FARMING AND COMMERCIAL

Manawatu Standard, Volume L, Issue 199, 21 July 1930, Page 5

FARMING AND COMMERCIAL

FROZEN IMEAT. LONDON MARKET REPORTS. The New Zealand Meat Producers’ Board has received the following cable from its London office, dated 18tn July, ' 1930, advising that the following are the approximate average prices realised j for the week, based on actual trans- j actions of wholesale quantities of the ; descriptions of meat mentioned and are j for representative parcels of the goods offering during the week, being for business dope on the basis of delivered to Smithfield Market and/or ex London Btores, prices for the two previous weeks being also shown in parentheses: N.Z. Sheep: Canterbury and North Island selected crossbred wethers and I maiden ewes, 48-56, 4|d (4Jd, 4sd); I 57-64, 4Jd (Aid, 4id) ; 65-72, 41d (4sd, I 4Jd); North Island, dro., 48-56, 4Jd j (4*d, 4Jd); 67-64, 4id (4jd, 4fd); 66-72, 41d (41d, 4Jd) : ewes, 48-64, j 2jd (2Jd, 2jd); 65-72, 2}d (2*d, 2|d). N.Z. lambs: Canterbury, 36-una«r f 9d (B}d. 8Jd); 37-42, BJd (BJd, B*d) ; 43-5(5, 81d (81d, BJd) ; second quality, average, 33, 7Jd (74d, 7|d): other South Island brands, 36-under, BJd (83d, 83d); 37-42, Bfd (83d, 8Jd); 43-50, 81a (BJd, 8Jd); including Downs, selected North Island brands, 86-under, 9d (9d, 9d) ; 37-42, BJd (BJ.d, 8Jd); 43-50, Bid (Bid, 8id); second quality, average, 81, 7{d (Bd. 8id); other N.I. brands, first quality, 36under, 83d (Bjd, 8|d); 37-42, BJd (BJd. BJd) ; second quality, average, 31, 7|d (73d, 8d). Australian lambs: Victorian first quality, 36-under, 7d (7d, 7Jd) ; j 37-42, 63d (6Jd, 7d). Argentine lamb: First quality, 36-under, 6fd (6Jd, 6Jd) ; 37-42, 6id (6id, 6id). N.Z. beef, Ox fores, 3d (3d, 31d): hinds, 6Jd (sd, sd) ; cow fores and hinds, not quoted. Argentine chilled beef: Ox fores, 3Jd (Sid, Sid); hinds, Bid (7Jd, 7Jd). ' Australian frozen beef: Ox crops, over 1001 b, 3id (3d 3id) ; hinds, over 1601 b, 5Jd (sd, sid). N.Z. prime porker pigs: 60-1001 b, 7d (7d, 7id) ; 101-1201 b, 6|d (63d, 63d). N.Z. prime baconer pigs: 121-1801 b, 6id (63d, 63d). N.Z. frozen veal: Not quoted. Lamb market: Firm for all good quality; second quality a little easier; consumption excellent. Mutton market: Wethers, a little better enquiry; ewes, market is unchanged but there is a slightly better demand. N.Z. beef: Better demand owing to shortage of supplies of Argentine chilled beef. N.Z. porker pigs: There is practically no demand owing to hot weather. N.Z. baconer pigs: Demand is slow owing to lower prices of Continental bacon. Levin and Co., Ltd., have received the following cable from their London agents, dated July 18, 1930: —Frozen meat quotations (prices on a delivered basis, i.e., including storage charges, cartage, market tolls, etc.): —North Island Down Lambs, 28-861bs, 9fd per lb, 36-42, Bjd per lb; Best North Island Crossbred Lambs, 28-36 lbs 9d; 86-421bs, BJd; North Island 2nd Qua!ity Lambs, Average, 30-311bs, 7Jd. Best North Island Wether Sheep under 481 b, 6id; 48-661 b, 4fd; 66-641 b, 4)d; 64-721 d. 4fd. North Island Ewes, under 481 b, 3Jd; 4S-561b, 3d: 56641 b, 2Jd; 64-72, 2}<l. New Zealand Prime Ox Beef, 160-2201b5, 4d. _ As 'compared with List week’s quotations, I best North Island crossbred lamb, 28861bs, 3d per lb higher; others unchanged; North Island second quality lamb, 3d per lb lower: best North Island wethers, under 48lbs, id per lb lower; 48-561bs, id per lb lower; 56-64 lbs, id pr lb. lower; others unchanged. The market is steady.

