CLOSER SETTLEMENT IN TEXAS.

Dominion, Volume 3, Issue 847, 20 June 1910, Page 8

CLOSER SETTLEMENT IN TEXAS.

CUTTING UP THE .RANCHES. A Texas ranchman tolls in the American "-Breeders' Gazette" how closer settlement has been going ahead in his State. Ho says:—"Ten years ago I bought a seven-section pasture in Fisher county. It was just nn ordinary pasture, no better and no worse perhaps -than thousands of pastures then in Texas. In one corner was a little one-room shack with a leanto. To-day there are five families and five farms and farm-houses ou one section, three farms and families on another, three farms and families on another, four farms and families on- another, two farms and families on another, and ono farm and family on another, wliilo an 'octopus' ivho owns three sections is fighting settlers off the other." The writer goes on to say that in the old days ho had 1800 cattle and calves on the place, and all that remains of the bunch is an old roan cow by whose aid lie has raised a pig every year. . Sixty coivs would be a generous estimate of the cattle now on the whole of the old pasture. Thus havo American beef prices gone up, and thus no doubt comes Mr. Malkow back to Australia. GENERAL FARMING NEWS. Mr. J. G. Wilson, the Dominion president of the New Zealand Farmers' Union, is suffering results of overwork. Ho is endeavouring to .secure rest at present, and with that object lie asked to be exoused nttendim? the Farmers' Union annual dinner at Palinerston North on Friday night. A farmer pointed out, during a speech at the fanners' dinner at Palmersfon North, that if they could increase tlio price they obtained for their clips through properly" sorting the wool, they might bring anything up to a million more money to the Dominion every year. Therefere, he thought, wool-classing nil excellent thing. On a Lincoln' Bead (near New Plymouth) farm there aro evidences of what can bo done in the way of improvement on a farm irhich iras onco unsightly with logs and blackberry, and is now splendid grassed paddocks. A business man, who went on the land «oon after arriving in New Zealand from England, said at a function a few days ago that if he was'an early riser when farming, it was because his bedroom and the fowlhouse were under the ono roof, and adjoined ono another—and the rooster was an early bird. There are still a fair number of bullocks being sent to the Waitara Freezing Works, but the supply of, sheep "has decreased. In the egg-laying competition at Papamii, T. Kennedy's (Rangiora) Silver Wyandottes took the lead with a total of 211. C. H. Robinson's (Christchurch) Black Orpingtons totalled 20S, and his White Leghorns also 208. A total of 195 was reached by W. Balch's (Belfast) White Leghorns, and Mrs. R. AY. Hawke's (Papanui) entries of the same breed. .Thirty-four was the highest for the week, laid by G. Finnis's, S. S. Steele's, and A. Smith's. - LIVE STOCK SALES. Messrs. Abraham and 'Williams, Limited, report as follows on Ifr. A. Huntley's sale, held on Thursday, at Cross Creek—There was a large attendance of buyers, and we have to report a record sale. Prices are as under: Cows, to calve August-September, from £6 ss. to £11; the average for- the herd being £7 18s.; cows in milk, from £5 to £6 155.; heifers, £6 10s. to £7 55.; threeyear empty heifers, £2 165.; heifer calves, £2 135.; bulls, to 6J guineas; empty cows, £3 17s. 6d.; hoggets, Bs. 5d.; two, four, and six-tooth ewes in lamb, 155.; aged ewes in lamb, 55.; sows in pig, £1 16s. to £2 55.; boars, £1 3s. Cd.; wcaners. 7s. 3d. COMMERCIAL ITEMS. I'NTESTJIEJfT SHAKES. Sales'were made on Saturday of- new issue National Hank shares at £2 premium, and Ward and Co., brewery shares, at £4 18s. 6d. National Bank, buyers £6; Equitable Building, buyers .£9 - 7s. 6d.; Metropolitan Building, buyers £12; Wellington Investment, buyers lis. 3d.; Wellington Trust and Loan, buyers £7 75.; Wellington Deposit, buyers Bs. 3d.; National Mortgage, buyers £3 4s. 6d., sellers £3 65.; New Zealand and Eiver Plate, buyers £2; Feilding Gas, sellers £1 2s. 6d.; Gisborne Gas, buyers £2 lis. 6d.; Napier Gas, buyers £12 55., sellers £12 10s.; Palmorston North Gas, buyers £7 155.; Wellington Gas, £10 paid, buyers £18 55., £6 15s. paid, buyers £13 7s. 6d., now issue, sellers £2 10s. premium; National Insurance, buyers £1 95.; Standard Insurance, buyers £1- 45.; Christchurch Meat, buyers £13; Gear Meat, £4 paid, buyers £10, £1 paid, buyers £2 135.: Now Zealand Shipping, buyers £8 2s. Cd.; Wellington Woollen, ordinary, buyers £3 45.; preference, buyers £2 95., sellers £2 10s.; Taupiri Coal, buyers 19s. Bd.; Westport Coal, buyers £0 9s; Leyland-O'Brien Timber, buyers £1 55., sellers £1 ss. 6d.; Now Zealand Drue, buyers £2 Bs. 6d.; Tara.nga.mutu Totara, buyers £1 75.; Ward and Co., brewery shares, buyers £4 17s. 6d., sellers £4 19s. Id.

