FINANCE AND COMMERCE

Taranaki Daily News, 2 September 1933, Page 11

FINANCE AND COMMERCE

IMPROVEMENT MAINTAINED WELCOME • SPRING WEATHER. EFFECT OF OVERSEAS RISE. Newton King Limited’s stock market report for the week states: The transformation of the district from a pastoral viewpoint is little less than that which could be expected as a result of the favourable seasonal conditions that have prevailed over some weeks. Pastures where manuring has been freely done have come away to a marked degree and an early flush of feed seems assured. Earlier ’indications of a recovery of trade in the livestock market are being fully maintained, and the. confidence that has been displayed in some branches surpasses expectations especially with regard to the store sheep section where keenness to buy has resulted in a further’ advance in prices. The, results of recent wool sales, where an appreciation of values of upwards of 50 per cent, has been recorded, endorse the renewed faith that is being shown in this department, while the buoyancy of the overseas market for both lamb and ton lends colour to the prospects of the new freezing season s schedule. Unfortunately there is no improvement in the beef market; in fact values at all centres where established fatstock markets are held show an easing tendency. Little alteration, however, can be expressed in local values, where the majority of changing is effected through private treaty. Prime y° cows and heifers are worth to £5 ss, lighter prime £4 10s to £5, fats from dairy herds £3 10s to £4 and plain and unfinished £2 10s to £3 ss. • With such low values ruling in the beef section it would seem logic to conclude that values in the store cattle section would be correspondingly low, but for some unaccountable reason this is not the case. The demand for al) classes of stores for some weeks has been greater than at this period for some years, and where entries of station cattle of any consequence are submitted it is surprising to see the interest that is shown by from all quarters. As a consequence prices are but of proportion to those ruling for fats. Inquiry through private treaty is strong, but lack of quotations means little business of conaa ’ quence being entertained. A line of 160 grown bullocks, including a number of mixed-coloured sorts, was sold at an average of £3 15s per head, and 40 incalf Polled Angus cows at £3 15s per head. Entries at the fortnightly sales m this department consist of little other than oddments, young paddock cows being perhaps the most' popular, and prices for these range from.fl 15s to £2 10s according to condition. Sound empty cows also meet reasonably good favour and sell at from £1 10s to £2 5s according to quality. Only moderate entries of yearling Jersey heifers are being submitted and the quality is somewhat . disappointing. There are, however, good numbers being held, holders awaiting the peak before selling. At the moment indications point to values improving, especially for good cattle. Hold-over heifers are also meeting a better demand, and prices for these have hardened a little. Top-qual-ity all fawns make £3 10s to £3 15s, average to good cattle £2 15s to £3 ss, smaller cattle of quality £2 7s 6d to £2 12s 6d, inferior £1 15s to £2, good quality all fawn hold-over heifers £1 17s 6d to £2 2s 6d, average cattle £1 10s. to £1 15s, light-conditioned and inferior 15s to 255. Values in the fat sheep section show a slight easing. Supplies are, however, not over-plentiful but seem adequate to meet the local, demand. Wethers are being, quoted at up to 225, while, ewes sell at from 16s to 18s. A good demand is in evidence for.all classes of store. sheep, but few lines of any account are offering and the oddments that are available meet a ready sale at advanced rates. Sales during the week of 4 and 5-year ewes with lambs at foot have been recorded at up to 225, with younger sheep to 24s 3d, good ewe hoggets to 19s and average sheep 17s. These figures are from Is to 2s up on last week’s figures. Heavy yardings of dairy cattle continue to be submitted at all the sale centres, but some inconsistency of values is noticeable. Only good-quality cattle of size at profit retain their ground with any consistency, later calvers and inferior cattle being for the most part dull of sale. A better demand is generally noticeable at this period, and unless this season is to be the exception to the rule some appreciation in values should be near at hand. A pleasing feature of latest cables' concerning the overseas markets for both butter and cheese is that both markets are firm, butter haying advanced some 2s all round, while the cheese market has held its ground. Heifers constitute the bulk of the sale entries in this department, the cows offering being for the most part inferior and old cattle, which meet little respect. Top quality heifers sell readily at from £6 5s to £7, average cattle £5 5s to £5 15s,‘ small of good quality £4 10s to £5 and late calvers and inferior £3 5s to £4 Ce - - <■ . i._ij -a

