COMMERCIAL

Southland Times, Issue 19293, 11 July 1924, Page 2

COMMERCIAL

FINANCE AND TRADE

THE LOCAL MARKETS. Times Office, Thursday, July 10. STOCK MARKET. There is very little business doing at the present time excepting in the fat stock section. Since our last report there has been a decided improvement in fat cattle, these having advanced from 30/- to £2 per head according to quality. Fat Cattle—There are still a good number offering, and prices realised are from:— Extra prime bullocks £l3 10/- to £l5 10/-; prime, £ll 10/- to £l3; medium, £9 10/- to £ll 10/-; light and unfinished up to £B. Fat cows are selling from £6 10/- to £8: medium, £4 10/- to £6, and light up to £4. Fat heifers are worth from £6 10/- to £8; medium, £5 to £6 10/-, and lighter sorts up to £4. Store Cattle.—The demand in this section is lifeless, and practically no business is being transacted. Prices remain on a par with last week. Good forward bullocks are worth from £4 to £6; two-year-old steers £2 to £3 10/-; store cows, £1 up to £2 10/-. Dairy Cows.—Very few are offering at the present time, and prices realised are only moderate. They are selling from £4 up to £7; heifers from £2 to £4. Fat Sheep.—There is still a good supply of fat sheep, and prices are much the same as last week’s. Good prime wethers are worth from 41/- to 44/-; medium, 38/- to 41/-, and light up to 37/-. Good heavy ewes are selling from-28/- to 30/-; medium, 25/- to 28/-, and light up to 23/-. Store Sheep.—There are very few offering in this section, and prices remain firm. Good two-tooth ewes are selling from 38/to 41/-; four and six-tooth ewes, 39/- to 42/-; s.m. ewes up to 34/-; and old ewes up to 18/-. Good ewe hoggets are selling from 24/- to 29/-, while wether hoggets are worth up to 25/-. GRAIN AND PRODUCE. Oats.—There is not much change to report. During the past week sales of B Gartons are reported to have been made at about 5/3, f.0.b., s.i. The general opinion seems to be that these oats are being bought only by over-sellers and that they work out to cancellation without actual shipment being made. But although this is the case in a number of instances, in many cases there are actual instructions for the oats to be shipped. This is particularly the case with A grade quality, the buyers of this grade apparently requiring the oats for seed or milling purposes. With the B grade it would be expected that there would be practically no demand for these for shipment, as according to reports from the North, Canadian importations are supplying the feed market, but this is not entirely the case, as B’s are being shipped each month and instructions have been received during the week to ship fair-sized parcels to Auckland. There are no oats offering from the farmers, but the prices are nominally about 5/- for A grade and 4/9 for B grade. Sparrowbills are exceedingly short, and samples fit for seed would command an increase on this price. Duns are also in short supply, and good heavy samples would be worth up to 5/6 on trucks. Wheat. This market continues firm, and there is a good demand for fowl wheat, both for shipment and for local consumption. There is nothing offering from the farmers, but any lines of good whole fowl wh«at would be worth about 5/4 on trucks. Chaff.—There has been less offering during the last week or two, and any lines of really good quality are in demand. Merchants’ prices to farmers run about £6 10/to £6 15/- per ton. Ryegrass.—The market, though quiet at present, keeps firm. Merchants’ stocks are light and there is nothing offering from the farmers. In the meantime the demand for shipment is not heavy, but it is the off season at present, and it is anticipated that a good demand will set in for spring requirements for northern provinces. In addition to this it is expected that the local retail demand will be a good one, and this is likely to cut into the stocks available. As mentioned, there are no lines offering from the fanners, but probably values would be about up to 6/6 for clean seed 261 b and over. Potatoes.—Not many of these are offering at present, but merchants are well supplied in the meantime as extensive purchases were made when the potatoes were being dug during the past month or two. The northern market firmed up considerably, but has apparently eased again, and on the price being paid locally it is impossible for local merchants to compete for shipping orders. The value to farmers to-day is about £5 10/- per ton, Seed potatoes are in demand, but very few are offering. Good Up-to-Dates would bring £7 per ton, or possibly a shade more. CURRENT PRICES. The following are current prices quoted by a retailer: — —Wholesale.— Eggs, 1/6. Bacon, 1/1. Pollard, £7 10/- per ton. Butter, factory 1/7, farm 1/1, separator 1/3. Bran, £6 15/-. Flour, £l6. Oatmeal, £3O 10/- to £34./ —Retail— Eggs, 1/10. Bacon, 1/4. Butter, factory 1/9 net cash, 1/10 booked; farm, 1/3; separator, 1/6. Cheese, 1/2; matured, 1/4. Brau, 8/- per 100. Pollard, 10/- per 100. Flour—2s's, 5/3; 50's, 10/6; 100's, 20/-; 200’s, 38/-. Oatmeal—solb, 19/-; 251 b, 9/6; 100’s, 37/-; 200’s, 68/-; loose, sid lb. Potatoes, 9lbs 1/-. Onions, 31bs 1/-. BUTTER AND CHEESE Cheese.—This market is very quiet with no forward buyers in the market. During the last day or two there has been a steady decline, and the spot stock market to-day is 90/-. The decline is probably due to the fact that there are several boats unloading at the present time, in the neighbourhood of about 3000 tons, and fair quantities are in sight from Canada. It must also be remembered that there are still considerable quantities held in store, London. The quantity is approximately 9000 tons. It is just questionable whether this market will recover to the high prices ruling last week, and it almost looks as if thdse factories which sold lately at B£d, sold at an opportune time. Butter.—This market is still firm. Although it has not moved upwards during the last few days, the recovery is very satisfactory. The price to-day is nominally 188/-, for first quality. The recent rise was not generally anticipated, but it was apparently due to the fact that Germany has been taking about 35 per cent, of the Danish butter. FRUIT AND VEGETABLES. Supplies of apples have some forward a little more freely during the past week and most lines are selling on arrival. Pears continue to be in short supply. The market is bare of oranges, but the Moeraki brings fresh supplies, arriving about July 12. Pines, passions, mandarins, and Sevilles are due by the Waikouaiti about July 15. Island oranges and bananas ex Maunganui, Wellington, are due to arrive any day. Owing to the market being bare of these fruits they should realise satisfactory prices. Jam melons are finished for the season. Poorman oranges are in full supply and those requiring these for marmalade would be well advised to purchase now. Both South Australian and American lemons are plentiful, and are reasonable in price. Cauliflowers and cabbages are

