FARMING & COMMERCIAL

Dominion, Volume 18, Issue 192, 9 May 1924, Page 10

FARMING & COMMERCIAL

NEWS AND NOTES

AUCTION SALES forthcoming sales. TO-DAY. Sales will be held at:— Cluny Farm, Wallacevillo, 10.30 a.m.— Salo of Pedigree Friesian cows and sundries (Dal'gety and Co.). Valley Road, Paraparaumu, noon—bale of stock and sundries, account Mr. F. AV. Cordukes (Abraham and Williams). 78 Lambton Quay, Wellington, 1.30 p.m.— Sale of furniture (C. W. Price and 157 Larnbton Quay, Wellington, 1.30 p.m. —Sale of furniture, etc. (L. Johnston and Co.). Dominion Avenue, Wellington, 2 p.nu Sal<. of furniture and pianos (Vine and Wilson).

FARMING INTERESTS

WOOL PRODUCTION SAFE INVESTMENT FOR CAPITAL TERMINATION OF IMPERIAL PURCHASE SCHEME London, May 7. Sir Arthur Goldfinch, London chairman of the British Australian Wool Realisation Association, entertained a company of over one hundred guests, representative of Australia and New Zealand and the Yorkshire wool trade, to celebrate the successful termination of the Imperial wool purchase scheme.. . In toasting the wool-growing Dominions, Sir Arthur paid a high tribute to the cooperation of Australia and New Zealand when the Empire in war time needed their wool. He emphasised the fact that there was no .haggling over prices in connection with the Imperial ourchasd of wool. The Dominion Governments and wool-growers, and the people generally, were wTKing to do everything for the national good. Looking to the future. Sir Arthur said he desired to declare, with the utmost deli'bertition, tlhe importance of increasing the world’s sheep population. He was of opinion that there was no business in the world in which capital could bo invested with greater certainty of n profitable return than in sheep farming. Such development, while of advantage to investors, also to the Dominions of Australia and New Zealand, would render a great service to Britain, which was threatened with a serious wool shortage. . Sir James Alien, in responding, outlined the practical recognition by New Zealand sheep-growers as shown for tho services rendered by the mercantile marine bv a scheme setting aside one-ouarter of a million of their profits for the assistance of the dependants qf mercantile mariners who gave their lives during the war. He pointed out the a.rrangemen+s made to take to New Zealand fifty hoys every quarter for training in settlements. He wns gTacT to announce that New Zealand’s sheep population was now increasing. —Aus.-N.Z. Cable Assn. MEAT RETURNS MONTHLY T-TGnRFS WANTED AT HOME. The New Zealand Meat Producers’ Board’s London manager has been cooperating with the High Commissioner in the matter of bringing pressure to bear on the present Labour Government in order to get them to insist unon the stocks of refrigerated meat held in cold, stores being published monthly as is done in America and elsewhere, and lias drawn the attention of the Under-Secietarv of State to a paragraph contained in the interim report made bv tho Departmental Committee on distribution and prices, of agricultural produce, dealing with the advisability of statistics being available showing the total quantities of various classes of meat in cold storage, and urging that the recommendation embodied in the report in question should be given effect to- nt as qnrlv a date as is practicable. This decision of the Departmental Committee nt Home was the result of special representations made bv the board. ’lt has been further pointed out that every meat-producing country in the world publishes statements as to 'b_e shipments made to various countries. and that in the United States for. some considerable time past statistics have been collected and published of the stocks in cold store, hut that as far as Great Britain is concerned as. soon ns meat arrives and is stored information regarding it is no longer available.

DAIRY INDUSTRY EMPLOYEES SEEK BETTER CONDITIONS HIGHER WAGES & SHORTER HOURS By TBLBanAi'n— Press Association. Auckland, May 8. The matters of wages and conditions of employment in the dairy industry were before the Arbitration Court to-day. Claims for higher wages wero made on their behalf by Mr. J. John, secretary of the Dairy Factory and Employees’ Union, who enlarged on the prosperity of dairying, and spoke of the very long hours, Sunday work, and work on holidays. Mr. John said the long hours could be curtailed by better management at dairy factories, and asked that 52 hours be made the basis of a normal week’s work. Long hours, strenuous work, and low wages were responsible for many men giving up their employment. It was asked that the wages of general hands be increased from £3 17s. to £4 4s. a week.

