COMMERCIAL

Southland Times, Issue 19347, 12 September 1924, Page 2

COMMERCIAL

FINANCE AND TRADE

LOCAL MARKETS. Times Office, Invercargill, September 11. STOCK. Conditions in the stock market are still very satisfactory, the demand generally being good and prices firm. Fat cattle are offering in large numbers, probably on account of vendors fearing a shortage of feed when the turnips are finished. Prices have kept up wonderfully, however, and prime beef is at present worth from 35/- to 37/6 per lOOlbs. Prime, heavy bullocks are worth £l2 to £l5, medium weight £lO to £l2, light £7 10/- to £lO. Prime cows are worth £6 to £8 for heavy and £5 to £6 for light sorts. Store cattle are being offered freely, and meeting with a fair demand. steers are bringing up to £5 10/-, with younger cattle in proportion. Prices for dairy cows are improving somewhat, and good sorts bring from £6 to £lO, with poorer sorts £3 to £5. In the fat sheep section the supply is somewhat limited, and prices are firm. Prime, heavy wethers are selling at from 45/- to 49/-, prime medium weights 42/to 45/-, lighter up to 41/-. Fat ewes are worth from 24/- to 32/-, according to weight. Business in store sheep is quiet, very little of this class offering. Prices remain practically unchanged. Good hoggets are worth up to 33/-, sound-mouthed ewes up to 40/-, full and failing up to 30/-. BUTTER AND CHEESE. Very little change has been noticeable in the operations of the butter market during the past week, and the current quotations remain at 204/- to 206/- per cwt, for choice quality, while good brands are realising 202/- to 204/-. Home buyers have been operating in the North Island for early shipments at a price in the vicinity of 1/7 per lb f.o.b. So far, however, they have not shown any interest in later shipments. The cheese market is somewhat dull, and the price remains fairly stationary at about 90/- for coloured lots, and 92/- to 93/- for white sorts. There is still a certain amount of old cheese being held in store, and during the past few days factories have been releasing some of it at current prices. A few sales have also been made of the early months of next season’s makes, but the Home buyers do not exhibit very much inclination to operate in this branch of the trade at the present time. PRODUCE. Oats.—The market continues firm at last week’s rates. There have been inquiries from the north; in some cases to fill the requirements of over sellers. There has also been a strong local demand on account of retail seed requirements; in fact oats suitable for seed are in very short supply and nearly all available oats have been booked up by the farmers. Prices at the present time to fanners are 6/- per bushel on trucks, at country stations, for A grade lots, and 5/9 for B grade. For good Duns, as much as 6/10 per bushel has been paid in some cases. Wheat. —Supplies are now very scarce, and it is probable that stocks will have to be drawn from other centres. Good whole fowl wheat would probably net 6/- per bushel on trucks at country sidings. Chaff.—Offerings from the country are very light, but fair stocks have been held in store. These, however, are now being steadily reduced. Merchants are buyers of any prime lots on the basis of £7 10/- per ton at country sidings. Seeds.—The demand for shipping purposes has not been so keen of late, although Australia has been making some inquiries of late. Occasional lots are being sold for shipment, and these are steadily reducing the small stocks held by millers. There is a good retail demand, and it looks as though supplies will be very short, and any demand from the north would quickly absorb any stocks now available.

