FINANCE and COMMERCE.

Dominion, Volume 23, Issue 80, 28 December 1929, Page 12

FINANCE and COMMERCE.

PRODUCE MARKETS FRUIT AND VEGETABLES DUNEDIN SUPPLIES Dominion Special Service. Dunedin, December 27. Business has been rather erratic In the fruit marts during the week consequent ou the wet weather affecting both supplies and demand. At the sale of Christmas Eve prices for cherries and strawberries ruled fairly high, but they have since eased. The quality of the cherries reaching the market is uow much better, and for this standard good prices are obtained. Ettesburgh strawberries are beginning to make their appearance on the market. A considerable quantity of the ordinary varieties of strawberries is. not in the best of condition. Bananas are in short supply. A further shipment of Samoans is expected on January 20. Oranges are in good supply. Supplies of lemcns are on the short side, and high prices are ruling. Gravenstein and Beauty of Bath apples are expected on the market shortly from Central Otago and Nelson. Californian grapes and apples are sold out of wholesale hands. The season for these fruits has now finished. Peaches are arriving in small lots from Central Otago, and a few lines of. apricots are also coming forward. Red and black currants are offering freely, but the demand is not very brisk. Supplies of new potatoes have been irregular, and prices have also been irregular. The market has now steadied. Green peas have been in good supply, and have met a keen demand. WELLINGTON MARKET Values of fruit and vegetables sold in the market yesterday are reported by Market Gardeners, Ltd., of Wellington, as follow: — Fruit— Californian oranges, 35/- case; Californion lemons, 60/i case; plums, 2/- to 5/6 case; Hutt tomatoes, 6}d. to HJd. per lb.; logan berries, 9d. per lb.; Sturmers, 8/6 to 11/- box; Fiji bananas, 41/6 per case (very scarce); Fiji pineapples, 18/6 case; Greytown cherries, 10/- to 13/6 box; local lemons, 20/- case; peaches, 11/6 to 13/6 case. Vegetables—Local potatoes, 5/6 to 8/6 bag; Southern potatoes, 1/- sack; lettuce, 1/- to 4/- case; cabbage, 1/9 to 3/6 case; French beans, 9d. to lid. per lb.; swedes, 3/6 td 4/6 case; cauliflower, 2/7 to 5/9 case; green peas, 22/6 to 26/9 sack; water melons, 1/5 to 4/3 each; spring onions, 1/6 to 1/9 bunch: carrots. lOd. bunch; parsnips, 9d. bunch; rhubarb, 4/- dozen; cucumbers, 4/6 to 8/6 bunch. ADAMS, BRUCE, LTD. A NEW COMPANY A new company has been registered in Christchurch to take over the cake and biscuit business of Adams, Bruce, Ltd., In the South Island. The new business, -which Wil be known as Ernest Adams, Ltd., will be directed and controlled by Mr. E. A. Adams, who has been managing director of Adams, Bruce, Ltd., since that business was established in June, 1921. The North Island business of Adams, Bruce, Ltd., wil continue to be run under the same name, and their chocolate business to be carried on as usual in the South Island. '-The new company’s registered capital is 17,000 shares at ill each. N.Z. BUTTER AND MEAT APPRECIATED IN WEST AFRICA An interesting testimony to the value of the N.Z. Meat Producers’ Board’s system of delivering carcasses of lamb is contained in a letter recently received from a former New Zealander living in the Gold Coast Colony, West Africa. He wrote as follows: —"Owing to the courtesy and consideration shown, and the eminently satisfactory nature of the business transacted for me by the board, I am desirious, subject to your offer to deliver carcasses of lamb to addresses in England during the Christmas season still standing, of repeating my order that was executed for me in 1927 As that order alone was the cause of” bringing at least two families into the list of New Zealand meat consumers, I consider that there is no finer way of advertising our produce. “It is astonishing how little one appreciates one’s country’s produce until forced to forego fresh or frozen foodstuffs. Surprising as it may seem, here in West Africa, in the heart of the bush, I am able to obtain a weekly supply of New Zealand butter. and occasionally a piece of New Zealand mutton. This is transported by head load in a special insulated box antf packed in ice, from the nearest town, fifty miles away.” CROSSE & BLACKWELL Subscriptions were invited in England last month for an issue of £1,500,060 of 6j per cent, first mortgage debenture stock of Crosse and Blackwell, Limited. Priority in allotment was offered to shareholders of the company. The stock, which is issued at 96}, will be redeemable by a sinking fund of 1 per cent., to be applied by drawings or purchase, and any stock not previously redeemed will be' repayable at par on December 20, 196-, The yield is 61 per cent. The objects of the issue are. to provide funds for paying off the company's existing note issue for 41600,000, which mature iu June, 1930, and to finance the acquisition of certain new businesses, which Involves the liquidation of bankers’ loans. For these purposes a sum of approximately £1,202,000 is required, leaving available for general purposes a.sum of approximately £178,000. Holders of the existing 6} per cent, notes are invited to exchange their scrip lor the new stock on terms which allow Lor accrued interest, and also for the difference between the issue price of the stock, and 100—the redemption price of the note. The prospectus gives a statement of the assets and a three-year statement of pro (its. These show that the new stock Is covered rather more than twice as to capital and-taking the 1928 profits as a criterion —three times as to interest. CUSTOMS REVENUE. The Customs revenue collected at the port of Wellington yesterday totalled £ 2559.

