COMMERCIAL

Southland Times, Issue 19098, 16 November 1923, Page 2

COMMERCIAL

FINANCE AND TRADE

| THE LOCAL MARKETS I Times Office, | Thursday, November 15. si STOCK MARKET. 1| The stock market has been fairly quiet during the last week. ii Prime bullocks are selling at from £l2 1: to £l4 10/-; lighter sorts from £lO to £l2; =' and inferior and unfinished at from £7 10/j to £lO. | Fat sheep are in fairly good demand. I Prices are much the same as those quoted I in our last week’s report and show a fairly | wide range owing to a number of the I wethers offering being shorn. ? The first fat lambs of the season were 1 offered at the last Wallacetown sale on account of Campbell Bros., Woodlands. These ; were a really prime line, and realised from ? 30/6 to 31/9. 5 Store cattle are still firm in price, while | anything good in dairy cows is command--3 ing a good market. GRAIN AND PRODUCE. 2 Oats.—Although stocks are now in very 3 small compass, and there is nothing offer--3 ing from farmers, nevertheless there has * been no change in values during the week. | The Remand is small, and buyers appari ently can always find some seller at prices 1 recently ruling. Values to farmers are the 1 same as last week, namely, 2/9 for A 3 grade Gartons and Sparrowbills, 2/7 for B 3 grade and 2/5 for f.a.q.’s. Really good I Duns are worth up to 2/9, but inferior lines are not in demand, and they are very 3 difficult to sell. They are worth from 2/3 j to 2/6. I Wheat.—The market for fowl wheat is 1 fairly firm. There is a good inquiry for | shipping and there is also a good local | demand. Values to farmers for good whole 1 fowl wheat are about 4/6 per bushel down | to 4/- for medium lines. All the milling I wheat seems now to have passed into mil- | lers’ hands. - Chaff.—There is not much offering at pre3 sent, owing, no doubt, to farmers being | busy with their spring trade. Any really | prime lines are saleable at from £4 to £4 | 5/-, but inferior lines are not in request, and are difficult to sell even at a big reduction on these prices. Ryegrass.—There is nothing doing between merchants and farmers as the whole of last season’s crop is now in merchants’ hands. Merchants stocks are also very light as sales have been going on steadily right through the season and stocks held were never heavy. Trade with the North seems to have improved during the last few days and some sales of 27, 28 and 291 b seed'have been made at up to 7/3 per bushel. Should the ‘demand for the North increase, merchants here will find it difficult, to fill their orders. Potatoes.—The only table potatoes now on the local market are those drawn from northern centres. These are selling at from 9/- to 10/- cwt. GENERAL MERCHANDISE. Sugar.—There is a certain amount of uneasiness owing to the lack of information as to when the next Auckland boat will be leaving for Bluff. It looks as if the season for small fruits will be earlier than usual, and present stocks of sugar will not hold out against any extta demand owing to an early start of preserving. Reckitt’s Goods.—Several lines, namely, ' Zebo, Brasso and Silvo, show a slight reduction in price.Plume motor spirit has been reduced by 1/- per case. Cornwell’s vinegar is now being offered to storekeepers. This line is guaranteed as having been matured for 5 years and equal to the imported article. Pineapples.—The Singapore market has advanced and is reported to be very firm with higher prices expected. Desiccated cocoanut is also firmer in price. Sicily almonds are reported to be in short supply, with no prospect of new season’s being here before Christmas. Tea.—Advice from Colombo dated October 12, states only the small quantity of 1,200,0001bs was catalogued at this week’s sale, of which 73,0001bs were southern Indians. A strong demand existed for all grades, and everything must be quoted firm to dearer, the greatest advance being in commonest kinds, which was from six to eight cents. Royal Vestas, No. 12’s, are now in short supply, and will be so until about March ■ next, when the new factory is expected to be completed. In the meantime Bryant & May’s brand of imported vestas will be available. salt. —The Nardana, with English salt on board for Bluff, will not reach that port now until the 21st or 22nd. CURRENT PRICES. The following are current prices quoted by a retailer: — —Wholesale.—< Eggs, 1/-. Bacon, 1/2. Pollard, £8 per ton. Butter, factory 1/7; farm, 1/1; separator, 1/3. Bran, £6 5/- per ton. Flour, £l6. Oatmeal, £2l 10/- to £25 —Retail.— Eggs, 1/3. Bacon, 1/5. Butter, factory 1/10; farm, 1/3; separator, 1/6. Cheese, 1/2; matured, 1/4. Bran, 8/- per 100. Pollard, 10/6 per 100. Flour—2s’s, 5/3; 50’s, 10/6; 100’s, 20/-; 200’s, 38/-. Oatmeal—solb, 13/3; 251 b, 6/9; 51b, 1/7; lib, 4d. Potatoes, 61bs 1/-, 14/6 per cwt. Onions, Victorian 71bs 1/-, Californian 4d per lb. BUTTER AND CHEESE. Butter.—This market has improved slightly during the last week, and prices are now nominally 192/- to 194/-. Home buyers are showing a certain amount of interest in early shipments and stuff afloat. Cheese.—The market is very quiet, spot stocks being worth 104/- to 106/-. Home buyers are not yet prepared to buy any further quantities of cheese ahead, and the indications are that this market will come back further when heavy shipments commence to arrive. FRUIT AND VEGETABLES. The fruit market is well supplied at present with grapes, bananas, and pineapples. " There is a shortage of first-class dessert M apples, and first grade have firmed sharply Lines which were worth from 7/- to 9/last week are to-day worth from 12/- to 15/6, Cherries are coming forward freely and prices have dropped quickly. Hot’house tomatoes are also coming forward, and arriving in excellent condition. A further shipment of bananas and pines is due ex the Atua to-morrow, and should command fairly high prices as there is at present a big demand for these fruits. Green peas are now on the market, but other varieties of vegetables are scarce. Approximate wholesale prices are as follow: Bananas (green) to 38/-; oranges, 30/-; lemons, market bare; Fiji pineapples, 17/to 20/-; tomatoes to 3/6; strawberries to 2/3; cherries, 1/- to 1/6; green peas to 8d; new potatoes to HARDWARE. Business in hardware circles is on the quiet side with current prices steady, as follow: G.c. iron, £35 per ton; cement, 7/10 per bag; lime, 7/6 per bag; galvanised wire, No. 8, 26/-; number 9, 27/- cwt; barb wire, 30/-; rabbit netting, 6id per yard; sheep netting from 6id per yard, according to strength; raw oil, 6/6; boiled oil, 6/9; castor oil is in short supply at 7/6 per gallon.

