FARMING AND COMMERCIAL

Manawatu Standard, Volume L, Issue 76, 25 February 1930, Page 5

FARMING AND COMMERCIAL

AGRICULTURAL TOPICS. FROM TILLAGE TO PASTURAGE. Tho agricultural correspondent of tho London Times writing recently in that journal says:— At this time of year there is a switch over of work from the arablo to the grass land. Tho tillod fields remaining unploughed will receive attention as circumstances permit, but tho land is now so soft and sticky that little benefit, it may even bo harm, results from treading and turning it. Tho pastures and meadows, on tho other hand, are all the moro amonablo to effective surface treatment when they are soft and yield readily to tho harrows. Tho chief object in harrowing is to break tho crust that forms on tho surface, in order to promote ventilation, and to remove the rough herbage that usually, but not in many cases this year, remains over from the grazing season. Mechanical treatment is only part of tho general schemo, however, manuria! dressings aro commonly applied to pastures and meadows in early winter, especially the slower-acting phosphatic manures such as basic slag, while kainit of tho potassic grade is also slow in its action. Tho close association of mechanical and chemical treatment makes for economy and efficiency. When the surface is thoroughly scarified tho fertilisers get more quickly in contact with tho soil, and in this way they aro made more readily availablo to bo absorbed by the plants. This method of combining mechanical and manurial efforts to improvo grasslands is not new, for 40 or 50 years ago the late Mr Gilbert. Murray and others wero en-i thusiastic in their endeavours to induce the extension of systematic harrowing and manuring to tho permanent grassland. It was urged then, as it is now, that grassland would respond to skilled management freely and as advantageously as arablo fields, and tho part these early improvers played in initiating and encouraging methodical and enlightened management of permanent meadows and pastures may fittingly be remembered in an age when there is a disposition to think lightly of tho work of former generations. Sir William Somerville, Professor Gilchrist, and others broadened and modified tho operations in the light of increasing experience as they progressed, and these successive pioneers and reformers laid tho foundation, wido and securo, on which is built tho suitably elastic procedure of to-day. SAVING IN LABOUR. Permanent grass forms so largo a proportion of agricultural land that tho importance of devoting caroful study to its management and utilisation will quickly bo apparent. Wo aro constantly hearing of land going down to grass as if, by adopting this course, owners or occupiers wero hoping to rid themselves of their troubles, and bo able to live a life of ease and profit. Land that is sown down in any such belief will soon disabuse those who may have regarded tho process in this light. The conversion of arablo land to grass, however, is not undertaken to any very large extent merely as a possiblo means of escape from difficult situations. Tho thoughtful farmer recognises that tho chango from tillago to pasturage does not, and cannot, bring him any considerable advantage over a number of seasons or in varying conditions of soil and climate so far as general production is concerned. lie calculates that ho may save something in labour and possibly reduco certain productive risks, but permanent grass is not formed under the impression that its substitution for rotation cropping will remove or rectify the deficiencies of the mixed husbandry that for generations of progressive and skilled agriculturists constituted the foundation of the historic farming of this country. There are certain areas that will bo put, or will “tumble” into rough grazing land of little worth, and probably are fit only for uses of tho sort implied; but it can bo accepted as a basic principle that if land is to bo laid down to permanent grass provision should bo made for its management on tho same enlightened and methodical linos as would bo planned for tho adoption of rotation husbandry. Expenditure may bo curtailed by putting land under grass, but nothing would be easier or more disillusioning than to exaggerate tho degree to which outlay can wisely bo restricted in this way.

Tho precise procedure, of course, is a matter which every farmer has to decide for himself. He wilt be well advised to study whatever information is at his service, but the circumstances of each holding, or parts of holdings, vary so widely and so definitely that only the man on the spot, with a thorough knowledge of his conditions, can bo reasonably competent to prescribe for tho wants of his land. Tho most experienced farmer will not doludo himself with any such false notion as that he has nothing to learn concerning tho management of his land —grass or arable. On tho contrary, ho is aware that tho mysteries of his land, intensified by uncertain climatic action, aro incapable of exact solution or interpretation for effective and profitable treatment. Inability to make all things harmonise for bountiful production docs not discourage a man who is experienced in, and hardened to, tho sustained struggle with natural forces operating alternately for and against him. Tho discriminating farmer, therefore, will not be under any misconception!! regarding the risks and difficulties of grassland as compared with rotation cropping. EXPERIENCES OF 1929.

