FARMING AND COMMERCIAL

Manawatu Standard, Volume LII, Issue 305, 23 November 1932, Page 5

FARMING AND COMMERCIAL

DAIRY PRODUCE TRADE

BRITISH MARKET POSITION. Tho remarkable expansion in the import butter trado of Great Britain is commented upon by W. Weddel and Coy., Ltd., of London, in their annual review of the dairy produco market for the year ended June 30, 1932. Tho review states that tho total imports for the period amounted to 4.12,863 tons, compared with 360,254 tons in 1930-31, an increase of 52,609 tons, or 14.6 por cent. It continues: “In the past 10 years the imports of butter into Great Britain havo more than doublod. No wonder pricos havo fallen to tho lowest level for noarly 40 year 3. Tho wonder is that this vast quantity of butter, in addition to the comparatively insignificant Homo make, can be absorbed into tho trade and consumed in tho present economio state of the country. This was only possiblo by reducing the retail price of butter to a point _ where it camo into strong competition with margarine. With first-class butter soiling on tho counter at Is per lb, the sale of margarine _ during tho past year must have declined seriously.” Out of tho total imports of butter last year 209,815 tons, or 50 per cent., came from British Empire sources, as compared with 48.5 per cent, in 1930-31. In spito of steady progress in buttor export by Denmark, and to a smaller extent by other foreign countries, supplies of Dominion buttor still maintain their relative position in this market. The total quantity of cheese imported during tho year was 144,667 tons, as compared with 152,888 tons in 1930-31, a decrease of 8221 tons, sent 37,583 tons, an increase of 4575 tons, and Now Zealand 85,482 tons, a decrease of 11,120 tons. These two countries practically havo tho market to themselves. Foreign supplies were also smaller for tho fifth year in succession at 17,680 tons, as compared with 19,205 tons in 1930-31. With reference to the position of tho British market the roviow states: — “Throughout the whole year Britain’s export trade was hampered at every turn by restrictions in the form of high tariffs, quotas or controlled oxchango, and by commercial, financial and, banking disasters in many importing countries. On tho other hand tho production of primary products expanded on a scale out of all proportion to tho world’s consuming capacity. Our markets were flooded with foodstuffs and raw materials which were pressed for sale by weak holders upon unwilling buyers at a rapidly descending scale of prioes. In spito of every possible economy, there'can bo no doubt that selling prices to the producer of many commodities are now well bolow the cost of production, and until this has tho effect of reducing production to within the consuming capacity of the importing countries wo cannot hope for permanently better prices. As far as Great Britain is concerned, nothing but a greater increase in our export trado can provide that reduction in unemployment which is necessary before there can be any material increase in the spending power of the British public.”

LONDON BUTTER MARKET.

Joseph Nathan and Co., Limited, have received the following calJle from London, dated November 21: —New Zealand butter: Finest 89s per cwt; first, 88s per cwt. Very glow.

WOOL PRICES FIRM.

GOOD SALE AT SYDNEY. SYDNEY, Nov. 22. At the wool sales to-day 10,744 bales were offered, of which 9833 bales were sold at auction, 1425 being disposed of privately. The market was without change, prices ruling very firm. Good clearances were made. Greasy Merino sold up to 18id.

PIG MARKETING.

The New Zealand Co-operative Pig Marketing Association has received tho following cablegram from Mr Eliot R. Davis, London : “Congratulations excellent work association. Urge farmers best interests fob low Denmark’s example co-operate association; also lose no time increase production best quality baconers and porkers meet demand created by quota. My considered opinion prices rise with an unlimited demand,”

STOCK MARKET.

