COMMERCIAL

Southland Times, Issue 18938, 11 May 1923, Page 2

COMMERCIAL

FINANCE AND TRADE

THE LOCAL MARKETS Times Office, Thursday, May 10. STOCK MARKET With the exception of dairy cows, the market for all classes of stock is quietening down. The position with regard to fat cattle is much the same, the supply being in excess of requirements. Prime bullocks are worth £7 10s to £9 for heavy; £6 to £7 10s for medium weights, light and unfinished sorts bringing up to £6. A considerable number of dairy cows are being offered at auction at present. For these the demand is not strong, however, as buyers have the winter before them. Fat sheep still sell fairly well although export buyers are not so keen owing to the depression of the London market. Buyers’ limits for lamb have just suffered a reduction of id per lb, making the ruling price now BAd per lb for first quality, and 7Jd per lb for second quality and overweights. A reduction in the price of mutton is also imminent.

The store sheep market is quiet as graziers seem to have secured their requirements for next season. There are a few sales going through, however, prices for good stuff being still satisfactory. GRAIN AND PRODUCE

Oats: The past week has been a quiet one for oats. Only limited business has been done for shipment and at the present time Australian prices are of no assistance to purchasers as they are below the equivalent being paid to fanners. Sales to New Zealand merchants has been the only business effected for shipment during the week. Prices remain the same as last week, namely: 2s 9d for A grade, 2s 7d for B grade, and 2s 5d for f.a.q’s., and merchants are not keen buyers at these prices. Duns are not in demand, and the ruling price for these is 2s 6d to 2s 7d. Wheat: Some sales of milling wheat have taken place at the prices arranged between the millers and the wheat growers. Fowl wheat is in fair demand and good quality is worth about 3s 9d to 3s lOd per bushel on trucks, farmers’ sidings.

Chaff: The market is fully supplied. Considerable quantities are offering, but a large percentage is of inferior quality. Merchants are not keen to buy at the present time and are only dealing for the best lines, which are worth about £3 15s per ton on trucks, country stations. Inferior lines are only saleable at a considerable reduction.

Ryegrass: The market is quiet at the present time. The demand for the North Island Autumn trade is, of course, off, but it is anticipated that considerable quantities will be required throughout New Zealand before Spring, and there are indications from Australia that considerable quantities will probably be required there should they get rain. Stocks held by the merchants are not large and most of the farmers’ lines seem to have passed into merchants’ hands. Practically nothing is now offering from farmers. Prices to farmers are nominally 5s per bushel for heavy clean lines and proportionately less for lighter lines.

Potatoes: Southland potatoes are in short supply and good lines are commanding £7 per ton, and in some cases slightly more, on trucks, country sidings. CURRENT PRICES

The following are current prices quoted by a retailer: — —Wholesale.—

Eggs, 2s. Bacon Is Id. Pollard £8 per ton. Butter, factory Is 7d; farm Is 2d, separator Is 3d. . ga . §ran £6 per ton. Flour £l6. Oatmeal £2O 10s to £24. Potatoes 14d per lb, 12s 6d cwt. —Retail— Eggs 2s 4d. Bacon Is 4d. Butter, factory Is 9d, farm Is 3d, separator Is 6d. Cheese Is 2d, matured Is 4d. Pollard 10s 6d per 100. Flour: 25’s 5s 3d; 50’s 10s 6d; 100’s 20s; 200’s 38s. Oatmeal, 501 b 13s 3d; 251 b 6s 9d; slb Is 6d; 11b 4d. GENERAL MERCHANDISE Sugar: The s.s. Wanaka is expected to leave Auckland at the end of the present week with supplies for this district. The Sugar Coy., states that all supplies are now based on last year’s figures, so apparently whether we like it or not, we must not consume more than we did last year. Oatmeal: A further advance has taken place in the price of local manufactured oatmeal.

Creamoata is now quoted at 20s doz. Bournville cooca has been reduced and is now being retailed at Is per jib tin. Retailers are advised to send in their claims for allowances on stocks held at once as there will be no allowance after the 14th inst.

“K’ Jams. Several lines have been reduced in price, principally raspberry, marmalade, etc.

