FARMING AND COMMERCIAL

Manawatu Standard, Volume L, Issue 88, 11 March 1930, Page 5

FARMING AND COMMERCIAL

GRASS'-LAND FARMIfrL IMPORTANCE TO NEW ZEALAND. In the course of his remarks at the dinner which the New Zealand High Commissioner gave to the Governor-General, Rt. Hon. Lord Bledisloe, prtor to His Excellency’s departure from England, Mr Wilford said: “Lord Bledisloe will find his knowledge of farming, particularly of grassland farming, of very great value when ho gets to New Zealand. Probably more than any other country, New Zealand depends for her existence almost entirely on grassland production—94 per cent, of her exports are ‘off the grass’—and a very large proportion of those exports are sold in Great Britain. New Zealand is, in fact, as closely linked to her chief market, Great Britain, as if she were no further away than Ireland. How best to increase her economic production from grass-land, and how best to develop the prosperity of the Empire are the two great problems with which New Zcaalnd is faced; and, being a Dominion of eupeptics, the Homo Country may rely on these problems being eventually solved. “Lord Bledisloe will find in Now Zealand a Department of Agriculture which devotes more attention to grass-land problems than any Department of Agriculture in the world —a big statement to make, but a true one. The growing of grain and root crops, and of fruit, are of importance, but of lesser importance than better grass-land production. What grasses should be grown, how improved strains can best be produced, what improvements in the quality and quantity of the pastures can be obtained by the use of fertilisers, how mineral deficiencies—particularly in some areas—can bo overcome, what systems of grass-land management are most profitable, how the problems of animal nutrition are affected as the result of application of the recent grass-land knowledge—these are the questions he will find being discussed, not only by the British and New Zealand scientists in the various centres of agricultural research, but by keenly interested farmers in all parts of New Zealand. Everywhere Lord Bledisloe will find farmers who are conversant with the recent pasture work in Europe, and its application to the somewhat different conditions in New Zealand, and ho will not in consequence bo surprised to find a high standard of pasture management in the leading dairy areas. Perhaps it will be found, at the end of Lord Bledisloe’s I term of office, that New Zealand is leading i the world in the study of grass-land problems and in the application of the soundest methods of grass-land production.” ENGLISH MARKETS. The Department of Agriculture has received the following cablegram, dated March 8, from the High Commissioner for New Zealand, London: Tallow. —Moderate demand at auction this week at prices Is to Is 6d below previous sale rates. Packages offered totalled 627 and 332 were sold. Present quotations aro: Mutton: Fine, 40s per cwt; fair to good, 36s to 38s per cwt; dark to dull, 33s to 34s per cwt. Beef: Sweet, and/or mixed, 37s to 42s per cwt.; fair to good, 34s to 36s 6d per cwt; dark to dull, 32s to 33s per cwt; fine, 37s per cwt. Mixed: Fair to good, 33s 6d to 36s per cwt; dark to dull, 32s to 33s per cwt. Gut, etc.; 30s tc 32s per cwt. Hemp.—Manila easier, with moderate business at the decline. “J” grade March/ May shipment sold at £29 10s. The Sisal market is quieter and easier. Fair average quality, No. 1, for March/April shipment, sold at £33 10s and good marks were offered at £34 10s. No buyers at present. No. 2: Value of good marks is setting at £33 10s, and fair average quality at £33. More of New Zealand is offering, but buyers are holding back. March/May shipment position as at least week. No first hand sales roported. Apples.—Demand slow, and prices inclined to be easier. Californian Newton, 14s; Oregon Newton (very little* offering at present), 16s; American Stayman’s Winesap, 9s to 11s. Wool. —Bradford market weak. Present quotations are:—64’s, warp, 2s 4d per lb., average, 2s 3d per lb; 56’s Is 8d per lb, 50’s, prepared, Is sid per lb.; 40’s, prepared, Is 3d per lb. LARGER DAIRY OUTPUT. SEVEN MONTHS’ YIELD. An increaso of 8.68 per cent, in the buttcr-fat production of New Zealand for tho seven months ended February 28 when compared with that for the corresponding period of tho preceding season is recorded in the statistics issued by tho Dairy Division of tho Department of Agriculture. Tho figures show that the salted butter graded in February was 11,050 tons, and tho unsalted 180 tons, a total of 11,230 tons, compared with 8363 tpns salted and 335 tons unsaltod, a total of 8698 tons for February, 1929, an increaso of 29.11 per cent. For the seven months ended February, tho respective quantities wore 72,369 ton 3 and 1186 tons, a total of 73,555 tons, compared with 62,849 tons and 1684 tons, a total of 64,533 tons, for tho corresponding period of the preceding season, an increaso of 13.98 per cent. The cheese graded in February consisted of 7365 tons of white and 3248 tons of coloured, a total of 10,613 tons, compared with 7007 tons of whito and 3208 tons coloured, or a total qf 10,215 tons in February, 1929, an increaso of 3.89 gor cent. The quantities for tho seven months ended February were 40,101 tons of whito and 21,104 tons of coloured, a total of 61.205 tons, compared with 43,170 tons of white and 19,760 tons of coloured, a total of 62,930 tons for the corresponding period of tho preceding season, a decrease of 2.74 per cent. Converting these figures into butter-fat equivalent thero is an increase of 8.68 per cent, in butter-fat production for tho soven months as compared with tho corresponding period of the preceding season. Stocks held in the various grading ports at February 28, 1930, were: —Butter, 12,784 tons; cheese, 12,731 tons; as comparod with 5024 tons of butter and 10,874 tons of cheese held on February 29, 1929. i BLENDED BUTTER. (Times Cables.) LONDON, March 10. The Times, in a leader denouncing, the blending of butter as a deception, emphasises the excellence of Australian and New Zealand butter, and the high standard of tho dairy inspection in tho Dominions. It adds: “The public should be protected from buying blended butter under a false name.” ,

