COMMERCIAL.

Press, Volume LVII, Issue 17113, 7 April 1921, Page 8

COMMERCIAL.

PRICE, OF BUTTER. A MINISTERIAL STATEMENT. (special to "the press.") WELLINGTON, April 6. "A statement is being made that the Government intends to use Imperial stocks of butter to force down the local price below the cost of production," said the Prime Minister (Mr Massey) to-day. "This statement is not correct; it is the reverse of correct. It is the business of the Government to do its duty to both the producers and the consumers. All that the Government knows about the Imperial stocks of butter, which are not under our control, is that the Imperial Government is ' willing under certain conditions to iell the butter at a lower price than was paid for it." •Mr Massey's statement refers to butter that was purchased by the British Government through the Imperial Supplies Department under tho contract that expired on March 31st. The price paid for this butter was 2s 6d per lb. A very large quantity of/this Imperial butter is still in the stores in New Zealand awaiting shipment. The reason why the British Government is willing to sell butter from the stores at a loss is obvious in the light of the statement cabled this week—that the wholesale price of New Zealand first and second grade butter in London is now 262s per cwt., or, roughly, 2s 44d per lb. The price already paid for the stored butter is 2s 6d per lb, and the cost .landed in London will be in'the neighbourhood of 2s 9d per lb. A further fall in the London price is predicted. REDUCTIONS IN AUSTRALIA'. . (By Cable —Irress Association—Copyright.) (Australian and N.Z. Cablo Association.) ADELAIDE, April 6. Representatives of the producing trade have, decided to reduce the price of butter by 5Jd a lb wholesale. MELBOURNE, April 6. The dairy produce merchants have decided on a reduction of the price of butter by Tid a lb wholesale, and from BJd to 9d a'lb retail. ASIATIC EGG PULP. RESTRICTIONS UPON IMPORTATION. . , (PRESS ASSOCIATION TELEGRAM.) ' WELLINGTON, April 6. . The Board of Trade states that the decision arrived at by the recent conference at Christchurch regarding restricting the importation of Asiatic eggpulp, has been approved by the Governments and that a notice prohibiting the importation of Asiatic egg-pulp except by permission of the Minister of Custom's, on the recommendation of the Board of Trade, will be gazetted shortly. The allocation between the usual importers of the quantityof eggpulp to be brought into the Dominion will be made by the Board of Trade on the basis of the business dpne during 1919. \

SHARES. Oj- Cable—Pros* Association—Copyright.) (Australian and N. 4. Caole Association.) LONDON, April 6. Bonis—Bank of Australasia, £77 10s; Bank of Ftew South Wales, £25 7s 6d;. Bank Victoria, £4 3s 9d; National Bank of New Zealand,' £5 7s 6d; Bank of New Zealand, £77 15s and £2 2s 6d.

New Zealand Loan and Mercantile, £56 10a, ex div., and £B9 ss.

METALS. ' LONDON. April 5.--The metal stocks are:— Tin—7C9s tons. Copper—l3.62S tons. Lead—23,926 tons. Spelter—l 4,427 tons. AUCKLAND LOAN. • LONDON, April 5. The Auckland loan has been oversubscribed • [A recent message from London said the

