LIVE STOCK SALES.

Dominion, Volume 6, Issue 1687, 1 March 1913, Page 8

LIVE STOCK SALES.

Messrs. Dalgety and Company, Limited, Palmerston North, report aa follows:—At our Palraerston North owe fair on Thursday we had a very good yarding of sheep, but bidding was not too keen at auction, and a number of linos were passed in under the hammer, the majority of which were sold afterwards. Quotations:—Small two-tooth owes, lfc. Id.; light fat'ewes, 12s. 3(1., 13s. Id.; cull ewes, 6s: 6d.;-two-tooth owes, 14s. Id., lte. 4d„ 14s. 7d„ to 16s. ld.j mixed-ape ewes, to Bs. 10d.; four and fiveyear ewes, 103. 6d. to lis. 10d.; Email fourtootli and si::-tootli owes, lCa. 9d.; aged rams, to 10s. 6d.; two-tooth .Roinney'raitis, 2j to 4gns.

Tho New Zealand Loan and Mercantile Agency Co., Ltd., report:—At our Palmerflton North sheep fair ■ on Thursday we yarded 4700 sheep. Bidding- throughout was ftull, and although wo quitted the bulk of our entry, prices wore in favour of purchasers In almost every case. Quotations:— Cull lamta, 2s. 2d., 3s. Id., to 4s. Id.; woolly ewe lamb-3, ss. 6d. to ss. lid.; woolly wether lambe, 4s. 6d. to 55.; better class woolly lambs, fts.; shorn rapo lambs, fe. lid. to Bs.; cull ewes, 4s. Id.; mixed-ago ewes, Eg. Id.; four-year ewes, 100. 6d.; two-tooth cwe3, 13s. 6d., 15s. 3d., to'l7s. 6d.; four and six-tooth ewes, 116., and up to 195.; stud two-tooth Itomney ewee, . l£gns.; Romney rams, 3pns.; Southdown rams, 2 to 2Jgns.

The New Zealand Loon and Mercantile .Affcncy Co., Ltd., report:—On Wednesday wo held a sale of stock in conjunction with Messrs. Dalgety i and Co., on • behalf of Messrs. Howie and Didsbury, at Koiwiko. There was a very small attendance of buyers,.and bidding dragged. Quotas tion6 :-Four-tooth wethers, lis. 10d.; cull lambs, 4g. Cd. to 4s. 9d.; cull ewes, 6s. lid.; rape lambs, 7s. 5d.; four and live-ycor ewes, 12cj.; mixed two-tooths, Ss. 9d.; 18month steers, £3 &3. 6d.; two and a halfyear steers. £5 os. 6d.; 20-month heifers £4 3s. to £4 45.; springing cow, £4; bull. sq. .. <

Messrs. Abraham and Williams, Ltd., reportAt our annual eheep fair, held at Palmereton North, on Thursday, thero was a total, yarding of about 13,500 cheep, of which wc had 7100. „ Thero was a large attendance of buyers, but bidding waa very slack, and vendors in most caseo had to reduce their reserves. Wo quoteTtvotooth ewes, email, 9s. lid." to 10s.; otfors, lis. 9d. to 12«3.; four and six-tooth ewes, lie. to 1?<3.; four and five-year ewes. 6s. Id., Bs. 3d., 9s. 6d., 9s. 7d., 10s., lis., lis. 6d., to 12?.; lambs, 7s. 9d., Bs. 6d., to 9s. 3d. The purebred Lincoln ewes, offered on account ox air. J. Balsillic, eold from £l Is. to Hgns.

Messrs. James "Macintosh and Co. report navmg hold a fairly euccosisful saltf at Happy Valley, on account of Mr. E. L. Holmwood .yesterday, when they offered all his sheep, cattle, horses, furniture, and implements, which- met with fair competition, and everything was sold at tho following. prices Ewes, two-tooth to f.f.m., 10s. lid. to 13s. 2d.; lamb 3, 6s. 6d., 75., to Bs. Id.; four to six-tooth wethers, 14s. 3d.; two-tooth wethers,, 103 v Cd.; t-wo : tootli .ewes, 10a;; two-tooth to f.f.m. Halfbrca ewe.i, 10s. to lis. fid.; f.m. owes, poor condition, £g. 2d.; small lots of cnll ewes, 7s. to 7s. 9d.; cull lamb 3 (very nmall), 3s. 2d. to Zs. Bd. Cattle; Cows in milk, £3 2s. 6d. to £6 2s. 6d.; bull, £2; 18-month steers, £4 7c, 6d.; yeorlins: Et-poM. £2 175.-'; • yearling heifers, £3 2s. 6d. Furniture, implements, and sundries wore to Id at full market rates after fair competition. ,

COMMERCIAL ITEMS.

