FARMING AND COMMERCIAL

Manawatu Standard, Volume L, Issue 74, 22 February 1930, Page 5

FARMING AND COMMERCIAL

LIGHT LITTER HANDICAPS. The distribution of litter weights at eight weeks old in the three groups under review brings into prominence tho large proportion of sows which. produce litters whose eight weeks weight is less than 2001bs, while only some 15 per cent, of all litters rouch weights of 3001 b or over at this age. This large percentage of low weight litters is a serious economic handicap to'the industry, and emphasises the necessity for paying more care to weaning weights and the factors on which they are dependent, namely, breeding, feeding and management. It has been found that some sows produce less than 1501 b weight of pigs at eight weeks, while others of the sarno breed produce up to 4001 b weight. This difference is, of course, not entirely attributable to the sow. The importance of getting piglets up to good weight at eight weeks could not have been reabsed, but it has now been proved from the results of the past year’s work that getting piglets up to heavy weight at eigiit weeks old is the key to tho whole question of economic production. The relationship between litter weights at eight and sixteen weeks old respectively forcibly demonstrates the all-important part played by management, feed and care.

FEEDING. ! Tho section of the report dealing with feeding lays stress on the importance of balanced rations. Nursing sows fed on illproportioned feeds such as whey and skim milk, from which they have to abstract all theij solid nourishment from large quantities of liquid, give disappointing results. It was possible only in a tew cases to collect sound information relating to feeding, but it .appears that the use of meals with dairy products will give satisfactory results at a profit. The great bulk of New Zealand pig feed consists of dairy by-products. In other countries 61b of milk is held to save the same feeding value as lib of grain. The uso of grain in New Zealand can be profitably followed only when its use renders a higher net return possible than from skim milk or whey. An outstanding factor which limits economic production in every district in New Zealand is the incomplete nature of winter feed, with the resultant loss of thrift, high mortality and long recovery period when milk is available. Almost 50 per cent, of •ows are barren for half the year because dairy products are unavailable and tho prico of other fattening foods are not attractive. This represents an enormous potential loss 'O the industry. As a result of local re- • :arch there are now available in almost • ery district plentiful supplies of meat meal •v a price which will pay to use it. With any 41* ss of winter feed (grass, roots, potatoes, ®>trrow3, artichokes, etc.) the use of jib meat meal per pig per day will give entbely new values to the feeds used. Where ®>‘it meal has been used in trials during tht past throe years it has increased the ?ei llr n from these winter feeds by as much *» ten times. PIG RETURNS PER COW. -A.tached to tho report quoted from, there •ro two tables showing data collected from Waikato farms which are designed to show the le t returns per cow from pigs after paying r or concentrates, tho basic diet being •kim milk and whey. The highest return from the ten farms under the skim milk aectioi j s S et down at £5 18s and the lowest return falls . to £1 16s per cow. The published "igures, however, seem to be incomplete % being an exact statement of the actual t revenue from the pigs marketed. The flr.t farm has an area of 75 acres, carrying 30k cows. The number of pigs wintered wag 42, which would have been carried 0' f , r f rom the previous season. The returns -ft om these 42 pigs are shown as being prott which would be quite correct if a simila,. number had been left on hand at the end 0 f the season. Presumably the following yn U r would begin without any wintered stc r k bred on the place. If supplies have’t-, bo bought in it would be interesting tv, see whether the earnings would again , qua l £5 18s. Another interesting result which can be worked out from the figures published is the fact that Ifio herd of cows gave the surprisingly low return of 1661 b of butterfat per cow, which equals just over 661 b of butterfat per Here. It is not uncommon for herds of cow.) to product l over twice this quantity of lautterfat per cow and it would appear that itb the instance under notice the management concentrated on the by-product rather 1 lAn on the major earning item on a dairyjlfarm. The second best fa'*n in the list for pig production showed £-» 15s net return per cow from pigs, but iA took 200 acres to produce an average 601 b fat per acre from 55 cows. 4 On the other hand, Tho lowest skim milk returns for pigs shov*£l 16s per cow, but in this instance a 36 acre farm produced 2501 b of butterfat per cow,Tor 1251 b per acre. It is also to be notcT that on this farm there were no pigs on* hand at the beginning of the season. T While useful in other respecTs as regards records of sows and litters inner observation the figures published in thcfttable showing the return per cow from pics are not convincing, except to demonXrate that where success has been slrown ■> the pig department, there appears to bT evidence that the dairy herd has suffered twough indifferent management. » TEST OF PORK PRODUCTION. In other countries where pig-Acording has been carried out for a number 1H years, the test has been extended with thßk>bject of finding out tho relative gains inMfeiKht from food supplied to pigs from fltjil>'dly growing strains and from others brJHMfiP m

