FARMING AND COMMERCIAL

Manawatu Standard, Volume L, Issue 253, 20 September 1930, Page 5

FARMING AND COMMERCIAL

FARM ROOTS AND FORAGE PLANTS. THE PLOUGH STILL NECESSARY. (By “Ploughshare.”) Last week the question of preserving all surplus growth of spring grass was discussed at some length in this column. In order that the full value of top-dressing may be secured hay and ensilage must find a definite place in the programme, but it does not mean that grass and grass products alone should be relied upon for every time and need, although if properly managed the utilisation of grass will render other supplementary fodder and crops less necessary. It is frequently stated that top-dressing and grassland farming have entirely dispensed with the need of root crops and the use of the plough. These statements are open to question and time will prove whether many farmers who have abandoned the. plough and are putting all their trust in pastures may not find that the decision has been premature. In this connection it is well to reflect on the great feeding value of roots, such as mangels, carrots and turnips and fodder such as rape, chow moellier, maize and other fodders which give heavy yields per acre at low cost. Another aspect is the possibility of pastures becoming foul from heavy stocking. It must be admitted that on many farms where intelligent top-dressing and an improved system of grazing have been adopted, further need of the plough may not be so apparent, 60 far as the. mere feeding of stock is concerned. But it is possible to look a little ahead of this and consider whether a limited use of the plough will not only enable the farmer to further increase his stock, but also keep them in healthier condition.

VIEWS OF AN EXPERT. Writing on this subject recently, Mr Primrose McConnell, who has had a long experience with experimental and practical •farming, quotes an old farm proverb. “The nearer the plough the better the stock,” , and goes on to say that this truth has jjbeen proved by experience, and is still as true by many farmers. He firmly believes that the farmer who renews his pastures with the plough, at not too short intervals, will be the most successful man in the long rim. Continuing, Mr McConnell 6ays: “Under the heavy top-dressing, and necessarily heavy stocking system, the land, sooner or later, becomes foul; and on low-lying, rich soil, where underdraining is necessary, 'it becomes very foul indeed. Although something may be done to purify the soil, in the form of generous liming, it cannot be fully renewed and purified, except it is turned up with the plough to benefit by the action of the sun and atmosphere.”

