FARMING AND COMMERCIAL

Manawatu Standard, Volume L, Issue 117, 14 April 1930, Page 5

FARMING AND COMMERCIAL

FROZEN MEAT TRADE. LONDON, April 12. The weekly quotations for tho undermentioned classes of frozen moats, based on actual sales of wholesalo quantities of carcases of mutton or lamb or quarters of beef delivered to tho Smithfield market, and/or ex-London stores, have been compiled as follows by the qoutations committee, Smithfield. To arrivo at equivalent ex ship values, id per lb should bo deducted from prices quoted below. Quotations are averago for tho week, and aro not for selected lines, but for parcels fairly representative of tho bulk of shipments now on offer:— New Zealand shcop.—Canterbury and North Island selected crossbred wethers and maiden ewes, 48-561 b, 6id; ditto, 57-641 b, SJd; ditto, 65-72ib, sid; North Island ditto, 48-561 b, 6d; ditto, 57-641 b, sid; ditto, 65-721 b, sd; North Island ewos, 48-641 b, 4Jd; ditto, 65-721 b, 4d. Australian siieep.—First quality crossbreds and/or Merino wethers, 40-651 b, 4|d; second quality ditto, 30-551 b, 4jld; Australian ewes, 30-551 b, 44d. Argentino sheep.—First quality .crossbred wethers, 48-6416, sd; ditto, 65-721 b, 4|d; ditto over 721 b, 4d. New Zealand lambs.—Canterbury, 361 b and under, Bfd; ditto, 37-421 b, 7£d; ditto, 43-501 b, 7£d; ditto second quality, averago 331 b, 7j|d; other South Island brands, 37-421 b, 73d; selected North Island brands, second quality, averago 311 b, 84d; other North Island brands, lirst quality, 37-421 b, 7|d; ditto, second quality, average 311 b, 83d. Australian lambs. —Victorian, first quality, 361 b and under, 7^d; ditto, 37-4216, 7jd. Other States, first quality, 361 b and under, 7jd; ditto. 37-421 b, 7d; •Victorian, second quality, 361 b and under, 7|d; other States, second quality, 361 b and under, all States, third quality, 361 b and urider, 7|d. Argentino lambs. —First .quality, 361 b and under, 7^d; ditto, 37-4216, 6|d; 43-501 b, 6id. Argentine chilled beef.—Ox hinds, 160-220 lb, 7d; others unchanged. OTHER REFORTS. Tho New Zealand Meat Producers' Board has received the following cable from its London ollico, dated 11th April, 1960, advising that tho following are the approximate average prices realised for the week, based on actual transactions of wholesalo quanttiics of the descriptions of meat mentioned, and aro for representative parcels of tho goods offering during the week, being for business done on tho basis of delivered to Smithfield market and/or ex London stores (prices for tho two previous weeks being also shown in parentheses):—N.Z. sheep: Canterbury and North Island selected crossbred wethers and maiden owes, 48-56, 6£d (6jd, 6i|d); 67-64, 5-d <6R 6gd); 65-72, sid (bid, bid) ; North Island do., 48-56, 6d (6>ld, 6jd); 67-64, sjd (6Jd, 6jjd); 65-72, 5d (sgd, 53d); cwos, 48-64, 4id (4£d, 53d); 65-72, 4d (43d, sd). N.Z, lambs: Canterbury, 36under, Bid (BAd, B|d) 37-42, 7gd (Bid, 8Jd); 43-50, 71d 8d) ; second quality, average, *33, YJd (Bd, B,fd) ; other South Island brands, 36-under, Bid (B£d, not quoted); 37-42, 73d (Bd, not quoted) ; 43-50, 73d (7§d, not qupted); including Downs, selected North Island brands, 36-under, Bid (B|d, BgdJ : 37-42, 73d (8R Bgd) ; 43-50, 7ad (7id, 7 la) ; second quality, average, 31, BRI (Bgd, B£d) ; other North Island .brands, first quality, 36-under, 83d (83d, 'feid); 37-42, 73d (Bd, 83d): second quality, average,' 31, 83d (83d, 83a). Australian lambs: Victorian first quality, 36-under, 7Jd (73d, 7gd); 37-42, 7id (7*d, 73d). Argentine lambs: First quality, 36-under, 73d (7id, 73d); 37-42, 6|d (7d, 73d). N.Z. beef: Ox fores, 43d (43d, sd); binds, 6d (6d, 63d); cow fores, 33d (4d, 4id) ; hinds, 43d (sd, 54d). Argentine chilled beef: Ox fores, 4d (4d, 53d); hinds, 7d (63d, 7d). Australian frozen beef: Ox crops, over lOOlbs, not quoted; hinds, over 1601bs, 6d (6d, 63d). N.Z. prime porker pigs, 60-lOOlbs, 10|d (lOgd, lOgd) ; 101-1201bs, 93d (93d, 93d). N.Z. prime baconcr pigs: 121>1801bs, 83d (Bjd, 83d). N.Z. frozen veal: Not quoted. Lamb: Markot is quiet owing to largo supplies landing from all sources. Consumption is being encouraged by tho lower values. Mutton: VVethors and ewes, markot weaker with poor demand; heavy arrivals depressing market. Reef: The market, is quiet owing to heavy arrivals Argentino chilled beef. N.Z. porker pigs: Demand casing off owing to warm wcathGr. N.Z. baconor pigs: There is very littlo enquiry. Nominal prices. As" compared with last week’s quotations, North Island Down lamb, 28-361 b, gd per lb lower; 36-421 b, gd per lb lower; best North Island crossbred lambs, 28-361 b, id per lb lower; 36-421 b, 3d P er lb lower. North Island second quality lambs, id per lb lower; best North Island wether is 3d per lb lower, with the exception of 56-641 b, which is gd per lb lower; North Island ewes, gd per lb lower, excepting 64-721 b, which is 3d P CT lb lower. Tho position of the market is very unsatisfactory. Prices do not appear to have reached their lowest level, especially mutton. Tho above report wa3 received on Saturday by Levin and Co., Ltd., from their London agents, who quote Smithfield “delivered” prices as follow:—North Island down lambs, 28-361 b, Bid per lb, 361b-421b, 7gd. Best North Island'crossbred lambs, 28-361 b, -ogd; 36-421 b, 73d. North Island second quality lambs, average 30-311 b, 83d. Best North Island wether sheep, under 481 b, Md; 48-561 b, 6d; 56-641 b, 54d; 64-721b,..5d..N0rth Island ewos, under 481 b, 43d; 48-561 b, 4gd; 66-641 b, 4id; 64-721 b, 4d. New Zealand prime ox beef, 160-2201 b, 53d. RAW MATERIALS. LONDON, April 13. Friday’s closing prices for the following raw materials were as follow, those for April 11 being given in parentheses: Cotton. —Liverpool quotation, American middling upland. May delivery, 8.27 d per lb. (8.53 d). 4 t t . Itubbor.—Para, Bpl (same); plantation ■moked, 74d per lb (7 9-16 d). Jute. —April-May shipment, £25 5s per ton (£24 10s). Homp.—None offering. Copra.—April-May shipment, South Sea, £2l por ton (£2O 12s 6d); plantation Raubual, £2l 5s (£2O 15s). Linseed Oil.—£4l per ton (same). Turpentine.—44s 9d per cwt. (44s 6d).