slow gaining blood lines. At the lowa experimental station in America tho producttivc efficiency of a very large number of pigs has been studied since 1910. It has been definitely established that tho progeny from breeding sows whoso _ near relatives showed rapid gaining abilities could be brought to 2001 b live weight and more at six months of ago much more readily than others from slow growing strains. In further tests covering thousands of pigs it has been found that the feed requirements of rapidly growing animals arc less than those which reach marketable weight slowly. The records were kept from the time the pigs were weaned at 401 b until they wont to market at 2251 b. It was found that pigs which showed gains of only ilb daily took approximately 4361 b of feed for each hundredweight of gain. Pigs which gained lib per head daily tooß only 4301 b of feed for the same weight of increase, or 561 b les3 for the 1001 b of pork yield. It was further discovered that pigs putting on 1.51 b daily took even less feed than those which gained lib or only 3741 b, thus showing another decrease in feed requirements amounting to 561 b. REAL ECONOMY.

To get efficiency of production from grain or other feeds it is necessary to select “speedy” pigs which put on flesh rapidly. By speeding up tho gain from 1 to 21b per head daily the feed requirement is cut down 1121 b on the hundredweight of gain attained. That is real economy. By analysing the figures more closely, it is found that for every one-tenth of a pound of extra gain put on by the pigs, eleven to twelve pounds of food is saved on each 1001 b of pork. This means about 31b more weight per month, or some 181 b greater gain in six months. By increasing the rapidity of gains food, time, labour and overhead expenses are saved, besides lessening tho risk of sickness and death. SHOW BACON PIGS. At two shows visited during the present month the bacon classes provided some points of interest. At Feilding there was a record entry of fifteen pairs of pigs which in the opinion, of competent judges was considered to bo the finest exhibition of bacon pigs that has been seen at any show both lor numbers and quality. The pigs will be on exhibition again in June in the form of bacon when the final decision will be given on their merits tor marketable purposes. \v lttiout anticipating any results which may be forthcoming when the bacon is cured, the weighing of the live pigs which took place before judging was commenced revealed the fact that fatteners of pigs have still a good deal to learn in estimating tho live-weight of pigs. The schedule stated that pigs for competition were to weigh between 170 and 2071 b live weight, which, allowing for deductions for offal, would dress out at from 120 to 1501 b dead-weight. Out of tho fifteen entries no less than six pens were either under or over Ohe stipulated weights. Most of theso pens contained one or more underweight pigs and as these pigs were specially selected on the owners judgment to meet a specified requirment it goes to show bow a fattener may be honestly deceived on tho decision of the scales. Further, it shows the impossibility of buying and selling at a true value on estimated live-weight in the sty. At Masterton during the present week two pigs only in the single pig bacon class, and three pairs in another class, were presented to the judge. The conditions there were for the best commercial entry, irrespective of weight. In the pens for single pigs, one contained a pig which would weigh out at least 2001 b when dressed and the other a rather coarse pig of about 1601 b dressed weight. As presented, neither pig represented the ideal type required by the curers and the judge was placed in a rather difficult position, lie had to decide which was the best commercial pig. Tho larger pig was an ideal typo but carried at least 601 b more flesh than the local market wants. It was, however, givon first prize which, under tho circumstances, was jierhaps the best do cisian, but is misleading as far as it represents the type of pig required by the market or the most profitable pig for tile farmer to produce economically. Fifty pounds of flesh bad been put on for which the curer has no use and does not pay

for in ordinary buying. In the pairs class overweight pigs again received the first award in preference to other nice quality lighter pigs which conformed more nearly to the carer's requireShow competitions are supposed to be educational and it was here that the judge could have mode a distinction between heavy overgrown pigs and good quality lighter sorts. Except for seasonal and specific trade requirements in Great Britain there is no regular demand for heavy pigs. When export trado in pigs is better established and a proper system of grading is in operation, tho big pig will be regulated into its proper place. In the meantime it seems unwise to encourage farmers to waste time and feed on an animal which can not be so economically produced as another for which there is an unsatisfied demand both for local and export trade.

