FARMING AND COMMERCIAL

Manawatu Standard, Volume LI, Issue 10, 11 December 1930, Page 5

FARMING AND COMMERCIAL

STOCK MARKET.

SALE AT ADDINGTON. A GENERAL DECLINE. Per Press Association. CHRISTCHURCH, Deo. 10. Tho weekly salo at Addington to-day was remarkable for a general decline in tho values of practically all tho major sections of tho market. That for store sheep was tho principal exception. Store Sheop.—Tho entry was smaller than it has been for somo and tho salo was fairly satisfactory. Tho entry consisted in the main of wethers, which sold at rates which wero a little above those ruling at the last auction. Ewes and lambs sold at lato rates, but there was no spirited competition. Values wore: Good four and six-tooth Romney wethers, 14s 6d; ordinary two, four, six and oighttooth halfbred wethers, 8s to 10s lOd; small and backward sorts, 4s 6d to 7s lOd; small four-tooth Corriedale wethers, to 7s lOd; good ewes and lambs (all counted), to 14s 3d; medium sorts, to lis 3d; backward and ordinary sorts, 3s 6d to 6s; medium four and six-tooth Romney owes, to 14s Id; backward four, six and eighttooth halfbred ewes to 5s 9d.

Fat Lambs. —The entry was almost double that at the last sale, and totalled 1600 head. The salo was a dragging one, and prices recorded a substantial drop. All classes recorded a decline of 2s 6d a head, and the averago price per lb over the whole salo was 6jd to 63d. Values were: Extra prime lambs, to 25 s lOd; prime lambs, 20s 6d to 235; medium lambs, 18s 6d to 20s; light lambs, 15s to 18s. Fat Sheep.—The entry was 4800, as compared with 3300 at last market. The sale was not as spirited as last week, and there was an easing in values for both classes. For lighter sorts this was not so pronounced, being about Is a head, but for heavy typos the decrease in value was up to 2s a head. Values were: —Extra firiino heavy wethers, to 27s lOd; prime leavy wethers, 23s 6d to 265; mediumweight prime wethers, 19s Id to 22s 6d; second quality wethers, 14s 6d to 18s; inferior wethers, 11s to 14s; extra prime ewes, to 20s 4d; prime owes, 18s to 20s; medium ewes, 15s 6d to 17s 6d; light ewes, 12s to 15s; aged and inferior ewes, 9s 6d to 11s 6d.

Fat Cattle.—The entry was 493 head. There was a sharp decline in values throughout. The entry was of a poor general standard, thorp being a preponderance of secondary and unfinished, sorts, and cows comprised the. major portion of the offering. The decline was £1 10s a head for all olasses and as much as £2 a head for secondary and cow beef. The salo • closod very weak. Beet mediumweight beef made from 38s to 41s per 100 lb; heavy beef mado from 33s to 375; cow beef, from 30s to 355; secondary beef, from 27s 6d to 29s 6d; and rough down to 21s. Values were: Extra primo heavy steers, £l9 17s 6d; prime heavy steers, £l6 to £18; prime medium weight steers, £l2 10s to £ls 10s; medium quality steers, £9 10s to £l2; light steers, £6 10s to £9; extra primo heifers, £l7 17s 6d; primo heifers, £lO to £l2; medium heifers, £7 10s to £9 10s; light heifers, £5 to £7; extra prime cows, £l4 17s 6d; primo cows, £9 10s to £ll 10s; medium cows, £6 10s to £9; light and aged cows, £4 10s to £6.

Vealers.—Thoro was a largo entry of mixed quality, many of tho entrios being more suitable for tho store section. The demand was lifeless, and values again dropped in sympathy with others lines. Values were: Best runners, to £4 15s; medium runners, £2 15s to £3 10s; best calves, 35s to 50s; medium calves, 21s to 30s; small calves, 8s to 20s. Store Cattle.—There was a fair yarding of store cattle, and it met with a dragging demand. There wore several pens of attractive yearlings and cows forward. A pen of 18-months mixed sexes of good colours made £3 10s, and another pen of 18months steers of mixed colours sold at £3. Fresh cows made up to £5 10s, and bulls sold at late rates.

