FARMING AND COMMERCIAL

Manawatu Standard, Volume LII, Issue 244, 14 September 1932, Page 5

FARMING AND COMMERCIAL

THE NATIONAL OUTLOOK. BETTER TIMES APPROACHING. Messrs J. B. Were and Son, th© wellknown financial authorities of Melbourne, publish the following in tneir weekly letter in reference to Australia: “All things considered, our national outlook is more roseate than at any moment since the depression smote the world. That there is a widespread recognition of this fact and a general belief in better times to come is evidenced by the instantaneous and often anticipatory responso of the Australian investing public to events occurring outside the Commonwealth that have a bearing direct or indirect on our fortunes. The new sentiment of optimism, everywhere observable, does not overlook the existence of large world stores of immediately unconsumable. commodities which may possibly impede the task of economio reorganisation on which the statesmen of civilisation are intent, but it is betraying a growing disinclination to regard the problem of their dispersion and absorption as insuperable. It is not our province to decide whether or not this sentiment has a sound economic justification. We venture to record our opinion, however, that it will not soon be changed and that it cannot revert easily or suddenly to the mood of pessimism that so long paralysed market activity throughout the Commonwealth. “We believe, on the contrary, that for several months to come the new sentiment will be dominant, nnd that in the event of the very largely increased production of gold that is expected to result from the swiftly proceeding rehabilitation of that once all important industry there will be a flow of capital into investment stocks of all classes potent to improve prices very substantially. We would advise our clients, therefore, to watch stock market developments with care and to take advantage of periodical price recessions to acquire interests in industrial and other undertakings of proved intrinsic merit.” NEED OF THE WOOL TRADE. GREATER DEMAND FOR CLOTHES. “After months of declining prices it is pleasant to bo able to report such a satisfactory series,” states a circular issued by the head office of Dalgety and Co., Ltd., at the conclusion of the July wool sales in London. After dealing with the selection of wools and referring to some of the mo6t cogent reasons for the advance in prices the oircular continues: “It remains to be seen now if the result of the Ottawa Conference is satisfactory, as we have overy hope that it will be, and bring increasing prosperity within tho Emipro which should extend to other countries and make for an improvement in trade throughout tho world. What is needed, of course, in tho wool trado especially, is a return to such better times as when ‘the man tho street’ could order two new suits of clothes instead of one, or, perhaps, we might go further than this and say, order one new suit instead of making his old one do.” The circular states that the offerings of New Zealand greasy crossbreds were on a relatively small scale, but there was a good selection of slipes, and also of South American greasy crossbreds. At tho opening crossbreds generally were quoted 5 per cent, to 7i per cent, higher than last sales’ closing rates, but at the highest, point of the sales they were much dearer than this, good bright, light medium crossbreds advancing as much as 60 per cent, at times. It would perhaps be easier to realise the advance if it were shown in ponce per pound. At the close of the sales, therefore, quotations a 3 compared with Juno were: New Zealand greasy halfbreds, id to Jd higher; scoured halfbreds, 3d to Id higher; greasy crossbreds, fine Id to lad higher; greasy crossbreds, medium and coarse, Id to lid higher; scoured oroesbreds, Id to lid higher; combing slipe, Id higher; short and inferior slipe, Id to lid higher. . . , With '-crossbreds, as with Merinos, the highest prices were not maintained during the third week of the sales, largely, no doubt, owing to the rather, heavy offerings of second-hand wools sent in by Bradford owners to the sales to meet the higher level of values. The following table shows the current quotations for greasy New Zealand crossbreds: — Good to Low to Super. Medium.

RURAL RAKINGS. In spite of the fact that there is little demand at present for Gisborne maize, there appears to be considerable activity in preparing for the planting of the new "The Poverty Bay Agricultural and Pastoral Association is experiencing difficulty in securing a sufficient number of judges for next month's show. It appears that men who. havo been only .too willing to judge in the past find it desirable to devote more time to their own farms now. Some of the paddocks in the Repongaere (East Coast) area that were flooded in February aro not yet fit for grazing Farms close to the hills sustained very thick deposits of fine sticky silt, and, although these were surfaco sown soon after the flood water subsided and an almost immediate crowth of grass came away, it has not been possible to use some of these pastures for grazing because the surfaco is still too soft and sticky. . The New Zealand Farmers' Union recently renewed its request to tho Government for adequate compensation where the removal of hawthorn hedges in fruitgrowing districts was made compulsory, owing to tho danger of firobhght. The Minister of Agriculture, Hon. C. 4. Macmillan has rcpliod affirming tho decision mado'in 1929 not to pay compensation, and reiterating that arrangements have been made to give first consideration to the interests of tho fruitgrowers only in those areas whore their industry is of particular importance. Central Otago is entering the new season under most favourable circumstances, and provided the dry season passes without any serious water difficulties (which at tho present moment seems unlikely) the coming vear should be a good one (says tho Otago Daily Times). Spring growth is to be seen everywhere. Grass is coming to life lucerne stands are beginning to shoot and fruit trees are bursting into prolific bud. The country has experienced a cood open winter, and lambing has beK un under the best conditions. W inter feed has lasted well as a result of the open season, and shoep in particular have come through tho winter in good, condition.

