FINANCE AND COMMERCE

Taranaki Daily News, 20 February 1933, Page 16

FINANCE AND COMMERCE

FROZEN MEAT QUOTATIONS PRICES IN LONDON REVIEWED. CHANGES ALL DOWNWARD. By Telegraph—Press Assn.—Copyright. Rec. 6.30 p.m. London, Feb. 18. Following are the latest quotations for frozen meat,, with previous prices in parNew Zealand sheep: Canterbury and North Island selected crossbred wethers and maiden ewes, 48 to 561 b., 4Jd. (4Jd.); 57 to 641 b., 43d. (4Jd.); 65 to 721 b., 4£d. (4 5-Bd.). North Island ditto, 48 to 561 b., 4Jd. (4 5-8 d.); 57 to 641 b„ 4Jd. (4 7-8 d.); 65 to 721 b., 4 3-Bd. (4£d.). Ewes: Under 481 b., 31d. (3 5-8 d.); 48 to 641 b., 3d. (3d.); 65 to 721 b., 2 5-Bd. (23d.). Australian sheep: First quality crossbred or Merino wethers, 40 to 651 b., 3 l-Bd. (3Jd.); second quality, 30 to 551 b., 3Jd. (3 3-8 d.); ewes, 30 to 551 b., 3 l-Bd. (3 l-Bd.). Argentine sheep: First quality crossbred wethers, 48 to 641 b., 4 l-Bd. (4Jd.); 65 to 721 b., 4d. (4 l-Bd.). Patagonian sheep: None offering. New Zealand lambs: Canterbury, none offering; second quality, average about 301 b., 4Jd. (4 5-Bd.). Other South Island brands,* none offering; selected North Island brands, including Downs, 361 b. and under, 5 7-Bd. (6 3-8 d.); 37 to 421 b., 53d. (5Jd.); 43 to 501 b., 4 7-Bd. (5 3-8 d.); second quality, average about 301 b., 5Jd. (5 5-Bd.). Other North Island brands, first quality, 361 b. and under, 5Jd. (6d.); 37 to 421 b., 5d.; second quality, average about 30P0., sd. (5 3-Bd.). Australian lambs: Victorian, first quality, 361 b. and under, 4 7-Bd. (51d.); 37 to 421 b., 4jd. (4Jd.); Other States, first quality, 361 b. and under, 4 5-Bd. (43d.); 37 to 421 b., 4d. (4Jd.). Victorian, second quality, 361 b. and under, 4 l-Bd. (4 5-Bs.). Other States, second quality, 361 b. and under, "4|d. (4Jd.). All States, third quality, average about 361 b., 4 7-Bd. (4 7-Bd.). Argentine lambs: First quality, 361 b. and under, sd. (5Jd.); 37 to 421 b., 4Jd. (4 7-8 d.); second quality, average* about 281 b., 4 7-Bd. (none offering; 5 l-Bd.). Patagonian lambs: None offering. New Zealand frozen beef: Ox fores, 160 to 2201 b., 3d. (3d.); ox hinds, 160 to 2201 b., 3 5-Bd. (3|d.). Australian frozen beef: Ox crops, 1001 b. and under, 3 l-Bd. (3 5-8 d.); ox crops, over 1001 b., 3Jd. (3Jd.); ox hinds, 160 lb. and under, 3Ad. (3 5-8 d.); over 1601 b., 3 5-Bd. (3|d.). Argentine chilled beef: Ox fores, 160 to 2201 b., 3 7-Bd. (3Jd.); ox hinds, 160 to 2201 b., 5Jd. (5d.). New Zealand pigs: First quality, 60 to 801 b., 53d. (53d.); 81 to. 1001 b., 5Jd. (5 3-8 d.); 101 to 1201 b., 4 7-Bd. (5d.). Australian pigs: First quality, 60 to 1001 b., average about 801 b., 5 3-Bd. (5Jd.); 101 to 1201 b., 4 7-Bd. (5d.). Other quotations are unchanged. The above list shows the week’s approximate average prices based on actual transactions of wholesale quantities of the description of meat mentioned. The prices are for representative parcels of goods offering during the week. The list, being for business done on a basis of delivered to Smithfield market, and/or ex London stores, has been compiled by the price committee.