WELLINGTON STOCK EXCHANGE. LAST WEEK’S BUSINESS AND PRICES. Except for active trading in a fow lines, I such as Now Zealand Breweries and Bri- ; tish Tobacco, tho business dono on tho j Stock Exchanges of tho Dominion last I wetik was comparatively small. There was, however, a definitely better tone on the i markot for stocks and shares, most of which showed considerable firmness with 1 a decidedly upward trend. The business 1 done duiing the week was fairly well spread ! over tho Doiniuicn, except In Dunedin, | whore reported sales wero fow. Tho week was remarkable for a slight j improvement in the wool market, offset by , furtlior declines in tho prices of dairy 1 produce and frozen meat. Tho export j season of the Dominion is now drawing to its close, and it is apparent that there will ho a considerable falling-off in returns from exports for the year, a fact which will doubtless bo reflected in the stocks and shares market. Tho demand for Government securities has been fairly constant during tho past week, but holders do not appear to regard curroat prices as high enough. Consequently thore has been a scarcity of sellers. A moderate business was dono dur- : ing tho week, with sales of the 44 per cents. (1938 and 1939) at £97. 7s 6d, £97 10s and £97 12s 6d; 54 per cents. (1936) at £99 7s 6d, and 54 per cents. (1932) at £99. Local body debentures havo been dull, and tho only salo reported was that of North Canterbury Hospital Board 54 per cents. (1930) at £99 2s 6d. A' limited business was done in bank shares, and tho spread was not as wido as in past weeks. Prices, however, keep firm, with a rising tendency. Bank of Now .South Wales mot with a fair amount of business at £39 to £39 2s 6d, a parcel on the Sydney register making £39 ss. 'I he business done 111 Commercial Bank of Australia was appreciably less than in the preceding week, but values showed great firmness, tho sales of the past two weeks ranging from 21s 9d to 22s Id for the ordinary. National Bank of New Zealand have improved their position, and with sales at £6 5s show an advance of ss. Bank of New Zealand have also risen and changed hands during tho week at 59s 6d, as compared with tho top prico of 57s 9d in tho previous week. There has been an advanco in National Bank of Australasia, the £lO paid changing hands at £l6 2s, a, rise ot 2s, and tno £5 paid at £7 10s 6d, a rise of 3s. Tho higtier prices are tending to check sales. Australian Bank of Commerce show steadiness, with sales at 25s and 25s 6d. Union Bank appear to havo cased, the sales of tho week being at £l2 Is and Australasia sold at £l2 ss, and have met with an improved demand. English, Scottish and Australian Bank havo firmed up more than any other bank. There were sales during tho week at £6 17s 6d, while a fortnight ago tho best price for them "insurance shares continue very firm, and tho demand has improved. National Insurance changed hands at 14s 6d, and South British up to 62s 6d A moderate business was done in financial shares; both Dalgety and Co. and Goldsbrough Mort and Go. . were ’ easier. Dalgety and Go. sold at £ll 7s 6d, £ll 7s, and £ll ss, and Goldsbrough Mort and Co. at 31s 9d down to 31s. New Zealand .and River Plate s6ld at 295. United Building were rather more active, with sales at 143 3d. Wellington Investment were steady at 11s and Wellington Trust and Loan at £7 2s 6d. Auckland Meat Export at 8s 9d, and 8s 6d; Huddart-Parker, ordinary, at 38s, preference at 19s lid; Northern Steam at 14s, and Union. Steam at 20s 6d. Coal shares were slow, with few dealings. Puekmiro Collieries changed hands at 68s, and Taupiri Coal at 265. There was extensive trading in New Zealand Breweries; in the early part of the week 50s 6d seemed to be the best price, but the demand pressure forced up values, and they wero sold towards the week-end at 52s and up to 53s 6d. There was a sale of Staples and Co. at ,50s, and White Star Brewery at 14s 6d. There were numerous dealings in British Tobacco, also, but the price fluctuations were small, for business was done in them at 40s to 40s 6d. Other sales in the miscellaneous section wore Electrolytic Zinc ordinary at 26s 9d, preference, 27s 9d; New Zealand Drug at 695; Wilson’s Cement at 39s to 39s 104 d; Colonial Sugar at £43 7s 6d; Milburn Lime at 34s 3d ; Farmers’ Trading at 83 7d; Boath and Co. at 1 27s 6d; Victoria Nyanza Sugar at 39s 3d; Burns, Philp and Co. at 36s 9d and 36s 6d; Hayward’s Pictures at 13s; Taranaki Oil at Is 6d; Mount Lyell at 34s 3d to 34s 9d; and Waihi at 14s. SATURDAY’S QUOTATIONS. Buying and selling quotations at Saturday morning’s call on tho Wellington Stook Exchange were as follow: —