A successful sale was held at Douglas on Monday, when an average yarding in all departments was submitted. A total clearance under spirited competition was effected. Two-tooth ewes with ,100 per cent, of lambs at foot made 24s 3d, sound empty cows £2 to £2l 3s, fat Poled Angus cows £4 14s, fat light hellers £5 7s 6d to £5 12s 6d, medium cattle £4 10s to £5 2s 6d, good quality young dairy cows £7 10s, medium £3 10s to £4, poor £2 5s to £3 10s. The Stony River sale on Tuesday drew an average yarding in all departments, a total clearance being made. Fat Polled Angus cows and heifers (average weights) made £4, fat Jersey cows £3 10s, fat Jersey heifers £2 16s, good quality hold-over Jersey heifers £1 18s to £2, average sorts £1 14s, works cows 13s to 235, sound empty cows £25 to 325. The entry of dairy cattle included a fannumber of average to good quality cattle These met with spirited competition bu. little demand was in evidence for othei classes. Average to good heifers made from £5 15s to £6 I°S, good quality cattle a little small £4 las to £j 2s 6d, inferior and late calvers £2 10s to £3 17s

The Waiwakaiho sale on Thursday drew a good entry of all classes of dairj cattle, which was supplemented by an average yarding in the store cattle pens. There was a keen demand for g° oa quality dairy heifers at profit, while dairy cows due early also met with a good demand and practically a totaJ clearance in this department was made. Average to good quality heifers made from £6 5s to £6 15s, medium sorts £5 5s to £5 12s 6d, small cattle of good quality £4 15s to £5 17s 6d, inferior and late calvers £3 5s to £3 7 s 6d, average quality dairy cows due September £5 10s to £6 10s, inferior and late calvers 10s to £4, yearling Jersey heifers (average quality) £2 15s 6d, smaller cattle £2 to £2 6s, good quality all fawn holdover heifers £2 to £2 3s, others £1 10s, good quality sound empty cows £2 15 s, average cattle £2 12s 6d to £2 16s, paddock cows £1 17s to £2 12s, wor&u cows 15s to 255. fat hoggets 16s 9d, fat ewes 16s 6d, light fat wethers 19s ud. The Hawera sale on Thursday drew a good yarding in all classes. Store sheep were in good demand, a line of 130 ewe hoggets with one earmark seeing, under spirited competition at 19s.

Another line of seventy realised 17s Id. Fat hoggets made 15s to 18s, fat ewes 15s to 17s, fat cows (dairy sorts) £3 10s, £3 15s to £4 10s, 2-year empty Shorthorn heifers (poor) £2 4s, sound empty cows £1 10s to £2, average quality yearling Jersey heifers £2 15s to £2 17s, small cattle £2 ,3s to £2 7s, hold-over and inferior 24s to 275. A good entry of dairy cattle was yarded, and except for cattle showing quality, at profit, little demand was in evidence. Choice springing heifers made to £7 15s, good cattle £5 10s to £6, medium £4 10s to £5, inferior and late calvers £2 10s to £3 10s. The dairy cows were an inferior lot and sold at from £3 to £4.

