FINANCE AND COMMERCE

Taranaki Daily News, 11 March 1933, Page 10

FINANCE AND COMMERCE

TARANAKI STOCK MARKET FATS STILL VERY PLENTIFUL. WEANERS AND HEIFERS SOLD. The New Zealand Loan and Mercantile Agency Co. reports:— . Fat sheep values remain on a par with last week. Fat ewes are selling at from 7s 6d to Bs, fat wethers to Ils, fat lambs to 12s 6d. Ewe supplies are very plentiful; lamb supplies are being gradually mopped up and wethers are scarce. Very little business is being done in fat cattle. Supplies are fairly plentiful, but butchers are buying only very sparingly. The works are still operating on their old schedule. There is a small demand for store cows, but practically none for bullocks. Good forward-conditioned cows coming to the yards meet with fair competition. Still a. good demand exists for good breeding ewes, and the price has not slackened a great deal. Young ewes are also meeting with spirited competition as well as ewe lambs. There is still plenty of demand for good store lambs. Evidently many dairy farmers have not yet secured their requirements. Values remain at about the same as last week. A considerable number of weaner heifers have been sold lately, mostly to local buyers. Very few as yet have been sent out of the province. A considerable number of dairy heifers. have been sold, so far mostly to local buyers. At Mr. R. McLean’s sale on Thursday there was practically no bidding from local fanners, and what cattle there were sold are going out of the district to as far north as the Bay of Plenty. Best heifers made from £5 to £5.175. Pigs are still selling very well,’ all classes being keenly bid for. Prices at our various sales have been:— Kakaramea sale: Store lambs to 8s 7d, bulls £2 to £4, forward cows to £2 ss, store cows £1 to 30s. Mr. R. McLean’s sale: Good quality 2year Jersey heifers from £5 to £5 17s. marked heifers to £5.165. Private sales include the following: Weaner heifers £2 to £2 15s, in-calf heifers £5 10s to £5 15s, guaranteed sound dairy cows to £5, fat lambs Ils 6d to 12s 3d, fat wethers to 11s, 4-year’ ewes to 10s, fattening ewes to 4s 9d. WEEK OF MEDIUM BUSINESS INQUIRY FOR IN-CALF HEIFERS. CATTLE DOMINATE THE MARKET. The Farmers’ Co-operative Organisation Society reports a week of medium business. The demand for breeding ewes locally is now satisfied, sales being confined to odd lots. The conditions everywhere are wonderful for this time of the year and have had an- effect on the number of store cows going through the yards for sale. Most farmers are holding surplus stock with a view to controlling their pastures. Little improvement can be expected till internationally affairs become more settled and’ mutual understanding takes place between nations. Business has been practically confined to sales of cattle. Af keen demand exists for station cattle suitable for ready fattening and sales have been made of good p.a. cows at up to £2 15s. Good weaner heifers command attention, but most dairymen have increased their idea of values, and business is slightly harder to transact. Good cattle are making from £2 10s to £3, but the demand is mostly for cattle at up to £2 55.. Odd lines have been sold at these figures.. Inquiry is setting in for the in-calf heifer, most vendors asking from £5 to £6 on a forward delivery basis. Fat stock requirements are confined to butchers’ wants. We report the sale of trucks of fat heifers and £4 12s 6d and trucks of fat cows from £4 5s to £4 7s 6d. At Opunake on Monday a large yarding of store cattle, together with a small yarding of sheep and Jigs, was submitted for auction. A total, clearance was effected. Fat ewes realised 6s, fat cows £2 7s, £3 10s to £3 12s 6d, steers £1 7s 6d, store cows £1 5s to £1 18s, store bulls £2 12s to £3 Is, weaner pigs 7s 6d, stores 10s. At Manaia on Tuesday a fair yarding of store cows and bulls came forward for auction. B.F. lambs realised 6s sd, fat ewes 7s 6d, fat cows £2 8s to £2 Ils, store cows and bulls late rates. Weaner heifers realised £2 2s to £2 6s, weaner pigs 5s 6d to 8s 6d, and stores 10s to 15s 6d. At Eltham on Wednesday a fair yarding came forward and met’ with a ready sale. -Good wether lambs made 8s Bd, small culls 4s 6d to ss, P.A. bullocks £2 2s to £4 2s, store cows and bulls late rates, weaner pigs Bs, stores 9s to 13s. There was a good yarding of all classes of stock at. the Hawera sale. The specially advertised entry of two-year Jersey heifers was a particularly good line, and although practically the V/xuie offering was sold at auction, prices were somewhat disappointing, the top price for a very nice lot of two-year heifers show-

