FARMING NEWS

Manawatu Standard, Volume LX, Issue 253, 23 September 1940, Page 10

FARMING NEWS

FEILDING STOCK SALE.

AUCTIONEERS’ REPORT. The Associated Auctioneers report on the Eeilding sale: A small yarding of store sheep, with a heavy yarding of fat sheep, , was submitted. In the store sheep section ; the entry comprised chiefly ewe and wether ' hoggets, for which a keen demand was in evidence at prices fully Arm on those ruling at recent sales. The heavy yarding of fat sheep met with just a lair sale, values for prime ewes being back to the extent of Is 6d to 2s per head in comparison with rates ruling at the previous ' week’s sale. Eat hoggets were also in lose demand than was the case at the previous week’s fixture. A few odd pens of prime wethers, on the other hand, met with a ready sale throughout, the best price in this section being £2 for a pen of very prime quality sheep. Station cattle; A large yarding of station cattle was submitted, including several lines of cattle from the Gisborne territory. Anything showing quality and in fair condition created keen attention, and we, report a very sound sale throughout at values fully firm on those ruling at other cattle sales during the last fortnight or three weeks. A particularly choice line of 2-yr P.A. steers offered on account of Mr Eric Low, of Kiwitea, sold readily at £8 10s. A line of top yearling P.A. steers on behalf of the same client realised the highest price so far obtained in Fcilding this year, making the good figure of £6 per head. A' very strong market was in evidence for any cattle of size and quality. Fat cattle: A good entry of fat cattle was submitted, several pens of prime bullocks coming forward, and for these a strong market was in evidence. Station-bred fat cows also met with a ready sale, a 6 did a heavy yarding of fat cows cx the dairy. A larger yarding of dairy cattle than usual cainc forward and for these a keen demand ruled throughout for anything showing quality and closo to profit, backward calving -sorts not being in very keen demand. A few odd pons of yearling and 2-yr empty Jersey heifers sold readily at full late rates. The usual offering of boner cows met with a free sale throughout at rates comparable with those ruling ihe previous week. Quotations: Eat hoggets, 18s lOd, 19s lOd, 21a 3d, 21s lOd, 23s 4d, 23s 7d, 24s 6d, 24s 7d, 25s Id, 25s 4d, 25s lOd, 27 a lOd, 28e lOd, 30s Id, 30s lOd, 34s Id, 36s 4d, 40s lOd; fat wethers, 21s lOd, 25s lOd, 26s 4d, 27s lOd, 28s lOd, 29s 7d, 30s 4d, 31s lOd, 34s lOd, 36s 4d, 36s lOd, 38s lOd, 40b 4d, 40s lOd, 41s lOd, 42s 4d; fat ewes, woolly, 19s Id, 21b lOd, 23s 4d, 23s lOd, 24s lOd, 25s lOd, 26s 6d, 27s 4d, 28s 4d, 29s lOd, 30s 4d, 30s lOd, 32s lOd, 35s Id; shorn, 18s lOd, 19s lOd, 20s lOd, 22s lOd; store wethers, 23s 10, 245, 24s 3d, 25s 4d, 265, 26s'lOd, 27s 4d, 27s 7d. 28s, 29s lOd, 21s Id, 21s lOd; ewe hoggets, 30s 4d, 34s 9d, 355, 365; wether hoggets, 255, 25s 2d; ewes and lambs (all counted), 13s, 13s 3d. Dairy heifers, spg., £6 ss, £6 lbs, £7, £7 ss, £7 15b, £B, £8 ss, £8 7s 6d, £8 10s, £8 15s, £9, £9 ss, £9 10s, £lO, £lO ss, £lO 10s, £lO 15b, £ll, £ll ss, £ll 10s, £ll 15s, £l2 sb, £l2 15s, £l3 15s, £ls 10s; dairy cows, spg., £4 10s, £5 15s, £7, £7 ss, £7 10s, £7 15s, £8 10s. £9, £9 2s 6d, £9 12s 6d, £lO, £lO ss, £ll, £ll 10s; potter cows, £2, £3, £3 10b, £3 12s, £4 7s 6d, £4 10s, £4 11b. £4 17s 6d,; fat run cows, £7 2s 6d, £7 12s 6d, £9 2s 6d, £9 7s 6d, £lO 2s 6d, £lO 10s, £lO 12s 6d, £lO 17s 6d, £l2, £l4 2s 6d; fat, ex dairy cows, £4 12s 6d, £4 17s 6d, £5 7s 6d‘, £5 12b 6d, £5 17s fid, £6 2s 6d, £6 12b 6d, £6 17s :6d, £7 7s fid, £7 12s 6d, £7 17s 6d, £8 7s . 6d, £8 12s 6d, £8 17s 6d, £9 7b fid, £9 12s 6d, £9 17s fid, £lO 7b 6d; fat bullocks, £l3 17s 6d; runners, £4 12s fid, £4 17s 6d, £5 12s 6d, £6 7s 6d, £7 7b 6d; ylg. Jersey heifers, £4, £4 10s, £6 Ss; yearling P.A. steers, £2 10 3 , £2 13s, £3 10s, £4 13b, £4 17s fid,. ■£s 13s. £6; yearling Hereford steers, £5 10s; yearling P.A. heifers, £2 Bfi, £2 9s, £4 7s; 2-yr ■ steers, £3, £8 10s; 2-yr P.A. steers, .£3 15s, £5 12b; P.A. bullocks, £9 10s, £lO 7s; empty run cows, £5, £5 14s, to £6 4s; empty run cows, r.w.b., £5 Bs.

