OAT MARKET.

Press, Volume LXIII, Issue 18898, 13 January 1927, Page 10

OAT MARKET.

HOPEFUL OUTLOOK. REPORT TO FARMERS' UNION. Some interesting details regarding the position of the market for oats were given by Mr \V. W. Mulholland at yesterday's meeting of the North Canterbury Branch of the New Zealand Farmers' Union. -Mr Mulholland said that the returns up to November 30th, 1926, showed that the stocks of grain wore 1,424,777 bushels, which was equal to 43,067 more than was available last year, of which more than half was in Otago and Southland. Stacks for threshing showed an esti. .ated decrease of 30.157 bushels. Stacks for chaff showed a decrease of 24,509 tons, as compared with last year's figures, or, expressed in equivalent terms in bushels, say 700,000 bushels. Of 124,550 tons produced in Canterbury only 8639 tons remained in stack and as apparently 4360 tons were exported it was fair to assume that local consumption was between 10,000 and' 12,000 tons per month, indicating a very short supply, and the necessity of starting immediately on new chaff in many cases. If, as was probable, farmers in Canterbury . generally needed to keep an extra stock for chaff this year, that alone would absorb the equivalent of roughly 1,500,000 bushels, which would not be available in commerce. Horses in Dominion. Jt was a common impression that the number of horses in the Dominion had largely decereased, due to the use of motor-cars, trucks, and tractors. The decrease as yet, however, was not nearly so great as supposed. From 1920 to 1926 the number decreased from 346,407 to 314,867, or barely 10 per cent.; so that the outlet was not greatly altered. Although in Canterbury at least, the yield promised to be very heavy the acreage estimated by the Government Statistician as having been sown, was i-ot a large one; in fact, it was the lowest for years past, except last year, and it would take good yields to give an average crop. It did not, therefore, seem necessary for farmers to sacrifice their crops at low prices, at any rtite until the position had devebped cor.siderablv more, when it could probably be found that there was not the large ovcrsupply so frequently predict 3d. Of.ts at under 3s per bushel were cheap feeling, and farmers who could do sc to advantage, should uso as many as possible on their own farms. Tho report was adopted, and it was decided to send copies to all branches and provincial executives. LAMBTON QUAY SITE. LEASE SOLD. [THE PES3S Special Service.] WELLINGTON, January 12. The lease of the section of land in La-inbtbn quay, owned by the City Council and occupied by Mr J." A. Doherty, tailor, and the Le Grove Typewriter Co., Etd., was sold by auction to-day. . Tho lease is for 21 years wjth perpetual right of renewal and revaluation. The- upset rental was £758, and bidding reached £l3lO when the section was knocked down to tho firm of Thompson and East. The rental represents a value of £650 a foot. The Council stipulated that a building.. of the value of £24,000 must be erected on ■ the land. SYDNEY WOOL SALES. (BT CjIBLI—PBESB ASSOCIATION—COPTBIQHT.) (AUSTRALIAN AND V.Z. CABLI ASSOCIATION.) (Received January 12th, 11.48 p.m.) SYDNEY, January 12. The wool sales showed a good deal of irregularity for wools wanting in quality. Dusty and burry wools were also irregular. Comebacks and crossbreds met good competition at late rates. Greasy merino sold to 32d.

GROWN LAND SALE. KEEN BIDDING. Yesterday, at the Crown Lands Offices, some 06 acres of land, situated about 5$ miles from Eangiora, and 1} miles from Woodend, was put up for public auction. The land was warm and dry, and very suitable for tree-planting. The upset price was £220. After very spirited bidding the property was sold to Mr Robert Petrie, Woodend, for the sum of £4lO. DAIRY PRODUCE. \ The New Zealand Dairy Produce Board advises that the following sales have been made on the London market for the four weeks ended January 7th:— Butter—Creamery. 130,086 boxes; whey, 2916 boxes. Cheese —39,889 crates. For the purpose of assessing values it may bo taken that the sales represent to mid-October grodings for butter, and. the first week October-.gradings for cheese. The average prices realised in London* for the above were as follows:—Butter—Creamery 171s 6d per cwt, whey 149s per cwt. Cheese —93a 3d per cwt.

Total straight-out sales by the Board of butter to Canada, through Montreal and Vancouver, to date, are 85,700 boxes. The Hororata, which sailed in November, took 15,000 boxes butter on optional bills of lading for New York and London. A total of 4000 boxes of this shipment were sold at Panama, and the balance at New York. The Arawa, sailing January 12th, for New York, takes 16,000 boxes on New YorkLondon optional bills of lading, and tho Devon, sailing February Ist, will also take butter for New York.

