FARMING AND COMMERCIAL.

Manawatu Standard, Volume XLVII, Issue 7, 6 December 1926, Page 5

FARMING AND COMMERCIAL.

DAIRY PRODUCE. IMPROVEMENT IN ADVANCES. COMMENT BY ACTING-CHAIRMAN ■ OF- BOARD. In commenting at Wellington on Saturday on the general position of the dairy produce market, Mr J. RThacker, acting-chairman of tire Dairy Board, stated that the improvement in the advances and the market prospect was gratifying and would be welcomed by all producers. The whole of the new season's arrivals of butter to. date, amounting to substantially 2000 tons, had been cleared, and the lonic shipment of 70,000 bo?es, arriving on December 6, would meet a markot bare of New Zealand On latest advices, Australian export seemed likely to be light on account of dry weather—in fact, preliminary inquiries had been made for New Zealand supplies. IMPROVED PROSPECTS. This factor, together with the improved consumptive demand following tho end of the British coal strike, lifted prospects considerably. The cheese outlook was also improving with tho increased consumption of miners returning to work, and would possibly continue as Canadian supplies fell away. Now that the board’s work in marketing had been launched and was definitely, in operation, it was timely, said Mr Thacker, to review tho position and the possibilities afforded producers. The improvements by the board in shipping and insurance had been negotiated quietly and introduced without turmoil or opposition; but the same certainly could not be said of marketing. On tho contrary, this had been resisted and fought over a long period by a mass of propaganda and misrepresentation, in face of which it was not surprising if some producers became confused. This made it all the more necessary to review the position and state the possibilities in relation to producero’ _ objectives. This sectional opposition m its later stages had been helped by the circumstances of the coal strike and the sustained storago of some New Zealand butter for an expected rise, which did not occur because of extra European supplies combined with reduced purchasing power of the people. STORED STOCKS. In connection with these stored stocks, information now available showed that American speculators were responsible for the holding up of several hundred thousand boxes of New Zealand produce as an “investment.” The blame for this wholly, but wrongly, 'fell upon the New Zealand producer, who thus had been beaten with a stick of which he was more largely tho victim than the holder. These stocks, however, were now cleaned up to all practical purposes, and normal marketing would develop on a basis which, because of the information that would now be available, would prevent a repetition of such experiences in the future. FAIR VALUE WANTED. Attempts had been made to represent tho producers’ objectives as monopoly or dictation, ho continued. That was not so. Producers simply wanted equity wnd fair market value as adjusted with competitive butters. To secure this, the joint committee between the London agency and the London importers was functioning. The value of its prompt and liquid adjustment to the market was demonstrated in the third Week, when on successive days, through market improvements, the nominated price was twice lifted four shillings prior to the exhaustion of stocks by heavy buying. That subsequent rise undoubtedly meant money in the pocket of the producer. Artificial efforts against price naming had even gone so far as to suggest a boycott. This had been E roved a myth by market events, and o was satisfied that time would so speedily demonstrate the advantages of a steady price to the regular distributors that- speculative propaganda would die a natural death. The regular trader liked a regular market. The speculator liked an irregular market. It was the regular trader who made contact with the consumer, and it was with the consumer that the producer wanted his closest contact on tho basis of quality and fair market price. The producer was not interested in tho speculator who sought market manipulations to his own advantage. Farmers had had enough of the annual slumps of tho past, and in facing a lower level of economic prices simply could not afford to take the risk of a manipulated seasonal slump. DESIRE FOR REGULAR PRICES. Regularity and evenness in price returns were essential, and these could only be obtained by marketing organisation permitting regular shipments of comparatively even quantities of produce and the supervision of its proper handling in Britain, so as to reach the consumer without damage, together witji the oversight of sales, with full knowledge of stocks and competitive quantities, so as to secure justice for the producer. This organisation would give the British consumer more regular supplies of fresher New Zealand butter; would avoid excessive storage and excessive price variations, and though advertising would permit the development of valuable national good-will. If farmers remained solid and gave the board the backing necessary to the successful application of the policy, Mr Thacker declared, they would for all time kill the severity of the seasonal slump which in the past always afflicted New Zealand butter. There would, of course, be market variations, but with spread shipments and orderly marketing they could not repeat the sudden drops of £6O a ton within a fortnight, and so wipe out 25 per cent, to 30 per cent, of the expected value of our produce. Stoppage of the slump leak-alonq would, in his opinion, mean approximately £1,000,000 a year to New Zealand, and it was surprising to him that the advantages of this to the general trade of the country were not better appreciated by the Government, by tho comercial circles dependent upon the farmer, and by the Press of the country. MINIMISING SLUMPS.

