FINANCE AND COMMERCE.

Press, Volume LVII, Issue 17295, 5 November 1921, Page 8

FINANCE AND COMMERCE.

REVIEW OF THE SHARE MARKET. Although prices of per cent. War litwn have remained fairly steady, the demand has not been as keen during the present week as it was last week. Busiiiess has been done at £B7 10s and .JS7 ss, and further buyers have offered £S7, with sellers asking £B7 10s. During last week there was reported business at £B6 17s Gd and £B7 ss, ,\nd the week closed with no sellers quoting. Thore is a steady enquiry for oi per cent. Soldiers' {settlement Loan one in IW6 at il'Xi ss, but sellers arc scarce and no sales have been reported. At the end of last week there were buyers at £'J2 2s (id, with previous sales at £92. Stock clue in li'3'J has changed bauds at £L>2 10s, with further sellers at £l». Sellers of Bank of Australasia shares are- offering at £BS 15s, with no declared buyers as compared with business at £B6 a week ago, and at £Sb' lUs a fortnight ago. Snure holders have heen advised that meetings are being called in London to adopt resolutions consenting to the proposed subdivision of the present £4O shares into shares of £5 each. The Commercial Bank of Australia is issuing new shares at a premium of 10s per share to shareholders in the proportion of one new share for every three old shares held, and cum tho tights to the new shares the ordinaiy shares are offered at 2.7s 6d, without declared buyers. Tho rights are quoted by fellers at 4s 6d. UThe market for Bank of New Zealand shares has eased, and sales have tfefcn reported at 50s and 49s 6d, with farther sellers at 49s 3d, as compared with sales last week at 50s 6d and furInfer buyers at 50s 6d, and sellers at l/alhere has been a good deal of atjafifcion paid during the week to rights ilfji fractional certificates in connexion ifalß-tho new issue of shares by the fenion Bank of Australia. Early in the week rights changed hands at 40s and 39s7~but there ha 6 since been reported Bumffe's's at 38s and 37s 6d, and further tellers are asking 37s 6d, with buyerß Offering 365. Fractions have sold at 8s 6d, with further buyers at that figure. At the end of last week the old shares, cum rights, sold at £l2 }ss, but sellers have since offered at £l2 without attracting buyers. | There has been little enquiry for insurance shares. I National Insurances are now cum a flividena'and bonus totalling 2s per *hare, and are quoted by sellers at 60s, Ivith nojaeclared buyers. it 35*»S *^ a recent dividend of lOd >er sMffCj- as compared with previous >usiness"afi 35s 9d cum the dividend. Thero.rhas not been much business lone in shipping shares. Huddarts are , !uiet. antThave sold at 44s 6d and 445. Jusiness iaiNew Zealand Shipping preerenoe»»diares haß been, reported at Clo.#Tv Canterbury Frozen Meat Company orlinarvjnareß have changed hands at J12.618eV Zealand Refrigerating fully>aid shares have improved a little, and hero have been transactions at 27s 6d, is against 27s during the previous reek. There are further buyers at 28s. 'he parijJK-Jaid issue have sold at 14s id with further buyers at that figure ind tftteWOat 15s 3d. . i There have been enquiries for Kaia-iLfrJßßnnllAnw.fally-paid ordinary shares -at 23s :9d, and for the partly-paid issue at lis 6d. SHBffjfgj&E§Kh Gas Company shares week at £5 17a 6d,■Mffltetstaeqnent buyers have offered £5 JflHifßKP&Hers are few. Sellers of Warp] and Company shares j are offering at 235, as compared with , .recent business at 22s 3d. j Buyerß of Whitcombe . and Tombs shares.-are offering 655, hut no sellers CufnTtipHvidend of Is per share, payhave sold at 22s and 21s 9d, and Waihi Grand Junctions have been dealt in at 8s 9d. MERCHANDISE. «'J >" ' - . j GROCERIES, Etc. The e&ief topio of discussion at present in the grooeiy trade w the new tariff. This will operate in quite a number of grocery articles. Tho increase in the duties on tobaooo wts anticipated, but the extraordinary advance in the duty on cigaretto tobacco is quite, out of keeping 'with the duty levied on plug and cut plug tobacco. An increase in the duty on ,imported cigarettes was expected,'but did not eventuate. The great acrwafi an the impost on cigarette tobacoo. coupled witi no inoreased duty on imported cigarettes, looks as if the industry of making cigarettes, recently started in New Zealand, will bo seriously handicapped, if not altogether extinguished. To balance matten, it is argued,' the duty on cigarettes made in other countries should be increased, or else the duty on the bulk cigaretto to-. bacco imported for local manufacture should be reduced, considerably. The duty imposed on foreign raisins will mean an advance of '2d a lb da tho price of American sultanas, and Thompson's seedlees raisins,, also an increase in price of 2s a uoz. on the lib packets.of seeded raisins, which come from California. The placing of figs on the list as free if grown in the Empire, and subject to a duty of 2d per lb if of foreign origin, & really of no assistance to trade within the ISmpire, as at present the only sources of supply for figs are Turkey and the United States. A few have in the past come from Spain, hut oil these are foreign countries, and this means that all figs will advance 2d per lb. The new duties on petrol and kerosene represent la a case. This should not mean an increase in prices, as the costs of these ortiolea are expected to fall, during the nest 'few months to an extent which should more than compensate for the added duty. Dark plug Havelock tobacco is exceedingly scarce just at present, most wholesale ■ nouses bejng completely out of stock. Heavy orders have been placed this week tor local-made confectionery owing to tho Irop in price, lor which storekeepers havo seen waiting. \ Fresh herrings which can now be retailed •a le a tin, and show a fair profit to the aro once xnore commencing to inovo. ttis is no doubt duo to the lower retail ioe now ruling. Now Sugar Prices. lh» new sugar prices, which are given Vw, become operative on November 7th. ibust he distinctly understood that these < W are for the city and suburbs, and are lon cash. Country townships will fo charge a slightly increased figure to J railage charges, which are now fairly v_'and represent in' some cases id per TThe housewife, both in the town and 7 who requires extended credit may 40 pay a alight increase on the cash jA, Ko. 1, and Ko. 2, 4Jd per lb, or i per bag. UJd per lb, or 26s per bag. \and icing, Td per lb. *M per lb. V crystals, 6d pet lb, or 29s per bag. jsyrup, 2lb tins lOd, 7lb tins 2s Sd. ; 21b tins 9d, 7lb tins 2s 6d. jndon Grocery Markets. ate September 22nd, a well-known ! porting house writes to a Christtx: —"In regard to the general <> grocery markets here, we have Vpt for almost all classes of goods \was reached some weeks . ago. ..months ago until a. few weeks bits end manufacturers who held rwho were hard up for ready i slaughtering, below juum at

DOMINION'S TRADE AND MARKETS.

(BY OLT. COMJIEECUL EDITOR.)

