FARMING & COMMERCIAL

Dominion, Volume 14, Issue 120, 14 February 1921, Page 8

FARMING & COMMERCIAL

NEWS AND NOTES

AUCTION SALES

FORTHCOMING FIXTURES. TO-DAY. 137 Lambton Quay. Wellingio.i, 10.30 am. -Sale of poultry and vegetables Ulodgkins. Carver ana Cod. Man gall a-o Yards, Uauncvirkc, 11.30 a.in. — Ewe fair (Wairarapa Farmers). Johnsonville Yards, 12 noon.-Stock sale. TO-MORROW. 157 Lambton Quay, Wellington, 10.30 a.m. —Sale of grass seed (E Johnston and Co.). 141 Manners Street. Wellington. 1.30 p.m.— Furniture sale (Wheatley and Co.). Levin Yards, 12 noon.—Stock sale. 113 Thorndon Quay, Wellington, 2 p.m.— Sale of horses, vans, harness, etc.. (11. E. Leighton). Wanganui Ram Fair. WEDNESDAY. Waikanae Yards, 12 noon.—Stock sale. Randwick Road, Lower. Hutt. 1 p.m.—Sale of dairy herd (11. E. Featherston Street, Wellington. 2.30 p.m.— Property sale (Bethune and Co.). YORKSHIRE LETTER AUSTRALIAN WOOL SCHEME From Our Own Correspondent.' Bradford, December 23. Since last writing news lias come to hand of a sale of wool being held at Adelaide, at Which, values appeared to have suddenly turned in an upward direction. Messrs. Elder, Smith and Co., L’.'d., stated that for good topmaking wools competition, was better, with prices 5 to 10 per cent, higher compared with the previous sale on November 27. Other cablegrams received have no hesitation in putting the advance au 10 per cent., a clear proof that demand must 'have been keener, with buyers prepared to pay a little more. It is significant uhat tlio Home trade took a leading part in the competition, it being chiefly Bradford topmakers who supported the market. This action has surprised a few, and many have wondered why there should be any mivance in view of no Improvement in trade, there .being no likelihood of more machinery being run in the immediate future. The reason is plain to those conversant with, actual conditions which have lately prevailed in the Bradford market. The custom of importing topmakers is to sell forward and then cover their sales in colonial markets. Several leading firms have disposed of tops to be delivered in February and March, and with the knowledge that no sales were to take place in Australia in January, importing topmakers have been compelled to operate, it! being these forced purchases which led to increased competition at slightly higher values. It has not had any beneficial influence upon the Bradford market, everybody understanding that the covering movement in Adelaide has been solely dictated by the forward sales in tops. Some of the operations in London at the recent sale were on behalf of topmakers, who have to make delivery in January and one only wishes that further big shies of tops had been effected in order to compel users to buyon a still more extended scale. Australian Wool Scheme.

