FARMING AND COMMERCIAL

Manawatu Standard, Volume LIII, Issue 245, 13 September 1933, Page 5

FARMING AND COMMERCIAL

MARKET’S STILL FIRM.

BUTTER NOW 995. CHEESE 535-545. The price of buttor is still firming in London, and New Zealand salted is now close to the 100 s mark. On Monday it was quoted at 995, a rise of Is since Friday. There has also been a further riso in the prices of cheese. | Joseph Nathan and Co., Ltd., have received from London the following cabled advice, dated September 11:—New Zealand butter: 99s per cwt. New Zealand cheese: White, 53s per cwt; coloured, 545. Both markets firm.

In their monthly market report Joseph Nathan and Co., Ltd., record “with great pleasure” a continuance of rising price. Sinco the beginning of August the market has been climbing steadily, and is now 15s per cwt higher. It is an ill wind that blows nobody any good, and there is no doubt the prevailing drought in England is having a marked effect on our produce prices. “Present indications are that a bumper season will bo experienced here, and, given a continuance of the present weather conditions, another record in production will bo established. This, coupled with higher prices, should sec the dairy industry definitely round that corner about which wc have heard so much.” FUTURE STABILISED PRICE.

I Sounding a note of caution, however, Messrs Nathan and Co., Ltd., state that “it is too much to hope for prices to continue to rise at the present rate, and our own view is that in normal times prices should stabilise round about 105 s to 110 s per cwt.” Despite increased prices, consumption is being maintained at a higher rate, as London deliveries during the six weeks given will show : 1933 1932 j Week ended 'Tons. Tons. I August 4 2183 1150 I August 11 1540 1340 August 18 2100 1450 August 25 1646 1275 September 2 1850 1471 September 8 1963 1464 11,282 8150 Stocks of New Zealand butter arc in fairly low compass, being only a little over 5000 tons, compared with 3000 odd tons at tho same time last year, when prices wore 109 s to 112 s per cwt. Unsalted butter, which is in scarce supply, is not so far showing the premium which could bo expected. This is due primarily to the fact that importations of first-class Continental make are selling at lower prices. Buyers have been particularly active during the last few weeks, at prices ranging up to lOfd for first grade and _ lid for finest. It is noted, however, that in nearly all cases this is for prompt shipment in named steamers. 'There has been no news of any sales for October shipment, which seems to point to buyers being a little uneasy of buying too far ahead on account of the large increase in production to date making it likely that heavy shipments will arrive in November.

CHEESE PRICES BETTER. Tho cheese market has now begun to move upward again, after remaining remarkably steady for some time. So far there has been a rise of 2s to 3s per cwt on late ruling rates, and a further increase will bo looked for, especially if tho hot weather in England continues. All stores have now- been cleared of old season’s cheese, and new season’s is just commencing to come in. Most, factories appear disinclined to forgo the benefits of waxing their cheese, and it is probable that quite a fair proportion will continue to wax this season.

Little cheese being available, no offers have been made recently.

BUTTER EXPORTS.

HEAVY SHIPMENTS ARRANGED.

Nearly one million boxes of butler and 131.800 crates of cheese • will leave New Zealand up to November 8. Including several ships now loading, the Dairy Board has arranged space in twelve ships for 998,200 boxes of butter, and the above stated quantity of cheese. Of the butter 751,000 boxes will be shipped at Auckland. The following is the list of space allotments : Duo But-

BUTTER ADVANCES INCREASED. WELLINGTON, Sept. 13. Advances made ,to exporting dairy factories for September shipment are as follow : Rutter 9RI per lb r i Cheese 4jd per lb These rates compare as follow with those ruling during the previous thirteen months :

FROZEN MEAT TRADE. LIGHT WEIGHTS IN DEMAND. The New Zealand Farmers’ Co-operative Distributing Coy., Ltd., havo received the following advice from London: —Meat: Home supplies meeting higher prices; frozen lamb, wethers and owes firmer tendency, especially light weights.

