FARMING AND COMMERCIAL

Manawatu Standard, Volume XLVIII, Issue 285, 30 October 1928, Page 5

FARMING AND COMMERCIAL

LONDON MARKETS. HIGH COMMISSIONER’S REPORT. The Department of Agriculturo has received the following -cablegram, dated 27th instant, from the High Oommissionor for New Zealand, London: —Tallow: Little more doing, but market still quiet- at about unchanged rates. Next auction 7th November. Hemp: Manila market firmer and good business has been dono at higher rates. American market strong. “J” grade fold for October-December shipment up to £35 10s. Closing value £35 15s. Sisal market firmer after slight re-action. Closing values, Novomber-January shipments, No. 1, £37 10s; No. 2 £35 iOs.. Now Zealand market firmer in sympathy with sisal. Continued demand for highpoints and moderate demand for lower grades, but buyers’ ideas low. Closing values for Oc-tober-December shipments are: Highnoints, £32 10s; fair, £29 ss; common, £27 15s. Tow unchanged. Wool: Considerable business in fine tops and yarns in consequence of upward tendency at Australian sales. Demand for crossbred is irregular, and buyers waiting establishment of basis in New Zealand and South America. Present quotations arc: —64’s (Merino) warp, 4s per lb.; averao-o, 3s 1 Oil to 3s 10Jd; 56’s, average, 2s 8d to 2s 9d 50’s prepared, 2s 3£d; 40’s, prepared,' Is 9d. t WHEAT POSITION. (Australian Press Association.) . WASHINGTON, Oct. 28. Mr W. M. Jardino, Secretary of Agriculture, to-day reiterated his opinion—announced on September 17 —that farmers should hold their wheat in anticipation of a rising market and that a “largo amount of wheat thrown on the market was unduly depressing the price.” “This year’s increased supply of wheat will bo offset,” he said, “by increased demand and other factors. I see nothing in tho situation how to change this advice.” Mr Jardino added that the Canadian wheat crop last year was apparently underestimated, and Canadian bread wheat available for all uses totalled between 445 and 465 million bushels. Ho concluded: “This year’s crop, minus durum, will furnish the equivalent of a bread grain supply of approximately 475 million bushels.” Durum is a hard wheat from the flour of which macaroni is made. SYDNEY WOOL SALES. • SYDNEY, Oct. 29. At the wool sales 11,751 bales were sold. Competition was excited and more general than on any previous occasion. Prices all round were extremely buoyant, mostly in growers’ favour. Greasy Merino fleece brought up to 263 d per lb. * EXCHANGE RATES. (Australian Press Association.—United Service.) LONDON, Oct. 25. Foreign rates of exchange on October 25, as compared with par rates, or as averaged first half of 1914, are as follow:

SHIPMENTS OF MEAT FROM SOUTH AMERICA. The New Zealand Meat Producers’ Board has received a cable from 'ite representative at Buenos Aires, South America, advising the following shipments to the United Kingdom for the fortnight ended 25th October, 1928, from Argentine and Uruguay: —197,175 quarters chilled beef; 4450 quarters frozen beef; 50,877 carcases frozen mutton'; 112,950 carcases frozen lamb. The quantity shipped to the Continent of Europe during the same period was as follows: —57,475 quarters frozen beef; 13,913 carcases frozen mutton; 3000 carcases frozen lamb. ELECTRICAL INDUSTRY. FIRMS AMALGAMATE. (Australian Press Association.) LONDON, Oct. 27. Ten millions of capital and fifteen and a half millions of assets are involved in a great electrical trade amalgamation between Metropolitan-Vickers (Manchester), the British Thomson-Houston Company (Rugby), the Edison and Swan Company (London) and Ferguson and Pailan (Manchester). It is claimed that closer co-opera-tion will result in the elimination of expenditure and the reduction of selling ■prices, enabling the British electricity industry to meet foreign competition.

WELLINGTON STOCK EXCHANGE. YESTERDAY’S BUSINESS AND PRICES. At tho morning call yosterday two sales of National Insurance shares at 16s 4d wore made on tho Wellington Stock Exchange, and a sale of Wilson’s Cement at 40s 3d was reported. At tho aftornoon call a sale of Now Zealand Guarantee Corporation at 8s 8d was made on ’Change, and the sales reported were National Bank of Now Zealand (two parcels) at £7 2s, Natioanl Bank of Australasia, £lO paid at £l9 8s 6d, and Bank of Now Zealand at 61s 3d. _ . There was little business offering in Government stocks and bonds and debentures. Government 44 per cent, .bonds wore in demand at £99, and tho 54 per cents, at £lOl. Lower Hutt 5§ per cent. (1948) wore wanted at £IOO, and New Zealand Browories (10 per cent, bonds) at 24s 3d. , / Bank shares were steady and m good, demand. Thcro wore buyers of Commercial Bank of Australia at 30s 3d, National Bank of New Zealand at £7 Is 6d, NaNational Bank of Australasia, £lO paid at £l9 8s and £5 paid at £9 12s 6d, and Bank of Now South Wales at £sl 7s 6d. There were sellers of Bank of New Zealand at 61s 6d. . National Mortgago shares were steady at 85s and New Zealand and Rivor Plate at 325. There wero buyers of Wellington Investment at 10s Bd, Wellington Deposit at 10s, Wellington Trust and Loan at £6 17s, and Now Zealand Guarantee Corporation at 8s 7d. Insurance shares were firm. National Insurance wero wanted at 16s 4d, Now Zealand Insurance at 45s 3d, and South British Insurance at 635. Wellington Gas shares were steady at 29s 9d, and Napier Gas, £lO paid, wore m demand at £lO 7s 6d. Gear Meat were firm at 435, Canterbury Frozen Meat at £9, and New Zealand' Refrigerating, 10s paid, ,at 8s Bd. There were buyers of Union SV-am at 20s 6d, P. and O. doferred stock (£1) at 555. • ' ~ There was some inquiry for woollen shares with bids of 14s 3d for Kaiapoi Woollen (preference), £7 2s 6d for Mosgiol Woollen, and £6 17s 6d for Wellington Woollon (preference). Thcro were buyers of Kauri Timber at 17s 6d, New Zealand Breweries at 545, Staples and Co. at 39s 9d, Dominion Investments at 22s 6d, Howard Smith (preference) at 20s National Electric at 9s 6d, Newton King (preference) at 7s 3d, Now Zealand Drug at 69s 6d, Wairarapa Farmers preference at lls 6d, Wilson’s Cement at 40s, and Mount Lyell at 36s 3d. . , Yesterday’s buying and selling quota-

