COCKSFOOT.

Press, Volume LXV, Issue 19734, 26 September 1929, Page 10

COCKSFOOT.

EFFECT OF STAINING REGULATIONS.

LOCAL GROWERS PROTECTED

An interesting letter from the Minister for Agriculture (Hon. Mr Forbes) was read and discussed at yesterday's meeting of the executive of the North Canterbury District of the New Zealand Farmers' Union on the subject of the protection of Canterbury growers of cocksfoot against imported seed. The correspondence arose out of a request from the Little River Branch of the Union (supported by the executive) for the imposition of a duty on imported cocksfoot. Writing to the Minister for Agriculture (Hon. Mr Forbes) the secretary of the executive set out that the executive supported th© request of the Little River Branch that a duty should be placed on cocksfoot from foreign countries. Tho letter continued:—"lt has been suggested that protection even to the point of an embargo would be fully justified owing to the fact that the'eompetition of foreign cocksfoot is making the growing here unremunerative, and on top of this there is this aspect that the foreign cannot compare with the local for foliage production, which two features, . taken together, must react to the disadvantage of the whole Dominion." The Minister, in reply, wrote: "In your letter you state that your union considers that a duty, even to the point of an embargo, on foreign cocksfoot is fully justified owing to the fact that the competition of foreign cocksfoot is making the growing here unr/emunerative. A consideration of the facts as they exist will, I am sure, show to your union that the competition of foreign cocksfoot cannot be exercising any real effect at all. At tho present time Danish cocksfoot could be landed here at £76 per ton, while the wholesale price of Akaroa cocksfoot is approximately £l2O per ton, or 50 per cent, more than the imported article Owing to the staining regulations that were brought into force last year trade in Danish cocksfoot has been very largely killed, and it makes not the least difference to the price of Akaroa cocksfoot whether the Danish price is high or low. New Zealand cocksfoot now sells on its merits, the only real competition being between that produced on Banks Peninsula and that produced on the Plains. "It is considered that there is no need, either by duty or embargo, to alter the present protection of local growers brought about by the staining legislation The New Zealand grower is producing an article that commands a far higher price than does importedseed, and he can now "sell that seed at the enhanced price that its quality warrants without the least fear of unfair competition bv foreign seed." Mr W. W. Mulholland said that recent movements in the market justified the Minister's views; the staining regulations had had an effect on the use of inferior imported and increasing the demand for local seed. If the growers were to get the full advantage of the regulations the growens would have to go in for a certain amount of propaganda. He thought that it would be desirable to form a seed association. The Government, he knew, would assist in the way of certification. By such means he believed that the trade could be immensely improved and perhaps the executive had been a bit hasty in endorsing the remit from the Little River Branch without having seen the effect of the staining regulation, the full effect of which was not yet fully apparent. The North Island users required to be educated to the fact that imported seed was stained and was inferior, The officers of the Department of Agriculture were giving valuable assistance b? impressing on those attending lectures given by them the superiority of the local seed. In the meantime he thought that the matter might be allowed to rest; keeping close watch on the position and seeing that it remained satisfactory as far as the auestion of imposing, a duty was concerned They should take up energetically the question of getting the best out of the staining regulations. The secretary's action in forwarding a copv of the Minister's reply to the Little River Branch was approved.

FOREIGN EXCHANGE RATES.

