RURAL INTERMEDIATE CREDITS.

Otago Witness, Issue 3864, 3 April 1928, Page 22

RURAL INTERMEDIATE CREDITS.

OTAGO DISTRICT BOARD." THE FIRST MEETING. An event of considerable interest not only to the farming community, but to. the public at large, took place on Friday when the first meeting of the Otago District Rural Intermediate Credit Board was held. It was attended by Messrs G. H. Elliffe (chairman), R. B. Meek, W. O. Al Kellar, R. Milne, and E. H. Murney. This district board has been set up by the central Rural Intermediate Credit Board, in terms of the Rural Intermediate Credit Act of last session, for the purpose of dealing with local applications for loans under the Act. ,opening of yesterday’s meeting the Chairman read a message addressed to the members by the Commissioner of Rural Intermediate Credit (Air J. W. Macdonald, the public trustee), on behalf of the central board. < In the opening of his message the Commissioner stressed the point that, though the Government was providing a substantial amount to enable the board to commence lending operations without delay, the ultimate test of the. success of the new scheme would be the ability of the board to command the flow of capital from the investing public of the Dominion, and investors abroad for the'development of its lending business thus providing an uninterrupted supply of funds for the farming community. The board therefore relied upon the assistance and co-operation, of the various district boards throughout the Dominion to maintain a sound standard of lending, and thus to gain and keep the confidence of investors. The Commissioner pointed out the benefit the farming would obtain by the low rates of interest at which the board would bs able to lend money upon

the security of stock and chattels. He also mentioned that the board had fixed its lending rate for the present at 61 per cent., but that the continuance of that rate would depend upon tne board being able to raise fluids from the public at a cost which would enable its lending business to be conducted at that rate upon sound lines. The special co-operative rural intermediate credit associations contemplated by' the Act would be charged 6 per cent, only, but would be required to charge 6J per cent, to their members, and to use the amount resulting from this concession of interest for working expenses and establishment of reserves. With reference to the provisions of part 111 of the Act, which authorised the board to make loans direct to farmers without the intervention of associations, it was mentioned that these provisions did not appear in the Bill as originally submitted to Parliament, and that it had been suggested in some quarters that the introduction of this system of direct loans would operate against formation of associations. These predictions had already been falsified by the formation of one association in the South Taranaki district and the active steps that were being taken in other districts to form other associations. The Commissioner enipha- • sised the fact that the provisions of part 111 of the Act were merely an extension of similar provisions contained in the State Advances Amendment'Act of 1922, which authorised direct loans to farmers of amounts not exceeding £5OO. The Royal Commission of 1925 on Rural Credits had made no suggestion that these existing provisions should be repealed; and the new requirement “that 20 per cent, of the loan must be guaranteed provided an additional measure of security for investors in the board’s debentures. The Commissioner’s message then went into detail with regard to various provisions of the Act and concluded bv stating that the central board desired the district boards' to act in- many regards in an advisory capacity and that any suggestions or recommendations the district

boards might have to offer would be appreciated and their recommendations given full consideration. The board then proceeded to consider certain matters with to loans in general upon which the central board had asked for recommendations. CANTERBURY GRAIN AND PRODUCE MARKET. CHRISTCHURCH,’ March 30. Oats. —The market continues firm, and as fairly large quantities have to be shipped to London during April, some oversellers may find difficulty in getting their requirements next month at anything below current rates. Some “A” grade for April-September delivery is still available in small quantities at 3s 9d, f.0.b.,5.i., and “ B ” grade at 3s sd. A few prompt “ B ” grade at Lyttelton have been sold at 3s 6d. Further inquiries from London came to hand this morning for “A’ r grade for April-May delivery. ~ Wheat has been coming to hand in better condition than has been the case for the previous week or two; also there lias been more offering. Prices are firmer, due to certain contracts having to be filled before the end of March, and to some difficulty having been experienced in getting grain that would pass the grader. Quotations are 5s 4d to 5s fid at country stations. A temporary inconvenience ds being experienced owing to the shortage of new corn sacks, due to heavy yields this harvest. Farmers’ demands are being met by supplying once-used sacks. There is a further decline in potatoes, which are now quoted at £4 per ton. for prompt delivery. It is reported that fairly heavy shipments to the North Island were made during the week, the Kurow on Wednesday taking 8900 sacks, and the shipments generally for the past week or so have been as large as those made at the height of the season. The fact that the demands of the Auckland market have been met for the time being

