COMMERCIAL.

Southland Times, Issue 19256, 21 June 1921, Page 2

COMMERCIAL.

STOCK EXCHANGE. fESTERDAY’S QUOTATIONS. The following sales were reported at yesterday’s sitting of the Stock Exchange:— N.Z. Milk Products at 16/-; Southland Frozen Meat £1 ord. at £1 3/3, 10/- ord., at 11/7i. The latest quotations (subject to the usual brokerage) are as follow: Bank of N.Z., sellers £2 7/-. Union Bank, sellers £l2 7/6. Standard Insurance, sellers £2 4/3. Southland Farmers’ Co.-op., sellers £3. Wright, Stephenson & Co. (ord.), sellers £1 11/-. N.Z. Milk Products, sellers 16/3. Southland Frozen Meat, £1 ord. £1 3/3, sellers £1 6/-; 10/- ord., buyers 11/6, sellers 13/-. Bruce Woollen Co., sellers £2 1/6. Mosgiel Woollen Co., buyers £4 17/6. Milburn Lime & Cement, sellers £1 6/-. N.Z. Drug (£2 paid), buyers £2 12/-. Greater Lyceum, sellers 5/-. War Bonds, 1938 and 1939, buyers £B3. Soldiers’ Settlement Loan, buyers £92. DUNEDIN WOOL SALES. SPIRITED COMPETITION. (Per United Press Association.) 1 DUNEDIN, June 20. The third of the series of Dunedin wool sales took place to-day. A good tone prevailed, and about 90 per cent, of the offerings were disposed of at auction. In all 10,093 bales were offered. There was a full attendance of buyers, and in comparison with the previous sales competition was spirited and the demand keen. The bulk of the wool was taken by overseas buyers, though a portion was secured by scourers for local works. A feature of the sale was the strong inquiry for halfbreds’ and fine crossbreds, though Merinos, of which a small quantity was on offer, came in for keen competition from shippers. The local woollen mills were noticeably quiet, and there was not the same representation of or demand from the mills experienced at the previous sales. A considerable proportion of the offerings came from the Camaru district, and consisted largely of medium halfbreds, and a really special feature of the sale was the keen demand for this class of wool. The prices realised for this wool exceeded the expectations of both vendors and brokers, and might be quoted fully 2d a lb above the bids for this grade at the March sale. In buyers’ opinion these wools fetched on an average quite id a lb above the Timaru sale held last Wednesday. Pieces came in for specially keen competition, and the prices realised were appreciably above last sale for medium and good lines. Following is the range of values and also the prices ruling at the March and January sales:—

DUNEDIN STOCK EXCHANGE. DUNEDIN, June 20. Sale on ’Change :~Bank of New Zealand ex div., 45/3; Union Bank, £l2 4/-, two sales; Standard Insurance, 44/-; Canterbury Meat Company, ordinary, £ll. Sales reportedßank of New Zealand, ex div., 45/6; New Zealand Insurance, 27/6. THE PRICE OF GOLD. WELLINGTON, June 20. The High Commissioner advises the Treasury by cable under date London, June 17: The price of gold to-day is £5 8/7 per oz. Shipments are being made to America OAMARU MARKET.

OAMARU, June 20. The chief topic amongst those associated with the markets last week has been the change in the weather. After a long stretch of destructive dryness rain set in on Sunday afternoon, and, although not continuous, has endured until to-day. Altogether a little over 2sin of rainfall was recorded in Oamaru, and the rain was very w r ell distributed over the whole country. Of course, the badly-needed moisture came far too late to benefit feed and produce any effect upon the stock market. Its good is prospective rather than present, and will be found in an extension of the area under wheat for next year’s harvest. Much of the wheat sown in the autumn still lies in the ground as it was scattered, and the rain will enable the dormant seed to germinate. But . the greatest good of the rain is that it will put the. lea land into a ploughable state, and thus enable field operations that have hitherto been impossible to be carried out. All going well, an increased area will certainly be put under wheat this year. Another topic in the grain market is the evident shortage of wheat, which has caused some surprise in circles that should have been better informed, and led to wheat being taken for milling purposes that was previously looked at askance. In that category may be placed a line of 700 sacks of the Sensation variety which changed hands during the week. Outside of this a fair number of lines ranging from 350 sacks downwards came on the market.