(BRITISH OFFICIAL WIRELESS.) HUG-BY. September 24. Par. Sept. 19. Sept..24. Paris fr. to £1 .. 25.22J 123.865 123.865 Brussels, belgas to £1 5 34.88 34.875 Oslo kr. to £1 .. 18.159 18.20 18.205 Copenhagen, kr to £1 18.159 18.20 18:215 Stockholm, kr. to £1 18.159 18.10 18.105 Amsterdam, fl. .. 12.107 12.081 12.081 Berlin. Reichmarken to £1 .. .. 19.500 20.36 20.36 Montreal, dol. to £1 4.861 4.88§ 4.891 New York, dol. to £1 - 4.86| 4.Bif 4.74 27-32 Batavia .. .. 12.107 12.12J - Prague, kroner to £1 24.02 1631 163J Geneva, kroner to £1 25.20 25.15 25.195 Milan .. .. 92.46 92.675 92.655 Vienna .. .. 34.58* 54.44 34.46 Helsingfors .. 193.23 192J 1921 Madrid .. .. 25.22* 32.88 32.815 Lisbon .. .. 4.50 108.20 108.20 Athens .. .. 25.22 i 375 375 Bucharest, lei to £1 815 817 816 i Buenos Ayies, kroner 47.62 47 7-32 47 7-32 Rio de Janeiro .. 16.0 SJ 51 Bombay .. .. 18.18 17 27-32 17 27-32 Shanghai .. ... 341 27 27 Hong-Kong ~ 24 231 22! Yokohama ... ... 25.22 23 9-16 192

WOOL.

LONDON SALE. (united press association-by electric telegrvph copyright.) : LONDON, September 24. At the wool sale 10,941 bales were offered, of which 1167 bales were from New Zealand. There was a targe offering of greasy merinos, with slightly improved tone. Prices were unchanged.—Australian Press Associaiton. The National Mortgage and Agency Co. of N.Z., Ltd., have received" the following cable from the.i London office:— "Wool prices are weaker as sales progress, especially merino and fine halfbreds. As at present arranged, the sales will close on October Bth. The following prices are current:—Merino, super 15 Jd to 17Jd average 13id to 15Jd; fine halfbreds, super 56-58 16jd to 17id, average 14Jd to 15Jd, medium halfbred super, 50-56 14Jd to 15jd, average' 14Jd to 15Jd; coarse halfbreds super 48-50 14jd to 15d, average 13Jd to 14id" fine crossbreds, super 46-48 14d to 14Jd' average 13Jd to 14d; medium crossbreds' super 44-46 13Jd to I4d. average 13d to* 13 jd; coarse crossbreds, super 40-44 13d to 13Jd, average 12Jd to 13d; low crossbreds, super 36-40 13d to 13|d, average 12d to 13d; pieces lOd to 18Jd. bellies 9id to lid, locks 6Jd to 7Jd. ia l

WHEAT

NEW YORK, September 24. Wheat quotations are:—September 1271 cents a bushel; December 1331 cents; March, Pre^rs^ciatfon 7, ""■ Cect —Australian

EGG EXPORT TRADE

Mr J. B. Merrett, formerly 0 f Christchurch, and prominent in the export of eggs, has gone to London to supervise the sale of Australian eggs. It is four yeari sir.™ ha left New Zealand to engage «port o? eggs from Australia, and |„t seaSo n sent over 15 million eggs to London It is his purpose to secure business for An.tralia New Zealand, and South Africa L ~ us * ralia > of the £18.000.000 tb °J Br itat on the import of eggs each year may be diverted to the Dominions. Mr M«..»f. ».;n under the Australian • Department of Markets carry out several experiments in th e carrifge and storage of eggs and investigate the effect the marking of Dominion eg-" S "ni wJ™ Great Britain under the M&Udi» teta

CHRISTCHURCH STOCK EXCHANGE.

Markets were dull on call yesterday, and the recorded turnover was small. Sellers were more in evidence than buyers, and several stocks showed a decided easing. Tranactions, exclusive of vestibule business, included:— £SOO New Zealand Government 4$ per cent. 1938 Stock. 15 Queensland National Bank. 100 New Zealand Eefrigerating Co. (£1 paid). 150 Mount Lyell. 200 Henry Jones Co-op. 1000 Mahakipawa Goldfields. New Zealand Government ±$ per cent, j 1938 stock was 2s 6d down with turnover at £IOO ss. Quotations for other Government issues showed little variation. Bank shares generally were weaker. Queensland National dropped Is 6d to business at £9 14s 6d, market closing £9 13s buyers, £9 15s sellers. Bank of New South Wales shares were available at £sl 12s 6d, buyers at £sl. Commercial Bank of Australia declined to 29s 5d buyers, 29s 7d sellers. New Zealand Eefrigerating fully paid shares remain at 14s, closing quotations 15s 3d buyers, 14s Id sellers. Sellers of Carlton Brewery shares lowered their prices to 45s 3d, no buyers offering. Tooths Brewery shares dropped to 52s 9d sellers, 50s 6d buyers. New Zealand Breweries shares were weaker with sellers at 90s, buyers at 89s. Henry Jones Co-op. shares were taken at 34s and 34s 3d, and late unsupported sellers were offering at 345. Dunlop Eubbers eased to 28s sellers, 27s buyers. Mount Lyells were weaker with dealings at 43s lOd and 445, sellers staying in at the higher price, buyers at 43s Bd. Mahakipawa Goldfields shares were firm at 3d, and there were further sellers at that figure, buyers at 2d.

