FARMING AND COMMERCIAL

Manawatu Standard, Volume L, Issue 147, 21 May 1930, Page 5

FARMING AND COMMERCIAL

SODIUM CHLORATE. SUCCESS IN BLACKBERRY CONTROL Experiments have been conducted by the Department of Agriculture in New South Wales since 1927 in the eradication of blackberry by means of a number of specifics. Some of these wero carried out on tho Dorrigo in conjunction with tho local Chamber of Commerce. Tho specifics (used in various strengths of spray) include arsenito of soda, arsenic pentoxidc, caustic soda, sulphuric acid, sodium chlorate, calcium chlorite, of lime, and several proprietary specifics, most of which contained onn or more of the chemicals mentioned. „ „ . , The chief instructor (Mr H. C. Stemng) stated that the most efficient of these was sodium chlorato in a 15 per cent, strength, or lilbs to a gallon of water. In experiments carried out in other parts of the State varying results from sodium chlorato had been obtained. It appearod that the tho efficiency of tho chemical depended on using the correct strength and applying it at a stage when tho blackberry vines wore making active growth and furnished with a luxurianco of leaves, as the chemical was absorbed by the foliage. Mr Stening added that the early summer (about November or December) appeared to be the bes't time for spraying. Tho vines in the Dorrigo experiment were sprayed on December 15, and as there was an occasional now growth appearing from tho roots, a second and lighter application was made on February 13. #

ROYAL SHOW LAMBS. By the last English mail the New Zealand Meat Producers’ Board has received a report from its London manager regarding the display and judging on Srmthfield market of the lambs ex the. sixth Roval Show held at Invercargill in December last The board offers annually special prizes at tho Royal Agricultural Show for fat lambs most suitable for the Dominions export trade and the typo most desired to keep up tho Dominion’s reputation on tho London market. The lambs are judged alive on the showground and prizes are awarded by tho Meat Board for the best pens. All the lambs entered in this class are then killed and shipped Home to the board’s London manager who arranges a special display of them on tho Smithnclcl market. Tho quality of the carcases is judged by three judges appointed by the Imported Meat Trade Association Incorporated and further prizos for the best, lot, of three carcases as judged on Smithfield are also awarded by tho board. This year the winning pens wero as follow: Judged alive on Showground.—First prize, lot No. 655, Wm. Swale, LimehilJs, £ls: second prize, lot No. 664, J as. Young, Wallacetown, £10; third prize, lot No. 651, T. E. Paterson, Winton,' £5. Result of award on Smithfield market: hirst prize, lot No. 655, Wm. Swale, Limehills, £ls; second prize, lot No. 660, J. RManson, Otautau, £10; third prize, lot No 668 C, L. S. Gilkieon, Castlcrock, £5. The board’s London manager reports that the 51 lambs entered in this class arrived Home in excellent order and were displayed on the stall of Messrs H. S. litter and Sons Smithfield Market, on March 26 and made a very good show, which attracted a good deal of attention on the market, ihe whole exhibit was purchased bv Messrs. Hammetts, a large firm of London retailers, and they made a good show of them in their shop windows. . . , , The report of the threo judges appointed by the Imported Meat Trade Association Incorporated —Messrs R. F. Garnham, W. T. Johnson and D. C. Messent is as follows: —“Considering the early date of tho show and the backwardness of the season, tho exhibits in this class, were in surprisingly good condition. Apart from a few pons, the quality was excellent and, what is more important, although the lambs were full of meat they carried comparatively little waste fat and were essentially butchers’ meat. There is no question that the Southdown cross or purebred are the most suitable for the London trade. Our awards are as follow :—First prize, lot No. 655: Two perfect littld lamb 3, full ot meat and not too fat. Short legs, thick shoulders and good backs. One fell away a Bhade on the legs. In our opinion this pen was the most suitable for the London trade. Second prize, lot No. 660: Three very good lambs full of meat and not too fat. Short legs, thick shoulders and good backs. Very good cutting lambs. Third prize, lot No. 668 C: Good lambs, full of meat and not too fat. Short logs, thick shoulders and good backs.”