RING-WORM IN CATTLE. Says a writer in the British Livo Stock Journal: Cattle arc frequently affected with ring-worm, and treatment should not be overlooked as the malady spreads rapidly. The affected part should be well scrubbed with water, in which a little soda has been dissolved and an ointment composed of one part carbolic shfcep dip and 10 parts of lard applied. Cattle houses should be whitewashed with a lime wash in which has been place somo disinfectant. A correspondent states that he has seen many a cure effected by painting with iodine or rubbing on iodine ointment, whilo one cattle man used to get good results by smearing on mustard made up into a thick paste. This, however, is somewhat drastic, as it will,.be prone to burn the skin too greatly. CANTERBURY MARKETS. Per Press Association. CHRISTCHURCH, Feb. 21. Wheat continues to come steadily on to the market. There is a great uilference between tho yields, the lowest so far reported being 17 bushels and the highest 60 bushels per acre. Tho average, However, seems to be a little over OU bushels. The market is a little weaker than it was, Tuscan selling at 5s 8d to bs 9d, Hunters at 5s lid to bs, and Pearl at 6s 2d to 6s 3d. There is very little inquiry for the latter, and it is difficult to soil it. Prompt fowl wheat is quoted at 5s lOd per bushel; April-June 5s 9d, April-Septem-ber 5s lOd, and April-December at 6s Id f.0.b., S.I. f.0.b., S.I. . The market for oats is very firm, and a good deal of business has been done in them this week. Duns are qugted at 4s 6d to 4s 8d on trucks, though it is reported that 5s on trucks has been offered for an exceptionally choice line at a lid station. A Cartons are commanding 3s 9d on trucks, and B’s 3s sd; Algerians 3s 6d for ordinary up to 4s Tor the best. The North Island has bought somo Tasmanian Algerians and also somo Tasmanian Duns. ... , Good chaff is very scarce, and is hard to get at £5 for new on trucks. -At this time last year £3 10s. to £3 12s 6d on trucks was being paid. Old chaff is quoted at £6 on trucks. Thero is a disposition on tho part of a good many growers to chaff their oats instead of thrashing them. . The potato market shows a weakening tendency and to-day’s quotations arc £4 ‘IDs to £4 12s 6d for April-May-June, £4 17s 6d for July, and £5 12s 6d for AugustSeptember. There is an absence of definite inquiry. Dako as arc about 2s 6d a ton dearer than whites. Wellington being practically the only market for these. There is a lack of animation on the onion market, which is described as “sick.” Today’s quotation is £3 10s on trucks. There are somo very good cro P s of barley and somo vory poor ones. Ihe value of ’the Cape variety to-day is 3s to 3s 3d on trucks, whilo malting is quoted at 4s tC> There ie very little change in the market for small seeds, offering having eased off sinco the thrashing of these seeds. Akaroa cocksfoot is quoted at 8d to 9d., and Plains 7d to 8d on trucks. A few samples of white clover arc offering, prices ranging from 8d to lOd a pound on trucks. 45t0-day

FEILDING EWE FAIR.

PIG INDUSTRY RESEARCH.

- ] SELECTION ON PERFORMANCE. i - ; , (By “Ploughshare.”) The first report of the Pig Industry Research Committee, covering the work of the three recording groups operating in the Canterbury, Waikato nnd Manawatu districts, appears in the lost iesuo of the Journal of Agriculture and contains a good deal of general information regarding the individuality of breeding stock, economic feeding and management and the necessity of selection on performance. The report is based on conclusions and data furnished by the three directing officers of the recording groups, Mr M. J. Soott, Canterbury Agricultural College, Professor Riddet Massey Agricultural College, and Mr C. M. Hume, Hamilton. In explanation of the objects of pig recording groups, it is stated that during the past ten years methods of improving live stock production have received considerable attention along tho lines of selection by performance and this-method has come to be recognised as the surest way of making improvement. It is now clearly recognised that unless purebred stock are also stock of high productivity their pedigree can be of little use. It is recommended that breed associations should decline registration of animals which consistently produce small litters. Performance has to bo tacked on to pedigree, and the only way of evaluating performance is by keeping records of growth rate and production costs. By doing «o all the poor performers can be eliminated, and ultimately only the proven high performers will be used. WEIGHT OF LITTERS. Litter weight at eight weeks of age ap- i pears to bo the crux of consideration. It is 1 related to numbers in the litter, but not j alone to the question of number. By weighing tho piglets at regular intervals from birth onwards, it has been found that there can bo heavy litters at eight weeks with litters of average size, just as there can be with litters of larger size. It is the produce of the sow that counts, and it is by increasing the weight per piglet that improvement can bo best effected. Heavy piglets indicate good feeding, housing and management, while tho lighter ones indicate the reverse and, while the present average weight per litter at eight weeks is 2251 b, it is possible to secure more than double this weight. The number of pigs born cannot be increased, and although this number is largely influenced by the treatment received by the sow prior to farrowing. it is not entirely controlled by man, and lies largely in the power of the animal. Until the management factor is standardised the influence of heredity cannot be definitely measured. It has been found as a result of the past year’s work that whatever the conditions pervading on the farm, the litter weight at sixteen weeks old can be forecast from the litter weight at. eight weeks old, because in general the feeding remains the same throughout in the cases reviewed.