WOOL SALE AT WANGANUI

RANGE OF PRICES COMPARED. SOME IMPROVEMENTS SHOWN. By Telegraph.—Press Association. l Wanganui, February 18. The range of prices at the Wanganui wool sale was:— Corriedale—

NECESSITY OF SKIRTING CLIPS. LOW WOOL DRUG ON MARKET. Reporting on the Wanganui wool sale, the New Zealand Loan and Mercantile Agency Co., Ltd., says its offering was 4536 bales. There was a full and representative bench of buyers, but it was evident from the outset that limits for the low and inferior crossbreds had been reduced and bidding was lifeless, except when good quality, well-skirted lots were submitted. The offering On ’ the whole was unattractive, and can be described as suitable only for top-making. Competition for the better wools, if skirted and classed, was about on a par with rates ruling at Napier earlier in the week, but for low and inferior sorts containing seed and unskirted, competition was lifeless, and to effect sales very low prices had to be accepted; it was evident that these low wools are a drug on the market at the present time, and prices for this class can be quoted at a full half-penny lower. For bellies and pieces competition was up to late rates, but lambs’ wool, of which there was a fair offering, was decidedly easier. Bradford secured the major portion of the offering in fleece wool, with Germany picking up suitable lots, while the French representatives secured the bulk of the bellies and pieces and a fair proportion of the lambs wool. The sale on the whole was most disappointing and more than ever demonstrated the benefit of classing and skirting clips, and the Loan and Mercantile strongly recommends farmers to class and skirt their clips, especially now that skirtings are fetching such good prices compared with those for the fleece wool. The firm’s highest price in the sale was 9Jd., this being obtained for 12 bales Corriedale branded St. Andrews on account of Mr. Alexander Glasgow. For the same vendor three bales of Corriedale lambs realised 9Jd. For eight bales of necks branded Morikau 7-Jd. was obtained, for seven bales halfbred branded Waipuna on account of Mr. E. C. Peters 9|d., and for five bales Down lambs branded GH/Dell on account of the estate of the late George Hillas 91 d. Several lots of lambs wool made from 7|d. to Bjd. Following are some of the firm’s prices:—FL, Haa, 53d.; Mt. Zion, A Lbs, 6|d.; Waipuna, IBd A, 9Jd.; GWB/Moawhango, H, 74d., EA sid., A Lbs 7*d.; RTB/Moawhango Moawhango, H B ; }d.; RTB /Mo a whan go, ALbs,'Bd.; DSL, Haa Bf.d, Ha 6d„ A sjd.; WYNA, H Bsd., A 6Jd.; LE, Ea 43d., Lbs A 7£d.; KDY, Xbred 33d.; EHT/S, Xbred 3Jd.;KW/W, E 31d.; RL/M, Xbred sid.; PI, Xbred 33d.; WHS, A 5d.; Edenmore, EA 6d. GTP enclosed, Ha Bd.; Tullochgorum, Ha 6Jd., Ea s|d., Lbs B}d.; HW over diamond, E 3Jd.; BEST, E 3Jd.; F/WS, Xbred 4fd.; LK, Xbred 3Jd.; Morikau/OA, Haa 6Jd., Ha sfd., Aa 5Jd., A 4d., ALbs 7Jd.; inverted KB, Xbred 3d.; Tanui, E 3|d.; ATI/P, A 4Jd.; V/88/M, A 3Jd.; B&B/ NUKU, Xbred, 3d., Lbs 4|d.; AL/LEA, Ea 4id., A Lbs Bd.; GH/DELL, Down Bd.; HLP, Xbred 3Jd.; WJ/M, Ha 5d.; V/88/ M, A 3Ad.; OH, A sjd.; Tanupara, Ha 7Jd„ Wa 6id.» A Lbs 7d.; WJ/M, A 4Jd.; HPW, A 4fd.; Maratea/EH, Haa Bd., Ha sjd., Lbs 6|d.; RD/RAE, H 61d„ A 5d.; GH/DELL, Down Bjd,, A 4Jd., Down Lbs 9Ad.; MD/Taurimu, Ha 7d., Wa 43d., . A Lbs 73d.; Taurimu, Ea 4Jd.; Ohorea, A 43d.; GTP, Ha Gjd.; Triangle, Xbred, 3jd.; Santoft, Ha 63d.; CV, E 33d.;, FWI, A 6d.; St. Andrews, Corr. H 9Jd., Corr. AS 9Jd., Corr. Lbs 9Jd.; H in diamond, Down 83d., A 5d.; H Bros., A 5Jd.; JWH H Bros., Down 83d.; JWH, A 4Jd.; DD/Rawhiti, Aa 6Jd.; BC/O, Ea 3Jd.; Tiki, H 7|d., }Bd E Bd.; Tilbury, Xbred 3fd.; PAR, E 43d.; arious, Down 93d.; Ahuiti H, sfd. HOLDING-OVER NOT ADVANTAGE. EFFECT OF EXCHANGE RISE. Of 1400 bales offered at the Wanganui wool sale Dalgety and Co., Ltd. reports selling 900 at auction. A large proportion of the firm’s catalogue comprised wools held over from the previous season, and these opened unattractively, being generally stale and “off” in colour. At last Wellington sale prices for medium style crossbreds of 46 qualities and under showed a weakening tendency. At the Napier sale on Wednesday this weakening tendency was still noticeable, and it was anticipated that the demand for medium style crossbreds in Wanganui would be on about the same level as at the last two sales. Competition was not in any way animated, Continental buyers being generally uninterested. With this section of the trade out of the market it fell on Bradford to lift the majority of the crossbreds catalogued. English buyers’ limits were about id. per lb. lower in the grease than at -Wellington and it was disappointing to growers that the prices bid at auction showed such a low range. The quality and condition of the wools were disappointing, the main portion of the catalogues being made up of medium and inferior crossbreds of from 48 quality and under. 1 As is usual at Wanganui, most of the clips were brought forward in an unskirted state and were very mixed in quality. Bradford is practically the only centre that can buy such wools, and it was fortunate that this section of the trade was willing, even at the low prices, to-compete on. most of the lines brought forward. As compared with last Wanganui sale the firm quotes medium and inferior stale wools of 48 qualities and under 3d. to Id. cheaper, with all classes of skirtings par to 3d. cheaper. Any stylish wools offered were eagerly competed for, the Continent, Bradford and Japan being well in the market for these. Unfortunately the offering of the super wools was very limited and the average made at this sale will compare unfavourably with that made at the previous auctions at Wanganui. The demand for lambs’ wool was exceptionally keen, Australian, U.S.A, and Continental buyers bidding keenly against each other. There was also good competition from the French section for the better classes of bellies and pieces, and as compared with the previous Wanganui sale these can be quoted as par. There is no doubt that the supply of medium and low stale crossbreds is at the moment in excess of the demand, and it does not seem as if we can look for any appreciation in prices for these wools for many months to come. Unfortunately it is now known the London sales closed with a weakening tendency for crossbreds, and as the stocks in that centre are still being held it does not seem as if we can look for any rise in prices when the March sales open in Coleman Street. It will be a good thing for the trade in New Zealand generally when present stocks of old wools are disposed of, but unfortunately many growers who have persistently held in the hope of a rise in the market still appear to have an exaggerated idea of the value of their goods and . place prohibitive reserves. Passings at Friday's sale were heavy.

