Farm and Commercial Section

Dominion, Volume 22, Issue 130, 26 February 1929, Page 14

Farm and Commercial Section

LATEST REPORTS from ALL CENTRES

AUCTION SALES ' TO-DAY. Rangitumau.—Sale of stock, account Blatchford Bros. (N.Z. Farms Coop. Dist.) 65 Grey Street, Palmerston North, 11 a.m.—Sale of furniture, etc., account M. Cohen (Maunsey and Co.) Mataikona Station, Whakataki, 12 noon. —Sale of stock (Dalgety and Co.) Dannevirke Sheep Fair. 12 Manners Street, 10.30 a.m. —Sale of pawnbroker’s stock (Doherty Auctioneering, Ltd.) 84 Ellice Street, 10 a.m. —Sale of furniture (E. Johnston and Co.) Johnsonville, fat stock sale. 108 Cuba Street, 2 p.m.—Sale of furniture (Silverstone and Co.) TO-MORROW. Paraparaumu, 1 p.m.—Sale of stock, account Weggery (Dalgety and Co.) 8 Willeston Street, 12.30 z p.m.—Sale of carpets, etc. (E. Johnston and Co.) Bainesse Road, Bainesse, 11.30 a.m. Sale of stock, account Chisholm (Abraham and Williams, Ltd.) Masterton sale. 8 Willeston Street, 10 a.m.—Sale of furniture (E. Johuston and Co.) 25 Coromandel Street, 10.15 a.m.—Sale - of furniture (Ramsey Wilson and Co.)

COMPANY CHANGES HANDS Dominion Special Service.

Dunedin, February 25. At a meeting of shareholders tlie 1 sale of the ordinary shares of the New Zealand Sugar of Milk and Casein Co., Ltd., to An English company was confirmed. The price paid will give 6s. cash and 245. in 7 per cent, preferred shares for each share now held. A start will be made -shortly by the new company to erect further works at Mataura.

THE PRODUCE MARKETS HIGH COMMISSIONER’S CABLED REPORT

The Department of Agriculture has received the following cablegram, dated February 23, from the High Commissioner for New Zealand, London—■

No auction this week on account of small supplies. Spot market steady at last rates quoted. Honey.

Market quiet. Current prices are: New Zealand, 555. to 84s. per cwt.; Jamaican, 425. 6d. to 555.; Canadian, 50s. to 605.; Californian, 475. 6d. to 545.; Haitian (medium), 455.; Argentine (medium white), 455. Hemp.

With continued heavy receipts Manila prices dropped again, Hut market improved later. Closing value of “J” grade for March-May shipment is £36. , Sisal market quiet. Business is curtailed owing to the absence of sellers, as buyers’ ideas are low. Buyers quote good marks, No. 1 grade, at £4O to £4O 55.; No. 2 grade at £3B 10s.; fair average quality 10s. less. ' New Zealand: Uncertainty of Manila position causing buyers to hold off, and with more offering from New Zealand the market has declined. Some business reported at following limits: Highpoints, £34; fair. £32; common, £29 155.; rejected, £2B 155.; tow, second grade, £2l 10s.; third grade, £18; February-April and March-May shipments. Stocks in Great Britain on January 31, 52 tons, against 51 tons same time last year. ' wool. Bradford market still quiet. Little more inquiry for merino fops, but buyers of crossbred holding off for further decline. Present quotations for tops are more or less nominal. 64’s (merino), warp-. 3s. 9d. per lb., average 3s. Bd.; 56’s (super half bred), 2s. Bd. to 2s. 9d.; 50’s prepared, 2s. 4d.; 40’s prepared, Is. lOd. OTHER ADVICES. The Bank of New Zealand produce department has received the following advice from its London office as at close of business last week; —■ . Butter.—Weak; 170 s. to 1725. per cwt. Cheese.—Weak; white 855., per cwt., coloured 80s.

