FINANCE AND COMMERCE.

Press, Volume LVI, Issue 16985, 6 November 1920, Page 10

FINANCE AND COMMERCE.

j DOMINION'S TRADE AND MARKETS. j j (rr oti couitEBCLSi xditob.) I

I REVIEW OF THS SHARE MARKET. j j Tho share market has remained quiet dur- | : inr trio past wc-c-k. _ j Inves-tors generally are seeking a hig-t*-:' ; . return upon their investments than has been , the rule during the past-. There is money ! available for pound investments carrying a ; good ruto oi interest, and thi3 ia demonstrated by tho fact that the issue of £50,000 of 7 per ccnt. preferer.ee shares o-y Ander- ; F,on?, Ltd., vcterred to last week, wf.s ' heavily overtubneribed in )c-ss than a wee«t. • The. Soldiers' Settlement I/oan of £6,000,000 ; at 5J per cent., eubject to income tax, is no-.r I open to subscription, the closing date bemr? I advertised a3 the 2oth inst. _ I The Bank of New Zealand Bui has novr I passed the House of Representatives. The I provisions chiefly affecting _ the ordinary shareholders air; the clauses giving: the Bank i power to transfer from reserves the amotnu I necessary to pay tho present shares of —6 li/* i -fd each tip to £10, and then to A:vide tho . ■ £10 shares into ten shares of £1 each. ilus ' ! latter provision will tend to make the shares I more populc-r vrith the smaller investors, j i The general mumper's report to the i I Minister stated that the directors anticipated I that in future tho rate of dividend on /he j ordinary shares will be 13 l-3rd per cent. Tho Bill also provides for the issue of new shares, and investors will avro.it with interest , a statement a»s to tho .tarms on which the»& ; shares will be avaflable. In the meantime , tho parsing of the Bill has ~iiuio littl-- or no j difference to values, and sales have been Te- j ported at £23 3s Cd and £25 5s during the past few days. , , __ | An extraordinary general meeting or snare- j holders in Beath sind Co., Ltd., is to be he.d on the 15tli inst., to consider proposals to increase the nominal capital of the company to £200,000 by tho creation of 100,000. new ordinary shares of £1 each. It is proposed to oiler to each shareholder at par one new share for everv fivo old ordinary shares held on tho 19th inst. This will absorb 18.000 shares, tind it is proposed to distribute £9000 from the reserve fund among shareholders, no a bonus of 2s on every old share, to be applied to pay tho new shares up to 10s per share. Shareholders will have tho option ot paying the remaining 10s per share diately. The new plrarea taken up under the proposed aramgement will rani for dividend as from tho 29th inst. on the amount paid up by tho bonus, and as from date of payment <jn the remaining 10s per share. The old shares are offered cum the rights under these proposals at 80s. South British Insurance shares, quoted'last week at .€8 lGs, are now ex a dividend of 8s 9d peT share, and have sold at £8 12s Cd with flit her buyers' at a shade more. P. and O. Deferred Stock has improved during rthe week, sales being reported at £412, £425, and £IGO, with further buyers, at £467. The annual meeting of Che company will be held on the Bth prox. and the directors propose a final dividend of 6 per cent, with a bonus> of 3 per cent., making 15 per cent., for the year on the deferred stock. Last year the dividend was 12 per ccnt. in cash with 6 per cent, in bonus stock. The directors propose to distribute n further 6 per cent again this year in bonus stock. The dividend will bo payable on the 34th of DeHuddart Parkers have changed hands at 50s, but later sellers have quoted at 49s 3d with buyers at 48s 6d. , - ST.Z. Refrigerating shares are easier with sellers at 225. for the partly paid shares and buyers at 21s. Union Banks hn>v® sold at £12 15s and £12 14s, with further sellers at £14 lGs, and buyers at £12 13s. . . An extraordinary general meeting or shareholders in the Commercial Bank of Australia, Lid., will be held in Melbourne cm the 18th inst., to consider proposals by tho directors to create 403,054 new ordinary shares of 10a each and issue them at a premium of 10s per share to holders of both ordinary and preferenco shares in the proportion of one new share for every old share held. The