FINANCE AND COMMERCE.

Press, Volume LVII, Issue 17062, 5 February 1921, Page 10

FINANCE AND COMMERCE.

REVIEW OF THE SHARE MARKET.

NOTES FROM WELLINGTON, j

(greCIAL TO "TFE FBZSS.") WELLINGTON, February 4. The reduction in the price of pig iron by £1 per ton recently announced by cable, is the strongest indication that can bo had of the great change that has come about during the past seven months. The demand for iron and steel was strong throughout the war period, and since, and prices soared upwards. Now the demand has fallen off, *nd ( prices are going down The other industrial metals expert- ■ enced very great fluctuations, and are now back almost to pre-war level. In December, 1913, spot copper was quoted at £&4 15s, vear the price had reached £122 2s 6d It is now £67 17s 6d, or only £3 2a 6d per ton more than m 1913 Tin in December, 1913. stood at £167 per ton. In February last it touched £4lB 15s, and now it is back to felo» 15s, or 35s more than the 1913 quotation. ,i. . Lead on epot in 1913 was selling at £l7 lob. In February last year it reached £52 10s, and is now back to £23 2s 6d, or £5 7s 6d more than m The price of lead is still high, and that may be due to some of the mines closing down owing to the high cost ot production. , Spelter on spot in 1913 was quoted at £2l 7s 6d. In February last year the price was £62, and now the quotation is £24 15s, or £3 7s 6d above the 1913 Falling prices appear to make up the bulk of the commercial cable messages, and naturally people begin to wonder whv the movement is not immediately reflected in New Zealand. In Britain the fall in values is accompanied by serious unemployment, and if the some conditions are to be eperienced in New Zealand, we could well wish that prices never declined in the Dominion. Ot course, prices 'will decline, but it will be some time before there is clear evidence of a reversion to pre-war prices. The movement has already begun but it is very slow. It is probable that the accompanying unemployment will be noted here also. j

The share market is improving in tone, and prices of several investment Btocks are firming. The demand for War Loan and Soldiers' Settlement Loan has;, however, slackened, and prices are easier. At the end of last week, business had been done in Soldiers' Settlement Loan at £9l, with further buyers at £9O 17s 6d but since then sales have taken place at £9O 10s and £9O, with further buyers at £9O, and sellers at £9O 10s Sales have beejn reported of- 'War Loan at £BB 15s and £BB 10s, with further sellers at the latter figure, but few buyers. , .., Bank of Australasia scares have sold at £B3 12s 6d, with further buyers at £B3, and sellers at £B4. ' . There haS been,a good demand for Union Bank shares, and prices have been well maintained. At the end ot last week business had been reported at £l2 10s, cum a. dividend of 7s 6d per share, with further buyers at £l2 2s 6d ex the dividend. During the present week shares have changed iiands at £l2 3s Bd and £l2 ss, ex the. dmi dend with further buyers at £l2 2s 6d, and sellers at £l2 6s. National Banks do not show any change. „ •, , , Bank of New Zealand shares are a iittle easier. At the end of last week, business was done at 50s, but since then sales have been reported at 49s 3d 48s 495, and 48s 6d, with further sellers at 48s 9d, and buyers at 48s 3d* Bank of New South Wales shares again show an improvement as compared with the previous week, and transactions have taken place at £32 ss. The usual quarterly dividend' is payable during the present month. Buyers are offering £lO 10s for J>sdgety.'and Company's shares, with' Fellers at £ll, and recent business at £lO 15s. N.Z. Insurances are fairly firm, at 27s cum a dividend of 8d per share, payable on the 9th instant. South British Insurances have sold recentlv at £8 2s 6d for the £5 shares, paid up to £2 10s per share. On the Ist inst. these shares were subdivided into five shares of £1 each paid fan to 10s each, and business has since been reported at 32s 6d. with further buyers at 325, and sellers at 345. Huddart-Parker shares have eased again to sales at 445, and sellers at this price, with no declared buyers, as compared with business at 45s a week ago. P. and O. Deferred Stock is practically unchanged, buyers offering £350, with sellers asking £355. N.Z. Refrigerating Company ruPly (paid shares have sold at 41s, with further sellers at 40s 6d. The (interim diivitteindfe on Kaiapol Woollen shares of 4 per cent, on the ordinary shares and 3J per cent, on the preference shares were paid during the week. Cum the dividend, the ordinary shares were sold at 27s 6d. The annual meeting of shareholders in the Crown Brewery Co., Ltd., was held on the 28th ultimo. After writing the sum of £1616 18s off freeholds and £SOO off plant and rolling stock, and including £6630 9s lOd brought forward from tho previous 1 year, the amount available for distribution was £18,866 9s 7d for the year ended December 31st, 1920. A dividend of 10 per cent, for the vear 'was declared, absorbing £8640, the sum of £SOOO was. transferred to the reserve fund, making the total of that fund £105,000, and £5226 9s 7d was carried forward. The paid-up capital of the company is £86,400. The three principal gaa companies of New Zealand have issued their balancesheets for the year ended December 31st last. The figures relating to the Wellington Gas Company 'appear elser where in this column, and those of the Auckland Gas Company and the Christchurch Gas Company have appeared during the week. Tho directors of the Wellington Company propose to increase the dividend on the company's ordinary shares from 5 per cent, to 8 per cent., and buyers have accordingly increased their offers, quoting £lO Ids cum dividend, without declared sellers. In view of the unfavourable developments at the mine, the" directors of Talisman Consolidated, Ltd.. have decided to call a special meeting of shareholders for May 19th next, to discuss the question of the liquidation of the company. Share values have decreased sharply, and sales have taken place at 3s 6d, with further buyers at that figure, and sellers at 4s 3d. The advisability of utilising the present plant in the development of another property in New Zealand has been considered, hut as yet no suitable proposition has been offered. If a property possessing reasonable possibilities of success on a large scale should present itself prior to the date of the meeting, .the directors will bring it before the shareholders. At the last annual meeting of the' AYaihi Gold Mining Company, Ltd.. held in May last, it was stated that as the capital resources of the company now exceed requirements for the prim- ! ary and essential purposes of exhaustive exploration of the companv's properties, the directors contemplated a reduction of capital by returning 10s per share to shareholders. As it was,

