COMMERCIAL

Southland Times, Issue 22043, 16 June 1933, Page 2

COMMERCIAL

FINANCE AND TRADE

LOCAL MARKETS. Times Office, Friday Morning. Grain and Produce. Oats.—lnquiries for shipment are still coming to hand for June delivery, and also for June-end of September delivery, the grade mostly in demand being A’s. For these the current quotations run out at 2/5 per bushel, f.o.b.s.i. Bluff, and for B’s about 2/1 f.o.b.s.i. is being ~asked. Offerings continue to be made by farmers as their threshing is completed. Value to farmers runs up to 1/6 for A’s and 1/- for B’s, on trucks, country stations. Good Duns are worth 1/1 per bushel. Wheat.—Milling lines are saleable at the fixed price, viz,, 3/6 fbr Tuscan, 3/8 for Hunters, and 3/10 for Velvet. A great difficulty is being experienced in getting lines of Southland wheat passed by the Wheat Board’s grader, even although in the opinion of merchants the quality and condition of the grain has never been better. Up to the present very little of the wheat has been accepted as milling wheat. Good whole fowl feed lines are returning the farmer 2/8 per bushel, on trucks country stations.

Chaff.—Occasional offerings are being made by farmers and the supplies are sufficient to meet the local demand. There is no outlet for shipment. The price to farmers runs up to £2 5/- per ton, on trucks country stations, for good bright quality. Inferior chaff is not in demand.

Ryegrass.—There is a steady demand for good quality seed of good germination for shipment or railing north. Most of the merchants are asking 3/per bushel for good heavyweight lines of dressed seed, but buyers’ ideas are Id to 2d under this price. The quantity held by merchants is not very extensive. Value to farmers is from 1/3 to 1/6 per bushel, on trucks country stations, according to quality and bushel weight.

Potatoes.—So far deliveries have not been very extensive owing to the fact that digging has been held back by the abnormally wet weather. During the past few days there has been a steady inquiry for shipment, but there is no great quantity available from this port. The value to farmers is £2 10/- per ton on trucks country stations. Fruit and Vegetables.

The fruit market is more or less steady. A full shipment of Samoan and Niue bananas arrived on a dull market during the week and sold at fairly low prices. , Apples are in heavy supply, including Delicious, Jonathans, Cleopatras, Scarlet Nonpareils, Statesman, Rhymers, Dunn’s Favourite, Five Crown and Spitzenberg. There is a considerable quantity of small and second grade fruit. These are affecting the price, but for good lines fair prices have been realized. Following is a range of prices obtained at auction: —Delicious, 6/6 to 8/6; Jonathans, 6/- to 7/6; cookers, 4/to 5/-; pears, good sizes and well coloured, 2/6 to 3/- per box; 4/- to 6/per case; oranges, 42/- to 45/-; New Zealand lemons, 15/- to 21/-; Tauranga citrus, 34/- to 37/6; American, 67/6 to 72/6; grape fruit, 45/-; tomatoes, 4d to 6d per lb.; celery 2/6 to 4/6 per dozen bunches; lettuce, 5/- to 7/per dozen; cabbages, 1/6 to 3/6; cauliflowers, 3/6 to 8/-;- pumpkins and vegetable marrows, 9/- to 11/- per cwt.; parsnips and carrots, 2/- to 3/per bag.

CURRENT PRICES. Wholesale.

Eggs, 1/8. > / Bacon 9jd. Bran, £5 15/-. Butter, factory, HJd; separator, 7d. Flour, £l4 12/- to £l5 17/-. Oatmeal: £l6 to £2l. Retail.

