COMMERCIAL

Southland Times, Issue 22293, 7 April 1934, Page 3

COMMERCIAL

FINANCE AND TRADE

OTAGO MARKETS. WHEAT VARIES IN QUALITY. OATS FIRM. (Per United Press Association.) Dunedin, April 6. A spell of fine weather has enabled farmers in all districts to get on with their threshing and stacking. Samples of wheat being forwarded to merchants show a variation in quality, but the period of unsuitable weather has not caused as much damage to the crops as had been anticipated. In some cases growers had been inclined to thresh their crops too early after the rain and this wheat has proved unsuitable for milling, being on the soft side. Millers are now taking delivery of the new season’s wheat from the Canterbury, Otago and North Otago districts. The advanced price in Otago for Tuscan for the month of April is 3/6 f.0.b., sacks extra. Next month the price will be increased by Id per bushel, when the values will be 3/7 for Tuscan, 3/9 for Hunters’ and 3/11 for Velvet. Delays in threshing the wheat have caused a temporary shortage in the supplies of fowl wheat. Merchants are still drawing supplies from Canterbury, the price being about 3/6 per bushel, sacks extra delivered in Dunedin. Small lots are worth 4/- per bushel, ex store.

A firmer feeling is apparent in the oat market. Little threshing has so far been done in some districts and there are not sufficient stocks held in the stores to meet the orders for shipment to the North Island. In addition, the forward market is firmer, as it is now realized that there will not be a great quantity of A Gartons threshed this season and that there will also be a smaller quantity of B Gartons. Many of the lines coming in from the country are under grade and the demand for these is not very brisk. A’s are worth to-day 2/6 f.o.b. s.i. and B’s 2/3. Undergrade are selling down to 2/- per bushel. These prices are equivalent to 1/10 for A’s on trucks, country' sidings, sacks extra, and 1/7 for B’s. The chaff market remains quiet with only small lots selling ex store. Farmers in the Otago district are not prepared to accept the present values and supplies are still being drawn by merchants for Canterbury. The present value of the best quality is £3 15/per ton, sacks extra, ex truck. Most potato growers are now lifting their crops and supplies are accumulating in the stores. Values are easing and it is difficult to make sales. The demand is only from hand to mouth. The wholesale quotation is £4 to £4 5/- per ton, sacks included, delivered in Dunedin.

