FINANCE AND COMMERCE

Press, Volume LXXIV, Issue 22515, 24 September 1938, Page 15

FINANCE AND COMMERCE

LONDON WOOL SALES active competition GOOD CLEARANCE AT FIRM RATES LONDON. September 22. At the wool sales 7915 bales were offered, including 2296 New Zealand gxid 6493 were soid. There was a good selection, chiefly of Australian merinos, which met With active competition and a good clearance at firm rates. New Zealand lots sold as follows: Greasy halfbred, Lincoln Fields, 12d 13d. BRADFORD TOPS TRADE LONDON, September 22 The Bradford market is very quiet Business is small.

MINING MOUNT MORGAN 1 Mount Morgan, Ltd., reports that for th? four wekcs ended September 21 ore mined was 68.251 tons. Ore treated was sulphine 34.550 tons, oxide'll,3Bo tons. Estimated producton of gold * and * oi c °PP er 191 tons, Stion tons from copper precipi- , MARTHA The following information has been cabled to the London office of the Martha Gold Mining Company, Waihi, Ltd.'— ' No. 3 Level—Driving east on the lode the next 59ft, assays 31s 6d a ton; over a stoping width of 4ft No. 4 Level—Edward lode: On the west section the Alpha rise has been put up a total of 45ft. The first 23ft is ore of good grade, about 4ft wide; the next 22ft assays 17s 9d a ton. The width of the lode is about lift. NEW RIVER The New River- return for the week ended September 22 is 50oz from 8000 yards in 112 hours. WHITE’S ELECTRIC The White’s Electric return for the ended September 22; is 220 z from <3OO yards in 124 hours. • 1 .

VEGETABLES AND y i. fruit CHBISTCHUjRCH MARKETS Increased supplies of all varieties of vegetables .have come forward during the week, and prices have been a little lower than last week. . Values are:— Cauliflowers, to 7s a dozen; cabbages, savoys to 13s, spring cabbages to 8s a dozen: rhubarb, 5s to 8s a dozen; lettuce, 2s to 5s a dozen, according to spinach, 2s to 4s a dozen; omqns. supplies of Australians are available,-realising to 12s a cental bag; potatoes, market over-supplied, values unchanged; hew potatoes, small quantities :;are now available, realising' to 4Jd per lb; green peas, to 4s 7d a peck; asparagus, small quantities are coming forward,- to-day’s values being, to Is 819.a' bundle.- , I Fruit—Apples; Supplies generally axe -short, and good- quality Tines are selling well. Values are:—-Delicious, 8s 6d to 9s a ease; Stunners, a few £k.tra choice to 6s 6d, others 3s to 3s; Jonathans. beat quality to 9s; cooking apples, 5s to 7s 6d. Pears: Choice dessert to 5s 6d a half-case. Tomatoes: Supplies scarce, hothouse realising to 3s 2d per lb. New Zealand lemons: • Supplies plentiful, 8s to 12s a case, new Zealand passion fruit: 9s to 11s a;box. Imported fruits: A shipment or, Queensland pineapples arrived during the week and realised 19s to 23s a ease. .Shipments arriving—On Monday next the Maui Pomare is due with a ship-' meat of Samoan and Niue - bananas, also Niue kumeras. The usual weekly shipment of Queensland pineapples is due early next week. The next shipment of Australian navel oranges is - due on Saturday, October 1, also a ■mall shipment of Australian onions. Eggs—First grade Is Id to Is 2d. seconds Is to Is OJd; Duck eggs, Is to Is Id a dozen. DUNEDIN (FBXBS ASSOCIVMO* teleokav.) . DUNEDIN, September 23. The week has been quiet in the fruit marts, with little variety of, fruit on offer. Supplies of ripe '/ananas are unobtainable. but a further consignment will arrive on Tuesday next failed from Lyttelton, ex Maui Pomare. These bananas will be green and will not be available until early the follov’ing week. The shipment for the local market. ex the Maui Pomare. will comprise 1600 cases of Samoan-grown and 570_fr°m Niue Island. The wholesale marts have sold out of their stocks of Australian oranges. The Waitaki. due from Melbourne on Thursday next, will land further supplies, but.as retailers are holding small stock? ®nly there is likely to be a shortage m the shops until the shipment arrives. L®mons are in good supply. Choice duality apples have a good demand. Supplies are easing off and practically all lines have been taken over from cool stores. small shipment of pineapples will arnve ex the Waitaki. THE POTATO MARKET response TO OVERSEAS SHIPMENTS “J am pleased to note that the local potato market has responded to overseas shipments and has-shown a firming tendency,” said Mr F. R. Picot (Director of Internal Marketing), in reply to inquiries on tbs potato market situation yesterday. Referring to the shiprvent 'to South •America by the Port Melbourne, which will leave Lyttelton next week, he said that he had seen all the grading stores yesterday and felt sure that the quantity required ~to fill the shipment, which was'expected to be some thousands of tons, would be supplied.'

