FARMING AND COMMERCIAL

Manawatu Standard, Volume LIII, Issue 135, 8 May 1933, Page 5

FARMING AND COMMERCIAL

DAIRY PRODUCE. IMPROVED MARKETS. GAIN OF 3s to 4s. fhere was an improvement in the London butter market last week, and prices were steady at the close, though the domand was less active. New Zealand salted butter closed at 725-73 s and up to 745, an advance' on the week of 3s to 4a a cwt. Retail prices in London are: —New Zealand, 9d; Danish, Is a lb. The Empire Marketing Board’s estimate of the stocks of all butters is 934,277 boxes, compared with 529,065 boxes a year ago. The cheese market also improved last week, Now Zealand white closing at 41s-42s and coloured at 475-48 s, an advance of 3s to 4s a cwt. on the week. The Dairy Board’s London office reports Friday’s official quotations as follow, those for the previous week being shown in parentheses : BUTTER. New Zealand. —Salted, 72s to 735, up to 74s (68s-70s to 71s; May 6, 1932, 96s to 98s); 72s to 73s equals approximately BJd f.o.b. Unsaltod, 72s to 76s (68s-70s to 71s; May 6 1932, 98s to 102 s). First whey, 66s (645). Second whey, 64s (625). Deliveries, New Zealand, 1950 tons. In store, New Zealand, 8318 tonß. Australian. —l/alted, 70s-72s to 73s (66s to 68s). Unsalted, 70s-72s to 73s (66s to 70s). Deliveries, Australian, 2362 tons. In store, 4800 tons. Argentine.—Unsalted, 66s to 68s, ex 70s (64s to 665). '■ South Africa.—66s to 695.

Danish.—Bls to 84s f.0.b.; 96s spot (755; 95s to 965). Dutch.—Unsalted, 92s to 96s (92s to 965). Latvian. —Unsalted, 74s to 75s (70s). Lithuanian. —Unsalted, 71s to 72s (67s to 695). The board has also received the following advice from its agents in Canada: Butter: New York, 22 3-4 cents; Montreal, 22/ cents a lb. CHEESE. New Zealand.—White, 41s to 42s (4.27 d a lb f.0.b.) (36s to 395; May 6, 1932, 58s to 595). Coloured, 47s to 48s (5.04 d f.0.b.), 43s to 445; May 6, 1932, 59s to 60s). Deliveries, New Zealand, 25,168 crates. In store, 124,172 crates, includes 17,000 crates

ex Port Pirie and Port Gisborne. Australian.—Coloured, 46s (40s to 425). Canadian.—White, 62s to 68s (62s to 68s). Coloured 64s to 68s (64s to 665). Deliveries Canadian, 4700 boxes. In store, 74,000 boxes. English.—Finest farmers’. 84s to 102 s (84s to 102 s). AGENTS’ REPORT. Mr A. C. Rowson roports dated London, May s:—Cheese.: New Zealand, white, 42s per cwt; coloured, 49s per cwt. The demand is fair, and the market steady. Butter: First grade,' 70s to 71s; finest grade, 72s to 735. The demand is checked, and the market quiet. The New Zealand Producers’ Co-opera-ative Marketing Association’s weekly cabled market report from London datod May 5 is as follows:—Butter market steady. New Zealand 72s to 735; Danish, 965. Cheese market active and steady. New Zealand, white, 41s to 425; coloured, 47s to 48s. t \ MARKETING BUTTER. PATS GAINING GROUND. In their latest review of the London butter market, Messrs Joseph Nathan and Co. state:— “Latest reports from Englund advise that the selling of Danish butter in pat form is now well under way. This is a question that should receivo the earnest consideration of all factory directors at their next disposal meeting. Contrary to the expressed views of opponents to patting, this Danish venture has not affected New Zealand pat sales in any way, but rather has tended to increase them. The solution of this apparent paradox is simple. Previously all shops had an established sale of Danish from the cask, and buyers would not bother to push other butters which wero hard to sell. However, with the advent of Danish in pat form, shopkeepers found it easy also to offer and sell to the consumer other buttors in pats side by side. “It has long been realised that the present generally accepted methods of marketing of New Zealand butter and cheese are not conducive to the producer’s obtaining the maximum result of his labours- and we are still confident that the salvation of the industry lies in the development of the pat trade.”

