FINANCE AND COMMERCE.

Press, Volume LIV, Issue 16341, 12 October 1918, Page 7

FINANCE AND COMMERCE.

"Without unduo optimism, it may be claimed that recent news has clearly indicated that we have reached "tho beginning of the end" of the war. It has naturally had its effect upon local business, but not in all eases in tho same direction. In eomo quarters it has induced increased buoyancy ard a disposition to launch out in expenditure that was not contemplated when the end of the war seemed as far off as ever. Peoplfe have bocn loosening their purse-strings, and one of tho moat significant proofs of the new feeling is the fact that greater activity has been experienced in the motor-car trad-o. Others again have shown a conscrvativo tendency, and are refraining from buying ahead, in tho belief that peace is within sight, and that as soon as it is declared pricce will fall at onco, partly because of the abundance of shipping that will be set free for commercial instead of military purposes. It_ is certain that the conclusion of poaco, or its near approach, will bring tho importers a number of problems,, aa the possibility will present itself of their being left, on the cessation of war, facing falling markets with large stocks of goods bought at war prices. It is not certain, however, that the immediate effect that those people believe will be produced'. Tne prices of some commodities may fall because of the cessation of military demands, but on the other hand there will be a large demand to fill civilian requirements. Marine insurance rates will decline with the anoe of the submarine menace, and rates may follow suit to some extent, but the Allies' ohiopittg will for some time be reqnired for army imr,poses. The. closo of the war will find millions of eoldieM in France and FL-indera-or, let .us in Germany—and . large numbers m tbo These will have to be transported to Bntom, the United States, South Australia, New Zealand, and liriin. bnttf thev leave tho Continent they be fed from overseas. Tho d^Pat^°^^f tv tions will cease, and of ehiopint* may thereby be released, but the* will be the recrements of mined Franc© to meet. Tho whole tion of what is best for importersto do ' at the present juncture is * 222 but tho •suggestion may at least bo hazarded that, owing to the ncccoaanty }° n °. that it will take to evacuate oP the from tho various fronts and tho improbability of any immediate marked foili m the of production of many commodities, the likelihood. of a prompt dump in is more remote than some appear to think. As tho opening of Parliament draws nearer, the idea gains ground in eome quarters tn&t the Government have in mind the revMion of the tariff. There is, of course, only one way at present in which it "would bo altered, and that, under, the. circumstances of the heavy cost of" the war, would be in the direction of new. duties and increases in some of thoefe now iri forcG. No? one has any official ground for, believing that' the Government me&H6 to raise more money in this way, but nevertheless some speculative buying is going on, especially in the case ctf sugar, which some think may .have to bear a duty, whioh they place at a halfpenny per pound. There'to also some talk of increased, enquiry being made'for tea, on the same grounds. t The delay in transhipments from Australia 1 is still engaging the attention of importers, i It is complained that goods are shipped to j Wellington and unloaded there, then shipped to Lyttelton, a process which involves double ' loading and double freight charges, also heavy ! storage charges while tie goods are awaiting* shipping spaco for Lyttelton. Ono local firm ! was debited by the Wellington Harbour Board with storage" charges on one line of goods amounting to £19, and on another line of 65 cases about £15. In both these cases the importers were unablo to recover from the * buyers any portion of the amounts meni tionod.

