COMMERCIAL

Southland Times, Issue 22013, 12 May 1933, Page 2

COMMERCIAL

FINANCE AND TRADE

LOCAL MARKETS Times Office, Friday morning. Grain and Produce. Oats. —There has been rather more keenness shown by buyers for shipment, and several sales of A’s have been made for prompt shipment and spread delivery. Oats are offering steadily from farmers, but not as freely as has been the case in the past few seasons. No doubt the wet weather has prevented farmers from threshing and from carting their oats from the paddock. Value to farmers runs out at 1/1 per bushel for A’s, and lid for B's. The main demand is for A’s, and there are instances that more has been paid than the price indicated, no doubt owing to the extra quality and bushel weight or for other special reasons. Good Duns are worth 1/1 per bushel, on trucks. Wheat.—Milling Tuscan is worth the equivalent of 3/4 per bushel, f.o.b. Good whole fowl wheat is netting the farmer 2/6 per bushel, on trucks, country stations. Chaff.—This is offering fairly freely. Only good bright quality is in demand and the price offering to farmers is about £2 pel' ton, on trucks, country stations. Ryegrass.—Offerings from the country have not been very large, although occasional lines are always being submitted. Merchants are not keenly interested as the demand for shipment is exceedingly slack. The price to farmers is the same, namely, 1/2 per bushel for best quality heavy-weight lines, and 1/- for medium-weight lines, these prices being on trucks, country stations. Brown Top.—There is no great interest shown in Brown Top as the demand for export is dull, value to farmers being 5d per lb on dressed basis. Crested Dogstail.—This is also dull of sale. Value to farmers for export quality runs out at l£d to 2d lb off the mill. Potatoes.—The wet weather has been holding up digging, consequently offerings from farmers are not large. There is some inquiry for shipment, but at low prices. Value to farmers is £2 5/per ton, on trucks, country stations. Fruit and Vegetables.

Consignments of apples, particularly Otago Central lots, are offering more freely. The same may be said of pears. Bananas are in short supply, and it is understood that the next shipment, due next week, will be on the short side, so keen competition is anticipated for what will be offering. Lemons are very scarce and now almost wholly confined to the New Zealand article which has increased in value. Only small quantities have been obtainable. The market is well supplied with oranges at present. It is anticipated that there will be an acute shortage before the next shipment. There is not a great deal offering in the vegetable line, although the condition of the market has been a bit better during the past week. Current prices obtained at auction are as follows:—Apples, Delicious 4/6 to 8/6 per case; Jonathans 4/6 to 7/-; Cox’s Orange 9/- to 11/-; Cleopatras to 7/-; Sturmers 6/6; cookers 3/6 to 4/6; dessert pears 5/- to 7/6; and 1/6 to 3/for boxes; cookers 1/6 to 2/6; lemons, New Zealand grown, 30/-; oranges, Californian, 47/- to 50/-; grapefruit 50/-; bananas to 27/6; celery 2/- to 4/-; carrots and parsnips Id per lb; pumpkins and marrows lid to 2d; swedes 2/6 per bag. CURRENT PRICES. Wholesale. Eggs, 1/10. Bacon 9£d. Bran, £5 15/-. Butter, factory, lOJd; separator, 6d. Flour, £l4 12/- to £l6 7/-. Oatmeal: £l6 to £2l. Retail. Eggs, 2/2. Bacon, lid. Pollard, 9/- per 1001 b. Butter, factory 1/1; separator Bd. Bran, 7/- per 1001 b. Flour, 25’s 5/-; 50’s 9/6; 100’s 18/6; 200’s 34/6. Oatmeal: 25’s 6/-; 50’s 11/6. Onions, 121 b for 1/-. 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 £6 10/- per ton; 100’s £6 15/-. Wheat Meal.—2s’s £ls 7/- per ton. Market Report. At the time of going to Press it is impossible to state when the next boat will load sugar at Auckland for Southland districts. The Waipiata is still held up at Dunedin. According to late advice from Singapore the sago and tapioca market is advancing with alarming rapidity. Usually these lines advance or decline very slowly. Latest quotations to hand show a further advance of 4Jd per cwt.

