COMMERCIAL

Southland Times, Issue 20664, 20 April 1929, Page 2

COMMERCIAL

LOCAL MARKETS

GRAIN AND PRODUCE.

Oats.—The market in regard to Southland oats is in rather a peculiar position at present, prices to farmers being greatly in excess of f.0.b., s.i., value further north, especially for A grade oats. The general value for A grade oats f.0.b., is stated to be about 3/54 per bushel, and for B grade 3/2 per bushel. The equivalent to these prices, on trucks here, would be about 2/8 per bushel, on trucks, country stations, for A grade, and 2/5 for B grade. Values to farmers, however, are about 3/- per bushel for A grade and 2/6 for B grade. Exceptionally heavy lines of A’s might command from Id to 2d more. Wheat.—Occasional lines are offering, value to farmers being about 5/9 per bushel for milling Tuscan, and up to about 6/3 per bushel for Velvet. Chaff. —New season’s chaff is now offering freely, but its feeding value is considerably behind that of old season's chaff, supplies of which are rather limited just now. Up to £5 per ton has been paid for old season’s chaff, but for new value to farmers is £4 5/-'per ton, on trucks, country stations, for prime quality lines. Ryegrass.—This market continues firm. The stocks held by merchants are probably lighter than for some seasons past, but on the other hand the demand is now restricted owing to top-dressing. Value to farmers runs from 3/B.to 4/8 per bushel, the price varying according to quality and bushel weight. Potatoes. —These are now offering more freely. The price to farmers runs from £4 to £4 10/- per ton, according to quality and variety.. King Edwards, Sutton’s Supreme' and Up-to-Dated are most in demand. Arran' Chiefs and Gamekeepers are not so much in favour. Inquiries for seed potatoes for delivery later are now to hand, but as the merchants complained that the quality was not up to a satisfactory standdard last year the hone is expressed that farmers will pay special attention to this matter this season.

DUNEDIN MARKETS.

HIGH PRICES FOR OATS. Dunedin, April 19. The hulk of wheat to be threshed in this district has been dealt with, and the mills will shortly be pulling out of the Taieri farms further south and also in the Central Otago district. There are odd lines in stock yet to be threshed. Some of the wheat now being delivered to millers is rather mixed in quality as following on the recent heavy rains water got into the stacks. Choice Velvet is saleable on a basis of 6/6 per bushel on trucks, sacks extra, with Hunters at 6/-, and Tuscan 5/9. The prices do not show any alteration on those which have ruled for the past few weeks, and lipcs of best quality have to be stored in the meantime, awaiting a favourable opportunity to place them. The quantity of fowl wheat coming on the market is increasing. To-day's value is 5/10 per bushel, sacks extra, ex store, Dunedin.

The oat market is difficult to follow’ in that there is very little demand from the North Island, and yet high prices continue to be paid. In the country millers have been operating in heavy oats, and 3/1 on trucks, country sidings, is still being paid for this quality. Broken wheat has taken its toll of oats in Otago and Southland, and this caused merchants to pay higher prices for sound lines seeing that there is now’ a possibility of a short crop. Present quotations are: 3/1 sacks extra, on trucks, for heavy oats, 3/- for ordinary A's and 2/9 for B’s. There is a fair quantity of feed oats which will not grade on offer. The value of these is 2/6 sacks extra, on trucks, country sidings.

There is no change in the chaff market. Consignments are sufficient to meet the demand which is x not very great. Good quality is worth £5 10/- per ton, sacks extra, ex truck. Medium and poor quality is hard to place. The current quotation for Blenheim and Canterbury is £5 10/f.0.b., s.i. This price is below local parity, so that, there is no possibility of shipping from this port. It Is noticeable this season that many of the lines of potatoes reaching the market are affected with blight. This makes the sales hard to effect and the demand in fact is for choice lines only, free of disease. These arc saleable at up to £5 10/- per ton, sacks included, ex store. The main crop is now being dug and as some of the lines are blighted the yields as a whole are reduced.

