FARMING AND COMMERCIAL

Manawatu Standard, Volume XLIX, Issue 227, 24 August 1929, Page 5

FARMING AND COMMERCIAL

SHORTAGE OF STORE EGGS. farmers should breed more. (By “Ploughshare.”) Judging by the' demand that , exists for floro pigs just now, there appears to be a considerable shortage of supplies to meet requirements for fattening purposes. In ad- - i i I ion, the quality of young pi g 3 that have I, ecu dueling 13 not of too high standing, a,'d it looks as though those dairymen who do not breed their own requirements are going to find difficulty in securing their needs at prices which will pay for fattening. llus position is more or less in evidence every spring, and why farmers fail to keep breeding sows to provide their own young stock is hard to- understand The advantages of the pig bred and reared on ,1m Farm where it is to bo fattened is so obvious that it is a wonder that any pigs arc bought in. Where a wise selection ha, been made in the quality of the parent slock, and provision made for their feed in? » nd comfort, litters of thrifty young-i-iera can be reared much more cheaply than limy can be bought at sales, with the additional advantage that the farm pig when properly cal-ed for is growing into value all the time, and there is no danger of bringing disease into the yards. Until farmers generally make up their minds to bleed their own. and take care to see that the sow is well looked after, there will always be the cry that pi gs don’t pay. They do pay; but like any other animal they must be given a chance. Too often breeding sows which would otherwise give excellent returns are so neglected and allowed to shift for themselves that they are never able to show their true worth It is really pitiable to see the way many of then; are treated during the winter, and it is not their fault that failures are recorded. If she is treated right, the breeding sow is the best money earning unit on tho dairy farm. WEANING TIME. The earliest of tlie season’s pigs arc now about the weaning stage, and, if they have been taught to feed from a trough beforehand, their growth will not be cheeked. At about three weeks old the youngsters will help themselves if provided with food in a protected enclosure. To avoid digestive troubles they should get food of the same nature as that supplied to tho mother which should havo contained meal rich in those constituents which are needed to supply bone and muscle to the young through her milk. Nature provides for this need to a largo extent by giving, the expectant mother the faculty of -storing up in her own body a reserve of bone and . tissue requirements for her young both before and after they are born. This ' is why she needs to be given the best- of care at all periods. A good pasture rich _ in proteins and mineral matter, with a little added concentrated food in the fiorrn of meal for tho last few weeks before farrowing, is very neecs,eary in securing a litter of well developed even sized pigs which will make quick growth- Given a good start and kept moving from birth onwards, the youngsters are ready for weaning at eight weeks, and if kept going will make a quick passage to market. Young pigs run out on a securely fenced pasture grow more rapidly than when confined to a 6mall enclosure or 6ty. In fact, all pigs do bettor when they have the run of a grass field. They are not only healthier, but they grow and fatten better when they arc able to pick up for themselves the food ingredients which go to make a balanced ration. Outdoor pigs seldom suffer from rheumatism, constipation and other ailments which aro so common in animals kept in close confinement without a variety of food. In breed-, ing for profit the aim should be to secure

thU littol l ' n , ever y twelve months and re s can bo done without trouble if- the lr , f „i S *ept in a healthy condition and ; i , again shortly after the young pigs have been weaned at eight weeks. FATTENING FOR PROFIT. Since a greater demand for pork exists tnan was formerly the case, fnrmers have the choice of fattening for this trade in p terence to catering for the bacon factory. ih e pig that is to be sold as a 901 b. porker is a good proposition to the man who breeds his own stock, and if the breeding is so arranged that replacements aie always on hand as fattening proceeds, a great many can be turwned off during the season. The pork market is practically Closed to those who have to rely on the uncertain and expensive store market. Where there is a shortage, of supplies for fattening, the bacon trade will receive more attention, and from what can bo learned it is likely that prices will go higher when the curing season opens than has been the case for several years past. Presumably there are fewer carcases held in cold storage than usual both in porker and baconer weights, and therefore early supplies of this year’s offerings will be eagerly sought for. According to tho interim returns published by the Government, there was at the end of June, 1929, a shortage of 30,000 pigs compared with the same period in 1928. Altogether, there are just over half a million pigs in tho Dominion. EXPORT TRADE. In tho seventh annual report of the Meat Producers’ Board some interesting figures are given ■ with respect to the export trade in pig products which go to show that the pioneering