FARMING & COMMERCIAL

Dominion, Volume 18, Issue 184, 30 April 1924, Page 10

FARMING & COMMERCIAL

NEWS AND NOTES

AUCTION SALES FORTHCOMING SALES. TO-DAY. Sales will ba held at:— 157 Lambton Quay, Wellington, 1fi.30 a.m.—Sale of furniture (E. Johnston and Co.). Kiwitea, near Feilding, 11 a.m. —Sale of Middlewood Jersey herd, account Messrs. Kilgour and Gibson (Wright, Stephenson and Co. (Abraham and Williams). Main Road, Lower Hutt, 12.30 p.m.— Salo of cattle and sheep, account Mr. J. C. Heggie (Dalgety and Co.). Bryant’s Yard. North Manakau Road, Manakau, 1 p.m.—Sale of Mr. R. Greig's dairy nerd (Abraham and Williams). i Johnsonville Yards. 2 p.m.—Stocs sale. Willeston Street, Wellington, 1.30 p.m. —Sale of carpets (E. Johnston and Co.). Dominion Avenue, Wellington, 2 p.m— Sale of furniture, carpets and rugs (Vine and Wilson). TO-MORROW. Otaki Yards, 1 p.m._Stock sale. 195 Lambton Quay, Wellington, 2.30 p.m—Salo of property situated 87 and 89 Grafton Road (Harcourt and Co.). FRIDAY. Wairere. Gisborne.—Sale of sheep e/c Messrs. Buchanan Bros. (Dalgety and Selwyn Rd., Havelock Nth. H. 8.. 1.39 p.m—Sale of 8-roomed residence (Hoadlev. Son. and Stewart. Ltd.). Tivoli Theatre. FeiWing. 2.30 p.m.— Sale of land in the estates of the hate J. C. Gordon and the late Patr'ck Nesdale (Abraham and William'). Havmarket Sale Rooms Albert St... Auckland. 2.30 mm. Sale of the home of the late H. T. Corrie (Alfred Buckland and Sone, Ltd.). FARMING INTERESTS WOOL MARKET BRADFORD TOPS UNCHANGED. Rec. April 29. 7.10 p m.) London, April 28. The Bradford tops market is quiet, but prices are unchanged.—Aus.-N.Z. Cable Assn. MEAT FOR THE ARMY A DOMINION TENDER ACCEPTED. London, April 28. It is announced that the War Office has accepted a Dominion tender for the supply of meet for the Mediterranean forces. —“The Times. ’ GRAIN AND PRODUCE MARKETS CANTERBURY REPORTS. By Telegraph—Press Association. Christchurch, April 29. There is practically no change to report in the grain and produce tradeVery little business is passing. Merchants who had assumed from the developments of the past few' days that the strike was nearing an end, advised potato growers on Monday to resume digging. Potatoes intended for Auckland from Lvttelton have been landed in Wellington. There have been, however few going away, rhe Wahine took 1000 sacks on Saturday night, and a few more are to be shipped by to-night’s ferry. Wellington is reported to have a .sufficiency of potatoes. In the meantime Auckland advices are that the Kaiwarra has landed 385 tons of Australian potatoes in good condition, and another shipment is due at the end of the week. Tho price to farmers locally is unchanged—up to £5 10s. per ton on trucks. A higher figure is asked for ■Tuly-Sentember delivery. Reports so far of digging results are only fair. The crops are turning out about an average of five to seven tons, and a proportion less, with a few outstanding crops. A heavy proportion of seed is reported in some districts. Oats are quoted at 4s. Bd. for AprilMay delivery and 4s. 7d. for SlavOctober- A sample of Canadian oats has arrived in the city. It is bright and apparently was reaped on tho green side, with some pickles of wheat

