FARMING AND COMMERCIAL

Manawatu Standard, Volume XLVIII, Issue 148, 23 May 1928, Page 5

FARMING AND COMMERCIAL

FARMERS’ UNION.

AUCKLAND PROVINCIAL CONFERENCE. Per Presa Association. HAMILTON, May 22. Mr A. A. Ross, in his presidential ad; dress to the Auckland Provincial Farmers Conference, said that farmers were finding it more and more difficult to make ends meet, despite high production and good prices. lie quoted a Canterbury bulletin in terms of New Zealand general prices showing that 'the value of exported gooc.s during the past seven years was 12 per cent, below 1914. He also cited the heavy burden of rates and taxes and high interest charges, and said that it was no wonder settlement had como to a standstill. Many men had to walk off their farms and the root cause was that the producer for export was the only man working under competition. He demanded “radical reform in our economic system.” The conference passed the following motions: —That no lease of Crown, privatelyowned, or Native-owned land be permitted unless it contains a clause allowing compensation for improvements or renewal at a rent assessed on tho value at the date of the original lease, the rent to be settled by a competent Court. That a stock food Act be passed to obviate the possibility of adulteration of stock foods. Tho Government is to bo urged to further investigate mammitis and vaginitis in cows. It was decided to support control of dairy produce and meat exports by boards elected by tho producers, and to ask for eliminatior! of trade and Government representatives from control boards.

A pig subsidy in tho form of a guarantee of a minimum price for pork exported to Britain will be requested.

SOUTH CANTERBURY. Per Press Association. TIMARU, May 22. At the provincial conference of the Farmers* Union here to-day, Mr ,7. Bitchencr, M.P. for Waitaki, was re-elected president for the ensuing year. In tho course of his address, Mr Bitchencr said that the past year was the best the agriculturist and pastoralist had enjoyed for some years, and given two or throe such years the man on the land would be solidly established. He referred in terms of approval to the sliding scale of duties on wheat, and said that the Government was entitled to tho gratitude of the producers. Among the resolutions passed was one condemning Mr Daylight-Saving Act, and asking lliatTit bo not re-enacted.

At the annual conference of the Nelson Provincial Farmers’ Union, Mr F. C. Page was elected president and Messrs A. E. Max and J. Pagan vice-presidents.

CANTERBURY MARKETS. Per Press Association. CHRISTCHURCH, May 22. Tho potato market is a shade, brighter, though thero is little change in values locally. “Prompt” were sold at £5 f.0.b., S.I. The basis of prices on truck rules at about £3 15s a ton, but there is little response at this figure. The Kurow took 3200 sacks at the week-end for Auckland, and the Waikouaiti, due to leave to-inorrow, will take up to 6000 s.acks. Forward months are quoted at £6 2s 6d to £6 5s a toil, f.0./j., 5.1., July-September, but merchants ar/ not keen to speculate at those figures. Onions have met with a promising price, /rid up to £5 10s to £5 153 lias been paid on trucks. Tho main reason is tho demand that has set in from north and south, and also the rise in Australian values, which has been pronounced during tho week. Pollard has been selling at £9 7s a ton for somo weeks. A fair amount of wheat is . offering. A good deal of rejected wheat is in store at Lyttelton, and this is being sold at 5s 5d to 5s 6d (the on-truck equivalent); for milling 5s 9d is available, and there are cases of this being exceeded by merchants. . Oats uro inclined to bo “sticky,” and values are a shade easier than a week ago, when the market apparently went a shade ahead of export parity. About 4s 2d f.0.b., 5.1., is the quotation for June. There is somo inquiry for cocksfoot, which is quoted at 12d to 12£d for standard seed.

RURAL INTERMEDIATE CREDIT

Per Press Association. TIMARU, May 22.

Mr J. Snell, Deputy-Commissioner of Rural Credit, addressed a largely-attended meeting of farmers and others hero to-day, when ho explained fully the ' provisions of the Rural Intermediate Credit Act, 1927. Mr Snell replied to numerous questions.

TARANAKI OIL FIELDS, LTD. Per Press Association. GISBORNE, May 22. Taranaki Oil Fields, Ltd., report as follows: —Gisborne No. 1 well: 2870 ft., in very soft shale; 6iin. diameter casing to 2860 ft. Gisborne No. 2 well to 545 ft. in shale, then sand and shale; last 30ft. hard sand; total 600 ft.; 12|ft. in diameter casing to 360 ft..