work done by those who have been advocating and supporting overseas trade laid the foundations of a good market for ail surplus local supplies. In the year 1924 ended 30th September the value of the pig products sent to the United Kingdom was £15,637 and to Australia for the same period £64,659. For the nine months of the present year up to June 30th the trade with the United Kingdom had grown to the value of £430,522, while, notwithstanding the heavy import tax levied by Australia, £56,071 worth of pig products went to that country. Commenting on the pork export industry, the report states that much has been done in the way of securing reductions in shipping freights and other costs, and the special concessions obtained by the board in this direction may be regarded as a form of subsidy which, combined with the export subsidy granted by the Government, should considerably help towards placing the pork industry in its rightful place in the export trade ‘ of the Dominion. For a portion -of tho pork-eating season at Home the market for the Now Zealand porker was adversely affected by extensive supplies of English and Irish pork, and also by warm weather. The bacon market was also affected for a time by an oversupply of Continental bacon. The market for both New Zealand porkers and baooners filmed later, with a good demand at better prices. There is no doubt that the - outlet for our pork is gradually widening and the New Zealand article is becoming firmly established on Smithfield market, due in some measure to the board’s special advertising. THE SCRUB BOAR. We hear a good deal nowadays concerning the scrub bull, but nothing much is said about the scrub boar, yet it is a lamentable fact that far too many animals of mixed breeding and with no qualifications as regards type or constitution are used as sires. To say that the sire is half the herd is to repeat a truism that has , grown hoary with age, but by the appearance of a great many lines of young store

pigs offered for sale there is much room for improvement in breeding for this market. Very often a young boar .is selected from a crossbred litter because on appearance he shows a few breed points, but his ancestry may have been also bred from crossbreds, and could anything be more foolish than to expect that this pig will throw uniformly good stock ? A few of the progeny may be of fair typo, but the majority will be of tho nondescript variety that arc a perfect curse to the pig industry. It often happens that neighbouring farmers with a few sow 6 each make use of the same boar which adds to the difficulty of securing uniformity in fat pigs of the typo required by the curcr. In addition, the mongrel boar is more likely to leave stock of poor constitution, more subject to disease, and more costly to fatten. At the present time good pedigree sires are reasonably cheap, and there is no excuse on that account for a farmer to use a crossbred and so mix up the blood that ho cannot depend from one litter to another on what the result will be. It is not suggested that all purebred sires can be relied upon to leave tho most desirable stock, but if when the purchase is being made care is taken to deal with a breeder of repute who has a long established herd with fixed characteristics in both sire and dam there is not much danger of getting a bad pig. At least tho risk is reduced to a minimum. A well-nourished and well-de-veloped boar will leave his characteristics in the offspring even though the sows may be of indifferent breeding and ho is a sound business proposition from every point of view. Tlie rightful place for all male crossbred pigs is the slaughter yard, and even though there may havo appeared to be one among them of apparent merit when young, his price as a baconer will go a long way towards the cost of paying for a developing purebred which will in all probability mean just that difference botween failure and success in breeding and fattening for profit. CHEESE YIELDS. BASIS OF PAYMENT. TESTING FOR CASEIN. Some interesting information on tho question of cheese yields and the basis of payment is contained in tho annual report made by Mr P. O. Yealc, 8.A., M.Sc., A.1.C., to the Federation of Taranaki Cooperative Dairy Factories. He states: — Arising out of a newspaper controversy on the subject of yields of cheese, the need for a full and reasoned contribution to the science of this subject was made apparent. A report upon the question, embodying the results of much research, was prepared and submitted to a representative meeting of factory managers during the winter. The report went fully into all the known causes which truly affect yield, set fair average standards as a guide, and showed methods whereby yields could be falsely influenced' by various irregularities in weighing, sampling, testing or manufacture. The report was considered in detail, fully discussed, and its findings endorsed by resolution of the managers present. This report upon cheese yields from the federation has been accepted by the Department of Scientific and Industrial Research as an official bulletin of its series, and will bo published as such in due course. It is hoped that the publishing of this report will do much to induce a more reasonable attitude towards tho question of yields, and thus will tend to cause the abandoning