COMMERCIAL

Southland Times, Issue 22732, 7 November 1935, Page 3

COMMERCIAL

FINANCE AND TRADE

LOCAL MARKETS LITTLE BUSINESS IN OATS. VEGETABLES DOMINATE FRUIT MARKETS. Times Office, Thursday Morning. Oats—Business in oats is practically at a standstill. The season tor farmers’ seed/trade is almost finished and this busmess has accounted for just about all stocks held by merchants. Although there are inquiries for shipping, there are no oats available for this purpose and there will be very little further to offer until the new season’s crop comes on to the market about March of next year. Nominal values to farmers are about 3/2 a bushel for A grade and 3/for B grade. Wheat—Business is confined to supplying the local poultry trade, for which purpose requirements are being drawn from Canterbury and North Otago. Chaff.—Although a few lots are coming to hand from farmers, stocks have been short and it has been necessary to draw some supplies from Canterbury in order to meet the local demand. The value to fanners is about £4 17/6 a ton, o.t.c.s. Ryegrass.—There has been a good demand for ryegrass and other seeds for farmers’ sowing requirements and this demand continues. A considerable part of stocks held will be required for this purpose. The demand otherwise has been disappointing as there has been a lack of inquiry for shipment. It is anticipated, however, that this demand will improve sufficiently to account for any balance of stocks before the new season’s seeds come on to the market. Present values to farmers for lines off the mill of best quality are from 2/to 2/3, o.t.c.s. Other Seeds—There has been a fair demand for Browntop and probably most farmers’ lines have been dealt with. The value to farmers for machine-dressed seed of export quality is about 1/2 a pound. Crested dogstail has been dull of sale and the top value to farmers on the present market is about 1/2 a pound. Potatoes —Very few potatoes are now available in Southland and it seems that the market will be short of supplies before new potatoes come into general use. Merchants are showing little interest, however, since only small lines are on offer and these are being handled mostly on a commission basis. Apples Finished.

Vegetables constituted the chief interest in local fruit markets during the past week. Supplies of apples appear to be finished, but the tomatoes are arriving more regularly now and in greater quantities. The shipment of South Australian oranges which arrived on Tuesday is now completely out of wholesale hands and a still bigger quantity could have been disposed of without any difficulty. At the present rate of consumption, this shipment should last about four weeks, after which supplies of Jamaican and Sunkist oranges should be available for December and January trading. A consignment of pineapples also came on the Waitaki on Tuesday, and it met with a keen demand and realized prices higher than those that have been ruling. Bananas are selling readily and a shortage is now certain before the arrival of the next shipment, at the end of the month. They are selling at 24/- to 27/6 a case. New Zealand lemons are still coming in freely. The quality is good, but there is considerable variation in the condition. These are selling at 8/- to 11/— a case. Choice Delicious and Sturmer apples are bringing from 12/- to 13/- a case, and any further arrivals are likely to bring even higher prices. Pears are selling at 3/- to 5/- a box. They are scarce, but it is unusual to have any at this time of the year. Prices for Christchurch hothouse tomatoes are erratic, ranging from 1/8 to 2/- a pound last week to 1/4 to 1/8 a pound this week. Asparagus ,is bringing from 6/- to 7/6 a dozen bundles. Lettuce are plentiful and prices have dropped below a payable level. There is a good demand for choice cabbage, which is bringing 6/- to 6/6 a sack. Cauliflowers are plentiful, but the market seems able to absorb all arrivals to date. Spring onions are bringing up to 2/a dozen bunches, and spring carrots and turnips 6d to 1/- a dozen bundles. Green peas from Canterbury, the first of the season, are selling at 5d a pound. Pukekohe new potatoes have been arriving in fair quantities this week, prices ranging from 3|d to 4'd a pound. The quality appears to be better than usual, but only limited supplies are available yet. GENERAL MERCHANDISE. The Union Steam Ship Company advises that the Waipiata with sugar and general cargo for this district is scheduled to leave Auckland to-morrow and should reach Bluff about the 15th. The Australian Dried Fruit Control Board has advised New Zealand merchants that it has found it necessary to withdraw one Crown sultanas and that two or three Crown supplies are very limited. Cabled reports on tea sales held recently at Colombo states that the market was slightly weaker. All grades were lower, more particularly common grades. Parcels on offer were not up to the usual standard, which no doubt accounts for the weaker market. Rangoon rice is receiving a good deal of attention from buyers and the market is showing signs of firming. This class of rice does not compare in quality with the Australian product and in face of the higher price the Australian line is in keen demand. Recent landings of pineapple show a marked increase in cost. All sizes of slices show an increase of approximately 5 per cent., while crushed pines are about 7>J per cent, dearer. CURRENT PRICES. Wholesale. Eggs: Town 1/-, country lid. Bacon: lid. Bran: 100’s, £6 a ton; 150 s, £5 15/a ton. Butter: First grade, 1/3J; second grade, 1/2J; whey 1/1>; separator, 8d to lOd. Oatmeal: 25’s, £2O a ton; 200 s, £l9 10/- a ton. Flour: 200’s, £l3 7/- a ton; 100’s, £l3 12/- a ton; 50’s, £l3 17/- a ton; 25’s, £l4 2/- a ton. Pollard: 100’s £7 10/- a ton; 150 s £7 5/- a ton. Retail. Eggs: Town 1/2, country 1/1. Bacon: 1/2. Butter: First grade, 1/5; second grade 1/4. Bran: 7/6 a 1001 b. Flour: 25’s 4/3; 50’s 8/-; 100 s 15/6; 200’s 30/6. Oatmeal: 25’s 6/-; 50’s 11/9. Pollard: 8/6 a Joolb. Onions: 31b a 1/-. The Invercargill branch of the Foul” try Federation quotes eggs at 1/2 wholesale. PRICE OF GOLD. (United Press Assn.—Telegraph Copyright.) London, November 5. The price of gold is quoted at £7 l/3j per ounce.