Stocks of Californian dried fruits are very short throughout the Dominion and buyers have been very active of late booking their requirements for forward delivery. Prices are very favourable at present, but there is a firming tendency already and according to a late cable, Seedless Raisins have advanced 2/- per cwt. The following extract from a report received from California this week gives a clear review of how European countries are operating:—“We do not wonder that considerable business is passing seeing the prices quoted are the lowest for 30 years. There must be considerable business doing for export—for instance, we note that Germany has been importing monthly for some time 13,500 tons of dried fruits and raisins; half of this quantity came from California. Great Britain, France and Scandinavian countries are also very large importers, so it will not take long to reduce stocks. As regards prunes all sizes below 50/60 are sold out; but New Zealand has this advantage; supplies of small sizes are, we understand, obtainable from Australia. New crop

prunes ready October shipment, but by then all available stocks will be sold to Europe and for local uses in U.S.A. As regards Californian raisins the only likelihood of carry-over will'be a small surplus of seeded Malagas. The Canterbury onion market is becoming active and prices advanced 5/per ton during the week. The Stock Market. The weekly sale was held at Lorneville on Tuesday last, when there was a larger entry of fat sheep forward than that of the previous week, with practically the same number of fat cattle forward. The yarding of fat sheep consisted chiefly of good quality ewes, with a few pens of fair quality wethers. Owing to the presence of a northern buyer value for good quality sheep showed a rise from 1/6 to 2/- per head. Competition was very keen, the sale being the best held at Lorneville for some considerable time. The quality of the fat lambs, of which there was only a small number forward, was only medium, prices for these being at full schedule rates. In comparison competition for fat cattle was very limited, with a result that the fat cattle sale was one of the poorest held at Lorneville for some considerable time. The quality could be classed only as medium, there being a very small percentage of good quality cattle forward. Buyers soon filled their requirements, with a result that' the last two races of fat cattle were practically neglected. Very little interest was taken in the store cattle sale, there being no change in prices for the cattle offered. The yarding of store sheep comprised a pen of 2,4, 6 and 8-tooth ewes, which were disposed of at 9/9, while wethers made from 7/6 to 8/3, wether lambs from 6/- to 7/6, according to condition, and ewe lambs from 8/- to 9/-. The following is a range of prices ruling at Lorneville at the present time: — Fat Cattle.—Extra prime heavyweight bullocks £5 to £5 15/-; prime handy weights £3 15/- to £4 5/-; light and unfinished sorts £2 5/- to £3 5/-; prime quality heavy cows £2 17/6 to £3 12/6; good quality medium weights £2 5/- to £2 15/-; aged and inferior sorts down to 25/-; prime quality medium weight heifers £3 to £3 15/-; lighter weights £2 5/- to £3, with unfinished sorts down to £1 15/-. Fat Sheep.—Extra prime heavy wethers 13/6 to 14/6; prime quality 12/to 13/6; good freezing wethers 9/6 to 10/6; extra good quality ewes 7/6 to 9/-; good quality 6/- to 7/-; lighter sorts from 4/6 to 5/6; good quality butchers’ lambs 12/- to 13/-; good freezing sorts 11/- to 12/-; with light and unfinished sorts down to 9/6.

