FARM & COMMERCIAL

Dominion, Volume 21, Issue 186, 9 May 1928, Page 14

FARM & COMMERCIAL

NEWS AND NOTES

AUCTION SALES TO-DAY. 14 Brandon Street, 2.30 p.m.—Sale residence, Lower Hutt ( H. E. ■ Leighton.) Featherston Street, 2.30 p.m.—Sale of property (Bethune ..nd Co.) 21 Grey Street, 2.30 p.m.—Sale of land, account Sheriff (Nathan and Go.) Friesland Park, Awapuni, Palmerston North. 12 noon.—Sale stock (A. and W„ Ltd.) Farm, Kelvin Grove (near Palmerston North), 1 p.m.—Sale contents poultry farm (Empire Auctioneering Co.) 53 Tasman Street, 1.30 p.m.—Sale of furniture (It. Wilson and Co.) Johnsonville Sale. lOS Cuba Street, 2 p.m. —Sale of furniture (Silverstone and Co.) TO-MORROW. Lambton Quay, 2.15 p.m.—Sale of land (Harcourt and Co.) 1 Farm, Woodville, 11 a.m.—Sale of Jersey stock account J. Mitchell (IV.S. and Co. and H.B. Farmers.) 195 Lnmbton Quay, 2.30 p.m.—Sale of property, Trentham (Ifarcourt and Co.). Dominion Farmers’ Institute, 11 a.m. — Sale residence. 32 Rawhiti Terrace (Nathan and Co.) FRIDAY. S Willeston Street, 1.30 p.m.—Sale of unclaimed cargo (E. Johnston and Co.) Clarkson’s Garage, Herbert Street, 10.30 a.m. —Sale of unused cars (E. Johnston and Co.)

FARMING INTERESTS PRODUCE MARKETS AUCKLAND Dominion Special Service. Auckland, Muy 8. The potato market Ims recovered from the extreme dulness which prevailed a fortnight ago. Arrivals from the south have been moderate, thus allowing the excess of tubers to pass into consumption. There have been many complaints of southern lines coining forward in an unsatisfactory condition. The current rate for sound Canterbury potatoes, ex store, is £7 10s. per ton; and there is more appearance of stability at this figure than has been the case for some weeks. The onion market is very quiet, with only moderate consumption. The current quotation is Ils. to 9s. (id. per cwt., but some consignments sent up from Canterbury are sold under these prices. The continued demand for New Zealand oats for export to London has had its rotlox on tile local market, and there hds been a sharp advance in values since last report. B Gartons have risen 3d. per bushel to 4s. lOd. ex store and A’s to ss. Id. In sympathy with Hie keen demand for oats, southern merchants have advanced their quotations for chaff. Forward offers have been withdrawn, and for prompt delivery prices asked are fron) 2s. (id. to ss. per ton deafer than was the case a week ago. Locally the price still stands at £9 Ills, per ton. Tile maize market is inclined to be weaker, though prices are unaltered. There is little chance In the wheat market, which is fairly stable at 7s. Od. tq 7s. Bd. per bushel. Wholesale current prices are as follow:— Sharps and brim —Mill prices: Sharps £9 10s. per ton, bran £8 per ton; merchants’ quotations ex store: Pollard £ll, bran £8 l()s. Oats—Feed B Gartons £1 10s., A Gartons ss. Id. per bushel. Fowl wheat. .7s. 6d. to 7s. Bd. per bushel. Maize—Ex store 75., ex wharf os. 9d. per bushel. Barley—Feed ss. 9d. per bushel; Cape barley seed 7s. Od. per bushel. Maize meal, 15s. per 1001 b. Barley meal, 13s. per lOOlli. Chaff —Good bright oaten sheaf £9 10s. per ton for Blenheim or Canterbury. Potatoes —Canterbury. £7 10s. per ton. Onions— Canterbury 9s. to 9s. Od. per cwt.

■ CANTERBURY BY TBLEaEAPB.— par.ss association

Christcliilrcli, May 8. ■There, is practically no change in values since the week-end report. Oats remain very firm at last, week’s quotations. An instance or two of 3s. (Id. on trucks for A Gartons was recorded, but. this figure is fairly general to-day at. handv stations, and a fair amount of selling has taken place at the figure. B Gartons are quoted at 3s. id. to 3s. 2d. AVlicat and small seeds show no change.

There was a mild flutter In peas over the week-end, and ns lijgli as 7s. a bushel f.o.b. S.I. was paid. The spurt, however, was of a temporary character, and to-day values are back at 6s. lOd. Potatoes are firm nt last week’s quotations. Only odd lots are coming In from farmers, and these are mostly to supply contracts entered into. To last Saturday the total weight of potatoes shipped from Lyttelton across the straits was 60,000 sacks. Yields are turning out on the average lighter than was expected, and growers will not talk business under £3 15s. on trucks.