SALES IN OTHER CENTRES. AUCKLAND, Oct. 29. Sales: Inscribed Stock, 1933, 54 per cent., £lOl ss; Bank of New Zealand, 61s 3d; Pukemiro Collieries, 67s 6d; Devonport Steam Ferry, 24s 6d; JJuddart-Parker, 48s 3d; Northern Steamship, 14s; British Tobacco, 445; Wilson’s Cement, 50s; Ohinemuri Gold and Silver, 7s sd; Waihi, 14s Id. CHRISTCHURCH, Oct. 29. Sales; Commercial Bank of Australia, 30s 2d; Huddart-Parker, 47s lid; Mahakipawa, Is 6d (two parcels). Sales reported; Commercial Bank of Australia, 30s 3d (two parcels); HuddartParker, 48s 3d. DUNEDIN, Oct. 29. Sale: Waihi Grand Junction, Bd.

Oct. 25. Par. Brussels, belgas to £1 ... 34.89 35 Paris, francs to £1 124.15 124.21 Stockholm, knr. to £1 18.14 18.159 Oslo, knr. to £l 18.19 18.159 Copenhagen knr. to £1 18.19 18.159 Berlin, reicnsmark, to £1 20.35 20.43 Rome, lire to £1 29.2 92.46 Calcutta, ponce to rupee — 18 Yokohama, pence to yen 23 15-16 24.58 Hong-Kong, pence to dol. 24| 24 Montreal, dollars to £1 4.85 3-16 4.866 New York, dollars to £1 4.85 1-32 4.866 Amsterdam, florins to £1 12.09? 12.107 Batavia, florins to £1 ... — 12.107 Prague, knr. to £1 . 1633 24.02

tions were: — Buyers. Sellers. N Z. GOVT. LOANS— £ 3. d. £ 8. d. 4A p.c. Ins. Stk., 1938 p.c. ditto, 1933 5A p.c. ditto, 1936 51 p.c. ditto, 1932 ... 99 5 101- 7 101 12 99 7 6 6 6 4J p.c. Bonds, 1938 ... p.c. Bonds, 1933 p.c. ditto, 1936 99 0 0 01 5 01 5 0 0 101 12 6 debentures—, , % N.Z. Breweries (bonds) Lower Hutt 5| p.c., 0 1Q4« 100 U BANKS— Commercial of Aust. 1 10 7 1 (ord.) National of N.Z 3 6 7 2 6 National of Australasia 19 8 9 12 (£10) Ditto (£5) 0 6 9 14 3 New South Wales 51 7 6 New Zealand — 0 6 1 6 Ditto, long-term FINANCIAL— 1 8 0 National Mortgage ... 4 5 N.Z. Guarantee Corp. 0 8 8 (ord., 8s) 7 0 8 N.Z. and River Plate Well. Investment T. 1 12 0 10 0 8 Well. Trust, Loan .... Well. Deposit and 6 17 0 10 0 Mortgage 0 GAS— 10 7 Napier (£10) 6 0 Aufckland (contrib.) ... — 0 18 Wellington (ord.) .... INSURANCE— 1 9 0 16 9 1 10 0 16 O National 4 6 New Zealand 2 5 3 — 3 7 6 South British MEAT PRESERVING— 3 3 0 — Gear Canterbury Frozen Meat 2 3 9 0 0 2 4 3 (ord.) 0 — N.Z. Refrigerat. (10s) TRANSPORT— 0 8 8 0 9 i Union Steam (pref.) . 1 0 b — P. and 0. def. stock .. WOOLLEN— 2 15 0 14 0 Kaiapoi (pref.) 3 — Mosgiel Wellington, (pref.) ... 7 2 6 17 6 6 — COAL— 1 10 6 W estpor t-Stockton (ord.) — 0 4 0 TIMBER— 0 17 Kauri 6 1 16 Leyland-O’Brion — 0 National BREWERIES2 14 0 11 0 New Zealand 0 — Staples and Co MISCELLANEOUS— 1 19 9 2 0 3 2 5 0 Dominion Investments 1 2 6 — Howard Smith (pref.) 1 0 0 — National Electrio 0 9 6 — Newton King (pref.) 0 7 3 — N.Z. Drug Co N.Z. Express Co. 3 9 6 0 19 0 N.Z. Paper Mills — 0 17 9 1 2 Wairarapa Farmers’ 0 11 0 15 (pref.) Wilson’s Cement 6 0 2 0 0 2 1 2 MINING— 1 16 Mount Lyell 3 —