FARM & COMMERCIAL

Dominion, Volume 21, Issue 191, 15 May 1928, Page 12

FARM & COMMERCIAL

NEWS AND NOTES

AUCTION SALES TO-DAY. Dominion Farmers’ Institute, 2.30 p.m. —Sale of land (11. Baker, Ltd.) Maxwell, 2.30 p.m.—Sale of stock (Farmers’ Co-op. Organization of N.Z.) Dominion Farmers' Buildings, 7.30 p.m. • —Sale of shopping sites, Hutt Valley (Commissioner Crown Lauds.) Cuba Street, 1 p.m.—Sale of carpets (E. Johnston and Co.) Leviu sale. TO-MORROW. 105 Customhouse Quay, 11 a.m.—Sale of land at Eastbourne (S. G. Nathau and Co.) *l5 Pipitea Breastwork, 11 a.m.- —Sale of cars (E. Johnston and Co.) Johnsonville sale. Corporation Yards, 2 p.m. —Sale unclaimed dogs (W.C.C.) THURSDAY. Yards, Waerenga Road, Otaki, noon. — Sale of laud (Dalgety and Co.) Hall Street, Masterton, 11.30 a.m.—-Sale of land in Pine Street (Masterton Auctioneering Co.) Dominion Farmers’ Institute, 2.30 p.m.— Sale of land (S. G. Nathan and Co.) East Road, Shannon, 12 noon. —Sale of stock (A. and W., Ltd.) Waikanae sale.

FRUIT ON LONDON MARKET

The New Zealand Fruit Export Control Board yesterday received the following cablegram from its London representative, Mr. H. E. Stephens:—Rotorua pears sound condition. In view of early finish South African pears, am holding five thousand cool store. Apples: Present prices low. Cornwall now discharging. Jonathan, Delicious, Ils. 6d. and 13s. Cox’s, 12s. to 15s. Dunns’ Favourite, London Pippin, 10s. to Ils.

FARMING INTERESTS LONDON MARKETS HIGH COMMISSIONER’S CABLED REPORT The Department of Agriculture has received the following cablegram dated May 12, from the High Commissioner for New Zealand, London: —- Tallow. No auction this week. Market quiet but steady at last quotations. Hemp. Manila market dull and easier. Closing values sellers “J" grade May-July shipment, £37 15s. Output January 1 to April 30, 454,000 bales, against 429,000 same period last year. Stocks in Manila on April 30, 143,000, against 136,000; in Great Britain, 20,525, against 5684. Sisal market quiet with sellers offering close at hand more freely. Spot and near now quoted: No. 1, £36 10s.; No. 2, £34 las. to £3o. t New Zealand market very quiet. It is reported freight to Great Britain reduced 15s. per ton. Nominal closing values: Highpoints, £3l; fair, £2B ss. to £2B 10s.; common, £2B; No. 2 tow, £2O; No. 3, £l7 10s.; May-July shipment. Wool. Sales continue with good competition at the somewhat lower level now established. Good haif-breds, about 5 per cent.; other cross-breds, par to 5 per cent. down. Apples. "Mahana” mature and large fruit bruised, otherwise condition good. “Cornwall’’ and "Rotorua” have commenced to discharge. No material change in market. Prices: Cox’s Orange, 12s. to 15s. per case (wasty parcels as low as 55.); Rome Beauty, Jonathan and Delicious, 10s. to 125.; Cleopatra, 12s. to 145.; Dunn’s Favourite, 10s. 6d. to 12s. 6d.; London Pippin and Adam’s Pearmain, 9s. Gd. to Ils.; Ballarat seedling and King David, Ils. to Ils. Gd. Pears. Ex Rotorua in the market. Mainly sound, except Beurre Bose, in which some waste. Trade quiet. Prices: Josephine, 4s. to 6s. per tray; Beurre Bose and Winter Nells, 3s. Gd. to 55.; P. Barry, 3s. to 45.; Winter Cole, 3s. to 3s. Gd.

