FARMING AND COMMERCIAL

Manawatu Standard, Volume XLVIII, Issue 229, 25 August 1928, Page 5

FARMING AND COMMERCIAL

THE BACKBONE OF AGRICULTURE. WEALTH FROM PASTURES. (By “Ploughshare.”) In a recent address Mr A. H. Cockayne, director of the fields division referred to the pasture lands of the Dominion as “the backbone of agricultural wealth,” seeing that an overwhelming majority of the products that represented the income of the farmer wore derived from grass. Figures for the past 25 years were quoted showing that, whereas of the crops that had been sown each year, such as cereals, there had been little or no increase during that period, over four million acres had been added to the pastures of New Zealand. This, however, represented an increaso of only 13 or 14 per cent over the area of grazing land of 25 years ago, but when consideration was given to the number of stock now carried, and the value of their products was taken into account, a very different picture was presented. Bringing all classes of live stock to a common basis, it was found that the carrying capacity of the wliolo of the grass land had increased by 50 per cent. When brought to a standard value, the production from grassland, lamb, mutton, wool, butter-fat and beef, it was found, that the increaso had been 137 per cent. Expressed in terms of money, in 1902 grass land produced £16,000,000 worth of products and, with only 13 per cent increase in ground, £39,000,000 worth was produced in 1927. Mr Cockayne went on to say that one might bo inclined to say that these figures were wrong as the stock carried, brought to a common basis, had only increased by 50 per cent; then production should only have increased by that figure as a standard value had been given in both instances. The explanation, however, was quite simple and emphasised a fundamental law with regard to grassland utilisation, namely, s that the greater percentage of female animals, the greater annual production from grassland provided, of course, such female animals could be properly maintained. nm In the past 25 years nearly I,OOO,UUU cows had been added to the herds and 6,000,000 breeding ewes to the flocks of the Dominion. This development of the maternity of live stock had enabled an increase of 137 per cent in the annual production from grassland, while only increasing the stock units by 50 per cent. These figures, coming so high an authority as Mr Cockayne, who has made a long study of pastures and their management, supply an answer to those who hold the opinion that the stock-carrying capacity of the occupied land of the Dominion has about reached the limit of possibility. On the contrary, there is every reason to expect that, when the management of pastures is better and more generally understood, the ratio of . increased production will be maintained for many years to come. Top-dressing on both sheep and cattlo country has been largely instrumental in the increased production, but when it is remembered that only about 12 per cent of the sown grass land has been top-drcs6ed up to the present, it is evident that as greater areas are brought under the influence of stimulating manures a far greater yield of products will be forthcoming. The quick response that has followed the use of fertilisers on pastures has caught many graziers un-, prepared to take full advantage of the increased quantity of feed, and stocking difficulties have presented themselves. When sufficient sheep are put on to cope with the flush growth in the spring and summer months, it is found difficult to winter sufficient stock to supply the wants of the next season which means that some of the sheep have to bo sold in the autumn and replaced with others in the spring at high prices. One remedy suggested by Mr Cockayne to meet this difficulty is to increase the number of female stock. The cwo requires in the winter only ten pounds of grass or its equivalent per day. In the summer with its lamb it requires double that amount. The dairy cow when dry can get along quite well on 601 b. of grass per day, but when in full milk 1201bs. to 1501b5., is not to.o much for a heavy milker. Every author*, ity on grassland farming lays great stress on the importance of small paddocks and close grazing while the grass is in the leaf stage. Rather than let the pasture get away, farmers arc advised to run the mower over the field so as to prevent seeding and coarseness. A further provision ; against shortage of feed in the winter months is to convert all surplus grass in the flush months into hay or ensilage. As a general rule hay-making is confined to dairy farms, but' it is now evident that the sheep owner will need to give more consideration to the neeci for laying by a reserve ol food NV 7^ ter and spring months. \V hen this b comes a regular practice, it will not be found necessary to make any eacrifictft by forced sales of stock. . . , When farmers fully appreciate the great possibilities for increased production on pasture lands and learn by experience how to manage the areas under their control so that every blade of grass may be conserved and converted into saleable products there is scarely any limitation to the possibilities of the future. In ms farewell address after his tour through the Dominion, Sir John Russell, expressed the opinion that in no country in the world could pasture be more easily managed than in New Zealand. In England, lie said it takes six or seven years to establisft pastures equal to those of only one year old that he had seen in this country. Ilns ho considered was a heritage of winch every occupier of grazing land should make the fullest use as it was the simplest form of farming when its principles were properly understood and practised. MORTALITY IN BREEDING EWES. NEED FOR EXERCISE. The mortality among breeding ewes in the Manawatu is reported to be much heavier than usual this year. This is a trouble that is always more or less m evidence ion rich flat country where sheep as a rule do not. get the necessary exercise which is essential to their health. The sheep in its native surroundings is a mountain animal, and now that it it has developed to such a state that many of its earlier characteristics have been hied out during process of evolution to meet the needs of man diseases are now common which wore unknown in the flocks of ancient times. Am authority, writing on this matter, says that man has brought these mountain animals to the plains and downs. He has eliminated the hair from their coats and cultivated the undercoat of wool to an abnormal extent. For the muscles and sinews of the loins and bams he has substituted tender flesh and fat, and in placo of the sparse, hard mountain grasses with infrequent access to water, he has given his sheep rank, luscious feed and abundant water. Directly traceable to these drastic changes in food, clothing and environment, we have most of the diseases to which domesticated sheep are subject. All can he traced directly or indirectly to the changed conditions of the habitat. When he has assimilated this fact it will perhaps make it easier for the farmer to prescribe a cure when ho sees sickness of one sort or another manifesting itself in his flock, and he will find that the greatest of these proscriptions is more exercise. Every condition with which sheep arc provided on the modern farm tend to lessen the need or desire oil the sheep’s part to take exercise and as they cannot know that bv contentedly lazing about they are laying up future trouble and sickness for themselves, man must give them the benefit of his reasoning powers and force them to take that which is beneficial to them. The advice given to farmers to give their sheep more exercise is usually neglected because it entails a little methodical work, and the sheep look fat and flourisifing as it is. This fat and flourishing condition is just what should servo as a warning to the owner of breeding ewes. If a ewe .is carrying more condition than can be described as “good store,” she is unhealthily fat. If she shpws condition on the outside of the carcase it can be taken for granted that her internal organs are hampered in their action by a heavy coating of tallow, and in this condition neither the ewe nor her unborn lamb can develop healthily. The remedy is not, as some people suppose, to put the sheep on -shorter rations, for that would merely mean that the food available would first of all bo directed to maintenance, and there might bo no sur-

