STOCK PRICES FIRM

Sun (Auckland), Volume II, Issue 488, 18 October 1928, Page 14

STOCK PRICES FIRM

N.Z. MARKETS REVIEWED SHORT CATTLE OFFERINGS By R.W.C. A very firm tone in all sections was registered at Westfield yesterday. There was a further decline in the number of cattle yarded. Sheep came forward in average numbers, calves were over supplied; pigs were yarded in slightly more than average numbers. The quality of the ox beef yarding was satisfactory, the offering comprising a big percentage of handy-weight cattle drawn mostly from the southern portion of the province. The average quality of the cow and heifer offering, on the other hand, was not the best, cull dairy sorts, not over prime, predominating. From the yardings at Westfield lately one would draw the inference that, even though the cattle may be in the province, a point upon which sall dealers are not agreed, graziers are not prepared to send them forward iii large consignments, preferring rather to hold a little longer with the double object of keeping the spring flush of feed down and increasing their weight. How long prices will stay at present levels the writer is not prepared to forecast, but it is hard to see that they will last many weeks longer, especially when the falling values of hides is taken into consideration. Prices at the moment are well above the export parity and, if there is to be any surplus for that purpose this season, that, in itself should have the effect of bearing the market to export levels within the next month or so. The market for cow and lieifer beef yesterday was firm to slightly in advance of last week’s rates, auctioneers quoting choicest ud to 4u*. Ox beef was very firm at up tol 45s for extra choice prime. Well Finished Sheep Forward The sheep offering was spread over about four and a-half rows, but with well-filled pens could have been yarded in about three and a-half rows. WelJfinished medium to heavy-weight sheep carrying a good weight of wool predominated. The market opened firm to slightly in advance of last week’s lower rates, but had an easier tendency toward the close. Calves met with very keen competition at the opening and sold at prices well up to late rates. A very heavv offering, which took till almost three o’clock to clear, however, saw buyers’ immediate requirements filled, and prices toward the close showed a decline of up to 10s a head. Pigs also met with a very firm at the opening of the sale, but prices were easier toward the close. Lambs sold* at late rates, the toppriced line making 34s 9d. Johnsonville Market Steady At Johnsonville saleyards yesterday there was a larger yarding of sheep but the usual warding of cattle. Prices for wethers si.owed an easing tendency, while prices for ewes remained on a par with late rates. Heavy ewes sold well. The offering of spring lambs was large, and as the quality was extra special, prices showed a good return to vendors. Included in the offering of cattle was one truck of extra heavy bullocks, and also one truck of extra heavy cows, which sold at late rates. Vealers were in good demand. Prices were:—Bullocks, heavy, £lB to £2l 12s 6d; bullocks, light, £l4 10s to £ls 12s 6d; cows, £ll 17s 6cl to £ls 15s; heifers, £ll 10s to £l6 ss; wethers, 40s to 43s 3d; ewes, 38s 3d to 395; ewes (extra heavy), 435; lambs, 30s 6d to 335; vealers, £2 5s to £3 10s. Addington Market There were increased entries at Addington market yesterday in fat and store cattle and vealers, and also in fat lambs, while the offerings of fat and store sheep were about the same as in tlffe previous week. There was a firm sale of fat cattle, especially for primest sorts, of which there was not a large number penned. Fat and store sheep showed no change in values, although there was a rather better inquiry for the latter. Owing to the number of fat lambs penned being double that of the previous week, prices eased a few shillings a head. There was a good sale for store cattle, among which were several lines of young stock. In the pig sections porkers sold better than baconers, and stores made a good recovery. The numbers of store sheep penned were about the same as in the previous week, but the quality of the better lots was not so good. Showers of rain during the week-end which had freshened up the pastures resulted in a better inquiry for all classes of sheep, although there was practically no change in prices, except in the case of ewes and lambs, which were somewhat dearer. Best spring lambs made to 39s 3d; heavy prime woolly wethers, to 50s lOd; shorn wethers, to 40s 4d; extra heavy prime woolly ewes, to 4Ss 4d; shorn ewes, to extra heavy prime steers, to £2l 17s 6d; extra prime young cow and heifer beef, to £l7 12s 6d. Choice ox made to 50s, and choice young cow and heifer beef to 47s 6d. Westfield Prices Prices at Westfield yesterday ranged as follow: Cattle: Heavy prime steers made to £lB 15s; lighter prime steers made £ls 17s 6d to £l7 7s lid; light prime, £l3 10s to £ls 15s; small and unfinished, £ll 10s to £l3 7s 6d; heavy prime young cows and heifers, £l2 to £l4 2s Od; one extra special heifer from T Muir realised £lB 10s, the purchasers being Fearon Bros.; heavy prime cows and . heifers, £lO 10s to £ll 17s 6dlighter prime, £9 to £lO 7s 6d; other kiilable cows, £6 to £8 17s 6d. Calves: Runners made £5 10s to £7 12s 6d; heavy vealers, £5 10s to £6medium, £4 18s to £5 8s; light, £4 to £4 6s; smaller, £3.6s to £3 18s; small and fresh-dropped, 9s to £3; rough calves, £1 5s to £3.

