COMMERCIAL.

Press, Volume LVIII, Issue 17429, 13 April 1922, Page 8

COM MERCIAL.

FOR t HEW ZEALANDERS REVOLUTIONISING RUBBER ' INDUSTRY. WELLINGTON MEN SEPT/BE . £2,000,000. .- -_/- '.-•■ ' " (sraoui- to ''thb raws.") \ WEttmGTONr April 12. The "Post" gives currency, to a statement that some local business men * have obtainedrfrom anj American syndicate .two million pounds sterling for an invention that they believe will rerototionise the rubber industry. The ia?totion,was made by the. late Mr sffliani Stocks, who was born in Dunodin, and- died here last year.. The "Post") wm rank as * one o£ ,lthe romances of industry and The late Mr Stocks was one of those 'wandering New Zealanders who and their way aU over the world. He drifted into the rubber industry, and worked in the great factories in Britain and on tho Continent of Europe. ..lie became what they call "a rubber man —an expert in rubber, understanding its \ peculiarities and the processes of .manu- ' Facture from raw material to finished .' 'product. Mr Stocks worked out his idea in Melbourne, hut could not float , \, a big company therC; owing to - war '-'-> He accordingly came to *' .Mew Zealand, got the necessary per- . 1 mission, and established a. company at ~ Wellington with a capital of £IOO,OOO.

Tests In M < " tTnM ~ Factory. / ' Mt H.,0. 'Stoddart, of "Wellington, I secured the option to exploit the •* world's rights of the process, and with f£ ihifa' in the work of development m "Zealand was Mr J. Baxter, also H s l -4 well-known citizen of Wellington,. Tbey had great faith in the invention, was already being developed in '«< small way in the Miramar factory, •fed, producing tyres, tubes, toiotor-mats, iaA other articles of rubber. Calculam them that the Stocks proeeaS was capable of utilising all kinds PC***waste rubber and making out of it "f*"-Aii article quite equal to that "manu- & .fsbturad out of raw rubber, and at a §* fraction of the cost. The tremendous gv* "possibilities of the process were evident sir toAthem,, but when they went >to the shares in the ..Stoddart ISgipSUfM- the purpose of marketing it fei^^Jhtjßficay'it" v wai' by no means* as easy others. These £10& shares, Mssrtgresenting a one-thousandth interest 'option on -,the~ Stocks were literally hawked, about iam S * sceptical and promoters had to* the rest to secure the r money Baxter'went to touch with Dr. j^^^^^^Cliter-demonstrating the infrom a'first company* plants oitth&TilSyWoodfrard Gillettee Rubber Com ■ ■KfinftHtf' and the which is not at WSSBKj^^^^^^t' W% which, is largerdollaraln shards, in Canada, 'discarded the extent of covers. 'snow/ i M^mi^KigOTfltt> , j>.nt<) opened by tfia S^Sl^returned from a sucZealand, stallion'*

l tttAD£ KEOT^tfbrrf:

■ AQBEEMENT WITH AUSTRALIA. (By 0»bl»-P««« A*«>e»*tion—Copyright) : (Auetz»!i*n and N.&. OabU Aitocdnion- 1 . MELBOURNTE, April 12; Details of une tariff agreement between New Zealand and Australia will not be disclosed till the agreement is placed before the respective Paruaments. . , A separate agreement, made in the interests of the merchant community of each country, is also embodied in ..-the main agreement. It entitles goods, transhipped from the Commonwealth, to the British preferential tariff, provided they are entitled to it if imported direct to New Zealand, and vice versa. Steps will be taken to bring this provision into .operation on May Ist. 'STATEMENT BY PETJME MINISTER. •';■• (PBIBSS ASSOCIATION TELEGRAM.) ' WELLINGTON, April 12. The-Prim©- Minister stated:, to-day that he (had been advised by the Minister of Custdmß (the Hon. W. Dowme ; Stewart) that he had completed his labours in' Australia in connexion with negotiations if or a reciprocal Customs treaty, and he would return to the Dominion by the first available steamer. Mr Massey said the Minister gave no indication in his message ae to the nature of the agreement arrived at, or whether (he, considered it satisfactory. It was quite possible that a provisional .agreement had been made, with some points left fo> final settlement after consultation with tho respective Governments. When the treaty is in final form it must, be submitted to the NW Zealand Parliament: for ratification. ' Alterations in the tariff, made necessary by the treaty if successfully negotiated, will be provided for by Oi : der-in-Council under the terms of the Customs Amendment Act. No such Ofder-in-Oouncfl can have effect unless and until it: is -ratified- by Parliament. Under these circumstances, the operation of the treaty cannot commence Jbefore Parliament, meets next Bession; probably in Juno; ..'•-.

