COMMERCIAL

Southland Times, Issue 20771, 11 May 1929, Page 3

COMMERCIAL

| CANTERBURY MARKETS. TRADE QUIET. | Christchurch, May 10. | Trade has continued to be quiet in pro- | duce. If, however, the Australian embargo | on New Zealand potatoes should be lifted, | a more healthy tone should be introduced. | At present there is not much trade doing in this line. The Wingatui which sailed | earlier in the week for Auckland, took some 1600 sacks from Lyttelton, having i on board another 350 sacks which were shipped at Timaru. The previous boat S sailed about a week ago and the next j one is expected to get away about Wednesday or Thursday. It is stated that the I Auckland consumption is between 6000 and = 7000 sacks weekly, according to the price of the potatoes, so that it will be neces- ? sary for the northern centre to draw on their own local potatoes meanwhile to the extent of some 4000 sacks. Very little wheat is changing hands at present. What has been sold has shown an easier tendency. Tuscan being quoted at 5/7 to 5/8 per bushel, and Hunters 5/9 to 5/10 on trucks, at country stations. Chaff is quoted at £5 10/- f.0.b., s.i., which is equal to £3 10/- to farmers on trucks at country stations. Algerian oats, machine dressed and clipped, are quoted at from 3/9 to 3/10 per bushel. Partridge peas are not wanted. The figure for them is 5/7 f.0.b., s.i., for No. 1 quality. The autumn trade in seeds is finished and a quiet time is expected until July or August when spring sowing should result in a revival of business. DUNEDIN MARKETS. Dunedin, May 10. The wheat market remains unchanged. Millers are not operating to any extent and are only buying suitable odd lots at 3 the ruling rates. Tuscan is worth 5/9 to 5/10 on trucks, country sidings, sacks extra, Hunters 6/-, and Velvet 6/6. The “pool” is holding out for higher prices than those quoted. It is understood, however, that a little business is going through with “pool” wheat at current ruling rates. The fowl wheat market shows slight weakness. There is only a small demand from the North Island and the general quotation at Lyttelton is 5/- f.o.b. Timaru merchants are asking 5/- and 5/OJ f.0.b., for prompt shipment and 5/81, also for May-June delivery. There is no response however to the last-named quotation. So far as the local fowl wheat market is concerned, there is plenty available with 5/10 obtainable for the best quality. The oat market continues quiet. 'Millers are still buying heavy Gartons at round about 3/2 on trucks, but otherwise there are not many transactions to be recorded. There is nevertheless a slightly firmer feeling in shipping values, which may be stated as 3/6 f.0.b.. s.i., for ordinary A's and 3/3 for B’s, Otago ports. These prices are equivalent to about 3/- and 2/10, sacks extra, on trucks, country sidings. There is little change in the chaff- market as the consumptive demand continues poor. Best oaten sheaf is worth up to £5 10/- per ton, ex truck, Dunedin. In-, ferior quality is very hard to place. Reports received from Australia during the week state that there is little chance of the embargo on the importation of New Zealand potatoes being removed. The ! local market, however, is not so susceptI ible to shipping values and no change is to be recorded in values. Good quality is worth £5 10/- per ton,, sacks in. Blighted tubers are very hard to quit. There is nothing of special moment to report in the seed market with the exception that further export business has been recorded in Chewing’s fescue. The latest shipment, of bananas ex the Maui Pomare reached Dunedin by rail I from Lyttelton. The shipment came in three separate lots. The first arrived last Saturday and this was in excellent order, but the two other lots which arrived on Monday were in poor condition. These had to be offered at auction and they sold down to 4/■ per case. There was a set price of 21/- for the sound fruit. A shipment of Island oranges reached the market yesterday ex the Waipiata. Their condition could have been better and most of the fruit will have to be repacked. Peaches have now practically finished for the season. The season has been a good one for the growers. Pears have been in heavy supply. Supplies however are now easing off from the Nelson district. N.Z. LOAN AND MERCANTILE AGENCY COMPANY, LIMITED. DIVIDENDS DECLARED. Wellington, May 10. The New Zealand Loan and Mercantile Agency Company, Limited, has received cabled advice from its head office in London that interim dividends have been declared at the rate of 24 per cent, on 5 per cent, cumulative preference stock; 3} per cent, on 61 per cent, and 3 per cent, on ordinary stock, all less English income tax. The dividends are payable on June 29.

