COMMERCE, MINING AND THE RURAL WORLD.

New Zealand Times, Volume XXXVI, Issue 8180, 23 July 1912, Page 8

COMMERCE, MINING AND THE RURAL WORLD.

WELLINGTON STOCK EXCHANGE.

YESTERDAY'S QUOTATIONS.

now on the market. The prices which fol•ow arc on the average a farthing per lb more than the values ex ship, this difference representing an average cost in expense, handling, conveyance and nclllng the meat.

•None offering.

METALS CRUDE AND MANUFACTURED.

Antimony—Good 50 per cent. ore. £7 per ton, about same - as a week ago. Fencing Wire.—English black, £8 10s per to Tram Rails.—Delivery at London 4s 6d up since the 7th instant, at £5 12a 6d per '"wire Netting.—so per cent, and 33 to 5 per cent., discount. TRUST AND LOAN COMPANY. PROPOSED INCREASE OF CAPITAL.

H is proposed by the directors of the Wellington Trust, Loan and Investment Co., Ltd., to increase vac nominal capual ot the ct/mpan> from £200.020 xn 2.o*OJj siiares of £lO each (of which £101,250 is paid up) to £300,0:0 in 30.000 shares of £lO each, the paid-up capital to be increased to 000. The reserves on December 3-st last* amounted to £52.000. The amount available for reserves when the proposed Increase to the paid-up capital is made and the premiums are paid may bo expected to be about £63,000, but is not to be limited to that sum. XI is then proposed to offer to oharoholders 4750 shares of £lO each nominal value, to be called up at present to 4050 thereof to i>o issued at a premium of £1 15s per share, and the balance of 700, together with any part .of the 4050 not taken up by shareholders when offered, to bo offered later. The 4050 sheifes, part of the new issue, to be offered to shareholders in the proportion of one share (to bo called up to "£5) to each £25 par value of the shareholders* present holding, and making the price £6 15s (with the £1 15s premium) for one £lO share called up to £5: Payment to bo an instalment of 10s on application, and the balance (£4 10s) to bo paid in one call, together with the premium of £1 15s per share. After the 4050 shares have been offered to shareholders, any shares unapplied for, together with the balance of 700 not intended to bo offered now, will bo also offered to shareholders, ns tho directors may determine, but so that not more than £5 per share, in addition to such premium as the directors may so fix, shall* bo then called up. Tho premiums will be carried to reserve.

If these proposals aro concurred in bv the shareholders the directors further propose at tho next annual mooting in February, 1913, to ask shareholders to approve of payment of a dividend for the half-year ending December 31st, 1912, at the rate of 4J per cent.,‘'which they consider the circurristancea of the company will bo found to justify under tho proposed new arrangements of capital and reserve. The directors make it clear that in making these proposals tho conservation of tho interests of those shareholders who do not desire to take up new shares has been considered.

MINING,

ICuranui Caledonian.—ll.so a.m., h Is 2d, 3 1h 4d; 3.15, ft Is 4cl. New Sylvia.—ll.3o a.m., b sd, s 6d. sale? fid (’Change); 3.15, s fid. r Roes Reconstructed. —11.50 a.m., b 6s 2d. s 6* fid; 5.15. b 6b 2d. h Cb 6d. sales 6s 3d (reported). , Talisman Consolidated—ll-50 a.m.. b £t 19s, s £1 19s 6d; 3.15, b £1 18s 9d. s .£1 19a 6d. Waibi.—ll.3o a.m.. b £1 13s 6(1. s £1 14s 6d; 3.15. h £1 15s 9d. s £1 14? 6d Waibi P.eefß Consolidated—ll.oO a.m., b lOd: 0.15, b Xod. _ , r( V/oibi Grand Junction—ll.oo a.m.. b -.1 Is 6d. s £1 2s; 3.15, h £1 Is 6d. s £1 2s. IV.aitangi Consolidated N, 1.. 11.50 a.m.. s 6pi; 3.15, s 64(1.

Note—The letter "b" signifies buyers and 's’’ sellers.

•Reported.

QUOTATIONS ELSEWHERE.

