STOCK AND GRAZING NOTES.

Otago Witness, Issue 2252, 29 April 1897, Page 6

STOCK AND GRAZING NOTES.

By Dhotbb. Weekly Stock Sales: Invercargill, Tuesdays, j Burnside, Wednesdays Monthly : Aehburton, Tuesdays riintnn Piimp»^nn Addington.Wednead.jr. Clmt ™' d stolll Fcrtniqhtly : Periodically : Ealclutha, Fridays Heriot, Kelso, and EyeGore, Tuesdays j burn. Oawaru, Tuesdays. | „ , „ „ , . „, , „., I l^'Ouiniuaic&bions or interest to "tocKi)rc*ii**rs and noalfrs arc i ordiallv linilcii. All iommuL'icat'.oua to tench Vi'ituehs oftioe ! cot later than Monday miriu.l j Notwithstanding a rather small yarding of fafc cattle at Burntide last week prices did nob im- ' piove. £9 to £9 10"s was reached for oue or \ two very prims bullocks ; bu6 really good beef j brought only £7 10* to £8 10». Inferior beef was neglected. Butchers held off buying, as , previous large markets of excellent quality had 1 filled them up. In Canterbury fafc cattle are j selling at from 16s to 18s per hundred. I am afraid that we shall never see the fat-cattle market in a. satisfactory state, with fair and • regular prices such as to eneouraKe growers, : until something ia done to establish a regular [ export trade. The s.a. Gothic and other 1 steamers are available for chilled #eef, and 1 some -arrangement should be made to send ! regular cargoes. Even if only a few steamers j took small cargoes it seems to me that great I good might be c^one and prices maintained , regularly at over 18s at any rate. Combination and co-operation among farmers would bring this about, but my friends tell jne that ; farmers of the present generation are not likely to co-operate. Move's the pity, for no portion of our community need co-operation and united ! effort more than farmers. I am, however, not altogether surprised that farmers in Otago and Southland fight shy of co-oper&tion or workingon th&mutual principles, as every attempt yet made in this direction has proved more or lees a failure. This result is not a proof that the principles ef co-operation are wrong or unworkable. What we have seen i in the past of attempts at co-operative agencies I or companies for selling and dealing with farmers' stock and produce has been to a great extent mere sham, the name co-operation having been made a etalkiog horse of by astute I men to relieve themselves of a decaying business or obtain capit al to carry it on. The result has been failure, bnt not because the principles of co-operation are wrong. When farmers again try co-operation, I hope it will not be to buy out or run some " going concern," as it is termed. They ought always to see that ie has been (joing the right way. Generally speaking, if it was going the right way it would not be effered to farrntrj, aa philanthropy is not a prominent feature in the modern busines3 man. An article in the Otago Daily Times the other day ' gave some useful hints on this subject. I need make no apology for the following quotation :— • i The Economist of February 27 has an article containing some simple elementary testi which possible investors may be able to apply to a prospectus when it is submitted to them for inspection. It deals more particularly with prospectuses of companies taking over some business as a going concern. This in a very common process nowadays, and the blind confidence of investors is such that worthless concerns are foisted on to them frequently as giltedged. The prospectus should state without ambiguity the annual profits for at least six years previous. The assets should be carefully examined and a recent and expert valuation be insisted on, lest worthless, obsolete nmchinery or unsaleable stock should be tendered. Book debts should be regarded with suspicion, and 25 per cent, at least taken off the nominal valuation, "especially," says the Economist, somewhat nastily, " in the case of enterprises trading in the colonies, where book debts have a habit of developing into bad debts." The item •• stock-in-trade" needs watching, and a statement should be demanded that it is valued at or below cost price. If it i 3 unduly large it is safe to assume that the turnover has been slow. Above all, present value, and not that contingent upon the introduction of fresh capital, should invariably be stated. The price of a •• goodwill " should seldom be greater than three years' profits. Finally, investors should ignore lists of dividends paid by similar companies and strings of prices of their shares standing at high premiums. The names of directors are nob always a reliable guide, for the moßt upright of men may be misled. "A* to the common confidence trick, whifh solicits subscriptions for preference shares on the ground that the vendor is so certain of

