COMMERCIAL

Southland Times, Issue 20495, 25 May 1928, Page 2

COMMERCIAL

FINANCE AND TRADE.

LOCAL MARKETS Times Office, Friday morning. GRAIN AND PRODUCE. Oats.—The market continues firm at late rates. Sales are being made by merchants, but in most cases for next month’s delivery, while sales have been made for June-July, and others till the end of September. The prices to farmers are about the same as last week, viz. 3/2 to 3/3 for A grade according to the station at which they are loaded and 3/1 for B’s. Special lines and heavy-weight lines might be worth a halfpenny or penny more. Heavy-weight Duns are worth 3/3 to 3/4, lightweight 3/1 to 3/3. Wheat.—Most of the wheat seems to have been disposed of. The value to farmers is 5/8 for Tuscan of milling quality, and up to 6/3 for Velvet. Chaff.—The market is fairly well supplied. The quality of the yield this season is in most cases really good. The value runs from £4 to £4 5/- according to quality and stations at which loaded. Ryegrass.—This market continues firm and there is every indication that most of the ryegrass held will be absorbed during the year. The bulk of the seed has now reached the merchants’ hands and steady sales are being made. The value to farmers remains at 3/4 to 3/8 for heavy-weight seed of good type and quality, 2/9 to 3/4 for lighter and inferior lines. Italian is not sought after, top price being 2/6. Crested Dogstail.—The price for crested dogstail is 7d dressed to farmers. Owing to oversupply in Britain the market for this grass is not as good as in the past season or two.

Brown Top.—Considerable quantities of this seed have been harvested this year. The present price ruling to farmers is 1/3 per lb for dressed. Potatoes.—These are offering more freely now as a good many farmers have managed to get them dry. Arran Chief are worth £4 to £4 5/- for good quality, Up-to-Date and Sutton’s Supreme to £4 10/- for good quality, and King Edward an additional 5/-. There are inquiries from the north for seed, but owing to the delay in getting the potatoes dry not much seed is offering. FRUIT AND VEGETABLES. A consignment of Fiji bananas reached the market during the week. There was a good demand and all lines sold under keen competition. Californian oranges are available. The first mandarins, pineapples and passion fruit are due next month. Lemons are in short supply, the only samples available being the first lot of Adelaides, which are green. New Zealand-grown pie-melons are plentiful. The supplies of pears have eased and values are better. Apples are still coming forward in heavy supplies, but prices remain steady. Supplies of Island oranges and bananas from Niue per the Government steamer Maui, were expected this month, but owing to the small shipment the whole line was disposed of in the North Island. This means that it will be another month before the South Island will reap the advantage of direct consignment. Cauliflowers are in good demand, but the sale for other vegetables is slow. Current prices for the week are approximately:—Apples, Delicious, 6/- to 9/- per case; Cox’s Orange to 14/-; Jonathans 5/to 8/-; cookers 4/6 to 7/-; small apples 3/- to 4/-. Pears, dessert 2Ad per lb, cookers Id to 14d; Californian oranges to 60/- per case; lemons, Californians to 60/-, Adelaides to 30/-; Fiji bananas to 40/-. i Vegetables.—Cauliflowers 5/- to 7/-; p?r dozen, carrots 7/- to 8/- per cwt; parsnips 7/- to 8/- per cwt. CURRENT PRICES. —Wholesale.—* Eggs, 2/4. Bacon, 1/1. Pollard, £lO 5/-. Butter, factory 1/6, farm lOd, separator 1/-. Bran, £7 15/-. Flour, £l7 15/- to £l9 10/-. Oatmeal, £26 to £3O. —Retail.— Eggs, 3/-. Bacon, 1/5. Pollard, 13/- per 100. Butter, factory 1/8 nett cash, 1/9 booked; farm 1/-; separator 1/3. Bran, 10/- per 100. Flour, 10/- per 100. Flour, 25’s 6/3; 50’s 12/3; 100’s 22/9; 200’s 41/6. Oatmeal, 251 b, 8/9; 501 b 17/-; 1001 b, 31/6; 2001 b 59/-; loose, 5d lb. Cheese, 1/-; matured l/4e Onions, 81bs for 1/-. Potatoes, 71b 1/-.

