FARMING AND COMMERCIAL.

Dominion, Volume 3, Issue 776, 28 March 1910, Page 10

FARMING AND COMMERCIAL.

ARGENTINE. v. SIR,DAVENrbBT'S PICKEDaOT^ :• As'"somo\aspeioi6ns 'have; been; cast ' tai'tho - quality of /the. : stock -.which JMr-.'' ..J.'E/Davenport, of Governor's Bay; Canterbury, , is; sending .•to.-tbar'-Argen-will be ■interested to",- know '.exactly 'what Mr! -1 Davehport-r-wh<r, has gathered together ii reasonably fifte collection of sheep—is '■'. actually, doing.- . Many of the stud sheep , which'hie is sending aro. by-imported. Bires;-and in some'cases, both sires and V isms : came. from England. The follqw- ' irig is a list of the sneep'purchased 'by ~ Mr. ■ Davenport, and,;.as;..will: be .seen, ';- tljey :aro' from some of; the 'bestrknowh', ■ uiid highest-reputed registered, flocks in . the -North' and South: Islands;— , .;Lincolns, —15 stud. rams; and 10 stud ; ewes," from : Mr.;: ,W. H.~ ;Wyboiirne; : Whenualjura, Patea; 9 stud rams from ■■• Sir Geo...'Clifford, Stonyburst;ls stud :' .-ams; from .;Mr.'. -T/;^Tanner;, ; North, Hawke's -Bay;;s from Mr. J; B.' Refd, Oarnaru. -. ' English Leicester's.—lo stud rams and 10,.stud ewes from Mr.,-JV.C.'Murray, Lincoln;';-; and vlO stud,- ram's :from; Mr., . J. Bonifant,-Ashburton.-.;.'.-.. .■'., . ■■'', ■' Border Lcicesters.—s stud.'-fams from ■'Mf., T: Blackley, Rakaia', and 5 stud ratns from Mr., W..Grant, Timaru.', 3 : i ';Corriedales.'-r2O:-stud'. rams -and'-, 10, ; stud. ewes'- from" Mr! G. D. - Greenwood, Teyiotda'le; i,'.... .'. //.' :,.■,. .-'?•.

iShropsh'ires:—ls stud rams'.from Mr. ,; t/White, Rakaia, and 5 stud rams from Sir •: Stonyhurst.;'■ '' ';:

stud ; .rams .and'3.'stud ewes from Mr. James Johns, Belfast. '•■•

fßdmney Marsh.—ls stud,' rams : from MT./ : Mbnrad,/ Palme'rston:North ..(bred by, Mr..Matthews, Feathe'rst'on) \ .s, stud Tarns from Mr: •J. B. Reid,, Oamaru; and 10 stud ewes, selected, by- Mr. E. Shbft;-',: -A- '."-":''- t ; : .■■:'••- : -''[.'■'<■

[ /,Xhe,.total is 174 .head,', and .there, are 26 more still to be. purchased to,make up .a.shipment :of :200.:.'. ; 1t; will/ be the most valuable consignmeiit.of stud stock that/has' ever left Now Zealand;. ;;..

■ Besides the/sheep; Mr. Davenport is iakitig; twenty; thoroughbred/yearlings. by So'ult, etc., which have been selected toy Mr./G:. D. ■ Greenwood..: .{.The .-stock 'i'llljbe exhibited at the,'international show,;but,;,Will not. compete; /The last datei ..fqrrreceiving: entries,for the show for competition''iyas 'February 1 .last.;.-, ,In'a convincing letter' Mr. <Davenpbrt writes:—"l am not' a dealer; but have' devoted■■; years'., to the improvement of. stock'by/making many large and valuable 'importations 'to this .'country;-'- A' list.: of prize winners and; prizes -won both at Home/and here would fill many columns of your, paper. • I; have drawn ujpo'nmost of /the leading.flocks.as you ■ l wil^'Bcc,^■■ahd''•'nfeaHy ; ■^■th4slie«l>'''B^ e' , the -[progeny of direct imported; blood.: I' 'shall,'be .pleased .'to. submit", the certificates 'and pedigrees...to .any one incrested; '/ The> by : .the-;best of :dur.sires'now/at tie .stud/' >' .'■'./, I TiaVeVjust'■received.'a., telegram from' Sydhey.'.staiing;itliat. my/entire horse, (imported). has takjm first .and champion: prize [at'tho['RbyM..Show.''. •;..■'

