COMMERCIAL.

Press, Volume LVII, Issue 17221, 11 August 1921, Page 7

COMMERCIAL.

OUTLOOK FOR WOOL. SIB MASSEY OPTIMISTIO. (By Cable—Press Association—Copyright) (Australian and N.z,. Cable Ass* iation.) LONDON. August 9. At the reception by the Chamber of Commerce at Bradford Mr Massey said the present trouble regarding New Zealand wool aro&s from tho accumulation of British. Government stocks, equal to one season's clip. In the present state of British finances there was always a possibility of wool being marketed with a view to cutting the loss. Bradford stooks wore lowj. He understood that wool speculators were already beginning to operate in anticipation of a rise. Reports from the Argentine indii cated that cattle were beginning to supplant sheep, because the latter.were ' unprofitable. All influences were coI operating in favour of New Zealand . wool prospects when the present slump had passed over. The Australian Press Association interviewed Mr Massey, who eaid: "The impression I received after meeting the principal leaders of the Bradford wool trade, who discussed the position with me publicly and privately with complete frankness, was that there ie every reason to Believe that the low prices cannot last long after the Continental markets are reopened. Germany is already developing a considerable demand for New Zealand wools. Poland and Russia are suffering an unprecedented shortage of clothing, and must ultimately be re-clothed, unless allowed to perish through the cold of the approaching winter. Furthermore, tho world's present output of wool is not eeual to pre-war supplies. There is also a common shortage, which must create a demand for wool." NEW ZEALAND IRONSAND. SMELTING TESTS IN ENGLAND. (Received August 10th, 7.85 p.m.) (United S»t»lm>.» LONDON, August 10. Mr Massey will Inspect the plant and witness a demonstration of smelting iVew Zealand ironsand at Darlington. If the results • are satisfactory, it Is probable that works will be established in New Zealand. FRUIT AND JAE AUSTRALIA'S BOUNTY SCHEME. AN OFFICIAL, EXPLANATION. Mr W. G. McDonald, Chairman, of the Board of Trade, has made, with the authority of the Hon. G. J. Andereon, Acting-Minister of Industries and Commerce, the following statement in.reference to the Order-in-Council, which prohibits the importation of jams and fruit preserves from Australia: Some of the newspaper comment onthe Order ehowß that the critics have not given adequate thotg t to the fasts which necessitated prompt action by the Government to safeguard the Dominion's fruit-growing and jam-making industries against the disastrous effects which unrestricted dumping by Australian exporters could cause. It must be understood clearly that the Order is not aimed against cheapness of jam: the purpose is to prevent the injury of New Zealand industries by the unfair competition of bounty-fed imports. Here is the plain truth in a few 1 words. The price of sugar for consumption in Australia is approximately ■ the same as in New Zealand; In the Commonwealth the sugar trade is controlled by the Federal # Government, which haß prohibited the importation of sugar. Australian jam-makers pay about the same price as New Zealand manufacturers for sugar, but in order to help Australian makers to develop an external trade, the Government recently granted a refund of £2O per ton on sugar used in jam for export- Such a big reduction in price would give the Australian maker a very large margin of bounty to enable him to undersell New Zealand manufacturers. In the face of threatened invasion of bounty-fed jam it wne obviously necessary to take measures of protection here. If the Government had had the statutory power it could have imposed a counter-vailing duty equal to the amount, but in the circumstances, the only practicable course of protection was by an Order-in-Council to prevent j the importation of the Australian bounty-fed articles, The Australian Government has decided on a policy of bounties on export jam to help tho Commonwealth's manufacturers. Unless immediate protective action had been taken here, the Australian manufacturers would have benefited at the cost of New Zealand's fruit industry. This industry is just now recovering from the difficult war years. At the time when it is hoping for better results, it could not possibly face the killing competition of the Australian bounty scheme. The Government also has a stake in this industry, for it has advanced considerable sums for purposes directly and indirectly connected with the raising and marketing of fruit.

