FARMING AND COMMERCIAL.

Manawatu Standard, Volume XLVII, Issue 220, 15 August 1927, Page 5

FARMING AND COMMERCIAL.

BRITISH TRADE.

STOCK EXCHANGE ACTIVE,

POSITION OP NON-FERROUS . METALS.

LONDON, Aug. 13. height, there is considerable adMvity height, there is considerably activity on the Stock Exchange, particularly in industrials and oils, also in. tea and rubber shares, while textiles have also become quite brisk. Monetary conditions have been somewhat stringent, although the Bank of England has received a substantial amount of gold, and the New York exchange rate has improved. This tightness of money has caused some hesitation in the gilt-edged market, but Colonials have been in good demand, especially the latest issues; and it is satisfactory to note that the Commonwealth loan 6crip has hardened, being now quoted at only about threeeighths per cent, discount. In an informative article dealing with the position and future of nonferrous metals, the newspaper Statist points out that the United States is the only important industrial country which has fully recovered from the effects of the war and its aftermath. It consumed 2,022,000 of the 4,322,732 metrio tons of copper, lead and zinc produced in the entire world last year, or nearly 47 per cent, of the total. It also consumed over half the world’s tin production. Incidentally, the United States produced more than half the world’s supply of iron and steel. If tin’s increase in consumption proves to bo a natural economic development, similar prosperity may be expected soon in other industrial countries. An enormous increase in general production and consumption in the United States should be regarded as an indication of a world-wide trend toward higher standards of living. It has been demonstrated in the United States that popular wants have expanded to an enormous extent, also, that invention, supported by continuous employment and effort-, has reade it sible for those wants to bo supplied. At the same time, discoveries of new ore resources and improvements m methods Of production during the past few years assure abundant supplies of non-ferrous metals for generations to come, at costs that will not be excessive.—A. and N.Z. cable PRIMARY INDUSTRY. ANNUAL AGRICULTURAL RETURNS. RUGBY, Aug. 12. Annual figures just compiled by the Ministry of Agriculture show a reduction in acreage under crops and grass, and in the number of horses, but an increase in cattle, sheep and pigs. Forecasts based on the conditions prevailing at the beginning of this month anticipate an increase in the wheat crop, but a decrease in barley and oats compared with last year. A further increase in the acreage or sugar-beet is recorded, and a total or 221,700 acres larger than in 1926, and fully four times that of 1925.—British official wireless. WOOL OUTLOOK. SCARCITY OF PRODUCT. TOO DEAR FOR BRADFORD. - LONDON, Aug. 14. Discussing the wool outlook, the Bradford Chamber of Commerce Journal says that th#users are compelled, in view of recent events, to recognise that there is not too much wool in this country to meet requirements for the remainder of the year. New wool cannot be expected from Australia in sufficient volume to influence the market until late in November, while New Zealand wool will not be available until early in the New Year. Nobody will sell on the assumption that, in the meantime, there will be an appreciable change in tho position of wool already in this country, although it is generally agreed that medium and coarse crossbreds are in a rather stronger position than finer grades. Generally speaking, wool is too dear for the Bradford market, and it is very difficult for machinery owners to secure orders on a profitable basis for tops, yarns, and piece goods. It is hoped that in the next wool season the position will be adjusted to a more workable basis from the Bradford point of view.—A. and N.Z. cable.

BUTTER MARKET. POSITION VERY SOUND. SCARCITY OF FINEST QUALITY. LONDON, Aug. 14. The butter position appears to be very sound, and though last week’s advance has not been fully maintained, the statistical position points to an upward movement before November, which seems the earliest moment to expect any considerable arrivals from Australia and New Zealand. At present there is a marked scarcity of the finest quality butter. —A. and N.Z. cable. WESTFIELD MARKETS. BEEF PRICES FIRM. EXTRA PRIME MUTTON. AUCKLAND, Aug. 11. The entry of beef cattle at Westfield yesterday was much smaller than has been the case recently, and in consequence bidding was keen with occasional increases in price. The entry of fat sheep was not large and values showed a further advance.

A prime line of wethers forwarded by Mr C. Black, of Opotiki, realised the highest price of the season, £2 5s each, the top price for ewes being £1 14s 6d for a pen sent forward by Mr J. R. Self, Papatoetoe.. . Bacon pigs sold at usual rates, whilst keen competition for porkers resulted in improved prices. Calves were penned in usual numbers and sales were made at about late rates. The following table indicates the range of prices at the last two sales: —

