FARMING AND COMMERCIAL

Manawatu Standard, Volume LV, Issue 176, 25 June 1935, Page 5

FARMING AND COMMERCIAL

LONDON MARKETS.. HIGH COMMISSIONER’S REPORT. A . FIRMER TONE. The Department ■'of Agriculture has received the following cablegram,, dated June 22, from the High Commissioner for New Zealand, London:-- *■ Fruit. —Karamca and Tongariro shipments discharged in good condition. Apples: Better demand at firmer prices. Jonathan, Delicious, Dougherty, Frimley Beauty and Yates, 11s to 14s; Ballarat, Statesman, Spitzenberg, Rome Beauty, Stumer and Tasma, 10s 6cl to 13s; Granny Smith, 10s 6d to 12s 6d; Cleopatra, Dunn’s Favourite and Pioneer, 11s to 12s. Otago Jonathan, 12s 6d to 15s; Delicious, Cleopatra and Statesman, 13e to 14s; Stunner and Spitzenberg, 12s to 13s; Dunn’s Favourite and Rome Beauty, 11s 6d to 12s. Pears: Limited supplies at better prices. Winter Nelis, 14s to 17s; P Barry, L’lnnconnue and Beurre Easter, 9s 6d to 14s, Keiffer, 8s to 10s. Otago: Winter Nelis. wasty, 7s to 16s; Josephine, 16s; KeifTer. 11s to 12s. Tallow.—Market very quiet, with an easier tendency. Mutton, fine, is firm owing to short supply. Hemp.—Manila market firmer on American and Japanese buying. “K” grade for August-Octobor shipment sold at £l3 10s. Closing values £l3 15s. Output January 1 to June 1, 610,000 bales against 600,000 bales for the same period lust year. Stocks in the United Kingdom at June 1, 20,060 bales against 21,150 bales for last year. Stocks in Manila at June 1. 171,000 bales against 155,000 bales for last year. Sisal market firm, with fair demand. Closing values for July-September shipment, £l6 7s 6d. Sep-tember-Novomber shipment sold up to £l6 10s. New Zealand market unchanged. On the basis of fair grade the nominal valuo is £ls 10s. No first-hand sales reported. Stocks in London at June 1, 24 tons against 11 tons for last year. DAIRY PRODUCE. BUTTER MARKET FIRM. Joseph Nathan and Co., Ltd., have received from London the following cabled advice, dated June 22:—New Zealand butter, 89s to 90s. Firm. New Zealand cheese: White, 44s 6d; coloured, 445. Quiet. SOUTHERN CHEESE SALES. DUNEDIN, June 22. It was reported last week that one Southland factory had sold its cheese output at sid per pound, and that there wore other offers at sd. It is now reported that two or three factories have sold all their unshipped cheese at 5 l-Bd, f.o.b. NOTED SIIEEPBREEDER. SOLVES A DIFFICULT PROBLEM. Sir Frederick McMaster, owner of the famous Dalkeith stud of Merinos at Cassilis, N.S.W., has solved for the principal of Hurlestone Agricultural High School (Mr Longmuir) a difficult problem in sheep-breeding. A small flock of Romney Marsh comebacks is kept on the school farm, so that the students can bo instructed in the main principles of sheep-raising and management. The sheep have each year been developing characteristics nearer and nearer to the pure Romneys, and with the available stock all the skill and ingenuity of the instructors wore not sufficient to prevent this trend. Hearing of the problem besetting the authorities, Sir Frederick has offered them a ram from his Sydney sheep Showteam, thus allowing an infusion to bo made of some of the best Merino blood in the State. He ha# invited an officer of the school to inspect one of his show pens and pick an animal that will best fill the needs of the institution. From the number of boys who are being trained at the school, ho maintains that work is being carried out of great- value to the primary industries and to the State as a whole. , . ~ Mr Longmuir has gladly, accepted the offer, and intends personally to consult with Sir Frederick during the Show week as to which sheep should be sent to the school.

