COMMERCIAL.

Press, Volume LVIII, Issue 17428, 12 April 1922, Page 8

COMMERCIAL.

m *s&^.■■:■ C r -<-r :•: • . S^^PQsraoN"....... fc :'".?• WEMJNQfON. jJFbe averages for the 'March first healthy «ign of . that his been :?■ 'ftfcfftng-.oniioc.-sOme-. time- past; Bejgn.''.JSwijr Zealand mcreased -in value and from %^ii.on .fe April of . &rid_atextremely high prices t< inured into *sew and i-gradual of ths stocks has been going '.■'■" d& The' banks stood v by their i customers, and the advances, which, in ;•'■•' tlfek March ■'.quarter, 1920,, averaged "■■<' to £51,449,526 in was the. highest point ' yjSar a ihange was disclosed for.the bet- '■"'•', past quarter. The ; 4eading items in the ," returns for the past quarter, "when com-.-withjfche figures for the corres- : last year, show the '■. ; : 1-;; '■ ' " Decreased by ;f-;"'-jf':> ; ".v', ; ■"■-•' * v tirOwwintfißt' 4*P««i» ' ■*•- *»7"»2.« 65 A - ;>, P»« '.-<■'• W-«,M6,459 ■'■•.-.-I- Kx*iv:a>p<«tti. ■-.«- - ..>;■.• 4,7«8,«5«-#£.-.#lTfcewuito ' .. •• '1,811,070 >; • ; /iw'. ~. 8W,766 '■'-•■■ ■'.•.??.;•■-'■ .-'v • - Inaeaeed by ;S s ; vt \: ;; >':.- 115,422 ?;■:''i ' v#Jie three Cassias of deposit* Exhibit i slrinkages, ; the aggregate of such \: sfiinkage being £8,686,2y5, as the foltable shows:—

contraction compared with pi|wiMW^.'lw?j?B«:s:The'free .'deposits during i^|»|^Wi^^^w»a.'-■:•■;. All'the. reductions in the free deM3iWp» u on* account balances, as

exhibit a moderate Variations. the fixed fe d- to £15 * Bfia ' 190 - but stood at over

March ouarteV of «eacß

over £IO#PO,OOO itfated, there Is ,tbe>lb»teiu ippftlfcdjßra ate Tacoreriutt

A meeting of

; of : y tfae v dißcOunte year 0^ 1 y the ate given

circulation,

list year,' tfi^ banking Azores isatwfftctori 1 ' position:

CHARGES ON FROZEN PRODUCE , KEDUCTION IS LONDON , - (FBXSS iSBOGUIIOH ItUSRiH.) WELLINGTON, April 11. Tie New Zealand Meat Producers' Board hap been. In cominiinicatidn with the Port" of London Authority in. an endeavour to obtain a reduction in thfl charges on frozen produce in London. A"'cablegram has now - been received by the Board that the Port of London Authority has reduced the charges from April 10th as follows— Management rate, including in _jrtore, piling to marks, -weighing, delivery, and rent for 28 days, reduced from 44s od 28 days, reduced from a maximum of 37s 6d per ton per month to a maximum of 34s 6d per ton' for the first month, and 33s per ton for the second and subsequent months. r STATE GUARANTEED WHEAT PRICE. MB NOSWORTHY'S OPINION. (PBBSS ASSOCIATION TELEGRAM.) WELLINGTON, April 11. The Minister of Agriculture said today that he did not consider it would be reasonable to ask Cabinet to 'agree to a further State guaranteed price for wheat. He'thought the Dominion could produce enough wheat for "its own use at a payable market-price.

PRICE OF APPLES. A correspondent writes: — "As much'tel/B M per'oaae is asked by holders for Delicious apples. Is there. a corner in apples >? Is it not time that tho duty was taken off ? Australia am supoly us witli apples very much cheaper. So can Vancouver,.'' A representative of "The Press," on making enquiries, learned that Delicious apples were quoted on the ChrisWhurch fruit-market last Friday at 14s to 15s per case; yesterday ittwas stated, in reply to enquiries, that some of the best Delicious apples- ever'grown yrere procurable at l 4« (6d per case. It is. understood that some growers are declin-* ingto sell under 175.0f 17s 6d per case, the reason being that they have private orders for practically the whole of their crops. It is also stated that the crop of Delicious in is short this ;year, and that in the-ftelsbn'district Ijfte crop is much rlesa than it' was last 'iyear. Aa>Norih Snaresaid:not't©-Keepvae wjell as South; Island-grown; the probability is .that .South Mana-grpwn Delicious -will go up to 23s per case later; this is another reason why some holders of Delicious arev.not.over^easer.to<seit::at present.; It is'eiated ifcat. obtain-: able at 10s per case, and that Cox's Orange; an even better apple than Delicious, can be bought for 10s to lis per case.