The market for ryegrass continues firm with little seed on offer. All farmers’ lines

are now being purchased and there is no doubt now that the crop this season is much shorter than usual. There has been a steady demand especially from Canterbury, retail merchants there not having sufficient crops to work on locally. Fruit Report. The apple market is much easier with the exception of Cox’s Orange Pippins, which have firmed in price. Large supplies of Jonathons and Delicious are coming to the marts from all districts, but unless they are of sound quality and good colour they are hard to quit. Prices for these varieties, however, are low and many growers are complaining that the returns they are receiving do not leave them much margin for profit. As the crops in Central Otago are reported to be on the light side it is hoped that values will increase in the next month or so. Cooking apples are now plentiful and prices have eased. Pears are in good supply. Large quantities have been arriving from Canterbury and Nelson, and as a consequence the values of Central Otago fruit have been affected. Tomatoes are still in good supply, but the demand is mainly for sound quality, which arc not over plentiful. sjPoor quality is slow of sale. Local hothouse have firmed in price as retailers prefer to handle these as against outside grown, there being less waste. A few lines of peaches are reaching the market, but the . quality is only medium grade. Grapes have a better inquiry. CANTERBURY MARKETS. POTATOES IN FIRM DEMAND. Christchurch, April 19Notwithstanding that the Auckland market is fully supplied with potatoes there is quite a firm demand here. This is due mainly to the' fact that a few over-sellers have had to look round to cover their operations. Farmers are offering very sparingly and their belief in the outlook for good prices is based on the fact that as digging proceeds a good deal of blight has been revealed. It would be wrong to suggest that the' trouble so far indicates a material effect on the yield, but it is enough to firm holders’ ideas. The Katoa which sails to-day, will take a cargo of about 3000 sacks for Auckland. Business has been done in ‘'prompts’ at £5 10/f.0.b., s.i., the same for May-June (Lyttelton), and £6 10/- to £6 12/6 for July-Sep-tember. Prices to farmers are £4 5/-. The recent shipment of onions from Lyttelton to Sydney is expected to arrive tomorrow. The cables state that £l3 10/was realized for New Zealand onions offered the other day as against lOgns to llgns made by the main offerings of the shipment. Victorians at the same market made £l2. which indicates that the New Zealand shipment must have been of good quality. Another shipment will be made from Lyttelton early next month, and this may be expected to be the final one. Current quotations are £4 15/- to £5 a ton, on trucks. There is not much activity in the milling wheat market and quotations remain at 5/8 on trucks for Tuscan. Fowl wheat is offering forward for May-September at 5/9 f.o.b. with no buyers. Prompt fowl wheat is worth 5/8. There is no life in the oat market. A Gartons are quoted at 3/51 for prompt and B’s 3/2 spread delivery a Id more.

The present, is an absolutely “off” season for small seeds. There is no change to record in recent quotations.

INTERIM DIVIDEND.

Messrs Dalgety and Company, Limited, advise that their board of directors, London, has declared an interim dividend of 7/- per share, being at, the rate of 14 per cent, per annum, payable on May 17.

LONDON MARKETS.

Beet Sugar: May 8/44

London, April 18.

Bradford Wool Market: There is no new business. Quotations 64's 43d; 6Q’s 401 d; 56’s 32d; 50’s 271 d; 46’s 23d; 40's 22d. Butter: Dull. Danish 162/-; choicest salted New Zealand 163/-, 164/-; Australian 158/-, 162/-; unsalted about 2/- premium.

Cheese: Slow. New Zealand white 86/-, 88/-; coloured 89/-, 90/-; Australian 86/-, 88/-. —Australian Press Association.

WHEAT CARGOES.

London, April IS.

Wheat: Cargoes unchanged. Liverpool futures: May 8/9; July 9/1; October 9/4J per cental.—Australian Press Association.

AUSTRALIAN MARKETS.

Melbourne, April 19.

Wheat: 4/8-1, 4/7. Flour: £ll, £ll 5/-. Bran: £7. Pollard: £6 10/-. Oats; 3/3. Barley: English 4/-, 4/3. Maize: 5/-.—Australian Press Association. TARANAKI OILFIELDS. VOLUNTARY LIQUIDATION. (Rec. 9.5 p.m.) Melbourne, April 19. The shareholders in Taranaki Oilfields Limited have agreed to place the company into voluntary- liquidation.—Australian Press Association. • Colonial Sugar Co.: b £6O. D.I.C. (ord.), b 10/6 premium. Dominion. Rubber Co.: s 33/-. Donagliy's Rope and Twine: b 33/3. McLeod Bros.’ Soap: b £3O. Milburn Lime and Cement: b 38/-. New Zealand Breweries, Ltd. (shares) : b 62/-, s 63/-. New Zealand Drug: b 72/6.

STOCK EXCHANGE.

YESTERDAY’S QUOTATIONS.

