FARMING AND COMMERCIAL

Manawatu Standard, Volume LII, Issue 260, 3 October 1932, Page 5

FARMING AND COMMERCIAL

dairy produce markets. BUTTER STEADyT CHEESE FIRM. Tho London butter market was quiet last week, but it closed steady on Friday, New Zealand salted being quoted at 109 s to 115 s, a rise of Is a cwt on the week, somo choicest touching 116 s. At theso prices, New Zealand butter is at a premium of 5s to 6s a cwt on Australian. The cheese market closed firm, with a better inquiry for New Zealand white at 64s to 665, and coloured 59s to 61s, and rise of Is a cwt on the week. Tho Dairy Board’s London office reports Friday’s closing prices as follow, those for the previous week being shown in parentheses:— BUTTER. Now Zealand, salted, 109 s, 115 s to 116 s (108 s to 114 s; Sept, 30, 1931, 119 s to 1235); unsaltcd, 112 s to 116 s (110 s to 114 s; Sept. 30, 1931, 120 sto 1235). 109 sto 115 s equals approximately f.o.b. Deliveries, New Zealand, 1200 tons; in storo, 3568 tons. Australian, salted, 104 s, 106 s to 107 s (104 s to 107 s); unsalted, 104 s to. 108 s (104 sto 108 s). Deliveries, Australian, 1038 tons; in store, 1125 tons. Market steady; Now Zealand retail price, Is 2d a lb. Argentine, unsaltcd, 88s to 94s (88s to 90s); South Africa, 98s to 102 s (100 sto 102 s). Danish, 101 s f.0.b., 118 sto 120 s spot (105 s; 121 s to 1245). Esthonian, 94s to 96s (98s to 100 s). Latvian, 94s to 96s (96s to 98s). Siberian, 88s to 90s (90s). Lithuanian, 94s to 96s (96s to 98s). - Market quiet. Danish retail prico, Is 3d a lb. The board has also received tho following advico from its agents in Canada: — Butter: New York, 204 cents; Montreal, 20£ cents a lb. CHEESE. Now Zealand, white, 645, 65s to 66s (6RI f.0.b., (63s to 645; Sept. 30, 1931. 70s to 71s); colom’ed, 59s to 61s (5Jd f.0.b.), (59s to 60s; Sept. 30, 1931, 70s to 725). Deliveries, New Zoaland, 13,352 crates; in store, 45,221 crates. Canadian, white, 66s to 68s (66s to 68s) ; coloured, 67s to 68s (65s to 675); c.i.f., 67s (675). Deliveries Canadian, 14,000 boxes; in store, 169,877 boxes. English finest farmers’, 96s to 100 s (96s to 100 s). AGENTS REPORTS. Mr Thomas Gray (Wellington) has received the following report, dated September 30, from London: —Cheese: Deliveries,

Now Zealand and Australian, 13,621 crates; Canadian, 14,179 boxes; stock New Zealand and Australian, 45,683 crates; Canadian, 170,039 boxes; price, white 655, coloured 61s. The demand is good and tho market very firm. Butter: First grade, 109 s; finest, 115 s. The demand is slow and the market weak. Tho New Zealand Producers’ Co-opera-, tivc Marketing Association’s weekly cabled market report from London, dated September 30, is as follows:—Butter: Market has closed steady after a quiet week. /'New Zealand, 108 s to 115 s; unsaltcd, 112 s to 116 s; Danish, 118 s to 120 s; Siberian, 88s to 905.. Cheese: Market is firm with more inquiry for Now Zealand. White, 65s to 665; coloured, 60s to 61s; .Canadian, white and coloured. 66s to 68s. J. and J. Lonsdale and Co., London, report as follows:—Butter: Market easier, except Now Zealand. New Zealand, 115 s; Australian, 106 s. Cheese: Market firm; white, 645; coloured, 60s. FRANCE ABOLISHES IMPORTS QUOTA. PARIS, Oct. 1. In connection with the increased duty on butter France has abolished the imports quota.

NEW ZEALAND BUTTER.

SHIPMENT TO CANADA.

MONTREAL, Oqt. 1. The produce market is greatly exercised by reports that 8000 boxes of New Zealand butter are at present en route for Vancouver. A special meeting of all butter and cheese interests was hold to-day, as prices have declined to below 21 cents. TWO THOUSAND PIGS. GUARANTEE TO ASSOCIATION. Well over 2000 pigs havo already been guaranteed for supply to tho New Zealand Pig Marketing Association from the Manawatu district in a little under a week, and good support is being received at every centre, although tho work of organising supply is by no means complete. At a meeting at Kairanga Mr A. R. Buchanan presided and 300 pigs were guaranteed. There was a remarkably good mooting at Levin, where Mr S. A. Broadbelt presided, and supply of 500 pigs was guaranteed. Another 300 pigs will be coming forward from To Arakura, where Mr P. Hanson presided at a meeting on Saturday evening.

