FARMING AND COMMERCIAL

Manawatu Standard, Volume XLVIII, Issue 304, 21 November 1928, Page 5

FARMING AND COMMERCIAL

WORLD’S WOOL CLIP. SUPPLIES AND DEMAND. Since 1922 the world’s wool clip has been continuously expanding, the figures below showing the estimated annual production for the past six years:— 1922 2,670,928,0001 b. 1923 2,719,453,0001 b. 1924 2,836,539,0001 b. 1925 2,982,561,0001 b. 1926 3,060,730,0001 b. 1927 3,100,000,0001 b. The figures disclose that production has advanced 16 per cent, since 1922, but is still 4 per cent, below pre-war average. It ia highly gratifying that the world’s consumption of the staple has continuously responded to the increased supplies recorded (says an exchange). During the period the quantity of artificial silk manufactured has increased enormously, reaching 265,000,0001 b. in 1927. The total is equal to about 1,700,000 bales of greasy wool, for the latter loses about half its weight in scouring. The world can, therefore, apparently find good use for its textile fibres. Despite the marked advance in supplies, no surplus stocks of wool have accumulated, the quantity of the raw materials on hand in most countries at Juno 30 last boing only normal, and in some instances below normal. Provided that prices for the staple keep on a reasonable basis, the current clip should be readily absorbed, judging by the experiences of the past six years. SYDNEY WOOL SALES. SYDNEY, Nov. 20. At the wool sales there was an excited markot, and prices were very firm at the highest rates of the season for wool showing superfino quality. Competition was well sustained. The top prico for greasy Merino fleece was 36£d, constituting a fresh record. The bales sold numbered 12,169. BRADFORD QUOTATIONS. (Australian Press Association). LONDON, Nov. 19. Bradford quotations aro firm, but the business is restricted awaiting tho opening of the London sales. CANTERBURY MARKETS. Per Press Association. CHRISTCHURCH, Nov. 20. Business continues to be on the quiet side so far as the grain markets aro concerned. Very little is doing in respect of wheat for milling purposes, and a similar position obtains in regard to fowl wheat, which is quoted at 5s 8d to 5s 9d f.0.b., S.I. _ Practically nothing is changing hands in seeds, quotations being unaltered from those given last weelc-cna. A few parcels of G grade Gartons have been sold on a basis of 3s 6d f.0.b., S.I. The trade is old potatoes being now finished, the new crop is quoted at £3 10s to £3 15s on trucks at country stations to farmers for main crop, but not a great deal is offering. Onions are quoted at £5 per ton on trucks for January-February delivery, and £4 10s for March-April delivery. SCOTTISH AUSTRALIAN INVESTMENT COMPANY. (Australian Press Association). LONDON, Nov. 19. The Scottish Australian Investment Company has declared a dividend of 10 per cent, for the year and a bonus of 7£ per cent. THE MONEY MARKET. , AUSTRALIAN INTEREST RATES. DOWNWARD TREND. One difficulty in the way of tho Commonwealth and States being able to borrow freely in Australia at or below five per cent (writes J. B. Were and Son, Melbourne brokers, under date November 2) is the fact that the banks pay five per cent per annum on deposits fixed for two years, and when rates for Commonwealth and State securities approach that level the tendency is for more money to bo diverted to the banks. Tho latter have apparently, “pegged” their rate at the fivo per cent level, as that rate has been paid by most of the institutions during the past 20 to 25 years, although rates for Sta-te securities during that period have varied nearly 100 per cent.—from 3j per cent, to nearly seven per cent, and Commonwealth Bonds have ranged between 4i per cent to about 6£ per cent per annum. With tho huge 1930 conversion already commencing to loom up on the financial horizon, it is expected that tho Commonwealth authorities will bo forced, in the interests of a satisfactory conversion, to commence taking a personal interest in the market a very long time in advance of tho date of maturity of tho December six per cents. ‘The average return from tho _ wholo seventeen Commonwealth issues listed is now £5 6s 7d per cent per annum, as compared with £5 8s 3d per, cent per annum a week ago, and with an average of £5 11s 3d per cent only a couple of months ago. The extent of the upward trend is further illustrated by tho fact that to-day not one of the Commonwealth issues is yielding 5j per cent, although a fortnighb ago four issuos were returning over 5£ per cent per annum. Furthermore, only one issue now is giving over £5 9s per cont, namely, the 5£ per cents due in 1936.