which tn? goods coi:i<i '.jo replaced for. There stocks Focrii now ;■> ';■> -jil cleared 08, and wherever manufacturers have '.o buy raw malerja.!, to make new goods, prices are- decidedly firmer. THE BANK RATE. REDUCED TO 5 PEE CENT. (By CiiUo— PreiS Association—Copyright.) (Australian and X.'A Ca'.lo AiscciaUou.) LONDON, November 3. The Bank Hate Lis l»een reduced from yA per cent, to o per cent. [The liist, movement in thy bank rate was in July, when the rate was reduced from 0 per cent, to ■>s per cent. The rate had been reduced on June It. .d fr. m >')}. to G per cent. The prsvi--1 i/us change was on April 27th, when ! tl:o rate Wiu- reduced trcm 7 to tii per cent., tins beinjj the lirvt movement ' I since April 15th, 1920, when rate j was raised from 6 to 7 per cent.] In commenting on the previous reI duction in the bank rate, ilie Financial j Editor of the "Morning Post," writing ■on July 21st, said:—The previous i change was mado on the 23rd of last month, when the rate was reduced from : 6} to 6 per cent., so that the 6 per 1 cent, rate has only been in operation for a month. While we quite rccog- ; nice the excellence of the motives pre- > snniably responsible for the present de■l dine,, wo must confess that we fail, to I discover jutification or logic for yes- ' torday's change in the official minimum. \ Wo can only liope that in the event of ; increased demands for Treasury Bills ■resulting, an earnest effort will be I mado to apply the proc-eds to the rc- \ payment of Bank of England advances, thereby at all events increasing the chances of makine the new o\ per cent, rata fairly effective. That could he done without in any way impairing , general business activities, the loans to the trader beinir based entirely upon ! bank rate itself. This necessity wo ■ must emphasise most strongly, for if, : on the one hand, it is urged that a lower hank rate may help to stimulate trade activities, we are quite sure that a continuance of inflationary methods , will in the long run do infinite harm ■: both to the trade and finance of the j country. The Government, which ! pledged itself long since to reduce the ; floating debt, must at least be reminded \ of the evil consequences which will follow if, instead of contraction, there is further expansion. "PARTICULARLY GRATIFYING NEWS." (SPECIAL'TO "the PRESS.''') WELLINGTON, November 4. The Prim© Minister told the House of Representatives this afternoon that he had received a cablegram reporting that the bank rate in _ London was down, to 5 per cent. This was a particularly gratifying .piece of news. The rate had been, falling gradually for some weeks past ; and he was disposed to accept the- opinion of a very experienced commercial man- who'had told him that an era of cheap money was approaching. New Zealand bad been j compelled lately to borrow money ot ' 6 por cent., but be had always felt that it did not get value when it had to'pay | this rate of interest. The money could ! not be used on publio works that would give a return of .6 per cent. He did not think the Dominion could, .afford to pay more than 4J per bent, for publio works money. A member: Will it bring down the bank rate here? Mr Massey: Yes. Only to-day I re- . fused to allow some of the' lending departments to increase the rate of interest to 61 per cent. I regard the fall in the rate of interest at Home as j particularly valuable to this country. DANGER TO MEAT MARKET. MENACE OF THE TRUSTS. NEED FOR VIGILANCE. (special to "the peess.") WELLINGTON, November 4. "When I asked tlhis House some years ago to agree to the legislation setting up tho Board of Agriculture representative of the producers in every part of New Zealand', I thought that a very good start was being made with the organisation required to look after tho marketing of our said the Prime Minister in the House of Ileproj sentative3 to-day. "I am afraid that not a great deal has been done. In saying this, I am not reflecting upon the members of the Board oi Agriculture. I have had this matter in mind for a long timo past, and recently 1 took an opportunity of expresting an opinion that a special Board should bo set up to deal with this question of. markets. It should consist mostly of producers, with one or two business men, if the producers think that necessary, and one or two representatives of tho Government. I do not think that there are- many better business men. than the farmers thenuelves when their own interests arc concerned. This, Board would look after the 'handling of tho produce at this end, and it could appoint a thoroughly good man to push the- interests of tke Dominion in. England." Mr Sy'ues: Why not establish slhops in England r 1 The Prime Minister replied that He ! had looked iute this matter. Ho understood how great wero the difficulties. There wero big firms controlling thousands of slieps, and a great organisation would bo required to compete with, them. Members had discussed the operations of the Meat Trust on many occasions. Did they realise that what tin; Trust rould do to the producers if it got a footing in this ca-untry would t>e> very littlo compared to what it could do if it seemed control of the retail trade in Britain? The Trust was trying to control the retail meat trado there, and its ' influence undoubtedly wati growing It had much icore influence than the people of lihis country imagined. A member: There are many other trusts. Mr Massey agreed that this wa3 the case. Auotlier big concern of which much had been said; namely, Vestey Bros., was likely to go out of business. Mr Jennings :* They have lost millions of money in recent years. Mr Massey: So has tho Meat Trust. If tho business of Vestey Bros.' fell into the hands of the Meat Trust, as it may do, they would practically have control of the whole meat trade of •Britain. That is not a good outlook for tho -producers of this country. It is an outlook that should make them very diligent and very eager to protect their own business. Let a board be appointed consisting of really good, smart men. who are farmers. There are plenty of them. I could get a suitable board together without any difficulty. Then lot this board send to Britain a £ood man who will be able to

report as to the actual position from day tn day. „ , Mr Wilford: Did not the iarmcrs decide to send three men Kome? Mr Massey: They were not sent. It was discussed on many occasions. Mr "Wilford: Was it not decided?

Mr Massey: The suggestion was I made that the Government should pay ] the expenses of these men, and the Government was rather unwilling to do it. If money is wanted, you have the precedent of "the orchard tax. There is plentv of money to be found. The frime Minister added that he would prefer to see the fanners pick their own men and handle the matter themselves. If the Government pent anybody to Britain it nrrbably would bo" an officer of the Department. The initial steps for ihe creation ol the organisation he was susijresting had been taken already. Tbe Minister of Agriculture had conferred with tho producers on the subiVt,. The dairy producers had their own men in Britain already, and he kept thein in touch with the markets. They paid him all his e.v>pn«es and gave him a particularly trend salary. They get value for their "money. o"ne nuni might not- be enough to represent the meat and wool interests, hut one enuld be sent as a start. The Prime Minister added that more of New Zealand produce should be sent to ports oil:>'r than London. He had susiested this in tho House recently and within forty-eisht hours hehad received a cablegram from Bristol expressing appreciation of his suggestion. The represrntative should bo paid by the farmers. If the Government paid it would have to give similar assistance to every other iadustry. He f.uctro'-ted that the fanners should proreed with the scheme for securing the representation of their interests. Tho Government would be prepared to assist. IMPERIAL GOVERNMENT SUPPLIES. WARM PRAISE TOR THE DEPARTBIENT. STATEMENT BY HON. W, NOSWORTHY. (tress association telegram.) WELLINGTON, November 4. In presenting the report of tho Imperial Government Supplies Department to the House of llepresentatives this afternoon, the Hon. W. Nosworthy, Minister of Agriculture, in the course of a statement said: This Department, which came into existence to control in New Zealand various contracts for the purchase of produce by the Imperial Government, has shown that given business organisation and the right type of men in control, immense transactions covering a multitude of detail can bo carried through with credit to the Government and benefit to the country. The Department's work has been characterised throughout by an absence of red tape, and by that courtesy in correspondence and negotiations, exactitude in accounts, promptness in payments, and economy in administration, which aro traditional in the best business houses in the British Empire. The Department earned and has been given high encomiums, not only from the Imperial Government, whose