SHOW DATES.

Dominion, Volume 5, Issue 1289, 18 November 1911, Page 8

SHOW DATES.

November 21 and 22.—Nelson-A. and P. ' Association, at Hichuiond Park. November 22 and 23 —Taranaki A. and ■P. Association, a: New Plymouth. November 29 and 30.—Stratford 'A. and P. Association, at Stratford. December 11.—Taiirnnga A. and P. Association, at Taurauga. January 31.—Horowbenua A. and P. Association, at Lovin. January 31.—Bush Districts A. and P. Association, at Wcodville. February G and 7.—Feilding A. and P. Association, at Feilding. February 7.-Central A. and P. Associa- . tion, at Wnipnkiiraii. February ■!).—Pahiatua A. and P. Associa- ■ tion, at Pahiatua. ■ February U and 15.—Dannevirke A. and P. Association, at. Dannevirko. February 15.—Wairaarino A. P. 11. and I As?oeiation, at Raetihi. Eebruc.ry-20 and 21.-Mnsterton.A. and P. Association, at Mnsterton. February. 28.—Rangilikei A. and P. As- . sociation, at Taihapo.

GENERAL FARMING NEWS, Tho first big mob of fat,shecp off tho shears arrived at the Gear Company s Petoue slaughtering works yesterday. In the'opinion of. a well-known Wairarapa dairyman the utility cow of the future will bo the Holslein-Ayrshire cross.' .' ... '. .■...-:'.'.":.:.'- ■'■■.■ Moro-maize is being 1 , grown between Wellington and New Plymouth this year than ever before, farmers having rcalised i tho necessity for providing a stand-by for winter feeding. Quite a number of iarniers are going in for stack ensilage. An expert, commenting on tho fear. somo farmers have of tho ensilage stack not being a success .because of the necessity for "maintaining :an even heat, said tho fear was without foundation. This means of preserving feed was beyond the experimental stase and the instructions of tho Agricultural Department's field experts had only to bo.carried out to ensure success. . Tho Pahiatua-Akitio A. and P. Association has decided to hold a novice judging competition at its next show. Tho membership of the association is now 250. ■An extraordinary growth, 9ft. llin. in length and weighing about 2cwt. is reported to have been found in a cow recently condemned by tho inspector in chave of the New Plymouth abattoirs. 'Specimens of the growth have been brought to Wellington for analysis. The shearing of the previously unshorn Romnoy ewe enteral in tho recent Manawatu spring show for exhibition purposes, bv Mr. IlugU Akers, of Linton, reveals tho fact, says the "Standard," that the flewco weighed 3,")1b. and. foiue of the strands had the record length of J. 5 inches. Tho animal was a maiden full-mouth. Mr. Eland Rayner, of Masterton, who judged tho Lincolns at the Canterbury Show, says that the displays .of merinos, Con-iodides, Downs, and were the best he has ever seen at any show in tho Dominion. Tho general run of Romneys and Linco'.ns were, however, iiardlv up to Wnirarapa standard, though some,'were equal to the best of northern sheep. In the Ashburton County lambing this season has not been quite so gsod as in. Srcvious seasons, and it is estimated that io general average over tho whole countv will bo between 80 per cent and 85 per cent as compared with 30 per cent which has been tho average for several years. - Notwithstanding tho lowered average percentage, Mr. .1. Brown, of Anama, from a Hock of 5000 ewes got _a lambing percentage of 101, which constitutes a record for the county. Mr. V,. Clifton, the director of experimental farms, is at present visiting Central Otago in reference to the regrassing operations which are being conducted by tho Department in an ■ experimental way, for the improvenient of the high country. In addition to' the rnn at fcarnsdeugh there aro three similar stations established in the Mackenzie Country. A portion oi these is now being netted off. Although it is too early to indicate that definite- results have been obtained, very encouraging growth ha* been made by .several of the grasses selected for the purpos», -notably with a recent importation from Chili.—namely. Fcstuc-a (hmaturum —and others, including: prnirio grass. The importance, of the subject is such i-hat a solution of the problem of regrnssmg much of tho high country of the Dominion is being earnestly sought by the oai.cors of tho De-u.ar.tmenJs

COMMERCIAL ITEMS. IXVEKTMEXT SHAKE JJ.UtKET. A sale of Dominian lFaml Milker shares at 1C?, was the only transaction recorded yesterday. The buying and felling cuiotatians were :ia under:— Uuyeri Beiicrs. £ 8. d. £ s. d XTnion Bank M 0 0 - Equitable lluildinp 9 15 0 - Wellington Deposit - » J J WcU.'cUis'rprcfJ'.'.'Z.'.'.'.'.'.'. 02 9 03 0 Christchurch Meat 14 7 6 Meat Export (535. 6d.) ... - 3 0 p Union Steam 2 0 0 Well. Woollen (ord.) - 3 17 6 llanniiic . anil Oo - 4 0 0

