Farm and Commercial Section

Dominion, Volume 22, Issue 84, 3 January 1929, Page 12

Farm and Commercial Section

LATEST REPORTS from ALL CENTRES

THE PRODUCE MARKETS

HIGH COMMISSIONER'S REPORT. The Department of Agriculture has received the following cablegram, dated 29th inst., from the High Commissioner for New Zealand, London: — Tallow. —No auction this week. Market quiet and prices unchanged. Hemp.—Market quiet on account of holidays. Manila firm. “J” grade, JanuaryMarch shipments, quoted at £3B 10s. Sisal: Market steady at about last quotations. New Zealand market quiet but firm. Closing values, January-March shipment, higlipoints £3O. fair £33, common £3l, rejected £29 10s. Eggs—Market quiet and demand slow. Supplies plentiful. Present quotations are:—English, 21s. to 20s. Old. per long 100; New Zealand, ISs. to 19s. per long 100; Belgian, 17s. to 19s. per long 100; Australian and South African, 15s. to 17s. per long 100; Polish, Russian and Argentine. 12s. to 13s. fid. per long 100; Egyptian, Bs. Gil. to Bs. 9(1. per long 100. Wool.—Bradford market quiet. Topmakers rejecting low offers, current quotations being below replacement values. New business expected to develop early in New Year. Present quotations arc:— G4’s (Merino), warp, 4s. per lb.; average, 3S. 10(1. to 3s. lid. 50's (super halfbred), 2s. 101(1. 50's, prepared. 2s. 4}d. 40 s, prepared, Is. lOd. to Is. lOld. EGG-LAYING COMPETITION MASTERTON CLUB RESULTS. Dominion Special Service. Mnsterton, December 31. Following are the results of the egglaying competition being held by the Masterton Poultry Club, for the thirty-ninth week ended December 29:—

COMPANY ACTIVITIES

MOUNT LYELL COMPANY Until recently directors of the Mount Lyall Mining audßailway Company adopted a conservative policy. Some years.ago they tested the tin resources of the Blue Tier area on the north-eastern coast of Tasmania. Work was not satisfactory. The company later held an option over zinc . lead mining properties at Mount Bead and Kosebery in the north-west of the same State, but sold them to the Electrolytic Zinc Company of Australasia, Ltd. Operations subsequently were almost entirely, at the company’s mines at Queenstown, and Mount Lyell, as well as upon the manufacture of superphosphate in Victoria and other States., A concentration of interests In regard to the latter side of tlie company’s enterprise, particularly In Western Australia, was successfully carried through. Pressure imposed by co-operative - com--panics organised to manufacture artificial fertilizers may have been partly responsible for developments In this direction. Now it appears that the directors are considering the question of participating in steps to be taken for the extraction of nitrogen from the atmosphere for use in the manu- ' facture of artificial manures, states the Melbourne “Argus.” It is considered that as a considerable area, of Australia has a rainfall of more than 20 inches a year, there should be scope for'a manufactory designed to utilise nitrogen for the purpose named. Consideration is also being given to the wisdom of co-ordinating with certain unnamed interests in an expansion of the chemical side of the business. It will be realised from these statements that Important issues are being dealt with by the board of directors. While this is so, .works of magnitude have been carried out nt Mount Lyell. They include the completion of a tunnel 7000 feet in length intended to facilitate and cheapen mining operations, and the erection of an electrolytic refinery for copper. The scientific staff of the organisation is reported by the chairman (Mr. C. Templeton) to have made great progress in Improving the grade of the concentrates at the milling plant of the mine, and in demonstrating that a high-grade sulphur product can be obtained from the mill tailings capable of use in the manufacture of sulphuric acid which plays so important a part in the artificial manure Industry. The shares of the Mount Lyell Company are much favoured by New Zealand investors and there is always a good demand for them. AUCKLAND REGISTRATIONS. Dominion Special Service. Auckland, January 2. Tlie total number of companies registered in Auckland in 1928 constituted a record, both numerically- and in regard to the amount of capital involved. There were 275 new companies formed last year, compared with 266 in 1927, the previous highest total. Of last year’s figure, 29 were public companies and 225 private, while there were 11 rural intermediate credit associations. Although the number of public companies was by far the smaller, the capital amounted to £1.500.486, compared with £975,949. for private companies, which does not include rural credit associations . which have no fixed capital at -their formation. AUSTRALIAN AND NEW ZEALAND BANKING CORPORATION. (By Telegraph.— Press Association.) (Rec. December 31, 5.5 p.m.) Sydney, December 31. The Australian and New Zealand Banking Corporation, Limited, with capital of five millions sterling,„and head office at Auckland, has been registered in Sydney, whence a campaign is being started to secure underwriting, which already is generous in the Dominion. A further sum of two or three millions is expected to be obtained overseas. In fact, it is stated that negotiations therefor arc practically completed. BANKRUPTCY PROCEEDINGS PALMERSTON FIGURES. Dominion Special Service. Palmerston North, December 31. Thirty-eight persons were adjudicated bankrupt in Palmerston North during.the. year, compared with.s2 in 1927. These‘figures thus shown a. decrease of fourteen. . Eighteen cases came from the town itself, others being from outside districts. Only . seven farmers, compared with twelve for' the -.previous year, have been . bankrupt in 1928. Seven labourers, live ; small traders,’-four agents and salesmen,' and three contractors were among the number. October was the only free month. March being tlie heaviest. The number of peti--tions filed during, the respective months' are as follow:-—.Tannary, 5; February, 3; March, G; April, 5; May, 2; June, 5; JuI.V, 1; August, 4; September, 1; October, 0~; November, 1; December 5. Bankruptcy figures for the last seven vears are as f0110w1921, 30; 1922, 41; 1923, 38; 1924 , 30; 1025, 3G; 1020, 46; 1027, 52; 1928, 38. SMALL INCREASE AT CHRISTCHURCH. - (By Telegraph.—Press Association.) Christchurch, January 1. Bankruptcies at. Christchurch in 1028 . totalled 80. four more than in 1927.