'■'. THE CROPS ESTIMATES;

: '/A-PEltf iiCT/ FARO?;" '^0d

In pursuance of the of ecbhomjV the, estimates^of the grain • crops much'lesa/cixpehliySmawie^'^tton^hero 1 . to'fofe. Instead of .obtaining-tho'par-ticulars from the . individual / growers, the area-under crop has been, averaged out apparently from second-hand information, :obtained/p?r..^cdium n ol';fafm-: ers, etc.,j]Wthe/djfferelfe Dietfiod* has'* not ? met, with the?approval of the /South Canterbury. Chamber/ : . of Commerce, and was /roundly denounced at-last-week s : meeting of that bbdy.i.., , Mr; D., ; C. Turnbull said- that/ibis year's figures : werp not.worth the.paper they[ we're.'/written',-oil.// j-.The' icorrect; areas : .urider grain { weretnot' obtained,' and/consequently no reliable estimate of the.yield-could be'formed.' • ■ Mr. [J.;• P. -Newman. sa[id that the,collection-' of/the. statistics /this year had . been.- reduced to a .[perfect farce;' '.'■ B e-.' could/not. understand a.'/man .like the' Hbni.'T;'.,Mackenzie.sanctioning such/a; stupid;prbcedure.;:The first'report this, year, ga.ye [the estimate as 35..bushels; then, iri : order, to.- save it's' face, the Department issued a second/one estimating the, yield at about 30 bushels.;[ then -it i?s'ued : a'third one sticking to the .30b'ush'el/estimate, but-adding that a good deal.of-the grain had; been damaged,by caterpillars, and-the yield m : ight,riot' come: up/to what/hid been/anticipated. Mr./.G;. S. 'Gray' iuguired : wne'tker some'compulsory system/, could/not be enforced/and/Mr.! Newman [said.-the Departrfteht might,send: out. papers' to be'fille.d/iii: by farmers;, at the same filled .in their/income tax returns,'- -it .being made, compulsory to fill in-and return these papers by a certain date/. . [

, 6n.theVmotibn'of Mr. Turnbull, seconded- if' Mr. Turner, the following motion;was. carried unanimously: "That the Chambers of Commerce, in New Zealand-bo asked, to join-in-asking tho Minister, for Agriculture amend the systent'of- collecting' the/grain statistics, and failing'a-better system, revert to the old'one: Owing to the areas being only .'estimated.they are: unreliable, and until i area's, are correctly recorded, estimates of yields pisr- acra'are totally use; less.".'; --y.-'•'..-• ■ . 'IN. THE FAR NORTH. ■';•'• '"'. Our • Dargaville:. correspondent, telegraphs', that Mr. T. ,H. 'Matthews, .the Bouthe'rh.4 dealer' whose doings in-;. thii matter' of .purchasing' fat stock for.iexportatio'li.were recently' chronicled) has; tilade', farther big" purchases, and. four figures .will have to be written oil the ;heqiies'required to cohipensato owners tor. their'cattle." The\ first lot ;ran- into £4000, - ; aud this additional deal will run ilosb on to the same amount. The more Air.''Matthews sees of the district- the more-lie'likes it, and ho. - predicts a splendidJuture for .it.... Speaking of tho possibilities of freezing works, Tie considers ,that aismall,plant could run oil round -the"'year.'• Subh a plant-would have'to deal also with butter and cheese, .possibly also- with poultry. Once a':'plant was .started,'business, -he thinks would soon grow: ' Th'e.;erection of .works would put up-land valued-at least il-pcr'acrc, and add ten shillings; .<b>tlie-ivalue of each beast.- .' . .

.'"Th.ere.is.this year.unusual.activity;in, the.- work- of reezing : at the Mvtatira -.'freezing work's." One of the largo exporters, interviewed on the.subject, explained that owing to. the rabbits having thrived so : freely:during the dry warm weather,, this season, which was opened on March 7,■' commenced a month" earlier than usual. The number of rabbits,handled daily - averaged -between.2s,ooo and 3.0,000,.-.arid on Saturday (a week ago) as' mafly as .35,000 passed: through the. freezer. These figures/ ho added, were some thousands ; ri excess,of those of last; year, and, ♦s against a five-months' season last year, 'the period, of treatment would -his year extend over six months.-' Last'-season ono million \-ind a half :abbits were . exported from Mataura, and this year that total would be easily exceeded.. " " '■'>' •-.-.-'' .•

NEWS AND NOTES:

F ' v LIVE STOCK PRICES. '•'-. UPWARD.TENDENCY. ■ - : Below is published our weekly table showing''tho to'p ; priccs obtairicd attiis Week's,•Addington. sale, ..as ;'compared with the rates ruling last \veek, 'and in the. corresponding week of. the past four years. Tho prices arc in-each case the top prices obtained for the different lines,- though .Jnj.fat lambs the, quotations are'ior- freezing weights, and,not for tegs.... The -figures are as under:—

■ March March : 'X'■",»* li-,*',J}iiW 19C9. 1908. 1907. 19C6. ■.'".' '■ .'it'i'i st d. b. <!.'- s. d. s. if Tat wethers 19 3 .18 2. 17 10 27 0. 37 0 ..22 9 liS'ipi 16 0 273.20 3, : 19 ( 2 Pat- lambs IS 6 ,15 0 14 / 16 6 16 6 15-9 Store .'. • ■-.'.;' , wethers... 14 2.14 0 11 6 15 0 '16 8 16 4 Store -.-•. ■: ■'.-'.-. ■''' -■:owes—-.-rtiß 6'17 0 16. 6 18 0" IB 11 196 Storo -lambs ... 103 12, 2 10 11.12 1 12 1 12.7 Fat '.''•. <■■-~ '.-.'* • . ',■ '■ ' PCR-1M),:';;..'23,D; 22 .6;.22'0 24 0 25 0.210 Bacon"pigs " '"'- "~ "*' *-. .per lb. .... .33, 3j 41 5 41 4 It will be noticed that the prices dis--Pl?.v.a,P.rctty general upward-tendency. Fat:.wethers'have gone up 13d. for the top line,' and the: range; of prices for prime is this'.week from 16s. to 195.-3d., •as, against,,lss. 3d. .to ,18s; 2d. last week. The' remarkable price of 375. obtained for fat wethers.in-19p7-was for a\ pen of eight' longwool wethers, sbld;'on; behalf of .Mr. W.- Hodgson, of Cheviot. The general, range', of prices for .prime "wethers ,'at the week's sale in that -year was from :18s.'- 6d. to 21s;. heights' 'iri.ldmbs' are up sixpence', store , ewes have, risen 15..'.6 d!, and ; tho?,fat. cattle, rate-.is .back to; the 235. mark /at which it stood on March 2.; The-price.for bacon pigs per. lb. has shown; rio'; : change" since the'- middle of last' month. '~'■-•.'. , .........

GENERAL FARMING NEWS. The'Papa'rba. has now taken on board the Nelson shipment'bf apples, for Lph-. •don.,;.T'he.;carg6 picked up by/the vessel at ..Nelson' on: Friday/and Saturday consisted: of/5400, cases-.of: apples, 7500 ■carcasses -of--frbzeil/muttonj 120 bales of wool,', resides'tallow* and suiidries. ;

; bot/'lias--Jb?en/ .causing ..some trouble lately. among the sheep flocks in the Eltham'"district.

..A/meeting of-directors of tbe'South Taraiiaki Winter. Show Company, Ltd., was held/last week; Mr.. A'. W.'.Gillie's presiding. /The dates of the show were .finally fixed for July 13, 14, 15 and 16, and were so arranged at the request of the principal,dairy .firms,, who/thought the show should take place about three .weeks "after- the,Palmerston North---fix-ture. .The- secretary '/(Mr. Conrpy) was instructed, - to' immediately -.issue the dairy" Mctiph of [the, schedule, and. cntries'ywUlt.'c.lbse.on/May.'lO.i';-'; - - .'■ /■

-..- The' grain/traffic on', the railways, in -Southland/ iucreased;;matefially. during the past'- week' compared with tho week before,.;--the:•'respective : figures being -33,627-and/'22,192' sacks./,;: The total 'quantity., railed--"to da[te : !. amounts to' 88,634. sacks, as. against 20,073 -for the corresponding period of last year, an increase' or -68,561 sack's. by, Mr.. ['A'.' .'Hombre, ."of"'the'' the other ■day.i:',..weighied- 1 ,671b".-.. [i'he lamb ,was a and its' weight may bo .regarded- i as-:-phen'omenahseeing l that the ordinary -; weight Wr:sho'p' ; -:-lambs iV-froni" 251b/to '401b. ;'/"•':. ■.;*; '!•,-:-\ : -

s . A Wainiate threshing-mill owner had pretty convincing/evidence of the approach of winter-one.morning, last week |: : ivheh/he['Tonn'd;tho/pump./phihis engin'o' earliest' date that such a thing has occurred in his experience which has been a lengthy one.. -■ - "■'■'''.''..