WELLINGTON MARKETS.

SHARP RISE IN POTATOES.

WELLINGTON, Sept. 14. Tho chief feature of the local grain ancl produce market is the fairly sharp l-i'o in the price of potatoes, which are now quoted at £9 10s per ton, ox store, a rise of £1 5s per ton in a week. Onions are still exceptionally scarco and dear, but the position will be relieved in a few days, as tho Melbourne Marti is due on Friday with a fairly substantial direct shipment from Japan. The bulk has been sold for delivery from the ship’s side at about 19s a crate, and for any surplus merchants are asking £1 5s a crate through tho store. There is no change in tho market for oats or chaff. B Carton’s are selling quietly at 4s 4d per bushel, and chaff at £8 15s per ton. According to reports from Dunedin stocks of undergrade oats are accumulating in southern stores. The wheat market is steady, with merchants selling at 6s 4d to 6s 6d per busehl through the store. Maize shows no alteration. Mill prices for pollard are £6 10s per ton, J and for bran £5 10s.

FROZEN MEAT. ANALYSIS OF SUPPLIES. The New Zealand Meat Producers’ Board has receivod tho London Central Markets official figures of supplies of meat for tho seven months ended July, 1932, with comparisons for the same period of 1931, as follow: — . Dif-

LATEST PRICES. Abraham and Williams, Limited, report having received the following cable from their London office: —"Notwithstanding large supplies of home-killed mutton and lamb being offered at low prices, g.a.q. lambs have advanced id, in view of moderate supplies. There is a fair demand for lightweight second lamb; rather better demand for wethers at id advance; ewes, slow demand, prices unchanged."

LONDON RETAIL PRICES.

The Now Zealand Meat _ Producers’ Board has been advised by its London manager that tho following retail prices wero being quoted for New Zealand lamb and mutton retailed in London during August. These prices represent a fair average for the best quality New Zealand lamb and mutton sold in tho bettorclass shops in London: — Now Zealand lamb: Legs, lid per lb; shoulders, lOd; loins, 9d; necks, 4d; breasts, 3d; forequarters, 7id; hindquarters, lOd. New Zoaland mutton (wether) : Legs, 8d per lb; shoulders, 7d; loins, 7d; necks, 3d; breasts, 3d.

RATES OF EXCHANGE.

LONDON, Sept. 12. The following rates on foreign exchanges were current to-day, as compared with

PRICES FOR METALS. SYDNEY, Sept. 12. The official London (middle) quotations for Monday as received by the Australian Mines and Metals Association compare >s follow with those previously cabled: Sept. 8. Sept. 12. Per ton. Per ton.

AUSTRALIAN BONDS. NEW YORK, Sept. 12. Sales of Australian Government bonds on Wall Street to-day compare with those of September 6 as follow: Sept. Sept. 6. 12.

SYDNEY STOCK ECHANGE.

