FARMING AND COMMERCIAL

Manawatu Standard, Volume XLVIII, Issue 208, 1 August 1928, Page 5

FARMING AND COMMERCIAL

WELLINGTON STOCK EXCHANGE. YESTERDAY’S BUSINESS AND BRICES. At the morning call yesterday sales were made on the Wellington Stock Exchange of Bank of New Zealand at 60s and Colonial Sugar at £59, and sales were reported of National Bank of Australasia (£lO paid) at £lB 14s 6d, and £5 paid at £9 6s 9d. At the afternoon call the sales reported were Bank of Australasia (two parcels) at £l4 17s 6d, English, Scottish and Australian Bank at £8 Us 6d, Bank of New South Wales at £SO, Bank of New Zealand at 60s, Union Bank (Melbourne registor) at £ls 6s 6d, Gcldsbrough, Mort and Qo. (two parcels) at 51s 3d, and Sharland and Co. (ordinary) at 20s. There was a good demand for Government stocks and bonds, with buyers of tho 4£ per cents, at £9B 15s, tho 5i per cents, at £99, and tho 5£ per cents, at £IOO 15s. New Zealand Breweries (10 per cent, bonds) wore in demand at 23s 9d. Bank shares were firm and in giood demand. There wero bids of £l4 17s for Bank of Australasia, 33s 3d for Australian Bank of Commerce, 30s 3d for Commercial Bank, £8 Us for English, Scottish and Australian Bank, £7 3s for National Bank of New Zealand, £9 6s for National Bank of Australasia (£5 paid), 59s 9d for Bank of New Zealand, 26e 6d for Bank of New Zealand “D” shares, £ls 5s for Union Bank, local register, and £ls 6s for Melbourne register. Sellers quoted £SO 5s for Bank of New South Wales. Goldsbrough, Mort were firm at 51s, Equitable Building wero wanted at £8 4s, Wellington Investment at 10s 6d and Wellington Deposit at 93 4d. New Zealand Loan and Mercantile (ordinary) were in steady demand at £lO6, and Now Zealand Guarantee Corporation, ordinary at 8s lid and preference at £1 Is. Wellington Gas wore firm, tho ordinary at 29s 6d and tho preference at 17s. National Insurance wore wanted at 15s 9d, New Zealand Insurance at 42s 6d, and South British Insurance at 60s 6d. There| wero bids of 8s 6d for New Zealand Refrigerating (10s paid), 48s 9d for HuddartBarker, ’ 20u 3d for Union Steam, £230 for P. and O. -'~ f erred, £6 7s 6d for Wellington Woollen ordinary and £6 8s for the preference shares. There wore buyers of Hikurangi Coal (preference) at 83 9d, Leyland-O’Brien Timber at 31s, British Tobacco at 42s 3d, Electrolytic Zinc, ordinary, at 32s 6d and preference at 33s 6d, Howard Smith at 28s, New Zealand Drug at 69s 6d, New Zealand Paper Mills at 15s 9d, Sharland and 00. at 19s 6d, Wilson’s Cement at 38s 3d and Mount Lyell at 35s 3d. Yesterday’s buying and selling quotations were as under: —

SALES IN OTHER CENTRES. Per Press Association. AUCKLAND, July 31. Sales. —War Loan, 1941, 4£ per cent., £9B 17s 6d; Inscribed stock, 1938, 4£ per cent., £99; Commercial Bank of Australia, 30s 6d; National Bank of Now Zealand, £7 4s; Bank of New Zealand, 59s 9d; Auckland Gas, 22s 4d; Leyland-O’Brien Timber, 323; New Zealand Breweries, 44s 6d; Wilson’s Cement, 38s 6d; Ohinemuri Gold and Silver, 7s; Waihi, 12s 6d. CHRISTCHURCH, July 31. Sales. —Commercial Bank of Australia, 30s 9d; National Bank of Australasia (£lO paid), £lB 16s; National Mortgage, 86s; Electro Zinc (qrd. cum. div.), 32s lOd; N.Z. Farmers’ Co-op. (6i per cent, stock, 1935), £B4- Mahakipawa, 3s 3d (2 parcels). Sales reported.—National Insurance, 16s ; Dalgety and Co., £l4 153; Goldsbrough Mort, 51s 3d; Christchurch Gas (cum. div.), Pits 6d- Ohinemuri Gold and Silver, 7s. DUNEDIN, July 31. Sales reported—Bank of Australasia, £l4 17s 6d; New Zealand Breweries shares, 44s 6d- New Zealand Breweries Debentures, 24s- National Insurance, 16s. foreign exchange rates. (Australian Pros 3 Association. —United Service.) LONDON, July 30. Foreign rates of exchange on July 30, as compared with par rates, or as averaged first half of 1914, aro as follow :