NEW HIGH RECORDS. BBITISH STOCKS SOAK. - LONI>ON, Mardh 30. In a review of the financial position the financial editor of "The Times" Bays: "The Stock Exchange activity in fixed-interest bearing securities continues to be most marked, especially in British Government and other giltedged stocks. i Five per cent, war loan touched the record of t"9. Victory Bonds reached &5, Funding Loan 84|, and Conversion Loan 73, all creating, new high records. Colonial stocks, British railways, bank, jutrate, sand tea shares are all very firm, tlie buoyancy being due to expectations, of the reduction of the bank rate next month. A struggle- is being waged on the Stock Exchange- between the issuing houses of ftivison, Mullens, and Scrimgeour oh the one side, and the' British Stockbroker iYust <on the other., The last-namedfis a new concern, presen&ng 250 firms of provincial stockbrokers, who are endeavouring to break the formers' monopoly (in issuing Colonial Government, 1 ' - Crown* Colony, and corporation loans,, The trust last autumn, secured an interest in the, Kenya loan, and subsequently an interest in another Crown Colony loan,' and a few days ago negoi tiated with the Agent-General of We3t Australia for a loan, of £2,00Q,000. ' ft. iNiviaoVand'Co. fcave for years hejd monojgilyi ©4 Cofywal,, loose, their superb -undo writng organisation, achieving remjrkably uniform success/ and the three houses decided to combine to'resist the newcomers' encroachments. The< result, wiU probably be that it will be found' necessary to give the British Stockbrokers' Trust, participation in underwriting on full terms. No definite "decision has .yet been reached regarding the West Australian loan. To-day Nivison's arranged the underwriting in connexion - with the Commonloan of £5,000,000, with interest a* £ per cent"., and the price of issue at.%,, giving a flat yjeldoof £5 4s. This is the. lowest rate at which the CommonWealth- has been' aHe fto borrow for some considerable,time." - The market welcomed -the issue, owing to-* the shortage , of trustees' stocks. It is expected that South Australia and New South Waie> Will be m the market before long* <-Indian* railway bomnvragjs'ako* expected in the early future. , v , BANKRUPTCY LAW. , < AS IMPOETANT PBINOIFLE. (FfiXSS ABSOOUTION TEUOSAH.) I, GISiBORNJE. April 12., J Mr Barton, S.M.; as registrar of the Supreme Court,' to-d&y dismissed a petition of Hatrick and Sons, Wanganui, 1 to < declare -A. M.' Lewis and Sons, motor merchants, bankrupt. , course of the proceedings it was stated that Lewis and Sons showed liabilities of £47,000 and assets of £41,000, an alleged deficiency of £6OOO. Recently Lewis and Sons assigned their estate and the trustees arranged for the sale of the assets per medium of an expert salesman. It -was submitted in support of the petition that a letter to the creditors contained 'notice of the suspension of the payment of debts as well as notice of assignment. The registrar said a most important principle in bankruptcy law was involved, which did not seem to have been before the courts previously. The question was: As the petition alleged an act of bankruptcy other than the assignment deed) could-the court weigh the relative advantages of winding up under the deed in question or in- bankruptcy P \B» held-that, following a judgment of Mj* Justice Reed, it would be bettor, having regard to the large stocks on hand, to nave the estate wound up by an-expert, rather than through the medium of the bankruptcy court. Costs tea guineas, and expenses were given against the petitioner.