MONTHLY SHIPMENTS OF MEAT TO UNITED KINGDOM, ETC. The New Zealand Meat Producers’ Board is advised by cable from its London office that the shipments from Australia and South America to the United Kingdom during the month of June were as follow: —Australia: Carcases mutton, 20.565; carcases lamb, 92,067; quarters beof, 109,279. South America; Caroases mutton, 265,278; carcases lamb, 474,460; quartora beef, frozen, 2877; chilled, 469,746. Included in the South American figures are 208,288 caracses lamb and 109,496 carcases mutton shipped from Patagonia. The shipments from New Zealand to the United Kingdom for the same period were as follow: Carcases mutton, 154,882; carcases lamb, 695,889; quarters beef, 1248. The shipmenui from South America to the Continent of Europe during the samo period were as follow: Mutton, 1828 tons; frozen beef, 3860 tons. NEW ZEALAND FARMERS. WELCOMED AT A DINNER. Speaking at a dinner given to the visiting New Zealand farmers and their wives in Sydney, the Minister fo? Agriculture (Mr ’ihorby) said he hoped the day would come when New Zealand aiid Australia would be able so to deal together that their products would not Be sacrificed overseas, but that growers would'be enabled to get a fair return for their work. Mr F. S'. Black presided at the dinner, and among those present were the Acting Premier (Mr Buttenslraw), the Minister for Agriculture (Mr Thorby), Senator Kingsmill (W.A.), Mr and Mrs W. R. Blow (New Zealand), Mr L. J. Schmitt New Zealand Trade Commissioner, Mr and Mrs W. J. Oleary, Mr and Mrs John Garlick, Professor and Mrs Stewart, Professor and Mrs R. D. Wood, Mr Trethowan, M.L.C., and Mrs Trethowan, and Mr and Mrs H. J. Lambie. AUCKLAND’S DAIRY OUTPUT, i SEASON’S NEW RECORD. As had been anticipated in recent months the Auckland province has established new records in the production of bufterfat for the twelve months ending June 30 (says an Auckland paper). The season’s yield was 129,300,0001 b. showing an increase of over 19,000,0001 b, compared with the previous record year of 1928-29. The rapid strides inrde in recent years are indicated in the following table : Output. Year. Lb. Butterfat. 1925- 83,439,000 1926- 101,446,000 1927- 100,369,000 1928- 110,288,000 1929-30 129,300,000 As near as can be estimated at the present time it is expected that the increased output will more than compensate for tlio lower values that have ruled during the present season. The total returns will probably approximate to £8,000,000. SHEEP VALUES IN AUSTRALIA. PERTH, July 19. Sheep values at the fat stock markets are so low that many pastoralists have resorted to the practice of killing the older sheep to make room for the oncoming lambs. In most cases the prices at the market did not cover the costs attendant on the sales. SOUTH AFRICAN MAIZE. CAPETOWN, July 19. Four ships are loading 20,000 tons of maize for Mexico, which is a new customer. The shipments inspire the hope that the season will be more prosperous than was expected.