The evidence of the Imperial Economic Committee showed that these seasonal slumps were capable of being minimised—but only if comprehensive action were taken. This rested with the producers. Certain elements of weakness had been developed, and efforts made to kill the board’s policy without trial. That had not succeeded, but it was unfortunately true that the efforts to divide the producers had sensibly weakened the application of the board’s policy. Tlio enemies of the farmers knew only too well the difficulty of securing unity amongst farmers, and they had planned and worked accordingly. Producers would have to fight against such weakening efforts. They now had the chance of their lives to secure permanent improvement in marketing, but they could only safeguard that chance by ensuring the board’s policy fair trial. “If that policy,” said Mr Thacker,

“is finally crippled, it will be due to the weakness of farmers and their inability, individually and collectively, to withstand the insidious activities of commercial interests. For the sake of producers and the country as a whole, I want to see this scheme given a fair trial. Tlie further I go in it the more convinced I become of its immense possibilities for the benefit of the producer. There simply must be a lot to be gained, or else there would not be so much fight against it.” As stated in the “Standard” , on Saturday the Dairy Board has received cable advice that the advances on butter will be raised 2d per pound and on cheese Id per pound on all produce graded on and after December 4.

INCREASED BUYING. -RETAIL PRICES ADVANCED. LONDON, Dec. 4. The butter position continues to improve, thanks largely to the resumption of work in the coal mines. Buying has increased greatly in industrial centres and retailers are also filling needs for Christmas markets, consequently there has been a satisfactory reduction in stored stocks, and the prospects seem favourable for a continuance of strong markets. The news of the drought in New South Wales and Queensland is also having a considerable effect, and some buyers are reported to be operating in anticipation of short supplies early in 1927. The multiple shops are raising the retail price of colonial from Is sd, per lb to Is 7d next week, but it is hot expected that the advance will have any effect on consumption.—A. and N-Z. cable. ONE DAY OUTPUT OF BUTTER. WAHAROA’S FINE RECORD. AUCKLAND, Dec. 4. On Tuesday last the Waharoa butter factory broke its own record for the greatest one-day output of butter, which it is claimed is a world’s record. On the day mentioned no less than 18 churns of butter were put through in less than nine hours, tho result of this being 2i tons 6cwt, or 47,7121 b of. butter.

FROZEN AND CHILLED MEAT.

LONDON QUOTATIONS.

LONDON, Dec. 4. Sheep: Canterbury light 6d per lb. medium ojd, heavy ojd; North Island did, heavy old; Argentine light Lambs: Australian, firsts 8 7-16 d, others 8 3-16 d; seconds, Victorian B|d, others 8d; thirds, Bd. Argentine, sec- ' onds 7}d. . ~ Chilled beef: Argentine fores 4d. • Other meats are unchanged.—A. and N.Z. cable. ,