RAIL CHARGES ON MEAT. RANGITIKEI FARMERS’ DEPUTATION. MART ON, Oct. 1. A deputation representative of the farming community of tho district waited upon Mr E. Newman this aftornoon, in his official capacity as member of the Railway Board, in an endeavour to bring to the board’s notice tho serious fall in the prices obtained by tho sheep-farmor and the lack of corresponding reduction in freight on live stock. Mr T. A. Duncan, of tho Meat Producers’ Board, was present by invitation, and Mr E. Gordon presided. Numerous speakers pointed out to Air Newman the difficulties at present being experienced by the sheep-farmer, and tho fact that railway freights almost made stock transport by train prohibitive. They asked that they be accorded somo relief, as had been accorded the dairy farmer, for instance.

In his reply, Mr Newman said that he was sympathetic with what hod been said, but that tho board’s position was tho first consideration of its members. Ho would, however, undertake to place tho deputation’s views before the board.

LONDON WOOL SALES. ANIMATED MARKET. Wright, Stephenson and Co., Ltd., and Abraham and Williams, Ltd., have received the following report from their London agents, dated September 30: London wood sales continued with an offering of good selection of wool. There was an average attendance of buyers of which the Continental operators were most active on an animated market. We quote the following averagie prices : Greasy Merino, 60/64’s. yielding 48 per cent., 10id; greasy fine lialfbred, 56/58’s, yielding 65 per cent., lid; greasy halfbred, 50/56’s, yielding 67 per cent., lOd. The Bank of New South Wales has received the following cable message from its London office, dated September 30: Wood market steady, with good general competition.

Mr H. J. Lancaster (Glen Oroua) has agreed to adjudicate at the final judging, which takes place on December 9, of calves entered in the competition under the auspices of the Ilorowhenua Boys’ and Girls’ Agricultural Club.

FROZEN MEAT. LONDON, Oot. 1. Australian sheep: First quality crossbreds, and/or Merino wethers, 40-65, 2gd. Argentine sheep: First quality crossbred wothers, 48-64, 3d; 65-72, 2jjd. Patagonian lambs: First quality, 361 b and under, 4d; second quality, average 301 b, 3gd. Australian pigs, 60-llOlb, average 901 b, sjd.

MARKET OVERLOADED. ALL DESCRIPTIONS OF MEAT. Lamb market quiet, with lower prices for second quality-. Prime lambs, 2’s, remain steady, but market is overloaded with Home-killed lamb —beet quality selling from 6d to 7d. Scotch hill lambs from 5d to sjd at Smithfield to-day. Mutton market: — Wethers and/or ewes quiet, with prices unchanged. Beef market: Depressed owing to heavy supplies of Argentine chilled beef. New Zoaland porker pigs: Demand increasing, with improved prices for lightweight. New Zealand baconer pigs: Nominal. The market is overloaded with meat of all’ descriptions. This report was received on Saturday by the Meat Board from its London office, which advises that the following are the approximate average prices realised for the weok ended September 30, based on actual transactions of wholesale quantities of the descriptions of meat mentioned and are for representative parcels of the goods offering during tho week, being for business done on tho.basis of delivered to Smithfield Markot and/or ex London stores (prices for the two previous weeks are also shown) :

New Zealand sheep.—Canterbury and North Island selected crossbred wethers and maiden ewes, 48-56, 3Jd (same); 57-64, 3id (same); 65-72, 3id (3gd, 3id); North Island crossbrod wethers and m. ewes, 4856, 3Jd (same); 57-64, 34d (same); 65-72, 3|d (3jjd, 3id); ewes, 48-nnder, 24(1 (same); 4864, 2Jd (same); 65-72, (same). Now Zealand lambs.—Canterbury, 36-un-der, sid (same); 37-42, 5d (s|d, £>4d); 4350, 4jd (4|jd, 4jjd); 2nd quality, average 31, 4jd (4|d, 4gd); other South Island brands, 36-under, (same); 37-42, 4|tl (sd, sd) ; 43-50, 44d (4j)d, 4^d); selected North Island brands, 36-under, 5Jd (s§d, sid); 37-42, 5d 4|d) ; 2nd quality’, average, 31, 4|d (44d, 43d); other N.I. brands, Ist quality, 36under, 4|d (same); 37-42, 4Jd (same); 2nd quality, average 31, 4|d (4|d, 4gd). Australian lambs (new season’s). —Victorian, l6t quality, 36-under, 4§d (4Jd, —); 37-42, 4jd (4id, —). Argentine lamb.—First quality (new season’s), 36-under, 5d (4j|d, —); 37-42, 4j|d (4id, -).

