FARMING AND COMMERCIAL

Manawatu Standard, Volume L, Issue 145, 19 May 1930, Page 5

FARMING AND COMMERCIAL

DAIRY PRODUCE. PRICES ON LONDON MARKET. Tho buttdr market is slow, says the report received by tho New Zealand Dairy Produco Board from its London office. Tho retail pricos of Danish butter has been reduced to Is 4d a lb, and that of Now Zealand remains unchanged at tho same figure. The cllccso market is quiet, and retail prices aro unchanged. Wholesale pricos as at May 16, with those for tho previous week, aro as follow: — BUTTER. Now Zealand, salted 1263 to 130 s (123 s to 1325; May 17, 1929, 165 s to 1675); unsaltcd, 140 sto 1445; exceptional, 150 s (138 s to 1445; May 17, 1929, 165 s to 168 s); first whey, 120 s (120 s); second, 118 s (118 s). Australian, salted, 124 s to 128 s (126 s to 130 s; unsaltcd, 120 s, 1265, ex. 128 s). Irish cream, salted, 126 s (128 s to 130 s); unsalted, 130 s (1345). Danish, 132 sto 134 s spot, 126 s f.o.b. (130 s to 1345; 1265). Dutch, unsalted, 128 s to 132 s (1283 to 130 s). » Esthonian, 124 s to 126 s (1265). Latvian, 124 s to 126 s (124 s to 1265), Siberian, 122 s 123 s (1245). Polish, 112 sto 120 s (120 s). Tho board has also received tho following advico from its agents in Canada: — New York, butter, 34 j cents (Is sid) per lb; Montreal, butter, 29i cents (Is 2jjd). U.S.A; butter stocks 23 million lb, last year six million lb. Canadian butter stocks 8J million lb, last year 2j million lb. CHEESE. New Zealand, white 81s to 82s (82s to 83s; May 17, 1929, 86s to 87s); coloured 85s to 87s (87s to 88s; May 17, 1929, 88s to 89s). Australian, white 80s (81s to 82s); coloured 83s (85s to 86s). Canadian, white 98s to 106 s (98s to 100 s); coloured 96s to 104 s (98s). Tho deliveries of Now Zealand butter for tho week wore 875 tons, compared with 1230 tons for tho corresponding week of May, 1929. Tho quantity in etoro is 9963 tons, compared with 9180 tons a year ago. Tho deliveries of New Zealand cheese for tho week were 14,000 crates compared with 25.353 crates for the corresponding week of May, 1929. Tho quantity in storo is 123.353 crates, compared with 154,637 crates a year ago. The position of recently-arrived shipments from Now Zealand is as follows: — Port Pirie started discharging cheese May 11, finished May 14; started discharging butter May 12, finished May 16; Matakana started unloading butter May 10, finished May 12. Mamilius started unloading butter May 12, finished same day. Rcmuera started unloading butter May 15, and Middlesex started unloading cheese May 15. The deliveries of Canadian cheese during tho week wore 2050 boxes, as against 3950 boxes for the corresponding week ot May, 1929. Tho quantity in storo was 97,690 boxes, compared with 29,955 boxes a year ago. Tho lonic, which sailed from Wellington for London on May 10, took 10,226 boxes of buttor (9882 salted, 241 unsalted, and 103 whey) and 14,333 crates of chooso (11,033 white and 3300 coloured). The Port Hardy, which left Wellington on May 13, took 6347 crates of cheese (5233 white and 1114 coloured). FLAG SMUT. RESISTANT VARIETIES. WHEAT-BREEDERS’ EFFORTS.

