FARMING AND COMMERCIAL

Manawatu Standard, Volume LV, Issue 254, 24 September 1935, Page 5

FARMING AND COMMERCIAL

SYDNEY WOOL SALES

STRONG GENERAL DEMAND.

SYDNEY, Sept. 23. The wool sales were resumed to-day, when 11,551 bales wore offered and 10,489 sold, including 1428 privately. Prices, compared with those at. the close of the last Sydney series, were from 5 to Vi per cent, lower. There was a strong general demand for all descriptions. Greasy Merino made 20id. HEAVY WOOL CLIP. OTAGO'S EXPECTATIONS. Per Press Association. DUNEDIN, Sept. 23. Owing to weather conditions in Otago being favourable this season for wool production, one of the heaviest and bost-con-dtioned wool clips for many years is expected. It is anticipated that prices will show a definite though possibly not a largo improvement over those of last year. POTATO PRICES RISE. AN EXCITED MARKET. CHRISTCHURCH, Sept. 23. _ Potatoes, which began a rather sensational rise last week, have continued to go up, and the price to-day was fully £2 a ton higher than it was at the close of business on Friday afternoon and £3 a ton better than at the beginning of last week. The market was in an excited state to-day, and buyers who might havo attracted some attention in the morning with offers of £ll 10s tound m the afternoon that this was nowhere near holders’ ideas of the matter.

The reason is that there is a strong demand from Auckland, where a shipment by the Waipiata arrived to-day to find that the amount she carried, about 7000 sacks of “tables,” was not nearly enough to satisfy even the immediato wants of the Auckland market. Reports are also continuing to ccme hi of a very late crop in the north.

Usually the Auckland demand begins to .slacken oft and ceases almost entirely at the beginning of October with the appearance of new local potatoes, but this year rains and a bad season generally have delayed the Auckland crop, and it is pretty well established that potatoes from the south will be wanted there for at least another month. One Auckland firm believes that there will be no local supply till the middle of November. It is a little difficult to determine exactly what amount of potatoes is still held in Canterbury. _ Reports vary widely, but it appears certain that as the higher prices of the last few days have failed to attract any significant quantity from the country the supply is not large at any rate. If the estimate of a sure market till the second week in November is right, a good quantity will be wanted. The market to-day was moving up constantly, and at the end of the afternoon f.o.b. quotations were as high as £l3 a ton. PRICES AT AUCKLAND. PUKEKOHE CROP DISAPPOINTINGAUCKLAND, Sept. 23. The price of potatoes has again risen in spite of the arrival of about 7000 sacks by the Waipiata to-day, and Red Dakotas are now selling at £ls a ton. and whites at £l4 5s to £l4 10s a ton, through store, a rise of £3 10s in a week. The market is very firm and still further rises are possible. j The rise in the Christchurch market was even more marked. This morning one Auckland merchant attempted to buy in Christchurch at £l2 a ton, f.0.b., but sellers asked £l3. When an order was telegraphed at this price, however, it was refused, and later in the day some holders were quoting as high as £ls. A week ago f.o.b. prices were round £9 a ton. The fact that such high prices are bringing few sellers into the market is taken to indicate that very few potatoes are available in the South Island. If this is the case still higher prices can be expected, as there is no other source from which supplies can be drawn. The difficulty is accentuated by the heavy demand. At Pukekohe the crop is very disappointing, and it is not anticipated that it will be able to cope with tile local demand until the second week in November. The yield is very poor.