ANGORA RABBIT WOOL VALUES IN ENGLAND RECENT MARKET REPORTS Mr. Arthur Sainsbury, the well-known rabbit breeder, of Auckland, writes: "It will bring Christmas cheer into the homes of many of your rabbit-breeding readers if you will publish the following authentic list of British buyers of Angora wool, and the prices. The information Is necessary owing to the persistent publication of discouraging statements which have already cost rabbit-keepers thousands of pounds. British markets now available are as follow, the grading standards being apparently more severe in some cases than in others:— “The Derwent Mill, Matlock, has resumed buying what they term second grade at 25/- per lb., and third grade at 7/6 to 10/per lb. “Messrs. Walter Berry and Sons, Ltd., weavers, of Huddersfield, announce that they will purchase existing British accumulations and future supplies at the following prices, and will sign a two years’ contract with producers:—lst grade, 23/- per lb.; 2nd grade, 14/-. “Messrs. Minchin and Matthews, of Pencombe, Worcester, are buying nt the following rates, paid out t.t present) in manufactured Angora g .ods (wholesale price) for resale: Ist grade, 29/- per lb.; 2nd grade, 24/- to 26/-; 3rd grade, 10/- and 7/6. “Midlands Angora Yarn Society Ltd., c/o Mays, Ltd., Belfer, Derbyshire, newly formed, announce that they will begin buying Angora wool next month from their members at the following rates: Ist grade, 35/-; 2nd grade, 30/-; 3rd grade, 15/-; 4th grade, 7/6 to 10/- per lb. “These firms may not all be willing to take New r Zealand supplies, but they certainly indicate a recovery of market values. Minchin and Matthew's are appealing to their suppliers not to desert them. “The Auckland Fur'Club is in active communication, and will gladly assist rabbit keepers in any part of New Zealand when ready.” In a letter received recently by a prominent Wellington firm of brokers their London office states that “the periodical ’Fur and Feather’ Is about the only source of information we can find In regard to Angora rabbit wool.” “Wo notice in the issue of Friday, October 25, an interesting announcement to the effect that some new buyers of this wool have appeared on the scene —namely, Messrs. Walter Berry and Sons, Limited, of Deighton Mills, Huddersfield. You will see the prices they are prepared to pay for first grade standard and second grade standard —viz., 23/- per lb. and 14/per lb respectively. If these are really today’s current prices the value of this fur has dropped considerably, because it Is not very long ago that Messrs. Minchin and Matthews, whom you will no doubt have noticed as regularly contributing articles to ‘Fur and Feather,’ were talking about 34/- for first grade fur. At the prices Messrs. Berry and Sons, Limited, are prepared to pay we should very much doubt whether the cost of production would be covered. “We have, we think, already mentioned In some previous letter that we were told that for small private breeders much under 40/- per lb. did not make it worth while carrvlng on the breeding of these rabbits. However, this price appears to be out of the question now, and your breeders will know whether 23/- per lb. for the first grade Is any good to them. DAIRY PRODUCE MARKET MR. GOODFELLOW’S REVIEW Reviewing market conditions as at December 16, Mr. W. Goodfellow, managing director of Amalgamated Dairies, reports to suppliers as follows: — , “Normally at this- time of the year we look for a firm London market, but unfortunately, this is not to be the experience this year; Indeed, unless a lengthy spell of dry weather iu the Commonweath and, or, the Dominion follow Immediately, there is every prospect of a declining market in January, February and March, when prices may fall considerably. With Australia and New Zealand both enjoying record seasons, the stage has been set favourably for the large buying interests in London, and they will obviously take every advantage of it. Stocks In the hands of the multiple shops have been light, but the anxiety of some importers to sell