FARMING AND COMMERCIAL

Manawatu Standard, Volume LVIII, Issue 8, 7 December 1937, Page 4

FARMING AND COMMERCIAL

BUTTER AND CHEESE. j LONDON MARKETS QUIET. - The London butter market closed quietly last week, New Zealand salted being’ quoted on Friday at 114 s to llos a cwt., unchanged 'oil the week, and comparing with 104 s a year ago. The retail price of New Zealand butter in London was Is 2d to Is 3d a lb, as compared with Is 4d for Danish. Friday’s closing quotations were as follow, those for the previous week being shown in parentheses: New Zealand. —Salted, 114 sto 115 s (114 sto 115 s); unsalted, 118 sto 120 s (118 s to 120 s). Australian. —Salted, Ills to 112 s (112 s); unsalted, 116 s (116 s to 118 s). Argentine.—Unsalted, 108 s to 110 s (106 s to 108 s). Danish. —132 s f.0.b., 152 s spot (1235; 143 s to 1445). Dutch. —Unsalted, 113 s, ex. 119 s. Lithuanian. —Salted and unsalted, 112 s to 114 s (unsalted 116 s). Deliveries of New Zealand butter last week were 2569 tons, the quantity in store in London (including 111 tons ex. Port Dunedin) being 1252 tons, as against 3608 tons a year ago. Australian deliveries were 1787 tons, the quantity in store being 1655 tons, as against 2108 tons a year ago. The cheese market was quiet, New Zealand being quoted at 6d a cwt. down on the week. Friday’s closing quotations, with those of the previous week, in parentheses, were as follow: New Zealand.—White, 68s to 68s 6d (68s 6d to 695; a year ago. 62s to 635); coloured, 67s to 67s 6d (67s 6d to 68s; a year ago, 62s to 635). Australian. —White, 65s to 67s to 675); coloured, 64s to 66s 6d (65s to 665). , Canadian.—White, 725, 73s to 74s (72s to 735); coloured, 72s to 74s (i 2s to 745). English.—Finest farmers, 94s to 96s (94s to 965); factory cheese, 51s 6d to 61s 6d (53s 6d to 55s 6d). Deliveries of New Zealand cheese ],<ist week were 13,229 crates, the quantity in store (including 9320 crates ex. Port-Dunedin) being 31,830 crates, as against 39.167 crates a year ago. Canadian cheese in store totalled 158,663 boxes, as against 132, 7.75 boxes a year ago.

LONDON MARKETS.

CURRENT QUOTATIONS,

The Department of lias received the following cablegram, dated December? 4, from the High Commissioner for New Zealand, London: — ' Tallow. —Market continues quiet at about 6d below last week’s rates. Hemp—Manila: Market continues dull; steadier at the close. “K” grade quoted sellers for December-February shipments £24 10s. Sisal: Market quiet and inactive. January-April shipments sold early this week £22 15s; closing sellers £22 ss. New Zealand: Nothing to report . Eggs.—Market steady, English, national pack, 23s to 26s 6d; English, ordinary pack, 23s to 24s 6d; Danish, 13s 9d to 17s 6d; Australian, 12s 3d to 14s 6d. Apples. —' Market steady. Oregon Newtown Pippins, 9s 6d to 12s 6d; Californian Newtown Pippins 9s bd. to 10s 6d; Washington Jonathans, 8s to 9s; British Columbian Jonathans, 8s to 10s; Delicious, Newtown. Pippins, 8s 9d to 10s 6d. . Pears. —Market steady. Californian Doyen du Cornice, 15s to, 18s; Beurre Bose, 12s to 13s; Winter .Nehs, 11s to 13s 1 Peas.—Maples: Market quiet with little change in prices. New crop iasmanian sold 57s 6d for FebruaryMarch shipments. No. 1 New Zealand sold for November-December shipments 56s on sample 53s to 565. Blues: Poor demand for Japanese and Dutch at slightly easier prices; Tasmanian not offered. HERD TESTING. MANAWATU GROUP AVERAGES.

