LONDON MARKETS.

Otago Daily Times, Issue 20400, 5 May 1928, Page 9

LONDON MARKETS.

Messrs Dalgety and Co.. Ltd., have received the following cablegram from their head office, London, dated May 3: — Frozen Meat.—Market for New Zealand lamb, very firm; demand has been checked by increased prices asked; market for New Zealand mutton very firm; demand moderate; market for New Zealand beef unchanged; demand fair. Quotations are as follows: —Prime Canterbury lamb, 281 b to 361 b, lOd. prime North Island lamb, 2Slb to 361 b, 9Jd; prime Canterbury lamb, 361 b to 421 b, 9|d; prime North Island lamb. 361 b to 421 b, 9d; lamb, Canterbury, second quality, 93d; lamb. North Island, second quality, 9Jd; lamb, Canterbury, 421 b to 501 b, 73d; lamb, North Island, 421 b to 50lb, mutton, Canterbury, 481 b to 561 b. 6d; mutton, North Island, 481 b to 561 b, 5Jd; mutton, Canterbury, 561 b to 641 b, 5Jd; mutton, North Island, 561 bto 641 b, sd; mutton, Canterbury, 641 b to 721 b, 4jd; mutton, North Island, 641 b to 721 b, 4Jd; prime Canterbury ewes, 48lb to 641 b, 4|d. prime North Island ewes, 48lb to 641 b, 4d. ' Dairy Produce. —Butter market steady; cheese market firmer. Quotations are as follows for butter: —Danish butter, 178 s to 180 s; New Zealand finest butter, 164 s to 1665; Australian finest, unsalted, 154 s to 1565, salted 154 s to 1565; Australian, G.A.Q., 148 s to 150 s. The Otago Farmers’ Co-operative Association of New Zealand, Ltd., has I’eceived the following cablegram from its London office:—The butter market is quiet, but there is rather more interest at lower prices; New Zealand. 163 s to 1655; cheese steadier, 06s. Lambs. —The market is very firm. Statistically the position is favourable, and higher values ex hooks are anticipated. Mutton firm. WHEAT FLOUR, ETC. (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, May 3. Wheat cargoes, in view of tho weakness of tho American and Argentine markets, are dull and occasionally _ dropped 3d. Parcels attracted no attention, and declined 3d to 6d. Ex Port Denison, 55s 6d. Liverpool futures: May 10s Hid, July 11s 23d, October 11s 4Jd. The spot trade is quiet. Flour is firmer. Oats, peas, and beans are steady, with no change.—Australian Press Association — United Service. BRADFORD TOPS MARKET. (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, May 3. Tho Bradford market is very quiet Spinners are not placing any new business. Sixty-fours, 53id; 60’s, Slid; 56’s, 42d; 50 s, 32d; 46’s, 27d; 40’s, 254d.—Australian Press Association —United Service. BRITISH CURRENCY NOTE ISSUE. (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, May 3. A Bill transferring tbs currency note issue assets for redemption thereon to tho Bank of England was read a first time. — Australian Press Association. In tho course of his Budget speech last week Mr Churchill said that an amalgam*tion of currency notes with tho Bank of England note issue would take place this year, and a Bill for this purpose would be introduced at tho earliest convenient date. CHICAGO WHEAT MARKET. (United Press Association.) <By Electric Telegraph—Copyright.) NEW YORK, May 3. Chicago wheat: May, 1563 cents per bushel: July, 1573 d; September, 154.—Australian Press Association. BUTTER AND CHEESE. (United Press Association.) (By Electric Telegraph—Copyright.) I.ONDON, May ,3. Butter is quiet: 'Danish, 1765. Choicest Now Zealand salted; 1645: unsaltcd, 168 s to 170 s. Australian salted and unsalted, iMs. n Choose is slow. Now Zealand, 9/s io 98s; Australian, 92s to 94a.—Australian Press Asociation —United Service.