ing visibly in calf being £5 17s. The sheep offering consisted mainly, of lambs, which met a ready market, prices being well maintained. Not many store cattle were - yarded, and the weaner heifers were rather overshadowed by the in-calf heifers, most of the buyers being more interested in the dairy sale. A small entry of pigs met a market on a par with last week’s.

Following are some of the prices: Twoyear Jersey heifers, good quality and well-grown, £5 8s to £5 17s; a pen of marked two-year heifers with butterfat backing, £5 16s; other Jersey heifers, 4 10s to £5 Is; Jersey weaner heifers (medium), £2 to £2 7s; hold-over weaners, 10s to 265. Good P.A. prime cows £4 ss; other ditto, £2 6s to £3 8s; store cows, 26s to £2; bulls, £2 to £4. Fat ewes, 6s 3d to 7s Id; fat wethers, 12s; fat lambs, 10s 9d; store lambs (good forward) b.f. 9s to 9s lOd; medium wether lambs, 7s to 7s 8d; ewe lambs (good medium) 9s 9d; mixed-sex lambs, 5s to 7s 6d; weaner pigs, 4s 6d to Bs.' UNCERTAINTY OF OUTLOOK CLIMATE ASSISTS DEMAND. GOOD SUPPLY OF BEEF. Newton King Ltd’s stock market report for the week states:— The strained nature of the' economic position throughout the world is being further exemplified from day to day, and the bearing this cloud of uncertainty has on the activities in the stock market is prevalent throughout the district. Seasonal conditions have been such that a good demand exists for most classes of stock, but the consensus of opinion is that existing values are too high and the caution occasioned thereby depletes the market of' speculation. Dairy cattle generally receive the middleman’s competition at this period, but little support is in evidence from this quarter as yet. The want of courage in the purchasing of this class is undoubtedly occasioned by the uncertainty of the dairy produce markets, and unless some early improvement takes place much lower values than those anticipated will be the order for forward delivery business with heifers. Fortunately export buyers ■ are operating freely in all branches that interest them. Beef of all classes is coming in for much stronger support from this quarter, and although comparatively low values are the order for second-grade, most holders favour clearing their supplies with the hope that re-stocking at existing values will enable them to recoup some of the losses they sustain. Buyers for local consumption show little faith in either the beef or mutton sections, and their purchasing is restricted to immediate requirements. Beef is in good supply, but with the’ choice that is offering only those holders who quote in the vicinity of the works schedule are able to sell with any readiness. Female cattle continue to meet best favour, best cows and heifers being worth to £4 10s, lighter prime £4 and fats from dairy herds £2 10s to £3 10s.

