FINANCE AND COMMERCE

Taranaki Daily News, 4 August 1934, Page 11

FINANCE AND COMMERCE

FEARS NOT ILL-FOUNDED STORE SHEEP SECTION PRICES. BUSINESS LACKS ANIMATION. Newton King, Ltd., reports that under the influence of a shroud of uncertaintyoccasioned by suggested restrictions the stock market in general lacks any speculative instinct, as a consequence of which little changing other than that conducted under the hammer has taken place since the.last survey. The fears earlier expressed by the less optimistic that the high levels in the store sheep section would not be maintained throughout the winter were not jll-founded, for at tire moment there are few prepared to make commitments in this branch, resulting in realisations at auction showing an easing tendency on late rates. It can be said, however, that values for hoggets have not suffered to any marked degree for the reason that quotations are not sufficient to meet the inquiry, but ewes and lambs are not so readily sold as a week or two back, not so much for want of inquiry, but largely for the reason that confidence has waned and few quotations are in keeping with buyers’ ideas of values. However, as the lambing season is at hand a cessation in the volume of changing is to be expected, and when this operation is concluded and suitable feed is more plentiful the subsequent demand may occasion the re-establishment of values. The business conducted under the hammer during the week has lacked animation, and while the major portion, of sale entries have consisted of dairy cattle, there have also been fair entries of yearling Jersey heifers handled, but, as with most other classes, the demand for these has also weakened and some difficulty is experienced in placing those yarded. Tdrday’s values must represent a loss for the rearing. The position in regard to dairy cattle has not improved and some irregularity in realisations is noticeable throughout the district, a comparison of values suggesting that a better market r.ules in South Taranaki, where keen bidding continues for good quality cattle close to profit. The physical advancement of the North Taranaki entries, however, leaves a lot to be desired and possibly this accounts for the discrepancy to some degree. Values in the beef section are firm, a notable feature being the absence from open markets in any quantity of the usual oddments from dairy herds, suggesting that supplies from this source are almost depleted, and requirements in the main are now satisfied through the medium of private treaty. Sales during the week include several truck lots of P.A. cows and heifers at from £5 5s to £5 15s, occasional extra prime cattle exceeding the latter figure, while a line of average weight fat bullocks changed hands at £6 15s.

The fat sheep market shows no signs of easing as a result of latest developments in regard to exports in this branch and supplies available suggest a firm market for some time yet. Sales during' the week for local consumption include 100 average weight fat wethers at 28s, 150 average weight fat wethers at 27s 6d, while, truck lots of prime heavy sheep have been sold at up to 30s. The figure, ruling for ewes, which are scarce, is about 255.

Sales conducted since the last report include the Hawera sale held on Thursday, when a smaller yarding than usual in the store sheep and cattle pens came forward, but an extra heavy yarding of pigs and dairy cattle was handled. Some good quality well done dairy cattle were included in the offering, and these met spirited competition. The lesser bred and later calvers were, however, not sc freely sought and realisations for these showed a Slight decline. Pigs were also keenly competed for, as was the ’small entry of fat arid store sheep, and. practically a total clearance Tinder the hammer was effected. Realisations are: Ewe hoggets 20s lOd, store black-faced hoggets 16s, fat.hoggets,22s.'6d to 235, extra heavy fat cows ex dairy herds £5 to £6, lighter £3 10s to £4 10s, sound empty cows 22s to 28s, boners 8s to 10s, good quality young dairy cows close to profit £sas to £6, lighter conditioned and later calvers £3 5s to £4, choice twoyear springing heifers £6 to £7, average tattle £4 10s to £5 ss, others £3 10s to £3 15s, light porkers £1 Bs, good conditioned stores 23s to 255, smaller sorts 21s, £ slips 14s to 17s 6d, weaners 8s to 12s 6d.

At the Douglas sale on Monday a good yarding of dairy cattle came forward and a full clearance was effected at current rates. The demand for the better class of cattle, especially those close to profit being a little stronger than the previous sale in this centre.- Backward and .poorer quality cattle were difficult to dispose of. Quotations are: Good quality young dairy cows close to profit £4 15s to £5 10s, calved cows £4 to £5, light conditioned and later calvers £3 to £4, two-year Red Polled heifers - £3, fat Jersey cows £3 18s, weaner Jersey heifers a little small £1 Bs, boner cows 6s to 255, good wether hoggets 20s 6d, m.s. hoggets 21s.

