LIVE STOCK SALES.

Dominion, Volume 4, Issue 1133, 22 May 1911, Page 8

LIVE STOCK SALES.

Messrs. Dalgety and Company, Ltd., Palmerston North, report:-;At our usual wMiltlv Feildin" sale on May 19 a, good vardins of sheep and fair entry of cattle came to hand. Quotations-Light, fat bullocks, £S to £8 7s. 6d.; store, owes, 4s. Sd. to 65.; wether lambs. 63. 6d. to 6s. Id. j owe lambs, 6s. 9d. to 7s. Gd.; mixed age breeding ewes, to 9s. 7d.; forward ewes, to 11s.; small two-tooth ewes, in lamb, 11s. sd. to 11s. 9d.". . . _.:.. COMMERCIAL ITEMS. INVESTMENT. SItiKES. .- Sales were made on Saturday of Union Steam tit 41s. 3d., and Tarir.g.imntu Totara at 50s. The buying and selling Quotations

LONDON HONEY MARKET. ■i Tho London -'money l 'market- gives every 'indication of becoming considerably easier. During the part week there was a substantial increase in the amount of gold held in the issue department, and ths reserve of notes and-coin is also larger. Owing mainly to the;largo influx of visitors to London tho foreign exchanges arcin favour of London, and there is thus overy probability that the bank's figures will expand. The discount rate of the bank should be reduced shortly to say 25 per cent., but this Jow rate cannot be expected to bo maintained very. long. British trade is in a healthy condition, and tho demands' on the money market are likely to be very heavy' early in the European autumn. , Yet another circumstance which needs to be remembered is that at the present time tho credits of America in London aro unusually large owing to the freedom with which Kew York has negotiated soles of bonds and short-term securities. It ia impossible to give even approximately figures an to the total of these credits, but it is believed that they largely eiccod the , amount of indebtedness of a similar nature 'maturing this year. This mcan-3 that should occasion arise New York would be in a position to draw gold haavily from London. It is not expected that the need will arise, but the existence of this money is a factor in the situation.

COLONIAL OIIiFIELDS. The probability that the Taranaki- oilfields \yill bo developed 'with British capita! is interesting, and will presently cause public attention to be focussod on the inatter. It may be mentioned that British capital was obtained for the development or the Gisborno oilfield, and also for the field at Kotuku, on tho West Coast. The development of tho piluelds of Now Zealand is ;i matter of importance not merely to tho Dominion, but ako to the British Admiralty, which is now building vessels to burn oil fuel. . J[r. J. Tarbatton Armstrong, in a. paper on "Solidified retroIsum," whic'a ho recently rend in London, referring to colonial development, gave the following interesting information:— "Tho development of the resources of our colonial oil is of- the greatest possible importance. The present world's production of oil is about 40,CCO,COa tons annually, and this ir, almost wholly absorbed for purposes other tlrai for fuel demand.-. The supply can be vastly increased if it were possible, as if ir,- now by solidifying the oil, to get struight to work without iraiting for pTpe lines or tanks (the single exception being on site for oilfields). England alone raises annually <!C3,CCO,OCO tons of coal; this figure is fairly eloquent of the market for oil in the world when its use as fuel becomes general. Some people are short-sighted enough to a?k where the oil is to come from. In Egypt there arc, probably. <ID,CC!) ncres: in Now Zealand there arc at least. 150,000 acres now known; in Newfoundland about 130,003 acres; Cuba about fIOCO acres: Australia about 30.0C0; whilo in British North Jioriico there aVo ICO square miles of proved oil-bearing land, lcavinsj out America, Kussia, Burma, Galicia and many other full working fields ofecwhTo ■ These areas arc eufliricrit to show the possibilities. , Wlul«t not Roing so far as to cay, as one expert hac done, that if you allow three wells per acre, the total would reach one million two hundred and fjflv thousand wells, 1 do maintain that, if 'is per cent, only of this total became available tho present output would bo but a bagatelle in comparison. There is, indeed n. large potential market, in the world and' tho only rea?ons for this market havinc failed so far lo materialise- are solely du» to uncertainty of supply in combination with tho expense of storage nnd carnage of oil i u its liquid state—the onlv form that up to now lias been available ilio sources of obtaining oil are in rHir..r' cut parts of tho world'of 6 a;h enormoi i m:iKmtudo_ that it may bo taken for gnmt eri that when the demand becomes miivesal. as it w:-!l, and is an industrial nrce, »;ity. the price of fuel oil willbc such as to make it acceptable to u=ers „ LI fs Cn now uVcd m f r " r "" I,ur l'««'tlmt coa

