FARMING AND COMMERCIAL

Manawatu Standard, Volume L, Issue 75, 24 February 1930, Page 5

FARMING AND COMMERCIAL

BRANDING OF BEEF. BRITISH MINISTRY’S CAMPAIGN. The British Ministry of Agriculture is launching a campaign to popularise still further marked home-killed beef, to increase the number of retail shops whero it may bo bought and to protect the customer against fraud (states an English paper). The original national mark scheme for home-killed beef, at present in operation, is worked in the metropolitan area and the Birmingham district. There exists, however, definite, and apparently organised, resistance to it in certain areas. In the east and north-east of London tho scheme has been very generally adopted, and it is also popular in tho west and north-west. The London Co-operative Society have given it wholeheatered support, it is stated. But in some London suburbs the scheme has no support at all. There exists a roll of 600 shops where the marked beef is not stocked. There are also cases wehro it is questionable whether beef sold at current prices as British is not Argentine beef, the wholesale price of which is from 2d to 2£d less. The Ministry is determined to take steps to ensure eo far as possiblo, that the customer shall get what ho pays for, and that British beef Bhall be available. With these facts in view the Empire Marketing Board, with the Ministries of Agriculture for England and Scotland, have agreed on a campaign to popularise tho stocking and sale of British marked beef. In a single town 12 prosecutions have already taken place, at tne instance of the local authorities, against retailers for failing to label, in accordance with the order, foreign beel displayed tor sale in their shops. Where it has been adopted tho mark scheme has been an unqualified 6uccoss. Six weeks ago only 500 sides of beef from Scotland were being sent to Smithfield. Last week one-third of tho beef supply there boro the national mark; and now the supply is less than tho demand. Tho scheme, therefore, is essentially beneficial to the homo producer. It encourages increased production by fostering tne demand. The producer has before him the satisfactory prospect of an ever-widening market, and is encouraged to offer it good** of the very best quality. The mark scheme, it is believed, inay prove as useful as the Weights and Measures Act in securing honest trading. But so long as there are areas whore tho mark scheme is not taken up, so long will there be gaps in the guarantee offered alike to producer and consumer. The Ministry has no intention of allowing the mark scheme to bo defeated, and will advertise it until it is generally successful. The present grading of British boef in England is “select, “prime” and “good.” In Scotland it is “select” and “prime.” It was stated that there was no possibility of forging the marking of British beef. The machine with which tho marking was done was complicated and costly. The actual mark was printed in a vegetable dve, and the procoss was carried through by official slaughterers.

DESTRUCTION OF WEEDS. HOW FERTILISERS CAN HELP. Some time ago a hill farmer near Inverness was advised that if he scattered a nitrogenous fertiliser, sulphate of ammonia, for example, over a patch of brackand kill the plant (states a writer in an English journal). Tho farmer did as suggested, but results, though satisfactory, differed from those expected. The nitrogenous fertiliser distributed caused a strong growth of appetising grass. Tho sheep so harried the bracken in searching for the grass that in two years it had entirely disappeared. The experiment does not, of course, prove that fertilisers destroy weeds, but it does show that they encourago better quality crops to grow luxuriantly at the expense of weeds—a very important consideration. Sir John Lawes, founder of tho artificial fertiliser industry, and instigar tor of fertiliser research in Britain, began 70 years or so ago a series of interesting grass experiments at Rothamsted with a view to discovering the effects of manuring of old natural grass lands, Tho plots he laid down have been under observation ever since, and a« a result some very interesting facte have been brought to light. . , It has been found, for instance, that continuous manuring with ammonia salts reduces, or rather tends to reduce, the number of weeds to eliminate the broader leaved and loss nutritive grasses, and to encourage the growth of fine leaved herbage. Two weeds only, hardead and sorrel, appear to bo encouraged by ammonia GRASSLAND MANAGEMENT. In tho many trials of tho new intensive system of grassland management it has been found that if a judicious use of fertilisers is accompanied by scientific cultivation and well-organised grazing, then the finer grasses and clover will he encouraged and the number of parasite plants considerably reduced. When wo consider weeds on arable land we find that, as in the case with pastureland, artificial fertilisers are effective agents of destruction. Spraying with sulphate of ammonia has been found useful in the destruction of 6uch weeds as spurrey, charlock, corn buttercup, etc. Certain Essex farmers claim that they have reduced : hoary pepperwort by means of this fertiliser. | This fertiliser is not only non-poisonous nnd, therefore, safe to employ, but unlike many weed destroyers it can be applied at any time provided there is not a very high wind. It is not necessary to spray sulphate of ammonia solution in the early hours of the morning when the dew is still on the plants. Needless to say, sulphate of ammonia manures the weed-infested crop to which it is applied. This may in some cases prove to bo a disadvantage—if the soil is already rich in nitrogen. In such a case a less rich solution can be made by mixing sulphate of ammonia and copper sulphato. One cwt to liewt of sulphate of ammonia plus 141bs of copper sulphate dissolved in 60 gallons of water is sufficient for the treatment of one acre of land. Finely powdered kainito has also proved valuable in reducing charlock and other corn weeds. Being a potassic fertiliser, it serves a dual purpose and is to be recommended on light soib which are generally lacking in potash.

