FINANCE AND COMMERCE

Taranaki Daily News, 14 February 1933, Page 12

FINANCE AND COMMERCE

PRODUCTION MAINTAINED NEW ZEALAND DAIRY PRODUCE. CONDITION OF LONDON MARKETS. New Zealand’s production of butter and cheese was well maintained in January, reports A. H. Turnbull and Co. Ltd. Butter manufactured amounted- to 15,530 tons, an increase over January,-1932, of 13.49 per cent. Cheese shows an increase for the month of 13.71 per cent. For the six months the increase in. production is: Butter, 18.75 per cent., cheese, 13.08 per cent.; total increase in butter-fat, 17.273 . per cent. The season is now over the peak, and with dry spells occurring in the heavier producing districts of the north, a decline from now on must be expected; It is customary to see a fall in London butter prices. after Christmas,. but with the low retail price of lid per lb ruling at the end of December, it was hoped that a further fall would be avoided. The heavy shipments from all sources, however, weakened holders, and prices fell steadily from 83s on January 6 to 79s quoted on February 3. The retail price being reduced to lOd per lb further stimulated sales, and the month closed with a firmer market and good demand. W. Weddel and Co. Ltd cables that there is a distinctly .better feeling in the market, owing to healthier position of stocks afloat and the news of reduced gradings of Australian butter for export The increase in exchange rate makes a difference of Id per lb to the f.o.b. equivalent based on present quotations, and there has been considerable speculative buying during the past fortnight at prices ranging from 9 l-Bd. to 9Jd per lb. Latest reports are, however, that forward buyers in the United Kingdom are somewhat nervous of the position and decline to operate unless protected against further changes in currency. Prices of coloured cheese remained firm and even increased towards the end of January, whilst white steadily declined throughout the month, closing quotations showing a premium of 12s per cwt for coloured over wfiite. It is customary to ship from New Zealand in the proportion of 66 per cent, white and 33 per cent, coloured, but -the. grading figures for six months show over 73 per cent, of white cheese. Many factories discontinued the manufacture of coloured- cheese, owing to adverse reports of discolouration, in last season's manufac-. ture.

' The spot position is strong, with short supplies; and a retail price of 7d per lb for white and 8d for*coloured, but there is likely to be little material change in the near future, except that the price of coloured will probably fall to the. level of white as soon as the proportion of manufacture is corrected. Estimated arrivals in the United Kingdom during February, March and April, compared with arrivals in previous seasons, are:— New Zealand Butter (Tons).