plus to provide .healthy, strong lambs and abundant 60und wool growth. The remedy is, while still providing ample food, to see that the sheep takes exercise. The rotation from one paddock to another is by far the best, partly because other advantages are accomplished the same time, but principally because the regular mustering and moving to now surroundings keep the sheep on the move and they have no opportunity to become old identities of any one spot. If through lack of sufficient paddocks rotation grazing cannot be undertaken; the only remaining way is to round the sheep up daily or to drive them from ono end of the field to the other. This means regular shepherding, but where a fair sized cwo Hock is kept, results will warrant the employment of an extra hand if the farmer cannot do it himself. Ond year’s experience of the difference in health and production of sheep that have been exercised, as against those that have been left to winter unmolested on giood pasture, will prove to any observant owner that it pays to prevent diease and encourage maximum production by this method. RAPID AND SLOW MILKING. Have any comparisons been made of the production of cows milked rapidly with that of tho same cows milked slowly ? In other words, docs the rate at which cows are milked have any influence on their production ?

This query is answered in an American journal by Professors Fitch, of Kansas Reed, of Michigan, Fraser, of Illinois, Davis, of Nebraska, Eckles, of Minnesota, and Wing, of New York. Their replies, in substance, are as fpllow:— Professor Fitch says: “I can find no reference to experimental work that would indicate the best rate of milking cows. I do know, however, that it has generally been believed that a cow should bo milked rather rapidly. I believe, tcio, that when, a cow becomes accustomed to a milker the speed of milking, within reasonable limits, lias but little elfoet on her production.” Professor Reed says: “To distinguish between rapid and slow milking one who milks from 8 to 10 cows an hour is a rapid milker, while one who milks from 6 to 8 cows is a slow milker. I do not know of any experimental work done that . would answer tho question as to why it is good practice to milk a cow rapidly, but it has Deen our experience that a rapid milker gets better results than a slow milker.” Professor Fraser says: “A number of years ago I. had a student do some work on this subject. He milked some cows for a time at a certain rate; he then took twice the time to milk each cow. The cows decreased in production quite perceptibly, but after the fourth milking they have just as much milk as when milked at tho more rapid rate. This seems to indicate that cows tend to adjust themselves.” Professor Davis says: “We have carried on nio definite experiments with reference to this. For a cow giving two or three gallons of milk I consider six minutes as rapid milking, eight minutes as medium milking, and ten minutes as slow milking. Based on some milking machine experiments carried on a number of years ago at tho Pennsylvania State College, it is my opinion that reasonably rapid milking should be encouraged. The element of time (labour) is a factor that must bo considered.” ■*. .

