FARMING AND COMMERCIAL

Manawatu Standard, Volume XLVIII, Issue 134, 7 May 1928, Page 5

FARMING AND COMMERCIAL

ROYAL SHOW. CLASH WITH RAM FAIR. HAWKE’S BAY SOCIETY OBJECTS. “It seoms to mo that tho Royal Show will bo a bono of contention for a long time,” remarked the chairman, Air R. H. Todd, at tho monthly meeting of the Haw ko’s Bay A. and P. Society when a letter was received from the New Zealand Royal Agricultural Society stating that it had been decided to hold the next Royal Show in Palmerston North on January 30 and 31 next.

The letter further stated that in fixing the date tho council hoped it would not clash with the society’s ram fair. Varying opinions wore expressed and a motion proposed by Mr J. 11. McNivcn and seconded by Mr 11. Gascoyne, was carried, to tho effect that subject to tho approval of tho stockbrokers the Royal Society bo communicated with with a request that they alter the date of tho show, as it clashed with tho society’s dates for tho ram fair. An addition to the motion, proposed by Mr 11. A. Russell, was to tho effect that the society considered the date unsuitable, DAIRY PRODUCE. Dalgcty and Company, _ Ltd., report having received the following cablegram from thoir London house under date of tho 3rd inst. Butter: Market steady. Wo quote Danish 178 sto 180 s (178 sto 180 s). New Zealand finest salted 164 sto 166 3 (164 sto 166.5). Australian finest unsaltod 154 s to 156 s (154 s to 1565), salted 154 sto 156 s (154 sto 1565), A-ustrahan G.A.Q., 148 sto 150 s ' (150 sto 1525). Cheese: Market firmer. Wo quote Australian white and coloured 94s to 95s (93s to 945). New Zealand cheese white and coloured 96s to 97s (965). Spot prico for Canadian white 100 s to 104 s (108 s to 112 s), coloured 100 s to 104 s (104 s to 108 s). New Zealand cheese, exceptional quality, 98s. (Last week’s quotations aro shown in parentheses). TARANAKI RETURNS. Per Press Association. NEW PLYMOUTH, May 4. Tho returns show that tho dairy companies whose offices are in New Plymouth distributed this season up to March 31st £594,441 compared with £473,282 in the corresponding period of last season. The loss in quantity caused by the drought lias been more than compensated tor by the better prices. STOCK MARKET. Dalgety and Co., Ltd., report having held their autumn cattle fair, at Taihapo on 3rd May when a large entry of cattle came forward. There was a representative attendance of buyers from Wairarapa, Hawke’s Bay, Palmerston North, Wanganui, Hawcra and the \\ aikato, but the bulk of the stock was absorbed locally. Prices were firm at late rates and they report a total clearance. Quotations: 4 and 5-yr bullocks, forward condition, £ll 5s to £ll 17s 6d; 4-yr P.A. bullocks £9 5.3 to £lO 2s; 4-yr S.if. store bullocks £7 15s, £7 17s, £8 Is to £8 ss; fresh conditioned 4-yr bullocks £8 to £9 10s; 3|-yr steers £7 5s to £7 10s; 3£-yr P.A. forward bullocks £9; 2i-yr steers, coloured,. £5 15s to £6 fa; 2£-yr P.A. steers, good, £6 17s, £7 to £7 2s 6d; 2£-yr S.H. steers £6 10s to £6 17s 6d; 18-20 months steers £6 to £6 12s 6d (good); 2£-yr steers, fair quality, £5 15s to £6; good weaner steers £4 ss' to £5; medium w.eaners £3 15s to £4 Is; good weaner heifers £3 11s to £3 13s 1 small wcaners 35s to £2 10s; fat COWS £6 9s, £6 11s, £6 18s to £7 ss; fat heifers £6 5s to £6 15s 6d; 21-yr P.A. heifers £5 15s; 2£-yr Hereford heifers (small) £5; 20-month .P.A. heifers (good-) £5. BRADFORD TOPS MARKET, (Australian Press Association.) LONDON, May 3. The Bradford tops market is very quiet, spinners not placing any new business. Quotations; Sixty-fours quality, 53|d per lb; sixties, ; fifty-six6s, 42c1; fifties, 32d; forty-sixes, 27d: forties, 25 £ cl. FROZEN MEAT. LONDON QUOTATIONS. ' (Australian Press Association.) LONDON, May 5. Following aro latest quotations for frozen and chilled meats; — Sheep.—Canterbury, light 7|d per lb, medium North Island, light 7d, medium 6§cl. Argentine, medium 6jjd. Lambs.—Canterbury, light lOd, medium 9§d; seconds 9|d. Other selecteds, medium 9|d. North Island, firsts, light 9gd,» medium 9ld. Australian, firsts, other States B|d, seconds Victorian B|d; thers, BJd; thirds, B|d. Argentine firsts, medium 7|d. Frozen beef.—New Zealand, hinds j Australian, hinds sd. Argentine, hinds 6d. Chilled Beef.—Argentine, fores 4|d, hinds 7id. Other meats aro unchanged.