underwriting has been arranged of the City of Auckland loan of £50,000 at 6J per cent., guaranteed by the New Zealand Government.] QUEENSLAND LOAN. BRISBANE, April 6. The Government's recent loan has been oversubscribed, the amount received being £2,017.490. HIGH COMMISSIONER'S REPORT. (rRESS ASSOCIATION" TELEGRAM.) | WELLINGTON, April 6. The High Commissioner's cabled market report, dated London, April 2n<«, is as follows: — , Meat—The market is still over-supplied with frozen beef, but with the removal of control lamb prices have advanced._ Official quotations of average prices are:—New Zeaiand mutton, light-weight per lb, heavyweight S£d per lb, and ewes 7Jd per lb. New Zealand lamb from the United States of America is also free: Lamb skipped direct is worth Is to Is 2d per lb, and Australian lamb, new season, Is OJd. A sale has been made at 9Jd of New Zealand light-weight mutton, and as much as Is 3d for Australian new season lamb. Argentine chilled beef, hinds, aro quoted at Is to is 2d per lb, and fores at 7Jd per lb. The average prices of New Zealand ox beef are:—Hinds 7d .per lb, fores 5d per lb, but a sale has been made at up to 9id for hinds and 6Jd for fores for best quality. No new season New Zealand lamb is on the. market, but is expected next week. The nominated agents have agreed to sell the surplus Government New Zealand meat at the following prices, ex stores, including 14 days' storage:—Wethers BJd, owes " 7id, cut lamb Is, uncut lamb 1b OJd. Butter —Official quotations are:—New Zealand £l3 6s to £l3 10s per cwt. (2s 4Jd to 2s 4fd per lb), Australian £l2 8s to £l2 10s, Argentine £l2 4s to £l2 12s, Danish (early this week) £l2 16s to £l3 14s, Dutch £l2 14a to £l2 18s, English £l7 4s, Irish (new) £ls 18s, and Irish (old, ex stores) £ll 14s to £l2 per cwt. The Butter and Cheese Irnport Committee notifies that it is its intention to sell stocks at the following prices to first hand buyers from stores:—New Zealand £l3 2s per cwt., Australian £l2 4s, Argentine £l2. Cheese—For English there is less demand at £7 10s to £7 13s 3d per cwt. Canadian, which is in small supply, is quoted at £7 10s to £7 16s per cwt. for white, and £8 2a for coloured.' The demand for New Zealand is good at £7 2s to £7 4s per cwt for white, and £8 to £8 2s for coloured.which is scarce. The remaining stocks of New Zealand will be sold to first hand buyers at £6 12s for white, and £7 10s for coloured. Casein—The market is weak and declining. Quotations are nominal. Eennet—French is quoted at £B9, New Zealand and Australian at about £75, British £lO5, Lactic French £BO 10s, and Argentine at £57 per ton. ', . . . ~ T Hemp—The Manila market lsq steadier. J Tade, January-March shipments, have been sold at £43 per ton, and February-April to April-June shipments are now quoted at £4l ver ton. SelleTS are more reserved. The New Zealand market is dull and unchanged. Quotations, which are nominal, owing to the absence of business, are: —March-May shipment £4l per ton for high, points, and £3B 10s for fair. ' , , . • L i Wool—The Bradford market is quiet, at Inst quotations for tops, viz., 64's (merino) Ss 4d, 56's (super halfbred) 2s sd, 40 s (coarse crossbred) prepared la 2Jd.

ASHBURTON RAM FAIR. The annual ram fair was held on the Ashturton Show Grounds yesterday. There was a total entry of 1245, but a munbet of these were left at Rakaia by the Railway Department on Tuesday, and did not arrive on the ground till late yesteTday afternoon, when! the sale was practically over. There was a large attendance, but it was a very disappointing sale, the prices realised being a Jong way below those obtained at the Christ' church ram fair in March. Results: FLOCK BAMS. ENGLISH LEICESTERS. Messrs Dalgety and Co. sold:—On account of Mr D. Butterick, 3 one-shear at ljge, 8 at lg; on account of Mr G. R. Tarbotton, 5 oneshear at Jg, 20 at lg. National, Mortgage and Agency Company sold:—On account of Mr R. McDonald, 4 ore-shear at ljgs; on account of Mr G. «• Tarbotton, 10 one-shear at Jg, 5 at Jg; on account of Mr "W. Leatham, 1 one-shear at 3|ge, 4 at 3gs, 6 at 2Jga, 10 at 2igs; on account of estate late J. Taylor, 10 at 2Jgs, 5 at 2Jgs; on account of Mr D. Butterick, 3 it llgs;' on ccount of Mr J. Bonifant, 4 oneshear at 2gs, 3 at l'igs; on account of Mr I Andrew, 8 one-shear at ligs, 2 at ljgs, 4 at 2igs,S at 3ga, 2 - at Jg. Messrs Pyne, Gould, Guinness, Ltd., sold: —On account of Mr D. Butterick, 3 one-shear at ljgs, 5 at ligs; on account of Mr J. C. N. GTigg, 4 one-shear at 3igs, 9 at lg; on account of Mfe J. Dixon, 5 one-shear at 2gs, 5 at lg; on account of Miss Chalmers, 7 oneshear at ljgs; on account of Mr C. H. Adams, 2 one-shear at 2Jgs; on account of Mr G. R. Tarbotton, 10 one-shear at Jg, 10. at Jg, 5 at Is; on account of Mr I. Andrew, 3 one-shear at' Jg. Messrs H. Matson and Co. sold:—On account of Mr G. R. Tarbotton, 10 two-shear at °The N.Z. Farmers' Co-operative Association s<ld:—On account of Mr A. Orr, 4 one-shear at ljga; on account of Mr C. H. Adams, 19 one-shear at 2gs, 10 at ligs; on account of Mr H. D. Butterick, 6' one-shear at ljgs; on account of Mr R. Chapman, 10 one-shear at Jg, 2 at Jg; on account of Mr J. Bonifant, 4 four-shear at ligs, 1 at 2Jgs, 1 at 2igs; on account of late Joseph Taylor, 4 two-shear at ljgs, 11 at lige. BORDER LEICESTERS.

