FARM & COMMERCIAL

Dominion, Volume 18, Issue 183, 5 May 1925, Page 12

FARM & COMMERCIAL

NEWS AND NOTES

AUCTION SALES Sales will be held — TO-DAY. Feilding Sale Yards, 1 p.m. —Sale of Clydesdales (Murray, Roberts and Levin and Co.). Leviu. —Stock sale. TO-MORROW. 8 Willeston Street, Wellington, 10.30 a.tn. —Sale of unclaimed cargo (L. Johnston and Co.). 107 Customhouse Quay, Wellington, 1.30 p.ni.—Sale of drapery (Vine aud Brooklyn. Glen Oroua, Noon.—Sale of Jersey herd (Levin and Co. and N.Z. Loan and Mercantile Agency Co.). 105 Customhouse Quay, Wellington. 2.30 p.m.—Sale of leasehold of 7-roomed residence, Tliorndon (S. Geo. Nathan and Co.). Johnsonville, 2 p.m.—Stock sale. THURSDAY. “Waipiko,” Cheltenham, 12.30 p.m.— Annual tale of “Waipiko ’ Jersey herd (Levin and Co.). Otaki.—Stock sale.

FARMING INTERESTS

SHIPMENTS OF LAMB FROM AUSTRALIA The Now Zealand Meat Producers’ Boprd has just received a cablegram from its representatives in Australia alvising that 16.427 carcasses of lamb were exported from Australia for ' tlio fortnight ended May 1. LINSEED MARKET The Department of Agriculture has received the following cabled advice from Calcutta, dated May 2, with reference to Ihe linseed market: —Linseed: Immediale shipment quoted £2l; Juno shipment, £2l 2s. 6d. per ton uet, c.i.f., Sydney. The market is steady.

A PEDIGREE JERSEY HERD FOR AUCTION On Mar 21 the whole of a pedigree herd of Jersov cattle, owned by Mr. J. S. T. Short, of Hawera, will be put up for unreserved sale at public auction. This herd was selected for the annual demonstration by Mr- H. E. JB. Matson, official demonstrator to the New Zealand Jersey Cattle Breeders’ Association. The herd includes daughters of Bright Night, the only bull in New Zealand to sire two of the 1924 list of medal winners, and of the Pride of Beaconsfield, a bull unbeaten in the show ring, winning rnanv championships. A good leaven of Campanile Sultan’s blood runs through the herd. Air. Short is offering more than a hundred of these pedigree animals, including two bill’s which were specially commended by Mr. Watson.

