FARMING & COMMERCIAL

Dominion, Volume 15, Issue 25, 24 October 1921, Page 8

FARMING & COMMERCIAL

EJWS WTO

AUCTION SALES FORTHCOMING FIXTURES. TO-MORROW. Feilding Yards.—Annual Jersey sale (Abraham and Williams). 126 Vivian Street, Wellington, 10.30 a.m.— Saje of motor-cars and accessories (Johnston and Co.). Levin Yards, 12 noon.—Stock sale. 50 Cuba Street, Wellington, 3,30 p.m.— Property salo (Butterfield and Co.). WEDNESDAY. Waikanao Yards, 1 p.m.—Stock sale. .154 Featherston Street, Wellington, 2.30 p.m—Property sate (Bethune and Co.). 102 Customhouse Quay, Wellington, 2.30 p m.—Property sale (Thomson, Brown, and East). YORKSHIRE LETTER RAW MATERIAL VALUES IN THE BALANCE From Our Special Correspondent. Bradford, September 1. With the opening of another series of colonial sales interest centres largely in Coleman Street Wool Exchange, and the very fact that 70,000 bales of “free” wool and 60,000 bales of B.A.W.R.A. wool are to be catalogued, necessitates everyone associated with the raw material viewing that big event as impartially as possible. There are signs that as each series comes round the auctions are assuming a more pre-war aspect, although the fact is very apparent to those who were familiar with it in. pre-war times that changes of a marked character have taken place in the personnel of the sale room. A younger set of new buyers‘is to be seen, and there are going out to Australia ready for the approaching now season many who have never been to Australia and Now Zealand before. This is a sure sign of development, and it can be taken for granted that before long every selling centre in the world will be adequately staffed wth buyers representing large European interests. The homo trade Ims sent several new buyers to the various selling centres in Australia, and there is now evidence that even home trade Buyers are going io operate On a much ’larger scale during the forthcoming season. If business only expanded as one would like to see—and there are signs of it doing so —then the West Hading trade would soon put its back into the business of wool buying and compete on the same large scale as was seen in pre-war days. Unfortunately at the moment there is not a. great deal to inspire any firm with unbounded enthusiasm, for when all is said and done the losses have been so great and the present financial stringency is so pronounced that there are few indeed who aro prepared to buy to the same extent as they did in pre-war times. However, it can only be a question of timo when that will be an accomplished fact, and in the meantime interest of a real live character is centred in Coleman Street as well os overseas markets.

The Standing of Tops. In pre-war days the course of the top market during tho interval was always a sure indication of what would take place at a succeeding scries of London sales. A quick, sharp interval with a big turnover and rising prices always meant a corresponding upward movement in the value of raw wool in Coleman Street, and if the record of the recent vacation is anything to go by there should be a good series. Undoubtedly the upward movement in tops in Bradford is entirely the result of the increased activity and rising values in Australia, merinos having risen during tho past month 10 to 15 per cent. A person, must follow and. know tho clean scoured costs ruling in-Australia to ascertain how far a rise takes place. We saw that tho advance in Australia has put wool only on a parity with tho clean scoured cost of values ruling in Coleman Street at the close of last series, and an advance to-day in London means that market being so much in advance of Auslralm. We are now talking of the bulk of topmaking merinos. However, prices have advanced in Bradford during the interval, and wo show to-day's values for tho principal qualities compared with tho highest point tlmv touched in the middle of April a year ago.

Antwerp Prices. The rate in Antwerp last week-end passed off very creditably. Tt is somewhat surprising to he, told by the selling brokers that white German representatives were present they are not known to have operated to any extent. Messrs. Kreglinrer issued tho following table, giving in nenco per lb. tho cost of wool clean scoured without oil. first cost Antworn, comparing prices’ with those ruling af the close of the previous sale: —

The Coming New Clip. The cable news from Australia last week-end to the effect that by the end of October all last year’s clip will havebeen disposed of, comes as a surprise to the trade of the West Riding as well aa to London selling brokers. Many think that throughout tho whole season Australian sellers bnvo lieen over-optimistic, and that the weight of wool on the market is still very considerable. One has only to pouit to the wool being controlled by B.A.W.R.A. as shown in the list of stocks issued a fortnight ago. Everybody knows that o stock of old wool amounting to 2,209.083 bales represents a full year’s Australian and New Zealand clip, and in addition, there are the old stocks carried forward in South Africa and South America. Users in this country persist in stating that the trade is still smothered in wool, and that nobody reed fear any pinch whatever. There is r.o doubt, as to the pound standing of merinos, though many are at a loss to account for tho present advance. Wo toko it that it is resting upon a consumptive basis, otherwise it would soon fizzle out. At the same time.. a new clip is now being shorn in Australia and NewZealand, and before long It will ho ready for marketing. The clip should bo a good one. When sheep are on full pasture/; and there is an abundance of feed and water over tho whole of the year, the resultant fleece is always sound, and well grown, and all accounts indicate

