FARMING AND COMMERCIAL

Manawatu Standard, Volume LII, Issue 241, 10 September 1932, Page 5

FARMING AND COMMERCIAL

THE MEAT TRADE.

PRODUCERS’ PLANS.

FOR OTTAWA CONFERENCE,

Messrs M. A. Eliott, Ltd., havo received from their London agents, Messrs Gordon, Woodroffe and Cloy., Ltd., a leaflet showing the proposals put forward by the British Empire Producers’ Organisation in connection with tho meat trade to safeguard the British and Dominion producers. Those proposals woro mado in view of tho Ottawa Conference. As is well known tariffs did not eventuate but a system of quotas was agreed to. The following proposals are put forward for tho regulation of tho importation of fresh, frozen and chilled beef, mutton, lamb, pork, bacon, hams and veal into the United Kingdom:— The leaflet states:—lt is agreed that any regulations which are mado by His Majesty’s Governmonet which interfere with the hitherto unrestricted importation of meat should be framed—(l) So that tho consumer is not injured by any excessive rise in prices. (2) So that, firstly, tho British farmer is assured at all times of a steady, dependable market for his meat in his home market, and that, secondly, tho Overseas Empire producer should have priority over meat imported from foroign sources. (3) So that the export trades of the United Kingdom will benefit by the preferences obtainable through using tho bargaining power of the tariff and regulations imposed. (4) So that elasticity is provided whereby gluts or shortages are avoided.

Stability at reasonable rather than high price levels is the primary need of both British and Dominion farmers. Violent fluctuations in tho market value of their finished products, duo to the Home market being tho dumping ground for the surplus production of tho rest of the world, creates great uncertainty as to the prices which are justified for store stock for fattening purposes, and generally has a retarding effect on enterprise and increased production. Tho resulting lack of confidence in the future adversely affects land and stock values and so restricts the banking and credit facilities upon which tho farmer largely depends. These basic requirements can be complied with by the adoption of a tariff combined with “quantitative regulation” of Homo, Dominion, and foreign supplies, so framed and managed that the interests of the consumer are safeguarded. We propose tho following tariff: —

Full Full Pref. Empire Prof. For’gnFor’gn Tariff. Empire Tariff. Tariff. Per lb. Tariff. Per lb. Per ib. Beef jd Free l£d i|d Mutton |d Free l£d jd Lamb id Free 2d Id Pork id Free lid id Veal id Free lid id Bacon & hams id Free lid id It is estimated that tho full tariff on the classes of meat affected would have yielded a revenue of approximately £lB,500,000 for the year 1931, while, on the assumption that all countries took advantage of tho preferential tariff, the rovenuo would havo been approximately £8,500,000. The figures exclude revenue which would have been raised from any tariff imposed upon livo stock impoited from Canada and tho Irish Free State. As regards the “quantitative regulation of imports," wo propose that H.M. Government should have power to restrict imports so that the tonnage imported is adjusted to provide for tho seasonal requirements of the British market, such adjustment to have due regard to preferential treatment to Dominion over foroign supplies. By this means gluts or shortages will in largo moasure bo avoided and steady average pricos more or less assured. So far , as South America is concerned, this proposed power of restriction is no innovation, for it has been the practice for years past for tho few firms which conduct tho South American meat trade so to adjust their bookings of freight space that shipments are increased or decreased according to their ideas of the market requirements of the United Kingdom. It is advisable that such powers bo supervised by H.M. Government acting in close collaboration with representatives of the meat interests concerned, with supplying the market of tho United Kingdom. The fact that Danish and other foreign bacon is imported in such large volume is no argument against imposing a duty upon it, and it is untruo to say that Home and Dominion producers will bo unable to replace the greater part of this tonnage within a few years. In 1925 the overseas parts of the Empire supplied 23 per cent, of tho total bacon imports (Empire, 1,731,386 cwt; foreign, 5.754,729 cwt). Canada alone provided onethird of Denmark’s total (Canada, 1,266,861 cwt; Denmark, 3.738,834 cwt). Present trading conditions are driving, and, if unaltered, will continuo to drive, Empire products from the British markets. Homekilled supplies of all moats are estimated to have fallen by 31,000 tons since 1926. The annual tonnage of all meat “ imports into tho United Kingdom (excluding live stock and tinned meats) has risen from 1,382,000 in 1926 to 1,559,000 in 1931. No less than 1,184,000 of the 1931 tonnage came from foreign countries —Denmark being responsible for 31 per cent, and the Argentine 41 per cent. During 1930 imports into the United Kingdom of meat (excluding live stock, poultry and gamo) amounted to £108,000,000. Of foroign supplies, Denmark provided £28,000,000 and the Argentine £31,000,000. Although in tho same year the United Kingdom took no less than 62 per cent, of the total exports of Denmark and 36 per cent, of the total exports of the Argentine, it is significant that these countries respectively took from the United Kingdom only 14.5 per cent, and 19.8 per cent, of their total imports. During the years 1929, 1930 and 1931 the United Kingdom's average visible adverse trade balances with these countries were:—Denmark £42,000.000, Argcntino £41,000.000. ■ The wholesale prico levels of the _moat and bacon trades arc entirely governed by supplv and demand, and it is signficant that wholesale prices have fallen by more than 20 per cent, since September last, in spite of the £ having gone off the gold standard. This fall is to some extent duo to tho unrestricted dumping of foreign bacon, which has been a contributory factor in causing the serious falls experienced in Home, Dominion and Argentine beef, mutton and lamb prices. . From tho foregoing it will no seen that

Dominion and foreign meat and pig meat producers are almost entirely clependont upon the United Kingdom for tho disposal of their products, and it cannot be too forcibly stressed that this uniquo position offers H.M. Government a most favourable weapon for obtaining wider and more equitable moasures of reciprocity than now exist.