premiums received will be applied towards the reinstatement of capital by reducing the estimated deficiency of ihe Special Assets Trust Co., Ltd., which at the 30tli June last stood at £442,660. It is the intention of the directors, if the . profits of the. Bank are maintained, to recommend at the next annual meeting the payment <rf a dividend on the ordinary shares, both old and n<rw. The Christchurch Stock Exchange will bo closed through Carnival Week. GENERAL NOTES. • , It is expected tha-fc the catalogue at. tho openina wool e«le in Christchurch on the 15th injft. will be small, the majority of the larger growers, wlio 'liftv© shorn, preferring to withhold their clips in the ' hope, no doubt, that tho position will clear, or until the earlier sales point to a standard of values being established. This position is expected to be reflected throughout the Domr inion in the November and early* December sales. Whilst the opening of the eeries of sales was fixed for Christchurch on account of tho • greater: proportion of fine wool • grown In Canterbury, it is doubtful if the catalogue will comprise as big a . percentage of these grades as was expected, the bulk of the earlier shearing being by smell farmers possessing crossbred flocks. _ "Whilst the wool position ie encompassed with general uncertainty, there is no lack of well-justified optimism regarding 'themeat future. According to recent English statistics the flocks in the Old Country have pone down alarmingly—.about 30 per cent, in six years—and. the high prices for mutton arc consequently causing an unusual slaughtering of ewes. This naturally postpones, the day when the flacks will be established on something like a pre-war basis, and the result is a preeent and prospective keen demand for prime frozen lamb and mutton. There has been considerable forward speculation in lamb in the Korlh Island on a basis of lOd per lb, and while such operations cannot be accepted as a probable standard of values, we understand, on good authority, that North Island exporters have been authorised) to open operations for lamb on a basis of BJd to Bid per lb. Private advice indicates that this limit will bo very much increased, but the figures quoted aro valuable as establishing a minimum. The information to hand this- week is that a keen demand is' certain in tho .Old Country for the best grades of Now Zealand mutton and lamb, and this should operato aa a welcome set-off to the depressed wool position. Gold reached the high value of £6 0s 3d per oi in- London on the 19th nit. This was due to the fall in New York exchange. The Melbourne "Argus" states that "one of the softgoods houses in Melbourne h«s decided to reduce • the price of cotton and woollen goods by- 15 per cent, to 20 per cent. These reductions, it is understood, have been made in view of the decline in cotton and wool prices." GBICERAIi MERCHANDISE. GROCERIES, ETC. ' 'Some of the local tea merchants have reduced their prices on proprietary brands. Cheap bulk quantities are easier, but good drinking teas are in demand, and prices are firm. There has been no advice as to when the next shipment of sugar may be expected. This means that the public will have to be satisfied with brown sugar for tho next week j or two, of which the Sugar Refining Company has been careful only to send thd best grade. A new line of stove polish is now on tho market. Canned apricots are short of supply, the ) Australian canneries having cleared their > stocks. j Forward shipments of prunes show an easi ing tendency, but the cheaper fruit will not arrive hero for about two months. Supplies of seedless sultana raisins in th 4 i hands of wholesalers are light, and are in demand. ■ Enquiries for Mildura sultanas have • also improved. , A shipment of sago and tapioca from Singapore arrived this week, the price being ' slightly oasier than the previous shipment about two months ago. White pepper, ifuntok, fa' quoted by cable ■ at Is Id, and nutmegs Is BJd, both c.i.f.0., i main ports. i Sen-€en cachous are quoted at 6s 6d per bcx, and chewing gum at 3s Gd per bos for quantities* Sen-sen gum and also cinnamon flavoured chewing gum are quoted at 3a 6d per box. Exporters are advised that prices for pre-' served ginger may harden on account of the increased cost of sugarEnglish manufacturers of Seidlite powders

