COMMERCIAL

Southland Times, Issue 22294, 9 April 1934, Page 2

COMMERCIAL

EXCHANGE MART. Messrs D. W. McKay Ltd., Exchange Mart, Invercargill, report as follows:— Unusual heavy supplies of fruit received during the week, particularly apples. The varieties available are Jonathans, Statesmen, Cox Orange, Delicious Alfristons, Winesaps, Worcester Pennains, Dessert varieties 5/6 to 7/6, Cookers 4/6 to 5/6, Cox Orange 8/to 10/-; pears, dessert varieties 6/- to 7/-; Bushel Case, boxes 2/3 to 3/3; peaches 4/- to 5/- box; plums 4/- to 5/6; ripe bananas 20/-; oranges 35/to 45/-. Vegetables, cauliflower 3/- to 5/- sack for good quality, loose heads 1/6 to 2/6; cabbage 1/- to 2/- doz.; carrots, parsnips, beet 9/- cwt.; best Canterbury onions 5/- bag; potatoes 6/to 7/6 bag; wheat 15/-. General.—Some very good lines of second-hand furniture sold at satisfactory prices; our stocks of new furniture modern and low in price; honey 5/6 101 b tins; Exchange tea 12/6. THE RIALTO. Messrs William Todd and Co., Ltd., The Rialto, report the following sales for week ending April 6:— Pigs.—2os entered. Small weaners 6/to 8/-; well grown 9/- to 12/-; small stores 9/9 to 14/-; stores 16/- to £1 6/-. Poultry.—Hens 9d. to 1/7; heavy breeds 1/8 to 2/6; roosters 1/- to 1/8; geese 2/6 to 3/6; ducks 1/5 to 2/-; Pekin ducks 3/2; turkeys 6/- to 7/-; W.L. pullets 3/6 to 4/9; well grown 5/to 7/2; black Orphington pullets 6/7; brown Leghorn pullets 4/1. Horses.—Draught mares £35, £45. Produce.—Table potatoes, supplies fairly plentiful, first grade King Edwards £5 to £5 10/-; onions 1001 b 5/-; picklers 3/6; chaff £3 5/- to £3 10/-; straw £2 15/-; hay £3 10/-; wheat 12/6 to 14/6; crushed oats 7/6; oats 9/to 10/-; pollard 8/6; bran 7/-; Fana food 7/6; Meat Meal 11/-; Liver Meal 11/-; oyster shell grit 6/- cwt; Moose Meal 16/-; Moose Nuts 15/-. Vegetables.—Oversupply. Cabbage 1/doz.; cauliflower 1/-; lettuce 1/-; carrots 6/- cwt.; parsnips 8/- cwt.; peas lid. lb. Miscellaneous.—Barbwire 27/6 cwt.; No. 8 galvanized 20/-, No. 9 20/-; fowl netting 13/6; sheep netting 19/-; rabbit netting 20/-; tanks 47/6; Kauri washtubs 55/-; baths 65/-; potable boilers 85/-; timber 12/- to 14/- 100; Totara posts £5 10/- 100; stakes 25/-; droppers 10/- to 12/-; horse collars 35/-, leather-lined 40/-; winkers 18/6; bridles 12/6; horse covers 25/-; cow covers 10/- to 15/-; binder twine 6d. lb.; wheelbarrows 25/-; pickling casks 7/6; honey, 101 b tins 5/6; Ceylon tea 51b boxes 12/6. BRAY BROS., LTD. Messrs Bray Bros., Ltd. report auction prices as follows:—Apples, Jonathon, Delicious, C.O.P. 4/6 to 10/- case; Cooking 4/- to 6/-; Cape gooseberries, limited supplies available. Coconuts 17/- sack; oranges (Sunkist) 42/6; passion fruit 4/- box; peaches 2/6 to 4/6; pears 2/- to 3/6; plums 3/6 to 5/-; quinces 3/- to 3/6 and 5/- to 7/- case; Tomatoes, hothouse 2Jd. to 4Jd. lb., others lid. to 3Jd. lb.; beans 2d. lb.; cabbage 1/- to 2/6; carrots Id. lb.; cauliflowers 2/- to 4/-; cucumbers 2/6 to 4/- doz. for hothouse; green peas lid lb.; marrows 8/- cwt.; onions 2/6 box, 3/6 cental sack; parsnips Id. lb.; potatoes 5/- to 7/- cwt.; swedes 1/- and 1/6 bag; honey, 101 b. tins 4/6, 51b. tins 2/6. General.—Petrol service station (freehold), for sale in North Otago district. Good position and price reasonable. EWE AND RAM FAIR. FIXTURE AT WYNDHAM. The Wyndham stock agents held their annual ewe and ram fair on Friday when, a yarding of 3000 ewes and 150 mixed bred rams came forward. There was a fair attendance of buyers present, but competition was quieter than at previous sales. Prices generally showed an easing tendency, and values were down 2/- to 4/- a head according to quality. However, this may have been accounted for by the quality of the entry being hardly up to previous offerings.

