FARMING AND COMMERCIAL

Manawatu Standard, Volume LII, Issue 71, 23 February 1932, Page 5

FARMING AND COMMERCIAL

BENEFIT OF DROUGHT. One benefit derived from the prolonged drought just terminated has been mentioned by a Manawatu farmer. Rarely in the history of the Manawatu district has the shortage of feed been so marked as it has been this year, the growth of pastures in the past having been too prolific to enable tho grass to bo consumed by shook, which have confined their feeding to the more choice pastures. The* poorer conditioned pastures wcro thus neglected and permitted to become even moro rank and rough than would have been tho case had the grafs been eaten off occasionally. But the scarcity of feed this summer has induced stock to eat off tho pastures thoroughly, with the result that tho farms have been cleared of all rough feed in' a very thorough manner. When the fresh herbage makes its appearance it will be more even than formerly, with less prospect of the rough grass gaining the ascendancy. Awahuri Dairy Co. (Butter).—Tho output of the Awahuri Dairy Company on 19th February, 1932, was 115 boxes of butter which is 37 boxes less than for. 19th February, 1931, whon tho output was 152 boxes of butter. LONDON MARKETS. HIGH COMMISSIONER’S REPORT. The Department of Agriculture has received the following cablegram, dated February 20, from the High Commissioner for New Zealand, -London: — * TALLOW. Fair demand at auction at an advance of Is; 405 casks offered, of which 204 sold. Present spot quotations: —Mutton: Fine, 25s\6d; fair to good, 23s 6d to 24s 6d: dark to dull, 21s to 225. Beef : Sweet and/or mixed, 26s to 26s 6d; fair to good, 23s t 6 25s 6d; dark to dull, 20s to 21s 6d. Mixed: Fair to good, 23s to 25s 6d; dark to dull, 20s to 21s 6d. Gut, etc., 19s to 21s 6d. HEMP. Manila, market firm. “K” grade for February-April shipment sold up to £l9 10s and for March-May shipment £l9 ss. Output January 1 to February 15, 109,000 bales, against 158,000 for same time last year. Stocks in the United Kingdom at January 21, 25,376 bales, against 9333. Sisal: Market easier and early this week. April-June shipment, No. 1, fair average quality, sold at £l4 15s, but steadier at the .close. Value of February-April shipment, £ls. New Zealand: Market unchanged with no first-hand sales reported. Stocks in the United Kingdom at January 31, 25 tons, against 10 tons.

