FARMING AND COMMERCIAL

Manawatu Standard, Volume L, Issue 118, 15 April 1930, Page 5

FARMING AND COMMERCIAL

LONDON MARKETS. HIGH COMMISSIONER’S REPORT. Tho Departmont of Agriculture has received tho following cablegram, dated April 12, from tho High Commissioner for Now Zealand, London: — v TALLOW. No auction will bo held until April 30. Market quiet but steady for both spot and shipment. Quotations unchanged. FRUIT. Market slow, with largo arrivals of Australian apples and prices declining. Cox’s Orange, 18s to 20s; Gravcnstcin, 9s to 12s; Dunn's Favourite, Alfriston, Lord Wolsloy, 11s to 14s; - Worcester, Pearmain, Shorland Qucon, 10s to 13s. HEMP. Manila market easier, under freer offers and less support. “J” grado afloat sold £29 April-Juno shipment, now quoted £29 10s sellers. SISAL. Market quiot, largo consumers not operating. Values March-May shipment, fair avorago quality, No. 1, £33 10s, No. 2, £32 103; good marks, 5s to 10s more. TOW. Demand is modcrato at unchanged prices. No. 1, £23 10s; No. 2, £2O 10s to £2l. Now Zealand market continues dull. Small first hand business reported in fair grado afloat and March-May shipment, fair £27, common £25 ss. WOOL.

Salos closed Wednesday. Domand steady and widened as sales progressed. Competition increased and finished keen, with values at highest point of scries. Continent support strong and Homo trade operated freely in suitable Merino and took bulk of crossbred offerings. America also bought crossbred. Compared with closing rates last series, Merino superior, par; Merino ordinary, par to 5 per cent, lower; crossbred, lino, 5 per cent, to 7i per cent.; others, 5 per cent.; slipo, 7i por cent, to 10 per cent, lower. Average closing values:— 64’s super, Is Id to Is 3d per lb (nominal). Averago, 9d to 10id per lb (nominas6’s to 58’s, Is to Is 2Jd per lb (nominal). 50's to (56’s, 103 dto Is OJd per lb. 48’s to 50’s, 10id to llid per lb. 44’s to 46’s, 9id to 10jd per lb. 36’s to 40’s, 9d to lOd per lb. Total offerings, 141,395 bales, of which 124,000 were sold, Continent taking 63,000; Homo trade, 37,000; and America, 3000. About 61,000 halos colonial held over, foi next “Scries, including 53,000 not offered, Next series comiponce May 13. FROZEN MEAT. The Now Zealand Moat Producers’ Boarc reports the following, shipments of frozor meat from New Zealand: — Beef. Mutton, Lamb. Pork, Qrs. Cs. Cs. Cs.

20,929 346,006 746,841 12,789 Boneless Beef (bags).—London 141, Glasgow 14,945, Now York 979, Boston 538. Total, 16,603. SUMMARY.

Total for 6 , mos. ended ~ „ Mar. 31’30 5b,341 909,228 2,721,502 64,401 Boneless Beef (bags).—October 976, November 2408, Deccmbor 2071, January 6362, February 10,673, March 16,603. Total,

56,341 909,228 2,721,502 64,401 *Note. —In the case of meat shipped on optional bill of lading, the first port named on such bill ol lading is shown, herein as the destination. % . , cnc Boneless Beef (bags).—London 575, Liverpool 276, Glasgow 35,402, New York 2263, Boston 1577. Total, 40,093. (Total for same period last year. viz., Ist October, 1928, to 31st March, 1929.) London 9,954 645,051 2,067,917 51,335 Southampton , Liverpool 964 29,438 214,963 J 0,115 Glasgow 385 3,823 6,494 12,040 Avonmouth Manchester

42,951 719,092 2,467,355 84,769 Boneless Beef (bags). —London 316, Liverpool 610, Glasgow 13,549, Halifax 364, New York 19,503, Boston 1397, San Francisco 159. Total, 35,898.