This view is endorsed by tho following cablo appearing in The Times of December 4th, 1931: —Buenos Aires, Doccmber 3rd. A delegation of tho Argentine Rural Sooioty waited upon the Minister of Agriculture and explained tho society’s alarm at the possibility of a British tariff on Argentine meat. Tho delegation urged tho Argentine Government to grant special tariff facilities to imports of British origin, and claimed that any serious interference with Argentina’s principal market for meat products would wipo out the country's live stock industry.” Tho fact that large sums of _ British capital aro invested in tho Argentine and other foreign countrios does not justify the continuance oi the existing one-sided trading. Considerably larger sums of British capital employing British labour aro invested in Agriculture within tho Empire, and upon this capital little or no dividends are being earned. The supporters of theso proposals suggest that H.M. Government, in framing its legislation for tho meat aqd bacon trades, should aim at tho maintenance of wholesale prico levels approximating to tho average of thoso ruling during tho five years preceding 1931, when imports were unrestricted.

It cannot bo too forcibly stressed that the present system of unrestricted importation of meat and bacon from all over tho world will inovitably ruin both Home and Dominion farmers, and that tho best interests of the consumer are served by maintaining satisfactory prico levels in tho United Kingdom markets for their products, thcroby increasing tho purchasing power of tho farmer for manufactured goods.

The signatories aro of tho opinion that, if their proposals aro given effect to by H.M. Government, great advantages will accrue to Homo and Dominion producers, and by reason of tho bargaining powers obtained by their adoption a substantial increase in the export of manufactured goods from tho United Kingdom can be secured. This should bo of considerable assistance in reducing unemployment and the adverse trade balance of the United Kingdom. Tho main advantages may bo summarised as follow: —

(1) By increasing tho production of British farmers tho country will become less dependent on imported moat and bacon and tho adverse balance of trade will bo reduced.

(2) Much-needed revonuo will bo received from the operation of tho tariff.

(3) Tho United Kingdom export trades, and inward and outward shipping, will benefit from the preferences obtained, thereby reducing our adverse trade balance and unemployment and consequently increasing the purchasing power of the consumer.

(4) Tho inereaso of imports, particularly of bacon, from Dominion sources in substitution of those now emanating from foreign sources will placo the Dominions in a position to absorb emigrants and exports of manufactured goods from the United Kingdom.

(5) The consumer can bo safeguarded against any unwarrantable rise in pricos by tho volume of the imports from foreign countries being increased as occasion demands.

As the United Kingdom is practically the only country in the world importing frozen or chilled mutton, Jamb, bacon, hams and beef to any appreciable extent, it holds a unique bargaining weapon, and wo submit that thero is no valid reason why it should not bo used. Tho signatories to this manifesto are in entire agreement with tho Imperial Economic Committoo which has unanimously held tho view that the Homo market is for tho homo producer first, tho Empire producer second, and the foreign producer third. They aro furthermore prepared to co-opcrate with H.M. Government in every possible way, and are ready to assist in the formation of an Advisory Committee for the purpose of giving effect to their proposals should H.M. Government so desire.

DAIRY PRODUCE.

BUTTER AND CHEESE FIRM.

Cabled advice received from A. J. Mills and Co., Ltd., London, gives the following market prices as ruling at the close of business on Thursday:—Butter: The market is firm. Now Zealand finest, 112 s; firsts, 110 s; unsaltcd, 108 s, 112 s; Danish, 1225, 1245; Australian, 104 s, 106 s; Baltic States, Siberian and Argentine butters, 90s, 945. Cheese: The market is firm. New Zealand, white, 635, 645; coloured, 575, 58s; Canadian, white, 635, 645, coloured 63s 645; Canadian, c.i.f., 645. J. and J. Lonsdale and Co., London, report as follows:—Butter: Market weak generally. New Zealand, Ills, 112 s; Australian, 1045,* 105 s; Cheese: Market firm. White, 635; coloured, 575, 58s. Dalgety and Co., Ltd., have received the following under date September B:—Butter: Market firm. Danish, 122 s to 124 s (120 s to 1225); New Zealand, finest salted, 110 s to 112 s (109 s to Ills) ; Australian, finest unsalted, 104 s to 108 s (104 s to 107 s); Australian, finest salted, 103 s to 106 s (101 s to 104 s); Australian G.A.Q., 100 s to 102 s (96s to 100 s). Cheese: Market firm. Australian, coloured, 55s (55s to 565); New Zealand, white, 63s to 64s (62s to 635); coloured, 57s to 60s (57s to 58s); spot price for Canadian white, 62s to 64s (61s to 635); coloured, 62s to 63s (61s to 635); c.i.f. prico for Canadian, 63s to 65s (61s to 625).

FARMING NEWS.

RURAL RAKINGS.

