FARMING & COMMERCIAL

Dominion, Volume 14, Issue 165, 8 April 1921, Page 8

FARMING & COMMERCIAL

NEWS AND NOTES

AUCTION BALES FORTHCOMING FIXTURES. TO-DAY. 157 Lambton Quay, Wellington. 10.30 a.m. —Sale or corrugated iron (E. Johnston and Co.). 17 Hopper Street, Wellington, 10.30 a.m.— Furniture sale (Vine and Wilson). 141 Manners Street. Wellington. 10.30 a.m. —Sale of soda fountain fittings (Wheatley an<l. Co.). 157 Lambton Quay, Wellington, 1.30 p.m.— Furniture sale (E. Johnston, aud Co.). 141 Manners Street, Wellington, 2 p.m.— Furniture sale (Wheatley and Co.). TO-MORROW. Martinborough Yards, 1 p.m.—Sale of ponies (Wright, Stephenson). Otaki, 2 p.m.—Furniture sale (Joplin, Stallard and Carmichael). MONDAY. Shannon East, 12 noon.—Bale of stock and and implement's (N.Z. Loan Co.). 30 Crieff Street, Wellington. 1.30 p.m.— Furniture sale (Hodgkins, Carver). Johnsonville Yards, 1 p.m.—Stock gale (Abraham and Williams). ACCUMULATIONS OF WOOL PREVENT ECONOMIC BASIS BEING REACHED “BAWRA’S” HIGH RESERVES REDUCING SALES London, April 6. Despite the willingness of London wool circles to assist "Bawra” (British Australian Wool Realisation Association) and work the scheme in the growers’ best interests, the Australian. Press Agency learns that the fear is widely prevalent that the methods "Bawra" is pursuing are only tending to continue the depression through which the wool trade is passing. The authorities point out that it is useless for "Bawra” to reduce the offerings while maintaining reserves much above current values, as it is now doing. An influential representative of pastoral interests is of the opinion that there is ample room for English and Continental factories to absorb a million bales ready for blending and ultimate manufacture, but the presence of the huge accumulations and “Bawra’s” price and reserves are preventing the wool reaching an economic basis, from which a renewal of confidence, extended to buying, is alone possible. The pastoralist representative declared that the accumulations of wool were acting like a pall upon trade, the removal of which was imperative, whatever the immediate losses, before trade revives. He "believes it ultimately would be better for the pastoralists themselves if the whole of the "Bawra wool was dumped at the bottom of the ocean, owing to the improved outlook that the new wools would thereby enjoy. He admitted' that this would mean a grave financial burst up in Yorkshire; but the trade cannot hope to revive before the bottom is reached. "Bawra’s” present high reserves were only reducing sales to the minimum and accentuating the difficulties in financing the pastoralists. Mr. Dawson, president of rhe Wool Federation, says the only legitimate way of stabilising the market under present circumstances is a wise limitation of supplies. In order to avert any further collap.se and the utter ruin of confidence, the Colonial Wool Merchants Association has resolved, in the interest of all sections of the trade, that prices shall be stabilised, and that members shall instruct the woolbrokers of the value of each lot, in accordance with the level of prices ruling on February 17, lees 10 per cent., these prices to constitute the minimum reserve, except in cases whore the members have other instructions. —Aus-N.Z. Cable Assn. SCHEME ADOPTED BY QUEENSLAND GRAZIERS. Brisbane, April 7. The Federal Council of the Queensland Graziers Association has resolved I in favour of the adoption of. the British Australian Wool Realisation Association's scheme.—Press Assn. OFFERINGS AT LONDON SALES DEMAND CHIEFLY FROM CONTINENT. London, April 0. The quantity of "fred” wool offered was 9922 bales, of which 1372 were New Zealand. There was a good selection, and a large attendance of buyers. Competition was much better than expeeed. It was apparently due to the reduction in the quantity offering- During the series the demand chnw chiefly from Continental buyers, as Yorkshire and the United States are doing practically n About 70 per cent, of the offering was sold Merinos averaged about 10 per cent below March closing rates good lambs 5 to 10 per cent., crossbreds and r, linos about 10 per cent.. . Withdrawals were chiefly inferior. Queensland realisations were:- Bowen Downs,” Ui<l. to I 3 ** l -: Kaiwarra, 16Jd. to 15d.; Marathon, 303 d. to 29? d.; Coree, 12k to 12d.—Aus.-N.Z. Cable Assn. LONDON MARKETS FROZEN MEAT PRICES. The New Zealand Loan and Mercantile Agency Company, Limited, have received the following cablegram from their London house under date April 6:— \Vool.—There was a full attendance at the opening of the sales to-day, competition bv Home and Continental buyers liein- restricted. The opening catalogues were representative. Market very irregular ' Merino 10 per cent, to 20 per con... and crossbred, neglected, 5 to 10 per cent. Cheese.—Coloured, good demand. £8 per cwt.; white, market weaker, £7 Is. P Tallow—We quote present spot values for the following descriptions :-Fine mutton £1 18s. per cwt.; good boef, LI WGd.’per cwt.; mixed. £1 7s. per cwt.. Large stocks, small demand. Messrs. Dalgety and Company Limited report having received the following ciihlrvrnni from their London house under date of April 5 :-Frozen meatSince decontrol market has been very irregular. Printo descriptions generally maintain their prices, but inferior qualities and stale Government stocks have declined considerably in value. We quote chilled hindquarters I3d„ forequarters 7Jd.- South American frozen hindquarters Wd. forequarters Gd.; New Zealand frozen hindquarters Td„ forequarters 5,d.; Australian frozen hindquarters 7d., forequarters 5d.; New Zealand frozen lamb ltd Australian 121 d.; New Zealand frozen wethers Hid., ewes 7}d.: Australian wethers Bd., ewes id. With the exception of lamb supplies from Australia and New Zealand, consist of almost entirely old Government stocks, especiallv ponding result of present labour disturbance, but general opinion is values likolv to decline during the next, few months,, as arrivals become heavier. There are filers of New Z?aland lamb c.i.f. told., shipment per steamer during April-May shipment per steamer during May-June.”

