COMMERCIAL

Southland Times, Issue 19116, 7 December 1923, Page 2

COMMERCIAL

FINANCE AND TRADE

THE LOCAL MARKETS. Tinies Office, Thursday, December 6. STOCK MARKET. Fat cattle are in good supply with some good quality beef coming forward. The best demand during the present warm weather is for prime medium-weight animals. These are bringing up to 35/- per hundred lbs, whilst heavy beasts bring from 30/to 32/6. Prime heavy bullocks are selling at from £l2 to £l5, medium-weights from £lO up, and light £8 up to £lO. Store cattle are meeting with a fair demand. Quotations remain unchanged. The demand for bulls is still good for well-bred sorts. It is anticipated that the local Show will be taken advantage of by many dairymen to obtain sires from the country’s best stock. There is also a very fair demand for good cows, which at clearing sales have been selling well, prices averaging from £8 to £l2, ordinary cows and culls bring from £3 up. The market for fat sheep is unchanged. Most of the sheep now offering are shorn. Prime heavy shorn wethers are selling at from 37/6 to 40/-, prime medium-wegnr sorts 35/- to 37/6, with light up to 35/-. Fat ewes are bringing (shorn) up to 32/-, with an occasional extra prime lot up to 35/-. The store sheep section is quiet. A few lines of station s.m. ewes have been sold at from 29/- to 32/- for forward delivery, whilst wether lambs have been sold at 18/to 20/- for forward delivery, ex stations. Oats.—lhe market is fairly firm although there has not been much advance in prices. Stocks are light, but the demand has been small and consequently there has not been a shortage. Prices to farmers remain the same as last week, namely, 2/9 for A grade Gartons and Sparrowbills, 2/7 for B grade, and 2/5 for f.a.q’s. Really good lines of Duns are worth up to 2/9 per bushel, lighter 2/3. Wheat.—The only transactions taking place in Southland are in fowl wheat. There is a fair demand for shipment, and also a fair local demand. Values to fanners are about 4/6 per bushel for good whole fowl wheat, down to 4/- per bushel for inferior lines. Chaff.—Supplies are not offering at all freely, and prime lines are in good demand at up to £4 5/- per ton. Inferior lines are not in request, and are saleable only at a big reduction on this price. Ryegrass.—There is no seed now offering from the farmers, and stocks held by merchants are very light. The retail season has been a good one, and this has absorbed a big proportion of merchants’ holdings. The demand from the north, is not yet very strong, but there is a continual demand for moderate-sized parcels, which are apparently going into consumption immediately. It seems certain that the whole of this season's crop will be absorbed before the new season’s crop comes in. It is reported in some districts the dry weather is seriously affecting the grass-seed, and that it is probable that in some of these will hardly be worth cutting. Potatoes.—A few trucks are still coming from the north, and these are meeting with a fairly ready sale at from £8 to £ll per ton, according to quality. It is probable, however, that there will not be many more potatoes brought forward as new potatoes are now selling at more reasonable prices, good lines being obtainable about 2d per lb. CURRENT PRICES. The following are current prices quoted by a retailer:— —Wholesale.— Eggs, 1/-. Bacon, 1/1. 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, 1/4. 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; 11b, 4d. Potatoes, 61bs 1/-, 14/6 per cwt. Onions, Victorian, 3d per lb. CHRISTMAS GROCERIES. Local housewives > will probably find that Christmas shopping will be less expensive this year than it was last, and many of the more important household grocery lines have shown a fairly substantial reduction. It was anticipated some time ago that the Christmas ham would be dearer, but the price quoted at present is just v on i par with that quoted in December of 'ast year. One of the principal reductions .hat has taken place is in the price of anned fruits, these now being quoted at "1/4 as compared with the price of last year. Yhe following is a comparison of prices ruling at present compared with those of December, 1922:

BUTTER AND CHEESE. Butter is firmer, with prices ruling from 203/- to 212/-. Cheese.—The market is steady, but not buoyant. Prices range from 104/- to 110/-. GENERAL MERCHANDISE. Sugar.—The s£. Ngakuta shipment has now been delivered and the s.s. Karori is expected to leave Auckland on Saturday, via way ports, for Bluff. New Season’s Smyrna Figs.—The s.s. Whangape is now unloading at Bluff. Supplies of this line are on board this vessel. Crystalised Cherries are in strong demand, the price being much better than last season. Smyrna New Season’s Sultanas have now reached this market after an absence of many years. Some samples are excellent, but as there are about seven different grades, buyers should see sample before doing business. Sicily almons are rather short at present. Mildura currants are in short supply, and supplies arc now unobtainable from Mildura. Prices have firmed considerably. Brown’s cornflour is now available, the ruling price being 7d per lb, with reductions for quantities. Peanuts, Chinese hand-picked.—Prices which were named before the crop came into the market were very low, and there was a good deal of speculative business done. As a consequence prices have firmed when it was known that the crop was not going to conic anywhere near last year. At the present time stocks are short on this market and higher prices must rule in the near future. Sago and Tapioca. —F.o.b. prices have taken two sharp rises during the past week, 'and higher prices are expected. Pines—Several lines of pines have advanced and supplies for prompt shipment are hard to obtain. Singapore advises that it is hard to bring the buyers and sellers of new cron together as the former will not • pay the price naked, and the latter claim

that recent prices show them a loss and that they are not prepared to go on booking unless prices show some improvement. New season’s preserved ginger reached Bluff ex 5.6. Whangape. Prices are slightly higher than those ruling of late. Kippered Snacks are now in short supply, and prices have firmed. Dessert Fruits.—The low prices which have been ruling of late, combined with the excellent weather, have had a very marked effect on the demand. Recent advices from Australia show that New Zealand is getting the benefit of a much better price than that ruling for home consumption, with the result that the Customs are basing duty on the Australian prices and not on invoice value, which will increase the landed cost. Bacon, local, is now quoted at 1/1 per lb, while 1/3 is being asked for hams. “K” green peas are practically out of wholesale hands. New’ season’s are however expected ex s.s. Karori (next sugar boat). HARDWARE. Business in the hardware trade has been intermittent, and although the monthly re- ! turns are satisfactory, the bulk of the trade is being transacted on a limited number of days. Building lines are still in demand, but country trade is only fair, the principal inquiry being for seasonal lines. The prospects for Christmas trade are generally considered to be very bright. There have been no special reductions in the price of hardware lines, with the exception of cement, which has been reduced by 3d per bag, the price now quoted being 7/7. FRUIT AND VEGETABLES. The market is over-supplied with cherries and strawberries are arriving in large quantities, and the season will soon be over. Owing to the hot weather a lot of the 1 fruit is coming in in an over-ripe condition. , The price has firmed for choice cherries . and strawberries, prices .ranging from 1/1 j to 1/7 per pottle respectively, the sofest strawberries being sold at from lOd to 1/3. The market is bare of good Sturmer apples, but a line of Americans arrived during the week and were sold at high prices, l realising up to 25/- per case. Stunners are selling at from 8/- to 15/- per case, and poorer varieties at up to 7/6. Pineapples are realising up to 19/-; oranges to 30/-, Sydneys 22/- to 27/-. Hothouse tomatoes are arriving freely from Christchurch, and prices are easing considerably, choice varieties ranging from 1/6 to 2/1. Coconuts are expected to reach the market today. Lemons are worth up to 30/-; gooseberries to 4£d; rhubarb to 4d; green peas to 4Ad, and lettuce from 3/- to 4/- per case. gross. 1 STOCK EXCHANGE. YESTERDAY’S QUOTATIONS. Quotations at yesterday’s meeting of the Invercargill Stock Exchange were as follow : Bank of Australasia, s. £l3 National Bank of New Zealand, s. £6 17/6. Bank of New Zealand, s. 51/9. Union Bank of Australia, s. £l5. New Zealand Coal & Oil, s. 3/-. Westport Coal, b. 37/-. National Insurance, s 76/3. New Zealand Insurance, b. 28/9. N.Z. and River Plate, b. 21/-. Perpetual Trustees (Dunedin), s. 37/6. Wright, Stephenson & Co. (ord.), s. 29/6, (pref ) s. 19/-. New Zealand Refrigerating (10/- paid), b. 11/-. Southland Frozen Meat (£1 ord.), b. 32/-, (10/- ord.), b. 16/-; (£1 pref.), b. 32/-. Waihi Gold Mining, b. 28/9. Huddart Parker (ord.), s. 41/6. Union Steam Ship Co., s. 21/3. Bruce Woollen Mills, s. 36/-. Milburn Lime and Cement, b. 35/6. New Zealand Drug, b. 66/-. New Zealand Milk Products, b. 23/9. New Zealand Paper Mills, b. 21/9. Otago Daily Times, b. 60/-. Inscribed Stock, 1938, s. £97 10/-. War Bonds, 1938, b. £96 15/-. War Bonds, 1939, b. £96 15/-. P.O. Bonds, 1927, b. £97 12/6. P.O. Inscribed Stock, 1927, b. £97 12/6. P.O. Inscribed Stock, 1929, b. £97 10/-. Soldiers’ Settlement Loan Bonds, 1933, b £lOO 12/6. Soldiers’ Settlement Loan Inscribed, b. £lOO 12/6. THE SHARE MARKET. YESTERDAY’S TRANSACTIONS. CHRISTCHURCH, December 6. Sales reported:—Bank of New Zealand (old), 52/-; New Zealand Government 4$ Inscribed (1938), £97; 5| Inscribed (1933), £101; 51 Inscribed (1927-41), £9B; Bank of New Zealand (new), 50/3; Union Bank, £l4 17/6; South British Insurance Co., 38/-; Union Steam (pref), 20/6; New Zealand Refrigerating (cont.), 11/4; WestportStockton (ord.), 5/4 i; Kauri Timber (cum. div.), 29/-. Sales on ’Change:—Goldsbrough Mort., 45/6. DUNEDIN, December 6. Sales on ’Change: Bank of New Zealand (two), 51/9; Waihi (three), 28/6 (four) and 28/9. Sales reported: Bank of New South Wales, £4O 2/6. WELLINGTON, December 6. Sales reported: Bank of Australasia, £l3; Bank of New Zealand, £2 11/9 and £2 12/9; Union Bank, £l4 17/6; Wellington Woollen (pref ), £9 6/-. GORE STOCK SALE. POOR SELLINGS. Sheep.—About 20 minutes sufficed to dispose of the half-dozen pens of sheep at the Gore stock sale on Tuesday, but it took fully an hour and a-half to carry out the cattle sale. There were five pens of fat sheep, numbering about 100 all told, and one pen of ewes and lambs. The fat sheep maintained recent values, the highest price being 36/6 and the lowest price 30/-. The ewes and lambs were passed in at 18/6. Cattle.—The cattle sale was draggy, and no one appeared to be anxious to buy, with the result that values were not quite as good as at last sale. There were 23 fat and moderately fat animals yarded, one of which realised £l3 5/-, one £ll, and others £9, £B, and downwards. Store stock were somewhat difficult to quit, farmers being afraid that the grass feed will not last with the present weather. There were several bulls yarded, but there appeared to be little demand for these. SALE OF RUAPUKE HORSES. GOOD PRICES REALISED. A very successful sale of about 100 head of horses from Ruapuke Island was held at the Wallacetown saleyards on Wednesday by Wright, Stephenson & Co., Ltd., in conjunction with the Southland Farmers’ Coop. Association, Ltd., on account of Mr Robert Russell. There was a very large attendance of buyers present from all parts of Southland, and also buyers from Dunedin, Balclutha, Clinton, Gore and Pukerau. It was certainly the largest attendance of buyers ever seen at a horse sale in Southland. A number of the residents of Ruapuke were also interested spectators. The public were greatly surprised at the of the horses offered, and they reflected great credit on the various breeders at Ruapuke Island. Mr Russell and his assistants bad everything so arranged that little time was

