COMMERCIAL

Press, Volume LVI, Issue 17019, 16 December 1920, Page 7

COMMERCIAL

RETAIL TRADE-IN .WELLINGTON BANKS AND IMPORTERS. Our special correspondent in "Wellington telegraphed last night: — For the past, few weeks most of the drapery stores hero ;irul also the boot shops "have had sales, during which poods have been ticketed at prices considerably rcduced from what they were say three months ago. According to people who have recently been to Australia, however, the New Zealand priccs are .still far ab.ive the Australian priccs. The I'lu ist.uas trade here is fail iy active.- but generally speaking people are not spending nearly so iree.y as they were tnis time last $-ear. All traders, iicnvevor, have a reri'oct. hoiror of the word '"slump,"' and are ready to assure you that, such a state of affairs does not exist. There- is 110 doubt, howover, that there is a certain financial stringency, for* the banks liaVe had to adopt a "careful policy, ami they nro not now, exfept m special cases, permitting traders to obtain increased overdrafts. One reason for the ''sales" is because of the fact thnt many importers, when they had difficulty some time ao;o in getting: sufficient supplies, ordered three and four times as much as they really wanted. They thought that for a long time they would only c~t nbmt thirty, per cent. of what they Had ordered, and now they find the full orders coming to hand. In some eases merchants have cancelled their orders at considerable sacrifice, preferring to "cut'' their losses rather than have t.he : r warehouses loaded up with a large quantity of goods that tbey might not be able to sell for a considerable time to come. The bnnks, by their action, arc assisting in stopping this undesirnb!e over.-importii , <r. Thouch pome few people are enmnl.nining of the policy of the banks, and blaming them for causing degression, most of those capable „f understanding the present financial ritmtion are in accord in stating that the bankers have taken up the right alt't^'le. Prices of Ei«tcrn commodities are dropping, and Java sugar can now be n".r>t"d nt .lAd pr>r lb with a. further p'-svh'e 'drop. generally. however, maintm'n thnt there will he it> vry s<vinu«i drep in (roods thnt d"nend lnrE r e 1 v on labour, and the r>ri°o of coal for "Works mrv "o on b"lf tint" or ol~pe altogether. Imf, will reduce the quantity but not the price. THE £6,000,000 LOAN. "We are asked to state that as the IGth instant, fixed nr. the official date for e'osing the loan, happens to fall on a lv;nk holiday in Canterbury, tho Eiclit Hon. the Minister of Finance notifies that, be will be pleased to acept any subscriptions made in tho province of Canterbury on tho 17tli December. WOOL REALISATION SCHEME. ENGLISH COMMENT. (By Cable—Ptcss Association—Copyright.) (Axiatralian and N.Z. Cable Associaiion.) ' LOXDON, December 14. Yorkshire newspapers continue to fiercely oriticise the wool realisation proposal. Tho "Yoi'lashiro Post" says that the Australian suggestion, to liavo cold, back two million "bales a,t" a considerably lower price tlian \va3 paid to them in ofder eolely in their own interests to attempt to corner tho wool* market, is regarded as anything but a modest proposal. Tho wool traders hero hope that tho futuro of our wool textiles industries will not bo jeopardised, merely to enable tho wool growers of Australia, to maintain tho price of their raw material on a preferential basis, compared with values at other sources of production. The Australians who sold their wool must abide by their' contract. Other traders are sustaining heavy losses becaueo values have moved towards a reasonable basis. The wool growers cf Australia had. boen paid a flat rate, at which they were glad to ©ell during hostilities, and it was only reasonable that they should now help to. restore confidence m the revival of the business" by lettiaj wool find an economic basis. Tho Ministry of Munitions, in publishing details of the wool realisation- scheme, etatca that tho Minister is very caiefully studying very important proposal, and does not intend to recommend th-3 Government adopt a courso liicely to lead to the formation of a trust or combine which will adversely affcct tho interests of the consumer or Br/tish trado. The Minisitir of Munitions, in