Potatoes.—The market is well supplied with local potatoes, and merchants are not anxious to buy. It is doubtful if more than £4 10/- per ton could be obtained for table potatoes on trucks at country sidings. Seed potatoes have been in good demand, but the season is now getting well advanced, and merchants are becoming more cautious in their purchases as they do not wish to have a carry over. The price at present offering is about £7 per ton for Up-to-Dates and other main crop lines. CURRENT PRICES. The following are cunent prices quoted by a retailer:— —Wholesale.— Eggs, 1/-. Bacon, 1/2. Pollard, £7 10/- per ton, Butter, factory 1/8, farm 1/1, separator 1/3. Bran, £6 15/-. Flour, £l6. Oatmeal, £3O 10/- to £34. —Retail.— Eggs, 1/4. Bacon, 1/5. Butter, factory 1/10 net cash, 1/11 booked; farm, 1/3; separator, 1/6. Cheese, 1/2; matured, 1/4. Bran, 8/- per 100. Pollard, 10/- per 100. Flour—2s’B, 5/3; 50’s 10/6; 100’s, 19/6: 200’s, 37/-. Oatmeal—solb, 19/-; 251 b, 9/6; 100’s, 37/6; 200’s, 68/-; loose, s}d lb Potatoes, lOlbs 1/-. Onions, 31bs 1/-. FRUIT AND VEGETABLES. Business has been fairly brisk in the markets during the week. Full supplies of bananas came forward and fruit in good condition realised high prices. A percentage of the shipment arrived in an over-ripe and wasted condition, and consequently will show a loss to the consignors. A parcel of Tahiti oranges shipped from Wellington, arrived in a very mixed condition. Sydney fruit, consisting of mandarines and passion, also opened up badly, and along with the Tahiti oranges had to be sold immediately on arrival. The market is firmer for Navel oranges, and as a proportion of the last shipment had to be disposed of at a price below cost, there is a possibility that very few will come forward by the next trip of the Moeraki, in which case a shortage may result. Lemons are plentiful, while choice, dessert apples are in short supply, and are realising a high price. Dessert pears are also in short supply. Cauliflowers are coming forward in increased quantities and prices are easier. Cabbages are scarce, while other vegetables are in full supply. Current prices are as follows:—Apples: Democrats to 15/-; Stunners, best quality, to 14/6; Jonathans to 14/-; Wolseleys to 12/-. Pears, desserts to 5d per lb. Oranges, Navels to 30/- for double cases, according to size; Island from 5/- to 20/-, according to condition. Bananas 20/- to 30/-; ripe 40/-. Mandarines 25/-. Pines 25/-. Passions 12/6. Lemons (Adelaide), 25/-. Cauliflowers 10/6; small 2/- to 4/-. Cabbages, wanted. Carrots, 8/6, per cwt. Parsnips 10/6 per cwt. Swedes, 3/- per sack. WHOLESALE AND RETAIL. Sugar.—The Sjs. Wanaka is expected to leave Auckland for Bluff at the end of the present week with supplies for this district. Old Dutch Cleanser is now quoted at 7/3 dozen, while case lots are 28/-, and fivecase parcels 27/6 case. Imperial Marmalade has been withdrawn from the manufacturer’s list, and they state they will not pack in future. Sago and Tapioca.—Quotations are out for shipment by next direct steamer from Singapore, due to leave .in January, probable arrival March, these are higher than present parcels afloat. Prunes.—Show a steady advance in price. Cocoanut, is firming up*