DOMINION'S TRADE AND MARKETS (bt otns COUUOUHAL sditob.)

necessary" to realise British securities at phenomenally lotv prices to provide for the distribution, action in the ra.att§r was delayed. It has now been announced that the proposals will be submitted to a mqetinn; of shareholders in March next. A dividend, the 110 th,' of 6d per share has been announced, to he paid on March Ist next, and cum the dividend shares have changed hands at '29s, with further sellers at 2ss 6d, and buyers at 28s 6d. Waihi Grand Juctions are quoted at 8s 6d, with no declared buyers. GENERAL~~NOTES. • In regard to the forecasted drop in the Home price of butter when the Imperial purchase expires on March- 31st, the consensus oi opinion in Australia, is that such will occur. On the other hand, many merchants state that it is yet too eoon to predict what will happen. The great sale of margarine, due to the high price of butter, has left big stocks of the latter on hand, compelling a reduction of price in order to indue© sales. There is a point td which butter may drop that will diveTt consumption, from margarine, to butter. The difficulty, however, is to state the point; but generally, the position is not so promising as it was some time ago. The New South Wales statistician estimates that this season's grain crop should C 6 worth over £20,000,000 to the farmers after handling and marketing- costs have been paid. Comment in "The Press" reoen-Uy in regard to the American demand for our fine ciossbred and thrce-quarterbred wools counselled growers not to build too optimistically od the circumstance, on account of the probability of America, imposing a prohibitive duty, which, of course, would largely exclude America as a market. An Australian contemporary has also something of interest to say on the matter. It expresses the opinion that the effect of the American import duty will be ' to restrict the demand on American account to the fittest light conditioned wools, such as are grown in Australia, but not in tho United States in sufficient quantity to satisfy U.S.A. manufacturers' requirements, and goes on to say:— "The free wool import period was unshered in with the election of Woodrow Wilson to the Presidency, dining the 1913-14 wool season; and it will pass out with him a few weeks hence. The previous to that free wool period was from. 1894 to 1897. It was thought in American wool trade circles some few niontli9 ago that, although a tariff Bill n.ight be introduced during the short 1020 session of Congress, imposing a duty on woo], it was almost certaan-WoodTOw Wilson would i refuse to sign such a Bill or permit it to become law., as it would reverse all his previcus pronouncements on the subject. Those conjectures were evidently wide of the mark, i judging from the fact that buyers in Sydney I for the United States are informed that all i purchases from Australia must reach Anieri- ! can porta by March 15th, that date being ' given as *he day on which free importation ceases. Although raw wool and wastes were i free as from December Ist, J913, to March ! 15th, 1921, there was an import duty of 8 ■ per cent, ad . valorem on yarns; wliile all fully manufactured wool and ready-made clothing were subjeot to an ad valorem duty of 35 per cent. ESactly how these semi-n-anufacfcured wool and fully-manufactured wool articles are to fare under the new tariff is not stated. They, , however, have little interest for*the wool-grower, and do not appreciably affect the Australian wool markets," j ' The problem of making Germany pay is ' apparently proving a most difficult one for 1 the Allies to solve. It must -bo exasperating to them, and to Prance in particular, to see the industrial lifa.of the enemy practically exempt from taxation whilst every possible j avenue has to bo exploited in their own cases to meet obligations. Gorman promises or I ?xr.ouncemeils are matters that the world j views with suspicion, but it has recently | been stated that en attempt is ,to be made ! by the German Government to curtail the huge dividends now being disri'buted by firms i'l the country. Whether this will tako the form of taxation or of direct confiscation or some other untried method has not yet been announced. It is Teported from Berlin that few of tho larger firms pay less than from tventy to thirty per cent. One cocoa firm tops the list with a recent .declaration of a ] .830 per cent, dividend, .covering.-a three-year i period, and with only a capital of a million ! and a half marks, divided profits of six and 1 one-half million marks. A chemical comI.parry,. 1 in addition to issuing stockholders' profits worth half their holdings, distributed ' 100 new shares as well. But this ia only half the story, according to radical labour leaders, who contend that hidden profits undeclared because of fear of inciting the workmen, amount- to nearly as much as those announced. It must be remembered, however, the real worth of these enormous profits is rot so great as appears if quoted in terms of ', the present value of the mark, which is about I one-seventeenth what it was before , the 1 war ■ when the shares were purchased. Tlrero is etfough, however, to make France view with exasperation the apparently growing disposition on the part of some of tihq Allies to lighten Germany's financial obligations. This •disposition was, it may be remarked, checked by the recent Allied conference'. Factors! which contributed to the decline in linseed- prices were the break in Argentine options and the lack of market eupport in London. Excessive rains and high winds were prejudicial to the Argentine crops, bu!t tbietse were followed by favourable conditions. Tho possibility cf North America requiring only ab0ut'350,609 tons- of the Argentine crop was a matter of moment, as this would leave a surplus of over 500,000 tons for Europe, based on November' prospects. These poiniis alone- were sufficient to warrant tho depression which prevailed, and the instability of the foreign exchanges and the; tight monetary position did not tend.to expansion in tho (trade. The Commonwealth Government (states an Australian exchange) has hitherto consistently refused to divulge information regarding sales of wheat; yet those sales are known the other side of tho world. Here is l an instance. A "ChicagoJTrade Report" received 'a fortnight ago states:—"Several changes vere noted in the wheat situation during the week ended December 18th. Franco bought around 36,000,000 bushels of Australian wheat, end Egypt took 12,000,000 bushels, so tha-t, between the two court tides, 48.000,000 bushels of an alleged surplus of 100,000,000 bushels have been sold." The United States has decided to revive the War- Finance Corporation in order to afford relief to farmers. It is estimated,that U.S. farmers have suffered very heavy losses through the sudden decline in wheat, corn, wool, and in some measures coitton. The great decline in all farm products has naturally affected the buying power of the agricultural community and mail order houses which had been looking forward to doing o. very large volume of business report sales fallingoff. In fact, one large Chicago house reports that business for November, 1920, was •22.69 per cent, below that for tho corresponding monlth of last year. Speculative operations in German marks, states the "Monthly Review of Barclay's Ban!:," have been considerable. The highest rate touched was 303 on November 9th. This sharp rise attracted buyers', and the quotation declined steadily to 215 on November 23rd—a drop of over 30 per cent. This appreciation reflects the operations of speculators rather than any tangible improvement in fundamental conditions in Germanv. It is still extremely difficult to foresee the future trend of the mark,_ but the continued increase, in the note circulation is not improving- tho position, and the prospect of recovery to anything -like par value is regarded as negligible. An official of the British Ministry of-Food lias informed a Press representative! that the .abundant har«-sts in Canada, Australia, and Tndia gave every reason for believing that there would be a considerable drop in wheat prices in the early spring, which should "be sufficient to wipe off the, remainin? subsidy and bring about a reduction in the l.rice of the loaf. The intention of the Government was to put an end to the subsidy by stages. The first of the present steps was taken a few weeks- ago, when the price of flour was increased to the extent of adding another 3d to the prices of tho 4Tb loaf! Tho second step was, he said, .to be taken at the end of the financial year, and if the price of wheat «her: stood "-it the figure of two months a;ro it would have meant the addition of another 2d to the 2oaf. As far as can be seen no? only will this 2d not be Bocss.'ary hut the-re should be also an actual riKluction on the present price. The British Wheat Commission considers it inadvisable to state the price 'hey are paying for obvious trade reasons. GENERAL MERCHANDISE. GROCERIES. Wholesale merchants report business during the past week as a little quieter than tho previous week. This part of the month generally sees a quiet time, as storekeepers, a great many of whom keep their own books, are generally too much engaged .with getting out their first of the month accounts to giva much attention t;> buying. The la3t Auckland steamer did not brine

