FINANCE AND COMMERCE.

Press, Volume LVI, Issue 16961, 9 October 1920, Page 10

FINANCE AND COMMERCE.

REyiEW OF THE SHARE MABKET. The share market has been comparatively quiet lately. Large amounts haro been invested in new issues of shares end in local body debentures, and transactions in war loan eecuntica bave totalled large amounts, but business in ordinary invuntmemt stocks has not been as brisk as heusL Bailk Mares aro easser than they wero last wms-w. Bank of Auetralaeia.3 aiia now ex dividend and uonus, totalling 52s per chare, payable cn the SOth ulto., p.nd business has been reported at £90 ex ddvidrad, as compared with £92 cum dividend. Back of New Zealand shares ara lower v/ith sailers at £26 and recent businer-s a& £26 Eg, as compared. With £y< during tho previous w<jek- As fcbo prose Tit ©oefioon of is cxpoclod to end cany in November thcro should not be nnich further delay in tho e-nnounccmairfc cf the Government proposal, an increase in this banks oapitaJ. Banks nave changed haiids at £13 15s and £13 133, a? compared with .btismoea during the provktus wesk at £13 17a 6d and £14. Further cellem ar© offering at £13 15s. £T*tional BanJta do not ©how mush ciurngo with bigness at i*6 9s, and frnthcr ©ellcra at £G ICteu Insurance shares arc not keenly scujrht filter. South British have sold at £0 IGs and £9 15s fid. The annual balance-sheet of this company should be iavued shortly, and the transfer books will he dosed from tho 15th to the 2Sth idem. j l New ZoaHand Insnra.ncGS havo changed ' hands at 2Sa 9d and 20s, with further eedlers at £ste Cd. ThiG etocic does not show much 1 tinoo last wook, when pnwm jx>- ! portod at 2Sb 3d and 2Ss. Goldabrough Jdorts. aro etill enm the rights i to tho new iaaao Eihxrea but are easier with sales at'' 465. i The Huddart-Parker majket ia quiot. lie- • cent tmsiness has been doruo a,t 535, ajid there furth-ar buyers offering 53s New Zealand Refrigerating eheres ctf both jseiues do not ehow much asd Tooent reported businctrs lias been done at 46® ajid 45s 9d for the fully paids and a.t 21a for tho partly paids. The final dividemd of 5 per ccnt., fox the year was paid' on Be&th and Oompanv'e ehsucs during tho week, and business hao been done cx the dividend at 3G3. Fua&hor buyers clto offerinc- 355, with eeUero at 37e. Buyers ore offering 50b, cum dividend, for Now Zealand Fanners' Co-op. ordinary 6hares, with «sl!cn& asking 51b, and business a,t 50&. ■\Vhitcombe and Tombs have declared a dividend of 8 per cent, for tho past year.! An interim dividend paid durimg tho year and cum the final dividend tbe shares havo l»en offered at 78a 6d with no declared buyers. m

, GENERAL NOTES. Apparently tbore will be Ettle meat hi ccol stone in Australia when. the new season » generally open—it has already commenced in Northern Queensland. Victoria hold at' the beginning of September 355.000 oarcsees of mutton and lamb for ejeport, bat this quantity waa gradually being- reduced by sales to the New South Wales Government for local needs. These Bales in September simoon tod to 100,000 caroaec®, and es o-Tiothcrr 20,000 oarooses per month are being taken for Melbourne consumption tho carry-over will be practically nil when iht> works open. New Sontli Wales' shipments of frozen meat have dwindled einoo July to insignificant proportions, South Australia exported slightly larger quantities, while Queensland's output in June, July, and August represented 238,005 quarters of beef. Tho meat supply contract between the export companies in Australia und the Imperial authorities oepdres on November 30th nest, and the eo.le to Vestey's should result in -the Imperial being entirety freed of Australian stocks when the New Zealand scaecm opens. This should ro-act favourably on the Dominion position. Our London eorrespondeut, writing under date August 27th, describes » leading merchant from Wellington, who has spent the last ©be months travelling- in tho principal manufacturing- centres of England and the United States, as criticising certain cable messages that hate appeared m the New Zealand papers from London, relative to tho prices of various goods. Those mteoages are euggcotive of a "©lump" ami faifling prioes at Home, bat as one who has knowledge of the actual conditions hare and in America, he eaid there was so foundation for the statements, which gave Now Zealand an ab-, EcJutely wrong impresion of the real facte. Tho business of this New Ze&laraieFr oovere, among other things, china, earthenwiara, h&rdxvcro, cutlery, bricur pipes, and he said tliafc for all manufactured goods, whoro coal is used to any great extent, there is not the least likelihood of their getting cheaper. **On the contrary, prices are becoming more and more firm, and instead of going down they are likely to go up. Until the price of coal goes down, the prices of maaiufaotured goods cannot get any lower, and before that happens the wages of tee minecs will have to l>e reduood- —a quite Utopian icLoe." In Amarxa, too, .ths «runa conditions we» evident. All tho manufacturers were thoroughly firm in their prices, and did not foreshadow any possibility of their becoming lower. If there was any price-cutting it was being done metnely by retailers who happen to have had considerable stocks in hand and -who were nr.Twim to convert their -hxifrlwiga into ready oash. But -when they wanted to xeplaoo their goods they -would have to pay a very grcait deal more for them than they did for tiwx present stocks. • Since these opinions -were given, however, tho 'exbaation Home has developed. The great tirm of Horrocksja Ciwdeon, for inctacce, announced a 5 per cent. aredlKition in oat ton goods. A North Island importer h&e •Jcolared that the drop is eo insignificant as not to 1» worth mentioning, 1/nt tho m«r© fact of a decline -taking place- at all is noteworthy in view of tho long-continued upward tendency of prices. The Ministry of Food, in au analysis of ita monthly report on prices, stated in August that whilo there had been a rise in food prices, a ter/Jency to fall showed itself in the price of other commodities. "It is possible tha/t this is due m some measure to the relatively greater inJ3a<tion of prices in commodilioo, which escape! any form of control- In consequence thero waft an undue rise, which has now bora succeeded by a doc-line since the abnormal demand for some of theso commodities has ceased, and .competitive forces cn the supply aide have come into play." ' Even in foodstuffs, a decline has lately taken place at Home, for on September 26th the City editor of "The Times" stated thai during the past week a fall of from 5 (to 10 per cent.- in Aeo, coffee, ooaca, syrup, and sugar had boen announced by tho multiple shop companies. A subsequent London cable of the 4th inst. referred to a tendency in many quarters for th» pieces of food, clothing, and other domestic commodities to diminish slightly, while f ho mo'-rmcrrvt in whioh the Central Profiteering Committee is co-operating- with traders, referred to in yesterday's cai>les, may have a marked, efleet in reducing tho codt of living. , As for - the United States, |he National Bank of Commerce, New York, in its report of August 19th, says:—"With few exceptions, the wholesale markets arc now in a condition of inactivity not 'paralleled since the period of uncertainty which followod the armistico. Normally. is the dullest season af the year, "-"i) tho condition of stagnation is par* J ,iaJly to bo ascribed to that fact. To a far greater extent, however, it is' tho result of a widespread realisation which has at last become general throughout tho business community, that -the present downward prrioe movement is not a temporary tendency but a decline toward a new level applicable to post-war conditions, a level which can be found only by cauticras «roperimentation in the market. It is possible that" in some commodities this new level has already been reached." A cable from New York of September 22nd reported the announcement by a largo manufacturing company at Manchester, New Hampshire, of a reduction of one-third in tho price of manufactured cotton goods. This reduction was due to tho unsettlement of the market, which waa causing tho cancellation of many orders. Other ai'vixs from New York of the aamo date stated that reports from all parts of the" country indicated drastic reductions in the prices of all kinds of commodities, varying from lumber and food to automobiles and hides, end they were continuing. The reductions ranged from 10 to 50 paints. ■ Publicists predicted thai a downward movement all along the line woald continue for some time.