Far from enjoying a bounty on export, New Zealand's jam-makers were subject to a prohibition against export during the period when New Z.alanders were having cheaper sugar than people in other countries. This prohibition was imposed in order to assure an equitable distribution of the available sugar for consumption within New Zealand.

On the general question of the effects whiph a bounty-fed industry of one country can have on a similar industry (not helped by a bounty or its equivalent) in other countries, there is a very interesting article, headed "Organisation and Defence of Industry," by the lata Mr George Martineau, C.8., in "The Nineteenth Century" of May, 1919. After reference to the almost total annihilation of the British eugurrefining industry by the unrestricted competition of the bounty-ied sugar or Germany and other Continental countries, Mr Martineau remarked: "The timo came when bounty-fed beetroot sugar from the fields of Northern Europe had entirely monopolised tho British market, and actually furnished more than half the visible consumption of the world. The effect of this on tbo interests of the consumer was manliest, and fatal. Whenever there was a bad beetroot crop in Europe there was n temporary scarcity of sugar and a serious rise in price. The whole of tho trouble was caused by tUe refusal oi Great Britain to defend British markets, British industries, and, in fact, the whole world against the threat of a foreign monopoly." A Solect Committee of the Hoube or Commons, which enquired into this question, stated in its report:— "There can be no doubt tnat the effect of tiho bounties, so long ns they continue, is to reduce the price and so benefit the consumer; but if another effect of the bounties is to drive the natural production out of competition, the present advantage in price may be

dearly purchased by the enhanced price that wouid tii-.-n pievail." The Committee reported in favour of a countervailing duty ; omiivnlcnt lo the bounty, but ti'ie British Government shelved the report "on the pretext" (comments Sir Mnrtineau) "that ifc» recommendations were contrary to out 1 engagements under the most-tiivottrrd' notion clauso in our commercial treaties *'

The British Government's unwillingness to protect British industry festered the Continental industry, hut V*y Government of tho United States a different view. "It obtained accurate information of the nraount of tho various bounties,'' wrote Mr Moriinonu, "and levied on equivalent countervailing duty on tflie sugar." The Into Sir Robert Griffen, of thn British Beard of Trade, was one r{ the> most active and enthusiastic defender* of "foreign bounties and cheap mic.nr." but he lived long enough to change hit opinion. Shortly before his death 'hfl declared his belief that "all tho conntries affected by these bountk* were quite entitled to take exceptional me*" snres to put an end to them. . . . Whother we might gain temporarily in consequence of what foreign countries gavo us by those bounties, Chev were not to be endured."

Those words apply with truth to tho Australian s.hemo of bounty on the export of jam. If the price to Australian consumers was on a parity with the export price, the case would bo very different, but Australian cmnomers hayo to pay prices brsed on the full price of sugar. As the rebate of £2i> applies only to tho Rttgar nwd in tho jam for export, the New Zealand Government w«s obliged to tako elfrctivn action against a scheme which would help Australian industry in a mensm* proportionate to the injury to similar industry in the Dominion. FRUIT AND FISH. (special to "mt paras.") AUCKLAND, August 10. The Eastern Pacific Islands' frnit trade with Auckland has latterly shown a marked decline, the reason, it is stated, being that the prices asked by natives are now considered by merchants to be prohibitive. Mr H. Tnrner, managing director of Turner* and Growers, Ltd., stated that the natirra in the Eastern Pacific group, like many other people, secured high prices for their produce during the war period, but tiieir present difficulty was that they had not been able to appreciate that values had fallen considerably once tho country returned to normal conditions. The cost of landing orange* in Auckland, including cases and material used in packing the fruit, was approximately 10s per, case. At the price asked by the natives, the retail cost' to eorawtnv ers would be, such that them would bo no market for Eastern Pacini frnit. The steamer Flora, which arrived from Rarotonga this week, only brought 8,000 cases of oranges, instead of tho usual 8000 cases. He expressed tho opinion that some influence* were at work among the natives, and this had led many to decline the prices offered by merchants. The Auckland fish market is still bare of supplies, the position being stated to be tho worst experienced for some years. Catches during the mat two weeks have been almost mglmNSy as stormy weather has practically made trawling impossible. No. line Asa have been received at the municipal depot for a fortnight. No whitebait have been received for some days, and until the weather moderates them m little prospect of adequate supplies being available. Rough weather continues to have an adverse effect oil sapElies of oysters, and the market 1» are.

