FARMING & COMMERCIAL

Dominion, Volume 18, Issue 191, 8 May 1924, Page 10

FARMING & COMMERCIAL

NEWS AND NOTES

AUCTION SALES FORTHCOMING SALES. TO-DAY. Sales will be held at:— Kimberley Road. Levin. 12.30 p.m. — Sale of dairy stock a/c Mr Jas. McLean (Abraham and Williams). Upper Hutt Yards 1 p.m—Stock sale. 151 Featherston Street. Wellington. 2.30 p.m.—Sale of Eastbourne Hotel (J. H. Bethune and Co.). TO-MORROW. Cluny Farm. Wal'.acevillo, 10.30 a.m.— Sale of Pedigree Friesian cows and sundries (Dalgety and Co.). Val’.ev Road. Paraparaumu, noon—Salp of stock and sundries, account Mr. F. W. Cordukes (Abraham and Williams). FARMING INTERESTS WOOL MARKET LONDON SALES OPEN FIRM London, May 6. The wool sales opened firm at late ra There was a very miscellaneous and unattractive selection, including •Himcious speculators’ lots, upon which high reserves had been placed. Many ot these were withdrawn as the sales proceeded, consequently the buyers became somewhat hesitant, and the gen eral tone of the sales was not equal to that at Liverpool, but prices tor beth merinos and crossbreds were generally fairly well maintained at the last ‘London closing rates. Slipes and scoureds were strong, and the market was fully up to late London rates. New Zealand prices were: Longburn,3 to.; CFM‘. 35Jd.; WFM, lambs, 36|d.— Aus.-N.Z. Cable Assn. OTHER ADVICES The New Zealand Loan and Mercantile Agency Company Limited have received the following cablegram from their London house under date May 6; —Wool sales —There was a good attendance at the opening of the sales to-day competition by home buyers being active. The sales opened firmly for merino, but crossbred irregular. The opening catalogues were fairly representative. Meisrs. Muri ay, Roberts and Company, Limited, are in receipt of tin following wool market cablegram from their London agents, dated May 6:--“Sales have opened firm; attendance of buyers largo; competition good, por selection. Merino market show-s no material change. Crossbred greasy fine and medium, par to 5 per cent, decline; crossbred pjrefasy. coarse, market shows no material change; crossbred pieces and bellies, crossbred scoured, advanced a shade. All other descriptions of wool, market shows no material change.” The Bank of New Zealand, produce department, has received the following advice from its London office under date May 6 -.—The sales have opened with strong competition and largo attendance of buyers. Thera is * good demand for all kinds of woo/Compared with the close of last series prices for practically all descriptions are unchanged. FOOT AND MOUTH DISEASE THE OUTBREAK IN BRITAIN. London, May 6. In the -House of Commons, Mr. Noel Buxton. Minister of Agriculture, announced that there had been 3060 cases of foot-and-mouth disease since August. Thirty-nine English counties were affected. as well as eleven Scottish and two Welsh counties, resulting in the slaughter of 103,138 cattle, 42,969 sheep, and 47,693 pigs. The compensation pavable is estimated at £3,237,000.— Sydney “Sun” Cables. ADDINGTON STOCK MARKET Br Telegraph—Press Association. Christchurch, May 7. At the Addington market to-day the yarding of fat cattle and sheep was one of the biggest on record, due no doubt to the wintry weather of last week making the holders of forward stock apprehensive about feed resources. Store Sheep.—Old ewes predominated There was a good sale for all quality sheep, particularly wethers. Good twotoothed halfbred ewes made 425. fid., ordinary 335. 3d. to 355., sound-mouthed halfbred ewes 295. 9d., sound-mouthed crossbred ewes 28s. 5d., sound and fail-ing-mouthed halfbred ewes 255. to 265. Id., aged halfbred ewes Ils. lid. to 21a., aged halfbred empty ewes 15s. Id. to 16s. 9d.. aged crossbred ewes in good condition 18s. Cd. to 225. 3d., lower conditioned ewes 14s. to 17s. fid. Good forward four and six-toothed halfbred wethers 325. fid. to 345. 2d., four, six. and eight-toothed halfbred wethers 30s. Bd. to 31s. 3d.: good forward two-toothed halfbred withers 325. Cd., ordinary two-toothed halfbred wethers 255. to 275. lid. Forward threequarterbred lambs 225. to 255. 3d., ordinary 18s. to 215., good mixed-sex halfbred lambs 245. 3d., three-qnarterbred ewe lambs 255. Bd. to 275., halfbred ewe lambs 235. to 285., small crossbred owe lambs 225. Bd., small and inferior lambs 14s. 6d. to 17s. 6d.

