STOCK MARKETS.

Sun (Christchurch), Volume VI, Issue 1628, 3 May 1919, Page 2

STOCK MARKETS.

ENFORCED OVERSTOCKING.

Overstocking, like failure to provide winter feed, is a risVy experiment at all times. ' The only difference between the two, in fact, is that the one '' comes off'' more often than the other. The wise farmer takes no undue risks, so he is not as a rule caught on either of these two points when the season plays false. This vear, however, we have the somewhat unusual position.of enforced overstocking on top of what is-more or less a failure in winter root crops and. mOroover, in a year when autumn feed would have been bare in any case.

From a pastoralist's point of view, there is as yet no apparent hope of early relief. It is true that some districts report feed a little brighter, and there is a good deal of rough grazing in the back country, but unless we are favoured with ja particularly mild May (which means I practically a total absence of frosts) it is too much to expect pasture" to gain upon the over-heavy stocking which a good deal of it is carrying. In the same way, while export buyers were working more freely at Addinston last week, their tether must be short until more shipping space is available, although it is perhaps onen to doubt if things are just quite so black as some reports would indicate. There have been several meat cargoes loaded at LytteHon lately—the Corinthic sailed this week with 30,000 carcases of mutton—and so long as there, is that overflow, stock will be bought to fill up. In connection with the' Corinthic an attempt was made by, the North Canterbury executive of the Farmers' Union to have the vessel reserved for Canterbury meat —to be loaded at Lyttelton and Timaru—but the Minister approached (the Hon. .D. H. Guthrie) sent no reply to the letter and the Corinthic has sailed for the North Island. Mr Guthrie has already pointed out that the matter is not in the hands of the New Zealand Government, and probably he can do little. But it has been cabled that the Prime Minister (Right Hon. W. F. Massey) has tentatively arranged with the Shipping Controller for 11 insulated steamers to load in New Zealand this month and 12, or possibly 13, next month. There is tacked on a warning that strikes, quarantines and other delays may upset those plans, but it is something to know that the Controller can spare the ships for the Dominion. In any ease, it is now May and the works are still killing, although at one time it was anticipated that the end of April would see them close, so things are not as bad as they might have been. AVhether or not any of what would ordinarily have been this season's fats have to be carried over the winter on the hoof, many will be turning anxious thoughts towards the spring." If feed comes away early next season, stock that has struggled through the winter will get a good lift off. THISTLE.