FARM & COMMERCIAL

Dominion, Volume 20, Issue 55, 29 November 1926, Page 12

FARM & COMMERCIAL

NEWS AND NOTES

AUCTION SALES TO-DAY. Fruit Market, tl a.m.—Sale of Hams and bacons, etc. (Laery and Co. Ltd.) Pahialua, 11.30 a.m.—Cattle fair. State Coal Depot. Wakefield Street, 1 p.m.—Sale of surplus plant (Laery and Co.. Ltd.). Shannon, 1 p.m.-—Stock sale (Abraham and Williams). TO-MORROW. Corner Wakefield and Parish Streets, 1.30 p.m.—Sale of building material iE Johnston and Co.', 93 Manners Street. 1.30 p.m.—Sale of furniture. (R. Wilson). District Lands Office, Wellington, 2.30 p.m.—Sale of farm property (Commissioner Crown Lands) The Farm. Ohan, 12.30 p.m.—Clearing sale (Abraham and Williams). Dominion Fanners’ Institute.—Sale of land (Horace Baker and Co.) Brandon Street. 2 p-m-—-Sale, of forfeited shares (Eclipse Gold Claims). (J. HBethune). . Johnsonville. 12.30- p.m.-Stock sale Abrnhnm and Williams and Vfii o ut, Stephenson). , FARMING INTERESTS LONDON WOOL SALES NO CHANGE IN PRICES. BY TBLEGBAPH. —PRESS ASSOCIATION London, November 26. At the wool sales there was .an. average selection, and opening P rire «„ we J p e unchanged. French operators ttere re served in their purchases. Hiebest New Zealand prices were: Hako. highest price 16Jd.. and average 14d.: Challenge, 24a., and Glenlyon, 23ad. Messrs. Levin and Co., Ltd., have received the following cablegram from their London agents, dated November 26 : —"The spot market for mutton ana lamb „is unchanged. The market 18 Wright. Stephenson and Co.. Ltd., and Abraham and Williams. Ltdreport having received a cablegram from their London house, reading as follows: —“Wool sales opened, average attendance of buvers, competition animated. Average selection. Greasy fine halfbred, 56-58 s, clean scoured basis, greasy, auction price 23d.: greasy half bred. 50-56’s, 18d.; threeouarterbred, 48-50’s, 16d.; fine crossbred. 46-48’s, 15d.; medium crossbred, 44-46 s. 14d.: crossbred., 40-44’s 13Jd.; scoured and sliped, prices par to 5 per cent, lower; Australian merino prices 5 per cent lower to 7$ per cent.” Messrs. Dalgety and Co., Ltd., report having received the following cablegram from their London house, under date November 26:—"Wool eales continue. Demand active for greasy crossbred, especially for medium, which is on a par with closing rates of last sale. Merinos dragging, especially short and wasty. which is 10 ner cent, lower as compared with last sale.” EXPORT MORE PORK SIR JAMES PARR’S ADVICE TO FARMERS. By Telegraph.—Press association. London, November 26. Speaking at the Imperial Industries Association’s luncheon. Sir James Parr (High Commissioner for New Zealand), urged New Zealand farmers to give attention to the export of pork to Great Britain. Denmark, where there were similar conditions to New Zealand, profitably exported more pork than she did dairy produce. NELSON A. AND P. SHOW ' A WET PEOPLE’S DAY. Dominion Special. Nelson, November 28. For the first time for many years past, People’s Dav at the A. anil P. Show was held to-day in rainv weather, but the attendance was fully _ up to the average. The chief, attraction was the light horse events, in which there was good competition. _F. R. Berryman won the championship for hacks, and also first in two other classes. Miss Grace Goulter (Blenheim) won the prize for the best lady rider and also rode the winner of both lumping events on Miss M. Goulter’s entry. . In the Jersey cattle section. E. Smallbone won the Jersey Cup and also the silver cun for the champion registered cow. E. H. Harkness won the cun for the champion registered bull and S. H. Wearing the cup for the registered heifer.

