COMMERCIAL

Southland Times, Issue 19394, 7 November 1924, Page 2

COMMERCIAL

FINANCE AND TRADE

THE LOCAL MARKETS.

Times Office, Thursday, Novmeber 6. STOCK MARKET. Since the last report there has been practically no change in the stock market and prices are still very firm both for store and for fat stock. There is only a limited amount of business passing in store sheep for immediate delivery, as anyone who is holding a surplus supply would prefer to wait until after shearing, before disposing of them. A few sales of two-tooth ewes for delivery about January have been reported, but so far there has been very little movement in sales for forward deliver}*. The store cattle market has quietened slightly during the last two weeks, but any good lines of young fresh sorts find a ready market.

Fat sheep have been a little more plentiful of late and prices are about on a par with last week. There has been a good number of medium quality cattle offering during the last few days and these have probably accounted for the slight easing off in values. Well-finished cattle, however, are in keen demand.

Fat Sheep: A few shorn wethers and ewes are coming forward, but the great bulk of those offering are unshorn. Extra prime heavy woolly wethers are worth 52/- to 59/-, medium weights 43/- to 48/-, lighter sorts as low as 36/-. Prime woolly ewes are bringing 40/- to 45/-, lighter and inferior down to 28/-.

Store Sheep: There is a number of ewes and lambs still changing hands; the prices varying according to condition, age, etc., from 18/- to 23/-. Good ewe hoggets are bringing 35/- to 40/- if obtainable, while m.s. hoggets are worth 30/- to 34/6.

Fat Cattle.—The demand in this section is still good, especially for nicely finished bullocks. Extra heavy-weight bullocks are bringing £l9 10/- to £2l; prime heavyweight bullocks £l5 to £lB 10/-; medium weights £l2 to £l5. Fat cows and heifers are in good supply, and have been selling from £6 10/- to £ll 15/-. Store Cattle: A nice line of 3 and 4-year-old Herefords steers is reported to have changed hands at £9, while good two-year-old steers are bringing £3 to £4 5/-. Yearlings are worth 30/- to £2 5/-. Heifere are not so easily disposed of at anything like reasonable prices, while store cows are selling from £2 to £3. Good dairy cows are worth £7 to £ll 10/-. BUTTER AND CHEESE.

Cheese: This market has firmed up during the last few days and stored cheese is worth about 96/- for both coloured and white. Although the market is steady at this price, there is no inclination on the part of Home buyers to buy forward, and sales are hard to effect even at 96/- for stored cheese. New season’s cheese will soon be arriving and it is just qust ion able whether there will be sufficient shipped before new season’s cheese arrives to enable factories to realise a bigger price for stored cheese they are holding on to. If the price should happen to go up, it is more than likely that Home buyers will again operate forward, but so far as is known there are practically no offers being submitted to factories at the present time. Butter: This market still remains high, quotations for good brands being 220/- to 222/-. Any butter arriving Home before Christmas will meet with a good market, but it .is generally anticipated that the price of butter will recede. The spot market is very quiet. GRAIN AND PRODUCE.

Oats: This market is very quiet at present and there are practically no oats to offer away and they do not appear to be wanted to any extend for shipping. A Gartons particularly are exceedingly scarce, and some Northern merchants, who have oversold, will find it practically impossible to secure supplies. The local demand for feed oats seems to have improved, and this is no doubt partly due to the poultry people buying to a limited extend. It seems likely that the local demand will easily account for the very limited supplies now available so that merchants are not greatly interested in the shipping market. Already some business has been reported in oats for delivery spread over certain months of next year on the basis of about 4/- for A’s and 3/10 for B’s, f.0.b., s.i., South Island ports; but buyers are not inclined to pay this price and it is reported that some merchants are prepared to accept 3/8£ for B’s. The area in crop in Southland this year is probably larger than it was last season, and if the conditions continue to be as favourable as they have been up to the present, there should be an increased yield per acre. It is reported also that northern crops have made splendid progress since the rain. On the other hand it is probable that there will be a greatly increased demand next season as compared with the present season, as more oats will be bought for feed, and probably with the prospects of wheat being much higher in price, there will also be a fairly extensive demand for fowl feed. It is probable, too, that outside factors will be eliminated to a certain extent, especially in white oats as it will practically be impossible to bring these in from outside sources as has been done this season to compete with the new Zealand-grown oats. Wheat: The market is exceedingly bare of supplies. There is now no local wheat available and merchants will have to depend on supplies from northern centres or from Australia.