HOSPITAL BUILDINGS. * ".:■:[; \ :(isaoiaM : rfeiiss.") ' ;. '1 At a special meeting of the Westland ifbupital Board held last night; ten-. ders for; new ■ were •. received from -the fbltowjhgi—*F. Drake, Hokiiika, *18,838; B;VBi«neU,J Greymouth, H. .Williamion, Ohristchureh, £15,886) H. *. Hodgo. "Mftsterton, £18.996; J. Wi Alderfcon, Wanganui, £18,»76t "T. 'Souther-an,' -.Cobden, Angus and Morris,. £19,516;Geo. White, Linwood,. £20,949. The lowest tender was accepted, JLM.P. SOCIETY. of the A.M.P. Society in New Zealand are now bo numerotjg that the extract from the Society's sevehty-third annual report, appearing in-'6ar advertising columns this morning, must be of interest to many of our The divisible surplus in the ordinary department, after making unusuaUy,' large . reserves, is. nearly a million and a half, providing reversionary additions to policies of over two millions and a half. Over £48,000 is also to be distributed-among industrial department policy-holders. Over £CT,OOO,OOO of .cash, bonuses has been divided since the establishment of the SocbtiK in 1849,

• -* •■ I INDUSTRIAL CORPORATION. < *~\ •MEETING OF EXECUTIVE. " N / A',meeting of the executive-'of the IndustrialvCOrpofatian of New Zealand was. held on Monday evening. Present W..J. Jenkin, (president), H. Holland (vice-president), J. A. Frostick, H. Duckworth, and I. Woolf. Tha report of the' annual conference, iebj in Wellington last February, was submitted. The secretary. (Mr Denys .Hoare) -was instructed io make a precis of the resolutions-arrived at for the purpose ,of having the same placed before the, Prime Minister by a deputation representing the -Corporation, on the. occasion of Mr Masse; s next visit to Christchurch. covered iby the resolutions are as follows: Extended trade for New Zealand manufactures*, preferably-; with -the.East; the publication of a journal to take the place of the "Jojurnal of Science add' which, it is understood, has been, of is to fee, discontinued; afforestatich, on the lines of the paper, read before conference by Mr F. M. Hills (president „$f the Auckland Industrial Association), especially stressing the desirableness for the establishment of a School of Forestry- without relation to any particular locality; hydro-eiectricUy, power schemes be proceeded with simultaneously; grdnp advertising; and the estaHistimefit of-a New Zealand trade 'mark. .The executive intends getting into com-4 munication with the Returned Soldiers' Association on the question of marketing goods made by returned soldiers, including the questions of classification and of .marketing to the best advantage. .

WELLINGTON TRAMWAYS. SHE TOAB'S CREDIT BALANCE. (FBXSS- ASSOCIATION TEUSGEAH.) WELLINGTON, April 11. The tramway receipts for twelve months'£how a'great, improvement. The previous year resulted in a nominal profit of'£B23l, which, was really'a loss of £I2BO. Fares were raised and the price of coal dropped, with the result that the- past yeari shows a credit of £22,407. '♦ &he total revenue was £887,148, anWthe.expenditore £364.742. The namoerjjf passengers carried shows a falling, ony%nt-the .actual .decrease is nofc statpflpnlphe-Power Supply* De-aj^iw»»;«-losß f la^.'year / f1f;£4613. , -

NEW ZEALAND WOOLS. &A.W.&A. PREDICTS HXGHEB pmcesT : (PBXSS ASSOCIATION TELJGBAM.) ' WELLINGTON, April 11; The Hon. W. Nosworthy, JJinister of Agriculture, stated to-day that he had received a report from the New' Zealand Wool Committee. It had. received a cable message from the managing director of the British Austi'alian Wool Realisation Association, Limited, advis-ing-that surplus stocks of wool in South America, have been almost totally bought -up, and that the Argentine and Uruguay are eveu barer of wool than New Zealand. During the past six months sales of New Zealand, Argentine, and Uruguay wools have equalled a full year's t:lip. The actual consumption has not been so large, but dealers are eager to lay in cheap stocks because they began to realise that the -annual production of crossbred- wool is now substantially less than actfual requirements, and that as B.A.W.R.A. stocks disappear, a period of definite scarcity approaches. The British Australian Wool Realisation Association, Ltd., predicts that prices of New Zealand wools twelve to eighteen months* hence will be very substantially higher than present ratos. - The New Zealand Wool Committee estimates that at the end of May 'rpproximately only, 45,000 bales of tne 1920-1921 and 1921-1922 clips will remain unsold in New Zealand, and at the present rate of shipment all Imperial stocks of wool will have been shipped from New Zealand by the end of September.

SOUTHLAND'S HARVEST.

THE FHUIT CROP.

OATS SACRIFICED TO/WHEAT. (special' to "the PBKSS.") INVERCARGILL, April 11. Southland was very unfortunate in that; as the harvest season opened, steady rain should have get in, and!that it should have continued; with but tew and brief breaks' for close on four weeks up. to a day or two ago, when it cleaied sufficiently to let most farmers get their crops in stack, while others more advanced liave begun to thresh. It might [have been expected that the ram would practically- ruin the ,iiops, but the experience has riot been so bad as this, according to reports from various paits of the district. Southland is not generally looked on as a wheat-producmg province, but this year toe fanners, as hais the case elsewhere, weie tempted by the guaranteed piices, with a result that there''is a very much larger acreage under wheat than has been sown here for years past, and, as the season was exceptionally kind up to the occurrence of tne recent bad weather, the /yields, are exceptionally good,; probably, averaging 50 busnelsy Most of the wheat has been harvested in a good state of preservation, for, whenever the slightest «hance- occurred,, agriculturists exerted themselves to secure, as much of the golden grain as possiblej even if it was necessary to sacrifice the oats-to do so. Other farmers, whehthe weather was unsatisfactory, made no at-' tempt to cut,, and the wheat standing: weathered tne . conditions extremely well. The reaper is still at work in a number of places.. ■■ ~,.•' Unfortunately-it' is not:7pPSS,ible to make such a favourable report regarding oats. A.krge proportion of, these are. discoloured, and there is plenty of evidence of sorouting. It seems that wheat will be"ma;ny farmers' mainstay in. the cereal Mine-ibis .season..

