FINANCE AND COMMERCE.

Press, Volume LVIII, Issue 17401, 11 March 1922, Page 8

FINANCE AND COMMERCE.

REVIEW OF THE SHARE MARKET. Government securities and Bank shares are still attracting the attention of investors more than industrial stocks, and the demand has been good during the past week. Buyers of War Loan are more in evidence than sellers and prices are higher than they were a week ago. For over six months these securities have' steadily advanced, and the bulk of the loans appears to be fairly strongly held. As has been more" than once . pointed out in this column Government tree of tax securities offer a particularly good investment to those liable for the higher rates of Income Tax. Four and a half per cent. War Loan at £9l —yields, a tax free annual return upon ' the capital investment of £4 18s lid per cent., and to equal this nett return an investor liable to pay Income TaS at the rate of 8s 9d in the £ would require a : gross return of. nearly 9 per : cent, from an investment subject to "War Loan due in 1938 has sold during the week at £9O 10s, £9O 15s, and £9O . 17s 6d, as compared with sales last week at £9O ss. Further buyers are offering at £90 r 12s 6d, with sellers asking £9l. War Loan due in 1939 has sold at £9O 10 s. 5 per cent. Post Office Loan due in 1927 which sold during last , week at £93 10sp-is wanted at £93 15s—without quoted sellers. Five and a half per cent, fjoldiera' Settlement Loan due • in 1933 and subject to Income Taxi has also improved from sales las* week at £94:55, and £94 10s—to business at £.94 15s, and further buyers at : '■ £94 12s 6d, with sellers at £94 17s 6d, for Stock, and buyers at £94 15s, for Bonds. Four and a half per cent. Government (Public Works)' Loan free of Incoitie Tax due in 1925 was aealt m • 1 during the ■ past week at £96. 1 Bank of Australasia shares are now >■ •' curt a dividend and .bonus totalling 6s V 6d per ahare and have sold •at £ll 158, as with-., transactions at £ll .. log and £ll lis,, during the previous week. Farther buyers are ottering £ll 10s, with sellers asking £l2 2s 6d. <■ , Commercial Bank pf Australia prei ferenoe shared have changed hands at ' £6j an advance on previous quotations, v t v with- further /buyers at £5 18s. ■ ( , t National *Bafnk of New ' Zealand < have v also shown an improvereported business being at £6 d > 83 agfinst saks last weeki and £5 South ,Wah# shares titon^ttie«vhav& Zeal^Kl[ |hareß lUls at"^lßybemg"2s the .highest reported figure & ' the. previous week.' Buyers v !, 3iavd sntoe-offered £ll 16s, with sellers Sfc - *iwkijnjz'' £l 1 18s 6d.' PwfA? > National Insurance shares haive been 'and 59s 3d with further {MVefs it 69s and sellers at 59s 6d, and Prx^uth^fivitish Insurances have changed ntf'SSßLr Other Insurance shares « % h"ld lowing, no. i^hijh^a iwfii furseUere M ]ss (sd,fas U^Ghri^-., !&&$# .ve-sdld at at £3 4s, tln^divi-v low evident duo to IsH 1 thefall. a; Australia •hujing. by >-for. sHik ikiia -ready, iy this ,eear L vaa Uome . ied..li»rge , :ie&ttu«- of : Sealaad loßt feuit. .The l» "fcll , AMgaided'With I in -baying' cting.'n, his. n tma mil o week thai 1m price of 3:.that4oma fallolattse-r .efit of-'iuiy tod between ctSi THI9X* »Ilow,;» it II in price* • me of floor, Iwgedractwo jwth&tihe payTOcnrabls

DOMINION'S TRADE AND MARKETS.

(BT OUS COWtHQTAT, raXTOE.)

bean eirpected by way ei fresh arrivals, bat so far such have not materialised. Zigzag cigarette papers are very scarce, tie local market being quite bare. Supplie3 are also unobtainable in the North Island, as

Zigzag cigarette papers are very scarce, the local market being quite bare. Supplies are also unobtainable in the North Island, as numerous enquiries have already been madeup there, without result. The sugar shortage is now over, full supplies being available for/all enquiries. HABDWARE. The past few weeks hava probably been the most trying period for hardware merchants, both wholesale and retail, experienced for' several years. Business has been almost at a standstill. This, with the falling ol prices' at Home, has developed Eometliuig of' a despondent feeling in trade circles. Compared with the experience in the latter yoara of the war and immediately after, the change has been violent enough to engender depression. Trade was then unwontedly brisk and the reverse is now the case, the result being, naturally, a feeling of pessimism. Well-considered opinion, however, is that by the end of April trade will be assuming a more normal condition. Harvest work will then be over, and the very substantial proportion of trade provided by the farming community should be again forthcoming. The slump in> stock prices which has confined farmers' purchases to narrow limits during the past year should ba to a "considerable extent got over by .'the end of (ho harvesting and freezing seasons. There is no denying the fact that manufacturing concerns .in the. province have been severely hit by the curtailment of the purchasing power of the people, March is the worst month financially, and tho trade anticipate with some confidence that after the end ( of the month there will ba. a satisfactory revival. Stocks in the main are fairly plentiful, although quite a number of lines are becomingl low, and it is not likely that they' will be replaced extensively before : the , usual stocktaking period about the middle of the. year. Goods;now on order .will be/arriving after then, and prices undoubtedly will show a substantial decline. The following 'are a few of . the leading ruling prices:— , • • • . Bar, iron, £3O per ton. Oorrugßted iron, Orb brand, £36 per ton. Fencing wire; KTo. 8 galvanised, £24 per ion. . Barb wire, £32 10s per ton.

