COMMERCIAL.

Press, Volume LVII, Issue 17227, 18 August 1921, Page 7

COMMERCIAL.

BRITISH TRADE.

BEFORE AND AFTER THE WAR.

INTERESTING SPEEOH BY XBASE

COMMISSIONEB,

(sracui, TO "ihb TOM».") WELLINGTON, August 17. At a meeting of the New Zealand Association of British Manufacturers and Agents, some specially interesting remarks were made by Mr R. W. Dalton, H.M. Trade Commissioner in New Zealand, in elaboration of certain aspects of the trading position of Great Britain as it was before the war, and as it is again developing. At the outset, he stressed the fact that prior to the war the United Kingdom was the greatest overseas trading country in the world, and that 80 per cent of her exports were manufactured goods. This he said should be sufficient proof that wo were very far from dead 08 an industrial and commercial power. "I think," added Mr Dalton, "we shall not reach quite normal years for somo little time yet, but one cannot ignore the importance of the fact that in 1920 our total exports of manufactured goods were valued at £1,121,000,000, or nearly £803,000,000 more than thoso of our greatest competitor. This is a truly magnificent achievement, and even if one takes into account the abnormality of the year under review, one cannot but admit that this fact in itself is proof that far from the United Kingdom being in decay as an industrial and overseas trading power, her capacity for production and export would seem to have greatly increased, rather than diminished, and I feel sure it is not necessary to remind you that this enormous figure was reached in Bpite of transport, labour, and raw material difficulties, the like of which have never previously been known, and which probably no other country experienced in anything like the samo degree. I should not think it necessary to dwell on these points if it were not that 1 am frequently hearing statements to the effect that we have lost our old-time position, and can hardly hope to regain it. While this sudden recovery of our trade may bo due to abnormalities, I feol personally that even if it cannot be maintained at prosent on a permanent basis, which I am not prepared to>admit, it is a sufficient assurance that oar old-time powers have not gone, and that it will not be long before we are back to where wo were." Mr Dalton said be had dwelt on this point because he would like all New Zealand to feel confident that tho undoubted preference shown by New Zealand in all things British was not misplaced; that we were not leaning on a broken reed, but that our choice had been made where it was safest. It was occasionally suggested that the theory of tho development of interImperial trade was unsound because the overseas Dominions and possessions ; could not absorb the exportable productions of the United Kingdom. Statistics showed that the total unSorts of all classes of goods into the >ominionß and other British possessions in 1913 amounted to £563,010,000, or about £40,000,000 more than tho total exports from the Mother Country in that year. The imports from foreign countries into the Dominions and British possessions in the same year amounted to about £244,000,000. Ho did not suggest that it would be possible, or oven perhaps desirable, for tho United Kingdom or otlher parts of tin Empire to secure the whole of tow trade, but it would bo seen from tl» figures that there was plenty < of room! for improvement on the position at it> existed "immediately before the w»r. "The point that we are concerned with to-day," he said, ''is whether t in fact, Great, Britain is able, or likely to be able, in the near future to cope with the demands of New Zealand and other parts of the Empire on a Competitive basis, and whether her«iaanfacturers are willing to pnt forward the effort which will be necessary to recover ground which has been lost. I nave already shown that in the year 1920, our exports showed a most remarkable increase. The conditions under which the trade was done were certainly abnormal, and some of yon In New Zealand, if not in this Association, think, I am afraid, that the extent of the trade in that year was due to delibarate over-shipment. I do not propeasTto deal with this aspect of the iitoatlon now. not because I have any fear in dealing with it, but because I bara already dealt with the subject.moati exhaustively in a report which will Do shortly published, and because it has really nothing to do with. th« matter now under consideration. The fact that I want to bring out in connexion with these figures for 1920 la that ineptte of the necessity for entire reconstruction after the war, ip spite of an enormous home demand, in spite of nnprccedented difficulties in the way of production of any kind, and in spite ©i constantly recurring labour troubles, our exports in a year beginning less than fifteen months after •f mw **« e 4 I amounted in valine to more than liw i millions. This should be afiple proof i that our capacity for production remains at least unimpaired. Fersonairy, 1 I believe from my own expenencesoj I post-war conditions, and fro™ _J**J ect evidence, that our capacity for proOttction has very largely ""J*"*. ■/ think no one will contest that point, so that if my estimate of the pontion is correct, we are certainly able to wpe with overseas trade so far as .applies are concerned, to a *»**« •»** even than we were before the w«r. Are we then ready to become more active in our eeaKch for I have told you in nrevioas ■?•««» that I believe that A* lack of interest which wo had to V& before the war were due. in the ittuii to the fact that British frade overseas dad become almost automatic. The war has altered all that. In additwn to having a greater tfUapejisjor, brir/'me with it a need for greater 22 our overseas trade ha. offered a set-back owing to our <»™P ar /»* nro absence from overseas market, for a period of six or seven y***J£«* Soring the last two years ofjJ«wl demand from all home and export markets, we have had ample evidence that many British .firms, ti™*%*%Z the abnormal conditions-and not deceived by them, have been carefully manning and to some extent carrying St their plans for a more ""Moons, canvassing of export markets. Inad- . dition to all this, the Imperial Government is taking a much greater interest in the development of export hurtness. Those of you who have been Home since the war have seen for yourselves the activities of the Department of Overseas Trade in London, and their anxiety to help the development of export business. You have *l*> *• ' able to gather from cabled information something of tho extent of the interest which the Imperial Government w inking bv organising the British Industries tfarr, by develorrng overscM organisations, and in other ways, with a view to giving every cjmorttunty to British firms to recover lost ground and keep it."