. Eggs, 2/-. Bacon, lid. Pollard, 9/- per 1001 b. Butter, factory 1/2; separator 9d. Bran, 7/- per 1001 b. Flour, 25’s 4/6; 50’s 8/9: 100’s 17/-; 200’s 33/6. Oatmeal: 25’s 6/-; 50’s 11/6. Onions, 101 b forzl/-. Distributors, Ltd. Distributors, Ltd., Invercargill, advise the following prices:— Bran. —150’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 £l5 17/- per ton; ' 50’s, £l5 12/-; 100’s, £l5 7/-; 200’s, £l4 12/-. Market "Report The Waipiata with sugar and general cargo arrived at Bluff yesterday afternoon. ' All grades of factory butter were advanced one penny per pound on Monday last. The London market remains firm and a further advance is anticipated. Quotations for new season’s Smyrna figs are now to hand. C.i.f. prices are about par with last season’s opening prices. The landed cost will be considerably in excess of last season’s owing to the increased exchange. The present position with regard to Penang tapiocas is somewhat absurd. In spite of very poor demand and increasing arrivals on the Penang market, dealers are obstinately maintaining their prices at present level and are even raising same when approached for supplies. The explanation is that dealers know that European merchants' stocks are now nearly exhausted and that later will be compelled to purchase, and are, therefore, keeping up prices. Also about this time Indians are usually in the market for their seasonal requirements. Business generally at the present time is very dull, and overseas demand for Penang tapiocas has fallen off considerably. Indians are not showing much interest, and if this position continues, dealers’ stocks will begin to accumulate and they may be forced later on in consequence to lower their prices. We feel that current prices (which are much higher than quoted by us) are too high, and that lower prices may be expected later on. Owing to the unprofitable prices which have been ruling for pineapples, growers have unanimously decided to destroy 50 per cent of their crops. This decision, which is now being put into operation, has, of course, resulted in canners putting up their prices. Several exporters have considered it advisable to purchase for stock as the factors appear to be rather “bullish.” First we have the Chinese bank willing to finance canners, and -now the decision among all growers to pick only half their crops. The deciding factor, however, in influencing values will be demand, and up to the present there is no marked activity on the part of buyers in Europe. The latest development is the appearance of a new canner in the market who is underselling the others, and as a result of this competition prices here have actually declined. Stock Market. As was anticipated an enormous yarding of fat sheep was forward at Lorneville on Tuesday last, there being over 8000 yarded, this constituting a record for the saleyards. There was a large attendance of the public, and