Of course all this docs not mean thai prices arc going to tumble down in New Zealand. Many months must ela.ps<; before stocks of goods bought at thr> high levels recently, and in many cases eHE 01-taining, are marked down, and -until that tokos places people who would look £ar any njarkc-d -Jrop in priceo are likely tor be disappointed. In the meantime it may be soms consolation to know, on the authority of file New Zealand merchant quoted ai>ove, that "New Zealand to-day is the cheapest country in which to lire, and it the poepks then: could realise how well off they aro thcro they would not complain, but tmforUinately the people in the Dominion do nort appreciate how well off they are until they traveil round tbe world. Then they find how esp?asivo living is." Sir Do'ta-inow, gen-srai manner of the Now Zealand Paper Mills, Ltd., is visiting Palmeraton North, according to a. local paper, to confer with tile Manawatu FSaxmilkra* Association concerning an enquiry as to it ho best means of utilising tfco by-product of flax, of which vast quantities eire now destroyed by flro or buried. Of stripper slips ulono, which is often good fibre, it :s estimated that 2000 tons annually go it> waste at th& Msajawatu

DOMINION'S TRADE AND MARKETS.

(BY OCX cokmbbclvl ZDITOB.)

mills. In a recent communication nixyn thjg question, Ifr Dalamoro roforred to experiments now in progress by his company's experts, and eaid that if th«?y succeeded there v.xs no telling- what it would mean to the flax industry. There is haj» that r.owGpri-': of which 15.0C0 tons is used annnaiiy in Dominion, may be produced from flax fibre The oniy difficulty .-rppeais to be the- elimination of a, brown stain.

j GHKERAT. MERCHANDISE. j ' GROCERIES. i The Rakonoa arrived yesterday with an ; anxiously-awaited shipment of sugar, mostly ; brown. Tho email quantity of white sufai* 1 included in the cargo is strictly reserved by ' the Board of Trade for those manufacturers : who cannot use brown sugar. the ' past week a representative from tho iJoard lof Trade headquarters has been in Christ--1 church for the purpeso Of allotting tho monthly supply of sugar that retailers are to draw from their nominated merchants. It i 3 understood that the main factor in deciding tho quantity of sugar each 6torekeoper is to receive is the volume of hie business. For this information tho Board of Trade recently callod on grocers to furnish confidential details on a special form. This method of allocating supplies has met with general approval, as it ensures a fair distribution of available sugar. The allotments mado aro in all cases considerably less than grocers expected, and in this rcspect there is keen disappointment in many directions. So far only raw sugar ia available for grocery trade. The shutting' down of a number of factories and the consequent loss of employment to a> largo number of employees has no doubt been the reason for the Board of Tiado keeping! tho public for a week or two on brown sugar while all tho white sugar is reserved for manufacturers. As one merchant said: "It iff no hardship for the public to •use brown sugar, which is of good quality, but it would be a big hardship to keep tha factories closed through want of white sugar, thereby causing' unemployment to. continue." Latest advice ia that only raw sugar will bo available for tho public for a week or two yet. A vary small quantity of out loaf sugar from Sydney ia now being discharged ai! Lyttolton. The Rakanoa brought down a small amount j of goldem syrup and treacle, which comes to J an absolutely bare market. Tho quantity is not sufficient to fulfil orders now awaiting* execution. During the week a small parcel of vdstas in 250' a and slides came to -hand, and merchants ere adopting tho eame practioo as formerly by letting them out in very small lots. Tho high obst of butter has caused an increased demand for margarine, ola-nut, and other substitutes, both in bulk and in lib pots. Many grocers who previouly refused to stock this lino one now taking it. Tho increased prioo of butter ia also responsible for a keen domandi for jam and honey. Medium stocks of jam ape available, but) honey is in very short supply. A North Island brand, in' 21b tins, hob advanocd lei Sd per dozen. At tho tea sales held in Colombo on Tuesday a general advance of ono to two cents per pound took place in tho grades of toal that come to New Zealand, with a firm market. This year tho growers have decidod notl to put out the low qualities that; the abnormal demand of la9t year induced them to place 01* the market. Wax candles havo advanced a penny pel 1 pound, in tho North Island, owing no doubt! to tho demand from- Auckland. So far the anticipated advance in Chriatchuxch which' has been looked for for some time has noli taken place. Local manufacturer's of pioklea have raised! tho price la per dozen. Arrowroot, in lib packets, which hea been off the market for some time, is now available. A shipment of Laurel kerosene arrived during the week, and will be distributed norti week. 'A little benzine and motor spirit had also oome to hand. Storekeepers are finding ft fiifßculty in getting a supply of jelly orystal, and merchants are executing ordem far only limited quanta ties. Column's mustard is. in ohoji supply, end wdera are being very slowly espcuted at Some. There is no drop In tho prioe of Norwegian sardines which are being quoted to arrive iero towards the end; of the year. One wellknown brand which used to be popular on! this market has now reached a price which forbids its sale in New Zealand.. Saigon rice has 'been quoted on this market, ft is reported that shipments which have aar* rived elsewhere have not given satisfaction. The demand for paper bags still continues; ind is not likely to recede as long as sugar has to be put out in small lots. Many proceia cannot obtain certain sizes. ijeasicated oocoanut has risen lOs per cwt. rhe price of this commodity fluctuates in sympathy with that of edible oils, among! jrhich the product of tho cocoanut is one of iho chief. ' Advice of the first shipment of American lg3 by the Ifarama has been received. HARDWARE.