Frozen Meat.—The market Is weaker for heavy-weight wethers; light-weights remain steady. Ewes are in short supply and. prices are nominal. The market, for lamb is affected by heavy supplies of New Zealand, but the demand is steadily improving owing to lower prices. Beef is firm. Wethers, light 6{d. to 7Jd. per lb., heavy 41d.. tp 5Jd.; ewes. 4jd. to 54d.; lambs, 2’s Dpi. to OJd., B’s 9}d. to 9id., 4’s Old. to Old.; lambs, seconds, B}d. to Did.; ox hinds, 4Jd. to 4Jd.; ox fores, 4d. to 4jd.; cow hinds, 4d. to 4£d.; cow fores, 3Jd. to 4d. LIVE STOCK SALES ' FEILDING EWE FAIR., Messrs. Dalgety and Co., Ltd., report on the Feilding ewe fair as follows:— There were some exceptionally good lines of 4 and 5-year ewes and 2-tooth. ewes penned, and for these competition was spirited and highly satisfactory. The sale opened tenderly, but' graziers soon got into their stride, showing they intended securing their complement, and the ftast pen offered sold right up to the day’s full value. On the whole, the sale was highly, satisfactory, and the following are quotations Medium 5-year ewes, 21s. to 235.; good 5-year ewes, 2fls. to 285.; best 5-year ewes, 295. to 315.; 4-yoar ewes, 28s. to 305.; good 4-year ewes, 31s. to 345. Bd.; good 4 and 5-year ewes, 28s. to 305.; best 4 and 5-year ewes, 31s. to 335.; medium 4 and O-tooth ewes, 28s. to 365. 6d.; useful 2-tooth ewes, 375. 6d. to 395.; good 2-tooth ewes, 375. Cd. to 395.; good 2tooth ewes, 41s. to 455.; star pens of 2tooth ewes, £2 Bs. to £2 17s. 6d.

MASTERTON SHOW AWARDS SPECIAL TROPHIES Dominion Special Service. Masterton, February 25. The following special trophies, won at the Masterton Show last week, have now been awarded:— O. C, Cooper Shield: L. R. Wilton, most points in stud Lincolns. Bland .Reyner Memorial: L. R. Wilton, best shearing Lincoln. Percy Bros. Cup:. A. D. McMaster, Lincoin flock rams. Perry Cup: W. Perry and Son, Romney ram. Wheeler Memorial: Q. Donald, Romney ram. Tipua Cup: A. P. Southey, best Romnoy ram lamb. Southey Cup: Q. Donald, best Romney ewe lamb. Holmes Warren Memorial Cup: A. P. Southey, most unhoused Romneys. Reginald Collins Cup: James Knight, most points open Southdowns. Southdown Breeders’ Cup: A. H. Falloon, best Southdown ram lamb; N. G. Rayner, best one-shear Southdown ram lamb. J. L. Heckler Cup:. N. G. Rayner, best one-shear Southdown ewe. ■ Wright, Stephenson Cup: S. E. M. Holmes, class 56a freezing lambs. Andrew Cup: W. F. McLaren, most points down cross lambs. Skeet Rose Bowl: S. E. M. Holmes, most points in freezing classes. N.Z. Shipping Co. Cup: S. E. M. Holmes, most points in freezing classes. Sims Cooper Cup: W. F. McLaren, most points fat sheep. Buchanan Cup: J. Ogilvy, most points in beef breeds. Moore Cup: W. B. White, most points in Herefords. Burling Cup: J. Ogilvy, most points in Polled Angus. Dallas Cup: W. Moore, most points Ayrsbires (won outright). Nathan Cup: Alan Horn, best Jersey heifer. Jersey Breeders' Cup: F. Jennings. N.Z. Friesian Association’s Gold Medal: O. A. Cadwallader, most points in Friesian classes. i Osmond and Son's Dairy Outfit: T. A. B. Sinclair, most points in dairy cattle. McKillop Rose Bowl: Miss B. Williams, best lady’s hack. Bidwill Cup: Miss B. Williams, champion hack. Shaw, Savlll, and Albion Cup: A. Tocker, draught stallion. Manawatu Bacon Co. Cup: L. R. Wilton, best bacon pig. Wadham Cup: T. W. Barnes, most points poultry, heavy breeds. Masterton Dairy Co. Cup: Mauriceville Dairy Co., butter for export. Mrs. J. W. Buchanan’s afternoon tea set: Mrs. A. B. Wilton, most points cookery. Mrs. Wardell’s special: Mrs. A. K. Hansen. most exhibits in cookery. Mrs. D. Smith’s speelal: Miss C. Peterson. most points children's cookery. Miss Jackson's special; Miss K. Hausen, runner-up, children’s cookery. Miss E. McMaster’s silver vase: Miss B. Perker, most, points sewing. Mrs. J. M. James's special: Miss B. Parker, most points sowing. Vegetables points prize: R. A. Webber. / Fruit points prize: F. P. Welch. ' Flowers points prize: Mrs. W. G. Scharnweber. Nicol Cup: M. J. Wilton, dog trials. Nicol Cup: J. G. McDonald, dog trials (open). J. Shaw’s Cup: J. R. Jones, pony jumping (won outright). Morrison Memorial Cup: O. Nelson, hunters’ jumping. Vnllance Cup: O. Nelson, champion jump. Perry and Cooper Cup: Mrs. Alan Mc- . Donald, ladles’ lumnlnc.