Dairy Cattle.—There were 55 head of dairy cattle penned. The quality was only average. The market opened at last week's rates, and improved as the sale progressed. There was a good demand for best class cattle. The top price was £l2. Values wore: Good second and third calvers, £8 to £lO 15s; medium sorts, £6 to £7 18s; aged and inferior, £2 10s to £5; good hoifors, £9 to £l2 medium, £7 to £8 10s; others,. £4 to £6.

Fat Pigs.—There was a big entry, porkers particularly being in over-supply, and the market was easier than last weok's. Values were: Choppers, 50s to £5 16s; baconers, 55s to £5 10s; heavy baconers, £3 15s to £4 (average price a lb, to 6id); porkers, 35s to 455; heavy porkers, 48s to 53s 6d (average prico a lb, 6d to 7d). Storo Pigs.—The yarding was again heavy, and tho sale was dull. Values were: Largo stores, to 355; small, 25s to 29s 6d; slips, 20s to 275; weaners, lgs to 18s.

ASHHURST SALE.

Dalgety and Company, Ltd., report having a small entry of sheep and a good entry of cattle at their Ashliurst sale yesterday. Quotations: Fat ewes Bs, 9s, springing cows £4 12s 6d, springing heifers £6 12s 6d, empty cows £2 4s, £2 os, £2 12s 6d, £2 15s, £3 7s 6d, fat cows £4 ss, £4 10s, 2 and 3-yr. S.H. bullocks £5 14s 6d, 3yrs. S.H. bullocks £7 10s, small Jersey yearlings, heifers 20s, 255, 27s 6d, Jersey bulls £3 10s, weaner pigs 10s 6d, 12s, 13s, 14s 6d, 16s, to 20s 6d, store pigs 21s, 21s 6d, 7-months purebred, Large White sows l£gns., 2igns.

JOHNSONVILLE SALE.

At Johnsonville stock sale yesterday prices of all cattle registered another decline. Sheep values were irregular, prime heavy wethers and ewes showing a decline, while others and lambs were equal to late rates.

Wright, Stephenson and Coy., Ltd., and Abraham and Williams, Ltd., report a large attendance of the public, to whom was submitted an average yarding of good quality cattle and a full yarding of all classes of sheep and lambs. Cattle. —Competition for cattle was good at reduced limits. Prices for heavyweight bullocks were down 30s to 35s per head, medium weights 25s to 30s. Cows also suffered a decline up to 20s por head. Vealers mot with a fair salo at a decline of 10s to 15s per head. Shoop.—The quality of tho yarding was good. Prime heavyweight' wothers were on a par with last week’s rates, lightor sorts snowing 6d to Is decline. Hoggets were in good demand at last week’s ratos. Ewes showed a decline of Is per head, while lambs met with a keen sale at late rates.

Prices ranged as follow Extra heavy bullocks, £ls ss, £ls, £l4 17s 6d, £l4 10s; heavy bullocks, £l4 ss, £l4, £l3 17s 6d, £l3 12s 6d, £l3 ss; medium bullocks, £l3, £l2 17s 6d, £l2 15s, £l2 10s, £l2 ss; light bullocks, £ll 15s, £ll 12s 6d, £ll 7s 6d; P.A. cows, £8 ss, £B, £7 17s 6d, £7 12s 6d; cows, dairy sorts, £6, £5 12s 6d, £5 10s; vealers, £3 2s, £2 18s, £2 10s, £2, £1 15s, £1 10s. Heavy wethers, 19s 6d, 19s 4d, 19s, 18s 9d; wethers, 18s 3d, 18s, 17s 6d, 17s 4d; b.f. two-tooths, 16s 7d, 16s 2d, 15s 9d; heavy ewes, 13s, 12s 6d, 12s, 11s Bd, 11s; ewes, 20s 9d, 10s 7d, 10s 3d, 10s. Lambs, heavy, 19s, 18s 6d, 18s, 17s 7d, 17s 4d; lambs, 17s, 16s Bd, 16s 6d, 16s 3d, 15s 9d; lambs, light, 14s lOd, 14s 6d, 14s, 13s 6d.

METALS MARKET.

LONDON, Deo. 8. Metal Exchange quotations uro as follow, those previously cabled being given for purposes of comparison: Dec. 4. Dec. 8. Per ton. Per ton.