a ■ statement, reviews tho exchange of tions between tho Homo and Commonwealth Governments regarding wool. _ The subject in all its aspects has, he 6ays, been continually under discussion between the Central Wool Committee! in Melbourne and the Director-General of Ravi Material. There ha.3 also boon »• eerie® of conferences in London between Sir Arthur Goldfinch and the Australian wool-growers' representatives, at which a somewhat similar schema was discussed and left over for further consideration on tho rohirn of Messrs Young- and Deveroux to Australia. Tho profits on the Australian wool Bold on ■and after March 3lßt, 1919, have been very large. The present position is that all the Treasury advance® fdr the purchase of about seven million bales of Australian wool have been repaid with full interest, and a substantial surplus of assets stands in the books fre-o of cost, consisting of about 1,800,000 T>ales, imd a largo sum -in cash over and above all liabilities-. Tho account* liavo been mado up to March 31st, 1920. They arc subject >to audit, but tho result is known with sufficient accuracy. Taking the wool at the purchase price, plus transport charges, the surplus of assets on the Australian Ruction of the wool purchases ucconnt is Estimated at fifty-six millions sterling. Australia's <=han» is millions. The statement then gives dettails of the scheme, and concludes with the Minister's remarks OB already cabled. Tim Australian Press Association learn* that a considerable volume of commercial opinion in the city supports the Government wool department's policy in attempting to arrest tho downward course of wool prices. Australia's proposal is likely ,to l>e sympathetically received, as it is now known that" it does not involve the resale to Australia of any Governmonft. wool, either at .£l2 10s per bale or any otheT price. Experts consider that prices have lieen pushed down quite far enough, and any further substantial decrease would cripple tho shecfp industry. Another important inmired statement draws attention to tho dilaculties confront-, ing wool-.growers in th© Dominions, threatening the prosperity of one of their greatest industries. The Dominion Governments are being perpetually urged to save the wool industry from ruin, whoreaa a section of"the Bradford trado is agitating in the Pre»« and Parliament in favour of keen competition be-t-.veen the old and new clips. The eiatei ient draws attention to the largo proportion of wools unsold at rccent and current London auctions. Tho Au.-.'ralian Pr©S3 Association learns that the British Government has not yet decided whether to accept tho Australian proposals or not, but if accepted, it may be assrimed that tho British Treasury will impose conditions ensuring that the British share of tho assets ehall be properly handled and cold at full value. The statement continue that tho critics opposing the Australian proposals seem to be much more concerned with th> fear that an attemptt may be made to sell the wool at too hish a price. Great play is bein-g made vith Mr Justice Higgins's statement in February last • that tlie- Australian irool-growere, if united, could dictate the world's merino prices. They fear that the propose! Australian Association will ondeavonir io extort unduly high prices. Official' circles in London do not believe, that th:- Association will nttemot to impoee high prices, such an attempt beinj* impossible oivinz to the pre=ent condition of the market-* ar.d finance. It can be assumed that the object of Australian prowiers is to secure n market for inferior wools, which otherwise sre not likely to lx> saleable. They know that they must f<-11 cheaply, as tho other Dominion* and South Africa are extremely anxious to sell. There is every reason to I>?3mvo that the new Association will be conducted on moderate, businesslike lines, wiring- reasonable priceg. It is underetood that Government SLrclea consider as a matter oi suoh vital importaooe to .

