REVIEW OF THE SHARE MARKET.

Press, Volume LVI, Issue 17021, 18 December 1920, Page 7

REVIEW OF THE SHARE MARKET.

Some investors appear to be realising the truth, of the remark in these columns last week that the present state of the market offers to investors ■with the capital available many opportunities for investment in first-class securities at prices that should produce very good returns, and tfhe past week has seen an improved demand for good investment stocks. Generally speaking, however, the share market is quiet, and prices all round are low. Ifc is not likely that much improvement will be noticeable until after the Christmas vacation of the Stock Exchange, vrhidh will be closed from Wednesday, the 22nd inst., until Monday, January 12tli, 1921. There has been fairly largo business done in New Zealand Government inscribed stock and bonds. Sales of the 4$ per cent, free of tax stock have been reported *it £89 las and £89. The closing date.' in Canterbury, for the oj per cent. Soldiers' Settlement Loan was extended until yesterday. Stock lhas been quoted with buyers at £88 10s. • National Bank shares have sold at £6 0s 9d, cum a dividend of 6 per cent, payable on the sth proximo. _ . Business lias been done in Union Banks at £12 5s and £12 7s 6d, as against £12 6s 6d and £12 6s during the previous -week. A naif-yearly dividend of 83 P«r ® was paid on .Bank of New Zealand shares during the week, and ex that dividend buyers are offering £22 17s, witili sellers at £23 2a _ Gd. The rearrangement of the capital of the Bank takes effect on the 31st inst. ' South British Insurance shares have sold lately at £7 17s 6d, with further buyers at £7 16s 6d,_ as compared with business at £8 during the previous week. The directors of British Tobacco (Ana; tralia), Ltd., called a meeting of shareholders, to oe held in Sydney on the 16th inst., to consider proposals to increase the oapital of tne company to £7,250,000, and to authorise the offei of 839,511 ordinary shares at par to shareholders on the register on the 17th'inst., in the proportion of one new share for each five old shares, ignoring fractions. A recent issue at par was made in the proportion of one in ten, but the exigencies of the company demand a still larger capital. The mining market does not show imidh. change. Talismans have weakened considerably lately, and the company has now announced its intention of closing down the pre3ent mine altogether. Waihis have sold at Soa, and "Wlaahi Grand Junctions at 9s sd. WELLINGTON RETAIL TRADE. ''MONET BEING SPENT FREELY." (rsou A STECIXL COWUWPOWKENT.) WELLINGTON, December 17. _ Retailers continue to report excellent trade, the week closing with a splendid turnover. The warm, fine weather la bringing tihe crowds out, and money is being spent veiy freely. , It is expected that the difficulty of arranging remittances to London will ease shortly, as large consignments of dairy produoe will soon Teach the terminal markets and be oonverted into cash.. This does not mean that importers will be encouraged to continue importing heavily. Tne imports for the year of (high-priced merchandise has been excessive, and curtailment is imperative. The tapering-ofl process has already begun, as indentors Know full well, but its effect will not be apparent for two or three months. After March next, the slackness should be apparent, and while this "should be welcomed*for tlhe general good, it is likely to be bad for the watersiders, for there will be less work for them. In this, also, the community willbbenefitt t because those tradesmen, such as painters, carpenters, plumbers, who took to wlharf work because _it offered better wages than the trades, "will retnrn to the latter, and will so help the community to cany out necessary work. WOOL REALISATION SCHEME. (By Cable—Press Association—Copyright.) (Australian mid N.Z. Cable Association.) LONDON, December 15. Sir William Raynor, chairman of the Colonial Woolbuyers',Association, in an interview, said , that the Australian scheme was clearly designed to maintain prices on a higher level than a natural competition basis, and it must inevitably be prejudicial to British traders, manufacturers, and consumers. The Government Wool Department made a profit of £56,000,000, and had, not met the market by reducing the price. For the sake of about Id per lb, the Department had refused offers of considerable amounts of profitable business. ' _ t - GENERAL NOTES. Our Australian friends are apparently not bo concerned ever the quality of their export's as they are of their im-ports—New Zealand potatoes, for instance. The Melbourne "Argus" states thai camples of soma of the canned fruit eerrt from Victoria for 'eole in London have been, returned hither for examination by the exporting: firms. The ftnia are found to contain fruit that had not been, graded, aiiid a groat deal v of it was quite green. _ It Js no wonder, therefore, that the British importer declined to have anything to do with it, especially when he ii offered carefully graded fruits of the highest quality by growers of the United States. The harm deme to the whole of the Australian trades us a oonscquenoe of the forwarding of inferior foodstuffs of the kind cannot be estimated, for the market is likely to be fixed on a low level, and even where buyers are inclined to accept rfcte tlheir purchasing will be cn (he smallest scale possible. Portlier, fla exporting houses in Australia have suffered losses that they cannot recoyer, they will be deterred from taking risk 3 in regard to handling further consignments abroad. Some interesting figures have been made available regarding the magnitude of the call on capital in London. It was evident from the firet that the exceptionally heavy drains on. capital which were put upon the London market when European hostilities ceased could not be withstood indefinitely. In 1918 the amount absorbed by Governmental and private issues was no less than £1,893,381,400, and in the last previous year a total of £1,818,596,000 was obtained. The relative magnitude of these figures may be seen when they are set in oontrant with the aggregates for war and pro war periods. 