FARMING AND COMMERCIAL

Manawatu Standard, Volume L, Issue 111, 7 April 1930, Page 5

FARMING AND COMMERCIAL

PUREBRED DAIRY COWS. SYSTEM OP TESTING. REVIEW OF C.O.R.’S. After having shown a steady falling-ofl each year since 1924, entries for certificate of-record test are now aguin on the in crease, states Mr E. M. Singleton.. Direc tor of tho Dairy Division, m the Agrieul tural Journal. Twenty-six inoro cov-j qualified for the certificate in 1929 than ir 1928, and figures for the peak month o] the current season show 864 cows on tesi on tho farms of 272 breeders, as compared with 655 cows and 225 1 renders for the highest month of last season. On a percentage basis this increase is by no means insignificant, and, further, there is a reasonable prospect of tho advance being sustained for another season at least. As has been frequently _ stated, . one of the principal objects in introducing the certificato-of-record test was to provide sires for ordinary dairy herds, sires which, because they are registered purebred end with C.O.R. butterfat record pedigrees, would bo of the greatest possible value in I herd building and in improving the yield of our average dairy cow. The support accorded tho C.O.R. system is necessarily regulated to a considerable extent by the demand for bulls from C.O.R. cowj, as the breeder of purebred dairy stock is largely dependent upon sales for his income, ror some years past the prices offored for butterfat backing C.O.R. # bulls have barmy warranted any extensivo C.O.R. programme on tho part of breeders. liio demand, however, is steady, and from a survey of recent sales results it is probably slightly improving. No doubt the marked advance of group herd testing and its valuable educational service is having a favourable effect on the general position. ... . While tho number of cow 3 qualifying for certificate of record each year may be small in comparison with the total numbor registered purobrod dairy cows in the Dominion, there is perhaps a tendency to underestimate the numbers of bulls from C.O.R. cows available for service. Inc cumulative effect, which is considerable, must not bo overlooked. We have taken out roughly an estimate of tho numbei of bulls from C.O.R. cows which should bo alivo and available for servico next sea-son—l93o-31. Tho estimate has been based on cow 3 which have received certificates or havo failed other than on production. Adjustment for ago was needed in the caso of tho maturo class, which includes cows five years old or ovor at the commencement of test, and for purposes oi the estimate the ago of the average tested mature cow was taken as sovon years. The other classes aro based on the exact year of age, and thus no adjustment was necessary. The maximum ago of the average cow was taken at nine years, or the birth of eight calves. A bull was assumed to bo fit for service at a minimum of one year and a maximum of nine years. Actual C.O.R. records were taken to tho end of 1929, but an estimate was nocessary as to tho number of cows of thoso at prosent on test which will qualify during the present calendar year. It has also been supposed that half the calves will be bull calves. The result comes out at 13,737 bulls, from, yearling to not more than nine years of ago, in tho spring of 1930 Obviously, when a cow completes a certificate of record test her performance affect all calves which havo been born to her as well as those calves which may be born. , . Tho official herd tost makes provision for recording tho yield of registered purebred dairy cows. Working along similar linos to this test, and assuming a cow to be tested when she has been on test 180 days (six months) or moro, it is found that 6888 bulls from official herd test cows should be available for servico in 1930. Added to tho total of 13,737 bulls, from COR cows, this makes the impressive grand total of 20,625. There has been of late a revival of interest m tho question of a ton months’ class for C.O.R. cows, and it is probablo that tho additional class will bo inaugurated next season. Some consideration has also been given to the question of dispensing with the butterfat standards for C.O.R. cows, it having been suggested that a certificate be issued to every cow which qualifies on tho present rules other than those P e ?" taining to quantity of butterfat. 'The elimination of tho minimum production requirements did not, however, moot with tho approval of ail tho breeders associations. Moreover, tho proportion of cows which fail to qualify on production is very small It has therefore been decided to mako no change in tho present system in tho meantime. . Hon Tho average production of all C.U.R. cows granted certificates during the calendar year 1929 works out at 469.951 b butterfat. The averages for tho preceding four years were 467.921 b in 1925, 463.871 b in 1926, 429.561 b in 1927 and 469.531 b in 1928. RAGWORT MENACE. STATE OF CROW NLANDS. DEPARTMENT NOT INACTIVE. An assurance ■ that tho Government Lands and Survey Department is fully alive to tho seriousness of the ragwort menace, and is taking steps towards the eradication of tho weed on Crown Lands, is given by the Commissioner of Crown Lands, Mr K. M. Graham. In cases of Crown ownership under tho discharged Boldiers’ settlement scheme, in which tho department had power to advance money under provision of the Act, settlers had been advised, when thoir land was badly infesetd with weed, to sell or reduce their damaged herds and stock up with sheep, said Mr Graham. That had been done in some cases, and had met with marked success. When the weed had been eradicated the 60ttler was. able to rebuild his herd, and, with the aid of a few sheep, keep ragwort under control. The erection . of adequate fencing was. necessary in running sheep in large numbers, and for this the department gave the nocesasry financial assistance. Questioned as to control of unocupied Crown lands, tho Commissioner explained that where possible such land was offered for grazing purposes to dealers or farm- . ers, with the proviso that they put on sufficient sheep to keep tho weed under control. In few instances only, however, had that offer been availed of. Mr Graham said he was confident his department would ultimately find a solution of this difficult question, and to this end it was investigating likely eradicating agents. There was little justification for tho criticism levelled at tho department for its alleged failuro to cope with the question. Most of the badly-infested land was native and privately-ownod property. MORE WOOL. RUSSIA WILL GROW IT. “In view of the great projected expan-1 sion of the woollen industry, with an output of woollen ’cloths in 1932-33 amounting to 280 per cent, moro than in 1927-28, no great diminution in tho relative importance of imported wool may be expected,” says an official statement of the Soviet Five Year Plan published by Allen, Unwin. , „ , ' “The development of fine wool sheepraising planned for the five years will be insufficient to cover the shortage, and the real effect of this development will be felt only after tho expiration of the five year period. At present Russia imports ovr 90 per cent, of tho fine wool used.” North Otago has experienced „ another week of very dry -vyeather und the decided lack of moisture is beginning; to worry the farmers, especially those whoso root crops are suffering. There has been a good deal of threshing from tho stack and the grain is said to bo of better quality than for some years, although the yields havo not been exceptional. Pastures have felt the effects of the dry spell, but the soil is very warm and a good soaking rain would bring , the grass away, l and the farmers’ fears regarding feed for the winter would I largely disappear. (

