FARMING AND COMMERCIAL

Manawatu Standard, Volume XLIX, Issue 102, 30 March 1929, Page 5

FARMING AND COMMERCIAL

* PRODUCER AND CONSUMER. INTERESTS IDENTICAL. ((BY “Ploughshare.”) It should go without saying that the interests of the producer and the consumer are identical, the farmer is engaged in the production of food and clothing which supply the necessities of men; therefore, it is impossible that there should be any real antagonism between the ideals of the person who has wants and those of the person whose end in life is to supply those wants. In terms of economic values there may be differences between the two parties, but in the long run it must always pay the producer best to place upon the market that which the consumer demands and in the form which best appeals to him. In an article dealing with the community of interest which should exist between the farmer and the consumer, the Scottish Farmer makes some interesting observations relating to dairy produce and meat which, while written for Home farmers in particular, are not without point of producers in this country. "Th'e British farmer has frequently been ousted from his own markets because he has failed to recognise that the man who pays the piper has the right to call the tune., And, apart altogether from any question- of right, it is unquestioned that tha man who-pays will call the tune whether the musician, likes it or not. If one musician does not render the tune called for another will, and if he elioses to ignore the demand' as'to the time in which the tune is to -be played, he will play without an audience, and terefore without any return, The position of British' agriculture in several departments to-day is due to failure to recognise these self-evident propositions. The producer is only kicking against the pricks when he does not place upon the market the goods which the con•umer/calls for. “Grain and wool can be stored, potatoes may be stored for a shortened period, but meat and milk must be consumed within' the space of a few days or perish. Various expedients have been resorted to in'drder to checkmate this inevitable law of'-nature; The most familiar of these is the.-use of preservatives, and these have played a large part in both the meat and the milk trades. In general the attitude of agriculture has been one of opposition alike to adulteration and to chemical preservation of these articles of diet. As we regard it this is a right attitude, but there is 6harp divergence of opinion between distributor and producer on the point. The interests of ( producer and consumer are in this identical, but the distributor does not hold with either. . Recent legislation has generally favoured the producer’s point ot view,- but it has not done so because it is the producer’s point of view, but because it is regarded as in the interests of the consumer that there should be no undue prolongation of an appearance of fresh, ness when the reality has passed away. At their late conference in the South of England meat traders recorded a protest against the recent legislation and its restrictions upon the use of preservatives. The same question has arisen in connection with cream. The creamery proprietor and the wholesale trader are alike opposed tc the prohibitions now in -force. They say that they will lead to a reduction in the trade in double cream. The butchers say that a similar reduction will take place in the consumption of meat, that in fact much ment will be destroyed. » “As we have said, it seems to us that ( this attitude of opposition to the use ol *, preservatives in meat and milk is in the interests alike of consumer and producei Bound. • The use of a preservative does t nothing to improve the product; at besl it only arrests the progress of decay. In J the case of pasteurised milk there is no K insertion of anything into the milk, yef Stho process of decay is arrested. That does ®not mean that the milk is really better fitijjrted to nourish the human body than clean ivfttnilk which has gono sour. In fact the ■ji&elean sour milk, although less palatable, wjbay be actually