affairs havo been managed with skill and carefulness, but also from business organisations of the Dominion—freezing companies, wool"nrokers, shipping companies, dairy factories —with whom it has been in direct contact. To my mind the hallmark of the Department's success ib the fact that the business was carried on with such smoothness that the very large number of producers were hardly aware of its ojxitltenee. They only realised that some smooth running machinery was at work which was organised that at market centres all"over the Dominion meat, wool, sheepskins, butter, cheese, etc. were promptly valued and cash paid over, free of exchange, invariably on or before due date. The report'of the Department is a complete and exact record of the main products of the Dominion during the term of the imperial Government's contracts, and is invaluable on that account alone. Advantage has been taken to furnish for the information of producers and traders, not oDly the total quantities of meat, wool, butter, cheese, etc., produced in each year, but also a record of the qualities of each of these products. The quantities of produce dealt with are enlightening as to the productiveness of this small country, the totals of the main products purchased being:— ' ' Meat (five years' purchase)— Beef, approximately—4,ooo,ooo quarters. Mutton, approximately—l7,soo,ooo carcases. Lamb,. approximately—l7,soo,ooo carcases. Wool (four and one-third years' pur-chase)—-3,137,765 crates. Butter (four years' purchase—--3,148,510 boxes. The care and attention which has been given to the storage of these valuable products after, purchase and before shipment are evidenced by the fact that the Imperial Government losses in New Zealand by fire, wreck, and deterioration amount to only: Moat onetenth of 1 per cent.; wool, one-twelfth of 1 per cent.; cheese nil; butter nil. As at one time during the war period, when shipping was not available the Department was holding in store _ in Now Zealand stocks comprising 8,000,000 freight carcases of meat, 500,000 crates of cheese. 400,000 boxes of butter and 70D.0C0 bales of wool, this record is an excellent one. As in all large business transactions, there have been some disputes and differences of opinion, but these have yielded to discussion and negotatidn. During the year Sir Thomas Robinson, late Direc-tor-General of Meat Supplies for the Imperial Government, visited New Zealand in connexion with some disputes in relation to moat purchased aad his visit resulted in the amicable settlement of most matters. The purchase and shipment of wool, meat, butter, cheese, sheepskins, hides, etc. were not the only activities of the Department. Incidentally to the wool and sheepskin purchase, all the fellmongery works and nearly all the woolscouring works in the TX>minion were for over four years working under contract, scouring wool and fellmongering sheepskins on behalf of the Imperial government. In that time 417,770 hales of wool were scoured and 7,666,364 sheepskins fellmongered, the amount paid for this work being over one and a quarter million pounds sterling, the greater portion being expended in labour. One per cent, or 20s per £IOO would be considered a fair busiress late for the expense of conducting ibis business, of which the disbursements at March 31st were over £158,000.000. It is noteworthy that the total charges for salaries, postages, cables, telegrams, office expenses, rent, stationery and all other incidental charges connected with the internal administration of the Department amounted to under one-eighteenth of

1 per cent, or 12Jd for each £IOO of business done. All the expenses of tho Department with the exception of those connected with purely New Zealand Government matters nad been met by the Imperial Government. At this date vho whole of the produce purchased, with the exception of 314,887 bales of wool, has been shipped from the Dominion and the Department's staff has been reduced by So per cent., and the total annual salaries paid by 92 per cent. The retiring members of the icaif received generous bonuses, and the greater proportion has been absorbed into shipping, freezing, or mercantile houses. It will be necessary to keep t'ne Department in existence until stocks of wool are shipped from New Zealand, as the Imperial Government dees not desire any change in control until its affairs are finally liquidated in New Zealand. Advantage has been »\<ken of the organisation of the Department to deal with different produce matters for the New Zealand Governnvnt for which the Department and Controller were peculiarly suited. Mr Lees was appointed Government representative ou tho New Zealand W 00l Committee, and he was elected chairman l.v the other members. "Very good work in the interests of the producers has been done by that committeo in the [same quiet, tactful way, .as has charj acteriscd the operations oi tho Department. COATS'S COTTON PROFITS. HALVED BUT STILL HUGE. (Bv Cable—Press Association- -Opyright.) (Australian anH N.Z. Cah'.e Association.) (Received November 4th, 8.10 p.m.) LONDON, November 3. The l-ooort of Messrs J. and P. Coat* Ltd., states that the net protits amount to £2 i 072,000, as compared with £4,165,000 last year. The directors have decided to transfer £250,000 from the dividend reserve in order to pay a dividend of 15 per cent, plus a boiius of sixpenco per share. ■ SHIPPING FREIGHTS. BATES TO AUSTRALIA REDUCED. LONDON, November 3. The Shipping Conference Lines and the Commonwealth Line have reduced most freiglrts to Australia by approximately 10 yer cent. The new freights to Australia are as follows:—Fine measurement 115s per ton rough measurement 90s per ton, close weight 555, packed &4s. The new rates will start next week with the Beltana from London, and the Ayrshire from Liverpool. SYDNEY, November 4. It is understood that shipowners trill reduced oversea freights in January. The freight on beef is likely to be reduced by Jd a lb. BUTTER AND SUGAR. (special to "the fmss, ') DUNEDIN, November 4._ An appreciable cut in tho cost of livinc is now cheering housewives. Iho best brands of fresh butter are down to Is lOd per lb retail. That is one item. The other is of even more importance. On Monday morning sugar is to be reduced in Dunedin from 6id to 4M per lb a drop of 10s per 701b bag. Most of the grocers hold some of the sugar bought at the old prices, and they are, bv the Board of Trade arrangements, allowed till Monday to clear it off at the price of 6£dTHE AMERICAN TARIFP. WASHINGTON, November 3. Tho Finance Committee of tho Senate has recommended the extension of the Emergency Tariff Act until January Ist, 1922. TRADE IN INDIA. A VISITOR'S IMPRESSIONS. Mr W. Lyall Willis, managing director of Lyall Willis and Co., Ltd., of tendon, who ia at present orJa world tour, reached New Zealand a few days ago, and was in Christchurcb. yesterday! ' To a "Press" representative Mr Lyall Willis' made am interesitirig statement relative to trad© conditions in India. "lit may," ho said, "interest your business people to know that when I was in India in March last the Indian dealers wore owing to the British merchants 40 to 50 billion pounds. A great numbei of the dealers repudiated their liabilities, claiming that the Briish Government, by authorising a Commission on tho question of exchange, led them t c boliove that it was their intention to stabilise the rupee at say 2s (1914 value of rupee Is 4d). In fairness to the dealers it is only right to say that the majority.of the orders were placed when the rupee stood at 2s to JJs 6d, and. afc one tiino tho rupee roso aa high as 2s lid. During my stay in India it was is 3d, since when it las recorwred. You can well imagine tho conditions prevailing. There was not sufficient room in the Godown's and King's warehouses to store the gooda coming into the country ,and it was a common .sight to see largo quantities of merchandise parked out. To give you some idea of the prices prevailing, my firm's agents bought two six-cylinder 1921 model American cars for £7OO the two. Tea, which I believe cannot bo produced under od per lb, was selling m Calcutta at 2d per lb. With regard to the political position, I would rather not discuss the point, but a conversation I had with one of India's most advanced'school, I think, sums up tihe general position. The gentleman in question had a great respect for Englishmen. I said to him one day, I suppose you will be jolly glad to get rid of us, and he replied in my own language, and said nothing of the sort, but we would be jolly glad if wo could select the men we wished to work with. I shall be interested to know what tho New Zealander would reply to this. The fact remains a very small proportion (perhaps 10 per cent.) of their vast population, of over 300 millions, are sufficiently educated to absorb Mr Gaudy's teachings. When this gentleman calls o- general haxtel (peaceful strike to commemorate unpleasant memories) they in their ignorance think it is an invitation to take hostile action.

