COMMERCIAL

Southland Times, Issue 21997, 22 April 1933, Page 3

COMMERCIAL

OTAUTAU STOCK SALE. (From Our Correspondent.) There was a large yarding of sheep forward at the above sale yesterday, and also a good attendance of buyers. Competition was not quite so keen as at previous sales, but good prices were obtained for prime quality sheep. Values for inferior sheep were much lower. Two-tooth ewes realized from 12/- to 15/-; lighter sorts 8/- to 10/-. Ewe hoggets made from 8/6 to 10/6, wether hoggets from 5/- to 8/2, and lighter sorts 4/- to 5/-. A line of exceptionally good 4, 6 and 8-tooth ewes brought up to 11/8, and average quality ranged from 4/- to 6/-. Full and failing ewes sold from 2/- to 3/6, cull ewes 6d to 1/-, 4 and 6-tocth wethers 9/6 to 10/6, and 2-tooth wethers 8/- to 9/-. There was a small yarding of cattle, which was sold at prices ruling at recent sales. The Southland Farmers’ Co-operative Association sold 116 ewes at 2/-, 126 do at 3/-; 44 do 3/6, 80 do 3/1; 18 cull ewes 1/1, 14 do 1/9, 120 2-tooth ewes 9/3; 12 m.s. lambs 6/-; 3 fat lambs 12/9; 5 do 9/-. Rams: 1 at 1 guinea, 5 do 1J guineas, 5 do 1 guinea, 2 do 1J guineas, 1 do $ guinea. Cattle: One fat cow £2 and 1 heifer £2 10/-. RIVERSDALE STOCK SALE. LATE RATES MAINTAINED. There was a medium yarding forward at yesterday’s stock sale held at Riversdale. The sale was held in fine weather before a good attendance of buyers, and sales in keeping with the tone of the market were made. Although bidding was quiet on lines of poor quality, the prices realized, taken all round, were satisfactory, and vendors were prepared to meet the market. Failing mouth ewes sold from 1/4 to 2/10, with poorer sorts down to 1/-. A line with a few full mouth sheep included brought 3/7. Two tooth ewes of average quality, brought from 7/10, and a large line of pleasing type sold at 13/-. Another line brought 12/1. Ewe lambs sold at from 4/1 to 8/10, with wether lambs from 37- to 5/-. Forward lambs brought up to 8/10. There were a number of pens of rams forward, and for these there was only a limited inquiry, sales being effected at from one guinea to one and a-half guineas. Sales were:— Wright, Stephenson and Co. Ltd:— 53 two-tooth ewes 7/10, 380 do. 13/-, 109 f. and f.m. ewes 3/7, 135 f.m. ewes 1/4, 344 do. 1/-, 153 do. (no bid). National Mortgage and Agency Co. Ltd:—lsB wether lambs 5/-, 65 f.m. ewes 2/10, 134 wether lambs 3/-, 141 f.m. ewes 1/4, 147 f. and f.m. ewes 3/-, 60 2-tooth ewes 10/2. J. E. Watson and Co. Ltd:—32 two and four-tooth ewes 7/4, 37 two-tooth wethers 9/11. Southland Farmers’ Co-operative Association Ltd:—lo3 f.m. ewes 2/10, 80 two-tooth ewes 9/1. 8 steers and 2 heifers at 18/-, 1 dairy heifer ,£1 12/-, bull and steer at 17/-, 1 guaranteed dairy cow £l9/-. Dalgety and Co. Ltd:—37 ewe-lambs 8/10, 350 wether lambs 9/8, 104 m.s. lambs 8/-. New Zealand Loan, Mercantile and Agency Co. Ltd:—2l4 forward lambs 8/6, 168 f.m. ewes 2/8, 69 f.m. ewes (no bid). WINTON STOCK SALE. At the fortnightly stock sale at Winton on Thursday there was a good attendance present when a small yarding of cattle and approximately 8000 sheep were submitted to auction. A reasonably good demand prevailed for good breeding ewes, while store lambs and ewe lambs also sold fairly well, but in a number of instances, however, the prices secured were not as good as those of the previous sale. Good sound mouth station ewes brought up to 9/3, while good two-tooth tussock ewes realized up to 13/-. Full-mouth ewes sold from 5/- to 6/-, with old ewes from 1/6 to 3/-. Romney ewe lambs were disposed of at 9/2, while store lambs made from 7/- to 8/-. The entry of rams was fairly strong, comprising chiefly Border Leicesters and Romneys, but sales were difficult to effect in this section. MOSGIEL WOOLLEN MILLS. DIVIDEND ANNOUNCED. (Per United Press Association.) Dunedin, April 21. The Mosgiel Woollen Company announces a 4 per cent, dividend for the half-year.