IOTER4MPERIAL TRADE.

, PEEPEEENCJB TO BRITAIN. (ISESS ASSOCIATION TXLEOIUH.) WELLINGTON, August 17. A special meeting of the New Zealand "Association of British, Manufacturers and Agents was held to-day. Delegates from all parts of the Dominion were present. ' Mr G. IT. Scott, president, who was ill the chair, moved:—<l) That in the interests of the Empire trade and the protection' of the Empire's industries, -, the units of the British Empire should - carefully consider their position in re- • gard'to trading with foreign, nations, " ,who, m consequence of existing policies. practically exclude Empire products; (2) ■ \ that 'the <time, has arrived for the Motherland and the overseas dominions to attempt to'lay down in conference a ~ policy ,whefeby inter-Imperial trade '* could best be. consummated and con- / ' served;' (3) that,-at the present time. . the .best interests, of New' Zealand will be served' by the expansion of trade within the, Empire with preference to j • . Britain* and, having this in mind, wel- • comes the Prime Minister's expressed '' the extension of . , preference.'!, Vt Mr ; Soott stressed the . - necessity tojf Jfacusang public attention 4 '*, and*interesfc~on British industries and * vtraXi-f' There was abundant ;i British industries were >v- (flghtitig-for their yeryjexißtence. Great * danger confronted as if increasing snp- -, to foreign products. The *\ ' time, therefore, was,moat opportune for *' ', the Association to .give the weight of : lis. organisation service of British indi».trie3. Jt was necessary to re- </ l ntind the people'of the Dominion that ,* ] * -oufc individual and national economio depended <• enormously .on the t J " V trade: Bopport they gave to the Home- ~ 'land inchistties. While New Zealand ' y \ had continued to extend her loans from ; I -"the"United Kingdom for'development , Y< concurrently she had not ex- ?"- " tended l her purchases from the Mother- -" land, bn<'snehad steadily expanded " M 'Tier purchases elsewhere. By 1919 the > loans from the United Kingdom , • amounted to £95,706,000, a 65| per " t "'cent, increase since 1910. Her purv chases had recovered by £11,889,000, bat this represented only 881 per cent* of the imports whereas in 1910 the per- ' ccntage was-62j.- It-was vital to the v „ v producers in 4bo'United-Kingdom that "*■ - wey should 'be»given % assistance and entottrngement to get into jibe full swing ' <of 'post-war production .without being A s tmderm'ined daring the process. Our \ dnty therefore was to advocate Empire V trttdV The time was snjwlv arriving ' ' rßen theUiu'ted Empire might attempt 4 '"'to fraine'some of the tennß or internaf ".-. lioimtredprocity. So long as the units : " scpara-iejy traded with foreign nations, ' 'reciprocal international terms, ' *'*bev intent do so' to the very aerious * K ' disadvantage of themselves*■ and the -Empire. Tariff revision would be be'fc fore; Parliament next session, and the "opportunity*wduld then arise for^the -. Association to emphasise the claims or 1 'British" industries and impress upon the v "'-Government the advisability of cpllect- - ' zng from foreign products any addition- ' al customs revenue required: Our *» d f * patriotism, expressed in deeds, should * -' not fall below, the standard of our own patriotfotß. She resolution was carried unanimously. '

