FARMING AND COMMERCIAL

Manawatu Standard, Volume L, Issue 251, 18 September 1930, Page 5

FARMING AND COMMERCIAL

farm production. future prospects. REVIEW BY DIRECTOR. Tho opinion that the general fall in va ju.« for all primary products the world „ v 0; is moro an indication that a period ~f comparatively low prices lies ahead of ■ farmer than of over-production having been n. ached, is expressed by the Direotorlirr.oral of Agriculture, Dr C. J. Reakes ,n his annual report, presented to mem yesterday. The report reveals marked progress in production, and the use of ,-cieniific methods in primary industries, "The season 1929-30 has been marked’ by b serious decline in values of export commodities, almost without exception, with a consequent shrinkage of national income ” Dr Keakes says. “Had the lower prieeJevela been confined entirely to those products from grassland—wool, meat and butterfat—the production of which is steadily expanding, it could be viewed that a temporary saturation-point for these, our major exports, had been reached on our present overseas markets; but such is certainly not the case, and the general fall in values for all primary products the world over is more an indication that a period of comparatively low prices lies ahead of the fanner than of over-production having been reached. The policy of increased production on an oconomio basis still holds irue as New Zealand’s remedy for lowering prices, combined with ever-improving quality to enable the markets we have to be held and extended.

“As far as increased production of our grassland products is concerned—wool, meat and butterfat—from whioh the major portion of our national income is primarily derived, the position is exceedingly satisfactory, and the past season marks a new high level. In the five-year period 1921-25, the average annual value of grassland products on a standard-price basis was £34,626,000. During the five years 1925-30, the average annual value amounted to £4l - 456,000. _ ■ “Even more significant is tho yearly increase since 1925 (calculated on the same itandard price basis) over the average of the previous five years, which indicates the upward movement that is taking place, and which is being more than maintained: — Amount of Approximate increase percentage Year £ Increase

“In no period of Ijjew Zealand’s history has production increased to the extent that is taking place at the present time, and this is a direct reflection of improving farm practices in which top-dressing, better stock and better grassland-management aro all playing their parts. “The essentials in grassland farming are pasture, live-stock and management. All these three factors are equally important. Improvement in live-stock and improvement in management are generally recognised by farmers, while herd-testing and culling, animal hygiene, top-dressing, controlled grazing and grassland manipulation generally are becoming standard practices. 'The significance of actual improvement in the components of grassland itself, apart from that brought about by management, has, however, up to the present, not been sufficiently recognised. “In point of tact, strain in grasses and clovers is of equal importance to top-dress-ing or any other of the factors of management. All our common grasses and clovers consist of a large number of types’, as essentially different from any other in performance and value as are livestock. Until such time as pasture species become graded and pedigreed, as is becoming the case with livestock, the lull measure of scientific grassland farming cannot be realised.”

PLANT RESEARCH. The report adds that the work of the Plant Research Station at Palmerston North has clearly shown the importance of strain in ryegrass, cocksfoot, white and red clover, and demonstrated that many pastures in New Zealand consist of strains of outstanding merit, showing high leaf production, a long seasonal growth, and a high degree of permanence. DAIRY PRODUCE INCREASE. “The value of dairy produce exported has attained to a very high proportion of the value of New Zealand’s total exports,” states the report. “For the year under review the value of dairy produce exports represented £18,842,994 out of a total export of £49,045,817, or 38.4 per cent. ... , * “Pasturage has been more plentiful than usual, due to a well-distributed ramfall throughout the year and to the cumulative effect of top-dressing with artificial manures. The plentiful supply of grass, together with an increase in the number of dairy cows, has resulted in a milk production never excelled for volume in the Dominion. , ' “The general unfavourable economio conditions and larger supplies of butter from • number of countries have prevented the New Zealand dairvman from increasing his inoome. The larger production will, however, be helpful in off-, setting the shortage due to fall in prices although the net balance to the Dominion shows a reduction of some two millions sterling.

QUALITY OF PRODUCTS. “The quality of New Zealand butter has been maintained or improved, and, despite bad marketing conditions, has been reported upon as favourably as usual. Cheese quality has been less favourably reported upon, due to at least three factors —namely: (a) unfavourable market conditions, (b) the extensive diversion in the North Island from the manufacture of full-cream cheese, and <c) the endeavour in some eases to ensure yield rather than high quality. “The need for improvement in cheese quality is one of very great importance •nd this is being more generally recog“Farm dairy instruction on a voluntary basis has been well established in many dairying districts, and there has been an ever-increasing demand that the service should be placed on a Dominion basis. An amendment to the Dairy In*

"***'£&*£s 6ff6Ct Can “The S^t S t° F FARM ANIMALS--1928-29 giv hiu Z n 8 re l Ur i 3 for the rear mals m ß th£ S ruT • numbe * °f farm aniincreased in mi 1 ? show that 6heep Pared thT^ 61 - by 1 ’ 917 - 572 » comof all "classes* 0 report “mi,,. y states the alone’was 18 (Us “crease m dairy cows however V U 66- *5 ««« of swine, decrease of 30 rett ?- ble *» note that a decreased by Bm. occurred - Horsf * shel h,3 incr f. as e,in tho number of 4i notlcea ble increase in the ing mainlv C fu bo re B arde d as bein^farm;r, y uo ,t° the great improvement bv fv,„ P ra etice which has come about lwtl lncr ® ased use of fertilisers and by ,5 ® rassll s nd management. Seeing that vinbl„ Unde ; 'ettlement has notapprej • y mcroased, while thhe number of y cattle has not increased to a very noticeable extent, tho yield of dairy produce has been much greater in proportion; and here again fertilisers, miprov- . grassland management, herd testing, improved quality of herds from a yield standpoint, and better animal husbandry must be credited with the marked increase in the volume of those products which has taken place. FALLING OFF IN PIGS.

“As regards pigs, it is a matter for regret that they have decreased in number, especially as the prices received for porkers and bacon pigs exported to the United Kingdom proved to be payable, and have been still better during the season now in progress. The position of the pig industry demands special attention. A. scheme of special instruction, and advice to farmers on the subject of management and feeding has been elaborated and put into operation; but, while this will no doubt help, more active steps " are needed.

“The bulk of our pigs are kept on dairy farms, and the great attention which dairy farmers have given of late to tho increase of production from their herds, anl the results attained, seem to have caused tho very useful and paying pig to be thrown, so to speak, too much into the background. The main function of the pig seems to be looked upon as being that of a useful moans of getting rid of separated milk and whey, and the quantify of these by-products produced could, if properly utilised and. supplemented by other suitable food material, feed a great many more pigs than is the case at present. In meat-meal, for instance, we have a concentrated food material produced in the Dominion, which forms a valuable supplementary food to whey, its composition supplying the nitrogenous content which whey lacks. Separated milk is quite a good food in itself, and it needs very little addition. For the winter feeding of pigs meat-meal makes a valuable addition to roots and other foodstuffs when dairy by-products are scarce.”