At a. meeting of tho Clutha, Farmers' Union last, week the following motion was carried Rabbit Act has become' useless'and'obsolete-hr'this dis-; t'rict and.the brancli suggests that-.the Government either import or manufacture, rabbit netting .to supply to fanners .at lowest''prices"a'nd that the Fencing : Act;be!so'„amended as to provide that where a road divides that.in-the case of ■ one- farmer.'deciding to wire-net his TprOpertyHhat fho, other should be coinpolled to bear his share of the cost, tho same as.if.it were a. boundary fence, excepting, of course,-.where! both decide' to.wire-net their side of the road!" •>. . A pretty thorough tost of • -machine versus, hand milling has been mad© by a settler, in' the Rauhiato Estate,: near Dannoyirke.;;, After .rising,, the machines for a season;.this'settlerV wife thought they haH bran "too easyAon the cow ; s, so next seasoji.'tKe,"engih6;.Wiis v 'covered up, and tho,machines .put .away, and-the couple milked through that season:-by hand with exactly- the same cows. Tho result was that there was less weight of milk than the previous year, when tho machines were used. Tho following year they went hack .to tho machines, while the; next'year they discarded tho machines, andwent back to hand-milking.- Tho finaXtrosults were that tho years they used Jbc; machines they got greater weiglii of«<'milk, and the. milk was delivered at tho factory in a. much cleaner coiSlit'idnT ■''.". " The popularity of tho land in. North Otago for agricultural purposes still continues, and almost daily (says tho "Oamaru Mail") farmers from north and south are in the district on the look-out for suitable holdings. Especially is there.a demand for small dairy farms. _ Taking the quality-into consideration the price of land' in North Otago is .considered .'nipre than favourable,;compared< with; the, price asked for properties; elsewhere.'';< '.At' theiA'shburton yards last 'week 3 fine.' line of '253 lambs of the Shropshire cross were sold by Mr. John Cochrane (Elgin) at 17s. 7d. The lambs were bred by Mr. Cochrane and were well wpplle'd, uniform in size, and of firstclass'quality. ■ As a large line they realised-the highest price-of the season at the Ashburton.'.y'ards.'"■' .;.'„ ' The . repeatedii-fairis Kayo'made the" flat'land fairly moist, writes the Cheviot correspondent' of! the,- "Lytteltori Times,", so that any further fall will prevent threshing machines travelling. Threshing is giving fairly good results, .sbm'e'/of -the best yiels so far. being 55 bushels froni a field of wheat belonging to Mr. Lott, of Spotswood, and 72 bushels an. acre from ..a field of'oatß belonging: to.Mr.'Dalton, of Phoebe.

A lino of .123 lambs offered at the Addirigton Saleyards ; on Wednesday last/ on''behalf of Mr. ,T.. A.-Stephen's (IrwollX was a striking examplo of tho value of crossing: ordinary ewes with Ryelands. The lambs were in first-class condition and mado prices ranging from 195."3d.;t0 205., tho higher price being given for a selected lot of 36 by a local butcher. Tho remainder of tho consignment'was. bought for export purposes'. Tho lambs were dropped in September from' mixed crossbred owes from Ryeland rams;

The milk. supply at Rivordale Dairy Factory,,.Taranaki.-is-.iiow-about: 62,000 lb. a day, an increase of 14,0001b. compared with tho.same period last year. This gives a fair indication of tho kind of autumn experienced, which lias been of a very favourable order. Tho cold weather of early last week had a pronounced... effect on the dairy,herds...

..The "Eltham Argus,", roforring to improvements in the local dairy factory, says:—'■'.•. . Another labour-saving appliance, has been . added to the factory equipment, namely,, a Hussey butter packer. . It is ah Australian invention, designed, somewhat on the principle of a, woolpress and is worked by power. By its means the butter is packed into the boxes very expeditiously and neatly, and the hand labour necessary under the old system of filling tho boxes is done.away with. The result is greater efficiency, and an enormous , saving of labour and time,. The packer is a very simple appliance, and is doing the work splendidly."

