COMMERCIAL

Southland Times, Issue 19478, 30 March 1922, Page 2

COMMERCIAL

BURNSIDE STOCK SALES, fPer United Press Association) DUNEDIN, March 29. There were large yardings of fat stock in each department at Burnside to-day. Sheep and lambs’*sold at slightly firmer values while fat' cattle were easier. Pigs maintained late rates. Fat Cattle—A large yarding numbering 302 was offered. The quality on the whole was good and the demand at the opening of the sale was qyiet and a reduction of 10/- per head on late rates took place, but conditions improved before the close and advanced 5/-. At the close prime ox beef average 22/6 per 1001 b; prime heifer beef, 18/- to 20/-; inferior down to 15/-. Prime bullocks realised from £9 15/- to £ll 10/-; medium, £8 to £9 5/-; lighter kinds from £6 10/- upwards. Prime heifers realised from £7 to £8; medium from £5 15/- to £6 10/-; light and aged from £4 upwards. Sheep—A large yarding numbering 2655 head of medium quality. The sale opened under keen competition at an advance from 1/- to 1/6 per head on last week’s rates, although values during last sale were easier and the opening rates were not maintained, passings being frequent. Very few firstclass sheep came forward. Good wether mutton brought up to 4jd; ewe mutton, 33d to 3£d; extra prime heavyweight wethers realised from 29/- to 30/3; prime, 23/6 to 27/6; medium, 19/- to 22/6; lighter kinds from 16/6 upwards; prime ewes realised from 19/6 to 22/9; medium, 16/- to 18/-; light and aged from 10/upwards. Lambs—A good yarding numbering 1204 head of fair quality. Bidding was brisk from both freezing buyers aud butchers, and store sorts were eagerly bought by graziers; values advanced, the prices realised ranging from 16/- to 28/6 per head. These prices work out at about 7 Ad per lb. Store Cattle—A large yarding of several pens contained a number of choice animals. Competition was slack and prices showed no improvement, and half the fat cows and young animals were sold at unusually low values. /Y line of good three-year-old steers almost fit- for thq butcher realised up to £7 11/-. Pigs.—A medium yarding, which was an improvement on last week’s supply, and all classes were well represented. Baconers and porkers were well competed for at prices on a par with late rates, but small pigs and suckers showed a decline. Values of best baconers realised from 7d per lb, and best porkers from 8d to 83d per lb. ADDINGTON STOCK SALE. (Per United Pie® Association.) CHRISTCHURCH, March 29. At the Addington market there were again very heavy yardings of all classes of stock. Fat and store sheep and fat lambs met an improved maxket, but beef was again in a weaker demand. Store Sheep—A big yarding of about 30,000, including Chatham and Nelson sheep. There was a keen sale throughout for all classes, notably forward lambs and wethers, passing was negligible, forward rape lambs, 15/1 to 17/9; good lambs, 13/3 to 14/10; medium, 10/3 to 12/9; small, 7/9 to 9/10; cull, 4/6 to 7/6; good 2-tooth hatfbred ewes, 26/6 to 31/-; ordinary, 17/9 to 22/6; inferior, 12/9 to 15/9; good halfbred 4,6, and 8-tooth ewes to 24/3; good crosbred, 18/6 to 21/6; good 4-tooth ewes, 24/-; ordinary 4,6, and 8-tooth ewes, 16/-’to 18/3; inferior, 12/9 to 15/6; rape ewes, 7/- to 10/6; cull, 2/6 to 6/6; forward 4 and 6-tooth wethers, 18/- to 20/9; ordinary, 14/6 to 16/-; inferior low conditioned, 12/9 to 13/9; two-tooth, 11/6 to 14/9. Fat Lambs —5300 penned. An active sale, freezers paying from 7|d to 7|d per lb; extra prime lambs, 25/6 to 29/3; prime, 22/6 to 25/-; medium, 19/6 to 22/3; light unfinished, to 19/3. Fat Sheep—Average yarding; values improved slightly on last week; exporters purchasing the bulk of lightweight sheep. Extra prime wethers, 26/- to 29/4; prime, 21/9 to 24/6; medium, 19/- to 21/6; light, 15/- to 18/9; extra prime ewes, 21/- to 23/3; prime, 