LIMING. “Lime will do wonders in stimulating the'action of other manures, and impart- - ing to the herbage the calcium that is so necessary for. the maintenance of vigous health in the grazing stock; but it is questionable whether it has any direct influence in destroying disease germs in the pasture. There is a probability that certain diseases, now so prevalent amongst dairy stock, would be much less 60 if the pastures were occasionally turned under with the plough. The richer the land the greater will become the necessity of renewal by the plough, on account of the heavy manuring and the heavy stock carried. Second and third class land, once it is well laid down to pasture, will net be in such need of renewal as the better class, because the stock carried will be comparatively light.” ■ RESTORATION OF PASTURES. Another very important aspect of pasture renovation and maintenance which must not be overlooked is the condition of' many pastures which' have been sown down, with types of grass which are .not Of & permanent nature. The investigations which have taken plaoe in connection with the certification of ryegrass show that . large areas have been sown with ryegrass which was thought to be of tho perennial type, ha»t which has now proved, to, Jbe more' or "the" annual type, ; arid tKereforfe will not stand up to grazing for more than a year or two, and no amount of top-dress-ing will make them profitable. The true si-perennial ryegrass and clover are reconik&m.ended as thp best mixture to grow for !|&airy cattle and breeding ewes but splenflpid results can be obtained for good qualjif’ty shorter lived types and it may be ad-, advisable to continue to resow at fairly short" with these heavy yielding grasses f gather than to'persist with top-dressing on !■*fields which-are -deteriorating or until such ; times as there becomes available at reason- > able ..prices, sufficient quantities, of certified : (true perennial, seed to .meet the needs ■.'tor permanent pastures. f x . FOODER CROPS Among the most- useful supplementary crops that can "be grown • successfully -in this district may -be mentioned rape, barley, chow, moellier,. oats .and. tares, peas arid maize. Rape is usually sown with grass between, November and January, but wnere crops are likely to be heavy many farmers prefer to-sow the grass seed in-the autumn after the rape has been fed off, otherwise it would be smothered out. The autumn seed bed is obtained by simply discing the ground and harrowing to cover the grass seed. Rape is a forbidden food for dairy cattle because of its tendency to give a 6trong taint to the milk. For fattening lambs after weaning rape is amongst the best crops that can be gnown. Barley of the Cape variety is another very useful sheep fodder which is easily grown mid gives a lot of feeding,river a long period. If : sown, when" the ground is warm, barley' will be ready lor feeding.in a iew weeks, and if the field-is divjded , into suitable sized breaks it is surprising the,. number of sheep' that can be carried right thrpugh from January till June. Chow Moellier ■is a cnop that is coming ■ into greater .favour, every year both, with dairyfarmers and sheepowners. Given good treatment and liberal manuring, this crop produces an extraordinary weight of palatable green food per acre.. It is not subject to-'any serious blights- and when fed judiciously does not impart undesirable flavours to the milk. Chriw moellier grows well right through .the 'autumn and winter months. For this• reason' it fills an'important place in the winter, ration for'sheep and for cows in the spring when other green niilk producing mod ■is scarce. It. is noticed, too, that fheepfarmers are more widely adopting the . pracfice of growing chow moellier and swedes together for winter feed. This provides a better balanced ration - than swedes alone and also. acts as a safeguard against loss should; the swede crop become a partial failure through diseases which often'affect these roots. Oats and tares are usually sown in the autumn, but if'sown •now the crop will grow rapidly and be ready for green feed early in the New vear or it can. be harvested and made into hav This crop, is excellent for milk production either in .the green or preserved state -A-small-area .of peas is invaluable on-the dairy" farm, especially where pig fattening-is taken up seriously. An acre or so of peas will help to carry store pigs through- the winter cheaply and m gorid condition. If not needed for that purpose, a few peas given daily to a fattoning pig wiU hel P lt " a on £ considerably atw cheaper-rate .than .bought gram or meal .will do.-, /. , , . For the autumn feeding of dairy cows maize has always, been a favourite crop but to get the best results a good seed bed and heavy manuring are*needed. Another ■ooint to be considered is to sow early so that the crop;can be fed off in the autumn before thd early frosts come along; otherwise there is much waste. The early maturing varieties of maize will' ripen in the cobs before there is any danger from frosts, and a small area will provide a good gram ration for pigs. If peas. and maize were more generally grown on dairy farms .there would not- be’ much need to worry about P,.stems duties on pig fattening foods and the farm would be more self-supporting besides keeping the money in the coun-

try ' VALUABLE ROOTS TO GROW. In the robt-growing division soft turnips, * mangels and carrots have all stood the tot of time, and for seasonable use Ire eaually useful on the sheep and . on the dairy farm. Soft turnips are the first roots to become available for use. A small area sown now.in a good situation for drainlee will he ready for use in early January. The main crop sown later will carry the cows .through the first dry spell m summer when the grass is not at its best and

will also be useful for topping off lambs and old ewes. When they are well grown and fresh, soft turnips are amongst the best of milk producing foods and will produce a heavy yield of butterfat per acre. If sown at intervals different varieties of turnips will provide good feeding for sheep well into tho winter. Swede growing is coming back into favour now that better disease resisting varieties have been found. As mentioned before, swedes and chow moellier make a good combination crop which will keep sound and stand up to heavy stocking during the winter, easame time. Carrots like a deep friable soil, and where these conditions exist good crops can be relied upon. The value of carrots lies in their palatability and the fact that they keep well and can be used immediately after being taken from the ground. They are relished by all classes of stock and are very acceptable for stimulating the appetites of animals that are off their food. A few rows planted along the mangel patch would not be amiss.

