FARM & COMMERCIAL

Dominion, Volume 20, Issue 296, 13 September 1927, Page 12

FARM & COMMERCIAL

NEWS AND NOTES

AUCTION SALES TO-DAY. Main Street, Pahiatui, 2 p.m.— Sale of land (F.M.C.A., Ltd.). Levin stock sale. 8 W-illeston Street. 1.30 p.m.—Sale of costumes, frocks, etc. (E. Johnston and Co.). 108 Cuba Street. 1.30 p.m.—Sale of household furniture (Silverstone and Co.). TO-MORROW. 113 Customhouse Quay, 2.30 p.m.—Sale of property, Low°r Hutt :J. M. Power). Johnsonville stock sale. 8 Willeston Street 10.30 a. tn.—Sale of cargo, ex “Westmoreland” (E. Johnston and Co.). THURSDAY. P.N. Saleyards, Plythewood. —Pedigree pig sale (Dalgety and Co.). New Masonic Hall, 11 a.m—Sale of oil paintings (E. Johnston and Co.) .

FARMING INTERESTS

WOOL AUCTIONS LACK OF COMPETITION ALLEGED. BT TELEGBAI’U. —PRESS ASSOCIATION. Gisborne, September 12. The Farmers’ Union decided to approach the Hawke’s Bay, Manawatu, and Wairarapa sellers of wool prior to the forthcoming auctions to ask them to put reserve prices on their offerings. The president asserted that the best values are not received at auctions at present, buyers being on more or less confidential terms with one another. Everybody was organised but the growers. STOCK SALES Messrs. Dalgety and Co., Ltd., report that there was a small yarding of stock at the Bulls sale on September 5. Quotations are as follow:—Fat ,2-tooths, 30s. to 325. 6d.; fat ewes, 30s. 3d.; dairy cows, £6 to £8; dairy heilers. £5 17s. 6d. to £/ 17e. 6d.; yearling Jersey heifers, £4 2s. 6d., wcaner pigs, 20s. to 245.; slips, <As. to 285.; store pigs, 516. to £2. There was a fair entry of sheep and cattle at the Ashhurst sale on September 7, when practically a total clearance was effected under the hammer, dairy cows and heifers at drop meeting with a very keen demand. Dalgety and Co.. Ltd., give the following quotations -.—Fat ewCs, 245. fid. to 28b. lud.; fat hoggets, 255. to 255. 3d.; fat b.f. hoggets, 245. fid.; ewe hoggets. 275. 6d.; springing heifers, £5 15s. Io £6 55.; choice Jersey heifers at drop, to £ll 55.; dairy cows, £6 55.; forward cows, £3, £3 10s.; Jersey yearling heifers, £4 95.; light fat heifers, £4' to £6; weaner pigs 20s. to 255. There was a small entry of both sheep and cattle at the Palmerston North sale on September 8 (Dalgety and Co., Ltd., report). Quotations are <as follow:—Store ewes, Ils.; small wether hoggets, 16s. 6d.; forward ewes. 16s. Cd.; small 2-tooth ewee, r.w. Romney rams, 235. 6d.: store cows, 355., £2 55.; f. and f. cows, £4 2s. fid. to £4 12s. 6d. The Loan and Mercantile Agency Co., Ltd., report on their monthly stock sale held at Waikanae on Thursday:— A. medium entry, of cattle and sheep met with a good clearance at the following prices: Medium mixed sox hoggets, 20s. lOd. to 225. 6d.; forward condition ewes, 225. 6d.; store cows, £2 Bs. to £2 Ils.; small yearling heifers, 375.; dairy cows, £a to £8; springing heifers, £5 to £1) 2s. 6d.