WHEAT MARKETS. (Australian Press Association. —United Service.) LONDON, May 21. Wheat. —Cargoes are firm on reports of an extension of tho strike in the Argentine. Quotations are 3d to 6d per quarter higher, but tho market is inactive. Parcels are slow, being held for 3d to 6d advance. Liverpool futures, May, 10s 61d per cental; July, 10s 9£d; October, Us Oid.

BRADFORD MARKET. (Australian Press Association.) LONDON, May 21. Bradford tops prices aro slightly better, with good undertone duo _to firmness in London, but business is still limited.

LONDON APPLE MARKET. (Australian Press Association.) LONDON, ■ May 21. The Moreton Bay’s and Ceramic’s apples brought tho following prices:—Tasmania Now Yorks, 9s to Us per case; crabs, 10s 6d; others, 8s 3d to 9s 6d; West Australian Cleopatras, 11s to Us 6d; Dunns and Jonathans, 103 to Us; Clandlers, 10s to. 10s 6d; othors, 9s to 10s; South American Dunns, Us to Us 6d; Jonathans and London Pippins, 10s to Us; others, 8s 6d to 10s. Tho Rotorua’s and Cornwall’s New Zealand Cox’s brands, 12s to 18s; Dunns and London Pippins, 12s to 13s; Delicious, Us to 12s 6d; Jonathans, 12s ’to 14s.

PRICES OF METALS. (Australian Press Association.) LONDON, May 21. Copper.—Standard on spot, £63 4s Sid per ton, forward delivery, £63 8s Ijd; electrolytic, £67 ss; wire bars, £6B ss. Lead.—£2o 3s 9d, £2O 13s 9d. Spelter.—£26 and £25 12s 6d. Tin.—£229 11s 3d, £228 17a 6d. Silver.— Standard, 28|d per ounce; fine, 31 l-16d.

PRICE OF GOLD. (Australian Press Association.—United Service.) LONDON, May 21. The price of gold is £4 4s lljd per ounce.

WELLINGTON STOCK EXCHANGE. YESTERDAY’S BUSINESS AND PRICES. At the afternoon call on tho Wellington Stock Exchange yesterday, sales were 10ported of New Zealand Breweries, 10 per cent, bonds, at 23s 6d, and Bank of Now Zealand at 60s 4d. Thero was a good, steady demand for Government securities and local bodies’ debentures. Tho 41 per cent. Government stocks were in demand at £97_ 15s, tho 51 per cents, at £99 ss, and the 5A per cents, at £IOO 7s 6d. Wellington City 5i per cents, were wanted at £99 ss, and Wanganui City ,5i per cents, at £97. There was a bid of 23s 6d for N.Z. Breweries bonds.

Bank shares were setady, with buyers of Bank of Australasia at £l4 7s, new issue, first instalment paid, at £6 2s, Commercial Bank of Australia at 295, Aus-‘ tralian Bank of Commerce at 34s lOd, National Batik of New Zealand at £7 2s 6d, Bank of New South Wales at £4B, National Bank of Australasia v£s paid) at £9 2s, and Bank of New Zealand “D ’ shares at 26s 9d. Sellers quoted £27 2s 6d for Commercial Bank of Sydney, and £l4 18s 6d for Union Bank. Financial shares were in good demand. There wero buyers of Goldsbrough . Mort at 50s 6d, N.Z. Loan and Mercantile at £lO3, N.Z. Guarantee Corporation ordinary at 8s 6d, and preference at 21s, Wellington Investment at 10s Bd, and Wellington Trust and Loan at £6 17s 6d. Christchurch Gas wero steady at 23s lid, and Wellington Gas at 27s Sd. National Insurance were wanted at 15s 3d. N Z Refrigerating were unchanged, Hie 29s paid at 17s 9d, and the 10s paid at 8s 3d. Huddart-Parker were steady at 46s for the ordinary, and 20s 9d for the preference. W’ellington Woollen, ordinary, were in firm demand at £6 3s fid, W’estport Coal were wanted at 29s 9d, Wcstport-btockton (preference) at 3s 3d, N.Z. Breweries at 41s Bd, Staples and Co. at 35s 6d, Burns, Philp, South Sea, at 265, Dominion .Investments at 22s 6d, Dunlop Rubber at 255, Electrolytic Zinc (preference) at /2s 6d, Howard Smith at 28s. Newton King (preference) at 10s 6d, Taranaki Oil at 10s. Wellington Queen’s Theatre at 20s cd, and Wilson's Cement at 395. Yesterday’s buying and selling quotations

