COMMERCIAL

Southland Times, Issue 21849, 28 October 1932, Page 2

COMMERCIAL

FINANCE AND TRADE

LOCAL MARKETS. Times Office, Friday Morning. Grain and Produce. Oats—This market continues to be lifeless, and except for the fact that there has been a good demand from farmers for seed requirements, there has been practically no business passing whatever. There have been no offerings from farmers, and the demand for shipment has not been keen. Prices to farmers are nominally 2/8 per bushel for A grades, 2/6 for B’s, and 2/3 for good undergrades. Wheat—Business is also slack in this market. Farmers’ offerings have ceased and practically the only business being done is in supplies for the local poultry trade. Chaff has been offering fairly freely, and supplies are fully sufficient to meet the limited local demand. There is no inquiry for shipment. The price to farmers for good, bright quality is £3 per ton, on trucks, country stations. Ryegrass—Steady sales _ have been made to farmers for sowing out, and these will account for the greater part of the stocks held locally. The demand for shipment and railing north is rather dull. All farmers’ supplies seem to have been disposed of. Potatoes —Merchants are not keen buyers, as they feel that the time has arrived to stop shipping. There has been, however, inquiry for railing north, and a few lines have been purchased for that purpose. The price to farmers ranges from £4 to £4 10/- per ton, according to variety and railage distance. Fruit and Vegetables. There has been little business passing in the fruit market during the past week. The market is particularly bare of oranges and will remain so until early next month when the next shipment is due. The supplies of Australian lemons have been cleared, but good samples of New Zealand grown continue to come to hand and are bringing good prices. . . Bananas are fairly scarce and it is reported that the next shipment will be on the short side. Apples also are scarce and stocks are being drawn from cool store. Tomatoes, both Island and Christchurch hothouse, are available. The hothouse sample is a good one and selling well. There is a steady demand at fair prices. Vegetables are in good demand. It is probable that the first consignment of early green peas will be available