scarce, but other varieties of vegetables are in full supply. Current wholesale prices are approximately as follow: —Apples, dessert 10/- to 14/- per case, cooking 6/- to 9/6; pines, 3d to 4}d; lemons, South Australian, 23/-; American, 42/6; cauliflowers, 3/- to 12/6 per dozen; cabbages, 1/6 to 4/6 per dozen; carrots, 8/6 cwt; parsnips, 14/- cwt; beet, per lb. GENERAL MERCHANDISE. Sugar.—The Wanaka is now expected at the Bluff on Saturday next, with supplies for this district. Onions are in short supply, and the price in Melbourne has been advancing rapidly. Prices quoted to-day are in the vicinity of 22/- per cwt. The Moeraki, due at Bluff about July 12, is bringing forward small supplies. Bran and pollard still remain in short supply, grocers finding difficulty in obtaining their requirements. Tasmanian Jam Fruits.—A new line, as far as this market is concerned, is now being offered. With the addition of sugar and boiling as usual this produces a firstclass jam. Raspberry and strawberry are the favourite lines, as they work out cheaper than even the fresh fruit. Last season both raspberries and strawbreries came in during the holiday season, and most housewives missed the opportunity of securing supplies. Canned Fruits.—New season’s prices are out for Californian, and these are slightly firmer than last year. NEW ZEALAND DAIRY PRODUCE. LONDON BUTTER MARKET QUIET. Messrs Dalgety and Co. Ltd., report having received the following cablegram from their London house:— Butter: Since our last wire prices are 2/- to 4/- lower. Market quiet. TALLOW. THE LONDON MARKET. Messrs Dalgety Limited report having received the following advice from their head office, London, under date of the 10th instant:— At the tallow sales this week 830 casks were offered of which 560 were sold. Mixed good colour unchanged, other descriptions 6d higher. THE SHARE MARKET. YESTERDAY'S TRANSACTIONS. (Per United Press Association.) CHRISTCHURCH, July 10. Sales reported:—Union Bank, £l5 1/(two parcels), £l5 (two parcels); Manning’s Brewery, 29/4. Sales on ’Change:—New Zealand Government 51 per cent. Bonds (1933), £lOl 10/(two parcels). AUCKLAND, July 10. Sales:—New Zealand Inscribed, 1927-41, 98-1; Union Bank, 300/-; Auckland Gas, 26/-, 6/-; Huddart Parker, 42/9; Waihi, 29/6; Grand Junction, 2/10. MAIZE FOR NEW ZEALAND. AUSTRALIAN RESTRICTIONS. (By Telegraph—Press Assn.—Copyright.) (Australian and N.Z. Cable Association.) MELBOURNE, July 10. Exporters of maize are chafing under the delay caused by the Customs Department in not moving in the matter of export of maize to New Zealand. Fears are expressed that the Dominion interests will sign contracts with South Africa, which would debar the Australian grower from clearing his surplus in the supply of New Zealand’s needs. DUNEDIN, July 10. Sale on 'Change: New Zealand Breweries Debentures, 21/6. Sales reported: Bank of Australasia, £l3 7/6; Bank of New Zealand, 54/9 (three parcels); Huddart Parker, 42/6; Timaru Gas, £7 7/6; National Insurance, 72/10J; National Bank (ex div.), £6 11/-; Wilson’s Cement, 28/9. MEAT PRODUCERS’ BOARD, SECOND ANNUAL REPORT. WELLINGTON, July 10. The second annual report of the New Zealand Meat Producers’ Board states that one of its most important duties has been the regulation of shipments, the Board fully recognising that regulation of supplies is a factor in stabilising prices, and prevents a big accumulation getting into the hands of the large holders. Since the Board took control there has been uniformity of prices at Smithfield, increased shipments have gone to the West of England, and the shipping companies are co-operating to further increase the shipments to those ports. A considerable amount of beef has been shipped to the Continent of Europe. The Board’s balance-sheet shows that the investments to-day are £25,000, the value of the assets £33,811, and the accumulated funds £32,745. The reputation of the Dominion’s meat in Great Britain is the greatest asset New Zealand possesses, and the Board aims to give an unchallengeable guarantee that all meat exported is strictly according to the grade specified, and thereby inspire confidence in the buyer. There is a market for all classes, but the more prime quality meat the Dominion can ship, the greater will be the permanent asset, particularly as regards lamb and mutton. The graders visit each works to see that the grading is kept up to standard. Last season a great number of poor quality lambs were rejected, which had the desired effect of greater care being exercised in drafting. The Board’s desire is to impress upon farmers the necessity for an endeavour to breed good quality lambs, well finished before sending them to the freezing works. LONDON WOOL SALES. SET BACK IN PRICES. LONDON, May 23. After the continual rise in values for crossbred wools during the past six months, Messrs Charles Balme and Company say that the setback which was experienced at the third aeries of London wool sales (closing on May 20), has been most disappointing to importers. The total quantities available few the series were 105,551 bales, New Zealand's contribution being 43,495 bales. About 77,000 bales altogether were sold, some 25,000 bales having been taken for export. Messrs Bahne report that there has been no falling off in the consumption of the raw material in English manufacturing centres, and the Home trade • has been a keen buyer throughout the auctions. On the other hand, the rapid appreciation of the franc and the uncertain political outlook have upset trade in France and Belgium, while German buyers are experiencing exchange difficulties in financing their purchases. The demand, therefore, from Continental operators has been restricted, and the lack of their competition has been felt, in many classes of wool. Good combing merinos, both greasy and scoured, maintained previous rates, but short and wasting greasy wools were 5 per cent, cheaper, while on inferior and faulty scoureds the decline frequently amounted to as much as 10 per cent. Prices for fine crossbreds in the grease were generally 5 per cent, lower; in medium qualities, New Zealand greasies, with a decline of 7 A per cent, shSbhH more than Australian wools,