down anv sugar. It was, of course, known that the'Koromiko was due at Dunedin with sugar from Sydney on account of the Government, but retailers expected that the last. Auckland boat would bring down at least a week's supply to tide over until tht sugar ex the Koromiko was available. Today sees the retßiler in a bad way for sugar, and in manv cases out of stock, with none available until next week, when the boat referred to will be due at Lyttelton. It. is ur.derstood that a Beard of Trade officer is travelling up with the boat to carefully check, not only "deliveries, but to scrutinise all demands for sugar and to make the allocation as just as possible, bearing in mind the heavy demand for jam-making. A large number of industries use sugar in fair quantities, but if the grocers are unable to get a larger quantity than usual this month it will mean the loss of thousands of pounds worth of fruit, which the housewife usually purchases at this season of the year for the purpose of malting the year's supply of jam. Merchants' reports go to show that more jam than ever is being consumed, due no doubt to the present high price of butter. At tho time of writing no information tor available as to what sugar will bo obtainable foi Christchurch and country districts-ex tho Koromiko. . , Cable messages received during the weeK from Colombo advise a still further advance in pries of tea of 5 por cent. All. lines are affected except the very low-grade common leaf, for which there is no demand in this country. .An cdvance of 3d per lb has already taken place in Auckland in a number of lines of tea. No advance- is articipated locally for at least a month or rix weeks, as packers here are workinp on stocks purchased at the lower levels. It ia only a matter of time, however, when firmei prices must rule market. The demand for oatmeal and cereal foods is now at its lowest, as these lines are always slow in summer. The new seasons oat market is opening for milling oats at 2s Id to 2s .2d a bushel. As soon as oats at this price are available for milling purposes a substantial <U«P in the pnoe of oatmeal and other oaten food lines should take place. Oatmeal at present is quoted at £25 a. ton, but with oats at 2s 2d a bushel it should recede to about £2O in th% _ near future. It is known that millers have in the past made heavy purchases of oats at fairly high figures, and until tHeae are worked off and the new season's purchases made it need not be expected that prices will drop. However, this cannot now be long delayed. Following on our pronouncement last week a slight drop in the price of one well-known line of petrol took place during this week. This, it is safe to assume, is only the beginning, as substantial drops in the price oi uetrol must come within the next two •months. This is owing to shipments now afloat due to arrive at lower figures. Although no advices have been received regarding kerosene, it is usual for this line to move with the other petroleum products, -end the same factors which are operating to bring down the price of petrol are sure to be moving in Tegard to kerosene. Sai"on rice, which has been quoted to arrive in March, is meeting with fair sale. When this arrives it is expected that most of it will be quickly taken by retailers. She last cable report from the East was that the market was firm for the IA grade, which is considerably superior to the No. 1. It is ihe IA grade that has recently been offered on'this market, and which is due to arrive here in March. Zig-zag cigarette papers are in short supplv. Enquiries have been made m Christchurch for supplies through brokers, who it is understood, are operating for North Island "tetailers have been anticipating a drop in the price of baking powder. It is now understood that a drop of 3s a dozen_ (large size} in at least one well-known make will "ot taks place before May 1. After that date the drop will come into force. HARDWARE, ETC, There has been, a slackening of business during the week, a usual happening at tms time of the year, when harvesting ia m progress. This, coupled with the general disinclination of customers to stock up, is affecting tho turnover. Despite this, however, .some good business has been done. Enquiries have been fairly numerous, and m quite a satisfactory proportion of business Prices have not varied much during the week, tho exceptions -being boiled and raw lirsced oil, which are now quoted at 9fl and 9s 6d per gallon respectively. Corrugated iron, Orb brand, has fallen from £65 to £62 10s and other brands from. £6O to On the other hand, bar iron has advanced during the week to a £44 basis for ordinary bars and to £45 for shoeing bars. All other hardware remains as at previous quotations. ' _ ~ , Some fairly large shipments of English bolts and nuts are to hand by the Paparoa, and other consignments are arriving by the Pakeha. These show a slight increase in cost on previous shipments, but it h not the intention of merchants to increase the price, as it is generally expected that a slight drop may occur at any time. Stocks of heavy bar iron are extremely short. A few shipments are on the water, j but far from sufficient to satisfy the demand. .Steel plates and sheets to hand show no (reduction in price, ,and it is not considered! that any will take place in those secured , from English manufacturers for 6ome months '■ to come. Continental plates are quoted much ! lower, but no contracts will bo entertained 1 by the foreign manufacturers for immediate delivery, which -really means that materials art? riot available. .Standard bar iron ia quoted fairly low from the"Continent, but enquiries have elicit- • ed the fact that orders cannot be entertained for delivery within six months. By that time English manufacturers may be in a position ! to- offer as cheaply as the Continent. I Structural s teel bars have shown a slight decline in England, but whether prices are ' likely to fall any lower ia uncertain. On i one hand the pressure of competition from ; Continental steel manufacturers is being felt with .increasing severity at Home, but as against th.3 British steel manufacturers contend that, with the cost of raw material, fuel, i and labour aa th?y exist to-day,, they cannot j produce at a cheaper rate. The low Continental quotations, are inducing buyers ! t,i hold off purchasing, end as a coreequer.ee ■ rolling mills in England are fast overtaking orde;a, and generally fairly representative specifications can now be filled at the British ruling prices. The mills complain, howover, that these competitive. prices coming from the Continent have a tendency to restrict ordera, and- stocks are increasing. It is fully expected that a rush will occur in a few months when merchants' stocks arc low •and require replacement. This will again have the effect of hardening prices. Doubtless a few lines will fall, but generally it is . expected that the bulk will remain stationary, and others increase a little towards the | .middle of the yea-. ! Tho December Review issued in December i b>- Messrs Boiling and Lowe, London, manufacturers of railway ajid tramway materials, etc., comments interestingly on the eteel trade i-i England. "Since the middle of the year,'' it states, "we have all had to face anxious- : and worrying times such as the trade has rot experienced at any previous period _ of its history. To some extept, this unsatisfactory condition of affairs has been caused by thi violent fluctuations in rates of exchange, difficulties of financing overseas trade, and in this country to the attitude of ■ labour iu extorting higher and higher wages, ; which might possibly have been borne by ; the manufacturer and other employers, had . the workmen played the game and done a | good day's work for a good day's pay, in- | stead of, in many industries, doing as little as possible. It must be borne in mind, however, that in Russia and some other countries trade has ceased, which accounts for the loss'of a considerable portion of the world's outlet of finished material. In Belgium, France, and more recently Germany, competition to secure business has been eo keen, that wholesale reductions of prices for semifinished and finished steel have 1 resulted; in fact during the last few months reductions of fWm £5 to £l2 per ton have been made, according to the class of material. There are ?igr.s ■«' a halt in some directions, but in qtners this cut-throat policy continues, and if prolong£d for any considerable period, will result in the survival of the fittest. In prev.fir daya the Continent, as is well known, was one of our best customers, and some of in countries continued to be important buycs. until :./oout a year ago. Since then the 'demand has practically ceased in consequence of the high premium on £, of the