DOMINION STOCKS OF WOOL. TOTAL OF 240,000 BALES. An abnormally large quantity of wool was held in New Zealand at June 30, according to returns compiled by the Government Statistician from information collected from the usual sources. Detailed summaries are published in the Abstract of Statistics showing the quantities of the various kinds of wood, the condition and the distribution among the several classes of holders. According to the official computation, the stocks were equivalent to 81,500,0001 b. of greasy wool, as compared with 27,500,0001 b. a year ago. This gives some idea of the extent to which wool has been held back on account of the low prices ruling. Following is a summary of the annual returns for the last five years, showing the ..official estimates of greasy wool by weight and the approximate equivalent in bales: Pounds. Bales.

LONDON STOCK EXCHANGE. LONDON, Sept. 16. On the Stock Exchange to-day, quotations of Australian and New Zealand banks and other corporation shares and stocks compare with previous quotations

STOCK MARKET. SALE AT ADDINGTON. SHEEP AND CATTLE EASIER. Per Press Association. CHRISTCHURCH, Sept 17. Entries wore about normal at to-day’s metropolitan stock market. Both fat cattlo and fat shcop eased in price. Store Sheep.-—A moderato entry, with freor competition, though prices showed little advance. Good two-tooth half-bred owes, 25s 3d to 25s 9d; medium two-tooth half-bred ewes, to 20s 3d; good s.m. threo-quartor-bred ewes, to 18s 6d; ordinary s.m. ewes, 13s 9d to 15s 6d; and f.m. ewes, 10s 6d to 13s; medium ewe hoggets, 14s to 17s 4d; ordinary ewe hoggets, to 13s 3d; wether hoggets, 9s 6d to 11s 6d; ewes and lambs (all counted), to 8s 9d. Forty-three spring lambs were- forward, the best making from 30s to -'As, with special to 375. Bp Fat Sheep.—Values for heavy sheep were down by 2s a head, and for light wethers by about Is. Extra prime wethers sold to 38s 7d; prime wethers, 29s to 335; medium wethers, 24s to 28s 6d; light wethers, 20s to 235; extra prime ewes to 34s 7d; prime ewes, 24s to 28s; medium ewes, 18s to 22s 6d; light ewes, to 17s; prime hoggets, 20s to 235.

Fat Cattle.—l4oo head wore yarded, tho entry including cattle from the West Coast, South Otago and Southland. Values were down by about 2s per 1001 b. Good beef made from 44s to 48s per 1001 b; a few pens to 525; heavy beef to 425; cow to 41s, and medium to 375. Extra prime heavy steers, £23 to £25 17s 6d; prime heavy steers, £lB 10s to £2l 10s; prime med-ium-weight steers, £ls to £18; medium quality steers, £l2 to £l4; light steers, £lO to £ll 15s; extra prime heifers, to £lB 2s 6d; prime heifers, £l3 to £15 1 ss; medium heifers, £lO 10s to £l2 15s; light heifers, £7 to £10; extra prime cows, to £lB 12s 6d; prime cows, £l2 to £l4 10s; ordinary cows, £lO to £ll 15s; light and aged coxvs, £6 to £9. Store Cattle.—The entry was a large one, but the quality as a whole was very poor. There was littlo spirit about the market, which dragged throughout. A oen of 18 months Holstein-Shorthorn cros* heifers sold at £4 6s. Yearling Shorthorn heifers made up to £2 13s 6d; 15-months steers to £3 8s 6d; and a pen of mixed sex calves, 325. Good fresh cows realised up to £6 103 ’ „ , Vcalers. —The entry was a small one and consisted chiefly of small calves. All fit for butchers’ requirements met with a good sale at late sates. The top price was £ll

Is. I Dairy Cattle.—Ninoty-sovcn head were offered as against 45 last week. Toward the end of the sale the inquiry was very weak. There was a fair proportion of heifers, the top price for which wus £l2. Good second and third calvers made £lO to £ll 15s; medium sorts, £8 to £9 10s; aged and inferior,-£3 5s to £7; good heifers, £lO 10s to £l2; medium, £8 10s to £9 15s; others, £5 5s to £7. Fat Pigs.—There was a small yarding of pork and bacon. All sorts met with a keen demand and bacon prices firmed a shado. Pork remained unchanged. A alues were: Porkers, 54e 6d to 62s 6d; heavy porkers to 78s 6d; average price a lb., 9jjd to 10id; baconers, £4 Is 64 to £5; heavy to £5 18s 6d; average price a lb., 8d to Bid; choppers, £3 to £3 3s 6d. • Store pigs were yarded in very heavy numbers, tho entry consisting chiefly of weaners and slips. The size of the offering forced the market down and tho sale closed with prices about 5s cheaper. Values £l4 ss, £l4 2s 6d, £l3 15s. stores, 31s 6d to 37s 6d; small, 26s to 30s, best weaners, 20s to 265; others, 15s 6d to 19s 6d, !

JOHNSONVILLE SALE. j. At Johnsonville stock sale yesterday, Wright, Stephenson, Coy., Ltd. and Abraham and Williams, Ltd., offered an average yarding of prime quality bullocks, no female stock coming forward. The sheep yarding was larger than usual. Bullocks met with a good sale, prices showing no alteration as compared with last week a rates. Wethers, which comprised a few pens of shorn sheep, the first of tho season, were in good demand, while ewes met with a keen sale at last week’s rates. Hoggets were yarded in larger number than ol late and a total clearance was effeoted, prices being firm. Spring lambs were in keen demand at last week’s quotations. Prices ranged as follow -.—Heavy bullocks, £l7, £l6. IBs, £l6 10s, £l6 7 * 6d, £ls ss: medium-weight bullocks, £ls 15s, £lo IQs £ls ss, £ls 2s 6d; bullocks, £l4 10s, £l4 6s, £l4 256, £l3 15s. Extra heavy woolly wethers, 325; extra heavy shorn wethers, 29s 6d, 27s 6d; heavy wethers, 31s, 30s 6d, 30s, 29s 6d; good medium wethers, 28s 9d, 28s 6d, 28s 3d, 28s 2d, 27s 9d; light and unfinished wethers, 2bs 6d 25s 6d, 245, 23s 6d; heavy ewes 25s 6d, 255, 24s 9d, 24s Bd, 24s 6d, 23s lOd; ewes, 22s od, 22s 3d, 21s 9d, 20s 6d, 20s; hoggets, 245, 23s 7d, 23s 3d, 19s 3d; lambs, 28s 2d, 28s, 27s 9d, 27s 6d, 275.