. ; Auckland a year or two ago wore exceedingly afraid that competition from Australia was going to kill, the industry, in 'this province. Last j'car. Australian growers tried to establish ,a connection in Auckland, and failed badly. The. first few shipments arrived in a somewhat mildewed condition. Those coming later found practically no demand, and though sold at 4d. arid Gd. per lb., could not compete, .with■ locally grown Jgrapes at 3d. and 4d.' This.year three shipmentsonl( of Australian grapes have arrived in Auckland,; aud each ' consignment has proved a financial failure. In tho glut of the sea son Auckland, it is said, can sell locally grown grapes at Sydney prices. •'_•;■

.The crops in and around the "Winton district to 'all: appearance . before the harvesting looked (according . to- the "Southland Times") almost equal to (or in some cases better than) the average year, but when harvesting comriienced it was found that, tho bulk was not there, and the yield very much, below expectations. This refers solely to the oat crops, as the season .seems to ■ have suited the wheat crops, ''Which have .rarely been excelled in quality, and'-, the ■;yields are , very satisfactory. As much as 50 bushels to the acre and oyer has already been threshed, and some exceptionally good yields have yet to! be recorded. As compared with the last too years or moro these returns are], very .much above the average. There has been a, larger, area.'of wheat grown in Southland this year than for some . years - past, many farmers growing it for the first time for experiment with, satisfactory .results. The absence of.irost's after, the wheat came, out in ear helped,to make tho season a good one. for wheat-growing.

; NEW USE FOR GASOLINE. . American sheepbrceders are finding, a riew..use for gasoline—they are using: it to expel stomach worms from sheep. The' dose is a tablespoonf ul of gasoline mixed..with 40z.,-of milk. /'The sheep ai-e fa'-sted ' for. about twelve hours be-fore-.dosing, afhd the. mixture'is put into an Boz. bottle, into the neck, of which a' -rubber, tube has, been inserted. The procedure is as follows:—The mixture .is/shaken well. ; The sheep is backed up- into, acorner/'andth© rubber tube is, brought/into the moutli'■/ and well back. The mouth is forced open slightly by thumb and forefinger of left hand, and when t tho -sheep has ceased to struggle the bottle is quickly, raised and, the contents delivered into 'the mouth. The head, is never elevated much. The chances are that, the, dose-is' all .swallowed without .resistance in three- seconds. If the ,sheo[p: should struggle, don't' force thp. ,dose,' for', if it should pass into the' windpipe,;.it is-apt [to provo'- fatal; After the dose the. sheep', should . be ■tiirned into,,a'quiet-enclosure and not disturbed for an hour or.more, because the dose is very hard on the heart, and the .least excitement or exertion may cause trouble. After dosing .the sheep they should .be turned to new. pasture, and after two days a second dose may be given.

LIVE STOCK/SALES. '

•Messrs. Abraham, and Williams,/ Ltd.,' report, as-.follows:—On, Thursday at our weekly sale at Palmerston: North.•\vo r again had-a. large entry of sheep, mostly inferior ewes and...small lambs. A good demand existed •for.'all 'closses,'.'and'".-'a' clearance ■ was ' ejected at .satisfactory prices. A-fair entry of cattle also told ■ readily;; .We 'quote:—Sheep: Pull-mouth ewes,..7s; .t[o''Bs.,.9d.',- 'four-tooth :to\ fullmouth: ewes, 9s.' to 10s. Bd.i cull ewes, 25.'6 d., to 6s.;'small two-tooth . ewes,. 9s. lid:; cull .two-tooth-ewes, Bs. Id.; small woolly lambs, ss. 6d. to 7s. lid.; good shorn lambs, Bs.; cull lambs, is. sd. to ss. Id.'; small two-tooth,', wethers, 9s. 7d.; fat ewes,-' lis.;, fat lambs,"9s. 9d. Cattle: Kat'cows, .£4Vto'.£4 12s. 6d.; forward cows, £3 to '■£& 165.; heifers . in calf,- £3 16s. to M ,17s. 6d.;,empty heifers, £2 ss. to JJ3; eightecn-months ■steers, £2 16s. '6d.;■-,two-year .steers, £i; store cows, £2 to £2 55.; weaners, 10s. to lis.'- .'.'''/ COMMERCIAL ITEMS. THE MONEY MARKET. ..Although./there is.no disturbance in the. bank" rate, the open, market rate for three months' bills and the short loan rate are--both, higher. The Bank of England figures show: a slight shrinkage of■ gold on .the week,, ,£32,517,000 as against;- .£33,112,000,: but, there.'is an, ob-vious-error iii. the cable message, as published on/Saturday,/and the. most reasbhahle. surmise : is. that' the error is in connection with- the. .stock of gold in the Issue Department. This should be .£31,715,000 or thereabout, which would make the balancing of the'figures in the banking department more in accord with those of the' previous week. The deposits held by the bank compared with last year show-:a :.very large shrinkage, but this applies particularly to Government : deposits. "Last year the amount.of these deposits stood at : VC19,039,000.' This year they-, amount to only .£7,258,000, while.the!other deposits 'are less by'over a million' sterling. It is the decrease of £11,781,000 in the Government deposits that has made the position this year so peculiar. ■If .there ,is any fur-. ther withdrawal of goldv the bank may be compelled to make another advance, in the.rate. In any case the market will, be in a disturbed state until the financial affairs of the United Kingdom are' satisfactorily settled.