Business generally is on the quiet side. No changes have taken, plaoo since last week in local prices. Tho English meil just to hand brought roporta from eeveral manufacturers with reference to orders still on their books. In many respects there is a decided improvement in working conditions, and orders ax© well forward with many firms; but others again are etill much behindhand, and some can gjyo no promise at all of delivery. The following hardware lines are giving tho greatest trouble to importers regarding do* livery:—Artisans' tools of every description, many lines of builders' hard wane, heavy tools (such as slashers, spades, shovels), sanitary earthenware, basins, sinks, closets, etc., tacks, and small nails of various kinds, oa/sUiroa and enamelled steel hollow-waie, fireproof safes, steel wires for spring making, axles _aw springs for vehicles, shot guns and rifles, brass taps, enamelled baths and sinks. Prioca show no inclination to decline, oxoept here and there ait odd line, while many lines arriving shortly are invoiced at .higher tatos than ever. Advioos received' by cable during tho week indicate a substantial advance in bar iron, and, afl anticipated in these columns some weeks ago, merchants ore compelled to increase their price, which is now on a £42 basis. for. ordinary bars and £43 for shoeing! bars. Ho increase in. cost is duo mainly to the advancing pTioe of coal And. high wages. Notwithstanding tho increases in factory ooets, manufacturers are filled _ with ordeia for months ahead. It is becoming increasingly difficult to secure the smaller eizoa of rolled, and it is anticipated that these will increase in a greater ratio above the halfinch round and five-eighths cquaro. No further advioo has been received in reference to heavy steel bars, sheets, and plates, which remain at previous quotations. Standard iron is now almost and the standard business is now practically suspended. Enquiries are being made in Australia far this commodity, but deliveries cannot bo obtained for at least six to nine months. ... . Belgium is again rolling iron, and » » hoped that shipments may be obtained from that quarter, but at what pnoo cannot bo forecasted. . Bolts and nuts are selling freely at the advanced prices. There is no advioo at prosent of a further alteration. Cabled quotations this week show a siigM decline in linseed oil, which has dropped 2d per gallon. . - American wire quotations, both plain ana barbed, are easier by about £2 a ton, but tho low exchange rates' will prevent merchants from speculating, especially as they have Leavy purchase® still undelivered. Sheet lead and load pipe are quoted, £1} a ton higher than last week, while white lead prioca eo far have not been advanced. Turpentine shows no inclination, to decline, and this week's quotation is about la per gallon dearer. . I There has been a falling off in the demand for ploughshares owing to the occeon being- j practically over, but it is anticipated that) ; there will bo a revival ia February fesr etubblo ploughing. Stocks ale ou the light side, and it is difficult to say when they will be re- j plenished. _ . Owing to tho hign T>rico of bar iron; the supply of horse eh oca in somewhat limited. Hay forks and handles are in keener demand than for some time, and stocks just to hand are rapidly diminishing. A well-known American manufacturing firm jxplains in a recent letter that the high cost af ita No. 5 and No. 7 claw, hammers is due to the difficulty in securing steel, the in-

creased cost of raw material, n n d high wagie®. Ju <^oe . s anticipate being able to reduoa the prico for eome time to come. Incidentally tue firm explains that tie prioo for homo conis inncli greater than that for export, as it is desirous of retaining its export trade to tho Dominions.

Ths severe drought recently experienced throughout New South Waleo baa been responsible for a heavy falling off in the demand for cartridges, and most Sydney hardware merchants are loaded with big stocks, which they are finding great difficulty in moving. Last week 12-gaugo block powder cartridges vera offered at 2Cs 6d a hundrod. The eame gauge smokeless cartridges brought 265. Small lots of 22-gauge rim fir<? black powder short cartridges were booked at 30a G 1000. For the same gauge smokeless 33a vraa asked.