WELLINGTON STOCK EXCHANGE YESTERDAY’S BUSINESS AND PRICES At the morning call yesterday, a sale of Wellington Meat Export at 12s. 6d. was reported. At the afternoon' call sales of New Zealand Breweries bonds at 265. Bd., and N.Z. Breweries shares at 58s. 3d. were made on ’change, and sales were reported of Bank of New Zealand at 635. 3d., Bank of New Zealand D shares, at 28s. 9d., and Bank of Australasia at £l5 Is. 6d. Government securities were slow, only the 4J, per cents, being in good demand at £99 15s. Waitoino Power Board 51 per cents. (1932) were wanted at £99 10s., Wellington City, 6 per cents, at £lO2, Wellington Racing Club at £lO6 10s., and N.Z. Breweries stock at 265. 7d. Bank shares were quieter than usual. There were bids of £l9 7s. for National Bank of Australasia, £lO paid, £9 135., for £4 paid, 635. for Bank of New Zealand, 28s. 6d. for Bank of New Zealand D. shares, and £l5 Bs. 6d. for Union Bank. Sellers’ quoted £5l 15s. cum dividend for Bank of New South Wales. There was a fair demand for building shares with buvers of Equitable Building at £8 7s. 6d., Wellington Investment at 10s. 9d., Wellington Trust and Loan at £6 18s., and Wellington Deposit at 10s. 3d. Dalgety were wanted at £l5 10s. 6d., Goldsborugh Mort at 525. 9d., N.Z. and River Plate at 335., and N.Z. Guarantee Corporation, ordinary, at Bs. fid., and preference at 21s, 3d. • . Auckland Gas shares were in demand at 24s 2d., Gisborne Gas at 10s., and Wellington Gas at 31s. National Insurance were wanted at IGs. 2d., South British Insurance at 645. 9d.. Gear Meat at 435. 6d., and New Zealand Refrigerating, 10s. paid, at 7s. sd. There were buvers of Mosgiel Woollen at £7 10s., Wellington Woollen, ordinary, at £7 4s. 9d., Westport Coal at 325., and New Zealand Breweries at 58s. Id. ■ . There was a well-spread demand tor miscellaneous shares, with buyers of British Tobacco at 48s. 9d., Burns, Philp South Sea ’ at 30s„ Dental and Medical Supply at 10s., Dominion Investments at 225. GcL, D.1.C.; preference, at 20s. 9d., Electrolytic Zinc, ordinary, at 365. 4d„ preference at 375. 4d., N.Z., Farmers’ Co-op Auctioneerying at übs., Newton, King- at Bs. 6d., N.Z. Drug at. 34s N.Z. Farmers’ Fertilizer at 2115., Sha’rland and Co. at 20s 3d., Taranaki Oil at 45., Blenheim Oil at 50 s., cum. rights, Wairaiapa Farmers’ at 13s. 6d.> Gasco Bricks at 2s. 9d., and Mount Lyell at 425. 3d. . Yesterday’s buying and selling quota-

SALES IN OTHER CENTRES By Telegraph.—Press Association.