PTOBDIN GTTT COUNOIi'S PROFITS. (smcui 10 "MB rain.") -.:, DUNEDIN, April 11. The returns of the Dunedin .City Corporation, trading departments tor the past financial year are very satisfactory, considering the' advance in the rate pi' interest on overdraft; The gad department snows a net profit for the year of £7728 12s 4d, ■as against £6127 12s 9d tor the previous twelve months, an increase of £l6Ol, and this despite the fact that "the account was called upon to provide £ll6l additional charge on account oi the rapid advance in tho rate of interest on overdraft. The water account shows a net profit of £10,711, as compared with £12,160, a decrease of £1439. This is\ due to a reduction in the water rate and the increased charge of £730 for interest. The electrical .department account shows a net profit tor, the year of £21,423, as against £20,048 for the previous year, an increase of £1375; and this notwithstanding the fact that it had to bear the heavy additional sum tor interest of £4067. The tramways department shows a net profit in the vicinity of £6OOO, which is a reduction on the previous year, when the net profit was £9023. Here the increased charge for interest is about £4OOO. , , An outstanding feature of the Council's operations tor the, p*at year has been the flotation of loan moneys, the biggest item of which was the repayment of £426,000, which was raised in two loans of £89,000 at 5) per cent., rind the other of £337,000 at 6 per cent./an average of £5-7s lid per cent. The whole of this very large sum was raised at the total cost of slightly under £IOOO, which will probably stand as a record for any local or Government body in the world. •

DAIEY PBODUCE. .The New ■ Zealand Loan and Mercantile Agency Go;. -Ltd., have just received the following cablegram from their London oftice; under date 7th instant:—"Butter—New Zealand 180s to 184s per cwt. Market-dull with downward tendency. Cheese—9os to 98s' per cwt. Market slow." ' FROZEN BEEF FREIGHTS. BRISBA'NE, April' 11. The Premier has received « message from the Acting Agent-Geneial announcing that the shipowners h&vq agreed to a reduction of freight by id per lb on frozen beef, contingent on * reduction of wages costs as suggested by. the Commonwealth Government. JERSEY HEED SOLD. .The meet - successful' Jersey cattle sale held I in Wuuoa took piaoeut IturgaviUe I laet week, when A. B. Vender's Ricnwood herd at Arapohue was eold by auction, .buyers were present from all parts of the Auckland pro vine* Top, prices.—Cows: Worry, 193se, J. T. Fitttese, flaupo> Liiao of Beachland,. lOOgs, Dr. Walker, Whangaref; Mouh- J tain View's Flo, 11. C. Hams, Kohukoliu, lOOgs;"' Aberbrothock's Einru,- Mrs O Calia--1 ghan, Tikittui, Slgs; Waipilo Girl, ft. W. Downing, Bore Boie, 76g»; Aberbrothock's | Mayflower, Corkill- Bros., - Aratapu, 60ga; Waipiko EateUe, W. H. Begg, Arapouue, ! 60gs. Heifer calves: 86ge ww paid by B. Awakvno Point. Fourteen bulla were offered, biit 'did not 'reach' the reserve. Most fof the cattle'sold remain in the dis- j Ltrjot.

PRICE OF POTTERY. GOOD NEWS FOB HOUSEHOLDEES. Mr A:'A; Stitchbury; of Messrs A. A. StitcTibur? and Co., Wellington, who do considerable business in the crockery import trade, has given a "N.Z. Times'" reporter news which will be very, welcome to all householders. Ho referred to. shipments of crockery now on tiie way to. New Zealand, ana the fact taat a Home proaueihg firm was engaged on mass pioduction. 'I agree prices are nigh," said Mr ■Stitchbury, "but here is a move that Will bring.relief to the housenoidors." He stated tnat a large firm, known to comprise some of tiie leading men in the pottery industry in England, had gone in for massed production; Mat is, the production in unusually large quantities of staple lines. Mr,, Stitchbury was iE the Potteries last August, and the. furnaces at the new factory at Tunstall had only just been lighted. Ic is a most up-to-date plant, working on automatic principles. For the present efforts are being directed to what we may call v bread-and-butter lines, cups and saucers with gold edges, of suoh well-known shapes as Worcester, Paris, and Minton. Shipments are already on the way, and the samples \cpmpare most favourably with crockery of a similar type now on the market. They are finer. in quality than the Japanese article, and have the appearance of high-grade chiria, while _they .have hot that thickness which is so objectionable in this very domestic necessity." It may not be generally known that some crockery is imported from Czecho-Slovakia, which country has such a distressing war history, and'this would indicate that this small nation is gradually recovering from its disastrous experiences. So far as the' now lines are "concerned, added Mr Stitchbury, the goods will be packed in standardised crates, which will. be very helpful in the work of distribution in New Zealand, the idea being that the goods shall be marketed in their original crates. The chairman of the company is Mr Yates, who is prominently identified with the Wright and Richmond gas-stove corporation. He is hopeful that the scheme will bring a long-looked-for reduction in the price of an article which is an item of considerable expense in the home in the course of a year. In any event, when the netv products are on sale they should result in a reduction of 15 to 25, per cent, for these goods. :