Coldstream Galatea Payne, the champion Friesian oow owned by the Stratford Technical High School, died this week as tho result of calving troubles. She was donated to the school by Mr C. A. Marohant, a well-known Friesian breeder of Stratford. Since owned by tho school, she had won five championships including the North Island championship' at the last Egmont Agricultural and Pastoral show. The south was represented at the last Addington sale by a number of lines of tho large-framed, well-fiinished type of crossbred that grows so well thero. A typical line was that from a South Otago client. They numbered 109, and sold from 15s Id to 17s lOd, averaging 16s 4d. They were not the top price lot, but were a fair sample of tho sort of stuff that has been comi'ng here from tho south for somo weeks, says the Otago Daily Times. A model of a Jersey cow m silver mounted on oak and enclosed in a, glass case has been presented to tho Ashburton Agricultural and Pastoral Association by members of tho family of Mr Joshua Tucker, to be known ns the Joshua Tucker Memorial Trophy, for most points in idle Jersey section. The miniature of the cow was modelled in England from the photograph of a champion Jersey cowowned by Mr Tucker, who was a past president of the association. Unemployment in the Waharoa district is reported to be non-existent, and farmers state that they are experiencing some difficulty in securing labour. There is considerable activity in farming operations in the Waharoa district and those who have previously relied cjn relief work have now been enabled to secure, more constant employment. Waharoa is the centre of “one of tho most, prosperous dairying districts in tho Waikato. The New Zealand Co-operative Dairy Company, Limited, has its largest butter factory at .Waharoa and has just built the largest cheese factory in tho world in the same locality. . Discussing the possibilities of developing now industrial fields in tho Rotorua district Dr E. Marsden, Secretary of the Department of Scientific and Industrial Research, stated that experiments wore to bo made with the planting of a ndw variety of flax. By careful crossing and breeding a new variety of plant had been evolved, which promised much more prolific yield than tho present variety. It, would, o,f course, bo some time before the flax was sufficiently established to appreciably affoct tho # industry. lime foi growth and multiplication was necessary, but the prospects wore encouraging. file initial plantings in the Rotorua district arc to be undertaken by the Native Department in selected areas under the supervision of Mr 11. Tai MitchelL

FEILDING STOCK SALE

FAT SHEEP MARKET FIRM,

Although thero was a very heavy penning of fat owes yesterday, the market held firm and a good salo resulted. Up to 14s Id was paid for good ewes, while prime hoggets reached 16s 7d in value. Tho 6tore sheep entry was confined to a few pens of wethers and fattening owes, but farmers are evidently in search of supplies as there was a keen inquiry for otoro sheep. Fat cattle met with a good demand with last week’s improved prices ruling, but for store cattlo, of which the entry was small, there was no alteration in the quotations. Good dairy heifers again found tho market, favourable, this class of stock being in keener demand than the cows, although for those good sorts commanded higher prices. Quotations are as follow: — Fat sheep.—Ewes, 7s 6d, 8s 6d, 9s 6d, 10s 9d, 11s lOd, 13s 2d to 14s Id; b.f. 2-ths, 12s 7d; wethers, 13s, 14s 4d, 15s Id to 15s 6d; shorn wethers, 11s 6d; hoggets, 10s, 11s Bd, 12s 7d, 14s, 15s 2d to 16s 7d. Store sheep.—Wether hoggets, 8s 6d to 11s 6d; fattening ewee, 4s 7d. Fat cattle.—Cows, £1 10s, £2 7s 6d, £3, £3 15s, £4 6s, £5 8s to £5 18s; heifers, £2 10s, £3, £4, £5 5s to £6 Is; steers, £5 15s; cows and heifers, £5 2s to £5 18s. Store cattle. —Yearling heifers, £1 Bs, £1 15s, £2 Is, £2 lie to £3 7s; heifers r.w.b., 23s 6d to £2 Is; 3-year steers, £3 Is, £3 15s; empty heifers, 18s, £2 7s 6d to £2 13s; cows, 16s, 23s 6d, 275, 30s to 35e; purebred Jersey bull, £3. Dairy cattlo. —Heifers r.w.b., £4, £4 12s, £5 10s, £6 ss, £6 15e, £7 10s, £B, £8 10s, £9 to £9 10s; heifers in milk, £2 ss, £5 5s to £7; cows in milk, £l, £3 to £6 6s; springing cows, £2 15s, £3 10s, £4 10s, £5 15s, £6 ss, £7 ss, £B, £8 15s to £9 se.

