COMMERCIAL.

Press, Volume LVII, Issue 17321, 6 December 1921, Page 8

COMMERCIAL.

NAPIER WOOL SALES. STRONG AMERICAN COMPETITION AVERAGE ADVANCE OF Id TO 2d. (FBE3S ASSOCIATION TELEGRAM.) NAPIER, December 5. Tho first wool sale of the 1921-22 season held in the Dominion took place at Vapicr to-day, when a catalogue of 16,003 bales was offered to a large attendance of buyers iepresentative of all sections of the trade. Bidding at times was very spirited, the better class wools bringing forth good competition, but at othor3 it was erratic. Local mills, America, and the Continent were the principal competitors, whilst Bradford was not so active as usual. AH well skirted clips and super wool were competed for by America, whilst others would have met with more American competition had they been properly skirted. The activity ot American havers undoubtedly had the -reatost influence on the prices realised for wools .suitable to their requirements. Local mills competed strongly in fine wools and super pieces, whilst the Continent took most of the medium and inferior wools. New Zealand scourers took inferior pieces, bellies, and locks. Tho prices realised taken on an average, show an increase of from la to 2d on those ruling at tho sales held in Napier )a,st July. Halfbred and fine crossbred, good quality, and suitable for America, ebowed an advance of approximately 2id to 2?, d. Good bright crossbred wools, free from seed or skirt, were in good demand at prices from Id to 2d higher, whilst prices for low crossbred were a little better, being practically on a par with the last Wellington eale. Under keen competition by New Zealand mills, pieces brought extreme prices reaching as high as 7d, which is a good incroaso on the last Napier salo rates Bellies wcro in demand at Id por lb advance. Lambs wool, of which very Tittle was shown, was not up to expectations, and was utterly neglected by all buyerß. Of the catalogue, fully 70 per cent, was sold under the hammer. The condition of the wool generally was tender, dusty, and short in the staple, and not up to usual standard of Hawko's Bay clips. The selection, however, was such as to create competition from all sections of trade. The following is the official range of prices: Fine halfbred super up to 12Jd. Medium halfbred super to 12d. Coarser halfbred super to HJd. Average 9d to 10jd. Fine crossbred super 7Jd to BJd. Average 6id to 7d. Inferior 5d to 5Jd. Medium crossbred super OJd to "Jd. Average 5d to 6d. Inferior 3*d to 4Jd. Coarse crossbred super 4Jd to 5Jd. Average 3Jd to 4d. Inferior 2}d to 3Jd. • Low crossbred super 4d to 4id. Average 3id to bid. Inferior 2Jd to 3d. Hoggets fine to Bfd. •Medium BJd. Coarse s§d. Low 4d. Lambs seedy and inferior 2Jd to 4Jd. Bellies and pieces, halfbred good, to super 63d to Bd. Low to medium to 4|d. Crossbred, good to super 4id to 7d. Low to medium lid to 3jd. Crutchings, medium to good 2}d to 4d. . Inferior and seedy Id to 2d. Locks, halfbred 3d to 3Jd. Crossbred Jd to ljd. SHIPMENTS TO MANCHESTER. • ; ■ - ■ • . s ■ • POVERTY BAY COMPANY'S ' ■■■■■„. ARRANGEMENT. (SPEOIAI TO "THB PBBSSr.") GISBORNE, December .5. Mr TV. D t Lysnar, M.P., states that at a meeting of directors of the Poverty Bay Farmers' Meat Company, the question of the' marketing of the company's produce through ter'was further considered. ! Definite arrangements have been made for the direct shipments of meat front the works, as follows": Otorama 25,000 carcases (December 20th), TVestmeath 60,000 carcases (in February); and the Admiral Codrington a full cargo of 120,000 freight carcases. The figures given are approximate. * "Arrangements are being made," "■■'■■■ said Mr Lysnar, "to send other produce,, and tho Manchest-r manufacturers are particularly anxious to have shipments of wool made to their port. •They are very confident that they can do excellent business for shareholders. The wool will be sold at auction in the usual way, and handled in the most expeditious and economical manner possible. By shipping to Manchester there will be a great saving in London dock charges and railage to Bradford. The saving in railage alone from London docks to Bradford, compared with Manchester to Bradford, is 46s a ton. A further advantage is that there is no risk of damage through being discharged on to open wharves and barged io London; At Manchester the.wool is handled by electric conveyors from the ships to the show rooms. The company will ascertain from its .share- ..";' ' holders what quantify of wool will be available." '' • (MUM ASSOCIATION TOMBiX.) GISBORNE, December 5. The Poverty Bay Meat Company, decided on Saturday to send meat to Manchester direct. To-day a meeting of bankers and „ mercantile firms decided that they could not at,the present juncture recommend their clients to support