FARM & COMMERCIAL

Dominion, Volume 20, Issue 26, 26 October 1926, Page 12

FARM & COMMERCIAL

NEWS AND NOTES

AUCTION SALES TO-DAY. Featherston Street, 2.30 p.m.—Sale of household furniture (J. H. Bethune). Waipukurau Saleynrds.—Sale ut property at Ilatana (Williams and Kettle). Saleyards. Te Kuiti 10.30 a.m.—Sale of Aberdeen Angus cattle (Wright Stephenson and Co. and Abraham and Williams). Hunterville Yards, 12.30 p.m.—Cattle sale (Abraham and Williams). Levin.—Stock sale. TO-MORROW. G. A. Bond and Co.’s Premises, Home Street. 2.30 p.m.—Sale of factory (S. G. Nathan). Palmerston North. 12.30 p.m.—Sale of land near Rongotea (Mounsey and Co.). 105 Customhouse Quay, 2.30 p.m.—Sale of property situate Melbourne Roaa. Lyall Bay (S. G. Nathan). 154 Featherston Street, 2.30 p.m.—Sale of 32 beach sections, Queen Charlotte Sounds (J. H Bethune). 195 Lambton Quay, 2.30 p.m.—Sale of properties (Harcourt and Co.). 14 Brandon Street. 2.30 p.m.—Sale of property situate Stokes Valley (H. E. Leighton). Brice’s Line, Marton, 12.30 p.m.—Stock sale (Abraham and Williams). Johnsonville, 12.30 p.m.—Stpck sale (Abraham and Williams). Palmerston North, 1 p.m.—Sale of butcher’s stock and (Mounsey and Co.). FARMING INTERESTS WAIRARAPA SHOW BUTTER-FAT COMPETITION. Dominion Special. Carterton, October 25. The result of the butter-far competition for 1926, for the Wairarapa Show which will open at Carterton on Wednesday, was won by- Mr. T. Moorcock, of Carrington, with an Ayrshire cow. This competition last year was won by Mr. J. Callister, of Carterton, and the previous year (1924) by Mr. Moorcock, with the cow that won this year. He also won the competition in 1921 and 1923. Mr. W. Shirley 'was second with a Shorthorn cross, Mr. R. Barrett third with a Friesian-Ayrshire cross, and Mr. E. N. lu.nnicliffe fourth with an Airshire cross. The following table indicates the manner in which the points of the six highest competitors were gained:— Butter

STOCK SALES The New Zealand Loan and Mercantile Agency Company, Limited, Hawera branch, report as follows:—At Kakaramea on October 18 we held our annual bull fair, in conjunction with our monthly sale. A good entry of splendid conditioned and quality bulls was submitted to a large attendance of buyers, and prices were very satisfactory. Twenty S and 3-vear Jersey bulls, on account of Mr. 8. 0. Mcßae averaged 14 guineas. Quotations: Pedigree Jersey yearling bulls, 16i guineas to 24 guineas; grade 2 and 3 Jersey bulls, 10 guineas to 16 guineas: Polled Angus bulls,, 64 guineas to 7 guineas; forward cows, £5 to £o 55.; store cows, £3 to £4 55.; aged cows. £1 to £1 10s.: choice Jersey heifers (at drop), £9 10s. to £l2: inferior and Lackward sorts, £4 to £6 10s.; M.S. hoggets, to 21s. 6d.;

