FARMING AND COMMERCIAL

Manawatu Standard, Volume LIII, Issue 16, 16 December 1932, Page 5

FARMING AND COMMERCIAL

FROZEN MEAT.

PRICES UNCHANGED. M. A. Eliott, Ltd., havo received cable advice from Gordon, Woodroffe and Co., Ltd., London, of the following' Smithfieid prices for the week ending December 15, 1932 (these prioos are on the “delivered” basis, that is, including storage charges, cartage, etc.) : —Best North Island prime lambs under 361bs, 36/42, 42/50, ordinary North Island lambs under 42, second quality under 42, not quoted; best North Island wethers and/or maiden ewes 48/56, 56/64, 4id, 64/72, ovor/72, 4}d; ordinary North Island wethers and/or maiden ewes, 48/56, 56/64 4 3-Bd, 64/72 and over 72, 4^d; North Island owes, under 64 3 3-Bd, 64/72 and over 72, 2 7-Bd. Prices are nominally unchanged.

DAIRY PRODUCE

LONDON MARKET VALUES. The Now Zealand Loan and Mercantile Agency Coy., Ltd., have roceived tho following advice from tlioir London houso, dated December 14: Dairy produce (last week’s quotations in parentheses): —Butter: New Zealand choicest salted, 82s per cwt. (83s to 84s). Market quiot. Cheese: White, 52s to 54s por cwt. (50s to 61s); coloured, 54s to 55s per cwt. (59s to 6Q3). Market slow. ,

DIFFICULT TO TELL FUTUEE.

GERMANY’S QUOTA SYSTEM. It is very difficult to foretell the future of the butter market, said the Anglo-Con-tinental Produce Co., Ltd., writing from Tooley Street on November 2. Prance has abolishod the quota system, but has raised tho duties very much. Por instance, if Danish butter costs 100 s boforo paying all the duties, tho prico would be 206 s delivered French port; and if Australian and New Zealand wore 100 s, tho prico would be 312 s French port; but, notwithstanding these big duties, there is no doubt that Franco will require a big quantity of butter from Denmark, Holland, Esthonia, Latvia, and Lithuania, also Argentina, during December-January-February. Germany has now given out her quotas for twelve months, starting November 15, tho quantities allotted to each country being as follow: Denmark, 15,000 tone; Esthonia, 3370 tons; Finland, 5000 tons; Latvia, 5850 tons; Lithuania, 2145 tons; Netherlands 11,720 tons; Austria, 485 tons; Poland, 3764 tons; Russia, 2602 tons; Sweden, 4433 tons; Czocho-Slovakia, 100 tons; Hungary, 275 tons; Argentina, 80 tons; Australia, 600 tons; Now Zealand, 240 tons. The total for tho year is 55,000 tons. The duty is the samo for all countries shipping into Gormany, i. 0., 75 Reichsmarks per 100 kilo. On tho gold parity it means 37s 6d por cwt., but for countries with depreciated currency it will bo higher.

LONDON WOOL PRICES.

CLOSING RATES COMPARED. Closing rates at tho London series of ■wool sales ended on Tuesday, according to a cable message received in Wellington, oompare as follow with those of tho Nov-ember-December series : Nov.- Sept.Dea Oct. series, series.

SYDNEY WOOL SALES. MARKET CLOSES FIRM. SYDNEY, Dec. 15. At the wool sales to-day, 10.732 bales were offered, of which 10,127 were sold at auction, 1327 being disposed of pnvate?At the final auctions to-day the market closed firm with prices at the best point of tho series. Competition was strong from Japan, the Continent, and Yorkshire while America bid well for suitablo lines. Greasy Morino made 13id.

LONDON TALLOW SALES.

