FARM & COMMERCIAL

Dominion, Volume 20, Issue 57, 1 December 1926, Page 14

FARM & COMMERCIAL

NEWS AND NOTES

AUCTION SALES TO-DAY. 79 Boulcott Street, 1.30 p.m.-Sale of household furniture (R. Wilson and Co.). District Lands Office, Wellington, 2.30 p.m.—Salo of farm property (Commissioner Crown Lands) Tlie Farm, Ohau, 12.30 p.m.—Clearing sale (Abraham and Williams). Dominion Fanners’ Institute.—Sale of land (Horace Baker and Co.) Brandon Street, 2 p.m.—Sale of forfeited shares Eclipse Gold Claims (J. 11. Bethune). , Johnsonville, 12.30 p.m.—Stock .sale (Abraham and Williams and Wrigut, Stephenson). TO-MORROW. Ward Street. Dannevirke, 3 p.m.—Sale of land (Williams and Kettle). Johnsonville, 12.30 p.m-Wether fair (Abraham and Williams). 8 Willeston Street. 10.30 a.ra.—Sale ot wireless stock (E. Johnston and Co.). 8 Willeston Street. 10.30 of antiques (E. Johnston and Co.). Waikanae —Stock sale. FRIDAY. It Brandon Street. 2.30 p.m.-Salo of land (H. E. Leighton) 14 Brandon Street, 2.30 p.m.-Sale of land, part of Hutt County, Section 12 (H. E. Leighton). . 21 Grey Street. 2.30 p.m.-Sale of city property (S. G. Nathan). tt,,,), 21 Grev Street, 2.30 p.m.-Sale of IHgbland Park building section (b. u. Nathan). Feilding, 11.30 a.m.-Stock sale.

FARMING INTERESTS CANTERBURY MARKETS BUSINESS STILL VERY QUIET. By Telegraph — pre-s association. Christchurjh, November 30. Business continues very amet. a .’?“ with the uncertainty in reg ird t° weight of crops and outside markets, there is an unusual lack of speculative buying Oats and potatoes generally provide the subjects of this class of business at this time of the year, b t as in both these products good crops are expected, the forward buying element is inclined to go slow. The heavy weather of the past few weeks has laid some, heavy oat crops. Reports concerning the onion crop arc very favourable, and at present good returns are expected. From £4 10s. to £4 15s. on trucks is offering. The meeting of wheat-growers at Asnburton on Thursday is creating interest. It is understood that the dumping of Australian Hour which is going on will be one cause of discussion. It is stated that the official view in Wellington is that the domestic price quoted m Mclbourne is for distribution throughout Australia and this absorbs the £3 a ton margin between the £l2 10s. a ton quoted for export flour and the £l5 10s. tor local consumption. Tt is a surprisingly ill-informed view to hold, even outside official circles Every flour quotation in Melbourne is for “city and suburbs delivery not for Australian delivery, and the cost of suburban delivery is covered by a few shillings a ton. Every issue of the Australian papers shows this basis of the flour quotations. In any case, about half the Australian consumption of flour is in. the cities and suburbs.

LONDON WOOL’SALES OPENING RATES FULLY MAINTAINED. (Rec. November 30. 8.15 p.m.) London, November 29. At the London woo) sales there was an average selection, and opening rates wore fully maintained. New Zealand sale: Siiirplaice. top price, 20d.; average 19J<1. On the Bradford tops market there is slightly better inquiry, but prices are unchanged. Messrs. Murray, Roberts and Co., Ltd., are in receipt of the following wool market cablegram from their London agents, dated November 29:—Merino, market irregular, German layers principal operators. Compared with closing rates of last sales, greasy merino, best descriptions, par to 5 per cent, decline; other descriptions declined 5 per cent, to 7J per cent. Crossbred greasy: Fine, market shows no Range: coarse and medium, best descriptions, market shows no material change: other descriptions declined 5 per cent. Quotations opening November-December series (close September-October series in parentheses): 60-64's. yielding 48 per cent., Eld. (23d.); 56’s. yielding 60 per cent., 2Ud. (22<L): 50'8, yielding 65 per cent., 17jd. (17R1.); 44-46’s preparing, yielding 74 per cent.. 14d. (14d.): 44-46’s carding, yielding 72 per cent., 13$d. (14d.); 40-44’e yielding 73 per cent., 131<1. (13%d.); 36-40’s yielding 75 per cent., 123 d. (13d.).