more wholesome than ,the SSjjpastourised milk. And in the same way UHCream which has gone sour may be more (■wholesome although less palatable than jSiCream which has been kept ‘fresh’ by the iJßMddition of a preservative. The consumer flttMjrill not eat or drink what is unpalatable, ||i#nd therefore the greater the quantity of gKSatbrally fresh meat or milk consumed the ll|bjftter will it bo for the producer. His in the matter is clear : he is to place produce upon the market in the besl conditions to ensure cleanliness. JSMjlity, and all else called for by modem laws. When he has done his besl kSHHS these lines, he has a valid claim fot ;hi'a|3Hbtivc legislation when opponents try lrelSaiS erse ii him by placing upon the mar &&iMnroducts which are not fresh but are Kwjpßlied of the appearance of decay by msSHp?**® 6 °i preservatives. Or to put it rwjjMHjirwitc, his duty is not exhausted when .IjlSyKlegislature prohibits the use of pre■jfSMMiWHaves; he is then under greater oblige. 'iaNK' thnn ever to produce the best under agslßji'bcst possible condition.” 1111® THE COW’S UDDER. rrawlr the manipulation of the cow’s uddei development of dairy qualities, the principles to be borne in mind art ijsjjHp sensitiveness of the cow’s nature, the [jffiSSlieacy of the organ, and the necessity [Kwr -treatment widely differing from the K&fcatural action of the suckling calf. The ■‘notion that we must on every occasion imi State nature as closely as possible is, in this Bcqse, and in many other cases, a very much one. Allowing the calf to suck, 01 in any degree with the hand its or plunging with the head, is wrong, if wo want the deepest That system will retard developthe more we stick to natural or quasimeans the slower will be the proof ' improvement upon nature. udder must be handled with the delicacy, and when the oow is in milk be clean emptied at regular intervals, drain it to the, last drop, no violence be used, no disturbance or discomfort cow permitted. The skilful manof the udder is mostly mechanical, learned by long and intelligent practice, there is more than that. i3 something also in the manager’s of expressing kindliness by the touch hand and the tones of the voice, this is intuitive. An oaf of coarser whether he be a horse trainer, a a shepherd, or a worker in any capacity among live stock can never, man of innate kindliness can, coin■■lbH the kindly response of the animal he deal with. are quick to discover genuine towards them and to resent approaches. Brute animals are not , without somewhat of a similar ins' At least, they are commonly ameno superficial kindness, whether they r cannot detect the spurious. It is difficult, however, to the man of sour ramerit to constantly maintain false ranees. Even a cow will lose confidence W "’THE GOOD “HANDLER.” y are th,ere so many hard feeders bad thrivers amongst our commercial ? Simply because no regard is paid e breeding of many of our “stores” growth, early maturity and capacity ten. Many of the bulls in use in dairy handle more like shoe leather than a love, and it is their stock that feeders idS*’ raziers have to waste.time and money fattening for the butcher. Another rant point in the handling of a beast se e that it has width of loin. A H rted judge of cattle years ago, who e d at many of the leading shows B r the country, was blind, and deB entirely on his hnnds in forming his B nt. He usually felt the loin and the ■ d hair, and if they satisfied him it B jugh. It is said that he seldom, if B -as wrong in his judgment. That Bl uch for the importance of “good g” and a strong wide loin. There 7 has been some improvement in j decade in tho loins. There are slack” loins than formerly, end we er animals “dipping” . in tho loins tanding, “which was a very common few years ago, particularly in the gged, big-bodied type of beast. Any ts back well and maintain the tness of the top line when standing lack loins arc difficult to breed out, should always be made a. strong B a a breeding animal that the loin is BB -nd strong, and the hand should be c r it to feel that it is so.—The Live .Journal,