Tho success of Nabawa wheat during the past two seasons in New South Wales and its rapidly increasing popularity because of its productiveness under dry conditions and its high resistance to flag smut, point to tho need for the production of further similar whoats in the cereal breeding work of the Department of Agriculture (states the Sydney Morning Herald). On account of the effectiveness of the control of the disease by this means, Mr Wenholz, tho director of plant breeding, considers that the demand for resistant varieties will continue to increase in this State. , , , , Tho initial work of plant breeders has therefore been to determine what varieties possess an inherent resistance to flag smut. This has been done by the systematic artificial infection of seed of a largo number of varieties and sowing it in special plots for special observation. These tests, which wero commenced in 1923, have been considerably extended during the past three years afc the Oowra, Bathurst and Wagga experiment farms, and most of the standard varieties grown in New South Wales have now been classified as to their comparative resistance to flag smut. Among the highly susceptible wheats are to be found such well-known variotios as Aussie, Cadia, Federation, Free Gallipoli (the leading variety in Victoria), Gluyas, Penny and Purple Straw. All of these are so badly susceptible to flag smut that it can only be a question of time when they will be largely displaced by better vanet[ Though not so badly susceptible, but by no means resistant to this disease, are such standard varieties as Binya, Bald Early, Bobin, Bogan, Bena, Bredbo, Burrill, Clarendon, Caliph, Canberra, Canimbla, College Purple, Cleveland, Dun, Duchess, Early Bird, Florence, Greeley, Hard federation, Major, Marshall’s No. 3, Minister, Nizam, Unas, Rajah, Ranee, Sultan, Thew, Turvey, Union, Waratali and Yandilla King Many good varieties are included in this list, and, while the best of them rnay still bo confidently recommended for growing on clean land, it must be realised that a constant hazard from loss duo to this disease attends their culture in mfosted 6 °Well-known varieties which may be classed os resistant to flag smut are, Mr Wenholz considers, Baroota Wonder, Dart s Imperial, Firbank, Queen Fan and Riverina. 1 still more highly resistant, he reports, are Bunyip, Bomen, Dundee, Exqusite, Ford, Nabawa, Rymer and Wandilla, as well as a number of new varieties which have not been fully tested for productiven£With a certain number of still unnamed resistant crossbreds the flag smut . situation should be well in hand as far as the breeding work is concerned. Moreover, specially designed crosses between resistant varieties designed to improve on the straw weakness of Nabawa, tho comparative unproductiveness of Wandilla, and tho haying in of Exquisite, at tho same time retaining tho flag smut resistance of these varieties, arc also under way. RAW MATERIAL. ' LONDON, May 17. M S y ottonS-c?S quoKn^ALrican middling upland, Juno delivery, 8.06 d per lb Tj (8 hW— Para, 8d per lb (same); planton (£24 12s 6d). . rT?-May e ju°no er Th%ment, South Sea, £2o°lss' Pc' ‘on (£2O jf 6d)s plantation, i i £2l tier ton (£2O 12s 6d). R i b =!’pd oil—£4l 10s per ton (£4O 10s). Tuipentine!—39s 9d per" cwt. (39s 6d). Osmiridium. —Prices unchanged. HIDES MARKET. LONDON, May 17. land, 35/4516, * _ ew South Wales, vW4slbs 1 7 3-4 d ; other weights, 7id. Wet 35 bt 5 rC ’ Ouensland, 50/601b, s^d; 40/501b, Sd New 3 South Wales, 50/601b, 5 3-4 d; 40/501b 5 5-Bd. Victorian abattoirs, 50/601b! sjd; 40/SOtbn, sjd.