AUCTIONEERS’ REPORT,

Associated Livo Stock Auctioneers, Ltd., report on their Feilding salo held yesterday, ns under: Again wo had a largo yarding of fat sheep, comprised chiefly of fat owes, with a medium yarding of fat wethers and hoggets. Although tho quality was of a higher grade than last week’s offering, with an animated demand, prices receded slightly on last week’s rates. Store sheep: Tho yarding in this section was small with a particularly keen demand for anything offering. Fat cattle: A large yarding again came forward in this section, comprised chiefly of station bred cows and heifers. The quality being good, the offering met with keen demand, resulting in a good sale in this section. Store cattlo: There was also a good yarding in this section, comprised chiefly of yearling Jersey heifers with a few pons of empty Jersey cows and a small offering of station bred steers. The demand was particularly keen for all classes, especially for yearling Jersey heifers and young empty dairy bred cows. Dairy cows: An exceptionally heavy yarding again camo forward in this section, totalling 180 heifers and 70 cows. There was a large attendance and bidding was keen right through the sale for good quality sort 6, and prices showed ad advance on last week's quotations. We quote: Fat sheep: Wethers, 13s, 13s 4d, 14s 3d, 14s 4d, 15s Id, 15s 3d to 15s 6d; shorn wethers, 9s lOd, 11s 6d; fat hoggets, 10s, 11s Bd, 12s, 12s 3d, 12s 4d, 12s 7d, 14s, 14s 6d to 16s 7d; fat ewes, prime heavy, 10s, 10s 6d, 10s 9d, 10s lie, 11s,. 11s 3d, ils lOd, 11s lid to 12s; medium-weight ewes, 6s Id, 7s 6d, 8s Id, 8s 6d, 9s to 9s 6d; S.D. ewes, heavy weights, 12s 7d to 13e 2d. single fat ewes, 14s Id to 16s. Store Sheep: Wether hoggets, 8s 6d to 11s 8d; store ewes, Is 6d to 4s 7d. Fat Cattle: Bullocks, light weights, to £5 15s; station bred heifers, £3 2s 6d, £4, £5 ss, £6 to £6 Is; light ditto, £2 10s to £3; fat cows and heifers, station bred, £5 2s to £5 7s 6d; fat station bred cows, £3, £3 ss, £3 10s, £3 15s, £3 17s, £4 Is, £4 6s, £4 11s, £4 16s, £5 Is, £5 Bs, £5 14s, £5 15s, £5 18s; lighter sorts, dairy bred, £2 7s 6d, £2 15s, £2 17s 6d. Store Cattlo: Rising _3-yr steers, £3 Is; 4-yr. Jersey steers, carrying a lot of condition to £3 15s; yearling Jersey heifers, 28s, £1 iss, £2 ss, £2 10s, £2 15s, £3 2s to £3 7s; 2-yr empty heifers, £2 7s 6d to £2 13s store cows, 11s, 17s, 20s, 275, 30s to 32s 6d. Dairy Cattle: Springing heifers in lines, 3 at £6; 7 at £7 10s; 8 at £5 10s; 4 at £7 7s 6d; 3 at £5 15s; 7 at £5 ss; 12 at £7; 4 at £3 17s 6d; 7 a.t £7 2s; 4 at £6 12s 6d; 5 at £2; single heifers, best quality, £6, £6 ss, £6 10s, £6 15s, £7, £7 ss, £7 10s, £B, £8 10s to £9 10s; others, £3, £3 10s, £4, £4 12s, £4 15s, £5 to £5 10s; dairy springing cows, best sorts, £5 10s, £5 15s, £6 ss, £6 10s, £7, £7 ss, £8 ss, £8 10s, £8 15s to £9 ss: others £3 10s, £4, £4 ss, £4 10s, £4 15s, £5 to £5 10s; cows in milk, £3, £4 10s to £6 ss.

FEILDING MART.

Prices at the mart in Feilding yesterday wero as follow: —

Poultry.—Hens, 2a Id to 2s 8d; pullets, 3s 2d to 3s 3d; cockerels, 2s lOd to 3s Id; Turkey hens, 5s to 5s 6d; ducklings, Is each.

Pigs.—Weaners, 6s to 15s; slips, 8s to 18s; stores, 11s to 20s; light porkers, 16s fid; porkers, £1 Is 6d to £1 Be.

EKETAHUNA SALE.

A good yarding of dairy cows and heifers was offered by Associated Live Stock Auctioneers, Ltd., at tho Eketahuna sale. Thero was a good attendance of local farmers, and all _ lots realised full recent market rates. Prices wero:—Good springing heifers, 1 at £6 10s, 1 at £6 15s, 2 at £5 10s, 2 at £4 7s 6d, 1 at £4 15s, £1 at £4 ss, 1 at £3 15s; good springing cows, 1 at £6 15s, 1 at £5 7s 6d; aged springing cows, 2 at £3. 2 at £3 ss; store cows, _ 12s to £1 7s; m.s. hoggets, 9s 2d; 1 springcart mare, £ls; 1 sow, £1 8s; good slips, 1 at 16s; 4 at 15s 6d, 2 at 15s, 7 at 14s; 2 weaners, 13s.

TAIHAPE SALE.

At their Taihane sale tho Now Zealand Farmers’ Co-operative Distributing Co., Ltd., had a yarding of 350 sheep (mostly hoggets) and 40 head of cattle. Pricos woro: Aged fat wethers, 15s 9d; maiden fat owes, 14s; fat owes, 10s to 11s lOd: light fat owes, 7s 3d; fat b.f. hoggets, 8s 9d to 11s; medium -wether hoggets, 9s 6d to 10s sd; empty owes, 4s id. Fat cows (good), £3 5s to £4 2s 6d; lighter cows, 30s to £2 9s; dairy cows, £4 7s 6d to £7; forward cows, 253 to 27s 6d.

IN THE NORTH.

