COMMERCIAL

Southland Times, Issue 18973, 21 June 1923, Page 2

COMMERCIAL

CLEARING SALES AT MYROSS BUSH. The New Zealand Loan and Mercantile Agency Company Limited reports that a successful clearing sale was held at Myross Bush on Monday last on behalf of Mr J. S. Munro. There was a very large attendance of buyers from all over Southland, and under keen competition everything was disposed of at highly satisfactory prices. The dairy cows were a good lot and these sold particularly well considering this is the off season of the year. The horses, implements, etc., also sold well. The following were some of the sales: —Dairy cow £l5, do £l5, do £l4, do £l3 10/-, do £l3, do £ll 10/-, do £lO 15/-, do £lO, do £lO, do £lO, do £8 5/-, do £B, do £7 15/- do £7 10/-, do £7, do £6 10/-, do £5 10/-. Unsound cows making from £2 10/- to £4. Bull £5, filly £33, gelding £33 10/-, do £29, do £27, do £2O 10/-, gelding £l9, draught mare £22, do £25, aged mare £9, do £8 10/-. Ridger £lB 10/-, lime sower £26, dray £26, waggon £22, scuffler £l5, spring cart £lB 10/-, gig £l9 10/-, roller £l5, drill £3O, Tyne harrows £5 10/-, cultivator £B, harrows £l7, discs £lO, 3-furrow plough £B, swamp plough £lB, harness, sundries, etc., making full market rates. AT WOODLANDS. The New Zealand Loan and Mercantile Agency Company Limited reports that on Tuesday last in conjunction with Messrs Carswell and Co., Ltd., it held a clearing sale at Woodlands on behalf of Mr F. Reichel. There was a good attendance of buyers, and the prices realised for the dairy cows, horses and implements were quite satisfactory. The following are a few of the sales:— Dairy cow.£lo 10/-, do £lO 5/-, do £lO, do £9 10/-, two at £9, two at £8 15/-, do £8 10/-, two at £8 5/-, do £B, do £B, do £7 15/-, do £7 15/-, do £6 15/-, do £6 15/-, do £6 5/-, do £5 10/-. Unsound cows making £2 10/- to £4 . Mare £34, do £25, do £23, do £l9, do £l5, do £ll. Drill £2B 10/-, dray £25 10/-, do £22, discs £l3 10/-, lime sower £7, plough £6 10/-, ridger £6, harness, sundries, etc., making full market rates. NEW ZEALAND BREWERIES LIMITED. ISSUE OF 10 PER CENT. MORTGAGE DEBENTURE STOCK. An announcement of considerable interest and importance i$ made in another part of this issue. It relates to the formation of a new Company, New Zealand Breweries, Limited, which concern is an amalgamation of ten of the largest and most successful breweries in the Dominion. The prospectus states that the properties to be acquired are the following well-known breweries:—James Speight and Co., Limited Dunedin, W. Strachan and Co., Limited, Dunedin, McGavin and Co., Limited, Dunedin ; The Crown Brewery Company, Limited, Christchurch, Ward and Company, Limited, Christchurch, S. Manning and Company, Limited, Christchurch; J. Staples and Co., Limited, Wellington; D. J. Barry, Limited, Gisborne; The Lion Brewery, Limited, Auckland, Hancock and Co (New Zealand), Limited, Auckland. The capital of the new Company is to be £1,500,000, comprising 500,000 ordinary shares ( which will be allotted as fully paid up to the vendors), and £1,000,000 ten per cent. First Mortgage Debenture Stock, which is now being offered to the public. This issue of ten per cent First Mortgage Debenture Stock is limited to £l,OOO, 000 and is secured by a Trust Deed in favour of The New Zealand Insurance Company, Limited (as Trustee for the Debenture Stockholders) constituting a first specific charge on the freehold and leasehold properties of the Company and the movable machinery, and plant comprised in the valuations hereinafter mentioned and a first Floating Charge on all its assets and undertakings. The Company is to be at liberty to issue further stock for the purpose of acquiring further brewery, bottling and malting properties, plant and stocks in New Zealand.

Interest will be paid quarterly free of exchange at any branch of the Bank of New Zealand in the Dominion on the first days of October, January, April and July in each year. The first payment will be made on the first day of October, 1923, calculated from the date of the final payment due on allotment.

