COMMERCIAL

Southland Times, Issue 21580, 18 December 1931, Page 3

COMMERCIAL

FINANCE AND TRADE-

' LOCAL MARKETS

Times Office, Friday morning. Grain and Produce.

Oats.—This market is showing considerable activity. Although no grade oats are available for sale from Southland a large number of undergrades have been sold at 2/3 per bushel, sacks extra, on trukes, Invercargill and Bluff, and up to 2/9 per bushel, f.0.b., s.i. This special demand seems to have been caused through the droughty conditions in the north and many of the oats are required for feed purposes on that account. At present there are no offerings from farmers. Wheat. —A few lines of inferior wheat have been sold at up to 4/5 per bushel, f.0.b., sacks extra. Apart from this the only business is the supply to the local poultry trade. There are no offerings from farmers.

Chaff.—The demand is still dull. This market docs not appear to have been affected by the conditions as the oat market was. Practically the only demand at present is the local one which is of a very limited nature. The top price to farmers for good bright quality is £3 per ton, on trucks, country stations.

Ryegrass.—Activity in this market continues and sales of dressed seed have been made round about 4/3 per bushel, f.0.b., s.i. Most of the surplus stocks have been cleared up and it looks as if a complete clearance will be effected prior to the new season’s crop being available. Potatoes. —The market for old potatoes is just about finished now and business is confined to the supply of new potatoes to meet the local demand. This business is merely of a hand-to-mouth nature, but it is reported that consignments are coming to hand fairly freely. Fruit and Vegetables.

A large shipment of Samoan bananas arrived on a bare market during the week and realized fair prices. The condition of the fruit was good. Cherries are coming forward in large quantities. The good varieties are so medium in price that secondclass fruit is practically unsaleable. Tomatoes are arriving in large quantities daily and finding a ready market at 7d to 9d per lb, according to grade. Oranges are slow of sale and the supplies available will be sufficient to carry the market over the holidays. Lemons are firming in value. There are still considerable quantities of cool store apples available and there is no demand so far for the imported article. Strawberries are arriving daily, but are not in such plentiful supplies as last season. Good lines are realizing from 1/- to 1/2 per lb, mediums 7d to lOd and smaller and inferior much lower values.

Green pens are arriving in sufficient quantities for local requirements. The current price is lid to 3d per lb. New potatoes are earlier this season than usual and are selling at values 50 per cent, lower than in previous seasons. Lettuce are in better demand, cabbages are plentiful and cheap and cauliflowers are scarce.

GENERAL MERCHANDISE. Current Prices. Wholesale. Eggs, lid. Bacon, 11 Id. Pollard, £7 5/-. Butter, factory 1/2; separator 9d. Bran, £0 5/-. Flour, £l7 12/6 to £l9 7/6. Oatmeal, £2l 10/- to £24. Retail, Eggs 1/2. Bacon, 1/2. Pollard, 9/- per 1001 b. Butter, factory 1/4. Bran, 7/6 per 100. Flour, 25’s 6/-; 50’s 11/9; 100’s 21/9; 200’s 39/6. Oatmeal, 25’s 7/-; 50’s 13/6. Onions, 41b for 1/-. Distributors, Ltd, Distributors’ Ltd., Invercargill, advise the following prices:— Bran. —150’s and 200's, £6 per ton; 100’s £6 5/-. Pollard. —150’s and 200’s £7 per ton; 100’s £7 5/-. Wheatmeal. —£16 per ton. INVERCARGILL STOCK EXCHANGE. YESTERDAY’S QUOTATIONS. A late sale on the previous day of King Solomon at 1/11 was reported to yesterday’s call-over of the Invercargill Stock Exchange. The following prices were quoted:— Banks. Australasia: b £S 17/-. Commercial: b 16/-; s 16/6. E.S. and A. Bank: b 85/-; s 92/-. National of Australasia (cont.) : b £5. National of New Zealand: s SB/-. New South Wales: b £27 10/-. New Zealand: b 45/6; s 46/6; long “D” issue: b 25/-. Union of Australia: b £7 16/-; s £7 19/-. Breweries. New Zealand Breweries (shares) : b 28/3; s 29/6. Tooth’s Brewery: b 22/6; s 23/-. Coal. Westport Coal: b 24/6; s 25/-; 8 per cent, non-cum. pref.: s 3/-. Insurance. National: s 13/-.

