FINANCE AND COMMERCE

Taranaki Daily News, 18 February 1933, Page 11

FINANCE AND COMMERCE

TARANAKI STOCK MARKETS BRISKNESS IN NEARLY ALL LINES. FAT CATTLE FIRM BUT DULL. Briskness in the Taranaki livestock market for all lines except fat cattle is reported by the Loan and Mercantile Agency Co., Ltd. in a review of this week’s business. The market for all classes of fat sheep remains on a par with that last week. A plentiful supply of fat ewes is available, prices ranging at about 7s 6d. Fat wethers are scarce, and the firm cannot record any sales lately, buyers evidently preferring to hold. Fat lamb prices have dropped, but most of the large lots have been sold. and there remain only the rape lambs to be drafted later. A dull market persists for all classes of fat cattle as a number of dairy farmers’ fats are coming forward to the yards. Prices are on a par with last week’s rates. Butchers sire securing ample supplies for their requirements locally and are not bothering about outside supplies. . A brisk demand exists for all classes of breeding ewes. The sheep fairs now being held have been well patronised, and prices have been good. It is evident that there is a shortage of young ewes and of good 4-year ewes. These are keenly competed for at every sale, and up to 12s 6d has been paid at auction. A spirited demand still exists for all classes of lambs. Down-cross are mostly wanted, and as there is a decided scarcity of these compared with last year, vendors are reaping the benefit. The demand from dairy farmers has not yet been nearly filled, and it looks as though most of those farmers who prefer Down-cross lambs will have to be content in securing Romney-cross. Romney ewe lambs are selling well, and good quality is hard to obtain. With the wonderful amount of feed available dairy farmers who bought early will be able to fatten two drafts this year and so secure a welcome addition to their income. Store cattle: The firm is still receiving inquiries for well-bred store Hereford and P.A. cows and heifers, but little business is being done because few cattle are being offered. At the present limp the firm has inquiries for P.A. and Hereford heifers and cows and cannot obtain quotes of sufficient numbers to fill requirements. Weaner heifers; A, fair demand has set in for both marked and unmarked weaners. In a number of cases vendors’ ideas of value are a bit on the high side, but notwithstanding that, a considerable number has been sold. Unmarked weaners of good colour and quality are worth from £2 to £2 ss, marked weaners £3 to £3 10s. A good demand exists for all classes of pigs, and all supplies coming forward to the sales are selling very readily. Prices at the Loan and Mercantile Agency’s sales have been:— . .. Eltham: Fair yarding. Store b.f. lambs 8s to 8s 9d, wff. lambs 6s lOd to 7s. 6d, light fat cows £2 to £2 15s, store cows to 30s, bulls to £3 10s. Hawera: Big yarding, . particularly lambs, 2000 being yarded. Brisk sale. Shorn bJ. lambs 6s 6d to 9s, w.f. lambs 6s 6d to Bs, 2-tooth wethers to 12s 6d, 2-tooth ewes to 16s, fat ewes 7s 6d, ram lambs 6s 6d, porkers to 31s, stores to 255, weaners to Ils, bulls to £4, forward cows to £2 ss, calved heifers £6 to £6 ss. Ma tau sheep fair: Good yarding of all classes, with a big attendance of buyers. Bidding brisk and good clearance made. Bi. lambs from 7s to 9s 6d, w.f. lambs 6s to 8s 6d, ewe lambs to 9s, 2-tooth wethers to Ils 6d, 4-year ewes 8s to Ils, fattening ewes 4s 9d to 6s. Approximately 5000 sheep, were yarded at this sale, and the district must benefit considerably from the good prices realised. > Private sales: A line of. 1500 .breeding ewes at 10s 6d, store b.f. lambs to 9s 6d, forward wethers to 12s 9d, Southdown rams 2i to Signs., fat lambs 12s, weaner Jersey heifers £2 to £2 ss, forward bullocks to £4 12s 6d. WEEK OF BRISK TRADING YOUNG BREEDING EWES SOUGHT. KEEN DEMAND FOR FAT STOCK. A week of very brisk trading, both in the paddock and at all sales, is reported by the Farmers’ Co-operative Organisation Society Ltd. It has been the firm’s week of fairs and most successful sales at all centres are reported. The heavy warm rains experienced generally have resulted in renewed growth in pastures, and most farmers have been exercising their minds as to the most profitable form of stock to acquire. The demand for young breeding ewes is very keen, any coming on to the market being quickly snapped up. During the week a line of 500 two-tooth ewes was sold at 15s 3d, with a further line at 15s 6d. Sales have been made of twotooth ewes from 13s to 17s 6d according to quality. A line of 300 4-tooth ewes was disposed of at 16s 6d with a line of 6-tooth at 12s 6d. The question of supply and demand has been the most important factor in keeping up the price of the young ewe at its present level. With a drop in the works price for the fat ewe to ss, the older breeding ewe has eased in value somewhat,, although not to the extent that most thought. Sales of good lines of fouryear ewes have taken place up to Ils 6d but the average is from 10s to Us. Numerous lines of five-year ewes have been, sold at from 8s 6d to Ils for the best of sheep. By the attendance at the fairs it is evident that outside values have been too high for most clients and that Taranaki still remains the cheapest market. Young wethers are hard to procure, the demand being good for any that do come on to the market. A line of 200 2-tooth wethers was sold at 13s. GOOD DEMAND FOR LAMBS. The demand for lambs still remains good, although most farmers are diffident as to what constitutes value with the continued change in the fat stock schedule. Most of the firm’s sales are well patronised by the dairy farmers wanting small lots, and large , lines are consequently cleaned up in this way at satisfactory prices. Sales of b.f. lambs have been.-at from 8s to 10s 6d according to size and condition. Best m.s. w.f. lambs realise from 7s to 9s. , The demand for fat stock for butchers requirements has been particularly keen. Several trucks of fat ewes have been sold at 6s 9d. A large number of trucks of fat cows has been.sold at £4 „s. Other sales of fat cows have taken place m truck lots at from £4 5s to <~4 7s 6d. With the feed conditions existing at tne present time the demand for weaner heifers Is particularly good. The marked calf sale on Tuesday resulted in an average of £3 10s 6d. Lines have been sold at from £2 to £3 for best quality catAt the Waverley sale on Friday a f ull yarding of ewes and lambs met with an up-and-down sale. A large line of fi year ewes on account of H. Bayley was sold in lots from 9s down to 7s 6d. A small line of four and five-year ewes on