is given as the cause for the reduction iq price. Onions are coming forward in quanti» ties that the market cannot quickly absorb, and as a consequence prices are easier, To-day’s quotation is £5 ss.One or two samples of the new crop of white clover were offered, but the quality was not choice. Sales have been made at 7d to 8d per pound, according to quality. No samples of cowgrass are yet on the market. Prices for seeds remain un» changed. CENTRAL OTAGO FRUITGROWERS. A number of growers met last week to confer with Mr Campbell (director of horticulture). Mr Laing (the president) stressed the importance of these conferences, as judged by the previous ones, I’ regard to the requests fo” assistance that had been made to the Government, he stated that frost-fighting was not yet in a completed stage, and the fruitgrowers would be pleased if the department could make another small grant for a continuation >f the experiments. He also wished to thank Mr Campbell for the interest he had displayed in securing for the association the grant of £BO for experiments in the manuring of orchards. Mr J. Wing, who was keenly interested in the experiment of dried apricots, brought the matter before Mr Campbell, and suggested that the Government should give a bonus for the first 20 tons of the fruit produced it. New Zealand. Mr Campbell replied to the various subjects in detail, and naid he was hopeful about the results of their requests. A general discussion of matters of vital interest to the fruitgrowers, including insect pests, blights, sprays, cases, and fruit trucks ensued, and the meeting concluded with a vote of thanks to Mr Campbell for his attendance. BREADSTUFFS AND PRODUCE. Friday Evening. Ihe position of the wheat market remains unchanged. Millers continue to hold off the market, and growers are disinclined to accept the prices that mav oo quoted. The broken weather in Canterbury, however, has caused an easing olf in the offerings. The weather has been more broken in Canterbury than in lago, and some of the northern farmers have been unable to stack their grain as a result. Nevertheless, the general wheat position will not be affected, as the bulk of the crops have been saved in good order, and there will be more than sufficient to meet the demand. The present value of Tuscan is 5s 6d on trucks, country tidings, sacks extra, Hunters 5s 9d, .and velvet 6s 6d. It has again to be remarked that some growers, having sold velvet wheat, are delivering either red chaff or velvet ear, and as might naturally be expected they are having their lines rejected. The fowl wheat market is easier. The demand is quiet and the quality onering is increasing. The current value is 5s 9d per bushel, sacks extra, ex truck. Only small quantities, however, are being placed at this figure. Millers’ prices for flour, etc., are now as follows:—

Flour: 2001 b, £l7 IQs; 100's £l9 10s; 50’s, £lB 15s; 25’s, £l9 ss. Bran, £7 per ton. Pollard, £8 10s. Oatmeal, 25’s, £2l ; 200’s, £2O. The oat market remains firm, and Httla business is passing. The offerings are on the small side, and . farmers’ ideas of value are above those of merchants. The only buyers operating are merchants who are covering their forward sales. Millers are not anxious to do business, and uie consumptive demand all round is really not of any great dimensions. In view of the fact that only one small sale of oats has been reported for export to London, and the absence of any other outside demand, it is not likely that the market can have strength once the forward buyers have filled their requirements. The present values are 2s lid and 2s 8d for A’s and B’s respectively, sacks extra, country sidings, equivalent to 3s 7£d f.0.b., s.i. and 3s The chaff market is bare of supplies, but oh the other hand the demand is small. Good quality is arriving from Canterbury, and sales have been made at £5 5s to £5 10s per ton. sacks extra, ex truck. Medium and poor quality is hard to quit at round about £4 to £4 ICs per ton, sacks extra, ex store. The quantity of potatoes reaching the market is increasing, and there is not the same keen demand from consumers. The current value is £5 15s per ton, sacksincluded, ex truck. The market is net strong at this figure. The demand from the North Island fot grass seeds has fallen, off, as most of »he sowing there has now been carried out, and for the next few months a quiet time is expected. The qualify of ryegrass offering is on the small side, and the reports from the south go to show that the quantity of this seed available is less th am was at first, anticipated. Crested dovstajlj and Chewings’s fescue appear to i>c plentiful, and the market for both these seeds has been dragging. Cocksfoot continues firm in price, and . it is expected that the prices will remain firm, consennent on no Danish cocksfoot coining in to supplement the local grown. reason For tlm falling off of the Danish importations is that these, under the neyr S s «edS have tn bo stained to distinguish them from New Zealand grown. Produce lines are quoted wholesale Follows: — Chaff. £5 5s to £5 10s per ton. ex truck, for best quality. Potatoes, to £5 15s ner ton. Eggs: Stamped. 2s 4d ■ case. 2s 3d. Dairy butter: Milled bulk. Is 2d; Is 2d. Supplies arc very scarce. Bacon. Is ner lb Harns, Is 2d per lb • boneless. Is 4d. Onions: Canterbury onions Ils pe r cwt. Eggs have advanced another 2d peP dozen during the week. FRUIT REPORT. Heavy supplies of apples are now arnv l Ing from all districts, and prices hav§