THE WOOL SEASON. TONE OF MARKET. Following a number of reviews of commerce and business matters affecting the district, the annual report of the Palmerston North Chamber of Commerce, discussing extracts from the Department of Industries and Commerce Bulletin, makes the following observations concerning the wool trade “As far as the quarter ended 30th June, 1930, is concerned, there Is little to report in connection with wool. The 1929-30 series of kales in the Dominion concluded in April, and the tone of the market at that time was quite firm, coinciding with the trend at the March-April series of sales in London, which closed about the same time. The usual winter wool sales have been held in the various centres of the Dlominion during the quarter, and, on the whole, competition has been fairly • keen and prices satisfactory. “The low prices have caused a considerable portion of the season’s clip to bo held over until next season. The carry-over of wlool in New Zealand as at 30th June last was reported to be 126,204 bales, and to this quantity must be added the offerings of the seasonal crutchings wool. It is reported that offerings this season were 106,655 bales less than for the corresponding twelve months of last season, while actual sales show a decrease of 149,036 bales. i “The average value of wool sold in the 1929-30 season was £l2 Is per bale, as compared with £2l 4s 6d per bale, or 14.88 d per pound, for the 1928-29 season. The May series of London sales opened with vigorous competition and a largo attendance of buyers. An. active demand by all branches of the trade was in evidence from start to finish. Compared with the pre* vious series of sales closing rates at the end of May were as follows Merino superior, 5 to 10 per cent., and iother 10 to 15 per cent, higher; New Zealand crossbred and fine crossbred, 7£ per cent.; medium. crossbred, 10 to 15 per cent.; coarse crossbred, 15 per cent.; scoured, 10 per cent.; slipe, fine, 5 per cent.; medium, 10 per cent, coarse, 10 to 15 per cent higher. Average closing values were: 64’s super, Is Id to Is 3d per lb.; average, 10d,to Hid; 56’s to 58’s, Is to Is 3d; 50’s to 56 s, Hid to Is lid; 43’s to 50’s, llid to Is Id; 44is to 46’s, lid to 11 Jd; 36’s to 42 s, 10id to U “The London market closed under far better conditions than could logically have been expected, all wools strengthening their position during the course of the series. As far as next season is concerned the outlook is, of course, etill somewhat uncertain, but one fact is apparent, and that is that the pessimism which was so pronounced in the early months of the -year has given place to a new confidence, and certain iactors now indicate improved prospects for next season. The salient features which are ■to be considered to-day;may be .summarised as under: Firstly,, the prices of the . raw material are still at a comparatively low level; secondly; that Merino - wools are finding" mew outlets, and that the general demand is favouring fine goods both for men s and women’s Wear; thirdly, that stocks in consumers’ hands are, generally speaking, below normal; and; finally, that cheap money overseas may encourage the re.plenishing of stocks. These facts lead one to a renewed confidence in the situation. “Next season’s series of sales in the Dominion commence on the 25th November, 1930, ■ at Auckland. The number of sheep in New Zealand now totals,. 30,637,390, which constitutes* a record. NATIONAL JERSEY SALE. At the national sale of Jersey cattle at Hamilton on Thursday the following were the prices realised by cattle sold to "farmers ,in the Manawatu: Almadale Soumise Majesty, Nov. 5, 1928- A. Guy, Palmerston North, 50gns. • Elcho Golden ‘ Laddie, Sept. _ 25, 1 026 W H. Carter, Palmerston North, 46gns. The following section awards were made in-the show held in conjunction with the Ba “A”—R. Horn’s (Ohau), Ku Ku Honest Owl, 1; J. A. Mitchell’s (Lonobum) Santa Rosa, Combination, 2; R. L. Horn’s (Ohau) Ku Ku Gay Laddie, 3. “B» —Misses Kilgour Sisters’ (Kiwitea) Miffdlewood’s Chide 2. „ A. Mitchell’s (Longburn) Santa Rosa Carillon 1. , „ , T A Group (three yearling bullsj—d., -a. Mitchell (Longburn), 1.