northern buyers were again operating freely,- with a result that prices for freezing lambs reached the highest peak for this season. , The bulk of the yarding consisted of fat lambs, there being some extra good quality forward. The balance of the yarding was comprised chiefly ot good quality .ewes, with a small percentage of prime wethers. From, the com. lencement of the sale competition was keen, the demand being sustained right throughout the sale, northern buyers securing the bulk of the yardyarding of fat cattle consisted chiefly of medium-weight bullocks, these being mostly unfinished sorts, and they were secured by local graziers. Prime cattle met with a good demand and prices for these remained firm at last week’s rates, while medium sorts did not show any improvement in price. , The following is a range of prices ruling at Lorneville at the present Fat Cattle.—Best quality bullocks £5 10/- to £6 10/-; medium weights £4 to £4 10/-; lighter and unfinished sorts down to £3; best quality cows £3 10/- to £4; medium weights £2 10/- to £3 10/-; lighter sorts down to £1 15/-; good quality heifers £3 to £4; lighter weights £2 5/- to £3. Fat Sheep.—Extra prime heavy wethers 17/- to 20/6; prime medium weights 14/6 to 16/6; lighter sorts 11/to 14/-; extra prime heavy ewes 11/to 12/6; heavy-weights 9/6 to .10/6; medium weights 7/6 to 9/-; lighter weights from 6/- to 7/3; extra prime heavy lambs 19/- to 20/9; prime sorts from 15/6 to 17/6; medium from 13/6 to 15/-, with lighter sorts from 10/6 to 12/6. CITY STOCK EXCHANGE. YESTERDAY’S QUOTATIONS. At yesterday’s call-over on the City Stock Exchange, the following prices were quoted:— Banks. Australasia: b £lO 15/-. Commercial: b £l5 7/-. E.S. and A. Bank: s 105/-. National of New Zealand: b 75/-. New Zealand: b 46/9. Union of Australia: b £8 6/-. Breweries. - ' Dunedin Brewery Co.: s 21/6. New Zealand Breweries (shares): b 32/-. Staples’ Brewery: b 25/-. Tooth’s Brewery: b 36/6, s 38/3. Coal. Westport Coal: b 11/7, s 12/-. Kaitangata: b 20/3. Insurance. National: b 16/4. New Zealand: s 50/-. South British: b 65/-. Loan and Agency. National Mortgage: B Issue: b 20/-. Perpetual Trustees (Dunedin): s 52/6. Wright, Stephenson and Co. (pref.): b 11/9. Meat Companies. N.Z. Refrigerating — (20/— paid): b 14/6. (10/- paid): b 6/-, s 6/6. Southland Frozen Meat. — (£1 ord.): b 44/-. (10/- ord.): b 22/-. (£1 pref.) : b 44/-. Mining. Electrolytic Zinc (pref.): b 31/6. Gillespie’s Beach: b 1/7, s 1/8. Waitahu: b 7/4, s 7/6. Kildare: b 2/1, s 2/6. King Solomon: b 1/6. Mount Lyell: b 22/6. Okarito: b 10/10, s 11/-. Paddy’s Point: s 5/9. Waihi Gold Mining: b 22/-, Nokomai: b 4/6, s 4/11. Freshford: b 1/1, s 1/4. Central Shotover: b lOd, s 1/-. Shipping. Huddart-Parker (pref.): b 22/3. Union Steam Ship Co. (pref.): b 22/-. Woollen Mills. Bruce: s 10/-. Kaiapoi (cont.) pref.: b 15/-. Mosgiel: b £B. Miscellaneous. British Tobacco (Aust.): b 35/-, s 36/-. ! D.I.C. (ord.): s 11/-. Dominion Fertilizer: b 11/6. Donaghy’s Rope and Twine: b 37/6. Dunltff) Rubber (Aust.): s 19/-. New Zealand Drug: s 65/-. N.Z. Farmers’ Fertilizers: s 16/6. Wilson’s (N.Z.) Portland Cement: b 30/6, s 31/6. Debentures. 31 per cent. Stock, 1938: b £lOO. 3 J per cent. Stock, 1939: b £lOO. 4 per cent. Stock, 1940: b £lOO 10/-. 4 per cent. Bonds, 1940: b £lOO 10/-. 4 per cent. Stock, 1946: b £lOO 10/-. 4 per cent. Bonds, 1946: b £lOO 10/-. 4 per cent. Stock, 1949: b £lOO 5/-. 4 per cent. Bonds, 1949: b £lOO 5/-. 4 per cent. Stock, 1955: b £lOO 5/-. 4 per cent. Bonds, 1955: b £lOO 5/-.

NORTHERN EXCHANGES.

(Per United Press Association.) Auckland, June 15.