Supplies of mutton do not seem to be over-plentiful and holders are inclined to quote with some irregularity. Buyers’ ideas are in the vicinity of from 6s 6d to 7s 6d for ewes and from 12s 6d to 14s 6s for wethers, but most quotations are above these figures, making changing difficult to complete. The abundance of feed has occasioned a good demand for well-bred store cattle, and heifers and young cows suitable for early fattening meet strong competition. Male cattle, preferably are also inquired for but at restricted limits. Quotations of cattle of this age are limited and some difficulty in satisfying the inquiry is experienced. A steady volume of business continues in the weaner heifer section and values at auction show a hardening tendency. Most of the changing in this section is, however, completed through treaty, sales to northern buyers during the week include a line of extra good cattle at £2 12s Gd, but from £2 5s to £2 10s is the general order. Hold-over and inferiorbred meet little respect and from 15s to 30s is the general run of realisations, the latter figure being for cattle showing quality. Business with in-calf heifers is slow, and traders who generally purchase on wholesale line for May and June delivery favour the “wait and see’’ policy before making any commitments. From a numerical viewpoint quotations surpass last season’s figures, and from £5 to £5 5s is the order where forward delivery sales are favoured. Quotations of the best cattle range from £5 10s to £6 according to selection, but as yet few sales can be reported. A steady volume of business continues in the store sheep section, but the majority of changing is done through the saleyards, and. an easing of values is noticeable for most classes. Realisations for store and cull lambs have not, however, suffered to any marked degree, and when lambs are offered in small lots to’ suit dairy farmers’ requirements keen bidding is the order, and realisations are above those that can be expected when a comparison is made with the values ruling for the better classes. With the majority of ewe requirements having been fulfilled the demand for this class has eased, and values compared with those at the opening fairs have receded from Is 6d to 2s 6d per head. The Inglewood sale on Wednesday last drew an entry of 2000 sheep, the major portion of which consisted 'of lambs. These met keen competition to a point, the smaller classes selling at values equal to late rates, but an easing in prices was noticeable for the better lambs. A small entry of ewes met a fair sale but values showed an easing tendency. Fat and forward lambs made 10s 4d, rape lambs 9s Id, good mixed-sex white-faced woolly lambs 8s 3d .to 8s 10d, smaller 7s 6d, small woolly white-faced ewe lambs 7s 4d to 7s 6d, small woolly wether lambs 6s lOd to 7s, culls 5s lOd to 6s 7d, 2-tooth ewes 13s, 4 and 5-year ewes 8s 6d to 8s 9d, sound-mouth ewes 7s 2d to 7s lOd, full and failing-mouth ewes 4s to 5s lOd, 4 and 6-tooth ewes 11s 6d. This fixture drew one of the largest entries of store cattle that has been yarded at Inglewood for some time. Included in the entry were 200 store and forward bullocks. Keen interest was displayed in the disposal of these, buyers being in attendance from most parts of the district. Some degree of caution was noticeable in their bidding, however, and although passings were frequent the total entry changed hands at the conclusion of the sale. Forward-conditioned well-bred 34year Shorthorn bullocks made £4 10s, forward conditioned mixed coloured grown bullocks £4 Is, store and forward cattle £3 10s to £3 17s 6d. Jersey sorts £2 10s to £3 3s according to condition. A good entry of reject cows from dairy herds was also submitted, young prime fat cows making from £3 18s to £4 Bs, lighter sorts £2 16s to £3 4s, killable cattle £1 15s to £2, meaty sorts £1 8s to £1 11s, boners £1 to £1 7s 6d, holdover Jersey heifers 12s to 225, mediumsize cross-bred cattle £1 to £1 6s.

On Tuesday an improved yarding on the last Stratford sale was disposed of at current rates. Fat lambs made (prime) 13s 7d, wether lambs 6s 6d, 9s, m.s. lambs 7s lOd, 8s 6d, ewe lambs Bs, fat ewes 4s, 4s lOd, f.f.m. ewes 8s 6d, 4 and 5-year ewes 7s 3d, 4-tooth S.D. rams £2 2s, Romney rams ss, works cows £1 Is, £1 ss, paddock cows £2 15s, £3 4s, fat cows £2 10s, empty heifers £2 Is 6d, £3 14s, weaner heifers £1 7s, £1 15s. The Urenui sale on Monday drew an pntry of 1200 sheep together with a moderate yarding of cattle. Values in tire sheep section showed an easing tendency but a total clearance under the hammer