for auction early in the coming week. They are being sent from Nelson. Current prices are approximately as follows:—Navel oranges 16/- to 21/-; valencias, 14/-; Australian lemons, to 22/6; New Zealand 14/- to 17/6; bananas, 21/- to 26/-; tomatoes, hothouse, 1/4 to 1/10, Island 7d per lb; apples, Stunners, 8/- to 10/6; cookers, 6/- to 7/-; Wolseleys, 8/- to 9/6; coloured, 8/- to 10/6; pears 4/- to 4/6; cauliflowers 7/to 8/6; cabbages, 2/6 to 4/-; spring onions, 1/-; rhubarb, Id per lb; lettuce, 3/- to 4/- per dozen. CURRENT PRICES. Wholesale. Eggs, 9d. Bacon, IOJd. Bran, £5 15/-. Butter, factory, 1/1; separator, Bd. Flour, £l4 12/- to £l6 7/-, Oatmeal, £26 to £3O. Retail. Eggs, lid. Bacon, 1/-. Pollard, 9/6 per 1001 b. Butter, factory 1/3. Bran, 7/- per 1001 b. Flour, 25’s 5/-; 50’s 9/6; 100’s 18/6; 200’s 34/6. Oatmeal, 25’s 7/6; 50’s 14/6.Onions, 6d lb. Distributors, Ltd. ’ Distributors, Ltd., Invercargill, advise the following prices:— Bran.—lso’s and 200’s £5 10/- per ton; 100’s £5 15/-. Pollard.—lso’s and 200’s £7 10/- per ton; 100’s £7 15/-. Wheat Meal.—2s’s £l5 7/- per ton. STOCK EXCHANGE. YESTERDAY’S QUOTATIONS. At yesterday’s call-over on the Invercargill Stock Exchange the following prices were quoted:— Banks. Commercial: s 15/-. E.S. and A. Bank: b 93/-; s 94/6. National of Australasia—(cont.): b £5 12/-; s £5 16/-. National of New Zealand: b 79/-. New Zealand: b 45/6; s 46/6. New Zealand Long “D” Issue: b 29/-. Union of Australia: b £7 18/-; s £8 3/-. Breweries. Dunedin Brewery Co.: b 21/3. New Zealand Breweries—(Stock): b 20/-. Coal. Westport Coal: b 12/6. Kaitangata: b 1/- dis. Insurance. National: s 14/10. New Zealand: b 43/-; s 44/-. South British: b 57/3. Standard: b 48/6, s 50/-. Loan and Agency. • National Mortgage: s 40/-, Meat Companies. Gear Meat Co.: s 35/-. N.Z. Refrigerating—(lo/- paid): b 2/10; s 3/1. Southland Frozen Meat—(£l ord.): b 38/-; (10/- ord.): b 19/-; (£1 pref.): b 38/-. Mining. Electrolytic Zinc—(ord.): b 16/3. Gillespie’s Beach: b 2d prem; s 3d prem. Golden Sands: s 1/10. Waitahu: b Id dis. Kildare: b 1/7; s 1/10. King Solomon: b 1/10; s 2/-. Mount Lyell; b 21/-. Mahakipawa: b 3Jd: s sd. Okarito: b 8/2; s 8/5. Waihi Gold Mining: b 17/3. Waihi Grand Junction: b 37-. Mount David: s 5/3. Shipping. Huddart-Parker (pref.): b 18/-. Union Steam Ship Co. (ptef.): b 20/-. Woollen Mills. Kaiapoi—(pref.): b 6/-. Mosgiel: b £6 15/-. Miscellaneous. Australian Glass: b 38/6. D.l.C.—(pref.): s 20/-. Dominion Rubber Co.: b 6/6. Donaghy’s Rope and Twine: b 30/-. Milburn Lime and Cement: b 26/6. New Zealand Drug: s 61/-. New Zealand Paper Mills: b 21/6; s 22/6. Otago Daily Times: b 37/3. Wilson’s (N.Z.) Portland Cement: b 30/-. Woolworth’s (pref.): b 26/-. Debentures. Government 4J per cent Inscribed, 1938: b £96. Government 4| per cent Bonds, 1938: b £96. Government 4J per cent., Inscribed, 1939: b £94 15/-. Government 41 per cent Bonds, 1939: b £94 15/-. Government 51 per cent., Inscribed, 1936: b £99 15/-. Government Bonds, 51 per cent, 1936: b £9° 15/-. Government 5J per cent. Inscribed, (Feb.), 1937: b £99 15/-. Government 5J per cent Bonds (Feb.): 1937; b £99 15/-. 51 per cent Inscribed (Sept.): 1937: *b £99 15/-. Government 5J per cent Bonds (Sept.), 1937: b £99 15/-. Sales Reported. Sales were reported of the following:— Dalgety’s: £8 12/-. 51 per cent Bonds, 1937: £lOO 7/6. Southland Frozen Meats: 40/6, 40/6, 20/3. King Solomons: 1/10J. THE SHAREMARKET. YESTERDAY’S TRANSACTIONS. (Per United Press Association.) Auckland, October 27. Sales on ’Change: City of Auckland, 1940, 51 per cent. £9B 10/-; Commercial Bank 14/9; Bank of New Zealand 45/9; New Zealand Insurance 43/9; Devonport Ferry 18/-; Blackwater 17/9; Waihi 17/7, 17/8 (3). Wellington, October 27. Sales reported: Inscribed Stock siper cent. September, 1937, £lOO 2/6; Commercial Bank of Australia ord 14/9; New Zealand Breweries £1 8/-; Moturoa Oil ord. 4/3. The last three sales were late Wednesday. Christchurch, October 27. Sales on ’Change: 5J per cent Bonds,