LONDON, Dec. 14. At the tallow sales 818 casks were offered and 247 were sold, the market showing a decline of 6d per cwt. Quotations: Mutton, fine 26s 9d, medium 22s 6d; beef, fine 27s 6d, medium 22s fid. The Bank of Now Zealand’s produce department has received the following advice from its London office under date December 14. —Tallow: Phero is a fair demand. Current quotations: —Good mutton 26s 6d per cwt; good beef, 23s 6d to 24s fid; good mixed, 23s 6d; gut, 19s to 21s. FRUIT AND VEGETABLES. WELLINGTON MARKET PRICES. WELLINGTON, Dec. 16. Prices realised for fruit, vegetables and other produce at yesterday’s sales were o, follow : Apples.—Sturmers, 9s to 11s; Delicious. 7s to 9s 6d and 5s to fie. Pears: Josephines. 4s to 4s 6d; Winter Coles, 8s to 9s. Local lemons: 8s to Us. All per bushel case. Peaches: Mayflowers, 5s to 6s 6d; Sneeds, 4s 6d to ss. Plums: Wright’s Early, 2s tr 3s; Cherry, 2s 3d to 2s. 6d. New apples: 33 3d to 3s 6d. Red currants: 7s 3d to 7s 9d. Gooseberries: 3s 3d to 3s 6d. All per half caso. Potatoes. —Local, 4s 6d to 5s 6d a bag Canadian onions, 10s per crate; French beans, 3id; butter beans, 3d to 4d per lb: Nelson hothouse tomatoes, 5d to 7d per lb. New-laid eggs, Is sd; storekeepers’ and second grade lines. Is 4d per dozen. Separator butter, 6id per lb. Californian oranges, 40s per case. Blenhoim chaff. £6 15s per ton: N.Z fowl wheat, 5s 3d per bushel, sacks in.

CATTLE BREEDS.

ABOUT A HUNDRED IN EUROPE. BRITAIN’S CONTRIBUTION. Ask any cattle breeder to toll yon off hand how many breeds of cattle are in existence, and ho will most probably answer, “Oh, about two dozen,’’ says a correspondent of the Live Stock Journal. Actually, howevor, there are about a hundred breeds in Europe, and of these twenty-one are indigenous to the British Isles. The British breeds are: Aberdeen-Angus, Ayrshire, Blue Albion, British Friesian, Devon Dexter, Galloway, Guernsey, Hereford Highland, Jersey, Kerry, Lincoln Red Longhorn, Moiled, Red Poll, Shorthorn.Dairy Shorthorn, Sussex, Welsh Black arid White Park. Of the foreign breeds, Germany account - for ten: the Allgau, Angeln. Bavarian Spotted, Black-Whito, Jcvcrland Friesian. Luneburg Friesian, Mosskirck, Oldenburg Wesor Marsh and Red-White Holstein. Austria and France have nine breeds each. The breeds native to the former conn try are: Berscheken; Murbodner, Montafon. Ober-Inntal, Pinzgau, Silltal, Simmental Waldviertter, and Zilliertal; while I.a Belli Franco possesses Black-White Brittany. Brown Alpine, Charollaiso, Flandre, Limousine, Maine-Anjou, Mont-beliarde, Normandy and Salers. Besides its famous Race Blue, Belgium can boast of the Red-White and Red Oost Flandern aftd the Campinoiso breeds. Italy’s cattle are of the Chianine, Me remma, Piedmontese, Romagnolo and Sicilian breeds, while the races encountered in Roumania arc Boucsan, Bessarabian, lallomitza, Moldavian. Mountain and Transylvanian. Czecho-Slovakia’s three breedare known as Kravarsky, Schonhengst and Steppe, while Denmark concentrates on the Red Landrace and Black-White Jutland. Esthonia and Finland, where the matches come from, also produce the Angle, As-, thonian, East, West and North Finnish breeds. Spain has different typos of cattlo in practically ovorv district, hut the Asturian, Galician, Leoneso. Pyrene and Tndanca strains are recognised breeds. Norway boasts the Dole. Red Trondlijem, Roroa, Telemark and Westland breeds Poland owns only two, the Lowland and Red Polish. Holland .also has two breeds, the Dutch and Friesian. Cyprus, Hungary and the Canary Islands each possess a brood. Whilo some overlapping may occur in this list, and although several of the breeds included may have _ sprung from a common source, there is now sufficient difference between them to warrant each being mentioned, and, indeed, many leeser breeds might have been added.

WELLINGTON STOCK EXCHANGE

YESTERDAY’S BUSINESS AND PRICES.