METAL QUOTATIONS. LONDON, May 19. Metal exchange quotations are as follow, those previously cabled being given

FARM COMPETITION. MEETING OF COMMITTEE. GENERAL SUPPORT RECORDED. The special Farm Competition Committee met yesterday afternoon. The chair was taken by Mr N. Campbell (Dairy Farmers’ Union), while also present were Messrs. D. Collis (Manawatu A. and P. Association), It. P. Connell (Department of Agriculture), W. J. Crouclier (Manawatu-Oroua Pig Breeders’ Association), A. Dear (Farmers’ Union), T. Ranford (West Coast Dairv Companies’ Association), M. H. Oram (Chamber <of Commerce) and J. H. Mason (Pedigree Breeders’ Associations). Mr W. H. Gimblett, president of the Manawatu Herd Testing Association, wrote regretting his inability te attend the meeting, as ho would be absent from the district. Ho stated that tho Herd Testing Association had supported the scheme when he had brought forward the proposals and had expressed its intention of co-operating with other interests in every possible way. From the report of the delegates it was found that all the organisations, whose support had been sought had unanimously been in favour of the scheme and had expressed their willingness to assist in alt ways open to them. Gratifying financial support was already forthcoming, and it was felt that the competition in the judgment of the committee was now well launched. Means of obtaining further desired finance were decided upon. An entry fee of five shillings was fixed for the first year’s competition. Delegates reported that a number of inquiries had already been received from prospective competitors. Particulars in rgard to the rules and regulations of the competition could be obtained from any of the delegates and also from Mr Connell of the Agricultural Department. CANTERBURY MARKETS.

CHRISTCHURCH, May 20, The features in tho Canterbury grain and produce markets since the last report nave been a firming in oats and onions. The market for oats in the south has hardened, and to-day’s quotation for prompt A Gartons is 3s iOd f.0.b., s.i., for May-Juno delivery. ' They have been sold for 3s lid f.0.b., s.i. There is no quotation for B’s, which are very hard to obtain. All supplies of oats are coming from the south, and tho Waipiata left Bluff this week with approximately 7500 sacks for the North Island. Chaff has also firmed further in sympathy with oats, and to-day’s quotation is £7 a ton, f.0.b., s.i.. which is equivalent to £5 10s on trucks. Very little wheat is now offering, and values remain unchanged. Quotations are 5s 8d to 5s 9d for Tuscan, os 9d to 5s lOd for Hunters, and 5s lid to 6s for Pearl, on trucks in each case. A fair amount of business is passing in next season’s wheat, which has been sold at 5s 6d for Tuscan and 5s 9d for Hunters. Fowl wheat is still very scarce,, and the demand is quite good. The value remains firm at 5s ’ lid f.0.b., s.i., equivalent to 5s 6d on ; trucks. r The prompt position for potatoes ■ continues weak, and little business is ! passing. The Wingatui left yesterday - for Auckland, taking 6000 sacks for • that port, and she also carries 1000 > sacks from Timaru. The Kaimana- ; wa is due to leave on Friday, and the ' Kiwitea On Saturday or Monday for ■ the same port, and it is anticipated . that their cargoes will be about 6000 ( ) sacks respectively. The price to farmers remains at £3 5s a ton on trucks. Forward quotations to-day are: June- , July, £4 15s; July-Septcmber, £5 > 10a - , ~ i The onion market has firmed consid--1 erably, and at the moment the demand fis quite good. The price to farmery c now stands at £2 10s per ton on trucks. ...

Very little business is passing in small seeds. The chief causes of any life in the market are fescue and dogstail. The former crop has been a good one, and the demand from America has been good. It is quoted at lid per lb f.o.b. The dogstail crop has been a short ctfie, and consequently the market Iras improved. It is quoted at 9d per lb f.o.b. for the best. SYDNEY WOOL SALES. SYDNEY, May 20. At the wool sales to-day, 8576 bales were offered, of which 8362 were sold at auction, and also 921 privately. There was a verv active market with keen Continental and Japanese competition, and good support from Yorkshire. Prices for average tp good wools continue to harden, while finer descriptions are at times 5 per cent, above last week’s rates. Greasy Merino made up to 19d.