BREEDING OF PIGS. YOUNG ENTHUSIAST. A correspondent writes as follows: Longburn School shelters a future New Zealand live stock judge. Although only IS years old, he has rare judgment and has made his mark already. At the. last show in Palmerston North this juvenilo breeder at his first attempt won, in the pig section, two first prizes, one second and also a silver cup for best pair of porkers. In the pork classes the limit was 1201bs live weight, and although ho had tho youngest pigs in the section his best pair were passed out on account of being over weight, approaching 1301bs live weight at 16 weeks old. The judge said that this was remarkable for their age and they were just tho ideal pig for export. Many breeders and buyers and also several bacon factory managers congratulated the Longburn schoolboy on his well bred and fed pigs. Since the show he has been congratulated by tho manager and directors of the Kiwi Bacon Co. for producing an ideal bacon pig, which they classed as a model and one of tho finest pigs they ever put through their works, yet barely five months old. Settlers for miles around Longburn havo seen for the past two. years a fleet footed boy visiting their piggeries, studying breeding, feeding, and management, usually taking the cross country course. He shows little sympathy towards any one who neglects his pigs and thinks good pigs go with good management. Tho thing that surprises him the most is the length of time tho average farmer keeps his pigs before they are in saleable condition and how little real knowledge some of them have regarding tho breeding and feeding of pigs. Strange to say, this boy had no home experience as his people never kept aqy pigs. His two great guiding factors have been Mr E. P. Neilsen, the well-known breeder, and the Kiwi bacon factory, Lonburn. In the first place he has been ablo to study the breeding and management of pigs, and no boy could havo a finer tutor than Mr E. P. Neilsen. Being an idealist, he love 3 his work and any boy or breeder will bo given sound advice on the industry. The Kiwi bacon factory has shown this youthful breeder what is required for their department, and, from tho manager down to the yardman, this boy has been encouraged in everything ho wanted to know. Although very modest, ho is inclined more to ask questions than to answer them. Many of the farmers in tho district have been a great help to him, especially Mr J. A. Mitchell and Mr B. B. ' Zurcher. It would nearly require a Dr i Peltzor to catch him overland, as he ! covers four miles daily on his school jour'ney, which is always taken cross-country. Any boy at Longburn School inclined to farming is always encouraged by tho headmaster, ho himself being the son of a farmer. RAGWORT AND BEES. EFFECT ON HONEY. Tho growing menace of ragwort is felt not only by dairymen and slicepbrcedors, but is also having its effect on the honey industry (states tho Waikato Timos). At tho annual field day .of tho South Auckland Beekeepers’ Association at Ruakura, Mr Sago spoke of the peril to tho honey industry from tho ragwort-infested areas round about South Auckland. Bees which fed on ragwort produced a bitter honoy which was not. acceptable to tho Honey Producers’ Association. Ragwort was now spreading very rapidly and could bo found in almost every part of South Auckland. It was even to be found growing along tho railway lines. The greatest breeding grounds were native and Crown lands. With its spread grow tho danger of having tho whole honoy crop spoiled, with a consequent direct financial loss to tho producers.

Mr Hilliary, vico-prcsidcnt of tho National Association, supported tho remarks of Mr Sage, and on his motion a resolution was uanimously carried calling tho attention of tho authorities to tho mcnaco of the unrestricted growth of ragwort. Mr J. A. Young, M.P., urged that every beekeeper and farmer should constituto himsolf a special missioner to wago war against ragwort.

