FARM & COMMERCIAL

Dominion, Volume 19, Issue 218, 10 June 1926, Page 10

FARM & COMMERCIAL

NEWS AND NOTES

AUCTION SALES TO-DAY. Otaki—Stock Sale. Dannevirke, 11 a.m.—Stock sale (Waira rapa Farmers’ Co-op. Association). Premises Veitch and Allan. Cuba Street, 10.30 a.m.—Sale, of carpets (E. Johnston and Co.). TO-MORROW. Post and Telegraph Yard, Waterloo Quay. 10.30 a.m—Sale of timber (K. A. Wilson). Feilding. 11.30 a.m.—Stock sale 8 Willeston Street, 1.30 p.m.—Sale of unclaimed cargo (E. Johnston and Co.). SATURDAY. 2 Fitzhcrbert. Street, Lower Hutt, 2 p.m.—Sale of 6-roomed house (Jd. L. Leighton). FARMING INTERESTS SPRUCE BUTTER BOXES RECOMMENDATION TO DISCONTINUE USE. In making a recommendation to the New Zealand Dairy Produce Control Board to discontinue the use of Swedish butter boxes, the board’s London agenev points out that, in order to maintain the reputation and quality of our butter, it is essential that the containers should not in any way contaminate the butter. “From the experience we have had, also the comments of Mr. Walter Wright, and Mr. Ross, the Government graders (states the report, which is published in the “New Zealand Dairy Produce Exporter”), we think the industry would be well advised to discontinue the use of Swedish butter-boxes. We must remember that we are faced with keen competition from Australia and Canada, and it is only by upholding the reputation and quality of our butter that we can expect to continue to hold the premier position for the manufacture of butter. “Our competitors are using every method in the form of grading, package, etc., to put their commodity on the market in the most attractive manner, and if we do anything that is going to impair our quality, then we will be’ at a disadvantage, and might very easily lose what has taken years to achieve. Especially in the face of the board’s policy of allocating allotments, and spreading our shipments over a longer period, it is essential that our containers should not in any’way contaminate the butter.”

DAIRY PRODUCE MARKET • MESSRS. TURNBULL & CO.’S REPORT Messrs A H. Turnbull and Co. report, under date June 6:—The following arc the top weekly quotations, as received from our principals, Messrs. W. Weddel and Co Ltd., London: Danish butter. May 24. 1745.: May 29. 1725.; June 5. 1785.; New Zealand salted. May 24, 1745.; May 29, 1725.; June 5. 1765.; New Zealand salted. May 24 1725; May 29, 1705.; June 5. 1745.; cheese. white. May 24, 945,; May 29, 935.; June 5. 935.: coloured. May 24. 945.; May 29. 935.: June 5, 935. Ou May 19 there were no quotations owing to strike. The above quotations bear out Messrs. W. Weddel and Co., Ltd.'s cabled expectations that immediately following the strike the market would be very slow, with lower values. Quotations for last week, however, show a ■ considerable improvement. Messrs. W. Weddel aud Co.. Ltd., cable us that there has been a better all-round demand, and a certain amount of speculative buying is being indulged in. in consequence of disparaging reports regarding Continental supplies. At the present time, owing to the fact that so much butter is being held off the market by instructions of the shippers in New Zealand. there is only a limited quantity of New Zealand butter available. It is anticipated. however, that should the demand continue and prices rise to the vicinity of 178 s. to 180 s.. that sufficient quantities of butter will be released to meet the demand aud steady the market. Stocks of butter in store in New Zealand are considerably in excess of the quantities in store at this time last year, and consequently there will be heavier arrivals during August and September, and this also will be inclined to have a steadying effect on buyers. From grading figures which are Just available it is interesting to note that New Zealand butter production will be close on . 8000 tons short of last season. Cheese. The market is steady at round about 935., but Canadian new season’s fodder cheese is being quoted at very much lower figures, and with these lower quotations for Canadian new season’s cheese, the market is somewhat depressed. There are close on 11,000 tons of cheese in store in New Zealand at the end of May, as compared with approximately 3000 last season, so that the arrivals in the next, few months in the United Kingdom will certainly be considerably in excess of the arrivals in previous years. Statistics., Butter (in tons) — 1924. 1925. 1926. Gradings for May ... 3,700 1,960 2,314 Gradings ten months ending May 31 61,000 69,271 61,473 Butter awaiting shipment May 31 5,100 4,000 8,992 Cheese (in tons)— Gradings for May ... 6,500 4,001 4,053 Gradings ten months euding May 31 72.000 68,542 72,467 Cheese awaiting shipment May 31 5,600 2.900 10,860 Following is a list of vessels carrying dairy produce, due to arrive in the United Kingdom during July and August:— Dairy Produce Arrivals in the United Kingdom.