OPOSSUM SKIN SALE,

DUNEDIN, Sept. 20

The second oposstnn skin sale was held to-day. when 69.678 skins wore submitted. Unfortunately the war has affected all markets for furs, the only outlet at present being Now York and a limited demand by New Zealand furriers. As compared with rates ruling in August, quotations were: —Blues and greys, 6d to 2s lower; reds, rustj’9 and browns, par to Is; firmer blacks, 6d to Is lower. The range of prices, as far as can be ascertained is as follows: —Blues, extra super, 6s lOd to 9s each ; super, 4s lOd to 6s lOd; first, 3s 4d to 4s 8d ; second,. 2s lOd to 4s 6d; third, 2s 2d. Greys: Extra super, 5s to' 8s 4d;. super, 4s to. 7s 4d; first, 2s 8d to 7s 3d; second, 2s 2d to 5s lOd ; third. Is. 6d to Is lOd. Red necks: Super, 6s Id to 8s 'ld ; first, 5s 9d to 7s 7d; second, 4s 7d. to-6s 5d ; third, Is lOd to 3s 4d. Browns: Extra super, 7s; super, 5s 6d to 6s sd; first 4s 3d to 5s 4d; second, 2s lid to 3s lOd: third. Is 3d to 2s Id. Slates: Super 2s 6d to 3s; first, 2s to 2s 4d; second, Is 6d; third, lid. Blacks: - Extra super, 6s 2d to 7s; super, 2s 8d to 6s; first, 2s 4d to 4s Id ; second, Is 6d to Is 10. d; third. 6d. Three-quarter-grown blacks, lid to 2s Id; three-quarter-grown greys, Is 4d to 3s; three-quarter-grown blues, 2s 3d to 3s; small blues and greys, 9d to 2s; small blacks, lOd to Is 7d.

HIGHER WOOL PRICES

SURPRISE FOR INDUSTRY.

LONDON, Sept. 21

'The -Wool Control’s action in increasing prices for wool has surprised and aston ished almost the entire industry. The bulk purchase of tho South African clip has meant that the United Kingdom would receive double its normal annual consumption of wool. It was taken for granted that issue prices would be lowered, especially as all reports from South America emphasised the disadvantageous effect that high price? were having on British endeavours to expand exports of textiles. Business in the north had actually been held up because of the belief that lower prices were in prospect. However, tho corresponding increase in export issue prices means that foreign manufacturers buying wool from Britain suffer in the same, degiee. Furchei more, foreigners will not be given the advantage cf having raw material costs guaranteed for a long period ahead. Increasing quantities of home-grown sorts have seriously affected the imported apples. Trices arc described as ridiculously low. 'The air raids have not disorganised the distribution of butter and cheese. High tributes have been paid to the Ministry of Food's ■ timely decentralisation of stocks before the blitzkrieg.

RAW MATERIALS

LAST WEEK'S CLOSING RATES.

