COMMERCIAL

Southland Times, Issue 19655, 4 October 1922, Page 2

COMMERCIAL

WALLACETOWN SALE. STOCK MARKET IMPROVES. The ( attendance at the Wallacetown sale yesterday was smaller than usual, the good weather no doubt keeping many farmers busy on the farm. FAT CATTLE.—The yarding was of even quality, there being no outstanding beasts penned. Prices showed an increase on the previous sale of about £1 per head all round, and competition was fceen throughout.. Die price per hundred for prime bullocks was about 35/-, but for average beef the prices ranged from 27/6 to 30/- per hundred, while light and inferior stock brought about 22/6. There was some prime quality heifer beef yarded, and this realised good prices. Prime bullocks ranged from £ll 7/6 to £l3 12/6, medium-weights from £9 to £lO 15/-, light and unfinished from £7 10/- to £B. Prime heifers ranged from £8 to £9 2/6, lighter sorts selling from £5 17/6 to £7 17/6. Only a few head of cow beef was yarded, selling at £7- per head.

STORE CATTLE.—With the recent advance in store cattle there was a fair yarding, but prices immediately receded until they reached the level of those ruling before the rise. Included in the yarding were 116 dairy cows, but a large number of these were of inferior quality. Good first calvers sold at about £7 12/6, while good cows sold at £9 15/-.

FAT SHEEP.—A sharp rise was recorded in the fat sheep market, as country butchers were operating on a small yarding. In some cases the prices received were 4/in advance of vendors’ reserves. The general advance was at least 2/- per head, and the market closed firm at those rates. The top price obtained was 39/- paid by Mr J. L. Hannon for a pen of 21 wethers. Prices at auction were as follows:—Extra prime wethers 31/- to 39/-, prime wethers 27/3 to 30/8, lighter sorts from 25/6 to 26/-. The following is a comparison of the entries at the last three sales:—