The N.Z. Farmers' Co-operative Association Bold:—On account of Mr L. J. Fechney, 7 one-shear at ljgs, 4 at lg; on account of Mr J W. Blair, 3- one-shear at ljgs, 12 at ljgs; on account of Mr. T. Hichards, 3 one-shear at 3gfl, 7 at 2Jga, 2 at ljgs; on account of Mr W. 0. Rennie, 2 one-shear'at 6gs, 3 ot sJgs, 1 at 3gs. The National Mortgage and Agency Company sold:—On account of Mi L. J. Fechney, 2 one-shear at l*g«, 3 at 2Jgs, 1 at 2gs, 4 two-shear at 3Jgs, 1 at 3Jgs; on account of Mr J. W. Blair, 5 one-shear at lg, ,5 at 3gs, 10 at 3Jgs; on account of Mr T. Hichards, 5 one-shear at 4-Jgs, 10 at 3Jgs. Messrs Pyne,- Gould, Guinness, Ltd., sold: —On account of Mr T. Dowling, 1 one-shear at 4gs, 1 at 2Jgs, 4 at Sgs, 4 at 2Jg3, 1 at ljgs, 6 ram lambs at ljgs; on account of Mr L. J. Fechney, 6 one-shear at 2gs, 4 at 2Jgs; on account of Mr T. Hichards, 1 one-shear at 3gs, 7 at 3gs, 8 at 2igs, 2 at 2gs. Messrs H. Matson and Co. sold:—On account of Mr E. Austin, 10 one-shear at 21gs, 3 at ljga, 2 at Jg. Mr David Friedlander sold:—On account of Mr D. McKay, 5 one-shear at 51ge, 5 at 4Jgs, 2 at 2Jgs. CORRIEDALES. The National Mortgage and Agency Company sold: —On account of Mt T. Richards, 5 three and four-shear at Jg. The N.Z. Farmers' Co-operative' Association sold: —On account of Mr J. A. Bland, 4 oneshear at ljgs, 4 at 2Jga. SOUTHDOWNS. Messrs Pyne, Gould, Guinness, Ltd., sold: —On account of Mr T. Dowling, 1 one-shear at 4igs. 1 two-shear at 88gs, 5 ram lambs at 2}ge, 1 at ligs; on account of Mr J. A. Adams, 2 two-shear and 3 one-ahear at sJgsThe WT2. Farmers' Co-operative Association sold:—On account of Mr J. As Adams, 2 oneshear at 2sge, 1 two-shear at ljgs, 1 at ljga. SHROPSHIRE S. The National Mortgage and Agency Company sold:—On account of Mr T. E. Upton, 6 one-shear at 2Jgs. ' i CLEARING SALE OF FURNITURE. ' Jones, McCrostie Company, Ltd., held a successful clearing sale on account of Mrs Whiteman on the premises, "Gayhuret," Papanui road % on Monday and Tuesday, libera was a very large attendance of the public, the contents of the 12-roomed residence being disposed of at satisfactory prices. Amongst the articles sold were the following: Flat grand piano by Schiedmayer- and Soehne, which realised £BO, occasional table £4 15s, 6 Chesterfields from £4 2a 6d to £B, glass cabinet £l3, 2 occasional tables £8 10s, carpet £3a, carpet £l2, gramophone £6, easy chairs £4 each, carpet £7 10s, 2 hall chairs £lO 10S, wardrobes £6, £7, £6, and £s=-10s, diicbesse pair £lO, bookcase £6 10s, bedstead £6 ss, gas stove £7, sea chest £4, roller •£4 ss, 'stair runner £5 10s, sewing machine £6, hearthrugs £2 each, 2 vegetable dishes £2 17s 6d, dining table and chairs £9 17s 6d, dinner service £5 lis, tea tray £3. Other articles sold at satisfactory prices.

