FARMING & COMMERCIAL

Dominion, Volume 14, Issue 285, 26 August 1921, Page 8

FARMING & COMMERCIAL

NEWS AND NOTES

AUCTION SALES FORTHCOMING FIXTURES. TODAY. 157 Lambton Quay, Wellington. 1.30 P.m.— Furniture sale (Johnston and Co.). 141 Manners Street, Wellington, 1.30 p.m. —Sale of poultry and furniture (Wheatley and Co.). Dominion Avenue, ‘Wellington. 2 p.m. Furniture sale (Vine and Wilson). TO-MORROW. Palmerston North, 12 noon—Sale of land leases (Abraham and Williams). Feildlng Yards, 1 p.m—Horse sale (Levin sale). Rona Bav, 2 p.m.—Furniture sale (Vine and Wilson). , "Glenview,” Upper Hutt. 2.30 p.m.—l oultry sale (Hodgkins, Carver). i MONDAY. 157 Lambton Quay. Wellington, 1.30 p.m.— Carpet Sale (Johnston and Co.). WOOL CONTROL SITUATION REVIEWED BY SIR JOHN HIGGINS DISPOSAL OF THE HUGE SURPLUS A review of the wool position, which had been prepared by Sir John Higgins, chairman of directors of the British Australian Wool Realisation Association, w'as read by the president at the annual conference of the Western Australian Primary Producers’ Association, at Perth, last week. Though primarily established to deal with the carry-over belonging to Australian woolgrowers, as a result of the division of profits between 1 the British Government and Australian growers on a 50-50 basis. Sir John Higgins wrote, the association would also dispose of, on agency terms eminently satisfactory to the flatter, the British Government's portion of the Australian carry-over, the New Zealand carry-over, amounting to 800,000 bales, and a large parcel of Cape wool owned by the British Government. In consenting to the formation of tho association the Imperial Government stipulated that the realisation was to be effected as promptly as market conditions permitted, and to tho bestf advantage. Should the’ Imperial Government have reason to be dissatisfied with. the association’s methods, it had the right, under the agreement with 8.A.W.R.A,, to terminate the agency contract.'.

Statistical Position,. Some hard facts! wero. 'to bo gleaned from the wool statistical position. B.A.W.R.A, had, altogether, about 2,600,000 bales of wool to dispose of, either as owner or agent. There wero other visible stocks, notably an estimated surplus oh .J.une "Z o? 650,000 bales from the Australian 1020-1921 clip, and stocks in New Zealand and South Africa. Summarised, the statistical position was as follows: —B.A.W.R.A. carryover woo] on December 31; Australia, 1.800,000 Files; New Zealand, 800,000; Cape and other wools, 300,000; a total of 2,900,000. Less sales since Ja|nu,ary, 1921, 300,000; or a total at date of 2,600,000 bales. To that quantity rjust be added current clip wool for the season closing on June 3, 1921, estimated at 650,000 tales in' Australia and 400,000 in New Zealand, or a total of about 1,050.000 bales. Tabulated these figures gave these results :— Bales. B.A.W.R.A. carry-over wools 2,600,000 Current clip, unsold 1,050,000 New clip wool in sight 2,300,000 Total 5,950,000 The wool controlled by B.A.W.R.A. had, for tho protection of the wool industry, to be marketed in conjunction with current clips, and the situation was one that required ceaseless watching, close and constant study, and tactful handling. "I can see,” Sir John Higgins continued, "no speedy cure for the ills of the wool trade. Economic laws cannot be overcome by temporary expedients. Tho wealth of the world has been reduced by the ravages of war.’ Europe especially has not iffie consumptive power which she exercised prior to the outbreak of hostilities. For four years the Central European Powers could not buy wool; but the great bulk of tlie commodity which they would ordinarily have purchased and used in their manufactures is still in existence, while the production of wool continues. “No sound policy can be created on the needs of the moment, only. A broad forward vision is necessary. In every country ,in the world where wool is grown stocks have been piled up, and it is estimated that if all the textile mills in the woijld worked uninterruptedly stocks and production would not be overtaken for probably five years. There must be a surplus for a few years, and it will have to be carried by’ somebody. Therefore I hold very firmly that it is necessary to frame a bold, comprehensive ■policy for a minimum of five years if growers’ interests are to bo properly protected and chaos in the industry is to be avoided." Values Based on Production Cost. 'The Australian directors of B.A.W.R.A. realised the paramount importance to woolgrowers that values bo stabilised on a basis having some relation to the cost of production. -To this cud legislation—after all other attempts had failed and only as a last resource —had been enacted in Australia to prevent the export of wool unless the Customs authorities were satisfied that it had been sold at prices not below B.A.W.R.A.'s official reserves. The reserves represented bedrock, and were in no respect indicative oi; an attempt at price-fixation. They simply represented an irreducible minimum.

