COMMERCE AND FINANCE

Otago Daily Times, Issue 21599, 21 March 1932, Page 3

COMMERCE AND FINANCE

THE SHARE MARKET DUNEDIN STOCK EXCHANGE Business in Okaritos at 9s Id was reported after the call on the Dunedin Stock Exchange on Saturday morning. This transaction was effected at Id in advance of buyers’ quotation on ’Change. A sale of Bank of New Zealimds at 42s 9d was also reported, inquiry at 42s 6d failing to attract further sellers. Paddy’s Points had a buyer at 3s, and there was also an advance of Id in the offer for Golden Progress shares. Sales reported: Bank of New Zealand, 42s 9d; Okarito (after call), 9s Id (two). The following are Saturday - morning’s buying and selling quotations, which are subject to the usual brokerage;BANKING. Bank of Australasia —Se] £9 2s. Bank of N.S. Wales—Sel f 25 ss. ' Bank of New Zealand—Buy 42s fld. Commercial Bank—Buy 13s 9d. sel 14s Id. E.S. and A. Bank—Sel £4 3s. National Bank of N.Z. —Sel £3 10s. Union Bank—Sel £6 16s. INSURANCE. National Insurance Co.—Sel 12s Cd. COAL. Kaitangata—Buy 2s 6d dis. Westport Coal Co. —Sel 21s, LOAN AND AGENCY. Wright. Stephenson (pref.)—Sel 15s. MEAT PRESERVING. N.Z. Refrigerating (pd.)—Buy 10s 4d. N.Z. Refrigerating (cont.) —Buy 3a 9d. South Otago Freezing—Buy 40s, MISCELLANEOUS. D.I.C. (pref.)—Buy 20s 3d. Kaiapoi Woollen (ord.) —Buy 5s 6d, sel Milburn Lime and Cement- —Sel 27s 6d. N.Z. Drug Co.—Buy 465, sel 47s 9d, N.Z. Farmers’ Fertiliser —Buy 12s. N.Z. Paper Mills—Sel 19s 2d. breweries. N.Z. Breweries, Ltd.—Buy 235, sel 245. MINING. Waihi—Sel 16s 6d. Electrolytic Zinc (ord.)— Buy 13s. sel 13s 6d. Mahakipawa—Sel 4d, •Kildare —Sel Is lOd. Okarito —Buy 9s, sel 9s 3d. Paddy’s Point —Buy 3s, sel Ss 6d. Golden Progress—Buy 2s 7d, eel 3s 3d. King Solomon —Buy Is Id, sel Is 3d. Gillespie’s Beach —Buy par, sel 4d prem, Golden Terrace —Sel 5s 9d, Blackwater —-Buy 5s 3d, sel 6s 9d. Consolidated —Buy 2s. GOVERNMENT LOANS. 41 per cent. Bonds, 1938—Buy £92. 4| per cent. Bonds, 1939 —Buy £92. 51 per cent. Soldiers’ Bonds, 1933 —Sel £99 ss, 5J per cent. Inscribed, 1933—5 el £9B 10s. 51 per cent. Bonds, 1937 —Buy £96 10s.

NORTHERN EXCHANGES (Pee United Press Association.) The following business was done on ’Changes on Saturday:— Auckland. —Sales: Colonial Sugar, £3O; New Zealand Refrigerating, 10s 6d. Wellington.—Sales reported: Goldsbrough Mort. and Co., £1 Is Id (late Friday) \ Golden Dawn, 7s 3d ( 0Q ’Change).

LONDON STOCK EXCHANGE AUSTRALIAN ISSUES FIRM. . (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, March 18. (Received March 20, at 5.5 p.m.) Australian Government stocks are firm. Commonwealth 5 per cents, sold at £9l os. and several States advanced 20s to 40s.

