COMMERCIAL

Southland Times, Issue 21650, 11 March 1932, Page 2

COMMERCIAL

FINANCE AND TRADE-

LOCAL MARKETS. Times Office, Friday morning. Grain and Produce. Oats.—This market at present is very fair apparently due to lack of spot supplies. There are numerous inquiries for grade oats spread over next season, but local merchants are not over-anxious io sell. It is a little difficult at this stage to indicate prices to farmers for the incoming crops, but merchants’ ideas generally run to about 2/4 per bushel for A grade with B grade twopence less per bushel and good Duns up to 2/6 per bushel, .in all cases on trucks, country sidings. Wheat. —Occasional lines are now offering, milling quality being worth on a basis of 4/84 per bushel f.0.b., equal to 4/4 and 4/5 on trucks, country sidings. Lines not suitable for milling are saleable only at a reduction on this price. ' Chaff.—There are still offerings to farmers for old season’s chaff. The demand has not been nearly so keen for chaff up to the present as it has been for oats and very little, if any, shipping business is being done. Prices to farmers run to about'£3 per ton, on trucks, country sidings, for good bright, quality. Grass Seed. —Farmers’ offerings are slow but this was anticipated as' it was felt that (here would not be the quantity available this season as has been the case during the past year or two. Offerings to farmers range from 3/- to 3/9 per bushel, on trucks, country sidings, according to quality and weight. For occasional lines showing exceptional purity and weight slightly higher than these prices have been given. Italian is also in demand at 3/3 per bushel, on trucks country sidings. Potatoes.—Business at present is confined to the supply of local requirements and is of a hand-to-mouth nature. It will probably be not until next month that the digging of the main crop will be commenced. Fruit and Vegetables. Apples are now arriving freely and in large quantities, the varieties being Jonathon, Delicious, Cox’s Orange, Gravenstein, Worcester Pearmain and cooking. Bon Chretien pears are easing off while Duchess and other dessert varieties are on the increase as are also cooking kinds. Nectarines and peaches arc in shorter supply. Consignments of plums are decreasing in quantities. Apricots are finished. Tomatoes are plentiful from Otago Central and Canterbury districts. A few Australian oranges are still available and there, are fair supplies of American. Californian lemons are also on the market. A small consignment of Tongan and Suva bananas arrived this week and sold at reasonable rates. Passion fruit are due this week from the North Island. Vegetables are still in very heavy supply with little demand for most of the lines offering. Potatoes are arriving in large quantities. Following is a range of prices for the week: Oranges, Victorian 18/- to 22/6, American 35/- to 42/6; lemons 55/- to 62/6; apples, dessert 6/- to 8/-, according to variety; cooking 3/G to 5/-; pears, boxes 1/6 to 3/-; dumps 4/- to 6/-; plums, crated 3d per lb; boxes, dessert 2/6 to 3/9; cookers 1/6 to 2/-; peaches, crated 4.}d; boxes 2/9 to 4/-; nectarines, crated 2Jd to 34d; boxes, 3d to 4d. Vegetables: Cucumbers 3/6 to 4/6 per dozen; cauliflower and cabbage, nominal, 1/- to 1/6 per dozen; green peas Id to lid per lb; carrots 2/6 to 3/6 per sugar bag; vegetable marrows 8/- to 10/- per cwt; pumpkins 10/- to 12/- per cwt.

