WOOL TRADE.

Press, Volume LVII, Issue 17273, 11 October 1921, Page 7

WOOL TRADE.

DEVELOPMENTS IN ?O&M0-

(JBOSI OUB OWN OOWWMBOT-)

LONDON, August 23. In view of Mr Massey'a recent w* to Bradford, it ia interesting to note the comments of the ss6cial wool correspondent, of (he "Daily on matters which ere obviously not viewed in the same light by wool ptoduoera and by spinners. \ ' mmMtk "The greatness of the wool textile industry Ini the adverse circnutean«H» thra'ugu ivhich it has P***?. he sav7 "have been emphasised by the* fact That Sin a fortnight two coloniul Prime Ministers have visited Bradtord< to acquire first-hand information respecting it. It is only. mention that 6V. average top. have, tallen from 14s per lb to 88d per lb (the price was down at ?3d in Apnij. to enable the general reader to under, stand something othe.extent of tte losses which have been incurred. «Jot only have serious losses been "Offered by spinners, manufacturers, and wholesale piece merchants in this country, but equally ruinous losses have been inflicted upon those. engaged in wool arowing. 'Because of these things, and with a desire to assist in Jwonatructing the industry, Mr W. M. Hughes visited Bradford, and mot the leading members of the Bradford industry on two occasions. It was almost inevitable that before these meetings took place a good deal of misconception prevailed on both sides, certainly on tho side of Mr Hughes as representing the growers. It is quite ngtit for him to tell the Bradford trade to 'first take the beam out of your own eye before attempting to take the mot© out or mine,' but tho wool trade of this country has experienced losses during tne past twelve months wnich put all previous slumps into the shade, air Hushes corroborated the statement made by the New Zealand Premier a week previously, that growers could not afford to produce the raw material at current prices. This, however, is not the fault of users. To-day's values are dictated by the actual state of tne wool textile industry of the world, and as Mr Hughes waa frankly informed, spinners and manufacturers can only pay such prices for wool as are In harmony with what they can command in. tho world's markets for manufactured goods. _ . The European Demand* "There is not a single firm in this country engaged in wool merchanting or wool manufacturing who wonjd not gladly welcome a rise of 25 per cent. in every grade of raw material, if they

thought..euoh an advance. would be permanent. % But one 'very important question has to'be considered., which is * whether the countries which provide work for Ahe spindles and looms in other parts of. the world can afford to pay much higher prices for the fabrics / they so urgently need. It is' a sound - principle.of all finance, whether domestic or national, that cognisance lias to be taken of the. price which a buyer T>an afford to pay for goods, and how- . ever urgently such goods may be needed it is fatal to ignore the price, factor. Bradford spinners and manufacturers .have no -more been able to prevent < values falling to the present low level .'than,they oak'control the shining of the. sun or the'.falling of rain. Mr ' Hughes said some very straight things, whilst'in Bradford, "but he was told - quite'.as plainly that, he knew nothing 1 of the difficulties and losses with which the! trade have had to contend, or the untoward factors which exporters of piece goods are having to face. Direct. . Jar any real,attempt can Jbe made on ,tjb» part of the starving millions of '. Borope to buy woollen goods, wool J values will begin to respond. \ • "'The market is somewhat better. !IT»*, demand for; wool in Australian , markets continues, and the 10 per cent. , advance which took place a fortnight X' is weU Business gener>is*a trifle better, and as far as * one can see is likely to improve when Hie holiday period is past."