Australia that, con?Horable weight 1-9 nttnehed to tho views so strongly expressed by the Australian Government. LONDON WOOL SALES. LONDON, D •ccmbor 11. At th<v wool s:t!o« thee was n poor ti.m of all ounlitios. T'm tone of the market was unchanged. R-imtcj wcro maintained, and -25 per cent, of tho offering wm sold. Dalgety and Co., LH.. haw received tlw foliovins* fiom thMr ei of-lee. dated December IHtli:—"Wool &nle« c?nt i:iue. inditTirent f-?'. ,-ci ion ; market very woa, and only nl.v;v.t "0 p.-r cent. <o! !. Prices have deolir.'xl tinee tho orvnim:- 'i» 10 per cent. for tueri'.io wools. nwis unchanged." BRISBANE .WOOL SALES. • BE IS BANK. December 15. Japan ar.d Franco ;:ro tho main competitors for pwd wool?. Pri'.vs nro from li' to 15 per cent. lower than at tho last auction, and withdrawals arc heavy. WELLINGTON WOOL SALES. In conversation with a of til> "Now Zealand Ti" on Monday, Mr A. E. Mnbin, president of tho WolhnH'-n Woolbrokers' Atsmci atirm. rrav? a few particular rvjarding tho annual wool s.tk-; to bo he'd th-">ro on Mo-ndav no::!. H~ staled that :'Nn - t j'."M bn'from :;V. local bre'eers would V; off.wd f-r _ rc'c. Thero was oon-sidernblv mov> wo d in tl\o stores, but ni"ny growers wove be'dimr ov-r for lftt-*r rales-. Th ■ uric-- .;n>' : r - probably run on tho basis of tho Christchuvoh sale?, fnd which, ho paid, uo-o'd p. act ;<•:•" v mean that wo>l from tho Wairnrapa r-.d Mannwatu districts weu!d sell at from Oil !o Sd per pound. Bettor c'i-\s mielit > higher, but anything of coarse or medium ounlitv would sell more about tho isgv.r..-.-named. At tho corre'r-ondinr wool sales o-i D - comber 10th, 1915, C3.CW bales were offered, n'ld thTe Ivd p-eviorelv n sale "i Novoinbor 13th, 1915. of SJOO bales. Tho loc'cr onnnti'y t-i be otTev" at n-est M "i----dny'a snlo wm due to tho tot-illy differ condition of tho market, and tho fact {!••••.: 'growers wcro holding leek fro-u tho nj-r----ke(c rather than soli inid-r tho- " : conditions prevailing. At tho pro-en', I'mthere was no market for the c-arse ;n;ul'-. accordingly rnly th» fine grades oi v.-col would be offered. SHARES LONDON. DwmVr J4. Bank of Australasia £'0 IPs. Bank of Now South Wales Ur.i'n Bank of A"«tve'i-i £11 7w Td, National Bank of New Zealand 115s. Bank of New Zealand £7 ! (guarant-ed stock) and £-1 10s. New Zealand Loan Mercantile (pref.) £58.. FREIGHT OX CHEESE. LONDON, l'i. Sir Jame® Allen says the shipping companies have offered a compromise on. ehoe freights which will off ret a. considerable re duction. He is awaiting tliu Now JSoalunc Government's reply. TRADE WITH GERMANY. LONDON, December It. An unnamed British dominion has acio.ded a German <nprhieerin>r tendor of £100,0."'-'. Tho British prico was £CSO,OOO. AMERICAN TRADE AND SHIPPING. NEW YORK, December 14. It is announced tlint thj United Stab-.-i foreign trndo for tho vonr ondod Juno SOfli, ID2O, totalled 13,349,090,000 dollars, oi which 7,930,000,000 dollars represented exports. Tho vescls under the American finer number 28,183, with a gross tonntiso of IG,.t;-1,000. Exporters aro dissatk."'ol with Iho new Australian basis on which tho dollar v:ill bo converted to fterling for Customs • purposea. This, added to tho difficulty of r.esotiatins drafts on Australia will, it is lx\lievod, prove deterrent to American exportation to Auetralia. Ameiicnn bnsii.e 1 i men, however, do not complain that th' tariff provision* aro unjust. but _ meie.y point oM that they will retard business. CROP DAMAGE EXAGGERATED. SYDNEY, Dflcembor 15. Latest reports from the wheat oantres indicate that the damage, though undoubtedly" fierious, is not so as anticipated. The weather la now line tmd, given a coiu tinuance, much of tho [rrain wh:rli np)>c<ire« lost may, with' caro and paticnoi, be ro covercd. In some eases tho continued rait caused the germination of the ripened wheat but not extensively. Tho posimism whivl marked tho earlier reports is great.y lc* sened. Growers, are facing tho eituatioi courageously and resourcefully. GROWING LIST~OF FAILURES. 