Generally values for all classes of pigs are ■ firm, and it is only where extra large yardings are submitted that any receding in values is noticeable Large stores seem to be the most popular, and irrespective of the numbers of this class that are yarded realisations at all sales are firm. The New Plymouth Haymarket sale yesterday drew one of the largest yardings of all classes that has been submitted in this centre for some weeks, the supply exceeding the demand, and as a consequence prices showed some depreciation on last week’s rates. Practically a total clearance was, however,, effected. Light porkers made from 26s to 27s 6d, unfinished" 255, large stores in good condition 20s to 21s 6d. slips 16s to 18s, best weaners 13s 6d to 15s 6d, small Ils 6d to 12s 6d. SHEEP VALUES HARDEN EFFECT OF WOOL ADVANCE. BUYERS OF BEEF HESITANT. The New Zealand Loan and Mercantile Agency Company reports:— Fat sheep prices remain much on a par with last week’s rates, with a hardening tendency consequent upon advices received from London regarding the market there. Fat hoggets have been sold during the week at up to 20s and fat wethers at 23s 6d to 245. Fat ewes remain at last week's quotations. Regarding fat cattle a little uncertainty is evident as to future developments, but it is considered that Taranaki holders at least are assured of fair prices, as any fattening feed cannot be looked for for some time yet. Adjacent districts are nearly depleted of supplies, and this fact should help Taranaki fatrtdiei's* Consequent upon % the recent rise in wool values sheep are hardening every day, and very few lines are now quoted. Ewe hoggets are eagerly sought after but are hard to obtain, and ewes and lambs are also firm. A shoi-tage of young sheep is very evident. For store cattle a poor demand applies as the position in the beef market is very obscure. The only store cattle that are selling are for fem crushing and cleaning up. For weaner heifers the demand has slackened somewhat, but good cattle are wanted, buyers are prepared to pay good prices. Conditions in the Waikato go to Show that the price for weaners there is considerably below Taranaki prices,, so very little business is passing between the two districts on that account. Feed conditions are rapidly improving in Taranaki and a brigher demand is looked for shortly. ' Private buying of in-calf heifers has practically ceased and attention is being paid mostly to yard sales. Very few really first-class hheifers are coming forward to the yards; anything that is good is realising good money. On Wednesday a sale of 3-year heifers was held on account of Mr D. Graham, Awatuna, Bidding was good for close-up heifers, and most of the entry were sold. Best springers made from £6 10s to £7 10s, medium sorts £6 to £6 10s, calved heifers made £6 to £7 10s, two or three very choice Holstein calved heifers up to £8 15s.

Very few really good dairy cows are being yarded, the offerings being mostly hold-over guaranteed sound animals. The demand for these is fair, but it will improve as feed improves. A very heavy yarding of pigs at Hawera caused a drop in prices all round. Good weaners sold up to 15s 6d and large stores to 255. The demand for horses has slackened considerably, as most farmers have filled their requirements. Private sales during the week have been: Fat hoggets to 20s, fat wethers 23s 6d to 245, dairy bulls to £7. Prices at our various sales have Douglas: Ewe hoggets 15s 4d, 18s 2d, 18s 3d, wether hoggets to 13s, good conditioned steers to £4 15s, springing heifers £4 10s to £5 7s 6d, dairy cows £3 10s to £4 10s for backward sorts. Eltham: Springing heifers £5 10s to £6 10s, calved heifers £4 15s to £6 7s 6d, calved cows to £5. Hawera: Weaner pigs 14s 6d to 15s 6d, large stores to 255, small backward weaners to 10s, small hoggets to 9s 2d, fat ewes 22s 6d, forward ewes to 13s 6d, yearling heifers £2 to £2 9s, cows and calves to 34s 6d, springing heifers £4 to £7 10s for tops, calved heifers £4 10s to £6 10s, dairy cows £5 to £7. WEEK’S STEADY TRADING STORE CATTLE IN KEEN DEMAND. WEEK OF STEADY TRADING. Another steady week of trading is reported by the Farmers’ Co-operative Organisation Society Limited. Exceptionally mild weather has prevailed during the week and pastures everywhere have shown growth. With the prospect of an early spring, a keen demand has set in for all classes of store cattle. The feaof the week has been the sharp rise in wool values at the recent Sydney sales, which was also reflected in the Dunedin sales held in the middle of the week, values rising from 25 to 50 per cent. Frozen lamb values took an even greater jump this week, rising as high as 7|d a lb. With the more optimistic outlook for both wool and lamb, a keen demand exists for all classes of sheep and values have hardened in sympathy. Both butter and cheese markets receded slightly in the early part of the week, but butter has improved to 92s a cwt., with activity reported. Although local supplies are limited, all classes of fat sheep, with the exception of hoggets, have shown a slight easing tendency in sympathy with values ruling at other centres. Sales of fat ewes in truck lots have been effected from 15s 6d to 18s according to condition and quality. Values of fat wethers are on a par with those ruling last week. All classes of store sheep are in keen demand with quotations extremely difficult to procure. Values will probably improve with the more optimistic outlook. Values of all classes of fat cattle remain on a par with those ruling la.,t week. Sales of prime fat heifers have been effected in truck lots at from £5 to £5 10s, with lighter sorts £4 10s to £4 15s. A line of very heavy bullocks was sold at £6 10s. All classes of store cattle are keenly sought. Polled Angus in-calf cows range in value from £3 15s to £4 10s with quotations difficult to procure. Sales include a line of yearling P.A. steers at £2 7s 6d. Really choice truck lots of dairy heifers have become difficult to procure. Good cattle close to profit command attention at from £6 10s to £7 5s and the Co-op. reports the sale to an outside buyer of a truck of really good cattle at £7. More