Fat Lambs.—An average yarding of 3130 head and a keen sale, which was easily the best of the season. Prime lambs made from 103 d. to lid. per lb., over-weights and light-weights lOd. to 10id. , Fat Sheep.—A very heavy yarding of 13 races, the average being-about nine. It was a good sale, exporters operating freely, and the big yarding was cleared. Extra prime wethers made 505., and a few special 575. fid. to 625., prime 375. Gd. to 425. 6d., medium 335. Gd. to 365. Gel., light 30s. to 335. Prime ewes 31s. to 345-; medium 275. 6d. to 30s. 6d., light 235. to 275., old ISs. to 225. Fat Cattle.—About the biggest yarding on record, comprising 670 head. A lot of light stuff was included, but all good beef sold with freedom. Prime beef made from 31s. to 345. .per 1001 b., medium 275. to 30s. Cd., light 245. to 265. Gd., and rough down to 15s. Special steers made from .£lB to .£2O, good 4)12 to XJS, medium £8 to £ll. Prime heifers £7 to £lO 155., prime cows £6 10s. to £lO ss. Vealers. —Some good station lines were sent forward and sold well- Runners made. £5 to £6, good vealers £3 16s. to £-1, good calves £2 to £3 55., small calves ss. to 255. Store Cattle. —A very heavy yarding, mostly of a poor class, and a fair sale. Some three-year steers made to £5 10s. Dairy Cows.—A large yarding. Springers sold well, cows making to £ll and heifers to £lO 10s., with inferior animals down to 30s. Fat Pigs.—A good entry. Bacnners sold firmly, but porkers were weaker. The average price of baconers ner lb. was Cd. to 6?d., and of porkers 7Jd. to Sid. Store Pigs.—A slack sale. Large stores mad" 405., medium 265. to 305., slips Ils. to Ils. BURNSIDE STOCK SALE MARKET BACK TO NORMAL. By Telegraph—Press .Assort atom. Dunedin, May 7. Each department was well supplied with fat stock at tho Burnside sales today. This was brought about by tho finish of tho railway strike, consignors outside tho road transport area sending forward large consignments by rail. There was an over-supply in some de--partmonfs, but tho prices realised were satisfactory considering the big supplies. There was not the slackening off in prices that was anticipated, although sheep, fat cattle, and pigs were sold at a reduction in values. The fact that export buyers were bidding strongly at times for sheep and lambs indicated that the market has again come back to normal.