PBICE OP SEWING COTTON. "lOd A REEL NOT UNREASONABLE." (fkom ocn own correspondent.) LONDON, August 27. Con6iderablo interest ia attached to the findings of tho eutwsommitte© appointed by the Standing Committee on Trusts, to enquire farther into tho alleged existence of a combine among manufacturers of sowing cotton, and its effect on prices. In particular, special attention wae directed to the costs of manufacture of tho 400-yards reel of r *lil"uo Ticket" sewing cotton, manufactured by J. and P. Coats, Ltd., which was increased in pries, as from February lith lost, from 7id io lOd per recL They are (satisfied Uiat tho figure of 3.530S pence per roel, at which tho original sub-committee arrived as the estimated cost of manufacture of a 400yards reel of Alessrs Coats a eawiag cotton, on September 6th, 1019, is correot. They have ascertained also that the difference between tho cost of manufacture of 3.83 pence per reel, and the suggested selling prico at that date of 6d per reel wouid have been sufficient to givo a large amount of absolute profit per reeL both to Messrs Coats themselves and to tho retail drapers, than they receiv/xl Irom tho sale of the 3d red in 1914, although, in view of the greatly enhanoed price of the reel, the percentage of profit on the sale to both would obviously havo been much smaller. As for the 10d reel, the conclusion is ' that "although J. and P. Coats'a profit—based upon tho company's figures of actual costs of production at February 4th, 1920—0f 3.2£Vid per real on the lOi reel of the company's six'cord dOO-yarda bluo ticket sewing cotton, may appear unreasonably high, yet the sub-committee recognise that Messrs Coats have, up to the present, had to face a continuously rifling market, bo i>a for cotton and for yarn, and accordingly havo had to average their costs. If, therefore, they havo raised the retail selling price to lOd, with tho intention of not further. increasing it until the average cost of their entire holding of yarn has very considerably risen, we are of tho opinion that tho present retail prico of lOd per reel ia not unreasonable." NEW COMPANIES. Registration of the following new oomp.tnifTs is announced in this w'eek's "MercantHo Gaaetto"':— A. /. Limb and Son, Ltd., registered as a private company, September 28th.' Office: 170 Manchester street, Christchunch. Capital: £10,000, into 10,000 shares of £1 each. Subscribers: Christchuroh—A. J. Lamb 5334, 11. A. Lamb 3313, R. J. Lamb 3513, O. P. Lamb If?, G-. T. Lamb 15, and Iron© Lamb 10. Objects: To acquire and take over as a going concern th» business of indent agents, manufacturers' representatives and nrorohajrle lately carried on by A. J., M. A-, and R. J. Lamb, .and to carry on business as indent, commission agents, manufacturers' representatives, and general. Cooked Food Delivery Co., Ltd. Registered September 6th, 1920. Office: 135 George street, Dunedin. Capital: £1000, into 1000 shares of £1 each. Subscribers: Dunedin— E. Francis 10, M. A. Ross 25, J. F. Hanson 5, M. E. Ferguson 2S, J. Malcolm 25, D. McMirans 5, D. E. Theomin '50. Objects: To provide and conduct restaurants, refreshment rooms, reading and writing rooms, telephones, clubs' stores, lockers, safe and other conveniences for the eaJce of on»tomems; also to carry on business of cooking, supplyitjg, and delivering meals, provieionß, and food.

Sunnyvale Orchard Co., Ltd. Registered as a private company September 10th, 1920. Office: 102 Princes street, Dunedin. Capital: £12,000, into 12,000 eh ones of £1 each. Subscribers: Duncdm—F. G. Duncan 11,998, P. Dunoon 2. Objects: To carry on tho business of agriciultaris'te, hort icrul tn riste, archardists, nurserymen, graziers, fruit and general fanners, fruit and general product* merchants, and coal store 7/raprietoaL

XJZ. BEET. TfTVi RAT.-R TO VESTET6. (SPSSHAL TO "THE P 8859.") ATTCKLASTO, October 8. 35m statement by tho Prime Minis teir lelating to the ealo of New Zealand meat to Voslay Bros." -was discussed to-day by representatives of tho moat exporting firms. It was settled that so additional information *o that which had appealed in the Pre as hod been received by -tho Auckland companies.

■MV St J. Ambury, chairman of directors of .tke Farmers' Freezing Company, 6aid the effect of the transaction, so fax aa tine Auckland producera "were ooncorncd, would greatly depend on tho shipping arrangements. Tho bulk of the stocka in the Auckland stores corfsdsted of beef, and if this had to bo held urttdl Vcoley Brothers' ships were- prepared to lift it, there might be considerable delay in effecting a clearance. If tho ibeef -were intended for tho Continent, it was probable it would have to bo held until arrangements wano made to chip it straight to Continental ports. In accordance with the Prime Minister's statement, instructions bad been received from the Imperial Sppplieo Departs rrtent cancelling shipments of beef. Considerable spaco for beef had been allotted in tbe Port .Darwin, which was now loading. Tho remainder of tho available space in tho vessel "would apparently hsrre to foe devoted to mutton. Tho amount of beef in the company's rtares, exahisiYO of the Port Darwin shipment, was equal to 187,000 freight carcases of mutton. There ■were 25,265 carcases, but if the remainder of the Port Darwin's space had to bo filled with mutton, tho stores v/oitld be practically cfeaired of that cla£o of meat.

The position at tho Wcstfield «ad Whangßr noi Freezing Works is stated to bo very similar to that which existed at tho Fanners' Freezing Company's works at Southdown and Horotiu. There is, however, a somewhat larger proportion of mutton at Westfield than at the other stoves mentioned.

THE CHEESE OUTPUT. (r&EW ASSOCIATION TELXOEAM.) DUNEDiy<, October 6. Advice received by Mr G. A. Lamb, secretary of the South Island Dairy Association, states that eleven of the factories in the Wellington district and ono in _ Taranafci have so far decided to consign thoir outputs of choc so to the New Zealand Producers' Co-operative Association. Mr Lamb soys that, so far as the South Island is concerned, he will bo able to consign approximately 4000 tons this season to tha Producers' Association.

XOKTH CANTERBURY CO-OFBBAxivJfci FREEZING. CO. The fifth annual mooting" of tho uuuipUT ia to bo hold cm tho 27 th' ixt&L, when *fP report and 'balance-shoot for tho year,' wafctt ended oil August 31st laet, will bo P? 00 The> report' states that the stock to"" ed during tho year numbered 345,000. 06 ooaiptred with 190,000 during tho previous year. • Additions to tho works account for tho doorcase of £35,568 4s ad, in tho item land and buildings, which stands in bal nTicosheet at iT9O,SSI 14s Sd. Extensions Wa additions to plant now in hand "will run into about £i},ooo. During: tho past four poisons tho company has written off fSS, 3 *® 35s Id by way of depreciation, hae ostablisn<d resorvo accounts totalling -50,000, una r.ow proposes to pay * bonn® to od por hood for sheep, and $83 Iwfcd * or cctUo.