BBrrxss rißM'B sn vbxl (By Csble-PMM Aswrtslftia CnuilfsHl (Australian and K.Z, (Mis &mxm*a9 (Received- AugnSi 10th, 9.80 pjnj LONDON, Angus* 10.

The Berlin correspondent «f *■* "Daily Chroniclo" says tfao FoKHttt Land. Timber and Railway a British concern; has purchased Jtoa* ner'e Hambrirg tanning did djvmtffcfr paying 6750 marks for each WOO mark* « Share, totalling 14,000,000 aural. IB* German works drew the bulk of mi*, raw materials from the -AfgnttaM, where the Foreetal Oostpafty bag *»«rwhelmed Renner's. The Forastal ofMMu tions are world-wide. The eattpsey has a capital of more than £5,000,000; TBADB WITH XSB TBTiftstDE (rasss ASSOCttTIOIf wwwtw.) . TQIARCr. Angus* Mt A conference of tmafnese nan is* terested in the Island trade rtlaunojwl Auckland's position, fa tflpr of tt* Fijian Government's emngeasCßS witli the Commonwealth line for atiaaistttt connexion between Great Brtteos, F|jf, and Australia.. Emphasis wae laid eft the decline of the Auckland trade of recent years, and on the need for a regular service to recover It. A earn* mittee was appointed to coafar witli the Chamber of Commerce. " i WHERE AMERICA LOSES, IGNORANCB OF POBEIOW UAS» (took ora oww coßaconHmm.) SAN FIUNCISCO. July 6V A special dispatch from Big* and published widecast in the United Stale* has caused Americans to rub their eyel ; with surprise showing in tuunistakeabh! j degree some of the defect* of tbr-r methods of socking foreign trad* and displaying lo them in teding faaboa where England and other countries are considerably more far-sighted in the ] present-day competition for the world'* | trade. $

I The Riga writer, who b•» iawf* I can sny<* millions of dollar* in read* & cash' are going to Engliiw, German and s Dutch firms troin the Baltic *}taie» be- ) <>. cause of the almost unbelievable dbiud* r iliarity of even the largest American ■ firms with foreign trading conditions, r and oven geograpny, say Americas* iB - itiga. Dozens of big wden for whicn j casti was actually in the baakajo ««w i York, have boon lost to America ws- , cause of what American repweentetirea ; in the Baltic States term absolute *to» pidity. . . I "it is time," said one of these Affle- : ricans in Biga, who haa bad to pfa** " many orders in German* and IB Ewt» land, when America could haw had 1 them, "that the heads of American " firms realise what the subordinatea in ? charge of their foreign trading depart* merits oro doing for them. I "Most ot them, brought up «0 ao- * called American efficiency system* that ■ j may work well at home, bat are tbtoU ■ utcly Hopeless abroad, try to do bmhwsa k in Europe according to 'form 22* of ' ' 'form 24* or whatever form tbejr tttttfi ; apply to similar deals in America; T# illustrate not long ago 1 had as urgent cash order for 40,000 wnts of on* • clerclothing for a Baltic State, 1 telegraphed to n big American firm: 'What t your price 40,000 suits Heavy Voter* , wear, cash against document* Star York.' j "Two or three days later, when some ■; r bright voung credit man had tried to > digest thin telegram, I received ■ cahl» > saying: 'Wire your credit rating awft .1—: - „