There was evfery indication, Sir John Higgins claimed, that the system of imposing reserves had been successful, for the market had already shown signs of recovery. Where buying was previously conducted oil a hand-to-mouth basis buyers were now displaying much more confidence. They felt justified in satisfying their requirements for a few months, secure in the knowledge that there was no possibility of the market slipping from under them. This improvement of market conditions in some respects constituted a menace, for immediately this better demand occurred a clamour arose for largely increased offerings at auctions. The process of reasoning which suggested that still lower prices would increase the number of bales sold was both false and dangerous. A selling campaign conducted on such lines might be welcomed by speculators, and the gamblers in wool, but the final results could only bo disastrous to the woolgrower; Present prices for raw wool were low enough to fnevt all the requirements of bona fide purchasers for manufacturers’ needs. Although B/A.W.R.A. had been criticised for its attempts to steady the wool market, its directors saw no reason to depart from their policy of regulated offerings and, fixing minimum reserves. On the contrary, they were convinced that that policy had fully justified itself in practice. Regulations to Continue,

"Tiro regulations governing the export of wool from Australia came into force on May 9 last, ’but they are to continue in operation for six months, ft term which is 100 limited. At the end of the period we will again be confronted with a position similar to that existing before May 9, when prices were dwindling far below the cost of production before a lethargic demand. The interests oi Australia are identified very closely indeed with the interests of the wool iu-

dustry—a psjnt too obvious to laboirf. The matter must therefore ba viewed from a national, or even an Empire standpoint, and it is my considered opinion that unless a voluntary measure bo instituted by Australian woolgrowers and woolbrokers, embracing conditions identical in their incidence with the Commonwealth Government regulations of -May 9, the repeal of such. regulations would react harmfully on both tho wool industry and the Commonwealth.” Growers also had to consider the question of the disposal of the surplus of the Australian 1929-1921 clip, closing June 36, estimated at (>50,060 bales. At the end of the 1921-1922 season there would probably be a further surplus, though if things went well in the meantime it should bo appreciably smaller. Suggestions had been made that all carry-over wool should be withheld from eale and the., market kept clear tor current clip wool. This proposal would be most unjust to the British Government, that behaved so generously to the Australian grower throughout, the war, paying him his full 15jd. per lb. for his wool long before it was shipped from Australia, plus nearly 26 per cent, of assets represented in cash and kind. Some 550,600 bales of wool appraised under the British Government’s contracts still remained in the Commonwealth. The Imperial Government desired to turn the carry-over wool into cash as soon as possible, a desire which could readily be understood. freezing industry CONFERENCE. OF EMPLOYERS AND EMPLOYEES. A private conference of representatives of the Association of Freezing Companics of Zealand and the New Zealand Freezing Works’ Employees Federation took place at Wellington yesterday to consider the drafting of a new. agreement covering employment conditions in tho industry. The conference, which was convened by the employers, sat till 5 p.m,, without arriving at any agreement, and tho adjournment was taken till this morning. RABBITSKINS SALE Messrs. Wright, Stephenson, and Co., Ltd., Wellington, advise having received tho following report from their Dunedin office in connection with the last rabbit sale held there on August 22?—"RabbitSkiins; At yesterday’s sale bidding was not so keen, and we have to report winter skins slightly easier. Outgoing and off-season skins were fully 3d. to Id. per lb. lower. Following are the actual rates paid;—Super winter does, to 78? d.; first winter does, to 72d.; second winter does, 60d. to 64d.; super winter bucks, to 691 d.; first winter bucks, to (>(>Jd.; second winter bucks, 56d. to 60d.; incoming winter, 55d. to 57^d.; autumns, 38d. to 47d.; early autumns, 32d. to 49d.; outgoing, to' 381 d.; prime racks, lOd. to 121 d ; light racks, Bd, (o IOJd.; summers, 7d to 9d.; small, 2d. io 3d.; prime winter black, 97d. to HOd.; winter Wack, GGd to 97d.; a’utunin black, 32d. to 48U.; winter fawns, 40d. to 47d. ; hawked and broken, 19d. to 221 d.; horsehair, 14d. to 20d. LONDON MARKETS Messrs. Dalgety and Company, Ltd.? report having received the following: cablegram from their London house under date August 24:—Tallow: 1136 casks offered, 1006 casks sold. Since our last cablegram of August 17, pricey on the average are higher, but buyers show little or no disposition to operate lor forward delivery. The New Zealand Loan and Mercantile Agency Co.. Ltd., have received the followiing cablegram from their London house under date August 24: _ New Zealand butter: No change m market (last quotation, Xl3 2s. per cwt., August 17). Cheese, d!6 12s. per cwt.' Tallow: We quote present spot values for the following descriptions:—Fine mut. ion, -£2 Bs. 6d. per cwt.; good beef, Ji2 Bs. 6d. per cwt.; mixed, d)2 2s. 9d. per cwt. Good demand. i Frozen meat: Mutton, sid. to B}d. per lb; lamb. Is. ljd. per lb.; beef, hind-, quarters, 51d. per lb.; beef, forequarters, 3Sd. per lb. Market slow. ADVANCE IN TALLOW PRICES. London, August 24. 4t the tallow sales 1591 casks were offered, and 1438 sold, at an average advance of Is. per cwt. Fine mutton, 495. 6d per cwt.; medium, 445. 6d.; fine beef, 525.; medium, 335. 6d.; good mixed, 46s.—Aus.-N.Z. Cablo Assn. COMMERCIAL ITEMS INVESTMENT SHARES. A sale of 44 per cent. Inscribed Stock, 1938, at £B3 155., was made on Change yesterday, and two sales of New Zealand Insurance shares at 295. 6d. each were reported. The quotations were as tot-

