FARMING AND COMMERCIAL.

Manawatu Standard, Volume XLVII, Issue 169, 16 June 1927, Page 5

FARMING AND COMMERCIAL.

BALE OF JERSEYS. GOOD ATTENDANCE OF BUYERS. Thor© was a good attendance of buyers at the sale of Jerseys of the Clar Innis stud on Mr A. Buchanan’s property in Palmerston North yesterday. Two cows each brought 42 guiheas. Details of the sale are as follow: —Cow, Tinsel’s Maid, F. B. ( Hartstone (Te Rapa), 10 guineas; cow, Jersey Holm Cupid’s Queen, F. B. Hartstone, 8 gumes; heifer, Clar Innis Naiad, F. B. Hartstone, 5 guineas; cow, Metai Nui Ruby, C. J. Bennett (Feilding), 11 guineas; cow Seaeliff’s Gold Bud, G. Hartstone (Woodville), 17 guineas; cow, Tematai Nimmo, F. B. Hartstone, 8 guinens; cow, Irene’s Goldie, G. F. O’Rourke (Pahiatua), 19 guineas; bull, Jersey Holm Dictator, J. Rose (Taonui), 13 guineas; cow, Jersey Holme Astral Lady, G. Hartstone, 9 guineas; bull, Clar Innis Drummajor, G. Whitelock (Tiakitahuna), 7 guineas; heifer, Clar Innis Star Laßy, G. Hartstone, 9 guineas; cow, Hawkesbury Butterfly, G. Hartstone, 42 guineas; cow, Clar Innis Princess, G. Hartstone, 6 guineas; cow, Bronze, F. B. Hartstone, 12 guineas; cow, Trethella’s Silvo, F. B. Hartstone, 8 guineas; cow, Golden Senorita, Dr. Watson (Bulls), 42 guineas: bull, Clar Innis Senor, C. T. Keeble (Fitzh’erbert), 9 guineas; heifer, Clar Innis Elegance, C. F. Jacobs (Wanganui), 8 guineas; cow, Moonstone, G. Hartstone, 18 guineas; heifer, Clar Innis Vicomptesse, G. Hartstone, 7 guineas; heifer Clar Innis Golden Lily, W. Broderick (Wanganui) 14 guineas; cow, Totaranui Queen, F. B. Hartstone, 20 guineas; bull, Clar Ennis Meadow King, J. Gardner (Hukanui), 6 guineas; bull, Clar Innis Specialty, C. W. Jacobs (Waikato), 15 guineas; cow, Clar Innis Gold Primrose, G. Hartstone, 18 guineas; cow, Marvel’s Jersey Maid, G. F. Hartstone, 9 guineas; cow, Matai Nui Charmer, C. T. Keeble, 7 guineas; heifer Clar Innis Diadem, C. F. Jacobs (Wanganui), 7 guineas; cow, Matainui Lady Love, C. T. Keeble, 5 guineas; cow, Owl’s Jewel, C. J. Bennett 9 guineas; cow, Little Tib, C. T. Keeble, 9 guineas; cow, Hillsbourne Picotee, F. B. Hartstone, 10 guineas; cow, Jersey Holme Heather, F. B. Hartstone, 16 guineas; bull, Clar Innis Silverskin, E. A. Harrington (Hukanui), 9 guineas; cow, Glenlivat’s Dora, F. B. Hartstone, 13j guineas; cow, Jersey Holme Viola, B. C. Leach, 16 guineas. On account S. Jones, Gisborne: Bull, rising four years, A. Eddisc 24 guineas; cow, C. J. Bennett (Feilding), 45 guineas. RED POLL CATTLE. SALE AT SHOWGROUNDS.