The following are the Manawatu Herd Testing Association group averages tor

SEASONAL • FARM WORK. CULLING "THE FLOCK. The indications are that wool will not be in such keen demand this year as last, but this provides all the more reason why it ' should be carefully skirted rolled, .classed and packed ill the bales, so that it may attract buyers with its '“get-up./ Painstaking cLrc with the preparation of the woo in'the shed may easily make it sell for a penny per pound more, and as tliis “Ull amoU \o £3 ior more per 100 sheep, it drill be seen that it is worthwhile. . . . „ As the ewes go over the shoaling hoard they .should be carefully watched by the farmer, who can tlijm judge accurately, which should be culled an which kept for further breeding. A dab of grease raddle on the face of those to be culled will distinguish them . sutticiently to run them off at the race before the flock goes back to tlio paddocks The culls can be branded m a different place from the' main flock: and given treatment to make , them attractive to buyers. For culling breeding ewes there is no place which equals the shearing board, but the man who is doing this work should take every factor into consideration. A dry or barren ewe may look much more attractive than one which has reared twins, and yet be of no more value than a wether.

THE WOOL MARKET. FIRST WELLINGTON SALE. PROSPECTS FORT TO-MORROW. . WELLINGTON, Dec. 7. Values in the New Zealand wool market will be tested again to-morrow, when the first Wellington sale—the third to be held in the Dominion this season—will open in the Town Hall at 9 a.m. The total quantity catalogued ,for auction is 20,500 bales—some 9500 bales short of the limit fixed by the New Zealand Wool Committee—brokers’ quantities in order of sale be-, iiig as follow : Bales. N.Z. Farmers’ Co-op. Dist. Co. ... 3,294 Wairarapa Farmers’ Co-op. Assn. 402 Abraham and Williams, Ltd., and > Wright, Stephenson and Co. ... 3,108 Dalgety and Co 3,452 Murray Roberts and Co 2.578 Levin and Co., Ltd 5,531 N.Z. Loan and Mercantile Agency Co 2,135 Total 1.. 20,500 A It is probable that this total will he reduced further by late withdrawals on the part of growers unwilling to meet the lower lovel of values set at the Auckland and Napier sales, where the offerings were well below the limits set by the New Zealand Wool Committee. The wool to be offered to-morrow is said to bo much lighter in weight than usual, due to the hard season. Buyers arrived from Napier at the week-end, and are at present busily engaged in appraising and valuing the wool. It is generally considered that tomorrow’s prices will equal those of the Napier sale on Friday, when the market was from to Id better than at the opening sale at Auckland. The Bank of Now South Wales yesterday received the following cable message, dated December 4, from its London office :—Wool: During the past week prices for Merinos have tended in sellers’ favour, but crossbreds generally are unchanged. SYDNEY VALUES. SLIGHT INCREASE. "SYDNEY, Dec. 6. At the resumption of the wool sales to-day, all average to good wools showing length and quality ruled from par .to 5 per cent, above the closing rates of the previous Sydney series. Other descriptions were unchanged. Greasy Merino made 26d. The offering consisted of 7836 bales, of which 6610 were sold, also 930 bales Were sold privately. SHIPMENT OF WHEAT. CARGO FROM"~AUSTRALIA. Per Press Association. CHRISTCHURCH, Dec. 6. The second big shipment of Australian wheat imported this month will be on the water by the end of this week. The Harbledown carrying a little more than 300,000 bushels will leave Geelong on Saturday for Auckland. The Harbledown will discharge part of her cargo at Auckland and will bring wheat to several ports further south. The arrival of the Harbledown closely follows that of another ship of the same company, the Harmanieh, which is also carrying a big cargo of wheat to Wellington. Importations to date this season bring tlie total for the season to considerably more than 1,500,000 bushels. In November alone approximately 500 000 bushels were imported, reflecting Canterbury’s own pooiv season for wlieaif.

FOREIGN EXCHANGES. POSITION OF~STERLING. LONDON, Dec. .4. The following mean closing rates on foreign exchanges wore current to-day compared with par:—

ON NEW ZEALAND CURRENCY BASIS. The Bank of New South Wales. Wellington, quoted the following rates for their purchases end sales of foreign exchango yCstoi'Uay : New Zealand. Buying. Selling.