Farmers throughout tho Waikato welcome the change in weather, and the whole district has got quite an altered appearance, paddocks which a few weeks ago were dry and brown-looking have now assumed a rich green colour, and although there is not much length of grass, still a few warm days, with some good rain, will tnako a wonderful improvement. The. stock market is showing signs of keen -activity, and larger yardings, especially in cattle," ar» the order of the day (says a Hamilton report). Store cattle are now tho most popular section, and at practically every sale the store pens will bo taxed to their utmost. Good supplies of beef still appear to be available, with prices, if anything, showing a hardening tendency. Fat sheep are coming forward in only average numbers, with a decided shortage of fat ewes, and practically all ewes that are offered are being pulled out of the flock, as no ono appears to bo holding prime mutton. A good inquiry exists for all classes of storo sheep, and there is no difficulty in effecting a sale of any that are yarded. Practically tho only cattle being offered in the dairy section aro two-year-old heifers. It is anticipated there will bo a rise in values, but owing to the shortness of feed this has not yet materialised. All classes of dairy heifers are showing the effects of the hard winter, and well-bred cattle in good condition are hard to get. Pigs are also coming forward in bettor numbers, and in this section also, the price of fat pigs is showing a slightly firming tendency.

WAIRARAPA SHOW.

Tho 56th annual show of the Wairarapa and East Coast P. and A. Society, to bo held at Carterton on 26th and 27th October, is advertised in this issue. Liberal prizes and many challenge trophies aro offered for competition and classes arc provided for all classes of live stock, cheese, butter, honey, cooking, sewing. fancy work, and schools. Entries closo 12th October. Freo schedules may he obtained on application to the secretary, P.O. box 25, Carterton. All breeders, particularly those exhibiting at tho Royal Show tho week following, should make a point of exhibiting at the Wairarapa Show, which is recognised as ono of'the foremost live stock snows in New Zealand.

GRAIN AND PRODUCE

CANTERBURY POTATOES FIRMER.

Per Press Association. CHRISTCHURCH, Sept. 9. There has been a sharp -rise in tho potato market, equal to practically 10s a ton. Prompts havo been sold at £6 2s 6d f.0.b., s.i., and it is reported that a line of Septembers were sold at £6 10s. These wore quotations _ this afternoon. Tho Waipiata will bo sailing from Bluff to-morrow with about 2000 sacks, hut her Dunedin cargo will probably be light. She is duo at Lyttelton about Wednesday. The Wingatui sailed from Lyttelton last, night with 1573 sacks in addition to 580 from Timaru, and the Port Waikato is duo to sail to-morrow with 1360 from Timaru, and 1100 from Lyttelton, a good proportion of which will be for outports; the total is about 4600. The quantity of potatoes still on farmers’ hands is difficult to estimate, but thero aro few large holders. Quotations on trucks aro £5 a ton for whites.

Fowl foed remains very firm and is_ quoted at 4s 10£d f.0.b., s.o. Chaff remains at £3 10s a ton on trucks, but there is no life in tho oat market.

GISBORNE MAIZE.

GROWERS STILL HOPEFUL.

GISBORNE, Sept.. 8. Maize growers do not anticipate shipping any largo quantities of maize until the New Year, the Auckland market being virtually closed on account of shipments from South Africa.

It is estimated that tho quantity sent to Auckland since the beginning of tho season is les6 than 10 per cent of that forwarded during the corresponding period last year, and no immediate improvement in conditions is anticipated. Tho price is nominally quoted at 4s 3d per bushel, but owing to lower prices offered elsewhere practically no business is passing. Notwithstanding the seemingly poor prospects, Gisborne growers aro showing considerable activity in preparing new crops, and it is generally expected that there will be a larger area sown this year than last, as maize growing is still more profitable than some other branches of farming.

OVERSEAS MARKETS.

LONDON, Sept. 8. Flour is firm. Australian, ex store, 20s to 22s a sack. Oats are quiet. Australian Algerian, 17s to 18s; “A” Gartone, 23s 6d to 24s 6d. Blue peas are firm. Tasmanian, 380 s to 400 s; New Zealand, 340 s to 3605. Maples aro dull. Tasmanian, 69s to 70s; New Zealand. 66s to 675. New Zealand beans, 29s to 30s.

SHEEPSKINS AND HIDES.

IMPROVED VALUES AT WELLING TON.

Tho usual fortnightly sale of sheepskins, hides, and tallow- was held at Wellington yesterday by the combined brokers. Sheepskins: A fair quantity was brought forward, all classes being keenly competed for. ’The improved tone of the London sales held on Thursday was reflected on values, all grades appreciating by id to -£d. Somo good lines of halfbreds sold from 3£d to 4id; fine crossbreds mado to 4d. Salted skins were generally better by 2d to 3d on late rates. Hides: Good catalogues were submitted, well-conditioned ox and cow coming in for special attention. As compared with the rates ruling on August 26, heavies and medium were £d to id better, lights -£d to £d. Kip and yearling met a better market. Prices appreciating id to jjd. Calf were in request at prices £d better. For weights 6 to 81b., best lines sold up to 6d, and 1 to slb up to ssd. Tallow: A good tone prevailed throughout, and tho market can bo quoted firm at last sale’s ratos. Tho following is_ tho official range of prices:—Dry sheepskins: Halfbrcd, 3£d to 4id; fino crossbred, 4d; medium, 3£d; coarse, 3id to 3£d; half wools, 2£d to 3Jd; quarter wools, lid to 23d; pelts, Id to lid. Salted skins: Half wools. Is 6d: threequarter, Is 8d: full, 2s; extra large, 2s 4d: lambs, Is 3d. Hides: Ox. 331bs to 441 b, 33d to 4{jd; 451 b to 521 b, 3£d to 43d; ox, 531 bto 59., 3£d to sd; 601 b to 691 b, 3Jd to sd: 701 b and over, 4£d to s£d; cow, 331 bto 391 b, 2sd to 4Jd; 401 b to 481 b. 3£d to 4ld; 491 b and over, 3|d to 4|d; kip, 251 bto 321 b, 3£d to 4id: 171 b to 241 b, 3gd to 4£d: yearling, 111 b to 161 b; 3£d to 4£d; calf, 91b to 101 b, to 4j;d; 61b to 81b, 2d to 6d; lib to 51b, 33d to s£d. Tallow: In casks, 13s to 16s 6d; in tins, etc., 9s to 14s 5L Sundries: Cowtails, 4d.