HIGH VALUES PREVAIL. ADULT SHEEP IN DEMAND. (Special to Standard.) FEILDING, Feb. 22. “A great salo” was the universal comment at the conclusion of tho ewo fair in Feilding yesterday when about 21,000 sheep of all ages, were offered to an extremely largo attendance of buyers from all parts of tho North Island. Purchasers wore offered a wido rango in valuo but for the most part the offerings showed were indication of having been well done and few lines could be described as poor. As was only to be expected with the large number of ewes offering, the market opened cautiously but a confident tone soon asserted itself and prices commenced tb rise above vendors’ expectations. In fact the prices paid in some instances for adult sheep made it difficult to see what margin of profit there was for the purchaser for present market conditions for both wool and mutton aro not such as to inspire confidence. Tho present flush of feed may have had something to do with the keen inquiry that prevailed for adult sheep, as on all hands stock owners report that their holdings are under-stocked. Proportionately two-tooth sheep averages were not quite, as high as the older ewes, but tho values could only be classed as extremely satisfactory. . . Top price at the fair was again secured by Mr J. D. Hocking, of Kiwitea, who for two lines of well finished two-tooths, obtained 42s and 43s 6d respectively, the offerings being in the hands of Levin and Coy., Ltd. The same firm also sold a large line on account of Mr J. C. Kennedy at 37s 2d, while Dalgety and Coy., Ltd. secured the next highest price of 37s with a line of twotooths from the Estato of the late Mr E. Short. Mr N. J. Short, of Waituna, obtained tho good price of 36s for his twotooth ewes, which were offered by Messrs Abraham and Williams Ltd. Detailed quotations are as follow Two-tooth ewes: 23s Id, 25s Id, 25s Id, 27s Id 28s, 28s Id, 28s 7d, 28s lOd, 295, 29s Bd, 30s, 30s 4d, 31s, 325, 32s 3d, 32s 4d, 32s 6d, 32s lOd, 33s 3d, 33s 9d, 345, 34s 2d, 34s 9d. 355, 35s 3d, 35s 9d, 365, 375, 37s 2d, 425, 43s 6d. Four-tooth ewes: 25s lOd, 26s 3d, 27s 27s 7d, 28s 9d, 29s 3d, 30s; 4 and 6-th ewes: 25s lOd, 30s 2d ; 6-th ewes ; 30s; 4 & 6-th and 4 and 5-yr. owes; 18s (poor), 275, 27s 8d• (good); 6-th to 4-yr ewes; 22s 2d; 4-yr ewes; 20s 9d, 235, 23s 2d, 23s 7d, 24s 24s 3d, 25s 6d. 25s 7d, 265. 27s Id, 27s 7d: m.a. ewes 27s Id; 4 and 5-vr ewes: 12s 6d, 16s 6d, 18s Bd, 19s 2d, 19s 4d, 19s 6d, 20s 6d, 20s 7d, 21s 7d, 21s Bd. 23s 2d, 23s 3d, to 25s 7s; 5-yr ewes: 12s 3d, 14s 7d, 16s, 17s, 10s 2d, 19s sd, 19s 6d, 19s Bd, 20s, 20s 6d, 21s Id, 21s 3d, 22s Id, 23s to 24 4d.

AUCTIONEERS’ REPORTS. Dalgety and Coy., Ltd., report that the yarding by all companies totalled some 24,000 ewes, chiefly annual drafts from local graziers, and the majority of _ the sheep came forward in splendid condition. Their individual entries comprised some 6400 head, including a choice lino of 50 2-th Romney ewes sold on account of estato late E. Short and which realised the top price of the day of 112 3s 6d, the purchaser being Mr J.-A.-Mitchell, Longburn. Tho postponement of the wool sale ill Wellington apparently did not disturb the farmer’s mind and probably with his wool clip still in his own possession, and with faith in tho near future that the market will harden, optimism throughout .tho day was most prevalent, buyers tackling their work in earnest with the result that practically the whole yarding was cleared at prices decidedly in excess of those expected. Tho following is a list of sales: —Account D. L. Younger, 4-th to 5-yr. ewes; 23s 3d; account \V. G. Pearce, 5-yr ewes, 19s 2d; account B. S. Lawrence, 5-yr ewes, 19s 6d; account Bruce Estate, 5-yr owes, 19s 7d; account E. W. Collins, 4 and 5-yr ewes, 20s 9d; account \V. S. Campbell, 5-yr ewes, 19s 2d; account Manson’s Estato, 5-yr ewes, 21s 7d; account S. Williamson, 4-yr ewes, 27s 7d; (This was highest prico lor tins age sheep on the day). Account D. G. Forlong, 4-yr ewes, 23s 7d; account D. G. Forlong 5-yr ewes, 215.1 d; account N. J. Short, 4 and 6-th ewes;' 28s Sd; account; E. G. .Wooilams, 4 and 6-th ewes, 26s 6d;. account E. W. Collins, 4 and 6-th owes, 25s lOd; account M. A. Conway, 2-th ewes, 33s 3d, 355; account