PAST -YEAR’S ACHIEVEMENTS PROSPECT FOR NEW YEAR The past year may be said to have been a year of recovery for New Zealand. Almost from the commencement of 1928 the .foreign trade of the country begaif to show adjustment features which culminated at the close of the produce year on September 30 in an excess of exports over imports of. over £ 11,000,000.. This should have resulted in .greater industrial activity and a '.greater' volume of domestic .trade, but;? unfortunately, confidence appealed to: be .lacking, and the country has had .to bear the: burdeh. of .unemployment right up to-the .-present. There has been no lack of. funds during the past six months, as' the banking returns have disclosed, but the abnormal growth of fixed deposits merely emphasises the fact that confidence has been wanting. The substantial increase in: the volume of capital as the result of a favourable trading year has caused monetary rates to decline, and money is to-day in greater supply and cheaper than it was a year ago. There exist now abundant reasons for confidence. The New Year opens under favourable conditions. Our staple products such as butter and cheese, wool, and meat, are on price levels that are profitable to the producers, and furthermore, there is an increase in production, so that unless unforseen circumstances arise, the current export season should again result in an excess of exports over imports, or, in other words, a favourable trade balance. The factors for a prosperous year exist, and what is needed now is confidence. That confidence is returning slowly. It is within the power of the Government of the day to stimulate that revival. A country like New Zealand, so wholly dependent upon foreign markets for its prosperity and progress, cannot disregard affairs in Britain, the United States, and Europe.

The storm centre of monetary disturbance appears to be the United States, the world's great creditor nation. For over twelve months there has been intense speculation in stocks and shares on the New York Stock Exchange. It has been a “bull” market of great strength, in which the outside public has taken a prominent part. In spite of the repeated warnings of prominent bankers and financiers, aud high rates of interest for call money, the gamble has continued. As a matter of fact, call money has not been lower than 6 per cent, at any time during the past six months. On December 7, when it reached 12 per cent., there was a big break in prices, and the depreciation was estimated at £400,000,000. Twenty days later call money for renewals opened at 10 per cent., rose to 12 per cent., fluctuated until it again touched 10 per cent., but soon rebounded to 12 per cent., closing at that rate. New Zealand has not been told what the effect has been, but that there have been very heavy losses must be obvious. This state of affairs iu .New York has resulted in heavy withdrawals of gold from London. At the end of October the gold in the issue department of the Bank of England amounted to £163,457,000, and it is now reduced to £155,211,000, a loss of over eight millions in about eight, weeks. A very heavy strain has been placed .upon London, and it is doubtful whether the strain can be sustained much longer. The Bank of England may be compelled to raise its discount rate to protect its gold reserve. The bank rate is now 41 per cent., and if it must be raised it will move to 51 per cent., for it is usual to advance the rate 1 per cent. This would make money dear in Britain, and that must affect commodity prices, and so bring about a reduction in the prices for the products the Dominion markets in England. This is the danger that confronts New Zealanders, and there is. nothing thatthey can do to dissipate it. Apart from this the outlook for the Dominion is extremely good, and. 1929 should be a year of prosperity.