LONDON, Sept. 21. Friday’s eldsing prices for raw materials were, those for September 6 being in parentheses:— Cotton. —Liverpool quotation, good American middling, spot 8.40 d a lb (8.33 d); October delivery, 7.83 d a lb (7.82 d) Rubber: Para, 12d a lb (same); plantation smoked ribbed sheet, a lb (12 3-1.6 c!). Linseed oil: £44 a ton (same). Turpentine: 54s a cwt (same).

PRICES OF METALS.

LONDON, Sept. 20.

Prices of metals, with last week’s quotation in parentheses, arc: — Tim —Spot, buyers £247 10s a ton (£243). sellers £248 10s (£243 10s): forward, buyers £251 15s a ton (£246 10s), sellers £252 (£247). Pig-iron: 120 s a ton (same). Antimony : British £IOO to £lO2 a ton (same); foreign, £Bl to £B4 a ton, nominal (same). Molybdenite: 48s to 52s a ton, nominal (same). Wolfram: Chinese, 50s a unit (same).

RESERVE BANK

NET OVERSEAS ASSETS LOWER

RECORD STATE ADVANCES. Several major changes arc shown in the weekly statement of the Reserve Bank of New Zealand. Sterling exchange funds at £10,217,038 have increased by £460,756, but liabilities against the funds total £634,609, thus making the bank’s net overseas assets £9,582,430, a decrease of £161,852. Advances to the State for purposes other than marketing have reached a new record high level at £24,040,000, an increase of £500,000. The note issue is once again above the £20,000,000 level. The statement of assets and liabilities as at the close of business on Monday, September 16, is as follow: . LIABILITIES. £ s d

*Expressed in N.Z. currency. Proportion of resorvo (No. 7 less No 5) to notes and other demand liabilities, 30.776 per cent., compared with 31.436 per cent, on September 9 The reserve on Monday amounted to £12,384,282, compared with £12,546,134 on September 9, a decrease of £161,852. A year ago the reserve was £8,072,900, and on September 19, 1938, it totalled £15,031,534.

Sterling exchange last Monday amounted to £10.217,038, compared with £9,756,282 on September 9, an increase of £460,756 Liabilities in currencies other than New Zealand currency, however, were, £634,609 (compared with dnly £12,000 on Septemhber 9), thus making the bank’s net overseas assets £9,582,430, compareu with £9,744,282, on September 9, a decrease of £161,852. A year ago the- bank’s net overseas funds were £5,271,061, and in September 19, 1938, they totalled £12,229,743.

Advances to the State Marketing Department, amount to £3,247,788, an increase of £28.276. A year ago these advances totalled £4,769,883.

A new high record level is reached by advances to the State for other purposes. Last Monday they totalled £24,040,000, an’ increase for the week of £500,000. A year ago these advances amounted to £15,000,000.

The note issue at £20,028,497 shows' an increase of £29.866. A year ago the note issue amounted to £16,422.553.

, Demand liabilities to the State amount to £5,535,410, an increase ofr £750,832. The trading banks’ reserve balances at £14,516,298 show a further decrease of £259 - 150. Other demand liabilities total £159,922, a decrease of £128.527. Other 1 labilities amount to £832,918, a decrease of £20,795.

■1. General reserve fund ... 1,500,000 0 0 2. Bank notes 20,028,497 0 0 3. Demand liabilities — (a) State 5,535,409 15 2 (b) Banks 14,516,297 19 10 (c) Other 159,921 17 5 4. Time deposits — 6. Liabilities in currencies other than N.Z. currency 634.608 13 5 6. Other liabilities 832,917 14 8 £N.Z.43,207,653 0 6 ASSETS. 7. Reserve — £ s d (a) Gold 2,801,852 0 0 (b) Sterling exchange 1 (c) Gold exchange TO,217,038 113,572 4 7 8. Subsidiary coin. 6 1 9. Discounts — (a) Commercial and agricultural bills ... (b) Treasury and local — body bills —- 10. Advances— (a) To the State or State undertakings: (1) Marketing Dept. (2) For | other pur3,247,788 3 5 poses 24,040,000 0 0 (b) To other public authorities — (e) Other — 11. Investments 2,553,219 12 11 12. Bank buildings — 234.182 13 6

SN.Z.43,207,653 0 6