SHANNON STOCK SALT

Tho stock sale held at Shannon on Monday wa s not very well patronised by vendors, the yardings in all sections being fairly light. Prices were firm, however, on a par with tho rates obtained at recent local sales. Prime fat beef met with good competition, the entry in this section comprising a line of 16 P.A. bullocks, which made the satisfactory average price of £7 ss. In keeping with other markets, there was a keen demand in the sheep section, and firm prices. Sales arc reported as follow : —Sheep: Fat hoggets, 17s, 20s; forward do., 12s 9d. Cattle: Fat P.A. bullocks, £7, £7 10s; forward condition cows, dairy sorts, 265, 275, 27s 6d, 355; yearling Jersey heifers, 3?s 6d, 335, 355, 38s; 18mos. Jersey bulls, £3; springing dairy heifers, £3, £3 2n 6d, £3 10s. Pigs: Slips, 10s, 12s, 15s 6d; young Tamworth boar, £2 ss.

AUCKLAND MARKETS. POTATOES FIRMING. AUCKLAND, Sept. 12. Potatoes havo firmed, arrivals from tho south being smaller than usual. Lines cx wharf are worth £4 15s to £5 per ton. Onions are selling at 9s to 10s per cwt for local and 7s 6d for southern. The market for horse feed continues dull, with no alteration in values. B Barton oats arc selling at 2s 9d per bushel and chaff at £6 10s per ton. Reports from tho country indicate irregularity in the maize market and some lines have been offered at a few pence below recent rates. Through store prices are steady at 4s 3d per bushel. The mill price for pollard is £6 per ton, and for bran £5 10s.

FARMING NOTES. RURAL RAIvINGS. Evidences exist that the acreage sown in lucerne will bo substantially increased in Canterbury this spring. Tho lambing season in the Auckland Province is now in the closing stages and graziers will shortly bo turning their attention to shearing operations. Shearing does not. begin generally until October, continuing for some months, but already a few -odd lines have been shorn. Indicaions are that particularly high lambing percentages will bo established in the province this year. The season has been somewhat earlier than usual. A prevalence of twins is reported from many areas, a factor which should compensate partly for excessive reductions in flocks over the past few years. Mild weather conditions have been reflected in a lessening in mortality. Although conditions are boisterous at present, the weather is not sufficiently cold to cause anxiety. A number of property deals of note have taken place in Central Hawke’s Bay recently. A Central Hawke’s Bay buyer stated last week that there was a definite upward trend in the land market, a more optimistic tone prevailed, and this, together with a noticeable spirit of competition, has brought about a revival of land buying activities. Another factor, in fact the dominant note in tile whole proceedings, was an influx of new capital into Hawke’s Bay generally. Tho new spirit of optimism and confidence is further enhanced by the brighter outlook of the wool market. At Omakcre recently a land transaction of some proportions was recorded, tho sum involved being about £35.000. In the Gwavas district a block of approximately 3190 acres was sold at, a price in the vicinity of £30,000, and on this block buildings, dwellings, etc., are to be erected. Argyle, too. lias had its share of deals lately, two farm properties of 800 and 500 acres respectively changing hands. At Otane a farm of 96 acres was recently disposed of, while some 800 acres of farming land constituted a sale at Wanstead.

FOREIGN EXCHANGES. POSITION OF STERLING. (British Official Wireless.! RUGBY, Sept. 11. The following rates on loieign exchanges were current to-day, compared with par: Sept. 11. Par.