, WOOL IMARKET. SALE AT CHRISTCHURCH. FAIRLY HEAVY PASSINGS. Per Press Association. CHRISTCHURCH, March 10. Tho fourth and final Christchurch wool sale of tho season was held to-day. The catalogue comprised 8933 bales. Thore was a full bench of buyers, all the purchasing points being represented. The catalogue was of tho usual ond-of-scason character, being comprised for the most part of back country wool, which was dull with very little bright wool through it. The sale was somewhat disappointing. It had been hoped that the better tone of the overseas markets and tho rather brighter atmosphere at tho Napier sale would be rellecetd locally, but this was not the case. Compared with the provious salo in Christchurch thero was an easing in price equal to about a penny a pound in the finer fleece wools, and up to a halfpenny a pound in the coarser wools. Pieces showed' very little change. The principal purchasers wore Aigorica, tho Continent and Bradford, with local scourers participating in tho fellmongering lots. The salo throughout was very irregular and a big proportion of tho buying circle appeared to have very littlo interest in it. When fair-sized lots of reclassed wool came forward thero was, on occasions, spirited competition, but on tho whole the salo waß not what it was hoped it would bo. Passings were fairly heavy, approximately 20 per cent, of the total catalogue, and the highest price recorded was llid for three different lots of halfbred. Tho top Corriedalo price was lid and Merino sold at 10 3-4 d. Bales of another Merino clip were passed at 11 3-4. The top crossbred price was 9d. The following is the range of prices: Feb. 13. Mar. 10. d. d. d. d.

DECLINE IN VALUES. ADELAIDE, March 10. Tho Government statist gives an illustration of tho decline in wool values of the South Australian clip, and estimates that tho value of tho clip for the year ending June next will amount to £2,580,000, with an average price of 9.55 ponco per pound for greasy. Last year it was £4,654,172, with a value of 14.97 pence, compared with 17.36 pence for the previous season. EXCHANGE RATE UP. AUSTRALIA ON LONDON. SYDNEY, March 10. As from to-day thero will be an increase in tho cost of transferring monoy from Australia to London. Tho trading banks havo decided to raise tho premium now charged by 200 per cent., making the rato for telegraphic transfers 82s 6d for £IOO. For all other usances a similar increaso has been fixed; buying rates are reduced by 203 per cent. Clients of tho banks in New Zealand have not yet been advised of any advance in tho selling rates, and tho telegraphic transfer rato Now Zealand on London remains at 62s 6d per cent. In viow of the increase in tho Australia rate, howover, it is highly probable that the banks in the Dominion will also raiso their exchange rates as was dono on February 18, when the advanco was made practically simultaneously with the riso in Australia. If tho banks in this country conform to tho new Australian rato the effect will be a further chock on imports, while exporters wil got a further benefit of 20s per cent. Tho presont advanco in the selling rato, which means that tho Australian merchant will bo required to pay £4 2s 6d on every £IOO required to pay for imports, was more or less expected in financial circles in Australia. After referring to the increaso of 10s per cent, in Australia on London exchange rates, which took place on February 17, the Melbourne Argus, in its financial columns two days later, said: “Thero is evidence that a further advanco may tako place in tho near future. Before the alteration, and when the official rato for cablo transfers on London was 52s 6d per cent., considerably higher rate 3 were being obtained in Melbourne, a premium of 65s not being unsual. The official rato is now 62s 6d per cent., but already outsido transactions have taken place in Melbourne at 80s. Private cable messages from London indicate that £3 12s 6d per cent, has been paid there for Australian money in London.