AN OITICTAL SUBVEY;. The Director of the Horticulture Division of the Department of Agriculture has received the following reports from his officers regarding orchard and marketing conditions at the end of M«reh:~ Nelson Central.—Apples: Indications point to an early conclusion of fruit picking this season, in most orchards only Stunner, Dougherty; Washington, Boms Beauty remaining. Sturmera have been pretty largely drawn on for the export trade latterly, as this variety matured early this year. Statesman is now picking. Ibis appleisdoing iweli, and croppmg very'consistently an this locality, the fruit being regular in shape, and clean, and bright in most cases. A 'rather severe hailstorm struck some orcnards ■on Match 25th. Though some, of the. apples were dented, the., damage was not-great. •*ears: Winter Coles are now gathered the ;.«rop in most, instances being light to •medium. . Winter . Neis, P.. Barry and Keiffer's Hybrid are still picking, the latter .being fairly plentiful, but others only a i Votuoka:—Apples: All being picked, btiier ■than export tying, placed « cW--.store. • Quality op -the whole "very good. Delicwus, small cidp-.and fair amount of Hailstorm towards end of month tUd *™ ie damage -to Stunners, in certain parts-of district. Pears: Bate attack b.ack spot affecting some varieties. Barge quantities being stored. F«w hundred half cases exported this season. Only medium crop late varieties, r'butxquality. good. ■''„,•■.■':. Marlborough:—Apples: Below average. Apricots, cherries, gooseberries, nectarines, peaches, plums.: Over. Pears : c Good average. Tomatoes: Good average crop Walnuts: Below average. The month has again been exceptionally dull and cloudy, with frequent rain and sub-normal temperature*. •, The maturing of the fruit crop has been marked-r Iy retarded, and the colour attained is very much below the usual Marlborough standard. ' ' Canterbury.—Apples: A light crop, generally. Very free from black spot. Where careful and timely. spraying has been ne± glected,' codlin moth is in evidence. , Keeping sorts now being placed in ,co6l storage. Crops maturing about a fortnight earlier this season. Peaches: Bate-varieties, a good crop. Pears: A very light crop, generally. Very free, from black spot, but codlin moth infection in evidence to some extent.. Coming freely into cool store. Crops maturing about a fortnight earlier, this season, .Tomatoes (outdoor):* A medium crop. Ripeni ing slowly, owing to weather conditions. Fruit'small. Walnuts: A light crop. South Canterbury: Apples: Very light. Black snot prevalent in parts. Bed mite made headway during month. Nectarines: Harvested. Penches: Good near the coast; slight inland.. Peais: Fair only. Spot prevalent eome varieties. Plums: Good. Main crop over. Brown-rot has appeared in an isolated part of the. district. Plums';(Japanese); Fair. Tomatoes: Outdoor very backward. The best part of the crop will notripen before the frost. . Walnuts: Poor. • Otago and Otago Central.—Apples;- Powdery mildew caused considerable damage, especially to Jonathan and, Stunner. Black Bp»t snowing on Cleopatras in some portions of the district. Peaches: Bate varieties being marketed. Brown tot' not so prevalent as last month.

WHEAT MABEET. (By Cable—Press -Association-HO&pyTigiiM (Australian and N.Z. Cable Association.) (Received April 11th, p.m.) LONDON, April 10. i /Wheat—Cargoes are firm in sympathy'with better American' and Canadian advices. Sellers occasionally go sixpence' higher, but there. is little trade. An Australian parcel on passage sold •at 64s 6d. AUSTRALIAN" METAL CONCENTRATES. LONDON, April 11. Commander Hilton Young, Financial Secretary to the Treasury, replying to a question in the House.'of Commons, said the Government was under a contract to' supply the National Smelting Corporation with 35,000' tons of Australian concentrates a year for ten years, from January Ist, 1918, on the same terms and conditions as those under which the Board "of Tradd acquired the concentrates. APPLE MARKET. LONDON, April 10. Apples are eelling well, and although many are immature,' prices, are well maintained. Tasmanian New Yorks 18s 6d to 20s, : Dunn» 17s 6d, Alexanders 17s €d, Coxa 20a to 225, ileinettes 14«. ./-.... -., j BRADFORD WOOL MARKET. LONDON, April 10. The ;Bradford wool market is. more activci, and quotations are very firm. METALS. • (Received April "llih, 11.15'.pjn.) -LONDON, April 10. Copper—Spot, £5» 16e 8d; forward, £SO lis.ad.Lend—Spot, £23 7s 6d;; forward, 6d. Spelter—Spot, £26 7«6d; .forward, £2O 16s. " " " TittrrSpot, £152, 7s 64; .forward, £163 17« ed.:---- ;. ■ • • • . Silver—B3id-per orinoe- ,

HIGH COMMISSIONER'S REPORT. Hie Department of Agriculture baa »- oeivtd the following cablegram, dated-April Bth, from* the High Commissioner for New Zealind, London: MEAT." Mutton oontinues iu pood demand at unaltered pmcaa. The )a.ub market ie weaker, with a dower demand. Sccond-claea quality North Island is stow of sale, owing to competition, from Australian best brands which are eeliing at H>id per u>. Chilled beef is in moderate Bupply. For.New Zealand beef thera is no demand. Quotations are nominal and unchanged.

