FARMING & COMMERCIAL

Dominion, Volume 14, Issue 160, 2 April 1921, Page 10

FARMING & COMMERCIAL

NEWS AND NOTES

AUCTION SALKS FORTHCOMING FIXTURES. TO-DAY. Christchurch. 2 t>.m.—Property sale (Pyne, Gould, Guinness I>td.l. ' , MONDAY. Pahautanui Yards, 12 noon.—Stock sale. 157 Lambton Quay, Wellington,''2 p.m.— Sale of carpets (E. Johnston and Co.). TUESDAY. Levin Yards, 12 noon—Stock sale. 137 Lambton Quay, Wellington, 1.30 p.m.— Poultry sale (Hodgkins, Carver). YORKSHIRE LETTER ■ * FUTURE OF WOOL IN THE BALANCE (From Our Special Correspondent.) Bradford, February 10. The course of colonial auctions is causing some surpri«=e among wool users throughout the West Riding, and although firm markets are reported, many believe that the best possible construction is being put upon the sales. It is felt that if America had to letire, there would soon be a setback in values, for sufficient buying orders are riot being cabled from Bradford and Roubaix to sustain all open markets. It is more than ever apparent that whatever means may be employed by the British Australian Wool Realisation Association, the current year is going to be a very difficult time in all sections of the wool industry. Unfortunately, wool growers are liable to look at the whole situation from a very different standpoint to wool users, and the directors of B.A.W.R.A. are apparently pledged to look after their interests.

The immediate concern is the present and future course of wool values. It is of paramount importance that the Taw material should move into the l ands of consumers and so stimulate the entire textile trade. The majority feel that what buying is being done is simply for the purpose of keeping machinery running, and the only increase is in the cases where khaki orders have been obtained. As already indicated, the impression prevails that notwithstanding encouraging cables received fiom Australia, wool prices are no firmer, and that the general tendency is > lightly in favour of the buyer. Private cables state that America is less active. Apparently her wants are filled for the time being, and in face of huge stocks of raw material across the Atlantic, she cannot require any big weight of law r aterial. However the very fact of the bulk of the offerings being sold is comcthing to be thankful for, Antwerp Sales. Last week-end 5000 bales cf Australian wool were offered at Antwerp, 4500 bales finding customers. This is a different tale to what lias had to be told for the past six months, and we are glad that the'sales passed off so well. If the sales pt Liverpool this week and Hull rexl week are satisfactory, it should pave the way for the success of the series, which begin in Coleman Street on February 22. The Yorkshire trade is not so cptimislie as one would like to see, rnd i.nkss the British Australian Wool Iti.n’ieatlon Association put their reserves down to a market level they will find the offerings very coldly received. After what Sir Arthur Goldfinch has said respecting reserves, nnd now that further rctfi ctions are to be resisted .everybody is wondering what is going to happen. However, Hie Antwerp sales have shown Hat good New England merino fleece wools sold on a clean scoured basis of 42d. and good average 64’s at 40d. There was a fair offering of short carbonising wools which moved on a clean basis of 20d. to' 22(1., and anyone who can use these can today obtain some good clothing nn.terial nt practically the same price ts good carbonised merino noils. Several Verviers firms have bought short clothing merinos fairly liberally, are carbonising these, and selling them to German firms in small quantities, quick delivery being an important factor in the transaction. Character of New England Wool. New England merinos being offered at Antwerp raises a matter of real interest to users of merino wools. The district . of New England in Now South Wales begins nt Aberdeen and extend* ns far as Glen Innes, this being about the best wool-growing district in New South Wales. It is' not so much subject to drought as many parts of New South Wales and has mountain ranges which provide excellent pasture for merino sheep. This has a dircctl bearing upon the character of the wool produced, which on the whole is exceedingly good. The essential feature of New England wool is its fine 70’s to 80’s quality and the soft silk nature of the fibre. Wo should say that there is no other merino wool grown in New South. Wales that possesses the .same spinning value as that grown in the New England district. These wools usually top tho market in regard to price, the fine 'serration of the fibre which is usually full of life and elasticity, being responsible for the high count of yarn which can bo spun from them.' They also possess excellent handling properties, all of wlncn are of first importance where superior fine fabrics are wanted. Some of those wools are very much sought after by three or four Bradford and American spinners, with whom price is a secondary consideration.

