MONEY AND MARKETS

Southland Times, Issue 23330, 14 October 1937, Page 3

MONEY AND MARKETS

CITY MARKETS Few Samples Of Oats Offering SUFFICIENT CHAFF FOR REQUIREMENTS Oats.—The market continues quiet. Very few samples are now offering by farmers and the demand, both for shipment and milling, is quiet. Most of the heavier lines purchased during the season have been disposed of either for milling or for seed, but this season there are a great many lighter lines which are difficult to quit. Top price for farmers extra heavy samples is 3/- a bushel, and prices range down to 2/-, according to weight and quality. Wheat.—Milling prices for the current month are 5/5 a bushel for Tuscan and Yeoman, 5/7 for Hunters and Montana King and 5/9 for Velvet, these prices being f.o.b. Bluff. There is practically no milling wheat available, but good whole fowl wheat lines are returning the farmer at least equal to these prices. Chaff.—Supplies are sufficient for requirements. In most cases the quality is not so good as in previous seasons, but for good lines of chaff farmers are obtaining up to £4 10/- a ton, on trucks, country stations. Ryegrass.—Except for the local seed trade business is practically at a standstill because of the shortage of Southland supplies this season. Practically all lines purchased by merchants this season have been on a dressed basis and prices to farmers for dressed seed have ranged from 3/6 to 4/- a bushel, according to quality. It seems likely that all stocks now held will be required for the supply of the local seed trade. Other Seeds.—Except for sales overseas, the demand for which has been quieter during the past week or two, little business is being done. Growers have all disposed of their holdings for the current season. The browntop market continues dull because of the lack of overseas orders and values for machine-dressed seed of export quality are about lOd a lb for certified and 8d to 9d a lb for uncertified. Potatoes. —Business in Southland is confined to the supply of the local market. The crop this year has been very small because of the unsuitable weather and it seems probable that supplies will require to be drawn from the north before the end of the season. There is no shipping business because of the inability of southern merchants to compete owing to the local shortage. The value to growers for sound white potatoes is £3 a ton. King Edwards, however, which are in exceedingly short supply, are commanding higher prices. FRUIT FROM CALIFORNIA Shipments of Californian fruit arrived on the market on Monday, comprising lemons, grapes and grapefruit. There was a good demand for all lines and the grapes, in particular, opened up in splendid condition, being considerably superior to the previous shipment. The market is heavily supplied with New Zealand lemons and low prices are still the rule. Ripe bananas are selling readily and there are very few left in wholesale hands. A fresh shipment of South Australia oranges from the Waitaki will be available for distribution today. The total quantity landed is a little smaller than was expected and it is probable that practically the whole shipment will be taken up by the retail trade at once. Choice quality dessert and cooking apples are scarce, though the market is still flooded with inferior grades and only the former are realizing reasonable prices. Vegetables are coming in more plentifully and more regularity can now be expected in the supply. Wholesale prices are quoted as follows:— Apples.—Best dessert, to 10/- a case; cookers, 6/6 to 8/-; inferior lines, 4/to 6/-. Ripe bananas.—2s/- to 29/- a case. Californian grapes.—Black, to 32/6 a chest; red, 29/- to 32/-. Californian lemons.—72/6 a case. Californian grapefruit.—4s/- a case. Jamaican grapefruit.—3o/- to 35/- a case. New Zealand lemons.—9/- to 12/- a case. Cauliflowers.—l 3- to 16/- a sack. Cabbages.—3/6 to 4/6 a case. Lettuce.—3/- to 4/- a dozen. Carrots.—lJd a lb. Spring onions.—To 1/6 a dozen bunches. Asparagus.—To 1/- a bundle. Kumeras.—2|d a lb. New potatoes.—3£d a lb. MERCHANDISE PRICES WHOLESALE Bran.—£6 a ton. Butter.—First grade, 1/3; second grade, 1/2; separator, lid for best quality. Oatmeal.—2s’s £27 a ton; 200’s £25 a ton. Pollard.—loo’s £7 10/- a ton; 150’s £7 5/- a ton. Flour.—2oo’s £l3 15/6 a ton; 100’s £l4 12/6 a ton; 50’s £l4 17/6 a ton; 25’s £l5 7/6 a ton. RETAIL Bran.—7/6 a 1001 b. Butter. —1/4| to 1/SJ; separator, 1/-. Flour.—2s’s 4/6; 50’s 8/6; 100’s 16/-. Oatmeal.—2s’s 7/9; 50’s 15/3. Pollard.—9/- a 1001 b. Onions. —41b a 1/-. Potatoes.—7lb for 1/-. PRICE OF EGGS The price of eggs has been more steady during the past week, with a firming tendency, quotations being 1/a dozen wholesale and 1/3 a dozen retail. TALLOW AND HEMP MARKET The Department of Agriculture has received the following cablegram, dated October 8, from the High Commissioner for New Zealand, London:— Tallow.—Market continues quiet, but a little more interest is shown. Inferior sorts 9.fd lower; other qualities unchanged. Hemp.—Manila: Market quiet but steady. K grade quoted sellers for October-December shipments £27. Sisal: Market quiet at slightly easier prices. October-December shipment quoted sellers £26 10/-. New Zealand: Market quiet; no business reported, except Admiralty contracts. Eggs.—Market irregular. English, national pack 15/6 to 22/-; English, ordinary pack 19/- to 19/6; Danish 13/6 to 15/6; Australian 13/- to 14/9. Apples.—Market weaker with slightly easier prices. Prices are—Californian Newtown 12/-; Delicious 11/-; Jonathan 10/6 to 11/6; Gravenstein 5/6 to 8/-; Washington Jonathans 9/3 to 11/-; British Columbian Cox’s Orange Pippins 9/3 to 11/3. Pears. —Demand satisfactory. Californian Beure Bose 11/- to 15/-; Bartlett 11/6 to 17/-: Beurre Hardy 14/- to 17/6.