This Week. Last Week. BEEP (per 1001 b) Extra choice ox 31/- 30/-

WELLINGTON STOCK EXCHANGE

LAST WEEK’S BUSINESS AND PRICES. •

A very moderate business was done last week on the Wellington Stock Exchange. Government securities were very slow, and only two sales were registered, the 41 per cents, at £96 16s, and the 6$ per cents, at £lOl 6s, New Zealand Breweries (10 per cent, bonds) sold at 23s 9d and 23s lOd, and Gisborne Sheepfarmers’ 1\ per cent, debentures at £BS. Fair business was done in bank shares, and was better spread than usual. Sales were registered of Commercial Bank (ordinary) at 28s and 28s 3d, Bank of Australasia at £l4 14s 6d- and £l4 14s, Bank of New South Wales at £45 and £44 17s 6d, Union Bank at £ls and £l4 19s, National Bank of Australasia (£lO paid) at £l7 2s 6d, Bank of New Zealand at 58/6 and National Bank of New Zealand £6 15s, Goldsbrough Mort and Co.’s shares changed hands at 45s 6d and 45s 3d and the rights 8s lOd and 8s lid. Gas shares were slow, hut there were transfers of Auckland Gas at 22s lOd, and Wellington Gas (ordinary) at 27s 9d, South British Insurance were steady, and sold at 57s 3d. There was a single sale of New Zealand Insurance at 39s 6d. New Zealand Refrigerating (10s paid) changed hands at 6s sd. Shipping shares were dull. Sales of Huddart-Parker (ordinary) at 48s and Northern Steam at 14s were registered during the week. Coal shares were less active than in tho previous week. There were transfers of Hikurangi Coal (preference) at 6s 6d, and Taupiri Coal at 255. There was a fair demand for Timber shares, but business was restricted to Kauri Timber at 245. A small business was done in brewery shares, with sales of New Zealand Breweries at 43s and 43s 3d, and Staples and Co at 375. There were more transactions in the miscellaneous section than in the past two or three weeks. Sales were recorded of Auckland Amusement Park at 10s 9d and 11s 3d, amd Farmers’ Co-operative Auctioneering (preference) at 14s lid, Beath and Co at 32s 6d, Colonel Sugar at £52 10s, Electrolytic Zinc (preference) at 32s 3d. and 32s t New Zealand Drug at 645, Taranaki Oil at 7s 6d and Bs, Wairarapa Farmers’ preference at 14s 3d, and Wilson’s Cement at 84s 6d.

Saturday.’s buying and selling quotations were as under: —

SALES IN OTHER CENTRES. AUCKLAND, Aug. 14. g a ] es .—Commercial Bank of Australia 28s 3d; Auckland Amusement Park 11s 6d: Majestic Gold Mining Co., 2d DUNEDIN, Aug. 14. Sale Reported.—Bank of New Zealand 58s 6d. FROZEN MEAT. LONDON QUOTATIONS. LONDON, Aug. 13. Sheep: Canterbury, light 6*d, melium sld, heavy sd. North Island, light, medium sd, heavy, 4ju. New Zealand ewes, 4Jd, heavy 4d. I Lambs: North Island, medium, B|d. Frozen beef: No Australian offering. I Chilled Argentine: Fores 3jd, hmds meats unchanged.—A. and N.Z. cable. The New Zealand Meat Producers’ Board has received the following cablegram from its London office, dated August 12, advising Smithficld delivered prices at that date as follows (prices for tire two previous weeks are shown in parentheses): New Zealand Wethers and Maidens. —Canterbury quality, selected brands: 561 b. and under, 6gd (Sjjd, 5Jd); o7lb. to 641 b., sgd (sd, sd); 661 b. to 721 b., 5d (4Jd, 4Jd). Other brands: 561 b. and under, 6jd (s|d, s§d); 671 b. to 641 b 5d (4fd, 4fd); 651 b. to 721 b., 4Jd (4fd, 4fd). New Zealand Ewes. —641 b. and under, 4Jd (4d, 4d). New Zealand Lambs.— Canterbury quality: 361 b. and under, 9}d (9id, Old):'37lb. to 421 b., BJd (Btd, 8Jd); 431 b. to 501 b., 8d (Bd, 8d); seconds, 81d (B ; \d, BJd). Selected brands: 36 b. and under, 9d (9d, 9d); 371 b. to 421 b., 8)d (8)d, 81d). Other brands first quality: 361 b. and under, Bfd (B s d, 8fd): 371 b. to 421 b., BJd (Bd, 8d); second quality, 301 b. to 321 b. average, SJd (B*d, 81d) Australian Lambs. —Victorian, first quality: Not quoted. Argentine Lambs. —I irst quality: ob lb. and Under, 8d (Bd, 8d); 3/ lb. to 421 b., 7*d (7*d, 7:(d). x , Now Zealand Beef.— Not quoted. Argentine Chilled Beef. —Ox fores, 3.1-d (3d, 3Jd); ox hinds, 7Jd (7d, 6Jd). Argentine Frozen Beef. —Ox fores, 3id (3id, 31d); ox hinds, 6d (6d, 6d). Frozen Pork. —801 b. to 1201 b., Bsd (BJd, 84d); 1201 b. to 1801 b., 6*d (6Jd, 6id). Frozen Veal. —Not quoted. Lamb market: Very firm with good tone. Mutton market: Has advanced owing to better demand, and may go higher.