If any did err in minimising the dangers and in overlooking tho limitations of permanent grass they would do well to reflect upon the experiences of 1929. The fact that tho formation of permanent grassland has not proceeded faster in recent years is ample proof that farmers recognise tho disadvantages of grass farming. The nation bemoans that tho tillage area continues to shrink, as it well may, but if farmers believed that tho change was to end their financial losses and industrial troubles they would adopt it wholesale and without hesitation, in place of following tho policy in halting and fragmentary fashion. There is no general wish to havo to make tho drastic chango, and it is not in tho conviction that grass is really a euro for existing difficulties that land will go out of cultivation. Tho plough will cease to operate, or its scope of activity will bo considerably reduced, only when economic conditions leave no alternative, and when grass farming takes tho place of arable in this way there will be serious danger of neglect of the plainest requirements of pastures and meadows. It is inconceivable that tho responsive properties of grassland will be overlooked, or can be unknown, in this age of extensive

research and experiment; tho danger consists in tho ability of occupiers to devoto to tho pastures and meadows tho attention and encouragement that they would wish to give. While the farming industry continues in its present depressed state tho inducement to incur expenditure is discounted by doubt as to tho finanoial consequences, as well as restricted by financial disability. The timo has come when prudent and discerning agriculturists have to make a minute and impartial survey of tho situation and outlook and to satisfy themselves that they aro likely to recover their capital expenditure. LONDON MARKET'S. HIGH COMMISSIONER’S REPORT. Tho Department of Agriculture has recoivcd the following cablegram, dated February 22, from tho High Commissioner for New Zealand, London: — TALLOW. No auction this week. Business is quiet and no chango in prices. lIE All’. Alanila market dull and oasier. “J” grade February-April shipment sold at £sl. Output irom January 1 to February 8, 172,000 bales, against 191,000 for samo period last year. Stocks in England January 31, , 8448 bales, against 14,059 bales at samo time last year. Sisal: Market opened firm, but eased later, consumers not being willing to follow tho advance. Good marks March-May shipment No. 1 sold at £35; fair average quality Febru-ary-Alarch shipment offered at £34 ss, No. 215 sto 20s less. New Zealand: Alarket continues quiet, sellers not pressing and buyers holding back. No first-hand sales reported. WOOL. Bradford market is a shado easier for Merino and lino crossbred tops, but demand is restricted. Low crossbred steady. Present quotations for tops aro: 64’s warp 2s 5d to 2s sjd per lb, average 2s 4d to 2s 4Jid; 56’s, Is 9d; 50’s prepared, Is 6jd; 40's prepared, Is 3jd. FRUIT FROM OTAGO. AN EXCELLENT SEASON. DUNEDIN, Feb. 25. Fruitgrowers in Otago arc experiencing an excellent season. Tho weather has been favourable, and although there has been some very hot weather, at no timo were growers faced with an overwhelming rush of fruit. Regular consignments of from 40 to 50 tons have been going forward daily. The highest for one day was 67 tons. In consequence tho various markets have not boon over-supplied, and good prices have been obtained. Tho apricot crop is ‘practically over and midseason and late fruit, such as plums, peaches and nectarines, are now maturing. Tho prospects for a good apple crop are very promising, and exports will again bn heavy from the Teviot, Dumbarton, Ettrick, Miller’s Flat and Beaumont areas. Spaeo for 96.000 cases has been booked." This represents an increaso of 12,000 on last year’s export. WHEAT MARKET. DIFFICULT POSITION. LONDON, Feb. 23. The wheat position is a difficult one. There are all sorts of rumours current on both sides of the Atlantic about heavy purchases of Manitoba wheat for shipment to England in the spring, but no one can confirm them. If correct these sales may be taken as an indication that the Canadian wheat pool has changed its policy of holding up wheat.

It is suggested that this may presage “the end of the greatest holdup since Joseph,” as a leading wheat trader described it in the Daily Telegraph. He proceeds: “There* is no one conversant with the grain market who will hazard an opinion regarding the future. Tho situation is too artificial. It is unique, therefore, and no sort of precedent counts. What end can be predicted to an operation which has been going on for two years? Some grain stocks in North America have been there since August, 1928. All that timo carrying charges have been accumulating, and are now estimated at about 12s per quarter, or 30 per cent, of the present prices.” THE MONEY AIARKET. BANK OF ENGLAND RETURNS, I/ONDON, Fob. 20. Tho Bank of Englnnd returns for tho week ended February 20 are as follows: Notes issued: — £ In circu- £ Govt debt 11,015,100 lation 345,580,773 Other Gov. In bank- securities 233,599,941 ing dept 65,390,738 Other securities .. 10,924,483 Silver coin 4,460,476 t 260,000,000 Gold coin & bullion 150,971,511 £410,971,511 £410,971,511 fAmount of fiduciary issue. BANKING DEPARTMENT. Proprietors’ Govt, se- £ Capital 14,553,000 curitios .. 38,581,563 Rest ... 3,653,974 Discounts Doposits— and advs. 4,732,7.68 Publio ... 13,871,221 Securities 16,293,348 Bankers 58,167,021 Notes .. 65,390,73# Other acs. — Gold and 34,416,671 silver coin 666,989 Seven day etc., bills 3,519 £125,665,406 £125,665,406 The proportion of reserve to liabilities is 61.40 per cent. Short loans aro quoted at 3i per cent, and the market rate of discounts for best three months’ bills is 3| per cent.