3- SATURDAY’S SALES. 1s The following sales were reported on the i- Stock Exchanges of the Dominion on Satc urday:— :t Wellington.—Bank of New Zealand, £2 if l£fe; South British Insurance, £3 2s; British d Tobacco (two), £2 0s 6d; Kawarau Mining, >- 54d. 0 Auckland.—Australian Bank of Comjj mcrce, £1 4s 9d; Pukemiro Collieries, £3 8s; V British Tobacco, £2 0s 3d. l£ Christchurch. —Bank of Adelaide, £7 Is; 0 Australian Bank of Commerce, £1 4s 9d; ° Bank of Australasia, £l2 10s; N.Z. j Breweries, £2 15s, (2) £2 15s Id, (2) £2 15s I sd, £2 15s 6d; Mount Lyell (3), £1 14s 3d. j Sales reported: N.Z. Breweries, £2 15s 6d; • British Tobacco, £2 0s 2d; Mount Lyell, I. £1 14k 3d. 1 Dunedin. —Sale reported.—N.Z. Brcw--0 eries, £2 13s. e a BANK OF ENGLAND RETURNS, d INCREASED GOLD HOLDINGS. 1d LONDON, April 11. ® The Bank of England returns for the d week ended April 10, as compared with 6 those for the week ended April 3, are 1; are follows: —