*-/.. V- " Polish. Situation. ,-: .When Mr. Massey was speaking be- . fore , the,-Bradford Chamber -of Commercereoently,' he mentioned .that there' . WasiT-a pbeeibißty of ,the renewal of a demand,for wool from Poland, which might be a.favourable thing for the producers in New Zealand. , A question, asked.in the House-of Commons *?■ v ,;jnayilthrow^some light' on the Polish / tand.inaaYertenfly Bhow that; it' is impossible to please everybody. Mr Myers, Labour member for Spen •., Valley, asked ,the President of the Board of .Trade If he was aware' that n a-small-group of Bradford. firms had made arrangements to secure their prewar ; tjsbts and obtain the entire control of 'many. textile mills in Poland ■ containing 'approximately 90,000 spin:dles t hunarem of looms, and large scouring and combing plants; that under this arrangement the firms in question secure of" payment for their own debts against other creditors for Luge sums; that' the firms in questionnad engaged to supply raw materials., money and or credits, notwith- ' -standing the fact that many Bradford . firms were being, compelled to make -' private oompositiocs with their credi- -■ ■ tors «iLAOoount of the scarcity of money and credit:in the Bradford trade; and * thai scores of thousands pi Bradford textile workers were suffering hardship by reason of unemployment, which • would be alleviated if the raw materials ' w v eTV manufactured in Bradford mills " and money and credits for the Bradford " trade weie'not depleted; and whether, ' having jegard.to the.present crisis in the Bradford trade itod for the prp- - tedaon of other creditors involved in V", the .transactions referred to, be would "'" make 'full' inquiries into the matter,; ' and take whatever action waß necesaaxX and within his dow<w.?» tie in-

terests of the industry and trade of Bradford and West Riding. Sir William Mitchell-Thomson (Secretary, Board of Trade) replied: "1 have, seen'statements with regard to certain proposals whereby ■Polish importers Jrould be able to obtain credit for the purchase of raw materials,-and Polish would be'enabled to offer further security for' the payment of their debts. I have no information as to the extent, if any, to which Bradford firms are interested in such a scheme, but if the hon. member will send me any more precise informatiqn on # the subject I shall be happy to consider it." - . ■■■■-■'

Gwwring-Purchasing Vovrtac. ,The available- information w 4 ith regard to the sales of wool during the past three months emphasises-the growing purchasing power of Continental countries and tl» great industrial tivity which must prevail there. The Continent took ,as much wool from this country in July as in June and May combined, and .even, the United States, in spite of ite -tariffs had) a similar experience, as the following table: shows:— EXPORTS OF FOREIGN AND COLONIAL , WOOL.*

July. June. May.' lb. "b. lb. Germany ... 14>5,700 8,111,000 8,879,000 BeWum .. Bs3 000 4,859,000 4,403,400 Fwioe .. 9,805,000 8,317,700 8,227,100 U States .. 3,786,700 1,039,700 1,429,600

Totals (all . ■. .• •countries 87,208,800 18,301,800 18,785,900 \ In addition, 1.394,1001b of British wool were exported to the antinent in July, *as compared with 1,480,4001b in, June, and, 568,5001b in May. , r

PREPARING THE NEW CLIP.

EXPERT'S ADVICE TO WOOLGEOWEBS. "*

The fall in wool values has served to focus attention on the urgent necessity for an improvement in the methods of preparing New Zealand wool for the market. A very considerable sum, it ia said, is lost annually by New Zealand producers through their neglect to give the fleece the care and attention required—by skirting it and classing it. Experts Bay that it stands to reasson that the more uniform the .wool ia in point of quality throughout the bale the better it is for the ouyer, and just now growers must please, the buyer more than ever before. On account of the prevailing slump in wool values, everything is in the buyer's favour, and recent safes have served to emphasise the fact that overseas operators—particularly the Americans—are not going to buy unless the limb offering absolutely suit them. Buyers representing countries with a high protective tariff are naturally not attracted by wools that carryvseed or dirt, because it is not a good.proposition to pay on refuse. "doing to Lose Every Time."

With-the new season's shearing now under way,.-it behoves growers to pay increasing attention to the matter under • review. 'JW« cannot lay it jlown too hard and fast," remarked an expert to a "Dominion" reporter on Frtday "that wool must be BuitaWy prepared for marketing. If growers persist in neglecting to prepare their staple, it simply means that they are going to lose every tune. It is only, those people who have got local scouring works who will operate in badly prepared aid dirty wool, and, of course, they buy at their own price." Mr J. G. Cook, wool instructor, attached to the Live Stock Division cf the Agricultural Department, has more than once stressed the importance of preparing the clip for sale, and has contributed several articles to the New Zealand "Journal-of Agriculture" on the* subject.. According to Mr Cook, "skirting the fleece is the critical stage of its preparation j for market when-sold in grease, and it is astounding how many wool producers neglect to give the fleece the care and attentioiT required. Some engage anybody to do this work, and seemingly . «re quite satisfied as long as the table is kept clear 'and the wool got out of Bight into-«-bale. A very Targe sum

of money is lost to wool growers every year* by bad skirting alone, to say nothing of faulty classing." Striking Instances of Neglect.