LONDON MARKETS HIGH COMMISSIONER’S CABLED REPORT The Department of Agriculture has received the following cablegram dated September 10. from the High Commissioner for New Zealand, London:— Tallow. Market remains firm with active demand at auction. / Present quotations for spot are: —Mutton: Fine, 375. 6d. to 38s. per cwt.; fair to good. 345. 6d. to 365. 3d.; dark to dull, 325. 6d. to 335. Beet: Sweet and/or mixed, 365. 6d. to 40 s.; fair to good. 345. to 365.; dark to dull. 31s. fid. to 335. Mixed: Fair to good. 345. 6d. to 365.; dark to dull. 30s. to 325. Gut, etc., 295. to 325. 6d. Apples. Trade dull. Very large quantities of English available, mainly interior quality. Prices: American Gravenstein, 9s. to 12s. per case; English dessert varieties. 2s. to 6s. per half bushel; English cookers, ss. 6d. to 7s. per bushel. Hemp. Manila quiet and occasionally easier, with cheap sellers J grade October-Decem-ber shipments down to £43 10s.; closing nrice £44. Output from January 1 to September 5, 862,000 bales, against 892,000 for the same period last year, stocks in Manila, 141.000, against 167,000, and in Great Britain 4500, against 9000. bisal market quiet and easier lor spot and afloat. Sales repprted in bo. 1 down to £37. Better demand for distant shipments Business has been done at £37 10s., but buyers’ present ideas £37. Tow scarce. Small sales reported of No. 1 up to £32. New Zealand: More interest shown in afloat and small business reported for forward shipments on the basis of highpoints. £35 10b.; lair, £34; and common. £33. Tow wanted. Value No. 2, £23 10s., and No. 3, £2t. Wool. Bradford market less active, but tops quotations maintained at last rates quoted. BUTTER AND CHEESE DAIRY BOARp’S ADVICES, The Dairy Produce Board has received the following market report from its London agency, dated September 9:— Butter. 9/9/27. 2/9/27. New Zealand salted 1765.-180 s. 1745.-178 s. Do., unsaltcd 1805.1845, 1765.-182 s. Market firm, closing 180 s. to 1625. for salted. Australian, salted ... 1725.-1765. 1705.-1745. Do., urjsalted ,745.-178 s. 1725.-178 s. Argentine finest un- • salted 1705.-1765. 1705.-1745. Irish creamery, .salted 1765.-178 s. 1665.-168 s. Do., unsalted 180 s. 182 s. 1705.-1725. Dutch, unsalted 1845.-186 s. 1745. Esthoniau 1725.-1765. 1665.-1725. Latvian 1705.-1725. 1685.-170 s. (Siberian 1585.-160 s. 1505.-1565. Danish 186e.-1925. 1835.-184 s. Retail prices unchanged. Cheese. New Zealand, white and coloured 975.-995. 955.-965. Market firm. Canadian finest, white and coloured 985.-100 s. 965.-98 s. Canadian c.i.f. quotation now 98s. to 100 s.. but business still restricted. Australian finest coloured 935.-955. 92a,-935. English finest farmers' 1145..-120 s. 1125.-118 s. Retail prices unchanged. OTHER ADVICES The Bank of New Zealand, produce department, has received the following advice from its London office, under date September 9:— ' Butter.—Firm; 1765. to 180 s. per cwt. Cheese.—Firm; 975. to 995. per cwt. Frozen Meat.—The market is firmer for heavy weight wethers. The advance in ewe mutton is due to forward speculation. The market for lambs has improved owing to short supplies. Wethers, light, 53d. to 6Jd. per lb.; wethers, heavy, sd. to 6}d.; ewes, 4Jd. to 5d.; lambs, 2's, Bfd. to 9Jd.; lambs, B’s, Bfd. to Sid.; lambs, 4’b. Bd. to BJd.; lambs, seconds, 84d. to 6Sd. FRIESIAN CATTLE 7 WAIRARAPA BRANCH OF ASSOCIATION A meeting of the committee of the Wairarapa branch, N.Z. Friesian Association, was held at Carterton on Friday last. Present: Messrs. 0. A. Cadwallader (chairman), P. Bain, E. Knutson, \V. S. Gallon, P. Hodder, and the secretary, Mr. L. 11. Smart. Mr. J. P. Kalaugher, secretary N.Z. Friesian Association, was also present. The financial statement submitted by the secretary showed a credit of £25 ss. It was resolved to pass for payment accounts totalling £l-1 Is. 6d„ including £lO donation to the prize fund for Friesian classes at the Wairarapa P. and A. Show on October 20 and 27. Correspondence was read from the N.Z. Friesian Association regarding a Wellington team for the provincial group competition at the Royal Agricultural Society’s show in Christchurch in November. It was resolved to ask Mr. H. R. Green, of Kairanga, to select representative Friesians from the Waiinrapa herds for inclusion in the 'Wellington team.

