FARMING & COMMERCIAL

Dominion, Volume 15, Issue 182, 29 April 1922, Page 10

FARMING & COMMERCIAL

NEWS AND NOTES

AUCTION SALES FORTHCOMING FIXTURES, TODAY. Moore Valley, Wainui-o-mata. 11 a.m.— Sale of stock and implements (Dalgety and Co.). 33 Elizabeth Street, Petone. 2.30 p.ra.—Property sale (Hunt and Dickinson;. 78 Lambton Quay, Wellington, 2 p.m.— Sale of motor car (0. W. Price). ‘ " MONDAY. « Eketahuna—Property sale (Dalgetv and Co.). 77 Owen Street, Wellington, 1.30 p.m.— Furniture sale (0. W. Price). TUESDAY. Levin Yards, 12 noon.—Stock sale. 78 Lambton Quay, Wellington, 2 p.m.— Sale of motor car and accessories (C. W. Price). WOOL MARKET PRICES FOR FINER CLASSES HARDENING. (Rec. April 28, 5.5 p.m.) London, April 27. The Bradford wool market is firm, but quotations are unchanged. There is a hardening tendency, however, for 46’s and upwards.—Aus.-N.Z. Cable Assn. KEEN COMPETITION AT ANTWERP (Rec. April 28, 5.5 p.m.) London, April 27. At the Antwerp wool sales, 22,717 bales were offered and 21,902 were sold. There was a good attendance and keen competition. Combing wools were firm at. full London closing rates; clothing was 10 per cent, higher. England was the chief buyer.—Aus.-N.Z. Cable Assn.

BOARD OF AGRICULTURE METHODS OF HANDLING DAIRY PRODUCE The Board of Agriculture held a meeting on April 26, and considered several important matters bearing on the agricultural and pastoral industries, the president. Sir James Wilson, occupying the chair. The board had a lengthy interview with the Director-General of Agriculture, and the Director of the Dairy Division of the Department, in. regard to the improvement of rtfethods of ■handling dairy produce, with a. view of reducing tne cost of production and preventing unfair competition between the various co-operative factories. It Was pointed out that there was a great deal of overlapping owing to the fact that several 00-operative factories were comueting for cream supplies in various districts, and that this further constituted a 'risk of the quality . of the manufactured output being impaired. It was finally agreed that the Director of the Dairy Division discuss this matter with the delegates, who were meeting at an early date,at Palmerston North with a view of trying to bring about more satisfactory arrangements. The board was further of opinion that the work of farm dairy instructors wholly or partly paid for bv dairy companies but carrying out thoir duties with the authority Government officers was of great value in keeping the quality of our dairy produce at a high standard, and that the cost involved by this is amply recouped by the better returns accruing. A lengthy discussion took place regarding the general work of the Department. this being materially aided by the detailed information furnished by the departmental officers, which enabled the members of the board to obtain a close insight into the many and varied activities of . the Department and the lines on which economies in expenditure necessitated by the existing financial stringency had been and were still being brought about. In this connection the board was of opinion that educational and instructional work was of particular value at the present time, and that no curtailment of this should take place. During the discussion on rural education it was agreed that inquiries should be made with regard to the various legacies that have been bequeathed for the purpose of encouraging agricultural, education. It was further decided that the time had arrived when the preliminary steps should he taken towards the establishment of one or more farm schools, and that sketch plans should be prepared for the buildings necessary for a school of fifty pupils and submitted, together with an estimate of'the cost, to the board at a future meeting. . The board also considered it desirable to foster as much as possible the formation of boys’ agricultural clubs, and thought that the initiatory steps in the matter should be taken bv the farmers in the districts themselves. The Director-General of Agriculture promised that his officers would continue to give every assistance find encouragement to the movement. The board considered the policy to be adopted with regard to the experimental farms and the methods or working them, also the question of retaining some that appear to have served the purpose for which they were originally established. The DirectorGeneral of Agriculture gave particulars of the arrangements that were already in hand in this connection. As regards the Moa Seed Farm, the board was informed that a committee had offered to take this over on very fair and reasonable terms and run it as a seed farm for a term of five years with a view of demonstrating ■what could be done in the way of up-to-date seed "rowing. The following motion was agreed to I :—“That the board hears with satisfaction that the public-spirit-ed offer of the committee to take over the Moa Seed Farm for five years is likely to be accented by the Government. The boar I is convinced that it is of the utmost, imnortnncc to the future of farming in New Zeal,nd that farmers sow the highest grade of. pure seeds, and this seed farm m a district which is eminently* suited for the growth of seed is likely to foster their use.” , .. Attention was given to the question of freight rates for stud stock to South American ports. The Department had some time, since approached the overseas shipping lines with a view of obtaining reductions in the freight rates on purebred stock, nnd this had resulted in the companies agreeing to carry sheep to Montevideo at six guineas net per head, with a minimum freight of £200; and catt _ at £3O per head for the first five £2o for the second, and all over ten at £-> each. It was thought that <leveloi>ments in the export of pnrobretl took would be very much facilitated if tl q. shipping companies could sec their wav to still further reduce them charges, and to strike out the condition with regard to the . minimum freight of £2OO, which might prevent small shipners sending awav stock. The Department was requested to communicate with the shipping companies, urging them to do something in this direction. Amongst other matters dealt with were the importation of the greywinged partridge, the Royal Ch ampion Agricultural Show, the planting of heather on the Tongariro National Park, an-d tlto establishment of an island quarantine station for imported plants.