SHARE MARKET INVERCARGILL STOCK EXCHANGE METAL SHARES DECLINE Values in metal companies’ shares showed a sharp decline on the Invercargill Stock Exchange yesterday moming. Insurance stocks generally . were firm, but bank shares were not in demand. Quotations were as follows. GOVERNMENT DEBENTURES

NORTHERN EXCHANGES SALES ON ’CHANGE AUCKLAND

SYDNEY STOCK EXCHANGE METAL SHARES WEAKER (Received October 13, 9.50 p.m.) SYDNEY, October 13. Mount Lyell and Electrolytic Zinc issues eased again today on the Stock Exchange and gold and tin were considerably weaker, but front-rank industrials held their ground fairly well.

MELBOURNE SALES The unsettled nature of the advices from the London share market induced a further weakness on the Stock Exchange today, especially in the barrier group, which was marked down sharply.

MARKETS COLLAPSE AND RECOVER UNCERTAINTY IN LONDON LONDON, October 12 A stock market break so serious that even gilt-edgeds were unable to resist, occurred this morning. Dealers were unwilling to take stocks on their already overloaded books, and were quoting wide margins for most securities. An astonishing feature of the collapse was the absence of any sign of resilience. Favourable trade figures and record dividends alike were ignored. There is now no doubt that rash speculation is at the root of the collapse, and it is believed that the banks are calling on customers to reduce their borrowings. It appears that loans to speculators have been larger than was believed formerly. International uncertainties are aggravating the crisis, and the possibility that France will reopen her Spanish frontier has revived the war scare, which is probably being taken far too seriously. However themarkets staged a remarkable recovery in the afternoon and gilt-edgeds, despite a weak opening, finished above last night’s prices. American stocks fluctuated wildly. The Australian Associated Press understands that the bankers met privately to consider the situation and it is believed their discussions revolved around the difficulties of an important Dutch financial house which was forced to liquidate heavily in London in order to find additional cover against outstanding loans.