the scheme. A cablegram from London was read at the meeting, stating that large quantities of meat that remained at Manchester and other ports having proved to be unsaleable and after having been stored for months, had been brought to London to he sold. TRADE WITH GERMANY; AUSTRALIAN PROPOSALS. MELBOURNE, December 6. • The Minister of Customs announced in the House of Representatives that the Government was mtroducing a Bill providing for the resumption of trade with Germany. The proclamation revoking the present non-trading regulations would not become operative until on anti-dumping Bill had been passed, and necessary notice was given, ana precaution taken to prevent the dunrpinjr of Gextnaa goodsi v JAPAN BUYB STUD CORRIEDALBfI. «*■ (Received December 6th, 10 30 pjn.) SYDNEY. Decembei 5. ' Bayers for the Japanese Government , -have purchased # a number of. high'prioed stud Camedajes, making the - !>*jthird consignment jbought on.Govern- *"__.- :«'■,-..■■•.■'

SHIPPING FREIGHTS. REDUCTIONS ANNOUNCED. When Mr Massey was in England he with a deputation from New Zealand producers interviewed ship-owners trading with New Zealand, asking that the freights should be reduced. The shipowners promised to consider the matter of freight in January and to make reductions where possible. Reduced freights, however, come into operation earlier than was expected, and yesterday the >.hipping headquarters announced that in anticipation of the reduced cost of working tho steamers in the United Kingdom, and more especially in New Zealand, reductions were justified Tho new freights come into operation immediately, and apply to all steamers now loading homeward cargoes in New Zealand ports. The alterations are:— Frozen mutton, iveal. lambs, beef, frozen sundries, and pork are reduced Id per lb. Frozen rabbits are reduced to 135s a shipping; ton measurement (40 cubic feet). Butter has been reduced to 5s per i-ewt box, and cheese to 1 3-16 d per lb. Tallow, pelts and hides in casks are reduced to 142s 6d a ton weight. The freight on peas and oats is now 60s a ton and bran 70s a ton. Measurement cargo freight is now 80s per shipping ton. All frozen meat freights are plus 2J per cent, primage and cheese and general cargo are plus 10 per cent, primage (PRESS ASSOCIATION TELEGRAM.) "WELLINGTON, December 5. Regarding ihe decreased steamer freights, oversea shipowners state that the redactions exceed what is justified by the present cost of working the. steamers. They are made in anticipation of a reduction of expenses in the United Kingdom and especially in New Zealand. This anticipation of lower costs is especially emphasised. It is stated that the application % of reduced rates to steamers now loading in the Dominion in itself involves a very considerable sum. as some steamers have almost completed their loading. Roughly speaking the reductions represent II 10 25 per cent., with tho exception of cheese, which is 0 per cent. It will be remembered that when freights were last discussed, it was promised tiiat there would be a review in January. Prior to that, however, shipowners made a reduction in beef and heavyweight mutton. , Recently there has "been pressure to have a review made earlier than January, so as to coincide wi-.h tho commencement of the meat kiilin; season. These representations were put very fully before shipowners in London, and as a result reductions are now announced. (By Cable—Pres» Association—Copyrigihl.) (AuatraJia.ll and N.Z. Cable Association.) (Received December sth, 10.30 p.m.) SYDNEY, December 5. The Overseas Shipping Association announces a ieduction in freights for the United Kingdom and Continent averaging 10 per cent.. In some cases the reduotion exoeeds 10 per cent. AMERICAN CHAMBERS OF COMMERCE. ' MODERN METHOD* An interesting paper on the subject, "The Chamber of Commerce in America," was read at the quarterly meeting of tie Canterbury Chamber of Commerce last night by: Mr P. R. Climie, organiser for the Canterbury I Progress League. The paper was prepared for.the recent Dominion conference of tho. Chambers, but owing to Mr Olimie's indisposition at the time, and the heavy agenda paper, it was not read. Mr Climie said that there was no feature of American life more impressive than the energy and enthusiasm displayed in co-operative municipal and national movements. In almost every field of human activity in America would be found modern machinery and methods for getting things done efficiently and well. Inia-appiied to even greater force to tho Chamoers of Commerce. In America the Chambers were essentially citizens' associations, used for the promotion ;of public sentiment. Eight or ten million dollars were spent every year by American cities through the Chambers of. Commerce for community advancement. In 1913 the