(hat tho clips from Australia and New Zealand will be about the best ever grown. Probably' there will bo more burr in Australian wools than usual, duo to the prolific growth of herbage, the sheep being unable to keep down the burr plant. At the same time, if the staple is sound, of good length, and of good quality, spinners and manufacturers in Europe can deal with same, and tho next clip should bo better than tho one now’ being marketed. Opening Results. The sales began in Coleman Street Wool Exchange last Tuesday, when there was the usual large attendance of buyers, chiefly British, French, Belgian, and German, with Swiss and Italian interests also represented. It is doubtful if America will buy in London, though possibly one or two brokers may have commissions to pick up really superior West Victorian merinos. Surprise has been expressed at America operating in Australia during the past three weeks, but it can bo taken as an echo of the brisk state of the textile industry across tho Atlantic, and the belief that these superior merinos nro going to be dearer and not cheaper. The opening catalogues were decent, both merinos and crossbreds being fairly well represented. There was no reserve manifest at the beginning, competition being general and well sustained throughout the initial sitting. Tho home trade led the van, two or three Bradford topmakers being evidently keen to operate. Neither Germany nor Franco showed thdir hand as they did last series, no doubt their pitch being queered by the strike in Roubaix and Tourcoing, and tho sensible depreciation in the German exchange. If the opening advance should fizzle out. it will ho duo to tho lessened activity of tho Continental buyers, but the 5 to 10 per cent, advance on the opening day synchronise! with the advance which has token place in tops during the interval. Tho upward movement = of 10 per cent, in fine crossbreds was to be expected, and the advance of 5 to 71 per cent, in medium and coarse crossbreds was generally looked for. Of course, it is succeeding sales which help to make o market, and not simply an opening night. Ono likes to see’ general competition develop and advances maintained, for such a market always means good to consuming centres. There are those who frankly say they have little faith in the rise which has just taken place, that increasing offerings will mean that the resources of the trade will be heavily taxed, and that a firm, market on a 3s. basis for good M’s tops is much to be preferred to one in which this quality of top is going to cost 3s. 6d. IVhat tlie entire trade wants above all is stabilised values, and with everything pointing to big weights of wool coming forward, a steady aA cl firm market is to be preferred to one of a see-saw character. WOOL SALES MORE FRENCH COMPETITION AT LONDON. (Rec. October 2-3. 5.5 p.m.) London, October 21. At tho mixed wool sales there were better offerings of merinos, which sold well. There was rather more French competition. Prices were unchanged. Crossbreds were steady, and low sorts occasionally a little weak, but cleared well. The Mueller clip realised up to 32d per lb., the average price being 30d. — Cable Assn. B A W R A. TO OFFER MORE MERINOS. (I’cc. October 23, 5.5 p.m.) London, October 22. The British-Australian Wool Realisation Association has arranged to offer an additional 5000 bales of combing merinos during next week's sales, -and also to mako°no appreciably larger allotment of meriiws in tho next series.—Aus.-A.A Cable Assn. Messrs. Murray, Roberts, and Co., Ltd. have received the following cablegram from their London agents, Messrs. Sanderson, Murray, and Co., Ltd.: "Compared advices October 18: Merino market shows a hardening tendency especially :for scoured. Crossbred greasy medium and coarse advanced it p’r cent, to 10 per cent., but market irregular. All other descriptions of wool, market shows no change.” frozen meat LONDON QUOTATIONS. (Rec. October 23, 5.5 p.m.) London, October 22. Sheep. Southland, sjd. per lb. North Island. to sjd. per lb. Patagonian, light, 51d. per lb.; heavy, ■lid.; ewes, 4d. Lambs. Canterbury, heavy, Bd. per lb. ’ North Island, ordinary, South American, light 7d. Frozen Beef. New season’s New Zealand, fores, 4}d. per lb.; hinds. 6d. . Argentine, fores, AJd.; hinds, (i cl. Uruguay, hinds, 5Jd. Chilled Beef. -\r"ontine, fores. Aid.; others, unchanged .-Aus.-N.Z. Cable A ssn. SMITHFIELD PRICES. Messrs. M. A. Eliott, Ltd., Palmerston North, are in receipt of a cablegram from Messrs. Gilbert Anderson and Go., Ltd.. London, giving tho following Smithfield prices for tho week ending October °2 These prices are on tho "delivered” basis, that is, including storage charges, cartage ete. which amount to fully id. per lb- halos stive till these deliverv charges:— Canterbury lamb, under 361 b., 83d.; 361 b to 421 b„ Sid-: 12'b- to 501 b., Bd. Best North Island lambs, under 3olb„ 81 d. New Zealand prime beef (equal fores and hinds). 1601 b. to 2201 b., sd. Ordinary North Island lambs, under 361 b., Sd. Canterbury wethers and maiden ewes, 481 b to sGlb.. 6’jd.; 641 b. to 721 b„ s’d Best North Island wethers and maiden owes, 561 b. to Glib., s’-'l-Ordinaiw North Island wethers and maiden ewes, 561 b. to G4lb., s’(l. New Zealand ewes, 481 b. to 641 b., Aid.