excessive prices demanded by a majority of the manufacturers in GreH Britain, and also of the fact that their works, having been reconstructed they are iu a position to supply their own requirements and enter ink) competition for business abroad. The difficulties of financing tho world's trade have proved a. heavy burden for our bankers, and some time past manufacturers and merchant*, export) ng to various ports of the world, found to their dismay that documents could not be negotiated on anything like ordinary terms and conditions, and in some cases not at all. Those whose business is chiefly transacted with the Japanese, Indian, and Australian markets have felt the effect of this unprecedented money stringency, and South Africa, South America, as well as other countries, are finding, or certainly will find, increasing' difficulties in arranging credits. The business i] an has had' more than a full share of worry owing to the exceptional movements of values end difficulties in executing orders, which have been intensified by certain Government Departments, whose end we hope will be at no distant date. In conclusion, we have rarely witnessed such a pe?-iod of trade stagnation as exists to-day. and think that 1921, at any rate for the first six or nine months, will be one of fierce competition for every description of business, although, should r rices be brought down to a satisfactory level, and remain 'steady, renewed confidence would result, and the world's markets would respond, if financial conditions permit, as . railway (extension*, utility undertakings, and many "'branches of enterprise, ' which have had to be suspended during the last few years, could be proceeded with." FOREIGN EXCHANGE RATES. (By Cable—Press Association—Copyright.) (Australian and N.Z. Gable Association.) LONDON, February 3. The • foreign exchange, • rates on London afford the following comparison:— Par. Feb. 8. Jan. 81. Paris (fr.) •• 23.22?, 54.05 64.27 Christiania. (kr.) ~ 18.169 20.77 51.03 : Stockholm (kr.) .. 18.169 . 20.77 21.05 : Calcutta (rpe.) 10 to gold/sov. . 17d 16Jd i Montreal (dol.) .. 4.86 3.86 4.32 New York (dol.) .. 4.86 3.86 3.84j Yokohama (yen) .. 24J 29Jd 29* d Hoag Kong" (dol.) .. SS£ 31d 3CJd BANK OF ENGLAND RETURNS. LONDON, February 3. The Bank of England usturaa for the week ending February Brd afford the following comparison with those of the previous week: Jan. 26. Feb. 3» £ £ Coin and bullion .. 128,605,000 126,607,000 ; Reserve .. .. 18,049,000 17,142,000 Proportion of Reserve to liabilities, p.C. 14.10 11.54 Note circulation .. 128,485,000 129,600,000 Government deposits 16,081,000 18,6047000 Other deposits .- 112,528,000 129,862,000 Government securities 63,211.000 70.621,000 Other securities .. 75,107,000 78,697,000 Short loans, 5J per oent.; three months' bills, 6jj per cont. GOVERNMENT SECURITIES. The iollowing are the latest quotation* for Government securities, with a comparison with those ruling last week:— Last week. This week. £ a. d. £ ». d.

