FARM & COMMERCIAL

Dominion, Volume 18, Issue 182, 4 May 1925, Page 12

FARM & COMMERCIAL

NEWS AND NOTES

AUCTION SALES Sales will be held — TO-MORROW. Feflding Sale Y.nrds, 1 p.m.—Sale of Clydesdales (Murray, Roberts and Levin and Co.). Levin. —Stock sale. WEDNESDAY. Brooklvn. Glen Oroua. Noon.—Sale of Jersey herd (Levin and Co. and A.Z. Loan and Mercantile Agency Co.). 105 Customhouse Quay, Wellington. -.30 p.m.-Sale of leasehold of 7-™omcd residence, Thorndoll (S. Geo. Nathan and Co.). Johnsonville, 2 p.m.—Stock sale.

FARMING INTERESTS

THE WHEAT CROP CONFERENCE THIS WEEK. Br Tell’uraph—l’kess Association Christchurch, May 2. regarding the arrangements- made between the Government and the wlieatgLTers and millers concerning supplies of wheat. .Mr. Collins, Secretary iOl Industries and Commerce, states that he will be in Christcnurch towaids the end of next week to meet the millers committee to discuss with members the question of the prompt purchase of New Zealand wheat tliat is available, also ths distribution of imported wheat whieb would bo undertaken later bv the Goveminent on behalf of the inu opr. An important meeting will be held at Ashburton on Thursday by representalives «>f the wheatg’-owors and big lets organisation (0 discuss matters in eonneetion with next year’s crop, with he object of ensuring a payable price and a sufficient area being sown to meet requirements

DAIRY PRODUCE Messrs. A. IT. Turnbull and Co. haie received a cablegram from their principals, Messrs. W. Weddel and Co., Ltd., dated T.ondon. May 1. reading ns fol'ows: —Danish butler. 1S8». (IRAs.I; New Zealand unsnlteo, 17’-’?. <0 1765. (1725.); New Zealand, salted, 168 s. 10 1725. (1645. to 1665. 1. market quiet. Now Zealand cheese, while. H6s. to 975. (975. to 985.); New Zca’and cheese, coloured, 955. to DCs. (fl7s. lo 985.), market slow. (Last week’s prices ai 0 shown in parentheses.) Messrs. Dalre.ty and Company. Timited, report having receiver] the follow, ing cablegram from their London house under date May I:—Butter: Since our last report (dated ’yesterday) prices are 2s. per cwt., lower (present uuotatior,. New Zealand salted 1705.). Cheese: per cwt. lower (present quotation. New Zealand, white and en’ourcd 955. to 965.). The New Zea'and Loan 'and Mereantile Agency Company, I.imited. have receive.l the following cablegram from fl'eir London house, under dale Mav 1New Zealand frozen meat— Lamb, 12{d. per lb. (average), market firm. 'Mutton ■ AVcther and maiden ewes, light, fil'd per lb.: heavy. 6jd. per lb. Ewe, light. 6Jd. per lb.;'heavy, 6d. per lb. Small demand.

FALL IN WOOL PRICES AUSTRALIAN BROKERS TO DISCUSS POSITION ’ ADELAIDE SALES POSTPONED 1 (Rec. May 3, 5.5 p.m.; Sydney, May 3. A meeting of the National Council of the woolselling brokers has bceu called at Melbourne for Wednesday to consider the position created by the heavy fall in prices and the absence of substantial billing orders. The wool sales at Adelaide fixed tot Thursday and. Friday next have been postponed owing to tlw decline in prices. Growers, who have disposed of 85 per cent, of their clips, believe that delaying the sales will result in tlic stabilisation of prices.—Press Assn.