' t° dollal. .. T.X. _ ■ l3g 64 i The Associated Banks (other than the Bank of New South Wales) quoted the following dollar rates yesterday on a New Zoaland currency basis. They are subject to alteration Dol (Per Do!. (Per Selling— ftN.Z.) T.t. 4.00 5-16 4. O'Mr O'd ’7*!....*. 4.0011-16 4Duy s:s: “ tw

WELLINGTON STOCK EXCHANGE.

YESTERDAY’S BUSINESS AND PRICtS.

There was a steadier tone in the Wellington stock and share markets yesterday and active trading produced a substantial turnover. The better standing of the base metals market was reflected in firmer rates for Australian metal company shares. Broken Hill Proprietary moved up to 63s 3d, Broken Hill South to 38s 6d and 38s 4d, and Mount Lyell to 33s 4d and 33s 3d. G. J. Coles and Woolworths showed little or no change from last week’s closing prices. New Zealand Breweries firmed to business at 47s 6d and 49s 9d. Bank shares were dull and on the weak side, and other sections were generally quiet. YESTERDAY’S QUOTATIONS. The latest buying and selling quotations

Wellington—lnscr. stock, 3J per cent., 3-1939-43, £IOO 15s; Government bonds, 4 per cent., 10-2-43-46, £103; Wellington Harbour, 5* per cent., 28-2-40, £lOl 10s; Bank of New Zealand t£2 4s 8d; New Zealand Breweries £2 7s 6d, £2 7s 9d; British Tobacco, £2 9s 9d, £2 9s lOd; Broken Hill Pty. (5), *£3 2s 9d, t£3 3s 3d; Colonial Sugar, +£46 2s 6d; Consohd. Brick, 7s su; Electro. Zinc, ord £2 7s 6d *£2 7s 3d, *£2 7s sd; G. J. Coles (2), *£4 2s 4d, (2) £4 2s Od; McKenzies Dept. Stores, odd lot, £3 13s 6d, odd lot, £3 13s 6d; Taranaki Oil (8), 7s Bd, 7s 9d 2) +7s 9d- Woolworths Ltd., *£l 6s 6d;, *£l 6a 7d, # (6) £1 6s 7d; Broken Hill South, £1 18s 6d £1 18s 4d; Mount Lyell, £1 iaf 4d’ *£l 13s 3(1; Mount Morgan, 12s 4d,’-+l2s s|d. *Late sale Saturday. after last call. Auckland.—E-, S. and A. Bank, £5 6s lOd; Bank of New South Wales, £32 10s £32 12s 6d; Bank of New Zealand’(2), £2 4s 7ri; New Zealand Insurance, £3 4s; South British Insurance, £4 18s 6d; Renown Collieries 9s 9d; Brdken Hill Ppty-, £3 2s 9d, 5s paid (2), £2 15s 6d; Colonml £46- Electro. Zinc, ord., £2 7s *6d; G. J. Coles, £4 2s 6d; M. Millinery, 12s lOd; Taranaki OH, (s 4d, (3), 7s 6d; Martha Mine, 13b 6d; Mount Morgan, 12s 6d. _ . Christchurch.—E., 8.; and A. £5 ss; Australian G ass, £4 6 S Bd, (3) £4'7s; British Tobacco, (4), £2_ 9s 9d; Broken Hill Pty.. £3 3s 1 , £3 3s 2d; Electro. Zinc., ord. (2), £b 7s-6d pref. (6) £2 10s; G. J. Coiee, It 2s 3cl, (2) £4 2s M ; Od, 7s 7d ; Woolworths Ltd. (2),£r6sßa. (7) £1 Cs od; Grey River. 7s 6d pd., 9s 3 tl, Mossy Creek, Is Id ; broken Hill South (4). £1 17s- 10d; Mount Lvell (2). £1 13s 3d, (4) £1 13s 4(1, m £1 13s 3d‘ (2) £1 13s 2d; Mount Morgan. 12s sd, 12s 4d; North Broken Hill £2 14s: McKenzies Dept. Stpree, rights, £2 '3s 3d.'Sales reported; New Zealand Breweries (31. £2 is 6d, British Tobacco, £2 9s lOd ; Broken Hill Rpty., 5s paid; £1 15s 6d; G. J. Coles, £4 2s fid; Kauri Timber. £1 2s Ocl; Taranaki Oil. 7s 7d : Woolworths Ltd., £1 6s 6d ; Mount Morgan, ]2s sd. Dunedin. Conm. Bank- Austr., 16s ltd; Bank of Ne,w Zealand, £2 4s 6d; Nat. Bank of Australasia, £5 paid, £7; GoldshroUgli Mort., £1 12s 3d; New Zealand Breweries, £2 7s; Taranaki Oil (3). 7s sd; Woolworths. Ltd., £l' 6s 6d, (3) £1 6s. 7d; . Broken Hill South, *£l 18s. *Late sale Saturday. AUSTRALIAN SHARE MARKETS . IMPROVED TONE. . . : ■ “SYDNEY, Dec. 6 The increasing confidence overseas was reflected in a much improved tone-.on the local share mar.ket to-day, - Sales— Commercial Banking Co.