Advancos by the Woodville Dairy Company for the past month total £2581, representing Is 5d per pound of buttorfat. Tho grading returns aro ahead of last season’s and produce graded up to November 5 is to be shipped during the next few days. The output figures show an increase over those of last yoar and the average factory test for October was 4.02. On November 10 the highest teat for any -supplier was 5.1, while a test taken yesterday was 5.3, which is recognised as being quite good.

WELLINGTON STOCK EXCHANGE. YESTERDAY’S BUSINESS AND PRICES. At tho morning call yesterday Now Zealand Breweries stock (two parcels) sold at 255, and Now Zealand Browerics shares at 55s on tho Wellington Stock Exchango. At tho aftornoon call another sale of Now Zealand Breweries stock at 25s was made on 'Change, and the sales reportod were National Mortgage at 89s, Now Zealand Guarantee Corporation at 8s 7d, New Zealand Loan and Mercantile, ordinary stock at £l2O, Wellington Woollen, ordinary, at £7 4s, and Wostport Coal at 31s 6d, cum. dividend.

Government securities were slow. The 4£ per cents, bonds wero in demand at £99 ss, and tho 5£ per cents, at £lOl ss. | Glaxo debentures were wanted at £9O, Wellington Gas debentures at £IOO, Wellington Racing Club at £lO6 10s, and Now Zealand Breweries (bonds) at 24s lOd. Bank shares wero in better demand with buyers of Australian Bank of Commerce at 33s 3d, National Bank of Now Zealand at £7 Is, National Bank of Australasia, £5 paid, at £9 11s, Bank of New South Wales at £sl 15s, and Bank of New Zealand at 51s 4d. Sellers quoted 31s for Commercial Bank of Australia. Financial shares were steady, and in good demand. Thero wero buyers of Goldsbrough Mort at 525, National Mortgage at 87s, New Zealand and River Plate at 325, New Zealand Loan and Mercantile, ordinary stock at £ll9, Wellington Investment at 10s Bd, and Wellington Trust and Loan at £6 19s. Christchurch Gas were firm at 265, and Napior Gas, £lO paid, at £lO 7s 6d. Hud-dart-Parker wero in demand at 47s 10a, Kaiapoi Woollen, ordinary, at 13s 6d, Wellington Woollen at £7 Is, Hikurangi Goa (preference) at 10s 6d, and Westport Coal at 31s 3d, cum. dividend. Kauri Timber shares were firm at 19s Bd. cum. dividend, and Bartholomew Timbor at 18s. Brewery shares were slow, and only Staples and Go. were in demand at 41s 6d. There wore buyers of British Tobacco at 445, Burns, Philp and Co. at 445, Electrolytic Zinc, ordinary, at 34s and preference at 35s 6d. Holden’s Motor Body Builders at 28s 6d, Howard Smith, ordinary, at 245, Now Zealand Drug at 70s 6d, Wellington Queen’s Theatre at 22s 9d. Wilson’s Cement at 40s 6d, Mount Lyell at 38s 6d, cum. dividend, and Waihi at 14s 3d. Yesterday’s buying and selling quota-