Children's toys are among the articles that threaten to be in very short supply as time goes on. Becent advices from the London buyer of a Ghriertohuroh house mentioned-as among the articles which he could not procure soout knives, barrel corkscrews, carded padlocks, toy spades, criokot eeta, and skipping ropes. GENERAL MERCHANDISE. HARDWARE. Conditions show little alteration during the past week, .business being steady. Priocs are still advancing, stocks are light, and even negligible in soma tincvand question of future supplies somewhat involved. Wire nails ar e stall in good demand, but short supply, sales being made during the week to as high as £65 basis. However, shipments to arzivo havo been sold as low as £to, so that the prioe may steady a little later. There has been fair movement in fencing wire, mainly for shipment, (prices averaging about £55 tor No. eight. Shipments of Japanese 'amp chimneys just received show sharp advances.'' Sheep shears are selling well, and prices are about 75s per dozen. Ingot tin is firm at 3s 9d per pound; sales have been made of pig lead as low as £35, mainly for old stocks. Pocket cutlery iB very scarce, these being little British on the market, and the quality of that much below pre-war standard. There is a fair demand of American available, the quality and: finish of which is only fair. Merchants are very anxious regarding their future prospects of obtaining heavy lines, which are at present mainly drawn from the TT-fi-A- Beoent information would suggest that commercial exports of iron and steel may soon The Government are gaining an increasing and official control of the iron and steel industry. Day by day the Government's requirements of steel mcneaeo, indeed tho requisitions for the second of this year may be put at about 20,000,000 tons, as against a manufacturing capacity of 17,000,000. One of the most serious factors in tho situation is tho apparent shortage of pig iron capacity. According to a strict interpretation of the regulations, no ttmTl can ship steel without a priority certificate issued by tho Government, or in the absenoo of that, without some direct permission of the proper Government agent. For some reason or other, these regulations have not been strictly enforced in all directions in the past, but the net is now being drawn closer, and unless the restrictions are modified it will only be a short time before tho export of steel for all ordinary uses will be prohibited. Export business is being stm booked mainly in iron bars, small angles, and tees, tubes and wire, but most sales are restricted by the clause, "Shipment at mills' convenience,'* a most unsatisfactory condition to the buyer. • • ■ The visible supplies of pig iron aio apparently sufficient for local requirements "up to th© end of the year, after which further shipments are expected, thanks ,to the assistance given by the Efficiency Board. After the New Year there may bo an increase, in price owing to Home requirements and high shipping rates. The cost of late shipments of bar iron has risen considerably, as We anticipated a week or two ago, and prices have risen. ' Brass and copper tubes aro extremely scarce—in fact, almost unprocurable, with a keen demand. Prioes for braes range from 6s (per lb for quarter-inch to Is 6d for halfinch or larger. Copper tubes are 'slightly cheaper. Many manufacturing holders ore unwilling to sell owing to {he difficulty of replacement. The demand far hay and harvesting tools continues very brisk, notwithstanding the high range of pricos. Notwithstanding war conditions there is a fair amount' of building going on, and jobs still coming out. This may give a very dead side of the business a temporary fill tip. Painters' materials show a little more movement. Linseed oil is quoted at lis per gallon, white lead at £85, 7s 6d per gallon, ease lots. Methylated spirits is almost unprocurable.

GROCERIES. Supplies of bacon are very short, and. some grocers are unable to obtain sufficient for their trade.

New Californium mnscatda, in lib packages, show an advance of la per dozen over last year's prices. There is a corresponding increase in Sib trays. • Advices received this week report an advance in the landed cost of Australian macaroni of 2Jd per lb. Rico is in firm demand, but prices are at present unchanged. The shortage in the Japanese crop-doee not affect the situation, aa none has been received from that quarter for some time. The British Columbia salmon, -which recently rcached the Dominion, is now being) delivered. Shippers, however, report that they could not get all the spaoe they needed; and the balance hae yet to be received'. Ship's limejuice is exceedingly scarce, and the prospect of sufficient being forthcoming l to meet summer requirements is not at all bright.

Price's candles are being received. The price, 13s per dozen lb, f.0.b., Capetown, means a landed cost of at least Is 4d per lb here, whereas they are at present celling) retail at la 2d. Befor© the war, the price f.0.b., London, used to be from 2s 3d. to 2s 9d .per dozen lb. Christmas crackens—coeaqnee—now landing Bhow an. increase of more than 100 per cent, on former prices.. A box which need to h« M; War Loan, 1938; 437 IS*,