"£2OOO A YEAE MEN." t 4- discussion was carried on in London papers recently on the alleged scateiVof what,are termed "£2OOO a year men." "It appears," said "The Times." "that employers experience difficulty in finding men qualified to occupy positions where their services will be worth £2oooper annum to the businessea in which,they ire engaged. It seems to us that it. is unreasonable to expect to find strong swimmers among those who paddle with the crowd on the water's edge. What brings out the strength of a man's-character are opportunity and responsibility. Is it-not time that some employers were bhlntly told that they are themselves to blame for lack of promising, ■material among their people f If managers and sobmanagers are aSpwed to'crash inmasve, frown on ambition «nd ' penalise enterprise, employers most not expect to find potential £2OOO men in their employ, tntelligent young" men do hot ktfop with sac£ firms. Incidentally some readers,might be glad to know where these., employers conceal themselves when the £IBSO man is looking Jor * iiael" , „<■

AMERICAN FINANCIAL OUTLOOK. >

ENCOURAGING FACTORS. THE VALUE. OP ADVERTISING. (fboh oub own cobrespondent.) SAN FRANCISCO, March 14. While there is considerable discontent among the workers of the United States, owing to the continued drasticreductions in wages and the steady upturn in prices of certain necessities of life, there are those who are jiglow with sunny optimism, strongly believing that the American financial outlook is brighter than it has been for at-least eighteen months. They point to such salutary factors as that of- iron and steel production to-day running fully 35 per cent, above last year's average. Cheques passed through the banks in February showed an increase over the corresponding period twelve months ago, and it is declared this state of affairs has not occurred since the middle of 1920. The average price of listed stocks not only has reached a 4iew high level for this year, but has passed the maximum level of last year, while bond prices to-day are at the highest point touched since 1919. Postal savings bank deposits show a slight increase over withdrawals for the first time in more than a year. Unairman Arthur Woods of the Emergency Committee of the National Conference on Unemployment, says: "There is every reason to hope that the worst is over, at no time has the situation been as bad as all indications pointed last autumn. Call money rates ended the week at. the lowest quotation touched with,the exception of two days since the middle of 1918, namely 3i per cent. General Motors during this quarter is selling fully twice as many automobiles as it sold in the first threequarters of last year; other automobile companies report distinct improvement in sales, - and . motor stocks have, been advancing briskly on the Stock Exchange From Washington comes this despatch. "Improved business conditions -tWougft-, out the country continuing through the slimmer were predicted by nign Treasury officials. The marked improvement which has taken place .recently in the general situation, officials eaid, hears evidence of its permanency, and they add that a continuation of the gradual upward trend through the spring and into the summer months was to be expected."