Sir Arthur Goldfinch has made a statement regarding the British-Austra-lian Realisation Association scheme which is bound to engage the serious attention of wool users in this country. In his usual lucid stylo he sets forth thefo/xdiug fealtmiMof thoschome which before long will bo dealt with by the British Cabinet. We doubt very much if the wool users of the West Riding have realised the seriousness of the claim, ot see it in the same light as the Director of Raw Materials. In the first place, Sir Arthur Goldfinch asserts that ‘ the Australians have a proprietary interest in half of the surplus assets of the Imperial Wool Purchase AccoiF.it.” He makes out from this that the Australian Government has a perfect right to have a voice in the disposal of the surplus wool. Sir Arthur Goldfinch says that the Australians are really entitled to 900,000 bales of the present old stock, the same quantity really being the property of the British Government. There are those who say that if that be the case, the 900,000 bales should be handed over to them to sell how, when, and where they like. Sir Arthur Goldfinch goes on to say that "the wool purchased during the past four years was not bought outright and unconditionally at the low price which was then agreed upon. There were other conditions which were just as much part of the contract as the price, and one of them was that all wool used for civilian purposes was to bo sold by the Imperial Government on joint account with the other partner, and to the best advantage. It has long ago been admitted that this implies the right of the Dominion Governments to have some say as to the selling price of the wool. I his is a very important point, and at, once raises very serious issues. It makes one wonder if, during the past three months, the British Government consulted Australia. and New Zealand in regard to maintaining limits, and refusing to sell raw material-at market prices. We have known all along that there were motives behind the maintenance of Government limits which the average wool buyer knew nothing about, and apparently it is the dual ownership which has been responsible for limits being maintained and so little wool sold. If what Sir Arthur Goldfinch says is correct, it appears that growers through their own Government are going to be the dictators of wool values and users must stand on one side. But can such an attitude lie expected? We very much doubt it. This realisation scheme has been very seriously discussed by every member of the wool trade; and users assert that they will not be coerced into buying the raw material at above a market price, no matter whether that price be 6d. per lb. for crossbreds and 12d. per lb. for merinos. If it is decided to take off the market 2.000,000 bales of wool, the probability is that, this action will react upon the promoters, or at least upon the growers whom it is intended to benefit, for there are other factors operating to-dav in determining wool prices besides the presence of big unconsumed stocks in England, and in all wool-growing countries. There are ihoss who go so far as to say *that the taking out of the market the present big stock of wool will not encourage higher prices, but if a common agreement can be arrived at between the Australian and British Governments for the sale of these big stocks, then both countries will be satisfied. We still maintain that the law of supply and demand wil bo tne determining factor. HIDE AND SKIN SALES AN IMPROVED MARKET. The fortnightly sales of hides, skins, and tallow were held on Friday by the various brokers Messrs. Dalgety and Co. report that medium catalogues were offered to an ■average attendance of buyers. Prices for dry skins advanced Id. per lb., and salted Is. each, as against the rates ruling at last sale. Sound ox and cow hides appreciated by id. per lb., super calf by 2d. . Messrs. Murray, Roberts and Co., Ltd., submitted a catalogue of 3800 sheepskins and 1500 hides ami calfskins. Better competition prevailed, and prices snowed an appreciation in dry skins of from jfl. to Id. over last sale's rates. Salted skins sold at par to an advance of 6d. per skin, this being consistent with the better length of wool now coming on the skins. Tho firm submitted some good lines of hides, which elicited free comI petition, prices ruling from par to a

slight advance in cow hides, while ox hides advanced to the extent of Jd. to Jd. over last sale’s values. There was also u better demand for the inferior and damaged sorts at slightly enhanced prices. Calfskins showed an advance of 3d. on the best lots. Tallow was again easier, with little inquiry.

Messrs. Levin and Co., Ltd., report that heavy hides were slightly in sellers’ favour, whilst super lines for export remained firm at last sale prices. Light ox and cow, slightly easier. Kip and yearling advanced from Id. to Id. per lb. Calfskins were about 3d. per lb. dearer. Sheepskins: Dry lots advanced from Jd. to Id. per lb. Pelts sold about on a par with rates ruling at the sale held a fortnight ago, whilst lambs showed a slight advance. Tallow was unchanged, buyers shelving no disposition to operate.

