COMMERCIAL.

Otago Daily Times, Issue 19277, 15 September 1924, Page 6

COMMERCIAL.

Daily Times Office. Saturday morning. Merchants have been advised that on account of the shortage in the catch of Cohoes salmon, only 25 per cent, of the orders for ones and 50 per cent, of halves can bo delivered. There is no advice a« yet as regards the deliveries of other grades. Dried apricots are in short supply. New season’s Californian are expected to arrive early in November. The Sussex, from Singapore, is now on the coast. She is duo in Dunedin in about a week's time. Included in her cargo are supplies of sago, topioca, and pineapples. Advice by cablegram states that the rice market is very firm, with an upward tendency. Thoee factories which are holding medium cheese manufactured at the back end of the season are asking high prices for their stocks —in fact, a higher equivalent than current London values. London buyers have withdrawn their recent quotations. Stocks of Colgate’s refills shaving sticks, which have been in short supply, have been replenished during tho week. Crystallised preserved ginger is coating higher prices A new line of poultry spice, Laymore, baa made its appearance on the market. Supplies of D.C.L. malt extract arrived by the Mamari A parcel of Holbrook’s essence of rennet has come forward by the Mamari. This vessel also brings lines of bovril, eeidlitz powders, Epsom salts, Epp’s fruit salts, Morton’s fresh herrings and herrings in sauce, and King Oscar brisling, quarters and halves. A parcel of Singapore pineapples, in cubes, is due to arrive shortly, also 3jlb tins of slices.

CANTERBURY FARMERS’ CO-OPERA-TIVE ASSOCIATION. The directors of the Canterbury Farmers’ Co-opemtive Association, in their report for the financial year ended on July 31, lexprcss their regret that the results disclosed will not permit of a dividend being paid to ordinary shareholders. The unprecedentedly dry season, coining before farmers had recovered from the effects of the slump, completely shattered any hope the directors had of being able to pay something to their loyal and staunch ordinary shareholders. Three years ago it was apparent to the directors that a very heavy financial strain would be placed upon the resources of the association before many of its former clients could recover from the shock of the slump period. If the association was to meet this demand the directors felt it was imperative that a change of policy in tho supervision and the conduct of the business generally must take place. During the intervening period the directors had devoted much time and thought to a scrutiny of accounts and to gradually making provision for the inevitable losses that must occur. It was. therefore, necessary, whilst making every effort to afford financial assistance to those requiring help, to see that all advances were brought within a compass permitting recovery or gradually eliminated where there was no prospect of the account being put in a satisfactory financial position. The supervision also included a close scrutiny of methods of general trading, resulting in a general and comprehensive improvement in buying and distribution. It was a matter of satisfaction that the altered methods had enabled the association’s' trading to ho carried along on very successful lines, and notwithstanding the financial retriclions obtaining during the past throe years the returns in this section of tho association’s business had attained marked and entirely satisfactory results. The policy of the directors had been to place all departments on a sound basis and they confidently anticipated a resumption of prosperity, carrying with it profitable returns to both shareholders and clients. Preference dividends had been paid as usual in addition to the provision of heavy reservations in bad debts and depreciation of plant, etc. This necessitated the directors’ recommendation that £20,000 be taken from tho reserve fund to cover, and the fund would then stand at £IO,OOO.

WANGANUI MEAT FREEZING COMPANY. The directors of tho Wanganui Meat Freezing Company, in their thirty-fourth annual report and balance sheet, express regret that the year’s operations have not been profitable. This was again duo to extreme competition for fat stock among buying companies and exporters. The bulk of the company's meat this season had been sold at Homo at unprofitable prices, but latest sales showed an improvement. There was a loss of £8204 7s 9d on the year's working, to which must bo added the sum of £6OOO for depreciation, making a total of £14,204 7s 9d. Tho net debt, after deducting the credit balance of £2511 15s 7d brought forward from last year, was £11,692 12s 2d. The company has called up all the lower paid shares to £3 10s each, in five quarterly calls of 10a per share. Four of these calls have matured, and the next is due on October 15. The total amount of capital received during the past year is £21,922. Tho company’s liability to its bankers is £94,120; debentures, mortgages, and sundry creditors, £33,710. Assets are set down at £253,203, including works, land, plant, and lighter, 1 £167,160, stock £79,786, and sundry debtors £5948.