As there is now only one further sale to be held at Wanganui growers who have held wool now have to make up their minds to meet the market in April or ship to London. It will be unfortunate if there is a heavy carry-over of the old wools in the 1933-34 season, and it will be a good thing for the trade generally if these old stocks could be disposed of and the new season started with practically no carried-over wools. It is a disappointment that the 15 per cent, exchange has so far been of little benefit to the wool-grower, but it must be remembered that the market for crossbreds in England has receded from. 3d. to id. per lb., also that to-day’s prices are about on a par with January’s; if the 15 per cent, exchange had not been available the slide would have been considerably greater. It seems to be useless to suggest that held-over wools should be again carried forward as the wools are deteriorating by holding and becoming less attractive from month to month. Following are some of Dalgety and Co.’s best realisations: —B/WR, Ea 33d.; MC/H, Ea 4d.; JN/Toko, H 33d., 1 3d.; BRG, Fxb 33d.; Waiora, SD 73d.; Mangatipona/M, Lbs 6d.; Lismore, Unsh. Hgts. A 53d.; PCS, A 43d.; MJB W 3Jd.; AOTEA, E 33d.; RANGA, H 3d., Xb 23d.; A and P/M, H 3Jd., E 3|d.; CGF, H 43d., Lbs 4|d.; Triangle, Lbs 6|d.; JWB, H 33d.; HAUTU, Scd. E 53d., Scd Xb 43d.; RSB, H 33d., W 3d.; SB under Eyebrow, Ea 43d.; Allandale, Lbs 63d.; PH/O, H 43d.; WM/96, Ha 63d., Wa 43d., Ea 4d., Pcs A 33d.; B Diamond/B, H 5d., Lbs. 53d.; WLG, H 43d., W 3di, E 3d.; A-S, W 3d., E 23d„ JWH/O, Lbs 6d.; DCO/WN/2, Sd. 7d.; DCO/WN/11, Fxb 3jd.; DCO/ WN/12, Mxb 3d.; DCO/WN/10, bellies 2Jd.; KOMAI, Lbs 63d.; HB in circle, Xba 4jd.> / Lbs A 73d.; Ramahiku, fine ibd 53d.; Fxb 4Jd.; various, SD Bd., PL & CO, 3bd H 6Jd., Ha 5d.; DCO/WN/9, 3bd 5d.; various, Sup. SD Lbs 83d., 3bd 6d., Lbs. 43d., Nks and Pcs 5d., Lbs A 63d. COM. gnice,Sday|ur.. Mpcs SHAREMARKET TRANSACTIONS. NEW ZEALAND EXCHANGES. The Press Association reports the following business on New Zealand stock Exchanges on Saturday:— Auckland: Stock, 1938, 43 per cent., £96 (two parcels); stock, 1937, 53 per cent., September, £lOO 10s.; Bank of New Zealand, 435. 9d.; New Zealand Insurance, 445. 3d.; Colonial Sugar, £53 55.; Waihi, 21s. Bd. Christchurch: Bank of New Zealand, 435. 10d.; Goldsbrough, Mort, 225. Bd.; New Zealand Refrigerating (10s. paid), 3s. 7d.; New Zealand Breweries, 265. 10d.; Electrolytic Zinc (pref.), 28s. Sales reported: Westport Stockton Coal, 63 per cent., 1933, £5O. Dunedin: Paddy’s Point, 6s. and 6s. Id. Reported sales: Gillespie’s Beach, Is. 63d. PRICE OF GOLD SHOWS RISE. By Telegraph—Press Assn.—Copyright. London, February 18. The price of gold yesterday was £6 os. 93d. an ounce, compared with £5 19s. 9d. on February 16. The nominal price to-day is £6 os. sd. an ounce. STRATFORD POULTRY SALE. A total clearance of 270 head of poultry was effected at Newton King, Ltd.’s mart sale on Saturday afternoon. A special line of 100 purebred White Leghorn pullets offered on behalf of Mr. W. McAloon realised an average price of 6s. each. The range of prices was: Purebred White Leghorn pullets ss. 3d. to 95., young cockerels 7d. to Is. 4d., hens 6d. to Is. Id., ducklings 9d. and Is. Id., ducks Is. 7d., laying pullets 2s. to 3s.

