COMMERCIAL

Southland Times, Issue 21896, 23 December 1932, Page 3

COMMERCIAL

FINANCE AND TRADE

LOCAL MARKETS. Times Office, Friday morning. Grain and Produce. Oats.—ln view of reports of bountiful crops in Canterbury the oat market is distinctly .easier and there are sellers of A grade oats at 2/6 per bushel and B grade at 2/4, f.o.b.s.i. There are practically no oats left in farmers' hands and business is confined to merchants’ transactions. It looks as if the price of oats on trucks will be a long way cheaper after the present harvest than it was this year. Wheat.—The demand is purely of a local character and it appears as if most of the inferior wheat will all be required for fowl feed between now and the advent of the new crop. Chaff.—There is a fair amount of chaff offering, but owing to the plentifu’ supply of green feed, there is not a great demand. Prices to farmers remain the same as last week, namely, £3 on trucks for good bright samples. Ryegrass.—Merchants report a very good retail sale for ryegrass, but the wholesale business is not so good as usual. This is due mainly to the fact that very many farmers now stipulate for certified Hawkes Bay seed. The grain cron is looking exceedingly well at present and it will not be surprising if the yield turns out to be very good. Prices look as if they will be on a lower plane than last year, but they may be fairly satisfactory nevertheless. Potatoes.—The market for old potatoes is quite exhausted and the only demand to-day is for early table potatoes. As these will not keep very long, they are generally being offered sparingly and sold in semi-retail lots. Fruit and Vegetables. Good supplies of cherries and tomatoes are arriving on the market and prices are reasonable for this season of the year. Strawberries are not so plentiful and the few lots coming to rand have been realizing high prices for good quality. A quantity of the crop this year, however, has been of inferior quality. Apricots, peaches and plums or the early varieties are on the m. rket at reasonable prices. Oranges are plentiful and values are moderate. Bananas are in good supply. Lemons are on the scarce side and prices have firmed. Owing to the embargo on Australian fruit no more citrus lines from that source will be available until other arrangements are made. Californian and Italian lemons are on the market, as are also Canadian apples which are high in price. New Zealand apples have practically finished and only small lots are coming to hand. Cucumbers are in good supply and prices are moderate. New green peas and potatoes are plentiful, and values for both lines are lower than usual for this season of the year. New carrots, parsnips, cabbages and cauliflowers are available. Lettuce are scarce and prices have advanced. Current prices obtained at auction during the week are approximately as follows:—Cherries, faced, up to 1/5, good sorts, loose, lOd to 1/1, others 5d to 9d; peaches 2Jd to 4d; apricots, 3Jd to 6d; plums, 2Jd to sd; strawberries, good lines 1/5, others 5d to lid; apples, Canadian, 25/- to 27/-, New Zealand, 12/-. to 16/-; oranges 16/- to 20/, according to count and condition; cucumbers, 4/- to 6/- per dozen; green peas lid to 4d; new potatoes, first quality, to l.?d; cauliflowers, 3/6 to 5/6 a dozen; cabbages 1/6 to 3/- a dozen; carrots and parsnips, 1/- to 1/3 a dozen bunches; luttuce, 1/6 to 2/6 a dozen. CURRENT PRICES. Wholesaler Eggs 1/-. Bran, £5 15/-. Butter, factory, 1/-; separator, 7d. Flour, £l4 12/- to £l6 7/-. Oatmeal, £26 to £3O. Retail. Eggs, 1/3. Bacon, lOd. Pollard, 9/6 per 1001 b. Butter, factory 1/2; separator 9d. 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, 4d 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 per ton' 100’s £7 5/-. Wheat Meal.—2s’s £l5 7/- per ton. STOCK MARKET. The final sale of the year was held at Lorneville on Tuesday last, and, when taking into consideration that there is not another sale for three weeks, entries were not as large as was expected. The quality of the fat sheep offered was fairly good, there being some good medium weight wethers forward, with a small entry of good ewes. Competition was fairly keen owing to the short yarding, and as a result prices improved from 1/- to 1/6 per head. Fat lambs were also keenly sought after and one of the best sales this year for medium quality lambs was experienced. Most of the fat cattle offered could be classed only as medium sorts. Prices at the commencement of the sale showed a slight improvement on those ruling at the present time, but, as the sale progressed, values again eased. Very little interest was taken in the store cattle sale. There was a fair entry of all classes forward. Two pens of ewes and lambs comprised the total entry of store sheep, these being disposed of at present ruling rates. The following is a range of prices ruling at Lorneville at the present time:— FAT CATTLE.—Prime quality medium weight bullocks £6 10/- to £7 15/- good quality medium weights £5 10/- to £6 10/-; lighter weights from £4 10/- to £5 10/-; prime heavy heifers £4 10/- to £5 10/-; medium weights £3 10/- to £4 10/-; prime heavy cows £3 10/- to £4 10/-; medium weights £2 15/- to £3 5/-; aged and inferior down to £2. FAT SHEEP.—Prime quality medium weight wethers 10/- to 11/-; good quality 9/- to 10/-; with lighter sorts down to 7/-; good quality ewes 6/- to 7/6, with lighter sorts down to 5/-; extra prime heavy lambs 16/- to 17/-; prime heavy weights 14/- to 15/-; med-