MERCHANDISE MARKET Merchants have at last received quotations for the new season’s Mildura currants and sultanas. All lines show an advance upon the opening rates of last season. The first shipment is expected to be made by the steamer leaving Melbourne on April 6. Lines of oil-bleached and goldenbleached raisins are sold out of merchants’ hands. Supplies of unbleached, however, are still procurable. • . , The cheese market has firmed slightly, and it is understood, that sales have been made to London at 6jd per lb. The first shipment of the new season’s South African apricots is expected to arrive within the next two weeks. Locally packed potted meats are now quoted at 4s 9d per dozen'. Zig Zag cigarette papers show a reduction of 6d per box.. . ■, • The Timaru Milling Company advises a small increase in the prices of flakies, rolled oats, and outlets. Locally manufactured starch has been reduced in price. It is understood that the reduction is only a temporary measure. , Sovereign and K tinned peas show a reduction in price. The Waipiata is due on March 23 with a cargo of sugar. Merchants’ offices will be closed from the evening- of Thursday,' March 24, till the morning of Wednesday, March 30. The retail shops will also close for the same period. Anniversary Day is Wednesday, March 23, and it has been decided to tack this holiday on to the usual Easter holidays.

LONDON WOOL SALES The Otago Farmers’ Co-operative Association of New Zealand, Ltd., has received the following cablegram from London: —Wool sales closed to-day, and prices, compared with the closing rates of last series, are as follow:—-Greasy merino, par to id; merinos scoured, good to super, par; merinos, scoured low to medium, par to Id; greasy fine crossbreds, Id; greasy medium crossbred, id to id; greasy coarse crossbreds, id; scoured fine crossbreds, scoured medium ' crossbreds, par; scoured coarse crossbreds, id; slipes, id lower. The market closed, firm. These prices, after good competition, sold to the home trade 46,000 bales; to the Continent, 27,000 bales, carried forward, 39,000 bales. Closing values: Merinos, greasy, good to super, 9d to lid; merinos, greasy, low to medium, 7id to B|d; merinos, scoured, good to super, Is 4d to Is 8d; merinos, scoured, low to medium, Is Id to Is 4d; greasy fine crossbreds, 93d to Hid; greasy medium crossbreds, Sid to Bid: greasy coarse crossbreds, 43d to 6d; scoured fine crossbreds, Is Id- to Is 6(1; scoured medium crossbreds, 6id to 8d; scoured coarse crossbreds, 4id to sid; slipes, fine,- 9Sd to Is; slipes, medium and coarse, 6id to 9d.

MINING NEW GOLD REEF. SATISFACTORY ASSAY VALUES. (Per United Press Association.) BLENHEIM, March 19. A syndicate which has discovered and opened up a new gold reef on Waikaihu Stream, near Havelock, hag received the result of an assay of the stone made by the directors of the School of Mines, Westport. Five samples were submitted and their values ranged from 18dwt 15.4 grains of gold per ton to 6oz 17dwt 6.6 grains per ton. Other samples produced 2oz 4dwt 8.7 grains; another loz 6dwt 7.8 grains, and the last loz lOdwt 9.3 grains. The values at £4 per ounce worked out at £l9 9s Id for the best sample, down to £3 15s 7d for the worst one, the other values being £8 17s sd, £5 5s 3d and £6 Is 6d. The syndicate freely admits that the samples were picked specimens from the inside of the reef, but nevertheless the members are satisfied that they are fairly representative of the quality of the reef.

LOCAL. AND OVERSEAS MARKETS.

