FARMING AND COMMERCIAL

Manawatu Standard, Volume LVII, Issue 47, 26 January 1937, Page 4

FARMING AND COMMERCIAL

DAIRY PRODUCE. BUTTER QUIET; CHEESE STEADIER. The London butter market is quiet, according to information supplied by the Primary Products Marketing Department. Last week’s closing prices for finest New Zealand salted were 93s a cwt, a fall of 2s to Ss on the week. Unsalted was quoted at 95s to 965, with Australian prices the same as New Zealand. Danish was quoted at 92s f.0.b., and 113 s spot. The Imperial Economic Committee’s estimated stocks of all butters in store were 84,538 boxes, compared with 374,898 boxes a year ago. New Zealand stored butter amounted to 5646 tons, against 2630 tons a year ago, with Australian at 4316 tons, compared with 4350 tons. The cheese market is reported to be steadier with New Zealand white and coloured at 52s 6d to 535, a drop of 3s 6d on the week. Canadian is quoted at 70s to 725, and English finest farmers at 86s to 88s. THE STOCK MARKET. MANGAWEIvA SALE. The N.Z. Farmers’ Co-op/ Distributing Co., Ltd., report an entry of approximately 6000 sheep at tho Mangaweka sale on Thursday last. The yarding comprised practically all lambs, which came forward in excellent condition, and despite the Feilding sale falling on the same day there was an excellent attendance and the prices were on a par with recent sales. We report practically a total clearance. Some our principal sales were as follow:- W.f.w. lambs: Account F. Healey, 292 at 20s; account Loye Bros., 319 at 18s 3d; account W. S. Marshall, 313 18s to 18s 2d; Moyle Bros., 252 at 20s; Harrison Bros., 184 at 18s 8d; R. H. Guthrie, 250 at 17s 9d; H. D. Hawkins, 60 at 19s; H. Dalrymple, 131 at 18s Id; Mr Olivor, 249 at 19s 2d; McCoard Bros., 141 at 18s sd; W. Davidson, 106 at 19s 2d. B.f. lambs: 220 at 18s, 118 at 21s 9d 168 at 17s, 60 at 19s, 114 ewes at 21s 6d, 168 at 15s 2d, 178 at 20s 3d. Best woolly lambs realised up to 31s 9d; good medium sorts, 233 2d to 275; medium wether lambs, 12s 4d to 14s 7d; medium b.f. lambs, 15s 2d to 15s lOd; 2-th wethers, 23s 9d; small lambs tail end lots up to 11s 4d.

NEW COCKSFOOT. IMPROVED TYPE. LINCOLN COLLEGE WORK. CHRISTCHURCH, Jan. 22. Lincoln College has produced an improved type of cocksfoot by selection and breeding from existing types. This week a 12-acre crop of the new cocksfoot grown by the college on Mr Edgar Stead’s property, at Riccarton was being harvested. The seed will be used for sowing more extensive areas this season and it is expected that it will be put on the market in one or two years. The work of producing the new type has continued for some years. The plant has been bred for its leafage or pasture purpose qualities under grazing conditions. It has a good dense crown and uniformly fine leaf. At the same time it is high producing, giving a greater quantity of herbage a year, with a better distribution over the year, than tho ordinary cocksfoot. It also promises to be quite a good seed-producer. The type has been developed from the whole range of cocksfoot, including Peninsula cocksfoot by selection and cross-fertilisation. The breeding has been done by Dr. F. W. Hilgendorf and Mr J. W. Calder and the propagation work has been in the hands of Mr A. 11. I 1 lay, the farm advisory officer at the college. This improved type has been included in the certification scheme of the Department of Agriculture. Hitherto the work has been done at the plots of Lincoln College, but now that large quantities of seed are required the ■ college has not sufficient land for such a seed crop, consequently other areas, 15 acres in all, have been used. The sowing of these areas for seed is the first organised attempt at the propagation of the new line on a commercial scale. The 12 acres on Mr Stead’s property were sown laet autumn with 161 bof seed and 3cwt. of fertiliser to the acre. After summer fallow the crop made excellent _ growth throughout and was topdressed in the spring. Harvesting the crop presented some difficulty as leafage was more than two feet high, even after 'being beaten down by rain and wind. Single leaves taken at random this week were from 3ft. 6in. to 4ft. long. Cutting at the usual maximum height of 14 inches or so with an ordinary reaper and binder was impossible, accordingly a binder was adapted to cut at 2ft., leaving most of the leafage intact.