INVESTMENT SHARES. The sale 3 recorded yesterday were — Ohristchurch Gas at £7 lfe. ; Wellington Gas, preference, 205.; and Wellington Woollen, ordinary, at £3 12s. Tho quotations were as under:— Buyers. Sellers. . - £b. d. - £ s. d. N.Z. Loan and Mercantile 0 9'6 — N.Z. ant'. liiver Plato 0 19 0 119 9 Well. Gas (pref.) 019 9 ' 10 0 N.Z.. Insurance 5 3 0 5 4 6 S.B. Insurance 3 15 0 — . Union Steam 0 10 0* — Kaiapoi Woollen (ord.) ... — 5 6 0 Taupiri Coal — 13 0 Lcyland-O'Bricn 16 0 — Golden Bay Cement — 10 3 Manning and Co 3 17 6 — N.Z. Portland' Cement ... — 019 6 Sharlaud's ordinary — 110 Whitcombo and Tombs — 6 8 0 W.F.O.A. : - 190 •Rights to nov; issue. Tho oourao of sales during the past month was a3 under:— National Bank, £6 Is.,' £6 Is. National Mortgage, £4. Ohristchurch Gas, £7 10s„ £7 10s„ £7 10s. Wellington Gas (£9 155.), £16. \ Wellington Gas (preference), 20s„ 205., 2Cs., 20sRational Insurance, 435. 6d. N.Z. Insurance, £5 lis. 6d„ £5, £5 ss„ £5 Es. 6cl. Ohristchurch Meat, £15 Cs. Meat Export (513. 6d.j, £2 16s. 6d, Union Steam,' 47e„ 525., 51b. 6d., 5Cs„ 495. 3d. N.Z. Shipping, £16 55., £16 ss. Kaiapoi Woollen, £5 6s. Wellington Woollen, ordinary, £3 12s. Wostport Goal, 275. 9d., 275. 9d„ 275. 10! d., 275. 9d„ 275. 9d. Lcyland-O'Brien Timber, 265. 6d. Taringamutu Totara, 45.3. N.Z. Drug, 495. 9d., 495. 9d., 495. 9d., 495. 9d„ 50a. Whitcombe and Tombs, £6 7s. 6d. W.F.O.A. (205.), 28s. 6d.

