FARMING AND COMMERCIAL

Manawatu Standard, Volume XLVII, Issue 306, 29 November 1927, Page 5

FARMING AND COMMERCIAL

THE LONDON MARKETS. HIGH COMMISSIONER’S REPORT. The Department of Agriculture has received rthe following cablegram, dated November 26, from the High Commissioner for New Zealand, London : TALLOW. Market guiet and prices aame as last quotation. EGGS. Supplies ane moderate and demand steady. Present quotations are: English (nominal), 25s to 30s per long 100: Dutch, Franch, and Danish, 17e £0 28s 6d; Belgian, 18s 6d to 24s 6d; Australian, 20s to ,22s 6d; South African, 14s to 20s; Argentine, Russian, and Polish, 10s 6d to 16s 6d. WOOL. Sales continue well attended, with competition brisk, and opening rates fully maintained. HEMP. Manila declined early this week, and J grade November-Decemben shipments sold at £4O ss. Market firmer at close, and Januaryt-March shipments sold at £4l. Sisal: Marketdull with small sales at reduced rates. Closing values, No. 1, NovemberJanuary shipments, £35 10s to £36 and No. 220 s less. New Zealand: —Small inquiry for fair and common afloat. Closing values NovemberJanuary shipments, highpoints £34, fair £32, and common £3l. BANK OF ENGLAND RETURNS. COMPARISONS WITH PREVIOUS WEEK. LONDON, Nov. 24. The Bank of England returns for the week ended November 24. as compared with tho6e for the week ended November 17, are as follows:—

serve to liabilities 31.40 31.30 SHORT LOANS AND BILLS. Short loans, 34 per cent., same as last week; three months’ bills, 4 15-16 per cent., compared with 4 5-16 per cent, last week. CONSOLS AND COLONIAL STOCKS. The following table gives quotations for consols and colonial inscribed stocks, compared with those of November 17:

fHigher. Mower. HERD-TESTING. SUBSIDY BOARD MEETS, PRELIMINARY WORK. WELLINGTON, Nov. 26. The first meeting of the Herd Testing Subsidy Allocation Board was attended by Messrs Dynes Fulton (chairman), W. 'A. Irons (representing the National Dairy Association), and W. M. Singleton (head of the Dairy Division. The board considered the herd testing systems at present operating io New Zealand. It is hoped that all will be put on an efficient working basis. In the absence of complete information from some testing organisations, it was decided to circularise them. The necessary inspections are being arranged through the officers of the Dairy Division. On receipt of this further necessary information and reports, the board will be able to assess the value of the work of each organisation for subsidy purposes.

MORRINSVILLE DAIRYING •

REMARKABLY FINE RETURNS,

MORRINSVILLE, Nov. 26. An analysis of the monthly returns from dairy companies operating in Miorrinsville and surrounding districts reveals the fact that, although October was an unusually dry month, production was in all cases above that of October, 1926. The increase in the Morrinsvillo Company alone was 55,3731 b of biitterfat, and the percentage increase for the season to date is 46. The pay-out at Is 3Jd totals £14,724. In addition, a bonus of 7.10 d, totalling £2567 13s, on last season’s supply, and also £353 15s, being a dividend of 54d per cent, on paid-up capital, is being paid out. This brings the total sum distributed among suppliers this week to £17,645. To date this season the company has paid out £38,816, against £21,150 last season, an increase of 83 per cent.

The increase iat the Tatua factory is 43,4911 b of milk, and at the pay-out at Is 5d totals £6949 14s, which is £2060 10s more than last year. The Norfolk factory’s production has increased by 27,7041 b of milk, and the pay-out at Is 6d is £3870 15s, against £2578 10s. The total pay-outs of the three companies for October are £28,465 -17 s Id, compared with £16,108 16s Id for October, 1926.

POTATOES PLENTIFUL

SLUMP IN SYDNEY. SYDNEY, Nov. 28. Owing to heavy supplies of potatoes, a further slump has occurred, new being quoted at £6 to £7 per ton, and old at £3 to £s.—Press Association. MISSION TO SOUTH AMERICA. RUGBY, Nov. 26. Lord Bledisloe, Parliamentary Secretary to the Ministry of Agriculture, will leave on a mission to South America on December 31. He will confer at Buenos Aires and Monte Video on behalf of the British Government with representatives of the Argentine and Uruguayan Governments concenning a measure for the control of animal diseases which those countries propose to adopt to remove the risk of transmitting foot and mouth disease to this country—British official wireless.

