Farm and Commercial Section

Dominion, Volume 22, Issue 262, 1 August 1929, Page 12

Farm and Commercial Section

LATEST REPORTS from ALL CENTRES

AUCTION SALES , TO-DAY. I Veitch and Allan’s late premises, Cuba Street, 11 a.m.—Sale of Irish linen, sheetings, etc. (Alf. Jones). Upper Hutt, 1 p.m.—Stock sale. 8 Willeston Street. 1.30 p.m.—Sale of carpets (E. Johnston and Co.) TO-MORROW. Carterton, 1.30 p.m.—Sale, account late W. Abbott, freehold property (W. C. 1,. Baskiville). Johnsonville Saleyards, 1 p.m. ->jtore stock and dairy sale (W.S. and Co., Ltd.) LIVE STOCK SALES JOHNSONVILLE Messrs. Wright, Stephenson and Co., Ltd. and Abraham and Williams, Ltd., report on the Johnsonville sale held yesterday as usual attendance of the public we submitted a large yarding of sheep and cattle. The cattle comprised mostly bullocks. with a few pens of cows and heifers. The quality was not up to the usual standard. A good sale resulted with prices on a par with last week’s rates. Wethers and ewes met with a fair demand with no material difference in prices as compared with late rates. Ewes, if anything, being slichtlv easier. There were no lambs yarded 7 We quote:—Prime bullocks, £l4 55., £l4 10s., £l4 17s. 6d., £l5 2s. Od , £la 55.: £l5 10s., £l5 155.; medium bullocks, £l3 15s. and £l4; light bullocks, £ll 10s.. £ll 17s. 6d., £l3, £l3 12s. 6d.: heavy cows, £ll 155., £l2 12s. Od, £l3:cowB, £lO and £lO 10s.; heavy wethers, 38s. 9d„ 80s., 41s. lOd.; wethers, 365.. 3d., 365. nd., 375. 6d.: heavy ewes, 30s. 6d., 31s. 6a.» 338. 3d.’; light ewe’s, 265. 9d.” ADDINGTON By Telegraph—Press Association. Christchurch, July 31.

At Addington market the entries were larger to-day in the beef and mutton sections. The latter recorded another advance, and fat cattle were only a degree easier than a week ago. Store Sheep.—There was a smaller entry of store sheep, the bulk of which consisted of indifferent ewes. The sale throughout was satisfactory at last week s rates, good ewes and young wethers being wanted. Extra good 2-toothed halfbred ewes made to 445. 6d., good sound-mouth-ed halfbred ewes 28s. to 315.. ordinary sound-mouthed halfbred ewes 24a. to 265., extra good 4-tooth Romney-cross ewes to 435., medium sound-mouthed crossbred ewes 28s. 6d. to 305., aged and inferior crossbred ewes to 14s. 7d., extra good Corriedalo ewe hoggets to 305., good halfbred Corriedale ewe hoggets 28s, 6d. to 295. 6d„ good halfbred wethers 255. to 275. 10d., ordinary crossbred wethers to 225. Od. Fat Sheep.—The entry of fat sheep was two races larger than at the previous week and there was quite a fair sprinkling of quality. The sale was a keen one despite heavier supplies, and values for the finished sheep advanced by about 2s. a head, making the rise in price over the last two sales about 4s. 6d. a head. Extra prime wethers made to 535. 9d„ prime wethers 395. to 435. 6d., medium wethers 345. 6d. to 38s. 6d., light wethers 28s. to 345.: extra prime ewes, to 475. 7d., prime ewes 335. 6d. to 385., ordinary ewes 28s. to 335., light ewes 225. 6d. to 275. 6d.; good hoggets 80s.

