COMMERCIAL

Southland Times, Issue 21652, 14 March 1932, Page 2

COMMERCIAL

STOCK EXCHANGE. SATURDAY’S QUOTATIONS. At Saturday’s call over on the Invercargill Stock Exchange, the following prices .were quoted:— Banks. Commercial: b 13/9; s 14/-. National of New Zealand: a 66/-. New South Wales: s £25 10/-. New Zealand: b 42/1; s 42/6. Union of Australia: s £6 19/-. Breweries. New Zealand Breweries (shares): s 24/-; (stock): b 20/6. Tooth’s Brewery: b 21/6. Coal. Westport Coal: b 19/6; s 21/-, Kaitangata: b 3/- dis. Insurance. National: s 12/8. New Zealand: b 34/6; s 37/6. South British: b 47/6. Standard: s 41/6. Loan and Agency. Dalgety and Co.: b £7; s £7 10/-. Goldsbrough, Mort and Co.: b 21/-. National Mortgage (B) : s 24/-. Meat Companies. New Zealand Refrigerating (20/- paid) : b 9/4; s 10/-; (10/- paid): b 3/6; s 3/9. Soutldand Frozen Meat (£1 ord.): b 37/-; (10/- ord.): b 18/6; (£1 pref.): b 37/-. South Otago Freezing Co.: b 40/-. Mining. Electrolytic Zinc (ord.): b 13/-; (pref.): b 19/9. King Solomon: b 1/4; s 1/6. Mount Lyell: b 19/-; s 20/3. Mahakipawa: b 2d. Okarito: b 9/1; sO/3. Waihi Grand Junction: b 3/2. Golden Terrace: s 5/9. Shipping. P. & O. S.N.- (def. stock): b 23/-. Union Steam Ship. A (pref) : b 19/11. Miscellaneous. Australian Glass: b 23/6. British Tobacco (Aust.): b 25/-. D.I.C. (ord.): s 13/-; (pref.): b 19/10. Milburn Lime and Cement: s 28/-. New Zealand Drug: b 46/-. New Zealand Express Co. (pref.): s 15/6. New Zealand Farmers’ Fertilizers: b 12/-; s 13/6. New Zealand Paper Mills: s 19/1. Otago Daily Times: s 45/-. Debentures. Government War Bonds, 41 per cent., 1938: b £92 -10/-; s £93 5/-. Government Bonds, 54 per cent., 1933: s £99 5/-. Government Stock, 54 per cent,, 1933: s £99. Government Bonds, 51 per cent., 1937: b £9B 5/-. Government Stock, 54 per cent., 1937: b £9B; s £9B 2/6. Sale Reported. A sale of 41 per cent. Bonds, 1938 at £93 is reported. NORTHERN EXCHANGES. (Per United Press Association.) Auckland, March 13. Sales on ’Change: Bonds (1937), 54 per cent. £97 10/-; Inscribed Stock (1938) 41 per cent. £92 10/-; Otahuhu Borough (1961), 6 per cent. £99; Bank of New South Wales £2.5; Waihi 16/-; Mount Lyell 19/3; Okarito 9/3; Mahakipawa 3d. Wellington, March 13. Sales reported: Staples and Co. £1 2.'(late sale Friday) ; Bank of New Zealand £2 2/3 (on ’change) ; £2 2/1. Christchurch, March 13. Sales on 'Change: E.S. and A. Bank £1 1/6; Bank of New Zealand 42/4, 42/5; New Zealand Breweries 23/-; Mahakipawa Goldfields 4d (2). Sales reported: Bank of New South Wales £25; Christchurch Gas 24/6; Bank of New Zealand 42/6; New Zealand Breweries 22/9.