STOCK MARKET. The stock market has now slackened off and yardings of store stock are small. Values for all classes of sheep and cattle are very firm and some lines are selling exceptionally well. The prices being paid for fat lambs are particularly high, and the market in this quarter is very buoyant and looks like remaining high until the end of the season. Freezing prices range from 30/- to 37/6, and heavier butcher’s lambs have realized is high as 53/- at Wallacetown. These prices must be considered very satisfactory indeed, and there is no doubt that this season has been a very successful one for fat lamb breeders. Buyers are now busy dealing with the final drafts as Makarewa and Ocean Beach works close early next month, only Mat aura remaining open to deal with the last lines. Yarding of fat sheep are still very large, but the market is fairly steady and giving general satisfaction. Ewes are offering Freely and the general quality of the sheep coming forward is good. Prime heavy sorts sell readily at prices ranging from 25/- to 30/-. Medium weights also meet with a steady sale, and freezing buyers take any light lines not wanted by the butchers. Prime heavy wethers meet with a keen sale, butchers bidding briskly to secure (he primest mutton. Medium weights and lighter sorts also sell well. fat cattle market is inclined to be unsteady, but good beef meets with a ready gale. Plenty of prime cows and heifers are offering, but prime bullocks are not coming freely on to the market. During the last month a large number of bullocks have been trucked north to Otago graziers and this will probably mean that not so much ox beef as usual will be offering at Wallacetown during the coming winter and spring. Extra prime heifer beef is worth approximately 32/6 to 35/- per IOOIbs, and prime ox beef sells at much the same figure, with rougher stuff down to 30/-. Good cow beef 22/6 to 27/6 per IOOIbs. Store cattle are selling well and any lines of forward steers meet with a firm demand and ready sale, a line of 24 to 3j-year-old Herefords making £9 2/6 at the last ,Lumsden sale. There is not much demand for poor quality cattle. Fat Sheep—Prime heavy wethers 38/to 44/-; medium-weights 32/6 to 36/6; lighter sorts down to 30/-; extra heavy lambs up to 53/-; prime freezing lambs 30/- to 37/-; lighter sorts down to 27/6* prime heavy ewes up to 30/-; good butchers’ ewes 22/- to 26/-; lighter sorts down to 16/-. Fat Cattle. —Prime heavy bullocks £l4 to £l6; medium weights £lO to £l3; lighter sorts down to £8; extra prime heavy cows up to £l2; prime heavy cows £8 10/- to £9 10/-; medium weights and lighter sorts £4 to £7 10/-; extra prime heifers up to £ll 17/6; prime heifers £7 10/- to £9lighter sorts down to £5; good vealers £1 10/- to £2 15/-; runners up to £4 10/-. Store Cattle—Two-and-a-half to three-and-a-half-year-old steers up to £9 2/6

cording to quality and condition; 18month to 2-year-old steers £5 to £7; yearling steers up to £5; good empty heifers £4 10/- to £5 10/-; poorer sorts £3 to £4; empty cows £3 15/- to £4' 5/-; poorer sorts £2 to £3; boners down to 20/-. Store Sheep.—Extra good 2-tooth ewes 38/- to 41/-; good 2-tooth ewes 33/- to 36/-; f. and f.m. ewes 18/- to 23/-; poorer sorts down to 15/-; extra good Romney ewes lambs up to 31/-; smaller sorts 24/to 27/-. MARKET REPORT. Canterbury onions are swiftly advancing. Latest quotations to hand show an advance of 50/- per ton. Small quantities only are on offer, which points to much higher prices ruling during the next week. Candles experienced a slight fall during the week. Moosemeal and moosenuts have been reduced £2 per ton. Supplies are now plentiful. Pearl barley which has been fairly low in price is now considerably advanced. Split peas are now being offered at slightly lower prices. Latest advices from Colombo states the tea market is strong. Some grades have already advanced 4d per lb. Desiccated coconut which has been fairly easy has now experienced a slight advance. THE SHAREMARKET. YESTERDAY’S TRANSACTIONS. (Per United Press Association.) Auckland, May 24. Sales on ’Change: Auckland Gas (1935) per cent. £lO2 10/-; Commercial Bank of Australia 29/5; English, Scottish and Australian Bank £8 8/9; Bank of New Zealand 60/3; National Insurance 15/6; New Zealand Insurance 42/-; Hikurangi Coal (A pref.) 7/6; Pukemiro Colleries 65/3; electrolytic Mine (pref.) 32/9; KempthorneProsser New Zealand Drug 69/9; New Zealand Refrigerating (cont.) 8/5; Taranaki Oil 9/1, 9/2, 9/-; Mount Lyell 32/9, 32/9, 33/-, 33/-. Wellington, May 24. Sales reported: Bank of Australasia £l4 10/- and £l4 9/-; Wilson’s Cement 39/cum. Christchurch, May 24. Sales on ’Change: Australian Bank of Commerce 36/- (2 parcels); Commercial Bank of Australia 29/4; Bank of New Zealand 60/2; National Insurance 15/6 (2 parcels); Goldsbrough Mort 51/3 (2 parcels), 51/4 (2 parcels); Staples Brewery 36/6 (2 parcels); Tooth’s Brewery 42/8, 42/11 (3 parcels), 43/-; Electrolytic Zinc (pref.), 32/8; Mason Struthers (14/- paid) 13/- (7). Sales reported: Commercial Bank of Australia 29/5; E.S. and A. Bank £lB 8/9; National Bank of Australasia £lO paid cum. div.) £lB 8/-. Dunedin, May 24. Sales on ’Change: Mount Lyell 32/9 (2). Sales reported: New Zealand Refrigerating (cont.) 8/4 (3); National Insurance 15/6; Mount Lyell 32/9, 33/3 (2). MARKING OF CHEESE. Wellington, May 24. At a meeting of the Dairy Control Board it was reported that the board was investigating methods of imprest marking of cheese both with the letters “N.Z.” and the words “New Zealand.” It was decided that white and coloured cheese should be on separate consignment notes.

