Farm and Commercial Section

Dominion, Volume 22, Issue 139, 8 March 1929, Page 14

Farm and Commercial Section

LATEST REPORTS from ALI CENTRES

AUCTION SALES TO-DAY. Feilding, 11 a.m. —Sale of land, Sanson Road (Levin and Co.) 118 Courtenay Place, 10 a.m.—Sale of shop fittings (E. Johnston and Co.) 168 Cuba Street, 1 p.m.—Sale of tobac- . eonist stock (E. Johnston and Co.) Corporation Yards, 2.30 p.m.—Sale of unclaimed dogs (W.C.C.) 108 Cuba Street, 2 p.m.—Sale of furniture (Silverstone and Co.) 98 Manners Street, 2 p.m.—Sale of furniture (Ramsey Wilson and Co.) BUTTER AND CHEESE The Loan and Mercantile Agency Company, Limited, have received the following adviee from their London house under date March 6 (last week’s quotations in parenthesis):—“Butter: New Zealand choicest salted, 170 s. per cwt. (170 s. to 1725.). .Market steady. Cheese: SSs. to 90s. per cwt. (87s. to 88s.). Market firm.”

WOOL MARKET PRICES DECLINE AT LONDON SALES Australian Press Association. London, March 6. At the wool sales 8815 bales were offered, of which 2363 were from New Zealand, comprising a limited selection of merinos and a good selection of greasy crossbreds. There was a large attendance from all centres. Crossbreds met with good Yorkshire competition. Fine declined 74 per cent, compared with January closing; medium and low, 5 per cent.; merinos, line, par to 5 per cent, decline; broadhaired 5 per cent. . The decline has been mfire than discounted in the consuming centres in the interim since last sales, and brings London values in line with the primary centres. New Zealand prices: Cricklewood, highest, 19d.. average 17(1.; Ngaio, 18L1. and 17(1.; “M.P.,” 20Jd. and 18ld.; Walau, ISd. and IGJd.; Kwluta, 18d. and 154 d. BROKERS’ REPORTS| Messrs. Murray, Roberts, and Co. Ltd. are in receipt of the following wool market cablegram from their London agents, dated March o:—“Sales have opened, keen competition, large attendance of buyers, Bradford principal buyers. Compared with last London sales closing rates, merino, poor selection offered, declined 5 per cent.; crossbred greasy fine, par to 5 per cent, decline; crossbred greasy .medium and coarse, declined 5 to 74 per cent.; best descriptions show the least decline; crossbred scoured, none offering; slipe crossbred declined 5 per cent.” Messrs. Levin and Co., Ltd., have received the following cablegram from thler London agents, dated March G:—“The auctions opened here to-day with a large attendance of home and Continental buyers. Good general competition. All sections of the trade are buying. The selection of wool offered was only fair. As at present arranged, the sales will close on March 21. Compared with closing rates of last sale, we quote: Greasy merinos, best and average, Id. per lb. lower; half-brcds, 5(1/56's, crossbreds 48/50's, 46/48's, and 44/46’s, id. to Id. per lb. lower; crossbreds, 40/44’s and 36/40’s, id. per lb. lower. Slipe wools generally, scoured crossbreds, and scoured merinos, all 5 per cent, lower.” Messrs. Dalgety and Company have received the following report from London, dated March G:—“Wool sales opened. Competition animated; largo attendance of buyers. Crossbred, good selection; merino, poor selection. As compared with closing rates of last series, greasy merino, par to Id. lower; greasy half-bred, Id. to 1J(1. lower; greasy fine crossbred, jd. to Id. lower; greasy crossbred, medium and coarse, Id. lower; slipe, Id. to lid. lower.

The Bank of New Zealand produce department has received the following advice from its London office under date G:—“The sales have opened with strong competition and large attendance of buyers. There is a good demand for all kinds of wool. Compared with the close of last scries Merinos and crossbreds are lower about one penny.”

