FINANCE AND COMMERCE

Taranaki Daily News, 14 February 1931, Page 12

FINANCE AND COMMERCE

bright tone at sheep fairs TARANAKI MARKETS REVIEWED. CATTLE SECTION STILL QUIET. Sheep continue to be the most attractive in the Taranaki stock markets, and therefore good numbers have changed hands during the week, Newton King, Ltd., reports. Central Taranaki opened its series of back-country fairs at Kohuratahi on Wednesday, when a good entry of all classes came forward. A bright tone ruled, and there was a full clearance under the hammer at advanced rates. Prices ruling at the firm’s other fairs have been consistent with the standard set at tlie opening series, and for the most part full clearances can be reported. Quietness continues in the cattle section and business confines itself to the oddments offered at auction. ; Values for beef remain unchanged and the low figure offered by export buyers does not encourage that business. Butchers are purchasing for immediate requirements only, and preference is shown for cows and heifers. As a result holders of ox beef are not finding a ready market. Values are: Best cows and heifers up to £6 55., lighter £4 15s. to £5 10s., ox beef £8 to £9.

Export values for mutton have not changed since last reduction, and these low values have resulted in holders where possible quitting their supplies to butchers, who are operating at a little in advance to works rates. Preference is being shown for ewes, which are being purchased at from ss. 6d. to 6s. 6d, while wethers change hands at from Ils. to 12s. 6d.

Business of some magnitude continues in the store sheep section, and during the week the better class of genuine four and five-year-old ewes has attracted more spirited bidding. Lambs continue to be the most popular class, especially rape sorts, and bidding is much more animated than is the case for other classes. Wethers also find favour at a price. At Aria on Monday the whole entry was sold. Best two-tooth ewes made up to 12s. 6d, smaller sorts 10s. 10d., sixtooth to four-year-old ewes Ils. Id., four-year ewes 7s. 6d. to Bs. 4d., fiveyear ewes ss. to 7s. 6d., older sorts 3s. to 4s. 10d., best lambs 7s. Id., medium lambs 4s. 6d. to 55., small lambs 2s. sd. to 3s. 9d. Urenui fair, conducted on the same day, drew a fair entry, mostly a good class of lambs. Prices were: Good rape lambs 6s. 6d. to 7s. Id., ewe. lambs ss. to ss. 3d., -wether lambs 4s. lOd. to ss. Id., mixed-sex lambs 4s. 3d. to 55., good-conditioned four-tooth wethers 95., two-tooths 7s. lid. The entry of ewes consisted mostly of aged sorts, which made from 3s. 4d. to 4s. lOd. Prices at Te Wera the same day were: Good four and six-tooth ewes 14s. Id., five-year ewes 4s. 2d. to 65., good wether lambs ss. Bd., smaller sorts 45., twotooth wethers 7s. to 7s. sd.

At Inglewood on. Wednesday there was a large entry, mbstly lambs and ewes. Best five-year e.wes made up to 65., others 4s. lOd. to ss. Id., aged sorts 3s. 2d. to 4s. 3d., two and four-tooth ewes Us., small two-tooths 10s. Lambs sold under keen competition, and a full clearance was effected, good-condition-ed woolly sorts making from 6s. ,2d. to 7s. 7d., shorn lambs 4s. Id. to ss. 3d., and two-tooth wethers Bs. 3d. The Kohuratahi fixture on Wednesday drew a good entry of splendid sheep. Buyers were in attendance from all parts of Taranaki, and there was spirited competition. Best four and five-year ewes .made from 9s. Id. to 10s. Id., others 7s. 10d., small two-tooth ,-ewes 12s. 3d., good-conditioned two-tooth wethers 95., medium sorts 7s. 7d., ewe lambs up to 7s. Bd., wether lambs to ss. 4d., mixedsex lambs to 6s. 3d., culls 3s. 4d. to 4s. Seventy Romney rams were sold at figures ranging from 1| to ,4 guineas.