NATIONAL TIMBER COMPANY. LOSS ON YEAR’S WORKING. Wellington, May 24. The annual report of the National Timber Company records a loss on the year’s operations of £713 8/5. The directors state that the unsatisfactory result was not altogether unexpected in view of the keen competition and severe price-cutting experienced in the timber business and is not encouraging to those who have capital invested in the industry. During the year it was found necessary to put off a number of employees on account of depression. The question is now being seriously considered whether it would not be in the best interests of the shareholders to close the works altogether until better times come, so that there would be some chance of obtaining a fair return for the valuable standing timber now being cut away. WRIGHT, STEPHENSON AND COMPANY, LIMITED. ANNUAL MEETING The twenty-second annual meeting of the members of Wright, Stephenson and Company, Limited, was held at the head office of the company, 34 Customhouse Quay, Wellington, on Tuesday 22nd instant, in the presence of a large number of shareholders. Profit and loss account, including £33,464 16/- brought forward from last year, showed a credit balance of £68,608 16/6. A dividend of 7 per cent, on the ordinary shares was declared and the fixed payment to preference shareholders was adopted, leaving a balance of £34,072 19/to be carried forward. Messrs J. T. Martin and J. T. F. Mitchell, the retiring directors were re-elected. Messrs Barr, Hercus and Company, auditors, were re-appointed. LONDON TALLOW SALES. (United Press Assn.—By Telegraph—Copyright.) London, May 23. At the tallow sales 753 casks were offered and 164 sold. Prices are unchanged.—Australian Press Association. Messrs Dalgety and Company, Limited, report having received the following advice from their head office, London, under date of the 24th instant: —London Tallow Sales: At the tallow sales this week 753 casks were offered, of which 166 were sold at unchanged prices. METAL MARKET. London, May 21. Copper: Spot £63 4/si; forward £63 8/14. Electrolytic: Spot £67 5/-; forward £6B 5/-. Wire Bars: £6B 5/-. Lead: Spot £2O 3/9; forward £2O 13/9. Spelter: Spot £26; forward £25 12/6. Tin: Spot £229 11/3; forward £228 17/6. Silver: Standard 28Jd; fine 31 l-16d per ounce.—Australian Press Association. WHEAT CARGOES. London, May 21. Wheat cargoes are firm on reports of an extension of the strike in the Argentine. Quotations are 3d to 6d higher, but are inactive. Parcels are slow, being held for 3d to 6d advance. Liverpool Futures: May 10/64; July 10/9 5-8; October 11/Oi per cental. —Australian Press Association —United Service. AUSTRALIAN MARKETS. (Rec. 7.30 p.m.) Sydney, May 24. Wheat growers bagged lots at country stations 4/111; ex truck, Sydney 5/7. Flour.—The export trade is lifeless; local £l3 15/-. Bran.—£7. Pollard. —£8. Oats.—Tasmanian Algerian 4/6 to 4/9; white 4/6 to 4/10.

Maize.—Yellow 3/10; white 4/3. Potatoes.—Tasmanian £5 to £9. Onions.—Victorian £l4.—Australian Press Association. (Rec. 7.30 p.m.) Adelaide, May 23. Wheat: Growers’ lots 4/4| to 4/6. Flour.—Bakers’ lots £l4. Bran.—£6 15/-. Pollard.—£7 17/6. Oats.—3/3.—Australian Press Association. MELBOURNE HIDE MARKET. (Rec. 10.10 p.m.) Melbourne May 24. Hides are irregular. Stouts and kips are unchanged and mediums and heavies are a half-penny lower. Lights are a farthing lower.—Australian Press Association. LONDON MARKETS. The New Zealand Meat Producers’ Board has received the following cable from its London office, dated May 19, 1928, advising Smithfield delivered prices averaged for week ending that date as follows: (Prices for the previous week are also shown). (Per lb). 19/5/28.11/5/28.