METAL MARKET. (Received February 4th, 10 p.m.) ' • LONDON, February 3. Couper-ASpot £SB Ga 3d. forward £6B 18s 9d. Load-Spot £22 10a, forward £23. Spelter-Spot £23 16s, forward £2* to. Tin—Spot £ 165 15e, forward £l6l 16s. Silver—37Jd.' PRICE OF PETROL FALLS. NEW YORK, February 3. It is announced (hat the Standard Oil Ccmpany his reduced petrol by .one cent r« Ballon, making the wholesale price 254 oento, and the retail price 30 cents in i™ Yorjr, f.sicl 29 cents retail in Ohio. MELBOURNE MARKETS. MELBOURNE', February 4. Barley—English 4a to 4s 3d, Cape 3b to 3s 3d Oats—2? 3d to 2s 4Jd. Potatoes—£s to £5 lOsr Onions—£4 10a to £5. TALLOW MARKET. The New Zealand Loan and Mercantile Agency Co.. Ltd., have received the following cablegram from London, under date 2nd ins>&nt: — . , Tallow—We quote present spot values Jor thf following d^scriotions:—Fine mutton £2 •Is per cwt. good beef £2 2s per cwt, mixed £ 15? per cwt. Small demand. Ntmiinal quotations. WANGANUI WOOL SALE. (PRESS ASSOCIATION' TELEGRAM.) TVANGANUI, February 4. Considerable interest wcxj taken by growers in the second wool sale he.d to-day. The sale, however, cannot be regarded as a eucce~» most of the wool being passed in, as t ne bidding lacked earnestness and spirit. CHEISTCHUBCH STOCK EXCHANGE. YESTERDAY'S TRANSACTIONS. reported:—N.Z. Government 5£ per cent Bonds. 1933, £3O 10s. LATEST QUOTATIONS. Buyers. Seller*. £ a. d. £ »• d. DEBENTUKES— N.Z. Govt. 4J per cent. Inscribed 1939 .. - 88 lo 0 N.Z. Govt. 44 per cent. ' Bonds. IS3B .. N.Z. Govt. 5J per cent. Inscribed, 1933 .. 90 0 ft 90 10 0 N.Z. Govt. 55 per cent. Bonds, im .. 30 0 0 91 0 0 BANKS— Australasia .. 83 0 0 81 0 0 Union of Australia .. 12 2 6 12 6 0 INSURANCE— New Zealand (cum div.) 17 0 South British .. 1 12 0 LOAN AND AGENCY— Dalgety and Co. .. 10 10 0 11 0 0 Golisbrough Molt. (Mel.) 1 IT 0