NOTES FROM WELLINGTON. Wellington bacing oltjbis DEBBNTUBES. ISSUE OF £50,000 WORTH AT 8 PER CENT. (special TO "the PHSSS.") / The demand for Government war; loan stocks and bonds appears to have eased slightly. At present prices. the yield is comparatively small, and this may be one reason for the slackening [ of the demand. > > Bank of JSealand shares changed hands atv4Bs 3d, xnese shares are, likely to "continue firm, as the ' dividend period is approjiching. ' ' ' ! -. The WeUington'llacing Cluh is issuing- 8-per cent, mortagage debentures for- £50,000, in sums ofi£So multiples thereof. The.atock is\being issued and fthe Security is a first mort* .upw; {he freehold lands of the wab at Trentham;' containing nearly 342 acres, and the biitldings thereon, and a floating security on other' assets. The whole of the £50,000 .is to be spent on additions to buildings and other unprovementft'of -the mortgaged.land.. It is anticipated that the debentures will be fully subscriped. . STAMP DUTY ON LOANS. HEQI7BST FOB EEDTCTION.' r 'V I s {By,' Cuhl*—PreM J \ >(Atutnlian' kivl 27.2* • Cable AMociatiDnJ • The High, Coiiumßsioners for Austra. lia. ahd ]N etf Zealand and -.the Agpnte?Geiieral for the AHuixaliaji fitate8 { with Messrs Glendyn© and. Cathpion, discussed .the -question+of a revision in t the composition of 6tamp !duty fhiiTged in respect to loans.it. was decided;t to -place the matter before; Sir fioEertv'Honie, Chancellor of the Exeheguerj and ask him to reduce the coin.position for transfers from the pre«enfc rato pf 'Sos per «ient. foa; a currency 'of . bix years r to 10s per cent, for-ten years. ;TEe memorial .pfcunts; oht that tfhe present lygh 'duty- is. handicapping the Lcriidon market compared with . New York,''where , there is no stamp duty. The letter „wi}l ;a1so) that .the stamp duty, on 'issues of a pmely municipal characters-such .as- bonds issued by .municipalities, should be 20s per cent, 'instfeadrof. being charged 40s ; as in the oase of. commercial corponition^. IRON Afro STEEL The j following is < the Middlesborough report, 'jini the January lgsue of Lloyds i ;Bank 'Monthlyj on iron land steel i tfade during December last:— X The-pfocess of onnging down Cleveland pig iron prices to marketable I levels 1 ' continues.: There ; has" been a | I elicit improvement ist the. enquiry Tor i [•Cleveland pig ironj bufi the output still I : appears to be sufficient lor (present de-1 i mauds..; There is ujideniabiy a more i optimistic "feeling abroad, anc} the i coaatwiße shipments,, both to Scotland j b and to ! .Wales, form a : healthy feature.

The. prioe agreement of. the Cleveland makers is strictly adhered to, ayd . quotations are rail firmly maintained at the following levels:—No. 1 .Cleveland, 105s; • No. H Cleveland GJM-8., 100s; -No. 4 foundry,- 95s ; and: No. 4 Forge; 903. For mottled and. white, there is a "free market, ; but 85s per ten js the c Hematite pig iron prices ; have shown ■.progressive -weakness - during the month. < has not improved sufficiently to, take .up all the production v of tne furnaces in. operation,: and makers, unhampered -by any price agreement, and eager to market their output, .have made very substantialconcessions.-. In some cases 105s per ton : is' asked, for: mixed numbers, but 102s 6d iB now an average quotation, with Nov 1 at a premium of 2s-6d per ton. At this 'price ; East 4 _ poast hematite is jnudi Ahe cheapest in the country, and the makers are getting the bulk of T the orders. • In -the • manufactured iron and steel -trade, boßines- tb*a month has -' shoivn State Bttle improvement, .there is a £rmly. founded belief. that with the. turn of--the -year demand will improve, but; it is 1 admitted that prices wilrhave to fall further yet, and makers are very cannons to fcsistei, tbarfall. -On tho other band,. they have almost reached the smit of sacrifice,. and feel'.that any reductions, must come as the outcome of cheaper fuel and railway jates. The fallowing are current home quotations plates, £l6; steel ship -bridge and tank plates, £lO 10s; steel angles, JSlft; steel joists. £lO 10s ; sections, heavy steel "rails, £lO 10s; fish'plates., £15,105, iron and ship rivets, £l6; coipinoa iron bars, £l2 lOs; cprrugated galvanised sheets, £l7.