THE SHARE MARKET. INVERCARGILL STOCK EXCHANGE MARKET CONTINUES FIRM. The market continued firm at yesterday’s call-over on the Invercargill Stock Exchange, there being a fair turnover. A sale was reported of Mount Morgans at £1 17/3. Prices were quoted as follows:—

Sale Reported. Mount Morgans, £1 17/3.

NORTHERN EXCHANGES. (Per United Press Association.) Auckland, November 6. Sales on ’Change: Reserve Bank of New Zealand £6 2/6, £6 3/-; North Auckland Farmers’ Co-operative 2/2; Auckland Gas 25/6; ~ Dominion Breweries 16/- (2); Claude Neon (Sydney) 50/-; Electrolytic Zinc 34/9; New Zealand Newspapers 40/9; Woolworths, New Zealand (pref.) 39/-; Maori Gully 1/3; Martha Mine 22/-; Skippers 2|d; Waihi Investment 17/6; Waihi Junction 4/-; Mount Lyell 20/6 (2); Placer Development £5 1/-. Wellington, November 6. Sales on ’Change: Inscribed Stock, 3J per cent., 1938-1952 £lO4 7/6; New Zealand Refrigerating 22/3; New Zealand Breweries 52/6 (2), 52/9; New Zealand Newspapers 40/9; New Zealand Paper Mills 28/6; (last four late Tuesday); Wilson’s Cement 42/71; Waihi Investments 17/3; Mount Lyell 20/6 (7). Christchurch, November 6. Unlisted sales on ’Change: Argo Gold 1/2 (3); Christchurch Press £lO 15/-. Sales on ’Change: Mortgage Corporation 5/8; New Zealand Breweries 52/9 (2); Anthony Hordern 19/2; British Tobacco (Australia) 39/10; Broken Hill Proprietary (cum div.) 57/6 (2); Broken Hill Proprietary (5/- paid) 27/8; Consolidated Brick 9/2; Electrolytic Zinc (ord.) 35/5; Kauri Timber (cum div.) 23/6; New Zealand Farmers’ Co-oper-ative (41 per cent. Stock, 1945) £B5 5/-; Big River 1/11; Maori Gully (cum div.) 1/11; Mossy Creek 1/1 (2); Mount Lyell 20/3, 20/4, 20/5 (3); Rawang Tin 8/6, 8/7; Skippers 2Jd, 21d (2). Sales reported: New Zealand Government 4 per cent. Inscribed, 1937-1940, £lOl 12/6; New Zealand Government 3 per cent. Inscribed, 1946-1949 £105; New Zealand Government 4 per cent. Inscribed, 1952-1955 £lOB 1/3; Christchurch City Council, 4J per cent., 19401948 £lO2 10/-; Christchurch Drainage Board, 4J per cent., 1959 £108; National

