FARM & COMMERCIAL

Dominion, Volume 21, Issue 123, 22 February 1928, Page 14

FARM & COMMERCIAL

NEWS AND NOTES

AUCTION SALES TO-DAY. 195 Lambton Quay, 2.30 p.m.—Sale of city chopping sites, Bond Street (Harcourt and Co.). Magistrate’s Courthouse, Palmerston North. 1.3 U p.m.—Sa 1 ' of 2G residential sites, Palmerston North (Commissioner Crown Lands). Masterton A. and P. Rooms, 2 p.m.— Sale of stud farm (N’.Z.F. Co-op. Dist. Co.. Ltd.). Otaki sale. Johnsonville, 12.3(1 p.m.—Fat stock sale. Beach Road, Waikanae, 2 p.m. —Sale of household furniture (L. Carnrchael and Co.. Levin). Columba Road Yards, Masterton, 11 a.m. —Stock sale (Dalgetv and Co.). 6 Willeston Street. —Sale of carpets, linoleums, etc. (B. Johnston and Co.). 91 Tasman Street. 1.30 p.m.—Sale of household furniture, etc. (E. Johnston and Co.). TO-MORROW. Masterton A. and P. Rooms, 2 p.m.— Sale of stud farm, near Masterton (N.Z.F. Co.op- Dist. Co., Ltd.). Brancepeth (near Masterton)—Crossvards sale (Wright, Stephenson and Co.). Dominion Farmers’ Institute, 3 p.m.— Salo of bungalow, Eastbourne (H. Baker, Ltd). Waikanae sale. Taupo Quay, Wanganui, 1.30 p.m.—Salo of brushware plant and raw matcrial (Sharpe, North and Co.). Dannevirke Ewe Fair (.Associated Auctioneers). 8 Willeston Street, 10 30 a.m—Sale of damaged cargo (carnets, drapery, etc. (E. Johnston and Co.). FRIDAY. Alfredton Annual Ewe Fair (Dalgety and Co.). 91 Riddiford Street. 10.30 a.m.—Sala of stock-in-trade of gramophones, records, pianos, etc. (E. Johnston and Co).

FARMING INTERESTS [ PRODUCE MARKETS '! CANTERBURY r ’ by Telegraph.—press association Christchurch, February 21. Though there has been little doing gen . erally in the market this last few days, f one or two lines of produce have firmed I in price. Consequent on the call for peas for the March boat, which is now booked • to sail on the Bth instead of the 12th, there has been a epart in the market , for partridge peas, and 7s. f.0.b., s.i., has been freely paid . A second boat will probably sail this month. Up to 6s. F 3d. a bushel has been offered < n trucks, [ but growers are inclined to hold. There is very little buying of wheat by millers and farmers <n their part are not disposed to sell nt the prices being offered. Business has been on the basis of ss. 7d. on trucks. The oats market is inclined to ease 1 and a Gartons are selling at no more than ss. a bushel on trucks. Offers of 3s. 6d. f.0.b., s.i., are not meeting with much response. There is no change in the seed market since the week-end report. The July-September market for potatoes has firmed, no doubt as a result of the possible effect the long sustained spell of dry weather will have on the latersown crops. Business has been done for these months at £5 12s. 6d. AprilMay are worth £4 17s. 6d., f.0.b., s.i. AUCKLAND Dominion Special Service. Auckland, February 21. Fair supplies of potatoes are finding their way on to local market. In addition to Pukekobe which until recently monopolised the market, merchants are able to buy from the Rangi tikei District, and a few lines have come from Canterbury. These importations are unusually early, and have been induced by a shortage of the Pukekohe crop, caused by dry conditions. Many lots are necessarily immature and necessitate careful inspection. Prices have cased 10s. to £1 per ton