GOOD AVERAGE FOR WOOL. At the London sales in October, wool from Mr George Gerard's Snowdon flock was sold at an average of -lu.au for 85 bales greasy fleece, and 20.2 d for 64 bales scoured fleeco wool. In the same sales, tho Mt. Algidus merino clip was sold as follows:—l 39 bales scoured fleece average 33.4 d, 79 bales greasy fleece average 15.6 d. Snowdon merino rams have always been used in the Mt Algidus flock. Mr Gerard has a number of one-shear merino and half bred rams for sale. Tho halfbred rams are particularly fine in the wool, and as thi-re has always been a keen demand for them in the past, we would recommend breeders to book up early with Dalgety and Company, Limited, from whom all particulars may be obtained. 6

BANK OF ENGLAND RETURNS. (By Gable—Press Association—Cepyrijht.) | (Australian and N.Z. Cable Association.) LONDON, November 3. The Bank of England returns for tho week ended November 3rd afford the following comparisons with those of the previous week: y Oci. 27. Nov. 3. £ £ Coin ana bullion .. 126,596,000 1i6.60-2.000 Reserve .. •• if: . 21,727,000 Proportion of reserve to liabilities, p.c. 13.U 15.31 Note circulation .. 123,016,000 123,141.000 Government deposits 13,333,000 16,250,000 Other dcoosita" •• 161.505.0U0 126,052,000 Government securities 87,576,000 56,!M4,000 Uther securities •■ i5,203,W0 50,913,00 C Short loans, 3i per cent-.; three mouths' bills, 3J per cent. FOREIGN EXCHANGE RATES. LONDON, November 3. The foreign exchange rates are as folLondon on Par. Oct. 31. Nov. 3. Paris f r to £1 •• 05.225 53.37 53.47 Christh'nia, kr. to £1 18.159 -20.27 -25.60 Stockholm kr to £1 17.159 17.17 17.20 Copenhagen, kr. to£l 18.159 20.63 21.10 Herlir,, raks. to ±'l .. 20.43 707.00 330.00 Montreal, dol. to £1 4.86 2-3 4.27 4.27 New York, dol to £1 4.86 2-3 3.94 3.03 Hon" Kong, stcr. to dol. ♦ 334 d 33d Yokohama, at. to yen. 24.5S 29$ d 29Jd Calcutta, st. to rpo. 10 to gold £ 16Jd 16£ d •Determined by price cf silver. The German mark slumped on heavy Bellini? from Holland, and even iu Germany itself. The fall ia attributed in some quarters to operaticn6 in connexion with the reparations payment due in the middle of November." GOVERNMENT SECURITIES The following are the latest quotations for Government securities, with u, comparison with those ruling last week:— Last week. This week. £ b. d. £ b. d. 2J per cent. Imp. Con 48 17 6 48 15 0 6 per cent. Imp. "War Loan •• •■ *B7 12 6 88 5 0 3* per cent. Imp. "War Loan •• .. 90 0 0 90 0 0 5i per cent. C'wealth Loan •• .. 101 0 0 101 0 0 £1 per cent. C'wealCb. loan » .. 96 2 6 "94 10 0 New scrip, 10a discount. N.S.W. l*s, 1938, J*n.July .. •• 78 10 0 78 0 0 N.S.W. BJ's, 1935-50, Jan.-July .. 63 5 0 63 15 0 Jv.S.W. 3's, 1935. AprilOctober •• .. 67 2 6 67 9 6 tjsw si's •• ■• 9* 15 0 85 10 0 N"'.s!w.' 6J's .. . 102 3 6 102 7 6 Vic. 4's, 1921-6, JanJuly .. .. 90 2 6 90 12 6 Vic. 3i's, 1929-40, Jan.July •• •• 63 12 6 63 12 6 Vic. 3's, 192M9, Jan.July .. 57 0 0 67 7 6 O'land 4's, 1924, Jan.July .. .. 93 7 6 93 6 0 Q'land Si's, 1921-24. V Jan-July .. 89 7 6 89 7 6 Q'land 3's, 1922-47, Jan.July .. .. 56 2 6 06 2 6 K.Z. 4'e. 1929, MayNovember .. 86 0 0 86 2 6 N.Z. SJ'b, 1940, Jan.July .. .. 70 5 0 70 17 6 N.Z. B's. 1948, AprilOctober .. .. 6112 6 61 15 0 S.A. 3's, 1930, Jan.Ju'y .. .. 52 0 0 52 0 0 S.A 31's, 1945 or after 68 7 6 68 7 6 Tas. Si's, 1920-40, Jan.July .. .. 69 0 0 69 2 6 Tas. 3's, 1920-40, Jan.July .. .. 64 0 0 64 0 0 W.A. S|'s, 1920-SS, MayJuly .. .. 71 0 0 70 15 0 W.A. B's, 1915-35, MayNovember .. 68 0 0 67 10 0 •Ex div. SHARES. (Received November 4th, 5.5 p.m.) LONDON, November 3. P. and O. (def.)—Buyers, £250; sellers, £270. ' • DAIRY PRODUCE. LONDON, November 8. Butter—Government butter is selling slowly. Free Australian is in excellent demand. Best Victorian salted 180s to 185s, unsalted 198s to 200 a; Queensland and South Australian best Baited 176s to 180s. Cheese—The market is dull. New Zealand, white 90s to 925, coloured 80s to 86s. ENGLISH MARKETS. LONDON, November 3. Wheat—The market is weak, following on a decline in Amerioa and Canada. Cargoes from Australia, January and February shipment, are quoted at 51s; steamer parcels, December-January shipment, new crop, 60s 9d. Flour is in moderate demand. Australian, ex mill, 535; parcels arriving, 475. Barley—The market is steady but quiet. Oats—The market is firm. Peas and Beans—The market is dull and prices are unchanged. Sugar—Granulated, 60s 3d per cwt. Wool—Bradford wool tops, quotations are firm for prompt delivery, but there is no inclination to book forward. METALS. (Received November 6th, 12.5 .a.m.) LONDON, November 3. Copper—Spot £66 16» 3d, forward £67 6s 3d. Lead—Spot £23 12s 6d. forward £23 7b 6d. Spelter—Spot £25 17s 6d, forward £26 10s. Tin—'Spot £155 7a 6d, forwa,rd £157 l>2s 6d. Silver— 40Jd per ounce. HULL WOOL SALES. LONDON, November 3. At the> Hull wool sales, best sorts were firm. Prices for average and faulty lots vroro 7J per cent, bolow London closing rates. PRICE OF WHEAT. NEW YORK, 'November 3. Wheat sold in the Chicago market at 95 cents per bushel. This is the lowest level reached for five years. There was wild trading in the grain pit. Mr James Patton predicts that the price will recede much further. Millers are credited with driving down nrices. MEI.BOUHNE, November 4. The Victorian Wheat Commission has further reduced the price of wheat to bo gristed for export to 6s 3d per bushel. HIDES. MELBOURNE, November 4. At the "weekly sales thero were fair supplies of hides. Bidding was keen, but values wero unchanged. AUSTRALIAN MARKETS. MELBOURNE, November i. Barley—English, 4s 3d to 4a 4d; Cape, 3s to 3s 3d. Oats—2s 6d to 2s 6Jd. Potatoes—£l 5s to £4. Onions—£l 10s to £2. FROZEN MEAT MARKET. Dalgoty and Company, Limited, have received the following cablegram from their London office, dated November 3rd:— "Frozen lamb —Demand limited. Market tending downwards. We quote New Zealand prime crossbred Canterbury heavy Bd, light 6Jd, North Island heavy 7Jd, light Bd. The demand is poor for Australian' lamb. We quote good average quality crossbred Australian heavy «d, light 7sd. . "Frozeji mutton—Fair demand. Market weak and looks like going lower. We quote New Zealand prime crossbred Canterbury heavy 4Jd, light 6id, North Island and heavy 4Jd, light 6d. "Frozen beef—Poor demand. Market very dull. We quote New Zealand prime ox hinds 6Jd, and fores 4Jd." The New Zealand Loan and Mercantile Agency Co., Ltd., received the following cablegram from their London office- under date 2nd instant:—"New Zealand frozen meat —Lamb, prices unchanged (last quotation 71d per lb average); wether and maiden ewe, prices unchanged (last quotation, light S|d per lb, heavy 4|d per lb: ewe, prices unchanged (last quotation, light 4Jd per lb, heavy 4d per lb; beef, prices unchanged (last quotation, hinds 6Jd per lb, ox fores 3Jd per lb, cow hinds 4d per lb, foreo 2Jd per lb" RANGIORA HORSE SALE. There was * email entry at the