RAW MATERIALS. LONDON, Feb. 22. Friday’s closing pricos for the following raw materials were as .follow, those for February 15 being given in parentheses: Cotton. —Liverpool quotation, American middling, upland, March dolivory, 8.17 d per lb (8.45 d). Rubber. —Bara, Bjjd per lb (8J)d). Jute.—February-March shipment, £26 7s 6d per ton (£26 15s). Hemp. —Nono offering. Copra.—February-March shipment, South Sea, £2l per ton (£2l 6s) ; plantation, Rabaul, £2l 5s Id per ton (£2l’ 10s). Linsoed oil, £45 por ton (£44 10s). Turpentine, 43s 6d per cwt (42s 9d). Osmiridium.—Tasmanian, £l6 per ounce (samo); South African, £l3 10s (same). WOOL, SKIN, HIDE AND TALLOW SALES. Abraham and Williams, Ltd., report on tho Palmerston North wool, skin, hide and tallow sale on Thursday, 20th iiißt.: We submitted a good cataloguo of all classes to a full attendance of buyers. Our catalogue comprised a fair entry of wool which sold on a par with late sales. In sheep skins there was fair competition for dry skins, with a tendency in buyers’ favour. Salted skins and good butchers’ pelts were decidedly firmer by 6d to 9d each. In hides light and medium weights declined id to id, heavy weight unchanged, calf skins and yearlings still firm. Tallow: Good demand, prices unchanged. Wo quote: —Wool: Crossbred medium, 7d to 73d; crossbred coarse, 6id ta 7d; inferior fid to 6id; lambs, 6id to 7id; dead, 5d to 6d; pieces, 2id to 4d. Sheep skins: Crossbred fine, 9d to 9jd; medium, 8d to 83d; coarso, 7d to 8d; lambs, 7d to 7Jd; crossbred, damaged and inferior, sid to 63d. Salted pelts: Heavy, 3s 9d each; medium, 3s sd; light, 2s 9d to 3s. Hidos: Ox heavy, 63d; medjum 63d; cow heavy, 5Jd; medium 53d; light, 5d to s|d; cut and inferior, 4£d to sld. Calf skins: Best lines, 13Jd; good, 13d; stained, 12gd to 123 d; cut and inferior, to 103 d; yearlings, 6id to B|d. Tallow: In tins, £24 15s to £26 per ton.

FROZEN MEAT TRADE. SMITH FIELD PRICES. LONDON, Feb. 22. Tho weekly quotations for tho undermentioned classes of frozen meats, based on actual sales of wholesale quantities ot carcasses of mutton or lamb or quarter of beef delivered to tho Smithfield market, and/or ex London stores, havo been compiled as follows by the Quotations Committee, Smithfield. To arrive at equivalent ox ship values, id per lb should b. deducted from tho prices quoted below. Quotations are average for tno week, and aro not for selected lines, but for parcel fairly representative of tho bulk ot shipments now on offer: — Mutton.—No New Zealand or Australian sheep offering. Argentine sheep, first quality crossbred wethers, 48-641 b, _ d, ditto, 65-721 b, 84d; ditto, over 721 b, 7d. New Zealand lambs.— Canterbury, 3blb and under, 103 d; ditto, 37-421 b, 10jld> ditto, 43-501 b, 104 d; ditto, second quality, average 331 b, lOd; Selected North Island brands, 361 b and under, 103 d; ditto, 37-421 b, 103 d; ditto, 43-501 b, lOJd; ditto, second quality, averago 311 b, lOd; other North Island brands, first quality, 361 b and under, 104 d; ditto, 37-421 b, 10id; ditto, second quality, averago 311 b, lOd. Australian lamb.—Victorian, second quality, 361 b and under, Bsd; other States, second quality, 361 b and under, 8Id; alt States, third quality, 74d. New Zealand pigs.—First quality, 60-lOUlb lid. Others unchanged.