NEW tfKUIT-PACKING REGULATIONS. Considerable interest will be shown in the following regulations relating to the packing of strawberries loganberries, raspberries, and cherries sold, or offered or exposed for sale, as published in the laWst Gazette. Tho regulations are; 1. “ Container ” means any package of a capacity not exceeding 3lb net weight, of tho fruit contained therein. " Fruit ” means strawberries; loganberries, raspberries, and cheries. 2. All fruit sold or offered or exposed for sale, in a contained shall be packed in such a manner—(a) That any fruit exposed to view shall fairly represent in size, maturity, and condition the whole contents of the container; and (b) That the container shall be full of fruit. 3. Nothing in three regulations shall be held to prohibit facing ’’—that is to say, the methodical arrangement of the individual fruits that are exposed to view in a container, provided the requirements of clause 2 hereof are complied with. 4. Every person who does anything contrary to the provisions of clause 2 hereof commits an offence against these regulations, and shall he liable on conviction to a fi.no not exceeding £2O,

LONDON TALLOW MARKET. The Now Zealand Loan and Mercantile Agency Company (Ltd.) has received the following cablegram from its London house, under date, September 10; Tallow.—We quote present spot values for the following descriptions: —Fine mutton, 47s 6d per cwt; good beef, 46s Gd per cwt; mixed, 41a 3d per cwt. The market is active.

LARGE DEAL IN LAND. PURCHASE PRICE, £41,000. Mr Isaac Stevenson, who recently disposed of his Mount Royal property, has purchased a large run at Cambrian from Mr John Beattie. The property comprises an area of freehold, two leases in perpetuity, and one pastoral lease, and the purchase money is reported to be £41,000, Mr Stevenson docs not intended to cut up the run and sell it as he did in the case of the Mount Royal property. He intends to work it himself.

SOUTHLAND MARKET RETORT. (From Our Own Correspondent.) INVERCARGILL, September 13. Oats.—The inquiry for shipment has cased, but there is a good demand for oate for seed purposes. A grade Gartons and Spanrowbills are wanted at up to 6s per bushel, sacks extra, on trucks, country stations, while as high as 6s lOd has been paid for Duns fit for seed. Stocks in merchants hands are very light, and there is very little left now in growers’ hands. Chaff. —Merchants have fair stocks in hand, but there is not much offering from the grower. Owing to the high price ruling for oats, farmers who intended to cut their oaten sheaves into chaff have threshed instead as they find it more profitable to do so. Prime chaff is worth £7 per ton, sacks supplied, o.t.c.s. Wheat.—There is a good local demand for fowl wlieat. There is not much about, and as high as 22a per sacks has been paid growers, o.t.c.s. Ryegrass.—Good retail business is passing with an occasional sale for shipment to Australia. Stocks held by merchants are very light, and it is not expected that there will be any carry over when the sowing season is finished. This year’s seed is in splendid condition —purity in germination being very high. STOCK. Tile stock market remains firm with a good inquiry for all classes of stock. Owing to the dry winter stock did exceptionally well on feed, and in consequence there has been more than sufficient fat cattle and sheep available for local requirements. This has had a steadying influence on tic market throughout the year. With freezing buyers taking a few lines, and with what has gone forward to Burnside and Addington, now that the turnips are practically finished, the local market is likely to bo a little bare, and prices will remain firm for 'some time. Tho following prices may be quoted: Fat Cattle.—Prime heavy-weight bullocks, from 40s to 42s Tier 1001 b; second quality bullocks, 40s per 1001 b; heavy-weight bullocks, from 37s to 40s per 1001 b; lighter bullocks, from 35s 6d to 37s 6d per 1001 b; prime heifers, up to 35s per 1001 b; cows and light heifora, from 27s to 30s; extra prime bullocks, to £2O; prime bullocks, from £l6 to £18; lighter, from £l2; prime heifers, uji to £10; lighter heifers, from £7 to £9; prime cows, up to £0 10s; lighter cows, from £4 10s to £6 10s. Fat Sheep.—Prime heavy-weight wethers, up to 50a; average prime wethers, from 44s to 465; medium wethers, from 39a to 425. Store Cattle.—There is a little more inquiry for store cattle, and in consequence the market has hardened a little. steers, up to £3; three-year-old steers, from £5 to £6; yearlings, down to 85s; good three and four-year-old good conditioned bullocks, up to £9. Two and a-half-year-old forwardconditioned steers are fetching round about £5 10s. Owing to the large number of dairy cows coming on the market, cows are very difficult to sell, and prices realised for good cows are round about £lO. Fair average sorts are realising from £4 to £6; inferior kinds, down to 355. Store Sheep.—There are no young ewes being offered at the moment, but good two and four-tooth ewes would realise from 48s to 50b. Good eight-tooth ewes arc bringing up to 38s; f. and f.m. ewes, up to 30s; extra good sorts, up to 325; good ewe hoggets, up to 355; m.s. hoggets, up to 335; wether hoggets, from 28s to 31s; good conditioned two and four-tooth wethers, from 37s to 395; cull wethers, down to, say, from 32s 6d to 33s