small store pigs, 255. to 275. At Eltham on October 20 a small yarding was offered. Prices were at late rates. Quotations: Light fat cows, to £7 10s.; store cows. £3 to £4; two-year-old heifers. £2 10s.: dairy heifers (close up). £7 15s. to £9: backward sorts. £4 to £5; 2 and 3.vear Jersey bulls. 10 guineas to 12 guineas; yearling Jersey heifers to £5 7s. 6d. ■ small store pigs, 255. At Hawera on October 21 we held our fortnightly sale, when a large yarding of all classes of stock, with the exception of sheep, was offered to a large attendance of buyers. Bidding throughout was keen, aud the whole yarding cleared at prices satisfactory to vendors. Quotations: Fat cows, £8 10s. to £lO 10s.; forward cows. £4 10s. to £6; store cows, £3 to £4; aged cows, £1 to £1 10s.; best dairy cows (G.S.), £lO to £l4 10s.; choice dairy heifers (close up), £ll to £l3; medium heifers, £8 to £lO- low conditioned and backward sorts, £4 10s. to £6; Jersey yearling heifers (best), to £4 Ids.; small mixed yearling heifers. £2 IDs. to £3 55.; 2 and 3-year Jersey bulls, 10 guineas to 13 guineas; low conditioned bulls, 7 guineas to 9 guineas; yearling Jersey Lulls, 4J guineas to 6J guineas; light porkers, to £3 ss. 6d.: large stores, to £2 10s.; medium stores, to 355. ; small stores, to 275. 6d.-, weaner pigs, 15s. to 22s id. At our Waverley sale on October 22. a large yarding of store and forward cattle was offered, but bidding was slot:. The whole yarding cleared at > lightly lower rates than those of previous sales, owing to the fact that many graziers have filled up their requirements. Quotations: Forward cows, £5 to £5 17a. 6d.; store cows, £3 10s. to £4 155.; two-year-old Jersey heifers (empty), £2 4s. to £4 45.; small yearling heifers, mixed colours, £1 10s. to £2 75.; 2 and 3-year steers, mixed colours and low conditioned, £6; small yearling steers, to £3 55.; small store pigs. 255. to 30s. COMMERCIAL ITEMS BORROWING IN LONDON AUCKLAND’S SECOND VENTURE The Auckland City Council is venturing upon the London money market for loan purposes for the second time this year. In January last, the Auckland Council offered a 5 per cent, loan for £400,000 at 97. The issue was underwritten and the underwriters were left with 66 per cent, of the amount. The issue now announced is for £500,000 but the rate of interest is 5$ per cent, and the issue price 99. That is, there is an increase of ss. per cent, in the rate of interest, but the price of issue is £2 per cent, higher. This loan is being underwritten and it is very probable that the underwriters - will have to find the bulk of the money. With this new loan Auckland City will have raised .2900,000 in Loudon this year, and as one per cent, has to be paid for sinking fund £400,000 will necessitate providing 6 per cent, per annum, and £500,000, 6} per cent., and at these high rates it is important that expenditure of loan money should be bn strictly reproductive works. In July last tha^Auckland Electric Power Board sold in London .£250,000 worth of 5 per cent, debentures at 97, so that altogether Auckland district has raised in London this year £1,150,001) of capital. Owing to Labour troubles and the disturbance to the industrial life of the country the savings of the British available for foreign investment are limited, and Mr. J. M. Keynes, editor of the “Economic Journal” suggests an embargo on foreign loans in view of this. If something of the kind is not done it will go hard with the Dominions that desire to borrow in London next year. Foreign loans, not. being trustee securities. to secure any measure of success must have very attractive terms attached to their issue, and this generally takes the form of a high rate of interest, 7 per cent, and even 8 per cent., and Dominion issues cannot compete against this. Apart from whatever new capital Australia and .New Zealand may require the following loans mature dinin-' the first half of next year: January 15," Western Australian 3 per cent. .£2,500,000; April 1, South Australia 5, per cent. £318,950; June 1 Commonwealth, 51 per cent.., £17,150,000, July 1, New South Wales, 4| per cent., £5,000,000 and July 1, New South Wales, 51 per cent. £6,(100,000. Hie M ester nAustralian loan will be paid on duo date the sinking fund established m connection with the issue being ample for the purpose The largo Commonwealth ’and New South Wales loans will doubtless require to be dealt with by conversion offers well in advance or maturity dates. Besides these maturing loans the Commonwealth and some of the States will require fresh credits and New- Zealand will probably go on the market in May next for about £6,000,000. It would be very advantageous to the borrowing Dominions if. an embargo were placed on foreign issues on tlie London market. SOUTH BRITISH INSURANCE Au underwriting profit of £82,171 was earned by the South British, insurance Company in the twelve muiiuis cubed August 31, aud tins contrasts with £bo,o2ii earned in the previous year. Llie lire, marine, ana accident premiums, less reinsurances, totalleu £921.533,, as compared with £896,917 last year, lhe losses totalled £521,003, against £196,709, an increase of £24,294, aud the general expenses, including rates aud taxes, totalled £318,359, against £313,382, leading the underwriting profit at £82,171, against £85,826. The revenue derived from interest, rent, etc., amounted to £117,490, and there was brought forward from the previous year £155,335, making available £351,990. The dividend for the year at 2s. 2d. per share absorbs £111,761, the sum of £75,000 has been added to the reserve fund, and £5OO to the sinking fund for leaseholds, leaving £167,735 to be carried forward. The items of the balance-sheet, with those for last year in parentheses, are as follow:—Liabilities- Capital paid up. £773,730 (£773,730); reserve fund, £675,000 (£600,000); reserve for unexpired risks, £490.000. (£472,000); reserve for losses outstanding, £170.236 (£159,839); investment fluctuation fund, £99.978 (£85.110); sinking funds of leaseholds. £16,678 (£15,530): bills pavable and sundry open accounts. £220.070 (£203.792); balance, £223,616 (£211.216). Assets: Company’s landed properties. £36R.289 (£351 169): loans on mortgage, £67.093 (£83.225)- stocks, debentures. and shares, £269.938 (.0266.100): municipal and Harbour Board debentures £180..014 (£122.092); Government stocks. 0426,516 (£348.26(1); Tninorlal and 'Dominion War Loans. £774.711 (£779.785): American Government securities. £102.500 (0160 100); cash in banks, deposits etc., £211.299 (£181.149); balances of branches and ngencics. £207.352 7.0163 9 1 1); snnjrv debtors for <wn nrrminb -p-1 bills TPnoivnbln r-.cg < neo tom Totnls co 671.398 7£'>.521.‘”-).