Only a small quantity of ryegrass seed has been on offer during the past fortnight. Farmers are still asking high prices, but merchants are not inclined to meet the sellers. Merchants find that the demand for dressed ryegrass is quiet, and therefore they are not prepared to pay the prices asked. The value of ryegrass is now indicated at 3/- to 3/3 per bushel, sacks extra, on trucks, country sidings. The market for dogstail is firm and it is apparent that this season there will be the smallest crop for dogstail for many years past. Here again farmers are asking high prices. The same position applies to Chewings Fescue and reports from the coimtry show that the cocksfoot market is likewise very firm following on a poor harvest. The white clover market is also firm. Fruit Report. A feature in the fruit marts since the holidays has been a marked shortage of tomatoes and much better prices are now being obtained. Higher prices are also ruling in the Canterbury market. Growers in the northern province had not been inclined to forward tomatoes to the local market at the low prices ruling, but the position has now improved considerably. Cold nights have caused the supplies to slacken off. Inferior grade tomatoes are still hard to place at low rates. Apples are in good supply and, the market shows little change. A further consignment of Californian oranges and lemons came to hand during the week. Prices were firm. Peaches are still on offer but the demand is not very brisk. There is a good inquiry for choice ripe dessert pears. Most of the lines on offer, however, are on the hard side and those are slow of sale. Cookers are offering at low rates. Small lots of Coe’s late red plums are on offer and are meeting with a good demand. , , Hothouse grapes are still arriving from Kakanui. The demand for choice quality is good. Wasty fruit has to be sold at low rates to clear. CANTERBURY MARKETS. BETTER POTATO INQUIRY. (Per United Press Association.) Christchurch, April 6. Business shows little life. The holiday adjournment was expected to stimulate some activity after the. merchants’ offices had opened but it has been negligible so far. Potatoes are the only product creating a slightly improved inquiry. More North Island interest is being displayed, and a few lots are going forward. Auckland advices are to the effect that supplies are nearly exhausted, and southern potatoes will be wanted in fair quantities shortly. Values locally remain practically the same as before the holidays. Prompt Whites are worth £4 2/6 to £4 5/f.o.b.s.i. and Dakotas 85/- to 87/6. There is little business between growers and merchants. The former anticipate that the market will not ease and the latter are awaiting an actual demand from Auckland. . Fowl wheat is quoted at 3/4 2 f.o.b.s.i. for prompt shipment and 3/5 to 3/6 for spread delivery. Oats show no change. Partridge peas are quoted at 4/1 f.o.b.s.i. Milling wheat earns an increment of a penny a bushel commencing with this month. The seed market for autumn sowing is practically over and the volume of business has been disappointing. Stocks are very firmly held and prices are unaltered. Ryegrass is worth 3/- to 3/6 a bushel f.o.b.s.i, Akaroa cocksfoot lOd a lb., cowgrass to 9d a lb. and white clover 1/- to 1/3. RIVERSDALE STOCK SALE. A SMALLER ENTRY. A smaller entry was forward at the Riversdale stock sale yesterday, aged ewes making u phte bulk of the entry with r. sprinkling of young sorts and lambs. The attendance was good and prices were firm, showing an improvement on recent rates in most sections. A few rams were offered at the conclusion of the sheep sale and realized fro’m 1J to 4J guineas. Sales were as follows: — Dalgety and Co., Ltd.—96 f.m. ewes at 14/-, 87 2-th ewes at 29/6, 15 f.m. ewes at 13/-, 43 f. and f.m. ewes at 15/3, 112 small ewe lambs at 16/7, 261 6 and 8-th ewes at 23/-, 190 f. and f.m. ewes at 17/-, 210 f.m. ewes at 13/-, 80

- forward wether lambs at 20/3, 6 f.m. ewes at 12/-, 40 m.s. lambs at 10/9, 86 2-th ewes at 29/6, 210 wether lambs at 19/8. Passed in: 124 fat ewe lambs at 23/6. Southland Farmers’ Co-op, Ltd.—4o f.m. ewes at 10/-, 42 f. and f. lambs at 19/2. National Mortgage and Agency Co., Ltd.—ss f. and f.m. ewes at 9/9, 64 m.s. lambs at 18/10, 82 f. and f.m. ewes at 12/9, 86 f. and f.m. ewes at 11/-. J. G. Ward and Co., Ltd.—7l f. and f.m. ewes at 10/-, 17 2-th ewes at 27/9, 97 2-t'.i ewes at 27/7, 124 f. and f.m. ewes at 13/6, 7 cull ewes at 12/3. Wright, Stephenson and Co., Ltd.- - 60 s.m. ewes at 16/9, 80 f. and f.m. ewes at 13/-. Passed in: CO ewe lambs at 22/-. N.Z. Loan and Mercantile Agency Co., Ltd.—93 f. and f.m. ewes at 13/3, 100 s.m.' ewes at 11/4, 65 s.m. ewes at 10/2, 20 m.s. lambs at 20/3. MATAURA STOCK SALE. (From Our Correspondent.) The monthly Mataura stock sale, held in the yards on Thursday, was attended by a large number of farmers from surrounding districts. The yarding, which was a fairly heavy one, comprised several lines fo a good quality which found ready purchasers at prices on a par with those ruling at other district sales. Following were the principal sales recorded: — Southland Farmers’ Co-operative Association Ltd.: 5 fat lambs, 20/-; 7 fat ewes, 12/3; 23 fat twes, 14/10; 6 fat ewes, 12/6; 14 fat ewes, 14/-; 53 f.m. ewes, 10/—; 19 fat ewes, 12/7; 75 wether lambs, 19/9; 67 m.s. lambs, 18/-; 75 ewe lambs, 14/10 (passed); 110 ewe lambs, 19/- (passed); 103 f.m. ewes. 8/1.