SWEEPING STATEMENT. TUBERCULOSIS IN BRITISH HERDS. It was declared by Mr Rowe, representing the tuberculin tested milk producers, at a recent inquiry by the British Milk Board, that one cow in every three in Britain reacted to a tuberculin test. The inquiry, before Mr N. J. Macaskie, K.C., is to consider bringing producers of tuberculin tested milk into the board’s marketing scheme on the ground that while they can take advantage of it they do not contribute to it. The value of a cow that. did not react to the tuberculin test, said. Mr Rowe, was worth three times as much in the market as a reactor. “If syou have a reacting cow, the milk of that cow can carry tuberculosis infection, and does,” he said. “I am not ■ suggesting that if a child went into a herd of reactors therewould be the slightest risk of infection; but if she were to drink milk from a cow that was, reactive, then there is a very definite risk of infection. “While it is stupid to say that the great bulk of ordinary milk contains risk of infection, bo it is wrong for anybody, to say- that a risk does, not exist. “The moment any one of our producers finds he has a reactor, he must remove it 'at once from the herd, and he can no longer sell the milk of that cow as T.T. milk.” LICE IN CATTLE. Do you notice that your young cattle and even your milking cows arc licking themselves and rubbing more than usual ? asks a southern exchange. If you do, it would be as well to examine them for lice. Part the hair near the withers and about the nock in several placos, and you will usually find lice in that area if they are present. Cattle infested with lice do not do well, and often look unthrifty. Lice make them uncomfortable. There are several ways to eradicate lice from cattle but oiling will probably be found the moot satisfactory method. Raw linseed oil is quite satisfactory for this purpose. It should bo applied with a coarse brush and thoroughly rubbed down to tho skin. Start oiling on the top of tho head and then back over' tho backbone of the_ cow; and rub the oil down the sides until the animal is thoroughly covered. Sometimes it is well to go over the eattlo two or three days after oiling with a sponge or cloth wrunug out in warm water, This will remove tho dirt and dust and give the cattle a much cleaner appearance. The oiling should bo repeated in 10 days in order to kill tho lice which hatch after tho first oiling. Usually two oilmgs is sufficient to practically eliminate the lice. The oil treatment should only be used when ,thc weather is fairly warm, as oiling in cold weather, would cause the cattle to chill. Milking cows irritated by lice cannot do their best. Eradicate these pests and contribute to the cow’s comfort and productivity.

LONDON MARKETS. HIGH COMMISSIONER’S REPORT. The Department of Agriculture has received the following cablegram, dated January 23, from the High Commissioner for New Zealand, London : Tallow.—Market firm, no change in values; more business. Hemp.—Manila : “K” grade sold down to £34; closing values steadier. January-March shipments sold £34 ss. Stocks in London on January 1, 4296 bales, against 4776 at the same time last year. Sisal: Market quiet, closing sellers for Eebruary-April shipments £27 15s. New Zealand: Market quiet on basis of “highpoints” for January-March shipments, £26 15s. No first-hand sales values reported. Stocks in London on January 1, 36 tons against 29 tons at the same time last year.

Apples.—Fair demand for dessert. Californian Newtown, 11s; British Columbian Newtown, 10s to 11s; Washington Jonathans, 12s. Pears.—Good demand at better prices. Californian Winter Nelis, 16s.

IMPORTANT DECISION. PERMISSION GRANTED. CHANGE OF FACTQRY. NEW PLYMOUTH, Jan. 25. An important decision attorning every dairy company in New Zealand was given by Mr J. H. Salmon, S.M., in the Waverley Court when he gave a farmer permission to change to a factory other than the one he had been supplying up to August 1. So far as can be ascertained, this is the first ruling on the regulation designed to prevent farmers changing their factories, and, although not binding on other magistrates, it sets a precedent of some consequence. In effect, Mr Salmon ruled that if a supplier is dissatisfied and if the loss of his supply will not interfere with the proper grading of milk or prejudice the general efficiency' and stability of the company, the company cannot hold him.

The case was brought by E. V. Soland, of Kohi, who sought permission under the regulations to transfer his supply from the Kohi Dairy Company, alleging incorrect weights and tests. Mr Salmon found that these allegations were not proved, but allowed the application. Soland, said Mr Salmon, was only a small supplier and was not working in harmony with the company, so there was no reason to retain him. The common law right to liberty of contract should he preserved unless the public interest was infringed. SCOPE OF REGULATIONS.

