COMMERCIAL

Southland Times, Issue 19388, 31 October 1924, Page 2

COMMERCIAL

FINANCE AND TRADE

LOCAL MARKETS. Times, Office, October 30. STOCK MARKETS. During the last week the market for fat stock although still very firm, has not been quite so buoyant, this being due no doubt to the large number of medium quality stock which has overcrowded the market. However, the decline has only been slight. There is not much business being done in the store sheep line eicept perhaps ewes and lambs, as anyone who is holding hoggets or store wethers intend to keep them till after shearing. In the store cattle section there has been quite a large number of mixed sorts offering and even though some vendors’ ideas of value are perhaps a little inflated, there is nevertheless a large number changing hands.

Fat Cattle.—The demand in this section is still strong and although prices were perhaps £2 to £2 5/- a head easier at last Wallacetown sale the quality and also the numbers of fat cows and heifers offering served to make such an appreciable drop. Good prime bullock beef is worth about 40/- to 42/6 per lOOlbs. Cow beef about 32/6 per lOOlbs, and heifer beef in the vicinity of 40/-. Extra heavy-weight bullocks are worth £l9 10/- to £2l. Prime heavy-weight bullocks £l5 to £lB 10/-, medium weights £l2 to £l5, while lighter and unfinished sorts £lO 10/- to £l2.

Store Cattle.—There has been some good lines of 3 and 4-year-old bullocks offering lately, and these have been bringing from £7 10/- to £9. Two-year-old steers are worth £3 to £4 5/-, and yearling steers from 30/- to £2 5/-. Store cows are worth from £2 5/- to £3, while dairy cows, unless they are extra good, are still bringing the usual prices. Fat Sheep.—There have been more fat sheep offering during the last week than were required to fill the local demand, so prices have been easier to the extent of 2/to 3/- per head. A few shorn wethers are now coming forward and two pens of medium sorts at last Wallacetown sale made 33/6 and 36/3.

Extra prime, heavy, wooly wethers are worth 52/- to 59/6. Medium weights 43/to 48/-. Lighter sorts 36/- to 42/-. Prime woolly ewes are bringing 40/- to 45/-, lighter and inferior down to 28/-. Store Sheep.—Business in this section is fairly quiet; ewes and lambs are practically all that is changing hands. These are worth from 18/- to 22/- all counted. GRAIN AND PRODUCE.

Oats. —There is practically nothing doing except in retail seed business. There is only an occasional order received for shipment. Practically no stocks are held and there is nothing being offered by farmers. It seems likely that the shortage will be felt more keenly before the new oats come in. With the shortage in wheat and the increased price, poultry-keepers may fall back on oats. The nominal price to farmers is 5/6 for A grade, and 5/3 for B grade, sacks extra. Wheat. —There is a Very short supply and all local stocks seem to be cleared up, and it looks as if the market will have to depend on outside supplies. Northern quotations for fowl wheat now exceed 7/- per bushel, and with the cost of railage, the local retail- price will be high. There is nothing offering from farmers, and fowl wheat would command 7/-, sacks extra.

Chaff.—There is very little offering, but merchants are holding some stocks and are able to cope with the demand. Prime lines are in good demand and are worth up to £7 5/- 0.t., W-c. 6.

Ryegrass.—There is not much inquiry except for local seed requirements. This demand is good and will probably account for the greater part of the stocks held, which are light. Northern merchants are apparently holding off as much as possible at present but it is probable that all available stocks will be required for shipment — either to northern ports, or for export before the new season’s seed is ready. Potatoes. —The market is well supplied. As the season is well advanced and merchants hold sufficient stocks, they are not inclined to make offers at present. The price to farmers is nominally £4 15/- to £5. FRUIT AND VEGETABLES.

Business has been fairly quiet in the fruit marts during the week, there being a general shortage. Good quality Stunner apples are selling readily and realising high prices, also Adam’s Pearmains. The first Canadian apples, ex Wanaka, are due, and should make good prices. A few lines of pears have arrived ex cool store, and sold readily. The market is well supplied with oranges and lemons and prices for these are in buyers’ favour. Bananas and tomatoes are due from Wellington this week and will arrive to a bare market. Green peas continue to arrive from the North, and bring high prices, asparagus is also selling well. Cauliflowers are in short supply, while rhubarb is also short and prices are high.

The following are the approximate current wholesale prices: Apples, best Stunners to 18/6 a case, small and second rate 8/to 11/-, Adam’s Pearmains to 18/6, Canadian to 25/-. Pears, Winter Coles to 6d per lb; oranges, Navals 30/-, Valencias 26/-; lemons 26/6; bananas and tomatoes to arrive. Green peas to 9d lb; asparagus 10/to 12/-; cauliflowers, good to 12/-, small 2/- to 4/-; cabbage 4/- for choice; rhubarb 3|d; carrots to lid; parsnips wanted. CURRENT PRICES. The following are current prices quoted by a retailer:— —Wholesale. — Eggs, lOd. Bacon, 1/2. Pollard, £7 10/- per ton. Butter, factory 1/8, farm 1/1, separator l/>. Br?tj, £6 15/-. Flour, £l6. Oatmeal. £3O 10/- to £34. —Retail.— Eggs, 1/2.