LONDON MARKETS HIGII COMM I SSI ON ER'S cabled report The Department of Agriculture has received tlio following cablegram, dated May 4, from the High Commissioner for New Zealand, London; — Butter. Temporary improvement_ in market earlier this wc._-K, and brisk trade up to about 1725. Market quiet, vyith tendency in favour of buyers again. Official quotations are — New Zealand. —Finest salted: .May 2, 168 s. to 1725. per cwt. (Is. 6d. to Is. Gid. p-r lb.); April 25, 1645. to 168 s. per cwt. (Is. SRI. to Is. 6d. per 11>.); April 18. IGls. to 1665. per cwt. (Is. aid. to Is. 53d. p-r 1b..1. Unsalted: April 2, 1725. to 1765. per cwt. (Is. Old. to Is. Gid. per lb.); April 25, 1725. to 1765. per cwt. (Is. G',d. to Is. Gid. per lb.); Aocil IS, 1725. to 178 s. per cwt. (Is. Glit. to Is. 7d. per lb.). Other qualities: -May 2, 14()s. to 1665, per cwt. (Is. 2d. to Is. sid. I Australian. —Sailed: -May 2,158 s. to 1625. per cwt. (Is. 43d. to Is. s’d. per lb.); April 25, 151 s. to 158 s. per cwt. (Is. 4!d. to Is. -13 d. per lb.); April 18, 15Ss. to IB'i-. tier cwt. (Is. -Ud-.to Is. sd. per lb.). UHier qualities: May 2.119 s. to 1545. per twt. (Is. 3d. to Is. lid. per lb.). Unsalted: May 2,160 s. to 1665. per cwt. (Is. s<i. to Is. 53d. per Ib.i; April 25, 158 s. to 1625. per cwt. (Is. 42u. to Is. aid. per lb.): April 18, 1645, to IGbs. per cwt. (Is. s«d. to Is. 53d. per lb.) Other qualities: May 2, 1445. to 15Cs.’ per cwt. (Is. ffild. to Is. -Id. per lb.). Argentine—May 2, 1545. to JaSs. per cwt. (Is. 4ld. to Is. 4Sd. per lb.). Exceptional : IGOs. per cwt. (Is. sd. per lb.). April 25, 1545. to 158 s. per cwt. (l_s. 4Jd. to Is. 4?d. per lb.)_ April 18, 1525. to 158 s per ewt. (Is. 4:ld. to Is. fud. per lb.). Olixe qualities: May 2, H6s. to 1525. per ewt. (Is. 3.1 d. to Is. 41d. per —According to quality. May, 1425. to 150 s. per cwt. (Is. 3jd. to Is. 4d. per lb.); April 25, 114 s. to 150 s. per cwt. (Is. 3ld. to Is. 4d. per lb.). Danish.—Market quiet at the advance. May 2,188 s. per cwt. (Is. Sd. per lb.); April 25, 186 s. per cwt. (Is. TSd. per lb.); April 18. 185 s. to 188 s. per cwt. Ils lUd. to Is. Sd. per lb.). Cheese. Market slew, and lower prices have been accepted. Stocks of Canadian are nearly exhausted. Official quotations ** English. —Finest farmers. Market firm and stocks small. Slay 2, 1355. to 140 s. per cwt. (is. 24d. to Is. 3d. per lb.); April 25, 1355. to 144)5. per cwt. (Is. 2..d. to is. 3d. per lb.); April 18 1355. to IWs. per cwt. (Is. 2id- to Is. .id. nor lb.) New Zealand. —Coloured: id ay 2,9 as. to H7s. per cwt. (lOd. to IOJd. per lb.); April 25, 975. to 98s. per ewt. (10-Jd. tier lb.); April 18, 101 s. to 102 s. per cwt. (10’d. per lb.). White: May 2. 965. to 97s’. per ewt. (IORI. per lb.); April 2a, 975. to 98s. per cwt. (10?.d. per b.); Apri' 18, 101 s. to 102 s. per cwt. (JOjd. per lb.). , , Australian.—Coloured and white: May 2. 945. per cwt. i.lOd. psr lb.); April 25, 9Gs. per cwt. (10{d. per lb.); April 18, coloured. 98s. to 100 s. per sewt. per lb.), white, ICOs. per ewt. (10’d. per lb.). Shipments New Zealand produce arrived this week per s.s. IVannana and Port Curtis. Estimated stocks of cheese mi May 1 at London, Liverpool, and Bristol were:—Canadian mid American, 4250 boxes; New Zealand and Australian 62,400 crates, against 5050 boxes and 131,200 crates for the same time last year. Hemp. | Manila dull but market closed steady. J grade, April-June shipments quoted nt '4:47 and value. New Zealand mar. ket quiet with little more inquiries for a mat parcels. Highpoint, inir, in tloc.k sold at 4157 10s.; fair, 436. Business lias been done in fair April-Juno shipments at 4'34 15s. There is a buyer of NewZealand highpoint fair April-June ship, meats at 4'37. Wool. Bradford market inactive and quotalions affected bv fall in values at Aus. tralian sales. Nominal quotations for tops arc: (I4’s warp (merino). 4s. (Rd. per lb.; 64’s average (rnorino), 4s. Bd. per lb.; 56’s (super halfbred). 3s. 2d. per lb.; 40’s prepareil (course crossbred), 2s. Id. pdr lb. Oats. No 2 Canadian Western April shipment lo Avonmouth sold at 28s. 4Jd. per 33611).; .May shipment 285., but onily 275. obtainab’e at London. April shipment Canadian offered freely at 30s. fid. to 31s Gel. for best white, and 265. to 28a. for feed. Nominal values New Zealand May shipment 28s. 6d. per 3201 b. Peas and Beans. Peas —Very little demand for blue. Dutch unebang.-d Tasmanian nominally A g'ndo about 416 to 4*17 per ion, c.i.f. London. Little more, inquiry for New Zea'and Partridge. Good quality, ex store, worth 70s. to 71s. per 5041 b. Inferior, 60s. to 655. No. 1 May-Tune y-imnents quoted at 60s. to 655. c.i.f. Tasmanian Partridge, good quality, ex store, 755. to 83s. A grade. May-Juns shipment quoted at 725, c.i.f. Beans. —New crop Chinese liorso sold on Continent, July-September shipment, 4:9 12s. lid. per ton. Danish Cocksfoot. —No business doing