AUSTRALIAN WOOL BROKERS' COMPANY. Directors of Australian Wool Brokers and Produce Co., Ltd., a newly-formed organisation with nominal capital of £300,000, in shares of £1 each, have intimated that it is not intended that the shares shall be available to graziers only—some are now on issue *o the public. n estimate of profit given in the prospectus, on the basis of paid-np capital of £IOO,OOO, would permit of a 15 per cent, dividend.

OTHER EXCHANGES.

(PUSS UIOCUBO* TMSGRaJIS.)

AUCKLAND, September 25. Sa!es—Auckland Harbour Board 1940, 5 4 ■ntm „r.Tr <Tini 10s- New Zealand Breweries £U 18s 6d; Auckland Gas, 24s 9d, New Zealand Refrigerating (con.), 6s 7d.

WELLINGTON, September 25. Sales Reported— English Scottish, and Australian Bank, £8 6s 6d; New Zealand la. surance Co., 48s; N-Z- Breweries Bonds, 30s 9d.

pfNEDIN, September 23. Sale Reported—P. and 0. Deferred Stock, 595.

YESTERDAY'S TRANSACTIONS. (Figure* in parentheses after sales indicate number of parcels J Sales on 'Change—Que »nslan< i National Bank, £9 14b 6d; N.Z. Kefrig. (£1 paid), 14a; Henry Jones Co-op., 43s lOd; Mahakipawa, 3d. , 34s; Mt. Lyell, Sales reported—N.Z. Government 41 P<* cent. Inscribed, 1938, £100 5s; Henry Jones Co-op., 34s 3d; Mt. Lyell. 44s LATEST QUOTATIONS Buyers. Sellers. & e. d. £ s. d N.Z. Government Debentures— 4£ per cent. Inscribed, 1930 — 99 10 0 4J per cent. Inscribed, 1938 100 9 e 100 10 0 4£ per cent. Inscribed, 1939 100 6 0 — 4$ per cent. Bonds, 1930 — 99 10 0 4J per cent. Bonds, 1938, 1939, and 1941 .. •■ : 100 5 0 — SJ per cent. Inscribed, 1930 _L 100 s 0 5£ per cent Inscribed, 1941 99 17 6 — 51 per cent. Inscribed and Bonds, 1933 .. 101 10 0 — 54 per cent, inscribed, 1936 101 10 0 — 6} per cent. Bonds, 1936 lffl 15 0 Other Debentures— Christchurcb Trams, 4J per cent., 1934 — 95 5 0 N.Z. Breweries, Bonds 1 10 s 1 10 11 Fullers' Pictures, 61 per cent., 1949 — 100 0 0 Westport-Stockton, 61 per cent., 1933 .. — 95 0 0 N.Z. Kefrig., 61 per cent., 1935 —• 101 0 0 Glaxo, 61 per cent.. 1945 92 0 0 — Banks — Adelaide • • • ■ — 10 a 0 Aust. of Commerce 1 14 0 1 14 6 Australasia (cum div.) 14 10 0 14 15 0 Comm. of Au9t. 1 9 5 19 7 Coinm. of Sydney 25 15 0 26 10 0 E., S., and A. — 8 8 6 National of Australasia (£5 paid) .. . — 9 12 6 National of N.Z. — « 17 0 New South Wales 51 0 0 51 13 6 New Zealand — 3 2 9 Union of Aust. 14 16 0 14 18 0 Queensland National .. 