FARMING NEWS. RURAL RAKINGS. “The wheats are blending much better than usual, and for this reason the average flour quality is running as high as, if not higher than, it lias been for the past fivo years,” stated Dr. I. W.. HilUndorf, director of the Wheat Research Institute, at the quarterly meeting m Christchurch recently. He added that a very noticeable trend in flour during the past few years was that of greater uniformity. „ In his annual review of the operations of the Wairarapa Herd Testing Association, Mr 4 H Humphrey mentions a fact that has not hitherto been recorded, says an exchange. He states that in tho month of March there was a pjague of flies, which unsettled the cows, and affected their milk ,\ 1, uncommon freakish physical development in a bullock is reported from Slat fordshirc. England,' as follows:—Councillor W B Lit tier, butcher, of Tannvorth .Street, Lichfield, recently killed a phenomenal Hereford bullock, in as much as the animal’s kidr.cv knob scaled the extraordinary weight of 601 b. Another singular feature of' the animal was that one side weighed 3521 b and tho other side 3921 b. a difference of 401 b. The beast, which was apparently normal, was years old, fod by Mr 11. L. Barnes of Packing!on, and purchased by Mr Liitler at. the Lichfield auction. Local butchers would be interested to know if a 601 b kidney knob is a record weight for tins class of animal. Three trucks of Polled Angus cattle have been sent to Auckland for the chilled beef export trade from the Matarawa Land Company; Tokoroa. The buyers wero impressed with the. quality of tho consignment and considered it equal to the best passing through tho works.

WELLINGTON STOCK EXCHANGE. YESTERDAY’S BUSINESS AND PRICES. Little change-was seqn in the official quotations list on the Wellington Stock Exchange yesterday, interest centring mainly in dealings on the unofficial list. Commercial Bank of Australia were a point lower on a sale at 15s 6d. New Zealand Breweries were traded at 52s 4d and 52s 4jd, buyers staying in at 525. Tooths were firm and unchanged at 53s 9d. Other industrial and miscellaneous issues were very quiet. Wellington Woollen were firm at £6 Is for both issues. Woolworths (N.Z.) ordinaries were . wanted at £l2, sellers asking 15s bettor. In the unofficial list, Woolwortlis, Sydney, were actively traded and advanced from 93s 6d to 945, 'buyers staying in at 93s 3d. Another feature of the unofficial list was a remarkable advance in Procern Bread Process, vendors’ shares selling at 40s 6d and tho ordinaries, which arc 10s paid, advancing strongly from 43s to 50s and 60s. YESTERDAY’S QUOTATIONS. . The latest buying and selling quotations recorded yesterday on the Wellington Stock Exchange were as follow: — . \

YESTERDAY’S SALES. Sales recorded on Dominion Stock Exchanges yesterday are shown in the following list: — Wellington.—Comm. Bank of Aust., 15s 6d; Rotoiti Timber, 4s 10jd; N.Z. Breweries, £2 12s 4d, £2 12s 4id; Mossy Greek, 2s 6d. Auckland.—Govt. Bonds, 4 p.c., 1940, £104; 4 p.c., 1946, £108; 4 p.c. 1949. £109; 4 p.c., 1955, £lll 15s; Inscr. Stock, 4 p.c., 1955, £lll 15s; Nat. Bank A’asia, £5 paid, £6 4s; Bank of N.Z., £2 10s 2d; D mort., £3 12s 9d; Rescrvo Bank, £6 9s 6d; N.Z. Insurance, £3 Bs, odd lot £3 7s 9d; Auckland Gas, £1 6s 6d; Taupiri Goal, 16s 6d; Kaiapoi Wool, 14s 9d; N.Z. Breweries (3), £2 12s 3d; Aust. Iron and Steel, pref., £1 2s lid; Broken Hill Ppty., £2 19s; DuiilopI’crdriau, 16s 4d; Farmers’ Trading, 7s 2d; N.Z. Refrig.. 10b paid, 8s lOd; Alexander Mines, 15b paid, 14s 2d; Gillespie’s Beach, Is 6d; King Solomon, 4s; Mount Morgan, £1 16s 6d. ' Christchurch. —Inscr. Stock. 4 p.c., 1955 (4), £lll 10s; Gisborne Shoepfarmers, 65 p.c.; 1941. £lO2 10s; Gomm. Bank of Aust., pref., £9 11s 6d; Bank of N.Z., £2 10s 3d; Goldsbrough Mort., £1 9s sd; N.Z. Breweries, £2 12s 6d, (2) £2 12s 9d; Timaru Brewery, cont., 8s 6cl; Tooth and Co. (2), £2 16s; Beath and Go. (2), £1 8s 6d; Broken Hill Ppty. (2), £2 19s; Dunlop-Perdriau, 16s 3d; Hovard Smith (3), 34s 6d; Woolworths - (N.Z.), ord, £l2 ss; Golden Sands (2), 2s 6d; King Solomon (4), 3b lid; Mahakipawa, 7d; Maori Gully, Is 3d; Mossy Creek (2), 2s 6d; Rawang Tin, 7s 4d. Sales reported: Canterbury Moat, ord., odd' lot, £9 10s; South British Ins., £4 18s 9d*; N.Z. Refrig., cont., 8s- lOd; Big River, 2s 3d; Mount Morgan, £1 16s 6d. *Latc sale Saturday. Dunedin. —Bank of N.Z., £2 10s 3d*, £2 10s 3d; Carlton Brewery, £2 fte; Timaru Brewery, 7b 6d paid, 8s sd; .Wailii G. Junction 4s Id*; Big River, 2s 2d. *Lute sale Saturday. SYDNEY STOCK EXCHANGE. INVESTMENT MARKET STRONG. SYDNEY, Juno 24. On the Sydney Stock Exchange to-day, despite a slight reaction in some issues from the upward swing of last week, the general investment market remained strong. Sales. —Colonial Sugar, £43 12s 6d : Bank of New South Wales, £3l 17s 6d; Commercial Bank of Sydney, £l7 15s; Howard Smith, 14s sd; British Tobacco, 39s 4Jd. Tooths, 56s 6d; Dunlop-Perdriau, 16s 6d; Goldsbrough Mort, 29s 9d; Wilcox Mofllin, 10s lid; Morris Hedstrom, 21s loid; Greater ,T. D. Williams, 6s 9d ; Henry Jones. 37s 6d; Fairymead Sugar, 40s. Farmers, 25s 9d; Anthony Hordern, 18s lOjd; ditto, pref., 23s 3d; Standard Cement, 23s 3d; Australian Iron and Steel, pref., 23s lid. Mount Morgan, 36s 9d: Broken Hill Proprietary, 59s 3d; Broken Ilill South, 85s 6d; Rawang Tin, 7s 4d : Placer Development. £3l 2s 6d ; General Industries, 19s 4id. MELBOURNE, June 24. Stock Exchange sales to-day included : Dunlop-Perdriau, prof., 33s 6d; Australian Glass 41s; Broken Hill Proprietary, 59s 9dl ’ FOREIGN EXCHANGE. ON NEW ZEALAND CURRENCY BASIS. The Bank of New South Wales. Wellington, quoted the following rates for their purchases and sales of foreign ex-