CANTERBURY MARKETS by telegraph—press association. Christchurch, April 28. Stocks cf rejected wheat are mounting up at Lyttelton, and farmers are in a quandary to know what to do with it. Some of it might come right with storing, and ultimately bring milling . prices, but other samples are scarcely i likely to improve. Fair quantities are going north at fowl feed prices. Oats are weaker, A grade Gartons are worth about 2s. Bd. at wayside stations, aud it takes a good B to be worth 2s. 6d. Very little is offering; but it suffices for all orders coming to hand. Algerians cover a wide range, and according to quality and prices for the few that have been sola, quotations may bo set down at from 2s. 2d. to 2s. 6d.—the latter for exceptionally good. Peas, which were weakening, have firmed again, due to Home inquiry; and some tidy purchases have been made during the week 'for export. Throughout the season the local price has been ahead of what Home values warranted, but the recent advance has brought the figures into line. Partridge have been selling as high as 9s. f.0.b., equal to Bs. to farmers. The average value is less than that. Prussian blues have also strengthened. It is understood the Tasmanian harvest has been disappointing this season, hence the Home activity. White clover covers a range of from Is. Id. to Is. 5d.. according io quality, for particularly heavy shade, more. Cow grass also covers a wide range. Business in, farmers’ dressed has taken place between merchants at Is. Id., but figures are quoted at from that price down to lOd. Potatoes are stilb going north in over-supply. The Whangape on Wednesday took 5900 • sacks from Lyttelton, in addition to some from Timaru. The Opihi left this morning with 3400, and the Kaikorai is due to leave to-morrow with a consignment of probably the same size as 'the Opihi’s. These are all for Auckland. From £3 ss. to £3 10s is the quotation, but the market is weak. Substantial offerings of chaff have been made, but. business is negligible.

BURNSIDE MARKET BY TELZGRAPB—PRESS ASSOCIATION. Dun&din, April 27. With one exception, each department was well supplied with fat stock at Burnside sales to-day. Fat cattle were in over-supply, and as a result lower prices had 1 to be accepted. There was a good demand for all classes of sheep, and prices showed a slight advance compared with last week’s rates. Freezing buyers were on the market, but secured only a few odd pens, as prices were beyond their limits. Lamps met with keen competition at prices about on a par with recent rates. Stere cattle were forward in exceptionally large numbers, and backward sorts were practically unsaleable. Pigs were in short supply, and a buoyant sale resulted at prices considerably m advance of last week’s rates. Fat Cattle.—A large yarding of medium quality, numbering 294 head. The yarding was much in excess of requirements, and the sale was somewhat dragging.' Opening sales showed a reduction of fully 10s. a head compared with late rates, tin cl towards tno close prices receded still further, the depreciation amounting to quite 15s. a head. Prime ox beef was worth 255. to 275., and cow beef 19s. to 225. Beet bullocks realised up to £ll 2s. 6d. per head, prime £lO to £ll, medium £8 to £9, light and unfinished £6 to £6 155.: prime heifers £6 10s. to £7 10s., medium £4 15s. to £5 10s., light and aged £4 and upwards. _ Sheep.—A large yarding, numbering 2878 head, of fair quality. Competition was brisk throughout the sale, butchers and freezing buyers being eager to secure supplies. A feature of the sale was a consignment of extra prime heavy-weight sheep from the Crookston and Kelso districts. These sold at very satisfactory rates. Pncea for wethers were about on a par with those which ruled at tho previous sale, while ewes showed an advance of Is. 6d. per head. ’ Prime wether mutton was worth up to 4Jd. per lb., and ewe, to 3|d. Extra prime heavy-weight wethers realised up to 365. 6d., prime 275. to 31s. 6d., medium 245. 6d. to 275., light and unfinished sorts from 225. upwards; prime ewes realised from 255. 9d. to 275. 9d., medium 20s. to 235.' 6d., light and aged from 15s. upwards. Lambs.—A good yarding, numbering 986 head, of fair quality. Competition was keen, and prices realised were on nar with last week’s rates. Freezing buyers were operating, and secured" the bulk of the yarding. Prime lamb was firm at 9d. pcr pound. Best lambs realised up to 305., medium 275. to 285.. medium 245. to 265., others from 21s. to 225. Store Cattle.—A full yarding, numbering 323 head, was offered. The yarding included a few pens of fat and forward three and four-year-old bullocks. Only oio pen was sold, the animats realisnig £5 17s. fid. a head!. There was practically no demand for backward sorts. A number of good fat cows sold at from £3 to £4 each, and heavy calves up to £3 ss. a head. Pigs.—A small voiding was offered, which proved insufficient for requirements. There was a, keen demand for all classes, nnd all were disposed of at higher values. Best porkers realised Bd. to 9d. per lb.; best baconers from 7d. to Bd. per lb.

