FARMING AND COMMERCIAL

Manawatu Standard, Volume XLIX, Issue 101, 28 March 1929, Page 5

FARMING AND COMMERCIAL

SHEEP STEALING. PREVALENCE IN SOUTH ISLAND. That sheep stealing is very prevalent in New Zealand is undoubted. Although most of the stealing probably goes on on big stations in the back country, it is not confined entirely to them (comments a Christchurch paper). Frequent cases occur of sheep being | taken from trucks when they are on their way to and from the markets. ‘ It is a common thing for a line of sheep to arrive at Addington with one or two short of the number originally put on the train. Of course, it is not always possible to say definitely that a theft has taken place, because mis- . takes are sometimes made in counting sheep on. There are many cases, how-j over, when the counting on and off the train has been done carefully, and then it is certain that some sheep have been taken' from the trucks during the. journey. This form of theft is fairly easy to commit because it is not diffi- j cult, when a long train is standing at a j small country station, for a thief to i work unobserved. j The thefts in these cases do not I generally involve more than two or I three sheep at a time. For this reason they are not so serious as the big thefts sometimes numbering hundreds of sheep at one swoop. However, they are annoying to the farmers and stock agents because, apart from the loss, • they cause a great deal of extra work l in trying to trace the missing sheep, j Cases have also occurred of sheep and cattle being stolen from the Addington saleyard, but these thefts are not common because passes have to be obtained for all stock before it is removed from the yards. SKIN, HIDES AND TALLOW. The fortnightly sale of hides, skins and tallow was held at Wellington yesterday. There was the usual attendance of buyers. Quotations: —Dry sheepskins: Good competition at id to id decline. Halfbred 13.£d to 15d; fine crossbred, 12 3-4 d to 15d; med. crossbred, Bid to 14d; coarse crossbred, 8d to 12id; half wools, 9d to 12id; quarter wools, 8d to 11 3-4 d; pelts, B£d to 11 3-4 d. Salted skins: Sold at last sale rates. Pelts, 4s to 4s 4d; quarter wools, 4s to 6s 7d; half wools, 5s to 7s lid; three-quarter wools, full wools, extra large, none offering; lambs, 3s to 6s 9d. Hides: As compared with prices current at last auctions held at Wellington, light and medium weight hides 6how an advance of id to 3-8 d; kip and yearling remain on a par, with calf showing an advance of id to Id. Heavies to id lower. Ox, 331bs to 441b5., 8d to Bid; 451bs. to 521bs, 7id to 9id; 531bs to 591bs, 8d to lOd; 60lbs to 691bs, 8d to 10id; 701bs and over, lOd to 10id. Cow, 331bs to 391t5., 7id to 8 3-8 d; 401bs. to 481b5., 6Jd to Bid; 491bs. and over 6id to Bd. Kip, 251bs to 321bs, 7id to B|d; 171bs to 24lbs 6 3-4 d to 9d. Yearling, lllbs. to 161b5., lOd. Calf, 91bs. to lOlbs., none offering; 61bs. to 81bs, lid to 16 5-8 d; lib to 51bs, 12id to 16 3-4 d. Tallow: Slightly in sellers’ favour, in casks, 27s to 31s; in tins, etc., 19s 6d to 295. Sundries : Cow tails, 20d; horse hair, 15d to 18 3-4 d. IMPORTANT ANNOUNCEMENT. THE AUSTRALIAN AND NEW ZEALAND BANKING CORPORATION LIMITED. The investing public are advised that the Prospectus of the new bank, THE AUSTRALIAN AND NEW ZEALAND BANKING CORPORATION LTD., is in the printers hands and will very shortly be available. Full announcements will be made in the Press. This new Banking Institution, which will be an Associated Bank, and is to have the substantial capital of £5,000,000, will be headed by a strong Board of New Zealand Directors—all experienced and successful business men. The General Manager will be one of the ablest and foremost bankers in Australia and New Zealand. THE AUSTRALIAN AND NEW ZEALAND BANKING CORPORATION LTD., which has only recently been registered, has no connection with any other bank, and will conduct business in both New Zealand and Australia. —Advt.

