COMMERCE AND FINANCE

Otago Daily Times, Issue 19966, 7 December 1926, Page 15

COMMERCE AND FINANCE

WELLINGTON WOOL SALE. SPIRITED BIDDING. LONDON PRICES EXCEEDED. IMPROVEMENT ON NOVEMBER. (Special to Dailt Times.) WELLINGTON, December 6. The second Wellington wool sale of this season, held in the Town all to-day, resulted in a good clearance, and prices, instead of reflecting. the 5 per cent, fall shown by the November-December London sales as compared with the SeptemberOotober London sales were an improvement on the November prices. All countries were represented and competition was good. The wet weather has retarded shearing and the total submitted was 19.481 bales, as compared with 25,300 at the Wellington December sale last year. Summing up the conditions of the sale after the first three catalogues had been disposed of, the chairman of the Wellington Woolbrokors’ Association (Mr R. G. Anderson) stated that the bidding was keen and also general and that at least 85 per cent, of the offering was being sold. As compared with the November prices average wools were up a half-penny and super wools one penny. The selection was a good one, well grown, sound in staple and fairly light in condition. Bradford was the biggest buyer. The continent was bidding for suitable lots and America was taking a .fair parcel. The French bu y e ” were taking fine pieces for which they were paying almost fleece prices. “The amount of good wools going to London is negligible” said a well-informed observer of to-days wool sale. Lomto“ is in danger of becoming a second-hand market.” He adds that sales in the coimtrics of production had become so important that they were setting the prices and were no longer ruled by London ideas iof values The Wellington sale to-day showed an appreciation and *°®f n £ O J£ of the 5 per cent, drop at the London November-December sales, ■r. .strfcr theirlirincipal" 'They had ? le ?be Bh °world' f s tuveT^t‘"'ales 16 !,! the to-day than the London sale prices. THE RANGE OF PRICES. {Peb United Pbess Association.) WELLINGTON, December 6. The following is the’ range of prices at the Wellington wool sale;— Merino (64/71, 60/64): Super, 19|dto 28d- average, 16Jd to 19|d; inferior, • Fine halfbred (56/58): Super, I7d_ to 10id; average, 13id to 163 d; inferior, Medium halfbred (50/56); Super, _lsd to l7id; average, 13d to 16d; inferior, 10^oar°se 12 halfbred (48/50) -.Super, 14d to 16d; average, 133 d to 14|d; inferior, 10jd to llfd. , , Corriedale: Super, ; average, 12fd to 15d; inferior, ~i, , Fine crossbred (46/48); Super, _l34d to 15d; average, ll|cl to 134 d; inferior, lOcl °Medium crossbred (44/46); Super, 13d to 143 d; average, 113 d to 133 d; inferior, Qd to lid Coarse crossbred (40/44): Super, lljd to 133 d; average, 103 d to-12d; inferior, 8d to XOd. / , , „ ~.. , Low crossbred (36/40); Super, 113 d to 12d; average, o|d to 113 d; inferior, 7Jd Hoggets (48/50), 123 d to 163 d; fin® (46/48), Hid to 15d; medium (44/46), 104 d to 143 d; coarse (40/44), lOd to 123 d; low (36/40), lOd to 113 d. Lambs: Down (50-46), ; fine (44/50), H3d to 143 d; medium (40/44), Seedy and inferior: All grades, aid to lOd. Bellies and pieces: Merino, good to super, 123 d to 143 d; low to medium, 103 d to 12|d; halfbred, good to super, lid to 133 d; low to medium, 9d to lid; crossbred, good to super, BJd to 14d; low to medium, 5d to 83d. Crutchings: Medium to good, 8d to 93d; inferior and seedy, 3d to 7d. Locks: Merino, 93d to lid;; halfbred, 6d to Sd; crossbred, 4d to 43d. GRAIN AND PRODUCE. Messrs Donald Reid and Co. (Ltd.) report as follows: — Chaff.—Absence of shipping and the approach of the holidays is having a decided influence on the chaff market. Sales are difficult to effect unless the chaff is of extra prime quality. ' Inferior grades are unsaleable. Wo quote: Prime, £5 Ss to £5 10s, ex truck, sacks extra. Wheat.—Business is now confined to fowl wheat, and stocks in store are getting low. The value to-day is 7s 6d per bushel, sacks extra, ©x store. Oats. —The market remains quiet. A fair quantity of merchants’ early purchases still remain in store, and this can be taken as an indication of how quiet the market really is. We quote: A Gartons, 2s lOd; B Gartons, 2s 7d, sacks extra, on trucks, country stations. Potatoes. —The market is nearly bare and a few belated inquiries have hardened the values. We quote: White tables, £4 per ton, ex truck, sacks in. Messrs Dalgety and Co. (Ltd.) report as follows: Oats.—The market remains in a very quiet condition. No demand is being experienced for any class of oats and consequently local merchants are not operating. The quantity being offered on farmers’ account is not large, but in the absence of any demand, it is impossible to quit those lines at anything like a satisfactory figure. Nominal values are; A Gartons, 2s lOd; B Gartons, 2s 7d per bushel, on trucks. Wheat.—No local wheat, of milling quality is coming to band. Millers have sufficient stocks of wheat on hand to fill their requirements for some time to come, and are therefore showing no inclination to operate. Fowl wheat of good quality is at piesent scarce in the city, an inquiry for this being experienced from local merchants, ■who for nice lines are offering up to 7s 6d per bushel, ex store, sacks extra. Potatoes. Choice lines of old tubers are fare and this has resulted in the market firming a little. Every week sees new potatoes arriving in greater quantities from the North Island, and with the consequent lower price of these, mote people are using them. Anv nice lines of old potatoes, freshly picked and in gbod condition, can b© disposed of at £4 per ton, ex truck, sacks in, but inferior lines are unsaleable. Chaff.—The demand is limited to local feeders who are not buying big quantities. There has not been a great quantity coming to hand, but it has been quite sufficient to meet the very small onlv prime lines that demand any interest, medium and inferior grades being um a b_ able. Prime oaten sheaf is quoted at bo is to £5 10s per-ton, sacks extra. DAIRY CONTROL BOARD. DEFENDED BY FARMERS. (Peb United Press Association.) HAMILTON, December 6. Over TOO farmers attended a meeting convened by Mr H. O. Cooper to discuss dairy control matters at Te Arena. Mr Cooper moved a vote of no-confidence m the Control Board. The subject was debated for two hours, and the motion was lost by 100 votes to three. Most of the speakers stoutly defended the actions of the Control Board. LONDON WHEAT MARKET. (Prese Association—By Telegraph—Copyright.) LONDON, December 5. With adequate world’s shipments and featureless markets on the other side, wheat cargoes are quiet and nominally unchanged. Parcels are quiet at late rates. Liverpool futures; December 11s 44d, March 10s May 10a 6d.—A. and N.Z. Cable.

