FARMERS’ CONFERENCE

Dominion, Volume 14, Issue 205, 25 May 1921, Page 8

FARMERS’ CONFERENCE

WELLINGTON & WAIRARAPA UNIONS

TO-DAY’S CONDITIONS REVIEWED

VALUE OF CO-OPERATION STRESSED

(From Out Special Qorrespondent.) Masterton, May 24>.

Tho annual conference of the Wellington and Wairarapa provinces of the I'l.irmers’’ Union commenced to-day. This is the first occasion on which a conference of the two provinces has taken place, Wairarapa only recently being raised to ithe status of a province. Mr. AV. J. Polson, Fordoll, president of tho Wellington provincial district, was in tho chair. The other officers of the exe' cutive of the two provincial districts who were present were: —Wellington provincial district: Vice-president, Mr. George M'Gregor (AVaverley); treasurer, Mr. John Balsillie (Palmerston North); executive, Messrs. D. M'Lean (AVaimarino), H. Booth, K- AV. Dalrymple (Bulls), J. M. Whiteman (Upper Hutt), A. Robinson (Wanganui), J. A. Al'Leavey and H. Vile (Palmerston. North). Subprovincial ■ presidents—Afanawatu : Mr. !•’. AV. Hubbard; Wanganui: Mr. Claud Smith (Brunswick); provincial secretary, Mr. AV. Hunter (Palmerston North). Wairarapa. provincial district: President, Hugh Morrison (Masterton); vicepresident, Mr. AV. B. Matheson (Eketahuna) ; treasurer, Mr. C. C. Jackson; executive, Messrs. A. J. Speedy, A. Ross, H. A. Bunny, H. C. Cook, T. Benton, W. Irons, A. Hughlan, J. P. Petersen, AV. 0. Twentyman, Hugh M'Kay, J. D. Ramsden, J. H. Bremner, E. T. Foulton; organising secretary, Mr. D. Hebenton. Apologies were received from Sir James AVilson (Bulls), Messrs. G. J* Marshall and A. Stuart (Marton), E. Parsons (AVaitotara). A. Campbell (Feilding), and R. H. Guthrie (Rangiwahia). Delegates present were: —AVanganui sub-provincial district: Messrs. T. Currie (Brunswick), S.’T. Melville (Fordell), C. Billingshurst (Maxwelltown), 11. Somerville (Okoia), H. Grove (AVaitotara), E. E. Fletcher (Wangaehu), A. Robinson and J. Allison (AVanganui), B. Dawes (Westmere). Wellington sub-pro-vincial district: Messrs. W. Burdan (AVarnui-o-mata), J. M. Whitemnn (Hutt), H. Boyer (AVaverley), A. Kidd and AA r . L. Grice (Feilding), G. Livingstone (Hunterrille), AV. D. Carson (Marton), D. M'Lean (Waimarino), A. Buchanan, jun. (Kairanga), A. J. Gimblett (Levin), L. Atkins (Manakau), A. M'Leavoy (Ohau), A. Buchanan, sen. (Palmerston North), Harold Smith umu), H. Schreiber (Rongotea), Tatton Fraser (Waikanae), T. H. P. Davey (AVhaknronga), H. H. S. Roller (Tiniti), C. C. Jackson and D. Smith (Masterton), C. Reid and H. H. Bunny (Carterton), H. J. Tilyard (Greytown), E. O’Neale (Featherston), n. Daysh (Martinborough), A. Ross (Gladstone), A. Ilughan (Eketahuna),. T. B. Mason (Nircaha), Hugh M'Kay (Pahiatua), J. Bruco (Knmcroa), and AV. E. C.. Tylee (Makuri). PRESIDENT’S ADDRESS.