Wright, Stephenson and Co.: 19 fat ewes, 13/-; 9 fat wethers, 23/9; 9 fat ewes, 15/6; 10 fat wethers, 24/3; 10 fat ewes, 15/-; 18 m.s. lambs, 15/6; 66 f. and f.m. ewes, 14/-; 28 f.m. ewes, 10/-; 24 ditto, 12/3; 85 ewe lambs, 18/9 (passed); 111 ewe lambs, 19/3 (passed); 74 s.m. ewes, 19/4. New Zealand Loan and Mercantile Agency Co., Ltd.: 47 fat ewes, 13/1. Dalgety and Co., Ltd.: 46 m.s. lambs. 12/-; 51 m.s. lambs, 16/-. J. E. Watson and Co., Ltd.: 10 fat wethers, 23/6; 60 f.f.m. ewes, 8/-. National Mortgage and Agency Co.. Ltd.: 30 fat ewes, 9/7 (passed); 4 ditto 14/-; 1 fat wether 22/6; 14 ditto, 22/3; 2 fat ewes, 19/9; 53 s.m. ewes, 15/5; 8 lambs, 15/-; 3 fat wethers, 20/-; 22 f.m. ewes, 12/3; 20 fat ewes, 14/9; 7 ditto, 10/-; 25 ditto, 15/6; 90 f.m. ewes, 8/6; 36 do. 10/-; 35 do, 9/-; 74 do, 8/2; 50 f. and f.m. ewes, 9/2; 49 two-tooth ewes, 26/10; 39 f. and f.m. ewes, 16/9; 90 g.s.m. ewes, 20/1; 83 ewe lambs, 19/4; 110 ewe lambs, 18/-; 125 f. and f.m. lambs, 22/1; 108 s.m. ewes, 18/10; 35 s.m. ewes, 19/6; 140 ewe lambs, 20/6 (passed); 140 wether lambs, 16/2. THORNBURY STOCK SALE. VALUES REMAIN FIRM. TWO-TOOTH EWES REACH 37/-. The monthly stock sale was held at Thornbury yesterday in fine weather before a good attendance of buyers. There was a good entry both in the cattle and sheep sections. Values taken all round were firm and compared favourably with those ruling at other centres. Two-tooth ewes sold up to 37/-, which is believed to be the top price at auction at the yards this year. The top line was an exceptionally fine one. Good two-tooths realized from 32/6 to 34/-; g.s.m. ewes made from 24/- to 27/-; full-mouth ewes from 18/- to 20/-; failing-mouth ewes from 12/- to 14/- and aged ewes, out of condition, down to 7/-. Good Romney ewe lambs realized up to 21/-; forward-conditioned rape lambs 18/- to 19/6. In the cattle section some good bullocks were yarded. A pen of wellconditioned three-year-old bullocks made up to £5 13/-, while another good pen was sold at £5 2/-. Fat cows made up to £5 12/6, while medium cows were sold at prices from £2 15/to £3 10/-. A pen of calves was sold at 26/-. Dairy cows realized from £2 10/to £4 10/-.