WELLINGTON STOCK EXCHANGE. YESTERDAY’S BUSINESS AND TRICES. Eight sales wero recorded on the Wellington Stock Exchango yesterday, five of them being bank shares. It was an excellent record for the first business day of the week. Except for a sale of the 4J, per cents at £9B 17s 6d, there was little doing in Government securities. The 5J per cent, stocks and bonds (1933 and 1936) wore wanted at £99. Bank shares were in good demand with a general upward tendency. Bank of Australasia at £l2 Is were 3s higher on the last bid, and there was a sale at £l2 Is 6d. Australian Bank of Cominerco were 3d higher at 255. Commercial Bank of Australia wero steady at 22s 6d. Commercial Bank of Sydney at £2l 7s 6d were unchanged. There wae a bid of £6 12s 6d for English, Scottish and Australian Bank, with sellers at £6 13s 6d, a reduction of Is 6d on Saturday’s quotation. National Bank of Australasia, £lO paid, were Is down at £ls 7s, and there was no demand for the £5 paid up shares. Bank of New South Wales were wanted at £4O ss, with sales at £4O 10s. Bank of New Zealand wero steady at 57s 6d, with two sales reported yesterday at 57s lOd. Union Bank were up Is at £l2 Is. There was little business offering in tho other groups. Goldsbrough Alort and Co. wero 3d down at 325; New Zealand Guarantee Corporation wero steady at Bs, and there was a bid of £6 18s for Wellington Trust and Loan. Auckland and Wellington Gas shares wero steady, the former at 23s 3d, and the latter at 29s 7d. Australian Provincial Assurance wero again wanted at Cs 3d, but other insurance shares were quiet. New Zealand Refrigerating wero in good demand, tho 20s paid at 11s 9d, a rise of 9d, and the 10s paid at 5s Bd, a rise of 2d. Union Steam wero unchanged at 20s. Thero was no inquiry for coal or brewery shares. Buyers reported their offer of £5 18s for Wellington Woollen, preference. National Timber wero steady at Bs, as were Colonial Sugar at £43 15s. British Tobacco wero firm at 425. Holden’s Alotor Body Builders wero 3d down at 15s, cum. dividend. Sharland and Co. were unchanged, the ordinary at 19s fid and the preference at 19s 9d. Alount Lyell were 3d lower at 33e. YESTERDAY’S QUOTATIONS. Buying and selling quotations at the final call yesterday on tho AVellington Stock Ex-

YESTERDAY’S SALES. The following sales were reported on the Stock Exchanges of tho Dominion yesterday : Wellington.—4£ per cent. Govt. Stk. (1938), £9B 17s 6d; Bank of Australasia, £l2 le 6d; Bank of New Zealand (2), £2 17s 10d; Union Bank, £l2 2r>; Bank of New South Wales, £4O 10rq N.Z. Guarantee Corporation, 8s; Kauri Timber, 15s. Auckland.—N.Z. Government Inscribed Stock 5£ pr cent., 1937, £95 17s 6d; Bank of New Zealand, £2 17s 6d; South British, £3 Is; Pukemiro Coal, £3 9s 6d; Auckland Gas, £1 3s 4d; N.Z. Breweries, £4 3s; N.Z. Farmers’ Fertiliser, £1 0s Sd; Alount Lyell, £1 13s 9d. Christchurch.—Commercial Bank of Australia, £1 2s 9d; Commercial Bank of Sydney (5), £2l 12s 6d; Bank of New Zealand