William Dick, manager of the Standard Butter Factory. Auckland, expressed the opinion that the factories could be run on a 48-hour week of six days. He got better results by giving the men one day off per week.—

Air. Wright,. who appeared for the dairy companies, said that it was hardlv fair to draw a. comparison with Canterbury, which did not export to the same extent as Auckland. Regarding youths, he said that they were practically under apprenticeship. He submitted that the hours. could not be reduced without deterioration of the product or increased cost of production. which it would not be reasonable to expect the companies to bear. The larger portion of the product was exported, and the price depended on the Home markets. Practically all the companies were co-operative, suppliers receiving payment in exact proportion to the price realised bv the company, less the cost of manufacture. Thus the position of suppliers must be considered. Thev were not now receiving as much as in April. 1923. For the ten months ended March last, compared with the corresponding period of the previous year, London prices declined on an average by over 17s. per cwt. Cheese showed a' slight improvement, milk powder about 3J per cent, decrease, while casein was now unpayable. The employers did not seek a reduction in wages, but they estimated that the cost of living in the country was 10s. less than in the cities. Neither were increased hours sought. Decision was reserved. LONDON WOOL SALES PRICES OF GOOD SORTS FIRM. (Rec. Mav 8. 5.5 p.m.) London, May 7. At the wool sales 11,826 bales were offered. There was a good selection. Merinos and fine scoureds were active at steady prices. Mediums sold irregularly. Several lots wero sought, in crossbreds. For superior greasy the Home trade readily paid full values. Low crossbreds wero slightly cheaper.— Reuter. Messrs. Dalgetv and Co., Ltd., have received the following cablegram:— “Wool sales opened, attendance of buyers is largo- fair selection: good competition generally from Continental and English buyers. Withdrawals of speculators’ lots fairly frequent owing to high limits. As compared with last sale’s closing rates, merino wools prices unchanged, crossbred wools fine quality unchanged, crossbreds wools medium and coarse qualities irregular, slipo and scoured crossbred unchanged, lambs wool and greasy crossbred pieces active demand.” Messrs- Levin and Co.. Ltd., have received the following cablegram from their London agents, dated May 6>— “The auctions opened hero to-day. The market is firm at prices on a par with the closing rates of last series. Inferior crossbreds arc occasionally }d. to Id. per lb. cheaper.” The Department of Agriculture has received the following cablegram, dated May 7, from the High Commissioner for New Zealand, London: —Wool: Third scries sales bponed Tuesday. The total quantity available is 95.500 bales, of which 46,500 bales are New Zealand. Large attendance of buyers and offerings met with general and active demand at prices which show no material change compared with close of last auction. LONDON TALLOW SALES (Rec. Mav S, 5.5 p.m.) London, May 7. At the tallow sales 937 casks wero offered and 254 were sold at about Is. per cwt. decline. Mutton, fine, 455. per cwt. : medium. 415.: beef, fine, 455.: medium, 40s. 3d. —Aus.-N.Z. Cable Assn. Messrs. Dalgetv and Co., Ltd., report having -eceived the following cablegram from their London house under date Mav 7: “940 casks of tallow offered, 230 sold. Since our last wire prices are 6d. to Is. per cwt. lower.” The Bank of New Zealand, produce department, has received the following advice from its London office nnI der date May 7:—Tallow: Tho demand is rather quiet, and prices have declined Is- per cwt. The New Zealand Loan and Mercantile Agency Company, Limited, have received the following cablegram from their London bouse under date May 7: —Tallow: We quote present spot values for the following descriptions of tallow: Fino mutton, 455. per cwt.; good beef, 425. 3d. per cwt.; mixed, 38s. per cwt,; market quiet. RABBITSKIN SALE REPORT A sale of rabbitskins was held at Dunedin on May 6. Competition was kmn for all classes of skins, and values showed a rise of 3d. to 4d. per lb. on previous sale’s rates. Brokers anticipate that fairly good prices will bo paid during the winter months. Following were actual ruling rates: — Early winters, 60d. to G4d. : incoming winters, 55d. to GOJd.; late autumns, 46d. to sl}d.; early autumns, 42d. to 49j}d.; prime racks, 37? d. to 39d.: light racks, 35d. to 36d.; spring does, 33d- to 36d.; spring bucks. 31d. to 36Jd. : summers. 33d. to 36Jd. ; runners, 23d. to 28d.: summer black. 3»3d. to 38d.; autumn black, 36d. to 49<L : incoming winter black, 50d. to 55d.; summer fawn 3ld. to 35d. ; autumn fawn 36d. to 47d.; hares, 18d. to 24 Id.'