In tho course of his ■ presidential address, Mr. Polson stated that never Irefore in the history of tho Dominion had the farmers been faced with such difficulties, such financial strain, and the necessity for such personal effort as at tho present moment. Alluding to tho magnificent spirit in which those trials were being met, Air. Polson remarked: "Nowhere do we hear a whisper. Some of us may go down in this avalanche in prices—some I regret to say have already gone down —but each and every producer seems to have tightened his belt and set his. teeth to face each catastrophe os it arises. Let ua hope that the depression will Ire short lived and that we shall soon see such a. rise in prices as will bring farming in Now Zealand (I speak of course more particu" larly of sheep farming) back to the fraying point—a position it is far from at present. Meanwhile it is a fine thing to know that we can face the future without dismay, and in imitation of our countrymen at Hoine when overtaken by a far greater catastrophe carry on 'business as usual.’ We have tho sure knowledge that we live in a land of great opportunities, a country whose splendid future no period of depression can disguise and whose advantages will enable her citizens, if they possess the necessary courage and judgment and industry, to overcome even more serious embarrassments than those which cloud tho horizon just now. Tho future of New Zealand rests with ourselves after

all. Our immediate, task as a branch of the Farmers’ Union is to scrutinise our position as producers and through our deliberations here to ad|d' as far as we are nble, to the usefulness of the union as a whole.” 1 Apathy Among Farmers.

Referring to the activities of tho union

the president <said that more driving force was needed, along with strong executive action, and more executive initiation. There were roughly 80,000 holders of 10 acres of land and over in New Zealand, representing at least double that number of votes, and probably this was understating the position. Surely such a bodv of farmers was entitled to a union ranking second to none in the community. "When they consider the great and growing farmers’ organisations in other countries, they must realise how sadly they-'lagged behind. Less than a fourth of the farmers of New Zealand were members of the union. Why? Because the union did not. offer them enough. The union must enter more fully into the life of the farmer and maintain his interest not only in public affairs but in his private business as a producer. There was, for example, more room for producers’ competitions, ploughing matches, dog trials, field competitions, children's plots, and animal rearing competitions, social gathering and exhibitions of interest to farmers generally. Groups of branches might take up these subjects more freely. The Land Bank System.

Mr. Polson went on to refer to the Danish land bank system, a method of finance which: had brought amazing relief to that country and prosperity to thousands of struggling farmers.. According io Mr. VVaage. a leading Danish statesman, a credit union was formed with the object zf securing for its members mortgages on their properties. It was done thus. A landowner who desired to obtain a mortgage on his property gave a bond to the union and received the loan not in cash, but in bonds issued by the union. The receiver of these bonds must realise them by selling them on the money market. Therefore the person to whom the loan was granted must bear the risk of the bonds not realising, on account of the fluctuations of the market as much as he expected to receive when he decided to take up the loan. The interest and the sinking fund charges that every member had to pay on his loan were used to meet the payments and to cover the sinking fund on the. bonds issued by the credit union. The regulations of the credit unions must be approved by Government and the Government appointed an auditor to inspect the affairs of every credit union. The credit unions would advance loans up to half the assessed value of any given property. The person who obtained n loan had to pay a certain amount towards the reserve fund of the credit union by which it was granted; also he must pay a small sum towards the administration expenses of the union. In ease of losses being incurred such losses were 'met out of the reserv-, fund.

Commenting'on the scheme as outlined above Mr. Polson said it was one of

the many subjects that the Farmers' Union had failed to make any investigation of, and it was one which in his opinion would repay close and careful study. He believed the application of tho credit union and land bank system to New Zealand was not only possible but would add enormously to our prosperity, and to the stabilisation of our finance under such conditions as appressed us at presents A Word of Caution.

In uttering a word of caution about the eneuiug year, Mr. Polson pointed out that recoveries from periods of depression occupied time, and while the future of the pastoral industry of the Dominion was safe, greater economy was needed, not only in wages and th e working of farms, but in our habits of life. Tho smaller landholder would have to exercise greater care than tho larger one. In the circumstances it was the bounden duty of the Government to stand behind those soldiers whom it had placed on the land, and see that no harm come to them. Co-opehation Necessary. In conclusion Mr. Polson emphasised that co-operation was the one sound foundation on which primary producers could build for the future. It had been tried, tested, and pronounced pure gold. Denmark was tho great example of tho co-operation movement. Co-operation was rtt the bottom of the comparative success of Danish agriculture. Personally ho believed that the modified cooperation which already existed amongst the dairy farmers of New Zealand was capable of tho most vigorous extension and the widest application to all branches of the industry. Mr. Hugh Morrison, president of the AVairarapa sub-provincial executive, congratulated the chairman on hie able and constructive address. He welcomed the delegates from tho AVest Coast.. This was tho first occasion on which they had met in Masterton at a conference of sub-provincial districts. He much regretted that a Minister of the Crown could not be present at the smoke concert to bo held in the evening, but he felt that Parliament would be ably represented by Mr. G. R. Sykes, ALP., and Sir AA’alter Buchanan, M.L.C. He was satisfied that the Farmers’ Union was more in touch with farmers generally than heretofore, and he trusted that delegates would return home determined to work hard to keep the union together. Messrs. E. C. Fletcher, president of the Mannwatu sub-provincial district, A. Buchanan, T. Moss, and C. Smith also made congratulatory remarks concerning the president’s address. A hearty vote of thanks to the president for his address was carried. .

