COMMERCIAL.

Timaru Herald, Volume XCVIII, 9 May 1925, Page 6

COMMERCIAL.

THE LOCAL MARKETS. • WHEAT STEADY. Tho wheat market is steady at fixed prices, namely, Os 8a lor 'rusean, Os iua lor Humors ana 7a lor Velvet, ail 1.0. b., sacks extra, in somd cases uios„ prices are oxceedea lor choice lines, vjtood quality is noiv in short compass. Very little is being snipped, the grading at ship's side ueing too hard to be acceptable to merchants where -they can sell to millers locally and further south. This it is said, may give some Worth Island millers tho excuse that they cannot purchaso New Zealand wheat and get sanction of the Government to import Australian earlier than promised, it is noted that the couxerence now sitting is. attempting to fix prices for a period of years, it is to ho hoped that something is .done to save the wheat growing industry. Many townspeople are not aware of the importance of cropping in Canterbury, but with a year or more of .lessening areas under cultivation they will feel the pinch even more than they are doing at present. Tho opinion is expressed by merchants that they slic».id be represented on any conference regarding wneat price fixation. It is well known that many farmers rely upon them for support for their seed wheat, manures, etc., and if a reasonable basis is not arrived at they will not encourage nor hnance cropping. Local merenants state that they are at loss to understand why farmers do not join them more freely in their overtures regarding price fixation. The merchants are more aware of business conditions and more likely to try to have a fair price hxed than otherwise, knowing that at ail times if the farmer is prosperous they also are likely to be. Unless merchants are considered in such conferences there is little likelihood of success in securing tho sowing of fair areas of wheat. r’owl wheat is quiet, (is 7d to 6s 8d being the ruling quotation. Oats are quiet. Neither A Grade nor B’s are available here. All that are being offered are under grade Gartons, worth from 2s 6d to 3s 3d, according to samples. Duns command 3s to 4s, Algerians 2s 6d to 3s. The variation in prices is due to the difference in quality. . Oatensheaf chaff, such as is wanted, is neglected. Good bright is worth £4 5s 0.t., c.s., sacks found by. buyers. Inferior is not wanted. Barley is dull and the supply is limited to seed quality, worth from 3s 6d to 4s 6d, 0.t., c.s., sacks extra. Linseed.—This market is dull; The limit of the chief buyers in New Zealand is £l9, f.0.b., s.i., equal to about £l7 0.t., c.s., sacks extra, but more is obtainable from speculators who have sold for forward delivery land have to purchase to cover orders. The amount available is less than ever, this yeny, and more encouragement will require to bo given before linseed growing is persevered with. Certainly it would have been thought that with the advance in stock foods, such as bran, pollard, etc., the prico of linseed would have advanced rather than decreased, as a large item in the . oil business is the disposal of calf meal, etc. Peas are still remarkably weak. Thore is absolutely no encouragement for export, notwithstanding the fact that peas, as a feeding commodity at present prices, are absolutely the cheapest thing on the market. Number Is are worth' ss, on trucks, and f.a.q’s down to 4s 9d. Grass seeds are weak. All descriptions are purely nominal. Perennial is if anything in most request, but only for heavy weight seed. Western woltlfs and Italian are iiot saleable except at, speculative prices sufficiently tempting to merchants to buy and hold. Good, heavy, clean perennial would be worth 4s, Italian and western Wolths about 3s, 0.t., .c.s,, sacks extra.

Potatoes are quiet. Whites vary frpm £4 to £4 6s 0.t., c.s., s.i., and reds down ta £3 6s. Dakotas are worth £4 0.t., c.s., s.i., but too much trouble is required to obtain a certificate for them as Dakotas for merchants to bother much with them. If there is a foreign variety of any sort in a line, which cannot be helped because of the characteristic) of a potato to throw back, they are objected to, and passed as only ordinary reds, which are not in favour. -It is disappointing to growers who, during the past two years especially, have gone to a good deal of trouble to secure a pure strain of Dakotas, to find them rejected as such when they reach Timaru.

REVIEW OF THE SHARE MARKET.

The week has not witnessed a groat amount ot aetivuty on the Wtock Exchanges: • The auoptioil ot the gold Standard, while stabilising too exchange, has not so iar artectod tno price of shares to tno extent that was predicted, hut it is yet too soon to note any great elfect; The heavy fall in the price of wool might have had a very disturbing elfect on the finances of those houses in the stock and station agency business had it come six months ago, but as the bulk of the clip has been sold the loss will fall on the English and Continental firms; Tho freezing companies will doubtless feel the decline in the price of skins, and we may look for lower ruling prices for sheep and lambs; Bank scrip has maintained the rise that began early in April; It is evident that tho banking companies have had a very good financial year, and that their profits will bo well op to, if tbov do not exceed, the average. The underwriting of a seven million loan 4J per cent: 'at £94£ for Now Zealand is in striking contrast to the issue of the Commonwealth loan six. per cont. at £99: Now' Zealand credit evidently stands high on the London market; .

