WAIKATO VALUES

New Zealand Herald, Volume LXXIV, Issue 22860, 15 October 1937, Page 7

WAIKATO VALUES

NEED FOR RAIN FEARS OF DRY SEASON DISTURBING MARKET EFFECTS Although the spring so far has been much more genial and abundant than the spring preceding it has been drier and farmers on that account have been smitten by another of those scare plagues from which there seems no escape. With a month's dry weather behind, rain seems more probable than continuance of the drought. Under the present conditions buoyancy is not possible. The stock market is losing vitality and rain is necessary to prevent collapse. The quantity of sheep being handled is very small, therefore the effect in this branch is negligible, but with cattle which are in the rush season the consequence is serious. Waikato for once has disappointed those who looked upon it as the Mecca of tho stock world, for according to reports values here are below those existing in the centres whence tho cattle were despatched. Whether this be so or not values are certainly much lower here than they were a month ago, and at the special sale in Morrinsville this week a fair portion of the entry failed to pass. It must be said, however, that the quality generally was inferior to the grade customarily exhibited and it may be that the better drafts expected next week will receive a better reception. Cattle started off so dangerously high this season that every possible advantage was needed for support. Nothing could have happened more likely to unsettle the balance than spring's delay and tho fear of a dry season that has taken universal possession. Conditions in the separate sections are:—

BEEF The supply of good beef is no more than adequate for the demand, consequently firm markets endure. One remarkable feature is tho extensive entry of oxen exhibited at Frankton weekly, and the steady and solid competition that meets it. From 80 to_ 100 bullocks is now customary and could this be maintained competition from Auckland, so long desired and at present available, might become an established practice. For ox beef on Tuesday values were very firm and although cow beef seemed a; trifle easier at the commencement the closing stages were full of vigour. In this latter section the quality was much below the standard of recent displays. A full entry of veal, mostly light-weight, sold steadily at about current rates: Light and medium ox sold from 39s to £2; heavy, 35s to 37s Gd; prime heifer, 37s to 395; young cow, 34s to 30s; Jersey cows, 25s to 2Ss; rough cows, 21s to 21s. MUTTON Ample supplies continue to come forward. The week's operations show further decline in woolly sheep. At Frankton on Tuesday the top price for woolly wethers was 435, roughly 2s under the previous level. Woolly ewes also suffered but shorn classes fairly well maintained existing rates, though instances of decline were observed. Hoggets were again in fair demand. Woolly wethers, best, sold from 38s to 435; shorn wethers, 32s to 345; light, from 275; heavy woolly ewes, 29s to 335; shorn, 2-ls to 26s 6d; plain, 20s to 235;. woolly hoggets, 23s to 355; shorn hoggets, 22s to 2Ss.

STORE CATTLE | As stated previously. with two years of almost incessant rain behind us the belief that a dry period is imminent finds easy acceptance and "certainly the present aspect lends encouragement. Although pastures are green there is no evidence of waste, and with markets declining, those likely to need cattle will fancy their advantage lies in delay. Special sales at Frankton and Morrinsville were held during the week and at both great disappointment to sellers resulted. Comparing the rates with those current some weeks ago this was natural, yet no one could fail to realise that even under the most favourable conditions a dangerous level had been reached. Upon dealers and speculators the decline presses most harshly, for breeders can still accept to-day's values and be better recompensed than the grazier, whose profits during the last year or two have been well chiselled down. At- Morrinsville three to fouryear Polled Angus and Hereford bullocks made from £9 10s to £lO (one pen .£lO lis); two and three-year, mixed. £8 5s to £9; four-year Shorthorns (ex-North), £9 10s to CO 15s; three-year empty Polled Angus heifers. £7 9s: Hercfords. ditto, £7 to £7 ss; two-year Polled Angus heifers, £7 to £7 ss; yearling Polled Angus heifers, £5 5s to £5 355; yearling Polled Angus steers, £'G <>s offered but not accepted for a well-bred line in fair condition. STORE SHEEP The offerings in this section are small and so far values have not suffered much.) The uncertainty about wool seems to have halted "forward delivery" sales and it is likely that those who have not yet purchased will await the January-February fairs. Shorn wethers soli from 25s Od to 26s Od; ewes with lambs at foot, 18s Od to 21s, all counted. At Frankton this week a line of six-year woolly ewes with 100 per cent lambs,, made 20s 9d; woolly ewe hoggets are worth from 35s to 40s; wether hoggets, 26s to 295. PIGS Good entries are being handled in all centres with generally "steady competition. At Frankton the opening stages showed a weakening, but as the sale advanced the usual keenness was introduced and remained I till the conclusion. The top price was again £4 OS; light, from £3 10s; heavy porkers, to £3; light, from £2; butter-milk pigs, £2 15s to £3 ss. Store pigs inclined to ease on some classes.

BASE METALS WEAK DECLINES IN LONDON SHARP FALL' IN TIN LONDON, Oct. 13 Following are to-day's quotations 011 the London metal market compared

TRADE OF BRITAIN IMPORTS AND EXPORTS INCREASES IN SEPTEMBER (Received October 14, 6.5 p.m.) British Wireless RUGBY, Oct. 13 The Board of Trade returns for September show that the value of imports into Britain totalled £87,819,000, compared with £71,891,528 in September, 1936, an increase of £15,927,472. The value of exports was £44,263,000, compared with £36,960,737, an increase of £7,302,263, and of re-exports £5,206,000, compared with £3,854,666, an increase oi; £1,351,334*

Following is a comparison of the returns for September for the, past three years:— Imports Exports Re-expoVts £ £ .e 1935 00,830,097 34,098,265 3,810,838 1930 71,891,528 30,960,737 3,854,668 1937 87,819,000 44,263,000 5,206,000 The apparent adverse balance in 3935 was £22,921,594. It increased in 1936 to £31,076,125. Last month the excess of imports over exports increased to £38,350,000. Corresponding returns for periods of nine months are:— Imports Exports Re-exports £ £ £ 1935 539,188,011 311.795.752 10,551,092 1936 608,(.107,018 320,092,159 43,532,791 1937 7.42,810,396 385,708,876 59,238.619 The apparent adverse balance for the past nine months is £297,268,871, compared with £2421382,668 in 1936 and £187,138,137 in 1935.

with those of October 12: — « ■ Oct. IS Oct. 12 Per i ton Per 1 Ion £ s d .€ s d Copper, stan, spot •J 5 13 3V a -16 0 4% Copper, stan., 3 mos. 45 IS 0 40 13 i l A Copper, electrolytic 51 10 0 53 0 0 to to 53 10 0 54 0 0 . Copper, elect., wire .bars 53 10 0 54 0 0 Load, soft, spot .. 18 0 7Va 18 3 1% Lead, soft, forward 38 1 10y a 18 6 10% Spelter, spot 17 10 3 17 16 lOVa Spelter, forward 18 3 V/a 18 3 iVa Tin, stan., spot .. 224 2 6 230 7 6 Tin. stan., 3 mos. .. 223 2 6 220 5 0