COMMERCIAL ITEMS INVESTMENT SHARES. Yesterday sales were reported on the Stock Exchange as follows:—4J per cent, inscribed stock 1939. at £92 (two sales); Bank of New Zealand at £2 Us. _6d., Union Bank at £l3 and Wellington Woollen ordinary at £8 10s. Tho closing quotations were as under:—

CUSTOMS REVENUE. rtiptoins revenue collected at the nort of Wellington yesterday totalled £5155 6s. DALGETY AND CO. , Messrs. Dalgnly and Co., Ltd., have declared an interim dividend of ss. per share payable on and after May 18. GILT-EDGED SECURITIES HIGHER. When the Wellington Stock Exchange reopened for business on Wednesday after

Tajstni* vaxtation it boor becunie apparent that gilt-edeed securities a-nd bank sb a, res were in demand and the past three days has shown that there considerable strength in the demand. Just betare Easter the 4i per cents due 1538 a. nf l 1539 were quoted at £99 12*- sd. huyera, while yesterday buyers were freeIv offering £92. and the per cents. Soldier? Loan due 1933 rose from £95 55., which was the quotation just before Eister to £96 10s., at which price sales wtrA made. There hae been a movement in bank shares also, and the quotations nrior to Easter and yesterday compare

q'ho auotations In all cases represent buyer// 1 offers or actual sales. For industrial shares itiiere is not the same demind. indeed, most of. them are neglested The shares of financial companies are alBOj|Very quiet. NATIONAL MOBTGAGE COMPANY. The balamoe-sheet of the National aa.se Agency Company of New Zealand, for tho year ended September 30 1921 to hand by the mail, shows that the gross profit after making Pno«“°n for depreciation on plant ana furniture, was £145,209 95., and transfer fees brought in £l4 12s. 6d. These two items, together with £42,940 18s. 2d., brought1 from the preceding year, totalled £188464 19s Bd. The charges in London and at, branches amounted to £72^ ]^®'rt 4d 'i/ 1 a ?,3 and income tax m New Zealand, £41,343 Bs. Id; and interest on debentures, £41,130 2s. sd; leaving a balance of £33,M. lOd. The dividend for the year at the rate of 10 per cent (4s. per Bhare). absorbed £24,598 6s. 8d„ leaving £8,737 19s. 2d. to be carried forward. EXCHANGE BATES. During the past three months a pronounced improvement ha-s taken place in the Exchange rates, clearly indicating that the nations are settling down •ally, nnd commerce finding its channels. The Genoa Conference with its succession of crises, and many rumours has not caused any disturbance to the exchanges which 1b very encouraging as indicating tho belief of the financial world that the Conference will do nothing to disturb conditions. The rates of exchange ruling on January 11 and now are shown in the table appended:... AprJl 24 New York 4.22d01. 4.42Jd01. Mmtreal -■. .. A47d01. 4.50d0L Paris 51.20fc5. 47.50fc5. Stockholm' 16.95knr. 17knr. Qhristiania oi’orv 11 !* 9n7sknr’ Copenhagen Calcutta (to rupee) ... 16d. 15<d. Hong Kong (to del.) -30 d Yokoha-ma (to yen) ... 27d. 25Jd. There has been an improvement all romifi. the Berlin rate being the only one to show an adverse change. hut even with Berlin there has been an improvement compared with the earlier part’ of the current month. On April 10 the Berlin rate was 1005 marks to the £. while it is now 1115 marks, that ■is to say, 190 marks fewer are needed now to obtain a pound sterling than was the ease less than three weeks ago. AUS.-N.Z. CABLE ASSOCIATION. (Bee. April 28, 5.5 p.m.) London, April 27. Foreign rates on London are quoted as follows:—New York, 4.42 J dollars to £1; Montreal, 4.49 dollars; Paris, 4/95 francs, Stockholm, 1707 kroner; Christiania, 2336 kroner; Copenhagen. 2077 kroner; Berlin, 1260 marks; Calcutta, 15Id. to ru Pe®: Yokohama, 25£. to yen; Hong Kong, 29Jd. to dollar. COLONIAL AND OTHER PRODUCE. AUS.-N.Z. CABLE ASSOCIATION. (Seo. April 28, 5.5 p.m.) London, April 27. Wheat cargoes are dull, owing to political rumours and free offers from America of now winter crop. The Taransay a sold at 57e. 3d. per quarter. Parcels uro quiet at 6d. to Is. lower. Spot trade is steady but quiet. Australian due is quoted at 60s. 6d. per quarter. Flour i* quiet. Australian 445, to 45a. Barley slow, malsters awaiting the Budget. Oats are steady. Peas and beans are unchanged. Sugar granulated 48s. 6d. per cwt.

