8.—4.

Some very general comparison of export prices since the adjustment is given by the following figures for June years : —

But note must be had of a drop in exports due to bad seasons, facial eczema, &c., and to the restrictions in the export of meat. And it must also be kept in mind that, while the figures for meat are true export prices the effect of the restrictions on export has to some extent depressed local values in certain classes of stock. As an illustration the following figures relate to the prices for sheep in the Wellington District (Palmerston North sales) : —

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Export-price Level. Meat. Wool. 1926 .. .. .. .. 2003 1477 1927 .. .. .. .. 1779 1566 1928 .. .. .. .. 1763 1873 1929 .. .. .. .. 1833 1779 1930 .. .. .. .. 1768 1120 1931 .. .. .. .. 1419 736 1932 .. .. .. .. 1183 641 1933 .. .. .. .. 1093 621 1934 .. .. .. .. 1415 1218 1935 .. .. .. .. 1577 814 Average for ten years ending June, 1935 .. .. .. .. 1583 1184 Since Adjustment. 1938 .. .. .. ... 1725 1254 1939 .. .. .. .. 1677 1104 Average for two years since adjustment .. .. .. .. 1651 1179

— A K d 1937 - 38 ' 1038-39. Breeding-ewes— s. d. s. d. s. d. Two-tooth .. .. .. .. 26 3 32 0 27 6 Four-tooth .. .. .. .. 23 5 29 0 24 6 Six-tooth .. .. .. .. 21 5 28 0 23 0 Four years .. .. .. .. 19 5 28 0 22 0 Five years .. . . .. .. 17 1 24 0 18 0 Six years .. .. .. .. 14 5 17 9 11 9 Culls .. .. .. .. .. 10 7 96 60 Wethers — Two-tooth .. .. .. .. 16 10 19 6 15 0 Four-tooth .. .. .. .. 17 8 21 0 17 6 Hoggets— Ewe .. .. .. .. .. 21 4 27 0 23 6 Wether .. .. .. .. 16 10 19 6 17 6 Lambs — Ewe woolly .. .. .. .. 15 5 20 6 16 0 Wether woolly.. .. .. .. 13 0 15 9 11 9 Fat lambs .. .. .. .. 20 6 .. 19 3 Fat wethers .. .. .. .. 23 3 .. 17 11 Fat ewes .. .. .. .. 15 6 .. 8 6 Station cattle—• £ s. d. £ s. d. £ s. d. Cows .. .. .. .. 510 6 15 0 576 Three-year heifers .. .. .. 549 6 12 0 526 Two-year heifers .. .. .. 4 12 0 616 4 14 6 Yearling heifers .. .. .. 3 13 9 4 11 6 2 10 6 Weaner heifers .. .. .. 2 17 6 3 12 6 1 15 6 Cull cows .. .. .. .. 2 16 3 3 17 0 250 Four-year steers .. .. .. 796 11 20 926 Three-year steers .. .. .. 680 9 10 0 8 11 0 Two-year steers .. .. .. 5 14 6 7 17 6 680 Yearling steers .. .. .. 490 650 426 Weaner steers .. .. .. .. 380 426 2 12 6 Dairy cattle — Herd cows .. .. .. .. 8 13 0 976 10 00 Three-year heifers .. .. .. 7 11 9 850 8 12 6 Two-year heifers .. .. .. 6 17 0 7 12 6 826 Yearling heifers .. .. .. 473 4 16 0 550 Weaner heifers .. .. .. 2 19 6 376 3 15 0