The B.A.W.R.A. Sir Arthur Goldfinch has issued a private circular to members of the Colonial Wool Merchants’ Association, and also to a few leading firms of buying brokers, but during the last week the document has been made public. The statements made in this circular stand out in sharp contrast to what was said bv Sir Arthii Goldfinch at the annual dinner of the Hritish Wool Federation in Bradford last week. He tells the trade repeatedly tha 1 the British Australian Wool Realisation Association interests are identical with those of users, and yet his statements clearly indicate that he is supremely concerned about growers. Up to a. certain point nobody finds fault with this, for no buyer wants to see wool below th« price at which it must be sold to leave a profit. Apparently ilhe British Australian Wool Realisation Association is out for "preventing the selling price (of wool) falling below a remunerative level." Bo far, so good. He then goes on to tell the trade that "ifiie fall in prices must bo arrested, not by improvement in the demand, but by concerted action on the part of the sellers.” Me also informs the trade that in regard to future Bales in London, "as nwly as possible not only the offerings, but the actual sales of wool should bo in the proportion of itvo bales of old and one of new clip wool." These'statements make the trade feel what they are up against, and the policy which is being made evident is not going down at all well with any section of buyers. Notwithstanding the fair speeches made by Sir Arthur Goldfinch, everyone feels that buyers interests tire in jeopardy. Sir Arthur Goldfinch seems to propose the inauguration of a policy whereby the trade will be lifted out of its present unfortunate position, but at the same time ho suggests the introduction of ideas which very seriously affect the future interests of wool users. If the B.A.W.R.A. can prevent prices dropping below a remunerative level for growers, everyone will rejoice; but the impression prevails here that Australian "rowers do not. euro about the old wool, tho disposal of the new clip ixiliig in their estimation the matter of para-

mount importance. This concern of tho growers is natural and reasonable. Why cannot the 2,000,000 bales of old wool be put on one side, and Australia's new slip marketed The.ro is certain to be a revival of trade sooner or later, when it is possible that the old clip will be wanted at higher values than those current to-day. Many regard the proposal to put on the London market two bales of old wool to one of now as practically an insult io the Colonial Wool Merchants’Association. Their business is to look after the interests of colonial growers in the matter of the sale of their new clip woo!. The policy of tho B.A.W.R.A. is'regarded as monstrous in tho extreme. It Is considered that the same system of offering wool should be followed in Coleman Street as in Australia, and that every bale of new clip wool should be offered before any of the old wool.

HOME MARKET > CANADIANS’ BID FOR • RECOGNITION FRESH-KILLED V. FROZEN BEEF Recent files to hand, from England point to a determined move on the part of British meat tenders to prevail on the Imperial Government to remove the long-standing embargo on the importation of" Canadian store cattle. A local authority informed a Dominion reporter that the matter is of interest to the New Zealand producers in view of the assertion of those agitating for the removal of tH’« restriction that the British consumers would relish a change from chilled and frozen beef to the frosh killed article. As one member of the Council of Lancashire Meat Traders put it: “Tho British consumer has a right to bo considered and n right also to have more fresh meat when it could be got on such easy terms.” The same authority stated that he had information that there were large numbers of Canadian stores available for England if they were only allowed to come in—stores of the right type. The annual meeting of the Union of London Retail Meat Traders, discussed the question in February last! and carried a resolution—one of ‘several adopted in various parts of the country—demanding the removal of the embargo, which it was urged had long since outlived its purpose, there being conclusive proof that there hnd not been a single case of diseased cattle in Canada in the last thirty years. It may be regarded as of interest to New Zealand producers that the chairman of the' Cattle Markets Committee informed the meeting that he had been advised by the Canadian authorities that they would send some 200,000 to 300,000 animals each year wneu trade Became fully developed. I In this connection a significant statement was made ilo a meeting, of British meat traders by one of their number. He stated that a Canadian rancher had recently said to him that steers in Canada were so low in price that they were 'hardly saleable. People in England should not, he continued, be forced to eat frozen meat if they did not want to. What was required was good. English beef, and that was what Britishers 'would get if Canadian store.- cattle were coming in, for Canadian stock was good British stock. At the present time Canadians did not know what to do with their cattle. Naturally the proposed lifting of the embargo "is strenuously opposed by British farmers and graziers, and meanwhile the ultimate issue is awaited with interest.

