LESS DEMAND FOR LOWER GRADE WOOLS

Sun (Auckland), Volume I, Issue 224, 10 December 1927, Page 5

LESS DEMAND FOR LOWER GRADE WOOLS

SECOND NAPIER SALE WELLINGTON RATES RULE Press Association NAPIER, Friday. The second Napier wool sale of the season was marked, r.s was generally expected, by a decline in values of medium and coarser grades of wool, with finer sorts fully maintaining the prices ruli ing in November, and at times perhaps showing a slight improvement. Taking recent values ruling at Wellington as a guide, to-day’s market at Napier was on the same level, with the exception perhaps of 44-46 preparing wools, which showed a decrease in price of from a farthing to one halfpenny. It was more than growers could hope for that the market of November should be maintained. It as generally recognised that those values were brought about by demand on the part of some operators for wool for immediate consumption. With those requirements fulfilled, naturally the market would find a truer level. At the same time, it had to be recognised that now that wool supplies are more plentiful there is not the same reason for feverish buying. Still, a number of growers were optimistic enough to expect the high level of a month ago to be main tained, and values were placed on their clips accordingly. However, in thosec ases the opinions of buyers were at variancew ith those of the growers, reserves were not reached, and in consequence several lots were passed in. If the few growers whose lots were passed in were disappointed, there were many others who had fixed values to give them a reasonable return. and received agreeable surprises at offers of 2d to 3id over those values. One noticeable feature of the sale was that it lacked the all-round keenness of operators in November on such lines as lambs’ wool. There was good competition and keenness, but at times the sale seemed to drag. T. AND G. MUTUAL LIFE SOCIETY ANNUAL MEETING MELBOURNE, Friday. At the 51 st annual meeting oC the T. and G. Mutual Life Society held to-day, the chairman, Mr. .T. £• Thompson, said that record progress had been made in practically eveiy department of the society's business New business comprised i4J,zau policies, assuring £11,483,563, an. increase of £1,012.241 over the previous year’s total. The total income had increased to £3,023,678. No less than £885,904 was paid to policy-holders. Death claims we.r© well within actuarial expectations. The assurance funds had a record increase of £1,364.718. The assets amounted to £11,682,966, of which 75 per cent, was invested in Government and municipal securities. The society’s mortgage connection had been extended, and great progress had been made with the erection of new premises for the society in Melbourne and Wellington. These premises are erected primarily for the housing of the society’s growing staffs, but would prove remunerative from an investment point of view, particularly as the building sites were purchased originally at prices well below present market values. The rate of interest on the mean funds had increased to £5 13s 3d per cent. The actuary’s report showed a record surplus of £401,666. The bonus scale in the ordinary department had been increased and other benefits and concessions in both ordinary and industrial departments were granted to policy-holders. These wonderful results in the face of difficulties reflected great credit on the staff, whose loyalty and enthusiasm were deeply appreciated by the board. In conclusion, the managing director said that the society’s satisfactory position had been built up_ on safe principles and that the society existed to serve its policy-holders. The board was justified in believing that the society’s popularity and success were in a largo measure due to the general appreciation of the society’s methods and to the consideration always extended to its members. LONDON DAIRY MARKET BUYERS INACTIVE By Cable. —Press Association. — Copyright. LONDON, Thursday. The butter trade is disappointing and buyers are inactive. Choicest salted New Zealand and Australian is quoted at 166 s to 168 s, and unsalted Australian at 178 s to 180 s. Danish is quoted at 196 s to 198 s. The cheese market is dull. New Zealand white is quoted at 94s to 95s and coloured at 93s to 94s. —A. and N.Z. FEILDING STOCK VALUES Press Association FEILDING, Friday. The entry at the Fending stock sale to-day consisted of over 2,000 sheep and about 100 cattle. There was a large attendance of buyers and bidding was brisk. Pi'actically the whole yarding sold under the hammer. Some good lines of store two-tooth wethers and two-tooth ewes realised good prices, wethers being slightly easier. The following prices were realised: — Fat Sheep.—Two-tootlis, 25s 6d to 26s 7d, 275. ewes, 15s lOd, 19s 7d, 20s 7d, 20s 9d, 21s Bd, 22s Id; wethers, 245, 25s lid, 265, 26s 6d, 27s 2d; maiden ewes, 235. Store Sheep.—Two-tooth wethers, 225, 22s Id, 23s sd; two-tooth ewes, 275, 29s 2d; four-tooth wethers, 225, 23s 6d; small two-tooth wethers, ISs lOd: empty woolly ewes, 23s 3d; ewes with lambs, 33s 6d, 355, 43s 3d. Cattle.—Springing heifers, £5 ss, £5 15s, £6 2s 6d, £6 10s; cows in milk, £4, £6 2s 6d, £6 10s, £S ss; store cows, £3 16s, £4, £4 17s; springing cows, £7; heifers in milk, £5 10s, £7; fat cows, £4, £4 9s 6d. £5 15, £6 11s, £6 15s, £7 2s 6d; forward cows, £3 11s, £3 17s 6d. £4 10s; yearling heifers, £3 13s, £3 ISs; empty heifers, £4 Is, £4 10s, £5 17s 6d, £6 7s 6d; P.A. steers, £4 15s; three-year rough steers, £6, £6 15s. TATTERSFIELD, LIMITED Satisfaction at being able to pay a dividend at the rate of S per cent., in spite of the trade depression, was expressed by the chairman, Mr. J. W. Tattersfleld. at the annual meeting of shareholders of Tattersfleld, Ltd., held yesterday. No firm in New Zealand had a more loyal staff, stated the chairman, and the profit-sharing system had been a wonderful factor in the success of the enterprise. Mrs. E. S. Tattersfleld, Messrs. T. B. Clay, S. L. Hirst, A. Howey Walker and R. G. Clark were re-elected to the directorate, and Mr. Guy Tattersfleld was appointed as a new director. Mr. Egerton Gill was reappointed auditor.