Messrs. Wright, Stephenson and Co., Ltd., and 'Abraham and Williams, Ltd., report having received cabled advice from their London office reading as follows:— “Wool sales opened. Competition animated. Greasy fine halfbred, 50-58 yielding 62 per cent., 23d.; greasy halfbred, 50-56, yielding 66 per cent., 21d.; greasy three-quarter-bred, 48-50, yielding 75 per cent., ISJd.; greasy medium crossbred, 44-46, yielding 78 per cent., 17d. Australian Merino prices 5 per cent, lower. Greasy fine crossbred, 46-48, yielding 77 per cent., 17 Jd.; greasy fine crossbred, 46-48, 18d.; slipe wool, insufficient offered.” The Loan and Mercantile Agency Company, Liimted, have received the following cablegram from their London house under date March 6:—“There was a normal attendance at the opening of the sales to-day, competition by Home and Continental buyers being good and prices as compared with the close of the preceding series ruled about 5 per cent, lower for Merino, fine greasj’ crossbred, slipe crossbred, and 5 per cent, to 74 per cent, medium greasy crossbred. The opening catalogues were fairly representative.” LIVE STOCK SALES WESTFIELD By Telegraph.—Press Association. Auckland, March 6. At Westfield ox beef was yarded in average numbers. Competition was very steady, and prices firmed on last week’s quotations.' Prime heavy bullocks, £l3 15s. to £l4; medium bullocks, £ll 12s. 6d. to £l2 12s. Gd.; lighter, £ll ss. Cow and heifer beef also came forward in average numbers, for which competition was steady, and here again prices hardened slightly. Prime cow and heifer beef, £8 2s.- Gd. to £9; medium, £7 to £8; lighter, £5 15s. to £0 las.; extra choice ox sold to 395. per 1001 b.; choice and prime, 345. to 365.; prime young cow and heifer beef, 335. Only an average yarding of fat sheep came forward, which sold under steady competition at late rates. Prime heavy wethers, £1 12s. to £1 135.; extra heavy prime wethers, shorn, £1 135.; heavp prime, £1 125.; medium, £1 10s.: light and unfinished, £1 Bs.; heavy prime ewes, £1 6s. 9d.; lighter, £1 55.; other ewes, £1 3s. An average yarding of lambs was offered, and sold at ruling rates. Heavy prime lambs, £1 6s. 9d.; medium, £1 3s. 9d.; light, £1 Is. 9(1. Calves were penned in average numbers, and sold firmly at last week’s quotations. Heavy vealers, £4 to £4 95.; medium, £2 15s. to £3 155.: light, £1 15s. to £2 125.; small, 12s. to 20s. A heavy yarding of pigs maintained recent rates. Heilvy baeoers. £3 13s. to £3 175.; medium baconers, £3 to £3 125.; light baconers, £2 13s. to £2 18s.; heavy porkers, £2 Bs. to £2 125.; medium porkers, £2 2s. to £2 65.; light porkers. £1 15s. to £2. PAHIATUA. The New Zealand Loan and Mercantile Agency Company, Ltd., report on the weekly sale held on Tuesday as follows:—A good yarding of ewes and lambs came forward, and there was a goqd attendance of buyers. Good ewes were in strong demand, also lambs. We quote: 113 f.m. .ewes, 2d.; 73 f.m. ewes, 235. 2d.; 42 aged ewes, 14s. Id.; 110 f.m. ewes, 215.; 48 b.f. lambs, 195.; 47 ewe lambs, 255. 5d.; 32 wether lambs, 20s. 2d.; 22 b.f. lambs, 19s. 3d.; 1 1-shear S.D. ram, £6 65.; 8 mixed coloured cows and calves, £B. WELLINGTON STOCK EXCHANGE YESTERDAY’S BUSINESS AND PRICES ( The sales reported at the morning call yesterday were 4J per cent, bonds (938) at £lOO, and New Zealand Guarantee Corporation at 9s. 2d. and 9s. 4Jd.; and at the afternoon call Comme’rcial Bank at 295., Wellington Investment at Ils., Wellington Woollen preference at £7 75., and New Zealand Breweries (two parcels) at 58s. Government securities were again in fair demand, with buyers of the 4J per cents, at £99 15s. and the 54 per cents. (1933) at £lOl ss. aud (1936) "at £lOl 7s. Gd. There was no demand for municipal or other debentures. Bank shares were in fair request. There were bids of £l5, cum. dividend, for Bank of Australasia, 295. Id. for Commercial Bank, £27 15s. for Commercial Bank of Sydney, £7 ss. Gd. for National Bank of Now Zealand, £l9 Ss. Gd. for National Bank of Australasia £lO paid, £5O 15s. for Bank of New South Wales, 28s. Gd. for Bank of New Zealand, long-term shares, and £l5 Bs. for Union Bank.’ Sellers quoted 395. 9d. for Australian Bank of Commerce, £8 17s. for English, Scottish, and Australian Bank, and 635. sd. for Bank of New Zealand. - Dalgety were in demand at £l5 Ils., Goldsbrough Mort at 525. 3d., and New Zealand Loan and Mercantile at 128 s. New Zealand Guarantee Corporation were firmer at 9s. 3d., and Wellington Investment were steady- at l()s. 9d. National Insurance were again wanted at 16s. 2d., and South British Insurance at 655. Gas shares were in good demand, with buyers of Auckland Gas at 245. (Id., Christchurch Gas at 265., Wellington Gas at 315.. Napier Gas, £lO paid at £lO 2s. 6d., aud Gisborne Gas at 10s., Union Steam were wanted at. 20s. Gd., and Kaiapoi Woollen, ordinary at 14s. Gd. There were buyers of Westport Coal at 325., Kauri Timber at 175., New Zealand Breweries at 575. 9d„ and Staples and Co. at 435. Gd. British Tobacco were wanted at 48s. Sd., and Burns. Philp (South Sea) at 30s. There were bids of £59 15s. for Colonial Sugar, 10s. Gd. for Dental and Medical Supply, lias. ;tox Kleuti’oly.Ua Zim: ord-