Tho following report on tho frozen meat market was received on Saturday by the Now Zealand Meat Producers’ Board from their London office, which advises that tho following aro tho approximate average prices realised for tho week, based on actual transactions of wholcsalo quantities of the descriptions of moat mentioned, and are for representative parcels of tho goods offering during tho week, being for business rlono on tho basis of delivered to Smithfield market and/or cx London stores. (Prices for tho two previous weeks aro shown in parentheses) : New Zealand sheep.— Canterbury and North Island selected crossbred wethers and maiden ewes, not quoted; North Island crossbred wethers and maiden ewes, 48-561 b, not quoted ( . 7|d) ; 57-641 b, not quoted (—, 7±d) ; 65-721 b, not quoted (—, 7id). Ewes, 48-64 and 65-721 b, not quoted. N.Z. lambs: Canterbury, 361 b and undor, 103 d (not quoted) ; 37-421 b, IOJd (not quoted) ; 43-50Ib, lOjd (not quoted). Second quality, averago 331 b, lOd (not quotod). Other South Island brands, 361 b and under, not quoted. Solectcd North Island brands (including Downs), 361 b and under, 103 d (ll|d, Hid); 37-421 b, IOJd (not quoted) ; 43-501 b, (not quoted). Second quality, averago 311 b, lOd (10id, not quoted). Other North Island brands, first quality, 361 b, and under, 104 d (llid, lid); 37-421 b, 10jd (not quoted). Ditto, second quality, averago 311 b, 10d (not quoted). Australian lamb: Victorian, first quality, 361 b and under, 9|d (9d, 93d); ditto, 37-421 b, 93d (93d, 93d). Argentine lamb: First quality, o6lb and under, 9id (9jd, 9d); ditto, 07-421 b, 9jd (9id, 9d). Now Zealand beef: Not quoted. Argentine chilled beef: Ox fores, 6jd (54d, sid); ox hinds, 7d (7d, 7id). Australian frozen beef: Ox crops, over 1001 b, not quoted; ox hinds, over 1601 b, 6id (6id, 6 4 d). New Zealand porker pigs: 60-ludlb, lid (103 d, 103 d); 1011201 b, lOid (10id, 10id). New Zealand prime baconcr pigs, 121-IBolb, Bj>d (yjjd, 9jd). New Zealand frozen veal: Not quoted. Lamb market: Owing to increased arrivals, prices havo declined. Mutton market: Very strong; supplies all sources very short. N.Z. beef: Nominal prices. N.Z. porker pigs: 111 very short supply, with good demand. N.Z. baconcr pigs:, Small quantities arriving aro being sold as heavy pork. Dalgety and Coy., Ltd., havo received the following advico from their "London houso dated tho 21st inst: —Lamb Id per lb lower, owing to quantity available arrived and alloat.

Levin and Coy., Ltd., havo received tho following cablo from thoir London agents, dated 21st February, 1930: —Frozen meat quotations (prices on a “delivered” basis, i. 0., including storago charges, cartage, market tolls, etc.) :—North island Down lambs, 28.361 b 10&d per lh, 36-421 b 10Id; best North Island crossbred lambs, 28-361 b lOjjd, 36-421 b lOJd; North Island second quality lambs, averago 30-311 b lOd; best North Island wether sheep, none offering; North Island ewes, none offering; New Zealand prime ox boef, nono offering. As compared with last week's quotations, North Island Down lambs, under 421 b, aro |d por lb lower. Best North Island lambs 28 to 361 b aro |d per lb lower, 36 to 421 b gd per lb lower. _ Lamb market very weak. Demand showing no improvement. Suddon fall duo to sellers forcing market. Mutton fair demand, higher pricos being very irregular.