FROZEN MEAT LONDON QUOTATIONS. (Rec. May 3, 5.5 p.m.) London, May 2. Sheep. Canterbury, light. Sjd. per lb.; medium, 7jd.; heavy, fijd. North Island, light, Sid.; medium, 7’d. ‘Patagonian, light, 6?d.; medium, fijd. Lamb. Cant Tbury, light, 121 d. per lb.; acuends. 113 d. th her selee! eds, light. 12zd. North Island, both, IlSd. I’atagonian, both, Ud. Frozen BccL New Zealand fores, 31d.; hinds, 5UAustralian crops, 33d.; hinds, s}<i. Chilled Beef. Argentine hinds, 7d. I’rngiiav, fores, IIJ.: hinds, 6d. Other meats ar.? unchanged.—Aus.-N.Z. Gable A s^ l l s rnl ,- T1 r LI) PRICES. The New Zealand Meat Producers’ Board has reecivt-d the following cablegram from its Loudon office, dated May 1, 1925. advising Smithfic’d delivered prices at that date as follow. Prices for the two previous weeks are shown in pa rent hrs-s : — New Zealand wethers and maidens.— Canlci’burv quality. selected brands, 561 b and' under, fijd. (fkl. and 9R1.); 571 b. to 64'b.. 7Jd. f7]d. and SRI.); 651 b. to 721 b.. Cid. (7<l. and 7d.1. Other brands, 56'b. and under, fild. (SRI. and 9d ); 571h'. to 61'b.. 7?d. (71d. and 7R1.); 651 b. tn 721 b., 6-Jd. (6RL and 6|d.) Lamb market firm. Now Zea’and Ewes-641b. and under, 6RI. (GJd. and 6?,d.>. N-.-w Zealand Lamb.—Can ternary quality 3Clb. and under, 12Jd. (12Jd. and l-’d.)’ 371 b. to 421 b.. URL (URL and HR).)- 43H>. lo 50'1>., ILL (lid. and I1d.); seconds, 11’d. (I1?d. and Did.). Selected brands, 361 b. and under. 12Jd. (12.’d. and 12d.): 37111. to 421 b.. Ih’d. (URL and URL). Ollier brands, first quality, 42’b. and under, DLL (1l;d. and 11RL); seconds. URL (URL and 1IR1.). New- Zealand Boot'.—Ox fores. 3’d. (not quoted); ox hinds. 5Jd. (not quoted); cow fores, not quoted; cow hinds, not Argentine Chilled Beef. —Ox fores, 4]d. (I’d. and 4RL); ox hinds, 7<l. (73d. and 71d.). Argentine Boel.—Ox fores, 3’d. (3RI and 3RL).; ox hinds. 6d. (Gd. and 6R.L). Frozen Pork.—Bolb. to 126.1 b., not quoted; 1201 b. to 1801 b., Bl<l. (Sl<l. ano BLL). Frozen Veal—Not quoted. Messrs. Lovin and Co.. Ltd., havf received the following cablegram from their London agents, dated Atay 1:— Frozen meat quotations (prices on a "delivered” basis, i.e., including storage charges, cartage. tolls, etc.);—Down lambs, 28 io 42’s, 12RL P f ’’’ lb ’l besl North Island. 28 to 42’s. URL; ordinary North' Island. 2S to 42’s. I1?d.; second quality lambs, 28 tr. 425, URL; best North Island wether sheep, 48 to til’s. Sid.; best North Island wether sheep. 64 to 72’s. 6R1.; ordinary North Island wether sheep, 48 lo 64’s, 7jd.; North Is'and ewes. 48 to 64’s, 61-d.; North Island ewes, 64 io 72's, SR.L; New Zealand prime ox beef. 160 to 220's. 4.'d. As compared with last week's quotations, lamb is 4d. per lb. dears!’, whilst wethers are {d. per lb. cheaper. Market for lamb is firm, but quiet, demand runs principally ou light weights. Mutton market dull, with downward tendency.