JERSEY BULL SALE. PRICES AT HAMILTON. Per Press Association. HAMILTON, Sept. 17. The national Jersey bull sale opened today with an average of 44gns for 71 head top price was paid for “Waipiko Love Boy,” on account of Mr C. U. U. Dermer, Feilding, by Mr A. Crowther, Matamata. , “Waipiko Caravee,” on account of the same vendor, was purchased by J. BAickin, Pukekohe, for 235gne, and 175gns was paid for “Meadowvale Oxford Sultan, by Mr C. Stevens, Whangarei. Mr S. Irwin Crookes, Whangarei, secured the four-year-old “Santa Rosa Golden Chimes for 135gns. “War Bride Prince,” on account Mr H. Salway, Bell Block, changed hands at 102gns, the purchaser being Mr, R. J. Botham, Te Aroha. The senior championship of the show was won by Mr J. A. Mitchell’s “Santa Rosa Golden Chimes.” Mr C. G. C. Dormers “Waipiko Love Boy,” which sold for MU gns, won the two-year-okl championship.

AUSTRALIAN ORANGES. VANCOUVER, Sept. 16. The local trade bureau is being urged to investigate reports that Australian oranges have been largely sold in the Empire trade campaign packed in “Made in U.S.A.” wrappers. One merchant admits repacking.

FINANCIAL REVIEW. NO NEED FOR PESSIMISM. (By “Noon Call.” Certain very definite breaks have appeared in the black clouds of depression during the past week. At one period it appeared as if the investment market had touched bottom and that the turn toward better times had at last been reached. Subsequent reactions have rather clouded this view, however, About the greatest handicap to any move out of the present slough of financial despondency is the bearing effect of the thoughtless pessimist who is working with little short of criminal effect in our midst to-day. On tho Australian share market he has been working with rather malicious but well directed intent for many months bearing down stocks wherever possible in order that he may take financial advantage of thtf fall. False rumours have been spread around about perfectly sound companies and no effort spared to shake the confidence of the market for sound stocks wherever there is a possibility of making money out of the falling prices. So marked has this practice become that directors of companies concerned have been compelled to make public contradiotions.. In New Zealand it cannot be said that the bears, have been operating for the purpose of individual gain, but it can be said that the more thoughtlossly pessimistic have been acting in a manner which has had practically the same effect, I not only on the share market, but on I business generally. The general nowadays is to look for the blackest sia* v every time, and the practical optimist' receives little attention. Rumours gain currency about the soundest of propositions which have little or no foundation on fact, and there is a tendency for the smallest items of news having an unpleasant financial reaction to be magnified to an alarming degree. It does not Deed an Otto Niemeyer to tell New Zealand how to face the presont crisis. There is certainly need for economy, particularly in- the direction of Government administration, but the position is not such that it warrants much of the pessimistio talk which is given currency to-day. The now farming season has opened with every indication of satisfactory production. Reports from Sydney relative to the opening of tho xvool sales there this week show that there is a wide demand for wool on the lower price levels. Cables during the early part of the week show a. brighter tone in the butter market with prices tending to rise to higher levels. Reports from Canada confirm earlier opinions that that Dominion will be compelled to import some; -at least, of our surplus butter. All round indications are that, although we might like conditions to improve considerably, for the eountiy generally tljey have been much worse at certain periods in the past, and the country has always won through. ON THE INVESTMENT MARKET. Toward the close of last week there liras every indication that prices for investment stocks were about to show & general improvement. The market hardened in Australia following the assurance of the Federal Government that it would not heed the cry og the extremist relative to repudiation, and that it was out to balance its Budget irrespective of the difficulties in the xvay. This improvement h' s not been sustained, however, and t -Lire was a further sagging of prices early this week. How far this will go it* is hard to say. There is no doubt that the banks are applying pressure on holders of investment stocks, particularly in Australia, and where this is done the most easily negotiable securities go first. With forced sellers on the market, prices have no recourse but to sag. When the actual turn will come the writer is not prepared to record a forecast at the moment, but, even so, there is nothing more certain to those who follow the trend of finance that many very attractive propositions are offering on the investment market at to-day’s prices. Reserves are healthy, the actual return on to-day’s prices is attractive, while tho prospect of market appreciation when the turn comes is very alluring. Below is a summary of business of somo of the more solid stocks recorded on the New Zealand Stock Exchange over the past week. In each case the approximate return on investment, based on the last recorded dividend, is given: Approx

WELLINGTON STOCK EXCHANGE. YESTERDAY’S BUSINESS AND PRICES, With only two sales and a very short buying list the dull market showed no improvement on tho Wellington Stock Exchange yesterday. Government securities were unchanged, but tho demand was restricted. Tho 4j per cent, stocks and bonds were again wanted at par, and the bid of £99 7s 6d was repeated for the 5£ per cent, stocks and bonds (1933). Wellington Racing Club debentures were firm at £lO5 2s 6d and New Zealand Breweries bonds were wanted at 21s. . Bank shares were neglocted and vory dull. Bank of New South Wales were wanted at £3O 2s 6d or 2s 6d more than on the previous day, and the bid of 27s for Bank of New Zealand long term was repeated. These were the only bank shares to receive attention. There were plenty of sellers. Bank of Australasia were quoted. Is lowor at £ll 11s; Commercial Bank of Australia were lower by 3d at 18s 3d. A seller of English, Scottish and Australian Bank was willing to accept £5 12s 6d ,or 6d less than the previous quotation. The price of Union Bank was reduced Id to £lO Is Thero was little demand for other shares

and most of tho prices offered showed no change on previous bids. New Zealand Guarantee Corporation ordinary at 7s 7d, preference at 20s 9d; and Wellington Trust and Loan at £6 19s were all unchanged. National Insurance were wanted at 13s 9d. Christchurch Gas were steady at 245. Now Zealand Rofrigerating, 10s paid, were down to 3s, but Wellington Meat Export were up 2d at 5e 8d with a sale at 5s 6d. Union Steam wore again in demand at 20s and Taupiri Coal were wanted at 23s 6d.

New Zealand Breweries were firm at 48s. Burns, Philp and Coy. were unchanged at 27s 6d; British Tobacco were 3d down at 32s 4d. Dominion Investment at 22s 3d, and Sharland and Coy. preference at 18s 3d were unchanged. Wilson’s Cement at 40s woro 3d lower, but Taranaki Oil 3d up at Is 3d.