STOCK EXCHANGE. YESTERDAY’S QUOTATIONS. The following prices were quoted on the Invercargill Stock Exchange yesterday :— Banks. Australasia: b £lO. Commercial: b 14/3; s 14/6. E.S. and A. Bank: b 83/-. National of New Zealand: b 70/-. New Zealand: b 45/9. Union of Australia: b £7 10/-. Breweries. New Zealand Breweries (Shares): s 30/3. Coal. Westport Coal: b 13/10; s 14/3. Kaitangata: b 20/9. Insurance. National: s 17/1. New Zealand: b 49/6. South British: b 64/-. Standard: b 51/3; s 53/-. Loan and Agency. Dalgety and Co: b £7 7/-; s £7 15/-. Goldsbrough Mort and Co: b 22/10; s 23/8. Trustees’ Executors (Dunedin): b 47/6. Meat Companies. N.Z. Refrigerating (20/- paid): b 11/-; s 12/-; (10/- paid): b 3/9; s 4/-. Southland Frozen Meat (£1 ord.): s 44/-; (10/- ord.): s 22/-; (£1 pref.): s 44/-. Mining. Gillespie’s Beach: b 1/5; s 1/7. Golden Sands: b 2/10. Waitahu: b 5/6; s 6/-. Kildare: b 2/1. King Solomon: s 2/-. Mount Lyell: b 21/6. Okarito: b 9/9; s 10/6. Paddy’s Point: b 5/4; s 5/9. Waihi Gold Mining: b 21/3. Waihi Grand Junction: b 3/8. Nokomai: b 5/1; s 5/6. Freshford: b 1/3; s 1/4. Mount Morgan, b 36/9, s 38/6. Shipping. Union Steam Ship Co. (pref.): b 22/-. Woollen Mills. Bruce (pref.): s 20/-. Mosgiel: b £8 5/-. Miscellaneous. Australian Glass: b 47/6. British Tobacco (Aust.): b 33/6. D.I.C. (ord.: b 10/-; s 11/9; (pref.): b 19/-. Donaghy’s Rope and Twine: b 36/-; s 40/-. Milburn Lime and Cement: b 26/6; s 28/-. New Zealand Drug: s 67/-. New Zealand Paper Mills: b 25/-. Wilson’s (N.Z.) Portland Cement: b 31/6; s 33/6. Woolworths (pref): b 32/-. , Debentures. Government Stock, 31 per cent, 1938: b £99 10/-; s £lOO 5/-. Government Stock, 3| per cent, 1939: b £99 10/-; s £lOO 5/-. Government Stock, 4 per cent, 1940: b £99 15/-. Government Bonds, 4 per cent, 1940: b £99 15/-. Government Stock, 5 per cent, 1946: b £99 15/-. Government Bonds, 4 per cent, 1946: b £99 15/-. Government Stock, 4 per cent, 1949: b £99 15/-. Government Bonds, 4 per cent, 1949: b £99 15/-. Government Stock, 4 per cent, 1955: b £99 15/-. Government Bonds, 4 per cent, 1955: b £99 15/-. Dominion Fertilizer Debentures: b £99. Sales Reported. The following sales were reported: Freshford 1/2, 1/3, and 1/4; Nokomai 5/3J and Mount Morgan 37/3. NORTHERN EXCHANGES. (Per United Press Association.) Auckland, May 11. Sales on ’Change: All Stock (1938/43) 31 per cent. £99 15/-; (1938/52) 31 per cent. £99 15/-; (1939/43) 31 per cent. £99 15/-; (1939/52) 31 per cent. £99 15/-; (1940/44) £lOO 10/-; Auckland City (1949) 5| per cent. £99; Bank of New Zealand 46/-; New Zealand Insurance 49/9, 49/6; South British 66/6, 66/3 (2); Renown Coal (pref.) 9d; Auckland Gas 23/6 (2); Devonport Ferry 19/6; Wilson’s Cement 31/6; King

Solomon 1/9; Waihi Junction 3/11 (2); Mt. Lyell 22/3; Gillespie’s Beach 1/6. Wellington, May 11. Sales on ’Change: Inscribed stock 4 per cent. (1940) £lOO 5/-; N.Z. Breweries 29/7, 29/9; Staples 25/-; Big River 1/OJ, 1/5; Okarito 10/1; Waihi 21/11; Waihi Grand Junction 3/11; Waitahu 5/11, all the above late Wednesday; National Bank of Australasia (£5 paid) £5 18/9 (2); Bank of New Zealand 46/-; Dalgety £7 12/- (2); Wilson’s Cement 32/-; Mount Lyell 22/-. Christchurch, May 11.