The Department of Agriculture has received the following cablegram, dated the 19th instant, from the High Commissioner for New Zealand, London:— Apples: Apples ex Cornwall and Rotorua are on the market. Their condition is fairly satisfactory. The Port Hunter has commenced to discharge and the condition is very good as yet. Trade is brisker, but owing to large quantities of Australian and New Zealand prices are a little easier. Prices: Cox’s Orange 10/- to 15/- per case; Jonathan, Delicious, Dunn’s Favourite, Pearmain and Ballarat Seedling 10/- to 12/-; Cleopatra and Statesman 12/- to 14/-. Pears. —Ex Cornwall are mainly sound and backward. Fair demand. Prices: Josephine 4/- to 6/- per tray; Winter Nelis 3/- to 5/-; P. Barry, Packham, Winter Cole 3/- to 3/6. Wool.—Sales continue well attended, and competition brisk at same rates. Tallow.—No auction and market is unchanged. Hemp.—Manila market easier again during this week, but steadier at the close. “J” grade quoted May-July shipment sellers £37 15/-. Sisal market is dull and values are unchanged. New Zealand: Small business reported in Highpoints, but otherwise the market is very dull. Nominal values: Highpoints £3l; Fair £2B 5/-; Common £27 15/-, MayJuly shipments. Stocks in London on April 30—66 tons, against 53 tons at same time last year. LONDON WOOL SALES. Messrs Murray, Roberts and Co., Ltdreport having received a cable from their London Agents, dated 22nd instant, reading as under:—“Sales have closed with a good tone. Compared with closing rates of last London sales. Greasy Merino inferior, market par to 5 per cent, decline; greasy Merino, other descriptions, market shows a hardening tendency. Lambs, Merino greasy, market irregular, scoured Merino best, declined a shade. Scoured Merino, other descriptions, market firm. Crossbred greasy comeback and crossbred greasy halfbred, best descriptions, market shows no material change. Other descriptions, also crossbred greasy fine and crossbred greasy medium, declined 5 per cent. Crossbred greasy coarse and crossbred lambs greasy, market par to 5 per cent, decline. Crossbred scoured advanced a shade. Slipe crossbred lambs, market par to 5 per cent, decline. Best descriptions show the least decline. Slipe crossbred, other descriptions, market shows no change.” Messrs Murray, Roberts and Company, Limited, advise receipt of a further cable from their London agents, dated 22nd instant, giving quotations as under:— Opening of series prices in parentheses. Sixty/64’s (N.Z. Merino) yielding 48 per cent. 244 d (24d) ; 56’s yielding 60 per cent. 254 d (254 d ; 50’s yielding 65 per cent. 23d (23d); 44’s/46’s preparing yielding 74 per cent. 19d (194 d ; 44’s/46’s carding yielding 72 per cent. 19d (19d); 40’s/44’s yielding 73 per cent. 18d (18Jd) ; 36’s/40’s yielding 75 per cent. 174 d. DAIRY PRODUCE. Messrs Henderson and Co., Ltd., report that their London principals, Messrs Lovell and Christmas, Ltd., cabled them on 22nd instant as follows:—“To-day’s official quotations: Butter market firm 168/- to 172/-. Cheese market quiet, but firm 97/- to 98/-.” Messrs A. S. Paterson and Company, Limited, report having received the following cable from their principals, Messrs J. and J. Lonsdale and Company, Limited, London, dated 21st instant:— Butter.—Market quiet 168/- to 170/-. Cheese: More inquiry 96/- to 97/-.

d. d. N.Z. Wethers and Maidens; Canterbury quality; selected brands 561b and under 7.1 74 571b to 641b 6#d 64 651b to 721b 6} 6 Other brands— 561b and under 7 7 571b to 641b 64 651b to 721b N.Z. Ewes— 641b and under 5$ 51 N.Z. Lambs; Canterbury quality— 361b and under 10 10 371b to 421b 94 93 431b to 501b 8:1 Seconds 94 94 Selected brands— 361b and under 10 91 371b to 421b 94 9! Other brands, first quality— 361b and under 9i 9« 371b to 421b 9194 Second quality, 30/32 aver. 94 93 Argentine Lambs; first quality— 361b and under 8? 83 371b to 421b 7t 71 N.Z. Beef— Ox fores 31 Ox hinds 54 58 Cow fores 31 3! Cow hinds 44 44 Argentine Chilled Beef — Ox fores 44 4) Ox hinds 7 74 Argentine Frozen Beef— Ox fores 4J 44 Frozen Pork— Porkers 60lb to 801b 7| 71 811b to 991b 6? 63 1001b to 1201b 6t 61 Baconers, 1211b to 1801b 7 7 Lamb Market.—Very firm. Heavyweights meeting better inquiry. Mutton Market.—Firm with good demand. Home killed still remains scarce. Beef Market.—There is a gooc demand owing to lesser supplies of Argentine chilled beef. New Zealand Porker Pigs.—Better trade owing to colder weather. New Zealand Baconer Pigs.—Better inquiry owing to improvement in bacon prices.