COMMERCIAL

Southland Times, Issue 25314, 18 June 1935, Page 2

COMMERCIAL

INVERCARGILL STOCK EXCHANGE YESTERDAY’S CALLOVER. At a meeting of the Invercargill Stock Exchange yesterday the following prices were recorded:— Government Debentures. Buyers Sellers. £ s. d. £ s. d.

Local Body Debentures. Southland County

NORTHERN EXCHANGES. (Per United Press Association.) Auckland, June 17. Sales on ’Change: Stock, 1940, 4 per cent. £103; Waitemata Power Board, 1964, per cent £107; English, Scottish and Australian Bank £54 1/6; Bank of New South Wales £3l; Farmers’ Co-operative Auctioneering (A pref.) 13/3; Bartholomew Timber 16/-; Leyand O’Brien 21/4; National Timber 13/6; New Zealand Newspapers 38/6; Sun Newspapers 8/1, 8/3. Unofficial: Renown Colleries, 1954 (B) £lO3 10/-; Woolworths (Sydney) 90/6; Golden Crown 4/9; Procera Bread (10/- paid) 19/11. Wellington, June 17. Sales on ’Change: Stock, 4 per cent., 1937-1940 £lO3 5/-; Stock, 4 per cent., 1946-1949 £lOB 15/-; Stock, 4 per cent. 1925-1955 £llO 15/-;. Commercial Bank of Australia 15/6,15/5; English, Scottish and Australian Bank £5 1/6; Bank of New Zealand 49/10; National Insurance 21/- (late Saturday); British Tobacco 38/9 (late Saturday), 38/9; Colonial Sugar £42 (late Saturday); Maori Gully 1/2J; Waihi 37/3. Unlisted sales on ’Change: Procera Bread (ord.) 19/11, 20/-, 21/-. Christchurch, June 16. Unlisted sales on ’Change: Procera Bread (10/- paid) 22/9; Procera Bread (vendors’ shares) 22/-; Woolworths, Sydney (ord.) 90/6 (2). Sales on ’Change: Commercial Bank of Sydney £l7 10/-; English, Scottish and Australian Bank £5 1/9; Dalgety and Company £8 2/6; New Zealand (cum div.) 52/4; Timaru

SYDNEY STOCK EXCHANGE. (United Press Assn.—Telegraph Copyright.) .(Rec. 8.15 p.m.) Sydney, June 17. On the Stock Exchange to-day the trading was mostly on a moderate scale for industries, and pastoral shares were somewhat irregular. The gold

LAMB PRICES. SOUTHLAND SCHEDULE. The ruling schedule of lamb prices in Southland at the present time shows no change compared with the rates of the past three weeks, and is as follows:— First Quality. Weight. Price per lb. d. 361bs and under 6ij 371bs and under 6J 431bs to 501bs < 6J Over 501bs 5J Second Quality. 361bs and under 6 371bs and over 5J The schedule for ewes and wethers is also unchanged. FAT LAMBS. DISTRICT COMPETITION. REPORT OF JUDGES. Some helpful criticism as.well as high praise is contained in the report of the judges who adjudicated in London on the South Island district fat lamb competition. “We have seldom seen a better collection of well-bred and well-finished lambs than these, and it became necessary to consider very fine points in deciding on the ultimate winners,” stated the judges, “Each district’contained individual lambs of such merit from every point of view that we would hesitate to criticize them, but we would be failing in our duty as conscientious judges if we did not state quite frankly that practically all the South Island exhibits this year carried an excess of exterior fat. The remarkable thing to us is that there was not, generally speaking, a .corresponding excess of interior fat This excess fat to which we draw attention was chiefly confined to the loins. An excess of fat, particularly on the loins, is always frowned at by the butcher, as it means a good deal of trimming, and consequent waste, for which he obtains practically no return. After a very careful examination of the nine districts competing we finally arrived at the unanimous decision that the challenge shield must be awarded to Southland. We consided that Eastern Southland was a very close second and Nelson a good third. Detailed Criticism. The judges offered the following remarks on the lambs of each district:— North Canterbury: Like those from Mid-Canterbury, these lambs were of good shape and, generally speaking, of satisfactory size and quality, with the exception of some which were undoubtedly spoiled by an excess of fat on loins. No adverse criticism can be made concerning the interior fat, which was quite satisfactory, but the general run of these lambs would be regarded by the London butcher as too fat and undoubtedly wasteful. Mid-Canterbury: An exhibition of lambs of good shape, but too large a proportion inclined to fat, and therefore calculated to be unattractive to the butcher. The quality, however, left nothing to be desired, and the group contained individual lambs of very real merit. South Canterbury: A good ran of lambs. For size, shape and general build quite satisfactory, but generally carrying too much fat bn loins and shoulders —principally loins. This excess fat—possibly much of which is due to seasonal conditions—renders them wasteful and comparatively unprofitable to the butcher. Nelson: A most interesting exhibit of Jean, fleshy and well-shaped carcasses. Somewhat weightier than Southland —nevertheless they showed many attractive points. As in other exhibits this year, there were a few carcasses carrying an excess of exter-

