FARMING AND COMMERCIAL

Manawatu Standard, Volume L, Issue 138, 10 May 1930, Page 5

FARMING AND COMMERCIAL

THE PIG INDUSTRY, A HELPFUL CONFERENCE. (By “Ploughshare.”) Tho conference held last week with the object of discussing tho possibilities of introducing a better and more equitable system of marketing pigs was undoubtedly the most successful attempt that has yet been made to bring all sections of the industry together in an endeavour to find an accoptablo way of removing some of tho difficulties which are said to prevent a more rapid development of trade in pig products. The conception of tho conference and its organisation came from tho Pig Breeders’ Council and tho officers of that body are to be heartily congratulated on tho success that attended their efforts to make the. meeting thoroughly representative. Every leading producing centre in tho North Island sent delegates, and there was an equally good attendance representing the curing firms which handle pigs throughout Now Zealand. The South Island was not so well represented, but the largo amount of correspondence received from southern dairying centres expressing sympathy with the objects of the conference mado it evident that there is praotically a unanimous desire to improvo trading conditions in tho Dominion. A FORWARD STEP. In his opening remarks tho chairman appealed for a free and friendly discussion as tho question which the conferences had met to deal with concerned every section of tho industry. Fundamently tho interests of the farmer and the curer are the same and the disabilities of which they respectively complain are not likely to be overcome without their joint action. It was in this spirit that tho discussions of tho day were approached and, although thore were different lines of reasoning advanced, it was apparent that there was agreement on the main question beforo tho meeting-^that of grading and differential payments ion a quality basis—but how to bring this into effective operation was not so easy to solve in a manner that would be generally operative and acceptable to all interests. By accepting the principle of payment on graded quality the meeting went a long way towards removing what has been considered one of the obstacles toward tho production of uniform, wellfinished bacon pigs in largo numbers. Now that agreement has been reached on that point, it should not be beyond tho united wisdom of all concerned to find a way to put the proposal into workable operation. Seeing that legislation by Parliament is necessary before the terms of tho resolution carried at the conference can be put into operation, it is early yet to say that the matter has been finalised. Even though the necessary legislation is put through, the measure will have to be carefully drafted so that the introduction of the new system will not inflict hardship on any section of the industry. From expressions of opinion at the conference it could be gathered that, failing the compulsory grading being accepted by Parliament, the curei-s themselves will introduce a grading system of their own so that farmers may now be assured that, with the opening of the next buying season, purchases of pigs will be mode in future on a new basis MEETING THE DEMAND. Now that the grading of bacon pigs seems to be within measurable distance of replacing tho present system of buying, farmers will bo given a much greater incentive to improve the quality of their pigs both in type and coriclition. It is plain that, if farmers are going to gain tho full benefits of grading and differential payments, attention will have to bo concentrated on the three important factors, namely,type, condition and regularity of supplies, which are essentially necessary as a foundation upon which successful business and future development must bo established. These points were stressed very forcibly at the conference. As was pointed out by several speakers, the fact has to be recognised that, the tastes pf consumers have changed in favour of small lean joints and it is. necessary to supply what is demanded both for the local and export trade. GOOD TYPE ESSENTIAL. With regard to type it is recognised that some definite improvement in this direction has been mado of late, but it is evident that before the desired standardisation of carcase can bo secured still more attention mu6t be paid to breeding. Tho possession of large numbers of breeds, however good, increases tho difficulties in obtaining uniformity of type, and tho first step towards this objective is either to bring all breeds up to first-class commercial standard or to reduce the number of breeds used and to concentrate upon strains of proven efficiency. Tho supreme importance of “pedigreo of performance” is insufficiently understood in this country. While the important part played by tho pedigree breeder is recognised, it must be pointed out that care should be taken to avoid attaching too much importance to points unrelated to commercial realities, and greater attention should bo given to such factors as prolificacy and performance of offspring. It is obvious that improvements in other directions can only be of limited value to the industry so long as the methods of breeding and production remain defective. FEEDING AND MANAGEMENT. Closely allied to type is the important part played by feeding and management. It should be the aim to breed pigs which will make rapid gains and to murkot them at the weights demanded. The pig most in demand is one that will kill out at from 130 to 1401 b and not be over fat or heavy in the bone. When grading becomes an accomplished fact it will be found that quite as many pigs will be classed into lower grades on account of over-weight and excess of fat as there will be for want of type. C'urers complain that they find the greatest difficulty in disposing of heavy sides and there is no doubt that under grading these pigs will not be accepted at anything approaching top prices. With no profitable market for this class of goods, it will mean that when curers are given the chance to make their own selection they will take only those carcases suitable for the best trado and pass over others which are not in demand. This is one featuro of future trading that farmers and fatteners of pigs must bo prepared for. Coarse boned and over-fat pigs are not wanted and this fact must bo kept in mind continuously. Otherwise there is likely to be disappointments when lower grade prices have to bo accepted. Thore is room for a wider knowledge of the art of feeding and management than now exists in this country, but this should not be difficult to remedy. Proper housing, warmth and skilled management have an important bearing on production costs and these requirements are not beyond the means of breeders. In the matter of health there is considerable loss from disease that the industry cannot afford and early precautions should be taken to remedy this source of loss. REGULARITY OF PRODUCTION.