of Sydney, £2O 7s; Commercial Bank of Australia, 17s' 3d; Queensland National Bank, £5 4s; Bank of Australasia, £lO 15s; Bank of New Zealand, 44s 9d; Colonial Sugar, £46 12s 6d; Adelaide Steam, 31s; Howard Smith, 21s; Huddart Parker, 42s 6d; British Tobacco, 50s 3d; Carlton Brewery, 62s 3d; G. J. Coles, 84s; Dunlop Perdriau, 22s 8d; Anthony Hordern, 19s; Kandos, 245; Morts Dock, 10s 3d; Westinghouse, 22s 6d; Cash Orders, 16s 7sd; Felt and Textiles, 36s 6d; Newbold Brick, 335; Peters, 545; W. H- Soul. 83s; Goldsbrough Mort, 32s 9d; Wilcox Mofflin, 10s 9d; Henry Jones, 46s 6d; Fairymead Sugar, 355; Woolworths, 26s 7RI; Mount Morgan, 12s Gd; Mt. Lyell, 33s HRd; New Zealand delivery, 33s 10)d; Broken Hill Proprietary, 63s 9d; North Brokens, 565.; South Brokens, 38s 9d; Rawang, 10s lid; Taranaki Oil, 7s 4d. MELBOURNE, Dec. 6. The better sentiment continues, although industrial shares show little price change. Barriers have further improved, hut trading is light. Sales. —Commercial Bank of Australia, 17s 3d; National Bank, £l9 paid, £l4; British Tobacco, 50s 6d; G. J. Coles, 84s 3d; Dunlop Perdriau, 22s 7d, Goldsbrough Mort. 32s 7Jd; Woolworths, New .South Wales, 26s 9d; Australian Paper Manufacturers, pref., 10s paid, 14s; Australian Foundation Investment Trust, 5s 7d; Electrolytic Zinc, 48s, pref. 61s; Mount Lyell. 33s 9d; Broken Hill Proprietary, 63s 6d; North Brokens, 55s 9d; South Brokens, 38s 9d; Emperor, 12s sd; Loloma, 17s Cel; Taranaki Oil, 7s 6d.

FINANCIAL. WOOLWORTHS (VICTORIA), LTD. DIVIDEND OF 10 PER CENT. The' directors of Woolworths (Victoria), Ltd., state that the profit for the year ended September 30, after deducting all working expenses and provision for depreciation, is £18,4z0 3s 3d. After setting aside £2OOO as provision for taxation, th© not profit* is £16,426 3s 3d.’ The two dividends on the preference shares at the rate of 7 per cent, per annum took £5600, leaving an available balance of £10,826 3s 3d. The directors recommend a dividend of 10 per cent, for the year 'on the ordinary share capital, absorbing 14s, leaving- a balance of £4825 9s od, to which is added £11,786 13s /d brought forward from lost year, malting a total of £16.612 2s lOd Th e directors propose to apply £SOOO in reduction of establishment charges, leaving a balance to be carried forward of £11,612 2s lOd. During the year the shares taken over from Alfred Edments Ppty., Ltd., have been reorganised, and the affairs of the company have progressed favourably.