American City Bureau, whose primary object was to organise and reorganise Chambers of Commerce and other commercial and civic institutions, was established, and in the course of a few years it had grown into a national institution, having served more than 200 cities in the United States and Canada. Details of the organisation of the bureau were given by Mr Climie, who said that the essentials of the modern Chamber of Commerce as understood in the United States were: Adequate membeiship, enthusiastic working members, ample income, definite programme of \ work, efficient committee organisation and control, a good office system, internal and external publicity well prepared, competent leadership, committee members selected for their ability, to serve, and recognition of interwoven interests. In conclusion, those in New Zealand should remember that the challenge which faced all civio and commercial institutions today was that they should lead, their communities in solving the problems of An anxious period., Mr 8. A. Orchard, president of the Chamber) said thai an extensive orI ganisation on the lines sketched by Mr I Climie would do much good in New Zealand. He believed that the Chamber's Work Committee intended preparing a programme, which if carried out energetically would produce good." Mr E. TV.'Hobbs aaid the paper should be considered by the Work Committee. There were many welcome suggestions and new ideas in the American scheme. Mr H. H. Smith and Mr H. Holland agreed that the Chamber should-take practical notice of the paper. Mr A. G. Henderson (president of the Progress League) said that the services of Mr Climie would be at the disposal of the Board whenever it needed the help of an able organiser A vote of thanks was passed to Mr Climie. A copy of the address was handed to the chairman, who said it would be submitted to the Work Committee, with a suggestion that it should be printed and circulated among members of tiie Chamber, and also that ti should be circulated among all the Chambers in tbe Dominion. " -j SEW SOUTH WALES HARVEST. SYDNEY, December 5. Harvesting in many districts is now in full swing. The .crops generally promise a good yield: and the quality of the iorsJnia' satisfactory j

A "SLUMP" YEAR. PARALYSING HAND OF BRITISH GOVERNMENT. MESSRS TV TVEDDEL AND CO. ON "CONTROL." (FBOM OTTB OWS CORRESPONDENT.) LONDON, October 23. It is the opinion of Messrs TV. TVeddel and Company, expressed in their 27th annual review of the imported dairy produce trade, that eneh year of the "post-war" period seems to bring its own peculiar problems and difficulties, which are all the more trying because they are quite unprecedented. It is a moot question which period has given, the business community the greater anxiety—the war period or the post-war period. The year under review;; (to June 30th, 1921) proved to be a e.ump year." The poverty of the countries involved in the great war became manifest b the shape of bad trade financial orisc** unemployment, and labour unrest/all culminating in tlhe most extraordinary decline in the values or commodities. j„:_, To Kive an example from the dairy produce trade: Colonial butter between February and May of the present year fell from 336s per cwt to 192s per cwt. Reductions to a similar, and occasionally even greater, extent were experienced all round; and, while naturally most weloome to the general public, caused the greatest possible anxiety to the business interests involved, lnis collapse in prices was an inevitable reaction from the artificial values established after tho war, values wliiich could pot possibly be maintained for long in face of the greatly curtailed purchasing power of both individuals and nations. One delicate matter which had most farreaching effects was the readjustment of wages to meet the new conditions. Tho influence of tho foreign exchanges has also been a disturbing factor. Most of the these have reached levels outside all previous experience, and were constantly fluctuating in the wildest manner imaginable. The currencies of most European nations are depreciated in various degrees as compared with gold, and inflated by issues ot paper, with the result that tlhere is at present no stable international standard of money values in Europe. Ineffective Government Policy. In addition to these perplexities, tie dairy produce trade has been burdened during the greater part of the period under review with a considerable; amount of Government control. "The reiuctanco of the Government to take its paralysing hand off this trade lhaa been well-nigh inexplicable," says the review. "A3 a direct result, the country has had to endure for the greater part of another year a serious shortage of butter. Instead of attracting muchneeded supplies to the country, 'control' has been