, AUSTRALIAN TRADE.

IMPOETS OVERTAKE EXPOET& (IBOH <WB OWK OOBBXSPONDXNT.) > •" •« STONES'. August 10. " " T ' The delegates to the-yearly seeeiona of the Chamber of Commerce were glad to, learn-from the lips of the president, Z" '-Mr J. M. Paxton, that the falling-off , j in trade in Australia during the past year had been small compared with that which' had taken place in other couufrkft* bu& 1* left no misgivings as to

J the seriousness of the situation through J which the Commonwealth had recently I been passing, and the need that exists for afi sections of the community to pull together to increase production and restore our national prosperity. This point he drove home with the arresting fact that for the twelve months ended June 30th, 1920, the exports from the Commonwealth exceeded the imports in value by over fifty million sterling, while the preliminary, figures for the year just closed showed that the imports exceeded the exports by over forty-one .million./ Obviously that cannot continue, and it showed at a glance the oause of the restricted credits and the difficulties of exchange which have been worrying us. so much. Two .steps which Mr Paxton indicated as heing essential to getting our house in order were a complete cessation of borrowing in London, the annual inte-.estj .charge of private and-public indebtedness oversea having reached the enormous.figure of £25.000,000, and the severest pos-. sibje limitation of imports. Another matter upon which Mr Paxton made a timely observation was the improvement of telegraphic communication across the world. He pointed out that the cable companies could not be expected to epenfi large sums in duplication, when wireless threatened to render their whole system obsolete, yet the authorities would neither nußh forward with wireless themselves nor permit private,(enterprise to do so. Such a doe-nn-the-manger attitude, he said, should ceaee. ■ . i

N.Z. WOOL PROFITS.

SIB THOMAS MACKENZIE'S SUGGESTION.

(JEOM OTTB OWN COBBESPONDENT.) LONDON, July 6

• v-Srr Thomas Mackenzie has been spending a good deal of his time in the country, nine© his arrival in England. During the past week* however, he has beeri in town on business, and amongst other things he iB attending unofficially tlhe Congress of the International Chamber of Commerce now meeting in London. 'He will: also take part in the Agricultural Conference which is being convened by the Empire Producers' Association. One resolution which is to bevbrougnt up at this conference, though rather wide in its application, will probably allow him to put forward his suggestion that a better form of representation should bevprganised, to watch the interests of producers in ; His proposal, which he has already brought forward in New Zealand, is that the' Trade and Produce Department in London should be separate from the High Commissioner's Office under a separate officer, who should' report to a body of men in the Dominion appointed by the agricultural societies, Chambers of Commerce, and probably with the Minister of Agriculture as chairman. Reports going out from this country would go before that body, and thus there would be some assurance they would not be pigeon-iioled, but dealt with in a manner worthy of the situation. "I believe," said Sir Thomas Mackenzie, "that that is the best policy w9iiph can, be adopted by the oversea Dominions for proper and efficient representation, and for their • interests on this side. Even if this proposal is submitted, the difficulty is to get the agriculturists to bring sufficient influence to bear on those in authority to carry out a practical' proposal of this description. .: While the farmer has experience, it is .not of that character which gives him the knowledge to develop an idea. He lacks the concentration of effort that will force those in authority to give effect to proposals that are essentially of great value."