DAIRY PRODUCE. Market steadier at slightly reduced prices. Expect reduction New Zealand retail price to Is 6d Monday next. Although supplies in sight for next fow months are more than last year, and notwithstanding general sub normal trado conditions, in our opinion prices for remainder of season should average not less than present level. Cheese market slow; retail prices unchanged. Tho above report dated Friday, February 21, was received on Saturday by the Now Zealand Dairy Produce Board from its _ London office which gives current quotations, with those for tho previous week in parentheses, as follow: — BUTTER. New Zealand, salted, 1445, 146 s to 148 s (150 to 1525); February 22, 1929" 170 s to 1765) ; unsaltod, 158 s to 166 s (164 s to 1725); February 22, 1929, 172 sto 186 s; 145 s equals approximately Is 2d f.o.b. First whoy, 138 s (1425); second whey, 136 s (140 s). Australian, salted, 140 s, 1425, ox 144 s (146 sto 148 s); unsalted, 144 sto 148 s (146 s to 1525). Argentine, unsalted, 140 s to 144 s (146 s to 148 s). Danish, 1665, f.0.b., 172 s to 176 s (168 s; 177 s to 178 s). Dutch, unsalted, 180 s to 184 s (1843 to 188 s). Polish, 130 s to 142 s (136 s to 1425). CHEESE. New Zealand, white, 86s to 87s (90s; February 22, 1929, 84s to 85s); coloured, 84s to 86s (88s to 89s); February 22, 1929, 86s to 883); 26s equals approximately 7.9 d f.o.b. Canadian, white, 96s to 100 s (96s to 100 s); coloured 96s to 98s (96s to 98s). English finest farmers, 112 s to 120 s (112 s to 120 s). Tho deliveries of New Zealand butter for tho week totalled 1316 tons. Tho Cambridge started unloading on February 17 and finished next day. The quantity of butter in store at the end of tho week was 4141 tons compared with 2900 tons on tho corresponding date of last year. Deliveries of Now Zealand choeso for tho week totalled 17,707 crates. Tho Norfolk started discharging on February 17. Tho total New Zealand cheese in store at tho end of tho week was 46,844 crates, compared with 91,000 crates a year ago. Tho deliveries of Canadian chceso for tho week were 3694 boxes compared with 2682 boxes a year ago. Tho total Canadian in store is now 136,682 boxes compared with 72,487 boxes at the corresponding date of last year. Dalgety and Coy., Ltd.,, havo received tho following markot advico from their head office, London, under date of 21st inst.:—Butter markot steadier at decline. Cheese Ls per cwt lower; New Zealand cheese white 85s to 86s; coloured 84s to 85s. STOCK MARKET. Levin and Co., Ltd., report a very good yarding at the annual ewe fair at Foilding on Friday, 21st inst. There were a few pens catalogued which were not penned, but the whole of tho yarding with few exceptions was quitted under the hammer. Wo have a complcto clearance with tho exception of one pen. Buyers were present from all districts and they showed a keen interest right through the sale. All sheep sold consistently at very * satisfactory prices. A pen of 2-tooth ewes were offered on account of Mr J. D. Hocking topped the market at 43s 6d, repeating his last year’s performance. Wo quote the following sales:—Two-tooth ewes 42s to 43s 6d (extra good) ; ditto 28s lOd to 37s 2d; 4 and 6-tooth ewes. 30s 2d; 6-tooth ewes, 30s; 4-yr. ewes, 235; 4-5-yr ewes, 20s lOd; 5-yr. ewes, 18s, 21s 8d; m.a. ewes, 27s Id.

WELLINGTON STOCK EXCHANGE. LAST WEEK’S BUSINESS AND PRICES. The business done on the Stock Exchanges of tho Dominion last week showed a marked strinkago as compared with the big turnover in tne previous week, except Government stocks and bonds and other debentures, in which the volume of business w*s about the same as in the previous week. The 4£ per cents, changed hands at £9B 17s 6d; 54 per cents. (1933) at £99 5S and £99; 5* per cent. (1933) at £97 12s 6d; 51 por cents. (1941) at £96 15s and 54 per cent. (1936) at £99. Auckland Harbour Board 51 per cents. (1937) 6old at £SV New Plymouth Borough 64 per cents. (1933) at £97 10s; New Zealand Farmers’ Co-op. 64 per cent, debentures (1945) at £B6, and Booth, Macdonald 64 per cents. (1932) at £7O.

There was a decrease in tho turnover of bank shares as compared with the preceding week, hut values were steady. Investors apparently consider that the present prices leave very little room for a riso and aro therefore not buying freely. Bank of Australasia met with a little business at £ll 17s 6d, which is equal to the closing price in tho previous week. Union Bank sold up to £l2 Is 6d, which is about tho highest figure touched since the beginning of the year. Bank of New South Wales changed hands at £4O 10s Id, and were not in such keen demand as in the preceding week, when they went as high as £4l 7s 6d. National Bank of New Zealand also wero not as active as in the previous week, when they sold at £6 5s down to £6. Last week they dropped to £5 19s, but improved towards the close to £6 Is. Commercial Bank of Australia have shown very little change in valuo and sold during the week at 22s lOd to 23s 14d ; tho rights were very steady at 2s 3d. Australian Bank of Commerce have stabilised at 255, at which figure there were several sales. National Bank of Australasia, £5 paid, were easier than in the procoding week, with sales at £7 11s, against £7 13s 9d and higher. Business wns done in the £lO paid up shares, for which there was a restricted demand at £ls 10s. Bank of New Zealand -were very steady at 58e, and are likely to improve a little as the time approaches for the divi. dend, which is payable in Juno. There were no transactions in Commercial Bank of Sydney, English, Scottish and Australian Bank, Bank of Adelaide, or Queensland National Bank.

