COUNTRY STOCK SALES

New Zealand Herald, Volume LXXII, Issue 22138, 18 June 1935, Page 5

COUNTRY STOCK SALES

VALUES AT CAMBRIDGE FULL ENTRY OF PIGS TOTAL CLEARANCE EFFECTED Dalgety and Company, Limited, reports having held its three-weekly stock sale at Cambridge yesterday, when a small yarding of sheep and a medium yarding of cattle, with a full entry of fat and store pigs, came forward. Bidding was brisk on all classes of stock, and a total clearance was effected at prices well up to late rates. Fat lambs made 19s 6d; smaller, 14s Id: forward well-grown hoggets, las. Cat,..e: Fat Holstein cows. £3 14b to -d; hea-.y fat cows, £3 to £3 12s; fat Jersey cows, £2 8? to £3; forward-condition cows, ±1 Jos to £2 4s; store cows. £1 13s boner cows, 17s to 225; bulls, to _2 12st>d. Dairy cattle: Good quality forward springing Jersey heifers, £5 10s to £6 56; springring Jersey cows, £2 to £3: calved Jersey cows, up to £3. Pisrs: Medium ba copers made up to £2 19e; heavy porkers and light baconers, £2 f>s to £2 12s; light to medium porkers. £l' 10s to £1 15s; pood stores and unfinished porkers. £1 2s to £1 6s; store pigs, 17s Rd to 19s; slips, 14s to 10s: good wealiers, 10s to 12s; others. 5s to Ss.

PIRONGIA DAIRY HERD The New Zealand Loan and Mercantile Agency Company. Limited. Hamilton, reports having held a clearing sa.e at Pirongia on Friday cn account of Mr. John Punch. The herd came forward in excellent order and with the vendor supplying records of ages, butter-fat and caninpr dates, good competition throughout vas forthcoming from an eager bench of confident buvers. The most satisfactory average of £5 10s was secured, and on a comparative basis individual prices compare very favourablv with other recent clearing sale quotations A few farm sundries and pigs sold quite well. The heifers on account of Messrs. Grace brothers also participated in a strong inquiry. Quotations:— Best Jersey dairy cows, close to profit, -< 10s to £8 15s: pood conditioned J"fieycross cows, early calvers ; £6 ns to£. s, medium sorts of cows. £o to £6. later Jer sey-cross and backward cows £3 5 £4 15b; springing Jersey he ' f " B ' - 4 „ o9 1 - £4 12s 6d; breeding bows, £3 as to £i 10.. distributor, £B. harrows. £5.

CLEARANCE AT WAIHOU G W. Yercoe and Company. Limited, report's ha vine held a eale onacco^t of Mr A "Williamson at Vaihon on day when a lsme attendance oMwe» *« nresent The herd -was submitted m good condition and. although the majority cowe ■were late calverß (and no calving dates were available), they Bold at very tofv prices Farm sundries and implement IoU at lX rates. Quotations:- Good qaulity Jersey cows (August calvers). £o to £6 o . others. £4 to £4 15s-. backward cow . ±3 lg to £3 17b 6d: unsound cows, £2 10s to ±6 SB- empty cows, to 395: Jersey heuer calves to £2 2s 6d; in-calf Jersey fo £2i to £6. The Uim horses sold from £24 to

YARDINGS AT MATAWHERO [bt telegraph—own COBBESPOXDEXT"! GISBORNE. Monday At the weekly stock sale held at Matawhero on Friday there were average yard in cs in all sections. While prices genera y clined. fat lambs of good quality showed some improvement. TV,e There was an entry of ewes were of average quality, with value somewhat easier. Lambs were in better demand and improved in values. A few * ethers made about store vaiues. The range oi prices was as follows Ewes, l'-s <d to 13= 6d: lambs. 14s 9d to 16s lOd; aethers 18s There was a fairly good yaTding of store sheep There was a generally easier tone and the recent tendency of empty ewes to decline was maintained. Breeding ewes.made ?o 22. 6d for good five-year-old Mixed ages sold to ISs. Good wethers made 1-s to l.s lOd; hoggets, to 14s 6d, and Is ewe hoggets. Aged empty ewesßo.dtoUs - d and young empty ewes realised 13s J. 0..

WORLD CONDITIONS

UNSETTLED EUROPE EXAMPLE OF BRITAIN Difficulties in international trading during the past year were outlined by the Rt Hon. Sir Eric Geddes, chairman of the Dunlpp Rubber Company, Limited, at the annual meeting in .LonInternational conditions hare come no nearer to stabilisation,' _he said. " Exchange difficulties continue unabated. Tariff walls, have risen even higher. The competitive development ot national productive capacity goes on unchecked. In the political field conditions actually deteriorated. France experienced four different Governments, and every major political crisis in that country has an adverse effect on busine" *Austria suffered two outbreaks of civil war, Germany experienced the worst veur of foreign trade m her history, and a new foreign exchange and raw material crisis was the result, in America the New Deal pursued an erratic course, hampered by strikes and stimulated with liberal doses of public expenditure, but on the whole moving slowly upward, though optimism must be somewhat tempered by the unsettled attitude of labour and the existence of huge national deficits, which must involve a serious fear of inflation. " It would be difficult to show that anv Continental country was in better shape at the end than at the beginning of the year, end easy to show that some were worse, the year closing with a feeling of doubt and uncertainty. "Fortunately. Britain and the Empire showed a wonderful stability; British Governments guided by sound financial instinct, managed to keep steady j the index of production in_ Great Britain, except for some hesitation in the summer, increased throughout the year, and the volume of exports, under the stimulus of Empire preference and the sterling group, showed a rise each quarter. It is interesting to note that the five leading purchasers of British goods are now British countries oversea." CURRENCY DEPRECIATION

SOME CHECK NEEDED STABILISING THE POUND The case for stabilisation of English currency, if not a return to gold, is presented in a recent issue of Lloyd's Bank review bv Professor Lionel Bobbins, of London University. Professor Robbins states that, as far as Great Britain is concerned, he believes that depredation of the currency has achieved all that it is likely to achieve. Recovery from the bottom of the slump has been a recovery of the home market with, to some extent, a revival of international trade. Further to revive international trade it is necessarv, he declares, to revive international confidence. An atmosphere of confidence cannot exist in a world of fluctuating exchsJiges. So long as the exchanges remain unstabilised there is, he believes, ever-present, danger of the disappearance of the recovery that has already taken place. ... As a first step to stabilisation Professor Robbins suggests that the British authorities should stop letting the pound sterling depreciate. They should peg the pound at some figure in its present neighbourhood, preferably chosen in agreement with the French and American authorities, and they should make the experiment of keeping it there for a sufficient length of time to ascertain whether it could be held in the long run without undue strain. It may not be possible, he states, to maintain any particular rate of exmerely by the operations of the equalisation fund. The authorities must be prepared, not merely to buy and sell the appropriate amounts of exchange if they are not otherwise forthcoming; they must be prepared also to make the conditions of the market such that the appropriate amounts are forthcoming!. This means being prepared to defend the rate of exchange chosen if necessary by the bank rate and by open market policy.