SALE OF PEDIGREED AYRSHIRES. Mr A. Gillies, of Hampden, the wellknown Ayrshire' breeder, brought forward at last Edendale sale, a special entry of ten cows and heifers. There was a good attendance of those interested ( in the breed and Mr Gillies’ experiment in risking a far away market resulted in a most satisfactory sale, the majority of the lots going to purchasers apparently anxious to make a start in purebred cattle. Messrs Wright, Stephenson and Co., Ltd., were the auctioneers.The following are particulars of the sale;— Stella of Townhead, 26gns, T. G. Dobbie, Menzies Ferry; Cherry of Townhead, 23J gns, G. T. Pow, Edendale*; Sylvia of Townhead, 21igns, Alex. McDonald, Edendale; Mina of Townhead, 20|gns, John Hillis, Seaward Downs; Countess 11. of Townhead, 18}gns, R. Dillon, Brydonc; Lorna of Townhead, ISigns, W. C. Taylor, Menzies Ferry; Iris of Townbead, 18gns, Rs Dillon, Brydone; Lucy of Townhead, 16gns, T. G. Dobbie, Menzies Ferry; Clara of Townhead, llfgns, P. D. Botting, Edendale; i Rosalea 11. of Townhead, lOAgns, W. C. Taylor, Menzies Ferry. GRAIN AND PRODUCE. Messrs Dalgety & Co., Ltd., report as follows: Oats.—There is some demand for grade oars which are firm at late rates. We quote: A Gartons 2/7, B Gartons 2/4, Undergrade from 1/9 per bushel; sacks extra. Potatoes.—Supplies of tables in good condition are very fchort and prices are firmer. We quote: Prime Up-to-Dates £7 10/- per ton; sacks extra. i Chaff. —There is a good demand for prime ‘ oatensheaf, which is selling at £4 10/- to £4 12/6. Inferior and discoloured lines, of which large quantities are still held in store, are very slow of sale at from £2 per ton, sacks extra. Messrs Donald Reid & Co., Ltd., report as under:— Oats. —There is a good inquiry for A and B grade Gartons for shipment. We quote: A grade 2/7, B grade 2/4, undergrade 1/10 to 2/-. Potatoes.—Supplies are Ffiort. and there is a keen demand for good quality at £7 10/per ton. Medium quality is neglected and sales are difficult to effect at £4 to £5 per ton; sacks in. Chaff. —The local market is glutted with chaff of low quality. As the demand for this is extremely slack we cannot at. present recommend consignments of this class of chaff. Prime- quality chaff is firm at £4 10/- to £4 12/6, ex truck, sacks extra. DAIRY PRODUCE. THE LONDON MARKET. WELLINGTON, October 3. The National Dairy Association advises having received the following cable from its London Office under the date of September 30:— The butter market is steady. New Zealand salted 216/- to 218/-, unsalted 216/to 228/-; Danish, 224/-; Australian, 204/to 206/-. » Cheese, white 94/- to 96/-, coloured 92/to 94/-. Good demand; market firm. Casein is in fair demand. Lactic £65 per ton, rennet £7O per ton. AUCKLAND MARKETS. (Per United Press Association.) AUCKLAND, October 3. Potatoes.—Quotations keep very firm, and it looks as if the market will hold up until the end of the season. Local merchants apparently have confidence in the position, for most of them have already contracted forward for their probable requirements. Redskins are quoted this week at 10/6 ex store, and white at 11/6 to 12/-. Oats.—Export demand is keeping the market active, there being quite a change after the dull conditions prevailing during the winter, Australia and the United Kingdom are both drawing on New Zealand stocks, and quotations f.o.b. South have finned in consequence. Local stocks are low enough for a quick response to the advance in the South, and this week -B grade are selfing at 4/3 in small lots ex store, and A grade at 4/5. It is understood that stocks of A grade in Auckland are low, such a large proportion of the harvest being of lower quality, and it is this high grade that is in demand for shipment to London. Chaff. —Export demand for Australia has put new life into the chaff market, but during the. last day or two there has been a tendency to again drag somewhat, and quotations from the South are coming in more freely. The Shipment at Onehunga from Picton this week sold very readily, and stocks are again rather low here. Quotation for best Marlborough chaff is steady at 9/- ex store, and there is a small sale for local at about 6/- ex store, but the indifferent quality makes most, buyers prefer the brighter Southern article. CANTERBURY MARKETS. CHRISTCHURCH, October 3. The potato market has eased due to the unexpectedly large shipment that has gone forward during the week. It was expected that the Koromiko, sailing to-day, would take anything from 3000 to 4000 sacks, but the final loading was just on 9000, namely, 3400 and 3500 from Oamaru and Timaru, and 1900 from Lyttelton. The vessel is calling at Napier, and probably a proportion will be dropped there, ■ but such a heavy consignment indicates that there are still potatoes in the south. Merchants in

the meantime are buying warily, but as far as the local market is concerned few are offering. From £6 to £6 7/6 covers the quotations for whites. Die recent activity in the oat market has eased off. There is no margin for export at current prices. The recent rain has given a fillip to the retail market for grass seed, although there is no alteration as far as wholesale values are concerned. ‘ I AUCKLAND STOCK EXCHANGE. AUCKLAND, October 3. Sales: Soldiers’ Bonds £99 2/6, P. and O. Bank £l3 3/6, New Zealand Insurance 27/6, South British 35/3, River Plate 19/9, Auckland Gas 23/9. Parker, Lamb 24/-, Auckland Trams 19/3, Wilson’s Cement 19/10, Moanatairi 3/-, Ohinemuri 1/9, Waihi 28/-, Grand Junction 9/-. GERMANS BUY WOOL £25,000 WORTH A DAY PAID FOR IN GOLD. LONDON, August 19. For the past three months the Germans have been buying wool in the London market of an average daily value of £25 : 000, and it was estimated yesterday that approximately £1,100,000 worth of wool has gone to Germany since the beginning of May. One prominent broker said that the Germans had for many weeks past been among the principal buyers. “They pay for their wool in gojd, which they obtain by selling to us the manufactured article. They take care, in their own interests, to keep that gold in England, so that they have a big reserve here for the purchase of other commodities when necessary. It is in this way that they can afford to laugh at the declining mark and to plead poverty. Their wealth .is safe from the hands of those who would attempt to squeeze Germany for her debts and reparations.” In addition to large buying of oils, fats, oilseed, and glycerine, German manufacturers for months past have been, trying to corner the scrap metal of this country, even to the extent of buying obsolete British warships from the British Admiralty. Protests were made by British buyers and the sale was stopped, otherwise nearly 50 big ships would have been towed to Hamburg. Failing to obtain warships, the Germans have now succeeded in acquiring old British liners and cargo steamers. The announcement has been made that the 7500-tons Union-Castle liner Carisbrook Castle, the 2200-tons Natal liner Umhloti, and the 11.000-tons Cunard liner Royal George three other smaller vessels have been sold to the Germans for scrapping purposes. Payment was made in London, and in gold.