Sales on ’Change: Four per cent, inscribed (1940) £lOO 7/6; 4per cent, inscribed (1946 and 1949) £lOO 5/-; N.Z. Refrigerating 61 per cent. (1935) £97; Christchurch Gas 5J per cent. (1934) £lOO 5/-; Bank of New South Wales (cum. div.) £29 17/6 (3); Bank of N.Z. (cum div) 46/- (5); Dalgety and Co. (cum div) £7 12/6 (2); N.Z. Refrigerating (10/- paid) 4/- (3); North Canterbury Freezing 3/9; N.Z. Breweries 29/7; Electro Zinc (ord.) 17/8 (2); Mt. Lyell 22/- (2), 21/9 (2), 21/8; Central Shotover (6d paid) 1/1J (4); Big River 1/4 (3); Gillespies Beach (9d paid) 1/SJ, (2); Lawsons Flat (1/- paid) 1/5 (2); Nokomai 5/3 (2); 5/31; Waitahu (4/- paid) 5/9. . Sales reported: Commercial Bank ot Australia (pref.) £8 15/-; National Bank of New Zealand £3 13/-; Dalgety and Co. £7 12/6; Staples Brewery 25/-; British Tobacco 34/4; unlisted sale Bell Hooper 1/01 (5). Dunedin, May 11. Sales on ’Change: Central Shotover 7/OJ (two), 1/-. Sales reported: N.Z. Insurance £2 10/- (two); N.Z. Refrigerating (cont.) 3/11; N.Z. Paper Mills £1 6/-; Mahakipawa 2d.

MAHAKIPAWA RETURN. (Per United Press Association.) Christchurch, May 11. The Mahakipawa return for the week was 36ozs. SYDNEY STOCK EXCHANGE. LITTLE CHANGE IN VALUES. ♦ (United Press Assn.—Telegraph Copyright.) (Rec. 8.55 p.m.) Sydney, May 11. There was little alteration in values in any department of the Stock Exchange to-day. The banking group showed an improvement, but there were only minor variations in the miscellaneous list. Commonwealth

SYDNEY PRODUCE MARKETS. (United Press Assn.—Telegraph Copyright.) (Rec. 8.55 p.m.) Sydney, May 11, Wheat.—The market is quiet. Silo grain is worth 2/5J on sidings and bagged 2/6, equal to about 3/l£ and 3/1 ex trucks Sydney. Flour.—£lo. Bran and pollard—£s. Potatoes—Tasmanian to £8 5/-; Victorian £7 5/-. Onions—Brown Spanish £5 10/-; Globes £4 10/-. Oaten Hay—£s. Maize—White and yellow 4/3. ADELAIDE QUOTATIONS. (United Press Assn.—Telegraph Copyright.) (Rec. 9.25 p.m.) Adelaide, May 11. Wheat—Growers’' lots 2/9J- to 2/10. Flour—Bakers’ lots £8 12/6. Bran and pollard—£s 2/6. Oats—About 1/8. THE METAL MARKET. (United Press Assn.—Telegraph Copyright.) (Rec. 8.50 p.m.) London, May 10. There was a slight reaction in most metals, but the weakness was not pronounced. Quotations are as follows:— May 9 May 10 £sd £ s d

LONDON DAIRY PRODUCE MARKET. The New Zealand Loan and" Mercantile Agency Company report having received the following cablegram from their London house: Butter. —New Zealand 75/-. Slow. Cheese: White 43/-; coloured 50/-. Market quiet. WHEAT SOWING. BIG RESTRICTION IN CANADA. (United Press Assn.—Telegraph Copyright.) Ottawa, May 10. The area to be sown in spring wheat in Canada this year will be 1,475,100 acres less than last year, according to the estimates of the Dominion Bureau of Statistics. UNITED STATES CROP. (United Press Assn—Telegraph Copyright.) Washington, May 10. This year’s winter wheat crop in the United States is estimated by the Department of Agriculture at 337,485,000 bushels. Last year’s crop was 462,151,000 bushels. THE PRICE OF GOLD. (United Press Assn—Telegraph Copyright.) London, May 10. The price of gold to-day is quoted at £6 3/4 per oz. 3J PER CENT. WAR LOAN. (British Official Wireless.) (Rec. 5.5 p.m.) Rugby, May 10. The War Loan 3J per cent issue is quoted at £lOO.