GOVERNMENT STOCKS. ' "LONDON, April 10. Quotations of Government Btocks to-day compared 'with those of April 3, are as

WOOLLEN INDUSTRY. LONDON, April 14. It :is estimated that 70 per cent, of the wool textile industry is at a standstill, and that 100,000 operatives are losing £250,000 a week in wages. Mr H p. Macmillan, K.C., after conducting an inquiry into the northern wool textile industry, recommendod a reduction in wages on the ground. that the industry was so dangerously depressed that sacnficcs of wages were essential. After the •employers had posted notices of reductions the employees offered to accept a cut of 5 per cent, in wages. This offer, however, tho employers rejected, insisting on a reduction or nine per cent

WELLINGTON STOCK EXCHANGE. YESTERDAY’S BUSINESS AND PRICES. The market opened yesterday with a continued good demand for Government securities and the favoured shares, with few sellers. The Wellington Stock Exchange recorded eight sales -yesterday, four being of British Tobacco ‘ which continue in strong domand at 40s. The 4i per cent. Government stocks and bonds (1941, 1939 and 1938) wero steady at £97 10s. Tho 5i per cent, stocks (1933) and 4i per cent, bonds (1930) were wanted at £99 ss, and the 5i per cent, bonds (1933) at £99 7s 6d. For Wellington Harbour Board 41 per cents. (1946) there was again offered £B3 7s 6d, and for Golden Bay. Cement debentures 15s. , Bank shares wore in firm demand. Bank of Australasia at £l2 6s were up Is; Commercial Bank were steady at 21s lid; English, Scottish and Australian Bank were wanted at £6 10a; National Bank of Australasia, £5 paid, wero steady at £7 10s, and there was a ealo of £lO paid at £l4 19s. Bank of New South Wales changed hands at £39 with further buyers at tho .prico. Bank of New Zealand at 58s 9d eased 6d, and Union Bank wero wanted at £ll 17s 6d, with 6d more for shares on the Melbourne register. Now Zealand Guarantee Corporation ordinary were steady at 20s 6d, and there were bids of 10s lid for Wellington Investment and 10s tor Wellington Deposit. Wright, Stephenson ordinary were steady at 20s 9d. There was little business offering in other shares. National Insurance at 14s 4d were a shade better; Wellington Meat Export were steady at 7s 6d and New Zealand Refrigerating 10s paid were in demand at 4s 9d. Huddart-Parkor were firm at 37s 6d, and Union Steam at 20s 3d. Crown Brewery were up 2d at 8e 8d and New Zealand Breweries at 52s 3d were 3d lower. Wilson’s Cement were firmer at 393. YESTERDAY’S QUOTATIONS. Buying and selling quotations at the final call yesterday on the Wellington Stock Exchange, were as follow: — Buyers. Sellers,

YESTERDAY’S SALES.

