FARMING & COMMERCIAL

Dominion, Volume 14, Issue 108, 31 January 1921, Page 8

FARMING & COMMERCIAL

KEWB AND NOTES

AUCTION SALES FORTHCOMING FIXTURES. TO-DAY. Show Groujida, Palmerston North, 1 p.m.— Ram fair. TO-MORROW. 157 Lambton Quay, Wellington. 10.30 a.m. —Sale of chocolates (E. Johnston and Co.) Show Grounds, Palmerston North. 12 noon. —Manawatu and West Coast ram fair. Levin Yards, 12 noon.—Stock sale 137 Lambton Quay, Wellington, 2 p.m.— Sale of 'unclaimed cargo (Hodgkins, Carver and Co.).

LONDON WOOL SALES

♦ POOR DEMAND FOR RAW MATERIAL (From Our Special Correspondent.) London, December 16. It is unfortunately impossible to report anything in the nature of an improvement in any section of this mar, ket, and though this is the season of the year when things generally are quiet, what is being experienced at the present time, particularly with regard to the raw material, and indeed in every other section, is something which is quite exceptional. The “S" series of London sales are proceeding, and the results there are anything but inspiring, it having been decided to close them at the end of this week. Since the opening one of the sales had to bo abandoned owing to fog. Under ordinary circumstances this would have been regarded as a mere incidental circumstance, but there was a certain amount of grim humour in a statement made in the Press to the eflect that this fog was a fortunate intervention. When dealing with the actual course of values it is exceedingly difficult to say how things stand. There seems to be a certain amount of reticence in some quarters respecting the reduction of Government limits, but there is no doubt that the declines which have taken place in colonial markets and the position revealed in the Bradford trade since the previous auctions- have exerted their influence. The reduced basis on which wools have been ottered, however, has not resulted in any greater freedom of sale, it being quite evident that Homo trade buyers have not been inclined to operate. When only about 15 per cent, of the daily offerings are disposed of it is evident that some influence is needed to galvanise the market into greater activity. Even superiqr Tasmanian greasy combing, including some well-known marks, and the reserve prices of which were apparently around 76d., clean, failed to make a market, though the reserve price at the previous series was around 92d. Bradford firms are apparently not. willing to pay more than 60d. clean for this class of wool, and in the absence of American competition it is fairly evident that Government reserves will have to be still further reduced. The prices put on New England 70’s and other fine wools have also been very high, in consequence of which few lots have been sold. Character of the Merinos.

There has been nothing very attractive about the merino wools offered, the scoureds being mostly inferior descriptions. No really superior wools of this class have been offered, and on some days the larger part of the merinos have been shabby, wasty Australian and Adelaide combing wools, including Sydney and Melbourne broken pieces. Government reserves for those wools have apparently been maintained, and the result has been that withdrawals have been large. On very few occasions has more than Rkl. been realised for either Sydney or Queensland wools, and judging from the few lots of scoureds sold prices have declined about 15 per eent. New Zealand scoured merinos, which were very tender and poor, have 'been limited at about 42d., a price considerably more than anyone will pay at present. With regard to crossbreds, a process Af selection has been noticeable, for a few of the best lots have boon picked out, and the remainder loft There is a remarkable difference between tho nrices fixed by the Government, on greasy 46’s-44’s wools, and what they can bo bought at in New Zealand, for this qualify o f raw material can be secured in the Dominion at the same prices Clean c.i.f. Tendon as the Government want tor thmr wool in London. A small quantity of medium New Zealand creasy crossbreds have been sold at prices ranging around 16d . which figure i® about on a parity with last series. The market for low crossbreds. whether creasy slmed, or scoured, is entirely off. Son th American crossbreds have been sold at. prices cencrallv about 15 per cent, below toe level of last series. The position of lio raw material generally is most jinsatisfae.torv. there bein" little to indicate that anv real confidence exists in firn present basis of values. The cbeapne«s of wool in-toe colonies is undoubtedly operating as a very decisive “bear movement. and no improvement in any rnw malerial soiling centre can he expected until creator develops at tho consuming end of trade. Australian Wooi-Selling Scheme. Considerable attention is drill being devoted to this matter, and it is a fact that the trade as a whole are entirelv opposed to it. The promoters. cannot have grasped the essential principles of the wool trade, or have realised that the natural operation of the law of supply and demand is the oniv means wherebv a proper market equilibrium' can he maintained. It lias been frequently emphasised that in past years, when pHemnts have been made to corner the m’nrket. these attempts signal failures, and the same thing can only hnunen again if this latest scheme is carried forward. The present position with regard to wool snnnlies is due on-f-irelv tn a * n t of circumstances which cannot no=siblv bo influenced by any such agenev ns if is proposed to put mtn operation. British Empire wool was broii’ht under Government control during the war. supplies being compelled to nass through' one channel. This rcsultprl in comiwHlton _ conco-1-irated of one point, and also in some havers 'being kept out of the market, altogether. The. latter wa= the case with regard to users in Central Europe, who no'longer had am- opportunity to buy colonial wool. The tremendous needs which developed on war account, an<i too eminent rated character of the competition resulted, however, in prices being lifted on to a phenomenal ha=K -and now that (Im war ’S over and attempts arc being made to put- the wool trade on to someMjinc ’ike a normal footing, it is found (.;...( 'imvm-s in Central Europe, are not only in dire n<v*d of clothing, but. are also severely handicapper in thm'- de.U-ir-’S wit 11 Ibis country bv the iinfavmm. nhlo rate of exchange. The only remedy for wlmt is undoubtedly an umksn-ablo c+ ., ip . o f affairs := for some co-onerafivo action which will enable the destitute countries of Europe to take thmr place once more ns bnv”rs of wool in tho wnrb’.’s market. No doubt brnve efforts .are being made bv individual firms to overcome the difficulty, mid one bears c.f various coniniodif ic= being accepted l by way of bartor for wool. Crockery, men's hat«. and other articles arc being received in this country from Central Europe, and wool is being sent in return for some of them. These articles can bo placed on the market here at much more riwsonablo prices British manufacturers can offer them, and this makes tho goods all tho more attractive in view of the fact that they lack no-