The first requirement of a prosperous bacon industry is that the raw material shall be produced in adequate and regular quantities. In New Zealand it is not. Only tho farmer who regards pig-feeding as a regular part of his farming system can help to build up the industry; the in-and-Out feeder adds to tho many uncertainties from which it suffers. Lack of success in pig-keeping, insofar as it may be due to factors within tho producers’ control, may be attributable to bad management by tho breeder and feeder, unsuitable stock, or unsuitable conditions under which he operates. More attention given to littertesting would supply the means of measuring the efficiency of the breeder and feeder or of his stock. For profitable homo fattening one great essential is that nil the pigs needed for the season s use should bo bred and reared on the farm in proportionate numbers to that of the herd of cows from which the main source of food supplies is provided. It should bo the aim of every breeder to get two litters from his sows every year. This is quite possible but it is stated on good authority that almost 50 per cent, of sows are barren for half the year. This fault is said to De attributable to the fact that dairy by-pro-ducts are not available all the year round and tho price of other feeding stuff is not sufficient!* «U*Mtiva. This surely is

’a weak argument and displays a want of knowledge that is a serious drawback to profitable production. Except for the two months during which sho is nursing her litter tho breeding sow does not require heavy feeding on concentrated food provided a good pasture is provided. The value of the early spring litters will far more than repay the comparatively small cost of meat required during that period when milk supplies are short. This is the time when store pigs are dear and the farm bred pig mo6t profitable. Two litters of healthy pigs every twelvo months should be the objective of every breeder. . Ono great drawback in tho way of regularity of production is wide price variation during the season of marketing. The sudden fluctuation in prices for no reason apparent to tho produoer is perhaps the most disconcerting element that has to be contended with, and while this condition is allowed to prevail there is not much prospect of the farmer placing that confidence in the industry which is csential to its permanent expansion. So far trado interests have mado no determined effort to bring about stabilised prices, but with understanding between tho buying firms it should be within their business capacity to fix a reasonable all-the-year round payable price, avoiding extremes which would be to the financial benefit of all concerned, besides preserving that degree of confidence which must bo associated with stablo business. CONCENTRATES FOR FATTENING. Another important matter dealt with at the conference was the discussion connected with the removal of Customs duties on feed stuffs for stock. There is no doubt that if concentrated food was cheaper it would be mado greater use of, especially for pig fattening purposes. At present prices of grain and meals are restricted in their uso and are used only in small quantities in conjunction with dairy by-pro-ducts. Butter milk, skim milk and to a lesser extent whey form the chief sources of food supply for fattening, and being cheap, form the basis of profitable handling of pigs. Practically all the pig 3 in New Zealand are reared and fattened on dairy by-products which in themselves are not a good balanced ration, and will not produce first-quality flesh. It is therefore necessary to supplement the milk with grain or meal. This addition not only makes better bacon, but enables a considerably larger number of pigs to bo turned off in tho year. Except in grain growing districts where cereals can be bought cheaply it does not pay to use grain in large quantities at prevailing prices for pork and bacon pigs. If Parliament can be prevailed upon to remove the 40 per cent. Customs tariff on grain from foreign countries, and the farmer can secure the full benefit of the reduction, a great deal more meal will be used with an increase accordingly in production. OVERSEA TRADE. Advancing their views at last week’s meeting, soveral speakers expressed the opinion that, if properly conducted, the pig industry had unlimited scope for expansion by catering for trade with Great Britain. Indeed, some went so far as to predict that, in a few years, given a supply of cheaper food and proper attention to other details in production, the oversea trado in pig products will be worth as much as the income now derived from cheeso and butter. While it is good to hear optimists enlarge upon possibilities, it is sometimes hard to discover justification for the opinions expressed. No one as yet has shown how this enormous trado can be secured beyond stating the fact that Great Britain imports from forty to fifty million pounds’ worth of bacon and pork annually, and that if New Zealand was able to supply the right kinds of pigs in sufficient numbers wo would be able to secure a large percentage of the English trade. So far as it goes that may bo true, hut it is not so clear how these millions of pigs are to be profitably produced in this country. Pig raising in New Zealand is essentially a side line to dairying, and, although many improvements could be made in management and in other ways that will result in more pigs per cow being fattened than at present, it i 3 very doubtful whethor any other system of feeding will show a profit for export. The local trade takes 80 per cent, of the pigs fattened, which leaves a small exportable surplus, which under present productive costs will increase only in about the same ratio as the dairy industry expands. Wo require the export trade as an outlet for our surplus pigs and every endeavour should be made to meet the needs of that market and for this reason the prospect of getting feeding material a little cheaper is welcome and helpful.