FOWL WHEAT FIRMER

SOUTHERN QUOTATIONS Press Association. CHRISTCHURCH, Friday. ! The weather of the past week has benefited growing crops, which have been in need of warmer days. If it continues the prospects of a good harvest should be improved. Quotations are practically unchanged. There has been a firming in j the price of fowl wheat, 6s lid. f.0.b., ! being quoted. Supplies are said to be becoming short. ! A few occasional orders come from the North Island for good oats. A grade ! gartons are quoted at 3s 5d to 3s 6d, j and B’s at 3s 2d, f.0.b., s.i. Lyttelton. Forward quotations, March-September, I 1928, are : A’s, 3s 3d: B’s, 3s 2d. I Supplies of old potatoes are almost exhausted. Forward quotations for new potatoes, April-May-June, range from £4 12s 6d to £4 15s, f.0.b., but no business is being done at these prices. With the exception of a little more inquiry for local perennial ryegrass, there is nothing noteworthy to record regarding the market for seeds. The following are quotations, to be paid to farmers, sacks extra, except otherwise stated:— Wheat.—6s 7d for Tuscan. Oats.—Gartons, 2s 6d to 2s 9d; Algerians, 2s 9d. Chaff.—£3. Potatoes.— £4 to £4 10s. Red Clover.—To lOd; white clover, 9d to lOd. Perennial Ryegrass.—2s 6d to 2s lOd a bushel. Italian Ryegrass.—ls 6d to Is lOd. Coxfoot.—Td a lb. Linseed.—Up to £l3 10s a ton. Bran.— £5 10s a ton f.0.b., southern ports. Pollard.— £7 10s a ton. Flour.— £l7 10s a ton, for 2001 b sacks, freight paid at main New Zealand ports. DISTRICT SALES TE AWAMUTU VALUES Auctioneering firms operating in the district report as follows: The New Zealand Loan and Mercantile Agency Co., Ltd., Hamilton., report holding a sale at Te Awantutu on Thursday last, when they yarded 684 head of cattle, including 106 beef, which sold under keen competition. The firm quotes: Fat bullocks, £ll 15s to £l2 2s 6d; lighter do., £9 15s to £lO ss; heavy fat cows, £8 5s to £9 15s; medium weights, £6 39s to £7 17s 6d; lighter do., £6 to £6 14s; killable cows, £5 5s to £5 16s; cows in forward condition, £3 17s to £4 12s; cows and calves, £3 16s to £5; store cows, £2 10s to £3 12s 6d. A large entry of store steers, including a special entry of 300 15-months to 2£-year-old steers, met with a steady demand, and all sold as follows: 3£-year-old S.H. steers, £7 4s to £7 11s; 3-year-old do., £6 6s; 2J-year-old do.. £4 18s to £5 15s: Holstein and Jersey do., £3 18s to £4 ss; 16-months-old S.H. steers, £4 12s Gd to £4 18s; 15-months Holstein steers, £3 11s to £4 Is; mixed coloured steers, £2 16s to £3 8s; 16-months-old Jersey cross heifers, £3 8s to £3 17s; dairy cows, £5 10s to £11; heifers, £5 15s to £8 15s; works bulls, £3 to £5; fat wethers, £1 8s lid; fat and forward 2-tooth wethers, £1 3s. Pigs: Porkers, £1 18s to £2 6s; stores, £1 8s to £1 12s; slips, £1 2s to £1 ss; weaners, 9s to 16s. NORTHERN VALUES Walter Wakelin reports holding his usual monthly sale at Kamo on Friday, when 1,000 head of cattle, comprising 200 beef and boners, 50 