COMMERCIAL.

Southland Times, Issue 18859, 26 June 1920, Page 2

COMMERCIAL.

BANK OF NEW SOUTH WALES,

SOUTHLAND STOCK AND PRODUCE MARKET. Times Office, Friday, June 25. The outlook of the stock market has brightened considerably during the week, owing partly, no doubt, to the exceptionally mild weather for the time of the year. The majority of the fat stuff that has come forward to date has shown a lack of finishing, hut, nevertheless, it has met with keen competition, and there is every indication of extremely good prices for fats of all classes in the near future. An inquiry has sprung up for good three and four-year-old store bullocks and as these are very hard to ge:, good prices have been ruling for those sold. There has been an exceptional demand for good forward wethers of all ages, ard everything offering has been readily sold. Owing to the high prices ruling for all classes of wethers the opinion is held that there is every likelihood of buyers’ attention being attracted to ewes which, if this is so, should be valuable property. Hoggets have also been in keen demand at ihe country sales of late and brought gcod prices at to-day’s Otautau sale. On the average wethers and hoggets have risen 3/- to 4/- per head during the last fortnight. OATS.—The market is quiet and there is not much disposition to buy on the part of merchants. On the other hand, there is Very little left with fanners. The price is nominally 5/-, on trucks, for A grade, and 4/10 for B. CHAFF. —There is a good demand for chaff, which is worth from £7 to £7 5/-, on trucks, for prime samples. POTATOES.—The market is very quiet, and unless export to Australia can be found prices are likely to fall even lower than at p resent. There are good crops both here and in Canterbury, which are probably more than sufficient for Dominion requirements. Fanners are asking £5 10/on trucks, sacks in, for table quality, but merchants are not at all anxious to buy. For seed, especially Up-to-Date and Sutton’s Supreme, there is a good demand. RYEGRASS.—AIthough there is not much business doing a considerable inquiry is being experienced, and it is expected that a number of sales will take place shortly in view of the approach of spring. HEMP. —Tl’.c market is quiet, the London equivalent to-day for low-fair being only from £3O to £3l, on trucks. For goodfair there is plenty of demand as local manufacturers cannot consume all the production. Tow is in strong demand, but stocks are almost exhausted. • CLEARING SALE AT RAKAHOUKA. One of the largest and most successful clearing sales that has been held in Southland for some time was conducted by the National Mortgage and Agency Co., Ltd., at Rakahouka on Wednesday last on behalf of Mr James Milne. There was a large and representative gathering of farmers and graziers from all parts of the province, and fat stork buyers from as far north as Timaru. Lite arrangements for the handling of tl e stock were all that could be desired, ard everything offered hy the auctioneers, Messrs Marshall and Officer, met with keen competition, anti the sale went with a suing from start to finish. Great interest was taken in the sheep offering. It is seldom that such large lines of fat and forward sheep are offered in Southland, and the price realised for a line of 1650 forward wethers, 36/7, gives a clear indication of the present state of the market and the quality of the stuff offered. The cattle were sold in big lines, and met with a ready sale, the top price, £l7 7/6, being obtained for a line of 50 fat and forward bullocks, while other lines realised fuU market value. The following are the principal sales; —76) fat wethers at 39/10, 140 fat lambs at 29/1, 1640 forward wethers at from 36/’ 7 , 340 two-tooth ewes lit 38/3, 420 six and eight-tooth ewes at 30/-, 50 bullocks at £l7 7/6, 43 speyed cows at £9 19/-, 64 bullocks at £l3 5/-, 26 IS months’ heifers at £6 7/-, 28 IS-montlW steers at £6 8/-, dairy cows from £l4 10/- to £l9. The horses were in working condition and met with a very good sale as follows; Mares—7-yr-old £55, 4-yr-old £SB. 6-yr-old £3O, £SO, 7-yr-old £26, geldings—Byrs £23, svrs £4l, Svrs £lB 10/-; aged £l7 10/£l9 10/-, £2O, £24, £35 10/-, £4l 10/-, and £32 10/-. Implements—Swamp plough £27 10/-, 3-f. plqugh £25, blocks and chains £3 17/6, £5 17/6, drill £4O, grubber £7, lime-sower £27, disc £l9 10/-, roller £23 10/-, mower £ll 15/-, ridger £3O, drays £3O, £22 10/-, £B. waggon £2O 10/-, and the balance of sundries at full market value. The catering was ahun lantly carried out to the satisfaction of all present. WYNDHAM STOCK SALE, niURRDAY. JUNE 24. Messrs Henderson and Co.. Ltd., report a small yarding of both sheep and cattle. There was a fair attendance, and prices were about on a par with late sales—with the exception of well forward cattle, which showed a slight improvement. Several lines of cattle were passed. We topped the sheep with a nice pen of 31 fat wethers, which realised 43A. Mr Wm. Dodd being the vendor. We sold our entire entry as follows: Sheep—-31 fat wethers at 40/-, fat ewe 34/-; 26 forward ewes at 22/1, 73 failingmouth de. at 16/6. Cattle—3 empty cows at £8 11/-, 2 do. at £7 15/-, 2 do. at 70/-. Messrs Hunter Bros, and Rice report that, only a few lines of sheep came forward; but there wits a fair yarding of cattle. chiefly composed of young stock, and on the whole well-bred and well-conditioned sorts. We disposed of id! our entry, at prices showing a slight increase over recent market rates. Transactions are appended; Sheep—2B fat ewes at 29/1, 10 do. at 21/3; 132 in.?, hoggets at 23/-. Cattle—4 steers at £l4 3/-, 1 at £l3 6/-, fat heifer £ll 17/6, 2 do. at £9 10/-, 16 3-year steers at £9 9/-, 17 (Lv at £9 5/-, 17 2-yen:* steers at £B, 8 do.'at £6, IS at £5 10/-, 10 at £5 5/-, 5 calves at 60/-, 5 store cows at 55/-, 1 at 40/-, dairy cow £l4, 2 heifers at £9 and £7. Pigs.—6 weaners at 50/-, 3 do. at 36/-. THE CANTERBURY MARKETS. (Per United Press Association.) CHRISTCHURCH, June 25. During the week business in grain and produce has been extremely quiet. The potato market is lifeless, and in consequence of the announcement that the Australian Government will not lift the embargo, there is no immediate prospect of an improvement. Owing to the shortage of shipping it has been impossible to fill all northern orders. A good deal of pitting is being done by farmers, who hope that the market will gain a better tone. The nominal price to farmers is £3 10/- to £3 15/One or two small lines of onions were sold during the week at £6 per ton. Offers from buyers, however, are few. The oat market is stagnant, and offerings from the country are light, and inquiries from outside are very few. A grade Gartons are bringing up to 5/-, and B grades 5/10 to 4/11. Holders are not inclined to take lower figures, and supplies are being held. The bulk of the wheat crop is now cleared up on the market, and there has been very little business effected in this cereal. Odd lots of chaff have changed hands during the week, but not in large enough quantities to encourage merchants to resume buying operations. The shortage of