A fair amount of round mild ftteel is being sold for reinforced concrete work. STOCK EXCHANGE. YESTERDAY’S BUSINESS. At yesterday’s meeting of the Invercargill Stock Exchange a sale of Bank of Australasia shares at £l3 2/6 on November 14 was reported. A sale of New Zealand Insurance at 29/6 on November 15 was also reported. ? Quotations were as follow: Bank of Australasia, s. £l3 7/6. National Bank of New Zealand, s. £6 18/-. Bank of New Zealand, s. 52/-. Union Bank of Australia, s. £l4 18/6. New Zealand Coal and Oil, s. 3/-. National Insurance, s. 78/-. New Zealand Insurance, b. 29/-. Standard Insurance, s. 40/-. New Zealand and River Plate, b. 21/,Perpetual Trustees (Dunedin), b. 37/6. Wright, Stephenson & Co. (pref.), s. 19/-. New Zealand Refrigerating (10/- paid), b. 10/11, s. 12/-. Southland Frozen Meat (£1 ord.), b. 31/6; (10/- paid), b. 15/9; (£1 pref.), b. 31/6. Waihi Gold Mining, b. 26/-. Huddart Parker (ord.), s. 41/9. Union Steam Ship (pref.), b. 20/6. Bruce Woollen Mills, s. 38/-. Milburn Lime and Cement, b. 35/9. New Zealand Milk Products,* b. 24/9. New Zealand Paper Mills, s. 24/-. Otago Daily Times, b. 61/-. Inscribed Stock, 1938, s. £97. War Bonds, 1938, s. £97.2/6. P.O. Bonds, 1927, b. £97 |lO/-. P.O. Inscribed Stock, 1927, b. £97 10/-. Soldiers’ Settlement Loan Bonds, 1933, s. £lOl 2/6. Soldiers’ Settlement Loan Inscribed, b. £lOl 2/6. STOCK EXCHANGES. (Per United Press Association.) DUNEDIN, November 15. Sales reported: Waihi, 26/-. CHRISTCHURCH, November 15. Sales reported: Beath <fc Co., 32/6. Sales on ’Change-: Goldsbrough Mort., 45/- (two parcels). BUTTER OR CHEESE? DAIRY MARKET OUTLOOK. A VISITOR’S IMPRESSION. AUCKLAND, November 12. The outlook in the dairy export market was traversed by Sir Thomas Alien, of the British Co-operative Wholesale Society, who is at present visiting Auckland. The chief difficulty in any forecast, said Sir Thomas, was to say what the world’s output was going to be. Any stiffening of prices in London induced production in other countries and lessened consumption in Britain. Even at present prices, owing to Britain’s economic position, 750 to 1000 tons of margarine were consumed weekly above the pre-war figure. With a reduction in the price of butter this disparity would disappear, and the demand for the animal product would be greatly strengthened. Present industrial wages would not permit the worker to pay more than 1/6 per lb for butter. “My viefr is,” said Sir Thomas, “that the tendency must be toward lower prices. Those prevailing during the last three years were quite abnormal. The smaller nations, which have recently received autonomy, such as Esthonia and Latvia, are now sending supplies of good quality butter to London, and in increasing quantities. The export surplus of Canada and Argentina is also a growing factor, and Denmark’s productivity can be augmented at any moment the market is pushed for a rise. Looking at all the factors, I do not think New Zealand can hope to maintain the present butter prices, and my view is that she will ultimately become in the main a cheese producing country. Canada is making more butter and less cheese; and the same applies to other countries. While New Zealand stands second to Denmark as a butter producer, she is pre-eminent in the world’s markets as a cheese exporter. Cheese is absolutely necessary to the British industrial worker. It is the article, with bread, for his midday meal. Conditions of employment in the mine and at the furnace make cheese a most useful food. It will be in demand when the worker cannot afford butter. The inference is obvious.” PRICE OF LAMB. A WELLINGTON FORECAST. WELLINGTON, November 13. The opening price for prime quality lamb will average about BJd. Further inquiries elecited the information that prices for lamb throughout the Dominion will range from to Bjd, according to quality or district. BRADFORD’S REQUEST. With every desire to sympathise with one of our leading industries at present under the cloud of excessive foreign competition, the city is inclined to question the wisdom of the efforts made by Bradford woollen and worsted manufacturers to secure a measure of protection in view of alleged undue competition on the part of French and Belgium manufacturers (says the London Spectator, of September 29). The competition itself is not questioned, nor is there reason to doubt that it is accentuated by the depreciated exchanges, though, incidentally, it must be noted that the workmen in France, while paid in francs, have their wages adjusted to a gold basis. There are, however, other factors in the situation which call for recognition. There is no doubt that the woollen manufacturing industries here are being handicapped by our trade unions restrictions as compared with the regulations in France and Belgium. When business was booming in Bradford members of the trade unions were not allowed to work the combing machinery more than two shifts of eigh thoura each in a day, and such were the profits at that time that employers were probably not keen upon enforcing a twenty-four hour day of three shifts. In Roubaix, however, no such restrictions were allowed to interfere with output. AMERICAN WHEAT GLUT. ELIMINATION OF OVER-PRODUCTION (By Telegraph—Press Assn.—Copyright.) (Australian and N.Z. Cable Association.) CHICAGO, November 14. The National Wheat Council’s production committee, reporting on the programme for the solution of the wheat problem, declared that growers’ profits were jeopardised by consistent over-produc-tion and urged farmers to reduce the total acreage from 62 to 50 million. The committee advised diversification of crops, and also recommended a regional conference to determine the reduction of local acreages to co-ordinate with the national programme. FRUIT CANNING. ENCOURAGING THE INDUSTRY. MELBOURNE, November 15. Dr. Earle Page and Mr Chapman (Federal Minister of Industry) offered a deputation of fruit-growers and canners a bounty of 1/- per dozen thirty-ounce tins on Clingstone peaches and lOd on Freestone, being an approximate increase of £12,000. Dr. Earle Page subsequently stated that the co-operative canning factories at Lee- :

