactory to vendors. The best sales were:—Account Walker Estate: Four-year-old ewes, 325.; four and five-year-old ewes, 27s 5d Account Mr. A D. Gray: Four and five-year-old ewes, 285.; five-year-old ewes, 225. / PAHIATUA SHOW The entries for the Pahiatua Show, to be held on Friday, are --reported to be about the best in the history of fhe association, with quality an outstanding feature. The display of Jerseys is expected to be the finest ever seen on the local showgrounds, while the entries for the dairy cattle are in excess of last year. A remarkably fine entry has been received for the sheep classes, last year’s record, which was 100 per cent, bigger than any previous vear, having been beaten. All the jumping events have filled well, the open hunters’ being responsible for 18 entries, while a record entry has been received for the onen pony jump. The entries for the hack classes are not quite so numerous as in previous years.

■ AUCKLAND QUOTATIONS Dominion Special Service. Auckland, February 12. There have been few alterations in the local grain and produce -market since the last report, but a lower level of values is expected shortly. Potatoes are still in very plentiful supply locally. A fair proportion shows signs of rust, and these tubers are being disposed of at very low rates, but reliable quality -still commands £8 per ton, ex store. There are ample supplies of well-grown local onions to satisfy the Tequirements of this centre for some time to come. Quotations are unaltered at 9s. 6d. per cwt. The wheat market continues stable at 7s. 9d. per bushel, ex store. Plowever, there may be a reduction before Hong. The maize markpt continues very steady, the demand ‘being somewhat limited. During the .warm weather ample supplies are available from the Bay of Plenty and Gisborne. The local price of B Gartons is steady at 4s. B<l. per‘bushel, ex store, but the southern market is very weak, and lower rates are expected shortly. Already a reduction of Id. per bushel in the f.o.b. price has been announced. In the absence of export inquiries, irises will probably go lower .still. Chaff is still firm for immediate delivery. Wholesale current prices are:—Sharps and bran, mill prices: Sharps, £9 10s. per ton, and bran, £8 per ton, merchants’ quotations, ex store; southern anil Australian pollard, £lO 10s.; bran, £8 405.; oats, feed B Gartons 4s. Sd. to 4s. 9d„ A Gartons ss. per bushel, clipped Dunns ss. Od., clipped Gartons ss. 6d., seed Algerians Gs.; fowl wheat, 7s. 9d. per bushel; unaize, 6s. 6d., ex store; barley teed, ss. 9d. )per bushel; Cape barley seed, 6s. 'Gd. per ibushei; .maizemeal, 14s. ,per 1001 b.; barley meal, 13s. .per 1001 b.; chaff, good bright -oaten sheaf, £9 15s. per ton. Blenheim or 'Canterbury; potatoes, £8 per ton, ex .store, £7 on trucks; Pukekohe onions, £9 10s. per ton, ex store, £7 to £7 10s. on •trucks, Pukekohe. WELLINGTON STOCK EXCHANGE , YESTERDAY’S BUSINESS AND PRICES i - At the morning call yesterday a sale of National Bank of Australasia, £lO paid, at £l9 6s. was.reported and at the afternoon call a sale of Goldsbrough Mort at 535. 4d. was reported. There were plenty of buying orders which were well spread, but sellers were scarce. Government securities were firm, the 4} per icents. at £99 17s. Gd., the hj per cents. .(1941) at £99 55., and the -Si per cents, at £lOl ss. New Zealand Breweries stocks and bonds were wanted at 265. 3d. Bank shares were steady, but with a restricted demand. There were Buyers of Bank -of Australasia at £l4 17s. 6d., Australian Bank of Commerce at 345. ’7d„ Commercial Bank at 295., Commercial Bank “rights” at Bs. 10d., National Bank:of New Zealand at £7 45., National Bank of Australasia £lO paid at £l9 16s. and £5 paid at £9 135., Bank of New South Wales at £5l 10s., Bank of New Zealand at 625. 9d., Bank of New Zealand D shares at 28s. Id., and Union Bank at £l5 ss. Sellers quoted £2B ss. for Commercial Bank of Sydney. Goldsbrough Mort were firm at 535., and Equitalde Building at £8 55., New Zealand Guarantee Corporation were wanted, the ordinary at Bs. 7d., and the preference at 21s. 3d. There were buyers of New Zealand and River Plate at 325. 6<l„ Wellington Investment at lOS. Bd. and Wellington Deposit at 10s. 3d. Insurance shares were steady. National at 165., New Zealand at 475. (id. cum dividend and South British at i64s. 9d.