I lost, and she whole of the horses were disposed of under keen competition in less than three hours. The prices realised were as follows: £45, £4O 10/-, £39 (2), £3B, £36, £35 10A, £35, £34, £3l, £3O, £2B, £27, £25 10/-, m, £22, £2l, £2O, £l9, £lB, and various prices down to £6 10/-. TALLOW SALES. Buyers holding off. Messrs Dalgety & Co., Ltd., report havi ing received the following advice from their , head office, London, under date of Decerni ber s:—At the tallow sales this week 1390 casks were offered, of w r hich 700 were sold. Buyers are holding off good descriptions. Low and inferior descriptions are 6d higher. LONDON WOOL SALES. GOOD OPENING COMPETITION. Messrs Murray Roberts & Co., Ltd., are in receipt of the following cable from their London agents, dated December 3:—Sales have opened with a large attendance of buyers and good competition. Merino market, par to 5 per cent, advance. Crossbred greasy, fine, advanced 5 per cent; medium advanced 10 per cent, to 15 per pent.; coarse, scoured and slipe advanced 10 per cent. PRICE OF LAMB. OPENING QUOTATIONS. (Per “Jnited Press Association.) ASHBURTON, December 5. There is considerable speculation in regard to the opening prices of lamb. Local farmers anticipate that the price will range from 8d to 9d. It is rumoured that one Australasian company is reducing overhead charges by limiting the buying to carcases on hooks. The company will probably be paying lOd. LAMB AND MUTTON. AUSTRALIAN AND ARGENTINIAN i TRADE. WELLINGTON, December 6. The Australian position as shown by a cable just received by the New Zealand Meat Producers’ Board from its Australian representative is as follows: Shipments for October, 1923: 42,600 carcases of lamb. Shipments for November, 1923: 294,000 carcases of lamb, whilst it is estimated that for December the shipments will be about 300,000 carcases lamb and that this will practically finish the season. The comparative lamb shipments from Australia last year for the same months were as follows:—October, 412,890 carcases; November, 950,540; December, 500,000; January, 1923, 240,000; February, 205,000; March to end of season, 306,103, making a total of 2,614,533 carcases. In regard to mutton, shipments this year are as follows: —October, 375 carcases; November, 18,700; December (estimated), 30,000; whilst for 1922 shipments were: October, 65,430 carcases; November, 115,613; December, 415,000; January, 1923, 440,000; February, 405,000; and March to end of season, 311,701, making a total of 1,752,744. Shipments from Argentine for this year and last year to date are as follows: LAMB.