CANTERBURY MARKETS SHIPMENT OF POTATOES FOR MONTEVIDEO (BY OCB COMMERCIAL EDITOR.) Friday evening. The Canterbury grain and produce markets continue to be very dull, there being little activity in any section. A shipment of potatoes is due to leave Lyttelton by the Port Melbourne next, week for Montevideo. Mr F. R. Picqt (Director of Internal Marketing), who is in Christchurch, told “The Press” that he had seen all the grading and felt sure that the quantity required to fill the shipment—originally announced as 3000 tons — would be supplied. The shipment has not made any difference to the price of potatoes on the local market, which remains at £1 10s a ton on trucks for whites and £1 15s for Dakotas. The North Island is reported to be well supplied still, and few orders are being received. The small seeds market is still very quiet. Some retail orders have been fulfilled, but whosesale business is small. Quotations The following are the prices quoted to farmers on trucks at country sidings. unless otherwise indicated:— Wheat —Milling, t.0.b., September, Tuscan 5s lid. Hunters 6s Id, Pearl 6s 3d. Oats—A Gartons to 2s lOd, B Cartons to 2s 6d, Algerians 2s 9d to 3s. Ryegrass—Perennial 3s 9d. Italian 2s 9d to 3s. Cocksfoot —Plains 8d to 9d. Akaroa 8d to Did per lb. Cowgrass—6d to Id per lb. White Clover —9d to Is per lb. Potatoes—Whites £1 10s a ton; Dakotas, £1 15s. Chaff—£4 5s a ton. Barley—Malting 4s 7|d, feed 3s a bushel. Brown top—M.d., 9d to lOd per lb. Partridge Peas—4s 3d to 5s 3d a bushel. Bran—Large £4 15s, small £5 ss. Pollard—Large £6 Sis a ton. small £6 15s. ASHBURTON MARKET Ashburton grain, seed and produce merchants report another dull period on the local market. Practically all lines of milling wheat have been cleared up. There is a fair inquiry lines of good whole fowl wheat from southern merchants. Good retail business is reported in ryegrass, clovers, and cocksfoot for spring sowing. Several lines of Dakotos have gone forward for export. There is a good demand for partridge peas for seed purposes, and supplies are scarce. The following are prices quoted to farmers, on trucks at country stations unless otherwise indicated, sacks extra, free rf commission:— Wheat—Milling Tuscan 5s lid, Hunters 6s Id, Pearl 6s 3d. Fowl wheat 5s lid (all f.0.b.). Oats—A Gartons 2s 9d, B’s 2s 6J, Algerians 2s 9d to 3s, Duns 3s to 3s 6d, according to quality. Grass Seeds—Perennial ryegrass is 9d to 4s 3d, Italian 2s 9d to 3s, cocksfoot 7d to BJd, red clover 6d to 7s, white clover lOd to Is. Clfafl—£4 5s a ton. Partridge Peas—ss- 6d for No. 1 grade; undergrade 3s 6d to 4s 6d. Barley—Malting 4s 7id, feed 3s 3d. Potatoes —Export quality £3 (sacks in) for Dakotas. ' .