CANTERBURY PRICES. MARKETS QUIET. (Per United Press Association.) Christchurch, April 21 There has been a welcome improvement in the potato market during the week. The unprecedently long spell of dry weather is the main cause of this, but a . slight, influence has been some speculative interest on account of the possibility of trade with Australia. Quotations for prompt delivery are 45/- to 50/- per ton on trucks, and for May-June delivery £4, f.0.b., s.i. The market is continuing the hardening tendency. The most satisfactory feature of the present position is a lack of North Island inquiry. The Wingatui, which is due to load on Wednesday, will ship a few to Auckland. Last season in April 11,000 sacks were shipped from Lyttelton in April and to date this season the quantity is negligible. The small seeds market is dull and merchants are not being pressed with orders. The dry weather is against seed sowing and it is now very late in the season for this, even if the weather does break, although there has been fairly free buying by the trade. Fair stocks of ryegrass are still in the farmers’ hands. Cowgrass is coming in freely and the market has eased. Quotations are up to 6d a lb, on trucks. There is little interest in ryegrass. Both perennial and Italian are quoted at 1/to 1/6 a lb, on trucks. Merchants are holding good supplies of cocksfoot. Akaroa is quoted at 3d to 3|d per lb and plains at 21d to 3d. White clover is worth 8d to lOd a lb. Oats are not being inquired for. A Gartons are worth up to 1/6 a bushel, on trucks, and B’s l/~ to 1/2J. The south is quoting B’s at 1/7|, f.0.b., s.i., which is depressing local values. Partridge peas are quoted nominally at 3/3, on trucks. The Home market is lifeless. Fowl wheat is quoted at 3/-, f.0.b., s.i., but there is little inquiry. DUNEDIN MARKETS. LITTLE ACTIVITY SHOWN. (Per United Press Association.) Dunedin, April 21. Only an occasional sample of milling wheat is now reaching the local market, but nevertheless it is becoming increasingly difficult to find buyers. Most of the millers have purchased their full, quota and those who have not will not require a great deal more. The bulk of the wheat has been harvested in the Otago district and the advance price to be paid to growers for this month’s delivery is on the basis of 3/4, f.0.b., growers’ nearest port. For Tuscan fowl wheat the market remains steady. Supplies for the local market were- drawn from Canterbury early in the season, but merchants are now buying from Southland. The value of good whole fowl wheat in Dunedin to-day is 3/2 per bushel, sacks extra, ex truck, Dunedin. The oat market continues quiet and there is little inquiry for shipment. An occasional order is, however, being received, chiefly for B grade, and A grade is also inquired for at times. Current quotations vary from 1/10 to 1/11, f.0.b., s.i., for A’s and 1/9 for As and 1/8 for B’s. Owing to the poor outlet merchants are not keen to buy, but on the other hand farmers are not showing much disposition to sell. There is ho alteration in values in the country and these are on the basis of 1/2 for A’s and 1/- for B’s where the loading stations are handy to Dunedin. lor longer railings values rule correspondingly lower. . , < The chaff market is quiet, with only small lots being sold. Supplies are chiefly drawn from Canterbury and the value of the best quality is £3 per ton, sacks extra, ex truck, Dunedin, small lots for delivery ex the store bring slightly higher prices. The potato market has been erratic for some time, but lately there has been a firmer feeling. This commenced with tKe negotiations for the removal of the embargo on the importation of potatoes to Australia. So far no definite announcement has been made regarding the result of the negotiations and there does not seem to be much likelihood that potatoes will be sent from New Zealand across the Tasman Sea. There will be a duty of £2 10/- per ton, freight £2, landing charges 10/- and new corn sacks 11/- or a total of £5 11/- per ton. The present value in Sydney to-day is £5 10/- per ton, so there will have to be a substantial rise in values there before it will be possible to send New Zealand tubers. The value of locally grown potatoes showed a slight advance during the week and £2 15/- per ton, sacks included, ex truck, is now obtainable tor best quality. Business in all lines of seeds is quiet with the exception of some export lines, such as fescue and dogstail. Both of the latter lines have been in fair demand lately and sales have been made for shipment to America. Prices, however, are on the low side. The ryegrass market continues quiet. majority of the growers are inclined to hold their supplies in the hope ot an improvement in values. The cocksfoot market is firm. White clover is not so plentiful this season on account of the dry weather conditions in Canterbury where most of the seed is saved. Fruit Report. The tomato market firmed during the week and the supplies coming forward are now limited. Many growers m Canterbury and Central Otago have cleaned up their stocks for the season ana any good quality lines realized much better prices. Tomatoes affected by frost have to be sold at low rates. There is a better demand for local hothouse tomatoes, but supplies are in short compass. . , Apples are in good supply, mainly from Otago. Choice quality realize satisfactory prices but small and inferior sold at low prices. Cookers are in good supply, fair prices being obThe market is short of supplies of oranges as only Californians are nowavailable. High prices were obtained for these, but sales are not very brisk. Small lots of peaches are still on offer but the demand is not very keen. Lemons are bringing high prices as there are not many on offer in^ tne marts. Large quantities of Winter Cole and Winter Nelis pears are on offer and quinces are in fair supply. A small shipment of Samoan bananas reached Dunedin on Wednesday, ex the Maui Pomare. The fruit was railed from Lyttelton. The bananas arrived in perfect condition for ripening and should be available in retail shops early next week. A supply of’Fijian bananas is expected within the next few days. Green peas are offering in small lots and high prices are obtained. A.M.P. SOCIETY. VERY SATISFACTORY RESULTS. The eighty-fourth annual report of the Australian Mutual Provident Society for the 12 months ending December 31 last is referred to in an advertisement of the society in this issue. The report as usual discloses very satisfactory results. New assurances were effected during the year totalling iIU,351,026 in the ordinary department, and £3,259,301 in the industrial department. The amount paid to members or their representatives for the year was £5,540,825, making the amount paid since the establishment of the society £109,121,924. Cash bonuses for the year were’£2,495,363 in the ordinary department and £259,751 in the industrial department which is an increase on last year’s figures in both departments,