COMPANTES REGISTERED. The “Mercantile Gazette” records the registration of the following new com- ” HarrCHill and Company, Ltd.. registercd ns a private company. August 1. 1921. Office: Emerson Street, Namer. Capital: £SC(K). into WOO shares of £1 each. Pubscribers- Napier —H. Hill. 3900, K. Hill 100 J. T. Fenwick 1000. Objects: To carry on’ business of plumbers, electric enginAhiaruhe Co-op. Dairy Co.. Ltd. (The), registecod August 20. 1921. Office: Carterton. Capital: £10,090. Info 2000 shares of £S Subscribers: Ahiaruhe—H. A. Burov Ir>o1 r >0 F Yoiile 25. A. E. Booth 35. W. E. Dear 30. H. F. Orr 25. W. Snell 30, E. W. Perry 35. Objects: The manufacture and sale of cheese, butter, ham, bacon, and general incidental. , New Zealand Kinema Enternrises. Ltd. (The), registered August. 20, 1921. Office: ?’ Rangitikei Street, Palmerston North. Capital: £12.000. into 12.000 shares of £1 each. Subscribers: Palmerston North— H. E Bennett 100. F. Jackson 100. F. Needham 100, F. Rolfe 100. A. E. Mnneford 50, T) J. Lovelock 100. Foxton—W. E. Barber 100 Objects: To ncouire and take over from the Birth of New Zealand Picture Syndicate the copyright of a moving picture entitled “The Birth of New Zealand.”, to carjj’ on in the Dominion of Now Zealand and elsewhere the business of moving picture photographers. feature film producers and general incidental. CUSTOMS REVENUE. Customs revenue collected at the port of Wellington yesterday totalled £3747 17s. 2d.