LONDON MARKETS, Press Association—By Telegraph—Copyright. LONDON, September 13. (Received September 14, at 5.5 p.m.) Lamba: Canterbury light 13Jd, heavy lid, eeleoteds light 12Jd; North Islands firsts lljd, seconds llfd. Frozen beef: New Zealand fores 31, hinds sd; Argentine fores 3§d, hLnds 5Jd; Uuuguayan fores 3|d, hinds 4sd. Chilled Argentine fores 3£d, hinds 6Jd. Other meats are unchanged. Cotton: Liverpool quotation—American, middling and upland, October delivery, 13.11 d per lb. Rubber: Fine hard Para, 14Jd per lb; plantation, first latex crepe, 14Jd to 14Jd; smoked ribbed sheet, 14d to 14Jd. Jute: Indian, native first marks, Septem-ber-October shipment, £35 5s a ton. New Zealand hemp: September-November shipment, £4l. Copra: South Sea bagged, SeptemberOctober shipment, £39 12s 6d a ton. Linseed oil, £43 a ton,'equal to 3s 5Jd a gallon. Turpentine, 66s per cwt, equal to 6s 11 4-5 d per gallon.—A. and N.Z. Cable. LONDON SHEEPSKIN SALES. Press Association—By Telegraph—Copyright. LONDON, September 13. At the sheepskin sales 5800 bales were offered. There was an active demand chiefly on Home account with a fair demand from America and the Continent. Merinos and fine crossbreds advanced 5 to 7J per cent., compared with the July prices and medium and low crossbreds 7J to 10 per cent.— Reuter. FRENCH BANK RATE. INCREASE ERRONEOUSLY REPORTED. Press Association—By Telegraph—Copyright. LONDON, September 12. The French bank rate has been raised to 7 per cent., which is the highest since 1873. LONDON, September 13. (Received September 14, at 5.5 p.m.) The French bank rate remains at 6 per cent., but the Bank of France has raised tho interest on advances from 7 to 8 per cent. —A. and N.Z. Cable. ♦ i ■ THE FRUIT AND PRODUCE WORLD. Reilly's Central Produce Mart report: All lines of fruit and produce meeting a good demand with high prices ruling for choice dessert apples, increasing supplies of spring vegetables coming on the market. We Beoured Is 9cl per. lb for new potatoes from North-East Valley, and 2s 8d per bunch for Christclmrch asparagus. The Canadian Constructor brought a small shipment of Atistralian oranges, which realised good values. Bacon pigs have firmed in price. Egg prices remain on a par with last week. • We sold: —Narcissi: White Peal, 3d, 4d; Sol de Or, 4d, ad, 6d; Trumpets, 6d, 9d. Freesias, &id, 7£d. Violets, ljd, 2d, 2id. Tomatoes: Locals, 2s 3d, 2s lid. PeaTS: Winter Coles, Gd; cooking, 3d. Apples: Delicious, 16s to 18s; Statesman, 12s 6d; Sturmcrs, 10s 6d 14s; Democrat 3,14 s, 17s; cookers, choice, 10s; Lord Wolseley, lis Gd. Oranges: Australian Navels, 20s, 22s 6d, 235. American lemons, 50s; Melbourne, 20s; New Zealand, 12s, 14s. Marmalade oranges, 13s. Mandarins, 235. Grape fruit, 20b. Pineapples, 18s Gd, 21s. Bananas: Ripe, 355; Rarotongan, green, 225. Prizewinner tinned pines: Slices, 7s 9d; cubes, Bs. Choice dates: Packets, 6s. Peanuts: Choice quality, sid. Walnuts, 7d, lid. Layer figs, lljd. Prunes, sd. .Lexias, 4d lb. Seed potatoes: Arran Chief, 8s 6d; Skerry Blue, 8s Gd. Potatoes: Stirling, Outram, 8s; Oamarus, Waimates, 7s. Carrots, Gfl. Onions: Melbournes, 21s. Swedes, 3s. Pie melons, 16s. Parsnips, 9s 6d cwt. Cabbages: Choice, Bs, 12s. Cauliflowers: Choice, 7s, 14s Gd. Lettuce: Choice, to 4a Gd. Cucumbers, 9s 3d to 15s 6d. Asparagus, 2s 8d bunch. Rhubarb, Gd to Bd. N«w potatoes, Is 3d lb. Tea: Broken Oranpro Pekoe, 2s Gd. Butter: Separator pats, Is 6d, Is 7d; dairy pats, la 6d. Cheese, 84d, 04d. B&eewax, Is 6d. Preserved dinger, Is 2d. Bacon, Is Id for choice. Hams, Is 2d. Pigs: Prime bitconeTS, 7Jd, 8d; prime porkerß, Bd, BJd; heavy-weights, to 6d. Honey: Choice, Gd; 10lb tins, 53 Gd, 7s 6d; pate, 4s 3d; sections, choice, 10a, 12s. Eggs: Stamped, Is 2d; cased, Is Id. Raspberrv buckets, 42s Gd dozen. Fowl wheat, 6s Gd, 7s. Chick food (Palmers'): Prices on application. Oats: A Gartons, Gs; B frartons, 5s Gd. Prime oatsheaf chaff, £8 lCs per ton. ex truck. Crushed peas: ISO's, 16s 6d. Molasses: 561 b tins, 6s Gd. Ricemoal, £7 10s ton; 8s cwt. Arsenate lead powder: 1001 b kegs, Is sd; 561 b kegs, Is 6d. Blucstone, 35e cwt. Spreader: Cases, lOd. Blaok Leaf "40": 10lb tins, 595. Woodwool: Special quality, 30s bale. "Vallo-Ciraffe" brand lime sulphur: Casks, Is lOd gallon. Poultry: Hens realised 4s to 8s Gd; pullets, 7s 6d; cockerels, 5s to 17s; ducks, 7s (all at per pair). REILLY'S CENTRAL PRODUCE MART (LTD.), Moray Place, Dunedin.