shipping and storage still presents a difficult problem in chaff trading. The nominal price is £6 15/- to £7. Occasional lines of barley are being offered, but there is no quotable change in the prices, which are from 8/- to 9/-. NEW'ZEALAND EXPORTS. The following table shows the quantity and value of the principal New Zealand exports for the twelve months ending April 30 last, compared with the twelve months ending April 30„ 1919: —

The 139 th half-yearly report, since 1851, of the Bank of New South Wales, together with a report of the proceedings at the general meeting, held in Sydney on the 2.Bth ulto., has now come to hand. The net profit for the half-year which ended on March 31 last was £304.218 19/7, after paying income, land, and other taxes, totalling £133,933. The undivided balance from the previous half-year was £140,370 4/5, making £444,589 4A available for appropriation. The usual quarterly dividends at the rate of 10 per cent, per annum absorbed £219,142 10/-, and £75,000 was transferred to the reserve fund, leaving £150,446 14/to be carried forward. The reserve fund now stands at £3,275.000. of which amount £1,250,000 is invested in British and colonial Government securities and the balance is employed in the business of the bank. On March 31 the paid-up capital amounted to £4,705,700, and the chairman stated that it was expected that by the end of the year the full sum of £5,000,000 would be in hand. The chairman further stated that the figures for the half-year indicated great activity in the business. Deposits were £49,417,000, an increase of £4,480,000 during the period. The note circulation in New Zealand had decreased by £487,000, and was now not much above normal. The cash holding was nearly £17,000,000. mostly held in Australasia. Advances showed a net increase of £BO,OOO, overdrafts having increased by about ,£1.000,0Q0, and hills discounted having decreased a similar amount. The cash holding was nearly £17,000,000. Taxation had been heavy, and for the past twelve months had totalled £201,000. VICTORIAN MARKETS. (By Telegraph.—Press Assn.—Copyright.) (Australian and N.Z. Cable Association.) MELBOURNE, June 25. Barley (English), 7/S to S/- per bushel; Cape, 7/- to //3. Oats (Algerian), 5/11 t° -• Potatoes, £l3 to £l4 per ton. Onions, £l2 to £l3.

1920. 1919. Quan- Value QuanValue. tity. £ tity. £ Tons. (1000’s) . Tons. (1000 s). Butter 13,057 2,401 20.360 3,423 Cheese 78,133 7,840 51,827 4,908 Frozen meat 195,813 9,904 83,573 4,058 Wool 94,278 15,422 80,513 12,573 Sheepskins 13,398 2,347 12,929 1,861 Tallow 37,368 2,337 27,209 1,354 Hemp 18,626 670 28,581 1,421 No. No. Hides 291,627 917 255,254 590 1000 sup. ft. 1000 sup. ft. Timber 54,456 490 64,564 526