FINANCIAL REVIEW.

AN IMPROVED OUTLOOK. (By "Noon Call.") The financial outlook continues very much obscured, with world commodity prices still tending generally toward lower levels. Nevertheless, the past week has not been without signs of an early break in the clouds of depression which are tending to have a dampening effect on business at the moment. The New Zealand wool sales have conti Hied with prices on low levels, resulting in heavy withdrawals at most centres. Overseas, however, the outlook has assumed a slightly healthier tone than that recorded a few months ago and there is every indication that the demand will improve in the near future. The butter market has improved during the past few days and there is a prospect that even better prices will rule during the next week or bo. AN OVERSEAS VIEW. Overseas writers are now taking a more hopeful view of the situation. Commenting on the financial situation, the Investors' Chronicle, London, stated recently that the recent open disclosures of financial trouble in London, New York, Montreal, and even Paris had cleared _ the air to some extent and an experienced market obsei-ver could not fail to see signs warranting increased optimism. Certain commodity and base metal prices were showing distinct signs of rallying and the knowledge that markets were oversold in many directions was having a sustaining influence. There was a strong body of authoritative opinion which favoured the view that the outlook by next March was likely to become distinctly more rosy. If British political developments are of a character favourable to sentiment, the recovery will certainly be accelerated. The Investors' Chronicle holds that there is every prospect of a steady decline in interest rates, bringing in conjunction a reduction of the Bank of England discount rate before very long to 2i per cent. AN OPTIMISTIC NOTE. An optimistic note was struck by the chairman of the Auckland Stock Exchange this week when lie stated at the annual meeting of the exchange that New Zealand could look forward to the future with confidence. Although the Dominion, like many parts of the world, had been called upon to put her house in order, there could be no doubt as to 'her recuperative powers, and that the clouds of depression would roll away only to usher in a long' period of prosperity such as we had not previously experienced. The propagation of views similar to those expressed by the Auckland chairman would do much good in business circles to-day. Business on the New Zealand Stock Exchanges over the past week has not extended over a very large compass. Buyers are hesitant about placing orders, and there are many bargains to be picked up by the cautious investor who is able to hold over a period of two or three years. Interest levels are comparatively high. Below is a summary of business done in some of the better class stocks over the past week. In every instance the return is given based on the last annual dividend: — Approx. Approx. Market. Return.

WELLINGTON STOCK EXCHANGE

YESTERDAY'S BUSINESS AND PRICES. There was again a very restricted demand for shares on the Wellington Stock Exchange yesterday, buying quotations at the final call numbering only 16, including five bids for Government and local body stocks. The seven sales recorded during the day included three parcels of British Tobacco. Government securities were not in much demand. The 5J per cents. (1941) were again wanted at £95 6s, and the 54 per cent, bonds were up 2s 6d at £99 15s. Wellington Harbour Board 5J per cents. (1940) at £97 7s 6d were down 12s 6d. Wellington Gas debentures were steady at £99, with a sale at £99 2s 6d, and Wellington Racing Club debentures were firm, at £lO3. Bank shares were slow. Commercial Bank of Australia were wanted at 15s 4d, or 3d below the previous bid. National Bank of Australasia, £5 paid, were 6d higher at £5 3s 6d. Bank of New South Wales receded 5s to £2B 10s. Bank of New Zealand were firm at 60s «Sd, with a sale at 50s 9d. Other bank shares were neglected. There was very little demand for other shares. Christchurch Gas were steady at 24s lOd. Huddart, Parker (preference) were wanted at 19s 7d. Burns, Philp and Co. were steady at 30s. British Tobacco were quoted at 80s 3d by sellers, but there were sales at 29s 9d, cum dividend. Dominion; Investments were firm at 21s 6d and National Electric were steady at 9s, cum. dividend. Taranaki Oil were 2d up at 2s sd. Mount Lyell in demand at 19s 6d, with a sale at 19s 9d. YESTERDAY'S QUOTATIONS.

Buying and selling quotations at yesterday’s final call on the Wellington Stock Kxchange were as follow: — Buyers. Sellers. N.Z. GOVT. LOANS- £ a. d. £ s. d.