WELLINGTON WOOL SALE. rBBBUABY BATES MAINTAINED. (SPECIAL TO "iHE PBESS.") WELLINGTONj March 10. Not quite 20,000 bales were offered at the Wellington wool sale to-day. There was a full .bench of .buyers, but there wae very little wool suitable for America, j The. catalogues consisted mainly of inferior and average-conditioned crossbred wool. .Seedy parcels came forward in considerable quantities, and cotted wool was very noticeable. The quality of the wool could not be compared with the offerings' of the previous three ' sales. There -.were large offerings of bellies, pieces, 'etc., and all lines fairly free from seed met with good competition. Bidding was active, and prices may bo pair! to be about on. a par with the last Wellington sale, any change being in sellers' favour. Low crossbred wool was, peitfiaps, a shade higher. As usual, Bradford and the Continent took the bulk of the offerings. Following is the official range of prices:— Merino—d. d. Super ... ••• '164 to 18 Average ... ... 15i to IGJ Inferior ... 13 to 14 Medium halfbred — Super Average ... ... 9 to 11J Inferior ... ... 7 to 8J Coarse halfbred— Average ... ••• 8J to 10J Inferior . ... ••• 7 to 8J Fine crossbred— Average ... ... 7 to 8j Inferior .... ... 4| to 6 Medium crossbred — Super ... ... 8 to 8J Average ... ... 5J to 7j Inferior ... ... 4f to 5J Coarse crossbred— Super ... ... 6 to 72 Average ... ... 5J to 6j Inferior ... '4 to 51 Low crossbred— Super ... ... 5 to 6J Average ... ... 4| to 5j Inferior ... ... 4 to 4.J Hoggets— Medium ... ... 6 to Si Coarse ... ... 4 to CJ Lambs— Down ' ... ... 10 to 103 Fine ... ... 8 to 10J Medium ... ... 6$ to 8j Seedy and inferior ... 2 to 5 Bellies and Merino, good to super ... 8 to 10 Low to medium ... 6 to 7 I Halfbred, good to super 6 to 7 Low to medium ... 4 to 51 Crossbred— Good to super ... ... 3} to 5 Low to medium ... 1$ to 3 Cnitchings— Medium to good ... 3 to 4J CITY PROPERTY VALUATIONS. AUCKLAND COMPLAINTS. i (special to "the press.") AUCKLAM>, March 10. The increase in Government (valuations -of i city property, ■as 1 indicated m the valuation notices now being circulated,' -is calling forth vigorous pro--1 tests from owners of. large. city properties, and it is quite, apparent from statements by many of those affected that objections which will have to bo Considered by the Assessment ■ Court : wilt constitute a record. agent handling the affairß'of es^ tates comprising some of the large city blocks of buildings, said that some of the increases shown in the new valuations were , quite unjust. He Was inclined to think that the Government,. being pressed for money,, was.exploiting, every possible expedient fpr dragging a tew more pounds out : of city taxpayer. This agent pointed to the fact that the new valuation on land was extremely -high,, while that on-im-provements waa extraordinary low. In some instances in notices he had received, the capital value at first did not seem- alarmingly, high, but on looking at unimproved value indicated, he received something of a shock. ' Y Widespread enquiries show that the increases tinder the valuations are from 40 per cent, to over 100 per cent, in extreme cases. -One business": man interested in city properties said a determined effort would be- made to have valuations reduced. In nearly every case the new valuea were. mucn above what owners regarded aa the Selling price. Senreral properties required for special purposes had been sold in the :city at high prices, and the' Government valuer seemed to have taken that as a basis for the values of all properties '• in the city. It seemed to nimi that a fair basis would be the return the property, would yield on the capital value. One or two properties which he hadan mind, would not pay more than 2 or 3 per-cent, on the new valuations. It was. mentioned that when valuations are objected to, and a more moderate figure suggested as reasonable, the Department always asked whether the-owners. ,would be' willing to sell at their own . figure. If this -were now asked, said' this agent, the Government could have 90 r per cent: of the properties, in Auckland. . v : Some of the figures supplied give an idea of the position from the property owners'point of view. Thci old capital value of certain commercial premises on Queen street was £45,000 and this had been increased to £71,560 under the new valuation, the unimproved value being increased from £35,000 to £54,560; Another large block in Queen street shows an increase of 44 per cent., which 4 places - the value at £I3OO pel? foot. A valuati6n yf proj>erty in a | street running parallel; with Queen I street increases the figures from £15,I 000 to £28,500, which places thejnropI erty on a basis of £3OO a foot, while the i owners consider £2OO a foot a reasonable value. Yet another property on a i prominent Queeti street corner haß had the unimproved value increased from 1 £15,231 to £22 387, and the unimproved value o? property devoted mainly to amusement purposes, from £25,000 to £3B 640. . v The case for owners of buildings was expressed by an agent controlling several such structures. He said that during the last two years the high cost of building had prevented the; necessary expansion of city properties bv the erection of new buildings, and rentals had been good. Although the cost of building was now coming , down tbo pinch was - r just being, felt, and there were undoubted indications that the demand for high-prioed; offices'was on the wane, and rents in. sympathy with every thing else were certain to come down. To base valuations on recent boom rentals he said, was exceedinglv shortsighted m view of these conditio"', and could only lead to widespread dissatiaf action. , :• -A J meeting of property-owners is to be held on Monday to consider the position; | ' I COAL TEAJ3E. r-'. : . . ■ . ... j (special to "the press.") ■ I WMJiINGTON, Mardh. 10. | Good Welsh _ steam coal is now being obtained at Fiji at ten a.ton less than Neiv Zealand Westport coal can be supplied. Owing to the high cost, New South Wales has lost tho bulk of the Eastern bunker coal trade, wiiich is: being supplied at a cheaper rate from' Cardiff. • ;

AUSTRALIAN MEAT DIFFICULTIES

PBEFEREtfCE..

OUTSPOKEN CRITICISM.

1 (rsou era oww cobkespondznt.)

LONDON, Januaiy 26,

Mr J. A. M. Elder, who has been associated for twenty-seven years with the frozen meat export trade of Australia. and who is a member of the firm of Messrs John Cooke and Company, of Queensland and Victoria, addressed a meeting of , the Cool Storage and lee Association this week. Sir Joseph -Cook, the jiew High Commissioner for Australia,, was also present, and again took the opportunity to make an appeal on behalr ox the Australian meat trade, and for the reduction of freights. Several representatives of shipping firms were present, but would not be drawn into the discussion. . . Sit Joseph Cook is taking up the broad Imperial attitude with regard to the question of Australian meat, and firing for what he terms "family fairness" His audience this week, however were men of the trade who looked at tilings purely from the commercial aspect, and were reluctant to be drawn into any controversy which savoured of politics and sentiment. It was only after some encouragement from the chairman that some representatives of Australian meat firms voiced their opinion that Australia should first put its own house in order in regard to the quality and the handling of their meat. . Foreigners' Advantages.

