COMMERCIAL

Southland Times, Issue 21430, 26 June 1931, Page 2

COMMERCIAL

FINANCE AND TRADE-

LOCAL MARKETS Times Office, Friday morning. Grain and Produce. Oats.—The demand at present is on the quiet side, and buying for milling has practically ceased. Value to farmers runs out at from 2/- to 2/1 per bushel for A grades and 1/10 for B’s. Shipping business is practically stagnant. Chaff. —Although chaff values are on the low side there is a fair amount offering and local merchants are now carrying stocks which appear to be more than ample for requirements. It is somewhat difficult to get good samples. Some are discoloured while others contain a large percentage of thistle and other impurities, and consequently are difficult to sell. Merchants’ selling prices have been reduced in conformity with the lower prices to farmers.

Potatoes.—Although in the Western District the potato crops have been disappointing to growers, there seems to be plentiful supplies in Southland and quite sufficient to carry Southland merchants through the season without outside help. But with' the abundance of crops offering in Canterbury there should be no possibility of supplies running short. The demand is very small as most householders have their own supplies still to use up, and merchants are not keen to buy. Prices run from £3 to £3 10/- per ton, according to variety and quality. Wheat. —The quality of the fowl wheat offerings is very inferior to those of last season. Most of the grain is shrivelled and light, and of inferior feeding value. The price remains the same as last week, namely, from 4/- to 4/4 per bushel, the latter price being for specially good samples. Ryegrass.—Owing to the serious position regarding exchange between New Zealand and Australia, this now amounting to close on 20 per cent, on the f.o.b. value of goods shipped,' it is impossible to do business at the moment and unless the position is immediately grappled with Australian business will be lost altogether for the season. Merchants would welcome the assistance of farmers’ unions and others in making representations to tho banks and the Government in this respect. As far as undressed ryegrass is concerned, there is very little offering and quotations are purely nominal. Prices remain at from 2/- to 2/6 per bushel, according to purity and weight. Hemp.—This market is very dull, prices being seriously affected by the exchange position. This imposes a restriction of over £3 per ton and is a serious bar to business with the result that Australian manufacturers are turning their attention to manilla from the Philippine Islands and sisal from Java and East Africa. Although fhre is a premium of exchange when drawing on London, the price in London is so low it is impossible to do business at present, the equivalent price for fair grade being about £l3 10/- per ton, on trucks, which is as low as hemp has ever been for the past 30 or 40 years. Reproduction in New Zealand is now almost negligible. During May,. 1931, only 280 tons were graded in New Zealand, or about one quarter pf the amount graded for the previous year.