BUTTER AND CHEESE DAIRY BOARD'S ADVICES. ■ ' The New Zealand Dairy Produce Board has received the following market report from Its London office, dated May 11:— Butter. 11/5/28. Last week. N.Z. finest salted' .. 1625.-1665. 1625.-1665. up to 168 s. N.Z. unsalted 1685.-17 Cs. 1665.-1765. Deliveries N.Z. this week, 1000 tons. In store N.Z. this week, 5000 tons.

tall prices unchanged. Cheese. New ZealandWhite and coloured 905.-975. 965.-98 s . up to 9Ss. Canadian—Finest white .... 1125.-114 s. 110s.-114s. Up to 116 s. Coloured 10Ss.-112s. 108S.-110S. Australian— Coloured 935.-955. 945.-955. English farmers’ stocks cleared. Market quiet. Retail prices unchanged. Mataroa completed discharge, cheese May 4, butter May 5. Mahana completed cheese May 5, commenced discharge butter May 8. Vessels arrived this week arc :—Cainebridge commenced discharge butter and cheese, May 9; Middlesex, commenced discharge butter and cheese May 10. The board has also received advice from its agents in Canada as follows:—Butter. —New York, 45 cents (Is. lOJd.); Montreal, 33J cents (Is. 4Jd.); San Francisco, 41 cents (Is. SJd.).

The Bank of New Zealand has received the following advice from its London office, as at close of business last week:— Butter.—Steadier and iu better demand. lG2s.' to IGGs. per cwt. Cheese. —Quiet, 90s. to 935. per cwt. Frozen Meat.—The market is firmer for heavier weight wethers. Ewe mutton is in short supply and prices are nominal. The market for lamb is steady. Beef is quiet, but firm. Wethers: light, Old. to 7Jd. per lb.-'; heavy, s,{d. to SRI.. Ewes: 4ld. to SRI. Lambs: 2’s, 9Jd. to lUd.; B’s, 9d. to Old.; 4’s, BJd. to BJd.; seconds, 9d. to 9Jd. Ox hinds: 4jd. to sjd.; fores, 3Jd. to SJd. Cow hinds: 4ld. to 4Jd.; Tores, 31tl. to 3ld. STOCK SALES . ' 1 Messrs. Dalgety and Co., Ltd., report that there was a fair entry of sheep and cattle at the Mangaweka sale on Thursday. Quotations :—Four and five-year ewes, r.w. Romney rams, 245. to 275. Gd.; store ewes, 155.; small ewe lambs, 20s. Id.; small m.s. lambs, IGs.; small wether lambs, 165.; wether lambs, 17s. lid.; two and four-tooth wethers, 30s. Gd.; fat ewes, 255. 3d.; fat heifers, £7; fat cows, £6, £6 55.; fat aud forward cows, £4; store cows, £3 10s.; m.s. yearlings, £3 7s. Gd. Messrs. Dalgety and Co., Ltd., report that there was a moderate entry of sheep and a fair yarding of cattle at the Feilding sale on Friday. Fat sheep again showed a rise, and stores met with ready sale. Quotations: Fat lambs, 265. Gd. to 28s. Gd.; fat ewes, 275. Gd. to 20s. 3d.; fat wethers, 345. to 30s. Gd.; fat two-tooths, 30s. Gd. to 335. Gd.; mixed lambs, 225. Gd.; small wether lambs, 17s. 3d.; fat and forward two-tooths, 28s. 7d.; five-year ewes, r.w. Southdown rams, 28s. 4(1.; dairy cows in milk, £7 to £l3; Jersey springing heifers, £7 15s. to £8 10s.; Jersey weaner heifers, £4 10s.; forward cows, £3 15s. to £4; store cows, £2 10s. to £3; fat cows, £4 15s. to £G 15s.

FROZEN MEAT

FASHIONS CHANGING IN BRITAIN DEMAND FOR SMALLER JOINTS (United Service.) London, May 13. Messrs. Weddel and Co.'s report on chilled and frozen meat for 1927 recalls the fact that fashions in meat are changing owing to altered social conditions. There is also home cooking and consumers are demanding smaller joints. The report says that the Argentine producers are to a small extent meeting the situation by fattening and killing steers at from twelve to eighteen months, instead of as thrce-ycar-olds. STOCK-RAISERS NEED TO READJUST METHODS (Australian Press Association.) London, May 13. Messrs. Weddel and Company’s report of the meat trade for the year ended December 31, 1927, directs attention to the increasing demand in the United Kingdom, the retail purchase of smaller joints, and of chops and steaks. The report states: "Overseas stock-raisers .need to readjust their methods in order to produce small-sized, early maturing animals, specially those with a prominence to a heavy type.” The report describes ns "a crazy system of' so-called freetrade, giving the free run of our great market to foreign nations, without possessing any retaliatory means when those nations treat British manufactures unfairly. It makes that policy a world’s laughing stock.”