SYDNEY, Sept. 13. Prices on ’change to-day moved irregularly. Buyers were inclined to mark time. Profit-making caused a. fall in breweries, gas, and many leading industrials, while bank scrip again yielded to soiling pressure. Bonds, however, continue their upward trend. gulps.—Bank of New South Wales, £3O 7s 6d: Commercial Bank of Sydney, £l6 15s; Union Bank of Australia, £8 10s; National Bank of Australia, £5 paid, £6 6s; Burns, Philp, 48s 6d; Fairymead Sugar, 24s’ 3d; Millaquin Sugar, 275; Australian Gas A, £6 16s; Tooth’s. 32s 44d; Toohey’s, 21s 4jd: Australian Glass, 445; Goldsbrough, Mort, 27s 9d; British Tobacco. 345; Winchcombc, Carson, 245; Dunlop Pcrdriau, 15s 6d; Electrolytic Zinc, 18s 74d; Broken Hill Proprietary, 21s 6d; South Broken Hill, 49s 9d: Mount Lycll, 23s 4id. Commonwealth bonds, 4 per cent., 1938. £IOO 10s: 1941, £IOO 11s 3d; 1944. £IOO 12s 6d: 1947. £IOO 12s 6d; 1950, £99 10s; 1953 £99 ss: 1955, £99 12« 6d: 1957. £99 13s 9d; 1959. £99 17s 6d; 1961, £IOO 10s. MELBOURNE, Sept. 13. Sales. —National Bank of Australasia, £5 paid, £6 7s; Goldsbrough, Mort, 27s 9d; Carlton Brewery, 35s 3d; Dunlop Pcrdriau, 15s 9d; Electrolytic Zinc. 18s 9d; South Broken Hill, 49s' 9d; North Broken Hill, ‘ 72s 9d; Taranaki Oil, 2s 9d.

WELLINGTON STOCK EXCHANGE. YESTERDAY’S BUSINESS AND .. PRICES. Rather more activity was apparent on the stock and share market yesterday, with little alteration in prices-. Investors’ bids wero well spread over the various share sections, but the demand for jjiltodged securities was again quiet. The ten sales recorded included transfers of 4i per cent, stock, 1938, at £94 12s 6d, and 5i per cent, stock, September, 1937, at £99 2s 6d. There were closing bids of £94 10s for the 4i per cent, stocks, 1939 and 1938, but -sellers 6tayed out. Banks were fairly active. New Zealands wore quoted at 48s 3d, apd more were wanted at 48s 2d. Tho long term mortgage shares wero sought at 29s> sellers asking 30s. Commercial Bank of Australia sold at 15s and 15s Id, and there wero closing bids at tho former figure. Union of Australia easod 2s to £7 12s 6d, sellers asking Is higher. Morning bids of 25s Id for Goldsbrough, Morts were met bv sellers at 25s 9d, this price easing to 25s 4d at tho close. N.Z. Loan and Mercantile ordinaries were wanted at £4l, sellers asking £55. There was a strong demand for gas, insurance, meat, shipping, woollen and one or two timber shares. New Zealand Insurance woro firm at 435, as wore Standards at 46 s, ox dividond. South British Insurance were steady at 57a 6d, sellers asking Is higher. Gear Meats woro 6d up at 333 6d. Wellington Woollens firmed Is, tho ordinaries to £5 Is, and tho prefercnco to £5 2s. N.Z. Refrigerating, £1 paid, wore weak on a sale at 10s 6d, and the 10s paid wero easier at 3s 9d. Now Zealand Breweries had two sales late on Monday at 28s 3d, yesterday's bids moving from 27s 9d in tho morning to 28s 2d at tho close. Staples were firmer at 25s 3d. There was little change in quoted values in tho miscellaneous and mining sections. Farmers’ Fertiliser sold at 15s, and Blackwater Minos at 18s.

YESTERDAY’S -QUOTATIONS.

Buying and selling quotations at yesterday’s final call on tho Wellington Stock Exchange were as follow: — Buyers. Sellers. N.Z. GOVT. LOANS— £ s. d. £ a. d.

SALES IN OTHER CENTRES. The following sales were reported on the. stock, exchanges of the Dominion yesterday:— , Auckland— Inscr. Stock, 44 p.a, 1939, £95 2s 6d; Comm. Bank, pref., £7 3s; Bank New Zealand, £2 8s 4Jd; Union Bank £7 13=; New Zealand Insurance, £2 3a 9d; South British (2), £2 18s; N.Z Breweries, £1 6s, £1 8s 3d; Colonial Sugar. £45 10s; N.Z. Refrig., con., 3s lid; Tarariaki Oil, 2s; Wilson's Cement, £1 13s 6d; Alexander, 13s 6d paid, 17s ljd; Waihi (2), 17s; Paddy's Point, 5s paid, ss. Christchurch.—Bank of Australasia, cum div. (2), £9 10s; Commercial Bank of Australia, 15s Id; Bank of New South Wales (3), £27 10s; Bank of New Zealand (5), £2 8s 3d; South British Insurance, £2 18s; Dalgety and Co., £8 ss: N.Z. Refrigerating, 10s paid (3), 3s lid; New Zealand Breweries, £1 7s 9d, £1 7s lOd, £1 Bs. £1 9s 3d; Electro Zinc, ord., 163 lid, 16s 10d; Electro Zinc, prefer., cum div. (2). £1 5s 7d; Mt. Lyell (2), £1 Is 2d; Wilson's Cement, £1 13s 9d; Blackwater Mines (3), 18s; Golden Point, Bd, 7id, (2) 7d, (5) 6id; King Solomon, Is lid, 2s; Mahakipawa, sd; Okarito, 8s Bd. Sales reported: Inscribed Stock, 4£ p.c, 1938, £95; New Zealand Breweries, £1 7s 7d; Union Bank of Australia, £7 14s; N.Z. 'Refrigerating, 10s paid, 3s lid; Commercial Bank of Aust., pref., £7 3s. Dunedin.—N.Z. Paper Mills, £1 is; King Solomon (2), Is lid. Sales reported : Knitangata Coal, par; Electro Zinc, pref., £1 5s 7d; Gillespie's Beach, prem., 4^d; Inscribed Stock, 1938, £95, ditto, 54 p.c, Sept., 1937, £99.