POTATO CHOPS IN NORTH ISLAND. A merchant, writing from the North Island to a friend in Christchurch regarding the North Island potato crop, stated that he had bought twenty-five tons of Northern Star and eixty tons of Maori Chief potatoes off fifteen acres from a. North Island grower. He had received five tons of Northern Star, and the grower had then informed him that that was all he could be supplied with as the Maori Chiefs were not worth digging. This he Btates, is not an isolated case. The crop in the district (Wellington-Manawatu) will not total 40 per cent, of last year's yield per acre with a very much diminished area under crop. Hawke'e Bay is stated to be equally as badly off, owing to e. very long continued drought.

THE PBOPEBTY MAEKET. FENDALTON SUBDIVISION. Tho Fendalton property known as the old St. Barnabas Vicarage block was offered for eale in allotments by Jones, McCrostie Co., Ltd., yesterday afternoon. A few sections were sold, but tho majority of the lots were passed at figures somewhat below the Teeerves. Details are: Lots 1 and 2—lr 23p, £525, passed. Lot 3—30.2p, £205, passed. Lot 4—3 op, £210,. Mr i. W. Jones. Lot. s—3op, £235, Mr J. W. Jones. Lot 6—2r Up. and largo house, £2450, passed. Lot 7—37p, £270, passed. Lot 9—lr 13p, £-290, passed. Lot 10—32.3p, £l9O, passed. Lot 11—30.2p, £l3O, ptssed. Lot 12—lr 16.5p, £2OO, Mr T. Archey. Lot 13—32p, £2820, passed. Lot 17—33.3p, £2OO, passed. A big sheep run on the Chatham Islands containing 10,000 acres freehold, with stock running_ into 7000 sheep and some cattle, was offered "by the Farmers' Co-op., 'but did not find a buyer.

The lease of a farm property of 266 acres in the Hororata-Hawkins district was also offered, and disposed of at 159 per acre.