The extent-of the recent rapid » value, although only partially reflected m retoi"Prices, has resulted in limitation of «m- - and buyers are therefore &K off. Danish is in larger supply owSf to the weakening Continental trade and £ Voted to-day at 17to to 180s per cwt LoA. SucDlies of English are more plentiful, aaa felUng in the coiintry markets *t from 1* 2d to ta4di per lb. Thereault is that prices aw. much eifier, «d the tendency » *S£™£ ■kTw Zealand to-day is cwt, and the market is slow. Official quotations are: — ■ ' , ' New Zealand: »™.n stli"—lßoa to 388s per cwt (is vtfi per S (ll LprilTst r :-188s to 195. P« cwt (1. **■♦.. (U 6*l (salted):, ■- April Bth:-170e to 176s per cwt (fa 6Jd to lß AfxU^ r t:-i74, to 180s per «wt -"(to 63d to HOs-per cwt (1. 5Jd to Is 6Jd per lb). °' Australian (unsalted): Aprfl Bth:-174s to 176s per cwt (Is 6Jd to to ISCeper cwt(ls otf to to 170. per cwt (Is 6d April Bth :-160a to 1.68s per cwt (1« s*d to le 6d per lb). April Bth:-186s to 198s per owt (1b 8d to \p?i! P £tSo2s to 216. per cwt, (le 9Jd to U to 196.' per cwt' (1, B*3 to Is 9d per lb). ■ ■ . CHEESE. The'market is easier, with only a fair demand Official quotations are:— Man English (Finest Farmers); April Bth:-135s to 140 a per cwt (Is 2Jd t0 April 3 U-wi to 140. per cwt. (Is 2Jd to ta l£irts M - to 145. per cwt (1. 3d tolsStfperlb).^^ • ij, fit t, Coloured: 98s to 104s per °wt (10^t B llid' Per lb). White: 94. to 102s UOdto iild per lb). White: 90s to 102s per 96s to eJfc&d to Hid per lb). White: 90s to 102. per* cwt (9M to lid per lb). New Zealand: Anril Bth:—Coloured: 94. to 98s per owt flod P to 10id per lb). White: 90s to 92. /10id!to 10ir P =r lb). W^te: 95s to 96s T>er ■W?%\ White: 92s to, 94s per owt. (B*d to ; Aoril Bth:-Coloured: .86s to 90a~per •«** JS 9$ P« lb); White: 84. to 88. per "US aSoCa 92, to 94. per cwt (9W to 10d per lb). Whito: 91s to 92s per CW MarK s t£ Soured-.m to SOB.per cwt (9id to 9ld per. lb)., White: 86s<to 88. pe^ declin, in New Zealand ' Cotoufed: 92s to 94« per cwt (9Jd '■£? ind ner lb)v . White: 88. to 90s, per cwt to P Md P« lb). Estimated stocks ot lew Zeallnd P wd Australian cheese in LonS and Bristol, on Apnl l.t was 74,860 crates, .Canadian and U.SA. 48,600 bo,teß '' '.' : HEMP.' ' The Manila market is quieV but "teady. "G'-erade, April-June shipment has sold J* £BS p« tonf and July-September shipment f t P £34 10s ..to *°u. *!» »H" grade is quoted »* * M ' T .*„ «« ton The output from JMiu--1% £°' to March 81st was 278,000 bale., against 187,000, for the same time last year. The New Zealand market is dull, and business is reported ,in spot at round ahout 431 per ton. No interest * shown in shipments. , Sellers .quote highpoaTts, April-June shipment, at £B2 10s per ton, and fair at £3l 10s per ton. WOOL.

The Bradford market to fair., A good fa marid continues for. fine menno ana fine crossbred tops. Present quotations are:-, 64's (merino) 4s 4d> 56> (super halfbied) 2s sd, 40's (coarse crossbred) prepared Is °Pr ]PRUIT. The demand for apples is a little better this week.' Stocks of American and Nova Sootian are lower, arid a point firmer. The first shipments of Australian arid Tasmanian are now entirely cleared, but the market is well supplied with second and third shipjneriis which have now arrived. The Westmoreland sommenoes disoharge on Monday. Australian and Tasmanian Cox's -Orange sold at 16a t0.22s per case, Cleopatra, at 20s per case, Jonathan, Munro, Firecrown, and Alfriston at 16s to 17s per case. HONEY. The market is a little more, active for New Zealand, in spite'-of the large quantity.of .cheaper grade foreign _ Prime and medium amber sold at' 70s per'cwt (7jd per,,lb), and light amber at 76a to 66s 6d per cwt (6d to 9jdper lb). EGGS. The market is quiet, but steady. Pregent quotations are:—ltalian and Irish, 15s to 16s; Dutch, English, and Danish, 16s to 18s; Styrian,-18s-6d. ~.';■:

CHJUSTCHURCH STOCK EXCHANGE. YESTEBDAY'S TRANSACTIONS. Sale*' reported:—N.Z. Govt. <4 per oaat Inscribed Stock due 1938, £9l; A.Z. Govt. Hi per cent. Bonds, do® 1988, £9l, N.Z. Govt. 6J per cent- Inscribed Stock, due 1933, £95 5a (two parcels): Standard Insurance, £2 12a 6d; Union Bank ©l Australia, £l2 6#, £l2 7s; Colonial Sugar, £3O. LATEST QUOTATIONS.

AUCKLAND STOCK EXCHANGE. (special to "the kubSs.") ■•■■■■• AtTCKLXNi), April XI. Sales:—Soldiers' Bonds, $95 2» 6d; Bonk of New South Wales, 435 Ift 6d; Bank of New Zealand, 49* M; Now Zealand lirtuiance, 28s; StanflatfoY Bwurfthoe, 52s 6d; Hud-, dart-Parker, 45s 3d; Wilson's Cement, 16b 8d; Waihi, 19s 6d. ,