'jAus, in 1911 the sum was only £191,759,-500, and in succeeding years it varied as follows: —lftlO, £-210,850,000; 1913, £195,537.000; 1914, £512,520,000; J915, £685,241,000; and 1916, £585,430,400. Iu the first nine months of last year British Government loans accounted for £797,500,000; but for the corresponding term in The current calendar years that borrower was responsible for only £22,000,000. The matter of destination cf the money obtained in lxxndon is of interest. The records reveal the fact that, of a total- of £234,301,800. raised in the first nine months of 1920, £254,552,900 remained within the United Kingdom, and a further £25,002,600 was taken by British possessions; sa that only a meagre £4,716,300 was obtained by foreign countries. For financing companies, registered during the first half of the current year, =.<148,738,000 was soaped, that amount comparing with £252,734,000 absorbed by companies which were registered in the January-June term in 1919. Borrowings by colonial Governments during the first nine months of 1920 wero accountable for £7,970,000, as against £2,985,000 in the Jan-uary-September period in 1919. Thfe smallno63 of the aggregate -for - the third quarter of this year beans significant -testimony, to

Ire check to capitaiisiiig ic Lrondon, which aarkc-t conditions in that centre have made leces&irv. HARDWARE. Etc. An activity in the retail sections of tiusard want trade indicates tho approach of the holiday season. The briskn-.v:s is ouite u--inpareat as in previous years, let nil <?hopgenerally importing a busy tim->. This suggests thai the nremw Duretmsor i? not pinched for funds, and that ho is not th« i-ictim of the financial stringency. Practically tliroufrhont all sections of the- trade there is'a brisk demand, the tact tha<t very few line* have been reduced in_ price. Indications, however, from Brifain and? America are to the effect that n fall in a number of lines is inevitable. Sc far, however, iio recession, in prices has materialised here. A slight reduotion is anticipated in a number of heavy lines earl; in the year, such as corrugated iron, oils, and fencing materials, whilst on the othei hand#farmers' lines «f« still advancing. The articles (joining under the- latter heading are mouljiboards, skeith blades,' find ploughshares, and sundry other lines oanvccted with the operations of the farming community. Shelf aoods, such as cutlery, fancy hardware, builders' ironmongery, and brass foundry' ware are still showing an upward movement in price, and it ia improbable that any appreciable reduction will take place'* in thc«© lines for ft considerable tim« to- come. The demand for heavy steel goods, «uoh a« plates, bars, and structural steel, has beeoi keen during the week, and gome large par oels have been disposed of, both for loe-a" requiremonta and the North Island. The activity is slackening oi? ee a natural rasull of the approach of the holidavs, when manufactories generally will be closed, but enquiries are numerous enough to eujrgest that early in the New Year there will "be renewed activity, and on an increased ecalei. The shortage of cement has restricted buildin sr construction for some months past. Importations of foreign cement 3 relieved +h< position very slightly, and it is expected thai as a itesult of this local manufacturers wil] be stimulated to Increase their output. Thit would have a most beneficial effect throughout the Dominion. Oorrngated iron 'has further eased diirin? the week, and is now quoted for Orb brand at £55, and for other brands £62 10s. There is no alteration to record at preseni in raw or boiled oil. Wit© nails o.re still quoted, on a .£62 barfs Bar iron remains at £42, and shoeing ad £43. Theire is an acute shortage of shoeing bars at present throughout the Dominion, but several shipments are on the water, and relief is expected Boon after the New Year Small sizes of rounds ore very difficult tc obtain. Manufacturers do not consldea these small sizes a paying proposition, and as there is no apparent diminution of the demand for ordinary bars in England the smaller sizes ore not being produced.^ A shipment of perforated steel zino foj threshing mills just to iiand shows a flight easing in price o&» oompared with previous shipments. According to Home reports steps are beitt? taken by British iron and stee'l merchants to submit a standard clause in all contracts in. the place of the present so-called "fluotuaitlon clause." The «ope of the new provision, is thsut, should there be any shorts ening of hours, inareafiei in wajares, cost oi material, or of rail and transport charges during the currency of the contract, the contract prioo shall be increased by an amount to cover the whols of such charges. On the other hand, should any such costs or rates be decreased during the currency of the contract, the buyer will receive the benefit oi the relief so afforded. The trouble over the proposals is <to get oil tsie eallars to agree t« use a. simflox clause. . With a view to obtaining l en idea of pro®, petfbs of a trade dump, a leading' Sydney wholesale hardware firm recently aeJcod nin« large Birmingham and Sheffield manufacturers for their opinions on the subject. Letters containing them have just oome tc hand (states the "Sydney Morning Herald"). Pradtioally without exception tie manufacturers state that, owing tohigherr wand the increased cost of fuel, prices ore not Hlcoly to fall for some time. The following ia a typical letter:—"A3 far as the dlasa of goods made by us te concerned, we do not se® how a big slump In prices can occui during the nert few months, as the cost of production depends so largely on wages; and we era therefore of. the opinion that any reduction in prices which may take p'a-oe will be gradval, Wo think there is very little cause for nervousness, for, although we hold considerable accumulations of old orders, there is bound to be a steady consumptive demand for oil crar proprietary lines. * And wo aro making it crttr special study to «we that only quantities sufficient to meet this demand are shipped to each individual market." Another firm stated I—''As1 —''As mamrfaotureim we feel that th» limit has been reached in respect to price®. ■ Any further increase will, we feel ettin, affect sale®. We eannolt judge if tflioiw *3 a falling off in ottJers, ss practically all our clients hove a number on our books, and this i&turally acts a® A restraint on their placing fresh one®. Reports as to what other people _are doing rio very contradictory, though wo'know that there is a good deal of new business about. We feel that, etvon if rn.te.