(Published by Arrangement.) BLYTHEWOOD STUD FARM.' ANOTHER IMPORTATION FROM CANADA. With tho same progressive enterprise which has been characteristic of every development of his widely known and successful pig breeding business during the past twelve years, Mr J. A. Russell, proprietor of the Blythewood Stud of pedigree Berkshire and Tamworth pigs, has just landed on his farm on Gillespie’s Line, a seoond consignment (within twelve months) of stud stock from the Dominion of Canada. The initial importations made last year consisted of six pigs, selected by tho Canadian Government as representing the best types that could be found, of Canadian Berkshire and Tamworth breeds. The straight out progeny of these importation-! have greatly pleased Mr Russell and many other qualified judges who consider that the types represented are just what has been required to improve local stock. Mated with the original Blythewood strain, which has long held a foremost place both for exhibition and utility purposes, the result has been wonderfully successful. The object sought by infusing new blood has been to evolve a type of pig which, while retaining all the best constitutional characters'of the Blythewood type, will supply breeders and fatteners with the utility animals which will most-closely conform to the requirements of the pork butcher and the bacon curer.

, Showm as young pigs last year soon after undertaking a very, severe journey, tho imported pigs were greatly admired by fanciers at the Royal Show) where, under strong competition, they annexed three championships and one reserve championship award's. With increasing ago these good opinions have been more than justified and by their own outstanding characters as well as by the impress left in a marked degree on their progeny, they are fulfilling the expectations which Mr Russell has sought to obtain. By landing another consignment of three Berkshire sows Mr Russell has now a wide range of imported blood to unite with the already famous Blythewood strain, both in Berkshires and Tamworths as representing the two most serviceable breeds for farm purposes. At the present time there are a number of exceptionally fine young pigs on the farm which bid fair to provide champions in the near future, but quite apart from any possible show ring performances the Blythewood pens offer the very beet selection of breeding stock that it is possible to secure and which is meeting with a demand from all parts of the Dominion. By his skill as a breeder and by his enterprise in bringing together on one homestead what represents only tho best of their kind Mr Russell has given every one requiring thoroughly reliable stock for whatever purpose needed an opportunity of supplying their vneeds. As they become available these young pigs are being placed on the market at prices which bring them within the reach of every farmer, who is now able to avail himself of stud animals which have resulted from years of careful breeding, and which are best calculated to meet the needs of the curer, and effect an all round improvement in the standard of pigs throughout the country. THE OVERRUN. An amendment to the Dairy Industrie." Act makes compulsory tho publication of certified particulars of overrun obtained in butter-marking and yield in choose making. This is calculated to chock irregular practices in regard to testing, weighing and handling of milk, cream and dairy produce, and the publication of statistics relating thereto. In an explanatory article dealing with the over run, Mr G. A. Duncan, secretary of the - Hawera Co-operative Dairy Company, states: “The question might be asked: ‘How will the publication of particulars of overrun obtained in butter making and yield in cheese making reveal irregular practices in regard to testing and weighing of milk and cream ?’ The question of overrun in butter making is frequently misunderstood. I have been reading a series of articles on dairy company accounts in an accountancy publication, and have noted that the writer makes the statement that ‘the law in Now Zealand at present restricts the overrun to 161 b. in every 100. That is to say, that if 1001 b. of butterfat produced more than 1161 b- of butter the factory is liable to prosecution.’ I shall show that this statement is incorrect. Overrun is the amount of, commercial butter sold in excess of the butterfat paid' for.-. When we speak of a 21 per cent, overrun we mean that from 1001 b. of butterfat received from a supplier and paid for, we make 121 lit. of commercial butter. Butter is not all butterfat. According to a bulletin issued by the Department of Agriculture, New Zealand butter of average quality contains about 82.5 per cent, of butterfat, 15 per cent, water, 1.5 per cent, salt, and 1 per cent, curd and ash. Now the items.water, salt, curd and ash represent the overrun. The New Zealand law- restricts the - moisture, or water content, of butter to 16 per cent., but there is no restriction on the ‘overrun’ obtained to 16 per cent.,.nor, indeed, to any other rate per cent. It will be rioted that the overrun is calculated on the basis of butterfat paid for, which is not always the actual butterfat content of the cream or milk. Thus the overrun is immediately influenced by the accuracy of the weights and tests of the cream or milk. For example, let us suppose that cream actually containing 40 per cent, of butterfat is credited to the supplier as containing only 58 per cent. Trie loss of 2 per cent, to tho supplier in the- test of his cream means that he loses 5 per cent, of his butterfat, that is to say, although he actually sends in 1001 b., he is credited with only 951 b. Now the butter made by tho factory from tho 1001 b. of butterfat actually sent in would be 1211 b., allowing a 21 per cent, overrun. In this ease, however, the 1211 b. of butter is represented as having been made from 951 b. of butterfat, which is equal to a ‘theoretical’ overrun of 27.36 per cent. In practice the effect of the state of affairs ; revealed in tho example given is that with butter valued at la 7d per lb., f.0.b., tho pay-out to the supplier at per lb. butterfat would be 1.20 d per lb. higher than if the correct test had been given. Thus the supplier might think he was getting a better pay-out when in reality, although he got a better price, he got in on a less quantity of butterfat and, other things being equal, he would be no better off than if his correct test had been given to him. Thus we find that in regard to factory pay-out at per lb. butterfat things are not what they seem,’ “In the actual manufacture of butter it is not possible to incorporate the full 16 per cent, of water allowed by law, and there are also losses of fat in the making and errors in calculating the amount of fat received, so we find that, whilst the ‘possible’ overrun in theory is 25 per cent, the average obtained is between 20 and 22 per cent. The percentage of overrun is calculated as follows: Butter made, minus fat received, multiplied by 100, and divided by fat received; the answer being per cent, of overrun. I have gone at some length into the question of overrun because I consider that a thorough understanding of it, and of the effect of inaccuracies iii connection with it, is necessary before a person is in a position to compare the results of the working of different dairy companies. “Reverting to the compulsory publication under the Dairy Industry Act of certified particulars of overrun obtained in butter making and yield in cheese making it will be seen that a factory which has obtained theoretical results which are beyond what might be described as ‘normal,’ cannot hide tho fact. The supplieds then have their remedy under the Act, which is to ask for an independent investigation.”