Half Profits on WooL On the question of wool profits Sir Thomas is not able to speak altogether/ with authority, as after a certain stage of the initial negotiations he was not a party to the arrangements, and saw nothing of tie coni'racts. Although he foresees the difficulties in the way of Mr Massey being able to obtain a portion of the £8,000,000 profits which,arti being held against the subsequent losses, he is strongly of the opinion that the "Wool Contfofler was largely re-. sponsible for the slump. ' "I think," he said, "that we should have got a return of our credit on each of the sales. I remember writing in one of my letters that when some years Sreviously I was (handling wool in Lonon oh behalf of New Zealand, I knew my profits on the of the day the sales took place, and I was able to.

give a report on each kind to the companies I represented. Certainly, a periodical settlement should have been effected in the case of the Government contract wool, and the amount adjusted and credited once a year. The authorities always shirked giving returns. "Then I suggest that the reason tor the slump in wool was owing to the excessive price placed upon it by. the British Government Department, wno set out to make something like £100,000,000 out of the Australasian clips, and in order to get that pront an exceedingly high price had to be put on wool, besides its being rationed as well. The result was that woollen goods went up to fabulous prices, and only wealthy people could purchase. Thus the sale of woollen goods was stopped, and instead of the etocks of raw material being used up. there is a vast quantity on hand, which is congesting the whole situation. "But apart altogether from such terms as may have been arranged for the transfer of the (half-profits to New Zealand, the fact remains that the Home Government could Jiave sold our wool at a price to cover all costs, and if they chose to reject, as in some instances, the advice of their experts and to put an increase on the issue price in order that they should _ make more money, it is grossly unfair to New Zealand t)hat they should charge the credits to secure the losses that they might make, because of their desire to hold the wool over for speculative purposes."

NEW ZEALAND LOAN.

NOTES AND OOMMENT& (PBOM OTO OWN CO-RESPONDENT.) LONDON, July 6. At the time of writing it is really too early to say how the New Zealand loan, which has been floated to-day 4 is being taken up, but one of the leading London stockbrokers has just informed me that it has been exceedingly well received. Indeed, he has not heard a single word of adverse comment/ and this could not be said in regard to some other recent loans. He anticipates there will be no difficulty in obtaining the full subscription. "New Zealand hay not been to London for a loan for about eight years (says the "Financial bo no> body has anything to say against the forthcoming issue to-day of £5,000,000 of six per cent, stock, February and August, 1936-51, which is being offered at yG. Underwriting wasf going on yesterday, and they said in the itouse that it wad finished before the close. Nowadays a lot of underwriting goes outside the Stock Exchange altogether. The commission is 1J per cent. The effect of the new-comer was to lay a slightly restraining hand upon the buoyancy which had distinguished the market earlier in the day." Statements made in the prospectus show that the ordinary revenue and expenditure account of the Dominion has_ exhibited a surplus in each, year during the war, the accumulation at March 31st last amounting to £23,730,000. Of this £1,200,000 has been used to increase to over £2,000,000 the gilt-edged securities held under the Reserve Fund Securities Act. The greater portion, of the remainder has been, or is hems, used for the settlement of discharged' soldiers on the land, and for financial a&Bi&tance- in the purchase .of stock and the erection l of buildings. These investments are in-terest-bearing. Of the entire debt of the colony, £84,732,000 is directly in-terest-bearing, ' and is represented by assets the present value of which is stated to be much greater. than the amount of the borrowed money spent upon them. Out of the proceeds of the loan now being raised £3,000,000 will go to meet contracts placed, in the United Kingdom for the supply Of rolling stock and material required for railway extensions, and,for other public works. This in itself, the" "Financial Times" characterises as a recommendation, another being the fact that the stock will constitute a trustee investment.. The flat yield is 6J .per cent. This is greater, than can be obtained on other New Zealand Government securities, which have always been steadily absorbed and well held. Assuming the stock now offered runs for its full period of 30 years, the yield, allowing for redemption, will be £6 5s lOd per cent, but i| the Government its option to repay 15 years hence, the .holder will have received £6 8s 6d per cent. With deposit rates reduced to 4 - per cent., the loan affords to the investor an excellent opportunity of utilising; profitably his free balances. New Zealand's Wax Finance.. After noting that, the recent Auckland loan was over-subscribed, "The Times" comments: "The operation represents new borrowing, but as the New Zealand Government has abstained from borrowing in this market for nearly eight years, the stock should meet with a good response. A quarter of » century ago New Zealand stock stood at a price below that of New South Wales stock, but that position has since been reversed. New Zealand 'Fours,' 1942J62 are quoted at 69. None of the New Zealand stocks gives a yield u high as that obtainable on the stock now offered. Approximately £3,000,000 of the proceeds of the loan will be applied to the payment of contracts placed in this country for rolling stock and other railway material, for electric power plant,- and for equipment.of other public works. The New Zealand ordinary Budget showed a- surplus during the war amounting to nearly 23f millions, the larger proportion of which has been invested in stock and buildings for the settlement of ex-soldiers on the land; The European war debt of New Zealand amounted to over 80 millions, of which nearly 53} millions were raised in N>he Dominion. The proportion of the debt, exclusive of the European war debt, which is interest-producing, ia 70 per cent. New Zealand l has-a larger proportion of her people settled' on the land than any other country." The "Daily MaiP' describes the prospectus as being more informative than such'documents usually are.

