COMMERCIAL

Southland Times, Issue 20172, 7 May 1927, Page 2

COMMERCIAL

RIVERSDALE STOCK SALE. A DULL MARKET. (From Our Correspondent.) The entry at the Riversdale Stock Sale yesterday though fairly large, was very much below that of the previous sale. There was a fair attendance but the majority of farmers have now filled their requirements and are apparently not anxious to increase their holding. The market was dull for all classes of sheep except for rams, for which this season there has been an exceptional demand. Young rams were sold at from 5 to 9}gns. while 3-shear rams realised as much as 6jgns. Included in the yarding were one or two pens of unusually good ewe lambs, but only one lot, offered by Dalgety and Co., were sold. These brought 22/6. A line of 320 offered on account or Mr W. C. Butler, Riversdale, were passed in at 23/-. These were well-grown and well woolled sorts which a few weeks ago would probably have realised 25/-. Mr Butler’s wether lambs were also passed in, at 20/6. A line of 462 ewe lambs offered by Wright-, Stephenson and Co., on account of Mr A. J. Cameron, Wendonside, were passed without a bid. These were good sorts but contained a fair number of Border Leicesters which are not so popular as the Romneys. Guaranteed sound mouthed ewes sold at up to 25/-, but several lots of these were also passed. No two-tooth ewes were on offer. Old ewes realised from 10/- to 12/- but were only medium sorts. The top price for rams was 9{gns., this price being paid by W. J. Hargest, Mandeville, for a well-bred one-shear ram offered by J. E. Watson and Co., Ltd., on account of Mr. J. McCall. Four 3-shear rams offered on account of Mr J. Elder, Waipounamu, were purchased by Mr A. Dykes, Riversdale, at 6|gns. Sales were as follow: — New Zealand Loan and Mercantile, Co., Ltd: —88 wether lambs at 20/8; 60 f. and f.m. ewes at 10/6; 60 cull ewes passed at 2/-; 24 wether lambs at 16/8; 2 aged rams at 25/-; three aged Border Leicester rams at 20/-; 2 do passed at Ijgns; 2 one-shear Romney rams at 3ngns; one do 3gns; five aged rams at 26/-; two do at 12/-; one do 30/-; one do 7/6; one do 10/-; one 3-shear Romney ram sgns; one do 4 |gns; one 1shear do sgns; one 3-shear do 42gns. Dalgety and Co., Ltd: 211 f. and f.m. ewes passed at 8/6; 2 lambs 13/6; 21 ewe lambs 22/6. Southland Farmers’ Co-op. Association. — 50 wethers 21/-; 130 ms. lambs (small) passed at 11/3. J. E. Watson and Co., Ltd.: —99 small m.s. lambs passed at 12/9; 92 wether lambs 17/-; 60 f. and f.m. ewes 12/-; 190 guaranteed sound mouth ewes 25/-; 320 ewe lambs passed at 23/-; 11 wether lambs 12/-; 147 wether lambs passed at 13/6; 280 wether lambs passed at 20/6; one 1shear Romney ram 9]gns; 4 three-shear do 6|gns; one sound mouthed do 4 gns; one aged ram 5/-; 3 one-shear Border Leicester rams 21gns. Wright, Stephenson and Co., Ltd.—79 2, 4, 6 and 8-tooth ewes at 25/-; 462 ewe lambs passed no bid; 211 wether lambs passed no bid; 100 wethers 21/9; 41 cull wether lambs passed no bid; 89 sound and f.m. ewes passed 14/9; 141 2,4, 6 and 8tooth and f.m. ewes passed 17/-; 8 aged rams 15/-. National Mortgage and Agency Co., Ltd.—• 26 f. and f.m. ewes 10/8; 265 m.s. lambs 18/2; 143 guaranteed sound mouthed ewes passed at 22/7; 2 do 21/6. CATTLE. Dalgety and Co., Ltd.—Cow in calf £7 10/-; one fat steer and heifer £6; 5 steers £4 2/6; one spring cow £6 12/6; two calves 33/-; two cows passed £3 10/-. CANTERBURY MARKETS. OAT MARKET GLUTTED. (Per United Press Association.) Christchurch, May 6. Although the arrangement between the farmers /md millers in regard to the price of wheat has not advanced ’any further towards confirmation there is a fair amount of trading. A very substantial quantity of wheat has been purchased during the week by both millers and merchants at 5/6 a bushel on trucks for Tuscan. White oats are a little firmer, A Gartons being sold at 3/4 f.o.b. Lyttelton during the week. They are hard to get and over sellers coming into the market are making it better. However, there are other influences at work. Southland has had a very bad harvest and Canterbury growers are declined to thresh at the low values offering. The bulk of oats still being in stack and the bad autumn for feed with the probability of much more oats being needed on the farm this winter have combined to give a better tone to the market. Signs are not wanting that it may be a fairly stiff winter. B’s are quoted at 2/3 on trucks, Algerians at 2/- to 2/3 including a shipment of 5,800 sacks which was despatched from Lyttelton to Auckland the other day. No fewer than 24,000 sacks were shipped to the northern port in April. Probably another 6,000 sacks went from Timaru. This has glutted the market completely and inquiries are nil although there was some inquiry to-day for June deliveries at £4 5/- a ton f.o.b.s.i. To-day’s quotations are from £2 17/6 to £3 a ton on trucks, the latter figure being the only one leading to business. Onions are down in the pit being quoted at £2 5/- a ton on trucks. Peas are very firm and 7/6 on trucks has been paid. The seed market is still stagnant there being no demand for either clovers or ryegrass. THE SHAREMARKET. YESTERDAY’S TRANSACTIONS. Auckland, May 6. Sales: Inscribed Stock (1938) 44 per cent. £96 15/-; Australasia £l4 15/6; Abraham and Williams (pref.) 80/-; Auckland Gas 23/5; Kawarau 2/11; Waihi 18/3. Wellington, May 6. Sales on ’Change: Bank of New Zealand 60/-. Sales Reported: Goldsbrough Mortgage (2 parcels) 50/6; N.Z. Guarantee Corporation 9/-. Christchurch, May 6. Sales reported: New Zealand Government 54 per cent. Inscribed (1933) £lOl 5/-; Huddart-Parker 47/9 (2) ; Bank of New South Wales (rights) £26 7/6; P. and O. Deferred Stock £265; Stockton Coal (ord.) 1/9; (pref.) 2/6; N.Z. Drug Co. 63/-. Sales on ’Change: Inscribed Stock (1938) 44 per cent. £96 15/-;; Bank of Australasia £l4 15/6; Abraham and Williams (pref.) 80/-; Auckland Gas 23/5; Kawarau 2/11; Waihi 18/3. Dunedin, May 5. Sales on ’Change: Milburn Lime and Cement (new issue) 3/5 prem.; New Zealand Drugs (£2 paid), 63/-; New Zealand Insurance 38/3; Upper Nevis 6d prem., par sale reported; New Zealand Drugs (£2 paid) 63/-. LONDON FROZEN MEAT MARKET. Messrs Dalgety and Company, Ltd., report having received the following advice from their head office, London, under date of May s: New Zealand lamb market firmer. Demand has been checked by increased prices asked. New Zealand mutton market firm. Demand runs principally on light weights. New Zealand beef market unchanged; demand limited. New Zealand prime lamb: 28/361b Canterbury 9|d; North Island 83d; 36/421b Canterbury 9d; North Island 84d; second quality, Canterbury B|d; North Island B£d; 42/501b Canterbury B£d; North Island B|d.