backward sorts are in demand from £4 to £5 10s. Keen activity has been shown for all classes of yearling heifers and numerous sales have been effected. The Co-op. reports the sale of a line of 50 good cattle at £3, with a further line of 50 at £2 15s. Other sales have been effected at from £2 5s for smaller sorts to £3 10s for top cattle. Yard sales at all centres have been well supported. At Waverley last Friday a medium yarding of all classes of cattle was submitted for auction. A very good line of P.A. bullocks realised £4 Bs, Hereford cows £2 10s, fat cows £4 15s, fat cows from dairy £2 to £2 Is, store cows £1 to 325, dairy heifers £3 to £4 15s, dairy cows £4 to £5 15s, pigs 17s to £1 Os 6d. The Auroa fixture on Monday drew a medium yarding of dairy heifers and store cows. Store cows realised £1 to £1 11s, dairy heifers £3 17s 6d to £6 10s. The Stony River fixture on Tuesday drew a fair yarding of all classes of stock. Dairy heifers realised £5 to £7, fat cows £4 12s 6d, store cows 25s to £2. yearling heifers £1 14s to £3. The Inglewood fixture on Wednesday drew a medium yarding of all classes of stock Some of the realisations were: Dairy heifers £5 5s Jto £6 15s, others to £5, dairy cows to £4 17s 6d, yearling heifers £2 to £2 17s, others to £1 17s 6d, empty heifers £2 7s 6d to £2 17s 6d, fat cows £3 7s to £4, store cows at current rates. BANK OF ENGLAND RETURN PUBLIC DEPOSITS RISING. RESERVE AGAIN INCREASED. By Telegraph—Press Assn.—Copyright. Rec. 5.5 p.m. London, Aug .31. The Bank of England return for the week ended August .30 is as follows:— ISSUE DEPARTMENT. Notes — In circulation £374,003,359 In banking department ... 76,279,983 Total • £450,283,342 Government debt £11,015,100 Other Government securities 243,519,698 Other securities 1,825,443 Silver coin • • 3,639,759 Fiduciary issue £260,000,000 Gold coin and bullion £190,283,342 Total £450,283,342 BANKING DEPARTMENT. Proprietors’ capital £14,553,000 Rest 3,660,120 Public deposits 41,959,840 Other deposits, bankers’ .... 79,424,559 Other accounts 42,930,416 Seven-day and other bills ... 1,581 Total , £182,529,516 Securities — Government £83,195,963 Discount advances 9,973,041 Other securities 11,697,628 Notes 76,279,983 Gold and silver coin 1,382,901 Total £182,529,516 The principal items of the above return compare as follows with those for last week, the proportion of the reserve to liabilities being shown in the last line:— Deposits— Aug. 23 Aug. 30 Public £32,242,854 £41,959,841 Bankers 90,543,220 79,424,559 Other accounts 42,401,331 42,930,416 ■ ’ ’ £165,187,405 £164,314,816 Securities—- . Government ■ • £84,905,953 £83,195,963 Advances, etc .... 10,059,544 9,973,041 Other 11,481,265 11,697,628 Reserve 76,941,982 77,662,884 Note circulation . 374,555,938 374,003,359 Coin and bullion 190,169,177 190,283,342 Proportion 46.50% 47.20% SHORT LOANS AND BILLS. The Bank of England rate of discount is 2 per cent., to which it was reduced on June 30, 1932, from 2J per cent. Short loans are quoted at 5-8 per cent., same as last week. The market rato of discount for best three months’ bills is 7-16 per cent., as compared with 13-32 per cent, last week. CONSOLS AND COLONIAL STOCKS. / STEADINESS OF THE MARKET. Rec. 5.5 p.m. London, Aug. 31, 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:— Price Variation