Dalgcty and Company, Ltd., report having received the following cablegram from their London house under date of tho 3rd inst: —“Lamb: Now Zealand prime Canterbury lamb 29-36 lOd, North Island 28-36 93d, Canterbury 36-42 9|tl, North Island 9d, Canterbury second quality 9£d, North Island second quality 9|d, Canterbury lamb 42-50 83d, North Island B£d; market very firm, demand has been checked by increased prices asked. Mutton: New Zealand prime Canterbury mutton 48-56 7d, North Island 48-56 63d, Canterbury 56-64 6RI, North Island 6d, Canterbury 64-72 53d, North Island s|d, Canterbury ewes 48-64 s|d, North Island ewes 48-64 s|d; market very firm, demand moderate. Beef: New Zealand prime ox beef hinds sd, fores 33d; market unchanged, demand fair. Argentine chilled hinds 7d, fores 4|d. Pork: English porkers 80-100 lOd, New Zealand porkers 80-100 6|d. Now Zealand porkers 100-120 6|d-6£d. Australian mutton and lamb stocks cleared. Supplies of frozen beef and other imported meat normal.” The New Zealand Meat Producers’ Board has received the following cable from its London office, dated 4th May, 1928, advising Srnithficld delivered prices averaged for week ending that date as follow; prices for the two previous weeks being also shown in parentheses:—N.Z. wethers and maiden ewes: Canterbury quality, selected brands, 56-under, 7|d (7d, 6|d); 57-64, 61d (6sd, 6Id); 65-72, s|d (53d, s|cl); other brands, 56-under, 7d (6RI, 63d); 57-64, 6jjd (6Jjd, 6d); 65-72, s£d (s£d, sjd). N.Z. ewes: 64under, s|d (s£d, s|d). N.Z. lambs: Canterbury quality, 36-under, lOd (9|d, 93d); 37-42, 93d (9|d, 8Jd): 43-50, 83d (clifd, 8£cl); seconds, 91d (93d, 9d); selected brands, 36under, 93d (93d, 9gd); 37-42, 9id (9|d, 8|d); other brands, Ist quality, 36-under, 9RjT (9£c’., 9|d); 37-42, 9|d (9d, 83d); 2nd quality, 3032 average, 9||d (9j)d, 9d). Australian lambs: Victorian, Ist quality, not quoted. Argentine lambs: Ist quality, 36-under, B£d (B£d, 8id): 37-42, "3d (Bd, 8d). N.Z. beef: Ox fores, 32d (3.7 d, 33d); hinds, s£d (sd, sd); cow fores, 3|d (3RI, 3R1); hinds, 4ld (4|d, 4|d). Argentine chilled beef; Ox fores, 4|d (4|d, 4£d);| hinds, 7RI (7|d, 7|d). Argentine frozen beef: Ox fores, 4|d (4|d, 4d); hinds, 6d (s|d, 53d). rFozen pork; Porkers, 60-801bs., 7id (7|d, 7R1): 81-9911)3., 63d (63d, 63d); 100-1201bs, 6£d (6Jd, 6£d); baconers, 121-1801bs., 7d (7d, 7d). Frozen veal: Not quoted. Lambs: Market is steady. Mutton: Wothors, market steady. Eewes, light stocks, there is a good demand. Frozen beef: Market is stronger owing to lighter supplies Argentine chilled beef. N.Z. baconer pigs: Fair demand. N.Z. porker pigs: There is a poor demand owing to tho end of tho season. Levin and Co., Ltd., have received the following cable from their London agents dated 4th May, 1928 :As compared with last week’s cabled advices, the spot market for mutton and lamb is unchanged. Tho demand is limited on acount of high prices.