PRICE OF UMBER.

A WEST COAST EESOLTJTTON".

(fbess association telegram.) HOKTTIKA, August 17. The We3tland branch of the Canterbury Progress League carried the following motion last night:—"'That, in view of the appalling social conditions existing in Christchurch owing to the I shortage of housing accommodation, as j disclosed by a deputation from the Ladies' Social Welfare Guild which waited on the-Canterbury members of Parliament Committee on August 6th, and in view of ttu; increasing unemployment in the timber industry on the Coast, the executive of the League urge upon the Board of Trade the advisability of making some pronouncement respecting the prospects of any fluctuation in the price of timber as disclosed by recent investigations of the costs of production on the Coast. Tlie branch considers also that the Board of Trade should. bo asked to either exercise its powers in readjusting the prices of timber, if such are unwarrantably high, or make such a pronouncement as would assure prospective builders that some stability in the value of houses could be count d upon.'' In the course . of tho discussion, it was stated that July orders for timber had shown that only 25 per cent, of the \ normal output was required. ' It was stated further that unemploy-

ment was now beginning to be keenly felt, and that tho industry hero was only at tho beginning of a very severe strain. STABILISING; THE EXCHANGES. (By Cable—Press Association—Copyrigiht.) (Australian and N.Z. Cable Association.) WASHINGTON, August 10. Senator King has introduced a resolution in the Senate authorising President Harding to call a conference of representatives of the leading mercantile nations to consider the means of stabilising the international exchange.

NO SEDUCTION IN FREIGHTS. SYDNEY, August 16. A reply has been rec.'ived by butter and cheese exporters from London refusing to agreo to the request for a reduction of freight rates.

HIGH COMMISSIONER'S REPORT.

