FARMING & COMMERCIAL

Dominion, Volume 18, Issue 96, 18 January 1924, Page 10

FARMING & COMMERCIAL

NEWS AND NOTES

AUCTION SALES FORTHCOMING FIXTURES. TO-DAY. Salos will be held at: — Boulcott Street, Wellington—Sale of building material (E. Johnston). Akatarowa, Noon—Salo of stock, account Dr. C. P. Knight (Dalgety and Co.). Vivian Street, Wellington—Sale of Care (Motor Car Exchange). 78 Lambton Quay, Wellington, 1.30 p.m. —Sale of furniture (C. W. Price). 157 Lambton Quay, Wellington, 1.30 p.m.—Sale of house furnishings (h. Johnston & Co.). Dominion Ave., Wellington, 2 p.m. Sale of furniture (Vine and Wilson). TO-MORROW. 100 Customhouse Quay, Wellington 10.30 a.m.—Sale of Upper Hutt land, account Supreme Court (H. E. Leighton) 50 Coutts Street, Kilbirme, Wellington, 1.30 p.m.—Sale of furniture, carpets, etc., account Mr. M. Deckston (C. W. Tu? IC Street. Taihane-2 p.m.-Sale of Tarhape Wool Scouring Works, account Deputy Official Assignee (1. Ward and Co.). MONDAY. 105 Customhouse Quay, Wellington, _.30 p m.—Sale property situate Pine Street and Khandallah sections (L>. b. Nathan). FARMING INTERESTS NEW ZEALAND EGGS IN LONDON HQW THE SHIPMENT FARED FURTHER REPORT FROM MR, MERRETT A further report concerning the shipment of New Zealand eggs which wcic sent Home in the Corinthio has just been received by the Poultry Division <>f the Agricultural Department from Mr. J. B. Morrett, of Christchurch, who went to London to look after the shipment at that end. “At. inspection of th)e stocks on hand in London,” writes Mr. Morrett, “showed mo that we were up against a well-supplied market. In the week ending November 6 one-third of the eggs imported into London came from tlie Empire. This was exceptional, as on my arrival I found that an Australian shipments of 6422 cases had arrived. “The following are the listings for the week ending November 6, which show from whence come the eggs:—

“The listings for the same week in 1922 were 15,103 cases, and for 1921 37,048 cases. “From these figures it will be seen what a week’s eggs mean in London, in addition to Irish, Scotch., and English production. Hungary, Russia, Poland, Rumania, and Lithuania are again coming into the field. The sharp rise in the middle of October resulted in a falling off in consumption. In addition to the above listings, there were thousands of cases carried over from the previous weeks, and sales were slow. Opening Up the Market. “Ou opening up several cases of the New Zealand shipment the eggs proved to be in excellent condition. I made an effort to open the market at 265., but could effect no sales. Best English new iaids were 28s. to 305., best Danish 265. to 28s. On examining the Danish eggs, I found them to lie much inferior to our own, and demonstrated that fact to buyers. The Danish eggs were stale, and had evidently been held several weeks. They showed signs of considerable shrinkage. Still, the Danes have the name, and it takes some argument to convince people of the quality of our eggs that come from so great a distance. I spread several cases for samples, and got some excellent reports. One buyer took 200 dozen, tried them out, and then bought 6000, but, fearing lost the quality would become impaired, and, finding that Australians were selling as low as 195., I decided to quit at '22s. I succeeded, with the help of my agents, in quitting some at 245., and during the present week the balance will be sold reund about that figure.” „ BURNSIDE STOCK SALE By Telegraph—Press Association. Dunedin, January 16. Each department was well supplied with stn'-k at the Burnside sales today. The supply in some instances was in excess of requirements, . and prices in consequence were considerably easier. The various freezing works having commenced operations, export buyers were in evidence, and secured a few pens of sheep and lambs, and their presence in a large measure helped to keen the lamb market fairly steady. The sheep entry included a good sprinking of wellfinished ewes and wethers. The demand was fairly brisk at the opening of the sale, but it gradually cased, and values at the close showed a