3MANY AMERICAN BANKRUPTS. (from our own correspondent.) SAN FRANCISCO, Novembor 15. The disquieting feature about tho dcflatioi proocsa i 3 tho crop of failures which it i' bringing in its wake, to say nothing of th< cases where creditors have agreed to hell concerns tide over their financial fliliiculties. In ono aspect these features aro tho inevitable sequence of a period of ehurp prioci recossionis. In another nud truer ono tiicy axe the results of a lack of forethought,. Prudent merchants and manufacturers longago foresaw that a break had to come in tho constantly mounting piices, and they prepared for it by putting tlsido reaervea and exorcifiing caution in ttieir buying. Thpso who did thia and who, at tlio first signs of the price drops, disposed of etock® for what they would bring and started liquidating their indebtodnete, aro in a favourable position to go ahead. Tho heedless ones, says a New authority on tho situation, are having somo Hard "eledding," as the records of failures are beginning to show. In tho month of October just past 923 failures, involving nearly 39,000,000d01. in liabilities, were reported officially in the United States. In October, 1919, thero were only ,463 failures, with liabilities of less than 7,000,000d01. This last jvas nearly tho lowest on rccord in America. Tho number last month was tho largest of any month sine© March, 191b, and the liabilities heaviest of any month since April, 1915. Among tho manufacturer,; who failed, the largest number wcro clothing and millinery, lumbor, milling, and baking, and h-ata and gloveb 4 in tho order named. Among traders grocery and meat dealers led the list, followed, by clothing and furnishings, general stores, hotels, and restaurants, dry goods; and carpots, hats and gloves, chemicals and drugs, and shoes and rubber. How far thig squeezing-out process will continue .will not bo apparent until ivfter the turn of tho year, but throughout tho North American continent the business community in particular wear a doleful aspect and their opinions are gloomy. Many of them fear a big crash, and the fact that many large factories aro closing down or turning to half-time work mokes the prospcct for the sons of toil not decidedly cheery for tho Yuletido season. > EXPORT OF STUD SHEEP. CORBIE DALES FOR SOUTH AMERICA. Thero •wae shipped yesterday I>7 tho Mfthia, from Lyttclton, what was unquestionably tho most valuable consignment of stud sheep that has yet left tho Dominion. The sheep aro destined for Pnnta Arenas (South America). They represent tho pick of tho Corriedale flocks of tho fouth_ Island, tho breeders represented in tho consignment being Messrs C. H. Ensor, J. H. Ensor, Hugh Ensor, 'H. T. Little, O. T. Evans, A. Tolfer, W. C. Brid-.on. C. and T. Anrlereor., J. A. Johnston (Bushey Park), and the Australian Land Co. Thero was included in tho shipment, which altogether compii-vl Cl 3 I'oad, 25 merinos from tho etuds of Messrs N. Rutherford, G. L. Rutherford, «nd Jas. Stevenson, and 4wo Romney Marsh rams from tho Castle Rock Estate (Lumsdcn). Tho sheop Jmvo boen purchased by Mr Yonge, manae'-'T director of one of t'-e principal South. A merican e3tancias._ Ho has for Bonte iijonths in tho Dominion carefully selecting his consignment. Six rams secured from ixr C. h. Ensor #oat aim lOOgs each, and eight others 50gs, this vendor providing no lower then 124 of the total consignment. Tho sheep, which for the greater part comprise ram hoggets, with a. small proportion only of ewo hoggets, and fourtooth rams, are a very fine lot. Mr Yon«'> has mado & ©election that represents th-j beet of our Corriedale flocks. Mahia has been specially chartered to deviate from her usual route through tho Panama Canal to via Cape Horn, in order to facilitate tho speedy landing of the ehccp. Tho vessel will arrive at Punta Arenas in approximately 17 days, and the sheep will be lightered _ ashore and distributed to their various •destinations from tho point of disembarks tion. _ Tho total cost of the p.hecp and the transit will run tho purchaser into something' like £32,000, but, considering- th? epe-edly delivery with ouch a valuable consignment, the additional transport expense k no doubt fully justified. A feature of the transport of tho sheep that they aro penned in specially constnicted crates on the decks, which they practically cover. Tho crates contain from 4 hi™ to eight sheep, and the latter will not be removed from them until they aro lat;\!cd, than obviating the risk attending their handling by inexperienced men, which is generally unavoidable in transporting stock under ordinary conditions. The crates are eeeurcJy lashed to the deck, and aro fitted up with feeding arrangements in a very compkj.manner. Captain Bosdct, tho o.Tieer in charge of the Mabia, had considorable war eapexiaace is the shipment of horses, and.