Professor Eckles says: “Rapid milking is always advised, and I believe is based on sound experience. However, so far as I know, no definite scientific experiments have been made to determine the actual facts. I cannot even give a theory as to tho phvsiologieal reason for the bettor results which apparently follow rapid milking.” CONSIGNMENT ON SALE. When discussing the improved prospects for dairy produce that have been indicated lately, the Mells Dairy Company at its annual meeting considered the question of consignment or sale. Consignment to the Home market through merchants was almost unanimously agreed upon as the better course to adopt. It was stated that a comparison of figures over a period of 38 years disclosed better prices resulting from f.o.b. New Zealand sales in only three years. A London merchant hail recently declared that at a Hawera meeting that great danger w-ould result fnom too many i.o.b. sales. There were about 20 merchants at Home operating in New Zealand dairy produce, and the fact that they were compelled to buy in New Zealand was npt regarded as being in the best interests of cither merchant or producer. It was suggested that resort might bo had by the London distributors to “putting their heads together” if f.o.b. sales increased, and offering prices in New Zealand to suit themselves.

SUGGESTED CURE FOR PORK. When addressing a meeting of farmers arranged by the Morrinsvilie branch of the Farmers’ Union on the subject of diseases of dairy stock, Mr C. V. Dayus, Government veterinarian, was asked hpw a black pock on the end of a cow’s tail could be cured. The questioner said he had experienced tho trouble in his herd, and the inflammation had spread to the udder. Mr Dayus suggested zinc ointment as the most useful remedy. It was similar to cow-pox, which was practically impossible to cure, as it had to run its course. Mr F. C. Kennedy said that he had a preparation of his own which would cure any pock in three days. The recipe was two . small bottles of salad oil, fib beeswax, and a large cake of camphpr. The beeswax should be cut up into small pieces and the whole dissolved together and allowed to dot. Mr Kennedy claimed that this preparation, rubbed into tho teat, cured the trouble in three days. FARM LABOUR CONDITIONS. There is a giood demand for dairy farm labour this season, especially for hoys or youths who have had a little experience, (says a Waikato paper.) The conditions under which the hired farm labourer works have been greatly improved compared with what they were when some of the presentday farmers were boys. With the increased facilities for getting to the towns and for spending money, it. is probable that tho present generation do not save very much out of their wages, but they have in most cases a good home, good food, and plenty of recreation. The general routine of farm work is being made easier every year, especially in the cowsheds, where every appliance to minimise labour is installed. Electric power, hot water, concrete floors and gpod buildings combine to make the drudgery of a large herd a moro pleasant occupation than under the conditions present some years ago. EGGS IN COLD STORE. As is customary in the winter months, there was a falling off of eggs and eggpulp in cold storage up to July 31. A return compiled by the Government Statistician (Mr Malcolm Fraser) and which svas made available by the Acting-Minister of Internal Affairs (Hon. Sir Maui Pomarc) gives a comparison with the result of the ciollcction made up to June 30. The returns

Tho Uruti Valley Dairy Co. (Taranaki) is usually among the highest paying blither factories and for the past season the pay-out was Is 6Jd per lb of butter-fat for all grades of cream (says an exchange). The output for the past three months of the season svas sold and the balance consigned. This achievement, said Mr R. Pcpperell, secretary of the White Cliffs Company, ht the annual meeting recently, exploded the idea many dairymen had that to make big pay-outs a factory must be a big concern.

