COMMERCIAL

Southland Times, Issue 20617, 16 October 1928, Page 2

COMMERCIAL

LONDON MARKETS. The New Zealand Meat Producers’ Board has received the following cable from its London Office, dated October 12, 1928, advising Smithfield delivered prices averaged for week ending that date as follows : (Prices for the previous week are also, shown). (Per lb.) 12/10/28.5/10/28.

Lamb market is still depressed by heavy supplies Home killed. Mutton market also continues weak for the same reason. Beef Market: Heavy supplies Argentine chilled beef depressing market. New Zealand Porkers Pigs: Warm weather and heavy supplies Home killed affecting demand. New Zealand Baconer Pigs: Nominal prices. Messrs W. Weddel and Co., Ltd., report that the following are the top London quotations for the past two weeks:— Sept. 29. Oct. 6. Danish butter 196/- 196/N.Z. unsalted 196/- 196/N.Z. salted 184/- 184/Market quiet. N.Z. Cheese, white .... 114/- 113/N.Z. Cheese, coloured .. 112/- 111/Market quiet. Butter: Quotations in London for New Zealand salted butter have remained steady throughout the past five weeks, but the tone of the market has changed from firm to quiet. Owing to a dry and warm autumn and consequent falling off of supplies in Continental countries, there has been more demand for Danish with a resultant sharp rise to 200/- in London, but a subsequent reaction has reduced the quotations to 196/-. Australian—Kangaroo brand—both salted and unsalted have fallen rapidly notwithstanding the rise in Danish and the waterside strike in Australia. October shipment butters of this brand are now offering cd.f.e. at 1.54/- for salted and 166/- for unsalted. This, combined with the September gradings in New Zealand, which are appended and show an increase in butterfat production of 17.47 per cent, have had their immediate effect on the New Zealand butter market and forward selling has almost entirely ceased for the time being. Cabling this week, Messrs W. Weddel and Co., Ltd., refer to the position as follows: “Colonial butter market featureless. Drop in Australian quotations for October shipment to 154/- c.i.f. causing spot buyers operate only for their immediate requirements. Market appears more likely to decline than advance.” Cheese: Market continued steady and firm until the end of September, when the increased production in New Zealand, together with lower quotations from Canada somewhat weakened the market with a drop of 1/- per cwt. London advise that a further fall in prices may be expected during the present month, but that they hold a good opinion of the future and conider that prices should follow much the game course as last year, when the end of the season production benefited the higher rates ruling. Grading figures are as follows: Tons. Butter graded in September .. .. 5968 Butter graded August-September .. 8820 Cheese graded in September .. .. 4407 Cheese graded August-September .. Butter stocks on September 30 ~ 2868 Cheese stocks on September 30 .. 3450 Messrs Dalgety and Company, Limited, report having received the following advice from their head office, London, under date of October 11. London Frozen Meat Market.—New Zealand lamb market, weaker, demand poor. New Zealand mutton market weaker, demand limited. New Zealand beef market unchanged, demand limited. New Zealand prime lamb, 281 b to 361 b Canterbury North Island lOd; 361 b to 421 b Canterbury lOJd; North Island 9Jd; second quality Canterbury 9gd; North Island 9gd; 421 b to 501 b Canterbury 9|d; North Island 9§d. New Zealand prime mutton, 481 b to 561 b Canterbury 7|d; North Island 7d; 561 b to 641 b Canterbury 7d; North Island 6£d; 641 b to 721 b Canterbury 6id; North Island 64d. New Zealand prime ewe 481 b to 641 b Canterbury 54d; North Island s|d. New Zealand prime ox beef, hinds s|d; fores 4d.