New Zealand beef. —Ox fores, 2d (2d, ox hinds, 3jd (34d, 3§d); cow fores and hinds, not quoted. Argentine chilled beef. —Ox fores, 2jjd (same); ox hinds, sgd (53d, 6£d). Australian frozen beef.—Ox crops, over 100, 2fd (same); ox hinds, over 160, 3-j[d (3id, 3sd). r New Zealand primo porker pigs.—60-100, 54d (s|d, sid); 101-120, sid (s£d, sd). New Zealand baconer pigs, 121-180, 5d (same). Tho market is quiet and shows a weakening tendency, particularly for second quality lambs, says a report dated September 30, received by Levin and Co., Ltd., from their London agents. Compared with previous week’s quotations, best North Island crossbred lambs, 36-421 b, id per lb lower; North Island second quality lambs, id per lb. lower; best North Island wethers, 48-561 b, id per lb lower; North Island ewes, 48-561 b, id per lb lower; North Island ewes, 48-561 b and 64-721 b, i per lb lower; others unchanged. New Zealand primo ox beef, |d per lb lower. Smithfield “delivered” prices are quoted as follow: North Island Down lambs, none offering; best North Island crossbred lambs, 28-361 b, 5Jd per lb; 36-42. sd; North Island 2nd quality lambs, average, 30-31, 4§d; best North Island wether sheep, under 48, 4d; 48-56, 3§d; 56-64, 34 [1; 64-72, 3id; North Island ewes, under 48. 24d; 48-56, 2jd; 56-64, 2id; 64-72, 2d; New Zealand prime ox beef, 160-220, 2jd. The Bank of New Zealand’s produce department has received tho following advice from its London office as at close of business last week: There is only a poor demand for wether mutton. The market for ewes is quiet and unchanged. The market for lambs is easier owing to competition from other sources, and is also affected byheavy supplies of Home-killed meat. The market for beef is depressed owing to absence of demand. Wothers, light, 3jd to 33d per lb; heavy, 23d to 34d; ewes, 2d to 2|d; lambs, 2’s, 4£d to sid; B’s, 43d to sd; 4’s. 4d to 4|rl; seconds, 4id to 43d. Beef: Ox hinds, 3d to 3§d; fores, l|d to lgd; cow hinds, 2Jd to 2Jd; fores, ljd to lid.

FARMING NEWS.

RURAL RAKINGS.

As a result of a splendid mild spring weather there has been an exceptional growth of grass throughout tho Rotorua district. Supplies to the Ngongotaha dairyfactory are already 20 per cent, ahead ofrtho tally for last season. It is reported that lambing average in the Dannevirko district are phenomenal this season, and that percentages as high as 130 per cent, are not uncommon. It is also, reported that one Mangatoro farmer secured 1000 lambs from 500 ewes. Analysing the activities of the Kauri Gum Control Board, established in 1927, the report of the National Expenditure Commission states: “The board pureliases only about 15 per cent, of the gum exported, and this proportion should easily be absorbed by ordinary traders. Continued demands are being made by the board for further Government assistance,' but we hold the view that this is not justified. The industry has for many years been regarded as a decadent one. We are of opinion that the board should be abolished, leaving the trade to revert to the usual channels.” At a special meeting of the general committee of tho Wairarapa P. and A. Society, on Saturday, a motion was carried rescinding a previous resolution resigning from the Royal Agricultural Society. The provious decision to resign was adopted as an economy measure, and it was claimed by opponents to the decision that tho step was not in the best interests of tho society, and it had not been given the consideration it deserved. Hence the special moeting to reconsider tho matter. A sub-committee, consisting of Messrs W. H. Robieson, S. Cundy, W. Howard Booth, and C. L. Reynolds were appointed to confer with delegates from the Pahiatua and Masterton Associations in reference to the export lamb competition, with tho idea of making a Wairarapa district' exhibit. It is contended by tho National Expenditure Commission that the cost of placing settlers on tho land appears to be unduly high, and that it is questionable whether a closer settlement policy should ho proceeded with at such a high individual cost. For a period of approximately two years past the average cost per subdivision has been £2BIO. This means that under tho present policy tho State must find capital to the extent of £2BIO for each settler placed on the land; and, indeed, in many cases the cost has been over £4OOO per settler. These high average figures are accounted for by the fact that the properties purchased include grazing and mixed farming propositions, were subdivision into more or less large farms is essential. “It seems clear,” adds the report, “that tho State cannot afford to provide capital to the extent of almost £3OOO in order to place one additional man on the land.”

