COMMERCE AND FINANCE

Otago Daily Times, Issue 19997, 14 January 1927, Page 13

COMMERCE AND FINANCE

' WELLINGTON WOOL SALE. COMPETITION VERY BRISK ALL CLASSES IN DEMAND PRICES GENERALLY ADVANCED. (Special to Daily. Times.) WELLINGTON. January 15. The wool sale which commenced in the Town Hall on Wednesday was brought to a close this forenoon, and proved to be one of the finest and most satisfactory sales held in this city. It was characterised by a very healthv tone. The competition was brisk throughout and at no time showed signs of flagging. Every section of the trade appeared anxious to buy with the result that for every lot in the catalogue there was keen competition, and the clearances were excellent. The wool offered consisted mostly of crossbreds from the Wairarapa, Manawatu and Nelson districts, but there was a fair quantity of wool from Marlborough consisting of halfbreds and merino. The quantity of merino produced in New Zealand is relatively very small, and barely sufficient to meet the requirements of the Dominion’s woollen mills. Therefore, they have to pay full prices for such wools under the pressure of Bradford competition. No super lines of merinos were offering as at the December sale, but the prices of merino were equal to those of the December sale, if not a shade above them. The competition between Bradford and the local mills for this class of wool was very keen. The halfbreds were in fairly good supply as the Nelson district, as well as some parts of the North Island, had fair quantities offering Much of this wool suited the requirements of the Continental buyers, and generally halfbreds may be put down os having advanced Id on super, and Id to on shabby short staple and inferior sorts which the Continent favoured. The American operators were certain of obtaining the requirements of super wools._ They bid freely for suitable lots and paid 14d, Mid, and 15id per lb for average and inferior grades of fine and medium crossbreds. The Continent and Bradford were strong competitors, and in these grades of wool there was a most pronounced increase in price, the advance being id to Id all round for average and inferior grades of crossbreds, and lower grades (44’s-46’s). The advance was less and ranged about id for coarse and low crossbreds (36’s-44’s). The best qualities showed an advance of id to id, and inferior qualities were par to id higher. Lamb’s wool was in extremely good demand, competition coming from France. Bradford, and the Dominion mills. This was the first sale of the season that there was any quantity of this class of wool showing any length of staple, and the prices realised must be considered very satisfactory. The top price realised for a line of Romney lamb’ss wool was 16Jd. Viewed from all points the sale was an extremely satisfactory one. Prompt day is on January 27, and the cheques to growers on that date should approximate to £400,000. The following is the official range of prices, the December figures being given in parentheses: Merino (66-70, 60-64).— Super (19|d to 23d) 20id to 22id; average (16id to 19d), 17d to 20d; inferior (—), 14|d to 17d. Fine Halfbrod (56-58).— Super (17d to 19Ad), 17id to 192 d > average (laid to 16|d), 15d to 18d; medium halfbred (50-56): Super (15d to 17jd), 17d to 18id; average (13d to 16d). 14id t(Tl7d; inferior (10id to 12d), 12id to 14id. Coase Halfbred (48-50). —Super (14d to I6d), 16d to 17id; average (13id to 143 d), 13|d to 15? d; inferior (10id to 113 d), 12a Corriedale. —Super (16d to 17d), 17id to 19^d: average (12JcI to 15d), 14|d to 17d; inferior ( —). Hid to 14sd. , . Fine crossbred (46-48): Super (134 dto . ]sd), 14d to 16Jd; average (Ilfa to 13M), 12Jd to 14d; inferior (10d to Hid), lt)|d to 12jd. Medium crossbred (44-46); Super (13d to 14jd), 13Jd to 15d; average (lljd to 12d), IOJd to inferior (8d to lOd), 7d to 10Jd. Low crossbred (36-40): Super (Hid to 12d), Hid to 12d; average (9jd to Hid), 104 d to Hid; inferior (7id to 9id), 7id to *9id. Hoggets (48-50); (12id to 16ifl), 12id to 16|d; fine (46-48), (Hid to 15d), Hid to 15|d; medium (44-46), (10id to 14id), Hd to 14id; coarse (40-44), (lOd to 12id), 10id to 13d; low (36-40), (lOd to llld), lOd to ll|d. Lambs: Fine (44-50), Hd to 14JdL 12id to 16|d; medium (40-44), ( ), Hid to 13d. . Seedy and inferior: All grades (5Jd to lOd). 