to 345. 6(1., medium hoggets 245. 6<L to 29 s. Fat Cattle.—The yarding of fat cattle numbered 575 head as compared with 480 the previous week. At the outset the market dropped by about 255. a head, but as the sale progressed it hardened, and the decline was fully recovered except in the case of harder cattle, which were about 20s. a head cheaper. Best beef made to 525. per 1001 b., good prime 475. Od. to 505., heavy-weight 445. to 475. 6d., and ordinary 365. to 40s. Extra prime heavy steers made £23 10s. to £26 12s. 0d„ prime heavy steers £2l ss. to £22 15s„ medium-weight prime steers £8 to £2l 10s., medium quality steers £4 to £7; light steers £2 to £3 155.; extra prime heifers to £2O 2s. 6d., prime heifers £4 to £5 10s.. ordinary heifers £1 ss. to £3 55., light heifers £8 10s. to £11; extra prime cows, to £lB 17s. od., prime cows £3 to £5, ordinary cows £lO ss. to £l2 10s., light aud aged cows £7 10s. to £lO. Vealors.—Good calves sold remarkably well, making from 50s. to 80s. for ordinary sorts. Vealers made os. to £8 10s., and 12 to 18 months to £lO. Store Cattle.—A small entry. Good holfers sold at £B, and good cows to £7 Us. Dairy Cattle—A small entry. Good heifers made to £l6 17s. 6d., and cows to £l4. Fat Pigs.—A small entry and a better demand. Choppers made £3 to £7 Ils. 6d., baconers £3 10s. to £4 55., heavy baconers £4 10s. 6d. to £4 19s. Od. (average price per lb. 6Jd. to 7d.); porkers 30s, to 475. od., heavy 50s. to £2 18s. Od. (average price per lb. 7sd. to Bd.). Store Pigs.—A small entry and a much improved demand. Large stores 30s. to 355„ medium 235. to 28s. 6d., small 18s. 6d. to 225.; slips 13s. to 165., weaners os. to 9s. BURNSIDE By Telegraph.—Press Association. Dunedin, July 31. Fat cattlo were sold at reduced prices at Burnside sales to-day, while fat sheep met with firm demand and values advanced several shillings. There was a fair demand for lambs at unchanged values, but the pig market was quiet and lower rates had to be accepted in order to effect sales. Fat Cattle.—The entry totalled 215 head and consisted of medium bullocks of prime quality, a good sprinkling of cows and heifers and a few average bullocks. All stock showed the effects of the wet weather. The opening sales showed a reduction of 15s. to 20s. a head, and there was no improvement as the sale advanced. Extra heavy bullocks sold tin to £2O, heavy £22 10s. to £23 55.. medium £lB 10s. to £2O 10s.. light £l5 ss. to £lO 155.; heavy heifers £l4 10s. to £l5 155., medium £l3 ss. to £l4, light £ll ss. to £l2 155.; heavy cows £l3 10s. to £l4 155., medium £l2 ss. to £l3, light £lO 15s. to £ll ss. Prime ox beef sold on a basis of 50s. for 1001 b.