tfce success of the company that he retains ths j whole of the ordinary shares, ifc is generally to be found employed in the prospectuses of companies which are over capitalised, even when the ordinary shares are left out." Such ere a few pitfalls which tho leading financial paper of •• England poiuts out. The Economist may not be FtrieUy correct in all its conclusions, but the remarks ot our financial conte-muorary are in in the main sound, and may have the effect of savii g some from the maw of the ravenous company promoter who abounds in London, and is not entirely unknown elsewhf.re. I am glad to say that we have some very good examples of succes&ful co-operation in Otago and Southland atnong cur dairy factories. Thry have had struggles and Laid times at tbe outset from lack of experience, bad markets, &c, ' but where loyally and perseveringly supported, they have pulled through, and have benefited all concerned, and will continue to do so. Amoug those who have done so, I might point out the Taieri and Peninsula Milk Supply Com- : pany, whose principles and mode of working I j consider a good model. There are also several j other examples among our chee3e ff.cfcorieß in Ofcago and Soubhland. It is a matter of great regret, for the sake of : co-operation, that the Mutual Agency has : apparently decided to oell out to Dalgety and I Co. I should have been better pleased had ifc I been possible to strengthen the Mutual Agency I by more extended co-operation and the buying I out of private sharehelders. I regret ifc because ifc seems a blow to co-operation among farmers, and may be used as an instance of failure of co-operative principles — which it certainly is not. It is a matter for congratulation that the : company who are buying this concern is oue of the strongest financial houses in the Australasian colonies, for though I lean to co-operation I of the genuine kind, I accept aa the nexfc best thing a strong financial firm working wi'h its own capital, and it is a matter for congratulation that there are several such in Obago and Southland, so farmers are the more likely to be well served, as there will be no lack of competition for gcod business. The yarding of fat sheep last week was moderate (about 1400), only about one third of which were fit for export. Competition for export sheep was fairly keen, prime crossbred wethers b:inging 13s to 13s 6d, with 12a for fair freezers ; prime ewes up to 12s to 13d 6J for extra heavy and prime. These prices are about equal to those ruling at Addington. There seems a keen demand at present for prime freezing lambs, which bring 10s 6dto 11s. The supply of prime lamb at Addington seems decreasing, and competition for all such offered is very keep, lls and 12s being the price going for prime, with 10a 6d for lighter sorts. I notice that sheep and lambs go to Addington from Oamaru and Timaru, at both of which places there arc- freezing works, the reason, I suppose, being that as there are three freezing work 3 closo to Chriatchurcb, competition is keener. The expense of railage, however, must take some of the gilt off. Tho demand for hams and bncon for export is far greater tban the supply. Our local i curera ore refusing orders, as pigs to supply orders cannot at present ba secured. There seems to be a rooted dislike to pigs among our farmera generally, which is to be regretted, and we never eeem to go ahead in this branch of stock rearing. The pig is looked upon as & dirty beast 'by most farmers. As a matter of fact, he is no more co than any qther animal if properly kept . and attended to, and likes a clean bed as well as, and perhaps better, than any other beast. I am aware, he does not get ifc generally, but ' that is not his fault. I see some fine farms are to be cut up into email blocks, and I am of ; opinion that on the3e pigs would pay better than any other stock. Our Government have provided instructors for dairying, fruit-raising, &c, and ono of the most useful moves would be to provide proper instruction in the rearing and care of pigs, for ifc is a positive disgrace to us, and a source of immense loss, that at the present moment we have not an export trade i of magnitude iv hams and bacon. lam convinced that this sfcate of matters is due to the general ignorance of farmers as to the rearing, care, and fattening oE pigs. Those who do know something about these matters do well, but the number of such is few indeed. Various parts of Australia, the islands of the Pacific, and other places which should now be supplied i by uo are at the present moment supplied with hums and bacon from Britain and America.

