COMMERCIAL

Southland Times, Issue 19771, 20 February 1923, Page 2

COMMERCIAL

OAMARU MARKETS. OAMARU, February 17. The weather has behaved better this week, and has, on the whole, been unfavourable , for harvest operations, which have been ; pretty general in all direcrions. Some i threshing of both wheat and oats has been i done, and has revealed the fact that the har- | vest will turn out the poorest that has been gathered in North Otago for a good many i years. This poverty of yields is particu- . larly marked in the case of wheat, which i suffered sorely from a variety of afflictions. I The latest of these is the appearance of the ! hessian fly, which has brought disappointi ment in a great many instances, where a ! fortnight or so ago the prospects were fairly promising. There are, of course, some wheat fields that will thresh out well up to the average, but the general run of yields i will be indifferent, and some exceedingly poor. A few samples have come on the i market, but so far business has not been | opened, though unconfirmed reports are cur--1 rent of sales having been made at prices a I good bit above the Canterbury level. It is, however, definitely known that offers approaching 5/- have been refused. There is I a hesitancy to do business because of a i doubt as to values, but it is expected that more light will be shed upon the matter during the incoming week. The samples forward are on the small side, this being particularly marked in the case of a sample of Dreadnought, which seemed somewhat pinched. Some very nice samples of both Velvet and College Hunters have been seen, the berry though rather below the average size, being plump and in good condition otherwise. The samples seen, however, cannot be accepted as indicative of the whole, for some to come will be better developed, while others are expected to prove shrivelled. The samples of oats to hand are fewer than those of wheat, and are very encouraging. They cover Gartons, Duns, and Algerians, and all are light, while one sample of Gartons give evidence of second growth, green oats being mixed with the ripe. What have been seen cannct be viewed as typical of the whole, for a good many crops of oats have prospered well, and are tolerably sure to yield well and.give good heavy samples. The grain and produce market is awaiting the opening of the new season, and there has been practically no business doing during the week, the only sale reported being a line of old season’s Gartons at 2/8 net at a country station.

Deliveries of lambs and sheep for forward delivery are being made with satisfactory results, and this business has kept agents fairly busy. Notwithstanding the preoccupation and farmers being intent upon harvest, there has been a fair turnover in sheep. Good breeding ewes are in strong demand by farmers wishing to increase their flocks, and any coming forward command high prices. But there are few sellers, and those with an abundance of feed necessarily direct their attention to other descriptions of sheep, rape lambs being in favour. There was a good yarding of sheep and lambs at the weekly market sale, but in the case of some store lambs vendors’ views of values were in excess of what buyers were prepared to give, and one good-sized line was passed. Extra prime fat lambs realised up to 35/6, and others brought from 28/9 to 32/-; while good rape lambs changed hands at 24/5. Fat wethers brought from 32/- to 35/6; fat ewes from 25/- up to 30/-; and fat and forward 30/1. At the Duntroon sale lambs classed as fat and forward realised 28/-, and rape lambs 24/5, Sales by private treaty in lines of about 500 and downwards have been as follows Two-tooth halfbred hill ewes, 35/-; guaranteed sound-mouthed halfbred ewes, 28/- to 30/-; cull failingmouthed hill ewes, 12/6; hill store wethers, 24/- to 28/-; good rape lambs, 25/-; cull wether lambs, 12/- to 16/-.

There has not been a particularly noteworthy movement in cattle, but sales have been made at the following prices:—Fat bullocks, from £8 2/6 to £8 10/-; four-year-old bullocks, in forward condition, £7; mixed three and four-year-old store bullocks, £5 to £6 5/-; two-year-old steera, £3 5/- to £3 10/-; mixed-sex yearlings, £1 10/-; dairy cows, coming to profit, £8; two-year-old heifers, coming to profit, £5 to £6.