-s could bfl stabilised, it will be a considerable time before present rates become easier." 1 NEW COMPANIES. 'Registration of the "following new companies is announced in this 'week's "Mercantile Gazette":— \ Te-Rata Hospital Otx, Lt2. Registered December oth, 1920. Office, tAt B. Hughes' >'ffioe, Tenjuka. Capital: £3000, into 8000 shares of £1 each. ' Subscribers—Timarus W. Scannell 50; Temulcp.: H, E. Gapper 50, k. Hanoock 50, Evelyn Flood 700, J. It. Beri 20, J. H. Anderson 25, F. A. Scaanaell 100k Objects: To take oxer and carry on :ho business known as the Te-R«ta Hospiial, Temuka, lately conducted by Evelyn T. Wood as a private hoepital, together with ill furniture, fittings, plant, stocks, and jptfons to purchase certain property and Bxtingo. Ford and JJiramß, Ud. Registered as a private company, December 6th, 1920. Of3ce: 115 Lichfield street, Chriistcntirch. Capital: £20,000, into 20,000 shares of £1 each. Subscribers: A. D. Ford 10,000, Li. H. Mirims 10,000. Objects: To acquire and teike" over as a goini concern the business of jeneral merohains and warehousemen lately sanded on by A. D. Ford and It. H. Mirams it Christchurch, under the style of Ford vnd Mirams, together with goodwill and all property, etock-in-trade, assets, etc. Baßin Bros., lAd. Registered as a private company, December Bth, 1920. Office: ) Byron street, Ghrietchurch. - Capital: £30,000, into 80,000 Shares of £1 each. Sui>scrioers—Chrlstchurch: H. I. Ba/llin 10,000, D. h. Bollin 10,000, B. Ballin 10,000. Obiects: To carry on the business of win© and spirit merchants and distillers, manufacturers of and dealers in aerated and mineral patera,- licensed victuallers, estate agente, ajid general. Hereford Court, I/td. Registered as a private company, December 10th, 1920. Ofaco: 77 Hereford etreet, Christchurch. Oapibal: £3000, into 3000 shares of £1 each. Sub-!cribor=—Christ-church: B. E. H. Whitc-mbe 1850, F. S. Wilding _ 100, JB. C. H. Whitjombe 1000, J. Morrison 50. Objects: To purchase or acquire by exchange or otherwise any interests in lands, houses, building®, eto. John Edmond, Ud. Registered as a private company, November 24th. 1920. Office: . Cr.pital: £100,OSO, into 60,000 preference shards of £1 eaca, and 60,000 ordinary shares of £1 each. Subscribers— Dunedin: W. F. Edmond 49,250 pref., 50,000 >r<L, Alice.iEdmond 750 pref. Objects: To icquire and carry on busineee of hardware merchants recently carried on at Dunedin, tttvereargill, end Timaru, under tho name 3f John Edmond. Mokihinui-Weßtport Coal Mining 1 Co., [/td. Registered November 27th, 1920. OfBoo: West port. Capital. £2400, mto shajes jf £1. Stobsoribcrs —W-oetcort: H. A. A. McCaekeH 100, C. F. Schadiob 100. Walter Rosrers 100, Samuel Mclntyre 100, John Mclntyre 100, Barbara Mclntyre 50, J. G. Molonv 50. Objects: To carry on business of colliers, coalmine owners, shippers, etc. Mrs Kolloston, Ltd. Registered a 9 a private company, December Bth, 1920. Office: 236 quay, Wellington. Capital: £1500 in £1 shares. Bub~ribors—Wellicjtcm:' H. C. Rcwell, M. McKeowen, C. J«. Cutler, 500 shares each. Objects: To purchase and carry on business of' Mrs Mary RoJlestcm, liair and face treatment specialist. SHEEPSKIN SALE. A MARKED IMPROVEMENT. • The fortnightly sheepskin sale under the direction of the Christchurch Woolbrokers' Association was held; in Pyno, Gould, Guinness, Ltd.,'a rooms yesterday. The catalogue was about the eame size eo the preceding' offering. However, there wp* a marked improvement in the eelei Vendors showed little of tbe xductanoe to meet the market that characterised the former sales, and this create* a healthier demand, the result being that moat of the brokers almost entirely cleared their catalogues. Local fellmongpxs aecoxed the bolt oi the offerings. ,

[ In obbatoir ekins pelta were up ftbonjt IJ< to 2d per 2b on the ratM prevailing on tlx sale a fortnight ago, and lamb skies abou 3d. Half and three-q-.iarterbred t-xins showed 8. firming cf from Jd to Jd per !'•>. bred, "however, were unchanged. Dry cail bred skins brought -up to TJi, tlnw-quarte". bred to s£d, and medium crossbred to J id. THE BOOT INDUSTRY. Th© AucJdand Boot Manufacturers' Aao ciivtion is .nuch concerned regarding TCr ouesr. made by" the Board of fur tlier returns and information relative to tr.< Xew Zealand industry. In a letter jead ftt I luoetiiisr t!ie Auckland IndvisfriiU tion on "Wedimaday. the Manuf.iciureTf' As exp?>Ms*vt tbo vie«w that the Boarvi : demand would unduly embarmss and xef-an. tbo pi'Ogr>v»s of tlw induptrv, and would stultify the function '."no Board was ir.terri to perform Cor the cnorniriw.ierit • nn building* up of the Dominion's industries Tbo- committee of tlx> Indu?:rial AesocintJoi deferred consideration of Hi* mutter linti next meetincr. BANK OF EXGLAJsD RETTTTSTS. (By Cable—Prssa Association —Copyrifrh".) (Australian and N.Z. Osble A*wcl#tion.)' LOJTDO'N, Ikwmber 18._ The Bank of England returns 'for tb< week ending December 15th afford tbo following comparison with those of tie previous week: — Dec. 8. Deo. 15. Coin and bullion .. 124,074,000 125,023,00 C Reserve .. i 13,916,000 14.025.00 C Proportion of reserve to liabilities, p.c. 9.04 9-®o TCote circulation .. 130,411,000 131.236 : 0 ft Government deposits 22,434,000 19,401,000 Other deposits .. 126,483,000 126.470.WK Government securities 80.706,000 Other securities . • 71,280,000 72,207,000 Short loans, 5§ per cent.; throe months bills, CI per cent. * government secukities. The following are the latest quotations foi Government securities, with a. comparjeor with those ruling last week:— Lnflt week. Thi s wee.-*.