November, 1937 : — Cows. MUk. lb fat. Palmerston-Tiakit&huna Kangiotu-Baincsso Rongotea-Sanson 305 976 496 797 661 862 696 934 553 871 42 36 39 43 41 Glen Orqua-Tiakorea .. 397 1001 515 850 48 39 40 44 Whakaronga-Ashhurst 650 860 221 878 Kopane-Kairanga 670 852 573 1014 325 934 46 43 42 Kiwitea-Kimbolton Stamvay-Fcilding. 'Bonn.vglen-Mavton Man ak an-l o Horo Waikanac-Paraparaumu 543 936 400 836 652 874 176 950 314 . 696 473 945 43 41 41 38 ' 31 44 . 37. Kauwhata-Aorangi Bunnythorpe highest 245 786 HERD. Highest COW. Cows. Fat. lb. fat. Palmerston-Tiakitaluina Rnngiotu-Bainessc 21 51 34 42 53 44 14 52 40 57 113 • 95 76 Rongotea-Sanson-88 Glen Oroua-Taikorea ... 397 1001 48 Linton-Aokautore 48 47 Whakaronga-Ashhurst 21 49 52 48 85 Ivopane-Kairanga Apiti Rangiwahia 48 54 12 57 13 53 85 79 75 Kiwitea-Kimbolton 62 51 99 Stanwav-Feilding 29 55 81 Bonnvglcn-Marton 29 53 89 Mailakau-Te Horo 19 49 73 WaikanaO-Paraparaumu 29 42 68 Kauwhata-Aorangi 20 53 84 Bunnythorpe 22 46 68

Now York, dal. to £ Deo.. 4. ... 4.99 3-16 Par. 4.866 Montreal, dol. to £ ... 4.866 Paris, francs to £ ... ... 147 5-64 124.21 Brussels,' bel. to £ ... ... 29.375 48.611 Geneva, francs to £ Amsterdam, florins to ... 21.60 25.225 £ 8.96i 12,107 Berlin, marks to £ ... ... 12.39? 23.43 Stockholm, knr. to £ ... 19.40 18.159 Copenhagen, knr. to £ .. 22.40 18.159 Oslo. knr. to £ ... 19.90 18.159 Vienna, schgs. to £ ... 26 50 34.585 Prague, knr. to £ .... ... 141 1-16 134.25 HePfors, marks to £ ... 226.125 193.23 Madrid, pes. to £ ... ... 25.225 T.isbon, esc. to £ ... 1103-16 100 Milan, lire to £ ... 94.25 92 Athens, drae. to £ ... ... 547.50 375 Bucharest, lei to £ ... .... 677 813.60 Belgrade.' din. to £ .... ... 216 278.31 Rio do J., p. to mil. ... +223-32 4.-*9 B. Aires, p. to peso ... 47.62 M. Video, p. to peso . .. +3913-16 51 Calcutta, p. to rup. ... .... 18g 18 Shanghai, p. to dol. ... 14 3-16 18 Hong Kong, p. to dol. . 15 1 — Yokohama, n. to yen ....- 14 24.582 Batavia, florins to £ ... 8.96 12.107 J Market Hate. + Sellers Official.

on London — £N.Z. to stg.100 T.T. 124 124/10/0 O.D.. 123/10/0 124/8/0 Australia — £A. to dBN.Z. 100 T.T. • — O.D. 101 100/10/0 Fiji£Fto £N.Z. 100 T.T. O.D. 90/7/6 ' 89 New York — Dollars to £ N.Z T.T. 4.0367 4.0020 O.D. 4.0467 4.0060 Montreal — Dollars to £ N.Z T.T. 4.0343 4.0019 . O.D. 4.0463 4.0059 France— Francs to £ N.Z. . ■T.T. . « 117.12 O.D. 117.16 Hong Kong— N.Z. pence 18 29-64' 18 53-64 to 1 dollar .. T.'J O.D 18 27-64 18 53-64 Japan--. N.Z. pence to yen T.T. O.D. 17 33-64 17 33-64 Shanghai—