during the week, and values are expected to go lower as the Canterbury crop becomes available in largo quantities. There is no change tn tho local market for onions, and prices arc fairly stable at from 12s. 6d. to 13s. 6d. per cwt. There is a keen demand for bran and pollard. Oats are somewhat scarce on the spot, but offerings from the South are now coming to hand more freely and the position should ease in a week to ten days. Chaff also is promising well. Sample# <rom Blenheim are particularly good, better than has been the case for some years. Wholesale current prices are:—Sharps, £8 ss. per ton; bran. £6 15s. per ton; oats, feed B Gartons. 4s. 6d.; A Gartons, 4s. lOd. per bushel; fowl wheat. Australian, Bs. 9d. per bushel; new season, Bs.; maize, ex store, 75.; ex wharf, 6s. 9d. per bushel; barley feed, ss. 9d. per bushel, cape seed. 7s. 6d. per bushel; maize meal, 15s. 6d. per 1001 b.; barley meal, 13s. per 1001 b.; chaff, good bright oaten sheaf. £9 10s. per ton for Blenheim or Canterbury; potatoes, local grown, £l2 per ton; Rangitikei and Canterbury. £l3 10s. per ton; onions, 12s. 6d. to 13s. 6d. per cwt. I WHOLESALE PRODUCE I PRICES Messrs. Laery and Company, Limited report wholesale values as follow:—Mixed fowl feed: 5 sack lots or over, 65.; lesser lots, 6s. 3d. bushel. Linseed nuts: 30 cwt. lots or over, £l5 55.; ton lots or over, 16s. per 1001 b.; lesser lots 16s. 6d. per 1001 b. Freight paid main lino stations on 30cwt. parcels meal or nuts. Chick raiser: No. 1., 501 b. bag, 9s 6d.; 1001 b. bag, 18s. 6d. Oyster shell grit: 5 sack lots or over, 5e.; lesser lots, ss. 6d. per 1001 b. Pipi shell grit: 5 sack lots or over, 55.; lesser lots, 6s. 6d. per 1001 b. Wheat: 7s. 9d. and Bs. bushel; broken wheat, 7s. to 7s 3d. bushel, sacks in. Barley: 4s. 2d. and 4s. 9d. bushel. Oats: machine dressed and clipped seed Algerians, 5s 2d. bushel; farmers' dressed seed Algerians. 45.; A grade. 4s. 4d.; B grade, 4s. Id.; crushed, 4s. 6d.; duns, 3s. 3d. to ss. Id. Rye corn: 601 b. to bushel. 5s 6d. bushel. Linseed: whole. 225.; crushed. 265. cwt. Mixed wheat and rye corn; 601 b. to bushel, 6s. bushel. Gisborne maize: whole, 6s. Bd.; crushed, 7s. 3d. bushel. Partridge peas: Bs. 9d.; split partridge, 7s. 9d.; feed peas, 7s. and 7s. 6d. Wheatmeal, feed, J-ton lots £l4 15s. per ton. Meatmeal: Feed, J-ton lots, £l4; lesser quantities, 14s. 6d. cwt. Butter: farmers’ prime separator and dairy bulk and pats, lOd. to lid. lb. Turkeys: Is. 2d. to Is. 3d. per lb. Giese: 10s. to 12s. pair. Ducks: runners, young, Bs. to Ils.; largo white, Ils. to 13s. pair. Fowls: White Leghorns, 4s. 6d. to 6s. 6d.; Black Orpingtons and similar varieties. 7>i. 6d. to 9s. Eggs: First grade new laid. Is. lOd. to 2s. Fungus: New Zealand, Bd. to lOd. Dressed pork: 60’s to 90's. 6d. to 7d. per lb. Bucking pigs: Tel. to Bd. Maizemeal: Bb. Charcoal: 14s. 9d. per 501 b. bag. Rock salt: ton lots, £5 10s.; lesser quantities, 6s. Bluestone: in cwt. kegs, 325. each.- Mutton birds: in kits, Bd. bird; Tasmanian, in casks, 7d. bird. Molasses: in casks. 