PRESS ASSOCIATION. AUCKLAND. July 22. Sales at this morning’s call on the Stock Exchange: Kuranui Caledonian, Is 3d. Talisman Consolidated, 39s 3d. Waihi* 34s 6d, 34s 3d. Wailn Grand Junction, 21s 6d. Auckland Gas, 68s 6d. Afternoon call: May Queen, Is Id* Occidental Consolidated, Is, Mountain King. 2d. Waihi Grand Junction. 21s 9d. Auckland Trams <prcf >. 23s 6d. CHKI3TCHUKCH, July 22 Stock Exchange sale reported; Waihi, 34s 6d. . DUNEDIN. July 22. Stock Exchange sale reported; Waihi. 34s 3d.

E. W. B. Hornabrook, 153, Featherston street, Wellington, member Stock Exchange. Specialising in Mining Scrip.. .Trustworthy Correspondence from all Mining Centres. Telegraphic address; “Hornabrook, WellUngton. * PACTOLUS DREDGE RETURN, KEEFTON. July 22. The Pactolus dredge return is 230 z 9dwt gold for 107 hours’ work. THE WOOL SALES. By Telegraph—Press Association—Copyright LONDON, July 21. At the wool sales the catalogue totalled 150,473 bales, and there were sold 136,532 bales. A splendid selection of greasy crossbred was offered yesterday. Competition was keen and prices very hard, trices for merinos '.VC -I’, unchanged.

SYDNEY WHEAT MARKET FIRMER. (Iteceived July 22, 930 p.m.) SYDNEY, July 22. Further heavy rain has fallen, and wheat is firmer at 4s Id to 4s lid per buShcl. BUTTER DEARER AT SYDNEY. (Received July 22. 10.20 p.m.) SYDNEY. July 22. Tho prieo of butter was advanced 43 today, to 144 s por cwt. THE LONDON MARKETS.

Tho Department of Agriculture has received tho following cablegram from the High Commissioner, dated London, July 2oth. (Note.—Quotations, unless otherwise specified, are average market prices oa spot): General.—The strike continues, and deliveries arc very much delayed. Alutton.—The market* is quiet and there is less demand. Prices have slightly declined for all grades. Canterbury 4&d per lb. North Island 33d. Lamb.—The market is quiet. Stocks on hand are heavy. Canterbury 62d peV lb., other than Canterbury 53d. Beef.—The market is depressed. The weather lately has been unfavorable to the sale of beef. New Zealand hinds 4£d per lb, fores 33d. Butter. —The market is steady. There la a good demand for best quality. Choicest New Zealand 115 s per cwt, Australian 106 s, Siberian 104 s, Danish 1225.

Cheese. —The market is dull. New Zealand white 65s 6d to 66s 6d per cwt.

Hemp.—The market is firm, with more inquiry. and active at tho advance. Spot: New Zealand good fair grade £24 15s per ton, fair grade £23 15s, fair current Manila £24. Forward shipment: About tho same price. The output from Manila for the week was 24,000 bales.

Kauri Gum.—-The market is steady, with a moderate demand. Bark brown selected rcscraped 120 a to 100 s per ton, dark brown three-quarter scraped 80s to 90s, dark brown chips drossy 30s to 40s, rescraped pale amber £lO to £l2, three-quarter pale scraped £7 to £B. diggers’ chips good 45sto 60s. At the sales 229 cases were offered and 213 sold. Stocks, 383 tons. Wool.—Market remains firm.

Argentine Meat.—River Plate shipments received during June, 1912:

Mutton. Lamb. Carcases. Carcases, London 102.132 61 597 Liverpool 104,237 84,084 Hull 11,635 1,818 Southampton. 16,237 13,198

June, 1911

234,141 160.697 292,968 115,807

OTHER ADVICES

By Telegraph—Press Association—Copyright. LONDON. July 21. FROZEN MEAT MARKET.