in London. Nominal quotations range num 71s. to 80s. per cwt. Tallow. '.lrirk-t quiet and poor demand at auction. Present quotations are:—Mutton Fine, 15s. to 455. (id. per ewt.; fair . 'Oi:d, 435. to 445. 6d.; dark to dull, 40s 'fid. <o Ils. lid. Beef Sweet and/or mixed, Ils. to 445. (Id. per ewt.; fair . r ii <l, 12s. to 445.; dark to dull, 395. In "iOs.’(id.; mixed, fair to good, 425. o 435. (id.; dark to dull, 395. to 40s. (id. Gut, etc., 375. to 40s. per ewt Apples. Apples: Ex Waimaua. in a satisfactory condition except for few individual cases frosted. Full extent of frost is not known yet. Large Cox's Orange are showing pit, and AVoreestcr Pearmuin doubtful, but Delicious prime and others good. Parking is much improved. Now Zealand-Cox's Orange, 255. to 2<is. per case; Jonathan and Ckoixitia, Ls. to ISs. per ease; Worcester Pearmai’* Rilvston Pippin, and King David, 16s. to 17s. per ease; London Pippin. 15s. to His. per case; Dunn’s Favourite, 16s. to ISs. per ease: Premier, 16s. per case; Delicious, 20s. to 21s. per case. OTHER ADVICES Tim Bank of New Zealand, produce department, has received the following advice from its London office under date Mav 1:— Butler: Slow; 16Ss. to 170 s. per cwt. Cheese: Slow; 955. to 965. per cwt. Frozen meat: The market for wethers is dull owing to absence of <lema.n<l. Prices for lighter weight ewes may weaken. Moderate business has been done in lambs, and the market: is firm. Wethers, light, 7.1 d. to 9d. per lb.; wethers, heavy, 5-Jcl. to 63d. pbr lb.: ewes. 4Jd. to 7d. per lb ■ lambs, under .<2’s, Hid. to 12RI. per lb : lambs, over 42’s, IOJd. to lid. per lb.; seconds. 11’Jd. to 12d. per lb. The New Zealand Producers’ Co-opera-tive Marketing Association’s weekly cabled market report from London is as follows:—Butter: Market easier, ot advanced prices. New Zealand. 16°s. to 1705.; iinsalted. 1725. to 1745.; Australian, 158 s. to 1625.; Argentine. 1545. to 1605.; Danish, IBS's.; Dutch, 1785.: Siberian. 1425. to 150 s. Cheese: Market very weak. New Zealand, both colours, 955. to 965.: Australian. 925. to 945.; Canadian, old season’s, practically none Messrs. Joseph Nathan and Co.. Ltd., have r-eeived the following cablegram from their London house, dated May ( —Xew Zealand butter, 1685.: New Zealand cheese, 955. to 965. Both markets quiet.

FROZEN MEAT SHIPMENTS FROM NEW ZEALAND Frozen meat shipped from New Zealand is as under, according to figures compiled by the Meat Producers Board: Beef.' Mutton. Lamb. 1924. Qis. C/es. C/cs. Nov. 9.864 107.925 19,716 London Nov. 3.706 2,456 7,478 W. Coast U.K. Dec 11.576 142.056 204.746 London Dec 25,256 — — Genoa 1925. Jan. 7.450 108,173 380,326 London Feb 6,745 216,189 473,227 London Feb 5,932 73,924 231.367 W. Coast U.K. Feb 5.199 ■ — — Hamburg Alar 27.898 209.102 373.425 London Mar 4.133 — — Hamburg Apr. 1/15 19.944 131,710 412,902 London 1/15 10 563 21.292 123.379 W. Coast U.K. 83.4'7 915,155 1.894,342 London 20.201 100.672 362,224 W. Coast U.K. 25.256 — — Genoa 9.332 — — Hamburg Killings at all works during 1924-25 season, commencing November 1, 1924 to