Air. Kalaugher reported that a purebred Friesian herd was being established at the Massey Agricultural College, and it was the wish of the N.Z. Friesian Association that the foundation herd should consist of animals of uniform type with good butter-fat backing. A circular letter was being sent to breeders asking them to consider the giving of female purebred Friesians as foundation members of the herd. The Dominion secretary reported that several fine production records had been made recently by Friesians. The following were some of them:—Monavalo Queen Bess (T. 11. Richards, Cardiff, Stratford), holder of N.Z. record junior two-year-old, 740.51 b. fat, also N.Z. record; Junr., three-year-old, 800.181 b. fat, who produced as a. five-year-old 950.91 b. fat in 33-3 davs, has just completed a production of 26461.81 b. milk and 1002.21 b. fat in 365 days. This remarkable production was accomplished milking on three quarters only. Two Junior two-year-olds have recently completed records of over 7001 b. fat in a year. One belonging to H. North and Sons, Omimi. produced 7321 b. fat and the other belonging to T. Sherriff, Temuka, produced 7011 b. There are now seven Friesian Jnr. two-year-olds in New Zealand with production of over 7001 b. fat, while no other dairy breed has even one similar record. Rosevale Queen Sylvia Triumph (IL North and Sons’, Omimi), who last year produced 986.06 lb. fat, is again on semi-official test, and in June she gave 124.791 b. fat and in July 133.921 b. fat. The production for July is a record production for a month for New Zealand. Friesian cows on semi-official test in New Zealand have produced over 1001 b. fat in a month no fewer than 42 times. It was stated that there was likely to be large entries for the Fiiesian classes at the Wairarapa P. and A. Jubilee Show on October 26 and 27. The Piri Land Co. (Taupiri). Central Development Farm (Weraroa), W. Barton (Featherston). Bloomfield Farm Co /Upper Hutt), and O. A. Cedw.illader Grcytown North) being probable exhibitors. The prize moneys in all the classes have been substantially increased The North Island champ'on cups for Friesian bull nnd Friesian cow have been'awarded to this show by the New Zealand Friesian Association, which hns also given troplres valued at eieht guineas each to be won outright for each of (ho classes, ehamnion bull, champion cow. and herd group. It was .resolved to admit owners of registered pedigree Friesian cattle as members of the branch at a subscription of five shillings ycirlv—such members to bo supplied with the official organ for a total subscription of ton shil lines. The Now Zealand Friesian Association reported that iun’or members with the right to register and Io transfer pedigree Friesians would he admitted at an annual euhsoxinflnn -fl-v* ahillinirr..

SYDNEY WOOL SALES HARDENING TENDENCY FOB GOOD SORTS. (Rec. September 12, 10.45 pm.) Sydney, September 12. At the wool sales a very ttrong market ruled, and the hardening tendency reported at the close of last week's sales was again in evidence. For all free wool showing quality all sections operated freely. Short, faulty and burry wools, however, were in less keen demand, and values were distinctly easier. Greasy merino sold to 271 d. per lb. FROZEN MEAT LONDON QUOTATIONS. London, September 10. Sheep. Argentine, medium, sd. per lb. Lambs. Canterbury, medium, 8»d.; seconds, 8»d. North Island, seconds, B*d. Chilled Beef. Argentine, fores. 3Jd.; hinds. 6Jd. Other meats are unchanged.