Prior to one of last season' 3 local sales Mr Cook went through the 6tores and observed how the wool had been .prepared during the shearing season. He found many striking instances of neglect. Regarding wool which had nothing done to it—neither skirting nor classing—he made the following observations: "These lots comprised about 35 per cent, of the fleece wool catalogued for the sale. The fleeces had all the skirtings on —in some cases including belly wool—and the fleeces were all packed together—cotty, seedy, and dingy, with clean, free, open wool. This way of sending the wool for sale is all in favour of the speculative buyer, and tho sheepfarmer loses every time. If all the fleece wool had been prepared in tho same manner as that which came under the heading. 'Wool well skirted and well classed' (comprising only 15 per cent.' of the total offerings), the sale would have been a better one throughout. Owing, however, to there being such a wide range of quality displayed in the same bale under the headings, 'Wool well skirted, but badlv classed,' and 'Wool slightly skirted, but not classed,' those buyers who did compete for these lines put themselves on the safe side by valuing and offering the price of the lowest spinning quality found in the bale. Several buyers crossed a number or these lines off their list, and would not . compete for them, several of such lines being shown to me. Into Hands of Speculators. "The result was that the woolgrower, through not preparing his wool propcrfv at shearing time, lost the competition that would have come from these buyers had it been well ;ot up for the sale. The lines of wool coming within the category of 'wool which had only the stained part on the britch removed, and was not classed,' and 'wool which had nothing done to it,' were competed for only by speculative buyers, such ns those who have scouring workß of their own, where the wool is sent after being bought, and then sorted out into the different classes. The passings were very heavy right through the sale, but one could hardly wonder at this after having seen the wool when displayed in the wool stores. More growers should come down and have a look through the stores for themselves. The educational effect would assuredly mean more care in the future when preparing the wool in the woolshed at shearing time. It requires reiterating that a very large sum of money is lost annually to the Dominion through such a large proportion of wool producers not preparing their thoroughly before forwarding it for sale."

A NEW ZEALAND EXAMPLE.

GRADING OP DAIRY PRODUCE.

(FBOM OTO OWN COBRESPONDENT.)

LONDON, August 25,

Mr J. A. Ruddick, Dairy and Cold Storage Commissioner for Canada, was forjnerly Dairy Commissioner in New Zealand, and the system there of careful grading has provideed hip with a text for an article in the Canadian "Agricultural Gazette." Mr Ruddick tells Canada a dairy prqduce export trade must be baaed on uniform and well-defined standards of quality. He states that the grading system adopted in New Zealand many years ago has been of immense value to that country's dairy industry, not only in a direct commercial way, but as an educational ■ measure in bringing about an improvement >in the general standard of quality. The confidence established in the British market and the simplification of trade which it brings have done a great deal to popularise New Zealand produce in England. In Canada, the grading is carried on under both Federal and Provincial authorities, as well as by other bodies, both official and unofficial." In some cases it is carried out mainly. tional purposes, while in others its object impurely commercial. All the grading now being done in Canada is voluntary and has no authorty of law behind it. It would he a. very long step from this system to one of general apd compulsory service, which-would bej applicable'alike to the export and internal trade, and difficulties would necessarily stand in the way of any such advancement. Much of the butter made in Canada during the summer is placed in cold storage to be exported or sold later in the.year. To grade this butter at the time of storage, would not be satisfactory unle'ss some system of dating were employed, and to defer grading until just before export would be to lose some of the advantage, of a grading system. '. During the 1920 session of the Canadian - Parliament a resolution calling upon the. Government to establish a g tiding'system was introduced in their ouse of Commons. It received the unanimous support of the members and the Minister of Agriculture in his reply accepted the principle of the resolution, and said.that he would be prepared to carry out a scheme as soon as the producers of dairy produce were ready to have their butter atod cheese graded. The, -Ministry of Agriculture and Fisheries refer to the contention of pioneers of the dairy industry here that, if a system of voluntary grading 'has been of commercial, aha educational value to producers overseas it-should be bo here also. Best English cheese will always command a good market in this country, but some of the poorer kinds and the poorest specimens of the better kinds might conceivably be replaced on. the markets by better produce. Thena does not certainly at the moment_ apSear to Be Hie same need for British utter and cheese-makers to standardise their goods as there is in the case of the produce of growers of fruit. These latter are being hard put to it to withstand the competition of overseas produce on the markets, but the dairymen can usually supply the best butter and cheese so' long as they work carefully and on the best lines. None the less, •it is considered well for. them to _be aware of the progress which is being made overseas. "The careful grading of dairy produce has been a matter of painstaking consideration jn certain of our colonies, the main object being to establish and maintain, the output of such produce as will have a ready reception in the world's markets."