| Fat Cattle.—A large entry, numbering 320 head, compared with 260 last week., The yarding 'included several pens of extra prime bullocks and cows. Prices were easier. Extra prime handy-weight bullocks sold at up to 375. per 1301 b., heavy-weights and second quality from 34s ‘to 365. Gd.. prime heifers, to 315., and cows from 18s. to 20,5. _ Extra prime heavy-weight bullocks realised £IC 10s. io £lB, prime £l3 10s. to £l6, medium £lO 10s. to £l3, others £6 upwards. Best cows and heifer’s brought £8 7s. fid to £lO 12s. fid., medium £5 to JC7 155., others £3 10s. unwards. . Fat Shoop.—A large Witry, numbering 2889 head, compared with 1900 last week, and 1064 the pi-evious week. Many pens contained sheep of good quality, heavy freezing sorts. The balance of the yarding was made up of moderate penning, including a fair number of good ewes. Tho prices realised at the opening sales Vwo considerably lower, bnl At was classed as a satisfactory sale. The general reduction in valuo ranged from 3s. to 4s per head, as compared with the extreme rates obtained at tne two previous sales. Export buyers secured a few lots towards tho close of the sale. Extra heavy prime wethers sold at from 7d. to 71 d per lb., and prime handy weights to ‘7?d. Second quality wethers were worth up to 63d.. prime ewes to s|d, and aged ewes from 4d. to 43d. Extra prime'heavv-weight Whers sold at up U 50, prime 435. to 475. Gd., medium °7s 3d to 345. 6d„ light and unfinished ’3s to 265. Extra prime, heavywJight’ewes sold at up to 43s pnms 2< S . to 345., light and aged 15=.. to 21s. J<l. Lambs—A medium yarding, numbering about 700 head. The entry included a number of pens of medium to good quality lambs, some being extra prime. Competition was brisk, prime sorts suitable for freezing being eagerly sought by export buyers. Brices were firmer, to the extent of about Is. per head. Prime lamb was worth from 9d. to 9ld. per lb. Extra prime lambs sold at from 335. to 355., prime 28s. to 305., medium 265. to “'store Cattle.—A full yarding of between 300 and 400 animals, representing all qualities. The entry included about fifty head of good three and four-year-old steers. Four-year-olds sold at up ,to £7 195., three-year-olds from £5 11s. to £5 155., and two and a half-year-olds to £4 ss. The demand was steady for matured cattle at unchanged values, but young steers and cattle in backward condition sold at slightly cheaper rates. Dairy Cattle.—About thirty head were offered, the entry including several animals of clioice quality. There was a fair demand, and late values were maintained. Best cows sold at up to £lO 10s., heifers from £8 10s. to £9, and aged cows from £.3 10s. to £4. Pigs—A full yarding of all descriptions was offered. Tho supply was in excess of requirements. Competition was somewhat slack, and prices were easier to the extent of about 10s. per head for prime sorts. Prime baconers sold at up to £4 Bs. Values for prime baconers are on a basis of about 7d. per lb., and for prime porkers about Bd. per lb. JOHNSONVILLE FAT STOCK SALES Messrs. Wright, Stephenson and Company, Lin ited, and Abraham and Williams. Limited, report on theii Johnsonville fat stock sale held today :—A small yarding of both sheep and cattle met with a keen demand. The quality was good throughout, anti prices showed an advance on previous week’s quotations. Quotations:— Bullocks, £lO. £lO 12s. 6d.. £lO 17s. 6d.. £ll 2s. 6d. to £l2 12s. Gd.: cows, £7 17s. 6d.: vealers, £2 Ils. £2 12s. £2 1,35.. £2 165.. £2 ISs. to £.3; wethers, good, 345. B<L. 355.. 355. 3d., 38s. 6d. to £2 Is., lighter 38s 6d.: ewes, 235. 3d., 265. 9d., 275. Id. to 275. 9d.; lambs, 30s, 31s. 6d. to 325. THE PORK INDUSTRY GRADING FOR EXPORT. It, was recommended to tho New Zealand Farmers’ Union executive vosterdav from Feildlng that all pork and bacon exported from New Zealand should be graded by competent graders and only suitable qualities should be exported, and under proper conditions. Tf a. competent man was not available to take charge of this work, one should be obtained from overseas, and. everything should be done to bring this about before the coming season. The executive decided to refer the matter to the Dominion Conference in July, also to ask tho Mont Board to stinplv a report concerning the pork industry. FARMERS AND POLITICS WATCHING PRODUCERS’ INTERESTS. When the Dominion Executive of the New Zealand Farmers’ Union as-

sembled yesterday morning the president (Mr. W. J. Polson) said they had with them that morning five members of Parliament, who had promised to watch the interests of producers in the House. They all knew that these mem'bers had promised to do tiieir best for tho farming community and to advise tho Fanners’ Union of all legislation affecting primary producers and hammer out all points with the executive before such legislation was introduced into the House- It was a question for the executive to decide whether the discussion that morning should be taken in committee or in open meeting. The Parliamentary party present were Messrs. A. D. McLeod (Wairarapa), R. Masters (Stratford), G. Sykes (Masterton), E. A. Ransom (Pahiatua), and J. A. Macpherson (Oamq.ru). In answer to the president. Air. McLeod said he preferred that the discussion should be made public. Mr. A. E. Harding (Auckland): I move that tho discussion should be taken in committee. On a vote being taken it was unanimously decided to go into committee. The members of Parliament explained that they were all desirous of supporting legislation in the interests of producers, but it was difficult to get away from party- They would continue to do all they could in tho House to safeguard the interests of the farmers. upon whose success the prosperity of the country was closely associated. NEW ZEALAND LAMB REASON FOR RECENT SLUMP. In a report submitted to the Dominion Executive of the New Zealand Farmers’ Union yesterday, the New Zealand Meat Produce/s’ Board stated that it had received the following letter from its London manager:— “Up to the time of the strike the lamb market appeared to be fairly firm, and during the strike a fair quantity of lamb -was disposed of. owing to the fact that it was impossible to obtain any supplies of chilled beef. On the cessation of tho strike, however, the held up shipments of chilled beef simply flooded the market at Smithfield, and prices for heed slumped very badly. Most of the retailers laid in heavy stocks of. chilled beef, ti.-utr which they are making fine profits, and no doubt pushed tho beef against tne iamb selling. The consumption de mand for lamb has been very disappointing during tho last month, as the weather- is still cold, and this, no doubt, lias affected the sale of lamb-” By the last cabled advice received from the board’s London rmwqger, dated May 2. the latter advised that the lamb market was now strong, with good demand. OVER-RIPE APPLES SHIP NOT RESPONSIBLE. A cable message recently reported that a shinnient of apples from Now Zealand was landed at Montevideo by the Hororata with the fruit in an over-ripe condition. It was further stated that an allowance by the New Zealand Shipping Company was necessary owing to the condition in which the apples were landed. Yesterday the New Zealand Shipping Company were informed by cablegram from Montevideo that the Hororata was not to blame for the condition of the apples. The company’s agents stated: “We have had the ship's hold surveyed by a competent surveyor, who reports that tho condition of the ship’s hold is excellent, and every possible precaution was taken by the snip.”

