Farm and Commercial Section

Dominion, Volume 22, Issue 267, 7 August 1929, Page 14

Farm and Commercial Section

LATEST REPORTS from ALL CENTRES

AUCTION SALES TO-DAY. Dominion Farmers’ Institute, 7.30 p.m.— Sale of 65 residential sections, Hutt Valley (Commissioner Crown Lands). Arney Road, Remuera, 2 p.m.—Sale of residence and household furniture (Rutherford, Robinson, and Austin). Levin Saleyards, 1 p.m.—Unreserved heifer sale (Abraham and Williams, Ltd.) Manaia, Taranaki, 10.30 a.m.—Heifer fair (Farmers’ Co-op. Org. Soc.) 98 Manners Street, 1.30 p.m.—Sale of wholesale furrier’s stock (Ramsey Wilson, and Co.) Renaud Restaurant, 141 Lambton Quay, 10 a.m. —Sale of entire contents (E. Johnston and Co.) Johnsonville, 1 p.m.—Fat stock sale (W. S. and Co., Ltd. and A. aud IV., Ltd.) TO-MORROW. Dominion Farmers’ Institute, 2.30 p.m. —Sale of property (J. W. Foster and Co.) Dannevirke, 2.30 p.m—Sale of Dannevirke property, Ranfurly House (Dalgety and Co., Ltd.) 8 Willeston Street, 1.30 p.m.—Sale of stock-in-trade of carpets (E. Johnston and Co.) Dannevirke. —Stock sale. Waikanae.—Stock sale. 246 Lambton Quay, 2 p.m.—Sale of antiques (McKenna and Co.) 62 Upland Road, Kelburn, 10.30 a.m.— Sale of household furniture (E. Johnston and Co.) FRIDAY. District Lands aud Survey Office, 2.30 p.m.—Sale of Section 8, Subdivision 1A (Commissioner Crown Lands). Premises, Grand Hotel Building, account E H Pond, tobacconist, 10.30 a.in. —Sale of fittings (E. Johnston and Co.) THE PRODUCE MARKETS BUTTER AND CHEESE Amalgamated Dairies, Limited, report having received the following cablegram from their London office, dated August 3 'Butter.—Our prices unchanged (Anchor 1745.). Market quietly steady. Danish, 1725. spot, 1645. f.ob. Deliveries New Zealand, 874 tons. Stock, 8135. Retails tinC 1 .—Prices unchanged to Is. less (white 80s., coloured 605.). Market very quiet. Canadian, white 855., coloured 88sspot. Retail unchanged. HEIFER SALE AT GREYTOWN Messrs. Dalgety and Co., Ltd., .report having held a special sale of diary heifers on account of Mr. J. Stringfellow, Greytown The heifers, comprising two and three-year-olds, came forward in good condition. There was keen competition and exceptional prices were offering for heifers of good quality, the first pen of five averaging £l6 Is., while the line averaged £l2 12s. WHOLESALE SLAUGHTER OF CALVES DANGER OF SHORTAGE OF BEEF CATTLE Dominion Special Service. Auckland, August 6. Believing that the heavy slaughter of calves which is proceeding In country districts will have a prejudicial effect, the Auckland Master Butchers’ Association lias taken the matter up with the Minister or Agriculture. The association points out tliat the business was undertaken by the freezing works in the Waikato and elsewhere, and was intended at first to deal only with calves of dairy strain unsuitable for beef. The business has now developed to such an extent that calves of good beef strain are being slaughtered in great numbers at one or two days old. Members of the Auckland Master Butchers Association are not in a position to judge the effect wholesale slaughter will have on the Dominion