Little or no change was apparent yesterday in the tono of the Wellington stock and share market, in which strong selling pressure was tho predominant note. The low lovol of values reached during the Last two weeks by most Government securities has induced rather more buying interest, and since Monday there has been a slight firming tendency. Yesterday the 5i per cents., February and September, 1947, were in demand at £9B, an advance of 5s on Wednesday’s rates; but holders kept out. The 4£ per cents, wore steadier at £92 15s to £93, sellers asking £93 10s. The only bids in the debentures section were £92 for Eastbourne Borough 6i per cents., 1952, and £99 5s for Wellington Gas 6£ per cents. Palmerston North 6 per cents., 1945, wore reported sold at £99 and more were on offer at 5s higher. Banks remained dull with a weak tone. Commercial of Australia eased a point to lis 3d. National of New Zealand were on offor at 67s 6d cum dividend, against sales on Wednesday at 65a. New Zealands were 3d up at 40s 6d, sellers easing to 41s. There wore weak sellers of Union of Australia at £7, a drop of 4s. Finance company shares were not in demand, but sellers’ prices were mostly steady. Wellington Deposit and Mortgage were available at 7s, a drop of 9d. Goldsbrough, Morts eased a point to 20s sd, but sellers did not declare. The only feature of any note in other sections of the market was the firmness of Union Steam, preference, doubtless due to tho near approach of tho announcement of tho dividend which, it is reported, will be unchanged. Two more sales at 20s 9d made late on Wednesday were reported yesterday. YESTERDAY’S QUOTATIONS. Buying and selling quotations at yesterday’s ' final call on tho Wellington Stock Exchango wore as follow: — Buyers. Sellers. N.Z. GOVT LOANS- £a. d. £ s. d.

*Cum. dividend. fEx dividend.

NEW ZEALAND REFRIGERATING COY. GENERAL MEETING OF SHAREHOLDERS. Per Prow Association. CHRISTCHURCH, Doc. 15. An extraordinary general meeting of harcholders of the New Zealand Refrigerating Company was; held to-day. The vicechairman, Sir Francis Boys, presided over i very largo attendance: The meeting was •Insod to the Press, and an official statenent of proceedings was delayed until tomorrow. The meeting was held to consider the report of the shareholders’ committee and lie directors* comments thereon, and to ■»ivo efTcct to the decision of the last meeting that the directorate be increased from *ive members to seven. The two directors elected were Mr H. H. E. Flint, who re- ! irod last year from the managership of the New Zealand interests of Thomas Borthwick and Sons, Ltd., and Mr J. R. Cunningham. legal practitioner in Christchurch. Mr B. E. H. Trip]) tendered his resignation from the directorate. It was decided that the vacancy thus created should be left open until the next annual meeting. A legal opinion, obtained by the shareholders’ committee, covering certain mattern raised by the report of the shareholders’ committee, was read to the meeting. The report was a long one, occupying a considerable time in reading. The meeting began at 2 p.m., and adjourned at 6 n.m. until February 1. In the meantime, the directors, shareholders’ committee and counsel will confer on the investigating committee’s report and legal opinions i hereon, and will report to the meeting on February T.

THE AUSTRALIAN LOAN.

NOT A SUCCESS. The Australian loan cannot bo called a ■successful flotation (says the Sydney Morning Herald). When the final returns come in it looks us though the. general public will have subscribed £3,000,000 out o[ the £8,000,M0 offered, and the banks will take £5,000,000, of which £2,100,000 represents subscriptions, and £2,500,000 an amount taken up in terms of their underwriting ol the whole amount. Subscriptions by the public, excluding the banks, are only about 37i per cent. The want of success is clue to a number of causes. First and foremest thero was no driving force in the campaign for the loan. Next thero is no doubt that the rate of interest offered is too low*. Uhc market-

when the loan was put forth had just worked down to a four per cent. basis, and there were indications that this had been achieved by Government support of the issues already in existence. To offer a quarter per cent, less than the market after a painful struggle had got down to was, to say tho least, a hazardous venture. The brokers worn allowed only a brokerage of 5s per cent, on applications received through their offices. Formerly the rnte lias been 10s per cent., tho rate that they receive for sales maclo on the Stock Exchange. Xevcrfhelcea the brokers adopted their usual practice of circularising their customers in support of the loan. There was, however, no heart- in their efforts. Lastly, the Government had made tho investing public suspicious. It announced that the Treasurer reserved the right to accept anv subscriptions tendered in excess of £8,000,000. The loan really then was not a loan for £8,000,000, but a loan for an unlimited amount with a minimum of £8.000.000. It is not tho first time that a Commonwealth prospectus has contained this clause, but the hardened investor always regards unlimited loans as giving too much to governments. What chance won d a company which announced that it would take subscriptions for an unlimited number of shares havo of finding subscribers of repute In London experience has shown that It is "best to keep to tho stated amount and in case of oversubscription to allot to subscribers pro rata. ~ , Altogether the Government should be thankful that it did not venture on a £20,000,000 issue.