d d. d. d. . 10{ to 12 7 to 10 Halfbred, 50-56’s . . 84 to 10 0£ to Fine Crossbred, 48-50’s . 64 to 84 54 to 64 Fine Crossbred, . 64 to 74 5 to 46-48’6 . 54 to 7 43 to Crossbred, 40-44’s . . 54 to 64 44 to 54 Coarse Crossbreds, 36-40’s . 54 to 64 4 to 5 The next London sales open on September 20. FARMING NEWS.

fer1932. 1931. ence. TonBeof & Veal— nage. na go. nago England & Wales 11,503 12,787 l,284t Scotland .... 8,198 8,251 53+ Australia .... 3,606 2,455 1,151* Ireland 790 690 100* New Zealand . .... 1,859 1,608 251* Canada 853 260 593* South Africa . 17 115 98+ Unictd Statos 1,262 1,657 395+ Argentina .... 94/210 99,843 5,633+ Uruguay .... 4,440 5,241 801+ Brazil, etc .... 6,848 10,924 4,076+ Netherlands ... — — — Denmark — — Other countries ... — — — Totals ....133.586 143,831 10,245+ Mutton & Lamb— England & Wales 7,528 6,918 610* Scotland .... 9,979 8,411 1,568* Ireland 476 465 11* Australia .... 10,241 7,503 2,738* Now Zealand 46,478 44,848 1,630* Canada 5 — 5* South Africa . 1 — 1* United States 9 30 21+ Argentina .... 13,859 18,561 4,702+ Uruguay .... 471 867 396+ Brazil, etc 216 1,061 845+ Netherlands .... — — — Denmark — — — Other countries ... 128 57 71* Totals 89,391 88,721 670* Pork & Bacon — England & Wales 14,595 10,314 4,281* Scotland 16 32 16+ Ireland .... 4,590 5,568 978+ Australia 1,343 1,414 71+ Now Zealand 919 1,378 459+ Canada 19 3 16* South Africa — — — United States 216 331 115+ Argentina 384 522 138+ Uruguay — — Brazil, cto. ... 43 20 23* Netherlands .. 483t 1,252: 769+ Denmark .... 810t 905: 95+ Othgr countries ... 2,202: 1,712: 490* Totals 25,620 23,451 2,169 *Incroase. fDccrcase. :Bacon.

par: — Sept. 12. Par. New York, dol. to £1 3.48i 4.866 Montreal, dol. to £1 . 3.84 4.866 Paris, francs to £1 . 89 124.21 Brussels, bol. to £1 . 25.16 35.00 Geneva, francs to £1 . 18.10 25.225 Amsterdam, florins to £1 8.69 12.107 Milan, lire to £1 .... 68 92.46 Berlin, marks to £1 . 14 21-32 20.43 Stockholm, knr. to £1 19.495 18.159 Copenhagen, knr. to £1 19 9-32 11159 Oslo, knr. to £1 19.90 18.159 Vienna, schgs. to £1 . *29.50 34.585 Prague, knr. to £1 . 118 164.25 Hol’fors, marks to £1 232.50 193.23 Madrid, pes. to £1 . 43 3-32 25.225 Lisbon, esc. to £1 .... 110 110 Athens, drach. to £1 562.50 375 Belgrade, din. to £1 . — 276.31 Bucharest, lei to £1 . 590 813.60 Warsaw, zloty to £1 . — 43.38 Rio de J., p. to mil. . *5 3-16 16.70 B. Aires, p. to peso * 47.62 M. Video, p. to peso *30 51 Calcutta, p. to rup. . 18 5-32 18 Shanghai, p. to tael . 21 9-16 — H.-Kong, p. to dol. . 163-8 — Y’hama, p. to yen . 16 3-8 24.582 Batavia, gl. to £1 •Nominal. 12.107