WELLINGTON STOCK EXCHANGE

YESTERDAY’S BUSINESS AND PRICES.

At the morning call yesterday on the Wellington Stock Exchange a sale of New Zealand Insurance shares at 40s was reported, and at the afternoon call sales were reported of National Bank of New Zealand at £6 18s 6d, Equitable Building at £8.165, and Taranaki Oil at 11s. The 44 per cent, stocks were in 'demand at. £96 12s 6d, and the bonds at £96 15s. Bank shares were firm, with buyers of National Bank of New Zealand at £6 17s 6d, Bank of New South Wales at £45 7s 6d, Bank of New Zealand at 59s 6d, Bank of New Zealand “D” shares at 26s Bd, Union Bank old issue at £l4 10s, new issue fully paid at £l4, and new issue, partly paid, at £5 17s 6d. Sellers quoted £l4 16s for Bank of Australasia, and 29s 3d for Commercial Bank (ordinary). Equitable Building shares were in demand at £8 15s, New Zealand Investment at 9s 3d, Wellington Investment at 10s 6d and Wellington Trust and Loan at £6 14s. Now Zealand Guarantee Corporation (ordinary) shares were wanted at 8s 9d, and preference at 21s. Wellington Gas (ordinary) shares were firm at 27s 6d. There were bids of 39s 9d for New Zealand Insurance, and 56s 3d for South British Insurance. New Zealand Refrigerating (Ifls paid) were in demand at 8s Id. There were buyers of Huddart-Parker (ordinary) at 48s, Kaiapoi Woollen (ordinary) at 8s 6d, Wellington Woollen (ordinary) at £6 4s, and preference at £6 ss, New Zealand Breweries at 40s, Colonial Sugar at £54, Electrolytic Zinc (preference) at 31s 6d, Newton King (preference) at 10s, Whitcombe and Tombs at 67s 6d, and Mount Lyell mining at 28s. Yesterday’s buying and selling quotations were as under: —

SALES IN OTHER CENTRES. Per Press Association. AUCKLAND, Nov. 28. Sales.—Auckland Harbour Board (1936), 4 per cent., £B7; War Loan (1938) , 44 per cent £96 15s; Inscribed Stock (1927-41), 54 per cent., £9B 10s; Bank of New Zealand, 60s; Hikurangi Coal, 3s 8d; Auckland Gas, 23s 3d; Occidental Una United (contrib.), Is Bd, Is 9d. 1 CHRISTCHURCH, Nov. 28. Sales. —Australian Bank of Commerce, 32s 8d; Christchurch Gas, 24s 6d. Sales Reported—Bank of New Zealand (cum. dividend), 60s; New Zealand Refrigerating (£1 paid), 17s (two parcels); New Zealand Breweries, 425. AUSTRALIAN LOAN. LONDON, Nov. 27. The Daily Telegraph says that the underwniters expect to be saddled, with from 50 to 70 per cent, of the Commonwealth loan.—Australian Press Association and Sun cable.

PYNE, GOULD, GUINNESS, LTD

Per Press Association. CHRISTCHURCH, Nov. 28. The annual report of the directors of Pyne, Gould, Guinness, Lta., was adopted by the The report said that, after the yea.r s working and after making provision for various contingencies, there was ia net balance of £15,668, out of which the following appropriations were recommended : To land and income tax reserve, £10,000; to general reserve (which will then stand at £30,000), £10,000; declaration of final dividend on ordinary share capital of 4 per cent., making a total dividend for the yean of 5 per cent., £12,500; and to carry forward the balance, £2168. "

LOAN AND .MERCANTILE AGENCY

COMPANY

WELLINGTON, Nov. 27. The report of the New Zealand Loan and Mercantile Agency Co., Ltd., to be presented at the annual meeting in London on December 8, shows that, after paying taxes, £50,421, writing off premises £IO,OOO, and making provision for bad and doubtful debts and debenture stock interest, there is a balance available for distribution of £148,991. The sum of £IO,OOO has been appropriated to the staff benevolent fund. Interim deyidends with dividends now proposed/ will absorb £136,680. Including the amount brought forward, £45,286, there will be £47,597 to be carried forward. The dividends proposed are a final dividend on preference stock of 24 per cent, and a final dividend of 44 per cent, on ordinary stock, both less 2s in the £1 in respect of English income tax.