Brown wrapping paper has advanced by 30s per ton. Grey sugar bags are also increased by the same amount. Morah margarine is in short supply at present but a large shipment is arriving ex the s.B. Wanaka. This line is having very good sale, in fact the demand at present is very much on the increase. Fry’s Homeopathic cocoa has advanced, same , being now quoted at 2s Id lb. Sunlight soap has been reduced by 3s 6d per case.

Shreddo—A new line arriving ex s.s. Wanaka is to be retailed at Is 3d per packet and should be a great convenience to the housewife, being prepared suet, shredded and ready for use in making steam puddings, etc., The keeping qualities are guaranteed for six months. George Bonnington Ltd., are running a bonus scheme in connection with their Irish Moss, large size, which should be of interest to retailers. FRUIT AND VEGETABLES

Business has been on the quiet side in the fruit markets during the week. Stocks of pears have been more than equal to the demand and prices have ruled very low. Consignments of good dessert apples have been easier and any choice lines coming forward have met with a ready sale. Tomatoes are practically finished, most lines coining to hand being touched with frost. Quinces and cooking apples have been in short supply and any lines coming forward have met with a keen demand. A small consignment of Island oranges reach ed the market and these sold on arrival, realising fair values. Further supplies of Island oranges and bananas, ex the mail boat, are expected early next week. The s.s. Waikouaiti brought a consignment of pines and jam melons. The pines were on the green side and did not meet with a very keen demand. Approximate wholesale prices are as follows :

Fruit: Apples, choice desserts from 8s to 15s; cooking 2d to 24d per lb; pears 2d; over-ripe 2s to 2s 6d per box; quinces 2sd per lb; Island oranges 22s to 255; bananas to arrive; lemons 47s 6d; pines 27s 6d to 30s; tomatoes 3d to sd, inferior lsd to 2d. Vegetables: Vegetable marrows 5s to 7s 6d per sack; cabbages Is 6d to 3s per doz; carrots Id to lsd lb; parsnips Ud to 2d. HARDWARE

The main alteration in hardware lines since last week has been an advance in the price of roofing iron, which is now £1 per ton dearer. Best brands are quoted at £3B 10s per ton with the usual extras for 9ft and IOXt. Other lines are unchanged.

STOCK EXCHANGE THE WEEK’S BUSINESS The demand for Government Stocks still remains fairly active and several sales have been effected in these during the week. Holders of other stock, however, do not seem anxious to sell and are asking more than prospective buyers are willing to give. Both buyers’ and sellers’ quotations remain fairly steady, but an advance of 2s 6d in a buyer’s offer is reported in Mosgiel Woollen Mills debentures. New Zealand Insurance has also advanced slightly in the estimation of buyers, but in other lines yesterday’s quotations remain the same as they were earlier in the week. YESTERDAY’S CALL-OVER At yesterday’s call-over a sale of P.O. Inscribed Stock was effected on ’Change at £97 7s 6d. The latest quotations are as follows: National Bank of New Zealand, b. £6 12s. Bank of New Zealand, b. 60s. Union Bank of Australia, s. £l4 15s. N.Z. Coal and Oil, s. 3s 3d. Westport Coal, s. 39s 3d. N.Z. Insurance, b. 29s 6d. Standard Insurance, b. 36s 9d. N.Z. and River Plate, b. 21a. Southland Frozen Meat (£1 ord.), K 28a; (10s ord.), b. 14s; (£1 pref.), b. 28s Huddart Parker, b. 42a 9d. U.S.S. Co. (pref.), b. 20s. Bruce Woollen Mills, s. 37s 6d. Mosgiel Woollen Mills, b. £7 2s 6d. Greater Lyceum, a. 5s 6d. Milburn Lome and Cement, s. 36s 3d. N.Z. Drug, b. 63s 3d. N.Z. Milk Products, b. 25a 6d. Otago Daily Times, b. 525. War Bonds, 1930, b. £97. War Bonds, 1938, b. £97 ss. War Bonds, 1939, b. £97 sa. P.O. Bonds, 1927, b. £97 10s. P.O. Inscribed Stock, 1927, b. £97 10s. P.O. Inscribed Stock, 1929, b. £97 ss. Soldiers’ Settlement Loan Bonds, 1933, b. £lOl ss. Soldiers’ Settlement Loan, Inscribed, b. £lOl ss. STOCK EXCHANGES. (Per United Press Association) CHRISTCHURCH, May 10. Sales reported: Bank of New South Wales (cum. div.), £4O (four parcels); Crown Brewery, £2 5/- (three parcels) ; Bank of New Zealand, £3 0/3; Union Bank, £l4 12/6; Ward’s Brewery, £2 1/6; New Zealand Insurance, £7 9/9; Kauri Timber, £1 8/-; Christchurch Gas, £8 10/- (two parcels); Mason, Struthers (14/- paid), 16/6. Sales on ’Change: New Zealand Government 5f (1941), £97 10/-; Bank of New Zealand, £3 0/3; Bums Philp (cum. div.), £1 14/9; Union Bank, £l4 13/6; Bawra, 16/3. DAIRY PRODUCE. Messrs A. S. Paterson and Co., Ltd., are in receipt of the following cable from their principals, Messrs J. & J. Lonsdale & Co., Ltd., London, dated 7th inst.:—Cheese: More inquiry, 96/-. Butter: Dull, declining, 142/-.