WELLINGTON STOCK EXCHANGE. YESTERDAY’S BUSINESS. There were five sales reported on tho Wellington Stock Exchango yesterday, two of which were of bank shares, and the prices realised were fully up to market level. Tho demand yesterday was good, brokers having a full portfolio of buying orders. Government securities were <in fair demand. The 5i per cents. (1941) at £96 5a were 10s up; the 4i per cent. Bonds (1938 and 1939) were up 7s 6d at £97 15s, and the 4i per cent 6. (1930) were unchanged at £99 ss. There was no demand for debentures. For bank shares tho demand was good, and fairly well spread. Bank of Australasia were unchanged at £l2 2s; Commercial Bank of Australia at 21s 6d were down 3d, English, Scottish and Australian Bank were up 6d to £6 7s; National Bank of New Zealand were 3d lower at £5 19s; National Bank of Australasia, £5 paid ut £7 4s 3d were Is 9d higher, and Bank of New Zealand were unchanged at 56s lOd. Financial shares were steady. Goldsbrough Mort and Co. were again in demand at 303 9d; and New Zealand Guarantee Corporation were a shade higher at 8s Id. For Equitable Building £8 5s was bid, and for Wellington Trust and Loan £6 18s. Gas shares were again in good demand- with buyers of Auckland Gas at 23s 4d, Christchurch Gas at 26s and Wellington Gas at 30s. National Insurance were firm at 14s. Gear Meat were a shade lower at 38s, but Wellington Meat Export, ordinary, were unchanged at 7s. New Zealand Refrigerating 10s paid were wanted at 5s 7d. There was a steady demand for HuddartParker, preference, at 20s 6d cum. dividend, and there was a bid of 48s for P. and O. deferred stock. Westport Coal were steady at 29s 6d. Kauri Timber wero up 6d at 13s 6d and National Timber were 3d up at 8s 3d. New Zealand Breweries wero wanted at 80s 6d with sales at 80s 9d. Burns, Philp and Co. were steady at 36s 6d, and British Tobacco were a shade better at 425. Colonial sugar were wanted at £43 15s, with sales at £44. Thero were bids of 17s 6d for Howard Smith ordinary, and 9s 9d for National Electric. Sharland and Co. ordinary wero wanted at 19s 6d and preference at 20s 3d. Wilson’s Cement were firm at 38s 6d. YESTERDAY’S QUOTATIONS. Buying and selling quotations at the final call yesterday on the Wellington Stock Exchango were as follow:

SALES IN THE DOMINION. The following sales were recorded on the Stock Exchanges of the Dominion yesterday:— Wellington.—Bank of New South Wale 3, £4O; Union Bank, £l2 Is; New Zealand Breweries, £4 0s 9d; Colonial Sugar (2 lots), £44. Auckland. —Auckland Harbour Board, 5J p.c., 1945, £IOO .10s; Commercial Bank of Australia, £1 Is lid; Dalgety and Co., £ll 7s 6d; Grey Valley Coal, £1 6s 9d; Mount Lyell, £1 12s. Dunedin.—E.S. and A. Bank, £6 10s; Mount Lyell, £1 12s 4d. Sales reported: Bank of Australasia, cum. div., £l2 2s; Union Bank, two, £l2 Is; New Zealand Breweries, £4 Ob 9d.

WALL STREET CRASH. WASHINGTON, March 8. After a careful study of the prevailing business and employment conditions in the United States, President Hoover has expressed himself as convinced that the worst effects of the stock market crash in November last on business activity and reduction of employment will have passed within the next thirty to sixty days.

STOCK MARKET. feilding" sale. Messrs Levin and Co., Ltd., report having a very big yarding of sheep at the weekly Feilding sale. The quality of the yarding was not up to the usual standard and the ewes penned were in the majority of cases very rough. When the quality is taken into consideration, the prices must bo considered satisfactory. We made a complete clearance of our yarding with the exception of' one pen of ewes. Lambs were slightly easier than at previous sales. Fat sheep sold at ruling rates. The cattle entry was very slack; dairy cattle sold well, but the entry of big bullocks was passed. Weaner heifers were also hard to quit. In the fat pens, cows sold on a par with lecent sales. Quotations: Fat lambs, 17s; fat ewes, 176 3d, 17s lOd, 21s; fat wethers, 235; 4 and 5-year ewes, 13s, 14s, 17s, 18d; 4-tooth ewes, 31s 3d; 2tooth wethere, 225; Rom. wether lambs, 12s 3d; Rom. ewe lambs, 18s; b.f. lambs, 14fl 9d, 15s 4d.