LOW BUTTER PRICES. x NO IMPROVEMENT IN LONDON. CHEESE MARKET QUIET. There was no improvement in the London butter market last week, New Zealand salted still being quoted on Friday at 78s to 80s a cwt., compared with 75s to 77s for Australian and 108 s for Danish. The retail price of New Zealand butter is unchanged at lOd a lb., which is 30 per cent, below that of Danish at Is Id. The Empire Marketing Board’s estimate of the stocks of all butters is 762,059 boxes (last year 372,547 boxes). The steady increase in storeci stocks indicates that consumption is disappointing. .The cheese market is quiet, New Zealand white being quoted at 47s to -47 s 6d a cwt., an advance of Is 6d to 2s on the week. The retail price of New Zealand cheese is unchanged generally, but some stores are selling it at 6d a lb. The London office of the Dairy Board reports Friday’s closing -quotations as follow, those for the previous week being shown in parentheses:— BUTTER. New Zealand salted, 78s to 80s, ex. 81s (78s to 80s; Feb. 11, 1932, 101 s to 104 s); 78s to 80s equals approximately 9.175 d f.0.b.; unsalted, 79s to 82s (80s to 82s; Feb. 11, 1932, 110 s to 112 s); first whey, 745; second whey, 725. Deliveries, New Zealand, 1983 tons; in store, 7900 tons, includes 475 tons ex Huntingdon. Australia, salted, 75s to 775, ex. 78s (74s to 765); unsalted, 76s to 78s (76s to 80s). Deliveries, Australia, 2312 tons; in store, 4694 tons. Argentine, unsalted, 76s to 78s, ex. 80s (76s to 78s). Danish, 84s f.0.b.; 108 s spot (88s to 112 s). Dutch, unsalted, 118 s to 120 s. CHEESE. New Zealand, white, 47s to 47s 6d (4.875 d f.o.b. (45s to 465; Feb. 11,' 1932, 61s to 635); coloured, 57s to 58s (6.3 d f.0.b.) (57s to 58s; Feb.' 11, 1932, 62s to 645). . Deliveries, New Zealand, 26,754 crates; in store, 53,761 crates. Australian, white, 45s to 465; coloured, 55s to 565. Canadian, white, 58s to 68s (60s to 68s); coloured, 62s to 68s (60s to 68s). Deliveries, Canadian, 5300 boxes, in store 116,832 boxes. English, finest farmers, 98s to 105 s (98s to 105 s). FEILDING STOCK SALE. LAST WEEK’S RANGE OF PRICES. At the Feilding sale on Friday stock sold by Abraham and Williams, Ltd., made the following prices:— . Fat sheep: Fat 2-ths. Ils, Ils 4d; fat ewes, ss, 5s lOd, 6s 3d, 6s 9d, 6s lOd, 7s, 7s 3d; fat lambs, 10s, 10s 6d, Ils Id, 12s 9d, 13s 9d. Store sheep: W.F. wr. lambs, 6s, 7s Bd, Bs, 8s Bd, 8s lid, 10s, 10s 9d; ewe lambs, ss, 7s 2d, 7s sd, Bs, 8s sd; M.S. lambs, 4s 7d, 5s 2d, 6s lid; B.F. lambs, 6s 4d, 9s 2d, 10s Id; 4-th ewes, 12s 6d; 5-year ewes. 7s 9d, 8s 2d. Fat cattle: Fat cows, 31s, 375, £2 7s,