recorded yesterday on the Wellingt on Stock Exchange were as follow Buy ers Sellers. N.Z. GOVT. LOANS— £ s. d. £ s. d. 3i p.c. Inscr. Stock. 3-1939-43 — 101 0 0 Ditto, 1-1953-57 — 98 10 0 4 p.c. ditto, 2-1943-46 102 15 0 — 3| p.c.. Bonds, 1-1953-57 — 98 10 0 4 p.c. ditto. 2-1943-46 102 17 DEBENTURES6 — Well. Hosp. Bd., 4i p.c., 14-9-43 — Well. Harbour Bd., 5i 103 0 0 p.c., 28-2-40 — 101 15 0 BANKS— 11 0 0 Oomrcl. of Aust., ord. 0 16 9 Ditto, prof 9 13 0 — Eng., Scot, and Aust. — 5 7 0 National of N.Z — National of Australasia, 2 17 0 £5 paid 6 15 New South Wales ... — 0 32 15 0 New Zealand *2 4 3 2 4 10 Ditto, D long term ... — FINANCIAL*1 lp 2 Goldsbrough, Wort. ... 1 12 2 1 12 9 National Mortgage, A — 2 8 0 N.Z. Guarantee C'orp. — Wellington Investment, 0 4 8 0 9 5 7 5 Well. Trust, Loan ... —• 6 Metropolitan Bdgs. .... — GAS12 15 0 1 1 8 Christchurch 1 6 9 Feilding 0 2 0 0 8 9 INSURANCE— National of N.Z — 0 17 6 New Zealand — MEAT PRESERVING— 3 4 6 N.Z. Refrigerating ... — 0 19 3 Ditto, 10s paid — 0 9 2 Well. Meat Export ... 0 8 TRANSPORT— 0 Huddart, Parker, ord. 2 .1 0 — Union Steam, pref. ... 1 6 WOOLLEN— 9 — 0 12 6 Ditto, pref — 0 17 3 0 17 0 Wellington pref 5 10 COAL0 1 — Kaitangata 1 4 — Pukemiro 0 18 TIMBER— 0 0 4 3 Rotoiti, pref — 0 19 0 Taringamutu +0 14 Taupo, Totara, ord. .. — 3 — 0 6 9 BREWERIES— *2 0 3 N.Z. Breweries *2 7 9 2 8 0 Tooth and Co 2 12 3 — 1 7 0 MISCELLANEOUS0 18 Anthonv Hordern 0 18 2 7 0 4 8 0 British Tobacco *2 9 6 — Broken Hill Pty 3 3 0 3 3 3 Ditto, 5s paid 1 j-5 6 — 0 Colonial Sugar 45 15 0 46 5 Con. Brick and Pipe *0 7 4 — Hon. and Med. Sup. 0 13 3 — Dominion Fertiliser ... 9 1 4 0 D.I.G., pref 1 3 — Dunlop Pcrdriau 1 2 0 0 Electrolytic Zinc, ord. 2 7 3 2 Q Ditto, prof. 2 10 0 2 10 6 G. J. Coles 4 2 9 — 9 Hume Pipe — 0 19 Macduffs, prof — 0 1 6 McKenzies 3 13 Ditto, rights 2 1 6 0 Milburn Lime — 2 1 National Electric 9 13 9 N.Z. Drug • — 3 14 N.Z. Farm. Fertiliser — 11 0 0 Sharland and Co., ord. — 0 18 Taranaki Oil 0 1 7 u v xu United Provisions .... — V i *5 0 *5 0 1 6 Woolwoi'ths N.Z., ord. 0 Ditto, new ■- ~ Wool worths Ltd., ord. 1 o Ditto, first prof 2 0 6 7 0 W. R. Carpenter 2 o MININGArgo 0 1 10 Grey River Mossy Crook 6 a. 0} o i 3 Waihi Investments ■••..9.9 0 Broken Hill South ... 1L 18 Mount Morgan u i i 3 5 0 12 6 North Broken Hill 2 14 OVERSEAS LISIINGb— 0 Woolworths Holdings 0 14 *Cum dividend. tEx di 3 adend. YESTERDAY’S SALES.