COMMERCIAL.

Southland Times, Issue 19657, 6 October 1922, Page 2

COMMERCIAL.

FINANCE AND TRADE

Times Office, Friday, October 6. STOCK. The condition of the stock market shows little change. Prices show little alteration with the exception of fat sheep, which have risen shafply during the week. Fat cattle are offering in medium numbers and the quality has been good. Prices remain firm, prime beef being worth about 30/- per lOOlbs. Prime heavy bullocks arc worth £lO to £l3, medium weight £8 10/to £lO, lighter weights £7 10/- to £8 10/-. There have been a few prime heifers "sold and these have realised £6 to £B.

The yardings at recent sales have included fairly large numbers of store cattle, with the result that prices show a slight decrease. There is still a very fair demand, however, for good, well-grown steers and also for yearling heifers suitable for dairying. There are a number of dairy cows being sold but not many really good animals. Good cows just on profit are worth £9 to £l2. Ordinary sorts fetch £6 to £9. Springing heifers are bringing from £4 to £6. Fat sheep are not coming forward in very large numbers, and prices show an increase amounting to about 2/- per head. Extra prime wethers are bringing from 30/- io 34/-, prime 26/- to 30/ -7 and lightweights 24/- to 26/-. There is not much activity in the market for store sheep. A few lines of ewes and lambs have changed hands at prices varying from 14/- to 17/- (all counted). There is still a fair inquiry for store wethers owing to the fact that feed is now coming away fast. Prospects for lamb and wool are very bright, and it is anticipated that sheep will be good property this season. PRODUCE. Oats.—The market is firm in consequence of shipments to Australia and to the United Kingdom. Prices, however, have not advanced to any appreciable extent during the week and unless drought conditions prevail in Australia stocks on hand should be ample. B grade arc worth 2/- on trucks, and A grade 2/3 on trucks, but not a great number of oats are now being offered by farmers. Chaff. —There is a good demand for bright heavy chaff, prices being much the same as last week. Potatoes. —The market for table potatoes is fair and £7 5/-, on trucks, has been paid, but not many are offering. Hemp.—There is comparatively little doii)g in hemp, most flaxnullere having made their contracts tor the season. Buyers are at present only disposed to buy goodfair at iroui £26 to £27 on trucks, but tiax.millers will not entertain these prices in the meanlime. Ryegrass.—There is very little doing in ry-egrass in the way of purchasing as mostfarmers have already disposed of their seed. Merchants report good sales of dressed ryegrass and clovers for* sowing down during me next two months. HARDWARE. It will be pleasing to those interested in building to learn that the price of cement in Invercargill has been reduced 4d per bag. In the last week’s advice it was stated that roofing iron could be bought at £36 10/-. Some hardware prices have remained steady for some months and in other cases reductions have- been small and gradual. In a few cases advances have been recorded based on increases made by manufacturers. The toilowing prices arc quoted locally: Galvanised pipe, less 19 per cent, oil trade Black fencing wire, £25 per ton. Galvanised fencing wire, £2B per ton. Barbed wire, £35 per ton. Wire netting is in short supply. Rabbit netting is quoted at from 7d to 7-id per yard, according to quantity. FRUIT AND PRODUCE. Heavy shipments of oranges, pine-apples, mandarins and bananas have arrived in fairly good condition with the exception oi mandarins, and prices ior all citrus fruits are lower than last week. The first consignment of Tongan tomatoes has arrived in excellent condition, and a shipment of grapes from America also came to hand during the week. The apple market is also well supplied and values rule as follows: — Stumers, 9/- to 12/6. Scarlets, 8/- to 11/-. Rome Beauties, 10/- to 11/6. Delicious, to 6d lb. South Australian oranges, 17/6 to 22/6. Navels, 19/- to 25/-. Lemons, 20/- to 24/-. Bananas, 27/- to 32/6. Cocoanuts, to 24/-. Tomatoes to 1/6 lb. Grapes to 1/6 lb. VEGETABLES. Cauliflowers to 11/6 sack. Lettuce to 3/- dozen. Rhubarb to 6d lb. CURRENT PRICES. The following are current prices Quoted by a retailer: — —Wholesale. — Eggs, lOd. Bacon, 1/-. Butter, factory 1/9, farm 1/2, separator 1/4; turnip flavour 3d per lb less. Pollard, £9 10/- per ton. Bran, £5 10/- per ton. Flour, £lB 10/- to £2O 10/-. Oatmeal, £l9 to £2O 10/-. —Retail.— Eggs, 1/2. Bacon, 1/3 per lb. Butter, factory 2/-, farm 1/5, separator 1/7; turnip flavour 3d per lb less. Pollard, 11/6 per 100. Flour, 25’s 6/-, 50’s 11/9, 100’s 22/6, 200’s 43/-. "Oatmeal, 501 b 12/-, 251 b 6/-, 51b 1/6, lib 4d. Onions, Victorian, 3d per lbGENERAL MERCHANDISE. The following is the week’s market report for general merchandise: — Sugar.—The s.s. Katoa is now expected at the Bluff about Saturday next. Supplies here at present are very short. Dried Fruits. —Advice has now come through that all orders for Smyrna sultanas and figs, have been cancelled. Local stocks of Mildura are practically exhausted, and as no further supplies are available from Mildura, until' about March of next year, the American market will have to be drawn on. Buyers who covered earlier arc fortunate, as this market has advanced approximately l]d per lb.