BURNSIDE SALE. Pe Press Association. DUNEDIN, Nov. 22. All classes of stock were in short supply at Burnside sale to-day, and the quality was not up to the usual. standard. There wore very few good beasts in a yarding of 150 head of fat cattle. About twelve prime bullocks were forward, tho bulk of the entry consisting of light and inferior quality. The best prioe for primo bullocks was £lO 17s 6d, while a few pens sold from £8 17s 6d to £9. Light, inferior bullocks sold from £6 10s to £7 10s, and cows from £4 to £6. Only choice beef met any demand. Thi3 was responsible for a slight advance in the value of this class. Prime bullocks were worth 225, light and inferior 20s and cows 15s per lOOlb. A short yarding of 1200 head of sheep .included three pens of prime wethers and a large number of heavy ewes. Light ewes were in short supply. At tho commencement of the sale prices were Is per head better than at the previous sale for wethers. Good heavy shorn quality sold to 14s, woolly wethers from 15s to 16s 9d, and light, shorn wethers from 9s to 10s. Old ewes realised from 7s 6d to 10s. Shorn wethers were worth lid, and wethers in the wool 2fd per lb. Shorn ewes were equal to lid and heavy sorts ljd per lb. Several pens of prime animals and a large number of good quality mediumweights comprised the entry of lambs. The market opened at prices on a par with those which ruled last week, but toward the close values showed a reduction of about 2s per head. Prime lambs sold from 15e to 16s 6d, prime medium weights from 13s 6d to 14s 6d, light and inferior lambs from 103 to 11s. The average value of prime lambs was 4id, and light and inferior 4d per lb. In a very poor selection of store cattle two pens of light steers sold from £3 to £4. The remainder, consisting mostly of aged cows, sold at late rates. In the pig section 69 fats and the same number of stores were penned. Prices were a shade easier, bacon pigs being worth 4jd and porkers 5d per lb.

FARMING NEWS.

RURAL RAICING9. Mrs D. Foreman, of Waitoa, has grown a record’ lettuce which weights 1231 b., stands 25in. high and has sound heart about 12in. in diameter. Each of the outer leaves measured 18in. by 14in., while the total width is 26in. The menace of fescue and blackberry was discussed by the Hauraki United Drainage Bqard when' the foreman drew attention to the laxity of some settlers in regard to keeping fescue and noxious weeds in check. Members complained that the blackberry pest was on the increase, and it was decided that tn© foreman should report to tho board on the progress of eradication. It was thought that January and February was the best time to cut the blackberry. At a sale of horses at Waipukurau on account of the estate of the lute Sir George Hunter and the late Paul Hunter the following prices were realised: One nine-year gelding, broken to saddle, £0 17s 6d; one aged gelding, broken to saddle, £9 7s 6d; one seven-year gelding, £4 12s 6d; one five-year gelding, half-draught, broken to chains and saddle, £ls ss; one six-3’©ar geldipg, half draught, broken.’ to chains and saddle, £l2 10s; one threcvear mare, light draught, chains only, £25 • three ditto, £23 10s, £26, £2O ss. Unbroken hacks: One three-year filly, £3 10s; one two-year gelding, £3 10s;. ditto, £3; one three-year gelding, £3; one three-year gelding, £3 10s; two ditto, £3 and £3 15s; one two-year goldmg, £3 8s; one two-year mare, £2 ss.

LONDON EGG MARKET.

Joseph Nathan and Go. have received the following message from London dated November 21: —Egg market depressed and weak Australian, 12s to 14s; no demand; 60,000 boxes Australian landing.