WELLINGTON STOCK EXCHANGE. YESTERDAY’S BUSINESS AND PRICES. At the afternoon call yesterday on the Wellington Stock Exchange sales were re' ported of Commercial Bank at 29s lid. Bank of New South Wales at £SO 8s 6d, Bank of New Zealand “D" shares at 29s 10d, and Wellington Meat Export at 12s 6d. The market was inclined to be quiet, a usual characteristic of a pre-holiday period. Government securietios were in small demand, the 4£ per cents, at £99 15s and the 5£ per cent, stocks at £lOl ss. Wellington Gas debentures were wanted at par, Wellington Racing Club at £lO6 10s, and New Zealand Breweries bonds at 26s 2d. Bank shares were firm, with little business offering. There were buyers of Bank of Australasia at £l4 17s 6d, Commercial Bank at 29s lOd, National Bank of Australasia, £5 paid at £9 13s, Bank of New South Wales at £SO 17s 6d, and Bank of ,New Zealand at 61s 6d. There wore sellers I of Australian Bank of Commerce at 37s 3d. I Abraham and Williams preference were ! again in demand at £4 10s. Goldsbrough Mort were wanted at 525, New Zealand | Guarantee Corporation ordinary at 8s lOd [ex dividend and New Zealand Loan and 'Mercantile at £l2B. National Insurance [were firm at 16s Bd. There were buyers of Gisborne Gas at 10s 2d, and Wellington Ga 3 at 31s 3d. There was little business to be done in the other groups. There were buyers of Wellington Meat Export at 12s, Wellington Woollen ordinary at £7 4s, Mosgiel ] Woollen at £7 8s 6d, Crown Brewery at 17s 6d, Staples and Co. at 44s 8d; Burns, 1 Philp (South Sea) at 30s, New Zealand Farmers’ Fertiliser at 21s 9d, Wellington Queen's Theatro at 235, Wilson’s Cement at 4so 7d, and Mount Lyell at 44s 3d. The Stock Exchange closed at noon today and will remain dosed for the Easter holidays until 9 a.m. on Monday, April 8. Yesterday's buying and selling quotations were as under: —

SALES IN OTHER CENTRES. Per Press Association. AUCKLAND, March 27. Sales. —English, Scottish and Australian Bank, £8 16s 6d; Bank of New South Wales, £SO 18s 6d; Bank of New Zealand, 625; New Zealand Insurance, 475; Grey Valloy Coal, 22s 1 Farmors’ Fertiliser, 21s 9d; Victoria Nyanza Sugar, 43s 6d. CHRISTCHURCH, March 27., Sales.—Commercial Bank of Australia, 29s 9d; E.S. and A. Bank, £8 15s 6d; Bank of New Zealand, 61s lid; National Insurance, 16s 8d; Colonial Sugar, £6O; Mount Lyell, 44s 9d (two parcels); Mahakipawa, Is 2Jd; National Bank of Australasia (£5 paid), £9 13s 6d. Sales Roported.—Bank of Now South Wales, £SO 17s 6d; National Insurance, 16s 9d. SYDNEY’S ROYAL SHOW. SYDNEY, March 27. Tho Royal Show opened in ideal weather, horses furnishing the principal attraction to-day. The show in all its phases is declared to be equal to anything ever seen.