DAIRY PRODUCE. PRICES ON LONDON MARKET. The butter market, is steady but ?uiet. There is an improved demand or cheese. Retail prices are unchanged. This report was received on Saturday by the New Zealand Dairy Produce Board from its London office, which gives quotations as at the close of business on Friday, and those for the previous week in parentheses, as follow: BUTTER. New Zealand, salted, 1345, 136 s ex. 137 s (1345, 1365; July 19, 1929, 170 s, 1735); unsalted, 1465, 148 s (1465, 150 s; July 19, 1929. 168 s, 1745); first whey, 128 s (1265); second whey, 126 s (1245). Australian, salted, 1325, 134 s (131 s, 1345); unsalted, 131 s 134 s (1803, 1345). unsalted, 1245, 130 s (1245, 130 s). Irish creamery, salted, 136 s (1365); unsalted, 140 s (140 s). Danish, 1435, f.0.b.; 148 s, 150 s, spot (1425; 1475, 148 s). Danish, unsalted. 150 s, 152 s ( —). Siberian, l3os (130 s). Polish, 112 s, 126 s (110 s, 1265). French baskets, salted, 138 s, 140 s (138 s, 140 s). CHEESE. New Zealand, white, 765, 77s (755, 775); July 19, 1929 , 90s, 91s); coloured, 81s, 82s (80s, 83s; July 19, 1929, 935, 945). Australian, white, 75s ( —); coloured, 80s, 81s ( —). Canadian, white, 80s, 82s, up to 83s (80s, 83s); coloured, 82a, 84s (81s, 84s); c.i.f., 80s (78s, 795). Th© stocks of butter as at July 12 wer© 1,188,391 boxes, according to the Empire Marketing Board’s estimate. The deliveries of New Zealand butter for the week ended July 18 wer© 1100 tons as against 940 tons a year ago. The quantity in store was 11,500 tons as compared with 8650 tons a year ago. The deliveries of New Zealand cheese for the week were 21,725 crates (21,780 crates a year ago). The quantity in store was 122,027 crates, compared with 101,029 crates a year ago. The position of recently arrived New Zealand shipments is as follows: Taranaki finished discharging butter and cheese July 11; Mataroa finished discharging cheese July 11 and butter July 14; Coptic started discharging cheese July 16 and finished next day, and started discharging butter on Juiv 17. . The deliveries of Canadian cheese tor the week were 6094 boxes, as against 6201 boxes a year ago. The quantity bp store was 120,973 boxes, as against 93,441 a year ago. The shipments of dairy produce from the Dominion last week totalled 35,0/3 boxes of butter, and 28,523 crates of cheese. The Kent, which left Wellington on July 18, took 4102 boxes of butter and 15,846 crates of cheese. The Rangitane, which sailed on Saturday morning took 30,971 boxes of butter and 12,677 crates of cheese.

Dalgety and Coy., Ltd., report under data of 17 th instant: Quotations unchanged; markets quieL STOCK MARKET. FEILDING SALE. Levin and Co., Ltd., report the following pnoes at the Foikiing sale on July 18 :—Fat lambs, 16s 4a, 17s 6d, 17s lGd, 18s 6d; fat wethers, 17s 4d, 19s Gd, 22s 7d. 245, 25s Id; fat ewes, 14s 3d, 15s 6d, 16s 3d, 17s; fat b.f. two-tootlis, 1 19s 4d, 225, 235, 245; 4-5 year ewes, r.w. S.D. rams, 16s; ewe lambs, 18s; 6-tooth ewes r.w. S.D. rums, 22s 6d; empty ewes, 8s 3d; springing cows, £6 Iris, £7 15s, £9 ss; weaner heifers, £2 18s, £3 2s 6d, £3 18s 6d; empty cows, £3, £3 2s 6d, £3 10s; fat P.A. bullocks, £lO 7s 6d; fat P.A. heifers, £7 17s 6d, £9 9s. SKIN, HIDES AND TALLOW.