as a whole, but they are convinced that if this slaughter of young calves continues there will be an aeute shortage of store cattle suitable for grazinc and conversion into beef for local consumption, with an inevitable consequent serious ill-effcct upon the trade and consumers in the form of extreme high prices. The Auckland Master Butchers’ Association recognises the great difficulties in the way of dealing with such a situation through Government action, but suggests that the Agricultural Department might take action in advising and distributing information to those concerned in regard to the very serious effects upon the stock business as the result of the wholesale slaughter of young calves. DAIRY SCIENCE ASSOCIATION FORMED CONFERENCE AT MASSEY COLLEGE Dominion Special Service. Palmerston North, August 0.. This morning an important conference of dairy research scientists commenced at Massey Agricultural College. Ihe proceedings are not open to the I ress, but a statement will be forthcoming at the conclusion of the conference on Thursday. Those present uro: Messrs. l. »»• Hughes and W. Udy (N.Z. Co-operative Dairy Company). N. JJ atc !!E in a . nd \v rnl ß (Glaxo Laboratory. Hamilton). W. K. Miimnierv (N.Z. Casein Company, Ltd., Wanganfil). K. M. Griffiths (Government Analyst, Auckland), R. L. Andrews (Dominion Laboratory. Wellington). .I. T. Leighton (Department of Agriculture Laboratory). G. F. V. Morgan (Dairy Bacteriologist). P. O. Veale (Hawera). and also Dr. F. McDowell, Messrs. H. R. Whitehead. G. M. Valentine, L. H. Briggs, L. Whelan, Dr. Marsden, and Professor Rlddet (members of the Dairy Research Institute). , , . , After the party had been received at (lie college by the principal, Professor Peren, ami Professor Riddet. an address was delivered by Dr. Marsden on the spirit of co-operation in the Industry and the good part played by the Dairy Research Institute. Dr. Marsden also stressed the value of a free exchange of ideas between the research workers. 'The conference then decided to form a New Zealand Dairy Science Association, and resolved Itself into the first meeting of that body. Methods of analysis of dairy products in the Dominion were discussed. This morning the laboratory control of city tnilk supplies was discussed very fully, and a paper was read by Mr. R. L. Andrew. An interesting discussion followed. principally from the point of added waler and bacteriological content. This afternoon discussion on tlic chemical analysis of dairy products was introduced bv Dr. McDowell. 'To-morrow morning a discussion on the desirability and practicability of adopting new methods for the payment of milk for cheesemaking is to be introduced by Mr. P. O. Veale. In the afternoon the subject of analysis and standards for commercial casein is to be introduced by Mr. K. W. Hughes, and this also will be discussed. On Thursday morning Mr. R. 11. Whitehead will introduce a discussion on the bacteriological examination of dairy products. The conference will conclude on Thursdav afternoon with a discussion on the cause of non-nefd cheese-making milk, to b« introduced Uy Mr, G. Jb\ V, Morgan.