DOMINION'S TRADE AND MARKETS. (Bt Oce Commercial Editor.,

retailed at 9d or Is now ocsts la 6d or Ss to land, and sa on with the better qualities, I Caustic scia, in lib tins, eliows an ic- i creased cost of 2s per doi. I Advaccea have taken placo ia tho prices of Ktocona goods, including fancy eoupe and patent medicines. SOFT GOODS. Business continues the do- j maud being maintained despite high prioee, but tbcro is nothing new to report regarding local trade. The continuous upward trend in tho ooet of gooda has long ago lost wiltever novelty it once possessed. Ad vices from London state that t'h« taste for soft collars for men, of which there ia abundant evidence here, has been stimulated in England by tho action of the Government in issuing notices asking the public to wear, as far as possible, unstarched collars—owing', no doubt, to tho materials for starch-making' being required for food purposes. American reports etato that eoft collars have been more popular than over during the past Gummer. > The chief demand appears to havo been for fine silks to match the shirt, but cotton fabrics, eome with plain and seme with ribbed surfaces, were also in demand. The designs included stripes, plaids; and chocks. Supplies in tke_ British hosiery trade havo not for a long timo been within, approachable distance of tho demand, and; the position continues to grow more aotit*. An English hosiery manufacturer, appealing for tho exemption from military service of one of his hands, aged 47, declared that for every stocking made there were twenty peoplo waiting. The shortage of clothes in Germany ia forcing the authorities to adopt some queer 6liifts to jnnke the eeanty supplies go round. Ono of the latest expedients is tho confiscation of all curtains and blinds, except those of lace, to be converted, into body "linen" for the poorer classes of people. In exchange, the owners will be allowed special permits to buy paper blinds and substitute curtains. At the annual sales of furs in New York at the end. of Auguat £350,000 was realised in three days. Skunk brought the highest price ever paid in the United States, and ermine was 25 per cent, dearer than in the spring. Every now and then & little unusual light is thrown by some private correspondent on war conditions in the Old Country. This was the ease with a letter reoeived lately by a Christchurch firm, which had complained to its Loudon house about the extremely poor quality of the timber used in making the cases in which some soft goods had been 6ent out to New Zealand. "As a matter of fact," ran the reply by the London writer, 'wood in this country is now praotically unobtainable, and we are very lucky to get any at aIL Most_ of it on the market is home-grown, and is sold' long before it ia matured- There is practically a timber famine here. There is very little prospect of• our being able to send many more tiniincd cases, and we have, to despatch as many goods -as possible in bales. Packing material of'all kinds is likely to be a serious problem in the near future, and we recommend you to eoonomiso in the uae of our cases and any suitable packing material you may have."

NOTES FROM WELLINGTON. (from a special corkespovdent. ) WELLINGTON, October 11. Some of the larger traders are becoming anxious regarding the prospects of v peace, because many of them hold elocks bought at extreme war prices, and more goods are on the water. They are afraid they will bo caught with these high-prioed goods on hand when peace is declared, and will lose heavily. It is explained that the smaller traders who havo bees baying from hand to mouth and are not hampered with largo stocks, will, when peace is declared, be in a position to buy the same goods at cheaper rates, and will be able to undersell their larger competitors. The position is a very trying one, for there is no way by which tho peace prospects can bo estimated. Cotton goods are bound to fall as soon as the need tar further supplies of munitions cease, v .ad American, British, and Japanese • textile houses are certain to compete for these distant markets, and those holding large and expensive stocks of cotton fabrics and goods will be heavily hit. It is rumoured that, as a measura of ."arofecrtion, several soft goods houses am 'endeavouring to arrange for the iniHnW«A. of present values for twelve months after the war ends. It has not been possible to get any confirmation of this tumour. iiS® balance-sheet of the Paparoai Coal Mming Company, Ltd., in liquidation, for the year ended August 81st, has just been circulated by the receivers. The trading accountfor the year shows that sales of ooaL including sea freight, amounted to £61.468, interest on deposits £109, rents £216 oc2 stocks £1215, making a total of £66,009.' The coal stocks brought into aoooust Amounted to £1511, and purchases of coal during tho year totalled £1914. The working account absorbed £21,573, salaries, fees, insurnce, 1 and taxes accounted for £2666, travelling and office expenses and port charges and wharfage to £190, railages, wyaKiee, freights, etc., £39,072, written off, bad debts £112, leaving a net surplus of £1909. The net surplus for the two years totalled £8137, and out of this £3778 has been applied to depreciation of mine property, plant, ctc_ and the balance of £2659 credited to the working account. Tho liabilities of the company are: T^u. llot nf obontUTeß etnd interest to September 15th, 1015, £65,135, working capital £11,613, and sundry creditors £174, makine a total of *>77,522. The s?®®*® are Mine property, plant, eto., £59,656, cottages and huta £159, horse account £91, sundry debtors £6290, fixed deposits £3011. cash £757, stores £7116, unexpired insuranoe premiums £79, total £77,522. The company has done rather well in the paM year, and if this is oontinued the debenture-holders may reasonably look for some zoturn at an early dais.