Bacon, 1/5. Butter, factonr 1/10 net cash, 1/11 6ooked; farm, 1/3; separator, 1/6. Cheese, 1/2; matured, 1/4. Bran, 8/- per 100. Pollard, 10/- per 100. Flour—2s’B*s/3; 50’s 10/6; 100’s, 10/6; 200’s, 37/-. Oatmeal—solb, 19/-; 251 b, 9/6; 100’a, 37/6; 200’s, 68/-; loose, s}d IK Potatoes, lOlbs 1/-. Onions, 6d per lb. WHOLESALE AND RETAIL.

Sugar.—The Wanaka shipment is now being distributed, during the week, the local market has been fairly short of supplies, but this is now over.

Onions are in strong demand, and the market very bare, prices have advanced to 38/- per cwt. A small shipment of Canadians arrived during the week, packed in crates, and opened up very satisfactory. Petroleum Jelly.—A new line has appeared on this market called Pet-Jel, packed in }lb and lib decorated tins. The retail price of which is !/• and 1/6 respectively. Keiller’s marmalade Is tins, shows a reduction in price.

Cheese: There is very little matured cheese now available and the price for this line is finning. Harraway’s Rolled Oats are now quoted at 21/6. “K” Dessert Peaches 2}s, are now sold out, fair stocks however, are held of “K” dessert pears. The market is very firm for all lines of American and Australian dessert fruits, and buyers who did not cover earlier in the season will now be required to pay considerably higher prices. Moosemeal and Nuts.—Show a slight reduction, which the manufacturers state, they

are able to bring about owing to the increased consumption. Rice—Continues in good demand and so far there has been no change in price, although advices from Australia indicate that this may come into operation any moment. An advance in this line has been expected for some considerable time, but only one small rise took place and buyers will be inclined to overlook the matter and get caught with short supplies. Tobaccos.—W. D. AH. O. Wills (N.Z.), Ltd., have taken over the business of H. E. Partridge and Co. (N.Z.), LtcL, and will be operating in this market from the firat of next month.

Shipping.—The sjs. Hertford is now expected at the Bluff, November 4, with supplies of English salts, bi-carb. soda, etc. The s.B. Turakina with Enos Fruit Salts, Condy’s Fluid, and other English goods is due on the Ist inst. The transhipments of Colombo and Eastern produce ex the s.s. Osterley and Hobson Bay are expected ex &s. Moeraki due Bluff, 1/11/24. With regard to petrol and kerosene, a reduction of 1/- per case will take place from the first of the month. NEW ZEALAND FROZEN MEAT. LONDON QUOTATIONS. The New Zealand Loan and Mercantile Agency Company limited, have received the following cablegram from their London house:— Lamb.—l2£d per lb (average). Mutton—wether and maiden ewe, light B}d per lb, heavy 7}d per lb. Ewe, light 6 J per lb, heavy 6}d per lb. The market is steady. THE SHAREMARKET. YESTERDAY’S TRANSACTIONS. (Pwr United Press Association.) CHRISTCHURCH, October 30. Sales on ’Change: Union Bank (rights) 46/- (two parcels), (fractions) 9/-; New Zealand Refrigerating (bont.) 11/4; Beath and Company 31/6. AUCKLAND, October 30. Sales on ’Change: War Loan (1938) £97 10/-; Soldiers’ Inscribed Stock £lOl 10/-; Bank of New Zealand 59/3; South British 42/6; Auckland Gas 24/9; Kauri Timber 30/6; Abraham and Williams (pref.) 90/-; Milne and Choyoe Debenture Stock 22/6; Waihi 27/6. IMPORTATIONS OF WHEAT.

SUGGESTED REMISSION OF DUTY. WELLINGTON, October 30. The Executive of the Farmers’ Union, against strong opposition, passed a resolution urging the Government to allow 1,000,000 bushels of wheat to be imported duty free into the North Island for the year ending February 26. This was the result of high prices ruling for flour and wheat. It was contended that the motion would drive many wheat growers out of business and that South Island interests were not identical with the North. Ultimately it was decided to suspend action on the resolution till wheat growers had an opportunity of passing an opinion upon it. KEMPTHORNE PROSSER AND CO. CAPITAL TO BE INCREASED. DUNEDIN, October 30. The directors of Kempthorne Prosser’s New Zealand Drug Company resolved today to increase the capital of the company to £600,000 by the creation of 50,000 further shares of £2 each, and to issue to shareholders in proportion to their present holdings 60,000 shares at a premium of 10/- per share. THE LONDON MARKETS. a HIGH COMMISSIONER’S REPORT.