OTHER EXCHANGES. . (PEES 3 ASSOCIATION TELKJfeAM.) DtrtrEDlN, April 11. Sales on 'ChaKgeNew Zealand ■ Insurance, 26a-Id; .New Zesdand Paper Mills <«rd,), • 225.".. , , Sales reported: —Motuat *hs«&, Utftr Baak of New ZealWia, J9b. " " ETVEBO AEGIiL BAM FAZB. (sraciut,to ;"i&* nuns.") • * INVE«CABGII£», April U. THe annual rim-fair. Held und»r the auspices ofthe; Stttutlatooi A:'' arid Association, ' took place to-day <Jn the Show' Grounds',; andm.spiteofthe iitotowtit .w&tai the aale opened, there was a good attendaxtoe of. farmers and others. . About, 640 rams w«te -penned, including Shropshire* frbm as far north as Aeh burton. The f eal« was oniy a ' jiir one, prioea not 'boiiig ait good as ttnticipasfed, but much on a With ' Northern ; fairs, and vendor* ,mMiag the market, the bulk of the catalogue.c Hanged hands, though a number of .lots were; passed in at suction. There waa a better, demand for Border Leioestars thah for Bonjneys, ttnd fop the-former breW dP'tttiajrVW classed as quite, ft satisfactory , sale. ' Jjeffceeter stud ?ams sold at up to;Mguineae,and flook animalß ranged' from 8J ts StfuiiieM., Bomneya brought from 2 to .8 guineas, add two lines of Sfcrbp«Mrta *verag«di j giiiaMk: EGG AUCTION. v I • ■ ■ . ■ 1. ■ • ■ k ■: • Measra Harris Bros, report thittho 4 qs?*l weekly Ruction sale' of Feather Br*nd"guar-' anteed fresh eggs, on behalf •, of tiie / Cantir-' bury Egg' Faimers' Co-t>perativo A«eociation, was-held in their r«om« u 168 Hereford yesterday- afternoon. ■ foUowing- ptifopware realised:—Hen eggs, to 3s 6d; hen.egge, .?i«

CANTERBURY MARKETS. Tuesday Evening. There is little new.in the grain and pro? duce trade. Later thxeehing return* ebow an improvement on those coming to hand earlier in the season, several of from 40 bushels up to to the acre being reported. The eample is «1m better, due to little of it being of a ■took threshed nature. Oats remain unaltered as f sa ae quotations are conoerned. A grade Gartons are worth Up to 3s 3Jd to 3s 4d f.0.b., s.i., equivalent to 2» 9d at country stations, whilst B'o are relatively worth 3d per bushel less. The seed market remains about the same, little offering. Peas are still being exported. The red clover market has scarcely opened, but information from abroad points to a general crop ehortage, which open* up possibilities of export. Cocksfoot is not being enquired for. Tho linseed market is lifeless. £ sale at vp to £ll a ton at country stations was reported. As tho average yield over the pant two years wa» a shade less than half a ton to the acre, there fa not much in it for growers. The 1321 production showed en. 80 ■per cent, increase on that of 1920, but the movement is unlikely to continue if ft more stable and remunerative price docs not set

to. Potatoes hare weakened. Several sale© nt 95s f-0.D., s.i., «nd ooe at 92a 64 are r«>portrd, equal to abwit £3 6s to £3 10s to farmers. Gwwers are disposed, after tho experiences of ths past two years, to offer their crops without delay. Kecent cxDerience of holding on has not justified the added cost of pitting or storms. Shipments aggregating nine to ten. thousand bags pro on tho jvav or will >«T» within a few days On Friday ths Kutow's consignment was 2900 sacks, on Saturday the Opihi'o 1700. and the which will «ail to-day or to-morrow, rrill take from 3500 to 4000, including a Timaru corj•fenment. Tha bulk of these shirments will arrive civ the late side tor distribution before Faster. .... «. Chaff at fairly,near-by stations ;s worth ftoro £3 to £3 5»,' with little enouiry. IThe following oro cruotaixms for produce to be T.aid to farmer* at country stations, fre* of commisnon, sacks extra, except where otherwise stated:— ' ' Milling' Wheat (new «easetf«H Acc<rding to Gown-meat rriccs: Tna-an 5« 6d f.0.b., Hunter's 6* 9d, Pearl <ss «d. , _, „ Bate-A Oarfons 2s 7d to 2* 9d, B'« 3» 8a to 2s 6d Algerians, 2s to 2s 3d; Dun, 3s *W to 2s €& „„ „ Chaff (now oewioi'sr-fß.to 43 ss. Potato*-April-May delivery, 43. 5s to £3 10s. Ofiions— lS SB. 4 White Clover—lo3 to Is la. ' Perennial Ryegrass—3s to te 84. Italian Byegrass—*» to 3s 3d. Cocksfoot—4id to sd. «_:.,,. Etttrrfgo PAs-78 6d to 8s: White Ivories -* to 7s 6d; Prurtiau Blue 5s 6d to 6s. ;fi«rlay—3s. . r €H*>e Bari«y-3» €d. XAw«*-*lO 10» to £ll. . . . „ , to Governmeot prioee: aooaTJackritt, 1001b bma *l9, 501b bags S 30s. 2S)b'b.ga m. all at per ton f.0.b., tvttelton. Timarn, and Oanwrn. ■ , . to Oovemmefit pn«a: ' fc'|fo £5 10». aooording to paoking, f.0.b., ' ' to GovernmMit price: 11 ■" «££» «8 108/aocording to packing, f^.b» ' flflirfhern 'pa:**f , '<' ' BAiKCrTOBA MABKET. &?!$& , 4il- -aMwiora market yesterday-, the