LONDON MARKETS. London, May 9 Beet Sugar.—June 8/14. Blitter. —Steady. Danish 168/-; choicesi salted, New Zealand 165/-; Australian 160/, to 162/-; unsalted 2/- premium. Cheese.—Slow. New Zealand, white 85/to 86/-, coloured 88/-; Australian, white 84/-, coloured 85/-. Wool. —At the sales 7635 bales were offered, of which 463 were from New Zea land. There was a medium selection ol greasy Merinos and a small offering ol greasy crossbreds. The good tone was maintained and prices were unchanged New Zealand clips realized:—St. Helens. 194 d and 17Id; Kea, 18d and 164 d; Ara. I7d and 16d. Bradford is flat, prices tending easier. Tops—64’s 42d, 60s 384 d, 56’s 32d, 50’s 27d, 46’s 23d, 40’s 22d. Sheepskins.—Two thousand five hundred were offered. About 70 per cent, were sold. There was fair competition. Merinos declined 5 per cent, compared with March 21; fine crossbreds, both Australian and New Zealand, 5 per cent.; coarse, 24 to 5 per cent.—Australian Press Association. Messrs Dalgety and Company, Limited, report having received the following market cable from their head office, Ixmdon, under date May 9, 1929:— Dairy Produce Market. Butter.—Market steady’, but quiet. Danish 166/- to 168/-; New Zealand finest salted 166/- to 168/-; Australian finest unsalted 162/- to 164/-, Australian finest salted 160/- to 162/-; Australian general average quality, 152/- to 156/-. Cheese. —Market very dull. Australian white 84/- to 85/-, coloured 86/- to 87/-; New Zealand white 85/- to 86/-, coloured 87/- to 88/-; Canadian white 106/- to 110/-, coloured 104/- to 108/-. Frozen Meat Market. Mutton and lambs market weak. Beef, no stocks. Quotations unchanged.

WHEAT CARGOES. (Rec. 5.5 p.m.) London, May 9. With the Argentine and most Continental centres on holiday, wheat cargoes are quiet and quotations 3d higher, buyers awaiting American bureau report. Parcels are held for an advance of 3d to 6d and trading is quiet. Spot trade is dull. Australian ex ship 44/6. Flour is easier on heavy arrivals. Australian,' ex store 33/6. Oats are weak. Australian Algerians 24/6, 26/-; A Gartons 38/-, 29/-. Peas: BluSs are neglected. Tasmanian 360/-, 380/-; New Zealand 340/-, 360/-. Maples are more active. Tasmanian 72/6, 75/-; New Zealand 58/-, 60/-. New Zealand beans are quiet at 50/-, 52/6.—Australian Press Association—United Service.