DAIRY PRODUCE. LS I* IMPROVED DEMAND AT LOWER ® PRICES. An improved, demand for butter at the 0 lower prices is reported by the London j office of the New Zealand Dairy Produce 0 Board, which states that the retail prico , of New Zealand butter has been reduced to [’ Is 4d per', lb, and that of Danish butter to s ’ la 5d -per lb. There is also a better demand for cheese at the lower prices quoted, and the market is now steady. The retail price v of New Zealand chese has been reduced to 1 it lOd a lb. 3 Quotations as at April 11, with those for .> tho previous week in parentheses, are as . follow: BUTTER. f New Zealand, salted, 1203 to 124 s (124 s ; to 128 s); ApriL 12, 1929, 164 sto 1665); unt salted, 132, 136 s to 140 s (134 s to 1425; April 12, 1929, 166 sto 170 s); first whey, 114 s 4114 s); second whey, 112 s (112 s). Australian, salted, 116 s to 120 s; (122 s to 1265); unsalted, 110 s to 122 s (124 s to 1235). Argentine, unsalted, 114 s, 116 s to 118 s i (118 sto 1225). Irish, salted, 120 s; unsalted, 1265. Danish, 131 f.0.b., 136 s to 138 s (1325, 140 s . to 1425). Dutch, unsalted, 136 s to 138 s. Polish, 122 s to 118 s (118 s to 1225), 3 CHEESE. New Zealand, white, 725, 72s to 73s (76s to 775); April 12, 1929, 89s to 90s); coloured, 725, 74s to 76s (78s to 793); April 12, 1929, 90s to 91s). Canadian, white, 96s to 100 s (96s to 100 s); coloured, 96s to 98s (96s to Ms). The deliveries of New Zealand butter for * the week were 1350 tons, as against 2400 . tons for the corresponding period of last year, the total in store being 6803 tons, as compared with 7750 tons a year ago. The Marketing Board estimated tho ■ stocks of all butters at at April 5 at 661,- : 873 boxes. ’ The deliveries of New Zealand cheese for . the week were 24,705 crates, as against ■ 28,338 crates for the corresponding period . of last year, the total in store being 101,243 ' crates compared with 153,866 crates a year l a ß°The Turakind finished discharging her butter on April 4 and her cheese next day. ' The Coptic completed unloading her cheese on April 7, and started unloading her butter on April 7. The Cornwall unloaded her cheese on April 9, and started discharging her butter next day. The Port Denison started unloading her cheese on April 9 and her butter next day. The Ranjgitane started unloading her butter on April 7 and her cheese on April 8. The deliveries of Canadian cheese for the week wero 5183 boxes, the total in store bging 109,937 boxes. Four shipments totalling 64,631 boxes of butter and 31,013 crates of cheeso left New Zealand last week for the United Kingdom. The Northumberland took 2172 boxes of salted butter and 5099 crates cl cheeso (3249 white and 1850 coloured). The Corinthic took 11,928 boxes of butter (11,212 salted,- 85 unsalted and 631 whey) and 4158 crates of cheese (3015 white and 1143 coloured). The Port Caroline had on board 50,531 boxes of butter (49,198 saltoj, 1178. unsklted and 155 whey) and 7916 crate’s of. cheese (5791 white and 2125 coloured). Tho Middlesex took 12,840 crates of cheese (9598 white and 3242 coloured) . „ STOCK MARKET. Levin and Co., Ltd., report a very small yarding of sheep at the weekly sale at Feiiding on the 11th inst. In a very small entry of fat sheep the demand was keener and prices advanced in consequence. There wero a few pens of good breeding ewes which sold well, the lambs penned being of inferior quality. There was a large entry of dairy cattle which sold at ruling rates. The store entry consisted mainly of empty cows and weaner heifers which sold on a par with recent rates. Fat cattle were again hard to quit. We quoto the following sales:—Fat 2-th’s, 24s 6d; fat ewes, 15s 6d; 2-th wethers, 21s 3d, 22s 2d, small Rom. wether lambs, 6s 6d, 8s 9d; small ewe lambs, 9s lid; woolly b.f. lambs 12s 6d, 12s 9d; f. and f. ewes, 12s 3d; heifers, Sept, calvers £6 10s 6d; springing cows, £7 12s 6d to £ll 10s; cows in milk £4 T2s 6d to £7; empty cows, £4 to £4 ss; fat cows £5 to £6 10s; notter bull £4 103. •

