DETERIORATION IN WOOL.

Press, Volume LXIII, Issue 19142, 27 October 1927, Page 10

DETERIORATION IN WOOL.

RESEARCH BEGINB. [THE PEESS Special Service.] ■WELLINGTON, October £6. Research into the question of wool deterioration is now being commenced by Government exports. Eecently the New Zealand Kornney Breeders' "Association voted £IOO to the Department of Scientific and Industrial Research for the purpose of conducting a scientific enquiry into the reasons for deterioration iu vrool fibres. Initially the Department was handicapped in its work by the fact that there was no high-powered microscope suitable for the task to be tound iu the Dominion. The tield of the ordinary microscope is only about three inches, and wool fibres, which need to be closely examined, are much longer than this. Now, however, a special microscope has arrived from overseas, s, microscope which projects, photographically, on to a screen the objects brought within its lield, and the work of examination has begun. It is hoped that valuable recommendations will be made after careful consideration of the various wools of the Dominion. OKAIN'S BAY DAIRY COMPANY. ♦ ' ANNUAL REPORT. The directors' report to be presented at ttie annual meeting of the Okaiu's Bay Co-op. Dairy Factory Company, Lie., next week, says We have to report that the 10-6-2 7 reason was easily a record for the factory as regards output, but owing to the low prices ruling for dairy produce the return to suppliers for the year was considerably lc-36 than for the past feu- seasons. Statistics for the year are \as follows:—Milk, 7.0G7,4271b; butter-fat, 258,4631b; average xcßt, 3.657; cheese manufactured, 697,5871b (311j tons); lbs milk to lib cheese. 10.131; lbs cheese to lib butter-fat, 2.605; wheybutter made, J3,3851b. Of the cheese made, 170 tons were exported, 130 tous sold to our Auckland clients, and illi tons disposed of locally. The averago grades for the season were: Export cheese, 92.336 points; Auckland cheese, SU.GiO tons; total average, 92,.030 points. A Herd-Testing Association was in operation during tho season, the expenses being paid out of tho company's funds. Tlie testing officer, Mr A. W. Ericksen, carried out his duties thoroughly and efficiently, and the scheme met with general favour with suppliers; it is being continued during the coming season. The total cost of testing for the year was £214 7s 6d. With 1205 cows tested, the cost was only os 6d per eow.

Tho valuo of exported cheese has been taken according to the latest advicos from the Dairy Produce Board, after making a liberal allowance for shrinkage, and should be approximate to the final result. The balance to credit of profit and lots is £4150 10s Bd, which we propose to allocate as follows: —Dividend of 7 per cent, on 3000 shares at £1 each, £230; depreciation of plant, £100; and a linal payment to suppliers at 3sd per lb butter-fat, £3769 10s lOd; and carry forward, £7O 19s lOd. Suppliers having been paid Is Id per lb, the final paymeut will make Is 4Jd per ib of butter-fat for the season.

As nearly £2OO was spent on the repainting and renovation of all buildings, it is not proposed to write off any depreciation of buildings this year. During the year a new ISO. h.p. boiler and a pasteurising plant were installed. Only about one-third of the output, however, was pasteurised, our Auckland client preferring non-pasteurised cheese. We recommend an addition of £SO to fixed deposit account, bringing it up to £750. Thanks are due to the manager, Mr F. C. Milne, and his staff, and to the testing officer, Mr A. W. Ericksen, and his assistant, for their services. The retiring directors are Messrs W. Mould and A. W. Ware. They are eligible for re-election. t Mr Chas. W. Leete, of Akaroa, offers his services as auditor.

DAIRY PRODUCE BOARD. LAST WEEK'S MEETING. At a meeting of the Dairy Produce Board held last week, consideration ■was given to letters from several dairy companies expressing anxiety regarding the condition of the license which empowers, the Board to undertake audit/of accounts in Great Britain. Whilst some expressed a desiro that no continuous audit should he undertaken, others wished this type of audit carried out. The Board decided that as Mr H. E. Davis, the London manager, would have an- opportunity of handling copies of all account sales in. London, and would be able to advise the Board as to the necessity or otherwise of a continuous audit, the question could be held in abeyance in the meantime.