MASTERTON EGG-LAYING COMPETITION LAST WEEK'S RESULTS. Dominion Special. Masterton, November 29. Following are the results for the thirtyfourth week in the Masterton Poultry Club's second annuul egg-laying competition :—

DANNEVIRKE JERSEY CATTLE CLUB The. Dannevirke District Jersey Cattle Club met on Saturday afternoon. Ilie financial statement in connection with the recent bull fair showed a fair profit to the club. while the average price, which was 12 guineas, although not as good as last year was considered satisfactory. in view of the bad season experienced. A vote of sympathy was passed nit'h Mr. Paul Hunter, the clubs patron, on his recent illness, and the wish was expressed that be would make a speedy recovery. The judges were selected for the Jersey section of the 1927 Dannevirke A. and P. Show. Votes of thanks were accorded to Messrs. It. 0. Leach. H. Graham J. Affleck. and C. E. Robertson, for the valuable assistance given at the fair, while a donation of £5 ss. was made to the A. and P. Association for a replacement or the grandstand roof in appreciation of the way in which the association has ’■rr»vH been so willing to assist the Jersey Club in free use of grounds, etc. Messrs. J. Hutchinson and E. W. Leach were elected members of the club.

DAIRY PRODUCE MARKET Messrs. M. A. Eliott. Ltd.. Palmerston Ncrtli. have received the following cabled advice from their London agents:—Butter: Free stocks, 146 a. to 1545.; controlled, 1565. to 1585.; market firm.

COMMERCIAL ITEMS THE WOOL MARKET The London wool sales are proceeding satisfactorily, and it is interesting to note that greasy crossbreds, and especially medium descriptions, are meeting with an active demand, with prices ruling on a par with the closing rates of tlie previous series; this represents an improvement, for at the opening of the current series all descriptions of crossbreds were a halfpenny to three farthings lower Crossbred wools are cheap compared with finer wools, and it is obvious that cheapness is an attraction. Although the general level of values is not equal to that of the fifth series, most wool men regard the position as satisfactory. Although the coal strike lias ended, it is hardly likely that there can be many orders placed for future delivery. At the end of October tlie position was that stocks of manufactured goods were piling up gradually in Bradford, and as costs of production had increased through exorbitant prices for fuel there is small prospect of these stocks being cleared for some lime. The continued imports of cheaper made wool textiles were adding to the difficulties of the British manufacturer. Reports from the United States were to the effect that rather firmer conditions prevailed, with more demand for raw wool than for some time past. Prices, however, showed no tendency to advance, and holders appeared to bo reconciled to tlie statement of merchant houses that consumers intend to resist any dearer prices for goods. Buyers of cloth and stuff for the spring season were placing good contracts at current prices instead of buying only from hand to mouth. Tn Belgium there was considerable activity in the industry, and the output of tops, both merino and crossbred, was being sold freely. Stocks of wool were low. In Germany it was believed that the worst of the woollen trade’s troubles were over for a time. Stocks of raw material were exceedingly small, and buying orders had been sent to most of the overseas markets. Tn France also the supply of raw material was small.

SALES IN OTHER CENTRES

Dunedin, November 30. Sales.—Bank of New Zealand (rights). 6s .7d.; Kawarau, 3s.

MONTHLY CUSTOMS RETURNS. The Customs revenue <nd beer duty collected at the port of Wellington durin" the past month totalled respectively £191936 Bs. 6d ami £5570 18s. ltd. The corresponding figures for November of last year were £225,924 17s. lid. and £5025 6s. 9d.