has caused a continual dragging market. “During the month sales of New Zealand butler increased substantially over the previous period, the respective totals being 4835 and 3118 tons, but. they show a decline of 700 tons when compared .with the same period last year. This is probably explained by the fact that at this time last year Australian butter was in short supply, and a certain proportion of buyers' requirements are filled with ‘Kangaroo,’ which is selling nt 4/- to u/less than New Zealand finest. “It is fortunate for New Zealand tliat Canada has absorbed such a substantial quantity of our butter this season, especially as the prices at which the earlier sales were made will compare more favourably with London realisation. J. lie New Zealand Co-operative Dairy Co. and the co-operative dairy companies throughout New Zealand associated with Amalgamated Dairies have been particularly fortunate in this respect. “The cheese market has been consistently Slow during the month, and values have further declined. Cheese, however, appears to be in a stronger position than blitter, raainlv .because the New Zealand article has almost .a monopoly of the United Kingdom’s trade at this time of the year, and during the next six months. “Milk powder and casein remain unchanged.” PEDIGREE STOCK ROYAL SHOW SALES During the course of the Royal Show, held at Invercargill, Wright, Stephenson and Co., Ltd. disposed of the Royal champion Shorthorn bull, Bushey Park Royal Mandarin, bred by Mr. J. A. Johnstone, to Mr W A. Macfarlane, Waiteranui, Hawke s Bay. Bushey Park Royal Mandarin is “bred iu the purple,” as both liis sire and dam came from stock imported direct from Scotland by Mr. Johnstone prior to the toot and mouth embargo being imposed. Bushey Park Royal Mandarin was a great winner as a yearling, carrylug off this honour at the Manawatu, Canterbury and Southland Metropolitan Shows. In addition to being first at the Royal Show as a yearling, he followed this up by winning as a two-year-old at the Canterbury .Metropolitan Show, and, under the judgment of Mr. M. Donovan of Marackakabo, he secured the Royal championship at Invercargill. His sire, Bushey Park Lavender Royal, was imported in utero from Scotland. His dam, Cluny Belle 9th, bred in the famous herd of Lady Cathcart, Cluny Castle was sired bv the famous champion and breeding bull, President of the Mint. After being purchased to come to New Zealand, she was served By Mount Lavender Royal, a great breeding Bull in flic Cluny herd. The dam of Mr. Macfarlane’s new acquisition is Bushey Park Nonpariel 2nd. She was also imported in utero,.being sired in Scotland bv another famous breeding bull in Balcairn Baronet, from Gainford Nonpariel Rosa 2nd. which was by Collynie Mandarin, bred bv that famous breeder, the late Wm. Cruickshank. Tlie Nonpariel strain Is n verv noted breeding strain In Scotland, and Is proving equally successful in the Dominion. ... , „ During the course of tlie Royal Snow, Wright, Stephenson and Co., Ltd., also disposed, on behalf of the breeder Mr. Jas. Knight, of Fellding, of the Royal champion Southdown ram to a well-known Southland breeder. Tills ram hns given Mr. Knight great service, and he .has been the acknowledged champion of the Dominion for tlie past two years. It is evident tliat Southdowns intend to come in strong favour in Southland as well as elsewhere in tlie Dominion, as rums sold on behalf of Mr. Knight at auction were disposed of nt prices ranging up to 92} guineas. The same firm also advise that championship honours were also secured by stock sold by them or selected for their clients in the following sections: —Horcfords (champion bull bred bv Mr. G. F. Moore. Bushev Par!;. Kai Twl): Avrshires (champion bull, bred by Str. C. Bailey, Ngarun waliia) : Fricsinns (champion cow. bred by Mr. G. A. Troupe, Wellington); Red Polls tclianinion bull, bred by Mr. E. W. Harvey. Wavorley): Romneys (champion ram. bred bv Mr. Win. Parry. Penrose. Mastertoil); and Berkshire pigs (sire of all for cham- , bJoo, import**! fropj. __