COMMERCIAL

Southland Times, Issue 18962, 8 June 1923, Page 2

COMMERCIAL

FINANCE AND TRADE

THE LOCAL MARKETS Times Office, Thursday, June 7. STOCK MARKET. Little change is to be reported in the stock market. Fat cattle are in slightly better demand. Quotations remain the same. Prime bullocks, heavy £8 to £lO 10/-, medium £6 10- to £B, lightweights and unfinished sorts £5 to £6 10/-. Fat sheep supplies are just equal to the requirements of butchers, so prices arc firm. Wethers are bringing 33/6 to 36/6 for prime heavy sorts, ,28/6 to 32/6 for medium weights, and up to 28/- for light. Prime heavy ewes are worth 20/- to 24/-, medium weight ewes 16/6 to 19/-, and lighter sorts up to 16/-. Business in fat lambs is slackening off somewhat, and it is likely that the end or the month will see the last of them killed. The price ruling is B ; }d for prime and Bci for seconds and overs. In store sheep there are only a few odd lines changing hands. The outlook for next season’s wool and lamb is good, so prices for all classes of sheep are likely to keep up. GRAIN AND PRODUCE. Oats.—There has been very little variation in the market since last week's report. It is reported that there have been very beneficial rains throughout Australia. There has been very little demand from Australia for some time past, bur the effect of the rains will probabiy be to still further restrict the demand. A lew oats are still being shipped, but it is probably in execution of some forward sales made some time ago. Prices to fanners are about 2/9 for A grade Gartons and and 2/7 for B grade. Good Duns are worth about 2/6 per bushel. Wneat.—Some business is being done on the basis of the prices arranged between millers and wheat-growers, but in some cases delivery is being delayed until later months as millers are short of storage space. Growers, however, are compensated to some extent for delayed delivery by tne monthly increase of id per bushel in the price. There is a lair demand for fowl wheat and good lines are saleable at about 3/1U on trucks, country stations. Chaff.—This is offering fairly freely, but merchants are fairly fully stocked, and are not inclined to give any more than £3 15/per ton for prime quality. The North island market is rather bare of chaff, no doubt owing to the floods in Canterbury and Blenheim, from which centres a large percentage of their supplies is drawn, but it is reported that considerable quantities of Australian chaff have been purchased, and that this will land in New Zealand at fairly reasonable prices. Ryegrass.—This market is very firm, but practically all the seed appears to have passed into merchants’ hands. It is reported that considerable sales have taken place to Australia by Southland merchants, and this will probably .leave .the market rather bare for the Spring demand throughout New Zealand. Prices to farmers are nominally about 5/4 for clean seed of 241bs or over, and proportionately less for lighter lines. Potatoes.—The market is not at all plentifully supplied. Southland-grown potatoes are very scarce, and holders are asking for higher prices. At least £9 10/- per ton is obtainable. Canterbury merchants, however, now seem to show more inclination to sell, no doubt being partly influenced by the possibility of Tasmanian and Victorian potatoes being brought into New Zealand. It is reported that some purchases have already been effected. CURRENT PRICES. The following are current prices quoted by a retailer:— —Wholesale.— Eggs, 2/2. bacon, 1/-. Pollard, £8 per ton. butter, factory 1/7; farm, 1/2; separator, 1/3. Bran, £6 per ton. Flour, £l6. Uatmeal, £2l 10/- to £25. —Retail.—