LOCAL MARKETS THE RIALTO. Messrs William Todd and Co., Ltd., report the following sales at the Rialto: — Pigs.—Weaners, small 9/- to 11/6, wellgrown 13/- to IS/6; stores £1 3/- to £1 9/6; boars £1 5/-, £1 13/-, £1 IS/-. Poultry.—Boo entered. Hens lOd to 1/6; heavy breeds 1/7 to 2/-; ducks 1/5 to 1/9; White Indian Runners 3/7; pullets, small 2/- to 3/5, well-grown 3/6 to 6/3; geese 2/6 to 2/10. Draught horses, £32, £33; dray £5 5/-. Cows: £6 10/-, £6 10/-. Bacon Pigs.—We are cash buyers of bacon weights 1201 b to 1501 b at 4d lb, freight paid to Invercargill. Produce. —Potatoes £4 10/- to £5, heavy supplies, slow of sale; chaff £4 to £4 10/-; clover hay £4 10/- to £4 15/-; straw £3 10/-; oats 14/-; wheat 19/6; sorrel 4/6; Moa poultry food 7/6; pollard 8/6; bran 7/-; Meat meal 12/6; Moose nuts 15/-; Moose meal 15/-; molasses 11/6; rock salt 8/-; coarse salt 8/-. Miscellaneous.—Barb-wire 25/- cwt; No. 8 galvanized 18/-; No. 9 19/-; fowl netting 10/-;'rabbit netting 17/6; sheep netting 16/-; 6-foot netting 19/6; roofing iron 2/- sheet; spouting, ridging, downpipe at cut rates. Timber, 12/- to 14/100; totara posts £6 to £7 10/- 100; stakes 25/-; droppers 11/- to 13/-; wheelbarrows 25/-; petrol drums 2/6; draught collars 42/6; horse covers 25/- to 36/-; cow covers 8/6 to 11/6; oyster shell grit 7/6 cwt; binder twine 6jd lb; honey, 101 b 6/-, 51b tins 3/6; Ceylon tea 51b taxes 12/6, 401 b chests 2/3 lb. Grass Seed. —White clover 8d to lOd lb; cowgrass lOd; timothy 8d; dogstail 6d; Akaroa cocksfoot lOd; ryegrass 3/- to 4/6 bushel; mixture—ryegrass, clover and cocksfoot 3d lb. BRAY BROS., LTD. Messrs Bray Bros., Ltd., auctioneers, Spey street, report a fair demand for fruits and vegetables during the week. Auction prices: Apples, dessert, C.0.P., Worcester, Jonathan and Ribstone 6/- to 8/6, cooking 3/6 to 6/- dump case; blackberries 34d to 5d lb; cucumbers 2/6 to 3/9 dozen for hothouse, with outdoor 2/6 to 3/6 box; grapes 6d to 1/3 lb; lemons, N.Z. to 20/-; melons (jam) to 2d lb; melons (water) 24d lb; mushrooms to 44d lb; nectarines 2d to 3d lb; oranges 22/6, 24/-; peaches (freestone) 2/6 to 4/-; pears 1/6 to 3/- box, and 3/6 to 6/- dump case; plums 2/- to 4/- box; tomatoes lid to 4d lb; cabbage and cauliflower 6d to 1/3 dozen; carrots 6d to IZdozen; marrows 7/6 cwt to Id per lb; peas lid lb; pumpkins Id to IJd lb; potatoes 5/- to 6/6 cwt; walnuts (Akaroa) 6d lb; honey,' white clover, 51b tins 3/6; cheese, matured, 5d lb. Furniture. —Showroom upstairs; two rooms completely furnished for £2O, and three rooms for £3O. Terms arranged. Bedsteads with mattress complete from 55/-. Pianos (Bohm) £25, Herm Wittig £32, Kirchner £27. Gramophone (H.M.V.) £6. Inspection invited. Businesses for Sale. —Fruit, Confectionery, Grocery, Pastrycook, Tobacconist, News Agency, Toilet Rooms and Private Hospital. Prices range from £llO upwards. F. BOWDEN AND CO. Messrs F. Bowden and Co. report that all fruits are now getting into small compass. Never before at this period has our mart been so bare of fruit. Practically speaking, all stone fruits have finished for the season, except Freestone peaches, which are now coming to hand. Bon Chretien pears came to hand rapidly and they finished just as quickly. Apples are plentiful. Ba-