LONDON STOCK EXCHANGE (Received October 13, 6.30 p.m.) LONDON, October 12. Quotations on the Stock Exchange are: £ s d Mount Lyell 18 9 New Guinea 1 6 Dalgety and Co.— 4 p.c. 99 10 0 Ordinary 7 15 0 British Tobacco 1 17 0 Goldsbrough Mort 16 6 P. and O. (deferred) 13 9 THE WOOL MARKET NO CHANGE IN SYDNEY TREND (Received October 13. 10.15 p.m.) SYDNEY, October 13. At he wool -c.es 12,204 bales were offered and 10,323 were sold, also 1322 privately. The market was without change. The Continent and Yorkshire gave strong support and the Japanese gave useful help. The top price was 24}d. COLOMBO TEA SALE (United Press Association) DUNEDIN, October 13. Mr L. M. Vv right has received the following cabled report on the Colombo tea auction of October 12: “Common and fine teas remained steady with a strong demand. Medium grades were irregular and slightly easier. At next week’s auction 2,250,0001 b will be offered for sale.” DAIRY “PRODUCE MARKETS BUTTER Fli . IN LONDON (Received O- ' her 13, 6.30 p.m.) LONDON, October 12. The butter market is firm. Quotations: Danish, 140/-; choicest salted and unsalted Australian, 133/-; New Zealand. 133/-.

BURNSIDE STOCK SALE SMALLER ENTRY OF FAT CATTLE GOOD PRICES REALIZED FOR PIGS (United Press Association) DUNEDIN, October 13. The entry of cattle at the Burnside stock sale today was smaller than last week’s, the total being 276 head. The quality over all was only fair though there were several trucks of extraprime bullocks forward. Prime heavy ox beef found the market about on a par with recent values while mediumweights were a little easier. Extra prime heavy bullocks made to £23 12/6, prime heavy £l7 17/6 to £l9 17/6, medium £l3 to £l5 2/6, and light down to £9 5/-. Extra prime heavy cows and heifers made to £l5 2/6, prime £ll to £l2, medium £7 10/- to £9, and light down to £6. Extra prime ox beef is quoted at £2 a 1001 b, prime at £1 17/-, prime cows and heifers at £1 19/- and lighter sorts at £1 13/-.

The yarding of store cattle failed to find the inquiry that existed a week ago and there was an easing of about 10/- a head.

The yarding of fat sheep totalled 1465 head, including a sprinkling of hoggets. The bulk of the entry comprised medium wethers. The quality of the yarding generally was below that seen recently. There was an increase of about 1/6 a head for heavy wethers, which was maintained throughout, but ewes were easier by about 2/- a head. Extra prime heavy wethers brought to £2 16/-, prime £2 9/- to £2 13/-, medium £2 1/- to £2 4/- and light down to £1 11/-. Extra prime heavy young ewes realized to £2 10/6, prime £2 3/- to £2 5/-, medium £1 12/- to £1 15/6, and light down to £1 6/6. Extra prime heavy shorn wethers were worth £1 17/-, prime £1 11/- to £1 13/3, medium £1 7/- to £1 9/6 and light down to £1 5/-. Hoggets brought from £1 6/- to £2 0/3, according to weight and quality. There was a medium yarding of fat pigs, which found a ready market at good prices. Heavy baconers brought up to £5 8/- and best porkers from £2 10/- to £3 5/-.

