MONEY AND MARKETS

Southland Times, Issue 23378, 9 December 1937, Page 11

MONEY AND MARKETS

CITY MARKETS

Inquiry For Oats

Improves

DEMAND FOR BROWN TOP REMAINS DULL

Oats. —During the past week there has been a little more inquiry for oats for shipping at a lower range of prices than was quoted earlier in the season, and a certain quantity of oats has been sold for railing north. Most of the farmers’ lines have now been sold and, in any case, because of the requirements for wool storage, merchants are more concerned with the disposal of their stocks than with buying further supplies. Prices to farmers are nominally from 3/- a bushel for special heavyweight lines, down to 2/- a bushel for lower quality on trucks, country sidings. . Chaff. —There has been sufficient chaff offering to meet requirements, which are confined to the local market. It has not been possible during the. season to compete for the shipping business. The value to farmers for good bright quality is about £4 a ton on trucks, country sidings. Merchants are not interested in lower grades. Wheat.—Prices for milling wheat, f.o.b. Bluff, are: Tuscan and Yeoman, 5/5; Montana King and Hunters, 5/7; Velvet. 5/9. There is now no milling wheat available for farmers and stocks of fowl wheat are almost exhausted. Ryegrass—Very little business is being done in ryegrass as few lines now remain in farmers’ hands, and the local demand is accounting for a great part of merchants’ stocks. Any lines remaining in farmers’ hands are saleable only on a machine-dressed basis with low germination, values ranging from 3/to 4/- a bushel, according to quality. Other Seeds.—The brown top market remains very dull and, unless a satisfactory export demand arises, it seems likely that even lower prices will rule. Values at present for machine-dressed seed of export quality do not exceed lOd a lb for certified and 8d a lb for uncertified. Although there is a possibility of a short crop of crested dogstail because of the weather, the prospects are not all encouraging. New Zealand requires export business to dispose of her crop, and as Ireland had a heavy production of good quality seed, it seems likely that prices offering for New Zealand seed will not be high. It is understood that the Irish seed is landing in Britain at 78/- per cwt, and unless Germany and other continental countries come strongly on the market, the demand for New Zealand seed will probably be greatly restricted. Merchants’ stocks of Chewings Fescue have been disposed of with the exception of some low germination lines. Potatoes.—Business in old potatoes is now finished and trade is confined to the supply of new season’s potatoes to meet the local demand. FRUIT AND VEGETABLES Fine weather has brought about an improvement in the demand for fruit and, at the same time, has hastened the development of crops in the fruit-grow-ing districts, with the result that heavy supplies have been coming forward and it is difficult to keep the market clear from day to day. Strawberries are almost finished for the season. Crops were considerably depleted by frosts and at the present time the majority of growers have completely finished picking. Another week should see the finish of all consignments from Central Otago and Waimate.

Cherries are coming in plentifully and prices this week have dropped to less than half those ruling before the weekend. So far the quality and condition have been excellent, but the market is receiving more them it can comfortably absorb.

The first peaches should reach the market next week 'and apricots soon after. The demand for tomatoes continues firm, although prices are a little easier in sympathy with northern centres. Supplies are increasing both from Canterbury and Nelson. Small lots of apples are offering from cool store and these are taken up on arrival. Oranges are in good supply, although the market is clearing rapidly and there should be a good demand for the Christmas shipment arriving at Bluff on December 19. Bananas are selling steadily and the Christmas shipment will probably arrive to meet a record demand. A line of Californian grapes and lemons arrived at the weekend to a good demand. There will be no further shipments till next year. The demand for new potatoes is increasing and supplies will probably be short at the end of this week. Prices are a little easier, but the market will probably remain firm for at least a fortnight. Lettuce are more plentiful and the demand is slack. Cauliflowers are still realizing high prices, but the demand for cabbages has fallen off and supplies from the north have been reduced.

Wholesale prices are quoted as follows :—

Choice Delicious apples ex cool store. —To 14/- a case. Choice Sturmers. —11/6 to 13/- a case.