drop of about 2s. per head for prime and about Is. . for medium-weight sheep. The quality of the lanlbs offered was not 'up to the usual standard. Competition was fairly brisk, and prices were a shade easier. The entry of fat cattle was much in excess of requirements, and prices were back fully £1 per head as compared with last week’s rates. Although there was a fair demand for pigs, the market was considerably easier, prices showing a drop of fully 10s. per head for prime quality animals. Sheep—A large yarding, numbering about 2100 head. The sale was an erratic one, prices fluctuating at different periods. Extra prime heavyweight wethers sold up to 435., prime 345. to 375., medium 295. to 315., light and unfinished sorts to 275.; extra prime heavy-weight ewes sold up to 365. 6d., prime 265. to 305., medium 21s. to 245. 6d., light and aged 17s to 205.; extra heavy wethers wore equal to s|d. per lb., prime light 6d. to 6}d., inferior s|d., extra heavy ewes 4Jd., medium sd. to 5Jd., aged 441 ‘Lambs—A large yarding, numbering about 1100 head. The entry included a number of pens of unfinished animals. Extra prime shorn lambs realised up to 38s. 3d., prime 27s s . to 32s , medium to 265. Prices per lb. were as follow:—Prime 9Jd., second quality BJd. to 9d. Fat cattle.—A large entry, numbering 300 head. The quality was an improvement on that of the previous sale Extra prime heavy-weight bullocks realised up to £l6 2s. 6d., prime heifers to £9 7s. 6d., and best cows to 4'6 10s. Prices per 100 lb.:—Prime bullocks 325. 6d., medium 305.. prime heifers 28s. to 305., cows and light heifers 20s. to 255. Store cattle.—A full yarding of about 300 head, including calves, was offered. The entry included three pens of four and five-year-old bulbxiks from the Gore district. These were well grown and in good condition, and sold at up to £7 Ils. per head. A large number of three-quarter fat cows were purchased for canning purposes at cheap rates. Young cattle, as usual, were hard to quit. Dairy cattle. —About 25 head were offered'. Competition was fairly brisk, but prices were a shade easier. Best cows sold at up to £9, three-year-old heifers to £7 10s., and aged cows £3 to -£4Pigs.—A full yarding, all classes being represented. Competition was not very brisk, and lower prices had to bo accepted in order to effect sales. Prime baconers were sold on a basis of about 6-ld. per lb., and prime porkers on a basis of about 8)d.

FROZEN MEAT MARKET SHIPMENTS EROM NEW ZEAJzANB. Shipments of New Zealand frozen meat for tho 1925-24 season, acoorduiK theJN.Z. Meat Producers' Board, are- •

FROZEN MEAT INSPECTOR OK CARGOES IN LONDON. As the result of its investigations in regard to the unloading and handling of frozen meat in Great Britain, the New Zealand Meat Producers’ Board has now appointed an inspector or supervisor to watch the unloading of each vessel. The British Incorporated Society of Meat Importers some time ago recommended to the board that it was very essential that an inspector should be present on the 'wharf to watch the interests of not only the importers but also the’ shippers. Not only will this supervisor watch the handling of meat generally, but he. will also inspect the general condition of each shipment on arrival and report to the board. The London office of the New Zeazland Meat Producers’ Board has now also made arrangements with the Salvage Association and the importers of frozen meat for the board’s inspector to attend every survey for damage of New Zealand meat, and thus be in a nositlion to, see the extent of the damage and also to locate if possible where the damage occurred. Since the board appointed local supervisors to watch the handling and leading at this end, there has been a very marked improvement, and the board anticipates similar results at the other end. LONDON TALLOW SALES (Bee. January 17, 9.5 p.m.) London, January 16. At the tallow sales, 679 casks were offered and 633 were sold. Good fine sorts advanced by 6d., and others by 2s. Quotations: Mutton, fine 495. 6d', medium 4-ss. 6d.; beef, fine 475. 6d., medium 445. 9d. The New Zealand Loan and Mercantile Agency Co., Ltd., have received the following cablegram from their London house under date January 16. —Tallow: We quote present spot values for the following descriptions:—Fine mutton 50s. per cwt.; good beef 465., mixed 435. 6d. Market active. Messrs. Dalgetv and Co.'. Ltd., report having received the following cablegram from their London house under date of the 16th inst: — London Tallow Salos.—6Bo casks fellow offered, and practically all sold. Since our last report prices are as follows: —Medium and inferior descriptions, 2s. per cwt. higher; other Inscriptions 6d. per cwt. higher; beef tallow is quoted at 475. per cwt. The Bank of New Zealand, produce department, has received the following advice from its London office under date January 16:—Tallow, active demand continues. Current quotations: —Good mutton, 495. to 495. 6d. per cwt.; beef and mixed. 465. per cwt.; gut, 38s. to 425. per cwt.