THE ADDINGTON MARKET DECLINE IN PRICES FOR WOOLLY SHEEP (United Press Association) CHRISTCHURCH, October 13. The entries were larger at today’s Addington market, particularly in the fat sheep and fat cattle sections. Fat cattle fully maintained values but heavy woolly sheep met with a sharp decline. Shorn sheep sold well. The store sheep consisted mostly of wether hoggets and ewes and lambs. The best of the latter, all counted, sold for: Romney cross, to 24/4, good wether hoggets to 22/6, shorn wethers to 18/6, best ewe hoggets to 37/-. Spring lambs.—There was a small entry of 110 head, which sold from lid a lb to near 12d. The market could have taken more. Fat sheep.—Close on 5000 were yarded. An easing in skin values had a marked effect on the sale, big woolly wethers being down by up to 4/- a head and woolly ewes by up to 2/-. Shorn sheep fully maintained recent values. Best wethers made to 49/1, prime heavy 38/- to 42/6, and good medium weights 36/- to 38/-. Best ewes made to 47/4, good ewes 34/- to 38/-, prime medium weight 31/- to 33/6. Fat cattle.—There were 485 penned, more than for some time. However, there was no easing in the values, best beef selling from 38/- to 40/- a 1001 b and, in some instances, up to 42/6, medium to good 36/- to 38/-. Heavy steers made to £l9 17/6, good prime heavy £l4 to £l7 and others down to £lO. Best heifers to £l4 17/6, good £lO to £l2. Best cows made from £lO 10/- to £l2 10/-, and others down to £7 5/-. Vealers.—There was an easier demand but good vealers sold well. Best runners made to £8 18/6, vealers £2 10/- to £5 10/-. Dairy cattle.—There was a slow market for the poor quality offering. Store cattle.—A few good pens of straight-coloured steers sold up to £7 6/- and £7 11/- for two-year-olds and to £8 13/6 for three-year-olds. Fat pigs.—There was a good market, there being little change in values. Light porkers made from 42/6 to £3 8/6, average price a lb 7|d to B|d, baconers £3 6/6 to £5 11/6, average price a lb to Bd. Store Pigs.—There was a brisk sale throughout. Weaners made from 10/6 to 22/-, stores 28/- to 39/- and sows in pig £4 to £6 5/-.

ABERDEEN ANGUS CATTLE SUCCESSFUL SALE AT DANNEVIRKE (United Press Association) DANNEVIRKE, October 13. The annual sale under the auspices of the New Zealand Aberdeen Angus Cattle Breeders’ Association was held at Dannevirke today. It indicated a strong demand for quality bulls. Of the 125 catalogued, some of which did not appear, 105 were sold, there being only a few passed in. Buyers were present from all parts of the Dominion. A healthy tone prevailed throughout. The top price, 355 guineas, was paid by the well-known Akitio breeder, Mr F. Armstrong, for Jolly of Kowhiwhi, -a two-year-old offered on account of Mr L. A. P. Sherriff, of Taihape. Offered on account of the Estate of Mr A. S. G. Carlyon, Gwavas, a yearling, Sussex of Gwavas, was bought by Mr H. Thacker, of Okain’s Bay, Banks Peninsula, for 330 guineas, while another yearling, Suffolk of Gwavas was bought by Mr J. E. Richardson, Waikato, for 300 guineas. Other prices realized ranged from 250 guineas, 210 guineas, 180 guineas, 165 guineas, 161 guineas, 150 guineas, 130 guineas, 120 guineas and 100 guineas, downwards. The top price last year was 200 guineas and the average 66 2-3 guineas. This year the average was 65 2-3 guineas but there was a bigger offering. HONEY CONTROL BOARD RESOLUTION OF NO-CONFIDENCE PASSED (United Press Association) WHANGAREI, October 13. At a meeting of the North Auckland branch of the National Beekeepers’ Association of New Zealand held at Whangarei yesterday the following resolution was passed unanimously:— “The North Auckland branch of the National Beekeepers’ Association expresses no confidence in the Honey Control Board as controllers of the honey markets and strongly urges the Government to place the marketing of honey under the Internal Marketing Department.”