Ripe Bananas. —To 28/6 a case. Australian oranges.—2s/- to 29/- a case.

Californian grapes.—32/6 a case, Christchurch hothouse tomatoes.— Choice, 1/1 to 1/3 a lb; small, lid to 1/-.

Nelson tomatoes.—9d to lid a lb. Strawberries. —Choice 1/- to 1/3 a pottle; jam variety, 8d to lid. Cherries. —Small, 4d to 5d a lb; extra choice, 6d to iod a lb. New Zealand lemons.—2o/- to 22/6 a case. Californian lemons.—7s/- a case. Cauliflowers.—l2/- to 14/- a sack. Cabbages.—2/- to 3/- a case. Lettuce.—l/3 to 2/6 a dozen. New potatoes.—North Island, 3d a lb; local, 4jd to 5d a lb. WHOLESALE Bran.—£6 a ton. Butter.—First grade, 1/3; second grade, 1/2; separator, 9d 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.—2s’s 4/6; 50’s 8/6; 100’s 16/-. RETAIL Bran.—7/6 a 1001 b. Butter.—l/4J to 1/SJ; separator, 1/-. 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. Oatmeal.—2s’s 7/9; 50’s 15/3. Pollard.—9/- a 1001 b. Onions—3lb a 1/-. New Potatoes.—4d a lb; local, 6d a lb. EGG PRICES Eggs were quoted in the city yesterday at from 1/2 to 1/3 a dozen wholesale, and from 1/4 to 1/6 a dozen retaiL

SHARE MARKET

INVERCARGILL STOCK EXCHANGE

EASING TENDENCY IN METAL COMPANIES

There was a fairly strong tone on the Stock Exchange yesterday although metal companies’ shares were inclined to ease towards the end. Banks were quiet and gilt-edged securities unchanged. Quotations were as follows:—

NORTHERN EXCHANGES SALES ON ’CHANGE AUCKLAND

GOVERNMENT DEBENTURES Buyers Sellers £ s d £ s d Stock, 3J p.c., 1938-43 101 10 0 Stock, 3J p.c., 1938-52 101 0 0 Stock, 3| p.c., 1939-43 101 10 0 Stock, 3J p.c., 1939-52 101 0 0 Stock, 4 p.c., 1949 102 15 0 Bonds, 4 p.c., 1949 102 15 0 Stock, 4 p.c., 1955 105 5 0 Bonds, 4 p.c., 1955 105 5 0 BANKS Australasia 11 5 0 Commercial 0 16 11 0 17 3 National of New Zealand 2 18 0 New South Wales 32 0 0 New Zealand 2 4 6 New Zealand long “D” issue 19 0 BREWERIES N.Z. Breweries 2 7 4 Tooth’s Brewery 2 11 6 COAL Kaitangata 15 3 Westport Coal 14 6 INSURANCE National 0 17 6 New Zealand 3 5 0 Standard 3 0 0 LOAN AND AGENCY Dalgety and Co. 10 0 0 Goldsbrough, Mort and Co. 1 12 0 National Mortgage 2 7 6 Wright, Stephenson (pref.) 10 6 MEAT COMPANIES N.Z. Refrigerating (10/- paid) 0 8 11 0 9 2 Southland Frozen Meat 17 6 South Otago Freez ing Co. 5 12 6 6 0 0 SHIPPING Huddart-Parker 2 2 6 Union Steam Ship Co. (pref.) 17 0 WOOLLEN MILLS Bruce 0 10 0 Kaiapoi (pref.) 0 17 3 Oamaru 0 18 0 MISCELLANEOUS Broken Hill Pty. 3 2 6 Broken Hill Pty. (5/- paid) 1 15 0 Colonial Sugar Co. 45 10 0 G. J. Coles 4 2 9 D.I.C. (pref.) 13 6 Dominion Fertilizer 14 6 Dominion Investments 1 19 0 Dunlop Rubber (Aust.) 12 6 Hume Pipe (Aust.) 10 0 Milbum Lime and Cement 2 16 N.Z. Drug 3 15 0 N.Z. Guarantee Cor poration 0 4 10 N.Z. Paper Mills 15 9 Otago Daily Times 2 6 6 Shillings, Ltd. 0 19 0 Woolworths, Ltd. 16 5 MINING Big River 0 10 0 14 Electrolytic Zinc— (ord.) 2 7 0 (pref.) 2 10 0 Gillespie’s Beach 0 14 Goldfields Dredging 0 0 1 Kildare 0 10 Mount Lyell 1 13 0 Mount Morgans 0 12 2 Waipapa 0 0 2| Rawang Tin 0 10 5