FOREIGN EXCHATTOE RATES. LONDON, December 18. The foreign exchange rates on London. afford the following comparison:— _

LONDON WOOL SALES. . LONDON, December 18. •Wool mot with a better sale to-day, pi> ticulaily good • greasy merinos for homo and Continental acocnmt. Probably th« latter is purchasing for Germany. Prices were unchanged, but more was sold. The Bradford market is unchaneed, and quotations for practically all qualities are nominal. Tha ONtaw Zealand Loan and Mercantile Agency Co., Ltd., advise htfiisxg received tho following oablogram from London, under date 14th instant:—"Wool—Outlook is obi scure. >11 shipments generally are upon a moderate scale early consignments will probably meet the beet markets, but it is nob possible to forecast pmoea. Government ore not offering coarser grades, bat on the baste of South American prices present value of 86' a, 44' a average 9d. _If large quantities are marketed there is likely to be a further deoline." ENGLISH MARKETS. LONDON, December 16. Wheat—The market -te quiet, but fair business has been done at the new official rates. Flour—The market is very quiet. Barley—The market is steady. Australian, on spot, in quoted at Bis to 95s per quarter. Oats—The market is quiet. La Plata, on spot, ore quoted at 45a to 45a 6d per quarter. ■ , Peas and market la dull and unchanged. Sugar—Granulated is quoted at 80s per cwt. FREIGHT RATES. » * LONDON, December 16. , Freight rates are easier. Australian prompt wheat charters are flexible at about 90s per ton. GOVERN3JBI.Tr TRADING DEPARTMENT LONDON, December 16. The Treasury has issued a "VJThite Paper, dealing 1 with the accounts of the Governments Departments' services in assisting the food supply and promoting continuance of trade during _ tho_ war. The Ministry of Fbod, from its inoeption to March 31st, 1920, shows an estimated net profit of £912,312. The original instruction was that tho Ministry should to self-supporting 1 without making any profit, but on a turnover approaching > £1,000,000,000, the profit made was less than one-tenth of one rwr cent. The purchases of frozen meat to Maroh Ist, 1919, amounted to oyer £107,000,000, on which the profit made was 4.15 per cent. The purchases of Australian, zinii concentrates to March 31st, 1919, were valued at £1,485.198. "Tho Wheat Commission expended in three yeans to August 81st, 1919, on purchases, freight, and charges, £514,774,574. The not loss on tho tredingf account was £87,219,246, which represents approximately the ooßt of sailing- the loaf at ninepenoe. METALS. LONDON, December 16. Copper—Spot and forward £73 7s 6d; electrolytic, spot. £86 10s, forward £83 10s. Lead—Spot £21 10s, forward £28. Spelter —Spot £25 15s, foijvard £27 IDs. Tan—Spot £215 6s, forward £219 ss. per CI. FINANCIAL STRINGENCY IN TLS.A. NEW YORK. December 15. Reports frtjm all parts of tho country indicate that_ individuals and business comecrr.s with income tax due to-day, totalling between and 150,000,000 dollars are unable to make their payments. The recent business stringency has resultod in a lack of funds. Even the richest corporations are affected. A Bill has been introduced in Congress granting a six months' stay of income tax' payments. Unless the measure » passed hundreds will be subjected to serious penalties for not paying their income tax when due. AUSTRALIAN MARKETS. SYDJ7EY, December 17. There were heavy supplies .of sheep at the Homebush sales. The market was Is to 3s cheaper for heavies, and slightly easier for other sorts. MELBOURNE, Deciemlbar 17. Hides—All hides except picked stoate declined id all round. The sales will be resumed on January 13th. Barley—English 4a Gd. OaU—2s to 2s Bd. Potatoes—£6 7s to St IXta. Onions—£9 to £9 10s. A GLUT OP FRUIT. SYDNEY, December 17. Owing to the jam and fruit canning factories not operating, there ia a big carryover of last year's packing. Fruit growers are confronted with a bad season. It is expected that only a quarter of the peachea on the trees will be marketed. OIL PRICES INCREASED. SYDNEY, Deoember 17, The oil companies 6onght permission from the Commodities Commission Uj increase the price of oil- They threatened to cease importations unless their wax* granted.