ADDINGTON MARKET. HEAVY ENTRY OF STORE SHEEP. Per Press Association. CHRISTCHURCH, March 27. The entry of store sheep at Addington to-day was the heaviest of the season. Ewes were forward from all surrounding quarters, and in addition a good few carried over from the previous sale were reoffered. On account of the impending holiday, entries in all classes of fat stock were small. Store Sheep.—The entry of close on 40,000 head in this seotion was beyohd the buying capacity of the market. In both the lamb and owe departments the high prices ruling for some time were broken fo'“ a y,’ all classes of lambs being down by 2s 6d a head and owes by 3s to 4s. Passings of ewes were numerous. Good rape lambs made 22a to 245, good mixed sex lambs 20s to 22s 6d, ordinary mixed sox lambs 16s to 19s, inferior mixed sox lambs to 15s, extra good ewes lambs to 27s 3d, good ewe lambs 22s 6d to 24s 6d, ordinary ewe lambs 19s to 225, extra good wether lambs 22s 6d to 24s 6d; good wether lambs 20s to 225, ordinary 16s to 18s, cull wether lambs 12s to 15s; extra good two-tooth Romney ewes to 40s, ordinary 4, 6 and 8-tooth Romney cross ewes 26s to 28s, inferior 4, 6 and 8-tooth Romney cross ewes to 23s 6d, extra good 2-tooth half-bred ewes to 38s 6d to 40s, good two-tooth half-bred ewes 34s to 375, ordinary 2-tooth half-bred ewes 30s to 32s 6d, good 4, 6 and 8-tooth half-bred owes to 3bs 6d, ordinary 4, 6 and 8-tooth and half-bred ewes 27s to 295, a f?“ and inferior half-bred ewes 14s to 16s, ordinary f.m. half-bred ewes 18s od to 21s, extra good 4-tooth crossbred ewes to 31s ordinary 4-tooth crossbred ewes 23s to ’26s, aged and inferior 4-tooth crossbred ewee 12s to 17s, good half-bred wethers to 265, ordinary to 22s od. Fat Lambs.—A small entry of 1650 head. Extra good lambs made from 30s to 31s 10d, good 28s to 29s 6d, and others from 24s to 27s 6d. Fat Sheep.—A small entry and an improvement m values by about a shilling per' head. Extra prime wethers made to 36s lOd, prime wethers 31s to 345, medium wethers 27s 9d to 30s 6d, light wethers 25s 6d to 27s 6d; extra prime ewes to 30s 9d, prime ewes 25s to ZBs 6d, medium ewes 21s 6d to 245, “gu'‘ ewes 18s 6d to 21s, aged ewes 14s to 18 r at Cattle.—A small entry of 404 head, mostly cows and heifers. The market was a shilling per 1001 b. better for steers and slightly primer for other sorts. Best beet made to 47s 6d, good 43s to 45s 6d, medium 40s to 42s 6d, cow beef 35s to 38s, and rough down to 335. Extra prime heavy steers made to £22 26 6d, prime heavy steers £lB 10s to £2l, ™cdium weight prime steers. £l6 15s to £lB 10s, medium quality steers £l3 to £l6 os, light steers £9 to £l2 10s, extra prune heifers to £ls 2s 6d, prime heifers £l2 10s to £l4 10s, medium heifers f lO .. 1 . 03 to £l2 ss, light heifers £6 17s 6d to £10; extra prime cows to £ls 12s 6d, prime cows £ll 10s to £l3 10s, medium cows £9 10s to £ll ss, light cows £B.ss to £9 7s 6d, aged cows £5 12s 6d to £B. Vealers.—A good market. Twelve to 18months calves made to £8 11s, vealers x>4 to £7 15s, calves 35s to £3 5s Store Cattle.—A non-descript entry. Good cows made to £7 10s, others 35s to ho, bulls £3 to £6 10s, steers £4 3s 6d to £9 25s v 1 Dairy Cattle.—A poor lot, with a few good cows. Best made to £l4, medium £9 10s to £ll 10s, others £5 10s to £9; springing heifers £9 to £ll, backward heifers £6 10s to £B. f Fat Pigs.—A small entry of baconers and an average one of porkers. A duller sale for both classes. .Choppers made £4 to £4 11s 6d, baconers 57s to 655, heavy baconers 70s to £3 14s 6d, extra heavy baconers to £4 14s 6d (average price per lb., 5d to 6id); porkers 36s to 425, heavier porkers 45s to 54s (average price per lb. bid to 7id). Storfe Pigs.—The yarding consisted mostly of weaners and small stores, bales were hard to make, and there was a sharp decline in values. Weaners made 03 to ss, good weaners 6s to Bs, small stores 9s to 12s, medium stores 16s to 21s. * SALE AT BURNSIDE. GOOD DEMAND FOR PRIME QUALITY DUNEDIN, March 27. Prices were firm for most classes of f/.t stock at Burnside sales to-day, and <llO market with one or two exceptions was spirited. There was a good demand for prime quality bullocks and prices were on a par with thoso obtained at last salo. Fat Cattle.—Tho entry totalled 155 head, consisting of a few extra prime bullocks, average quality steers, and a number of prime cows. Prime heavy bullocks sold from £lB 10s to £l9 10s, medium £l7 to £lB, light £ls to £l6; heavy heifers *£l2 to £l3 15s, medium £ll to £ll 10s, light £9 15s to £10; heavy cows £ll to £l2 ss, medium £9 to £lO ss, light £7 15s to £8 15s. Prime ox beef sold on a basis of 46s and medium 40s per 1001 b. A large proportion of good ewes was includesd in tho sheep entry, which numbered 2130 head. There were also a few pons of modium fine wool wethers and heavy sheep. The salo was irregular opening sales being about 2s, cheaper for ewes, while values for wethers were unchanged. The latter, however, sold at higher rates later in the 6ale. Values for light wethers and ewes showed no appreciable change. Heavy wethers sold from 42s to 455, prime 37s to 40s, light 30s to 335, heavy ewes 32s to 345, prime 27s to 30s, medium 20s to 245. Tho price realised for prime, mutton was on a basis of 6|d per lb. , A yarding of 596 lambs included several pens of good quality, with a number of extra heavy animals. The balanco of the entry consisted of averago quality lambs. Butchers and export buyers operated and prices wero unchanged. Prime lambs sold from 31s to 32s 6d, medimu 23s to 255, unfinished sorts 20s 6d to 225, light prime lambs sold on a basis of 9id and heavy lambs Bid per lb. Store Cattle.—Tho entry totalled 200 head, and the yarding about 50 good three-yoar-old and four-year-old bullocks, and about 40 modium one and a-half to two-year-old steers. Tho balanco of tho entry consisted of average grade cows. There was a good sale, values boing firm except for young cattle, several of the latter being passed at auction. Good three-year and four-year bullocks realised £l3 10s, good three-year-olds were sold -at £ll 10s, one and a-half year (Bids £7 12s 6d, medium and half-year olds £6 ss. About 174 fat and 139 store pigs wero offered. The markot was quiet and porkers wero easier to the extent of about 5s a head, but baconers sold at prices on a par with last week’s rates. Store pigs met with a dull salo. Prime porkers sold on a basis of 63d and prime baconers 7id per lb. HUNTERYILLE SALE! Abraham and Williams, Ltd., report having yarded a good entry of cattle and’ a moderate entry of sheep at their Hunterville salo. The cattle included some good quality 3£ and 4£ year Polled Angus and Hereford bullocks which came forward in good condition, meeting good demand. These sold at the following prices:—£lo 15s, £ll, £ll 15s to £l2 2s. Woolly b.f. lambs sold at from 12s 5d to 16s 9d. SOUTH OTAGO FREEZING CO. DECISION NOT TO SELL. Per Press Association. DUNEDIN, March 27. A largely attended meeting of shareholders of the South Otago Freezing Company to-day decided by a majority of two to one not to sell the works to the New Zealand Refrigerating Co. It was also decided to v buy out the drv shareholders at par, with money raised in South Otago. GIANT FESCUE. A WAIRARAPA MENACE. During his tour of the Hauraki Plains, the Minister of Public Works, Hon. E. A. Ransom, visfoed the Oronga Soldier Settlement, where he witnessed the menace of tall fescue. The settlers sought Government assistance in ridding their properties of the noxious grass. The Wairarapa Age stated that this class of fescue is showing a somewhat alarming increase in the Wairarapa.