irxpecta to land Wβ live cargo in the best uf condition. Incidentally, it may be remarked the Mail la carried 120,000 carcases- of frozen eheep and a consignment of oats for Iho Old Country. IMPORTED MERCHANDISE. QUESTION OP "PROTECTION. ,, At the neeting of tie Cantexbury Progress League yesterday, Mr A. E. Steer* brought up the question of the large quantities of imported merchandise which, is now arrWfng , before the time anticipated .by the importers. Hβ pointed out, that this wag causing financial difficulty" 'in\ anany quarters, and he as'Jced if it wae possible" for the lieague, in conjunction the Chamber of Commerce, to do something in the way of having the diimping of merchandise stopped. In many" cases, he eaid, cablee had been' sent cancelling orders already pent forward, but the manufacturers refused to accept the cancellations Mr W. M. Tyere, president of tho Canterbury Chamber of Commerce, eaid tho arrival of iZxo ". goods was simply a matter of contract. The goods had been ordered, and it wae not right to eay that they are being "dumped" on New Zealand. It would bo damping if the .merchandise was sent without it being ordered. • Speaking on behalf of the Chamber of Commerce, he believed in observing contracts which hud been made, and he was quite eure the Chasuber would a'ot ■ ask for any protective .legislation which contemplated the breaking of contracts entered into by importers. The chairman, Mr A. G. Henderson, eaid ho did not know if the matter brought up fell within the scope of the League. As Mr Steew was not prepared to submit a motion, the matter then dropped. GBOCERT PRICES IN , . DTTNEDm. (SPECIAL TO "THB PRESS.") DUNEDIN, Ijecember IS. Household, coap Iβ cosier in .price, , and Dunedin letaitars are now Boiling oatmeal n iid some Vranda of cocoa at reduced figures. There is va idea Amongst the well-inform-ed that these easinge are the herald of a ■!,'i>neral reduction in household requirei::out». The obstncle to such a state of liffairs ie tho firmness of foods th»t miust boimported from British and American manuUcturers, but it m&y bo that these men v.-iU find it neoeesaTy before long to accept lower prices, for New Zealand merchant* are iiorr ordering very cautiously ea to quantity, :mfl in some cases they are naming a price limit beyond which they will not go; and if tho importer* in other places are actiii" on the eame lines, the manufacturers iiro likely to find their goods pressed downv/arde by the slackness of the demand. It is somewhat «wly to come to .a definite opiirjou aa to when, and by how much, gro-<-oncn and ether things will be cheapened. The tendency, however, eeoms to be in, thut n-ay. BTTRNSIDE MARKET. (PRESS ASSOCIATION TELEGRAM.) BTJNEDIN, December 15. Every department was well supplied with fat etock at Burnsido to-day. Pigs were forward in particularly large numbers, and tho t-iipply proved more than sufficient for requirements. The quality waa, on the whole, v::cellen<t, and butchers were eager to secure ivippliee for tho Christmas trade. Prices for ftun'js ehowed a reduction of about 2» O3 rninpared with last week's extreme rates, •while sheep, on the other hand, showed an :>dvance of from Iβ to 2a per h*™d. Pat Sheep—There wna a yarding of 2018, icoetly shorn eheep of good quality. Competition showed au improvement on last week's aale, and yrices for prime pheop ehow<vl an advance. Inferior were rold at a 5 -,!i s ht -reduction. Extra prime heavy-weight sioa -wethers made 64e,-and prime ewes 28s Lamb: —Thaxe. wae a yarding of 336 head of -xxl quality. "Competition was keen, and a satisfactory* sale resulted. Beet »old up to 3Ss 9d-

Fat Cittle—Tliere was & ynxdin? of 204 Load. Many of tbe pons' contained nnitnala

