COMMERCIAL

Southland Times, Issue 20174, 10 May 1927, Page 2

COMMERCIAL

INVERCARGILL STOCK EXCHANGE. YESTERDAY’S QUOTATIONS. At yesterday's meeting of the Invercargill Stock Exchange sales of Bank nf New Zealand stork at 60/3 and Invercargill Borough debentures (1931), at 6 per cent, at £lO2 were reported. The following quotations were made: — Bank of Australasia, b £l4 12/-. Commercial Bank, b 30/-; b 30/9. E.S. and A., b £8 8/-, ex div. National Bank of New Zealand, s £7 4/6. Bank of New South Wales, b £49 5/-. Union Bank of Australasia, b £l5 12/6; s £l5 15/-. West port Coal, b 35/3; s 36/3. Westport-Stockton (ord.), b 1/7; s 1/9. National Insurance, b 73/6; s 75/-. New Zealand Insurance, b 38/-; s 38/6. Standard Insurance, b 58/-. Dalgety and Co., s £l6 5/-. Goldsbrough Mort (rights), b 49/6; s 66/-. National Mortgage, b 65/-; s 67/-. Perpetual Trustees, b 61/-. Wright, Stephenson and Co., s 24/6; (pref.), b 15/6; s 17/-. Canterbury Frozen Meat Co., b £8 2/6. New Zealand Refrigerating, b 14/3; s 14/11; (10/- paid) b 6/1; s 6/8. Southland Frozen Meat (£1 ord.), s 31/6; (10/- ord.), s 15/9; (£1 pref.), s 31/6. Wilson’s New Zealand Portland Cement, b 34/3; s 35/6. Dominion Investment, b 20/6. Kawarau, b 2/6; s 2/11. Waihi, b 18/-; s 18/6. Kaiapoi Woollen Mills, b 8/6; s 10/6. Mosgiel Woollen Mills, b £6 4/6. Colonial Sugar Co., b £59. Donaghy’s Rope and Twine, b 34/6. McLeod Bros.’ Soap, b £25. Milburn Lime and Cement, b 26/3. Milk Products, b 21/-. New Zealand Paper Mills, s 24/6. War Bonds (1930), b £97. Inscribed Stock (1938), b £96 15/-. War Bonds (1938), b £97. Inscribed Stock (1939), b £96 15/-. War Bonds (1939), b £97. P.O. Bonds (1927-41), b £9B 12/6. Soldier Settlement Loan Bonds (1933), b £lOl 5/-. THE SHAREMARKET. YESTERDAY’S TRANSACTIONS. (Per United Press Association.) Auckland, May 9. Sales reported: New Zealand Breweries’ Debentures 24/-; Bank of New South Wales £47 10/-; New Zealand Insurance 38/3; South British 54/-; National Mortgage and Agency 66/6; Auckland Gas 33/5; Bartholomew Timber 20/6; New Waiotahi (cont.) 9d; Ohinemuri 4/3, 4/9. Christchurch, May 9. Sales reported: Bank of New South W’ales (ex rights) £47 10/-, £47. Sales on ’Change: Commercial Bank of Australia 30/-; South British Insurance 54/-; British Tobacco 52/9. Dunedin, May 9. Sale Reported: New Zealand Insurance 38/3. GRAIN AND PRODUCE. Messrs Dalgety and Company, Ltd (Dunedin), report as follows: — Oats.—The market is still very quiet with little business passing. A good number of samples are coming to hand, but farmers are not inclined to sell at present values and where possible are holding for better prices. The demand, however, is very limited and while this condition continues, an advance cannot be looked for. We quote: A Gartons 2/6; B Gartons 2/4 per bushel, on trucks, country stations. Wheat.—Millers are offering for any samples coming to hand, being keen buyers of Hunters and Velvet varieties. It is stated that there is a scarcity of Velvet wheat in the country this year, and this accounts for the high prices being paid for this variety. Sales of Tuscan have been made at 5/6 per bushel, Hunters to 5/10 per bushel and Velvet to 6/2 per bushel, all on trucks, country stations, sacks extra. Potatoes.—The market is still being amply supplied, although not a great quantity is coming to hand. The inquiry is small for this time of the year, although a slightly better demand was experienced last week. The demand is only local and is therefore not large. Prime lines are to-day realising from £4 to £4 5/- per ton, ex truck, sacks in. Chaff.—The quantity coming forward is small and any lines of prime quality coming to hand can be sold ex truck. No shipping is being done as, even at the low price at present in existence, local shippers cannot compete with Canterbury. The demand therefore is only local and can be easily met. We quote: Prime oaten sheaf £4 10/- to £4 15/- per ton, sacks extra. MARKET QUOTATIONS. Messrs A. H. Turnbull and Co., Ltd., report as under:— The following are the top market quotations for the past two weeks:— April 29. May 7. Danish butter 166/- 162/N.Z. unsalted .. .. .. 166/- 166/N.Z. salted 154/- 154/N.Z. cheese, white .. .. 76/- 82/N.Z. cheese, coloured .. 77/- 83/Butter.—From the above quotations, it will be seen that New Zealand has remained particularly steady throughout April, in