advise that they have been compelled to ! cancel portion of their orders on account of I the scarcity of raw materials, j HARDWARE, ETC. : Tee Home markc-ts aro somewhat steady is the heavy hardware lines. Iron and steel bare from Scottish mills are quoted this week at about 20s per ton lower. £.ir.seed oil is fluctuating. Last week it. dropped 3d per gallon, bat this week the drop has been recovered, arid it is exceedingly difficult to forcasi the trend of the market. ! White lead is steady in price, there being ;no alteration from last week. : Galvanised corrugated iron is a shade weaker at tho mills, whilo stool sheets have advanced by about £5 per ton. Steel lead and lead pipe are both cruotod at last week's rates. The English mail received to-day (Friday) brings reports from various manufacturers, which all tend to show that no serious fall in prices is anticipated in manufactured hardware lines generally. The works are etill hcavilv booked with back orders, and ! a gTeat deal of difficulty is being experienced in securing their execution. ! Sanitary earthenware, hollow-wor© (sauce- | paps, kettles, etc.), heavy tools, and mech- ; anics' tools, aro among tho most difficult j lines to eecura at present. After long delays there are several linos j .of black steel sets and plates now coming ! forward, all of which have been very scarce j fox some time part. j A notification received from one of the j leading sporting goods manufacturers states j that tho price of tennis balls hns been adi vcnced, but this Increase will have no effect locally for a while, as good stocks have just been landed. ! Tho "Sydney Homing Herald" oi October 27th states that stocks of fencing material aro fairly heavy, and the preceding do.y there was a sharp fall in ouotationp. Australian black wire was offers*! at from £27 10s to £30, end Australian black barbed wire changed hands at from £45 to £'6 10s. American galvanised wire was considerably cheaper. No. 8 was quoted at ,£SO; No. 10 at £56, and No. 14 at £70. American galvanised barbed wire was to be had at from £60 to £65, end from £67 10s to .£72 16s fwas accepted' for English makes. The basic price for rabbitproof wire-netting was reduced to £91 10s a mile. There was a steady demand for galvanised iron. English brands of corrugated commanded from £59 to £61. Plain iron wa« worth from £63 5s to £66 10s. ' NOTfiS PROM WELLINGTON. (frou a special correspondent.) WELLINGTON, November S. The export and import returns for the nino months to the end of September aro now available, the imports for tho September quarter being published in last night's "Gazette." The figures are far from satisfactory; indeed, they indicate with some degree of clearness that serious trouble is not far off Put shortly, the country is over-importing, and the credits accumulated during the war period appear to have vanished. Tho ©sports and imports for the nine months ended September 30th this year and last year sure as under:—» 1919. 1920. •£ £ £ Exports 40,575,967 35,185,567 5,390,400 dec. Imports 22,393,104 43,179,641 20,786,540 inc. Tho imports show an increase of about 91 per cent., whilo the exports have shrunk by about 12 per cent. Furthermore, while last year the exports exceeded the imports by tho substantial sum of £18,182,863, this year the imports exceed the exports by £7,994,077. This does not represent completely tho adverse position, for it is very probable that, during the first nine months of the yeax we have had to find for interest in publio debt, travellers' letters of credit, company remittances, and what not, about £5,000,000, and this must be added to the . adverse trade balanca. Can 'it be wondered that remittances to Irondon cannot bo arranged? Most of the banks have exhausted their London credits, pi'.i-tly because of this excessive importation, and partly because two Australian loans aggregating about fourteen millions, matured, and had to bo paid in London. The Governments concerned" drew upon every AngloAustralasian bank for credits, and practically cleaned them out. Inde'ntora and traders .