BUTTER AND CHEESE. DAIRY BOARD’S REPORT. The London, office of the New Zealand Dairy Produce Board reports that the but- : ter market is depressed at 124 s to 128 s, a fall of 2e a cwt. on the week. The re- • tail prico of New Zealand butter in Lon- ■ don has been reduced to Is 4d a lb, that of Danish being unchanged at Is 6d. The i market for New Zealand cheese is quiet and 1 retail prices are unchanged. The market for first English cheese is firm owing to 1 short supplies. The board’s London office quotes current prices as at Friday, April 4, as follow, those for the previous week being in parentheses : BUTTER. New Zealand, salted, 1245-128 s (1265-130 s; 130 s; April 5, 1929, 160-1625); unsalted, 1345-142 s 142 s (138s-1445; April 5, 1929, 164 - 168 s); ■ first whey, 114 s (120 s); second whey, ll2s (118 s). Australian, salted, 1225-126 s (1245-1275); unsalted, 1245-128 s (1245-128 s). Argentine, unsalted, 118s-122s (1245-128 s). Danish, 1325, f.0.b.; 140s-142s spot (140 s, 149-150* . Polish, 118-122 a (116s-122e). CHEESE. New Zealand, white 765-77 s up to 78s (735-795; April 5, 1929, 86s-87s); coloured, 78s-79s up to 803 (795-81 s; April 6, 1929, 86s-87s). Canadian, white, 965-100 s (965-100 s); coloured, 963-98 s (965-98 s). English, finest farmers’, 116s-126s (116s--1265). The deliveries of New Zealand butter last week were 1442 tons, compared with 1400 tons for the corresponding period of last year, the total ■in store being 7234 tons, as against 5750 tons a year ago. The Tainui finished unloading her butter on March 28, and the Turakina started discharging on April 2. The deliveries of New Zealand cheese last week were 27,500 crates, the total in store being 95,000 crates. The Turakina started discharging her cheese on April 1 and the Coptic on April 3. The deliveries of Canadian cheeso last week were 5400 boxes, compared with 1500 boxes for the corresponding period of last year, the total in store being 114,200 boxes, as against 57,500 hoxes a year ago. TREND OF PRICES. *

Tho following table, compiled from the Dairy Board’s reports, shows the trend of prices during tho present season: — Butter. Cheese.