The Department of Agriculture has received the following cablegram, dated August 18th, from the High Commissioner for New Zealand, London.:— MEAT. The beef market is firmer, but the mutton and'iamb ui<&r.aet shows signs of weakness owing to quicker discharge at clocks and to a good supply 01 Scotch lamb, which ia selling at an average price of Is 4d per lb. Quotations are:— Aug. lath. 6th. Aug. July 80th. N.Z. Mutton. Light-weight. BJd BJd 7Jd to 6Jd N.Z. Mutton. Heavy-weight. 6Jd 64d 6jd to 6Jd N.Z. Mutton. Ewes. 5d to 6gd ' 6d to 6Jd N.Z. Lamb. Light-weight. la to Is lia Is to Is 7Jd la 3d N.Z. Lamb. Heavy-weight. lid- Is ' . 1» N.Z. Beef, best quality ox, this season's . 6d 6dto7d 6dto7d Fores. BJd BJdto4Jd Bidto4jd N.Z. Beef, last season's hinds. Fores. 84d Argentine chilled. Hinds. Hid 9id 9d to 10id Fores. 6Jd'.'.-.. *ld 4d to 6d Negotiations <are proceeding for the'sale by the Board of Trade to nominated agents'of the' remaining 226,000 carases of New Zealand ewes. Full particulars will be telegraphed when available. BUTTER. The demand ia more active, .but Home supplies continue very short. Irish is in better -request. Prices are irregular, but the tendency is firmer. Danish—Market steady. August 13th—266s to 263s per cwt;., 2s 4Jd to 2s iU per lb. . August 6th—2sßa to 262s per cwt., 2s BJd to 2s 4d per lb. July 80th—260s to 264s per cwt., 2s BJd to 2e 4|d per Lb. New Zealand. August 13th—259s to 262s per cwt., 2s BJd to 2s 4d per lb. August 6th—2593 to 262s per cwt., 2s B]d to 2s 4d per lb. July 30th—259s to 262s per cwt., 2s 3Jd to 2s 4d per lb. >-,, Australian.—(l) First and Second Grade. (2) ■ N TTnsalted. August 13th—(1) 288s to 244s per cwt., 2s lid to 2s 2Jd per lb; (2) 248s to 249s per cwt., 2s 2d to 2s 2}d per lb. August 6th—(l) 289s to 241e per owt., 2s l}d' to 2s ljd per lb; (2) 244s to 246s per cwt., 2s 2d to 2s 2Jd per lb. » July 30th—(1) 236s to 241s .per owt., 2s lid to 2s l}d per lb. Argentine. August 18th—210s to 280s per owt., Is 10Jd to 2b Oi<J per lb. August 6th—2l4s to 228s per owt,,- Is lid to 2s OJd per lb. July SOtb—2l4a to 228 a per owt., Is lid to 2s OJd per lb. Government »x ftore price 's:— August 12th to 19th. New Zealand—First and second grade, 262 a (2s M). Australian—First prade, salted, 245s (2s 2Jd); first .arid second grade,. 2425; (2s 1 Jd); unsa'ted, 247. (2s. 2}d). Argentine—Salted and unsalted,' not sorted to mark, ,225s (2s). CHEESE. • ; , The market is firmer for English, which remains in small supply. Finest farmere 160s to 165s per cwt (Is 6Jd to Is 6jd per lb). Canadian. August 18th.—White, in. good demand, 184s to 136s per cwt, la. 2jd per lb, occasionally 188s peir cwt, Is 2Jd'por lb. Coloured—lß2s I to 184s per cwt, Is 2sd per lb, to 138s per owt,: Is 2Jd per lb. August 6th—White: 182s to ISBb per cwt, Is 2d to Is 2jd per lb. Coloured: 182s to 136s per cwt, la 2d to Is 2Jdl per lb, July 80th—White: 184s to 186 a per cwt, Is 2id per lb. ' Coloured: 182s to 186s per cwt, Is 2d to Is 2Jd per lb, New Zealand. August 18th—White: 186s?to 188s per owt, Is Md per lb, and up to 140 a per cwt. Is 8d per lb. Coloured: 182 a to 184 a p<ar cwt, la ajd per lb, and up to 186s per cwt, Is 21d per lb. August 6th—White: JB2s to 140s per cwt; Is 2d to Is 8d per lb. Coloured: 130s to 186s per cwt, Is 2d to Is 2Jd per lb. July 30th—182s to 136s per cwt, Is 2d to Is 2Jd per lb. Coloured: 1263 to 132s per cwt 13 ljd to la 2d per lb. Australian. August 18th—120s to 180s per cwt, is o|d to Is 2d per lb. Coloured: ■ 120s to 130s per cwt, 1b OJd to Is 2d per lb. August 6th—White: 128s to 182s per cwt, la ljd to Is 2d per lb. Coloured: 119s 6d to. 126s per cwt. Is OJd to Is ljd per lb. July 80th—White: 324s to 130* per cwt ] s lid to la 2d per lb. Coloured: 120s' to 124s per cwt, Is Old to Is lid per lb. CASEIN. Market unchanged. French rennet £4O; Argentine lactic £SO per ton. HEMP. The Manila markot is quiet and steady. "J" grade, August-October shipment sold at £3B 10s per ton. June-August and JulySeptember shipments are quoted at the same price. New Zealand market is steady, but business is restricted on account of the high price asked in the Dominion. Quotations are -unchanged. Probable buyers highpoints are about £36 lCs, fair £34 per ton. WOOL. Bradford.—A bettor tone is reported, though there is very little new business. Manufacturers' are still unable to clear their highpriced stocks. Present quotations for tops are: l — 64 s (Merino) .. 8s Od 8s 7d 40's pieparcd (Coarße Crossbred) .. .. is Od Is Id 06 a (Super Halfbred) .. 2» Id 2s 6d HONEY. An improved tone for cheaper kinds. New Zealand market quiet, and nominally unchanged. DALGETY AND CO. (Received August 17 th, 10.45 p.m.) „ , LUNDON, August 16. Da!?ety and Co., Ltd., shares £9, debentures £6l. '