FROZEN AND CHILLED MEAT LONDON QUOTATIONS. (Rec. November 28, 5.5 p.m.) London, November 27. Lambs. Canterbury, seconds, BJd. per lb. Australian firsts. Victorian BJd., other States Bld. Seconds. Victorian 81d., other States BJd Thirds, EJd Frozen fleet. New Zealand, fores 3Jd„ hinds 4d, Australian, crops 3Jd., hinds 44. Chilled Beef. Argentine, fores 3Jd., hinds sid. Other meats are unchanged. MEAT BOARD ADVICES. The New Zealand Meat Producers’ Board has received the following cablegram from its London office, dated November 26, advising Smithfield delivered prices at that date as follows (i rices for the two previous weeks are shown in parentheses) :— New Zealand Wethers and Maidens.— Canterbury quality, selected brands: 561 b. and under 6jd. (6>d., 6Jd.).; 571 b. to 641 b„ SM. (53d.. 53d.),- 65!b. to r '2lb.. Slid. (53d.. 51;d.). Other brands: 561 b. and under, 53d. (53d., 5Jd.): 571 b. to 641 b.. 5Jd. 151 d.. sfd.): 651 b. to 721 b., s}d. <s4d. s*d.). New Zealand Ewes.—64lb. and under, 3Zd. (33d.. 4Jd.). New Zealand Lambs.—Canterbury quality: 361 b. and under, IOJd. (IOSd.. lOAd.): 371 b. to 421 b.. 9)d. <9ld.. 93 d.); 431 b. to 501 b.. 7Jd. (7jd.. 7Jd.): seconds Bgd. (9d.. 9d.). Selected brands: 361 b. and under. 93d. (93d.. 93d ); 371 b. to 421 b.. Bgd. (83d.. Bid.). Other brands, first quality: 421 b. and under, not quoted; seconds, not quoted. New Zealand Beef —Ox fores. 3Jd. (3ld„ 3Jd.); ox binds. 4d. (4Jd.. 41d.1; cow foi-cs, not quoted: cow binds not quoted. Argentine Chilled Beef.-Ox fores, 3Jd. (33d.. jjd.): ox hinds 53d. <sd.. c id.l. Frozen Pork.—Bolb to 1201 b., lOd. (10*d., t(»d.); 1201 b. to 180ib., Bd. '9d„ 9d.). Mutton and lamb market continues dull. FROZEN MEAT TRADE KILLINGS AT NEW ZEALAND WORKS. Killings at nil works’ during the 192627 Reason, commencing November 1 to November 15. 1926. were as under, according to the New Zealand Meat Producers’ Board (the figures for the corresponding period of the 1925-20 season are shown in parentheses):— North Island.

Stocks of frozen meat loaded into steamers not departed from New ZeaAs nt November 15, 1926— Beef (quarters) V’KJ Weiher mutton (c/cs.) .. 22.284 Ewe mutton (c/cs.) .... 7.910 Lamb (c/cs.) 20.&>3 The figures at November 15, 1925. were— Beef (quarters) 42.198 Wether mutton (c/cs.) .. 70.510 Ewe mutton (c/cs.) .... 80.<00 Lamb (c/cs.) 64,003 TALLOW SALE Messrs. Dalgety and Co., Ltd., report having received the following cablegram from their London house, under date November 26:-“Tallow: Owing to absence of demand, there will be no public sales next week.” DAIRY PRODUCE MARKET The Now Zealand Loan and Mercantile Agency Co.. Ltd. have received the following cablegram from their London house, -under date November 26:-Dairy produce: Butter-New Zealand, market firm. 1465. to 150 s per cwt.; controlled, 1565. to 158 s. per cwt. Cheese. 2s. higher. Messrs. A. H Turnbull and Co. have received a cablegram from their principals. Messrs. W. Weddel and Co.. Ltd., dated London, November 26. >eading (last week’s prices in parentheses) r-Danish. 170 s. to 1725. (170 s. to 1725.); New Zealand butter, first grade, salted. 1465. to 1545. (1395. to 1425.); New Zealand new seasonis first grade salted. 1565. to 158 s. (148 s. to 150 s.); market firm. New Zealand cheese, white and coloured, 84a., to 85s. (84s. to 855.); market quiet. Canadian cheese, white and coloured, 86s. to 68s. (85s. to 88s.). STOCK SALES Messrs. Levin and Co., Ltd., report as follows on their Rongotea sale—A medium yarding of all classes was offered, and sold freely at late rates. Quotations: Shorn 2-tooth wethers. 175.; shorn 2-tooth ewes. IBs. Bd.; shorn fat ewes. 17s. 4d.: good porkers, £2 18s. 6d.; slips. 305.; f. and f. cows, £2 175.; yearling Jersey cross heifers. 295. 6d.; potter bulls, £3.