Prices Rising. The largest drygoods house _in. America says, in its weekly report: "Collections were satisfactory, reflecting imp.ovedconditons," evidently basing this assumption on more ..money being in circulation through industrial aotivity in certain branches. Agricultural States report marked improvement tn conditions, following the recent notable rise in wheat, corn, and fobd animal prices—a consideration of fundamental importance,-:.' t ■_'._ v. The latest index figures issued by the Department handling statistics in'-Wash-ington, agree-that the price trend, on {he whole, is -tending upward rather than downward, and this: is calculated to modify the> still prevalent disposition in many quarters' to buy only", from hand-to-mouth—a' disposition which has Been reflected by rather Ismail purchases by ihe abnormal number of retail merchants who lately have been visiting the principal buying centres. . . _.._., Price advances have been recorded In iron /andJ4tfeel^T^ucts , ;&liit, : -coppeir,-- In lead, m coke,"in sugar, in ddffee, in certain grades of oil, in cotton, in. hay, in rubber, and some other commodities. "■■•v v " : - •■ **•■• • '■ *'.! v' ■-■'■■' ' :.';■'«( < Mr L. -J. Horwitz, head of the largest construction. ■ company. in America, says that building operations are on' the A further reduce tipn In idle, railway cars is announced, showing that transportation business is improving.. Commercial- failures are showing a rather notable falling off, and this trend promises' to continue. Thanks to the •-. importation of gold, bank reserves have raisen to 77f per cent, of all Federal Reserve banks combined—an extreme contrast with the 81 per cent, of a year ago. ; The president, of the .United States made this cheering statement a few days ago: "We ,ar6 making splendid progress towards dissipation' of ; our agricultural difficulties/' . The decrease of 1.000,000 tons of unfilled orders bji the boolaj of the United States Steel Corporation would have been more unfavourably regarded had there'been rid substantial' increase in the rate at which orders have been filled. When it is'taken into calculation that tine Corporation's production., had increased 25 per cent, since the beginning of the year, the showing -has occasioned little surprise; or uneasiness, PMrticularly when it was,considered aleo that the price trend had turned upward. Wall Street refuses to become excited over strikes, either actual or threatened, and it is preserving a calm attitude, toward tHe much-discussed coal strike which.has every indication- of disrupting the country shortly.. All tilings considered, the optimists in financial circles axe inclined to believe that a mild improvement in general conditions should continue.

Advertising Makes Business. 'The President's Conference on Unemployment, in its efforts to formulate) plans for reducing nation-wide joblessness; has found American resourceful? nees already mitigating this evil. Enquiries have brought to light, for example,, that one New York company, which does a large business in dried fruits, by advertising has lengthened -the season for eating its products. "■ A Cleveland firm manufacturing men's clotihing, in which the styfcjs fluctuate by seasons, has kept up continuous production by standardising its* products and advertising inducements to retailers for accepting deliveries over an extended period, instead of only at the opening of the season. Another .Ohio' corporation .which makes women's clothing has achieved tjie same results. It makes models according to carefully-laid plans, and by advertising has inspired retailers with confidence in its judgment as to the goods and the seasonal demand for them.. ■''■•»■ A Rochester men's clotbing factory fills, its dull periods between seasons by making a* stock of conservative models, and advertising mid-season sales at prices which cover overhead,, charges but leave no profit. Petuisylvajua manufacturers of glass, formerly a very,intermittent industry, haVe stabilised considerably by lowering prices of goods ordered at certain seaeons, and advertising'this, reduction. Customers: have taken advantage of this cut, thus spreading work over the entire year, and enabling the makers to keep on their employees. * : In Brooklyn, a shoe corporation employing thousands, now advertises throughout the year,, instead of only in season, and Bias induced its customers to co-operate, by placing orders when the firm most:needs them. Tbey also advertise a staple shoe not subject to seasonal demand, which helps the retailers as well. ,* ■"" ;" ■ sroinmownr freights. ... ;■ '.; - c SYDNEY, April ja. ■ Tke ot«tm ship-oifTOerß have decided to reduce freighs' Jd * lb on frosen beef exported, by December " BUt. ■..'. ''-•'iS!b/» Commonwealth Line is also urreeabte to. later reducing the freight on tallow to tie United from. 160» to 180s a

WOOL DUTY IN AMERICA.