Advice was received of complaints from merchants regarding short-weight butter in London. Tho Board decided that the standard weight of butter, either for . consignments or f.o.bv sales, should be recognised at 561b 6oz, including parchment paper. The Board is urging the Provision Exchange in London to recognise the "standard of 561b 6oz, including parchment, and further, that in weights, taken on any one consignment, over-weights should be set off against short-weights. In connexion with cheese weights, the Board decided that whilst over-weights should b« set off against short-weights, payment for any weight in excess of the marked weight when so averaged could not be expected. \ The London office cabled stating 'that the British health regulations provide that .all butter, containing preservative must bo consumed by December 31st, 1927. A further payment of 9-16 d per lb on the second butter pool will be mado on November 4th, totalling £267,000. This will leave only a small further payment to be made, which will bo paid out when all account sales come to hand, probably early in the New Year. A further payment 6i about 3-16 d per lb on the cheese pool, totalling shout £125,000, will be made about the end of November. The same remarks as made in connexion with butter apply to the further final payment from tho cheese pool.

LONDON MARKETS. The Bank of New Zealand has received the following advice from its London office, under date October 21st:Tallow—There is a keen demand, and prices have advanced Is 6d per cwt. Butter—Demand stagnant; 173s to 176b per cwt. Cheese—Very slow; 102s to 104s per cwt. Frozen" Meat—There is only a poor demand for wether mutton. Trade in ewes is slow. The market is weaker for second quality lambs, first grades remain steady. The beef market is depressed owing to absence of demand. Wethers, light 6d to 6Jd per lb, heavy CJd to 6d per lb; ewes, 41d to 5d per lb;'lambs, 2's 9Jd to 9Jd per lb, S's 9Jd to 9Jd per lb, 4's Sijd to 9d per lb, seconds BJd to 9sd per lb, Argentine 8d to 9d per lb; ox, hinds 4Jd to 4jd per lb, fores old to 3Jd per lb. LAND SALES. H. C. Smith, auctioneer, the City Market, 550 Colombo street, reports the followng property transactions during the post few days: ■ —By public auction at Kaiapoi, Saturday. 22nd inst., the property situate in Sewell street, on behalf of the trustee in the estate of Caroline Totirell (dec.), comprising dwellinghouse of eight rooms, together with section of J-acre land, to Mr George Chinnery; also, on Tuesday, 25th inst., at Bryndwr, account of the trustees in the est3te of Alico J. Harris (dec.), , the property situated No. 38 Lees road (off Idris road), comprising cottage of 4 rooms and outbuildings, together with li acres land, to Mr Baker, at £547 10s; also, by private treaty, account Miss A. M. Cole, the property situate No. 64 Baker street, New Brighton, comprising bungalow residence of four rooms, together with section of 30 perches land, to Mr and Mrs Macfarlane. Account Mr H. Snook, the property situate No. 54 Snndyford street, Sydenham, comprising a residence containing seven rooms and conveniences, together with section of appro*. 20 perches land, to Mr C. G. "Wright. (This property was passed in at auction sale in mv rooms on Friday, Ostobor 7th, having failed to realise the owner.' 8 reserve.) I wish to draw special attention to my auction sale advertisements on back page of this paper, particularly to the auction sale of a St. Albans property. H. C. Smith, auctioneer. —6 Messrs H. Matson and Co. sold on behalf of the trustees of the estate of -the late Geo. Kelso, Blocks 1, 3, and 4 at satisfactory figures, to Mr John Lydster, Mr E. Read, and Mr R. 'Wilson, all of Kaiapoi. The remaining block (Block 2), of 13 acres 3 roods, was passed in. -

ASSOCIATED CHAMBERS OF COMMERCE.

ANNUAL-CONFERENCE. The annual conference of the Associated Chambers of Commerce of New Zealand opens in Christchurch tomorrow morning under the presidency of Mr TV. Machin. About forty delegates from different parts of the Dominion are expected to attend. After the presidential address has been delivered to-morrow morning, the conference, amongst other matters, nil! discuss a report on the constitution and operations of the Arbitration Court. In the evening, the Canterbury Chamber ■will tender a dinner in the Winter Garden to the visiting delegates, and the Mayor (Mr J. K. Archer) trill extend a civic welcome. On Saturday.there will he a motor trip to Akaroa, and the following day a drive round the City. On Monday the consideration of remits will be resumed. There are thirty remits to be considered.