FROZEN MEAT TRADE. GOOD BUSINESS IN LAMB. WETHERS EASIER IN PRICE. Lamb market: Meeting with good trade, with prices of second quality slightly easier. All other descriptions steady. Mutton market: Wethers again easier, with trade slow. Ewes, heavyweight, weaker; others remain steady. Beef market: Poor demand for frozen beef owing to largo supplies of Argentine chilled beef. Now Zealand porker pigs: Demand slow owing to usual seasonal falling off. New Zealand baconcr pigs: Steady, with fair trade. The above report was received on Saturday by the Meat Board from its London office, which advises that the following are the approximate average prices realised for the week ended May 5, based on actual transactions of wholesale quantities of the descriptions of moat mentioned and aro for representative parcels of the goods offering during the week, being for businoss done on the basis of delivered to Smithfield market and/or ox London stores. Prices for the two previous weeks are also shown:—

New Zealand sheep.—Canterbury and North Island selected crossbred wethors and maiden ewes, 481 b to 561 b, 3§d (3!d, 3Jd); 571 b to 641 b, 3id (3/d, 3|d); 651 b to 721 b, 3d (3Jd, 3gd); North Island crossbred wothers and rnaidon ewes, 481 b to 561 b, 3id (3fd, 3gd); 571 b to 641 b, 3/d (3gd, 33d); 651 b to 721 b, 3d (3Jd, 3Jd); ewes, 48 lb and under, 3/d (3id, 3gd); 481 bto 641 b, 3d (same)6slb to 721 b, 2gd (2gd, 23d). New Zealand lambs.—Canterbury, 361 b and under, 53d (53d, sgd); 371 bto 421 b, 4d (43d, 4gd); 431 b to 501 b, 4/d (same); 2nd quality, average, 321 b, sgd (5/d, Sid); other South Island brands, 361 b and under, 53d (same); 371 b to 421 b, 43d (seme); 431 b to 50tb, 4 J,d (same); selected North Island brands, 361 b and under, s£d (sgd, 6d); 371 bto 421 b, 43d (43d, 4gd); 431 hto 501 b, 4/d (same); 2nd quality, average 321 b, sgd (sjd, 5/d); other North Island brands, Ist quality, 361 b and under, 5Jd (5/d, s|d); 371 b to 421 b, 4§d (same); 2nd quality, average 321 b, 5-|d (sgd, sgd). Australian lambs.— Victorian, first quality 361 b and under, 5/d (same); 371 bto 421 b, 4 3-8 d (4 3-Bd, 4/d). Argentine lamb. —Ist quality, 361 b and under, 5/d (same); 371 bto 421 b, 4 5-8 d beef.—Ox fore's, 2/d (2±d, 23-8 d); hinds, 23-4 d(2 7-Bd, 3d); cow fores and hinds, not quoted. Argentine chilled beef.—Ox fores. 3/d (3/d, 3 3-8 d); hinds, 4 7-8 d (4 3-4 d, 5/d). Australian frozen beef.—Ox crops, over 1001 b, 2.3-8 d (2Jd, 2/d); hinds, 4 7-8 d (4 3-4 d, 5/d). Australian' frozen beef.—Ox crops, over 1001 b 23-8 d (2/d, 2/d); hinds, over 160 lb, 27-8 d (3d, 3/d). New Zealand prime porker pigs.—6olb to 801 b, 4 3-4 d(4 7-Bd. sd); 811 bto 1001 b, 4/d' (4 3-Bd, 4/d); 1011 b to 1201 b, 4/d (4/d, 4/d). New Zealand baconcr pigs: . 1201 b to 1601 b, 4 3-4 d (—, 4 3-4 d). AGENTS’ REPORTS.