•generally are feeling the difficulties of the'exchange situation, and it is very Likely that, in tho first half of the new year imports will exhibit e shrinkage. If that happens, it will prove .very useful. The banks will desire to again create credits in London, but this will be impossible until decontrolled produce* is shipped. It is for this reason that frantic efforts are being made to ship large quantities of cheese by early steamers. Tho financial situation Is beginning to look cloudy and Mr Maseey was obliged to admit in* the House the other day that it hod changed. NEW COMPANIES. Registration of tho following new companies is: announced in this week's "Mercantile Gazette"; — Inter-Ocean Import Co., Ltd. Regd. as a private company October 27tli, 1920. OlUi e: 213 Manchester street, Christchurch. Capital: £5000,. into 5000 shares of £1 each. Subscribers: Christchurch—T. L. Adams, O. W. B. Anderson, A. Mitchell, R. L. Hicks, W. L. McCallum; "Wellington—G. S. Jackson— each one share. Objects: To carry on business as merchants, indentors, manufacturers, and dealors in all kinds of goods and. to carry on business as shipowners and carriers by land and sea, and general. Fairlie Motor Co., Ltd. Regd. as a private company October 28th, 1920. Offico: Fairlie. Capital: £7500, into 7500 shares of £1 eaoh. Subscribers: Albury—A. Irving 4100; Napier—A. S. Barr 1700; Timaru—A. A. McCiuloch 1700. Objects: To purchase 'and carry on the business of a garage, repair motor works, motor-car agency, and motor service lately carried on by J. Bray. INCREASE OF CAPITAL. Christchurch Press Co., Ltd. Capital increased to £IOT,OOO by creation of EOOO additional ordinary shares of £5 each. All the preference and ordinary shares in the capital of tho company to bo consolidated and subdivided so that both classes of shares shall henceforth consist of shares of £5 each. Hayward Bros., Ltd. Oapital increased from £20,000 to £30,000 by addition of 10,000 new ordinary share*? of £1 each. M. O'Brion and Co., I/td. Capital increased to £45,000 by creation of 20,000 new shores of £1 each. Harold Lightband, Ltd. Capital increased from £2500 to £10,000 by creation of 7560 new shares of £1 each. Canterbury Orchardists, Ltd. Capital increased to £15,000 by issue of 5000 8 per oent. cumulative pref. shares of £1 each. E. Taylor and Co., Ltd., of Akaraa. Capital increased from £11,000 to £12,000 by issue of IQOO ord. shares of £1 each. SUPPLY OF PETROL. Concerning the petrol supply position, Mr F. W. Partridge, manager for Canterbury of the Vacuum Oil Co., writes:—"The supplies coming forward at present are in cxcefes of the quantities the company have imported in previous years, and it is anticipated that tho increased quantities of imports of present grades will be continued. In addition to this the company intends to augment supplies by ths importation of a new grade, .slightly heavier in gTavity than their established brand, and of a quality that will be entirely suitable for the conditions met with in Now Zealand." IHE D.I.C. (SPECIAL TO "THE PRESS.") DUNEDIN, November C. At the annual meeting of the D.I.C. today tho chairman 6aid that Mr Crow (Dunedin manager), who had lately returned from an extended trip through tho United States, England, and Franoe, had been able to give much valuable advice in connexion with the replanning of the Christchurch warehouse, which tho gTeat expansion of business in that oitv had made a necessity, and which was to be put in hand immediately. BANK OF ENGLAND RETURNS. (By Cable—Press Association—Copyright.) (Australian and .JJ.Z. Cable Association.) LONDON, November 4. The Bank of England returns for the week ending November 3rd afford the following comparison with those of the previous week:— Oct. 27. Nov. 3. Coin and bullion .. 121,679,000 121,678,000 Reserve .. .. 14,061,000 13,158,000 Proportion of reserve to liabilities, p.c. .. 10.26 9.57 Note circulation .. 127,559.000 128,438,000 Government deposits 1G,421,0C0 15,143,000 Other deposits .. 120.557,000 115,135,000 Government securities 64,513.000 63,973.000 Other securities .. 76,061,000 73,870,000 Short loans, 5| per cent; three months' bills, 6® per cent.