DUNEDIN (fill) igIOCIATIOK TBLEOXAIt.) DUNEDIN. September 23. There is little life in the potato market and wholesale houses are finding it difficult to place stocks. Stores still hold fair quantities with values at £3 to £3 10s a ton. sacks included. The action of the Government in purchasing Red Dakotas where farmers are prepared to accept £3' a ton on trucks has not affected the position of whites to any extent. There has been strong export inquiry for a number of varieties of seeds. Australia has been interested in ryegrass and sales have been made to that country. Substantial parcels of white clover and dogstail have also been sold to England. There is a strong demand for fescue and stocks of this seed are now practically exhausted. PRODUCTION OF TIN DECLINE OVER SIX , MONTHS i ' '. CONSUMPTION 17i PER CENT. LOWER Statistics in the August bulletin of the ’ International Tin Research, and Development Council show that 82,600 tons of tin were produced in tlie first half of the current year, against 94,600 tons in the first hail of last year. • World production in July is estimated at 11,600 tons, the average over the first six months being 13,770 tons. World apparent consumption of tin m the first half of this, year, at 80,900 tons; was about 17$ per cent, below -the figure for the first half of 1937. The most severe decrease was in the United States of America, where tin consumption fell by 42. T per cent., compared with the. first half of 1937. Jn the United Kingdom there was a decrease of 29.3-per cent. 1 World production of tinplate in the first half of 1938 was 1,416,000 tons, showing a decrease of 37 per cent, on the total of 2,250,000 tons in the first Half of 1937. The estimated production in July, 1938, is 214,000 tons, against 378,000 tons in July, 1937. World visible stocks of tin increased by 1935 tons during July last t 0,29,447 tons' at the end of the month, against 25,042. tons at the end of July, 1937. A comparison of the statistics of apparent consumption and consumption in manufacture indicates that consumers’ stocks have increased by more than 7000 tons in the first half of this year, making a total increase since the beginning of 1937 of about 30,000 tons.

COMPANY NEWS Tuffnell (A. R.), Ltd. Registered as a private company September 16. OfnC©. Queen Street, Richmond.' - Capital: £3OOO Into 3000 shares of £1 each. Subscribers— Richmond: A. R. Tuffnell 2997. C. Tumuli l. I F. Tuffnell 1, Q.'W. Tuffnell I. Objects: To acquire and take over business of plumbers, sanitary engineers, etc., of A. R. Tuffnell at Rlchmohd„and Nelson and Incidental. ~ . • ■ .Southern Cross Construction Company, Ltd. Registered as a private company September 15. Office, 126 Oxford terrace. Capital: £IO,OOO Into £1 shares. Subscribers—H. Hamer 5000, L. H. Roberts 2500. Nelson: F. N Thompson 2500. Objects; Contractors.. constructional and electrical engineers, and incidental. Phit-U Tailors, Ltd. Registered as a private company September 15. Office, 202 High street. Capital: £2OOO Into £1 shares. Subscribers—P. W. Pankhurst 1999. R. P. Pankhurst 1. Objects; Acquire business, goodwill, assets, property, plant, stock-in-trade of Phit-U Tailors Addington Wrecking Company, Ltd.Registered as a private company September- 15. Office, 353 Lincoln road. Capital: £3OO into £1 shares. Subscribers: E. E. Porter 299, G. J. Porter 1, Objects: Motor garage proprietors and incidental,