Following is a summary of the company’s results and appropriations for the last three years;—

FROZEN MEAT

NEW ZEALAND SHIPMENTS. The New Zealand Meat Producers Board reports the following shipments of frozen meat from New Zealand to the United Kingdom and Continent of Europe :

The New Zealand Loan and Mercantile Agency Co., Ltd., have received the following cablegram from their London house under date 25th inst.:

Frozen meat markets quiet. Last week’s quotations: Lamb, 9jjd per lb. Mutton, wether and maiden ewe light 6d per lb., heavy 53d; ewe, light 4jjd per lb., heavy 4gd. Markets quiet.

DAIRY PRODUCE. PRICES ON OVERSEAS MARKETS. The Now Zealand Dairy Produce Board has received the following market report from its London agency, dated November 25: BUTTER.

Do., Sopt. make ... 104s-106s 106 s Practically no c.i.f. business passing. English finest farmers’ 1265-130 s 12bs-130s Ketail prices unchanged. The Port Caroline damage involves 30,700 boxes butter, about 700 orates choose. Underwriters selling behalf consignees, adjusting difference between sale and sound value on the usual basis. The board has also received the following advice from its agent in Montreal: Butter: Montreal, 373 cents (Is 6Jd); New York, 514 cents (2s ljd). Cheese: Montreal, 194 cents (9|d). The total Canadian exports of butter and chccso arc:—

Decrease: Butter, 107,695 boxes, equals 95 per cont.; cheese, 210,000 boxes, equals 22 per cent. SYDNEY WOOL SALES. VALUES MAINTAINED. SYDNEY, Nov. 28. At the wool sales there was good general competition, and values were well up to late rates for all finer sorts. Burry .classes were irregular. Comebacks and crossbreds were in very strong demand. Greasy Merino fleece touched 3oiid per lb.—Press Association. LONDON WOOL SALES. Levin and Co., Ltd., have received the following cable from their London agents, dated 26th November, 1927: “The auctions are proceeding with strong competition, Continental and Home buyers operating freely. Catalogues are being well cleared. The following prices are current: —Merino, super 20£d per lb., average 24£d; fine halfbred, super 66/58’s 26£d, average 24£d; medium halfbred, super 50/56’s 21d to 23d, average 21d; coarse halfbred, super 48/50’s 20d to 21d, average 19d; fine crossbred, super 46/48’s 18d to 19d, average 18d; medium halfbred, super 44/46’s 17d to 18d, average 16d; coarse halfbred super 40/44’s 16}d, average 15d ; low halfbred super 36/40’s 15d to 16d, average 14Jd; pieces 13d to 15£d; ebllies 13d to 14Jd; locks BJd to 9£d.”, LAMB FOR EXPORT. SEASON’S OPENING PRICES. Farmors in North Otago are looking forward with keen anticipation to the opening prices for lamb for the coming season (says the Otago Daily Times). “Although the Pareora works will not be opened until about the second week in Decomber and southern prices will not be definitely announced for about a fortnight, advico was received in Oainaru the other day of the opening prices for the North Island. These are as follow: Lambs tip to 361 b, 9d per lb; 371 b to 421 b, 8£ per lb; over 421 b, Bid per lb; seconds, 8d per lb. As South Island prices are higher all round by id per lb, the opening price in Otago will bo at least 9£ per lb for 361 b lambs. A satisfactory feature of the North Island prices is that the difference in the amount offered for 361 b lambs and 421 b lambs is this year only £d per lb, whereas in former years it was ijd. The same improvement in the price of higher weight lambs is expected in the South Island, and this will mean a great thing for North Otago farmers whose lambs at a sale average well over 361 b. A 401 b. lamb on the South Island basis of 9d per lb would be worth 305.” Auckland firms interested in the lamb export trade state that no price has yet been fixed for Auckland lambs. BRITISH CAPITAL ISSUES. HIGHEST TOTAL SINCE 1920. Issues of new capital in the United Kingdom during the first nine months of this year, according to returns compiled by the Midland Bank, amounted to £201,858,000. This compares with £175,770,000 for the corresponding period of 1926, and is the largest total since 1920. The compilation excludes all direct borrowings by the British Government for national purposes, shares issued to vendors, allotments arising from (the capitalisation of reserve funds, issues for conversion, or redemption of securities previously held in the United Kingdom ; or short-dated bills sold in anticipation of long-term bonriwings. Compared with la year ago there has been a falling off in the amount raised on behalf of foreign borrowers, namely, £33,163,000, as against £36,884,000. India, the Dominions, and the Colonies have also taken slightly less, namely, £44,190,000, in comparison with £45,015,000. On the other hand, the amount raised fon borrowers in the United. Kingdom has increased from £93,871,000 for £124,505,000. Doubtless a fair proportion of the money raised lately by British undertakings has been spent on developing interests overseas.