405.; in cases, Bs. 6d. Basic slag: 17-20 per ' cent., arriving April to June, £4 ss. ton, f.o.r. Blenheim chuff: prime ton lots, £7 ss. per ton; less than ton lots. 7s. 9d. cwt.; medium quality, £6 ss. per ton; less than ton lots. 7s. cwt. Wairarapa chaff: GBOS, £6 10s. per ton, f.o.r. Wairarapa. Java shelled peanuts; 4d. per lb., sacks in; peanuts in shell, 4d. Jb„ sacks in. Super phosphates: list price. Farro food: £8 10s. ton J-ton lots: lesser quantities, 9s. Barley meal: £9 ton, £-ton lots; lesser lots, 9s. 6d. Peameal: A-ton lots. £11; lesser lots. Ils. 6d. Bran: Hon lots or over, £8 10s.; lesser lots, 9s. Pigmeal: i-ton lots, £8 55.; lesser lots, 8s 6d. Pollard: Hon lots or over. £10; lesser lots. 10s. 6d. Black leaf 40 spray: 21b. tins, 135.; 101 b. tine, 50s. Messrs. A. H. Turnbull and Company have received a cablegram from Messrs. W. Weddel and Company, Limited, dated London, February 17, reading (the previous week's prices are in parentheses):— Danish butter, 184 s. to 186 b. (184 s. Isew Zealand unsalted, 168 s. to 170 s. (1665. to 170 s.); New Zealand salted. 1625. to 1665. (160 s. to 1665.); market quiet. New Zealand cheese, white and coloured. 945. to 955. (925. to 935.): market firm. Canadian cheese, white, 100 s. to 104 s. (100 s. to 104 s.); ditto, coloured. 98e. to 102 s. (98s. to 100 s.). , Amalgamated Dairies, Limited. have received the following market cablegram from London under date February 18: — Butter—Unchanged; market quiet. Probably more activity next week. Danish entirely cleared. Indications f.o.b. quffotations opening higher next week. Deliveries: New Zealand, 2425 tons; stock, 3260; retails unchanged. Cheese,—Unchanged; market firm on short covering: probably go higher temporarily. Retail unchanged. Messrs. Joseph Nathan and Company, Limited, have received the following cablegram from their London house dated February 20:—New Zealand butter. 1625. to 1645. per cwt.; New Zealand eheese. 945. to 955. per cwt.; both markets quiet. STOCK SALES PAHIATUA EWE FAIR. Masterton, February 21. The New Zealand Loan and Mercantile Agency Company, Limited, report that 1 at ths Pahtatua ewe fair yesterday they submitted 4500 ewes to a splendid attendance of buvers. Buyers were present from Hawke’s Bay. Wanganui. Manawatu and Masterton districts, and it was one of the best sheep fairs held this season. The demand for good quality sheep was keen. One line of 4-.vear ewes offered on account Haddyn Smith, Wareware. Akitio, made 24s 4d.. and was purchased by Mr C. D. Smith, of Alfredton. The demand for 2-tooth ewes was very keen and exceeded the . supply. Principal sales are quoted as follow:—904 4-year ewes, on account Haddyn Smith (Akitio), 245. 4d.; 203 4 and 5-year ewes, on account J. Judd, 20s. 3d.: 366 M.A. ewes, Ils. Bd.; 133 M.A. ewes. 14s. 3d.; 295 ewes, i on account J. Carter. 15s. 7d.; 49 2-tooth ewes, on Recount. T- Russell, 255.; 24 2tooth ewes, 245. 6d.; 64 4 and 5-year ewes, ' on account A. J. Pateliett. 18s.: 116 5-yenr ! ewes, on account W. F. Day. 23s 2d.: 228 4 and 5-ycar ewes, on account J. Banibry. 17s. 5d.: 303 5-year ewes, on account 0. Gross, 195.; 165 6-year ewes, 15s. 4d.; 2-tooth ewes ranged from 235. to 30s. Id.; cull 4 and 5-year ewes, 10s- to 13s. 6d. ' Messrs. Dalgety and Company. Limited. in conjunction with the New Zealand ' Loan and Mercantile Agency Company. 1 Limited, renort having held a successful ■ clearing sale at Haywards on February