TARANAKI OILFIELDS

POSSIBLE CO-OPERATION OF BRITISH CORPORATION

by Tnr.i-.ca it'll - HURS’ association New Plymouth, November 30. At the second annual ordinary general meeting of shareholders of Taranaki oilfields. Ltd., held at Melbourne yestnrdav it was announced by the chairman, the Kight Hon. IV. A. Watt, that the company was proceeding to drill a well near Okoko (in Taranaki) on a structure highly appraised by the company’s geologists. He also stated that, subject to the settlement of terms in detail, an agreement was being entered into with a powerful British oil corporation with a view to securing its cooperation in developing the Dominion s oil resources. The meeting approved ot an oiler, to botli classe- of share option holders, to extend tlie (lute of option by eighteen months for a payment of Is 6d per share, payable on hebruary 28, 192:. HENRY JONES CO-OPERATIVE COMPANY The statement of accounts of the Ifenrv Jones Co-operative Limited, coverin'’ tlie vear to October 31, shows that the net income for the term was .£l39,<»b against ..£132.(139. Of the total, .EllB./M, was earned in the Commonwealth and £•’3 518 was earned outside of Australia.’ An interim dividend at the rate of 5 per cent, was paid cut of the Australian profits on June 1, and a further dividend at the rate ot 6$ per cent from such earnings has been declared absorbing £56,937. lhe balance of the year’s profit of £13,853 is. transferred to reserves. From the income derived from outside the Commonwealth the directors recommend the payment of an additional dividend at the • rate of 21 per cent, on paid-up capital, the directors report that a further extension of the company’s operations has taken place during the year bv the acquisition of two important businesses in New Zealand. The purchase money has been provided for partly by cash and partly by an issue of the company s shares. The balance-sheet shows paidup capital £910,984 against £896,590. while premium on shares is £4-1.681 against £24,278. During the twelve months reserves have been increased by £10,900 and now stand at £249,702. and sundry creditors have expanded by £12.058. that amount being due to subsidiary companies. As the organisation is a holding concern, it states its assets on bloc at cost. They are shares and interest in jam manufacturing and fruit companies and timber mills in Australia. South Africa, New Zealand and England, and aggegrate £1.309.016. as compared with £1,201,871 a year ago, the difference no doubt arising from flio acquisition of the two businesses in New Zealand.

YOKOHAMA SPECIE BANK The net profit of the Yokohama Specie Bank for the half-year ended June 30, after making provision for bad and doubtful debts, rebate on bills, etc., amounted to 9,156,177 yen, and there was brought forward from the previous half-year 5,805,991 yen, making a total of 14,962,198 yen. The dividend for the period or 6 yen on cne million shares absorbed 6,000,000 yon, and 3,000,O<X) yen was added to the reserve fund, leaving 5,9(12,168 yen to be carried forward. The dividend is equal to 12 per cent, per annum. The capital of the bank is 109,000,000 yen, approximately £10,000,000, the reserve fund stands at 86,500,000 yen, and the reserve for doubtful debts at. 5,010,430 yen. The note circulation is 6,241,601 yen, the deposits held amount to 553.163,832 yen, and bills payable and other sums duo by the bank to 416,002,967 yen. The assets include, cash 100,222,014 yen, investments in public securities and debentures 286,040,6'55 yen, advances, discounts, etc., 299,950.263 yen, bills receivable. etc., 471,487,935 yen, and bullion and foreign money 6,905,899 yen.

EXCHANGE RATES. (Ree. November 30, 8.15 p.m.) London, November 29. Foreign rates of exchange on November 29, ts compared with par rates, or as averaged first 1 ,:i!f of 1014, are as follow:—