FROZEN MEAT PRICES OF FAT STOCK FOR EXPORT. The New Zealand Meat Producers’ Board advises that the following prices were offered for fat stock tor export at Prime woolly lamb’s: 361 b. and under 11 3-8(1., 37-421 b. 10 5-Bd.. 431 b. and over 10 l-Bd.; second quality lambs, 10 3-Sd Wethers, first quality to 481 b. 7Sd.. lirst quality to 49-561 b. - 7id.. first qtinlitv to 57-0-tlb. O-Jd., first quality, to 05.721 b. Bid., first quality, over 721 b. ud.; second quality,. Cd. Ems, under 481 b. old., 40-50111. 510.. u7-641b. ud., ,65-7211>. lid., over 721 b. 40. Southland: Prime woolly lambs. 361 b. and under 10 7-80., 37-421 b 10*1-8d„ 431 b. and over Old.; second quality lambs, 9 7-Bd. WHOLESALE PRODUCE PRICES i ’ T Messrs. Laery and Co., Ltd report wholesale values as follow.—Mixed fowl feed 5 sack lots or over 65., lesser lots Cs. 3d. bushel; linseed meal, 30 cwt. lots or over £.15 55., i ton lots or over li>s, lesser quantities 16s. 60. per 1001 b.; Bnseed nuts, 30 cwt. Jots or , os ’’ i ton lots or over 14s. per 10011)., lesser lots 14s. fid. per 1001 b., freight paid main line stations on 30 cwt. parcels meal or nuts; oyster shell grit, o suck lots or over ss„ lesser lots ss. 6d. per 1001 b.: pfpi shell grit. 5 sack lots or over 55., lesser lots ss. Od. per 1001 b.; New Zealand wheat. G.W. fowl 7s. Id., broken ss. 6d. per bushel, undergrade (Is. lid. per bushel, less than 10 sack lots 2d. per bushel extra; liarlcv, 4s. fid. bushel; oats, machine dressed and clipped seed Algarians ss. 2d. bushel, farmers’ dressed seed Algerians 45., A grade 4s. fid., feed Gartons 4s. 4d., crushed 4s. fid., duns 4s. 4d. to ss. Id.: linseed, whole, 245.. crushed 275. cwt.; Australian crushed maize, 6s. sd. and 6s. 7d. bushel: Australian whole maize, Gs. lOd. and 7s. bushel: partridge peas, 7s. 9d., feod peas 7s. 3d.; wheatmeal, feed j-ton lots £l2 10s. per ton: meatmeal, feed 4-ton lots £l3. lesser quantities 13s. Od. cwt; butter, farmers' prime separator and dairy bulk and pats Is. Id. to Is. 2d.; turkeys Is. 2d. to Is. 3d. lb.; geese 10s. to 12s. pair; ducks, runtiers, young Bs. to 10s„ largo whites 9s. to Ils. pair; fowls, white loghorns 4s. fid. to ss. (id., black Orpingtons and similar varieties (is. fid. to Bs.; eggs, first grade New laid 3s. 2d. to 3s. 4d., preserved 2s. 2fi. to 2s. -Id., storekeeper 2s. Bd. to 2s. lOd.; fungus. New Zealand Bd. to l()d.; dressed pork 60s. to 90s. (Id. to 7d. per lb.; sucking pigs 7d. to Bd,; maizemeal Bs.; charcoal, 14s. per 501 b. bag: rock salt, ton lots £5 10s., lesser quantities os.; agriculture salt, ton lots £5. lesser quantities ss. fid.; lucerne liny, prime Blenheim £7 10s,, ton X wharf, Hawke's Bay, £4 17s. fid., f.0.b., Hastings; threshed meadow hay, £3 7s. fitl,, f.0.b.. Hastings; mutton bird, in kits Bd. bird, Tasmanian, in casks 7d. bird; molasses, in casks 3Ss„ in cases Bs.: basic slag, 17/20 per cent., arriving June, £4 ss. ion. for; Blopheim chaff, prime ton lots £7 10s. per ton, less than ton lots Bs. cwt., medium quality £6 per ton. less than ton lots 7s. cwt.; Java shelled peanuts, 41. per lb. sacks in, Chinese peanuts in shell. 4>}d. per lb. sacks In; superphosphates, list price; barley meal, £9 ton, 4 ton lots, lesser lots 95.; pcahieal, -)-ton lots £ll, lesser lots Ils. (Id.; bran, -J-tou lots or over £8 10s., lesser lots 95.; pigmeal. 4-ton lots £8 55.. lesser lots Bs. (id.; pollard, 4-ton lots or over £ll, lesser lots Ils. 6d.; black leaf, 40. 21b. tins 1,15., 101 b. tins 505.; Canterbury potatoes, ton lots, whites, £7, Dakotas, £7 10s. per ton, smaller quantities 10s. ton extra.; Canterbury onions, table 7s. 6d. bag, pleklcrs 7s. bag. BRADFORD WOOL MARKET (Australian Press Association.) (Rec. May 8, 5.5 p.m.) London, May 7. The Bradford tops market is marking time, awaiting the opening of the London wool sales. 1