A limited business was done in Goldsbrough Mort and Co. at 31s 9d and 325, while in the previous week there were quite a number of sales up to 33s 9d. Dalgety and Go. were also weaker, changing Rands at £l2, while a week earlier they sold as high as £l2 10s. New Zealand Guarantee Corporation, ordinary, were steady at 8s Id. There was a sale of Dominion Investment and Banking Association at 19s. This concern has a subscribed capital of £146,987 in £1 shares, fully paid. Tho nominal capital is £250,000. United Building sold at 15s 2d for the £1 shares fully paid up. Tho subscribed capital of this concern is £80,041, and the paid-up capital £79,542. There were no transactions in insurance shares, which offer very little scope for tho speculator. Gas shares were in fair demand throughout the woek, but the shares appear to bo firmly held and there was little business done in them. Auckland Gas had quittance at 235. Shipping shares were neglected, except) Union Steam preference, which were in strong demand at 20s, without attracting sellers. Northern Steamship sold at 14s. Coal shares wero also very slow, business being restricted to a salo of Westport Coal at 30s Bd. Frozen meat shares were another slow lino. Gear Meat changed hands at 395. and Now Zealand Refrigerating, 10s paid, at 5s 9d, 5s lOd and 5s lid, as compared with 5s 6d in the previous woek. Kaiapoi Woollen 7s paid sold at 3s lid; Kauri Timber at 19s, and Leyland O’Brien at 28s 6d wero steady. New Zealand Breweries sold steadily at 83s to 84s, Staples and Co. at 48s, and Tooth’s Brewery (Sydney) at 39s 6d. British Tobacco meet with steady business practically week after week, and last week changed hands at 425, Electrolytic Zinc showed a weaker tone, the ordinary selling at 30s 3d down to 293 6d, cum dividend, against 31s 9d in tho previous week, Wilson’s Cemont sold steadily at 395; N.Z. Farmers’ Fertiliser changed hands at 21s, Farmers’ Trading at 8s 7d, Whittomo, Stevenson at 41s 6d, and New Colosseum at 40s fid and 40s. Thero was active trading in Colonial Sugar at £43 17s 6d to £44. Booth, Macdonald preference received some attention in Christchurch, and there were several sales recorded at 4s 6d. New Zealand Drug changed hands at 72s 6d, and there was a salo in Dunedin of Blenheim Oil at 435, There was heavy trading in Mount Lyoll at 34s 6d down to 33s Bd, and wero the best sellers of tho week. Waihi sold at 13a Bd.

SATURDAY’S QUOTATIONS.

Buying and selling quotations at Saturday morning’s call on the Wellington Stock Exchange were as follow: —

SATURDAY’S SALES. The following sales were recorded on the

Stock Exchanges iof the Dominion on Saturday :

Wellington. —National Bank of New Zealand, £6 Is, £6 Is 6d; Bank of New Zealand, £2 17s 7d, £2 17s 9d; National Bank of Australasia (£10), £ls 10s; LcylandO’Bricn, £1 Bs. . , Auckland. —South British Insurance, £3 Is; Farmers’ Fertiliser, £1 Is; Booth, Macdonald (preference), 4s 6d; Commercial Bank of Australia, £1 2s 9d; Bank of New Zealand (late sale Friday), £2 18s; Mount Lyell, £1 13s 9d. Christchurch. —English, Scottish and Australian Bank, £6 13a 6d; Goldshrough Mort (two), £1 12s 3d, (three) £1 12a; N.Z Refrigerating (10s paid), 5s lOd; British flo-

bacco (two), £2 2s 3d; Victorian Nyanza Sugar, cum. div., £2 Is 6d. Sales reported: N.Z. Fanners’ Fertiliser, £1 Os lOd; Bank of New Zealand (two), £2 17s 3d; Goldsbrough Mort, £1 12s. LONDON HIDES MARKET. LONDON, Feb. 22. Hides.—Meat works dry-salted; Queens* land, 35-451 b, 30-401 b, 25-351 b, and 20-301 b, all 74d per lb; New South Wales, 35-451 b, BJd; 30-401 b, Bid; 25-3Slb, B±d; 20-301 b, 83d. Wet-salted: Queensland, 50-6Qlb, 5Sd: 40-501zb, sid; New South Wales, 50-601 b and 40-501 b, 6ld; Victorian abattoirs, 50-61 b and 40-501 b, 6d.