WELLINGTON STOCK EXCHANGE. YESTERDAY’S BUSINESS AND PRICES. At tho afternoon call yesterday sales of Huddart-Parker at 49s 3d and 49s were made , on tho Wellington Stock Exchange, and tho I sales reported were National Bank of New | Zealand at £7 5s 6d, Bank of New Zealand : at 61s 6d, Union Bank at £ls ss, and Hud-dart-Parker at 49s sd. Government securities wore in steady demand, the 4i per cents, at £99, and tho 5s per cents at £lOl. Wellington Gas (debentures) were wanted at £IOO, Now Zealand Breweries (bonds) at 23s lOd, and New Zealand Milk Products (bonds) at 21s 6u. Bank shares were firm, with bids of 33s 8d for Australian Bank of Commerce, £7 .for Commercial Bank of Australian (preference), £26 10s for Commercial Bank of Sydney, £7 5s for National Bank of New Zealand, £9 8s for National Bank of Australasia £5 paid, £SO 5s cum. dividend for Bank of New Zealand. 27s 9d for Bank of New Zealand “D” shares, and* £ls 4s for Union Bank (Melbourne register). New Zealand Loan and Mercantilo (orwore steady at £IOB, # and Goldsbrough Mort at 51s 2d. Wellington Investment were wanted at 10s 9d, Wellington Trust and Loan at £6 17s 6d, and Wellington Deposit - at 9s 6d. There wero buyers ofNational Insurance at 435, and Standard Insurance at 655. Wellington Gas wero firm, the ordinary at 29s 4ci, and tho preference at 17s. There wero buyers of New Zealand Refrigerating (10s paid) at 9s 3d, Huddart* Parker, ordinary at 48s 9d and preference at 21s, Union Steam at 20s 3d, Wellington Woollen, ordinary at £6 6s and preference at £6 7s 6d, HTkurangi Coal (preference) at 8a 9d, and Westport Coal at 30s 3ch There was a steady demand for Kauri Timber at 20s, and Ley land-0 Bricu limber at 32s 6d. Brewery shares wero steady, Staples arid Co. at 36s 6d, and Ward and Co. at 41s 7cl. There wero buyers of British Tobacco at 435, Electrolytic Zinc (preference) at 345, cum. dividend. Henry Jones Co-op. at 37s 6d, Now Zealand Drug at 70s 6d, New Zealand Paper Mills at 16s 9d, Wellington Queen's Theatre at 22s 9d, Wilson’s Cement at 38s 6d, and Mount Lyeli Mining at 33s 9d. Yesterdays buying and selling quota-

WELLINGTON PRODUCE MARKET. (Bv Telegraph—Special to Standard.) WELLINGTON, Aug. 24. Good fowl wheat is quoted at 7s Id to 7s 2d per bushel, and lower prices for under grade with the demand very slack. Maize, 6s 8d to 6s lOd per bushel; crushed os 9d. The market continues to be overstocked with potatoes, and there are only small sales. Prices have dropped. Whites £7 10s to £7 16s per ton; Dakotas, £8 10s to £8 los per ton. There is a general complaint about the poorness of the onions this season, this apply'.ng to all supplies. Californian, los per 100 lbs; Japanese, 16s per cvit., local, 8s to 9s per bag.

FEILDING STOCK SALE. SMALL YARDINGS. (Special to “Standard.”) FEILDING, Aug. 25. The supply of all classes of stock, excepting dairy heifers, is at the usual, ebb just now and 6inn.ll yardings have been tho rule at recent sales in Feilding, yesterday’s penning being no exception. There wero barely enough fat sheep to cope with the demand, wethers being conspicuous by their absence, and prices remained at a high level, especially in the case of owes. The store pens did not contain any sheep of particular quality, excepting some lines of ewes and over 100 per cent, lambs, which cleared readily at prices which must havo been very satisfactory to tho vendors. Dairy stock wore firm at late rate 6 and store material also changed hands at prices in line with current quotations. Beef cattle were in great demand, the market for primo cows advancing strongly with lighter sorts only a little easier.

Detailed prices wero as follow: Fat Sheep.—Hoggets: 28s 3d, 30s, 31s, 32s 6d, 355, 36s 3d; ewes, 32s 3d, 345, 355, 395, 40s. Store Sheep.—4 and syr. ewes and lambs: 355, 495, 49s 7d to 525; ewe hoggets, 375, 383 Id; wether do., 29s 7cl; m.s. do., 38s. Dairy Stock. —Springing Jersey hfrs, best sorts: £l3 to £ls; others, £6 10s, £7, £8 10s, £9 to £lO 10s; hfs in milk, £5, £7, £7 ss, £9 15s to £lO 2s 6d; lines of 12 at £9 15s each; of 5 at £lO 5s each; Ayrshire hfs, £ll ss; spg cows, £B, £9 10s, £lO, £ll 10s, £l2 10s 6d to £l4; cows at drop, £7; cows calved, £l2 10s. Store and fat cattle.—Weaner hfrs : £3 17s; fwd-cows, £3, £4 15s, £5; prime fat cows, £l4 7s 6d; good do., £lO 6s, £ll to £l2 10s; light do., £6 15s, £7 7s 6d, £9 7s 6d to £10; medium fat hfrs., £9 15s; light fat bullocks, £lO ss, £ll 14s. AUCTIONEERS’ REPORTS. Abraham and Williams, Ltd., report: — There was a small yarding of sheep, a good entry of dairy stock, and a small offering of store cattle. There was a good demand for all classes of stock and we have to report a total clearance. Quotations :—Fat ewes, 32s 3d, 34s to 38s; fat lambs, 32s 6d, 355, 36s 6d; 4 and 5-year ewes with b.f. lambs, £2 9s; ewe hoggets, 38s Id; wether hoggets, 29s 7d; prime fat cows, £9 17s 6d, £ll to £l2 10s; light fat cows, £5 ss, £7 7s 6d to £9 ss; fat heifers, £11; springing cows, £7, £B, £8 10s, £lO, £ll, £l2 10s, £l3; cows in milk, £9 ss, £9 10s, £l2 10s; springing heifers, £5 15s, £B, £lO, £lO 10s, £l3 to £ls; heifers in milk, £7, £7 ss; store cows, £2 17s 6d, £3 Is, £3 17 6d, £4 15s.