FROZEN MEAT. REGULATION OF SHIPMENTS. CONTINUITY OF SUPPLIES. The regulation of shipments of frozen meat is dealt with in detail in tho annual report of tho New Zealand Meat Producers’ Board. . . The report states that over since its inception the policy of the board has boon to keep a steady flow of meat going forward to the Unitod Kingdom lover the twelve months of tho year, tho intention being not to hold back stocks in order to create higher prices (with their consequent slump) but to have a continuity of supplies going forward, and thus keep up_ our _ connection on tho British market. It is pointed out that regularity and continuity of supply aro most important factors in tho attainment of success on the British market. The authority exercised by tho board over shipments is probably tho most valuable work is has undertaken, and members of the board are impressed with the immense gain this has been to tho farming ciommunity of this Dominion. “Tho board’s London manager is in closo touch with the market at Home, and makes full uso of the cables in keeping the board thoroughly posted as to the market conditions and prospects in the United Kingdom. Coupled with those advices tho board receives regular reports from its representatitves in other meat producing countries, and thus uses every means available to guido it to a sound judgment in this most important work. “With each succeeding year bringing with it enw and varying trado conditions, the board is moro than ever confirmed in its conviction that there must always be some central authority entrusted with the necessary powers to undertake this important duty and thus prevent our produce being shipped in a haphazard manner, which can only result in violent fluctuations in prices instead of tho stability which is in tho interests of all concerned. SHIPMENTS OF LAMB.

“Having in view the fact that wo wero likely to have a larger output of laml>3 this season, also tho bare state of the Homo market, and tho prospect of shorter supplies from Australia owing to drought, the board decided to ship larger quantities of lambs earlier in the season, so as to fill this gap, and accordingly made provision with the shipping companies for additional tonnage. The judgment of tho board in this matter has turned out to bo correct, for to-day, although our killings of lamb this season aro largely in excess of any previous year, yet wo have less lambs in store in New Zealand to ship than we had at ‘this time last year, and there are less lambs in store in Great Britain. The board’s action in this matter has shown that tho market has been able to absorb an increased quantity of New Zealand meat this year, as will’be seen by the returns of the London Central Meat Market, which shows an increase of 1552 tons of New Zealand mutton and lamb for tho first four months of 1928, a 3 compared with the same period last year.” , . “Tho regulation lof arrivals of vessels in tho United Kingdom is a work requiring very careful planning and close attention. A detailed statement covering every shipment of lamb from November to mid-May, with tho dates of sailing from New Zealand and arrival in Britain, shows that tho arrivals have been well spread lover each month, having regard to the consumptive requirements of tho respective months. The greater demand for our lambs on tho British market usualy commences after Easter. The trade can absorb a certain amount of lamb in the off-seasion, and early shipments of new season’s lamb often realise good prices, but shippers and producers must recognise that an over-supply of lambs beforo tho lamb-eating scasion commences should bo avoided.

REGULAR SUPPLIES. “When the many difficulties, such as delays through bad'weather and other factirs are taken into consideration tho board, in conjunction with tho shipping companies can fairly claim to have arranged a service which has been regular, thereby keeping up a continuity of supplies, which must bo of enormous value to our trade. But, apart from tho importance of keeping a continual flow of meat going on to the British market, tho board, in its work of regulating shipments, renders another servico of considerable economic value by reducing storage costs, which must bo of great benefit to shippers. . , , , , . “Although tho quantity of. beef killed this season, up to June 30, is more than twice as much as for the previous season to tho same date—tho increased kill represents 189,323 quarters—yet . tho stocks of beef in store in the Dominion at Juno 30 are 5706 quarters less than at the same date last year, showing that . the board has arranged fop, ample provision during the season for the shipment of this beef, to tho extent of approximately half a million freight carcasses over last year s figures.