Buyers. Sellers. N.Z. GOVT. LOANS- £ A. d. £ s. d. 44 p.c. Ins. Stic., 1939 — 99 2 6 44 p.o. ditto, 1938 — 99 0 0 54 p.c. ditto, 1933 97 12 6 ■ 54 p.c. ditto, 1937 95 15 0 96 2 0 54 p.c. ditto, 1933 and 1936 44 p.c. Bonds, 1939 and 99 2 6 - 1938 99 2 6 44 p.c. ditto, 1930 ...... — 100 0 0 54 p.c. ditto, 1933 99 2 6 — 54 p.c. ditto, 1936 Rural Advances, 5 p.c., 99 5 0 — 1947 91 7 6 DEBENTURES— Well. Racing Club ...106 0 0 — Golden Bay Cement “A” — 0 17 0 BANKS— Australasia 11 18 0 12 4 0 Australian Bank of 1 5 0 1 5 6 Commercial of Aust. 1 2 7 1 3 0 Commercial Banking Co. (Svdncy) English, Scottish and 21 7 6 21 17 6 6 15 0 National of N.Z National of Australasia — 6 2 6 (£10) 15 8 0 15 11 0 Ditto (£5) 7 9 6 7 11 0 New Soufh Wales — *40 15 0 New Zealand 2 17 7 2 17 10 Ditto (long term) 1 6 4 — Union of Australia ... Ditto (Melbourne re12 0 0 12 3 0 gister) 12 0 0 12 4 0 FINANCIAL — Goldsbrough Mort .... 1 12 3 1 13. 0 N.Z. Gauarantee Corp. (ord.) N.Z. Loan and Mer0 8 0 0 8 1 cantile (ord.) — 105 0 0 Well. Invest., T. & A. ' Well. Deposit and 0 10 11 —- 0 9 9 - Mortgage Wright, Stephenson 1 4 8 GASAuckland (paid) 1 3 0 — Christchurch 1 5 8 1 5 11 Wellington (ord.) 1 9 7 — Ditto (pref.) 0 17 0 — INSURANCE— 0 15 0 MEAT PRESERVING— Gear 1 18 0 1 19 0 N.Z. Refrigerat. (£1) 0 11 0 — Ditto (10s) 0 0 6 0 6 0 Well. Meat Ex. (ord.) TRANSPORT0 4 0 — Huddart-Parker (ord.) Union Steam (pref.) . 1 0 0 *1 19 0 P. and 0. dof. stock . WOOLLEN— — 2 12 0 13 6 Kaiapoi (ord.) — 0 Wellingti 1 (ord.) — 6 0 0 Ditto (pref.) 5 18 0 — COAL— 0 14 3 TIMBER— 0 8 0 0 10 0 BREWERIES— 0 8 0 New Zealand MISCELLANEOUS4 4 0 Burns, Philp and Co. British Tobacco (Amt.) — 1 17 6 Colonial Sugar 2 2 43 15 0 0 2 2 44 5 9 0 Dental Medical — 0 13 6 Dominion Investments 1 2 6 — Electro. Zinc (pref.) . 1 9 6 *1 10 6 Holden’3 Motor Bldrs. — *0 19 0 Howard Smith (ord.) — 1 0 0 National Electric 0 10 0 — Newton King (pref.) . 0 11 6 — N.Z. Drug 313 0

Sharland and Co. (ord.) 0 19 6 1 1 0 Ditto (pref.) 0 19 9 1 1 3 Wairarapa Farmers’ (pref.) Well. Queen's Theatre 0 13 9 0 16 0 1 3 0 — Wilson’s Cement 1 13 9 1 19 3 Strand, Ltd 1 2 0 — MINING— Mount Lyell 1 13 3 1 14 3 Waihi 0 13 6 0 14 0 *Cum. dividend.