The Wairarapa Farmers’ Co-operative Association, Ltd., report active competition. Compared with the sale held on January 28 prices all round were firmer, Hie advance on dried sheepskins being from Jd. to in some cases Id. per lb. The firm obtained up to 7Jcl. for halfbred, and up to Gid. for crossbred sheepskins. Hides also advanced in price, medium cow hides showing an improvement of over Id. per lb. Superior calfskins were sold up to 16sd., an advance of about 3d. per lb. in last sale rates. Tallow was firmer, the firm obtaining highest price, 214. for tallow in barrels. Messrs. Abraham and Williams, Ltd., report that sheepskins were in better demand, and prices appreciated considerably for best grades. 'Hides wqro also in keen demand at from Id. to id. per lb. advance; whilst calfskins of good quality advanced 2d. to 3d. per lb., all other grades being on a par with last sales. Tallow was practically neglected, and very few sales were made. The New Jl'aland Farmers’ Co-op. Distributing Co., Ltd., report that the market was slightly easier, and prices realised for the various lines offered show an average increase of Id. per lb., with the exception of superior calf, which were keenly competed for, with the result that they were raised 3d. per lb. more than at the previous sale. The tallow market was again very quiet, and prices realised show a slight decling. The range of prices was as under:— Sheepskins: Halfbred, GJd, to 7|d.; fine crossbred, s)d. to 63d.; medium to coarse crossbred, 3Jd. to ,5Jd.; short to halfwools, Id. to 33d.; lambs, 2M. to 5Jd.; dead and damaged crossbred, 13d. to 4d.; inferior anil badly damaged, Jd. to 2)d.; pelts, Id. to 2sd.; damp, salted, and green, Is. 6d. to 6s. 7d.; pelts, salted, lid. to Is. 6d.; lambs, salted, Is. to 2s. 6d Hides: Ox heavy, 591b.’up, 9ld. to 12Jd.; ox medium, 50-581 b., 5Jd. to IOJd.; ox light, 491 b. and under, 4d. to 7Jd.; cow, heavy, 551 b. and over, sd. to cow, medium, 421 b. to 541 b., 4d. to Bd. ; cow light, under 421 b., 4d. to 6Jd.; cut, slippy, and inferior, Id. to 76d.; bull stag, Id. to 3Jd.; yearlings (111 b. to 321 b.), sd. to 7-jd.; calf, superior (up to 101 b.), lOd. to 16Jd.; calf, nictUlim to good (up to 101 b.), BJd. to 13Jd.; calf, damaged, Id. to Bd. Tallow: In casks,lss. to 245.; in tins,etc., 7s. to 13s. Sundries: Horsehair, 4d. to lOd. Tails, 9Jd. to lid. _ WOOL SALES ARRANGEMENTS FOR LONDON AUCTIONS. London, February 11. There will be an offering of 120,000 bales of Government and free wool at the London sales, commencing on February 22, and a sub-committee of Wool Merchants’ Association haa arranged that all arrivals of free wool till February 11. will be available. It has also recommended adherence to the valuations based on the- closing prices of Januaiy. The association as a -whole will consider the proposal on February 15. Aus.-N.Z. Cable Assn. ■

SAIJES IN AUSTRALIA. Melbourne, February 12. At the Geelong wool sales, 4500 baled were offered, and the bulk was purchased bv Americans, who are desirous of securing shipment to America before the proposed duty fixed by Congress operates. —Press Assn. Adelaide, February 12.

Competition was fairly general and bidding at times animated at tho intn series of the wool sales. Ten thousand bales were offered, mostly average wools. Bradford and also Continental buyers were to the fore. The demand was brisk for good 64’s.—Press Assn.

CANADIAN OPERATIONS. Toronto, February 11. Tho president of Canadian Woolgrowers’ Ltd., which is owned and operated bv sheepbreeders, annonnoea that the organisation sold 3,4f10,0M pounds of wool bast year at prices as high as 60 a pound. The average price fol aH grades was 33 cents n pound. s ‘ nce Tanuarv 1 test I,FOO,000 pounds had beensold Of the sales 45 per cent, wont to Canadian buyers, 51 percent, to_ America, and the balance to Britain. Aus.-N.Z. Cable Assn. live stock sales Tho New Zealand Loan and MereantiJo . Titd report on their Alfrcuheld on’Friday:—We had a pood Ihtrv of kheen and cattle. . Prices showed n 1 further decline, but vendors were prepared to meet the market, in meet cases. nntf tho result wa>B almost a total clearthe. sheep. Cattle were unsaJe -ther.,. 12s. to 15a • 4 n-nd 5-ycar ewc-R, 5d.. 15b. 3d., to 15b 7d • aged ewes. 7s. to 7a. 9d.: wodl” l4%bs He 3d.: b.f. lambe. shorn. 125.: white-face wether lambs . 7s. 9d. to 9s. 8-cl.; cull lambs. 3s. 3d.; 1 and 2-shear Rom-i-oma £4 45.: potter rams. ss. Messrs balgeti' and Co.. Ltd.. Palmerston North report having a fair entry of sheep at their Hnnterville sale on Tuesday Quotations:—Small lambs. 65., Is., to 8s • medium lambs, Mb.: mixed age ewes, IDs' At their Mangaweka sale on Thursday a verv good of sheen cam» to hand, the majority of which changed hands at the following prices:-Good 2tooth wethers Me. Id-: fmall lambs. 65.. Th to 8« - medium lambs. 10s. 63. .o iZs. A "line of 540 good shorn Romney-cross Wether lambs Bold at 14s. Messrs. Dalcetv and Co.. Ltd.. Palmerston ' North, report having a very good entry ot lioth sheep and cattle at tlicir Fcildtug sal® on Friday. There was a very good demand for rape lambs, but grown sheen and medium lambs were not eagerly sought after. Quotations:— Sheep: Small lambs. 7s. 4d. to Bs. 7d.; medium lambs. 10e. to 11b.: fair lambs, to 13s ; pood wether woolly lambs, 13a Id- to 14 r .. white-faco rape lambs, to 15s. 10d.: blark-face rape lambs, to 19s. 3d.: pond 4 and 5-year ewes. nrinciDally 4-year-olds. 19s. 6d. to 20s. 6d. Cattle: I’hnptV hHIo;R. £2 10s. to £3 10s.; 18-month steers. £3 12s. 6f1.: ’2-year steers. £4 15e.: 3-vear Btcors. £7: forward bullocks, £l2 ss. COMMERCIAL ITEMS investment shares. On Saturday sales of 44 per cent. Inscribed Stock. 1938. at £B7 10s.. and Union Bank shares nt £l2 4s. 6d„ were made on 'Change. The quotations were as fol-

