SUDDEN RISE IN MARKETS

Southland Times, Issue 23445, 28 February 1938, Page 3

SUDDEN RISE IN MARKETS

HIGHER COMMODITY PRICES IN LONDON CANADIAN DEMAND FOR N.Z. BUTTER (Received February 27, 6.30 p.m.) LONDON, February 26. ' Despite a set-back at the end of the week the markets’ advance from the low levels of the previous fortnight has been almost spectacular. A promising week for commodities petered out rather badly though prices were a trifle higher on the balance, with cotton an outstanding feature. Because ot the heavy reductions in acreage in the United States certain to result from the complicated Fann Bill farmers in America are reported to be holding on to raw material in the belief that it will go higher. Metals rather lamely attempted to improve. Stocks of refined copper in the United States are still rising, as also are American stocks of lead, which have increased by more than 4000 tons despite a sharp drop in domestic production. The butter position remains rather difficult to follow, after a rise at the beginning of the week business petered out, though there is still plenty of optimism about the immediate future. There is no reason to expect any big break in the market, though many operators would be happier if the levels were slightly lower, say around 110/— to 112/- a cwt. There has been some inquiry from Canada for New Zealand butter.

RAW MATERIALS . (Received February 27, 6.30 p.m.) LONDON, February 26. Friday’s closing prices for raw materials with those of last week also quoted, are as follows:— , Cotton. —Spot, 5.21 d a lb (5.16 d April delivery, 5.11 d (5.05 d Rubber.—Para, 6d a lb (6%d); plantation smoked, 7 3-16 d (7 l-16d). Jute.—March-April delivery, £lB 11/3 a ton (£lB 11/3). Copra.—March-April delivery, South Sea, £ll 5/- a ton (£11): smoked, £ll 2/6 (£lO 2/6); plantation Rabaul, £l2 5/- (£ll 15/-). Linseed Oil.—£3o a ton (£3O). Turpentine.—£l 11/9 a cwt. (£1 11/6). OTAUTAU STOCK SALE LARGE YARDING OFFERED A large yarding came forward for Friday’s sale at Otautau. In comparison with last sale, which was composed principally of lambs the yarding was a mixed one. There was a big number of pens of two-tooth ewes, some good lines of station sound.~mou.fh_ewes, and the usual percentage of failing-mouth ewes. Compared with other recent sales values for lambs were on a par. Considerable interest was taken, in practically the first offering of good station ewes, and the values realized for two-tooth ewes were fully up to expectations, but failing-mouth ewes were difficult to quit. The demand for ewe lambs and good forward wether lambs was quite good but weight-con-ditioned carry-over lambs were hard to sell. Good quality two-tooth ewes made from 34/- to 34/10 and medium 32/- to 33/-. The annual draft of ewes from Blackmount station realized up to 28/3, and other well-known station lines brought 23/- to 25/-. Average four, six and eight-tooth ewes sold up to 26/-, good f. and f. ewes 14/- to 17/-, aged ewes 7/6 to 11/- and inferior to 5/-. The New Zealand Loan and Mercantile Agency Company sold 63 wether lambs at 14/8, 64 do. at 11/9, 100 do. at 15/7, 76 do. at 15/9, 24 m.s. lambs at 14/3, 51 do. at 17/9,11 do. at 4/-, 42 ewe lambs at 19/9, 106 fat and forward lambs at 18/9, 39 ewes at 3/6, 11 do. at 4/- 168 do. at 12/4, 28 fat ewes at 13/6. Four pigs at 12/-. WYNDHAM~STOCK SALE The National Mortgage and Agency Co., Ltd., reports as follows:—There was a fairly large yarding of sheep, comprising mainly store lambs, with a few pens of breeding ewes and a sprinkling of wethers and forward lambs. Ewes were hard to sell, but wethers and lambs were keenly competed for and brought very fair prices considering the hot dry conditions prevailing and the consequent shortage of feed. Sales were as follows: 437 rape lambs at 15/10,136 at 16/3, 50 at 16/-, 362 ewe lambs at 18/-, 98 at 15/6,102 at 23/6,107 mixed-sex lambs at 12/11, 122 at 17/3, 47 at 10/7, 527 wether lambs at 13/2, 103 at 22/3, 141 at 19/6, 40 at 18/-, 90 at 18/-, 140 f.m. ewes at 17/6, 22 f. and f. ewes at 8/9, fat ewes at 14/6, fat lambs at up to 23/6. A small yarding of cattle was sold at ruling rates.

THE RIALTO ( William Todd and Co., Ltd., report as follows for the week ended Saturday, February 26:— Pigs.—Demand easier, prices lower. Weaners (small) 5/- to 9/-, (medium) 10/- to 12/-, (large) 13/- to 14/9; small stores 22/- to 26/-; stores 35/6 to 38/-; porkers £2 12/- to £2 18/-; sows 28/to 61/-; sow and litter £3 19/-. Poultry.—W.L. hens lOd to 1/3; young hens 1/8 to 2/1; heavy fowls 1/8 to 2/1; W.L. pullets 5/- to 5/6; ducks 1/2 to 1/10; geese 3/- . Bacon Pigs.—We are cash buyers of bacon weights, 1201 b to 1501 b at 6d lb delivered to factory. Produce.—Table potatoes 6/- to 7/a cwt; chaff £4 10/- to £5; straw £3 5/-; oats 11/- to 12/-; wheat 18/- to 23/-; barley 17/6; crushed oats 11/-; pollard 9/-; bran 7/-; oatdust 5/-; rock salt 8/- cwt; molasses 13/6; meat meal 11/-; boneflour 14/-; Moose meal 18/-; Moose nuts 17/6; linseed 24/-; oyster shell grit 6/- cwt. Miscellaneous.—Barbed wire 34/-; No. 8 galvanized wire 28/-, No. 9, 29/-; fowl netting 14/6; tanks £2 10/-; sashes 12/6; wheelbarrows 27/6; pumice boilers £6 10/-; pumice washtubs 47/6; timber 14/- to 17/- 100 ft; droppers 14/-; stakes 35/- 100; rabbit traps (Lane’s Ace) 18/6, (Downee) 21/- doz.; rabbit nets 7/- to 11/- dozen; Ceylon tea 51b 13/6, 20’s at 2/4 lb; 40’s at 2/3 lb. Grass Seeds: White clover 4d to 1/3 lb; cowgrass 9d to 1/3; Timothy 9d; dogstail 9d; cocksfoot 6d to 1/2 lb; perennial ryegras- 5/- bushel; mixture of clover, ryegrass and cocksfoot 3d lb.