FARMING AND COMMERCIAL

Manawatu Standard, Volume XLVII, Issue 273, 17 October 1927, Page 5

FARMING AND COMMERCIAL

WELLINGTON STOCK EXCHANGE

LAST WEEK’S BUSINESS AND PRICES.

The business done last week on the stock exchanges of the Dominion was within small compass, but the firmness of values is a striking feature of the security market. The popularity of bank shares as an investment shows no sign of abating, and the outstanding feature of the week was the heavy traffic in the ordinary shares of the Commercial Bank of Australia, the sales during the week covering twentyfive parcels, and the prices ranged from 27s lOd to 28s 3d, most of the parcels changing hands at 28s. Bank of New South Wales shares were also active, and prices showed a distinct upward tendency, for sales were registered at £43 10s, £43 12s 6d, £44 10s and £44 15s. This bank pays dividends quarterly and one such dividend is about due. Other bank shares were quietly steady. There were transfers of Bank of Australasia at £l4 12s 6d and £l4 11s 6d, English, ’Scottish and Australian Bank at £7 11s 6d and £7 12s 6d, National Bank of New Zealand at £6 19s sd, £6 19s 3d and £6 19s 6d, Union Bank at £l4 18s, £l4 18s 6d, and £l4 17s 6d, Australian Bank of Commerce at 32s 7d, Bank of New Zealand at 58s and 57s 9d, and National Bank of Australasia (£5 paid) at £8 10s. Government stock and bonds were in good demand, but the business done was small. The 4J per cents, had quittance at £9O 5s and the 51 per cents, at £lOl 10s and £lOl 7s 6d. Glaxo 61 per cent, debentures (1945) sold at £92 10s, and New Zealand Breweries (10 per cent, bonds) at 23s 6d. In the financial section there was little doing. Goldsbrougli Mort and Co.’s shares, which show a rising tendency, changed hands at 46s 9d and 47s 3d, Dalgety and Co. (old issue) at £l3 10s, new issue at £l3, and New Zealand Guarantee (ordinary, 8s paid) at. 8s 6d (cum. dividend). Gas shares were quiet. Two parcels of Auckland Gas shares sold at 22s lid, and one parcel of Christchurch Gas at 22s 6d. Insurance shares continue very firm. Business was done in National Insurance at 81s and 79s 6d, New Zealand Insurance at 39s 3d and 395, and South British Insurance at 57s 4d and 57s 6d. New Zealand Refrigerating shares commanded a good deal of attention, particularly the shares, 10s paid, of which twenty-two parcels changed hands at 7s 7d, 7s 9d, and 7s lOd, and the 20s paid at 15s. Woollen shares were neglected and no business was done in them during the week. Shipping shares were also very dull, and except for a single sale of Northern Steam at 14s 9d there was nothing doing in them. A moderate business was done in coal shares with sales of Westport Coal at ' 34s lOd, Taupiri Coal at 26s and 25s 6d, and Hikurangi Coal (preference) at 5s 4d. In timber shares business was confined to sales of Kauri Timber at 24s 6d, and Parker, Lamb timber at 19s. There was a fair demand for brewery shares, but the bids were apparently not high enough to attract holders. New Zealand Breweries shares changed hands at 445. In the miscellaneous section sales were registered of British Tobacco i at 59s 9d and 59s 6d, Bycroft, Ltd., at! 30s, Electrolytic Zinc (preference) at 31s 6d, 32s and 31s lOd, Farmers’ Co-op. Auctioneering “A” preference at 17s 3d, “B” preference at 15s, Henry Jones Co-op. at 34s 6d, Holden’s Motor Body Builders at 34s 6d, Howard Smith at 30s and 30s 3d, Sharland and Co. (ordinary) at 20s 9d, Taranaki Oil at 6s 9d, Union Oil at 41s 6d and Wilson’s Cement at 36s 9d. On • Saturday a sale of Waihi Mining I shares at 22s 4d was reported. Saturday’s buying and selling quo-1 tations in Wellington were as under:— j

SALES IN OTHER CENTRES. Per Press Association. AUCKLAND, Oct. 16. Sales.—National Bank of Now Zealand, £6 19s: Sanford, Ltd., 20s 3d; Occidental Una (contrib.), Is sd; Waihi .22s 6d. CHRISTCHURCH, Oct. 16. Sales Reported.—Sanfords, Ltd., 20s 3d ; IVhitcombe and Tombs, 68s ; New Zealand Befrigerating (contrib.), 7s Bd, 7s 7d; Bank of Adelaide, £8.12s 6d. Sales.—National Bank of Australasia (£5 paid), £8 12s; New Zealand Insurance, 395. DUNEDIN. Oct. 15. Sales Reported.—National Bank of New Zealand, £6 19s; New Zealand Drugs, 64s 3d (two parcels) ; Dalgety and Co., £l3 10s.