HEMP AND TOW GRADED The total number of hales of hemp graded at the ports of the Dominion during March was 753?. as compared with 11,130 for th correponding period of

last year, a decrease of 3593 bales. For the 12 months ended Starch 31, 1921, tho number of bales graded was 82,G3i>, ns compared with SO,BfiB for the previous twelve months, a decrease of 8032 bales. During the month 1320 bales of tew were graded, as compared with 2490 for the corresponding month of last year, a decrease of 1170 bales. For the 12 months ended March 31, the number of bales graded was 17,619, as compared with 19,658 for the previous 12 months, a decrease of 2039 bales. A total of 485 bales of slipper were graded, as compared with 120 for the same month of last year, an increase of 36£ bales. For the 12 months ended Maruh 31, the number of bales graded was 2032, as compared with 132 for the previous 12 months, an increase of 1900 bales. WHOLESALE PRODUCE PRICES Messrs. Laery and Co., Ltd., Wellington, report wholesale prices as follow:— Cape barley, 4s. bushel, sacks in; crushed barley, 4s. 6d., sacks in; partridge peas. 7s. Sd. bushel, sacks in; peas, Prussian blue, Bs. bushel, sacks Is.; pea, feed, 7s. 6d. bushel, sacks Is.; oats, hulled for poultry feed, Gs. 6d. bushel, sacks in; oats, seed Algerians, machine-dressed. 4s. Bd., farmers' dressed 3s. 9d., feed 3s. 7d. bushel, sacks in; oats, Duns, choice heavy’, 4s. 4d. bushel, sacks in; oats, dressed for poultry feed, ss. bushel, sacks in; oats, Gartons, A grade, 45., sacks in, B grade Ss. lid.; crushed oats, 4s 4d., sacks in; Farro food, J6lO 10s. ton; chaff, oaten sheaf, Blenheim prime ton lots, £7 17s. 6d., sacks in, free on trucks Wellington; hay, extra choice lucerne, £9 ton; potatoes, choice, 7s. to Bs. Gd. cwt.; fowls, hens ss. to 65., heavy roosters Gs. 6d., 7s. Gd., light cockerels 4s. to 4s Gd pair; ducks, Bs. to 10s. pair; geese, tos. to 11s. pair; turkeys, Is. 7d. to Is. Bd. lb.; butter, farmers’ separator, dairy or milled. Is. Ild. lb.; eggs, fresh, 3s. Gd. to 3s. 9d. doz.. preserved 2s, tod. to 3s. doz.; shell grit, choice quality, 1001 b. bags, Rs Gd. bag; onions, 7s. fid. cwt., picklers IJd. lb.; maize, whole. Bs. bushel, sacks in: fowl wheat, 9s. bushel sacks Is. Bd.; moat meal, for poultry feed, 235. per 1001 b. bag. COMMERCIAL ITEMS » INVESTMENT SHARES. Yesterday a further improvement, was shown in Bank of New Zealand shares which showed an advance of to- as compared with the previous day. Yesterday buyers were willing to pay 46b. for the shares, but sellers were asking 48s. Government stocks were inclined to ease, and for the 5J per cents, buyers reduced their bids to £88; indicating that the recent advane© was due to a special demand which has apparently now ceased. The quotations yesterday were as follow:— Buyers. Sellers.