Stocks of frozen meat loaded into steamers not 'departed from Now Zealand as at April 15: —Beef (quarters). 18,879; wether mutton (carcasses), 26.7 M-; ewo mutton ('carcasses), 33,027; lamb (carcasses), 321.558. SUCCESSFUL LAND SALE The auction sale of the “Rosedale” Estate, conducted by Mr. ITorbert Hewitt. on iKeonnt of the trustee in estate of <he late Mr. James Dickins, at Dannevirke, on Thursday, was, the auctioneer stales, quite like old times, every lot bring keenly competed for, and with tho exception of 1(H) acres tho whole estate, comprising npproximatcly 950 acres, was sold undec the hammer. In all cases the sale prices wore in excess of the rtsojwcs, in one case by ns much as .34 per acre. Following are the prices realised: —Lot I, 614 acres, freehold, af £29 10s.. and 751 aicras, leasehold, at £ll 155.: lot 2, 214 acres, freehold, at £3O 7s. (id.; Let 3. 100 acres, freehold, af £26 Ills. ; Lot 4. 100 acres, freehold, at £2l (passed); t: 5, 114 acres, freehold, at £3O; lot 6, 2i.3 acres, freehold, at .£'l9; lot. 7. 361 acres, freehold, af £B6. The 250 acres in Mangaloro Valley offered in the forenoon was also sold at £l3. WHOLESALE PRODUCE PRICES

Messrs. T.acrv and Go., Ltd., renort wholesale prices as follow :--Mixed fowl feed. 7s. 3d. per bushel, sacks in; linseed meal. 16s. Cd.; linseed nuts, Ils. Gd. : meat mon I. for poultry, 13s. per cwt.; oyster shell grit or pipi shell grit. 6s. Gd. per 1001 b.; maize. 7s. 3d., ("rushed. 7s. 9d.; oats, machine dress'd seed Algerians ss. <d.. crushed (s. 10d,. feed Algerians Is. lo 4s. 4(1.. Dunn's ss. 9d. to (is.. Gartons ss. Id., black oats 4-s. lOd. per bushel, sacks in: shelled oats, for chickens, (is. to 6s. td. pc bushel; barley. feed. ss. 6(1. per bushel, sacks in: eggs, first grade n'av-laid 3s. 3d., storekeepers’ lines 2s. K)d. to 3s. 2d., preserved Is. 11d. to 2s. per dozen; butter, farmers’ separator and dairy. Is. 2d. lo Is. 3d. per Hi. ; fowls. While Leghcns 3s. (id. to 45.; Black Orpingtons and similiir varieties 6s. 6d. to Bs. per pair; turkeys. Is. to Is. 3(1. per lb.; dink’. Runners 7s. to 95.; large white 9s. lo 12s. per pair; fungus. Sd. to 9d. per Il>.: dressed pork. GO’S to 9(>’s (id. to 7d.. sucking nigs sd. lo 94. per lb.: suerosino. £ll • Blenheim ehaff. £7 15s. per ton. sacks in; wheat. Bs. fid. to Bs. 9d. per bushel, sacks in ; innlassos, in sowt. casks. 395. I’d. per cask - ; feed ricas. Os. fid. per bushel, sacks in: rock salt. (-is. to 6s. Gd. per bug: Oa"terhury table potatoes, (on lots. £7 ss. to £7 IPs. ton. sacks in: seed nof.'itrws. fjintorburv grown, ton lots, Sutton Snnremo £l3 KB-. New Era £9. Arran Chief £8 per ton. sacks in; small lots, IPs. p'T lon extra.