o TALLOW EXPORTS

Exports of tallow (tons) to the United Kingdom and Continent from New Zealand during April were as follow, report Messrs. Dalgety and Co. :■— Corres-

WOOL SALES AND EXPORTS FIGURES FOR APRIL. Sale of wool (bales) In New Zealand during April were as under, Messrs. Dalgety and Co. report:— Corres-

DAIRY PRODUCE MARKET DAIRY BOARD'S REPORT. The Now Zealand Dairy Produce Board has received the following niafket report from Its London office, dated May 4, 1928:—

. Market quiet. Estimated stocks of all butters in public stores on May 1. 10.035 tons, compared with 7556 tons last year. Deliveries from New Zealand this week, 890 tons; in store, Now Zealand this week, 4700 tons. Cheese. 4/5/28. Last week. Now ZealandWhite and coloured 965.-98 s. 905.-975. Canadian — Finest coloured 108s.-110s. 108s.-112s. White 110s. -114b. 110s.-114s. Stocks very low. Australian— . . „„ Finest coloured . 945.-Ous. 935.-945. Market firm; retail prices unchanged. Estimated stocks in public stores ou May 1:— „ . New Zealand and Australian. Canadian. Crates. Boxes. London, Liverpool, Bristol 91,350 <>,500 Compared last year 119,850 22,800 Steamers Arrive. Steamers arrived this week, and commenced discharge' as under: —■ Jtataroa—Cheese, April 30, and butter, Mav 1;' completed discharge May 3. Matatua—Cheese, May 2, and butter, May 1' completed discharge May 3. Port Bowen—London cheese and butter, May 2; completed May 3. . , Mabana—Choose, May 3; butter discharge not commenced. The board has also received the following advice from its agents, in Canada:— Butter: New York, 44J cents (Is. 10t<l.); Montreal, 34J cents (is. sjd.); San Francisco, 41 cents (Is. Bjd.).

Amalgamated Dairies, Limited, have received Hie following market report from Loudon, under date May 5: — Butter: Anchor, 108 s.; other finest, 1665.; firsts, 1645. Market nominally 1625.-1645., but little doing. Danish, 180 s. spot, 171 s. f.o.b. Estimated stock In public stores at April 30, 10,900 tons all butters, Compared with 7550 tons last year. New Zealand stock, 4800 tons, compared with 5550 tons last year. Weeks’ deliveries of New Zealand, 900 tons. Arrivals—Mataroa. Matatua, Maliana, and Port Bowen. Cheese: Finest and first, white and coloured. 975. Market firm. Estimated stocks, New Zealand and Australian. 1)1.37)0 crates. Canadian, 6500 boxes, compared with 119.850 crates and 22,800 boxes last year. Retail unchanged.