* referents A [Now* I suppoee iis 'form V"22*i r&ttired<flhim. to do that, but 1 « A*"wjred«3jacT*:i , My credit references are ] in-New York bank. What are ( * iyoutr prioesPj < - , . , . , ; r "Some7daya later I received a tele-^] '4 gram-saying: 'Price dollar twenty,' or .v'fe'BOnietoffi Jake ihat. More valuable exchange of tele"ih&tdnft asking \ what they meant, per per -suit. The result was ] *% English firm. My from,iiiwa& jnai what The telegram gave the price Vp&C>awt, -weight, of shipment, probable everything I 'lbwanteiwfaiow>' J The English-firm got ***"*••* *"; '. . ipfe* write''American firms for J «^»taToguek,tl v jget' catalogues without X^pricea??'*!''suppose J they think it h unthem. Then I write f^fw'pride' , get price-lists with|&iv©ut 'catalogues. 1 1- - 1 * 4<S> J < Germ anv ' or British firmspnnt com--%'pletet.eatßtegueß, giving just what one \l£& wants ;to,.kiowl; 4 valuable t and get American in trade in Riga correspondent a cablegram *TV from one "of the biggest oil companies &§&s& it reply to his telegram, £ which* said: /'Quote me price refined oiUdelivered«Eiga." The answer " oik has gone up twenty >.* yw* Wow-Jftßaid -this American dealer, 1 « w Want , 'td, know about vcrude to, figure otit J its price would have |„S?Off.,ooal^oU* that badly wanted by F&£'njy f b%9« > » *" / f v«"* ' ' 'ridiculous cases I *^'siE«ref w telpgraphed'directly heads and have received prompt e^^tisf»sSon. c ,But'l hayen?t the time wnte all of them. -.So the Ctermana orders." %ss*l" ' \Schoolniaster Abroad. s half of the letby American firms to the Balbear only two-cent postage ?- rf causing, indignant prospective down in their pockets to postage due in roubles or whatever the unit happens Cries' such-Vs <."Riga,' Russia, via the SKigf Pacific ¥?( One letter,*, in reply to a reti££Ofpu& for.Mv for ..cash a big consign* Ikamenfc of goods from New T«rk to Riga, firm"'was sorry, "bnt had no facilities on the Pacific I" firms lack knowledge WsMjMulQml regarding New Zealand and business man in commercial circles in the remarking to a New visiting the American EH|wfc'"S<> y°o are from New Zealand P the capital of Australia, is it ■lM^btf/^'-;The New Zealand Official was ■|P?Smaßed at such monumental unfamiliar* the geography of Australasia. ||||§ v £Many* inaccuracies appear in Ameri-j^^o^n-geographical text-books used in mS^B»^^ -schools of the country, and a ago a well-known Austraresident in Chicago, pointed numerous misstatements in the |feAjMS|jiw books -used in Illinois, and after «|-Jg'lSigotiatioiiS'he was asked to correct the ffjf&ljqftib,* and when new issues were print* &?£?4ißsßfah. contained 'alterations regard-S-~lS™B information relative to .NewJzea||^lai%and< u Australia, ; Melbourne and given- their respective who'have limited |g^jinfo are'parochial* in their J *vie^ i havefFmo«t fcasy oronion of AusJhinklhfli/that. ti» .Cbntinent