OVERSEA’GRAIN MARKETS. ; •' 5 LONDON, Sept. 18. Wheat. —Cargoes aTe steady, with little change in prices. Parcels are quiet and unaltered m price'. Futures: London, September, 29s lid : per quarter; December, February, 30s 3d. Liverpool: October December, 6s 6d to 7s-Bd'per cental; M ai ch> 6s 7d to 7b 8d; May, 6s 8d to 7s Bd. Spot trade is quietly steady. Australian, ex ship, 335. Flour: Slow *of sale. Australian .ex store 25s 9d. Oats, peas, and beans are quiet. V ' * - 'NEW YORK, Sept. 18 , Chicago wheat: September cents; December, 86J cents; .March, 901 cents; May]'93l cents. ‘ MELBOURNE, Sept. 19. Wheat, 3s 2d a bushel; flour, £9 15s to £10; bran and pollard, £5 los a ■ ton; oats, 2s 9d to 2s lOd a bushel, barley, no business, 3s 3d to os 4d; maize, 4s 9d. LONDON WOOL SALES.. ' ’ ‘ ’ LONDON, Sept. 19. , •At -tlie London wool sales to-day, there was. a moderate selection or greasy 'Merinos, principally good style spinners’ wools, and excellent offerings of scoureds of all sorts. New Zealand, wool niet with fairly brisk general competition,. and prices were maintained for greasy combings. _ Realisations: New South Wales, “Merribee” lid toTOJd, Goondoo Blue 13Jd to 12d, “E.V.”,- I2ld to lid. Queensland, scoured, “Marathon” 32d to 26d. ~v Dalgetyand-Coy., Ltd., have received the following cablegram from their • London house, dated September 18: —Wool sales continue with openings rates of series fully maintained. Competition more general, home trade operating more freely especially for Crossbred. About 75 per cent/ ofoffering are sold daily. LONDON TALLOW SALES. Dalgety. and .Coy., Ltd., have received the following cablegram, regarding the tallow sales from their London agent, dated September 17:—810 casks offered, 373 casks sold; prices 6d per cwt lower; fine mutton, 31s 6d per cwt; good mixed, 27s 0d per cwt; inferior, unchanged. The New Zealand Loan and; Mercantile Agency Coy., Ltd., haye; received the following cablegram from their London house dated the 17th inst.:—Tallow.—(Nominal quotation) 30s 6d cwt., fine mutton; 30s cwt., good beef; 27s cwt., mixed; market quiet.

FEILDING STOCK SALE. SHEEP EASIER. FAT CATTLE SELL WELL. (Special to “Standard.”) FEILDING, Sept. 20. Keen interest was displayed by a large attendance in the tone of the market yesterday, the approach of the freezing seaeon, which brings with it the disposal of the unwanted ewes, apparently giving stockowners food for reflection. The uncertainty of the overseas markets has been reflected from time to time in the local yards, and yesterday was no exception for, either as' the result of the non-operating of some of the outside freezing interests or from other causes, the price for fat ewes declined on the average by about la 6d per head. The opening quotations were decidedly cautious, but, having regard to quality, good prices were _ obtained for hoggets and some lines of ewes, the restriction in value boing more noticeable in the prime sorts which last week would have made from Is 6d to 2s per head better figures. Taken all round, however, the fat sheep sale could only be regarded as satisfactory in view of the prevailing conditions. Store sheep values showed little movement, the level of value over a small yarding being about on a par with late rates. A decided restriction was also observable in tho dairy pens where tho usual large yarding of springing heifers was on offer. The first pens found the market very “sticky,” bids coming slowly with a decline of from £2 to £3 per h6ad in the final prices. Later in tho sale, htowever, buyers regained confidence, with the result that values made a recovery, although a drop on last week’s rates was still evident. Springing cows met with much the same inquiry as the heifers.