account of J. Hartwell realised 10s. A good line of 2-tooth ewes, the annual draft of Bremer Bros., was sold for 16s 3d. A small line of four-tooth ewes brought Ils 3d. Other sales were: Twotooth Ils 6d, older ewes 4s 3d to 4s 7d, b.f. woolly lambs’ 10s, w.f. lambs 8s 4d, Southdown rams £2 2s to £2 7s 3d. P.A. cows • realised £2 3s, PA. yearlings 19s, Jersey yearling heifers £1 18s, weaner pigs 5s 6d to 8s 6d and store pigs lla to Ils 6d. GOOD RAMS. AT HAWERA. The Hawera ram fair was held on Saturday. The offering came up to catalogued numbers and met with keen competition from a good bench of buyers. Some exceptionally good rams were sold, Southdowns especially meeting with a ready sale. The top price for Southdowns was obtained by C. J. Hawken for a shearling stud at £l9 8s 6d. Other studs on account of other vendors realised. £5 5s to £9 9s. The top price for Southdown flock rams was realised by C. J. Hawken at £5 ss. Other prices were £2 2s to £4 14s 6d. Romneys met with an unsteady sale, the top price being obtained by Blair and Hunter at £3 8s 3d. Other prices were ,£1 Is to £3 3s. The clearance was total with the excention of three pens. , A most successful sale was held at Kohuratahi on Monday. Between 5000 and 6000 sheep were yarded, the condition in which they came forward being 'a credit to the vendors. The result of the sale exceeded the expectations of the vendors, especially in viw of the dron in the works values for fat stock. Buyers were present from as. far north as Tikorangi and as far south as Waverley. There was a total clearance.. Some of the realisations. were: Two-tooth ewes 14s 7d to 16s 3d, 6-tooth and four-year ewes 12s to 12s 7d, four and five-year ewes 8s lid to Ils, five-year ewes 9s to Us Id, good s.m. ewes 8s 6d to 9s 9d, 2-tooth wethers 10s 3d, wether lambs 7s 9d to 9s Id, ewe lambs 8s 2d to 8s Bd, m.s. lambs 7s 8d to 8s 6d, cull lambs 4s 6d to 6s. S.D. rams Zgns to 3jgns. The on Monday drew a full yarding of store cows and bulls. We report a total clearance. Store cows realised 18s to 30s, paddock cows £1 10s to £1 15s, store bulls £1 ss, £2 19s to £3 7s, b.f. lambs 7s 6d, cull lambs 4s 4d, A marked calf sale was held on February 14. A yarding up to catalogued numbers came forward for auction and met with keen competition from buyers present from Southland, Te Aroha and Dannevirke. The top price of £6 was obtained by Mr. R. E. Harrison for a pen of five very nice calves. Two pens on account of Mr. T. Hoskin realised £5 10s and £5 5s respectively. Other prices were £4 10s, £3 17s 6d, £3 and £2, the average over the whole yarding being £3 10s 6d. •