NOTES. A substantial advance in cartage rate; has been made i:i Melbourne in con=e quonce of the recent determination relating to wages and hours .of employment !■•(>.• some elasFcs of R oo<b the advance ia fid" to Is. per ton. while in sonic instances fmsuburban cartages the. advance is as miicli as is.. 9d. and 2s. nor ton. llar-lron ]!•."

been raised from Is. 6d. to 2s. per ton. the increase bciip; equivalent to 33 per cent.; angle-iron u-ul giilvuiiiwd-iron from 13. td. to 2i. 6d.. or an increas , . , of 6j per cent.; general hardware from Is. 6d. to Is. lid., and all woffdcmwiro from 1-. 6d. to 2«. As regards cement, cu.rt::ge is rhai'sed by the seller to the buyer in lown and suburbs. The dntcrmiii-atioii of the time of working at 52 hours per week, reckoning time from stable t;> stable, will leave little time available for Katurday carting, ir business hours of 8 a.m. to 5 p.m. arc nilhsred to. while if, these hours were altered the result would not bu very cniivcnicnt tp business, and under these cir.-umstanccii tho question of .discontinuim; Saturday deliveries of goods is in noma instances being considered.

Tho past year proved to be rather unsatisfactory in the world's tallow market;) both in respec-t la production and "rice. The situation of the Kussiau industry becomes every year more difficult because of the necessity of importing foreign tallow. Last year this tendency was intensified by a reduction in the yield of this product both positively and relatively.

The imports of tallow and stcarinc into Uio United Kingdom diirisiE March amounted to !07,451cwt. t against 162,472cwt. for March, 1910. The imports for the three months ended March 31 amounted to 517,s':9o\vt., against 477,904cwt. for the corresponding period of 1910.

Commodity combinsa appear to be catching. At the interstate meeting of tho Farmers' Education and Co-operative. Union of America, recently held at Danville, \a., growers of tobacco representing Virginiaand North Carolina entered into a secret BTcemcnt to pool tho crops of 1911 in both States, by holding the product in dry prizerica until the price they regard ae reasonable could be obtained. Tho meeting was attended by .about 500 growers. In 1 909 these two Statc3 produced Z54.125.C00 lb of tobacco, or about 27.7 per cent, of tho yield of thcTJnited States. Other pools are in tea, rubber, and coffee.

The value of Bradford's exports to America for tho' first three months of this s'car is £663,335. being a decrease of £452.481 compared with tho (irst quarter of last year. Wool is down £28,5.155, stuff manufactured goods £10-1,058, and machinery , £35,452.