inary and 30s. for preference, 28s. 3d. cum. dividend for Holden’s Motor Body Builders, 755. for New Zealand Drug, -os. 3d. for New Zealand Farmers’ Fertiliser, -os. for Sharland and Co., 4s. Sd. tor laranaki Oil. and 14s. for Wairarapa farmers. Yesterday’s buying and selling quota-

SALES IN OTHER CENTRES By Telegraph.—Press Association. Christchurch, March 7. Sales on ’Change—Australian Bank of Commerce, 38s. 9(1. (three parcels); Commercial Bank of Australia, 295., 295. Id.; Mercantile Mutual Insurance, 335.; Dalgety and Co., £l5 125.; New Zealand Guarantee Corporation, 9s. 3d.; United Building Society (cum div.), 16s. 9d.; N.Z. Refrigerating (10s. paid), 7s. 7d. (two parcels); New Zealand Breweries, 58s. (three parcels); ■Dunlop Rubber, 28s. 3d.; Mount Lyell, £2 3s. (three parcels); N.Z. Farmers’ I’ertiliser, 20s. 9d., 20s. lid.; “Herald and IV eekly Times,” £5 2s. Gd.; Lander Oil, 7s. 6d.; Beath and Co. (Is., paid), Bs. 7d.. Sales Reported.—Australian Bank of Commerce, 395.; Commercial Bank of Australia, 20s. Id. (two parcels); N.Z. Milk, 225.; Wilson's Cement, 40s. (two parcels). NEW COMMONWEALTH LOAN The Commonwealth Government is issuing for subsecriptlon in Australia a loan of £7,000,000 at par, bearing interest at 5i per cent. The currency is ten years, with the maturity date July 15, 1930. No definite closing date has been fixed for the loan, but it will be closed as soon as the total amount required is in sigl;t. One application for £1,600,000 was received as soon as the terms of the loan were published, the subscriber being the Australian Mutual Provident Society. Messrs. J. B. Were and Son report that the market for existing Commonwealth bond issues recently had been on the weak side, but quotatioans since the official announcement of the new loan have shown a firming tendency, indicating to some extent that the .terms of the issue are regarded as favourable by the market generally. BIG DAIRY COMBINE It was reported by cable a few (lays ago that the Home and Colonial Stores had purchased the ordinary and deferred ordinary shares of the Meadow Dairy Co., Ltd., which would give it control of 3500 shops. The ramifications of the combine are much wider than is indicated by the cabled announcement. The large margarine companies of Van den Berghs, Ltd., had become associated with Jurgens, Ltd. Van den Berghs, Ltd., is controlled by the Margarine Union, Ltd. Jurgens, Ltd., hold a big interest in Home and Colonial Stores, Ltd., which controlled 1040 shops in Great Britain, and in Maypole Dairy Co., Ltd., whicli controlled 1006 shops. Van den Berghs hold a big interest in Meadow Dairy Co., Ltd., which again is associated with Lipton, Ltd., and has a controlluig interest in Broughs, Ltd., Neale’s TB(i Stores, Ltd., Pearks’ Dairies, Ltd., and Sherry’s Dairy Co., Ltd. _ Home and Colonial Stores, Ltd., which was formed in 1895 to acquire the business of a concern of the same name established in 1888, acquired in 1924 a substantial interest in Maypole Dairy Co., Ltd., Pearks' Dairies, Ltd., was formed in 1914 to take over various businesses of provision merchants. May pole Dairy Co., Ltd., was established in 1898 to take over the provision businesses of Mr. G. Jackson, and Messrs. Watson Bros., the latter trading as the Maypole Dairy Co. Lipton, Ltd., was registered in IS9B to take over the provision supplying businesses in Great Britain of Sir Thomas Lipton. The combine consists of the following :— Margarine Union, Ltd. Van den'Berghs, Ltd. Jurgens, Ltd. Home and Colonial Stores, Ltd. Meadow Dairy Co.. Ltd. Maypole Dairies, Ltd. Pearks’ Dairies, Ltd. Broughs, Ltd. Sherry’s Dairy Co., Ltd. Neale’s Tea, Stores, Ltd. Lipton, Ltd. Tlie combine will control 3500 shops, distributed throughout Great Britain, and the closer association of so many important companies must have the effect of lessening the competition in the London butter market, for the requirements of sp large a chain of stores would enable the buying branch of the organisation to arrange for shipments of butter direct from New Zealand and Australia, thus- displacing the Tooley Street agents. It is hardly likely that the combine will have much effect in depressing prices; it is more’ likely that prices will be stabilised. STATE -SHIPPING LOSSES Although the. cost to the taxpayers of the Commonwealth’s entry Into the shipping business was huge, it would appear to be small in contrast with the losses involved in the running of the United States Government owned licet. The annual report of that line disclosed that to the end of June last it had expended £719,500,000 on its shipping without making any allowance for interest. On June 30 the appraised value of the fleet was £22.952.929, it consisting of 744 vessels of 5,853,404 tons dead weight. If interest on capital invested be included, the loss on the Government enterprise to" the people of the United States is estimated at £1,000,000.000. Since it entered the field of shipping in September, 14)10, several changes have occurred in the composition of tlie United States Shipping Board, but the fleet has not been able to show ti profit on running operations, and no attempt h-is been made to provide for depreciation and interest. For the last financial year tlie loss recorded was £3.255.873, compared with £3.185,282 for 1926-27, £3,921.322 in 1925-26, and £G,012,7u7 in lT’4-25. 'Another shipping enterprise that was involving taxpayers In loss was the Canadian Government Merchant Marine, Ltd., which owns a fleet of 46 cargo steamers. Oa December SLI92Z. the book value of the