COMPANIES REGISTERED. Tho "Mercantile Gazette’’ publishes the registration of the following new companies:— The Baby Ford Car Company. Ltd;, registered as a private company March 21. 1921. Office, 289 "Tuam Street. Christchurch. Capital. £660 into 600 shares of £1 each. Sutscriberfl: J. T. (Christchurch), 400; M. 0.. Walker (Wellington), 200. Objects: To carry on the business of the manufacture of push-chairs, perambulators, toys, and to purchase, acquire, or lease proiierty. macninery. plant, and stock-ifi-trade. Philips and Pike. Ltd., registered as a private company March 24, 1921. Office. N.Z. Loan and Mercantile Agency Do. h Buildings, Featherston Street. Wellington. Capital: £20.000 into 2QPOO shares of £1 each. Subscribers: Wellington—J. A. Pike, W. Clayton 10,600 shares each. Objects: To acquire and take over as a going concern, business of general dealers merchants, indent mannfactuMers. mercantile. and commUslon agents now carrleet on by J. A. Pike and W. Clayton. LONDON WOOL SALES. Tho Bank of New Zealand has received the following advice from its London office under date April 6:- "The sales ha\e opened with moderate competition ana fair attendance of buyers. Ihere is a moderate demand by Continental buyers, but Home buyers are quiet. Owing to high limits, a large proportion of offerings has been withdrawn. Gomparea "witn last sale, merinos are 10 per'cent, to 15 per cent, lower, crossbreds 75 per cent, to 10 per cent, lower.” Messrs. Murray, Roberts, and Co. yesterday received a cablegram from their London friends, Messrs. Sanderson, Murray, and Co., dated April 6. reading as follows:—"Sales opened: Merino bert description declined 7J per cent, to 10 per cent.; merino other descriptions declined 15 per cent, to 20 per cent.; crossbred declined 10 per cent.” Messrs. Levin and Co., Ltd., have received the following cablegram from London. dated April 6:-"As compared with closing rates* for March sales merinos are 121 per cent, lower. Judging by the few parcels which were actually sold crossbreds are 75 per cent, lower and slipes rather more.” . .. . Messrs. Dalgety and Company, Limited, report having received the following cablegram from their London house under date of April 6:—"Wool sales opened, attendance of buyers is large, competition not animated; average selection. Continental buyers are the principal operators. Merino wools, when not reserved, were 10 per cent, to 20 per cent., lower as compared with last sales’ closing rates. Crossbred wools 5 ner cent, to 10 per cent. lower for the few lots sold. CUSTOMS REVENUE. (JusToms revenue collected at tW non of Wellington yesterday totalled £10.500 2s. 4d. THE r. AND O. DIVIDEND. Australian-New Zealand Cable Association. London , April 6. The P. and 0. (deferred) dividend is 12 per cent., free of income tax. AUSTRALIAN PRODUCE MARKETS. By Telegraph—Press Association-Copyright. (Rec. April 8, 0.20 a.m.) Sydney, April 7. Oats, Algerian feed. 3s. 3d. per bushel; white feed, 3s. 3d. to 3s. 7d.; maize, yellow, ss. 9d. per bushel; white, ss. 6d. Potatoes Tasmanian, £7 to £8 per ton. Onions Victorian, £5 per ton. Adelaide, April 7. Oats. 2s. 2d. to 2s. 3d. per bushel. METALS AND MINERALS RFKJRftT QUOTATIONS. The Mines Department‘has prepared the following schedule of information regarding the metal and "mineral market for the printed reports of the firms named :— Messrs. H. A. Watson and. Co., Liverpool —January 10: Lead. £24 to £24 10s. per ton: antimony ores, no demand; quicksilver v £l2 10s. to £lB ver bottle; Manganeseore« values nominally 2s. 6d. per unit; Wolfram, value nominally 17a. 6d per unit for ores of 65 per cent. W.0.3.: bar silver 40id. apot and 40d. forward. January 24: Lead, £23 3s. 6d. to £23 10s per ton; antimony orcs, no demand; quicksilver, £l2 10s. 'to £l3 per bottle; Manganese ores, 2:i. to 2s. 3d. per unit; Wolfram, ho demand, value nominally 16:i. 6d. per unit for ores of 65 per cent. W.0.3.; bur silver 40d. spot and 39Jd. forward. Messrs. G. G. Iffacltwev and Co., Lte.-