and combine showing through it, but it would make good feed. It would not do for seed. It is claimed that these oats can be landed in Auckland at 4s. 4d. A sale of a parcel of close on 1W sacks of perennial ryegrass, 30-3110. seed, has been made in the south of Australia. The price is understood to be quite satisfactory, and the transaction indicates a possible outlet. There is no change in the chaft inarPeas are not enquired for, and quotations to farmers are from 6s. to 6s- 2d. on trucks. Linseed is easier and is quoted at £l2 15s. f.o.b.s.i. PATEA FREEZING WORKS PROPOSAL TO TRANSFER TO NEW PLYMOUTH. An adjourned meeting of shareholders of the Patea Farmers’ Cooperative Freezing Co., Ltd., was held last week to consider further the proposal that the company should amalgamate with the Smart Road works and transfer operations to New Plymouth. Owing probably to the railway strike (states the Taranaki “Herald”), the meeting was not a very representative one, and it was evon- . tnally decided to adjourn again for 1 six weeks to enable the committee which is canvassing for additional capital to extend its operations. Mr. I C. Dickie, chairman of directors, presided. Mir. O. Christiansen, who moved the adjournment of the meeting on behalf of the canvassing committee, said the response to tho appeal for fresh capital had been, satisfactory, producers realising the great value of the works to the district. It was also stated in support of the motion that it was the intention of the committee to widen its sphere of operations and spread the scheme over the whole district. Several speakers who supported the motion said they were afraid that if the freezing works were closed down the grading store would probably share the same fate, and that the result would be disastrous to Patea and the surrounding, district. The chairman intimated that definite proposals would have to be ready for submission to the next meeting, otherwise the proposal to amalgamate with Smart Road and transfer to New Plymouth would have to be adopted. The provisions admitted of no other option. The motion for adjournment was unanimously agreed 10. FARMERS’ UNION EXECUTIVE MEETING POSTPONED. Tiie quarterly meeting of the Dominion Executive of tho New Zealand Farmers’ Union, called for to-day, has been positioned on account of the railway strike. PICTON FREEZING WORKS The Picton freezing works will commence operations to-morrow. Mr. J. G. Anderson, of Pelorus, who arrived in Wellington yesterday, informed a Dominion reporter that tho stock were all in the paddocks, and everything was in readiness for a commencement with killing and freezing operations. ROYAL SHOW The New Zealand Sheepbreeders’ Association has donated £lO 10s. to the prize fund of the Royal Agricultural Society. The different breeders’ associations throughout tho Dominion have responded very well to the call for donations, as up to the present they have given challenge cups to tho value of £3Ol in addition to £3OO in cash, a total of £6Ol. COMMERCIAL ITEMS WELLINGTON STOCK EXCHANGE YESTERDAY'S BUSINESS AND PRICES At the afternoon call yesterday sales were reported of 5i per cent. Inscribed Stock (1933) at £lOO 17s. 6d., Bank of Australasia shares at £l3 55., National Bank shares at £6 145., and Bank of New Zealand shares at £2 12s. There was a fair demand for gilt-edged securities. The 41 per cents, were unchanged at £96 10s.. and the 5} per cents, were 2s. 6d. higher at £lOO 12s. 6d. Wellington Gas Company’s debentures were sought after at £lO4. and Wellington Racing Club’s debentures were on sale at £lOB 10s. Bank shares were very firm with buyers of Bank of Australasia shares at £l3 45., National Bank shares at £6 13s. 6d., Bank of New Zealand shares at £l4 9s New Zealand Insurance shares were in demand at 295. 3d., and South British Insurance shares were on offer at 41s. ex dividend. New Zealand Refrigerating shares 20s. paid were wanted, at 195., and the 10s. paid shares were for sale at 9s. 6d. Huddart Parker ordinary shares were steady at £2 2s. 6d., and Union Steam preference.shares at 20s. There was a demand for Mosgiel Woollen shares at £G Ils., while Wellington Woollen preference shares were on sale at £7 2s. Coal shares were neglected. Timber shares were, as usual, firm, with prices unchanged. New Zealand Paper Mills shares were firm at 225. 6d. Other shares were very quiet. Yesterday’s buying and selling quotations were as under: —