The best sales in the cattle section were made in the fat races where select .quality Hereford bullocks made up to £l6, the value being very high for, although the beasts were primely finished, they were not of the woightest. Good cows also found the market buoyant, up to £l3 5s being paid for heavy sorts with others in close range. Prime heifers made £l4 8s 6d, the pen being of outstanding quality over tho others which for the most part.were light. Store cattle met with fair inquiry, the trend lof value being slightly downward. Detailed quotations were as under: — Fat sheep.—Woolly hoggets, small, 17s sd; medium to prime, 20s 3d, 22s 2d, 235, 25s 6d, 26s 6d; small b.f. hoggets, 16s 3d, 17s 9d, 20s; good b.f. 2-tooths, 24s 6d, 255, 25s 6d, 26s 6d; prime maiden ewes, 265, 27s 6d ewes, small to medium, 14s 6d, 18s 9d, 21s 3d, 21s 3d; better sorts to prime, 22s 3d, 23s 2d, 24s 2d, 24s 6d, 255; medium to good wethers, 24s 6d, 25s 3d, 25s Bd, 28s; prime maiden ewes and wethers, 27s 3d. Store sheep.—Wether hoggets, good, 17s Id, 18s 6d to 20s Id; others, 13s sd, 15s, 15s 6d; ewe hoggets, good, 19s 9d, 21s 6d, 21s 9d, 22s 6d; others, 14s 9d, 15s, 18s lOd; m.s., ditto, 18s 9d b.f. do., best, 15s 9d, 16s to 17s 9d; others, 13s 3d, 14s; cull hoggets, 7s; ewes and lambs, best, 225, 23s 9d, 27s Id; others, 18s 9d, 19s 6d; empty ewes, 13s; b.f. 2-tooths, 15s Id. Dairy stock.—Springing. Jersey heifers, poor, £5 15s, £6, £6 ss, to £7 10s; better sorts, £8 ss, £8 10s, £9 10s, £lO ss; good to select, £ll 2s 6d, £ll 12e 6d to £l2 2s 6d; lines of eight at £ll 2s 6d; lines of five at £8 5s each; Jersey Shorthorn heifers at drop, £l2; second calvers, £6 ss, £9, £ll, £l2; heifers in milk, £4; springing Jersey cows, best sorts, £lO 10s, £ll 10s, £l2, £l3 ss, £l3 10s; other lines at £6 15s, £7 ss, £8 10s to £10; cows in milk, £6 10s to £7 ss; Shorthorn cows, £l2. Store cattle. —Qows, £2 12s 6d, £3, £3 17s 6d, £4 10s to £5 ss; young empty cows, £4; heifers and calves, £4 2s 6d,, £5 6s; cows and calves, £3 11s (poor), better sorts at £4 ss; yearling heifers, best sorts, £4 12s, £4 17s 6d, £5 2s, £5 7s 6d; others at £3 10s, £3 16s; weaner heifers at £4, £5; 2-year Shorthorn Heifers r.w. P.A. bulls, £5; 2-yoar Hereford heifers; £4 13s. . L , Fat-cattle.—Prime clows, filly'£ll 7s 6d io £l3 ss;- lighter Sorts at £5 10s, £7l2s 6d, £8 15s, £9 ss, £9- 16s;.' heifers, heavy, £ll, £l2 10s, £l4 8s 6d; others at £5 25.6 d, £7 15s, £9, £los 10s; mixed i'cows and heifers, £6 2s 6d, £7 15s, £9, £lO 10s; mixed cows and heifers, £6 2s 6d, £7 2s 6d, £B, £9 15s; prime bullocks, £l2 ss, £l2 10s, £ls 10s, £l6; vealers at £3 15s. ... ’ - AUCTIONEERS’ REPORT.

