FINANCE AND COMMERCE

Taranaki Daily News, 15 September 1934, Page 11

FINANCE AND COMMERCE

.TARANAKI STOCK MARKETS ALL CLASSES IN KEEN DEMAND. SOME PRICES HARDEN FURTHER. ’ Newton King Limited s stock market report for the week ending to-day states: The unpleasantness created by the inclemency of the weather during the week has had little deterring effect on activities in the livestock market. In fact all classes continue to enjoy a good demand and realisations in some sections have, if anything, shown a hardening tendency. A feature of graziers’ operations is the decided preference for the purchase of fattening cattle, and many who in previous years have found the grazing of dairy heifers a profitable outlay are pow confining their attention to the beef industry. The reflection this may have on both the dairy cattle and beef markets time only can tell, and the .wisdom of those who continue to follow a division may at no distant date bear its reward. The expectations assistance to the beef market by way of exportation of chilled beef is undoubtedly responsible, to a large degree, for the increased favour which cattle suitable ,for this industry are finding, and the eagerness to secure, together with the seeming shortage of Polled Angus cattle (the breed .which is considered most favourable for this purpose), assists in the appreciation of the market, for it cannot be said that any other happening except the usual spring demand together with the present shortage of requirements for local consumption encourages the turn of attention to the purchase of -fattening cattle. The strong inquiry for all classes _ of store cattle has resulted in_ extensive changing during the past fortnight. Trade with bullocks has been of the greatest magnitude, and 1100 head have changed hands through the firm’s agency, all of which have been purchased through private treaty. Young station-bred cattle are very scarce and sell at a premium when prices are compared with those ruling for older cattle, but the definite shortage of this class accounts for the high levels ruling. Of the bullocks that have changed hands those of the Polled Angus breed have been the most popular and from £5 to £5 5s has be%n the ruling figure for well-bred four-year-old cattle, while Herefords of the same age have sold at up to £5, Shorthorn-Polled Angus and Hereford-cross cattle realising, from £4 15s to £5, mixed coloured £4 2s 6d to £4 15s according to condition. Sales of younger cattle include a large line of yearling P.A. steers at £3, and outside sales suggest that buyers are prepared to pay in advance of this figure for wellbred cattle. Young, paddock cows also :meet a ready sale, and a feature of th® fortnightly sales has been the spirited competition this class has been subject to, but here again few lines of consequence are offering, and buyers are forced to satisfy their wants from the small numbers that are yarded at the various sale centres, and there is a .tendency for values to harden. Sales during the week i included 50 store to forward cows at. £3 and 22 at £3. Values for those offering at auction range from £1 15s to £3 ss, according to age and condition. The buoyancy o£ the store cattle sec- ■ tion is further exemplified in the improvement in prices for all classes of cattle suitable for next season’s dairy requirements, and. while there does not seem to be the numbers going in for the , grazing of. this class the appreciation in the market , is assisted by way of lesser numbers of good quality cattle, being offered. The change in the season has improved the bloom of most cattle in this ■. branch, and ■ this fact has had a favourable reflection on prices. Few en- . tries are how wanting for support. Holdover’heifers are second in demand only to tops, and the difficulty of obtaining numbers in 'any quantity has occasioned an improvement in values' to figures somewhat out of' relation to tnose ruling : for better-grown sorts; especially when 'compared with the values ruling for the average class. Some heavy yardings of yearling Jersey heifers have been handled during the week and most of the changing has been effected under the hammer. Good-qual-ity well-done sorts sell at from £2 15s to £2 18s, average quality of size and condition £2 to £2 7s 6d, poorer bred £1 13s to £1 16s, inferior and lighter-conditioned £1 5s to £1 10s. Good quality hold-over heifers, however, sell at up to 335, but the general range is from 25s to 30s; few are available at the former figure. Sound empty cows and two-year empty heifers also find favour, but values have shown little variation on late rates. Good-qual-ity cattle of the former class sell at up to 37s 6d and others at 25s to 32s 6d, while, values for the latter range from 35s to£2 10s, occasional outstanding cattle selling in advance of the latter figure. The quietness of trade in the store sheep section is caused entirely by want of quotations, as there is a very keen demand for all classes. Hoggets meet keen competition where yarded, the numbers offering being short of those required to satisfy the demand,' as a result of which prices are firm with a slight hardening tendency being displayed. Few ewes and lambs are being quoted and some indication of the opening freezing schedule for the incoming season would ; be appreciated as giving a guide to holders, most of whom are waiting this information before quoting. Sales in this branch include 200 store tq forward 4 and 6-tooth wethers at 24s and 250 wether hoggets at 21s 6d, while sales of smaller lines have been effected at from 19s 6d to 20s 6d. The recovery of beef values is being well sustained; in fact there is a decided tendency for values to harden. This fact applies not only locally, for in other centres where established beef markets are conducted values during .the week have reached the highest for'-seven years, and it seems safe to conclude that a very firm market is likely to prevail in this section for some’ weeks. Taranaki quotations range as follows: Best P.A.Hereford cows and heifers £7 to £B, lighter £6 to £6 10s, while sales of bullocks have been made at from £8 5s to £9. Values for fat sheep also show an upward trend and supplies at present available suggest still higher levels at no distant date. Heavy fat wethers are now being quoted at up to 31s and lighter from 27s 6d to 28s 6d, while ewes sell at from ; 25s to 26s 6d and hoggets 24s to 265. In reviewing the daii'y cattle section it can be said that there is a decided improvement in prices for better done cattle. Possibly this is accentuated by. reason of the numbers of good-conditioned cattle included in the various offerings being very small. However, the supplies are depleted to a degree that allows for little discrimination, by purchasers, and as a result the lighter-condi-tioned cattle are now finding a more ready market. Some idea of the values ruling can be obtained from the results of Mr. Alan Good’s sale on Wednesday last, when 62 heifers were handled, of which 50 were sold at an average of £5 3s. These cattle came forward in good condition and were mostly well forward. The best sold at from £6 10s to £7 15s, average quality smaller £4 17s 6d to £o 2s 6d and others £4 5s to £4 10s. The Douglas sale on Monday drew, a good yarding in both the store and dairy cattle sections, while an average num-