Customs revenue collected at the port of Wellington yesterday totalled £6969.

COMMERCIAL ITEMS

WELLINGTON STOCK EXCHANGE YESTERDAY’S BUSINESS AND PRICES Sales of 4i per cent, stock (1938) at £96 155., and New Zealand Insurance shares at 295. IDld., were reported at the afternoon call yesterday. lhere was a good all-round demand for stocks and bonds with buyers of the 4} per cents, at £96 12s. 6d., 5 per cents, at £97 12s. 6d., and 5| per cents. (1933) at £lOO 15s. Wellington Gas Company’s debentures were steady at £lO4 10s., and Wellington Racing Club debentures were on sale at £lOB 10s. Bank shares were firm. Bank of Australasia shares were Is. 6d. higher at £l3 ss. 6d., Bank of New Zealand shares wero in request at £2 125., and Union Bank shares at £l4 Ils. lor Napier Gas preference shares buyers offered £9 10s.. and Wellington Gas shares, £lO paid, were on sale at £l3 12s. 6d. New Zealand Insurance shares were very firm at 295. 9d. There were buyers of New Zealand Refrigerating shares, 10s. paid, at Bs. Bd., Huddart--I’arker ordinary shares at £2 2s. 9d., preference shares at 20s. 4d., Union Steam preference shares at 20s. 7d., Westport Coal shares at 375. 9d., a slight advance on the previous day’s quotation, Westport Stockton, ordinary, at ss. 4d., and preference at 6s. Timber shares were steady, with buyers of Leyland-O’Brien shares at 405., toiti 'Timber shares at 235. fid., Tai rmgamutu Totara at 335. 6d., and National Timber at 225. Crown Brewery shares wero firm at 395. 6d. Dental and Medical Supply shares were in demand at 20s. (par). This company’s balance-sheet was issued yesterday, and the dividend for the year is 5 per cent. Wilson’s Cement shares were firm at 295. 9d. Howard Smith shares were or. sale at 375., and National Electric at 19s. 6d. There were buyers of Electrolytic Zinc shares at 275. Yesterday's buying and selling quotations were as follow: —

SALES IN OTHER CENTRES By Telegraph—Press -Association. Christchurch, May 8. Sales reported: New Zealand Government 4t per cent. Bonds (1941). .£96 12a. 6d. : Howard Smith. 375.. 365. 6d. ; WestportStockton, ss. 6d. Sales: Bank of Australasia. £l3 65.: 8.A.W.R.A.. Os. ’Ol. COMPANIES REGISTERED The “Mercantile Gazette” records the registration of the following new company:— Protestant Hall Company, Limited. —Registered as a private contpanv Alav 2. 1924. Office: 293 Cuba Street. Wellington. Capital: £250. into 250 shares of £1 each. Subscribers: Wellington— Lucv Hall 41. AV. H. MeAnerin 42. M r . Little 4-2. Jennie Burnett 41. I). Steptoe 42, IT. Hunter 42. Obiects; To an roll a sc. _ take on lease or exchnnrro or ctheiwise acquire land with buildings thereon for use as a Protestant or Orange Hall, offices, shops caretaker’s living quarters, and general incidental AUSTRALIAN PRODUCE MARKETS 3y Telegraph—Press Association. r OPY.ITGTTT. (Rcc. Mav 8. 9.50 p.m.) Sydney, Mav 8. Oats. Tasmanian Algerian, 3s. 9d. to 3s. lOd. per bushel; white. 4s. to 4s. sd. Maize, vellow. 4s. 9d. ner bushel; white. 4s. 6<L Potatoes, Tasmanian. £7 10s. to £ll per ton; Victorian. £7 10s. to £8 10s. Onions, Victorian, £ll per ton. Adelaide, May 8. Oats, 3s. per bushel. WATHI SHARES. Aus.-N.Z. Cable Assn. (Rec. May 8, 5.5 p.m.) London, May 7. Waihi shares, 31s. 3d.; Waihi Grand Junction, Is. 9d. MAHAKIPAWA GOLDFIELDS', LIMITED. The mine manager telegraphed on Mav 7 as follow s: —“Number 4 hole bottomed 129 ft. on the lead, sample shotty. weight 1 pennyweight, prospects 40dt._ to 118 ft-. similar to No. 3. Consider direction of lead and value now assured over this section.” In explanation of above wire, it mav be added that when the lead was struck in the No. 3 bore, tho mine manager, in order to make assurance doubly sure, deemed it prudent to test the lead higher up the valley. He selected a snot 500 feet up from the No. 3 bore, and the above wire carries the news that the lead has been again located in tho No. 4 bore.