FROZEN MEATCanterbury N.Z. Refrigerating (£1 paid) .. COAL-Westport-Stookton ~ 0 S 10 Westport - Stockton (S p.c. r.on-eurn pref.) 0 10 0 TTOOLLENS-Kai-.niM iiirrf. re div. only) (ex. div.) .. » GASChristchurch (cum div.) BREWERIES— Manning .. 311 0 81« 0 MI3CELLANEOUSBeath and Co. .. Booth, Macr.onxld .. 0 19" 0 Cant. Publish. Co. ..100 Henry J ones .. Co-op. (Melbourne) .. 115 6 Mason, Struthers ',£ l paid.) .. 1 5 & 19 0 N.Z. Farmers' Coop. (£2 paid) .. .. Wbitcombo and Tomb? MININGWailii (cum div.) 1 10 0 Waihi Grand Junction 0 9 0 DUNEDIX, February 4. Sales on 'Change:—Now Zealand Insurance, 275; Dominion Rubber, 23s (two parcels). Sales reported: —New Zealand Refrigerating- Co. (10s paid), 20s 3d. « DUNE-DIM STOCK EXCHANGE. TO "THE PRESS.") DUNEDIX, February 4. Exchange quotations:—Mining—Talisman Consolidated, buyers 3s, sellerß os; Waihi, buyers 27a Gd sellers 293 3d; Mount Lyell, buyers 14s 3d, sellers 15s 3d. Investment—Bank of New Zealand (20s paid), sellers 48s 9&; Union Bank : of Australia, Ltd., buyers £l% -eellers £l2 ss; National lusurance Co., buyers 60s, sellers 635; New. Zealand Insurance Co., -buyers 26s lOd, sellers 275; '.Standard Insurance Co., buyers 455; P.. and O. Def. Stock Trust,/ buyers £348, Boilers £338; Union Steam Ship Co. (pre!.), buyers 18s lOd; Huddart-Parker (ord.), buyers 403, eeliors 48s 6d; Westport Coal Co., buyers 27s 6d, sellers 2Ss; West-port-Stockton (ord.) sellers 7s; D.I.C. (pref.), sellers 20s 3d; Goldsbrough, Mort buyers 84s 9d, sellers 36a; National Mortgage, sellers 475. 6d; New Zealand Loan and Mer-, cantile, buyers £6O, sellers £9O; Wright, Stephenson (ord.), buyers 335, sellers 40s: Dominion Rubber, sellers 28s; New Zealand Malay Rubber (ord.), sellers 21s; DunedinKaikorai Trams, sellers 25s 9d: Gear Meat Co. (ord.), sellers 40s; New Zealand Aefrigerating (paid), sellers 41s; New Zealand Refrigerating (con.), buyers 20s 3d, sellers 20s 6d; South Otago Freezing, sellers £5; Bruce Woollen Co., buyers 89s ;Mosgiel Woollen Factory, buyers £5; New Zealand Dru» Co, (£2 paid), buyers 69s 6d; New Zealand Drug Co. {£l paid)," buyers 19s, • sellers 20s; New Zealand Hardware .(ord.), sellers 17s; Wilson's Portland Semont, buyers 16s 9d; Milburn Lima and Cement, buyers 30s Gd, sellers 31s 3d; Trustees' Executors, sellers 535. Debentures—New Zealand Govei-nment War Bonds, 1938 (4§ percent.), sellers £B9; New Zealand Government War Bonds, 1939 (4* per cent.), sellers £SD. * CANTERBURY, MARKETS. , Friday evening. Reports continue'to come in of damage to crops—barley blackened' in tb« stock, early cut wheat and oats sprouting;, liearcy standing crops of both, "laid,'' and wheat crops awaiting the binder "shaken." Al burst of rough weather auch. as has been experienced v.ill naturally produce all- these results in various localities, cut as a rule the aggregate damage in such circumstances is much less than immediate appearances might suggest. However, apart from the loss in quantity there will undoubtedly be a loss in quality, as a good deal, of discoloured grain is' the result of the unseasonable, burst. There "is no rhoremont in oats worth EpoaKing of. They .showed signs of finning slightly, hut there were no buyers, and at present 2s Id,to 2s 8d is the limit of offers. The immediate prosiisets aio not promising for oven a slight recovery in price. .The cocksfoot harvest will also do affected by !tho rough spell. The official preliminary estimate of tho area under .potatoes, '27 per cent, less than .last year, is viewed by farmers within the Christchurch area as not wide of the- mark. Some put it down at 30 per cent., but She official figures may do taken as a fairly accurate estimate. Tho first reason of the decline is that the big grower ha 3 gone cult—this yeaf tliero are very few 50 and B0 acre croppers. Tie decline thus caused will be accentuated by the smaller yields. Tie succession of rain and heat spells has, given an undue growth to ihe "haulm" of tha potato at t.lio expense of the .tubers, and the big yields iof last year cannot be expected. With a reduction in area of 27 per cent, and e. probable reduction in- yield of 25 to 30 per cent.' it would appear that potatoes will not be over plentiful, i!aafticularly in view of tho fact that tho blight lias made its appearance ia some crops. However, there are no means of ascertaining the extent of the .potato surplus last season, as so much was allowed to lie in the pit. This was so large that evidences point to a sufficiency for requirements. Export *o Australia may be dismissed in the meantime. Apart from the | question of tie embargo the price in tho Commonwealth leaves no margin for export. Onions are quoted oit £6 10s at wayside Btations. Homo papers to hand' provide particulars of the "sharp slump" in tho price of groin during late November and early December, I which completely wiped out the margin upon [ which export of oats from here to tho United Kingdom was possible. The grain drop i 3 causing a good deal of uneasiness, it is stated, among fnrmers, and is described as the first rude fall in the upward trend of prices since the outbreak of war.. Badly-conditioned grain is ascribed as the cause of this. One report, roferrin? to the Scottish harvest, states that the sodden «n'J discoloured grain has clogged the market to such an. extent that even first-quality o-ts and bailey are difficult to vend. All over.- tho country largo quantities of grain, some in stook and some uncut, ljy .for savc-.ul weeks exposed to the full iurv of the Sottish autumn weather. Tho j rain fell, the skit fell, the wind br.ait upon it, and when tlio belated spell of fine weather came in October, the grain in many •Jistricts was a sorry mess. Even soughin'. winds of late autumn could not undo tho damage that had bten done, and, as a result, farmers decided to "thresh out" as soon as possible. The rsEiiit is that the soft and •damaged .grain has. beeiK pourinc; "inta the- , markets in larj? quantities. During thfl past week or so it has-, in fact,'become almost .unsalable-, R.sid this has. of. course, reacted on the price even of the best qualities- of cats and barley. The result is that prices have "slumped" by about 200 to 23s per quarter, comr>arcd v.ith tho rates current a year ago or «vcr, fix months ?go." , The article «t:rt!>3 tluiii the improvement of transport facilities, falling freights, and peer supplies from abroad, with the ample harvest generally in the United Kingdom, tended to depress prices a little, but the real reason of the slump is as stated. There is no maximum price for oats at Home, but there is a guaranteed minimum o: 24b per quarter (3n a bushel) -under the Corn Production ] Act. It is not expected £hat the prio will j crop to this figure. A great demand for seed in the spriug is forecasted The following are probable prices for »w reason's produce, as based on merchants' ideas, and also the prices fixed by Government for other lines, the prices being those paid to farmers At country 6talion3, fr-i-o of commission, sacks extra, except where otherwise stated : Millinjr Wheat—According to Government prices: Tuscan, 7s 6d, f.o.b ; Hunters, 7s ud; Pearl, 83. Oats—Gartous. 2s Id to 2s 3-1 Chaff—£3 to £3 10s. Perennial Ryegrats—3s 6d. Italian Ryegrass—33 6d. Cocksfoot—7d to 6d. - Barley—7« to 7s 7d. Potatoes—£4 to £4 10s. Onions—<£6 103. Bran—According to Governmnet price, £7 15s per ton, f.0.b., main ports. Pollard—According to Government price. £7 15s per ton, ix>.b., main ports. Local nrioes: Bran £8 S3, pollard £lO ss. * Oatineal—2s's £25, 7's £2a

