COMMERCIAL

Southland Times, Issue 19899, 18 June 1926, Page 2

COMMERCIAL

FINANCE AND TRADE

THE LOCAL MARKETS. Times Office, Invercargill, June, 17, 1926. GRAIN AND PRODUCE. Oats.—The market is very quiet, and there is not much business being done nor, indeed, is there very much inquiry except for distant deliveries. The farmers also are not very keen to sell. What business is going through is on the basis of about 3/2 per bushel for A grade Gartons within a radius of thirty miles from Invercargill. For super A’s a Id more would be paid. Dunn oats are saleable at approximately 3/9 to 3/10 on trucks. Chaff.—The market is fairly well supplied and the most that merchants are willing to pay is £4 10/- on trucks. The quality on the whole this year has been fairly good, but a number of lines submitted have shown signs that they were cut before they were sufficiently seasoned. Ryegrass.—Very little activity is being shown and most of the merchants are holding ample stocks and, therefore, are not disposed to buy until they can quit some of their dressed stocks. The price to farmers can be quoted at 3/- to 3/6, but possibly a penny more would be given for exceptionally fine samples. Potatoes.—The position continues to be somewhat uncertain and sales are more or less difficult to make especially at the prices which are being asked by the growers. Merchants ideas are about £5 10/- per ton, on trucks. Purchases have been made at £5 10/- to £5 'l5/-, but the volume of business has not been large. Most of the growers appear to be expecting a large demand from Australia, but this so far has not eventuated, and if it does merchants will only be able to export lines of excepgood quality. Hemp.—There is a little more inquiry for hemp although the prices are still very low. Sales could probably be made on the basis of £25 on trucks for low fair, and £2B for high fair, but it would be difficult to make sales in London at these equivalents. Tow.—there is a moderate demand for second grade tow at about £l5 per ton on trucks, but third-grade is almost unsaleable. FRUIT AND VEGETABLES. There have been fair quantities of fruit through the marts during the week, consisting principally of apples and pears. The former are coming forward in smaller lots and prices are firmer in consequenece. Pears have increased in quantity and prices are easier. A consignment of Island oranges arrived during the week, but its condition was so mixed that in some instances it had to be cleared immediately at low prices. The market is not over-supplied otherwise and good conditioned lines command nor„nial prices. Lemons are practically unprocurable until the arrival of the Manuka, which is also bringing the first of the season’s Navel oranges. These should reach the market about June 21. Sydney fruit consisting of mandarines, pines, passions and jam melons are due by the Waikouaiti on or about the 22nd. Vegetables are in fair supply. Large cauliflowers in good condition have a demand, while other lines are slow of sale. Current prices for the week are as follows: Apples, dessert to 12/6, cookers to 8/6. Pears, 4/6 half-case. Island oranges, 8/6 to 20/-, according to condition. Bananas to arrive next week. Jam melons to 24d lb. Grapes, large samples to 3/-, smaller 6d to 1/-. Poorman oranges to 16/-. Cauliflowers 2/- to 7/6. Cabbages, 1/6 to 3/-. Red cabbage to 4/6. Parsnips, 14/- cwt. Carrots, to 8/-. Beetroot 9/-. DAIRY PRODUCE. Butter.—The market is very quiet, stocks at Home apparently being ample to meet the present demand. Quotations for spot stocks are 172/- to 174/-. Home buyers are not showing any interest in forward shipments. Cheese.—During the last few days this market has been fairly active, and prices at Home have advanced 2/- to 3/- per cwt, present quotations being 94/- to 95/-. In spite of the large quantities of cheese which are due to arrive at Home this month and the two succeeding ones Home buyers have shown considerable activity. Quite a number of factories have made satisfactory sales at prices ranging from B}d to Bfd for all their cheese afloat, and up till the end of the season’s makes. One or two sales have been made at a slightly higher figure than those quoted. The general quotations to-day are about BJd to Bjd f.o.b. for cheese afloat, and the end of season makes. The market has eased of late and Home buyers do not appear to be keen to operate. In view of the large quantities due to arrive it is difficult to see how this market will be maintained at Home at prices equivalent to what factories are selling at in New Zealand today. Taking everything into consideration the dairying industry has experienced good prices throughout the year, and in most cases the pay outs, especially for cheese factories, should be in the vicinity of l/7i to 1/8. In some cases it may be even higher and when the long season experienced is taken into account suppliers should have had a very satisfactory season in 192526. STOCK MARKET. The live stock market is comparatively quiet, the bulk of the business transacted being confined to fat stock. Fat sheep are still coming forward to the market in large numbers and are not realising very satisfactory prices. The supply of heavy wethers appears to be plentiful, but graziers are reticient about displaying this class of sheep for sale at the present unsaitsfactory prices. Prices are hardly likely to advance