CANTERBURY PRODUCE MARKETS

WHEAT OFFERING FREELY, By Telegraph—Press Association. Christchurch, April 1. Wheat ia offering freely in the Canterbury markets. The quality is very good 'considering hhe variable season. Millers are buying sparingly, as with the evidences of a sufficiency this season there is no object in them stocking up and paying out hard eash. Farmers, on the other hand, would like to get their wheat placed. It is now practically all thrashed and witih lower prices ruling for all . other farm products they would lilte to turn their wheat into money.

Practically nothing is doing in oats and very little is offering from farmers. Merchants have offered 2s. per bushel for A grade Gartons, which price farmers are disinclined to accept. Southland farmers in the meantime are accepting Is. 7d. on trucks and the small business offering in .neit, season’s oafs is going t'here. The chaff position is weak, in sympathy with oats, ChaffTs worth -f>2 15s. to

In barley business is practically'dealt. Brewers are not buying, their stbeks of contract-grown barlev being apparently sufficient to carry them on for some time Some farmers who declined the opening prices of 7s, to 7s. fid. have been "left,” for good malting barley has been offered at 4s. to 4s. 3d. per bushel, with buyers disinclined to operate.

Linseed has l}ben the medium of a little business, and -£8 is now the limit of offers.

Cocksfoot is worth about sd. per lb. for farmers dressed, but merchants arc indisposed to do business even at that figure. Perennial and Italian ryegrass orc not eliciting any inquiry, and 2s. 7d. U> 3s. 2d.', according to quality, about covers the offers. White clover values vary widely on account of the different quality. There is little doing, hut good heavy seed is quoted nominally at about Is., and secondary quality has been sold at Bd. There is a little movement in the potato market. Inquiries are coming from Auckland, but the scarcity of shipping is restricting operations. The price (o growers is from £3 ss. to £3 12s. Gd. per ton for April delivery. RAM FAIR AT TIMARU VERY WEAK DEMAND. By Telegraph—Press Association. Tirnaru, April I. At the ram fair to-day there were upwards of 1000 entries, but tho demand for all descriptions was extremely weak and the great bulk of the offerings were passed. Where sales were made the prices were extremely low. It was the poorest sale for many years. AUSTRALIAN POTATOES THE AMERICAN EMBARGO. Melbourne, April 1. Mr. AV. M. Hughes. Prime Minister, has announced that tho United States authorities have declined at present to remove the embargo placed upon importation of Australian potatoes. The embargo whs imposed a year ago in order to prevent diseased potatoes entering America. —Press Assn.

WELLINGTON WOOL SALES CANCELLED

The Wellington wool sale set down for April 7 has been cancelled, also the sale scheduled for Napier on April 12,