Buyers Sellers £ s d £ s d Stock, 3J p.c., n 1938-43 101 0 u Stock, 3J p.c., 1938-52 104 0 0 Stock. 31 p.c., n 1939-43 101 0 Stock, 31 p.c.. 1939-52 104 0 Stock, 4 p.c., 1940 104 0 0 — Bonds, 4 p.c., 1940 104 0 0 Stock, 4 p.c., 1946 103 0 a Bonds, 4 p.c., 1946 103 0 Stock, 4 p.c., 1949 104 15 A Bonds, 4 p.c., 1949 104 15 p, Stock, 4 p.c., 1955 104 15 A Bonds, 4 p.c., 1955 104 15 BANKS Commercial 0 17 0 0 17 3 Commercial (pref. A 4 p.c. cum.) y 4 U National of New Zealand 57 0 0 — New South Wales 32 10 0 — New Zealand 2 3 9 2 4 3 New Zealand, Long “D” issue — 1 9 6 Union of Australia — 9 13 0 BREWERIES Dunedin Brewery Co. —- 1 9 9 N.Z. Breweries ■ 2 9 6 Tooth’s Brewery 2 14 6 — COAL Kaitangata 1 3 3 — Westport Coal 1 5 3 — INSURANCE National 0 17 11 0 18 2 New Zealand 3 4 3 — South British 4 15 0 Standard 2 19 0 — LOAN AND AGENCY N.Z. Loan and Mercantile 36 0 0 Trustees’ Executors (Dunedin) 3 16 6 — Wright, Stephenson (pref.) 1 0 3 1 1 3 MEAT COMPANIES N.Z. Refrigerating (20/- paid) 1 0 9 — (10/- paid) 0 9 10 0 10 1 South Otago Freez — ing Co. 5 0 0 — SHIPPING Huddart-Parker — 2 4 0 Union Steam Ship Co. (pref.) 1 6 6 — WOOLLEN MILLS Bruce — 0 14 0 Kaiapoi (pref.) — 0 17 3 MISCELLANEOUS Australian Glass 4 11 3 —‘— Broken Hill Pty. 3 15 9 3 16 9 British Tobacco (Aust) 2 8 9 G. J. Coles ... 4 12 9 Dominion Fertilize! 1 4 0 — Dunlop Rubber (Aust.) — — 1 2 6 Hume Pipe (Aus.) 0 19 10 1 0 3 Milburn Lime and Cement ———— — 2 4 0 N.Z. Drug 3 14 0 — N.Z. Farmers’ Fertilizers 1 0 3 N.Z. Paper Mills — 1 7 6 Otago Daily Times 2 6 6 — Permanent Building Society 5 17 6 Wilson’s (N.Z.) Cement ■ 1 0 3 Woolworths (N.Z.) 5 3 0 Shillings, Ltd. 0 19 3 MINING Big River 0 1 0 0 1 6 Electrolytic Zinc (ord.) - 2 13 3 (pref.) 2 13 0 — Gillespie’s Beach 0 1 3 0 1 b Kildare 0 1 3 Mount Lyell — 1 19 0 Mount Morgans 0 10 3 Nokomai 0 2 6 Okarito 0 2 9 — Skippers 0 0 4 North Broken Hill • 3 2 0 UNLISTED Woolworths (Sydney) 1 9 0 — Selfridges (Aust.) 1 11 0 —

£ s d Auckland Hospital Board 1941 4 p.c. 102 15 0 Commercial Bank of Australia 17 0 Bank of N.Z. (3) 2 4 0 Union Bank 9 10 0 National Insurance 18 0 N.Z. Insurance 3 4 41/2 South British 4 15 0 North Auckland Farmers’ (B pref.) 11 0 Pukemiro Collieries (2) 18 0 Auckland Gas 1 1 0 Tooth's Breweries 2 14 6 Broken Hill Propty. 3 15 0 Consolidated Brick 7 11 G. J. Coles 4 11 8 Taranaki Oil 7 1 do. 6 11 Mount Lyell 1 18 7 do. 1 18 0 Mount Morgan 9 6 Unofficial Wool worths (Syd.) 1 9 6 do. 1 9 5 WELLINGTON £ 6 d Broken Hill Propty. (Tues.) 3 15 IOV2 Woolworths (N.Z.) (Tues.) 4 19 6 Claude Neon (Syd.) (Tues.) 2 9 6 do. 2 9 9 Bank of New South Wales 32 17 6 Union Steam (pref.) 1 6 6 Broken Hill Propty. (2) 3 15 3 do. 3 15 6 do. 3 15 9 Hume Pipe 1 0 0 Taranaki Oil 7 0 Felt and Textiles 2 0 3 do. 2 0 0 Woolworths (N.Z.) 4 19 6 Oil Search Ltd. 8 OVo Mount Me i m 9 6 Lancefield 9 3& Unofficial Woolworths Ltd. (Tues.) , 1 10 0 Woolworths Ltd. 1 10 0 CHRISTCHURCH £ B n Commercial Bank of Australia (4) 17 0 N.Z. Breweries 2 9 0 Broken Hill Propty. (cum. div.) (2) 3 15 6 do. (4) 3 15 8 do. 3 15 3