DOMINION AGRICULTURE. PRAISE FOR THE RESULTS. VISITOR FROM QUEENSLAND. “It has been a revelation to me to note how much New Zealand farmers take off their land and I consider New Zealand methods of farming compare favourably with those in any other part of the world,” said Mt Ernest Baynes, president of the Royal National Agricultural Association of Queensland, and a member of the Commonwealth Board of Trade, after spending three months in the North

and South Islands and carefully, inspecting the Dominion’s methods of agriculture. Mr Baynes said that at one time he went in extensively for the breeding of horses, sheep and other stock, both in Queensland and in New South Wales. While in the Dominion he had interested himself particularly in Clydesdale horses. This breed was coming into more favour in Queensland, and while there were many fine stallions there was a shortage of mares. He had obtained an option on some fine New Zealand Olydesdale mares, and it was possible that arrangements would be completed for their shipment to Queensland. The visitor is surprised that more is not done in New Zealand in the way of the agricultural education of the young. Education in this direction had progressed wonderfully in Queensland and there were several fine agricultural high schools in the State. In this matter his association gave all the assistance it could, aiming to be of the highest educational value to the intending farmer and the man already on the land.

“We are in close touch with the agricultural high schools,” Mr Baynes said. “The biggest of these is at Gatton, 70 miles from Brisbane, and when shows are held every facility is placed at the disposal of the boys to visit them. They are detailed to the various live stock sections and act as stewards and after awards are made they are encouraged to question the judges concerning the reasons for their decisions. We feel it is a fine thing to show these boys the best stock w;e have, for they can then form their opinions of the best class of stock to deal with.” In addition, the association conducted young judges’ competitions, _ pupils of the high schools being the judges. Their papers'were examined by the association’s judges. “The_ inauguration of the agricultural high school system is one of the finest things we have achieved,” Mr Baynes added. “The benefits are already being felt. In addition to full-time tuition _we have what is known as short-time courses, m which young men may take up a course during the slack season. “1 would like to remove the impression, apparently current in New,, Zealand, that Queensland is a dry and droughty State,” Mr Baynes said. “In what is known as the, Granite Belt, a large area in the south of the State at an altitude of 3000 ft, all manner of stone fruits are grown, in addition to pears and apples.” This area had a rainfall of from 35 to 40 inches, while there was a plentiful yearly rainfall on the 1500 miles of coastal land from the border to Cairns. Mr Baynes has been delighted with everything he has seen in the Dominion. Discussing the wheat areas, particularly of Canterbury, he said he was inclined to think that many of them would be better utilised as sheep country. Cheaper and better wheat was grown in the Riverina and in Western Australia, and this could be imported in larger quantities. NOTES. “In Denmark the fitness of a person to carry on farming is of more importance than the matter of financing- him. The latter is a secondary consideration,” said Mr F. W. Rowley, of the Labour Department at Whangarei recently. A grey Percheron stallion, which recently arrived at Auckland by the Ruahine for Mr F. E. Ward, of Pahiatua, was bred in Lincolnshire. There are a number of Percherons in Australia, but they aro uncommon in the Dominion (says an exchange). New Zealanders who saw the -Percherons working in the mud in France during the war were greatly impressed by their power and staunchness, and their smaller feet and -shorter hair on their legs enabled them to get about on soft ground In the annual Financial and Commercial Review, issued by the London Times, it is said that last year, for the third time since the signing of tho armistice in 1918, there was a slump in values of good textiles, while foreign competition became more acute. Therefore, 1928, during which a great improvement had been expected, proved very disappointing, and the section located in tho West Riding of Yorkshire was ' said to be in a worse position financially than it had been at any time in the last decade. A decline of the consumptive demand because of exorbitant values was not the sole cause of the slump. At the end of the Australian wool season it was seen that, so far from there being a decrease in the yield of last season’s clip, there was an increase. Therefore, the ndverse influence of a diminished consumption was aggravated by a greater supply of raw material than had been anticipated. But these factors did not lessen the imports of competing woollen and worsted issues, and foreign competition in the home market was keenly felt and help to create exceptional unemployment. Taking the year as a whole, the average machinery activity was about 75 per cent. Worsted looms hardly averaged 65 per cent, and at tho lowest point there was 40 per cent of idle machinery. A new breed of sheep, which is claimed to have very useful qualities, has been evolved by Mr R. E. Beattie, a Woodville farmer, says an exchange. It has been given the name of Reform. It was originally bred from registered Lincoln ewes and Ryeland rams, and then bred, up on similar lines to that by which the now well-known Corriedale has been established. After several years of careful selection and breeding, the-Reform sheep have now become established into compact animals, well covered with dense, fine wool of uniform character, they are of duo purpose characteristics, and aro early maturing. Their wool at the sales last year realised 222 d, and the ewe hoggets averaged 12ilb. It is claimed that their lambs outweigh those of many other breeds of sheep, age for age. Mr Beattie says that it has been found that lambs by Reform ram 6 from ordinary flock ewes, and not sold as fats, become profitable sheep to hold.