EASTERN EXTENSION AUSTRALASIA AND CHINA TELEGRAPH. . The report of the Eastern Extension Australasia and China Telegraph Companj. Ltd., for tlie half-year ended December 31, 1909, states that the gross receipts amounted during that period to £515,034, against £306,889 for the corresponding halt of 1908. The working expenses, including £17,997 for maintenance of cables, absorb £143,674, against £151,507 for the corresponding period of 1908, leaving a balance of £171,360. From this is deductod £3841 Sol income tax, and £15,048 for interest on debenture stock, leaving as the net profit for the half year £152,471. After adding £58,884 brought forward from the previous half-year there is an available balance of £211,315. One quarterly interim dividend of 13 per cent, has been paid for the halfyear, and it is now proposed to distribute another of like amount on the 11th instant. It is also proposed to pay a bonus of 4s. per share, or 2 per cent., making a total distribution of 7 per cent, for the year 1909. The sum of £50,000 has been transferred to the general reserve fund, and the balance of £26,315 is carried forward. '

JAMES NELSON AND SONS, LTD. Tho report of James Kelson and Sons, Ltd., for the year ended, January .1, 1910, states that throughout the year all classes of live stock in the Itiver Plate continued to realise high prices, while, on the. other hand, the selling values in the wholcsalo markets on this side for a long period ruled exceptionally low, especially for mutton and lamb. This naturally affected to a considerable extent the result of the company's retail business, and the directors therefore feel pleasure in being able under such adverse circumstances to present to the shareholders an account which hhows a profit balance almost equal to that of the previous year. The net profit for the year was £40,993, which, added to £41,931, brought forward from 1908, makes a total sum of £62,925 ,to be dealt with.' The directors recommend a dividend of' 7* per cent, on the ordinary shares, leaving £46,425 to be carried forward. The usual provision for depreciation has been made in tho profit and losii account, and the entire cost of maintaining in an efficient condition all the properties of the company has been paid nut of revenue. EIUTISH NEW GUINEA DEVELOPMENT. The report of the British New Guinea Development Company, Ltd., submitted to the statutory meeting, states that Lhc total number of pharos allotted is 560,009, divided into 5C0.0C0 seven per cent, participating preference shares of £1 each issued for cash, and 60,009 ordinary shares of £1 each, allotted as to 60,000 on account of the purcltado consideration payable to the vendor company, Papuan Lands, Ltd., oi its nominees, pursuant to agreement dated January 18, 1910, and credited as fully paid up : and as to 9 subscribed for in cash. There has been called up_ on the 500,000 seven per cent, participating preference shares the sum of ss. per share. The total amount of cash received in respect of the 500,000 seven per cent, participating preference shares is £124,761. TRUST AND AOIJNOY OF AUSTRALASIA. The report of the Trust and Agency Company of Australasia, Ltd.. for 1909 states that after payment of management charges, taxes, interest on debentures and debenture stock, and intorcst on ordinary capital paid in advance of calls, the revenue account. !;icln*!v* of £2M uroußnt forward, shows a credit balance of £56,290. Of this amount, £43,837. has been paid in dividend on preference capita] and £2187 for interim dividend on the ordinary capiat. Dealing with the balance available the directors have transferred £3000 to reserve fund, raising that fund to .£360,000, and they further recommend payment (freo. of income-tax) of a dividend foe thq.