MELBOURNE MARKETS. (By Cable.—Prew Aasociation Copyright.) Melbourne, October u. B alley—Chevalier, 6s to 6s 6d; Capo, 4, to 4s 3d; Algerian milling—3a fid to 3s 64feed, Ss 3d to 3a 4d. rotatoee—£3 15* £4 155.. Onions—33a, CHEISTCHUECH STOCK EXCHANGE. YESTERDAY'S TRANSACTIONS. ■ Sale reportedDJLC. (pref.), £1 0& 6d. LATEST QUOTATIONS. Buyers. Seller*. £ 8. d. £ a. d. BANKS— New South Wal« ■.« 36 10 0 union ... u. 68 10 0 59 10 0 INSURANCE— National .. ' —• 310 0 LOAN AND AGENCY— N.Z. Loan and Mercantile (ord.) .. .. 91 10 0 — SHIPPING— Nartham(l4s6dpd.) 01« 9 — FROZEN MEAT— Canterbury 10 X) 0 10 S 0 GAS— Chrisrtchurch 5 16 P — BREWERIES— Crown .. — 1 10 0 MISCELLANEOUS— British Tobacco .. — 116 6 Canterbury Fanners' Co-op. (6 p.c. pref. re dir. only) ex dir. — 6 0 0 Henry Jones Co-op .. 113 0 1 IS 0 N.Z. Consolidated Itental — 18 0 N.Z. Formers' Co-op. (cum. dhr.)- .. 2 6 6 — N.Z.. Paper Mills ..ISO — Papuan Products .. 0 • 2 5 - — Whifccombe and Tombs 6 0 6 — MINING— New Keep It Dark — 0 16 0 Talisman .. .... — 0 9 10 Waihi .. .. — 2 16 Waihi Grand Junction 0 15 0 0 IS 9 YESTERDAY'S BUSINESS ON OTHER EXCHANGES. (PBESS ASSOCIATION TELEGKAJIS.) "WELLINGTON. Sales on 'Change—Kaiapoi (ordinary), £7 15s; Wellington Investment T. and A., 10s Bd. DUNEDIN. Sales on 'Change—Huddart-Parker (ordinary), 40s Id; New Zealand Paper Mills, 235. AUCKLAND. Sales:—Bank of New Zealand, £18 63; Taupiri Coal, 19s 6d; Auckland Gas, 27s 9d; Wellington "Woollen, £7 IBs; Talisman ConBQ)j<latod, 3s 7dj Waihi Grand JaflpJago, 15a