TIMARU RAM FAIR,

Per Press Association. TIMARU, March 29. At the ram fair yesterday there was an entry of 1330 compared with 1286 previously. There wrs a keen demand for Romneys, Border and English Leicesters. Prices were higher than anticipated. The entry of stud sheep was fairly small. Border Leicesters ranged from 4i to 27 guineas, the top price being secured by Mr G. P. Johnston s Comely Hill, Oamaru flock; Southdown from 2£ to 9 guineas; Corriedales, 2 to 12 guineas; unregistered, 2J to 9} guineas; Romney Marsh, 5| to 14J guineas; Border Leicesters, 31 to 13J guineas; English Leicesters, 2i to 15J guineas. WHEAT AND FLOUR DUTIES. SOUTHERN FARMERS’ RESOLUTION. Per Press Association. CHRISTCHURCH, March 28. The North Canterbury Farmers Union passed a resolution urging that the other farmers’ organisation in the South Island and also the Chamber of Commerce be invited to_ co-operate in the direction of countering the propaganda now being circulated in the North Island for the purpose of reducing wheat and flour duties, and that the provincial executives in Canterbury and Otago be asked to take the matter up.. , BRADFORD MARKET. (Australian Press Association.) LONDON, March 28. On the Bradford tops market there is slightly more inquiry. Crossbreds are tending to be firmer, but quotations are unchanged.

WELLINGTON STOCK EXCHANGE. THE WEEK’S BUSINESS AND PRICES. Very fair business; was done during the four days the Stock Exchanges were open during the week, and values were generally stes.dy. There were only two transactions in Government securities. The 6£ per cent, changed hands at £99 12s 6d, and the 5i per cents, at £lOl ss. . Bank shares experienced good business, and values were steady. Commercial Bank sold at 29s Bd, 29s 9d and 29s lOd and 29s lid; Australian Bank of Commerce at 37s 3d, English, Scottish and Australian Bank at £8 17s, £8 16s 6d and £8 15s 6d; National Bank of Australasia £lO paid at £l9 10s and £5 paid at £9 13s 6d; Bank of New Zealand at 61s 6d, 61s 9d, 62s and 61s lid; Bank of New Zealand D shares at 29s lOd; Bank of Australasia at £l4 18s, Bank of New South Wales at £sl, £SO 18s 6d and £SO 17s 6d; National Bank of New Zealand at £7 3s, and Union Bank at £l6 10s 6d. A small amount ol : business was done in financial shares, Goldsbrough Mort selling freely at 52s 9d, 52s lOd and 535. New Zealand Guarantee Corporation changed hands at 9s 3d cum. dividend and New Zealand and River Plate at 33s 9d. National Insurance shares were popular with investors and several transactions were registered at 16s 9d and 16s lOd. New Zealand Insurance sold at 475. . Meat shares have not been much in demand, but during tho week a moderate business was done with sales of Gear Meat at 43s 3d, Wellington Meat Export at 12s, and New Zealand Refrigerating 20s paid at 15s 9d, and 10s paid at 7s 4d and 7s sd. Coal shares also came in for a little attention, which must be encouraging to shareholders. Business was done in Taupiri Coal at 26s 9d, Grey Valley Collieries at 21s 9d and 225, Hikurangi Coal at 3s, and Renown Collieries, preference, at 2s 11a. New Zealand Breweries have been very active during the past three or four weeks and during this week there were sales of fifteen parcels, at 60s lid to 61s 3d. Timaru Brewery 5s paid sold at 8s 6d.