THE SHIPBUILDING INDUSTRY. So far as the ma,rvellouß prosperity of tho eliippins industry is manifested in tho records of shipbuilding yards ana marine engineering shops, it is of a character to compel admiration of the natero of British resources. Tho gross tonnaso of vessels launched in tho United Kingdom last year was 2,035,300 tons, as against 2,031,500 tons in 1911, and 2,000,000 in 1906, the time of the last boom. "The total tonnage is a record," "Siren and Shipping" points out, "yet the volumes of work it represents is- probably below' what the industry is capable of." .Should no serious labour troubles arise it is probable that tho current year will caeily excel 1912, for the Quantity of. tonnage on hand is unprecedented. Tho £ale 3 of 'vessels last year are another index to tho extraordinary character of shipping history in 1912. Prices exhibit an enormous advance on those in 1911. and owners of steamers contracted for late in the latter year or early in 1912 were able to sell -at handsome profits. The rates obtained for new craft reached £10 per ton dead weight,, or £4 moro than in 1911, whilst tho value of sailing ships doubled. Another feature which has marked tho past year lias been the steady increase in the fleets of the principal companies and in the average size of tho units. The Ellernian liines still holds the premier position with '563,100 tons, though the British India is close behind with 553,400 tons. The PenineU'lar and Oriental has climbed to third place with 538,9C0 tons, the Oceanic Steam Navigation—the White Star Linenow coming fourth with 491,2C0 tons. Tho Poddc Steam has jumped up from the nineteenth to the fourteenth place witli 242,900 tons, and is iust below the Royal Mail, which own a 246,400 tons. The UnionCastle ranks seventh with 332,500 tons, and the Cnnard twelfth with 258,600 tons. Tlio White Star lias the largest avcrago size boat with 15,400 tons, the Cnnard coming sesond with 11,200 tens, and the Orient Steam Navigation third with 10,000 tons, thonch its aggregate tonnage is relatively small—97,4Co tons. Practically nil the linra exhibit a considerable advance in tho average size during the last- decade, particularly the chief passenger Tympanies, such as tho Cunard and the Wo Star, whose mean has risen 44 and .. per cent, respectively. This indicates an adaptation to the changing needs of travellers, which goes far to explain the great success of these undertnkitins. And this success is but a small part of that which has attended tho whole of tho shipping industry in tile l.lct couple of yeare, particularly ill 1912. TUB CIIEESE MAUKET. Early in tho year the London cheese market was depressed owing to "bear" operations, and to counteract this Messrs. W. V'/cddel nnd Co. i rod a circular which dealt with tho position from every point of view, and showed clearly enough th.it there ,was no warrant for tho drop In

| valuos. The circular, which is not a very long one, we give the greater part of it bolow:— "Considerable anxiety, hardly distinguishable from nervousness, prevails ill tile cheese trade as to the prospects of the more immediate future, especially of New Zealand chcese. This feeling is understandable if comparison bo made only between a year ago and tho present time; but, a year ago, tlio effects of the big drought in linglaud, Europe, and Canada were being felt at their worst, and tho conditions then were totally unlike any preceding time in recent experience, so that it may easily be misleading to compare these two periods alone. To obtain an intelligent and accurate view of the present position of tlio cheese trade, tho year 1911 with itti droughty effects might be altogether omitted, and certainly the present normal conditions would be more equitably compared with the years preceding Wli. "Home Production—Tho production of olieese in tho year 1912, so far us the pastures are concerned, may be taken as normal for the United Kingdom, the Continent of Europe, and Canada. The spring of 1912 in the United Kingdom' was excessively dry,.and tho. pastures and meadows were very poor until haymaking time when very wet weather commenced and continued practically to the and of the year, during which time tho pastures made up for tho early shortage and thus brought about ail average normal year. "Tho extraordinarily high prices.of British clieeso that existed from March rtaht up to tho end of June, and did not como down to the normal, level until August, induced makers of every kind of British oheose to ecII in May, June, and July, instead of holding over as usual. Thin course of action largely reduced stocks, which.nonfiOQuently consist practically of the balance of the make since early August, and aro, therefore, much smaller than in an ordinary 3'car. A's a rule, cheeso made late in the season does not keep well, and for this reason tho late make tcib also .presßed for sale, and stocks of it aro reported to be below average. There is thus much in the position of British-mado clioese to warrant the expectation of better prices before next season. "Imported Cheese.— Tho Board of Trade returns for December show the total imports of all kinds of cheese for 1912 to have been 115,<40 tons, or 1950 tons less than 1911, 7377 tons lees than in 1910, and 4065 less than 1909. "Imports of Canadian for 1912 were 67,628 tons, or 6036 loss than in 1911, 12,725 tons than in 1910, and 10,700 tons lees than 1909. . "Imports of New Zealand checse for 1912 were 27,196 tons, which' is an 'increase of 7304 tons in 1911, of 4507 tons on '1910, and 8769 tons 'on 1909. "Stocks.—lf instead of taking the imports spread over <.ach year we take the stocks on the last day of tho year they tell tho same tale' of shortage. The stocks of Canadian and New Zealand cheese in tho three principal porta of this country on December 31, 1912, were 12,214 tons, against 11,571 tons in 1911, 14,969 tons in 1910, and 14,143 toils in 1909.