CHICAGO WHEAT ■ MARKET. Chicago, November 29. Wheat quotations:. December. 1 dollar 353 cents per bushel; May, 1 dollar 383 cents; July, 1 dollar 32J cents. ENGLISH WHEAT MARKETS. (Rec. November 30, 8.50 p.m.) London, November 29. Wheat.—Cargoes are dull, and have declined 3d. to 6d. per quarter. Parcels are in poor request at 6d. down. Liverpool futures: December, 10s. 3Jd.; March. 10s. 7d.; May, 10s. 4d. per cental. PRICES OF METALS. (Rec. November 30, 8.50 p.m.) London, November 29. Copper.—Standard, on spot.. £56 18s. 9d. per ton; forward delivery. £57 13s. 9d. Lead, £29 7s. 6d and £29 Ils 3d. Spelter.—£33 16s. 3d. and £33 15s. Tin. £320 2s. 6d. and £303 7s. fid. Silver.—Standard, 245 d; fine 271 d. per ounce. CUSTOMS REVENUE. The Customs revenue collected at the port of Wellington yesterday totalled £8713. '

SUM OF MONEY ASTRAY GUILT ADAHTTXiD. BY TBbECBAPH.—PRESS ASSOCIATION. Invercargill, November 30. In the Magistrate’s Court David Charles McGill pleaded guilty to a charge of having received the sum of £l5 for the Electrolux Company and having fraudulently failed to pay it to that company. There were other charges totalling £6B. Accused was committed for sentence.

SINGLE TEST. Light Breeds. Week. Oz. dr. TI. S. A. Butterfield 0 11 11 193 10 10 179 G. .Master?,' No. 2 5 11 4 177 11 10 174 ,T Bradbury. No. 2 .... 5 10 4 173 10 10 1. •» A. A. Hoare 0 13 (J 170 J. Bradbury, No. 1 15 10 12 107 G. W. Sellar, No. 2 .... fi 13 11 153 •{ 13 146 S -2 140 A. G. Mum by 6 13 15 W. Spence 5 10 « ipj It. K. McPonell — —■ 108 G. W. Sellar, No. 1 ... 0 14 4 90 Heavy Breeds. L. Wadham, No. 1 .... (> 11 4 212 12 4 181 I< Bailey, No. 2 (b) .. 2 3 10 176 13 14 1 11 Sirs. Ross 5 12 0 175 1 11 138 10 12 128 it. and J. Whiteman .. — 120 L. Wadham, No. 2 7 14 0 102 115 3859 TEAMS' TEST. Light Breeds. 186 L. B. .Maunsell <• 13 5 o 169 6 11 8 153 50S E. W. Tooby <• b 12 10 13 0 180 17S ” 4 8 6 143 »» 501 8 11 126 11 S 163 5 10 9 160 449 9 14 120 13 2 IGO ” 4 8 12 138 424 10 8 155 • 4 8 6 117 5 9 13 142 414 Mrs| L. G. Payne .... 4 S 12 10 4 120 124 5 11 11 110 360 E. A. Tozer 5 10 12 11 4 133 GO »» r. 11 3 154 »» — 356 HeaVy Breeds. 181 1S3 P. Bailey, B..X.B 0 6 11 3 11 8 « 10 11 172 536 F. Taylor, B.O « 13 G 13 15 124 180 7 12 0 197 501 ,T; IT. Kissling. R.I.R. .. 5 11 7 13 3 149 182 :: 0 13 14 113 444 160 4493

Nov. 29. Nov. 25. Par. New York. dols. to Hl ... 4.85 4.85 4.800 Montreal, dols. to £1 4.84} 4.84} 4.800 Paris, francs to £1 130.13 133.00 25.22} Brussels, belgas to £1 34.88 34.80 —- Amsterdam, florins to £1 12.13 12.13 12.107 Stockholm, knr. to £1 18.18 18.18 18.12 Oslo, knr, to £1 19.23 18.99 18.12 Copenhagen, knr. to £1 18.23 18.21 18.12 Berlin, Reichsmark to £1 .. 20.42 20.43 —— Rome, lire to £1 113.13 114.03 25.22 Yokohama- pence to yen 24 5-10 24 5-10 24.48 Calcutta, pence to rupee 1713-10 17 13-16 24 Hong-Kong, pence to dollar 23} 23* 24 Batavia, florins to £1 12.10} 12.10 —