N.Z. Paper Mills 18 0 - Sharland and Co. ~ 1 „ Wairarapa. Farmers (£5) — b 6 0 Wairarapa Farmers (pref.) — 1 u u Wellington Cordage — 1 1 4 Wilson’s Cement — 0 1/ TIN MARKET FIRM. (Rec. February 13, 5.5 p.m.) London. February 12. The tin market is firm on news that the Malayan Government has reduced ff-, pegged nri.ee to 100 floßars per pikul. Thh means that further supplies of Straits will not be available hero under £205 per ton. landed terms. Tin stocks total 18,104 tons. The amount on the spot is 2-741 .tons, that afloat 609 tons., and deliveries in January 1023 tons. LONDON MARKET REPORTS. (Rec. February 13, 5.5 p.m.) London, Februarv 12. Cotton.—American middling Upland, March delivery. 8.68 d. per lb. Rubber—Fine hard Para. lljd. per lb ; plantation, first latex crepe, lo o-Bd.; smoked ribbed sheet, 11 3-Bd. Jute.—March shipment, .£36 per ton. Remp—Quiet. February-April shipment, £47 per ton. Copra.—February-April shipment, £31155. per ton. Linseed oil, £33 10s. per ton. Turpentine, 70s. per cwt. HIDES AND LEATHER. (Rec. February 13, 5.5 p.m.) London, February 12. Tlio hides market is very dull and tending lower. , .... Leather.—Little business is being done in Australian as English is very cheap. Nominal quotations for treed Australian rides arc from Is. to Is. 3d. , , . , Basils.—Best grades are In fair demand, but commoner sorts are neglected. MINING NEWS WELLINGTON SHARE MARKET. The following quotations were recorded tn file mining market on Saturday:— Buyers. ' Sellers. £ 3. d. £ e. d. Waihi 17 9 19 9

low:— Buyers. r. >. d. Sellers £ 8. d. Tn scribed Stock, 1939 87 5 0 inscribed Stock. 1938 87 5 0 — inscribed a9uu ... 89 17 6 War Bonds, 1939 87 5 0 —- War Bonds. 1930 R/ 5 0 — War Honda. 1933 .... 89 15 0 90 10 0 War Bond’. 4i P.C.. 1925 — 96 10 0 Bank N.S.W - — 32 7 6 Bank New Zealand 2 7 0 2 7 6 Union Bank 12 2 0 12 5 0 Goldsbrouffh Mort 1 14 9 - • Wellington Gan (pref.) .. 0 15 9 0 17 0 7 10 a N.Z. Insurance (cum) ... 1 6 0 1 6 o S.B. Tnsurance (cum) .... 1 14 0 Standard Insurance 2 5 9 — N' Z. Hefrigeratinc (10b.) •— 1 0 3 Gear Meat — 1 16 9 Vent Export (£5) — 6 0 0 Buddart-Pa (ord.) ... 2 19 2 2 6 Knianoi Woollen (ord.) . 15 6 Mosuiel Woollen 5 0 0 — Thnnfr! Uoal (ord.) 0 1? 3 6 19 0 Well. Woollen (ord.) — 10 I) n Westport Goal 17 3 1 8 3 0. M. Banka (ord.) 1 * «