7d to Hid. Bellies and pieces: Merino —good to »uper (12Ad to 14Ad), 14id to 17Jd); low to medium (10id to 12d), IOAd to 14d. Halfbred —good to super (Hd to 13Ad), 12id to 15id; low to medium (9d to Hd), Kild to 12d. Crossbred —good to super (g3,d to 14d), B*d to 14d; low to medium (5d to Bid), s|d to Sid. Crutchings; Medium to good (8d to 94d). 7id to lOd; inferior and seedy (3d to 7d), 4d to 7d. Locks: Merino (9id to Hid), 9d to 104 d; halfbred (6d to Sd), 74d to 84d; Crossbred (4Jd to 6id), 5d to 6Jd. ROSS SEA WHALING COMPANY. The annual report and statement of accounts of the Ross Sea Whaling Company for the third working year, 1925-26, have just reached Dunedin There is some local money invested in the company, and this gives the figures some additional interest for our readers. The report states that, as before, the whale-oil was sold on common account, together with the oil of several Smith Sea companies, through the Norwegian Whaling Association. Most of the cargoes were sold at £34 per ton for No. 0/1. in the tanks. The average price worked out at £33 14s 5d net, with the usual reduction for inferior grades. The accounts show a surplus of £60,000, but it is pointed out that owing to the great increase in exchange through the enormous increase in the value of the orwegian currency, the profit is £82,500 less than it would have been under the previous year’s conditions. At the general meeting on February 3, 1926, it was decided to increase the capital by £175,000, bringing it up to £350,000. The new capital was fully subscribed by the old shareholders. The available surplus of £60,000 was appropriated as follows: —Depreciation, £24,000; reserve fund, £6100; percentage to the managements, .£1500; ditto to the committee, £400; dividend of 12 per cent, on the old capital, £21,000; fund for acquiring new chasers, £7500; carry forward to next year, £25. HARVEST PROSPECTS. POSITION IN NEW SOUTH WALES. A FAVOURABLE OUTLOOK. (Fbom’Our Own Correspondent-) SYDNEY, January 6. Although the capricious disposition of politicians has had a disturbing effect upon trade and commerce, the new year opens brightly, thanks to bounteous rains. The harvest prospects are good, despite the fact that very considerable stretches of country have been swept by fire, with the consequent loss of growing crops, as well as bagged wheat. The damage is estimated at £IOO,OOO in one .shire alone. Heavy winds have also affected the better yielding varieties of wheat, the loss in several, districts averaging a bag to the acre. While the estimates of the total harvest must obviously be affected by . these losses, the probabilities now point to a harvest of between 40 and 42 million bushels, which is well above the avenge. The hav harvest was completed in almost ideal weather in the principal centres. Perhaps the most gratifying feature of the season has been the keener interest evinced by growers in the selection of the best varieties, and in the treatment of their seed. The majority of farms h*Ta shown a distinct decrease in the

LOCAL' AND OVERSEAS MARKETS.