Dalgely and Co., Ltd., report having a small yarding of fat and store sheep, a full yarding of dairy cattle, and a fair entry of fat cattlo. Dairy cows and heifers met with a very -keen demand at prices in advanco of last week's quotations, this being duo to the presence of outside buyers. Quotations: —Fat hoggets, 28s 3d, 335, 35s 6d; aged ewes with lambs, 355; ewes with b.f. lambs, £2 9s 7d; Jersey cross springing heifers, £7 10s, £B, £8 10s, £9 10s, £lO 10s to £l2; dairy heifers in lines, £9 15s, £lO ss; dairy cows, £B, £9, £lO, £ll 10s, £l2 10s, £l3 10s; forward cows, £4 15s to £5; 2-year empty heifelv, £5 5s ; light fat bullocks, £ll 4s; forward bullocks, £9, £lO ss; fat cows, £B, £8 15s, £9. WEEKLY WESTFIELD SALE. SHEEP IN FIRM DEMAND. BEEF SELLS AT LATE RATES. AUCKLAND, Aug. 23. Values for all classes of stock remained firm at Westfield yesterday. Last week’s sharp advance to 48s per 1001 b. for extra choice ox beef, was, as expected, scarcely maintained, but yesterday’s level of 46s represents a remarkably good return to the pastoralist. , The supply of choice beef was again inadequate for tho demand and cow and heifer beef sold firmly at recent to advanced rates. An average yarding of nicely-condi-tioned sheep met with steady buying competition, values being, if anything, a shade firmer. A pen of extra heavy prime Suffolk wothers fattened at Papatootoe, made £2 14s, and other prime from £2 2s 6d upward. A spring lamb, tho first of the season, made 375. Baconers met a better sale in pigs, which wore penned in avorage numbers. Porkers were firm to slightly easier. A notably heavy yarding of calves attracted steady bidding, but values were a shade lowor in several directions. Following is a summary of tho prices realised for fat stock this week, compared

FROZEN MEAT. Dalgety and Coy., Ltd., report under date, London, August 23rd, 1928: Lainh - New’ Zealand Canterbury, 28/36, 10 s d; North Island, 28/36, 19Ad; Canterbury, 36/42, 10 3-8 d; North Island, 36/42, 10d; Canterbury, second quality, lOd; North Island, second quality, lO^d; Canterbury, 42/50, lOd; North Island, 42/50, 9 a d. Market very firm; dcmajnd has boon checked by increased prices asked. Mutton : New Zealand prime Canterbury, 48/56, 7 5-8 d; North Island, 48/56. 7M; Canterbury, 56/64, 7 3-8 d; North Island, 56/64 7Ad; Canterbury, 64/72, 7gd;, North Island 64/72, 6d; Canterbury owes, 48/64, 6d; North Island, 48/64, 5 3-4 d. Market very firm; deniand continues. Beef: New Zealand prime ox beef, hinds, 6gd; fores, 4d; Argentine chilled hinds, B£d; fores, sd; Market unchanged, demand active. Pork: England porkers, 80/100 , 9d; N.Z. porkers, 80/100, 7id to 8d; 100/120, 7id.