nal fat, rendering them somewhat unattractive to the butcher. Central Otago: From this district we have an exhibit of choice lambs with several pens certainly on the heavy side. The exhibit contained many most attractive carcasses, but here again there were signs in not a few carcasses of an excess of fat on loins. As a whole the lambs of this exhibit were splendidly shaped and very fleshy. North Otago: A creditable exhibit of lambs of good shape and make, and full of flesh. Of only a very limited number could it be said that they carried an excess of fat. Generally speaking, the whole exhibit was highly commendable, if a trifle weighty—still good butchers’ meat.

South Otago: A most interesting group of lambs showing a striking improvement in shape and make as compared with the average run of lambs from tills district a year or two ago. Here again, an excess of fat militated against their attractiveness to the average London butcher. The group contained a number of splendid individual lambs, and the excess fat compl-ined of was largely confined to loins rendering them somewhat wasteful butchers meat. . Southland (winner of shield): A remarkable exhibit of choice Down lambs of excellent size and quality. The evenness of this exhibit from every standpoint must be commented upon. A few of .the lambs, if any adverse criticism is at all possible, were a trifle inclined to fat but, generally speaking, the exhibit attained to a high standard of excellence. These lambs represent the ideal carcass from the butchers point of view. Eastern Southland: A most creditable exhibit. These lambs were of good shape and most attractive in size. Lean and full of flesh, with almost an entire absence of waste. This exhibit fell very little short of that from South-, land, only failing in that the Southland exhibit had a more definitely defined Down trait. The Down lambs, when not over fat, will always be given preference by the average butcher. SMITHFIELD MARKET. In regard to the published prices realized for New Zealand lamb delivered to Smithfield Market; the New Zealand Meat Producers’ Board supplies the following table, giving the equivalent New Zealand parity, after deducting all costs, including selling commission. The costing is based on Saturday’s estimated skin values- and includes exchange at current rates. ’Hie calculation is based on the basis of a prime woolly lamb weighing, say 341bs, delivered at freezing works:— If price delivered N.Z. “overall” parity to Smithfield is: delivered at works: (d. per lb.) (approximately) z (d. per lb.) 7 7.59 6 ? 7.44 fi? 7.29

Note: In the above estimate the cost of killing, freezing and placing on b° ar “ steamer is based on a charge of .575 a. per lb.