HEMP MARKET. ' APRIL GRADING RETURNS. (From Our Own Correspondent). FOXTON, May 9. The grading returns for hemp, tow, stripper tow and stripper slips for the month of April have boen issued by tho Depart-

Fifty-five bales at Auckland, 83 at Wellington, 26 at Foxton, and 14 at tho Bluff were rejected. Five bales at Wellington were condemned. The number of bales in each grade was as follows, the number for the corresponding period of last year being given in parentheses : Good fair 377 (432), high fair 2717 (3012), low fair 1347 (3360), common 352 (478), rejected 178 s (400), condemned 5 (nil), a total of 4976 bales as against 7682 bale’s graded in the same period last year, a decrease of 2706 bales. The number of bales graded at each port was: —Auckland 1381, Wellington 1383, Foxton 1081, Picton 306, Dunedin 241, Bluff 584. The following shows the detailed particulars of the tow graded:— Ports. Ist. 2nd. 3rd.

Bluff Seventeen bales at Auckland, two at Wellington, five at Foxton, and three at the Bluff were condemned. The following shows the number of bales in each grade, the number for tho corresponding period of last year boing given in parentheses: —Ist grade 54 (155), 2nd grade 940 (1245), 3rd grade 321 (566). condemned 27 (17), a total of 1342 bales as against 2037 bales graded in tho same period last year, a decrease of 695 bales. The number of bales graded at each port was: Auckland 451, Wellington 294, Foxton 240, Picton 41, Bluff 316. Stripper 6lips.—Twenty-four bales at tho Bluff were graded 2nd grade, 34 3rd grade, and 22 were condemned. The total number graded was 80 bales as against . 198 bales graded in the same period last year, a decrease of 118 bales. Stripper Tow. —Nil return for all ports. WELLINGTON PRODUCE MARKET. (By Telegraph.—Special to Standard.) WELLINGTON, May 9. The improvement in a business noted last week has been well maintained. Wheat remains at 7s 4d to 7s 6d a bushel, with a higher tendency. Pollard, £lO 10s a ton and in short supply. Australian prices now make imports impracticable. Bran is also in short supply and quoted at £lO a ton. Consignments of potatoes from Lyttelton have temporarily overloaded the markot, causing a dcclino in prices, which are Dakotas 6s iOd a cwt., whites 6s. Southern Onions aro of poor quality, but prices remain at 5s a cwt. Maize, 7s a bushel. A large shipment, of Java maize of tho first quality is due at tho end of this month and is quoted forward at 6s 6d to 7s a bushel. South African crushed maize arriving at tho end of tho month is quoted at 6s to 6s 3d a bushel. South African sieved maize is also being imported. Oats, Dunns, 6s 9d, Algerian 5s to 5s 6d, heavy seed 4s to 5s a bushel. Blenheim chaff is firm at £8 15s to £9 a ton. MELBOURNE HIDES MARKET. MELBOURNE, May 9. Melbourne hides market for stouts and heavies showed id decline; others unaltered.