N.Z. FAKJfEKS' CO-01 , . COMPANY. The report of the directors of the above company states that the past year h.is boon one of steady progress so far as tlio company's trade is concerned. Although tho exceptionally high values of erain, otc, throushout the year have had the effect'of restricting trade, still the total sales have increased over laet year, which was £10,001 in excess of the previous year. The net profit for the year just closed amounts to 13 per cent, on the total subscribed capital of tht- company, after providing for bad and doubtful debts. It is anticipated by your directors that the earnings for tho present, year will exceed those of any of the. past periods, owintr to the fact that tho company Jiae several valuable New Zealand agencies, which have been steadily developed, and are now promising to provide laTgcly increasing revenue. But even should the present rate of profit not bo exceeded within twelve months the company will have extinguished the heavy deficiencies of the first few years' trading, together with eight hundred pounds flotation expenses and one thousand pounds loss on lease in Victoria. Street, through the operations of tho State Coal depot. 'The pceition therefore is (provided the past year's results are maintained) that within a year shareholders will be in possession of a splendid business, free from debt, and earning a, return sufficient to pay interest on capital together with bonuses to both suppliers and ptircha?crs. That this result is now within easy distance affords your directors great satisfaction. The other benefits accruing from tho company's operations should not be lost eight of. There is no question but that tho commission rates would have been raised considerably by proprietary firms had not the company afforded the necessary protection. During the year the company's suppliers have saved hundreds of pounds, by reason of not having been charged the "receiving and delivery" charge, as levied by all other auctioneers hero. and. by judicious forward contracts and direct importations, those who have purchased throngh the company have been well served.

BED .AND PIXK SALMON. To the general consumer, in salmon, colour is synonymous .with quality. As a rule, the general consumer is an indifferent iurijje, but in this instance he is right. The deeper reel salmon is the hotter 'quality. The Sydney consumer lias, to date, demanded tho trot, nn<l sot it— generally. But with the rapidly increasing demand nnd tho iiist as rapidly decreasing supply, it would appear that presently merchants will not bo. able to.pick and choose E3 they have (lone in the past. This year more pink salmon was put on the market than ever, previously. Red salmon is practically of one grade, though different centres are supposed to be ol higher or lower quality. A fnir standard, however, is' Soekeyc. The difference is more marked in the pink, which has three distinct grades, thus—Cohoos. Humpbacks, and Chum, in order. The firstmentionct! quality constituted tho greatest portion of. the pink salmon rhecd on the markets of tho world durin? tho yenr now closing. Chum salmon is only iJint'y tinged with tho requisite colour, being tho outside grade. It is those three qualities of pink salmon which marehanta all over'tho world have been trying to nu?n into »üb!in favoar, io far with hut little success. That there is a difference in nualiiv between pink and- red is admitr ted. Thnt tho latter is worth '.0 per-cent. moro than the former is not admitted, in fact, it is ridiculed. Hut in spite of tho wide difference in prices buyers eo far have hold off.

STRIKES AND GOLD SUPPLY. A correspondent, writing to the Manchester "Guardnn," Fays:—The economical problem presents itself in altered aspects to each generation. To our Eraudfathers the heavy tax on com was the-clamant evil. To-day tho chief evil is the State interference with tho market price of gold. That ovH is a relic of the old mercantile system which substituted sold instead of persons as security. The history of prices shows iron, copper, silver, nud prrtc* tically all met.ils have fallen enormously from'the application of steam power to production. In the near future tho market price of gold will bo 2Cs. the ounce. A few decades ago the world's annual production of gold wns only a few millions fterlins. For 1911 the Vaal output alone is estimated at £49,M0,CC0 sterlin&r; then West Australia is covered with new fields where 6team machinery gives grand results. Thu? we may now expect a- surplus of eome thirty milHons sterling annually of gold production over gold consumption. Clearly then the time has arrived for Government to abolish the tottering arbitrary mint price of £3 17s. ICJd. per ounce for gold, and also to stop purchasing from cold owners at, such fancy fiprures. An arbitrary price of Bold is enual to a short supply of cold, even although Rold is superabundant, and the clearest-headed economists —such as Professor Smart, of Glasgow University—reiterate that shortage.of poid is the cause of low wages and strikes, and the causa of high interest and blocking of enterprise. .