WOOL PRICES COMMENTS' ON THE DECLINE PROSPECTS OF FURTHER FALL IF CONTINENTAL DEMAND LACKING London, May 3. Commenting on the rl.wlino in wool prices, ami the Australian suggestion io curtail the sales, the “Economist’s” wool expert says he does not see anything to prevent liierinos fulling by 15 per cent, unless the Continent, especially Germany, takes to buying. The “Economist" asks: "Is there not reallv more buying power than appears on tfi.j surface? Are not a good many frightened by their own shadow, and trade not so''bad as is supposed?" Another writer says that, unless good Continental support is forthcoming, the London sales next week may result in a debacle. —Aus.-N.Z. Cable Assn. SLUMP IN VALUES OF TOPS NEED FOR STABILISATION London, May 3. Tha “Daily Telegraph’s” wool correspondent says that conditions in the wool trade are critical, and the past week is the worst in the memory of the present generation of wool men. A bold attempt must be made to secure stabilisation. otherwise disaster will overtake the whole industry. Merino tops last week slumped 6d„ which has never jireviously occurred in a single week, and crossbreds dropped 2d. To' come into line with the Bradford top prices, merinos at the forthcoming sales must decline by 15 or 20 per cent., medium crossbreds 25 per cent., and low grades 20 to 25 per cent. Bradford pessimists profess that they ere unable tb see the bottom of the market and forecast that the sales will only last a week. If the position is as bad as that, it is high time the sales in Australia were closed and the wool helji till users tire of waiting and show a real desire to buv.—Aus.-N.Z. Cable Assn.

COMMERCIAL ITEMS

WELLINGTON STOCK EXCHANGE

YESTERDAY’S BUSINESS AND PRICES At the afternoon call yesterday sales of three parcels of New Zealand Breweries bonds, all at 225., were made on ’Change, and sales were reported o£ Bank of Australasia shares at <£l3 18s., and Burns, Philp and Co.’s shares at 375. The demand for the 4J per cent, stocks has cased, and the best bid J'esterday was <£97; the 5 per cents, were at <£97 155., and the 6 per cents, at -£lOO ss. Bank shares were stead.y and firm, with buyers of Bank of Australasia shares at £l3 /6s. 6d., Commercial Bank of Australia ordinary shares at 275. 6(1., Bank of New Zealand shares, old issue, at 555., an advance of 9d., and the now issue at 535. 9d.. and Union Bank shares at £ll 4s. Abraham and Williams shares were firm at £4. There were buyers of 'Wellington Trust, and Loan shares at £5 IGs. 6d.. Wellington Investment at 9s. 9d., and Wright, Stephenson and Co.’s preference shares at 16s. 9d. Christchurch (las shares were in demand at £7 12s. (id., and New Zealand Insurance at 31s. 9d. Gear Meat shares were very firm at 445. lluddart-Parker shares were in good demand, the ordinary at 435. 4'd., and the preference at 20s. 4d. P. and O. deferred stocks were on sale at £295. Westport Coal shares were steady at: 325. 9d. Timber shares nero firm, with buyers of National Timber at 2.35. (id., and Bartholomew Timber at 21s. 3d. For New Zealand Breweries shares there was a bid of 375., and for Ward aud Co. Brewery shares £2 17s. (id. Burns, Philp and Co.’s shares wore wanted at 365. 9d., and D.I.C. preference at 20s. 6d. Yesterday's buying and selling quotations were as under:—

SALES IN OTHER CENTRES By Telegi inn.—4’kess Associ , rum Auckland, May 1. Sa Ids: New Zoahind Inscribed SDn'k (1935), £97: New Zealand Breweries (d<». beuturDs), 225.; National Bank, £7 Is.; Bank of N>w Smith'Wales. £ll 55.; Union Bank. £l4 45.: Now Zealand Insurance. :425.: Tnupiri Coal. ISs. 3d.; Jluddart-Par-kor. 445.: Norihorn Steam (contrib.), Gs. lid.: Sanford. Ltd., 2l>s. Christchurch. May 4. Sales reported : New Zealand tiovornnient L ! per rent. Inscribed (1U39), £97 2s. (id.; Wards Brewery, 315.; lluddart-Parker, 14s. Sales: Weeks, Ltd. (fully paid), £ll 10s. Dunedin, May* 4. Sides: Mount Lyell, 21s. 3d. (two parcels), 21s. 4d.