yielding reversionary bonuses of £4,255,000 and £357,000 respectively. The total assets have increased to £89,681,219 whilst the special reserves have been increased to £2,350,000. The total business in force on the books of the society (original sums assured and bonuses) has increased from ■ £260,698,117 to £263,451,027 The valuation of the liabilities under the whole of the society’s policy contracts has been based on an interest rate of 3 per cent, per annum. In other words it is assumed that 3 per cent, interest only will be realized in the future on the society’s funds. This, together with the fact that the special reserves have been maintained and increased and the society’s office premises and other assets have been further written down, makes the society’s position impregnable. The society has over £l6 000,000 invested in New Zealand and’all New Zealand claims, bonuses etc. are payable in New Zealand currency. Taxes payable have increased from £702,377 to £822,230 and but for this fact the bonuses payable to members would have been larger. The report may be characterized as a most satisfactory one, considering the unfavourable conditions under which the results have been achieved and the society is to be complimented on the fullness with which it publishes its operations. KING SOLOMON WASH-UP. The wash-up for three days’ work at the King Sofomond mine was 40ozs 19 dwt. FIVE PER CENT. DIVIDEND RECOMMENDED. (Per United Press Association.) Wellington, April 21. The directors of the National Bank of Australasia recommend a dividend of five per cent, on both closses of shares. interuvFdividend. (Per United Press Association.) Wellington, April 21. The New Zealand superintendent of Dalgety’s Ltd. has received a cable stating that the directors have declared an interim dividend of 5 per cent., payable on May 17. IN VOLUNTARY LIQUIDATION. (Per United Press Association) Christchurch, April 21. At an extraordinary general meeting of the Mercantile Finance Corporation, Limited, held this afternoon, the special resolution for voluntary liquidation passed at a meeting on March 30 was confirmed. SYDNEY STOCK EXCHANGE. INVESTORS HESITANT. (United Press Assn.—Telegraph Copyright.) (Rec. 8.20 p.m.) Sydney, April 21. America’s move towards inflation and the probable effects upon financial and commodity markets abroad caused investors on the Stock Exchange to-day to adopt the hesitant attitude. Sales:— £ s d Commonwealth Bonds (4 —