Other sales made during the week were Auckland Gas at 24s 4d, Devonport Ferry at 245, New Zealand Drug at 81s and 81s 3d. cum. dividend, British Tobacco at 48s Bd. Electrolytic Zinc preference at 375, Sharland and Co. at 21s 6d, Taranaki Oil at 4s 6d and 4s 9d, Beath and Co. at 325. Whittome Stevenson at 46s 6d, Quill Morris, Ltd., at 17s 6d. New Zealand Farmers’ Fertiliser at 21s 9d. Victoria Nvanza Sugar at 43s 6d, Colonial Sugar at" £6O, and Wilson’s Cement at 40s 6d. In the mining section there were sales of Mount Lyell at 44s 6d and 44s 9d and Kuala lvampar Tin at 14s 7d. Thursday’s buyipg and selling quotations were as under :

STATE ADVANCES.

AUTHOR OF THE SCHEME, la a letter to the Southland Times Mr Andrew Mackintosh refers to the origin of the Advances to Settlers scheme, claiming that his father, once member for Wallace, was the author of the idea. Mr Mackintosh, says:—“l wish to correct a statement made by the Prime Minister, Sir Joseph Ward, at a banquet given him in the Drill Hall, giving himself credit for the great scheme of State advances to settlers, which has been the means of putting thousands on a safe footing in New Zealand. That our Prime Minister is a great statesman and belongs to the old school of political inventors who have done so much for the colony cannt be denied by one and all, but my father also deserves some credit, seeing that he devoted the greater part of his life for the advancement of tho colonies, representing electors in both Australian and New Zealand Parliaments. I believ in the old motto: “Honour be to those to whom honour is due,’ hence my reason for protesting against the above honour being given to Sir Joseph, which my late father, Mr James Mackintosh, took to the grave with him, and which I am proud to uphold. In proof I have the original papers of the scheme in my possession, together with the State ‘bank scheme The latter, unfortunately, was not introduced through my father’s death, which, no doubt, would have also proved a blessing to the colony, the main advantage being that every colonist should be a shareholder, however 6mall. “However, returning to the State advances to settlers, I may mention that the original papers of the scheme I possess date back to 1883, and there is mention of free addresses having been given by my father in Sloan’s Theatre, Invercargill, in 1885, also addresses being given in 1886 at his own expense in many parts of Southland and the north on advances to settlers. Sir Joseph would then be a little boy, or at any rate too> young to handle such a scheme as the above. I remember a similar credit being given Sir Joseph at a banquet given him at Eastern Bush shortly after my father died, when several present protested. However, Sir Joseph ended the matter by asking all to rise and drink in silence to the memory of Mr Mackintosh, late member for Wallace.” v, Sir Joseph Ward, in reply says-that he never claimed to be the originator of the idea, but he prepared all the legislation and piloted it through the House. TALLOW SALES IN LONDON. (Australian Press Association —United Service.) LONDON, March 28. At the tallow sales, 920 casks were offered and 326 were sold at about Cd per cwt. decline. Fine mutton 44s per cwt; medium, 395; fine beef 43s 6d; medium,; 395.

WESTFIELD MARKET. Per Press Association. AUCKLAND, March 27. _ At Westfield ox beef was penned, in less thaji average numbers, and prices remained firm at last week’s quotations. Light fat bullocks realised £ll 7s 6d to £l2 17s 6d. Cow and lieifer beef also came forward in average numbers, and sold steadily at late rates. Prime heavy cows and heifers sold at £8 to £lO 10s, and medium at £7 5s to £7 15s. Extra choice ox beef sold to 38s per lOOlbs, choice and prime 36s to 375, just killable 33s to 35, prime young cow and heifer beef 335, just killable 27s to 30s.