DISCUSSING METHODS. (fbom ottr OWN CORBESPONDENT.J SAN FRANCISCO, March 16. Wool duties and public concern therein were clearly associated in a letter sent to the American Senate Committee on Finance by that wellknown American wool authority, Mr Conrad Hobbs, of the house of Hobbs, Taft, and Company. He discussed the three different ways of assessing a duty on wool now under consideration, a specific duty oh the scoured content; a specific duty on the grease pound, and an ad valorem duty, either on the foreign invoice price as the one showing no discrimination between the different sorts of wool, the one most economical of administration, and the one fairest to the public. Concerning the specific duty on the scoured content, Mr Hobbs said: ''lt would be extremely difficult for the Government to determine the scoured content and it would cost the Government hundreds of thousands of dollars per annum to administer. It would lead to a great deal of delay, annoyance, and expense to the importer ._ "It would bear very much more heavily on coarse wools than on fine. Low wools, are plentiful, durable, and suitable to the poor man's needs. They are cheap. "Many good New Zealand and South American wools can be landed in a United States port at 18c., clean scoured, and a duty of 30c. on the scoured content would equal 165 per cent. Fine wools are relatively scarce, they are not as durable, and they are far from expensive. It would cost today over 1.05d01. clean scoured to land good Australian merinos in this country. A duty of 30c. on these wools would be only 29 per cent. It would be poor protection, for it would protect the low wools, of which we grow very little, much more than it would the fine, of which we crow a large quantity. It would be class discrimination of the worst kind, as it would penalise the poor consumer more than it would the rich—thus reversing the principle laid down by the Government in the graduated income tax—a principle now accepted by. both Republicans and Democrats."

Another Alternative.

A specific duty .on the grease pound would be very easy and inexpensive to ( administer, nnd fairer on the various grades of wool tban a duty on the scoured . content, says' Mr- Hobbs, but "still it is far from equitable. A duty of 11 cents on low wool, costing i says 12 cents in the grease, is close to 100 per cent. A duty of 11 cents on fine wool at 50 cents in the grease is only 22 per cent. "If anything, the advantage should be in. favour of the low-grade wool. But if we must have a specific duty, it seems to me that a duty on the grease pound is by far the better of the two. The duty on j the Ecoured content would keep out I whole classes of wool, whereas a. duty j on the grease pound would keep out i only the heavier shrinking wools of each class." ~,,.,, A 6 to the ad valorem duty, this, Mr Hobbs says, has the great outstanding advantage that it, shows no disi criinihation whatsoever .between all sorts.and kinds of wool.•:' "This is, of. I course, a tremendous advantage; to the 'importer, manufacturer,and consumer. ' he says. * 'The ad .valorem' duty would be' easy tol administer—that; %,.'# **» I duty, were assessed .on the:?fo.r*eign mJ voice price. Of.course, if on the American valbation, iherf would agairf?" arise endless difficulties and greaVexponse in obtaining proper appraisal, as'wool is a very aifficult comi modity to value. "In the case of wool, at anyvrate, there, would appear .to be no .valid rea--sotl■4by *the Amerjfcanvaluation-plan should be adopted if it should be finally -decided? to have an;, ad valorem'.duty. All the inequalities of exchange,- lower 'and disorganising .trade -are- constantly being counter-weighed| by change in price, ■• '■■■'." ■•"■.'•" , Declining Markets,

"It is argued against air ad valorem duty that as the price declines and the need for protection becomes greater, the. duty becomes, less. This is in a measure true, but, of course, the relative duty, remains the same, and there isno vaficl reason whytthe Government should help .insure the_ woptowher against loss in a declining .market, which is virtually what is being done in levying a specific duty, which automatically increases in percentage as the price declines. "Where a commodity has such infinite variety in character, shrinkage, .price, 4)t0., as wool, no specific duty can be devised that will be fair to all kinds. "Where the comparable classes of wool are selling all over the world for inirtually the same .priced—except where vhe tariff wail forces artificial differences —there can be no excuse for the far more cumbersome American valuation plan. To employ the American valuation only increases the expense of administration to the Government ". To be sure, it would increase the duty, as American values.are far above the.foreign, due to the emergency tariff,, but the siihplest way to; do, if i% is thought best to have a higher duty, would be to increase the rate of duty based" on foreign valuation." .