THE AGE OF SHEEP

(BY TELEGRAPH—SPECIAL CORRESPOKDENT.)

Blenheim, May 7.

Tho -question, when is a four-tooth merino ewe not a four-tooth merino ewo? has been wearying the Magistrate’s Court and Mr. T. E. Maunsell. S.M., for some time. The case is one in which Clouston and Pyne are suing Hugh Berryman, of Kohatu, Nelson, to recover the balance of purchase money on sheep purchased at tlie Bankhouse sale from the Messrs. Monro by the defendant, through the plaintiffs. Counsel in the case throughout the hearing have delved deeply into the studv of the ago of sheep as indicated bv tlie teeth. Mr. F. 1 1 . Reid produced a book by Stephen Power on “The American Merino, and read an extract in which the author said that as a general thing the first two teeth appeared after the first year, four teeth after 18 months, and six teeth after 27 months. A witness declared that in all his wide experience he had not known teeth to appear in merinos so rapidly as the American claimed.- “Perhaps they are ‘Yankee hustle’ sheep,” remarked tlio Magistrate, amid laughter. The Court has still not made up its mind on the problem, thounh it has inspected a sheep’s mouth and heard much learned argument.

EXPORTS OF TALLOW F-xDorts of tallow to United Kingdom and Continent from New Zealand during

WOOL SALES AND EXPORTS Sales of wool in New Zealand during April, according to returns compiled by Messrs. Dalgety and 00.. Ltd.. . arc as

Totals ... 1178 1178 503.566 494,139 For the corresponding ten months last year, 491.289 bales were offered and 445.633 Bt l'Xnorts of wool from New Zealand dur-