FINANCIAL REVIEW. GREATER FEELING OF CONFIDENCE. (By “Noon Call.’’) A slightly better tone has been recorded in financial circles over the week, and there are signs that a gradual lifting of the present cloud of depression is not far away. There certainly seems to be a little more money available for investment in sound securities, and there is a greater feeling of confidence with respect to the near future for the overseas markets for primary produce. Overseas, little has happened during the past week which can have any important direct bearing on New Zealand. Tho general trend of the money market appears to be continuing toward low interest levels, with more money available for sound enterprise; markets for primary produce show little change. The wool sales opened in London with prices up to expectations, and a generally brighter tone all round; once there is a real improvement in the English trade, with Labour satisfied and prepared to pull its full weight, prices should make a real move toward profitable levels again. The butter market continues to fluctuate and/is, if anything, a little weaker, with heavy stocks of Northern Hemisphere new season’s butter having a bearing influence on the general level of prices. Even on present low levels, consumption is not increasing to the extent which might be expected; speculators do not appear to be operating with any force, and buyers, generally, seem to prefer to handle just sufficient stocks to keep them going from week to week. KEEN DEMAND FOR GILT-EDGE SECURITIES. As in most periods of depression

when there is a general feeling of uncertainty about all classes of investments, gilt-edge Government and local body securities are tho most popular investment at the moment. There is every indication that the market would show an appreciable hardening but for the fact that the Governments present 5i per cent, over-the-counter loan is being offered to the public and there is nothing to show when it will be closed, or even how much it is desired to raise under tho present issue. Ino fact of a seemingly limitless loan hanging over the investment market is sufficient to act as a check on any forward commitments, and it certainly is an effective barrier in the way or anv movement toward higher, prices and the consequent lower interest

levels. The four-and-a-half free-of-income- I tax Government loans are changing hands freely on the New Zealand Stock Exchange on a very firm market, going mostly to big companies and trustee concerns with ready money available for investment; to be able to place their surplus capital in avenues which are not subject to income-tax means much to a big company. The extent to which companies are availing themselves of these war-time loans was indicated in the balancesheet one company issued recently , practically the whole of this company s substantial reserve fund is free-of-income-tax loans, a further big parcel having been acquired during the year. . , „ „ For tho man or woman wlio nas a little capital to invest, there is no doubt that Government bonds are the wisest investment m cases where the investor cannot afford to take risks and the present issue at 5J per cent’is undoubtedly attractive. ATTRACTIVE INDUSTRIALS ON ’CHANGE. Trading on New Zealand Stock Exchanges has been spread over a comparatively wide range during the week, banks and sound industrials receiving the greatest attention; there has been a slight weakening in the market for certain Australian stocks, but this was not unexpected as with the market as it is at the moment buying and selling come as waves; any sign that the market is about to improve brings in the marginal investors. Forced sales, and this is still the big factor which is keeping the market on low levels, also seem to come mostly in waves. Among the securities which have changed hands during the past week on New Zealand Stock Exchanges the following have attractions from the point of view of tho man in the street; apart from tho fact that the rate of return on present prices is very satisfactory, there is every chance of an improvement in the market price ot the shares once the financial position improves. In the following instances the return is based on purchase at market prices, based on the latest divx-

WELLINGTON STOCK EXCHANGE YESTERDAY’S BUSINESS AND PRICES. Ten sales wero recorded on tho Wellington Stock Exchango yesterday, fivo being of bank shares and three of breweries. Tho demand for Government securities was again good, with a scarcity of sellers. Tho 4j per cent .stocks (1939 and 1938) wero 5s higher at £9B 5s and tho 4£ per cent, bonds (1941 and 1939) were wanted at the samo price. Tho por cents. (1938) were up 2s 6d at £9B 10s, and tho 4£ per cents. (1930) wero unchanged at £99 ss. Tho demand yesterday was concentrated on tho 4i por cent, stocks and bonds, from which it would appear that some concerns which have made additions to reserve funds aro investing in these taxfreo securities. Bank shares wore also in very good demand. Bank of Australasia at £l2 3s wore 6d higher and thero was a salo at £l2 ss. Australian Bank of Commerce wero up 4d at 24s Id. Commercial Bank of Australia ordinary wero down 2d at 20s 6d, but thero were threo sales at 20s 9d. Commercial Bank of Sydney were steady at £2O 10s; English, Scottish and Australian Bank wero unchanged at £6, and National Bank of New Zealand at £6 4s wero Is lower than tlio previous bid. National Bank of Australasia, £lO paid, wore 2s 6d highor, and ihe £5 paid-up shares wero unchanged at £7 9s. Thero were no bids for Bank of New South Wales or Bank of New Zealand, but shares of the formor on tho Melbourne register had quittance at £39 ss. Sellers quoto £39 10s. Bank of Now Zealand “D” long term wero unchanged at 26s 9d. Union Bank wero steady at £ll ss. Dalgcty and Co. at £ll, and Goldsbrough Mort and Co. at 31s 9d showed no changos on tho previous bids. New Zealand Guarantee Corporation at 7s 9d wero up 2d. Now Zealand and River Plato wero wanted at 28s 9d, and Wellington Trust and Loan were 6d up at £7 Is 6d. Now Zealand Insurance wero 3d down at 43s 6d, and South British Insurance wero 3d higher at 58s 9d. Wellington Meat Export wero steady at 6s, and Union Steam at 20s 7d. . New Zealand Browcrics wero in good demand at 525, with a salo at tho samo figure. Staples and Co. changed hands at 47s 3d and thero wero more buyers at 3d less. Borns, Philp and Co. rose Is 3d to 33s 9d, and British Tobacco wero unchanged at 38s 6d. There wero bids of 23s bd for Electrolytic Zinc ordinary and 25s 9d for prcfcrenec. Holden’s Motor Body Builders were wanted at 12s, and Now Zealand Farmers’ Fertiliser wow steady at 18s 6d. Wilson’s Cement wero very firm at 42s 6d. Mount Lyell were 3d up at 27s 9d.