The yarding of 1616 fat sheep was comprised of fair average quality ewes and wethers. There was a keen opening demand, and all classes of wethers sold at an advance of 2s. to 3s. a head and ewes were about the same. This was one of the dearest sheep sales of the year. Extra prime wethers made 555. to 585., prime heavy 425. to 455., light prime 365. to 395.; medium 335. to 345. (id.: extra heavy ewes 425. to 465. 3d., prime 335. to 355., medium 2fls. to 295. Best butchers’ wethers sold on a basis of about 7}d. per lb. A yarding of 117 lambs consisted of mixed sorts. Extra prime lambs sold to 395. 6d„ prime 295. 6d. to 305., medium 26s to 285., unfinished sorts 18s. to 20s. Heavy lambs sold on a basis of Bd. and light prime about lOd. a lb. The store eattle offered consisted of 100 head of mixed cows and about 20 medium steers. There was a fair demand, but no change in values. Three and four-year-old bullocks sold to £l2 7s. od., three-year-olds £ll 155., young steers £7 3s. About 85 fat pigs and a very small number of stores were offered. There was very little demand and both baconers and pork; ers sold at a reduction of ss. a head. MASTERTON. The New Zealand Farmers’ Co-operative Distributing Co., Ltd., report on their Masterton sale held yesterday as follows: — “We had a fair yarding of sheep, which sold at prices in advance of late rates. The following were the prices recorded: Fat wethers. 335. 3d.; fat ewes, 305.; small twotooth wethers, 30s. 6d.; good wether hoggets, 255. lOd.; good ewe hoggets, 305.; medium ewe hoggets, 275. Bd.; small tn.s. hoggets, 20s, Cd.; aged ewes in lamb, 205.; cull ewes, 16s. lOd. Messrs. Dalgety and Co., Ltd., report on the Masterton sale as follows:—A small entry of sheep and cattle was submitted to the usual attendance of farmers. Competition was on a par with recent sales, a clearance being effected at the following prices:—Four and six-tooth ewea r.w. Southdown rams, 365.; f.m. ewes, r.w. Southdown rams, 255. 3d.; light fat wethers, 335.; light fat cows, £7 2s, 6d.: vealers, £4. The Watrarapa Farmers’ Co-op. Association, Ltd., report:—We held our weekly Masterton sale to-day, when we offered a small yarding of sheep and dairy cattle to a fair attendance of the public. We effected a total clearance at prices on a par with recent sales. We quote: Aged ewes in lamb to Southdown, 225. 6d.; medium fa tewes, 265. Oil.; store ewes, 16s. 6d.; ewe lambs, 285.; guaranteed dairy cows, £8 to £11; Potter bull, £O. WAR OFFICE MEAT CONTRACTS OPPORTUNITY TO TENDER That New Zealand had had the opportunity to tender for meat.contracts let by the British War Office was the intimation given by the Minister of Agriculture (Hon. G. IV. Forbes) in the House of Representatives yesterday. A question had been asked by Mr. W. J. Polson (Stratford) whether the Government had any information regarding the War Office contracts for meat referred to in recent cable news, and whether any diligent steps had been taken to obtain a share of sueh contracts for New Zealand. The Minister said the Government bad, through the Meat Board, information regarding the meat contracts referred to. When the War Office called for tenders, tender forms were sent to the High Commissioner and to the London manager of the Meat Board, who cabled the essential tietails to the various freezing companies in New Zealand. The companies were then able to decide whether they would tender or not. A standard form of tender was available at the Meat Board's Wellington office for the information of prospective tenderers. The War Office did not disclose either the name of the successful tenderer or the amount of the tender. It was. however. the policy of His Majesty’s Government when considering tenders to give preference to Home and Empire produce where the difference in price was not too great.

ONION AREAS STATISTICAL RECORD. “If it is shown that growers and merchants desire information to be made available in the spring as to areas under onions, arrangements will be made to have the necessary question added to the agricultural statistics card in 1030,” said the Minister in charge of the Statistician’s Department In the House of Representatives yesterday in response to a question by Mr R. W. Hawke (Kalapoi). ■ . The Minister said the spring area collection was intended to be confined only to the most Important crops, aud it was not the desire of the Government to make undue demands on fanners at this time, seeing that the Information was in any case collected nt harvest-time. The cards for 1929 had alremly been printed for circulation to growers of wheat, oats, barley and potatoes. POTATO SHORTAGE IN AUSTRALIA EMBARGO TO REMAIN. The New Zealand Government has from time to time made representations to the Commonwealth -authorities with a view to a relaxation of the restrictions relating to potatoes, but without success, said the Minister of Customs (Hon. W. B. Taverner) in the House ot Representatives yesterday, replying to Mr. C. A. Wilkinson (Egmont). The position was that the Commonwealth Government imposed restrictions on the importation of potatoes for the purpose of preventing the pos slblilty of diseased potatoes being Intro duced from other countries. While the restrictions referred to existed, it was not considered that any useful purpose would be served by a discussion of the question M to Ue duties oa petatoea,