LONDON MARKETS (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, March 19. (Received March 20, at 5.5 p.m.) Frozen meat: New Zealand sheep— Canterbury and North Island selected crossbred wethers and maiden ewes, 481 b to 561 b, 4sd; ditto, 571 b to 641 b 4'gd; ditto, 651 b to’ 721b,' 4id; ditto North Island, 481 b to 561 b, 4Jd; ditto, 571 b to 641 b, 4id; ditto, 651 b to 721 b, 4d; ditto, ewes under • 481 b, 3jd; ditto, 48lb to 641 b, 3Jd; ditto, 651 b to 721 b, 2|d; Australian sheep—first quality crossbred aiid/or merino wethers, 40lb to 651 b, 3Jd; ditto second quality, 30lb to 551 b, 3Jd; ditto ewes, 301 b to 551 b, 3Jd; Argentine sheep —first quality, crossbred wethers, 481 b to 641 b, 4|d; ,ditto, 651 b to 721 b, 33d; ditto, over 721 b, none offering; Patagonian sheep, none offering; New Zealand lambs —Canterbury, 361 b and under, 7d; ditto, 371 b to 421 b, 6gd;. ditto, 431 b to 501 b, 63d; ditto second quality (average 301 b), 64d; other South Island brands, none offering: selected North Island brands (including Downs), 361 b and under, 7d; ditto, 371 b to 421 b, 6gd;, 431 bto 50lb, none offering; ditto second quality, average 30lb, 6pd; Australian lambs—Victorian first quality, 361 b and under, s|d; ditto, 371 b to 42lfa, sd; other States first quality, 361 b and under, 5Jd; ditto, 371 b to 421 b, 4|d; ditto Victorian second quality 361 b and under, 4Jd; other States second quality, 361 b and under, sid; all States, third quality, sjd; Argentine lambs—first quality, 361 b and under, 6d; ditto, 371 b to 421 b, 53d; ditto. 431 bto 501 b, -Sid; Patagonian lambs—first quality, 361 b and under, 6jd New Zealand frozen beef; Ox fores, 1601 b to 2201 b, 2Jd; ditto , hinds, 1601 b to 2201 b, 3|d. Australian frozen beef: Ox crops, under 1001 b, 2Jd; ditto, over 1001 b, 2|d; ditto ox hinds, under 1601 b, 3id; ditto, over 1601 b, 3>}d. Argentine chilled beef: Ox fores, 1601 b to 2201 b, 3§d; • ditto ox hinds, 1601 b to 2201 b, 6Jd. New Zealand pigs: First quality. 60lb to 1101 b (average 901 b), ditto, 1111 b to 1201 b, 4fd. Australian pigs: First quality, 601 b to ll'Olb (average 901 b), spd; ditto, 1111 b to 1201 b, _42d. Friday’s closing prices were as follow:

Cotton: April, 5.20 d per'lb. Rubber: Para, 3Jd per lb;- plantation smoked, 23-16 d. Jute: March-April, £19., Copra: April-May South Sea, £ls 17s 6d: plantation Rabaul, £l6. Linseed oil, £ls. Turpentine, 68s 3d,