At the Inglewood sale on Thursday we yarded approximately 2700 sheep, comprising mostly lairibs and ewes. Ewes for the most part were second quality, and the lambs were of medium size and in very ordinary condition, most of them being absorbed by dairy farmers. Fat lambs made Ils lid, b.f. lambs 8s to 8s 9d, w.f. (best) 7s to 8s 9d, others 5s 9d to 6s lOd, 4 and 5-year ewes 9s, aged ewes 6s to Bs, forward 2-tooth wethers Ils 9d. Store cattle sold at current rates. MUCH ACTIVITY IN SHEEP PRICES WELL MAINTAINED. Ideal grass-growing conditions have been a factor of much assistance to the sheep market (this being the principle source of operations) during the past week, and has counterbalanced the slight decline in export values announced in our last report, state Newton King Ltd in. their report for the week. It seems as though supply and demand will largely govern the market during the next next few weeks, for at this time of the year with an abundance of feed available dairy farmers fulfil their small orders, and this in the main, accounts for considerable business. Splendid sheep fairs have been held at Douglas and Whangamomona this week and at each "centre there were capacity yardings, the latter in particular constituting a record, and in spite of shocking weathei* a complete clearance was effected. With the exception of lambs all classes sold on a par with last week’s rates; in fact sound-mouthed ewes in poor condition were if anything firmer in values. Douglas witnessed decidedly keen competition for lambs, especially of the cully class, bearing out our previous remarks concerning dairy fanners securing their small requirements.

With the bulls of the main drafts of fat lambs disposed of there exists an unsatisfied demand for well-grown lambs suitable for finishing, but values have fluctuated according to the altered freezing schedule. Since the introduction of the new exchange rate and the consequent increase in the lamb schedule there have been two reductions, the second being announced yesterday, and export figures now are woolly lambs first grade up to 36, 44d, 37/42 3Jd, over 3d, seconds. SJd, with shorn 3-Bths of a penny less in each case. Wether values have also been slightly revised as fellows Up to 481 b 3d, 49/56 2|d, 57/64 2}d. The percentage of wethers offering at the various fairs has been very small and the decidedly keen demand that exists for this class has resulted in excellent realisations. All lines offering by private treaty are readily sold. The offerings of young ewes have been small at this week’s fairs, and tliis may account to some extent for the better’ classes of 4 and 5-year ewes maintaining their values of between Us to Us 6d in spite of last week's drop in the freezing schedule. Rams have sold steadily during the week, good sales being reported both privately and at auction. Southdowns are selling about on the same level as last year, 2-tooths ranging from 2J to 3'< guineas. Included in our sales was a line on behalf of Mr. W. J. Freeth to a King Country buyer. It is pleasing to report an improvement in the sale of Romneys. Several lots have changed hands at from 2i to 3A guineas. These prices are for picked rams. Business in fat cattle is restricted solely to butchers’ requirements, and with station-bred cows and heifers being quoted and sold in the vicinity of £5 there seems some likelihood of values appreciating during the next few monthsCows from dairy farms find a market at from £2 10s to £3 15s according to weight, age and colour. Very little ox beef is being handled, and then mostly by the freezing companies, whose present schedule is 18s per 100 pounds. Yardings of store cattle have been larger during the week, and at the regular sale centres consist mostly of cull cows, w’hich are realising 17s 6d to 30s for boners and up to £2 for meaty sorts. Steers are being inquired for at restricted limits, but few lines are offering. The autumn cattle fairs commencing next month will open up business in this connection.