17/6 to 20/6; medium, 14/- to 17/-; light, 10/- to 13/6. Fat Cattle—Another big yarding totalling 335 head. A further easing in values and excepting for- a few prime pens the bulk of the good beef sold at about 25/- per 1001 b; extra prime steers, £l5; prime, £8 15/- to £l2 7/6; medium, £6 10/- to £8 10/-; light, £4 15/- to £6 5/-; prime heifers, £5 to £8; ordiary, £2 17/6 to £4 15/-; prime cows, £4 15/- to £8 2/6; ordinary, £2 10/to £4 12/6. Vealers —A satisfactory sale, last week’s values being maintained. Runners, £5 16/-; good vealers, £3 15/- to £4 10/-; medium, £2 to £2 10/-. Small calves brought 6/- and upwards. Store Cattle —No quotable lines were forward, the entry consisting of nondescript lots and low prices ruled generally. A line of two-ycar-old heifers made £3 10/-; good yearling heifers, £1 15/- to £2 5/-. Dairy Cattle—Second and third calvers close to calving, £8 10/- to £l4; .June and July calvers, £3 to £7; springing heifers, £9 to £l4; cows in milk, £3 to £9; aged and inferior cows, 15/- to £4. Fat Pigs —There was- a brisker demand for porkers, but baconers were inclined to be easier. Choppers, £2 10/- to £4 10/-; light baconers, £3 10/- to £4; heavy, £4 5/ to £4 15/-; extra heavy, £5 (average price per lb, 63d). Light porkers, 47/- to 54/-; heavy, 57/- to 64/- (average price per lb 8d to B£r). Store pigs improved and the demand for good sorts of sows in pig was £2 12/-; good stores, 34/6 to 43/-; medium, 27/6 to 33/-; inferior, 17/6 to 25/-; weaners, 6/- to 11/-. COMPANY REPORTS. NEW ZEALAND DRUG COMPANY. The balance-sheet of Kempthorne, Prosser and Co.’s New Zealand Drug Company, Ltd., for the year ended January 31, 1922, shows a gross profit of £113,442 4s lOd, while the expenditure under all heads totalled £80,521 12s Bd, leaving the net profit at £32,920 12s 2d. To this must be added £15,675 6s 9d brought forward from the previous year, making a total of £45,595 18s lid. The dividend for the year at the rate of 8 per cent absorbs £31,827 17s Bd, leaving £16,768 is 3d to be carried forward. Half the amount of the dividend was paid in July last, and the balance will be paid after the annual meeting. In the assets of the company there is included an item, “cash in bank,” £30,745 3s Id. NEW ZEALAND AND DANISH BUTTER. DISPARITY NOT WARRANTED. Considerable comment has been caused among dairy farmers and others interested in the butter export trade owing to the low price of this season’s Dominion butter on the London market, compared with the rates quoted for Danish butter. Correspondence recently received from London by Mr W. AV. Bowker, representative in Auckland of A. J. Mills and Co., Ltd., a well-known Tooley Street firm of butter importers, states that the disparity in price between *New Zealand and Danish butter this season is quite unwarranted. Several reasons are assigned for this disparity. It is stated that subsequent to the decontrol of prices in Britain fresh Danish butter was placed on the market in competition with New Zealand butter that had been stored for a considerable period and showed signs of deterioration. When fresh New Zealand butter was available supplies arrived irregularly, and delays in discharging shipments made matters worse. The consequence was that either three or four vessels were discharging New Zealand butter together, thus placing large consign- I meats on the market, or there was a period /when, there-rjcrs-ao shatover, 1