After writing off £7058 9s 9d for depieciation, and adding the .balance of £5993 Id *<* brought forward from lost j*or, the anioun (wailablo for appropriation is £28,806 4* o«, tho not profit for tho year being £94,614 Id. . Tho directors propose tie payment a dividend of 8 per cent, and bonus °\ ~ V? cent., absorbing £?IVI 6a 6d tho of £S3CG 5s Gd to peneral reeervo, £2oW to income tax reserve, and £2500 to drodona equalisation roserve; the payment of a bonus to suppliers totalling £4220, and the caTTyin 0 forward of tho balance of £2486 12s ■**- Tho nominal capital of tho £200,000, and tho paid-up capital is £SS,w-» 10s. BANX OF ENGLAND RETURNS. (By Cable—Pr«« Association— Copyright) (Australian and N.Z. Cable Association.) (Received October Sth,B-3® P-™- ) LONDON, October 7. The. Bint of Upland vrock endinp October oth afford the followin!; comparison with those of the previous W ° ek: ~ Sept. 29 Oct. 6. Coined huHion .. IgjAg IgJJ-O Proportion of rewire-to m.<» « Government d-poetils 16,139,0W OtW depute . H1.027.000 134.762,000 Government recuribiee 21.883,000 Otlior securities 96,391,000. Sboa>t loans, 6J per cent.; times months bills, 6J per cent. government securities. Tho following are tho lateet quotations for Government securities, with » oompsrißon with those ruling laet week; — . _ . . Last week. This week. £ m. d. £ *. d--2$ per cent. Imp. Con. 46 0 0 SO 0 0 5 per cent. 'Imp. W« . Loon .. 84 15 0 84 15 0 81 per cent. Imp. "War Loan .. ..8136 8150 51 per cent. C* wealth Loan .. 98 7 « 96 0 0 5J per oent. C'vrcalth Loan .. 96 10 0 95 15 0 N.S.W. 4's, 1933. Jan.- _ My .. .. 74 10 0 74 7 6 N.S.W. Si's, 1935-50, April- _ I Jan.-July .. 62 15 0 68 12 6 ! N.S.W. S's, 1955, „ „ April-October — 61 0 0 60 6 0 N.S.W. SJ's .. .. 97 0 0 95 0 0 N.S.W. 6i'a .. „ 104 15 0 105 0 0 VjV. 4'd, 1920, Jaa.-July *99 10 0 99 10 0 Vic. Si's, 1921-6, Jan.July .. .. 83 7 6 83 7 6 Vic. S|'a. 1929-40, Jan.July .. ..57 7 6 57 7 6 Vic. S's, 1959-49, Jaa~ July .. .. 57 15 0 67 15 0 O'land 4's, 1924, Jan.Juiy .. .. 87 0 0 85 15 0 Q'land Si's, 1921-24, Ja.n.-July .. 84 0 0 83 0 0 <yiand 3'a, 1923-47, Jan.July .. .. 53 17 6 53 5 0 Qland Si's, 1921-4, J*bJuly 94 0 0 95 0 0 N.Z. 4'a, 1929, MayNcrv. .. .. 84 0 0 82 2 6 N.Z. SJ's. 1940, Jan.July .. .. 67 0 0 66 10 0 N.Z. 3'a, 1945, AprilOctober 57 15 0 57 15 0 SJI. Si's, 1916 or after 66 15 0 66 15 0 S.A. S's, 19S0, Jan.July „ .. 49 0 0 49 5 0 Tu. Si's, 1920-40, Jan.July .. .. 67 0 0 66 10 0 Tas. S's, 1920-40, Jaa.July .. .. 61 5 0 61 0 0 W.A. Si'a, 1920-35, M*yNovembor .. 70 15 0 68 12 6 W-A. 38, 1915-85, lUj* November .. 67 17 6 0 0 Tho majority of tho stocks eJiow a faU, due to the quotations boin? ex-dividisnd. Tho Stock Exchange is duQ owing to the expected issue of £15,009,000 of local looms stock.

FOREIGN EXCHANGE BATES. LONDON, October 7. The foreign exchange rates cm London afford the following oomoarieoh: — Par. Oct 4. Oct. 7. Paris (fr.) .. .. 26.22 i 8255 52.43 Christiania (fcrj .. 18.169 24.60 '25.00 Stockholm (kr.) .. 18J.59 17.45 17.56 Calcutta (rpe) 10 to goldsov. 21Jd 20Jd Montreal (dol.) , .. 4.86 3.85 aiJOj ■New York (dol) ... 4.86 3.49 3L50 Yokohama (yen) .. 34| . 342 33

SHARKS. iiONDON, October 7. Waihi Grand Junct ico, » buyers 3b 9d; P. and O. (drf.), buyers £300, tcUeiß £110. ENGLISH MARKETS.. (Received October Sth, 8.35 p.m.) LONDON, Octobor 7. Bradford tope market—There is no business passing except a littlo hand- to hand buying and forward delivery at low quotationa. Wheat—The market is. quiet. Flour—The market is dull. Oats—The market is weak. La Plata landed are quoted at 50a Gd per quarter. Boauß and Peae—The market is quiet but steadiy. Su^ar —The market is unchanged. Dairy Produce—Weddel'a annual review of the dairy produce market shows that Great Britain's total Gupplioa of butter in 1914-15 were 240,0 iX) tons, and margarine 107,000. The supplies for, 1919-20 were- butter 130,000 tans, margarine 3(30,000. Thus margarine nojv represents 75 per cent, of the country's eonsumption of edible fats. The quality ci much of the Government butter was very unsatisfactory, notably Danish and Dutch, but New Zealand and AustraUiaa fully maintained their quality, especially Australian, which has been noticeably improving since Commonwealth grading vae substituted for State grading. PRICE OF BREAD IN ENGLAND. LONDON, October 7. The prioa of bread is again causing widespread agitation, owing to "the eoggested increase to 1b 3d. The public, through the newspapers, demand a reduction to Is Id, owing: to the falling price of wheat. ANTWERP WOOL SALES. (Received October Bth. 8 p.m.) ANTWERP, October 7. At the Australian wool oaten 12,888 balos were offered and 4100 sold at priooa five to ten per cent, below those rating at the preceding sale. AMERICAN HOLDING-S IN CANADA. OTTAWA, October 7. It is amjermoed thai Americans are investing approximately 200,000,000. dollar* annually in Canadian industrial, and in provincial and municipal bonds. Americans are holding 80 per ocnt. of the 275,000,000 dollars invested in the Canadian paper and palp industry. It js alao announced that British linen interests have arranged plana to grow flax near Quebec. HOMEBUSH SALES. SYDNEY, October 8. Fat cheep feO from Ss fo 6a a bead at Home bush yesterday. Largs supplies are forward, totalling over 35,000 wirMm, Vsfcra receded to 6d per lb. MELBOURNE MARKETS. MELBOURNE, October 8. Barley—English, 7a to 7a Sd; Cape, 6s to 6s 3d. Oats—3s 3d to 8s fid. Potatoes—£lo to £10 10b. Onions—£24 to £25. TALLOW. DaJgety and Company, Limited, hsvo received the following cablegram from their London Office, dated October 6th: —TaHow— At the weekly auctions 1815 casks were offered and 1445 sold. ■ Prices ruled at late ratce to Is dearer. Competition, was limited. Ihera was a good demand for edible descriptions. We quote prime mutton 81a and prime beef 905." { The New Zen.lawd Loan and Mercantile Agency Co., Ltd., advise having zocedved