WORLD'S SUGAR SUPPLY. An interesting foaturo 'of tho world's sugar supply- problem, which has been brought out in an official return recently pub'ialied by the British Board of Trade, is the extent to which the production of cane EUgar is increasing, whilst the output from beet is diminishing. Last year the yield from cane was, approximately, 8,660 MS tons; in 1909 it was 7,857,H1 tons: and in 1938 7,219,052 tons, the totals of beet production being 6,60b,781 tons. 7,076.813 tons and 7.012.8C0 tons respectively. Tha aßsregates indicate an increaro on the three season? of tons from cane. r.nd a ctecrei'e of M 6.019 tons obtained from beet. Of the former the estimated outturn of the British E-nnirc. during 1910 is given as 2.884,477 tons, leaving a balance of 5,775,986 tons, as ' the ; product of "foreign" countries, amongst which Cuba led oasilv with. 1,604,349 ton?, and the Dutch East Indies came next with 1,2C0,6!8 tons. The influence of the prospective shortage in tho European beet crop, as Australian householders are a,-waTe, has been reflected here. But apart from that expected deficiency the outlook with regard to the oane crop is being viewed with a little anxiety, much depending on the coming Cuban yield. With a view to relieving the gonoral position, a proposal has been made whereby the convention obligation upon Russia, restricting the exports of. beet, sugar therefrom on terms of level comnetition, may . be temporarily suspended. The maximum limit on Rureia. at present is 2CO.CCO tons; although she is in a position to add materially to the world 8 supDly. As an emergency step this proposition has much in its favour. The existing high price of the commodity Iβ held to be due, ae far, at any rate, a-s the United Kingdom and Europe are concerned, to the machinations of speculators.. This faction, doubtless, would oppose with vigour any attempt to case the conditions, and so to weaken the world's market, but the interests of the speculative element should not be allowed-to have any weight when, as iu this case, an important article, of daily hitman consumption is in question. It is to be hoped that when tho suggested expedient, regarding Russia's export wonortion comes up for consideration by the Brussels Convention the result will be to ease the burden of sugar consumers the world over.-

Customs duty collected at tho port of Wellington yesterday amounted to £40i4 14a. 6d. BANK- OF ENGLAND RETTJKN. By Teleeraph—Press Association—Oopyrlelt (Rec. November 17, 9.40 p.m.) London, November 17. The Bank of England Teturn, issued for tho week ended Wednesday, November 15, is as under:— Issnn Department H«te,lißue... f03,169,000 Gov.aobt ... £11,015.03° ether 6<?cnri ties ... ~ T,4M.0n0 Gold 35.030.D03 £53,163,003 *53,J69.0C0 BunOXO DEPART3IEXT. Proprietors' . Govt. Becurlcapital £14,653,000 ties XH.435.000 Public do- Other ECCuriposits ... 10,635,000 ties 23.781,000 "posits 6 * ... 40.806,000 Sotos . ... 25.0-22.C00 Beet, 7-day Mid other bills... .... 3,200.c0n C°' a 1,013.000 £69,551,000 £30,251.003 The leading items of the Bank of England return afford the following comparison :— This week List weak. Last year £ £ £ Bullion ... .'«.030.«» .H.-ITS.COO 3:).,V3.0m Kcscrvc 'ii.o33.txn -Ji.fjni.nfx) -21.531.103 Note circulation 25.417,1 X» iiS.fljT.l.'OO .2t.VJ3,(JO) Public Deposits 10.635.«U f1.3(1.00U lO.orcrtW Other Deposits 10.SK.W W.I-20.0QJ 37.133.003 Proportion of liabilities ... 49.71 40,74 5-2.36 aeVEBKMENT BECOStTIES, Hu Iq11o«1ii{ tie lie latcil gngtitlou