of the “race for yield” for which Taranaki is alleged 'to be notorious. INQUIRIES INTO SYSTEM. The publishing of the report of the federation on the Tokaora research has resulted in the focussing of public attention upon - the disabilities suffered by low testing suppliers in the present system of buterfat payments, and, at the conference convened by the federation last December, a sub-committee was set up consisting of Dr McDowall, of Massey College, Mr E. W. Hughes, of Hamilton, and myself to make inquiries and to report upon the practicability and justice of adopting any other system of paying for milk for clieesomaking. Unfortunately, this committee was not made responsible to any particular organisation, nor was it provided with funds for travelling expenses or any other facilities for meeting as a committee. This has resulted in some delay in the publishing of its findings, and actually its report has not yet been released. I may, however, give somp indication of the scope of its activities, in order to show that the mandate has not been forgotten. The committee realised that any departure from present methods would necessarily involve a casein test, and set itself to investigate whether casein could accurately be determined upon preservatised samples 10 days old. After independent investigations, followed by the exchange of samples and checking of results, certain preservatives were established as effective, and without influence upon tho accuracy of casein tests, while others were shown to cause incorrect results. PALMERSTON NORTH MEETING. Recently, the committee had an opportunity of meeting in Palmerston North, when the discussion was continued. It was then made clear that there has been no important contribution to the science of milk payments by casein tests except the casein-fat ratio method proposed by myself in the Tokaora report. From the scientific point of view the other members of the committee could neither endorse nor refute findings in which they had taken no part, and, in any case, their endorsement without confirmatory evidence would carry no additional weight. A resolution was therefore carried affirming the importance of my finding in the Tokaora report and suggesting that the Department of Scientific and Industrial Research should carry out similar researches in different districts of the Dominion, and collect data over wide areas showing the relationship between cheese yields and chemical composition of the milk. It was felt that, not until some such wide-spread research was completed, could any system of payment be advocated with confidence for the whole of New Zealand. NO FAULT TO FIND. Personally, I have no fault to find with this attitude on the part of the committee, and consider that it is additionally wise in view of the spread of the standardising of milk for cheesemaking. The system of payment which I advocated in my Tokaora report a year ago was based upon the assumption that whole milk cheese would be made, and would not apply with any accuracy where standardising is in vogue, and it would still depend upon a knowledge c.f the ratio of casein to fat, as laid down in the Tokaora report. Actually I believe that standardising will allow a much more straightforward and easily understood system of payment to he devised, because the composition of the cheese is now much more uniform and thus practically all factories which standardise will tend to make a cheese containing almost exactly 50 per cent, of butterfat in the waterfree substance. With a knowledge of the ration of casein to fat in milk which will make a 50 per cent, cheese, it would be an easy matter to calculate, in the case of each supplier, how much of his butterfat should be paid for at cheese rates, and how much at only butter rates. It should be plain to all that,, where very rich milk is brought to a factory and part of the fat is skimmed out, tlie. fat left in the milk is worth payment at cheese rates, whereas that skimmed out is worth only butter rates, that is. butter rates without the advantage of farm skim-milk or of extra payments for rasein manufacture. Hence the whole of the butterfat brought to a standardising factory by a very high testing supplies is still not equal in value to that produced by a low-testing supplier with a casein-fat. ratio of 0.70 or thereabouts. Part of the butterfat, namely, the amount which goes into the cheese, is worth tbe same, but the rest, which goes into the butter, is worth 2d to 3d per pound less. Hence, although standardising results in an improvement in the financial • returns of -the factory—an improvement iri which all the suppliers share—it necessarily cannot , bring the price per pound of butterfat up to the level that would be secured by true low-testing milk making cheese alone, unless, of course, the price of cheese falls considerably while that of blitter rises. This means that standardising only partially makes up for the disabilities from which low-testing suppliers havo suffered in Jersey districts, but does not absolve the industry from the duty of seeking a more equitable basis of payment than the straight butterfat method where extremes of test exist. 1

WELLINGTON STOCK EXCHANGE. YESTERDAY’S BUSINESS AND PRICES. Tho sales reported on the Wellington Stock Exchange yesterday were as follow: £ s. d.