1933, £99 17/6; 5i per cent Bonds, September 1937, £lOO 5/- (2); Commercial Bank of Australia 14/7; Commercial Bank of Sydney £l5; National Bank of New Zealand £4 l/-j Dalgety and Co £8 13/6; N.Z. Refrigerating (10/- paid) 2/6; Westport Coal 12/9; Westport Stockton (ord.) 6d; Blackwater Mines 17/9; Gillespie’s Beach 2Jd (pref); Alexander (contr.) 16/6; Cornish Point 3Jd (2), 4d (4); Golden Dawn 4/10; Golden Point 5Jd (3); Okarito 8/4. Sales Reported: National Insurance 14/6 (2); Union Bank of Australia £7 18/3; Goldsbrough Mort 23/6, 23/7; Whitcombe and Tombs £2 15/-. Dunedin, October 27. Sale on ’Change: Okarito 8/3. Sales reported: Standard Insurance £2 10/-; Waihi 17/7; Kildare (late sale Wednesday) 1/9J; Cornish Point 4d; Golden Point 6d; Blackwater 17/9; 51 per cent. Bonds (September, 1937) £lOO 2/6.

DAIRY PRODUCE. The South Island Dairy Association, Ltd., has received the following market report from the N.Z. Produce Association, Ltd., London: Butter: Firm. First grade 97/- to 98/-; Danish 116/-. Cheese: Firm. White 65/- to 66/-; coloured 59/- to 60/-. The New Zealand Loan and Mercantile Agency Company, Limited, have just received a cable from their London Office reading:— Butter: Stagnant quotations irregular, 105/- to 108/-; firsts 98/-. Improved demand expected shortly. Cheese: White 65/- to 66/-; coloured

CLEARING SALE AT PUKERAU. MR A. J, IRVINE’S STOCK. Brilliant sunshine prevailed for the clearing sale at Pukerau on Wednesday held by Messrs Wright, Stephenson and Co., Ltd., on account of Mr A. J. Irvine. As the latter has disposed of his property and is going into retirement everything offered was for bona fide sale. The consequence was that the bidding was keen and the large crowd present displayed keen interest in practically all lots which went under the hammer. The sheep, an old-established Romney flock, were in splendid condition, the demand for ewes and lambs being particularly keen and the prices can be said to show an increase on recent sales. The draught horses of which there were good farm sorts were also keenly sought for and prices realized were quite up to full market rates. Implements also were in demand, an indication that seasonal farming is in full swing and sold at good prices. Appended are the prices:— Sheep: 617, 4, 6 and 8-tooth ewes and lambs at 6/6; 233 do at 6/4; 338 do at 6/3; 72 m.s. hoggets at 10/-; 29 ewes at 4/3; 20 store wethers at 10/-; 17 fat wethers at 13/3. Horses: 1 syr mare, £4l 10/-; 1 12yr mare, £4l; 1 12yr mare, £25 10/-; 1 2yr unbroken gelding, £25 10/-; 1 aged gelding, £l2; 1 do £lO. Cattle: 2 dairy cows at £6; 1 do at £5 5/-; 1 do at £3 10/-; 2 dairy heifers at £3; 2 heifers at £2 5/-; 1 do at £2; bull £2 5/-; 4 2 and 3yr bullocks at £4 12/6; 1 cow at £3. Implements: Single furrow plough, £4 2/6; double furrow plough, £5 15/-; seed sower, £l3; roller, £l4 10/-; lime sower, £l2; binder, £8; ridger, £l5; discs, £5 10/-; Tyne harrows, £4; dray and frame, £9. A quantity of sundries were also sold at market rates.

GRAIN REPORT. Messrs Donald Reid and Co., Ltd., report: Wheat: No samples of milling quality arrived during the week and it is now evident that all the milling wheat is now in the millers’ hands. Prices remain: Tuscan 4/10$; Hunters 5/0$; Pearl 5/2$ f.o.b. sacks extra. Fowl wheat has been offering more freely and mechants are securing all suitable lines ex store. Prices range from 4/3 to 5/-, sacks extra. Oats: The market is quiet. Seed requirements and an odd sale of feed oats for shipment represent all the activity displayed at present. Grade oats are in short supply but the demand is being supplied to a certain extent with good, heavy undergrade. Light and inferior undergrade are in oversupply. Nominal values are as follows: A grade 2/9; B grade 2/5; undergrade 1/10 to 2/3, sacks extra O.T. Country stations. Chaff: The local demand is as usual at this time of the year very poor. Truck lots are hard to sell. The bulk of business is transacted with small lots ex store. Prime is worth £4 10/- ex truck or £4 15/- ex store, sacks extra. Medium £3 15/- to £4 5/-. Potatoes: The local market has steadied again. Consignments arrived freely during the week and merchants are only buying as their stocks become exhausted. Freshly picked tubers of good quality are worth up to £6 10/ex store Dunedin. FOREIGN EXCHANGES. 2