THE OAMARU MARKETS. (From Our Own Correspondent.) OAMARU, September 13. The cry is still for rain, which, ia sorely heeded. In the early hours of yesterday morning rain set in, and for a brief space it was fairly heavy. But it did not last long, and i.n town the total fall amounted to only 10 jioints. It was of a coastal character, and did not reach far out. The southern end of the county appears to have received more rain than fell here, the fall being variously stated at from 15 points to 30 points. Though a long way short of meeting requirements, this rain will do much good in freshening things up and keeping them alive and moving. In this connection it ia interesting to note that the cereal crops are looking remarkably well, especially wheat that has braided well and ” covered the clod," as farmers express it. This is attributable to the occasional showers and almost entire immunity from great heat and drying winds. But these favourable conditions have had no effect upon pastures, and there is a very pronounced shortage of feed very generally, those who are not feeling its effects at all being the farmers who have stacks of lucerne and hay to fall back upon. The comparatively mild weather—made comparative only by pretty sharp frosts occasionally and coldish winds of a breezy nature —haa been of benefit so for as the young lambs are concerned. Lambing is now very general in the lowlands, and both ewes and lambs are reported to be doing very well, though a few deaths are reported in some localities. Notwithstanding the dryness, merchants report that good business is being done in seeds, and that, though the ordinary sowing season has not been reached, there ia an abnormal demand for mangold seed, fanners very generally putting more reliance in mangolds as a supply of future feed than in turnips, which are subject to the fly pest in dry seasons. As to the markets, there is very little to be reported. A strong demand is being experienced for oaten sheaf chaff, which is hard to get hold of. Farmer® who still have chaff on hand are holding on to it to provide for their own possible necessities. One line was secured at £7 7s fid not, delivered in Oamaru, but that price is below what is available for good samples. There has been some outside inquiry for cow grass seed, but any business that has been done has been from stocks already in the hands of merchants. There has been nothing doing between growers and distributee, for, though there ia fitll a good quantity on the market, a wide difference of opinion as to values still keeps apart the two parties essential to a bargain. . A line of partridge peas was placed during the week at 5s 3d net to grower, at a country station. A little business has been dons in table potatoes at £4 10s net, on trucks. The stock market continues flat and unprofitable as a consequence of the shortage offered, and so it is likely to continue until a good rain gives a feeling of hope, if not confidence, as to the future. There was no market sale this week, and an attempt to hold a sale at the Duntroon yards proved abortive, only a few head of cattle being yarded, to find no buyers. So far as sheep are\ concerned business by private treaty haa not been quite so poor as it was last week. The transactions, however, were mostly in butchers’ sheep. Fat wethers changed hands at 42s for heavyweights, 38s for medium, and 35s for lighter sorts, and fat ewes at 30e. For a particularly good line of mixed-sex hoggets 30s was given, but 23s 9d was accepted for another line of less quality, while wether hoggets was placed at 24s There has been practically nothing doing in cattle for the reason that there are none ready to burden themselves with animals for which they have no feed. Those who for the same reason are compelled to sell have to take anything they can get. Thus good steers from 15 to 18 months old were quitted at 12s fid and yearlings to 15 months old at 10s. While store cows have been disposed of at from 20s to No fat cattle have been available, there being a scarcity of that class of stock. A few dairy cows have changed hands at £4, and some good springing heifers were sold for lock of feed at the same price.