EXPORT OF PIGS

AUCKLAND, Nov. 24. Mr S. Hi Judd, chairman of the New Zealand Co-op. Pig Marketing Association, discussed the pork and bacon industry with Mr G. Huxley, a member of the Empire Marketing Board. Mr Judd said that 200,000 pigs were fattened last year in the area in which the association was now operating. Pig 3 were increasing in New Zealand Dy about 15 per cent every year, which meant that 230,000 carcases would be available in tlie association’s area this year. The number exported last year from the area was about 30,000, and it was estimated the surplus over local requirements would be 60,000 this year. Mr Huxley expressed considerable interest in the scheme, and stated it would receive the attention of the Marketing Board. Consideration would be given to the question of providing suitable monicts for the association’s exports in Great Britain. DISEASES OP STOCK. SCIENTISTS TO VISIT AUSTRALIA. ~RUGBY, Nov. 26. At the invitation of the Government of Australia early next year two scientists, Sir Arnold Theiler and Dr. Orr, will visit the Commonwealth to consult with the Australian authorities on problems concerning diseases of cattle and sheep and the scientific feeding of stock. Sir Arnold Theiler is one of the most distinguished veterinary scientists in the British Empire. Dr. Orr’s special subject is animal nutrition. A recent conference on Imperial agricultural, research recommended the creation of an Imperial bureau on animal nutrition, and it also recommended that the bureau should be located at the Rowett Institute at Aberdeen, of which Dr. Orr is director.—British official wireless.

Note circulation Nov. 24. Nov. 17. £ £ .. 135.214,000 135,207,OQO .. 150,117 000 151,597,000 .. 35,936’,000 36^140,000 Govt, deposits Other deposits Govt, securities Other securities Proportion \ of re .. 16,761,000 16,599,000 .. 97,772,000 98,713,000 .. 40,985,000 41,335,000 .. 55,407,000 55,621,000

Price. Variation. £ s d. s. d. Consols, 2£ per cent. 54 18 9 1 3* British, 3i War Loan .. 100 7 6 1 3+ British, 5 War Loan 100 17 6 Same Conversion Loan, 3i 75 0 0 5 0* Com’wealth 5i, 1922-27 . 99 5 0 22 6* Com’wealth, 6, 1931-41 ... 103 2 6 Same Victorian, 3, 1929-49 72 15 0 2 6+ Victorian, 3£ 1929-49 .. 77 2 6 2 6* Victorian, 5i, 1930-40 .. 101 1 3 1 3+ Victorian, 5, 1932-42 99 / 5 0 2 6* Victorian, 4J, 1940-60 95 12 6 7 6+ N.S.W., 4, 1933 94 5 0 2 6+ N.S.W.. 3, 1935 76 0 0 5 0t N.S.W., 3J>-, 1930-50 85 2 6 2 6* N.S.W., Si, 1922-32 ... 100 7 6 Same N.S.W., 6i, 1930-40 104 0 0 7 6+ N.S.W., 6, 1930-40 101 0 0 2 6* Queensland, 3£, 1930 95 18 9 1 3+ Queensland, 5, 1922-47 ... 72 2 6 2 6+ Queensland, b, 1950-40 ... 102 17 6 5 0* New Zealand. 4. 1929 ... 98 0 0 Same New Zealand, 3£, 1940 ... 87 15 0 Same New Zealand, 3, 1945 ... 78 8 9 3 9+ New Zealand, 6, 1936-51 108 7 6 Same S. Australia, 3£, 1939 ... 86 0 0 5 0* S. Aust. 3, 1916 or after 62 0 0 10 0* S. Australia, 6A, 1950-40 104 2 6 2 6+ Tasmania,. 3£, 1920-40 ... 84 18 9 8 9+ Tasmania, .3, 1920-40 80 0 0 20 0t Tasmania, 65, 1930-40 ... 104 12 6 10 Of W. Australia, 3£, 1929-35 88 2 6 10 0* W. Australia, 5, 1915-56 85 0 0 12 6* W. Australia, 6, 1950-40 105 5 0 Same