J thing in respect of quality. To mention these goods hero may seem to have little bearing upon the Australian Prime Minister’s scheme for safeguarding colonial wool values, but if ho were to follow the example set in South Africa by endeavouring to establish sonic form of barter, the result would ultimately be far more satisfactory to all partes concerned. British Government Policy. The proposal made by tho Australian Prime Minister is all the more surprising in view of the policy pursued by the British Government and the state of trade «s it is known to exist here. One cannot help thinking that if the promoters of the British Australian Wool Realisation Association really understood the present position of tho wool manufacturing industry they would not have brought the scheme forward. There is no need to question the motive or to think that tho intentions are anything other than to safeguard the interests of. the entire industry, but looking at the question superficially it does seem as if the interests of the manufacturing end of the trade have been left out of consideration entirely. Probably it would be a good thing for growers and those who profess to be interested in their welfare if they understood more thoroughly the ideas entertained in this country among wool users. Growers may not be inclined to believe it, but there is any number of topmakers, spinners, and manufacturers hero, who express themselves as being anything but satisfied with tho low level to which raw material values have fallen. They recognise that the most satisfactory business has been done in Bradford and district when values for wool have been on a paying basis for tho growers themselves, and though it will take some time to discover a really rock bottom basis for wool, and this basis may be the means of starting business afresh, the tact stated cannot be too strongly impressed upon the colonial end of the trade. There is also the question of Government reserves. Owing to the unsatisfactory demand tho current series of London sales have been curtailed, and though limits have in some cases been considerably reduced, large quantities of wool have been withdrawn. Ono Teasan why the raw material is selling so indifferently in London is that it is cheaper in the colonies, whore wool has on a basis which will bring in tops at considerably lower prices than Ire wanted to-dny in Bradford for spo deliverv. A careful consideration of & circumstances should impress upon colonial growers the f«ct that no attempts to bolster the market are likely to be successful, and it may be verj pertinently asked: Where is . tnonev coming from to finance the vool the Australian authorities »PP al ™g wish to be placed on ono side? Their idea of its value certainly seems to be a long way below the mark.

N.Z. HEREFORDS FOR NATAL

Mr Aliater M.’Miller, president of the South African CattleA,readers Assocmhavi n i M touri«R AuSa. and New The visitors have ]ust paid a yisit to Mr Ernest Short’s stud farm at P* r<) ‘ rangi. Feilding, with the rcsnlt that the former selected two stud Hereford bulls* for Swaziland, and Mr. E. v\ . Evans selected six stud Hereford heifers end two stud bulls for shipment to Natal, this being the first shipment of cattle from New Zealand , for South Africa. The visitors consider that in too future South Africa will be a great market for New Zealand stud Hereford and Romney Marsh sheep. ■ They nre very impressed with the quality they have seen.