applied as a barrier to imports, and has*esulted in many thousands of tons being diverted to other countries, and in checking production. In pre-war days the abundance of good, cheap food in. this country, brought from the uttermost parts or the earuh, was as much the envy of other nations as it was the pride or those responsible for garnering it in to theee islands. But by their efforts to reduce the necessary supplies of foreign butter during the past two years, tSie Food Ministry stands condemned from a consumer's point of view. As late as January, February, and Maroh of this year butter was still being rationed on the, meagre scale of 1 to 2oz per head weekly, and at the fabulous price of 3s 4di per lb- This state of affairs after two-and-a-half years of peace is a sufficient commentary • on the ineffectiveness of the Government's policy. A very large proportion of Government butter was of Soor quality, and much of it reached le consumer in bad oondition, but was nevertheless thrust upon him at prices which almost brought it within tho category of luxuries." Compelled to Face Loss. The principal supplies of butter for the season 1920-1921 wejre secured by tho Government guaranteeing Biidh. extreme prices os 280s per cwt f.o.b. to Now Zealand shippers, and 274s per cwt f.o b. to Australian, whioh, with freight and landing charges, brought the cost up to about 300s per cwt landed in theUnited Kingdom. i»arge quantities of this butter were ultimately re-sold in this country at prices ranging from 176s to 200s per cwt. Butter hasT>een rigidly controlled by the Government for practically tho whole of the trading year. Saddled as they were with purchases made at extreme prices, the Goverrrhient could not reconcile themselves to the world-wide slump in values and to'Uhe patent necessity lor accepting lower prices. Until May the Government policy appeared to be to refuse to sell their butter unless they could do so without loss. By keeping free butter out of the country and maintaining their position as the sole importer of butter into the United Kingdom, they had managed to keep prices up throughout 1920 and well into the present year; but hard facts like the increasing productivity of dairy produce countries, and the incapacity or the general public to pay war prices for butter after more than two years of peace began to have its effect upon the official mind, and, like ordinary traders, the Government had to bow at last to the inevitable, and face theiT losses. Early in 1921 the welcome announcement was made that the Ministry of Food would be officially disbanded on April Ist The duties of winding-up its commitments were then taken over by the Board of Trade. "There is no doubt that the Food Ministry outlived its usefulness, like many another war organisation." Bush for "Free" Butter. Messrs • TVeddel describe the history of the first few weeks of freedom from) Government control in the dairy produce trade as of considerable interest. On April Ist, 1921, the butter trade was nominally freed, although the Government held unsold stocks on, spot and afloat amounting to between 50,000 and €O,OOO tons, and could, therefore, control the market. There was considerable speculation as to how tins large stock would be disposed of. Several schemes were suggested, but it was eventually decided that the Board of Trade would sell the butter ex store to approved first-hand buyers, who were to be at liberty to sell to any customer without restriction as to quantity, but at fixed prices, and under onerous conditions as to payment, quality, and weight. In addition in the large stocks of Government-owned butter, quantities of Danish, Dutdh, and Argentine had been shipped, so as to be ready for sale in the United Kingdom on the first day of free markets. In anticipation of decontrol and cheaper prices, April Ist found traders generally bare of supplies, and the immediate result was a great rush for "free" butter, especially Danish. Every shopkeeper in the, country wanted this fresJbJy-made butter after having been compelled for years to handle tho Government variety. The cumulative effect of this general demand was to promptly clear up the market for Danish, Dutch, and other free butteis, despite the large arrivals. Prices for Danish jumped from 256s to 284s withini one week; but this state of affairs proved only temporary, and once retailers were restocked prices as quickly collapsed, dropping to 190s within a few weeks. On April Ist, New Zealand (Government stock) butter stood at 2668, but between' April 29th and May Oth had fallen from 2G5s to 196sj and by the end of the month it was 1945, compared with Denmark's 210s. Increased Output Importations from New Zealand last year amounted to 28,035 tons, compared with. 12.58G tow in the weceding year.