which were 5 per cent, down, whfle the coarsest qualities remained firm at last series’ parity. The better classes of scoured crossbreds showed little change in value, but inferior and faulty descriptions felt the want of foreign competition, and weakened from 5 to 7| per cent. Among slipes, the best New Zealand halfbrods met with a rather indifferent demand, and must be quoted 5 per cent, cheaper; for the coarser qualities, however, prices were well maintained. As compared with last series’ closing rate® this company quotes:— Australian and New Zealand. — Merino. Faulty pieces and locks 5 to 10 p.c. Grease — Cur. price®

Dates fixed for the opening of the remaining series of sales for the present year are:—-Fourth series, July 1; fifth series, September 16; sixth series, November 25.

Superior par 38d 42d Average to good par 31d 37d Poor condition .. par to 5 p.c. cheaper 23d 30d Inferior pieces and tocks 5 px. cheaper 13d 22d Scoured— Superior par 58d 6Sd Average to good par .. 50d 57d Inferior 5 p.o. cheaper 31d 49d Faulty pieces and 5 to 10 p. ,c. locks cheaper 2 Id 30d •—New Zealand Crossbred.—• Grease — Fine, superior .. 5 p.c. cheaper 29d 34d Fine, ordinary .. 5 p.c. cheaper 25d 28d Medium, superior 7A p.c. cheaper 23d 26d Medium, ordiary . 7 J p.c, . 17d 22d Coarse, superior .. par 19d 21d Coarse, ordinary . par 16id 18Jd Scoured— Fine, superior .. par 44d 55d Fine, ordinary .. 5 p.c. cheaper 28d 43d Medium, superior Medium, ordinary par 27d 35d 5 px. cheaper 19d 26d Coarse, superior . par 21d 27d Coarse, ordinary . par — 17d 20d Sliped— Fine, superior .. 5 px. cheaper 30d 38d Fine, inferior .. 5 p.c. cheaper 25d 29d Medium, superior par .. 25d 32d Medium, inferior par .. 20d 24d Coarse, superior . par 22d 26d Coarse, inferior . par ... 18d 2 Id