YESTERDAY’S QUOTATIONS. Buying and selling quotations at the final call yesterday on tho Wellington Stook Exs __ J_ll _

Sliarland and Co. (ord.) - 10 0 Wellington Cordage . Wilson’s Cement *2 2 6 MINING— Mount Lyell *l7 9 Kawarau 0 0 5 *Cum. div. +Ex div. YESTERDAY’S SALES The following sales were recorded on the Stock Exchanges of tho Dominion yesierday:— Wellington.—Commercial Bank of Australia (3), £1 Os 9d; Bank of Australasia, £l2 ss; Bank of New South Wales (Melbourne registor), £39 ss; Wellington Gas, £1 10s 6d; Goar Meat, £1 18s 3d; Now Zealand Breweries, £2 12s; Staples and Co. (2), £2 7s 3d. . , „ , . . Auckland. —Commercial Bank of Australia (3), £1 Os 9d; Bank of New South Wales, £39 ss; Bank of New Zealand, £2 19s- National Insurance, 14s 6d; South British Insurance (4), £2 19s 3d; Devonport Steam Ferry, £1 2s; Northern Steam, contr 6s 6d; N.Z. Breweries, £2 12s 6d; British Tobacoo, £1 19s; Farmers’ Trading (2), 8s 9d; Gear Meat, £1 18s; N.Z. Farmers’ Fertiliser (2), 18s 9d; Mount Lyell, £1 Bs, £1 8s 9d. „ , . _ Christchurch.—Australian Bank of Commerce £1 4s Id; Commercial Bank of Australia, £1 Os 9d, £1 Os 8d; Bank of New South Wales, cum. div £39 ss; Carlton Brewery, £1 13s 6d; N.Z. Breweries, £2 12s 4d- British Tobacco, £1 18s 7d; Dun-lop-Pcrdriau Rubber, 14s. Sales reported: ES and A. Bank, £6 2s; Union Bank of Australia £ll 7s 6d; South British Insurance, £2 19s 3d; N.Z. Breweries, £2 12s cd; Duniop-Pcrdriau Rubber, £2 13s 3d Dunedin.—Sale reported: British Tobacco, £1 18s 6d.AUSTRALIAN LOANS. NEW YORK, May 19. Sales of Australian loans on Wall Street to-day compare with those of a week ago as follow:- May 12. May 19. Dol. Dol.