of Australia is people by wild men—cannibals—and by kangaroos. It is sSailar to what Eastern Americans believe regarding Western States, that they bristle wjth cowboys hunting Red Indian scalpers! BANK*SHARES. (By Cable—Press Association—Copyright.) (AustreHam and N.Z. Cable Association.) LONDON, August 9. Banks—Australia, £B6 16s; New South ■Wales, £32 10s; Union of Australia; £l2 2s 6d (ex div.); National of New Zealand, £5 lis 8d (ex div.); New Zealand, £7O and~£2 6s 6d; New Zealand Loan anad Mercantile Agency Co., £57 10s and £B4. AUSTRALIAN WHEAT FREIGHTS FIRM. LONDON, August 9. . Australian wheat freights are firm. Several steamer, fixtures for September-October loading have been rmade at 76s per tori. AUSTRALIAN CANNED FRUIT. LONDON, August 9. Mr J. P. Cox, representative of the Victorian Orchardiste' Co-operative Association, has sold the whole of the season's pack of 75,000 cases of canned fruits at prices which, he says will repay' the Federal Government's guarantees and leave a substantial dividend for the growers. dairy Produce. Dalgety and Company, Limited, have received the following cablegram from their London office dated August 6th:,—"Butter: Market quiet' but steady. We quote Danish 256s to 2625, other descriptions unchanged except Australian, which is 5s higher for uneaJted. Cheese: Market firm. We quote New Zealand coloured 128 a to 186s, white ;182b to UOs." HIGH COMMISSIONER'S REPORT. 1 Tho Department of Agriculture- has r* 1 ceived the- following cablegram, dated August 6th, from the High, Commissioner for New Zealand, London:— , t MEAT. Market' remains very firm, indeed for lamb, for which demand is good. Discharge from steamers slow, and. all available stocks going into consumption. Mutton, position only fair, and price much about the same. Quotations are:—•• August 6th.- - July 80th. July 23rd. l - N.Z. Mutton. Light-weight: BJd 7Jd to BJd . 8d to BJd Heavy-weight: GJd 61d to 6Jd , 6d to 6td ■ Ewes: 5d to Bid NX-Lamb: • Is to Is l?d Is to la 2d Is Id to la 2d N.Z. Beef. Trade alow. Hinds: Sd to 7d 6d to 7d 6d , Fores. Sid to 4Jd . Bid to 4id .8} Argentine Chilled. Scarce at prices / averaging. Hinds: / 9J3 9d to IOJd lOd to lid ' - "" Fores: 4Jd 4d t« 6d ed BUTTER. Market remains quiet. "Demand checked hy high prioee, which, however, expected to be maintained for a long time to come. English: Very little available at from 250s to 255s per cwt. (2s 2Jd to 2s BJd per lb). Danish, easier: August 6th—2sßs to 262s per cwt, 2s Sid to 2s 4d per lb. ' Julv 30th—260s to 264s per cwt, 2s BJd to 2s 4Jd per lb. July 2Srd—266a to 270s per cwt, 2s 4}d to 2s-6d per lb. , New Zealand. First and second •,' . ■> grad°: August 6th—2s9s to 262s per cwt, 2s 3Jd to 2s 4d per lb. 1 } July 80th—259s to 262 a per owt, 2s Sjd to ' 1 2s 4d per lb. c , . ■ *" July 28rd—259s to 262s per cwt, 2s Bid to I! 9s 4d pet lb. < I Australian: J Demand quieter. (1) First grade salted; I (2) salted, first:-and second ffrade together; ' (8) unsalted, first and - aecond grade to- ' i eether. ' August- 6th—a) 21?s to 244s per «**. * lid to 2s. 2fcd per lb; (2)'239s to 241s per ■ cwt, 2s Ud -to 2s ljd mt lb: (3) 244s to 246s per cwt. 2s 2d to 2s 2id per lb. , July SOth—(2> 236s to 241s per ewt, 2s ljd to 2s ljd per lb. ' July 2»rd—(2) 239s to 241 a per cwt, 2s lid to 2s lid per 2>. > Argentine. August to 228s p«r owt, la Ud t to 2s Oid per lb Julv Soth:-414« to 228 a per cwt, Is lid to 2i> P*d per lb. . Julv 29rd:—217a to 280 a per owt, Is UJd to 2» OJd per X>. Free Argentine. August 6th:—2l4s to 224s per ewt, Is lid ■ to 3s per Jb. I July 80th:—214s to 224s per cwt, is lid , to 2a por lb. - July 23rd:—214s to 224s par cwt., Is Ud j to 2e per lb. 1 Government ex store price:— > August 5tK to 11th. ' New Zealand. Australian Argentine. > Ss7s ' 2408 225s per cwt. • 9i BJd Sa lid 3s n per lb ; July 29th to August 4th. 1 257 a 240 a 225 a > 2s3id 2s lid 2s 1 ' July 22nd to 28th. I 257 a 240s 225 a f SaSid, 2k lid ■ 2a CHTiF.SE. i Market quiet, but 'firm. English in- abort T".-.: . --^—^^™^————