for Government icenrities. with i cony pariscm or thosu rutin:: tnat wook:- _ _ viiriiiliotis _ I coiiii«"nl rricj. i with __ I i lnsljvcok. " I S r."il. f 25",', Isiporiii] Consols ! 7M 7 li 7s/il. Imvcr A N.S.W.l!m.liin.,(uly, li«i " » I ITvCd.hidiinSi 'X.S.WJ!llS.>luv.-Hiip.| !M (I 111 Uiii'lmilKuil 3 N.H.W.U:)jA;iI.-Oi!t.' SA i (\ ; 17-.1..1 I™im--1 , Vic. l'JiaJwi.-Jitly I 101 II I): KKliißli.-i----3S „ Vic. V.)iN>.liHi.-.liily I W 10 II i riiclmnpjiil :> Vic.utSl-i'jJiiii.Jiily , Sj 111 II ; riu'liiiM-.'.c'tl 3-1 ,!S,A. Il'lli.liin.-.liily Hj II 111 I'.iu-luiiinerl J ,S.A. lilliiJnii.-lnly ! M It) »' l-m-lmiii|i';l 1 ~tl'l'il]flls--J-l.liin.-.ltilyi 101 HI 111 lOs.hiulior Si.,U'l'dVJJl-;:O.lnii.-)ulji -.'7 id (I Unchanuoil 3 ~QI'(U'.WJ-(7.liiu.-.luly :■"• ID in Uucliiinte.! •I ..N.Z. Jilil .Miiy-.Nov- ! 10j (I (I ' in.s.lii«hor ill ~N'.Z. WiOJiiD.-July I iw (I 0| ViN'.inniii'il A ~N.Z. l'Jl.-.April-Oel. tfi 111 Hi Unclinni'.od 34,,\V.A.ia«WOMii.v-Xov H"> ID 0; liiirlinniioil 3 ~ W.A.llllii-MJfoy-Xov «"• 0 I) UiidmnKoJ Si ~Tas. lPW.liin.-Jiily W II HI Cm■liniiKcrt b,.'l'as. IJ*J-)J .Jiui.-July tii I) II I Unelmiiiji-d BAXK KATES OF DISCOUNT. The liank of England rate wna. nil December 1, 1910, lowered from 6 to <U per cent.; on .January 27 it Has lowered to 1 per cent.., on February 16 to 3J per cent., and on Mareu 9 to 3 per cent. On September 21 it was advanced to 4 per cent. The Bank of Franco rate wns reduce! from 3i to S per cent, on January 2i 19P8, and continued at the latter figure until September 21,1911, when it was raised to 3j per cent. The Imperial Bank of Germany reduced its rate from 5 to 4j per cent, on February 6, and on February 19 the rate was further reduced to 4 per cent. On September 19 tho rate was raised to 5 per cent. MAItKET RATES OF DISCOUNT. The following; axe the market rates for best threo months' bills:— London I'aris Berlin rate. rate. raic. percent, per rent, percent. This week 33 33 45 Last week i?, 3S 43 Last year 4 9-16 2J 43 Short loans aro quoted at 21 per cent,, as compared with 2! per cent, last week, and 4| per cent, last year.

COLONIAL AXD OTHER PRODUCE. Wheat.—The markets are lifeless and lending on optimistic cron reports from Argentina and heavy visible supply and poor consumptive demand id hnfrl.ina. Cargoes are neglected: 365. 3d. is asked for South Australian. July shipment, 365. for Victorian. September shinment, 355. 3(1. for Australian, Jamiary-Februarr shipment; 35«. 6d. Ins bcon pnia for Australian nardols afloat. 335. 9d. to 33?. ICJd. for Octo-ber-November shipment. Thero is a. disappointing demand for Australian on spot at 365. Cd. to 375.; Queensland, best, 355. 6d. to 363., moilium 3fe. 6(1. to 35=. Flour is dull at 245. 9d. to 255. 3d. Oats.-Tlic market is llat. New Zealands are exhausted. La Plata, December-Janu-ary shipment, 15a. 3d. Deans. New Zealand, \>ss. od. to o6s. 6d. Peas, 355. 6d. to 41s. Butter is firm. Danish, 125;. to 12«3. Tuoro is a frood demand for oil classes of colonial butter. Choicest salted Australian, W.S., occasionally 1505.; iinsaltcd. UCs. to 1325.; secondaries. 120s. to 12fc.: Now Zealand, salted, 1305.; ununited, 1525. to U^.; "ciieosc is'firm.' New"Knalnn<l, 675. 6d. to 66'. 64.; Canadian, 655. to 71?.. SiK-ar.-Germnn beet, 85 rev cent, not titre! Id. Msher, at 165. , lCd. n=r cwt.; fimmark granulated, f.0.1). Hamburg, ad. Top3.--Tho market is quiet, tlio miotations for futures bein? sixty-lours. Id. Iwer. at 2«d,. super sixties 3d. lovw at, Mid.: common sixties, Id. lower at ZoSd. THE METAL .MABKETS. roppcr.-On spot, £57 2s. 6d. per. ton; tbr°c months', £57 17s. 6d.; electrolytic £59. Tin-On r.nnt. £137 15s. per. ton; three "pif&nfMW. at «*M per ton. Spelter. 20. 6d. lower, at £M 12s. 6d. per I, °sflver.--!Jar silver is quoted at 25 151Cd. per ounce standard. BEAN A.N'D POLLAED. By Tolccrnph —Ttpsf Afforiation-Copyrleh! (Kcc. Xovcmbcr 17, 10 p.m.) Sydney, Xovember 17.. Bran and pollard have advanced five shillings. Mining neirr, and reports of lire stock sales wiU bo ioui'.d on iiasa 3 of this i«uo. and reports of wool, skins and hides sales