MINING REPORTS. KING SOLOMON WASH-UP. The wash-up at the King Solomon mine for three day’s work totalled 740 z 4dwt. OKARITO MONTHLY RETURN. The following Okarito report relates to the four weeks from February 25 to March 24:—Total gold won, 1460 z 13 dwt; total time worked, 473 hours; total non-working time, 103 hours; total yardage treated, 26,500, an average of 56 cubic yards an hour; average value of ground, SJd a cubic yard; on the basis of gold worth £4 an ounce. GOLDFIELDS DREDGING COMPANY. (Per United Press Association.) Dunedin, April 6. The secretary of the Goldfields Dredging Company, Ltd., reports that the dredge is making good headway towards the upper gorge and that there was no wash-up this week. BELL-KILGOUR COMPANY. (Per United Press Association.) Dunedin, April 6. The Bell-Kilgour Gold Mining Company wash-up for the week ended April 6 amounted to lOoz. sdwt. from development work. DAIRY PRODUCE MARKET. (United Press Assn.—Telegraph Copyright.) London, April 5. The butter market is quiet. Danish, 82/-. Choicest salted New Zealand, 72/- to 73/-. Australian 71/- to 72/-; unsalted the same. Cheese: Slow. New Zealand (white and coloured), 43/6 to 44/-. Australian (coloured), 42/- to 42/6. Messrs Dalgety and Company, Limited, report having received the following market cable from Messrs Samuel Page and Son, London, under date of April s:— Butter: Market quiet. We quote: Danish, 84/- to 86/-; New Zealand finest salted, 71/- to 73/-; Australian finest unsalted, 70/- to 71/-; Australian finest salted, 69/_ to 71/-; Australian G.A.Q., 67/- to 68/-. Cheese: Market quiet. We quote: New Zealand white, 43/- to 44/-; New Zealand Coloured, 43/- to 44/-; Canadian white, 52/- to 56/-; Canadian coloured, 52/- to 56/-. The New Zealand Loan and Mercantile _ Agency Company, Limited, have received the following cabled advice from their London Office:— Butter: 73/-. Cheese: 43/6 to 44/-. The market is slow. Messrs A. H. Turnbull and Co., Ltd., are in receipt of a cable from their principals, Messrs W. Weddel and Co.,

Ltd., dated London April 4, reading:— Danish butter, 84/-; N.Z. finest, 72/to 73/-; Kangaroos, 70/- to 71/-. Butter market slow. New Zealand Cheese: White and coloured, 44/-. Cheese market slow. Advances for April: Butter, _7d; cheese, 3Jd. Mr A. H. Mackrell has received the following market report from Messrs R. and W. Davidson, Ltd., Glasgow:— Butter:—Market quiet and inclined to be slightly easier, 71/- to 72/-. Cheese.—Market quiet and easier. White, 43/6; coloured, 43/6. The National Mortgage and Agency Company of New Zealand, Limited are in receipt of the following cable from their principals, Messrs A. J. Mills and Company, Limited, London: — Butter: Market slow. New Zealand finest, 72/-; New Zealand firsts, 71/-; New Zealand unsalted, 72/- to 73/-; Danish, 84/- to 86/-; Danish f.0.b., 62/-; Australian, 70/-. Cheese: Market slow. New Zealand coloured, 43/- to 43/6; New Zealand white, 43/- to 43/6; Canadian f.o.b. 52/- to 54/-. SYDNEY STOCK EXCHANGE. ACTIVITY IN MINING SECTION. (United Press Assn. —Telegraph Copyright.) (Rec. 9.5 p.m.) Sydney, April 6. On the Stock Exchange to-day general industrial issues were steady and Commonwealth Bonds still advanced, while the turnover in the mining section reached almost record proportions. The demand for Eastern tin shares was most presistent. London buying orders are believed to be still in the market for concerns in the alluvial tin group. Sales:—

MELBOURNE PRODUCE MARKETS. (United Press Assn.—Telegraph Copyright.) Melbourne, April 6. Wheat—Dull, 2/5 to 2/6J per bushel. Flour—£7 per ton. Bran—£4 5/-. Pollard—£4 15/-. Oats—Good, 2/2 to 2/3 per bushel. Barley—Prime, 2/7 to 2/9. Maize—3/6. Onions—Steady, with good demand; Brown Spanish, £2 10/- a ton. THE METAL MARKET. SHARP RISE IN TIN. (United Press Assn.—Telegraph Copyright.) (Rec. 9.5 p.m.) London, April 5. Sharp rises were recorded in tin to £3 5/- a ton. Quotations:—

