COMMERCIAL

Southland Times, Issue 19575, 12 June 1925, Page 2

COMMERCIAL

FINANCE AND TRADE

THE LOCAL MARKETS. Times Office, Invercargill, June 11, 1925. GRAIN AND PRODUCE. Oats.—The market to-day seems to have a firmer tendency and prices have been steadily increasing during the week. During the past fortnight there have been attempts by forward sellers to bear the market, but they seemed to have failed as anything offering has been picked up. In the last day or two heavy A’s have been sold f.0.b., s.i., Bluff, at 4/9 per bushel, and there is still further inquiry at this price. Very few oats are offering from the farmers and most of the supplies seem to have passed into the hands of the merchants. Local merchants are firm in their prices, and are not prepared to let stocks go unless at prices showing a turnover. Prices to farmers are nominally about 3/11 for heavy A’s, 3/10 for medium A’s, and 3/6 for B’s. Wheat.—There is very little wheat now offering and it looks as if supplies will shortly have to be drawn from outside markets. Prices to farmers are about 6/9 a bushel for fowl wheat. Chaff. —The market is fairly well supplied and merchants are only .buyers of prime quality. This is netting up to £5 per ton on trucks at country stations. Ryegrass.—The market remains fairly firm and occasionally lines are being sold for shipment while merchants’ stocks are steadily diminishing. It seems likely that when the Spring demand comes, it will be found that there will be no over supply of ryegrass. Prices to farmers run at about 4/- per bushel for heavy clean lines, and proportionately less for lighter lines. These prices, however, are only nominal as practically no seed is being offered. Almost the whole of the supplies have passed into merchants hands. Potatoes.—The market is weak through being rather over-supplied. Merchants are not anxious to buy, and are not prepared to pay more than £4 per ton on trucks at country stations. The position is also weak in Canterbury prices offering to farmers there being about 15/- below Southland quotes. DAIRY PRODUCE. Butter.—This market has advanced, and is now from 170/- to 172/-. The advance is due to the fact that very little Danish butter has been shipped to England lately owing to the strike, with the result that merchants throughout England are drawing on butter there and prices have risen in sympathy. However, now that the Danish trouble is now over it is feared that this market will again decline, although the Home buyers have been interested in later shipments. Sales have been made as high as 1/5 per lb, f.o.b. There is very little butter arriving on the Home market from now on, and owing to the amount stored, Home retailers have been buying only small quantities. This rise may bring them into the market and help the position. Cheese.—The cheese market has also advanced, and is now quoted at 94/- to 95/-. There is a fair amount of cheese arriving on the Home market this next month after which the arrivals-will be very light. The position depends very much on the Canadian made cheese which is quoted at 90/c.i.f., London. During the last few days a few factories have sold through local firms at 8 id for back end cheese and cheese afloat, and this must be considered very satisfactory. —Wholesale.—Egg, 2/4. Bacon, 1/1. Pollard, £lO 5/- per ton. Butter, factory 1/6, farm 1/1, separator 1/3.. Bran, £9 5/-. Flour, £l9. Oatmeal, £3l 10/- to £35. —Retail.— Eggs, 2/8. Bacon, 1/4. Pollard, 12/6 per 100. Butter, factory, 1/8 nett cash, 1/9 booked; farm, 1/3, separator, 1/6. Bran, 11/6 per ICO. Flour—2s’s, 6/-, 50’s, 11/9, 100’s 23/-, 200’s, 44/-. Oatmeal—solb, 19/6; 251 b, 9/9; 100’j 37/6; 2OO’s, 69/-; loose s|d ib. Cheese, 1/1; matured, 1/4. Onions, 61bs 1/-. FRUIT AND VEGETABLES. Fruit.—The market continues to be lightly supplied wtih choice dessert apples, and all fines arriving are finding a ready sale. The consignments of cookers have eased off, and there is a temporary shortage. Large, well-graded samples are inquired for. The market is bare of dessert pears due to the fact that consignors were securing much higher prices in northern markets. There are no oranges on hand, but supplies are due to-morrow. Both bananas and oranges should realise high prices. Supplies of Sydney fruit are due by the Waikouoiti on Monday. The first of the Poorman oranges from Auckland are now on the market and a nice consignment of grapes from the Oamaru district should realise good prices. Small parcels of passion fruit are forward from Auckland. Current prices are as follows:—Apples, best dessert to 4d, large cookers 24d to 3d; pears, dessert to 4d, cookers to 2Jd; quinces to 24d; passion fruit, Australian to 22/-, Auckland to 15/-; Poorman’s oranges 16/-; Island oranges and bananas to arrive; grapes to 2/9 per lb. Vegetables.—Cauliflowers wanted, choice samples to 12/6; cabbage 1/- to 3/-; carrots 7/- per cwt; parsnips to lid per lb; beetroot to id lb. GENERAL MERCHANDISE. Sugar.—The s.s. Wanaka is expected to get away from Auckland some time on Saturday with supplies for this district. Maltexo shows a reduction in price for all sizes. Camp Coffee is now quoted at 22/- dozen, case lots 6d less. Sago and Tapioca.—The f.o.b. price which has been much easier of late has again advanced. Bacon is still quoted at 1/1, but the market is very firm, and likely to advance. Flour.—Retailers are still having difficulty in obtaining supplies of northern flour. A small shipment of Australian is due to arrive ex s.s. Waikouaiti, but this has all been taken up by bakers. The Australian market is much firmer. Bakers’ Jani.—Apple and raspberry 53’s has advanced i|d per lb. f Salmon.— lt is reported that some packers are only confirming their orders for new season’s pack Cohoe up to 50 per cent.