dairy cattle and 750 store cattle, including 380 steers, were yarded. Competition was keen for all classes of stock, beef predominating and practically all sold. Pigs were dull of sale, 120 being penned. Following are the prices realised: Prime ox, £9 to £9 15s; cow beef. £6 to £S 17s Gd; boner cows, £3 10s to £4 15s; boner bulls, £3 to £6 10s; store cows, £1 15s to £3; cows with calves at foot, £4 to £7 7s; good yearling Jersey heifers, £2 5s to £3 Is; 3 to 4-year-old steers, £5 5s to £6 10s; 2 to 3-year steers, £4 to £5. A line of 75 choice 18-month steers made £3 13s; yearling steers, £2 to £3; 2-year heifers. £3 to £3 1.0 s; yearling heifers, £2; dairy cows made £5 10s to £9. DEMAND FOR HIDES WELLINGTON VALUES (Special to THE SUN.) WELLINGTON, Friday. Dry sheepskins were in good demand, at prices which tended toward a slight hardening in some lots at a sale of hides and skins held here to-day. Salteds were in rather less request, but prices were fairly firm. Hides again brought extremely good figures, and there was a better inquiry for ox, of all weights, at prices rather above last sale. Calfskins were firm with a keen demand, especially for well-got-up lots. Tallow was rather dull, and prices eased slightly. The range of prices is as follows; Sheepskins.—Halfbred, 12id to 15d; fine crossbred, 13d to 143 d; medium to coarse crossbred, llid to 132 d; short to half wools, 9id to 12id; lambs, to 14id; dead and damaged crossbred, 9d to 112 d; inferior and badly damaged, 5d to 9id. Pelts, 6id to lOd; damp, salted and green, 7s to 12s 6d; pelts, salted, 2s to 4s Id; lambs, salted, 2s lid to 4s 6d. Hides. —Ox, extra heavy, to 11 3-Sd; heavy, 102 d to 113 d; medium, 10id to 11 3-Sd; light, tOld to 11 3-8 d; cut, slippy and inferior, 4Jd to 92d. Cow, heavy, lOd to 102 d; medium, 10id to llld; light, 101 d to 11 7-8 d; cut, slippy and inferior, 3d to 92d. Bull, stag, 4d to 7ld; yearlings, 102 dto 121 d; yearlings, lOd to 12Jd Calf, superior, 16d to 17d; medium to good, 122 d to 153 d; damaged, 4d to 14d. Tallow.—ln casks, 23s 6d to 245; in tins, etc., 16s to 225. Sundries: Cow tails, 19}d; horse hair, 23d to 26£d. MINING NEWS OCCIDENTAL-U N A.—The following telegram was received from the mine manager yesterday: “I-lave broken down Occidental No. 1 reef, and secured 101 b of picked stone.” MOUNT WELCOME.—The following telegram was received from t the mine manager yesterday: “Breaking down today; gold showing freely, few pieces of picked stone.” OHINEMURI. —The manager reports: “The north drive on the Camoola reef is in 702 feet from the crosscut, with the face in high-grade ore, the best seen so far in this direction. A junction with the Queen reef. Silverstream section, should take place in another 120 feet of driving. The assay office is being equipped, so that regular results will shortly be available. The air compressor is on its foundations, and the new rock-drilling plant will be ready for operation immediately the transmission line is completed.”