MOTION CONFIRMED. FARMERS’ CO-OPERATIVE ASSOCIATION. CHRISTCHURCH, December 6. A motion was brought before the Supreme Court to-day for approval of a resolution passed at a meeting of depositors and bondholders in the New Zealand Farmers’ Cooperative Association of Canterbury, Ltd. Mr Justice Adams made the necessary order. The motion was one agreeing upon certain conditions that bondholders should accept 6j per cent, instead of 7$ per cent., that the Association should be released from the payment of a debenture tax of 3/- in the £, and that all deposits should be converted into fixed deposits for terms to be arranged, ranging from six months upwards. NEW ZEALAND EGGS. SELL WELL IN LONDON. NEW MARKET ASSIZED. Information obtained by an Auckland reporter indicates that New Zealand has found a good market at Home for surphis eggs, the two recent test shipments arriving ' in England in good condition and meeting with prompt sale. Advice received bythe New Zealand Cooperative Egg Society from its London agents, Messrs A. J. Mills and Co., is that f the shipment of 51,006 dozen eggs which left Auckland by the steamer Rotorua in I

October brought 2/5 per down m Lando*, which is 2d per donee more than the price realised by the shipment which wm daepatched by the Cbrinihic the previou mopth. At the present tame th» Dominion produces two million pounds worth of eggs per year for home consumption, but with s new market, as this experience denotes, the production can be doubled with no difficulty in twelve months, whereas dairy production would not yield such an increase in so short a period. The success of these trial shipments means a great fillip to the poultry industry. LONDON WOOL SALES. CONTINUED HARDENING TENDENOf LONDON, December «. At the wool sales there was a good selection of crossbreds, but a small offering of Merinos. All prices were very firm, with a continued hardening tendency for cro* breds. New Zealand's P.A.W. realised 264. ZINC PRODUCTION. BIG TRANSACTION ANNOUNCED. (By Telegraph—Frees Assn.—Copyright.> (Australian and N.Z, Cable LONDON, December 5. The National Smelting Company is acquiring the Swansea, Vale and Avonmouth zinc-producing plants, and also a large interest in the Burma Corporation. ARGENTINE COMPETITION. OUSTING AUSTRALIAN AND NEW ZEALAND. LONDON, December 5. The Central News Agency says Mr Bruce's I contention that the Australian meat trad* lis being captured by Argentine is amply | borne out by analysis of supplies of meat ‘ to London central markets for the eleven I months of 1923, Australasian beef supplies I in that period declined 9086 tons, compared ! with the similar period in 1922, whitat ' South American increased by 19,452 tons. The Australian and New Zealand muttoa supplies decreased 10,860 tons, while South American increased by 9437 tons.

Dec., 1923. Dec., 1922. Sultanas .. .. 6d, 9d. 1/1/4 Jelly crystals 3d 3d Canned fruits 1/4 2/Canned pears 1/9 2/3 Prunes Sd lOd Seeded raisins lOd ' 1/Seedless raisins 1/1/4 Currants lOd lid IT n n i ** 1/6 Dried peaches 1/4 2/Lemon peel .. 1/4 1/6

October . November 1922. .. 51,082 .. 119,718 1923. 79,500 126,100 MUTTON. 1922. 1923. October . .. 71,381 69,700 November .. 268,395 154,800