nanas, lemons and American oranges are available, also grapes. Tomatoes are in full supply and the quality is good. All produce with the exception of wheat is available and the later is wanted. Vegetables are meeting a better sale. , The week closed with prices ruling:'Tomatoes Lid to 24d; blackberries 3jd to 4Jd; grapes 1/2 lb; pears 1/6 to 2/9; plums 2/- to 3/9; nectarines 2/- to 5/-; peaches 2/3 to 4/3; apricots 2/6; passion fruit 11/6 box; apples, dessert 6/- to 8/-, cookers 5/- to 5/6; oranges 50/-; lemons 20/-; bananas, Fiji 9/- to 18/6; Rarotongans 12/- to 15/- case. Vegetables, Produce, Etc.- —Lettuce 6d to 1/1; cabbage 1/-; cauliflower 1/- to 4/-; cucumbers 2/6 to 4/6 dozen; pollard 8/-; bran 7/-; oats 10/- to 13/-; wheat 14/- to 19/6; crushed oats 9/6; sorrel 4/6 bag; rhubarb Id; green peas lid; beans 2 Ad; pumpkins 14d lb; onions 12/-; potatoes 5/to 5/6 cwt; honey 6/6; chaff £4 to £4 5/-; straw £3 10/- ton. Poultry.—Hens 1/- to 1/9; roosters 1/-; grit 1/-, 2/6 and 7/6 cwt. Pigs.—Weaners 8/- to 12/-. We are cash buyers of bacon pigs at full market rates, rail paid to Invercargill. Dairy Cows.—Much better demand and we would be pleased to hear of any for sale; sales £6 5/-, £5 10/-, 9 at £5, £4 10/-; heifers, two at £5, 2 at £4, 3 for £7; covers 11/- to 18/6. Horses.—Better inquiry £25, £lO, hack £3; covers 25/- to 37/6; collars £l. Timber and posts are meeting a better sale. Sawn timber 12/- to 14/-, truck lots at mill at lower rates; totara posts £5 10/to £7; broadleaf £5 to £6; stakes 25/- to 35/-; droppers 13/- 100; strainers 5/- to 8/- each; second-hand doors 10/-; sashes 5/-. Meat.—Beef, mutton and lamb still ruling low in price. General. —Wheelbarrows 24/- to 28/-; drums 2/6; English hardware, roofing iron from 2/- sheet, No. 8 galvanized fencing wire 18/-; No. 9 19/-; No. 10 20/-; barb 25/6; rabbit netting 17/6; 3ft fowl netting 10/-, Oft. 20/-; Cyclone and sheep netting at lowest market rates; tea 2/6 lb. DISTRICT COMPETITION IN EXPORT LAMBS. SPECIAL AWARDS. It will be remembered that the New Zealand Meat Producers’ Board announced at the beginning of the season that it was inaugurating a special district competition, witli a view to still further improving the quality of our export lambs. The two islands were divided into suitable districts and the board offered perpetual challenge shields for the best district display of lambs from each island respectively. Special prizes were also offered by the board for the best individual pens of three lambs shipped from each island. The scheme was taken up most enthusiastically, and the various A. and P. Associations acted as the controlling bodies in their respective districts in connection with the competition. So as to enable farmers to see the carcasses of lamb after they were killed, in order to compare the quality, it was suggested that a “field day” might be organized at the freezing works on the day on which the lambs were killed. There was a splendid response to this idea from all concerned, and it was particularly gratifying to the board to note the interest that was taken by the many farmers who made a point of being present at these “field days,” which proved to be of great educational value. Altogether 921 lambs were shipped Home from seven districts in the North Island, where the Board’s London manager arranged for special displays and judging. This afforded an excellent opportunity for advertising the Dominion’s best quality lambs on the Smithfield market, and it is pleasing to note, from the Press cable that “crowds of wholesale and retail traders inspected the show, and the consensus of opinion was that the quality and appearance of the lambs were excellent.” Tlte Meat Board has received a cable from its London manager which confirms the Press cabie announcement that the Challenge Shield for the best district dia play of lambs from the North Island has been awarded to the Manawatu District. The special prizes for the best individual pen of three lambs shipped from the North Island were awarded as follows:—First; Wairarapa, Pen No. 47, P. R. Welch, Masterton; second; Wairarapa, Pen No. 20, R. R. Tilson, Greytown; Third; Manawatu, Pen No. 32, lan Mitchell, Kairanga.