I The explanation of the greatly increased quantity is no doubt found in the following facts:—The whole of the exportable surplus of butter was purchased by the British Government at 280s per cwt f.o-b. As there was no limit as to quantity, and as this price paid factories better ti.r.n linking cheese, a large number ot lactones witJh dual, plant put every possible ounce of cream into butter for the British. Government. It is anticipated that farmers maymake an effort to increase the production of dairy produce in the Dominion next season owing to the low values of meat, wool, etc. With a yiew to still further improving the quality and standard of their first grade butter, it is reported that New Zealanders are considering the desirability of increasing the points required for first grade frcm a n.inimum of 88 points to a minimum of 90 points. The unimportance of the quantity (592 toi!s) snipped from New Zealand to the United States of America came as a surprise, as the genernl impression was that a much bigger business had taken place. It is possible that further quantities were imported via Canadian ports. Govornment "control" has been mainly responsible for fee diversion of these large shipments, which the United Kingdom can ill afford to lose. There is, however, but little prospect of the United States of America continuing to import butter from New Zealand, in view of the tariff of 6 cents per lb recently imposed upon all imported butter. • Margarine. This trade must always bo regarded as very largely complementary to the butter trade. During t!he war it took the place of butter almost entirely, and since margarine was de-controlled the total consumption of the two artielaa combined has remained more or less stationary. The more butter available fort sale in this country, the less margarine will there be required—perhaps not in exactly the same ratio, but to a very large extent, e.g., while estimates of butter available for consumption last) year reveal an increase of'about 60,001} tons, the quantity of margarine consumed may be estimated as 'having fallen off from 40,000 to 60,020 tons. During the past year prices have been continually falling, owing to the enormous slump in prices of raw materials. The position has recently hardened, lint margarine is still selling at 8d to Is 6d per lb retail, which is not so very much in advance of pre-war figures. Popularity of Cheese. Throughout the year the consumption of cheese was abnormal, notwithstanding the < high price of Is 8d per lb retail, at which it remained for practically the whole period. Messrs Weddel are gratified to notice that practically the whole of the imports of cheese into the United Kingdom were produced within the Empire. The arrivals from New Zealand head the list with 68,512 tons, and although this is barely as much as last year, it is about double the pre-war quantity. From Canada came 55,134 tons. The visible supply at the commencement of. June, 1920, was very large; in fact, larger than at almost any previous date in the history of the trade; and yet within 12 months the whole quantity had gone into consumption. It must not be forgotten that the New Zealand make for 1920-1921 was arriving regularly during that period, while at the same time the Government's stock of 1&19-1920 cheese was still being marketed. This would tend to show that cheese, as one of the staple articles of food, is as popular as ever. Indeed, it would seem as if the publio were more and more realising that cheese is one of the most economical, as it is one of the most nutritious, articles of food which they can buy. Criticism. "It should be stated that during the past season New Zealand did not fully maintain the high reputation which the Dominion had previously earned for its cheese product," say Messrs Weddel. "The quality was noj. up to standard, some being loosely made and _ containing too much moisture, while there were also oomplaints of j?oor flavour and bad keeping properties. It is thought right to mention this in the best interests of New Zealand, and it is to be hoped that the representations which have already been made in the proper quarters will have the desired effect before next season. Due consideration must be given to the difficulties of shipment, involving as these did unusually long intervals between the date jof manufacture and the date of arrival here; but the fact remains, that in far too many instances the faults had originated in the factory. The quality of Canadian cheese was uniformly good; in fact, in the history of the trade it has seldom been celled."Why Prices Collapsed. Throughout the greater part of the year, spot prices remained steady, imported cheddar cheese being generally within the limits of 145s to 160s per cwt. In April the market began to snow signs of weakness, and it became evident that these high prices could no longer be maintained. A number of facts contributed to the changed position, including large late arrivals of New Zealand cheese, and an unusually early make of Canadian. The result was a collapse of prices, the like of whioh