FARM DRILL CO.

Tho Bristow Pneumatic Farm Drill Co.. Ltd., with a nominal capital of £30,000, went to allotment last Saturday.

LAND SALE REPORT. Tl. C. Smith, auctioneer, The City Market, 550 Colombo fctroct. reports having sold, on the JCth inst.. account Mr J. Coakiey, his superior household property, situated No. 10 Disraeli street, Addington. comprising residome of five rooms, with 20 perches of land, to Mrs G. M. Wherner. 5737 EGG AUCTION. The Canterbury Co-op. Voulry Producers, Ltd.. held thoir weekly auction sale of eggs yestcrdny. Supplier were very plentiful for this period, and th« market was dull. A further drop of a penny a dozen took place. PrirpF realised woro Is Gd to 1* 7d for first, la Sid to Is fld for sn-onds, ducks Is 7d, according to grade and quality. —8

CHRISTCHURCH STOCK EXCHANGE.

YESTERDAY'S TRANSACTIONS. Saies reported:— Western Australian Bank, 54a Ed; Electro. Zinc lorcD, 36s 6d V-.'> South British, 56s 9d. Sales on 'Change: Westprn Australian Bank, 54a 6d '.!>>; Bank of Victoria (ord.i, £lO Is; Staples Brewery, 3Ss; Electro. Zinc lord.), 3£s 7d (2). LATEST QUOTATIONS.

OTHER EXCHANGES. (FBE3B 4.9BOCUTIOK TSLIOBAKg.) AUCKLAND, January 12. Sharemarket sales—sew Zealand Insurance, 37s 6d; South British, 56s 9d; Taupin Coal 225; Milne and Choyce Debenture Stock 24s 3d; Alburnia 3s 7d; Moanataian (con.), 4s lOd; Kawarau. 3s 4d; New Waiotahi (con.), Is. WELLINGTON, January 12. Salra reported—Union Bank of Australia, £ls 7s 9d; New Zealand Insurance, £1 17s Gd; South British, £2 16a 6d. INVERCARGILL, January 12. Sales reported—Bank of New Zealand Stock, 59s sd; Inscribed Stock, 1938, at £96 15s.

BURNSIDE MARKET.

(rBESS ASSOCIATION TELEGRAM.)

DUNBDIN, January 12. At Burnside to-day, the heavier eheep cheapened by la 3d, ewes by from Is to la 6d, and fat pigs' by about 10s. Light and prime fat cattle were dearer by 15s. Lambs were unaltered though sought by local and foreign exporters as well as 'by butchers. Sheep—A penning of 1929. Shorn sheep, except for a few medium quality mixed animals, made up the bulk of the entry, but a good many plain ewes were included. Inc sale was dull and the heaviest sheep cased by about Is 3d per head, and ewes by from Is to Is 6d. Light, prime wethers were unchanged. Prices: Extra prime heavy wethers 31s to 33s prime heavy 26s to 275, lighter 22s t» 24s 9d, best ewes 22s to 245, medium 17s to 20s, inferior 12s to 15s. Extra heavy wether mutton made 4£d per pound, prime 4d and twe 3Jd to 4jd. Lambs—A penning of 803 was comprised of well-grown lambs, mostly of from fair to good quality and some unfinished. Prices all round were practically on a par with last week's. Local and foreign exporters were operating together with the butchers. Prices: Heavy lambs I6s to 28s 6d, light prime 23s 9d to 25a, medium 20s to 22s 6d, unfinished 18s to 19s. Heavy lambs made 7d per pound, prime freezers 8d to BJd. Fat cattle—A small yarding of 176 of quality not up to the standard of recent entries, the proportion of females being noticeable, but apparently there wore sufficient prime bullocks to meet the slack demand experiensed. The earlier prices showed an improvement of about 15s per head for light prime cattle and heavy cattle were unchanged. Prices: Prime heavy bullocks £l3 5s to £l4 5s lighter £lO 10s to £ll ss, heifers £7 53 to £9 extra good cows to about £lO 10s, prime £6 15s to £7 ss; prime ox beef 32s per 1001b, plain 30s, heifers 3'2s Gd, cows and light heifers 25s to 27s 6d. Store cattle—Those forward numbered 190 and with the exception of some 20 three-year-old bullocks were medium cows and young stock. There was a slow sale and cows realised last sale's rates. The steers made from £8 5s to £9 10a per head. Pigs—A big penning of 134 fats and 74 stores. For fats the opening demand was good, but enquiry fell off and prices receded about 10s to the equivalent of the rates ruling a fortnight ago.

CARRERAS LTD.

TOBACCO AND CIGARETTE MANUFACTUK'SKS.