HEMP MARKET. MARCH GRADING RETURNS. The grading returns for hemp, tow, stripper tow, and stripper slips for tho month of March have been issued by tho

fine. Ninety-five bales at Auckland, 145 at Wellington, 39 at Foxton, 9 at Dunedin ad 32 at the Bluff were rejected. Two bales at Auckland and 11 at Wellington were condemned. The number'of bales in each grade was as follows, tho number for the corresponding period of last year being given ! in parentheses Fine 3 (nil), good fair 623 (876), high fair 3667 (2629), low fair 2026 (2584), common 606 (538)’, rejected 320 (242), condemned 13 (nil), a total of 7258 bales as against 6869 bales graded in the tame period last year, an increase of 389 bales. The number of bales graded at each port was: Auckland 2231, Wellington 2 /10, Foxton 1319, Picton 71, Dunedin 291, Pt. Chalmers 15, Bluff 621. The following shows the .detailed particulars of the tow graded: Ports. Ist. 2nd. 3rd.

Twonty-four bales at Auckland, 26 at Wellington and four at Foxton were condemned. Tho following ishows the number of bales in each grade, the number for the corresponding period being given in parentheses : Ist grado 78 (575), 2nd grade 1511 (1085), 3rd grade 690 (482),’ condemned 54 (71), a total of 2333 bales as against 2013 bales graded the same period last year, an increase of 320 bales. The number of bales graded at each port was:—Auckland 731, Wellington 799, Foxton 295, Picton 20, Pt. Chalmers 3, Bluff. 411, Waikuku‘74. Stripper Tow. —Seventeen bales at Wellington were graded Ist grade. Twentyfive bales at Wellington and six at Foxton wero graded 2nd grade, a total number of 48 bales as against 21 bales graded in the same period last year, showing an increase of 27 bales.

Stripper slips.—Two bales at tho Bluff were graded Ist grade, 34 2nd grade, and 77 3rd grade. The total number graded was 113 bales as against 146 balos graded in the same period last year, a decrease of 33 bales. , STOCK MARKET. FEILDING SALE. Levin and Co., Ltd., report having a good proportion of tho entry of sheep at tho woekly Feilding 'sale on 4th April, when after a rather dull sale they quitted ■their entry with tho exception of two lots, at prices quite up to expectations, when the weather conditions are taken into consideration. The entry of cattle ■ was the 6malles this season; dairy stock were a shade easier and fat cattle wero much cheaper than at previous sales. We report tho following:—Fat ewes, 14s sd; fat 2tooth’s, 23s bd, 24s 4d; fat lamb 6,15 s, 17s 4d; Romney wether, lambs, 13s lOd; ewe lambs. 20s lid; 2-tooh wethers, 225; b.f.’ lambs, 9s 6d, 12s lOd; fat bullocks, £l2 10s; fat heifer, £7; springing heifers, £lO 10s; cow in milk, £6 10s; empty cows, £3 2s 6d, to £3 12s 6d; potting bull, £7 15s. I WOOLLEN DISPUTE. LONDON, April 5. Employers in tho Bradford district firmly rejected an appeal by the Bishop of Bradford and other church leaders for tho reopening of negotiations with the employees in order to avoid a stoppage in the woollen industry. A full meeting of the National Association of Textile Workers has been convened to consider proposals formulated in the hope of reaching a settlement. USE FOR WOOL. MANUFACTURE OF PACKS. Per Press Association. GISBORNE, April 5. Mr R. W. Coop, president of the Poverty Bay A. and P. Association, has suggested that the Government should investigate tho matter of coarser wools and pieces and bellies being made into woolpacks in the Dominion, thus making use of a portion of the present wool accumulation, and keeping more money in tho country. He suggested that the packs should be all-wool or wool and hemp, and although previously all-wool packs could not compete in price or utility with jute packs, the present low price of wool and improved methods might now make it possible.