The fortnightly sale of hides, skins and tallow was held at Wellington on Friday. There was the usual attendance of buyers. Hides: Heavies, and mediums id to id lower; lights on a par; kip and yearling, Id to 3-4 d lower; calf, Id lower. Ox, 331bs to 441bs, 4d to 5 l-8d; 451bs to 521bs, 5Sd to 54d; 531bs to 591bsi 5d to 5 3-4 d; 701bs and over 5 3-4 d to 5 7-Bd. Cow, 331bs to 391 bs, 4d’ to sid; 401bs to 481bs, 3id to sid; 491bs and over, 3 3-4 d to 4 3-4 d. Kip, 251bs to 321 bs, 2d to sid; 171ba to 24lbs, 4id to 8 l-Bd. Yearling, lllbs to lolbs bd to Bd. Calf, Gibs to lOlbs, 4d to 6d; 61bs to 81bs, sid to 9d; lib to 51bs, 7d to 9d. Dry sheepskins: id to id lower. Damaged and inferior, id lower. Halfbred, 7*d to 74d: fine crossbred, 4 3-4 d to 7 3-4 d; medium crossbred, 4id to 7 3-4 d; coarse crossbred, sid to 7id; half wools, 4id to 6 3-4 d; quarter wools, 4d to 6d: pelts, 4d to s id. Salted skins: 6d to 9d per skin lower. Pelts, none offering; quarter wools, 3s 3d to 4s; half wools, 4s to 4s lOd; three-quarter wools, 4s 9d; full wools, 5s 3d to 6s; extra large, 7s 9d; lambs 3s. Tallow: £1 per ton lower. In casks 20s; in tins etc., 8s to 20s. Sundries: Cow tails, 12d; horse hair, 17 3-4 d. SHORT-TERM BORROWING. australiaiTexperience. HIGH RATE FOR LAST ISSUE. The announcement, published, last week, that the Commonwealth had issued in London £5,000,000 of Treasury bills at 4 per cent, discount was accompanied by a comparison with the current rate for British Treasury bills, which wer© quoted at 2 5-16 per cent, discount. The latter have a currency of three months, whereas the latest Australian bills are to run for 21 weeks to December 13. Three issues, each of £5,000,000, have been placed by Australia within the past year—the first was dated September 1 and matures on September 2 next; the second, on November 19, were repaid on June 30. An interesting illustration of the state of Australian credit is afforded by a comparison of the terms for the successive issues, showing the effective rate of interest per annum, as against bank rate and the yield of British Treasury bills, as follows: — » Bank Rate. Treasury Bills.

Since November the annual yield from British bills has fallen by over 2, per cent.; the Australian rate is only li per cent, lower.

RAW MATERIALS. LONDON, July 19. Friday’s closing prices for tho following raw materials were as follow, those for July 12 being given in parentheses: —; . Cotton. —Liverpool quotation, American middling upland, August delivery, 7.008 d per lb. (7-16 d). Rubber. —Para, 6id_ per lb. (7d); plantation smoked, 5 5-16 d per lb. V Jute.—New crop, July-August shipment, £2O per ten (£2O 15s). Hemp.—Not offering. Copra —August shipment, South Sea, £l7 17s 6d per ten (£lB 7s 6d); plantation, Rabaul, £lB per ton (£lB 10s). Linseed oil. —£36 10s,per ton (£37). Turpentine'.—36s 9d p.or cud. (same). Osmiridium. —Market firm; prices unchanged.

WELLINGTON STOCK EXCHANGE. LAST WEEK’S BUSINESS AND PRIDES. The contraction in Stock Exchango business last week was most marked, and values generally showed a downvvard tendency, except for gilt-edged 6ecurites. The stringent financial position in Australia is depressing inter-State share values, particularly bank shares, which showed a marked recession in values. Gilt-edged securities showed increasing firmness during the past week. There was a strong demand for them, with a great scarcity of sellers, the result being that there was comparatively little business done. The 5i per cent. Government stocks (1941) changed hands at £96, and 5i per cent, bonds (1933) at £9B 10s, North Canterbury Hospital Board 51 per cent, debentures (1940) sold at £99 15», and Milne and Choyce £1 debentures at 24s 9d. Bank shares were dull, and values lower. Thero was extensive trading in Commercial Bank of Australia, ordinary, at 223 down to 21s. Commercial Bank of Sydney changed hands at £l9 17s 6d and £l9 14s,_ as compared with £l9 15s in the previous week. Bank of New Zealand, which sold freely at 57s 3d for many days, were, toward the week-end, sold at 56s 9d, English, Scottish and Australian Banks changed hands at £6, £5 19s 9d and £5 19s 6d. Australian Bank of Commerce were sold at 22s lOd, whereas in the previous week they changed hands at as high as 23s 6d. Bank of Australasia sold at £l2, as against £l2 la 9d in the previous week. There was a sale of National Bank of Australia, £lO paid, at £l4 7s 6d, and at this figure they showed no change on tho previous week; the £5 paid-up shares of the same bank sold at £7 Is down to £6 19s 6d. Union Bank showed a steady decline, with sales at £ll 11s, £ll 10s and £ll 7s 6d. Bank of Now South Wales appear to have depreciated most, for apparently many holders of the shares have been forced to sell. They changed hands last week at £37 7s 6d and £36 4s, as compared with £3B in the previous week, and look like going lower, for buyers have now lowered their bids to £35 12s 6d. The market prices of Bhares have nothing to do with the companies concerned, and that fact requires to bo borne in mind. Apart from the above two groups of Stock Exchange investments, there was little business transacted. N.Z. Guarantee Corporation sold steadily at 7s lOd, and United Building showed no change at 15s 3d. Insurance shares were firm, but business was restricted. National Insurance were done at 14s, N.Z. Insurance at 595, Gas shares were firm, but slow, Christchurch Gas changed hands at 26s 9d, and Wellington Gas at 30s 3d. Wellington Meat Export, ordinary, had quittance at 6s 4d; Dovonport Steam at 23s 6d; Wostport Coal at 32s 6d and 32s lOd; Renown Collieries, ordinary, at 15s 3d, and Kauri Timber at 14s.