Considerable business continues to be done with weaner dairy heifers, and the supply available at present buyers’ limits is fast diminishing. The bulk of the trade is by private treaty, although more cattle are now coming to auction centres. Best quality unmarked Jerseys are realising £2 to £2 7s 6d and smaller heifers of good quality and well-done heifers mixed in colour, 30s to 355. Several sales of marked heifers have been made up to £3. It is yet too soon to give an opinion as to how the in-calf heifer trade will open, and the position will be governed principally by the opinions as

to values of buyers from outside of Taranaki. It is to them that an outlet is sought for the bulk of the early trade, and graziers holding good cattle, of which there are many in the province, are keenly watching the state of the market barometer. When several sales of large lines are reported the market will adjust itself. During the week we conducted a dispersal sale of the Huatoki stud Southdown flock, .the property , of Mr. ,W. C. Weston. There was a representative attendance, buyers coming from many parts of Taranaki, also from several outside districts, and the offering was well distributed. A summary of the principal quotations for this sale is: Ewes one to three and a half guineas, ewes lambs one to two guineas, ram lambs from one to two and a half guineas, stud rams from 4 to 26 guineas, flock rams 3 guineas. The improved state'of the pig market reported last week has been well maintained, which is accountable for by the increased milk supply, together with a steady export schedule. At the New Plymouth Haymarket on Friday there was a full yarding, and with one exception the complete entry comprised weahers and slips. Quotations were: Good stores 23s 6d, good slips 14s to 16s 6d, extra good weaners. 12s to 14s 6d, medium weaners 9s to 10s, small 7s to Bs.

At Douglas on Monday the entry comprised 3000 sheep, the whole being cleared under spirited competition. Four and 5-year old ewes, medium to good order, made 8s 6d to 9s lOd, good-mouthed ewes in low.condition 7s to 8s 3d, 2-tooth ewes, extra good, 16s 6d, 2-tooth wethers 9s 6d to Ils 2d, shorn ewe lambs 9s to 9s lOd, shorn wether lambs "7s 6d to 8s 9d, cull lambs 5s to 6s 6d.