Three and a half year steers, £9 6s; store cows, £3 10s, £4 17s 6d; fat cows, £7, £8 12a 6d; potter bulls, £8 12s 6d, £lO 7s 6d.

Morino — - to 103 Ex. super — to 113 Medium 9i to 10£ 8i to 93 Inferior 71 to 9 61 to 8 Corriodale — Ex. super — to 131 — to 11 Medium 10 to Hi 9i to 104 Inferior 8 to 9i 7i to 9 Fine half bred — Lx. super Super 113 to 131 — to Hi Medium 10 to lli 9 to 10i Inferior 8 to 9 7i to 8i Medium halfbrod — Ex. super lli to 12i — to 11 Medium 9i to 11 83 to 10 Inferior 8 to 9 7 to 8i Coarse halfbred — Super — to 11 - to 101 Medium 83 to 10 8 to 91 Inferior 71 to 81 61 to 71 Three-quarter-brcd— Super - to 10i — to 9£ Medium 8 to 9 7 to 8 Inferior 7 to 8 61 to 7 Medium crossbred— Super 8i to 9 — to 81 Medium 71 to 8i 63 to 71 Inferior 61 to 7i 6 to 61 Coarse crossbred — Super 8 to 83 71 to 73 Medium 7i to 8 61 to 7 Inferior 6 to 7 61 to 6 Pieces — Best halfbred ... 8 to 9 71 to 81 Medium 51 to 71 51 to 7 Crossbred 4 to 61 4 to 53 Crutchings— Irest — to 7 7 to 61 Low to medium . 21 to 41 3 to 41 Belli 03 — Best - to 71 - to 71 Low to medium . 4 to 51 41 to 51 Locks — Best 3i to 4i 33 to 5 Low to medium . 2i to 3i 3 to 51

Buyers. Sellers. N.Z. GOVT. LOANS— £ s. d. £ s. d. Ss p.c. Ins. Stk., 1933 — 99 10 0 5j p.c. ditto, 1936 — 99 7 6 54 p.c. ditto, 1941 4j p.c. Bonds, 1939 and 96 5 0 — 1938 97 15 0 — p.c. ditto, 1930 99 5 0 — DEBENTURESNapier Boro., 5i p.c., 1966 — 98 0 0 BANKS— Australasia 12 2 0 *12 5 0 Australian Bank of Commerce — 1 5 1 Commercial of Aust. (ord.) 1 1 6 1 2 0 English, Scottish and Australian 6 7 0 6 10 0 National of N.Z 5 19 0 6 1 0 National of Australasia (£5) 7 4 3 — New South Waels .... — 40 5 0 Now Zealand : 2 16 10 2 17 2 Union of Australia ... — 12 2 6 FINANCIALGoldsbrough Mort 1 10 9 — Equitable Building Co. 8 5 0 — 'N.Z. Guarantee Corp. (ord.) 0 8 1 — Well. Invest., T. & A. — 0 11 6 Well. Trust and Loan 6 18 0 — GASAuckland (paid) 1 3 4 1 4 0 Christchurch 1 6 0 1 6 2 Wellington (ord.) 1 10 0 — INSURANCE— National 0 14 0 — South British MEAT PRESERVING— — 3 1 0 Gear 1 18 6 — N.Z. Refrigerat. (10«) 0 5 7 0 5 10 Well. Meat Ex. (ord.) 0 7 0 — TRANSPORT— Huddart-Parkor (ord.) — *1 18 0 Ditto (pref.) *1 0 6 — P. and O. def. stock .. WUOLLEN— 2 8 0 2 13 0 Wellington (ord.) COAL— — 6 0 0 Waipa — 0 14 0 Westport 1 9 6 — TIMBER— National 0 8 3 — Kauri 0 13 6 0 15 6 BREWERIES— New Zealand 4 0 6 4 1 3 Staples and Co MISCELLANEOUS— — 2 3 0 Burns, Philp and Co. 1 16 6 — British Tobacco (Auet.) • (ord.) 2 2 0 2 2 6 Colonial Sugar 43 15 0 44 7 6 Dental and Medical .. — 0 13 6 Holden’s Motor Bldrs. — *0 16 0 Howard Smith (ord.) 0 17 6 — National Electric 0 9 9 0 10 9 N.Z. Farmers’ hertiliser — 1 0 6 Sharland and Co. (ord.) 0 19 6 1 0 6 Ditto (pref.) W’ilson’s Cement 1 0 3 — 1 18 6 1 19 6 MINING— Mount Lvell — 1 13 0 *Cum. dividend.