Tho report for 1910 of the German Diamond Eegio, which has a monopoly of the role of diamonds from German South-West Africa, states that tho average proceeds amounted to 26.77 marks per carat, as compared with 29.83 marks in 1909. Out of the turnover of 798.565J carats r>l diamonds a total of 95.79 per cent, was forwarded to Antwerp, .13 per cent, to Amsterdam, and 3.C8 pel , cent, to Germany, which absorbed 6.32 per cent, of the total in 1509. Tho production was distributed over 18 companies, the five largest of which were alono responsible for 93.21 per cent. The net profits of the regie arc returned at £34.3K) for 1910, as contrasted with .£34,500 in the preceding year, .and it is proposed to pay a divsdeufl of 10 per cent., being the same rate as in 1909. PEILDING MARKET BEPOIIT. Messrs. A. H. Atkinson and Co., Ltd., report that at their weekly sale on Friday, owing to weather conditions, they had small entries of both pigs and poultry. A number of horses were entered for sale, chiefly aped. hacks. Other lines of grain and produce and general sundries, of which there was a larec assortment, sold at usual rates. Potatoes of good duality are coming in very largely, and gocd lines aro being offered .at from £5 to £5 15s. per ton. Prime oaten chaff is offered at .£5 ss. to £5 7s. 6d. on rail. They emote:— Prime Algerian seed oats, 4s. per bushel; F.A.Q., 3s. M. to 3s 9d.; whole, wheat. 4s. 0:1. to 4s. Sd.; Cape barley, 3s. £d.; millett, s£<3. cwt.-, ryegrass seed, ss. 6d. to 6s. bushel; potatoes, Bs. to lCs. pack; onions, 7s. to Ss. cwt; apples, Zβ. half-case; pumpkins, 3s. hag: swedes. 2s. Pigs-Stores, to 145.: slips. ts. Poultry (at per pair)— Pullet chicks. Is. id. to 2.-. 3d.; hens. 25.. 2s. 9d.. 35.; cockerels, 2s. to 2s. 6d.; ducks, Zβ., 45., to 4s. 3d. CUSTOMS. Tho Customs revenue collected at tho port of Wellington on Saturday" totalled £1108 <s. 3d., the amount for tho week being .€14.554 s=. sd. Compared with tho corresponding neriods of last year, the receipts for the past eight weeks show as under ;r----1911. 1910. £ £ April 1 10,558 12.426 April 3 23,145 , 17,314 April 15 • 10.890 '10.325 April 22 16,745 15.295 April 29 12,111 10.304 May (i 19 765 . 19,795 May 13 0.087 ' 6.948 Hay 23 14,954 15,319 116.255 107,723 . Tho beer duty for tho past week amounted to £214 145., ,ae compared with £«2 7s. for the corresponding week of last year. LONDON WOOL SALES. PEICES UNCHANGED. By Telegraph—Press Association—GoDyrisht (Itec. May 21, 5.5 p.m.) London, May 20. ''Kiwi" clip, top price, lljd. per lb., ar«rago lCd. London, May 21. There was a, good demand at tho wool sales. Prices were unchanged. New Zealand clips sold as lmfor:—"Tui," top price, lCd.; average 9,', d. "Tueua." 13{d. and lSlrf. There wero 125,383 bales offered, and 113,523 bales sold. LONDON JIAEKETS. By Telcßranh—l'ress Associalion-Copyrlsht (Eec. May 21, 5.5 p.m.) London, May 20. Hemp is dull. Jlay-Juna shipments aro quoted at £20 10s. per ton. Cotton.—Tho Liverpool quotation for middling American Upland cotton is 8.12Jd. per lb. Copra.—A fair business is doing. South Sea, in bulls, £22 10s. per ton. llabbits are dull and unchanged. METALS. By Telcira-oh— Press Association-Copyrieht London, Hay 20. Silver.-Bar silver is quoted at 241 d. per ounce standard. Antimony is quoted at £8. Messrs. Dalscty and Company, Limited, have received tho following cablegrams from their London office, dated May •Iβ:Tallov,—The market is 6d. per cwt. lower for all qualities. Frozen meat—Beef: The cheapness of chilled is affecting the market Quotations—Fores 2>d., hinds ajd. Mutton and lamb—Demand is checked by higher prices. Quotations-Lamb: Canterbury, heavy and light, 4Sd.; North Island, heavy and light, 4.W. Mutton-Canterbury, heavy, 3'd.; light, 33d.; North Island, heavy, 2i±; light, 3Jd. . ■ FEOZEN MEAT. The New Zealand Loan and Mercantile Agency Company, Ltd., have received the following cablegram from their London house, under date May 19:-"Thcro is a slight improvement in the markets for frozen mnttou and lamb. The. market is easier for frozen beef." GItAIN AND PRODUCE. (By Telegraph—Press Association.) Oamaru, May 19. The wheat market was a little agitated early in the week, but has since calmed down Offerings have, however, .been few, farmers holding firmly in anticipation of o rise The market, which showed an advance earlier in the week of twopence a, bushel, has come back a penny. Mixed lines were sold at 3s. 6d., less commission

ox store, ami 3s. 4(1. at country stations. For Ktraieht lin?s, 3.-. s<l. net wad given for Velvet., hut later sales were nuiio at is. 'id. net :ii;;l 3s. 'd., subject ta mnmi'.siiion, all country stations. licdchaff brnusht 3?. 6(1. ex store, and Bordicr 3s. s>rt., ex store. X» oats lmve been oli'oriiv..', anil there aro evidently few in tlie district. No business is passing in potatoes.

were as under:— Buyers. Scllera. £ s.d. £ s (1. Bank New Zealand ......... — ! J n National Bank - 6 00 National Mortgage - , 3 9 u Wellington Investment ... 0 11 3 - Well. Trust and Loan .... - ' >° » Well. Deposit 0 8 J 0 8 5 Well.-Gas (£10) - " J ? Well. Gas (new) - 3 0 u Meat Export (£5) 6 5 0 - .Meat Export (£4) - = 7 D Meat ■Export'(52s. 6d.) ■.......■■■— 3 6 6 Union Steam ...'■ •'■ 2 10 ~ . Well. Steam Ferry (18s.) 0 12 0 0 lo 0 Leyland-O'Brien 17 0 - Miramar. Ltd! - 0 2 6 N.Z. Drug 2 9;0 - N.Z. Paper Mills -' J .; " Taranaki Potrolcum ...... 0 15 0 0 17 6 Taringamutu Totara. ...290. -