BEEKEEPERS’ CONFERENCE By telegraph.—Press association. Hamilton, June 9. The thirteenth annual conference of the National Beekeepers’ Association of New Zealand .was opened at Hamilton yesterday. The delegates were welcomed by the Minister of Health (the Hon. J. A. Young), the Director of Horticulture (Mr. J. A. Campbell), the president of the association (Sir. A. □. Davies), and the Mayor of Hamilton. Prior to the conference the annual meeting of shareholders of the New Zealand Co-operative Honey Producers’ Association was held, when a comprehensive report and balance-sheet were presented, dealing with the operations of the association during the past year. A letter was attached to the balancesheet by the auditors, urging the directors to adopt a constructive policy m regard to advances, which were considered too liberal. A vote of censure on the directors was proposed by a member, but found no seconder. The retiring directors were re-elected unopposed.

RABBITSKIN SALE Messrs. Wright, Stephenson and Co.. Ltd., advise having received the following report from their Dunedin office, with reference to the r.abbitskin sale held there yesterdayWo offered a large catalogue, and bidding was animated for all grades, and best winters advanced 4d. to 6d. per lb. Other sorts were very firm. Quotations: Prime winter bucks. 115 d. to U7M.; first bucks. Hid. to 116 d.; nrime does. 976. to 1013 d.; first does, 90<l. to 97d.; winter bucks 90d. to 102 d.: winter dees. 78(1. to 85(1.; early winters, 90d. to 104(1,; incomings. 85d. to 94(1.; spotted. 61d. to 82d.; late autumns, 72'1. to 89d.: early, 56d. to 70d.; prime racl<s, 41d. to 44d.; light racks, 36d. to 39d.: summers. 32(1. to 35d.; springs. 48d. to 52d.

LONDON WOOL SALES Messrs. Murray, Roberts aud Co., Ltd., are in receipt of the following wool market cablegram from their London agents, dated June B:—"Crossbred, greasy, market shows a hardening tendency. scoured, advanced 5 per reni.”

DAIRY PRODUCE Messrs. Joseph Nathan and Co.. Ltd., have received the following cablegram from their London house, dated June 8:— “New Zealand butter. 1765.; New Zealand cheese. 945. Both markets quiet.”

STOCK SALES Messrs. Dalgety and Co.. Ltd.. Palmerston North, report having a small entry of sheep and cattle at their Marton sale on June 7. Quotations: W.F. lambs, 12s. 9d„ 15s. 6d.. 15s. 9d.; empty cows. 355.: fat heifers, £5 'is. 6d.