The second national sale of Red Poll cattle under the auspices of the New Zealand Red Poll Cattle Breeders’ As-« sociation was held at tire Showgrounds yesterday, Messrs Wright, Stevenson and Co., Ltd., and Abraham and Williams, Ltd., being the auctioneers. There was a good attendance of the public but there were few buyers present and Hre prices obtained, as compared with those at the first sale held under the auspices of the association last year, were most disappointing. The 6ale was entirely in favour of the buyers and lot after lot of good beasts was passed in without eliciting a bid. A cow belonging to the Feilding Agricultural High School, which last year was passed in at 35gns., this year was sent back after an offer of 12gns. had been made. Messrs J. McLeod, of Okoia, Wanganui, and H. C. Bryant, of Matamau, were the principal buyers, Mr W. S. Nelson, of Okailiau, Auckland, purchasing one lot. The sales were as follow : On behalf of Mr J. Risk, Ohura. — Heifer, Waiwhena Dolly (Kowhai 45tlr —Waiwhena Fay), born November 1, 1925; also heifer, Waitawhena Flirt (Kowhai 45th—Didmus), born September 7, 1926; also heifer, Waitewhenua Sheila (Kowhai 45th —Pansy 2nd), born j September 19, 1925, to Mr G. Me-, Leod at 15gns. each. On behalf of Mr D. D. Miller, Dan- | nevirke. —Bull, Deuchar Matador! (Mount Vernon Ronald —Rouge 7th), born November 20, 1926; also bull, Deuchar Arena (Mount Vernon Ronald —Trilby 3rd), born October 24, 1926; also bull, Deuchar Toreador (Mount Vernon Ronald —Rouge 7th), born September 20, 1926; also bull, Deuchar Picador (Mount Vernon Ronald—Beattie 2nd), born December 10, 1926, all to Mr H. C. Bryant at 2J gns. each. On behalf of Mr D. F. McLean — Bull, Opatu 12th (Kowhai . 4oth — Kowhai 68th), born October 5, 1926, to Mr W. S. Nelson; heifer, Opatu loth (Kowhai 58th —Kowhai 53rd), born October 19tli, 1926, to Mr G. McLeod, lOgns. On behalf of Mr W. G. Shannon, Palmerston North.—Bull, Glenburn Valentine (Valentine —Curlew No. 60), born October 1, 1924, to Mr H. G. Bryant, 14gns. In speaking to Mr L. J. Wild, of the Feilding Agricultural High School, who is secretary of the Red Polled Cattle Breders’ Association, ho informed a “Standard” reporter that the difference in the prices obtained at the sale yesterday and those at the last sale was due as much to economical causes as anything. The breed had not indeed become less popular—tiro herd book he held in his hand, which had just been printed, clearly showed that —but herd owners were satisfied and there were not the numbers of buyers present to make the sale go with a swing. The Red Poll was increasing in popularity and the sale was no criterion of its progress. ■ CANTERBURY MARKETS. Per Press Association. CHRISTCHURCH, June 14. The wheat market has advanced in quite a decisive manner since last report. A week ago Tuscan was selling somewhat sluggishly at 5s 6d a bushel on trucks; to-day 5s 9d is readily available. The main cause is the firming in the Australian market. There is a pronounced scarcity of short-berried wheats, there apparently having been a bigger swing over to Tuscan than usual, and for'Hunters’ up to 6s 3d a bushel on trucks has been paid. This variety is in much demand by some millers, and is rated equivalent to Tuscan by others. The slight business in the export of Date to Australia mentioned some weeks ago has been revived. All the' business in white oats has been done with the south, and a shipment is leaving this week for Sydney. The Canterbury price is a shade above the Otago value, but the Australian demand has strengthened the market in the south. Values on trucks to farmers in Canterbury are 2s 9d a bushel. Algerians are being shipped from Lyttelton in moderate quantities to Melbourne, a small consignment leaving this week. The on-truck price is up to 2s 7d a bushel. It is understood that a few barley contracts have been entered into by malting interests for next year’s crop at 5s a bushel. Potatoes have hardened during the week, and £4 a ton on trucks is now

WELLINGTON STOCK EXCHANGE. YESTERDAY’S BUSINESS AND PRICES. At the afternoon call yesterday on the Wellington Stock Exchange, a sale of Bank of New Zealand shares at 60s 9d (cum dividend) was made and another sale at 60s 7Jd was reported. The market was inclined to be dull in most departments. Government stocks and bonds were steady, with bids of £96 17s 6d for the 4$ per cents, £99 for the 6 per cents., and £lOl for the 51 per cents. Bank shares were very quiet. There was a bid of 60s 6d for Bank of New Zealand, and sellers quoted £l4 16s for Bank of Australasia. Financial shares were dull. There were buyers of Wellington Trust and Loan at £6 18s, and New Zealand Guarantee Corporation (ordinary) at 8s lOd. Wellington Gas (ordinary) were a shade firmer at 27s 2d. There were buyers of South British Insurance at 57s 9d, Gear Meat at 355, Union Steam (preference) at 20s, Westport Coal at 34s 6d, Waipa Coal at 13s 9d, Staples and Co. at 37s 6d, Ward and Co. at 40s, Colonial Sugar at £53, D.I.C. (preference) at 20s 9d, Electrolytic Zinc (preference) at 33s Id, and Wilson’s Cement at 34s 3d. Yesterday’s buying and selling quota-