NEW FLAX COMPANY

DR. PRITCHARD’S INVENTION (Special to THE SUN.) WELLINGTON, To-day. A public company, the activities of ! which will be watched with interest in New Zealand, has been formed in Edini burgh under the title of ibe Pritchard j Flax, Fibre and Pulp Company, Ltd., with a nominal capital of £1,000.000. The objects are to acquire interests in any patents, brevets dinvention, liclusive or non-exclusive or limited right to use, or any secret or other information, and to carry on the business of cultivators and producers of all kinds of produce and crops, including fibrous plants and substances, esparto and other grasses, and timber spinners, and weavers, manufacturers of pulp, etc. j According to the monthly bulletin of ! the Department of Overseas Trade released by the British Trade Commissioner, Mr. L. B. Beale, the chairman of directors is Lord Askwith, with Sir Alexander H. Maguire as deputy-chair-man. The company is formed with the object of acquiring from Dr. Pritchard the benefit of his existing inventions relating to flax and other fibres for manufacturing purposes. It is a radical innovation and dispenses entirely with retting (or rotting) and scutching of the retted plant. The time occupied in the preparation of the flax will not take half as many hours as days taken in retting and drying and scutching under the old method. GROWERS’ PROBLEMS CONFERENCE PROPOSED To members of the New Zealand FlaxI millers’ Association and all others interested in the industry, a suggestion is to be made that a conference of New Zealand interests be held in June, 1923. This is the outcome of a meeting of the Northern Flaxmillers’ Association held yesterday. One of the principal topics at the proposed conference will be the need for a subsidy on hemp, according to Mr. E. L. Broad, chairman of yesterday’s meeting. The subsidy should only operate when the export of hemp became unprofitable. Insurance and shipping charges, and the position of the chief hemp grader should also figure on the programme. Mr. Broad contended that the Government could profitably employ a large number of those seeking work by bringing in large areas of Crown land swamps. Areas such as existed in the Hauraki district, under cultivation would find an eager market among millers. The meeting also decided to send a letter to the Minister concerned congratulating him on the passing of the Valuation of Land Amendment Act. BUTTER AND CHEESE Joseph Nathan and Co.. Ltd., arc in receipt of the following cable from their London principals:— “Butter, 164 s to 170 s. Cheese, 92s to 945. Markets have lower tendency owing to unprecedented absent business.” Auction Notices The Auckland Auctioneering Company, Ltd., instructed by the Waitemata Loan Company, Hobson Street, will sell, at their salerooms, 6 Customs Street West, on Monday next, at 11 a.m., a list of 750 genuine unredeemed pledges to be sold practically without reserve. Mr. A. H. Jones will be the auctioneer. Messrs. Samuel Vaile and Sons, Ltd., have been instructed by the owner to sell at their rooms, S 3 Queen Street, on Wednesday next, December 14, at 2 p.m., a beautiful harbour-side bungalow at 63 King Edward Parade, Devonport, comprising six rooms, kitchenette and offices. PROPERTY DEALS The well-known Haymarket site in Albert Street adjoining THE SUN was not submited to auction yesterday afternoon. Prior to the sale it was seen that the reserve would not be reached and the property was not put up. The auctioneer announced that Alfred Buckland and Sons would be prepared to deal privately with any inquirers. Three town sections offered at Pukekohe yesterday by Samuel Vaile and Sons also failed to change hands under the hammer. A corner section in the main street with a 60ft frontage to Edinburgh Street was passed in at £23 10s a foot; another section in Edinburgh Street was passed in at £7 10s a foot; a further section in the same street failed to draw a bid. Samuel Vaile and Sons, Ltd., report having sold at auction yesterday a farm of 4S£ acres with stock and chattels, in Nixon Road, Mangere, for £4,550, and a house of five rooms in Grove Road, Devonport, for £6BO. A farm section of 112 acres at Wainau Pa was bought in by the mortgagee for £770, and a bungalow in Napier Avenue, Takapuna, was also sold to the mortgagee for £1,140.