CAPE BARLEY. EXPERIMENTS AT MASSEY COLLEGE. Some interesting results have been obtained. from a soriee of plots of cape barley at Massey College during the present season. The land on which these plot 3 were situated was used for pasture for pigs from 1927 until 1930, when portions wero ploughed and put into arable crops to be used for pig feeding. The remainder was kept as pig pasture until 1931, whon the whole area was ploughed and capo barloy drilled in spring with 2 cwts of supor per acre. The results given below bear out _ the opinion generally held that- excess of nitrogen in tho soil is detrimental .to the crop for tho purpose of grain production, whether for malting or feeding. For convenience the weight of cavingß has been included with that of the straw. Owing to the activity of sparrows tho grain weights are lower than they would otherwise have been; tho results nevertheless show how previous cropping can influence tho yield of both grain and straw and also the strength of tho straw. Altogether there were seven different treatments and theso were: barley after peas, mangels, swedes carted off, swedos fed off, half swedes, half carrots, barley, pasture grazed with pigs. Where barloy followed poas a grain yield of 34 bushels and 51i cwt. of straw per acre was obtained. The grain was of very high quality, uniform and well filled.. The birds were particularly active on this plot, and had it not been for this it is probable that the yield would have equalled that from any other treatment. The straw was erect and the crop easy to cut, and there wa6 no waste on the stubble. After mangels, 35£ bushels of grain' and over 60 cwt. of straw was got. Again the quality was good though it hardly reached tho standard of that grown after peas. The straw was strong, erect and easy to cut. Slightly bettor results were shown both for grain and straw after swedes carted off, though whero the swedes were fed off by pigs there was a big decrease in yield of both grain and straw, and though manured with animal manure and waste ensilage in addition to 2 cwt super the straw did not appear to bo weakened by the extra fertility. The poor result (29 bushels of grain and 50 cwt straw) may be put down to the pigs puddling the soil while grazing, and this is a feature in cropping that must be borne in mind wherever crop 3 are winter grazeej. Barley following barley gavo a good yield where animal manuro was ploughed in, and 36 bushels of grain and 56 cwts. of straw can bo considered satisfactory. The best individual plot was a yield of 471 bushels and 71 cwt. of straw following swedes and carrots carted off. A big contrast was noted whero the barley followed pasture grazed with pigs. Here the yield of grain was down to 28£ bushels while the straw weighed 66£ cwt. Furthermore, great difficulty was experienced in cutting the crop as it was so badly laid. The grain quality was poor> and not to be compared with the grain from the plots following peas or roots. It "is thus very apparent that where barley is to be grown tor seed or for grain it should not follow pasture particularly where extra food has been fed to 6tock on the pasture. Such a procedure, however, may be desirable where the barley is required only for green feed. In the early stages when the barley was bairding, the sections following pasturo wore far ahead in rate of growth of any of tho other plots. The difference was so outstanding that it appeared as though only tho plots following pasture were going to be a success. Tho conclusions that can bo drawn are: (1) That if spring sown barley is to bo kept for grain it should follpw a preparatory crop of roots and not follow pasture; if for grazing only it can successfully follow pasture in this district; (2) if fertility is very high satisfactory grain cannot bo obtained but an early growth and development for grazing purposes is assured; (3) the yield of grain from barloy following pasture and fed off swedes did not constitute a paying crop, but after root 3 carted off returns were very satisfactory. FARMING NEWS. RURAL RARINGS. Recent rains have held up threshing operations around the Hawke’s Bay flats. The majority of this work had been done prior to the break in the weather, but there is still a certain amount left to complete. The material yet to bo threshed is all in the stack and has to be dried out before this operation can he carried out. Speaking at a meeting of tho committee of the Auckland Agricultural . and Pastoral Association a gentloman who has been exhibiting in the light hor6e and hunter classes for 50 years urged that judging for hunter classes should depend not solely on jumping ability. What was needed was a horse of good constitution, fit to carry a rider over eight or ten miles of country. . One of the reasons why pigs often fail to make satisfactory progress during the winter months is due to the draughty construction of the sties. Ventilation is very important, but it should bo so arrange! that all direct draughts are done aw“.y with. The picpcr place for ventilation is in the roof, or at any rate not lower' than four to five feet from the ground. One or two openings at or near the highest point of the roof are always desirable. Any faults in walls near tho ground should no corrected, for these usually create the draughts, which are likely to affect the health of the animals. It is estimated that the blowfly costs the primary producers of Australia approximately £4,000,000 a year. Considerable significance is, therefore, attached to the isolation of a “primary fly” by the experts who. have been working on the blowfly problem at the headquarters of the Council for Scientific and Industrial Research in Canberra, sinoe it opens an entirely new line of inquiry which it is hoped may lead eventualy to the control of the pesL The officer in charge of the entomological branch of 'the council (Dr. Tillyard) refused to make any comment, except that his officers were, engaged upon experiments Which was promising. Although good results had been achieved in tho laboratory, he said, it was still too early to make any public announcement, and . practical tests extending over years might be necessary before definite results are achieved.