SALES IN OTHER CENTRES. Per Press Association. AUCKLAND, June 15. Sales.—War Bonds (1938), 41 per cent., £96 17s 6d; Bank of New Zealand, 60s 6d; Farmers’ Co-operative Auctioneering, A pref. 17s, B pre. 15s 6d; Goldsbrough Mort. 50s; Auckland Gas, 23s 6d; Alburnia, 4s Bd, 4s 7d; Kawarau, 2s 6d, 2s 7d, 2s 6d; Waihi, 18s 6d; Grand Junction, Is 4d. CHRISTCHURCH, June 14. Sales reported.—E.S. and A, £8 6s 6d; National Bank of New Zealand, £7 3s; Bank of New Zealand (cum dividend and bonus), 60s Bd, 60s 9d; Bank of New South Wales (rights), £26 ss; Queensland National (rights), 60s 6d; Goldsbrough Mort (cum. dividend)., 50s; New Zealand Refrigerating (com trib.), 6s 6d, Eclipse Petrol (£1 paid), 7s 6d; Kawarau, 2s 7d; Bank of Adelaide (rights), 29s 6d.

Sales.—Australian Bank of Commerce, 275, 36s 9d; Commercial Bank of Sydney, £24 17s 6d: Bank of New South Wales (rights), £25 2s 6d; Bank of Adelaide 27s 6d; Goldsbrough Mort(cum. dividend), 49s lid, 49s lOd, 49s 9d; Howard Smith, 32s lOd (two parcels) ; Kaiapoi Woollens (pref.), 14s lOd, 14s 9d; New'Zealand Breweries, 50s. DUNEDIN, June 15. Sales. Molyneux Electric, 21s; Kawarau, 2s 6d, 2s 7d, 2s 6d. Sales reported.—Kawarau, 2s 6d; Bank of New Zealand, 60s 9d; 4J per cent. Inscribed Stock (1938), £97. EXCHANGE RATES. LONDON, Juno 12. Foreign rates of exchange on Juno 12, as compared with par rates, or as averaged first half of 1914, are as follow:

ENGLISH WHEAT MARKETS. LONDON, June 13, Wheat.—Cargoes continue quiet, prices occasionaly being in buyers’ favour, despite bullish reports from Australia. Parcels are in quiet request at 3d per quarter down. Liverpool futures: July, 11s 3Jd per cental; October, 11s 2d; December, 11s OJd. — A. and N.Z. cable. PRICES OF METALS. LONDON, June 13. Copper.—On spot, £54 Is 10id per ton; forward delivery, £54 14s 4id. Lead, £24 8s 9d and £24 los. Spelter, £2B 13s 9d and £2B 12s 6d. Tin, £295 Is 3d and £286 18s 9d. Silver.—Standard, 26jjd per ounce; fine, 28 7-16 d.—A. and N.Z. cable. LONDON’S ~LEAD IMPORTS. LONDON, June 14. Lead imports during May were 21,573 tons. —A. and N.Z. cable.

being paid. June business is on a basis of £5 5s to £5 7s 6d f.0.b., 5.1., and July-August-September £6 ss. The consignments north are now diminishing, and Auckland inquiries are more numerous. A policy of pitting has been fairly general, and offerings by farmers are comparatively meagre. A later advance is not improbable.