WRIGHT, STEPHENSON, LTD. ANNUAL MEEETING. Tho twenty-fourth annual meeting of Wright, Stephenson and Co., Ltd., was held at the head office of the company, Wellington, yesterday, in the presence of a large number of shareholders. The profit and loss account, including £37,024 3s 3d brought forward from last year, showed a credit balance of £73.058 15s lid. A dividend of 7 per cent, on the ordinary shares was declared and the fixed payment to preference shareholders was adopted, leaving a balance of £38,366 5s 7d to be carried forward. Mr J. A. Johnstone and Mr R. S. Abraham, the retiring directors, were reelected.

for purposes of comparison: — May 19. Per ton. £ s. d. Copper— May 15. Per ton. £ s. d. Standard, spot ... 55 7 6 54 0 0 Standard, forward 55 1 3 53 16 10i Electrolytic 60 0 0 60 0 0 to 61 10 0 61 10 0 Wire, bars 61 10 0 61 10 0 Spot 17 17 6 17 16 104 Forward 17 17 6 17 18 9 Spelter— 16 7 6 16 7 6 Forward 17 2 6 17 2 6 Tin— 147 12 6 143 12 6 Forward 149 7 6 145 12 6 Silver — Standard, per oz. 191d 183d Fine, per oz 20id 20Jd

dend: — Market Approx. Price Return. £ s d £ s d N.Z. Guarantee Corp. ... Farmers’ Trading 0 8 0 8 6 8 0 8 6 9 8 3 Henry Jones 1 9 0 6 17 9 Electrolytic Zino (pref.) 1 6 0 9 4 7 Australian Glass 2 1 0 6 10 Wilson’s Cement 2 2 0 6 3 6

change were as follow: — Buyers. Sellers. N.Z. GOVT. LOANS— £ 6. d. £ s. d. 4i d.c. ins. stk., J.aay bd 5 0 — 4i p.c. ditto, 1938 98 5 0 98 15 0 4i p.c. Bonds, 1941 and 1939 98 5 0 — 4i p.c. ditto, 1938 98 10 0 — 4i p.c. ditto, 193U 99 5 0 BANKS— Australasia 12 3 0 — Aust. of Commerce ... 1 4 1 1 4 5 Commercial of Aust. (ord.) 1 0 6 o o H Commercial Banking Co. (Sydney) 20 10 0 — English, Scottish and Australian 6 0 0 — National of N.Z 6 4 0 — National of Australasia (£10) 15 0 0 15 4 0 Ditto, £5 *7 9 0 — New South Wales — 39 10 0 ! - New Zealand — 2 19 6 Ditto, long term 1 6 9 — Union of Australia .... 11 5 0 11 7 0 Ditto (Melbourne register) 11 5 0 — FINANCIAL— Goldsbrough Mort .... i u 9 — Dalgety and Co. (both registers) +11 U 0 — N.Z. Guarantee Corp. (ord.) 0 7 9 — N.Z. and River Plate 1 8 0 — Well. Trust and Loan 7 1 6 — GAS— Christchurch — 1 6 8 INSURANCE— National — +0 14 9 New Zealand 2 3 6 — South British 2 18 9 — MEAT PRESERVING— Gear ■ — 1 18 4 N.Z. Refrigerat. (10s) — 0 4 9 Well. Meat Ex., ord. 0 6 0 0 7 0 TRANSPORT— Huddart-Parker, ord. — 1 18 6 Union Steam (prof.) 1 0 7 — P. and 0. def. stock .. — +2 11 0 WOOLLEN— Wellington (ord.) — 6 0 0 Ditto (pref.) — 6 1 0 COAL— Westport *i u 3 W eetport-Stockton (ord.) — 0 2 0 Ditto (pref.) — 0 3 0 TIMBER— Rotoiti — 0 12 b BREWERIES— New Zealand 2 12 0 2 13 0 Staples and Co 2 7 0 2 7 6 MISCELLANEOUS— Bums, Philp and Co 1 13 9 tl 15 7 British Tobacco (Aust. , 1 18 6 1 19 6 Dental and Medical .. ' •tO 12 0 Electro. Zinc (ord.) .. 1 3 6 — Ditto (pref.) 1 5 9 — Holden’s Motor Bldrs. 0 12 0 — N.Z. Farmers’ Fer5 tiliser ....0 IE 6 0 19 3

Commonwealth — 5 p.c., Jan.-July, 1955 . . 904 tty* 5. p.c., Mar.-Sept., 1957 . . 901 89i 4A p.c., May-Nov., 1925 . . 82 i 81£ New South Wales — 5 p.c., Feb.-Aug., 1957 . . 88 iU 5 p.c., Apr.-Oct., 1958 . . 874 * Queensland — 6 p.c., Feb.-Aug., 1947 . . 1004 100 7 p.c.. Apr.-Oct., 1942 . . 1064 106i *No sale.