half-year ended December last of Is. per share, making a total distribution for the year of Is. M. per share, or 7* per cent. A lialauco of £2689 will remain to bo carried forward. An agency has been established in Argentina, and tho company is now, to a limited extent, investing money on mortgage in that country. The directors see no reason to doube that, with tho assistance of the local bourd, a sate business can be conducted there at remunerative rates of interest. AUSTRALIAN GOLD. Tho production ot gold in tho Commonwealth continues to decline in Quantity, tho totals for the first five months of tho current year showing shrinkage to the extent of 40,5-16 line oe., when compared with the output during the corresponding portion of 1909. The yield in Victoria, as gauged bv receipts of gold at the Melbourne branch of the Mint, show a falling oil' of 11.2-10 fine oz., the Now South Wales total is less by 1743 fine oz.. and Western Australia by 41,138 fine oz. Queensland presents a contrast in the shape of an increase of 12.943 fine oz., and the aggregate for New Zealand has advanced from 179,437 fine oz. to 184.386 fine oz., an improvement of 4949 fino oz. The consistent diminution revealed by the Western Australian figures has led to action on tho part of the Chamber of Mines in that State. Tho Chamber has urged tho Minister for Mines to undertake a systematic geological survey with the object ot stiniulatinE prospectins and developmental operations in new auriferous areas. The totals of production of each State for tho first five months compare as Und ° r: ~ , ' 1909. 1910. Pine oz. Fine oz. Victoria 250.496 239,256 N.S. Wales 76.383 74,640 Queensland 163.859 176,802 W. Australia ..... 649.5GS 608,430 S. Australia 2,000 MM Tasmania 15,500 15,1g New Zealand 179,437 184,386 1,337,243 1,301,646 Tho figures for South Australia and Tasmania aro estimated, for tho other States the official figures aro taken. THE OIL BOOM. Tho boom in oil, which is ono of the features of tho London Stock Exchange, is not without its advantages to New Zealand. Gisborne has already secured outside capital for exploiting its oil areas. Tho Taranaki Petroleum Company has spent a good deal of money in developing its bores, and the results warrant further efforts. Tho company has several offers for options, but the directors aro believed to bo acting with caution, their main object, no doubt, beinr to avoid tying up their properties to company promoters on the "heads I win tails yon lose principle." What tho directors should insist upon having is a substantial deposit subject to forfeit in the event of the option not being exercised. The world's production of petroleum during tho paEt three years was approximately as under:— 1909. 1908. 1307. Barrels. Barrels. Barrels. United States 170,000,000 180,000,000 165.000.000 Russia Sb,OCO.GCU 52,500,000 62,000,000 CJalicia 15,000,000 11.000,000 8.000.CC0 Eumania ... 9,000,000 8,000,000 8,000.000 S and lr Soraeo l '2l,ooo,ooo 16,000,000 10,000.000 Tmiia 5,000,000 4.500,000 4,000.000 Mexico ...... 3,000,000 4,000,000 2,000,000 Sundries 3,000,000 2,000,000 2,000,000 281,000,000 278,000,000 262,000.000 Great attention is being directed in these days to the exploitation of petroleum deposits, and a further increase in tho world's production may, therefore, bo anticipated. Thcro seems so reason, however, to apprehend that the simply will be in excess of the demand, unless it may be in isolated areas where transportation difficulties handicap deliveries to consuming centres. The world's annua! production of coal is probably about 1,000.000,000 tons, and, estimating the fuel efficiency of petroleum at 4 barrets to a ton of coal, the world's production of petroleum— for fuel purposes only—is cauivalent. to probably not more than about 70.000,000 tons of coal. But petroleum is used to a very largo extent for more valuable purposes—petrol, Easolenc, gas-makiuff, illuminating oils; lubricants, and many other purposes—tho requirements for which aro constantly increasing. Public references havo been mado to tho adoption of fuel oil by tho Admiralty for naval purposes, and to tho establishment of storage installations at convenient supply iwints. This implies a widening market for a useful and efficient fuel, which can, moreover, bo handled, especially under inconvenient conditions, with much greater facility and rapidity than coal; and when installations are provided at. usual bunkering points it is reasonable to expect that thcro will be a much larger consumption by mercantile steamers. CUSTOMS REVENUE. Oastoms revenue collected at Wellington on Saturday amounted to £695 95.,6 d. The total for tho week was £15,482 3s. . lid., beer duty amounting to £179 ss. PBODUOE MAItKET. The New Zealand Fruit and Produco Co., Ltd., report as follows :-The price for potatoes is rising, steadily, even though supplies arc steady. Grain and chaff still continue fair. Vegetables, especially cauliflower, are in good demand, and prices for tho latter must satisfy the shippers. The prices below arc those realised during the week:—Potatoes,. 6s. to 7s. 6d. cwt.; onions, 4s. to 4s. 6d. cwt.; swedes, 2s. cwt.; turnips, 2s. 9d.to 3s. 6d. sack; carrots, 3s. to ss, sack; parsnips, ss. id. to 7s. 9d. sack; beetroot, 3s. to 4s. 3d. sack; cabbage, Is. 6d. to ss. sack; cauliflower, 6s. to 10s. sack; marrows, 2s. .sack; lettuce, .ss. to 6s. 6d. case; beans, French Bs. to 10s. .sack, broad 3s. to 4s. 6d. sack; spinach, .3s. to 3s. 6i. case; apples, cooking 3s. to 55., dessert Bs. to 9s. 6d.; passion fruit, 7s. 6d. box; oranges, Island, lis. 6d. (150); pears, cooking 6s. to 75., dessert 13s. to 15s. 6d.; bananas (case), 15s. to 18s. 6d.; pines, Bs. to 95.; lemons (Messina) lis. 6d. (150), Sydney 6s. to 75.; Cape gooseberries, 3}d. per lb.; eggs, fresh Is. Bd. doz.,. preserved Is. 2d. doz.; chaff, £5 ss. to £5 155.; oats, A grado Gortons, 2s. Bd. bushel; bran, Bs. 3d. sack; wheat, 4s. to 4s. 3d. bushel; straw, 2s. to 2s. 3d. bale; rice, 6s. 6d.; pollard, £5 155.; peanuts, 20s. 6d, sack; ducks, 4s. 6d. to 6s. pair; hens, 3s. to 3s. 6d. pair.