January 27: Manganese orcs, 85 per cent. «&02 £lB per ton c.i.L. 50 per cent. Mn zs. 6d. per unit c.i.L; scheelite. 14s. to 16s. per unit- Wolfram ore, 14s. to IS*. per unit-, chrmmo iron ore, 40 per cent. £7 per ton c.i.f., 50 per cent. £8 per to:, c.i f : talc, ground, £8 to £l9 ncr ton. Messrs. Hale and Hons-January M: Asbestos continues in firm demand for all grades spinning fibres, sellers at £l2O to £240 per ton; short'fibres, from £JO to £80; crudes, from £2B to £l’4o per ton.

Wengers, Ltd—January 26: Glaesmakers' sand, 575. 6d. per top; Fuller's earth. £ll per ton.

£s. d. £ f. d. Inscribed Stock, 1938 — 79 5 ( (nscribed Stock. 1933 88 0 0 89 5 ( War Bonds, 1938 78 0 0 79 5 ( War Bonds, 1930 —- 88 0 ( War Bonds, 1933 89 5 0 National Bank 5 6 0 Bank New Zealand 2 6 0 2 8 < Abraham and Williams 5 0 0 Goldsbrouen Mort ......... —• 1 10 ( Equitable Building Co. •— 9 5 ( N.Z. and Hirer Plate ... — 0 17 5 Well. Gas (pref.) —- 0 17 < National Insurance ... 2 14 0 2 15 9 New Zealand InnurancQ 1 4 6 N.Z. Refritterating (10b.) 0 15 0 0 16 ( Iluddart-Parker (ord.) ..... — 2 2 £ Kaiapoi Woollen (pref.) — 1 5 f Mosgiel Woollen — 5 5 ( Well. Woollen (ord.) —“ 9 17 ( Well. Woollen (pret.) — 7 19 C Westport Coal — 1 7 ( Wai pa Coal 0 14 6 Levland-O’Brien Timber 1 10 0 1 12 < Colonial Snsar (Aus.) ... 22 17 6 2 IB ( Sharland and Co — 12 6 Wairarapa Farmers (£5) — 6 10