STOCK MARKET. Dalgety and Co., Ltd., report having held their 16th annual hogget fair at Sandon on Thursday, 23rd ilist., when the offering comprised 3600 bend, all of which changed hands with Lhe exception of one pen. The quality of the sheep was not up to tho standard of former years with the exception of ono or two outstanding pens for which competition was particularly keen. The highest price for tho day was for a pen of 241 owe hoggets sold on nccount of Mrs I. A’Court and which realised £2 ss. The following are details of the sale: —Account J. Coleman: 194 wether hoggets at 28s 6d, 136 wether hoggets at 29s 3d, 143 wether hoggets at. 295, 41 ewe hoggets at 355, 49 owe hoggets at 395, 36 wctiier hoggets at 245. Account A. Lobh: 245 ewe hoggets at 39s Id, 355 wether hoggets at 295, 73 m.s. hoggets at 25s Id, 47 owe hoggets at 38s, 24 ewe hoggets at 2Es 9d. Account 11. Mathews: 221 ewe hoggets at £2 Os 6d, 18 owe hoggets at, 325. Account W. J. Davis: 177 ewe hoggets at 35s lOd. Account J. Taylor: 84 ewe hoggets at 355, 82 ewe hoggots at 40s 4d. Account A. B. Baker: 211 wether hoggets at 29s Bd, 91 wether hoggets at 27s 7d. Account D. Telford : 315 wether hoggets at 33s 3d. Account E. N. Rowe: 67 ewe hoggets at 29s 4d, 61 wether hoggets at 24s Id. Account W. Natschke: 88 wether hoggets at 32s lOd. Account J. Telford : 113 wether hoggets at 33s Id, 4 b.f. hoggets at 265. Account J. Bradley: 32 wether hoggets at 31s Bd. Account F. Grace: 11 b.f. hoggets at 32s 9d.

RETURNS FROM VJ&iWS LAST SEASON’S RECORD. In the oontinuou6 period of thirty years in which wool statistics have been compiled by Dalgety and Co., Ltd., and analysed in tho firm’s annual Review, there has never been a season which has yielded such a handsome wool cheque as the present, and tho totals of £60,873,662 for tho Commonwealth, and £73,877,862 for Australia and New Zealand create fresh rcqorde, states this yeaPs Review. The results tho more satisfactory inasmuch as they were obtained for a lesser turnover, and were rrot brought about by an extreme “boom” for any special description, but rather by tho excellence of tho general average of prices. Nor wero they obtained for Merino wools alone, for crossbred values showed a steady, and in the aggregate, a very substantial increase. From the consumption end of the trade 'there have been complaints, particularly from the English section, that tho margin of profit was too small and too indefinite to allow the season to be classed as a successful one from tho woiol users’ point of view. The continuous hardening of values throughout the season, however, must have matcriall” benefited those sections who gave their support consistently and continuously over tho whole of the selling period. For tho second year in succession there was a marked appreciation in values during tho second half of tho season, which rendered earlier purchases extremely satisfactory. Looking at the matter purely from the point of view of the producer, there is abundant reason for congratulating woolgrowers upon the result, for the slight fall-ing-off in production was counterbalanced by higher values. One may bo pardoned for remarking that, despite all the critics of the wool industry may have said, there can” surely be nothing decadent about an industry which results in the circulation of £73,877,862 among Australian and New Zealand wool-gnowers. The wool cheques are compared with those of the previous seven seasons in the figures given below. The period covers tho post-war auctions, for it wqs in 1920-21 that auctions were resumed at the conclusion of the wool appraisement, scheme which had covered a period of three and a half seasons previously. In passing, remarks the Review, it may be mentioned that the wool appraisement scheme was regarded as something in the nature of the milleniuin and the general impression was that prices were altogether theoretical and would never be enjoyed again under auction conditions. Tho highest Australian and New Zealand total was £60,346,547, a figure which has now been exceeded for five successive seasons, and in the season under-review by no less a sum than £13,531,315. The comparative figures of the post-war years follow: —

AGRICULTURAL BANK. LEGISLATION ON STATUTE BOOK. “There is legislation on tho Statute Book for an agricultural bank, and there is nothing to prevent the farmers from establishing one to-morrow- if they want to,” said the Prime Minister when addressing the Dominion conference of the New Zealand Political Reform League in Wellington in regard to what the Government had done in tho way of financing primary producers. “The State Advances Office is well known,” tho Prime Minister said. “Some people say it is starved, but the Minister of Finance will be able to deal with that charge most effectively. It may not be altogether out of place for mo to tell you that tho Farmers’ Union informed us that if we gavo them certain legislation, such as long-term credits and intermediate credits, they did not care twopence about the State Advances Office —they said they would find all the money necessary in the country. Well, wo provided the legislation and wc provided tho financo for the legislation, by issuing bonds; and theso bonds aro not a charge on tho Public Debt either. Tho legislation provides for long-term credit and intermediate credit. As I say, the Farmers’ Union told us they would be satisfied with such legislation and that there would be no necessity for us to do anything further. So we sent a commission to get information direct from Ihose countries where such a system was in operation. The commission returned and reported, and this Government, after making improvements, passed the legislation required. And what then? We found the farmers wore still not satisfied. They said they wanted an agricultural bank. “Now it is a fact that there is legislation on the Statute Book for an agricultural bank already. It was passed in 1922. There is nothing to prevent the farmers from establishing an agricultural bank tomorrow if they want to do so. As a mat-