The Incorporated Society of Meat Importers’ Smithficld market .quotations for the undermentioned classes of frozen meat are based on actual sales of not less than one hundred carcases of mutton or lamb or twenty-fivo quarters of beef of fair average quality. The quotations are not for selected lines, but for parcels fairly representative of the bulk of the shipments

NEW ZEALAND PEODUCE IN LONDON

. BETTER FACILITIES PROMISED. PORT AUTHORITY’S UNDERTAKING. ‘ THOM OtTE SPECIAL COEEESPONDENT. LONDON, June 13. A private meeting of gentlemen interested in tho New Zealand meat and produce trade, called by the High Commissioner at the instigation of ALr Shelton, of tho New Zealand Producers’ Association. to consider certain matters connected with the discharge of meat in the Port of London, was held at the offices of tne association at Smithfieid yesterday under tho presidency of Sir William Mall-Jonos. Addressing the meeting Air Shelton outlined the etforts ho and others had made to secure improvements in the system of receiving, sorting, storage and delivery of meat on arrival: the results achieved thus far, and .what might bo secured by unitea effort. He pointed out that the South American meat trade, which is worked with a large amount of co-operation among its members, has had provided for it complete facilities for handling meat on arrival, and has got very good conveniences.

Since his arrival In London last year lie had endeavoured to ascertain whether similar facilities might bo obtained for tho trade, and for this purpose had discussed tho position fully with men of allsections of tho trade hero, including the Port of London Authority, shipowners, and consignees, from all of whom he had ro* ceived the kindest attention, with admission of the fact that improvements arc urgently wanted, and promises of support towards getting them effected. The Port of London Authority by letter dated October 24th, 1911, definitely offered to provide all the accommodation that may be required by altering and equipping the South-west India Docks for the New Zealand moat trade, and the three shipping companies landing meat in London from New Zealand stated that if this dock was made suitable for their steamers they would discharge there. In this dock tho most up-to-date facilities for receiving, sorting, discharging, storing and delivering could be arranged for, so that the work could bo done with tho minimum of handling, deterioration, damage and expense.

Tliis dock is connected by rail with tho great railway system of England, and a good open road for land cartage to London. It would also have a large exit at tho upper end, which would shorten the distance to up-town stores by fully seven miles, leaving a distance of only three miles between this dock and Blackfriar’e against ton from Albert and twelve from Victoria Dock.

The P.L.A., said Mr Shelton, had given it as their opinion that the South-west India Dock was tho best site for tho New Zealand trade, and this had been endorsed by others. But this offer of tho P.L.A. was not available at present on account of other works requiring first attention, which will take three years to complete. In order to provide better accommodation until the South Bock can be made available, tho Port of London Authority offered by letter in Bccember last to forthwith equip three berths in the Victoria Bock with necessary appliances for handling and sorting meat, and to instal two warehouses alongside with refrigeration capable of dealing with 100,000 to 200,000 carcases.

The benefit of this Victoria proposal was that it could be completed and made available by the end of this present year, and it appeared to Mr Shelton that by getting the trade united to accept this proposal, the. landing of the whole New Zealand meat would bo concentrated at one spot where better supervision can be maintained, and with proper appliances, expense and damage can be lessened. The whole of this accommodation could be ready for use by tho end of this year, aneb the site was better than anr other at present available on which up-to-date