There was a good turnover of New Zealand Breweries, but prices sagged. The shares changed hands at 50s to 49s 3d. Tobacco were fairly steady, with sales at 375, down to 36s 8d; there were sales of N.Z. Farmers’ Fertiliser at 20s 6d and 21e; Beath and Co. at 275; Dunlop Perdriau Rubber at 13s; Electrolytic Zinc, ordinary, at 20s 2d, preference at 245; Holden's Motor Body Builders at 10s; Milburn Lime at 34s and 33s 9d; Farmers’ Trading Co. at 7s lOd; Taranaki Oil at 2s 4d ; Mount Lyell at 24s 2d down to 23s lid, and Mount Lyell rights at 2s 4d and 2s sd. SATURDAY’S QUOTATIONS. Buying and selling quotations at Saturday morning’s call on the Wellington Stock

SATURDAY’S BUSINESS. The following sales were recorded on the Stock Exchanges of the Dominion on Saturday:— , , , Wellington.—Comm. Bank of Austr., ord. (2), £1 0s lOd; Australian Glass, £1 17s 6d. Auckland. —N.Z. Guarantee Corporation, 7s 9d; Renown Collieries, pref., new issue, 2s 9d. ~ Christchurch.—Union Bank, cum. div. (2) £ll 5s 6d; Holden’s Motors, 9s sd; Mahakipawa (3), 2d. Sales reported: Comm. Austr., cum. div., £1 Is; Electro. Zinc., pref., cum. div., £1 4s 6d, £1 4s 3d; Kauri Timber, 13s 6d.

GOVERNMENT STOCKS. LONDON, July 19. The following table gives current quota, tions for consols and colonial inscribed stocks, compared with thoso of July 10 : Price. Variation.

p.c. British. Australian. £ s. d. £ e. d. Sept. 1 .. 6 5 11 2 6 11 1 Nov. 19 .. . • 6 4 17 9 & 11 2 July 18 .. . 3 2 6 9 4 13