amount of disease present in the crops, and the most dreaded of all —bunt, or stinking smut —which so seriously affects the grain for milling purposes, was this year almost negligible. This was due largely to the widespread adoption of the dry copper carbonate treatment, for which the State has to thank Dr G. V. Darnell-Smith, the Government biologist, and Mr Hugh Ross, manager of one of the State experimental farms. The last month of the old year was one of extraordinary fluctuations, for it witnessed bush fires, unparalleled for several years, followed by heavy rains, which have completely transformed the outlook, and which, indeed, have been so heavy in some parts nearer Sydney as to drive ' people out of their flooded homes. CARRERAS LIMITED. A SUCCESSFUL YEAR. After writing off all charges, including advertising, depreciation, directors’ remunerations, etc., the accounts of Carreras (Limited) show an available balance of £1,390,387. The directors recommend a final dividend on the ordinary and “A” ordinary shares of 35 per cent. (7s per share), free of income tax, making 50 per cent., free of tax, for the year. The sum of £120,000 has been placed to reserve for taxes, £22,918 to the employees’ superannuation fund; preference share dividends absorb £20,000, and the balance carried forward is £921,153. Out of this balance it is proposed to capitalise £300,000, and to distribute bonus shares in the proportion of one bonus share for every two ordinary and (or) “A” ordinary shares held by shareholders on January 6, 1927. This will leave a net carryforward to next year’s accounts of £621,153. BUTTER FOR AUSTRALIA. DEMAND LIKELY TO CONTINUE. (Special to Daily Times.) AUCKLAND, January 13. Despite the reports of an improvement in the dairying situation in New South Wales, Victoria, and Queensland as a result of the rains in December, it would appear that Australia is likely to continue the importation of supplies from New Zealand. As a matter of fact inquiries have been received in Auckland lately asking for quotations for delivery from March on. wards. Last season Australia beat New Zealand for a fair amount of Canadian trade which New Zealand formerly held, and thus disposed of about 60,000 cases. This season this Dominion recovers the whole of this business. BUTTER AND CHEESE. DAIRY DEPARTMENT’S GRADING. (Per United Press Association.) WELLINGTON, January 13. For the month of December the Dairy Department, graded 1629 tons of butter, of which 454 were unsalted compared with 1095 tons for December 1925. For the past five months the total was 35,615 tons compared with 32,782 tons for the corresponding period last year. The cheese graded for December totalled 12,875 tons, compared with 12,982 tons for the previous December, and for the past five months the total was 33,839 tons compared with 33,473 tons for the corresponding period of last year. AUSTRALIAN MARKETS. SYDNEY, January 13. (Received Jau. 13, at 10.40 p.m.) Wheat, 4s 7jd a bushel in country, equal to 5s 3d ex truck Sydney. Flour, £l3 a ton. Oats: Tasmanian white iants, 4s 3d to 4s 5d a bushel; Algerians, 3s lOd to 4s. Potatoes: Tasmanian, £2l to £23 a ton; local, £25; West Australian, £2O. Onions, £lO to £l2. ADELAIDE, January 13. (Received Jan. 13, at 10.40 p.m.) Wheat: Growers’ lots, 5s lid to 5s 3d a bushel; parcels for trade, 5s 3d. March delivery. Flour: Bakers’ lots, £l3 5s a ton. Oats, 2s 4d to 2s 6d a bushel. MELBOURNE. January 13. (Received Jan. 13, at 10.40 p.m.) The hide market is firm at last week’s best rates. HOBART WOOL SALE. ADVANCE IN PRICES. (Press Association—By Telegraph—Copyright.) HOBART, January 13. The first wool sale of the season has commenced. Competition was very keen, and compared with the closing prices on the mainland in December fine merinos advanced 10 per cent, and other merinos from par to 5 per cent. Super and good comebacks and fine crossbreds were also 5 per cent, higher. Merino skirtings were unchanged, while crossbred skirtings advanced 5 per cent. TALLOW SALES. (Press Association Rv fßleeraph—Copyright.) LONDON, January 12. At the London tallow sales, 858 casks were offered and 412 sold. Mutton was neglected. Other sorts were firm, with an occasional slight advance. Prices:— Mutton, fine 395. medium 35s 6d; beef, fine 39s 6d, medium 35s. —A. and N.Z. Cable. * N.Z. INSURANCE COMPANY. INTERIM DIVIDEND DECLARED. (Peb United PheoS Association.) AUCKLAND, January 13. The directors of the New Zealand Insurance Company have declared an interim dividend of lOd a share for the half-year ended on November 30 last, payable on February 9 next. LONDON WOOL SALES. COMMENCING NEXT TUESDAY. Press Association —Bv Telegraph—Copyright, i LONDON, January 12. At the wool sales, commencing on January 18. 