was effected. Six-tooth ewes in the wool made 8s 9d, inferior 3 and 4-year ewes 8s 2d, medium 5-year ewes Bs, goodframed sound-mouth ewes 8s . 3d, f u ““ mouth ewes 4s 9d to 6s, 2d, small woolly lambs 5s lOd, small woolly ewe lambs 6s 4d, good wether lambs 7s 8d to 7s lOd, culls 5s to 6s 4d, fat cows from dairy herds £2 6s to £2 18s, meaty cattle £1 15s, boners 20s to 28s Bd, good quality weaner Jersey heifers £2 3s, hold-over heifers 14s 6d. For the most part the yardings of pigs consist of weaners and the demand for this class shows an easing tendency. Good slips and large stores are, however, meeting with a spirited sale. .The New Plymouth haymarket sale on Friday drew a capacity yarding, the greater percentage being weaners. The demand was quite good at the outset but the supply exceeded requirements and late entries were difficult to quit at vendors ideas of values. Porkers made 265, unfinished 22s to 23s 6d, large stores £1 Is, slips 14s 6d to 17s, choice weaners 10s to 11s 6d, medium 8s to 9s, small and inferior 5s to 6s 6d. BANK OF ENGLAND RETURNS RISE IN RESERVE PROPORTION. DECREASE IN PUBLIC DEPOSITS. By Telegraph—Press Assn.—Copyright. Rec. 5.5 p.m. London, March 9. The Bank of England return for the week ended March 8 is as follows: — ISSUE DEPARTMENT. Notes issued—

- SHORT LOANS AND BILLS. The Bank of England rate of discount was reduced to 2 per cent, as from June 30, 1932. It was lowered to 5 per cent, on February 18, to 4 per cent, on March 10, to per cent, on March 17, to 3 per cent, on April 21, and to 2J per cent on March 12. The rate previously in force was 6 per cent., to which it was increased from 4J per cent, on September 21, 1931. The previous increase was from 3£ per cent, to 4j per cent, on July 30, 1931. Short loans are quoted at 2 P«r cent., the same as last week- The market rate of discount for best three months’ bills is 11-16 per cent., compared with 23-32 per cent, last week. BRADFORD TOPS MARKET. COMPARISONS IN PRICES. London, March 9. The Bradford tops market is quiet. Fine sorts are firm. Folio-wing are recent

CONSOLS AND COLONIAL STOCKS. MARKET FAIRLY STEADY. t. Rec. 5.5 p.m. London, March 9. 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:—

■ RATES ON FOREIGN EXCHANGES. STERLING GENERALLY FIRMER. British Official Wireless. Rec. 5.5 p.m. Rugby, March 9. The following rates on foreign exchanges were current to-day, compared with those ruling yesterday;—