For Soland, Mr R._ J. O’Dea explained that the application was laid under, the Dairy Industry Act, 1933, and section 2 of the Dairy Produce General Regulations, 1933, Amendment No. 2, introduced to prevent farmers changing their supply because of grading of their milk, and to prevent threats of lost supply influencing milk graders. The regulations provided that a farmer who supplied milk and cream to one dairy factory after August 1 in every year could not, without the consent of that factory, transfer his supply to any other factory until the following season. If the factory' refused consent the farmer had the right of appeal to a magistrate, whose decision was final. Counsel contended that the Legislature did not intend that the regulation should prevent a farmer from transferring his supply when he felt he was suffering an injustice, if the company was not prejudiced in its manufacture by his action. The regulation gave the Magistrate discretion to grant the application in such circumstances. Mr J. H. Cowdell, for the company, said that if Soland was released from his obligation to supply Kohi the way would be open for other suppliers to do the same, and the object of the Act would be defeated.

Evidence was given for both plaintiff and defendant. Each party was ordered to pay its own costs.

FARMING NEWS. RURAL RAKINGS. Food is in abundance in the Waikato, and with the weather favourable to continued growth a buoyancy has been created that at the moment makes stock trading lively. For sellers a more profitable year could hardly be imagined, but for buyers it is a misfortune, and one that entitles them to sympathy, says an exchange. One or two lines of Canterbury grown wheat have been offered millers in the last few days, the first being from the Waipara district. The Waipara wheat was of the Federation variety, arid a good sample, the firm purchasing it being well pleased with the quality. It was plump and bright and weighed 621 b to the bushel. “Subject., to suitable weather, on the present showing I would say that the total export from the Marlborough district this season, should reach approximately 70,000 cases, which would represent an increase of about 20,000 cases over last year’s figures,” said Mr D. J. Hogg, Instructor in Agriculture, when discussing the prospects for the district’s fruit season at Blenheim. It may not be generally known that in most modern dairies in Australia the interior is painted in blue — “azure” blue, to be exact. _ An Australian visitor mentioned this fact to a reporter in Christchurch when he noticed a good deal of blue in the interior of a local dairy. It was claimed that blue was a fly repellant, and observations on the matter, as far as they could be made, tended to confirm the claim.

At many points between Wanganui, Raetihi, Ohakune, Taihape,- Mangatveka and Marton there is evidence of considerable loss in hay and similar harvests. Unseasonable weather has caught crops just cut, and in other cases heavy rain has caused the uncut hay to flatten out to such an extent that mowing will he very nearly impossible. “While wind plays a very useful role in imparting vigour and stamina to stock, westerlies occur with somewhat undue persistence over the whole of the Dominion a southern dairying region so that, particularly in the spring months of tho year, both grass growth and stock require shelter and there is no doubt that the daily production of New Zealand could be more fully appreciated.” —Mr F. R. Callaghan, to the agriculture and forestry wogreatly increased were the value of shelter tion of tho recent Science Congress., The very brisk demand which has been current for sheep oyer the past few weeks was well maintained at the Morrinsville yards on Friday, when an entry of 6000, including 3000 breeding ewes from Tokomaru Bay, was offerod. Waikato buyers have operated actively for East Coast sheep this year and at this sale vendors had little difficulty in quitting their offering at most satisfactory figures, and'the sale can be regarded as one of the most successful held at Morrinsville. The surprisingly good figure of 42s 9d was realised for the best of the breeding ewes and prices above 35s were not uncommon.

WELLINGTON STOCK ! EXCHANGE. YESTERDAY'S BUSINESS AND PRICES. The Wellington investment market was quiet yesterday with only a moderate turnover. Goldsbrough Mort shares were firm, selling at 38s 6d, with Electrolytic Zinc changing hands at 56s and 59s 9d. Broken Hill were done at 82s and 82s 3d, and New Zealand Refrigerating at 20s 6d. Sydney Woolworths were, easier, selling at £8 11s. YESTERDAY’S QUOTATIONS.