New Zealand: b 40/3; s 41/-, Standard: s 44/-. Lean and Agency. Dalgety and Co.: b £7 11/-; s £8 2/6. Goldsbrough, Mort and Co.: b 23/-; s 24/3. Meat Companies. Gear Meat Co.: b 28/-. New Zealand Refrigerating (20/- paid): b 11/6, s 12/-; (10/- paid): b 4/9; s 4/11. Southland Frozen Meat (£1 ord.) : b 34/6; (10/- ord.): b 17/3; (£1 pref.): b 34/6. Mining. Cornish Point: b 2d; s sd. Electrolytic Zinc (pref.): b 19/9; s 21/-. Kildare: b 1/7; s 1/10. King Solomon: s 2/-. Mount Lyell: b 20/6; s 21/3. Mahakipawa: b 4d. Okarito: b 9/9; s 10/6. Waihi Gold Mining: b 16/-. Waihi Grand Junction: b 3/8; s 4/-, Shipping. Huddart-Parkcr: b 22/-. Woollen Mills. Mosgiel: b £6 13/-. Miscellaneous. British Tobacco (Aust.): b 26/6; s 27/6. Dominion Rubber Co.: s 10/-. Donaghy’s Rone and Twine: b 28/6. Milburn Limelind Cement : s 29/-. New Zealand Drug : s 50/-. New Zealand Paper Mills: b 18/6. Wilson’s (N.Z.) Portland Cement: s 35/6. Debentures. Government Inscribed Stock, 44 per cent., 1938: s £97. Government War Bonds, 4| per cent., 1938: s £97. Government Inscribed Stock, 44 per cent., 1939: s £97. Government War Bonds, 44 per cent., 1939; a £97,

Government Bonds, 54 per cent., 1937: b £lOO. Government Stock, 51 per cent., 1937:, b £lOO. NORTHERN EXCHANGES. . Auckland, December 17. Sales on 'Change: Government Bonds (1938) 44 per cent. £96 10/-; Stock (1933) 5, per cent. £9B 5/-; Stock (1937) 54 per cent. (2) £99 10/-; New Zealand Insurance 40/6; New Zealand Breweries 28/6; Woolworths (pref.) 24/9; Waihi 16/3, 16/2; Golden Dawn 7/-; Okarito 10/-. Wellington, December 17. Sales reported: New Zealand Government 51 per cent. Bonds (1937) £lOO (on ’change) ; 44 per cent. Stock (1938) £96 15/-. Dunedin, December 17. Sale on ’Change: Okarito 9/2. Sales reported: New Zealand Insurance 40/6 (2) ; Kildare 1/9; 54 per cent. Stock (1937) £100; 44 per cent. Otago Harbour Board (1934) £97. Christchurch, December 17. Sales on ’Change: New Zealand 5i per cent, (bonds) (1933) £99 12/6; E.S. and A. Bank £4 8/- (2); Bank of New Zealand 45/3; Goldsbrough Mort 23/- (2), 23/2; United Building Society 14/9 (2) ; New Zealand Refrigerating (£1 paid) 11/7; Golden Dawn 7/2, 7/3; Golden Point 7Ad (2). Sales reported: Commercial Bank of Australia 16/4; Bank of New Zealand 45/6; Goldsbrough Mort 23/2; Staples’ Brewery 27/-; Woolworths (N.Z.) pref. 24/9; New Zealand Government 54 per cent. Bonds (1933) £100; 54 per cent. Bonds (1937) £lOO. PRICE OF GOLD. London, December 16. The price of gold to-day is quoted at £5 19/7 per oz. DAIRY PRODUCE. Messrs Henderson and Co., Ltd., report having received the following cable dated 17th instant from their London principals, Messrs Trengrouse and Nathan, Ltd.: Butter: Finest 100/-, first 98/-. Cheese: White 58/-, coloured 57/-. No demand both markets. The South Island Dair.v Association, Ltd., has received the following market report from the New Zealand Produce Association, Limited, Londonßutter: Weak and very inactive 100/- to 103/-; Danish 133/- to 134/-. Cheese: Owing to poor demand price has further declined. White 60/-, coloured 58/-. Messrs Dalgety and Company, Limited, report having received the following market cable from Messrs Samuel Page and Son, London, under date of 16/12/31:--London Dairy Produce Market. Butter. —Market demoralized. We quote: Danish 136/- to 138/-; New Zealand finest salted 98/- to 102/-; Australian finest unsalted 104/- to 106/-; Australian finest salted 98/- to 100/-; Australian g.a.q. 92/to 96/-. Cheese.—Market demoralized. We quote: New Zealand white 57/- to 59/-, coloured 56/- to 57/-; Canadian, white 66/- to 70/-; coloured 66/- to 70/-. WHEAT CARGOES. London, December 16. Wheat.—Cargoes steady with a continued demand for Australians and Vancouvers for the Orient, but there is little change in prices. About 15,000 tons of Australian, March-April, have been sold to Shanghai and 4000 tons of zVnglo-Peruvian at 28/-. Bulk parcels are firm, but trading is limited. Manitobas are 9d to 1/- dearer. La Platas are 6d and Australians 3d. Traprainlaw 28/6. Futures: London, December 24/6, February' 24/10, June 25/9; Liverpool, December 5/24, March 5/61, May- 5/9. FOREIGN EXCHANGES. (British Official Wireless.) (Rec. 5.5 p.m.) Rugby, December 16. The following rates on foreign exchanges are current to-day, compared with par: — Par. Dec. 16.