COMMERCIAL ITEMS

WELLINGTON STOCK EXCHANGE

YESTERDAY’S BUSINESS AND PRICES

Business on' the Wellington Stock Exchange appears to have eased during tlie last day or two. and yesterday only throe sales were recorded. At the morning <-all sales were reported ot' Bank of New Zealand at (10s., and WcStport-StocktOn Coal (ordinary) at 2s. lOd. At the afternoon cull a sale of Auckland Gas shares at 235. 3d. was reported. Government stocks were in fair demand at late rates. The 4} nor cents, were wanted at. £O7 12s. 6(J., the of per cents, at £99, and the 5k per cents, at £lOO 7s. fid., Wellington City 5} per cents. (1933) ’at £99 ss. Bank shares were very firm. Honk ot Australasia were wanted at £l4 2s. 6d., and the rights at 00s. Commercial Bank were steady at 28s. Od. .Tlugllsh, Scottish. and Australian Bank at £8 os., National of New Zealand at £7 2s. Cd.. Bank of New Zealand at £2 19s. 10d.. Bank ot New Zealand "D” shares at 265. Cd., and Union Bank at £l4 ids. Sellers quoted £4B 2s. 6d. (cuni. dividend) for Bank of New South Wa|cs. Financial shares were firm and unchanged. Dalgety and Co.’s shares on tlie Melbourne register were lu demand at £l4 75., Goldsbrough Mort at 505.. New Zealand Guarantee Corporation (ordinary) at Bs. 3d., preference at 20s. lid., and Wellington Investment at 10s. 3d. Insurance shares were In good demand. There wore buyers of New Zealand Insurance at 41s. 3d., Queensland Insurance at 605., South British Insurance at 58s. 6d., arid Australian I’rovlnclal Assurance at Bs. Od. Gas shares were not In much request, and only Wellington Gas were wanted, the ordinary gt 275. 9d.. and preference at IBs. sd. Meat shares were firm aud miebanged. Wellington Meat Export were wanted at 10s.. and New Zealand Refrigerating (20s. paid) at 17s. 2<J„ and li).<. paid at 8». Huddart-Pqrker ordinaries wore firm at 475. 3d., and Union Steam at 20s. 4d. Kelburn Trams were wanted fit 20s. 3d. Woollen shares were steady. halapol Woollen (ordinary) were firm at. Bs. 9d . and AVellltifTton Woollen (preference) al £6 Cs. Westport-,Stockton Coal were iirrn, with blds of 2s. fid. for Hie ordinary and 3s. fid. for tlie preference. 'Ward and Co. brewery shares were steady fit were buyers of British Tobacco st 40s. od.» Borns, Plillp, am) Co. at 425., Electrolytic Zinc (ordinary) at 30s. Od.. Howard' Smith at 265., Newton King (pre-

fercuec) at 10s. fid., and Wilson’s Cement at 395.

Yesterday's buying and selling quota tions were as under:— Buyers. Sellers.

SALES IN OTHER CENTRES BY 'DabEGHAPH.—PRESS ASSOCIATION

Auckland, May 8. Sales: Government War Loan (1941), 4i per cent., £97 17s. Cd.; Auckland Gas (1932). 5 per cent., £94; City of Auck" land (1943), 54 per cent., £O9 55.: Bank of Australasia. £l4 4s. 0(1.; Bank of Zealand, £3; Golfisbrough Mort, oOs. M.S Auckland Gas. 235. 3d.; Auckland Gas (cont.), 175.: Burns, Philp, 425. Od., Northcfn Steamship (cont.), 7s. 9d.: Kauri Timber, 21s. fid.: Parker, Lamb, l<s. Od., New Zealand Breweries, Ltd., 4os. JU., Moanatalari (paid). Is. 4d.; Kawarau, fid., Walhl, 125., 12s. Id., l“s., J2s. id. Christchurch, May 8. Sales: Commercial Batik of Australia, 28s. Od.; National Bank of Australasia (£25 paid, cum. div.), £9 2s. Od.; E.S. And A. Bank, £8 ss. fid.; Bank of New South Wales. £4B 2s. 6d.: Union of Australia, £l4 165.; Queensland Insurance. 655.; Dalgety and Co. (cum. dlv|), £l4 JOB.; Goldsbrough Mort, 50s. 3d. (three parcels), 50s. 4d. (two parcels); New Zealand Loan and Mercantile (ordinary stock), £lO9 155.; New Zealand Refrig, crating (10s. paid), Rs. Id, (three parcels ; Tooths, 435. fid.; Mason. Struthers (10s. paid), 9s. 5d.: Mahaklpawa, Is, Od.; Mt. Lyell (cum. div.), 325. fid.; ■ ■ , Sales reported: Bank of Australasia, .£l4 4s. 6ft; Now Zealand Insurance, 41s. 6d. (two parcels); New Zealand Refrigerating (10s. paid), Bs. Id., Bs. 3d., Walhl, 3* Dunedin, May-'S. .

Sales: Khwarau, Cd. ,' „ 1 Salos reported: New Zealand Guarantee Corporation. Bs. 5d.; Westport-Stockton, (ord.), 2s. lOd.