(2), £2 17s 4d; N.Z. Breweries, £4 2s 6d; Tooth’s Brewery, £1 19s 9d; Electrolytic Zinc, pref., cum. div., £1 9s 7d; Mount Lyell, '£l 13s 8d; N.Z. Drug Co.' (2), £3 12s. Sales reported: Bank of New Zealand, £2 17s sd; N.Z. Refrigerating (10s paid), 5s lOd; Timaru Brewery, 15s 3d. Dunedin.—Salo reported after last call: National Electric, 10s 6d. SYDNEY WOOL SALES. KEEN COMPETITION. SYDNEY, Feb. 24. The wool sale offerings to-day were 8059 bales, of which 7700 were sold, in addition to 336 privately. There was keen competition from Japan, Yorkshire, America and the Continent. A verv strong market again rules, any change being in sellers’ favour. Greasy Merino made 16|d. PRICE OF WOOL. SYDNEY, Feb. 24. A meeting of graziers at Morco passed a resolution urging the co-operation of Australian, Now Zealand, and South African growers in the demand for a minimum price for wool. STOCK MARKET. Dalgety and Coy., Ltd., report having a very fair yarding of sheep at their Huntcrville sale on Monday, 24th inst., all of which, with the exception of one small line changed hands. Quotations: 5-yr. ewes, 17s 6d, 20s; 4-yr. ewes, 24s 9d; 2-th ewes, 32s 3d; small b.f. lambs, 6s lOd, 7s lid; medium b.f. lambs, 10s, 123 Id; small ewe lambs, 14s; medium shorn w.f. VP th ?l, lamb3 < 9s 2d to 11s 6d; rn.s. lambs, lbs lOd; store cows, £3 6s.

change were a«j follow: — Buvers. Sellers. N.Z. GOVT. LOANS- £ e. 4£ p.c. Ins. Stk., 1953 i. £ s. d. and 1939 — 5| p.c. ditto, 1933 and 99 0 0 1936 99 0 5j p.c. Bonds, 1933 and 0 — 1936 99 0 0 — 4i p.c. Bonds, 1938 ... — DEBENTURES— 99 2 6 Golden Bay Cement .. — BANKS— 0 1.7 0 Australasia 12 1 Australian Bank of 0 12 5 0 Commerce 1 5 Commercial of Auat. 0 1 5 6 (ord.) 1 2 Commercial Banking 6 1 2 10 Co. (Sydney) 21 7 English, Scottish and 6 21 17 6 Australian 6 12 6 6 13 6 National of N.Z — National of Australasia 6 3 6 (£10) 15 7 0 15 10 6 Ditto (£5) — 7 11 9 New South Wales ... 40 5 0 40 15 0 New Zealand 2 17 6 2 18 0 Union of Australia ... 12 0 Ditto (Melbourne re 0 — gister) 12 1 FINANCIAL — 0 12 4 6 Goldsbrough Mort .... 1 12 Dalgety and Co. (Mel0 — bourne register) — N.Z. Gauaruntee Corp. 12 1 6 (ord.) 0 8 N.Z. Loan and Mer0 0 8 1 cantile (ord.) — 105 0 0 Well. Trust and Loan 6 18 Wright, Stephenson 0 — (ord.) — GAS— 1 4 6 Auckland (paid) 1 3 3 — Wellington (ord.) 1 9 INSURANCE— 7 — National — 0 15 0 Aust. Prov. Asscc. ... 0 6 MEAT PRESERVING— 3 — Gear — 1 19 0 N.Z. Refrigerat. (£1) 0 11 9 — N.Z. ditto (10s) 0 5 TRANSPORT8 0 6 1 Huddart-Parker (ord.) — *1 18 9 Union Steam (pref. ) . 1 0 0 — P. and 0. def. stock . — WOOLLEN— 2 12 6 Kaiapoi (ord.) — 0 13 0 Wellington (ord.) — 6 0 0 Ditto (pref.) 5 18 COAL— 0 — Wnipa — TIMBER— 0 14 0 National 0 8 MISt ,’ELLANEOUS— 0 — Colonial Sugar 43 15 British Tobacco (Auet.) 0 44 5 0 (ord.) 2 2 0 2 2 6 Dental Medical — 0 13 6 Electro. Zinc (prof.) . — *1 10 3 Holden’s Motor Bldrs. 0 15 0 0 19 0 N.Z. Drug — N.Z. Farmers’ Fer3 13 0 tiliser — Sharland anjl Co. 1 1 6 (ord.) 0 19 6 — Ditto (pref.) 0 19 Wairarapa Farmers’ 9 — (pref.) 0 13 Wilson’s Cement — MINING— 9 0 16 0 1 19 3 Mount Lyell 1 13 *Cum. dividend. 0 —