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Poverty Bay Herald, Volume LX, Issue 18264, 6 December 1933, Page 2

COMMERCIAL

SYDNEY WOOL SALES JAPAN BUYS FBEELY (Elec. Tel. Copyright —United I’ress Assn.) SYDNEY, Dec. 5. At the wool sales 10,644 bales were offered, of Which 9432 were sold; 313 bales were disposed of privately. Keen competition continued, all sec tions operating freely. Japan * particularly anxious to obtain good t average descriptions. The market was firm and puces unchanged. Comebacks and crossbreds sold vendilv. Greasy merino made to Am. DUNEDIN CITY LOANS POSITION OF CONVERSION The position in regard to the City of Dunedin Conversion Loan is that the present holders of the 4 and 4i per cents, maturing on January 1, 1934, were olfered the. option of renewing at % per cent, at par. The date for acceptance ol that otter has now expired and, so far, 40 per cent, of the amount has been renewed at the above figure. . Tho question of placing the balance lias hot yet been definitely decided Ihe total amount of the loans is £056,901. SYDNEY STOCK EXCHANGE pm ' AUSTRALIAN BONDS FIRMER SYDNEY, Dec. 4. On the Sydney Stock Exchange to-day business was quiet, but Australian bonds were firmer. The year-end influences were apparent in the other sections. Afternoon sales : Commonwealth bonds, 4 per cent., 1938, £lO4 16s 3d; 1941, £lO3 13s 9d; 1947, £lO4 10s; 1963, £lO5 6s 3d; 1965, £lO5 17s 6d; 1959, £lO5 Is 3d; 1961, £lO5 ss. Commercial Banking Company ol Sydney, £l7 10s; Associated News. 20s fid; Australian Gas, 47s 9d; Huddart, Parker, 32s 6d ; Tooths, 42s fid; Colonial Sugar, £6l 17s 6d; Broken Hill Proprietary. 39s 7^d; Goldsbrough Mort, 31s 41d; Henry Jones, New Zealand delivery, 335; Bulolo Deposits, 2s 2!d; Alt. Morgan, 575; New Guinea Gold, 6s 3d; Bulolo, £5 10s. MELBOURNE, Dec. 4. Sales on the Melbourne Stock Exchange to-day included Commonwealth bonds, 4 per cent., 1938, £lO4 18s 9d; 1844, £lO4 10s: 1947, £lO4 ss; 1969, £lO5 2s fid; Commercial Bank of Australia, 17s 5d and 17s fid: Dunlops, 19s 4d; Goldsbrough Mort, 31s 9d, DAIRY PRODUCE MARKETS PRICES IMPROVE SLIGHTLY A slight improvement in New Zealand butter and cheese quotations is reported to-day from London. Yesterday’s advice regarding a better demand and more buying is followed to-day by the news that quotations for both butter and cheese are par to Is per cwt. better than the previous day’s prices. Also a steady demand in both markets is suggestive of a little more confidence prevailing. Messrs. Joseph Nathan and Company report to-day as follows: —“Butter, 70s to 71s. Cheese, white 48s, colored 465. In both markets there is a steady demand.” REGULAR SHIPMENTS TO REPLACE QUOTAS The Australian butter quota suggestion (published on page 7) rs indefinite as to what should constitute the 20 per cent, reduction in shipments. • If the shipments for the current season are to be 20 per cent, below those of 1932-33, this will not be difficult for Australia to achieve because of the greatly reduced production in the Commonwealth this season due to drought conditions in the early months. On the other hand, New Zealand is increasing its production, and probably will have 20 pfir cent, more butter to export this season than last. Therefore, if New Zealand will be required, under the Australian suggestion, to curtail supplies by 20 per cent, on the 1932-33 figures, approximately 40 per cent, of this season’s exportable butter will be unmarketable.

Commenting on the position this morning, Mr, .T. H. Sunderland, secretary of the Kia Ora Co-operative Dairy Company, stated that if Australian and New Zealand dairy boards had collaborated in the regulation of shipments i there should never be any need for quotas, nor would there have been any suggestion of imposing them. He pointed out that during 1932-33, Australia exported 98,000 tons of butter to the United Kingdom and New Zealand 118.0 CO tons, a total of 216,000 tons. If "both countries had agreed to export the anticipated total for the season in equal monthly quantities, 18,000 tons per month, the steady flow of arrivals on the London market should have avoided any sudden glutting of the markets. in the event of regulating the shipments in equal monthly loadings, the co-operation of the Meat Hoard might he essential so that shipping arrangements could he made to the best advantage. Meat shipments, it seemed, were not yet on an orderly enough basis, for much of the meat last season was held in store in New Zealand. Gisborne had the experience of its freezing works being full of meat that shippers were holding back.

In support ol bis proposal lor a greater degree of control in the regulation of shipments, Mr. Sunderland pointed to the usual experience of markets weakening in January and February when the bulk of the New Zealand and Australian shipments were arriving at Home. Violent fluctuations would be avoided to a great extend if supplies were regular. WELLINGTON WOOL SALE The. offering at the Wellington wool sale to bo held to-morrow will exceed the limit originally set by tins Wool Committee. The catalogue totals 29,998 bales, or practically i)000 bales above the allocation. It is expected that to-morrow's prices will be fully up to those of the Napier sale last Friday. PAT STOCK SCHEDULES The reduction of -Id per lb in lamb prices at Kaiti from yesterday was common to the whole of the North Island. Prices on the hooks at Auckland and Hawke’s Bay and on the farm in the Wairarapa, Manawatu and 'Wanganui districts are now on a 6-Jd schedule for lamb, while the Gisborne hooks price is Gjd and Tokomaru’s Bay’s (id. Mutton prices in the districts mentioned above are Jd above those at Gisborne and 2d above Tokomaru Bay. Rates in the main centres are on a basis of 4kl for wethers and 2gd for ewes. A decision to go into voluntary liquidation was made at a meeting last month of shareholders in TonsOn Garlick Company, Limited, Auckland. A company is being floated for the establishment of a cigarette manufacturing factory at Port Ahuriri. Owing to the absence during the winter of heavy and soaking rains, so essential to the growth of cocksfoot, it is expected that tho yield on Banks Peninsula will be much less than it was last season, when upwards of 14,000 sacks were harvested. Barley-growing in New Zealand is now not so profitable as it used to be. It has to meet Australian competition, and that means difficulties as to fixing contract prices. Thus it comes about that, in certain districts some farmers are turning from barley to grass-seecl cultivation. Ha wen and Arrow are going through that experience, fairly large areas in those localities being devoted to rye and clover.