ton, the State factory and growers were prepared to accept the offer, but the proprietary canners were holding out for ma®. TEA MARKETS. INDIAN SALES REPORTED. CALCUTTA, November 14. (Received November 15, 10 p.m.) At the tea sales, the market was weak. There was an average decline of half anna to anna for better class sorts, particularly stylish leaf and tippies. Dusts were in strong demand and sold at an advance. LONDON MARKETS. LONDON, November 14. (Received November 15, 8.35 p.m.) Stock Exchange: Waihi, 16/9; P. <fc 0., £295, £305. Tallow.—ll 29 casks offered and 835 sold. Mutton: Fine mutton advanced about 2/-, other sorts mostly 6d; mutton, 45/6, 39/-. Beef, 33/6, 39/-. Exchange New York, 4.35fi. LONDON WOOL SALES. SEPTEMBER RATES EXCEEDED. LONDON, November 14. (Received November 15, 8.35 p.m.) The wool sales closed firm. The attendance was maintained throughout. 694 00 bales of Australian and 97,140 of New Zealand were catalogued and practically all sold. Merinos: This section has been small and miscellaneous. The demand has been well maintained, and closed at par to 5 per cent, above the September closing rates. Scoureds were generally 5 per cent, above. There were large offerings of crossbred, which were keenly competed for, chiefly by the Home trade, with useful support from France. Prices hardened throughout for fine, and closed 5 per cent, above September rates; medium and lower sorts were 10 to 15 per cent.; scoureds 5 to 7 J per cent. In slipes the keenest competition was in crossbred and three-quarterbred, which were fully 10 per cent, above September rates, coarse and faulty 5 per cent. New Zealand’s J.C. brought ’3ljd; Taratahi, 30cL The next sales will be held in December.