Exchange were ns follow: — Buyers. Seller*. N.Z. GOVT. LOANS— £ s. d. £ e. d. 44 p.c. Ins. Stk., 1939 99 5 0 — 4j p.c. ditto, 1938 99 5 44' p.c. Bonds, 1941, 0 99 15 0 1939, 1938 99 5 0 — 44 p.c. ditto, 1930 99 10 0 — z54 p.o. ditto, 1933 99 5 0 — 54 p.o. ditto, 1930 99 7 DEBENTURES— 6 Well. Racing- Club ...105 10 BANKS— 0 — Australasia 11 17 6 — Aust. of Commerce ... 1 2 Commercial of Aust. 0 1 2 9 9 *1 1 2 English, Scottish and Australian 5 17 0 6 0 0 National of N.Z — National of Australasia t5 17 0 (£10) - 14 10 0 Ditto (£5) — 7 2 0 New South Wales ... — 36 0 0 New Zealand — 2 17 0 Ditto, long term 1 7 0 — Union of Australia ... — FINANCIAL•11 12 0 Equitable Bldg. Co. ■ 8 2 6 — 9 Goldsbrough Alort .... — N.Z. Guarantee Corp. 1 7 0 8 0 N.Z. Invest., Mortg. and Deposit 0 10 0 — Well. Trust, Loan ... 6 18 Well. Deposit and 0 “ Mortgage 0 9 Wright, Stephenson 9 0 15 8 GASAuckland, paid — 1 6 0 Christchurch 1 5 6 — Ditto, contr 0 12 6 — Gisborne — 0 10 0 0 12 6 0 10 0 Wellington, ord 1 10 0 1 10 9 Ditto, pref — INSURANCE— 0 17 0 14 6 2 New Zealand 2 5 MEAT PRESERVING— 9 *2 7 1 17 0 Gear — 6 N.Z. Refrigerat (10s) — 0 5 2 Well. Meat Ex.j ord. 0 5 5 — Ditto, pref. 0 16 TRANSPORT— 4 1 19 Huddart, Parker, ord. — 0 Union Steam, pref. ... 1 0 3 — P. and 0. dof. stock ,22 WOOLLEN— 6 2 5 0 Wellington, ord — COAL6 0 1 13 0 Westport — TIMBER0 0 10 0 BREWERIES— New Zealand 2 9 0 2 9 9 Staples and Co 2 3 MISCELLANEOUS— 6 2 5 6 Australian Glass, ord. 1 17 3 1 17 British Tobacco, ord. 1 16 9 6 Dental and Medical ... — 0 12 0 D.I.C., pref 1 0 9 — Eloctro. Zinc, ord. ... 1 0 0 * >1 4 7 Howard Smith, ord. . 0 14 National Electrio — N.Z. Farmers’ Per0 0 10 6 *1 1 0 N.Z. Paper Mills — 0 19 9 Sharland and Co., ord. — / 0 18 8 Ditto, pref — Wairarapa Farmers, 0 19 0 14 2 3 0 pref — Wilson’s Cement ....- — 6 0 Imperial Tobacco 5 0 0 — Consol. Brick — MINING— 0 17 6 Mount Lyell — 9 1 4 4 Ditto, rights 0 1 0 2 6 Waihi 0 13 10 0 14 2 *Cum. dividend. +Ex dividend.

£ s. d. 8. d. Consols, 24 p.o 55 17 6 2 6+ Fund. Loan, 4, 1960-90 91 2 6 2 6+ War Loan, 5, 1929-47 . 103 12 6 7 6+ Convers. Loan, 3j p.c. 79 15 0 10 Ot Victory Bonds, 4 p.c. 95 7 6 10 Ot Com’wealth, 6, 1945-75 89 5 0 15 0* Com’wealth, 6, 1931-41 99 15 0 10 0* Victoria, 3, 1929-49 64 0 0 10 0+ Victoria, 3£, 1929-49 ... 69 12 6 7 6+ Victoria, 5£, 1932-42 ... 96 5 0 2 6t Victoria, 5, 1932-42 90 0 0 12 6* Victoria, 4$, 1940-60 ... 80 15 0 42 6* N.S.W., 3. i935 87 0 0 10 Ot N.S.W., 4, 1933 93 17 6 2 6t N.S.W., 3i, 1930-50 ... 68 5 0 10 0* N.S.W., 5J, 1922-32 ... 98 12 6 2 6* N.S.W., 64, 1930-40 ... 99 10 0 Same N.S.W., 6, 1930-40 ... 98 5 0 40 Ot Q’land, 34, 1930 87 2 6 10 0* Q’la-nd, 3, 1922-47 63 15 0 5 0* Q’land, 6, 1930-40 97 7 6 17 6* N.Z., 44, 1949-58 95 5 0 2 6t N.Z., 34, 1940 89 15 0 8 9t N.Z., 3 p.c., 1945 81 12 6 10 Ot N.Z., 6 p.c., 1936-51 ... 103 15 0 7 6t S. Aust., 3£ p.c., 1939 S. Aust., 3, 1916/after 82 15 0 5 Ot — S. Aust., 64 1930-40 ... — Tasm., 34 p.c., 1920-40 80 5 0 15 Ot Tasm., 3 p.c., 1920-40 ... 79 0 0 10 TT* Tasm., 64 p.c., 1930-40 . 100 0 0 10 ot W. Aust., 34. 1929-35 . 87 10 0 W. Aust., 3, 1915-35 ... 85 5 0 10 0* W. Aust., 6, 1930-40 ... 97 5 0 15 0* t Higher. * ‘Lower.