A striking feature worthy of comment is the disastrous effect of club-root in turnips and swedes as a result of the dry weather lately experienced in Southland, particularly in the western district (states an Invercargill ' paper). The effect of dry weather on roots is to make the plants attacked by club-root wilt rapidly and die. Normally, even if tho root of the plant is affected by club-root organism, the moist condiflon of the soil allows the plant to make fair growth. Under ‘dry conditions, however, the plant has no reserve to fall back upon and infected roots die out rapidly. Cluh-root has beconio the most serious root crop disease in tho south, and of the'2oo,ooo acres of turnips and swedes grow in Southland and Otago it is safe to say that 15 per cent, is lost annually from club-root. Consequently, the farming community is watching with keen interest the work of the Department of Agriculture to control this disease, and it looks as if good control measures are being obtained. There has been a week of activity in sheep lines, the annual fairs having commenced with really satisfactory results (says a New Plymouth stock report). Large entries have been yarded and practically all disposed of, tho stock firms reporting that quality and condition were above the standard of last season. Spirited competition has prevailed for the best of fouryear ewes, selling at about 10s., extra good five-year ewes in odd cases bringing up to that figure also, but averaging from- 8s to 9s. One noticeable feature so far has been the rather poor demand for two and fourtooth ewes. As much as 14s has been paid for top lines of two-tooths, with medium back-country lines making up to He fid. Contrary to tho usual conditions, ;,thero has been rather a poor demand for wethers,, ■but those that havo changed hands have been in good condition, bringing: Fourtooths, 9s 6d to 10s; two-tooths, 8s 6d upwards; medium, up to 9s; and first-class two-tooth wethers, 9s 6d. Large numbers of lambs came forward, values remaining steady. Fat sheep are steady and good ewes, which are not abundant, bring from 69.9 d to Bs. The fat cattle market is dull with plentiful supplies.

WELLINGTON STOCK EXCHANGE. YESTERDAY’S BUSINESS AND . PRICES. Tho Wellington market opened very quietly yesterday., buying quotations being very restricted in range. Sellers were fairly numerous. The inquiry for Government securities was easier. Tho o£ per cent, bonds and stocks, 1933, were in demand at £9B 12s 6d, with a sale of the latter at £9B 15s. • The 5£ per cent, stocks, 1937, were transferred at £99. The 5£ per cent, stocks, 1933, wero wanted at £97 10s, and the 5j per cents. 1937,, at £95. Rural Advances 5 per cents., 1937, were unchanged at £BS Jss, as were Wellington Gas debentures at £lOl 10s. Bank shares were again slow. Commercial Bank of Australia, ordinary, ■were a shade firmer at 14s Id. National Bank of Australasia were in demand, the £lO paid at par and the £5 paid at £4 15s. Bank of New Zealand wore very firm at 44s sd, and there was a sale reported at 44s 9d. /National Bank of New Zealand were on sale at 72s 6d.

Goldsbrough, Mort and Co. 'were firm at 22s 6d. Other financial shares were neglected, as were insurance, gas, meat, shipping, coal and timber shares. Wellington Woollen, ordinary, were again in demand at £4 2s, New Zealand Breweries at 25s were 3d down; sellers held for 265. Tooth and Co. were firm at 23s 3d. For British Tobacco 26s was again offered. Colonial Sugar were 5s lower at £3B 10s. Electrolytic Zinc, preference, wero down 2d at 20s 9d. New Zealand Drug wore firm a\ 45s 6d, and Wool worth’s preference, rights, were wanted at Is. YESTERDAY’S QUOTATIONS.