REMITS DISCUSSED. WATERFRONT LABOUR. Mr. A. Robinson, AVanganui, moved the following remit from Marton: —"Thatas tho industries of this country are being constantly held up by trivial disputes on the waterfront, and that as the cost of working ships in New Zealand is now greater than in any other part of the world, the Government be urged to set up a properly-constituted inquiry with a view to putting this labour on a more satisfactory and permanent footing.” He said that while wages had increased 50 per cent, on pre-war figures tonnage charges had increased 93 per cent.

Mr. J. M. AVhiteman, Hutt, seconded tho motion. He favoured piecework as against day labour. Everywhere day labour was operating the results were unsatisfactory. It would be the case if farmers themselves were paid by the day instead of depending on their produce for their remuneration. He favoured co-operative labour on the waterfront.

Mr. W. B. Matheson, Eketahuna, did not favour asking ths Government to move in the matter of waterfront labour without making them a suggestion. The Government might even .make the watersiders Civil Servants. (Laughter.) “Well, they might do that unless we give them a lead. We should give them a lead.”

Mr. T. Moss, Eketahuna, said that as a member of the AA’ellington Harbour Board he had found the question was a very difficult one. Facilities had been supplied the workers, but they did not appreciate them. He did ' not favour asking the Government to set up an inquiry' into tho question. The Harbour Board was fully alive to the position. He favoured a conference of all the parties concerned. Ho moved as an amendment that the Dominion Executive be urged to confer with the AA’ellington Harbour Board, and Mr. Bennett, the secretary of the Shipowners’ Labour Buraau, with a view to improving the employment of labour on tho waterfront and to report to the provinces. Mr. C. C. Jackson, Masterton, seconded the amendment.

Air. Gregor M'Gregor favoured the employment of peripanent labour on the waterfront.

Mr. Hugh Morrison said Mr. Marshall had stated .that it took «£SGOO more to load a vessel to-day than it did before the war. He favoured the motion. Ho thought the question should be dealt with v.trom a national point of view, and not •from harbour boards’ point of view. In Argentine they could "turn aboat round” in a week, as against forty-eight days in New Zealand. He rather favoured the suggestion for a permanent staff. The chairman also favoured the employment of a small permanent staff.

Mr. Gregor M'Gregor said it was the number of outsiders coming on to the waterfront that created trouble. He favoured a permanent staff employed on a piece-work system. Mr. H. S. Ryder, Tinui, favoured the appointment of a small committee to consider the matter before forwarding the proposals to the Government. The amendment on being put. to the meeting was lost, aud the motion carried. Foreign Markets. Mr. A. Robinson moved on behalf of Wanganui: "That arrangements be made to ship our produce for sale in all European countries, payment to be made by means of such countries' manufactures ns are urgently required in this Dominion.”

Ho thought it desirable that a freer hand should be given to farmers regarding the choosing of their markets than nt present. The British Government had made provision for England to trade with European countries. They had to find new markets, and they might even persuade the Government to advance them the value of the manufactures received from the European countries in exchange for farmers’ produce. The motion was seconded pro forma by Mr. A. Buchanan, who said ho could not entirely agree with the text. The question needed very careful consideration, because by opening up trade with Europe they might prejudice themselves in England. Mr. Balsillio, Palmerston North, moved as an amendment (hat the motion be altered to road "for sale in all foreign countries.”