NEW SOUTH WALES’S BORROWINGS New South Wales, having substantia) loan obligations to face this year, is borrowing largely in both Australia and London (says the Melbourne Argus). The English 4J per cent issue of £6,000,000 has been underwritten at £94. As the loan can bo redeemed in 1934, or 1945, at the option of the Government, the return to the investor, including, redemptum at the later date is £4 19s 3d per cent. ‘The State will require approximately £2,000,000 of the money to redeem 5 per cent stock and bonds that mature in July, and will pay £6 per cent in cash to those who convert. The loan of £2,837,506 being floated in New South Wales is also for conversion purposes. The rate of 5| per cent free of Federal and State taxation will make this issue very attractive to investors, and it will compete with the Commonwealth 5 per cent conversion loan, which is free only of State income tax. It is understood that the New South Wales Rural Bank 5J per cent loan of £1,000,000, guaranteed by the State, has been heavily over-subscribed. That fact has probably influenced the State Ministry to come upon the market at 5| per cent. THE GERMAN BANK RATE To impose an 18 per cent discount rate, as has been done by the Bank of Germany, is to take a step calculated to embarrass industry in every direction (says the Melbourne Argus). For some time the demand in Germany for credit, because of the ever-increasing cost of labour, and of materials, has been so great that the State Bank discount rate has had to be increased from 5 per cent as in force during the war, to 10 per cent, next to 12 per cent, and lastly to 18 per cent. Such a rate will be among the world’s banking records, for even during the war time no country’s ; bank rate ever exceeded 10 per cent. London opinion is that the German authorities are trying to give stability to the mark by imposing high money rates, but so far without beneficial effect. The real difficulty is that the German Cabinet has done nothing to assist the bank. Instead of seeking to keep national expenditure within ineome, it has let deficits accumulate, and sought to fill the gaps by adding immensely to the paper currency. The same method of finance has been applied as far as practicable to financing reparation instalments. Where taxes have been due from large industrialists, the Ministry has permitted payments to be deferred for months, the taxpayer benefiting as the mark fell in value. Thus 1,000,000,000 marks due in September were worth only 100,000,000 if paid in the following January. Until public finance receives more honest treatment, no mere variation in the German bank rate will have the effect of giving stability to the currency. The money market also provides a convincing explanation. What matters a discount rate of 10, 12, or 18 per cent per annum, ,f money can be used in the market at the rate of 11 per cent monthly? A DIVIDEND. (By Telegraph—Press Assn.—Copyright.) (Australian and N.Z. Cable Association.) LONDON, May 9. The New Zealand and Australian Land Company declared an interim dividend of two per cent., tax free. TALLOW. LONDON, May 9. ineceived May 10, 7.15 p.m.) At the tallow eales, 1560 casks were offered and 608 sold, mostly at 6d and 1/decline. Mutton, 42/6 to 38/-; beef, 43/6 to 37/6. APPLES. LONDON, May 9. The Nestor’s Tasmanian apples at Liverpool show improved quality, and are selling well. Cleopatras, 11/6 to 13/-; Adams’, 9/6 to 10/6; Scarlets, 10/- to 10/9; Ribstones, 9/6 to 10/-.