Sheep were yarded in less than average numbers. Competition was keen, and prices were firmer than those ruling at last week’s market. Prime heavy wethers made £1 15s 6d to £1 16s 6d, medium £1 11s 3d, lighter £1 9s 6d, prime heavy ewes 28s 6d. Lambs were penned in average numbers, and sold at late rates. Heavy prime lambs toiade 26s 6d, medium 25s 6d, light 21s 3d. Calves were penned in larger numbers, and sold steadily at’ late rates, Runners made £5 to £7 Bs, heavy vealers £4 12s to £5 9s, medium £3 5s to £4 10s, light £2 2s to £3 3s, rough 20s to 355, small 10s to 255. Pigs sold on a par with last week’s values. Heavy baconers made £3 14s to £3 18s, medium baconers £3 5s to £3 12s, light baconers £2 15s to £3 3s, heavy porkers £2 5s to £2 10s, medium porkers £2 to £2 4s, light porkers £1 14s to £1 18s. WEEKLY PRICES OF FAT- STOCK FOR EXPORT. The New Zealand Meat Producers’ .Board advises that the following prices, were being offered for fat stock for export at 26th March, 1929 : —Auckland : Prime woolly lambs: 36/under 8 3-4 d, 37/421bs. Bjd, 43/over 7 3-4 d; second quality lambs, 7 3-4 d. Hawke’e Bay: Prime woolly lambs: 36/under 8 3-4 d, 37/421bs. Bid, 43/ over 7 3-4 d, second quality lambs, 7 3-4 d. Wellington: Prime woolly lambs: 36under 8 3-4 d, 37/421bs.’ Bjd, 43/ over 7 3-4 d, second quality ambers, 7 3-4 d. Canterbury: Prime woolly lambs: 36/under 9£d, 37/421bs. B£d, 43/over Bd, second quality lambs, Bid. Southland : Prime woolly lambs: 36/under 9fd, 37/421bs. Bjd, 43/over 7 3-4 d; second quality lambs, 36/ under Bjd, over 36/lbs. 7fd. SHIPMENTS OF MEAT FROM SOUTH AMERICA. The New Zealand Meat Producers’ Board has received a cable from its representative at Buenos Aires, South America, advising the following shipments to the United Kingdom for the fortnight ended 14th Murch, 1929, from Argentine and Uruguay:—246,l7o quarters chilled beef; 3300 quarter frozen beef; 58,860 carcases frozen mutton; 16,750 carcases frozen lamb. The quantity shipped to the Continent of Europe during the same period was as f0110w5:—34,360 quarters frozen beef; 7400 carcases frozen mutton;. 2500 carcases frozen lamb. STOCK MARKET. Dalgety and Co. Ltd., Palmerston North report having held their usual fortnightly sale at T.ailiape on Wednesday, 27th inst.. when a fair yarding of sheep and a small yarding of cattle came forward. There was a good attendance of outside buyers and all lines submiitted met with keen competition, especially lambs, and changed hands at prices satisfactory to vendors. Cattle were dull ot sale and showed, a marked decline in prices. We quote: ; Sheep : Ewes,. 24s 9d; 4 and 5-year ewes, i 27s 3d; B.F. lambs, 15s 6d, 16s 3d, 17s Id, to 17s 3d; M:S.‘ lambs, 14s to 15s 9d: Ewe lambs, 19s to 26s 3d ; wether lambs, 15s 8d ; 2-tootli wethers, 26s lOd to 27s 9d; wethers 25s lid. Cattle: Cows and calves, £7 15s; cows, £4 os; heifers, £4 10s; heifer calves £2. . A WARNING TO AMERICA. WORLD TRADE COMPETITION. Placing a “danger” sign on the unprecedented prosperity” attained by the United States in the past ten years, Sir James Arthur Salter, K.C.8., director of the economic and finance section of the League of Nations, uttered a warning in Philadelphia that in the next ten years the “greatest trade competition the world has ever known” will spring up, as Europe seeks to stem America’s monopoly on foreign trade. Another wo.rld conflict is even threatened as the result of this spur to international commerce, the distinguished Englishman told members of the Foreign Policy Association of Philadelphia. Ho indicated that the first step in commercial self-defence taken by tlie countries of Europe will be tho adoption of high tariffs against foreign goods, a step which may result in “internal riots and revolts 1 ” in those countries, the speaker indicated. Sir James declared that the only hope in warding off a war caused by international trade relations lies in evolving an “international code of trade ethics.” He asserted that at present each nation is “going on its ow'n in the matter of trade policy and is formulating trade pdinciples that are proving highly offensive to other nations.”