DAIRY PRODUCE. . LONDON AGENCY OF BOARD. REPORT BY MR. lORNS. Mr W.' A. lorns, a member of the London. Agency of the Dairy Board, who is now back in New Zealand, presented a lengthy report to the board at its meeting yesterday. The report was not dealt with by the board, which, however, gave Mr lorns permission to hand copies of the report to the Press. “I have been away from New Zealand for two years, representing the Dairy Board.' with my colleague Mr Motion, on the board’s London Agency, and I am glad to be in New Zealand again and to have this early opportunity to lay before you a number of matters with which I think, you should bo acquainted,” Mr lorns stated.“l am not here to-day in any sense to give an account of my stewardship—that is not required—but a certain amount of misunderstanding and consequent friction has arisen during my absence, which, it seems to me, should bo discussed at the earliest possible moment. For my part, I want to do this without any personal acrimony and without any recriminations, though there are several matters I shall have to refer to with perfect candour. My first duty, as a member of the board, is to the producers of the Dominion, and this cannot be fully discharged without placing before them quite frankly the facts of the position. CHANNELS OF DISTRIBUTION. “Very shortly after my arrival in London I realised that any attempt on our part to cut out any legitimate channel of distribution or any medium between the producers and the consumers that already was serving a useful purpose would be disastrous. This has been demonstrated clearly enough by the investigations of the British Food Department during the Great War and by the failure of the prolonged and costly efforts of a great American concern to establish a meat monopoly. If any further demonstration had been required it would have been furnished by our own recent attempt at price-fixing. Even the poorest intelligenc should hav recognised that by attempting to cut out the brokers and penalising the wholesalers we were ostracising sections of tb© trade that had been in the business for many years to the great advantage of New Zealand producers. The adoption of this policy drove a number of operators into the arms of the Dominion’s rivals and immediately resulted in the lessening of the premium which had existed for New Zealand produce and the widening of the premium for Danish. This dictatorial attitude on our part, opposed to all British methods, had it been, prolonged, inevitably would have driven the big buyers in England to the formation of a ‘Buying Committee,’ which would have deprived New Zealand producers of the advantages of trade competition.” EFFECTS OF PRICE FIXING. Mr lorns then proceeded to quote a number of letters from agents condemning price-fixing, and later on, expressing approval when the board decided on its abolition. “Having quoted these high authorities on the effects of pricefixing,” Mr lorns added, “it is scarcely necessary for me to weary you with the other over-whelming evidence I have on the subject, but I should like to place on record one or two extracts from letters I received from importers, wholesales, distributors and others immediately after the announcement that the board had decided to discard its unfortunate experiment. Thex-e will bo no harm, I think, in giving the names of the writers of these letters, and I shall be glad to lay the file of my correspondence on the table for the perusal of members.” Then follow further quotations. “These and many other letters to the same effect,” he continued, “wore received between March 31 and April 6, within a few days of the discontinuance of price-fixing, but of course most of the expressions of approval came to me and others attached to the London Agency verbally. Quite probably those members of the board and others who still cling to the delusion that we could compel the British merchants, distributors, retailers and consumers to submit to such terms as wo cared to impose upon them, if we only hung on long enough, will tell you that the people who are rejoicing over the collapse of price-fixing are animated only by the prospect of making more money for themselves out of ‘the unfortunate Now Zealand producers.’ I am not going to follow them in their reiteration of this silly story, but it is only due to the friends the industry has at Home and to the personal friends we have made there ourselves to say that it amounts to nothing less than a gross slander. I have dwelt upon this price-fixing episodes at considerable length, not because I have any fear of the experiment being repeated in our time, but because I want its incidents definitely placed on record.” “When I was in Holland recently several Dutch merchants stated to me that they had regarded the embargo placed upon their meat as the first step towards a ‘British Empire preference’ scheme that would shut them out of the English market. But their fears had been relieved. The indignation aroused in England by New Zealand’s attempt at price-fixing, they said, had so angered the consumers there was not likely to be any further talk of preference. While in Denmark I heard the same opinion expressed quite openly by responsible people. IMPORTANCE OF GOODWILL. “I was astounded by Mr Goodfellow’s statement, reported in the newspapers a little while ago, to the effect that there was not such thing as goodwill on a wholesale market. Every wholesaler handling our products in London speaks of goodwill as an important factor in his business, and if Mr Goodfellow had been up against tho ‘illwill’ the London Agency encountered while it was trying to establish pricefixing he would have realised what the other terra meant. One firm in Liverpool that prior to price-fixation had been taking 1000 boxes of New Zealand butter a week stated to me when fixation was initiated they would take no more of our produce under the new conditions, and since then their orders have gone to the Danes. Surely ‘goodwill’ and ‘ill-will’ had something to do with this change. I should say, by the way, that British goods in general, and Now Zealand goods in particular, make a very real appeal to the British consumer, and it was only when the agency attempted to fix prices that he began to kick. I am satisfied that if in any reconstructed scheme any company or any group of companies employs similar tactics the result will be detrimental, not merely to the dairy farmers, but as well to the great body of New Zealand producers. CHEESE GRADES. “Before leaving New Zealand Mr Motion and myself were asked by the board to carefully consider whether or not a ‘superfine’ grade should be provided for cheese. We gave a good deal of attention to the matter on our