Eggs, 2/6. bacon, 1/3. Butter, factory 1/10; farm, 1/3; separator, 1/6. Cheese, 1/2; matured, 1/4. lollard, 10/6 per WO. Flour—2s’s, 5/3; 50’s, 10/6; 100’s, 20/-; ; 200’s, 38/-. I Oatmeal—solb, 13/3; 25ib, 6/9; 51b, 1/7: ' 11b, 4d. ! Potatoes, 71bs 1/-. GENERAL MERCHANDISE. I Sugar.—The Katca is now loading at | Auckland for Biulf direct, with supplies -?or ■ thjs d-strict. Regarding the report that the Government had removed the duty on i Java sugar, this is incorrect, and the duty ’ will not be removed meantime. When i Parliament meets no doubt this matter I wid be brought up and something may 1 then be done. I Tea.—The market is reported to be firm, | with upward tendency. I Petroi, ‘ rlume."—reduction of 1/- per I case has taken place, to operate from i June 5. I Pearl barley is in short supply, and prices •have advanced. Liard is now quoted at 8d per lb for bulk and 9d per lb lor pats. FRUIT AND VEGETABLES. Heavy consignments of dessert apples still continue to reach the market, but lor these there is only a very Lmitod ‘demand. Cooking apples, such as Duns and Lord Vvolseleys, are also plentiful. Pears Have been in short supply, but a few lines of i ucsserts, ex cool stores, are expected at an | cany date, and should meet with a ready j sale, hull supplies of oranges, mandarins, • Lemons, pines, and pa:sions will come to j . and, ex the Vv aikouaiti and the Moeraki. i _s and oranges and bananas are expected I .vuout June 18. The first Poorman oranges i ox the season will arrive ex the Katoa next ! -aonuay. Jam melons are meeting with a J uiagging ca.e owing to the sugar shortage, j Vv hoiesale prices are approximately as ioi- ! -ow:— ' Fruit. —Apples, Delicious 9/- to 14/-; Jonathons, 6/- to 10/-; Scarlets, 6/- to 8/-; Lord Wolseleys, 'll- to 8/6; Duns, 5/6 to 8/-; pears, choice desserts, 2£d; cook.ng, 14d to 2d; Island oranges, 25/-; Sydney oranges, pines, passions, and bananas to arrive. Vegetables—Cabbages, 2/6 to 4/- dozen; cauliflowers wanted; carrots, Id lb; parsnips, l£d to 2d lb. HARDWARE. There are no changes in local conditions particularly affecting the hardware trade, but a review of the conditions affecting all commercial interests may be interesting. A report recently issued from New York states:— “ A well maintained rate of industrial production not far from normal capacity, together with increasing freight traffic, full employment, and a large volume of retail and wholesale trade fully justifies the assertion that the country as a whole is enjoying a goodly measure of prosperity, rhe remarkable change in conditions that has taken place in so short a time suggests that the present state of activity may not bo enduring. For this reason, and because of the disastrous experiences of 1920, the situation is being analysed with unusual thoroughness by bankers and economists. All seem to feel that if reasonable caution prevails, no uneasiness need be felt as to the current year. To the minds of some the present revival is but the forerunner of a general world-wide resumption of trade based on the immense amount of replacement work to be done in order to replenish stocks and bring equipment and plants up to a normal basis. To others it appears that conditions are artificially supported by