FARMERS’ UNION CARTERTON BRANCH. (From Our Own Correspondent.) Carterton, May 2. The Carterton branch of the Farmers' Union met on Friday, Mr. James Hodder presiding. , , , , The secretary reported that members Of Parliament.' the Dairy Control Board and others Ind been circularised •in reference to the rednctioii <4 freight on New Zealand made rennet. Air. G. Sykes, M.P.. and the Control Board had 'intimated that tho measure would receive th»ir support. The dales cf the New Zealand Provincial Conference were advised for May °6 27 and 2J. Wanganui had objected to’ these dat s, as local body elections fell at the same tirin’, and the matter was reeciriiig consideration. It was dciided to pla'o a remit on the order paper in reft re nee lo the use of hooks on manure bags on the railways. ■ A remit suggesting a dog tax in the counties is to be forwarded to the conference. Messrs. C. Reid and H. W. Kempton were appointed delegates to the conference. and Messrs. C. Reid, T. Anderson and 11. IV. Kempton were nominated for the Provincial Council. It was leeided to la id a cull cow drive for Carterton amt invite Greytown to join in. The following committee was set up to or'.milise it:— Messrs. IV. S. Gallon (Dalefield). C. L’eid (Clareville). A. C. L'dy (Waihakeke). I’. Bain (Swamo Rond), T. Andersou (Carrington), ]?,. Rayner (Parkvale), ar l G. Hart (Kokotau). It was mentioned tl’Ut if the IVairarapa farmers would guarantee 2006 pigs, a special factory would be built with a plant for singeing ami curing carcasses, which could be sold on the liooka or sent Home. The idea was considered a pood <me, but it . was thought 'hat wore information should be forthcoming before definite steps were taken.

FAT STOCK FOR ELKPORT WEEKLY PRICES. Ths New Zea'and Meat Ptodueers' Board advises that the following prices are being nffereo, April 36, Tur fat stock for export ■- Hawkes Bay.—Prime woolly "ambs, 421 h. and under, 11.td.; l.'llli. and over, lid.; si" find quality liimlis, lid. Wellington.— Wethers, 56'h. and umler, 81(1,; prime woofly lambs. I2'.b. ami umler, rid., I3lb. and over, 11.10 ; seconu quality lambs, Hid. Canterbury. Priim. wonllt lambs, 3611>. am) under, 12<1..,37 to 42'1>.. Hid., 49|b. and over, ltd.; second quality lambs, Il4d E f ’ T "'■’•-k eoram»Pciiiß May 4, price* increased by fd par lb-