STOCK EXCHANGE. LATEST QUOTATIONS. At yesterday’s meeting of the Invercargill Stock Exchange sales were reported of New Zealand Paper-Mills shares at 24/4, and also a small parcel of Southland Frozen Meat shares at 28/6 for £1 ordinary and 14/3 for 10/- ordinary shares. The following were the quotations:— Bank of New Zealand, s. 57/9. N.Z. Coal & Oil, b. 2/11. National Insurance, b. 72/6. N.Z. Insurance, s. 28/-. N.Z. & River Plate, b. 20/-. N.Z. Refrigerating Co., s. 28/-. Southland Frozen Meat (£1 ord.), b. 28/6, s. 30/-; (10/- ore!.), b. 14/3, s. 15/-; (£1 pref.), b. 28/6, s. 30/-. Union Steam Ship Co., b. 19/9. Bruce Woollen Mills, b. 34/-. Kaiapoi Woollen Mills, b. 24/-. Mosgiel Woollen Mills, b. £6 15/-. Greater Lyceum, s. 4/6. Milburn Lime <fc Cement, b. 33/6. N.Z. Drug, b. 56/9. N.Z. Milk Products, b. 25/6, s. 28/-. N.Z. Paper Mills, s. 24/6. War Bonds, 1930, s. £9B. Inscribed Stock, 1938, b. £97 2/6. War Bonds, 1938, b. £97 5/-. Inscribed Stock, 1939, b. £97 2/6. War Bonds. 1939, b. £97 5/-. P.O. Bonds, 1927, b. £97. P.O. Inscribed Stock, 1927, b. £97. P.O. Inscribed Stock, 1929, b. £96 15/-. Soldier Settlement Bonds, 1933, b. £lOO I oldier Settlement Inscribed, b. £lOO 15/-. (Per United Press Association.) CHRISTCHURCH, February 19. les reported:—New Zealand Govern•t 44 per cent., 1938, £97, 2/6; Bank of Zealand, £2 17/3; Canterbury Frozen at, £l5; D.I.C. (6 per cent. cum. pref.), 0/3; Manning’s Brewery, £4 5/-, £4 7/6; ?.rd Co. Brewery, £1 14/- (two parsis I ; Electrolytic Zinc (pref. cum. div.), cl 11/. (two parcels). £1 11/3 (three parcels) ; Kaiapoi Woollen, £1 0/9. Sales on ’Change: Manning’s Brewery, £4 7/6. AUCKLAND, February 19.

Sales reported: War Loan. 1938, £97 5/-; Bank of New Zealand, 57/3; Union, £l3 17/-; Auckland Gas, 24/5; Waihi, 30/(quotations buyers unless specified). Banks: Commercial (pref.), £6 12/6; Australasia, £l3 12/6, £l2 9/-; National (sellers), £6 9/-; New South Wales, £3B 10/-, £37 10/-; New Zealand, 47/6, 57/-; Union (sellers), £l3 18/-; Insurance: National, 73/-; New Zealand, 27/9, 26/9; South British (sellers), 37/9; Dalgety, £l2; River Plate, 20/6; Loan & Mercantile, £7, (pref.) £7 3/-; Coals: Taupiri, 20/9, 20/4, (pref.) 25/6, 23/-; Westport, 35/-; Gas: Auckland 24/3, (contrib.), 24/6; Gisborne, 12/-; Shipping: Devonport Ferry, 26/-, 24/-; Huddart, Parker, 56/-, 55/6; Northern Steam, 13/6, 13/2, (contrib.) 5/10; Union (pref.), 19/6; Timber: Leyland O’Brien, 35/6; Parker, Lamb, 25/-, 23/3; Taringamutu (sellers), 33/6; Kaiapoi Woollen, 25/-, 22/6, (10/paid), 12/-, 10/6; Abraham Williams, 97/6, 85/-, (pref.) 85/-; Auckland Trams, 23/6, 21/9, (pref.) 19/10, 19/2; Sugar: Australia £39; Fiji, £lO 2/6; Gear Meat, 37/6; Drug, 56/3; Meredith’s, Samoa, 9/9; Milne & Choyce, 13/-, (pref.) 24/3, 23/-, debentures 24/3, 23/-, new issue 23/-, 22/3; Newton King (aeliere), 15/-, (pref.) 17/-; New Zealand Express, 16/6, 13/9; Kauri Oils (sellers), 10/-, (contrib.) sellers 3/9; Paper Mills, 23/6; Refrigerating (contrib.), 14/6, 13/6; Wilson’s Cement, 22/9, 22/-; Moanataiari, 4/3, 3/10; Waihi, 31/-, 30/-; Grand Junction, 8/11, 8/8; New Waiotahi, 1/10, 8/6; debentures: Auckland Gas. 1928, £103; Auckland Harbour 6’s, £lO4, 5J per cent. £97; City of Auckland, 1940, £99, £97; Gisborne Sheepfarmers, £99 10/-; Macky Logan, £lO3, £100; Fanners’ Union Trading, £92; Wellington Gas, £105; War Loans, 1930, £97, £96 5/-; 1938, £97 10/-,

£96 15/-; 1939, £96 15/-; 1927, £97 5/-; New Zealand Inscribed, 1927, £97 5/-; 1929, £97 15/-; £97 5/-; 1938, £96 15/-; 1939, £96 15/-; Soldiers’ Bonds, £101; Inscribed (sellers), £lOl.