20 on account of Mr. R. R. S. Williamson. The stock was yarded in good condition, and met good competition from a large attendance of buyers. Quotations: M.b. lambs ,12s. lid., 16s. 7d. to IBs. id.; cull lambs, Bs. Id.; 2-tooth ewes. 28s. 4d.; 4tooth ewes, 255. 3d.; 4 and 5-ycar ewes, 21s Id. to 225. Bd.; P.M. rams, 225. 6d. to 2)gns.; fat cows, £5 Is.; cows on drop, £10; springing heifers, £5 15s. to £6 10s.; store cows, £2 ss. to £3 10s.; yearling heifers, £2 12s. 6d.; bulls, £3 to £4; hacks. £5 to £6. . Messrs. Dalgety and Company, Limited, report that there was a good entry of sheep, principally shorn blacklace lambs, at the Feilding sale last Friday. These met with fair competition, a total clearance being effected under the hammer. Quotations:—Fat ewes, 17s. 6d.; fat wethers, 245. to 255.; fat b.f. 2-tooths, 245. 6d.; shorn b.f. lambs, Ils. 6d.. 125., 13s. to 14s. 6d.; small b.f. lambs, 10s.; shorn w.f. wether lambs, 9s. 6d., 10s. 6d.; good 2-tooth ewes, 31s. 6d.; 2-tooth wethers, email, 21s. 9d.; aged Romney rams. 10s.; low condition M.A. ewes, Ils., 125., 14s. 6d. to 15s. 6d. Messrs. Dalgety and Company, Limited, report that at the annual Mangaweka ewe fair last Thursday, their portion comprised 6537 ewes. Competition was not particularly animated during the day, but there was a satisfactory clearance effected. The following are quota-tions:—2-tooth ewes, His. to 325. Bd.; 4- ewes. 245.; 4-year ewes, 235. fid.; 5- ewes, 16s. sd. to 225. lOd.; 4 and 5-year ewes, 18s. 3d. to 21s. 5d.: M.A. ewes, 13s. to 21s. 7d. SHIPMENTS OF MEAT FROM SOUTH AMERICA The New Zealand Meat Producers’ Board has received a cablegram from its representative at Buenos Aires, advising the following shipments to the United Kingdom for the fortnight ended February 16. from Argentine and Uruguay:— 279,550 quarters chilled beef; 20,884 quarters frozen beef; 80,198 carcases frozen mutton; 76,641 carcases frozen lamb. The quantity shipped to the Continent of Europe (hiring the same period was as f0110w5:—96.610 quarters frozen beef; 10,250 carcases frozen mutton; 1210 carcases frozen lamb. COMMERCIAL ITEMS WELLINGTON STOCK EXCHANGE YESTERDAY’S BUSINESS AND PRICES At the morning call at the Stock Exchange yesterday there were no sales, but one was reported of Bank of Australasia shares (cum. rights) at £l5. Sellers in the aftrenoon were asking £l5 2s. Cd. At the afternoon call a sale of 5i p.c. Government Inscribed Stock (11)41) was made at £99, ai;d sales were reported of New Zealand Guarantee Corporation ordinary shares <Bs.) at Bs. lid., and New Zealand Breweries shares at £2 2s. Cd. Yesterday's buying and selling quotations are as follow:—

SALES IN OTHER CENTRES By Telegraph.—Press association. Auckland, February 2t. Sales: Bank of Australasia, £l5; Bank of New South Wales. £47 17s. 6d.; Bank of New Zealand, 58s. 6d., 58s. 9d.; Farmers’ Co-op. Auctioneering (B. pref.), 14s. 9d.; Hikuraugi Coal, 45.; Auckland Gas. 225. 3d.; Northern Steam, 155.; British Tobacco, 395. 9<l. Christchurch, February 21. Sales: New Zealand Insurance, 40s. 9d.; Christchurch Gas, 235. 6d.; New Zealand Breweries, 425. 6d.. 425. 9d. (2 Darnels): British Tobacco, 395. 10d., 395. 9d. (odd lot). 395. 9d. (2 parcels). Sales reported: New Zealand Government 4J per cent. Inscribed Stock (1938), £97 2s. 6d.; 44 per cent. Bonds (1930), £9B ss. (4 parcels); South British Insurance, 585.; New Zealand Breweries, 42s 6d. Dunedin, February 21. Sale reported; Colonial Sugar. £56 10s.