Bank of New Zealand 72/6; Christchurch Gas 35/-; Tooth’s BreTO 58/-; Broken Hill (cum div.) 57/9; Kauri Timber (cum div.) 23/5; Electrolytic Zinc (ord.) 35/3 (2); P. Evans Atlas Flour 25/-; New Zealand Farmers’ Co-operative per cent. Stock, 1940) £B5 (late Tuesday); Mount Lyell 20/2, 20/6 (2). Dunedin, November 6. Sales on ’Change: New Zealand Refrigerating (contr.) 11/- (late Tuesday), Southland Frozen Meat (ord.) £3 18/6, Mortgage Corporation 5/8 (2), mg River 1/11; Skippers 2Jd; Stock, 4 per cent., 1937-1940 £lOl 15/-. WILSON’S CEMENT. INCREASED INTERIM DIVIDEND. (Per United Press Association.) Auckland, November 6. An increased interim dividend of 9d. a share has been declared by Wilsons (New Zealand) Portland Cement, Ltd. COLOMBO TEA SALE. (Per United Press Association.) Dunedin, November 6. Mr L. M. Wright has received the following cabled report on the Colombo tea auction of November s:— “The market for common teas was slightly easier, and medium and tine grades remained firm, with a dearer tendency; the quality of the offerings was useful. There is 1,610,0001 b catalogued for auction, at next weeks sale.” WESTPORT COAL COMPANY. FINAL DIVIDEND RECOMMENDED. (Per United Press Association.) Dunedin, November 6. The directors of the Westport Coal Company, Ltd., in their report to the shareholders, will recommend the payment of a final dividend for the year of 6d a share, payable on November 25, making altogether a distribution of 1/- a share, equal to 10 per cent, for the year. PERPETUAL TRUSTEES E. AND A. COMPANY. DIVIDEND DECLARED. (Per United Press Association.) Dunedin, November 6. ’At a meeting of the Board of Directors of the Perpetual Trustees Estate and Agency Company of New Zealand Ltd., an interim dividend at the rate of 1/- a share and payable on November 25 was declared for the six months ended September 30. DAIRY PRODUCE PRICES. Mr G. W. Blaxall reports having received the following cable dated November 5, 1935, from Messrs Lovell and Christmas, Ltd., London. — Butter: Finest 100/-; firsts 98/-; market very slow. Cheese: White 52/-; coloured 52/-; market very slow. The South Island Dairy Association report having received the following advice from the N.Z. Producers Co-op Marketing Association under date of November 6.—“ Butter: Dull, very little doing; New Zealand 100/- to 102/-; Danish 122/-. Cheese quiet; both colours 51/-.” BELGIAN QUOTATIONS FOR TOPS. (United Press Assn.—Telegraph Copyright.) Antwerp, November 5. Tops are quoted as follows: —November 27d; January 27jd; March 27.1 d; May 27-ad.

ADDINGTON STOCK SALE.