OTAUTAU SALEYARDS COMPANY, LTD. ANNUAL MEETING. (From Our Correspondent.) The 34th annual meeting of the Otautau Saleyards Co., Ltd., was held on Friday evening, when Mr G. A. Burnett, chairman

of directors, presided. The chairman submitted the following report: During the last year business at the yards has been well maintained, and although we have been passing through a very critical slump period the returns show but a small decrease, this being mainly due to the cancelling of the ram and ewe fair. Extensive maintenance work has been carried out, and to-day the yards are in first-class condition. Very little will require to be spent in this direction during the coming season. It is proposed to level off the north-eastern corner of the yards and to erect new pens thereon. There is an ever-increasing demand for more pens, and the utilizing of this vacant corner for this purpose will overcome the constant demand. Special sales have again been held during the season, and it is becoming more evident

that the mercantile firms find the use of the yards very convenient. The coming season is expected to be a very good one, and the directors are confident that the yards will still have the full support of vendors and buyers alike. The directors recommend a dividend of 10 per cent. The retiring directors are Messrs A. Fisher and W. Buick, who are tiigible and offer themselves for re-election. The auditor, Mr John Fisher, also retires, but is eligible for re-appointment. The balanoe-sheet showed a credit balance in the receipts and expenditure of £l9O 6/3, and a credit balance in the profit and loss account of £215 10/9. In moving the adoption of the report and balance-sheet, the chairman said they had done more gravelling, made another drafting race and erected a loading bank at the yards, and these were quite an acquisition. They had spent some £7O this year in this direction. The yard dues (£175 12/5), were not quite up to the previous year, but the low prices ruling for stock had given no encouragement to vendors to bring stock to the public pen. At one of the sales 3000 sheep could not get accommodation, and he would like the opinion

of those present as to the advisability or otherwise of enlarging the yards. If this was in the affirmative they would endeavour to meet the requirements. He paid a tribute to the secretary (Mr W. J. Wesney), for the manner in which he had carried out his duties, and said the executive, yardman and other officials had also done good work. The report and balance-sheet were adopted. The retiring directors were re-elected, and in returning thanks Mr Fisher said the directors aimed at keeping the yards in good order, realizing they were a public need in the district.. The auditor, Mr John Fisher, was also re-appointed. Mr Timpany brought forward the suggestion of cutting some of the larger pens in half, stating that this would be more convenient for stock. If this had been done last year there would have been no need to turn stock away. The more accommodation the directors provided for the small man the better, and they would not have to go to a great deal of expense. The yards otherwise were quite sound. Considering the times they were going through the trend was to sell more stock in the yards and less in the paddock, and if the suggestion were carried into effect he was satisfied it would benefit both the company and the farmer, as an additional 1000 to 1500 sheep could be accommodated. The opinion was expressed that Otautau was the recognized country stock centre of Southland, and it was to the benefit of the company for the directors to improve the property. The yards were in as good condition as any in Southland. The chairman also mentioned that the yard dues were the cheapest in the province. Eventually it was decided to confer with the stock agents in connection with the subdivision on Thursday, December 17. The secretary mentioned that the company ■ was suffering a loss in revenue through rams not being penned at the larger sales, and something would have to be done. It was resolved that it be a recommendation to the directors to put an extra man on at the gate to see that yard due were paid on all rams, whether sold or not.

The chairman thanked those present for attending, and trusted they would have a successful year from every point of view. They seemed to be “round the corner,” and they would hope for better times ahead.

In proposing that Mr Burnett be reelected to the position of chairman of directors at a subsequent meeting, Mr A. H. Lindsay said he was the right man in the right place. He had done a lot of work for the saleyards, and had done it well. The chairman was empowered to engage a yardman for the February sale and onwards also an assistant yardman and a further assistant to attend to the penning of rams at the large sales.

Montreal, dol. 4.866 4.27 New York, dol. 4.866 3.44J Paris, fr. 124.21 875 Brussels, bclga 35.00 24| Geneva, fr. 25.22 171 Amsterdam, fl. 12.10 85 Milan, lire 92.46 67} Berlin, r.m. 20.43 145Stockholm, kr. 18.159 18 Oslo, kr. 18.159 181 Copenhagen, kr. 18.159 18 J Vienna, sch 34.585 29 Prague, kr. 24.02 116 Helsingsfors, mark 129.23 245 Madrid, pes. 25.225 40J Lisbon, escu 4i 109} . Athens, dr. 375.00 265 Bucharest, lei 25.225 580 Rio de Janeiro, mil. 5.889d 4 5-16 Buenos Aires, dol. 47.57d 40J Montevideo, dol. 47.57d 311 Bombay, rupee 18d 18 9-64d Shankhai, tael — 234 Hong Kong, dol. 17 5-16d Yokohama, yen 24.58d 30d