FROZEN MEAT

NEW ZEALAND SHIPMENTS. The New Zealand Moat Producers' Board reports the following shipments of frozon tfioat from Now Zealand: —

LONDON QUOTATIONS. LONDON, Oct. 15. Sheep.—New Zealand ewes, 4gd per lb; Australian ewes, 4£d; Argentine, light, 4£d; medium, s£; heavy, ssd. Chilled Beef. —Argentine, fores, 3Sd; hinds, 6£d- Other meats are unchanged.—A. and N.Z. cable.

Levin and Co., Ltd., have received the following cable from their London agents, dated 14th October, 1927: Frozen meat quotations are unaltered, with the exception of ewes, which are id per lb lower. The market is very quiet all round, the demand being very poor. There is a large supply of Scotch lamb offering. The New Zealand Meat Producers Board has received the following cable from its London office dated 14th October, 1927, advising Smithfield delivered prioes at that date as follow, prices for the two provious weeks being also shown in parentheses:—N.Z. wethers and maiden ewes: Canterbury quality, selected brands. 56-under, 6£d (6£d, 6id), 57-64, 6Jd (6id, 6»d); 65-72, 6-Jd (Sid, 6d) : other brands, 56-under 6id (6id, 6Jd) ; 57-64, (6£d, 6d) ; 65-72, 5Jd (s|d, sid). N.Z. ewes: 64-under, 4|d (sld, 5Jd). N.Z. lambs: Canterbury quality, 36-under, 9id (9£d, 9£d) ; 37-42, 9£d (93d, 9Jd) ; 43-50, 9|d (9Jd, B|d) ; seconds, 9£d (9£d, 9|d) ; selected brands, 36-under, 9£d (93d, 93d) ; 37-42, 9id (9£d, 9gd) ; other brands, first quality, 3.6-under, 9id (9id, 9Jd); 37-42, 9£d (9£d, 9£d) ; second quality, 30-32 average, 9*d (9Jd, 9gd). Australian lambs: Victorian, first quality, not quoted. Argentine lambs: Not quoted. N.Z. beef: Ox fores, 3|d (3|d, 3£d); hinds, s£d (5Jd, 5Jd); cow fores and hinds, not quoted. Argentine chilled beef: Ox fores 3|d (4d, 4d) ; hinds 6£-d, (6Jd, 6£d). Argentine frozen beef :Ox fores 3£d (3£d, 3£d) ; hinds. 5Jd (s£d, 6d). Frozen pork: 80-120 lbs B£d (9d, 9d) ; 120-180 lbs 7d (7d, 7d). Frozen veal: Not quoted. Lamb : Market firm despite lessening consumption. Mutton : Wethers, market quiet; ewes, market is easier, owing to heavier supplies.

LONDON’S MEAT SUPPLY,

The New Zealand Meat Producers’ Board has been advised by its London office that the supplies of meat to the London central markets during the eight months ended August, 1927, and comparisons with the corresponding period of 1926- are as follows:

NEW ZEALAND FRIESIAN

PRODUCES lOOOlbs. BUTTERFAT

NEW RECORD FOR AUSTRALIA

Mr John Donald, of Westmere, Wanganui, who is to-day established as a breeder of thoroughbred racing stock, made a great mark in the Dominion as a breeder of Friesian cattle, and big performances are still being made by cattle produced from Mr Donald’s famous old Westmere stud which he dispersed some years ago in order to permit of his taking up the breeding of thoroughbreds. The latest performance credited to a Friesian cow of Mr Donald’s breeding is the coveted one of a production exceeding lOOOlbs of butterfat. This performance was recently established in Victoria by the cow, Westmere Oakwood Duchess, eight years old. The exact figures produced are not yet available, but the production exceeds over lOOOlbs of butterfat for the year’s test of 365 days. In addition to being the greatest Friesian cow so far tested in the whole of Australia, Westmere Oakwood Duchess recently won the type and utility class at the Melbourne Royal Show, and her son won the new class for bulls judged on type and the production of their dams. Mr Donald had previously forwarded to Australia quite a number of cows which have put up records in the various States and also won championships at the Royal shows, but this latest success scored by Westmere Oakwood Duchess is the highest production yet recorded by a cow bred at Westmere, although performances still standing to the credit of Mr Donald’s stud, which for years have remained as New Zealand records over all breeds, are those credited to Westmere Princess Pietertje, 939ibs of butterfat as a junior four-year-old, and Netherland Princess IV, 8051bs of butterfat as a senior two-year-old. Westmere Oakwood Duchess was sired by Dominion Oakwood, a bull bred by the New Zealand Government in its Weraroa stud. This bull was sired by Oak de Kol 2nd Homestead Fobes, a bull selected in America for the New Zealand Government by Governor Heard, of Wisconsin, and he is out of the great imported cow. Woodcrest Daisy, selected in America for the Weraroa herd by Mr W. M. Singleton. Woodcrest Daisy was the heaviest producing cow at Weraroa. It is interesting to noto that another son of this latter cow is one of the herd sixes being used in the Government herd today. The dam of the new 10001 b fat producer is Woodcrest Duchess Paul by Mr Donald’s great imported sire, Woodcrest Pietje Pontiac, from Westmere Duchess Paul. The latter cow is by Paul Pietertje and traces her descent from the original cow, Domino, imported from Holland by the late John Grigg, of Longbeacli. Woodcrest Pietje Pontiac and Paul Pietertje have both sired innumerable cows and heifers whose productions have exceeded 800 and 9001bs of butter fat so that Westmere Oakwood Duchess was the result of a concentration by Mr Donald of practically all tho best blood in his Westmere stud.

STOCK MARKET. The New Zealand Loan and Mercantile Agency Co., Ltd., report on the usual weekly sale held at Eeilding on Friday :—A medium yarding of fat sheep, with a small offering of stores, was offered to a fair attendance of the public. Practically everything was disposed of under the hammer at satisfactory. prices. A large offering of dairy cows and heifers was also submitted. Bidding was somewhat slack, hut the yarding was disposed of at prices on a par with late rates. We quote the following sales:—Fat ewes 30s 6d, 28s Bd, shorn ewes 19s 2d, 21s Id, 22s 2d, maiden ewes and wethers 245, 245, 275, shorn hoggets B.F. 20s 3d, ewe hoggets 28s7d, wether hoggets 26s sd, ewes and lambs 42s 2d, springing hoifers £6 17s 6d, £7, cows £3 10s, £4 15s, £6 ss, £7, £8 16s, £8 7s 6d Jersey bulls £4 ss, £7 ss, £5 10s, £S 15s to £l6 16s. NOTES FROM RONGOTEA. (From Our Own Correspondent.) RONGOTEA, Oct. 15. Top dressing, to the minds of all authoritative dairy farmors, is considered to bo absolutely essential if the producer is eager to gain as much as possible out of his land and out of his herd without either suffering any detrimental effects from so doing. The land must bo fed the same as the animal, and must be well fed and nourished to becomo healthy and productive. The average farmer should be in the position to stand the expense of an. outlay of £25, which amount would bo sufficient to dress somo sixty acres with a first class manure. The manure used most extensively in this district and which has been found most beneficial of all artificial manures is superphosphate, which seems to contain all the requirements of this class of land.

To illustrate the value o£ topdressing, a farmer who until two years ago had not done any dressing was persuaded to try it and ho topdressed sixty acres with one bag to the aero, that is a total amount of five tons of manuro for the whole area. His increased yiold in butter-fat last yoar as a direct result of the topdressing was 30001bs, which represents at the price of butter-fat last season of 1 4d a total increase of revenue of £2OO. His outlay was £25, therefore ho gained £175 direct return.

A local dairy farmer has in his herd a cow which when it was a heifor yielded 601bs of milk per day and now after her fifth calf i 6 yielding 901 be of milk per day with an astonishing test of 4.8. The cow, which is a Friesian, has been in for a month and a sample of her milk has been tested by the manager of the Rongotea Co-operative Dairy Co. rovealing the interestingly high test. Owing to the lack of sufficient feed the cow had not been given a proper chance, but through the indulgence in topdreesing the owner this year has an abundance of feed and as a result the cow has shown- the aforementioned outstanding qualities. Preparatory work for the planting of mangolds and green feed such as oats, peas, maize, etc. is well in hand and with the welcome rain which we have had during the last few days progress will no longer be restricted, owing to the dryness of the soil, which was causing the fanners much alarm prior to the rain.

