COMMERCIAL

Southland Times, Issue 18971, 19 June 1923, Page 2

COMMERCIAL

THE OAMARU MARKETS. (From our own correspondent.) OAMARU, June 16. The weather during the week has been a little mixed, but on the whole fairly dry. There has, however, been no wind, and in the absence of this and the limited warmth of the sun, the ground generally remains too wet for satisfactory field work. This observation appliep with special force to loose stubble paodocks, the result being that it has been impracticable to get the mills into them to thresh the grain still remaining in stack, though the conditions have otherwise been favourable. There are a great many stacks to be broken, these including a greater proportion of wheat than has been calculated upon. It is now estimated that many thousands of sacks of wheat have yet to come on the market, including several lines reaching up to 1000 sacks each. The most noteworthy feaure of the grain and produce market during the week has been the quantity of milling wheat that has come forward. There has been no big line to swell the aggregate, the offerings running from 400 to 200 sacks each, with odd smaller lots. In this way the total that has passed into the hands of millers has reached some thousands of sacks. Brokers have experienced no difficulty in placing all that has been available, and the general opinion is that a ready market awaits what has yet to come on the market. There have been practically no offerings of fowl wheat, but- a few transactions ex-store are reported at 4s 6d, f.0.b., or about 4s 2d net to growers. Oats have continued to move slowly. Very few offerings from the country have been made, and even for these it has been difficult to find outlets. A few transactions in Gartons are reported at from 2s 9d for first A grade and 2s lOd for better samples, and 2s 9d for B’s, all net to grower at country stations. Samples of both malting and feed barley and ryecorn have been sent abroad without securing business. The only transaction in potatoes reported is the purchase of a line of table Gamekeepers at £9 10s net, delivered in Oam aru. The greater part of the business done in the stock market during the week has been under the hamher. There was a particularly large yarding of fat sheep and lambs at the regular market, and a good sale was recorded, prices in some instances showing an advance. Lamb made from B|d to 10id per lb., according to quality. The range of prices was as follows: —Extra prime lambs, 395; prime lambs, 36s 6d to 35s 9d; medium lambs, 27s 6d to 30s; light-weight lambs, 26s to 275; extra prime ewes, 24s 6d; prime ewes, 21s to 235; medium ewes, 18s to 20s. The offering of store sheep was small, and the market showed an upward tendency. A couple of lines of mixed two, four, six and eight-tooth crossbred ewes, in lamb, realised 31s and 33s respectively; and other sales effected were as follows: —Aged ewes, 17s 6d to 21s 6d: ewe lambs, 27s 4d; store lambs, 22s 255. The prices realised for fat lambs at this sale were confirmed at Duntroon on the following day when extra prime again reached 395; while prime brought from 29s 6d to 34s 6d; and medium from 27s to 28s 6d. The only other noteworthy point at this country sale was that mixed-sex hoggets sold at from 22s 6d for passable quality up to 30s 6d for a highly desirable line. Sales by private treaty have included the following:—Mixed four, six and eight-tooth ewes, in lamb, 355; soundmouthed ewes, in lamb, 32s and 335; full and failing-mouthed ewes, in lamb, 21s to 235; store wethers, 225; store lambs, in a line over 800, 16s 6d; hoggets, 225; fat wethers, 30s; fat ewes, 23s to 255. The main features of the weekly sale so far as cattle were concerned were found in the fat pens, which were more than usually well filled. The best of the bullocks brought from £8 10s to £lO 7s 6d and others from £6 5s to £7 ss; while cows went at from £2 15s to £3 15s. BUTTER AND CHEESE. The National Mortgage and Agency Co., Ltd., has received the following cable from their Ijondon agents, Messrs A. J. Mills and Sen:— Butter: Market quiet at 152/- to 154/-. Cheese: Steady at 86/- to 88/-. WOOL SALES. Messrs Dalgety and Company, Limited, report having received the following advice •from their Head Office, London, under date of the 15th instant“ ‘Bawra” Liverpool Wool Sales. 41,000 bales offered and practically all sold, including 25,000 merinos. Good demand. Continental buyers are the principal operators. Home trade quiet. As compared with last London Sales, closing rates: Merinos par to 5 per cent, lower, clothing wools 5 per cent to 7A per cent, lower, medium Crossbreds 5 per cent, to 10 per cent, lower except good bright 46’s which shoM’ a slight change in favour of buyers. Broken fleece and pieces are in strong demand. STOCK EXCHANGE. YESTERDAY’S BUSINESS. At yesterday morning’s sitting of the Invercargill Stock Exchange a sale was reported of P. and O. Inscribed Stock 19z7 at £9B ss. The following quotations were given:— Bank of Australasia, sellers, £l4. Bank of New Zealand, buyers 62/-. Union Bank of Australia, sellers £l5 2s. New Zealand Coal and Oil, buyers 2/9, sellers 3/-. New Zealand Insurance, sellers 29/9. Standard Insurance, buyers 38/-. Wright Stephenson and Co. ord., buyers, 27/6. Southland Frozen Meat and P.E. Co., £1 ord., buyers 29/6. Southland Frozen Meat and P.E. Co., 10/ord., buyers 14/9. Southland Frozen Meat and P.E. Co., £1 pref., buyers 29/6. Bruce Woollen Mill?, sellers 37/6. Greater Lyceum, sellers 5/9. New Zealand Drug, seders 66/-. New Zealand Milk Products, buyers 24/6, sellers 26/-. New Zealand Paper Mills, sellers 25/-. Otago Daily Times, buyers 55/-. War Bonds 1938, 4 per cent, free of income tax, sellers, £97 12s 6d. Inscribed Stock 1939, 4 per cent, free of income tax, sellers £97 12s 6d. War Bonds 1939, 4 per cent, free of income tax, sellers £97 12s 6d. P. and O. Bonds 1927, 5 per cent, not free from income tax, buyers, £9B 2s 6d. P. and O. Inscribed Stock 1927, 5 per tent, not free from income lax, buyers, £9B 2s 6d. P. and O. Inscribed Stock 1929, 5 per cent, not free from income tax, buyers, £9B 2s 6d. Soldier Settlers’ Loan Bonds 1933, s»} )>er cent, not free of income tax, buyers £lO2. Soldier Settlers’ t.oan Inscribed, 54 per cent., buyers £lO2. (Per United Press Association). CHRISTCHURCH, June 18. Sales reported: Bank of Australasia £l4; New Zealand Insurance 29/5; Crown Brewery 55/6; Manning’s Brewery £6/9/-, £6/9/6 (four parcels), £6/10/- (three parcels) : Ward’s Brewery 45/6, 46/-. Sales on ’Change:—New Zealand Insurance 29/3; Dalgety and Co. £l2/17/6 (two parcels); Wards Brewery 45/6; Manning’s Brewery £6/11/-; Crown Brewery 55/6 (four parcels) ; Electrolytic Zinc (rights) 11/11. DUNEDIN, June 18. Sales on ’Change: Bank of New' Zealand (ex. div. cum. rights) 61/-. Sale reported: Ward’s Brewery 46/-. AUCKLAND, June 18. Sales: War Loan 1938, £97; New Zealand inscribed 1929, £9B 10/-; 1938, £97; 1931. £103; Auckland Gas 5 per cent, debentures, £9l 10/ ; Bycroft’s debentures, £99; Macky Logan debentures, £102; Bank