ber of fats from the daii’y herd was included in the offering. These, together with cows suitable for fattening, aroused animated competition and a slight appreciation in values was noticeable. Competition in the dairy cattle section was a little brighter, and values for goodconditioned cattle showed a slight improvement on late 1 fates. Practically a total clearance was effected. Prime fat Jersey cows and heifers made £5 10s to £5 11s, lighter £4 10s to £4 18s, killable £3 10s to £3 IGs, paddock cows in good store to forward condition £2 8s to £2 17s 6d, Jersey-cross weaner heifers, average quality £1 19s to £2 2s 6d, average quality young Jersey cows, close to profit £4 5s to £4 15s, lighter-conditioned sorts £3 to £3 15s, calved cows £3 5s to £4, springing heifers in good condition £5 to £5 7s 6d, average quality £3 15s to £4 10s, backward and light-conditioned £2 10s to £2 15s. Stony River sale on Tuesday drew a good yarding of yearling Jersey heifers, which, in spite of the inclemency of the weather, met a spirited sale, resulting in values showing a slight appreciation. Entries in the store and dairy cattle sections consisted of average numbers, the good demand for young paddock cows being the feature of the sale. The entry of dairy cattle left a lot to be desired by way of condition and size, and low values were the order. Realisations were: Choice yearling Jersey heifers £2 18s, average quality (not quite the size) £1 19s to £2, Ayrshire-Jersey cross yearlings £1 10s, hold-over heifers 17s 6d to 29s according to quality, fat Jersey and Jer-sey-cross cows £4 2s 6d to £5, killable Jersey cows £2 16s to £3 7s, good-condi-tioned paddock cows Holstein-Jersey cross strain £2 5s to £2 9s, Holsteins £2 7s 6d, sound empty cows to 375, young Jersey cows to 30s, boners 13s, averagequality Jersey-cross springing heifers (rather small) £3 17s 6d to -£4 ss, small and inferior £2 to £2 16s, good-quality dairy cows at profit £5 12s 6d, medium sorts £5 10s to £4, light and inferior 35s to £2 ss. The Hawera sale on Thursday drew a heavy yarding in both the store and dairy cattle sections, the entry in the store cattle pens including some 300 yearling Jersey heifers, but contrary to expectations these were somewhat difficult to dispose of. The majority of the entry, however, changed hands after the sale. Good quality dairy cattle in good condition met a better demand, and a slight improvement in values was noticeable. Realisations were: Well-grown yearling Jersey heifers of quality £2 13s to £2 15s, good-quality cattle of medium size £2 ss, good-quality hold-over heifers 32s 6d, others down to 235, well-grown Friesian yearling heifers £2 15s, heavy fat cows ex dairy £5 10s to £6, lighter £4 12s 6d to £5, forward paddock cows £2 15s to £3 10s, sound empty cows £1 12s to £1 15s, boners 10s to 15s, dairy cows close to profit £4 5s to £4 15s, .backward and lighter-conditioned £3 5s to £3 15s, gooMquality springing heifers £5 15s to £6 ss, others £3 17s 6d to £4 10s. At the Waiwakaiho sale on Thursday an average yarding was penned, the entry of dairy cattle including some goodquality heifers close to profit, which met keen competition and sold at advanced rates. Paddock cows were in keen demand and sold under spirited competition, and practically a total clearance was effected. Realisations: Good-quality springing heifers close to profit £6 10s to £6 15s, average to good £4 17s 6d to £5 10s, good-quality dairy cows in full milk £6 7s 6d, average sorts close to profit £4 17s 6d, light-conditioned and inferior 37s 6d to £/ 12s 6d, forward-conditioned young Jersey cows £2 9s to £2 10s, store cows, Jersey cross sorts, 37s to £2 3s, down to 355, fat two-year Jersey heifers £3 8s to £3 10s, heavy fat Jersey cows, aged, £3 7s 6d .to £3 16s, fat Shorthorn cows, average weights £5 Is to £5 6s, goodquality yearling Jersey heifers £2 12s, average 35s to £2, hold-over heifers 27s to 30s, down to 15s. At the Stratford horse fair last Saturday an average entry of general farm horses came forward, but passings were frequent. Best broken half to threequarter draughts made to £36, lighter useful farm sorts £22 10s to £27 10s, good aged half to three-quarter draughts broken to all work £2O, others £9 to £l5 10s, an unbroken three-year-old half draught gelding £33, 16 months filly £29, good hacks £5 to £7 10s and ponies £2 5s to £3 15s.