of excellent quality, suitable for the Christmas trade. Tho sale opened at pvicee about equal to last wee-k'a rates, but before the cloee of the sale had advanced fully £1 per head. Prime bullocks ©old at £25 to £29, pood at £18 to £23, nnd lighter at £15. Prime heifers made £14 to £16, and medium £9 to. £12. ' Store Cattle—There wae & large yarding. Competition wae fair, and pricee were inclined to be easier. A few pens of two-year-old cattle were passed in unsold. Pigs—There was. a. large yarding, cinS competition was very slaok. In consequence, prices -were about on a par with lnet week's rates. Be-slt buconere renlieed 10d tp lid par lb; and best porkere 10d to lid per lb. THE PROPERTY MARTCET. Jon«e, MoCrbstie Company. Ltd., eold Try public auction, in their roonw yesterday, on account of the Publio Trustee in the estate of John Sargent, deceased, No. 9 Allen street, just over Hancheeier street South. city t conr taining 12 perches, with cottage thereon, for £395, to Mr Price, and No. 13 Allen street, with cottasg, No. 15 Allen street, with 2> storey residence, No. 16 Southwark street, with cottage, and. No 18 Souhwark street, with oottege, the total area being 60 perches, having e> frontage to Allen etTcet of 100 links, end to Southwork street of ISO links, for £1725, to a client. _ There was a large attendance of tho publio and bidding was spirited. LA3TT) SALE. . Jonea, MnOrostie and Ltd., held a eale of sections at South BViEfhtorj, at iheir looms laet evening. The following pricea were realised:—Tjot 21, £1<32 10s, Mr J. Foster; lot 19, £105, Mr A. H. B: Poster; Jot 11. £130, Mr Cargeeg; lot 82, £80, Mr l*e; lot 67, £73, Mr Stewart: lot 63, £73, Mr St«wart; lot 59, £73, Mr Stews-rt: lot 1. £73, Mr Stewart: lot 2, £70, Mr "Wallace; lot 3, £70, Mr Wallace; late 58, 65, 64, and 63, £40 ejah, Mr Thomson. THE FARMERS' SALEYABDS. P. P. Claridge and Co. Teport having sold by publio auction:—B. pony mare £18, b. mew £13 ss, b. cob geld, £12 15s, b. ina.ro £12 10s, J-dr. mare £9, rcan geld. £8, blk. more £5, br. geld.,£4 2s ed )(> ch. mare £8, grey geld. £2 10s, Jersey-Guernsey cow (3rd calf) £20, set harness £3 10s, eet harne?s £-2, ret £2 7s 6d, set £3 17s 6d, ead. 'and b. £4 10s, collar, h. and' w. £2 3s, pr. trap cushions £1 4s, pr. trap lampe £1 Cβ, ead and b. £1 10s, dr. coflaT 80s, dr. winkers 17e, ISs, 10s, dr. collar and hames £2 la, h. cover £1> i. eaddlo £2 175.6 d, r. eaddle £2, jogger £5, Daisy cart £8, eulky £5 10s, landau (r.t.) £J5 Jss, eprinir trap £8 7e 6a, cab £6 10a, spring aray £29, farm riray £25, grass mower £7 10h, eeparator £7, gent'e cycle £8, tank £3 15s, churn 209, pr. wheels 255, w.-barrow 27e 6d a roll lino. 25»,. pram, wheels 10a, churn 355, bkeksmitih'e bellowe (email) £3 10s, e<»i>arator £4, boring machine £3 10s, grocer's bins £2, eet S-h. trees*£2, roll lino and 265, 40yd3 fencing 295, Lbedstead and mattrees 19s, d. bedstead and mat. 25a, epray pump 20s, feed bin 10s, wringer 19a. Ateo large quantity of sundriee.. Produpe—Chaff, S3, 4s_ Gd, 5s 6d. to 'Is 6d per bag , ,. s.i.; oats, 8s up to 23s 9d per eack, B.i. Pig*—Weanera 18s, up to 89s.

■Sheep-dog , , leader, £3 10b. Poultry—Turkey gobblers 30s each, hens 15s to" 25e; hens, C 3 2d, "s. Bs, fo 6d, to Dβ 3d per pair; roosters, 6s 6d, 7s, 9s 6d, to 10e 2d per pair. F. P. Claridge and Co., Land and Estate Agents, General Auctioneers, St. Asaph and Tuam streets, Christchurch. 4792 CHEISTCHURCH STOCK EXCHANGE. LATEST QUOTATIONS.

December 15. Sain on 'Chfvnsre—Auckland Gas (paid), 245. Solo reported—Smith Britieli, £T 17s 6&

Buyers. Seller*. £ e. d. £ a. d. BAKXS— Australia .. .. — S4 ID 0 X.-.tiona: of N.Z. .. — 6 4 0 Nov.- Z*?iand (ex div} — 23 10 0 INSURANCE— Standard .. ..236 — LOAN AND AGENCY— Dnlcetv and Co. .. 10 5 0 10 10 0 SHIPPING— Hi:ddart-Parker .. — 2 1 fl Union (£J per cent, cum pref.), enm div. .. .. . 0 19 6 — FEOZEX MEAT— N.Z. Eefrigerating (10i paid) .. ..100110 COAL— Taupiri .. .. — 0 17 9 GAS— Christchttrcli ... — 6 5 0 Timaru ... „ — 7 5 0 "Wellina-ton .. .. — 10 0 0 I3R?:WERIES— Mnnniri? „ .„ 3 10 0 3 Iβ 0 TIMBER— Kauri TimbPT .. — 15 9 MISCELLANEOUS— Bcath and Co. .. — 1 10 0 D.I.C. (6 per cent, cum pref.) .. '-.. — 10 0 Eclipse Potrol (103 pd.) 0 5 0 0 9 0 M*3on, Struthers (143 paid) .. .. — 10 0 N\Z-. Co-op. (6 per cent, cum pref.) — 5 0 0 N\Z. Farmers' Co-op. (6 per cent, pref-, re div. onlv) .. — 4 Iβ 0 TVeetra (£5 psid) ... 7 0 0 — Wpcks (£2 10s paid) .. 3 10 0 — "Wliitcpmbe end Tomba — 8 8 0 MINING— Waibi Grand Junction — 0 10 0