HIGH COMMISSIONER'S REPORT. The Department- of Agriculture has received the follov.-ijrg cablegram, dated 22sd instant, from ihe High Commissioner for -*e\v Zealand. London: TALLOW. Spoc market firm, end price.-* hardening. Active demand for a!i descriptions. Preicnt quotations ore: ihr.lon. fine 3Ss per <:wt, fair to good Cd to 370 6d per cwt, dark to dull 3os to SGs per cwt: beef, sweet sua/or %ii:."e'l 39s to 41s Sd per cwr. fair to good 3tis fid to 38s Cd per cwt. dark to dull 3ta to IV>s (id per cwt; mixed, fair to rood 36s tid to 3Ss 6d per cwt. dark to dull -4s to 85s 6(1 per cwt: gut, eij., 3'ls to 3is per c-.vt. ' HEMP. Manila market easy. . "J"' grade, OctoberDecember shipments, quoted £42 5s sellers. Good enquiry for afloat reported at £44. Sisal market dull. Small business has been done iu No. 1, October-December shipments, 'at £36 10s, Sellers quote afloat at £36 ss. Mexican unchanged; good white value £34 to £34 10s. .Vew Zealand reports fair demand from America and Australia for highpoints. Small business has been done on the Continent in lower grades. Closing values: High-points .535 10s, fair 10s, and common .£32 10s. WOOL. Bradford market continues firm owing to !ho strength of raw material. Quotations maintained at iaai rales quoted. , DAIRY PRODUCE. The Xew Zealand Dairy Board has received tho following market report from its London agency, dated October 21st, 1027 (prices for last week being given in parentheses):— BUTT IST!. yew Zealand—Salted 173 a to 178s (17-ls to 178s), unsaited 184s to 188s (184s to 183s). Prices uomiual, with almost entire absence of demand. Australian —Finest salted 172s to 178s (172s to 176 a), unsaited 178s to. 1323 (178s to 182s). Argontinc—Finest nnsulled 170j to 17-ls (170s to 1765). Irish Creamery—Salted 170$ to 172s (174 a to 17C-0, unsaited 176s (174s to 3 78s). DutchI—Unsaited 1 —Unsaited 188s to 192s (194s to 1965). Esthonla-.i—Salted 170s to 176s (170s to 17Ss). unsaited 174s to 176s (174s to 178s). Latvian—Unsaited 1725. Siberian—Salted 14Ss to lOes (132s to 15£s). Danish—l9os to 192s' (192s to 1965). Argentine production now increasing. Retail prices unchanged. CHESS E. New Zealand —While and coioured 102s to 105s (103s to lOd's). Market very slow. Canadian—Finest white and coloured 103s to lOfis (104s to 105s). Australian—Finest white and coloured 100s to 102s (101s to 102s, 300s to 103s). English—Finest farmers' 126s to 130s (126s to 3305). Retail prices unchanged. The Board has also received the following market repors from its agent in Canada:— Butter—Xew Tork 43$ cents (2s Old), Montreal 27J cents (Is 18d), San Francisco 49 cents (2s O&d), Vancouver 39$ d cents (Is 7Bd), Canadian 38jjd cents (Is 7Bd). • Cheese —Montreal 20 cents (10d}. EXPORTS FROM CANADA. Butter. Cheese. Packages. Boies. Ftoiu May Ist (beginning of season) to Aug. 27th, 1927 .. 3.623 390,481 From Aug. 28th, 1926 58,953 687,610