MARKETS WATCHED. “Throughout the season tho board has carefully watched tho development of the United States, and Canadian markets, and special provision was made to supply amplo shipping tonnago for the shipment of beef to this destination. . . “With the increasing quantities of lambs coming forward each season, the board is fully alive to the necessity of finding an outlet by extending our channels of distribution, as is shown by tho larger quantities now being shipped to tho West of England ports and other destinations “In the direction of improving the Wost of England servico this season, tho board has arranged with the shipping companies

for moro vcssols to bo put on for loading to theso ports. Tho board also. specially arranged that many of tho additional vessels should load for both London and West Coast ports of the United Kingdom, and this should prove of great advantage to shippers and in the development of our trade to theso West Goast ports.”

CANTERBURY MARKETS. Per Press Association.. CHRISTCHURCH, July 31. Potatoes continue to bo the one lively featuro of the market at the week-end. There was a tendency for the market to recover fro mthe midweek easing, but the improvement has been scarcely appreciable. The cause is the heavy consignment going north by the Waipiata, which is now loading at Timaru and is due to sail from Lyttelton on Thursday. This vessel lifted 1000 sacks from Oamaru, is expected to load 3000 to 4000 sacks from Timaru, and ,a further 5000 from Lyttelton—a total of 9000 to 10,000 Tno Kaponga is due to load on Friday, and possibly this boat will clear the accumulation. August values were down to £6 2s 6d f.o.b. 5.1., but most sellers ,are asking £0 ss. AugustSeptembers are at £6 7s 6. The Waipiata’s big consignment is depressing tho prompt market, and buyers are not about. Some purchases have been made from farmers at £4 15s a ton on trucks. There is no change in the wheat market. A grade milling is quoted at 5s 7d, but No. 2 grade is ranging from 5s 3d to 6s sd. Fowl wheat is quoted at 5s 6£d f.o.b. . ... Oats arc being slightjy inquired for to cover forward business, but no cliango has taken place in values. Up to 3s llid f.o.b. S.I. is quoted for A Gartons. Chaff is surprisingly weak for this period of the year. Tho heavy oats crop is resulting in stocks being produced in excess of the demand.

RED POLL CATTLE SALE. A successful dispersal sale was conducted at Dannevirko when Mr Norman Inder’s well known “Kotaro” 6tud of Rod Polls was sold at auction. Keen interest was shown in the sale and a very good muster of buyers was in attendance from practically all parts of the North Island. Competition was well sustained throughout and at times becamo most spirited. In a few cases tho vendor’s reserves were not reached —mostly in the case of mature cows. Tho rising 2-year heifers wero ot excellent typo and quality, the top price for this breed being 43gns to the bid ot Mr Gregor McLeod, Wanganui, for Kotare Coot A A 562, a beautifully even little animal showing a lot of quality. Tho herd siro Kowhai Prior, a 6-year old bull showing splendid breed, typo and quality by Barham Prior (Imp.) Dam Kowhai, 46th S. Dam Crimson Roosobud (Imp.) was knocked down to S. Bryant, Manakau, at 60gns. Other sales made were as follow: Kotare Gannet, 8-yr cow, to J. Derotis, of Rangiwahia, 33gns. ; Kotaro Rosy 8-}i cow to J. Derotis, 28£gns.; Kotaro Kalhlcss, 2-yr heifer, to A. 11. Atkinson, l'otldinn* 31gns.; Kotare Petrel, 2-yr heifer, to A H. Atkinson, 24£gns.j Kotaro Abbess, 2-yr heifer, to W. Teask Nireaha 37gns. Kotare Penguin, 2-yr heifer A. 11. Atkinson, 33£gns.; Kotare Dolly, yearling heifer, S. Waldron, Waipawa, 12£gns.; Kotare Pipit, yearling heifer, Gregor Me Lood, 27gns.; Kotaro Rosalind, yearling heifer, S. Waldron, Waipawa 12jgns.; Kotare Bittern, yearling heifer, J.W. Harding, Hawke’s Bay, 18gns..; Kotare Prioress, yearling heifer, J. Y. Harding, 25gns.; Kotaro Senn, yearling bull, J. A. Tutting, Wellington, 24gns. The aveiago was £3O per head.

SHIPPING FREIGHT.

REDUCTIONS ON FROZEN MEAT.