LONDON WOOL SALES. BRISK COMPETITION. (United Press Assn—Telegraph Copyright.) London, May 10. At the wool sales 8463 bales were offered, including 5474 from New Zealand. About 7169 were sold. There was brisk general competition for all descriptions, and the bulk of the offerings were cleared at full opening rates. New' Zealand greasy Merinos “Craigl- - top price HJd, average llgd; greasy crossbred, “Havelock,” lOld and 7Jd. A WELCOME IMPROVEMENT. (United Press Assn—Telegraph Copyright.) London, May 10. Messrs Dawsons declare that the London wool sales have been the most excited in recent years and moderately register a welcome improvement in the general position. The consumption of. Merinos is steadily overtaking supplies and fine grades should continue to harden. Crossbreds are affected by the abnormally large offerings, but prices should be helped by the increases in fine grades. NEW ZEALAND AND AUSTRALIAN LAND CO. (United Press Assn—Telegraph Copyright.) London, May 10. The New Zealand and Australian Land Company has deferred consideration of the preference dividend until the year’s accounts have been completed. FOREIGN EXCHANGES. (British Official Wireless.) (Rec. 5.5 p.m.) Rugby, May 10. The following rates of foreign exchange are current to-day compared with par:— Par. To-day.

Bombay, rupee 18 5-64 "Shanghai, tael 15 Hong- Kong. 24.58 d 16 7-16 The selling rate for telegraphic transfers, London on Cape Town, is £99 17/6 for £lOO sterling, and the buying rate £lOO 17/6. Yokohama, p. to yen. 24.582 1411-16

Bonds were fairly steady and the turnover was again very heavy. Sales:— £ s d Bank of New South Wales 29 12 6 Commercial Bank of Sydney 15 15 0 E.S. and A. Bank 4 6 4 Colonial Sugar 55 10 0 Bums Philp 2 10 3 Associated Newspapers 8 3 Associated Newspapers (pref.) 18 3 British Tobacco 1 14 71 Gordon and Gotch 1 13 7i Henry Jones 1 17 0 David Jones (New Zealand delivery) 1 5 0 Dunlop Perdriau 17 0 Dunlop Perdriau (pref.) 1 12 9 Goldsbrough Mort. 1 3 lOj Broken Hill Pty. 1 13 0 North Broken Hill 3 17 0 Melbourne Sales. Goldsbrough Mort. 1 3 10 Mt. Lyell 1 2 1J South Broken Hill 2 11 0 North Broken Hill 3 17 6

Copper, standard— Spot 33 8 9 33 3 9 Forward 33 11 io> 33 7 6 Copper, electrolyticSpot 37 0 0 36 15 0 Forward 37 10 0 37 15 0 American 6.75 cents — Wire Bars 37 10 0 37 15 0 Lead— Spot 12 0 0 11 16 3 Forward 12 6 3 12 3 9 Spelter— Spot 15 8 9 15 2 6 Forward 15 16 3 15 7 6 TinSpot 182 11 3 182 11 3 Forward 183 6 3 183 2 6 Silver (pence)— Standard 1£ 1 5-16 18 15•16 Fine 20 13■16 19 7-1 .6

Paris, fr. 124.21 85| New York, dol. 4.866 3.93? Montreal, dol. 4.866 4.4J Brussels, belga 35.00 24.224 Geneva, fr. 25.22 17.45A Amsterdam, fr. 12.10 8.39 Milan, lira 93.46 64 Berlin, f.m. 20.42 14.37J Stockholm, kr 18.159 19.35 Copenhagen, kr. 18.159 22.45 Oslo, kr. 18.159 19.60 Vienna, sen. 34.585 311 Prague,' kr. 20.02 1131 Helsingfors, mark 124.23 2261 Madrid, kr. 15.225 39 7-16 Lisbon, escu 4i 110 Athens, dr. 375.00 5874 Bucharest, lei 25.225 575 Belgrade, kr. — 250 Rio de Janeiro, mil. 5.898 4? nom. Buenos Aires, dol. 47.57d 42 Montevideo, dol. 45.57d 34 nom.