Payment of interest upon the Debenture Stock for three years from the first day of July, 1923, will be guaranteed by the New Zealand Insurance Company, with whom will be deposited by the Vendors approved securities for £345,000 in support of the guarantee. It is stated that the present owners have decided to afford the public an opportunity of becoming financially interested upon fair and reasonable terms in the important and successful brewing industry. The vendors have been induced to dispose of their old-established and remunerative businesses so as to bring into effect certain reforms which they are led to believe are desired by the public. One of these reforms it is suggested is that of abolishing what has hitherto been contended as being “a restricted monopoly.” Withoi’t an amalgamation of the chief interests it is impracticable to give effect to the uesne of the public. The merger now proposed will enable the public not only to become financially interested in the industry in which they are so directly concerned, but also to obtain the particular beverage which they may desire. Another reform that is confidently expected will be brought about will be in the direction of limiting the goodwills to be paid in respect of hotel properties to reasonable amounts. Hitherto, with the various brewery firms in active competition for avenues for the disposition of their outputs, goodwills have been paid for hotels far in excess of their intrinsic values, a position which, from a public point of view, was not beneficial. With this competition removed, excessive goodwills ought to be abolished; licensees should be in a position to conduct their businesses upon more reliable lines; and the necessity of “tie-ing” public houses, as understood by the public should disappear. The list of applications will close on pr before July 9, 1923. BURNSIDE MARKET. (Per United Press Association). DUNEDIN, June 20. There was a good demand for all classes of stock at Burnside to-day, and this applied particularly to all classes of fat stock, which realised slightly enhanced prices. Fat Cattle. —There were 233 head compared with 383 last week. The entry included several pens of well-finished animals, which met with keen demand at advanced rates, the appreciation being from 10/- to 15/- per head. Extra prime bullocks made from £l5 to £l6 10/-, prime £ll 10/- to £l4 15/-, medium £9 10/- to £lO 15/-, light and unfinished £6 10/- to £8 10/-; extra prime heifers and cows £l3 10/-, prime £7 to £8 10/-, medium £5 5/- to £6 5/-, old and inferior £3 to £4 15/-. Prime ox beef: Handy-weights sold on a basis of 31/- to 32/-, prime heavyweights and medium quality 28/6 to 30/-; extra prime heifer beef, 25/-; medium quality, 22/6; cow beef, 18/6 to 20/-. Fat Sheep.—There was a medium entry, numbering 2272, compared with 3700 last week, and 5000 the sale prior to that. The entry included a few pens of prime heavyweight wethers, but the bulk of the yarding consisted of medium and second quality wethers and ewes. Prices for all classes advanced 2/- a head and extra prime heavy wethers showed an even greater rise. Extra | heavy wether mutton brought 6d to 6id, prime heavyweight wethers 6-Jd to 6fd, medium quality handyweights up to 6|d; extra prime ewes 54d, medium quality handyweight ewes sd, aged and inferior quality 4sd, extra prime heavy wethers 49/- to 52/3, prime 40/- to 45/-, prime handyweights 33/- to 37/-, medium quality 29/- to 31/-, extra prime heavyweight ewes

up to 36/3, prime 28/- to 35/-, medium quality 21/- to 25/-, lighter and aged 14/to 20/-.