Again there was a good demand for Government securities. The 4j> per cents, were steady at £99 17s 6d, the sj. per cent. (1933) stocks at £lOl 2s 6d, and bonds at £IOO ss, and the 5i per cent. (1936) stocks at £lOl 5s and bonds at- £lOl 10s. Bank shares were in slightly better request, with buyers of Bank of Australia at £l4 8s 6d, Australian Bank of Commerce at 35s 6d, English, Scottish and Australian Bank at £8 7s, National Bank of New Zealand at 635, Bank of New Zealand long term at 28s 4d, and Union Bank at £ls Is. Sellers quoted 29s 9d for Commercial Bank, £9 15s for National Bank of Australasia £5 paid and £52 5s cum. dividend for Bank of New South Wales. National Insurance at 16s 3d and New Zealand Insurance at 47s 6d were firm, There was a deytand for Goldsbrough Mort at 47s 6d, New Zealand Guarantee Corporation at 9s 4d, New Zealand Loan and Mercantile Agency Co., Ltd., at £125, and Wright, Stephenson preferenoe at 18 s. Auckland Gas at 23s lid and Gisborne Gas at 13s 6d were steady. There were buyers of Union Steam at 21s, P. and O. deferred stock at 555, Westport Coal at 32s 9d, and Waipa Coal at 13s 4d. Mosgiel Woollen were firm at £7 14s, as were New Zealand Breweries at 84s 3d, and Staples and Co. at 54s 3d. There were buyers of British Tobacco at 48s, Dunlop Rubber at 28s 9d, Sharland and Co. (preference) at 21s 6d, Taranaki Oil at 4s Id, Mount Lyell at 44s 4d and Waihi at 12s. Yesterday’s buying and selling quotations

ROYAL SHOW. , USEFULNESS DEFENDED. The Royal Show has been the subject of some adverse criticism at'tirnes, and at the annual meeting of the Dannevirke A. and P. Association, Mr N. J. Cullinano asked whether their association received any benefit from the levy of £8 contributed to the coffers of the Royal Show Society. Ho said ho did not see any great reason why the Dannevirke A. and P. Association should continue to pay it. Mr F. Armstrong: The Royal Show is doing good work in connection with improving the breed of stock and should bo loyally supported. The president (Mr H. 11. Stuckey) : I feel with Mr Armstrong that tho Royal Show is giving a tremendous help to the breeding of stock in New Zealand, and as times goes on its usefulness will be more apparent. He added that quite a lot of people did not have a good word for tho Royal Show—or, to be more correct, the Royal Agricultural Society—but it had to be remembered that it had only been running.for n few years, and he was satisfied that, as time went on the Roynl Show was going mean a big thing for this Dominion. He .considered that the Roynl Show should be centralised —the samo as was done with tho Royal Show in Australia. He would like members of the Dannevirke A; and P. Show, and breeders generally, to .think, that the Royal Show .was really worth while. The show had had an up-hill figlit,. but he believed it was going to mean a tremendous thing for tho Dominion breeders. Mr Armstrong: I am hoping that New Zealand will ultimately be the stud stoek centre of the world. T don’t think we should cavil at tho small sum wo contribute to tho Royal Show whose benefit to breeders cannot be over-estimated. M> Cullinane said he quite appreciated the remarks of the previous speakers as to thg value of the Royal Show to breeders, but be was looking at the financial position of their own society, which would have to use the pruning knife to some extent. He considered that until tho Roynl Show was centralised Dannevirke A. and P. Association should withdraw their support. The president: There is a wide difference of opinion in regard to the centralisation of the Royal Show. As I have said before. the Royal Show will bo a great aid in building up the stud stock of tho Dominion. . . ‘ • Tho subject was then allowed to drop. DAIRY PRODUCE. Dalgety and Co., 'Ltd.j have"received tho 'following market advice from their head ■office, London, under date of the 22nd instant: —Butter: Danish, 176 s to 178 s (170 s to '1725).; N.Z. .finest, salted, 173 s to 175 s (168 s to'l72s); Australian finest unsalted, 166 s to 170 s (162 s to 172=); salted, 166 s to 170 b (162 s to 1675); g.a.q., 160 sto 164 s "(156s to 160 s). Holders firm, offerings light. Buyers will not follow advance at present. Checße: Australian white and coloured, not quoted. New Zealnnd white, 88s to 89s; (86s to 87s);' coloured, 90s to 91s (90s to 915).; spot price for Canadian white, 87s to 88s (86s to 87b); coloured, 89s to 90s (89s to 90s); c.i.f. price for Canadian, 88s to 89,s (88s). Last week’s quotations are shown in parentheses.