The Bank of New Zealand’s produce department has received the following advice from its London office as at closo of business last week:—Weaker values are ruling for wether mutton owing to lack of demand. The market for ewes is weaker for heavyweights; lightweights remain steady. There is a fair demand for lambs, but tho market is rather easier. Only a limited business has been dono in beet at nominal prices. Trade is slow generally. Wethers, light, 3 3-8 dto 4d per lb; heavy 2/d to 3/d. Ewes, 2/d to 3/d. Lambs, 2’s, 6 5-8 d to 5 7-8 d; B’s, 4 5-8 d to 4 7-8 d; 4’s, 4 3-8 dto 4 5-8 d; seconds, 5d to 5 3-4 d. Beef: Ox hinds, 23-4 dto 3d; fores, 2/d to 2/d; cow hinds, 2/d to 2/d; fores, 2d to 2/d. The iamb market is quiet, with prices weakening, says a report received by Levin and Co., Ltd., lrom their London agents. The demand for New Zealand mutton is poor, especially for wethers. Compared with last week’s quotations, second quality lamb, id per lb lower; wethers, 481 b to 561 b, id per lb lowor; 561 b to 721 b, id per lb lower; others unchanged. Smithfied “delivered” prices are quoted as follow: —North Island Down lambs, 281 b to 361 b, 6d por lb; 361 b to 421 b, 4 7-8 d; best North Island crossbred lambs, 281 b to 361 b, 5 3-4 d; 361 b to 421 b, 4 3-4 d; North Island second quality lambs, average 301 b to 311 b, 5 3-8 d; best North Island wether sheep, under 481 b, 3 7-8 d; 481 bto 561 b, 3 5-Sd; 561 bto 641 b 3Jd; 641 b to 721 b, 3d; North Island ewes, under 481 b, 3/d; 481 b to 561 b, 3d; £6lb to 641 b. 2 7-Sd; 641 b to 721 b, 2/d; New Zealand prime ox beef, 1601 b to 220 lb, 2/d.

ASIIHURST SALE. Abraham and Williams, Ltd., report holding their fortnightly sale at Ashhurst on Wednesday lost, when they submitted a full yarding of both shcop and cattle to a good attendance of buyers and report making a good clearance in all sections. Somo particularly nico lines of fat ewes came to hand and , these met with keen, competition, the two top lots realising 9s to 9s 3d. Cattle, comprising chiehy dairy and potter sorts, met with fair competition and everything with the exception of ono pen in this section was sold. Quotations: —Fat sheep: Ewes, from 7s, 7s 6d, Bs, 8s 4d, 8s 6d, 9s to 9s 3d; fat and forward lambs, Bs, 8s 4d, 8s 6d, 8s lOd to 10s; store lambs, 6s, 6s 6d to 7s sd; fat wethers, to 14s Bd. Cattle: 4-yr. bullocks, £3, £3 15s to £4 3s 6d; fat cows, dairy bred, 30s, 355, £2 ss; potter cows, 10s, 15s, 17», 18s, 20s, 22s 6d, 25s to 275; dairy cows, £2 10s, £3, £3 5s to £5 ss. Figs: Weancrs, small, 3s; others, 4s 6d, ss, 6s, 7s 6d to Bs.