In other markets Germany has also manipulated with varying success and degree, according to their requirements more than to her inability to obtain the raw materials. I That she can pay for them is beyond doubt, for the payments made to those merchants who have sold to Germany have been prompt and regular. WOOL AND THE MARK. Significance to Colonial wool growers and the wool trade generally of rhe collapse in value of the German mark is regarded very seriously by some authorities in England. In a report on the outlook the Federation of British Industries says:—The position may be regarded as satisfactory, but the outlook for the future is clouded by anxiety as to the economic state of Germanjr—by far our most important customer for re-exported raw wool, tops and yarns. As is well known, German operators have been able to compete in the wool market up to the present owing to the fact that they converted a vast amount of capital into British and American currency before the mark plunged into the thousands. But whether they can continue to buy indefinitely in face of present conditions is open to grave doubt, and it is significant that German competition was absent from the Liverpool, and from other July sales. In view of the importance of this competition, confidence in the present values of wool has been badly shaken, and though this has made very little difference up to the present, the results are bound in time to become apparent. The closing of one of the chief outlets of our semi manufactured woollen goods would be disastrous and, moreover, it must be remembered how closely other European currencies are affected by the "mark. Should the mark be permitted to follow the rouble and the crown into the abyss the consequences would be ruinous to the wool trade in England, and probably throughout the world.” FOREIGN EXCHANGE. (By Telegraph.—Press Assn.- Copyright). (Australian and N.Z. Cable Association.)

WOOL AND TALLOW, LONDON, October 2. Bradford wool quotations for fifty-sixes and upwards are very firm; others are unchanged. Topmakers are adopting a strong attitude in sympathy with the primary markets. Tallow stocks, 7772 casks; imports during September, 4053; deliveries, 4227 casks. THE WHEAT MARKET. LONDON, October 3. (Received October 3, 8.10 p.m.) Wheat cargoes are steadily held, but the demand is inactive. Parcels are in fair request, but are threepence to sixpence cheaper owing to the better political out-

Fat cattle.. Sept. 5. Sept. 19. Oct. 3 .. 112 160 112 Storei cattle .. 271 433 370 Fat sheep .. 701 704 583 Store sheep .. 27 209 —

LONDON, October 2. Par. Sept. 28. Oct. 2. Paris (fr) 25.22* 57.95 67.93 Christiania (kr) 18.150 25.85 25.57 Stockholm (kr) 18.150 16.67 16.67 New York (dol) 4.80 4.39* 4.39{ Montreal (dol) 4.80 4.39* 4.391 Berlin (mark) 20.43 7400 7850 Copenhagen (kr) 18.156 2125 21.53 Rome (lire) 25.221 104 1021 VALUE OF FOREIGN UNIT. Calcutta (rup) 16d 15*d 15id Yokohama (yen) 4*d 26jd 26}d Hongkong (dol) 24d 3 Id 31d