FARMING NEWS,

RURAL BAKINGS

An optimistic outlook for the beef market was strongly indicated last week when a large number of buyers from all over the Auckland Province assembled at the Wellsford stockyards, whore a record number of cattle for North Auckland was offered. Altogether about 1800 head wero sold for a total of £9OOO. The cattle were mainly from, the runs in the Kaipara district and were true beef animals which should return a handsome profit to their buyers should tho market remain reasonably firm. A fair proportion will probably be fattened into beef suitable for the chilled beef market. Sales of wool in Sydney by auction and privately this season total 109,416 bales, compared with 64,050 for a similar period last year. The average price has been approximately 13d a pound— more than the average for the first fortnight in September, 1934. Investigations with the object of establishing tho sugar beet industry in Taranaki are proceeding quietly in the hands of industrial firms and chemists. Although the nature of the product aimed at has not. been disclosed, it is undoi*6tood that it will not be sugar, because quantity and proximity of cano sugar supplies would probably make such a project unsound. There is, however, a suggestion to establish a factory, and inquiries regarding tho possibilities of supply of raw material are being made. A letter from a small farmer at Dunolan, Tasmania, to a relative in Napier, contains the following paragraph: “You must have a wonderful country over there. Hawke’s Bay certified rye-grass seed sells here at 17s 6d per bushel. Stock prices have boon good lately (they are on a parity with Hawke’s Bay prices); and it has boon a good season for potatoes. The highest price I got was £l4 10s per ton.” Fruitgrowers in the Hamilton district are experiencing a period of anxiety owing to the high winds that have been prevailing for some weeks. The severe frosts recently caused some damage. So far, the winds have not done much harm, but if they continue they will blow the blossoms off the fruit trees before they are fertilised, and much loss will bo caused. The winds have been very changeable, but havo been consistently strong for two months.

DAIRY PRODUCE.

BUTTER QUIETER AT 112s-U4s.

Joseph Nathan and Co., Ltd., have re. ccivod from London the following cabled advice, dated September 21: —Now Zealand butter, 112 s to 114 s. Quieter at advance. New Zealand cheese, 555.

LONDON MARKETS,

TALLOW, HEMP AND EGGS.

The Department of Agriculture has received the following cablegram, dated September 21, from the High Commissioner for Now Zealand, London: — Tallow.—Market quiet but steady at about last quotations. Hemp.—Manila and sisal: Strong, activo market; prices have advanced. Manila K grade for Oetobcr-Novombcr shipment sold down to £24 ss; closing sellers £24 10s. Sisal: Ootobcr-Novombor shipment sold down to £24 2s 6d; closing values £24 10s. .Tanuary-March shipment sold at from £24 12s 6d to £25. New Zealand, more inquiry, but no offers. Eggs.—English supplies short, but quietdemand. English national pack, 13s 6d to 17s fid; ordinary pack, 14s 9d. Danish (moving slowly). 10s 6d to 13s. Australian, 10s 6d to 12s 3d.

FOREIGN ON NEW ZEALAND CURRENCY BASIS. The Bank of New South Wales, Wellington, quoted the following rates for their purcahses and sales of foreign exchange on Saturday : New Zealand- Buying. Selling, on

T.T. represents telegraphic transfers.. O.D. represents on demand transactions. The above rates are subject to alteration without notice. The Associated Banks (other than the Bank of New South Wales) quoted the following dollar rates on Saturday on a New Zealand currency basis. They arc

POSITION OF STERLING

(British Official Wireless.) LONDON, Sept. 21

The following mean, closing 1 rates on foreign exchanges were current to-day compared with those ruling on September 20:

SYDNEY STOCK EXCHANGE

A HESITANT TONE

SYDNEY, Sept. 23.