Best sound mouth ewes, not guaranteed, made up to 20/- and other good useful types 18/- to 19/-. A few pens of inferior quality ewe were forward and realized from 12/- to 16/-. There was fair competition for the latter sorts, local dairymen being the chief ones concerned. A pen or two of ewe lambs realized 14/- to 20/-. In the Romney ram section a pen of three showing breeding realized 7 guineas, but the average yarding made 4 to 5/ gns. A smaller number of Leister rams were yarded and realized £3 3/- to £55/- according to quality. A small entry of Southdowns made from £3 3/- to £5 5/-, an occasional lot making £6 6/-. A large number of two and four-shear Romneys were sold at from £1 1/- to £2 2/-. Dalgety and Co., Ltd., report a small yarding of ewes which met with a slow sale, prices being if anything easier than at previous sales. There was a large yarding of rams which met a keen demand for all classes especially in the Southdown section, the top prices for which was secured by a nice consignment bred by Mr Joseph Hunter. These brought prices up to 7gns. Other classes were keenly competed for and a total clearance was effected. We sold: 41 2th ewes at 22/4, 12 do. at 15/-, 133 s.m. ewes at 19/8, 115 do at 17/3, 66 f.m. ewes at 15/6, 211 do at 12/9. Southdown rams: Three at 7gns, 2 at 6gns., 2 at sJ,gns.,5 J ,gns., 2 at sgns., 3 at 4gns. Romney Marsh rams: Three at 4gns., 7 at l-.lgns., 23 at Ign., 8 at i]gn., 4 at 16/-, 2 at 7/6, 1 at 5/-, 1 at 2/6. English Leicester rams: Two at 4gns., 2 at 3gns., 1 at 2?gns., 2 at 2Jgns. Border Leicester rams: One at 3|gns., 8 at 3gns., 3 at 2gns., 1 at 25/-. Shropshire rams: 2 at 2;’gns. MINING REPORTS. BELL-HOOPER CROMWELL GOLD. • (Per United Press Association.) Christchurch, April 7. The Bell-Hooper Cromwell Gold, Ltd. wash-up for the eight days ending April 6 was 590 z 7dwt 22grs. DAIRY PRODUCE MARKET. AUSTRALIAN BUTTER. (Per United Press Association.) Wellington, April 7. The Daii-y Control Board has been advised by the Australian Board that the minimum prices at which Australian butter may be sold for forward shipment to the United Kingdom next week have been fixed at B|d and B;'d per lb. Messrs A. S. Paterson & Co. Limited are in receipt of the following cable advice from their principals, Messrs J. & J. Lonsdale & Co. (London) Limited :— Butter: Market stagnant. New Zealand 72/-; Australian 71/-; Danish 64/-. Landed cost 85/-. Cheese: 43/-. PRICE OF GOLD. ADVANCE IN JAPAN. (United Press Assn.—Telegraph Copyright., Tokio, April 6. The official purchase price for gold will advance to-morrow from 2.65 yen to 2.95 yen per gram.

SYDNEY STOCK EXCHANGE. ACTIVITY IN TIN SHARES. (United Press Assn.— Telegraph Copyright.) (Rec. 6.30 p.m.) Sydney, April 7. There was a strong active market on the Stock Exchange with heavy turnover in tin shares at a sharp advance.

AHAURA. The Upper Ahaura Gold Dredging Company Limited proceeded to allotment on March 28. Copies of the prospectus have been filed with the Wellington Stock Exchange and sent to all Stock Exchange members throughout New Zealand. Applications for listing will be made in due course.* FOREIGN EXCHANGES. (British Official Wireless). (Rec. 5.5 p.m.) Rugby, April 6. The following rates of foreign exchange are current to-day compared