WELLINGTON STOCK EXCHANGE. LAST WEEK’S BUSINESS AND PRICES. An improved volume of business was done on tho Stock Exchanges of the Dominion last week, with a firming in the values of a number of stocks. Investors appear to bo confining their attention to a few selected shares, and the turnover in those has boon good. Business is likely to continue modorato until after tho Eas-. tor holiday when sovoral balance-sheets will bo issued, and if these are favourable, and tho dividends maintained, the confidence of investors will increase and trading should show an improvement. Tho business done in Government securities and tho debentures of local bodies though not so largo as in the previous week was nevertheless satisfactory from the point of view of values. The 4£ per cent, stocks (1930) changed hands at £97 10s, and tho 5j per cents. (1933 and 1936) at £99 ss. Bay of Plenty Power Board, 53 per cents. (1936) were sold at £99, and Christchurch Gas 5i per cent, debentures (1934) at £IOO 10s. A good business was done in a limited number of bank shares, the turnover of Commercial Bank of Australia being exceptionally largo, tho prices ranging between 21s lid and 22s Id, most ot tho sales being at 225. Bank of New Zealand sold steadily at 57s 3d, 57s 6d and 57s 9d, and tho announcement that thoro. will be the usual dividend distribution ,in June should cause these shares to move upwards during tho next five or six weeks. Bank of New Zealand long term changed hands at 265, and continue steady at that figuro. Australian Bank of Commerce wero firmer, and more popular than they have been and sold during the wook at 25s 3d to 25s 6d. Bank of New South Wales look like advancing a little, and changed hands during the week at £39 and £39 2s 6d, while, in tho previous week £39 was the best price. Union Bank sold at .£l2 3s as compared with £l2 in the previous week. National Bank of Australasia have improved, the £lO paid-up shares selling up to £ls, against £l4 18s 6d, and tho £5 paid up at £7 7s 6d against £7 6s 6d. Insurance shares are receiving more attention, and last week there wero sales of National Insurance at 14s 6d. New Zealand Insurance at 43s 9d and 445, . and South British Insurance at 61s 6d. Financial shares w'ero slow, except Goldsbrough Mort and Co. which changed hands at 32s 2d and 32s 3d, being a slight improvement on tho preceding week. New. Zealand Guarantee Corporation, ex dividend, wore quiet; tho ordinary sold at 8s and the preference at 20s. Gas shares were m steady demand, but business was restricttod to Auckland Gas at 23s 7d, 23s 8d and 23s 9d. Gear Meat changed hands at 38s and aro steady. Shipping shares wero quiet, although Huddart-Parkcr ordinary wero in very good demand, • with an upward trend in values. lluddart-Parker preference sold at 20s, and Union Steam prcfrencc. at 20s 4id. Coal shares wero dull. Westport Coal changed hands at 31s 3d, and Renown Collieries, ordinary, at 15s, and preference at 3s Id. There was a renewed demand for Kauri Timber and a sale was registered at 13s 6d. Since tho payment of tho dividend and tho adjustment of the rights New Zealand Brevvcrios sold steadily, at 51s to 51s 9d. Staples and Co. were transferred at 50s 3d, and Toohcy’s Brewery at 24s 6d. In the miscellaneous section there was activo trading in British Tobacco at prices ranging from 41s 3d to 41s 6d. Dunlop Perdriau Rubber changed hands at 17s 9d. Electrolytic Zinc, ordinary, at 275, and preference at 27s 9d and 28s. Other sales wore National Electrics at 10s 6d. Newton King preference at 11s 7d; Farmers’ Trading at 8s 7d; New Zealand Paper Mills at 20s; Milburn Lime at 345, and Mount Lyell at 33s 9d and 34s 6d. SATURDAY’S QUOTATIONS. Buying and selling quotations at Saturday morning’s call on the Wellington Stock Exchange were as follow: — Buyers. Sellers.