YESTERDAY’S SALES. The following salee were recorded on the stock exchanges of the Dominion yesterday : Wellington.—Wellington Meat Export (ord.), 5s 6d; Waihi Mining, 15s. Auokland. —Bank of New Zealand, £2 15s 6d; N.Z. Breweries, £2 8s; Robinson Ice Cream, £1 2s. Christchurch. —Govt. bonds, sjr p.c., 1933, £99 15s; Aust. Bank of Commerce, 19s lid; Bank of New South Wales,. £3O 12s 6d, (2). £3O 15s; Dalgoty and Co. (3), £8 l&j 6d, £8 18a 3d; N.Z. Guarantee Corporation, ord., 7s lOd; Tooth’s Brewery, £1 2s lid, British Tobacco, cum. div., £1 12s 3d, £1 12e Id, £1 12s; Mount Lyell, £1 0s sd, (3) £1 0s sd; Mahakipawa (3), 4jd, (3) 3d; Winding Creek, Is paid, 3|d. Sales reported: Union Bank of Australia, £lO ;■ Dalgoty and Co., £9; British Tobacco, cum. div., £1 12s. Dunedin.—Sale reported: Dalgoty and Co., £9. GRAIN AND PRODUCE. ' CANTERBURY MARKETS. Per Press Association. CHRISTCHURCH, Sept. 16. The present is one of the quietest times experienced on the local grain and produce markets for a long period. The principal business that is being done is in potatoes. The Wingatui left Lyttelton on Monday night with 6263 sacks of potatoes for Auckland, and prior to her arrival at Lyttelton she had 2600 sacks on board from Timaru. Next Friday. the Karetu will take 4000 sacks or perhaps more from Lyttelton for Auckland, and the Waimarino will take further supplies from Lyttelton and Timaru for Auckland on Monday or Tuesday next. To-day’s price to farmers is unchanged at £2 10s to £2 12s 6d a ton' on trucks. Wellington is said to be well stocked with Dakotas at present. The price of oatsheaf chaff remains unchanged, but there is more offering now than for some time previously. To-day’s quotation is £4 15s to £s’ a ton on trucks for good, bright, oatsheaf. There is practically nothing doing locally in barley, but Auckland merchants aro getting supplies from Australia, and selling, it for fowl feed. Fowl wheat is selling in Christchurch at 6s 2d per bushol, f.o.b. Among other places, it goos to Wellington and Auokland, at each of which it landed at practically the same price. Wellington sells it at 7s 4d to 7s 6d, while Auckland’s price is Bs.

LONDON WOOL SALES. Dalgety _ and Coy., Ltd., have received the following cablegram from their London house dated September 16: —“Wool sales opened; large attendance; good selection; competition hesitating; Franco and Homo trade buyers quiet; Germany active demand. As compared with closing rates of last series, best scoured Merino, 5 j>er cent, to 7£ per cent, lower; Merino, other descriptions, 7£ per cent, to 10 per cent, lower; finest Merino, greasy, unchanged; Merino, other descriptions, 5 per cent, lower; fine greasy crossbred, 7i per cent, lower; coarso greasy crossbred, par to 5 per cent, lower; crossbred, medium, 5 per cent, to 7i per cent, lower; scoured crossbred, 7| cent, to 10 per cent, lower; slipo crossbred, 10 per cent, to 15 per cent, lower. Levin and Coy., Ltd., have received the following cable from their London agents, dated September 16, 1930: “The auctions opened here to-day with a large attend-’ ance of Homo and Continental buyers. Good general competition. As compared with the closing rates of last sale, we quote:—Greasy Merino, best, no change; average, id per lb lower; fine halfbreds, 50-565, id to Id per lb lower; halfbreds, 48-50 s, |d per lb lower; fine crossbreds, 46-483, jd per lb lower; medium crossbreds, 44-465, 3d per lb lower; coarso crossbreds, 40-445, id per lb Lower; low crossbreds, 36-40 s, |d per lb lower; scoured ‘Merinos, 5 per cent, lower; scoured crossbreds, selling badly, 10 per cent, to 15 per cent, lower; slipe wools, 10 per cent, lower.

SYDNEY WOOL SALES. - SYDNEY, Sept. 17. At the wool sales to-day, the offerings were 11,543 bales, of which 8765 were sold at auction. There were 5231 bales disposed of privately. All wools shoeing quality met with a good demand, and sold at late rates. Faulty and broad-fibred sorts were practically neglected, requiring heavy withdrawals. Greasy Merino made 16Jd.

AN INTERESTING TABLE. DAIRY PRICES SINCE 1901. The following interesting table shows the average price paid in the Dominion for butterfat during the last 28 years. Cheese Butter

SLAUGHTER OF SHEEP. A RECORD LAST YEAR. “A very satisfactory lambing season was experienced, and, contrary to earlier expectations, weather conditions eventually turned out to be quite excellent, and resulted in a heavy slaughtering season* for both sheep and lambs,” states the annual report of Mr J. Lyons, director of the Live Stock Division of the Department of Agriculture, presented to Parliament yesterday. “Tho number of sheep and lambs slaughtered for tho year ended March 31, 1930, both for export and local consumption, easily constituted a record, resulting in a total of 10,014,917, made up of 3,420,282 sheep and 6,594,635 lambs, being an increase of 440,216 sheep and 445,153 lambs when compared with tho previous year. “The number of 'battle slaughtered shows a decrease of 40,362, but swine show a recorded increased slaughtering of 8282, and calves an increase of 45,387. The following table shows the stock slaughtered during the past year at freezing works only:— Year ended

1925-26 2,324,000 6,7 1926-27 4,804,000 13.9 1927-28 6,524,000 18.8 1928-29 8,624,000 24.9 1929-30 11,864,000 34.3 PASTUBE IMPKOVEMENT.