ihs following ooblognon from London, under date 6th instant: —"Talkrw—We qurie piwirnt spot values for the following descriptions s— Fino mutton £3 18a 6d por cwt., good beef £3 lfe, mixed £o 6a Gd. Good demand for best sorts." " . 4 Mcasxa Booth and Oo.'fl Xxxndon hooße advises, under dnto 6th • insi., that at tho. tallow ealles held that day there was o» improved tone to iho market. Values on an aworag® £1 per ton. The ©Beriags wi>ro J 857 casks, of which 1437 toco Bald. CHBISTCHUKOH STOCK ' EXCHANGE.

YESTERDAY'S TRANSACTIONS. ' Solos reported:—Bank of Now Scrath Wales, £34; N.Z. Farmers' Co-op. (£2 paid) (cum div.), £2 10s; N.Z. Goremmomt i\ per oent. Inscu, 1988, £93. LATEST QUOTATIONS. Buy era. SeG«r«, £ «. d. £ t. d. DEBENTURES— N.Z. Govt. 6 por cent. liibc., 192" .. — 95 0 0 Glaxo Man nfar taring Co., 6J per cent. — Mil 0 0 BANKS^Now South Wales .. — SI S 0 Union of Australia .. — 15 15 0 INSURANCE— ' Now Zealand ..160 — South British .. — 9 17 6 I/O AN AND AGENCY— National Mortgage (or rights) .» — ■ • 612 6 shtppu-.;;— Huddart-Parfaar 218 0 — Union. (EJ per oent. com pref.) " .. — 0 19 9 FROZEN MEAT— Canterbury .. .. 13 10 • — N.'A. Refrigeasting (£1 paid) .. — 3 83 N.Z. Refrigerating (10s " ' paid) .. .. — 14 3 North Canterbury Freezing (cum dir.) .. 3 10' 0 — OOAL— 1 Taupiri .« 017 6 913 0 Weatport — „ 110 0 — WOOLLENS— Kaiapoi _ « — 1 14 S GAS— Chratchnroh .. — 6 9 9 BREWERIES— Manning .* — 4 0 8 MISCELLANEOUS— Bums, Philp .. — 3 6* Cant. Publishing Co. 10 0 — Colonial Sugar 25 0 0 — Mason. Struthera (£1

paid), cram rights - — 1 14 6' N-Z. Farmers' Co-op. (£2 , paid), cum div. .. 2 16 0 3 11 0 NJZ. Co-op. (6 per cent. pref. ts div. only) ex. div. .. — S # 0 NJZ. Sugtw of Mi-Ik .. — t ( ( Whitcomba and Tombs (com div.) .. — 4 • ' 0 MINING— - Wuihi Grand Junction — Ott ll AUOItLANIX Sale reported—Rank of New Zealaai, £25 15ft. ' DUNEDIN. Sales on 'Change—National Insozscoa. 78a; Huddairt-Parker, 58b; New Zealand Hbtrigv rating (paid), 46s 9d. CONSOLIDATED MINES. ' T3» following ad vice has been ivoetacL oi tbo crushing return® for September of the Consolidated Group of Mineß:—Progress crushed 192 tons, of value of £463: wondnß expenses £613. Biaokwatcr omened 1657 tons, of value of £8384; working expenses £3681, ehaft £565, development £65. No. 9 Level, South Drive, length of Kef now exposed 102 feet, average value 12dwts. error 43 inches. Shaft sunk 23 feet, total depth 1690 foci. Now outting No. 11 Plat. AUCKLAND STOCK EXCHANGE. (SPECIAL TO "the PBBSS.") AUCKLAND, October 8. QtKrtation»- : -Commercial BjJik (prof.), boyeie £6 18s; National Bunk, eollem £8 Ills, buyers £6 7e; Bank of_New Zealand, eollen £26; Union Bank of Australia, sellera £U 17s 6d, buyers £13 10s; New. Zeuand Insurance, sellers £1 9a, buyers JCI Ss 6d; South British BoUcns £9 17b; Standard. bcQozb £3 18s; Loan

and Mercantile, sellers £105; Loan and Mercantile (pref.\ skiers £70, buyers £62: "Westport Coal, selkra £1 lZs: Huddart-Parker (ord.). sellers £2 14s 6>i, buyers £'2 12s 6a; P. rvud O. (deferred),' sellers £440; Kaiapoi Waol'.cr. (ord.). seller.* £1 18 s; Talisman Consolidated. sellers Crt Od, buyers 65 6d; Vaihi. seller* £1 13?, buyers £1 lis; W.-vihi Grand .Juncti.i::. pc-ilera lUs, buyers 9s 3d; Mount Lye!':, seller,* £1 4s; X.Z. AVar Loau, 133', at I'. per cent., buyers £92 Its.