MANAGING GRASSLAND. RECENT DEVELOPMENTS . INCREASING PRODUCTIVITY. An interesting article on recent developments in grassland management by Sir A. D. Hail and Mrs J. G. Stewart appears in a recent number of the British Ministry of Agriculture Journal. “Of late years,” says this article, “considerable .interest has been aroused in a method for increasing the productivity of grassland by the use of repeated dressings of nitrogenous maa,ures, a method which had originated in Germany during the war period. The employment of nitrogenous fertilisers on grazing land was contrary to usual British practice, which had grown up round tho experimental work initiated by Sir William Somerville at Cockle Park. The British practice was founded upon the development of white clover in the pastures, which follows the application of basic slag or other phosphatic manures. Since the white clover gathers nitrogen from the atmosphere and accumulates combined nitrogen in the soil, the pasture was enriched for the grasses as well as the clovers, and a marked improvemnet in the grazing value of the herbage followed. The British experiments also seemed to show that nitrogenous fertilers, or even dung, deteriorated rather than improved the quality of the herbage, and resulted in no increase, but even a diminution in the amount of meat or milk yielded by the pasture. Speaking broadly, the British principle was to stimulate the growth of clover by the fertilisers, and to trust to the clover alone to bring in the essential nitrogen. Without doubt it lias proved to be a cheap and effective way of improving the class of pasture with which the experiments were chiefly concerned, i.e., the poorer hill pastures oil heavy or sour land. . MORE DIRECT ATTACK.