NEW ZEALAND’S YEAR

ECONOMIC CONDITIONS REVIEWED ; Tlie “Financial Times” (Loudon) ’sg ll ®* l on March 10 an elaborate ‘ Banking Supplement," and to this supplement Mr'Richard W. Gibbs, who was acting chaiiman.ot the Bank of New Zealand during the absence ot Sir George Eliott, contributed an interesting article ou the. progress made by the -Dominion and tlie economic conditions. 1 “Let be_ remembered.” writes Mr. Gibbs, “that New Zealand is a small country —nevertheless the primary producers of New Zealand eau claim to hold high rank in both the quantity aud quality of Its exports. In the early days flax was one of the chief products, but cannot now rank as of any irreat importance- Gold production in thoac days was also an important industry now reduced, however, to less than half a million sterling. The Introduction of refrigeration facilities rapidly brought the meat and dairy produce within easy reach of the world’s markets, and gave an impetus to those industries exceeding all expectation. Unfortunately, during the war the high prices for meat led to farmers’ companies and others erecting works fair in excess of requirements, and many of these; after making heavy losses, came to a disastrous and untimely end. leaving the more solid, the bettor-managed, and chiefly the proprietary works, to carry on, as before the war, the legitimate requirements of tlie trade. While in 190(1 tlie total export of frozen meat was under £3,000,000. the value of the output has since quadrupled.” With respect to dairying, Mr. Gibbs lu his article says: "Last year was a lean one for our. dairy farmers. The British coal strike reduced the demand materially and falling prices led to heavy reclamations. Added to tills the control board introdi)eed a system of price fixation which had speedily to be abandoned to save an already critical situation. Tlie present season has opened with much brighter prospects, anq uot only is tlie oqtptit showing a considerable' increase-nearly 19 per ceut. —but prices, us compared With last year, are for butter up to 178 s. p.er cwt., a« against 1505., and cheese 1025., as against 80s. Needless to say that in a young country almost entirely dependent on its primary products sUch a substantial advance is most welcome. Wool iS another of New Zealand’s important products, on the price of which tlie prosperity of a large number of our scttlefs depends.”

After dealing with forestry, Mr. Gibbs thus refers to the secondary industries: "New Zealand’s secondary products do not loom large, but, nevertheless are of sufficient importance to warrant notice in any article dealing with the economic conditions of tlie Dominion. Woollen mills, boot factories, motor engineering, printing and publffiliiiig, general engineering, clothing factories, brick, tile and pottery, chemical factories, coal mining. st|w milling, and many others are all doing important work and providing employment tor New Zealanders, Instead of New Zealand finding the wherewithal to Import articles which our own people are capable of manufacturing equally well.”

With respect to banking. Mr. Gibbs writes: "The adverse movement in the banking figures as disclosed by tlie quarterly returns for the past two years called for a necessary ' adjustment in the rates of Interest.. ap additional j per cent, being offered for fixed deposits and the minimum rate for advances being fixed. at 7 per cent. This position wis largely brought about by Government competition, through the Post Office Savings Banff, and the activities of the Public Trust Office to attract deposits. Interest is allowed by the Post office Saclugs Bank on deposits UP to £5OOO, which Is generally considered to be exceeding the scope of the recognised functions of a savings batik. The wrong step having once been taken, tile Minister of Finance lias a difficult task In now making a reduction in the maximum aniquut. but be has intimated his intention of reducing it to £4OOO at au early date, qnd as be realises the influence the Post Office rate must have on Interest rates generally, no doubt lie will, with a view to reducing the price of money, bring about further reductions.” Mr. Gibbs also deals with the Public Debt, general polities, tlie Arbitration Act and Mr. Amery's visit, and concludes by saying: “The past year lias been one

of 'marking time’ for most of our producers and business men. There has been over-competition in most lines of business. In country lauds very tew transactions have taken place, and land values are still, on the whole, too high. Notwithstanding these various drawbacks, which are transient, the position and finance of the Dominion arc sound.”

DENTAL AND MEDICAL SUPPLY

COMPANY

The net profit of the Dental and Medical Supply Company, Limited, has increased from £352 12s. Id. for the year ended .March 31. 1927. to £2510 16s. Ud. for Hie year ended .March 31 last. The company has made an.excellent recovery. Tlie gross trading profits amounted to £24.301). and sundry receipts totalled £-117. the total receipts being £24.726, against £22,987 in the previous year. The working expenses totalled £22.216, against £22.514. Last year the shareholders received no dividend, but this year, as there is brought forward £fifi6, a total of £3177 Is available, aud the directors therefore recommend the payment.of a dividend of 5 per cent., absorbing £2890. and leaving a balance of £287 to be carried forward. The capital of the company at £57,798 is unchanged, as arc also the reserve fund at £7OOO, tlie iusufance reserve account at £5OO, and the premium reserve at £1765 10s. Tlie bank overdraft at £19,097 is £6224 less than last year. Sundry creditors account for £1412. against £875, and the discount resorye Is £199. agalust £194. Tho assets include stock-in-trade £35„141, against £34,177 a year ago; book debts and bills receivable, £15,050, against £14,857: casii in transit, £436, against £359: foreign houses.. £4875, against £8651: landed property and premises unchanged at £33.21)5. and furniture, etc., £2150, against. £2OOO. , The total of the assets is £90,954, against £94,131. FOREIGN EXCHANGE RATES. (Australian Press Assn.—United Service.) London, May 7. Foreign rates of exchange on May 7, as compared with par rates, or as a’veraged fiist half of 1914, are as follow:— .May 7. May 3. Par. Brussels, belgas

PRICES OF SLETALS.