SILVER. ' LONDON, Sept. 11. Silver. —Cash, per ounce; forward, 18id. BASE METALS MARKET. PRICES AGAIN EASIER. LONDON, Sept. 11. The official London (middle) quotations for Monday, as reported by tho Australian Alines and Metals Association, compare as under with those previously cabled :

WELLINGTON STOCK EXCHANGE. YESTERDAY’S BUSINESS AND PRICES. There was _an unusually active market on the Wellington Stock Exchange yesterday, and the volume of trading was very heavy, 42 sales being recorded. It is many months since so groat a turnover was made for one day. Banks, breweries, and moat shares accounted for the bulk of the business. The market was decidedly firm, and a number of shares advanced to higher price levels. Government loans and local body debentures were less active than of late, and thcro was little change in quoted prices. Tho 4 per cent, stock, 1946, sold at £IOO 10s. A feature of yesterday’s business was the active trading in bank shares. Nineteen sales were recorded, covering six banks. There were two sales of Commercial of Sydney at £l7 16s, an advance of Is on Monday’s price, and more were wanted at £l7 12s 6d. E.S. and A. Bank firmed sharply to sell at £5 10s 3d, further buyers quoting £5 9s 6d. National of New Zealand sold firmly at 83s and 82s 6d, buyers staying in at 81s 9cl. National of Australasia, £5 paid, were done at £6 7s 6d. New South Wales had two sales at £32 7s 6d. and more were wanted at £32 ss. New Zealands were firm and active, sellers at 49s and 49s and tho long-term mortgage shares sold at 345. Gear Meats advanced on sales from 33s to 33s 6d. N.Z. Rofrigeratings ivcre very firm, tho £1 paid selling at 18s 9d, and the 10s paid at 9s _ to 9s Id, buyers staying in at those prices. Gas and insurance shares held their strength. Union Steam preference were 3d up at 23s 6d. Wellington Woollens cased 2s 6d to £5 7s sd, sellers coming in at £5 15s. Breweries wore firm sellers. New Zealand being done at 38s 3d, and Staples at 28s 6d to 29s late on Monday. In tho miscellaneous section Wilson’s Cement advanced to sell at 365. buyers staying in at 35s 9d. Milburn Limes were reported scid at 30s 6d. Burns, Philp were 3d up' at 51s 3d, and N.Z. Drugs recorded a further gain at 68s. Mining shares wore fairly quiet. King Solomons sold at 3s Id, Matakis at 2s 6d, and Bell, Hoopers at Is.

YESTERDAY’S QUOTATIONS. Following are yesterday’s buying and selling quotations ae recorded on "the Wellington Stock Exchange:—

SYDNEY STOCK EXCHANGE. BUOYANT TONE. SYDNEY. Sept. 12. On the Sydney Stock Exchange to-day the market was buoyant, with greater activity in bonds, banks and company shares. British Tobacco, Colonial Sugar and Commercial Bank of Sydney registered good gains. Sales. —Commercial Bank of Sydney, £18; Commercial Bank of Australia, 16s Bank of New South Wales, £32 ss; E.S. and A. Bank, £5 10s; Queensland National Bank, £5 11s; Colonial Sugar, £6O; Adelaide Steam, ex dividend, 23s 9d; Howard Smith, 11s 2d; Burns, Philp. 52s 9d; British Tobacco, 375; Dunlop Perdriau, 19s Goldsbrough, Mort, . 29s 9d; Carlton Brewery. 395; Tooths, 39s 6d; Tooheys, 23s 9d; Australian General Insurance, Ills 6d; Anthony Hordern 10s 7d; ditto, pref., 19s 9d; Automatic Totes, Is 3d; David Jonos, 29s 6d; Henry Jones, 37e 10id; Standard Cement, 15s 3d; Lustre Hosiery, 14s 9d; Winchcombe Carson, 27s 9d; Wilcox Mofflin, 9s 8d; United Provisions. 8s 4d; Mt. Morgan, 475; Bulolo Gold, 91s; Bulolo Deposits, Is 7d; Kuala Kampar, 8s; Broken Hill Proprietary, 38s 9d; South Broken Hill, 60s 3d. MELBOURNE, Sept. 12. Sales on the Melbourne Stock Exchange

to-day included: Goldsbrough, Mort, 29s 10jd; Electrolytic Zinc, 23s 6d; Commercial Bank of Australia, 16s 6d; British Tobacco, 36s 3d; Herald and Times, 41s 6d; Taranaki Oil, 2 S 3d.

