ADJUSTMENT OF FARM MORTGAGES

Manawatu Times, Volume 62, Issue 31, 6 February 1937, Page 12 (Supplement)

ADJUSTMENT OF FARM MORTGAGES

Rates for Manawatu COURT SITTING IN PALMERSTON . NORTH With the average prices of'ftirm products for the past ten years as a basis for computing the producing value of properties coming under the Mortgagors and Lessees Rehabilitation Act, an order has been issued by the Court of Review. This gives a Dominion and district price schedule as a basis of adjustment between parties in negotiations for a settlement without tho necessity for going before a Commission. Prices for the Wellington district include those for the Manawatu area, except where otherwise specified. Owing to the impossibility of covering every farm-produced commodity only the main products are included in the schedules. Material variation from the averages, it is explained will be necessary to make allowance for local factors and quality deviations, but it is intended that tho standard values submitted should serve as a basic guide. Lack of data limited the extent of localisation in crop-economy, and only main-district values have been assessed. District five stock averages are given, but it is stated that within each district will be found a wide divergence of price. Figures generally are for gross prices at the point of sale, those for wool being in the auction-room, without deduction for freight, insurance aud commission costs. Aiming at giving over all average saleyard prices, no account being taken of freight, droving charges, commission, etc., the schedules have been fixed for revenue stock, but none aro available for dispersal sales of capital stock. Adjustments, it is pointed out, will have to be made where the proportions of prime, medium and fight animals are other than usual. Prices of store and breeding stock are based on autumn sales only. Values fixed by the Court for Palmerston North are as follow: Sheep. Breeding ewes.—Two-th, 26s 3d; 4-th, 23s sd; G-th, 21s sd; 4-yr, 19s sd; 5-yr, 17s Id; 6-yr, 14s sd; culls, 10s 7d. Wethers.—Two-th, 16s lOd; 4-th, 17s Bd. Hoggets.—Ewe, 21s 4d; wether, IGs lOd. Lambs.—Ewe woolly, 15s sd; wether woolly, 13s. Fat lambs, 20s 6d; fat wethers, 23s 3d; fat ewes, 15s 6d. Cattle. Station cattle. —Cows, £5 Is; 3-yr heifers, £5 4s 9d; 2-yr heifers, £1 12s; yearling heifers, £3 13s 9d; weaner heifers, £2 17b 6d; cull cows, £2 16s 3d; 4-yr steers, £7 9s 6d; 3-yr steers, £6 8s; 2-yr steers, £5 14s Gd; yearling steers, £4 9s; weaner steers, £3 8s; fat steers, £9 17s 6d; fat heifers, £5 9s; fat cows, £5 9s. Dairy cattle.—Herd cows, £8 13s; 3-yr heifers, £7 11s 9d; 2-yr heifers, £6 17s; yearling heifers, £4 7s 3d; weaner heifers, £2 19s 6d. Based on an analysis at the Johnsonville saleyards, the price of butchers’ sheep in the Wellington district are fixed at 25s lOd for wethers and 19s i 4d for ewes. Wool. Wool values are fixed as rollow for the Wellington district, which covers the Manawatu, RungUiU.\ Wairaraptl and Nelson: — 3 Merino, 00-70 — Super 14^ Average 12$ Inferior 10$ Fine halfbred 56-58 — Super 14$ Average 12$ Inferior iOii Medium halfbred 50-56 — Super 13$ Average 11$ Inferior 9$ Extra fine crossbred 48-50 — Super 11* Average 10 Inferior 8$ Fine crossbred 46-48 Super m Average 9 Inferior 7$ Medium crossbred 44-46 Super 10 Average 8$ Inferior 71 Coarse crossbred 40-44 Super 9} Average I SJ Inferior 7 Extra-coarse crossbred 36-40 Average 7 Figs. North Island average values for pigs during the past ten years give the following prices at Palmerston North: £ s d Breeding sows 4 73 Porkers 2110 Baconers 2 16 3 Dig stores .. 113 4 ■-’lips .. .. 1 4 3 Weauers 1 06 Butter and Cheese. Though there is insufficient data available to attenqß the determination of the district butterfat equivalents of the guaranteed purchase prices, the deficiency of information in this respect has been remedied by tho statistics of dairy factory production. From these the average pay-out for all factories for each provincial district has been compiled for the seasons 1926-35. .Season averages are weighted, i.e.. •total butterfat supplied to factories divided into the aggregate pay-out. In

conforming with the* practice adopted in respect to wool and live stock prices, the ten-yearly averages quoted aro the unweighted means of the annual weighted averages. Tho Dominion average butterfat price for butter factories is fixed at 13.33 d, for cheese factories 13.92 d, and for dual factories 13.65 d. It will bo observed that the Dominion averages are slightly different from the guaranteed price equivalents quoted by thb Primary Products Marketing Department, the Dominion average pay-outs for the ten years being 13.33 d per ib. for butterfat for buttermaking and 13.92 d per pound of butterfat for cheesemaking. The averages for the Wellington district (including Manawatu) are 13.62 d for butter factories, 13.84 d for cheese factories, and for dual plant factories. District equivalents of the guaranteed price are 13.32 d per lb (buttermaking) aud 14.46 d per lb (cheesemaking). Wheat and Potatoes.

Average prices of grain and grass seed to tanners, for the seasons 192635, based on trucks at country stations at harvest-time in Canterbury, aro 5s Id per bushel for wheat, 2s 7sd per bushel for oats, 4s osd per bushel for barley, 3s 6d per bushel for ryegrass, £4 Is per ton for potatoes, 7d per lb for cocksfoot, lid per lb for white clover, 8d per lb for cowgrads, and 5s per bushel for partridge peas. The prices for grass seeds represent the average of farmers’ dressed lined. Average prices are not available for certified seed, which wifi be 'adjusted individually. Since the quotations aro based on prices f.0.r., commission railage, etc., will not be taken into consideration in assessing farmers’ costs for these products. This is an important point, another being that the prices are harvest time values. The over-all average of milling wheat per bushel for Canterbury, where 80 per cent, of the Dominion's wheat crop is produced, is 5s lsd (Tuscan 5s Id. Hunters 5s 314 and Pearl 5s ssd). Wheat grown in the. North Island commands a higher price for quality thau that in the South Island. Though only 200,000 bushels of wheat are grown in the North Island (including the Manawatu), the difference in the puy-out by the Wheat Board in respect of the 1936 harvest is 8d per bushel, and this has been accepted as a basis. The Canterbury average for fowl wheat iB 4s 7sd. The North Island price hoi’e again is 8d per bushel higher. Though tho Canterbury average for potatoes is £4 Is per ton. North Island prices are materially higher, and the average wholesale prices for ten seasons are £7 at Auckland aud £6 15s at Wellington. This is on a “sucks in” basis, and average quotations for the earlier varieties, which command a premium at Auckland, are £8 a ton. Wholesale egg prices give a ten-year average of Is Bsd per dozen at Wellington, and for honey 7sd per lb at Wellington. Applications Filed - Though tho final figures are not yet available, applications so far filed in the Wellington district under the Mortgagors and Lessees Rehabilitation Act total 2324, the boundaries of this ares excluding Woodville and tho Wairaapa, but going as far north as Raetihi and Waverley. Included in tho tbtAl are 1034 Palmerston North applications covering farm, home, and other mortgages. Presided over by His Honour Mr. Justice Johnston, tho Court of Review was sitting at Palmerston North yesterday.