The Whangamomona sheep fair on Wednesday drew an entry of 5500 sheep, and every pen was disposed of at auction. The principal quotations were: Medium 4-tooth ewes 14s 2d, 2-tooth ewes, bush sheep, 13s Id, the best lines of 4 and 5-year-old ewes 10s 6d to Us sd, the same age ewes in medium bloom and condition 8s 6d to 10s, good-mouth ewes in poor condition 6s 6d to 9s, 2tooth wethers, mostly small sheep, 9s to 10s 6d, shorn wether lambs 7s 3d to 8s 2d, medium mixed-sex shorn lambs 6s 9d to 7s 9d, best woolly mixed-sex lambs (seedy) 8s 6d to 9s Id, medium 7s to 7s 9d, small lambs 5s to 6s 6d, Romney rams 1J to 21 guineas. At Stony River on Tuesday cows made up the major portion of the entry. Fat cows made £2 12s 6d to £3 10s, weighty second grade cows and boners £1 14s to £2, lighter boners 20s to 30s. At Hawera on Thursday a large entry of lambs and pigs , and a fair yarding of cattle were submitted. Wether lambs made 6s to 9s, b.f. shorn lambs 9s 4d to 10s, fat lambs 13s to 14s, s.m. ewes 6s to 7s, fat cows £3 10s to £4 10s, fat heifers' £2 12s 6d to £3, boner cows 20s to 28s, paddock cows 28s to £2, bull's £2 10s to £3 12s 6d, weaner pigs 9s to 12s, stores 15s to 225, porkers 25s to 28s 6d. At Waiwakaiho on Thursday a moderate entry of both sheep and cattle was submitted, sales being made as follows: Four-tooth ewes 14s 3d, s.m. ewes 9s 6d, full-mouth ewes in good bloom 7s 3d to Bs, fat and forward s.d. woolly lambs 10s 2d, 2 and 4-tooth Southdown ewes 14s 3d, Southdown ewe lambs 10s 6a, f.m.s.d. ewes 9s 6d to 12s 6d, oneshear Southdown rams 3J, 3 guineas down to 1J guineas, fat station-bred cows £3 15s to £4 Bs, ordinary fat cows £2 15s to £3 ss, weaner Jersey heifers £2, 29s 6d down to 20s, "dairy cows (winter calvers) £3. , WANGANUI SALE. At the Wanganui sale on Wednesday lambs sold at rates firm on last week. Sheep: Prime ewes (heavy), 7s 6d, 7s 9d to Bs. Fat ewes, 6s 4d, 6s 6d, 7s to 7s 4d. Prime lambs, 12s, 12s 3d to 12s sd. Prime wethers, 12s 9d to 14s 6d. Fat wethers, Us 3d to 12s 6d. Forward b.f. shorn lambs, 9s to 9s 7d. Shorn b.f. lambs, 7s 9d to 8s 4d. Medium b.f. lambs, 6s 8d to 7s 6d. Woolly wether lambs, 7s 6d to 8s 3d. Shorn wether lambs (very seedy), 7s' to 7s 4d. Medium ewe lambs, 9s. Cull lambs (all grades), 3s 6d, 4s, 5s to 6s 3d. Forward wethers, Is 3d. Two-tooth ewes (medium), 14s 7d. S.M. ewes, 7s 3d. Fattening ewes, 3s to 4s. Good vealers, £1 6s to £1 15s. Calves, 12s 6d to 225; small, 5s to 9s. Cattle: Prime heifers, £4 to £4 2s. Fat two-year heifers, £2 15s. Fat cows, £3 15s to £3 17s 6d (heavy). Fat cows, £2 10s to £3 10s. Fat bullocks (light), to £5 7s 6d. Three-year P.A. bullocks, £3 16s. Two and a half year P.A. steers, £2 7s 6d to £2 14s 6d. Mixed 20-mOnth steers,* £1 19s. Store P.A. cows (lowconditioned), £1 7s. Store cows, 15s, 20s to 22s 6d. Pigs: Choppers, £1 9s, £1 12s to £2, Baconers, 32s 6d to 355. Heavy porkers, 265, 27s to 30s. Porkers, 22s to 255. Good stores, 15s to 17s. Slips, 9s to 12s. Weaners, 6s. GREAT INCREASES. BUTTER AND CHEESE SHIPMENTS. SIX MONTHS’ EXPORTS. Shipments of butter from the Dominion during the six months of the present season ended January 31 totalled 64,223 tons, an increase of 12,628 tons, or 24.47 per cent., compared with the 51,595 tons during the six months of 1931-32. Shipments during January were 12,298 tons, as against 9085 tons in January, 1932, an increase of 3213 tons, or over 35 per cent. The quantity of cheese shipped during the first six months of this season was 46,088 tons, compared with 39,549 tons for the same period of 1931-32, an increase of 6539 tons, or 16J per cent. Shipments of cheese during January were 12,362 tons, compared with 10,302 in January, 1932, an increase of 2060 tons. The shipments and destinations of the dairy produce exported for the six months’ period compare as follow:—

Of the butter shipped last month 82 per cent, was consigned and 18 per cent, sold f.0.b., compared with 88 per cent, consigned and 12 per cent, sold f.o.b. in January, 1932. Of the cheese shipped last month 99.39 per cent, was consigned and .61 per cent, sold f.0.b., as against 96 per cent, consigned and 4 per cent, sold f.o.b. in January, 1932. Last month’s shipments comprised 75 per cent, white cheese and 25 per cent, coloured, compared with 70 per cent, white and 30 per cent, coloured in January, 1932. Due to the regulation of shipments for a brief period, Australia’s exports of butter to Britain, last month wer® 10,631

tons, as against 11,131 tons in January, 1932, a decrease of 500 tons. On the other hand, shipments for the six months ended January totalled 59,686 tons of butter as against 50,350 tons for the corresponding period of last season, an increase of 9336 tons, or over 18J per cent. Shipments of Australian cheese to Britain during the six months were 3490 tons, as against 2124 tons for the same period last season, an increase of 1366 tons, or over 64 per cent. Shipments of butter from the Argentine to Britain during the six months were 6940 tons, as against 9002 tons, a decrease of 2062 tons, or nearly 23 per cent. BRITISH IMPORTS IN JANUARY. Imports of butter and cheese into Britain from all sources during January compare as follow:—