DUXEDIN" STOCK EXCHANGE. CsrmAL TO -TtlF. " "E^ ]>UXKDIX. October S. QiK'Utior.s— Kirir.f: Sun, buyers Is Cd; Xo-i-:ort!ni Hydraulif, stilers 13s: Talisman Consailers "s Cd: W'aihi Gr-acd Junction, Kellers !£'? Oi; Blount sellers '23s 3d; 'National Bank oi New Zcj-'and. buyers seller. £13 10=; Jijr.k of Nov.- South VLVcr. sellers £31 !Cs: Bai:k oi" New'Zeo. lar.d £G 13i 4<l paid;, filers £2G i>s: Union 'Bad: of Australia, Ltd., buyers £13 Ss, s"II rs £13 12s; National In.~uran«e Co., sellers 745; x.Z. Insurance Company, buyc-rs '2Ss Cd, '2:15; Standard I:: Hir.::;co Co.. rollers ST?: P. and O. (dcf. stock ?rust\__ buyer, i'-K.fl. sdler? £123; Union. Steam Ship Co. t'prtf;. sellers His tkl: Huddart-Parker (ord.i. Inr.-eps 32c o<i; wiltrs ofe; VTestport Coal Co. buver:-: SC.', boilers 31?.; Vestpart-Stoclc-toii' (ord".), sellers Ss. :>!; >.'.Z. Coa.l and Oil, buver" 4s I/,:: Bro-.vn. i-]W:- - and Co. (ord.!, buver:, 20s; Brown. 11'.vir, v and Co. (pre?.., buyerj 20s G:i; D.I.C. (ord.). buyers fis preJii.; X.Z. 1 join :ir.d Mercantile, sellers £104; Wri','V., Stephenson (ord.), tmyers 413: Wright, Stephenson (prcf.). reilcrs ISs <&; Dominion Rubbor, sellers 33s 3d; Rop« and Twine, buyers TO?; Duneiin-Kai-konn Trent?. buyers 255; N.Z. Kefrigsratinpr po.id.', buyers 45.1 6d, oellors 4155; JC.Z. ReCriaeralin? iconi-.). buyers 23s Cd, s-A'.era '23s •Vl; Bruc" Woollen Co., buyers 45s 3d; Iv.a.inp:>i Woollen (prof.), sellers 31s; Mosgiel Woollen l-'actorv, buyers £"> 7s, se'liftrs _£(i IDs; McLrod Bros.' Soap, buyers £15 lo": N.Z. Mills, feliers Si's; N.Z. Express Co.. buvcrs ISs; N.Z. Hardware (ord.). sellers 19s; Mi'iburu Lims and Cement,, sellers 365; N.Z. Consolidated Dental, "buyers 26s Od; Otajro Daily Timc3, buyers' 475; vel-'ers 495; Papuan Products, sillers '2a 2d; N.Z'. Sugar oi Milk, buyers ios, sellers 4f>s _ 3d; McGavin r..nd C<>., buyers 29?; N.X. Goverr.Tient War T!o:uIs, 193S per cent.), sellers .■£33 -"s; N.Z. Government Inscribed Stock (4J. per ccnt.), buyers £S*2 10s, sellers £33. CO McKELXiAK. * Accountant snd Shr.rebroker, A cent for Trustees and Absentees. PRIVATE ESTATES MANAGED. Moneys invested on First Mortgage or Shares. Interest Collected. Farmers' 1 ccouio Returns Compiled. Dia HEREFORD STREET (Upstairs). McK.6734-2572 CANTERBURY MARKETS. Friday Evening. There is no alteration to in tlio oat n'.::rk?t-. Tinsiness is from Jia.nd-to-mauth, and as' SoiilJit-ru innre!ui;nts now ihow <i ••l.ispos;!:on U> offer supplies the luarket is no istronfrfr. C'Uaff, a:lthcra<rb in fair demiud, has eased in value- in sympathy willi, the <>.ti position. The Auckland <iuntatioii« n-re at present but quotations are of little use in ths ine&?nt. jxvrturbed position of shipping". Potatoes, i 1 anything, arc v/ranker. Tho Commonwealtli expert, is rearing end of his icirpsction, and it is nndorst<xxl that wliilst joma areas in mid-Canterbury have bcon free from diseaeu, otliers further south arc not in s-uch a position. It is reported that pot a to's in store in Ch rifjtehn rah have been dccila.;*.-! "bla.c,'<," but at this late period, ns far as the export trade is concerned, it mat-'x-rv, little what colour t'.iej* are. Linseofl values have autrged. a;id business wa.s done yesterday a.t JE3I. ' Early season quotations xere 50 to To ]v>r vent, p.bove' this. Tho following are prices paid to farmer® at ctnintry stations, free . of commission, sacks extra, .exoopt where otherwise stated: — Milling wheat —According to Government | prices: Tuscan, 7s 6d, f.0.b.; Hunters, 7s 9d: Peail, Sa. Oa'iS—Ga.rtons (nominal), .>s 3d to ..t ad. Oatmeal—2slb bags, £33 per ton; 71b bags, £37 per ton. ._ . Oatsheaf Cha.ff—£s to £o jOs. Italian Ryegrass—fis to 6s 3d. White C ; lov—r —Is lid to 2s 2vl. Perennial Ryegrass—Gs to 6s 3d. 9 Cocksfoot—9cl to Is. Cowgrass—is Gd. Alsilce—H nd to 2a (undreeseo). Teas—PruFsian Blues (nominal), 8s toSsGd, White Ivories 8s 6d to 8s 9d.

Flour—According to Government prices, £1G 10a'per ton, f.0.b., LyMelton, Timaro, and Oamaru. Bran—Arcordinp; to Government •price, £t 15a per ton, f.o.b. main, ports. Pollard —According to Government price, £9 15s per ton. f.0.b., main ports. Local prices: Bran £8 ss, pollard £10 ss. Potatoes (nominal, on triiclis) —-CI 103 to XI 15c-, Dakota. Reds £2.

