Farm and Commercial Section

Dominion, Volume 22, Issue 133, 1 March 1929, Page 14

Farm and Commercial Section

LATEST REPORTS from ALL CENTRES

AUCTION SALES TO-DAY. Carterton stock sale. S Willeston Street, 10 pan. —Sale of iron (E. Johnston and Co.) 98 Manners Street, 10.30 a .m—Sale of furniture (Ramsey Wilson and Co.) 8 Willeston Street, 1.30 pan.—Sale of furniture (E. Johnston-and Co.)

PRODUCE MARKETS BUTTER AND CHEESE Messrs. Dalgety and Company have received the following report from London, dated February 27:—New Zealand cheese, white and coloured, 875.; more inquiry. The Loan and Mercantile Agency Company, Ltd., have received the following advice from their London house, under date February 27 (last week’s quotations in parentheses):—“Butter: New Zealand choicest salted, 170 s. to 1725. per cwt. (1765. to 1785.). Market slow. Cheese: 87s. to 88s. per cwt. (80s. to 88s.). Market firm.” LONDON WOOL SALES The Loan and Mercantile Agency Company, Ltd., have received the following cablegram from their London house, under date February 27: —“Wool sales: Lists closed February 25. Turaklna, Hertford, Norfolk, Rotorua, Kent, Taranaki, and Port Hardy available.” TALLOW SALE Messrs. Dalgety and Company have received the following report from London, dated February 27: —Tallow: Six hundred and eighty-one casks offered, 483 casks sold; prices unchanged. We quote: Fine mutton, 455.; fine beef, 445.; good mixed, 425.; inferior, 38s. The Bank of New Zealand, produce department, has received the following advice from its London office, under date February 27:—Tallow: There is a fair demand. Current quotations: Good beef, 445. per cwt.; good mutton, 425. Cd.; good mixed, 425.; gut, 3Gs. to 38s. SHIPMENTS OF LAMB FROM AUSTRALIA The New Zealand Meat Producers’ Board has received a cablegram from its representative in Australia advising that 55,538 carcasses of lamb were exported from Australia for the fortnight ended February 22, 1929. LIVE STOCK SALES WESTFIELD By Telegraph.—rress Association. Auckland, February 27. At Westfield beef was yarded in average numbers. The market was steady and prices finned on last week’s quotations. Prime heavy ox, £l4 12s. fid. to £l4 17s. Cd.; medium prime ox, £l3 to £l4 55.; lighter sorts, £lO 15s. to £lO 17s. fid. Cow and heifer beef’ also came forward in average numbers and sold freely at prices slightly better than last week. Prime cow and heifer, £9 2s. Cd. to £lO 155.; extra choice ox sold to 38s. per 1001 b.; choice and prime, £1 15s. to £1 175.; just killable, £1 12s. to £1 145.: prime young cow and heifer beef, 335.; just killable, £1 7s. to £1 10s. Sheep.—An average yarding of fat sheep was offered, the bulk of the yarding comprising light and unfinished sheep. Competition was fair and prices remained on a par with last week. Prime heavy wethers, £1 12s. fid. to £1 14s. Cd.; medium wethers, £1 10s. 3d. to £1 Ils. 9d. Lambs) —An average yarding of fat lambs came forward and sold at late rates. Heavy prime, 235. to 245.; medium, 205.. to 21s| Calves were penned in smaller numbers and sold under brisk competition, good quality calves improving on last week's sale. Heavy vealers, £4 to £5 Bs]; medium, £3 to £3 18s.; light, £2 2s. to £2 10s.; rough, 15s. to £1 155.; small, 18s. to £1 18s. Pigs sold under good competition, values being very firm for baconers, porkers improving in price. Choppers, £? 10s.; heavy baconers, £3 12s. to £3 175.; heavy porkers, £2 Gs. to £2 10s.; medium baconers, £3 to £3 10s.; medium porkers, £2 2s. to £2 55.; light baconers, £2 12s. to £2 18s.; light porkers, £1 ICs. to £2. MASTERTON. The New Zealand Farmers’ Co-operative Distributing Company, Ltd., report' on their Masterton sale as follows:—We had a large entry of 2357 sheep, every pen in the yards being taxed to the utmost. The larger part of the entry consisted of good breeding ewes, very few pens of lambs coming forward. Buyers were present from all parts of the district, and a good sale resulted in every pen being sold at auction at the following prices:—A good lino of 200 four-year ewes offered on account of Misses M. and E. Heckler, Mungamahoe, realised 315.; five-year ewes on account of various vendors, 225. Id. to 245. Id.; aged ewes, 15s. Cd. to 19s. Id.; twotooth ewes, 30s. to 335. Bd.; two-tooth wethers, 20s. to 28s. 3d.; b.f. rape lambs, 20$. 2d. to 20s. fid.; aged s.d. rams, 3gns. to 4gns.: Romney rams, 2gns. to 3gns. The Wairarapa Farmers’ Co-operative Association report as follows on their Masterton sale yesterday:—There was a big yarding of sheep, including some of the best annual drafts of breeding ewes that come forward each year. Our entry comprised cattle and over 400 sheep, and we effected a total clearance. The market opened cautiously, but strengthened as the sale progressed, with the result that prices maintained at a corresponding level to other ewe fairs. Prices were as follow:— On account J, Campell, Jnr.: 512 four-year ewes, 31s. fid. On account J. Bannister, Jnr.: 201 four-year ewes, 31s. On account B. W. Duffy: 200 light conditioned fouryear ewes, 20s.*- On account J. Campbell, Jnr.: 50 four and five-year ewes, 295. fid. On account J. S. Holmes: 100 five-year ewes, 275. 9d. On account Mrs. E. A. Russell: 404 five-year ewes, 2Cs. lOd. On account J. Bannister, Jnr.: 101 five-year. 275. sd. On account Tildesley Estate: 185 five-year ewes, 245. 3d. On account Henderson Estate: 110 five-year ewes, 245. Id. On account Gray Bros.: 140 five-year ewes, 235. fid. On account W. Duffy: 133 m.a. ewes, 295. lOd. On account J. S. Holmes: 67 two-tooth ewes, 375. fid.: 119 'ditto, 355. fid. On account J. Campbell, Jnr.: 118 twotooth ewes, 345. fid. On account J. Bannister: 45 two-tooth ewes, 335. 9d. On account Mrs. E. A. Russell: 137 two-tootli ewes, 345. Other lines of medium twotooth ewes: 31s. fid., 315., 2fis. 3d., 255. lid.; two-tooth •wethers. 265. 3d., 2Bs. 5d.; wether lambs. 17s. sd„ 17s. 4d„ 15s. 5d.; small lambs. 125.; s.m. ewes. 20s. to 225.; Southdown rams, Signs. to 74gns. MASTERTON EWE FAIR. Dalgety and Company, Ltd., report on the Masterton ewe fair as follows:—We submitted a full yarding of breeding ewes to a large attendance of buyers. Although the sale opened slowly, bidding livened up considerably as it progressed, good prices being realised for all lines of good class ewes. Following is the range of prices:—On account Tlkltaru Station, CO5