COMMERCIAL ITEMS

WELLINGTON STOCK EXCHANGE YESTERDAY’S BUSINESS AND PRICES At the afternoon call yesterday sales were reported of nJ per cent. Bonds ilDtlU) at Alibi, Bank of New Zealand shares at 58s. 3d.. and Union Bank shares at £l5. Government stocks and bonds were, very slow. The 4f per cent. Bonds (1938) were in demand at £9(5 -s. (kl., and the 44 per cents. (1930) at £.9< 15s. Wellington Gas (debentures) were steady at £9« 10s., Gisborne Borough, u* per cents., were wanted at £93. Bank shares wore quiet. There were blds ot °7s 9d. for Commercial Bank (ordinary) and £6 15s. 6d. for National Bank of New Zealand. Bank of New Zealand shares were on sale at 58s. 3d. Financial shares were steady. There wore buyers of National Mortgage at (125., New Zealand Guarantee Corporation (ordinary) at 9s. Id., and Wellington Investment at 10s. 3d. Christchurch Gas shares were wanted at 21s. 9(1. (cum. rights), Wellington Gas (ordinary) at 275. Cd., and preference at Ids. 5(1. There were buyers of Standard Jusurnace at GOs., Gear Meat at 365. Cd., New Zealand Refrigerating (10s. paid) at Cs. 3d., Tluddart-Pnrker (ordinary) at 465. 9(1. (cum. dividend). P. and O. deferred stock at £270, and Kelburn Trams at 255. Gd. Wellington

Woollen shares were steady, the ordinary were wanted at £5 17s. Gd., and the preference at £5 18s. Westport Coal shares were firm at 335. Gd. National Timber shares were wanted nt 12s. Gd., and Tui Brewery shares at 38s. Gd. In the miscellaneous section there were buy* ers of D.I.C. (preference) at 20s. 9d., Electrolytic Zine (preference at 275., New Zealand Drug at Gls. (cum. dividend), Dominion Investment at 225. bd.. '\airarapa Farmers’ preference at 14s. 3d., and Wilson's Cement at 355. Gd. Yesterday's buying and selling quo-

SALES IN OTHER CENTRES BY Teitegeafii.— PEESS association. Auckland, September 12. Sales.—lnscribed Stock 11938’, 4} per cent., £96 7s. 6d.; New Zealand Breweries debentures, 235. BJd.; Commercial Bank of Australasia. 285.; National Insurance, 765. 6d.-, British Tobacco. 545. 4d.. 545. 6d.; Wilson’s Cement, 365.; Lucky Knot (contrib) 2s. 3d.; Occidental (contnb.), Ib. 7d., Is. 6d„ Is. ScL; Wr.ihi. 21s. 6d. Christchurch, September 12. Sales Reported.—Bank of New Zealand, 58s. 2d.; South British Insurance, 58s. 3d.; Goldsbrough Mort, 44 s. 8d ; Christchurch Gas (cum. rights), 225. 3d.. rights . 7<1., British Tobacco. 545. 3d., 545. xd.. o4s. 3d. Sales.—Commercial Bank of Australia, 28s.:* South British Insurance, 58s. 3d.; Goldsbrough Mort (new), 435. 9d.: New Zealand Refrigerating (£1 paid), los. 9d.: British Tobacco. 545. 3d (two pa reels). Dunedin, September 12. Sales.—Auckland Amusement Park (ord.), 16s. 9d.; National Mortgage. 635. Sales Reported—New Zealand Refrigerating (contrib.), 6s. sd.

DUNLOP RUBBER COMPANY

The Dunlop Rubber Company of Aus-i,si-i Ltd., has been singularly unfortunate in Buttering another setback through forward purchasing of lubber. According to Melbourne advices, shareholders wm- u informed of this latest nusArtune at a meeting held to consider a resolution regarding the alliance company with the English Dunlop Kub her Company. It was stated by the chairman that trade for the year had been a record, but unfortunately the company had suffered a special loss arising 1 from the purchase of forwa rd rubber. The full extent of that ‘oss .would not be completely ascertained until the final returns from branches m Australia and New Zealand were to hand. The board bad. however, seen sufficient of the position to cause it to fee) that the special loss might make it impossible to pav the same dividend that had been naid in September and March. The raw material in the rubber trade constitutes 60 nor cent of the ’ cost of the finished •irtieie Rubber, sinre March last year, iitd varied in price from a minimum of ts. per lb. to a maximum of Is. 5Jd.. and the company had been hit very hard BRITISH INDUSTRY REVIVING That British industries are reviving is indicated by the continued activity in industrial shares on the London Stock Exchange. Sir Josiah Stamp, an eminent financier, who was in Now f ork when representatives of the Central Banks of the United States, Groat Britain. France, and Germany met in conference has expressed a, belief that the four bankers