| ACCOUNTANCY STUDENTS' DEBATE. Success of Banks College Students. j One Ounce of FACT is worth a Ton of J THEORY. j THE continued success ol BANKS COL-1 LEGE STUDENTS is proof of the efficiency of their training. In tho recent debate between the Accountant Students' Societies of Christchurch and Wellington, which Christchurch won by eight points, THREE of the four members of the Christchurch team were Students of BAN*KS COMMERCIAL COLLEGE. Office: 213 MANCHESTER STREET. Telephone 2774. College: "U'HITCOMBE end TOMBS'S BUILDINGS, CASHEL STREET. Tho Tutors in the Business Courses at Banks College are men of the highest educational attainments: men who know also how to impart to the best advantago tho knowledge they have gathered. Enrol NOW—and be successful. P. HARLE, A.P.A. (N.Z.), A.1.A., N.Z., 8E290-2 Director. GOVERNMENT -SECURITIES. Tho following are tho latest quotations for Government securities, with a comparison with thos® ruling last week: — Last wet!;. This week.

CHRISTCHURCH STOCK EXCHANGE. LATEST QUOTATIONS. Buyers. Sellers.

AUCKLAND STOCK EXCHANGE. (SPECIAL TO "TTTR prkss.") AUCKLAND, November 5. Quotations: —National Bank, 6ellers £G 7b Gel; Bank of New Zealand, sellers £25, buyers £21 17a 6d r Union Bank of Australia, Kellers £12 13s, buyera £12 8s; National Insurance, eellcra £3 10s; New Zealand Insurance, fellers £1 7s 3d, buyers £1 6s lOd: South Hi itiah. Insurance, sellers £8 10s, buyers £S 13s; Standard Insurance, tellers £2 17s; N.Z. and Biver Plate, £1 Is; L-oan and Mercantile (pref.), sellers £70; Huddart-Parker (ord.). sellers £2 93 3d, buyers £2 -7s 9d; P. and O. (deferred), sellers £485, buyers £-155; Union Steam (pre!.), buyers £1 Os Cd; Kaiapoi. "Woollen (ord.), sellers £1 15s; Talisman Consolidated, sellers Gs 3d; Waihi, sellers £1 10a Od, buyers £1 10s; Waili Grand Junction, sellers 9s, buyers 8s; Mount LyoLl, buyers 133 6d; N.Z. War Loan, 1930, at .4$ per cent., sellers £93 lios; N.Z. War Loan, 1938, at 4J per cent., Bailers £92; N.Z. War Loan,. 1939, nt 4J per cont., sellers £92; N.Z. Wat Loan, 1927, at 5 per cent., buyers £93. DUNEBIN STOCK EXCHANGE. (SPECIAL TO i'XHE PRESS.") DUNEDEN, November 5. Quotations: —Eising Sun, buyers 3s 9d; Waihi Grand Junction, buyers 8s 3d; Mt. Lyell, buyers 20s 2d, sellers 21b; Bank of Now Zealand. (£8 13a 4d paid), tellers £*25 10s; Union Bank of Australia, uollers £12 14a; "National Insurance Company (cum div.), buyera" Gss, sellers 71s; New Zealand Insurance Company, buyers 26a 9d; South. British Insurance Company, buyers £8 12s; P. and O. (deferred stock trust), buyers £460; Union Steam Ship Company (pref.), buyers 21s 2d. Huddart-Parker (ord.), ouyers 48s, sellers •49s 9d; Westport Coal Company, buyers 30s, sellers 31s; Westport-Stockton lord.), buyera 7s 4d; New Zealand Coal and Oil, sellers 4s lOd; Brown, Ewing and Co. (ord.), buyers 265; Brown, Ewing and Co. (pref.), buyers 203 6d; D.I.C. (ord.), buyera Ot 3d prem.; N.Z, Loan and Mercantile, sellers £100; Dominion Rubber, sellers 355; Dunedin-Kai-korai Trama, buyera 24s 6dj N.Zt Refrigerating (paid), sellers 455; N.Z. Refrigerating (cont.), buyera 21s 3d, eellera 22a; Bruco