SALES IN OTHER CENTRES (BT TELEGMAFn.— PRESS ASSOCIATION.) Christchurch, April 29. Sales reported: New Zealand Government! 45 per cent. Inscribed (19->8), £97, New Zealand Government 5i per cent. Inscribed (1935). £lOl (three parcels): Union Bank £l4 10s. (four parcels). £l4: Australian Gaslight, £6 16s. (three parcels): Bank of Australasia. £l3 ss. (two parcels): National Bank cf New Zealand. £6 14s. 6d. (two parcels); Goldsbrough Mort. 525. 9d. Sales: Goldsbrough Mort, 535. 9d.; 8.A.W.R.A., Ils. la- , , . , „ Auckland, April 29. Sales: Union Bank. £l4 Ils.; New Zealand Insurance. 295. 9d. : South British InBurance, 40s. 3d.: Auckland Ga.*. 25b. Ba.; Devonport Ferry. 275.; Howard Smith. 475.: National Timber. 225.: Milne and Ohoyce debentures, 225. 6d.; Waihi. 31s. 9d.; Now Waiotahi (contrib.), 9d. NATIONAL MORTGAGE CO. A PROSPEROUS YEAR The National Mortgage and Agency Company of New Zealand, Ltd., disclosed in its accounts, issued in London in March, for the year ended September 30, gross profits amounting to £155,415. After payment of all expenses, interest on debentures and bonus to staff, and providing for bad and doubtful debts, and depreciation of premises, plant, etc., the net profit available was £38,3-56, which compares with £21.643 for the previous year. For 1920-21 there was a loss of £9605. The sum brought forward from 1921-22 was £5381, making available £43,737. Dividend at the rate of 7} per cent, per annum and bonus of Is. 6d. per share for the half-year to September 30 last, both free of in come tax, make 111 per cent, for the full year, as against 10 per cent, for the previous year. A sum of £3750 has been added to the reserve, making it £290.000, and £11.862 has been carried forward. In his address at the annual meeting, the chairman stated that the year had been a very prosperous and profitable one for New Zealand. Wool, frozen meat and dairy produce had given excellent returns, particularly wool. Market prospects for wool for the current year were good, particularly for growers oi crossbred wools. With regard to frozen meat, the past year had been a difficult one from London importers’ point of view. Value: at the beginning of the season were undoubtedly too high and resulted in some losses being sustained by buyers in London. .This season opening prices in the Dominion had been more reasonable, but th<? position of the English market was still somewhat obscure, although prices in New Zealand for prime sheep and lambs for export had been satisfactory to growers. TRUST AND LOAN COMPANY The following have been elected directors of the Wellington Trust. Loan, and Investment Co., Ltd.: —Messrs. Richard W. Gibbs, to the seat rendered vacant by the death of Dr. A. K. Newman, and John Johnston Reich, to the sent vacated by the late Mr. James Lockie. EXCHANGE RATES. (Rec. April 29. 7.10 mm.) London, April 28. Following rates of exchange on April 28.