FEILDING SALE. MARKET DULL. (Special to “Standard.”) FEILDING, May 10. Tho temporary rise in fat sheep values at last weok's sale at Feilding, brought about by a short supply and tho operations of two outsido buyers, attracted a largo entry of sheep at yesterday’s salo, tho total penning being over 10,000 of which number tho fat section furnished about 1000 head. Values declined from the outset to about tho level ruling prior to tho previous week’s operations, and with tho largo supply on offer, stocks wero somewhat hard to quit. In the storo pons tho largo and varied offering gave buyers tho chance of discrimminating, and anything not conforming to requirements found tho market quiet, tho bulk of tho yarding being passed. Dairy cows maintained a good lovel in value, but stores and fat cattle met with a poor demand. The latter were mainly lightweights beasts which did not command much attention. Detailed prices are as follow: — Fat Sheep.—Lambs, 15s 6d, 17s 6d, 18s Id, 18s 3d, 18s 6d; extra primo do., 295; 2-ths, 235, 275; ewes, 13s 7d, 14s 3d, 14 6d, 15s, 15s 3d, 15s 9d, 16s, 16s 3d, 18s, 19s, 19s 8d; wethers, 225, 23s 6d, 255, 265. Store Sheep.—2-ths ewes r.w. Romney rams, 26s 6d; 2-th to 4-yr do. r.w. S.D. rams, 21s 4d; 4 and 6-yr do., 18s 6d; 2-th wethers, 16s Id, 19s 2d, 22s 6d, 4 and 6-th do., 225; b.f. lambs, Bs, 8s 3d, 9s 9d, 11s 6d, 12s Id; ewe lambs, 12s, 18s 2d; wether lambs, 7s 9d. 10s, 10s 9d, 11s 4d, 12s 6d, 13s sd. Storo Cattle. —Weaner heifers, £1 18s 6d, £2 Is, £2 13s; cows, £2 2s 6d £2 17s 6d, £3 ss, £3 10s, £3 123 6d; cows and calves, £5. Fat Cattle.—Cows, £4 11s, £5 ss; £5 11s, £5 15s, £5 19s to £6 15s; hfrs., £6 2s 6d, £8 15s; steers, £9 ss; vealers, £2 2s 6d. Dairy Cattle. —Spg. heifers, £B, £9 15s; spg. cows, £4, £6 2s 6d, £8 15s, £lO, £l3 to £ls 10s; cows in milk, £lO, £l3 10s. AUCTIONEERS’ REPORTS. Abraham and Williams, Ltd., report: A particularly heavy yarding of all classes of shoop came forward, including several good lines of wethers and also some useful tines of lambs and owes in lamb. All the fat pens wero filled and sold freoly, but the demand for stores was very quiet especially m tho Jamb section. A very nice lino of 530 wethers on account of Mr A. R. Bartlett, of Kimbolton, realised from 22s to 22s 6d. Although bidding lacked animation we managed to quit tho bulk of our entry. A moderate entry of cattle, consisting mostly of dairy stock and storo cows, sold at lato rates. Wo quote:—Fat wethers, 23s 6d, 23s 7d, 255, 265; fat b.f. 2-tooths, 225, 22s 3d to 23s 6d; fat ewes, 14s, 15s, 16s 6d, 17s 3d to 18s; fat lambs, 14s Id, 15s 3d 15s 9d, 16s 6d, 17s 3d, 18s Id to 183 3d; 4 and 6-tooth ewes, 23s 7d; 5-yr ewes, 17s 3d; 4, 6 and 5-yr. owes, 17s 2d to 18s 6d; w.f. wether lambs 8s 6d to.9s; owe lambs, 12s Id to 18s 3d; fat and fwd. owes, 12s 6d, 13s 3d, 13s 9d, 14s 4d: b.f. store lambs, Bs, 8s 3d, 8s 6d, 9s, 9s 8d to 11s 6d. Fat cows light £4 11s, £5, £5 ss, £5 9s, £5 13s, £5 19s, £6 2s 6d, £6 15s; fat heifers, £8 15s; fat steers, £9 ss; fwd. cows, £2 17s 6d, £3, £3 ss, £3 10s, £3 12s to £3 17s 6d; storo cows, 25s to 355; weaner heifers, 38s 6d, £2 Is, £2 13s, £3 ss; spg. dairy cows, £B, £lO, £lO 10s, £l2, £l2 ss, £l3 to £l3 10s. Dalgety and Co., Ltd., report: There was an exceptionally large yarding of sheep for the time of tho year, but only a small entry of cattle. Fat sheep came torward in fairly large numbers and tho lighter class of ewe showed a sharp decline of from 3s to 4s per head; primo sheep Is to Is 6d per head. Ewes for fattening were also considerably easier; b.f. lambs in good condition met with a ready sale, also good sound linos of breeding ewes, while prime to fair wother lambs were hard to quit and many pens of this class were passed at auction. We have to report a total clearance with tho exception of a few small pons of m.a. ewes. Quotations: Fat lambs, 15s 6d to 18s 6d ; fat ewes, 13s 7d, 14s 6d, 16s, 19s, 19s 8d; light fat wethers, 22a; light fat and forward b.f. lambs, 14s; b.f. lambs, 7s 4d, 9s, 11s 6d, 12s Id,, 12s 8d; small mixed lambs, 7s 9d to 8s 10d; empty ewes, 9s to 13s; aged ewes r.w.S.D. rams, 10s 3d to 12s; m.a.. ewes* r.w.S.D. rains, 17s Id to 18s; 4-th to 5-yr. ewes r.w.S.D. rams, 21s 4d to 22s 3d; 2-th owes r.w. Rom. rams, 26s 6d, 2-th ewes r.w.S.D. rams, 21s; small 2-th wethers, 16s 9d; b.f. 2-ths, 16s Id to 19s 2d; springing cows, £8 10s, £9 10s; 6mall weaner heifers, 355, 37s 6d, £2; empty cows £2 10s, £2 17s 6d, £3 10s; rough 3 and 4-yr. bullocks, £5 12s 6d; 18mos. Here. P.A. steers £4 14s; small 18-mos. Jersey cross heifers r.w.b., £4 ss; fat cows, £5, £5 ss, £5 15s, £6 10-, £7 10s.