£2 10s to £3 15s; fat heifers, £2 2s, £2 19s to £4 6s; fat P.A. bullocks, £5 Is; vealers, 12s to 13s. Store cattle: Wnr. Jersey heifers, 15s, 19s, 21s, 265; Potter cows, 15s, £l, 22s 6d, 28s; Potter bulls, 30s, £2 4s, £2 14s, £3. Dairy cattle: Heifers in milk, £5 spg. cows, £3 15s, £4 17s 6d, £6 ss. Dalgety and Co., Ltd. report having held their usual weekly sale at Feilding on Friday, when a large entry of sheep and a fair entry of cattle were offered to a large attendance. Rape lambs again met with keen competition. Prices realised were as under: Fat ewes, 5s 6d, 6s, 7s to 7s 2d; light fat wethers, 9s 9d to 10s; good b.f. rape lambs, 9s 7d, Ivs Id to 10s 4d; on . account of Manson's estate, shorn wether lambs 8s 4d, medium 6s sd, small m.s. lambs 6s 4d,. medium ewe lambs Bs' 9d; shorn Romney wether lambs, 7s Id, Bs, 8s 4d; small lambs, 3s Id, 4s 2d, ss; 5-year ewes, 8s 2d; 2-tooth wethers ex Fitzherbert, 9s lOd. Heifers, r.w.b., £2 10s, £3 2s 6d, £4 10s; store cows, £1; P.A. bullocks, £3 Ils to £4; fat heifers, £4 4s; fat Hereford cows, £2 19s; fat dairy cows, light, 275, 32s to 365; draught horses, aged, mares all work, £10; geldings, £5 10s to £lO, SALES OF STOCKS AND SHARES. NEW ZEALAND EXCHANGES. The following sharemarket transactions were reported last night by the Press Asosciation: — Auckland: Bonds, 1937, 5J per cent., Sept., £lOl, £lOO 17s. 6d.; stock, 1938, 4| .per cent., £96; stock, 1937, 5 per cent, £95 10s.; Bank of New South Wales, £2B 17s. 6d.; Bank of New Zealand (D mort.), 295. 41d.; Australian Provincial Insurance, Bs. 6d.; Farmers’ Co-op., Auc. (B pref.), 12s. 6d.; Taupiri Coal, 125.; Auckland Gas, 20s. 9d. (three parcels); ditto (cont.), 14s. 6d.; Northern Steam, ss.' Bd. (two parcels); ditto (cont.), 2s. (two parcels) ; Wilson’s . Cement, 295.; Alexander, 14s. 9d.; Waihi, 21s. IOJd. Christchurch:—Sales on Exchange: New Zealand Refrigerating (10s paid), 3s lid (4); Westport Coal, 10s 8d; Tooth’s Brewery, 34s 9d; Mt. Lyell, 20s 5d (2); New Zealand Farmers’ Co-op., 4J per cent stock, 1940,. £42 10s (2); Alexander Mines (cont, cum div.), 14s lOd; Gillespie’s Beach, Is 3d (5); Nokomai, 5s lid (2), 6s (3); Okarito, 9s 2d. Sales reported: Christchurch Drainage Board, 5f per cent, 1938-73, £99 10s. SYDNEY STOCK EXCHANGE QUIET. MOST INTEREST IN GOLDMINING. By Telegraph—Press Assn.—Copyright. Rec. 10.10 p.m. Sydney, Feb. 13. The Stock Exchange was quiet on opening to-day and the turnover was below normal. Most attention was paid to goldmining ventures. Holders, however, were disinclined to provide concessions .on fixed income-bearing securities. Bonds showed no disposition to react. Banks were firm, as were the better class industrials. Sales were: Bank of New South Wales, £3O 6s. 6d.; Colonial Sugar, £54 17s. 6d.; Australian Gas (A), £7 4s. 6d.; British Tobacco, 345. 6d.; ditto (pref.), 265. 6d.; Tooth’s Brewery, 355. 9d.; Dunlop Perdriau, 17s. 6d.; Millaquin Sugar, 265. 9d.; Electrolytic Zinc, 175.; Greater J. D. •Williamson, 65.; Broken Hill Proprietary, 285.; Commonwealth 4 per cent, bonds, 1938, £lO2 18s. 9d.; 1941, £103; 1944, £lO3 12s. 6d.; 1953, £lO2 17s. 6d.; 1955, £lO3 Is. 3d.; 1957, £lO3 12s. 6d.; 1961, £lO4 2s. 6d.; New Zealand stock, 51 per cent., 1937, £lO3. Melbourne reports the following sales: Herald-Weekly Times, 595.; Howard Smith,' Bs.; Zinc Corporation, 275. 6d.; South Broken Hill, 445. 6d. SYDNEY WOOL SALES RESUME. MERINOS SHOW SLIGHT DECLINE. By Telegraph—Press Assn. —Copyright. Rec. 9.55 p.m. Sydney, Feb. 13. The wool sales were resumed at Sydney to-day, when 10,123 bales were offered, 8465 being sold, and 1393 were disposed of privately. The market showed a decline of 5 per cent, for Merinos compared with closing rates of the previous Sydney series. The fall was mainly due to decreased competition on Japanese and French account. Broader types of Merino were least affected. Crossbreds were unchanged. English and German competition was well sustained. Greasy Merino made 19d, a lb. '

1931. 1932. 1933. February 11,520 10,371 9,975 March 8,127 12,937 11,000 April 9,082 9,315 11,100 28,729 32,623 32,075 New /Zealand Cheese (Tons). 1931. 1932. 1933. February 11,986 8,626 10,000 March. 11,808 13,551 11,120 April 9,957 8,386 10,670 33,751 30,545 31,790 Gradings and Stocks (Tons). 1931. 1932. 1933. Butter graded in January 12,900 13,684 15,530 Butter graded six months to Jan. 31 63,800 68,599 81,460 Butter in store at Jan. 31 15,700 16,659 18,015 Cheese graded in January 13,700 12,068 13,722 Cheese graded six months to Jan. 31 53,650 52,082 58,886 Cheese in store at Jan. 31 13,800 14,283 13,423