WHOLESALE PRODUCE PRICES Messrs. Laery and Co., Ltd., Wellington, report wholesale prices as follow: — Capo barley, 4s. bushel, sacks in; crushed barley, 4s. Gd.. sacks in; partridge peas, Bs. bushel, sacks Is.; peas, Prussian blue, 9s. bushel, sacks Is.; peas, feed, Bs. bushel, sacks Is.; oats, hulled for poultry feed, 6s. 6d. bushel, packs in; oats, seed Algerians, machine dressed 4s. Bd., farmers* dressed 3s. 9d., feed 3s. 7d. bushel, sacks in; oats, dressed oats for poultry feed. ss. bushel, sacks in; oats, Gartons, A grade 45., sacks in, B grade 3s. lid., sacks in; farro food, -ElO 10s. ton; chaff, oaten sheaf. Blenheim prime tons .lots, £8 2s. Gd. pei- ton, sacks in, free on trucks Wellington; pig and calf meal, .£l2 per ton; hay, extra choice lucerne, .£9 ton; potatoes, choice 7s. to Bs. fid. cwt.; fowls, hens 55., 65.; heavy roosters, 6s. 6d.. 7s. 6d.; light cockerels, 3s. to 4s. fid. pair; ducks, Ss. to 10s. pair; geese, 10s. to 11s. pair; turkeys, Is. 7d. to Is. Bd. lb.; butter, farmers’ separator, dairy or milled, Is lid. lb.; eggs, fresh 3s. 3d. to 3s. fid., preserved 2s. 9d. to 3s. dozen; shell grit, choice quality, 1001 b. tags, 6s. 6d. bag; onions, Bs. cwt.; fowl feed, mixed 9s. 9d. bushel (601 b. sacks in; maize, whole. bushel, sacks in; fowl wheat, 9s. 3d JJuaJiel, sacks Is. Bd. COMMERCIAL ITEMS INVESTMENT SHARES. Inscribed stock and War Bonds were in stronger demand yesterday than on the previous day. and the 5J Tier cent. Discharged Soldiers’ Settlement Loan stock, and Bonds maturing in 1933 were 10s. higher with buyers offering £BB 10s. B ank of New ■ Zealand shares advanced slightly, with buyers at 435. 9d..ftnd there was a rise of £5 in P. and 6. Deferred Stock, which, on Thursday wan in demand at £325. -Yesterday’s quotations were as folN Buyers. Sellers, Inscribed Stota. 1933 88 10 0 89 10 0 War Bonds, 1930 ~ ® 2 War Bonds. 1933 88 10 0 89 10 0 P.O. Bonds. 1927 87 10 0 - P.O. Inscribed Stock. 1927 87 ,0 0 Bank Australasia (cum) 84 0 0 Ba nk NS.W .. „ -■• „ s . J Bank New Zealand 2 3 9 2 4 6 Union Bank 11 0 0 11 10 0 and Williams (ord.) « -c 9 Nation-’l Insurance 2 14 0 2 ,5 6 Gear Meat 1 10 0 1 12 0 TTuddert-Parker (ord.) ..2 0 9 • P. and O Def. Stock 330 0 0 — Kalapol Woollen (pref.) — 15 0 Well. Woollen (pref.) — 8 2 6 Waina Coal (cum) — 0 15 6 Ivyland.O'Brien Timber 19 0 — Sharland nnd Co — 13 9 Wilson's Cement — 0 15 9 CUSTOMS REVENUE. Customs revenue collected nt the port of Wellington yesterday totalled £6301 12s. lOd. MELBOURNE PRODUCE PRICES. By Telegraph—Press Association-Copyright. Melbourne, April 1. Barley, -English. 4s. to 4s. 3d. per bushel; Cape, 3s. 2d. to 3s. 3d. Outs, 2s. 6d. to Xs. Bd. per bushel. Potatoes, £6 to £6 10s. per ton. Onions, £3 15s. to £4 per ton. BANK OF ENGLAND RETURN. Australian-New Zealand Cable Association. (Rec. April 1. 5.5 p.m.) London, March 31. The Bank of England return for the week ended March 30 la as under:— Issoa Detartmunt. Notes issued Z 129.005.000 Got. debt... Z 11.015.003 , Other aeouriNot.es In ties 7.134.000 reserve 16.071-000 Gold 126,827.001) ZUL976.000 £1«. 976.000 Hankins DsrARTUBNi. Proprietors’ ‘ Gov. securlcaplUl ...Z14.6J3.000 ties - Z 36.004.000 Public de- Other seouri- " posits ... 23.01T.010 ties 112,909.009 Other de- , ; , posits ...114.634.000 Notes in Rest. 7-day reserve ... 15,071,000 and other Coin in bills ... 8.573.000 reserve ... 1 823,000 £165.807,000 £155-807.000 The leading item’s of the Bank of England return afford the following conn parison:— Thieweek Lail week Laiiyear 4 £ £ Bullion 126,521.000 126 526.600 111.647,000 Reserve ... 16.894.000 17.241.000 25.351.000 Note Ciroulation 129-905.000 129,535 000 105,271.000 Public Deposits 23,047.000 22,962.003 86,248.000 Other Deposits 114,634.000 101.159-000 100.922,000 Proportion of reserves to liabilities 12.27 33.90 18.40 GOVERNMENT SECURITIES. Following are latest quotations tor Tinperiul and Colonial Government securities.