| It is further stated that a large Con- ! tinental demand for Danish butter this season left only a small quality of the Danish manufacture for the English market. This was regularly supplied, but was barely suffcient to meet the demand that exists for Danish. It is apparently recognised by the Tooley Street merchants that New Zealand butter should bo ranked equal, or nearly so, with Danish, and action is being taken to establish this principle with the British consumers. A cablegram sent to Mr Bowker on January 31 stated that now that the market was cleared of old stocks a meeting of the principal importers had decided to commence propaganda in favour of New Zealand butter. The High Commissioner in London was being invited to co-operate with the importers in the campaign. In accordance with this decision articles were published in many British newspapers, emphasising the high quality of New Zealand butter, and asserting that it is the fintst in the world. It is also stated that the disparity in price compared with butter of foreign manufacture is unwarranted, and is purely artificial. AUCKLAND STOCK EXCHANGE. (Per United Press Association.) AUCKLAND, March 29. The following sales have been made:— New Zealand inscribed stock, 1939, £9O 10/-. Soldiers’ inscribed stock, 1933, £94 12/6. Bank of Australasia, £l2 3/-. Hikurangi Coal, preferential, £ll. CHRISTCHURCH STOCK EXCHANGE. CHRISTCHURCH, March 29. Sales—New Zealand (43 per cent.) inscribed stock (1938) at £9O 12/6. Bonds (1941), £9O 12/6; New Zealand inscribed stock (4i per cent.) (1933), £94 15/-. THE WHEAT MARKET. (By Telegraph—Press Assn.—Copyright) (Australian and N.Z. Cable Association.) LONDON, March 28. Wheat cargoes are quiet and parcels are poor, and request unchanged to sixpence or lower. LONDON WOOL SALES FOOD COMPETITION LONDON, March 28. At the wool sales there was an average selection of merinos and good competition for the best at full rates. Inferior sorts were somewhat irregular. Crossbreds were in strong demand, particularly for home. Low stipes are firm and fine rather irregular. “Spring Grove” brought ninepence. AUSTRALIA’S GOLD YIELD While the gold yield of Australia for February was 74040 z fine in excess of that for January, and a little larger than February last year, the production for the first two months of the year shows a falling off of more than 18,5000 z fine when compared with the yield of the corresponding term of 1921. That in itself is bad enough, but as most of the gold, mines now in operation are existing on the premium on gold, the outlook for the industry is disquieting. Even with the prices of gold averaging approximately £5 7s 6d for January-February last year, production for those months was practically on a par with the first two months of 1920, but with the quotations now standing at £4 14s 6d an ounce, and tending lower,prospects are gloomy. It was noticeable that in 1921 the premium on gold obtained by the Rand mines was approximately £8,000,000 to £8,250,000, yet the companies were able to pay dividends of between £7,000,000 and £7,250,000 only. Australia’s gold production in the months of January and February amounted to 118,5310 z in 1920, 119,2890zs in 1921 and 100,6600zs iu 1922. HIGH COMMISSIONER’S CABLE. The Department of Agriculture has received the following cablegram, dated March 25, from the High Commissioner for New Zealand, London: — MEAT.—Lightweight mutton in shortsupply and demand is good at firm prices. Only moderate demand for lamb owing to cold weather. Chilled beef temporary short supply this week and prices firmer, but no reaction yet on frozen beef. Mar. 25. Mar. 18. Mar. 11. N.Z. Mutton — Lightweight Bd-84d Bd-BAd Medium do. 73d-7£d 7jd-7gd Heavy do. 54d-7d 53d-6jd Ewes— Lightweight 63d GAd Heavyweight 5d 51d N.Z. Lamb — N. Island best 11 «d HJd llld-llid Do., ordinary Hid lljd Do., 2nd-class lid lid Canterbury in somewhat larger supply selling at 11 id per lb for lightweight and medium weight. Argentine Chilled Beef — Hinds 7-}d 53d 5d Fores 4d 33d 33d N.Z. Beef (frozen), quite nominal. Hinds 4sd 4sd 4£d Fores 2£d 2|d BUTTER.