SALE OF JERSEYS. TOP PRICE 160 GUINEAS. Tho dispersal sale of (ho Collingwood Jersey Stud was held at North-East Harbour yesterday, on account o£ the estate of Mrs E. Hellycr. Tho sale was conducted by Messrs Wright. Stephenson and Co., jLtd. There was a good attendance, including a number of prominent breeders. A successful sale resulted, the average of tho complete offering (including young bulls and heifers) being 63 guineas. This average would have been higher but for the fact that quite a number of the good cows were not in calf, or had recently calved. There was spirited competition for the four-year-old cow Juanita’s fairy. This is a daughter of the 1927 Royal Show champion cow, Juanita’s Girl, and she had herself won 24 first prizes. Bidding commenced at lOOgns and rapidly advanced to 150gns, at which price she was knocked down to Mr D. Wright, of Palmerston. Her heifer calf by Collingwood’s Lineal, which was a very attractive animal, realised 40gns to tho bid of Mr A. Carey, 1 Sawyers’ Bay. Collingwood’s Angel, which lias produced 7641 b • f butter-fat, realised only 52|gns, but she was one of tre several good cows which were not in calf. Another cow closely related to Angel in Collingwood’s Frolic realised 55gns to the bid of Mr P. Hellycr. This cow had only recently calved. Five of last season’s bull calves were also catalogued and made fair prices, selling from 23gns to 27gns. The heifer calves made lower figures, and this comparison points to the fact that bulls bred from butter-fat strains are going to bo in very keen demand this season. The five-year-old bull Collingwood’s Lineal realised 30gns. The stock was well distributed, a number going to Central Otago, purchases made for which district during the past week indicate that many of the farmers in the irrigation area are now turning their attention to highly-bred stock. Tho prices realised were as follows: —Collingwood’s Perfection, cow, fomyears. Wright, Stephenson and Co., Inver cargill, for client. 42|gns; Rewa Imp, cow, eight years, Otago Central client, SS^ns; Lady of Collingwood’s Hope, cow, 12 years. Mr R. Anderson, Otatara, 32gns; Collingwood’s Hopeful cow, eight years, Mr H. Box, Port Chalmers. 38gns; Collingwood’s Jew 1, cow, nine years, Otago Central client. 22gns; Collingwood’s Frolic, cow, seven years, Mr Phillip Hellyer. North-East Valley, 55gns; Collingwood’s Joy, cow, eight years, Messrs J. Haider and Sons, Mokotua, 40gns; Collingwood’s Choicest, cow, 13 years, Mr A. Carey, Port Chalmers, 25gns; Flower of Colling wood, cow, 12 years, Mr A. Walker, Out ram, 23gns; Eileen’s Fancy, cow, 10 years. Mr Phillip Hellycr, North-East Volley 37gns; Collingwood’.s. Angel, cow, nine years, Otago Central client. 52igns; Eminent’s f 5. Norah, cow, 18 years, Mr E. G. Peters, Pine Hill, 21gns; Gem of the South, cow, 19 years. Mr Charles Harris, Maungatua, 6ghs; Joy of Eldcrslie, cow, four years, Mr J. S. Blackio, Mos giel. 39gns; Juanita’s Fairy, cow, four years, Mr David Wright, Palmerston, ISOgns; Col ling wood’s Snowdrop, cow, five years. Otago client, Bgns; Jersey Brae Graceful, cow, five years, same buyer, 20gris; Maori Vanity, heifer, two years, Mr A. Perry, Alma, 35gns; Maori Dixie Land, heifer, two years. Mr F. Hellycr, N.E. Harbour, 27gns; Coiling wood’s Choice Girl, heifer, two years, Otago client, 32jgns; Collingwood’s Jean, heifer, two years, same buyer, Signs; Snow View Fairylike, cow, four rears, Mr _ S. Porrv, Alma, 36gns; Snow View Beatrice, heifer, Unee years, Mr R. Anderson. Otatara. Signs; Collingwood’s Angel Girl, heifer, two years, Otago Central client. 38gns; Collingwood’s Adeline, heifer, one year. Mr P. Heilyer, N.E. Valley, 19gns; Collin~wood’s Angel Lass, heifer, one year, Mr James Pullar, Crookston, SOgns; Forndale Royal Mary cow, five years, Messrs J. Haider and Son, 32gn?; Jersey View Gvpsy, heifer, three years, Mr G. H.. G. Hammer, Jancfiold. Mosgiel, 33gns; Collingwood’s Perfect Lad, hull, one year, Mr John Bower. Seaward Downs, 26gns; Collingwood’s 0.K., bull, one year, Mr J. B. Stuart. Highdiff, 27gns; Collingwood’s Fairy Lad. bull, one vear. Mr John Ross, Waipango, 21gns; Collingwood’s Roumanian hull, one year, Air R. C. Miller. Port Chalmers, 20gns; Collingwood’s Goblin, bull, one year, Air H. Box. Port Chalmers, 23-gne; Collingwood’s Nantwitch, htifer. one