BURNSIDE STOCK MARKET SHEEP AND FAT CATTLE CHEAPER BY telegraph.—Press Association. Dunedin, June 9. At Burnside to-day, sheep and fat cattle sold at somewhat cheaper rates. Fat Cattle.—There was a yarding of 370 head, as compared with 288 a fortnight ago, when the last sale was held. The quality was mixed, there being a lot of cows and heifers and ordinary steers, while the proportion of extra prime ox beef was comparatively small. Prime ox beef realised from 375. 6d. to 40s. per 1001 b., light and medium quality ox beef to 355.. prime heifers to 355., and cows from 20s. to 30s. Extra prime bullocks sold at £2O, prime £l4 10s. to £l6, medium £ll to £l2 10s., light from £9 extra prime cows and heifers to £l3 prime £9 10s. to £ll, medium £6 10s’ to £7 10s.. light from £4. Fat sheep.—A very big entry, comprising 3706 head, as compared with 3200 at" the last sale. There was a good 1 sprinkling of ewes, and the great bulk of the yarding was made up of goodquality ewes and heifers. There were ■not so many extra prime heavy wethers as at the sale of a fortnight ago. The supply was in excess of the butchers’ requirements, and heavy-weight wethers wore down from 2s. to 2s. 6d. per head, while medium and • light-weights dropped about Is. Prime wethers sold at from sd. to sld. per lb., prime ewes to 4d., light and aged ewes 3!d. Extra prime heavy wethers made up to 415., prime 335. to 365„ medium 295. to 31s. 6d. light 235. to 265. 6d. Prime ewes ma’dc from 235. to 285., medium ISs. to 21s old and inferior to 16s. Lambs—An entry of about 850 head. The quality was very fair, and competition between the butchers and freezers was fairly keen. Prices were just about the same as those of a fortnight ago; a little less, perhaps, because there were no lambs of such outstanding merit as the show of lambs of the last sale. Prime lambs made from 275. 6d. to 305., medium 255. to 265. 6d„ others 20s. to 245. The per pound price’ was in the vicinity of Bd. to 9d. Store Cattle—About 500 head were yarded. There were some very fine cattle from the Lakes district. All wellbred bullocks met with a particularly good demand, and the pinny cows and heifers yarded sold at; recent rates. Four-year-old bullocks made from £lO ss. to £l6 2s. 6d. Pigs.—There were 114 fats and 50 stores yarded. Prices were somewhat lower than those of the last sale. JOHNSONVILLE STOCK SALE Messrs. Abraham and Williams. Ltd., and Wright, Stephenson and Co., Ltd., report on their Johnsonville sale, held yesterday :-A large entry of medium quality stock came forward Anything approaching prime sorts sold very freely, but medium sorts were dull of si'Je. A few good sens of cattle were yarded, but the majority of the yarding was light and unfinished. Fair quality vealers sold well. Quotations: Best wethers, 31s. Bd.. 31° 9d to 325. 6d.; ewes, 21s. 3d., 21s. 6d.. 21s 9d., 225. 3d. to 235.; lambs. 195., 20s. 6d ’ 21s. 3d.. 225. 6d. to 235. 5d.: bullocks. £ll 55., £l2 7s. 6d.. £l2 10s. £l2 15s. to £l2 17b. 6d.; light. £9 10s., £lO to £lO 10s.; cows, light, £3 10s„ £4 155.. £4 17s. 6<L to £5 12s. 6d.; vealers. 285.. 335.. 345., £2 Is. £2 25., £2 8s„ £2 10s., £2 155.. £2 175., £2 18s. to £3 2s. TALLOW SALES AND EXPORTS Exports of tallow to United Kingdom and Continent from New Zealand during

Sales of tallow in New Zealand during May totalled 62 tons. WOOL SALES AND EXPORTS TOTALS FOB MAY. Sales of wool in New Zealand during May are as under, according to returns compared by Messrs. Dalgety and Co.,

For the corresponding eleven months of 1925, 521,572 bales’ were offered and 454,393 sold. Exports ot wool during May were:— Corres-