ium weights 11/6 to 13/6, with lighter sorts from 9/- to 10/6. BURNSIDE MARKET. EASTERN DISTRICT SALES. Eastern District vendors of district stock at the Burnside stock sale on Wednesday secured the following prices:— Fat cattle: W. L. Scott (Mataura), bullock £6 17/6; R. Forsyth (Gore), bullocks £7 2/6, £6 17/6, £5 7/6, cows £6 12/6, £3 7/6, £2 7/6; M. Kirkpatrick and Son (Waikaia), cows £5 7/6, £5 2/6, £4 7/6, £3 17/6 and £3 12/6. Fat sheep: J. W. Byars (Waikaia), ewes 11/6, 10/9, 9/9, 8/6; A. Wayte (Gore), ewes 7/-; W. Hunter (Wyndham), wethers 10/6; T. E. Pollock (Waipounamu), Wethers 13/9, 13/-; W. Ayson (Waikaka), wethers 11/3, 11/-, ewes 10/3, 9/6, 9/-; H. E. Taylor (Riversdale), ewes 11/-; J. Kirk (Kelso), wethers 15/-, 14/-, 13/9, 13/6, shorn ewes 11/3, 10/6, 10/3, 9/6; J. Robertson and Sons (’Koi), wethers 13/3, 12/6, 9/3; A. Reid (Kelso), ewes in wool 12/3, 12/-, 10/9. CITY STOCK EXCHANGE. YESTERDAY’S QUOTATIONS. At yesterday’s call-over on the City Stock Exchange, the last till January 9, the following prices were quoted:— Banks. Commercial: b 13/3. Commercial, pref. 4 per cent, (cum.): b £6 15/-. National of New Zealand: s 66/-. New South Wales: b £25, s £27. New Zealand: b 40/-, s 40/9. Union of Australia: £7 5/-. Breweries. Dunedin Brewery Co.: s 23/-. New Zealand Breweries (Shares): b 24/-, s 25/-. Coal. Westport Coal: s 12/-. Kaitangata: b par. National: s 14/3. South British: s 56/6. Standard: s 49/— Loan and Agency. National Mortgage (“B” Issue): b 14/6, s 18/6. Trustees’ Executors (Dunedin): b 57/-. N.Z. Refrigerating (20/- paid): b 9/8, s 10/-; (10/- paid): b 2/11, s 3/2. Mining. Electrolytic Zinc (ord.): b 14/6; (pref.): b 25/6. Gillespie’s Beach: b 3d prem.,- s 4d prem. Golden Sands: b 2/-. Waitahu: b 6d prem., s 9d prem. Kildare: b 1/7, s 1/11. King Solomon: b 2/4, s 2/6. Mahakipawa: b 2d. Okarito: b 8/3, s 8/5. Paddy’s Point: b 57—, s 5/4. Waihi Gold Mining: b 18/9. Waihi Grand Junction: s 3/7. Mount David: s 3/9. Nokomai: s 6/-. Shipping, P. and O. S.N. Co. (def. stock): s 20/-. Union Steam Ship Co. (pref.): b 20/-. Woollen Mills. Bruce: s 10/-. Mosgiel: b £6 15/-. Miscellaneous. British Tobacco (Aust.): b 27/-. D.I.C. (ord.): b 9/3; (pref.): b 17/6, s 19/-. Donaghy’s Rope and Twine: b 30/-. Milbum Lime and Cement: s 27/-. New Zealand Drug: b 54/-, s 58/-. N.Z. Farmers’ Fertilizers: b 13/6. New Zealand Paper Mills: b 20/-, s 21/6. Debentures. Government 4j per cent. Inscribed, 1938: b £93. Government 41 per cent. Bonds, 1938: b £93. Government 4j per cent Inscribed, 1939: b £93. Government 4J per cent. Bonds, 1939: b £93. Government 5J per cent. Inscribed, 1936: b £99. Government 5J per cent. Bonds, 1936: b £99. Government 5| per cent. Inscribed (Feb.), 1937: b £99. , Government 5J per cent. Bonds (Feb.), 1937: b £99. Government 5J per cent Inscribed, (Sept), 1937: b £99. Government 54 per cent. Bonds (Sept.), 1937: b £99. THE WEEK’S TRANSACTIONS. GREATER ACTIVITY. The stock and share market has been £uite active, especially for the last Week before the Christmas and New Year vacation. Government loans are firmer, the 5J per cents due 1936 and 1937 selling at £99 and £99 5/-. The 4J per cents are steady at £93 to £93 7/6. There has been slightly more activtiy in bank shares, although prices still continue to ease. New Zealands sold fairly freely at 40/6 down to 40/-. Commercials of Australia had limited business at 13/5 and 13/6. An odd parcel of Bank of New South Wales brought £26. It is a month since a sale was repoited in this bank’s stock, the price then being £2B. Union Banks were the only other banking line dealt in The price, £7 and £7 1/6, compares with £7 14/- at the beginning of the present month.- . The market for insurance companies’ shares is unsteady, with sellers predominating. New Zealands sold at 41/and 40/6, being the only line dealt in. Nationals are slightly easier with seller? at 14/2. South British were offered at 56/6 and Standards are unchanged, with sellers at 49/-. In neither case did a buyer appeaSales in New Zealand Refrigerating Company’s shares a 3/1 and 3/2 comprised the only business done in the meat section. The price shows no alteration from that of a week ago. This time last year this company’s shares were selling at 4/9. In the loan and agency section Goldsbrough Morts were the only lines to have sales reported. The price, 21/1, shows an improvement of about 7d per share since last week. Quite a number of mining companies’ shares were dealt in, although the total number of sales was not great, which was only to be expected, the week be-