Rangtora. eale yesterday, only 60 homos being yarded. The tone was iiull, and very few animals changed hands. Beet heavy draughts made £35 to £45, medium £2O to £3O, aged up to £lO, and hacks and harness horse* £8 to £l2. FURNITURE CLEARING SALE. Jones, McCroetie Company, Ltd., held a very successful clearing sale on account of the trustees of the Christchuxch Sanitarium, Papanui, on Thursday. There were nearly 600 lots, and the following prices were realised for various articles:—Overmantel £3los, chesterfield and chair £B, chesterfle.d and chair £ll 10s, easy chair £3, bookcase £3, leather chair £6 10s, easy chair £3, linoleum £l4 as, runner £2 12s, wardrobe £6 ss, dentist'*' chair £5 c«, desk £6 15s, writing table £2 10s, iron safe £2O, hair runner £6, piano by Harrington £37 10s, 16 chairs £l3 12s, sewing machine £i 10s, miiror £2 :-fi 6d, mirror £2 103, tumblers £5 19s, mirror £2'l".s i.d, runner £5 15s, linoleum £7 ss, 3ft bedsteads £8 sa, ware £2 Is, duchesse £2, 2 single bedsteads £3 IBs, toilet chest £2 12s, duchess* £5 ss, 3 duchesses £4 ss, barrow £0 2s 6d, Planet Jr. grubber £3 ss, slab oi marble £1 12s 6d, 2 invalids' chairs £6, 3 bedsteads £5 10s, cow £-2, Indian motor-bicycle £SO. electric iion £1

6s, mangle £2, gas stove £3 23 6d, 40 dozen jam jars J?22, IS doicn ja:n jars £lO S?, preteived fruits £74 10s, carpet £5, ditto £3 15i, ditto £3 15s, runner i'3> 19s 6d, hearthrugs £•> 19e, 43 chairs £22 ICU. Ftwing 1 machine £3 ss, typewriter £3 7s fid: lorsrp quantity of linen, blankets, cutitry, etc., rea'ised £143. CHRISTCHURCH STOCK EXCHANGE. YESTERDAY'S TRANSACTIONS. Sales reported—2Cew Zealand' Shipping; (6 per cent, cum pref.\ £10; Canterbury Freson Meals, £l2. LATEST QUOTATIONS. Buyers. Sellers. £ s. d. £ s. d. UEBEXTURESN.Z. Gc-.-t. 4J per cent. Bouds, IS3S . • N.Z. Govt.' j per cent. Inscribed, 1927 .. 91 0 0 N.Z. Govt. 5 per cent. jsonds, 1*27 .. 91 0 0 N.Z. Govt. 5J per cent. Inscribed, 1933 .. 92 5 0 BANKS— Australasia .. .. S3 15 0 Commercial of Australia "cum rights" .. Commercial oi Australia "rights" .. .. 0 4 6 New South Wales .. 35 10 0 36 10 0 New Zealand .. .. Ccior. oi Australia, "cum rights" .. Union of Australia, "rghts" .. .. 1 16 0 1 IT 6 Union of Australia, "fraction.?" .. 0 7 '6 LOAN AND AGENCY— Goldsbrougih Miort (Mel.) 1 IS 6 1 14 6 SHIPPING— HuddwrtrPaker .• fro2i;n meat— Canterbury .. .. 11 12 6 12 3 6 N.Z. Reirigeratinyj (£1 paid) .. ..173 —' N.Z. Refrigerating (10s paid) .. .. 0 14 9 WOOLLENS— Kadapoi (10s paid) .. 0 11 3 0 13 3 BV V \\ERIES W.4rd .. - ISO MISCELLANEOUS--Booth and Co. .. AUCKLAND STOCK EXCHANGE. (SPECIAL TO "THE PRESS.") AUCKLAND, November 4. Quotations —National Bank, sellers £S 16s, buyers £5 12s Gd; Bank of Now Zealand, sellers £2 9s 8d; Union Bunk'of Australia, sellers £l2 los; National Ims-ararace buyers £2 183 6d; New Zealand lnsunar.ee, sellers £1 So 3d, buyers £1 7a 9d; South British, sellers £1 16b, buyers £1 Ws'6d; N.Z.. and River Plate, setters 18s; Loan and Mercantile, buyer* £80; Union Steam (picf.), buyers 18s 3d; Kaiapoi Woollen (10s paid), buyers 10s 6d; Waihi, tellers £1 is, buyers £1 Is 6di; Waihi Grand Junction., sellerß 6s 3d, buyers 8s 8d; N.Z. War Loan,, 1930, buyers £B9 10b; 1938, sellers £67, buyers £S6 10s; 1927, buyers £9l. DUNEDIN STOCK EXCHANGE. (snsciAL TO "the tress.") DUNEDIN, November 4. Business continues >_uiet on 'Change, . no sales being recorded to-day. National Banks have a buyer at £5 14s 6d without sellers, and P. and O. are quoted at £340 s:llers, witho t buyers. Empire Bui.dings are on offer at i\)s without attracting buyers, and Gear Meats have a seller at 32s 6d.. CANTERBURY MARKETS. ■ Friday Evening. ] At this season of the vear the grain, and produce market is alwayß stagnant. "There is absolutely nothing doing," said one merchant, "and we are anticipating the Carnival Week 1: >!iday." In order to fulfil contracts a. few small transactions have passed between merchants in small lines of oats and chaff, but in either there is nothing coming forward from fanners. Odd l<<ts of potatoes have changed hands at from 26s to 30s. The Government controlled price of flour at £2l per ton, f.0.b., remains the same, also flour in sacks, but bag flour in 100. 50, and 251b, have been slightly reduced following on the lower cost of the cotton sacks. The following are quotations for produce to be paid to" farmers at country stations, free of commission, sacks extra, except where otherwise stated: — • Milling Wh3at—According to Government prices: Tuscan 7s IOJd i.0.b.. Hunters 8s ljd, Pearl 8s 4jd. Oats—A Gartons 2s ed to 2a 9d, B s 2s 7d. Chaff-£3. Perennial Ryegrass—3s 8d to 4s. Italian Ryegrass—Bs 9d to 4o 3d. Cowg.aas—lid to Is Id. Cocfeifoot—7d. Barley—3s to Sb 6d. Potatoes—Nominal), 80s. Lineecd—£l3 to £l4, White Glover— Is to la 4d. Flour —According to Government price, £2l per ton f.0.b., Lytteiton, T'imaru, and Oamaru. Bran—According to Government price, £6 to £fi 10s per ton, according to pack-ng, f.o.b. southern ports. Pollard—According to Government • price, £9 to £9 10s, according to packing, f.0.b., southern ports.' TIMARU. (SPECIAL TO "THE PRESS.") TIMAttU, ivovember 4. I After the long spell ot rain, fine weather is needed, and thougn the pa*t week has oeen nne, it has not ixasn iueui tor' tne giowlng crops, many of winch, were getting a yeuow tinge duo to their long continued "wet feet, bunenine h> wanted to remedy this. The new duty on aitnough not likely to affect the fowl wheat market tnia season, will be a distinct protection tor next season, and farmers aro pleased that it has b&on put on. Fowl wheat is in good demand. The supplies are very lignt, and the maximum price is easily obtained. , . . Oats are dormant, tnero being no inquiry, and practically none oifering. There « ! diversity of opinion aB to tno area sown in oats this season, and it is certain that some crops among those Bown just prior to the rain will havo to bo re-sown, as the seed has rotted. To-day's nominal quotations ore 2s 3d to 2s 10d on trucks. Chaff is very dull ot salo. The North Island market is fully supplied, so there is no demand tor shipping. The. nominal quotation is £3 10s on trucks, sacus lound by buyers. . , , ■The market for barley is dead, and to-day e price is 3s on trucks. It is hoped that something will turn up to make it possible to .ret rid of the surplus. In some cases buyers are now entering into contracts fox next year's crops at 5b per bushel, their desire evidently being to build up a surplus of barley. „ . I Linseed reports are not at all encouraging. There is practically no demand, but fortunately there is very little on hand. Sydney has been a good market dining the year, but reports go to show that owing to the verv uusatiafactory state of trade in England the market for the New South Walos output of linseed commodities has been seriously inteifered with. It is only in recent years that New Zealand has seriously • cultivated linseed, and unless the