In the annual report of tho New Zealand Moat 'Producers’ Board is a comprehensive statement showing the reduc tions in shipping freight rates for frozen meat exported , from the Dominion s me tho board was constituted m 1922, since which year four contracts have boon negotiated with the shipping companies. Tho total savings per season aro set

The 1929-30 freight rates are a reduction on tho 1922 rates, as follow

: EFFICIENT FEEDING. LESSON FOR DAIRY FARMERS. t Addressing officers of tho Manawatu Co- ’ oporativo Herd Testing Association, hlr R. r P. Connell, of tho fields division, Department of Agriculture, pointed out that ono of tho prominent features of modorn farming was tho fact that inefficient foeding ol tho cows was so general. “Tho sheep and tho beef animal, ho went on, “aro at times ill fed, but not nearly > so often does this happon to theso animals j as to tho dairy cow. Seldom is avoidable » serious loss induced by the feeding of tho formor animals, but such loss often occurs in regard to dairy cows. Why, it naturally 3 occurs to ono to ask, should tho cow espoci--3 ally bo neglected 1 Tho answer lies in tho 1 fact that wo raise and keep tho chief farm 5 animals for converting tho crops of tho l fiold into human food and it is. not goner--1 ally recognised xt hat an outstanding medium - tho modern good cow is in this respect. No t othor farm animal docs tho work so quickly and economically. For instanco, it has been 3 calculated that a dairy cow producing in 1 ' ono year 618 lbs buttorfat produces 2218 > lbs of dry food matter which is wholly " digcstiblo and suitablo for human food. 3 This requires to bo compared with the t fact that tho qntiro body of a 1250 lbs - fat steer contains only 548 lbs of dry - matter, which included not only cdiblo r meat and fat but all the othor parts of 3 theb ody—horns, hair, bono and tendons. In briof, a good cow in ono season can produco well ovor four times tho food con--1 itainod in tho 1250 lbs steers. Again, tho cow loads all othor farm animals with reb gard to tho conversion of food crops into b human food. From 100 lbs of digestible i nutriment matter consumed, a cow yiolds 1 18 lbs of digestible solids, whereas a steer or a sheep yields only from 2£ to 3£ r lbs of cdiblo food. In this connection tho 3 pig stands out well, being noxt to tho cow, and giving 15 lbs of cdiblo water — ' —freo meat from each 100 lbs of nutrn>'c-t matter consumed. Tho failure to recognise tho exceptionally high productive 8 and tho requirements which consequently s ariso from the high productive ability of - tho good dairy cow loads to poor foeding. This failuro is not at all peculiar to New j Zealand, but characterises tho dairying of all civilised countries. Tho failure is with us so commonly because the good modern cow is such a recent development that we n have not yet adjusted our viewpoint as d regards her needs.” •t A point that required to bo investigated, d concluded Mr Connell, was tho winter fecdn ing of dairy stock. Figures that had al- [ ready been obtained from producers indi,l eated that, in many instances, tho season j began too late and often tho herds to which q this applied had been poorly fed during , 0 tho winter months. On tho othor hand ,£ many of the high producing herds that had jq boon unearthed wero ones which came in r early during tho season.

METALS MARKET

(Australian Press Association.) LONDON, July 30. Copper.—Standard, on spot £62 14s, 4£d per ton forward delivery £6B 3s lid.; electrolytic, £6B 15s and £69 55.; wire bars, £69 ss. Lead. £2l and £2l 2s 6d. Spelter, £25 Is 3d and £24 17s 6d. Tin, £214 12s 6d, and £213 -2s 6d. Silver.—Standard, £27 5-16 d, per ounce, fine 29$d.

ENGLISH WHEAT MARKETS. (Australian Press Association—United Service). LONDON. July 30. Wheat. —Cargoes, demand quiet, unchanged, tending fio be easier. Part of Bosworth’s, 47s 6d per quarter; Indianic, 47s 10Jd, 48s lid. Parcels, poor request, occasional decline 3d. Liverpool futures: July, nominal; October. 9s S-Jd per cental; December, 9s 7}d.

