CHOU MOELLIER.

Dominion, Volume 5, Issue 1350, 30 January 1912, Page 8

CHOU MOELLIER.

EXPERIMENT WITH NEW ZEALAND SEED. In Match, 1910, Mr. If. W. Potts, Principal of (he Ilawkesbury Agricultural College, asked the New South Wales Department of Agriculture to obtain from New. Zealand some seed of a "marrow cabbage," a French cattle fodder-plant, which was reported to be giving excellent results in official tests in the Dominion. The New Zealand Agricultural Department'supplied a packet of the seed, and informed the New South Wales Department that it was Cliou Moellier, a plant which lnd already been tested and reported upon. Samples of the New Zealand seed were distributed to the Ilawkesbury Agricultural College and Experiment I'arms. The following is .a summary of the reports received to dates— .Chon Moellier tMarrow Kale),'from Department ol' Agriculture, New., Zealand.— Received May 7, 1S10; planted in seedbed, and in the middle of November transplanted into rows 3 feet apart, the plants being placed every 2 feet in the rows. The crop grew strongly and evenly from the start, and by the middlo of March was i feet in height. Three months later, when from 5 to 6 feet in height, the crop was harvested, yielding at the rate of 22 tois lflil cwt. per acre. It should be noted, however, tnat tllese figures comprised, in addition to the stems, only the leaf growth from the upper 2 feet of stem, the lower foliage having decayed during the period of growth, due in some measure to the attacks of aphis. The vitality of the plants, however, was not affected by_ these attacks, although in an adjoining bed a plot of Ragged Jack kale was completely killed off. This year's crop was chaffed and fed to poultry, the stock. showing a great liking for the leaf of the plant. Previous tests with Chon Moellier havo shown the foliage to be relished by all classes of stock, while tfhe stems are eaten by pigs only. An area is to be established for the purpose of, supplying green fodder to the poultry department of the college. Referring to the Chon Moellier crop at the Waitaki High School experiment area, a southern writer says the plant did not impress ono as one which would develop into an enormous crop, and yield heavy strippings. Perhaps this was on account of the early stages of growth so soon after it had boon thinned out heavily. It is one of those grass feeders for which it would pay to prepare a small quantity of ground specially, and retain it for the exclusive use of the plant. It belongs to the extensive Brassica family, and a member of the kale class. It is a valuable summer and winter fodder, a.nd is stated to be both frost and droughtresistant. It grows Ift. to Cft. high, yielding a heavy wealth of succulent foliage. The stalks are solid and Ucshy. and havo not tho woody or fibrous texture of the ordinary cabbage.. The leaves can bo stripped off about five times during the season; and the whole plant can be chaffed and fed to the animals with absolutely no waste. In Prance, where turnips will not grow, it is pulped and used for cattle food. All farm animals are fond of it Prepare a well-manured seed-bed, and sow the seed thinly in drills 12in. apart, same as in sowing drumhead cabbage. Keep the soil moved between the drills after the plants are up, to invicorate their growth. When about Sin. high, and sturdy plants, they are ready to plant out. The load in which thev are to be planted out fhould be deeply ploughed and well cultivated, and should be heavily manured, if possible, with stable manure, the plant being a greedy feeder. Plant in rows 2ft. apart and lift, between each plant in the rows. The plants should be dibbled in wheu the ground is isct, or when there is likely to be rain. Keep the soil well stirred while the plant is growing, and as it increases in size itshould be moulded up, otherwise it becomes top-heavy and falls down. Tho leaves should be cut off and not pulled, when required.