"Prospects for 1915.—1t is now known from cable advices that a total of 0621 tons of New Zealand cheese, most of it afloat, lip to and including tho Ruapehu, will be imported into the United- Kingdom during the months of January and February. Tile Board of Trade returns show that for tho same : months in 1912 the 'total import was 7E03 tons, so that the increase for the two months this year—a quarter of tho soaeon—will be only 813 tons. This amount gives very little indication of the total increaso this year being so much as BCCO t-on.s, which was expected by many of those engaged in tho trade. February and March imports aro generally tho largest, though January and February run them very close. According to the ratio in which New Zealand has been yearly increasing her exports of choose it was natural to expect a larger increase tills year than is shown by tho above figures. From 1909 to 1912 inclusive the imports oach year in these two month 3 have been 5027 tons, 6275 tons, 5893 tons, and 7803 tons respectively. It will, therefore, bo seen that .while' tho January a.nd February Imports of 1 1912 were 1910 tons above those of 1011, and 1528 above 1910, those of 1913 will be only 818 more than for the same month? in 1912.

"The importe of Canadian cheese from the beginning of tho season 1912 (May) to December were 63,554 tons. On January 1, 1913, there were ill Canada, according to most, trustworthy advice by cablo 2650 tons '.(75,000 boxes) available for export, which makes a total of 66,234 tons available for the full year ended April 30, 1913. This will be 6911 tons below the year ended April 30, 1912, and 10,406 below 1911, and 1-3.302 tons below 1910, and 9683 tons below 1909.

"The present anxiety docs not take into consideration the following favourablo factors, viz., the extraordinary purchasing notfor just now possessed by the labouring population owing to the remarkable number.in full employment, and the great rise in their wages that has taken place; tho prospect for months t/> come of dear meat in tlio United Kingdom, which, in consequence, will cause more innuiry for cheese, as being a much cheaper food: and that the reason in New Zealand is not now in so good a position as it was, two months ago, the weather being so unfavourable as to have checked tho output, drapito tho largo number of factories making ohecse- TTndnr these conditions tho market is expected to improve, and nrices advance from now to April, or until the new season's British ond Canadian cheese arrive .to relievo the situation."

METROPOLITAN BUILDING. The twenty-scoond annual report of directors and statement of accounts of the Metropolitan Permanent Building and Investment Society for tlio year ended February 15, have been circulated. The profitG for the year (including a balance of .£258 3s. 4d. brought forward from last year) ■amount to £4536 Is., which has been appropriated as follows Dividend; at 7 per cent., and amount credited B shares, £3998 2s. 2d.: added to reserve fund, £750; leaving ' £237 lfe. lOd. to bo carried forward. The loans on mortgage total £129,288 Is. 9d., and the fixed deposits held by tlio company total £62,417 "lfe. Ed. The company has had a good year. CUSTOMS. " Tlic Customs revenue collected yesterday amounted to £2556 16s. 6d., the total for the past month being £51,918 Its. sd. Tlio .revenues for the past two months compare with the figures for 1 the corresponding periods of lest year as under:— 1913. 1912. £ 6. d. £ s. d. January ... 96,827 2 4. 84.856 14 8 February ... 81,918 16 5 72,741 10 6 178,745 18 9 157,598 5 1 Tho beer duty collected during tho past month amounted to £1147 165.'9 d., as against £1134 (te. 9d. for February, 1912. A privnto company has been formed at Mangaweka to securo the patent rights of a patent- non-rcfillablo bottle, tho invention of Mr. Walch, a local resident. The whole of the shares have been taken up by residents of Mangav.-eka, and patent rights have been secured in ail the chief countries of the world. It is claimed that "a long felt want" will bo satisfactorily met by means of the patent. GRAIN MARKET. . (By Telegraph.—Press Association.) Chrlstchurch, February 28 The Government statisticians estimated an average of 30 bushels of wheat to tha •acre, which is on a liberal side, though it has to bo remembered that there will be very little damaged grain th'ls year, tho crop having been harvested under generally favourable conditions. The total crop is estimated to produce 5,709,900 bushels, which is not suflicisnt for requirements, but there must have been a fairly largo carry-over of last yoar's wheat. The estimate of 38.35 bushels of oats per acre i 8 undoubtedly too high, South Island crops being very much lighter than they were last year. Tho Southland crops are estimated at. 41.73 bushols per acre, but there will be few northern farmers who will agree with this, as tho crop is unurmally light over a large area of country. Barley is estimated .at 36.33 bushels, and potatoes at 6.74 tons, but tho latter is mere guess work, seeing that the main crop is not yet ready for digging. The condensed reports of enumerators that havo been published do not bear out tho high estimates of yields of grain crops. Tho local wheat market is very flrai, but thero has, not been muoli grain offering during tho week in consequence of rains having interrupted threshing operations. Oata arc, if anything, weaker, and Is. lid. is now tho outsido price offered for Gartons. There is very little business doing in this cereal. A "few lots of peas have boen marketed 2s. 9d., and 3s. having been paid for partridsc. and 4s. for Prussian blues. LONDON MARKETS. Messrs. Dalgety and Company, Limited Wellington, have received tho following cablcd information from their London offico. dated February 27:—Frozen moatMarket very dull, hardly any business doing. New Zealand lamb.is Jd. to }d. per lb. lower: New Zealand mutton, }d. per 11): lower: beef, prices are unchanged. Tallow: There i 3 very small demand for mutton tallow, any change,in price is in favour of buyers. Other descriptions unchanged. SILVER. By Telccraph— Association-Copyrieht London, February 27. Bar silver is quoted at 27£ d, per ounco standard. , NORTH GERMAN LLOI'D'S. (Roc. February 28.,9.10 p.m.! Berlin, Fcbr.uarv 28. The annual report of the North German Lloyd's shows that the gross earnin-s amounted to £2.567.000. A dividend of 7 pelcent. has been declared.