The report mentions the scarcity of prime Australian lamb and the smaller quantity of New Zealand’s. Both found that Argentine competition was unusually keen. A decrease in the Continental demand by 10,000 tons was wholly in respect to Australian meat. It was necessary to point out that Australia exported to Great Britain 135,090 more carcasses of mutton and New Zealand 100,009 fewer, whereas Australia sent to Great Britain 354,000 fewer lambs, and New Zealand 304,000 more. In beef Australian decreased by 275,000 quarters, but the New Zealand decline of 107,000 to 131,000 was more Significant. Australian lamb averages were SJd., as compared with 5Jd. pre-war; New Zealand was Old. as compared with 0 l-Bd.; Argentine was Bd., as compared with 5 7-Bd. Australian mutton was 4 3-Bd., as compared with 4d.; New Zealand as compared with 4}d.; Argentine, 5 5-Bd., as compared with 4 l-Bd. There was still room for improvement in the dressing of New Zealand carcasses.

EGG-LAYING COMPETITION

MASTERTON CLUB. Dominion Special' Service. Masterton, May 12. The following are the results of tho egg-laying competition being conducted atSolway poultry farm by the Masterton Egg-laying competition for the sixth week, ended today:— Eggs for week.’Totals.

CUSTOMS REVENUE. The Customs revenue collected at the port of Wellington yesterday totalled £lO,487.

COMMERCIAL ITEMS

WELLINGTON STOCK EXCHANGE

YESTERDAY’S BUSINESS AND PRICES

At the morning call yesterday a sale of Bank of New Zealand shares at 60s. 3d. was reported. At the afternoon call a sale ot Bank of New Zealand at 60s. 3d. was made on 'Change, and the sales reported were 41 per cent, stock (1938) at £97 155., 5} I>er cent, stock (1933) at £lOO 10s., Bank of Australasia at £l4 ss. Gd., Union Bank at. £l4 19s. 3d., N.Z. Guarantee Corporation at Bs. 5d., and Wellington Gas at 28s. Government securities were steady, with buyers of the 4J per cents, at £97 12s. Gd., and the 51 per cents, at £lOO 10s. Wellington City 5J per cents, were wanted at £99 55., Wanganui City per cents. (1915) at £lO9, Wellngton Gas debentures at £lOO, and Wellington Racing Club at £196 10s. ■ Bank shares were steady and firm. Bank of Australasia were in demand at £l4 35., the rights at £3; Commercial Bank (ordinary)) at 28s. Bd., preference at £7; Commercial Bank of Sydney at £26 10s„ Bank o£ New South Wales at £47 17s. Gd., cum dividend, Bank of New Zealand at 605., Bank of New Zealand D shares at 265. Bd., and Union Bank at £l4 18s. (id. There were bids of 50s. 3d. for Goldsbrough, Mort, Bs. -Id. for New Zealand Guarantee Corporation, Bs. Gd. for N.Z. Investment. 10s. 3d. for Wellington Investment, 9s. for Wellington Deposit, and £lO5 for N.Z. Loan and Mercantile.

Insurance shares were firm. Queensland Insurance were wanted at 625. Gd., and South British Insurance at GOs. For Christchurch Gas shares 235. lOd. was bid, and for Wellington Gas 275. lOd. Meat shares were steady. Wellington Meat Export were wanted at 10s. Gd., and New Zealand Refrigerating 20s. paid at 17s. 4d. Huddart-l’arker were firm at 475. for the ordinary, and 20s. Bd. for preference. Wellington Woollen, preference were firm at £6 6s.

There were buyers of Westport Coal at 295. Gd., Westport-Stockton, ordinary at 2s. 9d., preference at 3s. 3d., British Tobacco at 41s. 3d., Burns, Philp at 425. 3d., Burns, Philp South Sea at 255. 9d., Dominion Investments at 225. 9d., Electrolytic Zinc ordinary at 315., preference at 325. Gd., Howard Smith at 275., Newton King (preference) at Ils., Taranaki Oil nt Bs., Wellington Queen’s Theatre at 20s. Cd., and Whitcombo and Tombs at 70s. Gd.