LONDON PRODUCE MARKETS. The Bank of New Zealand is in receipt of the following advice from its London Office as at the close of business last week:— Butter: Quiet. First grade 101/- to 102/- per cwt. Finest 108/- to 109/— per cwt. Cheese: Steady. White 64/- to 65/per cwt. Coloured 59/- to 60/- per cwt. Frozen Meat: The market for wether mutton is dull and there is little business doing. The market for ewes is quiet. There is a fair demand for lambs but the market is over-supplied. The demand for beef is improving but prices are practically • unchanged. Wethers: Light 3 l-8d to 3 5-8 d per lb; heavy 2sd to 3d per lb. Ewes lfd to 3-8 d per lb. Lambs: 2’s 4sd to 5d per lb; B’s 4sd to 4sd per lb; 4’s 3sd to 4d per lb; seconds 3sd to 4d per lb Ox hinds 2sd to 3d per lb; fores lsd to lsd per lb. Cow hinds 2d to 2sd per lb; fores lsd to lsd per lb. • LONDON MARKETS. The Department of Agriculture has received the following cablegram, dated October 22, from the High Commissioner for New Zealand, London:— Tallow: Market continues quiet. Business has been done in mutton at last rates quoted. Hemp: Manila—Market steadier with fair business done in lower grades. “K” grade for October-December shipment, value £l6 5/-. Output from January 1 to October 10, 684,000 bales against 876,000 for same period last year. Stocks in the United Kingdom at September 30, 23,397 bales against 26,643 bales, same time last year. Stocks in Manila at October 17, 137,000 bales against 112,000 bales, same time last year. Sisal—Market dull and values have declined, closing No. 1. Good marks for October-December shipment £l4 10/and fair average quality £l4 5/-. New Zealand—Market continues dull. Small business done in fair at £l4 but buyers apathetic. Common offered at £l3. Stocks in London at September 30 82 tons against 14 tons same time last y< Eggs: Market firm with an upward tendency. English, national pack, 16/6 to 22/-; English, ordinary pack, 17/- to 17/6; Danish, 13/6 to 16/6; Australian, 141 b per long hundred, 12/6; 171 b per long hundred, 13/6 to 13/9.

(British Official Wireless.) Rugby, October 26. Par. Oct 26. Paris, fr to £1 124.21 83 11-16 Brussels,' belgas to £1 35 23 21-32 Oslo, kr to £1 18.180 19.65 Stockholm, kr to £1 18.150 19.20 Copenhagen, kr to £1 18.150 19.19J Berlin, marks to £1 20.43 13.851 Montreal, dol to £1 4.86 2-3 3.61} New York, dol to £1 4 .86 2-3 3.29.} Yokohama, pence to yen 24.582 16} Hong Kong, pence to dol. 24.58 163 Bombay, pence to rupee — 18.11-64 Batavia, florins to £1 18 — Milan, lire to £1 92.46 64 5-16 Amsterdam, guilder to £1 12.107 8.18} Prague, kr to £1 164} 111} Genva, kr to £1 25.22| 17.07 Vienna, schillings to £1 34.58} 28} Helsingfors, marks to £1 193.23 230 Madrid, pestas to £1 25.23} 405 Belgrade 276.3 225 Athens, drachma to £1 37a 575 Lisbon, escudas to £1 110 109} Bucharest, lei to £1 831.6 555 Rio de Janeiro, pence to milreis 5.890 5 9-32 Buenos Aires, pence te pesos 47.82 nominal Shanghai, pence to tael — 21 11-16 Montevideo, pence to peso 51 30 Warsaw, zlotys to £1 — ——