WELLINGTON STOCK EXCHANGE YESTERDAY’S BUSINESS AND PRICES On the Wellington Stock Exchange the following sales were recorded yesterday £ h. d. 41 p.c. Government Stock (1038) . 100 0 0 41 p.c. Government Bonds (1939) 100 0 0 4| p.c. Government Bonds (1930) 99 10 0 Bank of New Zealand, 01s. 4d. and two parcels 3 1 3 Goldsbrough Mort and Co 2 G 9 Gear Meat 2 4 0 N.Z. Refrigerating, 10h. paid .... 0 7 6 New Zealand Breweries 4 3 6 There was a steady demand for Government securities. The 4J per cents. (1938 and 1939) were wanted at £99 17n. Gd., per cents. (1930) at £99 55., and per cents. (1936) at £lOl 10s. Wellington Gas debentures were firm at £lOO 10s., and New Zealand Breweries bonds at 28s. Bank shares were again slow. There were bids of £6 18s. Gd. for National Bank of New Zealand, 61s. 2d. for Bank of New Zealand and 28s. 3d. for Bank of New Zealand long term. Sellers quoted £l4 13s. for Bank of Australasia, 355. for Australian Bank of Commerce, £8 9s. Gd. for English, Scottish, and Australian Bank, £l9 IBs. 6d. for National Bank of Australasia £lO paid and £9 16s. for £5 paid, £5l 17s. Gd. for Bunk of New South Wales, and £l5 ss. ex. dividend for Union Bank. Goldsbrough Mort at 4Gs. Bd. and Now Zealand Guarantee Corporation at 9s. 2d. were steady. Wellington Deposit were firm at 10s. Gd. There were bids of 13s. for Gisborne Gas, 335. for Wellington Gas ordinary, £8 15s. for Canterbury Frozen Meat, 7s. 4d. for New Zealand Refrigerating. 10s. paid, and 9s. 6d. for Wellington Meat Export. Buddart, Parker were firm at 455. 3d. and Union Steam at 21s. Waipa Coal have risen to 14s. , Kauri Timber were wanted at 17s. 9d., and National Timber at 7s. 9d. Brewery shares were steady. Crown Brewery at 75., New Zealand Breweries at 83s. 6d.» and Staples and Co. at In the miscellaneous section there were buyers of British Tobacco at 485., Electrolytic Zinc ordinary at 385., Howard Smith at 24s. f National Electric at 9s. Gd-, New Zealand Paper Mills at 205., Taranaki Oil at 2s. Gd., and Wairarapa Farmers’ preference at 15s. Id., a rise of 4d. Mount Lyell were in demand at 425. 9d. Yesterday’s buying and selling quotations were as under:—

SALES IN OTHER CENTRES By Telegraph.—Press Association. Auckland, July 31. Sales. —Commercial Bank of Australia, 30s. (two sales); National Insurance, 16s. 2d.; Kauri Timber, 18s. Od.; Australian Iron and Steel (pref.), (20s. paid), 225. 9d. (late sale July 30), 225. 9d.; British Tobacco, 48s. Od.; Electrolytic Zinc (ord.), 38s. 3d.; Henry Jones Co-op., 335. Od.; Sanford, Ltd., 18s. 3d.; Wilson's (N.Z.), Cement, 445. 3d.; Mount Lyell, 435.; Kuala Kampar Tin, 13s, lid.; Auckland Gas, 245. Id.; Union Bank, £l5 2s. Gd., £l5 3s. 6d. (Melbourne Register). Christchurch, July 31. Sales.—Electro Zinc (pref. cum. dividend), 395.: Mt. Lyell, 435. Id., 435. 2d. (six); National Mortgage, 85s. 9d. (three); Westport Coal. 335.; New Zealand Breweries, 82s. 3(1., 83s. Gd. (two), 83s. 7d.; Beath and Co. (Is. paid), 9s. 4d.; Mahakipawa, 5Jd. Sales Reported.—Goldsbrough Mort, 465. fid.; Australian Iron and Steel (pref.), 225. fid.: Wilson's Cement, 445.; New Zealand Farmers’ Co-op. A pref., 695. Dunedin, July 31. Sales Reported.—Electrolytic Zinc (ord. cum. div.), 38s. 9d.; Mount Lyell, 435.; Bank o£ New Zealand, 61s. 4d. THE WOOL MARKET Until new orders for manufactured goods are forthcoming there seems to be no prospect of better conditions in the wool trade. It is believed that cheaper wool will create its own demand in finished goods, but that is open to doubt. Wool has fallen in value to a very considerable extent during the past few years, and lust season’s clip, especially of fine wool, Is estimated to have shrunk in value by about 25 per cent., compared with the previous season, and yet a reasonably good Suit of clothes costs practically as much as n did five or six years ago. There seems to be too wide a spread between raw material and the finished product, and it is considered desirable that there should be some investigation into this side of the problem. Difficult though it may be to find exact causes as to why wool has fallen 25 per cent, in value during the past year, it is certain that any present dullness abroad is not due to excessive cost of wool. The raw material has (latterly been bought at lower prices than at any time since the war, except for a short period in 1921. On many occasions in the past the cost of wool was too close to the price which could be obtained for tops: no margin of profit was left for the topmaker. The obvious remedy for such a situation was reduced purchasing cost for the sheep’s staple. In practice that corrective has not proved effective. It Is difficult to arrest falling prices, not only for wool and the things made from it, but also for any other commodity, once confidence is temporarily lost. One authority asserts that lower prices for wool than those ruling at present will not mend the position. There is just as much likelihood of selling an average 64’s top in Bradford at 40d. as there is at 35d. or lower, provided buyers are satisfied that the value of the top will not decline after they have bought it. When wool was dear topmakers may have had cause to blame Its cost for their lack of turnover and absence of profit. They cannot do so now. Topmakers are the middlemen between the raw material and the makers of fabrics. Possibly In time to come the manufacturing of wool into textiles will be wholly concentrated In huge establishments, treating wool in all its stages, from its raw state to the finished article, and the latter will constitute the one artltcle on which the profit is sought. That development It seems is now proceeding, for at the annual meeting of shareholders of Salts (Saltaire). Ltd-, held on .lune 25, the chairman stated that In addition to the regular business of spinners and manufacturers, the eonipnnv was developing the top-making industry and good progress had been made. This, of course, necessitated the carrying ot increased stock* o£ raw waterUl, but-