butter and cheese DON DON QUOTATIONS. London, October 20. Government butter prices are unchanged. Now Zealand and Argentina aremcetino- with more demand. Australian is very slow of sale. A reduction in price is probable. Danish is easier, at about < ’3ss per cwt. A. further reduction is expected next week. The new Australian is hardly up to the best standard. There is a fair demand for choicest, but secondaries are neglected. Unsalted Victorian finest 1965, to 200 s. per cwt.; good fine, lilts. to 190 s. Salted Victorian, finest 190 s to 19ts.: good fine. 180 s. to ISO’s. Queensland, South Australian, Jinest, ISls to 180 s.; good fine, 170 s. to LGs. The cliocso market is quiet. Finest white New Zealand, 9f>s. to 100 s. per cwt ; coloured, 90s. to !Ms. Secondary qualities, coloured Sts. io 80s., white 90s. to 9-ts—Aus.-N.Z. Cable Assn. LONDON MARKETS The New Zealand Loan and Mercantile Agency Company. Ltd., has received tho following cablegram from its London house, under date October 21:

"New Zealand butter: No change in market (last quotation .I’lo 55.). "Cheese: White, £5 per cwt.; coloured, Jit 10s. per cwt. Market dull.” GRAIN AND PRODUCE SOUTHERN MARKET LIFELESS. By Telegraph.—Press Association. Christchurch, October 21. The market in all classes of grain and produce is unusually lifeless. Outs have further weakened. Weak holders are now coming on tho market, and are offering A grade Gartons at 3s. 3Jd. f.0.b., 5.1., "the equivalent of about Is. Bd. at country stations. The cut is not conducing’ io much business, and in the meantime, with the abundance of feed that the rain has made available throughout tho Dominion, prospects of a revival uro not very encouraging. Farmers are holding throughout the province fair quantities in their barns, where they are likely to remain unless an improvement sets in. WAIRARAPA SHOW The train arrangements for the Wairarapa show at Carterton on Wednesday and Thursday (people’s day) aro very convenient, and intending visitors can obtain holiday excursion tickets to_ Carterton from Wellington ind intermediate stations. Return trains from the show will run at convenient times. WHOLESALE MARKET RATES Messrs. Lacry and Co., Ltd 1 ., Wellington, report wholesale prices as follows: —Ground barley, ss. per bushel; Cape barlev, As. Bd, per bushel; Chevalier barley, ss. per bushel, sacks in; peas, feed, 6s. Bd. per bushel, sacks in; partridge peas, 10s. 6d. per bushel, sacks in; oats, seed Algerian, farmers’, dressed, As. Id. per bushel, sacks in; oats, machine dressed, ss. Id. per bushel, sacks in; oats, feed Algerians, 3s. 6d. and As. per bushel, sacks in; oats, weetoats, for poultry, ss. per bushel, sacks in; shelled oats, for chickens, 6s. 9d- per bushel, sacks in; oats, heavy Duns, choice, 4s. B<l. per bushel, sacks in; oats, feed Gartons As. sd. per bushel, A Gartons As. 7d. per bushel, sacks in; crushed oats, 4s. Bd. per bushel, sacks in; rolled oats, for chickens, 225. 6d. per 1001 b.; hay, choice meadow, X 6 per ton; lucerne hay, J!7 10s. per ton; chaff, oaten sheaf, lieim, prime, bright, ton lots, J!7 10s. per ton, sacks in, free on trucks, Wellington, lesser quantities ss. ton extra; ricemeal, «£9 per ton; meat moal, for poultry ’feed, IDs. 6d. per 1001 b. bags peameal, ion lots, ,£ll 10s. per tor sacks in; barley meal, ton lots, .£lO 10s per ton, sacks in; pigmeal, .£9 per ton; 6fiell grit, choice quality, in 1001 b. bags, 6s. Gd. per bag; chicken grit, 7s. per bag; fowl wheat, ten sack lots, 9s. 2d., lesser quantities 9s. 3d. per bushel, sacks la Bd.; mixed fowl feed, 7s. per bushel, sacks in ; poultry mash, per ton; Imseed oil meal and linseed oil nuts, lAs. per 1001 b. bags; fowl; hens, Bs. to 12s. per pair; heavy roosters, Ss. 6d. to 12s. Gd. per pair; ducks, 15s. to 17s. per pair; geeso, 13s. to 14s. per pair; turkeys. Is. sd. to Is. 6d. per lb.; eggs, fresh crates. Is. 6d. dozen; chicken raiser, 225. Gd. per 1001 b. bags; mutton birds: Tasmanian, in casks, 7d. each, New Zealand, in kits, cooked, 9d. each; maize, whole Gs. 9d., crushed 7s. 3d. per bushel', sacks in; onions, American, in crates, 28s. per crate; Victorian brown Spanish onions, Bs. Gd. per cwt.; peiatoes: Canterbury, table, ton lots. Red Dakotas A 5 per ton, sacks in, lesser quantities ss. per ton extra; dressed pork, choice, Bd. to BAd. per pound. COMMERCIAL ITEMS INVESTMENT SHARES A sale of Bank of New Zealand shares at. 50s. 6d. was reported on Saturday. Tho quotations were as follow:— Buyers. Sellers.