The pig section continues to enjoy a reasonably free market, although prices for other than Tamworth weaners, which eased a week or two ago, are the same and outside the good prices that are being obtained for Tamworths, values are lower than is usual. Large stores of all breeds continue to meet a good demand and prices, if anything, show a hardening tendency. The New Plymouth haymarket sale on Friday drew an average yarding, the majority of which consisted of weaners, those of the Tamworth breed finding most favour. A full clearance was effected under the hammer at the following prices: Stores 275, choice Tamworth weaners 17s, well-done Large White weaners 14s to 15s, average Tam-worth-Berkshire cross weaners 12s 6d to 13s 6d, small 9s 6d, inferior 6s. FAT STOCK VALUES FIRM HIGHER LEVELS REACHED DAILY. KEEN DEMAND FOR DAIRY STOCK. The Farmers’ Co-operative Organisation Society of New Zealand Ltd., in its weekly review of the stock markets, states that trading during the week has been somewhat curtailed by the boisterous weather conditions ruling during the early part of the week The fierce southerly gale that raged during the first half of the week was followed, however, by bright sunny days, which should prove of . benefit to pastures and stock. Little of extraordinary interest has occurred during the week to alter the aspect of any market, most values remaining much on a par with those last reported. The uncertain conditions still existing in Europe naturally continue to be a disturbing factor in most markets regaining stability, the buying from “hand tj> mouth” policy of most commodities occasioning little security or indication as to the future.

The recent Sydney wool sales differed little from the sales preceding .them, values remaining on a par. Lamb and mutton continues to display firm tone, especially for best grades. Values of both butter and cheese remain much on a par with those reported last week, a slight easing on a quiet market being noticeable in the case of butter. All classes of fat sheep remain very firm with values of fat wethers at from 29s to 31s 6d, and fat ewes, of which the firm has been successful in disposing of numerous trucks, at from 25s 6d to 26s 6d. Values of all classes of fat stock remain very firm, with quotations difficult to procure, extra prime fat heifers realising from £7 10s to £8 ss, prime fat heifers from £6 15s to £7 IQS', extra prime fat cows £7 to £7 15s, prime fat cows £6 15s to £7 ss. Every day sees fresh record values placed on all classes of fat stock at centres throughout the Dominion. A keen demand exists for practically every class of store sheep, the difficulty of quotation being the main feature of the market. Ewes with lambs at foot are keenly sought after, sales including 170 4-year ewes with lambs at foot at 295, with a further 150 young ewes at 31s. Values of ewe hoggets remain firm, sales including a line of good sheep at 265. Wether hoggets, which remain difficult to procure, are keenly sought after at from 203 to 225;

In the store cattle section, busmess of some magnitude has been done during the week in store bullocks at values ranging from £4 15s to £5 5s for 3, 4 and 5-year cattle, sales including- 50 4-year P.A. bullocks at £5 ss, 40 4-year P.A. bullocks at £5 2s 6d and 140 at £5. In this section, all classes of stock are difficult to procure, and where quoted, store cows and heifers range from £3 10s to £4 2s 6d.