£ s d Bonds 1953-57 3',4 p.c. 98 5 0 Stock 1953-57 3>/ 2 P-C. 98 5 0 do. 1946-49 4 p.c. 103 0 0 Bank of New South Wales 32 10 0 Bank of N.Z. (odd lot) 2 4 9 South British 4 18 0 Abraham and Williams 3 12 6 Union Steam (pref.) 1 7 0 British Tobacco 2 9 6 Broken Hill Propty. 3 2 3 do. 3 2 6 Henry Jones 2 5 9 Mackay Logan 1 3 6 M. K. Millinery 12 9 Radio (1936) 1 0 0 Golden Crown 4 11 Waihi Investments 9 10 Mount Lyell 1 13 0 Golden Dawn 2 0 WELLINGTON £• d Colonial Sugar (Mon.) 4G 10 « 4 p.c. Stock 1946 103 0 0 4 p.c. Bonds 1946 103 0 0 Wellington Harbour Board 5(4 p.c. 1940 101 10 0 Commercial Bank (pref.) 9 14 0 Bank of N.Z. 2 4 8 National Insurance 17 4 N.Z. Breweries (4) 2 7 9 Broken Hill 3 2 10>i do. 3 2 6 Colonial Sugar 46 10 0 Consolidated Brick 7 5 McKenzies (odd lot) 3 13 6 G. J. Coles 4 4 6 do. 4 4 9 do. (2) 4 4 6 Woolworths Ltd. (2) 1 6 6 Taranaki Oil 6 9 Argo Gold 1 9‘/2 Overseas List Woolworths Holdings Ltd. 14 3 CHRISTCHURCH £ s d Commercial Bank of Australia 17 0 United Building 1 1 0 Anthony Hordern 18 8 Broken Hill Propty. 3 2 1 do. (new) (5) 1 15 0 Electrolytic Zinc (ord.) (2) 2 7 0 do. (pref.) (2) 2 9 9 G. J. Coles 4 3 1 Taranaki Oilfields 7 0 Woolworths (Syd., ord.) (2) 1 6 10 Argo Gold Dredging 1 10 Broken Hill South 1 17 0 do. 1 16 10 Mount Lyell (2) 1 12 9 do. (4) 1 13 0 do. 1 13 1 Mount Morgan (2) 12 3 do. 12 2 North Broken Hill (ex div.) 2 12 6 Rawang Tin (2) 10 7 N.Z. Farmers’ Co-op. (10/- paid) 3 Sales Reported N.Z. Government 4 p.c. Inscribed 1949 103 0 0 Union Bank of Australia 9 10 0 Huddart Parker 2 1 6 N.Z. Breweries (cum. div.) 2 7 9 North Broken Hill (ex div.) 2 12 3 Woolworths (Syd., ord.) 1 6 7

Golden Dawn 1 Wi Kauri Timber 1 1 6 Taranaki Oilfields 7 0 Mount Lyell 1 13 0 DUNEDIN £ s d Union Bank 9 3 6 N.Z. Breweries 2 7 6 Associated News (pref.) 14 6 Australian Foundation Trust 5 5 Taranaki Oil (2) 7 0 do. 6 11 Sales Reported N.Z. Refrigerating (cont.) (2) 9 0 Westport Coal 13 6