DUNEDIN, February 19. Share quotations: Bank of Australasia (buyers), £l3 2/6; New South Wales (buyers), 37/10; New Zealand, 57/-, 57/6; National, £6 7/-, £6 9/-; P. & 0. Bank (sellers), £l6 5/-; Union, £l3 15/-, £l4; National Insurance (buyers), 73/-; New Zealand (buyers), 26/9; British, 36/9, 37/9; Standard (sellers), 34/6; Howard Smith (buyers), 51/3; Huddart, Parker (ord.), 55/-, 55/9; (pref., buyers), 19/9; P. <fc O. (def. buyers), £3lO, £330, (pref, buyers), 19/9; New Zealand Coal & Oil, 2/9, 3/6; Westport Coal, 35/-, 35/9; Westport-Stockton (sellers), 4/3; Goldsbrough Mort, (sei.), 45/-; National Mortgage (buyers), 74/-; Loan & Mercantile (ord., buyers), £80; New Zealand River Plate (buyers), 20/-; Perpetual Trustees (buyers), 36/6; Trustees Ex. & Agency (buyers), 47/-; Wright. b Stephenson (ord., buyers), 26/-; Canterbury Meat (buyers), £l5; Gear Meat (buyers), 39/-; New Zealand Refrigerating (paid), 26/3, 28/-, (cont.), 13/-, 14/5; Southland Frozen Meat (ord., buyers), 28/-; Brown, Ewing (ord., buyers), 27/-, (pref, buyers!, 20/3; Bruce Woollen (buyers), 33/-; D.I.C. (pref., buyers), 20/3; Dental & Medical Supplies (buyers), 22/-; Dominion Rubber, 19/6, 20/3; Donaghy’s Rope and Twine (buyers), 31/-; Dunedin-Kaikorai Trams (buyers). 26/6; Dunedin Stock Exchange Propy. (buyers), 41/6; Kaiapoi Woollen (ord.), 24/6, 24/9, cont., buyers), 11/3, (pref, buyers), 20/9; Milburn Lime & Cement (buyers), 33/9; Mosgiel Woollen (buyers), £6 14/-; McLeod Bros.’ Soap (buyers), £l6; National Electric, 20/3, 21/3; New Zealand Drug (buyers), 57/-; New Zealand Hardware (ord., sellers). 9/6; Otago Daily Times (buyers), 48/-; Papuan Products, 7d, 1/-; Whitcombe & Tombs (buyers), 70/-; Wilson New Zealand Cement (sellers), 22/6; Waihi, 29/6, 30/6; Grand Junction (sellers), 9/6; Electrolytic Zinc (buyers), 30/3; Mount Lyell, 23/9, 24/6. War Bonds: 4 i 1939 (buyers), £97 5/-; Soldiers’, 1933 (buyers), £lOO 17/6; Inscribed, 1938, £97 5/-, £97 10/-; Inscribed, 1939 (buyers), £97 5/-; Soldiers’ Inscribed, 1933 (buyers), £lOO 17/6; Postal Bonds, 1927 (buyers), £97.

WOOL SHORTAGE. A RETURN TO SHODDY. (By Telegraph—Press Assn.—Copyright.) LONDON, February 14. Sir Arthur Goldfinch, writing in the Federation of British Industries’ Publication entitled British Industry in 1923, says: “It may be stated with confidence that the consumption of Australian and New’ Zealand and Argentine wools during the year ended September, 1922, exceeded the clips available this year by at least five hundred million pounds. There is no surplus of other wool supplies from other countries and no stock available to meet a shortage except nine hundred thousand bales of “Bawra,” mostly crossbreds. After that is used the world must be content to consume five hundred million pounds less wool yearly than passed through the machinery during the year ended September. Apart from the calamitous collapse of Germany it is difficult to see how the great and growing strength of the wool market can be impaired or the balance between consumption and production be restored except through a rise in price. The latter at any rate would have the immediately beneficial effect of redressing New Zealand’s declining wool production and stimulating sheepfarming in every part of the world, but an increase of wool-growing on a scale adequate to meet such shortage cannot be expected anywhere. There may be large tracts in Australia that could be put under sheep, but the admittedly profitable merino prices which have obtained for some time have not extended to the Australian sheep area and the only chance for a large scale of wool production is Asia. India with the adoption of scientific sheep breeding might produce increased supplies. Similarly Siberia might add to the world’s wool stocks.”