DAIRY PRODUCE GRADING FIGURES The figures of the Dairy Division of the Department of Agriculture show that the salted butter graded for April totalled 4526 tons, and the unsalted 136 tons, a total of 4662 tons, compared with 4246 tons salted and 211 tons unsalted, a total of 4457 tons for Afpril of last year, an increase of 4.6 per cent. For the nine months ended April, the respective quantities were 53,111 tons and 3315 tons, a total of 56,426 tons, compared with 59,992 tons and 3972 tons, a total of 63,964 tons, a decrease of 11.8 per cent. The cheese graded for April comprised : White 3485 tons, coloured 2010 tons, a total of 5495 tons, compared with 3403 tons white and 2382 tons coloured, a total of 5785 tons, a decrease of 5 per cent. The quantities for the nine months ending April, 1924, were: White 40,949 tons, coloured 24,954 tons, a total of 65,903 tons, compared with 35,469 tons white and 20,415 tons coloured; a total of 55,884 tons, an increase of 17.9 per cent.. Converting . the above figures into butter-fat equivalent there is a decrease of 3.2 per cent, in butter-fat production for the nine months, as compared with the corresponding period of 192223. Stocks held in the various grading ports at April 30 were: Butter 4536 tons, cheese 5038 tons. WHOLESALE PRODUCE PRICES Messrs. Laery and Co., Ltd., report whv'J’esale priilos as follow': —Barleymeal: £9 ss. Peanieal: £9 15s. per ton. Meatmeal: For poultry, 15s. 6d. Shell grit: 6s. 6d. per fi)olb. Mixed fowl feed: Five sack lots or over, ss. lOd.; lesser quantities, 6s. por bushel, sacks in. Maize: Whole, 6s. 6d.; crushed, 7s. Butter: Farmers’ separator and dairy, Is. 3d. per lb. Partridge peas: 7s. 9d. Feed peas: 6s. 6d. bushel, sacks in. Oats: Machine dressed seed Algerians, 6s. 6d.; farmers’ dressed Algerians, ss. 7d. : crushed, ss. lOd. ; liuiis. 6s. 6d. Black oats: 6s. Feed Algerians, ss. 6d. bushel, sacks in. Eggs: First grade, new laid, 3s. to 3s. 4d.; storekeepers’ lines, 2s. Bd. to 2s. lOd.; preserved. Is. 6d. to Is. 7d. dozen. Fowls: White Leghorns, 3s. Gd. to 4s. ; Black Orpingtons and similar lieavv varieties, 7s.- to Bs. pair. Turkeys:' lid. to Is. Id. lb. Ducks: Runners, good, Bs. to 95.; inferior, 6s. to 6s. 6d. ; large white. Bs. to 10s. pair. Fungus: 7d. to Bd. lb. Rock salt: 6s. cwt. Dressed pork: 60’s to 90’s. 7ld. to Bd. per lb. Chaff oaten sheaf: Blenheim prime bright, 9-ton lots, £9 17s. 6d. ton, sacks in. Po tatoes: Choice white, 9s. cwt. f?ticrosine: £ll per ton. Fowl wheat: 10 sack lots or over. 6s. 4d. bushel; lesser quantities 6s. Gd. bushel, sacks in. STOCK SALES Messrs. Abraham and Williams, Limited, report as follows:—There was an exceptionally large yarding of pigs at the Levin weekly sale on Tuesday, prices being dull for all classes. Practically everything was sold under the hammer, however, vendors showing a willingness to meet purchasers at the reduced rates. There was a good yarding of sheep, fats being dull of sale, but other classes unchanged. Fat cattle of medium quality were in large supply, but competition was dull and prices showed a decline from last week’s figures. Prices were as follow: —Pigs: Weaners, Bs. to 145.; stores. 17s. to 235. ; light porkers, 275. to £2, heavier to £2 155.; baconers, to £4 25.: sows, to farrow in July, £3 ss. Sheep: Fat wethers, 245.; fat wethers and maiden ewes, 345. 3d.: light fat wethers, 375. 7d.; fat lambs. 20s. 6d. to 245. 2d.: 2 and 4-tooth wethers, 255.; forward ewes, 17s. 6d. to 18s. 7d. ; blaok-faced lambs, shorn, 13s. 7d.; good wether lambs. 175.: medium woolly lambs, 14s. to 155.: cull lambs, 9s. 7d. to 10s. 6d. Cattle: Prime fat cows, £5 55.; light and unfinished, £2 10s. to £3 10s.: better kinds, to £4 165.; forward cows, 325. to 355. ; store cows, £1 to 255. : weaner heifers, ’ 9s. to 375. 6d.. according to quality. COMMERCIAL ITEMS WELLINGTON STOCK EXCHANGE YESTERDAY'S BUSINESS AND PRICES At the morning .call yesterday a sale of Ward and Co brewery shares at £2 ss. was reported. At the afternoon call sales of Bank of New Zealand shares (three parcels) at £2 12s. 6d. were made on ’Change. There was a moderate demand for Government stocks and bonds, with buyers of the 41 per cents. (1930) at £96 10s.. 51 per cents. (1927-41) at £97 15s and the 51 per cents- (1933) at £lOO 15s. Wellington Gas Cojupany’s debentures were steady at £lO4 10s.. while the 6 per cent, debentures of tho Devonport Borough were on sale at £lO2 10s.. at which price there was a sale of these debentures in Auckland. Bank shares were steady without any change in value, but the demand yesterday was confined to Bank of New Zealand shares at £2 12s. 3d., and Union Bank shares at £l4 Ils. The demand for gas shares eased and yesterday the only inquiry was for Napier Oas preference shares at £9 10s. There were buyers of New Zealand Insurance shares at £1 9s. 9d.. and Standard Insurance shares at £1 19s. 6d. The latter have not been quoted for a long time past. New Zealand Refrigerating shares, 10s. paid, were in demand at Bs. 6d. There was active inquiry' for Huddart Parker ordinary shares at 425. 9d-. preference shares at 20s. 4d.. and Union Steam preference shares at 20s. There was a bid of ss. 3d. for Westport Stockton ordinary shares. Timber shares were firm, with buyers of Kauri Timber at 295.’ 3d., Leyland O’Brien Timber shares at 40s. ex dividend. Rotoitl Timber shares at 235. 6d., Taringamutu Totara at 335. 6d., and National Timber shares at 225. _ There were no changes in the quotations for other shares. Yesterday’s buying and selling quotations were as under: — Buyers. Kellers.