COMMERCIAL ITEMS

WELLINGTON STOCK EXCHANGE LAST WEEK’S BUSINESS AND PRICES The turnover in stocks and shares during the past week was moderate, and business was confined to a few groups. Government stocks and bonds were firm, and sales were registered of the 4J per cents, at £96 155., and the 5} per cents at -£lOO 15s. On Saturday there were buyers of the 4) per cents, at £96 12s. Cd., and the 5J per cents, at .£lOO 12s. 6d. Four parcels of N.Z. Breweries 10 per cent, bonds sold at 255. A fair amount of business was done in bank shares. Commercial Bank ordinary changed hands at 325. 3d. and 325. 6d., National Bank of New Zealand at £7 Is., Bank of New Zealand at 60s. Cd., Bank of New Zealand rights at 6s. Bd., Bank of New South Wales at £4-5 2s. Gd., and Union Bank at £l5 ss. Financial shares sold more freely than for some time past. Business was done in Dalgety and Co.’s shares at £l5 155., Goldsb’rough Mort, and Co. at 495. 10d., Loan and Mercantile ordinary at .£96, N Z Guarantee Corporation ordinary at 10s 3d. and 10s. 6d., and Wellington Investment at 10s. 9d. A little business was done in insurance shares, with sales of South Britib Insurance at 575., and New Zealand insurance at 395. Auckland Gas shares sold at 235. 8d Four parcels of N.Z. Refrigerating shares, 20s. paid, changed hands at 15s. In coal shares business was done in Paupiri Coal at 21s. 9d., and Pukemiro Collieries at 60s Crown Brewery shares sold at 215., and N.Z. Breweries at 525. Gd. In the miscellaneous section sales were registered of Burns, Philp nnd Co. nt. 395., Dominion Rubber af 49s di.. Electrolytic Zinc ordinary nt 355. 6d., and preference 375., National Electric at 205., laranaki Oil at 10s., and Wilsons Cement at 31s. buying and selling quota-

SALES IN OTHER CENTRES BY TRIiEGttAPH.—PBESS ASSOCIATION. Auckland, November 27, Sales on ’Change: Moanatainri (paid), 6s. 3d. (con.), ss. 9d. to 65.; Ivawaiau,, J ' - Dunegin, November 27. Sale: Kawarau, 3s. sd. N.Z. LOAN AND MERCANTILE AGENCY CO. The New Zealand Loan and Mercantile Affencv Co. Ltd., has received a cablegram from its London office, intimating that the company-will !old Its annual meeting in London on December 9. The revenue account shows, after paying taxes. £51,942 3s. 10d.; writing ofl premises £lo£ipo: making provision for bad ’and C doubtful debts, and charging debenture stock interest, a balance of £135,640 13s 'd The sum of £lO,OOO has been apnremriated to the staff benevolent fund, ami the dividends and the interim dividends paid on preference and ordinary stock now proposed to be n[id will absorb £120.000. After including the amount brought forward from la?t vear. £39.645 12s. lOd. there will be £45.286 6s. 3d. to be carried/orward. The dividends proposed are:-Final dividend on preference stock of 2j per cent., and on ordinary stock a final dividend of 4 per cent., both less 2s. in the £1 in respect of English income tax. FUNCTIONS OF STOCK EXCHANGES WELLINGTON STOCKBROKERS MEET The annual meeting of the Wellington Stock Exchange was held on Friday afternoon, when Mr. R. Wynn Kirby was again re-elected chairman. In the course of his address, he referred to the functions and ethics of Stock Exchanges. He said public opinion had recently been focussed, to some extent, on the functions of Stock Exchanges. This position had arisen as the result of the action of the committee of the Melbourne Stock Exchange in suspendin'’ quotations for the shares of the Australian Oil Company because, in the opinion of the committee-, sufficiently

full and adequate information cf the tests and otuer activities of th© company were not made available for the use, instruction, and benefit of shareholders, and the investins public. This disciplinary act of the Stock Exchange had instant effect, for the directors and officials promptly gave explanations and made available the desired information.