The store cattle market is slow to move, and transactions of any account are rare. Grown bullocks have been in fair demand and up to £6 10s. has been paid for well-bred and good-condi-tioned sorts, with lighter-conditioned cattle at £5 10s. to £5 15s. A small entry of cull cows, supplemented by a few odd lots of weaner Jersey-cross heifers, is general at fortnightly sales, works buyers absorbing the first class at £1 ss. to £2. Jersey weaners do not seem to have found the favour shown at this period in previous years, and as yet few have changed hands. During the week fair numbers have come under ;the hammer, but no keenness to operate has been displayed, and prices have been lean. At Inglewood on Wednesday half a dozen lots were yarded, and 255. to 30s. was paid. Private sales of the best class of weaner have been recorded at £2 ss. to £2 12s. 6d. About £2 10s. seems to be the figure at which buyers are prepared to operate for the best cattle available. At the New Plymouth haymarket yesterday a medium yarding came forward, comprising all young pigs, there being no stores or porkers. Values showed a slight hardening on the previous week, best weaners making from 18s. to 215., medium weaners 14s. to 16s. and good slips up to 255. DAIRY PRODUCE SHIPMENT. IMPROVED STOCK POSITION. London prices have been remarkably steady during the last month, report A. H. Turnbull and Co., writing on February 10. Commenting on the heavy deliveries ex store in London during the last live weeks, they point out that these have exceeded deliveries for tlie same period of last year by no less than 1800 tons, bearing out their last report that the stores were purchasing protective stocks. W. Weddel and Co., Ltd., cable that consumption continues good with a steady demand, while there is a growing inquiry from Continental sources, more especially for unsalted butters, which have again established a premium of 3s. over salted. The retail price has been kept down to Is. 3d., and this is undoubtedly helping the position very considerably, together with the advertising propaganda, carried out by London importers in conjunction with the Dairy Board. The stock position in the United Kingdom is strong, although the quantity in New Zealand awaiting shipment is greater than at January 31, 1930. W. Weddel and Co., Ltd., consider that the market will now remain firm with a slowly improving market. “The cheese market has continued dull throughout the month and has shown a steady decline. The retail price has been reduced to Bd., but so far this has not stimulated consumption to any extent. There are heavy stocks of cheese on spot in London, afloat and in New Zealand, and this is having a depressing effect on the market. Another factor that is keeping consumption of cheese at a low point is the very cheap retail price of meat, bacon and other seasonable substitutes. In view of this, W. Weddel and Co., Ltd., advise us that they do not expect any great improvement iu the market, although with the lower retail prices they are Loping that stocks will be cleared more rapidly. Reports are to hand that quite a number of Taranaki dual plant factories have already decided to manufacture part of

their usual cheese output into butter, and this should have the effect of helping the cheese position somewhat.” Expected arrivals of New Zealand dairy produce in the United Kingdom during February and March, compared I with actual arrivals during the same months in previous seasons are given by A. H. Turnbull and Uo. as follow: —

DIVIDENDS FREE OF EXCHANGE. PROTEST AGAINST BANK’S ACTION . Christchurch, Last Night. The following resolution was carried at the afternoon call of the Christchurch Stock Exchange: That this exchange ■strongly protests to the directors of the Bank of .New South Wales against the bank’s departure from the usual practice of paying dividends to New Zealand shareholders free of exchange in New Zealand and requests the Stock Exchange Association of New Zealand immediately to approach Parliament with a view to taking such step- as may be deemed necessary to protect New Zealand depositors in Australian banks against the possibility of the underlying principle being carried further. SHAREMARKET TRANSACTIONS. Auckland, February 13.-—Stock Exchange sales: Auckland Gas, 1935, 6J per cent., £100; Commercial Bank of Australia, 13s sd; Bank of New Zealand, 445; South British Insurance, 50s; J. Staples, 30s 6d; Kempthorne Prosser, 50s. Christchurch, February 13.—Sales on Exchange: Commercial Bank of Australia, 13e 2d; Commercial Bank of Australia (pref.), £5 Ils; New Zealand Refrigerating (10s paid), Is 2d (3 parcels); New Zealand Breweries, 31s sd; Beath and Co., 20s; King Solomon, Is 3d (2 parcels); Mahakipawa, 7d, 7Jd, 8d (2 parcels). Sales reported: Commercial Bank of Australia, 13s 2d; Mount Lyell, 18s lid. WOOL QUOTATIONS HIGHER. ’ GOOD BIDDING AT WELLINGTON. (By Wire —Special to News.) Wei ngton, Last Night. Of Dalgety’s offering of 3240 bales, 3150 were sold. There was keen competition for all classes of wool. Buying was well spread, Bradford and Continental operators bidding very freely. Any stylish Romneys offered were e gerly sought, probably for U.S.A, and Canadian orders. There was a keen demand for lambs’ wool. Special orders seemed to be on the market for good crossbreds of 40/46 quality. As compared with the January sale quotations foi super crossbreds were ou a par, for average par to Jd higher, inferior par to Jd higher, lambs Jd to id higher, and for bellies and pieces, to 4d higher.

February March BUTTEiR. 1928-20'. 1929-30.1930-31. Tons. 8.011 ..... 12,752 Tons. - Tons. 7,412 7,072 11,500 9,400 20,803 14,484 20,900 CHEESE. Tons. Tons. Tons. February ....) 14,018 7,050 1 1,000 March ...... 9,276 11,412 11,006 23,294 19,362 22,000 The quantities held in store as at January 31 for the last three seasons compare as follow:— Tons. Tons. Tons. 1929. 1930. 1931. Butter ..., 6,200 11,336 11,619 15,707 Cheese >. ... 9,600 13,832