OTAGO PRODUCE MARKETS

Southland Times, Issue 23444, 26 February 1938, Page 4

OTAGO PRODUCE MARKETS

Good Quality Wheat Offering DRY WEATHER AFFECTS CHAFF YIELDS (United Press Association) DUNEDIN, February 25. New season’s samples of wheat are still coming forward from surrounding districts and also from northern areas. The quality of the local wheat is exceptionally good and millers are readily accepting what samples are available. Local supplies have had to be supplemented by Australian importations, a cargo of which has just been delivered among millers. The fowl wheat market remains unaltered. Supplies are not plentiful, but there are still some quantities of last year’s wheat to be absorbed. The quality is indifferent and sales are being made at 7/- to 5/6 a bushel, sacks extra delivered. The Dunedin oat market shows little change. Not many samples of new season’s oats have been offering and any lines that have appeared on the market have shown exceptional quality with good bright colour and plenty of weight. There has been no demand from the North Island for feed purposes, but millers have been operating and present prices are on a basis of 2/10 sacks extra ex trucks at country sidings for heavy A Gartons. This is equivalent to 3/6 a bushel f.0.b., s.i. Shipping values are nominally as above with B’s worth 3/3.

There has .been no change in the chaff market. The demand is small and the best samples are worth £5 a ton, sacks included ex truck. The dry weather is affecting yields in the Otago district and the future of the market depends on whether there will be. a demand for export to South America. So far there has been no indication of the development of such an inquiry and the situation in that regard depends on the returns from local growing in South American countries. SEED MARKET Merchants are complaining of a quiet period in the seed market. Very little business has been done during the week. New season’s ryegrass is in short supply and it is apparent that limited supplies are available in country districts. Ordinary ryegrass is firm and certified is very difficult to procure. Few lines that have already come on to the market show marked variation in germination and some lots show very poor growth. Cocksfoot is firm in quality and is better than last year, but it is anticipated that the crop will be short this year. Chewings fescue remains unaltered and is firm at the recently-reduced level of prices. Southern growers are receiving 1/6 per lb for machinedressed. Cowgrass is reported to be poor and in many cases the seed has not formed. Instead of saving the seed, many farmers are turning this crop into hay. There is, however, a substantial carry-over from last season. FRUIT REPORT The high prices ruling for apples lately have had the effect of bringing heavy supplies on to the local market and sales have become difficult, even at substantially reduced rates. Cox’s orange are in heavy supply, with low prices ruling and Worcester Pearmains and Gravensteins have also been very plentiful. A shipment of Californian lemons is due ex the Waimarino on Monday. Bon Chretien pears are in short supply and the market is firmer. Grapes are in good supply and are meeting with a heavy demand. Greengages are practically finished, but freestone peaches are in full supply and sales at the close of the week were slow. Nectarines are in heavy supply, with low prices. The hot .weather experienced in Central Otago resulted in many lines of peaches and nectarines arriving on the market in a wasty condition and they have consequently been difficult to sell. Brown rot has been prevalent during the week and must be presenting a difficult problem, to growers. Plums are plentiful with prices fair. A shipment of bananas, transhipped ex the Matua, arrived today. THE CANTERBURY MARKETS STEADY TRADE IN SMALL SEEDS REPORTED (United Press Association) CHRISTCHURCH, February 25. There is steady trade in small seeds with the North Island, but few big orders are in the market. Wheat deliveries continue heavy, cocksfoot offering freely. Otherwise, the markets are quiet. The wheat harvest, assisted by excellent weather with very few breaks and with the increased use of mechanical means, proceeded more rapidly than usual this week. There has been a distinct slackening off in the amounts delivered as the main part of the early harvest has been completed. All the wheat offering is of good quality and this week fewer samples with high moisture content have been received.

Cocksfoot has been offered very freely this week. The market remains steady at 8d to 9jd for this season’s perennial. Ryegrass is extremely scarce, little having been offered. There is a fair demand for seed. The price remains firm.

A few samples of white clover have been received, but the harvest of this crop is not yet general. Some early offerings show dark colour, but it is reported that the crop generally is good. The crop is not expected to be large but there are fair stocks carried over from last season. The price at present is 8d to 9d a lb.