It is gratifying to see the interest taken in this case, for all well-con-ducted exchanges work upon the principle that their functions are to see that share business is conducted upop sound and proper lines, and that the fullest possible protection is given to legitimate investors in their efforts to prudently invest their spare capital, and to see that it is protected when it is so invested. Asf an evidence of this there is the new rule passed at the last annual meeting of the Stock Exchange Association of New Zealand, "hich reads: “That any listed company which interferes with the rights of preference shareholders, such as writing-down of capital, may be removed from the offirial list.” t v m No company is admitted by the Exchange to the official list, except after the most careful scrutiny of its personnel and prospects. The fullest information has to be supplied as to the aims and objects of the company, and lists of shareholders and directors have to bo furnished to the committee, with documents such as articles nnd memorandum of association, balance-sheets, etc. All this is done for the protection of the public, and to keep the business in the highest possible level of honesty and integrity. T. AND G. MUTUAL-JUBILEE REPORT The jubilee report of the Australasian Temperance and General Mutual Life Assurance Society, Ltd., covering the twelve months ended September «0 last; states that the new business complete! in tho ordinary department comprised 26,573 policies, assuring and ,£l>76 per annum of annuities, ,and in the industrial department 119X134 policies assuring 225,753,748, making an aggregate total of 139,607 policies, assuring £L0,47<4,322 This is a record for the society. The premium income amounted to £2,185,317, the increase for the vear being the largest yet made, and the total income increased from £2,415,197 to, £2.701.156 Payments to policyholders totalled £778.525. Of this amount in the ordinary dencriment death claims accounted for £88,544, and endowments matured for £104.262. while in the industrial department there' was paid out »£117,789 for death claims and .£229,701 for endowments maturing The assurance funds have ncrea^^ OAO ,£1.232.586. and now amount to 987, comprising 224,715,235 department funds, and £5.187,752 industrial department funds. The assets now amount to £10.354.583. The interest rate for the year on the mean funds was £5 11s Id. per cent., an increase or is. Id.’over the previous vear s rate Tho results of tho actuarial investigations shows that after providing for liabilities of £9.566.682. there was a record surplus of <£336.301. of which <£231.980 was derived from the ordinary epartment, and £101.324 from the industrial department. The increased reversionary bonuses and pth benefits Statistics furnished bv tho societv show that the n«uranocs in force now amount to £ffi.717.980. against £ O l 532.846 in 1921. In ihe same fi.c years assets have doubled. PRICES OF RAW MATERIALS. (Rec. November 28. 5.5 p.m.l ' London, November 27. Cotton— Liverpool nuotstlon for icon midillinn unlanil cotton. December shipment. 6 72d. per lb. lh . iVtVcreie and smoked T ’.liite d -November-December shipment, £29 Hemp.-October-December shipment; £3B 15s. per ton. o i,inment ■ Conra-December-January shipment, £75 per ton. ’ Linseed oil, £32 ss. per ton. Turpentine. 625. per cwt. CHICAGO WHEAT QUOTATIONS. BY Chicago, November 26. Wheat quotations: 40 37 cents per bushel; Max- 1 dollar cents; July. 1 dollar 33J cents.