B > — — 1 FARMING AND COMMERCIAL V farm production. I future prospects. b0S •' 6ff6Ct Car 1 jiEVIEW by director. J The opinion that the general fall in I vaim* for il11 primary products the world „ve.- is nioio an indication that a period ,,f comparatively low prices lies ahead of FAR M ANIMALS. 1928-29 giv W Z ret u U T for th ® Tea. Dials in DDDibe* of farm ani increased in n^°r ni0 ?’ show ‘hee f Pare™ h t h7^ er - by 1 ’ 917 ’ 572 *3 com of all "classes' 0 by 172 Ca “J report '4,021, states the alone’was ln dair y cow however it 0436 swine decrease of 30 Z note that decreased bv °™ occurred - Hesses alsc ;he farmer than of over-production having hern r> ached, is expressed by the DireotorUrneral of Agriculture, Dr C. J. Reakes ,n his annual report, presented to niriit yesterday. The report reveals marked progress in production, and the use of ,,-iontific methods in primary industries, incr ?ase in the number o | ‘The season 1929-30 haa been marked by p. serious decline in values of export commodities, almost without exception, with a consequent shrinkage of national income ” Ur Keakes says. “Had the lower prieeJevela been confined entirely to those products from grassland—wool, meat and butterfat— the production of which is steadily expanding, it could be viewed that a temporary saturation-point for these, our major exports, had been reached on our present overseas markets; but such is certainly not the case, and the general fall i n iTma'inW * « to in^farmir, y duo ,t° the great improvemen hv fV,„ P ra ctice which has come abou lwtl ln leased use of fertilisers and bj o r .f raSS j nd Dianagement. Seeing that vin hi v Unde ; settlement has not appro v-ably increased, while thhe number o c has not increased to a very noticeable extent, the yield of dairy pro mice has been much greater in propor tion; and here again fertilisers, improv . grassland management, herd testing improved quality of herds from a yielc values for all primary products the world standpoint, and totter animal husbandry over is more an indication that a period of comparatively low prices lies ahead of the fanner than of over-production having must be credited with the marked increase in the volume of those products whicl has taken place. been reached. The policy of increased pn> FALLING OFF IN PIGS. duction on an economio basis still holds true as New Zealand’s remedy for lowering “As regards pigs, it is a matter for prices, combined with ever-improving qualber, especially as the prices received for ity to enable the markets we have to be porkers and bacon pigs exported to the held and extended. United Kingdom proved to to payable, “As far as increased production of our and have been still totter during the seagrassland products is concerned—wool, meat and butterfat—from whioh the major son now in progress. The position of the pig industry demands special attention. portion of our national income ks primarily A scheme of special instruction and adderived, the position is exceedingly satisvice to farmers on the subject of managefactory, and the past season marks a new ment and feeding has been elaborated anc high level. In the five-year period 1921-25, put into operation ; but, while this will the average annual value of grassland prono doubt help, more active steps " are ducts on a standard-price basis was 134 - needed. 626,000. During the five years 1925-30, the “The bulk of our pigs are kept on dairy average annual value amounted to £41 - farms, and the great attention which 456,000. dairy fanners have given of late to the “Even more significant is the yearly inincrease of production from their herds, crease since 1925 (calculated on the same and tne results attained, seem to have ■tandard price basis) over the average of caused the very useful and paying pig the previous five years, which indicates the upward movement that is taking place, and which is being more than maintained: — to be thrown, so to speak, too much into the background. The main function of the pig seems to be looked upon as being Amount of Approximate that of a useful moans of getting rid of increase percentage separated milk and whey, and the quanti'.y of these by-products produced could, 1925- ... 2,324,000 6,7 1926- 4,804,000 13.9 if properly utilised and, supplemented by other suitable food material, feed a great 1927- 6,524,000 18.8 1928- 8,624,000 24.9 1929- 11,864,000 34.3 PASTURE IMPROVEMENT. many more pigs than is the case at present. In meat-meal, for instance, we have a concentrated food material produced in the Dominion, which forms a valuable supplementary food to whey, its composition sunDlvins the nitrogenous content “In no period of Ijjew Zealand’s history has production increased to the extent that which whey lacks. Separated milk is* quite is taking place at the present time, and this is a direct reflection of improving farm a good food in itself, and it needs very little addition. For the winter feeding practices in which top-dressing, better stock and better grassland-management aro all of pigs meat-meal makes a valuable addition to roots and other foodstuffs when playing their parts. “The essentials in grassland farming are dairy by-products are scarce.” pasture, live-stock and management. All DOMINION STOCKS OF WOOL. these three factors are equally important. Improvement in live-stock and improveTOTAL OF 240,000 BALES. inent in management are generally recognised by farmers, while herd-testing and An abnormally large quantity of wool culling, animal hygiene, top-dressing, conwas held in New Zealand at June 30, actrolled grazing and grassland manipulation generally are becoming standard practices. The significance of actual improvement in cording to returns compiled by the Government Statistician from information collected from the usual sources. Detailed the components of grassland itself, apart summaries are published in the Abstract from that brought about by management, has, however, up to the present, not been sufficiently recognised. “In point of tact, strain in grasses and of Statistics showing the quantities of the various kinds of wood, the condition and the distribution among the several classes of holders. According to the official comclovers is of equal importance to top-dress-putation the stocks were equivalent to ing or any other of the factors of man81,500,0001b. of greasy wool, as compared agement. All our common grasses and with 27,500,0001b. a year ago. This gives clovers consist of a large number of types', some idea of the extent to which wool has as essentially different from any other in been held back on account of the low performance and value a3 are livestock. Unprices ruling. Following is a summary of til such time as pasture species become the annual returns for the last five years, graded and pedigreed, as is becoming the showing the official estimates of greasy case with livestock, the lull measure of wool by weight and the approximate scientific grassland farming cannot be equivalent in bales: — Pounds. Bales. PLANT RESEARCH. 1926 19,800,000 58,200 The report adds that the work of the 1927 19,000,000 55,900 Plant Research Station at Palmerston 1928 18,800,000 55,300 North has clearly shown the importance 1929 27,500,000 80,900 of strain in ryegrass, cocksfoot, white and 1930 81,500jp00 240,000 red clover, and demonstrated that many Classified according to the condition of

the wobl, the stocks this year compare as follow : — 1929. lbs. Greasy . 8,270.543 Scoured 1,748,654 year and last 1930. lbs 52,396,429 3,145,064 1,133,861 Sliped Orutchings On skins .... 6,693,659 ... 4,183,987 .... 732,515 10,411,748 6,289,298 696,582