LOCOMOTIVES FOR ROOMANIA. BIG OILERS FOB BRITAIN. 4 (Eeceived April 12th, 8.10 p.m.) ■• . ■' / LOMH)N, April 11. . Boumania has practically concluded contracts with British firms for £5,000,000 worth of locomotives. Glasgow has received the majority of the orders. . BTJBNSTJDE MAEHET. {HUMS ASSOCIATION TILBOaAM.) i>UjN'liiJU\, Ajiiii 12. There were small yardurga or iambs and pigs at Buinsiue to-day, and a meouua yarding ot catue. •fc'at Cattie—Xnere was a yarding of 171 head ol medium quality, ifce demand at tiie commencement 01 tnc sale was good but towards toe end . prices were lower to Uie extent at 10s to 16s per head. .Prime ox beet was worth up to 25s per ,1001b, medium fix 21s to 235, and'cow IDs to 2Ub. jaeat bullocks realised £lO 10s to £ll 10s, medium £8 10s to £9, .inferior £3 10s to £6 10s, best cows and heiiers £B, medium £g 10a to £6 10s, inferior £4 10ato £.5 10s. ,1' at Sheep—There was a yarding of 1011 head, the majority being poor"*quaiity. Last week's prices were not maintained. Prime wether mutton was worth 4Jd to 4id per lb, end; ewe mutton Bjd to BJd per lb. Best wethers made 27a to 295, extra to 325, medium 22s to 245, inferior 165.t0 20e, best ewee 20s to 21s, extra to 355, medium 16a to 17s, and inferior 14a to 16s. Lambs—There was a yarding of 590 head, of medium quality, mostly unfinished. The. good quality lambs were competed, for. by freeling buyers at full rates, while unfinished sorts were- keenly sought by graziers. . Prim* Jamb was worth from 7jd to 8d per lb. .Best lambs brought from '24 a to 265, extra to 80s, medium 20s to 21s, and inferior 16s to 17s. _ Store Cattle—There was a medium yarding, mostly cows.' Bullocks we're slightly firmer, while cows And young cattle sold at about last week's rates. Dairy cows, just at profit, were in good demand, but back conditioned and late omlvere were not keenly sought after. , - Pig*—There was a yarding of 46,. quite sufficient for requirements. Prices for fats were easier by about 7» 6d per head, and ■tores were back about ss. Baconer« were worth about 7Jd, and porkers up to BJd per lb. * " '

AMERICAN TARIFF.

PEOVISIONS OF NEW BILL. (Br Cable—Press AsaociatioiD—Copyright.) (Australian and N.Z. Cable Association.) WASHINGTON, April 11. The Finance Committee has reported the Permanent Tariff Bill to the Senate. Wherever possible, dutiable values lire based on foreign values oi\ the prices at the time of importation, the President being authorised to increase or decrease the duties to meet changing conditions, and also to meet tariff discrimination by other countries by proclaiming new additional tariffs against such countries, or excluding their products. The cattle duties are increased from 1J cents to 1J cents a lb; sheen and goats from 1 cent a lb to 2 dollars a head; fresh lamb from 2 to 5 cents a lb; mutton and goat meat from li eent3 to 2i cents a lb. The last-mentioned provisions are aimed at Australian and New Zealand meat. The wheat tariff is increased from 5 cents to 30 cents a bushel. The wool schedule is based on a irate of 30 cents a lb. Uncnred hides are subject to a duty of 2 cents a lb, and dried 4 cents. The free list includes tin, cedar, mahogany, rosewood, and lignum. The Administration expects the passage of the tariff by July, but a bitter fight in the Senate is expected over the foreign valuation plan. The wool sohedVe is also expected to create a heated debate.