MANGAWEKA SALE. Dalgety and Coy., Ltd., report having a large yarding ot sheep at their Mangawoka sale on Thursday. While bidding was keen, prices in some cases were inclined to be in buyers' favour and the whole of the yarding was quitted with the exception of one small pen. Quotations: b.f. lambs, 6s lid, 7s 3d, 8s 3d, 8s 6d, 9s, 9s IOd; wether lambs, 6s Bd, 7s, 9s, 11s 6d, 12s 8d ; cull lambs, 4s 9d, 4s lOd, 5s 4d, 5s 7d; ewe lambs 10s 2d, 14s 6d, 17s; 2-th wethers, 17s lOd, 18s 2d, 18s IOd; m.a. owes r.w. Romney rams, 14s 3d; m.a. ewes r.w. S.D. rams, 9s 7d, 13b; empty cull ewes, 4s, ss, 6d; empty ewes, 10s 6d. FEILDING MART. Prices at the Feildlng mart yesterday were as under: —Hens, Is 4d to 2s sd, cockerels, 2s 4d to 3s 6d, ducks, Is 4d to Is 7d. Pigs: Weaners, 5s to 14s, slips, 9s 6d to 15s 6d, stores, 14s 6d, porkers, 27s to 325. WHANGAREI SHOW. Per Press Association. WHANGAREI, May ,9. Results of the Whangarei winter show butter section competitions aro as follow: — Box, suitable export.—Rangitaiki Plains Co-op., 94j points, 1; Kaitaia, 94, 2; Springhead, Maungatcpere and Pio, equal, 93, 3. Box suitable for export, February grading —Whangarei 94£ points, 1; Maungatapero, 94, 2; Hikurangi, Oparau and Springhead, 932, equal, 3. Box suitable for export, made under most favourable conditions—Whangarei, 95 points. 1; Raglan, 94£, 2; Oparau, 94, 3. North Auckland championship—Kaitaia, 177 i points, 1; Waipu, 186$, 2; Northern Wairoa, 186. Case of cheese to export, ex grading store —Toatoa, 93 points, 1; Waimana, 91i, 2. BUTTER AND CHEESE. DAIRY DIVISION FIGURES. Per Press Association. WELLINGTON, May 9. Figures of the Dairy Division of the Department of Agriculture show that salted butter graded for April, 1930, was 6532 tons, and un6altod 166 tons, a total of 6698 tons compared with 5028 tons salted and 166 tons unsalted (total of 5194 tons) for April, 1929. There was an increase of 28.89 per cent, for tho nine months ended April, 1930 the respective quantities being 88,571 tons’ and 1536 tons (total of 90,103 tons) compared with 74,037 tons and 2163 tons (total of 76,200 tons) for the corresponding period of the preceding season, an increase of 18,25 per cent. Cheese graded for April, 1930, comprised White 5399 tons, coloured 2639 tons (total of 8038 tons), compared with 4925 tons white and 2362 tons coloured (total of 7287 tons) for April, 1929, an increase of 10.30 per cent. Tho quantities for the nine months ended April, 1930, wero; White 52,872 tons, coloured 26,187 tons (total 79,059 tons) compared with 54,140 tons white and 24,735 tons coloured (total of 78,875 tons/ for the corresponding period of preceding season, an increase of 0.23 per cent. Converting these figures into their butterfat equivalent, there is an increase of 11.35 per cent, in buttorfat production for the nine months compared with the corresponding period of the 1928-29 season. Stocks held in tho various grading ports on April 30 were: Butter 15,396 tons, cheese 14,381 tons, as compared with 5543 tons butter and 9934 tons cheese held on April 30, 1929. SHEEPSKIN SALES. ; LONDON, May 8. At the sheepskin sales to-day, 3600 bale 9 were offered, 25 per cent, boing withdrawn. There was good general competition, and all prices advanced. Australian crossbreds were from 7j to 10 per cent. up ; and New Zealand 5 per cent. up. Australian Merino, combings advanced 10 per cent, and cloth- ] ing 7i- Faulty sorts were from par to 5 1 per cent. up.