WELLINGTON STOCK EXCHANGE. LAST WEEK’S BUSINESS AND PRICES. Tho volume of sales recorded on tho Stock Exchanges of the Dominion last week was not up to that of the previous week, although there was hcvay traffic in some shares. The business was not as woll spread as in the preceding week. A better business was done in Government securities and local bodies and other debentures, and values woro fairly steady. Government 4i por cents. (1938) changed hands at £9B 5s and £9B 10s, and wero stronger than in the provious week; the 4i per cents. (1941) sold at £96, tho 5i por cents. (1935) at £9B, and the 5i per cents. (1936) at £99 ss. Business was dono in Takapuna Borough 5i per cents. (1964) at £100; Newmarket Borough 5J por cents. (1944) lit £100; Auckland Harbour Board 5i por conts. (1948) at £99; Bay of Plenty Electric, 5i por cents., at £100; Christchurch Tramway Board 5j per cent. (1944) at £97 10s; and Gisborne Sheep Farmors’ Company 7i por cent. (1931) at £B2. In tho banking section most attention was devoted to Commercial Bank of Australia and Bank of New Zealand. There was heavy trading in Commercial Bank at 20s 6d and 20s 9d, and they were steadier than in the previous week, when they touched 19s 9d. Bank of New Zealand sold steadily at improving prices, sales being recorded at 57s 9d to 595; English, Scottish, and Australian Bank wero rather more active than usual, but values declined under selling pressure, and the shares changed hands at £6 3s down to £6 Is 6d. National Bank of New Zealand wero very steady with pales at £6 5s 6d and £6 6s. Union Bank woro inclined to case, tho courso of sales being £ll 7s, £ll 7s 6d, and £ll 6s. Bank of Australasia changed hands at £l2 ss, with poor demand. There was no business dono in Bank of New South Wales, which met with very little inquiry. Australian Bank of Commerce were turned over at 245, a slight improvement on the previous week. National Bank of Australasia, £lO paid, changed hands at £l4 16s, £l4 17s, and £l4 17s 6d, cum dividend, and tho £5 paid shares also showed an upward tendency with sales at £7 Bs, £7 9s 9d and £7 10s. Thero was a restricted turnover of financial shares, which wero in poor demand. Goldsbrough, Mort, and Co. were transferred at 31s 9d, N.Z. Loan and Mercantile Agoncy Coy., Ltd., at £95, United Building at 13s 6d, and Wellington Deposit at 9s 6d. There was unusually active trading in Now Zealand Insurance, most of the sales being at 43s 6d, This company’s year closes at the end of the month, but the dividond distribution doos not take placo until August. The activity of the shares would seem to indicate that investors oxpeot a slight increaso in dividend, or it may be thought that it is intended to writo up tho capital out of rcsorves. South British Insurance changed hands at 595, hut other insurance shares woro neglected. A moderate business was dono in gas shares, with sales of Auckland Gas at 23s lOd and 24s 2d. Christchurch Gas fully paid at 26s 3d and 263 7d, and 10s paid at 13s 2d. Meat shares wero dull and tho business passing extremely small. Wellington Meat Export, ordinary, sold at 7s 6d, and New Zealand Refrigerating, 10s paid, at 4s 9d. Thero was a small turnover of shipping shares. Huddart-Parkor, ordinary, sold at 37s 6d, and preference at 19s 9d; Northern Steam at 14s 6d, and Dovonport Ferry at 225. Sales of Kauri Timber were reportod at 13s and 12s 9d. There was heavy trading in Now Zealand Breweries with sales ranging from 51s 9d to 62s 6d. Tooth's Brewery changed hands at 325, but wero not in strong demand. British Tobacco were in good demand and prices advanced, sales being registered at 36s 9d to 39s 6d, closing at 38s 6d. Colonial Sugar showed a rising tendency with sales at £4O 10s and £4O 12s 6d. Thero wore several transactions in Dunlop-Perdriau Rubber at 15s and 15s 3d. Amalgama'ed Wireless changed hands at 225, and Holden’s Motors at 12s 3d and 12s. Electrolytic Zinc, ordinary, sold at 25s 3d, and preference at 27s 4d and 26s 6d. There woro single sales of quite a number of shares. New Zealand Expross, preference, sold at 18s 3d; North Auckland Farmers’ Co-op. B preference at 8s 9d; N.Z. Paper Mills at 20s; N.Z. Drug at 645; Victoria Nyanza Sugar at 38s 9d; Mason, Strainers, 10s paid, at 2s 6d; Wilson’s Cement at 42s 6d; Robinson’s 100 Cream at 25s 6d; United Pictures at 20s, and Taranaki Oil at Is. A good business was dono in Mount Lycll at 27s 6d to 29s 3d, closing at 28s 13. SATURDAY’S QUOTATIONS.