Stony River sale on Tuesday drew an extra heavy yarding of dairy cattle, but a very dull sale resulted, and only cattle well forward and in good condition met reasonable competition. The entry in other departments was small. Quotations are: Good quality two-year Jersey heifers close to profit £4 6s to £5 2s 6d, average sorts £3 5s to £3 17s 6d, small and inferior £2 to £2 15s, good quality young dairy cows well forward and in good condition £4 6s to £4 12s 6d, average Jersey-cross sorts £3 5s to £3 15s, inferior light-conditioned and later calvers £2 to £3, good wether hoggets' 19s, average quality weaner Jersey heifers a little small £1 Bs, hold-over .19s to 23s 6d, two-year empty heifers £1 15s, light fat cows Jersey sorts £3 12s, paddock cows £1 16s to £2 4s. A heavy yarding of dairy cattle supplemented by a good entry in the store cattle pens was submitted at Waiwakaiho sale on Thursday and a weakening in the’ demand in all. sections was noticeable, the entry of dairy cattle lacking quality and size, while a good number of small late-calving heifers were passed for want of inquiry. Good. quality springing heifers a little light in condition made to £4 10s, average sorts £3 5s to £3 10s, backward, small and crossbred £l. 17s to £2 ss, average quality dairy cows well forward £4 to £4 10s, good quality calved cows £5 10s, others £1 15s to £2 17s 6d. A good entry of weaner Jersey heifers was penned but were dull of sale and realisations showed an easing on late rates. Well done Ayrshire cross yearlings made to £1 13s, average quality Jersey yearlings £1 8s to £1 9s, smaller sorts £1 6s, hold-over heifers 13s 6d to 21s. The entry of fat cattle was keenly competed for, heavy fat cows making to £5 Is, lighter £3 17s to £4 10s, fat Jersey heifers £3 10s, unfinished cows £2 13s to £2 15s, sound empty cows £1 to £1 10s, paddock cows £1 8s to £1 19s, boners 15s to 18s 6d. Further clearing sales have been held during the week but a weakening in the demand for dairy cows has been displayed and lower averages have been recorded. At Mr. A. L. Herbert's sale on Wednesday last a good attendance gathered, and although no high prices were obtained the sale for the cows was fairly regular throughout, the best of the herd making from . £6 5s to £7, average sorts £5 to £5 15s, later calvers £3 to £3 15s, others £2 to £2 15s, two-year in-c'alf heifers, small and light conditioned £2 7s Gd to £3 15s, sound empty

cows 22s 6d, boners 13s to 18s. The herd included a number of pedigree cows, the best of these selling at from 101 to 13$ guineas. Others 4 guineas to 7| guineas. Ewe hoggets brought 20s 6d, m.a. ewes (S.D. rams) 25s 6d, store black-faced hoggets 17s 3d, sows with litters £5 to £G 10s, good -young Tamworth sows in farrow £7, others £2 to £3, slips pigs 15s.

At Mr. McLeod's clearing sale at Lep.perton on Tuesday an average attendance gathered, and here again only the early calvers were sought with any freeness, the best of the herd making from £5 15s to £6 10s, average £4 to £4 10s, late calvers and aged cows 35s to £2 15s, weaner Jersey heifers from the herd 25s 6d, good store pigs 20s. The suggestion that a quota will be placed on the export of pork occasioned further anxiety to dairy farmers early in the week, but latest statements have more or less relieved the concern as there seems no likelihood of any restriction being put into effect. Now that feed is becoming a little more plentiful a better demand for all classes is the order throughout the district. At the New Plymouth haymarket sale on Friday an average yarding came forward, but at the start of the sale a little hesitancy was noticeable, but as the sale advanced so did prices harden, realisations for good weaners showing a slight improvement on last week’s figures. Quotations are: Extra choice weaners 14s 6d to 16s 6d, good 12s to 13s 6d, small 9s to 10s, slips 17s 6d to 19s, light porkers £1 Bs, good porkers 35s 6d, light baconers 38s 6d to 395. EASING IN PIG VALUES APPREHENSION OVER QUOTA. DAIRY STOCK IN GOOD DEMAND. The New Zealand Loan and Mercantile Agency Co. Ltd. report that a fair volume of business has been transacted during the week, mostly in dairy stock. The recent application of the quota on beef and veal has caused a good deal of apprehension amongst farmers, as it is not known as yet how far-reaching the proposals are. _ This was reflected in the sale of pigs at Hawera, when an easing of values was noticeable, as many farmers fear that bacon and pork will be included in the quota proposals. As lambing is now proceeding quickly, there is no business being done in the in-lamb ewe section of the market, most farmers having filled their requirements. The weather, so ’ far, has been fairly good for the lambing, and good percentages again this year are expected. . A certain amount of sleeping sickness has been reported, in fact, more than last season. Ewes, generally have come through to the lambing in excellent condition, and most farmers have fairly good feed to keep them going. Dairy stock of good quality are in good demand, but late calvers and oldish cows are very dull of sale. The supply of really good in-calf heifers is not great, and any first-class cattle offered at the sales are readily sold at good values.