4s. 5d., Cape 3a. to 3a. 5d.; oats, milling, Algerian 2s. Cel. to 2s. CJtl., 'seed 2s. 7M. to 2s. sti., feed Ss. 2(1. to 2s. 4}d.; potatoes, £4 life, to £5 10s.; onions, f&i 153. to £'t ss. BANK OF ENGLAND KETURN. (Kcc. February 2ft, 9.10 p.m.) Lond.on, February 28. The Bank of England return issued for tho week ended Wednesday, February 20, is aa undier ISSUE Departiten'T Note Thus JC55.09i.000 dev.debt - i 11,015,003 Other securi-ti-s 7,434.000 Golii 81i.M5.000 £55.094,000 i.'55,09i,c00 Banking DRPAimrnNi. Proprietors' Govt. securicnpilat £14,553.000 tios £13,031,000 Public do- ' Other securijiosits ... 23,543,000 lies 41,870,008 Other deposits ... J1.GG7.000 Kotos ... 27.336,003 Ii est, 7-day unit other bills... ... 3.591.C0D Coin... ... 1,069,000 £83,359,003 ■ £83,359,00 Tho leading items ot the Bank of England return afford the following comparison This week Last imk Last year ££ £ , Bullion 86,645.000 36.652,000 38.738,000 Reserve 28.455,000 28,374,000 30.532.000 Note circulation 27.708,000 27.768.000 W.mOOO Publio Deposits 23.548,0C0 20,903,000 21.671,000 Other Deposits 41.667,000 37.676,000 44,830,000 Proportion of ' reserve ■ to liabilities ... 43.61 , 46.33 M.87 GOVERNMENT SECURITIES. The following aro the latest quotation! for Government securities, with c, comparison of tlioso ruling la6t week:—

BANK BATES OP INTEREST. The Bank o! England rato was, on February 8, 1912, reduced from 4 to 3J per' ccnt., and on May 9 it was furtner reduced to 3 per cent. On August 29 it'was raised to 4 per cent., and on October <17 to 5 per cent. '