five-year ewes, 275. fid.; 319 ditto, 28s. 2d. On account J. P. Perry: 230 four-year ewes, 295.; 120 five-year ditto, 235. od. Ou account T. R. Barrcr: 300 four-year ewes, 80s. 2d.; 121 five-year ditto, 225. fid. On account W. R. Birch: 318 five-year ditto, 245. 7d. to 255. 2d. On account A. Mackay: 153 two-tooth ewes, 355. 7d. On account C. S. Taylor: 161 four-year ewes. 275. 9d. Other sales were made at 295. for cull two-tootbs, 295. for cull four-tooths, and 2Cs. 9d. for cull six-tooths. DANNEVIRKE EWE FAIR. The New Zealand Loan and Mercantile Agency Co. Ltd. report having held their annual ewe fair at the Dannevirke saleyards on Tuesday. A larger yarding than has been for some years came forward, necessitating temporary hurdle pens being erected. Altogether, approximately 20.000 sheep were yarded, of which their offering comprised 4800 head. A large attendance of buyers was present, the Manawatu being particularly well represented. Four and five-year breeding ewes met with a keen demand at late rates, but younger ewes were slightly easier, and any passings were in this section. Their sales were: 4 and 5-year ewes, from 20s. Cd. to 155., 285.; aged ewes, 225.; 4 and fi-tooth ewes, to 345.; 2-tooth ewes, to 355. fid.: 2-tooth wethers, to 28s. 3d.; ewe lambs, to 21s. 9d. WELLINGTON STOCK EXCHANGE YESTERDAY’S BUSINESS AND PRICES A sale of Blenheim Oil shares at 80s. made late on Wednesday was reported at yesterday morning’s call. At the afternoon call sales were reported of New Zealand Guarantee Corporation at 9s. Id., New Zealand Breweries at 585., and Colonial Sugar at £6O. Government securities were firm and unchanged. The 4J per cents, were in demand at £99 155., and the 54 per cents, at £lOl ss. Waitomo Power Board, 5j per cents., were wanted at £99 10s., Wellington Racing Club (debentures) at £lOO 10s„ and New Zealand Breweries (bonds) at 2Gs. 4d. Bank shares were in fair demand, but for a limited number. National Bank of Australasia, £lO paid, were wanted at £l9 7s. Cd., Bank of New South Wales at £5O las., ex-dividend, and Bank of New Zealand “D” shares at 28s. fid. Sellers quoted £l5 Is. Cd. for Bank of Australasia, 635. 9d. for Bank of New Zealand, and £l5 9s. Cd. for Union Bank.