WELLINGTON STOCK EXCHANGE, YESTERDAY’S BUSINES AND PRICES. Fair business was recorded on the Wellington Stock Exchange yesterday, nine sales being reported. There was a rather better inquiry. Government securities were again in good demand. Tho 4£ per cent, stocks (1939 and 1938) were wanted at £9B, with sales reported at £9B ss. The 4£ per cent, bonds, 1930, wore steady at £99 ss, and the 5 2 per cents. (1933 and 1936) at £99 ss. Wellington Harbour Board, 5£ per cents. (1940) wero again wanted at £9B ss, and there was a bid of £lO5 for Wellington Racing Club debentures. Bank shares were also in good demand, but there was some casing of prices. Bank of Australasia at £l2 wore 2s 6d down. Australian Bank of Commerce were wanted at 23s Bd, with a sale recorded at 23s 9d. Commercial Bank of Australia at 19s 6d wero 3d hotter. Commercial Bank of Sydney were steady at £2O. National Bank of Australasia were in demand at £7 6s 6d, but sellers asked £7 10a. Bank of New Zealand at 57s 6d were 3d up, but Bank of New Zealand long-term were unchanged at 26s 6d. Bank of New South Wales wero firm at £3B 15s, with sales recorded at £39 and £3B 17s 6d. Union Bank shares wero in demand at £ll, with a sale reportod at £ll ss. A fair amount of business was offering in other shares. Goldsbrough, Mort, and Co. were steady at 30s, Dalgety and Co. wero in demand at £ll 2s, the la6t recorded salo being at £1- 13s 6d. Wellington Trust and Loan wero steady at £7 Is. For Wellington Gas 30s was again bid, but sellers quoted 31s. National Insurance were Id up at 14s 9d. Wellington Meat Export at 7s were 6d down on the last bid. Hud-dart-Parker, ordinary, were 9d higher at 36s 9d, but the preference wero unchanged at 20s 3d. Brewery shares were in good demand, and fairly steady. Crown Brewery at 8s kd were 3d down; Now Zealand Breweries were unchanged at 51s 3d, and there were two sales during tho day at the price named. Staples and Co. were wanted at 47s 6d. For Burns, Philp and Co. there was a bid of 335, and for British Tobacco 36s Id, the last recorded sale being at 35s 7d. Eleotrolytio Zinc, ordinary, were down to 21s 6d, and the preference to 235, the decline being due to tho depression in tho metal market. Wellington Queen’s Theatre were firm at 233, and Wilson’s Cement at 40s fid. Mount Lyell at 26s 3d were 3d higher. . Buying and selling quotations at the final call yesterday on the Wellington Stock Exchange were as follow: — Buyers. Seller*.