PRICES OF RAW MATERIALS.

LONDON, Aug. 13. Rubber.—Fine hard Para, 15|d; plantation first latex crepe,. 17$d; smoked ribbed sheet, 17$d per lb. Jute.—lndian native first marks, August-September shipment, £34 10s per ton. New Zealand Hemp.—August-Oc-tober shipment, £35 per ton. Copra.—Bagged South Sea, AugustSeptember shipment, £25 10s per ton. Linseed Oil, £32 per ton, equal to 2s 6gd per gallon. Turpentine, 40s 9d per cwt., equal to 3s Id per gallon.—A. and N.Z. cable. CHICAGO WHEAT QUOTATIONS. NEW YORK, Aug. 13. Chicago wheat quotations are as follow: September 1 dollar 41$ cents per . busliel; December, 1 dollar 45$ cents; March, 1 dollar 48$ cents. —A. and N.Z. cable. PORK INDUSTRY. The following is an extract from a letter received by the New Zealand Meat Producers’ Board from its London manager, dated July I: —“As is customary at this time of the year, the demand for light porkers has been very quiet, but there is such a small supply of New Zealand available that there is no reduction in price. On the other hand, it is difficult to move off stocks of New Zealand bacon pigs, as the bacon market is still selling at low prices, and from present indications it will pay the New Zealand producers better to set out to supply light weight porker pigs rather tlian baconers.”

Choice and prime ox 28/- to 30/27/- to 30/Prime young cow & heifer 22/- to 27/21/- to 25/SHEEP (per head)— Prime wothers 41/- to 45/37/6 to 40/TInfin. wethers 27/- to 32/26/- to 29/9 Prime ewes . 30/- to 33/6 30/- to 35/Prime Iambs 26/- to 27/9 26/- to 35/CALVES (per head)— Runners 65/- to 125/58/- to 108/Vealers 62/- to 119/60/- to 99/PIGS (per head)— * Baconers 72/- to 83/67/- to 82/69/- to 76/57/- to 72/Large stores. 36/- to 43/26/- to 40/-

Buyers. Sellers. N.Z. GOVT. LOANS— £ s. d. £ 8. d. 4£ p.o. Ins. Stk. 1939 96 0 0 96 12 6 4£ p.o. ditto, 1938 ... 96 0 0 96 12 6 5i p.c. ditto, 1933 ... — 101 0 0 5A p.c. ditto, Fob. 1933 — 100 17 6 5£ p.c. ditto, 193b ... — 101 5 ,0 5i p.c. ditto, 1927-41 98 10 0 99 0 0 4 Jf p.o. .Bonds, 1939 — 96 16 0 4i p.c. ditto, 1938 ... — 96 15 0 DEBENTURES— N.Z. Breweries (bonds) 13 6 — Wanganui City, 5* p.c. 1944 99 10 0 — BANKSCom. of Aust. (ord.) 17 9 1 8 3 New Zealand 2 18 0 2 18 9 N Z. “D” sharea £1 . paid 1 5 10 — Ditto (10s paid) 0 16 4 — Union of Aust FINANCIAL— _ 15 1 b Goldsbrougrh Mort (rights) 0 9 0 0 9 3 N.Z. Guarantee Corp. (ord. 8s) 0 9 0 0 9 3 GAS— Auckland (paid) 12 9 — Wellington (ord.) ... 17 6 1 8 6 INSURANCE— New Zealand 1 19 3 — National 3 16 6 4 0 0 South British MEAT PRESERVING— 2 17 0 2 17 e N.Z. Refrig. (£1) . ' 0 14 6 TRANSPORT— Huddart-Parker (ord.) — 2 8 3 WOOLLEN— Wellington (ord.)- — 6 7 0 COAL— Hikurangi (pref.) 0 6 0 — Westport-Stockton (ord.) 0 14 — Westport 1 13 3 — Waipa TIMBER— 0 14 9 Kauri 13 6 — Leyland-O’Brien 1 14 9 — National 0 11 6 — MISCELLANEOUS— _ _ Burns, Bhilp and Co. — 1 19 U D.I.C. (pref.) 10 9 — Dental and Medical Supply • ••• — 0 16 0 Electro. Zinc (ord.) — 1 12 9 N.Z. Paper Mills — 0 16 9 Dominion Invest. Wftirarapa Farmers’ 12 6 1 5 0 0 - (pref.) Wilson s Cement — 0 15 1 14 3 — MINING— . .... Kawarau 0 0 8 0 0 11