supply. Finest farmers 145e to IGOs per cwt (Is Sid to Is 4d per lb). . Canadian. August 6th:-Whit«: 132s to 138s V*J <"*> U2dto Is 2id per lb. Coloured: 132s to 136b per cwt, Is 2d to Is 2Jd per lb. ■JuljT3oth:-White: V*a to 136s P«r cwt. Is 2Jd p»r lb. cwt, 1 3 2d to Is 2Jd per lb. . July-23rd:-White: 130s to 134s per cwt, le 2d to is 2id per lb. Coloured: 130b to 134s per cwt, la 2d to Is 21d per lb. New Zealand. August 6th:-White: 132s to 140s P« « w '. Is 2d to Is 3d per lb. Coloured : 130s to ISGs per cwt, 1" 2d to la 2|d per lb. Julv 30th:-Whit<>: 132, to 1K« per cw£ Is 2d to 1b 2?. d per lb. Coloured: 126 ato 132s per cwt, Is lid to 1b 2d per lb. July 23rd:-White: 136s to 138s per cwt, Is 2!d per lb. Coloured 1303 to 132s per cwt, Is 2d per lb. Australian. Atr'ust 6th:-White: 128s to 1328 per cwt, Is lid to Is 2-1 per lb. Co'oured: lifts 6d to 128= per cwt, Is o|d to la Hd per lb. Julv ?oth:-White: 124=. to Is lid to Is 2d per lb. Co'oured: 120s to 124s per cwt, Is 0?d to Is ljd per lb. Julv 23rd:—White: 128s to 130s per cwt, Is ljd per lb. Co'oured: 120s to 128s per cwt, Is o.id to Is ljd per lb. CASEIN. Pollers asking for offers. Nominal quotations are:—French rennet £lO, Argentine £3O per ton. HEMP. Stanila. market steady «t previous ouofca- j tions. "J" erode July-September shipment ouoted at £3B 10s per ton, and 6'il's trove bo-n made at this pric° for August-October shipments. New Zealand market more active and fair brain-as has been done at following prces:-Hi»hpoints, Auzust-Octc-"ber fhipment, £.15 10s fair, July-Septomber and August-October shipments £34 and £35 per ton. WELLINGTON WOOLLEN COMPANY. The 38th annual r«port of the directors of the Wellinston Woollen Manufacturing Company, Limited, .to 30th June, 1921. eta-tea that the directors are pleased to be able to announce to shareholders a satisfactory result for thfk year's operations. The sound position, as shown. is the more gratifying in view of the financial .depression which has been experiencd everywhere during the last six months. The company's mills have been unable to produce enovgh goods to me»t the demand in certain class's, but with the additions to plant and bui'dings, amounting to £54 879 9s 4d, mffle during the year, it is hoped, that the difficulty will be overcome. Annual depreciation of plant and bnild'ng has been covered by the wntin? off of £SOOO. The reserve account has been increased by £€ooo, and the fir* insurance reserve brought up to £lo,o<X>. The directors recommend that a further dividend of 8 per cent, be paid on both ordinary and preference shares, and that the remaining balance be carried forward." The. balance-sheets for 1921 and 1920 comnora txa fnllowfl"^

JOHNSONVILLE STOCK SALE, (special to "the pbiss.")

