COMMERCIAL

Southland Times, Issue 18970, 18 June 1923, Page 2

COMMERCIAL

BRAY BROS. Messrs Bray Bros., Ltd., auctioneers, etc., report as follows: Fruit, Etc.—We are holding very heavy supplies; Delicious, Cox Orange Pippin, from 10/- to 12/6; Jonathan, Scarlets, Sturmer, Pearmain, Democrats and Statesman from 6/6 to 10/-; cooking apples, Lord Wolseley, Pippins, Rymers, etc., 5/6 to 7/-. Pears, best dessert to 4d lb, cooking pears to 2Jd lb. Quinces to 3|d lb. Oranges and lemons arriving early. Swedes, 2/6 bag. Carrots, Id to Pd lb. Parsnips to Hd lb. Produce.—Table potatoes, 12/- to 14/-; demand is for good quality “whites” free of disease; onions, 6/- to 7/- per bag; wheat, 17/- to 18/6 per bag; oats to 13/6; chaff, £4 to £5 10/-; sorrell, 5/6; molasses, 7/6 tin; bacon, 104 d; rabbit traps, 32/6 dozen; cow-covers, 12/6 to 17/6; horse-covers, 32/6 to 37/6 (guaranteed quality; English duck); honey, 60’s 29/6, 10’s 6/- to 7/-, s’s 3/6. Olearia trees, 3/6 bundle; orders taken for delivery. New timber to 15/per 100 ft. i-ton motor delivery lorry, £9O; or near offer. Furniture.—Our department in Spey street has opened up some very nice linoleums and carpets, and have a particularly good assortment of new oak and rimu furniture on hand. Your inspection is invited. Our prices, consistent with the quality, are the lowest obtainable in Southland. Land Department.—We have a farm for sale within 10 miles of Invercargill, consisting of over 100 acres, and the seller will take £5O deposit and £1 per week —a good chance for a young man to become independent. Bray Bros., Ltd. THE RIALTO. Messrs William Todd and Co., Ltd., report as follows for Saturday, June 16:— We had a very heavy entry of poultry and pigs for our first Saturday market, and a large attendance of buyers. Poultry was in good demand, and a special line of purebred laying pullets realised exceptional prices. Pigs are still coming forward in excess of demand, but buyers are meeting the market. Prices to-day about the same as last sale. Poultry.—44B hea dentered and sold. Hens, 1/8 to 3/7; cockerels, 1/10 to 2/1; heavy-birds, 2/6 to 3/5; pullets, 4/- to 7/-; special pens purebred laying pullets, 13/3 to 15/-; ducks, 2/8 to 4/-; drakes, 2/- to 2/6; geese, 3/- to 3/6 Pigs.—lso sold. Small weaners, 5/- to 7/3; weaners, 9/- to 11/-; stores, £1 to £1 11/-; cow, £8 5/-; cow and calf, £11; bay mare, £lO 10/-; aged gelding, £5. Produce.—Potatoes (good demand), £l2 10/- per ton; onions, £7; chaff, £4 10/* to £5; straw, £4 5/-; hay, 3/- bale; wheat, 17/- to 19/6; oats, 13/- to 16/-; barley pollard, 17/- 150’s; linseed, 17/6. Miscellaneous.—Barb wire, 30/- to 35/cwt; No. 8 galvanised wire, 26/- to 27/-; rabbit netting, 23/6 to 28/- per 50yd coil; fencing posts, £6 hundred. Horse-covers, j 35/- to 38/6 (for best green flax) ; cowI covers, 16/-; rock salt, 9/- cwt; Ceylon tea, 2/7 to 2/11 lb. D. W. McKAY, LTD. Messrs D. W. McKay, Ltd., Exchange Mart, Invercargill, reports as follows: Bacon Pigs.—Prices same as last week. Prime rolled bacon, IOJd to 1/3 lb. Produce.—Potato market firm; prices approximately same as last week. Fowl wheat wanted, and growers should communicate with us without delay and submit samples. Feed oats from 10/- to 12/6 per bag; oat dust market bare; bran short; pollard, 18/6 per bag; Canterbury onions, 9/- cwt, Victorian arriving to-day approximately £l2 per ton; prime chaff, £5 to £5 5/-, other grades from £4; cow chaff, 2/- to 3/- per bag; Meggitt’s meal, 6/- per bag.