MOETGAGEB EXTENSION ACT.

(pebss Assoounoir TKLXGBAH.j

■WELLINGTON, October 10.

The Wellington Chamber of Commerce discussed at a special meeting the proposed Mortgages and Deposits Extension Act. It was unanimously resolved — j. <a) That the Minister of Finance be requested to withdraw the Act as at present drafted, and that the new draft the Act should provide that mortgages originally due in 1914, 1915, and 1916 respectively, be payable on the same day of the month in v 1922, 1923, and 1924 respectively, and all mortgages falling due between*: January Ist, 1917, and October 24th. 1919, he payable on December 31st, 1924. (b) That the machinery clauses relating to the Public Trustee and Land Boards be dropped, and that of hardship or right of a mortgagee to | exercise his powers be determined by a Supreme Court Judge „or Stipendiary -magistrate. (c) That it is desirable that there be no fixed rate of interest for renewed terms of mortgages, but that the rate be a matter of mutual arrangement be- b tween the mortgagee and mortgagor, or failing agreement, to be fixed" by a I Supreme Court Judge or Magistrate. 1

PRICE OP BUTTER IN NEW SOUTH WALES.

(By Cable—Press Association—Copyright.) (Australian and N.Z. Cable Association.) SYDNEY, October 10. Owing to the increasing output of butter from the North Coast the wholesale' price of butter is dropping from 168 a to 168s Bd' per owt.

FRUIT-GROWING IN AMERICA.

(special to "the pkess.")

AUCKLAND, October 10. Mr. E. H. Becrcft, an Auckland fruitgrower, returned to Auckland yesterday from | America, where "he has apent the last two and a half years in British Columbia, Washington, Oregon, and California. He has gathered some information respecting fireblight that should be of great importance to Dominion fruitgrowers. This was picked up from experience, and the best tuition possible during a special study of the pest with leading fireblight operators in America, one in particular being" Mt Farrar, who has a 5000 acre ranch in California, where in the spring upwards of 30 fiTeblight cutters are constantly employed controlling fireblight on pears, bein? paid wages as high as five dollars a day and k->ep. During the winter this number is slightly reduced. Californian Mr Becroft says, leads cne to the conclusion that fireblight can never be eradicated, but it can be skilfully controlled under the latest scientific methods. He has in his porsrssion views of the latest surgical method uecd in the control of fireblight. Okanagan Valley, in British Columbia, jir Becroft considered to be one cf tho most favoured valleys for fruit growing wurposes in the world. The growers there have no peßts to contend with, and codlin moth is hardly known. The growers are also better organised than in any other part of America, excepting Oregon and California. The growers in the valley are organised on sound cooperative lines and handle fully 80 per oent. of the fruit grown in the district. DUVAUCHELLE STOCK AND LAND . SALE. At the iwnthly sale at Dwvauchello there was a good yarding of stock, fats and springers predominating. The attendance suffered from tho weather. Business was fairly brisk and prices reached a satisfactory margin. A fine lot of steers, yarded by Mr J. R. Thacker, brought top price,' £2O per head. The range of prices was:—Steers £8 to £2O, fat cows £7 to £l2 15s, heifera -£6 15s to £l2 ss. springers £7 10s to £ls 15s, yearlings 15s to £i 2s, two-year-old steers £3 2s 6d to £2 6s 6d.