GENERAL MERCHANDISE. Current Prices. Wholesale. Eggs, 1/4. Bacon, 10jd. Pollard, £6 15/-. Butter, factory 1/2; separator Bd. Bran, £6 5/-. Flour, £l7 15/- to £l9 10/-. Oatmeal, £2l 10/- to £24. Retail. Eggs, 1/8. Bacon, 1/1. Pollard, 9/6 per 1001 b. Butter, factory 1/4. Bran, 9/- per 100. Flour, 2o’s 6/-; oO’s 11/9; 100’a 2J/9; 200’s 39/6. Oatmeal, 25’s 7/-; 50’s 13/6. Onions, 61b 1/- for Victorians, 71b 1/(or Canterbury. Distributors' Ltd. Prices. Flour: 200’s £l7 15/-; 100’s £lB 15/-; 50’s £l9; 25’s £l9 10/-. Bran: 150’s and 200’s £6; 100's £6 5/-, Pollard: 150's and 200’s £6 10/-; 100 i £6 15/-. CITY STOCK EXCHANGE. YESTERDAY’S TRANSACTIONS. SALES IN KING SOLOMONS. At yesterday’s call-over of the City Stock Exchange the following prices were quoted: Commercial Bank: b 14/-, s 14/6. National Bank of New Zealand: s £4 19/-. Bank of New South Wales: b £24 10/-. Bank of New Zealand: s 47/-; long "D” issue: b 25/-. Union Bank of Australasia: b £7 9/-. New Zealand Breweries (shares): b 32/6. Westport Coal: s 24/3. Westport 8 per cent, non-cum pref.: s 3/3. National Insurance: b 12/9, s 13/6. New Zealand Insurance: s 41/9. Dalgety and Company: b £5 17/6. Goldsbrough, Mort and Company: b 19/6, s 21/-. Trustees’ Executors (Dunedin): b 59/-. Gear Meat Preserving (20/-): b 25/-. New Zealand Refrigerating (20/- paid): s 11/6; (10/- paid): b 3/6, s 3/9. Southland Frozen Meat (£1 ord.): b 32/6; (10/- ord.): b 16/3; (£1 pref.): b 32/6. South Otago Freezing Company: s 80/-. Kildare Mining: b lOd, s 1/-. Mahakipawa: b 7d, s 9d. Mount Lyell: b 18/-, s 19/-. Okarito: b 9/-, s 9/6. Waihi Gold Mining: b 15/-. King Solomon: b 3/3, s 3/5. Cornish Point: b 7d, s B<l. Kaiapoi Woollen Mills (ord.): b 7/-. Mosgiel Woollen Mills: b £6 8/-. British Tobacco (Australian): b 23/3. D.I.C. (pref.): b 19/6. Dominion Rubber Company: s 12/6. McLeod Bros.’ Soap: b £l9 10/-. Milburn Lime and Cement: s 30/6. New Zealand Drug: b 49/3. New Zealand Farmers’ Fertilizers: b 13/-. , New Zealand Milk Products: b 20/-. New Zealand Paper Mills: s 18/-. Otago Daily Times: s 51/-. Wilson’s (N.Z.) Portland Cement: b 35/3. Inscribed Stock, 1398, 4} per cent, (free of income tax): b £9B. War Bonds, 1938, 41 per cent, (free of income tax): b £9B. Inscribed Stock, 1938, 4} per cent, (free of income tax): b £9B. War Bonds, 1939, 4| per cent, (free of income tax): b £9B. Government Bonds, 54 per cent., 1933: b £99. Government Stock, 5$ per cent., 1933: b £99. Sales Reported. Sales were reported of King Solomons at 3/3 (10), King Solomon’s (delivery two months) at 3/4 (3), and (delivery three months) at 3/4 (1). NORTHERN EXCHANGES. Auckland, June 25. Sales on ’Change: Bank of New South Wales £24 17/6; New Zealand Insurance 40/3; South British 50/6; King Solomon 3/4, 3/5, late sale Wednesday 3/3; Waihi Grand Junction 3/4.