TO INVESTORS. INVESTORS should not risk their savings in speculative share issues which promise high returns without security when there are available Debentures showing regular inter-' est payments of 5 per cent and per cent respectively with a wide guaranteed margin of safety. The subscription lists for both these investments are rapidly filling up. Investors interested please write or call for full printed particulars to The Securities Corporation (N.Z.), Ltd., National Bank Chambers, The Crescent, INVERCARGILL. Telephone 2002, P.O. Box 243; and at Dunedin, Christchurch, Wellington. A. H. MACKRELL. STOCK AND SHARE BROKER. Member Invercargill Stock Exchange, Federal Buildings, Dee Street, Invercargill. The dominion executive TRUST, LTD. STOCK AND SHAREBROKERS. Alexandra Buildings, corner Dee and Don Streets. Telgrams: “Executive,” Invercargill. LONDON MARKETS. DAIRY PRODUCE. Messrs Dalgety and Company, Limited, report having received the following market cable from Messrs- Samuel Page and Son, London, under date of April 20, 1933:— Butter: Market slow, quotation nominal. We quote: Danish 90/- to 91/-; New Zealand finest salted 67/- to 69/-; Australian finest unsalted 65/- to 68/-; Australian finest salted 64/- to 67/-; Australian G.A.Q. 61/- to 63/-. Cheese: Market affected by heavy arrivals and prices tend lower. We quote: New Zealand white 38/-; coloured 44/- to 45/-. Canadian white 60/- to 62/-; coloured 60/- to 62/-. The following cable has just been received by A. S. Paterson and Co. from their principals, Messrs J. and J. Lonsdale and Co. (London), Ltd., London, dated 20th inst:— Butter: Market dull, depressed, no demand. N.Z. 67/-; Australian 66/-; Danish firm on Continental inquiry 77/-, f.o.b Cheese: Market quiet, buyers inactive; market is declining. White 37/-; Coloured 43/6 to 44/-. A. H. Turnbull and Co., Ltd., are in receipt of a cable from their principals, Messrs W. Weddel and Co., Ltd, dated London, 19th inst., reading:— Danish butter 93/- to 94/-; N.Z. Finest 67/— to 69/-; Kangaroos 65/- to 68/-. Butter market quiet. N.Z. cheese white 38/- to 40/-; N.Z. cheese coloured 45/to 46/-. Cheese market quiet. WHEAT AND FLOUR. LONDON REPORT. (United Press Assn.—Telegraph Copyright.) London, April 20. Wheat Cargoes—Closing strength on American and Canadian advices was more than counter-balanced by rapid changes in dollar exchanges, conse- , quently trading was restricted. Quota-

tions were nominally unchanged. Parcels are steady and unchanged. Futures—London, June 20/6, September 21/1; Liverpool, May 4/Bg, July 4/10g, October 5/o|, December 5/1?. Spot trade is quiet. Australian ex ship 25/25/6. Flour.—Quietly steady. Australian ex store, £2O 2/6. Oats—Tending easier. Peas and Beans—Quiet and unchanged. GOVERNMENT SECURITIES. (United Press Assn.—Telegraph Copyright.) London, April 20. The following are the latest quotations of Government securities compared with the prices ruling on April

CHICAGO WHEAT. (United Press Assn.—Telegraph Copyright.) (Rec. 5.5 p.m.) New York, April 20. Chicago wheat—May 67, July 68J, September 69g, New York (cash) cents a bushel.