feilding stock sale. SMAL YARDING. (Special to “Standard.”) FEILDING, Aug. 24. lho yarding of sheep at yesterday’s stock sale at Feilding was well down to tho winter lovel, only a few. pons being occupied. Well finished lines in the fat liens sold at competitive prices, and tho ewe hoggets in the store section wero well priced, but for fn° rest tho demand was quiet. Dairy stock wero again in evidence in excess of tho market requirements, and anything not up to the standard sought by buyers was hard to quit. In tho store cattle pons a nice entry of Hereford and P.A. heifers and steers wero on offer, but for tho most part tho quotations failed to reach tho reserve. Other lines sold at late rates, while only a very small penning of fat cattle was offered and cleared Readily. Detailed prices were as follow: Fat Sheep.—Hoggets: 21s 9d, 255, 32s 2d, 35s 6d; ewes, 21s, 275, 31s; wethers, 32s Id, 39s 6d. Store Sheep.—B.f. hoggets: 13s 2d, 19s, 20s, 21s lOd; ewe hoggets, 29s 6d, 33s Id, 355; wether hoggets, 205,-22s 9d; ewe lambs, 37s 3d. . Dairy Cattle.—Spg. lifrs.: £6 7s 6d, £7 ss, £7 15s. £8 12s 6d, £9 ss, £lO ss, £lO 15s, £ll, £lO 10s to £l2 7s 6d; spg. cows, £6, £7 15s, £B, £8 7s 6d, £9 10s, £9 15s, £lO 2s 6d, £lO 15s, £ll to £ll 10s; cows in milk, £7 ss, £lO 12s 6d, £ll. Store Cattle: Empty Jersey hfrs: £3 10s, £4, £5 ss, £7; cows r.w. P.A. bulls, £6 2s 6d; fwd. cows. £4 12s 6'd, £4 17s 6d; ylg hfrs., £3 2s 6d, £4 18s, £6 10s; ylg steers, £3 18s; P.A. and Hfd. crossbred ylg steers, £6 ss; 3yr steers, £lO. Fat Cattle—Cows: £7, £l6; S.H. bullocks, £ll, £l2 ss. AUCTIONEERS’ REPORTS. Dalgety and Co., Ltd., report having a small yarding of both fat and store sheep and a largo entry of dairy cattle. Dairy stock sold well and there was fair competition for sheep. Quotations ; Fat ewes, 275; light fat wethers, 32s Id; ewes with lambs, 37s 3d; small wether hoggets, 20s to 22s 6d; b.f. hoggets, 13s 2d, 19s to 21s lOd; 2-th wethers, 28s lid; empty cows, £4 17s 6d; backward cows, r.w.b. £6 2s 6d; dairy heifers, £7, £B, £8 12s 6d, £8 15s, £8 17s 6d, £9, £l2, £l2 7s 6d; dairv cows, £B, £9 ss, £lO 10s, £ll, £ll 10s, £l2, £l4 ss. Abraham and Williams, Ltd., report:—A much smaller entry of both sheep and cattle came forward. The market was keen throughout, although in some cases lines of well bred young cattle failed to chango hands. Fat sheep sold freely and dairy stock sold at late rates. Wo quote:—Sheep: Fat hoggets good 32s to 39s 6d; others, 21s 9d to 255; fat wethers, 39s 6d; fat ewes light, 21s; store sheep, b.f. hoggets, 20s; ewe hoggets, 29s 6d, 33s Id to 35s Id; wether hoggets, 20s. Cattle: Fat cows extra good, £l6; light cows to £7; 5-year Shorthorn bullocks, £l2 15s; yearling P.A. steers. £6 ss; small yearling steers, £3 18s; forward cows, £3 10s to £4 12s 6d; store cows, 20s to £2 10s; dairy cows, £4 10s, £6 10s, £7, £8 ss, £9 to £11; springing heifers, £5 10s, £7 ss, £8 to £ll 12s 6d. SALE OF CRUTCHINGS AT NAPIER. Per Press Association. ‘ NAPIER, Aug. 23. The second winter sale of crutchings was held in Napier to-day when 