FOREIGN EXCHANGE RATES. LONDON. November 4, Tlhf> foreign exchange rates on London "afford tho following comparison:— Par. Nov. 1. Nov. 4. Paris (fr.) .. 23.22J 54.37 80.73 Christiania (Irr.) .. 38.1'59 25.37 25.60 Stockholm (kr.) .. 18.159 17.74 17.89 Calcutta (rpe.) (10 to gold gov.) 19id J9Jd Montreal (dol.) .. 4.86 3.80 3.80 New York (dol.) .. 4.86 3.44 3.43g Yokohama (yen) .. 245 342 34J SHARES. ' LONDON, November 4. Waihi Grand Jtmc tion—Buy eta 8s 3d, eellera 8s ftL ENGLISH MARKETS. LONDOJi, November 4. Wheat—There is a elow trade in all positions. Flour —The market is quiet. _ There is little demand for ■ the email quantity which has been allocated. Oats—The market is dull. La Plata, spot, i 3 quoted at 49s 8d per quarter. Pea® and Beans—Tho marksft is-quiet Bad unchanged. ' ' Sugar—The market is weak. . Granulated is quoted at 96s per cwfc. ANTWERP WOOL SALES. LONDON, November 4. At tho Antwerp wool sales 11,182 bales were offered, and 240 eoM. Then® was moderate competition. ' Prices were oji a par with those ruling at the last esul®. J. AND P. COATS'S PROFITS. LONDON, November 4. J. and P. Coats, threadmaker®, mads a net profit for the year of £4,164,894. A dividend bonus of sixpence per share, in addition to four quarterly dividends eaoh of nineipenco per share was declared, and nearly £1,000,000 earned forward. PROFITS ON WOOL. ' (Reuter'j Telegrams.) LONDON, November 4. The interim report of the accountant to the sub-committee which is investigating wool profits, reveals extraordinary statistics. It shows that one firm made 35 times more profit than beforo tho war, or nearly 25 times more after deducting excess profits duty. Tho least • successful firm examined by the accountant showed four times the pre-war profit, after deducting the exoess profits duty. METALS. LONDON, November 4. The tin etccka total 19,442 torn, of which 1599 tons are on epot and 2333 ton® afloat. Tho deliveries last month were 1796 tons. Coppsr—Spot £92 12s 6d, forward £91 15s. Lead—Spot £35 15s, forward £35 2s fid. Spelter—Spot £38, forward £39 7« 6d. Tin—Spot £259 10», forward £263 15a. SiHer —58 7-16 d per oz. SALE OF WOOL TO AUSTRIA. LONDON, November 4. The "Yorkshire Post" states that of 20,000 bales of Australian wool pnrchcoed by Austria the price for 9000 bales will be on the basis of prices at the last London s.aiee, for 4000 on the basis of tho first London unctions in 1921, for 4000 on tho basis of the pecond series, and the remainder on the basis of tho third series. Poland is also negotiating for the purchase af wool. MELBOURNE MARKETS. MELBOURNE, November 5. Barley—English, 6s 9d to 7s; Cape, 5s 9d to to. Oats—Algerian, 3s 2d to 3s 3d; Capo, 3s to 3s Id. Potatoes—£s to ST.. Onions— £10. TALLOW. Dalgety and Company, Limited, have received the following cablegram from £hcir London office, dated November 3rd:—"Tallow: At the weekly auctions 1880 cases were offered and 620 eold. Prices for good descriptions are nominally unchanged.' For inferior descriptions there are sellers at 2s to 3s decline. Buyers are holding off.*' Booth and Co.'s London house reports, under date 3rd inst:—At the tallow sales 1885 casks wore offered and 572 sold. Values were practically tho same as prevailed at the previous sale."