... .LONDON WOOL. SALES. The London wool sales closed with a rather better tone , than .at - 'one time seemed' likely. It must be remembered that the money market became.stringent during the course of the- sales, also that there is considerable political, disturbance, with every prospect of another elec-. tion at an early date. These are conditions which may he safely termed unfavourable,, but still values have remained, good. The worst feature has been the lack of American support, and this has particularly affected crbssbreds. The High Commissioner's cablegram giving the estimated values, of New Zealand greasy wool compare as under with those; furnished at the close of the January sales :— January. March, d. d. d. f i. Sup. merino '...- 131 to 15} 13 to 15 Medium merino.... 11 to 13 10J to 12} Inferior merino ... 8} to 10} 8 to 10 Pine crossbred 14 to 16} 13J to 15-J Medium crossbred 12 to 15 ' 11 to 13 Coarse crossbred... 11 to 13} 3 toll; According to tho above - figures merino wool declined,' but all private cablegrams agree that there was an. advance. The decline in orossbreds, too, appears to be rather more than the various cable messages, indicate. .Tho carry-over of 8500 bales is comparatively large, and is most likely'to consist mainly of cross-' bred wools. .Memos have been in active demand at a slight advance,- and it is not probable, that growers would withdraw their clips under, such - circumstances. AMERICAN TRADE. 'Official returns of the. United Stales foreign commerce during tho calendar year 1900 make a remarkable displav. Imports reached a total value of .£295,104,011, or some ,£71,800,000 more than in the preceding year, and .£10,000,000 abovo the previous high record established in 1907. The increase in imports .was chiefly in

manufacturers' materials, which were introduced on: a larger scale owing to -the industrial, recovery. Exports on- the other hand showed a marked falling off, their total valuo in 1909 having amounted to . or. nearly ,£5,100,000 less than in 1908. Details are available only for the exports of domestic products, such as cotton, breadstuff's, etc. The value of these exports in the year just ended was £157,554,569, or £15,458,400 approximately less than in 1908. This decrease was in spite of an increnso in the value of cotton . exported of about .£4,560,000, the year's total, having, been ■£87,711,284. • Breadstuffs declined from .£37,366,400 in 1908 to £25,838,200 in round numbers. Although the valuo of cotton exported increased materially, as indicated, tho actual quantity shipped out was 7,507,121 bales,. against 8,431,124 in 1903. The "Statist," which is usually optimistic, admits with regard to' the. situation in tho United'' States that three things .are exercising the minds of bankers! investors, and tho general pubr lie. The first is-the very small excess of exports over imports into tho United States in the past year, and- the need which has existed, throughout' tho twelve months, of sending. gold Jiwiy, in face of a.: rapidly-improving' trade, which seemed to call, tor tho retention of the gold in the country '.for currency and ' banking purposes. Tho second'is the great increase in'the'demand for capital for all sorts of purposes, and the consequent rise in the rate of interest demanded for fresh capital. The'third factor is the dearness of food and the high cost of living, which.-.ii causing tho wage-earners of. that country to. demand higher rates of wages. Nevertheless, the "Statist" believes in great progress and prosperity. The influx of European capital, into the United States, it holds, is likely to cc-n--tiriue, the eavings of the American peoplo themselves available for .capital'_purposes will be very great, the output of all kinds of-produce and manufactures I will.show great increase,-and the earnings of railways, tho turnover of bankers, and the output of manufactures are likely to exceed all previous records.. Barring accident's. IQIO. .seems likely, according to the "Statist," to be the most prosperous year tho United' States has yet seen."