Fruit.—The market continues to be well supplied with apples, and supply exceeds demand; only very choice dessert and cooking apples realising anything like satisfactory prices. Large cooking pears are short of requirements, and good dessert pears have firmed considerably. Oranges and bananas from Raratonga arrived during the week and were sold immediately and realised satisfactory prices. Lemons, oranges and navels are due on Monday from South Australia. Current approximate prices:— Dessert apples from 10/- to 14/-, others from 5/- up; cooking apples, best 7/- to 10/-, others 3/- to 6/-. Dessert pears, 3d to 4id, cooking pears 2d to 3d; Island oranges to 29/-; bananas to 28/-; passions to 24/-; pine-apples to 23/-. General.—Motor van, £B5; King Dick motor-cycle (in excellent order), reserve, £25; cow-covers. 11/6 to 21/-; horse-covers, 35/- to 45/-; Exchange Tea, 14/- for 51b box. Honey, 6/- to 7/- per tin; bulk, 5d per lb.

Furniture.—Fairly good business during the week in this * department. We placed a large quantity of furniture with various buyers at exceptionally keen prices. Intending buyers arc advised to take advantage of our method of trading and keen cut prices. F. BOWDEN AND CO. Messns F. Bowden and Co. report good • ’siness during the week. Supplies of New kanl-grown fruit are easing off, especially rars, which have firmed in inice; on Friay up to 4-Jd was realised for a good line )f Winter Nelis, We still have heavy stocks of apples, but as supplies are easing off these should be cleared in a short time; we have handled some very choice lines during the week. Mandarine, pines, Sydney oranges, passion fruit and melons arrived on Tuesday on to a bare market; the condition was perfect. A small shipment of Island oranges and bananas arrived on Friday. These will be short before the next shipment arrives. We also received the first marmalade oranges of the season on Friday, these being on the green side meet with a slow sale. Our market is well supplied with carrots and parsnips. Potatoes continue to firm in price. The week closed Swith prices ruling:— Pears, 24d to 3Ad lb; apples, Delicious 10/to 13/-; Jonathons 6/- to 9/6; Cleopatras, 8/6 to 9/6; others cheaper; cookers, 2d to mandarins, 22/-; Sydney 21/-; Island oranges, 20/- to 24/-; passion fruit, 15/6; pines, 24/-; jam melons, lb; bananas, green 24/- to 28/-; walnuts, lOd to 1/2 lb. Vegetables, Produce. Etc.- Marrows, Id lb; Victorian onions, 10/6 cwt; table potatoes, 12/6 to 13/6 cwt; parsnips, 1 jd lb; beetroot, lsd lb; carrots, 7/- to 9/- cwt; cabbage, 3/- dozen; swedes, 2/- bag; fowl wheat, 17/6 to 20/- sack; oats, 14/sack. FROZEN MEAT. Messrs Dalgety <fc Co., Ltd., report having received the following advice from their Head Office, London, under date of June 15 : Frozen Meat. —Quotation New Zealand prime crossbred lamb, Canterbury heavy ICJd, light U|d; North Island heavy lOiJd, light 104 d; demand for New Zealand lamb better owing to warm weather. Quotation New Zealand prime crossbred mutton, Canterbury heavy 6<d, light 84d; North Island heavy 6£d, light 8d; demand for New Zealand mutton, steady. Quotation New Zealand prime ox beef nil. Market for New Zealand lamb-and mutton firmer; market for New Zealand beef nominal. Quotation good average quality crossbred lamb, Australian heavy 84d, light mutton, Australian heavy sjd, light ssd; demand for Australian lamb better; mutton, fair. Very heavy supplies of chilled beef have been marketed during the week past, and price shows a serious decline. Frozen beef and bond beef unsaleable at present. The market for mutton and lamb looks like improving. No forward sales reported. BUTTER AND CHEESE. Messrs Dalgety and Co., Ltd., report having received the following advice from their Head Office, London, under date of June 15:— London Dairy Produce Market: Butler.— The total imports of butter into the United Kingdom for May, 1923, was 541,000 cwts, while for the corresponding period of 1922 they were 396,000 cwts. Butter market very slow. We quote New Zealand salted