COMMONWEALTH TREASURY BILLS. LONDON, Oct. 1. It is understood that satisfactory arrangements have been made for the renewal of £4,250,000 of Commonwealth Treasury bills ■with the Westminster Bank at a lower rate of interest.

OVERSEAS WHEAT MARKETS. LONDON, Sept. 30. Wheat cargoes to-day wero influenced bylower North American closing rates. Sellers reduced their prices 3d, but buyei-3 were not-attracted. Parcels wero in poor demand at a similar decline. Australian parcels, ex Banffshire, sold at 28s 6d a quarter; ex Hurunui and Nardana and ex an unnamed ship, Octobcr-Novcmber shipments, at 28s 3d. Futures: —London : September, 24s lOd per quarter; December, 23s lOd; February, 23s Bd. Liverpool: October, 5s 5d per cental; December, 5s 51,(1; March, 5s s|d. MONTREAL, Sopt. 30. Chicago wheat: September, 514 cents: December, 53g cents; May, 584 cents; New York, cash, 611 cents a bushel.

WELLINGTON STOCK EXCHANGE.

LAST WEEK’S BUSINESS AND PRICES.

A shorter week, duo to a holiday last Monday, savv no diminution in tho volumo of business on tho Dominion stock exchanges, tho turnover being well up to tho averago of recent weeks. Market activity’ increased toward the end of the week, and, with few exceptions, values wore steady to firm. Duo, possibly, to tho comparatively high level of prices ruling for shares, investors showed renewed interest in the gilt-edged section of tho market. Thero was an improved demand for Government loans, which sold steadily at firm rates. Tho 44 per cents., 1938 and 1939, wero firm sellers at £95 up to £95 ss. Tho 54 per cents., 1936, had dealings at £9B 15s up to £99 7s 6d; tho 54 per cents., September and February, 1937, wore dono mostly at £99 2s 6d to £99 ss, and tho 54 per ,cents., 1933 at tho samo rates. Tho 54 per cents., 1937, wero fairly activo sellers at £96 to £96 ss. There wero a few dealings in local body debentures at Auckland. Interest in bank shares was fairly well sustained, with littlo alteration in values. New Zealand.? had an casing tendency on sales at 47s 9d down to 46s

9d. Commercial of Australia wore quiet, thero being a few sales of ordinaries at 14s lOd and 14s 9d and two dealings in the preferences at £7 7s 6d and £7 ss. National of New Zealand were firm on sales at 80s 6d and 80s. Australasias sold at £lO, cum. _ dividend, and £9 18s, ex dividend. Union of Australia advanced from £7 15s up to £7 18s 6d, but fell to the former price at Christchurch on Friday. E.S. and A. Bank were firm at £4 14s 9d up to £4 15s 3d, Now South Wales were done at £2B, Commercial of Sydney at £ls 7s, and National of Australasia, £5 paid, at £6 16s 6d. Dalgetys wero fairly steady at £8 10s 6d, to £8 12s 6d and £8 Us 6d, but Goldsbrough, Moris wero out of favour with four sales at 25s 5d down to 24s sd. South British Insurance cased from 58s to 57s 3d, but N.Z. Insurance were steady at 43s and 42s 9d. Nationals wero done at 15s. Gear Meat again sold at 355, and Canterbury Frozen Meat, preference, had a sale at 85s. N.Z. Refrigerating were weak sellers, and £1 paid at 10s lOd to 10s 9d and the 10s paid at 3s 9d to 5s Bd. Breweries wero inactive, New Zealands having a few deals at 29s 9d down to 28s 4d and 28s 6d. Staples wero firm at 265, 26s 7d, and 26s 3d. Kauri . Timbers sold at 14s 3d and 14s. West-

port Coals at 12s 6d, and Pukomiro Collieries at 26s 2d and 265. British Tobacco wero very firm, being done at 30s 3d to ®d, anf l U P to 30s 9d, ex dividend. Wilsons Cement sold steadily at 33s 6d N.Z. Paper Mills wero firm at 20 s 3d to 21s 3d. The firmness of Colonial Sugars checked buyers, thero being only two transactions at £4B 3s 9d and £4B 10s. The irregularity in the metals market was reflected in the prices of Electrolytic Zincs and Mount Lyells. Zinc ordinaries wero done at 16s 7d down to 16s 3d, but the preference wore firm at 26s 6cl lato in tho week. Mount Lyells eased from 21s 6d to 21s 3d and steadied at tho latter rate. SATURDAY’S QUOTATIONS.