EXPORTS FROM AUSTRALIA TO UNITED KINGDOM. . Boies Butter. July, August, and 5ept..1.027 .. 41,000 July, August, and Sept. 19i!e .. las,§3o AUSTRALIAN CONDITIONS. * The September summary ot" Australian conditions issued by the National Bank of' Australasia, Ltd., says:— On the whole, sales of necessities are' well maintained, but a slackening is apparent in the turnove'r of some lines of luxury goods. The motor-car trado reports lessened sales and inability to attract buyers, notwithstanding easier terms and stronger selling pressure. A greater tendency to defer the payment of trade accounts by city traders is noticeable, and there is complaint that country storekeepers are applying for extension, of trade bills. This difficulty is in part occasioned by the continued shortage of banking accommodation, but in addition the spending power of many has been curtailed by loss of wages through unemployment, and in certain sections primary producers' incomes for the current year show reductions from previous levels. The Federal Budget i? based on the expectation of continued prosperity and of absorption of imported goods on the scale of tho past few years. Some cut is made in taxation, but the Treasurer expects to make good the shortage out of increased Customs revenue. Stock Exchange prices show no marked ,fluctuations during the month, and investors' ideas of valueß have been accepted' by the Federal Treasurer, in setting out the terms for the Conversion Loan of 56,000.0Q0 dollars maturing on .Do-' cember 15th. The outlook for iudustrial affairs shows improvement. Overseas trade returns for August reveal betterment over the figures for August of last year, but the adverse trade balance amounted to -6,423,000 dollars. It is expected' that the exports for the season will show a reduction upon last year's figures, and-imports also are unlikely to hold at recent levels. Not ODly are locally manufactured goods in better demand, but incomes of . farmers and graziers in the Eastern States will show some shrinkage owing to less favourable seasonal conditions, and less money will be available for the purchase of imported goods.

GOLDEN BAY CEMENT CO. The directors o! the Golden - Bay Cement Company, Ltd., report for the year ended June -30 th a profit of £1564, after writing off depreciation amounting to £SOOO. The amount of the profit, together with the balance brought forward from the previous year, £6664, leaves an amount of £8228 in profit and loss appropriation account. The •directors recommend that no dividend should be declared. The plant at Tarakohe has been able to turn out a larger quantity of cement during the year under review than the works wore originally installed to produce. It is stated that arrangements are on the point oi being completed -which will place the company In a favourable position to manufacture cement of the highest quality at a low cost. In order to finance the remodelling of the works, debenture holders are being asked to supply a quota of the cost, the balance to- be found by shareholders. N.S.W. EGGS. LONDOX, October 25. A shipment of 129 cases of N'ew South ■Wales eggs, ex the steamer Moldavia, were opened in splendid condition. There were no breakages. They realised 16s 6d to 19s according to weight. WHEAT. XEW YORK, October 25. Wheat, quoiations are:—December l'-'dj, March 127J, May 1295 cents a bushel. BUTTER PRICES REDUCED. (BT CABLE—PSJ-.SS ASSOCIATION(IUSTBJLUAX X.Z- CABLE ASSOCIATION./ (Received October 06th, 8.40 p.m.) SYDNEY, October 26. The wholesale price of butter has been reduced j?y 3d •» pound to 203 -Id per cwt.

CHRISTCHURCH STOCK EXCHANGE.