Buyers. Sellers. N.Z. GOVT. LOANS- £ s. d. £ s. d. 4i p.c. Ins. Stk., lyAd yti 15 0 99 0 0 5i p.c. ditto, 1933 100 15 0 — 51 p.c. ditto, 1956 100 15 0 — 5| p.o. ditto, 1941 99 0 0 — 4£ p.c. Bonds, 1941 ... 98 7 6 — 41 p.c. ditto, 1938 ... 98 15 0 — 51 p.c. ditto, 1935 100 15 0 — 51 p.c. ditto, 1936 10U 15 0 — DEBENTURES— N.Z. Breweries (bonds) 1 3 9 — Lyttelton Harbour Bd., 4 p.c., 1929 — 99 5 0 BANKS— Australasia 14 17 0 — Australian Bank of Commerce 1 13 3 1 14 0 Commercial of Australia (ord.) 1 10 5' — English, Scottish and Australian 8 11 0 8 12 6 National of N.Z 7 3 0 — National of Australasia (£10) — 18 17 6 Ditto (£5) 9 6 0 9 7 C New South Wales — 50 5 0 New Zealand 2 19 9 — Ditto, long-term mort. 1 6 6 — Union of Aust 15 5 0 — Ditto (Melbourne register) 15 6 0 — FINANCIAL— Goldsbrough, Mort ... 2 11 0 — Equitablo Building ... 8 4 0 — National Mortgage ... — 4 4 0 N.Z. Guarantee Corp. (ord., 8s) 0 8 11 0 9 0 Ditto (pref.) 1 1 0 — N.Z. Invest., Mortgage, Agency (ord.) 106 0 0 — Well. Invest., T. & A. 0 10 6 — Well. Deposit and Mortgage 0 9 4 — GASChristchurch — 1 5 0 Ditto (contrib.) 0 11 10 — Wellington (ord.) 1 9 6 — Ditto (prof.) 0 17 0 — INSURANCENational 0 15 9 0 16 1 Now Zealand 2 2 6 — South British 3 0 6 — MEAT PRESERVING— Gear — 2 0 9 N.Z. Rcfrigerat. (10s) 0 8 6 0 8 8 TRANSPORT— Huddart-Parker (ord.) 2 8 9 2 9 3 Union Steam (pref.) ... 1 0 3 — P. and 0. def. stock ..230 0 0 238 0 0 WOOLLEN— Wellington (ord.) 6 7 6 6 10 0 Ditto (pref.) 6 8 0 — COAL— Hikurangi (pref.) 0 8 9 0 14 Waipa — 6 TIMBER— Leyland-O’Brien 1 11 0 1 13 0 National — 0 11 0 MISCELLANEOUS— British Tobacco (Aust.) (ord.) 2 2 3 — Burns, Philp and Co. — 2 7 6 Colonial Sugar — 59 10 0 Electro. Zinc (ord.) ... 1 12 6 1 13 6 Ditto (pref.) 1 13 6 1 14 0 Howard Smith (ord.) 1 8 0 1 8 9 N.Z. Drug 3 9 6 — N.Z. Express (ord.) ... — 0 19 3 N.Z. Paper Mills ...... 0 15 9 — Sharland & Co. (ord.) 0 19 6 1 0 3 Ditto tpref.) Wilson’s Cement 0 19 6 — 1 18 3 1 19 0 MINING— Mount Lyell 1 15 3 —

Brussels, belgas to £1 Paris, francs to £1 . Stockholm, knr to £1 July 30. ... 34.91 .... 124.07 ... 18.154 ... 18.191 Par. 35 25.224 18.12 18.12 USIO. MU , —. Copenhagen, knr to hi ... Berlin, reichsmarks to hi Romo, lire to £1 Calcutta, pence to rupee Yokohama, pence to yen Hong-Kong, pence to dol. Montreal, dollars to £1 New York, dollars to il Amsterdam, florins to £1 Batavia, florins to £1 ... Braguc, knr to £1 18.191 18-12 20.344 20.43 92.82 92.46 171 18 22f 24 24 9-16 24 4.85 13-16 4.866 4.85 25-32 4.866 12.073 12.107 12.094 12.107 163g 24.02

out as follow: — 1922-23 contract £575,000 £164,000 1924-27 contract 1927-30 contract (average) £120,000 £150,000 £1,009,000

Per head. Based on Mutton—601b. sheep, eq. 3s 6d 54d ... Lamb—351b. lamb, cq. Is 11.35d ... Veal—1201b. calf, cq. 9s Pork —1201b. calf, eq. 9s Beef qrs—7201b. bullock, cq. 38s 6d Boned beef, cases.—5001b. cow, Cq. Per cent. 42.55 37.51 54.02 54.02 45.63 54.02 Boned beef, bags-5001b. cow., eq. 57.30 Frozen sundries, cases 60.56 63.38 41.14 45.37