Dalgety and Coy., Ltd., havo received the following cabled roport from their head office, London, September B:—At the sheepskin sales yesterday there was a fairly good selection with a full ance of buyers. Competition was animated, the Continent being the principal operators, but the Home trade was also buying. There was a good clearance. As compared with tho closing rates of last series. Merino combing aro 20 per cent. higher; Merino clothing, 20 per cent, higher; comebacks, halfbreds and fine crossbred, 20 per cent, higher; medium to low crossbred, 10 per cent, higher; hoggets and lambs, 25 per cent, higher.

GOVERNMENT STOCKS

LONDON MARKET FIRM. LONDON,' Sept. 8. Quotations of Government stocks on the London Stock Exchange compare with those of a week ago as follow:

PRICES FOR METALS. / SYDNEY, Sept. 9. The official London (middle) quotations for Thursday, as received by the Australian Minus and Metals Association compare «s follow with those previously cabled :

Standard, per oz .. 18 9-16 dlB 3-8 d Fine, per oz 18d 1913-16 d tAmerican, not quoted. ‘American, 6 cents a lb.

P. AND O. DEFERRED SHARES.

LONDON. Sopt. 8. P. and O. deferred shares sold to-dny at 81s 7id. Mount Lyell shares sold at 19s 4Jd.

GOIJ) AND SILVER. LONDON, Sept. 7. Gold.—£s 18s 3d per fine ounce. Silver.—Cash, 18 9-16 d per oz; forward, 18 11-16 d.

WELLINGTON STOCK EXCHANGE

YESTERDAY’S BUSINESS AND PRICES.

No slackening in the demand for shares was apparent yesterday. In fact, tho buying list at the morning call was oven longer than of late, and closing bids were numerous and widely-spread. Values were very firm, and a number of shares again advanced to higher levels of value. A salo of 5A per cent, stock, September, 1937, was reported at £99 2s 6d, hut there wore no bids for Government securities at tho close. Thcro was a morning bid of .£lOl 5s for Wellington Gas debentures. Banks continued very firm and active. Commercial of Australias wero reported done at 15s 6d and 15s 7d, and New Zealand’s hardened up to sales at 48s 7jd and 48s 6d. There were closing bids at the latter figure, sellers asking 2d higher. National of New Zealand at 78s 6d failed to draw sellers at the close, but thero wero morning offers at 80s. Auckland Gas wero done at 21s lOd, and more wero offering at 22s 3d. National Insuranoo sold at 14s 9d. Wellington Gas firmed a point to 30s 7d. More were wanted at that figure, but sellers asked 15s at the close. Other insurances and shipping and woollen shares were fully firm. Wellington Woollen preferences hardened another Is to £5 2s. New Zealand Broweries had throe, sales at 30s. More wero offering at that price, closing bids boinj* 29s 6d. Staples firmed 6d to 265. British Tobaccos sold at 31s, cum., dividend. Sellers stayed at that price, buyers offering 30s 6d at tho close. Dunlop Rubbers wero done at 14s 9d, and more were available at 15s. Electrolytic Zincs preference sold at 265. Closing bids wero 25s 6d, sellers asking 26s sd. Wilson’s Cement hardened another Is to 33s 6d, sellers moving up to 34s 6d. New Zealand Drugs wero 6d better at 58s 6d. Mount Lyells sold at 22s 4jd to 22s 6d. Waihis were 6d firmer at 16s 9d, and Consolidated Goldfields sold at Bs,

YESTERDAY’S QUOTATIONS.

Buying and selling quotations at yesterday’s final call on the Wellington Stock Exchange were as follow: —

SALES IN OTHER CENTRES.

The following sales were rcoorded on the stock exchanges of the Dominion yesterday:— Auckland.—Commercial Bank of Australia, 15s 3d; Bank of New Zealand (2), £2 8s 6d, £2 8s 4d; Union Bank, £7 14s; Goldebrough, Mort, £1 6s; N.Z. Guarantee Corporation, ord., 6e; Colonial Sugar, £45; Electro. Zinc., pref., £l 7s; N.Z. Refrigerating, con., 4s; Sharland and Co., 17s; Waihi (2), 16s 9d, 17s; Waihi Junction, 3e 4d.