THE METAL MARKET. (United Press Assn.—Telegraph Copyright.) (Rec. 8.40 p.m.) London, April 19. Metal quotations compared with those on April 19 are:—

per cents) — 1938 103 11 3 1941 103 12 6 1944 102 5 0 1947 103 0 0 1955 103 17 6 1957 104 5 0 1959 102 10 0 Bank of New South Wales 29 17 6 Commercial Bank of Sydney - 15 15 0 Australian Gas 6 17 6 Broken Hill Pty. 1 12 0 Henry Jones 1 18 6 Colonial Sugar 55 12 6 Burns Philp (New Zealand delivery) 2 11 0 Tooth’s Brewery 1 15 9 British Tobacco 1 14 10J New Guinea Goldfields 5 5 Dunlop Perdriau 1 7 3 Australian Glass 2 8 3 Melbourne Sales. Broken Hill Pty. 1 10 4J Electrolytic Zinc 1 9 6 Mt. Lyell 1 1 3 Commercial Bank 15 9

13:— Last week £ s d This week. £ s d Consols 76 5 Funding Loan, 4 p.c., 1960-90 111 2 Assented War 0 76 2 6 6 111 2 6 Loan 102 0 Conversion Loan, 0 102 5 0 3J p.c. 101 0 Victory Bonds, 0 101 0 0 4 p.c. (ex. div.) 110 0 Commonwealth, 5 0 103 0 0 p.c., 1945-47 107 15 Commonwealth, 6 0 107 12 6 p.c., 1945-47 101 17 Commonwealth, 3i 6 101 15 0 p.c., 1936-37 101 12 Victoria, 3 p.c., 6 101 7 6 1929-40 90 5 Victoria, 31 p.c., 0 90 7 6 1929- 95 15 Victoria, 51 p.c., 1930- (ex. 0 95 15 0 div.) 101 5 Victoria, 5 p.c., 1932-42 (ex. 0 101 10 0 div.) 100 10 Victoria, 4£ p.c., 1940-60 (ex. 0 101 15 0 div.) 101 5 New South Wales, 4 p.c., 1936 0 104 0 0 (ex. div.) 101 15 New South Wales, 0 101 10 0 3 p.c., 1935 100 0 New South Wales, 0 99 12 6 3} p.c., 1930-40 95 15 New South Wales, 0 95 12 6 61 p.c., 1930-40 102 8 New South Wales, 9 102 10 0 6 p.c., 1930-40 101 2 Queensland, 5 p.c., Stock, redeem6 101 5 0 able 1940-60 104 15 Queensland, 3 p.c., 1922-47 91 5 Queensland, 6 p.c., 1929-40 102 5 New Zealand, 41 0 104 12 6 0 91 0 0 0 102 5 0 p.m., 1945-47 108 0 New Zealand, 31 0 108 1 3 p.c., 1940 100 12 New Zealand, 3 p.c., 1942 94 0 New Zealand 6 p.c., 1936-51 6 100 10 0 0 94 0 0 (ex. div.) 107 15 South Australia, 0 107 10 0 31 p.c., 1939 101 5 South Australia, 3 p.c., 1916 0 101 10 0 or after 77 2 South Australia, 6 77 0 0 61 p.c., 1930-40 102 7 Tasmania, 31 6 102 5 0 p.c., 1930-40 100 7 Tasmania, 3 6 100 17 6 p.c., 1910-40 98 17 Tasmania, 61 6 98 15 0 p.c., 1930-40 102 15 Western Australia, 0 102 7 6 31 p.c., 1926-36 100 0 Western Australia, 0 101 0 0 3 p.c., 1915-35 99 5 Western Australia, 0 99 10 0 6 p.c., 1930-40 102 10 0 102 5 0

April 19 April 20. £ s d £ s d Copper, standard i Spot 29 3 9 29 15 V 2 Forward 29 3 9 29 19 41 Copper, Electrolytic— Spot 33 0 0 33 15 0 Forward 34 0 0 34 0 0 American 5.37 cents 6.37 cents Wire Bars 32 7 6 34 0 0 Lead— Spot 11 0 0 11 2 6 Forward 11 5 9 11 7 6 Spelter— Spot 15 2 6 15 6 3 Forward 15 7 6 15 11 3 TinSpot 158 8 9 159 8 9 Forward 159 1 3 159 17 6 Silver, (pence)— Standard 18 3-8 19 3-16 Fine 19 7-8 20 11-16