DOUBLE MARKET. GENERAL ADVANCE IN PRICES. (Per United Press Association.) Christchurch, November 6. There was a double market at Addington to-day. Values in all the major sections of stock advanced in price, ewes and lambs and hoggets, by 1/6 to 2/-; fat sheep by 1/- to 1/6; fat cattle by 25/-; and vealers by 10/-. Store Sheep—Ewe hoggets made to 34/-; wether hoggets to 24/6; ewes and lambs to 15/7. Fat Sheep.—The entry numbered 4650 head. Values:—Extra prime heavy wethers, to 29/10; prime heavy, 23/6 to 26/-; prime mediumweight, 21/6 to 23/3; ordinary, 19/9 to 21/3; extra prime heavy ewes, to 29 10; prime heavy, 21/6 to 23/-; prime mediumweight, 19/- to 21/-; ordinary, 17/9 to 18/9. Fat Cattle—There were 504 penned, all local cattle except a few trucks from the West Coast. The sale firmed as it progressed. Best beef made from 34/- to 36/6 per 1001 b; good, 32/- to 33/6; heifer beef, to 33/-; and best cow to 30/-. Values: —Extra prime heavy steers, to £l6 7/6; prime heavy, £l2 10/- to £l4 15/-; prime mediumweight, £ll 5/- to £l3 5/-; ordinary, £8 15/- to £lO 10/-; extra prime heifers, to £l3 12/6; prime, £8 5/- to £lO 5/-; ordinary, £6 10/- to £7 15/-; extra prime cows, to £ll 12/6; prime, £7 15/- to £9 5/-; ordinary, £6 5/- to £7 10/-. Fat Pigs.—The market was unchanged. Values: —Choppers, 30/- to £b 8/6; baconers, 45/6 to £3 5/6 (an average price of 4gd. to s|d. per lb); porkers, 28/- to 42/6 (an average price of s£d, to 6d. per lb). BURNSIDE STOCK SALK LARGER ENTRIES: EASIER PRICES. INCREASED VALUES FOR PIGS. (Per United Press Association.) Dunedin, November 6. Larger entries were forward in the major sections at Burnside sale toCattle.—The entry totalled 320 and was comprised principally of medium quality bullocks. On account of the larger supply, prices from the outset were easier, heavy cattle depreciating by 30/- a head, while medium quality bullocks and cows and heifers showed a decline of about £1 a head. These lower values were in evidence throughout the offering. ’ Fat Lambs.—The largest entry to date was submitted to auction, a total of 180 being forward. Following on the higher values ruling at the previous market, prices were definitely disappointing, values declining by 5/- a head. Fat Sheep.—Of the 1762 sheep penned, about half were shorn _ sheep. Prime heavy wethers and ewes in wool, which were in a minority, barely maintained late rates, while values for medium descriptions receded by 2/- a head. Store Cattle.—lncluded in the entry of 220 were several pens of good coloured three and four-year-old steers which under good competition realized from £6 to £7 18/-. Vealers were firm, while values for grazier and boner cows remained unchanged. Dairy Cattle.—The 36 penned were of very mixed quality. Only the best of the younger sorts, close to profit, claimed any attention. Fat Pigs.—There were 106 yarded, with porkers and baconers in equal proportions. At the outset of the sale values were about on a par with the

previous week’s market, but as the sale progressed prices improved to the extent of from 3/- to 5/- a head. Store Pigs.—The entry numbered 180. Good big stores sold at up to 28/-, while suckers brought from 14/- to 18/-. SYDNEY STOCK EXCHANGE. SUPPORT FOR BANKING SHARES. (United Press Assn.—Telegraph Copyright.) (Rec. 9 p.m.) Sydney, November 6. On the Stock Exchange to-day increased suppoi-t was accorded banking shares, and British Tobacco and brewery shares were firmly quoted.

London, November 5. The dollar is quoted at 4.92 - and the franc at 73J to the £ sterling.

SYDNEY WOOL SALES. RECORD PRICE FOR SEASON. (United Press Assn.—Telegraph Copyright.) (Rec. 10.15 p.m.) Sydney, November 6. At the wool sales 12,528 bales were offered and 12,030 sold, 350 being sold privately. There was spirited competition from all sections and the market ruled at the best point of the week with a particularly keen demand for superfine wools showing length. The season’s record price was raised to 24’d for five bales from Yass and five bales from Barraba. NEW RECORDS AT GEELONG. (United Press Assn.—Telegraph Copyright.) (Rec. 10.15 p.m.) Melbourne, Nov. 6. New wool records were made at Geelong sales to-day when the. cream of Victoria’s Merino clips realized to 27|d. Other buyers operating on behalf of English and American spinners paid 261 d, 263 d and 27d. METAL QUOTATIONS. (United Press Assn.—Telegraph Copyright.) (Rec. 9.0 p.m.) London, November 5. Metal quotations are as follows: — Nov. 4. Nov. 5.

CHICAGO WHEAT. New York, November 5. Chicago wheat.—December 97g, May 96J, July 89 cents a bushel.