Fat Lambs—A medium yarding, numbering 1311 head compared with 1500 at the previous sale. Taken as a whole, the quality was not up to last week’s standard, only a few pens of really prime sorts being forward. There was spirited competition, especially among exporters and prices showed an advance of about 1/- a head. Prime lamb sold on a basis on 9Jrd to lOd, second quality B|d to 9d. Extra prime heavyweights realised up to 40/9, prime 31/- to 34/6, medium 20/6 to 26/-. Store Cattle. —A medium yarding. No good steers were forward, the entry comprising mostly ewes and young cattle. Good cows sold at prices on a par with last week’s rates, but young cattle were hard to quit. Fat Pig?.—A medium yarding, consisting mostly of porkers. There was a fair demand and prices showed a slight advance. Prime baconers went to 6d and prime porkers 6fd to 7Jd. ADDINGTON MARKET. CHRISTCHURCH, June 20. Fairly large yardings were forward at Addington markets to-day, and there was a large attendance. Store Sheep.—A fairly large entry, mostly locally-bred. Good class wethers were in good demand, but although the sale was good there was not quite the same firmness as at last week, especially with regard to hoggets. Two-t'ooth Corriedale ewes in lamb 37/3, four, six, and eight-tooth halfbred ewes 33/- to 35/-, two, four, and six-tooth Corriedale ewes in lamb 35/6, sound-mouth crossbred ewes in lamb 32/9, sound and fail-ing-mouth halfbred ewes in lamb 28/-, fail-ing-mouth three-quarterbred ewes in lamb 21/6, aged ewes in lamb 18/- to 21/-, good mixed-sex hoggets 22/7 to 23/-, ordinary m.s. hoggets 19/8 to 22/-; three-quarter-bred ewe hoggets 24/9 to 25/6, ordinary wether hoggets 18/6 to 21/-, cull wether hoggets 12/3 to 16/-, forward four and sixtooth wethers 29/2 to 31/4, good two-tooth halfbred wethers 28/8 to 28/11, ordinary two-tooth halfbred wethers 24/9 to 26/9, two, four, and six-tooth wethers 27/9. Fat Lambs. —The entry totalled 2020, compared with 2300 last week. The bulk of the entry was of moderate quality. Freezing buyers competed keenly throughout the sale in consequence of which values all round were on an even higher basis than those of last week. The average price per lb paid by exporters was about lid as against 10id last week. Extra prime lambs 33/6 to 36/6, a few special 39/6; prime lambs 30/6 to 33/-, medium lambs 27/to 30/-, light and unfinished 22/9 to 26/9. Fat Sheep.—Ten full races were forward, compared to between 12 and 13 last week. The quality on the whole showed a distinct improvement on recent offerings, there being a larger proportion of wethers forward than usual. Good wethers were firm at late rates, with a slight advance in some cases. Good ewes also sold well. Prices per lb were: Best wether mutton 6Jd, medium to prime 6d to 6Jd, best ewe 5d to sjd, light ewe 3|d to 4|d, extra prime wethers 38/6 to 40/7, prime 34/6 to 38/-, medium 31/6 to 34/-, light 27/9 to 31/-, Merino 26/to 26/3; extra prime ewes 35/11. prime 27/- to 31/-, medium 22/6 to 26/9, light 19/- to 22/-, aged and inferior 15/6 to 18/6.

Fat Cattle. —The yarding comprised 410 head, all of which were from within Canterbury. The quality was about average. Good quality steer beef realised 28/- to 30/- per lOOlbs, a few specially good pens fetching up to 32/-, medium from 24/6 to 27/-, and inferior and coarse from 15/- to 22/-, extra prime steers £l5 to £l7, prime £ll 2/6 to £l4 15/-, medium £8 10/- to £ll, light £5 10/- to £B, extra prime heifers £ll, prime £7 5/- to £9 10/-, ordinary £4 15/- to £7, prime cows £6 5/to £9, medium £4 10/- to £6. Vealers.—Good runners £4 15/-, ordinary heavy vealers £3 10/- to £4 5/-, medium vealers £1 10/- to £2 15/-, small calves 5/- to 18/-. Store Cattle.—The entry was small, the bulk consisting of cows. Prices: 3-year-old steers £4 10/- to £5, heifers £4 10/-. Dairy cattle were a good second. Third and fourth calvers close to calving £7 to £lO 10/-, extra good £l3 10/-, medium springers £3 10/-to £6 10/-, good springing heifers £7 to £l2 10/-, medium springing heifers £3 to £6 10/-, aged and inferior sorts £1 to £1 15/-.

Dairy Cattle.—The quality generally was inferior, the demand poor, and the sales were not easy to make at the beginning but improved towards the finish. Fat Pigs.—Choppers £3 10/- to £7 15/-, light baconers £3 15/- to £4 10/-, heavy £4 15/- to £5 6/-, extra heavy £5 14/-. The average price per lb was 7d to 7Jd. Light porkers £2 5/- to £2 10/-, heavy £2 12/6 to £3 5/-, average price per lb 8d to 9d. Store Pigs.—Weaners 14/- to 16/-, extra good weaners 19/6. slips 17/- to 22/-, small stores 25/- to 30/-, medium 32/- to 38/-, large 45/-, sows in pig £2 17/6 to £3.