LONDON WOOL SALES JANUARY-FEBRUARY SERIES. Messrs. Dalgety and Co., Ltd., report having received the following cablegram from their London house under date January 15:—“Our selling dates are January 29 and February 4.” NURSERYMEN'S CONFERENCE ADDITIONAL OFFICERS ELECTED Bt Telegraph.— Press Association, Palmerston North, January 17. The Nurserymen’s Conference adopted a resolution that the Government bi asked to increase the staffs of the Horticulture and Biological Divisions of the Department of Agriculture _ in order that the growing volume of important work can be more effectively coped with. Additional officers elected were as follow;—Treasurer, Mr. Kingsbeer (Palmerston); secretary and organiser, Air. Green (Auckland); executive, the chairman and secretary of the local councils,, together with Mr. T Waugh (Lower Hutt) and Mr. F. R. Cooper (Wellington). PAHIATUA SHOW Intending exhibitors at the Pahiatua Show, to be held on January 30, are reminded that entries close on Saturday at 8 p.m. with the secretary (Mr. J. A. Walsh). As was anticipated, the dairy cattle classes and horse and competition events are filling remarkably well, and give every indication of being in excess of any previous years. The Jersey cattle classes are also attracting large entries, and.promise to be one of the features of the gathering. COMMERCIAL ITEMS WELLINGTON STOCK EXCHANGE YESTERDAY’S BUSINESS AND PRICES At the morning call yesterday sales were reported of Bank of New Ze.'rland shares at £2 10s. 3d., and Farmers’ Co-operative Auctioneering Co. 3 preference A shares at 18s. At tho afternoon call the sales reported were Bank of New Zealand shares at £2 10s. 3d., and Wellington Trust and Loan at £5 15s. 6d. For the 5 per cent. P.O. Inscribed Stock, 1927, there was a bid of £97 55., and this was the only inquiry for gilt-edged securities. There were offers of £lOB for Wellington Racing Club debentures, and £9B for North Canterbury Hospital Board’s 5} per cent, debentures due 1932. There were no declared buyers of bank shares. Buyers offered £3 15s. for National Mortgage shares, £B2 for N.Z. Loan and Mercantile ordinary stock. £5 14s. 6d. for Wellington Trust and Loan shares, and Bs. 9d. for Wellington Deposit shares. Wellington Gas shares (£lO paid) were very firm at £l3 12s. 6d. Insurance shares were also very firm with buyers of National Insurance at £3 17s. New Zealand Insurance shares at 295. 6d. cum dividend. and South British Insurance at £1 19s. 6d. Westport Coal shares were 9d. higher at £1 19s. 6d. Timber shares were again very firm,, but buyers have not yet seen their way to raise the bids. Crown Brewery shares advanced a further shilling to £3 Is. cum dividend. National Electric shares were in demand at 195., and Wairarapa Farmers shares (£5 paid) at £3. N.Z. Express ordinary shares were firm at 15s. Yesterday’s buying and selling quotations were as follow:—

SALES IN OTHER CENTRES AucLJanid, January 17. Sales: Soldiers’ Inscribed Stock. £lOO 10s.: Bank of Australasia. £l3 Is.: Bank of New Zealand, 50s. 3d.: New Zealand Insurance. 30s. 3d.; North Auckland Farmers’ Co-op.. B pref.. ss. 6d.: IVilson’s Cement 305.: Grand Junction. 6s. Christchurch. January 17. Sales reported: New Zealand Government 5 per cent. Inscribed Stock (1929), £97 10s.: Kaiapoi Woollen (ord.). 20s. 3d.; Manning’s Brewery. 255. 6d. Dunedin, January 17. Sales: Wilson’s Cement, 30s. 3d.; Grand Junction. 65.: Mount Lyall. 21s. Sales reported: Bank of New Zealand, 505.: IVilson’s Cement. 30s. 3d. WHAT IS WOOL WORTH? ARE RULING PRICES TOO HIGH ? “When wool is dear it is dangero,ic, and when it is very dear it is very dangerous,” is a common belief in Bradford, and it contains a good measure of tiuth; but is wool too dear to-day? Months ago Bradford was very pessimistic, and it was freely stated by many in the trade that raw wool, aiid particularly fine wool, was realising more than it was really worth. Wooi, like silk and cotton and other textiles, ha-s a value, and that value depends upon the demand for it compared with tho supplies which exist. Cotton has been very dear because of the shortage of supplies of American cotton, and if silk rould be produced as freely as cotton, fabrics made solely from silk would not be as dear as they arc to-ilay. The statement that wool is too dear is due to comparisons bein,r made with pre-war prices and omittiivr the conditions ruling then and now. We must not forget that every other article produced is over-costly, compared with the days before tho war. It would bo difficult to find a commodity which is not costing at least