SALES IN OTHER CENTRES. Per Press Association. AUCKLAND, May 22. Sales. —Inscribed Stock, 1927-41, _si per cent., £99; Now Zealand Breweries debentures, 23s sd; Commercial Bank of Australia, 29s 3d, 29s 4d; Bank of New Zealand, 60s; Now Zealand Insurance, 41s 9d; Holden’s Motors, 30s 9d; Sanford,

Ltd., 20s; Taranaki Oilfields, 9s lOd. CHRISTCHURCH, May 22. Salos.—Bank of Adelaide, £9 Us 6d; Australian Bank of Commerce, 35s Id; Commercial Bank of Sydney, £27; Bank of Now Zealand, 603 3d; Goldsbrough Mort., 51s (threo parcels) ; Howard Smith, 28s sd; Tooth’s Brewery, 42s 3d; Electro Zinc (prof.), 32s 9d; Mahakipawa, Is fid. I Salos reported.'—Commercial Bank of Australia, 29s 4d; Tooth’s Brewery, 42s 6d; British Tobacco, 43s 9d. . DUNEDIN, May 22.

Sales. —New Zealand Paper Mills, 15s. Salo3 reported.—s 4 per cent. Inscribed Stock, 1841, £97 17s 6d; New Zealand Insurance, 41s 9d; Smith and Smith (pref.), 17s 6d; National Insurance, 15s 6d (two pareols) ; Westport Stockton (ord.), 3s.

FOREIGN EXCHANGE RATES. (Australian Press Association —United Servico.) LONDON, May 21. Foreign rates of exchango on May 21, as compared with par rates, or as averaged first half of 1914, aro ns follow: —

FROZEN MEAT. The New Zeal4ml Meat Producers’ Board has received tho following cable from its London Office dated 19th May, 1928, advising Smithfield delivered prices averaged for week ending that date as follow (prices for the two previous weeks are also shown) : New Zealand wethers and maidens, Canterbury quality, selected brands, 561 b. and under, 7|d (7R 7Ad); 57 to G4lb„ 6-; (6id, 6jd); 65-72ib., 6RI (6d, 53d); other brands, 56]b and under, 7d (7d, 7d); 57 to 641 b., 6kl (6gd, 6j|d); 65 to 721 b., 6RI (5Ad, sjd). N.Z. ewes: 641 b. and under, s|d (SRI, sid). N.Z, laml)3: Canterbury qualitv, 361 b. and under, lOd (lOd, lOd); 37 to 421 b., 91d (93d, 9gd); 43 to 501 b., 83d (BJd, 83d); seconds, 9jd (9jd, 9Ad); selected brands, 361 b. and under, lOd (93d, 03d); 37 to 421 b., 9j,d (9jd. Sid); other brands, Ist quality, 361 b. and under, 9gd (9|d, 9fd); 37 to 421 b., 9jd (9Jd, 2nd quality, 30 to 321 b. average, 9Acl (9ad, 9gd). Australian lambs: Victorian, Ist quality, 361 b. and under, not quoted; 37 to 421 b., not quoted. Argentine lambs, Ist quality, 361 b. and under, 83d {Bjjd, 8|<1); 37 to 42!b., 7|d (73d, 7|d). New Zealand beef: Ox fores, 3Jd (33d, 3£d); hinds, sjd (sgd, 5Id); cow fores, 3!,c! (3Ad, 3jd); hinds, 4jd (4id, 4jd). Argentine chilled beef: Ox fores, 4Ad (4R 4Ad); hinds, 7d (7|d, 7id). Argentine frozen beef: Ox fores, 4Ad, (4Ad, 4Ad/. Frozen pork: Porkers, 60 to 80Ibs., 71 d (7id, ?Jd); 81 to 991b5., 63d (63d, 63d); 100 to 1201b5., 6Jd (63d, 63d); baconers, 121 to 1801bs., 7d (7d, 7d). Frozen veal: Not quoted. Lamb market: Very firm; heavyweights meeting better enquiry. Mutton market: Firm with good demand; Homo killed still remains scarce. Beef market: There is a good demand owing to lessor supplies Argentine chilled beef. New Zealand porker pigs: Better trade owing to colder weather. New Zealand baconer pigs: Better enquiry owing to improvement bacon prices.