BANK OF AUSTRALASIA DIVIDEND. London Aug. 31. The Bank of Australasia has declared an interim dividend of 7 per cent. PRICE OF GOLD IN LONDON. London, Aug. 51. Gold is quoted at £6 9s 7d an ounce, compared with £6 8s 81d yesterday. VALUE OF STERLING. London, Aug. 31. Sterling in terms of the dollar has dropped two points to 4.531. SYDNEY PRODUCE PRICES. WHEAT AT A STANDSTILL. Sydney, Sept. 1. The wheat market is at a standstill. Bagged is nominally 3s 31d bushel for parcels and bulk 3s 21d. Sellers are not pressing. Other prices are: Flour, £lO 10s t O n- bran and pollard, £5 ton; potatoes, Tasmanian, £6 10s ton. Victorian. £5 10s; cn : on Victorian Brown Spanish, to £4 110 s ton; oaten hay, £7 10s ton; maize, yellow and white, 4s 4d bushel.

EGG PRICES AT NEW PLYMOUTH.

Wholesale egg prices at New Plymouth during the week ranged as follows:— First grade hen eggs lOd to Hid, second grade 91d to lOd, mixed lOd to 10|d, duck eggs lOd to lid. NEW PLYMOUTH POULTRY PRICES. L. A. Nolan and Co. reported the following poultry prices at yesterdays sales: Hens 2s to 2s lid, pullets 3s to 3s 6d, cockerels 2s to 3s 6d, ducks 2s to 3s. bantams 7d to Is 4d. turkey hens 3s 6d to 4s 3d, chickens 2d to 3d.

£ s. d. s. d. Consols, 2i per cent. ... 74 0 0 Same Funding Loan, 4, 1960-90 111 5 0 Same War Loan, 3J 100 0 0 Same Conversion Loan, 3j .. Victory Bonds, 4 93 0 4x 130 0* 108 17 6 2 6 Com’wealth, 5, 1945-75 107 0 0 5 0 Com’wealth, 6, 1931-41 . 101 5 0 1 3* Com’wealth, 34, 1935-37 101 2 6 5 0 Victorian, 3, 1929-49 89 0 0 10 0 Victorian, 34, 1929-49 . 95 7 6 17 6 Victorian, 54, 1930-40 .. 103 5 0 Same Victorian, 5, 1932-42 .. 102 17 6 2 6 Victorian, 4-1 1940-60 .. 103 11 3 3 9 N.S.W., 3, 1935 100 10 0 Same N.S.W., 34, 1930-50 94 5 0 11 3 N.S.W., 64, 1930-40 ... 100 0 0 Same N.S.W., 6L 1930-40 .... 102 7 6 Same Queensland, 5, 1940-60 106 17 6 10 0 Queensland, 3, 1922-47 89 5 0 12 6 Queensland, f), 1930-40 101 0 0 Same New Zealand, 41 194Z-58 10i> 5 0 12 6 New Zealand, 3J, 1940 . 100 0 0 Same New Zealand, 3, 1945 .. 93 0 0 5 0* New Zealand, 6, 1936-51 106 0 0 Same S. Australian. 34, 1939 . 100 1 3 3 9 S. Aust., 3, 1916 or after 74 7 6 12 6 Tasmania, 3J, 1920-41 99 0 0 Same Tasmania, 3, 1920-40 .. 96 0 0 15 0‘ W. Aust., 3-i, 1929-35 .. 100 10 0 10 0 W. Aust., 3, 1915-35 .... 100 2 6 10 0* W. Aust., 6, 1930-40 .. 100 5 0 17 6* (x—ex dividend.)