A. small farm of 40 acres, the property of Mr Arch. Brawn, put up under the hammer, reached £l9 per acre, and was then passed in. Mr Felix Brocherie was the successful bidder for the lease of' 20 acres of land in Duvauchelle, the price being £3 5a per acre. <?

ENGLISH MARKETS. Dalgety and Company, Limited have received the following cablegram from their London office, dated October 7th: "Butter—Market steady but quiet. We quote Danish 228s to 2305, Australian 155s to 184s, New Zealand 204s to 208s. "Cheese—Fair demand. We quote New Zealand coloured 90s \o 965, white 98s to 104s Canadian c.i.f. quotations 96s to 100s. '•■S'heepskinß—At offered and'practically all sold. As compared with closing rates of last skin sales, prices are higher by 20 per cent, for merino combing, merino clothing and fine oroesbred combing skins,, and by. 1& per cent, for inferior short woolled and shorn pelts, coarse and medium crossbred combing and orossbred clothing skins." The New Zealand Loan and Mercantile Agency Co., Ltd., have received the following cablegram from their London office, under date 7th instant: "Butter—Small demand and prices unchanged. (Last quotation £lO Bs per owt.). "Cheese—White £5 4s per cwt., coloured £4 14s per cwt. Market stronger." "Tallow—We quote present spot values for the following descriptions:—Fine mutton, £2 16s 9d per cwt.; good beef, £2 18s 6d per cwt.; mixed, £2 5s per cwt. Market dull with downward tendency for good mutton. "New Zealand Frozen Meat—Lajnbv BJd per lb (average); wethers and maiden ewes, light 6|d per lb, heavy 4|d per lb; ewes light ,49d per lb, heavy 4Jd per lb; ox beef, hinds 6id per lb, fores SJd per lbj cow beef, hinds'4fd per lib, fores 2fd per lb. Market depressed and has a downward tendency. Stores are full of meat and steamers are being utilised for,storage." THRESHING RETURNS. ' The Wheat Controller furnishes.the followimg return for the period endied October Bushels. Ttoreshhrg returnß received to date 6,603,414 ConAnacte to puTohase j .„«««. Good milling .. 5,808,689. Fowl wheat .. •■ •• 803,993 Amounts paid to farmers through Government brokers '£2,800,700 ss, representing 5,710,40? bushels.

CHRISTCHTJRCH STOCK EXCHANGE. - YESTERDAY'S TRANSACTIONS. Sales reported:—National Insurance, £2 19s 9d; National Bank of New Zealand!, £5 118 LATEST QUOTATIONS. .'/■".■ Buyers.- Sellers... £ s. d. £i. d.

.DEBENTURESN.Z.' Govt. 4J per cent. Inscribed, 1988 .. 85 0 0 N.Z. Govt. 41 per cent. Inscribed, 1989 ..-85 0 0 N.Z. Govt. 5 per cent. Bonds, 1927 .. 91 0 0 - N.Z. Govt. 51 per cemt. Inscribed, 1938 .-.. N.Z. Govt. 61 per cent. Bonds, 1933 .. 91 17 6 92 5 0 BANKS—- !• National of N.Z. .. 011 0 Ml 6 Royal Bank .. .- INSURANCE- , . n National .. •• + '? ° * New Zealand ... . , .. 18 6 19 6 South British. .. 115 9 11« 6 SHIPPING- ' ' l P. and O. Deferred Stock .. .. 885 0 0 FROZEN MEAT— . . Canterbury .. • ••11 B°, . N.Z. Refrigerating (£1 J ' paid) rn '«» 1 11 9 COAL- "\ „•• , Westport-Stockton .. WOOLLENS- ' / Kaiapoi (£1 paid) .. 1.3 8' 1,8 9 Kaiapoi <Ws paid) .. 010 6 011 8 GASChristchuroh .; •• 613 6 MISCELLANEOUS— Beath and Co. ..148 150 Cant. Farmers' Co-op. (Timaru) (oum div.) . Colonial Sugar .. 37 6 0 United Pictures .. Whitcomlbe and Tombs (ex div.) .. UNLISTED COMPANIES— Cant. Publishing Co. .. .. MINING—- ' Waihi Grand Junction 0 8 0

AUCKLAND STOCK EXCHANGE. (PRESS ASSOCIATION' TELEOBAWB.)