discussed what steps could bo taken to prevent the continuous tlov.’ of gold to the United States. He holds that Great Britain is on the eve of au era ot greater prosperity in every branch of its industry, except, perhaps, coal ir.iniug, but progress is being made by the steady fall in the price of commodities His opinion is that the policy of the United States of taking the gold t receives off the market contributes to that iiesult. ■J’lie continuous flow of gold to .the United Ulates, where it, stays, lessens Hie supply of the metal for other countries. I Ins tends to make gold dear, and to cause a steady decline in commodity prices. Such a ’decline enables the industrialists to lower the costs of production and cheapen the prices of their goods, thus stimulating increased consumption. Lord Kylsant, the chairman of directors, speaking at tlie annual meeting of the Koval Mail Steam Packet Company, declared himself a convinced believer in the regular recurrence cf trade cycles, his belief being based on the experience of nn extended and successful business career. It is now just over seven years since the post-war slump began, and Lord Kylsant inclines to the belief that an upward movement, although as yet not very pronounced, has already begun. Encouragement may be derived firstly from the fact that the derangement of trade and industry by the coal stoppage was less' than might have been anticipated. thus proving how great is the reserve of strength of British industry; secondly, from the capacity of the finances of the country to withstand the shock of last vear’s losses without requiring an increase" of taxation, and further, from the undoubted existence of a widespread feeling that the worst is over. Perhaps the best indication of pending industrial activity is to be found in the demand for capital for industrial undertaking. In the issue of the "Financial Tinies" of July 18 there were no fewer than seven prospectuses advertised, the amount involved being £2,494,900. According to that journal the last time that number was exceeded was on November 16, 1925, when the record was ten prospectuses involving £6.190,000, but on that occasion two home corporations and two colonial governments accounted for £5.300,00. whereas on July 18 last the whole of the issues were of au industrial or financial character. The activities represented comprised biscuit-making and the meat trade, newspapers, and Esparto papers, jute, gold-mining, and. fittingly enough, a finance undertaking which is prepared to underwrite on a larger scale than before. Tills is. not without special interest to New Zealand, for the United Kingdom is our chief market, and with the mechanics and artisans fully employed there will be an increased demand for all our products, so that Britain’s prosperity will bo fully reflected in New Zealand. ■ HOWARD, SMITH, LTD. Howard Smith. Ltd., have issued a circular giving details of the issue of 250.000 preference shares bearing interest at 6 per cent. These shares are- being offered at par to existing shareholders in the proportion of one new preference share for every eight ordinary shares held as at September 1. The company's last net profit was £211,608, and the amount required to pay the. year's preference dividend charge on the present issue would bo £15,000. Howard Smith is reported to kave purchased 50,000 shares at par with Southern Blue Metal Company (New South Wales), and that, of the 600,000 shares issued by the Southern Portland Cement (New South Wales), the majority have been allotted to Howard Smith and Hoskins Iron and Steel Company. Both theeo new companies arc stated to have favourable prospects. POTENTIAL BUTTER MARKET The conditions of the dairying industry in the United States, make it abundantly clear that sooner or later America must rely upon supplies of? imported butter. At present her neighbour, Canada, is being drawn upon to furnish milk and cream, forcing Canada to supplement her own resources by imports from Australia and New Zealand. This demand on Canada will have the effect, of stimulating production in that Dominion, but even so Canada will never be able to supply the increasing demands <>f the United States, and that country should be regarded as a potential market for Zealand dairy produce. “The Creamcrj Journal,’’ published in the State of lowa, thus sums up the position: “It was not so very long ago that a rry was heard about the possibility of over-production of dairy products, wliile it looked at one time like there might be ,a calamity from too much dairy products, it proved to bo only a passing condiiton and not one that represented a trend within the industry itself. On the other hand the quesiton is now arising as to the • future supply of butter is to come from to supply the needs of this country. According to federal statistics the cow population is on the decrease, and while this may bo compensated for by increased production per cow, the normal increase .in population will more than use up whatever increase in production may result from the cause. More inroads are being made on the suppl 7 of milk furnishing tiro creameries’ supply of butterfat. The cities are constantly dcmamjing more milk, the bakers, confectioners. and many other industries are increasing their use of milk, so that the supply available for butter is being diminished. The tariff is practically prohibitive under normal prices. It would seem that whenever the tariff permitted the importation of butter moro farmers would turn to milking, yet it seems that the constant care required in dairy farming presents a barrier that oven high prices will not surmount. It eeems that there is a very large percentage of farmers who would rather earn a smaller income with less labour, than they could earn by dairying. So it not. a question of over-production, but of who is going to supply us with our butter in the future.’ PRICES OF RAW MATERIALS. London, September 10. Cotton.—American middling upland cotton, October delivery, 12.39 d. per lb. Rubber.—Fine hard Para, 15d.; plantatation first latex crepe and smoked ribbed sheet, 16B<I. Jute.—September-October, £34 10s. per ton. New Zealand Hemp—August-October, £26 per ton. Linseed oil, £32 ss. per ton. Turpentine. 395. 3d. per cwt. CUSTOMS REVENUE. The Customs revenue collected at the port of Wellington yesterday totalled £ 12,228.