Mr Elder first traced the history of the Australian meat trade during the war, and pointed out that foreign meat occupied during that period a much more favourable position than Australia. It was not only in prices, he maintained, that the foreigner had the advantage. Argentine supplies were in much greater volume, and were so quickly consumed that there were no. accumulations, either there or elsewhere, like there were cf Australian meat. The foreign importer, therefore, materially strengthened his position, both in the United Kingdom and on the Continent, not only from a, financial, but from a- distribution point of view. He estimated that the advantage which the South Americans enjoyed over the Australians in the matter of Imperial prices during the five years of Government control, expressed in money, worked out at over £5 pfer bullock, and uearly 8s per sheep. , The speaker then referred to the accumulation of Government stock, and said that the policy of the Government in holding for high prices was the immediate cause of the unfortunate position in which the Australian meat trade, particularly that of beef, found itself to-day. "Whereas .the Argentine had made a great improvement in the quality of their stock, and their dressing continued to be first-class, and if anything better than it was before, the i war, there was no improvement in Australia. _ There had been no improvement in the breeding, and the Australian stock-owner wnose business it was to produce cattle for export was directly responsible for this. He was too parsimonious regarding the pri.ce he paid for his'bulls; his economy in this direction was very short-sighted, and should be immediately abandoned in favour of the policy of late years pursued in the Argentine so successfully. ■There was no/doubt also that the dress-, ing of the beef was a {great deal worse than it was. This particular disability was the direct result of the' helplessness of exporters to properly control their own works owing to disturbed and difficult labour conditions. . / Shipowners Accused. ;. "That the 'Australian producer and exporter have to face a materially increased all-round cost in the production and. working operations is only too true," said Mr Elder.. "First take a bullock. Tie freight on the meat, hide, tallow, and all the other exportable : byproducts of the animal ..prior to the War totalled £1 lie 6d; to-day, even allowing for the recent .reduction in the meat freight, the aggregate figure is £4 Is 8d —an ajil-round increase of £2 10s 2d per bullock. In the case of sheep, before the war the freight on the carcase, the skin,/and the exportable by-proapcts, wafe 33 Id; to-day it is 8s Id—ah in-" crease of 5s per sheep. In lamb the comparison is prewar 2s, to-day ss—an increase of 3a per laml). , "I contends that the shipowner is not treating the Australian producers and exporters in regard to these • rates; He is certainly entitled to fair eon§jderation for . the . increased cost of his. working expense's and so on, and I feel that if he fixed his rate .at 100 per, cent, increase on the respective prewar rates we could rot complain, and it 18 to .be sincerely hoped that a reduction'can be obtai.ied to that figure." . v Speaking ;of what he described, as the unsatisfactory, position and prospects for meat of British origin, . Mr' Elder pointed out that the foreign invasion/ which had, he said, strengthened during and since the war, threatened alike the grower at home and .the grower in all the Dominions. The losses and depreciation in values of livestock, as a result of the recent slump, represented in, the, home trade alone for the. past year an amount of over £2,000,000 sterling, and in the Dominions the amount must be quite double that sum. • It was_ for us ;to consider the effect this position was having on thcise concerned and on national interests and national safety. That it would result in a serious curtailment of British - supplies was beyond question, and he Could speak from personal knowledge when he said that already in Australia the gtatioii owner was restricting! hi 3 production of .exportable stock, and undoubtedly the same thing must be happening throughout th«> other parts of' the British- wealthImperial Preference. , The remedy, he thought, lay in the application of the policy of Imperial Preference. Of late this question had been discussed and debated here, and in all the Overseas,. Dominions, where there was quite an extraordinarily large volume <>f public opinion favourable to it. So/far the successive Hoiiie Governments had proved more or less unsympathetic, at any'rate so far as practical application in essentials was concerned, although quite a large body -j of representatives and responsible com- j mercial and public men in this country : were in favour of it. The Home Go- j vernment certainly had in a limited sense | conceded the principle of preference, in 1 so far as she had. for instance, granted this in regard to Australian wines, tobacco, and on the sugar contents of certain manufactures. But, after all, the concession was a small one, and certainly not one of such national consequence as assistance to our meat trade would be. The Australian (sovcrnment had proclaimed its willingness to pay its full share in a subsidy, provided the Imperial Govern* merit was prepared to make a grant of a similar amount, The Australian Go- , vernment offer was a bonus of Jd per lb on all meat exported from Australia to .Great Britain, presumably over a . period of at least twelve months to be- : gin with. He thought the bonus j should take the form of a freight sub- ; sidy by the two Governments to the j steamer carrying the meat to an extent I that , would bring the freight payable j by the exporter down to a level ap- I j)roximatmg. pre-war rates. A total ; ; bonus of id per lb—Jd from the Aus- i tralian Government, and id from the ; Imperial Government—would scarcely accomplish this, out even that amount • would materially help. Pamily Palzness.. Sir Joseph Cook said he was very glad this matter' had been reopened in

London, for it was vital to Australia and the Empire. Was the Empire to relapse into the dangerous condition, of the first days of the wi.r? Pnldence and cbmmon sense sugg<«ted that steps should be taken to guard against any possibility of these islands being starred. Australia was down to pre-war prices for her meat, bu i even the pre-war-priced meat was noi> getting a fair deal in the markets here. Australians did not want to sell their meat to other countries, but they mig-it be driven to other markets. He woald like to express Imperial preference as family fairness. Let the question be discussed in a rich, generous -tvßy round the family hearthstone.' freights must be reduced Rates were S!SO _ per cent, above pre-war prices. Shippers must do something- or Australians would have to do something fcr themselves. Mr D. B. Keid, of Messrs Yuills, Limited, thought that •£, preference arrangement should not be relied upon as a permanent measure, as the industry covild stand on its. own feet. So far as freights and charges were concerned it was surely in the interests of the shipowners, -ind the labour _ organisations to ensure that a reduction should be made. Let them explore the question of ureference by all means, but it was very doubtful if it could be carried in this country. Mr A. Dunlop, chairman of directors of Messrs Eastmans, said that Australia should first put their own house in order. In the first plaoe the quality of their cattle wanted improving. It was very bad, and could not be compared with that of the Argentine. Moreover, it came to this country mutilated, and unattractive. it was true that they should cultivate trade within the Empire, but it should not bo forgotten that Australia suffered from droughts and it was a country he did not think this country could rely upon for regular (supplies. Experiments In Chilling. Mr I. W. Raymond said that in 1917 the Food Investigation Board' had taken ud the question of chillmg beef, and now an organisation in Australia hid been experimenting along similar lines. Ho would like some co-ordina-tion between these two bpdies, as he considered that this question of chilling Australian beef insteao. of freezing, it would play'a great part m the future ! of the industry. T1 , Mr Watson, of Messrs Borthwick arid Sons, said ho had .beon. dealing with, Australian meat for twenty-five years, and ho knew something about it. ,i±e ffilled to understand why they found it necessary to clothe it in very flimsy material, forgetting that after it had been despatched to this side it had to b© handled several Tb.© * result was it was taken over with the clothes torn and the meat damaged. Further,; the arrival of an Australian vessel with mutton and lamb had become a. perfect horror to everyone employed, in handling the cargo, owing to the multiplicity of marks. 'Another thing that struck him was that Australia . must have some ancient and hoary methods of transport. He did not the difficulties of transport from the farms to the works, but the result of bad handling was apparent). Australia, ho thought, had the salvation of her troubles in her own hands- She must move with the times, and keep in mind , the conditions on this side. ; .Mr Goodsir, the chairman, said that jho thought perhaps the question of preference was a jsubjoct.that members were not ready to swiak on at a mortnt's notice. He therefore suggestiell- a committee (should be formed tp further consider Ithe question. This was agreed to without enthusiasm.

j THE WIRE INDUSTRY.