YESTERDAY’S SALES. Wellington. Commercial Bank, *l9s 6d; Electrolytic Ziv.c., ord., *£2 15s 9d; G. J. Coles, *£4 17s 9d, odd lot, *£4 17s 9d; Goldsbrough, Mort., £1 18s 6d; Union Steam, pref., £1 6s 4d; Broken Hill (3), £4 2s, £4 2s 3d; Electrolytic Zinc., ord., £2 16s, £2 15s 9d; New Zealand Refrig., £1 paid (2), £1 0s 6d; Taranaki Oil, Is Bd. ‘Late sale Saturday. Auckland. —Rural Bonds, 4 per cent., 1947, £102; Comm. Bank of Aust., IPs ftd; E.S. and A. Bank. £6 6s 6d; Bank of New Zealand (4), £2 Is; South British Insurance, £4 15s fid; Auckland Gas, £1 3s fid, con., 17s; Devonport Ferry. £1 0s fid; New' Zealand Breweries (2), £2 16s 6d; Broken Hill Pty. (2), £4 Is 9d; Consol. Brick, 10s 6d; Farmers’ Trading. £1 3s; G. J. Coles, £4 17s 3d; Northern Roller Mills (2), £2 12s; pref., £1 2s 6d ; Taranaki Oil, Is 8d ; Wilsons Cement, £1 19s; Waihi Investments, l&s 3d. Christchurch. —E.S. and A. Bank (2), £6 6s 6d; Bank of N.S.W., £36; Goldsbrough Mort. (2), £1 18s fid; New Zealand Breweries, £2 16s 9d; Broken Hill Pty. (4). £4 Is 9d, £4 Is 8d; Dunlop-Perdriau (51, 18s lid; Electro. Zinc., ord. (2), £2 15s fid; Maori Gully (2), sd; Mount Lyell (4)._ £2 2s lid; Mount Morgan, 17s, (2) 17s Id; Upp er Watut, Is lOd. Sales reported: Bank of New South Wales, £36; New Zealand Refrig., £1 paid, £1 0s 9d, £1 0s 7ld; 10s paid (2), 9s fid; Broken Hill Pty., £4 2s; DunlopPerdriau, 18s lid; Shillings, Ltd., 19s; Maori Gully, fid; Mount Lyell, £2 2s Hd- „ , „ . , Dunedin. —Comm. Bank of Aust. (2), 19s 8d; New Zealand Refng., 10s paid, 9s 6d; Westport Coal. £1 3s fid; Broken Hill Pty. (2). £4 2s; con. £3 9s 3d; Mt. Lyell (2), £2 2s 9d. AUSTRALIAN SHARE MARKET

A STEADY TONE

SYDNEY, Jan. 25.

The Stock Exchange market was generally steady to-day. Gold shares were easier, though Emperors recorded an advance. . Sales. —Commercial Banking Co. ot Sydney, £2l 19s; National Bank, £lO paid, £ls 15s 6d; Union Bank, £lO 18s; Associated News, 24s 6d; Auomatic Totes, 20s; Howard Smith, 23s ; Tooths, 56s 6d; G. J. Coles, 98s 3u; Australian Glass, 94s 9d; DunlopPerdriau, ord, 19s lid; Wilcox Mofflin, 12s 9d; Morris Hedstrom, 295; Millaquin Sugar, 43s 9d; David Jones, 43s 6d; rights, 11s 2d; Anthony Hordern, 20s 10id; ditto, pref., 23s 3d; Lustre, 245; ditto, pref., 24s 9d; Standard Cement, 16s 9d; General Industries, 20s 6d; Larut, 19s lid ;■. Tav.ua Development, 9d; Emperor, 20s lid; Mineral Development, Is 6d. MELBOURNE, Jan. 25. Industrial issues were steady, with

Barriers and other mining stocks fairly quiet. Sales.—E.S. and A. Bank, £6 8s; Adelaide Steam, 32s 6d; Huddart, Parker, 23s lOd; G. J. Coles, 97s 9d; Dunlop-Perdriau, ord., 19s; Goldsbrough Mort, 395; Henry Jones,: 48s; Electrolytic Zinc, ord., 56s fid; ditto, pref., 58s; Mt. Morgan, 17s 3d; Mt. Lyell, 42s 10 jd; Broken Hill Proprietary, 82s 9d; North Broken Hill, 76s 9d; Broken Hill South, 46s 6d; Emperor, 20s; Loloma, 23s 3d; Silverton Trams, 38s 6d; General Motors, 23s 7d; Hume Pipe, 21s 6d ; Kauri Timber, 23s 6d; Yarra Falls, 40s 6d.