COMMERCIAL ITEMS. INVESTMENT SHARES. Owing to tho dullness of the mining market the Wellington St-ock Exchange is holding only two calls a day the midday call being abandoned. lhere were no transactions recorded -.yesterday, lhe buying and sailing quotations were as unt ' er ' Buyers. Sellers. £ s. d. £ b. d. Bank jS.B. Wales 4510 ■ 0 - National Bank Equitable llmUlmg 10 S 0 - National Mortgage , , „ N.Z. and Hivcr i'late ... 2 1 0 - Well. Investment ~ 0 » a Well. Trust and boan 713 6 - Gishornc Gas Z 19 6 Well. Gas (£10) - ~ ■ J 6 Christoliurch Moat 2 6 Gear Meat (£4l ~ s n n Sleat Export (£4) _ 5 0 0 Meat Export (525. 6d.) ... 2 19 0 N. 7.. Shipping ~ J» » J Union Sieum y.vv" ~ . Well. Steam Perry (1C5.)... — 018 0 Well. Woollen lord.) - 0 lb 0 W-'ll. Woollen (pref.) — 4 1.0 Taupiri Coat 1 *•' 0 : . W-ostport Coal - ■ . 1-' 1 Lcyland-O'liricn 1 " ' , Parker, Lamb Timber ... , .19 0 C. Jf. Banks, Ltd. - } J g Bonaghy Uopo and Twine - 1-2 6 Golden Bay Cement 13 8 -. — Sharland's preference — 14 6 UNION BTEAJI SHIP COMPANY. BALANCE-SHEETS ANALYSED. Criticisms tho report and balancc-shect of the Union Steam Ship Company, ALr. Alex JoDaon, in an aniuie in tmo byoney "Sun," says"'l hough tne profit of £116,40 l earned by this company in the ptember, 19X1, year shows an'increase of £ll,6'jt) over the previous period, it is not quHe as high a proilt as one might have expected, having regard to the great,prosperityof-tho Coininouwealt.il uud iSow. /<caJaiid. probably few persons, however, accspt the published, ligures as being the actual ttftal of net' protit, for at times the earnings show extraordinary rises, not to be accounted for by any normal growth in profits, in 19C4, for instance, £129,928 was admitted,' £39,000 more than 1903, and £-33.000 above 1905. Then, again, 1907 earned £144.324, though 1906 showed some £50,000 less, and 1908 over £97,000 more; while in the following year there was" an unaceountabb drop of over £143,000. These variations arise from no natural growth, but are created by the will of the company's directorate. The whole profit of £116,431 was not, of course, admitted, only £64.958 bsing shown in the profit and loss account. A sum of £51,473, added to the insurance fund during tho year, accounted for the balance. Of this latter gain, £8534 was taken, and with £63,333 ot the profit, applied to.pay two half-yearly dividends averaging about' 9 per cent, per annum. The balance of £1625 w<u added to the profit and loss account, raising it to £21,265. A far better index to this company's progress- than its proittearning is the growth of,its/fleet and the shipbuilding : programme " , rio'w. . in .hand'.' Eloven years ago the tonnag; of the fleet was 77,738 tons, with, a book value' of £746,000, about £9 12s. per ton.- Now it is 175,858 tons, and the book value £1,187,382, only about £6 14s. per ton. There are. in addition, four now steamers building, whose aggregate tonnage will be 20,450 tons, and the progress payments on which are included in the above book value, so that the actual value per ton is still less than £6 14s. The difference of almost £3 per ton on a tonnage of about 176,000 works out at approximately £500.000. not very far short of half the present hook value. Tho company must have'been doing very well indeed to be able to value its boats now at £500,000 less on the average than it did eleven years ago. The company's programme of new ships is a big one, and speaks volumes for tho enterprise of the directors, and also for the profit-earning power of tho company, which warrants such an advanced policy.. The financial position of the company has improved materially during the year, for practically the whole of the increase of £44,158 in the assets, to £1.969,964, was derived from profits. The three gronns of liabilities—debentures £161.538 (£162,938), voyages pending, etc.. £21,411 (£23.092), and sundry accounts £291,147 (£289,6421—have in. the aggregate declined by £576." Of the total, assets, after paying the current - dividend, ■vthe shareholders own £1,455.667, over 75 per cent., which secures their paid-tip capital of £800.000 in £1 shares fully paid, reserve fund of £150.000, insurance fund £484.6A2, and the profit and loss balance of £21.2£5. This surplus works out rather better than that existing in 1910, being now_36s. sd. nor share as against 355. then. \et this improvement has scarcely impressed the share market at all, for tho shares selling at 41s. in the middle of 1911 are now chancing hands at 395.. which contains only ?•'. 7d. for goodwill and inner reserves. This is very low indeed, for it is only' nbout £101.000, which i= over £.12.000 below the not, profits nf £116.431 earned lost year. Tho low dividend rite carries moro weight, for at 395. the yield is only jnst over £4 l?s. n o r oont. Investors, too, perhans, foar the possibility of romtv'ttinn reducing the enpv pony's earnings, thonrh such a contingency is surely very remote." C'istoms duty collected at the port nf Wellington yesterday amounted to £3437 18s. 3d. HIGH COMMISSIONER'S CABLE. The Commerce and Tourists' Division of the Department of Agriculture, Commerce and Tourists, has received tho following cablegram from the High Commissioner, for New Zealand, dated London January tl. (Note: Quotations, unless otherwiso-speci-fied, are average market prices on spot):-; Mutton.—l'ho market- is., quiet.- ■ Trade in. mutton is very,disappointing, there being only a very ' hand-to-mouth demand. Although very limited, supply, buyers ale not inclined to make forward purchases of mutton at present pricos in anticipation of heavy arrivals, but holders are firm. North Island, 4id.; Australian, 3-id.; Eiver Plate, 3id. ' Lamb-There is a good demand for all lamb, llivcr Plate lambs are of bettor duality than last year. New Zealand lamb, other than Canterbury, averages sjd.; Australian, 4 3-Bd.; Biver Plate, 4!d. Beef.—The market is very firm, and is affected by the decrease in arrivals. New Zealand stock •is almost exhausted, flew Zealand hinds, 4Jd.; fores, 4d. _A small quantity on hand has sold at this price. Butter—The market is quiet, but holders are firm, as a moderate supply is expected, and an increasing quantity is going to the Continent. The average price for the week for choicest New Zealand bnttcr, per cwt is 1315.; Australian, 1285.: Argentine, 1285.; Danish, 1355.; Siberian, 1295. Cheese.—The market is firmer, and there is more demand. The average price tor tiio week for finest New Zealand cheese, per cwt., is:—White, 725. 6d.; coloured, 71s. 6d.: English Cheddar, 90s. Ilcmp.—Tho market is ». shade weaker. Very heavy shipments, are expected from Manila. The market 13 dependent un Manila reports. New Zealand good fair cratfe. on spot, per ton, £21: 10b.; .fair. Srade, £20 ios.;,fair carrcnt. Manila, £21 5s • forward shipment, New. Zealand good fair £21 155.; fair, £20 155.; fair current Manila, £22. The output from Manila for tho week was 31,000 hales. Wool—The markst for merino ia a shaao weaker. Tho crossbred market remains Cocksfoot Seed.—The market is firm. . WHEAT AND FLOUB. By Telegraph—Press Association—OopyTigh! London, January 28. Tho wheat and flour afloat for the United Kingdom totals 2,565,000 quarters; for the Continent, 990,000; Atlantic shipment 0 , 170.000; Pacific shipments, 45.000. The total shipments to Europe during the week amountod to 750,000 bushels, including 13 000 from Argentina, 105,000 Russian. J17.0C0 from tho Danubian Provinces, 104,000 from India, and 120,000 from Australasia.