ncss was done in chafi at about £5 on trucks at country stations. With the grass coming on tho demand for chail locally is falling off. Wheat, barley, and peas are cleaned out of tho market, and old potatoes are absolutely unsaleable. In fact it is reported that dining- the week one lino off.'red at 10a a ton could not find a buyer. Tliero is nothing brisk in tho business doing in eeed linJs, but white clovers and ryegrass are holding their values well. Tho market should scon liven up, as farmers will be enquiring for teed for autumn sowing. The following are prices paid to farmers at country stations, free of commission, sacks extra, except where otherwise stated: — Milling Wheat—According to Government prices; Tuscan, 7s lid, f.0.b.; Hunters, 76 9d: Pearl, ?s. Oat? —Cartons (nominal), 3s to Ss fid. Oatmeal—2slb bags, £33 per ton; 7lb bags, £37 per ton. Oatslieaf Chaff—£s to £5 ss. ! Itr.linn Ryegrass—Gs to Gs 3d. j White Clover—ls lid to 2s o*l. Perennial Ryegrass—6s to Gs tki. Cocksfoot —9d to lOd. Cowgrass—ls' 2d to Is 6d. Alsike—ls 9d to 2s (undressed). Pens—Prussian Blues (nominal). Ss to S3 6d. White Ivories 9s Gd to 8s 3d. Linseed—£2o per ton. Flour—According to Government prices, £1G 10s per ton, f.0.b., Lyttelton, Timaru, and Oamaru. Bran—According to Government price, £7 15s per ton, f.0.b., main ports. Pollard —According to Government price, £9 15s per ton, f.0.b., main ports. Local prions: Bran £3 ss. pollard £10 ss. Potatoes (nominal) —£1. FRTJIT AND VEGETABLES. During tlie week vegetables were in suppK'. Thoro was an extra good demand, and prices wgto P-'-tisfactory to growers. Tho most markecf advance was for cauliflowers, whicfi wore in rather short supply. LocallygTOwn new potatoes arrived on tJio market th is week, and tliem was a good demand for them, prices being as high as 8d a pound. There wore fnir supplies of gToen pea®, which sold at slightly lower rates ilwn last week. Small quantities of tomatoes have commenv cd to ■ corr.e in, and meet witli a ready ealo. There is now very little demand for old potatoes, an*i prices are lower than last week. Supplies of new potatoes ore T.ow coming in wcirfrom the North Island, <md for ti)ie®e tho prices are likely to bo slightly easier next week. Tho demand for dessert apples and pears remained good, and during the week prices ' hardened. All classes of imported fruits met, I with a good demand-, and sold at high rates, < more especially passions und pineapples. The i general tone of the fruit market throughout tie week showed a rising tendency, this being no doubt duo to tho impending holij days. The usual shipment of fruits from Sydney is exprejed about Thursday next, and tlie . main Cook Island shipment per the Tofua is ' expected to bo in Christchuroh on Wednesday. Tho Tofua will also bring Cook Island bananas, tomatoes, and cocoanuts, a transhipment of fruit ex the Wairuna is expected per the Kamona on Monday. This shipment will include 'Frisco oranges, lemons,

onions, per doz. Is 8d to Is Gd; turnips, per ( doz. la 6d to Is 7d; spinach, por doz. 1b 11<L to 2s. I RANGIORA SALES. ! I The monthly horse sale was held at tfc<* yards yesterday. There was an entry of 110 horses, mostly aged and inforior sorts. Prices were:—Best draughts, from £45 to £05: lighter sorts, from £27 10s to £45; aged <ui(l inferior, from £12 to £26; hacks -and liarness horses, £7 10s to £20 10b. At the last pig sale, held in Rangior*, ft record was reached in young pigs. Tire® 1 purebred Berkshire eows, eight weeks old, . sold at £i le each. They were tho prcx perty of Mr N. F. Corner, Woodend. WELLINGTON HIDE SALES. (PEESS ASSOCIATION TELEGRAM.) WELLINGTON, November 5. At the hide solo to-day. competition wos| vexv dull and, in sympathy with the Antu tralian market, showed a decline of 8d t> 1 4d per lb on medium. Heavy-weights mil fored most, tho decline being from. Cd t» ■ Gd per lb.