Mr. Dalrymple seconded the amendment. He agreed with Mr. Balsillio that there were excellent opportunities for trade outside of European countries. There was a great opportunity in the

East. Ho also favoured reciprocal trade within tho Empire. Mr. Hugh Morrison said he hud been told that India offered possibilities. He would support the motion, but he favoured affirming the principle and sending it on to the Dominion executive for consideration. The amendment was carried, and the motion lost.

Trade Restriction. Mr. A. Robinson moved: That the fact that the British Government is backing the Horae manufacturers’ cost of production of goods, be brought, under the notice of the Government, and that inquiries be made as to whether this scheme can bo participated in by the Dominion arranging with the British Government. Mr. A. Buchanan seconded the motion. The motion was carried. Primary Products. Mr. Boyer, AVaverley, moved the following remits, which, at the suggestion of the chairman, were taken together: AVellington Executive.—That, in view of the present difficulty of disposing of tho primary products of tho Dominion,y and consequent impossible price to bo obtained, the Hon. tho Premier 'bo asked whether any scheme can be devised to protect the producer against arbitrary calls on .the part of financial institutions (by means of the moratorium dr otherwise), ias such calls can only be met by the sacrifice of the means of production. AVaverley.—That the conference consider tho effect of th® present crisis on the stability of the smaller farmer, and how to protect him. "AVe should do something in the in forests of the small fanner,” said Mr. Bower." With 50 per cent, of the small farmers in financial difficulties, none of the banks can act. If prices continue to fall, then in the near future there will bo * serious landslide. Mr. A. M'Leavey, Ohau, favoured an extension of the moratorium. Some men had put .£5OOO or £6OOO into land, and many of these men could not pay their interest, much loss their principal. Mr. AV. L. Grice, Feilding, did not think they should. interfere with financial institutions. Mr. Gregor M'Gregor, AA'aitotara, said he did not think the extension of moratorium would make a difference. The only practical way to benefit the farmer was to find suitable fnrkets for his products. —1, • , r Mr. J. M. AATnteman, Hutt, said financial institutions would not be so keen to push men off the land as some people thought. The real solution was Mr. M'Gregor’s idea that now markets should be obtained. Mr. T. Moss, Eketahuna, said thav they should support the Waverley remit rather than vie AVellington remit. They were not coninctsnt to advise the Premier on so difficult a question. They were not business men. Mr. E. Fletcher, Wanganui, wanted to

see more independence among the younger farmers. The older generation did not always run to the Goyemment for everything; yet they pulled through Mr. A. Ross, Gladstone, stud that tho banks would not drop a man if that man was worth while. Mr. Schreiber, Rongotea, said they wanted manures in exchange for thenproduce. . Mr. Hugh Morrison: No, we want gold. ' , • Mr. Shreiber: Gentlemen, I ve been in a place where gold could buy nothing, and was therefore useless. AVe’ve got to take what we can get. j Mr. A’ Buchanan favoured AAavcrloy s remit. Tho law of supply and demand should operate. Mr. Dover said that the low tins year had used up the savings of the last five years. . , , , Eventually it was decided to withdraw

the remit from the AVellington Executive, and amend the AVaverley remit as follows:—“That the Dominion Conference consider the effect of tho present crisis on tho stability of the smaller farmer and how to protect h' lll ’ ari " cn * deavour to find a remedy.” Free Markets. Mr A Ross, Gladstone, moved the following remit-.-That the Government discontinue the fixing of prices for farmers’ produce, and that the • law ot I.. rlnmnrizl laA OHIY factor

supply and demand be tne oniy lucim in determining prices. Air. Hugh Alorrison seconded the motion, and suggested that price-fixing iu the past was responsible in no mean decree for the present slump. The chairman, Mr. Polson, said tho remit contained two principles: The first was the fixing of prices and the secornl was fixing of prices by co-operation. Iho two principles should not he mixed up. Co-operative fixation was in , the best interests of farmers. Tho speaker gave instances where co-operative regulation of prices -had saved industries. the same principle will be applied in connection with B.A.AV.R.A. sales of wool By consent of the mover all the words after the word “produce” were struck out. . . , In this form tho remit was carried.