AUSTRALIAN MARKETS. Melbourne, May 10. Wheat. —1/6, 4/74. Flour—£lo 15/-, £ll. Bran. —£6 10/-. Pollard. —£7. Oats.—3/2, 3/4. Barley.—England 4/-, 4/3. Maize.—s/5, 5/6.—Australian Press As- , sociation. STOCK EXCHANGE. 1 YESTERDAY’S QUOTATIONS. At yesterday’s meeting of the Invercargill Stock Exchange, the following quotations were made: ■ — A.B.C. Bank: b 36/-. Bank of Australasia: s £l4 16/-. Commercial Bank: b 30/-, s 30/4. , E.S. and A. Bank: s£B 12/-. National Bank of New Zealand: b £7 1/-, s £7 3/9. Bank of New South Wales: b £5l 10/-, 1 s £52 2/6. Bank of New Zealand: b 61/6, s 62/3. Union Bank of Australia: b £l5 10/-, s £l5 12/-. v National Bank of Australia: b £l9 14/6, s £l9 17/6 (cont.) s £9 17/6. Westport Coal Co.: b 32/6, s 33/-. Westport Stocktop Coal Co.: (8 per cent, non-cum. pref.), b 4/-. Grey Valley Colleries: s 24/-. National Insurance: b 16/8. New Zealand Insurance: b 46/6, s 47/-. South British Insurance: b 63/9. Standard Insurance: b 64/6. Dalgety and Co.: b £l5 13/-. Goldsbrough, Mort and Co.: b 53/-, s 53/9. National Mortgage: s 86/-. New Zealand River Plate: b 30/-. Perpetual Trustees (Dunedin): b 64/6. Trustees' Executors (Dunedin): b 59/6. Wright, Stephenson and Company (ord.) b 27/-, s 29/-; (pref.), b 18/-. Gear Meat Preserving Co.: s 43/6. New Zealand Refrigerating Meat Co.: (20/- paid), b 16/-, (10/- paid), b 7/6, s 7/10. Southland Frozen Meat Co: (£1 ord.), b 36/-; (10/- ord.) b 18/-; (£1 pref.), b 36/-. Kildare Mining Co.: b 3/9. Winding Creek Goldmining Co.: s 1/1. Mt. Lyall Mining Co.: b 44/6. Howard Smith Shipping Co.: (ord.), b 24/-. Huddart-Parker Shipping Co.: (ord.), s 45/6. Bruce Woollen Mills: s 11/6. Kaiapoi Woollen Mills: (ord.), b 14/-; (pref.), b-15/-. Mosgiel Woollen Mills: b £7 11/-. Australian Iron and Steel: b 20/9. British Tobacco: b 47/6, s 48/-. Colonial Sugar Co.: b £5B 15/-. D.I.C. (ord.), b 10/9 premium; (pref.) b 20/9. Dominion Rubber Co.: b 29/-. McLeod Bros’ Soap: b £3O. Milburn Lime and Cement: s 40/-. New Zealand Breweries, Ltd.: (shares), b 63/6, s 64/6; (stock), s 27/-. New Zealand Drug: b 74/6. New Zealand Farmers’ Fertilizers: b 22/9. New Zealand Guarantee Corporation: s 9/-. New Zealand Milk Products: s 23/-. New Zealand Paper Mills: b 19/-, s 20/-. New Zealand Sugar of Milk: s 23/-. WiLson’s (N.Z.) Portland Cement. b 41/6. Dominion Investments: b 24/-. Inscribed Stock (1938), 41 per cent, (free of income tax) : b £99 15/-. War Bonds (1938), 41 per cent, (free of income tax), b £99 15/-. Inscribed Stock (1939), 41 per cent, (free of income tax) : b £99 15/-. War Bonds (1939) : 41 per cent, (free of income tax): b £99 15/-. Soldier Settlement Loan Bonds (1933), 51 per cent, (not free of income tax): b £lOl. Eclipse Petrol: b 16/9. Sales were reported of Winding Creek Gold Mniing Co. at lid, D.I.C. (pref.), at 20/9, N.Z. Breweries, Ltd. (shares), at 64/- (200 reported), and Inscribed Stock (1938), 41 per cent., free of income tax, at £99 15/-. THE SHAREMARKET. YESTERDAY’S TRANSACTIONS. (Per United Press Association.) Auckland, May 10. Sales on ’Change: Auckland Harbour Board Debentures (1940) 51 £101; Inscribed Stock (1933) 51 per cent. £99 12/6; Inscribed Stock (1933) 5J per cent. £lOl 5/-; National Bank of Australasia £l9 15/6; Bank of New Zealand 62/-, 62/9; South British Insurance 63/6; Goldsbrough Mort 53/-: Pukemiro Collieries 60/-, 59/6; Taupiri Coal 27/-; Auckland Gas 24/5, 24/5; Kemthorne Prossers 75/-; Ohinemuri 7/11. Wellington, May 10. Sales reported: New Zealand Insurance 46/7; Kauri Timber 18/,U; Commercial Bank 20/2. Dunedin, May 10. Sale on ’Change: Kildare 3/7. Sales reported: Kildare 3/7 (four). Christchurch, May 10. Sales on 'Change: National Bank of Aus- ■ tralasia (£5 paid cum. div.) £9 16/6 (2 ' parcels) ; New Zealand Refrigerating (£1 paid) 16/6; New Zealand Breweries 64/3; Electrolytic Zinc (pref.) 37/- (2 parcels). ' Sales reported: Commercial Bank of 1 Australia 30/2; New Zealand Insurance 46/9; Canterbury Frozen Meat (pref.) £5 ! 2/-; Auckland Gas 24/5; New Zealand - Breweries (late sale yesterday) 64/3, 64/3 1 (2 parcels) ; Staples Brewery (late sale ' yesterday) 46/-; Electrolytic Zinc (pref.) 1 37/-; New Zealand Drug Co. 75/-.