[ Jndgo Rolir.. in severely criticising the | application, stated that the companies had ! the whip hand iir.d could do what (hoy liked. ! It would bo inadvisable- to jeopardise the J continuity of tlio supplies. The following increase? were srranied: — | uenaino, from 30a to S>2s a caro wholtv j ?ale. and to 3-1* retail; kerosene, from 51s rd I 10 20s wholesale, and to C.is retail. TALLOW. Dftl-gcty mid Company, Limit<vi, li.ia'c rechived the- following cablefrram from their London office, dated Dec-ember 15th: —"TniJow —At the weekly auctions there was rather more competition, when 10-10 cask* offerod and 430 told at about. unchanged rates. "\Ve quote Sno trustor. f<d, good ; mixed 55«\ and irut 41s per cwf." The New Zealand Lear. siu] 'Merea-V-tile Ajreney Co., Ltd., has received the fnllowircablegram from London, under d;!to 15th instant: —"Tallow —W\> quote "prow.t *pot, values for" the following descriptions:—Kino ;nutton per <*wt.. jrcod b?ef £'1 ! ! per cwt., mixed £3 Cs ixr cwt. Fair dei intuid." Messrs Booth and Oo.'s Londo". house fl'ivi=ef. under date 15th inst., xhat r.t th« taJlovr sale? on that date Iv.isir.e?* showed e slight improvement, 1040 casks- boinp offered and -40S eold. Value? were unchanged. CHRIST CHURCH STOCK EXCHANGE. LATEST QUOTATIONS,

AUCKLAND STOCK EXCHANGE. (MECUIi TO "THF, I>ltESS.'"> ATTCiv LA NT), December 1". Quotations : —Bank of Australasia., teller■> 486, buyers £84; National Bank, sellers £G 1a 6d; Book cf New Zoitlund, sellers £2:5 'Js Cd, buy cm £22 15s; National Insuranoe. tellers £3 3b; New Zealand Insurance, sellers £2 7b, buyers £1 6a 6d; "South Britiah Insurance, sellers £8, buyers £7 IBs, Standard Insurance. • buyers £2 2s 6d; Loan and Mercantile, sellers £96; Loan and Mercantile (pief.l, sellers £70; Huddart-Parker (ord.), fellers £2 Is; Hudd'&rt-Parker (nrof.)f sellers £1; TnlisI man Consolidated, eellers 4s 9d, buyers 4s; WaihJ, eellera £1 10s Bd, buyers £1 9s; Waihi Grand Junction, eeJleni 08 *9d; Mount Lyell, aellere 17s Gd; New Zealand War Loan. 1338, at 4J per oeut., rollers £90, buyers £?!> 3s 6d: Sew Zealand War Loan. 1333, at -1* per cent., buyers £83 2s 6d; Kerr Zealand Ww Loan, 1927, at 6 wr cent., buyer* £88. Bales on 'Change:— Colonial Suga-r (Fiji), £20 Be; "Wilaoa'B Cement, 16a Gd; Talisman, 2s Bd. Sales reported':—Bank of Australasia, £85; New Zealand Immranoe, 26s 6d; Waihi, 2!)s Gd. DUNKDIN STOCK EXCHANGE. (CTECIAI, TO "THE THUSS.' 1 ) ; . DUNEDIN, December 17. Quotations—Rise and Shine, sellers 5s 6d; Rising Sun, buyers 9s 6d, sellers Es ed; 1 Consolidate GoldfleTds, buyers 2s; Talisman 1 Consolidated, buyers to 6a, eellers 7s 3d; "Waihi, buyers 295, sellers 30s; Waihi Grand junction, sellers 9® 9d; Mount Lyell, buyers 15s 9d, eellers 16a Sd: Bank of Australasia, sellers £86; Beak of New Zealand (£8 18s 4di buyers-£22 IT* 64,. sellers £23 5s ;l union Bank of Australia, Ltd., buyers, £12, Rollers £12 6s; National Insurance Co., buy-i era STs; New Zealand Insuranoe Co., buyewt 26s 3d; South British 'Insurance Co.. buyers £7 17b ed ; sellers £8 2e 6d; Standard Insur. anee Co., "buyers 43?: P. and 0. (def. stocld trost), buyers £100". sellers £402; Union Steami Ship Co. fori.), buyers 80s; Union Steam i Ship Co. (pref.), Kellers 20e. 6d; HuddnrtParfeer (OWJ, buyers 89b 3d, sellers 4Cs 3d; Huddart-Parker (pief.), sellers 19s; 'Westport Coal Co., buyers 275; • Weatport-Stoekton ford.), buyers 69, sellers fis 9d; Brown, Ewinjy and Ob. (orerf.J, buyers. 20s; 1 Goldabrough, Mort, eellers ' 87s; .National Mort- , gage, sellers £4 15s; 'Wright, Stephenson (ord.), sellers 425: Dominion Rubber, sellers! j, 81b; Hope and Twine, sellers 314 9 6d; Xhmecun Stock Exchange Propy., buyers g 425; N.Z. Refrigerating' (paid), buyers 40s; N.Z. Refrigerating (oon.), buyers 20s ftS, m sellers 21s 3d; South Otago Freezing, sellers £5 6s 5 Mosgiel "Woollen Factory, buyers £5 Ha Gd, sellers £5 10s; MoLeod Bros.' Soap, buyens £14 18* 6d, sellers £16 7s Gd; N.Z'. Paper Mills, buyers 27k Gd, sellers 28s 6d; N.Z. Drue? Co. (£2 paid), sellers 625; N.Z. Express Co., sailors 18s edi N.Z. Hardware h ford.), eellera 17s; Wilaon'sr Portland Cfementr, >• buyers ,16s; Milbum Lime and Cement, sell- , ers 83s fid; Ota go Daily Times, roller* 4Ds; », Papuan Products, eellers 2s Id; Eclipse Petrol, r. sellers 14s; Howard Smith, sellers ~-40b Gd; n debentures, N.Z. Government War Bonds, * 1930 (4| per «ent.), sellers £91 10»; N.Z G»> wrnment War Bonds, 1939 (41 per cent.), i sellers £90 ss. ' # CANTERBURY MARKETS. Friday Evening. Business, practically negligible as it haa been