YORKSHIRE LETTER

MAZAMET SKIN WOOLS (From Our Special Correspondent.) Bradford, September 9. Readers have heard -ery little lately about Mazamet and the extent of the business done at that Important centre in France, which has earned the reputation of pulling more colonial woolled sheepskins than we should -ay all o'her centres in the world put together. The water of tlie place is particularly well suited for the purpose, and this no doubt has had a good deal to co with the development of the industry In such a centre as Mazamet. a conditioning house is an essential part of the industry, and the following shows that raw wool forms the largest Dart of the commodities handled. This wool is tested for percentage of moisture before being passed on to the buyers:—

It will be seen that the figures for August were certainly very good indeed. It is particularly gratifying that stocks have been reduced. There is here direct evidence that the activity :eeu in Bradford had its counterpart at Mazamet. Sheepskins Handled. Perhaps we cannot da bettor as showing the great business that is done at Mazamet than give readers some authentic figures. The following figures show the arrivals of sheepskins and grease wools into Mazamet during the past ten years:—

Exports of wool , and skins in the last ten years were as follow:—

Advantages of Cood Water. The fact that Mazamet has a supply of soft water is only one instance of how natural facilities have contributed to the development of industries in particular districts. The. big. factories of the-West Riding are located not far from the best coal fields in the world. Climate, soft water, and coal have all contributed something to the establishment of the big textile industry of the West Riding, but even softer water still is to be found at Mazamet. The establishment of fellmongering works on a large scale in New Zealand and South America enables those in touch with these establishments to see how necessary it is for there to be an adequate supply of water. Sheepskins must be thoroughly washed before being pulled. After boipg well washed the skins are painted on the flesh side with sodium sulphide and . lime. Pelts are put ■ together skin to skin, then put on to a heap for twenty-four hours, when certain bacteriological results are obtained which causes the wool to become loosened from the skin. Then the wool is removed by hand, care being taken to tee that the different qualities are kept separate. The work is none too clean or pleasant, but requires some skill, and a good deal of wool sorting is done by Mazamet pullers in order to get the different lots uniform in quality as well as length of staple. It is really amazing how clean and well prepared for market are the different pulls, and as a rule Mazamet pulled wools are of good colour, while the uniformity of the different lots . commends them to buyers. t ' Current Values. Just to give readers some reliable idea of how Mazamet pullers handle the sheepskins. we give below current values and the classes into which combing and clothing wools are divided, there being real advantage in pulling them tn these lines. The following are the prices at present ruling (free delivered Mazamet railway station, payment cash against invoice. All other cost of carriage, credit, etc., to be added):— English lb.

Test. Pts. Milk. fat. Tl. T. Moorcock . 131.687 4.3 13.16 39.63 52.80 W. Shirley .... 137.875 3.9 13.75 37.63 51.42 R. Bassett .... 121.35 4.3 12.12 36.49 4862 E. J. Tunnicliffo 123.375 3.6 12.33 31.09 43.42 Callister 111.062 3.9 11.10 30.13 41.42 Mra. Ray 79 3.9 7.9 31.56 29.46

Scoured Washed wool wool ... August, 1924. Kilos. .... 379.615 .... 801,414 4,328 August, August, 1925. Kilos. 423.871 448,799 1,807 1926. Kilos. 516,690 1,228,472 4,499 Weighed ouly ... 60,386 20,940 40,535 1,245,743 895.417 1,790,196

1916 Sheepskins. Kilos 32,821,781 Wool. Kilos. 2.725,052 1917 15,663,766 400,884 1Q1R 4,375,562 — 1919 27,184.655 739,982 1920 24.469.475 1,482,422 1921 34,354,610 1,067.806 1922 49.855,565 1,473,109 1923 38,062,399 2,338,483 1924 34,036.770 1,839,115 1925 33.985.143 2.030,788

Wool. Skins. Kilos. Kilos. 1916 11,085,942 3.368,276 1917 8,064,254 2,468,000 1918 2,835,503 178,457 1919 9,538,234 1,232,729 1920 8,753,850 1,916,846 1921 10,729,948 2,160,475 1922 .. 19,456,683 4,298.434 1923 : ... 18,156,010 3,480.841 1924 16,974,255 2.240,394 1925 .. 13,291,132 2.098,743

Long combine wools (washed)— d. to d. Merinos 28 to 30 Fine crossbreds 22 to 24 Medium crossbreds 18 to 20 Coarse crossbreds Short clothing wools (washed)— 144 to 15 Merinos - 21 to 25 Fine crossbreds 19 to 22 Medium crossbreds 17 to 19 Coarse crossbreds .. Scoured clothing wools— 14 to 15 Verv short merinos for flannels 29 to 31 Medium length merinos 32 ■ to ob Fine crossbreds 26 to 28 Medium crossbreds 20 to 22 Coarse crossbreds ...— 17J to 18