ing a very short one for business Mount Lyells, ex dividend of 6d per share, have firmed, selling at a few pence above last week’s price, while the shares were cum. dividend. Wahis, although sparingly dealt in, are firm at 19/-. Junctions are not quite so steady at 3/3 and 3/4. King Solomons had a sale at 2/6 and later 2/4 was accepted. The market yesterday was: Buyer 2/4; seller 2/6. This price is cum. dividend of 3d per share, payable in January. Okaritos show little or no alteration; sales at 8/2 and 8/3. A sale of Electrolytic Zincs (ordinary), the first for some time, was reported at 14/9. Two parcels of Golden Sands were transferred at 2/? and sales were reported in Mahakipawas at 3d. Gillespie’s Beach at 3|d premium show a firming tendency. Nokomais at 5/10 and 5/9 are fractionately weaker. There has been little business done in the general section. New Zealand Guarantees sold at 4/8. British Tobaccos, cum. dividend of 3 3-5 d per share payable at December 31 brought 27/7. This company’s shares have fallen away in price considerably since the end of November, when they were selling at. 31/9. NORTHERN EXCHANGES. (Per United Press Association.) Auckland, December 22. Sales on ’Change:—Bonds 1937, 5J per cent. February £99 2/6; Auckland Harbour Board 1935, 5 per cent., £95; Auckland Gas 21/-; Australian Glass 38/-; Stock, 1937, 5J per cent., February £99 5/-; Bank of New South Wales £26 10/-, £26 15/-. Wellington, December 22. Sale on ’Change, late yesterday:— N.Z. Breweries £1 4/11. Christchurch, December 22. Sales on ’Change: Bank of New Zealand 40/9, 41/-; Big River 1/2J; Consolidated (cum div.) 9/-; Nokomai 5/9 (2); Golden Point 3d (3); King Solomon (cum div) 2/6 (2). Dunedin, December 22. Sales on ’Change: Bank of New Zealand £2 1/-, £2 0/9. Sales reported: National Bank of New Zealand (late Wednesday) £3 6/(cum. div); Okarito 8/7 (after call). THE DOMINION EXECUTIVE TRUST, LTD. FINANCIAL ADVISERS. INVESTMENT CONSULTANTS. SECURITY BUILDINGS. Stuart Street, Dunedin. Telegrams “Executive,” Dunedin. 0r778 Invercargill Address: P.O. Box 109. DUNEDIN STOCK EXCHANGE. JUBILEE MEETING. Mr Harman Reeves presided over the jubilee meeting of the Dimedin Stock Exchange. Reviewing conditions in the Dominion, he said that though an improvement had been looked for during the past twelve months the outlook so far as world trade and the position of the Dominion were concerned was still obscure. Australia appeared to have come through the worst of her troubles. She had had a wonderful season—bountful wheat harvests, fair prices for her fine wools, an increased butter export, a most gratifying recovery in gold production, which was expected to amount this year to at least £5,000,000, and a return to sane government in New South Wales. The lastnamed fact, he believed, was the main factor in the restoration of confidence and the general trade improvement. SYDNEY STOCK EXCHANGE. Sydney, December 22 On the Stock Exchange to-day morning sales included:—

