FARMING AND COMMERCIAL

Manawatu Standard, Volume XLVIII, Issue 226, 22 August 1928, Page 5

FARMING AND COMMERCIAL

CONSERVATION OF PASTURE. SYSTEM OF GRASS CAKES. AN IMPORTANT DEVELOPMENT. A new - development in the science of live-stock feeding, is receiving a lot of attention in Great Britain just now. It concerns the conservation of grass and fodder crops in transportable form. The Empire Marketing Board lias interested itself in the experiments that have already been carried out, and a lengthy report on tho findings to dates has been presented to that body by the Rowett Research Instiutute at Aberdeon, where Mr A. M. Duckham has been carrying out research work in connection with the idea. Tho importance of pasture grass cannot bo overrated, whether it be in Great Britain or hero in New Zealand (says tho Otago Daily Times in commenting on the dovelopmiejit referred to). . Throughout tho whole Empire it is the most important of all crops, since on it tho production of all primary products depends, and without thcro can bo no live-stock raising. Still, it has been only in recent years that pasturo grass has received tho close consideration it has deserved at tho hands of agricultural resoarch workers. Tho increasing realisation of its potentialities under proper treatment has already produced surprising results, but there can bo no doubt that a great deal moro can be done yet. Recent investigations havo wrought great changes in respect to the manuring of pastures and tho production of new and improved strains of plants by scientific selection and breeding. Experiments havo also served to prove that even tho methods of grazing or haymaking now in use may fall short of making the boat use of tho nutritivo value of tho pasturo. Mr Duckham has furnishod a long and interesting report of his work to date to the Research Grants Committee of the Empire Marketing Board. Tho report surveys tho possibilities of a moro economic exploitation of tho country’s grasslands a 6 they dopend on a conservation of grass in a form that will combino transportability with a high nutritivo value. Mr" Duckham points out that young grass two to fivo inches in height has for the purposes of grazing tho equivalent to that of a high-class cattle feed such as linseed cake. When allowed to attain a greater height, tho formation of fibrous matter in tho stem and leaf lessens the nutritivo value of the grass. Hay is a cheaf but inefficient fodder. It cannot bo assimilated in any quantity by heavy milking cows and early' maturing stock, such a 6 tho baby beef which has lately come into prominence. Therefore, it would be of groat economic value if the surplus grass of the Empire could bo preserved in a more concentrated and palatable form for use during the winter months or at times of drought. Tho manufacture of a suitablo grass cake as a substitute for ordinary cattle cakes and as an alternative to the making of hay, is, therefore, the problom attacked in tho roport.

I . I I culated on the prices of fooding stuffs ob- : taining last autumn. This, it will bo observed, compares favourably with tho feeding value of good hay at £4 per ton. | It is estimated that by moans of tho new system of monthly cuts on manured land 3£ tons per aero of dried grass Will be obtained annually, which means that every acre will produce per annum £32 worth of a concentrated cattle food. This compares favourably with tho annual valuo of an acre of good hay (a coarse feed) at £lB. Tho conjectured cost of producing one ton of grass cako is roughly £6; £5 per ton to tho dried grass stage, with £1 to cover the additional expenso of caking and, if necessary, binding material. As tho wholo success of the process must ultimately depend upon tho cost of production these figures aro worthy of special attention. Considerable attention is devoted to the different types of drying and. compressing machines and methods used in this country and abroad, and tho writer deals with tho possible lines along which tho process might be doveloped. Tho minimum cost of installing a_ complete drying and caking plant would appear to bo £IOOO or more. Finally, it was stated that “thero seems to bo no doubt that highly digestible young fodder crops could bo successfully cut, dried, and compressed if economical means of handling tho wot material could bo devised, and if suitable apparatus were 'forthcoming.” It is pointed out that before a definite opinion, could bo expressed on the economic possibilities of graas cake, a considerable amount of research upon both the engineering and agricultural sides of tho problem will havo to bo carried out.