LONDON PRICES. The New Zealand Loan and Mercantile Agency Company Limited have received the following cablegram for its London house: — New Zealand frozen meat: Lamb, mutton, beef, quotations unchanged. Market slow. Last quotations June 6: Lamb lljd per lb (average) ; mutton wether and maiden ewe: Light B|d per lb; heavy 6|d per lb; ewe, light s|d per lb; heavy being s|d per lb. Beef: Ox hinds, 5d per lb; fores 2fd per lb; cow hinds, 4|d per lb; fores 2{d per lb. New Zealand dairy produce: Butter 2/per cwt. lower. Market quiet. Last quotations June 6, 156/- to 158/- per cwt. Cheese: 86/- to 88/- per cwt. Future arrivals lower prices. DOMINION PRODUCE. HIGH COMMISSIONER’S REPORT. The Department of Agriculture has received the following cablegram, dated 16th instant, from the High Commissioner for New Zealand, London: — MEAT. —Demand for frozen meat has suffered on account of very large arrivals of chilled beef, but sellers are holding firm. Mutton quotations remain unchanged, while lamb prices are also unchanged with the exception of Canterbury. Chilled beef i prices are much lower. Prices for New Zealand frozen beef are purely nominal and

Chilled Beei— Fores 2d-2|d 3jd-3&d 3sd-4d Hinds 4id-sid 6id-7id 7d-7}d BUTTER.—Demand has fallen off considerably on account of advance in prices. Market closed quiet. Official quotations are:— New Zealand (salted); finest.—June 16: 154/- to 156/- up to 158/- per cwt 1/4| to 1/5 per lb). June 9: 156/- to 158/- per cwt (1/4J to 1/5 per lb). June 2: 142/- to 150/- per cwt (1/3| to 1/4 per lb). (Unsalted.) —June 16 and June 9: 156/- to 158/- per cwt (1/4$ to 1/5 per lb) . June 2: 146/- to 150/- per cwt (1/3| to 1/4 per lb). Other, qualities:— June 16: 146/- to 152/- per cwt (1/3$ to 1/4$ per lb). Australian (salted); finest. —June 16: 144/- to 152/- per cwt (1/3$ to 1/4$ per lb). June 9: 148/- to 152/- per cwt (1/3$ to 1/4$ per lb). June 2: 132/- to 138/per cwt (1/2$ to 1/2$ per lb). (Un salted).—June 16: 150/- to 152/- oer cwt

(1/4 to 1/4$ per lb). June 9: 148/- t® 152/- per cwt (1/3$ to 1/4$ per lb). June 2: 136/- to 138/- per cwt (1/2$ to 1/2$ per lb). Other qualities:—June 16: Salted, 130/- to 140/- per cwt (1/2 to 1/3 per lb); unsalted, 130/- to 144/- per cwt (1/2 to 1/3$ per lb). Argentine.—June 16: 126/- to 136/- per cwt (1/1$ to 1/2$ per lb). June 9: 116/to 142/- per cwt (1/0$ to 1/3$ per lb). June 2: 112/- to 122/- per cwt (1/- to 1/1 per lb). Irish (salted). —June 16: 146/- to 150/per cwt (1/3$ to 1/4 per lb). June 9: 150/to 152/- per cwt (1/4 to 1/4$ per lb). ((Unsalted). —June 16: 150/- to 152/- per cwt (1/4 to 1/4$ per lb). June 9: 150/to 154/- per cwt (1/4 to 1/4$ per lb). Danish.—June 16: 154/- to 156/- per cwt (1/4$ to 1/4$ per lb). June 9: 156/to 158/- per cwt (1/4$ to 1/5 per lb). June 2: 148/- to 150/- per cwt (1/3$ t® 1/4 per lb).

CHEESE—Market steadier, with better inquiry for spot. Present quotations are:— English; finest farmers’.—June 16, Jun® 9, June 2: 108/- to 112/- per cwt (llsd t® 1/- per lb). Canadian; finest.—June 16: Coloured and white, 86/- to 88/- per cwt (9$ dto 9sd per lb). June 9: Coloured and white, 86/to 90/- per cwt (9sd to 9sd per lb). June 2: Coloured, 86/- to 88/- per cwt (9sd to 9sd per lb). Fine.—June 16: Coloured, 84/- per cwt (9d per lb); white, 85/- per cwt (9d per lb). New Zealand; finest. —June 16: Coloured 84/- to 88/- per cwt (9d to 9sd per lb): white, 86/- to 88/- per cwt (9sd to 9sd per lb), exceptional 90/- per cwt (9|d per lb). June 9: Coloured and white, 88/to 92/- per cwt (9sd to 9sd per lb). Jun® 2: Coloured and white, 88/- to 90/- per cwt (9sd to 9sd per lb).

Australian.—June 16: Coloured and white, 82/- to 84/- per cwt (Bsd to 9d per lb).