The Easter holidays are now over, and I erpeel to ccc tte grain market active again, and unless large supplies are forced on ths market prices should be maintained. In the produce market butter has been movJDg off iapidly, and all stored stocks are now cleared out. Best factory has been sold at 8M to Oil, and as high ss 9 id has been paid for a ' let of finest. The demand for Sydney hss j cleared off a large quantity of the North Island j butter, and although there must bo a, contside- 1 rable amount f-till in store there, with a tolerably large make still adding to the stock, thf outlook for winter dairying is encouraging at present. Cheese ia selling slowly, tut I anticipate a better demand next month. Factories have sold April-May makes at 4-.1 to 4^J. As yet New South Wales and Victoria don't setm as eager to buy cheese as bultar. This may, and probably will, alter later on. % Dear Dsovhij, — We Lave read your notes en page 6 of the Otago Witness of December 31, bafc the question is too b : g to enter upon here. Our Mr Lowe says regarding chtce that; the first thing to be done is for some Government, such as the New Zealand, to carry out a, roal sound scientific experiment as to what is the best temperature for ripening cheese. Until this is done no progress cau ba made. Ho has lately talked over this matter with Mr MacEsvan, and he agrees with Mr Lowe. The exact knowledge we possess about cheeee is v«ry limited, while a whole world of knowledge ia waiting for a patient investigation. Professor Russell, of the Wi&causiu University, in the thirteenth annual repors has carried out a series of experiments in the keeping of cheese, and his results appear to totally subvert all previous belief. It appears that the ferments which were supposed to peptonioe aiid mellow the cheese are in such an infinitesimal number that (hey caunoli have any influence on it, while the lactic ferment* which were supposed to ba the harmful ones are really present in such enormous quantities that it h to them that cheese owen its ripening character. Such a view as this by Proftssor Russell is sufficient to make us pauee. — Yours, &o , W. Wkddbii and Co. As yet I have heard of no complaints re the condition of our cheese landing in London this season. Perhaps af tor the complaints las'; year tha shipping companies have looked after it better, although it must be noted that even last year they gob clean freight re'eaipts, and I see nothing yeb to make me alter my previou3lytxpre?sed opinion that our cheese last year was damaged in transit from tha ship to the store in London owing to the non-ineulation of a defective carriage in the barges during the abnormally hot weather thab prevailed in London last season, Drak Drover, — I should like to supplement "Settler's" comments upon Mr H. F. Gray's ' resolution at the Agricultural Conference objecting to the Government paying travelling expense 3of delegates. The secretary, I understand, h&s now made ifc public that each association fchafe sends a delegate will have to pay a fee of £5 5s — at t'ao last conference only £2 2s wan demanded ; but tor what purpose this inc-eifsed sum is required is nob sated. Ifc certainly looks as if it was for the purpose of shutting out the smaller associations. However this may b°, there can be no hound reason for asking such a sum. Ib look* as if the committee and a few others desire to abolish the meetings. Id my opinion they should be held annually instead of every two years. Surely our agricultural interest is of sufficient importanca to warrant an annual conference. In the course of a year many questions arhe affecting farmers — questions that demand discussion, and questions j upon which the Government would bs glad to have their opinion. If the committee would endeavour to give effect to the resolutions passed at these conferences and not allow them to lapse and be forgotten, a<} is too often the case, their usefulness would make itself felt and much good might be clone. Unfortunately the wrong men are usually put upon iach committees. — I ftm, &{•., A. B. At present, co far as I can understand, the Agricultural Conference has no power to give effect* to it 3 decisions. Some.th.ing should be done to make it a properly - constituted authority, with some power* and of a permanent standing. Cara should be taken to have proper representation of all farming interests, small and great. Such a body, cooperating with and advising the Department of Agriculture, would be of immense use, and it 3 proceedings would have a permanent interest • As yet I hear nothing about what the Agricultural Conference is going to discuss at our winter show on Juno 22. The occa-icn is a great one, and should ba marked by some united movement to improve agricultural interests. There is no lack of subjects that might be advantageously considered. The condi'ion of tho meat trade and the Question o£

how to obtain cheaper freight would of themselves make an interesting subject for * week's debate if we only got the right men to come forward and state their views ; but the question is, Will they come ? I musb admit I feel somewhat dubious ou the point. However, we shall see.