arrival in London, and after a thorough examination of the facts came to the conclusion that it would be a mistake to introduce another grade. I had been satisfied by actual demonstration that it w’as impossible in grading cheese a fortnight after it had been made to discriminate between ‘supefine’ and ‘first.’ The fact was that the buyers could not see the difference in value of Is per cwt between the two brands. But notwithstanding our advice and a strong recommendation by the allotteos,t he board persisted in the two grades and the two prices, with the result that the agents were instructed to soil no more ‘first’ of recent arrival till they had cleaned up the accumulated stocks of .‘finest.’ This meant that a great quantity of ‘first,’ which otherwise would have been sold without any carrying charges, had to go into store. Many times we were approached by the importers with a request to release tho ‘first’ stocks, but, because the allottees were not allowed to sell until the ‘finest’ had been cleared, buyers left the floors to make their purchases from one of the Dominion’s riyals. _ I am satisfied that the extra grade is a mistake, and that a grave injustice is being done to the makers of ‘first’ by paying 3s 4d a crate to factories that turn out tho ‘finest’ which has been in store only 14 days. “NO TEAM WORK.” “There are a number of more or loss personal matters which cannot be discussed in any detail in a statement of this kind, and I can only indicate them here as a subject for our early attention. 1 never have been able to understand why the board has not paid more attention to the representations made to it by the agency. The manager’s practice of consistently communicating with the chairman of the board and Mr Goodfellow without even informing the representatives of the board of his intention to do so caused un undercurrent of uneasiness. There could be no ‘team work’ in the office under such conditions. There is a widespread feeling at Home that the administration of the agency in London vs not altogether impartial, and that it is swayed to some extent by old trade associations. The appointment by the board of a big London firm as its selling agent 6 in the United States and Canada is quoted as a case in point. This was the occasion of a good deal of irritation to other sellers of our produce. I say definitely that equality of treatment to our customers does not exist. There can be no doubt, I think, that much harm has been done to the interests of the producers by the publication of the Exporter newspaper under the auspices of the board. There is a free Rress in this country, which the whole world is commending, and surely this ought to be good enough for all of us. . . . These are somo of the personal matters we should discuss, and it is obvious we should approach them without recriminations and with the single purpose of promoting the best interests of the producers, whom we are here to represent and to serve. PREMIER’S SERVICES. “I cannot conclude without expressing my own very high appreciation of the services rendered to the board by the Prime Minister, the Right Hon. J. G. Coates, and the Government’s representative at the London Agency, Mr Stronach Paterson. I have read reports of criticism levelled against Mr Coates’s attitude towards the board while in London by members of the board and others, which I should like to believe to bo misrepresentation of tho speakers’ words; but as they have remained uncontradicted that satisfaction is denied me. The truth of the matter, which can he verified by any number of witnesses, is that while in London Mr Coates strove to the utmost to bring about a satisfactory settlement of the dilficulies besetting tho agency and the trade. He spared himself in nothing. He gave no thought to politics or popularity. Tho interests of the producers wore his one concern. The suggestion that he sought to undermine the statutory authority of the board was simply j an outrage upon truth and decency. No one in the circumstances could have { borne himself with greater candour and propriety than the Prime Minister did. As for Mr Paterson, the Government’s representative at the agency, I speak with a very intimate knowledge of this gentleman’s services when I say they were invaluable, not only to the agency and the board, but even more so to the producers. He always was courteous and precise, and yet always insistent upon the rights of the position. On occasions lie insisted upon certain courses being followed in order that he might supply the Government with information that was expected from him. He also thought it within his sphere to criticise lairly severely certain expenditure which was not in tho interests of tho producers. Objection has been raised here, I understand, to the Government’s representative introducing a deputation from the importers and wholesalers to the Prime Minister while that gentleman was in London. Mr Paterson was asked by the members of the deputation to introduce them to Mr Coates, and when he asked me for niy opinion on tlie subject I told him I thought he was the proper person to perform the ceremony. I understand that beyond introducing the deputation he took no part in the proceedings. I was very sorry indeed to hear of his resignation. His business experience and understanding, his knowledge of the whole business of tho board and his proved integrity made him the ideal man for the position he occupied, and whoever his successor may be, his services will be much missed.”