COMMERCUL ITEMS

WELLINGTON STOCK EXCHANGE SATURDAY’S BUSINESS AND PRICES There was a very heavy buying list on Saturday, but there were no transactions recorded on the Stock J'.xelia.nge. There has brim a very pronounced demand during the week tor the 41 per cents., and numerous_ sates were made on the basis of .£97 ss. fur maturities in 19:13 and 1939. (In Saturday buyers otlered £97 tor the 4*. per cents., or 2s. lid. less than on the previous day. The 5 per cents. 1 hanged hands at. .£9B and .£9B 55.. and a -mod business was done in the ... per cents, at .£lOl. .£lOO 10s.. and .£lOO 16s Debentures had a fair turnover with sales of Christclii’ch Tramway, 5! per cent, bonds at .£97, North Canterbury Hospital Board’s 51 per eent. bonds''nt .£97 55., City of Auckland 5 ( per cent, bonds at .£95 10s. and .tl’ti. New Zealand Farmers’ Co-op. 61 per cent, bonds fit J.BB. and .Ne’v Zealand Breweries 10 per cent, bonds ai 225. Bank shares were in good demand during the past week, .Bank shares in particular being active with sales at £7 3s. (id., XL Is.. XL Is. (id., XL and Jr 7 Is. Gd. On Saturday buyers offered «£7 for the shares. Bank of Australasia shares -were firm at Jiil3 16s. 6d., and sales ■were recorded at the price. Bank of Zealand old shares were firm :it ols. »d.. witli sales at 545. 6d. Union Bank shares changed hands at .£l4 ss. ami .£l4 3s. r and were in demand on Saturday at .£ll 4s. There were buyers of Commercial Bank ordinary shares at 275. 6d. Abraham and Williams ordinary shares have 'been in strong demand at 80s., and sales were made in Auckland at S2s. Dalgety and Co.’s shares changed ' hands nt -£L> 10s. cum dividend? New Zealand and River Plate shares were firm al 215.. Wellington Investment at 9s. 9d., and AV right, Stephenson preference shares at 16s. Gd. A fair business was done in meat shares, with sales of New Zealand Refrigerating. 20s. paid, at 20s. 4d. and 20s? Gd.. and 10s. paid at 10s. 3d. Gear shares sold in Christchurch at -41 s. Gas shares met with a. little business. Auckland Gas shares sold at 235., 235. 6d.. ami ’23s. 9<L. ami <'bristeli ureh Gas at .£7 15s. Business in insurance shares was restricted, the turnover being confined to New Zealand Insurance at .' is. 9d. ami South British Insurance at 465. 9d. National Insurance shares were wanted at Jj.3 11s. cum dividend. Shipping shares were steady. There were several transactions in TTmldart-T’ar-ker ordinal'.)- shares at 435. Gd. and 435. 9d.. ’Union Steam preference, shares at 20s. "<L, ami Northern Steam shares at 15s. 3d. Woollen shares were very slow, but business was done in Wellington Woollen at' ,£6 3s. Gd. Westport Coal shares were firm at 325. 9<l. Timber shares were in good demand, but there was only one transaction. Kauri Timber shares changing hands at. 335. Gd. There were buyers of Leyland O’Brien Timber at 545.. National Timber at 235. fid., ami Bartholomew Timber at 21s. 3d. Manning ami Co. Brewery shares sold at 375., and there were' buyers of Crown Brewery shares at ,355. In the niiscellancoiis section Burns. Philp ami Co.'s shares had quittance al 37s 3d. ami .375., and were in demand at 365. 9d. New Zealand Farmers' Fertilizer Company's shares changed hands at -£5 cum dividend. D.I.C. profr-remo shares were in demand at 20s. fid. Taranaki Oil shares sold at. 285., 28s. fid., and 295.. and were in demand on Saturday at 275. Wilson’s Cement, shares sold at 325. fid. and 325. 9d. Saturday's buying and selling quotations were as under: —

SALES IN OTHER CENTRES By' 'rELEGRAi’fi — Press AssociationAuckhind. May 3. Salos: Taupiri Coal, ISs.; Sanfords, Ltd., 20s. MUTUAL LIFE AND CITIZENS’ ASSURANCE COMPANY The thirty-eighth annual report of the Mutual Life and Citizens’ Assurance Company, Limited, for the year 1924. uhoivs that in ili;> ordinary bi’anch Hie new business written was 10,641 policies for £3.126,1:.’5. The expense rate was fi per cent, of the total income, and 13.1 per emit, of Hie premium income. Th:interest earned on the funds yas ,£5 ss. Id. pm’ lO'd.. an increase of 2s. 5d per cent, on the previous y-ar’s figures. In Hie industrial lii’anch the premiums receive! for tho yenr animiiifed to ,f4 ,? 6,C61. The exiien.-c rate was 28 p.’r (•ent? of the total inemne, and 31.9 per cent, of the premium income. The claims paid during the year under policies amount*.! to £1.117.066. Since its imcntion the company has paid I'l4 515.271 to policy-holders. The assets of the society total £17.715.816 distributed as follows:—Government securities, munieiral sefiii’itios ami loan*. £15.585.3(16, equal lo 87.97 per emit, of the Inta 1 , loans on nin't'rago. £597.3’>5. loans ori policies J’t,oB->.753, freehold properly £86.113, and other small items. Reversionary bo'uiscs for Hie year amounting to l’7 |, !.<VKI have been al'otted to p<‘li<y-hold-i’s.