WAIHI GOLD-MINING CO. BEDTJCTCON OF CAPITAL. (special to "the press.") AUCKLAND, August 17. Th reduction of the Waihi Goldininin? Company's capital frcra £500,000 in XI sh-area to £250,000 an 10s shares, by the return to shareholders of 10s per share, is to be e&ctrd to-morrow. Under this arrangement the amount to be received by shareholders in New Zealand is £105,419 10s, there bung 210,839 shares held in the Dominion at present by 21115 shareholders. The 10s p*r share arid new scrip certificates ore being eent to shareholders by the local attorneys of the company in exchange for their old share certificates.

JOHNSONYILLE STOCK SALE (SPECIAL TO "THE PRESS.")

WELLINGTON, August 17. There wa* considerably moTe stock yarded than last week, and prices nil round, showed a decline. The yarding of sheep included some very heavy wethers, which noH at late lates The quality of the beef was fair, but prices were rather in favour of buyers. Beet wethera made 22s 3d to 23s 2d, others 16s 8d to 21s. ewes 16s Bd, best lambs lfls lid to 245, bWers lis to ISs sd, best bulh'jits. £l3 6s to £l3 10s, medium £ll 10s to £l2 15s, H°-ht and unfinished £7 35s to £8 15s, cows •audi heifers £6 7s 6d to £9, veaiers 87b 6d to 70s. BTTRNSIDE MARKET. (PRESS ASSOCIATION TELEGKAV.) DUNEDIN, August 17. . Moderate yaTdinss were the order at Buftetrfdo to-day. Whilst there was not any actual scarcity, tho somewhat restricted yaiding caused higher prices to be realised. Fat Cattle.—There was a yarding of ICO head. Tho quality was very good, there I being a large proportion of prime, well-finien-I ed bullocks, while very few cows and heifers were offered. Competition was dentally keen, and 1 values were about Mb per head in advance of those ruling Inst week, prime beef being worth about 47s per l&Olo, ond medium quality 37s to 80s. Extra prime bullocks made £24 2s 6d, prime .£l9 to fVI 10s, medium £l6 to £lB ss, light £ll to £l4 10s prime cows and heiferß £l2 to £ls 10s, medium £lO 10s to £ll 15s, light £8 to £9 Fat Sheep.—There was a yarding of 2355. Only a Fima.ll number of pens contain"d really prime sheep. The sale opened briskly, all ellipses meeting with good competition. Prime sheep sold at an advance of 3 s pi>r head while medium class sheep were firm, at last week's rates. Prime wether mutton was worth slightlv under 4di per lb, and ewe mutton a shade over BJd per A. Extra prime heavy-weight wethers made Soa to 82s 6d, prime 23b 6d to 28s, medium 18a to 225, light and unfinished sorts 16s and upwards, extra prime heavy-weight ewes 21a 6d to 23s 6d, prime 18s to 20s Od, medium 15a to 17s. lfoht and agd 18s and upwards. Hoggets—Only 121 were offered, and were deposed of under good competition at prices ranging from 14s 6d to 26s per head. Prime lamb war worth equal to 6Jd per lb. Stove Cattle.—There was a small yarding of inferior quality, and practically no demand. Tho small prices realised were no indication as to the value of well-brad for-■ward-oonditioncd stores. Good three-year steers made £8 to £8 13b, two-yi>ar steer* up to £5,- 18-monthi old rteeirs £2 10b to £3, empty forward heifers £6 to £6 la, and empty and oldl.cowß £4 to £6. Pigs—A large yarding of mixed aorta was offered. All classes met with a ready Bale at prices a shade below late ruling rates. Beet baconeis and porkers realised up to BJd per lb.