The German trials, however, made a more direct attack upon the problem of production. They were concerned with grassland of perhaps more than average quality, already useful for milch cows, and were directed to making the grass do more toward furnishing the rood required for milk production, having regard to the fact that supplies of cake and similar concentrated nitrogenous foods were lacking, while synthetic nitrogen fertilisers were available. Professor Warmbold, to whom the conception of the system is due, began with a basal manuring with'phosphates and potash, and followed it up with repeated dressings of sulphate of ammonia, amounting oil the whole to three or four times the amount a British farmer would ever employ. By this means he obtained a very rapid growth of grass, rich in the proteins which are so essential to nutrition, and it was an essential feature of his system that the stock should always have the young leafy grass that is characteristic of a good pasture in its spring flush of growth. To this end lie divided the grassland into a series of small paddocks which were heavily stocked in succession, so as to be grazed down in a short time. As one enclosure was eaten off, the stoclc were moved on to an adjoining fresh pasture, and a dressing of nitrogen was given to the grazed area in order to start it into growth again. COMPARISON OF METHODS.

There is no essential discrepancy between tire British and the German systems, contradictory as the methods may seem to be ? tne one is a cheap means of effecting a slow reform of poor land, the other an intensive method of rapidly converting fertiliser into cattle food of high productive value. When the Ministry was first lsd to examine Professor Warmbold s results it was clear that considerable increase in the output of milk from the given area of land had been attained, and particularly that tire high feeding value of the grass’ was main-, tained much later in the season. It was impossible ito assess with any exactitude the financial results of the system, but there was evidence that it was being considerably taken up by progressive farmers in Germany, accustomed to intensive methods calling for a good deal of skill in 'the handling. The limited area of grass land is as a rule divided into small paddocks, and any further division required was usually effected by a light fence of a couple of strands of barbed wire held by posts driven in at wide intervals. Again, as the cows were milked at home, often three times daily, they could then be watered without bringing a supply to the fields. GOVERNED BY CONDITIONS. The question as to whether the German or the British system of grass management should be followed in New Zealand depends altogether on condi-

tions. In highly farmed districts where land is costly and pasture already of a good character, there is little doubt but what the German system of applying frequent dressings of, readily soluble nitrogenous and potash manures in conjunction with small paddocks and close grazing ■would give excellent results, and, in fact, is already being carried on by some of our most progressive farmers. Where the pasture is not high class and where small paddocks are not suitable, the British method, or, indeed, as one might well call it, the New Zealand method of top-dressing with phosphatic manures and lime for the encouragement of Clovers has Undoubtedly led’ to a vast improvement of pasture. Since Neiy Zealand possesses 16,871,530 acres of artificially made pastures, largely consisting of English grasses, it is quite evident that to adopt the German plan for all this immense area would be impossible. (But (says the Otago Daily Times) it is absolutely certain that while the application of phosphates and lime and the growth of legumes will increase the nitrogen and the phosphoric acid in the soil and thus stimulate the growth of grasses, a time will sure come in many districts when potash manures will have to be applied and probably other elements like sulphur, magnesia, iron, etc. With regard to the 14,091,717 acres of native grasses which represent so much of the South Island there seenis every reason to suppose that great increases in feeding value could be obtained by the introduction of hardy legumes among the tussocks, which, if top-dressed with phosphates should, besides providing directly a more succulent and nutritive food supply at the same time stimulate the growth of native grasses and encourage the finer varieties to once more find their place among the stronger growing varieties. THE LONDON AND NEW ZEALAND BANK, LTD. , An important announcement appears in this issue respecting the London and New Zealand Bank Limited. This is the only new bank accredited by New Zealand Government charter and thus possessing the right of note-issue in New Zealand; a special Act of Parliament entitled “The London and New Zealand Bank Limited Act, 1928,” having been passed by the Legislature on 6th October, 1928. This bank has no connection with any other new banking proposition. The capital of the London and New Zealad Bank Limited is £3,000,000, £1,000,000 of which, as a protection to tho public and shareholders, must be paid up before business is commenced. A representative of the promoters left New Zealand in February and is at the present moment conducting personal negotiations in London for the raising of t{yj substantial proportion of the bank’s capital. necessary to obtain incorporation, after which the prospectus will be released in New Zealand, and the investing public here afforded an opportunity of taking up shares at par. Tho New Zealand Board of provisional directors aro a group of experienced and successful New Zealand business men who will command the confidence of the investing public. Full announcements will be mado in the press in due course. EXCHANGE RATES. (British Official Wireless). RUGBY, March 26. Foreign rates of exchange as on March 26, as compared with par rates, are as