Buyers. Sellers. N.Z. GOVT. LOANS— £ a. d. £ s. d. 44 p.c. Insc. Stk., iy3y yb 12 6 97 0 0 41 p.c. Ins. Stk., 19S8 96 12 6 54 p.c. ditto, 1933 .... —- 101 7 6 41 p.c. Bonds, 1939 ... 96 12 6 — 44 p.c. ditto, 1938 41 p.c. ditto, 1930 96 15 0 — 97 15 0 — DEBENTURES— N.Z. Breweries (stock and bonds) — 1 3 9 Petone-Lower Hutt Gas L. Bd., 5£ p.c., 1967 — 97 10 0 Wright, Stephenson (5 p.c. perpetual) 81 0 0 New Plymouth Boro., 5 p.c.. 1933 — yo iu U BANKS— . Commercial of Aust. „ , — i y 0 National of N.Z 6 17 6 6 19 0 New South Wales ... 45 7 6 — New Zealand (cum.) 2 19 6 3 0 0 - Ditto “I)” shares (£1) 1 6 8 — Union of Aust 14 10 0 — Ditto (new, paid) ... 14 0 0 — Ditto (new, part paid) FINANCIAL— Equitable Building ... 5 17 6 6 2 0 8 15 o — N.Z. Guarantee Cprp. (ord., 8s) .'. 0 8 9 0 9 1 Ditto (pref.) 1 1 0 — N.Z. Investment 0 9 3 u y iu Wellington Investment Well. Trust Loan 0 10 6 — 6 14 0 — CAS— Christchurch (new issue) Wellington (ord.) 1 7 6 1 8 0 INSURANCE— New Zealand 1 19 9 2 17 South British 2 16 3 3 Standard — 3 2 6 MEAT PRESERVINGGear 1 19 9 N.Z. Rcfrigerat. (10s) 0 8 i — TRANSPORT— Huddart-Parker (ord.) 2 8 0 — WOOLLEN— Kaiapoi (orcl.) 0 8 0 Wellington (ord.) 6 4 0 Ditto (pref.) 6 5 0 COAL— Wcstport-Stockton , „ (pref.) — U 0 BREWERIES— New Zealand 2 0 0 — Staples and Co — 1 18 9 MISCELLANEOUS— Colonial Sugar 54 0 0 — Electrolytic Zinc _ _ (pref.) 1 11 6 1 12 3 Newton King (prof.) 0 10 0 — N.Z. Drug 3 4 0 • — N.Z. Paper Mills — 0 16 6 Scoullar Co — 1 2 6 Taranaki Oil Fields ... — 0 12 6 Whitcombe and Tombs (contrib.) 3 7 6 — Thompson Bros., Ltd. „ _ , (pref.) — 1 u MINING— . . . Mount Lyell (cum.) ... 1 ( 8 u

1925. 1926. 1927. £ £ £ Brought forward . 27,756 39,646 45,286 Net profit 151,890 145,640 158,991 179,646 185,386 204,277 Premises account 10,000 10,000 10,000 Staff fund • 10,000 10,000 10,000 Dividends — Prof., 5 p.c. ... 50,000 50,000 50.000 Pref., 6£ p.c. ... — . ~ 11,680 Ordinary, p.c. .. 7 7 7i Amount 70,000 70,000 75,000 Carried forward 39,646 45,286 47,597

Beef. Mutton. Lamb. Pork. Qrs. October, 1927 — Cs. Cs. Cs. London 3,026 Nov., 1 /15th — 123,789 119,176 1,653 London 1,870 Total 1st Oct., to 15th Nov., 1927— 33,070 24,865 207 London 4,896 Total for same period last year, viz, 1st Oct. to 15th Nov, 1926— 156,859 144,041 1,842 London 4,033 119,782 109,380 2,644

' 25/11/27. 18/11/27. New Zealand — Salted, 172s-176s, according to grading date, up to 178s-180s 172s-180s Unsalted 188s-192s 188s-190s Market quieter. Australian — Finest salted 172s-176s 172s-178s Unsaltcd 184s-188s 184s-186s Argentine finest unslted 170s-176s 167s-174s Irish Creamery— Salted 172s-174s Unsaltcd 178s-180s — Dutch Creamery— Unsaltcd 202s-206s 202s-204s Siberian, salted •158s-160s 156s-162s Up to 162s. Danish 204s-206s 208s-2'Cs .Retail prices unchanged. CHEESE. Now ZealandNew season, white ... 100s-102s Do., coloured 99s-101s 97s-100s Old season, matured white and coloured 104s 103s-104s Market firm. Better demand. Canadian— Finest white and coloured, Oct. make 102s-104s 102s-104s

clllU Butter, Cheese, boxes. boxes. IMay 1 to Oct. 8, 1927 . . 5,101 706,773 May 1 to Oct. 8, 1926 .. 112,795 916,773