The following sales were reportod on the Stock Exchanges of the Dominion on Saturday:— Wellington.—Union Bank, £ll 6s; Christchurch, £1 6s 3d; N.Z. Refrigorating, 10s paid, 4s 7d. Au< kland.—Auckland Harbour Board 5i p.c., 1948, £99; Commercial Bank of Australasia (late sale Friday), £1 Os 8d; Bank of New Zealand, £2 19s; N.Z. Insurance, £2 3s 9d, £2 4s; South British Insurance, £2 19s 3d; Electrolytic Zinc., prof., £1 6s; Tooth's Brewery, £1 14s; Kempthorne (Into Friday), £3 3e lOd. Dunedin. —Christchurch Gas (odd parcel), £1 6s 6d. Sales reported: Commercial Bank of Australia (3), £1 Os 9d.

LONDON STOCK EXCHANGE. RUSH OF NEW LOANS. LONDON, May 17. The gilt-edged section of the Stock Exchange lias been suffering a mild attack of indigestion as a result of the recent rush of now issues, many of which have not been fully subscribed. The underwriters thus are left with large proportions of theso issues on their hands, and wero forced to sell British funds. During tho last few duys, however, a better feeling has been upparent, tho gift-edged securities generally have shown a firmer tendency, though having regard to the favourable monetary position the movements of this market must still bo considered disappointing; but there are signs of improvement, a notable one being an advance in tho price of the last Now Zealand issue, which, after opening at a small discount, is now quoted at about a quarter premium. That thero is plenty of money available for profitable investment is shown by !he success of this week’s Japanese loan, partly a conversion of twelvo and a half millions of 5i per cents., at 90. Tho cash portion of this loan was heavily oversubscribed, and lists closed within an hour, which is hardly surprising, as it yields £6 4s per cent., allowing for redemption in 1965, and Japaneso credit is usually reckoned at under 6 por cent. Other sections of the Stock Exchange show little activity, industrials especially dull, as a result of the continued rise in the unemployment figures, the unfavourable Board of Trade returns, and bad reports by various companies, particularly in textilo industries. AUSTRALIAN WINE. LONDON, May 17. Although tho imports of Australian wine this year show a considerable falling off compared with those of 1928, the first four months’ figures being 709,458 gallons, against 1,196,537, it is satisfactory to note that the consumption is steadily increasing. In April the quantity of Australian wine entered for homo consumption was 281,859 gallons, compared with 157,394 gallons in April, 1928, and the figures for the first four months of the year aro even better, being 878,781, compared with 625,203.

FROZEN MEAT. LONDON, May 17. Tho weekly quotations for the undermentioned classes of frozen meals, based on actual sales of wholesale quantities of carcases of mutton or iamb or quarters of beef delivered to tho Smithfiold market, and/or ox London stores, have been compiled as follows by tho quotations committee, Sinithfield. 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 oiler: Argentine sheep.—First quality crossbred wethers, 65/721b., 3id; ditto, over 721 b, 3d. Patagonian sheep.—Wethers . and/or maiden ewes, under 501 b., 3 5-8 d; ditto, 50/601b., 3id; ditto ewes, 40/50ib, 3d. Patagonian lambs.—First quality, 361 b. and under, 6jd; ditto, 37/421b, 6d; ditto, second quality, averago 301bs, 6 3-Bd. Quotations for all New Zealand and for Australian and Argentine meats aro as given in the N.Z. Meat Producers’ Board report. Levin and Co., Ltd., have received the following cable from their London agents, datod 16th May, 1930: —Frozen meat quotations (prices on a “delivered” basis, i. 0., including storage charges, cartage, market tolls, etc.): —North Island Down lambs, 28-361 b, per lb; 36-421bs 7jd; best North Island crossbred lambs, 28-361bs, 84 d; 36-421bs, 7j)d; North Island second quality lambs, average, 20-31Ibs, Best North Island wether sheep, under 481bs, s£d; 48-561bs, sd; 56-641 hs, 4Jd; 64-721bs, 4d. North Island ewes, under 481bs, 3Jd; 48-561bs, 3id; 56-641bs, 3id; 64-721bs, 2£d. Now Zealand primo ox beef, 160-2201h5, 4§d. As compared with last week’s quotations, North Island Down lamb id per lb higher; best North Island crossbred lamb, 28-361bs, id per lb higher; 36-421bs, id per lb higher; best North Island wethers, under 561bs, id per lb higher; others unchanged; North Island owes, 56-721bs, id per lb higher; others unchanged. Tho position is improving slowly all round. Tho New Zealand Producers’ Board has received the following cable from its London office, dated 16th May, 1930, advising that the following aro the approximate averago prices realised for tho week,