WELLINGTON STOCK EXCHANGE

YESTERDAY’S BUSINESS AND • PRICES. Much greater activity was shown in tho Wellington stock and share markot yesterday. Investors appeared to have overcome thoir hesitancy, and a strong buying movement was indicated by tho length of the quotations list. Prices, however, showed an easier tendency, and there were numerous sellers. With the exception of tho 5i per cent, stock, 1933, which advanced 15s to £99, pricos of GoVernmcnt securities were distinctly woaker. There were buyers of 5i per cent., 1936, at £99 ss, sellers asking par. A decline of 10s was shown in tho bids of 5i por cent., September, 1937, at £99 10s. Local body debentures were also easier. Wellington Harbour Board, 5i per cents., 1940, wore dono at £99 15s, with othor buyers at £99 10s. Wellington Gas dobonutres were wanted at £99. With tho exception of Union of Australias, which wore steady at £7 15s, banks also inclined to ease. Commercial of Australia sold on ’change' at 14s 6d, lato buyors quoting 14s 3d. National of Australasia, £lO paid, eased 5s to £lO 15s and tho £5 paid went back 2s 6d to £5 7s 6d. Following sales at 45s 7d, and two at 45s Bd, New Zcalands eased to 45s Id. In tho financial section Goldsbrough, Morts weakened to 225, and Now Zealand Guarantee Corporations to ss. Gas shares wore in active demand at firm rates, Wellington preference hardening 3d to 18s 6d. South British Insurance eased to 55s 3d, sellers 56s 6d. A rise of 6d to 48s 6d for Qiieenslands drew a soller at 51s. Now Zoaland Insurance were easy at 43s 6d. A.P.A.’s hardened 6d to 5s 6d, sellers wanting 6s 6d. New Zealand Refrigerating, £1 paid, were reported sold at 9s 9d lato on Monday; tho 10s paid firmed 2d to 3s Id, sellers at 3s sd. In the shipping section Huddart, Parker preference had a bid at 18s, and Union preference wore steady at 20s Bd. Sellers of P. and O. dcferreds asked 20s. Thcro was an inquiry for Mosgiel. Woollens at £6 10s. Wellington Woollen ordinaries were sought at £5, sellers asking £5 6s 6d. Carlton Breweries were in request at 32s 6d, and Tooth’s at 30s 9d. Staplos firmed a point to _22s lOd, and sellers of Now Zealand Breweries eased ■3d to 26s 9d. There was marked activity in the miscellaneous section. British Tobaccos firmed 3d to 31s 3d, and Burns, Philp advanced to 445. Colonial Sugars were unchanged at £46, sellers coming in at £4B. Henry Jonos Co-op. hardened to 345, cum. dividend, sellers 36s 6d. Woolworths (N.Z.) preference were firm at 27s 6d, sellers 28s 6d. Gold mining shares continued very activo at firm rates. YESTERDAY’S QUOTATIONS. Buying and selling quotations at yestorflay’s final call on tho Wellington Stock Exchange were as follow

AUCKLAND MARKETS.

AUCKLAND, Noy. 22. Potatoes aro selling at lower prices today than has been the case for many years. Pukekohe merchants opened the week with a substantial drop to 6s per cwt., but oven this quotation failed to hold, and this morning 5s per cwt was quoted. This is less than one-half the price ruling at this time last year. The market is well supplied with Uanadian onions, and merchants find it dimcult to maintain recent rates. Quotations are 17s a hag and 18s a case. The market for horse feed is exceedingly dull. Oats are still quoted at 3s lOd per bushel for B Gartons, and chnff at £8 10s por ton. . Australian fowl wheat is selling freely at nbout 6s 2d a bushel, ex store. A certain amount of under-grado southern is also on the market, but tho quality is very poor. Maize prices aro unaltered at 5s 3d per bushel for Bay of Plenty-grown. - A shq> ment of South African crushed maize is due here early next month.