Yesterday's markets, though qoiai, wars excesdingly £rm. Prices are still in favour ci asllers, and buyers quotes for most stocks indicate a stretching out cf .limit*. There is perhaps no great buoyancy shown, but rather a, gradual hardening, which precludes anyviolent fluctuations and decrease® ih9 volume of business, buyers being Blow to catch up to tie increased prices that sellers are asking. Iu the stock and bond market, prices remain steady, with no signs of sellers weakening; £IOOO 4J per cent. 1939 stock changed bands at £56 10s, buyers cfiering £36 5s for •a. further sut-ply. Tliare was a,parcel of 5i per C9nt. lati7-41 stock bought at £9B 12s 6d. Other issues were unchanged at Tuesday's prices. In the banking section, Bs.uk of Adelaide are wanted at £3 14s, sellers asking £8 las, and a sale taking place at £8 14s 6d. Commercial, Bank of Australia were fractionally firmer at buyers 26s Sd, sellerß holding for '2sa 9d. £lO 4 per cent, preference shares in this bank were wanted at £7 0s 6d, no sellers offering. Union Bank filiates are i:quote*! ez rights. The announcement ci the r.ft-.T issue at a premium of £6 caused a further weakening, sellers at £l4 7s Gd, no buyers. "Rights," which were sold on Tuesday at 51s, were turned over at 51s, 56a, and 555; market closed firm with buyers at sis, sellars. 575. Fractions, which are one-seventh of a, "right" to one n6w sharo at £ll were turned over at 8s 6d to 9s, the demand exceeding the supply at that figure, an advance on Tuesday's sales, when a ;'ev were sold a] 7-s. 1 In the miscellaneous investment Motion, there wa-s a vumover of 100 shares -S"ew Zealand Insurance at 80s 3d, with further ■sellers at that price. South British Insurance had sales at S3s ld and 583 li<l (sales on Tuesday at 583 3d). Market closed 5Si buyers, 5&3 Sd. sellers. DaJgety and Co. we it unaHared at £l3 li>3 buyers, £l3 lis Lid rollers, mid for the new shares lully paid £'.2 10s wn3 ofiereci, sellers holding lor £l3 us 6d. Goldabrough, Mori, buyers 17s 3d, sellers 48s. Taupiri Cos) entered the buyiag list at 2G3, and for W'estport Ccal3 sellers offered at S6s, buyers quoting 34s 6d. Christchurch Gas were fractionally firmer at 23s 4d buyers, 24s sellers; 6s (id was paid for 300 new os paid shares in this company; market closing buyers 6s 4d, sellers 6s 7d. A sale of N.Z. Refrigerating - fully paid took place at 13s. Beath and Co. were ofterad at 32s 3d, a slightly easier price; Sis ld was bid by buyers. Ten Colonial Sug-ars cha.nged hands at £j-1 23 6d, an advance of os on last recorded sales. Market, v.-as firm at buyers £54, sellers 2:5-4 ss. ' Electrolytic Zivr.3 were firmer, but no business wa3 recorded. For tli9 ordinary shares buyers offered 30s, sellers Els, and for the profaretice shares iii this company 31s 7d was bid by buyers, sellers asking 31s lOd. IS'.Z. - Drug Co. had a turnover at Sis Sd; market closed frta 3d buyers. G-ts 5d sellers. One hundred and fifty "Whitcombe and . Tombs •sold at -67s £d.

YESTERDAY'S TRANSACTIONS. Sales reported—N.Z. Govt. 41 per ceait. Insrr., 1989, £93 10s; Union Bank (rights), ."ils (two parcels); .V.Z. Govt, oi per cent. Inscr., 1&27-41, £dS 12s 6d; Iv.Z. Insurance, 39? 3d; X.Z. Drug Co., 64s 3d; South British' Insurance (cum div.), iSn ljd; itcombs and Tombs, 67s (id; I\ T .Z. Kef rig. (£1 paid), 15s. Sales on 'Change—Union Bank (rights), ols, 565, 55s (two Union Bank (fractions), So (two parcels), 8s 6d, Bs (threo parcels); South British Insurance (cum div.), uSs Id; Christchurch Gas (new, us paid), 6s 6d (two parcels); Colonial Sugar, £s4*as Cd (three parcels); Baal; oi' Adelaide (cum div.), £6 14s- fid. LATEST QUOTATIONS.

OTHER EXCHANGES. (PKISS ASSOCIATION TELESEAIiS.) AUCKLAXD, October 26. Sales —"War Loan, 1936, s!j per cent., £lOl ss; Inscribed Stock, 1938, 4$ per cent., £96 7s 6d; Commercial Bank of Australia, 28a Sd; Bank of >"ew Zealand, 535; Union Bank, rights 56s 6d, fractions 9s 6d; Pnkemiro Collieries. 60s; Auckland Gas, 22s lOd; Northern Steamship (con.), 7s; Colonial Sugar, £54; Wilson's Cement, 36s 6d; Occidental Una (2s paid), Is 7d, contributing Is 4d. WELLINGTON, October 26. Sales Reported—Bank of Nptv Zealand, 57s 9d; Xew Zealand Breweries' Bonds, 'JSs Bd. DUXEDIX, Oatober 26. Sales Reported—Union Bank, rights 50? fid prem. (two); New Zealand Insurance, 39s 3d; Xational Insurance, 80s.