BRITISH WAR LOAN. (British Official Wireless.) (Rec. 5.5 p.m.) Rugby, April 6. The 31 per cent, war loan is quoted at £104“ 5/-. LONDON SHAREMARKET. (United Press Assn.— Telegraph Copyright.) London, April 6. Share quotations: New Guinea 6/-. Bulolo £5 14/4J. LONDON SHARE MARKET. (United Press Assn.—Telegraph Copyright.) (Rec. 6.30 p.m.) London, April 7. New Guinea Goldfields 6/-. Peringa—3/101. THE DOLLAR AND FRANC. (United Press Assn.—Telegraph Copyright.) London, April 6. The dollar is quoted at 515 cents, and the franc at 75, to the £ sterling. FROZEN MEAT QUOTATIONS. (United Press Assn.—Telegraph Copyright.) (Rec. 6.30 p.m.) London, April 7. Frozen meat quotations:— New Zealand Sheep—Canterbury and North Island selected crossbred wethers and maiden ewes, 571 b to 641 b, 4 7-8 a; 651 b to 721 b, 4Jd; North Island 57d to 641 b 4 7-8 d; 651 b to 721 b, 4 3-8 d; ewes, 651 b to 721 b, 3 l-Bd. Australian sheep—First quality crossbred and or merino wethers 401 b to 651 b, 4|d; second quality, 301 b to 551 b, 4Jd. Argentine sheep—First quality crossbred wethers 651 b to 721 b, 4-Jd. New Zealand lambs—Canterbury 43 lb to 501 b, 6 5-8 d; second quality average about 321 b, 7d; South Island, 361 b, and under 7 3-Bd.; 371 b to 521 b, 7d; 431 b to 501 b, 6 5-8 d; selected North Island, including Downs, • 361 b and under 7£d; 371 b to 421 b, 7 l-8d; 431 b to 501 b, 6 5-8 d; other North Island lambs, first quality 361 b and under, 7Jd; second quality average about 321 b, 7d. New Zealand frozen beef—Ox fores 1601 b to 2201 b, 2 l-Bd. Australian frozen beef—Ox hinds 1601 b and under, 3.{d; over 1601 b, 3 3-Bd. . Argentine chilled beef —Ox fores 160 lb to 2201 b, 31 d. New Zealand pigs—First quality 60 lb to 801 b, Bllb to 1001 b and 1011 b to 1201 b, 5 l-Bd. Australian pigs—First quality, 601 b to 1001 b, average about 801 b, 5 l-8d; 1011 b to 1201 b, 5 l-8d; others unchanged.

Mr R. L. Bennett, Palmerston North, has received the following cable from Henry S. Fitter and Sons, Ltd., Lon-

Lambs.—The demand is not quite so good and the market is rather easier, but no material change is anticipated. Wethers—Trade is slow. Ewes.—There is a fair demand. Beef.—Demand and prices are steady. Pork.—There is a good demand at present prices. Trade generally is quiet. THE METAL MARKET. FURTHER RISE IN TIN. (United Press Assn.—Telegraph Copyright.) (Rec. 6.30 p.m.) London, April 6. Metal quotations are as follows:—

HIGH PRICE OF TIN.

(British Official Wireless).

(Rec. 5.5 p.m.) Rugby, April 6. The price of tin on the London exchange advanced £4 12/6 to .£243 17/6, being the highest recorded since January, 1928. RAW MATERIALS. (United Press Assn—Telegraph Copyright.) (Rec. 6.30 p.m.) London, April 7 (Quotations on March 24 in parentheses): Cotton-Spot 6.40 d a lb (6.46 d May delivery 6.10 d (6.12 d Rubber: Para 5d a lb (sd); Plantation smoked, 5 7-16 d (5 3-32 d). Jute—April-May shipments £l6 7/6 a ton (£l6 7/6). Hemp—March-May shipments, £l5 10/- a ton. Copra—April-May shipments, South Sea, £7 5/- a ton (£7 12/6); smoked, £6 15/- (£7); plantation Rabaul £7 15/- (£8 10/-). Linseed oil—£l9 5/- a ton (£l9 15/-). Turpentine—sl/3 cwt (51/9). CHICAGO WHEAT. (United Press Assn—Telegraph Copyright.) (Rec. 6.30 p.m.) New York, April 6. Chicago wheat: May 86i, July 86i, September 871, New York (cash) 98Jcents a bushel. THE RABBIT MARKET. Rabbits—The market is neglected. First large, ex store, nominally 15/6. PRICE OF GOLD. (United Press Assn—Telegraph Copyright.) (Rec. 6.30 p.m.) London, April 7. The price of gold is £6 14/7 an ounce. TRADE FIGURES. BANK DEPOSITS PILE UP. ADVANCES AT LOW LEVEL. Business conditions generally show signs of reaction to the stimulus of improving returns from export trade,_ reports the Government Statistician. Building activity has undoubtedly improved materially during recent months, aided by the Unemployment Board’s subsidy scheme. Railway finances continue to show improvement; and the quantities of freight traffic by rail and of coastal shipping cargo tonnage during the past six months have been materially in advance of the totals during the same period last year. Except for a purely seasonal recession in February, sales tax receipts during recent months have shown a steady monthly advance. Banking statistics for the past few months show satisfactory features in the growth of funds held on current account and in the increasing volume of cheque transactions. That confidence in future prospects has by no means fully returned is, however, evident from the abnormally high volume of fixed deposits, the low level of advances, and the relative stagnation of mortgage and land transfer business. The average weekly value of bank debits to individual customers’ accounts during February was £15,534,017, an increase of £3,583,790 over the figures recorded during January. Payment of rates and taxes normally swells the volume of bank debits during February; and, judging from the figures for preceding years, the increase between January and February of this year is mainly due to this normal seasonal fluctuation. Deposits continue to increase, the average amount of deposits during February (£62,447,445) representing an increase of £1,315,665 over the January average. That full confidence in industrial enterprise is still lacking is evident from the abnormally high level of fixed deposits, which have increased from an average of slightly under £3O m. in 1928-29 to a figure just under £4O m. in recent months. The highest monthly average (£39,765,154) was reached in October last, since which month the figure has fluctuated very little, with a slight falling tendency. Increase in Free Deposits.