N.Z. GOVT LOANS— Buyers. Sellers. £ s. d. £ s. d. 5i p.c. Ins. Stk., 1936 99 0 .0 — &i p.c. ditto, 1941 .... 97 0 0 4£ p.c. Bonds, 1941, 1939 and 1938 . 97 10 0 4£ p.c. ditto, 1930 . 99 0 0 — 54 p.c. ditto, 1933 . 99 7 6 — DEBENTURES— Well. Racing Club .. .105 10 0 BANKS— Australasia 12 5 0 +12 12 6 Australian Bank of Commerce 1 4 9 Commercial of Aust. (ord.) . ' 1 .1 11 1 2 1 English, Scottish and Australian 6 16 6 National of N.Z 6 6 6 National of Australasia (£10) 15 ' 3 0 Ditto (£5) — 7 7 0 New South Wales .... . 39 0 0 39 10 0 New Zealand 2 19 3 2 19 6 Union of Australia .. — 12 0 0 Ditto (Melbourne register) 12 1 6 FINANCIALN.Z. Guarantee Corp. (ord.) 0 8 1 N.Z. and River Plate 18 6 —

GAS— Christchurch 1 5 9 — Wellington (ord.) 1 10 3 — Ditto (prcf.) 0 17 2 — INSURANCE— National 0 14 3 T— South British 3 1 0 — MEAT PRESERVING— N.Z. Refrigerat. (10s) — 0 5 3 TRANSPURi— Huddart-Parkor (ord.) 1 17 3 1 19 8 Union Steam (pref.j . 1 0 0 — P. and O. def. stock .. — 2 15 6 lvelburn Tram (ord.) . 1 6 6 — WOOLLEN— Wellington (ord.) — 6 0 0 Ditto (pref.) — 6 3 0 COAL,Waipa —. *0 12 6 W estport-Stockton , (ord.) — 0 3 0 Ditto (pref.) — 0 4 0 TIMBER Kauri '. 0 12 6 — - Leylaud-O’Brien — 1 10 0 National — 0 9 0 BREWERIES— Crown 0 8 7 — New Zealand 2 12 6 2 14 0 Tui —- 3 15 0 Ward and Co MISCELLANEOUS— — 0 17 0 Burns, Philp and Cp. British Tobacco (Aust.)« — 1 17 3 i (ord.) 2 0 0 2 0 9 Dental and Medical . — 0 13 6 Electro. Zinc (pref.) ' 1 8 0 Holden’s Motor Bodies — 0 14 9 Howard Smith (ord.) — 0 17 6 N.Z. Drug — +3 8 0 N.Z. Farmers’ Fertiliser 0 19 9 0 19 9 Sharland and Co. ‘ (ord.) — 1 0 6 Wairarapa Jb armors (pref.) 0 13 0 0 15 0 Well. (Queen’s Theatre 1 3 0 — Wilson’s Cement 1 18 11 — MINING— Mount Lyell < 1 15 0 Waihi 0 13 8 — Kawarau —r0 '0 7 *Cum. dividend. +Ex dividend.

April 10. April 3. Note circulation ... 359,250,000 357,265,000 Coin 165,241,000 161,582,000 Notes in reserve ‘ 60,579,000 58,923,000 Govt. deposits 15.168,000 18,422,000 Other deposits 101,909,000 100,192,000 Govt. securities 55,862,000 54,022,000 Other securities 17,351,000 23,016,000 Proportion of reserve to liabilities 52.50 58.10