B — — 1 FARMING AND COMMERCIAL V farm production. I future prospects. “ 6ff6Ct Car 1 WCYIEW BY DIRECTOR. J The opinion that the general fall in I vaiui* for il11 primary products the world „ve.- is inoio an indication that a period ,,f comparatively low prices lies ahead of “The FARM ANIMALS - 1928-29 giv W Z ret u U T for th ® Tea. mals Dumbeft of farm ani increased in n^°r ni0 ?’ show that sheer Pare™ h the^r 61 - by 1 ’ 917 ’ 572 *3 com of all "classes' 0 by 172 report y ■*■<*,UZI,_ states the alone’was ln dair y cow however it the case of swine decrease of 30 r 1 !f ett ? bIe to note that decreased bv am occurred - Horses alsc ;hc farmer than of over-production having been r< ached, is expreseed by the DireotorUeneral of Agriculture, Dr C. J. Reakes ,n his annual report, presented to mem yesterday. The report reveals marked progress in production, and the use of ,,-ientific methods in primary industries, incr ?ase in the number o | ‘The season 1929-30 haa been marked by p. forious decline in values of export commodities, almost without exception, with a consequent shrinkage of national income ” Ur Keakes says. “Had the lower prieeJcvela been confined entirely to those products from grassland—wool, meat and butterfnt—the production of which is steadily expanding, it could be viewed that a temporary saturation-point for these, our major exports, had been reached on our present overseas markets; but such is certainly not the case, and the general fall i n iTma'inW a, to in^farm;r, y uo t° the great improvemen bv fv,„ P ra ctice which has come abou totte lncr eased use of fertilisers and bj tto f.® raSSll l nd Dianagement. Seeing that vis hi v unde ; settlement has not appre v-ably increased, while thhe number o c has not increased to a very noticeable extent, the yield of dairy pro mice has been much greater in propor tion; and here again fertilisers, improv . grassland management, herd testing improved quality of herds from a yielc values for all primary products the world standpoint, and totter animal husbandry over is more an indication that a period of comparatively low prices lies ahead of the fanner than of over-production having must to credited with the marked increase in the volume of those products whicl has taken place. been reached. The policy of increased pn> FALLING OFF IN PIGS. duction on an economio basis still holds true as New Zealand’s remedy for lowering “As regards pigs, it is a matter for prices, combined with ever-improving qualtor, especially as the prices received for ity to enable the markets we have to bo porkers and bacon pigs exported to the held and extended. United Kingdom proved to to payable, “As far as increased production of our and have been still totter during the seagrassland products is concerned—wool, meat and butterfat—from whioh the major son now in progress. The position of the pig industry demands special attention. portion of our national income i*s primarily A scheme of special instruction and adderived, the position is exceedingly satisvice to farmers on the subject of managefactory, and the past season marks a new ment and feeding has been elaborated anc high level. In the five-year period 1921-25, put into operation; but, while this will the average annual value of grassland prono doubt help, more active steps " are ducts on a standard-price basis was 134 - needed. 626,000. During the five years 1925-30, the “The bulk of our pigs are kept on dairy average annual value amounted to £41 - farms, and the great attention which 456,000. dairy farmers have given of late to the “Even more significant is the yearly inincrease of production from their herds, crease since 1925 (calculated on the same and tlie results attained, seem to have ■tandard price basis) over the average of caused the very useful and paying pig the previous five years, which indicates the upward movement that is taking place, and which is being more than maintained:— to be thrown, so to speak, too much into the background. The main function of the pig seems to be looked upon as being Amount of Approximate that of a useful moans of getting rid of increase percentage separated milk and whey, and the quanti'.y of these by-products produced could, 1925- ... 2,324,000 6,7 1926- 4,804,000 13.9 if properly utilised and, supplemented by other suitable food material, feed a great 1927- 6,524,000 18.8 1928- 8,624,000 24.9 1929- 11,864,000 34.3 PASTURE IMPROVEMENT. many more pigs than is the case at present. In meat-meal, for instance, we have a concentrated food material produced in the Dominion, which forms a valuable supplementary food to whey, its composition sunDlving the nitrogenous content “In no period of Ijjew Zealand’s history has production increased to the extent that which whey lacks. Separated milk is* quite is taking place at the present time, and this is a direct reflection of improving farm a good food in itself, and it needs very little addition. For the winter feeding practices in which top-dressing, better stock and better grassland-management aro all of pigs meat-meal makes a valuable addition to roots and other foodstuffs when playing their parts. “The essentials in grassland farming are dairy by-products are scarce.” pasture, live-stock and management. All DOMINION STOCKS OF WOOL. these three factors are equally important. Improvement in live-stock and improveTOTAL OF 240,000 BALES. inent in management are generally recognised by farmers, while herd-testing and An abnormally large quantity of wool culling, animal hygiene, top-dressing, conwas held in New Zealand at June 30, actrolled grazing and grassland manipulation generally are becoming standard practices. The significance of actual improvement in cording to returns compiled by the Government Statistician from information collected from the usual sources. Detailed the components of grassland itself, apart summaries are published in the Abstract from that brought about by management, has, however, up to the present, not been sufficiently recognised. “In point of tact, strain in grasses and of Statistics showing the quantities of the various kinds of wood, the condition and the distribution among the several classes of holders. According to the official comclovers is of equal importance to top-dress-putation the stocks were equivalent to ing or any other of the factors of man81,500,0001b. of greasy wool, as compared agement. All our common grasses and with 27,500,0001b. a year ago. This gives clovers consist of a large number of types', some idea of the extent to which wool has as essentially different from any other in been held back on account of the low performance and value a3 are livestock. Unprices ruling. Following is a summary of til such time as pasture species become the annual returns for the last five years, graded and pedigreed, as is becoming the showing the official estimates of greasy case with livestock, the lull measure of wool by weight and the approximate scientific grassland farming cannot be equivalent in bales: — Pounds. Bales. PLANT RESEARCH. 1926 19,800,000 58,200 The report adds that the work of the 1927 19,000,000 55,900 Plant Research Station at Palmerston 1928 18,800,000 55,300 North has clearly shown the importance 1929 27,500,000 80,900 of strain in ryegrass, cocksfoot, white and 1930 240,000 red clover, and demonstrated that many Classified according to the condition of pastures in New Zealand consist of strains the wodl, the stocks this year and last of outstanding merit, showing high leaf production, a long seasonal growth, and a year compare as follow : — 1929. 1930. lbs. lbs. Grpasv 8,270,543 52,396,429 high degree of permanence. DAIRY PRODUCE INCREASE. Scoured 1,748,654 3,145,064 “The value of dairy produce exported has attained to a very high proportion "Washed 761,381 1,133,861 glined 6,693,659 10,411,748 of the value of New Zealand’s total exOn U skins ’732,515 696,582 ports,” states the report. “For the year under review the value of dairy produce Bxnorts represented £18,842,994 out of a The returns showing the quantities held by the various interests relate to physical possession, but do not disclose the. actual total export of ±J4y,U46,Bl/, or 00.4 per