Deposits on current account continue to increase, the average amount so held during February (£22,009,546) representing an increase of £1,446,375 as compared with January, and of £4,018,677 as compared with February of last

year. The increase in demand deposits and the stay in growth of fixed deposits are encouraging features of present banking statistics. Advances reached during February the lowest level which has been recorded during the whole period for which weekly banking statistics are available (since April, 1928). The amount of advances was on the average £41,053,258 in February as compared with £47,910,384 a year ago and £54,379,642 in February, 1931. Advances rose materially during the first stages of the depression, and it was not until the beginning of 1933 that a definite downward movement, which has since continued, set in. It is therefore reasonable to suppose that the response of this economic indicator to improved conditions will lag behind other factors. The figures for the week ended March 12 compare with those for the corresponding period of last year as follow:—

Mortgage and land transfer transactions during February show substantial increases when compared with the very low figures recorded during January. Land transfers during February totalled 1169, the consideration being £882,320, as compared with 876 transfers in Januai-y, the amount involved in respect of which was only £506,662. There were 929 mortgages registered during February, amounting to £707,958. While this amount shows a substantial increase on the January total, and is, in fact, greater than the monthly average for the year 1933, registrations during the past year have been very much below normal.

CHILLED BEEF. SULTAN STAR SHIPMENT. HINDQUARTERS AT SIXPENCE A POUND. London, February 15. Cattle farmers and others interested will already have heard by cablegram of the success of the first commercial consignment of chilled beef from New Zealand by the Sultan Star. This morning a portion of the cargo was displayed on the stand of Messrs W. Weddel and Co., at Smithfield, and the High Commissioner, with Sir Gordon Campbell and Sir Phillip Proctor, visited the market. Pressmen, photograpers, and prominent members of the trade were present to mark a very special occasion—for may it not be the beginning of a new and profitable trade for New Zealand? The cattle chosen were from the Auckland district and passed through the Westfield Works. The consignment consisted of 1300 quarters of ox beef, fores, and hind* in about equal proportions. As the Blue Star liner is fitted for the chilled beef trade, practically no special arrangements were made to the holds for the carriage of the meat, though carbon dioxide gas was used. A chilled beef expert from Messrs Weddel and Co. went to the Dominion to superintend the shipment, and everything seems to have proved satisfactory. A certain percentage of the beef was carried in a chamber where carbon dioxide gas was not used, and it is interesting to note that there is not a great deal of difference observable between the two lots. Thirty days, nineteen hours were spent on the. voyage, which compares with the maximum of 21 days from the Argentine. It is the opinion of experts that the dressing is excellent and the appearance of the beef compares favourably with the Argentine produce. As to its taste, that has yet to be discovered, but this week-end there will be plenty of people who will be in a position to give an expert, opinion. What the retail buyers think of the meat is reflected in the prices. Possibly a selection was made of the consignment for the first exhibit this morning, so the prices paid can be taken as the maximum. For hindquarters 6d a lb to 5Jd a lb was paid, and for fores 3|d to 3jjd a lb. These prices compare to-day with Argentine chilled beef at 61d a lb for hindquarters, and SJd to 4d for fores. It will be seen that the price for the New Zealand chilled works out at more than 4Jd a lb for the side. This compares with 2?d a lb for the frozen side. An active interest was taken in the consignment by the officials of the Low Temperature Research Station at Cambridge, and a member of the staff who was present this morning had the satisfaction of declaring that the meat was absolutely free from any of the defects which have developed in the case of the previous experimental shipments.