'■ Abraham and Williams, Ltd., report: In the sheep section- the fat pens were very well filled, mostly with good quality ewes; very few wethers coming forward. - The market was inclined to drag, prices being back on the previous week’s quotations fully 2s per head. A small entry of storo sheep, consisting of ewes with lambs and hoggets, ■ sold on a par with last -week s: rates. In the cattle section there was a largo entry 1 of good quality fat cattle which met with a ready sale. Dairy stock and store stock also sold freely. • We quote:— Fat hoggets, 16s 3d to 17s 6d; fat wethers, 24s 6d to 28s; fat B.F.’s, 26s 6d; fat ewes, 14s 6d, 16s, 19s, 21s 3d, 225,. 22s 3d,-26s 6d, 27s to 27s 3d; wether .hoggets, ,13s sd, 15s 6d to 20s Id; owe hoggets, 145,9 d, 18s 10s to 21s 6d; M.S. hoggets (small), ,9s; B.F. hoggets, 7s 3d, 13s 3d, 15s 9d to 17s 9d; ewes and lambs, 'lßs 9d to 275-Id; fat cows; £5-10s, £7 12s 6d, £8:10s, £9.155, £lO, £ll, £ll 7s 6d, to £l2 10s; fat heifers, £4 2s 6d, £5 2s 6d, £8 15s, £9, £ll, £l2 10s to £l4 8s 6d; vealers, £3 15s; store cows, £3 ss, £4 10s. £4 12s, £5 2s 6d, £5 *6s to £5 7s 6d; empty heifers, .£3 10s, £3 15s, £4 7s 6d to £4 17s 6d; yearling heifers, £3, £3 9d, £5,: £5 2s, £5 75.6 d, £5 10s to .£6 12s 6d; heifers in milk, £4 10s to £5 10s; springing heifers, £7 15s, £B,. £9 ss, £10.55, £lO 10s, £ll 2s "'6d to £l2; springing dairy cows, £6 15s, £8 10s, £9, £l2, £l3, £l3 5s to £l3 10s. Dalgety. and Coy., Ltd., report having a fair yarding of fat and store sheep. Competition was not as keen as at the provi: ous week’s sale and prices showed a slight decline. There was a good entry of cattle and fairly keen demand for all classes, fat cattle especially meeting with keen competi’tion. Quotations:—Fat hoggets, 17s 9d, 19s, 20s 3d to 235; light fat wethers, 25s 3d; fat b.f. 2-ths, 25s 6d; fat ewes, 18s 9d, 21s 3d, 21s 8d to 24s 6d; wethers; hoggets, 15s 6d, 16s, 18s 6d to 18s 9d; b.f. hoggets, 14s 6d to 16s; ewe hoggets, Tss, 18s, 20s 6d; b.f. 2-ths, 17s 9d; ewes with lambs, 225; springing heifers, £6 10s, £7, £7 15s, _ £8 15s, £9 10s, £lO 10s to £ll 12s 6d; springing cows, £8 10s, £9 10s, £lO 10s, £ll 10s; empty cows, £3, £3 10s, £4; 2-yr empty heifers, £3 15s, £4 7s 6d; cows and calves, £4 ss, £4 10s; 2-yr. S. H. heifers r.w.b., £5- empty 2-yr. "Hereford heifers, £4 13s; fat cows, £7, £8 10s, £B'lss, £9 10s; prune fat "cows, £l3 ss; Jersey yearling bulls, £5 7s 6d.

FEII.DING MART. 'V/ . {Special to “Standard.”) ; FEILDING, Sept. 20. ; Prices at the mart ,’in Feilding yesterday .were’ as follow: —Hens, 2s 8d to ,3e 2u-j cockerels, Is lOd to 3s 6d; pullets, 4s 9d; ; ducks, 2s 6d to. 2s lOd; turkey: gobblers, 8s to 10s. ' • ' • Pigs.—Weaners, £1 2s 6d,-to £l'Bs; 6lips;. £1 Is to £1 11s; stores, £1 13s 6d to £2 3s; porkers, £2 12s; baconers, £3 Is. DAIRY PRODUCE. The following * cablegram has been received by Dalgety and Coy., Ltd., from their London house. —Butter: Market firm, owing to break in arrivals. Danish, 150 sto 152 s (154 sto 1555); New Zealand finest salted 126 s to 130 s (124 sto 128 s); Australian finest unsalted, 130 s to 134 s . (124 sto 1265); Australian finest salted, 126 s to 128 s (123 s to 1255);. Australian G.A.Q. 120 sto 124 s (l2os to. 1225). Cheese : Market firm owing to break in arrivals. Australian cheese, white, 73s to 75s (70s to. 71s); coloured, .7* to 74s (71s to 735); New Zealand cheese, white, 74s to ,76s (71s to 725); coloured 74s to 755, (73s to 745) ; spot pricefor Canadian, white,-74s to 80s- (72s to 78s); coloured, 74s to 80s (76s to 80s); C.I.F. Canadian, 75s to 77s (70s to 7is). r- . -' Last,week’s quotations are shown in parentheses, v 1 The New Zealand Loan and -Mercantile Agency Coy.,-Ltd., have received the following cablegram from their London house dated the 17th inst. : —Butter. —New Zealand choicest stlted, 130 s (stored 1276 to 1295); market steady. Cheese.—White, 755; coloured, 745; market quiet.