SALES IN OTHER CENTRES By Telegraph—Press AssociationChristchurch, May 7. Sales reported: New Zealand Government 5} ner cent. Inscribed - (1933). £101; National Bank of New Zealand..£6 16s. 6d. (fc-ur parcels); Union Bank, £l4 125.; New Zealand Insurance. oOb. ; Crown Brewery. 405.; Ward's Brewery, 455.; WestportStockton (ordinary), 6b. 4d. Sales: New Zealand Breweries. 10 ner cent, stock, 20s. id.: National Bank of New Zealand. £(■ 16s. 6d.; Weeks, Ltd. (£5 paid), £lO Ide. Dunedin, May 7. Sales: Waihi. 30s. 6d.: Mt. Lyell. 20e. 9d. Sales reported: Bank of New Zealand, 525. 64. (four parcels); Milburn Lime. 375.: Union Bank, £l4 12s. 3d. Auckland, May 7. Sales: New Zealand Inscribed Stock (1939), £96 155.; Devonport Borouerh (debentures), £lO2 10s.; New Zealand Insurance. 295. 9d.; South British Insurance. 40s. 3d.; Auckland Gas, 255. 7d., 255. 6d.; Huddart-Parkor, *3s.; National' Timber 225.; Wilson's Cement, 30b.; Grand Junction, '3e LONDON WOOL SALES NO CHANGE IN VALUES According te private advices, there was a good demand and strong competition for all classes of wool at the third of tho series of London wool sales which commenced on Tuesday. This is certainly more satisfactory than to have to record a drop in values. For months there has been a steady advance in prices, each sale showing an improvement on the previous one, and trading has been, more or less, reduced th a policy of speculation. encouraged by the strong statistical position of supplies. Tho difficulties of the situation ■ are more acutely felt as the trade gets further away from the raw material, and are somewhat critical at tho cloth end of tho industry. Home manufacturers are finding the position not only extremely difficult, but there seems to be little prospect of an oarly improvement, especially in the fine worsted trade, which is largely dependent upon European support. Continental business in crossbred tops and yarns, notably with Germany, is reported to have improved greatly. The continued expansion in tho demand for knitted goods is detrimental to worsted cloths. America, it is .stated, has been quiescent for some time. Supply conditions at present dominate the situation, and it looks as if the industry will not be able to find much alleviation until next season’s markets open, when it may be expected there will be a better supply of merino wools. Tn the United States the wool markets have been lifeless, with a limited turnover. notwithstanding the excitement of advances in overseas centres. Prices have not kept pace with values abroad, and parcels of American-owned wool have been sold in Europe at higher rates than could be made in Boston. This is surprising in view of the prosperous conditions in America, but the dullness is attributed to the political ■uncertainty which generally obtains during the year of a Presidential election, which will probably be fought around the vexed question of tariff legislation. COST OF FLOATING LOANS THE CHARGES IN LONDON V. — The New Zealand 4J per cent, loan for £5,000,000 at £95 is to be issued this week, and it is interesting to note the London charges in connection with loan flotations. There is first of all the uderwriting commission. The underwriters guarantee the flotation, that is to say if the public do not subscribe for the whole issue the underwriters will take up what the public ln the case of the South African 5 per cent, loan for £5,000,000 at £9B issued in February the underwriters had to take up 40 per cent., and in the case of the New South Wales 5 per yenr. Conversion Loan of -£16,000,000 at £97 10s., the underwriters had 30 per cent, of the issue thrown on their hands. For this guarantee the underwriters charge £1 per cent. At one time the charge was 11 per cent. When the underwriters are obliged to take up part of an issue they immediately endeavour to get rid of their holdings, and they have a margin of 20s. to work upon. In the case of the South African loan; which was issued at £9B. the underwriters could have sold their 40 per cent, at £97 10s.. and still have made 10s. on every £lOO. A commission of ss. pcr-cent. is charged bv the financial agents for obtaining the undei writing. The brokers who bring in the subscriptions charge ss. per cent., and. the bank which received the subscriptions and does other work in connection with the loan, charges ss. per cent.. lhen there is the stamp duty, which, if compounded, as it usually is, if future transfers of stock are to bo free of stamp duty, costs 1} per cent. All the above charges taken together aggregate 3 per cent. To this has to be added the cost of advertising and printing, which, of course, varies in percentage according to the amount of the loan, but which on a loan of five millions would amount to about Is. 6d. per cent. In London very little use is made of the direct appeal to the investor by means of advertising, because the field of investment there is very w’idc, and investors find it safer in relying on the advice of their brokers or bankers than in reiving upon their own judgment. There is hardly a Government loan placed in London that i» not. underwritten, except, of course, the loans issued by the British Government. Some time ago an Australian State Government endeavoured to do without the services of the underwriters, and the loan was a failure. The London charges are no doubt high, but. it is the custom of London, and is the result of years of experience. London is. however, the cheapest market in which to float loans: it is certainly very much cheaper than New York, where the rates are usurious and the terms harsh. Even if 3 ner cent, the cost of floating the loan is deducted from the issue' price of the New Zealand loan, that is £95. the. flat rate of interest works out to about £4 ISs. ner cent., while in the case of the other borrowers the advertised rate was 5 cent., except in the case of Queensland, which State had to pay 5| per eent. The issue price of £95 in the case of the New Zealand loan is the upset price for everv £lOO of stock. Applicants for the stock can tender at. £95 or more, but tenders below £95 would be informal and would be thrown out. Tn ease of an over subscription, as in the case of the Queensland loan floated a week or two ago. and the subscriptions for which were five times the amount required, allotment is in proportion to the