WELLINGTON STOCK EXCHANGE. LAST WEEK’S BUSINESS AND PRICES. A marked improvement in the stock and sharo markets of the Dominion was seen last week. Prices were markedly firm with a strong upward movement in many cases. The volume of trading on the four metropolitan exchanges was greater than for somo weeks. A fairly largo business was dono in Government loans, all sales, with ono exception, being at or abovo par. The 4/ per cent, inscribed stocks were done at £IOO to £IUU 7s 6d save for one deal in the 1955 stock at £99 15s. Tho 3/ per cont. stocks, 1939-52, wero dono at £99 7s 6d, and tho 1938-43 maturity at £99 ]7s 6d and £99 15 s . A bettor business was dono in local body debentures at improved prices. The lower dividend announcement of tho Bank ot New Zealand, which was not unexpected, affected tho prico of tho shares very little. Doalings opened at 455, and firmed during tho week to 45s 7d, the long ! cn n gago shares being traded at 29s 6d to 3US. Tho maintenance of the Bank of New South Wales quarterly dividend caused tho shares to advance on sales from £29 to £29 10s. Commercial of Adstraha were firmer at 14s 4d to 14s 6d. Australasians were traded at £lO 7s 6d. National of New Zealand at 76s to 755, E.S. and A. Bank at 85s to 85s 6d, and National ot Australasia, £5 paid, at £5 18s to £5 19s. In tho financial section, Dalgotys were dono at £7 9s, Goldsbrough Morts at 22s 6d to 235, and United Building bociety at 17s to 17s 3d. Insuranco shares gained further strength last week. Nationals wero tradod at 16s 6d to 17s, South British at 64s 6d to 65s 3d, and Now Zcalands at 49s 6d to 49s 9d. Auckland Gas firmed on sales from 22s 6d to 235. Breweries showed a further hardening in value. New Zoalands were fairly active sellors at 29s 6d to 30s. Staples woro dono at 25s to 25s 3d, and Tooth’s at 36s Id to 36s 4d. In the miscellaneous groups Colonial Sugars were dono at £55 15s, ana following payment of the usual dividend, at £54 10s to £55. Wilson’s Cement woro very firm at 32s 3d up to 335. Wellington Woollen, proforcnce, sold at £5 2s 6d, and the ordinary at £5 Is. Westport Coal woro firm at 13s Bd, and Pukcmiro at 19s to 20s. Now Zealand Drugs maintained their strength at 655, and New Zealand Papor Mills wero steady at _ 255. The firming of tho metals market improved. Electrolytic Zinc preference from 29s 4d to 30s 4d, and Mount Lyclls from 20s _3d to 21s. Other miscellaneous industrials wero traded at prices that showed a hardening tendency. Woolworth (N.Z.) _ preference wero done at 32s 6d, British- Tobacco at 345, Australian Glass at 47s 6d, and Henry Jones at 375. Gold mining shares were much more active and fairly heavy trading was recorded. Waihis firmed from 22s 9d to 23s 3d. SATURDAY’S QUOTATIONS. Buying and soiling quotations at Saturday morning’s call on tho Wellington Stock Exchange were as follow:

DOLLAR CONVERSION LOAN. Tho banks have agreed that tho conversion rates from May 6 will bo: — U.S.A. Canada Dols. Dole. Conversion of dollar bills received for collection and sale of dollar drafts 3.88 4.43 These conversion rates are, of course, ascertained on a. .sterling basis (London funds) and therefore current rate of exchange New Zealand on London will also be charged or allowed ns the case may require. RAW MATERIALS. FURTHER ADVANCE IN PRICES. LONDON, May 6. Friday’s closing prices for the following raw materials were as follow, those for April 2 being in parentheses:— Cotton. —Liverpool quotation, good American middling, spot, 5.89 a Tb (5.53 d); Juno Rubber. —Para, 4gd a lb (4/d); plantation smoked ribbed sheet, 213-16 d a lb (2|d). ■ ' ' Jute. —May-June shipment, Indian jute, Dundee quotation, £l6 18s 9d a ton (£l6 6s 3d). N Hemp.—May-July shipment, N.Z. hemp, £l3 10s a ton (not quoted). Copra. —May-June shipment,- South Sea. £lO 7s 6d a ton (£lO 10s); plantation Rabaul, £lO 10s a ton (£lO 12s 6d). Linseed oil.—£lß 153 a ton (£18). Turpentine.—62s a cwt (61s). Osmiridium. —Tasmanian, £9 to £ll an ounce (same). OVERSEAS WHEAT MARKETS. NEW YORK, May 6. Chicago wheat. —May, 73 cents a bushel; July, 74 cents; September, 74| cents; Dc- ’ comber, 763 cents; New York, cash, 84/ cents. LONDON, May 6. Wheat.—Following North American firmness sellers of cargoes raised their limits 3d to 6d a quarter. Buyers were inclined to hold off. •

BASE METALS MARKET,

FURTHER GENERAL RISE IN PRICES.