FROZEN MEAT TRADE. Tho New Zealand Meat Producers’ Board has received tho following cable from its London office dated December 3, 1926, advising Smithfield delivered prices at that date as follows, prices for tho two previous weeks being also shown in parentheses: New Zealand wethers and maiden ewes: Canterbury quality, selected brands, 56 and under 6d (6gd, 64d), 57 to 64 5Jd (5Sd snd) 65 to 72 54d (sjjd, 5Id); other brands, 5b and undor s|d (53d, 53d), 57 to 64 sid (54d, 54d), 65 to 72 sfd (54d, s£d). New Zealand ewes: 64 and under 3£d (31d, 3£d). Now Zealand-lambs: Canterbury quality, 36 and undor (lOjd, lOad), 37 to 42 9Jd (9id, 9fd), 43 to 50 7id (7id, 7±d), seconds Bgd (B|d, 9d); selected brands 36 and under, not quoted (93d, 93d), 3? to 42 Bgd (Bld, Bgci); other brands first quality, 42 and under and seconds, not quoted. Now Zealand beef: Ox fores 3fd (3id, 3id), hinds 4d (4d, 4|d); cow fores and hinds, not quoted. Argentine chilled beef: Ox fores 4d (3id, 3|d), hinds s|d (53d, sd). Argentine frozen beef: Ox fores and hinds, not quoted. Frozen pork: 80 to 1201 b lOd (lOd, 10id), 120 to 1801 bßd (Bd, 9d). Frqzen veal: Not quoted. Lamb: Market is steady. Mutton : Market quiet. Beef : Nominal prices. Levin and Co.. Ltd. have received tho following cable from their London agents, dated Docembor 3, 1926: The markot for lamb is quiet with prices unchanged. The market for wethers is weaker and the demand is poor. SHIPMENTS OF MEAT FROM SOUTH AMERICA. Tho Now Zealand Meat Producers’ Board has received a cable from its representative at Buenos Aires, South America, advising the following shipments to the United Kingdom for the fortnight ended November 25, 1926, from Argentine and Uruguay: 224,643 quarters chilled beef, 7300 quarters frozen beef, 28,400 carcasee frozen mutton, 99,488 carcases frozen lamb. The quantity shipped to tho Continent of Europe during the same period totalled 126,900 quarters frozen beef and 9274 carcases frozen mutton. WOOL MARKETS. GOOD COMPETITION IN LONDON. LONDON, Dec. 4. At the wool sales there was a good selection of merinos and slipes and a small offering of greasy crossbreds. There was good competition, and prices were on a parity with the highest point of the series.—A. and N.Z. cable.

Dalgety and Co., Ltd., report having received the following cablegram from their London house under date of the 3rd inst.: Wool sales continue firm and active; prices show hardening tendency except short and wasty Merino. Greasy fine crossbred and scoured crossbred generally same prices as last salo, slips id lower except short and faulty lambs which ure Id lower as compared with last salo; crossbred and Merino lambs good demand. OPTIMISTIC TONE. LONDON, Dec. 4. The London wool sales are proceeding excellently. Competition is good. Tho homo trade is buying freely and Germany is operating actively. Even France, which is handicapped by the exchange, is taking a small quantity. A Bradford correspondent writes: “The feeling here is decidedly hopeful. Operations are showing sigqs of expansion, and generally there are sound grounds for tnc optimistic tone and more cheerful atmosphere which are noticeable on the exchange. Events are considered to be moving in the right direction. The fact cannot be overlooked that there is sufficient competition to prevent any weakening in the raw material value of Australia, New Zealand and London. —A. and N.Z. cable. PRICES OF RAW MATERIALS. LONDON, Dec. 4. Cotton: Liverpool quotation for American upland middling cotton, January shipment, 6.34 d per lb. Rubber: Fine hard Para 17Id per lb; plantation first latex crepe 18Jd. Jute: December-Januury shipment, £29 10s per ton. Hemp : New Zealand, October-Decem-bor shipment, £3B 10s per ton. Copra: December-January shipment, £24 15s per ton. ■ Linseecl oil: £3l los per ton. Turpentine: 62s 9d per cwt.—A. and N.Z. cable.

WELLINGTON STOCK EXCHANGE.