FEILDING MARKET REPORT. Messrs. 4. H. Atkinson and 0., Ltd., re-, port a good yarding of pigs, come Rood lines of well-grown sorts being offered and quitted at satisfactory prices. Poultry were in fair supply, and better quality than of late, price's ruling .correspondingly higher. Some useful horses wcro entered and 6old. We also quitted a quantity of grain, produce, furniture, and sundries. Quotations: Pigs:—Weancrs, 55., 75., to 13s. 6d.; slips, 135., 13s. 6d., lis. 3d.; stores. 14s. 6d., 16s. 9d., 17u.; porkers, 18s.. 225. 6d., 255., 2Gs., 275. 6d.; sows, 31s. Poultry, at petpair: Hens, Is., Is. 3d., Is. 6d., Is. 9d., 3s. 3d., 4s. 3d.; pullets, 35., 3s. 6d., 45.; cookerels, 25., 35., 3s. 3d., 3s. 6d.; roosters, at each, Is. 6d., Is. 9d., 2s. 3d., 2s. 6d., 35., 3s. 3d.; ducks, per pair, 3s„ 3s. 9d., to 55.; turkey hens, 3s. 6d. each. Horses, £2 135., £4 155., £6 10s. Produce: Barley, 3s. to 3s. 3d. bushel; wheat, 4s. lid. bushel; oats, 3s. bushel; chaff, 4s. sack; bran, ss. sack; potatoes, 9s. to 10s. 6d. sack; marrows, 2s. <sd„ 3s. sack; factory bacon, sides 7d.; hams, 81(1. , SALE OF A FARM. Messrs. Dalgety and Company, Limited, Palmcrston North, report the sale by public auction at Fcildiug, on Friday, on account of the trustees in the estate of the late Mr. T. 0. Denton, a farm of 200 acres freehold, situated at Waiata, Colyton, to Mr. H. Oscar M'Ewen, of Waverley, at £17 15s. per acre. LONDON MARKETS. The New Zealand Loan and Mercantile Agency Company, Limited, have received the following cablegram, from their London house under date' June 16 and'l7: — Wheat—Australian cargo has been sold at 31s. 7Jd. c.i.f. The market is quiet, but steady, and with favourable crop reports and heavy stocks now held the outlook is. uncertain. Oats.-Gartons 17s. 6d., Sparrowlnlls' 16s. 6d. per quarter. The market is very dull, and not likely to improve at present. Frozen Meat.—There is limited inquiry for mutton, but a good demand for lamb. The market for beef is very weak. NATIONAL MORTGAGE. DIVIDEND 7J PEE CENT. By Telegraph—Press Association-Copyright (Eec. June 19, 5 p.m.) London, June 18. The directors of the National Mortgago and Agency Company of New Zealand, Limited, havo declared an interim dividend at the rate of 7i per cent, for tho half-year ended March 31. COLONIAL AND OTDEE PRODUCE. By Telegraph—Pross Association-Copyright. (Rcc. June 19, 5 p.m.) London, June 18. Hemp.—Tho market is inactive,' and prices are unchanged. Copra is Arm and active. South Sea, in bags, £23 to £23 ss. per ton. Cotton.—The Liverpool quotation for American middling cotton is 7.61 d. per lb. THE METAL MARKETS. By Telegraph-Press Association-Copyright, London, June 18. Copper.—On spot, £55 per ton; threo months'. £55 155.; electrolytic, £58 ss. Tin-On spot, £147 17ai Cd. per ton; three months', £149. , ,iatiniony / .-,£B;:si