rising COSTS IN FARMING

SHORTAGE OF COMPETENT LABOUR EFFECT ON DOMINION’S FUTURE (PBESS ASSOCIATION TELEGRAM.) AUCKLAND, September 23. “With the war in the East, the unsettled state of Europe, and the general disarrangement of trade channels, it would be a bold man who would attempt to forecast what is likely to happen to overseas prices,” said Mr H. E. Worsp, chairman of directors of the Auckland Farmers’ Freezing Company, Ltd., at the annual meeting. “Although we have no war in New Zealand, we have our own internal troubles, and two of these that affect the farming community very seriously are the continued rise in costs and the scarcity of farm labour. “While the increased costs of other producers and distributors are passed on to him, the primary producer selling in an unsheltered market is unable to pass increases on,” added Mr Worsp. “The margin which overseas prices allow him on his produce cannot be made stable any action he is able to take. If advancing costs or falling prices wipe out this margin, he works at a loss, and that is the prospect that is being made disagreeably real by the increase of taxation, heavier transport costs, dearer imports, and the impossibility of procuring competent farm labour even at high wages. “If the primary producer is to be handicapped by continually increasing costs and insufficient labour, he cannot maintain his production or compete at a price to meet the world’s markets, unless there is a rise in prices overseas, which at the moment does not seem likely. Then' the logical result must be that all but the most fertile land will go out of production and the national income will be so depleted that of necessity the standard of living in New Zealand will be considerably lowered.”

SMITHFIELD MARKET PRIME LAMB STEADY CHILLED BEEP SLIGHTLY EASIER WELLINGTON, September 23. Prime quality lamb is steady on the London market and second quality is slightly easier. Home-killed supplies are still heavy. Wethers are steady. Ewes are slow. Chilled beef is slightly easier, because of heavy supplies. The porker pig demand is improving and prices are firmer. Baconers are firm and prices a shade better. The New Zealand Meat Producers’ Board advises that the following are the ruling prices of wholesale quantities of the descriptions of frozen meat mentioned, and are for representative parcels of the goods sold on Thursday, September 15. Chilled beef prices are averages of the week, on which this list is issued. All prices are on the basis of delivered to Smithfield Market (previous prices are also shown):

BRITISH WHEAT MARKET LONDON, September 22. Wheat cargoes are lower and parcels are easier. Futures are quoted as follows: V

GROCERY TRADE

PRICES AND PROSPECTS Overseas grocery lines have, not varied much in price since the last report. War risk insurance has advanced, but the rise is not sufficient to make any appreciable difference in landed costs generally. In spite of the present unsettled conditions in Europe,- prices of grocery lines from the Continent have not moved much. Locally, retail trade for the week has been good, some city shops reporting business as being brisk. 81-Carbonate of Soda Recent arrivals of bi-carbonate of soda show an increase in cost of 5s a ton. Linseed Oil and Turpentine Late quotations from London, for linseed oil are at £24 and turpentine at 31s 6d cwt, f.0.b.. London, representing 2s and 2s 5Jd a gallon respectively. Pineapples The Straits Settlement Pineapple Canneries’ Association is now in operation, and armed with legal powers, it intends immediately to start on improving conditions and prices for pineapple packers. The consequence is a general hardening of prices in Singapore with sellers now holding out for higher values. For several years the pineapple industry in the Straits Settlement has been in a bad way. the producers and canners getting exceptionally low figures for their output. , The conditions became so acute that Government action was necessary. The present association has been formed under Government supervision, and it has been entrusted with the carrying out of a scheme by which growers and packers will be controlled, and prices regulated. , Butter Inquiries made yesterday showed that so far there has been no word about when the price of factory butter will be altered, in accordance with the recent advance in butter-fat prices under the Government guaranteed price scheme. Little or no cheese of new season’s make is on the market, and one report to hand indicates that certain southern factories have already announced an advance of Jd per lb for their product. Maize, Peas, and Flour