YESTERDAY’S SALES. The following sales wero recorded tin the Stock Exchanges of the Dominion yesterday:— Wellington. —N.Z. Government Stock, p.c., 1939, £9B ss; Ditto, 1938, £9B ss; Australian Bank of Commerce, £1 3s 9d; Bank of New South Wales, £39 t £3B 17e 6d; Union Bank, £ll ss; Colonial Sugar, £4O ss; New Zealund Breweries (2), £2 11s 3d. Auckland. —Commercial Bank of Australia (lute sale Thursday), 19s 9d; Commercial Bank of Australia, new issue, tully paid, 19s 9d; N.Z. Loan and Mercantile Agency Co., £95; Auckland Gas, £1 3s 10d; Northern Steam, 14s 6d; Northern Steam, contributing 6s 6d; New Zealand Breweries, £2 11s bd; Colonial Sugar, £4O 10s; Electrolytic Zinc, £1 3s 4d; Farmers’ Trading, 8s 6d; N.Z. Drug, £3 3s 9d; Robinson Ice Cream, £1 5s 6d; Mount Lyell (late sale Thursday), £1 6s l£d. Christchurch. —Dalgety and Co., cum. div. (2), £ll 3a; National Mortgage, £3 2s 6d; Huddart-Parker, ord., £1 17s 3d; N.Z. Refrigerating, 10s paid (2), 43 IOd; Grey Valley Coal, cum. div., £1 3s 9d; N.Z. Breweries (2), £2 lls sd, £2 11s 6d; Mount Lyell, cum. div., £1 6s 3d. Sales reported: Commercial Bank of Australia (3), 19s lOd, 19s 9d; National Bank of Australasia, £5 paid, cum. div., £7 7s 6d; N.Z. Refrigerating 10s paid, 4s Id; N.Z. Refrigerating, 4s 9d; Dunlop Perdiau Rubber, 4s 9d; N.Z. Breweries, £2 lls 3d; British Tobacco, £1 16s 6d. Dunedin.—Kildare (2), Is. Sales reported: Bank of New r Zealand, £2 17s 6d; National Mortgage, £3; National Insurance, 14s 9d; N.Z. Drug Co., £3 3s 6d; Mount Lyell, £1 6s 4jd; Cornish Point, paid, 6d; Govt. Bonds, 4i p.c., 1938, £9B; Govt. Bonds, 4£ p.c., 1941, £9B 6s. WOOL MARKETING. SYDNEY, May 9. South African woolgrowem have informed ed the Australian Woolgrowers’ Council that they aro willing to consider schemes for co-operation in an economic investigation overseas into the discrepancy botween tho prices of raw wool and tho manufactured article, and the establishment of a reliable system of insurance and exchange of information between the South African Union and Australia. It was stated hero to-night that the whole question of tho better marketing of wool, together with Empire co-operation, would be discussed at Brisbane next month. It is understood that New Zealand growers are vitally interested in the negotiations.

