ON THE LAND

Waimate Daily Advertiser, Volume XXIV, 12 April 1927, Page 7

ON THE LAND

’ News and INotes for | the Farmer.

FINANCE & COMMERCE.

HOME TRADE REVIEW. (Per Press Association—Copyright LONDON, April V. The position of the butter market shows Jffttle change. There is a good consumptive demand and prices for Australian and New Zealand are maintained at 1.50 s to 1545. The extraordinary feature of the trade is the enormous disparity between Danish—

which has hardened to about 184?—and New Zealand. The difference between Danish and New Zealand in pre war days used to be about 4s to 6s per cwt. The traders generally attribute this position to the unpopularity of New Zealand control methods, but one of them pointed out that it also was partly due to Denmark having recently instituted Mate stamping on its casks. It was at first thought that this stamping would tend to lower the price of Danish, but so far it has had quite an opposite effect, for Danish, having to be sold immediately on account of the date stamp, has been put on the counter in the freshest condition possible, with the result that the demand has become bigger than over. Other butter which is free from control is also fetching abnormally high prices compared with New Zealand, notably Argentine 146 s to 158 s, Finnish 176 s to 178 s. Even Siberian is making 150 s to 1525.

The Australian apple season opbned auspicously with sales of the Hull portion of the Ferndale’s cargo at satisfactory prices, and importers are taking a hopeful view’ of prospects. Americans are still arriving in large quantities, but their condition is mostly poor and they ought not to seriously affect the demand for Australian and New Zealand grown apples. Meanwhile Australia’s publicity campaign is apparently meeting with success. All the newspapers to-day publish photographs of school children munching apples alioard the Ferndale.

The unexpected often happens on the Stock Exchange. An example of this happened this week. Considering the troublous condit’ons in China, the heavy deficit in the national accounts, and the imminence of the Budget which must increase our a’ready enormous burden of taxation, one might have expected the Stock Exchange to be nervous and depressed, but for some unaccountable reason present conditions are distinctly cheerful, and the Exchange closed yesterday wth a display of strength that astonished members. There were marked examples of buoyancy in nearly all speculative .markets, and the firmness of gilt edged securities inspired general done, dence. The Government’s new consolidated four per cent, loan which hart been at a discount for some time has now readied par, and scrips ' and several recently floated corporation issues are also improving stead ly. The announcement of the Commonwealth’s new large loan had no depressing effect on the market, probably because it is a conversion and not new money. The terms of the issue received favourable comment in the newspapers. The loan remains open for both cash and conversion applications till the 25th.

In connection with borrowing it is interesting to note that the amount ot new capital issued in March was nearly thirty-five million, which constitutes a record foi Mardh except in the boom period of 1920. The fact that this heavy emission of new capital has not affected the existing securities is another illustration of the inherent strength of the stock markets.

MONEY MARKET. LONDON, April 11. Commenting on the Australian prospectus, the “Financial News" says that colonial securities are rather depressed owing to the fact that the Westralian underwriters are left with 56 per cent., and the news of a big Commonwealth conversion loan. Of the latter, the “Financial News” expresses an opinion that holders of maturing stock will do well to take advantage of the conversion offer.

The “Financial News” also publishes a comparison between the prices of Australian loans in London and Nev,' York, and concludes that it is cheaper for the Dominions to borrow in London as American in-

vestors are not likely to accept a lower interest rate, while faced with, so many other attractive offers. The “Financial News” draws attention to the operation of sinking funds, and characterises the new' stock as an excellent trustee investment.

WAIMATE STOCK MARKET. A REVIEW OF THE WEEK Business in the stock market s fairly brisk, and most- of the sheep offered are changing hand.; at full schedule rates. The Glenavy ;:i d Studholm-.i stock sales were held during rhe week. At the Glenavy sale the’.'-; was a yarding of 1000 fat. sheep, ccmprising the bulk of the yarding. The shortage of trucks and the d:fficulty of getting space at tie. works did not act as a deterrent at the sale, which proved a good one, the total entry (hanging hands at full rates. Prices were 24/6 to 56/for lat lambs, and up to 14/6 for fat ewes The bulk of the offering at the Studhoime ■ Sale, which comprised a fairly full yarding of both fats and stores, was sold. Values for fat stock were fully maintained, and fanners bought store sheep very f’eely. Young ewes did not receive >-*■ much attention as at the previous sale, and the offering was not. up to the same standard. Ihe prices obtained were as follows —

Eat lambs, 24/6 to 25/10; fat' wethers, from 23/6 to 24/9; fat ewes, from 8/6 to 16/-; sound-mouthed ewes from 20/- to 23/6; full-mouth-ed ewes, from 13/6 to 18/6; aged ewes, from 6/- to 9/6; young awes Horn 27/6 to 31/-; ewe lambs trim 21/6 to 23/6. A large line from Hakataramea consisting of fat and forward wethers, passed in at 18/1. tut later they were sold for more ilioney.