LINSEED MARKET. The Department of Agriculture has received tho following cablegram, dated 3rd inst., from Calcutta, with reference to the linseed market: “We quote £l7 for linseed per ton net c. and f. Sydney for immediate shipment. Market steady but quiet.”

WELLINGTON STOCK EXCHANGE. LAST WEEK’S- BUSINESS AND PRICES. At tho call on Saturday morning, a sale of Bank of New Zealand shares at 60s was mado on tho Wellington Stock Exchange and sales wore reported of Now Zealand Breweries, 10 per cent, bonds at 245, Wellington Woollen (ordinary) at £6 4s, and Westport-Stockton (ordinary) at 2s lOd.

The business dono on the Stock Exchanges last week was on a largo scale, and if tho aggregate sales do _ not constitute a record for tho week, it must be nearly so. A moderate business was done in Government securities, but prices were firm. The 41 per cent, stocks sold at £97 15s and £97 17s 6d; tho 51 per cent. (1935) at £IOO 12s 6d and (1936) at £lOl. A fair amount of activity was shown in the debentures of local bodies and of trading companies. Wellington Harbour Board 5£ per cent. (1941) changed hands "at £9B and £9B 10s; Mount Eden Borough, 53 per cents. (1961), at £IOO 10s; Auckland Gas, 6j per cents., at £102; Now Zealand Farmers’ Co-op., 6| per cent. (1930), at £80; and New Zealand Breweries, 10 per cent, bonds at 23s 9d and 245. At the week-end thcro were buyers of Wanganui City, 5J per cents. (1945), at par; Wellington City, 5| per cents. (1933), at £99 ss; and Waitaki Power Board, 53 per cents. (1960), at £99.

A very large business was done in bank shares, and tho sales wero well spread. A dozen parcels of Bank of New Zealand sold at 60s and 60s 3d; Australian Bank of Commerce changed hands at 345; and English, Scottish and Australian Bank at £8 6s and £8 6s 6d. Three parcels of Bank of Adelaide sold at £9 11s, three parcels of Bank of New South Wales at £47 17s 6d, and two parcels at £4B. There was a good turnover in Commercial Bank shares, ten parcels changing hands at 28s 6d, 28s 7d, and 28s Bd. Union Bank sold at £l4 _lss 6d, and National Bank of Now Zealand at. £7 3s. Bank of Australasia changed hands at £l4 4s and £l4 3s 6d; tho rights at 59s 3d and 60s, and the fractions at 9s and 9s 6d.

In the financial group, considerable' firmness was shown by the ordinaries of tho New Zealand Loan and Mercantile Agency, which last week sold at £lO5 10s, £IOB and £lO9, with buyers at the week-end at £lO5. Goidsbrough Mort wero firmer with sales at 50s, 50s Id. 50s 2d, and 50s 3d. There wore single transactions in Dalgety’s at £l4 Bs, National Mortgage at 74s 6d, and Wellington Deposit at 9s, ’ex dividend. New Zealand Guarantee Corporation were steady, tho ordinary at 8s 3d, and the preference at 20s 6d. A small business was done in insurance shares. Four parcels of South British Insurance changed hands at 53s 9d, and National Insurance registered ono sale at 15s 9d. A littlo moro business than usual was dono in gas shares, and the prices wero firm. Auckland Gas sold at 22s 9d, Christchurch Gas at 23s lOd, and Wellington Gas at 28s.