Customs revenue collected at the- port of Wellington yesterday totalled

DEPRESSED WOOL MARKET The London wool sales will b p gin in Coleman Street Wool Exchange this evening, and according to reecut cable messages a fall of 15 per cent, in merino wool is not unlikely. The depressed state of the wool market is attributed lo a falling-off in the demand from the Coiitineni,, the buyers there not having any advantages arising from depreciated currencies. The financial crisis in France is very severe, and the woollen mills have hem on part-time operations for a considerable period. Italy is not much better, while in Germany there is said to be considerable unemployment. All the advantages of a depreciated mark have vanished, and it is apparent that we are now getting down to the real purchasing power of the ixioples of Europe, and it is a low purchasing power. The steady decline in values since December last has wrecked confidence, and the drop in values is no doubt being carried too far. It is no use at this juncture to parade statistics and show on incomplete data that there is a shortage of wool, for no one would credit it. For the present woild demand there is obviously an ample supply, otherwise prices would nut be declining so steadily. Restricting offerings aud postponing sales may help, but that is doubtful, for supplies are banking up, and the demand is diminishing. There is said to be a fair quantity of wool in the stores in New Zealand that failed to fetch reserves during the selling season, and at the present outlook it seems that, the owners must be content to take prices below the offers they refused a month or two ago.

N.Z. FARMERS’ FERTILIZER CO.

The balance-sheet of the New Zealand Farmers’ Fertiliser Company for the year ended March 31 last discloses a net profit, of £25,724. The gross profit was £84,624, and transfer fees, interest, and rent, brought in £IS7, making a total of £84,811. The expenses, including repairs and renewals, depreciation, provision for bad debts, etc., totalled £59.087, leaving the net profit at £25.724. Thera was brought forward £BllB, making available £33,842. Out of this the nreliminary expenses and brokerage, totalling £7OOO, is written off, leaving £26,842 to be dealt with. The company is now on the- dividend list, for the directors propose to distribute a dividend of 74 per cent., which will absorb £19.649, leaving £7193 to he carried forward. The reduction in company taxation, which took effect during the year, left a surplus in the taxation reserve account of £2060, which has been transferred to the general reserve, and a further sum of £125 derived from forfeited shares has also been transferred to the general reserve. With a view of extending its operations, the Taranaki Meat Company’s works were purchased in October last, and the buildings are now being remodelled and the necessary machinery and plant installed, and it is hoped to have toe works in operation in the spring. The balancesheet shows paid-up capital £261.995, reserve fund £15,823. sundry creditors £52,935, due to Bank of New Zealand £89.630, and profit and loss £26.842. The assets include land, buildings, plant, etc. £368,339. stock £28.575. stores £519, nights and concessions £20.009, sundry debtors £29,752, cash £4O. VALUE OF WOOL STATISTICS When Sir Arthur Goldfinch discourses on wool he is entitled to the utmost respect. for lie is an acknowledged authority on the subject. Sir Arthur has recently revised his estimates, and according to a cable message he gives the weight of the world's stocks of raw wool on January 1, 1925, at about 2800 million pounds, as compared with about 4000 million pounds on January 1. 1921. The world’s supply available now is less than the average consumption for 19212.3 by 300 million pounds per aniiuni. Such statistics as Sir Arthur Goldfinch furnishes must necessarily be incomplete, and the futility of such incomplete statistics has never been more tragicallv shown than by the course of Hie wool matket since last November. The Americans alone appear to have, bv sheer luck, hit upon Hie right policy for thev have consistently stood off the market. Statistics of wool production are no doubt fairly reliable, but those dealing with the purchases of different countries and of their tnachincrv consumption are less reliable, yet furnish a fair index. Without, however, the figures relating to stocks of finished poods in wholesale and retail shops, any statement of the wool position on paper must be more or less worthless. Such statistics as Sir Arthur Goldfinch furnishes cannot influence the position as the trade is suffering from lack of confidence. Since the Armistice the wool trade has enjoved two booms, experienced one slump, and is now going through a second crisis. Immediately after the close of the war there was a boom. There was a reaction from the drab period of khaki and coarse wools, and the demand was for the finest and most expensive fabrics. Thus at a time when people might have been expected to be clamouring for the very cheapest goods, low crossbreds were a drug in the market, and fine wools went soaring. This was so absolutely opposed to economic conditions that a reaction teas inevitable, and then followed the slump of 1920, when all commodities were affected. Since 1922 wool has been steaclilv advancing. _ culminating in the extraordinarily high prices of November and December last. Spinners and manufacturers could not obtain for the finished goods the raw wool parity, substitutes were freely used to reduce cost, but still the raw wool dominated the position. Since December last wool values have declined by 20 to 25 per cent., mid manufacturers are still finding business slow because prospective buyers are not prepared to operate so long as they feel there is the slightest prospect of any further easing in wool values. Thus the price of wool still dominates the position. It is obvious that the onlv liealtbv_ basis for business is for the selling price of cloth to govern the buying price of wool, that is to sav, the price of the raw material must be regulated by the purchasing power o( those who consume the finished ’product. For the past three years the reverse has been the case, and row the position is working round to the normal state. Everyone interested in the trade must realise that there is nothing in the world position to-dav to cncouragit the belief that the public can afford to pay fancy prices for clothing.