duiing the past week or two, H now in a state of suspension antal after the holidays. Harvesting of autumn-sown oats h&3 already commenced on seme of the ligfatper land. However, the harvest will b» much earlier than was expeefced a few weeks aigo. Interest at present hedges around the ' prospective of next year's oat crop, " and any forecasting' i<s purely of a specnintivo nature. Thero is little to waxramt op f timism in ihe present position, ami it is certain, tfiat ♦hreshing' will be delayed until > a bettor standard of prices pronvw. ■ Merr cKanta got much the worst of the deal ia 6 the post year. Tie bulk of farmers deal in - values much in excess of what merchants f averaged in re-selling, and cautiousness is 5 likely to bo .a dominating feature in new soaron's business. Team work is certain » to be much greater next year than for some l' and tJxie ehould influence increa.red 5 chaff provision at the expense of gTain. I'toui > preeent appearances, liowevor, the iv.-v/ • ?:!- • opening.prices must bo on a low i /.mdi ard, poesibly 2» 2d to 2e 4d, cit coun- ( try. stations. This is _ a quotation based t roogacly on tho quantities of old season's oa/ts in. hand, and the apparent, hopelessness > of unloading 1 them. The only scad line enquired Dor is cooks' which North Island buyers keep "ni'oblinff at. The PeninsuHa country w bein? move oloedy gnwd tban a. years ago, «»d the great yields of years since belong 10 , the pßist. _ Ab agaißPt this, the North Island consumption is not mcreasing. Buali country is not coming in aA the rate it did prior to the war, and, moreover, much ood&oot previously aHowwJ to go to waste on the roadsidea is now harvested, tho local bodies inviting tenders for the rights. Farmers —and merchojits for that matter—would lx? wire to remember that the North I'rjmd » not now solely. dependent cm us for m nwiny important lines, as in the "gocd old days." Both in oais and cocksfoot there . is gieatlv increased production in the North. ' 12ie foQowin'sr are pricee paid to farmers at country rotations, free of oommiesion, aacks'extra, except where otherwise stated:— 3£2 ling • Wheat—According- to Govetcin«nl ■prices: Tuscan, "s G<l, fx>.b. : Hunter*, 7s Od; Pearl, Ba. Oat»—Gartona, not quotable Chaff—£4. Italian Ryegrass—(3 to 6* ?-d. Cbcfasfoot—lOd to lid. V?hito Glo<rer—ls lid to' 2« 2d. Perennial RyojT&sa—6s to £s 9-i. Cowgraus—ls 2d to Is 4d Linaeed—£lß to £20 per tonFlour—According to Government prices. £16 103 per ton, f-od)., Lyitelton,' Timaru, and Oamaru. J^Tan —According to Government prices, £7 15s jwr ton, main ports. Pollara—According to Government price. £7 ISa per ton, f.a.b., main ports. Local prioes; Bran £8 ss, pollard £10 ss. Oatmeal—2s's £30, ft, JE34. Peas —Prussian Bhieg (nominal), 8* to 8a G3, White Ivorj's 6s -3d to 7». FRUIT AND VEGETABLES." ! Vegetables hav2 been in good supply throughout the week. There is a Qood demand, ptrices being unchanged. SmaJl fruits —cherriefi, gooseberries, and currants, also! tomatoes, have met with a good demand, ! price® being hijh. New potatoes and peaa are coming forward in inorwiaing- quantities, prioea in consequemoe being slightly lowr-r. Apples are sHghtly cheaper owing*to large quantities being placed on the market, cx cool stones. Very few eales heve been mode at last week's prices. Pears sto how practically finished, good lines being unprocurable. ■ The demand for imported fruits has been alow, especially for oranges «uid apple*. A largo sfafcmenfr' of Victorian onions, ex

tJio IVostralio, nrrivod on tho Timik* '. this v-eek, and met '.vith a. dcmanil. A' largo shipment of fnirts ii wcpocf^l from Australia. early ::«xt woe';, in tiin<* fop tho Ch:iit:nav !:nip. A fiikill Iv.v.a:. espectcd ex h-o Kavua on Christina* Eve. Tha !>!!o'Ue™ uer.- tiio sxmga j.rii'iv* jf. iiv.cti<m this wc«-k: —Aspics. .Xeleou, per m* 1 *" Ss. Gd to 10-?: iiiii; '<•*, AmentMi), i;i - e t.i: .ippks, local per ens«\ up to 14s; apples, ooakinj;, por cas> A? 6d; b.in'nii?. Fiji, y : "-' cas® PS®: camriv rod. po.r lb Jsd: chev-ri-s. dessert, p-r'-;L» Is to ]3 tVI cherries, wiiiirr, "b SrJ 1?; cocoanui-s, per «ack 0"-i: t :.H*s*b#:Tu«#. per lb 2\i to 3|d: lemons, 'Fr:-joo, jkt r.iso -!7s O.i: orauEre?, Sydney, yor ci«»\ *2S;»; .••r»na«S Valencia*. ]w cat* Ms: pii:appies. Syv'moy. per ouso pearr-, cookiuc. ;vr -1; 6d: peavp, dessert. per" c.i*o 12s: l?t. per lb, ?s 1o "2s -i!: to Gd : u-ahrut**. p.".- i'> ]« -Ui; ivr <los. bdl= lis: iH'.it;?. »•:-nd, I* pc.r j>cck{ lwt, por do.'