Oats have made a further slight movement upwards in prices, and there has been an increased amount of business passing. A couple of lines of good heavy milling Gartons were taken at 3s Id net at country stations, while A grade Gartons changed hands at 3s net delivered in Oam aru, and 2s lid and 3s net at country stations, the higher figure being the present quotation. For B’s 2s 9d net delivered and 2s lOd net on trucks have been given, the top money being for heavy samples. Ordinary feed Algerians have been dealt in at 2s 3d, and heavy samples at 2s 6d, both net at country stations. Several transactions in Malting barley are reported at from 3s 3d up to 3s 6d net at country stations, according to sample and railage distance. A line of linseed was secured at a country station at £ll, an average of £2 on the price paid last week. There is nothing doing in potatoes, but a little more inquiry is reported. Some business has been done in oaten sheaf chaff at from £4 5s to £4 15s net on trucks, according to sample. So far as sheep are concerned the stock market continues slow. The chief feature has been the sale of a fair-sized line of four-tooth ewes in lamb at 20s, which is the best price for some time. The rest of the business has been confined to fat sheep, wethers bringing 20s and ewes 14s. The presence in the market of southern buyers of dairy stack has brightened the cattle market. Cows to calve in September and October have been in good demand, and a fair number changed hands at from £7 to £B, while from £9 to £lO was given for cows showing extra quality. Two-year-old heifers, due to calve in the spring found new owners at from £4 15s to £5 10s. Cows just at profit have realised from £lB to £2O for good quality, and from £l2 to £l5 for the general run. Business in other cattle was limited to a line of heavy fat bullocks at £l7, light-weight fat steers at £9, and store steers, 18 months to two years old, frpm £2 10s to £3.

LONDON MARKETS (By Telegraph.—Press Assn. —Copyright.) (Australian and N.Z. Cable Association.) LONDON, June 18. Shares:—Talisman, buyers 6/3, sellers 6/4. The National Mortgage and Agency Co. of New Zealand has declared a dividend of 7$ per cent, tax free. At the wool sales there was an average selection of Merinos. Fine Continental sorts were firm, but Yorkshire combings were slightly easier. Fine crossbreds were unchanged. Medium and low were easier. LONDON, June 18. Cotton.—Liverpool quotation, Afrcian middling upland, July delivery, 7.81 d. Rubber.—Fine hard Para lid, plantation first, latex crepe 8 5-Bd, smoked ribbed sheet 7 5-Bd. Jute —June-July shipment £25 10/-. Hemp—June-August shipment £3B. Copra—June-August shipment £27 10/-. Linseed oil £35 per ton, equal to 2/1 lsd a gallon; turpentine 81/- per cwt, equal to 6/1 lsd a gallon. FROZEN MEAT MARKET. LONDON, June 19. Medium Canterbury sheep Bsd; New Zealand ewes, 6sd; South American sheep, light, 7sd; heavy 6sd; ewes 6d. Frozen Argentine fores 4sd; chilled Argentine fores, sd; hinds, lOd. Uruguay fores, 4d; hin.de, 9d.

MerinoJan. d. March, d. June, d. Extra superfine to 21} to 12} toll} Superfine 14-18} 8-10} 9}-ll Medium to good 11-12} 6}-7} 7}-9 Inferior 9-10} 5-6} 6-7 Halfbred— Extra superfine to 18} to 12} toll Superfine 13}-16} 8-10} 9-10} Medium to good 10}-12} 5}-7} 7}-8} Inferior 8-9} 4-5 5-7 Crossbred— Extra superfine to 13 to 8 Superfine 10-11} 5-7} 7-9} Medium to good 6-8} 3}-4} 4}-6} Inferior 4}-5} 2-3 2}-4 Pieces— Superfine 8-12 5}-81 5}-6} Medium to good 5}-7} 3-4 3}-5 Inferior 3}-5 l}-2} 2-3 Bellies— Superfine 7}-9 3-4} 4-5} Medium to good 5-7 2-2} 2}-3} Inferior 3-4} 1-1} 2-2} Locks li-4 }-l} 1-2