FOREIGN EXCHANGE. POSITION OF STERLING. LONDON, Jan. 23. Tho following mean closing rates on foreign exchanges were current to-day compared with par: Jan. 23. Par. New York, dol. to £ ... 4.90 5-16 J 4.866 Montreal, dol. to £ 4.90jj 4.866 Paris, francs to £ 10511-64 124.21 Brussels, bel. to £ 29.205 48.611 Geneva, francs to £ 21.415 25.225 Amsterdam, florins to £ 8.95 i 12.107 Berlin, marks to £ 12.20 20.43 Stockholm, knr. to £ ... 19.395 18.159 Copenhagen, knr. to £ ... 22.40 18.159 Oslo, knr to £ 19.90 18.159 Vienna, schgs. to £ ...... 26.50 34.585 Prague, knr. to £ 140.50 164.25 Hel'fors, marks to £ ... 226.75 193.23 Madrid, pes. to & Lisbon, esc. to £ 110 3-16 13.0 Milan, lire to £ 93 3-16 92 Athens, drach. to £ ... *647$ 375 Bucharest. lei to £ *670 813.66 He'grade din. to £ 213 276 31 Rio de J., p. to mil. ... +4£ 5.899 H. Aires, jj. to peso ... M. Video, p. to peso ... +39J 51 Calcutta, p. to rup 181-64 18 SliangTiai, p. to dol 14 9-16 —• Hong-Kong, p. to dol. ... 14 31-32 Yokohama, p. to yen ... 14 06-04 24.582 Batavia, florins to £ ... 8.905 12.107 tSollers, official. ‘Sellers. JPar, 8.23 31-32 since dollar devaluation on February 1, 1934. NEW ZEALAND CURRENCY BASIS.

N.Z. POUND ABROAD. Based on the figures quoted by the Bank of New South Wales the New Zealand pound, compared with its original par value, is equivalent to approximately: 16s Id in London. £l 0s Id in Australia. 16s lid in U.S.A. 15s 2d in Canada. 13s 6jd in France. 9s 6d in Germany. 16s ljd in Italy. 11s Bid in Java. £1 8s 2d in Japan. KEEP CREAM COOL.

Cream should be reduced in temperature as much as possible as soon as procured to the lowest possible degree. It will thus he protected from many forms of harm, comments a writer in the Taranaki Herald. The germ content of cream will multiply rapidly under warm conditions, and their growth is accompanied by decomposition of some constituents of the cream, with lesulbant bad tastes aud smell in the manufactured butter. Warm cream fails to give off odours absorbed from the cow and the atmosphere of the milking shed. We can go further and state that warm cream more readily absorbs external odours than cold. Therefore, see that the atmosphere in which cream is handled is pure and as free as possible from damp, musty odours. Reference should also be made to the effect'of heat on the chemical and physical properties of cream. Butterfat when released from its serum coating becomes very oily and minute quantities of this cause a nasty taste to the whole can of cream. Heat also causes the development of tallowy and metallic flavours, especially when it is associated with dirty metal and direct sunlight. If possible the cream should be cooled immediately it is obtained from the separator, and il this is done the producer is co-operating with the factory in manufacturing the best butter.