this new development was expected to be of material value to the company. With respect to business on the manufacturing side, the chairman of Salts stated that the results of the gear’s trading were not unsatisfactory, in view of the state of depression ruling in the textile Industry, the noteworthy fall in prices, and the increasing severity of foreign competition, particularly in the home markets. Trade with the Central European countries anti Poland was becoming Increasingly difficult, due partly to poor harvests and a severe winter, and the decreased purchasing power of Germany. The intensified competition in the home market from foreign manufacturers, who, with labour content with lower wages and lower standards of living, have found that they can exploit their resources with advantage, but to the disadvantage of British manufacturers, makes it impossible for them to compete in the production of the cheaper qualities of wool textiles, which is the bulk trade. But no one can forecast the future of wool. It, may be that there will be a shrinkage in the new clip—at all events that is pretty certain as regards Australia —and a decrease in the supply is bound to be reflected In the value. The “Synay Morning Herald” of July 20 says: “In the Western districts of New South Wales the sheep grazing areas are in the throes of drought. The Darling River country is In particularly bad order, the whole of the stock on some stations having been removed to relief country. On some of the smaller properties heroic efforts are being made by the men concerned, and often by their wdmcnfolk, to keep the sheep alive. The 44 and 48-hour working week is unknown to those battling to maintain their flocks. Scrubcutting for feed goes on by day, daylight being necessary for that work. At night the haulage of water for the sheep commences and proceeds for hours. No reward can be too great for those arduous efforts. For those engaged in them to read that wool is too dear is akin to telling a penniless man that he should study his appearance more and dress with better taste.”

FOREIGN ITEMS EXCHANGE RATES. (British Official Wireless.) Rugby, July 30. Foreign rates of exchange on July 30, as compared with par rales, are as follow:— July 30. July 25. Par. Paris, francs to

‘ DALGETY AND CO’S SHARES. Australian Press Association. Loudon, .July 30. Dalgety and Co. shares, £l4 12s. 6d.; Dalgety and Co. 4 per cent, debenture stock, £74. CUSTOMS REVENUE. The Customs revenue collected at the port of Wellington yesterday totalled £14,796.