GROWING SCARCITY OF LEATHER WORLD SURVEY OF THE POSITION Leather can only be made from hides and skins, and these can only be obtained from animals which are mostly raised for food. They are not grown for the hides, but for meat supply; the hide is only a by.product. A greater demand for leather will not increase the supply of hides, but it does increase the competition for the available supply, and competition increases the price. The conditions which have caused the great increase in the price of hides and consequently of leather are set out as follow in an authoritative statement on the subject:— 'The world's consumption of beef lias decreased, resulting in fewer cattle being raised. In Chicago, the largest beef market in the world, the supply of prime cattle during September, October, and November of last year was 50 per cent, less than the average supply for these months for the previous live years, this more or less indicates the position in other countries and in New Zealand. Because fewer cattle are being killed for beef there are fewer hides available, coupled with this the application of leather to various purposes has become more extended, and its consumption for the manufacture of articles the daily requirements of people has increased. That in a nutshell is the explanation of the present position which lias caused increased prices. A gradually declining supply of hides, coincident with the maintenance and extension of the demand for leather, has led to a depletion of leather stocks throughout the world. Support for this view is found in the statistics published by the Department. of Commerce in U.S.A. Unfortunately, other countries do not keep such close commercial statistics, but the American figures may be taken as symptomatic of the world position. The official figures show that in 1922 the finished stocks of sole leather iu U.S.A. was 12,000.000 sides, this gradually fell until June of last year the stocks won

only 3,500,000. Thus, in sole leather, the supply was little more than onequarter of what it was five jears Ca owing to the large but decreasing stocks of leather during the years under review the operations of tanners on the Hide markets were restricted; in other words, the usual practice of replacing sales of tanned leather by purchase of hides was not followed for the reason that it was recognised that even average demands upon the fewer hides available would have caused prices to soar, thus the restricted input of hides by tanners kept the market steady. This policy, n°wever, whilst it prevented hides and leather from increasing in price resulted in smaller quantities of leather being tanned, the quantity being insufficient for current needs, hence the depletion of the world s leather stocks. t . These depicted stocks are not sufficient for ordinary consumption, consequently tanners, to meet the demand for more leather, have been forced to purchase more hides in order to Increase their output of leather, this has increased competition in the world's hide markets, and consequently higher prices have resuited. w . .. These higher prices have been in evidence for many months past, the niost rapid advance occurring during the last three months. As compared with prices current in April of last year, hides haxe, owing to the world-wide demand, advanced from 60 per cent, to 120 per cent, in price, the greatest advance being on the cheaper classes, these are now equal in price to the best prime hides. Hides having advanced