HEMP.| —Manila market quiet. "J” grade June-August shipments closed at £3O 15/- per ton sellers. July-September shipments have been sold at £81; AugustOctober shipments £3l 5/-. New Zealand market dull generally, but demand continues fair for spot at lew prices. Fair grade sold about £3l. Buyers reported for high-points at £33. WOOL. —At B.A.W.RA. sale at Liverpool this week, 41,000 bales were offered, including remainder of Merino. Prioes for Merino and fine crossbred ruled 5 per cent, below; other crossbred 7$ per cent, to 10 per cent, below rates for last London series. FRUlT.—Large arrivals of Australian. Some are good, but one shipment showed “brown heart,” with the result that prices have declined and market is weaker. Values are still 2/- per case below New Zealand prices. Major portion of Ruahine shipment in the market but only a part sold. The general conditions of this fruit is moderate, but a slight amount of waste and a frosted appearance are showing. Prices for Otago Section: Delicious, Statesman and Rome Beauty apples, 15/per case; Rokewood, 16/- per case; Sturmer, 16/- to 17/- per case; Cleopatra, 16/to 18/- per case; Scarlet Nonpareil, 14/6 to 15/6 per case; Cox’s Orange, 25/- to 35/- per case; Jonathan, 14/- to 16/- per case. Other districts:—Stunner apples, 16/- to 18/- per caee; Statesman, 16/- to 17/-; Crofton, 16/-; Rokewood, 17/-; Washington, 13/-; Premier, 16/-; Dougherty, 16/to 16/6 per case. Winter Nelis pears in splendid condition at 30/- per case. The weather is still cold and large quantities of English soft fruits are coming forward. EGGS.—Market quiet. Irish, English, Danish, Dutch and French, 12/- to 14/Polish, Chinese, Brittany, Lithuanian, 9/ to 11/-. HIGH PRICES FOR WETHERS AT ASHBURTON. ASHBURTON, June 20. Seventy store back country wethers, four and six tooth half-breds, yesterday realised 27/11, the highest price for two years. STOCK EXCHANGES. AUCKLAND, June 20. Sales: Soldiers’ Bonds 102, Auckland Gas 1932. 91$; New Zealand Insurance, 30/-; Mort 49/-; Loan A Mercantile, £80; Devonport Ferry, 27/-; Northern Steam > 15/-; Union Steam pref., 20/6; Hill and Plummer, 22/3; Meredith’s Samna, 9/3; Moanataiari, 3/-; Waihi, 25/6, 25/3, 25/-.

DUNEDIN, June 20. Sales on ’Change: Nokomai Hydraulic, 2/-; Waihi, 25/3 (three parcels). Sales reported: Bank of Now Zealand (cum. rights), 61/9 (two parcels); Sugar of Milk, 32/9. CHRISTCHURCH, Jun® 20. Sales reported:— Goldbrough Mort 49/-. New Zealand and River Plate 22/6 and 22/9. Crown Brewery 56/6 (two parcels). Manning’s Brewery £6/12/6. Ward’s Brewery 45/3 and 46/-. Sales on ’Change:— Goldsbrough Mort 49/-. Ward’s Brewery 46/. and 45/F DAIRY PRODUCE. (By Telegraph-Press Assn.—Copyright.) (Australian and N.Z. Cable Association.) LONDON, June 19. Messrs A. S. Paterson and Co. Ltd. (Dunedin), reports having received the following cable from its principals, Messrs J. and J. Lonsdale and Co., * Ltd., London, June 18 inst:— Butter: Declining, 150/- to 152/-. Cheese: Firm, 88/- to 90/-, owing to tern, porary shortage.

no business ha s been done. N.Z. Mutton — June 16. June 9. June 2. Under 481bs 8}d-9d 8Jd-8d — 49/561bs 8}d-8id 8id-8Jd 7Jd-8d 57/641bs 7td-8d 7}d-8d 7|d-7Jd 65/721bs 6id-6$d 6}d-6Jd 6d-64d Ewes— Lightweight 5d-5jd 5d-5Jd 5id Heavyweight 4*d-5d 4Jd-5d 4}d N.Z. Lamb — Canterbury: 29/361bs llfd lOjd-llid Hid 37/421bs Hid lOld-lUd lid 43/50Ibs 10|d lOJd lOJd Second-class 10id lOjd 10id N. Island best 10id lOid — N. Isld. 2nd-class 9§d lOd 9id N.Z. BeefFores 2Jd 2 jd 2id Hinds 5d 5d 5d