PRICES OF METALS. AtlS.-N.Z. CABLE ASSOCIATION. IBeo. April 28, 10.15 p.m.) London, April 27. spot. £59 Is. 3d.; forward delivery, £59 13s. 9d. . . Lead-On spot, £24 7s. 6d. per ton; forward delivery, £23,7a. 6d. Spelter—On spot, £26 17a. 6d. per ton; forwiit delivery, £26 12s. 6d. Tin—On spot, £l5l 7s. 6d. per ton; forward delivery, £152 18s. 9d. , Silver—Bags, 34Jd. per once standard.

ADVANCE IN HIDES PRICES. BY TELEGRAPH—PIIEBB ASSOCIATION. <Eec. April 28, 10.15 p.m.) Melbourne, April 28. Hides are firmer, aud all good conditioned sorts with substance have advanced a farthing to a halfpenny. Other sorts ore firm but unchanged.

MINING NEWS WELLINGTON SHARE MARKET. The following quotations were recorded on the Stock Exchange yesterday I— Buyers. Sellers. £ s. d. £ s. d. Waihi 10 3 110 l STOCK EXCHANGE. BY TELEGRArH— i'll ESS ASSOCIATION. Christchurch, April 28 Beland"inscribed’ of Australasia, £l2 17s. 6d.; Bank of New Zealand, bls. 6d.; National Insurance, 60s. 9d.; Auckland Gas. <°2“ t ''’ o , 17a ’ ort 3ti " isr 7 and 0., £330; Paper Mill®, 21s. 9d., N.Z. Refrigerating (cont-k V 2„ bol \j °2o/" ent 165.; Waihi. 20s. 6d.’, 30b- 3d - 20s6d.;‘ Grand Junction, 7s. Chrlgtohurch, April 28. Sales reported—Bank N S Wales. 365. 10s.; Christchurch Gas, £6 12s. 6a. Shies on change-Govetmment 44 Ptt cent, stock (1938), £9l ss. (two parcels); 5i per cent, bonds (1933), £96 155.; Union Bank, £l2 18s. ’ LONDON STOCK EXCHANGE. AUSTUALIAN-N.Z. CABLE ASSOCIATION. , IRec. April 28, 5.5 p.m.) London, April 27, Broken Hill, buyers 245. 4d„ sellers 25s ; Hampden, 6s. 9d.; P. and O, deferred stock, buyers £320. sellers £340, ex dividend.