DOLLAR CONVERSION RATES. The Associated Banks have agreed that the conversion rates from September 11 will be; — U.S.A. Canada. Conversion of dollar bills received for collection and sale of dollar drafts ...... 4.42 4.65 Purchase of dollar bills ... 4.62 4.85 These conversion rates arc, of course, ascertained on a sterling basis (London funds), and therefore current rates of exchange New Zealand on London will also be charged or allowed as the case may require.

Steamer. Sails. From. U.K. ter. Cheese Sept. Oct. Boxes. Crates Mataroa 16 Wgtn. 19 62.000 — Pt. Campbell 16 Akld. 26 71,600 15.000 Opavs-a 20 Akld. 26 56,600 4,200 (Pt. W.C.) Nov. Pt. Ilardy 21 Akld. 6 75.000 7.500 Rangitata 29 Akld. 1 73,000 6,300 Oct. Rualiine 7 Akld. 16 77,000 7.200 Mamari 7 Akld. 18 70,000 7.500 Pt. Hunter 14 Akld. 20 100.000 14.200 Ionic 18 Akld. 26 93,000 Hoc. 17,500 Remuera 26 Akld. 1 100,000 21.000 Port Alma 30 Akld. 7 120,000 16,400 (Pt. W.C.) Nov, Tamaroa 8 Akld. 12 100,000 15,000

Per lb Per lb Butter Cheese 1932— d. d. ■ September 1 10 5 October 1 93 83 5 November 1 .... 5 December 1 193373 5 January 1 ..... 73 33 •January 24 8 43 March 1 73 April 1 C 3 May .1 6 3 May 15 7 33 June 1 73 4 July 1 7 4 August 1 83 43

New York, dol. to £1 4.55 4.866 Montreal, dol. to £1 .. 4.77 4.866 Paris, francs to £1 .. 82 23-32 124.21 Brussels, bel. to £1 .. 23.20 35.00 Geneva, francs to £1 .. 16.75 25.225 Amsterdam, florins to £1 8.03 12.107 Milan, lire to £1 61 7-16 92.46 Berlin, marks to £1 .. 13.375 20.43 Stockholm, knr. to £1 19.375 18.159 Copenhagen, knr. to £1 22.40 18.159 Oslo, knr, to £1 19.90 18.159 Vienna, schgs. to £1 . *29.50 34.585 Prague, knr. to £1 .. 109.25 164.25 Bel lors marks to £l 220. OU i 98.25 Madrid, pcs. to £1 .. 38 11-16 25.225 Lisbon, esc. to £1 — 107 110 Athens, dracli. to £1 . 585 375 Belgrade, din, to £1 . 235 276.31 Bucharest, lei to £1 . 550 813.60 Warsaw, zloty, to £1 . — 43.38 Rio de J., p. to mil .. +41 5.899 B. Aires, p. to peso M.Video, p. to peso . +434 47.62 *36 51 Calcutta, p. to rup. .. 18 1-16 18 Shanghai, p. to dol. . 151 — H.-Kong, p. to dol. . 16 7-8 -- Y’hama, p. to yen 14 1-32 24.582 Batavia, florins to £1 "•Nominal. ... 7.95 tUtliclai. 12.107