April 25, 1925:— North Is'and. South Island. Total. Beef bps.) .. 277,311 6.973 281,287 Wether routton (e/es) 1.002.575 101.089 1,103,664 Ewo mutton (e.'cs) 581.270 160.145 741.715 Lamb (c/cs) 1.839.015 1,814.103 3,653,718 Pork (c/cs) ... 26,311 359 26,700 Boneless beef (frt. c/cs)... 128,-135 31.279 159,711 Sundries (fit. c/cs) 07 of;o 5,376 32,638 Stocks on hand in New Zealand, Ai>ril 15: — North Sou t h Island. Island, Total. Beef fqrs.) .. 103,270 5,609 168.879 Wether rnution (c/cs)... ■116,316 55,513 471,859 Ewe mutton (c/cs) 2118.537 118.178 417,015 La ml) (c/cs) .. 399 638 705.696 1,105,334 Pork (c./cs) 8,557 359 8,916 Boneless beef (frt. e/cs).. 68.962 18,910 87.872 Sundries (frt. c/cs) 17,660 4,133 21.793

Buyers. Sellers. N.Z; GOVT. LOAN'S— £ s. d. 11 s. d. 4 J p.e. lose. Slk., 1939 97 0 0 — 4A p.e. ditto, .1938 .... — 97 5 0 5} p.e. ditto, 1933 .... 101 0 0 6 r>.<-. ditto, 1920 .... 100- 5 0 .101 10 t) 41 p.c. Hunds. 1939 .. — 97 5 0 41 p.e. ditto, 1938 .... —— 97 5 V 5 p.e. P.O. lose. Stk., l’i"7 97 15 0 5 p.c. P.O. Bonds, 1927 97 17 G — DEBENTURES— N.Z. Breweries (bonds) 1 1 10 —- BANKS— Australasia .13 16 6 —— Commercial of Aust. (ord.) 1 7 G 18 0 Now Zealand 2 .15 0 Ditto (new issue) .... 2 ].’{ 9 —— Union nt Aust 11 1 0 11 7 0 FINANCIAL— Abraham and Williams (ord.) 4 0 0 — Equitable Building .. 9 7 G National Mortgage .. —— 3 19 0 WM1. Investment ... 0 9 9 —— Well. Trust, Loan .. 5 16 U 6 0 0 Wright, Stepheusou (pref.) 0 16 9 ■ (’liri st church 7 12 0 7 15 0 Wellington (pref.) 0 17 0 INSURANCE— Now Zealand 1119 1 12 3 MEAT PRESERVING— N.Z. Refrigerating (£1) — 1 1 0 Ditto (10s.) — 0 10 3 ( T < J |* 2-10 . 1. TRANSPORT— Hud.irt Parker (ord.) ° 3 -1 — Ditto (pref.) 10 4 1’. and 0. def. stock .. 295 0 0 WOOLLEN— Wellington (ord.) ... — 0 4 0 COAL— , 1 12 9 — Westport-Stockton (pref.) — — 0 5 3 TIMBER — National .1 3 S 14 0 113 119 BREW ERIES— Manning ami Co. ... — 1 17 9 N.Z. Breweries 1 17 0 2 0 0 Ward and Co 2 17 6 — MISCELLANEOUS— Burns, Philp, anti Co. 1 16 91 17 3 li.I.C. (pref.) 1 0 G 1 16 0 N.Z. Paper Mills (cunt.) — 12 0 M airarapa Fariners* (pref.) - 0 17 3 MINING— Mt. Lyell 113 A ogel’s Vision 0 G 0 K awn ran 12 0 MOK .10J O)Up OUIBS 0l() UO BU1VUUJ UIOJJ