RISE IN PRICE OF BUTTER. SYDNEY, June 15. The wholesale price of butter has been increased by a penny a pound to 200 s 8d per cwt.—Press Association. TRADE IN BRITAIN. EXPORTS AND IMPORTS. LONDON, June 14. As compared with the same period of last year, May imports increased £15,186,000, exports by £17,512,000, and re-exporte by £4,818,000. The principal increases in imports were:—Grain and flour, £2,576,000; food and drink, non-dutiable, £1,279,000; dutiable, £1,815,000; oil seeds, £1,092,000; iron and steel manufactures, £1,268,000. Tho chief increases in exports were: —Coal, £3,015,000; iron and steel manufactures, £2,025,000: machinery, £1,421,000; cotton yarns manufactures, £2,014,000; woollen and worsted yarns, £1,187,000; vehicles, £1,175,000.—A. and N.Z. cable. [May, 1926, was the first month of tho coal strike and included the general strike.]

ADDINGTON MARKET. ADVANCE IN FAT SHEEP PRICES. Per Press Association. CHRISTCHURCH, Juno 15. Sheep entries were on the light side at Addington to-day, but fat cattle were again heavily represented. Fat sheep showed a further advance, and good classes of cattle also met with a slightly better sale, but poor conditioned steers and cows were hard to quit. Store Sheep.—The bulk of the email entry were of poor quality. Aged ewes, decent-mouthed ewes, and forward wethers sold well, and lambs met with quite a brisk sale. Crossbred ewe lambs made IDs lid to 22s 9d, inferior crossbred ewe lambs 14s, forward three-quarter-bred wether lambs 14s 5d to 15s 9d, forward crossbred lambs to 17s, four and six-toothed crossbred ewes 20s to 255, sound-mouthed half-breds 255, failing-mouthed crossbred ewes 12s to 18s, aged half-bred ewes 6s lOd to 7s 3d, forward four, six and eight-toothed half-bred wethers 22s lOd to 265, soundmor tiled low-conditioned wethers 15s 9d to 17s 4d, six and eight-toothed half-bred wethers 19s, four-toothed crossbred wethers 21s Bd. Fat Lambs.—Fourteen hundred were penned. A brisk sale, an advance of up bo Is per head being recorded. A truck lot of 66 averaged 29s 4d, and the rates for export were exceeded. Fat Sheep.—Another small entry and a very hot sale, ewes showing another advance of up to 4s a head and wethers to 3s. Last week the respective advances were 3s and 2s. Extra prime heavy wethers made 39s 6d to 44s 6d, prime wethers 35s to 395, medium wethers 51s to 34s 6d, light wethers 26s 6d to 30s 6d, extra prime ewes 3os to 39s 4d, prime ewes 29s 9d to 34s 6d, medium ewes 25s 6d to 29s 6d, light ewes 21s 3d to 24s 6d, aged ewes 16s 6d to 20s 6d. Fat Cattle.—A heavy yarding of 615 head, but a sound sale at slightly better rates than last week for finished cattle. Extra good beef made 38s 6d per 1001 b., prime 33s 6d to 36s 6d, heavy 29s to 33s Id, medium quality 30s oo 335, and rough cow 20s to 245. Extra prime heavy steers made £l7 to £l9 12s 6d, prime heavy steers made £ls to £l6 15s, prime medium weight steers £l3 to £ls 10s, medium quality steers £8 10s to £l2 10s, rough steers £7 to £8 ss, extra prime heifers to £l2 12s 6d, prime heifers £8 to £lO 10s, medium heifers £6 5s to £7 10s, light heifers £4 to £6, extra prime cows to £l3 7s, prime cows £7 5s to £9 10s, medium cows £4 10s to £7, aged cows £3 to £4 ss. Y< alers.—There was a keen dmand for good calved. Twelve to 18-months sorts made to £6 10s and vealers from £2 os to £4 15s. Store Cattle.—A line of 30 three and four-year Hereford steers made £7 17s 6d. Other stock forward were mostly cows. Dairy Cows.—Best second to fourth calvers made £8 to £l2 ss, medium £4 to £7 IDs, best heifers. £6 to £lO, others £2 10s to £5 15s. Fat Pigs.—A small entry of baconers and a fairly large one of porkers; there was a slightly better market for porkers. Choppers made £3 10s to £5 18s 6d, baconers £3 os to £4 18s 6d (average price per lb. o£d to 6£d), porkers 43s to 63s (average price per lb. 7d to 8d). , . Store Pigs.—An improved market for weanors and small stores. Weaners made 13s 6d to 18s 6d, slips 19s to 255, medium stores 26s to 325, large stores 33s to 465, sows in pig up to £6. SALE AT BURNSIDE. Per Press Association. DUNEDIN, June 15. The market for pigs was dead at Burnside to-day, and at least 10s to 15s was dropped on last week’s prices. Fat Cattle. —There was a mixed entry. There was a sprinkling of cows and heifers and plain steers, and the supply of prime bullocks was meagre. The market opened on medium quality cattle, and prospects appeared to be promising for the fat quality stock. The values were on a par with last week. Light bullocks made £9 10s to £ll ss; heifers, £6 to £7 10s; cows, £5 10s to £7. Extra heavy ox beef made 33s Id per 1001 b, heifers 30s to 325, and light heifers and cows 23s 6d to 255. Eat Sheep. —A fair entry, considering! the big offerings of the last two weeks, and the quality was mixed. There was a moderate supply of extra heavy wethers, a fair number of medium wethers, and a considerable tailend ol mixtures, together with a few pennirigs of extra prime ewes. Extra heavy wethers made 42s to 45e, prime heavy wethers 35s to 37s 6d, medium extra primo ewes 30s to 335, prime heavies 25s to 265, medium 18s to 235, light 15s to 16s 6d. Lambs.—There was a fair supply, and there were a good many prime pennings (some extra heavy), and also a number of unfinished and medium sorts. Extra heavy made 30s to 32s 6d, prime 27s to 38s, medium 22s to 25s 6d, unfinished 16s 9d to 20s. Extra heavy wethers made 5Jd per lb., prime sd, prime ewes 4Jd, aged 4d, lamb BJd to 9id. Store Cattle. —A big entry, including some 150 well-bred bullocks from Otago Central. The balance was made up of ordinary cows and mixed yearlings. There was a fair demand for well-bred bullocks, but ordinary sorts were sticky. Bullocks made £9 15s to £ll 6i, tliree-year-olds £9 5s to £ll 2s 6d. WAIKATO MARKET REPORT. The Farmers’ Co-operative Auctioneering Co., Ltd., Hamilton, report: Beef : Good yardings continue to come forward with prices on the improve for all classes of prime beef; plain and unfinished show no improvement. Several lines of bullocks have been sold for export at 25s per 100 which should tend to improve the market. Fat sheep: The market is firm at advanced rates for all classes of fats with prospects of a further rise within the next few weeks. Store sheep: There is a keen demand for good hoggets, with not many good lines offering; store wethers are meeting with good competition, and a good inquiry exists for lines of ewes in lamb. Very few store empty ewes are,offering. Store cattle: Competition has been good for 2, 3 and 4-year steers; yearling Jersey cross heifers are meeting with good competition but store oows are very low. Dairy cattle: Several pedigree sales have bten held and, although prices are not as high as last year, sales have been every bit as good as in other parts ol the North island. Good sales have been mado of 2-year Jersey and Jersey cross heifers; also successful clearing sales of dairy herds have been held. Pigs: Baoonors and porkers are making equal to ssd with keen competition for all classes of stores. Horses: Thj market is dull. We quote: —Bullocks, prime, extra heavy, £lO 10s to £11; medium, £8 10s to £9. Cows, prime, £6 10s to £5 ss; medium, £4 15s to £5 ss; unfinished, £3 to£3lot . Heifors, prime, £6 to £7. Steers, 4-year, forward, £6 10s to £7; 3-year, stores, £5 10s to £5 15s; 2£year, good, £4 to £4 10s. Extra choice 2-year Jersey in calf heifers, £lO 10s to £l2. Good 18-months heifers (Jersey