it may be safely said has seldom been witnessed in the history of the cheese business. When the break occurred, white descriptions were nominally around 158s to 150s per cwt, with coloured at 1625, *nd prices ran down quite rapidly until at one stage, about the middle of June, New Zealand touched as low as 90s per cwt. This naturally caused a sort of panic in Canada, and it looked at one time as' if prices of Canadian cheese would rule about 80s for the June make. In anticipation of this, largo quantities of Canadian cheese were sold short during the month of May, in in the neighbourhopd of 80s to 90s c.i.f.. the general opinion being that the market had lost its stability. It was realised, however, that prices had been allowed te run down too low, and a reaction set in. The commencement of the phenomenal dry weather experienced in the United Kingdom this year, together with heavy speculative buying by a section of the trade, soon put prices on a much higher level. At the close of the year under review, the market had recovered to 106s to 114s for New Zealand, and 104s ' to 110s for Canadian, with prices tending upwards. Looking back on the record of the past year, in regard to ; the prices realised, the conclusion is j forced upon Messrs Weddel that cheese values, in sympathy with other articles \ of food, would seem to have passed their ; zenith: factories and producers will ; have to realise that the tendency in , the future must necessarily be in the ; krrectipn of lower levels. i THE MEAT TRADE. J FUTURES OF BRITISH SUPPLIES. \ (By Cable—Press Association—Copyright.) * and N.Z. Cable Association) ; LONDON, December 3. i An "Observer" correspondent, dis- i cussing the question of meat supply, says that the dominant fact to be kept steadily in view is the demand for meat by Great Britain, which is now below the average, owing to diminished purchasing power aggravated by unexceptional unemployment. Recovery of purchasing power is cer- ' tain, and the regular growth ; of population is adding to the number : of consumers in all countries. The Dominions are producing more than they j are consuming, but their exportable surplus may decrease with increased popu- ' lation. "Unless British production equals the increased British demand," he adds, "we must rely increasingly on oversea supplies, which may diminish. The situation is serious, and demands serious consideration to avoid our drifting ■ into a position in which meat may be- , coma a luxury for the wealthy." |;

d REINDEER MEAT INDUSTRY. lx> SAN FRANCISCO, November 8. A party of New York financiers and I business men, headed by Robert Lee a Dunn, have just completed an 800,000 ;. dollars deal by which it bought from « Jafet Lindeberg. of San Francisco, his ,f Alaska herd of 11,000 reindeer at 37 :h dollars per head. In addition to purt chasing this vast herd of reindeer, a if big option was also paid down for the d second Lindeberg herd. 6 This is the first step to market_rein--13 deer meat on a large scale in the retail n markets of the United States, and also '■ the first arrangement to market J throughout the world the by-products d of the animal obtained from its hides, 0 hoofs, and bones. The value of the byn products will, it is said, exceeu the d revenue from the meat of the carcass. The new purchasers have in view rel" frigeration plants so as to be able to 8 deliver the reindeer meat in good con- '" dition in competition with the methods 6 of the Chicago meat packers, but, m'i cidentally, the new industry is not expectcd to have any material effect upon l " the New Zealand and Australian iml" portations of refrigerated meat to the i United States, that trade having already been firmly established with the American public, who eagerly buy up the Antipodean imported meats. 8 In regard to this San Francisco '•• undertaking, the New Yorkers are ene ueavouring to enlist the services of Mr a Lindeberg as the active expert of their 0 concern as well as a prominent director a and part owner in their company. The deal means the fruition of Mr rt Lindeberg's dieam to market reindeer a meat in the United States the same II having recently been attempted in f, Canada, with promise of much success. t The hero of Ilex Beach's story, "The » Spoilers," Mr Lindeberg, over a rein. } der herder in Alaska, saw tho possibih- " I ties of a fortune in the meat and by- £ products of tho animal long before '• Nome and its gold riches electrified tho 1 world and made him a millionaire " overnight. " Mr Dunn, who engineered the big ? deal, is a celebrated globe-trotter and newspaper correspondent. AUSTRALIAN BUTTER POOL. i MELBOURNE, December 5. Negotiations are proceeding between ■ representatives of the Federal Govern- - ment and the dairying industry, with • a view to forming a butter pool to " handle next season's butter. 3 ENGLISH MARKETS. . i! Dalgety and Co., Ltd., have received the following cablegram from their London 5 office, dated December 3rd: —"Sheepskins—- ' At the salos 6000 bales were offered and.9s L rer cent. sold. Prices as..compared with olosing rates of last ekin safes are 7j per . cent. lower for merino combing; merino , clothing and fine crossbred skins, 10 per cent. ' lower, for short wooiled and shorn pelts, ' and 10 to 16 per cent, lower for coarse onu i medium crossbred skins." > Tho New Zealand.