SOUTH AFRICAN TRADE. Statistics reveal a substantial increase in. the trade of British' South Africa during. 1909, as compared with, tho figures" of the preceding twelve months. Imports of merchandise; exclusive of specie, and articles - for- the Government, amounted to ~£27,183,803-au increase of '■ .£2,745,600 over. 1908. ■,Total imports were' 056, against ,£26,202,855 :in .the previous year. A more favourable.'showing even is given' by the figures relating to exports, . the .expansion.:in those of South African produce alone in 1909 having been..£5,322,900, of which gold -and. diamonds represented .£2,830,100. /Including imported, goods re-exported the total was £51,151,463, against .£45,876,714 . in 1908. Of tho .import's,sß.2 per cent., came from .the United Kingdom, an increase on the year , of. 2 per cent.; from ' other British „ possessions 12.3 pep cent., as against 11' per cent, in 1908; and ■ from foreign' countries ' 29.5 per, cent., ..against 29.8 .per cent. .The largest "increases in exports are shown by wool. .£1,239,300, and grain., .£550,100, tho total shipments of the first-named being .Valued .at ..£4,716,200, while the latter, mostly maize, figured at .£1,531,500."

' . ; 'AMERICAN-FIRE -LOSSES. "'."'■" , According to the "Journal, of Commerce and Commercial Bulletin," the fire losses in- the United States and Canada during 1909 , .amounted to .£40,729,840, which compares . favourably with totals of.' .£47,710,450 and- £43,052,450 for. 1908 and ~1907:' As most of-the large) British .insurance companies derive a considerable.^premium..income .from the North, American. .Continent and as losses elsewhere .have hot'"been.exceptionally heavy, it seems practically thats the results, of fire underwriting for 1909 will be at least up ,to the; average .of recent years." Tho. recovery of insurance companies' shares' aftcr..:lthe: decline,'occa-;. sioned by the .conflagration'at. Sail Fran!.'. Cisco in 1906 has been unexpectedly'slow, but .the lowering of rates consequent.on the increased number of competitors now in the field and 1 ! the unprofitable nature of-employers'liability, business, in which >most companies'! are, now Interested, havo doubtless .both.exercisedl.'a depressing influence;', The'-sensatiOnal collapse of the Law Guarantee .and Accident has also had some effect oh .recent In view more especially of the keen cofripe-' tition now prevailing both at .Home and abroad, it does not seem likely that insurance.shares generally will, s'how, any ' considerable appreciation .in, the, immedir, ate future. ■'■'\ ■ : i .■■. . ...:.?i.;.'.-!

ARGENTINA AND WOOLLENS. . ,A group of Yorkshire woollen, and worsted manufacturers have sent their own. representatives to take up residence in .Argentina; The move is,another indication of the growing importance of that market, to' the .woollen trade. Tho rise in the,, exports woollens from the 1,700,000 yards' of 1000 to-., the 6,700,000 of 1909 may fairly be called astonishing. The improvement has not been on this scale., as far as regards stuffs and worsted goods, exports of which aire not larger now than in the best of past years, although they are. appreciably steadier iri: all years alike. For British carded wool-, lens Argentina.is the largest, foreign mar-, ket, and is surpassed only,.by Canada and Australia. notes. '■ ■■':■ The.debts of the'.French municipalities .at..the close of 1908 were Earis represented .£100,881,500', and . the' other local' authorities .£65,766,551. In the previous nine years there l)ad. been an increase of The-efficiency of the ■ trade inquiry branch' of the Department of Trade and Commerce at Ottawa is 'demonstrated • to some extent by. the number of inquiries received and furnished by. the Department ' during the past yeaT. In the laSt twelve' months 2001 inquiries' were re'ceived,,or .an average of 167 per. month, and nearly 9000 inquiries were dispatched.' The actual value of the business done by Canadian firms with the help of the Department, and which to' a large extent would'.not .'be done without its help, is enormous. The committee for general purposes of the London Stock Exchange, has for-' bidden smoking in the' Exchange. Hitherto a member might light 'a cigar or' oigarette. at 4 p.m.—but..never a pipe.. The result is the House- ,now empties much quicker after 4 p.m. The 1910 estimates of the Finance Committee of the City of Sydney were presented yesterday, and showed a Tevenue of: .£401,730, an expenditure of and a deficiency of .£10,842, and they resulted in recommendations, that the existing rates of Is. 9d. in the.;.£ on the annual value, and of Id. in the £ on the unimproved value, should be continued. The Is. 9d. rate is estimated to yield .£204,000, and the Id. rate ,£83,000, making together . ,£287,000, the remaining .£115,000 coming from rentals, etc. It is apparently' proposed to borrow aether. ,£872,000 this year, including .£495,000 for resumptions, ,£75,000 for woodblocking, .£112,000 for new markets, and .£190;000 fqr electric lighting, the total certainly being heavy. ' The. history , of-the goldfields at Aporoma and San Juan del Oro, Peru,. is one of great interest. The. original work was.done by the natives of Peru, and later' on by the Spaniards, the alluvial deposit* having ; formed one of - the; principal sources from which the. great wealth of the Incas was derived. -In 1620 Quinones, Frisancho, obtained a ■■ grant of 6000 Indians to search for tho yellow metal, and the works ho constructed were valued , at 997,000 castellanos gold (about ,£500,000 sterling), these being in addition to' the ancient canals and waterworks of the Incas. After deducting-an ample' allowance for that-part worked by the ancient miners, sayi 10 per cent., the available gold contents of the remainder are estimated' at over .£40,000,000. All the facilities exist-for working, these -properties with modern hydraulicing machinery on a large- scale. A powerful AngloFrench syndicate has recently acquired | options over the Aporoma and San Juan del Oro.groups, and dispatched in October last an English mining engineer of the highest standing to. examine tho deposits. FKOZEN MEAT. By Teleeraph—Press Association—Copyrleht. London, March 25. The Frozen Meat Trade Association's Smithfield Markot quotations for the un-