CUSTOMS REVENUE. Ciutoms revenue collected at the port of Wellington on Saturday totalled £0909 Ils sd. s LONDON MARKET REPORTS Australian-New Zealand Cable Association(Rec. October 23. 5.5 p.m.) London, October 22. Rubber—Fine hard Para, 14d. per lb.; plantation first latex crepe, 9iid.; smoked ribbed sheet, 9fd. Copra.—South. Sea bagged. Octol er-Diy comber shipment. £26 15s. per ton. Jute —New crop, October-December shipment. £32 10s. per ton. New Zealand Hemp.—Marxcu slow, Sep-tember-November shipment, £3B 15s. per* ton. Linseed Oil—£2B ss. per ton Turpentine.—64s. (id. per cwt. ■ MINING NEWS WELLINGTON SHARE MARKET. The quotations for mining shares on Saturday were as under: — Buyers. Sellers. £ s. d. £ s. d. Waihi 119 — "Waihi Grand Junction... — 0 9 0

Ai Description. nff. 30, Apr. 1.' 1321. 1923. <1. colonial tops, warn ... ■M 17R 70 ,< » ., ,, average 42 170 Cfs ,, », warp 40 1G0 60’s ,, ,, super ... 30 150 fr* Cape x tops, long +0 15S colonial tons, comoback 20 120 5G's ,, „ super ... rt 5 1 . ro 5n’« „ ,, super ... 20 R1 4G's ,, ,, carded 131 40’s „ „ prepared 12" 38

♦ Aug. 26 July 1 d. d. 70's pood combing greasy fleece 40 ■10 64-70’s average greasy fleece 36 36 Gt’s average greasy fleece ... 35 34} Cl-7O's average combing scoured fleece : 3-4 34 64-70*3 average clothing scoured fleece 32 32 GO’S defective combing greasy bellies and pieces 30} 30 6O\ average combing greasy 3-4 35 CO-C4’® defective average lambs 194 20 60’s defective inferior lambs; 15 » fiO’s carbonising scoured locks and pieces 20} * 56-58*8 defective crossbred P’’ecos 21} 2H 41-16*-- Nptv Zealand carding 9 fleeces S} * *Not quoted.

£ s. d. £ s. d. Inscribed Stock, -939 86 10 0 — 1 Inscribed •Stock, 193d cu 10 Inscribed Steck. 1933 War Bonds, 1939 War Bonds, 1938 92 0 86 10 0 0 — 86 10 War Bonds, 1930 88 0 War Bonds, 19j3 92 0 93 86 51 p.c. Ins Steck, 1933 - — 0 10 0 Bank Australasia Commercial) Bank of Aim1 6 6 — Commercial Bank of Aus5 10 tralia (pret.) 0 6 National Bank l>,.",nk N.fi.W. •• • Bank Now Zealand 35 0 2 10 0 3 55 10 2 11 12 11 0 0 g Union Bank ....... ;7 —. Abraham and Williams Equitable Building 7 0 0 National Mortgage N Z. and Biver Plate ... Well. Invest. T. and A Well Trust and Loan... 0 9 5 2 0 6 5 w 0 Christchurch Gas 6 12 6 7 10 Well. Gas (prof \ ....... 0 12 6 N.Z. Berfrigerating (£1) 1 10 0 1 1 8 11 9 9 Well. Mont Export (.£□) 4 5 0 Well. Meat Export (£3 Q 12s. 6d ) Union Steam (pret.) .... 0 16 3 Wnipa Coil Leyland-O'Bricn Colonial Sugar (Fiji and N.Z.) 10 Manning and Co 3 3 0 Pental and Medion! Sit”. — 1 0 Wairaraoa Farmers (£5) — 5 0 0 Wnirtrar.*t Farmers — 0 16 9 Vpi Cl. J •••••■ Ward and Co 1 1 $