Buyers. Sellers. N.Z. GOVT. LOANS— £ s. d. £ s. d. 54 p.c. Ins. Stk., 1936 101 5 0 — 4j p.c. ditto, 1939 and 1938 99 15 0 — 44 p.c. Bonds, 1930 .. — 99 15 0 54 p.c. ditto, 193b ..... 100 15 0 — DEBENTURES— Wellington Gas 100 b 0 — Well. Racing Club .. 106 10 0 , N.Z. Breweries (bonds' 1 6 2 — BANKSAustralasia ...; 14 17 6 15 1 0 Australian Bank of Commerce — •1 17 3 Commercial 1 of Aust. 1 9 10 1 10 0 National of Australasia (£5) 9 13 0 9 15 0 New South Wales .. 50 17 6 51 2 6 New Zealand 3 1 6 3 2 3 FINANCIAL — Goldsbnough Mort .. 2 12 6 2 13 0 Abraham and Williams (pref.) 4 10 0 — N.Z. Guarantee Corp. (ord.) ;.. 0 8 1 0 9 0 N.Z. Loan and Mereantile (ord.) 128 0 0 — GAS— Auckland (contrib.) .. — 0 18 6 Christchurch S ' 1 6 3 Gisborne 0 10 2 — Wellington (ord.) 111 3 — INSURANCE— National 0 16 8 9 16 11 New Zealand — 2 7 6 MEAT PRESERVINGGear — 2 3 9 Well. Meat Ex. (ord.) 0 12 0 —■ TRANSPORT-Huddart-Parker (ord.] — 2 5 6 WOOLLEN— - Kaiapoi (ord.) — 0 15 0 Wellington (ord.) 7 4 0 — Ditto (pref.) — 7 6 0 Mosgiel 7 8 6 — COAL— W estport 1 12 3 — Westport-Stockton, (ord.) — 0 2 9 Ditto (pref.) 0 3 3 — Waipa 010 0 — Pukemiro — 3 8 6 TIMBERNational — 010 0 Leylnnd-O’Brien — 1 14 0 BREWERIES— Crown • 0 7 6 — Staples and Co 2 4 6 — MISCELLANEOUS— C. M. Banks (pref.) . ■— 0 18 0 British Tobacco (Aust.) , (ord.) ■— 2 8 10 BiirnB, Philp (South Sea) 110 0 — Gasco Bricks — 1 9 6 Howard Smith (ord., — 1 5 3 N.Z. Farmers’ Fertiliser 1 1 9 — N.Z. Paper Mills 0 18 9 Well. Queen’s Theatre 1 3 0 — Wilson’s Cement 2 0 7 2 1 2 MINING— Mount Lyell 2 4 3 — Waihi ; — 0 13 10

follow : — (j Mar 26 Par. Paris, francis to £1 124.175 124.21 New York, dollars to £1 4.85§ 4.86 2-3 Montreal, dollars to £1 ... 4.87* 4.86 2-3 Brussels, belgas to £1 ... 34.94 35 Geneva, francs to £1 25.22 25.224 Amsterdam, florins to £1 12. Hi 12.107 Milan, lire to £1 92.695 92.46 Berlin, reichsmarks to £1 20.455 20.43 Stockholm, knr. to £1 ... 18.17 18.159 Copenhagen, knr. to £1 18.21 18.159 Oslo, knr. to £1 18.20 18.159 Vienna, schillings to £1 ... 34.525 34.584 Prague, knr. to £1 164 24.02 Helsingfors, marks to £1 193 193.23 Madrid, pesetas to £1 ... 31.975 25.224 Lisbon, escudos to £1 108 4.504 Athens, drachma to £1 ... 375 25.224 Bucharest, lei to £1 8144 25.224 Rio de Janeiro, pence to milreis 5 27-32 16 Buenos Air$s, pence to peso 47 5-16 47.62 Bombay, pence to rupee 17 31-32 18 Shanghai, pence to tael ... 304 24 Hong-Kong, pence to dol. 232 24 Yokohama, pence to yen . . 221-10 24.08 Batavia, knr to £1 12.144 12.10/