Buyers. Sellers. N.Z. GOVT. LOANS— £ s. d. £ s. d. 54 p.c. Ins. Stk., 1933 —— 101 10 0 5} p.c. Ins. Stk., 1936 1 01 10 0 —— 4} p.c. Bonds, 1941 .. 99 17 6 — 5$ p.c. ditto, 1030 ... — 100 15 0 4j p.c. ditto, 1939 and 1938 99 17 6 a—a 4} p.c. Bonds, 1939 and 1938 99 17 6 aaaal 41 p.c. ditto, 1930 .... 99 5 0 aM DEBENTURES— Wellington Gas Co. .. 100 10 0 —— N.Z. Breweries (bonds) 18 0 — BANKS— —■a 14 13 0 Australian Bank of - 1 15 0 English, Scottish, and - 8 9 6 National of N.Z 6 IS 6 National Australasia (£10) —— 19 16 0 Ditto (£5) a— 9 16 0 New South Wales ... 51 17 6 3 12 . ■ Ditto (long term) ... 18 3 18 9 Union of Australia . —— 15 5 0 FINANCIALGoldsbrough Mort ... 2 fl 8 2 6 10 N.Z. Guarantee Corp. 0 0 2 0 9 fl Well. Deposit & Mortg. 0 10 6 GAS(I 13 0 111. -- Wellington (ord.) ... 1 18 0 »■■■> INSURANCE— - ■ ■■ 0 16 3 MEAT PRESERVING— Canterbury Frozen Meat (ord.) 8 15 0 —— N.Z. Refrlgerat. (£1) a— 0 16 9 Ditto (10s.) 0 7 4 0 7 6 Well. Meat Expt, (ord.) 0 9 fl TRANSPORT— Huddart, Parker (ord.) 2 5 3 — Union Steam (pref.) . 110 aaa. WOOLLEN— Kalapol (ord.) .1* 0 14 3 Wellington (ord.) .... —— 7 7 6 COAL— Wai pa 0 14 0 a— TIMBER— 0 17 9 0 18 9 0 7 9 0 9 6 Leyland-O’Brien 1 12 6 BREWERIES— 0 7 0 ■ ■ • New Zealand 4 3 fl 4 3 7 Staples and Co 2 13 0 2 15 0 -,■■■■ 0 15 0 MISCELLANEOUS— Dental and Medical .. —a. 0 110 British Tobacco (Aust.), 2 8 0 2 8 7 Electrolytic Zine (ord.) 1 18 0 1 18 6 Ditto (pref.) — 1 19 fl Howard Smith ,ord.) 14 0 15 0 National Electric ... 0 9 6 —— N.Z. Drug Co — 4 0 0 N.Z. Fanners’ Fertiliser .. , ■■ 14 6 N.Z. Paper Mills 10 0 10 6 Taranaki Oil 0 2 6 —— Wairarapa Farmers’ 0 14 9 ■ ... Wellington Cordage ., 0 17 6 Wilson’s Cement .... — 2 5 0 MINING— Mount Lyell 2 2 9 Ma. Waihl a 0 12 0 Walid Grand Junction . — 0 1 U

£1 123.825 123.7 124.21 New York, dollars to £1 ... 4.85 15-32 4.85} 4.86 2-3 Montreal dollars to £1 Brussels, belgas 4.861 4.861 4.86 2-3 to £1 34.90 34.10 35 Geneva, francs to £1 25.22 25.22 25.22} Amsterdam, florins to £1 .. 12.101 12.091 12.107 Milan, lire to £1 92.825 92.795 92.46 Berlin, reichsmarks to £1 . 20.37 20.355 20.43 Stockholm, knr. to £1 18.10 18.105 18.159 Copenhagen, knr. to £1 18.21 18.205 18.159 Oslo, knr. to £1 18.20 18.205 18.159 Vienna, schillings to £1 34.425 34.46 34.58} Prague, knr. to £1 164 164 24.02 Helsingfors, marks to £1 .. 193 193 193.23 Madrid, pesetas to to £1 30.25 33.25 25.22} Lisbon, escudos to £1 108.20 10S.20 4.50 Athens, drachmas to £1 375 375 375 Bucharest, lei to to £1 818J 818} 813.6 Rio de Janeiro, 5£ pence to milrels 51 16 Buenos Aires, 47.62 pence to peso Bombay, pence to 471 47} rupee 17 25-32 17 25-32 18 Shanghai, sterling to tael 281 28} Hong-Kong, sterl231 ling to dollar . 23J Yokohama, pence to yen 2215-16 22 27-32 24.58 Batavia, guilders 12.12} 12.107 to £1 ■ ■ ■' ■■