The Department of Agriculture has received the following cablegram, dated 25th instant, from the High Commissioner for New Zealand, London: — Butter.—Danish supplies restricted. by Continental buying. Other finest makes scarce. Official quotations are:— New Zealand; salted; finest; October 25 and 18 : 224/- to 228/- per cwt (2/- to 2/0} per lb); October 11: 220/- to 224/per cwt (1/114 to 2/- per lb). Other qualities; October 25: 202/- to 216/- per cwt (1/94 to 1/11 per lb). Australian; salted; finest; old season’s; October 25 : 204/- to 206/s per cwt (l/9f to 1/10 per lb); October 18 : 208/- to 210/per cwt (1/10} to 1/101 per lb); October 11: 206/- to 210/- per cwt (1/10 to l/10Jd per lb); new season’s; October 25: Salted 208/- to 212/- per cwt (1/10} to 1/10} per lb); exceptional up to 216/- per cwt (1/11 per lb); unsalted 218/- to 226/- per. cwt (1/11} to 2/0} per lb). Other qualities; October 25: 174/- to 2ffi/- per cwt (1/6} to 1/9} per lb); new season’s up to 206/per cwt (1/10 per lb). Canadian; creamery; October 25 : 200/to 208/- per cwt (1/9} to 1/10} per lb); October 18: 204/- to 208/- per cwt (1/9} to 1/101 per lb); October 11: 204/- to 208/per cwt (1/91 to 1/10-} per lb). Unsalted; October 25: 210/- to 216/- per cwt (l/10i to 1/11 per lb); October 18 : 210/- to 218/per cwt (1/104 to 1/11} per lb); October 11: 210/- to 212/- per cwt (1/104 to l/10f per lb). Argentine; unsalted; October 25: 208/to 218/- per cwt (1/10} to 1/11} per lb) ; October 18: 212/- to 220/- per cwt (l/10j to 1/114 per lb) ; October 11: 210/- to 214/per cwt (1/104 to 1/11 per lb). Other qualities; October 25: 190/- to 206/- per cwt (1/8} to 1/10 per lb"). Irish; salted; October 5: 218/- to 220/per cwt (1/11} io 1/114 per lb). Unsalted: 224/- to 230/- per cwt (2/- to 2/02 per lb). Danish; market quiet; October 25 : 242/to 244/- per cwt (2/lf to 2/2 per lb); October 18: 248/- to 252/- per cwt (2/3 to 2/34 per lb); October 11: 235/- to 240/per cwt (2/1 to 2/1} per lb). Cheese.—Market firmer tendency on short supplies. Colonial market firmer. Official quotations are:—

English; finest farmers’; October 25, 18, and 11: 114/- to 118/- per cwt (1/0} to 1/0} per lb). Canadian; October 25: Coloured 94/- to 96/- per cwt (lOd to 10}d per lb), white 95/- to 96/- per cwt (lOd to 10}d per lb); October 18: Coloured and white, 94/- to 96/- per cwt (lOd to 10}d per lb); October 11: Coloured 94/- to 96/- per cwt (lOd to 10}d per lb), white 95/- to 96/- per cwt (lOd to 10}d per lb). • New Zealand; October 25: Coloured and white 94/- to 95/- per cwt (lOd per lb, exceptional, 96/- per cwt (10}d per lb)/October 18: Cotoured 92/- to 94/- per cwt (9|d to lOd per !b), white 93/- to 95/per cwt (lOd per lb); October 11: Coloured 93/- to 95/- per cwt (lOd per lb), white 94/- to 96/- per cwt (lOd to 10}d per lb). A shipment of New Zealand produce arrived this week per as. Port Curtis. Casein: Present quotations are:—French rennet £4O to £5O per ton. Argentine lactic £42 to £46 per ton.

Hemp.—Manila market quiet. W J” grade November-January shipments quoted at £56 10/- sellers. New Zealand market quiet Highpoints October-December shipments quoted at £44 10/-; fair £42 10/ - and value. Wool.—Tone of Bradford market improved on account of favourable reports from Australia regarding credit, and improved inquiry from Germany. Prices paid for tops however, are Id per lb tower for all descripttons. x

Tallow.—Market firm. PrtMnt quotations are: Mutton: Fine, 52/- to 52/6 per cwt; fair to good 49/6 to 51/6; dark to dull 47/- to 48/*. Beef: Sweet and-or mixed 52/* to 52/9; fair to good 49/- to 51/.; dark to dull 45/6 to 47/6. Mixed: Fair to good 48/6 to 50/6; dark to dull 45/6 to 47/6. Gut, Etc.: 41/6 to 47/-. Eggs: Steady trade for the best but cheaper selections slow. English, Irish, Danish and Dutch: 22/- to 27/- per long 100. Belgian, Italian, South African, Argentine, and Esthonian: 17/- to 23/- per long 100. Russian, Moroccan and Ifithuanian: 13/to 17/6 per tong 100.