* Nominal. SHAREMARKET TRANSACTIONS. NEW ZEALAND EXCHANGES. The Press Association reports the following transactions on New Zealand stock exchanges yesterday:— Auckland: Bonds, 1939, 4J per cent., £96 15s; Bank of New Zealand, 43s 6d; South British Insurance, 61s 3d; Goldsborough Mort, 22s 6d; Auckland Gas, 20s ( Jd; Devonport Ferry, 18s 6d; Kauri Timber, 10s 6d; Tooth’s Brewery, 33s 9d; Kemp (home Prosser, 60s 9d; Waihi; 20s Gd (two parcels); Waihi Junction, 3s 6d. Christchurch: New Zealand Government 4J per cent, bonds, 1942, £96 ss; New Zealand Government 5$ per cent, inscribed stock, September, 1937, £9B 15s; Bank of New Zealand, 43s 9d; New Zealand Insurance, 46s 9d; Christchurch Gas (10s paid), 12s, 12s Id; New Zealand Breweries, 27s 7d, 27s 5d (three parcels), 27s 6d; Freshford, Is 5d (2); Nokomai, 6s 2d; Waitahu, 4s ,3d. Sales reported: New Zealand Government 4| per cent, inscribed stock, 1938, £96 17s 6d; Mount Lyell, 19s 4d (2); Wilson’s Cement, 30s. LONDON QUOTATIONS. By Telegraph—Press Assn.—Copyright. Rec. 5.5 p.m. London, March .9 P. and 0. deferred stock is 15s. 9d. and Mount Lyell 15s. AUSTRALIAN STOCK MARKET. PRICES REMAIN STEADY. Rec. 9.15 p.m. Sydney, March 19. There was a moderate turnover on the stock exchange to-day, most attention being devoted to the gilt-edged group. The market was fairly steady. Sales were: Bank of New South Wales, £3O; Commercial Bank of Sydney, £l5 10s; National Bank (£5 paid), £5 16s; Colonial Sugar, £55 7s 6d; British Tobacco, 33s 6d; Tooth’s Brewery, 34s 104 d; Toohey’s, 20s 6d; Australian Glass, 44s 9d; Carlton Brewery, 375; .Fairymead Sugar, 265; Electrolytic Zinc (pref.), 28s 9d; broken Hill Proprietary, 28s 6d; North Broken Hill, 66s 3d; South Broken Hill, 40s 6d; Mount Lyell, 19s 9d. Sales on the Melbourne Stock Exchange were: Goldsbrough Mort, 23s 6d; Herald, 57s 9d; Myers, 27s 3d; Commercial Bank of Australia, 14s 9d. EGG PRICES FOR WEEK. QUOTATIONS AT NEW PLYMOUTH Prices for eggs ruling at New” Plymouth this week were:—First grade, hen eggs, Is 3d to Is 4d; second grade, Is Id to Is 2d; mixed, lid to Is 2|d; duck eggs, 11 id to Is 2d; pullets, lid to Is Id. MOTUROA OIL BORING. < Moturoa Oil Fields Ltd. report for the week that No. 3 well was deepened to 2158 feet. The bore struck a strong flow of inflammable gas at 2156 feet, filling the hole with fludge. The drillers are cleaning out the bore arfd preparing to swab for a production test. At No. 2 well the staff culled the tubing and was cleaning out the screens..

In circulation £353,327,323 In banking department .... £71,626,575 £434,954,080 Government debt £11,015,100 Other Government securities £248,108,542 Other securities £12,157,925 *£275,000,000 Gold coin and bullion £159,954,080 £434,954,080 ♦ Amount of fiduciary issue. BANKING DEPARTMENT. Capital £14,553,000 Rest £3,679,933 Deposits— Public £14,984,436 Bankers £112,577,469 Other accounts £34,525,448 Seven day bills, etc. .. £2,744 £180,323,030 Government securities £78,705,258 Discounts & advances £11,761,156 Other securities....... £17,482,859 Notes ..... £71,626,757 Gold & silver coin £747,000 £180,323,030 The principal items of the above return compare as follow with those of last week, the proportion of reserve to liabilities being shown in the Iasi line:— Deposits March 1 March 8 Public £26,440,988 £14,984,436 Bankers £104,474,124 ' £112,577,469 Other accounts £34,542,164 £34,525,448 Totals £165,457,276 £162,087,353 Securities— 7 Government .. £86,523,258 £78,705,258 Disc’ts, adv’ces £11,964,868 £11,761,156 Other securities £18,543,081 £17,482,859 Reseiwe ....... £66,682,678 £72,373,757 Note circulation £359,284,058 £363,327,323 Gold coin, bullion 150,227,934 £159,954,080 Proportion .. 40.30 44.66p.c.

prices for comparison:—' Mar. 2 Per lb d. Mar. 9 Per lb d. Feb. 16 Per lb 1 d. Feb. 23 ’er lb d. Seventies ..... 23J 23 23 23 Sixty-fours tt,,, 22 21i 211 22 Sixties .... 21 21 21 21 Fifty-sixes ..... 18 18 18 18 Fifties .... 12 12 12 12 Forty-sixes a a a a 9 9 9 84 Forties ... o a 'a e a 81 84 8