Meat shares aro beginning to receive closer attention from investors, and a fair amount of business was done in them last week. Gear Meat shares wero very firm at 39s 6d, and not easily procurable at tho price. Southland frozen meat sold at 32s 6d, and New Zealand Refrigerating, 20s paid at 17s, and 10s paid at 7s 10d and Bs. Although no business was done in Wellington Meat Export shares, they, have been in steady demand at 10s, without drawing sellers, and it is obvious that buyers must raise their bids.

Wellington shares were quiet. Although tho Iluddart-Parker Company is seriously involved in a labour dispute in Australia, investors aro not perturbed, tho ordinary shares changing hands at 47s 6d and 475. Other snipping shares were quiet.

Wellington Woollen shares have been in steady demand for some time, but the prices offered —-£6 2s for the ordinary and £6 6s for the preference—failed to bring about business. At tho week-end the bid for ordinaries was advanced 2s to £6 4s, and a sale was registered at this prico. A smail business was dono in coal shares, with sales of Hikurangi Coal at 4s, Pukomiro Collieries at 64s 6d and WestportStockton (ordinary) at 2s 8d and 2s lOd. Tho demand for brewery shares was somewhat erratic, and the only transaction recorded during the week was a sale of Tirnaru Brewery shares at 14s 9d. In tho miscellaneous section good business was dono, and tho sale.s wero well spread. British Tobacco sold at 40s 6d, and Bcath and Co. at 335. A parcel of D.I.C. preference changed hands at 20s 6d. Sales wore registered of Howard Smith (ordinary) at 26s 6d, National Electric at 9s 9d, Farmers’ Fertiliser at 90s and 92fl 6d, Electrolytic Zinc (ordinary) at 31s and 31s 3d, (preference) at 325, Sharland and Co. (ordinary) at 20s, Union Oil at 41s 6d, and Wilson’s Cement at 395.

Saturday’s buying and selling quotations were as under:

SALES IN OTHER CENTRES. Per Press Association. AUCKLAND, May 6. Sales: English, Scottish, and Australian Bank, £8 6s; New Zealand Breweries (de-

bentures), 23s 9d; Colonial Sugar (ex div.), £57; Sanford, Ltd. (prof.), 20s 3d; Wellington Woollens, £6 ss. CHRISTCHURCH, May 6_. Sales: Christchurch Gas, 23s lid ; Tooth’s Brewery, 43s 3d; British Tobacco, 40s 6d. Sales reported: New Zealand ing (10s paid), 8s 4d. LONDON STOCK EXCHANGE. (Australian Press Association.—United Service.) LONDON. May 3. Bank of Australasia, £l4 7s 6d; Bank of New- South Wales, £45 ss; National Bank of New Zealand, £7 6s 3d; Bank of New Zealand, 4 per cent., £93; Bank of Now Zealand shares, £3;_ Now Zealand Loan and Mercantino (ordinary stock), £lO4. NEW ZEALAND LOAN. (Australian Press Association—United Service.) LONDON, May 4, Cash subscriptions for tho New _ Zealand loan exceeded £35,000;000, applicants only receiving 14 por cent, of their applications. The loan is quoted at 9.16 per cent, premium. BANK OF ENGLAND RETURNS. (Australian Press Association.) LONDON, May 3. Tho Bank of England returns for the week ended May 3, as compared with those for tho week ended April 26, aro as

SHORT LOANS AND BILLS.