After writing off all charges, including advertising, depreciations, directors' remunerations, etc., the accounts show an available balance of ±-1,390,387. The director recommend a final dividend on the ordinary and "A" ordinary shares of 35 per cent. ("3 per share), free of income-tax, malting 50 per cent, free of lax for the year. One hundred and twenty-five thousand pounds has been placed to reserve for taxes, ±"22,918 to em ployees' superannuation fund, preferenco share dividends absorb £20,000, and the balance carried forward is £921,153. Out of this balance it is proposed to capitalist £300,000 and to distribute bonus shares in the proportion of one bonus share for erery two ordinary and-or "A" ordinary shares held by shareholders on January 6th, 1927. This wi!l leave a net cam- forward to next year's accounts of £021,153.

N.S.W. HARVEST.

FAVOURABLE OUTLOOK. (from on; ows correstondest.-i .SYDNEY. January .1. Although tho capricious di>puMtiou of politicians has 1i:k1 a dijturhinjj; effect upon trade and commerce, the now year open a brightly, t to bounteous rains. Tlio harvest pro.— pects are good, dopite the fact, thai very considerable stretches of country have been swept by lire, with tin: consequent loss of growing' crop.--, as well as bajigpd wheat. The damage is estimated ~at £IOO.OOO in one shire alone. Heavy winds have ako affected the better yielding varieties of wheat, tho loss in several districts averadnr; a bag to tho acre. While the estimates of the total harvest must obviously be affected by these losses, the probabilities now jjoint to a harvest of between 40 and 4-J million bushels, which is well above the average. The hav harvest was completed in almost * ideal weather in the principal centres. Perhaps the most, gratifying feature of the season has ken the keener interest evinced by growers in the selection of the best varieties and in tho treatment of their seed. The majority of farms have shown a distinct decrease in the amount of disease present in the crops, and the most dreaded of all—burnt or stinking smut —which so seriously affects the grain for milling purposes, Mas this year almost negligible. This was due largely to the widespread adoption of the dry copper earlxiiniie treatment, for which the vState has 10 thank ]>r. G. P. Darnell-Smith, tho Government Biologist, and Mr Ilu«h Ross, manager of one of the State experimental farms. The last, month of the old year was one of extraordinary fluctuations, for it witnessed bush fires unparalleled for several years, followed by heavy rains which have completely transformed the outlook, and -which, indeed, have been so heavv ii, some parts nearer Sydney as to drive people out of their flooded homes.

AUSTRALIAN FLOUR.

DECLINE IN PRICE.

(rEESS ASSOCIATION TELEGRAM.) WELLINGTON, January 12. Cable advice has been received that flour in Melbourne has declined 5s- a ton, and is now £ll os. It. is understood that large New Zealand orders have been placed at a landed price lower than the South Island quotation.

WORLD'S WHEAT

A FORECAST. The Bureau of General Statistics of the International Institute of Agriculture stales: On the basis of statistical information at hand, the quantity of wheat theoretically available- for export at August Ist, 1326, amounted to about 193 million centals for Canada, 110 million foi the United States, 5 million for India, 20 million for Argentina and 5 'million for Australia; or altogether a total of about 312 million centals will cover the available outside supplies from which import countries can draw for their needs during the commercial year August Ist 1928 to Juiy 31st 1927. To theso 342 million centals, representing the surplus available in tho above-mentioned export couutrics at the beginning of the season, must be added: (1) the quantity that may probably be exported by a series of other surplus wheat-producing countries in tho Northern Hemisphere, (2) the probable exportable surplus of the new crops of the Southern Hemisphere which are at present ripening, and, which will be cut towards the end of the present year and the beginning of next year.

Besides Canada and tho United States, the following countries of the Northern Hemisphere have an export surplus: Bulgaria, Serb-Croat Slovene Stale, Hungary, Rumania U.S.S.R., Algeria, and Tunis. The export surplus of these countries can only be roughly estimated, as data relating to their stocks are non-existent; their apparent consumption (calculated from tho figures of production and trade) baa considerably fluctuated in recent years, therefore no reliable estimate of their probable requiremnts for the present season can be based on these, figures. Taking into account all the information available, it is regarded as likely that these countries will export during the, season 1926-1927 about 45 million centals.

In regard to the new crops of the Southern Hemisphere, although no reliable opinion can yet be given, good reports on the situa-' tion of the wheat crop from Argentina, and especially Australia (where there ha 3 been an increase in tho area sown) givo reason to expect that the surplus available for oxport will probably amount to 143 million centals.