A very keen demand exists for top quality 2 and 3-year heiferp (close to profit) and here again, quality cattle are. difficult to procure. Wherever yarded, top cattle elicit keen competition at from £6 to:£8. Yard sales at all centres ijave been well supported with dairy cattle and keen sales have resulted. This week has brought forth large yardings of yearling heifers which have met keen competition everywhere. Top cattle have changed hands at £2 15s to £3 ss, others from £2 to £2-10s with a keen demand being apparent. At the Waverley sale on September 7 a good yarding of dairy cattle was submitted for auction. There was a fair attendance of buyers, and a satisfactory sale resulted. Forward dairy heifers made £4 15s, £5, £5 ss, £5 10s to £5 15s, more backward sorts £3 10s, £3 15s, £4 5s to £4 10s, fat c<szs ex-dairy £3 to £4, store cows 15s, 20s, 22s to 30s, steers £4 17s, hoggets 18s 6d, store pigs 17s 6d, 18s 6d to 19s 6d, porkers 235, 24s 6d to 275. At the Okaiawa sale on .Monday, under adverse weather conditions, a very good yarding of store and dairy cattle was submitted for auction. Dairy heifers realised £4 10s, £4 15s, £5 to £5 ss, dairy cows £5 10s, £5 15s, £6 to £6 ss, yearling heifers 255, marked yearling heifers £2 16s, paddock cows £2 ss, £2 Ils, £2 17s to £3 3s, fat cows £3 18s, £4 3s, £4 6s, £4 15s to £5, store cattle 9s, 10s, 15s, 18s, 20s, 225, 255, 29s 6d, 32s to 34s 6d. Last week’s rise in prices for good quality dairy heifers was well maintained at the Stratford sale on Tuesday. There was a full yarding, comprising mostly medium size good quality dairy heifers. In the store pens, some good conditioned cattle met keen competition, a total clearance being effected. Quotations are: Good quality dairy heifers £5 10s to £6 10s, small heifers (good) £4 5s to £4 15s, calved heifers £3 17s 6d to £5, young daii’y cows (in good condition) £5 to £5 10s, late calvers £2 .15s, fat Jersey cows £4 13s to £4 17s, lighter sorts £3 to £3 10s, store and boner cows selling at late rates. The Eltham sale on Wednesday drew an average yarding of dairy cows and heifers, together with a moderate yarding of store cattle, fat cattle and sheep. In the dairy pens, cows and heifers of good quality met keen competition, resulting in satisfactory realisations. Some of the realisations were: Good quality dairy heifers (small) up to £5 ss, others £4 to £4 15s, dairy cows (good) close to profit £5 to £5 ss, paddock cows (good) £1 15s to £2 ss, fat Jersey heifers £5 5s and' fat and forward hoggets 19s. At the Inglewood sale on Wednesday a yarding of over 200 yearling heifers was submitted to a large bench of buyers, a keen sale resulting. The specially advertised line on account of Mr. W. D. Cartwright was keenly sought after and was finally knocked down at £2 15s. Others sold at £2, £2 ss, £2 7s Gd, £2 12s 6d to £2 18s with hold-overs at from 35s to £2 Is. A large yarding of dairy cattle met a spirited sale for “top” cattle. “Top” heifers changed hands at £5 10s to £6 7s 6d, others ,at £4 10s to £5 ss. .

BEEF SUPPLIES SHORT READY SALE FOR GOOD HEIFERS. UNSATISFIED DEMAND FOR PIGS. The New Zealand Loan and Mercantile Company Ltd. reports that business during the week in the fat sheep section has been confined mainly to filling orders for fat ewes for the butchers. Ewe prices have remained steady at last week’s rated and the firm does not look for any decline in prices for some time yet. Fat wethers are still holding up well in price, and in fact prices have hardened a little. Beef values continue to harden each week, and in Taranaki at. least, supplies are definitely short, most of • the beef that is being sold being imported from other districts. As a result this, the meaty cow from the dairies is in good demand, and is realising very good prices. Store sheep business is chiefly confined to selling of hoggets and there is not a large supply of these available. Prices have hardened everywhere lately. Very few quotation for ewes with lambs at foot are being received, and consequently few sales are being made. There is a really keen demand for good station cattle, and considerably numbers have changed hands lately at enhanced values.' At this season of the year there is usually a strong demand for weaners, and that is the position at present. Buyers, however, are discriminating, and are .only wanting good quality, weU grown cattle, and these are not. plentiful. Top quality animals are worth up to £3 ss, medium sorts £2 to £2 10s, inferior and holdovers 30s to oss. , Considerable numbers of dairy heifers are still coming forward to the yard sales, but most of them are low in condition, and of medium to inferior quality. Really good heifers are not plentiful, and what do come to the sales find a very ready sale at good prices. Most of the dairy cows now being offered are holdovers from last year, and it is very difficult to secure really good animals. Values for anything classy are good.