HIDE AND SKIN SALES

A LIFELESS MARKET. The fortnightly sales of hides and skins were held on Friday by the vanous Dalgety and Co. report that although a fair number of exporters, tanners,e and fellmongers were represented, the market was lifeless and many lots were'pasted in. Sheepskins were on a par with the rates ruling at last sale. Good, sound ox and cow hides showed an advance of Id. on last sale. T- 111 ™ 11”? in poor demand and good cask lots failed to Mesers. 'ijo'vin and Company. Limited, report:—A fair number of buyers was present, but there was little confidence in their operations, and on the whole sellers had to 'meet a more unfavourable market than was the case a fortnight ago. Heavy hides Reclined Jd. to lid., except super lines for export, which remained firm at last sale prices. Light hides declined id. to ld - Calfskins were a fraction firmer, but there was no demand whatever for inferior descriptions, the tallow markqt was lifeless. Messrs. Murray, Roberts and Co., Ltu., offered 1100 hides and calfskins and 4800 sheepskins. Dry sheepskins were easier by Id per pound, while salted were also easier. Hides showed a decline of Ml. to M. per pound in sound lots, and the inferior and damaged up to Id. per pound. Calf, however, slightly improved in price, tt’allow was considerably easier, with limited demand The Now Zealand Loan and Mercantile Agency Company, Ltd., report that fair sized catalogues were submitted to a good attendance of buyers. Prices were again low. and only best quality skins and hides elicited any competition. Damaged lots wore not wanted, and had io be disposed of at very low bids. Tallow and fat did ffivt reach brokers and owners ideas of value, and the bulk was passed ln The Wairarapa Farmers’ Co-operative Association. Ltd., report that prices for sheepskins were on a par with previous sale. Hcnvy ox hides wer» weaker. Medium ox and cow hides showed a slight improvement. Calfskins were higher, especially superior and medium to good lines, the advance on the latter amounting at times to 2d. per lb. Tallow weak. The New Zealand Farmers' Co-operative Distributing Co., Ltd., report that the market, was slightly easier. The values of sheepskins were generally on a par with those of the previous sale, with the exception of salted skins, which show a slight increase. Ox and cow hides, together with calfskins, show an average of id increase for the various grades offered The tallow market was again weak, and prices realised show a sharp decline. . , The range of prices was as under:— Shecnskin s.-Tlalfbred. 7d.; fine eross-ln-ed 4ld to 51d.: medimn-coarso crossbred, 2d to 45rf • short to half-wool. Id. to 4d.; lambs 2d tn 4d.: dead and damaged crossbred Hd to 31d.; inferior and badly <lam-no-ed' Ml to 4.V1.: nelts. Id. tn 21d.: damn, salted'and green, Is. to ss. 9d. each; pelts, salted, 6d. to Is. 6d. each; lambs, salted. 6,i tn' Is. 9d. eneh. Hides.—Ox heavy, 591 b. and over. Bd. to 12d • ox medium. 501 b. to 581 b., 7d. to 9'd.; ox. light. 491 b. end under, 3d. to 6’rl '• cow, medium. 421 b. to 541 b., 4<l. to 6Ml’;’ eow, light. 421 b. and under. 4Jd. to 6"'d ' cut. slinpy and inferior. Id. to 6d.; bi'ili’ stag, V.d. to 21d.: yearlinps. 111 b. tn 321 b 3ML to 7 5 d.; calf, superior, un 1o 161b.’. Itad. to 13M1-: calf, medium-good, un to IlHb.. 4RI. to 133 d.; calf, damaged, Id. to 61d. ... , (c„ Tallow.—ln casks. 235.; in tins. etc.. 15s. Sundries—Horse hair. 24Jd.; tails, 9d. LIVE STOCK SALES Messrs. Dalgety and Co.. Ltd., Palmerston North, report, having a fair entry ol stock at. their Fcilding sale on I'riday. when ail lambs showed an advance in price. Quotations :-~Hhecp: Small lambs, Hs 6d ■ medium woolly lambs. 13s. 9d.: forward blackface lambs, to 19s. sd. Cattle- Young bulls, to £4 ss. The New Zealand Loan and Mercantile Aeencv Company, Ltd., report, on their Ekelahiina sale, held cn Thursday. z we had a fair entry of sheep, and thorn was ,'foir attendance, but mostly onlookers. Competition was dull and bids hard to get A rood deal of the stock went out, unsold. We quote: 4 and 5-year ewes. 12s. 6d to 135.: fat ewes. £1: b.f. lambs, 12s. Id • fair shorn lambs. 6s. to Bs. 6d. Messrs. Abraham and Williams. Ltd., report on Fellding sale:—We had a fair vnrding of sheen, consisting mostly of rape and store lambs. There was a distinct improvement in the lamb inarkct. ranc lamb's especially being engrrlv sought after. Store lambs also sold well.