At yesterday’s meeting of the Invercargill Stock Exchange, the following quotations were made:— A.B.C, Bank; b 35/6. Bank of Australasia: s £l5 15/-. Commercial Bank: b 30/-. E.S. and A. Bank: b £8 16/6. National Bank of New Zealand: s £7 3/-. Bank of New South Wales: b £5l. Bank of New Zealand: b 62/-, s 62/6. Union Bank of Australia: b £l5 10/-, s £l5 12/6. Westport Coal Co.: b 32/6. Westport-Stockton Coal Co.: (ord.), s 3/-. Grey Valley Collcries: b 23/-. National Insurance: s 16/8. South British Insurance: b 66/-. New Zealand Insurance: s 47/6. Standard Insurance: b 64/-. Dalgety and Co.: s £l5 14/-. Goldsbrough Mort and Co.: b 53/3. National Mortgage: s 88/-. New Zealand and River Plate: b 32/-. Perpetual Trustees (Dunedin): b 64/6. Trustees’ Executors (Dunedin): b 59/6. Wright, Stephenson and Co.: (ord.) s 27/6; (pref.), b 17/9. Gear Meat Preserving Co.; s 43/6.

New Zealand Refrigerating Meat Co.: (20/- paid), s 16/-; (10/- paid), s 7/6. Southland Frozen Meat Co.: (£1 ord.), b 36/-; (10/- ord.), b 18/-; (£1 pref.), b 36/-. Kildare Mining Co.: b 3/1, s 3/6. Mt. Lyell Mining Co.: s 44/-. Electrolytic Zinc: (pref.), b 36/-. Howard Smith Shipping Co.: (ord.), b 24/6. Huddart Parker Shipping Co.: (ord.), s 45/6. Union Steam Ship Co.: (pref.), b 20/9. Bruce Woollen Hills: s 12/6. Kaiapoi Woollen Mills: (ord.) b 14/-; (cont.) b 4/-. Mosgiel Woollen Mills :'b £7 10/-. Wellington -Woollen Mills: (ord.), s £7 10/-. British Tobacco: s 48/3. New Zealand Farmers' Fertilizers: b 21/-. New Zealand Guarantee Corporation: b 8/8.

New Zealand Milk Products: s 23/-. New Zealand Paper Mills: b 18/-. New Zealand Sugar of Milk: s 23/6. Otago Daily Times: s 76/-. Wilson's (N.Z.) Portland Cement: b 40/9. Dominion Investments: b 24/-. Inscribed Stock (1938) 44 per cent, (free of income tax): b £99 17/6. War Bonds (1938) 44 per cent, (free of income tax) : b £99 17/6. Inscribed Stock (1939), 44 per cent, (free of income tax) : b £99 17/6. War Bonds (1939), 44 per cent, (free of income tax) : b £99 17/6. Soldier Settlement Loan Bonds (1933), 54 per cent, (not free of income tax), b £lOl 5/-. Eclipse Petrol Debentures: b 15/-.

THE SHAREMARKET.

YESTERDAY’S TRANSACTIONS.

(Per United Press Association.)

Auckland, April 19

Sales on 'Change: Inscribed stock (1933) 54 ner cent. £lOl 5/-; Inscribed Stock (1936) 54 per cent. £lOl 10/-; Bank of Australasia £l4 16/6, £l4 16/6; National Insurance 16/5; Kauri Timber 17/8, 17/8; Milne and Choyce Debenture Stock 26/-; New Zealand Farmers’ Fertilizer Company 21/9; New’ Zealand Refrigerating 15/6; Sanford Limited 18/9, (pref.) 20/3; Alburnia Mining 1/10.

Wellington, April 19.

Sales reported: 54 per cent. Stock (1936) (2 parcels) £lOl 10/-; 44 per cent. Stock (1939) £lOO 2/6; Union Bank £l5 10/-; New Zealand Refrigerating (20/- paid) 15/4; Wellington Meat Export 12/6; English, Scottish and Australian Bank £8 17/-, Bank of New Zealand 62/3; WestportStockton (ord.), 3/2; Colonial Sugar (3 parcels) £59 15/-; Mt. Lyell 43/9. Sales on 'Change: 44 per cent. Stock (1938) £lOO.

Christchurch, April 19

Sales on ’Change: Commercial Bank of Australia 30/1 (2 parcels), 30/2 (2 parcels) ; Goldsbrough Mort 53/9 (2 parcels', 53/10; New Zealand Breweries 62/6 (3 parcels); Colonial Sugar £59 10/- (2 parcels) ; Mt. Lyell 44/3 (4 parcels) ; Victoria Nyanza Sugar 44/-; Winding Creek (6d paid) 9d, 9d.

Sales reported: National Insurance 16/5; United Building Society 15/9; New Zealand Drug Co. 74/-.