Stock, 3J p.c., 1938-43 105 0 0 -■■■ ——- Stock, 3J p.c., 1938-52 106 10 0 — - —- Stock, 31 p.c., 1939-43 105 0 0 ■ » Stock, 3J p.c., 1939-52 106 10 0 - — Stock, 4 p.c., 1940 103 0 0 -- Bonds, 4 p.c., 1940 103 0 0 — - — Stock, 4 p.c., 1946 107 10 0 ——— — Bonds, 4 p.c., 1946 107 10 o - Stock, 4 p.c., 1949 108 0 0 ——— Bonds, 4 p.c., 1949 108 0 0 — - ——■ Stock, 4 p.c., 1955 110 0, 0 - — Bonds, 4 p.c., 1955 110 0 0 —

and Drainage Board — Banks. 111 10 0 Australasia — 11 6 0 Commercial 15 3 ——- Commercial of Sydney — 18 0 0 National of N.Z. 3 7 0 ■- New Zealand (ex div) 2 fl 10 — Reserve Bank of New Zealand —— 6 10 6 Union of Australia — 9 2 6 Breweries. N.Z. Breweries (shares) 2 13 6 Staples’ Brewery 1 12 6 1 — Timaru Brewery 0 8 3 0 9 0 Coal. Kaitangata — 1 1 0 Westport Coal 1 0 fl — Insurance. National — 1 1 0 Loan and Agency. National Mortgage (B issue) 1 11 0 —— Southland Farmers’ Co-op. (deb. pref.) 4 5 0 -— Wright, Stephenson and Co. (pref.) 0 19 3 0 19 9 Meat Companies. N.Z. Refrigerating (20/- paid) — 1 0 0 (10/- paid) 0 8 10 0 9 0 Southland Frozen Meat (£1 ord.) ——- 3 16 6 (£1 nref.) — 3 16 6 South Otago Freezing Co. 6 13 0 — Shipping. Union Steam Ship Co. (pref.) 1 7 0 — Miscellaneous. Associated News 1 2 6 — Australian Iron and Steel 1 2 6 British Tobacco (Aust.) 1 18 0 — ■ — Colonial Sugar Co. 42 0 0 Dominion Fertilizer 1 1 3 ——- Dominion: Rubber Co. — 1 10 0 Donaghy’s Rope and Twine 2 11 0 — N.Z. Drug 4 2 0 —— N.Z. Guarantee Corporation 0 5 9 — N.Z. Paper Mills 1 13 9 1 15 0 Woolworths (Sydney) — 4 11 0 Milbum Lime and Cement 2 4 0 —— ——■— Sun Newspapers — 0 8 4 Woollen Mills. Bruce — 0 14 0 Mining. Bendigo Goldlight 0 0 10 0 1 0 Broken Hill 2 15 9 2 17 0 Big River 0 2 3 Electrolytic Zinc (ord.) 1 7 0 Gillespie’s Beach 0 1 5 0 1 64 Kildare 0 3 0 —— King Solomon —— 0 4 1 Mount Lyell ——— 0 19 6 Mount Morgan 1 15 fl 1 17 0 Nevis Diesel —— 0 0 2 Nokomai — 0 2 3 Okarito 0 5 6 0 6 0 Skippers — 0 0 3 Waitahu 0 2 10 Maori Gully — 0 1 6

share market was weaker. Sales:— d £ s Bank of New South Wales 31 0 0 Union Bank 9 Q 0 Associated Newspapers 1 3 l 6 Howard Smith 14 9 Tooth’s 2 13 0 Australian Glass 3 9 6 Dunlop Perdriau 16 6 Goldsbrough Mort 1 9 6 Wilcox Mofflin 11 0 Morris Hedstrom 1 0 9 Morris Hedstrom (pref.) 1. 5 0 Anthony Hordern (pref.) 1 3 0 General Industries 17 10i Australian Iron and Steel (pref.) 1 2 9 Tooth’s 2 13 0 Victorian Nyanza 5 8 Mt. Morgan 1 16 7A Broken Hill Pty 2 17 n* South Broken Hill 4 7 0 Kuala Kampar 13 0 ' Placer Development 28 11 0 Melbourne Sales. Australian Glass 3 9 6 Dunlop Perdriau 16 6 Electrolytic Zinc 1 7 0 Electrolytic Zinc (pref.) 1 15 6 British Tobacco 1 19 0 Nestle’s (pref.) 1 18 0