Marks are Quoted at 19 billions to £l. The par rate is 20.45. PRICES OF METALS. Aus.-N.Z. Cable Assn. (Rec. April 29, 9.40 p.m.) London, April 28. Copper.—On spot, £63 13s. 9d. per ten ; forward delivery, £64 Us. 3d. Lead- —-£31 15s. and £3O. Spelter.—£3l 15s. and £3O 15s. Tin.—£243 17s. 6d. and £243 15s. Bar silver.- —33d. per ounce standard. YVAIHI COMPANY’S DIVIDEND. (BY TELEGRAPH—PRESS ASSOCIATION.) Auckland, April 28. A cablegram received by the local attorney of Hie Waihi Company states that after nroviding £21.800 for taxation, £12,100 for depreciation, restoring £15,000 to tho mine development account, restoring £11,135 to tho dividend equalisation account, and allowing for an interim dividend, the balance of revenue is £4921 . The directors recommend a final dividend of Is., leaving £16,000 to be carried for ward. LONDON WHEAT MARKET. Aus.-N.Z. Cabtu Assn. (Rec. April 29, 7.10 p.m.) London, April 28. Wheat cargoes are steady, owing to the better freight position, but trading is quiet. Parcels closed steady. NEW ZEALAND APPLES IN LONDON. Aus.-N.Z. Cable Assn. (Rec. April 29. 7.10 p.m.) London, April 28. New Zealand apples are turning out somewhat wasty, and over ripe. Cox’s are fetching 10s. to 14s. per case; Dunns, Jonathans, and Adams 12s. to 145.; Golden Pippins 10s. to 12s. WAIHI SHARES. Aus.-N.Z. Cable Assn. (Rec. April 29, 7.10 p.m.) London, April 28. Waihi shares, buyers 30s. 7d., sellers 31s. 3d. . CUSTOMS REVENUE.

Customs revenue collected at the port of Wellington yesterday totalled £5087.

Buyers. Seller 4. WAR LOANS- £ s. d. £ s. d. M OjC. Insc. Stock, 1938 96 10 0 97 0 6 5$ p.c. Insc. Stock, 1933 100 12 6 101 0 0 p.c. War Bonds. 1931 — 97 0 0 4$ p.c. War Bonds, 1930 96 10 0 — 5} p.c. War Bonds, 1933 100 12 6 DEBENTURESWellington Gas 104 0 0 — Well. Racine Club .... —— 108 10 0 ——- 110 BANKS--Australasia 13 4 0 — National 6 13 6 — New Zealand 2 12 3 2 12 9 Union - 14 9 0 14 11 0 INSURANCE— New Zealand 1 9 3 1 10 0 South British •— 2 1 0 MEAT PRESERVINGN.Z. Refrig. (10s. pd.) — 0 9 6 Do. (£1 pd ) 0 19 0 1 0 3 Well. Meat Exp. (£3 12s. 6d. paid) — 1 10 0 TRANSPORT— Hnddari-Parker (ord.) 2 2 6 2 3 0 Do. (pref.) —* 1 0 7 Union (nref.) 10C —• WOOLLEN6 11 0 Well, (pref.) 7 2 0 Do. (£2 5s. paid) .. 3 4 0 COAL— Westport-Stockton (or(L) MJ Ditto (pref.) 0’6 - oie 3 TIMBER19 7 Leyland-O’Brien .200 Uotoiti .13 3 — Tarings mutu . 1 13 0 — National 1 2 6 MISCELLANEOUSGrown Brewery — 2 1 0 Dental and Medical . — 1 0 9 Gates. Ltd 0 12 0 N.Z. Paper Mills .12 6 Wairarapa Farmers’ (pref.) . 0 16 6 __ Well. Oordnpe —— 0 19 0 Wilson’s Cement 1 9 6 MININGWaihi 1 12 S

as compared with par rates. or a s averfirst half of 1914. are as follow: — Apr. 28. Apr. 24. Par. New York, dote. fa £1 4 383 4.383 4.86 2-3 Montreal, dote, to £1 4.46 4.45$ 4.86 2-3 Brussels, francs to £1 793 804 25.225 Paris, francs to £1 Stockholm, knr. to £1 67.96 16.67 68.45 25.225 16.67 18.159 Christiania, knr. to £1 31 87 31.53 18.159 Copenhagen, knr. to £1 26.13 26.13 18.159 Rome, lire to £1 98 981 25.22J Yokohama, pence to yen 21 9-15 2ti 24.43 Calcutta, pence to rupee 163 17 24.43 Hong-KonR, pence to dol 281 281 25