CURRENT PRICES. Wholesale. Egm 1/3. Bacon, lOd. Pollard, £7 15/-. Butter, factory, 1/1; separator 9d. Bran, £6 5/-. Flour, £l4 12/- to £l6 7/-. Oatmeal, £2l 10/- to £24. Retail. Eggs, 1/6. Bacon, 1/-. Pollard, 9/6 per 1001 b. Butter, factory 1/3. Bran, 8/- per 100. Flour, 25’s 5/-; 50’s 9/6; 100’s 18/6; 200’s 34/6. OaUaeal, 25’s 7/-; 50’s 13/6. Onions, 71b 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—lso’s and 200’s £7 10/- per ton ; 100’s £7 15/-. Wheat Meal.—2s’s £l5 7/- per ton. Stock Market. Entries at the country sales are now becoming larger, tho chief entry being store lambs for which there has been a fair demand, and several lines of sound-mouth ewes have also been offered. Competition as yet is not very keen for surplus ewes, but. from now onwards there will be an improved demand. At Lorneville sale, which was held on Tuesday last under perfect weather conditions, there were increased entries in all sections. Hie yarding of fat. cattle, taken all over, was an improvement on that of the previous week, and consisted of some very prime medium weight bullocks, a fewpens of heavy weights, with the balance being made up of good quality cows and heifers. A few local graziers and a northern buyer assisted the sale greatly, with a result .that prices although still very low remained firm at last week’s rates. In the fat sheep section there was an exceptionally large entry comprised chiefly of good quality ewes, there being only a few pens of wethers offering. Competition was very keen, freezing buyers operating freely, with a result that prices improved on .those ruling at the previous week’s sale. Fat iambs of which there were some good quality sorts forward also met with a keen sale, and prices for these improved considerably. An improvement in prices was also noticeable in the store cattle sale, when there were some yearlings, 2-year-old and 3-year-old steers offered, the balance of the yarding comprising empty cows, and a few dairy heifers. Good rape lambs comprised tho major proportion of the store sheep entry, the remainder being made up of 2-tooth, 4, 6 and 8-tooth and sound-mouth ewes. The demand for both rape lambs and ewes was good, and, as a result, quite good sales were effected. The following is a range of prices:— Fat. Cattle: Prime heavy-weight bullocks £8 to £9 5/-; good quality sorts £6 10/- to £7 10/-; medium weights £5 5/- to £6 5/-; lighter and unfinished sorts down to £4 2/6; prime heavy cows £5 5/- to £6 a/-; medium weights £4 to £5; inferior sorts, down to £2; prime heifers £5 10/- to £6 10/-; medium weights £4 to £5; light weights down to £3 10/-; medium quality vealers £1 to 25/-, with younger sorts down to 12/6. Fat Sheep: Prime heavy butchers’ ewes 9/6 to 10/6; lighter sorts 8/- to 9/-; extra good quality freezing ewes 6/6 to 7/6; medium quality 5/6 to 6/6'; prime heavy butchers’ wethera 16/- to 17/-; medium weights 13/6 to 15/-; good freezing wethers 11/6 to 12/6, with lighter sorts down to 16/-; prime heavy butchers’ lambs 16/6 to 17/6; heavy freezing weights 15/to 16/3; good quality medium weights 13/6 . to 14/6; with lighter sorts down to 11/-. Store Cattle: Good 3-year-old bullocks; £4 to £5; 2:year-olds up to £2 10/-; yearling steers up to 25/-; 2-year-old heifers (factory calvers) £2 10/-; empty cows 10/to 25/-. '• Store- Sheep: Good rape lambs 9/- to

10/- medium sorts 7/- to 8/-, with cull lambs from 3/6 to 5/-; good sound-mouth ewes 9/- to 10/2; 2,4, 6 and 8-tooth ewes 10/-; medium 2-tooth ewes 12/- to 13/6; good 2-th wethers 9/- to' 11/-, with smaller sorts down to 8/-; aged ewes 3/- to 4/-; with culls down to 1/4. SHEEP SALE. "WANTVVOOD” SURPLUS STOCK. FIRST ANNUAL DISPERSAL. In previous years it has Been the custom of Messrs McLeod Bros., of the “Wantwood” Station, to dispose of their surplus sheep privately, but this year they decided to institute an annual sale. The first sale Was conducted by Messrs Wright, Stephenson and Co., Ltd., acting in conjunction with Dalgety and Co., Ltd., on Wednesday afternoon and attracted a large attendance, including several buyers from North Otago. Tlie offering comprised some 9830 sheep, the bulk of which were lambs. These met with fairly keen competition, the fact that they came off hard country and shift well no doubt influencing the_ demand. Lambs in forward condition realized up to 10/9, store wether lambs 6/- and culls 4/2. Ewe lambs brought from 5/5 to 7/5 for medium quality. Ewes changed from 5/5 for average sorts up to 7/5 for sound-mouth ewes. The sale was excellently arranged and conducted, adequate facilities being made for intending buyers to inspect the sheep before purchasing. Sales were:—64o m.s. cull lambs at 3/7; 3053 wether lambs at 6/-; 100 ewe lambs at 7/5; 120 do. at 7/1; 600 do. at 6/11; 1000 do. at. 7/1; 549 do. at 5/5; 200 s.m. ewes at 6/3; 1600 do. at 6/1; 300, wether limbs at 4/2; 201 do. at 4/-; 100 do. at 3/11; 295 do. at 3/8; 486 s.m. ewes at 7/9; 690 wether lambs at 10/9; 74 2,4, 6 and 8-tooth ewes at 5/4. CITY STOCK EXCHANGE.