YESTERDAY’S SALES,

The following sales were recorded on the stock exchanges of the Dominion yesterday:— Wellington.—Wellington Gas debentures, £99 2s 6d; Bank of New Zealand, £2 10s 9d; Taupiri Coal, £1 2s 3d; British Tobacco (3), £1 9s 9d; Mount Lyell, £9 19s lOd. Auckland.—Bank of New Zealand, £2 10s 9d; Taupiri Coal, £1 2s; Auckland Gas, £1 3s 3d, contr., 17s sd; Mount Lyell, 19s 6d. Christchurch.—Commercial Bank of Aust. (3). 15s 9d; Goldsbrough Mort, 19s Id; N.Z. Guarantee Corporation, 6s lid; N.Z. Breweries (4), £2, £1 19s lid; British Tobacco (2), £1 9s lOd, £1 9s 9d; Mount Lyell, cum. div. (2), 19s 9d. Sales reported: Bank of New South Wales, £29; Christchurch Gas, 10s paid, 12s; British Tobacco, £1 9s lOd, £1 9s lid. Dunedin.—Okarito, ss.

LONDON STOCK EXCHANGE

LONDON, Dec. 9. On the Stock Exchange to-day, quotations of Australian and New Zealand banks and other corporation debentures compare with previous quotations as follow: Nov. 25. Dec. 9.

HERD TESTING.

VICTORIAN EXPERT'S VIEWS. SUGGESTED BONUS SCHEME. A suggestion to encourage the testing of ordinary dairy herds is revived by Mr A. J. Gill, officer in charge of the Victorian standard herd test, in his annual report, which appears in the departmental journal. Mr Gill says that several years ago the ex-chief daily expert (Mr Archer) had urged that something was required to arouse interest in the question, which was of sufficient importance for the Government to take action.

Dealing with the method of encouraging herd-testing, Mr Archer stated that it would be remembered what an impetus was given to the butter factory system by the Government bonus. Something of the kind might be applied to encourage testing of dairy cows, such as a bonus of £1 for every cow that produced 3001 bof butter-fat in nine months conditionally on her recalving within fifteen months. The testing would be done by the local association,' agricultural society or butter factory, subject to supervision by a Government officer. The conditions suggested were that every cow in the herd should be tested, and the use of pure-bred bulls from tested cows, if it cost the Government £50,000 a year the money would be returned to the State many times over. This should lead to the better feeding of dairy cows and increased production at little extra cost to the dairy farmer. Mr Gill explained that it was now nearly forty years since Mr R. Crowe, the present superintendent of exports, then a butter factory manager in the Western district, introducing herd-test-ing to Victoria, he being the. ( first person in Australia to use the Babcock tester, in August, 1892. About thirty years ago the directors of the Colac butter factory started herd-testing; they engaged a lecturer from New Zealand and did valuable work. Since then the work had , extended, but there was still scope for much advancement.

Mr Gill reported that more cows were being tested in the standard test, and that the leading cow in 1_929-<3O yielded over 8001 b butter-fat. This was the third cow to pass this standard.

SALE OF JERSEY STOCK.

Per Press Association. HAMILTON, Dec. 10. A large and representative attendance of breeders attended a sale of T. S. Cooper and Sons’ Jersey stock at Hamilton to-day.

Seventeen head were sold and averaged 310gns; eight bulls averaged 384gns. The highest price, 600gns, was paid by Mr W. H. Miers, of Rototuna, for Roseland Pioneer, a fine type of two-year-old. Another two-year-ojd, Coronation’s Bid, was purchased by Dr. G. Walker, of Whangarei, for 500gns.

The majority of the offering was secured by Taranaki and North Auckland breeders.

A two-year-old bull, first prize senior yearling winner at Jersey, was bought by A. and J. O’Donnell, or Hawera, for 450gns.

AUSTRALIAN BUTTER

HOBART, Dec. 10.

The Australian Butter Stabilisation Committee met at Launceston to give consideration to the payment of an export bounty on butter for 1931. The committee decided that owing to the prolific production and largely increased exports there was no alternative but to reduce the export bounty to 3}d per lb. on butter manufactured after December 31.

