COMMERCIAL

Press, Volume LXXI, Issue 21413, 4 March 1935, Page 8

COMMERCIAL

* (CONTINUED FROM PAGE 13) TEKAPO EWE FAIR YARDING OF 21,000 SHEEP A SATISFACTORY SALE

The annual sale of high country sheep took-place on Saturday at Tekapo and attracted a yarding of about 21.000, about the same as last year's. The sheep were in good condition and there was a large number of buyers present. The sale throughout was a satisfactory one and exceeded expectations. Because of the dry*season experienced, it was thought that there would not be such a demand from North Canterbury as usual, but a good proportion of the offerings were disposed of to northern buyers, a larger proportion, however, going to the south. All young sheep in good condition were keenly competed for. The range of prices was as follows: Ewes Extra good halfbrcd two-tooth, 27s to 30s 2d. Medium halfbred two-tooth, 22s 7d to 25s 6d. Good four and six-tooth halfbred. 24s <Jd to 275. Medium four and six-tooth halfbred, io 20s (id. Full and f.m. halfbred, to 14s 6d. Cast merino, 3s lOd to 9s Id. Merino ewe lambs, to lis 6d. Halfbrcd ewe lambs, good, to 20s; medium, to 18s 9d.

Wethers Good halfbred two-tooth, 13s to 16s KJd. Medium hallbred two-tooth, lo 12s Cd. Ordinary Jour to eight-tooth halfbred, to lis. Full and failing-mouth merino, to 9s. Halfbred wether lambs, good, to 10s 3d. Halfbred wether lambs, medium, 7s lo 7s Od. Merino wether lambs, good, to 8s Bd. Merino wether lambs, medium, 5s to 7s Cd. Among file principal sales were: Rhoborough Downs, 2G2 wether lambs, 7s. Lake Station. 653 wether lambs, 7s lid; HO mixed sex lambs. 7s lOd: 292 lull-mouth ewes. 14s !)d. Irishman's Creek, 1000 merino wether lambs, 8s 2d; 286 mixed sex lambs, 4s 7d; 41 ewe lambs, 13s; 650 cast ewes, 7s 3d to Bs. Glentanner, 431 lull-mouth merino ewes. 10s lOd; 38(1 full-mouth merino wethers. 7s 2d. Tekapo. 584 merino wether lambs, 8s 3d; 94 merino ewe lambs, lis (id; 118 merino ewes, mixed) ages, 12s (id: 37 merino wethers, two- I tooth, 12s 2d; 247 merino ewes, 8s lOd. j Holbrook, 2(15 five-year hallbred ewes ; !)s Cd. Balmoral, 167 two-tooth ewe:;, : lirst cross Romney-merino, 29s 3d; 403 , full-mouth wethers. 3s to 3s: 83 two, i fourth, and six-tooth wethers. 17s 6d. j Godley Peaks, 230 two-toolh ewes, first ! cross English Leicester-merino. 28s 3d; ' 'B3 same, 22s 7d: 103 merino ewes. 4s !d; 122 wethers (is Id: 60 two and lour- ) tooth wethers 13s 2d. Grampians. 481 lull-mouth merino ewes, 7s 7d. Mount John, 463 halfbred wether lambs, 8.-: i (id: 78 halfbred wether lambs, 4s; 93 halfbred wether lambs. 13s 2d. Mount ' Edward, 666 four-tooth merino wethers, ; 15s; 228 four-tooth merino wethers?. 13s lOd: 150 full-mouth merino wethers, j lis 3d. Mary burn. 543 comeback wether ! lambs. 8s 9d. Simon's Pass. 41 two- ! (ooth ewes, 23s 9d; 69 mixed sex lambs. M* -Id

AUSTRALIAN LOANS FAIIA'IfK OK CONVERSION issn-: The lesult of the Australian Conversion Loan, which opened in London on January 18 and closed at the end of the month with about 60 per cent. of applications, leaving some £8.000,000 in the hands of the underwriters, has been widely commented on in the press and anions financial circles, observes the monthly summary of conditions issued by the National Bank of Australasia. The amount required. £22,384,000. had been carrying interest at 5 per cent., and was being converted at 'i\ per cent, at par. It was flie largest conversion loan attempted by Australia, and the rate was the lowest yet offered for these transactions. With previous operations, it brings the total amount converted .since October, 1932. to £146.000.000. and the annual savins in interest to approximately £2.800,000. Various reasons have been advanced for the relatively poor response to this latest conversion, many of them suggesting what might be classed as unfavourable features in the Australian position. It would appear, however, that the main reasons* lies outside of Australia, and of purely Australian finance. The decline in the favourable trade balance is accounted tor almost entirely by the drop in wool prices and a marked increase in the value of imports. The latter is due vcrv largely to the high prices for wool obtained during the previous season. With a decrease in value of exports a decline in import figures may be expected before long, tending to correct the recent unfavourable movement. Political factors, while important are always to some extent uncertain, but the determination of the Australian people to meet their obligations was so positively indicated in the last Federal elections that minor swings in political opinion should not markedly affect the outlook of investors overseas. The poor response given to loan flotations in London which followed shortly after the Australian Conversion Loan shows clearly that the investment market in England is either not over-burdened with surplus funds or is in a somewhat disturbed condition. The latter would appear the correct solution and mav be associated with political unsettlcinent in Europe.

DOLLAR-STEELING EXCHANGE The Associated Banks {other Ihiin (lie Bank of New youth Wales) quo'ted (he following rlollai-Klorline, rales on Saturday, which are subject lo alteration without notice: f.S.A. Camilla, dol. <lol. Conversion of dollar hiils received for collect ion and sale of dollar drafts and telegraphic transfers .. .. l.Sfl .( R| Purchase of dollar bills 1.81 l.sr> On a New Zealand currcnev basis those rates are equivalent to: Selling— U.S.A. Canada. dol. dol. T.T. .. .. :i.F5': :i.S6I On demand .. .. ."5.857. :?'.BBS Buying— On demand .. 3.9-Ji •'!-9-„