LAST WEEK’S BUSINESS 'AND PRICES. Tho turnover in stocks and shares last week on the Wellington Stock Exchange was as large as could be expected, for in the closing month of tho year a slack tone is invariably experienced. Good business was done in bank shares at full rates. Bank of Australasia sold at £l4 2s 6d, National Bank of New Zealand at £7 Is and £7 Is 6d Bank of New Zealand at 60s 3d and 60s 6d Bank of New Zealand rights at 6s 7d, Bank of New South Wales at £45 7s 6d, Union Bank at £ls 4a and £ls ss; Commercial Bank of Australia, ordinary, at 325; Western Australian Rank at 54s 6d and 555, and National Bank of Australasia, £lO paid, at £lB and £lB Is 6d. Thero was little trading in Government stocks and bonds. Business was done in the 44 per oents. at £96 17s 6d, and the 54 per cents, at £lOl. On Saturday the 5 per cents, wore in demand at £9. Thero wero some sales of local bodies’ debentures. Transfers were registered of Auckland Harbour Board 53 per cent-, at £lOl, Wanganui Borough 54 per cent, at £95 10s, and Invercargill Borough 6 per cent. (1931) at £IQO 10s. New Zealand Breweries, 10 per cent, bonds, changed hands at 25s and 24s lid. Thoro was little done in financial shares. New Zealand Guarantee Corporation, ordinary, sold at 10s 3d and 10s sd, and Wellington Investment at 10s 9d. At tho week-ond there were buyers of Equitablo Building at £9 2s 6d and Metropolitan Building at £l3. A few transactions in gas shares were registered, Auckland Gas shares changing hands at 23s 9d, and Christchurch Gas at 245. On Saturday the latter were in demand at 24s 3d, and Wellington Gas ordinary at 265. Meat shares were very dull, but two parcels of Gear Meat shares ohanged hands at 375. A moderate business was done in insurance shares, with sales of New Zealand Insurance at 38s, and South British at 56s 3d. Shipping shares were dull, still there was a fair demand for New Zealand preference at £9, and Union Steam preference at 20s 3d, cum dividend. Kelburno Tram shares were in demand on Saturday at 26s lid. Coal shares wero very slow, and the only transaction recorded during the week was a sale of Taupiri Coal at 21s 9d. Timber shares were very much neglected. Brewery shares were in good demand, but business was restricted to Staples and Co. brewery shares at 37s 6d and 37s 7d. In the miscellaneous soction the sales registered were: Dominion Rubber at 495, Electrolytic Zinc, ordinary, at 36s 3d, Taranaki Oil at 10s 4d and 10s Id, and Wilson’s Cement at 33s 6d. . Saturday’s buying and selling quotations wero as under:

SALES IN OTHER CENTRES. Per Press Association. j AUCKLAND, Dec. 5. Sales: Inscribed Stock (193 b), 54 per cent., £101; Western Australian flank, shs 9d; Auckland Gas, 23s 9d; Wilson’s Cement, 33s 6d_; Alburnia, 3s 9d; Moanataiari contributing issue, 5s 3d; Lucky Shot, Is 7d. CHRISTCHURCH, Dec. 5. Sales: Christchurch Gas, 24s 9d; National Insurance, 73s 6d. Sales reported: Western Australian

LONDON HIDE SALES,

LONDON, Dec. 4. The hides market is active. The home and Continental demand is brisk, except from France and Belgium, -which are handicapped by the exchange. Dry salted, meat-works, Queensland, 351 b to 451 b 9Jd per lb, 30lb to 401 b 9id, 251 b to 351 b 9d, 201 b to 301 b 9Jd; New South Wales, none offering. Wet salted, meat-works, Queensland, 501 b to 601 b 7|d, 401 b to 501 b 7jd; New South Wales, 501 b to 601 b 7jd, 401 b to 501 b 7M; Victorian abattoirs, 501 bto 601 b 74d, 401 b to 501 b 7id. —A. and N.Z. cable. MELBOURNE TRUST SHARES.