WYNDHAM SALE. SMALL STOCK YARDINGS. Henderson and Co., Ltd., report as follows on the Wyndham sale: —There was a fair attendance of buyers, small yarding of both sheep and cattle. Prices for all classes were just on a par with late sales.. Our sales were:— Sheep: Eighty-three hoggets at 25/6; 96 f.m. ewes at 20/-. Cattle: Twelve forward bullocks at £7 5/-, 1 fat cow at £5 2/6, 8 do. at £5, 1 do. at £4 17/6, 7 do. at £4 10/-, 1 do. at £4 2/6, 1 do. at £4; 1 dairy cow at £5, 8 fat heifers at £4 10/-, 3 store cows at £3, 2 do. at £2 5/-, 1 steer at £1 11/-. Pigs: One at 26/-, 1 at 22/6; 1 at 14/6; 2 at 12/-; 3 at 8/-. Hunter Bros, and Rice report as follows: A small yarding of both sheep and cattle, with prices on a par with late rates. Appended are our sales:—Thirty-one forward lambs 26/6; 1 fat cow £3, £2; empty cows £2, £3, 30/-,; dairy cows £3 17/6, £4 10/-; heifer £3 17/6: store cows £2 10/-, £2 15/-, £l, £2 5/-, 12/6; 13 yearlings 22/-. Pigs: Four at £l, 4 at 17/-, 2 at 15/-, 1 at 13/6, 1 at 8/6, 6 at 12/-.

DAIRY PRODUCE. REVIEW OF LONDON MARKETS. The following report from Messrs A. H. Turnbull and Co., gives the top London quotations for dairy produce during the past four weeks:—

BUTTER. The butter market has been through a very critical period and showed considerable weakness towards the end of last month, New Zealand quotations for salted being as low as 164/- to 168/- with a weak market. Buyers were nervous and generally holding off. At the time of writing prospects are somewhat brighter. Arrivals of Danish butter have been held up, owing to strikes and this has had a firming tendency on the market. It is just possible that even if the Danish strike does not last for very long, it may have had sufficient effect on the market to cause a general firming. CHEESE. The cheese market also weakened towards the end of May, but is again firmer and prospects generally are brighter, although as in the case of butter, we still have a large quantity of cheese due to arrive in June. PRODUCTION. From the statistics which we set out, it will be seen that there is a very sudden drop in New Zealand production, May gradings of butter showing almost a 50 per cent, decrease on last season. The cheese gradings do not reflect this decrease yet, but no doubt the gradings for June will show a decline in production, in almost an equivalent ratio to the butter gradings for mav. FORWARD BUYING. Forward buyers of both butter and cheese have, during the last few days, shown more interest in the market and this in itself is a healthy sign. We will have to bear in mind however, that there are heavy stocks of butter which have been held off the market in London for some months, whilst our June arrivals are almost double the quantity arriving in June last year.

STATISTICS. BUTTER.