FRUIT- AXD VEGETABLE MARKET. Although vegetables have been in good supoly there has been an excellent demand, with high pricey,. especially for spring greens. Local onions aire now practically finished, and it is cxpociid that imported onions will ba plac-cd on Hie market next week. Old potatoes are eiiW in good supply, and prices have weakened slightly. Dessert apples showed a slijrhfc rise during the week. Pears still Tej'n short supply, and prices ape liigh. Oranges, mandarins, pines, and passions axe all. in demand, with prices high. A sMp-

ment o; Crtck Island orar~-S 1 to-?-, and cocmnnts arrived and as there is a ?<*»,,_ f 1 " 3 -I - for these ,'rtiiV* It f 3 ex?'**** p \ ; wiM bs :a::Iy T\rrt <■■ a Fiji banan.-.s arrived in Chri?*ch*trc.i _• •••_• j ferry steamer to-day, tlie baiaaco pec ted by Monday. . , Ov.-in-j- to tlie ~ thw© irVj bo ®j fruit from 011 0 ' day. t i'oi\v.vir. £ arc aver.!ire who.c?a.? ■ -c® a * ' ~ tlic *.v,-ek :— . At>ples. Xelson. p>r ca?o, ">-,'s' ■5 ; >c.'U. per case, Os; cooinnc". F~- / TstoJU; banan.:s Ccok Island, porcase. -•*-• bananas, Fiji. x»r ««-o. -2-1* U» - 6i \ I'"r ?iack, Cos : !emnn=. *l-'r.:CO. p<-r * i:n:vhiri;.'. per cs**. 25s to ?Si": oraiw*--. C.x>k Island. p:-r cj.-o, CO# to '-•=■'• or " I _ 1 .-' Svdnev. per case. -2s .to C4#; oranges, \ facias, -per case, 47s '-i; passion?, Sjur.cy, por ( •, 30s: Sydney, r " • pears des3ort, per ease, 13?; peanuts, S- U *i per ib; almonds, is M per 1'".: tamatne*. per fjgft, 20s to 01?: walnuts. P-' 1 ' ' 3 . • p«r bundle, Is f-d: beet, P €T "f," bundles. 2s Cd; cauliflowers, lJt-r dozer., -s &J io 7s: carrot, )>?r fior.fin, ICkl to t cucumbei*. holh'niF?. p?r lb. c^.'" r -'' bundle, 3d to 7d: ke;;?. P or bundle. >ci .o - s 2.i: lettuce, per d-'zer. C- fc'l «o 5s W . potatoes, 'n-j- ~ i ■'>. -•> '> '■ ; potatoes, H.-c'r., ; onionss local, p~r sugaT l-a£. ' 1 ■ parsnips, per dozen. Is to Is ?d: PST doz-en. 1? ] < 4d: rhi'.lcsrb. por dozen, ■iGd to 7s 6d: onion 3, 7>?-r dozf*n, In C.l 'o '? r Si: I'iinit's. ] 1 "' d.i'/cn, (xl; spinach, por 4s 01: s'.vfics 3 . per siig.'-r 13 &d; sack-, 53 Kd.

TliT-Uit*. (SPECLAL TO ''TtTE PRESS.'') TIM.VKL", October 6. The wheat market is dead. Local niills appear to be fairly well supplied for tlio present, but it is not thought that they sufHcisnt wlieJit to last till the new crop cornea in. The oat market is also lifeless. Eiifniry is confined to small parcels, and speculative holders eeem content to await developments. It is reported that some of the larger holders, however, are now disposed to accept current quotations. B grade are quoted nominally at 4s 3d, f.0.b.. s.L, which is equal to about G3 Hd on trucks, country Quotations from Australia appear to bo having ;i depressing effect on the ma.rket. Oa leu-sheaf cliaff is oDfering very sparir.glv. It is quoted at —G to ~ r » 10h per ton, on t,rucks, c"Amt J.- station?, sac "3 found ov buvers. . , Grass "aud clover seeds continue ;n pood retail demand, but the wholesale price ot red clover litis fl'ifferwl a drop of trom to la per pound, as compared with tlio rates paid to growers at shelling time, vvhito clover, on the other hand, is keenly souehv after.' on account ot an export demand. >one, however, is offer in?. Mo?t of the clover crop in Smith Canterbury last season consisted of the red variety. Partridge peas are enquired for, but practically nono is available. Indications point to n very 1 a r.'re sowing of ueas this Boason. So far as tho export of potatoes to Australia is concerned, growers hn.ve now a >an " doned hope, und it is a case of taking what they can pet. To-day's price, £2 ss, on trucks, country stations, will give them very litllo more than tho cost of sacks, picking 1 over, and carting. Many who have potatoes in the pit have determined not to trouble further with them.

DUX EDl*''. (SrECIAI- TO "TKE PRESS.") DUXEDIX, October 9. : The oat ma-rkot fa -unchanged. Millers and merchants -arc mot operating, and only feed and sepd lines we in demand. The market is over-supplied with potiir toes, and sales flr© difficult to effect-. Northern are worth from £-2 to £3 (l>ags in), and Taieri £o 103 to £G (bass extra). There i 3 no change in the chaffy market. There is still a fair demand for piiime, but li«ht a-ndi medium quality, which comprises tho bulk of the arrivals, is not BO en^"-v quitted. Prime oaten-sheaf is worth £3 to is 5», good to best feed £7 15s to £8, and light and discoloured from £6 per ton, sacks extra.

TX'VERCAKGELIi (SrF.CIAt. TO "THE PRESS.' 1 ) . IXVERCARGIL.I-, Octobcr S. Oats —Tlie market is quiet. Some small sales have taken place in Canterbury on tho basis of 4s 'i\d, f.0.b., s.i., but no great quantity is avaMable at this figure. Chafi—The market is firm, and prime quality is worth £7 10s on trucks, e-acks in. Stocks axe not very large. _ • Hornp—Tho market is steady, &nd hi£u # fair is worth £3-1, on trucks, and good fair £36 on trucks. Potatoes—Tho market is lifelvss, avid retailers are buying only from hand to mouth. Ryegrass—The market is firm, and retail orders aro making a considerable hole * nmerchants' stocks. There is an odd enquiry from the North . Island, but tho main demand will como in December and January from that quarter, and also from AustraliaSALE OF FARM.' Messrs Evans and Bull, Cathedral square, Christchui'ch, report the salo of IMr A. Johnstone's farm at Fernside,' containing 140 acres, with improvements, to Mr A. Townley. 6 K I.ETV EE STOCK SALE. At iho Kirweo stock y«?terda.y, tlxefro was an entry of GOO oncep, all stores. There was a good attendance, and most of the lote changed hands. The vrincix»al sales were: —19 aged owe® in lamb at 23s 9d, G ewes and G lambs at 18s 3d (all counted), 48 ewes and 48 lambs at 21s 2d (oil counted), 40 ewe hog>gets at 31s 9d, 31 wethers at 30s, lo mixed sex hoggets at 23s Gd. A fair entry of piga met with keen competition. Weanexs made 40s to 45g, and stores to £5 3s.