Chaff: The market continues firm and there is a very fair local demand. Prime lines are in demand from the farmer and any of this quality offering will readily command £7 5/- per ton, Ryegrass: This market is also rather dull at present and there is little demand for shipment, but on the other hand, there has been a splendid retail demand which should continue during the next month or two, and this will probably relieve merchants of their stocks which are very low. There is no seed offering from farmers, but merchants would probably not be keen buyers as they would prefer to clear their present stocks before new season’s seed comes to hand. Potatoes: There is nothing doing, except to supply the local demand. It is some years since shipping business has been done from Southland to any extent, and practically the whole of the Southland supplies offering have been absorbed in the local market. The season is now brought to a close, so that merchants do no wish to stock up and will only buy to fill their requirements. Any lines offering from the farmers would be worth from £4 15/- to £5 per ton, CURRENT PRICES. Th® following are current prices quoted by a retailer:— —Wholesale.— Eggs, 1/-. Bacon, 1/2. Pollard, £7 10/- per ton. Butter, factory 1/8, farm 1/1, separator 1A £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’s, 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, sjd lb. Potatoes, lOlbs 1/-.

FRUIT AND VEGETABLES.

The first cherries and hot house tomatoes of the season arrived during the week, and met with a very keen demand. Apples are coming forward in very short supply, and prices for all varieties have increased. A few pears ex-cool stores continue to arrive. Raratonga bananas and tomatoes arrived in the early part of the week and as the market was bare they realised high prices. A shipment of Fiji bannnas from Auckland is due by the Flora about November 12. Oranges and lemons are fairly plentiful. Consignments of asparagus have and prices are easier. Green peas arrived in heavy quantities, but as the prices were below those received in othtr centres these consignments have stopped. Good hearted lettuce are realising satisfactory prices. Wholesale prices are approximately as follow : Cherries, choice to 2/-; smaller varieties from 1/- to 1/4; hothouse tomatoes to 3/6; apples, Canadians 25/-; Stunners to 21/-; Rome Beauties to 22/6; French Crabs to 18/-; ripe bananas to 47/6; oranges, Navels 28/-, Valencias 21/- to 24/-; asparagus 8/to 10/6 dozen; peas 44d to 6d; lettuce, large, to 3/6 dozen; smaller 1/-; cabbage 2/6 to 3/6 dozen; cauliflowers, choice, 10/6; carrots to 14/- cwt; cucumbers, large, glasshouse, 12/- to 16/- dozen. GENERAL MERCHANDISE. Sugar: No advice is to hand so far as to when the next shipment will be leaving Auckland for Bluff. This market shows a much firmer tone and buyers would be well advised to cover their requirements well ahead, especially as the demand is likely to improve considerably from now on. Onions are again in short supply. The small parcels of Canadians having met with a very quick clearance. Peppers advanced in price during the week. “K” Baking Powder (large) has been reduced by 1/- per dozen. Donaghy’s ropes and twines show an advance in price. So far binder twines are not effected, but in view of the state of the Manilla hemp and New Zealand flax fibre market, buyers would do well to contract their next season’s requirements at once. Shipping: The agents for the ss. Cornwell advise that this vessel has been scheduled to load at West Coast United Kingdom ports for New Zealand, sailing finally from Liverpool on December 3. She takes the place of the s®. Dorset, originally intended to leave Liverpool on November 22, and Bluff is included in the ports of discharge. NEW ZEALAND FROZEN MEAT. LONDON MARKET VALUES. The New Zealand Loan and Mercantile Agency Company, Ltd., have received the following cablegram from their London houfie:— Lamb.—l22d per lb. (Average.) Mutton.—Prices unchanged. (Last quotation 24/10/24): Wether and Maiden ewe—light Bifd per lb, heavy 7gd per lb. Ewe — light 6£d per lb, heavy 6|d per lb. The market is slow. BUTTER AND CHEESE. HEAVY AUSTRALIAN EXPORTS. Messrs Joseph Nathan and Co. (Wellington) report that the London butter market during the past few months has shown a very steady rise, but it is thought that prices have now reached the peak, and an early fall from present values may be looked for in the near future. Prices have been reduced in Sydney by 7/- per cwt to 165/8 per cwt, plus boxes 1/3 each, and Melbourne by 8/- per cwt to 160/- per cwt, plus boxes 1/6 each. Generally speaking, conditions in Australia are favourable, particularly so in Victoria, where production is very heavy. The present season in Australia gives every indication of benig a record in production. Quantities of butter exported from the Commonwealth for each month of the period March to August, 1923 and 1924:

RABBITSKINS. SALES AT DUNEDIN. The LJunedin Stock Agents and Woolbrokers’ Association report:— Medium-sized catalogues were offered on Wednesday to the usual attendance of buyers. Bidding was very keen for all classes of skins, and prices were firmer all round. Quotations: Winter bucks, 78d to 85d; winter does, 75d to 8Id; outgoing winter bucks 56d to 65d; outgoing winter does 52d to 60d; incoming winters 52d to 64d; autumns 47d to 55d; spring does 38d to 42d; sprink bucks 40d to 47d; prime racks 37d to 40d; light racks 36d to 38d; winter black, 50d to 65d; winter fawn, 60d to 70d; broken 38d to 45d. THE SHAREMARKET. YESTERADY’S TRANSACTIONS. (Per United Press Association.) AUCKLAND, November 6. Sales on ’Change: New Zealand Government Inscribed Stock (1929) £97 15/-; (1927-41) £9B 15/-; Commercial Bank 30/6; New Zealand Insurance 29/--. DUNEDIN, November 6. Sales on ’Change: Bank of New Zealand 59/6, Electrolytic Zinc (def. ord.) 24/3. Sales reported: Kaiapoi Woollen (ord.) 15/-, Government per cent Inscribed Stock (1939), £97 10/- (two parcels), Union Bank (fractions) 11/6, Trustees and Executors 56/-, National Bank £6 12/6. CHRISTCHURCH, November 6. Sales reported: Christchurch Gas £7 14/-, Burns-Philp 32/6. Sales on ’Change: Union Bank (rights) 47/3, 47/6; (fractions) 11/3 (two parcels); 11/- (four parcels). COLONIAL SUGAR COMPANY. SUBSTANTIAL PROFITS MADE. SYDNEY, November 6. The Colonial Sugar Company showed a profit of £324,978 for the half-year as against £673,639 for the preceding 12 months. Of the profits for the half year £188,006 came from thhe Australian mills and refineries. Earnings from investments, subject to Federal income tax contributed £75,209 and earnings in New Zealand and Fiji and investments not subject to Federal income tax amounted to £61,762. A dividend at the rate of ten per cent, per annum absorbs £243,750. The reserve fund is augumented by £lOO,OOO and £284,708 is carried forward as against £303,480 brought into accounts. Speaking at the half-year meeting Mr Knox (Chairman), said the production of sugar in the Commonwealth would be greatly in excess of Australian requirements. It was expected 90,000 tons would be exported. The Government had again fixed £27 as the price for new sugar of thhe 1924 crop and the Sugar Board kept back 20/- a ton to provide for loss by export. In New Zealand the Government decided to continue at jjhp f_r> pf„ white

sugar from abroad. Taking into account the present higher cost of work the company was about on the same level as in 1923 and the business could be continued in t»he Dominion. The company was asked to face the loss of a farthing in the pound on sugar by the withdrawal of duty when earnings from its refineries had for ten years been less than half a farthing a pound. FREIGHT ON DAIRY PRODUCE. NO REDUCTION FOR AUSTRALIA. (By Telegraph—Press Assn.—Copyright). LONDON, November 5. Representatives of the Australian Freight Committee asked the shipowners to reduce the freight on butter and cheese to the same extent as reductions recently conceded to New Zealand sheepowners. The shipowners replied that they were losing money and could not grant reductions owing to the high port charges in Australia.

A GOOD YEAR. NEW ZEALAND AND AUSTRALIAN LAND COMPANY. LONDON, November 5. The New Zealand and Australian Land Company’s divisible profits are £362,021, contingency fund £90,061, reserve £50,000. The ye<r’s dividend is 8 per cent., tax free. The amount carried forward is £21,960. THE AUSTRALIAN MARKETS. LATEST QUOTATIONS. SYDNEY, November 6. Oats: Tasmanian Algerian 4/2, to 4/4; White Giants 4/7 to 4/8. Maize: Yellow 4/-; white 3/11. Potatoes: Old £5 to £6; new season’s £7 to £B. Onions: Old £35 per ton; new season’s local £35 to £4O. ADELAIDE, November 6. Oats, 3/-.-

1923. lb. 1924. lb. March .. . April .. . May .. . . .. 4,306,547 .. .. 2,100,844 .. 955,387 8,925,171 5,134,387 2,026,933 3,191,530 1 953 867 ,. .. 572 737 July /. . . .. 528*601 August .. .. .. 788'132 3,866497