at 154/-; Australian good average quality, 142/-; Danish, 152/-; finest Australian, 150/-. Cheese—Cheese market very slow. We quote: New Zealand white at 86/-; coloured, 84/-. Quotation for Canadian, c.i.f., 82/-. DUNEDIN MARKETS. (From Our Own Correspondent:) z DUNEDIN, June 16. Millers are still keen buyers of any lines of good quality wheat, but at present there are not very many lines offering from growers. Some ot tnese are on the soft side, and will have to be held by farmers till later on in the season. With better condition they will probably be accepted by millers, who may require all fairly suitable lots before the new season’s wheat is avMjable. A large quantity of milling wheat is now coming forward from Canterbury, this having been secured by Dunedin millers when the report came to hand of an anticipated shortage. Local agents report that the demand for seed wheat this season is practically negligible. In consequence of the flooded state of most of the low-lying country it is not considered that much winter wheat will be I sown in South Otago or Southland, ana ,it ' is doubtful, moreover, if the ground can be i got ready for spring sowing. The demand is firm for fowl wheat. Lines ; that will pass as good whole, are readily ! saleable at 4/2 per bushel, sacks extra, de- | livered Dunedin. Shipping inquiries are ! being received from the North Island, and sales can be effected at 4/6 per bushel, sacks extra, f.o.b. The following arc quotations for produce to be paid to farmers at country stations, sacks extra, unless otherwise stated: Wheat, Tuscans, 5/lj; Hunters, Pearl, 5/si. Dunedin millers’ prices are as follow: Flour, 2001 b, £l5 10/- per ton; 100’s, £l6 10/-; 50’s, £l7; 25’s, £l7 10/-. Bran, £5 10/- per ton. Pollard, £7 10/-. Oatmeal: 25’s, £2O; 200’s, £l9. The oat market is weak, with very little inquiry for grade oats. Most of the business to the North Island is being done on sample for under-grade lines, these being placed at 3/- to 3/1, f.0.b., s.i. Owing to the poor consumptive demand, North Island buyers are finding that under-grade oats are good enough to meet their purposes, and that is the reason why they are not paying much attention to A’s or B's. The demand from Australia has practically ended, following on the estimate of a large surplus in Victoria. The Tasmanian crop has also been a heavy one. The present prices to farmers are 2/9, sacks extra, on trucks, country sidings, for A’s and 2/7 for B’s. Merchants, however, are not keen buyers at these figures. The chaff market is purely local, and remains at £5 10/- per ton for best quality, sacks extra, delivered in Dunedin. There is an absence of shipping inquiries, and the only orders being executed are in pursuance of forward business. The importation of a large quantity of chaff to Auckland from Victoria must have a serious effect on shipments froiji this end. Shippers from Dunedin will be forced to accept about £1 per ton less than they were previously able to secure, and the market may further weaken if the imports from Victoria continue. AUCKLAND MARKETS. (From Our Own Correspondent.) AUCKLAND, June 14. Trade has been somewhat quieter owing to unfavourable weather. Drapers appear to be having a most satisfactory innings with the demand for blankets, rugs, and woollen clothes. Bacon.—There is a sharp demand for factory-cured, and prices are very firm. Hardware.—The growth in trade is remarkable. Building continues active, with numerous new contracts. Potatoes.—Although several large shipments of potatoes came to hand since last report, the market, contrary to expectations, has not eased. This is partly due to the fact that prior to the arrival of these shipments stocks of potatoes held locally were about exhausted, and the bulk of the cargoes were passed on to buyers direct from the ship’s side. Further vessels are due to arrive with potatoes for this market at an early date, and it remains to be seen whether the present prices—£12 10/- to £l3 per ton ex store—will be maintained. Onions—The position is 'unchanged, the market being entirely supplied with Australian at £lO per ton. Maize.—Arrivals are ample for requirements at 6/- per bushel ex store. Oats.—Supplies arriving are only equal to requirements, and go into immediate consumption. A grade are quoted at 4/9 per bushel ex store, and Algerian seed oats at 7/6.

