INTEREST REDUCTION

New Zealand Herald, Volume LXX, Issue 21456, 1 April 1933, Page 7

INTEREST REDUCTION

FARMERS' TRADING DEPOSITS

UNIFORM RATE 5 PER CENT

Depositors in the Farmers' Trading Company, Ltd., have agreed to accept a cut in interest rates, bringing these to a uniform 5 per cent, as against various higher rates previously ruling. It has also been agreed to extend the maturity date of the loans to 1937.

When the proposals were submitted to depositors, they were carried by a large vole, representing £136,827 of deposits to £3825 against. A 75 per cent majoriLy was necessary to carry the proposals and a 97.2 per cent majority was obtained. The chairman of directors, Mr. A. Ross, explained to 'depositors that in view of recent legislation and the general conditions of the money market, it had been considered necessary to come to a new arrangement with those who had money invested with the company. r J he opinion was expressed by one depositor at the meeting to consider the question that in view of present conditions interest rates should bo cut even lower. THE CITY MARKETS FRUIT IN HEAVY SUPPLY DECLINE IN PRICES There were heavy supplies of all classes of fruit at the City Markets yesterday and most lines declined ori prices ruling early in the week. Delicious apples wero in poor demand, the price falling by about 6d a case, and other sorts wero also dull of sale. Values for pears were a shade lower 011 slow sale. Persimmons dropped on sale by about Is to 2s 6d to 3s a case. Island oranges were harder to quit, value's falling considerably. Many lines of poor grade tomatoes were practically unsaleable, while even the choice lines moved slowly. There was a good demand for lemons at slightly higher rates and ripe bananas also met with satisfactory sale. To Kauwhata grapes sold well at unchanged rates, but the demand for hothouso was very slow. The vegetable market, was heavily supplied with potatoes, onions, kumaras and cauliflower and othe'r linos wero adequately represented. Potatoes showed a slight advance in price, but other vegetables either sold at unchanged prices or dropped on sale. Onions and pickling onions were particularly hard to quit. There was an average supply of poultry. Ihe demand was poor and prices showed a falling tendency. Eggs and farmers' butter sold at unchanged rates. Prices we're:— FRUIT Apples, Delicious, Is Gd to 3s Gd a case; Jonathan, 3s to 5s Gd; Munro, 2s Gd to 4s; Ballarats, 3s Gd to 4s 6d; Spys, 2s Gd to 4s Gd; Golden Russett, 3s (id to 4s; windfalls, Is to Is Gd; pears, Louis Boris, 8s to 9s; Buerre Bosc, 3s to 4a Gd; Keifler, 3s to -is; P. Barrys, 3s Gd to 4s Gd; peaches, 3s to 6s; persimmons, 2s Gd to 3s; passions, 2s to 3s; oranges, Island, 12s Gd; Culifornian, 35s to 375; tomatoes, extra choice, local, 2s Gd to 3s Gd; others, 9d to 2s; Hutts, 2s to 2s Gd; Cape gooseberries, 2id to 3d lb; lemons, extra choice cured, 12s to 14s; others, Gs to 9s; grapes, Te Kauwhata, 5s to bs. Gd; hothouse, extra choice Coleman, Is to Is 3d lb; Hamburghs, 4d to 9d; Coleman, poor coloured, Gd to 9d; Golden Queen, 9d; Muscat, 9d to Is (few extra choice Colman grapes sold at prices slightly higher than quoted); bananas, extra choice, up to 218 9d; No. 2 mediums, 15s to 19s. FIELD PRODUCE Potatoes, Is to 2s Gd bag; swedes, Is to 2s Gd; onions, Is Gd to 2s Gd; kumaras, Is' Gd to 2s Gd; cabbage, 011 benches, 2s to 3s Gd dozen; 3s to Gs sack; cauliflower, 3s Gd to 5s 6d sack; 011 benches, 2s to 3s 9d dozen; pumpkins, Is to 2s Gd sack; best crown, 4s to 5s cwt; cucumbers. Is to 3s dozen; carrots, 4d to 9d; parsnips, fid to 9d; beet, Gd to 9d; turnips, Gd dozen; radish, Gd; spring onions, 3d to 8d bundle; spinach, Gd to 9d dozen; leeks, 2d to 3d bundle; green • peas, 3s to Gs Gd bag; beans, Gd to Is Gd bag; marrows, Gd to Is Gd dozen; melons, citron, 2d to Gd each; water, 3d to ]s; lettuce, Is to 4s Gd case; celery, cooking, Gd to 9d bundle; dessert, 3 s to Is 9d; rhubarb, Cd