POBEIGW EXCHANGE EATBfI. Presa Association—By Telegraph—Copyright. LONDON, September 11. The exchange rates axe as follows:

~* Determined by price of silver. The exchange rate on Berlin (par 30.15 marks to the £1) is 18J billions.—A. and N.Z. Cable. GOVEENITENT BECtJBITIES. Preee Association—By Telegraph—Copyright. LONDON, September 11. Tha following are the latest quotations fftf Government eeonrities, compared with the prices

BANK OP ENGLAND BBTOElira. Press Association—By Telegraph—Copyright. LONDON, September 11. The Bank of England return affords the lolloping comparison, with the rotnrn for the previa i woek:— Sept. 4 Sept 11. Coin and bullion .„ ... 1215,597,000 £12G,599,000 Reserves 22,427,000 23,442,000 Notes in circulation ... 125,725,000 124,732,000 Government deposits ... 10,396,000 10,842,000 Other deposits 114,897,000 111,396,000 Government securities ... 43,658,000 40,768,000 Discounts and advances 77,481,000 76,320,000 Proportion of reserve- to Percent Percent. liability ... 17.90 19.17 Short loans 2j 23 Three months' bills ... 3J SJ IVaser and Co., agents for the Otago Egg Circle, 146 Crawford street, Dunedin, report: —Eggs: Wo now have 700 crates packed for shipment. The local market is steady at Is 2d for stamped and Is Id for case. Butter: Market firm at Is 5d for bulk and Is 5d for pats. Pigs: There is a good demand for prime baconors and porkers at 7Jd to 8d; over-weights, 3d to 5d per lb. Tallow: Maiket steady, from 19s to 235, according to quality. Honey: Prime bulk, s§d per lb. Beeswax: Seles are alow at Is 6d per lb. Potatoes: Northern, £7 10s; Taieri, £7 ISs. j Onions: Melbournes, 20s per cwt. Carrots, £6 10a per ton. We are agents for the Jubilee and Utility incubators—prices on application. Aond sole agents for Parearo meatmeal. Wo stock "Star P" chick food, lucerne moal, poultry meal, oats, bran, pollard, wheat. Ricemeal, £8 per ton of 20001 b. Champion egg crates, 18s 6d. Leg rings, Is per dozen; special quotes for quantities. Poultry: Wo hold our weekly auction eal© on i Wednesday at 1.30 p.m. There is a, good demand \ for all classes, especially good young cockerels and turkeys. We sold as under: Hena—3o at Is lOd, 150 at 4s, 60 at 4s 2d, 7 at 4s 4d, 28 at 5s 6d, 17 at 6s; ducks, from 6s to 10s. Cockerels—4 at 6s Bd, 3 at 8s 4d, 1 at Bs, 1 at 10s, 5 at 12s lOd (all at per pair). Turkeys : Hone Is, and gobblers" la 2£d per lb (live weight). Consignors please note that pigs and poultry must arrive not later than Wednesday morning of each week.