(R?c. May 8, 8.45 p.m.)

Copper—Standard, on spot, £6l Bs. fid. per ton, forward delivery £6l 13s. fid.; electrolytic, £66 10s. and £67; Avlte bars, £67. Lead, £2O os. 3d. aud £2o'llB. 3d. Spelter, £2(l Cs. 3d. and £25 17s. Od. Tin, £232 17s. 6d. and £231 17s. (id. Silver—Standard, 27d. per ounce, fine 29 l-Bd. '

EUROPEAN ZINC CARTEL.

(Rcc. May 8, 8.45 p.m.) Brussels, May 7.

Representatives of the leading zine producers decided to form a European cartel to control production and arrange curtailment when necessary in order to equalise the market overseas. Producers will be invited to co-operate, leading eventually to a world combine. Questioned at the end of the meeting, British.and German delegates expressed satisfaction at the result. They had not expected that so much would be dohe. Now only questions of detail are to be settled, TARANAKI OILFIELDS, LTD. BY TBhSaRAPH.—PRESS ASSOCIATION Gisborne, Slay 8. Taranaki Oilfields, Ltd:, report' as follows Gisborne No. 1 well: 2710 feet lu shale; 64in. diameter, casing to 2689 feet. Gisborne No. 2 well: 395 feet in shale, carrying numerous largo hard concretions; 1211 m diameter, casing run to 365 feet. - THE WHEAT MARKETS. . (Australian Press 1 Association.) (Rite. May 8, 5,5 p.m.) , London, May 7. Wheat—Cargoes are firmer, in sympathy with Chicago aud Winnipeg quotations, which arc 3d. to 6(1. per quarter higher.; Demand is poor. Cymric Pride brought 565. fid., and Goodwood’S 5(Js. Parcels are In small demand at an advance of 3d. Parcels by the Nowshcra and the Clan Murdoch brought 555. (Id. Liverpool futures: May. Ils. 1 3-Bd. per cental; July, Ils. 3jd. per cental; October. Ils. 5Jd. per cental. ■ Chicago, Mgy 7.

Wheat futures: May, 1 .dollar 59J cents, per bushel; July, 1 dollar 59 7-8 cents; September, 1 dollar 58 cents.

LONDON APPLE MARKET. (Reel May 8, 5.5 p.m.) London, May 7.

The Barrabool’s apples brought the following priced-Victorian JoualbunS, tis. to 10S. per case: Kleopatras, 11b. to 12s. fid.; Munros. 10s. fid. to Ils. Ud.. Stewarts, Ms.: Tasmanian. Duke Lhtrenee, Bs. to Of.: Cleopalras. JOS- to Ms. od., Rlbstons. BS. 6<l. to 98-; Tasmanian Clcopati’as, P2s. to 18s. fid.; Coxs, 10s. to IoS., others, Bs. 9<l. to 14s.

PRICE OF GOLD. (Rec. May 8, 5.3 p.m.) London, May 7. The price of gold Is £4 4s. Mid. per ounce.

P. AND O. STOCK. (Australian Press Afi o fln ’r; D “ it ®A Sfirvfce ’ ) (Ree. May 8, u. 5 p.m.) London, May 7. P. and O. deferred stock, £252. CUSTOMS REVENUE. The Customs revenue collected at the port of AVellington yesterday totalled £20,169.

THE PATERSON PLAN '