Weaner heifers are in much the same position as last week, practically no inquiries are coming from outside districts, and the local demand is very poor. There was a very large yarding of pigs and dairy cattle at the Hawera sale on Thursday. Prices realised were: Fat ewes to 25s 6d, mixed age wethers 21s, weaner pigs 10s 6d to 15s, stores to 18s, porkers to 28s, in-calf heifers to £4 15s for medium quality, £5 10s to £7 for better sorts, dairy cows £4 10s to £6 10s for close-up young stuff, later and older sorts £2 10s to £3 10s, A number of sundries also sold well at late rates - . ■ EFFECT OF QUOTA NEWS QUIET WEEK IN MARKETS. MOST PRICES STILL STEADY. The Farmers’ Co-operative Organisation Society in its weekly review states that a quiet week of trading has been experienced, being occasioned in most markets by the sudden and unexpected quota proposals. Probably the biggest concern to the dairy farmer is the proposed restriction on the export of pork, coming as it does at a time when the Dominion is interesting itself, at a large financial outlay, in the requirements of the consumer of this commodity in Britain. However, from the latest reports, a ray of hope exists in the fact that despite certain restrictions which will probably be more than covered by stricter grading, a fairly open market will remain for this branch of the industry. Till conditions settle on a more permanent basis no movement of any magnitude in stock can be expected. The latest cabled reports with regard to the dairy produce markets display more optimism than for some time. Consumption continues at a high level, with a decline apparent in supplies from the Northern Hemisphere, indicating a passing of the peak level, and a further hardening tendency is indicated. Cabled reports of the lamb market indicate a more cheerful tone, with prices unchanged and the outlook optimistic. No further change has been reported during the week in the outlook for wool. With the present conditions on the Continent no improvement can be expected. At the same time it is difficult .to predict conditions from one day to another.

Little alteration is noticeable in values of all classes of fat stock since last week. There is a distinct shortage of fat ewes as far as Taranaki is concerned, the market consequently remaining very firm. Sales of truck lots have been effected at from 25s to 26s 6d. Quotations of fat wethers are not quite so sparse as quotations in the ewe section, and values range from 29s to 31s for prime sheep. Values of fat stock all over New Zealand remain firm, butchers at Auckland having been compelled to raise the retail price all round. Values of fat cattle remain on a par, with extra prime fat heifers making from £6 to £6 10s, extra prime fat heifers and young cows £5 10s to £6 and prime cows £5 5s to £5 10s. A better demand is apparent for ox beef at about 19s per lOOlbs.

Although values of most classes of store sheep, with the exception of ewes, remain firm, hesitancy is apparent in most dealings. Keen demand has existed over the week for wether hoggets, a line of 300 changing hands at £l, with a further 150 at 19s. Ewe hoggets are not so keenly sought after, their high ruling value no doubt accounting for the restricted demand. Although it is just late enough now to deal with in-lamb ewes, values have certainly eased. Sales during the week include a line of 200 5year ewes at 235. A slightly growing demand is becoming apparent for most classes of store cattle. Values of good 4 and 5 year bullocks range from £4 to £4 15s, young P. A. cows in calf to P. A. bulls from £4 10s to £5 ss, empty 3-and-4 year well bred heifers from £3 to £3 10s, well bred 2-year empty heifers from £2 10s to £3 As is always the case, good quality 2- year dairy heifers close to profit are in demand, with most clients preferring to wait for auction sales to fill their requirements. Top quality 2-and-3- heifers range in value from £5 10s to £6 10s, with less forward sorts at £4 5s to £4 15s. Good quality young

dairy cows are in demand from £5 10s to £7.