prospects improve a lot, those who are at present growing it will' cease to do so. It is quoted today at £l2 per ton on trucks, sacks "xtra. Although there is very little ryegrass held here a different Btato of affairs appears in Southland, and owing to the lack of demand and the fear oi a carry over, prices have suffered a serious decline. Machine dressed perennial of 271b to 28lb per bushel weight with a guaranteed germination of 85 percent, has been offering at Bluff, at 3s 9d, f.o.b. This is equal to 2s to 2s 6d for fanners ordinary dressed samples. If there we not better prospects here soon, there *ul he very little ryegrass saved in South Canterbury tibis season. The drop in prices is attributed soWy to the financial stringency. There has been some speculation this week jn potatoes that aro now being planted, as nigh as £5 6s per ton, f.0.b., s.i., has beer. offered and accepted, equal to £4 5s on trucks, country stations. A frost this week cut the early potatoes, but they were not very seriously damaged. The main crop will bo planted thia month, and there seems to be a general opinion that on account of th® disappointing returns during' the past two seasons, the area sown will be restricted. Old potatoes are a drag on the market. Newones are selling locally at 4d per lb. DUNEDIN. (special to "the t-kess.") DUNEDIN, November 4. Very few lines of oats are changing hands. Prices are, nominally: Good A Gartons 2s lOd to 2s lid, good to best feed 2s 8d to 2s 9d per bushel, sacks extra.; There is a fair demand for good-conditioned lines of potatoes, which are saleable at £3 to £3 10s per ton. The market is firm for prime chaff at £5 10s per ton, good to- best feed £5 to £5 ss, and medium light and discoloured £4 10s to £1 15a, bags -xtra. NEW COMPANIES. Registration of the following new companies is announced in this week's "Mercantile Gazette" : McGruers (Wanganui), Ltd.—Registered as a private company October 29th, 192 L Capital: £25,000, into 35,000 shares of £1 each. Bubsc.ibers; ChrisUhnrch, J. D. McGrucr 12,500; Wanganui, J. T. Werry 12,500. Objects: To acquire and take over, as a. going concern, the business heretofore carried on by J. D. McGruer and J. T. Werry under tae Btyle of McGruer and Co., aa drape.s and outfitters at Wanganui, to carry on the business oi drapers and furnishing and general

warehousemen in all its branches, asd incidental. McGraers (Xcw Plymouth), Ltd.—Regiett-re-.l ae a private company October 29th, 1921. Capital: £3230, into 5250 shares oi £1 each. Suoscribors: Christchuich. J. D McGruer 2623: New Plymouth, A. H. Bono 2625. Objects : To acquire and take over as a going concern the business heretofore carried on by McGruer and 00. as drapers and outfitters at New Plymouth, to carry on the business of drapers and furnishing and general warehousemen in all its branches, and incidental. THE FRUIT MARKETS. CHRISTCHUKCH. Vtith. the advent of Carnival 'Week prices for all classes of vegetables and fruit advanced slightly this week. Tho demand ha* been keen throughout, and prices high. Today there were record supplies of all classed of seasonable vegetables, and pricos wcro good. New local potatoes, peas, and gooseberries and tomatoes have been coming in in increasing quantities during tho last two or three days. Apples and pears are both in shoit supply, the lew lines that are coming forward boiiu' in good demand, and •filing at high rates. Bananas, YaWciaa, pines, and passions, ox the Manuka, arrived in good oidor, and sold on a good .market, more especially passions, which wore iu short supply. Ihev brought up to 52s 6d a case at auction. The usual Sydney shipment ia expected to arrive per Kiverina next Thursday, i'iji bananas, via Auckland, axe expocied in Chrisichurch about tho 14th. The average auction prices during tho week wore; —Apples, Nelson, per case 12s to 13s; apples, American, per case 'las; apples, local, per lase, 14s to l'os; bananas, Queensland, per case, 30s; cocoauuta, per enck 15s; gooseberries, per lb 5d to 6d; oranges, Sydney, per case 225; passions, Sydney, per oase 32s 6d; pineapples, Sydney, per case 30s; pears, dessert, per case, l&s; tomatoes, dessert, par lb 3s 3u; walnuts, per lb Is; asparagus, per dozen bundled up to 10s; beot, por dozen bundles Gd to 9d; cabbages, per dozen up to oe 6d; cauliflowers, per dozen up to 31b; spring carrots, per dozen up to 3s Cd; cucumbers, hothouse, per lb Is to Is 2d; green peas, per lb 9d to Hid; lecka, per bundro 4d to 8d; lettuce, per dosen 3a to 3& 6d; new potatoes, pex lb Bd to Si-J; new potatoes, North Island, per lb 2d; onions, per cwt. 8a; parsnips, per dojem 2a to Ss 3d; potatoes, per each 7s; radishes, per dozen 4d to 10a; rhubarb, per dozen is to 6s; spring onions, per dozen 4d to lCd; turnips, per 6d to lOd; spinach, per dozen Is 9d to 2s. DUNEDfiJ. (special to "the press.") DUXEDIN, November 4. American apples realised about 25a per case- on tho market. Stunners continue to com© to hand from Ctmstchuroh and Central Ot&go, and meet a ready sale. The suppiy of pears is not equad to tho demand. Seven hundred cases of South Australian grown oranges, lemons, and pines arrived during the week. Quotations- Stunners, choice to las, medium i© 6s 6d; lemons, Ca.diornian 52.3, . Adelaide 2Se, Auckland 20s; oranges, Sydney to i2s, Navels to SOa; pines to 30e case; bananas, Kototongan, 84s per oase; peao-3, ohoico, winter Cotes to 4Jd per lb. WOOL VALUES TO-DAY. TO THE EDITOR OF "THE PRESS." Sir, —During tho war period all sections of tho community became thoroughly acclimatised to Government control of trade in all the varied phases it has aesumed in this Dominion, but, contrary to a.l expectations, now that the war i 6 over, considerable trade restriction still exists. During the period of the war, such control was douhUess most necessary, but, to my mind at any rate, so far as the wool trade is concerned any restriction of trade is not only unnecessary, but also extremely harmful to the interests of the producer of New Zoaiand, and through him directly harmful to all sections of the community. The toiumns of your paper recently have been much occupied by information as to the present va.uo of wool in the Old Country, but other than for the foot that such cables advertise the various firms whoso names are mentioned in connexion with them, I cannot see what material benefit or advantage this information is to the average wool-grower, more especially as with tho different percentages quoted, and havine regard to tho varied reports from Bradford and elsewhere, all of which; seem clothed in a stirphisago of verbiage, these records of value seem to' lead nowhere, and to be. of no direct benefit to the New Zealand producer. Perhaps I am wrong, but' it seems j to me that in respect of the wool trade the ! New Zealand producer is being put back to I the same unfortunate position ■ that he -was in over 20 years ago, when it became nectweary for those representing