LIVE STOCK SALES Messrs Dalgety and Co., Ltd., report having held a clearing sale in the Sale Yards on Thursday, on behalf of Messrs. T. P. James and Sons. The stock came forward to excellent condition, and was the subject of favourablo comment. The 2WO sheep and 150 cattle off e f ed aU found buyers at eminently satisfactory prices after keen competition. Horses, implements, and sundries also sold well. Prices ruled as under :—2rtooth wethers. 205.; 4-tooth ewes, 255. 6d.; 6-tooJi ewes, 24s 6d. • 4-yea-r ewes. 225,; 5-year ana oaa OT-’es, 12s. 6d. (all in lamb to Rom”ey rams); fat wethers, 225. -’d.; forward wethers. 18s. 3d.: ewe lambs, 16s. 6d.; cull lambs. 10s. 6d.: odd woolly sheep, 225. 6d. Cattle —Fat bullocks, £6 7a.. 34-year oullooks £A‘ 14-year steers, £2 55.; li-year heifers 303.7 veaters, 19s. to 25b.; dairy cows. £5 to £ll 10b.: draught horses. £3l to £35; aged half-draught mare, £l4 10s., trip horse, £7; pony and foaj. £5. B ffessrs. Dalgetv and Cb.. Ltd., report having held a clearing sale at Waikanae on Wednesday on behalf of Mr. G. L. Bannatyne. There was a good attendance and, with the exception of a few dalrv cows a most satisfactory clearance was effected. Quotations :-Mixed ago ewes in lamb, 15s. to 16s. 6d.; 2 and 4tooth wethers. 19s. Id.; ms. lambs, 145., cull lambs 10s. 3d ; small m.s. 2-tooths, Iss 6d ■ aged ewes, 12s. 6d.; cows in milk, £9 to £l4 5e.; woaner heifers, £2; 20-month heifers, R.fr.B. £4 10s. to £6 4s. The Farmers’ Co-op. Auctionering Co., Ltd, report: At Hamilton on Wednesday we had a good yarding of cattle and nigs but a small entry of sheep. The ounlity of the beef woo mostly plain and competition was dull. Steers made. ♦A \P6-£6 10s : for medium weights lightwetehtß £4 12s. 6d. to £5 7s. 6d. Fat cows rw>rn £3 to £4 lOs.: plain from £2 to £2 lbs™ store steers, 3-yoar. reached £3 12s. or'the ° best-otliers from £2. 15s. There n /rood entry of heifers in calf and eomnetition was .fair «‘7"^ 0 8 Shorthorn heifers reached & £8 17e 6d second quality, & 10 a -. ShOr Taunlit? *4 2s 6d ty to £4 10s. Fat ptes we?e in full supply and a fair entry of sto’VS, due no doubt to the altera?:L „r ,ile dav- Buyers were not so numerous as usual. Competition for banners and porkers was fairly keen at the commencement, but declined as the nroccedcd. Heavy baconers made to M l ls?' heavy porkers to light baconers, £2 5s to £3; light to medium porkers, £1 13s to £2: unfinished. £1 2s. to £1 12r.: Sod slips 17s. to £1: small clips 12s. to 165.; best weaners, 7s. to Ils ; others from 2s. 6d. Dairy cows and heifers close to profit made to £t3 10*.

Buyers. £ B. d. Sellers. £ s. d. Inscribed Stock 1939 ... 91 10 0 —— In-scribed Steck, 1938 ... 91 10 0 inscribed Stock, 1 933 ... 96 0 0 —— War Bonds, 1939 91 10 0 War Bonds, 1939 91 10 0 — War Bonds, 1933 96 0 0 —- P.O. Bonds. 1927 P.O. Inscribed Stock, . 94 5 0 94 12 6 1927 94 5 0 Bank Australasia . 12 19 0 13 2 6 National Bank — 6 2 b Bank of N.ri.W —— 36 15 0 Bank of N.Z 2 11 6 —■ Union Bank . ............. — 13 2 b Coldsborough Mort Wellington Deposit . — 3 1 14 6 (cum) Wellington Debenture 0 8 0 9 0 Stock : National Insurance 102 5 0 (cum) 3 0 0 — N.Z. • Insurance i a 3 —- South British Insurance 1 13 3 — S'tnndajd Insurance ... 2 13 0 — N.Z. Refrig. (Ids.) . —- 0 13 6 Gear Meat 1 13 0 — Huddart-Parker (ord.) 2 6 0 2 6 9 ITnddart-Parker (nref.) 18 0 — Union Steam (pref.) ... 19 6 w c tn. Woollen (ord.) 8 5 0 ■MB Westnort Coal 1 8 9 — Westport-Stockton (ord.) — 0 5 3 Beyland-O’Brien Timber 1 11 0 —— Taringamutu -Timber 1 6 0 —• Crown Brewery 1 10 6 —• Wilson (N.Z.) Cement ... 0 16 ,3 0 16 9

as under: — April 28. £ a. <1 Banks. April 11, £ s. d. 5 14 0 6 0 0 35 10 0 36 0 0 New Zealand 2 9 0 12 6 0 2 11 0 13 0 0