Auckland, February 25.

Sales.—Auckland Harbour Board, debentures, 1939, 5J per cent., £99 10s.; New Zealand Breweries, debentures, 265. 4d.; New Zealand Breweries, 585.; Waihi Mining, 13s. 6d. Dunedin, February 25. Sale Reported.—New Zealand Breweries (debentures),- 265. 4d.

* COMPANY ACTIVITIES HUDDART-PARKER DIVIDEND The directors of Huddart, Parker, Ltd. have declared a dividend for the halfyear ended December 31, 1928, of 3 per cent, on the preference shares, and 5 per cent, on the ordinary shares. The annual general meeting of shareholders will be held on March 15, and the transfer books will be closed from March 6 to 16, both dates inclusive. The dividends will be payable on March 16. The dividends of 7s. per share, declared by the Bank of Australasia, is payable on March 22 to proprietors, registered on February 23.

BRITISH STEEL MERGERS An Important unification of .heavy steel industries has recently been effected in Britain, the parties to the agreement being Vickers, Vic-kers-Ai-mstrougs, .and Cammell Laird and Co. There are two agreements. One is for the co-ordination of the steel and railway carriage and wagon interests, which have been transferred to a new company, ■ the English Steel Corporation, which has been formed with a nominal capital of £lOO. Under this scheme nine plants are taken over, these being all steel works. To another company, known as Metropolitan Cammell Carriage Wagon anil Finance Company, hns been transferred the carriage and wagon interests of Vickers and Cammell Vickers has ’an issued capital of £12,269,000. A segregation of assets took place

at the beginning of last year, when the armament ami heavy steel branches of Vickers ami Sir W. G. Armstrong were floated off as a separate company under the title of Vickers-Armstrongs, with a capital of £ 15,U00,000. The Metropolitan Carriage Wagon and Finance Company was registered in 1902, and has an authorised capital of £10,075,000. Cammell Laird and Co. was established in 1864, ami has an authorised capital of £4,500,000. The merger is expected to greatly reduce costs, which would give the new concerns an opportunity of competing successfully in foreign markets. Other recent amalgamations are the Cargo Fleet Iron Company and the South Durham Iron and' Steel Company, and Dorman Long and Co. with Bolckow Vaughan and Co. At the present time Dorman Long’s combined plant has an annual productive capacity of about 2,009,000 tons of pig iron, and approximately 1,500,000 tons of finished steel. Dorman Long is also capable of producing 2,000,000 tons of coal if necessary, and Bolckow Vaughan can produce 1,750,000 tons. Dorman Long and Co. lias an authorised capital of £8,050,000, and Bolckow Vaughan and Co. £6,000,000. DEBT REDEMPTION Perhaps one of the reasons why New Zealand’s credit stands high in the Loudon money market is the provision made for debt redemption, and the most was made of this in the prospectus issued in connection with the loan floated last month. During the year ended March 31, 1928, there was repaid £2,477,136, of which £1,367,516 was provided out of the year’s revenue, £366,370 from Reparation receipts, and the balance from other accounts. It is explained that the Repayment of Public Debt Act passed in 1925 substituted for the long term sinking fund system a method whereby the Dominion’s debt reduction resources are now made available for purchase of New Zealand Government securities on the open market for cancellation, or to pay them off at maturity, thereby causing an actual reduction in the public debt annually. For this purpose there is issued annually out of the Consolidated Fund, a sum equal to J per cent, of the debt affected (at present £186,059,312), and to this is added a sum equal to interest at 3J per cent, per annum on the debt paid off under the scheme. By this means a portion of the savings in interest on the debt paid off is applied to further repayments of debt, so that the debt reduction resources increase year by year. It is estimated that the present debt will be liquidated in about 60 years, while all future loans will be liquidated within a similar period from the date of their inception. The portion of the debt which is funded with the Imperial Government, as well as certain other loans which have their own separate sinking funds, such as State Advances, have been excluded from the scheme. It is intended to allocate not less than 50 per cent, of the annual amount available under the Act to the purchase of New Zealand stock in the London market for cancellation by the Government. It was stated in the prospectus that during the current financial year £350,000 ot New Zealand Government stock had already been purchased on the London market for the purpose. CUSTOMS REVENUE. The Customs revenue collected at the port of Wellington yesterday totalled £6957.