LONDON, Dec. 4. A Melbourne Trust issue of a million 4s shares at 4s 6d has been underwritten.—A. and N.Z. cable.

STOCK MARKET. Levin and Co. Ltd., report: At Bulls sole on Monday there was a small yarding. Bidding was dull except on fat cattle, which met with a ready sale. Quotations: Weancr pigs 20s, 20s 6d, slips 28s 6d, stores 30s 6d, 36s to 43s 6d, fat bullocks £l2 10s, £l2 11s to £l2 12s 6d, fat cows (dairy sorts) £4 to £5 2s 6d, boner cows £2 15s, £3 10s to £3 13s 6d, canners 20s to 35s.—At Feilding on Friday wo had a fair yarding of both sheep and cattle. Wo have to report a considerable drop on fat sheep, prices being moro on a lovel with those now offering by tho freezing companies. The sale of stores was not animated, though late prices were fully maintained and a good clearance effected. Cattle, except cows and heifers in the fat pens met with good competition and sold on a par with last week’s values. Quotations: Good shorn fat ewes 14s 9d, 15s, inferior fat wethers 17s, heavy prime fat two-tooths 265, small fat lambs 19s 9d, shorn two-tooth wethers 15s 3d to 18s, shorn two-tooth ewes (medium) 16s to 17s 6d, shorn b.f. two-tooths 18s 3d, fat Hereford cows £7 19s 6d, fat Hereford and S.II. heifers £8 7s 6d, £7 15s, fat cows (dairy sorts) £4 2s 6d, £5 to £6 15s, store cows 365, two-year Jersey bulls 4£gns. 1

Buyers. Sellers. N.Z. GOVT. LOANS— £ s. d. £ B. d. 4i p.o. Ins. Stk., 1938 — 96 17 6 5A p.c. Bonds, 1933 ...100 15 0 — 5 p.c. P.O. Bonds, 1927 DEBENTURES— 99 0 0 N.Z. Breweries (bonds) Wellington City (street 1 4 3 100 15 loan) 5j p,c., 1932 ... — 0 BANKS-^-Commercial of Aust. 1 12 0 Commercial of Sydney English, Scottish and — 26 10 0 8 3 0 National of N.Z. ... 7 1 0 New Zoaland — 2 19 9 Ditto (rights) 0 6 6 — Union of Australia ... FINANCIAL — 15 4 0 15 6 0 Abraham & Williams 4 2 0 Equitable Building ... 9 2 6 Metropolitan Permanent Building N.Z. Guarantee Corp. 13 0 0 — (ord.) 0 8 0 0 10 3 N.Z. Invest., Mortg. Wellington Invest. .. 0 9 6 — 0 10 6 — Wellington Deposit ... Wright, Stephenson 0 10 4 (ord.) 1 4 6 Ditto (pref.) 0 17 6 GAS— Christchurcfi 1 4 3 — Wellington (ord.) 1 6 0 1 7 0 5 0 0 TRANSPORT— Union Steam (pref.) ... 1 0 3 T 1 Kolburno Tram (ord.) WOOLLEN— 1 6 11 — Wellington (ord.) ... — 6 12 6 Ditto (new issue) COAL— 6 10 0 1 16 0 0 15 6 TIMBER— Taringamutu — 1 6 0 National 0 14 0 — BREWERIES— New Zealand 2 12 0 — Ward and Co MISCELLANEOUS— 2 2 6 — Burns, Philp and Co. Electrolytic Zinc 1 19 0 1 16 9 Ditto (pref.) 1 17 6 Howard Smith • — 1 12 6 1 2 9 Sharlaud and Co. (ord. and prof.) Wairarapa Farmers’ — 1 2 6 (£5) 4 0 0 Ditto (pref.) 0 14 9 0 16 0 Wellington Queen’s Theatre 1 0 0 — MINING— Blackwater Mines ... 0 5 6 —