AUCKLAND, October 10. Saka:—Bani o£ New.Zeaiand, 51a; National Insurance. 60s; Standard, 61s; Weatpent Coal, 28s; Auckland Ga» (contributdnjr), 2f7s; Wilson's Cement, l'oo; Grand Junction, 8s 6d and 8s Bd. ..,,., ~ , Quotations:— Bank of Australasia (ex drv.), sellera £B9, buyers £B3; National (Bank, buyera £3 lis; Bank of New South Wales, buyera £35 ss; Bank of New Zealand, sellers 61s 9d, buyers 60s 6d; Union Bank, fellers £l2 15s, buyers £l3 9s; National Insurance, sellers 60s 6d, buyers 60s; New" Zealand, sellers 295, buyers 26b 6d; South BriiSsb, sellers 86s, buyera 85s 9d; Standard, sellers 625, buyers- 60s; River Plate, sellers 17a 9d, buyera 17s; "Loan and Mercantile, sellers £B4, buyers £81; TaupiriCoal, sellers 17s, buyers 16s 9d; Huddart-Parker, sellers 4'ss 3d, buyers 445; Union Steam, sellera 18s 6d; Kauri Timber, sellers 265. buyers 24s 8d; Colonial Sugar, (Australia), buyers £2B' 15s; New Zealand Drug Co., buyers 645; Ne,w Zealand JPa.pes- Mills, fleilesa 23s 9d v bayeta 22s 9d; New Zealand Refrigerating (paid), sellers S2s; New Zealand Refrijeratinff (IDs paid), sellers ITb; Wilson's Cement, sellers l£s 3d; Waihi, sellers 22s Bd. buyers 21a 6d", Waihi Grand Junction, sellers 9b, buyers 8s 8d; Wax Loans, 1980, buyers £88; 1988, buyers £BS; 1939, buyers £B4 las; 1927, buyera £9l; Soldiers' Bonds, sellers £9l 17s 6d, buyers £9l 15s; Inscribed. 1988, buyers *£Bs: 1939, buyers £B4 15s; Soldiers' Inscribed, sellers £9l 17b Bd, buyera £9l ISs.

DXXNEDIN STOCK EXCHANGE. (run association tkuborah.) DUNEDIN, October 10. Quotations:— Bising Sun, buyers 4a 6d, sellers 7s; W»ihi, buyers 31s ad, -sellers 23s ' 6d; Noiomai Hydraulic, buyer* 12s 9d. , sellers 19aJ Waahi Grand Junction, buyers; 8s; Mount i.y»ll, buyers 13s 6d, sellers 13s '. 8d; National Bank, buyers 113s 6d, sellers 117s fid; Bank-of New South Wales, seller* £3&-iCs; Sank of New Zealand, buyers 60b 9d, sellers Sis 9d; Union Bank, buyers £l9 9s. sellers £l9 13s; National Insurance, i sellers 60s; New Zealand, buyers 38s Sd, ( sellers 23s 8d; South British, buyers 85s 6d, | ,-eellers S6s Sd; Standard, buyers 60s; P. | and 0. (def.), buyers £330, sellers £350; ' Union Steam (pref.),. buyers 17a 9d, seller*' 18s; Huddart-Parker, buyers Ha Bd, sellers - 44* fid) Wottpcrt Coil, eaOsra 3Sb 3d; Weal*