MONEY MARKET. The Bank of England dlicount rate, which had stood at 5 per cent, since April 5 1917. on which date it wa» reduced from 51 per cent., was raised to 6 per cent, on November 6. 1919, and to 7 per cent, on April 15. 19M. , OPEN MARKET RATE. Tho onnn market rate for three months* bill is 61 per cent., as compared with 6t per cent, last week, and 5? per cent, last 5 Short loans are quoted nt 53 per cent., as against 5J per cent, last week, and 43 per cent, last year. LONDON CHEESE MARKET. Australian-New Zealand Cable Association. London, March 31. White cheese is easier in price on large arrivals. New Zealand Is 1425., Australian 1365. to 140 s. Coloured is scarce, and unchanged. - EXCHANGE RATES. (Rec. April 1. 5.5 p.m.) London, March 31. Foreign exchange rates on London are quoted as follow:—Paris. 55.87 francs to £1; Stockholm. 16.20 kroner; Christiania, 24 36 kroner; Montreal. 4.43 dollars; New York, 3.921, dollars; Berlin. 246 marks; Calcutta, 153 d. to rupee; Yokohama. 291 d. to yen; Hpngkong, 23W. to dollar. COLONIAL AND OTHER PRODUCE. (Rec. April 1. 5.5 p.m.) London, March 31. Wheat is -quiet at the new c.i.f. selling prices. From to-morrow Australian f.a.q. will be 78s. 6d., A grade 735. 6d. t B grade 67 Flour is quiet. Australian, on spot, 68s.

Barley ifi steady. Parcels of Australian Jhevalier afloat have been sola at 60s. Boans and peas are unchanged. Bugar ie unchanged. , (

PRICKS OF METALS. (Rec. April 2, 1.15 a.tn.) London, March 31. Copper.—On spot. £7O 2s. 6d.; three months, £69 Ils. 3d. *%_„ Lead.—On spot, £2O per ton; three months, £2O Is 6d. Spelter.-On spot, £24 sa. per ton; three months. £25 15s. Tin.—On snot,. £l5B 15s. per ton; three months, £162 ss. Silver.—Bars, 33Jd. per 'ounce standard.

Messrs. Dalgety and Co.. Ltd., report having offered a small yarding of sheep and cattle at Otaki on Wednesday, when a clearance was made -at tho following prices:—Fat wethers. 145.; fat ewes, Bs. 6d. to 8s 1ld.: forward lambs. 95.; shorn iambs, 4s. 9d. to ss. 3d.: yearling heifers. £3 10s.; weaner pigs. ss. to 6s. 6d. At the Upper Butt sale on Thursday a largo yarding of dairy rattle and a fair entry of sheen were submitted to a good attendance. Tho demand for snringing heifers, close to profit, was good. Quotations:— Two-tooth cwe«. 9». 2d.: 5-year ewes. 2s. 3<t.; woollv lambs. ss. lOd.: forward cows. £4 ss. to £5; cows, with calves. £4 ss. to £5; store cows. £1 10s. to £3: springing cows, £9 springing heifers, £ll, £l2, £l3 10s.,

Stook This Last Week We.k 19% Imperial Coa»oli * X 48 1. 15 a, 0 48 8. 10 0 6 „ War Loan 87 2 6 87 2 6 li .. War Loan 85 0 0 85 5 0 Si „ Ans -Oommonw th 07 0 0 97 2 6 Si „ Am.-Oommonw’th 4 .. N.8.W.W5<’>an-Julj 95 5 0 97 2 6 75 6 75 0 0 S N.g.W.litT' Apl.-Oet 3i„ N.S.W.19W-50 Ja-Jy 64 id 0 64 10 0 60 o 6 60 2 6 6? NSW 1922-32. liay-N 93 6 0 93 5 0 61.. NSW 1930-40.Fe-Au 100 2 6 100 0 0 3i „ Vic. 1921-6 Jan-Jly 84 61 0 0 84 5 0 it, Vio. 1929-49 Apl.-Oot 10 0 61 7 6 3 „ V'o. 1929-49 Jan.-Jul 55 15 0 C5 16 0 3$ ,, B.A. 1939 Jan.-Jly 67 15 0 67 0 0 3 S.A. 1916 Jan.-Jly 60 9 6 49 0 0 4 .. Q'l'd 1924 Jan-Jly 88 17 6 88 12 6 IS <J\'dl982-47 Jan.-Jly 67 2 6 87 0 0 3 .. Q I d 1922-47 Jan.-Jl; 55 0 0 56 0 0 4 „ N.Z. 1929 May-Nor. 65 0 0 65 0 0 31.. N.Z. 1940 Jan-Jly 69 17 6 69 17 6 3 „ N.Z. 1920 Ap.’U-Oet. 34 .. W.A. 1916-35 My-Nr 58 60 0 0 0 0 57 69 15 6 0 0 3 „ W.A. 1916-35 My-Nor 67 0 u 67 & 0 31.. Tas. 1920-40 Jan-Jly 68 0 c 68 0 0 3 Tai 1930-40 Jan.-J ulj 60 0 0 61) 0 0