Super-tax on Land. Mr. C. C. Jackson moved, on behalf of M asterton "That this conference request the Government to take off the uv per cent, super-tax on land.” Mr. Jackson pointed out that the super-tax was a war measure, and should bo lifted. Mr Hindi Morrison, in seconding the motion, raid that all of them were up against hard times. A number of farmers were going to have great difficulty in paving taxes and rates. It would be said that the Government needed money, but. after all it was of greater importance that the farmers should be kept S °Mr' Schreiber (Rongotea) said that ‘he had been instructed io oppose the remit. The war was not yet over; industrial unre«t was rampant throughout the world. The Government had already made reductions in taxation. > The remit was carried. Donations Taxed.

The following remit from Masterion was moved bv Mr. David Smith:--- That this conference protests against farmers who have donated their surplus woo profits to the mercantile marine and Royal Navy Dependants’ Fund haying to show the amount of their donation on the next income tax returns and pay tax on same.” If was out of all reason. said Mr. Smith, that farmers had to pay a tax on money they had presented to’ the Navy Dependants’ Fund as a gift. Mr. Hugh Morrison seconded the remit. Tie said lie did not SPe thnt the matter was debatable at all. Why should they have to nay this tax, especially now the slump had come? Mr. A. D. M’Leod, M.P.. said that if the alleged tax was being levied it was certainly contrary to the Government’s desire. Tho Minister had ,-aid that if a farmer paid loss than 3s. 4d. in the All. then he would be. credited with that ameunt. Farmers could rest assured flint they would get a refund. Mr. Smith said that in view of Mr. M’Leod’s explanation he would withdraw the remit. Taxation on Land. Mr. A. Ross moved, on behalf o f Gladstone. "That this conference considers if fairer to do away with any tax on incomes made off land, and that in lieu thereof be placed a rate on the unimproved value of land.” Mr. Burden (Wainui-o-mnta) seconded the remit.

Mr. T. Moss (Ekclahuna) said he could not support the remit. They would merely bo placing their head in a noose. They should be very careful before moving in the matter, for it would be introducing the thin end of the wedge in favour of the single tax. Mr. Boyer (Waverley): "It would lie a good idea to abolish the land tax altogether and tax incomes. Then farmers will pay no fax nt nil, and the man who is making money will pay the piper.” (T,aughter.)

On being put to the vote the remit was rejected. Hard-put Settlers. ' "That in the event of there being no improvement in the price of wool and meat, the Government be asked to remit half tho amount of land tax to those depending on these products for a livelihood." This remit was moved by Mr. Gregor M'Gregor, who said that it was mainly iu the interests of backblock settlers. These settlers could obtain nothing for their surplus stock. He thought it only fair that the Government should bo asked to assist hard-put settlers in this manner. There was some opposition to the remit on the ground that farmers were all in the same position, and should face tho position philosophically. The remit was lost. Opposition to Export Tax. "That any export tax for tho purpose of raising money for shipping is a dangerous proposal, and that a loan secured by a rate on tho rural freehold of New Zealand is a better one.” Mr. A. Ilughan moved this resolution on behalf t>f Eketahuna.

Mr. AV. B. Matheson seconded, but asked that the remit be divided, tbs first half to read: "That an export tax for any purpose would bo a dangerous proposal, and should be avoided." This was agreed to.

The chairman said that the Producers’ 'Committee sitting; in AVollingtonr had given the question a good deal of consideration. He saw no reason why Mr. Matheson’s amendment should not be considered and carried. The second part of the remit could be sent on ta the Dominion Conference.

Replying to Mr. Matheson, the chairman stated that in the event of a farmers’ shipping company being formed, Mr. Massey had given an assurance that no shares would be held outside New Zealand, and that tho Government would bo represented on the board of directors on the same lines as it was lepresented on tho Bank of New Zealand.

Tho following remit from AVanganui was supported: "That this coiiference is in favour of a State-aided Dominion shipping company.” Other Remits Adopted.

"That the Agricultural Department be requested to adopt a universal age mark."

"That tho Government be urged to strictly enforce quarantine regulations for all cattle being transported from infected areas.”

"That wcolbrokers be naked to reduce the storage by half tho amount now charged.” "That the regulations dealing with wool offered at auction whereby the same can only be offered twice be repealed, as its operation is unjust, especially to small growers.”

"That the Govei-nment amend the regulations as to sale of wheat, and endeavour to prevent middlemen’s profits and millers making large profits on the re-sale of wheat they do not mill.” "That the Government bo urged to abolish the Board of Trade.”