A spasmodic demand is apparent in the weaner heifer section, with best quality cattle making from £2 5s to £2 10s. Sales include a line of 50 at £2 10s, and others at from 32s 6d to 37s 6d. Yard sales at all centres have been well supported, dairy cattle coming forward in large numbers. At the Waverley sale on July 27 last, a good yarding of all classes of cattle came forward. Springing dairy cows dose to profit changed hands at £5 7s 6d, £5 15s, to £6-12s 6d, more backward sorts at £3 5s to £3 10s, springing dairy heifers at £5 10s to £6 10s, more backward sorts at £3 ss, £4 to £4 ss, fat wethers at 28s 6d and store pigs at 12s to 17s 6d. A very large yarding of dairy cows and heifers, together with a few lots of sheep, came forward to the Stratford sale on Tuesday. The realisations were: Good heifers close to profit £4 10s to £5 7s 6d, good quality later calves £3 5s to £4, young dairy cows close to P T £4 10s to £5, later sorts £2 10s to £3 10s, well grown yearling heifers 325, holdovers £1 to 265, good conditioned wether hoggets 17s 6d, and 5-year-old ewes (I.L.S.D. ram) 26s 9d. At the Inglewood sale there was a full yarding of dairy cattle and sheep. With buyers in and outside the district operating freely there was a good sale. Fair quality dairy heifers showing condition were in keen demand and sold to £5 2s 6d. Poorer sorts from £2 7s bd. Dairy cows (close up) sold to £5 ss, whilst later calvers sold from £2 10s. Wether hoggets realised 18s, m.s. hoggets 16s 6d, and a medium line of ewe hoggets 19s 9d. Fat cows and heifers sold from £3 to £4. BRADFORD TOPS MARKET QUIET. By Telegraph—Press Assn. —Copyright. London, Aug. 2. Business is quiet on the Bradford tops market, but is not weakening. Following are to-day’s quotations and those for the past three weeks:— . July 12 July 19 July 26 Aug. 2 Per lb. Per lb. Per lb. Per lb.

FORWARD DEALING PERMITTED. MINING SHARES AT SYDNEY. Sydney, Aug. 3. The chairman of the Stock Exchange has announced that the committee has decided to permit forward dealings in mining shares, both in the call room and in the vestibule, as from Tuesday. The decision on June 20 to suspend forward dealing was a climax to the recent boom in gold-mining shares on the Sydney Stock Exchange. A sensation occurred when the chairman, Mr. F. Steel, at the request of the directors of the Tullamore Gold (No Liability) Company informed members at the first call that it had been decided to suspend quotations of Tullamore shares to give the public the opportunity of considering the position. This was the result of an assay report. The whole market for gold shares on the Stock Exchange was affected adversely. EGG AND POULTRY MARKET. PRICES AT NEW PLYMOUTH. Wholesale prices of eggs at New Plymouth this week, with those for last week in parentheses: were:—First grade hen eggs, Is 3d (Is 3d to-Is 5%d); second grade, Is 2d to Is 2%d (Is 3d); mixed, Is 2%d (Is 3d to Is 4V 2 d); duck eggs, Is 2d to Is 2M>d (Is 3%d to Is 4d); pullets, •Is 2d (Is 3d to 15.6%d). L. A. Nolan and Company report a medium entry at their poultry sales at New Plymouth yesterday, prices ranging aS follow: Hens, 2s to 3s; pullets, 2s 2d to 2s lOd; cockerels, 2s 3d to 4s 6d; ducks, Is 9d to 3s Id; bantams, 7d to Is 8d; geese, 2s to 3s; turkeys, 4s to 8s 6d.

d. d. d. d. Seventies .. .. 32 31 30 30 Sixty-fours .. 29 28 27 . 27 Sixties .. 27 26 26 26 Fifty-sixes .. 21 21 21 21 Fifties* .... .. 16 15% 15 15 Forty-sixes . 11% 12 12 12 Forties .. 10% 10% 10% 11