.. . lv : i'-i- >;i Vmlt- - . per no;, up to 7«i >-.»r up to 12s; carrot*, per <iv. l.» Co: ciuu.iiVrr- 1 , Isothousa, per 11> Is; .r'.h"u::il»ors out-do >r, p.T cm -7k iV! ; jnwir V?»«. per peck 2*. 2d; 2«ttuc«, i«r doa. Is fid -to 0- ; tsf-.v pi\t-.'0.-s. j>ot lb, local <d; potaf" f?, imt i\ Yorth IJJ: onionk*,"p«»ito 2jd: p.tr*nir>*, prr t!.u. jb Sd*. potut«w, i«vv ;> : : u.li-ho*. j«>r tier. Is 6d: rUub.ir'o, do?:. : t.priiv» (iiaonet, j:or <io-".. tunvip.;, ;ie; dt»". Ts 9-1; ppi'nai-h, r>->r ri.v. Is <H. (SFKfl.vl. 10 "TITH I'ItESS.") '! IMARI". LVoomlvr IT. '- r "o rioi'-' nro nou- t fcr <ho iiio«4f ixir(, ni:Jy jjiot. lir.d nil that is T«juir<vi i» ■i Sv.iii rsir. wish wiinn watUor. and »n .a'l>«WUCf of SllW'.ir ttMlnf-. In f-pilfl of T*>U> i!:- <'or.t,r:ii-v. the wient- crops tue iookiiijr v.v*ii. Thov.'/h tln-v ntx? not k> Jonsr if. th.- as thvy h;/>t vx-iir. Givwt favo\!v.i'>;« wtvi'.ht'i - ivridition!?. flu- flm wj'kvi! -Inv.iM L-.> lurr<v,;ti(l ».» SUwth Canterbitn' fownrii? tJic end of JaiuinT.v. is a o'od u»\ij .-f fipc.mlaticvn euiumir wh«?n(.-mo-.v,>r.- as To ir:iat jirico ih-ey fmtheir wliml. l'li'-y h;i.vo «. d»»tinito ;i?-uv-ar.o> of 7ft :Ic, 7>- tV.!. and 7? bRt tlnw an> only pricta/ aiv.l pioiwra s.m^ promised tluit they wi'l Ivi pnid t!io oquhnl<»nt. (if iiiii, iiio:v than :lio R.bovo mi-ni-itimt) iiitet) o:' <Hi v *'«Kt. of linn \\-hojL Jandrd -at Anclriasd in February nest. Wlui< this will Iv is oaitaii!? tiio jtpecnlait.ion, Ihu- : that* sevrn* to be :i *trcng oniniou tlint it will ho about. 8* Cxi a bushel. 1 'Clio <nt orojv> iiro badly in- need of r*in, | «pccia.llv 'ho lalo fown onoa. Prvsimt. ; pr-nrtuiccis irdiir-.itf that the latter will i>c .--V.-vrl «ik! fliin. ior oafcs ajo i not. bri'.-ltf. J-i'tto-.v ivcoivod from Ai,c----i trulia by «wni maiils iiidicat.v that Uio ; value is 2s to t's, wbiL«t. mncliiw-dr<v#* , il sviui ; ciipp.nl Aim'Tiui.v ar<> quoted for exnort from Melbourne at «Vl, r'.o.b.. s.i. Thoso who have Algerian <>:its. ;iro ii'lvi c to or.qiu'ro nw |to whotlu-r j! would r.ot- pay- tlwm bettor j to ohaff their crop than to thresh it, as | on ui<??r.t aprv-nru.rvX'o Algeria us a.ro likolv Jto bn low in privy. G-a.rtow» mar not. b k * i n* nn outlet, may be foimd for any sii-lok , by *.hom to tho Unit<yl KincrHoiu. ! but Algwriiuts could r.<vt bo so dealt, rvith. ! Chaff is dnir, in sympathy with oats, and the vj),hu- I<vdoy is i't 30s to £5, at country I .stations, racks found by buyors. K«t>orw from the North Island nro to Ui-.-ofTcct that f'.'wor potatoes hn.vo boon sown thcTo this year than wcro 60-vm last year, and this is supported by tho l«e«»d demand for co«J from tho South leLuwl. In South I Canterbury- however, It. is tlioupht that tho j area, in potatoes Li quite n» extoiislva. thin yoa.r as it wiw last war. . Ah tho principal "monfcrs for the growti. of potatoes arc J-anuaT>-and February, it r« <lifiicult yet to forccxv, thc crobablo ykild, but if it is t-o coma up to the average, rain will liflvo to be oxpcrij «nwd voiy eoon. Many prowato were lato with th<?dr planting. Indeed. +,übors ar« etill beini; planted here and wiere,_ and sf thev ai* to do any good ideal growing: conditions will ii«od to prevail. There i» nothing doing in coeds. I<in- ■ Eoed him dropped, and is now ■worth l>etweon £25 and £18 jjor ton. RANGIORA CATTLE FAIR. Tho. anvon.l CatUo Fair 'was liold nt ihn Rangiora Yards yesterday. Thore was a. larpo attendance of those interested in oattln, and the yardinj; totalis about 450 head. Taking into consideration tlie present condition of tho cattle market, the isale wtw, . on the -whole, a satisfactory one, very few lots being paseed in. Prices were:—Fat stocrs,' £14 to j£W : fit covtb, £12 t-o £14: fat heifers, £11 10-« to £15, forward tnioeyonivjld heifers, £11 on- forvrard thice-yc«r-dld ateei'a, £10 to £12 ln«.; txro-yeJLp-old etoera, £8 to £10; 18-month eteerp, £4 10h to £8; tvnyyvarold heifcrft. £5 10s to £7; IS-month heifer*, £3 30h to £5« 5&.; oalvee, : ( £2 to £3 10s. j CLARENCE BRIDGE SHEEP-SALB. There vrns an offering ol over.4ooo i at tho Clarence Bridw dry sheep enlo. Tiii 1 general rood quality of tho sheep was a i io&turo of the salo, and orory lino Trail cleftr- . ed* at fl-uotion' or immediately afterwards by private treaty. Th© prices realised -wwrw • equal to & por head above t hte last Adding t ton rates. A line on accoutit of Mr T. I).ivies, of Ngaio Downs, brought top prfcea, [ namely, two-tooth o\vefl 265, tiro-tootli wothcts 24s Sd. Values woro as followB:—Twoj tooth wthoiw to 24« Bd, two-tootlb -to j 203, four and six-'tootb wethox* to 2C« 2d, fat ; wcihoiis to ftoß. > '' .

