COMMERCIAL

Poverty Bay Herald, Volume LX, Issue 18179, 29 August 1933, Page 3

COMMERCIAL

THE MEAT MARKET 1 FURTHER PRICE RISE New Zealand frozen meat at Smithfield is still improving in price, according to the latest information received from the Meat Board, and even beef, ox fores and hinds, have increased by -|d per lb, making the first beef rise for some time. Pigs also improved by for porkers and £d for baeoners, making the former up to skl and the latter up to s£d. The Meat Board reports as follows on the condition of the markets: — “The lamb market continues firm at the advanced prices, with a steady demand. ‘Mutton —Wethers are firm, and prices have advanced owing to a shortening of spot stocks. Ewes are also firmer, with an upward tendency. “Beef.—There has been more inquiry for frozen beef owing to an increase in prices for Argentine chilled beef, due to shorter supplies. “New Zealand porker pigs are firmer, owing to temporary short supplies and slightly better demand. New Zealand hneunev pigs arc also firmer, due to short spot stocks.”

THE BUTTER MARKET STOCKS REDUCED AGAIN New Zealand butter stocks in London showed a. further reduction last week. The Daily Board’s figures show that 1646 tons were delivered, compared with 2100 tons the previous week, and that 6325 tons remained at the close, compared with 6700 tons a week before. A year ago only 2850 tons remained in store. Australian stocks of butter at the close of the week totalled 2000 tons, after 865 tons had been delivered, compared with 2350 tons a week ago and 1825 tons a year* ago. The Empire Marketing Board’s estimate of all/ butters in store was 1,238,396 boxes, compared with 859,936 boxes at the. same time last year. The market was regarded as steady, although Is per owt easier than the previous Week for New Zealand and AusIralianJ with'Dutch and Danish slightly better. The retail prices remained unchanged at lid per lb for New Zealand and Is Id for Danish.

PROSPECTS FOR! (WOOL RESULTS Or MARKETING POLICY SYDNEY, Aug. 16. Messrs. Winchcqmbc, Carspn, Limited, report: “Developments in the wool trado are more assuring regarding the level of prices at the openlhg sales of the season on August 28. No upward movement in values has been noticeable, but inquiry for the raw material has shown more life, and consumers have shown greater willingness to do business at firm rates. “The variation in prices for Bradford tops since mid-July has flieen negligible. The quotation for average 70’s mqrino tops has been maintained at 33d, and average 63’s latterly realising 30Jd, only show a decline of Id on the figure recorded a month ago. The 30d level for 64’s tops in England, for long considered a desirable objective, has become an accomplished fact. Under existing conditions it is satisfactory, but it cannot be regarded as a high figure. Tho great European consuming countries are still on a gold •basis. They ;buy in the region of 50 per cent of the tops Yorkshire exports, and the 30d top in English currency is approximately 23d in' terms of gold. From 1909 to 1913 the prices ranged from 2nd to 30d. Rates for tops could not be maintained if trade became slack, but their present selling figure is not a level the height of which should make buyers dubious respecting its maintenance. “Raw commodities have, during t.hp past four months, made better prices (hah of late years. Despite an easing in values since July, tin and copper, by way of examplp, have latterly realised rates in England 25 .per cent above last April. The enhanced return for .products generally mean more employment and better world purchasing power. Australia offers an instance of the effects of higher returns on the world’s people.' Employment has shown definite improvement in the Commonwealth. Commerce and industry are .by no means normal. It would be foolish to allow optimistic feelings to doyelop too far. Hopeful, ideas, however, are decidedly more justified than- during thq past three seasons. No advance experienced during those years has been as well sustained as tho rise since April. “The improvement in rates for the finer wools hns : admittedly been greater than tho advance in most, other raw materials. Decreased future supplies combined with the fact, that wisely the sheep’s staple was sold freely at figures conforming with world purchasing power, can be credited with the relatively fqyorab.le selling position. Cheaper goods stimulated wool consumption. Had attempts been made to artificially force prices by withholding supplies on hand, stocks would now be heavy, consumers would be nervous regarding their effects on rates, and values would not have responded so soundly to the improved outlook.”