CHRISTCHtTBCH STOCK EXCHANGE.

DUNEDIN, August 17. Sales on 'Chanjte—Mount Ly«ll, 14* (thTe*); South Britishlnsurance, R5« 9d and 35i 6a. WELLINGTON, August 17. Sales on 'Change—l933 stock, i! 92 New Zealand Insurance, 29s 6d; Bank of Jew Zealand, 49si also a rale at 49s is reported. i AUCKLAND, Au?uet 17 .Sales—War Loan, £B3 15b; Soldiers' Bondf, £92 2s 6d; Bank of New Zealand, 4Ps; WilBon's Cement,-16b ; Waihi, 21s; Grand Junction, 9s. • '

LIME. Th« Mourit Somers Lime and Stone Co.. Ltd., having installed more power and crush ins »)lant, are now in a position to supply Carbov>te of Linle for immediate delivery. Order for delivery now, and save disappointment later on. ' IHE MI. SOMERS LIME AND SXONE CO., LTD., - ITS Cashel ttreet, Christchnrch. 'Phone 4168. • 807 687, Chriatchurotb 4

LATEST QUOTATIONS. Bayers. Sellers. £ s. d. £ s, d. DEBENTURES— N.Z. Govt. 4J per ©eat. Inscribed, 1988 83 10 0 84 0 0 N.Z. G-ovt. 44 per cent. Bonds, 1936 83 10 0 83 IS 0 N.Z. Govt. 6J per cent. ■' Inscribed, 1933 ■.. 93 0 0 93 7 6 N.Z. Govt. 6J per cent. Bonds, 1983 92 0 0 — BANKS—' National of N.Z. 6 10 0 6 13 e Union; of Australia .. — 12 8 0 INSURANCE— X?a-ti<m«L .<. •• 8 0 0 New Zetland .. •• 1 9 0 19 9 ■Soutli British .. 1 16 0 — LOAN AND AGENCY— Goldsbrough, Mori (Mali).) ..... .. — 1.11 0 Mutual, Benefit •11 0 0 — National Mortgage 8 10 0 — FROZEN MEAT— N.Z. Refrigerating (£1 paid) .. «• 1 10 0 1 12 0 COAL-' , "Weptport .. •■ 1 ft 9 -"-. WOOLLENS—. Kaiapoi' (£1 paid, cum div.) ■■■•:... — 1 6 '. 0 Kaiapoi (10a paid, cum div;) ; ■'• ~ 0 12 9 GAS— ChristchuTch 6 7 6 — BREWERIES— ■ Crown .. •• 1 10 0 ■• — CEMENTS— Wilson's (N.Z.) Portland .. 0 15 8 • ■ —