WELLINGTON £TOCK EXCHANGE. YESTERDAY’S BUSINESS AND There were five sales reported on the Wellington Stock Elxchange yesterday, but the market continues dull, and the sales registered in most cases show a downward trend. Government securities have bedome dull, and yesterday afternoon there was not a single bid for stocks or bonds. Tho bid of 105 5s for Wellington Racing Club debentures shows an improvement of 2s 6d. There was a moderate demand for bank shares. Bank of Australasia at £ll 2s 6d were 2s 6d higher. Australian Bank of Commerce were 6d lower at 19s. • Commercial Bonk of Australia were down to 16s 9d, as against sales on Thursday at 17s 2d and on Wednesday at 18s. National Bank of New Zealand were wanted at £5 10s, a fall of Is 6d. National Bank of Australasia; £lO paid, were in demand at £l2, with a sale of £l2 8s 6d. Sellers have reduced their quotation by 8s 6d to £l2 12s 6d. Bank of New South Wales at £3O 15s were 7s 6d higher. Union Bank were unchanged at £9 15s, but tho selling price has been reduced Is to £9 19s. N.Z. Guarantee Corporation, ordinary, were a shade higher at 7s Bd, but the preference at 20s 9d were unchanged. Wellington Trust and Loan at £6 19s were also unchanged. Christchurch Gas were up 3d at 24s 3d. Wellington Meat Export ordinary jumped from 5s 8d to 9s 3d, buying quotation, due to a circular issued to shareholders by the directors. N.Z. Refrigerating, 10s paid, were unchanged at 3s. 'Union Steam were firm at 20s; New Zealand Breweries were 2d down at 476 4d. Burns, Philp and Co. were unchanged at 27s 6d, but British Tobacco were up 5d to 31s lid. Electrolytic Zinc were 9d higher at 19s 9d, and Sharland and Co., preference, were 3d • better at 18s 6d. Taranaki Oil were 5d up at Is lid; Wilson’s Cement were in demand at 40s 3d. YESTERDAY’S QUOTATIONS. Buying and selling quotations at the filial call yesterday on the Wellington Stock Exchange were as follow: —

YESTERDAY’S SALES. The following sales were recorded on the-stock exchanges of .-the Dominion yesterday.:— Wellington.—Bank of-New South Wales (Sydney reg.) £3l, National Bank of New /jealand £t> 11s 6d, Nat. Bank of Australasia (£lO paid) £l2 7s 6d. Electrolytic vpref.)- 19s lOd, Mount Lyell £1 0s 2d. Auckland. —Gisborne Sheepfarmers’ debentures £BS, Commercial Bank of Australia 17s, National Bank ot N.Z. £5 11s 6d, N.Z. Insurance £2 Is Od (late sale) £2 Is, South British £2 17s 3dL, £2 175,, British Tobacco, £l,lls lid, £1 11s Bd, Colonial Sugar £30,12s 6d, Mount Lyell (late sale) £l. Bank oIN.S.W. £3l 2s 6d. Christchurch.—Bank of N.3.W. (2) £sl, £3O 17s 6d, N.Z. Guarantee Corporation 7s lid, N.Z. Breweries (3) £2 7s 6d, Tooth’s Brewery (3) £1 3s, Allied Motors 6d, Mt. Lyell (3) 19s lid, Mahakipawa sd, Stoney Creek, 6d paid (2) id, British Tobacco £1 12s. Saies reported: Commercial Bank of Australia 16s lid, Bank of N.S.W. £3l, Dalgety and Coy. £8 19s, Christchurch Gas £1 4s lid, N.Z. Breweries (2) £2'7s 6d, £2 7s 9d, Westport Coal £1 10s, Beath and Coy, £1 6s. Dunedin. —Kildare ' (2) Is, lid.