Government Debentures. Buyers. Sellers. £ s d £ s d Stock, 34 p.c., 1938-52 104 5 0 Stock, 31 p.c., 1939-52 104 5 0 Stock, 4 p.c., 1940 101 10 0 Bonds, 4 p.c., 1940 101 10 0 Stock, 4 p.c., 1946 104 10 0 Bonds, 4 p.c., 1946 104 10 0 Stock, 4 p.c., 1949 105 0 0 Bonds, 4 p.c., 1949 105 0 0 Stock, 4 p.c., 1955 108 0 0 Bonds, 4 p.c., 1955 108 0 0 Banks. Australasia 11 3 0 New South Wales 33 0 0 New Zealand 2 io 6 New Zealand Long “D” issue 1 14 0 Reserve Bank of New Zealand 6 2 0 — Union of Australia 9 10 0 Breweries. New Zealand Breweries (Shares) 2 12 0 2 13 0 Staples’ Brewery 1 12 6 Timaru Brewery 0 8 4 Coal. Westport Coal 12 6 13 0 Westport Stockton (ord.) 0 1 0* Loan and Agency. National Mortgage 2 14 6 Trustees’ Executors (div.) 3 3 0 Wright, Stephenson and Co. (ord.) 0 18 0 Mortgage Corporation 0 5 71 Meat Companies. N.Z. Refrigerating (20/- paid) 12 0 (10/- paid) 0 10 10 0 11 1 Southland Frozen Meat (£1 ord.) 4 0 0 (10/- ord.) 2 0 0 (£1 pref.) 4 0 0 South Otago Freezing Co. (ex cuv.; 1 u u Shipping. Huddart-Parker (pref.) 17 6 Union Steam Ship Co. (pref.) 17 3 Miscel’ incous. Associated News 14 0 British Tobacco 2 0 0 Dominion Fertilizer 13 0 D.I.C. (pref.) 13 0 Milbum Lime and Cement 2 4 0 2 4 9 New Zealand Drug 3 17 0 4 0 0 N.Z. Paper Mills 1 10 0 Wilson’s (N.Z.) Portland Cement 2 16 Woollen Mills. Bruce (ord.) 0 15 0 Kaiapoi (pref.) 0 19 0 Mosgiel 10 10 0 Mining. Bendigo Goldlight 0 0 54 Broken River Pty. 2 15 0 Big River 0 1 11 0 2 1 Electrolytic Zinc (ord.) 1 13 9 Gillespie’s Beach 0 10 0 1 21 Goldsfields Dredging 0 0 2 0 0 34 Kildare 0 3 0 King Solomon 0 3 2 0 3 5 Mount Lyell 0 19 0 10 6 Mount Morgans 1 17 0 1 17 6 Okarito 0 4 8 0 5 4 Skippers 0 0 2-| 0 0 2:1 Waitahu 0 2 11 Waipapa Beach 0 15 Martha 110 Junction Reward 0 1 54

Gold concerns were quiet. Sales:— d £ s Commercial Bank of Sydney 18 0 0 Queensland National Bank 5 3 0 Associated Newspapers 1 4 101 Colonial Sugar (ex dividend) 43 2 6 Australian Drug 14 0 Edwards Dunlop 2 4 6 Cumberland Paper 1 13 6 Broomfields 9 3 British Tobacco (New Zealand delivery) 2 0 6 Tooth’s 3 0 0 Toohey’s 1 11 6 Dunlop Perdriau 16 104 Electrolytic Zinc 1 15 101 Farmers 1 6 3 Morris Hedstrom 1 4 0 Standard Cement 1 1 9 General Industries 19 9 Mt. Morgan 1 17 9 Broken Hill Pty 2 18 9 North Broken Hill 8 10 0 Kuala Kampar (New Zealand delivery) 14 5 Briesis Tin 4 0 Tongkah Harbour 1 2 6 Tavua 4 1 Emperor 1 3 0 Melbourne Sales. British Tobacco 1 19 10> Goldsbrough Mort 1 11 9 G. J. Coles 3 5 9 Herald and Times 3 3 6 Mt. Lyell 1 0 101 Emperor 1 3 11 Loloma 2 1 0 Enterprise 4 5 0 THE DOLLAR AND THE FRANC.

£ s. d. £ s. d. CopperStandard spot 34 18 9 35 0 7| Forward 35 6 10J 35 10 74 Electrolytic 39 15 0 39 15 0 to 40 5 0 40 5 0 Wire Bar 40 5 0 40 5 0 Lead— Spot 17 10 0 17 12 6 Forward 17 10 0 17 12 6 Spelter— Spot 16 1 3 16 2 6 Forward 16 7 6 16 7 6 TinSpot 223 10 0 224 10 0 Forward 212 7 6 212 12 6 SilverFine, per oz. 29J 29 5-16d Standard, per oz.. 31Jd 31gd