SYDNEY, May 7,

The official London (middle) quotations for Friday, as received by the Australian Mines and Metals Association, compare as under with those previously cabled :

tPRICES OF OTHER METALS. LONDON, May 6. The following prices of other metals are also quoted : Pig iron.—Homo trade, 62s 6d per ton; export, 58s 6d. Antimony.—British, £42 5s a ton; foreign, £22 5s a ton. Wolfram. —10s 7/d per unit.

Buyers Sellers. N.Z. GOYT. LOANS— £ e. d. £ s. d. 34 p.c. Stock, 1939-43 99 0 0 — Ditto, 1939-52 99 0 0 — Ditto, 1938-52 99 0 0 — 4 p.c. Stock, 1940 99 15 0 — Ditto, 1949 — 100 5 0 Ditto, 1955 — 100 5 0 DEBENTURES— Well. City, 5i p.c., 1940 — 102 0 0 Well. Herb. Bd„ 54 p.c., 1940 — 102 0 0 Well. City (new issue) 44 p.c., 1937 — 100 10 0 Hauraki Plains, 5^ p.c., 1959 — 99 0 0 Well. Racing Club ... 90 0 0 — banKs— Comrcl. of Aust., ord. 0 14 5 0 14 7 Comrct. of Sydney ... — 15 10 0 E.S. and A 4 4 0 4 7 0 National of N.Z — 3 13 0 Nat. of Australasia, £10 paid *12 7 0 — Ditto, £5 paid — *6 0 0 New South Wales ... *28 15 0 29 15 0 New Zealand .7 *2 5 6 2 5 8 Ditto, long term *1 9 6 1 10 6 Union of Austr 7 9 6 FINANCIAL— Goldsbrough Mort. ... *1 3 0 — N.Z. Guar. Corp., ord. — 0 5 6 Ditto, pref 1 0 6 — N.Z. and River Plate 1 1 6 — Well. Invest., T. & A. — 0 4 0 Well. Dep. and Mort. — 0 4 0 GAS— Christchurch 1 6 9 — Wellington, ord 1 12 0 — Ditto, pref 0 18 9 — INSURANCE— National *0 16 9 — South British 3 5 3 — MEAT PRESERVING — Gear 1 V 3 1 7 9 N.Z. Refrig., 10s pd. 0 3 9 0 4 1 TRANSPORT— Union Steam, prof. ... 1 1 9 — COAL— Westport-Stockton ... 0 0 6 • .TIMBER - Kauri — 0 11 7 BREWERIES— Carlton 1 15 0 — N.Z. Breweries 1 9 9 1 10 3 Staples and Co 1 4 11 1 5 6 Tooth and Co 1 16 0 1 16 9 MISCELLANEOUS— British Tobacco, ord. 1 13 10 1 14 0 Colonial Sugar *54 5 0 — Dominion Investments 1 1 0 — Electro. Zinc, pref. .. 1 10 0 — N.Z. Farmers’ Fertiliscr 0 16 4 — Well. Queen’s Theatre — 1 1 0 Whilcombo and Tombs 5 0 0 — Australian Glass — 2 8 0 OILMoturoa, ord. 0 2 6 0 4 0 MINING— Big River 0 1 3 0 1 44 Consol. Goldfields — 0 10 6 King Solomon — 0 2 0 Mt. Lycll 1 0 3 1 0 9 Nokomai 0 5 1 0 5 9 Okarito 0 9 1 — Waihi — +1 3 0 Waitahu 0 5 0 — *Cum. dividend. +Ex. dividend.

May 4. May 5. Per ton. Pei tun. Copper— ±i s d £ s d Standard, spot 32 6 3 32 15 74 Standard, forward . 32 8 9 33 0 u "Electrolytic 35 15 9 36 10 0 to 36 5 0 36 10 0 Wire bars 36 5 0 36 12 6 Lead — Spot 11 7 6 11 17 6 Forward 11 14 4A 12 5 0 Spelter— Spot 14 18 9 15 2 b Forward. 15 6 3 15 10 0 Tin— fSpot 177 7 6 178 15 0 Forward 177 18 9 179 7 6 Silver— Fine, per oz 19 3-8d 19 l-8d Standard 20 7-fid "American, 6.75 cents a lb. fAmerican, 33 cents a lb. 19 3-16d