the Bmgiorti market yesterday-, the M. others 20s «U«ftJ»w..« B^ jj, tol6. 9d, other. ; prime wethers 27., lighttO"JMs 14 Amongst the -(fcott, ir*«s;sU~Utf; E. »s 8d; B. Collie, 60 at m.« 28a lid; R, Peaeii, >i"il'(, Batata, 28 at 25s EjETlMLiii 22»; B. James, f «*ft ttW 83 at 265; C. vm jsaiA. Stewart. *t . Adcock, 63 at 28s; Jatoea msu; o. frew&er, *» f *&;& Ward, P »* 84a BfV fat JMka-Ste ibi* llfctti 1 K* A. Dsiwll, tt at 14s 6d to, IB*{ R. Weikiiw, feferat 15s lid; A. Cookaley, 12 at 18s 9d; iPtftlMtt Sjoi.. 80 «,t 12s 6d; A, Petrie, 20 Bfflßlfer'JMj A- P. Pulley, 87 at.UsM; &^^>W,*t,l4*, 80 at 18s Ba, at Bowie, 15 at 275; J, §||||Ppf *M*» l d J »t ia» ea, so it ifif..6d. Ma ia,u 86 four-tooth HHralJlpm.litot 76 at' Hay 68 aged at two and foi»>to©th at 168 sd. m at nm, HP& «*£ «f 8T head of cattle. own in ,proflt Wmßß®aß&Mffl&!§&&**k <*ogrteai sold' H M^By l *<#jMn!, Ma §lll *ES' Wvaekfa rata*. oJ KM, 'aoid on behalf' brought 87a,8<Li from 21b Sd to 28s' M to 6}d at 84* I<L 10 at 22b 8d m§m^^i^ : %:V at 15a- 69, 40 «t M«^|aTlW % ed, 22 at 16a Bd, M.tm id. is «* ! p* i 7d,117 *t 16* Mr m* l* ft 24b lid, 'BBB tOO at *U it, 48, at "lAf 16* «t 23b 7djjllO fl6a,U,.4KM*4t Aaoaajat,,*** a*3«a w«r»:--aix4o*tk'h«lft*ed e«Ma at h at 6e 6*. Us Sd, 19 xvc* Bfiß«Sip|ai^,W'vSo ! , four, aix, aod •jght-tooth MMSSy'.aoa WH,;ast*«o, fcraf 1 . and ei«-toot* ««aa at 16a 74, 188 W. maSilffed 4d, l»fottr, ait, and at 20a Bd, SO tw loneifrjiartatbwd awaa

•t Ife 2d, 200 ditto at 15e Sd, 133 ditto at 16» lOd, 6* jf.ni. oalfbied oweo at 6a 6d, 150 m.fl. liiilfhred lambs at 11* 7d, 182 ditto at 11a <d» 223 four, six, and eight-tooth thr«>»-quart<srb*ed ewes at 18s 4i, 200 eix and eighWooth merino, ewes at 10a 9d, 216 ditto at 10a Sd, 84 halfbied ewes at 15a Bd, 206 two, lour, and- eix-tooth three-auarterbnd ewei at 30a, 120 six and eight-tooUi oalfbied <m at l«a* »» two-tooth ialfbwd ewea at '•l«av'fdL„ : ;

B^Kl^l^HBl^^h^Mi^M^^MWHI KfbOMMERCIAL • ?TJBtE banking ;f BETURNS. "A -VEWT SATBFACTORY y position," *. (nadzJ* szsoWco&vx&roffBXin.) K. WELLINQtt)N, 4pffl 11. H^^^^nMhTIVtTniTi"»1 iRY'.yA) /j • u???B H) mkn rtllu "Mil quertor Stow -the first healthy aign of *fa* liquidation of stocks that has been ■* gffliig aiCfor.-80me lime-past. Beginning irf\Aprfl, 1920, the imports into New Zealand increased -in value and •volume, «oVJ from tljon on to April of Wt yeari* merchandise in excess of 10qtdremgn,t&£iid.at extremely high prices \ poured into "New Zealand, and a gradual liquidation* of the stocks has been going oft since. *- The banks stood „ by their customers, and the advances, which in the March quarter, 1920, averaged £30,761,854, increased to £51,449,523 in June; 1921, which was the highest point reached, Jn the second half of last year a change was disclosed for the letter, andrthisiiias been emphasised in the past quarter. The .leading items in the returns foe the past quarter, when com- ' pared with the figures for the coires- ' wttding'q'u'prter of last year, show the wbpwinttjmovementa:— ; Decreased by £ ' Gor«nmteni 4«posiW ... 1,792,955 ' P»« dofKMiti .« «.. 6,646,459 FlX»d d**Oai* .. .- MflJML . Advance. - * .. 4,748,956 DiBeonnta .. •• 1,811,070 'J Circulation ... .. 8is,'66 < ; Increased by „ Coin and bullion .. •• US.4M "'-The three dosses of deposits exhibit shrinkages, the aggregate of such < lifting table shows:— > Deposit. Mar., 1921. Mar., 1922. Dec. -,-"* £ * * ;<&Ternmoat 6,299,404 4,606,449 1,792,965 Ke» .. 80,765,206 24,188,74$ 6,610,459 $$X8d ' »-» 16,870,625 16,221,644 148,881

SlfTOlw? " n^jlfT/T)|5HK!5Bi 729.04* 11>678,240 8,060,904 ,680,885 8,922,864 - 607,m AM.138 2,678,918 1,080,210 Sl>90 '2,866,577 945,8*8 S86,728 8,981,975 103,781 QUttt. L 616jl7JS* v j409,««0

|p5 MRTytJL^SKiftSiiSjHa

Total It*, FbtKltooaith Bepuuts

C^El^^HffiS^^IZi&Ss "i V^li^rWriW^t^fflMinM<lilrTffwililir«TMW

I^^^tSSwSrtS HjUJ^^^^SpHrafl yf•TTpyiw'BBt'z f Tffcy a HBrnP^^aSrowl jf ji*" *air ■»T > 7'<"«»» r i«»»«a!»w