Buying and selling quotations at- Saturday s morning call on the Wellington Stock Exchange wore as follow:

SATURDAY’S SALES. Tho following sales wero recorded on the stock exchanges of the Dominion on Saturday : Wellington.—Sales reported : National Bank of Australasia, £5 paid, £5 16s 6d; N.Z. Insurance, £2 2s 9d*; South British Insurance, £2 17s 3d*. *Lato salo Friday. Auckland. —Bank of New Zealand, £2 6s 9d, £2 7s, £2 6s lid; National Insurance, 15s; Wright, Stephenson, pref., 15s; King Solomon, Is 10(1. Christchurch.—Sales on ’Change: Inscr. Stock, 44 p.c., 1939, £95 ss; Bank of New Zealand, £2 7s; Blackwater Mines, 18s; Golden Point, 7d. Sales reported: Bank of Australasia, ex div., £9 18s; N.Z. Refrigerating, 10s paid, 3s Bd. Dunedin. —Sale on ’Change: Kildare, Is 6d. Sales reported: Golden Point, 6d: Bank of Australasia, cum div., £lo*. *Late sale Friday.

Artificial spong© culture has been adopted in the Bahamas, with encouraging results.

N T .Z. GOVT. LOANS— Buvers. £ s. 'd. £ s. d. p.c. Bonds. Fob., 1937 99 0 0 3 2 p.c. ditto, Sop, 1937 99 2 6 99 7 6 oi p.c. Stock, 1936 ... 99 0 0 5i p.c. ditto, Sep, 1937 99 2- 6 99 7 DEBENTURES— Auckland City 97 0 0 Wellington Oitv 98 0 0 Well, iiarb. Board 99 10 0 Well. Gas Co., ex. int. — +101 0 n BANKS— Australasia +9 16 0 Comm, of Aust., ord 0 14 7 0 15 0 E.S. and A 4 14 0 4 17 0 National of N.Z 4 1 Nat. of Australasia, £5 5 15 0 5 19 0 Now South Wales 27 15 0 28 5 0 New Zealand 2 7 0 2 7 2 Ditto, long term .... 19 3 FINANCIAL— Dalgety 8 12 6 Equitable Building- .... — 5 0 0 Goldsbrough, Mort .. 13 8 N.Z. Guar. Corp., ore 0 5 3 0 5 10 N.Z. Invest,, Mort. ... 0 7 9 Well. Trust, Loan 4 16 0 Well. Dep. and Mort. 0 7 10 Wright, Stephenson, pref — 0 16 6 GAS— Auckland, contr 0 15 0 Wellington, ord Ditto, pref 1 10 6 0 17 3 — INSURANCE— National : 0 14 5 0 15 0 New Zealand 2 2 3 South British — 2 17 6 MEAT PRESERVING— Gear 1 14 6 1 15 6 N.Z. Refrigcrat., £1 0 10 9 0 11 2 Ditto, 10s 0 3 7 — Well. Meat Ex port .. 0 16 9 — TRANSPORT— Huddart. Parker, ord — 1 10 0 Union Steam, pref. ... 1 0 4 WOOLLEN— Wellington, ord 5 3 0 — Ditto, pref 5 3 0 TIMBER— Leylanc'-O'Bricn 0 19 0 1 1 0 National — 0 7 0 Taringamutu — 0 .5 0 BREWERIES— N.Z. Breweries 18 2 1 8 5 Staples ; 16 0 ■ MISCELLANEOUS— British Tobacco, ord. +1 10 6 1 11 0 Burns, Philp — 2 4 6 Colonial Sugar 48 0 0 49 2 6 Dunlop Perdriau fO 14 0 0 14 8 Electro. Zinc, ord. ... 0 16 0 — Ditto, pref. *16 0 1 6 7 Henry Jones Co-op. . 1 10 0 1 11 0 N.Z. Drug Co Wilson’s Cement 2 18 6 3 0 0 I 13 0 1 13 9. OIL— Taranaki 0 2 7 0 3 0 MINING— King Solomon 0 19 0 2 0 Mount Lyell — 1 1 b Okarito 0 8 6 — Big River, Is paid .... 0 10 — Ditto, lOd paid 0 0 10 — *Cum. dividend. +Ex dividend.