based on actual transactions of wholesale quantities of tho descriptions of meat mentioned and are for representative parcels of tho goods offering during tho week, being for business dono on the basis of delivered to Smithlield market and/or ex London stores; prices for tho two previous weeks are also shown in parentheses) : —New Zealand sheep: Canterbury and North Island selected crossbred wethers and maiden ewes, 48/56, sgd (s£d, sid); 57/64, (4^d 4 3-4 d); 65/72, 4jd (4d, 4^d); North Island do., 48/56, 4 3-4 d (4 3-4 d, sd); 57/64, (4jd, 4jd); 65/72, 4d (3jjd, 4d); ewes, 48/64, (3d, 3id); 65/72, 2£d (23-4 d, 23-4 d). New Zealand lambs: Canterbury, 36/under Bid (B£d, 8Ad); 37/42 7 3-8 d (7R 7Jd); 43/50, 7d (6 3-4 d, 6j|d); second quality, averago, 331bs, 7id (71d, 7 3-8 d); other South Island brands, 36/under, 8d); 37/42, 7\d 7Jd) ; 43/50, 7d (6 3-4 d, 6 3-4 d); including Downs, selected North Island brands, 36/under, Bjd (Bjd, 8^d); 37/42, 7jd (7Jd, 7 3-8 d); 43/50, 7d, 6 3-4 d, 6 3-4 d); second quality average, 311 b, 7 3-4 d(7 3-4d t 7Jd); other North Island brands, first, quality 36/undcr, 8d (7£d, 8d); 37/42, (7d, 7|d); second quality, average, 311 b, 7 3-4 d (7 3-4 d, 7 3-4(1). Australian lambs; Victorian, Ist-quality, 36/ under, 7d (7d, 7£d); 37/42, 6*d Argentine lamb: First quality, 36/undor, 7d (7d, 7Jd); 37/42, 6d (6d, 6id). New Zealand beef: Ox fores, 3£d ( 3 3-4 d, 3 3-4 d); hinds, sid (5 5-Bd, 5 5-8 d; cow fores, not quoted (3d, 3d) ; hinds, not quoted (41d, 4id). Argentine chilled beef: Ox fores, 3gd (3Jd, 3Jd); hinds, 6 3-4 d (6|d, 6jd). Australian frozen beef: Ox crops, over 100, not quoted; ox hinds, over 160, sjd 5 5-Bd, 5 5-8 d). New Zealand primo porker pigs: 60/100, B£d (9jd 94d); 101/120, 7jd (7”d, 8d). New Zealand primo baconer pigs: 121/180, (7id, 7id). New Zealand frozen veal: Not quote). Lamb: Market is firmer with improved prices; consumption continues good. Mutton market: Wether market is firmer, consumptive demand is improving. Ewes aro also firmer; low prices are helping consumption. New Zealand beef: Market is quiet; trado slow. Now Zealand porker pigs: Demand is small owing to warm weather. New Zealand baconer pigs: Nominal prices. LONDON’S MEAT SUPPLY. The New Zealand Moat Producers’ Board has received the London Central Market's official figures of supplies of meat for tho