FRUIT AND VEGETABLES. \egetablcs have been in good supply during the week, and prices, if anything, haw been slightly lower. The demand, too, has Hot been quite so Iteer.. Stone fruits 2»*f> been coining in free]y during the weei. Ti» demand remains keeu, and, with lb* ««■»- tion of (lie wet days, prices have been higs. Local apples and pcavs have bo»n in better s'ipply. Tho 'leninnd for these also hj»» i»creased. The following wen? the average prices at auction this week:—Apples, local, prf casn 14s; apples, cooking, per case, 9s; apricots, dessert, per lb, 4d to 6d: aprionts, cooking. per lb, 3d to 4d; bananas, Cook Island, per case, 365; currants, black, per lb, 4d to s}d.cherries, dessert, per lb, la to Is Oi; chifrries, cooking, per lb, 8d; cocoarruts, per sack. 255; grapes firsts, per lb, 2s to 2s 3d: grapes, seconds, per lb, ,1s 6d to 1» lfld; lemons, 'Frisco, per case, S3s; pineapples, Sydney, por case, "35a; pears, cooking; p*i case,'4s; pears, dessert, per !b,Sd; peaches, cooking, per'lb, 3d to-4d; petohea, daasart por 3b 4d to 6Jd; phims, cooking, per lb, 3d > plums, dessert, per lb, 4d to sjd; raspbec rie-vper 1°» la '> "tomatoes, sauce, per lb. 10d to la Id; dossert, per lb, la 3d to Is 6d; walnuts, per- lb, la; beans,. French, 3d to 4d;'•.beans, broad, 2d; bcot, per As bundles, Is'to Is. 3d; 'cabbages, psr doa, 4» to.6s; oauliflbwors, per do*, f* no Ss: carrota. per doz, Is; cucumbers, hothouse, per !b. 1»; cucumbers, outdoor, per case, lfts; gi**n peae, U to la lOd; lettuce, per doa. 8d to lOd; marrowe, per doz, »s to jotatoea, per. lb, Id to IJd; onions, locai, r.er sugar bag, lfJ; parsnips, per doz, Is 3d; rhubarb, per doz, 2s to 2s (3d ■ spiring onions, per doz, 1b to Is 3d; turnips, pvr dos. 3d to lid. TIMARTJ. (BMCIAIj TO "THP PRESS.") TIJIARU, Februarr i. The first of the new. wheat was offered i» town this week, and ft found « vary ready market. It was in excellent condition. To* threshing of the line from which it came was not completed, so it woe not possible to ascertain the yield. It ia certain, however, that the yields generally are going: to be much better than was anticipated a month or mx weeks ago, so with fair weather conditions tu large quantity should aoon be ready for tas market. Owiny to tho shortness of the sttf»w. threshing will be got through more expediteouely this year' than last ye*r. Very few oat* are offering. A careful survey of the crops by a- visiting merchant :**» week led him to the conclusion that the crop", generally distinctly diseppointing. The late sown oats «re ttiumvog signs of rust and amut, and although ttey look fairly well, they are found on c:oso inspection to bo not nearly as pood as tV-T look. There are, of course, exceptions, and in the case of these' crops heavy yic.ifa ~i« promised. B gTede Gertona are quoted: «• day ot-2s 3d to 2e 6d at country station*. Algerians being quoted normni-"- «♦ " "" 2s 3d. Growers in most cases snoa- M apposition to accept present. <i.»il ... >.-•. Qaten sheaf chaff ia auot ~d »t t? *-• r per ton for "new, whilst last season'* is nrtJ 10u more. Very little barley has been offered so Ur. II is worth to 6d to Bs 9d'on tracks, *»&*» eitrfl ' ..'-«• . A few lines of ryegrass have been offering, but meroh*nte*are showing a disincbnat»s to operate, being' deterred by the carry orer fiom hist season. Perennial ia worth 3a 6d to 4s 6d, and Italian end Western WoliM : 33 6d to 4s, on trucks, ' The acreage in potatoes in North, Otago and Canterbury is set down in tho official statistics as being less by 27 per cent, than it was last year, but this is not considered at a'l reliable. A trip • through South Canterbury certainly does not leave the impression that the acreage in potatoes is any smaller this yoair than it was last year. The crops s re looking excellent.' Beports of blight and damage through heavy rain in North Canterbury caused the value to harden a little daring the week, and to-day's quotation is £5 5n f.0.b., a.i S _ BLENHEIM. rsrEOUL to "the pkkss.") BLENHET3I. Februarr 4. There is wery Kttle doing in the produc» markets. The only line in which any busi- • Sese has beeo taking place is cnaff, and th» us been unfavourably affected by the hign ccst of freights. The difference in tho freighto to Wellington ts between on the one side and Hawke'a. Bay and waj-

-,-apa on trie other fide is so great as irainst Blenheim, that the merchants here ,nnot do business except at a rate atxmt £l •ton bc'ow what thoee in tho northern disfrlVts cJn afford to offer the farmer. Th.it iVhiea t'i» -o«! market down to £3 a ton •J iho st.uv.. This price is hem- paid row, i i* ver.- little movement. The projection "of chaff in the North Island this .»<■"- is crater than ever it vas. and t.ic •ewers ther->, :t U lx.die.ved, are in a po-:-FL, (o .meet, the demand at Wellington and • »tW to a very large extent\ it r.'« tully. Ba°y imported chaff, ohtiirunk it f ro m Blenheim, but o'i thi= occa■toTS is estimated it w.il have a. surpms «f twentv thousand tons or so lrr cxpo-.;-fL There is also a hi? production ,n «:giK ' our district. These bein* the ennjjitfon* the contrast between last yea,-s gc-:d ? Smn and the present outloott is ver> SSri. sbe farmers here ere net shown,-

fny great inclination to accept the lower prions no a- ruling, but it is considered very doubtful whether an accumulation, of stocks renin turn out advantageously in the end. The market for barley has not yet opened, hut it- is not anticipated that tho "free barley will reach a, price equivalent to that paid for barley grown under contract. The local price may be expected to be governed by the southern markets. DUNEDI>"(. (SJECIAI, TO "TOE PRESS."! DUNEDIN. Febntarv 1. Little business in oats has been don* at reduced rates, but the market is still vfrv (,iii?'.. Merchants and.millers are only bi:;':u? tii!>ir immediate requirements pending t!;-? »>rivg) of the new season's crops. Goal miiling Gartons2s. Gd to 29 9d, ~ood to best