£ a. d. £ a. d. 2J per cent. Imp. Con. 45 0 0 45 0 0 5 per cent, lire YTnr Loan .. " .. 74 5 0 62 12 6 3J per cont. Imp. War Loan . .. 72 10 0 82 10 0 5i per cent. C'wealth Loan .. s .. 50 D 0 9G 2 6 5J per cent. C'wealth Lean .. .. 05 17 6 94 W 6 N.S.W. 4'b, 1938, Jan.- ' Jwlv .. 74 3 6 74 3 6 N.S.W. 3J's, 1933-50, April Jan.-July .. 62 0 0 G2 0 0 N.S.W. 3'e, 1335 April-October .. 60 0 0 60 0 0 N.S.W. 5J's .. .. 94 15 0 !»5 2 6 X.S.W. G*'.s .. .. 101 2 C 104 10. 0 Vic. 3J's, 1921-6, Jan.July .. .. 83 0 0 S3 2 6 Tic. SVs, 1029-40, Jau.July .. .. 55 0 0 66 0 0 Vic. 3's, 1929-49, Jan.July .. 61 10 0 61 10 0 Q'land 4'a, 1924, Jan.July .. .. 83 0 0 S3 12 6 Q'land ?J'«. 1921-24, Jan.-July .. 60 0 0 80 0 0 Q'land 34's, 1921-4, JanJuly .. .. 95 0 0 95 0 0 Q'land 3'e, 1922-47, Jn.n.July .. ... 48 17 6 48 17 6 ST.Z. 4's, 1929, MayJTov. .. 81 2 € 61 7 6 N'.Z. Si's, 1940, Jan.July .. .. 07 0 0 66 17 6 "N'.Z. 3's, 1915, AprilOctober .. 57 10 0 57 5 0 S.A. afc's, 1916 or after 67 0 0 67 0 0 S.A. 3'«. 1930, Jan.-J-uly .. .. 49 0 0 49 0 0 Tap. 3 J's, 1020-1 Of Jan.July .. .. S7 0 0 66 10 0 Tas. 3's, 1920-40, Jan.July .. 61 0 0 61 0 0 •W.A. 3j's, 1920-35, MayNovember .. 68 12 6 69 0 0 W.A. 3's, 1915-35, May- , November .. 67 0 0 C7 7 6

£ b. d. £ i. d. DEBENTURES— N.Z. Govt. <J per o?nt. Insc., 1938 .. — 93 0 0 X.Z. Govt. <1 per cent. t Bonds, 193S .. — 92 10 0 BANKS— Commercial of Australia, 1 16 0 — Commercial of Australia. (4 per cent, tram prof.) .. .. — 7 0 0 X<yv Zealand .. .. — C3 15 0 Union of Australia .. 12 7 G 1*3 15 0 INSURANCE— South British .. .. 8 12 6 — LOAN AND AGENCY— Daipetv and Co. .. 10 15 0 11 10 0 Goklsbroug'h, Mori .. — -200 SHIPPING— Huddart-Parker 2 6 0 3 10 0 Now Zealand (6 pcrcent. oum DTef.) .. — 11 0 0 P. and O. Deferred Stock (oum div.) .. 4G0 0 0 550 0 0 Union (5J per cent. cum pref.) .. 1 1 S — FROZEN MEAT— N.Z,. Refrigerating' (£1 paid) ' .. — 2 6 S Wellington (£3 33a Gd ' paid) .. — 4 10 0 COAI^v Weatport-Stockton .. — 0 8 0 WOOLLENS— Kaiapoi .. .. — 1 12 6 GAS— Christclmrdi .. .. — <5 9 0 CEMENTS— Wilson's (X.Z.) Portland 0 1G 0 — TIMBER— Kauri .. 16 0 — Lovlhnd, O'Brien .. 1 15 9 — MISCELLANEOUS— Benth and Co. .. — 1 16 0 Cunt. Publishing Co. .. 10 6 12 6 Mason, Strutbera (£1 . paid) .. .. — 1 10 0 X.Z. Consolidated Dental .. .. i e o — N.Z. Farmers' Co-op. (£2 paid) .. .. — 2 6 0 Papuan Products .. 0 18 —