Yesterday's buying and selling quotaions were as under: —

SALES IN OTHER CENTRES Bv Telegraph.—Press association Dunedin, May 14. Sale reported: New Zealand Refrigerating (con.), Bs. sd. Auekland, May 14. Sales: New Zealand Breweries (debentures), 235. Gd.; Bank of New Zealand. GOs. 3d.; Hikurangi Coal (pref.), 6s. 3d.; Hikurangi Coal ("A” pref.), 75.; New Zealand Farmers’ Fertiliser, 89s. Gd.; Sanford (pref.), 20s. 3d.; Tonson, Garlick, 12s. ClirlHtelinrch, May 14. Sales: Bank of Australasia, £l4 6s. Gd.; Commercial Bank of Australia, 28s. Bd. (four parcels), 2Ss. 9d. (two parcels); Bank of Now Zealand, GOs. 3d., GOs. 2d. (odd parcel), GOs. 3d.; Howard Smith, 275. 3d. (two parcels); New Zealand Refrigerating (£1 paid), 17s. 9d.; Stockton Coal (ord.), 2s. lid.; Mt. Lyell (cum. div.), 325. lid. Sales reported: Bank of Adelaide, £9 75.; Bank of Australasia, £l3 6s. Gd.; New Zealand Insurance, 41s. Gd.; British Tobacco, 41s. 9d. BANKRUPTCIES During the month of March there were 78 bankruptcies throughout the Dominion, as compared with 94 in March, 1927, a decrease equal to 17 per cent. Of the total, 61 were recorded in tho North Island, against 62 in the corresponding month of last year, and in the South Island 17 against 32. In the three months to the end of March, (he bankruptcies in the North Island numbered 135, against 150 in the first three months of last year, and in the South Island the total was 50, against 65. Thus the total for the Dominion was 185 against 215, a reduction equal to about 13 per cent. In addition there were 56 deeds of assignment, of which 35 were in the North Island and 21 in the South Island. Similar figures for last year are not available. N.Z. FARMERS’ FERTILIZER CO. A net profit of £17,626 was earned by the New Zealand Farmers’ Fertiliser Co., Ltd., for the year ended Marell 31, which compares with £25,187 in the previous year, a shrinkage of £Bl6l. In their report the directors say: “The net profit earned this year is much less than that of the three preceding years, and is entirely due to the keen competition which obtained for more than nine months of the period.” This competition is now at an end and the directors think that the return to higher prices was inevitable iu the interests of the industry, To the net profit must be added £13,236 brought forward from the previous year, making available £30,862. Out of this a dividend of 6 per cent, is declared, absorbing £15,720, leaving £15,142 to be carried forward. Last year the dividend was at tho rate of 74 per cent. The paid-up capital is £261,995 in £5 shares, which are now to be split into £1 shares. The reserve is unchanged at £17,647; open accounts and sundrycreditors stand at £42,494, against £44,860: unclaimed dividends, £llB5, against £028; and bank overdraft, £168,502, against £181,221, a reduction of £12,719. The assets total £539,537, and include land, building,_machincry y -ctc.,. £411,550, against

£424.378; stock, £42,680, against £04,824; rights and concessions .unchanged at £13,000; sundry debtors, £55,384, against £37,265; and cash, £7O.