Christchurch, June 25. Sales on ’Change: Commercial Bank of Australia 14/5 (2) j National Bank £4 15/-; Bank of New Zealand 46/6 (3); Mt. Lyell (cum. div.) 17/11, 17/10 (2); Cornish Point 7id; King Solomon 3/6 (3), 3/7, 3/64 (2), 3/7, 3/64; Mahakipawa 8d; Karito 9/2; Golden Point (104 d paid), 1/7. Sales reported: U.S. and A. Bank £3 10/-; Bank of New South Wales £24 17/6; Bank of New Zealand 46/6 (3); New Zealand Insurance 40/-; Canterbury Frozen Meat Co. (pref.) £6 2/6; National Bank £4 15/6 (3). . T o . Dunedin, June 2a. Sales on ’Change: Okarito (10), 9/2. Sales reported: King' Solomon (two), 3/64, 3/5; E.S. and A. Bank £3 19/-. H.M. ARCADE AND THEATRE CO. Wellington, June 25. The secretary of the Stock Exchange Association has been advised that H.M. Arcade and Theatre Company, Auckland, will on July 1, pay an interim dividend of 3i per cent, on preference shares and 5 per cent, on ordinary shares. NATIONAL BANK OF NEW ZEALAND. DIVIDEND OF 8 PER CENT. London, Juno 24. The National Bank of New Zealand has declared a final dividend of 8 per cent, tax free.' TOTAL DIVIDEND FOR YEAR. Wellington, June 25. The general-manager of the National Bank explains that the dividend will be payable in New Zealand at any branch at the current rate of exchange for demand drafts on London on date of negotiation. As an interim dividend at the rate of two per cent, per annum, free of tax, was paid in January, the total dividend for the year is 10 per cent. Payment of the final dividend at the current rate of exchange will give shareholders in New Zealand £lO 6/9 for the year. PRICE OF GOLD. London, June 24. Gold is quoted at 84/11 per oz. APPLES AND PEARS. NEW ZEALAND SHIPMENTS. (United Press Assn.—By Telegraph—Copyright.) London, June 24. The Somerset’s and Port Hobart’s New Zealand apples realized: Jonathons, Delicious and Cleopatras 11/- to 14/-; Scarlets 11/- to 12/-; Stunners 10/- to 11/6; New Zealand pears, bundles Winter Nelis 13/to 15/-; trays, Comice 7/- to 10/-; halfcase Winter Coles 6/-. AUSTRALIAN STOCKS FIRM. London, June 24. The Stock Exchange opened quietly and strongly on France’s approval of the moratorium. Australians are firm all round and several of the States’ stocks were marked up from four to five points. SYDNEY GRAIN QUOTATIONS. (Rec. 7.45 p.m.) Sydney, June 25. Wheat: Ex trucks, Sydney 2/31; country stations 1/81. Flour: £lO 10/-. Pollard: £3 15/-. Bran: £3 5/-. Potatoes: Tasmanian to £6; Victorian £5. Onions: Victorian £5 to £5 10/-. Oats: White 2/6; Algerian 2/3. Maize: 3/9. DAIRY PRODUCE PRICES. The South Island Dairy Association, Limited, report having received the following market report from the New Zealand Produce Association, Limited, London:— Butter: Quiet. 108/- to 110/-j Danish 115/- to 116/-. Cheese: Quiet. White 52/- to 54/-, coloured 55/- to 57/-. The New Zealand Loan and Mercantile Agency Co. report having received the following cablegram from their London house under date 25th instant:— Butter: New Zealand choicest salted 108/- to 110/-. Very slow. Contribute to European supplies. Cheese: White 53/-, coloured 56/-. Slow. EMPIRE BUTTER. SUCCESSFUL CAMPAIGN IN LANCASHIRE. INCREASE RECORDED.' Excellent results have been obtained by a campaign in Lancashire, England, to encourage the sale of. Empire butter, according to a statement made by the Prime Minister, Rt. Hon. G. W. Forbes (states the Dominion). Following the fall in the prices of dairy produce in December last, and the critical state in which the industry found itself, the Empire Marketing Board agreed, after consultation with representatives of the Australian and New Zealand dairy produce boards, that some immediate action was imperative, and six men were appointed to canvass wholesalers and retailers in Lancashire.

“An office was opened in Manchester on January 12, and an organizer was appointed with a staff of five canvassers," said Mr Forbes. “Before any approach was made to the retail trade, the organizer personally approached the importers and the principal wholesalers in Liverpool and Manchester, whose co-opera(ion was essential to success. Four months ago Empire butters were obtainable in Liverpool and Manchester from five importers and a few of the larger wholesalers. “To-day the board’s officers are not aware of a wholesaler in these cities who is not handling them. The canvassers have been engaged upon calling on every retail grocer in Manchester, Stockport, Wigan, Warrington, Polton, Oldham, Bury, Ghorley, Blackburn, Preston and Rochdale. “After it has been ascertained that local supplies of Empire butters are available, the campaign has been supported by suitable Press advertising in the trade papers and the local Press. The appearance of the advertisements has been as nearly as possible coincident with the visits of the canvassers.

“Canvassers are instructed to make a note of retailers who at the time of their visits are already selling Empire butters, and of those who undertake to do so as soon as practicable. As opportunity offers, and usually after an interval of not less than three weeks from the first visit, a second visit is paid to ascertain to what extent the promises to stock Empire butters have been fulfilled.” In a table showing the results of the campaign, the Prime Minister showed that in Manchester 57 per cent, of the shops were found to be stocking Empire butter on the first visit, and on the second visit it was found that 84.4 per cent, were selling this commodity. Comparative results in other centres were as follow: —Stockport, 42.4 per cent, and 72.3 per cent.; Wigan, 48.7 and 81; Warrington, 40.2 and 79; Chorley, 47.5 and 72.