method* for discharging:, sortirg, storms .iml delivering* met can bo hanJlcd witii economy and efficiency. By accepting; this Alter of the P.L.A. to provide better facilities lor the New Zealand trade, they •vould at once receive decided nttvantasea that could not otherwise be obtained. Wince thin Victorian scheme was offered the P.L.A., however, had. made a further offer lor accommodation in the Albert Docks, but this, eaid Mr Shelton, did not appear to him desirable for the New Zealand trade. The accommodation proposed would only allow two vessels to discharge alongside at one time, and this being so there would not bo nearly as good facilities as at the Victoria Bocks. ill reply to his inquiry as to when the proposed accommodation at the Albert Bock would be available the P.L.A,. wrote that “Should the authority sanction the scheme, it is probable that a portion of the sorting sheds could be ready in two years.” ~ , The fact that the P.L.A. had decided to erect further conveniences at the Albert Bock was. Mr Shelton thought, a very satisfactory proof that they realised the want of proper facilities tor the overseas meat trade. It was very much to the interests of the whole trade that all meat should be handled to the best advantage, but while they had the opportunity it was most desirable that they, for A'ew Zealand, should specially take advantage ol the present offer. Mr Shelton continued: “After receiving the oiler from the P.L.A. of Dc'Otnbcr. 1911, referring to the Victoria Bocks, 1 went to New Zealand to consult with our association, who, alter consideration, decided that they would .accept tho P.L.A.'a proposition, provided the conveniences were made available by the emi of this year, and that the South Doew scheme would be proceeded with as soon as it could be done. They further agreed to do their utmost to get the producers of New Zealand and all interested to give this scheme their fullest support. “Whilst I was in the Dominion I received from upwards of 250 of tho leading shcepfarmcrs, letters approving this scheme, and I explained tho whole proposition to the various freezing companies and financial institutions there. They expressed great satisfaction, that improvements were now being seriously considered in London, and they arranged to write to their London representatives requesting that tho -proposition should receive full assistance, provided that those on tho spot did not know of anything better "that could bo done.” . . . Since his return to London he had interviewed many connected with the New Zealand trade, and had attended a meeting at the P.L.A. last month, when Lord Devonport gave his fullest assurance that the proposal in connection with the Aiocri , Docks was in no way intended- tp take the place of the P.L.A.’s propositions of October and December 1911. but that U the New Zealand trade assured the 1 .l.a. that they wished these special conveniences to be provided for the Now Zealand trade, the promises made by the J.on would bo fully carried out. Mr Shelton then asked those present for suggestions and moved the following resolution: “That pending the improvements proposed bv the Port of London Authority in the South-west India Bocks, or elsewhere, the proposition of the P.L.A. to provide accommodation at the Victoria Dock for New Zealand produce and shipping be approved of, without extra , charge to consignees or shipowners using same, and that the P.L.A. be requested, to have same carried out and completed, if possible, by tho end of this year, and that the Hijh Commissioner for New Zealand communicate this resolution to tho Port or London Authority." ~ . ~ . After considerable discussion the meeting decided to support the proposal or tlio Port of London Authority and get stores and accommodation completed in tne Albert Bocks, as it was considered if the proposed alterations in tho Victoria Docks were urged the Port of London Authority might delay the Albert Dock works. *

TUHNIP-G ROWING

THE VALUE OF EAELY PLOUGHING,

With the increasing' difficulties that have surrounded the successful growing of turnips in lato years fanners have found that the crops have a better chance of maturing when the ploughing has been done in the early spring and the soil left to sweeten up till the time of sowing. Experiments have proved that by following this practice the crops have been much freer from blight, have shown more resistance to droughts, and have yielded nearly double the weight per acre than when sowing has followed immediately after ploughing. In an article appearing in the “Lincoln College Magazine” Mr E. E. Alexander supports the early ploughing system, and points out its advantages for the proper formation of a seed bed that will conserve the moisture and give the rootlets of the plant a chance to penetrate deeply in search of food and water and at the sumo time got away from the withering eIU-cts of dry winds and other influences that retard growth. It is nearly impossible to properly pack late ploughed land, says the Badly packed land cannot retain the water easily nor is this the only objection to late ploujning, the very act of ploughing in the spring, when the dry winds are so prevalent, exhausts the moisture from the land turned over, and leaves a most unsuitable seed bed. When land is turned over in the early "winter the land can then settle down and pack itself with the aid of natural weathering agents. With the aid of frequent stirrings by means of discing and cultivating the land will absorb and retain more moisture than those with a compact surface. Numerous experiments carried out in various countries have proved this fact conclusively, so that early ploughing not only does away with risk run in losing moisture hy drying winds, but it assists in catching and retaining the moisture as it falls. THE SEED BED. “The seed bed for turnips,” 'says Mr Alexander, “should, within limits, be as loose as possible, to prevent escape of moisture and risk of crusting—the subsoil closely packed to absorb and retainmoisture and draw the water up by capilliarity as tho plant requires it. Further, the seeding should be heavy enough to provide sufficient plants to moke up for those pulled out by subsequent barrowing. It is always good practice to harrow turnips; not only does it keep the ground clear of weeds, but it prevents any loss of moisture by evaporation till the turnips cover the ground. “Tho suggestions in regard to cultivation would, therefore, be; “(1) Deeper ploughing to increase tho area for holding moisture and to encourage deeper rooting. . , “(2) Early ploughing to get better subsoil packing. More moisture in the ground and better movement of tho mois“(3) Early and continuous cultivation to prevent loss of accumulated moisture. “( i ) Loose seed bed to hinder evaporation and minimise crusting. “(5) After cultivation to keep down weeds and hinder evaporation. “No doubt exception will be- taken to the above suggestions by many farmers, and the statement will be made that some years ago there was no difficulty in growing turnips, no matter how rough the cultivation. The answer to this is plain. Most of tho best crops were grown on new soil which contained the accumulated plant food and vegetable matter of centuries. This has been more or less exhausted, and now we have less plant food and less vegetable matter (which is a very important factor in enabling a soil to retain moisture), so that the present day farmer has to provide artificially what his predecessors found waiting for them.”