DAIRY PRODUCE MARKET. Tlie South Island Dairy Association, Limited, has received the following market report from the New Zealand Produce Association, Ltd., London: — Butter. —Quiet. Values 110/- to 111/-; unsaltcd 114/- to 118/-; Danish 128/-. Cheese: Quiet. White 61/- to 62/-; coloured 62/- to 63/-.: The National Mortgage and Agency Company of New Zealand, Limited, report having received the following cable from their principals, Messrs A. J. Mills and Co., Ltd., London: — Butter.—Market slow. New Zealand finest 111/- to 112/-; New Zealand first grade 110/-; unsalted 117/- to 118/-; Danish 130/-; Australian 105/- to 107/-. Cheese.—Market steady. New Zealand white 61/- to 62/-; New Zealand coloured 62/- to 63/-. Messrs A. S. Paterson and Company, Limited, report having received the following cable advice from their principals, Messrs J. and J. Lonsdale and Co. (London) Limited: — All markets slow. Danish further reduced equal to amount of duty. Consider Tairoa and Hertford will arrive at Liverpool together. This may weaken northern markets adversely affecting London: Butter: Danish 125/-, including duty. New Zealand 110/- to 111/-; Australian 105/to 106/-. Cheese. —White cheese 61/- to 62/-, coloured cheese 62/- to 63/-. WEDDEL AND COMPANY'S REPORT. Messrs A. H. Turnbull and Company, Ltd., have received the following report from Messrs W. Weddel and Company, Ltd., London:— Butter: At the beginning oi the month, buyers became nervous as to the tariff policy that the British Government would adopt, and there was a general feeling that there would be a Customs duty on ail butters, whether colonial or foreign. In consequence of this, buyers showed considerable activity and taught protective stocks. This activity brought the market up from round about 95/- to. 102/- per cwt. As soon as the tariff proposals were announced, the market made a further jump chiefly owing to the shortage, of Continental supplies. It appears, however, tha' the tariff against foreign butters also aesisted the market by making Great Britain a less attractive market for Danish and other Continental butters. The chief reason for the further jump caused by Continental activity was the fact that France, who had stipulated for a maximum quota of 12,000 tons of imported butter for the quarter was forced, owing to the high price and the shortage of Home production, to increase their quota from 12,000 to 24,00) tons. As soon as it became known tint France had increased her quota by 12,000 tons for the quarter, considerable Contineatal activity became evident. -France wm not the only country suffering from a shortage of pioduction, and considerable Continental buying set in and this has maintained the market at a steady level. It i; reported that owing to the low price for dairy produce during the past year Continental producers have not had sufficien: funds to enable them to provide for their usual Winter feed and there is likely to be a considerable falling off in the Continental winter production this season. The New Zealand market at tie present time is steady at the higher level of 109/to 111/-. The Continental defland had quietened off to some extent at .he end of February and the market for NeT Zealand weakened in consequence, but a inuch,

firmer tone is now manifest, chiefly on account of the reduced gradings from Australia anti New Zealand. Messrs Weddell and Company cable that they expect a firm market and they have a good opinion of the future. The general stock position is certainly good and the exceptionally heavy consumption continues both in the United Kingdom and on the Continent. With the possible shortage of Continental supplies and the low stocks in America, one can certainly feel that we should have a steady market, provided no unforeseen circumstances upset the position. 