Apart from reports of blight, which are discussed freely, there is little interest in potatoes. The forward market is exceptionally quiet. Blight has been repoi-ted practically in every district in Canterbury, but so far the trouble appears considerably less serious than some reports would indicate. So far tht, disease is a little more serious than in a good year, but is not likely as yet to affect yields very materially. WYNDHAM STOCK SALE FAIR ENTRY OF SHEEP AND CATTLE Henderson and Co., Ltd., reports:— There was a fair entry of both sheep and cattle forward at the Wyndham stock sale on Thursday. The fat sheep section consisted mostly of fair quality wethers with a few pens of medium freezing ewes. The demand for these classes was fair and values equalled last sale’s rates. There was a large number of good quality ewe lambs in the store pens. Competition was fairly keen and prices showed a rise of about 1/6 a head on last sale’s rates. There was a good demand for forward wether lambs for feed. These also showed a distinct advance on last sale. A fair number of

breeding ewes was yarded, but these were harder to sell because of the shortage of feed, the result being that prices were lower than those ruling at other centres. The fat cattle. yarding consisted mostly of fair quality cows and heifers. The demand was good and prices all over realized £1 a head over last sale. Store cattle prices were on a par with late sales. We sold:— . Sheep—l 39 ewe lambs at 22/7, 114 ewe lambs at 17/-, 137 s.m. ewes at 20/3. Passed, 123 f. and f.m. ewes. Cattle.—l fat cow at £7, 1 at £6 7/6, 1 at £6 5/-, 1 at £6 2/6, 1 at £5 17/6, 1 at £5 7/6,1 at £5 5/-, lat £5,1 at £4,1 at £3 15/-, 1 at £3 10/-; 1 store cow at £5; 1 cow and 2 calves £5 10/-. Messrs Dalgety and Co., Ltd., report:— ' Sheep—A good yarding in all sections. Fat sheep were on a par with late rates, prime heavy wethers realizing 27/6. Freezing buyers were not keen to operate for the few lots of fat lambs offered. The store yarding was made up principally of lambs for which the demand was keen and prices for good wether lambs were 1/6 to 2/- ahead of last sale. There were several lines of well-bred ewe lambs offered and these were sold at ruling rates. The best price was 23/b. There were a few lines of good store wethers offered, and the presence of outside buyers resulted in a good sale for this class. , There was little or no demand for the ewes offered. Ewes of all ages were hard to quit. Prices for good, sound-mouthed ewes were decidedly in buyers favour and it is evident that it is rather early for any demand. Cattle—There was not a large yarding of cattle, but prices showed an improvement, good quality heifers and cows selling at up to £7 10/-.

Sheep.—3l fat wethers at 27/6, sat 25/-, 103 wether lambs at 17/4, 102 at 16/-, 53 at 14/6, 71 m.s. lambs at 14/10, 198 ewe lambs at 23/6, 50 at 20/9, 25 2-tooth wethers at 20/-, 73 at 19/-,,37 at 17/-, 95 full-mouthed ewes at 17/6, 63 cuff f.m ewes at 6/-. Cattle.—Fat heifers at £6 2/b, tb 15/- £5 12/6, fat cows at £7, £6 17/6, £6 10/-’, £6 5/-, £6 2/6, £5 15/-. THE WOOL MARKET (Received February 25, 5.5 p.m.) LONDON, February 24. The Bradford tops market is fair.

FOREIGN EXCHANGES (British Official Wireless) (Received February 25, 5.5 p.m.) RUGBY, February 24. The following mean closing rates of foreign exchanges were quoted today com-

NEW ZEALAND CURRENCY BASIS The Bank of New South Wales, Dunedin, announces the following rates of foreign exchange on a New Zealand currency basis: on Buying Selling

GOVERNMENT SECURITIES LONDON. February 24. Following are the latest quotations for

Quotations: — Feb. 10 Feb. 17 Feb. 24 Feb. 3 70’s 281'2 281/2 28 271/2 64’s 27 27 261/2 251,2 60’s 26 26 25 241/2 58’s 23 23 221/2 21 56’s 22 22 201/ 2 181/2 50’s 171/ 2 17'/2 17 17

pared with par:— Par Today Paris, fr. to £ 124.21 154% New York, dol. to £ 4.886 5.01 9-16 Montreal, dol. to £ 4.886 5.01 9-16 Milan, lira to £ 20.43 95% Copenhagen, kr. to £ 18.159 22.40 Oslo, fr- to £ 19.159 19.90 Vienna, schgs. to £ 34.585 26% Berlin, rmk. to £ 20.42 12.39% Prague, kr. to £ 34.585 142 9-16 Helsingfors, m. to £ Madrid, pesetas to £ 103.23 226% 25.15 —- Lisbon, escudos to £ 110 110 3-16 Athens, dr. to £ 875 547% Bucharest, lei to £ 318.6 677% Belgrade, dinars 275.3 216 Rio de Janeiro, p. to milreis 8.895 2 13-16 Buenos Aires, p. to dol. 45.577 — Montevideo, p. to dol. 57 21% Bombay, p. to rupee 10 18 J ,a