YESTERDAY’S QUOTATIONS. Late sales on Wednesday reported to yesterday morning’s call-over on the City Stock Exchange were of Bank of New South Wales at £25 2/6 and New Zealand Refrigerating (cont.) at 3/6. The following prices were quoted:—• Banks. Commercial: b 13/9, s 14/-. National of New Zealand: s 70/-. New Zealand: b 42/-, s 43/-. Union of Australia: s £7. Breweries. New Zealand Breweries (shares): s 24 / -; (stock) : b 20/G. Tooth’s Brewery: b 21/6. Coal. Westport Coal: S 20/6. Westport 8 per cent., non-cum. pref.: s 3/-. Insurance. New Zealand: s 37/6. South British: b 47/6. Standard: b 37/6, s 41/3. Loan and Agency. Wright, Stephenson and Company (pref.): s 15/-. Moat Companies. New Zealand Refrigerating (20/- paid) : b 9/5, s 10/-; (10/- paid): b 3/4, s 3/7. Southland Frozen Meat (£1 ord.): b 37/-; (10/- ord.): b 18/6; (£1 pref.): b 37/-. Mining. Electrolytic Zinc (ord.): s 13/-; (pref.): s 19/-. Kildare: b 1/5, s 1/7. King Solomon: s 1/7. Mount Lyell: b 19/-, s 20/-. Okarito: b 9/2, s 9/5. Waihi Grand Junction: b 3/4. Golden Terrace: s 6/-. Shipping. P. and O. S.N. Company (def. stock): b 22/6. Woollen Mills. Kaiapoi (ord.): s 7/-. Miscellaneous. British Tobacco (Aust.): b 25/-, s 26/3. D.I.C. (pref.) : b 19/9. Milbum Lime and Cement: s 28/6. New Zealand Drug: b 46/-. Otago Daily Times: s 46/-. Debentures. Government Inscribed Stock, 41 per cent. 1938: s £94. Government War Bonds, 44 per cent., 1938: s £94. Government Inscribed Stock, 41 per cent. 1939: s £94. Government War Bonds, 44 per cent., 1939: s £94. Government Bonds, 5} per cent., 1937: b £&5. Government Stock, 51 per cent., 1937: s £9B. NORTHERN EXCHANGES. Auckland, March 10. Sales on ’Change: Inscribed Stock (1937) 5} per cent. £97 12/6, £97 15/-; Auckland Electric Power Board (1945) 51 per cent. £97 10/-; Bank of New South Wales £23 17/6: New Zealand £2 2/6, (2); New Zealand Guarantee Corporation (ord.) 4/-; New Zealand Breweries £1 2/6; Thames Theatre 7/6; Waihi 16/1. Wellington, March 10. Sales reported: Goldsbrough Mort and Co. £1.2/- (late Wednesday); New Zealand Government 4J per cent. Bonds (1939) £92 10/-. Christchurch, March 10. Sales on ’Change: E.S. and A Bank £4 2/6 (2); Bank of New South Wales £25 (2); Bank of New Zealand 42/6; New Zealand Refrigerating (10/- paid) 3/7; Golden Dawn 6/10 (3) ; King Solomon 1/4; Mahakipawa 2id (3); Okarito 9/24 (2).

PRICE OF GOLD. FURTHER REDUCTION. London, March 9. Following a further improvement in the New York exchange to 3744 cents, the price of gold has been fixed at £5 10/5 per ounce. THE TIN MARKET, INTERNATIONAL POOL’S HOLDING. STATEMENT BY CHAIRMAN. (British Official Wireless.) Rugby, March 9. In view of the erroneous reports in regard to tin held by the International Tin Pool, the chairman of the Committee of Control states that no part of the pool’s holding has been, or will be, realized otherwise than in accordance with the sliding scale of prices approved by the Government’s statutory international rin quota agreement. The first release, amounting to 5 per cent, of the pool’s holding, will be made only if and when the average price of spot tin on the London Metal Exchange has exceeded £165 per ton during a completed calendar month. METAL PRICES DECLINE. (Rec. 9.0 p.m.) London, March 9. Industrial metals showed a sharp decline. Quotations: — Copper: Standard, spot £32 18/9; forward £33 6/3. Electrolytic: Spot £37; forward £3B. Wire Bars: £3B. ,

