COMMERCIAL

Nelson Evening Mail, Volume LXIV, 20 February 1931, Page 10

COMMERCIAL

LIVE STOCK MARKET FAT CATTLE ADVANCE i ■ (By Telegraph—Press Association) CHRISTCHURCH, 18th February. Entries at the weekly market at Addington to-day were heavy in all tin

major sections, with the exception of fat cattle, and the. sale generally was a firm one. The only actual advance on late rates was in the fat cattle section, in which best beef advanced a full £1 a head and ordinary beef correspondingly less.

Store' Sheep.—A good selection of lambs was offered, particularly open wool sorts. The sale was a freer one, witli values a little advanced. The adult sheep included 1200 ewes from Gisborne. It was a fairly steady sale, with no apparent change in values. Gisborne ewes

reached 14s 2d. Values were: Good rape lambs 10s to 11s Id, medium rape lambs 8s 3d to 9s 7d, ordinary rape lambs 3s to 5s 6d, good wether lambs 6s 6d to 8s 6d, good ewe lambs to Bs, backward ewo lambs 4s lOd to 5s 3d, extra good two-, tooth Romney ewes to 14s 4d, good twotooth Romney ewes 12s 9d to 13s 2d, medium two-tooth Romney ewes to 10s 6d, good six and eight tooth Romney ewes 6s 9d to 8s 6d, sound-mouthed Romney ewes 3s 6d to 4s, ordinary twotooth crossbrew ewes to Bs, good six and eight-tooth halfbred ewes 6s to Bs, aged ewes to Is 7d, good Romney cross wethers to 7s Bd, good halfbred wethers to 7s lOd, backward halfbred wethers to 4s 3d.

Fat Lambs.—An entry of 4800 met with a firm sale, with no alteration. on late rates. Values were: Extra prinio lambs to 18s 4d, prime lambs 15s 6d to 16s 6dy medium lambs 13s 6d to 15s, light lambs 10s 6d to 13s, store lambs 8s 6d to 10s.

Fat Sheep.—An entry of 5000 head. The sale was irregular, but prices wero on a par with those of last week. Export buyers operated on the new schedule of jd to Id for ewes, and lad to 2gd for wethers. Values were: Extra prime heavy wethers to 17s 7d, prime heavy wethers 15s to 16s (id, medium wethers 13s to 15s, second quality wethers 9s to 12s 6d, light wethers 6s 6d to 8s 6d, extra prime ewes to 13s 4d, prime ewes 10s to Us 6d, medium ewes 8s to 9s 6d, light ewes 5s 6d to 7s 6d, aged ewes 3s 6d to ss.

Fat Cattle.—A varding of 318 head. Choice heavy beef made 32s to 35s per 100 lbs, best medium-weight beef from 30s to 345, plain heavy beef from 25s 6d to 295, cow beef 23s to 265, secondary beef from 19s to 225. and rough down to 15s per 100 lbs. Values were: Extra prime heavy steers to £l6 17s 6d, heavy steers £l2 to £l4 15s, prime mediumweight steers £8 10s to £ll, medium quality steers £6 15s to £B, light steers to £6 ss, extra prime heifers to £ll 17s 6d, prime heifers £8 to £lO ss, medium heifers £4 15s to £7 10s, light heifers to £4 10s, extra prime cows to £lO 12s 6d, prime cows £7 10s to £9 15s, medium cows £4 10s to £7, light and aged cows to £4. Vealers.—The entfv of vealers was a large one. The quality was very mixed. Butchers’ sorts sold at late rates. The top price was £5 13s 6d. Store Cattle.—A poor entry and no straight lines forward. Two-year-old steers sold up to £4 7s 6d, 18-months steers up to £2 10s 15-months mixed sexcalves up to £l, fresh cows up to £4 10s, potting bulls up to £5. Dairy Cattle.—The yarding was an average one and the quality was very indifferent. There was a slight easing in values for secondary sorts, but anyfhing promising held late rates. Values were: Good second and third culvers £9 to_£lo, medium sorts £7 10s to £8 ss, 'aged and inferior sorts £2 5s to £5 15s. good heifers £8 15s to £l2, mi-dium heifers £2 10s to £8 others £5 5s to £7.

Fat Pigs.— I The entry of fat pigs was larger than last week and once again it [was made up mainly of West-Coast and North Island consignments. The marret was about on a par with last week. Values were: Choppers £2 5s to £5 16s, baconers 47s to 575, heavy baconers £3 to £3 6s 6d, average price per lb 4£d to 5J,d, porkers 35s to 38s, heavy porkers 39s to 445, average price per lb sjd to 6'd. Store Pigs.—There was a very small yarding and little alteration in prices. Values were: Weaners 9s to 12s, extra good to 18s. slips 14s to 16s. small stores 18s to 225, larger stores to 30s.

AUSTRALIAN MARKETS ‘-United Press Association—By Electric Telegraph—Copyright) ADELAIDE, 19th February. Wheat brought 2s IJd; flour £0 10s; pollard £4 10s; bran £3 15s; oats (Algerian) Is Od. BANKINGSYSTEM BUSINESS COMMUNITY PUZ2TLED AUCKLAND. This Day. Addressing the Chamber of Commerce annual meeting, the retiring president, Mr Malcolm Stewart, said that the depreciation of the New_ Zealand pound compared with the British pound to the extent of 10 per cent, was puzzling the business community, and a frank stateinent by the Associated Banks would bo welcomed. The view was commonly held that New Zealand funds in London were being transferred to the credit of Australia. If such was th’e case, our banking system needed review.

BANK OF NEW SOUTH WALES DUNEDIN, 19th February. When it was announced at the Dunedin Stock Exchange yesterday that the directors of the Bank of New South Wales would in future pay dividends in Australian currency, the chairman (Mr Harman Reeves) sa'id that members would no doubt have noticed the statement of the resident inspector in Wellington of die Bank of New South Wales that the payment of dividends was a matter as between the shareholders and the bank. This was a case of New Zealand shareholders being penalised because of the ruling conditions in Australia. While the Australian shareholders would receive their dividends free of exchange, the New Zealand shareholders would have to pay exorbitant rates of exchange on their dividend warrants.

The case of New Zealand shareholders in the National Bank of Australasia was entirely different, said Mr Reeves. Thu‘ bank did not carry on banking business in New Zealand. The Bank of New South Wales, on the other hand, had branches all over the Dominion, "md 1 o doubt made a considerable proportion of its profits in this country. It was 'hen a question whether New Zealand shareholders were not entitled to the same net dividend as the shareholders in Australia. This was a matter which should come before the Legislature, widen "as remodelling the Companies Act. It might be made a condition of any c'<m pany or bank trading in the Dominion with a local register of shareholders, th.iD all dividends to shareholders be made payable free of exchange, if they vero made payable free of exchange at the head qffice of the company. If a company or bank made profits out of the people of this and that company had a register of shareholders in the Dominion, surely shareholders register'd lluvo should share equally with shareholders in other countries in the profits of the company. It might be said that the present were abnormal times in Australia, and that sooner or later the exchange ro-

sition would right itself, but that was no reason why New Zealand sharenoiieis should suffer in the meantime through the political extravagance and communism of Australian politicians.