50 per cent, more than it did in 1914. If wool prices were on the level of those ruling in 1913 or 1914, wool growing would cease to be a profitable industry. Farmers would cease to produce wool, or at least curtail its production and turn their attention to the production of other commodities. Supplies of wool would so diminish that want of raw material would put many of the wocilen and worsted mills the world over out of business. Admitting that wool is high and that the growers are now obtaining a reasonable profit, the fact cannot be ignored that the world’s woollen manufacturers have been doing exceedingly well during the past three years. Their profits have been relatively larger than those of the grower. Three months ago there were complaints that wool was too high, but since then values have gone higher, which shows an extraordinary demand for the staple. ’Of course, there is always a danger of speculation carrying prices beyond 'a reasonable level, ana perhaps speculation is responsible for some portion of the present advance in values, nevertheless wool values, and especially crossbred wool prices, are warranted by the prevailing conditions, rherc are indications that there will be a further advance at the Lonaon sates which begin next Tuesday, for all recent cable messages ixiint to that probability. Cotton is selling to-day at 19,0. per lb., linen stands at_ about £lB9 per ton, and real silk is expensive. Crossbred wool is realising Is. 3d. to Is 6d. per lb., and the rise is due no' doubt to the advance in the other textiles. Compared with cotton and linen, wool is by no means dear, and it would scarcely be surprising if wool sees a further advance ; at all events there is no immediate prospect ot a recession in values. TRUST, LOAN AND INVESTMENT COMPANY The report to be presented at the fifty-first annual meeting of shareholders on the Wellington Trust and Loan Investment Co., Ltd. stated that tho sum to the credit of profit and loss on the year’s working, after allowing for the sum of £lOO written off business premises, together with the amount of £4288 17s, lOd. brought forward from the previous year, amounts to £13,148 2s. Bd., from which £3750 has been paid as an interim dividend at the rate of 3 per cent, for the half year ended June 30, 1923. The directors recommend that a further dividend be declared on the paid-up capital at the rate of 3} per cent, for the half year ended December 31. 1923, amounting to £4375 (making 6) per cent, for the year), and that £5OO be added to the reserve fund from the profits, making the latter £70,000, leaving the sum of £4523 2s. Bd. to be carried forward. It is with great regret that the members of the board have had to record the death of their late colleague, Mr. James Lockie, who resigned his seat the previous year owing to failing health. The directors, have tendered their .sympathy to his relatives and their high appreciation of his long ajtid valuable services to the company. They also deplore the death of one of the company’s auditors, the late Mr. Charles P. Powles. after 38 vears of faithful service. Mr. G. F. Judd, F.1.A., N.Z.. has been appointed by the board of directors to fill the vacancy thus caused. The retiring directors by rotation are Mr. W. H. Millward and Dr. A. K. Newman, who, being eligible, offer themselves for re-election. The auditors, Messrs. Ernest W. Hunt, and G.. F. Judd, offer themselves for re-election. CALCUTTA TEA SALES. (Rec. January 17, 8.5 p.m.) Calcutta, January 16. At the tea sales tho quality was mostlv below that of recent offerings. The demand was easier, and the market was irregular. Prices generally were a quarter anna to half, an anna lower. Poorer sorts were difficult to sell even at the lower rates. RATES OF EXCHANGE. London, January 16. (Rec. January 17, 9.5 p.m.) Following are the principal recent variations in the foreign rates of exchance :— Jan. 16. Jan. 14. New York, dels, to £1 4.26 4.23 J Paris, francs to £1 91.90 9(5.40* CUSTOMS REVENUE. Customs revenue collected at the port of Wellington yesterday totalled £10,655. '