Buv Cl’S Sellers. N.Z. GOVT. LOAN’S- £ s d £ s. d. 4 p.c. Bonds, 1940 .. — 101 10 0 4 p.c. ditto, 1946 100 5 0 4 p.c. ditto, 1949 101 7 6 , Rural Advances Bondr p.c. Ins. Stock,, — 98 10 0 1928-43 — 102 5 0 3£ p.c. ditto, 1938-52 .. — 101 5 0 4 p.c. ditto, 1946 100 5 0 100 10 0 4 p.c. ditto, 1949 101 0 0 101 10 0 4 p.c. ditto, 1955 DEBENTURES— Chch. City, 5j p.c., 100 7 6 1944 Dunedin, City, 5j p.c., 100 0 0 1944 Well. City, 5£ p.c., 100 10 0 “ 1940 — 101 10 0 Ditto, 41 p.c., 1953 .. Makerua Dge. Bd., 6 — 101 10 0 p.c., 1946 New Plymouth II. 13., — 95 0 0 51 p.c., 1/2/1946 — 101 5 0 \\ oil. Gas Co 102 10 0 — Well, Racing Club .. BANKS— 94 0 0 — Australasia — *13 10 0 Comic!, of Aust., erd Comrcl. Banking Co., 0 16 1 0 16 5 Sydney 17 12 6 17 18 0 Eng., Scot, and Aust 5 9 6 5 11 6 National of N.Z Nat. of Australasia, 4 1 9 4 3 6 £5 paid — 6 10 0 New South Wales .. 32 5 0 32 10 0 New Zealand 2 8 11 2 9 3 Ditto, “D” long tern 1 13 6 1 14 6 Union of Aust 9 15 FINANCIAL— Abraham and Williams, 0 10 5 0 ore! — 3 10 0 Dalgety and Co. 10 4 Goldsbrough, Mort. and 0 Co National Mortgage 1 9 0 1 9 6 “B” N.Z. Guarantee Corp., 1 6 9 “ . ord N.Z. Guarantee Cor])., 0 7 5 0 7.10 pref N. Z. Invest., Mort. — 1 2 6 and Deposit N.Z. Loan and Mere., 0 3 3 — ord. stock 51 0 0 £5 0 0 N.Z. and River Plate 1 1 6 — Well. Trust Loan .... GAS— 3 18 0 4 10 0 Christchurch 1 7 3 — Ditto, contrib 0 13 2 — Napier, ord 9 10 0 — Wellington, ord INSURANCE— 1 13 3 1 13 10 National of N.Z. 0 17 5 — New Zealand 2 136 2 14 6 South British MEAT PRESERVING3 12 0 3 15 0 Gear Meat, cutn rights 1 13 0 1 13 3 N.Z. Refrig.. £1 paid 0 18 9 — Ditto, 10s paid 0 9 0 0 9 1 Well. Meat Ex., pref. 0 15 ft — Ditto, ord TRANSPORT— 0 6 u 0 12 6 Union Steam, pref. ... WOOLLEN— 1 3 6 Wellington, ord 5 7 6 5 15 0 Ditto, pref TIMBER— 5 7 6 5 15 0 Levland-O’Brien BREWERIES— 0 16 0 0 17 9 Carlton — 1 18 6 N.Z. Breweries — 1 18 9 Staples and Co M»S< !• i,L AN EL)US— British Tobacco, Aust., 1 9 6 ord — *1 15 9 Burns, Philp and Co. 2 11 3 2 12 3 Colonial Sugar 58 10 0 59 0 0 Con. Brick and Pipe 0 5 10 0 6 1 Dominion Investments Donaghy’s Rope and 1 3 0 Twine 2 0 0 — D.I.C., pref. Electro. Zinc, 8 p.c., 1 0 9 part pref *1 13 0 — Henry Jones Co-op. ... — 1 18 6 N.Z. Drug Co N.Z. Farmers’ Fer*3 8 0 tiliscr — *0 16 2 Sharland and Co., ord. 1 . 0 0 — Ditto, prof Wilson’s Cement, cum. 1 0 0 rights 1 15 Woolworths. N.Z., Ltd., 0 — pref 1 14 3 — New Colosseum Prestige (N.Z.), Ltd. 2 0 0 prof — 1 2 0 N.Z. Newspapers MINING— 1 7 0 ~ Alexander *0 18 6 1 17 Blackwater — 6 Big River — 0 1 9 Gillespie’s Beach 0 2 2 — Golden Sands 0 3 4 0 3 8 Golden Snads 0 3 4 0 3 8 King Solomon *0 3 IiS 0 3 4 IC awn ran — 0 0 8 Mount Lyell 1 2 0 0 3 0 0 3 3 *0 12 2 012 6 Waihi — *1 7 3 Boll Hooper 0 0 11 — Beil Kilgour —• 0 1 9s Mataki — *Cum. dividend. 0 2