were as under: — Buvcrs. Sellers. N.Z. GOVT. LOANS— £ s. d. £ s. d. 44 n.c. Ins. Stk.. iy39 97 15 0 — 97 15 0 — 54 p.c. ditto, 1955 100 5 0 100 7 6 51 u.c. ditto, 19S6 100 5 0 100 10 0 51 p.c. ditto, 1941 99 5 0 — 4 1 p.c. Bonds, 1939 ... 97 15 0 — 41 P.c. ditto, 193d 97 15 0 — 51 p.c. ditto, 1955 100 7 6 — 54 p.c. ditto, 1936 100 7 6 — DEBENTURES— N.Z. Breweries (bonds) 1 3 6 1 3 9 Wellington City, 5>.n.c., 1933 99 5 0 — Wanganui City, 5^ p.c., 1945 97 0 0 99 0 0 BANKS— Australasia 14 7 0 — Ditto, first instalment paid 6 2 0 — Australian Hank of Commerce 1 14 10 1 15 6 Commercial tof Aust. (ord.) 1 9 0 — Ditto (new) 0 12 10 — Commercial Banking Co. o£ Sydney — 27 2 6 National of N.Z 7 2 0 — National of Australasia (£5) 9 2 0 — New South IVales 48 0 0 — Now Zealand — 3 U 6 Ditto “D” long term mortgage (£1 paid) 1 6 9 1 7 5 Union of Aust — 14 18 6 Ditto (Melbourne registor) — 14 19 0 FINANCIAL— Goldsbrough, Mort .... 2 10 6 — N.Z. Guarantee Corp. (ord., 8s) 0 8 6 0 8 9 Ditto (prof.) 1 1 0 — N.Z. Loan and Merc. Agency (ord.) ; 105 0 0 — Well. Invest., T. & A. 0 10 8 — Well. Trust, Loan 6 17 6 — GAS— Christchurch 1 3 11 1 4 6 Ditto (contrib.) — 0 11 6 Wellington (ord.) 1 7 9 — Ditto (pref.) 0 lb 7 — INSURANCE— t National 0 15 3 0 15 7 New Zealand — 2 2 0 MEAT PRESERVING— Gear — 1 19 6 N.Z. Refrigerat. (£1) 0 17 9 — Ditto (10s) 0 8 3 — TRANSPORT— Huddart-Parkor (ord.) 2 6 0 2 7 0 Ditto (pref.) 1 0 9 — WOOLLEN—... Wellington (ord.) 6 3 9 6 5 0 COAL— Westport 1 9 9 1 10 6 W’estport-Stockton (prcf.l 0 5 3 — Waipa — 0 15 0 TIMBER— Leyland-O’Brien — 1 15 0 Taupo Totara — 0 12 6 BREWERIES— New Zealand 2 i 8 2 4 0 Staples and Co 1 15 6 1 17 0 MISCELLANEOUS— British Tobacco (Aust.) (ord.) — 2 3 6 Burns, Philp and Co. 2 1 0 2 2 0 Ditto (South Sea) 1 6 0 — Dominion Investments 1 2 6 — D.I.C. (prof.) — 1 1 3 Dunlop Rubber 1 5 0 — Electro. Zinc (ord.) ... — 1 11 8 Ditto (pref.) 1 12 6 1 13 A Howard Smith 1 8 0 1 9 0 Newton King (pref.) 0 10 6 — N.Z. Paper Mills — 0 16 3 Sharland and Co. (ord.) — 1 -0 3 Taranaki Oil Fields ... 0 10 0 — Wellington Queen’s Theatre 1 0 6 — Wilson’s Cement 1 19 0 — MINING— Ivawarau — 0 0 7

May 21. Par, Brussels, belgas to £1 34.99 35 Paris, francs to £1 124.02 25.22 Stockholm, knr to £1 18.20 18.12 Oslo, knr. to £1 18.22 18.12 Copenhagen, knr. to £1 18.20 18.12 Berlin, reichsmark to : m. 20.40 20.43 Rome, liro to £1 92.69 25.22j Calcutta, penco to rupee 18 1-32 18 Yokohama, penco to yen 22 27-32 24 Hong-Kong, penco to . dol. 253 24 Montreal, dollars to £1 4.88 17-32 4.866 New York, dollars to £1 4.88i 4.866 Amsterdam, florin to £1 12.10 12.107 Batavia, florins to £1 12.11 2 12.107 Prague, knr to £1 1642 12.107