Wellington Meat Export, ordinary, were in demand at 125., Huddart Parker at 48s„ ■ Union Steam at 20s. 3d., Wellington Woollen ordinary at £7 Bs., and preference at £7 55., .and Westport Coal at 31s. Brewery shares were very firm. New Zealand Breweries were wanted at 575. 6d., and Ward and Co. (in liquidation) at 345. There were buyers of British Tobacco at 48s. od., Burns Philp -South Sea at 305., Electrolytic Zinc preference at : 375., Holden's Motor-Body Builders at 255., Gaseo Bricks at 275. and Mount-Lyell at 425. -3d. Yesterday’s buying and selling quota-

SALES IN.OTHER CENTRES By Telegraph.—Press Association. Auckland, February 12. Sales: War Loan (1938, 4} per cent.), £99 155.: New Zealand Breweries (debentures), 2Gs. Cd.; Bank of New Zealand, 635., 635.; Union Bank of Australia, £l5 Bs. Cd., £l5 Bs. Cd.; National Insurance. 16s. 2d.; New Zealand Insurance, 48s. Bd.; Devonport Steam Ferry, 245. 3d.; HuddartParker, 48s. 6d.; Northern Steamship, 14s. 3d.; Ana (contributing), 6s. 3d.; Wellington Woollen, £7 55.; Milne and Choyce (debenture stoek), 2Cs. 3d., 2Cs. 3d.; Sanford, Limited, 18s.: Mount Lyell, 425. Cd. Christchurch, February 12. Sales: New Zealand Government (oi per cent, inscribed, 1936), £lOl 55.; Australian Bank of Commerce, - 355., 345. lid. (two parcels); Bank of New South Wales, £5l 12s. 6<L, £5l 15s. (cum. div.); Bank of New Zealand, 625. 9d. (odd parcel): Goldsbrough Mort, 535. 6d.; New Zealand Breweries. 575. lid.; Beatli and Co., 305.; ditto (rights). 7s. (two parcels); Quill, Morris, 16s. (two parcels); Mahakipawa, Is. 4d. (three parcels). Sales reported: Commercial Bank of Australia, 295. 3d.; National Mortgage, 90s. (cum. div.). Dunedin, February 12. Sales reported: National Mortgage, 905.: “Otago Daily Times.” 745. (ex-div.); Electrolytic Zinc (pref.), 375. 3d., 375. 4d.; Kildare, 2s. 7d.; E.S. and A. Bank, £8 18s. 9d.; Mount Lyell, 425. 6d. (two sales). ANOTHER NEW BANK The profits earned by banks and the values placed on the shares by investors have induced company, promoters to become busy. The promoters of the London and New Zealand Bunk got a Bill through Parliament last session which gives the bank the right of note issue. When issued the piiblk here will be handling the notes of seven banks. The prospectus of the London and New Zealand Bank is practically ready for circulation, and the public will shortly be asked to subscribe for the shares, for a certain amount of the capital must be raised in tlie Dominion. Another new bank respecting which very little is known is the Aus- I tralian and New Zealand Banking Corppratiuu. whid* lua btma tegiittand **

New South Wales. Some time ago it was reported that shares in this new bank were being offered in Christchurch, but inquiries made in Sydney by New Zealand Stock Exchanges have failed to elicit any reliable information; in fact, the Sydney Exchange intimated that it knew nothing ot the new venture. It is now reported that another bank is to be formed to operate, in Australia and New Zealand. This new banking company, which has been registered in Sydney, is to be known as the Mercantile Bank of Australia, Ltd. The nominal capital is £3,000,000 in £5 shares, of which 200,000 are preference, 200,000 A preference, and 200,000 ordinary. The A preference shares are to be issued at £1 premium, anil will be entitled to 8 per cent, cumulative preference dividend, and -pro rata with ordinary shares when over 8 per cent, is paid on the latter. It would appear that the promoters believe that there is a shortage of banking capital in Australia and New Zealand, but this, of course, is wide of the mark. Practically all the banks have raised new capital by the issue of shares, and at the present time the Commercial Bank of Australia is