spite of a decline from week to week m Danish, prices dropping from 185/- to 162/-. The latest cables from London advise that the Northern Hemisphere production is now increasing and good quantities of Siberian butters of exceptionally fine quality are arriving and meeting with a good demand in the United Kingdom. During the week producers have been perturbed over the reported drop in Danish butter to 151/- f.0.b., expecting that New Zealand butter would follow. Messrs W. Weddell and Co., Ltd., cable us, however, that the weakness in Danish butter has been chiefly caused by the change in seasonal feeding, resulting in irregular quality. New Zealand quotations have not been effected and this week’s allotment has been cleared at 151/- to 154/-; market steady with a probable increase in price next week. Danish butter is already slightly firmer and is now quoted at 162/-, landed terms. The Continental market is still reported weak, owing to' increased production.

It is reported that sales of New Zealand butter in London during April aggregated 280,000 boxes, so that we estimate New Zealand stocks in London unsold at April 30, to be approximately 250,000 boxes, and that during May, June and July, arrivals will be 240,000 boxes more th/in last year. Australia: There has been a further limited demand for finest New Zealand butter for Australia and some business has been done at 1/32 f-o.b. Cheese.—There has been a good demand for cheese throughout the month but prices realised to date have been rather disappointing. To-day’s (May 7) cables, however, show an improvement to 82/-. Approximately 140,000 crates have been sold during April, which will leave in the vicinity of 90,000 crates in store in the United Kingdom unsold, at the end of the month. Arrivals for the next three months are expected to be about 1500 tons greater than for the same period last year, but provided a good demand continues, it is hoped that the bulk of our accumulations will be cleared before the Canadian arrivals reach the United Kingdom in any great quantity, quantity.

FROZEN MEAT. LATEST QUOTATIONS. Wellington, May 9. The New Zealand Meat Producers’ Board advises that the following prices were being offered for fat stock for export on May 6, 1927: Poverty Bay.—Prime woolly lambs: 361 b and under, 7d; 37/421b, second quality lambs, 6d. Hawke’s Bay.—Prime woolly lambs: 361 b and under, 8d; 37/4215, 7d. Wellington.—Prime woolly lambs: 361 b and under, 8d; 371 b to 421 b, 7d; second quality lambs, 7d. Prime wethers: 561 b and under, 5Ad; 57/641b, 4£d; 65/721b 4|d. Ewes: 561 b and under, 3|d; 57/6418, 2|d. Canterbury and North Otago.—Prime woolly lambs: 361 b and under, BAd; 37/421b 7jd; 431 b and over, 6sd; second quality lambs, 74d. South Otago.—Prime woolly lambs: 361 b and under, 8d; 371 b to 421 b, 7d; 43/5018, 6d; 501 b and over, 54d. Second quality lambs, 361 b and under, 7d; 37/421b, 6d.

GRADINGS AND SHIPMENTS IN TONS. 1927. 1926. Butter graded during April Butter graded 9 months 5,201 4,000 ending April 66,500 59,000 Butter in store N.Z. April 30 10,697 9,250 Cheese graded during April Cheese graded 9 months 6,852 6,600 ending April .. 70,500 68,400 Cheese in store N.Z. April 30 12,056 11,500