PURE STOCK RIGOROUS TESTS IN ARGENTINA. A reply was received yesterday by the Consul-General for Argentina (Senor H. Bidone) from the Argentine Agricultural Department to a request by the Direc-tor-General of Agriculture (Dr. Reakes) for full information regarding the tests and autopsy on a pedigree Friesian cow rejected and slaughtered by the Argentine Government on account of tuberculosis. The letter is a lengthy one in Spanish, and goes into minute details of the test. Whereas the New Zealand tests were made only four times, at considerable intervals, the Argentine temperature tests were taken sixteen times at intervals of two hours. They showed a reaction to the test of 1.7 degrees centigrade. At the autopsy, when the auinml was slaughtered ten days later, the ganglions attached to the lungs were found io be tuberculous. The writers, as an indication of the impartiality of their tests, mention that the English champion bull of 192-1, which afterwards carried off the United States championship, was tested on arrival in the Argentine, found to give a reaction to the test, and was destroyed, though valued at X 12.000. In twenty years’ use, the autopsy has always borne out the test. Senor Bidone points out that New Zealand supplied last year 19 dairy cattle and 40C sheep out of the total of 44)7 cattle and 1353 sheep imported to the Argentine, and that in view of the extent of New Zealand imports the greatest care is necessary to assure freedom from tuberculosis. In regard to the fact that the cow showed no reactions to the tests in New Zealand, Senor Bidone points out that the Argentine test is much more thorough and rigorous, and suggests that both the methods and the serum used in Argentina should be employed in the case of all stock for export to the Republic, as a safeguard against loss to owners and insurance companies.

COMMERCIAL ITEMS

WELLINGTON STOCK EXCHANGE YESTERDAY’S BUSINESS AND PRICES At the afternoon call yesterday a sale of National Bank shares at £7 was made on ’Change, and the sales reported were 4J per cent, stock (1939) at £96 12s. 6d., 5.J per cent, stock (1933) at £99 10s., N.Z. Breweries, 10 per cent, bonds at 265. (Id. and 265. 6d. Wellington Gas, ordinary, at 275. 3d., and Waihi Mining shares at 19s. There was a moderate demand for Government stocks and bonds with buyers of the 4-J per cents., at £96 10s. N.Z. Breweries, 10 per cent, tends, wore firm at 265. 6d. Bank shares were very firm and in good demand. There were buyers of Bank of Australasia shares at £l4 25., a rise of 6d., National Bank shares at £0 19s. 3d., a rise of 9d„ Bank of New South Wales at £44 10s., Bank of New Zealand at 61s. 6d. cum dividend, Union Bank at £l5 25., and English, Scottish and Australian Bank at £7 17s. N.Z. Guarantee Corporation ordinary shares were steady at 9s. Bd. There were bids of 235. 6d. for Auckland Gas shares and 275. for Wellington Gas ordinary shares. National Insurance shares were firm at 78s. 9d. Huddart Parker ordinaiy shares wee steady at 445. 6d. and Union Steam preference at 19s. 9d. Wellington Woollen shares were very firm, buyers offering £6 7s. for the ordinary and £6 Bs. for the preference. National Timber shares were in demand at 15s. 3d., and there were bids of 16s. 3d. for Dental and Medical Supply, a rise of 3d., 355. for Electrolytic Zinc, preference, and 335. 3d. for Howard Smith a rise of 3d. Yesterday’s buying and selling quota-

SALES IN OTHER CENTRES BY TELEGRAPH.—PRESS ASSOCIATION. Auckland. June 0. Sales: Inscribed Stock (1927-41), £9O 12s Gel.: New Zealand Breweries, 20s. Oil.; National Bank of New Zealand, £6 19s. (Id., £7; Bank of New Zealand, Cis. 9d.: New Zealand Insurance, 405.; Auckland Gas (contrib.), Bs. 7d.. Bs. 7d.; HuddartParker, 445. 9d.; Sanford, Ltd., 21s„ 21s. 3d.; Wilson’s Cement, 345. 6d„ 345. fid.. 345. Cd.; Alburnia, ss. 10d„ ss. lOd.; Moanataiarl, 25.; Luck Shot (contrib.), Is. Cd., Is. Cd. Christchurch, June 9. Sales reported: New Zealand Government 51 per cent. Inscribed (1933), £22 10s.; New Zealand Drug, 70s. (two parCe Sales: Bank of New Zealand (cum. div.), Gls. lid. (two parcels); Western Australian Bank. 575. fid.; Ward’s Brewery, 415.; Now Zealand Refrigerating (contr.). Bs. °<l. (two parcels); British Tobacco. ;>2s. Cd.; Goldsbrough Mort (cum. div.). 495. ill!., 495. 4(1. Dunedin, .Tune 9. Sale reported: Whitcombe and Tombs, 09s.