Buying and Belling quotations at Saturday morning’s call on the Wellington Stock Exchange* wore as follow:Buyers. Sellers. N.Z. GOVT. LOANS— i; e. d. £ s. d. p.c., Ins. Stk., 1939 and 1938 98 0 0 — 4i p.c. Bonds, 1939 ... 98 0 0 — 44 p.c. ditto, 1930 99 5 0 — BANKS— Australasia 12 4 6 12 7 0 Au8t. of Commerce ... 1 4 0 1 4 6 Commercial of Aust. (ord.) 1 0 7 1 010 Commercial Banking Co. (Sydney) 20 10 0 — National of Australasia (£5) *7 8 0 — New South Wales .... — *3910 0 New Zealand 2 18 6 2 19 0 Ditto, long term 1 6 9 — Union of Australia ... 11 5 0 — Ditto (Melbourne register) 11 5 0 11 9 0 FINANCIAL— Equitable Building Co. 8 7 6 — llalgety and Co. (both registers) TO 17 6 — Goldsbrough Mort .... 1 11 9 1 12 6 N.Z. Guarantee Corp. (ord.) 0 7 6 — N.Z. Invest., Mortgago and Deposit 0 10 0 0 1 0 Well. Deposit and Mortgago 0 9 6 — GAS— Christchurch 1 6 0 — Ditto (contr.) 0 13 0 — Wellington (ord.) 1 10 0 1 10 9 Ditto (pref.) 0 17 4 — INSURANCE— National — to 15 0 New Zealand 2 3 3 — South British 2 18 6 — MEAT PRESERVINGGear — 1 19 0 N.Z. Rcfrigerat. (£1) 0 10 0 — Ditto (10s) 0 4 6 0 4 3 TRANSPORT— Huddart-Parkcr (ord.) 1 17 0 1 18 6 Union Steam (pref.) . 1 0 7 — P. and 0. def. stock ... — 2 12 0 WOOLLEN— Wellington (ord.) ■*— 6 0 Q Ditto (pref.) — 6 0 6 COAL— Waipa — 0 10 3 TIMBER— Kauri 0 12 6 — Leyland-O’Bricn — 1 10 0 BREWERIES— Crown 0 8 9 — New Zealand 2 11 10 2 12 6 Staples and Co 2 6 6 2 7 9 MISCELLANEOUS— Colonial Sugar 40 15 0 41 5 0 British Tobacco (Aust.), (ord.) 1 18 6 — Dental and Medical . — *0 12 9 Electro. Zinc (ord.) . — 1 4 9 Ditto (pref.) 1 5 6 1 6 3 N.Z. Farmers’ Fertiliser • 0 19 3 Sharland and Co. (ord. and pref.) • 1 0 0 Wilson’s Cement *2 2 6 — Booth, Macdonald, pref 0 3 0 — MINING— Mount Lyell 1 7 6 1 8 6 *Cum. div. tEx div. SATURDAY’S SALES.

three months ended March, 1930, comparisons for the same period of as follow:— Throe months. 1930. 1929. Ton- TonBeef & Veal— nage. nage. England & Wales 6,005 5,6-33 Scottand 4,300 3.430 Ireland 1,174 1,419 Australia 814 1,043 New Zealand 561 483 Canada and S. Africa 23 41 United States ... 472 236 Argentina 43,339 47,144 Uruguay 3,204 2,786 Brazil, etc 2,363 1,234 Netherlands — — Denmark — — Other countries .. — — with 1929, ference. Tonnage 372* 870* 245f 2296 78* 186 236* 3,803t 503* 1,129* Total 62,345 63,449 l,104f Mutton & Lamb — England At Wales 2,515 2,897 382f Scotland 5,356 5.351 5* 41 68 276 Australia 3,089 4,487 1,3986 New Zealand 13,697 12,110 1,587* Canada and South Africa 25 — 25* United States 13 37 246 Argentina 7,757 8,259 5026

Uruguay 1,109 660 44ft* Brazil, etc 123 . 123* Netherlands — — — Denmark — — — Other countries ... 41 15 26* Totals 33,766 33,884 113f Pork & Bacon — England & Wales 5,547 6,680 1,133+ Scotland 6 24 18+ Ireland i 1,817 . 3,103 1,286+ Australia 24 59 35+ New Zealand 662 766 104+ Canada and South Africa 19 20 It United States 603 409 194* Argentina 408 184 224* Uruguay — — — Brazil, etc 4 4 — Netherlands . 6751 1,5971 922t Denmark 3531 2941 59* Other countries ... 333J 1261 207* Totals 10,451 13,266 2,815+ ‘Increase. fDecrcaso. IBacon.