Private sales have been :ew Fi om 18/6 to 19/- was obtained for

a lew small lines of rape lambs, a i a line of two-tooth ewes made 30s.

REILLY’S CENTRAL PRODUCE MART Reilly's Central Produce Mart, Dunedin, report:— The market is still in favour of buyers. We respectfully ask country customers to let us have their ciders as early as possible. In poultry we have special orders for Campmes, Light bussex, Barred Plymo utii Rock, Silver Wyandotte?, Houdans, and White Leghorns, bleeding trios and show birds, and we would be pleased to hear from those who have birds for sale. In poultry we received and sold 225 hens at 3/4 to 10/6, 22 pullets 15s to 18s, 165 cockerels 3/6 to 9/6, 14b ducklings 5/2 to 7/4, all al per pair.

Section Honey: Choice 8/- 10/-, broken inferior 5/6. Cabbage: Choice 2/6, medium 1/6 Cucumbers: 4/6 to 6/6 for.glasshouse. Cauliflowers: 6/- to 10/-. Lettuce : Choice 1/-. Eggs, stamped 2/7, 2/9, case 2/5, all at per dozen.

Butter: Bulk and dairy pats 1/-. separator 1/3. Honey: Choice bulk to s|d, 101 b tins 5/6, 6/6. Comb Foundation: medium brood 3s. Blackberries: 4d to 9d. Mushrooms: 9d, 1/3. French Beans: 6Jd, 7Jd. Broad 6cans: 2d. Scarlet runners: sd. Butter beans 5d to 6d. Green Peas : 3d to sd. Local Grapes: 1/3, 1/9. Gros Colmars 2/2, Oamarus 1/2, 1/4’.d. Plums. Choice desserts 3d 4d. Coes’ late red 2d 3d. Peaches: Jam 4d, desserts 5d 7 d Pears, choice Asserts and bottling 2.|d to 31d; cooking 2d. Walnuts, 10A Peanuts, choice sd.

Christchurch Tomatoes: Choice to 3d, mediums 2d, roughs lid, Otago- Centrals 2/d 4d, locals sd*7d Cheese: Mediums 8d 81d. Tea: 51b boxes broken orangs pekoe 2/6. Beeswax: 1/4, 1/6. Horsehair 1/9. Bacon: Medium rolls 1/11 choice l/2|d.

Bacon Pigs: 7ld 7fd‘, porkers 7id

heavyweights 4|d, choppers 3d. Garlic: 5d 7d all at per lb. Queen Pines: 255. N.Z.. Passions: Halves 5s 7s. Apples: Cox’s 6/6, 10/-, Delicious 7s, 9s, Scarlet Pearmains 6/6, Worcesters 6s, 7s, Duns 6/6, Alfristons 6s, 7s, Mobb’s Royal 5/6, Inferior apples 2/6 to 4/- per case Quinces 5s 6/6. Lemons: Californians 300/360’s: Mission Brand 40/-, Oranges: American Navels and Valencias 42/6, Rarotongans 30s, Grapefruit: 33/-. Onions: Canterburys 5-6 7/6. Potatoes: Locals 9/6, Stirling and Outrams choice 5/6 7 6, Oam.■rus 4/G 6/6, inferior unsaleable. Carrots: 6s, 7/6. Swedes: 3/- 4/6. Meatmea!—lBs cwt. Oyster Grit—B/6. Fat : 12s 19s o#t. Wood Wool: 37/6. Molasses: In tins 9/6. Economic Egg Crates: 20 dozen 16s, Champion 18/6. Fowl wheat: 6/4, 8/- for special quality. Oats: “A” Grade to 3/-, “B’' Grade to 2/9 per bushel. Oat sheaf Chaff: choice £4 10s to £5

Giraffe brand lime sulphur barrel 1/11.

Black Leaf “40” : 21b ting 15s, 101 b tins 50/-, Mb tins 5/3. Apple wrapping paper : Finest sulphate paper 10 x 10, 3/9 per ream of 8 lbs.

Spray Pumps: 12/6 to £5. Lightning fruit grader: Finest or. the market ranging in price from £33 to £lOO. Ellis Fruit Grader £2l. Bran, £7 10/-. Pollard, £lO. Reilly’s Central Produce Mart, Ltd. Moray Place, Dunedin.