. Feb. Jan. d. d. d. d. . Average ■ .. H to 91 8J to 91 Fine half bred, 58, 56-58, 56- . Super lOf to 11 None Average .. 81 to 101 71 to 91 Inferior .. 6 to 7j None Medium halfbred, 50/56, 50—’ Super .. to 10J None Average 7 to 81 7 to 8i Inferior .. 5 to 61 None Extra fine crossbred, 48/50— Average .< . 5| to 7 6 to 71 Inferior .. 41 to 5 41 to 51 Fine crossbred, 46/48— Average 4f to 6 41 to 51 Inferior 3 to 41 3 to 3i Medium crossbred , 44/46Average 31 to 41 31 to 41 Inferior 3 21 to 31

Coarse crossbred, 40/44--31 2} 21 to 34 25 Average Inferior 2J to 15 to 2 to Hoggets— Fine, 46/48 6 to 7 5 to 7 Medium, 44/46 4 to 44 41 to 64 Lambs— Down, 50/56 .... 7 to 95 7 to 8 Fine, 44/50 6 to 8 6 to 8 Seedy and inferior— All grades 15 to 45 2 to 44 Bellies and pieces— X-b’d. g’d to sup. 3 to 4 24 to Low to medium .. li to 3 2 to 3 Crutchings— Medium to good . 21 to 24 to 31 Inferior and seedy 4 to 21 14 to 21 Locks— Crossbred 1 to 15 11 to 14