Copper— £ «. d. £ s. d. Standard, spot 38 1 3 36 0 7-j Standard forward 38 3 1* 36 0 u *Electrolytio 40 0 0 39 0 0 to 40 10 0 39' 10 0 Wire bars 40 10 0 39 10 0 Lead— Spot 14 1 3 13 8 9 Forward 14 7 6 13 15 3 Spelter— Spot 16 6 3 15 12 6 Forward 16 11 3 15 17 6 Tin— Spot 157 16 3 155 2 6 •(Forward 159 6 3 156 17 6 Silver— Standard, per oz .. 18 3*8d Fine, per oz 1913-16d ’American, 6 cents a lb. t American, not quoted. 18£d 19 9-16d

Commonwealth — Dol. Dol. 5 p.c., Jan.-July, 1055 .. .... 78J 79 5 p.c. Mar.-Sept. 1927 ... 79 791 4i p.c. May-Nov. Now South Wales — 1956 ... 711 76 5 p.c. Feb.-Aug., 1957 ... 751 741 5 p.c. April-Oct., Queensland — 1958 ... 75 751 7 p.c. April-Oct., 1942 ... 93 — 6 p.c. Feb.-Aug., 1947 ... 85 831

5i p.c. Bonds, Feb., 1937 — 99 10 0 4i p.c. Stock, 1939 ... 94 10 0 — 4i p.c. ditto, 1938 94 10 0 5i p.c. ditto, Feb, 1937 — 99 10 0 51 p.c. ditto, Sep, 1937 — 99 10 0 DEBENTURES— Well. Harbour Board 99 5 0 Well. Racing Club ... — 90 0 0 BANKS— Commercial of Aust. ... 0 15 0 — E.S. and A 4 11 0 4 15 6 National of A’usia., £5 paid 5 10 0 5 16 0 New South Wales — 28 5 0 New Zealand 2 8 2 2 8 7 Ditto, long term 1 9 0 1 10 0 Union of Aust 7 10 6 7 13 6 FINANCIAL — Goldsbrough, Mort ... — 1 5 4 N.Z. Guarantee Corp., ord 0 5 10 0 6 1 N.Z. Loan and Mero. — 55 0 0 Well. Trust and Loan 4 15 0 — GASAuckland 1 1 9 — Ditto, cont 0 15 0 — Christchurch 1 4 9 — Wellington, pref 0 17 3 — INSURANCE— National 0 14 3 — New Zealand 2 3 0 — South British 2 17 6 2 18 6 Standard t2 6 0 — MEAT PRESERVING— Gear 1 13 6 — N.Z. Rcfrigerat., 10s 0 3 9 0 4 0 Well. Meat Ex., pref. 0 14 9 — TRANSPORT— Union Steam, pref. ... 1 0 4 — WOOLLEN— Mosgiel 6 15 0 — Wellington, ord 5 1 0 — Ditto, pref 5 2 0 — COAL — Westport 0 11 7 — TIMBER— Bartholomew 0 7 0 — Kauri 0 11 0 — Leyland-O’Brien — 1 1 0 National — 0 6 0 Taringamutu — 0 4 9 BREWERIES— New Zealand 1 8 2 19 0 Staples Tooths 1 5 3 — — 19 9 MISCELLANEOUS— British Tobacco, ord. 1 10 0 *1 10 7 Burns, Philp 2 2 0 2 3 3 Colonial Sugar 45 2 6 45 12 6 Dunlop Rubber — *0 14 8 Electro. Zinc, pref. ... 1 5 4 1 5 10 N.Z. Drug Wilson’s Cement 2 18 6 *3 16 1 12 6 1 13 6 Woolworths 1 6 0 — OIL— _ Taranaki 0 1 11 — MININGBlackwater 0 17 6 — Consol. Goldfields 0 7 3 — Golden Dawn — 0 0 5 3 King Solomon 0 2 0 2 3 Mount Lyell 1 1 3 115 Okarito 0 8 7 0 8 10 0 16 4 0 17 2 Big River, Is paid ... — 0 1 Oj — 0 11 0 ♦Cum. dividend. +Ex dividend.