the fanner and for the Woolbrokers' Associations to assert themselves and put up a fight to maintain ■ and upho'd the principle of wool' sales in New Zealand against larger and '■■ varied interests, visibly or otherwise, working to the end that all wool. and meat should bo realised in the Old Country. Both in the case of wool and meat there are many who pose or who are regarded as authorities and who may or' may not' be endowed with the blessing of second eight, wlio are persistently advocating realisation in the Old Country, and not within, this j Dominion. . I 'I have referred' to our record of the Const- ' church wool sale which took place on November loth, 1920, and the following won quoted as the range of values:— Merino sold up to 23d and down as low as lid. ' Best halfbred sold fVom 12dto 14£ d. Inferior halfbred, 8d to lOd. ' Thrcequarter-breds from'Bd to 10& a. Medium from 7d to 9d. Inferior from sjd to 7d. Lincolna and Leicestera from fid to sa. At this sale some forty buyers occupied the benches, but unfortunately about 90 per cent, of those who usually speak authoritatively in connexion with the wool-selling business did not consider that this range of values was equitable, and advocated that the farmer should hold the wool over. This policy was prevalent all over the country at the time, and the result is to-day that cur local wool . sales are controlled by the committee representing the B.A.W.R.A. interests. During the post season ending October 31st, we believe that the total offerings in New Zealand under the B.A.W.R.A. authority were much below the limit extended to New Zealand, and I would particularly point out that Chnatchurch brokers threo months »go were desirous of authority to hold a sale to realise about GOOO-7000 bales of wool, but it was not until the end of September-that authority was given that a catalogue of 500 bales micht be offered by ■ the Whole of the six woal-brokdag firms operating in Ctornrtchurch. I wou'd point out that for the most part tho wool manufacturer to-dsy is not carrying stocks. The Government or B.A.W.R.A. interests, on the contrary, are carrying enormous stocks, and are losirg interest and payin" storaae and other charges. Is it not obvinu? that the manufacturing buyer with a full knowledge of this is therefore unlikely to buy heavily so loner as B.A.WR.A. controls large stocks of wool and nracticfl'y dictates the position. When thi« control is removed, the manufacturers, who obviously 7nu°t manufacture in order to make their businesses nay, wi'.l aenin have their bulk Mom? full of wool, pnd the factories will TCO r> full hnnd-d and fu'l time. Then naturally to avoid the liability of ftorage and int»r»st. the manufacturer will devise way! and means of findins market* *nd of financin? buyers for the tons »s«l (roods wM<-h he wiT. have to realise. On the other hand, the nmno'ition of purchasing hesviry and monuf-ftu'irg. »"d of creating ™"' c » tß which will bo in the interests of 8.A.W.K.A., cannot cemmend itself to manufacturers, as the demand so created would act to their own detriment with a boomerang effect. We are now approaching the first sale of the season 1921-1922, and it is probable that the local factories will be buyers, whereas a year ago their competition was but small. Kt tho time of writing no pronouncement lias been made by B.A.W.R.A. as to what quantity of wool may bo offered at the varir ous centres at tho November and December sale?, and the interests of the producers are prejudicially effected by the lack of such information. It is obviouß that if buyers know that a normal quantity of ■ wool, without restriction i 3 to be offered at the New Zealand sales, they would cable such information to their principals., and would receive buyin" instructions for much greater quantities than is likely to be the case if buyers know that offerings will be artificially restricted. Such being so, it is obvious that the r*> lic y of tbose in authont y u Ulinuca ' to the welfare of local sales. The selling brokers are requested to txrvage that only one report is iseued by each Association, setting out the different qualities and grades and values of same after each sal* the object being not to confuse, the irdnd of the farmer, who will then underhand exactly what his wool is worth, and 1 to the present this method has been e, r ; c tiy adhered to by all the brokers, but d«pit» the fact that the local brokers are under this restriction, no restriction an-caia to be placed upon tho pubication of cables from Si and wndry regarding the Home markets, and which information in iljeJ is larwlv contradictory. In *,™ d; *% f™ l->Vir'' 'ecally i? practically debarred from publishing report', but the overseas firm is allowed to publish witiiout restriction. So far s* my firm is concerned, I may say wo have the greatest confidence in the bene-

fit local realisation, nr.d ud< o<-jt« unrestricted sales w.thcut the ir;'..e::c:c3oe of B.A.W.U.A. or other interest.- J: is only by creating in the utinj* of "';:* buyers 4 feeling of confidence that ."tab; :';. t< . looked for in th» wool market?. >i'.il jo loig a 6 restricted offerings are ruling :t seeT.a tu me that confidence cannot l* louke-1 for. The whole matter of wool realisation »t the present time is fraught with il:fficulfi.« on every hand. Admittedly, ve have no iirp. cedent to guide, us, but fiiv'.y.it i.» obvious that the .sooner tho producer* are rKeaM-d from ail restriction and allowed to sell th»o products when, where., ami how th.-v ';,);, the sooner will stability So rosiorni. It took half a century of combined «ifc-| oc the part of tho producers j:..! New Zealand to oslaV.isli our !■ >-h1 New zftt land wool sales in the pr-e.rirp:.; petition which they enjoyed r>ri"r to :h- «.<!. It :, only t>y unrestricted :':.*i ttc c»u hope to retain the' :~rreo:., e :iv.: e.'-npet:l:c!i of tho o'.ersess buyer? tv'-.o vi?i: ;!-.i< tr.irkct. If iheso buyer* tiro allcw.>d to p-.;re!'.Mi th« wool assuredly ihey w-.1l ha»o to -•<•'; i: •: , k w . in its to 1 * state or in the -wt .■:' i'.o n:.ir.u. facturcd articlo. and the -viu--!. of •: .. \,v r wideorganisationo: thei«» iiuyorr. •< ■'. o. .•rcc*. sity be extended to the £Tta:o-t pv.: ' ft «■,• with a view to linding :i fii.ai o'ltle! f-r rnr wools which they ha\o mirehat-oo'. 1 cUiib that if our sales are reMrietH i.r.rl our otfi-r. ings curtailed, iu si! provability f" r.-.ura of the world's \k o«t m N(>w Zealand, and the buyin™ powor »V.ih mw.i'kl otherwise be available for our b'neti: be ', driven to the Old World, «:d th'.i.i :: » :»• strietivo redound to our di>ajv.iniaf>o. There is only one law which v ill ror.tro! the market for any commodity, and ttat i» the law of sappty and demand. Trie i:iv»ht position has been erentol by artitleia! diaturbance of the law of supp"y ai-.! demand, and not for one moment do 1 that such interference st the time wk.