HOW AUSTRALIA PROTECTS HER FARMERS

LEVY ON BUTTER AND CHEESE , Particulars of the “Paterson” scheme , in regard to the importation of dairy , produce into Australia were received by the Wellington Manufacturers’ Association nt its meeting yesterday, and the matter was referred to a sub-committee - to submit a resume of it to the executive. In forwarding the details the general secretary of the Australian Stabilisation Committee stated that the scheme was ■ a voluntary one and was not in any way governed by Act of Parliament. There , was in Queensland the Marketing Act, and similar legislation existed in New South Wales. The latter was at present being amended, by Parliament. Although those Acts governed the marketing of primary products to a certain extent, they did not in any way apply to the Paterson scheme, which was Federal in character and purely voluntary; According to the documents forwarded, the scheme aims at the stabilisation of Commonwealth markets for butter and cheese, towards which end the Australian Stabilisation Committee has been established. This committee consists of the members of the Dairy Produce Fxport Control Board, and has power (inter alia) to (1) make such levies on all butter aild/or cheese manufactured or produced in the Commonwealth of Australia by the companies named in the agreement as may be necessary to pay an export bounty of 3d. per lb. or such amount as the committee may decide from time to time ou ail butter exported by the said companies; and lid. per lb. or such amount as the committee may decide on all cheese exported by the companies in respect of all butter and cheese upon which a levy has been made and paid. (2) Establish a Commonwealth fund into which, such levies shall be paid and from which all payments for export bounty and administrative expenses shall be made. (3) Obtain returns from manufacturers and producers. In Australia, it was stated, it is generally admitted that the Paterson butter plan increases the price paid for butter by the Australian consumer, and that it is an attempt on the part of the dairy farmer to obtain a price for his product more in keeping with the Australian living conditions than that which he obtained when London export parity was the maximum amount he received throughout ths greater part of the year. Opposition Encountered. Itecognising the force of the dairy .farmers’ claims, consumers (in Australia) raised practically no opposition to the Paterson plan when it was first: given effect to, but later some opposition, developed, based largely upon a miscone ception of the plan. The justice of the plan is urged by reason of the fact that the Australian farmer, is not able to buy his implements, clothing,: etc., at world’s parity prices, or employ lab? our for his farm or factory at the same rates as those paid by his competitors : in other countries. Had such beert c the case there would have been no call ■ for the Paterson plan, and a campaign ‘ was set up to educate the consumers as to the reasons why the Paterson plan was installed.

The New Zealand Manufacturers’ Association decided to ask Messrs. Campbell. Partridge and Whitaker to go through the papers and present a summary of the scheme.

J Invercargill .... Lpril. 185 195 Total for 10 months. 007 1200 ponding 10 mths., 1927. 882 079 39 315 143 967 878 Christchurch .... 403 2403 2195 40 114 11H) 91 78 Wellington ..... 007 4394 2085 Wanganui 287 1755 Oil.. New Plymouth, M al tara 92 730 190 Napier. Walroa .. 210 1950 1198 Gisborne. Tokomnru liny, Hicks Bay 75 837 504 Auckland, Opua . 330 3074 2339 2540 10,103 12,489

Total ponding 10 lor 10 in’ths., April. months. 1927. 26,220 Invercargill .... - — 30.755 Dunedin ,. 2.314 78,895 71,159 Timaru 1,11)0 31,521 29,1611 Christchurch .... 33 73,920 75,131 Blenheim 7 150 245 107,421 Wellington 42 112,281 Wanganui 53 58,030 58,838 Napier — 08,822 89,400 (Byborne 1,305 2,001 Auckland tJI 47,397 45,944 505,720 3,000 533,091 THE MONTH'S EXPORTS. Exports during April were:— Corres- » Total ponding' 10 for 10 mths., April. months. 1027. Invercargill .... 4,017 35,155 32,724 Dunedin '3,027 78.979 63.081 Oflmaru Tim ar u 617 2,542 2,127 1,78+ 38,558 39,353 Christchurch .... 5.004 84,444 02,874 Blenheim 51S 3.492 4.650 Nelson Wellington 128 18,122 596 137.342 081 118,835 Wangapul 5,809 (12,354 56,033 New Plymouth, Waltani ...... Napier, Wairoa . 127 5,029 1,457 104,865 1,107 102,287 Gisborne, Tokomaru Bay, irielcs Bay 640 27,944 24,639 Auckland, Opyi . 4,351 51,322 53,266 50,823 624,050 592,857

Butter. 4/5/28. Last week. New Zealand— Finest Halted lG2s.-166s. l(I4s.-16Gs. Unsalted .. 10«s.-172s.-170e. 108s.-176s. Australian— 150s.-15ls.-156s. 152s.-150s. Salted .... Unsalted 152s.-150s. 152s.-156s. Argentine— 152s.-150s. Finest unsalted . 152s.-156s. Irish creamery Salted 162s.-164s. .164s.-16Sr. Uinalted 164s.-160s. 16CS.-170S. Dutch creamery— 1683.-172s. Unsalted 170s.-3748. Entbon’ttn—-168s,-170s. Salted ..... IGGS.-ltlSs, Unaalted .... 168s.-170s. 108S.-170s. Latvian ..... ,... Not quoted 168s.-170s. Siberian ..... 150s.-152s. 152S.-151S. polish— Salted Unsalted .... 156s. not quoted Danish. 172s.-180s.: spot, 108s.-169s.; f.o.p., 180s..182s.. 172s.