tations were as under: — Sellers. Buyers. N.Z. GOVT. LOANS— 8. d. £ s. d. 4* p.c. Ins. Stk., 1038 06 10 0 5J p.c. ditto, 1030 .... —- 101 6 p.c. Bonds. 1938 .. 96 2 6 96 12 G 4 4 p.c. ditto, 1930 .... 97 15 0 5* p.c. ditto, 1930 .. debentures— — 101 10 0 Wellington Gas .... 9S 10 0 N.Z. Breweries (bonds) Petone/Lower Hutt Gas — 1 3 10 L. Board,'5| p.c.,. 1957 99 0 0 Devonport Borough, 0 p.c., 1936 103 0 0 Gisborne Borough, 5£ p.c., 1945 BANKS— 93 0 0 — Commercial of Aust. 1 7 9 1 8 3 National of N.Z 6 15 6 ■I. 2 18 3 financial— National Mortgage .. N.Z. Guarantee Corp. 3 0 (ord., 8s.) 0 9 1 0 9 u Wellington Investment GAS— . 0 10 1 1 9 Ditto (rights) 0 0 9 Wellington (ord.) ... 1 7 Ditto (pref.) 0 1G «j insurance— < 3 0 0 .i MEAT 'PRESERVING— 1 i (1 ■ ... NLZ. Refrigerat. (10s.) 0 G 3 Well. Meat Export .. TRANSPORT— 9 Iluddart-Parkqr (rod.) 6 7 p. and O. def. stock.. 2 70 0 0 285 0 0 Kolb, and Karon Cl rani. 1 G ■■ • WOOLLEN— Wellington (ord.) .... 17 — Ditto (pref.) COAL— 18 0 1 13 6 •*..* Westport-Stockton 3 0 4 TIMBER— Levland-O'Bricn — 0 12 G breweries— 9 ~~~ 4 Staples and Co rpuj 1 18 6 1 19 6 Ward and Co MIS C E L11A N E OUS— — - 1 0 1 0 Electrolytic Zinc (pref.) 1 7 0 1 10 0 N.Z. Drug (cum.) ... . > 4 0 Dominion Investments 1 — 6 N.Z. Paper Mills .... — Sharland & Co. (ord.) Wairarapa Farmers 14 1 1 0 * pnu f ■ • • Wilsons Cement .... 1 15 6 — mining— Kawarau — 0 0 10