CANTERBURY MARKETS, Friday evening. The Wheat Controller lus so far leporled only o.SjI.IjoJ bushe.s 01 wheat thieslied, wtucb is st:U » long way below preliminary figures pubiisheu ■by the Government {statistician showing that the crop was «j,761,243 bushels. Thero is so little wheat coming forward ttiat it ucce not appear possible that the latter figures can be roached. A cargo of Australian vncat arrived at I<yttel ton duriug the week, and will bo iiistributcd among North Canterbury millers. During the eight months ended August the imports of wheat into New Zealand were 7b"/,875 bushels. «nd imports of oats w,<GO bushels. The figures for the samo period of last year were -1V2.673 bushels of wheat and SU.UX bushcU ot oat*. Tho imports oi ilour for eight months last yoar were 164,147 centals, but only 51.G2G this year. Oats are very Scuice, only an odd lineof Algerians coining forward occasionally. The prices aro firm, but practically nominal. H obtainable good milling Gtvrton9 would be worth up to 5s Gd at a country station. The inquiry ior oatsheaf chaff is a little quieter. Trices aro firm for good, bright chaffff, and up to £7 10s has boon paid at country stations for exceptionally good lines, but ordinary prima sella at £6 103 to ® ss, and inferior is hard to dispose of at any price from about £2 10s upwards. The imports of peas show a largo increase, being 11,033 centals, as against 8775 centals for the first eight months of last year. These would bo mainly from Tasmania for transhipment to Englnnd. The prospoct for a. Li? crop of blue peas in Tasmania, is stated to bo excellent (says the "Australasian"). Advices report that die aoroago sown is about four times greater than that of last year, wiiich was a record, and the ■ yield then amounted to 70,000 sacks. On the 'basis of last year's results, it is estimated in one direction that a quarter of a million bags should bo available nest soason. Tho weather during the past two months lias been _excellont,_ sad the peas have boen sown in the pink of conj dition. Greys aro now bejng planted freely, and it is estimated that tiero will _bo a j surplus of about 100,000 bags. It is un- [ likely that there will bo any carry-over of I greys, as against tho carry-over of possibly | 10,000 sacks of blue peas. ! The potato market is firm, and up to £10 at country stations has been paid for sound samples, and other purchases have been mado at £0 10s to £9. 15s. The following are tho price* paid to farmen at country stations, free of commission, sacks extra, except where otherwise stated: — | Milling wheat according to Government : price, South Island, 6s OJd, f.0.b., North Island, 4d additional. [ Oats—Seed Algerians, 4s 9d to sa, feed 4s Sd to 4s 6d; seed Gartona, 5s to'Ba'3d, 1 feed 4s fid to 4s 9d; seed Duns, 5s to 5s 3d. i Barley (nominal)— Prime malting 6s 8d va 6e 6d, medium 5s 9d.to GsFlour—£ls 10s per ton; 1001b bags, £16 Be; 50lb bags, £16 10s; '2Slb £16 15s. Bran—Shipping £5 10s, local £5 15s per ton Pollard—£7 10s per ton. - Oatmeal—2slb bags £30 per ton, 71b bags £34 10s per ton. Oatshoaf Ohaff—(Nominal), heavy bright £6 103 to £7 10a, medium £5 to £5 15s, inferior £4 to £4 10b. Cocksfoot—loid to Is 3d. Ryegrass—Heavy perennial 4a 6d to 4s 9d, lighter 4s to 4s sd; Italian 3s 9d to 4s 3d: Wcabemwolths 4s to 4s 6d. White Clover—Clean Is 3d to Is lOd. Red Clover—ls 4d to Is 6d. Feas —Partridge 6s 9d to 7s, White Ivory lis to Us 6d, Blue Prussians 15s to 16e,' Blue Imperials '16s to 18s. Scotch tares—los- to - lis. Beans—7s to 7g 3d. Potatoes—£9 10s to £10; seed potatoes, main crop £4 to £6 10s, according to variety. Linseed —£26 to £27. Onions (nominal). DAIRY PRODUCE. Thero bio no changes -to note in dairy produce, butter, cheese, and eggs being in good supply. Tho wholesale prices are: Batter—Factory Is 6d net, ianners' separator Is 2d, dairy Is Id. ■ Cheese—Factory lOd, dairy 3d, loaf 9Jd. Bacon —Sides Is 3d, rollß la 43, hams la 4d. Honey—Extracted 6d to 7d per lb. Eggs—Hen egga 1b Id per dozen.

FRUIT AND VEGETABLES. There at© of vegetables,, and the demand Cauliflowers w not offering quite so freely, and the prioo hbs recovered a little. Sydney fruits are in good demand and prices high, notwithstanding that a fair shipment arrived. A email shipment of Island oranges, however, and a few caeca of tomatoes tod coconuts, aro expected at Auckland. A Fiji shipment is expected at the end of nest week, and towards the end of tho month a Cook Island shipment is due. The usual consignments from Sydney are expected during the coming week. The average wholesale prices during the week wero:— Apples, dessert 10s to lis 6d per case, cooking 63 to 9s, pears 6s to Bs, Auckland lemons 14s v6d, 'Frisco lemons 40s, Mildura lemons 17s, South Australian lemons 17s, 6d, mandarins 22s to 21s, Sydney oranges 19s to 225, poorman oranges 15s, Valencias 40s, pineapples 20s to 245, walnuts 10id per lb. Asparagus 7s to_Bs per dozen bundles, beet lOd to lid, carrots sd' to Bd, leeks 4d to 6d, parsnips 7d to 9d, radishes Is to 1b Bd, rhubarb 2b to 23 Bd, spring onions 9d to la Id, turnips 6d to Bd, cabbages Is 3d to 2s 6d per dozen, cauliflowers Is 3d .to 3s 9d, lettuce 6d to Is Bd, cucumbers 9d to lOd, per lb, Victorian onions 25s'per cwt, 'Frisco onions 30s, potatoes 18s to 22s per sack. ASHBUKTON. The only business to record in the'grain and produce trade is of a. retail'nature, as practically no lines have been submitted by growers for a considerable time past, arid even oddments are few and of no size. Chaff is tho only commodity which is being handled in any volume, and a fairly large quantity ' of this is still moving. Wheat.—Millers are still Open to purchase any- parcels—large or small—of grade wheat, and good under-grade can als» be placed at regulation prices. Oats.—ln the absence of supplies the market is purely nominal. Oartons can bo placed at from 4s 9d~ to ss, Algerians 4s 6d to. 4s Sd—according to description—net to growers on trucks. Chaff.—For prime quality £7 qn trucks is tfie ruling figure, although prices vary slightly according to buyers' needs; ta.q. £6-to £6 Sa; .inferior quality is offering in large quantities, and it is difficult to find outlets for this description. TIMARU. (special to "the press.")