The latest buying and selling quotations recorded yesterday on the Wellington Stock Exchange were as follow Buyers. Sellere. N.Z. GOVT. LOANS— £ s. a. £ 6. d. 31 p.e. Inser. Stock, 3-1939-43 — 101 17 6 Ditto, 11-1938-52 101 7 6 101 17 6 Ditto, 5 1939-52 — 102 0 0 Ditto, 11-1941-52 — 101 17 6 4 p.c. ditto, 4-1946-49 — 104 7 6 Ditto, 6-1952-55 103 0 0 — 4 p.c. Bonds, 6-1952-55 103 0 0- — 5 p.c. Rural Bonds, 9-1947 101 10 0 — DEBENTURES— New Plymouth Gas, 5 p.c., 1-1*47 — 101 0 0 BANKS— Comrcl. of Aust., ord. *0 19 5 0 19 9 National of N.Z — 3 3 3 National of Australasia, £5 paid — 7 15 0 New South Wales ... — 36 5 0 New Zealand FINANCIAL— — 2 1 0 Abraham & Williams — *5 0 0 Goldsbrough, Mort ... 1 18 3 1 18 7 N.Z. In '.-eat., Mort. and Deposit ; 0 8 4 — Well. Invest,, T. & A. . — 0 9 9 Wgtn. Trust, Loan ... * *6 0 0 GAS— Auckland *1 3 4 — Christchurch 1 8 3 1 9 6 Gisborne — 0 10 0 Wellington, ord 1 17 6 1 19 3 INSURANCE— National of N.Z 0 18 1 0 18 8 New Zealand *3 1 0 — Queensland — 3 1 0 South British 4 14 0 4 15 6 MEAT PRESERVING— Gear Meat 0 17 0 0 17 6 N.Z. Refrig., £1 paid 1 0 4 1 0 9 Ditto, 10s paid 0 9 6 0 9 9 Southland TRANSPORT— 3 14 0 Huddart, Parker, pref. 1 7 0 — Union Steam, prof. ... 1 6 3 — Kelburn Tramway, pref. 1 1 6 — WOOLLEN— Bonds Hosiery Mills — 1 0 0 Wellington, ord * 5 19 0 Ditto, pref — 6 0 0 TIMBER— Kauri — 1 3 3 Lcyland-O’Bricn — 1 2 0 National — 0 13 0 Rotoiti — 0 6 0 Taringamutu Taupo Totara, ord. .. 0 14 0 0 17 0 — 0 9 10 Ditto, prof — 0 19 6 Ditto, 16s pref — 0 15 9 BREWERIES— Dominion — 2 2 0 N.Z. Breweries 2 16 0 2 16 6 Staples and Co — 2 2 6 Tooth and Co — 2 17 6 Tui 2 14 0 — MISCELLANEOUSAnthony Hordern 1 0 0 1 1 0 Aust. Glass — 4 14 3 British Tobacco, Aust. Broken Hill Pty *2 11 0 2 12 3 4 2 0 4 2 3 Ditto, contrib — 3 9 6 Burns, Pliilp and Co. 3 15 0 3 16 9 Colonial Sugar — 43 5 0 Con. Brick and Pipe 0 10 1 0 10 5 D.I.C., ord 0 16 3 — Dunlop Perdriau 0 18 9 0 19 0 Electrolytic Zinc, ord. 2 15 6 2 16 0 Ditto, 8 p.c. pt. pref. 2 17 3 2 18 0 G. J. Coles 4 17 3 4 17 6 Howard Smith, ord. .. — 1 4 3 Hume Pipe 1 1 0 1 1 3 Macduffs, pref 1 0 10 — National Electric — 0 15 0 Procera Bread, ord .. — 1 10 0 Sharland & Co., pref. 0 18 0 — Shillings, Ltd — 0 19 9 Taranki Oil 0 1 8 0 1 11 Wilsons N.Z., Cement 1 18 6 1 19 0 Woolworths N. Z.. ord. < 7 5 0 Woolworths Ltd., 2nd pref 1 6 3 — MINING— Argo — 0 2 1 Big River — 0 2 0 Gillespie’s Beach 0 1 5 — Mosey Creek 0 1 0 — Nemona 0 1 7 0 1 10 Skippers — 0 0 4 Waihi Investments ... 0 13 2 — Waimumti — 0 1 1 Broken Hill South ... 2 4 6 _ Mount Lycll 2 2 7 2 2 9 Mount Morgan 0 17 0 0 17 3 North Broken Hill ... — 4 0 0 Placer Development .. — *Cum dividend. 5 4 0

The Bank of New South Wales, Wellington, quoted the i following rates for their purchases and sales of foreign exchange yesterday : — New Zealand. Buying. Selling. on London— £N.Z. to £stg,100 ... T.T. 124 124/10/0 O.D. 123/10/0 124/8/9 Australia— £A. to £N.Z. 100 T.T. — — O.D. 101 100/10/0 Fiji— £F to £N.Z. 100 T.T. — — O.D. 90/7/6 89 New York — Dollars to £1 N.Z „ T.T. 3.96S 3.93 O.D. 3.97| 3.93j Montreal — Dollars to £1 N.Z . T.T. 3.97 3.93£ O.D. 3.981 3.94 France— Francs to £ N.Z .. T.T. - 84.26 O.D. — 84.30 Hong-Kong — N.Z. pence to 1 dollar , ,. T.T. 18 9-32 18 25-32 O.D. 184 18 49-64 Japan— N.Z. pence to 1 yen .... .. T.T. — 17 29-64 O.D. — 17 7-16 Shanghai— N.Z. pence to 1 dol .. T.T. 17 57-64 18 25-64 O.D. 17 55-64 181 T.T. represents telegraphic transfers. O.D. represents on demand transactions. The above rates are subject to alteration without notes. The Associated Banks (other than the Bank of New South Wales!, quoted the following dollar rates yesterday on a New Zealand currency basis, '1 hey are subject to alteration without notice. IJ.S.A. Canada. (per (per £1 N.Z.) £l N.Z.) welling— dols. dols. T.T 3.93 3.931 O.D 3.93^ 3.935 Buying— O.D 3.97J 3.98