N.Z. GOVT. LOANS— £ s. d. £ S. J. 4j p.c. Ins. Stk., 1939 4J p.e. ditto, 1938 ... .)( 12 0 97 12 0 5» p.c. ditto, 1933 ... 100 12 fi 54 n.c. ditto, 1930 ...100 7 (1 100 15 0 51 p.c. ditto, 1941 ... 99 0 0 — 4j p.c. Bonds, 194.1 ... 97 17 c 41 p.c. ditto, 1939 ... 97 12 6 —— 41 p.c. ditto, 1938 ... 97 12 (J 97 17 6 44 p.c. ditto, 1930 ... 98 15 0 5* p.c ditto, 1933 ...100 7 6 — 5i p.c. ditto. 1936 ... 1 DEBENTURES— 00 7 6 — N.Z. Breweries (bonds) Wellington City, — 1 4 0 p.e., 1933 99 0 — BANKS— Australasia Ditto (rights) 11 M 6 —• t) 0 0 — Commercial of Aust. 1 s 6 English. Scottish, and 'Australian . (ex-div.) 8 6 0 — National of N.Z J l 6 —— New South Wales .. — 48 2 6 o 19 to 3 0 Ditto “D” shares (£1 1 6 6 Di'tto “D" shares (15s 6 1 1 1 2 Union of Aust financial— 14 16 0 14 IS 0 Goldshrough Mort ... Dalgety and Co. (Mol- - 10 0 — bourne register) .. N.Z. Guarantee Corp. 14 0 — 6 lord.. Ss.) 0 8 3 0 8 Ditto (pref.) .; 1 0 9 Well. Invest., T. & A. 0 10 3 0 11 0 GAS— Wellington (ord.) ... 1 7 9 1 8 3 Ditto (pref.) INSURANCE— 0 16 d 0 15 ... ■ ~ 10 New Zealand 2 1 j» —• 0 0 ... 18 0 — Aust. Prov. Asset*. .. MEAT PRESERVING0 8 0 — Gear —- 1 39 9 N.Z. Relrlgerat. (£1) 0 17 ft 0 17 6 Ditto (10s.) 0 '8 0 0 8 3 Well. Meat Exp. (otd.) TRANSPORT— 0 10 0 Huddort-Parker (ord.) 0 3 2 7 9 Union Steam (pref.).. 1 4 1*. ant] O. def. stock.. —- 255 0 0 Ditto (new issue) ... — 250 0 0 Kell). & Karori Train. 1 6 3 ■ WOOLLEN— KalapOi (ord.) 0 8 9 — Ditto (contrlb.) 0 X. 0 — .Wellington (pref.) ... COAL— 6 6 0 .. — 1 10 G Westpprt-StocktOn 0 o f) 0 3 1 17111 to (pref.) • •• 0 6 — TIMBER— Leyland-O’Brien «... *— 1 15 0 12 National —- ——. 0 12 BREWERIES— New Zealand — 0 Staples and Co — 1 17 Ward and Co riu 0 1 18 0 - 0 15 0 MISCELLANEOUS— C. M. Bantis (pref.) .. British Tobacco (Aust (ord.) • ••■• Burns, Philp, aiid Co. 0 19 0 6 0 2 0 2 2 9 9 Electrolytic Zinc (ord.) i 10 6 1 11 6 Howard Smith (ord.) 1 6 0 —— Newton Kin# (pref.) c 10 9 N.Z. Paper Milla • - 0 16 9 Sharland and Co. . . 1 0 Wilson's Ceuient .... MINING— 1 10 0 — IVaihi ,.. ti 12 0 — Wailii Grand Junction 0 1 3 —

to £1 34.05 34.05 SS Paris, francs to £1 Stockholm, kur. 124.02 124.02 25.224 to £1 18.20 18.19 18,12 Oslo, knr. to £1 18.23 18.12 Copenhagen, knr. to £1 Berlin, rcichs18.20 18.20 18.12 marks to £1 .. 20.40 29.40 20.43 Rome, lire to £1 Calcutta, pehce to 02.83 92.65 25.22$ rupee 18 18 IS Yokohama, pence »o yen 23 1*18 23 5-10 24.43 Hong-Kong, pence to dollar 244 244 24 Montreal, dollars to £1 4.88 1-3 4.87 31-32 4.880 New York, dollars to £1 .. 4.88 3-32 4.87 15-18 4.806 Amsterdam, florins to £1 12.094 12.10 12.107 Batavia, florins to £1 12.10J 12.10J 12.107 Prague, knr. to £1 104} 1644 .—