151,300 bales will bo offered, of which 80,000 aro Australian and 41,850 Now Zealand.—A. and N.Z. Cable. CHICAGO WHEAT. (Press Association—By Telegraph—Copyright.) NEW YORK, January 12. Chicago Wheat.—May, 140 cents per bushel; July, 1403; September, 127|. — A. and N.Z. Cable. PRICE OF GOLD. LONDON, January 12. Gold is quoted at 84s HAd per oz. —A. and N.Z. Cable. THE SHARE MARKET. DUNEDIN STOCK EXCHANGE The tone of tiro market on the Dunedin Stock Exchange yesterday was fairly quiet. Business in Goldsbrough Morts at 49s 3d was reported, 49s being offered afterwards. A transaction in Soldiers’ Settlement Bonds at £lOl was also reported. Inquiry for Auckland Amusements Park shares improved to 6s premium. Kawaraus were wanted at 3s 5d with a seller only twopence away. Sales reported; Goldsbrough Mort. 49s 3d; s'i per pent. Soldiers’ Bonds (1933) ! £IOL • , , . . I The following are yesterday s buying [ and selling quotations, which aro subject to the usual brokerage:

BANKING. Bank of N.S. Wales—Buy £46 10s. Bank of New Zealand—Sel 59s 6d. Commercial Bank —Buy 32s 6d, sel 33s fid. National Bank —Buy £6 18s 6d. Union Bank —Buy £ls 4s. BREWERIES. Staples—Buy 37s fid, INSURANCE. New Zealand Insurance—Buy 37s Id, sel 57* Bd. Standard Insurance —Sel 595. SHIPPING. Huddart, Parker (pref.)—Buy 20s 9d. U.S.S. Co. (pref.)—Buy 20s. COAL. N.Z. Coal and Oil—Buy Is. LOAN AND AGENCY. Dalgety and Co. —Buy £ls ss. Goldsbrough, Mort—Buy 495. N.Z. Loan and M. (ord.) —Sel £95 10s. Perpetual trustees —Buy 60s. Trustees, Ex. and Agency—Buy 58s. Wright, Stephenson (ord.) —So) 225. Wright, Stephenson (pref.)—Sol 17s. MEAT PRESERVING. N.Z. Refrigerating (pd.)—Buy 14s 9d. N.Z. Refrig, (oont.) —Buy 7s, sel 7s 9d. MISCELLANEOUS. Auckland Amusements Park (cont.) —Buy 6s prem. ..uusii Tobacco —Buy 50s. Brown, Ewing (pref.)—Buy 20s 6d. Bruce Woollen Co. —Sel 18s. Colonial Sugar—Sel £56. D.I.C. (pref.)—Buy 20s 6d. Dominion Rubber—Sel 60s. Dunedin-Kaikorai Trams—Buy 345. Eclipse Petrol—Sel 12s 9d. Mosgiel Woollen Co. —Buy £6. M’Leod Bros. Soap—Buy £25. National Electric—Sel 17s 6d. N.Z. Express (ord.) —Sel 235. N.Z. Express (pref.)—Buy 17s. N.Z. Hardware (ord.) —Buy 4s 6d. Taranaki Oil—Buy 9s. Wilsons (N.Z.) Cement—Buy 345. MINING. Kawarau G.M. Co. —Buy 3s sd, sel 3s 7d. Nokomai—Buy 5a 6d prem. Mount Lyall—Sel' 28s. Kaw. High Levels—Sel la prem. Mount Isa—Buy 24s 3d. St. Bathans (B issue) —Sel 2s 6d dis. Upper Nevis—Buy 5s prem., sel 7s prem. Alburnia —Buy 3s 6d, sel 4s. Big Beach—Sel Is prem. ' WAR BONDS. 4(. per cent. Bonds, 1930 —-Buy £97. 4i per cent. Bonds, 1938—Sel £96 17s 6d. 5 1 per cent. Soldiers’ Bonds, 1933—5 el £lOl ss. 4i per cent. Inscribed, 1938—Sel £96 17s 6d. 4j per cent. Inscribed, 1939—8uy £96 10s, sel £96 17s 6d. 5j per cent. Soldiers’ Inscribed, 1953—5 el £lOl ss. 5 per cent. Postal Bonds, 1927 —Buv £9B. NORTHERN EXCHANGES. (Peb United Pbess Association.) The following business was done on ’Changes yesterday;— Auckland.—Sales: Mount Eden Borough debentures (1961), per cent* £101; Bank of New Zealand 59a; New Zealand Insurance 37s 6d; Pukemiro Collieries 225; Auckland Gas 23s 10d; National Timber 14s 9d; Colonial Sugar £55; Alburnia 3s 9d; Moanafciiiari (oont.) 4s lOd, ss; Kawarau 3s sd, 3s 6d; Ohinemuri os. Wellington.—Sale reported. Scoular and Co., £1 2s. Christchurch.—Sale reported: British Tobacco 51s. —Sales: - New Zealand Insurance, 37s sd; Royal Bank (£1 pd), 37s 6d (two parcels); Western Australia Bank, 54s 6d (seven parcels); New Zealand Refrigerating (cont.), 7s 3d (two parcels); Electro Zino. (pref., cum. div.), 37s 6d.