The following sales were reported on the> Stock Exchanges of tho Dominion yesterday• Wellington.—National Bank of Australasia, £lO paid, £l4 19s; Bank of New South Wales,. £39; British Tobacco, £2 0s 3d, (3) £2; National Insurance, 14s 4d; 51 p.c. Government Stock (1941), £96. , Auckland. —Inscribed Stock (192741), 5i p.c., £96; Hamilton Fire Board (1939), 6 p.c., £lOl 10b; Australian Bank of Commerce, £1 4s 6d; E.S. and A. Bank, £6 15s; National Bank pf N.Z., £6 6s; Bank of Now South Wales (late sale Sat.), Sydney register, £39 ss; ditto, Sydney register, £39 ss; Bank of New Zealand, ££ 19s; New Zealand Insurance, £2 4s 6d; N.Z. and River Plato, £1 9s; Pukemiro Collieries, £3 8s; Renown Collieries, pref., now, 2s 9d; Auckland Gas, £1 3s 8d; Farmers’ Trading 8s 6d; Monataiari, Is 9d. ' Christchurch. —Commercial Bank of Australia, £1 Is lid; National Bank of Australasia, £lO paid, £l4 15s; Bank of New South Wales (2), £39; Bank of New Zealand, cum. div., £2 18s 9d; Union Bank of Australia, £ll 16s; Goldsbrough Mort, £1 10s 6d; N.Z. Breweries, £2 14s 6d, £2 14s; £2 13e 3d; British Tobacco, £2, £1 19s lid, (2) £1 19s lOd; Colonial Sugar, £4l 2s 6d; Mount Lyell, £1 14s. Sales reported: Commercial Bank of Australia (2), £1 Is lid; E.E. and A. Bank, £6 15s; Australian Bank of Commerce, £1 4s; Bank of New Zealand, £2 19s; British Tobacco, £1 19s lOd, £2. Dunedin. —Kawarau Gold, 6d. WOOL MARKET, NO CHANCE OF EXTRA SALE. Tho extension of the current. wool season by arranging a further sale two or three months after the last Bet down on the roster, which was recently advocated by the New Zealand Farmers’ Union, is not coneidereci practicable by tlfo Now Zealand Wool Brokers’ Association. •‘This is a practical impossibility,” states the president of the association in reply to the uti’on’s request, “for the reason that the majority of buyers leave New Zealand from the middle to the end of April and consequently, even if wool, was submitted, the main buying strength would bo absent, During tho winter oddment sales are held at the vav.eus centres ijt which wool can bo . submitted, but,. from our negotiations with '■ tlie buyers for the extension of the season, I can confidently say that there is no chance of holding a major sale at any of the centres owing to the absence of buyers from *he country.” ’

DAIRY PRODUCE. PAYMENTS TO SUPPLIERS. ADVANCES IN MANAWATU. Payments by dairy- companies operating in the Manawatu district are necessarily low this month on account of the English .market, but the position is stated to bo by no means as bad as it might seem from tho mere fact that advance rates rango round tho figure of 9jd for butter. This v morning a “Standard” reporter was informod that tho London market prices represented a return of about Is for butterfat, but deductions averaging about 2id had had to be made all round by companies this month to meet reclamations on advances o.vor tho earlier part of tho season. That accounted for what at first might seem an exceedingly low return. It was stated that those factories which had manufactured unsalted butter were bopefitting distinctly, as it was. at a premium compared with other prices. Considerable stocks were still being held on the London market. Making payments at tho rato of Is for butter, tho Shannon Company is advancing £B7OO to its suppliers this month. Tho output during March was 95 tons. Production is reported to be decreasing, owing to tho effects of tho period of drought. Shannon, in addition to paying Is; is. setting asido amounts off this season’s butterfat for the erection of the now factory at a cost of over £IO,OOO. The . building is about half completed, and will be ready for tho opening of the now. season. The Awahuri Company, is paying out £7OOO to its suppliers this month, based on an advance rato of 9jd for March butterfat. The Kairanga Company is distributing £6OOO to its suppliers this month, based on an advance rate of Is 3d for cheese and 9Jd for buttor. Tho Cheltenham and Rongotca Companies have fixed the rate of payment at 9£d for butter, while it. is understood that the Now Zealand Dairy Union will pay lOd. Three checso factories are making advances to their suppliers as follow: Tui £1350; Tiakitahuna £670, and Manawatu Reliance £9OO. On the basis of Is Id for cheese, the Rangiotu Coifipany is disbursing £747, and at Is 2d tho Tokomaru Company is paying £IOO3. Mangawhata, at the rate of , Is ljd for cliceso, is advancing £1978 6s 5d to its suppliers, while at the rato of Is 2d Makowhai is paying £ll9O 14s Bd.