WOOL SALES AND EXPORTS LAST MONTH’S FIGURES. Sales of wool (in bales) in New Zealand during July are reported by Messrs. Dalgety and Co. as under: ® J Cottospending July, 1929. month, 1928.

TALLOW EXPORTS Exports of tallow (in tons) to the United Kingdom and the Continent from New Zealand during July were as under, report Messrs. Halgety and Co.: — Corre-

1005 1723 WELLINGTON STOCK EXCHANGE YESTERDAY’S BUSINESS AND PRICES The following sales were reported on the Wellington Stock Exchange yesterday : — £ n. d. Union Bank 15 2 t) Goldsbrough Mort 2 7 1 N.Z. Refrigerating 10s. paid .... 0 7 4 Ohinemuri Gold and Silver (three parcels) 0 10 8 Government securities were steady and unchanged, the 4j per cent, bonds at £O9 17s. 6d., the 5} per cent. (1033) stocks at £lOl, bonds at £lOl 2s. 6d., and 5$ per cent, bonds (1930) at £lOl 10s. Welling ton Gas debentures were wanted at par and New Zealand Breweries stock at 28s 2d. and bonds at 28s. 4d. There was a moderate demand for bank shares, with buyers of Australian Bank of Commerce at 335. lid.. National Bant; of New Zealand at £0 IDs., Bank of New South Wales at £5l 12s. 6d., Bank of New Zealand at 61s. 6d., Bank of New Zealand long term at 28s. 3d.,.and Union Bank at £l5 Is. Gd. Sellers quoted £l4 12s. Gd. for Bank of Australasia, £8 10s. for English. Scottish, and Australian Bank, £l9 IGs. for National Bank £lO paid and £0 15s. Gd. for £5 paid. National Insurance were wanted at ICs. 2d.. New Zealand Insurance at 4Gs. 9d. ex dividend, nnd Queensland Insurance at 625. Gd., and Goldsbrough Mort were steady at 40s. lid. Equitable Building were in demand at £8 10s„ and New Zealand Investment at 9s. 9d. Gas shares were firm. Auckland at 245.. Gisborne at 13s. 3d., and Wellington at 325. 3d. There was no demand for frozen meat shares. Huddart, Parker ordinary were steady at 455. Gd. For Kaiapol Woollen ordinary 14s. 4d. was bid, for Mosgiel Woollen £7 14s. Gd.. and for Wellington Woollen preference £7 Gs. Gd. Westport Coal were steady at 335.. and Waipa at 13s. Gd. New Zealand Breweries were firm at 84s. 3d., but other brewery shares were not in request. Better business was offering in the miscellaneous section, with buyers of British Tobacco at 485., Burns, Philp at 4Gs. 3d.. Electrolytic Zinc ordinary at 38s. 2d. and preference at 395. 3d., Holden’s Motor Body Builders at 295. 3d., Sharland and Co. at 215.. Wairarapa Farmers’ preference at 155., Wilson's Cement at 445., Mount Lyell at 425. 8d„ and Ohinemuri Gold and Silver at 10s. Yesterday’s buying and selling quotations were as under: — Buyers. Sellers. N.Z. GOVT.’LOANS— £ s. d. £ s. d.

SALES IN OTHER CENTRES By Telegraph.—Press Association. Auckland, August 6. Snles. —New Zealand Breweries deben tures. 28s. .4%<1.: . Bank of New Zealand 61s. 9<i.: Union Bauk of Australia, £l5 Is lid : Tnupiri Coal. 295. 9d.; Bartholomew Timber. 20s 9d.; New Zealand Broweries. S4a, fed.; ililua and Cltoyoe debenture