Chaff.—Welcome shipments have come to hand. The price locally ex store is £l2 per ton. Eggs.—A d- Jded drop in price has taken place, the wholesale quotation being 2/2 per dozen for hens’ and 1/10 for ducks’. Wholesale cqrrcnt prices are:—Supejfine creamery butter l/6£ per lb for prompt cash, first grade 1/6, second grade 1/5, farmers’ separator lOd per lb, cheese lOd to 1/- per lb, hams lOd to 1/- per lb, bacon lOd per lb net, lard in bulk B£d, pats 9d, honey BJd to 9Ad, eggs 2/2 per dozen, flour £l7 5/- (less discount of 2A per cent, per ton in 2001 b sacks), sharps £9 10/-, bran £6 10/-, oatmeal (25’sb £25 per ton. BANK OF NEW ZEALAND. THE INCREASE IN CAPITAL. DECISION COMES AS A SURPRISE. (Per United Press Association). WELLINGTON, June 17. The decision of the directors of the Bank of New Zealand to increase its capital was the subject of much discussion in the city. The increasing interest of the investing public in the shares of the bank showed that the announcement was not unexpected. All the same it seems to come as a surprise to who were present at the meeting. The Bank has sent a circular to all shareholders dated June 15, setting out what it is intended to do. In pla'n terms the Government is to be offered £375,000 of preference shares at £1 and shareholders £750,000 shares at £l. The Government has the option of taking up one-third of the new capital, and is assured of a dividend of 10 per cent. It will have that dividend no matter what dividend, or if no dividend is paid to ordinary shareholders. Formally one-third of the new capital will be offered to His Majesty the King, and no doubt he will take up his proportion. The Government already has £1,125,000 invested in the Bank, and the shares are preference shares. Ordinary shareholders have £2,250,000 invested in the institution. Of the six directors of the Bank the Government appointees number four. There is also held £529,988 guaranteed stock, on which 4 per cent, is being paid. The Bank is authorised to bring its capital up to £6,154,998, which is already £3,904,988 in guaranteed stock, Government and ordinary shares. New money is wanted for expanding the business of the Bank, and is also needed to meet the general demand for more capital for fanning, manufacturing, and commercial purposes. STOCK EXCHANGES. CHRISTCHURCH, June 16. Sales reported:—Manning’s Brewery, £6 8/3, £6 9/-; Canterbury Frozen Me&t (cum. div.), £l6 10/-. Sales on ’Change:—Canterbury Frozen Meat (cum. div.), £l6 7/6; Electrolytic Zinc (rights), 11/11; Manning’s Brewery, £6 9/- (two parcels). DUNEDIN, June 17. Sales on ’Change:—New Zealand Insurance, 29/3; Kaiapoi Woollen (10/- paid), 11/3. AUCKLAND, June 17. Sale: City of Auckland 5i per cent, debentures, £99 5/-. BERLIN EXCHANGE. LONDON, June 16. Berlin Exchange rates. 475,000 marks to the pound.

LONDON MARKETS. (By Telegraph—Press Assn. —Copyright). (Australian and N.Z. Cable Association.) LONDON, June 16. (Received June 17, 5.5 p.m.)_ Cotton. —Liverpool quotations: American middling, Upland, July delivery 14.93 d lb. Rubber.—Fine, hard Para, 14$d; plantation first latex crepe, 14Jd; smoked ribbed sheet, 14£d. Jute.—Native first marks, June-July shipment, £2B 15/- per ton. Copra.—South Sea bagged May-June shipment, £26. Linseed oil. —£45 10/- pet ton, equal to 3/7| per gallon. Turpentine.—lo 3- per cwt., equal to 7/91 per gallon. Sheep.—Patagonian, heavy, 54d. Lambs.—Canterbury light, Hid; medium ll$d; heavy 10|; other selected, light Hid; medium Hd. Frozen Beef.—Argentine fore 2Jd; hinds oid. Uruguayan. —Fores 2d ; hinds 4id. Other meats unchanged. Apples.—The Ruahine’s New Zealand apples sold mostly at 13/- to 16/-; sturmers 16/- to 18/-. The contents of the Port Campbell’s No. 2 hold are turning out very badly, apparently due to frost, the best realising 11/- to 12/6 at Covent Gardens, and some at 4/6 to 7/6.