ter of fact, Captain Colbeck told me the other day that wo had done all we could do. It only tequires the farmers to subscribe £5 each and they could establish their agricultural bank, but Captain Colbeck says the trouble is that when the farmer subscribes his £5 ho wants to be paid interest on it.” DAIRY EXPORT BOARD. MORE REGULATION OF SHIPMENTS REQUIRED. Shipments for tho past season of both butter and cheeso were made as promptly as possible up to the end of January, 1928 (says the annual report of the New Zealand Dairy Export Control Board). Thereafter, a slight regulation were made so that not over 140,000 crates of cheeso per month would be shipped, and butter shipments were spread to allow of a reasonable quantity going forward in June and July. Tho feeling is gradually growing that a greater degree of regulation must be arranged to provide for more even distribution. It will bo necessary to take a long view when dealing with this question, as results arc not likely to be obtained over a short period. Referring to the quantity of produce, tho report states that the quality of our butter had been well maintained. Cheese, however, showed a falling off, as compared with tho previous year, v-hen tho premium for “finest” was in operation. Sonic complaints had been received regarding tho lack of maturity in cheese, and temperatures for transport and storage were being slightly increased to . remedy the defect. Reports from the market indicated that for finest butter a definite premium, had been established, and there was a growing recognition of tho finest grade in cheese. On a slow- market buyers, were asking for tho finest grade. “On tho recommendation of tho London manager, the board is asking all dairy companies and proprietors to imprint the national brand on the top of the butter in each box. To encourage the doing of this, tho board is supplying a roller free of cost to each factory for making the necessary imprint. While the results of these eiforts may not be immediately noticeable, tho board is certain that the quality of New Zealand dairy produce is becoming better known, and that tho demand will gradually increase. The I rend of recent "prices clearly indicates that the advertising policy adioptcd by the beard is bearing fruit. Not for a considerable time has the price of New Zealand butter compared so favourably with Danish, as in recent months.”

are as follow:— July 31, 1928. North I. South I. Dominion Errs in shell idoz. 1 3,300 186 3,486 Egg-pulp (lb.) 243,292 85,370 328,662 Frozen (lb.) . whites 60 600 660 Egg-yolk (lb.) . 60 140 220 Eggs in June 3U, ibtid. North. I. South I. Dominion shell 6,210 2,258 8,468 Egg-pulp (lb.) 331,520 120,854 452,374 Frozen (lb.) whites 120 700 820 Egg yolk (lb.) . 3,852 300 4,152