D. G. Forlong, 2-tli ewes, 31s 3d; account Estate E. Short, 2-th ewes, 375; account A. Gray, 2-th ewes, 31s lOd; account T. Rowland, 2-th ewes, 375; account E. VV. Collins, 2-th ewes, 35s 9d; account J. M. Murdoch, 2-th owes, 30s; account D. H. Buchanan, 2-th ewes, 28s Id; account Palmer Bros., 2-th ewes, 34s 2d. In conjunction with Abraham and Williams Ltd., account R. MacDonald, 4-th to 5-yr ewes, 27s Id; account R. MacDonald, 5-yr ewes, 23s 3d, 24s 4d. ... Abraham and Williams, Ltd., report as under: This year approximately 24,000 ewes were yarded, showing a decline of about 6000 ewes on last year’s entry. Generally the quality of the sheep was up to the usual standard, and from the start the indications were for a good sale, and 6uch proved to be the case. There was a largo attendance of buyers from all parts of the North Island. A good demand for ewes existed, but in the case of the better lines this demand was noticeably more keen. Several outstanding lines both of young and older ewes were competed for very freely and sold particularly well. Naturally, owing to the wool deadlock, prices suffered somewhat, but on the whole we can report having had a very satisfactory sale and managed to quit practically tho whole of our entry with the exception of a few pens upon which owners’ reserves were rather high. Our main sales were as under: —Account of R. M. McDonald, Ashhurst (conjunction Dalgety and Co., Ltd.), 250 4, 6 and 4-ycar ewes 27s Bd, 160 4,6, and 4-year ewes 275, 831 5-year ewes 24s 4d, 518 4, 6, 4 and 5-year ewes 23s 3d, 375 do., at 23s 2d. Account L. Meads, Phaikikura, 109 4yeur ewes 265. Account R. Port Pohangina, 389 4-ycar ewes 25s 7d, 136 'do. 25s 3d, 123 do. 25s Id. Account A. R. Bartlett, Kimbolton, 419 4-year ewes 25s 7d. Account R. J. Culling, Pohangina, 250 4-year ewes 245. Account E. B. Farmer, Kukariki, 320 4-year ewes 23s 2d. Account C. H. Leicester, Waituna. West, 123 4-year ewes, 2Ss Id. Account M. A. Conway, Cheltenham, 184 5-year ewes 235. Account W. Williamson, Tc Awa, Kiwitea, 190 4 and 5-year ewes 21s. Account E. Kerrigan, Ashhurst, 300 4 and 5year ewes 21s bd, 169 do. 21s 2d. Account W. F. Vilcs, Colyton, 144 4 and 5-year ewes 20s 6d; Account A. K. Groves, Aokautere', 199 4 and 5-year ewes 20s 6d, 80 do. 20s 2d. Account S. N. Managh, Feilding, 113 4-tooth ewes 28s, 115 do. 26s 6d. Account M. C. Thompson, Estate, Feilding, 237 4-tooth ewes 29s 3d, 88 do, 27s 7d, 169 do. 275, 100 2-tooth ewes 30s 4d, 212 2-tooth ewes 27s 3d. Account P. McVerry, Dannevirke, 70 4-tooth ewes 295, 100 2-tooth ewes 295. Account C. Eamcs, Cunninghams, £0 2-tooth ewes 33s Id. Account W. G. Shannon, Palmerston North, 25 2-tooth ewes 375, 93 do. 32s 9d, 122 do. 31s. Account N. J. Short, Waituna, 50 2-tcoth ewes 365. Account Messrs Shannon Bros., Waituna West, 110 2-tooth ewes 365. Account J. Guylce, Feilding, 46 2-tooth ewes 345. Account J. C. Kennedy, Dannevirke, 350 2-tooth ewes 32s lOd. Account J. Northcott, Rewa, 99 2-tooth ewes, 32s 3d. Account Messrs Palmer Bros., Kelvin Grove 191 2-tooth ewes 325. Account J. Palmer, Raumai, 62 2-tooth ewes 325. Account L. Meads, Pahikura, 55 2-tooth ewes 30s.

