COMMERCIAL

Southland Times, Issue 19157, 29 January 1924, Page 2

COMMERCIAL

THE SHARE MARKET. YESTERDAY’S TRANSACTIONS. (Per United Press Association.) DUNEDIN, January 28. Sales: Huddart Parker Co. (ord.), 42/6. Sales reported: Bank of New South Wales, £4l; Waihi’s, 29/9; New Zealand Drug Co., 65/6. CHRISTCHURCH, January 28. Sales reported: New Zealand Government 4i per cent. Inscribed (1938), £96 10/-; Bank of New Zealand, 50/3 (four parcels) ; Crown Brewery (cum. div.), 61/6 (two parcels). Sales on ’Change: National Insurance Co., 78/6; Manning's Brewery, 27/- and 27/3. BRITISH MEAT MARKET. OPINION OF AN EXPERT. LOWER PRICE FOR LAMB. Matters relating to the lamb export trade were discussed at Auckland by Sir Philip Proctor, the London manager of the New Zealand and Australian business of Union Cold Storage Co. Sir Philip, who has been in the Dominion for about three months, recently returned to Auckland after visiting the Hawke’s Bay and Poverty Bay districts. He said he could speak with greater authority on the position of the meat market in Britain than on local conditions.

As far as buying operations in the Dominion were concerned, he said the hot weather experienced in the spring had created an impression that the season would be earlier and shorter than usual. The export buyers had been very active, and the price for lambs had been particularly good from the producers’ point of view. This had occurred notwithstanding that, according to an authority, last year’s operations in (Nev/ Zealand lamb had resulted in very substantial losses being incurred by buyers. The amount was stated to be about £2,000,000. The latest quotations for New Zealand lamb in London, he said, was llid per lb. This would just about cover the cost to export buyers, but in view of the economic conditions prevailing in England it was extremely likely that the price would become easier. Trade in the United Kingdom was at a low ebb, and wages were falling. At the price quoted the cost to the retailer was more than 1/- per lb. The lamb trade had been developed by making the meat saleable all the year round, and available to all classes of consumers. When lamb went above a certain price it got beyond the means of the great industrial population, and the consumptive demand fell away. This was confirmed by the experience of last season, said Sir Philip. When he left England a few months ago it was thought the season would finish with light stocks and the new season open with a very firm demand. The stocks had not cleared as was anticipated. The drought in Australia had created a shortage from that country, and helped the New Zealand producers to obtain good prices this season. The high price of wool was also a contributing factor, as pelts were more valuable than had been the case for some time.

The conditions he had mentioned, added Sir Philip, suggested that the present high prices for lamb would not be maintained. He offered this opinion with some reluctance, as such a statement from him might be misconstrued, seeing that his company operated largely in lamb. The conclusion he had arrived at, however, appeared to him to be supported by sound reasons. LONDON WOOL SALES. MARKET VERY FIRM. Murray, Roberts and Co. have received a cable from their London agents, dated January 25, as follows:—‘‘Market continues very firm for all grades, American buyers operating moderately. Top price: Sydney greasy, 41d; Queensland scoured, 66d.” BUTTER AND CHEESE. THE LONDON M.ARKETS. The National Mortgage and Agency Co. has received the following cable from its principals, Messrs A. J. Milk and Co., Ltd.: “Butter: The market is quiet. Salted is quoted at 208/- and unsalted 210/-. “Cheese: The market is quiet, white being quoted at 102/- and coloured 102/to 104/-.”