ment' of Agriculture Porta. G.F. as follow H.F. L.F. C. Auckland 119 777 361 69 Wellington ... 64 744 394 93 Foxton 48 712 23b 60 Picton 86 196 21 3 Dunedin 60 147 30 4 Bluff 141 306 123

Auckland ... .. — 338 96 Wellington .. 13 235 44 Foxton 222 13 Picton .. 41 —

N.Z. GOVT LOANS— £ *. 4i p.c. Ins. Stk., 1939 d. £ i. d. and 1938 98 0 5i p.c. ditto, 1923 and 0 1936 99 5 4i p.c. Bonds, 1939 and 0 1938 98 0 0 — 4£ p.c. ditto, 1930 99 5 0 — 5i p.c. ditto, 1933 99 b DEBENTURES— 0 “ Wgtn. Racing Club 105 0 Wgtn. Harbour Bd., 0 5i p.c., 1940 98 5 Eastbourne Boro., 5 0 p.c., 1934 96 15 BANKS— 0 97 0 0 Australasia 12 0 0 — Aust. of Commerce ... 1 3 Commercial of Aust. 8 (ord.) 0 19 Commercial Banking 6 Co. (Sydney) 20 0 English, Scottish and 0 Australian — 6 6 0 National of N.Z — National of Australasia 6 8 0 (£5) 7 6 6 *7 10 0 New South Walee ... 58 15 0 *39 2 6 New Zealand 2 17 6 *2 17 It Ditto, long term *1 6 6 Union of Australia ... 11 0 FINANCIAL— 0 11 9 0 Goldsbrough Mort 1 10 0 — Dalgety and Co *11 2 0 — Ditto (Melbourne Register) *11 2 N.Z. Guarantee Oorp. 6 (ord.) — 0 8 0 Well. Invest., T. & A. — 0 13 Well. Trust and Loan 7 1 GAS— , 0 Christchurch — 16 8 Gisborne — 0 14 0 Wellington (ord.) .... 1 10 INSURANCE— 0 1 11 0 National 0 14 9 *0 16 3 South British — MEAT PRESERVING— 3 0 0 Well. Meat Ex. (ord.) '0 7 0 0 8 0 N.Z. Refrig. (10s) — 0 5 0 TRANSPORT— 1 17 9 Huddart-Parker (ord.) 1 16 9 Union Steam (pref.) . 1 0 4 — P. and 0. def. 6tock ... — WOOLLEN— 2 12 0 Wellington (ord.) ...... — 6 0 0 Ditto (pref.) — COAL — W estport-Stockton 6 3 0 (ord.) — TIMBER 0 2 8 National — 0 8 9 Leyland-O’Brien — BREWERIES— 1 10 0 Crown 0 3 6 — New Zealand 2 11 3 2 11 9 Staples and Co 2 7 MISCELLANEOUS— 6 2 7 10 Burns, Pliilp and Co. 1 13 British Tobacco (Aust.), 0 *1 14 6 (ord.) 1 16 1 1 16 9 Dental and Medical . — *0 13 0 Electro. Zinc (ord.) . 1 1 6 — Ditto (pref.) 1 3 0 — Holdens’ Motor Bldrs. — 0 15 3 Howard Smith (ord.) — 0 17 0 N.Z. Drug — N.Z. Farmers’ Fer3 5 9 tiiiser — Sharland and Co. 0 19 3 (ord.) — 0 19 9 Ditto (pref.) — Wairarapa Farmers’ 10 4 (prof.) — 0 15 0 Wellington Cordage . — Well. Quoen’s Theatre 1 3 Wilson’s Cement *2 0 MINING— 0 11 9 0 — 6 Mount Lyell *1 6 *Cum. div. 6