SALE OF TOBACCO. PRICE FIXATION TO AWAIT TARIFF REVISION. Action to fix the price of tobacco and cigarettes in New Zealand, made possible by legislation passed last session, will not be taken until Parliament has considered the report of the Tariff Commission, but in the meantime the price fixation scheme started in England in January is being investigated. The managing director of Messrs W. D. and H. O. Wills (New Zealand), Limited (Mr R. Barkeley Smith) left Wellington for England before Easter and it is understood that he will report on the scheme before final arrangements are made here. Price fixation had been started only in January, the Christchurch manager of Messrs. W. D. and H. O. Wills (Mr A. T. C. Sellars) said on Thursday, and consequently it was impossible to say whether it was a success or not. By the time Mr Smith reached England it would be in operation for about three months and he would be able to gain some idea of its utility or otherwise. Price fixation would not come into force in New Zealand before Parliament assembled, Mr Sellars said, but local tobacco firms were ready to introduce it as soon as price lists could be issued. “It is difficult to say when it will come into operation,” he said, “but it will not be before the report of the Tariff Commission is con* sidered.” PRICE OF GOLD. (United Press Assn.—Telegraph Copyright.) London, April 5. The price of gold is quoted at £6 14/8| per

CONSOLS AND COLONIAL STOCKS. (United Press Assn.—Telegraph Copyright.) London, April 5. The following table gives quotations for consols and colonial inscribed stocks, compared with those of March 29:—

BRADFORD TOPS. (United Press Assn.—Telegraph Copyright.) London, April 5 Bradford business is insufficient to test prices. The topmakers’ attitude is firm. LONDON SHAREMARKET. (United Press Assn.—Telegraph Copyright.) London, April 5. Share quotations:— Mount Lyell—l9/3. Peninsula—l7/4J. New Guinea—6/IJ. Bulolo—ll6/-. THE DOLLAR AND FRANC. (United Press Assn.—Telegraph Copyright.) London, April 5. The dollar is quoted at 5.16 J, and the franc at 181, to the £ sterling. LONDON PRODUCE MARKETS. (United Press Assn.—Telegraph Copyright.) London, April 5. For wheat cargoes the demand has quietened and prices are unchanged, parcels being steadily held. Futures—London: April, 16/8; June, 17/11J; September, 18/8J; Liverpool: May, 4/3; July, 4/SJ; October, 4/75. The spot trade slow. Australians, ex ship, 21/9 ana 22/9. Flour is quiet. Australian, ex store, 16/9 and 17/-. Oats are slow and easier. Peas: Maples more active; best New Zealand, March-April shipment, 39/-; Tasmanian, 40/-; Blue Tasmanian, April, 210/- to 215/-. Beans are unchanged. ROYAL EXCHANGE ASSURANCE. PRESENTATIONS TO GOVERNOR. To commemorate the 40th anniversary of his election as a director and the 20th year of his governorship Mr Vivian Hugh Smith was recently presented by the court of directors of the Royal Exchange Assurance with a Charles 11. tankard and by the staff of the Corporation at home and abroad with two silver flagons and a Treasury silver inkstand. The history of the Royal Exchange Assurance extends over 214 years and Mr V. H. Smith is its 18th governor. In the following table illustrating the expansion of the company’s business the first column, dated 1894, gives the figures at the time

when Mr Smith became a director; the second column (1914) gives the figures for the year in which Mr Smith became governor; and the third (1932) gives the latest available figures :— 1894 1914 1932 Premium Income £ £ £ Life 151,496 367,540 1,043,698 Fire 260.087 856,038 1,673,305 Marine 77,249 359,008 639,839 General Accident 262,013 1,219,712 Life Assurance Fund 1,902,977 3,710,243 9,974.129 Total Assets 3,992,742 7.307,657 18,968,139 Including the business of its affiliated companies, the total premium income of the Corporation for 1932 was £9,665,000, while the total assets amounted to no less than £24,213,000. <