*CUm. dividend. fEx dividend. SATURDAY’S SALES. The following sales were reported on the Stock Exchanges of the Dominion on Saturday : . Wellington.—Commercial Bank of Australia, £1 2s; Bank of Now Zealand, £2 17s 9d; New Zealand Breweries, £2 11s; Electrolytic Zinc, preference, £1 8s; Farmers’ Auctioneering “A” pref., 17s sd. Auckland.—Renown Collieries (late sale Friday), 3s Id; Auckland Gas (late sale Friday) £1 3s 7d; Burns, Philp and Co., £1 17s 3d. COMMONWEALTH LOAN. SYDNEY, April 6. When the Commonwealth Conversion Loan closes to-morrow it is expected that the Government will have provided for almost two-thirds of tho £60,000,000 whioh waa outstanding when the campaign was launched. The "response has been so liberal that the task of the Federal Treasurer has been considerably lightened, and the conversion of the balance should not be unduly arduous. Next year’3 Commonwealth and State conversions should be comparatively light, and -have not to be arranged until near the end of 1931.

FROZEN MEAT. SMITHFIELD PRICES. ' LONDON, April 5. The -weekly quotations for tho undermentioned classes of frozen meats, based on actual sales of wholesale quantities of carcases of mutton or lamb or quarters of beef delivered to the Smithfield market t and/or ex-London stores, have been compiled as follows by tho quotations com- • mitteo, Smithfield. To arrive at equivalent ex-ship values, id per lb should bo deducted from prices quoted below. Quotations are average for tho week, and are not for selected lines, but for parcels fairly representative of the bulk of shipments now on offer: New Zealand sheep.—Canterbury and North Island selected crossbred wethers and maiden ewes, 48/561b, 6id per lb.; ditto. 57/641b, 6£d ; ditto, 65/721bs, sid. North Island crossbred wethers and maiden ewes, , 48/56ibs, 6jd; ditto, 57/641b s£d ; ditto, 65/721b, 5 3-Bd. New Zealand ewes, 48/641bs, 4 5-8 d; ditto, 65/72ib, 4id. Australian sheep.—First quality crossbreds and/or Merino wethers, 40/651b, sd; ditto, second quality, 30/551b, 4£d. Australian ewes, 30/551b, 4 5-Bd. Argentine sheep.—First quality crossbred wethers, 48,/641bs, 5 3-8 d; ditto, 65/ 721 b, 4 3-4 d; ditto, over 721 b, 4id. Now Zealand Jambs. —Canterbury, 361 b. and under, Bjd; ditto, 37/ 421 b, B^d; ditto, 43/501bs, 7id; ditto, second quality, average 331 b., 8d; other South Island brands, 3blb, and under Bid; ditto, 37/421b, 8d; ditto, 43/501b, 7 3-Bd. Selected North Island brand's, 361 b. and under, 8 5-8 d; ditto, 37/421b, B^d: ditto, 43/501bs, 7£d. Other North Island brands, first quality 361 b and under, Bjd; ditto, 37/421b, Bd. Australian lambs. —-Victorian first quality 361 b and under, 7 3-4 d; ditto, 37/421b, 7id; Victorian, second quality, 361 b and under, 7jjd; other States, second quality, 361 b and under 71d. Argentine lambs. —First quality, 361 b and under, 7^d; ditto, 37/421b, 7d; ditto, 43/501bs, 6 3-4 d. New Zealand frozen boef. —Ox fores, 160/2201b, 4 3-4 d; ox hinds, 160/2201b, 6d. Australian frozen beef.—Ox hinds, over 1601 b, 6d. Argentine chilled beef. —Ox fores, 160/ 220ib. 4d ; ox hinds, 160/2201b5, 6 3-4 d. New Zealand pigs.—First quality, 60/ 1001bs., 10 3-8 d; 101-1201 b, 93d. OTHER REPORTS. Tho Now Zealand Meat Producers’ Board has received tho following cable from its London office, dated 4th April, 1930, advising that tho following aro tho approximate avorage prices realised for the week, based on actual transactions of wholesale quantities of the descriptions of meat mentioned, and are for representative parcels of the goods offering during the week, being for business done on the basis of dolivcsod to Smithfield market and/or ex Lbndon stores, prices for tho two previous weeks being also shown in parentheses:— N.Z. sheep: Canterbury and North Island selected crossbred wethers and maiden owes, 48-56, 6jd (63d, 7d); 57-64, 6£d (63d, 63d); 65-72, sid (5R 6Jd) ; North Island do., 48-56, 6id (6id, 6gd); 57-64, sjd (6id, 6gcl) ; 65-72, s|d (53d, 6d) ; ewes, 48-64, 4|d (sid, 6d) ; 65-72, 4Jd (sd, 53d).- N.Z. lambs: Canterbury, 36-under, Bid (B|d. 83d), 37-42, Bid (Bgd, 83d); 43-50, 7id (Bd, 83d); second quality, averago, 33, 8d (Bid, 8R1; other South Island brands, 36-under 83d (not quoted) ; 37-42, 8d (not quoted) ; 43-50, 7§d (not quoted) ; including Downs, selected North Island brands. 36-undcr, Bjjd (83d, 7gd) ; 37-42. Bid (Bgd, Bgd) ; 43-50, 73d (7Jd, 8jd) ; second quality, average, 31 B§d (83d, B|d) ; other N.I. brands, first quality, 36-under, Bid (83d, B§d) ; 37-43, 8d (Bid, 8id); second quality, averago, 31, Bid (Bid, Bid). Australian lambs: Victorian first quality, 36-under, 73d (7|d, 8d); 37-42, 73d (73d, 7ld) ; Argentine lamb: First quality, 36-under, 7id (73d, 7£d); 37-42, 7d (7id, 7jd). N.Z. beef: Ox fores, 43d (sd, sd) ; hinds, 6d (6id, 53d) ; cow fores, 4d (4id, 4jd) ; hinds, 5d (sid, 53d). Argentine chilled beef: Ox fores, 4d (s£d, sjd) ; hinds, 63d (7d, 7gd). Australian frozen beef: Ox crops, over lOOlbs, not quoted; hinds, over 1601bs, 6d (6gd, 6d). N.Z. prime porker pigs: 60-1001bs, lOfd (103 d, lojd; 101-1201bs, _ 9Jd (93d, lOd). N.Z. prime baconer pigs, 121-1801 b, BJid (83d,