Dalgety and Co. were firmer, at £lo Us. Cd., and Goldsbrough Mort at 525. Bd. Loan and Mercantile were in demand at £I2C, New Zealand and River Plate at 335. 9d., and New Zealand Guarantee Corporation at 9s. Wellington Investment were steady at 10s. 9d. There were bids of 10s. Id. for National Insurance, and 04s. 9d. for South British Insurance.

Gas shares were steady, with buyers of Auckland Gas at 245. 2d., Christchurch Gas at 255. 9d., and Wellington Gas at 31s. Wellington Meat Export were firm at 125., and New Zealand Refrigerating at 7s. 7d. Union Steam were wanted nt 20s. 4d., Mosgiel Woollen at £7 10s., Wellington Woollen, ordinary at £7 4s. Cd. and preference at £7 ss. Kauri Timber were steady at 75., and New Zealand Breweries at 575. Cd. There were buyers of Burns, Philp (South Sea) at 305., Colonial Sugar at £59 155., Dental and Medical Supply at 10s., D.I.C. preference at 20s. fid., Holden’s Motor Builders at 285., Newton King at Bs. Cd., Sharland and Co. at 20s„ Taranaki Oil at 4s. Cd., Wairarapa Farmers’ at 13s. 9d., Wilson’s Cement at 40s. 3d., Gasco Bricks at 275. 6d.. and Mount Lyell at 435. 9d. Yesterday’s buying and selling quota-

SALES IN OTHER CENTRES By Telegraph.—rress Association. Dunedin, February 28. Sales Reported.—-Five and a half per cent. Inscribed Stock, 1932, £99; National Insurance, 10s. 3d.; Staples’ Brewery, 445.; New Zealand Raper Mills, 18s. 3d. Auckland, February 28. Sales.—War Loan, 1930, 44 per cent., £99; Commercial Bank of Australia, 295.; National Bank of Australasia, £l9 Bs. 6d.; Bank of New Zealand, C3s. 9d.; Devonport Steam Ferry, 245. l*d.; Northern Steamship (contg.), os. lid., 75.; W’ilson’s Cement, 395. 9d.; Ohlnemurl Gold and Silver, Bs, 5d.; Wailil Mining, 13s. Od.; Mount Lyell, 445. Christchurch, February 28. Sales. —New Zealand Government, 5i per cen.t Inscribed, 1930, £lOl 12s. 6(1.; Goldsbrough Mort, 525. Bd., 525. (id.; United Building, 16s. Bd.; Auckland Gas, 245. 3d.; Christchurch Gas. 20si 3d.; Christchurch Gas (10s. pd.), 135.; Mt. Lyell, 445. (2 pels.); Taranaki Oil, 4s. 9d.; Victoria Nyanza Sugar, 42s Id. (2 pels.) ; Wilson’s Cement (late sale yesterday), 415.,. 40s. 6d. (2 pels.) ; Mahakipawa, Is. 41d. Sales Reported.—Commercial Bank of Australia, 295. Id.; New Zealand Farmers Co-op. (61 per cent. Stock, 1939), £9l (2 pels.). ,

RATIONALISATION Sir Herbert Rambling, deputy chairman of Barclay’s Bank, says that rationalisation covers the amalgamation of a number of factories all producing the same commodity, carried out with the idea of scrapping that which is inefficient, closing that which is redundant, and so concentrating and arranging output, thus making it possible to reduce prices, to make a reasonable profit, and, ultimately, because of reduced prices, to sell an Increased output and to employ more hands. Rationalisation should bring into being great concerns which can devote a whole factory to the manufacture of one grade of a commodity, and which, because of their consumptive capacity, can buy better, and liecause of their productive capacity can sell better. In the opinion of some people it would be advantageous to apply rationalisation to some New Zealand industries, as for instance, footwear manufacture and wool textile manufacture. BRITISH NEW CAPITAL New capital raised in the London market during the past year amounted to £369,000,000—an increase of £14,000,000 on the 1927 figure. The British Government borrowing included in tills total, according U) the Economist.” Is £34,000,000. EX-