£ s d Bank of New South Wales 34 15 0 Commercial Bank of Sydney 17 18 0 Colonial Sugar 65 14 0 Australian Provincial Assurance 10 6 Mercantile Mutual Insurance 1 2 3 New Zealand Insurance 2 19 6 Associated Newspapers 1 2 9 Associated Newspapers (pref.) 1 3 41 British Tobacco 1 17 9 Meggits 1 1 0 Tooth’s 2 3 3 Toohey’s 1 7 101 Winchcome, Carson 1 9 6 Henry Jones 1 14 3 Millaquin Sugar 1 9 0 Lustre Hosiery 1 4 3 W. R. Carpenter 2 1 6 Bulolo Gold 7 2 6 Bulolo Deposits 2 0 Broken Hill Pty. 2 6 3 South Broken' Hill 3 10 6 Rawang Tin 9 0 Larcut 14 6 Tongkah Harbour 14 9 Malim Nawar 16 3 Kuala Kampar 16 3 Placer Development 18 7 6 Melbourne Sales. Commercial Bank (pref.) 9 12 0 National Bank (£5 paid) 6 10 0 Dunlop Perdriau 19 11 Metropolitan Gas 13 17 0 Herald and Times 2 12 3 North Broken Hill 4 12 0 Goldsbrough Mort. 1 13 6

April 4. April 5. £ s d £ s d Copper— Standard spot 32 4 4J 32 18 H Forward 32 10 7£ 33 3 11 Electrolytic 35 10 0 35 15 0 to 36 0 0 36 5 0 Wire Bars 36 0 36 5 0 American 8 cents 8.25 > cents LeadSpot 11 5 0 11 11 3 Forward 11 12 6 11 18 9 SpelterSpot 14 13 9 14 17 6 Forward 15 1 3 15 5 0 TinSpot 235 7 6 238 12 6 Forward 235 1 3 238 2 6 Silver— Standard, per oz. 19 7-8 20 Fine, per oz. 21 7-16 21 9-1 6

Last v 'eek. This week. s d £ s d Consols, 2j p.c. 80 10 0 81 0 0 Funding Loan, 4 1900-90 112 10 0 113 0 0 War Loan, 31104 0 0 104 5 0 Conversion Loan, 31 103 1 3 103 5 0 Victory Bonds, 4 110 17 6 110 17 6 Commonwealth — 5 p.c., 1945-75 110 1 3 111 2 6 6 p.c., 1931-41 103 11 3 103 10 0 31 p.c., 1936-37 103 3 9 101 8 9 Victorian — 3 p.c., 1929-49* 94 17 6 95 6 3 31 p.c., 1929-49 99 5 0 99 8 9 5 p.c., 1932-42 100 8 9 100 6 3 4J p.c., 1940-60 107 0 0 107 2 6 N°'v South Wales 3 p.c., 1935 101 3 9 101 7 6 o 2 p.c., 1930-50 99 7 6 99 14 6 Queensland — 5 p.c., 1940-60 107 0 0 107 7 6 3 p.c., 1922-47 95 5 0 95 15 0 New Zealand — 41 p.c., 1948-58 107 3 6 107 8 9 31 p.c., 1940 102 1 3 102 2 6 3 p.c., 1945 97 1 3 97 0 0 6 p.c., 1936-51 107 2 6 107 6 3 South Australia31 p.c., 1939 102 5 0 102 6 3 3 p.c., 1916 or after 85 10 0 85 0 0 Tasmania—31 p.c., 1920-40 101 12 6 101 2 6 3 p.c., 1920-40 99 0 0 99 0 0 Western Australia31 p.c., 1929-35 102 2 6 100 14 6 3 p.c., 1915-35* 101 1 3 100 10 0 ♦ Ex interest