The Stock Exchange closed for the year at noon to-day. Members were in a cheerful, optimistic mood. The Exchange reonens on January 5. SYDNEY PRODUCE MARKETS. (Rec. 8.45 p.m.) Sydney, December 22. Wheat—The market is dull. Sellers indicated 2/8 for both bagged and bulk, while in the country 2/- to 2/OJ is offering for bagged and 1/11’ to 1/11J for bulk, equal to 2/7J ex trucks at Sydney. Flour—£9 10/-. Bran—£4 15/-. Pollard—£s 10/-. Potatoes—Tasmanian £6 10/-; Victorian £4 10/-. Onions—Victorian Globes to £6 10/-. Oaten Hay—£7. Maize—Yellow 5/8; white 5/3. ADELAIDE QUOTATIONS. (Rec. 8.45 p.m.) Adelaide, December 22. Wheat—Growers’ lots 2/6J to 2/1. Flour—£7 10/-. Bran —£5 7/6. Pollard—£s 17/6. Oats—l/5. WOOL MARKET. FIRST AUCKLAND SALE. VERY LOW AVERAGE PRICE. It was realized, when the Auckland wool sale was in progress on December 1 and 2, that farmers would receive very poor returns, but few will have been prepared to find the averages work out so low. Figures now supplied show the results of the sale to have been as follows:— Bales offered (number 28,686 Bales sold (number 23,947 Value of wool sold £132,118 Average per bale £5 12/3. Average per lb. 3.686 d It is evident that the keen demand, which resulted in fair sales of halfbred and other fine wools, gave a false idea of the general trend. In other words, the very low prices bid for the coarser lines brought the average down to the lowest figure recorded locally. The average price is a fraction lower than was recorded in March, namely, 3.702 d per lb. The following table gives details of the. results obtained at the November sales in recent years:—

The only satisfactory feature of the sale is that a good clearance was effected, and the carry-over to the next sale will be comparatively small.