EASIER MONEY RATES The London money market appears to be in a mood to receive and absorb trustee stocks. The New Zealand 5 per cent, loan for £6,000,000 was oversubscribed a week ago, and now a Victorian loan for £3,000,000 also at 5, per cent, has been heavily cversubscnbed. There is no doubt that the prolongation of the coal crisis is inducing investors to act with caution and thetr funds are going into gilt-edged secun ties rather than into industrial ventures. The New Zealand end Victorian loans at 5 per cent, at £9B 10s. were very attractive, especially at ■ a time when investors were looking for such safe outlets for the investm mt of money. The monetary position in London is distinctly easier, but it is doubtful whether the rates for money will be reduced. The bank discount late stands at 5 per cent., with little chance of reduction, because although credit is in plentiful supply, the demands of overseas borrowers promise to be very extensive, and to further cheapen money would only result in increasing the demand and perhaps lead to withdrawals of gold from the central institution. Money is also becoming eheapei in Germany, where the discount late has been reduced to 6j per 'ent On January 12 the Reiehsbank reduced its discount rate from 9 per -ent. to 8 pei cent., so that there have been two re ductions in the half year. In April the gold reserve of the Reiehsbank was increased by £2,009.4X16. and it was believed the' metal was obtained from Russia. Germany is, of course, on a gold basis, and although the process of deflation has caused considerable ii.con venience. the country is meeting the reparation payments punctually. Italy, France, Belgium and Japan rmong the more commercially important rations have yet to adopt the gold standard, and when they do so the lesultant deflation will have' a world-wide effect.

EXCHANGE RATES

The. Australian exchange sates or. London, which came into effect yesterday, show a reduction. A year ago, when the gold standard was restored, there was a sharp reduction, and the rates then fixed have held until now. and the stability of the exchange has been welcomed by the exporters and importers. This is now the dead season in Australia, when there is a contraction in the overseas business, and it is not unusual for the exchange rates to bo lowered. The New Zealand rates on London have not been varied for a twelve month, and as far as can be ascertained there is no likelihood of any variation being made just now. Compared with the New Zealand rates, the Australian buying rates on London are 2s. fid. lower, but the selling rates are tiie same except for telegraphic transfers. the New Zealand rate being ss. per, cent, premium and the Australian rate 2s. fid. per cent, premium.

CUSTOMS REVENUE. The Customs revenue collected yesterday at the port of Wellington totalled 5H.428.

Steamer. Due bate. Butter Cheese. Matakana July 8 —— 10,800 Ionic 17 16,016 23,000 Raransa 18 — 5,600 Port Curtis Z) 24.000 23.175 Port''Hardy 21 1.500 22.139 Tekoa 2t 11,000 11,500 City Winchester ,, 30 13,000 — —— " •- I—— 65,516 96.214 - — — — Equals 1,633 tons 6,872 to-.s Port Napier August 4 7.346 24,338 Hororata 6 22,054 20,623 /<awa 8 5,000 12,300 Ruanehu 10 10,000 11,700 Mahana 13 10,000 7,800 Buahinc 17 31,100 —- Port Melbourne ,, 30 — 6,667 Port Piric 31 25,000 5,000 ' ■ ——— • ■ 110,500 88,428 — Equals ......... 2,762 tons 6,318 tons