9 is 0 9 15 0 Insurance— National ■• i.«i — 0 16 10 South British r..j — 8 6 0 Standard . ■ .-«; — 3 6 6 Loan and Agency— Dalgety and Co. ~. — 16 0 0 Goldsbrough, Mort 2 S 5 2*9 N.Z. Guarantee Corpn. 0 9 8 0 9 10 United Building Society (cum div.) 0 IS 10 0 16 4 Shipping— Huddart-Parker — 2 4 6 P. and 0. Deferred Stock .. ■- 9 16 0 8 10 Union (pref.) — 11 4 Frozen Meat— Canterbury • S 0 8 19 0 Canterbury (pref.) — 5 10 N.Z. Refrig (£1 paid) 0 13 8 0 14 1 N.Z. Befrig. (10a paid) 0 6 6 0 6 9 North Canty. Freezing — 10 0 Woollens — Kaiapoi (17s paid) —• 0 18 10 Kaiayoi (pref.) - 0 15 0 0 IS 9 Coal — j Weetport .. «. 1 13 10 1 14 6 Stockton (ord.) * 0 8 0 0 3 2 Stockton (pref.) ..*. — 0 4 6 Grey Valley •« 1 8 3 19 3 Gas— Auckland 1 4 6 — ChristchvtTch .. •. 1 6 4 16 9 Christchuroh (10s paid) 0 13 4 0 13 6 Breweries— Carlton (cum div.) New Zealand . • •• — 2 6 8 4 » 0 4 10 0 Queensland y Staples 1 11 2 13 6 6 1 18 5 2 14 0 Timaru (5s paid) .. 0 8 4 0 8 9 Tooths .. • 2 10 6 2 12 9 White Star 0 6 0 0 9 6 Ward 1 10 0 — Miscellaneous — Australian Distilleries — 110 Australian Iron and Steel (pref.) 1 1 0 — Beath and Co. (cum div.) — 1 14 0 Beath and Co. (U paid) 0 9 6 0 9 10 British Tobacco icum div.) — 2 9 3 Broken Hill Propty. .. — 19 3 Colonial Sugar 56 10 0 67 7 6 Dunlop Rubber 1 7 0 18 0 East African Coffee — 2 0 6 Electro. Zinc (ord.) .. 1 16 0 1 17 0 Electro Zinc (pref.) .. 1 16 6 1 16 10 Hay ward'o Pictures .. — 10 0 Henry Jones Co-op. .. — 1 14 0 Howard Smith — 16 0 Holden'a Motors 1 5 0 18 0 Mason, Struthers (<61 paid) — 0 15 6 Mt. Lyell 2 8 8 2 4 0 N.Z. Drug Co. 3 13 6 3 16 6 N.Z. Farmers' Co-op. (£2 10s paid) 1 0 0 — N.Z. Fanners" Co-op. ("A" pref., cum div.) s 10 0 4 0 0 N.Z. Farmers' Co-op. ("B" pref.) S 6 0 3 12 0 N.Z Farmers' Co-op. (61 per cer.t. Stock, 1940) .. •■ N.Z. Farmers' Co-op. C5 0 0 97 0 0 (6J per cent. Stock, 1945) 92 10 0 — N Z. Farmers' Fertiliser — 12 6 N.Z. Paper Mills •■ 0 19 6 10 6 N.Z. Sugar 0! Milk (pref.) — 0 17 6 Quill, Morris — 0 16 3 Taranaki Oil ■• 0 4 60 5 6 Victoria Nyania Sugar — 2 6 6 Wilson's Cement 2 3 6 Mining— Kildare ■ • — • 3 0 0 8 9 Mahakipawa .. 0 0 2 0 0 3 Winding Creek' (fid pd!) 0 1 7 2 0 0 0 1 11 Winding Creek (la pd.) 0 1 10 0 1 11