MINING NEWS WELLINGTON SHARE MARKET. Tho quotations recorded in the mining market yosterdiiy were as under:— Buyers. Sellers 15 h. d. £ s. d. Grand Junction 0 8 4 0 9 0 STOCK EXCHANGE Bj r Telegraph —Press Association. Auckland, August 24. Sales: Bank of New Zealand 495. 6d.; South British Insurance, 3fis. 5d.; Auckland Gas. 235. 56-; Wilson’s Cement. 15s. 3d.; Soldiers' Bonds. £9l 155.; Soldiers Inscribed Stock. £9l 15s. a Dunedin, August 25. Sale reported: Government 4J per cent, inscribed, 1938, £B3 12s. Cd. LONDON STOCK EXCHANGE. Australian-New Zealand Cable Association. London, August 24. British Broken Hill, buyers 17r.. 6d., sellers 205.; Broken ILill. buyers 365. 10d„ sellers 375. 6d.; South Broken Hill, buyers .255., sellers 28s. 4d.; Mount Elliott, 10s.; Hampton, 4s. 9d. LIVE STOCK SALES The New Zealand Loan and Mercantile Agencv Co.. Ltd.. Palmerston North, rennrt—At Himntnngl sale on Monday, we had heavy yardings of both sheep and eat le There .vas a large attendance of buyers, and bidding was fairly brisk and we Quitted practically the whole of our varding at late values.— SheepFxtra prime hoggets, 20s. Id.; f. and f. hoXets P 13s? 3d.; m.s. hoggets. 7s 7d. to 10a; small Hoggets. 3s. Bd.; wethers 12s 6d.• f.m. ewos. r.w. Southdown rams 12= : f.m. ewes, r.w. Romney rams, 6s 3d’ fm. empty ewes. 4s. 6d.; fair 2tooth ewas. 10s. 3d. Cattle: Guaranteed springing cows, £7 to £l7; aved and three-auartcr dairy cows, £2 to £5, light fat rows. £3 to £3 19s. 6d ; good store cows 305.; 23-month Bteerr.. 305.; yearling JersVcross heifers. £4 8a; small yearling heifers, 20s. to 255..: Shorthorn bulls. 3-year, £2: 1 3-year draught gelding (unbroken). £l5; 1 6-year filly (unbroken). £5; breeding sows. £4 10s.; store pigs. 30s. to 385.; slips. 235.; weaner mgs, 9s. Messrs. Newton King. Ltd., report:—At Bell Block on August 17 we conducted a. most, successful clearing sale on account of Mr. H. C. Bishop. The high average of £lB was obtained for the herd of IB cows which were chiefly Jerseys, but showing a fair amount of age and in rather low condition. Springing heifers made £9 10.-.. to £l7; yearling heifers, £4 4s £4 12s 6d.; pedigree Jersey bull. 42gns.; sows'and litters, up to £10; purebred boar, 6gns. At Waiwaltaiho on August 18 the store market was considerably brighter, particularly so for yearling and empty heifers. The entry of dairy cattle was exceptionally heavy. Inquiry was firm and steady. . Store cows, 205., 355.. £2 15s.- better sorts. £2 7a.. £3 25... £3 10s.; fat heifers. £7 155.; yearling steers. 17s. 6d... 215.: yearling heifers. 355.. £2 18s. 6d„ tp £3 35.; Jersey do. £4 17s. 6d„ £6 125.; empty heifers. £5 10a.; in-ralf heifers. £4. £6. £7; springing heifers, £8 5s to £lO 103-more forward do., £l4 10s., £l5 10s.; cows, aped and inferior. £7 10s.. £9: better quality do £l2 to £l5: Jersey do.. £l6 to £22, cows in profit. £lO 10s. to £2O. At Raliotu on the same day we conducted a successful sale on account of Mr. Tom Fleming. The herd consisted of for the most part nice types of Jerseys, in good condition, voung and close to profit, the herd of 46 eventually averaging the record figure of £24 6s. «d.; £43 and £39 10s. were the highest prices of the day, whilst many rows sold over £3O. oO head averaging 2s. 6d. At Urnti on August 19. cattle sold mostly nt par rates. Dairy cattle sold very well, the offering including some good quality cows and heifers; 2-tooth wethers. Bs.; 4 and 6-toqi.j do., 10s., 12s. Id.; hoggets. 6s. 5d.. 7s. 7d.; ewes. 10s.; store cows. £2 Is . £2 Bs. 6d.. £3 125.; forward cows. £4 Bs.; 2-year-old steers, £2 I’3 6<1.: 3-vea.r do., £3 ss. 6d.. £3 Ils. 6d.; in-calf heifers. £5 155.. £7: dairy heifers. £9 10s.-, £lO 7s. 6d.; better quality do., £ll Is.. £l2 5«-: dairy cows. £9 155., £l5; quality do., £l6 55., £lB 10s.

low :■ - Buyers. £ e. d. Sellers £ s. ,d. Inscribed Stock, 1939 83 10 1° -1 Inscribed Stock, 1938 ..... 83 12 6 Inscribed Stock. 1933 91 0 0 91 12 6 War Bonds, 1939 War Ponds, 1938 83 10 0 83 10 0 War Bonds, 1930 . v 88 10 0 Bank Australasia 88 0 0 Bank New South Wales — 36 b 0 Bank New Zealand 2 9 0 “ — Union Bank 12 9 6 12 11 6 Daleetjr and Uo 10 12 6 Goldsbrough Mort 1 10 6 0 Ecmi table Building Co. 6 15 Well. Investment Wellington Gas (ord.) ... -- 8 lb 0 National Insurance 3 3 0 New Zealand Insurance 1 9 4 1 10 0 South British Insurance 1 16 7 1 17 0 Standnrd Insur. (cum.) N Z. ■Refrigerating 6£1) 2 12 n — 1 10 0 — NZ Ilefrigeratimr (10s.) 0 )6 0 Meat Export (£3 12s. 6d.) 3- 1 0 Hiiddart-l’arker (ord.) . 2 2 0 ■— Union Steam tprcf.) 0 18 0 0 18 6 Hlknrangi Coal 0 8 6 Wef t port Coal Wain a 1 7 0 15 6 9 I.ovland-O'Brion Timber 1 10 9 — Colonial Sugar (Aust.) . 27 10 0 N.Z. Paper "Mills Wairnrapa Farmers (£o) *— 1 1 5 5 0 Wair.-rapa Farmers 0 16 3 (pref.) Ward and Co 1 1 0 Whitcombo and Tombs 2 12 0 — —