DAIRY PRODUCE. Messrs Dalgety and Company Limited report having received the following market cable from Messrs Samuel Page and Son, London, under date of December 21, 1932:— London Dairy Produce Market:— Butter.—Market of holiday character. We quote: Danish 122/- to 124/-; New Zealand 'finest salted 82/- to 84/-; Australian finest unsalted 86/- to 90/-;

Australian finest salted 82/- to 84/-; Australian G.A.Q. 80/- to 81/-. Cheese.—Market cf holiday character. We quote: New Zealand white 51/- to 52/-; coloured 56/- to 57/-; Canadian white 62/- to 68/-; coloured 62/- to 68/-. THE METAL MARKET. (Rec. 8.45 p.m.) Londtn, December 21. Metal quotations compared with those for December 20 are:—

OKARITO RETURN. Dunedin, December 22. The Okarito return for 3J days’ dredging endfd to-day totalled 48ozs Bdwt. for 88 hours. /

PRICE OF GOLD. London, December 21. The price of gold to-day is quoted at £6 3/5 per ounce. FOREIGN EXCHANGES. (British Official Wireless.) (Rec. 5.5 p.m.) Rugby, December 21. The following rates of foreign exchanges were quoted to-day compared with par:—

3i PER CENT. WAR LOAN. (British Offical Wireless.) (Rec. 5.5 p.m.) Rugby, December 21. The 3J per cent war loan is quoted at £9B 17/6.

£ s d Commonwealth Bonds (4 per cents) — 1947 102 0 0 1950 102 5 0 Colonial Sugar 2 13 5 Broken HilFPty. 1 6 0 Tooth’s Brewery 1 14 10|

Nov. Avg. per Avg. per Bale. £ s. d. lb. d. Total. £ 1926 15 5 7 10.91 264,000 1927 21 9 9 14.81 496,000 1928 22 11 0 15.64 496,000 1929 15 9 2 10.95 238,125 1930 6 13 2 4.67 100,759 1931 7 5 10 5.065 103,131 1932 5 12 3 3.686 132,118

Dec. 20 £ s d Dec, £ s . 21 d Copper, standard— Spot 28 15 0 28 4 41 Forward 29 1 3 28 11 101 Copper, electrolytic— Spot 33 10 0 33 15 0 Forward 34 10 0 34 5 0 Wire Bars 34 10 0 34 5 "o LeadSpot 11 3 9 11 1 3 Forward 11 11 3 11 8 9 Spelter— Spot ’ 15 Z 9 15 6 3 Forward 15 8 9 15 6 3 TinSpot 149 2 6 148 17 6 Forward 150 11 3 150 3 9 Silver (pence)Standard 16 15-16 16 11-16 Fine j 18J 18

Par. To-day. Paris, fr to £ 124.21 854 New York, dol to £ 4.86 2-3 3.33 11-16 Montreal, dol to £ 4.86 2-3 3.84 Brussels, belgas to £ 35 24.12 Geneva, kr to £ 25.224 17.334 Amsterdam, guilder to £ 12.107 8.314 Milan, lire to £ 92.46 65 3-16 Berlin, marks to £ 20.43 14.004 Stockholm, kr to £ 18.150 18.324 Copenhagen, kr to £ 18.150 19.294 Oslo, kr to £ 18.150 19.40 Vienna, schl to £ 34.58J 284 Prague, kr to £ 164J 112| Helsingfors, mrk to £ 193.23 229 Madrid, pesetas to £ 25.234 40 31-32 Lisbon, escudas to £ 110 109J Athens, drachma to £ 375 625 Bucharest, lei to £ 831.6 565 Belgrade 276.3 250 Rio de Janeiro, pence to Milreis 5.890 5g nom Buenos Aires, pence to pesos:■ 47.82 nominal Montevideo, pence to pesos 51 30 nom. Bombay, pence to rupee — 18 11-64 Shanghai, pence to tael — 20

Hong Kong, pence to dol. 24.58 15 3-8 Yokohama, pence to yen 24.582 15 3-8 Batavia, florins to £ 18 —— Warsaw, zlotys to £ — —