Buyers. Selle: I'S. £ 8. ■ d. £ s. d. A.H. GOVT. DEBENTURES— ' 4$ ' per cent. Inscribed, 1933 96 2 6 96 10 0 44 per cent. Inscribed, 1S39 SG 5 0 96 10 0 per cent. Bond?, ■'1930 97 .10 0 <li par cent. Bonds, 1935 .. . 9<i 2 6: S • per cent. Bonds, 1927 .. ' 99 10 0 • ■ 5£ per cent. Inscribed, 1927-41 9S o 0 fii per cent. Inscribed 1933 101 s 0 oh per cent. Bonds, 1933 101 5 0 101 10 0. oil per cent. Inscribed, 1936 101 S 0 101 7 6 OTHER DEBENTURESJlakerua Drainage, 6 par cent., 1946 102 0 0 "Waimairi County, flj per cent., 1030 SS 17 6 30 10 0 N'.Z. Braweriea, Bonds 1 3 6 1 3 10 BANESAdolaide (cum div.) S 14 0 8 lo 0 Aust. of Commerce .. 1 12 9 — Australasia 14 11 a 14 13 0 Comm. of Aust. ■ .. . 1 8 s 1 8 10 Comm. of Au£l. (pref.) 7 0 & — E., S., and A. 7 11. 0 7 14 I) F.., S., and A. (Royal Bank issue) 7 9 0 7 10 6 Nations] of Australasia (£10 paid) 17 9 0 17 10 0 National of Australasia, (£o paid) .. .. 8 13 0 8 14 6 National o£ N.X. 6 15 0 (i 19 U New South "Wales <14 0 0 44 4 0 New 'Zealand .. 2 17 9 2 17 10 Union of Aust. (e^ H 7 rights) .. ... Union oi Aust. (rights) 6 2 15 0 2 17 0 Union of Aust. (frac•o tions) 0 9 — INSURANCE— 1 19. " NeW Zealand .. — 3 Queensland — 2 16 •3 South British (cum 1 18 dir.) .. 1 18 0 3 United 12 0 0 15 0 0 LOAN and. AGENCY— * Dalgety and Co. 13 10 0 13 11 6 Dalgety and Co. (nev:) 12 19 0 13 0 S Goldsbrough, Mort 2 7 3 2 8 0 Ooldsbrough, Mort, (new) — 2 7 3 National Mortgage ... S 12 3 3 18 0 N.Z. Ix>an and Mercan0 tile (ord. stock) 93 10 0 99 0 N.Z. <md River Plate 1 7 0 — SHIPPING— Howard, Smith 1 10 0 1 10 5 Huddart-Parker 2 6 0 — FROZEN MEAT— Canterbury 7 10 0 3 0 0 N.Z. Refrig. (£1 paid) 0 14 10 0 15 1 N.Z. Rofrig (contr.) .. 0 7 8 0 7 9 WOOLLENS— Kaia.poi (17b paid) 0 7 6 0 3 0 Kaiapoi (pref.) o :o 0 0 12 6 COALTaupiri (ord.) 1 6 0 1 16 WeStporfc 1 14 6 0 GAS— Auckland .. • 1 2 7 1 3 3 ChristchuTcJi .. 1 3 4 1 4 0 Christchurch (new 5s paid) 0 fi i A fi 7 Timaru — 1 2 9 BREWERIES—

Crown n 12 9 — Now Zealand .. ■2 3 11 '2 i 5 Staples .. •• 1 IS 3 1 19 3 CEMENTS— Wilson's .. .. i :g 0 1' 16 9 MI SCEiLLANEOUS— Beath and Co. 1 1-3 1 1 12 5 Colonial Sugar 54 2 6 Si . 5 0 Bunlop Rubber 1 5 0 Electro. Zinc (ord.) .. 1 10 0 1 11 0 Electro. Zinc, (pref.) .. 1 11 7 1 11 10 Henry Jones Co-op. .. 1 IS 3 2 0 0 Holden'e Motors 111 0 1 H 7 Mercantile Finance Corporation (5b paid) .. 0 ) fl 0 2 1 N.Z. Drug Co. 3 i 3 3 4 5 K.Z. Farmers Co-op. (pref. re div only) ' 1- 7 0 1 17 6 N.Z. Farmers' Co-op. (6j per cent. Stock, 1930) SO 0 0 X.Z. Guarantee Corpn. 0 8 6 0 8 7 Sanford, Ltd. 1 0 3 Quill, ilorria 1 1 0 MINING— 'Albujnia, .. - .. ft 1 10 9 Kavrarau <) 0 0 1 3 iit. Lrell 1 7 3 1 7