year, Mr Fred Ilellyor, N.E. Harbour, 32gns; Colling wood’s Heather, heifer, one year, Mr P. W. Shaddock. Dunedin, 15gns; Collingwood’s Poariie, heifer, one year, Mr R. C. Miller, Port Chalmers, l3gns; Collingwood’s Rota, heifer, one year, Mr J. S. Blackie, Mosgiel, 36gns; Collingwood s Audrey, heifer, one year, Mrs S. Perry, Alma, 17gns; Collingwood’s Fairy Lass, heifer calf, Mr A. Carey, Sawyers’ Bay, 40gns; Collingwood’s Ina, heifer calf, Mr A. M. Calbreath, Tahakopa, 17gns; Coilingwood's Angehnc, heifer calf ; Mr 1> Wright, Palmerston, Signs; Collingwood s Ringleader, bull, six years, Mr J. T. Clearwater, Mntaura, 17igns; Collingwood s Lineal, bull, five years, Otago client, 30gns. AVIATION AND MINING. In view of the vast exent of arid country within Australia and the difficulties experienced hitherto in carrying out prospecting, it is to be assumed that now that aviation has developed so rapidly it will be found of great assistance in keeping the miner in the back country (says tho Australasian). An example of the manner aviation has rendered great aid is supplied in the case of the northern Manitoba, where 20 flying machines are shortly to be used to open up connection with the Flin-Flon area. Already in New Guinea the gold mining near Edi Creek has been vastly accelerated by the fact that instead of taking a considerable time to get to that locality from the seashore the distance can be traversed in an hour or two by aeroplane. It only needs a discovery of gold to be made in any of the dry portions of Australia, such a Tanami, for the aviator to perform his part in furnishing miners with supplies of food and water. Hitherto it has been a question of how long parties could remain in the field without assistance. Now every requirement can be brought to them with comparative ease. RUBBER MARKETS. Most disappointing to British investors will be the collapse in the rubber restriction plan. It is another addition to the long list of failures on the part of Governments and people to combine to hold markets against consumers and competitive organisations. The Stevenson restriction plan was devised to limit production in British rubber-growing areas in Southern Asia and the East Indies. At the time it was introduced rubber stood at 7d a lb. It subsequently went to 4s 7d, largely under the influence of speculators, and partly because stocks had become low. The highest price reached was in 1926. Prices then declined steadily until they reached about Is 7d a lb early this year. The factors to force the collapse were competitive production in the Dutch East Indies, the use by the United' States of reclaimed rubber—rubber which having once been used is again treated so as to be brought back for employment in the manufactures —and speculative influences. The British Government now decides that restriction has to expire on November 1. The future of the market after that date will depend upon the law of supply and demand. Low cost plantations will continue to make a smaller margin of profits, others will cither lose or largely go out of production. There is a further possibility. This is that Dutch East Indies planters may join some voluntary scheme to restrict production. The loss to merchants, manufacturers with stocks, and shareholders in rubber companies because of the termination of the scheme will (says the Australasian) be tens of millions of pounds. OAMARU MARKETS. (From Our Own Correspondent.) OAMARU, May 4. Tho broken weather during the past week has had a somewhat depressing effect upon the markets in Oamaru towards the end of tho week. However, some activity was shown. Although the major portion of tho wheat crop has not yet been threshed, a fair number of sales have been made. Tuscan has changed hands at 5s 7d to 5s 8d per bushel. Dreadnought 5s 6d, Sensation at 5» Bd, Hunters at 6s, and Velvet at 7s 3d. all on trucks at country stations. Tho improvement in the oats market is being maintained. A grade Cartons have sold at 3s 3d. and B grade at 2s lid on trucks. Although there is a fair demand for oaten sheaf chaff not much has been offering. The quotation of £4 per ton on trucks is not sufficiently tempting. Tho transactions in fowl wheat have been