■ . BRITISH V. GERMAN.

<] A circular eent to t, number of Now Zealand firms from q; London firm of wire manufacturers states that owing to the* decreased value «jf foreign, money Jorge quantities of foreign wire are being imported into Britain and . the color iiies at a price fa# below the British cost iof production.. Some [of these imports (have evidently been iiade by patriotio 'British; subjects who have given little Ithought to the vital question of British, [employment,, and have overlooked the Sfact that. money apparently saved in purchasing imported ia paid out in unemployment .benefit raked by direct or indirect taxation. It is • estimated that the production of a ton of <k>inmon wire gives a week's' employ inentto on©' oiid a half men in the .wire mill, one man. in'' the collieries, and lialf a man each, in the steel works and the rolling mill. If an English manufacturer ia paid £2O for a ton of wire, lie with, enough cash to pay a skilled wotker for four or five weeks: If a German manufacturer is paid £ls for a similar quantity of wire with exchange at 800 marks, the German wages fund is augmented to the extent of 1*2,000 . marlta. To-day the German skilled worker is paid 68 marks for eighj; hours' .work, or 4CB marks,:; which is about 10s in British ,mon4y, for a 4&hbur week. ■ Thereforte, wlhen the German manufacturjar received £ls for his wire, sufficient money is received /into tie German wages fund to pay a skilled worker, for 20 weeks!.; 1 Thus, in terns oit wages, ,£ls paid to the German manufacturer is more than five' times as riiuch qs £2O paid to the English manufacturer. In giving this enormous advantage to the German manufacturer, the buyer of Gorman goods, while maintaining happy conditions amongst German workpeople, produces automatically unemployment, dissatisfaction, misery, nnd higher taxation at Home. , '/

, PRICE OP CEMEtfT REDUCED. i' (special 10 ''the press.'') IitfcSEDIN, March 10. I Cement is now chafer by 6d per bag «r 9s per ton. This applies to the whole of New Zealand, and. should help to stimulate the building-trade. The price in Dunedin is £f> 15s per ton. Prior to the War it was about £4 per ton, but- there is ho hope of returning to anything-, like that figure in the immediate future.

BANK OF ENGLAND RETURNS. (By Cable—Press (Australian and: N.Z. LOMJON, March 9The Bank of England returns for the ended March 9th afford the following parisona with those of the previous v?6C . y Mar.3.' Mar. 9. Proportion of reserve is 00 »££SSi p 0 -' *■«» USS Government securities Other eecuritiee .. 81,730,000 80 919^ Short loans, S per cent.; tires - montfifi billa", 3J per cent. GOVERNMENT SEOnEXTItSS. LONDON, MwcE 9. The following are the latest f Government securities, with » with those ruling kit weak * e.d. £6. d. 2£ per cent. Imp. Con. *55 10 0 s i an ceDt - Imp \ „93 0 0 92 10 0 B 9715 ° HHLn.""*' CW SOOIO 0 100 10 0 5| p£\«t. "oWth i()o o 0 w s 0 N.S.W g # 6 -* IOO N.S.W. s|'b ■ .. 100 15 0 101 « N.S.W. 6i's •• 105 12 6 108 7 m 1: : 6 ' o "IMO . Th -,5j I *"' «» « ,« ' 6 Q'laiid 4'b, 1924, Jan.- : . 0 July .. .. 95 15 0 Ml2- 6 Q'laiid 3J'«, 1921-24, , Jan .-July 9i 0 0 ■ 93 W 6 Q'land - 3i's, 1921-24, '' „ n July .. .. 63 0 0 63 15 0 N.Z. 4*6, 1929, May- . November .. 91 15 0 §1 10 O N.Z... 81'», .1940, Jan.- ' ' . July' .. .. 77 0 0 78 0 0 N.Z. 3'a, 1943, April- ' October :. *69 10 0 70 15 O S.A. S's, 1930, Jan.- „ . July I. .. 57 15 0 68 E 0 S.A. 3J's, 1945 or after 76 15 0 77, 5 0 laa. 3J's,. Jan.July \ '.. 77 0 0 77 5 0 Ta6," 3'«, 1930-40, Jan.July .. 70 0 0 70 5 0 W.A'. 3j'o, 1920-35, May- „ July .. .. 80 5 0 80 5 0 W.A'. 3'». 1915-35, MayKovembor .. .7-4 0 0 75 6 o * Ex dividend. FOBEIGN EXCHANGE BATES. LONDON, March 9. The foreign exchange rates are mi foljows:~; ' London on Par- Mar. 2. Mar. 9. Paris, fi. to £1 .. 25.225 48.60 48.76" Christlania, kr. U£l ,18:159' 25.35 24.05 Copenhagen, kr. to £l 18.169 20.85 , 20.78 Stockholm, to. to £1 18.169 16,35 16.70, Berlin marks to £1 20.43 1050.00.. 1085.00 Montreal, dol. to £1 4.86| 4.52 4.58 New York, dol. to £1 4.88§ 4.412 4.35J Hon® dol. to £1 * 29J 29d Yokohama, at. to yei 24.68 25Jd 26Jd. Calcutta,at.torpe.' lOtogoldfl lSJtt 15gd * Determined by pnoe of silver. LOjfIDON WOOL SALES. . LONDON, Mawh 9. At the wool sales an' average selection was offered. Bidding' waa ibrisk from Home and Continent at' full rates. 1 Competition showed a, further 'widening, and .the tone' was strong. A New Zealand lot, "Oho It a," made up .to 861 d, avoiage 34d.