Sales on ’Change: Commercial Bank of Australia 15/11 (2); Bank of New South Wales £32 3/-; Bank of New Zealand 47/9, 47/6; do. D (pref.) 31/(2) N.Z. Insurance 49/6; South British 68/-; Goldsbrough Investment 26/9, 26/71; Renown Collieries (pref.) 6d; do. new preference 6d; Auckland Gas 23/3; N.Z. Breweries 32/9, - 33/-; Consolidated Brick 4/3; N.Z. Paper Mills 27/-; Gillespie’s Beach 1/74; Goldconda 9d, 91d; Mt, Lyell 22/4J. Unofficial. —Bell Hooper 1/2. Wellington, June 15. Sales on ’Change: Inscribed Stock 4 per cent. (1955) £lOO 10/-; National Insurance 16/10; Queensland 'lnsurance 52/3; New Zealand Refrigerating cont. 6/3; N.Z. Breweries 32/6 (3) 32/74, 32/9, 32/10; Central Shotover llid, all late Wednesday; Bank of New Zealand, cum div 47/6 (2); ditto long term 31/- (3); Union Bank £8 8/-; Tooth Brewery 37/9; Blackwater 23/7; Mount Lyell 22/4, 22/4J; Waihi 22/4 (2). Christchurch, June 15. Sales on ’Change: 4 per cent Inscribed (1940) £lOO 10/-; 4 per cent. Inscribed (1949) £lOO 5/-; 6J per cent. (1935) £100; Commercial Bank of Australia 16/1; Commercial Bank of Sydney £l6 18/— (7); National Bank of New Zealand £3 16/6 (2); Bank of New South Wales £32; Bank of New Zealand “D” mort shares (cum div.) 31/3; Goldsbrough Mort 26/6 (2); N.Z. Refrigerating (£1 paid) 15/- (2); N.Z. Refrigerating (10/— paid) 6/3 (3), 6/2 (3), 6/1 (2); N.Z.‘Breweries (cum div) 33/- (6); Mt. Lyell 22/5; Woolworths (Sydney), pref, new £1 paid 25/5; Big River 1/6; Blackwater 23/7 (2); Gillespies Beach (9d paid) 1/7 (2); King Solomon 1/6; Lawsons Flat (1/- paid) 1/8; Waihi 22/3; Waitahu (4/6 paid) 7/5, 7/4; Christchurch Gas 26/9. Sales reported: N.Z. Government 31 per cent, inscribed (1938-52) £100; Goldsbrough Mort 26/9, 26/7J, 26/9; N.Z. Breweries (cum div.) 33/1. Unlisted —Bell Hooper 1/2 (6). Dunedin, June 15. Sale on ’Change: New Zealand Refrigerating (cont.) 6/3. <

Sales reported: Dominion Fertilizer 12/-; Milbum Lime 28/6; New Zealand Breweries 33/-. Unlisted: National Tobacco 59/-. THE DOMINION EXECUTIVE TRUST, LTD. STOCK AND SHAREBROKERS. Alexandra Buildings, comer Dee and / Don Streets. Telegrams: Invercargill. WINTON STOCK SALE. YESTERDAY’S YARDING. FAT LAMBS TO 22/-. (From Our Correspondnent). At the fortnightly stock sale of the Winton centre yesterday, excellent weather conditions prevailed and there was a particularly large attendance of the public present. Four thousand sheep, the majority of which, were fat lambs, were yarded and prices of a really excellent nature prevailed throughout. The prices in the fat stock section exceeded those prevailing at Lorneville earlier in the week, and the market on that occasion was declared to be the best of the year. The presence of a northern buyer caused quite a stir in the fat stock section and prices realized, exceeded vendors’ expectations by a good margin, in some instances up to 5/-. Extra prime lambs (heavyweights) sold from 19/- to 22/-, prime, from 16/to 18/6, mediums, from 13/- to 16/- and others from 10/-. The best butchers fat ewes made from 9/- to 11/-, with lighter sorts from 7/6 to 8/6 and freezers from 5/6 to 7/-. Best butchers wethers made to 15/- with lighter sorts from 12/- to 14/-. The store sheep section was not a large one. Only one pen of ewe lambs was offered and these realized 11/8. Good breeding ewes were jn keen demand and a fair line of twotooths brought 15/-, with four, six and eight tooths (not guaranteed) to 15/6 and full mouth ewes (not guaranteed) from 7/6 to 10/11. Only a dozen head of cattle were yarded and these were disposed of at recent market rates, showing no improvement. SYDNEY STOCK EXCHANGE. BRISK TRADING. (United Press Assn.—Telegraph Copyright.) (Rec. 8 p.m.) ' Sydney, June 15. On the Stock Exchange to-day brisk trading covered a wide range of issues, gilt-edged securities figuring largely in the turnover. Goldsbrough Mort shares had a good forward move. Sales:— £ s d