SHIPMENTS OF DAIRY PRODUCE. ESTIMATED ARRIVALS IN UNITED KINGDOM. —June.-

THE SHAREMARKET. YESTERDAY’S TRANSACTIONS. (Per United Press Association.) DUNEDIN, June 11. Sales on ’Change: Dominion Rubber 32/9; Kawarau Gold Mining Co. 14/9. Sales reported: Bank of New Zealand (bld) 57/6. AUCKLAND, June 11. Sales on ’Change: Auckland Hospital Board Debentures £97; Huddart-Parker 44/9; Kauri Timber 33/6; National Timber 22/3; Taranaki Oil 22/9; Waihi 26/3. CHRISTCHURCH, June 11. Sales reported: Union Bank £l4 14/6, British Tobacco 44/-, Burns, Philip 35/9, Henry Jones, Comp 43/9. Sales on ’change: National Bank dealers (rights) 25/3. CALCUTTA TEA SALES. A DROP IN PRICES. CALCUTTA, June 10. At the tea sales the quality was up to the average, and the demand was fair. All teas showing quality brought average prices. Commonest leaf realised eight annas to eight annas six pice; commonest broken leaf, eight annas six pice to nine annas; ordinary common Pekoe and Souchong, nine annas to nine annas six pice; lowest even leaf Pekoe, ten annas six pice to eleven annas. These prices represent an average reduction of from three to four annas on last year’s prices. BANK OF NEW ZEALAND. THE YEAR’S OPERATIONS. WELLINGTON, June 11. The balance-sheet and profit and loss statement of the Bank of New Zealand for the year ended March 31 last, which is to be presented at the ordinary general meeting on June 19 are as follows. The profit, after providing for expenses of the management, all bad and doubtful debts, and other contingencies, and after making provision for the annual donation to the Provident Fund, and also for a bonus to the staff, are £840,485 0/7. From this had to be deducted interest on guaranteed stock, £21,199 8/11, leaving a balance of profit for the year of £819,285 11/8, to which has to be added the balance brought forward from last year, £506,513 11/1, making a total of £1,325,799 2/9. From this sum has been paid a dividend on preference “A” shares £50,000, interim dividends on preference “B” shares £33,333

6/8, interim dividend of 1/4 per share on ordinary shares £200,000, leaving available for distribution £1,042,465 16/1. This the directors propose should be disposed of as follows: dividend on preference “B” shares (making £112,500 for the year, equal to 2/3 per share), £75,166 13/4; dividend of 1/4 per share on ordinary shares (making £400,000 for the year, equal to 2/8 per share), £200,000; transfer to reserve fund £250,000 (making the reserve fund £2,575,000), leaving a balance to be carried forward of £513,299 2/9, £1,042,465 16/1. The reserve fund has been increased by £250,000 and now stands at £2,575,000.

May 16 Mav 23 May 30 June 6 Danish butter 182/180/- — N.Z. unsalted 180/N.Z. salted . 172/Cheese, white 94/do. coloured 92/94/-

1924. Cwts. 1925. Cwts. Shipments from IN.Z. during May .. .. Shipments during 10 76,500 112,500 months to May 31 987,000 1,225,000 Gradings during May Gradings during 10 74,000 39,000 months to May 31 Butter awaiting ship1,203,000 1,386,000 ment 104,000 80,000 CHEESE, Shipments from N.Z. Crates. Crates. durihg May .. . . Shipments during 10 72,000 99,000 months to May 31 915,000 929,000 Cwts. Cwts. Gradings during May Gradings during 10 130,000 80,000 months to May 31 Cheese awaiting ship1,448,000 1,371,000 ment 112,000 58,000

Sailing Date. Due Date. Butter Cheese Boxes Crates. Matakana— Apr. 21 June 1 46,052 17,849 Mairnoa— Apr. 20 June 1 41,239 19,098 Turakina—■ Apr. 29 June ft City of Winchester — 31,002 18,927 May 1 June 11 26,082 — Hororata — Apr. 25 June 8 20,643 11,125 Kent— May 2 June 9 16,308 -- Tasmania— May 2 Pt. Brisbane June 12 24,484 10,476 May 6 June 17 27,836 — Tainui— May 7 June 13 38,623 9,844 Mamari— May 16 June 26 Pt. Wellington— 26,310 13,790 May 21 June 30 19,776 28,765 Ruahine— May 21 June 26 31,585 Total . Converted to tons 349,940 129,866 equals —July8,750 9,276 Argyllshire— May 27 July 10 2,024 7,623 Athenic— Mav 29 July 6 1,959 8,152 Karamea— May 28 Raranga— July 19 15,304 7,141 May 30 Pt. Campbel July 11 21,599 13,417 Jun. 10 July 24 3,000 Corinthic —■ Jun. 11* July 19 — 1,050 Piako— Jun, 13 July 28 15,200 6,070 Total . Converted to tons 59,086 43,453 equals . 1,477 —August.— 3,101 Pakeha— Jun. 25 Aug. 6 5,950 — Tongariro—■ Jun. 27 Aug. 3 24,000 21,550 Orari— Jun. 24 Aug. 8 28,345 16,000 Rotorua— Jun. 27 Aug. 3 900 1,350 Kai Ora— July 6 Aug. 17 17,000 7,500 Total . Converted to tons 76,195 45,400 equals . 1,904 3,244