EXCHANGE RATES.

LONDON, Oct. 13. Foreign rates of exchange on October 13, as compared with par rates, or as averaged first half of 1914, arc as follow :

PRICES OF RAW MATERIALS. LONDON, Oat. 15. Cotton. —Liverpool quotation for American middling upland cotton, November shipment, ll.lOd per lb. Rubber. —Fine hard Para, 14d per lb.; plantation first latex crepe and smoked ribbed sheet, 16fd. Jute.—October-November shipment, £32 2s 6d per ton. New Zealand Hemp. October-Nov-ember shipment, £33 per ton. Copra.—October-November shipment £26 15s per ton. Linseed oil, £3l per ton. Turpentine, 38s per cwt. —A. and N.Z. cable.

Buyers. N.Z. GOVT. LOANS- £ 8. d. £ s* d. 4± p.o. Ins. Stk., 1939 96 2 6 1 4i p.c. ditto 1938 96 2 6 5£ p.o. ditto, 1933 100 17 6 5£ p.o. ditto, 1936 100 17 6 5 i p.c. ditto, 1927/1941 98 0 0 — 4£ p.o. Bonds, 1939 ... 96 2 6 4£ p.c. ditto,1938 96 2 6 5£ p.c. ditto, 1933 ...101 0 0 5£ p.c. ditto’, 1936 ...101 10 6 101 17 6 5£ p.c. ditto, 1936 ...101 0 0 101 7 6 6 p.c. P.O. In6., Stk.. 1929 — 99 0 0 5 p.c. P.O. Bonds, 1927 99 15 0 100 0 0 DEBENTURES— Wellington Gas 99 5 0 . N.Z. Breweries (bonds) — 1 3 10 BANKS— Australasia — 14 14 0 Commercial of Aust. (ord.) 1 8 0 1 8 4 National of N.Z 6 18 6 — National of Australasia (£5) 8 10 0 8 12 6 Now Zealand 2 17 7 2 18 0 FINANCIAL— Equitable Building ... 8 15 0 8 12 6 N.Z. Guarantee Gorp. (ord., 8s) 0 8 0 0 8 5 N.Z. Investment 0 9 5 0 10 0 Wellington Investment 0 10 5 — Well. Trust, Loan ... 6 14 0 — GAS— Auckland (paid) — 1 3 3 Christchurch 1 2 6 — Ditto (new issue) 0 6 0 0 6 6 Wellington (ord.) 1 7 6 1 8 3 Ditto (prof.) 0 16 6 — INSURANCE— National — 4 0 6 MEAT PRESERVING— N.Z. Refrigerat. (£1) 0 15 0 — N.Z. Refrigerat (10s 0 7 6 0 8 0 TRANSPORT— Union Steam (pref.) . 1 0 0 — Iluddart-Parker (ord.) 2 6 9 — Ditto (pref.) — 1 0 9 WOOLLEN— Kaiapoi (ord.) — 0 8 3 Wellington (prof.) 6 1 0 — COALWestport 1 14 0 1 16 0 Westport- Stockton (pref.) .... — 0 3 7 TIMBER— Kauri — 1 5 0 Leyland-O’Brien 1 15 0 1 18 9 National 0 13 6 BREWERIES— New Zealand — 2 4 6 Ward and Co — 1 18 6 MISCELLANEOUS— C. M. Banks (ord.) . 1 2 6 — Burns, Philip and Co. 1 16 6 — Colonial Sugar 53 10 0 — Dental and Medical Supply .'. 0 14 9 — D.I.C., 7s 6d paid (ord.) — 0 18 6 Electrolytic Z i n o (ord.) — 1 11 0 Ditto (pref.) — 1 12 6 N.Z. Paper Mills 0 17 0 Sharland & Co. (ord.) — 1 1 6 Taranaki Oil Fields . 0 7 6 0 8 9 Well. Queen’s Theatre 1 0 0 — Whitcoinbc and Tombs (contrib.) — 3 9 0 MINING— Blackwater Mines - 0 5 0 Progress 0 0 4 —