Short loans, 3| por cent., samo as last week, and three months’ bills, 3 31-32 per cent., compared with 4 por cent, last week. The bank rato remains unchanged at 4| per cent. NEW ZEALAND AND AUSTRALIAN LAND COMPANY. (Australian Press Association.) LONDON, May 3. The New Zealand and Australian Land Company has declared an interim dividend of 4 per cent. PRICES OF METALS. (Australian Press Association.) LONDON, May 3. Copper.—Standard, on spot, £6l 9s 4£d.; forward delivery, £6l 15s 7|d: electrolytic £66 10s and £67; wire bars, £67. Load—£2o 11s 3d and £2O 15s. Spelter.—£26 5s and £25 16s 3d. Tin.—£232 17s 6d an'd £231 17s 6d. Silver.—Standard, 262 d per ounce; fine 28jjd. ENGLISH WHEAT MARKETS. (Australian Press Association. —United Service.) LONDON, May 4. Wheat cargoes, influenced by a decline in North and South America, dropped 6d, but tho undertone is steady. Parcels aro receiving no attention, and show a decline of 6d to 9d por quarter. Liverpool futures: May, 10s 10|d per cental; July, 11s Igd; October, 11s 3|d. LONDON APPLE MARKET. (Australian Press Association. —United Service.) LONDON, May 4. The Ormonde’s shipment of Victorian apples brought as follows: —Cleopatra, 10s to 12s 6d per case; Jonathans, 7s to 10s; London Pippins, 9s 3d to 9s 6d; Rymers French Crabs, 8s 6d. The # Barrobool’s shipment brought tho following prices:— South Australian, Dunus 10s to 10s 6d, Cleopatras 12s 6d to 14s, Jonathans, 10s to 11s 6d; Victorian, Jonathans 10s to 13s.

PRICES OF RAW MATERIALS.

LONDON, May 5.

Cotton.— Liverpool quotation for American middling upland cotton, June delivery, 10.97 d per lb. - Rubber.—Fine hard Para, lOd per lb.; plantation, first latex crepe and smoked ribbed sheet, 83d. Jute.—June shipment, £34 5s per ton. New Zealand Hemp.—May shipment, £3l 10s per ton. Copra. —April-May shipment, £27 per ton. Linseed oil, £3l 5s per ton. Turpentine, 41s 3d per cwt. HEMP MARKET. APRIL GRADING RETURNS. Tho grading returns for hemp, tow, stripper tow and stripper slips for the month of April have been issued by the Department of Agriculture as follow:

Forty-one bales at Auckland, 58 at Wellington, 52 at Foxton, three at the Bluff and seven at Lyttelton were rejected. Fifteen at Wellington and 10 at Foxton were condemned. The number of bales in each grade was as follows; the number for tho corresponding period of last yora being given in parentheses: Fine nil (13), good fair 447 (596), high fair 2406 (2520), low fair 2474 (3519), common 537 (804), rejected 161 (211), condemned 25 (nil), at total of 6050 bales as against 7663 bales graded in the same period last year, a decrease of 1613 bales. Tho number of bales graded at each port was: Auckland 1593, Wellington 1282, Foxton 1329, Picton 60, Blenheim 78, Pt. Chalmers 246, Bluff, 1299, Lyttelton 96, Waikuku 67. Tho following shows tho detailed particulars of tho tow graded:

Twenty-four bales at Auckland, 19 at Wellington and 12 at Foxton wero condemned.

The following shows tho number of bales in each grade, the .number for the corresponding period of last year being given in parentheses: Ist gra.de 157 (240), 2nd grade 938 (1289), 3rd grade 541 (467), condemned 55 (79), a total of 1691 bales as against 2075 bales graded in tho same period last year, a decrease of 384 bales. The number of bales graded at each port was: Auckland 483, Wellington 339, Foxton 292, Picton 24, Blenheim 36, Pt. Chalmers 59, Biuff 439, Lyttelton 19. Stripper slips : Fifty-three bales at Wellington, and 7 at the Bluff were graded 2nd grade. Six bales at Auckland and 98 at tho Bluff were passed for export. One bale at Auckland and 13 at Wellington w/S-ro condemlned. Tho total number graded was 178 bales as against 325 bales graded in the same period last year, a decrease of 147 bales.