A small entry of cattle sold at late rates. We quote: Blackfaced rape lambs, shorn, 17s. Id.; woolly, 18s., 17s. 2d., 15s. 2d.; whitefaced, 13s. to 16s. 3d.; store lambs, Bst. 6d.» 95., 10s., to 12s-.; fat ewes, 235. 3d., 225. 9d. Cattle: Fat cows, £8 12s. 6d. to £9 55.; forward cows, £5 10s., £6, £6 12s. 6d. to £7 55.; 15-month heifers, empty, £4 17s. 6d.; store cows, £3 10s., £4 10s.. to £5; weaner heifers, to 355.; dairy cows, to £l6 IQs.: bulls. £4 155., £5 2s. 6d., £8 17s. 6d. to £9 2s. 6d.

COMMERCIAL ITEMS INVESTMENT SHARES. A tale of 'Wellington Woollen .rdinarv shares at £lO ss. wua reported on Saturday. Tho quotations were as follow:— Buyeru Seller*.

CUSTOMS RETURNS. Customs revenue collected at the port of Wellington on Saturday totalled £3729 18s. 9d.

LONDON -PRODUCE MARKETS. Australian-New Zealand C.nble Association. (Rec. January 30. 5.5 p.m.) London, January 29. Cotton.— February shipment, 9.17 d. per lb. Rubber—Fine hard para.. 12Jd. per lb.: plantation, first latex crepe, 12gd.; smoked ribbed sheet, lOd. Jute.— January-February shipment, £37 P Hem°m—Dull. January-March shipment, £5l per ton. . . i-tt c. Copra.—January-March shipment, £33 os. per ton. Linseed Oil—£3o 10s. per ton. x Turpentine, 80s. per cwt.

MINING NEWS

WELLINGTON SHARE MARKET. Tho following was the only quotation recorded in the mining market on SatBrd - ay: “ Bn vers. Sellers. £ s. d. £ s. d. Waihl 19 6 —

£ «. d. £ 8. d. Inscribed Stock. 1933 90 15 0 91 5 0 War Honda, 1938 S3 0 0 — War Bonds, 1933 Inscribed Stock (P.O. 5J), 90 15 0 91 0 0 1927 88 0 0 —— Bank Australasia 83 0 0 — National Bank 5 12 5 16 0 Bank N.S.W 31 17 6 32 15 0 Bank New Zealand 2 9 0 2 10 0 Union Bank 12 0 0 12 10 A Balgety and Co 10 0 0 Goldsbrough Mort 1 14 0 National Mortgage —■ 4 15 0 National Mortgage (Lon4 15 don Reg.) •••; — 0 Loan and Mer. (ora.) ... Well. Trust and Loan — 92 0 0 6 0 0 6 0 Well. Gas (ord.) 10 5 0 — National Insurance 2 15 0 N.Z. Insurance (cum.) ... 1 6 6 Routh British Insurance 7 19 0 8 1 6 Standard Insurance 2 6 0 Huddart-Parker (ord.) ... 2 4 9 2 5 9 Union Steam (pref.) 0 18 9 0 19 6 P. and O. Def. Stock — 360 0 0 Kaiapoi Woollen (ord.) ... Well. iWooUcn (pref.), (£3 — 1 9 0 15s. paid) 8 7 6 —- Taupiri Goal 0 16 9 — Westport Coal 1 7 6 —— Waipa Coal 0 14 10 Leyland-O’Brien Timber Farmers' Co-op. Auction1 14 6 1 16 6 poring (pref.) — 1 0 6 Howard Smith . 2 0 0 — Newton King (pref.) —• 0 19 0 N.Z. Paper Milla 1 8 8 Wairarapa Farmers (£5) — 6 6 0 Wairarana Farmers (£1) — 1 6 0 Wairarapa Farm, (pref.) — 1 0 0 Ward and Co 1 2 3 Wilson’s Cement 0 16 9 0 17 3 Booth, Macdonald (pref.) — 1 0 0