amount tendered, except in the case of those who tender at a premium. Thus if the New Zealand loan is over-subscribed, those who offer to buv the loan stock at £95 2s. 6d. or £95 55.. that is at a premium of 2s. 6d. or 55., would he allotted the full amount applied for and tenderers at the minimum of £95 would receive allotments in proportion. They share what is left after the tenderers at a premium are satisfied. “Stags” are gentlemen who gamble on tho chance of making a small profit. If an issue is popular, and is likely to go to a premium immediately on allotment, as in the case of the Japanese 7per cent, loan, the “Stags” tender for very large amounts in the hope of securing allotments, and these allotments are promptly sold at a premium, which during the excitement of the moment may be a great deal larger than is warranted by the merits of the stock. LONDON STOCK EXCHANGE. Aus.-N.Z. Cable Assn. London, May Peninsular and Oriental (deferred), buyers £297, sellers £307; of Australasia, £l3 10s.; Bank of New South Wales, £39; Bank of Victoria, £fi 155.; Union Bank, £l4 10s.; National Bank of New Zealand, £6 155.; Bank of New Zealand Stodk, £9O, ex dividend: New Zealand Loan and Mercantile (ordinary), £9l 10s. CUSTOMS REVENUE. Customs revenue collected at tho port of Wellington yesterday totalled £8965. It is reported by the Meat Producers' Board that it made strong representations against the provisions of the Merchandise Marks Bill as originally introduced in the Imperial Parliament. The board has now been advised by its London manager that an amended Bill has been introduced by a private member, and has passed the second reading, in the House of Commons with a fairly substantial majority. This Bill, from the board’s point of view, is a great improvement on its predecessors, and contains an important provision that British Dominions’ meat will be marked as such and meat from other countries will require to be marked as i o^® l ?/ 1 produce. The board has instructed its London manager to institute proceedings in all cases where he has sufficient evidence against retailers who sell inferior lamb from other countries as land " He has been handicapped by the present state of the law, whichprovide? that it. is necssary tc invoice showing the country ot on„ of the meat purchased. . „ The “New Zealand Dairyman Company, Ltd., has decided to donate a prize of £lO 10s„ which prize will ba termed the GreviHe Memorial Prize, for a section in the dairy produce display during the Wellington Winter Show week- The prize will be awarded to the factory manager who achieves the highest points for one crate of rimless cheese, white or coloured, made, from raw or pasteurised milk and suitable for export.