Beef. Mutton Lamb. Pork. Nov., 1926— Qrs. Cs. Cs. Cs. London 1,358 32,842 17,286 6,062 W.C.U.K. 1,520 — 9.522 3,019 Dec.. 1926— London 93 58,718 106,218 4,683 W.C.U.K. 1,495 2,383 3,664 Jan., 1927— London 1,743 147,069 632,320 6,934 W.C.U.K. — 7,478 47,384 2,014 Feb., 1927— London 829 198,594 536,417 1,664 W.C.U.K. 1,562 18,926 89,013 9,144 Halifax — — 1,753 — Port Said 3,484 — — -— Vancouver — — 502 — Mar., 1927— London 1,644 146,165 389,180 1,958 W.C.U.K. 716 27,807 159,566 9,227 Vancouver — 500 — — April, 1927 — London 8,034 225,281 684,056 603 Now York — 1,000 — — Halifax — 100 1,000 — Vancouver — 413 1,301 — May, 1927— London 6,715 170,165 514,821 192 W.C.U.K. 3,818 58,122 411,415 9,925 Vancouver 200 850 1,651 — Now York 464 — 962 — June, 1927 — London 6,448 157,368 553,339 1,703 Havre 16,846 — — — July, 1927— London 24,269 227,194 607,795 7,368 W.C.U.K. 7,895 28,500 73,951 1,746 New York 1,200 2,000 1,012 — Marseilles 12,000 — — — Port Said 3,998 — — — Genoa — — — 10 August, 1927 London 23,173 235,373 202,953 3,650 W.C.U.K. 13,893 20,403 14,311 367 Antwerp 15,809 2,500 — — Sept., 1927— London 10,706 185,603 173,535 6,383 W.C.U.K. 13,188 33,743 40,636 1,038 New York 1,264 2,101 250 •— Total to Sept. 30 th, 1927— London 85,012 1,784,372 4 ,417,920 41,200 W.C.U.K. 44,087 194,979 848.181 40.144 Halifax — 100 2,753 — • Port Said 7,482 — — — New York 2,928 5,101 2,224 •— Vancouver 200 1,763 3,454 — Havre 16,846 — — — Marseilles 12,000 — — — Genoa — — — 10 Antwerp 15,809 2.500 — i— Total for Bam<? period last year, viz, to Sept. 30, 1926— London 148,137 2,059,659 4,197,262 23,628 W.C.U.K. 114,602 176,840 833,147 23,734 Havre 36,148 — — — Antwerp 37,458 — — — Genoa 40,278 — — 23

Eight months. TonTon- TonBeef and Veal— nage. nage. nago. Britain & Iroland 28,220 23,458 4,762 Australia 1,761 4.847 -3,086 New Zealand 612 1,027 -415 Canada 810 2,607 -1,797 United States .... 750 873 -123 Argentina 139,582 123,140 16,442 Uruguay, etc. ... 5,406 11,236 -5,830 Netherlands — 4,247 -4,247 Other countries .. — 2,342 -2,342 Totals 177,141 173,777 3,364 Mutton and Lamb— Britain & Ireland 23,288 18,177 5,111 Australia 13,181 9,672 3,509 New Zealand 46,076 49,201 -3,125 Canada — United States 86 39 47 Argentina 16,051 15,093 938 Uruguay, etc 4,287 2,206 2,081 Netherlands — 1,641 -1,641 Other countries ... — 98 -98 Totals 102,949 96,127 6,822 Pork and Bacon — Britain & Ireland 14,584 5,726 8,858 Australia 165 29 136 Now Zealand 351 42 309 Canada 177 674 -497 United States .... 567 584 -17 Argentina 839 452 387 Uruguay, etc 7 4 3 Nthorlands * 2,255 14,665 -12,410 Other countries ...* 1,489 ■ 3,634 -2,145 Totals 20,434 25,810 -5,376 *Bacon.

Oct. 10 Pax. Brussels belgas to £1 ... 34.97 ' 25 Paris, francs to £1 124.05 25.224 Stockholm, knr to £1 18.09 18.12 Oslo, knr to £1 18.49 18.12 Copenhagen, knr to £1 ... 18.17 18.12 Berlin lteichsmark to £1 20.41 — Roma, lire to £1 89.18 — Calcutta ponce to rupee 18 24 Yokohama, pence to yen 23 24 Hong-Kong, ponce to dol. 24 24 Montreal, dollars to £1 ... 4.86| 4.866 New York dollars to £1 4.87* 4.866 Amsterdam, florins to £1 12.124 12.107 Batavia, florins to £1 ... 12.13 12.107