—Demand exceptionally strong this week from home and Continental buyers. Spot supplies very short, arrivals having been cleared as vessel discharged and Australian supplies practically exhausted. Prices have advanced rapidly, and by series of sharp increases, New Zealand starting Monday at 156/- per cwt reached 180/- per cwt by Thursday. This will necessitate an increase in retail prices and buyers inclined to slow down towards end of the week. Official quotations are:— New Zealand (salted).—March 25: 176/to 180/- per cwt (l/6if to 1/71 per lb). March 18: 148/'- to 150/- per cwt (1/34 to 1/4 per lb; exceptional 152/- per cwt (1/4-J per lb). March 11: 140/- to 142/- per cwt (1/3 to 1/34 per lb). Australian (salted>. —March 25: 166/- to 170/- per cwt (1/54 to 1/64 per lb). March 18: 140/- to 144/- to 146/- per cwt (1/3, 1/33 to 1/34 per lb). March 11: 132/- to 136/- per cwt (1/24 to 1/2| per lb). Australian (unsaltcd). —March 25: 168/to 170/- per cwt (1/6 to 1/64 per lb). March 18: 140/- to 144/- per cwt (1/3 to 1/33 per lb). March 11: 132/- to 136/per cwt (1/24 to 1/23 per lb). Danish, quiet—March 25: 190/-, 194/- to 196/- per cwt (1/84, 1/84, to 1/9 per lb). March 18: 184/- per cwt. (1/71 per lb). March 11: 168/- to 170/- per cwt (1/6 to 1/64 per lb). CHEESE. —Good demand for New Zealand and market firmer. Present quotations are:— English, finest farmers’, scarce.—March 25: 140/- to 145/- per cwt (1/3 to 1/33, per lb). March 18: 140/- to 145/- per cwt (1/3 to 1/3+ per lb). March 11: 140/to 145/- per cwt (1/3 to 1/33 per lb). Canadian. —March 25: Coloured, 96/- to 104/- per cwt (103 d to Hid per lb); white, 90/- to 102/- per cwt (9|d to lid per lb). March 18: Coloured, 96/- to 104/- per cwt (10£d to 113 d per lb) ; white, 90/- to 100/per cwt (94d to IOJd per lb). March 11: Coloured, 100/- to 104/- per cwt (lOiJd to ll}d per lb); white, 96/- to 100/- per cwt (lQ4d to 103 d per lb). New Zealand.—March 25: Coloured, 94/per cwt (lOd per lb) ; white, 92/- to 94/per cwt (9Jd to lOd per lb). March 18: Coloured, 88/- to 92/- per cwt (94d to lOd per lb) ; white, 86/- to 90/- per cwt (9}d to 9fd per lb). March 11: Coloured, 94/to 96/- per cwt (lOd to 104 d per |b); white, 81/- to 83/- per cwt (BJd to 9d per lb). Australian.—March 25: Coloured, 88/- to

86/- to 88/- per cwt (9{d to 93d per lb). March 18: Coloured, 88/- to 90/- per cwt (93d to 9|d per lb); white, 84/- to 86/per cwt (9d to 94d per lb). March 11: Not given. HEMP.—Manila quiet but steady. “G” grade, April-June shipment quoted £36 per ton. “H” grade £35 10/- per ton. New Zealand little further business has been done in spot and dock parcels. Highpoints reported sold down to £33 per ton, in dock, and is now offered at £32 per ton spot. Shipment is not of interest. There is enquiry for common and tow. WOOL.—Sales continue satisfactorily with strong demand. Prices not materially changed from last week. Next week B.A.W.R.A. offering will consist of Australian hjerinos, greasy 4700 bales, scoured 1850 bales; crossbred, greasy 3300 bales, scoured 800 bales; New Zealand crossbred, greasy 4850 bales, scoured 750 bales, stipe 1250 bales. HONEY.—Market very quiet for New Zealand; cheaper sort plentiful. Jamaican white selling at 71/- per cwt (74d per lb); New Zealand special white quoted at 90/per cwt (9jd per lb); medium amber, 70/to 78/- per cwt (73d to 84d per lb). FRUlT.—Supplies of American still heavy and fair quantities Nova Scotian still available. Quotations are easier as holders are anxious to clear in view of commencement of Australian arrivals. First few cases of the latter marketed this week. Present quotations are:—Boxes—American Winesaps 12/- to 15/-, Spitz 14/- to 17/-, Californian Newtowns 15/- to 16/-, Oregon Newtown 16/- to 18/-; Cape Colony fruit fair supply; pears, Williams, selling at 6/to 7/- per box. EGGS. —Arrivals again in excess of de mand. Market weak Present quotation are:—Danish and English, 13/6 to 16/-; Italian and Irish, 12/- to 14/-; Dutch, 15/to 17/-; Styriau, 11/6: Muruccan, 9/-,