- Loan and Mercantile , Agency Co., Ltd., Kave received tho follow- • ing cablegram from thoir London office, under . dute 2nd instant:—"Butter—New Zealand Government, let grade, £9 16s to_ £lO per cwt; market weaker. Cheese—White, £5 29 ' to £5 6s per cwt; coloured, £5 to £5 4s per ' cwt; market quiet." THE BUTTER MARKET. (fKESS ASSOCIATION TELEGRAM,) 1 WELLINGTON, December 5. 1 In spite of the fail in the price of Danish butter, exporters do not take a despondent view of the market for New Zealand butter. The fall is expected to have some effect on the output, but it is believed it will not be alarming, because Danish has been abnormally high in price. BRITISH INDUSTRIES FAIR. The Canterbury Chamber of Commerce, at its quarterly meeting last night received a letter from Mr J. W. Collins, secretary to the Department of Industries and Commerce, enclosing application. forms for space at. the 1 ba held in London and Birminghini simultaneously from February 27th to March 10th, 1922. The exhibition would be open only to concerns of the followi" • description:— A 1 manufacturers of go. j to be exhibited; linns holding tie patent-rights and the sole selling rights of the goods exhibited; firms (taking the entire output of the works at which the goods are manufactured. The letter was referred to the Council. CHRISTCHURCH STOCK EXCHANGE. LATEST QUOTATIONS. Buyers. Sellers. & s. d. £ b. d. DEBENTURES— N.Z. Govt. 4J per cent Inscribed, 1933 .. 81 17 6 85 5 0 N.Z. Govt. 44 per cent. Bonds, 1988 .. 84 17 6 N.Z. Govt. 4} per cent. Bonds, 1941 N.Z. Govt. 6J per cent.' Bonds, 1933 .. 92 S 0 BANKS— Australasia .. ' .. 86 10 0 88 0 0 National of New Zealand 5 14 0 New Zealand .. 2 8 0 2 8 9 Royal Bank . ..160 INSURANCE- ] Standard ~ 2 8 0 2 10 0 LOAN AND AGENCY— GoldsbrougkMorttMelb.) 1 11 0 1 12 6 SHIPPINGUnion (5J per cent, cum pref.), "cum div." 0 18 0 0 J8 9 FROZICiN MEAT— Canterbury, "cum div." 11 10 0 N.Z. Refrigerating (10s paid) ... .. 0 16 0 North Cant. Freezing ;'i !5 0 COAL— Westport-Stockton 0 7 0 Westport-Stockton (8 per j oent. non-cum pref.) 0 10 6 ' WOOLLENSKaiapoi (£1 paid) .. 1,5 3 16 0 Kaiapoi (10s paid) .. 0 13 0 0 14 0 Kaiapoi (pref. re div. only) .. •• 1 5 0 ! GAS— Aust. Gaslight .. 5 15 0 6 0 0 Christchurch .. 5 17 C 1 BREWERIES— ~ ' Manning .. .. —"39o"] MISCELLANEOUS— , j Colonial Sugar .. 28 0 0 Whitcombe and Tombs -Jls 9 3 0 0 AUCKLAND STOCK EXCHANGE. ] (F.IESS ASSOCIATION TELEGRAM.) j AUCKLAND, December 5. Sales—War Loan, 1338, £ds 7s 6d; Inscribed, 1929, £9l; Kew Zealand Insurance, 26s ' 6d; Farenga oils, 10s 6d; Mount Lyell, 14s. |J Quotations —National Bank, sellers £o 15s, t buyers £8,12s 6d; Bank of Jiew Zealand, ( tellers 495, buyers 46s 6d; Union Bank, eellers £l2, buyers £ll lis 6d; Union Bank (45s paid), sellers 92a 6d, buyers 90s; New * Zealand Insurance, sellers 26s 6d, buyers 28s ' 2d; South British, sellers 355, buyers 34s 1 J3d; River Plate, buyers 17s 4d; Loan ana j Mercantile, setleia £BO buyers £77; Taupiri t Coal, sellers 17s 6d; Weetport-Stociston, sei- f lers 7s 3d, buyers 6s; Auckland Gas, sellers -, 213 3d buyers 20s 6i; Auckland Gas (con- ;! trib.), ' sellers 20s £d; Huddart-Parker, J sellers 44s 6d; Union Steam (pref.), sellers i 19s; Kauri Timber, buyers 25s 6d; Kai- ] apoi Woollen (10s paid), sellers 14a 6d, buy- t ers Ifis 6d; Colonial Sugar (Fiji), sellers v £10; New Zealand Drug, buyers 52s 6d; . Meredith's Samoa, sellers 16s; Paper Mills, l sellers 22s 3d; New Zoaland Refrigerating, * buyers 27s 6d; Wilson's Cement, seiiera 15s t 9d; Waihi, sellers 203 3d, buyers 19s 6d; *i Waihi Grand Junction, sellers 6s 6d, buyers $ 8s 2d; War Loans. 1938, sellers £BS ss, buy- T era £BS; 1939, sellers £BS 10s, buyers £BS; Soldiers' Bonds, buyers.£92 2s 6d; New , Zealand Inscribed, 1927, buyers £9l; 1938, b buyers*£Bs ss; 1939, sellers £SS 10s, buyers e £BS; Soldiers' Inscribed, buyers £92. c V ■ DUNEIDIN STOCK EXCHANGE. T (FBSSS » 4SOCIATION TXLEOHAM.I <£ DUNEDIN, December «. j Quotations—#Tokomai Hydraulic, buyers IBs 6d; Waihi, sellers 21s; Waihi Grand . Junotion, sellers 8s 9d; Mount Lyell, buyers ' 14s 6d; Bank of Australasia, buyers 30s 6d; National Bask, buyers £l2 6s; Bank of New Zealand, sellers 495; National Insurance, buyen 565. 9d, Aellexs S7& 9d; X«w Zeal&nd, buyers 28s 3d, sellers 2£s 6d; South Britisn, buyers 345; Standard, seller 50s; P. and O. (def.), sellers £305; Union Steam (prof.), sellers 19s; Hudaart-Parker (ord.), sellers 445; Westport Coal, buyers 26s 9d; WestportStockton (ord.), buyers 6s 3d, sellers 6a 9d; New Zealand Coal and Oil, buyers la 9d; Brown, Ewing and Co. (ord;), buyers 245; Brown, Ewing and Co. (pref.), buyers 18s; D.I.C. (ord.), buyers 10s; D.I.C. (pref.), buyers 16s; National Mortgage, sellers 70s 6d; Loan and Mercantile, sellers £B4; Wright, I Stephenson and Co. (ord.), buyers 20s, selllsis asa eii Wright, Stephenson and Co..