WELLINGTON, August 10. At tie Johnsonville sal© to-day all tho stock offered met with a ready sate. The quality of the beef woe not uu to laat we*k a yardin?, but it brought fully 2a per. 1001b more than in the previous week. Beet b°ef realised 40a per 1001b, and medium 87s 6d. Cattle, beat bullocks, £l4 2s 6d to £ls. others £ll to £l3 7b 6d. beat cows £8 2s 6d to £9, others £7 10s, best vealerß £4 to £4 9a, Bmall vealers 40s to' 455, beat wethers "..•>« to 21s 6d, medium 20s 6d to 21s Rd, lighter 17s "d to lftr-3d, ewes 16s to 16s 64, lambs 14s 7d to 18s Bd.

BURNSIDE^MARKET. "(PBSB9 ABSOCTATION TELEOBAU.). DUNEDIN, August 10. The sale at Buriwide to-day was fairly slack", especially as regards sheep and lambs, both of which declined in value compared with last sale. ■-,.:■ . , ft . Fat Cattle—There was a yarding of 19a head, the majority, being, finei quality ammals. The sale opened with competition fairly keen and the yarding was disposed of at priceß on a par with last weeks rates. Primo ox beef was worth on an average 46s per 1001b and medium 35s to 395. .Prime bullocks made £l9 to £22 10s, medium £ls to £l7, light and inferior £9 upwards, prime heifers £l2 t0.£14, medium £lO to £l2, aged £7 fcnd upwards. ' Fat Sheepr-There was a yarding of 8200. The market was over supplied, and prices for heavy sheep showed a &»» ne , ?« J lO " 1 Id to la 6d per head, .while light sheep, depreciated in value to tip extent.of 2s to 2e 6d per head as compared with last week's rates. Good wether xatttton made> Bid to 4d per pound and awe mutton .Sid ; to 3Jd. Extra heavy we*er» mada 82ai 6d, prime 24s to 275, good 30b toja* lighter 12s 8d to 17s 6d, prime «3» Od. good 18s to 21e, light and aged jl2s, and «»*"»&i. Fat Lamba—There- was a yaSduyr of 245 of medium quality) Bidding wm fairly slack, which waa doubtless due to the poor quality. Prices showed a decline of le to ,1s 6d per head as compared with last week a rates, but all lines were'disposed of at prices ranging from 15s to 20s. Prime lamb made up to 6Jd per lb. Store Cattle—There was a email yarding of poor quality. Bidding was alack and pricts were only fair. ' WHEAT THRESHING RETURNS. '■

Tho Wheat Controller fnrpishes the folio?in? return for th« period ended August Threshing rettmis received to d*te, 6,587,079 Contracts '*: to purcl»aße--Gooa 6,883,540 bushels; fovfl wheat, 245,899 bushels. • '■:■'-.'' " , _ ' Amounts paid to farmera through Govern? ment brokers. £2,101,001 18s 6d, representing 5,118,906- bushels;;' . NEW ZEALAND. CTvAT FOR BBICKB', ■■■■:■' v.. .AND. TILES. -The result of one of a number of Invwtigdtions m»de by the Depa-tment of Inttateies and Commerce for the benefit of New Zealand industries has been d»olosed. Hecently a euffioient quantity of North Island clay was sent to an English to to enable it to make reUable tests, and the result is a rewirt, accompaniad by aamples of bncto and tiW, showing that the material ft suitable for and flooring «les as well as for, bricks.; The report includes details fit thecost of plant for the making of bncks and tiles. Altogether the information is eomuTphen-i-e enourh to enable the personinterested to estimate the ano-oxlmato cost of mahufal|uTe on a commercial^cale. OONanLTDATED fiOLDFTRLDS. LTD. : The Chriatchnreh Storft Exchange hae^ received the blowing advice from the Consolidated Goidfields of N.Z., in" returns for the month of July. 19 1 ?!: Blackwater Mines, Ltd., tons milled 2809, . value, of gold produced £3911, working, ex-j perises £4722, development £726. CHRISTCHTIRCH STOCK EXCHANGE, j ■STESTERDATS TRANSACTIONS. ! - Sales reported:—National Insurance, £3 19s 6d; Standard.lnsurance, £2 12s, £2 129 6d. . I , . ' LATEST QUOTATIONS. '■' j . : *■ . ■ ■ Buyers. Sellers.!