the vast amount of building now being done and these latter are of the opinion that when this is satisfied a general falling-off in business activity may be expected. All concede that a real danger exists in the possibility of undue speculative activity that may carry prices and production to levels out of all reason and in this way bring about a sudden collapse that will be disastrous even to conservative business interests. At the present time, according to competent observers, nothing of th : s sort is taking place, there being in evidence no more than the usual proportion of speculative manipulation. “ That the labour unions should be alert to take advantage of present conditions is I but natural, and this results in a further i advance in the item of labour costs. Wages ; in the cotton and woollen industries have | advanced considerably, and there is also ’ much talk of an increase being given to all ! unskilled labour in the steel industry. In i the building trade wages are paid which, i . when overtime is included, are almost un- { believable; masons, piasters, and carpenters i often earning as much in a day as was earned in a week not many years ago.” TALLOW SALES. Messrs Dalgety & Co., Ltd., report having received the following advice from their Head Office, London, under date of June 6:—“At the tallow sales this week 1800 casks were offered, of which 960 were sold. Since our last wire prices are generally 6d lower. Mutton taliow neglected.” STOCK EXCHANGE. There have been no call-overs at the local Stock Exchange this week owing to the intervention oi the ho-iday, and to the absence of members who are attending the annual Show at Dunedin. STOCK EXCHANGES. (Per United Press Association,. AUCKLAND, June 7. Sales: Bank of New Zealand, 62/-; Taupiri Coal (cont.), 19/9; Kauri Timber, 29/6; New Zealand Refrigerating (cont.,l, 13/5; Moanataiari, 2/11, o/-; Waihi, 26/6. CHRIS June 7. Sales reported: Government 44, 1938, £97 12/6: Crown Brewery, £2 9/-. SHOW DATES. DUNEDIN, June 7. The Conference of South Island Agricultural Associations fixed the fol.owing show dares:— Dunedin—November 28 and 29. Milton—November 20. Balclutha—November 22 and 23. Otautau—November 28. Winton—November 14. Wyndham—November 30. Gore—December 4 and 5. Southland—December 11 and 12. LONDON TALLOW SALES. (Per United Press Association). LONDON, June 6. Ta110w.—1795 casks were offered and 870 sold at 6d decline. Mutton, 37/6 to 43/-; beef, 36/3 to 43/-. PEDIGREE CATTLE FOR AUSTRALIA. LONDON, June 6. A consignment of pedigree cattle for Australia includes the four-year Shorthorn bull Doune Monarch, for which Captain MacGilhvray, of Rosshire, paid 380 Q guineas. WESTRALIAN LOAN OVERSUBSCRIBED. LONDON, June 7. (Received June 7, 8.40 p.m.) The West Australian 3,000,000 44 per cent, loan was over-subscribed. SHEEP IN CANADA. It will probably come as a surprise to people in Australasia to learn that there are only a few over 3,000,000 sheep in the Dominion of Canada. The Government recognises that this is an absurdly small number, and with the object of encouraging breeding is prepared (writes Dalgety’s Review) to give free twelve ewes and one ram to any suitable landholder. The recipient is expected, after five years, to return the Government twelve yearlings. No fewer than 350 small flocks were distributed last autumn on this understanding, says the Canadian Government wool expert, in the course of a recent lecture. DOMINION PRODUCE. HIGH COMMISSIONER’S REPORT. The Department of Agriculture has received the following cablegram, dated June 2, from the High Commissioner for New Zealand, London:— MEAT—Market again better with more inquiry. Ewes uncnangcd. Chilled beef I steady. Very little New Zealand frozen beef

BUTTER.— Better demand and market firmer for finest; other qualities slow. Official quotations are:— New Zealand (salted); finest.—June 2: 142/- to 146/- per cwt (1/34 to 1/3J per lb); exceptional 150/- per cwt (1/4 per lb). May 26: 140/- to 144/- per cwt (1/3 to 1/34 per lb). May 18: 140/- to 144/per cwt (1/3 to l/3£ per lb). (Unsalted), —June 2: 146/- to 150/- per cwt (1/33 to 1/4 per lb). May 26: 143/- to 146/- per cwt (1/34 to 1/33 per lb). May 18: 146/to 150/- per cwt (1/34 to 1/4 per lb). Other qualities—June 2: Saited, 136/- to 140/- per cwt (1/24 to 1/3 per lb). Australian (salted); finest.—June 2: 132/-, 136/- up to 138/- per cwt (1/24, 1/24 to 1/21 per ib). May 26: 134/- to 136/- per cwt (1/24 to 1/24 per lb). May 18: 134/- to 138/- per cwt (1/24 to 1/24 per lb). (Unsalted). —June 2 and May 26: 136/- to 138/- per cwt (1/24 to l/2f per lb). May 18: 136/- to 140/per cwt (1/24 to 1/3 per lb). Other qualities.—June 2: Salted, 112/- to 130/- per cwt (1/- to 1/2 per lb); unsalted, 112/to 124/- per cwt (1/- to 1/14 per lb). Argentine.—June 2: 112/- to 122/- per cwt (1/- to 1/1 per lb). May 26: 116/to 124/- per cwt (1/04 to 1/14 per lb). May 18: 120/- to 132/- per cwt (l/0| to 1/24 oer lb).