Flour is still very cheap in Australia, and if permission could be Obtained to import, Australian flour would badly upset the New Zealand prices .Values in Australia at present are £7 15s a ton. f.0.b., Melbourne. Maize at 5s and milling peas at 7s, f.0.b., Melbourne, are further interesting quotations recently to hand. Jute Goods The Indian market is firming for jute goods, principally cornsaclcs, which have advanced in Calcutta by> 2d a dozen within the last month. The firmer market is due to a recent decision of the Indian Government to enforce a restricted working week for employees engaged in the jute mills. Long hours are reported to have been worked in the past in many mills, and the new legislation will, it is expected, start by limiting, for the present, the working hours to 45 a week. The movement by the Indian Government was the result of years of work by the Indian Jute Mills Association, which has pressed for legislation which would place all mills on the same working time. Previously, mills working long hours with the cheap labour that is always available in India, have been able to under-cut other makers, and thus disturb market condilions from time to time. It is believed that the new legislation. will stabilise prices generally, and eliminate cutting. Salmon . ' A very reasonable quotation has just been received from San Francisco for new season’s Alaskan salmon. Sockeye grade. Is tails. . , . Up to yesterday/ no word had been received from Canada about the price of new season’s Chum salmon, although all other grades were quoted last week. Up to the first week in August only 25,000 cases of Chum salmon had been packed, and a very considerable quantity of this is believed to have been ordered before packing operations began. Should the August catch not improve for Chums it is quite likely that some canners will not quote this grade to New Zealand. One independent advice states that when Chum salmon is quoted it will be higher than last year. Up' to the first week in August the pack of Canadian * salmon showed Sockeyes about 20,000 cases ahead ot the previous season. Cohoes 15,000 cases ahead, and Pinks .11,000 ahead. It is apparent that the catch this season, although it will exceed the 1937 pack, will not come anywhere near the 1936 season pack. Up to August 1 the total catch of Canadian salmon was 416,200 cases, against 368,300 cases for 1937, and 725,000 cases for 1936. Onions The first shipment of new season’s Canadian onions will arrive in New Zealand on the Aorangi, due at Auckland about October 17., So far no mention has been made about the probable cost, but it is expected that values will open up similar to the first shipment last*year. The Australian market for onions is firming, and a recent quotation gave prime Brown Spanish, for export, at £l2 10s f.0.b., Melbourne, Eggs There is no change to report in the fresh egg/ market. Supplies are still abundant, and preservers as well as export buyers are , still actively engaged in buying. The market is steady at previous rates. Haricot Beans For arrival in February or March, haricot beans are now being offered. Prices have not moved much from previous quotations, but this opportunity will enable buyers to operate ex-ship for next winter's requirements. Canary Seed The Argentine market for canary seed has now reached a fairly low level, but this cannot affect the local market for fully three months. ■ Reduced quotations have recently been received, and when the seed ordered on the present price arrives, it will allow of a reasonable retail price to the public. Brazil Nuts Shelled Brazil nuts, for. dispatch from London, have been quoted on this market ,during the week. Prices are reasonable even for the better grades, and the figures should allow retail prices to be on a par if not below shelled walnuts. Brazil nuts in shell have also been quoted, and these also show good value. Rice Rangoon rice for forward shipment is at present being offered at a figure that will land well below the Australian product. • The present quotation from Rangoon is very attractive, and well worth buyers’ attention. Dried Fruit The London office of the Commonwealth Dried Fruit Export Control Board advises that for the week ended September 8, the sales of Australian dried fruit in London were satisfactory, with demand steady and likely to improve. For the week the total sales were 1396 tons, including 789 tons of sultanas at an average price pf £3B 2s 6d a ton, 397 tons of currants at an average of £26 15s a ton, and 190 tons of lexias averaging £47 15s a ton. Up to September 8 the board had shipped out of Australian 63,658 tons of dried fruit, of which 48,493 tons went to the United Kingdom, and a further 6000 tons are afloat fpr the same destination. The total shipments of dried fruit to New Zealand up to September- 8 were 3247 tons. Molasses Cabled quotations received for Javan molasses in iron drums are worth

the attention of handlers, especially as stocks in New Zealand have been on the short side. The heavy demand for molasses is practically over, but nevertheless the quotation now received from Batavia is worth following up for next season’s requirements. Canned Fruit Last week some Very low and attractive quotations were received by cablegram from San Francisco for canned fruits, particularly peaches. Orders cabled for supplies at the price named have, however, not been confirmed, and amended prices have been received, which work out a shade below the present landed costs of Australian fruit. The position is now that orders placed at the lower quotations will not be coming, and buyers cannot get confirmation except at the advanced rates. , __