CONSOLS AND COLONIAL STOCKS. SUBSTANTIAL RISES RECORDED. By Telegraph—Press Assn.—Copyright. Rec. 5.5 p.m. London, Feb. 16. The following table gives current quotations for consols and colonial stocks. Under the heading variation decreases since last Thursday are marked with an asterisk (*), the variation otherwise being an increase:—

BANK OF ENGLAND RETURN. SHARP RISE IN RESERVE. Rec. 5.5 p.m. London, Feb. 16. The Bank of England for the week ended February 15 is:—

SHORT LOANS AND BILLS. The Bank of England rate of discount was reduced to 2 pei’ cent, as from June 30, previous to which the rate was reduced from 21 per cent. Short loans are quoted at 2 per cent., the same as last week. The market rate of discount for best three months’ bills is 7-8 per cent., compared with 27-32 per cent, last week. AUSTRALIAN PRODUCE PRICES. WHEAT MARKET LIFELESS. Sydney, February 16. The wheat market is lifeless. Prices for bagged and silo lots are nominal at 2s. Old. and Is. U‘]d. a bushel respectively, equivalent to 2s. 7Jd. and Is. 7Jd- ex trucks Sydney. Other quotations are: Flour, £9 ss. a ton; bran, £4 10s. a ton; pollard, £5 a ton; potatoes, Tasmanian to £6 a ton; Victorian to £4 10s.; onions, Victorian Globes to £4 10s. a ton; oaten hay, to £7 10s. a ton; maize, yellow ss. Bd. a bushel, white to ss. 6d. Adelaide quotations are:— Wheat, growers’ lots, 2s. 6d. a bushel; flour, bakers’ lots, £7 12s. 6d. a ton; bran, £4 17s. 6d. a ton; pollard, £5 ss. a ton; oats, Is. sd. to Is. 6d. a bushel.