Danish.—June 2: 148/- to 150/- per cwt (1/34 to 1/4 per lb). May 26: 152/- to 154/- per cwt (1/44 to 1/44 per lb). May 18: 154/- to 156/- per cwt (1/44 to 1/4J per lb). CHEESE.—Market firm for spot supplies. Present quotations are:— English; finest farmers’. —June 2 and May 26: 108/- to 112/- per cwt (114 d to 1/- per lb). Other qualities.—June 2: 90/to 102/- per cwt (93d to lid per lb). Canadian.—June 2: Coloured, 86/- to 88/per cwt (93d to 94d per ib). May 26: Coloured, 84/- to 90/- per cwt (9d to 93d per Ib). May 18: Coloured, 86/- to 92/- per cwt (9id to 94d per lb). New Zealand.—June 2: Coloured and white, 88/- to 90/- per cwt (94d to 94d per lb). May 26: Coloured and white, 84/to 86/- per cwt (9d to 9jd per lb). May 18: Coloured and white, 88/- to 90/- per cwt (94d to 94d per lb). Australian.—June 2: Coloured and white, 80/- to 84/- per cwt (84d to 9d per lb). May 26: Coloured and white, 78/.- to 82/per cwt (84d to 84d per lb). Shipments of New Zealand produce arrived this week per Port Caroline, Port Napier, Paparoa, and Peshawur. Australian shipments May 5 to May 14 total 2390 boxes butter and 1754 crates cheese.

HEMP.—Manila market flat and tendency weaker. “G” grade June-August shipments quoted at £35 10/- per ton, sellers. “J” grade £3l 10/- per ton. Output from January to May was 627,000 bales against 598,000 for same period last year. Stocks in Manila at end of May were 147,000 bales against 155,495 at January 1. New Zealand flax without interest. Nominal value high-points spot £3l 10/-; fair, £29 15/-; March-May shipments, 5/- per ton less.

WOOL.—Bradford market continues dull, with very little new business. Pos.tion favours buyers. Piece goods trade quiet. Nominal quotations for tops are: —64’s (Merino), 5/2 per Ib; 56s (super halfbred), 3/1 per lb; 40’s prepared (coarse crossbred), 1/4} per lb. FRUlT.—Recent arrivals of Australian fruit have not been so large as was anticipated, with the result that prices are a little harder. Fruit ex s.s. Port Napier is being discharged in excellent condition, and is meeting a good demand, realising:—Sturmers, 16/- to 16/6 per case; Jonathans, Statesman, and Rome Beauty, 15/- per case; btark, 14/- per case; Cleopatra and Delicious, 16/- per case; Dunn’s Favourite, 15/- to 16/- per case; London Pippin, 14/to 15/- per case. Australian prices average 2/- per case less than New Zealand for similar varieties.

PEAS.—Market firm for spot. Small sales reported of Maple at about 102/6 per quarter. Limited demand for forward shipments. May-June shipments offered at 81/with buyers about bO/-. For May shipments prices hardened recently to 77/6. Tasmanian Maple scarce, May shipments offered 91/6, buyers about 89/-. Japane-c Blue peas have declined further; spot selling at 21/6 per cwt, new crops AugustSeptember and September-October shipments, 22/- to 23/-. Limited demand tor Ta§manian Blue at 19/- and New Zealand at “18/-.

BEANS.—English supplies sufficient for requirements and market quiet. New Zealand quoted spot, 50/- to 52/- per quarter. EGGS.—Market steady. Brittany, Irish, Danish, English, French, and Dutch, 10/to 13/6 per long hundred; Chinese, Moroccan, Stynan, Lithuanian, Hungarian, 8/- to 9/6 per long hundred.

about. N.Z. Muttqn: June 2 May 26. May 18. 57/641bs 7}d-8d 7jd-8d 74d-7Jd 65/721bs 7|d-7jd 7jd-7 3 d 7d-74d Ewes— 73-80ibs 6id-6Jd 6d-61d 5}d Lightweight 5 Id 5 id — Heavyweight 4-}d 4Jd N.Z. Lamb: Canterbury— 2C-361bs Hid lid 103d 37-*21bs lid Ud lOJd 43-501bs ' 104d lOid Wld Second-class 10id 10id lOid N.I., ordinary lOid — N.I., 2nd-class lUd 9id N.Z. Beef: Fores 2}d 2 id 2Jd Hinds 5d 4jd 44d Cki.led Beef : Fores 3Jd-4d 3}d Sd Hinds 7d-7id 7id 61d English retail prices are as follows:— Mutton— Legs. Loins. Shoulders. English 1/8 2/2 1/7 Imported 1Zlid lOd Lamb— English 2/2 2/4 2/1 Imported 1/5 1/4 1/4 Beef— Ribs. Sirloin. Steak. English 2/2/8 Imported— Chilled 1/1/10 Frozen lOd lOd 1/8