, BUENSIDE MAEKET. (PBESS ASSOCIATION TELEGRAM.) DUNEDIN, April 6. There, were large supplies of fat stock in each department at Jtiurnside to-day, and prices generally ruled below late values. The store cattle market was particularly quiet, prices going • from bad to worse. This was due in a great measure to a prospective shortage of winter feed. Fat Cattle—There was a yarding of 278 head, including a good proportion of prime heavy cattle. The sale opened about 20s per head easier than last week, and before the close dropped another 10s. Numbers of cattle not reaching owner's ideas of values were turned out unsold. Prime ox beef sold at as low as 35s per 1001b, and cow beef down to 20s per 1001b. Extra prime bullocks made £l7 lOs to £2O, prime £l3 10s to £l6, medium £ll to £l3, and lighter £9 and upwards. Extra prime heavy cows and heifers made £l4 to £ls 15s, prime £ll to £l4, medium £8 to £ll, and lighter £7 and upwards. Sheep—There was a yarding of 4000 head. The quality was of medium description, and the yarding was composed mainly of ewes, although a fair number of pens contained good wethers. Competition was not nearly so keen, and values for heavy-weight wethers were 2s to 3s per head lower, while the prices for ewes showed a reduction of about 2a per head as compared with last week's rates. Prime wethers made 21s 9d to 26s 6d, medium 17s 6d to 20s 6d, and light and unfinished 14s» and upwards. Extra prime heavy-weight ewes made up to 27s 6d, prime 18s to 24s 3d, medium i4s 6d to 17s, and light and aged 10s and upwards. Lambs—There was a yarding of 2295, of mixed quality. The demand was not keen, and from appearances export buyers were not operating up io recent limits, the result being that the sal© wao weaker, and prices declined to the extent of 4s per head. Extra prime made up to 20s, prime 15s to 17s, medium 12s to 14s, and light and unfinished 8s and upwards. Store Cattle—iA full yarding was offered, which met with a most inanimate sale. A number of pens contained good three-year-old steers, in forward condition, and these were sold at prices Tanging from £4 to £5 9s per head. Inferior sorts were difficult to quit nt any price, and many pens were passed unsold. Pigs—Thero was a largo yarding, which was somewhat eagerly competed for. Baconers and porkers realised values equal to last week's rates.

COMMERCIAL REPORT. The City Market report that their weekly sales are still- well attended, every department week by week establishing firm 'business. The produce, , land department, poultry pens are snowing marked improvement. Auction sales both in town and country keep this department very busy indeed, and already many clearing sales are booked for future dates. Having held a clearing sale account Mr Collins, Prebbleton, when there was a good attendance; every lot found keen purchasers. Also, account Mr Johnson, Mil-, ton "street, furniture and effects. A general clearance was made, depression spoken of in most business houses being cast aside at these eales. H. C. Smith, auctioneer. 4507'

CHRISTCHURCH STOCK EXCHANGE. Latest quotations:— Buyers. Sellers. £ «. d. M t. d. DEBETmiRES—TT.Zi Govt. 4J per cent. Insc., 1938 .. 79 10 0 80 10 0 N.Z. Govt. 4§ per cent. Bonds, J938 ..' 79 10 0 ,80 10 0 N.Z. Govt. 6 per cent. Inscribed, 1927 .. 88 ,0 0 - N.Z. Govt., 5j per ce»t. Inscribed, 1983 .. 88 15 0 N.Z. Govt. 5J per cent. Bonds, 1933 .. 88 15 5 69 10 0 BANKS— Australasia (ex div. and cum. rights) .'. New South Wales .. New Zealand .. 2 5 3 2 7 6 FROZEN MEAT— Canterbury .. G«ar .. .. N.Z. Refrigerating (£1 paid) .... N.Z. Refrigerating (10s paid) .. .. 014 9 015 B COAL- ' Westport-Stockton (8 per oent. non-cum. pref.) 0 9 8 WOOLLENS— Wellington' .. MISCELLANEOUS— Colonial Sugar (Fiji and N.Z. 6 per cent, pref.) Mason, Struthers (£1 pd.) Mason. Struthers (4s pd.) 0 4 0 N.Z. Farmers' Co-op. (JES paid) .. .. N.Z. Farmers' Co-op. (£2 paid) .. 1 19 0 Papuan Products .. 0 10 Whitoombe and' Tombs 210 0 217 6 MINING— Waihi .. ..' 1 7 3 WTaihi Grand Junction 0 7 6

AUCKLAND, April 6. Sales on 'Change—South British, 295; Auckland Gas, 235; Kauri Timber Company, 24a. DUNEDIN April 6. Sales on 'Change—Bank of New Zealand?, 45a (three sales), 46s 6d (two sales);' Rase and Shine, 7s; Soldiers' Bonds, £B9. LIME. The Mount Somera Lime and Stone Co., Ltd., having installed more power and crushing plant, are now in a position to supply Carbonate of Lime for immediate delivery. Order for delivery now, and save disappointment later on. THE MT. SOMERS LIME AND STONE CO., LTD., 173 Cashel street, Christchurch. 'Phone 4158. Box 637, Christchurch. i