Lead: Spot £l2 12/6; forward £l3 */9. Spelter: Spot £l2 15/-; forward £l3 3/9. Tin: Spot £130; forward £l3l 12/4 Silver: Standard 174 d; fine 18Jd. JSSUE OVERSUBSCRIBED. London, March 9. .The Metropolitan Railway issue of £2,000,000 5 per cent, debentures closed within half an* hour and was largely oversubscribed. LONDON MARKETS. The Department of Agriculture has received the following cablegram, dated sth instant, from the High Commissioner for New Zealand, London: Tallow: Quiet demand at auction. A total of 1012 casks offered of which 184 sold with no material change in values. Present spot quotations are: Mutton, fine 25/6 to 26/-; dark to dull 21/6 to 22/6. Gut, etc., 19/- to 22/-. Others unchanged. Hemp: Market easier under freer offers. “K” grade for March/May shipment sold down to £lB 2/6. Sisal.—Market quiet and easier. Closing value No. 1 fair average quality for March/May shipment £l5. New Zealand.—Market continues dull, and unchanged with no first-hand sales reported. Mr G. Blaxall reports having received the following advice from Messrs Lovell and Christmas, Ltd., London, dated March 8, 1932:—Butter. —111/- to 112/-. CheeseColoured 63/-, white 62/-. Both markets firm. COMMONWEALTH BANK. NOTE ISSUE UNALTERED. Sydney, March 10. The'Commonwealth Bank return shows the note issue at £51,553,000, the same as a week ago. Gold holdings also are unchanged at £10,500,000. Deposits have increased £1,568,000 to £71,263,000. Money in London is up £1,453,000 to £19,309,000. Government securities remain at £28,518,000 and discounts on advances are stationary at £7,445,000. The ratio of cash to deposits is 10.26. AMERICAN WHEAT REPORTS. Washington, March 9. The Department of Agriculture has estimated that wheat still held on farms on March 1 amounts to 207,323,000 bushels representing 23.2 per cent of last year s crop. DAIRY PRODUCE. Messrs Henderson and Co., Ltd., have received the following cable dated 10th instant from their London principals, Messrs Trcngrouse and Nathan, Ltd.: — Butter: 110/- to 111/-. Cheese: White 61/-. coloured 62/-. Both markets quiet. The New Zealand Loan Co. advise having received the following cable from Londonßutter: 111/- to 112/-; cheese 61/to 62/'. Markets quiet. The South Island Dairy Association, Ltd., report having received the following market report from the New Zealand Produce Association, Ltd., London:—Butter: Steady. 110/- to 112/-; Danish 130/- to 132/-. Cheese: Steady. White 61/- to 62/-, coloured 62/- to 63/-. SYDNEY WOOL SALES. MARKET UNCHANGED. (Rec. 9.0 p.m.) Sydney, March 10. At the wool sales the offerings totalled 10,214 bales of which 8296 were sold, also 1346 which were disposed of privately. The market generally was unchanged, crossbreds meeting with a strong demand. Greasy Merino made to 20d. AUSTRALIAN STOCK EXCHANGES. COMMONWEALTH BONDS HARDEN. (Rec. 9.0 p.m.) Sydney, March 10. On the Stock Exchange tho sharp rise in sterling was responsible for activity in Commonwealth Bonds, most issues of which hardened. Quotations: —Four per cents. 1938, £94 13/9; 4 per cents. 1941, £93; 4 per cents. 1947, £92 2/6; 4 per cents. 1951/55, £9O 15/-; 4 per cents., 1951/53, £9O 12/6; 4 per cents. 1951/57, £9l 5/-; 4 per cents. 1951/59, £92; 4 per cents. 1951/61, £92 5/-. Other sales: South British Insurance, 58/3; Queensland Insurance, 45/-; Bank of New South Wales, £29 5/-; National Bank (£5 paid, Melbourne register) 110/-; Colonial Sugars, £4l 15/-; Goldsbroughs, 24/6; Tooth’s Brewery 25/9; Tooth’s Brewery (New Zealand delivery) 25/6; Australian Glass 34/3; British Tobacco, 30/-; Broken Hill Proprietary, 15/6; North Broken Hill, 67/6; Sulpiride Corporation 10/6. Melbourne sales: E.S. and A. Bank 90/-; Goldsbroughs, 24/6; Australian Glass 34/-; Dunlop Perdriau 11/-; Herald and Weekly Times, 42/6; South Broken Hill, 46/-; North Broken Hill, 67/9. ' SYDNEY PRODUCE MARKET. (Rec. 9.0 p.m.) Sydney, March 10. Wheat: Ex trucks, Sydney 3/3; Country sations 2/7. Flour: £lO. Pollard £5 5/-. Bran: £4 10/-. Potatoes: Tasmanian £lO 10/-; Victorian £8 10/-. Onions: Victorian and New Zealand £l5. Oats: White and Algerian 2/6. Maize: 4/-. ADELAIDE QUOTATIONS. (Rec. 9.0 pun.) Adelaide, March 10. Wheat: 3/1. Flour: £7. Pollard: £5 10/-. Bran: £5 5/-. Oats: 1/9.