KFAV ZEALAND AND AUSTRALIAN LAND COMPANY. Aus.-N.Z. Cable Assn (Rec. May 8, 5.5 p.m.) London, May 7. llie New Zealan and Australian Land Company has declared an interim dividend of 3 per cent, free of income tax.

Messrs. Dalgety and Co.. Ltd., are in receipt of the following cablegram from their London house under date May 6:—“Butter: Since our last wire prices are 4s. ]>er cwt. lower. Prices are now as follow: New Zealand salted, £l6Bs. ; New Zealand exceptional brands. 1745.: Danish. 1965.; finest Australian salted. 158 s. : unsalted 1625. Cheese: Prices are lower by 2s? to 4s. per cwt. Price for New Zealand now 84s. Markets are quiet.”

Buyers. Sellers. N.Z. GOVT. LOANS— £ 8. d. £ s. d. 4-i p.c. Inac. Stk., 1939 96 1Z 6 —— 4t p.C. Insc. Stk., 1938 96 12 6 — . 5* n.c. Insc. Stk.. 1933 ICO 16 0 —- 5J n.c. Insc. Stk.. 1927 97 15 1941 0 — 4* p.c. War Bonds. 1930 96 10 0 5A p.c. War Bonds, 1933 100 15 0 101 2 6 5 n.c. P.O. Bonds. 1927 97 12 6 08 0 0 5 n.c. P.O. Insc. Stk.. 97 15 192? 0 —— DEBENTURESWellington Gas 04 10 0 .— Well. Racine Club ... 108 10 6 N.Z. Breweries — 1 0 6 BANKSAustralasia 13 5 0 f<ew Zealand 2 12 ft 2 12 7. Union 14 11 0 14 12 6 GASNapier (pref.) 9 10 0 — Wellington (£10) — 13 12 6 INSURANCE— New Zealand 1 9 9 1 10 South British 2 0 6 HEAT PRESERVING— N Z. Refrigerating (10s.) 0 8 8 Well. Meat Exp. (£312s. 6d.) —— 1 9 0 TRANSPORT— Huddart-Parkor (ord.) 2 3 9 2 3 5 Ditto (pref.) 1 0 4 —- Union Steam (pref.) ... 1 0 0 — WOOLLEN— Wellington (£2 5s.) ... —— 3 2 6 GOAL— Westport 1 17 9 Westport-Stookton (ord. I) 5 4 Ditto (pref.) 0 6 0 — Waipa — 0 18 3 TIMBER— Kauri —— 1 10 1 Leyland-O’Brien 2 0 0 Rotoiti 1 3 6 —— Taringamutu 1 IS 6 —— National 1 2 0 —— MISCELLANEOUS— Grown Brewery 1 19 6 Dental and Med. Sup. 1 0 0 __, Gates, Ltd —— 0 1Z 0 Howard Smith — 1 17 0 hntional ... —— Q 19 6 Wilson'a Cement 1 9 9 - . MINING— Electrolytic Zino. (cum.. part pref.) 1 7 0