Electrolytic Zinc (ord.) (2) 2 11 6 do. (pref.) 2 13 11 do. (4) 2 13 3 Woolworths (South Africa) 14 10 Skippers 2 Sales Reported Commercial Bank of Australia (3) 17 0 Bank of N.Z. 2 4 0 Broken Hill Propty. (3) 3 15 9 Hume Pipe (Aust.) 1 0 0 Broken Hill South 1 18 9 DUNEDIN £ s d Weres Trust (ex rights, ex div.) (2) 6 0 Sales Reported Standard Insurance (Tues.) 3 0 0 4 p.c. Bonds 1952-55 105 0 0 Bank of N.Z. (2) 2 4 0 do. (long D) 1 9 3 N.Z. Insurance 3 4 3 Union Steam (pref.) 1 6 b Associated News (pref.) I 4 0 G. J. Coles 4 11 0 Woolworths (N.Z.) (ord.) 4 18 6 Broken Hill South 1 18 6 Electrolytic Zinc (ord.) 2 11 9 Bonds Industries Debentures (Aust, sale) (after call) 52 0 0 Broken Hill Propty. □ 15 3 do. 3 15 4

Sales were: £ s d Bank of New Soutli Wales 33 0 0 Commercial Bank of Sydney 21 1 0 Queensland National Bank 5 3 0 Bank of N.Z. 2 4 0 Colonial Sugar47 5 0 United Insurance 10 3 0 Associated Newspapers 1 2 0 do. (pref.) 1 4 0 Huddart Parker 2 2 6 British Tobacco 2 7 9 Tooth’s Brewery 2 15 0 Dunlop Perdriau Rubber 1 2 0 General Industries 19 3 do. (pref.) 1 4 6 Morts Dock 11 1 Permanent Trustee 18 6 Felt and Textiles 2 0 0 Mauri Brothers 3 8 0 W. H. Soul 4 9 0 Mark Foy 1 3 6 United Provisions 7 7 0 Goldsbrough Mort 1 13 3 Henry Jones 2 9 0 Fairymead Sugar 1 12 0 Newcastle Gas (C) 11 11 Producers and General 10 6 Hackshalls 14 6 Wireless Contributing (N.Z. delivery) 2 13 0 Standard Cement 17 6 Electrolytic Zinc 2 11 3 Mount Morgan 9 6 Mount Lyell 1 17 7 J /i Broken Hill Propty. (new) 13 5 North Broken Hill 2 18 6 South Broken Hill 1 19 0 Kuala Kampar 19 0 Larut 16 6 Placer Development 3 11 ■ 0 Emperor 11 7

Sales were: £ s d Commercial Bank of Australia 17 4 National Bank (£5 paid) 7 2 6 British Tobacco 2 7 6 G. J. Coles 4 11 0 Drug Houses 1 6 3 Australian Glass 4 11 3 Dunlop Perdriau Rubber 1 1 10 Goldsbrough Mort 1 13 3 Hume Pipe 1 0 2 Felt and Textiles 2 0 6 Melbourne Electric Stock 19 6 Australian Paper (10/- paid) 13 10 Cox Brothers 17 8 Mount Morgan 9 8 Mount Lyell 1 17 9 Broken Hill Propty. 3 15 9 North Broken Hill 2 17 9 South Broken Hill 1 18 3 Emperor 11 7 Loloma 18 9