PRICE OF PETROL (Per Press Association.) WELLINGTON, last night. A meeting of petrol re-sellers in Wellington this evening decided to reduce the retail price of petrol, first grade by one penny, and second grade by twopence. The new prices will be Is 9d and Is 7d.

SYDNEY STOCK EXCHANGE SYDNEY, Aug. 2d. On the Sydney Stock Exchange the investment market is active and strong, with mining in keen demand, and gold shares rising. Sales: Dank of New South Wales, £22 15s; Queensland National Bank, £5 4s fid; Huddart, Parker, 31s; Tooth’s, 38s 3d;' Bulolo Deposits, 2s; Bulolo Gold, 945; Mount Morgan, 40s 3d; New Guinea, paid, 2s 7d Associated News, 8s 4d; Austral Glass, 49s 9d; Goldsbrough, Mort, 28s iOJd; Commercial Banking Comphnv of Sydney, £l7 124; Electrolytic Zinc, 22s fid; Commonwealth Bonds, 4 per cents, 1938, £lO3 Is 3d; 1941, £lO3 8s 9d, £lO3 17s fid; 1944, £lO3 12s 6d; 1947, £lO4 12s 6d; 19.59, £105; 1901, £lO5 ss.

THE APPLE MARKET (Received Aug. 29, 11 aim.) LONDON, Aug. 28. The Comorin’s New South Wales apples are in excellent condition. The prices are the same as the Otranto’s. Apples are very weak. Further sales were:—Tasmanian Stunners, 2s to 4s; Granny Smiths, 4s to 6s. DAIRY PRODUCE MARKETS London prices for Now Zealand butter and cheese showed a slight easing at tjio close of last week’s business. Fresh landed butter declined by Is per cwt, but stored remained unaltered. Cheese prices were also slightly easier. 'Messrs. Joseph Nathan and Company ii-oport to-day as follows:—“Butter, fresh landed 9Js i stored 90s; the marbet is steady but quiet. Cheese, white 475, colored 50s; more business is doing. MINING NEWS The Brian Born dredge, which is operating near Greymouth, returned 390 z. for 94 hours. Reporting under date August 18, the mine manager at King Solomon (Gore) states the work of opening up new ground is in full swing, arid t}ie volume and value of the gold-bearing wash are exceeding all expectations. At the present rate of progress, and providing the wash keeps in, large reserves are being added to the already sound condition of the mine. The Lawson Flat Company (Kumara) reports a wash-up of 31oz. during operations in the past two weeks. The Freshford Gold Dredging Company, Limited (Southland), reports a return of lOoz. The dredge has been working through abank of clay, which accounts for the small return.

MOONLIGHT GOLDFIELDS A company is in course of formation to work by hydraulic sluicing an area of more than 8W acres of alluvial deposits near Blackball (West Coast). It is estimated that the area will provide & sluicing life of 50 years. The scheme of the proposed company is to divertJdirect from its source water which will supply 50 heads on ,to the area. This, it* is estimated, will allow three faces to be worked simultaneously and enable 200 cubic yards off material to be sluiced every hour at. an overall cost of less than 2d a yard. ‘ The company is entitled Moonlight Goldfields. At the Feilding stock sale on Friday fat sheep, after showing an easier tendency early, closed strong at last week’s rates. Fat hoggets firmed slightly. Wethers were of medium quality, and demand was slack. Store hoggets were hardly up to last week’s prices. A very heavy yarding of fat cattle were irregular of sale. Dairy heifers were quitted by vendors at lower rates. As an indication of the extraordinary vagaries of the Home wool markets, Messrs. ~W. H. Booth and Sons, Middle Run, Carterton, have received advice that their ram and ewe hogget wool in the July sales realised lid per lb. v lp the March sales the ewe wool brought s£d per lb. In both cases competition was very active. Golden Sands, Limited, Barrytown, report a yield of 440 z. of gold for 36 shifts. By the s.s. Rarariga, which sailed from Lyttelton last week, a consignment of 10 special stud Corriedale ram hoggets was shipped to the Argon; tine.' The annual report of the North Auckland Farmers’ Co-operative Company, states ‘ that the result of the year’s working was a profit of £l4B, compared with a loss of £2354 last year.