A FARMING DISPUTE

CLAIM AND COUNTERCLAIM

The civil action between George David Laverick (plaintiff) and Eva Shannon (defendant) in which plaintiff claimed damages for the loss of calves, and defendant counter-claimed for damages for alleged breach of a herd testing agreement, repairs to drains, fences and haystacks, was concluded in the Magistrate’s Court yesterday befone Mr J. L. Stout, S.M. Mr Oram represented plaintiff and Mr Ongley defendant. At the previous hearing plaintiff had obtained judgment for £42 for loss on the calves. The original counter-claim was for £ll4 5s 9d, but this was reduced to £52 11s at tho hearing yesterday. After hearing the evidence, His Worship gave judgment for Mrs Shannon on tho counter-claim for £ls in the case of the herd-testing, and £1 10s on tho claim in connection with the fences and drains. Plaintiff had in the meantime made the necessary repairs to tho thatching of tho haystacks. Any rebate or subsidy obtained' by defendant on the herd-testing is to be credited to plaintiff.

LONDON’S MEAT SUPPLY.

DRYING AND PRESERVING CUT GRASS.

Tho New Zealand Meat Producers’ Board has been advised by its London office that tho supplies of meat .to tho London central markets during tho six months ended Juno, 1928, and comparisons with tho corresponding period of 1927, aro as follow: — Dif-

Alter a paragraph of statistics dealing with the economic importance of the grass land and hay crop of the Empire, and several analyses which clearly indicate the high nutritive value of young pasturo grass, the author proceeds to consider the principal difficulty—the drying and preservation of the cut grass. It appears that the grass may be dried either by artificial means or by a combination of natural and artificial methods, in which case tho mown grass is left lying in the field for 24 hours before being removed to the artificial drying plant. Both theso methods, however, have their advantages and their limitations. Although young grass possesses distinct advantages for grazing purposes, it has several disadvantages when the problem of conservation has to bo faced. Young grass has approximately tho same water content as old, but its internal moisture is richer in soluble organiic constituents; thus in predrying—that is, in leaving the crop at the mercy of tho woather ,for a limited period—there may be a considerable loss of tho nutritive factors by means of respiration, fermentation, or leeching by rain and dew. On tho other hand, it is pointed out that, by natural evaporation, predrying reduces tho water content considerably, and thereby more than halves drying costs. Pro-drying has tho additional advantago of lessening tho cost of transport to tho drying plant, which might often be somo distance away. Whon the grass is dried it is suggested tlioro are three possible forms in which it could bo put on the market; either ground to a meal, or in bales like com-, pressed hay, or in some form of cake, cube or briquette, in the manner of cattle feeds. But this grass meal might suffer from dustiness, and it is upon tho grass cake which has already been made experimentally at a pressure of eight to ten tons por squaro inch direct from the dried grass that Mr Duckham pins his faith.

Total 22,393 17,004 5,389 * Australian and Now Zealand mutton and lamb figures adjusted to Juno 30, 1928. tßacon.

PRICES OF METALS.

YITAL AND DIFFICULT QUESTION,

LONDON, Aug. 20. Coppor.—Standard, on spot £62 9s per ton, forward delivery £62 18s 9d; electrolytic, £63 15s and £69 ss; wire bars, £69 ss. Lead, £2l 13s 9d and £2l 11s 3d. Spelter, £24 5s and £24 11s 3d. Tin, £212 12s 6d and £2OB 2s 6d. Silver. —Standard, 27 3-16 d per ounce; fine, 29 5-16 d.

The author now arrives at tho most vital and difficult part of tho problem—tho question of cost. So far as it is in his power, ho has calculated the costs of production from tho most reliable figures obtainable.

It is estimated that tho nutritive value of finished cake would be £9 per ton, cal-

WELLINGTON STOCK EXCHANGE.

YESTERDAY’S BUSINESS AND

PRICES.