SYDNEY WOOL SALES. MARKET CLOSES VERY FIRM. (United Press Assn.—Telegraph Copyright.) (Rec. 8.45 p.m.) Sydney, June 15. At the wool sales 8309 bales were offered and 7,775 sold and 3,484 were disposed of privately. The market closed extremely firm with prices in sellers’ favour at the best point of the series. Greasy Merino made to 16? d. The average price for the first three days of this week was £l2 0/8 a bale or 9.11 d a pound. The auctions are now off till August 28. . SYDNEY PRODUCE MARKETS. (United Press Assn.—Telegraph Copyright.) (Rec. 8.45 p.m.) Sydney, June 15. Wheat—On sidings 2/SJ; silo 2/64 bagged; equal to 3/l| and 3/1J ex. trucks Sydney. Flour—£lo 5/-. Bran and Pollard—£s. Potatoes —Tasmanian £7 10/-; Victorian £6 10/-. Onions—Victorian Brown Spanish, £5 10/-; Globes £4 10/-. Maize —Yeljow and white, 4/4. ADELAIDE QUOTATIONS. (United Press Assn.—Telegraph Copyright.) (Rec. 8.45 p.m.) Adelaide, June 15. Wheat—Growers’ lots 2/11. Flour —Bakers’ lots £8 12/6. Bran and pollard—£s 2/6. Oats-1/9. THE METAL MARKET.

LEAD STOCKS. (United Press Assn.—Telegraph Copyright.) London, June 14. Lead: Imports, 30,405 tons (Australian 19,682), exports 1,433. THE PRICE OF GOLD: (United Press Assn.—Telegraph Copyright.) A London, June 14, Tfie price of gold to-day is quoted at £6 2/1 per ounce. BRITISH WAR LOAN. (British Official Wireless.) (Rec. 5.5 p.m.) Rugby, June 14. The war loan 31 per cent, issue is quoted at £99 5/-,

■ ; BOARD OF TRADE. RETURNS FOR MAY, (United Press Assn.—Telegraph Copyright.) London, June 14. The Board of Trade return for May compared with the corresponding period of last year shows that the imports were £57,294,000, the exports £30,765,000, and the re-exports £3,820,000. /Die principal increases were: Imports. £ . Meat 415,000 Hides and skins 290,000 Non-ferrous metals and manufactures 304,000 Oils and fats 335,000 Exports Coal . 274,000 Iron and steel and manufactures thereof' 368,000 Non-ferrous metals 410,000 The principal decreases were: Imports. Living food animals 333,000 Exports. Cotton yams and manufactures 672,000 INCREASES FOR MAY. (British Official Wireless.) (Rec. 5.5 p.m.) Rugby, June 14. Compared with the previous month the Board of Trade returns for May show the following increases:—. Imports 6,143,000 Exports . 4,370,000 Re-exports 272,00 V FOREIGN EXCHANGES. (British Official Wireless.) (Rec. 5.5 p.m.) Rugby, June 14. The following rates of foreign exchange are current to-day compared

The selling rate for telegraphic transfers, London to Cape Town, is £99 17/6 for £lOO sterling, and -the buying rate £lOO 17/6. MONTHLY SHIPMENTS OF MEAT TO UNITED KINGDOM, ETC. The New Zealand Meat Producers’ Board is advised by cable from its London office that the shipments from Australia and South America to the United Kingdom during the month of May were as follows:— Australia: Carcasses mutton, 60,264; carcasses lamb, 112,580; quarters beef, 120,072. South America: Carcasses mutton, 116,961; carcasses lamb, 257,774; quarters beef (frozen) 1,168; quarters beef (chilled), 466,903. Included in the South American figures are 190,867 carcasses of lamb and 93,983 carcasses of mutton shipped from Patagonia. The shipments from New Zealand to the United Kingdom for' the same period were as follows:— : New Zealand: Carcasses mutton, 203,642; carcasses lamb, 1,028,323; quarters beef, 48,730. DAIRY PRODUCE. The South Island Dairy Association report having received the following advice from the N.Z. Producers’ Co-op Marketing Association:—Markets quiet. N.Z. butter 81/- to 82/-. Danish 92/- to 94/-. N.Z. cheese white 48/- to 49/-; coloured 54/-. The New Zealand Loan and Mercantile Agency Company, Limited, report having received the following cablegram from their London House: Butter: N.Z. 82/-. Slow. Danish 92/-. Cheese—White cheese unchanged.