Buying and selling’quotations at yesterday’s final call on the Wellington Stock

YESTERDAY’S SALES. The following sales were recorded on the stock exchanges of the Dominion yesteradv: Wellington.—Govt. Inscr. Stock 5i p.c., 1933, £9B 15s; 5J p.c., 1937, £99; Bank of New Zealand, £2 4s 9d. Auckland. —Govt, bonds, 5i p.c., 1937 (2) £99 ss; Inscr. Stock, 5i p.c., 1937, £99 ss, £99 2s 6d; Bank of New South Wales, £25 15s; Australian Glass, £1 9s 6d; Farmers’ Trading, 5s 6d; Waihi Junction, 3s 9d. Christchurch. —Commercial Bank Of Australia, 14s 3d; Bank of New Zealand, £2 4s 9d; Westport-Stockton, ord., 7d; Mount- Lye 11 (2), £1; Golden Dawn, 6s (3) 6s Id; King Solomon (2) Is 9Jd; Mahakipawa (3) 2}d; Okarito, cum. div. (2) 9s 7d. Dunedin.—Sales reported: Bank of New Zealand, £2 4s 8d; Govt. Bonds, 5i p.c., 1937, £99 12s 6d. AUSTRALIAN STOCK EXCHANGE. SYDNEY, Feb. 22. The Stock Exchange to-day was quiet. Commonwealth bonds were'irregular. Closing sales were: 4 per cents., 1939, £94 15s; .4 per cent.,. 1941, £93 ss; 4 per cent., 1944, £93; 4 per cent., 1947, £92 ss; 4 per cent., 1953, £9l 7s 6d; 4 per cent.. 1957,' £9l 7s 6d; 4 per cent., 1959, £9l 17s 6d. Bank of New South Wales, £3O; Colonial Sugar, £44 ss: Australian Gas A, 106 s 6d; Burns, Pbilp, 39s 9d: United Insurance, £8 15s; Commercial Bank of Sydney, £l6 ss; Toohey’s, 17s 9d; Toohey’s Securities,- pref., 20s 6d; Tooth’s, 26s 6d; British Tobacco, 29s 9d; Australian Glass, 33s 9d; Goldsbrough, Mort., 25s 9d; Electrolytic Zinc., pref., 245; Standard Cement, 7s 6d; Robert Harper, 32s 6d; Broken Hill Proprietary, 16s lid; Sulphide Corporation, 10s Bd. Morning sales Commonwealth Bonds, 4 per cent., 1938, £94 17s 6d; 1941, £93 7s 6d, £93 8s 9d; 1944, £93; 1950, £9l 10s; 1951-53, £9l 7s 6d; 1951-55, £9l 10s; 1951-67, £9l 12s 6d; 1951-69, £92 .2s 6d; 1961, £92 ss; Commercial Banking Company of Sydney. £l6 ss; United Insurance, £8 15s; British Tobacco, 30s; Toohey’s pref., 20s 6d. MELBOURNE, Feb. 22. Early sales British Tobacco, 29s 10id; Electrolytic Zinc, 15s 3d; Dunlop Perdriau," 12s 2d; IlrolAm Hill South, 48s Gd; Mount Lyell, 22s 7Jd.

MILK GRADING. BEGINS NEXT MONTH. FACTORY MANAGERS CONFER. Convened by the Manawatu branch of tho Dairy Factory Managers’ Association an important conference on milk grading was held at Palmerston North yesterday afternoon. Proceedings wore not open to the Press. Mr W. M. Singleton (director of tho dairy division of tho Department of Agriculture) was present, together with Messrs A. McKenzie (Taranaki) and A. B. Sawers (Manawatu), instructors for the division. Mr J. A. Adams, of Mangawhata, presided over an attendance of about 50 delegates, some of whom camo from ns far afield as Dannovirko and Pahiatua. Those present at tho meeting were informed by Mr Singleton that though the proposal had not yet been gazetted, it was anticipated that milk grading wo'uld he introduced at all factories throughout the Dominion on March 1. The proposal, was explained and it was stated that it is to be continued until the end of tho present season, when tho results will be reviewed and the matter of instituting a system of differential payments, which is to l>e held in abeyance in the- meantime, will then be considered. Mr Singleton explained what hnd been done by tho dairy division to ascertain the best system of milk grading from tho point of view of simplicity and efficiency, both to tho farmer and to the factory manager, by whom tho work is to bo done. The curd test method had been deedied on. and this was explained very thoroughly by Mr Singleton. The method, it was stated, entails very little extra work and negligible cost to tho factories. Deputations from Pahiatua and Manawatu waited on the meeting, both protesting at the introduction of further regulations and expressing a desire to bo excluded from the operation of the proposals. Mr Wylie, manager of tho Kuku factory, told the meeting that his factory had been grading milk for two years and was making differential payments. There had been no trouble' at all with the suppliers, who at their last annual meeting had voted for a continuance of the scheme. The meeting decided to co-operate with the dairy division and givo the scheme a thorough trial for the balance of the season. i FROZEN MEAT. Levin and Coy., Ltd., have received the following cable from their London agents, dated 19th February, 1932Frozon moat quotations (prices on a “delivered” basis, i.e., including . storago charges, cartage, market tolls, etc.). —North Island Down lambs, 28-36 lbs, 63d per lb; 36-421bs, 7d. Best North Island crossbred lambs, 28-361 b, 36-421 b, 63d. North Island 2nd quality lambs, average. 30-311 b, Best North Island wether sheep, under, 481 b, 4£d; 48561 b, 4|d; 56-641 b, 4£d; 64-721 b, 4id.. North Island ewes, under 481bs, 3id; 48-561 b, 3id; 56-641 b, 3d; 64-7216. 23d. . New Zealand prime ox beef, 160-2201 b, Compared with last week’s quotations, North Island Down lambs, 28-361bs i per lb lower ;36421bs gd per lb lower; best North Island crossbred lambs, 28-361bs per lb lower; North Island ewes under 561bs, id per lb higher; New Zealand primo ox beef, id per lb higher; others unchanged. Thero is considerable pressure to sell lamb owing to settlement of tho strike. Opinion is that prices will go lower next week. The mutton market is steady.