New Zealand prime mutton, 48/561b, Canterbury 6 Ad; North Island 6|d; 56/641b Canterbury s£d; North Island 5Ad; 64/721b Canterbury 4jd; North Island 44d. New Zealand prime ewe, 48/641b, Canterbury 4jd; North Island 4d. Argentine Chilled Beef. Hinds sd; fores 2Jd. English and Dutch Pork: 80/1201b 12d; New Zealand baconers: 120/1701b 7 Id, 1701 b and over 6|d» New Zealand porkers, quotations nominal. LONDON WOOL SALES. Messrs Murray Roberts and Co., Ltd., are in receipt of a cable from their London Agents, dated May 4, giving quotations as under. Prices of previous series in parenthesis. 56’s yielding 60 per cent, 22 Ad (23 Ad); 50’s yielding 65 per cent, 18Ad (19Ad) ; 44/46's preparing, yielding 74 per cent. 15d (15|d); 44/46’s carding yielding 72 per cent., 14d (14|d); 40/44’s yielding 73 per cent., 14d (14Ad); 36/40’s yielding 75 per cent., 13d (13{d). UNDERWRITING FEES. PROTEST AGAINST DALGETY AND CO. Dunedin, May 6. The following motion was passed at the afternoon call on the Dunedin Stock Exchange to-day: In view of the fact that the shares of Dalgety and Co., Ltd., command a world wide market at a heavy premium the Dunedin Stock Exchange desires to record its protest against the payment by that company of an underwriting fee of one shilling per share in the absence of any reasons for this action being given in its circular to the shareholders. MELBOURNE MARKETS. Melbourne, May 6. Wheat: 5/6, 5/74. Flour: £l2 15/-, £l3. Oats: 3/11, 4/-. Barley: English 4/2, 4/3; Cape 3/8, 3/9. Potatoes: £4 13/-, £5 5/-. Onions: £3 10/-. LONDON DAIRY PRODUCE MARKET. Messrs Dalgety and Company, Ltd., report having received the following advice from their head office, London, under date of May s: Butter.—Market steady, but quiet. Danish 160/-. New Zealand finest 151/- to 152/-; finest Australian salted 151/- to 152/-; unsalted 160/- to 162/-. Cheese.—Market very firm and prices advanced to-day 5/-. New Zealand 80/- to 82/-; Canadian cheese, spot price white 90/to 94/-; coloured 90/- to 94/-. FOREIGN EXCHANGE RATES. (By Telegraph—Press Assn.—Copyright.)

(Rec. 10.15 p.m.) London May 5 The exchange rates are as follow 5 * 11 " April 28 May 5 Paris, fr to £1 .. .. 124.00 124.00 Brussels, belgas to £1 34.93 39.95 Oslo, kr to £1 18.81 18.81 Stockholm, kr to £1 18.15 11.17 Copenhagen, kr to £1 18.21 18.21 Rome, lire to £1 .. 91.12 93.12 Berlin, reichmkn to £1 20.49 20.50 Montreal, dol to £1 .. 4 15-16 4.85 New "York, dol. to £1 . 4.8 5’2 Yokohama, st to yen 23 1-6 23.5 Calcutta, st to rupee 174 Hong-Kong, st to dol 24 1-16 24.5 Amsterdam, gldr to £1 12.134 12.141 Batavia, guilder to £1 12.12 12.134 —A and N.Z. and Sun