tioris were as under Buyers. Sellers. N.Z. GOVT. LOANS- £ s. d. £ s. d. 41 p.c. Ins. Stk.,' 1939 99 15 0 44 p.c. ditto, 1938 ... 99 15 0 100 2 6 54 p.c. ditto 1983 ... . • 101 12 6 51 p.c. ditto, 1941 ... 99 5 0 — 44 n.c. Bonds, 1041 and 1939 99 15 0 41 p.c. ditto, 1938 ... — 100 2 6 51 p.c. ditto, 1930 ... — 99 15 0 DEBENTURES— Waitomo Power Board 99 10 6 Well. City, 6 p.c., 1932 : 102 0 0 106 10 0 Well. Racing Club .. 106 10 0 — 1 N.Z. Breweries (laser. stock) 16 7 Ditto (bonds) — 17 0 BANKS— National of Australasia (£10) 19 7 0 —— Ditto (£5) 9 13 0 9 14 6 New South Wales ... — 51 15 0 New Zealand 3 3 0 — Ditto, long-term mortg. 18 0 ——’ Union of Australia .. 15 S 6 —— Ditto (Melbourne register) 15 9 6 — FINANCIAL— Dalgety and Co. ..... Goldsbrough Mort & Co. 15 10 6 2 12 9 2 13 6 Equitable Bldg. Co. .. 8 7 6 T— National Mortgage ... — 4 11 0 N.Z. Guarantee Corp. (ord.) 0 8 0 0 9 0 Ditto (pref.) 116 — N.Z. and River Plate.. 1 13 0 —— Well. Invest., T. & A. 0 10 I) — Well. Trust-' and Loan (118 0 Well. Deposit & Mortg. 0 10 3 —

GAS— Auckland (paid) .... Ditto (eontrib.) Christchurch 1 4 U 17 0 .1(1 9 G 3 0 1 Wellington (ord.) ... 1 11 0 — INSURANCE— 111 National 0 — New Zealand — o 6 South British MEAT PRESERVING— 3 4 9 — Gear — 3 6 o 4 6 N.Z. Refrigerat. (10s.) 0 7 5 0 — Well. Meat Exp. (ord.) — 13 0 TRANSPORT— Iluddart, Parker (ord.) —— 7 6 WOOLLEN— Mosgiel 7 10 0 Wellington (ord.) ... 7 4 9 7 7 0 COAL— 13 Westport ....* 1 12 0 1 0 timber— 6 National — 0 10 Leyland-O’Brien .... —— 1 14 6 BREWERIES— New Zealand IS 1 o IS 6 MISCELLANEOUS— British Tobbaeo (Aust.) (ord.) 8 9 2 9 6 Burns, Philp, and Co. (South Sea) Dental and .Medical 1 10 0 — Supply 0 10 0 — Dominion' Investments 1 — (1 — D.I.C. (pref.) 1 0 9 —— Electrolytic Zinc (ord.) 1 10 4 1 16 8 Ditto (pref.) 1 17 4 — N.Z. Farmers’ Co-op. Auctioneering (ord.) o 16 0 — Newton King (pref.) 0 8 6 — N.Z. Drug Co N.Z. Farmers’ Fer3 14 0 — tiliser1 0 0 N.Z. Paper M is — 0 19 3 N.Z. Sugar oi Milk .. — 1 4 3 Sharland & Co. (ord.) 1 0 3 1 1 0 Taranaki Oil 0 4 0 — Wairarapa Farmers’ (pref.) Wilson’s Cement .... 0 13 6 0 15 0 - — 2 1 0 Gasco Bricks 1 9 — Blenheim Oilwell .... 10 0 —— MINING— Mount Lyell 2 2 8 —*