NEW ZEALAND LOAN. CRITICISM REFUTED. It is a pity when, through lack of knowledge, writers evolve an erroneous tihosis and disseminate entirely wrong ideas among those unlikely to be cognisant of the truo facts, such readers probably accepting what is written as being perfectly good information and deduction. Wo aro moved to this remark after perusal of an article which appeared in tho New Zealand Dairyman in July last, and has been brought to our notice by a correspondent (says tho city editor of the London Morning Post). This article drew a contrast between the terms upon which tho Bank of England made a loan to the Austrian National Bank and the cost to New Zealand of raising a loan in London about tho same time. the general tenor of tho article may bo judged from tho concluding sentence: “Bankrupt Austria cuts more ico in tho London Money Market than ono of tho partners in tno British Empire.” For, it is stated in this article, while tho Bank of England lent money to Austria at per cent, it had cost New Zealand 6 1-16 per cent., and of the New Zealand loan 68 per cent, was left with underwriters. . In actual fact, of course, tho whole argument is based upon a wrong premiso arising from inability or . unwillingness to appreciate the difference between the cost of long-term and short-term money. THE FACTS. When tho Austrian Loan was raised for a period of threo months the British Bank Rato was 2i per cent., and if the writer in our New Zealand con t o nip or ar y had had sufficient acquaintance with London Money Market matters to justify him in writing about it, ho should have known that just about tho same time New Zealand was borrowing money in tho London Money Market on 3 months bills at 2 5-32 per cent. Until tho last rise in our Bank Rate, New Zealand was, in fact, borrowing regularly at rates of 2 3-16 to 2-fc per cent, on her Treasury Bills. Littlo more than a week ago, with a 6 per cent. Bank Rate, sho renewed some bills at 55 per cent., or only about i per cent, moro than tho rato at which tho British Government can borrow for tho samo term. When the Austrian credit camo to bo partially renewed in October last, with our own Bank Rato at 6 per cent, and the Austrian Bank Rate at 10 per cent., the terms, so far as wo aro aware, were not publicly announced, but wo have very little doubt that they wore not such as would have been preferred by New Zealand to tho rato of 5 1 por cent, at which her bills wqrc renewed recently. Tho June Loan, which is said to havo cost New Zealand about 6 per cent., was a 5 per cent, four-year Bond issue at 99. Tho quotation for this loan is now about 96, which includes tho full half-year’s dividend duo on January 16 next, so that tho moment fop raising the loan was well chosen in the interests of New Zealand. Tho mischief of the article in question is, of course, that it may havo boon read by Neiv Zealand people and accepted as giving a correct view of the relative credit of New Zealand and of a Central European Power in the London market.

A drover taking a flock of ewes from the plains to Mr T. S. Johnston’s run, "Erewhon,” Ashburton Gorge, made tlse discovery after camping overnight at a run on tho way that soattered over the paddock were numerous dead ewes, while many others appeared silly and doped. On investigation it was found that the sheep had eaten tutu. Over sixty were affected, and about fifty succumbed.

FOREIGN EXCHANGES. LONDON, Feb. 20. The following roles un toreimi ••xmii'ive* were current to day, as compared with par:

GOLD AND SILVER. LONDON. Feb. 20. Gold.—£s 19b 0d per fine ounce. Silver.—Cash, 19 3-4 d per ounce; forward 19 7-Bd.