< nor sssential, but now that the war i< over it behoves hll of us to pe! buck to pre-war conditions of trade with the lea*'. pos*it>l« delay, snd continued restriction Is certainly roj tho way to do it.—V"ti™. etc.. LEICESTER MATSOX. Christchurch, Novembor Dnrl. GENERAL NOTES. In view oi the serious doy>ree:ahc".'. of stocks of rubber and cotton held ly the company at the end of the financial year, the English Dunlop Rubber Co. has intimated that dividends on preference shares will cot be paid. The Dunlop Rubber Company a! Australasia, Ltd., recently paid full riivi dend on i<« preferenco shares, and d \\:: cent, on its ordinary shares for the past, year. The complaint made by New Zetland :aiporters of merchandise, of treatment received from British firms in regard to delivery ot goods ordered, though late in the day, in justified (says tho Melbourne, "Argus'i as a measure pf warning to United Kingdom reporters. Australia suffered' equ.ill- v> Ui .*ew Zealand, tho failure to ship cokis when they were wanted neing followed by ment within, a brief period of the hulk u' the accumulated orders. Such a ptoccdut<caused inconvenience in financial arvnngr ments. But if British firms were blameworthy, United States oxportors were equally so. For a whilo the groatcst difficulty wan experienced by Australian merchant* t;v obtaining shipment of tho goods, »• ;>~->;t;o'.) that waa accentuated by tiro method; M>p'liod in regaid to bills of lading. At t!i*t time, orders received by the United Stat** from all parts of tho world wore heavy, and with such competition buyers were treate.l with slight respect. The interpretation, of tho bill of lading by United Slates ehipprra subsequently led to a long discussion en tho eubjeut, with tho result that f.o.b. terms were moro clearly defined. Messrs John Dunn, Son, and Co., of New York, report that the markot for pig-iron has ; advanced during October on better buying than has been in evidence for a long. titn>,. und production has increased, indioatiug laTger consumption. The ctcel mille did not' report a corresponding increase in tne production of steel, operations remaining very, much restricted, with prico reductions still thn rule, but tho outlook as to demand for steel products is more hopeful. The raji? roads have reduced their rales from Piltaburg to New York on steel for export frorn 38 cants per 1001b to '2Bl cents per 1001b, und tbio is notable not only ai it actually reduces the cost of eirport steol, but as it indicates a return to the pre-war principle or lower rates for export ehipmonta. Thisrate of 28J cente is still far abovo the 191 i rate of U cents. Net profit of £BIO,IOO for the year to, June 80th lost is reported by Guest, Ke*tt. and Nettlefold's, whoso capital was enlarged; in the previous year by a bonus distribution of £'3,895,000 from the reserve, rtiateholdeni in John Lysaght, Ltd., at this time recaiving an allotment of £1.995,000 in connexion with the acquisition of their jrndertaking. i.et earninge of Guest, Keen, from 1348,100 in 1918-19 lo £880,500 in 191920. aad proat for 193M1 shows a *hrinka S « of. £60,400 from the latter total. - Dividend on tho ordinary sbaree is 10 per coat., compared with 15 per cent, for the previous year, and the sum carried forward, at £264,100, is £2500 more. Reduced profit may be attributed to the general decline of trad*. Second preference dividend amounts to £204 900, m «S«inrst £9O,«M in 19UK», Mua ■ocing due_partly to exchanges for preference aharee in John. Lyeaght Ltd., and partly bocause bonus shares ranked for dividend dnrJ ing the whole year. Value of stocks ha* fallen from £704,600 to £596,100.. Sundry creditors are shown at u roduction from £2 631,100 t0*£1,246,100, and sundry debtors from £2,043,500 to £4lO 400. Fixed assets, rolling stock, etc., at 13,006,400, shows an increase of £107.900 for the year; und iuj vestments, at £12,711.500, an incrca«e Of n 053 604 In this matter it ehou.'.l uo explained that tho company controls numerous steel works and collieries in, Lngland and Wales. Cash holding of the company has been increased by £b9,COO, and bUndat £974,600. The troublo that occurred in Sydney-re-cently in tho wool trade, arising out o«_ the decision of the ban!* not to negotiate b.l s of lading, as in former uto, extended, to Melbourne, on October . 19th, with the result that tho opening sale of tho new series. ot auction* had to le postponed Tho situation aroae in part, out of tho decision of Mf Justice Mc.Cardie, in the King's Bench divieior. of the High Court'o England, that a" received for shipment" luU it «• not a. good bill of.Ud.ng. The. poution w* that if a wool buyer brought to i. «h ?• owner orders from ft wool-selling fitß W certain bales of wool, and the orders i «» endoreed -held to the order and *fposiliOT of" the buyer. . the shipowner would gi™ him a. bUI of lading c»rryinE *•«•.. vtt '^}' "ahipped" or "received for shipment. u» however, now would not give a bill of ludirg skying "shipped on board" before tto «*I wu o ß n the sVp, becauw that.woi M lb.■ P£ true. The bank crcdita, as now. issued, slaw that the bill of lading roust show,tb»t tie goods referred to wero "on board. Vo*» quently the shipowner, or his ropresentatn , ZiU not provide a bill of lading ««£■". goods reallv were on the vessel. H* *]*}• that was taken was that if a j]^" l ' h f Xd have the facUity of getting his bill of Ud_ ing in exchange for his holding orders when waiting for tho goods on b*rd he shoo arrange to have credits on such a »««* " to enable him to obtain what he needs. IB* troublo was to do this, because of the more stringent policy of the banks. A- ten'P c,ary kitfiawt of the difficulty in . Meltgutno was arrived at on the following day.. *nu Bales were opened in tho afternoon. It w«s arranged that in order to facilitat* iniprntn -s, the "prompt" payment term for wool aßtll be extended from 14 to 21 days, M was dono in Svdney. As several of the selling broxen operating in Melbourne have head officea w Svdney, it was difficult to see how a concession «imilar to that made there could: r» awid'd. The hope existe, says »n Australuo contemporary, that between now and the WX« month the trade will be enabled to overcome existirg difficulties. The banking view n that where a bill of lading states that the goods referred to in it are on board a vetrcl, that must be the position. The question oi drafting a bill of lading that shall b»>l world-wide recognition was recently d:»cu»»w by a conference of shipping, trado, and banking interests at The Hague. Mr Paine, of UoYtTs BarJt, then deE=*d tt» banking attitude, saying that if a b-iU w lading stated that a certain thir.g na <*;a£ done, no doubt should exist that the •??** of the bill of lading had been complied >ritU. It is understood that tho suggestion sent to London from S-dn'.v wr.s to the effect thai the agents of British pared, if a "received for shipment bi.l <■■ lading wo* issued, to jruaranteo that the wool would go on board. That proposal apparent-