THEHE IS AN INSISTENT CALL FOR EXPERT ACCOUNTANTS I HIGH-SALARIED POSITIONS «*» voting for men who will mast« thy profession of Account***?. Erery d»y th» demand beoomc* greater; ©very day U*>posBibilitiee for advancement increase. Qjuc* promotion is assured to the man who reaUses what he is capable of and seta to «w» to study in earnest. BANKS COMMERCIAL COLLEGH, Office- 213 Manchester street. will give you training for the profession of many opportunities. It wiJ enable you to rise from where you axe W where you want to be. You can get the necessary knowledge in your spare time while you hold your present position. Link up with the College that » always gaining fresn laurels in the shape >ot successful students—lmk up with Banks Commercial College. Write cr call for free Ac countancy Prospectus to-day. BANKS COMMERCIAL COLLEGE, P. HARLE, A.P.A. (N.Z.), A.1.A., N.Z., F C A A. H 5835-9664-4 ' ' ' Director. (pref.), buyers lis; Dominion Rubber, buyers 16s. eeller3 19s; Donaghy'a Hope and Iwine, buyers 33s 6d; Dunedin Stock Excnange Proprietary, ee'.Krs 40s; Now Zoaland «*■ frigerating (20a paid), sellers 80s; New Zealand Hefrigarating UOs paid), buyers 14s, sellers 14s 9d; Bruoe Woollen Co. (paid), buyers 80a; Bruea Woollen Co. (cont.), buyers 6s 6d; Kaiapoi Woollen (ord.), buyers 2*» 6d, sellers Ma lid; Kaiapoi tfoolleii (pref.), buyers 18s 3d; Mosgiel Woollen, buyers 114s; New Zealand Paper Mills, sellers 23s 6d; New Zealand Paper Mills (new issue), sellers 2s pram.; New Zealand Drug (40s paia), buyers 62s 9d; Now Zealand Express Co., sellers 16a; Smith and Smith (pref.), buyers 16s 6d; Wilson's Portland Cement, buyers 16a 3d j Miiburn Cement, buyers 30s; ' - Otago Daily Times, buyers 475; Trustees Executors, buyers .465; New Zealand Sugar of Milk, buyers 80s; Whitcombe and Tombs, buyers Bis Od; National Electrio, buyers 26s 9d; War Bonds, 1938 and 1939, buyers £BS Ss, seiiera £65 10s; Inscribed, 1933, buyers £BS, sellers £BS 10s; 1989, buyers £BS; Postal Bonds, 1927, buyers £01; Soldiers' Settlement Bonds, 1353, buyers £O2 7e 6d; Soldiers' Inßaribed, 1933, buyers £92 7e 6d. SHIPMENTS OF FRUIT. (special to "the pkisb.") AUCKLAND, December 5. A largo cargo of bananas arrived by the Tofua from Fiji this morning, consisting of 21,969 cases and 1798 buncnes. When asked as to the quality of the fruit, an Auckland merchant this afternoon said that the shipment arrived in good condition, and was oi fair quality, being a little, better than other shipments that nod been arriving lately. Some lines which were well packed and better graded, he said, were really good. The 224 cases of pineapples included in the cargo were in bad ordar. The Maheno has on board a large shipment of oherrles from Sydney, her oargo in all consisting of 1313 cases of fruit, and of these a few are oranges in good order. The 12,000 oasoa of apples, ahiefly Jons, thass, from Canada, whioh were unloaded from the Niagara last week, were in good order, as they had been kept in th« refrigerating ohumbfeT during the voyage.

DUNEDIN, December S. 'Sales reported—Bank of New Zealand, 48» 8d; National Electrio, 27a 6d. Sales on 'Ohangw—Westport Cosl, 37»; Kaiapoi Woollen (ord.), 265.