CUSTOMS REVENUE. The Customs, revenue collected at Wellington yesterday totalled £1625. REVENUE AT NELSON. ' The Customs revenue received at Nelson for the. year totalled. £66,591 as compared with £61,801 for the. previous year, states a "Dominion Special message from Nelson. / FOREIGN ITEMS LONDON TALLOW STOCKS. ■ (A.ustrhiian. Press Association.) (Rec, January 2, 5.5 p.m.) London, January 1. Tallow stocks amount to 1945 tons; imports 1542 tons; deliveries 741 tons. UNION BANK -DIVIDEND. (Australian, Press Association.). London, January 1. The Union Bank of Australia has , declared an-interim dividend of 15 per cent.

SINGLE BIRDS. Eggs Weight for week. ot eggs, oz. dr. Tl. E. J. Wing, W.L., .No. 1 6 11 13 215 E. J. Tooby . 0 10 7 205 Opaki Stud Farm . 4 9 190 T. and J. Taylor . 7 14 4 176 G. E. Moody . 5 11 14 165 E. J. Wing 9 11 154 L. A. Wadham, B.O. .. . 5 10 6 152 A. Cook, W.L . 5 10 0 149 Raynor Bros., B.O., No. 1 — — — 142 E. A. Tozer, B.O o 4 0 127 H. C. West, W.L . 4 8 12 124 Raynor Bros., ‘W.L • u 11 0 113 W. Spence . 1 0 100 B. Pimm, B.O 1 15 89 H. J. Pryor, R.I.R • 4 7 14 79 Raynor Bros. B.O., No. 2 5 11 4 125 -■■■ ■ 641 2305

TEAMS. F. Taylor,. No. 1 6 12 4 219 ” • Xcx 2 6 11 12 . 200 ” - No. 3 5 10 15 186 605 D. Tweed, No. 1 11 s 198 - No. 2 (j 11 8 .198 ” No. 3 6 13 4 203 599 W Spence, No. 1 6 14 0 205 (j 13 10 179 3 ” . No. 3 4 8 12 167 551 E. W. Tooby. No. L 1 1 15 202 ” No. 2 9 « 176 ” No. 3 6 12 0. 172 550 P. Freeman, No. 1 ” No. 2 3 6 5 180 6 13 8 198 ” No. 3 *> U/ 4 168 546 G. Webb, No. 1 ... 10 3 104 ” No. 2 r. 10 3 201 ” No. 3 • • • • • • 5 I) 14 215 520 C. 11. Robbins, No. 1 .... 6 13 4 141 ” No. 2 R 10 0 159 ” No. 3 6 11 12 219 , 519 J. Bradbury. No. 1 5 • 11 0 149 " No. 2 6 13 12 17S ” No. 3 0 11 14 187 ”511 Onaki Stud Farm, No. 1 4 9 4 213 ” No. 2 6 12 2 158 " No. 3 6 12 11 151 512 A. A. Howe, No. 1 i> 10 6 149 ” No. 2 6 13 8 18S ” No. 3 7 14 4 157 494 R. H. McDonnell, ” No. 2 No. 1 5 10 2 178 134 ” ' No. 3 10 7 1S1 493 G. Waring, No. 1 . 4 8 8 137 „ No. 2 4 9 0 1.j3 „ No. 3 6 11 14 195 *485 H. C. West, No. 1 4) 11 0 176 „ No. 2 6 11 12 153 „ No. 3 4 9 3 145 "174 G. Masters, No. 1 . 5 10 12 187 No. 2 . 0 15 123 J. „ No. 3 D. Rowlands, R.I.R. 11 11 101 ~471 No. 1 B —— 159 J) 9 10 ISO No. 3 — — 122 467 A. A. Hoare, R.I.R., No. 1 5 9 14 155 „ No. 2 6 12 4 141 „ No. 3 4 9 0 111 407 C. 4 9 10 107 . No. 2 4 8 14 115 " No. 3 3 6 7 170 393 Rev. Blathwayt, B.O.,No. 1 1 2 0 69 No. 2 2 3 12 81 „ No. 3 2 3 10 89 239 247 8838