At tho afternoon call yostorday on tho Wellington Stock Exchango sales woro reported of 5j per cent. Government Bonds (1936) at £lOl 23 6d, National Bank of; New Zealand at £7 6s, and Sharland and j Co. (ordinary) at 19s 9d. \ I Government stocks and bonds woro steady ; and unchanged. Tho 4i per cents, woro I wanted at £9B 17s 6d, and tho 5j per (cents.-at £lOl. Wellington Racing Club 1 (debentures) woro in demand at £lO6 10s. j Bank shares. were firm, with bids of | 33s 6d for Australian Bank of Commerce, I 30s 3d. for Commercial Bank of Australia I ordinary, and £7 for preference, £26 7s 6d for Commercial Bank of Sydney, £lB 17s 6d for National Bank of Australasia £lO paid, and £9 7s 9d for £5 paid, £SO 2s 6d (cum dividend) for Bank of New South Wales, 60s 6d for Bank of New i Zealand, 27s 3d, for Bank of Now Zealand ! “D” shares, £ls 2s 9d for Union Bank local register and £ls 3s for register. Sellers quoted £8 11s 6d for English, Scottish and Australian Bank. , Goldsbrough Mort wore firm at 51s, Now Zealand Loan and Mercantile (ordinary) at £lO7, New Zealand Guarantee Corporation, ordinary at 83 9d, and preference at 21s, and Wellington Deposit at 9s 6d. Insurance shares wore firm, with an upward tendency. National Insurance wero wanted at 16s 3d, New Zealand Insurance at 435, and South British Insurance at 61s 3d. Wel- . lington Gas woro in steady demand, tho or- ! dinary at 29s 3d and tho preference at 17s. Goar Meat wero steady at 40s 6d, and New Zealand Rofrigorating (10s paid) at 8s lid. P. and 0. doforrod stock were wanted at £234, Union Steam (preference) at 20s 4d, and Huddart-Parkor (proforenco) at 21s. Wellington Woollen wero in good demand, tho ordinary at £6 6s and tho preference at £6 7s 6d, ox-divi-dend. Ivaiapoi Woollen (ordinary) wero wanted at 11s lOd. Thero were bids of 30s for Westport Coal, 19s 3d for Kauri Timbers, and 32s for Leyland-O’Brien Timber.

Brewery shares woro firm, New Zealand Breweries at 475, Staplos and Co. at 36s 6d, Ward and Co. at 41s 3d. Thero woro buyers of British Tobacco at 435, Electrolytic Zinc, ordinary at 33s and preference at 345, Howard Smith at 275, Now Zealand Drug at 70s, Now Zealand Paper Mills at 16s 6d, Sharland and Co. at 19s 6d, and Wilson’s Cement at 38s 6d.

Yesterday’s buying and soiling quotations wero as under:—

SALES IN OTHER CENTRES.

■ Per Press Association. AUCKLAND, Aug. 21. Sales. —InscribbS stock, 1936, 5i per cent., £lOl 2s 6d; Now Zealand BrowoHos’ debentures, 245; Commercial Bank of Australia, 30s 9d; National Insurance, 16s 6d; Auckland Amusement Park, 5s 6d; Dominion Pictures, 225; Now Zealand Refrigerating, con., 9s 2d; Robinson Ice Cream, 22s 6d. CHRISTCHURCH, Aug. 21. Sales. —Glaxo, 6j per cont., 1945, £9l; Bank of Adolaido, £9 13s 6d; Cpmmercial Bank of Australia, 30s 6d; Union Bank of Australia, £ls 3s, £ls 4s; Goldsbrough, Mort, 51s, 51s 2d (2 parcels), 51s Id; N.Z. Refrigerating (10s paid), 9s 2d; Mahakipawa, 3s (2 parcels), 2s lid (2 parcels), 2s 9d; E.S. and A. Bank, £8 10s 6d. DUNEDIN, Aug. 21. Salo reported.—New Zealand Guarantee Corporation, 8s lid.

THE WOOL MARKETS.

CRUTCHING SALE YESTERDAY.