KAWARAU MINING SCHEME An imporiant stave in connection with H'O building of the dam designed f. lower the level of the Kawarau Pjv*r so as to allow of m'niog operation". has Iwen reaeliod. This is the laving down of the first terminal concrete pi-i. For some months pad pr» paratirms for this work bar® been in

band, and have proved arduous. A good rock foundation now lies disclosed, anil tliis confounds the predictions of many who maintained that, such a foundation could not possibly be obtained. About a fortnight ago the Government engineers inspected this ro-dc foundation and passed it as suitable for laying the concrete base, ami this work is now being pushed on with. The pier will stand about thirty-four feet above the lake leiel, reckoned at one foot on the Queensland gauge. Preparations for the next pier will not entail anything like the same labour. Extra men ire to lie put ou to the work in order to have matters wet) advanced before lue frosts set in.

LONDON WOOL SALES

The general opinion appears to be that at the. London sales, which begin next Tuesday, pric/s will show a, decline us compared with Die closing rates of last series, and raeruios arc expected to decline 5 to 71 ]i-r cent., and crossbreds fioni 7.1 to 10 per cent. This is rather unfortunate, for it will make, users cautious and rather restrict business. It has been quite a simple matter to predict a decline in values, for the quotation for tops clearly indicated this. During the week eiid;<l March 19. sixty-fours tups were quoted at. 63d.. while on April 23 they were dpwn to 59d.; in the same m riod sixties dropped from 5Sd. to 54d., fifty-sixes from 1-ld. to 40d., and fifties from 37d. to 33d.. these counts showing a fall of 4d. per lb. Forty-sixes dropped from 30'd. to 27d.. and forties from 29Sd. to 26tL, the crossbred counts showing a decline of 31d. The lower range of values should have stimulated trade, but apparently it has not. and it is evident that buyers are waiting for a new and stab!?' basis to be established before resinning operations. Some growers are nursing the belief that after September values will show a recovery, lint what iust ideation there exists for this it is hard to say. In Australia there is still a considerable quantity of wool to bo marketed before the elose of the wool year at the end of next month, and it is obvious that there will be a considerable carry-over into the. new season. Tn Now Zealand some fair-sized parcels are lying in the stores, and will stay there until Novctiiber next, when the soiling season begins. A good many people are relying on the stat istical position as estimated bv Sir Arthur Goldfinch. but fht.se estimates are discounted bv the fact tliat they arc incomplete. The wool market is in a very peculiar position just now.

LONDON MARKET REPORTS? AUS.-N.Z. CABLE ASSN. (Rev. May 3 5.5 p.m.) London, Afar 2. Cotton.—Liverpool quotation for American middling upland cotton, June delivery, 12.85 d. pier lb. Rubber. —Fine hard Tara, 19d. per lb.: plantation, first latex crepe and smoked riblied sheets, 2sd. Jut e.—'Mav-.luno delivery, .£5l per ton. New Zealand Hemp.—April-June delivery, .£37 per ton. Copra.—April-May delivery, .£2B 15s. per ton. Linseed 0i1.—£45 10s. per ton. Turpentine, 725. (id. per cwt. Antimony — English. £64 10s. (o .£65 per ton; foreign, £57.