B — — 1 FARMING,, AND COMMERCE at, V farm production. I future prospects. **"* CM 1 jiEVIEW by director. J The opinion that the general fall in I vaiui* for “11 primary products the world „ve.- IS nioio an indication that a period ,,f comparatively low prices lies ahead of FAR M ANIMALS. 1928-29 giv W Z ret u U T for th « Tea. mals n . umbe * of farm ani increased in n^°r ni0 "> 8h °w that sheej Pared the^r 61 ' by 1 ’ 917 ’ 572 *3 com of all "classes' 0 by 172 02^”"' report y ■*■<*, l)ZI,_ states the alone’was 18 (Us nc J® a8 e ln dairy cow however it c® 3 ® of swine decrease of 3oZ bI ° V 5 note that decreased bv am occurred - Horses alsc ;he farmer than of over-production having been r< ached, is expressed by the Urneral of Agriculture, Dr C. J. Reakes ,n lii-’ annual report, presented to niriit yesterday. The report reveals marked progress in production, and the use of ,,-iontific methods in primary Industrie*, incr ?ase in the number o | “'I lie season 1929-30 has been marked by b serious decline in values of export commodities, almost without exception, with a consequent shrinkage of national income ’’ Ur Keakes says. “Had the lower priceievela been confined entirely to those products from grassland—wool, meat and butterfat— the production of which is steadily expanding, it could be viewed that a temporary saturation-point for these, our major exports, had been reached on our pretent overseas markets; but such is certainly not the case, and the general fall i n ing m ma r inW as to in^fn.rmir, 3 ’ duo ,*° the great improvemen bv fV,„ P ra ctice which has come abou ln creased use of fertilisers and bj J,f raSS j nd management. Seeing that vinhlv Unde ; settlement has not appre v-ably increased, while thhe number o C has not increased to a very noticeable extent, the yield of dairy pro due© has been much greater in propor tion; and here again fertilisers, improv . grassland management, herd testing improved quality of herds from a yielc values for all primary products the world standpoint, and totter animal husbandry over is more an indication that a period of comparatively low prices lies ahead of the fanner than of over-production having must be credited with the marked increase in the volume of these products whicl has taken place. been reached. The policy of increased pn> FALLING OFF IN PIGS. duction on an economio basis still holds true as New Zealand’s remedy for lowering “As regards pigs, it is a matter for prices, combined with ever-improving qualher, especially as the prices received for ity to enable the markets we have to be porkers and bacon pigs exported to the held and extended. United Kingdom proved to to payable, “As far as increased production of our and have been still better during the seagrassland products is concerned—wool, meat and butterfat—from whioh the major son now in progress. The position of the pig industry demands special attention. portion of our national income i*s primarily A scheme of special instruction and adderived, the position is exceedingly satisvice to farmers on the subject) of managefactory, and the past season marks a new ment and feeding has been elaborated anc high level. In the five-year period 1921-25, put into operation ; but, while this will the average annual value of grassland prono doubt help, more active steps " are ducts on a standard-price basis was £34 - needed. 626,000. During the live years 1925-30, the “The bulk of our pigs are kept on dairy average annual value amounted to £41 - farms, and the great attention which 456,000. dairy farmers have given of late to the “Even more significant is the yearly inincrease of production from their herds, crease since 1925 (calculated on the same and tbe results attained, seem to have standard price basis) over the average of caused the very useful and paying pig the previous five years, which indicates the upward movement that is taking place, and which ia being more than maintained: — to be thrown, so to speak, too much into the background. The main function of the pig seems to be looked upon as being Amount of Approximate that of a useful moans of getting rid of increase percentage separated milk and whey, and the quanti'.y of these by-products produced could, 1925- ... 2,324,000 6,7 1926- 4,804,000 13.9 if properly utilised and, supplemented by other suitable food material, feed a great 1927- 6,524,000 18.8 1928- 8,624,000 24.9 1929- 11,864,000 34.3 PASTURE IMPROVEMENT. many more pigs than is the case at present. In meat-meal, for instance, we have a concentrated food material produced in the Dominion, which forms a valuable supplementary food to whey, its composition suoDlvinsr the nitrogenous content “In no period of Ijjew Zealand’s history has production increased to the extent that which whey lacks. Separated milk is* quite is taking place at the present time, and this is a direct reflection of improving farm a good food in itself, and it needs very little addition. For the winter feeding practices in which top-dressing, better stock and better grassland-management aro all of pigs meat-meal makes a valuable addition to roots and other foodstuffs when playing their parts. “The essentials in grassland farming are dairy by-products are scarce.” pasture, live-stock and management. All DOMINION STOCKS OF WOOL. these three factors are equally important. Improvement in live-stock and improveTOTAL OF 240,000 BALES. inent in management are generally recognised by farmers, while herd-testing and An abnormally large quantity of wool culling, animal hygiene, top-dressing, conwas held in New Zealand at June 30, actrolled grazing and grassland manipulation generally are becoming standard practices. The significance of actual improvement in cording to returns compiled by the Government Statistician from information collected from the usual sources. Detailed the components of grassland itself, apart summaries are published in the Abstract from that brought about by management, has, however, up to the present, not been sufficiently recognised. “In point of lact, strain in grasses and of Statistics showing the quantities of the various kinds of wood, the condition and the distribution among the several classes of holders. According to the official comclovers is of equal importance to top-dress-putation the stocks were equivalent to ing or any other of the factors of man81,500,0001b. of greasy wool, as compared agement. All our common grasses and with 27,500,0001b. a year ago. This gives clovers consist of a large number of types', some idea of the extent to which wool has as essentially different from any other in been held back on account of the low performance and value a3 are livestock. Unprices ruling. Following is a summary of til such time as pasture species become the annual returns for the last five years, graded and pedigreed, as is becoming the showing the official estimates of greasy case with livestock, the full measure of wool by weight and the approximate scientific grassland farming cannot be equivalent in bales: — Pounds. Bales. PLANT RESEARCH. 1926 19,800,000 58,200 The report adds that the work of the 1927 19,000,000 55,900 Plant Research Station at Palmerston 1928 18,800,000 55,300 North has clearly shown the importance 1929 27,500,000 80,900 of strain in ryegrass, cocksfoot, white and 1930 81,500)000 240,000 red clover, and demonstrated that many Classified according to the condition of pastures in New Zealand consist of strains the wodl, the stocks this year and last of outstanding merit, showing high leaf production, a long seasonal growth, and a year compare as follow : — 1929. 1930. lbs. lbs. flreasv 8,270,543 52,396,429 high degree of permanence. DAIRY PRODUCE INCREASE. Scoured 1,748,654 3,145,064 “The value of dairy produce exported has attained to a very high proportion "Washed 761,381 1,133,861 glined 6,693,659 10,411,748 of the value of New Zealand’s total exOn U skins ’732,515 696,582 ports,” states the report. “For the year under review the value of dairy produce Bxnorts represented £18,842,994 out of a The returns showing the quantities held by the various interests relate to physical pnsKfisairm. but do not disclose the actual total export of ±J4y,U46,Bl/, or 00.4 per cent. , , ..., * “Pasturage has been more plentiful ownership. They compare as follows.— 1929. 1930. than usual, due to a well-distributed rainlbs. lbs. fall throughout the year and to the | peters 5,350,115 32,928,184 cumulative effect of top-dressing with 1 artificial manures. The plentiful supply of grass, together with an increase in the number of dairy cows, has resulted Milk 3,889,908 4,447,353 Freezing works 5,183,365 .7,825,599 Scouring works 3,307,612 3,239,995 Shipping companies 3,061,931 5,083,502 in a milk production never excelled foi volume in the Dominion. ' R.nilwav Department 206,373 335, oyu “The general unfavourable economio Farmers 2,006,131 20,529,088