in calf), £6 10s to-£7; good yearling Jorsey and Jersey cross heifers, £3 5s to £4 4s; good fresh empty oows, £3 to £3 10s; aged store cows, 20s to £2. Wethers, prime, shorn, heavy, 25s 6d to 27s 6d; medium, 22s 6d to 245; ewes, prime, shorn, 20s to 225; store wethers, 4-tooth, 22s to 235; 2-tooth, 20s 6d to 21s. Breeding ewes, 4, 6 and 8-tooth, 25s to 27s 6d; 5-years, 20s to 22s 6d; aged, 15s to 17s; 2-tootli, 24s to 265; 4-tootlr, 26s to 28s. Lambs: Prime fat hoggets, 23a to 24s 6d; fat hoggets, 20s to 21s 6d; best woolly hoggets, 16s to 17s; good woolly store hoggets, 13s 6d to 14s; small woolly store hoggets, 9s to 146; best shorn hoggets, l4s 6d to 15s 6d; good store shorn hoggets, 13s to 14s; small do., 9s to 10s. Pigs: Baconers, prime, £3 8s to £3 12s Gd; medium, £3 to £3 3s; porkers, £2 10s to £2 15s; slips, 27s to 32s 6d; weaners, 15s to 20s. Horsps: Draughts, heavy, £35 to £4O; meilium, £2B to £32; springcart sorts, £l6 to £18; harness horses, £8 to £10; hacks, £5 to £B. STOCK MARKET. Abraham and Williams, Ltd., and Wright, Stephenson and Co., Ltd., report as follows on yesterday’s Johnsonville sale: —The usual yarding of sheep and lambs came forward. The quality of ewes was particularly good, and consequently prices were much in excess of recent values. The demand for lambs was not as keen as usual. A medium yarding of bullocks and a large yarding of vealers came forward. The bullocks were lighter than usual, which resulted in prices touching a lower level. We quote:—Bullocks, £9, £9 ss, £9 10s, £9 17s 6d, £lO ss, £lO 10s, £ll, £ll ss, £ll 7s Od, £ll 15s, £ll 17s 6d, £l2, £l3 to £l3 IDs; vealers, £1 18s, £2 Is, £2 2s 6d, £2 Bs, £2 12s, £2 16s, £2 17s, £3 ss, to £3 8s; light cows, £3 10s; cows, £6 5s to £7 ss; wethers, 22s Gd, 24s 9d, 26s 7d, 27s to 27s 6d; ewes, 16s Gd, 17s, 18s 9d, 21s, 25s 6d to 27s 2d; lambs, 19s 3d, 20s 9d, 2]s to 22s 9d.