dermentioncd. classes of frozen meat .are based, on actual sales of not less than one hundred carcasses of mutton or lamb, or twenty-five quarters of beef of fair average quality. The quotations are not for selected lines, but for parcels fairly representative of the bulk of the shipments now on the market. The prices which follow are on an average a farthinu per lb. more than the value ex ship, this difference representing an avcrago cost in expenses, handling, conveyance, and selling the meat:— Mar. 19. Mar. 25. Mutton— d. d. . Canterbury, light — . 4{ Canterbury, medium .. — 4| Canterbury, heavy ... — — Southland ...,. — — North Island, best 45 4| North Island, ordinary 4J 4V Australian, light 'SJ. .. .311-16 Australian, heavy 3J- 3J River Plate, light ■ '35 .. 4{- ' Bher Plate, heavy ... 311-10 4 Lamb — Canterbury, light 59-16 5J Canterbury, medium ... — — Canterbury, heavy — — Southland — — North Island, selected s<j 5} -North. Island, ordinary 5} 5J Australian, best i\ 4j Australian, fair. ......... 4J 413-16 Australian, inferior ... II ii River Plate ...v........... i; 4J BeefNew Zealand, ox fores 3i ~" 3} New Zealand, oxhinds 4j ■ i\ Australian, ox fores..... 3-j 3} Australian, ox hinds... I 45 River Plate, ox foros.. 3J , '■ 313-16 River Plate, ox hinds 4J 47-16 COLONIAL AND OTHER-PRODUCE. By Tolecraph—Press Association—CopyriEht London, March 23. Butter.—The market is easier, the holidays checking business. Danish is weak at 1275. to 1295. .per cwt„ secondary 116s. to 118s. . The quality of many brands is somewhat unsatisfactory. New Zealand choicest, 1225. to' 1245.; secondary, 116s. to 1205.; Argentine, 1225.; Siberian, 120s. to 1225. ' . ' V . . Cheese.—Market firm. New Zealand coloured, 60s. to 61s. per cwt.; white, 625. to 635. Bradford Tops.—The Bradford wool market, shows a cheerful tone. Prices for merinos are hardening. Forties, 15d.; forty-sixes, 17Jd.; common" sixties, 26Jd.; super, 27Jd.; sixty-fours, 28ld. ■' Copra.—Market firm.' South Sea, in bags, £25 ss. ■ Business is limited,' owing to small offerings. ■Rabbit Market—Flat, and prices unchanged. Cotton, 7.86R Sugar.—German beet, 88deg., 14s. Bd.; first mark granulated,. f.'o.b. Hamburg,' 16s. 7d. per cwt. . THE METAL MARKETS. . ■ • : GopperJ—On the spot, £58 16s. 3d.; three months', £59 17s. 6d.; electrolytic, £G2. ' ■ ..■..,... . : Tin— On the spot, ,£l4B 7s. 6d.;-three months', £150 7s. 6d. <■ Lead.—£l3. Spelter.- J323. .Iron—sis. lOd.