NEW COMPANIES. New companies were registered at Wollington during the last week. Included in the privato companies are tho following;—Metropolitan Finances, Ltd., Palmerston North. Objects: To carry on tho business of a general, finance, investment and lending company. Capital, £6OO in £1 shares. Subscribers: Charles E. Dempsey, F. C. Litchfield, K. VV. Eglinton, H. H. Hutchison, G. H. Lusk and A. E. Hansol, all of Palmerston North, each 100 shares. F. Grover, Ltd., Palmerston North. Objects: Manufacturing basket, perambulators, etc. Capital: £IOOO in £l. shares. Subscribers: Frank Grover, junior, 900 shares; Florence Elizabeth Grover, 100 shares. _■ STOCK MARKET. Da'lgety and Coy., Ltd., report having a small yarding of cattle and a moderate yarding of sneep and pigs at their. BuJL sale on Monday, 14th inst. Quotations: - Aged ewes, 5s Sd. 7s, 9d; ewe lambs, IBs. 6d; far ewes, 15s 3d; 2-tooth wethers, 20s; empty cows, £3 10s, £4 10s, £5 10s; wcaner pigs, 10d to 12s; slips, 18s to 225; stores, 255; light porkers, 31s.

Mar., 1930 — London 15,864 298,964 532,729 8,278 S’thampton — 14,951 59,605 — Liverpool 1,039 15,248 102,640 1,212 Glasgow 304 4,900 4,446 2,676 Avonmouth 1,108 7,943 28,421 623 Manchester — — 1,000 — Cardiff 507 2,000 13,500 — Halifax 400 — — —- New York 538 1,000 4,000 Montreal 219 500 — — Vancouver 950 500 500 —

(Total lat Oct., 1929, to 3l3t Mar., 1930.) October 1,772 104,429 115,118 9,795 Novembor 342 34,142 32,749 5,933 December 4,026 50,186 141,902 14,659 1930January 10,406 105,446 755,781 9,492 February 18,366 269,019 929,111 11,733 March 20,929 346,006 746,841 12,789

40.093. 1930.) (Total 1st Oct., 1929, to 31st Mar., London 44,470 825,020 2,269,025 52,357 Southampton Livorpool 2,110 22,652 93,753 28,854 -223,851 3,062 Glasgow 1,074 7,404 12,574 6,108 Avonmouth 2,031 18,750 95,782 2,874 Manchester — 300 3,508 TCardiff 507 2,000 13,500 — Montreal ' 219 1,545 — — Halifax* 1,969 — ■ — New York* 1.411 2,000 8,000 — Vancouver 2,550 703 1,505 — San Franqisco — 4

2,197 — — — Now York 24,147 206 32,002 •— Boston — — 2,509 Colon 1,374 — — Vancouver 3,900 — 4 San Francisco 130 140 2 —

follow: — Price Variation. £ s. d* £ s. cl. COnsols, 24 p.c 56 2 6 0 7 6* Fund Loan. 5 1929-47 91. 5 0 same War Loan. 5. 1929-47 105 0 0 0 2 6* Convers. Loan, 34 p.c. Victory Bonds, 4 p.c. 78 5 0 0 12 6* 74 10 93 5 0 0 same 0 7 6* Com’wealth, 6. 1901-41 100 2 6 0 5; 0* Victoria, 3, 1929-49 ... Victoria, 5i, 1930-40 . Victoria, 34, 1929-49 . 68 0 0 0 5 Of 97 10 72 0 91 17 0 0 6 same 10 0* 0 5 0* Victoria’ 4i, 1940-60 . N K W., 4, 1933 87 15 94 15 0 0 same 0 5 0* n’s.W./3, 1935 86 10 0 0 2 6+ N 9.W., 3i, 1930-50 ... 71 2 6 0 7 6* N S.W., 5j, 1922-32 ... 98 2 6 0 12 6* NSW., 61. 1930-40 ... 100 7 6 0 2 6t NS.W. . 6, 1930-40 ... 98 2 6 0 7 6* Q’land, 34, 1930 ...... Q’land, 3, 1922-47 .... O’land, 6, 1930-40 ... N.Z., 44, 1949-58 N.Z., 34, 1940 99 7 67 10 6 0 0 2 6* 1 10 0* 99 15 0 0 5 0+ 94 17 89 7 6 6 0 10 0* 0 10 0* N 7,. 3. 1945 79 0 0 same n'z! 6, 1936-51 105 5 0 0 5 0* 83 7 6 0 12 6* a Aust.. 3, 1916-after 54 10 0 same S. Aust, 6, 1930-401 ... Tasmania, 3, 1920-40 Tasmania, 34, 1920-40 100 5 0 0 10 0* 80 0 83 0 101 0 0 0 0 10 0* 0 15 0+ 0 18 9+ 87 0 o 12 6* w Lt 3 1915-35 86 0 0 0 10 0* w* Aust.. 6. 1930-40 100 0 0 0 7 6* tHigher. ♦Lower.