BEET SUGAR INDUSTRY

LONDON, Dec. 10. The fact that representatives of the British .beet sugar industry have asked for additional Government assistance on next season’s crop is sharply commented upon in Queensland circles, which point out that the subsidy on beet sugar has risen from £600,000 in 1924-25, to £4,229,000 in 1929-30, totalling more than £16,000,000 in that period. It is even' stated that the subsidy on beet sugar amounts to more than the value of the product. On the contrary, the annual value of preferences on Australian sugar amount approximately to £600,000.

Copper— Standard, Standard, Electrolytic spot forward to £ 8. 48 18 48 19 53 0 54 0 d. £ s. d. 9 46 6 10 4£ 46 6 10 0 51 0 0 0 52 10 0 Wire bars 54 0 0 52 0 0 Lead — Spot .... 15 17 6 15 11 3 Forward 16 0 0 15 12 6 Spelter — Spot 14 11 3 13 15 0 Forward 14 11 3 14 15 0 TinForward 112 17 114 3 6 9 112 6 3 113 11 3 SilverStandard, ] Fine, per lor oz . 16d 17|d 15 ll-16d 16 15-16d

prices. Per £100. BANKS— £ s d £■ b d Com. of Australia ... 0 15 11 9 8 6 2 11 0 5 12 6 National of N.Z. ... 5 5 0 5TL4 3 9 15 0 7 3 7 MISCELLANEOUS— N.Z. Guarantee Corp. 2 6 10 8 15 0 1 10 0 8 0 .0 Tooth's Breweries ... 14 0 9 7 6 Wellington Gas 19 0 5 10 4 Electrolytic Zinc pref 0 18 0 11 3 3 Christchurch Gas 15 1 6 7 7 10 0 10 0 0 1 19 0 6 8 2

44 p.c. Inso. Stk., 1939 — 98 12 6 44 p.c. ditto, 1938 — 98 5 0 5i p.o. ditto, 1941 95 5 0 — 54 p.o. bonds, 1933 ... 99 15 0 — DEBENTURES— Wellington Gas Co. ... 99 0 0 — Well. .Racing Club .. 103 0 0 — Well. Harb. Board, 54 97 7 6 98 2 6 BAMvS— — 9 15 6 Aust. o£ Commerce ... — 0 19 6 Commercial of Aust. (ord.) 0 15 4 — English, Scottish and — 5 2 0 National of N.Z. ' — *5 7 6 Nat. of A'asia. (£5) .. 5 3 6 5 7 6 New South Wake .... t28 10 0 — 2 10 3 t2 11 0 Union of Australia ... — 9 7 6 FINANCIAL— , Equitable Bldg. Co. . — 8 15 0 Goldsbrough Mort — 0 19 7 N.Z. Guarantee Corp. — 0 7 0 GAS1 4 10 1 5 6 — 0 11 6 MEAT PRESERVING— — *1 14 6 N.Z. Rofrigerat. (10s) — 0 1 10 INSURANCE— < — 0 14 6 TRANSPORT— , Huddart-Parker fpref.) 0 19 7 —

COAL— — 0 9 0 TIMBER— — *0 12 6 — 0 10 3 BREWERIES- — t2 0 4 — 1 19 3 MISCELLANEOUS— British Tobacco (ord.) — ■ *1 10 3 Burns, Philp and Co. 1 10 0 — — 34 0 0 Dental and Medical .. — 0 12 0 Dominion Investments 1 1 6 Electro. Zino (pref.) . — 0 18 1 National Electric 0 9 0 — Newton King (pref.) — 0 12 6 — 2 17 0 0 2 5 0 3 0 Wairarapa Farmers' . 0 13 3 MINING— — 0 5 0 0 19 6 10 1 *Cum. dividend. +Ex dii ndend.

£ b. d. £ s. i d. Bank of Australasia .. .950 9 0 0 Bank N.S.W . 28 5 0 28 0 0 Union Bank of Australia ..813 7 17 6 National Bank N.Z. . 5 11 10i 5 3 6 N.Z. 4 p.c. guaranteed 94 0 0 95 5 0 .. *2 14 3 2 10 0 N.Z. Loan and Mere first mortgage, 4 p.c. debentures .. . 69 10 0 68 0 0 N.Z. Loan and Merc. . 83 0 0 80 0 0 *Ex div idend.