SALES IN OTHER CENTRES. AUCKLAND. Nov. 20. Sales.—Auckland Harbour Board debentures, 1943, 5£ por cent., £100; New Zealand Breweries’ debentures, 25s and 25s Id; Bank of New Zealand, '6ls 9d (two sales); Farmers’ Co-operative Auctioneering (A prof.) 17s 6d; New Zealand Loan and Mercantile, £120; Electrolytic Zinc, 34s 6d; Hikurangi Coal (pref.), 11s _ ; Huddart-Parker, 48s; Northern Steamship, 13s lOd; Bartholomew Timber, 18s 6d; Staples’ Brewery, 41s 9d; Dental and Medical Supply, 10s; Wilson’s Comont, 4ls; Waihi Mining, 14s 7d, 15s (two salos). CHRISTCHURCH, Nov. 20. Sales.—New Zealand Government, 4£ per cent, inscribed, 1938, £99 10s; 5£ por cont. inscribed, 1936, £lOl ss; Australian Bank of Commerce, £1 13s 6d; Goldsbrough, Mort, 52s sd; Christchurch Gas, 26s 3d (two parcels); New Zealand Breweries, 54s 6d; Staples Brewery, 41s 9d; Electro Zinc (prof.), 365; D.I.C. (10s paid), 21s; Mahakipawa, Is id (ten parcols). Sales reported.—National Mortgage, 90s. DUNEDIN, Nov. 20. Sales reported.—Commercial Bank, 30s 6d; Okarito, 9d premium.

Buyers. Sellers. N.Z. GOVT. LOANS— £ s. d. £ B. cl. p.c. In3. Stk., 1933 101 7 6 5i p.c. ditto, 193b 101 0 0 99 — 51 d.c. ditto. 1932 0. 7 6 44 p.c. Bonds, 1938 ... 99 5 — 54 p.c. ditto, 1936 101 5 0 — 51 p.c. ditto, 1932 99 10 0 DEBENTURES — „ Wellington Gas 100 0 * Well. Racing Club ...106 10 0 — 0 N.Z. Broweries (inscr. stock) ~~ Ditto (bonds) 1 4 10 1 1 5 5 1 BANKS— Australian Bank of Commerce 1 13 3 Commercial of Aust. (ord.) “ National of N.Z ~ 1 0 1 H 7 4 0 0 National of Australasia (£5) 9 11 0 — New South Wales ... 51 15 0 — New Zealand 3 1 4 3 1 9 Ditto, long-term mort. — FINANCIAL— 0 1 8 6 Goldsbrough J\lort ... 2 12 — National Mortgage ... 4 8 N.Z. Loan and Mercan0 121 0 tile (ord.) 119 0 0 0 N.Z. and River Elate 1 12 0 — Well. Invest., T. & A. 0 10 8 — Well. Trust and Loan 6 19 GAS0 Christchurch 1 o 0 1 6 6 Napier (£10) 10 7 INSURANCE6 0 0 17 New Zealand — MEAT PRESERVING— 2 8 0 2 4 0 N.Z. Refrigerat. (10s) — TRANSPORT— 0 9 8 9 Huddart-Parker (ord.) 2 7 10 2 6 WOOLLEN— 0 Kaiapoi (ord.) 0 13 6 0 15 Wellington (ord.) .... 7 1 COAL — 0 Hikurangi (pref.) 0 10 W eetport-Stockton 6 0 (ord.) — 3 1U 0 13 3 Westport 1 11 3 1 11 8 TIMBER— Kauri 0 19 8 — Bartholomew L. & T. 0 18 0 — Leyland-O’Brien — 1 14 6 National — 0 10 6 BREWERIES— New Zealand — 2 16 0 Staples and Co 2 1 MISCELLANEOUS— 6 2 2 3 British Tobacco (Aust.) (ord.) 2 4 0 — Burns, Philp and Co. 2 4 Dental and Medical 0 0 14 0 Electro. Zinc (ord.) . 1 14 0 — Ditto (pref.) 1 15 Holden’s Motor Body 6 — Builders I 8 6 — Howard Smith (ord.) 1 4 0 1 5 0 N.Z. Drug Go 3 10 N.Z. Express Co. 6 — 0 19 0 Well. Queen’s Theatre 1 2 Wilson’s Cement 2 0 9 — 6 2 1 6 MINING— Waihi .- 0 14 3 — Mount Lyeli 1 18 6 — Kawarau — 0 0 6