tions were as under: — Buyers. Sellers. N.Z. GOVT. LOANS— £ p. d. £ s. d. 54 P.c. Ins. Stk. 1933 101 0 0 — 5 1 p.c. ditto. 1936 ... 101 0 0 — 4i p.c. Bonds, 195(3 ... 96 17 6 97 5 0 41 p.c. ditto, 1930 — 98 0 0 51 p.c. ditto, 1933 ... 101 0 0 — 51 p.c. ditto, 1936 ... 101 0 0 5 p.c. P. 0. Bonds, 1*927 99 0 0 DEBENTURES— N.Z. Breweries (stock) — 1 4 0 Ditto (bonds) — 1 5 11 BANKS— Australasia — 14 16 0 New Zealand (cum.) 3 0 b 3 1 0 Ditto “D" shares (5s paid) FINANCIAL0 10 9 Abraham and Williams (ord.) — 4 2 0 N.Z. Guarantee Corp. (ord. 8s) 0 8 10 0 9 0 Well. Trust, Loan ... 6 18 0 — GAS— Wellington (ord.) ... 1 .7 2 — INSURANCE— New Zealand — 2 0 0 South British 2 17 9 — MEAT PRESERVING— Well. Meat Export ... — 0 11 3 Gear 1 15 0 — TRANSPORT— Union Steam (pref.) 1 0 0 — P. and 0. dcf. stock' — 290 0 0 WOOLLEN— Wellington (ord.) — 6 7 6 Ditto (pref. £4 15s) — 6 1 0 COAL— Westport 1 14 6 — Waipa 0 13 9 — TIMBER— National — 0 14 0 BREWERIES— Crown 0 15 0 Staples and Co. 1 17 6 2 0 0 Ward and Co 2 0 0 — MISCELLANEOUS— Colonial Sugar 53 0 0 — Dental and Medical Supply — 0 16 6 D.I.C. (pref.) 1 0 9 — Electrolytic Zinc (pref.) 1 13 1 — N.Z. Paper Mills ... — 0 17 0 Wairarnpa Farmers’ (pref.) — 0 15 6 Wilson’s Cement 1 14 3 — MINING— Waihi Grand Junct. 0 1 3 0 1 6 Kawarau 0 2 7 0 2 9

June 12. Par. Brussels belgas to 1 34.97 — Paris, francs to £1 124 22.22* Stockholm, knr. to £1 ... 18.13 18.12 Oslo, lair, to £1 18.77 18.12 Copenhagen, knr. to £1 ... 18.17 18.12 Berlin Reichsmark to £1 20.5 — Rome, lire to £1 88.13 25 Calcutta, pence to rupee ... 175 24 Yokohama, pence to yen 23 15-16 24 Hong-Kong, pence to dol. 211 24 Montreal, dols. to £1 ... 4.85 11-16 4.866 Iseiv York, dols. to £1 ... 4.85 21-32 4.866 Amsterdam, florins to £1 12.12S 12.107 Batavia, florins' to £1 12.121 —