93d). N.Z. frozen veal: Not quoted. Lamb: Market has eased during tho wek. Mutton: Wethers and ewes, market is dull with poor demand. Beef: Market is depressed owing to heavy arrivals Argentine chilled beef. N.Z. porker pigs: Demand falling off owing to warm weather. N.Z. baconer pigs: Nominal prices owing to short stocks. Levin and Co., Ltd., have received the following cable from their London agents, dated 4th April, 1930:—Frozen meat quota- ' tions (prices on a “delivered” basis, i.e., 1 including storage charges, cartage, market I tolls, etc.): —North Island Down lambs, | 28-361bs, B|d per lb; 36-421bs, Bid; beet [ North Island crossbred lambs, 23-361bs, 8/d; 1 36-421bs, 8d; North Island 2nd quality lambs, average, 30-311bs, 83d; best North Island wether sheep, under 481 be, 6id; 48561bs, 6id; 56-641bs, sgd; 64-721bs, sid. North Island ewes, under 481 be, 56-641bs, 4£d; 64-721bs, New Zealand primo ox beef, 160-2201b5, 5: d. As compared with last week’s quotations, North Island Down lamb, under 421bs, jjd per lb lower; beet North Island crossbred lamb, 28-361bs, id per lb lower; 36-421bs, |d per lb lower; .best North . Island wethers, jd per lb lower; North Island ewes, under 48 lbs, id per lb lower; 48-721bs, id per lb lower. The market all round is depressed and the outlook unfavourable. AUSTRALIAN RAISINS. MARKET IN BRITISH COLUMBIA. VANVOUVER, April 5. An improved market for Australian raisins is predicted by British Columbians, who state that the manner of packing the fruit as well as the quality has materially improved in the past. Australian fruits havo not beon able to compete with Californian products here, but now tho position is reversed. It is understood that largo orders are being placed by British Columbia wholesale dealers for the Christmas trade.