MASTERTON RAM FAIR. Per Press Association. MASTERTON, Feb. 21. The Masterton A. and P. Association’s annual ram fair concluded at the Solway Showgrounds to-day, when Lincolns and Southdowns were offered. I here was again a large attendance of buyers, but prices were only fair, competition being moro or less confined to animals of quall’he top price for stud Lincoln rams, 50 guineas, was secured by Mr A. D. McMaster, of Feathereton, the purenaser being Wright, Stephenson and Co., as agents. Tho highest priced stud Soutiidown ram was sold on account of Mr R. M. Perry, of Masterton, at 92 guineas, being knocked down to Mr W. Perry, of Penrose, after Mr A. H. ‘Falloon, of Masterton, had run the animal up to 90 guineas. Flock Lincolns were hard to quit, but flock Southdowns sold more freely at fair prices only. The bulk of the stud Lincoln offering failod to reach the reserve and passings were also fairly heavy for stud Southdowns. There was no demand for flock Corriedale or Ryeland rams. Flock Southdown ewes and ewe lambs were also neglected.

WELLINGTON STOCK EXCHANGE.

YESTERDAY’S BUSINESS AND PRICES. I Although there was not much actual busi- j ness on the Wellington Stock Exchange yesterday, there being only three sales recorded, the brokers appeared to be well supplied with buying orders. Government securities were steady. Tor the 5j per cents. (1937) buyers repeated their bids of £95 15s, , but there were no sellers. Tho 5i per cents, i (1933) were in demand at, £97 12s 6d, and the 5j per cents. (1933) at £99 and (1936) at £99 ss. Wellington Harbour Board 4J, per cents. (1946) were up 7s 6d at £B3 7s 6d, Wellington Racing Club debentures were steady at £lO6, and there was a bid of 21s 6d for New Zealand Milk Products debentures. Bank shares were in good demand and showed a rising tendency. Bank of Australasia at £ll 19s rose another Is 6d, which makes three advances in as many days. Australian Bank of Commerce wero wanted at 24s 9d, and Commercial Bank of Australia at 22s 6d, the latter being a shade easier. Commercial Bank of Sydney at £2l 7s 6d were up 2s 6d, National Bank of New Zealand noso another 6d to £6 Is. National Bank of Australasia, £lO paid, at £ls 7s were 2s higher. Bank of New Zealand rose 3d to 47s 3d, but the long-term shares were unchanged at 26s 9d. Union Bank were also without change at £ll 18s 6d. There were no buyers of Bank of New South Wales, while there were sellers at £4l cum. dividend. Goldsbrough Mort and Co. at 31s lid were 2d up. Now Zealand Guarantee poration, at Bs, and Wellington Deposit at 10s were unchanged. New Zealand and River Plate were in demand at 265, but sellers asked 295. Auckland Gas at 23s and Wellington Gas ordinary at 29s 6d were unchanged. Australian Provincial Assurance were steady at 6s 3d with no sellers. Gear Moat at 38s and Wellington Meat Export ordinary at 4s were both firm. Union Steam were again wanted at 20s, National Timber were steady at Bs, New i Zealand Breweries were in demand at 83s, but there was no bid for Staples and Col, | still there was a salo reported at 48s, | Colonial Sugar wero up 5s at £43 15s. British Tobacco wero slightly firmer at 42s Id. Holden’s Motor Body Builders were wanted at 15s 3d, but sellers asked 18s bd cum. dividend. National Electric at 10s and Newton King at 11s 6d were unchanged. There was a bid of 71s for New Zealand Drug, with sellers at 735. Sharland and Co. were steady, the ordinary at 19s 6d and the preference at 19s 9d. Wairarapa Farmers’ preference were again wanted at 13s 9d. Wilson’s Cement were 4d up on ; th last bid at 38s lOd. Mount Lyell were in demand at 33s lid with 6ales at 345. YESTERDAY’S QUOTATIONS. Buying and selling quotations at tho final call yesterday on the Wellington Stock Exchange were as follow: —