Buyers. Seller 5 N.Z. GOVT. LOANS— £ s. cl. £ s. , i. 44 p.o. Ins. Stk., 1938 97 17 6 5j p.c. ditto, 1933 — 100 10 0 51 p.c. ditto, 1936 100 5 0 100 15 0 5l p.c. ditto, 1941 99 0 0 — 44 p.c. Bonds, 1941 ... 97 10 0 — 44 p.c. ditto. 1939 97 10 0 — 44 p.c. ditto, 1938 97 10 0 97 17 6 4i p.c. ditto, 1930 — 93 15 0 54 p.c. ditto, 1936 100 10 0 — DEBENTURES— N.Z. Breweries (bonds) 1 3 9 1 4 0 Wanganui City, 53 p.c., 1945 100 0 0 — Wellington City, 54 p.c., 1933 99 5 0 — Wuitaki Power Board, 53 p.c., 1960 99 0 0 — BANKS— Australasia 14 0 0 — Ditto (rights) 3 0 0 3 0 6 Ditto (fractions) 0 9 5 — Commercial of Sydney — 26 15 0 New South Wales — 48 0 0 New Zealand “I)” shares (£1 paid) ... 1 6 6 1 7 0 Union of Aust 14 15 0 — Ditto (Mclbourno register) 14 15 6 — FINANCIAL— Goldsbrough Mort ... 2 9 10 — N.Z. Guarantee Corp. (ord., 8s) 0 8 3 0 8 6 Ditto (pref.) 1 0 6 — N.Z. Loan and Merc. Agency (ord.) 105 0 0 — Well. Invest., T. & A. 0 10 3 0 11 0 Finance, Ltd. (5s) ... 0 5 3 — GAS— Auckland (paid) 1 2 6 1 3 3 Wellington (ord.) 1 7 9 — INSURANCE— National — 0 15 11 New Zealand 2 1 0 — South British 2 18 6 — MEAT PRESERVING— Gear — 1 19 9 N.Z. Refrigerat. (.Cl) 0 17 0 0 17 6 Ditto (10s) 0 3 0 0 8 3 Well. Meat Exp. (ord.) 0 10 0 0 11 0 TRANSPORT— Huddart-Parker (ord.) 2 7 3 2 7 9 Union Steam (pref.) ... 1 0 3 — WOOLLEN— Kaiapoi (ord.) 0 8 9 — Ditto (contrib.) 0 1 10 — Wellington (ord.) 6 2 9 6 4 0 Ditto (pref.) 6 6 0 — COAL— Westport — 1 10 6 Westport-Stockton (ord.) 0 2 10 0 2 11 Ditto (pref.) 0 3 4 — TIMBER— Leyland-O’Brien — 1 15 6 National — 0 12 6 BREWERIES— New Zealand — 2 7 0 Staples and Co — 1 17 6 Ward and Co 1 16 9 1 18 0 MISCELLANEOUS— British Tobacco (Aust.) (ord.) 2 0 0 — Burns, Philp und Co. — 2 2 9 Howard Smith (ord.) 1 6 0 — N.Z. Paper Mills — 0 16 9 Sharland and Co. (ord.) — 1 0 6 Wilson's Cement 1 19 0 2 0 0 MINING— Mount Dyell 1 12 0 — Waihi 0 12 3 0 12 9

follow :— May 3. April 26. £ £ Noto circulation 135,756,000 134,743.000 160,730.000 160,466,000 Notes in reservo .... 43,310,000 44,171,000 Govt, deposits 13,679,000 17,956,000 Other deposits 101,410.000 94,839,000 Govt, securities 31,385.000 29,065,000 Other securities 56,697,000 55,931,000 Proportion of reserve to liabilities 38.80 40.30

G.F. II.F. L.F. c. Auckland 5 451 943 153 Wellington .. 273 622 249 65 Foxton — 906 243 118 Idcton .. 52 — 8 ... Blenheim .. 57 . 21 — — 1’t. Chalmers . . 57 189 — Bluff .. 46 332 730 188 Lyttelton .. 14 17 47 11 Waikuku — • 65 2

Ports. let. 2nd. 3rd. Auckland ... 305 154 Wellington ... 74 182 64 F oxton ... 60 210 10 Picton ... 20 — 4 Blenheim ... 36 — Ft. Chalmers ... 26 33 Bluff ... 166 273 Lyttelton 13 3