Nervous selling on tho part of some holders and the hesitant attitude of buyers caused a further general marking down of investment values on the Slock Exchange to-day. The turnover also was much below normal. . , „ , , „ , Sales. —Commercial Bank of Sydney, £l7 16s; Colonial Sugar, £43: United Insurance, £l2 10s; Automatic lotcs. 19s 3d. Burns, Philp, South Sea, 28s; Australian Gas A £7 10s. British Tobacco, 37s 9d; Tooths 525; Tooheys, 2£te 3d; Beard Watson 17s 6d; R. Fowler, Us 9d; Australian Gypsum, 15s; Mark Foy, 18s; Marcus f'lYtk 8s- Sargents, 20s; J. Stedman. _l6s 6d- Drug’Houses, 28s 9d Dunlop Pordriau, 14s 6d; Farmers, 26e 6d: Anthony Hordern, 17s 9d; Amalgamated Textiles, 9s 9d; Lustre, 265. 6d. Mt. Morgan, 365; Broken Hi 1 Proprietary. 62s 6d; North Broken Hill. £7 ss; New Occidental Gold, 12s lid; Mt. Kasi 20s- Mt. Paris Tin, 4s 3d; lotola, 7s 6d; Mineral A Dcvelo,mmnE,6s. ept Sales on tho Stock Exchange, to-day included—G J. Coles, 655; Metropolitan Has £l4- 'Mt. Lyoll, 18s 6d; Enterprise, 110 s; Lolorna, 40s; Emperor, 26s 6d; New Morobo, £l4.

London— £N.Z. to ■Sistg.100 ... T.T. 124 124/10/0 Australia— £A. to £N.Z. O.D. 123/10/0 124/839 100 T.T. 101 100/10/0 Fiji— ilF. to £N.Z. O.D. 101 100/10/0 100 T.T. 90/7/6 89 New York — Dollars to O.D. 90/7/6 89 £N.Z.l T.T. 3.971, 3.93£ Montreal— Dollars to O.D. 3.983 3.94 £N.Z.l T.T. 4.03J 4.00g France — Francs to £1 O.D. 4.05e 4.00| N.Z T.T. 60.65 59.35 IIong-Kong— N.Z. pence O.D. 60.95 59.40 to 1 dollar T.T. 3017-32 31 19-32 Japan— N.Z. ponce O.D. 3013-32 31 17-32 to 1 yen .. T.T. - 17 45-64 O.D. - 17 11-16 Shanghai— N.Z. pence 24 1-16 to 1 dollar . T.T. 223 O.D. 2?jj 24

subject to alteration without notice. U.S.A. Canada (per £1 (per £i N.Z.) N.Z.) dols. dola T.f 3.93| 3.99! O.D Buying— 3.94! 3.99| O.D 3.98! 4.04!

Sept. 21. Sept. 20. Par. N. York, dol. to £ 4.911 4.91 13-16 4.866+ Montreal, dol. to £ 4-982 4.97a 4.366 Paris, francs to £ 74 41-64 74 51-64 124.21 Brussels, bel. to £ 29.07 /29.16 35.00 Geneva, francs to £ 15.12 15.145 25.225 Amst’dam, fl. to £ 7.265 7.265 12.107 Milan, lire to £.. 60 7-16 60.375 92.46 Berlin, mks. to £ St’holm, knr to £ 12.22 12.22 20.43 19.395 19.395 18.159 C’hagen, knr. to £ 22.395 22.395 18.156 Oslo, knr. to £ 19.905 19.905 18.156 Vienna, schgs to £ 26 26.25 34.586 Prague, knr. to £ 118 13-16 119 164.25 Hcl’fors, mks. to £ 226.875 226.875 •193.25 Madrid, pes. to £ 36 36 3-32 25.225 Lisbon, esc. to £ 110.125 110.125 110 Athens, dracli. to £ *517 *517 375 Belgrade, din. io £ 216 Bucharest, ici lo £ *624 216 *625 276.31 813.60 Warsaw,zloty to £ — — 43.38 Rio de J., p. to mil. +41 +41 5.899 B. Aires, p. to peso +35 +35 47.62 M. Video, p to peso +39jj +39| 51 Calcutta, p. to nip. 18 s 18g 18. Shanghai, p. to dol. 18 5-16 18 5 16 II . Kong, p. to dol. 24 11-16 24 £ 24.58? Y’hama, p. to yen 14 1-16 14 1-16 Batavia, fl. to £ 7.255 7.255 12.107 + Sellers, official. tPar. 3.23 31-32 * Seilers. since dollar deva luation on February 1, 1934.