LONDON SHEEPSKIN MARKET Messrs Dalgety and Co., Ltd., have received the following cablegram from London, dated March 18:—Merino threequarter to full woolled, 44d'to fid; merino quarter to half woolled, 2|d to 4d; merino short and shorn, lid to 2£d; crossbred three-quarter to full woolled fine, 4Jd to 6d; crossbred three-quarter to full woolled medium and coarse, 3id to 4jd; crossbred quarter to half woolled fine, 3Jd to 4Jd; crossbred quarter to half woolled medium and coarse, 3d to 4Jd; crossbred shrot and shorn, 2|d to 3d; lamba, 4|d to 5Jd. FRUIT AND PRODUCE WORLD Reilly’s, report:—Exceptionally large consignments of fruit and produce of all descriptions continuing to arrive. Prices for apples, pears, tomatoes, passions, and grapes are particularly low. During the week we sold:—Beetroot, Is. Cauliflower: Choice, 3s fid; medium, 2s. Lettuce: Extra choice, Is. Eggs: Local poultry keepers, Is sd; poultry farmers, Is 3d, Is 4d. Parsnips, Is. Cabbage, Is, Is- fid dozen. Apples: Cox’s—choice 7s, 8s fid, small, pitted, wasty. 3s, 4s; Worcester Pearmains, 4s, ss; Jonathans, 7s; Rennets, 3s, 4s; Delicious, 8s; Alfristons, Bismarck, Peasgood, Lord Sufiield, 3s, 5b for choice- large cookers. Pears: Capiaumont, 4s; Conference, 7s; Louis Bonne, 6s; Bergamont, ’4s; Marie Louise, 6s. Pines, 18s fid; Australian grapes. 16s. Australian passions, 15s score; cases, ss. Quinces, 4s, 5s case. Californian navels, 52s fid. Californian lemons, 555. Californian grapefruit, 40s. Bananas: Choice ripe Niues, 20s; green Samoans, 18s; Niues, 14s Gd. Nectarines: Crates, 4d, sd; cases, 4s fid. Peaches; Crate, 2Jd, 4Jd; cases, 2s fid, 4s. Plums: Cases, 2s, 4s fid; crates, 2id, 4d. Green peas, Id, 2d. Grapes: Local Hamburgs, lOd, Is Id; Oamaru, 9d,. lid: Nelsons, Bd, 94d; Gros Colmars, local, Is sjd. Marrows, Id. Pumpkins, Butter begns, 2Jd, 3d. Broad beans, Id. French beans, 24d, 4d. Raspberries; Pottle, 9d; buckets, ss. Strawberries: Choice, 9d, Is OJd pottje. Tomatoes: Locals, 3d, 4d; Christchurch, Id, 2Ad: Oamaru, 2d, 3d; Otago Central, lid, 3d. Cultivated blackberries, sd, 7d,; wild. Id, 3dC Garlic, 4d. Walnuts, fid. Porker and bacon pigs, 4Jd, 5Jd. Cheese: Medium, sd, fid; loaf, 7d. Tea: Orange Pekoe, 2s 3d. Mushrooms, 4d, 10id. Butter, 9d. Bacon, fid, lid. Beeswax, Is 4d. Horsehair, Is. Honey: Bulk, 44d. sld; ilb pats, 4d; sections, 9d, lOd; tins, ss, 6s. Olive oil, 10s.fid gallon. Potatoes. ss. Swedes, 3s. Onions: Canterbury, 12s fid. Semesan and Granosan:' slb, 555; 2oz, 2s 3d. Palmer’s chick food: 1001 b, 19s. C.M.W. Knapsack sprayer: Improved type, £5; bucket pumps, 22s fid. Oyster grit, Bs. - Woodwool, 28s. Strawberry plants: Melbas, Captain Cooks, Hfilenslea Surprise, Bttersburg,. from 8s to 15s 100 Fruit wraps, 3s 3d ream. Champion egg crates, 17s fid. Vallo Giraffe lime sulphur: .Cases 2 gallons, 2s 3d; barrels. Is 9d. Black leaf "40”: 101 b, 525; 51b. 30s; 21b, 15s; 11b, 8s fid; 41b. sg. Wheat. 5s fid; shrivelled, 4s 3d. Ricemeal: Specially good for poultry, pigs, cattle. 7s fid. Firewood; Blocks, 2s 9d bap. Crushed oats; 12s fid. Bran, £5 10s. Pollard, £7. Oats: A Gartons, 3s: B, 2s fid. Oatsheaf chaff, £5. Straw: Wheaten, £3 ss. Poultry: 351 hens at ,1s to Cs 2d. 210 cockerels at 3s fid to 6s, 84 pullets at 6s fid to 12s' fid, 63 chickens at Is 2d to 3s 2d, 17 small wasty pullets at 2s fid to 4s Bd, 13 ducks old and thin at 2s, 21 ducks at 4a to‘ 5s 4d, 4 bantams at 2s to 3s. 19 drakes at 2s to 3s. REILLY'S CENTRAL PRODUCE MART, LTD., . Moray place. Dunedin,

AUCKLAND WOOL SALE DISAPPOINTING PRICES FURTHER DROP IN VALUES. (Per United Press Association.) AUCKLAND, March 20. The third and final Auckland wool sale, which was held on Saturday, brought to an end one of the ■ most discouraging seasons on record. Prices for fine wools were Id lower than those obtained at the Auckland sale in January and at the Napier sale last Wednesday, inferior qualities being approximately 2d lower. As the prices obtained were id to 2d lower than the, rates ruling at the commencement of the season, growers who had held back their wool in the expectation of an improvement were gravely disappointed.. The average price for crossbreds was a shade over 4d per lb, or approximately £5 14s per bale, compared with 4.73 d per lb and £6 11s Id a bale received at the January sale. The bulk of the clip was crossbred, a great deal of it being rough and yellow, and carrying a good deal of seed. Fine crossbred sold freely at 4Ad to 5Jd a lb, some lots fetching 6d and 6id. A certain amount of poorer crossbred was passed in at 2Jd to 3Jd. The range of prices, was as follows, the January prices being shown also for the purposes of comparison:— ' . March. 1932. Jan., 1932.