TIMAKU, October 11. Ths local grain and produce markets no now very quiet, the season being just about over. There is no wheat offering, locallygrown supplies being exhausted, arrj millers will hayo to cony on till next harvest with. Australian importations. Ko oats are offering, and in tho abeenoeof business it is impossible to quote values. There is & little businees passing in chaff, laok of shipping space keeping- a severe limit j on it. Good Dright lines are worth about | St per ton. Inferior lot® are hard' to sell. The potato market has shown, a further upward tendency during the. week, prime tables being worth £10 10a to £11 per ton, on tracks, country stations, sacks in. There are now. very few potatoes left in tie district. A shipment from Australia is expected to reach Auckland at an early date. INVEECARGILL. (special to "the fbess.") IN V JSifCABGILL, Octobcr ,11. Oats—The marketis firm • and oats . a to scarce, the-demand for ceed being much greater than merchants' anticipated.: How-.' ever, this demand'is now over,- arid as the grass is coming away rapidly, the demand for feeding purposes will also fall off. Buyers are not inclined to pay-the'high-pricw asked, buf. 5s on truojea, or probably a shade more,' would be given. For- good quality chaff the demand from the North _ Island has been considerable, but very little is available hero for .shipment. For Prime quality from £6 10s to £6 15» would be readily given, but medium and light are not very saleable. Potatoes—The market continues bare, and prime local tabic are still readily saleable at from £14 to £14 10s per ton. Seed is also strongly enquired for. Ryegrass—The market for both Italian and perennial is quiet, although retail orders are rapidly making a hole in «locks. AUCKLAND. (special to "the pbess.") AUCKLAND, October 11. Best quality- potatoes are now worth £13 ex stare, stocks aro getting very low, and merchants axo experiencing the utmost difficulty in arranging for forward supplies. It is almost impossible to secure shipping space. Tha lateness of the new crop tins year will throw a heavy demand on the last of the season's potatoes', and ib may result in a shortage, unless a few more can be obtained from Australia. Against this, however, it is possible that the demand will be smaller during the few remaining weeks that old potatoes will be selling, as a large. number of consumers took advantage of the low price ruling a fortnight ago to get in a good stock. The seed potatoes market appears to have firmed a little in sympathy with table potatoes, but the local demand is rapidly falling off. Conditions on the onion market show little change. American of prime quality axe selling at,400 per case. Anlple supplies for present requirements aro now in hind from California and Vancouver, but after- this week it will bo a couplo of months before any maze Canadian active. Indications axe,

therefore, in favour of an advance in I*l k* Local stocks of oats are still heavy, eothat the eteadv advance in the South is not yst being felt. They are selling at 6s 6d ®x Boat southern chaff is readUy celling: «P t® £1G a ton, with supplies quite insuffioient rto meet the demand. Southern offers ar» not at all plentiful, and merchants would willingly pay oven higher rates in order to secure supplies. ... , , . Australian milling wheat is being landed this week, and the good quality ta attracting considerable attention. IV>wl wlmat is also in better supply on account of shipmenta from tho South, but the quality is altogether erratic. The quotation is 7s ®x store, but consumers would rather pay mars far ,a good quality of Australian. . The maize market has on easier too* tad consignments have beon frwly offering at *« on tho wharf in wholcealo lines. A- lrtU» Australian lias boen selling ox store. Thero is not much enquiry far seed, but buyers are keen after cocksfoot, an< stocks axx» very low. HORSE SALE AT RAKAIA. Tho best salo of draught horses «rer hole 111 tho Rakaia district was conducted yesterdoy by the National Mortgage Company in conjunction with the_ Pmtootb Co-op. Thoy wore an exceptionally fine lot of heavy farm ltorscs from tho estate of the late Mr H. S. Bourn. Buyers wore present from Timaru, Fuirlie, Rotherhom, and Onnhi. The eovcntoen brokon-in hareee, four, five, sis, and eight years old,, averaged £41 W> licsi, and ten unbroken jiotoeo also nuun very high prices.