The following remit was lost: "That the branding of cattle bo abolished.*' During the afternoon Colonel A'onng, Director of Live Stock, explained to the conference several matters connected with his Department.

NORTHERN MARKETS

SCARCITY OF FEED

The Farmers’ Auctioneering Company, Hamilton, report as follows under date May 22: — Beef. —The supply of prime quality beef at the yards is limited, with an upward tendency in value. There seems little doubt that the turnip beef will meet with good demand.

Mutton.—The market for mutton is steady, with a firmer all-round tone. Store Cattle. —In general are dull and lifeless, without much prospect of improvement. Scarcity of feed is at the present juncture even a greater obstacle to business than restricted credit; indeed, it is many years since AA’aiknto met the approach of winter with such a destitute appearance. Contrary to custom at this time of year, turnip cattle are not much inquired after, although no class of cattle seems to promise more profitable return to tho grazier. Store Sheen. —The market for store sheep is fairly steady, although wethers have scarcely maintained the buoyancy irdicated in our last report. There is, however, still enquiry for this class, and lines of good sheep can be disposed of. Tho demand for ewes in lamb, which is generally observed about this period of tho year is so far lacking. There is, indeed, amongst graziers, a general disinclination to purchase anything. This condition of things is scarcely to be wondered at in view of the disaster attending last season’s operations and the uncertainty of tho next. The fact, however, that a pre-war basis has now been perched should furnish a certain amount of hope and encouragement. Dairy Cattle. —As was thought not unlikely in our Inst report, the demend for dairy heifers has eased off considerably. The recent advance is an annual recurrence with dairy cattle, and affords a good opportunity for disposal to those not; wishing to carry their stock through the winter. The probability of a fur-’ tber upward movement during the next month or two. except for animals near profit, is not bright. Pigs.—The tone of the pig market is much better. According io returns, values at the yards for fat pigs work out at ■about Bd. per lb. Store pigs have also advanced, but not to a corresponding extent, due, no doubt, to lack of milk stinnly.

We quote as follows : —Bullocks, heavy, prime, .£lO 10s. to .£l2 55.; bullocks, medium. .£8 10s. to .£9 10s.; cows, heavy. .£7 15s. to .£lO 35.; cows, medium, £4 10s. to .£0 10s.; cows, forward, .£2 15s. tn £4 10s.; steers. 31-year, .£6 to £7: steers, 2J-year. £3 10s. to .£4 10s.: steers, 18 months. £1 10.9. to .£3; heifers. 18 months. £1 10 s. to .£2 10s.; cows, store. 15 s. to -Cl 15=.: heifers, R.W.8., 21-year, Shorthorn, £7 to -£9 5’.; heifers, 2-year. £4 15s. to .£0 10s.; calves, best, 15s. to .-£1 Is.: calves, medium. 10s. to 12s. fid.: calves, small, 2s. fid. to 7s. fid.; dairy cows, at. profit, -A212 to £18; dairy cows, second duality, £7 to .£10; wethers, prime. 18s. to 225. fid.; wethers, medium, 15s. to 175.; ewes, prime. 145., to 175.: wethers, forward 4-tooth. 14s. to 175.: wethers, forward 2-tooth, 12s. to 155.; wethers, store, Its. fid. to 14s. fid.: ewes, store, ss. to 7s. fid.; lambs, fat, 14s. to IBs. fid.; lambs, store (shorn), best, 7s. fid. to 11s.; lambs, medium, ss. to 75.: pigs, baconers, £4 to £fi 55., porkers £2 to £3 55., slips 17s. fid. to .£1 10s., wearers ss. to 10s. fid.; horses, heavy draughts .£3(l to .£45, medium draughts £22 to £3O, light draughts .£l7 to £2l 10s., harness horses £7 to £l5, hacks £4 10s. to £9.