eased. A large, percentage of the apples are small and inferior, and these have io be placed at low prices to quit. This has affected the sale of the better class fruit. Choice dessert pears are scarce. These have a sound demand, and so also have cockers. A fair-sized line of Fiji bananas arrived ex the Katoa. These were on the ripe side, and there will consequently be a shortage before the holidays. No further supplies will be to hand until after Easter. A large shipment of Australian erapes arrived ex the Manuka. These were in good order and sold at satisfactory prices to the consignor. Oranges are scarce, and prices rule high. Supplies of plums have eased off and prices have finned. Lemons are. in good supply. The demand is not keen. Supplies of tomatoes have been very irregular during the week. Most of the tomatoes are coming from Christchurch and Central Otago. Prices are also irregular following on the irregularity of the supply. Some of the sales indeed have shown a loss to the growers. Local hothouse are in good supply, and are selling at, about 4d to 6d per lb. The vegetable market has shown an improvement, better prices being obtained for most lines, with the exception of cabbages and inferior grade cauliflowers Peas and French beans have a keen de mand. Lettuce also have a better sale. The low prices which have been ruling for vegetables have seriously affected the returns of the Chinese gardeners, and one er two at the Taieti have had to close down. Current wholesale prices are as follow :— Apples: Worcester pearmains, choice 6s to 8s per case; Cox’s orange pippins. 8s 6d to 10s; Jonathan, 6s 6d to 8s: cookers. 4s to 6s; small dessert apples. 4s 6d to 6s per case. Grapes, Is to Is 3d per lb. Peaches: Choice, 4d to 5d per lb in - crates; cases, 4s 6d to 5s 6d. Pears: Dessert, 2d to 3d per lb; cookers. Ijd to 2d. Bananas, ripe 25s to 27s 6d per case Blackberries, 5d to 8d per lb. - Oranges: American, 45s per double case. Plums: Dessert, in crates. 3d to 4d per lb; cooking, to 2d. Lemons: American, 60s per double case. Christchurch tomatoes. 2d to 3d for firsts; others lid to 2d; local hothouse, 4d to 6d. , Quinces, 3d per lb. Rhubarb, Id per lb. Beetroot, 9d per dozen bunches. Swedes, Is per case. Vegetable marrows. Id per lb. Potatoes, 6s to 7s per cwt. Peas 3d to 4d per lb for choice. Cauliflowers: Best, 5s per sack; others, Is to 2s. Cabbage, Is to 2s 6d per sack. Spring onions, 3d to 4d per bundle of six bunches. White turnips, 6d per dozen bundles. French beans. 3d to 4d per lb; Tuuncr beans, lid to 2id. Australian melons, 10s to 14s per cwt. Carrots, 9d per dozen bundles; 6s to 7s per cwt. MERCHANDISE MARKET. Tire Waipiata, due in the middle of the week, is bringing the next shipment of sugar. The Waikouaiti, from Sydney, brought. transhipments ex Eastern steamers, including rice and tea. The local cheese market continues firm. Supplies are plentiful. A cablegram from Singapore aimounces a further firmness in the tapioca market, and that the pepper market is easier. A parcel of shelled walnuts eame to hand ex the Waikouaiti, transhipped at Sydney. Californian prunes show an increased cost, following on firmness in the Ameri- i can market. A new line of lemon cheese, packed by Keiller’s, Dundee, has made its appearance on the market. A parcel of new season’s mildura currants arrived ex the Manuka. Reports from Melbourne state that supplies of cheese are in excess of the demand, and that the price of 9d per lb is not being sustained, except for firstclass quality. In some cases sales are being made down to 84d, new large cheese being quoted at 9d per lb, new loaf 91d, semi-matured and matured eheese at lid to Is 2d per lb, according to quality. Graded new-laid eggs are being quoted in Melbourne at Is 9d per dozen. The demand for bacon and hams in Melbourne is reported I o be improving slightly, but the market is being affected by bacon ; and ham ol medium quality, which is ar-' riving from the other States. Light sides of bacon are quoted at Is 3d a lb, heavy sides Is 2d, flitches Is 2Ad, middles Is 6d, shoulders is, side rolls Is 6d, flitch rolls Is s>>d, and shoulder rolls Is 3d a lb. Loose hams are quoted at Is Bd, bagged at Is 9d, and heavy-weights Id a lb lower, "*■'A general decrease in purchases of tea by Australia is disclosed in the returns for . the seven months ended January M. The decrease, compared with the corresponding period in the previous year, is 3,711,0021 b, the total imports having been 26,558.8391 b, as against 30,279,841ib High prices which have existed in the markets at sources of supply have been partly the cause of the reluctance of merchants in Australia to i&uy on the same liberal scale as they did .*n the previous year. The most outstanding falling-off in imports was in regard to Indian teas, the quantity brought into the country in the period at 2,065,2941 b, being 1,797,2361 b less than in the 1926-27 term. A decrease of nearly 800,0001 b occurred in imports of Ceylon teas, and of nearly 600.0001 bin those from Java. Re-exports for the seven months increased by 266,9341 b to 1,126.7001 b. Imports for the period and countries of origin compare with those for previous years as follows:—

'— 1925-26. 1926-27. 1927-28. July-Jan. lb. lb. lb. India ,. 4,623,926 3,862,530 2,065,294 Ceylon ,. 10.023,441 10,972,155 10,184,706 China 751,032 1,234,248 797,194 Javn etc. ._ ., .. 15,142,348 13,912,803 13,330,481 Other . 382,984 298;105 191,164 Total .. 30,823,731 30,279,841 26,568,839 Re-export.. ... . .. 1,205,124 859,766 1,126,700