Argentine chilled beef, hinds 54d; foree 4d. English and Dutch Pork, 801 b to 1201 b 9d. New Zealand Porkers, 801 b to 1001 b 7sd; 1001 b to 1201 b 7d. - London Dairy Produce Market.—Butter, market quiet. We quote Danish 192/- to 196/-; New Zealand finest salted 178/- to--184/-; Australian finest unsalted 186/- to 188/-; Australian finest salted 166/- to 172/-; Australian general average quality 160/- to 164/-. Imports into the United Kingdom for month of September, 1928, amounted to 327,000cwt5, as compared with 462,000cwts for the corresponding period of last year. Cheese: Market slow. We quote: Australian white and coloured 107/- to 108/-; New Zealand white and coloured 109/- to 110/-; Canadian, white 109/- to 112/-, coloured 109/- to 110/-; Canadian c.i.f. 105/-. Messrs Dalgety and Company, Limited, report having received the following advice from their head office, London, under date of the 10th instant:— Dairy Produce Market: To-day’s quotation New Zealand Cheese 109/- to 110/-. 'London Tallow Sales.—At the tallow sales this week 661 casks were offered, of which 397 were sold. Most descriptions 6d higher. DAIRY PRODUCE. The National Mortgage and Agency Co., Ltd., report having received the following cable from Messrs A. J. Mills and Co., Ltd., London: — Butter: Market quiet. New Zealand finest 180/- to 182/-; New Zealand first grade 176/- to 178/-; Danish 194/- to 196/-; Irish 170/- to 172/-. Cheese: Market quiet. New Zealand white 109/- to 110/-; New Zealand coloured 108/- to 109/-; Canadian white 109/to 110/-; Canadian coloured 108/- to 109/-; Canadian selling September make at 105/to 106/- c.i.f. The above prices are equivalent to:— New Zealand butter 1/5 to 1/5$ f.o.b. New Zealand cheese lOd to 10-.}d f.o.b. BUTTER AND CHEESE. Messrs Henderson and Co., Ltd., report having received the following cable advice from their London principals, Messrs Lovell and Christmas, Ltd., under date 9th instant :—Since last report butter and cheese markets approximately two shillings lower and both slow. STOCK EXCHANGE. YESTERDAY’S QUOTATIONS. At a meeting of the Invercargill Stock Exchange yesterday, the following prices were quoted:— Bank of Australasia, b £l4 14/-. Bank of New South Wales, b £5l 10/-. Bank of New Zealand, b 61/3. Union Bank of Australia, b £l5 6/-; s £l5 8/-. Commercial Bank, b 30/-; s 30/5. E.S. and A. Bank, s £8 18/-. National Bank of New Zealand, b £7 3/-; b £7 6/6. Westport Coal Co., s 31/-. Westport-Stockton (ord.), b 53/9. National Insurance, s 16/6. Standard Insurance, b 65/-. South British Insurance, b 62/6. Dalgety and Co., b £l5 1/-. National Mortgage, b 84/-. Perpetual Trustees (Dunedin), b 63/-. Goldsbrough, Mort and Co., s 51/3.. Wright, Stephenson and Co. (pref.), b 15/9; (ord.), s 25/-. New Zealand Refrigerating Meat Co. (20/-), s 19/6; (10/- paid), s 9/6. Southland Frozen Meat Co. (£1 ord.), b 36/-; (10/- ord.), b 18/-; (£1 pref.), b 36/-. Huddart Parker Co. (ord.), s 48/-. P. and O. S.N, Co. (def. stock), b £250. Kaiapoi Woollen Mills (pref.), b 14/-; (ord.), b 12/9. Mosgiel Wollen Mills, b £7 6/-. Bruce Woollen Mills, b 15/-. Colonial Sugar Co., b £62 10/-. WiSson’s (N.Z.), Portland CemenJt, b 39/-. D.I.C. (ord.), b 10/- premium. Dominion Rubber Co., s 27/6. Milburn Lime and Cement, s 36/-. New Zealand Drug, b 69/-. New Zealand Breweries, Ltd. (shares), s 55/-, (stock), b 24/-. New Zealand Farmers’ Fertilizers, b 85/-; 6 87/6. Dominion Investments, b 23/6. Donaghy’s Rope and Twine, b 33/-. New Zealand Guarantee Corporation, b 8/8 War Bonds (1930), b £99. Inscribed Stock (1939), b £99. Soldier Settlement Loan Bonds (1933), 54 per cent., b £lOl. Inscribed Stock (1938), b £99. War Bonds (1938), b £99. War Bonds (1939), b £99. Sales were reported of Southland Frozen Meat Co. (£1 ord.), at 37/-; (10/- ord.), at 18/6 and £1 ord.) at 37/-’. THE SHAREMARKET. YESTERDAY’S TRANSACTIONS. Auckland, October 15. Sales on ’Change: Union Bank of Australia £l5 7/6; New Zealand Insurance 45/3; Auckland Gas 23/1; Wilson’s Cement 39/3. Wellnigton, October 15. Sales reported: 54 per cent. Stock (1933) two parcels £lOl 5/-; Kauri Timber 19/-; British Tobacco 43/9. Sales on ’Change: National Insurance 16/3; Bank of New Zealand 61/3. Christchurch, October 15. Sales on ’Change:—Union Bank of Australia £l5 6/6 (2 parcels) ; New Zealand Refrigerating (10/- pd.) 8/7;. New Zealand Breweries 54/3; Ward’s Brewery 43/-; British Tobacco 43/9, 43/10 (6 parcels) ; Mahakipawa 1/8 (6 parcels), 1/7 (3 parcels), 1/6 (10 parcels), 1/5 (3 parcels), 1/6 (2 parcels). Sales Reported:—E. S. and Bank £8 17/-; Union Bank of Australia £l5 7/6, £l5 7/-; Wilsons Cement 39/3. Dunedin, October 15. Sales reported: New Zealand Breweries (shares) 54/6; National Bank of Australasia (cont.) £9 13/-.

d. d. N.Z. Wethers and Maidens; Can terbury quality, selected brands 56lb and under 7} 78 571b to 641b 7 74 651b to 721b .. .. .. 6£ 6i Other brands— 561b and' under .. 7 7| 571b to 641b 7J 7 651b to 721b 6? 6} N.Z. Ewes— 641b and under 54 5? N.Z. Lambs; Canterbury quality361b and. under 101 101 371b to 421b .. .. 0| 101 431b to 501b 93 at Seconds .. .. .. .. .. .. 91 98 Selected brands— 361b and under 104 104 Other brands, first quality— 361b and under 91 10 371b to 421b 9-J 10 Second quality, 30/32 aver. 9} 98 N.Z. Beef— Ox fores 4 4 Ox hinds .. .. .. .. .... 51 Cow fores 34 3 J Cow hinds 5 Argentine Chilled Beef— Ox fores 4 JOx hinds 64 6$ Frozen Pork— Porkers 60/801bs 74 7A 81/991bs 71 71 100/1201b 71 74 Baconers— 121/lSOlb 71 7A