T.T represents telegraphic transfers. O.D. represents on demand transactions. Tlie above rates are subject to alteration without notice. The Associated Banks (other than the Bank of Now South Wales) quoted the.

following dollar rates yesterday on a New Zealand currency basis. They are subject to alteration without notice: U.S.A. Canada (per £1 (per £1 N.Z.) N.Z.) Selling— dols. dols. T.T 3.95| 3.96 O.D 3.96 a 3.96 i Buy js; . 4.003 4.01 NEW ZEALAND POUND ABROAD. Based on the rates quoted yesterby the Bank of New South Wales, £1 New Zealand was worth approximately: ■ 16s Id in London. £1 'os Id in Australia. 16s 3jd in U.S.A, 16s 3id in Canada. 9s 6id in France. 10s 5d in Italy. 9s sid in Germany. 9s 43d in Java. £1 7s 7d iu Japan. THE NATIONAL BANK. DIVIDEND DECLARED. Per Press Association. WELLINGTON, June 24. Advice lias been received from London by the National Bank 'of New Zealand that the net profit for the year ended March 31, after making provision for bad and doubtful debts and transferring £30,000 to the exchange and contingency account, amounted to £102,949, which, with £106,416 brought forward from the previous vear, left available for distribution £209,365. , It is proposed to allocate that amount as follows : Dividend at the rate of 4 per cont per annum, free of income tax, £BO 000; to pension and gratuity funds, balance to be carried lorward £lls 365. The dividend, which makes 4 por cent for the year, will bo payable in New Zealand on July 13.

Buyers. Sellers. N.Z. GOVT. LOANS— £ s. d. £ s. d. 4 p.c. Bonds, 1937-40 . 103 5 0 — 3J p.c. ditto, 1958-41 .. 102 0 0 — 6 p.c. Rural Bonds, 1947 104 12 6 — 3J p.c. Ins. Stock, . 1939-49-52 .107 10 0 ■ — 34 p.c. ditto, 1938-49-52 107 10 0 •— ' 4 p.c. ditto. 196Y-40 .. 103 5 0 — 4 p.c. ditto, 1946-4b .. .108 5 0 —■ f . 4 p.c. ditto, 1946-49 .. 108 10 0 — 4 p.c. ditto, 1952-55 .. 111 0 ■0 112 0 0 ' 3J p.c. ditto, 1960-41 .. 102 0 0 — DEBENTURES— Well. H.B., 5i p.c., 1940 107 0 0 Wellington Brick — 104 5 0 BANKS— Australasia — 11 0 0 Comrcl. of Aust., ord 0 15 5 0 15 7 Ditto, pref — 9 14 0 National of N.Z *3 9 6 — National of Australasia,