; £ a. d. £ 8. d. • 2£ per cent. Imp. Con. 44 2 6 44 2 6 • 5 per cent. Imp. War Loan -- .. 83 2 C 83 5 0 [ ib TvaT cent. Imp. "War loan .. .. S3 0 0 ©2 10 0 ■ Gi -oer cent. C'wealth Lorn .. •• 96 6 0 96 6 0 > 5h per cent. C'wealtk " Loan .. .. 34 5 0 94 5 0 , XS.W. Ve, 1933, Jan.- ' l July .. .. 73 ? 6 73 0 0 ■ N.S/W. lij.'a. 1935-BO, April Jan.-July .. 62 0 0 61 17 6 ' N.S.W.. 3'a, 1935, AprilOctober -. ' 58 15 0 58 17 6 N.S/W. 5;'» .. .. 94 16 0 94 0 0 • N.S.W. 6h'a •• 101 £ 0 101 2 6 Vic. 3Vs," 1921-6, Jan.July .. 83 0 0 81 17 6 Vic. 3>.'s. 1929-40, Jftn.Julx .. .. B4 16 0 SS 0-0 Vic. 3's. 1929-49, Jan.July .. .. 61 IT 6 62 0 0 O'ltwid 4'a, "1924, ' Jan.Jtdy .. .. 88 16 0 84 0 0 ' Qlnnd SJ'e, 19»-3<, Joti.-July .. 81 0 0 81 0 0 Q'land 8}'s, 1931-4, Jan.July .. 97 0 0 97 0 0 Q'land 3's, 1922-4T, Jan.July .. .. 48 3 6 48 0 0 N.Z. 4'e, 1929, MnyNov. .. •• 82 0 0 81 16 0 X.Z. alt's, 1940, Jan.July .. r . 65 19 « 6516 0 'N.Z. 3'f. 1945, AprilOctober .. ..67136 57 10 0 9_A. 3i'e, 1916 or after 66 10 0 66 0 Q S.A. 3's, 1930, Jan.July .. .. «U fl 48 7 6 Ta®. 8V«, 1920-40, Jan.July .. «, 05 7 6 68 0 0 Tas. a'», 192040, Jftn.vJuly' .. .. 60 0 0 60 0 0 TV.A. 3§'s, 1920-35, MayIforembOT .. 68 XT 6 68 10 0 "W.A. 3"a, 191S-SS, MayNov»mber .. G6 17 6 66 17 6

Par. Dec. 13. D«o. 18, Paris <fr.) .. 23.22J 59.23 5&65 ChrifiHwiia (kt.) .. 18.159 24.48 23.50 Stockholm (fcr.) •• 18.169 17.90 17.7* Calcutta (rpo.) (10 toxoid eorv) 16|d 17 Montreal (dol.) .. 4.88 3.99J 4.08 New York (dol.) .. 4.86 BMl 3.49 Yokohama (yen) ». 24i 84| 84| ,

Buyers. Se: >ri. J £ f. d. £ «. d , DEBENTURES— N.2. Govt, oj per oont. Bonds. 1933 .. SS 10 0 BANKS— Australasia .. .. — *r> 0 0 Commercial of Australia — 1 10 11 Commercial of AurtraHji (•1 per cent. cum .prof.) -■ - R 5 o; ! National of N.K. (cum ! div.) .. ' — 6 4 0 ; | New So.uth Wales .. 31 0 0 .T2 0 n : I Now Zealand .. .. — -1 i INSURANCE— | Standard ..-2 2 0 — LOAN AND AGENCY— Dalgrety and Cor .. 10 T 6 10 10 0 i SHIPPING— j Huddart-Parkor .. — -2 0 61 "GAS— i Chrislcliurcii .. — 8 5 0 i BREWERIES- I Manning .. .. 8 10 0 — ' TIMBER— i Kauri Timber ». 1 6 0 — ! MISCELLANEOUS— Booth, Macdoiwld .. — 0 18 0 i • Cant. Publishing' Co. 10 0 Mason, Struthers (£1 paid) — 19 0; Papuan Products ~ <f 1 9 — Weeks, Ltd. .. 7 0 0 MINING— Waihi Grand Junction • — 0 30 0 I