Buyers. Sellers. N.Z. GOVT. LOANS— £ s. d. £ s. d. Ak p.c. Ins. Stk., 1939 99 0 0 — 4>i p.c. ditto, 1938 99 0 0 — 4o p.c. Bonds, 1938, 1939, 1941 99 0 0 — 5i p.c. ditto, 1933 and 1936 101 0 0 — DEBENTURES — Wellington Gas 100 0 0 — N.Z. Breweries- (bonds) 1 3 10 — N.Z. Milk Products, 8 p.c. bonds 1 1 6 — BANKS— Australian Bank of Commerce 1 13 8 1 13 11 Commercial of Aust. (pref. 1 7 0 0 — Ditto inew issue) — 1 10 8 Commercial Banking Co. of Sydney : 26 10 0 — National of N.Z: 7 5 0 — National of Australasia (£5) 9 8 0 9 10 0 New South Wales 50 5 0 — New Zealand 3 1 0 3 2 0 Ditto, long-term mort. 1 7 9 — Union of Aust. (Melbourne register) 15 4 6 — FINANCIAL— Goldsbrough Mrort ... 2 11 2 — National Mortgage and Agency Co. — 4 2 0 • N.Z. Guarantee Corp. (ord., 8s) — 0 9 0 N.Z. Loan and Merc. Agency Co. (ord.) .108 0 0 * Well. Investment, 1. and A. Co 0 10 9 — Well. Trust, Loan 6 17 6 — Wellington Deposit and Mortgage 0 9 6 — GAS— Christchurch ’. — 15 0 Wellington (ord.) 1 9 4 . Ditto (pref.) 0 17 0 — INSURANCE— National 0 16 4 — New Zealand 2 3 0 — Standard 3 5 0 ■ MEAT PRESERVING— Gear 2 0 6 2 10 N.Z. Refrigerat. (£1). — 0 19 6 Ditto (10s) 0 9 3 0 9 9 TRANSPORT-Huddart-Parker (ord.) 2 8 9 .296 Ditto (pref.) 1 1 0 — Union Steam (pref.) ... 1 0 4 — P. and 0. def. stock ... — 237 0 0 WOOLLEN— Wellington (ord.) 6 6 0 — Ditto (pref.) 6 7 6 — COAL— Ilikurungi (pref.) 0 8 9 • Westport 1 10 3 1 10 9 Waipa — 0 14 6 TIMBER— Kauri 1 0 0 — L-eyland-O’Brien 1 12 6 — BREWERIES— National — 0 11 0 New Zealand — 2 8 0 Staples and Co 1 16 6 — Ward and Co 2 1 7 — MISCELLANEOUS— British Tobacco (Aust.) (ord.) 2 3 0 2 4 0 Electro. Zinc (pref.) 1 14 0 — Henry Jones Co-op. . 1 17 6 . Howard Smith (ord.) — 1 7 9 N.Z. Drug 3 10 6 — N.Z. Paper Mills 0 16 9 — Scoullar Co — 12 6 Well. Queen’s Theatre 1 2 9 — Wilson’s Cement 1 18 6 1 19 0 MINING— Mount Lyell 1 13 9 — Waihi — 1 13 6... Waihi Grand Junction 0 1 3 EXCHANGE RATES. (Australian Press Association— United Service). LONDON, Aug. 23. Foreign rates of exchange oi A usrust 23. as compared with par rates, or as averaged first half of 1914, are as follow: — Aug. 23. Par. Brussels, belgas to £1 . . 34.90 35 Paris, francs to £1 . 124.25 124.21 Stockholm, knr to £1 . 18.13 18.12 Oslo, knr to £1 . 18.19 18.12 Copenhagen, knr to £1 . . 18.19 18.12 Berlin, reichsmark to £1 20.56* 20.43 Rome, lire to £1 . 92.68 25.225 Calcutta, pence to rupee 1715-16 18 Yokohama, pence to yen 23.3-16 24 Hong-Kong, pence to dol 24j 24 Montreal, dollars to £l 4.58g 4.866 New York, dollars to £1 4.851 4.866 Amsterdam, florins to £1 12.i0i 12.107 Batavia, florins to £1 .. . 12.lli 12.107 Prague, knr. to £1 163 11-16 24.02

BANK OF ENGLAND RETURN. (Australian Press Association—United Service.) LONDON. Aug. 23. The following is the Bank of England return : — Issue Department— £ Notes issue 191,822,000 Other securities 8,735,000 Gold, coin and bullion 172,072,000 Banking Department — Rest 3,651,000 Public deposits 16,612,000 Other deposits ' 97,894.000 Sovon-day and other bills ... 5,000 Government securities 27,969,000 Other securities 45.093.000 Notes 56,901.000 Gold and silver coin 2,751,000 Proportion of reserve to liabilities 52.09 p.c. Short loans 3i p.c. Rato of discount' for three months’ bill 4 9-32 p.c.

with last week: — This \\ eek. Last Week. BEEF (per lOOlbs.) Extra choice ox 46/ 48/ Choice and prime ox 42/ to 45/ 44/ to 47/ Choice and prime cow and heifer 37/ to 42/ 39/ to 42/ SHEEP (per head) — Prime wethers ... 42/6 to 54/ 44/6 to 47/b Unfin. wethers ... 34/ to 37/ ■ 35/ to 37/3 Prime ewes 55/ to 37/6 35/ to 38/9 Prime hoggets ... 25/ to 35/6 25/ to 34/ CALVES (per head)— Runners 70/ to 107/6 70/ to 137/b Vealers 64/ to 90/ 68/ to 93/ PIGS (per head)— Baconers 70/ to 100/ 74/ to 85/ Porkers 55/ to 78/ 68/ to 65/ Weaners 11/ *° 21 / 8/ to 24/ 17/ to 28/ Largo stores ... 29/ to 40/ 30/ to 36/

Commonwealth. Aus. & N.Z. Season. £ £ 1927-28 60,873,662 73,877,862 1926-27 . 55,610,468 64,818,586 1925-26 57,718,015 65,980,862 1924-25 55,545,838 69,083,182 1923-24 53,305,374 64,929,298 1922-23 46,233,801 54,169,743 1921-22 27,286,723 41,504,090 HOWS! 266‘m‘SI "" •' 13-0361