£10 paid 12 15 0 — Ditto, £5 paid 6 2 6 — New Zealand 2 10 0 2 11 0 Ditto. D long term ... — 1 130 Reserve Bank of N.Z. — 6 10 0 Union of Aust FINANCIAL8 17 6 9 0 0 Abraham and Williams, prof 3 15 0 — Ditto, old 2 10 0 3 0 0 Farmers' Co-op. Auct. • 4 1 0 Goklsbrough, Mort. and Co *1 9 3 1 9 9 N.Z. Guarantee Corp. 0 5 7 0 5 9 N.Z. Invest., Mort. and Deposit 0 8 0 — AN ell. Invest., T. & A. 0 9 0 0 10 6 Well. Trust, Loan 5 13 0 — Well. Dep. and Mort 0 4 9 — GASAuckland 1 6 3 — Christchurch 1 16 0 — Napier — 5 12 6 Wellington, ord — 2 3 9 INSURANCR — New Zealand — 3 10 0 South British 4 17 6 — MEAT [’RESERVING— Gear Meat 1 0 9 — N.Z. Refrig., £1 paid — 0 19 6 Ditto, 10s paid 0 8 9 0 9 0 AVell. Meat Ex., pref. 0 18 3 — TRANSPORTHuddart, Parker, ord. — 1 18 6 Union Steam, pref. ... 1 7 0 — WOOLLEN— Wellington, ord 6 1 0 — Wellington, pref 6 1 0 — COAL— Kaitangata — 1 1 0 Westport 1 1 0 1 1 6 TIMBER— Bartholomew — 0 17 0 Kauri — 1 0 6 Taupo Totara, ord. ... Ditto, £1 pref 0 6 2 — — 0 19 9 BREWERIES— N.Z. Breweries *2 12 0 2 12 6 Tooth and Co 2 13 9 — Timaru 0 S 5 — MISCELLANEOUS— Anthony Hordern British Tobacco — 0 19 0 — *1 19 0 Broken Hill Pty 2 18 8 2 19 3 Claude Neon (Sydney) — 2 10 0 Colonial Sugar 43 0 0 45 0 0 Con. Brick and Pipe — 0 9 6 Dunlop Pjerdriau 0 16 2 0 16 6 Electrolytic, 8 p.c. part prof — 1 15 9 Milburn Lime 2 4 0 — N.Z. Drug 4 3 0 — N.Z. Paper Mills — 1 15 9 Wilsons, N.Z., Cement 1 18 0 ' Wool worths N.Z., ord *12 0 0 12 15 0 Ditto, Ltd., second pref — 1 8 3 MINING— . Big River 0 2 2 0 2 3 Central Shotovar 0 0 3 Consol. Goldfields — 0 16 6 Gillospie’s iicach — 0 1 6 King Solomon 0 3 9 0 4 2 [Maori Gullv — 0 1 5 Mossy Creek 0 2 6 0 2 8 Waihi, cum dist 1 16 9 — Mount [Morgan 1 16 0 — Placer Development . *28 0 *Cuin. dividend. 0 —

change yesterday : — Selling. New Zealand Buying. on London — £N.Z. to £stg.lCO ... T.T. 124 124/10/0 O.D. 123/10/0 124/8/9 Australia — £A. to £N.Z. 100/10/0 100 T.T. 101 O.D. 101 100/10/0 Fiji- , £F. to £N.Z. 100' T.T. 90/7/6 89 O.D. 90/7/6 89 New York — dollars to £N.Z.l T.T. 3.99| 3.95J O.D. ,4.01 3.963 Montreal — dollars to ) £N.Z.l T.T. 3.99a 3.96b O.D. 4.01a 3.96 |i France — Francs to £1 N.Z T.T. 60.61 59.31 O.D. 60.91 59.36 IIong-Kong— N.Z. pence to 1 dollar . , T.T. 34£ 353-16 O.D. 34 353 Japan— N.Z. pence 17 13-16 to 1 yen ... , T.T. - Shanghai— N.Z. ponce to 1 dollar . T.T. 23 9-16 24a O.D. 23 7-16 24 13-16