N.Z. GOVT. LOANS— Buyers. Sellers. £ s. d £ s. d. 4i p.c. Bonds, 1938 ... — 96 10 0 5i p.c. ditto, 1936 99 5 0 100 0 0 5£ p.c. ditto, Sep, 1937 99 10 0T00 5 0 4£ p.c. Stock, 1939 ... — 96 7 6 4j p.c. ditto, 1938 — 96 2 6 65 p.c. ditto, 1936 99 5 0 — 5£ p.c. ditto, Feb, 1937 — 100 5 0 5i p.c. ditto, Sep, 1937 99 10 0 100 0 0 5i p.c. ditto, 1933 99 0 0 — 5i p.c. ditto, 1934 — 99 2 6 DEBENTURES— Auck. City, Si p.c., 1944 97 0 0 Chch. City, 5i p.c., 1944 97 0 0 Dunedin City, 5i p.c., 1944 98 0 0 _ Well. City, 5i p.c., 1940 98 5 0 ' Well. Harh. Bd., 5i p.c., 1940 99 10 0 _ Clich. Drainage, 5i p.c., 1965 97 15 0 Palmerston N., 6 p.c., 1945 _ 100 0 0 Makorua Drainage, 6 p.c., 1946 98 10 0 Well. Gas Co 99 0 0 — Well. Racing Club ... 93 0 0 BANKS— Comm, of Aust., ord. 0 14 3 0 14 8 Nat. of Australasia, £10 paid *10 15 0 Ditto, £5 paid *5 7 6 — New South Wales ... — *29 0 0 Now Zealand *2 5 1 2 5 9 Union of Australia .... 7 15 0 7 17 6 Ditto, Melb. reg 7 16 0 — FINANCIAL — Equitable Building ... 4 17 6 Goldsbrough, Mort ... 1 2 0 1 3 0 N.Z. Guar. Corp., ord N.Z. Loan and Merc. 0 5 0 0 5 6 — 57 0 0 GASAuckland 1 1 0 Auckland, contrib. ... 0 15 0 — Christchurch 1 5 0 1 6 0 Ditto, contrib 0 11 9 — Wellington, ord 1 9 3 1 10 0 Ditto, pref 0 18 6 — 0 Timaru — 0 19 INSURANCE— Aust. Prov. Assce. ... 0 5 6 0 6 6 National — 0 14 9 New Zealand 2 3 6 — 0 Queensland 2 8 6 2 11 South British 2 15 6 2 16 6 MEAT PRESERVING— Gear — 1 12 0 N.Z. Refrig., 10s pa. 0 3 1 0 3 5 TRANSPORT— Huddart, Parker, pref. 0 18 0 — Union Steam, pref. ... 1 0 8 — . P. and O. def. stock ... — 1 0 0 WOOLLEN— Moegiel 6 10 0 _ Wellington, ord 5 0 0 5 6 6 TIMBER— Leyland-O’Brien *0 19 6 i i 6 National — 0 7 Taringamutu — / 0 5 BREWERIES — Carlton" 1 12 6 — N.Z. Breweries — 1 6 9 Staples 1 2 10 1 4 0 Tooth and Co 1 10 0 — MISCELLANEOUS— British Tobacco, ord. 111 3 — Burns, Philp 2 4 0 — Colonial Sugar 46 0 0 48 0 0 Dental and Medical ... 0 5 6 0 6 6

Dominion Investments 1 1 0 — Dunlop Perdriau 0 15 3 — Electro. Zinc, ord. ... 0 15 6 — Ditto, pref 1 5 3 1 6 0 Henry Jones Co-op. ... *1 14 0 1 16 6 Howard Smith, ord. . — 0 10 6 N.Z. Drug 2 18 9 3 i 0 Farmers’ Fertiliser ... — 0 17 9 Well. Queen’s Theatre 1 0 0 1 i 6 Wilson’s Cement — *1 12 0 Woolworths, pref 1 7 6 1 8 6 Newton King, pref. ... 0 3 0 0 8 0 OILMoturoa, ord 0 3 9 0 4 6 Taranaki 0 2 0 — MINING— Blackwater 0 19 6 — Consol. Goldfields 0 9 0 0 10 0 Golden Dawn 0 5 1 0 5 4 King Solomon 0 2 1 0 2 4 Mount Lyell # 1 0 0 1 0 7 Okarito 0 9 0 0 9 0 0 5 5 — 0 18 7 0 18 10 Waihi Grand 'Junction 0 3 6 0 6 9 Big River 0 1 0 0 1 6 Nokomai 0 6 4 0 6 8 *Cum. dividend. grain AND PRODUCE.