Canada Cases. 700 Dozens. 21,000 Australia .. 6,422 192,660 N<.vz Zealand . .. 1,501 45,640 Argentine . 1,667 50,010 Denmark .. 5,356 481,940 Sweden 5 450 Holland . 1,285 115,650 Italy 20 1,800 Lithuania .... . 1,058 15,220 Latavia .. 488 43,920 Poland .. 3,511 315,990 Russia . 2,658 241,220 Switzerland .. 115 10,350 Egypt .. 113 10,170 Bulgaria 200 18,000 Rumania .. 210 18,900 Belgium 51 4,590 Hungary 160 14,400 Totals ... . 25,520 1,601,910

Shipped from New Zealand. Beef, Mutton, Lamh. •lOOX OTB. C/CS. C/C8. Nov 8,650 66.241 81,951 Dec. “. 1,405 48.095 202,590 10.095 104.336 284,541 Klllines at all works durinsr 1923-24 eeason. commencing November 1.. 1923. to December 31. 1923:— North South Island. Island. Totals. Beef (ore.) 7-138 “8 7.446 Wether mutton (o/cs) 117.203 9.738 126.941 Ewe mutton (c/cs) .... 24.134 Lamb (o/cs) 517.023 101.518 618.541 Sundries (frt. c/cs) .. 19.173 —, ~ 19.1/3 Stocks on hand in New Zealand. Decernher 31. 1923:North South Island. Island. Totals. Beef (ars.) 6-731 _ 744 ,7,475 Wether mutton (o/cs) 54.130 3.920 68.050 Ewe mutton (c/ca) ... 14.864 _2.225 _17,089 Sundries (frt. c/cs) ... 16.474 2.381 18,855 Stocks of frozen meat loaded into steamers not departed from New Zealand as at December 31, 1925:— Beef (ora.) ; .. 1.129 Lanjb ' 176 079 Arrived or ta arrive in Uta United Kinedom: — Beef. Mutton. Lamb. Final 1915 ars. c/cs. c/cs. nort. Dec. .» 6.866 43,470 73.262 London 1924. Jan. ... 2.539 16,020 42.552 London 163 — — Glasgow 143 — 2.057 Liverpool — — 1.008 Av-mouth Totals 2.845 16,020 45.617 *Fcb .. 384 44.846 165.662 London •Incomplete.

Buyers. Sellers. WAR LOANS— £ s. d. £ s. d. 4A p.c. Insc. Stock. 1938 —. 97 2 6 5j p.c. Insc. 1933 —— 101 17 6 5 p.o. P.O. Insc. Stock. 1927 97 5 0 — DEBENTURESN. Canterbury Hos. Bd. 54 p.c.. 1932 98 0 0 Well. Racine Club 108 0 0 — BANKSA ustralasla 13 2 0 National —— 6 14 0 New Zealand 2 10 6 Union —• 15 0 0 FINANCIALNational Mortgage ... 3 15 0 — N.Z. Loan and Merc. (ord.) 82 0 0 —— Well. Trust. Loan 5 14 6 — Well. Deposit & Mortcase 0 8 9 0 9 6 GASWellington (£10) 13 12 6 — INSURANCE— ■ National 3 17 0 —— New Zealand (cum.) ... 1 9 6 South British 1 19 6 —— Standard —— 2 0 6 MEAT PRESERVING— Well. Meat Exp. (£3 12b. 6d.) 2 2 0 TRANSPORT— lluddart-Parker (pref.) —- 1 0 10 N.Z. Shipping (pref.) —« 9 10 0 Union Steam (pref.) ... 0 19 9 10 6 COAL— Westport 1 19 6 2 0. 6 TIMBER— Leyland-O’Brien 1 18 6 — Rotoiti 12 3 — Taringamutu 1 12 0 •— MISCELLANEOUSCrown Erewe.ry (cum) 3 10 Medical and Dental Supply 110 Howard Smith • — 2 13 6 National Electric 0 19 0 .— Wairarapa Farmers (£5) 3 0 0 4 0 0 Do. (pref.) 1 l»l 17 6 Wilson’s Cement A— 1 10 6 N.Z. Express (ord.) ... 0 15 0 — MINING— Waihi 1 8 6 —