There is still a. big unsatisfied demand for all classes of pigs, yardings continue to keep up very ‘ well, and prices are keen. Prices realised at the various sales have been:— ■ ■

Douglas: Woolly wether hoggets 21s, light fat steers £5 10s, light fat cows ex dairies to £4 10s, dairy heifers £3 10s to £4 10s.

Hawera: Weaner pigs 18s to 225, wether hoggets to 19s, fat Hereford cows £6 15s, to £B, fat cows ex.dairies £4 to £5 ss, store cows £1 to £2, boners 8s to ■ 15s, medium quality yearling heifers 30s to 37s 6d, dairy heifers, best £6 to £B, medium quality £4 to £5 10s, inferior sdrts £2' 10s to £3 10s. BUTTER MARKET DECLINE. CHEESE QUOTATIONS ALSO FALL. The price for butter has receded slightly in the past week and is now considerably below that ruling at this time last year. Agents’ reports are:— Newton King Ltd. (Messrs. R. and- W. Davidson Ltd.), with last week’s and last year’s quotations given respectively in parentheses: Butter: Prices have fallen during the week and the market closer slow; salted 74s to 76s (76s to 78s, 98s); unsalted 74s to 76s (76s to 78s, 102 s). Cheese: Prices have also fallen slightly during the week but the market closes firmer, especially for. coloured cheese; vzhite 47s to 47s 6d (48s 6d to 495, 52s 6d); coloured 45s to 45s 6d (45s 6d, 53s 6d). Mr. E., Griffiths (A. J. Mills. and Co., Ltd.): Butter: The market is slow; Nev; Zealand finest 75s to 76s (78s); firsts 74s (775); unsalted 86s (88s); Danish 104 s (106 s f.o.b. 82s (88s); Australian 72s to 73s (74s to 755). Cheese: The market is slow; New Zealand white 47s;'to' 47s 6d (48s 6d to ' 495); , coloured 44s to 44s 6d (45s to 45s 6d); Canadian, c.i.f. 47s to 48s (49s to 50s).

New Zealand Loan and Mercantile Agency Company, Limited (last week’s quotations in parentheses): Butter: New Zealand choicest salted, including stored, 74s to 77s (78s to 795). Cheese: White, 47s to 47s 6d .(48s 6d -to 495); -coloured 45s (45s to 45s 6d). Both markets are slow.

In giving these figures A. H. Turnbull and Co. Ltd. reported that with total stocks of butter from all sources 700.000 boxes in excess of the quantity held in

store at this time last year it was not Surprising to find a difficult market and in favour of buyers. Moreover, a general opinion had- been: held for some timb that prices. : would steadily advance up to the end of September,- and consel- - a good proportion of Consigned butter had been held off the market, but with the downward tendency which had recently shown itself there had been it general desire to sell, and this has steen* tuated the weakness. t Messrs. W. Weddef and Co. Ltd. had cabled that though total stocks were .heavy for the time of year, the actual stocks of New Zealand and Australian butter were not excessive, in view of the small shipments now afloat The recent decline in - prices' this firm attributed to extreme pressure to sell,, more especially at ports outside the London area, making buyers afraid to operate beyond immediate requirements. It was considered that once this pressure was relieved, buyers would again operate and renew their stocks, which should result in better prices all round. Recent weather conditions in the Dominion had not been so favourable, and although the production during August was a little greater than last year, it was anticipated that the cold weather during September would retard production. The stocks Of ' cheese -in the United Kingdom were approximately 1000 tons more than for the same period'last year. Weddel and Co. Ltd. had cabled that the: demand was slow, and in -view of the fact that cheese prices were comparatively very much higher tharvthe prices for butter it did not anticipate-any improvement in the market. .There had'been no activity to report with regard to forward buying of either butter or cheese during the past few weeks. LONDON WHEAT QUOTATIONS. By Telegraph—Press Assn.—Copyright. ■ ■' London, Sept. 13. Wheat cargoes are easier and parcels are lower, Futures: London, September 22s Bd, December 24s 2jd, February 25s fid, April 25s lid; Liverpool, October 5s SJd. December . ss-Ud, March 6s lid, May fig 2fd. Spot cash trade is slow:and prices are occasionally irregular.