'There has been a steady demand by forward buyers throughout the month, starting at 10|d, and running up to as high as llgd. However, when the Continental demand slackened, forward buyers withdrew temporarily, but are now again active and have increased their bids to f.o.b. Cheese: The cheese market has remained quietly steady, varying from GO/- to 63/per cwt throughout the month. The stock position of New Zealand cheese is very strong indeed, the quantities in store on March 5 in the United Kingdom being less than half of the quantity that was in store on the same date last year. From the statistics given above it will be seen that the arrivals of New Zealand cheese during March, April and May will be approximately 6000 tons less than the arrivals for the same period last year. Our gradings of cheese are not excessive and the stocks in store in New Zealand are only on about a par with last season. Messrs W. Weddel and Co., Ltd., cablethat on account of the stocks in London being so low as compared with last year, they expect the market to be steady with more prospect of a rise in prices than a decline. There has been a fair demand in forward cheese by one or two buyers, and February/ March make has been sold at from 6d to 6 |d per lb, but factories generally are more inclined to favour a cons.gnment policy at the moment, and with the stock position as it is, it appears to be sound policy. LONDON WOOL SALES. London, March 11. At the wool sales 9415 bales were offered, including 3876 from New Zealand. Approximately 3798 were sold. There was a brisk Home trade and Continental competition with a firm tone. Prices were: New Zealand greasies “Glenhill,” lialfbred, top lOd, average 9Jd; “Tomoana” slipc, lOd and B,}d; New Zealand scoured “Gore” halfbred, pieces, 134 d and 13:}d. CHICAGO QUOTATIONS. New York, March 11. Chicago Wheat: March 57j; May 604; July September 64$ cents per bushel. New York: Cash 704. LONDON WHEAT CARGOES. (Rec. 1.45 p.m.) London, March 11. Wheat cargoes opened firm owing- to Winnipeg advices and the demand still advanced owing to the vagaries of the sterling. Those on the Killoran realized 28/3 and York City 27/74. Parcels were in moderate demand, Manitobas and Plates being an undertone quieter. West Australian (May) realized 27/104. Futures: London, June 26/14; September 26/84; Liverpool, March 5/3s, May 5/5, 5/8, July 5/8, October 5/10.} per bushel. A LATER REPORT. (Rec. 5.5 p.m.) London, March 12. Wheat Cargoes: Demand inactive. Australians unchanged, others 3d easier. Parcels trading inactive and unchanged. Futures, London, June 26/14; September 26/84; Liverpool, March 5/3s; May 5/ss; July 5/7, 5/8, October 5/10, Peninsula 22/6. PRICE OF GOLD. (Rec. 5.5 p.m.) London, March 12. The price of fine gold is quoted at £5 16/8 per ounce. RAW MATERIALS. (Rec. 5.5 p.m.) London, March 12. Friday’s closing prices for the undermentioned classes of raw materials were as follows: — Cotton: April delivery 5.27 d per lb. Rubber: Para 3sd; Plantation, smoked 2sd per lb. Jute: March-April shipment £lB 18/9 a ton. Copra: Nominal April-May shipments, South Sea, £l6 2/6 per ton; Plantation, Rabaul £l6 5/-. Linseed Oil: £l6 10/- per ton. Turpentine: 59/9 per cwt.

FROZEN MEAT MARKET. (Rec. 5.5 p.m.) London, March 12. The weekly quotations for the ■Undermentioned classes of frozen meat are based on actual sides of wholesale quantities of carcasses of mutton or lamb, or of quarters of beef delivered to Smithfield market and/or London stores. They are compiled by the Quotations Committee, Smithfield. To arrive at the equivalent ex ship values, one farthing per pound should be deducted from the prices quoted below. Quotations given represent the average for the week and arc not selected lines, but for parcels fairly representative of the bulk of shipments now on offer. New Zealand Sheep: Canterbury and North Island selected crossbred wethers and maiden ewes 651 b to 721 b 4sd; North Island 481 b to 561 b 4/d; do. 651 b to 721 b 4d. New Zealand Lambs: Canterbury 361 b and under 6sd; do. 431 b to 501 b 64d; do. second quality average 301 b 6sd; do. selected North Island brands, including Downs, 361 b and under 6sd; do. 371 b to 421 b 6sd; do. second quality average 301 b 6}d; do. other North Island brands, first, quality 361 b and under 6sd; do. 371 b to 421 b 6sd; do. second quality average 301 b 6d. Australian Lambs: Victorian first quality 361 b and under s]d; do. 371 b to 421 b 4Jd; do. other States, first quality 361 b and under ssd; do. 371 b to 421 b 4Jd; Victorian second quality 361 b and under sjd;. other States second quality 361 b and under sd; all States, third quality ssd. Argentine Lambs: First quality 431 b to 50ib ssd. New Zealand Frozen Beef: Ox fores 1601 b to 2201 b 2Jd. Australian Frozen Beef: Ox crops under 1001 b 24d; ox crops over 1001 b 2|d; ox hinds under 1601 b 3£d; ox hinds over 1601 b 31d. Argentine Chilled Beef: Ox fores 1601 b to 2201 b ox hinds 1601 b to 2201 b Values for other classes of meat were unchanged.