port Stockton (ord.), seller* 7s 2d; Brown, Ewing, and Co. (ord.), buyers 245; Goldsbrough, Mort, buyers-81t, sellers 89s; Rational Mortgage, sellers 725; Loan anad Mercantile, sellers £B4; Wright, Stephensod (ord) buyers 21s; Gear Meat Co. (ord.), seDers 82s 6d; Now Zealand Befrigwratinff (20s paid), buyers 81s, sellers,S2s; (10s paid), sellers 17s; Canterbury Meat 00. (ord.), buyers £ll ss; Bruce Woollen. 00., sellers 425; ditto (new issue), buyers 3a, sellers 6a prem.; Now Zealand Paper Mills, buyers 23e; ditto (new ispue), buyers Is 6d; prem.; New Zealand Drug Co. (40s paid), buyers 54s 6d; New Zealand Express, e©llieis 17s 3d; New Zealand Express Co. (pref.), buyers 15s; New Zealand Hardware (ord.), sellers 12s; "Olago Daily Times, buyers 465; Perpetual Trus- 4 tees, buyers 84s; Trustees. Executors, buyers 445; Wbitcombe amd Tombs (ex div.), buyers 52s- National Electric, buyers 265, sellers 28si; War Bonds, 1930, buyers £B7 15s; 1988, buyers, £BS; 1939, buyers £BS; Inscribed, 1938 buyers £B4 \ 17s 6d; 1939, buyers £B4 17s 6d; Postal 1927, buyers £9r 10»; 1929, buyers £9l; Inscribed, 1927, buyers £9l 10s; 1929, buyers £9l 10s; Soldiers, 1929, buyers £9l 15s; 1938, buyers, £9l 15s, sellers £92. Sale on 'Change:—Soldiers' Settlement Inscribed Stock,-£9l 17s 6d. Sale leported:—South British; luauiaace, 86s.

GENERAL NOTES.

The collapse in London of the stocks of the Grand Trunk Railway Co., of. Canada, has come as suddenly as, the crash, over the failure of the London Globe and Knance Corporation some years ago; Then a number of Stock Exchange insolvencies occurred as a consequence of the efforts of Whittaker Wright and other speculatora to "coiner" the "bears" that Bad been attacking Lake View Consols scrip. The restriction placed on Lonidon sJtooJt Exchange dealing since the war may,' says the commercial editor of the "'Argus," avert failure* over any trafficking in tirand Trunk stock*. The chief losers will be the multitude of small investor* who place aavings in railway conmpany securities as one of the safest forms of investment. An exceedingly bitter feeling against Canada is likely to arise unless the Dominion Government sees its way te do something for the unfortunates who hare had capital amounting to over £87,000,000 swept out <t. existence by the Arbitration Board's award. Apart from the capital of the company there are large debenture issues, and every holder in them will be on tenterhooks to know what may come to him out of the award. Thb alternative to a reference to arbitration over the terms on which the Dominion Government should acquire the Grand Trunk railway system was liquidation* This ■the Canadian Government was as anxious to avoid as were directors and shareholders, for if outside capitalists, such as hold railway interests in the United States, had come in as buyers an awkward situation might have' been created. The Government in the end.demanded control of the railway from the company as a precedent to final arbitration. The success of oounsel in securing the rejection of evidence relating to the physical advantage to the State of the construction of the railway so limited compensation as to indicate that the position of the' shareholder was highly precarious. Some of the members of the board of directors of the company are influential members of the London Stock Exchange. That institution therefore will certainly stand up for the recognition by Canada of the plight of shareholders.

Latest mail reports ox British industries Indicate that business in the iron and steel trades was practically at a standstill,* the coal settlement not then having had material effect, and consumers who were still able to carry on were merely covering, themselves for the minimum of their immediate requirements. The" demand for Cleveland No. 8 pigiron, supplies of which at the end of June were extremely scarce, was confined to email hand-to-mouth lots, and the lower qualities of Cleveland iron, of which there were heavy stocks, received little attention. Export business was to all intents and.purposes stagnant and there appeared to be no hope of a revival until a reduction in fuel costs was effected . such as would enable United Kingdom makers once more" to compete with Continental producers. As a result of the dosing down of. steel works the home demand for hematite plgiron had almost xanished. There were, however, a few export inquiries, and some small. business was reported. The price at the end of June stood nominally at 160s per ton for mixed numbers, but for export business of a desirable character makers were no doubt pre-' pared to shade this figure. The position as regards finished steel material had undergone very little change during the past few wAks, and buyers were still holding off in the expectation of lower prices later on. With British makers out of the market, Continental manufacturers adopted a more independent attitude, and many, of them advanced their prices. To some extent the movement of the exohangee was' responsible for the increase in the Belgian and French | quotations, and the higher figures had provided an opportunity for Germany to enter J into competition for the little business that was offering.