The article concludes: “We may certainly expect from 1923 onwards a return to the wider use of shoddy in order to supplement the supplies of virgin wool.” WHEAT REPORTS. LONDON, February 16. (Received E’ebruary 18, 5.5 pan.) Wheat cargoes are quiet and prices nominally are unchanged, occasionally with a turn lower. Part of the Trelyons cargo was sold to Ireland at 40/3, and the remainder to London at 49/3. Parcels are in small request and have declined by from 3d to 6d. Quotations: Langton Hall 49/on passage. BUTTER AND CHEESE. Meesrs Dalgety & Co., Ltd., reports having received the following advice from the head office, London, under date February 16:— Butter—Since our last wire prices are 2/to 3/- higher. Cheese.—Since our last wire, prices are 2/- higher. THE DAIRY INDUSTRY. HANDSOME MILK CHEQUES. It is difficult to discover from the reports of monthly shipments of butter and cheese, just what the dairy industry means to New Zealand or the position this season as compared with last season (says the Dominion). The general reader knows butter and cheese and the prices of these commodities interest him, but to the dairy farmer it is the price of butter-fat that matters, and the price of butter-fat is regulated by the prices obtained for butter and cheese. Six months of the current dairying season have passed, and the butter and butter-fat produced each month compare with the figures for the corresponding months of the previous season as follow: 1922-23. 1921-22. Butter- Butter-

897,562 -747,967 633,991 528,322 There is an increase of 149,595 cwt in the quantity of butter manufactured, equal to 20 per cent., and an increase of 105,669 cwt in the amount of butter-fat, also equal to 20 per cent.

The manufacture of cheese shows a slight falling-off, because in the earlier months of the season the factories with dual plants confined their attention to the manufacture of butter. The monthly output of cheese for the six months of the season was as follows:

Equal to per cent. .. 24.85 The dairy farmer is paid at per lb for butter-fat, and for the six months ended January 31, 1923, he has received payment for 112,418,5441 b, as compared with 90,037,1361 b in the previous season. While in the season 1921-22 the average price for butterfal was 1/4 per lb, this season the average

is well up to 1/6 per lb, and may work out at more if current prices are maintained, especially for cheese. The returns in cash to the dairy farmers this season and last season are shown below:— 1922-23—112,418,5441 b butter-fat at 1/6 8,431,890 1921-22—90,037,1361 b butter fat at 1/4 6,002,475 Increase 2,428,915 For the six months ended January 31, 1923, the dairy farmers of New Zealand have received milk cheques aggregating £8,431,390, or nearly two and a-half millions sterling more than they received in the corresponding six months of the season 1921-22. There are in the Dominion 1,128,979 cows in milk and dry, and if it is assumed that one million cows are supplying the butterfat then the average return is about £8 10/per cow for six months.

Butter, cwt. fat. cwt. Butter, cwt. fat. cwt. August 41,046 34,205 18,115 15,095 Sept. 110,950 92,458 58,811 49,075 Oct. 173,613 144,677 108.805 90,670 Nov. 192,490 160,408 150,614 125,428 Dec. 195,156 162,630 162,560 135,466 Jau. 184,307 153,589 135,106 112,322

1922-23. 1921-22 Butter ButterCheese. fat. Cheese. fat. cwt. cwt. cwt. cwt. Augufl 368 141 1,616 621 Sept. ] 1.943 4.593 38,234 14,705 Oct. 61.991 23,842 101,765 39,131 Nov. 161,771 62,219 172,569 66,369 Dec. 211,571 81,373 199.690 76,803 Jan. 217,366 83,602 202,693 77,958 665,010 255,770 716,558 275,587 The butter-fat production may be summarused as Total Total under: — butter-fat butter-fat 1922-23 1921-22 1,003,737 803,909 season Increase 199.828