English Fine and Coarse Salt is not too plentiful, the next shipment for Bluff is coming forward ex sjj. Hertford. Mace and Nutmegs.—Both show advances during the week. HARDWARE. The market is still bare of full weight corrugated iron, with the price still ruling at £35 per ton. A reduction has been made in staples, the price now being 31/- per cwt, with the usual extra charges for the various gauges. Lead-head nails are 6d a lb. Coarse Castor oil is completely off the market. Other lines show little or no alteration at present. WYNDHAM SALE. YESTERDAY’S AUCTION. Messrs Hunter Bros., and Rice report yesterday’s live stock sale at Wyndham as follows : Sheep: A small yarding forward, and prices were just on a level with late rates, although the tone of the market was a bit quieter. We sold 10 fat wethers at 34/-, 17 hoggets at 28/8, 100 do. at 30-, 39 ewe hoggets at 22/1, 57 fjn. ewes at 24/-, 41 do. at 22/6. Cattle: A small but mixed yarding, with values well up to the ruling market rates. Sales: Fat cows £6 5/-, £5 5/-, 3 at £2 10/-, 2 do. at £1 13/-; dairy cows £ll, 3 at £4 5/-, £3 10/-, £3; Dairy heifers, 2 springing at £2 5/-, 1 at £3, £l. Bull £l. NEW ZEALAND DAIRY PRODUCE. THE LONDON MARKETS. Messrs A. S. Paterson and Co., Dunedin, report having received by cable from their London principals, Messrs J. and J, Lonsdale and Co., Ltd., the following quotations for dairy produce:— Butter.—The market is slow at 206/-. Cheese.—A quiet market at 90/- to 92/-. CANTERBURY FARMERS’ CO-OP. DIRECTORS’ ANNUAL REPORT. WRITING DOWN THE CAPITAL. (Per United Press Association.) CHRISTCHURCH, September 11. The annual report of the New Zealand Farmers’ Co-operative Association of Canterbury, Ltd., states:— ‘When taking into consideration the abnormal conditions under which your Association has operated during the past twelve months, we feel confident that the shareholders will accept the present balancesheet as satisfactory, and agree with the directors in the feeling that the corner has been turned, and that the Association is once again upon a return to a state of prosperity. “A good deal of re-organisation work has taken place throughout the period under review, and all departments are now upon a profit-earning basis. In November last, the directors, for the purpose of stabilising the finances of the Association and giving depositors and bond-holders specific security, thereby fully protecting their interest, introduced a finance proposal which was adopted almost unanimously, and the benefits of which are plainly evident when perusing the balance-sheet, and more particularly the statement of capital and liabilities. The full benefit of the introduction of this proposal will be more fully demonstrated (particularly with regard to the interest account), during the forthcoming period. “Your directors have considered it wise to deal fairly drastically with regard to provision for bad and doubtful accounts, the sum of £41,247 being provided in a special reserve account for this purpose. The gross profit (shillings and pence omitted) amounted to £191,281, as against £168,175, last year, an increase of £23,105, whilst overhead costs have been reduced from £163,101 to £150,335, a total reduction of £12,765. After providing for bad and doubtful accounts and depreciation of plant, the net profit is £32,319, which it is proposed to carry to the profit and loss appropriation account. “When the proposal adopted at the last annual general meeting of writing down the share capital is given effect to, the present deficit as shown in the profit and loss appropriation account, will disappear, thereby enabling the Association to resume the payment of dividends as soon as the profits permit, and your directors feel sanguine that this will be possible at an early date.” THE SHAREMARKET. YESTERDAY’S TRANSACTIONS. CHRISTCHURCH, September 11. Sales reported: Westport-Stockton (ord.) 4/-, Mason and Struthers (£1 paid), 25/4 (two parcels), New Zealand Farmers’ Coop (£2 paid) 14/- 15/-, Weeks Ltd. (fully paid) £lO 10/-. Sales on ’Change: National Insurance 75/6, Westport-Stockton (ord), 3/9 (two parcels). DUNEDIN, September 11. Sales reported: Wilson’s Cement 29/3, Bank of New Zealand 56/6. AUCKLAND, September 11. Sales: Auckland Harbour, 1929, £95 10/-, Loan and Mercantile £9O, Howard-Smith 36/6, Huddart Parker 44/9, Kaiapoi Woollen Mills 15/3, Wilson’s Cement 29/3, New Waitohi (cont.), 7 id, Rising Sun 1/3, Waihi 28/3, Grand Junction 2/3. WELLINGTON, September 11. Sales reported: Bank of New Zealand £2 17/-, Manning and Co. £1 15/-. HIDES. SLIGHT ADVANCE ON MELBOURNE MARKET. (By Telegraph—Press Assn.—Copyright.) (Australian and N.Z. Cable Association.) MELBOURNE, September 11. At the hide sales values improved id all round. AUSTRALIAN MARKETS? CURRENT PRODUCE VALUES. SYDNEY, September 11. (Received September 11, 9.55 p.m.) Oats: Tasmanian Algerian 4/1, 4/3, white Giants 4/6, 4/9. Maize, yellow 4/-, white, 4/3. Potatoes: £4, £6. Onions, £l6, £l7. ADELAIDE, September 11. Oats, 3/2, 3/3. ANTWERP WOOL SALES. A RISE REPORTED. ANTWERP, September 10. Some 8000 bales of River Plate wool were offered. One-third were sold, the prices showing a 10 per cent. rise. France and England were the principal buyers.