Christchurch. —Commercial Bank of Australia, 15s 4d, (2) 15s 3d, 15s 2d; Bank of N.S.W., £2B; Bank of Now Zealand (2), £2 8s 6d; Union Bank of Australia, £7 14s 6d; South British Insurance. £2 17s 6d; N.Z. Refrigerating, 10s paid, 4s, (2) 4s Id; Tooth’s • Brewery, £1 9s; British Tobacco, cum. div. (3), £1 10s 9d; Electro. Zinc, ord., 17s 4d; ditto, pref., cum. div. (4), £1 5s 9d; Mount Lyell (7), £1 2s 2d, £1 Is lid, £1 2s, £1 Is lid; Wilson’s Cement, £1 14s; Golden Point, 9jd; Mahakipawa (2), 4Jd; Waihi, 16s 7d, 17s, 17s 2d; Stockton Coal, pref., Is 2d. Sales reported: Commercial Bank of Australia, 15s 6d; Eng., Scot, and Aust. Bank. £4 15s; Dalgety and Co., £8 2s 6d; N.Z. Guarantee Corporation, 6s*; N.Z. Refrigerating, £1 paid, 11s Id; ditto, 10s paid. 3s lid, 4s Id; Mount Lyell, £1 2s 3d; Colonial Sugar, £45 ss*. *L’ate sale Thursday.

Dunedin. —N.Z. Refrigerating cont., 4s Id. Sales reported: N.Z. Breweries. £1 9s 9d; Kildare, Is 4d; Golden Point, 9Jd. -

SYDNEY STOCK EXCHANGE.

ALL SECTIONS FIRM.

SYDNEY, Sept. 9. Activity on the Stock Exchange is unabated. Practically all sections aro firm, particularly leading industrials, and there is further good inquiry for bank scrip. Sales were: Bank of New South Wales, £3l 15s; Commercial Bank of Sydney, £l7 ss; Queensland National, £5 7s 6d: Burns, Philp, 495: Mercantile Mutual Insurance, 20s; Millaquin Sugar, 27s 6d ; ditto, Now Zealand delivery, 27s 3d: Fairymead Sugar, 23s 6d; Winehcombe, Carson, 255; Goldsbrougli, Mort, 29s 3d: Electrolytic Zinc., pref., 28s 9d: Austral Gas. A, £6 19s 6d; Tooths. 32s 9d; Tooheys, 21s 6d; Dunlop Perdriau, 15s 10jd; British Tobacco, 34s 3d: Henry Jones, 34s 6d: Australian Glass, 445; Sulphide Corporation, 10s 9d; North Brokens, £3 14s; Souths, £2 lid; Taranaki Oil, 2s 3d. Commonwealth Bond, four per cents.. 1938, £IOO 6s 3d: 1941. £IOO 6s 3d: 1944, £IOO 7s 6d; 1953, £99; 1957, £99 15s; 1959, £99 17s 6d; 1961, £IOO ss. MELBOURNE, Sept. 9.

Sales: National Bank, £5 paid. £6 7s: G-oldsbrough, Morfc. 295: British Tobacco, pref., 25s 9d: Dunlop Perdriau. 15s Ud; Gordon Goteh, 29s 9d; Herald-Times, £2 13s 6d; Kauri Timber, 13s: South Brokens, £2 11s: Norths. £3 13s; Mt. Lyell 245; Taranaki Oil. 2s sd.

BRADFORD TOPS MARKET.

Wright, Stephenson and Co., Ltd., and Abraham and Williams, Ltd., report haying received cable advice from their Bradford agents regarding to tops market, reading as follows: —Merinos ad up. All crossbreds very firm. On account of the position of the raw material market a fair amount of business is passing.

RATES OF EXCHANGE

LONDON, Sept. 8. The following rates on foreign exchange* were current to-day, as compared with

Price. Variation. £ 8 d £ 8 d Consols, 24 p.c x72 2 6 0 7 6* Fund. Loan, 4, 1960-90 108 10 0 0 5 Of War Loan. 5, 1929-47 102 2 6 0 2 6+ Convors. Loan, 34 p.c. 97 17 6 0 2 6* Victory Bonds, 4 p.c., . 105 10 0 Samo Cwealth, 5, 1945-75 . 102 17 6 0 10 0+ C'wealth, 6, 1931-41 . 100 15 0 0 10 0+ Victoria, 3, 1929-49 . 78 5 0 1 5 Ot Victoria, 31, 1929-49 . x32 15 0 0 15 0* Vfctoria, 54, 1930-40 .. xlOl 0 0 0 17 6+ Victoria, 5. 1932-42 .. x98 2 6 1 12 6* Victoria, 43, 1940-60 . 99 5 0 1 5 0 N.S.W., 4, 1933 — — N.S.W., 3, 1935 x94 7 6 0 7 fit N.S.W., 34, 1930-50 .. 87 17 6 5 17 fit N.S.W., 53, 1922-32 . 101 17 6 0 7 fit N.S.W., 64, 1930-40 .. 100 17 6 0 12 6t N.S.W., 6, 1930-40 .. 101 12 6 1 2 fit Q’land, 5, 1940-60 ... 99 15 0 0 10 0* Q’land, 3, 1922-47 ... 78 10 0 0 17 fit Q’land, 6, 1930-40 ... ICO 0 0 0 7 fit N.Z., 44, 1948-58 102 12 6 0 17 fit N.Z., 34, 1940 95 15 0 2 7 6* N.Z., 3, 1945 x85 17 6 0 2 6* N.Z., 6, 1936-51 105 2 6 0 15 Ot S. Aust., 34. 1939 .... 94 2 6 1 2 fit S. Aust., 1916 or after 69 5 0 1 5 Ot S. Aust., 64, 1930-40 . 101 0 0 0 10 Ot Tasm., 34, 1920-40 ... 91 5 0 0 15 Ot Tasm., 3, 1920-40 88 0 0 1 0 0* Tasm., 64, 1930-40 .... 101 7 6 0 5 .0* W. Aust., 34, 1920-35 . 96 10 0 0 10 Ot W. Aust., 3, 1915-35 . 95 5 0 0 2 fit W. Aust.. 6, 1930-40 . 100 15 0 0 15 ot tHigher. ‘Lower x Ex interest.