YESTERDAY’S SALES. The following sales were recorded on the Stock Exchanges of tho Dominion yesterday : Wellington.—4J p.c. Government Bonds (1939) £9B 17s 6d; J. Staples and Co., £2 8s; Mount Lyell, £1 14s. Auckland. —Bank of New Zealand, D mortgage, £1 6s 3d. Christchurch. —Commercial Bank of Australia, £1 2s 9d; Union Bank of Australia. £l2 Is 6d; N.Z. Refrigerating, paid, 10s, 5s 9d, 5s lOd, 5s lid; Westport Coal, £1 10s 8d; N.Z. Breweries, £4 3s; Tooth’s Brewery (2), £1 19s 6d; Booth MacDonald, preference, 4s 6d; New Colosseum, £2 0s 6d, £2; Mount Lyell (2), £1 13s 9d, £1 13s 8d; Mahakipawa, ljd. Sales reported: Commercial Bank of Australia, £1 2s United Building Society, 15s 2d; Booth Macdonald, pref., 4s 7d, (2) 4s 6d; Colonial Sugar, £44; Electrolytic Zinc, ord. cum. div., £1 10s, £J 9s 9d. Dunedin.—Electrolytic Zinc, ordinary, £1 8s 6d. Sales reported: National Bank of New Zealand, £6; N.Z. Breweries, £4 3s 9d.

BRADFORD QUOTATIONS.

LONDON, Fob. 20. In the Bradford tops market, Merinos are low and crossbreds are quiet. There is a limited inquiry for fine crossbreds. . Current quotations compare as follow with those previously cabled: Jan. 30. Feb. 6. Feb. 13. Feb. 20. Per lb. Per lb. Per lb. Per lb.

DAIRY PRODUCE. LONDON, Fob. 20. The butter market is quiet, with quotations weak. Danish, 168 s. Choicest 6alted, New Zealand, 144 s to 1465; Australian, 140 s to 1425; unsalted, New Zealand, scarce at 1625; Australian, 1445. Tho cheese markot is slow. New Zealand, coloured, 85s; white, 87s; Australian, 84s to 86s. Dalgety and Coy., Ltd., have received the following market advice from their head office, London, under date of the 20th inst.: —Butter and cheese: Holders pressing sales but buyers not responding. Butter: Danish, 172 s to 174 s (176 s to 178 s); New Zealand finest salted, 144 s to 146 s (149 s to 1525); Australian finest unsalted, 144 s to 148 s (150 s to 1545); Australian finest salted, 140 sto 142 s (146 s to 150 s); Australian g.a.q., 136 s to 138 s (142 s to 1445). Cheese: New Zealand white, 86s to 37b (88s to 90s); coloured, 85s to 86s (86s to 88s); spot price Canadian white, 92s to 96s (96s to 98s); coloured, 92s to 96s (96s to 98a). Last week’s prices are given in parentheses. FROZEN MEAT. Dalgety and Coy., Ltd., have received the following cablegram from London dated February 20: —Lamb: New Zealand prime North Island, 28-361bs, lUd; 36-421bs, llid; second quality, 93d; 42-501bs, llid. Market for New Zealand lamb very firm, demand ctive. Mutton: N.Z. prime North Island. 48-561bs, 7Jd; 56-641bs, 7id; 64-721 be, 6Jd; North Island ewes, 48-641bs, sjd. Market i for New Zealand mutton very firm, demand continues. Australian lamb: G.a.q., 28-361bs, 9|d; 36-421bs, 9jjd; f.a.q., 28-361bs, 8d; 3rd, 7id. Market firm, demand active. Australian mutton: G.a.q., 40-601bs, 6d; 30-551bs, 5Jd; Australian ewes, sid. Market firm, demand better. Beef: N.Z. prime ox hinds, 7d; fores, ,sid; Argentine chilled hinds, 7jd; fores, sid. Market very firm, demand active. Pork: English porkers, 80-1001bs, 12d; New Zealand porkers, 80-1001bs, lid, 1001201bs, 10id. Market unchanged, demand better owing to cold weather. STOCK MARKET. Dalgety and Cov., Ltd., Palmerston North, report that their Mangaweka owe air held on Thursday, 20th inst., their mtry comprised some 6300 ewes from jraziers in the immediate vicinity of Manjaweka. There was a very large attendance cf the public and the majority of the stock yarded changed hands at most reasonable prices compared with those which have been ruling at recent ewe fairs. The following is a list of the principal sales: —Account F. H. R. Gorringe, 400 5-year ewes 24s 7d, 150 do., 24s 4d, 200 2-tooth ewes, 30s 9d. Account J. A. Glenn, 331 5-year ewes, 24s lOd. Account Fox Estate, 151 4 and 5-year ewes, 24s Id, 149 5-year ewes 22s 9d, 200 2-tooth ewes 30s Id. Account A., Littlejohn, 177 m.a. ewes 20s 2d. Account E. Dickenson, 115 5-ycar ewes, 22s 6d. Account R. M. Gardner, 100 5-ycar ewes 21s 3d. Account Anderson Estate,. 322 4 and 5-year ewes 235, 177 4-tooth maiden ewes 30s 3d. Inferior m.a. ewes sold at 14s 4d, 15s 6d, 16s 6d; m.a. ewes at 17s 6d, 18s 9d to 19a sd; small 2-tooth ewes sold at 26s to 26s 7d. In conjunction with other companies we sold: Account T. Ireland, 350 4 and 5-year ewes 225, 140 2-tooth ewea 31s. Account Estate A. E. Russell, 914 5-year ewes 25s 6d, 180 4-tooth ewes 30s 6d, 189 4-tooth maiden ewes 32s 2d. Account W. A. Davidson, 11C 5-year ewes 235, 128 2-tooth ewes 355. Account A. E. Raynor, 224 4-year tewes 25s 9d Account C. McKinnon 200 2-tooth ewel 25a.- , - .. !