issuing 500,000 shares of 10s. each, at a premium of 10s. The new banks will have some difficulty in raising capital, more especially as three of them will be competing for the available supply, and even when the capital is obtained there will be the trouble of putting monej’ at profitable rates. The last bank to be formed in recent years was the Primary Producers’ Bank in Sydney, tonic four years ago, but very little has been heard of this concern for some time. FLAX PROPERTY According to an Australian exchange the report by the agent of the Public Trustee of New South Wales, in Wellington, who has taken over the property of the Australian and New- Zealand Investment, Ltd., in the interest of the bondholders, states that the area of the propery was 1219 acres. The property was originally acquired by the company for flax growing. and the agent of the Public Trustee states that it was adapted for the purpose. Planting was commenced early in June, and 150 acres were completed from root stock plants. A further 40 acres had been ploughed, and 200 acres were cleared, ready for the plough. All plants, it is said, were looking healthy. Two caterpillar tractors had been purchased and recently a nursery had been established in which 15.000 seedlings gathered on the property had been planted. BRITISH BANK’S PROFITS - • The Midland and Lloyds are among the “Big Five” hanks of England, and both report large increases in profits for the past year. The profit of the Midland Bank amounted to £2,656,554, which compares with £2,554,650 in 1927, and is the largest recorded -since the boom year of 1920, when the profit totalled £2,831,861. With £835,788 brought in the total available is £3,492,'352. , The dividend, maintained at 18 per -cent., less tax, absorbs £1,923,788, as against £1,823,875, additional capital having been issued in April last year. The net profit of Lloyd’s Bank rose by £52,409 to £2,528,143 while £485,780 was brought in, giving a free balance of £3,013,923, compared with £3,009,666. Dividends on the A and B shares at 16 2-3 per cent, and 5 per cent, respectively again i absorb £1,973.886'; and the allocation to the superannuation fund is maintained at £300,000, as is tlie transfer to bank premises account at £250.000, while ihe carry forward at £400,037 is increased by about £5OOO.

CUSTOMS REVENUE. The Customs revenue collected at the port of Wellington yesterday totalled £23,930. FOREIGN ITEMS THE WHEAT MARKETS. (Australian Press Assn —United Service.). (Rec. February 12, 5.5 p.m.) London. February 11. Wheat. —Cargoes are steady, in sympathy with America. Continental demand has been brought to a standstill by the freezing waterways. Cargo by the Neotsfield, for Karachi, brought 445. 9d. per qparter. Parcels are steady, but there is small inquiry. Ex Beltana. 475. 3d.; ex Berrima. 475. ljd. Liverpool futures: March. 9s. 1 7-Sd. per cental; May, 9s. 4d.; July, 9s. 6ld. Chicago, February 11. Wheat futures: March, 1 dollar 24J cents per bushel; May, 1 dollar 28J cents; July, 1 dollar 30 3-8 cents. AUSTRALIAN. STOCKS IN NEW YORK. ; (Australian Press Association.) (Rec. February 12, 5.5 p.m.) New York, February 11. Commonwealth 5 per cents., 1900, £95 55.; 1957, £97 17s. 6d.; 4J per cents., £B7 2s. 6d. New South Wales, 5 per cents., 1957, £94 7s. 6d.; 1958, £94 10s. Queensland, 6 per cents., £lO4 155.; 7 per cents., £ll2 ss. PRICES OF METALS. (Australian Press Association.) (Rec. February 12. 10 p.m.) ' London, February 11. Copper.—Standard on spot, £77 Is. 2d. per ton, forward delivery, £77 Bs. 9d.; electroylytic, £B4 to £B4 10s.; wire bars, £B4 10s. Le a d.—~£23 6s. 3d. and £23 ss. Spelter, £26 2s. fid: and £26 6s. 3d. Tin, £224 10s. and £225 Ils. 3d. Silver, Standard, 25 3-16 d. per ounce; fide, 27 7-Bd.