' > <„ »i'-'-'i»<'»^^^*t'. :!,5 ?fTQr9 nSzp^^iSDiSB 'i w, ' J ''^wI^T™ ■jT* '"'1 'Wn^wl SEX* IPSIIPhPIi f V;». IrSS Kt^nBHKi^jC?viP- ; » ,, V ■» jv •''^pMsrj! o ftir*f^ »7W? T?<«!>]IBs$WiiinP*l i.4'v>;|^»<s& i <^^jn*4H aw* V^^^BryjWflfjt'^fl *"* &J$k&^'tf$**lB 7*Tlf^ \ ""

WS^BmWvvA^mSSM 7;807,3i8 ' 7,662,658 7,777,980

Aplril 8th. Anril 1st. March 25th. N.Z. Mutton. North Island. Light-weight: Sd to 8id 6d to 8Jd . 8d to 8J0 Medium: 7Jd 73ob 7fri to 7id 53d to 7dr Henyy-weigiit i SJd to 7d 6Jd to 7d Canterbury. Li^ht-weight: 8Jd to 8Jd 8Jd to 82d — Medium: 8Jd 8Jd. ~ Heavy-weight: 6d to 7jd 6d to 71d — N.Z. Lamb. K Island best: Canterbury. Light-weignt: _ lljd UU "i* Medium: Hid ind U# b-gentin* Chilled Beef. Hinds: . 8d 8d 7ja Forea: 4oj *\A M iA N.Z. Frozen Beef. Hinds: ..* 4Jd 4Jd «* Forea: , 2id 2W 2id BUTTER.

Buyers. Sellers. £ s. d. £ s. d. DEBENTURES— • ' N.Z. GoTt. <| per cant. Inscribed, 19S8 90 17 %■ — N.Z. Govt. 4} per cent Bonds, 1938 .. . 90 15 0 -™ N.Z. Govt. 5J per cent. Inscribed, 1933 95 0 0 95 7 6 N.Z. Govt. 6J per cent. Bonds, 1933 m a 6 ,."""•• BANKS— Australasia 19 6 0 . — Nation*! of N.Z. — 5 15 6 New Zealand .. 9 8 9 2 9 8 Royal Bank (£1 paid) .. — 1 9 3 ' Union of Australia ia e 0 13 7 0 INSUBANCE— >*. New Zealand 1 7 9 1 8 .8 LOAN AND AGENCY— Goldfbrouga Mort 113 6 1 U 9 SHIPPING— Huddart-Parker 9 4 6 3 5 6 New Zealand (6 per cent. » cum pref.)P. and 0. Dei. Stock _ 10 0 0 800 0 0 823 0 0 Union (&i por cent, cum pief.) 0 17 9 — FROZEN MEATCanterbury .. 11 11 0 N.Z. Refrigerating (£1 paid) 7 —• 1. « 0 N.Z. Refrigerating (10* paid) .. .. 0 13 0 0 13 6 COALWestport .. •> WOOLLE&S— — 1 « 0 Kaiapoi (£1 paid) .. ! — 1 6 8 Kaiapoi (108 paid) .. — 0 13 6 GAS— ChrigtoluuTch .. .. 6. 75 6 10 0 MISCELLANEOUS— Beath and Co. "■' ' 1 i 6 —.' N.Z. 'Drnsr Oo. 2 10 0 3 11 8 N.Z. Sugar of Milk .. — 1 11 0 wlitcombe and Tombs 3 17 « -" ■

CLOSING QUOTATIONS. Sellers. Bnjeri. £ : A. £ •. d. BANKS— Autralasia ... ;. 18 10 0 12 6 6 Conimerciel — .1 7 0 Commercial (prrf.) e io 0 — ■.. .National .. 5 17 0 . — ■ New South-Wales -.. 35 15 0 35 10 0 New Zealand .. 29; 8; 2 9 0 Union . .. .. is; 7 0 12 •$,' 0 INSUBANCESNew ; Zea.li.nd ... .. 18 3 1 7 9 South Britieh 1 18 0 1 13 9 Standard.' ; — 2 10 6 FINANCIAL— N.Z. and Biver Plate.; 0 19 0 0 18 0 Loan and Mercantile .. 79 0 0 74 0 0 Loan and Mercantile (pref.) — 62 0 0 SHIPPING— ", Huddart-Parker (ord.).. 3 5 9 2 4 9 P. and 0. (dcf.> .. 320 00 805 o o; Union Steam (pref,) .. 0 19 0 018^8 WOOLLENS— Kaiapea'(ord.) ' .: Eaiapoi <pret.) , .;' 1 8 6 0 ,•' ,..""..;' Mosgiel ' ... ■. —' B 0 Wellington .. .- • :— :■ 7 15 0 MINING-- , W*ihi 10 '0', , 019 0 Waihi Grand Junction 0 6' 6 06.4 Muir'a Beefs. .. .. 2 15 0? . -.:—- ' DEBENTURESN.Z. War Loninj 1980 .. 98' 5. tf" —. ■'*;:• N.Z. War Loan, 193S'.. ' — 90 15 N.Z. War Loan (i 1039 .. '. — 90 12 6. N.Z. War Loan, 1927■'•.. 94 10 °' 98 10 0o