Quotations are;— Last Last Sept. Uerinos — year. week. 22. d. d. d. 70’s .. 36 26 A 264 64's .. 34 i 25“ 25 60’s .. 33J 24 ’24 Crossbreds — 58’s .. 30J 21 21 56’s .. 28 19 19 50's .. 25i 17 17 , 46‘s .. *25 •16i •16J 44's .. *25 •16J •16* •Nominal.

Sept. Sept. Sept. 22. 15. Per 4b. 8. d. * d. d. New Zealand Sheep— Crossbred wethers and/ • or maiden ewes: 481b and under 34 53 53 49-561b 4} 4| 43 57-64Ib 4| 48 48 65-721b 3 44 44 Ewes: 481b and under 3S 38 33 49-561b 34 34 34 57-641b 3 3 3 65-721b ... 25 25 25 N.Z. Lambs— Canterbury: 361b and under 8 8 8 37-421b ' 8 8 8 43-501b 7* 74 74 Second quality Aver, about 311b 7 74 74 Other South Island: 361fo and under 8 8 8 37-421b 8 8 8 43-501b 74 74 74 North Island Downs: 361b and under 84 84 .84 37-421b 84 84 84 43-501b 74 74 74 Aver, about 301b 7 4 73 73 North Island; First quality: ‘ 361b and under 75 . 7? 75 37-421b 7| 75 75 Second quality;Aver, about 311b 7 74 74 Argentine Lambs— First quality: 361b and ' under 63 64 63 37-421b 64 64 64 N.Z. Porker Pigs 1 — First quality: 61-801b 7 7 65 81-1001b 63 64 63 101-1201b • 6f 6| 64 N.Z. Baconer Pigs— 121-1601b eg 6* 63 Boneless Bobby Veal— (new season’s), ex store in parcels .. .44 4 4 (Chilled beef prices are" approximate average prices realised for the week.) N.Z. Chilled BeefOx hinds. 145-2101b 5| 5| 53 Ox fores. 145-2101b 34 34 34 Australian Chilled BeefOx hinds, 145-2101b 5 54 54 Ox crops, weights corresponding 34 3i 3g Union of South Africa: Chilled Bfeef— Ox hinds. 54 _ 145-2101b BJ ■55 Ox fores, 14$-2101b 34 33 34 South Rhodesian Chilled BeefOx hinds, 145-2101b 54 '58 Ox /ores. 145-2101b 24 3 3| Argentine Chilled BeefOx hinds, 145-2101b 6 6 6| Ox fores. 145-2101b 3| 33 . 4 Uruguayan Chilled BeefOx hinds, 145-2101b 5| 53 64 Ox fores. 14S-2101b 34 34 35 Brazilian Chilled Beef— < Ox hinds, 145-2101b _ 5f 55 N.Z. Frozen Beef (second quality)— Ox hinds 35 ' Ox fores .; 34 ' ■ Australian Frozen Beef (second quality)— Ox hinds 44 _ -• Ox crops ' ■ .. ,33 ’ —

, , ' ! • - v Sept. 19, Sept. 22. London (a quarter)— s. d. s. d. October ,. 23 9 23 8 November .. 23 11J 23 8i Liverpool (a cental)— October .. 5* li 5 2| December . . 4 ll| 4 ll| March , .. 4 10| 4 9| CHICAGO FUTURES NEW YORK, September 22, Cents a Bushel. Sept. 19. Sept. 22. September .. 64J 633 December 65 64| May S6| jSSi _