Sales:— £ s d New Guinea Goldfields 7 7 Bulolo 7 1 0 Paringa 4 3 Rawang 'Tin 9 1 Commercial Bank of Sydney 17 18 0 Union Bank 10 5 0 Tooth’s 2 3 0 Associated Newspaper.. 1 2 9 British Tobacco 1 17 7i Colonial Sugar 65 15 0 Dunlop Perdriau 19 9 Lustre 1 4 3 Meggitts 1 1 6 Commonwealth Bonds (4 per cents)— 1938 105 5 0 1941 106 5 0 1944 100 0 0 1947 106 11 3 1950 107 10 0 1953 107 17 6 1955 108 0 0 1961 107 15 0 Melbourne Sales. Commerical Bank (pref.) 9 12 0 British Tobacco 1 17 6 Dunlops 19 8 Zinc Corporation 1 19 3 Taranaki Oil 1 10

with par:— Par. To-day. Paris, fr. 124.21 78 3-8 New York, dol. 4.886 5.17 Montreal, dol. 4.886 5.15? Brussels, belga 35.00 22.06 Geneva, fr. 25.22 15.95 Amsterdam, fr. 12.10 7.62| Milan, lira 93.46 59 15-16 Berlin, r.m. 20.42 12.9 Stockholm, kr. 18.159 19.39 Copenhagen, kr. 18.159 22.391 Oslo, kr. 18.159 19.90 Vienna, sch. 34.585 28 Prague, kr. 20.22 123 5-8 Helsingfors, mark 124.23 2264 Madrid, kr. 15.225 37J Lisbon, escu 44 110 Athens, dr. 570 537 Buchrarest, lei 25.225 515 Belgrade, kr. 25.225 225 Warsaw, zlotys to £ 43.36 • Rio de Janeiro, mil. 8.898 4 1-8 Buenos Aires, dol. 45.57d 364 Montevideo, dol. 45.57d 373 Bombay, rupee 19 18 3-32 Shanghai, tael 161 Hong Kong ——— 18 Yokohama - 14 1-8 Batavia, guilder 12.107 7.60

don:— d. d. N.Z. Lambs 2s. n 7f N.Z. Lambs, 8s 6S 7A N.Z. Lambs, 4s 61 6g Secondary Lambs 7 7i N.Z. Mutton, small 4J 54 N.Z. Mutton, large 44 44

N.Z. Ewes, small 3;} 41 N.Z. Ewes, large 2! 34 N.Z. Beef, Ox Hinds 24 34 N.Z. Beef, Ox Fores 2 24 Argentine Chilled Ox Hinds 41 41 Argentine Chilled Ox Fores 2} 34 N.Z. Pork 5J 51 Australian Lambs 6| 64 Argentine Lambs 6 64

April 5 £ ipril 6 • £ s d s d Copper— Standard spot 32 18 12 33 9 4J Forward 33 3 U 33 14 Electrolytic 35 15 0 36 5 0 to 36 5 0 36 15 0 Wire Bars 36 5 0 36 15 0 Best selected 36 7 6 American 8.25 cents 8.25 cents Lead— Spot 11 11 3 11 17 6 Forward 11 18 9 11 17 6 Spelter— Spot 14 17 6 15 0 0 Forward 15 5 0 15 7 6 TinSpot 238 12 6 243 17 6 Forward 238 2 6 242 8 9 Silver— Standard, per oz. 20 20 Fine, per oz. 21 . 9■16 21 L 9-16 Pig Iron — Home trade 3 7 6 Export — 3 2 6 Antimony— British 39 10 0 Foreign 25 15 0 Molybdenite 1 16 0 Wolfram 1 17 0

Mar. 12, Mar. 13, 1934 1933. £ £ Bank clearings 7,758,611 6,371,082 Free deposits 22,228,388 18,361,912 Fixed deposits 39,787,648 35,467,014 Advances 39,511,684 46,924,842 Bills discounted 1,631,414 543,273 Ratio, adv. to dep. 65.02 p.c. 85.13 p.c.