BRADFORD TOPS MARKET. LONDON, March 9. The Bradford tops market is very firm, with' i'Jvance'd' quotations, but epinniers are holding , off and business is small. ■ S-ixty-fours,-. May-June, -48 dto EOd; fortyeights, ,335; i. fifty-sixes.., 27d;. forty-sixes, 14Jd j ENGLISHMARKETS, : (Received Haxoh 9th, B.SO p.m.) LONDON, March, 9. Wheat—Cargoea are steadier 1 on' bullish Wasidagton reports. Oat trade, is limited &a buyers' requirements for the moment are apparently filial. Cargoes sold include the Isonzd at 69b, and Tirevithiok 57a 6d. Par- , eels afloat for March aire quoted at 58s 6d„ The spot trade is dull. Flour—The market is steady. Australian ex store 48s to 50s. ■ ■ ' Barley—The market is slow. Australian Chevalier |6os to 55si Beana and Peas—The market ig firm, and prioes are unchanged. Oata—The market is steady. New Zealand landtd 37s to 38s. " > ' Sugar—Granulated 46s 9d.

The - New Zealand Loan and Mercantile Agency Co., Ltd., have receivod the, following cablegram from their London office, under date Bth instant;— '

"Tallow—Wo quote present spot values for the following descriptions:—Pino mutton, 42s 8d per cwt, good beef 41a Sd. per cwt, mixed 36s 9d per cwt. Market inactive. "New Zealand Frozen Meat-nLam!), 10$ d per lb, new senoon'p 11 jd per, lb. Wether and maiden ewe: Light 7jd per lb, heavy 6id:par lb. Ewe: Light 3gd per lb, heavy fi|d per lb. Beef—Market dull; nothing: doing. . Last quotations, Ist March, 1923: Ox: Hinds ' 4Jd per lb,- fores 2jjd per lb. Cow: Hinds B£dper lb, fores 2d per lb." Dalgety and> Company. Limited, have received,- the following cablegram troth their London office, dqted March 8th:—"Tallow: At the weekly auction 1185 casks were offered and 220 Bold. The market is easier. Buyers aro holding off for lower prices."

' 1 DAIRY PRODUCE. I LONDON, March 9. Butter—The market is firm, and prices are tending upward. Australian choicest salted lS2s to 1345, unsalted 134s to 1365; New Zealand choicest salted 139 a to 1425; unsalted 140s to 1425. ■ ' Cheese—The market is slow. Best New Zealand white'B2b to 83a; coloured 94s to 955; Australian white, 78s to 803; colouxt\l 9(ls to 925. hides. ' MELBOURNE, March 10. Hides—Heafies, Btouts, and extremes/ and lights are unchanged. Other sorts, are from par to a farthing lower, according to- condition. METALS. (Kecked 'March g Copper-Spot £6O 8s 3d, forward £6l 8s k. Lead—.Spot £2O 15b, forward £2O 12s 6d. Spelter—Spot £25 ISf, forward £25 355. Tm—Spot £142 2s 6d, forward £144 2s ed. Silver—33id per °' llnce - NEW SOUTH WALES FLOCKS. SYDNEY, March 10 An official tkammber of sheeD in No" So" 14 ! 1 W; V- e ® °, n January Ist u 33,000,000- tiers •will bi 37,000,00 O at «■» <md o£ thia year . AUSTRALIAN MARKETS. MELBOUSNE, Marck io Bwley-EngMi 4d, Cape to 4a ld ;