Consequently, the total quantity theoretically available for the requirements of importing countries during the commeroial year August Ist, 192G, to July 31st, 1927, would amount to about 530 million centals. The total requirements of the importing countries for the season 1926-27 may be estimated at about 450-460 million centals.

By taking info account the quantity available for export between August Ist, 1926, and July 31st, 1927. (estimated at about 530 million centals), and tho probable requirements of importing countries (estimated at about 450,460 million centals), it appears that the available supplies of wheat are sufficient to cover consumption requirements until the next harvests in tne Northern Hemisphere, and assure a fairly large carryover at the end of the present season.

Buve rs. ?e[Iere. £ s. d. i e. d. fiovx. dekenturesper cent. Inscribed, 193S and 193'J SO l'l 0 96 15 0 [ifi- cent. Bond. 1 -:, 1938 --- 96 15 0 4J per cent. Bonds, 1939 96 10 0 — 5 per cent Bonds, 1027 09 0 0 — oj per cent. Inscribed, 1333 — 101 2 6 3J uei cent. Bonus, 1J33 101 0 0 — 5j per cent. Inscribed, 1936 100 15 0 — OTHER DEBENTURES— Rotorua Borough, 6 per cent., 1961 — 101 0 n N.Z. Breweriee, Bonds 1 4 3 1 4 s BANKs— Adelaide 8 15 0 9 0 0 Auat. Bank of Comm. 1 13 3 1 14 0 Australasia — 14 4 (i Comm. of Aust. 1 12 3 1 13 0 Comm. of Aust. (prof.; li 17 6 — E., S., and A. 8 0 0 S 11 G National o£ Australasia (£10 paid) 18 2 6 — National of Australasia (£5 paid) 9 5 0 — ■National of N.Z. 6 18 0 7 2 0 New South "Wales 46 15 0 47 2 G .Yew Zealand 2 18 9 2 19 0 Koyal (£1 paid) 1 17 6 — I>oyal (£4 paid) 7 1 0 — Union of Aust. , .. 15 5 0 IS 7 0 Victoria (ord.) a 19 0 10 2 0 Victoria (pref.) — 21 0 0 Western Australian 2 14 4 2 11 9 INSURANCE— 3 14 0 National 3 13 9 New Zealand .. 1 17 3 1 17 6 South British 2 16 7 2 17 0 LOAN AND AGENCY— Dalgcty and Co. 15 5 0 15 n 0 Goldsbrough, ilort National Mortgage 2 8 11 •2 9 2 — 3 9 0 N.Z. Loan and Merc. 0 (ord. stock) 92 0 0 99 0 N.Z. and River Plate 1 3 0 — Permanent Investment 10 0 0 — SHIPPING— P. and 0. Deferred .. 240 0 0 — Union (pref.) — 1 0 6 FROZEN MEAX — N.Z. Refrig-. (paid) .. — 0 15 3 N.Z. Refrig. (oontr.) .. 0 7 2 0 7 4 WOOLLENS— 0 10 9 Kaiapoi (173 paid) — Kaiapoi (79 paid) 0 2 6 0 3 9 Kaiapoi (pref.) 0 14 0 — COALI 16 0 Westport — Stockton (pref.) — 0 2 9 OAS — 0 5 5 Ashburton 1 17 0 Christchurch 1 5 0 1 5 6 BREWERIES— Manning 0 19 0 1 0 6 Monteith'a 0 19 6 1 1 3 New Zealand 2'10 6 2 12 9 Queensland .t 1 10 0 1 12 6 Staples 1 18 0 1 18 3 CEMENXS— 1 14 Wilson's .. •• 0 — UMBER— 6 1 9 Kauri 1 7 6 MISCELLANEOUS— 1 7 Allied Motors —• 0 Beath and Co. 1 11 0 — British Xobacco 2 10 9 2 11 9 Electro. Zinc (ord.) .. 1 16 0 1 16 7 Electro. Zinc, (pref.) .. — 3 1 17 G Henry Jones 2 9 2 9 9 Holden's Motors 2 4 6 — Mason. Struthera (£1 0 . paid) 1 2 9 1 5 Mason. Struthers (14s 0 15 paid) 0 11 9 3 Mason, Struthei3 (10a 0 11 paid) 0 10 8 2 . N.Z. Farmers' Co-op. (61 per cent. Stock, 81 0 1930) — 0 N.Z. Farmers' Fertiliser N.Z. Guarantee - Corpn. _ 4 12 0 10 6 4 Simpson and Williams 1 3 B — Whitcombe and Tbmbs 3 10 0 — MINING- . • Kawarau .. •» • * 0 8 4 0 3 6 " Mt. Lyell " •• 1 7 3 1 8 0 St. Bathans "A" 0 6 0 — discount.