to such extreme prices, leather must also advance, but unfortunately other causes have «D SO operated in making leather dearer. These are found in the heavy increases in price of all tanning materials. Owing to severe drought conditinos in South Africa making the stripping of the trees impossible, wattle bark which is a very large factor in the world's supply of tanning materials has become almost unprocurable, and the price has advanced bv as much as SO per cent. In addition to this shortage of wattle bark the great Qucbrache wood forests of South America are being gradulaly depleted, the extract made from this wood, one of the world's most important tanning materials is steadilv advancing in price. The failure of these supplies has caused all other tanning materials to advance; dear hides made dear leather, but plus dear tanning materials leather becomes dearer still. Upon the question as to whether the present high prices of hides and leather will settle on a permanently higher level it is impossible to forecast, but it would appear that lor the reasons already given, a shortage in the supply of hides owing to declining consumption of beef, together with expending uses for leather, the change in values may possibly be fundamental ami permanent. Prices will fluctuate, but there is little prospect of hides and leather falling back to the low figures of the past few years. TARANAKI OILFIELDS. BY Telegraph—Press association. Cisborne, February 21. The Taranaki Oilfields, Limited, report for the week ended February 18 ns follows:—Waiapu No. 2 well: Depth 3255 ft.; caving shale hindering progress. Gisborne No. 1 well: Depth 2300 ft.-, shut-off effective, but sand from 2252 ft. carries salt water. Gisborne No. 2 well; Construction work well advanced. CUSTOMS REVENUE. The Customs revenue collected at the port of Wellington yesterday totalled £10,814. __________

Buyers. Sellers. N.Z. GOVT. LOANS— £ 8. d. £ s. d. 44 p.c. Ins. Stk., 1939 97 •> — ■1} p.C. ditto, 1938 ... 97 J 0 97 10 0 5J p.c. ditto, 1933 ... — 101 J ti 51 p.c. ditto, 1930 ... — 101 5 0 5J p.c. ditto, 1941 ... 98 17 0 99 y 0 44 p.c. Bonds, 1939 .. 97 J 0 —— 44 p.c. ditto, 1938 ... 97 DEBENTURES— 0 — Wellington Gas ....100 0 0 — N.Z. Breweries (bonds) 1 3 0 1 •1 0 Wanganui City, 5} p.c. (1945) 100 0 0 a ■ BANKS— Australasia 15 2 6 English, Scottish, and Australian —— 8 o 0 New Zealand 2 18 6 FINANCIAL— Goldsbrough Mort .. 2 8 0 Abraham and Williams (pref.) »— ■ 4 7 6 N.Z. Guarantee Corp. (ord., 8s.) 0 8 7 0 8 10 Ditto (pref.) I 1 0 — N.Z. Loan and Merc. Agency (ord.) .... 9C 0 0 — Well. Invest. T. & A. —— 0 11 0 GAS— Wellington (ord.) .. 1 7 9 Ditto (pref.) 0 10 3 ■ « INSURANCE— National 0 15 0 15 9 New Zealand —> 1 3 MEAT PRESERVING— Gear — 1 17 0 N.Z. Refrigcrnt. (10s.) —— 0 10 Well. Meat Export (ord.) 0 TRANSPORT— 10 0 — Huddart-Parker (ord.) (cum. div.) —— 2 10 0 Ditto (pref.) (cum. div.) 1 1 0 — P. and O. def. stock.. —— 250 0 0 WOOLLEN— Wellington (ord.), ... 0 0 0 6 o 0 Ditto (pref.) G 3 0 — COAL— Westport-Stockton (ord.) 0 1 1 — Ditto (pref.) —- 0 o 3 TIMBER— 12 National —— 0 0 BREWERIES— New Zealand 2 *> 0 o 0 Staples and Co —— i 17 6 Tui 2 0 0 MISCELLANEOUS— British Tobacco (Aust.), (ord.) 1 Dental and Medical 19 8 — Supply — 0 10 0 D.I.C. (ord.) (prem.) 0 10 0 — Ditto (pref.) 1 0 6 —— Howard Smith —- i 8 0 Newton King (pref.) 0 10 0 —— N.Z. Farmers’ Fertiliser 4 0 0 — Sliarland and Co. (ord. and pref.) —— i 0 9 MINING— Mount Lyell 1 10 0 —- Waihi Grand Junction 0 0 11 —