Copper — Sept. 7 Per ton. ±» e. d. Sept. 8. Per ton. ii b. d. Standard, spot 37 15 0 38 1 3 Standard, forward 37 15 0 38 3 * Electrolytic 40 0 0 40 0 0 to 40 10 0 40 10 0 Wire bars 40 10 0 40 10 0 Lead — Spot 14 17 6 14 1 3 Forward 14 12 6 14 7 6 Speltor— Spot *16 10 0 16 6 3 Forward 16 13 9 16 11 3 TinSpot 157 13 9 157 16 3 tForward 159 7 6 159 6 3 Silver—

N.Z. COVT. LOANSBuvers. Selle 6. £ s. d. £ s. d. 4jr p.o. Bonds, 1933 ... — 95 5 0 51 p.c. ditto, Feb, 1937 — 99 10 0 4i p.o. Stk., 1938 ... — 95 2 6 5i p.o. ditto, Feb, 1937 — 99 10 0 5£ p.c. ditto, Sep, 1937 — 99 10 0 4A p.c. Stock, 1940 ... — 95 0 0 DEBENTURES— Well. Racing Club ... — 90 0 0 BANKS— National of N.Z 3 18 6 National of A’sia (£5) — 5 18 0 New South Wales ... 27 10 0 28 10 0 New Zealand 2 8 6 2 8 8 Union of Australia ... 7 13 0 — FINANCIAL— Abraham, Williams, prof — 3 5 0 Dalgety and Co 8 2 0 — Goldsbrough, Mort ... — 1 6 3 Guarantee Corp. ord. 0 5 11 0 6 3 Loan and Mercantile 42 0 0 55 0 0 Well. Trust and Loan 4 15 0 ‘ GASAuckland — 1 2 3 Ditto, contrib 0 15 0 — Wellington, ord 1 10 7 — Ditto, pref 0 17 0 — INSURANCENational 0 14 9 0 15 0 New Zealand 2 2 9 — South British 2 16 9 — MEAT PRESERVING— Gear 1 13 0 — Meat Export, Well. ... 0 14 6 — TRANSPORT— Huddart, Parker, ord. *19 0 — Union Steam, prof. ... 10 4 — P. and 0. Stock 10 0 — WOOLLEN— Wellington, ord 5 0 0 — Ditto, pref 5 2 0 — TIMBER— Bartholomew 0 6 11 — Kauri 0 10 10 — Leyland-O’Brien — 1 1 0 National — 0 6 0 Taringanmtu — 0 4 9 BREWERIES— New Zealand 19 6 1 10 0 Staples 1 6 0 — Toohey’s 0 18 6 0 19 9 MISCELLANEOUS— British Tobacco, ord. *1 10 6 1 11 0 Burns, Philp — 2 4 0 Colonial Sugar — 45 12 6 Dunlop Rubber — 0 15 0 Electro. Zinc, pref. ... 15 6 1 6 5’ Henry Jones 1 10 6 — Howard Smith, ord. 0 9 0 — Now Zealand Drug ... *2 18 6 — Farmers’ Fertiliser ... 0 14 6 — N.Z. Paper Mills 1 1 0 — Wilson’s Cement 1 13 6 1 14 6 Woolworths 16 0 — OIL— Taranaki 0 1 10 — MINING— Alexander 0 17 0 — Blackwatpr Consol. Goldfields 0 16 6 — 0 7 6 — King Solomon 0 1 8 0 2 3 Mount Lyell 12 0 1 2 6 Waihi 0 16 9 — Big River, Is 0 0 9 *Curn. dividend. 0 1 0

par : — New York, clol. to £1 Sept. 8. 3.43g Par. 4.866 Montreal, clol. to £1 . 3.843 4.866 Paris, francs to £1 . 89 1-16 124.21 Brussels, be!, to £1 . 25.175 35. CO Geneva, francs to £1 . 13.09 25.225 Amsterdam, florins to £1 8.69 12.107 Milan, lire lo £1 .... 63 9-2.46 Berlin, marks to £1 . 14.70 20.43 Stockholm, knr. to £l 19.50 18.159 Copenhagen, knr. to £1 19.30 18.159 Oslo, knr. to £l 19.95 18.159 Vienna* schgs. to £1 . *30 34.585 lb-ague, knr. to £l . 118 164.25 Hel’fors, marks to £1 232.50 193.25 Madrid, lies, to £1 . 43.375 25.225 Lisbon, esc. to £l .... 110 110 Athens, drach. to £1 . 562.50 375 Belgrade, din. to £1 . 230 276.31 Bucharest, lei to £1 . 590 813.60 Warsaw, zloty to £1 . 31 45.38 Rio de J., p. to mil. . *5 3-16 16.70 B. Aires, p. to peso . * 47.62 M. Video, p. to peso *30 51 Calcutta, p. to rup. . 18 9-64 18 Shanghai, p. to tael . 213 — II.-Kong, p. to dol, . 16j — Y’liama, p. to yen . 16.125 24.485 Batavia, gl. to £1 . 8.75 12.107

•Nominal.