1100 bales wero submitted. The attendance of buyers was not so largo a sat the preceding sales, and, with apparently a lack of orders for export, there was a slackness in the bidding. This was more pronounced for medium to good types of crutchings, which showed Id to decline from the last sale’s rates. Seedy and inferior usually nipt with free competition and did not show quite the same I decline. The market appears to have been, if anything, a slight improvement on this week’s Wellington and Wanganui sales. WELLINGTON PRODUCE MARKET. (By Telegraph.—Special to “Standard.”) WELLINGTON, Aug. 23. Though the conditions are quiet with potatoes, prices are holding firm despito the weakening tendency in the 60uth. Dakotas are £ll per ton; whites, £lO to £lO 10s per ton. Southern and Japanese onions are going off badly. The former are quoted at 11s petbag; Japanese, 16s 6d per case. Californians to arrive next week are quoted at 16s petbag. Wheat is firm at 7s. 4d to 7s 6d per bushel. Oats. —4s to 4s 6d per bushel. Pollard. —£10 15s per ton. Bran.—£B 10s per ton. Maize. —6s 8d per bushel. Chaff is very firm at £9 por ton. BRADFORD MARKET QUIET. (Australian Press Association.) LONDON. Aug. 22. The Bradford wool market is quiet, with a weaker tendency. Quotations: Thirty-four’s, 37d ; sixty’s, 34Jd; fiftysixes’, 28Jd : fifty’s, 25d; forty-sixes’, 21Jd ; forty’s, 21d.

FROZEN MEAT. Dalgety and Coy., Ltd., report under date London, 22nd August, 1929: —Lamb: N.Z. Canterbury lamb, 28-361bs, B|d; North Inland, 28-361bs, B|d; Canterbury, 36-421bs, 7Jd; North Island, 36-4211)5, 7|d; Canterbury, 2nd qualitj', 7id; North Island, 2nd quality, 7J,d; Canterbury, 42-501bs, 7§d; North Island, 42-501bs, 7|d. Market weak; demand quiet. Mutton: N.Z. prime Canterbury mutton, 48-561bs, 61 d; North Island, 56-641t>s, 6d; Canterbury, 56-641bs, 6d; North Island, 56-641bs, s|d; Canterbury, 64-72!bs, s*d; North Island, 64-721bs, sid; Canterbury owes, 48-641bs, 4^d; North Island, 48-64 lbs, 4£d. Beef: Argentine chilled hinds, 7d; fores, 4d. Pork: English porkers, 80-1001bs, 10d; N.Z. porkers, 80-1001bs, 8d; 100-1201bs, 73d. TALLOW. Dalgety and Co., Ltd., report under date London, 21st August, 1929: —853 casks tallow offered, 256 casks sold. Late rates maintained. MELBOURNE PRODUCE PRICES. MELBOURNE, Aug. 23. Wheat, 5s 41d; flour, £l2 5s to £l2 10s; bran, £7 10s; pollard, £7 15s; oats, 4s to 4s Id ; barley, English, 4s; maize, 5s to 5s 2d. CHICAGO WHEAT PRICES. (Australian Press Association.) NEW YORK, Aug. 22. Chicago wheat quotations arc as follow: —September, 1311 cents per bushel; December, 1391 ; March, 140 l May, 149 J, “Arrangements aro now in hand for a capable scientist at Massey College to undertake a special investigation into the influence of dietetic conditions upon sterility and upon reproduction generally,’’ wrote Hon. G. S. Forbes (Minister of Agriculture,’ to Mr W. Lee Martin, M.P., of Hamilton, in advising him that it was intended to establish a field laboratory in Hamilton to assist in the investigation of cow diseases and other matters.