restricted, as very little has come upon the market. One or two lines of Chevalier barley have changed hands at 3s 6d per bushel on trucks. A little business has been doing in potatoes on tho basis of £5 per ton on trucks. There is a fair demand for Partridge peas, but these are being held for better prices. . , . Practically no business is reported in seeds. ’ . The live stock market has been dull in consequence of tho unfavourable weather. Owing to the abundance of grass and the high prices ruling for wool and frozen meat very little store stock is under offer tho majority of the farmers desiring to hold all they possess. . . , Forward wethers have sold privately 25s 3d, full and failing-mouth ewes at 14s, fat lambs at 32s 6tl, and fat owes at 21s ou. Good rate lambs have realised 295. The cattle market has been mactrvo though fat bullocks have sold at £l3 IPs, prime heifers at £9, and prime cows at from £6 to £7. . ■ Dairy cows coming to profit have changed hands at from £7 to £B. Pigs are still a drug in the market and the supply of weaners and slips is still ’n excess of the demand. LONDON METAL MARKET. LONDON. May 3. (Received May 4, at 10 p.m.) Copper: Spot, £6l 9s 4id; forward, £6l lbs* 7id. Electrolytic: Spot, £65 10s; forward, £67. Wire bars, £67. Lead: Spot, £2O 11s 3d; forward, £25 10s 15* Spelter: Spot, £26 ss; forward. £25 16s jd Tin; Spot, £252 17s 6d; forward, £231 Standard, 263 d; fine. 28|d. —Australian Press Association. NEW ZEALAND LOAN CLOSED. LONDON, May 3. TTo Now Zealand loan has been closed, applications tor the conversion loan having reached £5,C00,G00. —Australian Press Association —United Service CANTERBURY MARKETS. (Per United Press Association.) CHRISTCHURCH. May 4. The event of the week has been tho shapr rise in the value of oats. The main explanation is that over sellers have been “ caught short,” and there is real trouble in securing supplies. Shipment Home ha? been going on steadily, and tuo next few boats are scheduled to lift consignments from all ports to Bluff. Cm Wednesday the price had advanced a bushel to 4s Id, f.0.b., s.i., out to-day business was actually done Lyttelton at sd. The latter figure is substantially above London parity, though the price has improved there. This last week growers who cun deliver parcels for the ensuing boats have been paid 5s 5d and 5s 6d on trucks for A’s. B’s are quoted at 3s Id to 3s 2d. The lonic sailed for the United Kingdom last night with about 4200 sacks. The Kia Ora is working up the coast, and tho Zealandic is due to commence loading at Bluff .in May 14. Chaff has firmed in sympathy with (ho price in oats, and from £5 10s to £5 12s 6d, f.0.b.. s.i., forms the basis of busi ness. Tlu-re is no change in the wheat market. Seeds arc attracting little interest, and no variation in prices has to be noted The one exception may bo Italian ryegrass on aoount of the good autumn trade wivi tho north. The carry over of last • ear has neen largely absorbed. Tho now crop is no; a heavy one, the low prices ru'ing for the last season or two discouraging the closing un of paddocks. Cocksfoot ; s very ouiet and 7|d‘to 7id a lb for farmers’ dressed seed' about stops sales. Standard seeds are worth a shilling. Tho cowgra-s sample this year is very disappointing, carrying a heavy proportion of brown sec ,l<: on account of the variation and mediocrity of the sample. Prices cover a wde rnujp from 8d to 9jd a lb. While clover s 1 icing steadily offered, but the amount of business is negligible. Undressed is worth about 9d. (hewing-, fescue lias improved in price and is worth Pd a 'b, f.0.b., for best quabLv. Dogstuil is attracting little interest, fios; quality can bo bought for Sd a lb, f.0.b.. though there is little quotable change in value*.

The potato market is a shade firmer. Supplies going north this week were lighter and stocks are disappearing. In Auckland farmers cannot be induced to offer under £3 15s a ton on trucks, and f.o.b. prices are £4 17s 6d for prompt The firming in Juiy-September has been more pronounced, and those are quoted at £6 2s 6d to £6 5s _ Little business, however, is being done in forward months. BRAY BROS. FRUIT. FARM. AND DAIRY PRODUCE MERCHANTS, DUNEDIN, HAVE INQUIRIES FOR ALL LINES. WRITE US FOR MARKET REPORT. —Advt.