These totals disregard the condition ot the wool, greasy, scoured, etc., being added together. Of greasy wool alone, returns by farmers show a total of 7 984 7801b.. as against 946,0321b. last year.’ Crutchings total 2.454,6871b., as against -956,2271b. Brokers’ holdings of greasy wool have increased from 1,897,3641b. to 27,666,7681b.

as follow: — Bank of Australasia Bank of N.S.W. ... Union Bank of AugSept. 2. £ a. d. 11 12 6 34 10 0 9 2 0 Sept. 16. £ ». d 10 17 6 34 10 0 8 17 6 National Bank of 5 10 5 7 6 Bank of N.Z., 4 p.c. guar, stock ...... 96 0 0 2 15 3 94 0 0 2 14 0 N Z. Loan and Mero. first mortgage, 4 p.o. debentures . N.Z. Loan and Merc, ordinary stock ... 69 10 0 94 0 0 68 10 0 94 0 0

Latest. Return price. pet £100 £ s d £ s d BANKS— Aust. of Commerce ... 1 0 0 7 0 0 Com. of Australia ... 0 18 3 8 4 3 E.S. and A 5 12 0 6 14 0 Nat. of ’Asia (con.) ... 6 0 0 8 6 8 N.S.W 31 0 0 6 8 6 Nat. of N.Z 5 13 0 5 6 2 New Zealand 15 9 5 3 6 Union of Aust 10 0 0 6 5 0 MISCELLANEOUS— 'Queensland Insurance 2 5 0 5 12 0,' Goldsbrough Mort ... 1 1 9 9 13 10 N.Z. Breweries 2 8 6 6 3 8 Northern Steam 0 14 8 7 18 2 British Tobacco 1 12 0 7 10 0 Bycroft 1 14 0 5 17 7 Colonial Sugar 31 5 0 3 0 0 Kempthorno Wilson’s Cement 3 0 0 6 13 5 2 0 9 6 2 8

YESTERDAY’S QUOTATIONS. Buying- and selling quotations at the final call yesterday on the Wellington Stock Exchange were as follow Buyer*. Sellers. N.Z. GOVT. LOANS- £ a d. £ s. d. 44 p.c. Insc. Stk„ 1939 100 0 0 — 44 p.c. Insc. Stk., lyih — 100 10 0 54 p.c. ditto, 1941 .... — 97 2 6 54 p.c. Insc. Stk. and bonds, 1933 99 7 6 — 44 p.c. bonds, 1939 and 1938 100 0 0 100 10 0 DEBENTURES— Well. Racing Club ..105 2 6 — N.Z. Breweries, bonds 1 1 0 —7 BANKS— Australasia — *11 11 0 of Aust. ife (°rd.) — 0 18 3 '(-"English, Scottish and Australian — 5 12 6 National of N.Z — 5 13 0 National of Australasia (£10) — 13 2 0 Ditto (£5) — 6 5 0 New South Wales .... 30 2 6 — Now Zealand — 2 15 11 Ditto, long term 1 7 0 — Union of Australia ... — 10 1 0 FINANCIAL— Goldsbrough Mort ... — 1 2 2 N.Z. Guarantee Corp. (ord.) 0 7 7 0 8 0 Ditto (prof.) 1 0 9 — Well. Trust and Loan 6 19 0 — GASChristchurch 1 4 0 — Wellington (ord.) — 1 10 0 INSURANCE— National 0 13 9 0 14 2 Standard — 2 17 6 MEAT PRESERVING— Gear — 1 17 0 N.Z. Refrigerat. (10s) 0 3 0 0 3 3 Well. Meat Ex. (ord.) 0 5 8 — TRANSPORT— Huddart-Parker (ord.) — *1 12 6 Union Steam (pref.) . 1 0 0 — COALTaupiri (ord.) 1 3 6 — Waipa — 0 10 9 TIMBER— Kauri — 0 13 6 . Leyland-O’Brien — 1 6 0 National — 0 10 0 BREWERIESNew Zealand 2 8 0 2 .8 6 MISCELLANEOUS— Burns, Philp and Co. 1 7 6 1 8 2 British Tobacco (ord.) 1 12 4 *1 12 6 Colonial Sugar — 31 0 0 Dental an'd Medical ... — 0 12 0 Dominion Investments 1 2 3 — Holden’s Motor Bldrs. f0 7 9 — Howard Smith (ord.) — 0 13 6 National Electrio — 0 10 6 Sharland and Co. (pref.) 0 18 3 — Taranaki Oil 0 1 3 — Wairarapa Farmers’ (pref.) — 0 14 6 Wilson’s Cement 2 0 0 2 1 3 MININGMount Lyell 1 0 2 vWaihi • 0 15 1 *Cum dividend. fEx dividend.

Year. Factory Price. d. Factory Price. d. 1901-2 9.25 9.80 1902-3 10.30 9.00 1903-4 9.50 7.89 1904-5 9.00 9.64 1905-6 12.00 10.38 1906-7 12.82 10.96 1907-8 ■ 11.92 10.28 1908-9 12.94 11.32 1909-10 12.05 11.16 1910-11 11.95 10.52 1911-12 14.59 12.16 1912-13 13.25 12.02 1913-14 14.38 12.00 1914-15 18.38 13.81 1915-16 19.87 16.82 1916-17 19.50 17.00 1917-18 22.25 24.56 1918-19 24.62 19.11 1919-20 25.20 20.00 1920-21 29.37 33.00 1921-22 18.00 16.50 1922-23 21.50 19.50 1923-24 17.75 18.50 1924-25 18.50 18.75 1925-26 19.75 18.61 1926-27 15.00 15.27 1927-28 19.33 17.12 1928-29 19.50 18.25

March 31, 1930. Increase. Cattle 27,176* Calve3 .... 50,931 Sheep , 442,476 Lambs 6,462,783 431,772 Swine 279,230 9,146 ‘Decrease.