while the supply continues to be in excess of the demand. There has been an ample supply of fat cattle offering with cows and heifers predominating and, considering the number offering, prices have not shown much variation during the past few weeks. Extra prime heavy-weight bullocks have been selling up to £l4, this being equal to about 37/6 per 1001 b. Freezing buyers, with few exceptions, have now concluded operations for the season and there do not appear to be many lines of lambs in Southland still to be drafted. There is little fresh to report in the store sheep section and, although there is not much business being done, there is still a good demand for any sheep which are offering. A line of fairly good mixed sex hoggets changed hands during the week at 22/-, while another line of hill-bred mixed sex hoggets made 21/6; good 4 and 6-tooth wethers have been selling up to 28/6 provided they are in fairly forward condition, but the majority of store wethers have been selling about 2/- belpw this price. Aged ewes have been meeting with prices varying from 15/- to 20/-, while 2, 4 and 6-tooth ewes have sold up to 36/6; good woolled wether lambs from 17/6 to 19/6. The following is a range of prices:— Fat Cattle—Extra prime heavy-weight bullocks from £l3 5/- to £l6; mediumweights from £ll 15/- to £l3 5/-; light and unfinished down to £8; extra prime heifers up to £l2 5/-; medium weights from £6 5/- to £7 15/-; liglrt and unfinished down to £4; prime heavy cows up to £lO 10/-; medium weights from £5 10/- to £7; good vealers from 30/- to £2 15/-. Store Cattle. —Three and four-year-old steers are worth from £8 5/- to £10; 24-year-old steers from £5 10/- to £7 15/-; 18-month-old steers up to £5 7/6; yearling heifers from 25/- to 37/6; empty 24-year-old heifers up to £3; 3-year-olds and upwards to £5; empty cows from £3 to £5 5/-; boners down to £l. Fat Sheep—Extra prime heavy’-weight wethers up to 35/6; good butchers’ wethers from 28/- to 31/-; lighter sorts down to 26/-; prime heavy ewes up to 22/-; medium quality from 16/6 to 19/6; inferior sorts down to 15/-. LOCAL CURRENT PRICES. —Wholesale. — Eggs, 2/3. Bacon, 1/34. Pollard, £lO 5/- per ton. Butter, factory 1/7J, farm 1/1, separa tor 1/3. Bran, £9 5/-. Flour, £l9. Oatmeal £3l 10/- to £35. —Retail.— Eggs, 2/9. Bacon, 1/7. Pollard, 12/6 per 100. Butter, factory 1/9 nett cash, 1/10 booked; farm, 1/3; separator, 1/6. Bran, 11/6 per 100. Flour.—2s’a, 6/-; 50’s, 11/9; 100’s, 23/-; 200’s, 44/-. Oatmeal.—solb 19/6; 251 b. 9/3; 100’s, 37/6; 200’s, 69/-; loose s}d lb. Cheese, 1/2; matured 1/4. Onions, 3d per lb. MARKET REPORT. The Wingatui is due to leave Auckland on Saturday next with sugar and general cargo for this district. Rice is causing a deal of anxiety owing to rumours abroad of a drop in price. Buyers need not hesitate to place their orders as the latest information to hand points to a sharp rise. Ground rice has already advanced 20/per ton. Canterbury onions are a little easier in price. The production of sago -and tapioca is falling off, consequently higher prices may be expected. BALFOUR STOCK SALE. I A DULL MARKET. The monthly sale was held at Balfour yesterday, there being a small attendance of farmers. The yarding was also small, and comprised 324 sheep, 12 head of cattle, and a few small pigs. The market was particularly dull, and little business was transacted, the only sale effected being of full and failing ewes at 22/3, cull ewes at 7/-, and weaners at up to 20/-. All the cattle were passed in. The following are the sales:— Wright, Stephenson and Co., Ltd.—ls cull ewes 7/-, 6 pigs 20/-, 1 do. 12/-. Passed in: 40 wether lambs 16/-, 88 do. 18/-, 36 fat lambs 24/-. Southland Farmers’ Co-operative Association, Ltd.—64 f. and f. ewes 22/3. Passed in: 81 wether lambs no bid, 4 steers £3 15/-, 5 heifers no bid. National Mortgage and Agency Co., Ltd. —Offered and passed, three heifer factory calves at £3. LONDON MARKETS. The New Zealand Loan and Mercantile Agency Company, Limited, report having received the following cablegram from their London office, dated June 16:— Butter.—New Zealand choicest 176/- per cwt. Exceptionally choice 178/- per cwt. Market slow. Australian 174 per cwt; Danish 175/- per cwt. Market weak. Cheese.—9s/- to 96/- per cwt. Market firm. NEW ZEALAND FROZEN MEAT. Lamb: 9Jd per lb. (Average). Mutton:* 6-}d to 5Ad per lb (wether and maiden ewe, light); 4§d (ewe, light), and 4|d (ewe, heavy). Fair demand. TALLOW SALES. Messrs Dalgety and Company, limited, Report having received the following advice from their head office, London, under date of the 16th instant:— Tallow: Eight hundred and seventy-one casks offered and 174 sold. Prices are unchanged. SHIPMENTS OF MEAT FROM SOUTH AMERICA. The New Zealand Meat Producers’ Board has received a cable from its representative at Buenos Aires, South America, advising the following shipments to the United Kingdom for the fortnight ended Junk 10, 1926, from Argentine and Uruguay:— Quarters chilled beef 125,182 Quarters frozen beef 2,941 Carcases frozen mutton .. .. 12,276 Carcases frozen lamb 35,259 The quantity shipped to the Continent of Europe during the same period totalled:— Quarters chilled beef 2,200 Quarters frozen beef 93,463 Carcases frozen mutton .. .. 2,425 THE SHAREMARKET. (Per United Press Association.) . Auckland, June 17. Sales on ’Change: Commercial Bank of Australia 31/-; Bank of New South Wales £45 7/6; Bank of New Zealand 65/-, 65/3; Sanford Ltd. 21/9; Taranaki Oil 12/l(k; Alburnia 5/5, 5/4; Kawarau 7/6, 7/5, 7/3, 7/2, 7/1; Ohinemuri 5/9, 5/10, 5/10, 6/-, 6/-. Christchurch, June 17. Sales reported: Standard Insurance 60/-; Hume Pipe 16/10; Henry Jones Co-op. 46/6