DECLINE IN PRICES SINCE JUNE. The socond Wellington salo of crutchings was held yesterday when a total offering of about 2000 bales was submitted. The attendance of buyers was largo, but competition was not so keen and pronounced g 3 at the Juno sale. Prices 6howed a decline of lid to 2d per pound on tho values ruling at last sale, but at tho Napier salo held two days later than that of Wellington in Juno pricos wore there Id per pound easier on tho Wellington rates. Tho following is tho official range of prices:— Morino crutchings, 15Jd to 17jd; halfbred crutchings, 12d to 163 d; crossbred crutchings, superior, 133 dtc 153 d; crossbred crutchings, medium to good, llid to 133 d; crutchings, seedy and inferior, 6d to llid; enossbred, pieces and inferior, 6d to llid; crossbred, pieces and bellies, 10id to 15d; locks and stained pieces, 6d to BAd.

BROKERS’ REPORTS. Wright, Stophenson and Company, Ltd., in conjunction with Abraham and Williams, Ltd., roport:—There were very few good crutchings in the salo, most of the loffering comprising back country and seedy lots. As was expected tho market was decidedly easier than tho last sale, showing a drop of about 2d por pound. As, however, the Napier salo which followed our last salo had already 6hown a drop of about a l£d, thero was not much chango in the market as qompared with last sale. Some of the best pricos realised for crutchings are as follow: —Glonleo 2 bales Merino crutchings, 16|; Glenleo, 2 bales Merino crutchings, 15!d; Totara, 13d; 84/PN, 13d; EV/A, 13d; JAC, 13d; CM/Ngawaha, 13(1; WBM/ Puruatanga, 13d; Challenge, 13tl ; Santon, 13d; BMcE, 12id; JOB, 12id; Glenhcathcr, 12id; B/ WR, 12id; Nuiwai, 12id; Kaparu, 12id; RR, 12id; TS/Gore, 12R1; Starboro, 123 d; Oakland, 123 d; LTD/Wairero, 123 d; 811/GHB, 123 d; EV/A, 12!d; Challenge, 12id; 88, 12id; CBH, 12id; M, 12Ad; HIS, 12d.

forior sorts sold at from 6d to 10 4 d, according to quantity of seed showing. Wo quote; Merino crutchings, 17d to l7£d; had" bred crutchings, 12d to 16id; crossbred crutchings, superior, 13Jd to 14^d; crossbred crutchings, medium to good, to 13|d; crutchings, seedy and inferior, od to crossbrod pieces and bellies, lO2U to lod; locks and stained pieces 6d to bad. Dalgety and Co., Ltd., report: \Vo ofTered 500 bales to a fair bench of buyers. It was recognised before the sale, commenced that prices, when compared with tho last sale held horo in June, would show a decided appreciation. It will be remembered that at tho Juno salo rates recorded wero abnormally high, and this was borne out by prices ruling at latcr_ sales held in Napier, Gisborne and Dunedin, at each of these centres a decided drop being noticeable. Thoro was fairly sound competition for super light conditioned crossbred crutchings, good lines being purchased at from 14d to 14jd. A few extra super parcels of exceptional yield brought higher rates. Medium lots wero not in great demand, tho depreciation on such being anywhero from 2d to 2Jd lower when compared with June prices. Super parcels wero on average lower by 2d per lb. Seedy and inferior lots were mostly taken by local scourers at rates Blightly lower than in June. Japan was well in the market for tho best crutchings. with orders also on hand from local mills and Australia. Bradford were principally operating on medium crutchings, out as usual their limits wero conservative. There was sound demand for halfbred and merino crutchings, especially parcels which were light in condition and free from 6ccd. Only a small olforing of fleeco was catalogued and it would bo unfair to quoto a range of prices for such wools. Passings at tho salo wero fairly numerous. It is very doubtful if much gain will be forthcoming to owners of medium and inferior parcels, by having their wool passed in at to-day’s sale. Tho markot for fleeco wool for the coming season looks sound, but inferoir lots of crutchings and pieces are, we think, at tho moment bringing quite, good rates. Tho following aro some of tho prnicipal realisations: —Medium and halfbred crutchings: Craiglockhart, 14id; Wvohills, 14jd; Uptonfells, 15d; TA/L, 13id. G’rossbred crutchings: Flatpoint, 14jjd, 13jd and Mid; Tupaka, 13id; Clunyhills, 13d; Highdcn, 133 d; Maringi, Mid and lOd; C3/Rongomai, 13d; Limcbrook, Hid; E and ES, 12id, llgd and 9Jd; Kirikiri, lid to 133 d; Ecclcston, lOicl, JDIR, 9jd; M/Haurangi, lid and 13d; OAI3, Tawanui, lOid; PY, 4B/Lowlands, 123 d; HHII/( —), Hid; AG C, 12id; Kantara, lljd; Valloyfieid, llid; WRB/Hcart, 12fd; ItRR, llid; Uruamatua, 13d; Marua/D, 12Jd; F/NZ, 12d; Ngaputahi, 9d; JCDS, 12id; Muteroa, 12^d; T H, 12id; WC/U, 12-id; WMS, 113 d; TH, 13id; Ngaio, 12id; S 3,12 d; Hummocks, lid; MAC, lOd and 13id; S and T/W, 12yd; Erowhon, 12d and 12Jd; Towairoa, 12yd; M/Fernlea, 13id; LLLL, lid; C and CO, l(Ud; D and HR, Byd; Ngatitoa, Bijd; XHW, BJd; Papanui/D, 83d and 9^d; Happy Valley, 9d; Surreydale, llid; M P W, 9yd.