eluding this sum, which compares with £66,000,000 in 1927, the aggregate amount raised was £2Sa.OUO,OOO against £289,000,000 ill 1027, £226,000,000 in 1926, and £100,000,000 In 1913. Sums raised for use in the United Kingdom apart from Government borrowing increased by £39,000,000 at £180,000,000. On the other hand Dominion and foreign loans fell by £37,000,000 and £6,000,000 at the respective figures, of, £63,000,000 and £42,000,000. Of the Dominion Government loans approximately half went to Australia as was the case in 1927. India raised £7,000.000 early in the year, and in Mav the New Zealand Government raised £5,000,000. There were nine issues by colonial corporations, the most prominent being that for £2.000.000 on account of Sydney, New South Wales. “The question of the use made by the Governments of the Dominions and Colonies of the British Empire of their special facilities for borrowing in the London market is of special interest," observes a London paper, “in view of the fact that since the beginning of 1929, three Governments—lndia, New Zealand and Australia —have made issues of capital representing a £23,590,000 cash subscription. The subject is the more iinoprtant inasmuch as it is understood that the recent volume of overseas borrowing, including that of the Empire, has been a subject of attention in the higher financial quarters of the city. A circular issued by a well-known, stock exchange house discusses the question of Imperial finance with particular reference to the effects of the Colonial Stock Act. ol 1900. which brought the loans of Colonial Governments into the list of trustee securities and questions whether, in view of ths need of new capital at Home ns the result of the reorganisation of industry. It may not be advisable to consider whether the present pace of Empire issues can be maintained.”

CUSTOMS REVENUE. The Customs revenue collected at the port of WeUington yesterday, totalled £.18,010,

tious were as under:— Buyers. Sellers. N.Z. GOVT. LOANS— £ s. d. St s. d. p.c. Ins. Stk., 1938 90 15 0 100 6 54 p.c. ditto, 1936 ... 101 q 0 —— 5i p.c. ditto, 1941 ... 99 □ 0 44 p.c. Bonds, 1938 ... 99 15 0 100 O 6 44 p.c. ditto, 1930 — 99 15 0 54 p.c. ditto, 1933 and 1930 1 01 5 0 —— 5} p.c. ditto. 1930 .... —— 99 12 G DEBENTURES— Well. Racing Club . . 100 10 0 ■ N.Z. Breweries (insc. stock) 1 6 0 — Ditto (bonds) 1 6 4 1 6 9 Waitomo Power Bd., 54 p.c., 1904 99 10 0 — BANKS— Australasia — 15' ' 1 6 National of Australasia (£10) 19 7 6 — Ditto (£5) — 9 14 0 New South Wales ... 50 15 0 — New Zealand Ditto, “D" long term — 3 3 9 1 8 6 Union of Australia .. —- 15 9 6 Ditto,’ Melbourne re15 gister —• 10 6 FINANCIAL— 12 Goldsbrough Mort .. 8 2 13 0 Dalgety and Co. (Melbourne register) .. 15 11 6 — N.Z. Guarantee Corp. (ord.) 0 9 0 0 9 2 N.Z. Loan and Mercantile (ord.) 120 0 0 130 0 0 N.Z. and River Plate 1 13 9 1 15 0 Well. Invest., T. & A. 0 10 9 — GAS— Auckland (paid) 1 4 2 — Christchurch 1 5 9 1 6 0 Wellington (ord.) ... 1 11 0 — INSURANCE— National 0 16 1 —— South British 3 4 9 —* MEAT PRESERVING— Gear —— 2 4 3 N.Z. Refrigerat. (10s.) 0 7 7 0 7 9 Well. Meat Exp. (ord.) 0 12 0 0 13 0 TRANSPORT— Huddart, Parker (ord.) Union Steam (pref.) . — 2 7 3 1 0 4 —— WOOLLEN— Kaiapoi (ord.) — 0 14 G Mosgiel 7 10 0 — Wellington (ord.) ... 7 4 0 7 7 0 Ditto (pref.) 7 l) 0 —— COAL— Westport —. 1 12 9 TIMBER— Kauri 0 17 0 — National — 0 11 0 BREWERIES— Crown (in llq.) 0 7 6 •— New Zealand 2 17 0 —— MISCELLANEOUS— British Tobacco (Aust.) ■ 3 (ord.) — 2 9 Burns, Philp (South Sea) 1 10 0 —— Colonial Sugar 59 15 0 —« Dental and Medical Supply 0 10 0 — D.I.C. (pref.) 1 0 9 — Holden’s Motor Bldrs. 1 8 0 —— Newton King (pref.).. 9 8 0 — N.Z. Paper Mills .... —— 0 19 0 Sharland and Co. (ord. and pref.) 1 0 0 —— Taranaki Oil 0 4 6 —- Wairarapa Farmers’ (pref.) 0 13 9 Wilson’s Cement 0 3 — Blenheim Oilwell .... — 3 0 0 Gasco Bricks 1 7 0 — MINING— Mount Lyell 2 3 9 —