LOCAL AND OVERSEAS MARKETS.

PROPERTY SALE. Messrs Park, Reynolds (Ltd.) submitted by auction yesterday, part sections 46 and 47, block XXIV, Dunedin, containing 13 poles, together with a single-storeyed dwelling of five rorns, No. 5 Heriot row. After keen competition Mrs Nelson became the buyer at £995. DAIRY PRODUCE. The National Mortgage and Agency Company of New Zealand (Ltd.) has received the following cablegram from its London office: — . •The butter market is rather quieter. New season’s has been cleared. Quotations are 164 sto 1665. Stored is selling slowly at 160 s to 1625. The cheese market has been cleared. Quotations are 93s to 945. Scott Bros., produce merchants and commission agents, agents for the Egg and Poultry Growers Association, Dunedin, report;—Eggs, to-day; Stamped, guaranteed, Is 9d; fresh, Is Bd. Butter. Dairy pats, 11s to Is per lb; bulk, Is. Honey: Wanted; prime bulk, 53d per lb; 101 b tins, 5s 6d each. Beeswax: Is 3d to Is 4d per lb. Fat, 23s to 26s per cwt. Poultry: Hens, 5s per pair. Ducks, good, 3s to 4s each. Geese. 3s to 4s each. Turkeys; Hens Is, gobblers Is 2d per lb. Pigs: Prime baconers, 83d per lb; porkers, 8d to 83d per lb; overweights, 4d per lb. Potatoes: Best tables wanted, £4 10s per ton, ex truck; other sorts unsaleable. Chaff: Prime oaten sheaf, £5 10s to £5 15s per ton, sacks extra. Whole fowl wheat, 7s 6d per bushel. Canadian onions: First grade, 21s per crate. Maize, 8s per bushel. Oats, 3s 9d per bushel, sacks extra. Straw: Pressed wheaten, £3; oaten, £3 10s; clover and ryegrass hay, £4 10s per ton, ex store. Please Note. — Pigs and poultry must arrive not later than Thursday in the week. We shall be pleased to quote for the following lines: —Pareora meat meal, oyster shell grit. Star brand chicken food, horizontal egg crates, Volata motor spirits, and Duckham oils. 6th December, 1926. WELLINGTON, December 6. The New Zealand Dairy Produce Board advises having received the following advice from the London office of the board, dated London, December 3, 1926: — Butter. —New Zealand finest, 1665; first grade, 1645; stored, ISOs to 166 e, according to arrival and condition. The market is firm. The board sales totalled 4933 boxes. Australian, 160 sto 1625; exceptional, 1645; stored, 152 s to 1545; Canadian. 156 s to 158 s; Argentine, 144 s to 150 s; Dutch, 170 s to ISOs; Siberian, 146 s to 150 s; Danish, 182 s. The retail prices will be advanced on Monday. Colonial, Is 7d; Danish, Is 9d. New Zealand Cheese. —Finest, 945; first grade, 935; white and coloured Canadian, 92s to 965; exceptional, 98s; according to make. The market is firm. The retail price is lid. Board sales, 12.954 cwt. The board also received the following advice from its agents in Canada: —Butter—New York, 54 cents (2s 3d). The market is firm. Montreal, 383 cents (Is 7id). THE SHARE MARKET. DUNEDIN STOCK EXCHANGE A parcel of Milbuvn Limes was sold on the Dunedin Stock Exchange at 30s yesterday, and business was reported in 44 per cent, bonds (1930) at £97 10s. Otnor lines were quiet, and many were not quoted at all. • , Sale: Milburn Lime and Cement, 30s. Sale reported: 44 per cent. Bonds (1930), £97 10s. r The following are yesterday afternoon s buying and selling quotations, which are subject to the usual brokerage:— BANKING. Bank of Australasia,—Sel £l4 6s. Bank of New Zealand.