Though the Bpeaker declared he would not comment upon the tariff situation in the United States, he intimated that high tariff defences in Uncle Sam’s domains were targets for the combined animosities of the lands lying on tho other side of the Atlantic. “If Europe retorts to America with similar high tariffs and restrictive trade ethics I tremble for the future of the world,” Sir James said, “Such a situation would undoubtedly cause internal industrial- riots and revolutions in tho nations of the world. In the next ten years there will be a period of intense competition between _ foreign markets. I do not fear it as things look now. But if one country after another takes methods that are offensivo to anotlied country, what can international law do for peace?” LOCATES DANGER. Sir James pointed out that America’s rapidly growing prosperity has meant to the wliole world a greater total measure of prosperity, but he indicated that the danger lay in the attitude takon by individual nations. Tho speaker strongly pressed the fact that “exchange,” or a balance between the imports and the exports of a nation, is a most desirable condition for world prosperity. He indicated that nations have tried to tamper with this “give and take” of _ trade by failing to act as referees in the industtrial contest and jumping , in and “aiming blows at the contestants.” He pointed out that these “blows” are in the form, of protective tariffs and subsidies. “Friction is growing daily between the nations of the world bocause_ tho economic situation caused by their important export situation is having a profound political influence , on their governmental policy,” he continued. “The most important proposition facing us is the formation of a world sodo of trade ethics. At present nations that outwardly want peace are going their own independent way so far as their corfimerce relations ade concerned. Every nation has its own policy and no fundamental international principal of trade custom is being observed.” Sir James turned his attention to the causes of Amercan prosperity. He held up the inter-State commerce carried on in the country as one of tho most powerful reasons for the financial soundness of the country. He drew an analogy between the freedom from trade restriction existing between the 48 States, a condition has built up America materially, he said, and between a similar condition which should exist between nations. Ho indicated that if nations observed this same principle of free interchange of goods, the individual producer might suffer temporarily, but the nation as a whole would- prosper to an extent infinitely greater than if tariff bars are maintained.

BUTTER AND CHEESE. LONDON MARKET QUOTATIONS. (Australian Press Association.) LONDON, March 28. The butter market is slow. Danish 164 s per cwt; choicest salted New Zealand, 162 sto 1645; Australian 158 sto 160 s: unsalted, New Zealand 168 s to 170 s, Australian 162 s to 1645. Cheese.—New Zealand white, 88s per cwt; coloured, 89s; Australian, 80s to 88s. THE WHEAT MARKETS. (Australian Press Association —United Service.) LONDON, March 27. Though there is more business, wheat cargoes are dull and quotations have declined 3d to 6d per quarter. Parcels are 3d to 6d down. Liverpool futures: March, 8s 9Jd per cental; May, Bs* llfd; July, 9s 2Jd; October 9s 54d. DALGETY AND CO’S SHARES. (Australian Press Association—United Service.) LONDON, March 26. Dalgety and Co.’s shares, £ls 6s 3d; debentures, £75 10s. CALL MONEY IN NEW YORK. (Australian Press Association —United Service.) NEW YORK, March 28. For call money the renewal rate opened at 15 per cent, which was the high level for the day, the low level being 8 per cent., at which the market closed.

Buj'ers. Sellers. N.Z. GOVT. LOANS— £ s. d. £ s. d. 5£ p.c. Ins. Stk., 1936 101 5 p.c. ditto, 1939 and 0 1938 99 15 0 •— 5i p.c. ditto, 193b 1UU lb 0 — DEBENTURES— N.Z. Breweries (bonds) 1 6 0 — BANKS— Australasia Commercial of Auet. 14 17 6 (ord.) 1 9. 9 — National of Australasia (£5) 9 13 0 9 15 0 New South Wales 50 17 6 — New Zealand 3 1 6 3 2 3 FINANCIAL— Goldsbrough Mort .... 2 12 6 — Equitable Building ... N.Z. Guarantee Corp. 8 8 0 (ord.) N.Z. Loan and Merean0 8 10 ~ tile (ord.) 128- 0 0 . Ditto (pref.) 80 0 0 — Well. Invest., T. & A. Well. Trust and Loan 0 11 6 19 0 6 ' • GAS— Wellington (ord.) 1 11 3 — INSURANCE— South British 3 6 0 — MEAT PRESERVING— N.Z. Refrigerat. (10s) 0 7 3 — TRANSPORT— Huddart-Parkcr (ord.) • 2 5 6 WOOLLEN— Wellington (ord.) 0 7 6 0 Ditto (pref.) 7 4 ' COAL — W estport-Stockton, (ord.) 0 2 9 W aipa 0 10 0 — TIMBER— Leyland-O’Brien 1 13 6 1 14 6 Nutional — 0 10 0 BREWERIES— New Zealand — 3 1 0 Ward and Co — 1 14 0 Carlton 2 10 0 — MISCELLANEOUS— Burns, Philp (South Sea) 1 10 0 — Dental and Medical Supply 0 10 9 — Electro. Zinc (pref.) ... National Electric Sharland and Co. (ord. 1 17 0 11 3 0 and pref.) Well. Queen’s Theatre 1 1 0 — 1 3 0 — Wilsons Cement 2 0 8 —