Sheep: Heavy prime wethers, woolly, £2 7s 6d to £2 9s 6d; heavy prime woolly, £2 4s to £2 6s 9d; medium to heavy prime, woolly, £2 to £2 3s 9d; shorn, dium prime,, woolly, £1 17s to £1 19s 9d; shorn, £1 Ss to £1 11s 3d; unfinwoolly, £1 18s to £2 0s 6d; shorn, £1 7s 9d; extra heavy prime young ewes, woolly, £1 ISs to 2 0s 6d.; shorn, £1 7s 6d to £1 10s; heavy prime ewes, woolly, £1 15s 6d to £1 17s 6d; lighter prime woolly, £1 12s to £1 3 4s; shorn, £1 3s to £1 4s 9d: other kiilable ewes, woolly, £1 10s to £1 11s 9d; shorn. £1 to £1 2s 9d; other Lambs:-. Extra heavy prime made to £1 14s 9d; heavy prime. £1 7s 6d to £1 3 0s; medium prime, £1 5s 3d to £1 7s 3d; light prime, £1 3s- to £1 ss. Pigs: .choppers sold at £2 to £4 7s 6d; heavy and medium baconers, £3 to £3 4s; light baconers and heavy porkers. £2 10s to £2 18s; medium porkers and light porkers, £2 to. £2 Ss; small and unfinished porkers. £1 10s to £1 ISs. Store pigs were penned in large numbers. Competition was keen. Large stores made £1 18s to £2 ss; slips, £1 Ss to £1 16s; weaners, 10s to £1 4s. DISTRICT STOCK SALES Stock auctioneers report on district stock sales held during the week as follows: The New Zealand Loan and Mercantile Agency Company, Ltd.—Sales of cattle were held during the past week at Westfield, Pukekohe, Warkworth, Papakura and Kaukapakapa, a pig sale at Waiuku and a clearing sale on account cf Mr. W. Preece at Pun!. We report good sales, with values firm for all classes of cattle, pigs, etc. We quote: Dairy cows and heifers, best, £lO to £ls 10s. Alfred Buckland and Sons, Ltd.—During the week we held sales at Westfield, Tuakau, Turua, Pokeno, Runciman, Cleyedon and Waiheke; also pig sale at Waiuku. There were full yardings at all centres, and a keen demand continues for all classes of cattle and sheep. Best dairy cows at profit, or recently calved, £l2 to £18; extra, to £24.

N.Z. STOCK EXCHANGE YEAR’S WORK REVIEWED Press Associatioti DUNEDIN, Wednesday. The annual meeting of the New Zealand Stock Exchange Association was held to-day in the Dunedin Stock Exchange call room. Mr. Harman Reeves presided over delegates from Auckland, Wellington, Christchurch. Invercargill and Dunedin exchanges. In welcoming the delegates, Mr. Reeves (retiring president), said he was glad to hear from conversations he had had with delegates that business, generally, had been good during the year. At the time of the last conference, New Zealand was recovering from a financial depression. The position was now reversed, exports exceeding imports by many millions. That had caused considerable improvement in their business. While business on exchanges had been good, however, trade, generally. in the Dominion, had been dull. Mr. Reeves thanked members for the ready acceptance of his decisions during the year.

Mr. G. C. Creagh (Auckland) was elected president for the ensuing year.

D.I.C. PROFITS A net profit of £42,42S is shown in the 44th annual report and balancesheet of the Drapery and General Importing Company of New Zealand. This, with £35,981 brought forward from last year, leaves a total credit at profit and loss account of £78,709. On May 1 an interim dividend was paid on preference shares at the rate of 6 per cent, per annum for the half-year ended February 20, which absorbed £7,500, and leaves £71,209 6s 4d now available for division. This sum the directors propose to deal with as follows:—Payment of dividend at the rate of 6 per cent, per annum on preference shares for half-year ended August 20, 1928, £7,500; payment of dividend at the rate of 10 per cent, per annum on ordinary shares, £17,551 15s Sd; addition to reserve fund (which will then stand at £70,000), £4,937 ss; balance to be carried forward, £40,920 5s Sd; total, £71,209 6s 4d. Last January tbe portion of the company’s building in Wellington fronting Lambton Quay was demolished and a start made with rebuilding. Since then the Wellington business has been carried on under the mqst trying conditions in about half the floor space formerly occupied, and returns have naturaly suffered to some extent. All the heavy expenditure involved in generally making the restricted accommodation as suitable’ as possible for all departments has been nrovided for. Messrs. E. T. Halsted and I. S. de Beer retire from the directorate and offer themselves for re-election. Following is a comparison "of the company’s results and appropriations for the last three years:—* 1926. 1927. 1928. Brought forward .. 25.656 31,904 35,981 Net profit 45.982 46,873 42,728 £74,638 78,777 78,709 To reserve 9,932 9,968 4,937 Dividends — _ Pref 6 p c . . . . 15,000 15,000 15.000 Ord.,” 10 p.c 17.502 17.82 S 17.552 ■ Carried forward 1231.904 35,95 l 40,920 MINING NEWS ALBURN I A.—The manager reports as follows: “The drive north on hangingwall branch of Orlando reef has been extended 7 feet, a total of 281 feet from centre of main crosscut west. This branch averages 8 inches wide and is still going off ii\to the hangingwall, caused by the cross leader cut last week coming in at a long angle. * Instead of making a junction with the hangingwall reef, the hanging keeps jumping away into the wall. The cross leader still averages 18 inches wide and is a strong body carrying mineral blend and silica, and colours and dabs of gold are still seen in the ore. The No. 2 rise on hangingwall of the OiTando reef has risen 4 feet, a total of 43 feet. The reef here still averages 2 feet 6 inches wide and is a nice body of stone, carrying mineral antimony and silica, and should make gold any time. The rise on dropper off Sons of Freedom reef has -been risen 6 feet, a total of 37 feet. The reef here is still split up. but the country rock is of a splendid class for carrying reef and making gold.” MAORI LAND-—The manager reports: "We have taken out 21. tons of ore and saw several good patches of gold when breaking it down. The reef has been small, but is now coming back to its usual width. We are sending four tons for treatment next week another four tons a week or two later.”