CHRISTCHURCH STOCK EXCHANGE. YESTERDAY'S TRANSACTIONS. gales reported:—N.Z. Govt. per cent Inscribed, 1938, £3O 17 s 6d; N.Z. Govt, ii per oent. Bonds. 1938, £9O 17b 6d; Union Bsiii of Aust., £ll 18s (3 parcel); National Insur»Mfi> £2 13s, LATBST QUOTATIONS. Buy«r». Scllen.' d. £ a. d. DEBENTUBES— N.Z. Govt., p« cant. Inscribed, 1938 .. »12 6 - N Z. Govt. 4J per oent. Bonds, 193S .. 90 12 6 91 0 0 NZ. Govt. 5 per cent. Inscribed, 1927 .. 93 IS 0 N.Z. Govt. 5 per cent. •Bonds, 1927 .. 93 15 0 N.Z. Govt. 6} per cent Inscribed, 1933 .. 94 12 69i 17 6 M.Z. Govt. 51 per oent. Bonds, 1933 .. 94 15 0 Gisborao Sheepfarmeia' 7J per cent. .. BANKSAustralasia .. 11 10, 012 2 6 Commercial of Aust. .. Commercial of Aust. (1 p.o. cum pref.) .. 518 0 National of N.Z. .. 616 6 519 0 New South Wales ... New Zealand .. .. 3 8 0 2 9 0 "Royal Bank .. .. Union of Aust. 11 15 0 11 18 6 Union of Aust. (new) ■ (cum int.), .. 11 16 0 12 2 6 INSURANCE— ' ' . National ' .. ..'2 19 0 219 S New Zealand' .. .. 17 3 17 9 IXDAN and agency— N.Z. Loan and Merc. (5 p.c. cum pref. stock) •• .. 65 0 0 N.Z. and River Plate.. 018 0 Permanent Investment 817 6 FROZEN MEATK.Z.- Befrlieratinj (il paid) «. 169 169 •«! "KSSFOOTP.M) .. Oil 6 013 6 Kaiapoi (pref. re div. only) •« 110 13 6 Gisbornc ~r 0 15 0 .. j 9 ,0 110 6 Uvxaiing ». - ®* ® 366 Ward ■ »» 123 ■ TIMBER- _ Kauri •• <•« 163 MISCELLANEOUSBeath and Co. •• 146 Booth, .Maodonald (ex div.) •• •• ° lB6 . Bums Philfr •• •• n ,Ift « ■ Colcwal Sugar 29 0 0 30 0 0 Colonial Sugar (Eijiand ' N.Z., 6 p.o. pref.) - - D.I.C. (6 p.c. pref.) •• ~ ® Eclipse Petrol (20® pd.) - } lB » Mason, Struthere (£1 pd.) _ U.Z. Drug Co. _ . ... 2.13.. e - NZ. Formers' 00-«P» Bonds, 71 P.c.. 1626) MOO . - "Whitcomb® and Tombs 217 6 NZ. M'lk pjoducts .. 1.1 o 160 < 0» S AUCKLAND STOCK EXCHANGE. (bpeciai to "the press.") AUOiUiAjNJU, March 10. Sales:—Bank of Hew Zealand, *B» 8d; National Insurance,. 699 8<1; P. and O. • trief \ £310; Waini. 18s. 3d. tdet) ' QUOTATIONS. Sellers. Buyers. £ e. d. £ a. d. BANKS— _ ti is o 1111- 0 Australasia »v »• u ~ r , 5 6 Commercial ••. _ ~ ft National •• »«■ - J New South Wales ... 8 ° " , New Zealand .. ... 6 Union ... ... - " o Union (new issue) INSURANCE-. 0 f l ® ? New Zealand .... ■ *• „ Soiith British. r . 1 . INVESTMENT-- • N.Z. and Eiver Plate -. Loan and Mercantile 79 0 .0. Xio&n and Mercantile (pref.) ..■•>. 8 Kaiapoi Woollen (old;) Kaiapoi Woollen (pref.) 14 0 > Mosgiel " ... •' nin J Wellipsjion , WooU««8 • WaiH -• "" n . a 'a Grand Junction. .. 0 6 DEBENTURES— N.Z. War -Loan, 1830, „ . . i\ per oent. •• - 92 S 0 N.Z. War Loan, 1988, n 4J per cent. .. N.Z. War Loan, 1939, 4J pec cent. •• 90 10 0 jeir. "f: .-.. •». ; N.Z. Inscribed Stock, 1929, 6 per cent. IT.Z. Inscribed 'Stock, ■ 1938, 4J per cent. N.Z; Inscribed Stock. 1939, 4J per cent. .. ~ 90 6 0 Soldiers' Loan, ,6i per _ cent. ... - Bf 10 0 Soldier's liisciibed, BJ . 1 per cent. v .. DTJIpJDIN STOCK EXOHANCffi. (srimi. to "the rasas.") DUNEDIJS, March 10. Sales' on' 1 ; 'Change:—Weatport-Stocktoti (ord.), (three), 6s. CLUbING QUOTATIONS. Dujew. Sellers. £ e. d. & 6. u. MlNlNG—i\ibe and Shiae 0 2 8 jiißinsj pun ; .. •• o a y isoaoinui iiyaraulio .. 010 6 Wtuiu. ' .** oav 10 Wiuui Grand Junction 06 8 . jkouiit ijyeii ■ U liJ U 013 9 BAAJ\o— . • „ „ iiufinu-iaeia .. 11 10 0 12 0 0 lNauoual .... ... 616 0 ~ ' jNew Zealand .. !i' 8 ,0 2 8 3 Union' .. 11 17 0 , Union (hew iseue) .. 11 17 012 0 0 : IK&UItAiNOES—' iiu.uon.ail .. 219 0 8 0 0 jN«w Zealand .. .. South British i; 112 6 SHiiriUNU— I', ana O. (def.) .. 805 0 0 316 0 0 Union Steam (pref.) .. 017 11 0.18 6 Huauait-.rarker (oid.) 22 0 II ! < INVESTMENT—AVestport Coal. .. 18 0 18 6 Westport-Stockton (ord.) 0 411 0 5 2 Westport-Stocktoii (pret.) Brown, Ewing and Co. (ora.) .. .. 18 9 Brown, Ewing and Co. (prof.) ~. •• 018 3 D.I.U. fc»ref.) .. ... OIS 9 Goldsbrough, Mort ... 112 6 Wright, Stephenson. (ord.) •.. • - 130 Wright, Stephenson • ~ (pref.) .'. Dominion Rubber .. 010 0 016 0 Donaghy's Bope and Twine .. •• 10 3 110 6 Dunedin Stock Exchange Propy. .. 04 9 , Empire Buildings .. 10 0 N.Z. Refrigerating (pd.) 15 6 N.Z. Refrigerating (con.) 014 0 Bruce WocJlen Co. .. 114 3 Bruca Woollen Co. (new issue) • .. ... 010 0 —. prem. Kaiapoi Woollen (ord.) 16 6 Kaiapoi Woollen (10s paid) .. 0 11 6 N.Z. Paper -Mills .. 1 B 6 N.Z. Drug (£2 paid) .. N.Z. Express Co. (pref.) 014 0 N.?. Hardware (pref.) 014 0 Wilson's Cement .. 015 0 Milburn Cement .. DtisEA'i'URES— War Bonds, 1930 <ii per cent.) . ■ 92 10 0 93 7 6 Wa r Bonds, 1938 (4i per cent.) ••• Inscribed Stock (4J per cent.) .. •• Post Office 5 per cent. Bonds • • .. 93 0 0 Poet Office 1029 Bonds 93 0 0 Post Office Inscribed 93 0 0 Soldiers' Bonds 12 G ! S6ldiers' Inscribed 1. BUTTER AND CHEESE. It is understood (says the "Wa4ffanni Chronicle") that two dairy companies in outh Taranaki have been advised by cable from ( their London agents tO change over from cheeee to butter. So far no factories ha*e ] dona to, and it is improbable that changes i will be made now that supplies of milk are tapering off and the seasou is drawing to a close. Importance is, however, attached to { the messages from London, and the trend | > of the market is being closely watched. I«