Par. Sep. 8. Sep. 11. Paris, fr. to £1 „ 25.225 84.60 83.50 Brussels, Jr. to £1 ... ... 25.225 89.75 89.50 Christiania, kr. to £1 ... 18.169 32.38 32.38 Copenhagen, kr. to £1 ... 18.159 26.48 26.37 Stockholm, kr. to £1 ... 18.159 16.70 16.74 Now York, doL to £1 ... 4.86 4.43J 4.45J Montreal, dol. to £1 ... 4.88 4.44 4.46J Kome, lire to £1 ... 22.22i 22J 1012 Yokohama, st. to yen ... 21.5 221 221-18 Hongkong, 6t. to yen * 29 m Calcutta, st. to rpe. i iotogeld£l 17 9-16 17 7-36

ruling lart week:— Last week. This week. £ B. < a. £ B. d. Imperial Consols, 21 p.c. ». 57 0 0 57 5 0 War loan, 5 p.c, 1925-47 101 10 0 101 15 0 War loan, 3J p.c, 1925-38 .„ 96 0 0 95 18 9 Conversion loan, 3* p.c, ... 77 5 0 77 6 0 O'wealth 6 p.c, 1831-41 ... .., 104 17 6 104 17 6 O'wealta 6J p.c, 1922-57 ... 101 7 6 101 10 0 N Z. 6 p.c, 19S6-51 110 0 0 110 10 0 NiZ. i p.c, 1929 ... ... _. 96 2 6 96 2 6 N.Z. 3J p.c, 1340 84 0 0 84 5 0 X.Z. 3 p.c., 1945 76 0 0 76 10 0 N.S.W., 6i p.c, 1930-40 ... 106 15 0 106 15 0 N.S.W. 6 p.c, 1930-40 105 5 0 105 7 6 N.S.W. 5| p.c, 1922-32 102 5 0 102 5 0 N.S.W. 4 p.c, 1933 ... „. 91 17 fi 91 17 6 N.S.W. 31 p.c, 11)30-50 ... 82 17 6 81 17 6 N.S.W , 3* p.c, 1935 76 15 6 76 15 0 Victoria 5i p.c, 1930-40 ... 102 0 0 102 0 0 Victoria 34 p.c, 1921-26 ... 98 7 6 98 12 6 Victoria 3* p.c, 1929-40 ... ' 78 10 0 79 0 0 Victoria Si pc,, 1328-49 ... 72 12 6 73 0 0 Q'lund 6 p.c, 1830-40 104 10 0 104 17 6 Q'laiul 3J p.c, 1920 ... ._ 91 5 0 91 5 0 Q'laod 3 p.c, 1922-47 70 10 0 71 2 6 8 A. 64 p.c, 1920-40 106 7 6 106 17 6 S.A. 4j p.c, 1934 or after 83 5 0 83 15 0 3.A. 3 p.c, 1930 61 15 0 "82 0 0 W.A. 6 p.c, 1930-40 104 15 0 104 7 6 W.A. 3£ p.c, 1920-35 83 15 0 88 0 0 W A. 3 p.c, 1915-35 81 15 0 82 0 0 Tasmania 6$ p.c, 1930-40 ... 106 2 6 107 0 0 Tasmania 3} p.c, 1920-40 ... 83 10 0 83 15 0 Tabmania 3 p.o., 1920-40 ... 78 10 0 76 10 0 •Indicates ex Interest.