tions were as under:— Buyers. Sellei £ s. d. N.Z. GOVT. LOANS— £ s. d. p.c. Ins. Stk.. 1936 . 101 (i —• 5 p.c. ditto, 1941 ... 09 4* p e. ditto, 1939 and 15 0 — 0 ■ ■ • 4J p.e. Bonds, 1939 and 15 0 ■■ ■ 51 p.c. ditto, l!)o3 .... 101 0 — p.c. ditto, 1936 ... 101 6 — 5+ p.c. ditto. 1930 ... debentures— — 99 7 6 6 N.Z. Breweries (bonds) — 1 6 BANKS— 0 0 Australian Bank of 19 Commercial of Aust. 9 1 1 () — 7 12 6 Commercial Banking Co. 15 (Sydney) -7 English. Scottish, and 0 — 8 17 0 National of N.Z. .... 7 National of Australasia a c — (£10) 19 8 6 9 13 9 New South Wales .. 50 15 0 50 17 8 •3 3 l) Ditto .long-term niortg. 1 8 0 — Union of Australia .... Io 8 0 — Ditto (Melbourne re9 0 15 10 6 FINANCIAL— Dalgety and Co. ..... io 11 0 — Goldsbrough Mort ... 1 12 l> —— N.Z. Guarantee Corp. (ord.) ••••,•;; 0 9 3 0 9 8 N.Z. Loan and 0 0 132 0 0 Well, invest., T. & A. 0 10 9 — Auckland (paid) 1 4 0 1 5 3 0 10 0 Napier (£10) 16 «> £J — Wellington (ord.) .... 1 11 0 — INSURANCE— 16 South British 3 0 — MEAT PRESERVING— — — ■Well. Meat Exp. (ord.) — 0 13 0 TRANSPORT— Huddart. Parker (ord.) —— 6 6 Union Steam (pref.) . 1 WOOLLEN— 0 14 6 Kalapol (ord.) 0 6 ■Wellington (ord.) .... — 7 6 6 COAL12 0 1 13 0 TIMBER— 17 0 ■■ BREWERIES— New Zealand - 17 9 18 3 Staples and Co 2 MISCELLANEOUS3 6 British Tobbaco (Aust.), ( ort ] ) 2 8 8 o 9 0 Buriis, 'Philp, and Co. J 10 0 Ditto (South Sea) .... 1 10 0 Colonial Sugar ' 59 Dental and Medical 10 0 60 3 6 10 6 W— oupw • • ’ . .. D.I.C. (ord., prem.) .. 0 10 6 — Electrolytic Zinc (ord.) 1 15 1 1 15 4 Ditto (pref.) 1 16 0 1 16 6 Holden’s Motor Bldrs. 1 8 3 Howard Smith (ord.) — 1 6 9 N.Z. Drug Co 3 N.Z. Harmers’ Ker15 0 0 3 ***■ N.Z. Paper Mills 0 18 9 Sharland and Co. (ord. and pref.) J 0 0 — Taranaki Oil ■ 9 Wairarapa Farmers 4 8 14 0 Wellington Cordage Co. 0 18 0 Wilson’s Cement .... — •J V MINING— 3 Mount Lyell —•