d. d. N.Z. Merino, 60/64’s yielding 48 p.c 9 $2 Halfbred, 56’s yielding 60 p.c. 10J 103 Sup. fine xb., 50’s, yielding 65 p.c 73 83 Fine xb., 48/50’s mixed prep. and card., yielding 70 p.c. Fine xb., 46/48’a mixed prep. and card., yielding 72 p.c. 53 Med., xb., 44/4o’s prep., yielding 74 p.c ••• 5i Med. xb.. 44/46’s card, yielding 72 p.c 5 Coarse xb., 40/44’s yiolding 8 6i 6 6 54 75 p.c ••• 4* Low xb., 36/40’s, yielding 75 5

41 p.c. Bonds, 1938 ... 93 0 0 93 10 0 51 p.c. ditto, Feb, 1937 98 ■0 0 — 51 p.c. ditto, Sep, 1937 98 0 0 — 51 p.c. ditto 1937 95 0 0 — 41 p.c. Stock, 1939 ... 92 15 0 93 10 0 4j p.c. ditto, 1938 92 17 6 93 10 0 5* p.c. ditto, Feb, 1937 98 0 0 — p.c. ditto, Sep, 1937 98 0 0 — 51 p.c. ditto, 1933 — 99 10 0 5t p.c. ditto, 1937 95 7 6 96 0 0 DEBENTURES— Well. Harb. Bd„ 51 p.c., 1940 — 100 0 0 Palmerston N., 6 p.c., 1945 — 99 5 0 Makorua Drainage, 6 p.c 1946 — 94 5 0 Christchurch Drainage, 51 p.c., 1965 — 97 10 0 Waitomo E.P. Bd., 6 p.c., 1961 — 99 5 0 Eastbourne Boro., 6£ p. c., 1952 92 0 0 — Waipawa Boro., 5 p.c., 1942 — 94 0 0 Hamilton Boro., 41 p.c., 1947 — 86 0 0 Paten Boro., 41 p.c., 1948 — 85 10 0 Wellington Gas (Jo. ... 99 5 0 — Well. Racing Club ... — 95 0 0 BANKS— Australasia 8 7 6 9 0 0 Comm, of Ausb., ord. 0 13 3 — National of N.Z — *3 7 6 Nationnl of Australasia, £10 paid 10 5 0 — New South Wales — 27 0 0 New Zealand |2 0 6 2 1 0 Union of Aust — 7 0 0 FINANCIAL— Equitable Building ... — 4 0 0 Goldsbrough, Mort ... 1 0 5 — National Mortgago ... — 1 10 0 N.Z. Loan and Merc. — 51 0 0 N.Z. and River Plato 0 19 0 — Well. Invest., T. & A. •— 0 7 0 Well. Trust and Loan — 4 17 6 Well. Dcp. and Mort. — 0 7 0 GAS— Wellington, ord — 1 9 9 Ditto., pref *0 18 0 — INSURANCE— Aust. Prov. Acsee. ... 0 5 0 0 6 9 National — 0 14 3 MEAT PRESERVING— Goar — 1 7 0 N.Z. Refrig., £1 paid 0 9 6 — Ditto, 10s paid 0 3 0 — TRANSPORT— Union Steam, pref. ... l 0 6 1 1 0 WOOLLEN— Wellington, ord — 5 6 6 TIMBER— Bartholomew — 0 12 0 Levland-O'Brien' — 0 19 3 National — 0 5 6 Tar in gam utu — 0 4 6 BREWERIES— Carlton — 1 13 6 N.Z. Breweries +i 4 6 1 5 6 Staples and Oo — 1 3 0 MISt KI.LANEOUS— British Tobacco, ord. l 7 0 1 8 6 Burnt;. Pliilp — 2 5 0 Colonial Sugar — 46 5 0 Dominion Investments l 1 0 — Electro. Zinc, pref. ... — 1 3 0 Howard Smith, ord. — 0 10 0 National Electric — 0 8 0 N.Z. Drug — 2 19 0 Farmers’ Fertiliser ... — 0 14 0 Well. Queen’s Theatre — 1 1 6 Woohvorths, pref — 1 9 0 Wilson’s Cement — 1 9 6 >IL— Moturoa, ord 0 3 9 0 4 6 IINT.NG— Alexander — *1 1 0 Blackwator — *1 2 6 Golden Dawn 0 4 8 — King Solomon 0 2 3 0 2 7 Mount Lvcll *0 13 6 0 19 0 Okarito 0 8 1 0 8 3 Waihi 0 18 6 0 19 0 Big River — 0 1 2 Nokomai 0 5 9 0 6 3