Bank of Australasia ... 14 9 6 N.Z. Refrigerating (10s paid) ... 0 6 11 N.Z. Breweries 4 4 0 British Tobacco .... 2 8 0 N.Z. Drug ... ... 3 16 9 Staples and Co. .. ... ... 2 14 6 Waihi Mining ... ... .. ... ... 0 12 3 Ohincmuri Mining ... ... 0 10 ’i i i r 6

were as under: — Buyers. Seller*. N.Z. GOVT. LOANS— £ s. d. £ s. d. 5£ p.c. Ins. Stk., 1933 lUi 2 6 — 51 p.c. ditto. 1936 101 10 0 — 5i p.c. ditto, - 1941 99 17 6 — 4£ p.c. Bonds, 1939 ... 51 p.c. ditto, 1933 99 17 6 — 01 5 0 — 5* p.c. ditto, 193b 101 10 0 — DEBENTURESN.Z. Breweries (bonds) — 1 8 6 BANKS— . . Australasia 14 8 6 14 11 U Australian Bank of Commerce Commercial of Aust. 1 15 6. 9 (ord.) — 1 9 English, Scottish and Australian 8 7 0 — National of N.Z 6 18 6 7 0 0 National of Australasia (£5) — 9 15 0 New South Wales — 52 5 0 New Zealand 3 3 0 — Ditto long term Union of Australia ... 1 8 4 1 8 9 15 1 0 15 3 6 Ditto (Melbourne register) FINANCIAL— 15 2 0 15 5 0 Goldsbrough Mort ... 2 7 6 2 8 0 N.Z. Guarantee Corp. (ord.) 0 9 4 0 9 7 N.Z. Loan and Mercantile (ord.) 125 0 0 128 0 0 Wright, Stephenson (pref.) GAS— 0 18 0 Auckland (prof.) 1 3 11 — Gisborne 0 13 6 — INSURANCE— National ■ 0 16 3 0 16 5 Now Zealand 2 7 6 — MEAT PRESERVINGWell. Meat Ex. (ord.) — 0 9 0 N.Z. Refrigerat. (10s) — 0 7 0 TRANSPORT— Huddart-Parker (ord.) ' 2 6 3 Ditto (pref.) — 1 2 6 Union Steam (pref.) 1 1 0 — P. and 0. def. stock .. 2 15 0 3 0 0 WOOLLEN— Mosgiel 7-14 0 — Wellington (ord.) .... — 7 1 0 Ditto (pref.) — 7 2 0 COAL— Westport 1 12 9 — Waipa 0 13 4 — BREWERIES— Grown 0 7 0 — New Zealand 4 4 3 4 4 9 Staples and Co 2 14 5 2 15 0 MISCELLANEOUS— Burns, Phiip • and Co. British Tobacco (Aust.) — 2 9 0 (ord.) 2 8 0 — D.I.C. (ord., prem.) . Dunlop Rubber 0 13 0 — 1 8 9 — Electrolytic Zinc (ord. and prof.) — 2 0 0 Howard Smith (ord.) — 1 4 6 N.Z. Farmers’ Fortiliser — 1 3 0 Sharland and Oo. (ord.) — 1 3 0 Ditto (pref.) 1 1 6 1 3 0 Taranaki Oil 0 4 1 — Wilson’s Cement 2 4 4 2 4 9 MINING— Mount Lyell — 2 4 9 Waihi 0 12 0 0 12 5 Waihi Grand Junction — 0 1 6