N.Z. GOVT LOANS— £ s. d. £ a. d. 44 p.c. Ins. Stk., 1B39 97 7 6 — 44 p.c. ditto, 1938 97 10 O' — 54 p.o. ditto, 1933 99 5 0 — 44 p.c. Bonds, 1941, 1939 and 1938 97 10 0 44 p.c. ditto, 1930 99 5 0 — 54 p.c. ditto, 1933 99 7 6 — DEBENTURES— Well. Harbour Board, 4i p.o., 1946 83 7 6 Ditto, 54 p.c., 1940 ... Golden Bay Cement ... — 99 0 0 0 15 0 — BANKS— Adelaide 7 5 0 Australasia 12 6 0 12 15 0 Australian Bank of Commerce 1 4 6 Commercial of Aust. (ord.) 1 1 11 1 2 1 English, Scottish and Australian 6 10 0 6 14 0 National of Australasia (£10) ' _ 15 1 0 Ditto (£5) 7 0 0 7 5 0 New South Wales ... 39 0 0 39 5 0 New Zealand 2 18 9 2 19 1 Ditto (long term) 16 6 — Union of Australia ... 11 17 6 12 1 0 Ditto (Melbourne register) 11 18 0 12 1 6 FINANCIAL— Goldsbrough Mort .... _ 1 11 3 N.Z. Guarantee Corp. (ord.) — 0 8 1 Ditto (pref.) 10 6 — Well. Invest., T. & A. 0 10 11 0 11 3 Well. Deposit and .Mortgage •' 0 10 0 — Wright, Stephenson (ord.) 10 9 — INSURANCENational 0 14 4 _ South British ‘ ’ 3 3 0 MEAT PRESERVING— Well. Meat Ex. (ord.) 0 7 6 _ N.Z. Refrigerat. (10s) 0 4 9 0 5 3 TRANSPORT— 1 17 6 Huddart-Parker (ord.) * — Union Steam (pref.) . 10 3 • — P. and 0. def. stock .. — 2 15 6 WOOLLENWellington • (ord.) 6 0 0 Ditto (pref.) 6 3 0 COAL— • Pukemiro — 310 6 Westport-Stockton (ord.) — 0 '3 0 Ditto (pref.) — 0 4 0 Waipa • — *012 6 TIMBER National '. — 0 9 0 Leyland-O’Brien • 110 0 BREWERIES— Crown 0 8 8 New . Zealand 2 12 3 2 13 6 MISCELLANEOUS— Burns, Philp and Co _ 1 16 9 British Tobacco (Aust. (ord.) 2 0 0 2 0 2 Dental and Medical — 0 13 6 Electro. Zinc (pref.) — 1 7 9 Holden’s Motor Bodies — 0 14 9 Howard Smith (ord.) — 0 17 6 N.Z. Drug — +3 7 6 N.Z. Farmers’ Fertiliser 0 19 6 N.Z. Paper Mills Wilson’s Cement — 1 0 6 1 19 0 — MINING — Mount Lyell 1 14 6 Waihi 0 13 8 — Kawarau — 0 0 7 *Cum. dividend. fEx dividend. »■