THE BUTTER MARKET

There was a slight drop in the London quotation for New Zealand salted butter during tho past two or three weeks. Messrs. IV. Weddel and Co. Ltd., in a cable message to their agents, state that the chief causes for the weakness in butter quotations throughout April have been (he heavy- arrivals of Australian butter, and the pressure of Australian sellers to clear their stocks. “Kangaroos’ have been quoted down to 1525., and with large quantities of Australian butter being ottered at this figure it has been difficult to keep the New Zealand price up to 1645. to IGGs. Even although the market may show some further weakening, Messrs. Weddel and Co. are of the opinion that there will be an improvement towards the end of May or early in June, when the bulk of the Australian offerings will be cleared, and tile pressure of Australians to sell will have ceased. The future will depend very considerably oa the weather conditions in the Northern Hemisphere, and present reports indicate that an early spring with a flush production is likely. A bright aspect of the situation is that stocks in New Zealand amount only to some 5500 tons, against 10,700 tons a year ago, so that shipments from New Zealand during the next few months will be considerably less than a year ago. Commenting on the increased duty on butter imposed by the Commonwealth Government, and which will become opeiathe next month, the Melbourne Argus of a recent date says that New Zealand exporters have been anxious to place a large quantity of butter on the Australian markets and to some extent they have been successful, as speculators, expecting that an advance of 2d. per lb. will be ““de in the price of butter when the mw duty becomes effective, have regarded purchases as a sure means of reaping a handsome profit. Butter interests in New Soiuh V ades which have built up large stocks of butter in cold store also have looked forward to substantial profits from an increase in the country under tho Paterson plan. Ihe decis-ion of the stabilisation commit ee has put a complexion on the situation different from what those interested in stored stocks and New Zealand butter desired. Ibo butter now stored would not, in any case, participate in the increased bounty, but it will 1 be sold in the Australian markets.

Australian — Finest salted .... Unsalted 152s.-156s. 150s.-156s. 154s.-15Gs. 152s.-156s. Argentine— 152s.-156s. 152s.-150s. Finest unsalted Irish — Creamery, salted 160S.-162S. 162S.-1G4S. Unsalted lOts.-liWs. 164s.-166s. Danish (spot) .... ITOs.-lSOs. 179s.-180s. Danish (f.o.b) .... 170s.-171s. 168s.-lG9s. Dutch— Cteamcry, unsaltcd 1G8S.-170S. 170s.-174s. Estonian — Salted IGOS. 16GS.-1G8S. Unsaltcd 162s. lGSs.-170s. Latvian — Salted 160s. — Unsalted ........ 162s. — Siberian 150s.-152s. 150s.-Io2s. Polish— .. Salted 146s. 146s.-14Ss. Unsaltcd 156s. 156s. Market firmer on improved demand. Ke-

SINGLE BIRDS. E. ,r. Wing, W.L., No. 1 .. 5 34 E. W. Tooby, W.L 31 B. Pimm, B.O ... 31 Opaki Stud Earm, W.L T. and J. Taylor, W.L 4 29 5 27 W. Spence, W.L. 6 G. E. Moody, W.L '. o 23 Rayner Bros., B.O., No. 1 .. 4 23 E. A. Tozer, B.O •■>•> E. J. Wing, W.L., No. 2 .. o 17 Rayner Bros., B.O., No. 1 15 H. C. West, W.L ... Rayner Bros, W.L . <) 8 L. A. Wadliam, B.O. .... 4 A. Cook, W.L . —— 3 IL j. Pryor, ll.I.R. — 1 —■ 53 SOI TEAMS. 1 C. H. Robbins, W.L., No. 1 . 5 31 28 34 ” No. 3 6 ‘ .96 F. Taylor, W.L., No. 1 5 33 „ No. 2 6 33 No. 3 27 93 Dr. Tweed, W.L.’, No. 1 • 5 27 No. 2 „ No. 3 . 4 28 87 E. W. Tooby. W.L., No. 1 . r» 28 No 2 , 1 31 No. 3 ....... 4 S W. Spence, W.L., No. 1 No 2 6 25 31 No 3 ‘ .. 4 24 80 Geo. Waring. W.L., No. 1 . No 2 4 4 26 26 ” No ” 4 24 76 Geo. Masters, W.L., No. 1 6 30 2G M J* 0, ~ . No. 3 6 1G Rev. Blatbwayt, B.O., No. 1 4 26 4 25 No- 3 3 IS G9 Opaki Stud Farm. W.L., No. 1 G 35 No. 2 4 10 No. 3 14 cs Geo. Webb, W.L., No. 1 . 1 6 No. 2 11 ” No. 3 7 30 66 A. A. Hoare, W.L., No. 1 3 23 31 3 57 J, Bradbury, W.L., No. 1 . 1 1 No. 2 3 ” No. 3 4 IS 41 t? K. McDonell, W.L., No. 4 11 No 2 . I 10 ” No. 3 4 20 41 H. C. West, W.L., No. 1 ... 4 26 No 2 ■ ” No 3 ....... . 11 39 p. Freeman, No. 1 4 15 24 ” o. o 39 A. A. Hoare, R.I.R., No. 1 . 4 11 26 „ - — 37 j. D. Rowlands, R.I.R., No. — 8 ” 3 33 C. E, Brock, W.L., No. 1 ■ 1 o 15 16 194 1091