CUSTOMS REVENUE. The Customs revenue collected at the pnrt, of Wellington on Saturday totalled £3005. ~

Beef (quartern) Wether mutton' (e/cs.) 155 (134) 7.210 (0,887) Eire mutton (c/cs.) .. 8S3 (1.024) Lamb <c/cs.) 3.730 (4.734) Pork (e/cs.) 4,SOI (488) Boneless beef (freight C/CR.) 1,541 (201 (-) Sundries (freight c/cs.) South Island. Beef (quarters) 4 (-) Wether mutton (e/cs.) 1,535 (-) Ewe mutton (c/cs.) .. 11 (-) Lamb (c/cs.) 104 (-) Pork (c/cs.) — (-) Boneless beef (freight c/cs.) (-) Sundries (freight c/cs.) —— (-—•) Totals for North and South Islands. Beef (quarters) ICO (134) Wether mutton (c/cs.) S.745 (0,887) Ewe mutton (c/cs.) .. SOI (1.024) Lamb (c/Cs.) 3.S34 (4.734) Pork (c/cs.) 4,SOI (488) Boneless beef (freight 1,511 (201) c/cs.) Sundries (freight c/cs.) — (—) Stocks on hand In stores In New Zealand November 15, 1025 hand on November 15, (with stocks in 1925, shown In parentheses are): — North Island. (97,405) Beef (quarters) Wether mutton (c/cs.) 0.020 7,925 (70,005) Ewe mutton (c/cs.) .. 2.542 (39.295) Lamb (c/cs.) 3,230 (17.628) Pork (c/cs.) 8,803 (492) Boneless beef (freight c/cs.) 4.730 (33.154) Sundries (freight c/cS.) .1.670 (5,773) South Island. (5,022) Beef (quarters) 591 Wether mutton (c/cs.) 11,249 (1.3(B) Ewe Mutton (c/cs.) .. 23.369 (6,827) Lamb (c/cs.) 13,181 (9,639) Pork (c/cs.) —— (—) Boneless beef (freight c/cs.) 2,280 (297) Sundries (freight c/cs.) 7 (31) O’otnls for North and South Islands. (102.427) Beef (quarters) 0,017 Wether mutton (c/cs.) 19,174 (71.368) Ewe mutton (c/cs.) .. 25.911 (40,122) Lamb (c/cs.) 10.411 (27.207) Pork (C/cs.) Boneless beef (freight c/es.) 8,803 (492) 7,001 (33.451) Sundries (freight c/cs.) 1,686 (5,804)

tions wore as under:— Buyers. Sellers. £ s. d. 07 0 0 97 0 0 K Z GOVT. LOANS — .£ »• 41 DC Ins. Stir., 1933 00 12 in ditto 1933 .... 109 12 54 p.c.' ditto.’ 1930 ....100 12 41 nr. Bonds. 1938 ••96 1d. 6 6 G 6 54 p.c. ditto, 11>33 ....100 51 n.c. ditto. 1936 .... 100 13 10 0 — debentures— Well. Racing Club . • 106 N Z. Breweries (bonds) 0 0 1 5 3 banks— „ , . , New South Wales (cum.) — 45 10 q 0 fl New Zealand n 6 Ditto (rights) ••••*•• n P. & O. Banking Corp. 0 15 0 Union o£ Australia .. M» FINANCIAL— 4 15 N.Z. Guarantee Corp. 10 5 — Wellington Deposit ... —- 0 10 4 4 0 — 5 0 0 INSURANCE— 3 IS 0 MEAT "PRESERVING— N.Z. Refrigerating (10s.) — 1 17 0 transport— , . . „ 7 6 Huddart-Parker (ord.) - 6 Kell), and Karori Tram. ) 1 6 0 — WOOLLEN— Wellington (ord. and r 11 0 — pref.) . Ditto (new issue) ...» — 6 10 0 1 15 9 TIMBER— , Levland-O’Brien .... 1 19 0 2 fl 0 o Taringamutu Q 16 o breweries— o Manning and Co o Ward and Co. _•_•••••• - MISCELLANEOUS— Burns. Pliiln. and Co. 1 18 9 if 3 fl Electrolytic Zinc (ord.) —- JO 17 Ditto (prof.) J 12 fl 1 Sharland and Co. (ord. ry fl Taranaki Oil Fields .. 0 10 1 — Wairarapa Farmers 0 10 0 Wellington Cordage .. MINING— . n 5 0 18 0 Blackwater Mines ... o 6 o 3 8