to 2s dozen. POULTRY Cockerels, heavy breeds, prime, 2<* Gd to 4s; not prime, Is up: light, prime, Is Gd to 2s Gel; not prime, Gd; fat roosters, heavy, prime. Is 3d to 2s: light, Od to Is 3d: fat hens, heavy. Is 3d to Is 9d; light, 9d to Is 3d; pullets, heavy, best, 3s to ss; smaller. Is 3d up; light, best, 3s to ss; smaller, Is 3d up; drakes, young, prime, Is Gd to 2s; smaller, 9d up; old. Is to Is Gd: ducks, young, 2s to 2s Gd; old. Is to Is Gd. DAIRY PRODUCE Hen eggs, first quality, la Sid dozen; B grade, Is 5Jd; C grade. Is lid; duck first quality. Is 7id; B grade. Is tijd; C grtide, Is 2}d. Farmers' butter, Gd to 9d a lb. 6TOCK SALES VALUES AT WAIHI Tho Farmers' Co-operative Auctioneering Company, Ltd., reports that at the Waihi sale on Thursday a medium yarding ot pigs came forward, prices being well up to late quotations. A heavy yarding of cattle realised prices on a par with other sales. Valuer were: —Good weaner pigs, Gd to 9s; others. 5s to 7s: store evves, Gs; fat steers, medium, JM 12s Gd to £5 ss; light fat steers, £3 to i' 4 2s Gd; store steers, £1 15s to £2; fat cows, medium, £2 Us to £2 14s; light fat cows, £1 15a to £2; fresh store cows, £1 8s to £1 14s; boners, 37s to £1 2s; cows and calves, £2 to £2 2s; heifer calves, £1 2s to £l. 12s; potter bulls, £2 to £3 15a TE AWAMUTU QUOTATIONS The Farmers' Co-operative Auctioneering Company, Ltd., reports having held 113 'to Awamutu slock salo on Thursday. There was an average yarding of both cattle and sheepj thore being a number of Hues of good fat steers. All fat cattle and sheep yarded met with a satisfactory sale and sold readily, but store stock showed no alteration on late rates. Fat pigs wire yarded in good numbers, competition beir.g good for both porkers and baconers at. slightly below Frankton rates. A small entry of stores and weaners met with dull competition. Values were:— Light fat wethers, Ills 4d to 10a Gd; fat ewes, medium, ,4s Gd to ss: medium fat lambs, 9a lid to 10s 3d; lighter fat lambs, 8a Gd to 9s Gil: forward conditioned lambs, 7s 3d to 8s Id; aged breeding ewes, 3s 9d to 5s Gd: medium fat steers, £5 to £5 Ps; prime light fat Bteers, £4 5s to £4 Us; killable steers, £3 9s to £3 17s; medium fat. cows and heifers. £3 14s to £1; lighter. £2 l.Ss to £3 ss; killable cows. 39s to £2 8s; heavy boner cows. 2Gs 1o 335; lighter, lis to 21s; 21-yenr Shorthorn steers. £2 4s to £2 7«; mixed-coloured steers, 15s to 235; Friesian heifers. £2 to £2 5»; good quality Jersey lieifer calves, 25s to 30s; dairy cows, close to m'ofit. £4 10b to £1 15s; heavy potter bulls. £3 15s to £4 ss; lighter. 35s to £2 10s. Pigs: Prime baconers, £2 Is to £2 3s; medium, 3Gs to 395; heavy porkers and 1 icht baconers, 30s to 345: medium porkers, 2Gs to 27s Gd; light. 23s to 255; K.otvs. 14s Gd to 10s Gd; slips. 8s to 10s Gd . wenners, best. 7s to Ss: small winners, 5s Gd to Gs Gd; empty maiden Berkshire rows, £2 10s. PRICES AT GISBORNE [BY U'KT.EGTt AI j ri—OWN CO IU !ESPON DENT ] GISBORNE, Friday Prices for store sheep were maintained during tlio first portion of the Matawliero stock sale to-day, but the demand for fajsheep was not so good. In tho store sheep section, breeding ewes made up to 8s lot; four, six and eight-tooths, and 5s 9d for sound mouths; lambs. 7s 9d for good Downs; 5s lid and Gs lid for good longwools. Average store wethers brought 8s Bd. and good two-loot lis, 9s, with medium sorts at 7s Gd. Fat cattle did not attract much interest The fat sheep entry totalled nboul 400, but the quality generally was below standard, and values were easier. Ewes made 4s 4d to 5s 2d ; lambs, to 7n 7d; second grade evves sold well in comparison, making 3a ltd to 4s Gd. WHEAT IN AMERICA CHICAGO, March 30 Wheat.—May, 52J cents a bushel; July, 53V cents; September, cents. The New York quotation for cash is 63j cents. TIN IN NEW YORK NEW YORK. March 30

Tin (standard), April delivery, is quoted at 23.10 cents a lb., compared with 23.35 cents on March 25.