Buyers. Sellers. N.Z. GOVT. LOANS— £ s. d. £ s. d. 4| p.c. Ins. Stk., 1039 97 12 6 —— 4j p.c. ditto, 1938 ... 97 12 6 54 p.c. ditto, 1933 ... ——. 100 15 0 5i p.c. ditto, 1941 ... 99 0 0 —— 4 p.c. ditto, 1943/1963 —- 78 0 0 4J p.c. Bonds, 1939.. 97 12 0 4| p.c; ditto, 1938 ... 97 12 (i 41 p.c. ditto, 1930 ... 97 15 0 98 10 O* 51 p.c. ditto. 1930 ... 100 10 0 DEBENTURES— Wellington Gas ....100 0 0 — N.Z. Breweries (bonds) — 1 4 Well. Racing Club .. 106 10 0 — Wellington City, 51 p.c., 1933 99 5 0 —- Wanganui City, 5} p.c., *■> 1945 .100 0 0 I BANKS— Australasia 14 3 0 — ■ - Ditto (rights) 3 0 0 — Commercial of Aust. (ord.) 1 8 8 1 8 9$ Ditto (pref.) 7 0 0 —— • Commercial Banking Co. of Sydney 26 10 0 — New South Wales ... 4717 6 48 5 07 0 0 3 0 4Y Ditto “D” shares (£1 paid) 1 6 8 —— Ditto “D” shares (15s. •1 8 . — Union of Aust 14 IS 6 — FINANCIAL— Goldsbrough Mort .. 2 10 3 —— N.Z. Guarantee Corp. (ord., 8s.) 0 8 4 0 8 6; Ditto (pref.) 1 0 9 — N.Z. Invest., Mortg., and Deposit 0 S 6 —— N.Z. Loan and Merc. Agency (ord.) 105 0 0 109 0 0 Wellington Invest;* T. and A ...... 0 10 3 0 11 0 Well. Deposit & Mortg. 0 9 0 —— GAS— Christchurch 1 3 10 1 4 3 Wellington (ord.)' ..... 1 •7 10 1 8 3 Ditto (pref.) ..V.'.'.J. 0 16 6 — INSURANCE— 0 15 11 Queensland ...9..... 3 6 — South British 3 0 0 —— MEAT PRESERVING— - 1 19 9 N.Z. Refrigerat. (£1) 0 17 4 Ditto (10s.) •—— 0 S 4 Well. Meat Exp 0 10 6 0 11 3 TRANSPORT— Huddart-Parker (ord.) 2 7 0 2 7 6 Ditto (pref.) 1 0 8 —— P. and O. def. stock.. ——• 255 0 0 WOOLLEN— Wellington (ord.) .. ■—- 6 5 0 Ditto (pref.) 6 6 0 — COAL— Westport 1 9 6 1 10 6 Westport-Stockton (ord.) 0 9 Ditto (pref.) ".. 0 3 3 —• TIMBER— Leyland-O’Brien .... —— 1 15 3 National .t. 0 12 6 BREWERIES— Staples and Co •—• 1 17 0 ■ 1 17 6 0 15 0 MISCELLANEOUS— C. M. Banks (pref.).. —. 0 19 0 British Tobacco (Aust.), (ord.) 2 1 3 ■— Burns, Philp, and Co. 2 3 2 3 0 Ditto (South Sea) .... 1 5 9 —— Dominion Investments 1 J) Electrolytic Zinc (ord.) 1 11 0 111 9 Ditto (pref.) 1 12 6 1 13 s Howard Smith (ord.) 1 7 0 —— Newton King (pref.) 0 11 0 0 15 0 N.Z. Drug — 3 11 0 N.Z. Paper Mills ... — 0 16 6 Sharland & Co. (ord.) —— 1 0 o Taranaki Oil Fields.. 0 8 0 —— Well. Queen’s Theatre 1 0 6 —— Whitcombe and Tombs 3 10 6 MINING— Mount Lyell 1 12 9 1 13 J Wailii 0 12 6 Kawarau ...... — 0 0 6