—Buy 59s 3d, sel 69s 3d. Bank of New Zealand (rights).—Buy 6s. • Commercial Bank. —Sel 30s 3d. National Bank. —Buy £7, sel £7 2s. Union Bank. —Buy £ls 3s, sel £ls 6-. E.S. and A. Bank.—Buy £B, sel £8 3s. BREWERIES. N.Z. Breweries, Ltd.—Sel 53s 6d, N.Z. Breweries, Ltd., Debs. —Sel 25s 2d. Staples.—Buy 375. INSURANCE National Insurance Co.—Buy 725, sel 74s 9d. Standard Insurance Co.—Buy 58s, sel S9s 3d. SHIPPING. Burns Philp.—Buy 38s. Huddart, Parker (ord.). —Buy 45s 6d, sel 47s 3d. Huddart, Parker (pref.).—Buy 20s 7d, sel 2DP. and 0. Deferred Stock. —Buy £242, sel £250 U.S.S. Co. (prof.).—Buy 20s 3d. COAL. N.Z. Coal and Oil.—Sel Is 6d. Westport Coal Co.—Buy 355, sel 355. Westport-Stockton (pref.).—Sel 3s. LOAN AND AGENCY. Dalgety and Co. —Sel £l6. Goidsborough Mort. (cont.). —Buy 49 a , sol 50s 3d. N.Z. Loan and M. (ord.).—Buy £95. -Perpetual Trustees.—Buy 60s. Wright, Stephenson (ord.). —Sel 22s 6d. Wright, Stephenson (pref..—Sel 17s. MEAT PRESERVING. Gear Meat Co. —Buy 36s 3d. N.Z. Refrigerating (pd.).—Buy 14s 6d. N.Z. Refrigerating (cont). —Buy 6s Od, sel 6s lid MISCELLANEOUS. British Tobacco. —Sel 51s 3d. Brown, Ewing (pref.).—Buy 20s 6d. Bruce Woollen Co. —Sel 19s. Colonial Sugar.—Buy £54. D.T.C. (ord.). —Buy 9s prom, D.T.C. (pref).—Bpy 20s 6d. Dominion Rubber —Sel 495. Eclipse Petrol. —Sel 13s. Milburn Lime and Cement. —Buy 30s, sol 30s 6d. Mosgicl Woollen Co.—Buy £6. N.Z. Drug Co. (cont.). —Sel 21s. N.Z. Express (ord..—Sel 235. N.Z. Express (pref.).—Buy 17s. N.Z. Guarantee Corp.—Buy 10s. sel 10s 6d. N.Z. Hardware (ord.). —Buy 7s, sel 8s Cd. Smith and Smith (pref.).—Sel 19s. MINING. Kawarau G. M. Co. —Buy 3s 3d, sel 3s Sd. Waihi.—Sel 18s 6d. Waihi Grand Junction.—Buy 2s. Electrolytic Zinc (pref,).—Buy 36s 6d, sel 37s 3d. Electrolytic Zinc (ord.). —Buy S6s, scl 36s 9d. Kawarau High Levels.—Sel 6d prem. St. Bathans (A issue). —Sel 3s prera. Sr. Bathans (B issue). —Sel 3? prem. Blacks G. M. Co—Scl 2s 9d disc. Alburnia.—Buy 3s 6d. Upper Nevis. —Biiy 6s, sel 7s 6d prem. WAR BONDS. 4i per cent. Bonds, 1930. —Buy £97, sol £9B 44 per cent. Bonds, 1938. —Sel £97. 54 per cent. Soldiers’ Bonds, 1933. —Buy £IOO 155.54 per cent. Soldiers’ Inscribed, 1933. — Buy £IOO 15s, scl £lOl. 5 per cent. Postal Inscribed, 1927. —Sel £99 is. NORTHERN EXCHANGES. < (Per United Press Association.) The following business was done on "Changes yesterday: Auckland. —Sales: National Bank of New Zealand, £7 Is; Moanataiari, 5s 3d (con.), 5s 2d, 5s 3d, 5s 2d, 5s Id. ss, 5s 2d, 5s 3d, 5s 3d; Kawarau, 3s 4d; Lucky Shot (con.), Is 6d; Waihi. 17s Gd. Christchurch. —Sales Reported : New Zealand Government 5 per cent. Inscribed (1927), £99; Electro. Zinc (pref.), 375.Sales: New Zealand Government 5 per cent. Bonds (19271, £99: National Bank of Australasia (£lO pd.), £lB.