of New Zealand, 62/6; Union, £l5; New Zealand Insurance, 29/9; Taupiri Coal, 19/3; Auckland Gas, 26/6; (contrib.) 31/3; Kauri timber, 29/-; Parker lamb, 25/3; Bycroft’s, 22/3; Milne Choyce debenture stock, 24/-; Wilsons’ cement, 27/9; New Waiotahi, 9d; Waihi, 25/6. TALLOW. New Zealand Loan and Mercantile Agency Company, Limited, have received the following cablegrams from their London house :—Tallow : We quote present spot values fcr the following descriptions:—Fine Mutton 41/9 per cwt.; good beef 40/3 per cwt; Mixed 36/3. Market firm. CATTLE FOR AUSTRALIA. (Per United Press Association). WELLINGTON, June 18. The Union Company’s Waihora is shipping 750 bullocks for Australia, purchased by Mr Keith McLean, of Gippsland, Victoria. The vessel has been specially fitted for the purpose. The operation of loading was fraught with many difficulties, and has been watched by a large crowd. The estimated ccst of landing the bullocks in Australia is £9 per head. The Waihora will return for another shipment, and, if successful, other consignments will be arranged. WHEAT. (By Telegraph—Press Assn.—Copyright.) (Australian and N.Z. Cable Association.) LONDON, June 17. Wheat cargoes are firm, despite liberal world’s shipments, but the demand is less active. < Parcels are quiet. COLONIAL BORROWING. LIMITS OF BRITAIN’S RESPONSIBILITY. LONDON, June 17. The city editor, referring to the desposition in some quarters to suggest that Britain might further cheapen the cost to Dominion borrowing on the London market, says that it is advisable in these days, when the temptation to spend money is greater than pre-war times, the advantages of the Colonial Stock Act should not be overlooked. It was true the responsibility for capital and interest lie exclusively with the borrower, but should default ever occur, it would undoubtedly raise awkward questions, in view of the fact that by virtue of the Colonial Stock Act, the capital of colonies was obtainable on most favourable terms. Very strong reasons would have to be forthcoming to justify a further addition to the burdens of the English taxpayer, which are already greater than the Dominion.