MANY LOTS PASSED IN. FRENCH BUYERS ACTIVE. (Special to Dailt Times.) AUCKLAND, March 20. The top price of 10jd was secured for nine bales of halfbred sold on behalf of Mr L. F. Ashwin, of Waiheke Island. The top price at the March sale last season was Hid, while at the opening sale of the present season the top price was lOd, and at the January sale Hid. Owing largely to the heavy quantity of wool withheld from earlier sales the offering promised to be an exceptionally large one, 23,130 bales having been catalogued, compared with 16,959 at the March sale last year. At the last, moment, however, 3714 bales were withdrawn, and a large quantity, estimated at from 35 per cent, to 40 per cent, of the remainder, was unsold, being passed in when the bidding failed to reach the growers reserve, which, in the majority of cases, was marked down well below the cost of production. Approximately 10,000 bales which were not sold will be shipped to England in the hope of values improving at the London sales, a material factor being the advantage accruing to the grower from the' rate of exchange. The knowledge that the Yorkshire woollen mills are again working full time was undoubtedly an influence in Saturday’s withdrawals. There was a good bench of buyers, and bidding was very keen within limits, competition always brightening for wellclassed, top-making wools. A great deal of the bidding, however, commenced at exceptionally low levels, and some of the scraggy wools failed even to attract _ an offer. • France was particularly active, securing a large proportion of the clip, including the bulk of' the lambs' wool. The superior wools went Bradford and Japan, Germany taking much of the seedy. The large gallery of spectators, principally farmers, found little in the sale to please them. Those growers who had held, their wool back from the previous sale in the expectation that prices would firm as the season drew to a close were frankly puzzled by the disappointing turn of events and were at a loss to know what course to pursue—ship their wool to ■ London or wait until next season. Growers whose cost of production is in the neighbourhood of Is a pound admitted that they had lost heavily all through the season. Those whose costs approximate fid barely covered expenses. A typical case was that of a King Country farmer who offered 16 bales of crossbred at the January sale. They were passed in at 41d, On Saturday he was compelled to dispose of them for 3Jd. “It will only pay the cost of shearing,” he said. “ I do not know what I am going to do. It is not only the wool; we are getting only 5s for store lambs, where two years ago the price was anything from 16s to £l.”

Corriedale — to 10 Medium .... .. — 81 to 94 Superfine halfbred— 56/58 10 to 104 to 11 Medium halfbred, 50/56 — 94 8 to Average .. .. 01 to 74 ■ 7 to 75 Inferior .. .. 5 to si . 55 to 64 Coarse halfbred, 18/50 — n 7 to Super- 6 to 8 Average ...... 5 to 6 6 to 65 Inferior .... .. 3J to 44 5 to ■55 Fine crossbred, 46/18 — 54 to 64 Super .. .... 5 to 55 Average 4 to 4| to 54 Inferior .. •«- • • - 2J to 3* 3 to 44 Medium crossbred, 41/46 — 54 54 to 65 Super .. .... 45 to Average 3* to 44 4 to 4| Inferior 24 to 34 24 to Coarse crossbred, 40/44 — 44 to 5 5 Average 3 to 35 34 to 4 Inferior 2 to n 2 to 3 Low crossbred, 36/40— Super — Average 24 to 34 3 to 35 Inferior 2 to 2i 2 to 3 Hogaets— Extra super Corr. — 74 — Halfbred .. .. - 6 to — 75 Fine 5 to 64 74 to 54 64 to 7 Coarse .. .. .. 3 to 4 5| to 64 Lambs— 6 Down j to 6 to Fine, 46/50 .... 4 to 54 65 55 Medium, 40/44 .. 3 to 4 4| to Seeclv and inferior i to n I to 24 Belliea and Pieces. Crossbred — to 65 Good to super .. 2 to 3 Low to medium .. 4 to ■ 14 2 to 44 Crutchings— Medium to good 2 to 3 34 to 35 Inferior to seedy 4 to 2 1 to 2 Locks — u 1 to Crossbred .. • • 1 to 2