In the banking group sales have not been numerous, but prices all round show a distinct hardening tendency-. Now Zealands are rising steadily, and 56s is being- asked and 57s 6d required for the shares: Commercial .of Australia are >in request at 23s 1 cl, with two-pence prove wanted. Sales were made at 28s. National of New Zealand have been quitted at £7 Is and £7 Is 6d, with further buyers at £7-. Tho London quotation is seven guineas. National of Australia £5 paid up are in tho neighbourhood of £B-. The £lO issue is dh request at £l6 4s-. Union of Australia, have risen to, buyers £l4 7s, sellers half e, crown more; a rise of 4s in a week:. Commercial of Sydney are firm with buyers at £24; no response from sellers; New South Vvales arc, buyers £4l-, sellers 10s more. Australasia have gone up a few shillings—£l3 18s, without a selling quotation, is. the market.

shsuranco shares are a shade stronger with buyers moro numerous than sellers, Nationals are much mord in request than they woro two months ago; 72s is refused for them, 74s being the selling pries, Sales of South British at <K3b Od. leave buyers still utisuppliod,. . Standards at 41s 3d ars sought without result. New Zoo lands have had noles at 82a, pvtl tho demand fop moro at tbiit nrlpA la not anb-sflod. . Shipping .Stools l\ry nst tdtnum much imnraVoffibnt. Fud'hirt . ‘Parker ordlnrrv bsvo had salm at 4s;, and moro iu’O wanted, with soHora rgb-lp*? 4-ls 94, The '•preferential issue I'S* l hod «sI«M fit .EjyneneS.above pn”, Union'Tirol's, have ’jWysrs. nt nor, sellers fonromm* more, norm PlllTps Jiavp been, tmneferred nt fifis Crt sixpence below lect week,

In tho loan and agency group, Dalgetys arc steady at £ls 5s to £ls 10•) cum. div. Goldsbrotigh M.orts, sales at 47s and 47s Ikl (ruling prico slightly lower). Now Zealand Loan ordinary stock, buyers £93, sellers £97. London Exchange quotation £9G£. ’Jn refrigerating shares, Canterbury Moats ordinary have had two sales at £l3 17s 6d, showing little change. The profs, are firm at buyers £5 3s, no sellers. New Zealand Refrigerating contribs. sold at 10s 2d, with further sollcrs about that figure; paid ups at double that amount. Gears Tiavo buyers at 41s, with a strong market, In coal mining little is doing. Sales of Taupiri at 18s and 18s 3d followed tho publication of tho annual report. West ports are in request at 335, with a seller at 33s 6d. This company is improving its output compared with last year’s figures. Stocktons are weak at 3s 9d, with no buyers. Brewery shares are showing moro activity. Tho New Zealand debentures find a ready salo at 225. The 10 per cent, dividend is paid quarterly. Tho shares - were sold at 3Fs 3d and 38s Cd. Wards linvo risen to 58s 6d without a seller. Mannings are ex. div., and are steady at 36s to 3Ss. Crowns have a buyer at 355, without tempting a seller. B.A.W.R.A. exhibit a close market, 11s 6d being asked and 11s _4d being offered for the shares. The price of those shares is determined by tho liquidation, which has been left to the discretion of tho directors. Colonial Sugars are in request at £53. Notwithstanding tho low price of sugar, thdso shares continue to appreciate) steadily. 'Drapery shares are still strong. Beatlis, sales 33s 3d; Brown Ewing ordinary, sales 80s; D.I.C. ordinary, 5s 6d premium. Wilsons Cement still keeps on tho up grade—sales 335, with a rising market. Milburns are steady at 345. Rubbers aro moro in request; 12s 6d is offered for Malay ordinary, and 22s Gd for prefs. without attracting a selling offer. McLeods Soap have buyers at £23, and sellers at £25.

There is a mild inquiry for woollens. Bruce have buyers at 21s 6d, and Mosgiels at £6 Is 6d, but no business results. New Zealand Drugs aro steady at last week’s quotes. New Zealand Fertilisers aro much stronger since the balanco sheet was published; sales £5 4s. New Zealand Guarantee Corporation ex rights, buyers 9s 6d, sellers 9s 9d.

In mining littlo of note has transpired; Waibis at 26s show littlo change. A dividend of one shilling per chare resulting from operations otlior than mining has been declared by Mount Lyell Co. Buyers offer 21s; sellers ,ask sixpence more. Taranaki Oilfields are not booming at present. They are not being sought at 2Gs. Kawarau also havo fallen, and aro not being taken at 20s. Eighteen shillings is the best offered. Bonds and debentures aro in keen demand, and buyers are numeroiis. 1938 and 1939 issues aro strone at £97, ftnd cannot be picked up. Soldier Bonds, sales from £IOO 10s to £lOl. Local body debentures aro also keenly sounlit. but are difficult to obtain. Christchurch Trams, Drainage Board. N.C. Hospital 5\ per cents, aro all Wanted at oi’er £97, without sellers.

* FAT STOCK PRICES. The following are tho present Canterbury prices lor tne next, week's killings oil lat lanios and stieep:— \voony lamos. —y usd quality to 36ibs lljd, 3; to 4kibs Hid, over 42ibs iujfd, 'second quality ilia, adorn fames ija per ID less than above. Wethers. —lust quality to 561bs 7jd, 57 to 64ibs 7id, 65 to 72ibs 6id, over 72lbs std, second quality Did. Ewes. — Up to 641ds sid, ob to 721bs 4id, over V2lbs 3ifd. DALGETY’S REPORT. LONDON, May 7, Frozen moat. —Now Zealand prlmo crossbred Jamb, Canterbury, jiouvy JLUJu, light 12d; North Island, heavy light 9d; demund runs principally on light weights. Now Zealand prune ox beef, hinds 6id, fores 3Jd j demand poor. Butter.—Fair inquiry. Wo quota Australian 1625, Now Zealand 172* (exceptional brands 1745), Dunish 130 s, Unsaftod only commands 2s premium at present. Cheese.—Weak; New Zealand white and coloured 965, 90s. DAIRY PRODUCE. The New Zealand Loan and Mercantile Agency 00. have received the following cable from London, under data 6th instant:— l Tallow,—Present spot values for tlr. following descriptions aro: —Fino mutton 46s per cwt, good beef 43s 9d, mixed S9s 6dj market quiet. New Zealand dairy produce.—Butter : Choicest salted 170 s to 1725, unsalted 1723 to 1755; market steady. Cheese, 96s to 97s per owt; market quiet.