tions were as under:— Buyers. Sellers. N.Z. GOVT. LOANS— £ s.'d. £ s. d. 4* p.c. Ins. Stic.. 1938 100 2 6 5j p.c. ditto. 1930 ... 01 5 0 5j p.c. ditto, 1941 ... 99 5 0 —— 4# p.c. Bonds, 1938 ... 99 17 6 — 54 p.c. Bonds. 1936 .. 101 T> 0 —— - DEBENTURES— N.Z. Breweries (stock and Loads) 16 3 BANKS— Australasia 14 17 6 Australian Bank of 1 14 7 III . Commercial of Aust. (ord.) 19 0 — Ditto (rights) 0 S 10 0 9 0 Ditto, new issue (5s. nnitD 0 14 6 Commercial Banking Co. of Sydney —— 28 5 0 National of N.Z -7 4 0 —-- National of Australasia (£10) 19 6 0 — Ditto (£5) 9 13 0 -- — New South Wales .. 51 10 0 51 17 6 New Zealand 3 2 ,.9 3 3 3 Ditto, long-term mortg. 18 1 —— Union of Australia .. 15. 5 0 —— Ditto '(Melbourne re- - 15 8 6 FINANCIAL— Goldsbrough Mort .. .2 13 0 2 14 0 Equitable Bldg. Co. .. 8 S 0 —- N.Z. -Guarantee Corp. (ord.) 0 8 7 —— 1’1 3 N.Z. Loan and Merc. — .127 10 0 N.Z. nnid Ki ver Plate.. 1 12 6 Well. Invest., T. & A. 0 10 8 •— Well. Deposit & Mortg. 0 10 3 —— GAS— Gisborne 0 9 9 —— Wellington (ord.) ... 1 10 6 1 11 3 INSURANCE— 0 16 0 ■ ■. New Zealand 2 7 6 — South British 3 4 9 MEAT PRESERVING— (your _ 2 4 6 Well. Meat Exp. (ord.) 0 12 0 0 13 6 TRANSPORT— Huddart-Parker (ord.) 2 8 0 2 8 7 Union Steam pref. .. 10 3 •— P. and 0. def. stock.. — 3 3 3 WOOLLEN— Wellington (ord.) .... 7 3 0 — 7 5 0 1 1 III COAL— 1 11 0 ■■ ■■ TIMBER— Leyland-O’Brien .... — 1 14 9 BREWERIES— New Zealand 2 17 6 2 18 JI IVard and Co. (in liq.) 1 14 0 — MISCELLANEOUS— British Tobacco (Aust., 2 8 9 2 9 6 Burns, Philp (South 1 10 0 ■ 1 .. Electrolytic Zinc (pref.) 1 17 0 .— Holden's , Motor Bldrs. 15 0 17 0 N.Z. Pater (Mills .... ■1 1 0 19 3 N.Z. Sugar of Milk .. —— 17 0 0 6 9 Blenheim Oil well .... — 3 12 6 Gasco Bricks 17 0 / Wilson's Cement .... —— 2 2 0 MINING— Mount Lyell ..’ 2 2 3 2 3 0