JRED LINCOLN CATTLE

3lr William Taylor, the well-known breeder of Grcenhill, Te Awamutu (main trunk line) recently imported from the Old Country a herd of Red Lincoln dairy cattle. The milk tests of these cattle were so high, says the Te Puke “Times,” that some doubt was expressed as to their correctness. Samples of milk were therefore taken from five heifers and tested by Mr Thorpe, tester for the Xew Zealand Dairy Association. The results were as follow; —Sample Xo. I,' 6.3; Xo. 2, 4.6; Xo. 3, 10.9; Xo. 4, 6.1; Xo. 3, 6.0. Xo. 3. Burton Cowslip, which gives the high test of 10.9, comes from the famous Bed Lincoln herd of-Evans, of Burton, England, who has the finest herd of Red Lincoln ■ cows’ in the United Kingdom.

INVESTMENT STOCK. Buyers. Sellers. Sales. £ 8. d. £ 9. d. £ s. d. BANK»— National of — 5 19 6 — FlNANCTAIr— N.Z. and R. Plate Land. Ltd. ... 1 19 6 Wcl'n Invest. T. and A. Co. Ltd. 0 11 9 _ — Wel’n Trust Loan. Ltd 7 9 0 — - GAS— Fcilding 10 6 _ Wellington £10... 18 5 0 IB 10 0 — INSURANCE— National of N.Z. 1 18 9 _ manufacturing— Mosgicl Woollen 3 6 6 Wcliing’n Wool'll, ord 5 9 0 3 8 0 _ — Wollins'n Wool'll, pref. 2 17 6 2 18 6 2 18 0* COAU— Hikurangi 0 18 0 Taupiri 12 6 — — TIMBER— Lcyland O’Brien — Taringamutu Sawmills. Ltd. ... — 1 7 0 _ 2 3 3 — UlBCELLANBOD*-* Donaghy Rope and Twine Co. 14 9 Golden Bay Cement Co. ... — 1 \ 0 _ SharUnd and Co.. Ltd., ordi ... — 1 3 0* Ward and Co, Ltd. 5 2 0 — —

Mutton— Julv 13. July 20. d. <h Canterbury, light .... 41 4 3-to Canterbury, medium — 4 4 Canterbury, heavy .... Southland .... 31 3^ Xorth Island, best 33 33 North Island, ordinary ... 3 11-16 3 11-16 New Zealand, ewes 31 3!> Australian, lie-lit .... 33 31 Australian, heavy 6<\ 34 Australian, owes ..... 31 33 River Plate, litrlit .... * * River Plate, heavy .... 32 * 7 8 River Plate, ewefi 3J 3j r.amb— Canterbury, licrht 63 t\ Canterbury, medium '.... 53 5.3 Southland ... 5 15-16 5 15-16 North Island, ordinary ... 5J 5 11-I6 Australian, best Si Australian, fa'r .... 5i 5} Australian, inferior 53 55 ■River Plate, be.sv, River Plate, seconds .... 5 5 Frozen Reef— New Zealand, fores 3a 33 Now Zealand, hinds 4i Australian,' forps .... 3J 3>i Australian, hinds .... 4 i!t River Plate, fores .... 3J River Plate, hinds 4 h 4 Chilled Reef— River Plate, fores .... 3 9-16 River Plato, hinds .... 43 4J