AFFORESTATION WORK. ANNUAL REVIEW. I The annual report on the finance and operations of the New Zealand' Perpetual, Forests, Ltd., as at March 31 last, states that trustee reserve funds, representing £8 6s 8d of fully paid bonds in all issues, except the seventh issue, for which £6 is receivable and instalments towards reserve • funds on bonds, nearing completion, are as follow :—Government securities in New Zealand, £58,375 17s, and in Australia £268,967,' making a total of £327,342 17s; local body securities (New Zealand), '£36,900; first mortgages in New Zealatid £80,250, and in Australia .£4530, a, total of £84,780; uninvested fupds. with trustees in current accounts at banks, ‘ £10,902; total reserve funds, £459,924 175.,... Following ,a second-visit to New Zealand/Sir Herbert Matthews reports to British bondholders as follows; —“1 was much impressed by the great potentialities of the industry of afforestation. New Zealand is a wool growing country, but it is interesting to reflect that there are, now three times .as many trees growing in the plantations as there 'are sheep in. the Dominion. The growth made by the trees since I was last there in 1926 is incredible. At five and six years of age they are 25 feet to 30 feet high, with a circumference of 18 inches at 6 inches from the ground, and are remarkably healthy looking. While in New Zealand 1 attended several meetings of the directors of the Trust -Company, which acts on your behalf, and I - can assure you that 'the- question of the realisation of your plantations to -the best advantage- is being taken [in hand with energy and with broad vision. I forecast the employment of, a large amount of labour when pulp mills and other subsidiary industries'are established in years to come, and my. general impressions are entirely favourable.” ... ,: , . The forestry administrator’s annual report for 1929 to -New Zealand Perpetual Forests, Limited; states ; that four nurseries were maintained during the . year. The total number of trees used in the company’s areas during the vear was 12,461,550, made up as follows: Pinus insignus 11,813,375, pinus-ponderosa 569,975, poplars 45,400, sundry 32,800.

Buyers. Sellers. N.Z. GOVT. LOANS— £ a. d. £ 8. d. 4i p.c. Insc. Stk., 1938 — 100 5 0 4£ p.c. blonds, 193b ... DEBENTURES— 0 100 7 6 Well. Racing Club ...105 5 — N.Z. Breweries, bonds 1 1 6 — Napier Boro., 5 p.c., 1944 93 0 0 W. Tamaki Road Bd., 91 TO 5 p.c., 1949 — 0 BANKS— 0 Australasia 11 2 6 *11 10 Aust. of Commerce ... 0 19 0 1 0 0 Commercial of Aust. 0 17 (ord.) 0 16 9 6 English, Scottish and 5 12 0 National of N.Z 5 10 0 — National of Australasia 12 12 (£10) 12 0 0 6 New South Wales ... 30 15 0 31 5 0 New Zealand — 2 15 6 Union of Australia ... 9 15 0 9 19 0 FINANCIAL— Goldsbrough Mort .... N.Z. Guarantee Corp. 8 1 1 5 (ord.) 0 7 — Ditto (pref.) Well. Trust and Loan 1 0 9 ■ * 6 19 0 — GASChristchurch 1 4 6 — Wellington (ord.) INSURANCE— “ 1 10 0 14 0 2 New Zealand — 2 2 3 — 2 18 0 MEAT PRESERVING— 1 17 — 0 * N.Z. Refrigerat. (10s) 0 3 0 0 3 10 Well. Meat Ex. (ord.) TRANSPORT— 0 9 6 Union Steam (pref.) .. COAL— •' 1 0 0 0 10 8 — TIMBER— 0 9 9 Leyland-O’Brlen ...... BREWERIES— ‘ ’2 4 1 6 0 New Zealand miscellaneous— - • 7 Bums, Philp and' Co. 1 7 6 . 1 * British Tobacco, ord. 1 11 11 n 12 2 Colonial Sugar — 31 0 0 Dental and Medical ... — 0 12 0 Dominion Investments *1 2 9 ■ TTT -Electro.- Zino (pref) . 0 19 9. 1 0 1 Holden’s Motor Bldrs. 0 7 9 0 13 Howard Smith (ord.) r* 6 National Electric — 0 10 6 Newton King ’ (pref.) Sharland and Co. . -0 13 6 (pref.) 0 18 3 . 3 ■Taranaki Oil 0 111 0 2 Wilson’s Coment ...... •mining— 2 0 3 1 0 Mount Lyell — 6 — 0 15 i *Cum dividend, +Ex dividend.