MINING NEWS. WELLINGTON SHARE MARKET. Saturday was a quiet day. and very little business was done. Waihis continued weak, but Ross Goldfields wero steady, and again monopolised tho attention of speculators. The day's sales wero as under:— Talisman. 525. (first call). Waihi, £7 14s. 3d. (first call). £7 14s. (second call). Robs Goldfields. 20s. 9d., 20s. 6d., 20s. 6d., 20s. 6d. (first call), 20s. 6d. (second call). QUOTATIONS Buycnj. Sellers. Sales. £s-d. £ s. d. £ s. a. Kuranui Calcd'n ... — 0 18 — Maoriland 0 0 5 — — Mountain King 0 10 0 13 — New Sylvia 0 3 7 0 3 9 — Old llauraki 0 4 3 0 4 5 ' — Saxon 0 1 8 — — Tairua Broken Hills 0 1 3 — — Talisman 2 11 9 2 12 3 2 12 0 Waihi 7 13 6 7 14 0 7 14 0 Waihi Extended ... - 0 211 - Waihi G'd Junct'n 1 11 0 1 11 3 - Waitnngi 0 2 5 0 2 8 — Watchman — 0 2 0 — Blacitwater 1 11 9 1 12 3 - Con. Goldfields - 116 - Progress 0 13 0 ■ 0 15 0 — Ross Goldfields 10 0 10 6 10 6 Tho course of sales during tho past week was as under :— New Sylvia, ss. Bd., 3s. Bd., 3s. Bd., 3s. B»d., 3s, Bd. Old llauraki, 4s. 3d., 4b. 3d., 4s. 4d. Tairua Golden Hills. 2s. Bd. Talisman, 525., 51s. 3d., 51s. 3d., 51s. 3d., 51s. 3d., 51s. 3d., 51s. 3d., 525., 525., 525.. 525., 525. Waihi, £8 2s. 9d.-, £8 Is., £7 175., £7 155., £7 !4s. 6d., £7 145., £7 14s. 3d.. £7 14s. Waihi Reefs. 4s. 9d., ss. Waihi Grand Junction, 31s. Waitanpri, 2s. 6d. Blackwater, 325. . Ross Goldfields, 20s„ 20s. 3d., 195., 19s. 6d., 205., 19s. 3d., 19s. 6d., 19s. 6d., 19s. 6d„ 195., 18s. 9d., 195., 195., 19s. 2d., 19s. 3d., 19s. 9d., 19s. 9d., 19s. 9d„ 19s. 9d., 20s. 3d., 20s. 3d.,

ZOs. Id., 205., 20s. 3d., 20b. 6d., ZOs., 20s. 3d., , 20s. 3d., 20s. 3d., 20s. 6d., 2Cs. 6d., 2Ss. 6d., r 20s. 6(1., 20s. 6d., 20s. 7Jd., 20s. 9(1., 20s. 10(1., i 20s. 6d., 20s. fid., 215., 20s. 6(1., 20s. 9d., 20s. F . 3d., 20s. 6d., 20s. 6d., 20s. 6d., 20s. 6d. ft ° STOOK EXCHANGE. I o (By Tcleeraoh—Press Association.] j Auckland, June 18. ! Business done at this morning's call of 3 '• the Stock Exchange included:— \ May Queen, 4s. 2d. \ ■• Saxon, Is. 9d. ■ Waiotalli, 4s. Id. i Itoss, ZOs. . J Hauraki, 4s. 4d. .| Tairua, Broken Dills, Is. 3d. ! Wnihi, £7 165., £7 16s. 6d. ' > • Northern Steam (paid), 15s. 2d. Northern Steam (con.). 7s. 2d. j Lcyland and O'Brien, 255. 6d. ; ItOSS GOLDFIELDS. i 0 On Saturday the Wellington Stock Ei- f 0 change received the following telegram T, from the chairman of the ltoss Goldfields, V Ltd.:—"Manager reports 30 men getting ? wash dirt; progress good." :