(PRESS ASSOCIATION TELBOKAM.) - AUCKLAND, August 10. Sales:—Bank of New Zealand, 48s Gd; New Zealand Insurance (ex div.), 29a; South .British, 36s Bd, 36s 6d, and 35s Bdj Auckland Gas (cant.), 22s 9d; Wellington Woollen, (oid.), £S 7s Cd; Wellington Woollen (oref.). £7 7s 6d; Wilson's Cement, 16b. U>rei.j, *i .» DUNEDIN. August 9. Sales on 'Change :—'Soldiers' Settlement (Inscribed), £92 6a. LIME. The Mount Somers Lime, »nd Stone 00.. Ltd., having installed more power and crush ing plant, are now in a position to supplj Carbonate of Lime for immediato delivery. Order for delivery now, and save disappoint* UJent on THE MT. SOMEKS LIMB AND STONE CO., LTD., 173 Cashel street, Chriatchurch. 'Phono 4168. Box 657, Chxistchurch. 4

pare as iohowb: — 1921. 1920. £ £ Caipitel oaJJed up 180.000 l'SO.OOO TTncalled capital .. Reserve .. .. ■• 20.000 70,000 60,000 64,00 Fire Insurance reserve .. 10,000 9,330 Employers' liability reserve 4.000 4,000 Bank of New Zealand .. 178,416 20.211 Sundry creditors 48,313 83,520 Bills pavable 18.009 2.051 Freeholds, Buildings 185,729 130.849 Raw materials, goods 255.517 127,887 Government inscribed stock 43,225 48,000 Sundry debtors £6,276 74,683 Rates, taxes, .working expenses, insurances, depreciation, etc. 48,501 45,657 Balance to profit and loss 28,082 28,461

"'.'".. £ s. d. £ b. <L DEBENTURES- . «.Z. GoVt. *i per een* 1988 .. 83 7 6 —• N.Z. Govt. 4J per cent. Bonds, 1938 83 7 6 83 12 6 N.Z. Govt. BJ per cent. Inscribed, 1933 _ 92 10 0 N.Z. Govt. 8i per cent. ' Bonds; 1933 .. 92 6 0 — BANKS— National of N.Z. .. 6 10 0 6 IS 0 New ZeaUnd .. 2 8 0 — - Union of Australia .. 12 5 0 12 10 0 INSURANCE— South British.. 1 16 6 —. Standard 210 0 — LOAN AND AGENCY— • GoldvDriragh, 'Molt (Melb.) .. — 1 10 9

National Mortgage 3 10 0 — SHIPPING— Huddart-Parker 2 5 6 2 6 3 P. tind 0. Def. Stock .. — n£ o o Union (5J per cent, cum pTef.) 0 16 0 — FROZEN MEATCanterbury (6 per cent. cum pref.) — 5 0 0 N.Z. Refrigerating ilOs paid) — 0 16 3 WOOLLENS— Kaiapoi $1 paid) 1 4 9 X. 5 8 GAS— Christchurch 6 6 0 — BREWERIES— Ward 0 19 0 — MISCELLANEOUS-r-Beath and Co. — 16 0 ' Whiitoombe and TombB 2 13 6" — MINING— Mt. Lyell ■-., — 0 16 0 Wa&i 0 19 0 "™