The Banlt. of Franco rate was reduced from 3J to 3 per cent, on January 23, 1908, and continued at the latter flguro until September 12, 1911, when At' was raised to !J per cent. On May 17, 1912, it was reduced to 3 per cent., on October, 17 it was raised to 3} per cent., wild on October 30 to 4 per cent. The Imperial Bank of Germany reduced Its rate from 5 to 44 per cent, on Juno 11, 1912, on October 2m it was raised to 5 per cent., and on November 14 it was further raisod to 6 per cent. MARKET RATE£! OF DISCOUNT. Tho following are' tho maiket rates for best three months' bills: —- London Paris Berlin rate. rate, rate, per per ' per cent. cent. ■ cent. This week. 413-16 3J 6 3-8 Last week' 43 33 5$ Last year 38 23 4} .Short loans are quoted at 43 per . cent., as against 43 I> e '-' cent, last week, and 3J per cent, last year. / COLONIAL AND OTHER' PKODUOE. Wheat.— I The market is inactivo; 375. IOJd. is asked for Australian now loading, 38s. for February shipment, and ! 37a. 7ict. has been offered for March shipment. Australian, on spot, is in good, demand at ,41s. New Zealand wheat is practically exhausted; good longberry, 38s. 6d. to 395. Flour is firm. Australian is quoted at 28s. ex store; 265. 6d. has been offered for March-April shipment. ' < > Oats are in large, supply, and there is a small demand, excepting for A grade Gartons, which aro scarce, at 255. 6d. to 265. Beans are firm at 40s. 6d. to 41s. Peas aro in better demand. New Zealand maplo3 at 395. to 41e. . • Butter is Arm. Ohoicost colonial is selling well. Salted, 1103. to Ills., a few lots making 1145.; secondaries, 104s. to 108s.; untaltcd, 114s. to 1165., a few making life.: Now Zealand, salted life, to 118s., uncalled lIC3. to 1205., a few making 1223.; Danish, 1325. Cd. to 1345. 6d. Cheese is i!rm, but quiet. New Zealand, 60s. 6J. to 61s. Sugar.—German beet, 88 per cent, net titro, Id, higher, at 9s. 9d. per cwt.; first marks granulated, f.o.b. Hamburg, 3d. higher, at ,12s. . Bradford Tops.—The market is quiet And unchanged. Sixty-fours, 30} d.;' super sixties, 29Jd.; common sixties, 28|d.; ilft.ysixes, 24d.; fifties, 221 d.; forty-sixes, 17id.: forties, 16} d. '

METAL MARKETS. Copper.—On spot. £(fl fs. per ton. Till.—On spot, 555. lower, .at £215 15s. per ton; tlirce months, £5 ss. lower, at £239 15s. .

Lead—Soft foreign, ss. lower, at £16 6s. 3d. per ton.

Pic-iron.—Middlosboro' No. 3, 7d. lower, at 61s. sd. per ton. • Spelter, £25 ss. per ton.

Variation _ compared Frici. ' with _ _ last week. £ t. d. 2J% Imperial Consols 7412 6 6s higher 4 ,.N.S.AV.1933Jau.-July 301 0 0 Unchanged 34 ,.N.S.W.1930-50AIr.-Sp OH 0 0 Unchanged 3i „N.K.\V .-1920-50 90 0 0 Unchanged 3 ,,N.S.W. 19^5Apl.-Oct 84 0 0 Unchanged i t .Yic. 1920 Jan.-July 100 0 0 Unchanged 3i „ Vic. lfcil-6 Jan.-July 98 '2 G Uuchangod 3$ „ Vic.-lO'iy-JS) 93 0 0 Unchanged 3 „ Vic. 19'20-49Jan.-July 78 0 0 Unchanged si „S,A. 1916 Jan.-July 01 0 0 Unchanged 3 ,,S.A. 20115 Jan.-July 75 0 0 Unchanged 4 „QTdl915-24 Jan.-July 100 0 0 Unchanged 33 „QTdl922-i7Jan.-July 94 0 0 Unchanged 3 „QTdl922-47Jan.-July 78 0 0 Unchanged 4 „N.Z. 1929 May-Nov. C9 10 0 10s higher 3i „N.Z. J9I2-40Jan.-July 00 0 0 Unchanp/od 3 ,.N.Z. 1920 April-Ocfc. fc'O 0 l) Unchanged 3J „\V.A.1915-35 May-N«T to 0 0 Unchanged 3 „W.A,1915-35May-NoT U4 0 0 Unchanged 3J „Tas. JWOJan.-July . 61) 0 0 Unchanged 3 „Tas. 1920-40 Jan.-July b3 (J 0 Unchanged