Bulk Dates.—The Corinthic shipment has not yet come to hand, but same is now expected ex the s.s. Katoa. Supplies are hard to obtain at present. English salt, ex s.s. Orari, is landing in excellent condition, but country clients are complaining of the slowness in getting delivery of ex ship orders. This fault lies between the ship and the railway department, and is a matter which might very well be taken up by our local 'Chamber of Commerce. Jams arc in very strong demand, buyers operating freely the fall clause being an inducement. Kerosene, ex s.s. City of Dunedin, is expected to arrive at Bluff on the 7th prox. probably earliest. Buyers who have not yet covered should do so at once. Prunes are good buying at to-day’s quotations. It is reported, that owing to the dry season there has been a falling-off in the quality of Californian, the fruit having matured too rapidly. Onions.—Cheap prices are ruling for Victorian onions, but owing to same being in very bad order, buyers should add at least 1/3 to original cost to cover picking over,

and even then the quality will hardly give satisfaction to consumers. The s.s. Waitemata brought in a small shipment of nftw season’s Californian packed in original 1001 b cases. These -are in beautiful condition, and will keep easily until Christmas. so are well worthy of buyers’ attention. STOCK EXCHANGE. THE WEEK’S BUSINESS During the week the only sales reported at the two sittings of the Invercargill Stock Exchange were 1930 War Bonds at £96 on Monday and 1927 P.O. Bonds at £96 5/-, P.O. Inscribed at £96 10/-, and Soldier Settlement Bonck at £99 10/- on Thursday. There seems to have been no demand for Insurance shares during the week, as all the quotations have been sellers, and the figures have remained steady. Perpetual Trustees were again inquired for yesterday at 36/- without response, and New Zealand Paper Mills were wanted at 20/9 on Monday, this offer being raised by threepence at yesterday’s call. Milk Products, on the other hand, has. dropped sixpence (buying offer) during the week, but the lowest of the figures still shows a slight increase on last week’s closing offer. The Southland Frozen Meat shares are still in demand at 26/- for the £1 issue and 13/- for the 10/-, but holders, who have come back into the field were asking 27/and 14/- and no business was done. The War Bonds are showing a firming tendency over last week, but are not yet in demand at such high prices as were being offered at the beginning of last month.