MANGOLD GROWING. WINNER OF COMPETITION,

Per Press Association.

WELLINGTON, Aug. 21. A cup presented bv Mr W. S. Wilson for competition among boys’ and girls’ agricultural clubs has been won this year by Master 11. Willis, of Matapu School, Taranaki, who grew a crop of mangolds weighing 188 tons 7cwt per acre. Ho is to be presented with a suitably engraved gold medal by tho Agricultural Department and a photograph of tho cup.

The New Zealand Loan and Mercantile Agency Co. report that their catalogue totalled 470 bales. Tho demand for crutchings was limited, but as tho catalogues contained very few super lots, it was to bo expected that prices would be easier. Although prices aro lower than at the preceding sales, the drop is not so great as it looks, as there is no doubt that prices realised at the pre- (To tho Editor.) vious sale were far above London parity. gi j have read a lctter from New P l y . Quotations :-Super crutchings, from Id to mout ’ h . d « Safety Eirstj - in which the 2d down; medium crutchings from 2d to rit er co b ndemns t he use of Friesian pedi--3d down; low crutchings Id to 2d down ; bulls on grade j olßey CO ws. In the There was a small proportion of fleece Offer- b ourSQ o£ duties as secretary of the ed but as tho bulk of it consisted of rough N z Friesian J Association I have made inand heavy-conditioned lots the prices of- quiriea all pver tho i) oni i nion as to the fered give no indication of present m resu j ts Q £ us i n g pedigree Friesian bulls on value. Realisations wore as follow: J/B/ j ersey CO ws, and the almost unanimous Ht”', wW 1 S' IS’ J »P ini “ of experienced dairymen and W a , e ’ ipL’ breeders is that no special calving difficulP, PVi b! } le ’ % ties aro caused by the use of Friesian bulls. ?oPI a . OS ’. Pvi 31’ Some of the very finest grade dairv cows R d } bale, 12id; JJR/R, 1 bale, ll|d; bkat j }, ave ever seen have been by DFN, 2 bales, lljd; JOB.P, 1 bale>i: Friesian bulls lout of Jersey cows. Last Highland Home, 1 bale, Hid; lib/11/A, f or example, Mr Laird, of Westb ,b a / e ' bl.d: M, 2 ba.J es , lljd; GHM/K, morej gained the grade championship at 1 bale, 9 4 d; CMC, 1 bale, 9id; J/B/Linton, £bo gj ra£ f Ol . d and a j tho Marton A. and P. 1 balo, 9id; JI, 1 bale, 7Jd; 1 bale, ghowe with a cow whose siro was a pedi7|d; Ranch, 1 balo, 7jd; JAB/ K, 1 balo, g reo Er ; es i an and whose dam was a grade . , _ . , „ , , ' Jersey. Mr Laird’s cow during tho last seaLevm and Co. report: Our catalogue com- son mdked up to 841 b. daily with a 3.8 p.c. prised 580 bales There wore represonta- test on twice a * day mi i k i ng . At the Te tives of Bradford, tho Continent, Canada, p uko A . and P. Show Mr J. B. Boyes Japan, Australia and Dominion mills, op- h d dairy cow (sire pedigree Friesian crating with restricted reouirements and n d pedigree Jersey cow) of exceptho local, scourers and cllmongcrs were dair ’ 1 f lt and sh y 0 had given over endeavouring to procure their winter sup- in a month. One of the surest and plies of heavy-conditioned crutchmgs, bell es ickegt wavs of improving a grade or pieces, and locks The condition of the c l rossbrcd hf ; rd is by P t ho use of pedigree crutchings, with the except on of a few Friesian bulls with good butterfat backtlmt r of the previous sale held here. The a . nd if “Safety First” wishes for first bulk of tho offering comprised crutchings, band information I can refer him to such and there wore several parcels of fleeco highly practical and experienced . dairy wool, but not enough of the latter to war- farmers as Mr Jas. Hart of Tatuanui, U airant special quotations or to give any idea b, ato ’ r , •& " a \ } of market prospects. It was clear, how- b. Boucher, of Rumen, Auckland, all of over, from sales held in other centres sinco whom wlll give him. details of their very our last sale held here in Juno that a successful use of Friesian bulls on Jersey lower range of values would rule for cross- cows, and will, I hope, disabuso him of bred crutchings, and these sold in sym- some of his present ideas on the subject, pathy with tho general dcclino in samo at bho manager of the Pin Land Qo., Or mi, lid to 2d for good lots and Id to ljd for °no.°f the largest dairy farmers in the Dolowor grades loss than Juno rates. Merino minion, informs me that lie has for-years crutchings sold at 17d to 17id; best half- past used pedigree Friesian bulls on grade bred crutchings at 15d to 16id; medium to Jersey cows, and that at no time has ho good, 13d to 15d; super crossbred lots at bad calving trouble with these cows. Mr 14d to 14)d; and exceptional quality occa- R- R- Pearson, of Rongotca, is a strong sionally higher, whilst good crossbred crutch- supporter of. tho use of pedigree Friesian ings sold at 12=d to 13Jd; heavy conditioned bulls on grade Jersey cows. Ho writes me: lots at relative values, and seedy and in- i “Some of the finest dairy cows I have ever