Tuscan aJl 1 T* 4 : *«2j W seleotion P f tk,; perhaps b.%£ w£* com© restricted. L»W n, 4 ?'*»» i this expectation, k quantity? « to EDSSt enquiries, s?©f«a^ aressea. 'Xhoje u & nunour ftiTS,"! ?W U ? for »»m%* that_ merchants at® <jp OTt £*Tv^| anotherjor^a^^^ Perennial and Italiw VToHhs are the medium one to North Island Woltha too sold at 5» f or f.0.b., saclca extra, and nec7«ia^2r ?!' Tt' " s P^ Uvel y t" 8a 84 kjjl' 3s 3d to 3s 6d, according to. JJtJI farmers-undressed, at ?' m on ThllI »5»y litfafS good deal of damage to should have a further effect in huj3.' market. Up-to 8s was try stations for Partridge, ' - ' Potatoes are unaltered. •TK. L.', mommj-'wj.aot severe®^ 1 .*?» age. The effect would nltf®! way. Keports generally are tk i' is developing favourably. '""I Veiy little white clover is eJeAi., and cowgrass is not yet on tit* ag,* l The following are quotation, to be paid to farmers at ooimtn '£ free of commission, sacks exti*. q£j otherwise stated:— ~""W Milling 'Wheat—According to &•*. prico (1923 season): Tuscan U «fc 5s 9d, Pearl 6s Bd, f.o.b. • ■ ■ Oats—A Gartons 2a 3d to Ss fiJ MJ 2s to 9s 3d. . Chaff—£2 15s to £3. .. > ! Perennial Ryegrass—Jjijd'to j, ji Italian Ryegrass—2s 9d to 9s : Cocksfoot—sJd. Barley— 3s to 3s 63, Potatoes—£3 6s to £3 10s. t Onions—£s 6s. s White Clover—lid to Is Id i Partridge Peas—7s 6d to 8i- »S Blues ss. ( ' " Flour—According to Gcwnas«|£lB per ton, fjo.b., LytWtoa- Tiiu 1 Oamoru. ™ Braii—According to ■ GoTQraaiiS'j £a to £5 10s per ton, swtduwgj. f.0.b., southern ports. Pollard—According -to £8 to £8 10s, according to pid® southern' porta. • : "T ,• TIMARU MABHBTR' , (special TO "iHE SBB5.") tn£ABD, ; MwS Tho quality of the-wheat thit am ing is much , better than iki efiwHet plea, but millers are haiitt ifr plKn that ' they have. got workiljf itecltl, Mij signifying their intention U irui tcrij threshed wheat. At the,buss tin II to be said that eoine of ths statin mitted during the week left nottSjfc desired in the way. of condition. is in good demand q.t about 4a.6d.t0 t i.0.b., but smutty lines m vtij M sell, and seconds are worth sbav'.fc ' Oats are dull owing to laok'rii&il Very few arc offering here, I business that is being .dono is iiiji lative nature for forward ideKwjKlH ;to-day ire 2a >7d -to 2» &i for, A',ml tons, 2s Sd to 2s 6d. for .'B'«,-.25 ; for Buns, and 2s to 2s l!d for on trucks oouniry stations, sackisk Chaff is verjr dull, and nbt £3 to £3 Ss being' the nominal qTOiSa] it on trucks, county, stations, tub t| by buyers., j ; Eyejrass is.in keen demand, rat,lj(|l is available heire; and .as thfer'a promiHi a,, good ■, demwd itoitfiomgi at-.-li'Mf . that mer<manta* will have to eoio EUH for their of old stocks.. Perennial, is worth'Bl 3s, and Italian 2a 3d to Is Bd. C4«aJ not yet offering, put there is a fia« for undressed lines of last seawjj fcj basis of 8d per; pound. Cocksfoot 4•< firmer, and- is' worth Sid to 6d per Partridge peas are commencing ia < and are reilisii» 7s to 7s ,6d on trecbj try: stations. There is a lull in the w Kingdom, and the' market is eiid'toU easieri tendency. , 1 ■ Bailey is "nominally worth ts,.ta buyers,, and very litUo. offering. , . No linseed is yet avauabls, the oopl a lonig-way from rips. There o» «( .but the outlook ,is not, pTOinißtnf Wi prices. To-day's ii.MOTj» truoks, country' stations,; «cis' 1 «» if, There is only a limited dgUU W ,toes t and the , supply Is qmto sqw * The value to-day is alottt tS ca a country stations, eacks iMIBdrfJMP" delivery, and far Apru-Miy «uinf» £4 sb. The crops still P">iai»e wdi, l 'thexo ifl praoticaily ro ®ign oj oufnfc v t •' DDNEDIN MABEfefe ' . 1 •' ,• ' (SFECUL TO "IHB FEB!.") dunems. aw: The oats market is quW. A fwJJ worth up to 2s 7d, and otbara 2s «» per bushel, extra. -(, Priiho Taieri potatoes are " j per ton, sacks in. , .. , ■ Owing to harvester ' ments. of chafi have eased, haa firmed. Good Ifo per ton, ftnd mediuju £i "« w bags extra. THE FRUIT MARM dusedin. 1 (SFECIAL to " tmS t dune^.S i Large quantities of J from Otago. Ccntt. ttl 'a- JajjluiJ apricot eeassn is last lew lots arrived » pears arc in good de«^ ; could <lo with consider l arer not coming 1" 'cmaiM p'.uin3 are in o\er On"?*}, tale prices ars: p el »iiil s »^ for extra choice, Cookers (best) <«: out-side ljd to P'? A yjtw •-If cute, cooking to & 6d,cw lb for choice; peachy CMOS to 7s. i EXPORT or aPPtBSI I YOU. WO notice we b=P® "j. Sturmer )''P? in 9 to * tffj sea so:, yon « !! be „,° those portion of f!l13 ap P ' roo d, and * \- e w Zealand »i'« >c ," hr 3 e, will I*3 Stunners mad» - ge f \ : 4 Growers who j>■ - , lfa . an opcmij? in Soutli An (COSTBW® os