Exchange were as follow Buyers. Sellers. N.Z. GOVT. LOANS— £ s. d. £ s. d. 5i p.c. bonds, 1933 ... 93 12 6 — 5i p.c. diyo, 1937 — 99 10 0 4i p.c. Ins. Stk., 1939 — 95 2 6 4£ p.c. ditto, 1938 — 95 0 0 5| p.c. ditto, 1933 98 12 6 — 54 p.c. Ins. Stk., 1937 — 99 10 0 54 p.c. ditto, 1933 97 10 0 — 5A p.c. ditto, 1937 95 0 0 — Rural Advnces, 5 p.c.. 1947 85 15 0 — DEBENTURES— Well. Gas Co 101 10 0 — Well. Kacincr Chib . .00 0 0 Palmerston N. City, 54 p.c., 1948 — 96 5 0 Makerua Drn. Bd.. 6 p.c., 1946 and I960 ... — 96 10 0 Hauraki Plains, 5} p.c., 1959 — 98 0 0 BANKS— Commercial Aust., ord 0 14 1 — National N.Z — 3 12 6 National A’aeia. (£10) 10 0 0 — Ditto (£5) 4 15 0 — New Zealand 2 4 5 — FINANCIAL— Goldsbrough, Morfc ... 1 2 6 1 3 6 Abraham and Williams, pref — 3 12 6 N.Z. Guar. Corp., ord. — 0 4 9 N.Z. Invest. Mtg & Deposit — 0 9 9 Well. Invest., T. & A. — 0 10 0 Well. Trust and Loan — 6 1 0 Well. Dep. and Mort. — 0 10 0 INSURANCE— New Zealand — 1 17 6 MEAT PRESERVING— Well. Meat Ex., pref. — 0 15 0 WOOLLENWellington, ord 4 2 0 — COAL— Westport 1 3 6 TIMBER— Kauri — 0 10 6 Leyland-O’Brien — 1 2 0 National — 0 6 0 Taringainutu 0 5 0 Bartholomew — 0 12 9 BREWERIES— New Zealand 1 5 0 1 6 0 Tooth and Co 1 3 3 1 3' 9 MISCELLANEOUS— British Tobacco, ord. 1 6 0 . 1 -7 0 Burns, Philp and Co. 38 10 0 1 18 0 Colonial Sugar .'. ■ * Electro. Zinc, pref. ... *1 0 9 0 10 0 National Electric — N.Z. Drug 2 5 6 • Woolworths, pref. (rights) 0 1 0 — MINING— Mount Lyell 0 19 9 1 1 0 Golden Dawn — 0 7 6 Okarito *0 9 3 — Blackwater 0 6 0 — *Cum. dividend.

Feb. 20. Par. New York, dol. to £1 ... 3.45i 4.866 Montreal, dol. to £1 3.94 4.866 Paris, francs to £1 87.625 124.21 Brussels, bel. to £1 24 25-32 35.00 Genova, francs to £1 17 11-16 25.225 Copenhagen, ktir. to £1 . Milan, lire to £1 18.125 66.375 18.159 92.46 Berlin, marks to £1 14.55 20.43 Stockholm, knr. to £1 ... 17 15-16 • 18.159 Amsterdam, florins to £1 8.51 12.107 Oslo, knr, to £1 18.375 18.159 Vienna, sehgs. to £1 *32 34.585 Prague, knr. to £1 116.50 164.25 Helsingfors, marks to £1 220 183.23 Madrid, pcs. to £1 ...... 44.625 25.225 Lisbon, eKJ. to £1 Fl9 10 4 Plj Athens, drach to £1 270 375 Bucharest, lei to £1 577.50 813.60 Kio do J.. p. to mil. ... 4 3-16 16.70 B. Aires, p. to peso 39 11-16 47.62 M Video, p. to peso ... 31£ 51 Calcutta, ]>. to rup 18 6-32 18 Shanghai, p. to tael 22 15-16 — Hong-Kong, p. to dol. ... 17 11-16 — Yokohama, p. to yen ... 23.50 24.582 Batavia, florins to £1 ... 8.56 12.107 ‘Nominal.