Buvers. Sellers. N.Z. GOVT. LOANS— £ a. d. 4j p.c. Ins. Stk., 1939 £ s. d. and 1938 — p.c. ditto, 1933 90 0 0 5j p.c. ditto, 1936 99 5 0 5i p.c. ditto, 1933 97 12 6 5£ p.c. ditto, 1937 95 15 0 99 2 6 44 p.c. Bonds, 1938 ... — 99 2 6 4£ p.c. ditto, 1930 — 100 0 5i p.c. ditto, 1936 99 5 0 — liural Advances, 5 p.c., 0 1947 ■ — DEBENTURES— 92 0 0 Well. Racing Club ...106 0 0 Well. Harbour Board, 4i p.c., 1946 83 7 6 N.Z. Milk Products ... 1 1 6 BANKS— - Australasia 11 19 0 Australian Bank of “ t Commerce 1 4 9 Commercial of Aust. (ord.) 12 6 Commercial Banking t Co. (Sydney) 21 7 6 English, Scottish and 22 0 0 Australia — 6 15 0 National of N.Z 6 10 6 3 0 National of Australasia (£10) 15 7 0 — , Ditto (£5) < — 7 12 6 1 New South Wales — *41 0 0 1 New Zealand .'1.,.....'... 2 17‘ 3 2 18 0 Ditto (long term) ..... 16 9 — t Union of Australia 11 13 6 FINANCIAL — 12 2 0 t Goldsbrough Mort .... 1 11 11 N.Z. Gauarantce Corp. 1 12 6 , (ord.) 0 8 0 N.Z. Loan arid Mer0 8 2 , cantile (ord.) — 107 10 0 , N.Z. and River Plato 16 0 Well. Deposit and 1 9 0 b Mortgage 0 10 0 Wright, Stephenson 0 10 3 s (ord.) — GAS— Auckland (paid) 13 0 1 4 9 s Wellington (ord.) 1 9 6 INSURANCE— — National — 0 15 0 y 0 Aust. Prov. Assce. ..• 0 6 3 MEAT PRESERVING— — - Gear 1 13 0 1 19 0 " N.Z. Rcfrigcrat. (10s) — 0 6 2 e Well. Meat Ex. (ord.) 0 4 0 TRANSPORT— s Huddart-Parker (ord.) — *1 19 0 s Union Steam (prof.) .10 0 COAL— — d y Waipa > — TIMBER— 0 14 3 ? National 0 8 0 BREWERIES— — New Zealand 4 3 0 4 3 9 - MISCELLANEOUS — r s Colonial Sugar 43 15 0 British Tobacco (Aust.) 44 5 0 r (ord.) 2 2 1 2 2 f Dental and Medical .. — 0 13 6 - Dunlop Rubber — 1 2 0 6 Dominion . Investments 12 6 — r Electro. Zinc (pref.) . — *1 11 6 i, Holden’s Motors Bldrs. 0 15 3 *0 18 6 Howard Smith (ord.) — 1 0 0 tNational Electric 0 10 0 — i, Newton King (pref.) . 0 11 6 — 3 iN.Z. Drug 3 11 0 Sharland and Co. 3 13 0 i. (ord.) : 0 19 6 — s. Ditto (pref.) 0 19 9 — r Wairarupa Farmers’ i- , (pref.)' 0 13 9 Wilson’s* Cement 1 18 10 MINING— 0 16 t ir 1 19 if Mount Lyell 1 13 11 1 14 c-' 5Waihi ’ 0 13 6 *Cum. dividend.

d. d. d. d. Sixtv-fours ... 23 29 29 284 Sixties 26 27 27 27 Fifty-sixes 2U 22 22 21 Fifties 184 184 18 18 Forty-sixes ... 164 16 154 lbjr Forties 15J 154 154 15