Bank of New South Wales 32 0 0 Commercial Bank of Sydney 17 0 0 National Bank (£5 paid) 6 10 0 Union Bank 8 12 6 Dalgety’s 9 10 0 Australian Gas (A) 7 4 0 Colonial Sugar 57 15 0 Associated Newspapers 9 3 Dunlop Perdriau 18 9 Dunlop Perdriau (pref.) 1 13 101 Goldsbrough Mort 1 7 3 Australian Iron and Steel (pref.) 14 3 Standard Cement 13 8 Amalgamated Wireless (cont.) 1 3 6 Berlei (cont.) 13 9 Electrolytic Zinc 1 0 2 Electrolytic Zinc (pref.) 1 12 3 Morris Hedstrorn 17 6 Greater J. D. Williams 6 7 Winchcombe Carson 1 6 3 Toohey’s Brewery 1 3 0 Broken Hill Pty. , 1 14 0 South Broken Hill 2 15 0 North Broken Hill 4 1 9 Commonwealth Bonds (4 per cents) 1938 102 7 6 1941 103 3 9 1944 103 3 9 1947 102 17 6 1950 103 10 0 1953 104 10 0 1955 (ex interest) 102 2 6 1957 103 3 9 1959 103 5 0 1961 103 7 6 Melbourne Sales. National Bank (£5 paid) 6 12 0 Commercial Bank of Australia 16 6 Goldsbrough Mort 1 7 0 Electrolytic Zinc (pref.) X 12 0

(United Press Assn.—Telegraph Copyright.) (Rec. 8 p.m.) London , June 14. Metal quotations are t is follows:- . June 13 June 14. £ s d £ s d Copper, standardSpot 36 6 3 35 18 9 Forward 36 10 0 36 3 9 Copper, electrolytic— Spot 40 10 0 40 10 0 Forward 41 10 0 41 10 0 American 8 cents Wire Bars 41 10 0 41 10 0 Lead — Spot 13 7 6 13 3 9 Forward 13 13 9 13 10 0 Spelter— Spot 16 17 6 16 13 9 Forward 16 17 6 16 13 9 TinSpot 224 2 6 221 17 6 Forward 224 2 6 221 17 6 Silver (pence— Standard 19 7-16 19 7-16 Fine 21 21

with par:— Par. To-day. Paris, fr. 124.21 86 New York, dol ■ 4.866 4.10 Montreal, dol. 4.866 4.56} Brussels, belga 35.00 24.22} Geneva, fr. 25.22 17.53 Amsterdam, fr. 12.10 8.42} Milan, lira 93.46 64 15-16 Berlin, f.m. ' 20.42 14 11-22 Stockholm, kr. 18.159 19.42} Copenhagen, kA Oslo, kr. 18.159 18.159 22.42} 19.75 Vienna, sch. 34.585 31 nbm. Prague, kr. 20.02 113g Helsingfors, mark 124.23 226} Madrid, kr. 15.225 49 11-16 Lisbon, escu. 4} 110 Athens, dr. 370.00 590 Bucharest, lei. 25.225 570 Belgrade, kr. ■ "■ " ■' 250 Montevideo, dol. 45.57d 34 nom. Buenos Aires, dol. 45.57d 41| Rio de Janeiro, mil. 4.898 4g nom. Bombay, rupee 18 5-64 Shanghai, tael 15 5-16 Hong Kong ■ 111 — 17 1-16 Yokohama, p. to yen 24.582 t 15}