Yesterday’s quotations were: — Bank of New Zealand, s. 55/6 Westport Coal, s. 32/9. National Insurance, s. 68/-. New Zealand Insurance, s. 28/-. Standard Insurance, s. 31/6. • Perpetual Trustees & Estate Agency, b. 36/-. New Zealand Milk Products, b. 20/-. Southland Frozen Meat (£1 ord.), b. 26/-, s. 27/-; (10/- ord.), b. 13/-, s. 14/-; (£1 pref.), b. 26/-. Union Steamship Co., pref., b. 19/3. Mosgiel Woollen Factory, b. £6 10/-. New Zealand Drug (£2 paid), s. 54/-. New Zealand Hardware (ord.), b. 7/3. New Zealand Paper Mills, b. 21/-. W r ar Bonds: 1930, b. £96; 1938, b. £96; 1939, b. £96. P.O. Bonds, 1927, sale reported £96 10/-. P.O. Bonds Inscribed, 1927, sale reported £96 5/-. | New Zealand Government Soldier Settlement Bonds, s. £99 15/-. Sale reported, £99 10/-. LONDON TALLOW SALES Messrs Dalgety & Co., Ltd., have received the following advice from their head office, London, under date October 4:— Tallow. —1965 casks offered, 1000 casks sold. Mutton tallow: Any change in price is in favour of buyers; mixed good colour, prices are unchanged; low and inferior descriptions, since our last wire unchanged to 6d higher. DUTY ON BONDED GOODS. REVALUATION QUESTION. Considerable, interest is being taken by importing circles in Auckland in one of the provisions of the Customs Amendment Bill, which has been passed by the Houses of Parliament, relating to the revaluation of goods iir bond (says the Herald). Previously revaluations for Customs duty purposes could not be made unless the goods had been in bond for two years. It is nowprovided, however, that with the approval of the Minister for Customs a remission of duty may be allowed in respect of any warehouse goods notwithstanding that they may not have been in bond for two years. The assent of the Governor-General to the measure has not yet been notified, however. It is stated that a great many firms have goods in bond which were imported, principally from England, about 18 months ago at the top of the market. The goods cannot now be sold at the high prices then ruling, and consequently a reduction of the duty has been desired, but the two years’ stipulation has prevented this. Under the new legislation, however, the Minister has power to meet the importers. The value of the goods in bond has, it is said, fallen in some cases 20 per cent, and even more. There arc instances where goods have not been taken up by consignees because they were bought at too high a price, and they have remained in bond. DOLLAR STERLING EXCHANGE. A SHARP FALL IN RATES. The exchange on New York at 4.36’] dollars to the £ shows a sharp decline, there being a fall of nearly 10 points during the past month. The movements in the rate are, shown in the table appended:—

This adverse movement in the dollar exchange is not. due to the political crisis in the Near East, but is the result of Europe having to pay for imports of wheat and cotton, and Britain having to pay about £25,000,000 to the United States this month in respect to the war debt. This movement will prevent any further cheapening of money in London for the present, and may even force up the bank rate to 4 per cent. CHRISTCHURCH STOCK EXCHANGE. (Per United Press Association.) CHRISTCHURCH, October 5. Sales reported: New Zealand Government 44, 1938, £96 5/-; Booth, Macdonald 74, 1931, £100; Commercial Bunk, £1 12/9; Union Bank, £l3 3/6. AUCKLAND STOCK EXCHANGE. . AUCKLAND, October 5. Sales: War Loan, 1938, £96 7/6; Soldiers’ Bonds, £99 2/6; City of Auckland, 1940, £93 10/-; New Zealand insurance, 27/9; South British, 36/6; Parker, Lamb, 24/-; Auckland Tranis, 19/3; Bycroft, 19/-; Grand Junction, 9/-. P. & 0. COMPANY. (By Telegraph.—Press Assn.—Copyright.) (Australian and N.Z. Cable Association). LONDON, October 4. The P. and O. Company’s dividend for the year on deferred stock is 12 per cent, free of income tax.

Aug. 31. 4.461 dole, to £ Sept. 4 4.46 f dols. to £ Sept. 7 4.46:1 dols. to £ Sept. 11 4.451 dole, to £ Sept. 14 4 41£ dols. to £ Sept. IS 4.41j dols. to £ Sept. 21 4.43A dole, to £ Sept. *25 4.42$ dols. to £ Sept. 27 4.40 dols. to £ Sept. 28 4.391 dols. to £ Sept. 30 4.36! dols. to £