stock, 20s. 7d.; Northern Boot and Shoe, 135.; Robinson Ice Cream, 235. Gd.; 235. Gd.; Thames Theatre, 135.; Ohinemuri Gold and Silver, 10s. 3d. 10s. 3d., 10s. 3d., 10s. 3d.; Waihi, 125.; Kuala Kampar Tin, 13s. ltd. Christchurch, August 6. Sales—Bank of Australasia, £l4 10s.; Kaiapoi Woollen (7s. paid), ss. Id.; Staples Brewery, 545. 3d., 545. 4(1.; Timaru (ss. paid), Bs. fid. (2); Mt. Lyell, 435. (8); Winding Creek (Gd. paid), 2s. Sales reported—Staples Brewery, 545. 3d., 545. Gd.; Bartholnmew Timber, 20s. 7^d.; Bank of N.Z., Gls. Sd.; Cis. 9d. Dunedin, August 6. Sales—Kildare, ss. (2). Sales reported.—N.Z. Breweries’ shares, 84s. Gd.; Staples Brewery, 545. 3d. (2); Ohinemuri, 10b. 3d.. 10s. 4d. COMPANY ACTIVITIES WELLINGTON WOOLLEN The gross profit earned by the Wellington Woollen Company Limited for the year ended June 30 totalled £65,467, compared with £67,600 in the previous year. The expenses amounted to £29,922, against £29,394. Rates, taxes, interest, salaries, etc., accounted for £23,309, against £23,G 72; maintenance; bad debts, etc., for £6291, against £5460; auditors’ fees were unchanged at £262 10s.; and £5OOO was again written off for depreciation, leaving the net profit at £30,545, against £33.200, showing the trifling decrease of £2661. The directors in their report state that “the general business depression that existed in the Dominion during the year—and which unfortunately has not yet lifted —is reflected to some extent in the figures, although not sufficiently so as to prevent the directors from recommending a further dividend at the same rate as last year's.” To the net profit of £30,545 must be added £2474 brought forward, making available £33,019. against £34.388. The dividend for the year absorbs £30,000, half of which was paid as an interim dividend, and £2OOO has been added to the reserve fund, leaving £lOl9 to be carried forward. The paid-up capital of the company is £300,000 in 40.000 ordinary shares of £5 each and 20,000 preference shares of £5 each; the general reserve stands at £56.000, against £54,000; and the fire insurance reserve at £ll,OOO. against £10,900; bank overdraft totals £38,458, against £56,700, a reduction of £18.242; sundry creditors account for £74,41)9, against £63,737, an increase of £10.762: and employees' deposits total £3723, against £2966. Freehold land, buildings, plant, etc., less depreciation, amount to £229,840, against £233,745; stocks of raw material and manufactured goods, £216.082. against £216.154: sundry debtors, £59.074, against £60,658; bills receivable £472, against £1169; and deducting the reserve for bad debts these total £53.248, against £55.294; insurance premia unexpired £390, and cash in hand £177, make the total of the assets £499,738, against £505,944. STANDARD INSURANCE Dominion Speciai Service Dunedin, August 6. The annual report of the directors of the Standard Insurance Company Ltd. states that the income from all sources for the year amounts to £361,242 3s. Id., to which has to be added the balance brought forward from last year, £17,147 9s. The surplus ou the year's operations, after making full provision for all ascertained losses to June 30, payment of an Interim dividend, donation to the guarantee and provident fund, depreciation of properties, and the allocation of £10.009 to the reserves fund, amounts to £31,618 12s. Out of this surplus the directors recommend the payment of a dividend at of Is. 3d. per share, absorbing £12,500, and to carry forward to the next year the balance of £19,118 12s. BANKRUPTCY ' PROCEEDINGS SALESMAN’S FAILURE HIS WIFE’S ILL-HEALTH. The affaire of John Francis William Garven, salesman, Wellington, came before the Official Assignee (Mr. S. Tansley) yesterday. The debts to unsecured creditors were shown at £216 and assets nil. Mr. W. B. Rainey appeared for the debtor. Bankrupt’s statement was that he had been earning £4 a week and commission, and for the last four months these had totalled £155. Prior to coming to Wellington he was engaged in Christchurch for some years at £6 a week. All his debts had been incurred in the last two years and a half, owing to the ill-health of his wife. Instead of taking a house he and his wife stayed at hotels, paying £4 15s. per week. When his position became involved his wife went to Dannevirke, and he went to a private hotel, where he paid 355. a week, allowing his wife £2 a week. His wife had not yet recovered her health, and medical expenses had been very heavy. Owing to judgments against him and other creditors pressing, he decided to tile. He felt confident of paying his creditors in time, and offered £4 a month. The debts included £65 for hotels, and in reply to questions bankrupt said £25 was due on a p.n. Commission to that amount was owing him. There was only a verbal arrangement, and the firm, he alleged, owed it, now denied owing the amount. Bankrupt said there was £8 in 'the bank, and he was expecting to receive enough to more than meet the cheque. To a statement by the Official Assignee that nearly all the debts appeared to be loans, bankrupt said he had fallen so far behind that he had to borrow. A motion was carried that the bankrupt prepare a statement as to his income and expenditure for the last twelve months, and in the meantime he Is to pay off his debts at the rate of £1 a week. FOREIGN ITEMS

CHICAGO WHEAT QUOTATIONS. (Rec. August 6, 5.5 p.m.) Chicago, August 5. Wheat futures: September. 1 dollar 38 cents per bushel; December, 1 dollar 46 3-8 cents; March, 1 dollar 51J cents; May, 1 dollar 54i cents. AUSTRALIAN LOANS IN NEW YORK. Australian Press Association. . New York, August 5. Australian loans were quoted on Wall Street to-day as follows:— Commonwealth.—s per cent. JanuaryJuly, 1955. 945: 5 per cent. March-Septem-ber, - 1957. 94J: 41 per cent. May-November. 1956. 86 5-8. New South Wales.—s per cent. FebruaryAugust. 1957. no sale; 5 per cent. AprilOctober. 1958, 921. Queensland.—6 per cent. February-Aug-ust. 1617, 1025 ; 7 per cent. April-October. 1942, 1092. BEET SUGAR PRODUCTION. London, August 5. Herr Licht estimates nine months’ beet sugar production at 5,870,118 tons. CUSTOMS REVENUE. The Customs revenue collected at the port of Wellington yesterday totalled £9380.