CORRESPONDENCE.

seen have been Friesian-Jersey cross. May I suggest that dairy farmers should attend to two things, mo matter what breed of bull they are using in their herds —(a) see that the cows arc wintered well, and that they are in good condition at calving ; (b) do not use coarse-boned bulls. I strongly advise all dairy farmers not to pay any attention to the wailings of “Safety First” whoso letter, I note, comes from New Plymouth. Your readers will learn that Taranaki dairy farmers using high testing herds are greatly agitated by the publication of tho dairy scientist’s report ton the Ifawora cheese experiment. His results have been a tremendous victory for tho Friesian dairy breed, as he has shown that Friesian butterfat makes 13.7 p.c. moro cheese than Jersey butterfat does, and the scientist states that the dairy farmers of tho Dominion are losing immense sums of money annually by using high testing herds for cheese manufacture. Ho also states that tho whole of tho Dominion will eventually go over to the low-testing breeds, i.e., the Friesian. I shall bo pleased to supply any of your readers with a copy lof the dairyscientist’s report which deals with a matter involving the loss of a million sterling annually in this Dominion.—l am, etc.,

J. P. KALAUGHER. Secretary N.Z. Friesian Association, Box 765, Auckland. 18th August, 1928.

Six months. fer--1928. 1927. enco. TonBeef & Venl — •nage. nage. nago 22,306 21,897 409 Australia 2,041 1,213 828 New Zealand 905 511 394 Canada 15 809 -794 United States 412 650 -238 Argentina 91,124 108,822 -17,698 Uruguay, etc 9,384 3,500 5,884 Netherlands — — — Other countries . — — — Totals 126,187 137,402 -11,215