CARLTON BREWERY PROFITS. Melbourne, February 16. The Carlton Brewery Company’s profits for the year amounted to £70,762, compared with £73,326 for the previous year. A dividend of 8 per cent, per annum was paid. SHAREMARKET TRANSACTIONS. NEW ZEALAND EXCHANGES. Auckland:—Sharemarket sales: Stock, 1937, 5} per cent., February, £9B 10s; Auckland Harbour Board, 1948, 5J per cent., £9B; Bank of New Zealand, 445; New Zealand Insurance, 45s 3d; Northern Steam (con.), 2s; New Zealand Breweries, 275; Staples’ Brewery, 22s 6d; Colonial Sugar, £53; New Zealand Paper Mills, 22s lAd; Gillespie’s Beach, Is 6d, Is 7d; Waihi, 21s 7Jd, 21s 8d; Mt. Lyell, 20s. Unlisted shares: Auckland Farmers’ Freezing, 10s 3d; Sun Newspapers, 3s 6d. Christchurch: Sales on exchange: Commercial Bank of Australia, 14s. Bd.; National Bank of Australasia (£lO paid), £ll 155.; National Bank of New Zealand, £3 10s.; Bank of New South Wales (cum div.), £2B 7s. 6d.; New Zealand Insurance, 455. 6d.; New Zealand Refrigerating (10s. paid), 3s. Bd.; New Zealand Breweries, 265. 9d.; Dominion Fertiliser, 10s.; Mount Lyell, 205.; Gillespie’s Beach, Is. 6d. (two parcels); Golden Point, 2Jd. (four parcels); Golden Sands, 3s. Id.; Mahakipawa, 2d.; Nokomai, 6s. 4d.; Freshford Gold Dredging, Is. 6d. (six parcels), Is. 6Ad. Sales reported: 5J per cent, inscribed, Feb., 1937, £9B 10s.; Mount Lyell, 20s. lid. AUSTRALIAN EXCHANGES. SHARP RISE IN SUGARS. Rec. 9.15 p.m. Sydney, Feb. 17. On the Stock Exchange to-day there was an increased turnover. Colonial Sugars showed a sharp rise and gas shares were in demand. There was considerable activity in industrials and bonds were firm. Sales were: Bank of New South Wales, £3O 2s 6d; Commercial Bank of Sydney, £l6 2s 6d; National Bank (£lO paid), £l2 ss; Union Bank, £10; Colonial Sugar, £54 17s 6d; Colonial Sugar (New Zealand delivery), £54 7s 6d; Huddart Parker, 29s 6d; Bums, Philp, 50s;,Austral Gas A, £7 4s; British Tobacco (pref.), 26s 6d; Toohey’s, 20s lOJd; Tooth’s, 35s 9d; Goldsbrough Mort, 23s 9d; Henry Jones, 38s 3d; Broken Hill Proprietary, 27s 9d; Zinc Corporation, 26s 7jd. Sales on the Melbourne Stock Exchange were: British Tobacco, 345; Herald and Times, 575; Metropolitan Gas, £l2 14s; South Broken Hill, 44s 3d; Mt. Lyell, 20s 3d. CANTERBURY PRODUCE MARKET. GOOD CROPS OF SMALL SEEDS. Christchurch, Last Night. Merchants are doing a fair amount of business in small parcels but offerings are now larger than they are prepared to buy. Fowl wheat is quoted at 3s 3d a bushel for prompt and 3s 4d for spread delivery. Milling wheat is now offering more freely. More Algerians are now offering but merchants are inclined to curtail buying in view of the stocks already purchased. Offers of Gartons are also increasing. Prices remain unaltered at Is 2d to Is 4d a bushel on trucks for Algerians and to Is 5d for, Gartons. Potatoes are not attracting any interest. Nominal offers are £2 a ton on trucks. The crops look well. Cocksfoot is now coming forward freely from both Plains and Akaroa. For good Akaroa seed 3Jd a lb. is being offered and for lighter 3d. Plains is quoted at 2Jd to, 3d. Perennial and Italian ryegrass remains at Is 3d to Is 6d a bushel. The higher price is for the best seed. First harvest, certified from mother seed, is quoted at 3s 6d to 4s a bushel to farmers. Southern ryegrass is now on the market and is being offered at low values. White clover has eased to lOd a lb. on trucks. Some good crops are reported. Cowgrass crops are now in full flower and yields are promising. MOTUROA OILFIELDS PROGRESS. GAS PRESSURE IN NO. 3 WELL. The production of 150 barrels of crude oil (5250 gallons) from No. 2 well is reported by Moturoa Oilfields, Ltd., for the past week. In No. 3 well a heavy’ flow of . inflammable gas was struck at 2112 feet in mudstone and sandstone formation. The gas blew the 6in. liner and drilling mud out of the hole. The well is under control. The gas pressure is still 6001 b. to the square inch. NEW PLYMOUTH EGG PRICES.

BUTTER. London Six months to January 31. 1932-33 1931-32 Tons. 50,286 Tons. 42,068 Avonmouth and Cardiff 3,175 2,062 Liverpool 2,863 2,466 Manchester 3,788 2,058 Glasgow - 2,955 2,252 397 13 122 156 386 327 Other countries 251 193 Total tons 64,223 51,595 CHEESE. 1932-33 1931-32 Tons. Tons. London 38,629 31,205 Avonmouth and Cardiff .. 2,138 2,394 Liverpool 1,595 1,886 1,993 2,085 Glasgow 1,673 1,938 Other countries 60 41 46,088 39,549

BUTTER. Jan., Jan., Jan., 1933. 1932. 1931. Tons. Tons. Tons. Russia 260 145 ___ Finland 748 917 910 Esthonia 36 74 8 Sweden 901 661 837 Denmark ... 8,664 8,693 7,918 Netherlands ... 110 114 189 Argentine ... 1,287 2,583 2,563 Irish Free State 59 88 ,148 Australia ... 12,049 9,158 9,556 New Zealand .. ... 12,665 12,776 11,530 Other countries 485 350 111 Total tons . ... 37,264 CHEESE. 35,559 33,770 Jan., Jan., Jan., 1933. 1932. 1931. Tons. Tons. Tons. Netherlands ... 527 791 659 Italy ... ... 297 402 501 Australia ... 479 488 686 New Zealand .. ... 10,837 9,889 9,506 Canada 114 422 47 Other countries 281 156 268 Total tons . ... 12,535 12,148 11,667