T.ITE WHEAT MARKETS. AUS.-N.Z. CABLE ASSN. (Ret. May 3. 5.5 p.m.) London, Al;>y 1. Wheat cargoes are Is. io 2s. per quarter dearer, owing to reports of adverse crop conditions in America. Parcels nr.' in betloi inquiry at Is. to 2s. per quarter clearer. New York, May 1 Chicago wheat, futures: May, 1 dollar 60 cents per bushel; July, 1 dollar 50{ cents; September, 1 dollar 43J cents. ■■ (Rec. May 3, 11.5 p.m.) London, May 2. Wheat cargoes are firmer in tone, owing to strength in closing American cables. Quotations are again higher, but in view of the violent fluctuations in American options buyers held off. Parcels are firm, nut quiet. Liverpool futures Mav sellers, 125.; July 'buyers, Ils. 113 o.; October, 11s. 4RI. Chicago, May .2. Wheat futures, May, 1 dollar 59. J cents per bushel; July, dollar 50 cents; September, 1 dollar 421 cents. NEW ZEALAND APPLES IN LONDON. Aus.-N.Z. Cable assn (Rec. May 2, 5.5 p.m.) London, May 1. The AVaimana’s New Zealand apples are of excellent quality, but a few are slightly frosted. Coxs brought 245. to 265. per case; Jonathans, 16s. to 18s.: Delicious, 2Cs. to 215.; Worcesters and l\ ing Davids, 16s. to 18s.; London Pippins, 15s. to 165.; Dunn’s, 16s. to 18s. LON DON TALLOW STOCKS. AUS.-N.Z. CABLE : SSN. <Rec. May 3. 5.5 p.m.) London, May 1. Tallow stocks amount to 3798 tons; ’imports, 2410 tons; deliveries, 1506 tons. CUSTOMS REVENUE. Customs revenue collected at the port nf Wellington on Saturday totalled £6lll

Buyers. Sellers. N.Z. GOVT. LOANS— C « d. < • s. <1. 11 p.e. lose. Sil;.. 1939 97 6 9 97 0 1.1 p.e. dilln, 193S .... 97 0 0 97 0 51- p.e. ditto. 193'1 .... -— 101 0 0 41 p.e. Bonds. 1939 .. 97 p 0 — p.e. ditto. 193.S .... 97 0 0 — 5 p.o. P.O. Jnse. Stk., 1927 97 15 n — 5 p e. P.O. Bonds. 19’27 98 0 0 ns .1 0 DEBENTURES N Z. Breweries (bonds' 1 1 10 i 2 0 Wanganui Borough, 51 p.o.. 111-15 —— 100 0 0 BANKS— Australasia 13 16 6 13 IS 0 Commercial of Aust. (ord.) 1 7 G 1 8 0 National of N.Z 7 0 0 —— Now Zealand 2 1-1 — Union of Aust 14 4 0 — FINANCIAL— Abraham and Williams (ord.) 4 0 0 —— Bq ill table Buildin? .. — 9 6 N.Z. and lliver Plate 1 1 0 Well. Investment .... 0 9 9 0 10 •> Well. Deposit and 9 Morl 3a so 0 3 — Wright. Stephenson (nref.) 0 16 6 —— INSURANCE— National (cum.) 3 11 0 — Now Zealand 1 11 9 —— ME IT PRESERVING— N.Z. Refrigerating (£1) 1 n •• 1 1 0 Gear 2 4 0 — transport— llnddart-Parker (ord.) 2 3 ** Q 9 Ditto (prof.) 1 0 — Union Steam (pref.) .. 1 0 — p. and 0. def. stock .. —— 295 0 0 WOOLLEN— Wellington (ord.) .. 6 o 0 6 4 0 CO AirWestport 1 12 9 — TIMBER— ■ Kauri — 1 13 I.gvland-OT.ricn (x.d.) 2 14 0 —— National 18 1 4 n Bartholomew 1 1 1 1 9 BREWERIES— Crown 1 15 0 —— Manning and Co — 1 IS 0 N.Z. Breweries 1 17 MtSCELI A NEOUS— Bums, Philp. and Co. 1 1G 9 1 17 6 lt.i.C. (prof.) 1 0 6 1 1 16 0 Howard Smith 1 0 Newton King (ord.).. 0 9 0 — N.Z. Paper Mills (cutn. 1 — 1 •' 0 Smith A Smith (pref.) — 0 19 n Taranaki Oil Fields .. 1 0 1 9 11 Wairnrapa Farmers' < (prof.) 0 17 11 Wilson's Cement .... 1 12 1 . —— j XIXG — 6 Mt. Lyell 1 1 3 nerol > \ ision i> Kawarau — 1 1 G Consolidated Goldfields 0 0 —