April were as under CorresTotal ponding1, for 10 months, months. 1925. Anri! 1924. Tons. Tons. Tong. Invercargill TUinedin Oamaru Tima.ru Christchurch 19 101 • 145 364 ' 057 776 155 713 2345 1096 1534 160 1179 3344 Blenheim Nelson Wellington 50 433 69 58 3022 80 4072 Wantr-nui •• •— 712 1298 New Plymouth, Waitnra Nnnier. Wniroa 246 432 1673 472 2341 Gisborne. Tokomaru 200 920 1323 Bar. Hicks Bay... Whahatane Auckland. Opua ... 5 199 5 1697 3932 ... i - I. ——— Totals Sales of tallow in 1862 New 13.469 Zealand 20.976 during April totalled 81 tons.

under: — Tot al s * April, 1924. for 10 months. Offered. Sold. Offered. Sold. Bales. Bale*. Invercargill . Punedin Timarn Christchurch 6 44 6 44 22.434 57.911 31.099 70.037 22.037 57,911 30.857 69,399 Blenheim Wellington .. 348 348 354 122.167 311 118/27 Waner-anul 7 7 61.383 59.448 Nani er Gisborne 10 10 97.251 2.324 95 2’8 23’4 Auckland .. 763 763 38.606 37.937

inc April were:--X Total Corresponding* Anril. , for 10 months. 19V. months. 1923. Bn les. Bales. Bn P* S . Invercargill Pun edin 1.428 2.605 30.116 48.528 30.222 47.741 345 ? R/.9 2 4P6 33.222 30.242 Christchurch 6.’.« 8? 495 fl’ *15 Blenheim 632 2.867 1.277 4 0P9 ?. Wellington Wane-nnni ... Krw Plymouth. Wr i16.143 1.312 137.608 54.717 119 67.739 9 c fl 216 986 Vn.nier. W/iirnn. Gisborne. Tokomnru 8.09A 03.013 25.741 90,799 41.899 Bav. Hick’ Ba’.. l,9Vi Wliakn.t.arte 60 60 —— Auckland. Opus. ... 3.198 40.522 47.390 Totals 44.805 553,191 564,280

N.Z. GOVT. LOANS— £ s d. .£ a. d 4} p.c. Insc. Stic, 1939 —• 96 17 6 41 p.c Insc. Stic, 1938 —— 96 17 6 5i n.c. Insc. Atk.. 1933 100 15 0 — 51 n.c. Insc. Stic., 1927, 97 15 1941 0 —- 4A p.c. Avar Bonds, 1930 96 10 0 — 54 n.c. War Bonds, 1933100 15 0 101 5 0 DEBENTURESWellington Gas : 04 10 0 — N.Z, Breweries —- 1 1 102 10 0 Devonport Boro., 6 p.c. — 0 BANKSNew Zealand 2 12 3 2 12 9 Onion 14 It 0 —— FINANCIALFouitable Buildiner . . ■Metropolitan Ferman. —• 9 15 0 — 13 10 0 Well. Trust, Loan ... 5 12 0 —— GASNanior (prefA 9 10 0 — llellincrton (.£10) —— 13 12 b INSURANCENational (cum.) —— 3 17 0 New Zealand 1 9 9 1 10 3 Standard 1 19 6 — MEAT PRESERVINGN.Z. Befrige.rating ''tOs » 0 8 6 —— Well Meat Exp. (.^312s. 1 10 6d.> — 0 TRANSPORT-Undda.rt-Parker <ord.) 2 2 Q — Ditto (pref? 1 0 4 1 0 7 Union Steam (pref.) ... 1 0 0 —

COAL- , , K o Westport-Stockton (ord.) 0 Ditto (pref.) 5 3 0 7 0 Waipa ■— 0 18 3 TIMBER,— Kauri 1 6 — Leyland-O’Brien (x-d.) 2 0 0 — Ilotoiti 1 3 6 — Taringamutu 1 13 6 1 2 National MISCELLANEOUS1 2 0 0 Crown Brewery 1 19 6 — Dental and Med Sup. 1 0 0 — Gatefl. Ltd Howard Smith — 0 12 1 t? 0 0 National Electric —— 1 D 0 N.Z. Paper Mill* 1 2 6 — Wp«rd and Co. .. 2 4 6 2 5 b Wellington Cordage ... — 0 12 0 Wilson's Cement 9 4 — MININGWaihi (cum.) 10 3 —<