feed 2s Cu to 2s Gd, Sparrowbills 2= Td to 2s Od. There is not a great deal of chaff cr:.-.i"r to baud, but the demand is correspondingly slack. Only prime lots are saleable, -it lit and inferior lines being neglected. Pii:::o oat«n sheaf to £6 10=. .rood to best ft id .£0 to £6 ss, light and inferior from £5 ner ton (sacks extra"). INVERCARCILL. (SPECIAL TO "THL I'JlfSi."', INVEKCAIIUILL. l-'ebruarv 1. Oats—The- market continues firm ut the prices quoted last week, iir.d sevt-rnl salts oi A grade Gartons are report-id at. 3 s 3-.i, fo.b., s.i There is also a fair enquiry ior B'.-. ior forward delivery, spread over several months, and buyets ;:',e offeriny 3s 2d f.0.b.. s.i. Chaff—Tlie mark-it continues weak, and few purchases have be:ai mad? by merchant*, who. are not anxious to buv" at ±<i on truck.-. There is nut, however, a crcal deal offering, and the supplies a.'aiiabie .-hr.iid bo easily absorbed t>cfor-i tha i:e.v ihaif i>. ready ior delivery. l!yegia._s —Up in the present no ;;p!cs ::.<* lepurtei, and only one or two Jmea havo been offered. It is uniikeiy that opening piiees will exceed from 3s to 3s (id. These prices eni,not be remunerative to the farmer, and several have indicated their intention of holding in expectation or better values. There has been enquiry from thp North during the week'for dressed seed for immediate delivery. Potatoes—The mark-tt for shipment is still weak, and prices indicated for delivery during lite months aic i's to £5 ss, f.0.b., s.i. Kemp—There is no change in the ma'iket. At the annual meeting o! the Chamber of Commerce to-day the chairman iMr John Gilkison) gave, figures showing Southland's exports for 192'), the figures beiag based on the actual exports from, the province- and not on the Government returns. The total value was £t.',245,722, made no as follows: Wool £070,000, cheese A' 535,000, butter and milk products £27.1,00", frozen meat £467.000, tallow £.12.000, pelts and . slino £104.000, hides £20.000, cattle, and sheep railed out XJIJ.OCO, grain and produrt:—ryegrass, Fescue, and Dowtail— £31*.010, timber, etc. £255,000, coal £41,000, hemp and tow £60,000. FEILDING HAM FAIR. (press association- tei.fi;isam.) FEILDIXG, February -I. The Friidir.g Kam Fair concluded to-day. Stud Soutlidowns fold well, tho best price "being 32}gs for a ram •sold on behalf of James. Knight to L. Wall (llanawatub Flock Southdowiia, niado up to 15gs. All good type sheep were briskly fought after. Lincolnsi were not required, the highest price being ilsrs for a shid Lincoln offered on behalf of W. Perry (ilasterton). There, was no demand for Southdown ewes or Shropshire ewes, but Shropshire rams sold up to 6gs, being a better price than previously known here. ST CD STOCK IMPORTATIONS. There was landed at Lyttelton yesterday, from the Wailrou-iifi, and quarantined at Quail Island, a small, but valuable, consignment of stud stock from the Old Country. It comprised a three-year-old Shorthorn buf! for the Knapdale Stud Farm (Gorei, bred in the South of England, a Berkshire sow for Mi- H. F. Xicoll (Aahbm-t-an), and four Border Leicester rams, consigned to aicaara 11. Matson and Co. A prominent Scottish breeder of Borders (Mr Hoss,. of Cullodon) was represented amongst the latter. WELLINGTON GAS COMPANY. The fifty-first annual general meeting of shareholders will bo held on Monday, the 14th inst., when the report and balancesheet for the year ended the Hist December, 1020, will he presented. The directors report that, notwithstanding the difficulties of the coal supply, there has been a good increase in gaa consumption. In order to meet the increasing demand for gas, large extensions of the manufacturing plant have become imperative, and the. work of installation is now in progress. To meet this and other' necessary works expenditure considerable new capital will be required m the near future.' An interim dividend of £. per cent., absorbing £5894 10s, was paid in August last, and it is now proposed to declare a final dividend of 5A per cent., amounting to £12,967 18a, and making the- total distribution 'for the year 8 per cent, on the ordinary shares, as compared with 5 per cent, the previous year. The net profit for the year amounted to £34,354 Is sd, making, with the balance of £21,218 Is 9d brought forward from la.st-year, a total of «55,07i--34 2d available for distribution. The dividend of 5 per cent on the preference shares amounted to £4228, and the dividend of 8 per cent, on the ordinary shares, as shown above, totals £18,862 Bs. It is proposed to write £4OOO off Property and Plant Account, transfer £7GG4 to Depreciation Reserve, £2400 to Ketort Settings Kenewal Reserve, and £3OO to War Loan Suspense Account, leaving £17,917 15s 2d to be carried forward. Tho paid-up capital of the, company is £320,340 i,i 23,578 ordinary shares of £lO each, and 84 560 preference shares of £1 each. The Reserve Accounts include, premium capital £12,990 10s 7d, retort settings reserve £3400, taxation reserve £16,000, depreciation reserve £35,235, and bad debts reserve £IOOO. Freehold property, buildings and plant, etc., stand in the'balance sheot at £407,227 7s 7d. EANGIOEA IIORSE SALE. There was an entry of 90 horses at the Hangiora_hdrae sale yesterday.. farmers being busy with their harvest, the attendance to not as largo as usual. There was a good demand" for serviceable farmers sorts, and the, high prices ruling lately wera well maintained. Best five "and-aix-year-old draughts made from £45 to £6O, others £'>s to £4O, older sorts £8 to £ls, light horses £5 to £2O. A four-year-old unbroken filly made £3G. .

2* per cent. Imp. Con. 5 per cent. Imp. War 47 17 6 48 0 0 Loan (ex div.) 85 17 6 85 0 0 8j per cent. Imp. War >Loan 64 12 6 84 15 0 5J per cent. C'weoilth Loan 97 0 0 97 0 0 5J per cent. C'wealtJi Loan 94 9 6 94 12 8 N.S.W. 4'«, 1938, Jan.July 74 0 0 73 12 8 N.S.W. 3£'s, 1935-50, Apri Jan.-July •• •• 59 5 0 59 5 0 N.S.W., 3's, 1935, AprilOctober 56 7 6 56 7 6 3T.S.W. 5S'g -. 94 7 6 94 7 6 N.S.W. 6J's ... . •• 99 10 0 Vic. 4'b, 1921-6, Jan,- • July • ■ 88 7 6 83 17 9 Vic. 3i'a. 1929-40, Jan.Ju.y ■• •• Vic. 3's, 1929-49, Jan.55 0 0 55 0 0 July 60 0 0 60 0 0 Q'land *'«,■ 1924, Jan.July 87 10 0 87 17 6 Q'land W«, 1921-24, Jan.-July .. •• 86 0 0 86 7 6 Q'land 3' 8, 192247, Jan.July • • • N.Z. 4's, 1929, May53 10. 0 54 5 0 ■STcv. 85 15 0 85 10 0 N.Z. 3?,'s, 1940, Jan.Julv 69 0 0 68 17 8 'N.Z. 3'a. 1945, AprilOctobor 58 7 6 58 7 6 S.A. 3.5's, 1916 or after 66 15 0 67V 0 .0 8.A. 3's, 1930, Jan.Julv 49 0 0 49. 2 6 'J?a<r. 3i'«, 1920-40, Jan.k July 67 9 6 67 2 6 Tas. 3's, 1920-40, Jan.July 60 0 0 60 0 0 W.A. Si's, 1920-35, MayNovetaber 69 .0 '0 69 0 0 TV.A. 3'a, 1915-85, May67 5 0 November 67 0 0