London— £N.Z. to SstglOO T.T. 124 124/10/OX). 123/10/ - 124/18/9 Australia— 100/10/£A to £100 N.Z. T.T. 101 O.D. 101 100/10/Fiji— £F to £100 N.Z. T.T. 90/7/6 > 89 O.D. 90/7/6 89 New York— Dollars to £1 N.Z. T.T. 4.0558 4.0211 O.D. 4.0658 4.0251 Montreal— 4.0222 Dollars to £1 N.Z. T.T. 4.0547 O.D. 4.0667 4.0262 Austria — Schillings to ; £1 20.99 N.Z. T.T. >— O.D. •— 21.00 Belgium— 23.635 Belgas to £1 N.Z. T.T. 23.945 * O.D. 24.020 23.646 Czechoslovakia — Korunas to £1 N.Z. T.T. — 113.77 O.D. —— 113.82 Denmark— Kroner to £1 N.Z. T.T. 18.203 17.893 O.D. 18.263 17.899 Finland— Marks to £1 N.Z. T.T. 184.95 179.15 O.D. 185.35 179.25 France — Francs to £1 N.Z. T.T. 125.31 122.81 O.D. ——. 122.85 Germany— Reichsmarks to £1 N.Z. T.T. —— 9.892 O.D. —— 9.897 Greece— Drachmae to £1 N.Z. T.T. a— 429.54 O.D. — 429.84 Holland— Florins to £1 N.Z. T.T. 7.306 7.156 O.D. 7.346 7.160 Italy— Lire to £1 N.Z. T.T. —— 76.44 O.D. — 76.49 Java— Florins to £1 N.Z. T.T. 7.279 7.129 O.D. 7.319 7.133 Norway— Kroner to £1 N.Z. T.T. 16.182 15.892 O.D. 16.242 15.898 Noumea— Francs to £1 N.Z. T.T. 126.56 121.56 O.D. — 121.60 Papeete— Francs to £1 N.Z. T.T. 126.41 121.61 O.D. — 121.65 Sweden— Kroner to £1 N.Z. T.T. 15.795 15.500 O.D. 15.855 15.506 Switzerland— .Francs to £1 N.Z. T.T. 17.525 17.255 O.D. 17.730 17.260 Chefoo— N.Z. pence to 1 dollar T.T. — 18% O.D. — 18 7-64 Hong Kong— N.Z. pence to 1 dollar T.T. 18 29-64 18 53-64 O.D. 18 27-6 >4 18 53-64 India and Ceylon— N.Z. pence to 1 rupee T.T. 22% 22 21-32 O,D. 22 11-32 22 21-32 Japan— N.Z. pence to 1 yen T.T. — 17 31-64 O.D. — 17 31-64 Manila— N.Z. pence to 1 peso T.T. 29 25-6 >4 29 57-64 O.D. 29 19-64 29 57-64 Shanghai— N.Z. pence to 1 dollar T.T. —— 18 9-64 O.D. — 18 9-64 Singapore— N.Z. pence to 1 dollar T.T. 34 11-64 35 11-64 O.D. 34 19-32 35 11-64

Government securities compared with the prices ruling recently:Feb. 17 Feb. 24 £ s d £ s' d British— Consols 77 15 0 78 0 0

Funding Loan, 4 . per cent. 114 0 0 111 0 oWar Loan, 3 p.c. 103 0 0 103 10 0 Con. Loan, 3>/ 2 p.c. 103 15 0 102 10 0 Victory Bonds, 4 per cent. 112 10 0 111 0 0 Commonwealth — 3 p.c., 1945-75 108 7 6 108 12 6 3 p.c., 1955-58 103 12 6 103 15 0 4 p.c., 1943-48 101 0 0 101 2 6 3% p.c., 1945-53 93 5 0 93 7 6 3'4 p.c., 1958-60 90 0 0 90 10 0 New South Wales— 4V 2 p.c., 1935-45 98 7 6 98 0 0 Victoria — 3 p.c., 1929-40 95 1 3 95 8 9 4% p.c., 1940-60 104 7 6 104 7 6 4 p.c., 1945-75 102 2 6 108 5 0 Queensland— 3 p.c., 1932-47 96 2 6 96 8 9 5 p.c.. 1940-60 107 0 0 106 17 6 South Australia— 4 p.c., 1942-62 108 7 6 108 10 0 3 p.c., 1945-75 79 5 0 79 7 6 Western Australia — 4 p.c., 1942-64 101 3 9 101 2 6 Tasmania— 3 ! /z p.c., 1929-40 102 0 0 102 3 9 4 p.c., 1940-50 101 7 6 101 15 0 New Zealand — 4'/ 2 p.c., 1948-50 103 8 9 103 13 9 3>/ 2 p.c., 1940 • 101 7 6 101 6 3 4 p.c., 1945 91 15 0 97 12’6