Mutton & Lamb — Britain & Ireland 15,226 17,223 -1,997 Australia * 3,203 9,978 -6,770 New Zealand ...* 36,508 31,965 4,543 Canada — — -15 United States .... 52 67 Argentina 13,019 12,607 412 Uruguay, etc 2,798 4,010 -1,212 Netherlands — — 4Other countries ... — — Totals 70,811 75,850 -5,039

Pork & Baron — Britain & Ireland 17,085 12,326 4,759 Australia 21 158 -137 New Zealand 451 335 116 Canada 64 137 -73 United States .... 703 458 250 Argentina 309 765 -456 Uruguay, etc 12 7 5 Netherlands +2,229 +1,722 507 Other countries ... +1,514 +1,096 418

Buyers. Sellers. N.Z. GOYT. LOANS— £ 6. d. £ a. d. 4i p.c. Ins. Stk., 1938 98 17 6 — 54 p.o. ditto, 1933 .. — 101 5 0 5| p.c. ditto, 1941 .. 99 0 0 — 44 p.c. Bonds, 1938 .. 98 17 6 — 44 p.c. ditto, 1930 99 0 0 — 54 p.c. ditto, 1933 101 0 0 — 54 p.c. ditto, 1936 101 0 0 — DEBENTURES— Wellington Racing Club 106 10 0 — N.Z. Breweries (bonds) 1 4 3 BANKS— Australian Bank of Commerce 1 13 6 — Commercial of Aust. (ord.) 1 10 3 — Ditto (pref.) 7 0 0 — Commercial Banking Co. of Sydney 26 7 6 — English, Scottish and. Australian — 8 11 6 National of Australasia (£10) 18 17 6 19 0 6 Ditto (£5) 9 7 9 — New South Wales ..' 50 2 6 — New Zealand 3 0 6 — Ditto, long-term mort 1 7 3 — Union of Australia .. 15 2 9 — Ditto (Melbourne register) 15 3 0 — FINANCIAL— Goidsbrough, Mort .. 2 11 0 2 11 6 N.Z. Guarantee C'orp. (ord., 8s) 0 8 9 0 9 0 Ditto (pref.) 1 1 0 — N.Z. Loan and Merc. Agency (ord,) 107 10 0 — Wellington Deposit an d, Mortgage 0 9 6 — GAS— Wellington (ord.) 1 9 3 — Ditto (pref.) 0 17 0 — INSURANCE— National 0 16 3 — New Zealand >... 2 3 0 — South British 3 1 3 — MEAT PRESERVINGGear 2 0 6 — N.Z. Rpfrigorat. (£1] . 0 19 6 Ditto (10s) 0 8 11 — TRANSPORT— Huddart-Parker (ord.) —: 2 10 3 Ditto (pref.) 1 1 0 — Union Steam (pref.) .. 1 0 4 — P. and 0. dcf. stock .. 234 0 0 — WOOLLEN— Kaiapoi (ord.) 0 11 10 — Ditto (contrib.) 0 2 0 — Wellington (ord.) 6 6 0 — Ditto (pref.) 6 7 6 — COAL— Hikurangi (pref.) 0 8 6 — Westport 1 10 0 — Waipa — 0 14 6 TIMBER— Kauri 0 19 3 — Leyland-O’Brien 1 12 0 — National — 0 11 0 BREWERIES— New Zealand 2. 7 0 — Staples and Co 1 16 6 — Ward and Co 2 1 3 — MISCELLANEOUS— British Tobacco (Aust.) (ord.) 2 3 0 — Burns, Pliilp and Co — 2' 6 6 Eleotro. Zinc (ord.) 1 13 0 — Ditto pref.) 1 14 0 1 14 6 Howard Smith (ord.) 1 7 0 1 8 0 N.Z. Drug 3 10 0 — N.Z. Express (ord.) — 0 19 0

N.Z. Paper Mills 0 16 6 — Sharland & Co. (ord.) 0 19 6 1 0 6 Ditto (pref.) Wilson’s Cement MINING— 0 19 6 — 1 18 6 Mount Lyell Mahakipaiyj. 1 14 0 0 3 2