Price Variation £ s. d. s. d. Consols, 2J .. 73 2 6 5 0* Funding Loan, 4, 1960-90 110 17 6 12 6 Assented War Loan, 3J 99 5 0 3 9 Conversion Loan, 3i ... 98 5 0 5 0 Victory Bonds, 4 108 0 0 5 0. Com’wealth, 5, 1945-75 106 7 6 Same. Com’wealth, 6, 1931-41 . 101 12 6 Same. Com’wealth, 34, 1936-37 . 101 16 3 Same. Victorian, 3, 1939-49 .... 88 5 0 5 0 Victorian, 54, 1930-40 ... 94 15 0 2 6 Victorian, 3£, 1929-49 ... 102 0 0 5 0 Victorian, 5, 1932-42 101 2 6 Same. Victorian, 4f, 1940-60 ... 103 2 6 12 6 N.S.W., 4, 1923 101 7 6 Same. N.S.W., 3, 1935 ........ 99 0 0 2 6* N.S.W., 34, 1930-50 .... 93 15 0 5 0* N.S.W., 6J, 1930-40 .... 101 15 0 10 6* N.S.W., 6, 1930-40 103 16 3 13 9 Queensland, 5, 1940-60 .. 103 15 0 15 0 Queensland, 3, 1922-47 . 88 1 3 6 Queensland, 6, 1930-40 . 102 0 0 2 6 New Zealand, 44, 1948-58 107 6 3 1 3 New Zealand, 3>], 1940 . 99 17 6 2 6* Hfew Zealand, 3, 1945 .. 91 12 6 10 0* New Zealand, 6, 1936-51 . 107 3 9 3 9 S. Australia, 3J, 1939 .. 100 15 0 Same. S. Aust. 3, 1916 or after 76 17 6 5 0 S. Aust., 64, 1930-40 .... 102 5 0 5 0 Tasmania, 34, 1929-40 .. 99 10 0 7 6* Tasmania, 3, 1920-40 ... 94 0 0 Same. Tasmania, 64, 1930-40 . 102 0 0 Same. W. Aust., 34, 1929-35 ... 100 15 0 5 0* W. Aust., 3, 1915-35 .... 100 0 0 7 6* W. Aust., 6, 1930-40 .... 102 0 0 12 6*

Mar. 9 Mar. 8 Par. New York, dol. . —— 4.866 Montreal, dol. . 4.11 4.13 4.866 Paris, fr. ...... 88 9-16 87 13-16 124.21 Brussels, belga . 24.904 24.701 35.00 Geneva, fr 18.054 17.884 25.225 Amsterdam, fl. . 8.684 8.59 12.107 Milan, lire 68 9-16 67 13-16 93.45 Berlin, marks .. 14.70 1419-32 20.43 Stockholm, kr. 18 29-32 18 29-32 18.159 Copenhagen, kr. 22 7-16 22 7-16 18.159 Oslo, kr. 194 194 18.159 Vienna, sch 301* 30J* 34.485 Prague, kr. .... 117j 1163 164.25 Helsingfors mks. 227 227 193.23 Madrid, pes 417-16 411 25.225 Lisbon, escu. .. 110 110 110 Athens, drach. . 605 605 375 Belgrade, din. .. 250 250 276.31 Bucharest, lei. . 585 580 813.60 Warsaw, zloty . 30.87 —- 43.38 Rio de Jan., mil —• ♦ 5.899d B. Aires, peso 404 404 47.619 Montevideo, pes. — ♦ 51d Bombay, rupee 18 18 18d Shanghai, tael .. 21 20f —d Hong Kong, dol. 161-16 ,16 —d Yokohama, yen 15 145 ■ 24.58d Batavia, fl. .... 8.64 — 12.107