F £ rice Variation b. d. s. d. Consols, per cent. ... 74 2 6 2 6 Funding Loan, 4, 1960-90 110 0 0 Same Assented War Loan, 3% . 99 5 0 5 0* Conversion Xioan, .... 99 17 6 Same Victory Bonds, 4 109 10 0 Same Commonwealth, 5, 1945-75 106 3 9 1 3 Commonwealth, 6, 1931-41 101 16 8 3 9 C’m’nwealth, 3%, 1936-37 101 12 6 11 3 Victorian, 8, 1939-49 ... 87 10 0 12 6 Victorian, 5%, 1930-40 . 96 0 0 27 6 Victorian, 3%, 1929-49 . 103 10 0 10 0* Victorian, 5, 1932-42 ... 103 0 0 5 0 Victorian, 4%, 1940-60 . 103 2 6 5 0 New South Wales, 4, 1923 101 2 6 2 6 New South Wales, 3, 1935 100 0 0 10 0 N.S.W., 8%, 1930-50 ... 93 17 6 12 6 N.S.W., 6%, 1930-40 ... 101 16 3 3 9* N.S.W., 6, 1930-40 103 2 6 17 6 Queensland, 5, 1940-60 , 104 15 0 10 0 Quensland, 8, 1922-47 . 88 2 6 17 6 Queensland, 6, 1930-40 . 102 2 6 2 6 New Zealand, 4%, 1948-58 107 7 6 5 0 New Zealand, 1940 . 100 0 0 3 9 New Zealand, 3, 1945 ... 97 17 6 102 6 New Zealand, 6, 1936-51 107 0 0 22 6 South Australia, S’/s, 1939 100 15 0 7 6 S. Aus., 3, 1916 or after 77 0 0 5 0 S. Australia, 6 J /3, 1930-40 101 15 0 Same Tasmania, S’/i, 1920-40 99 15 0 2 6 Tasmania, 3, 1920-40 ... 94 0 0 20 0 Tasmania, 1930-40 . 102 5 0 10 0 W. Aus.. 3%, 1929-35 . 101 2 6 15 0 W. Aus., 8, 1915-35 ... 99 15 0 5 0 W. Aus., 6, 1930-40 .... 102 12 6 32 6

ISSUE DEPARTMENT. Notes in circulation In banking department .... Total ' £ 355,073,533 52,189,414 407,262,947 11,015,100 252,437,126 7,830,212 3,717,562 275,000,000 132,262,947 Other Government securities These four items, fiduciary issue Gold coin and bullion Total BANKING DEPARTMENT. Proprietors’ capital 14,553,000 3,620,794 15,849,635 106,327,281 32,766,410 2,256 Other deposits, bankers’ .... Seven-day and other bills .... Total 173,119,376 Government securities Discount advances 90,858,315 11,970,324 17,417,132 Notes Gold and silver coin 52,189,414" 684,191 Total 173,119,376 The principal items of the above return compare as follow with those of last week, the proportion of reserves to liabilities being shown in the last line:— Deposits— Feb. 8 Feb. 15 Public £13,501,583 £15,849,635 Bankers 100.699,345 106,327,281 Other ac/s 32,766,882 32,766,410 £146,967,810 £154,943,326 Government .. £90,308,315 £90,858,315 Disc’t Adv. ... 12,146,508 11,970,324 Other sec 17.123,897 17,417,132 45.554,211 52,873,605 Note circulation .. 357,380,130 Gold 127,207,391 Proportion ...... 30.90 p.c. 355,073,533 132,262,947 34.10 p.c.

Eggs at New Plymouth during the week have ranged as follow: s. d. s. d. First grade hen eggs .... 1 2 to 1 4 Second grade , 1 0 to 1 1 Mixed 1 1 to 1 3 Duck eggs Pullets • • • . 11 to 1 2 10J