Invercargill Dunedin loot Tlinaru 107 7 Christchurch 87 76 Blenheim 6 1 Wellington 1 50 Wanganui 6 —. Napier — Gisborne — 60 Auckland 528 648 735 2196 Exports of wool from New Zealand for the month were: — CorreJuly, 1929. spending month, 1928 Invercargill 1453 7G1 Dunedin 545 810 Oaniaru 1127 1006 Timaru 103!) 1952 Christchurch .... 2871 3815 Blenheim —— —— Nelson — — Wellington 4153 3803 Wanganui 527 276 New Plymouth-Wai-62 tara —— Napier-Wairoa ... 1797 1449 Gisborne-Tokomaru Bay 125S 618 Auckland-Opua 707 514 15,477 15,066

Invercargill Dunedin’ spending July, 1929. month, 1928. 140 92 15G 120 Oamaru 60 111 Tlmaru 29 274 Christchurch .... 185 300 Blenheim —— Nelson —• Wellington 74 215 Wanganui 103 New Plvmouth-Waitara GO 40 Napier-Wairoa .. 180 59 Gisborne-Tokomaru Bay 47 45 Auckland-Opua 300

41 p.c. Ins. Stk.. 1938 51 p.c. ditto. 1933 ... 101 41 p.c. Bonds, 1938 and 0 17 0 100 2 101 10 0 0 51 p.c. ditto. 1933 ... 101 2 6 ■ 11 ■ 51 p.c. ditto. 1930 ... 101 10 0 DEBENTURESWellington Gas Co. .. 100 0 0 —— N.Z. Breweries (inscr. stock) 1 8 — Ditto (bonds) 1 8 4 —- BANKS— Australasia —— 14 12 G Australian Bank of Commerce 1 13 11 —- English. Scottish, and Australian — 8 10 0 National of N.Z G 19 0 0 6 National of Australasia (£10) —— 19 10 0 Ditto (£5) — 9 15 G New South Wales ... 51 12 6 51 15 0 New Zealand 3 1 fl Ditto (long term) ... 1 8 .3 — Union of Australia .. FINANCIAL— 15 1 0 15 3 0 Equitable Building Co. 8 10 0 —— Goldsbrough Mort .. 2 G 11 7 5 N.Z. Invest., Mortgage, and Deposit 0 9 9 — GAS— Auckland (paid) 1 4 0 — Gisborne 0 13 3 —— Wellington (ord.) .... 1 12 3 —— INSURANCE— 0 National 10 — New Zealand 2 G 9 ——- Queensland 3 6 — MEAT PRESERVING— 3 Gear - — 4 N.Z. Refrlgerat. (£1) — 0 1G 4 Ditto (10s.) — 0 7 0 TRANSPORT— Huddart. Parker (ord.) ** u 6 — WOOLLEN— Kaiapoi (ord.) 0 14 4 — Mosgiel 14 6 — Wellington (ord.) ... •— 7 4 fl Ditto (pref.) 7 6 6 —— COAL— West port 1 13 0 —— Waipa 0 13 6 — TIMBER— Kauri — 0 18 6 BREWERIES— New Zealand 4 4 3 4 4 14 15 9 Staples and Co Sunshine 0 fl 0 MISCELLANEOUS— . British Tobacco (Aust.), (ord.) 8 0 8 « Burns, Pliilp. and Co. .> — D.I.C. (ord., prem.) .. Electrolytic Zinc (ord.) 0 12 6 —— 1 IS 2 1 18 « Ditto (pref.) Holden’s Motor Bldrs, 1 19 3 — 1 9 3 —— Howard Smith (ord.) — 1 o 0 N Z. Farmers’ Fortillser —— 1 4 3 N.Z. Paper Mills —— 1 0 0 Sharland & Co. (ord.) 1 1 0 1 3 Wairnrapa h armors’ (pref.) , 0 15 0 Wellington Cordage .. —— 0 17 G Wilson’s Cement 4 0 G MINING- , Mount Lyell 8 6 Walhi Grand .1 unction — 0 1 fl Ohinemurl 0 10 0 —