Sales on ’Change: Bank of Australasia £l4 3/6 (2 parcels); E.S. and A. Bank £8; Bank of New Zealand (cum. div.) 65/- (2); New Zealand Refrigerating (cont.) 8/3; Westport Goal 36/9; Henry Jones Co-op. 46/6. D'unedin, June 17. Sales on ’Change: Bank of New Zealand 64/9 (two) ; Kawarau 7/5. Sales reported: Standard Insurance 60/6; Bank of New Zealand 64/9; Bank of Western Australia 57/6. PROPERTY PURCHASE. Wellington, June 17. The Standard Insurance Company has purchased a section in Featherstone street, Wellington, adjoining Dalgety and Company’s premises for approximately £3OO per foot. It is understood that the company proposes erecting a handsome building on the site. NATIONAL BANK. DIVIDEND DECLARED. Wellington, June 15. The National Bank has been advised from London that the directors recommend a final dividend of 12 per cent, per annum for the half year ended March 31 last, and a bonus of two per cent., both tax free. These are the same as last year’s dividend and bonus. WHEAT CARGOES. (Rec. 5.5 p.m.) London, June 16. W’heat cargoes and parcels firmed by 6d to 9d on the report of the French import duty being suspended.—A. and N.Z.

MAIL NOTICES (Supplied by Chief Post Office). NORTH MAILS Mails (letters only) for Dunediu, Cnnstchurch, North Island, etc., are now closed on Tuesdays, Thursdays and Saturdays at 10.45 a.m. for despatch by express goods train. SATURDAY, JUNE 19. Mails for Australia, South Africa and the East close at C.P.O. on Saturday, June 19, at 6.15 a.m., for despatch by R.M.S. Niagara from Auckland. MONDAY, JUNE 21. Mails for Great Britain, Ireland, Continent of Europe, Canada, United States of America, Mexico, West Indies (via San Francisco), also Cook Islands and Tahiti, close at C.P.O. on Monday, June 21, at 6.15 a.m., for despatch by R.M.S. Tahiti from Wellington. Mail due London about July 20. TUESDAY, JUNE 22. Mails for Norfolk Island close at C.P.O. on Tuesday, June 22, at 6.15 a.m., for despatch by s«s. Hinemoa from Auckland. Mails for Great Britain, Ireland and Continent of Europe (specially addressed correspondence only), also Argentine, via Monte Video, close at C.P.O. on Tuesday, June 22, at 6.15 a.m., for despatch by s.s. Port Napier from Wellington. MONDAY, JUNE 28. Mails for Great Britain, Ireland and Continent of Europe (specially addressed correspondence only), also Pitcairn Island, Cristobal (Panama Canal), Central America, British, French and Dutch Guiana, Venezuela, Republic of Columbia, Peru and Ecuador close at C.P.O. on Monday, June 28, at 6.15 a.m. for despatch by s.s. Ruapehu from Wellington. W BROADBENT, Ak t: ag-Chief Postmaster.