Salted. White. Col’d. 1929. Aug. 1 .. per . Ib9s cwt. 172s 86s per cwt. 87s 90s 91s Sept. 1 .. . 173s 178s 91s 92s 93s 94s Oct. 1 ... , 178s 184s 95s 96s 94s 95» Nov. 1 .. . 175s 180s 94s 95s 94s 94s Doc. 1 ... , 164s 170s 94s 95s 92s 93s 1930. Jan. 1 ... ,. 160s 164s 87s 88s 85s 86s Fob. 1 ... .. 151s 154s 90s /91s 88s 89s Mar. 1 ... .. 143s 146s 86s 87s 85s 86s April 4 .. 124s 126s 75s 76s

Department of Agriculture as follow U.F. H.F. L.F. c. Auckland ... 323 1129 624 55 Wellington .. 120 1321 806 307 Foxton ... 90 784 267 159 Picton ... 45 26 — — Dunedin ... 45 1S9 38 — Pt. Chalmers — — 15 — Bluff — 203 276 105 Three bales at Auckland were graded

Auckland 506 162 Wellington 450 •309 Foxton ... 5 258 28 Picton .. 20 — — Pt. Chalmers .. — 3 Bluff ... 223 188 Waikuku 74 —

N.Z. GOVT. LOANS— £ «• d. £ s. d. 41 p.c. Ins. Stk., 1938 97 2 6 97 12 6 4I p.c. Bonds, 1939 and 1938 97 5 0 — p.c. ditto, 1930 99 0 0 — 51 p.c. ditto, 1933 99 5 0 — BANKS— . Australasia — +12 12 5 Australian Bank of Commerce 1 5 2 1 ? 0 Commercial of Aust. (ord.) 1 1 9 1 2 1 Commercial Banking Co. (Sydney) 21 0 0 — English, Scottish and Australian 6 12 0 National of N.Z 6 0 0 — National of Australasia (£10) 14 19 0 15 2 6 Ditto (£5) 7 9 0 7 13 0 New South Wales ... 39 2 6 39 7 6 New Zealand 2 17 6 — Ditto (long term) 1 6 3 — Union of Australia ... 11 19 0 12 5 0 FINANCIAL — Goldsbrough Mort ... — 1 12 5 N.Z. Guarantee Corp. (ord.) 0 7 10 +0 8 2 Ditto (pref.) tl 0 4 — Well. Invest., T. & A. 0 10 11 0 11 3 GASChristchurch 1 6 0 — Wellington (ord.) 1 10 0 — Ditto (pref.) 0 17 0 0 17 4 INSURANCE— National 0 14 3 — MEAT PRESERVING— N.Z. Refrigerat. (10u) — 0 5 6 Well. Meat Ex. (ord.) 0 7 0 0 8 6 TRANSPORT-Huddart-Parker (ord.) 1 17 0 2 15 P. and O. stock — 6 Kelburn Tram (ord.) ,16 6 — WOOLLEN— • ■ Wellington (ord.) — 6 0 0 Ditto (pref.) — 6 3 0 COAL — Waipa — 9 0 14 0 Westport 1 10 Taupiri (ord.) — — 1 7 0 W estport-Stockton (ord.) — 0 3 0 Ditto (pref.) — 0 4 0 TIMBER— National — 0 9 0 BREWERIES— Crown 0 8 6 — New Zealand 2 10 6 2 11 3 MISCELLANEOUS— Burns, Philp and Co. i 17 0 1 17 6 British Tobacco (Aust.), (ord.) — +2 1 3 Colonial Sugar 43 0 Electro. Zinc (ord.) . 1 6 0 * 6 . Ditto (pref.) 1 7 9 . 11 8 3 Holden’s Motor Bldrs. 0 14 0 0 15 3 N.Z. Drug 3 8 0 # 3 10 0 Sharland and Co. (ord.) — 1 0 6 Wilson's Cement — 1 19 3 MINING— Mount Lyeli 1 13 6 1 15 0 Waihi 0 13 7 —