CHEESE PROSPECTS ADVICE FROM CANADA. A New Zealand export house advised its clients yesterday that New Zealand white cheese was quoted at 1365., and coloured 1505.; landed terms in London. It was feared that a further decline was likely unless conditions in the United Kingdom improve. The following extract from the firm’s Canadian correspondent regarding the opening prices for new season’s cheese may be of interest. Canadian cheese is eold at periodical sales, the same as wool is sold here:—

“The cheese trade Is beginning to be interesting now v that tho new make is commencing to arrive, sales being made yesterday at Rrockville, costing 21 1-8 cents to 251 cents laid down here for fcolourod, mid we quote 25} cents to 20 cents for spot goods. White docs not. appear to be wanted for the export trade. New cheese is opening this year at about the same price ns ruled al; this time last year, sales at that time being

made at Ontario points at 241- cents to 25) cents f.0.b., with, sales on spot at 25s cents to 26 cents. A certain class of customers in England can generally be depended upon to take the initial make of Canadian, fodders, probably on account of the old-flavoured goods becoming somewhat stale, making the fresh new milk goods preferable. At any rate, orders have been received for coloured fodders from English importers and filled.

GRAIN AND PRODUCE MARKET

A HEALTHIER TONE. By Telegraph—Press 'Association

Christchurch, May 24.

Quotations for oats at country stations are 2s. sd. to 2s. Gid. for A grade Gartons, and for B grade 2s. 3d. to 2s. 41d. Good, bright, heavy chaff is worth up to £3 15s. at country stations, but there is not a great deal of activity at this figure. AVhi Ist there is ;io alteration in values in general seed lines, there is a healthier tone generally. Onions arc marked by a firmer tone, and are worth up to £3 15s. for good grade at country stations. Business at £3 15s. at country stations has been transacted for potatoes, but the market is not active at present,. Digging is not being hastened at this figure. COMMERCIAL ITEMS INVESTMENT SHARES. A sale of Gear Meat shares aC 325. 6d. ■was inado on 'Change yesterday. The

CUSTOMS REVENUE. Customfl revenue collected at the port of Wellington yesterday amounted to £4804 Bs. 7d. PRICES OF METALS. Australian-New Zealand Cable Association. (Hoc. May 24. 9.10 xv.m.) London, May 22. Copper.—On spot, £7l Ils. 3d. per ton; forward delivery. £75 7s. 6d. Lead.—On spot. £24 7h. 6d. per ton: forward delivery. £24 7s. 6d. Spelter.—On snot. £2B per ton; forward delivery, £2B 10s. Tin.—On fipot, £lB4 2.5. 6d. per ton: forward delivery. £lB4 12s. 6d. Silver. —Bars. 332 d. per ounce standard. MINING NEWS WELLINGTON SHARE MARKET. The quotations for mining shares yesterday were as under:— Buyers. Sellers.

STOCK EXCHANGE. By Telesr.aph— Press Association. Auckland. May 24. Sale: Waihi. 31s. 3d.; New Zealand Refriseratiiijr, 16ti. 9d.; War Loan (1939). £B2 10s. Sale reported: New Zealand Insurance, 265. 6d.

Quotations were as follow:— Sellers. £ s. d. Buyers. £ s. d. Inscribed Stock. 1933 91 0 0 91 15 0 War Bonds, 1933 91 0 0 — P.O. Inscribed Stock, 1927 91 0 0 — National Bank * 5 5 6 — Bank New Zealand 2 6 3 2 6 9 Uniijn Bank 11 18 0 — National Mortjraee (London Reprister) — 3 10 0 National Insurance 2 14 6 2 15 6 New Zealand Insurance . 1 6 3 — South British Insurance 1 10 0 111 0 N.Z Refrigerating (10s.) —■ 0 16 6 Gear Heat 111 6 — Well. Meat Export (£3 12s. frl.) — 3 5 0 TTuddart-Parker (ord.) .. 1 19 9 2 0 6 Union Steam (pref.) 0 18 0 0 18 3 Kaiapoi Woollen (10b. paid) 0 10 0 0 12 6 Mossriel Woollen 4 12 6 — Taupiri Coal (ord.) — 0 17 6 Westport Coal (cum) 1 6 6 —— Wai pa Coal 0 12 9 0 14 6 Sharland and Co 0 19 9 —- Wnirarapa Farmers (pref.) 0 15 6 —— Well. Cordage 1 1 0

£ a. d. £ 8 d. 0 6 0 Waihl . 1 10 6 Waihi Grand Junction .. . — 0 9 9