May were:— Month of May, 1926. Tons. Total for 11 in ths. Tons. ponding 11 months. 1925. Tons. Invercargill 54 1,367 840 Dunedin 120 863 1,026 Oamaru — 207 319 Timaru - 358 1,386 912 Christchurch 601 3,3C0 2,755 Blenheim 45 145 82 Nelson 41 101 149 Wellington 385 4,174 3,887 Wanganui New Plymouth85 1,364 1,373 Waitara 48 811 673 Napicr-Wairoa ... Gisborne-Tokoniaru 343 1,937 2,603 Bay-Hicks Bay 217 946 1,168 Whakatano — — 73 Auckland Opua ... 283 2,454 2,624 2,580 19,055 18,484

Ltd. May. 1926. Bales. Offered. Sold. Totals for 11 iliths. Bales. Offered, Sold. Invercargill — — 24,892 23,832 —— 68,062 66,014 5 5 29,227 28,529 Christchurch .... 1,754 1,700 76,155 72,899 Blenheim 2 2 151 128 Wellington 52 52 110,908 103,906 — —- 63,070 54,677 16 15 99,005 90.821 Gisborne 526 468 3,611 3,043 Auckland — — 43,944 40.445 2,355 2,242 519,025 484,294

Month Total pondof for ing 11 May, 11 months. 1926. mths. 1925. Bales. Bales. Bales. Invercargill . 645 31,568 29,806 Dunedin . 2.434 60,256 54,883 Oatnaru — — 2,749 2,330 Timaru - . 3.643 36.426 29,045 Christchurch 8.277 94.607 86,475 Blenheim . 238 3.881 2,868 Nelson . 525 814 784 Wellington 11,060 128,950 122,568 Wanganui . 319 58,237 50,276 New PlymouthWaitara 85 1,228 802 Napier-Wairoa ... 7,215 101.827 95,467 Gisborne. ' Tokomaru Bay-Hicks Bay 1.403 26,746 32,873 Whakatane • — — 51 Auckland Opua 1,017 48,427 43,471 r 36,861 595,696 551,699

tions were: as under:— Buyers. Sellers. N.Z. GOVT. LOANS— £ s. d. & s. d. 41 p.c. Ins. Stk., 193S 96 10 0 96 17 6 5j p.c. ditto. 1927/1911 —— 97 0 0 4J p.c. Bonds, 1939 .. 96 10 0 — p.c. ditto, 1938 .... 96 10. 0 — 4} p.c. ditto, 1930 .... 97 2 6 —— 5 p.c. P.O. Bonds, 1927 —— 99 0 0 DEBENTURES— N.Z. Breweries (bonds) 1 6 B 16 8 BANKS— Australasia 14 2 0 —— National of N.Z 6 19 3 7 0 6 New South Wales ... 44 10 0 — New Zealand (cum.).. 3 16 —— Union of Aust. 15 2 0 English, Scottish, and 7 17 0 FINANCIAL— Abraham and I) illiams (ord ) ■ - 4 10 National Mortgage .. — 3 17 0 N.Z. Guarantee Corp. (ord , Ss.) 0 9 S ■ — Well. Deposit and ,, 1 0 8 8 GAS— Auckland (paid) .... 13 6 Wellington (ord.) .... 17 0 —— INSURANCE— 3 18 9 .1 TRANSPORT— TIuddart-Parker (ord.) 2 4 6 —— Union Steam (pref.).. 0 19 9 WOOLLEN— Wellington (ord.) ... 6 7 0 —— Ditto (pref.) 6 8 0 —— Ditto, new issue (paid) — 6 7 6 COAL— Westport —— 4 1 17 4 Westport-Stockton (ord.) 0 13 TIMBER— 0 15 3 0 18 0 BREWERIES— 12 0 2 19 6 MISCELLANEOUS— Burns, Philp, and Co. —• 1 17 3 Dental and Medical 0 16 3 Electrolytic Zinc (pref.) 1 15 0 — 1 13 3 National Electric .... 10 0 Wairarapa Farmers’ (£1) — — 0 17 o Wilson's Cement .... — 1 15 0 MINING— Mount Lyell (cum.) .. — 16 9