[On March '24 th, it was reported that the Finance Committee of the Senate had agreed on the wool schedule in the Permanent Tariff Bill. , The 35 per cent, ad valorem limitation was cancelled, and the 25 per cent, clean .content rate increased to 33 cents a lb. Wool which was advanced in any manner or by any process of manufacture beyond the washed or scoured condition, and was valued at not more than 30 cents per pound, was tariffed at 21 cents specific and 25 cents ad valorem. Wool valued at over 30 cents per pound was tariffed at 36 cents specific and at 26 per cent, ad-valorem.] STATEMENT BY MB MASSEY. (press association telegram.) WELLINGTON, April 12. Brief particulars of the new American tariff were discussed by the Prime Minister to-day. Mr Massey remarked that the duty, about 33 cents on scoured wool, representing 'roughly half that amount oa greasy wool, would be very heavy, but he. did not think it possible for America to do without Australian and New Zealand wool.* That meant that the duty would have to be paid by the consumers in the lonff run. ... . The duty on mutton and lamb was a heavy handicap on the trade, but up to the present very little New Zealand meat had been, taken by the United States. Some large cargoes were sent over there sometime ago. A proportion of that meat found its way back to London eventually. The United States did not make much demand for New Zealand mutton, It would be impossible to send lamb, to one country and mutton to.another; the two must be marketed together.

FIJI SUGAR INDUSTRY. INDIAN MISSION'S YISIT. :-■■ ■•':;:: . '■'• : "'*STJVAJ April '.1.--. Faced with a lack of labour the sugar companies in Fiji have found themselves in a quandary (wries the Suva correspondent of the Auckland '"Herald"). Two companies have practically decided! to close down. The third, the Colonial Sugar defining Co., has maintained a complete silence as to * what it purposed .doing. In the meantime the two Indian members of the mission visiting Fiji from India have openly : interfered in local affairs and have advised the coolies to wipe •their hands of the Colonial Sugar Kenning Co. . This has evidently proved the last straw.' The mission definitely states that it opposes any more Indian labour coming to Fijii so Mr E. W. Knox and Mr W. P. Dixon have sailed for Londonito make their fight at headquarters to save the sugar industry hi Fiji." This is not to be wondered at, as the Government has dallied with the question too long, and the official attempts to get the much-needed labour have been regarded by the colonists as much too half-hearted. The explanation in part of Mr Knox's voyage, is given in an-official protest issued to the Fijian Press by the company, wherein it is announced that the company has made a strong protest to the British and Indian Governments against the '-procedure adopted by the Indian delegation. The grounds given are the "public display of strong animus against the company by two of the Indian delegates in contravention of the terms of : reference, which expressly forbade any interference with the domestic affairs of the colony, and thei' - refusal to consider the emigration from India of persons other than farmers with capital and experience." The mission came to rn quire into the colonisation nroposcd under the new Immigration Bill, which deals exclusively with unskilled or coolie labour. So the mission renlly refuses to carry out the objective of their visit.. The mission leaves on "its return to India by the Niagara, so far as Fiji is concerned, as a discredited body, which, in place of bringing a settlement, has only caused increased bitterness and trouble.

CHRISTCHURCH STOCK EXCHANGE.

JOHN3ON-PTLLE STOCK SALE.

WHEAT MARKET. (By Cable—Press Associa.Bon—• Copyright.) (Australian and N.Z. Cable Association.) (Received April 12th, 7.65 p.m.) . v LONDON, April 11. 'Wheat —Cargoes are firm. Quotations today were occasionally 'higher, but buyers did not follow the advance. The G. D. Kennedy's cargo sold at 56s and a paroel, ex the Stroma at 545. VALUE OF THE MATtK ffieceived April 12th, 7.55 p.m.) K LONDON, April 11. The Berlin exchange is quoted at 1235 marks to the £1 sterling. s AUSTRALIAN MAEKETS. (Received April 12th, 10J20 p.m.) ' * SYDNEt, April 12. - Oats— Algerian feed, local 3s 6d, Tasmanian s« 9d toSs 10d, white 4s Id. Maize-Yellow 5s 3d, white ss. Potatoes— Tasinaroan £B. Onions—Victorian £7 10s. ' omons-r ADELAIDE, April 12. Oats—3s to 3s Id. ■'■:'-

YESTERDAY'S TRANSACTION!. Sales wported:—Bank of Nenr Zf*tod ( <£2 9s; Huddart-Parker, £> te 8d; Kafepol Woollen (106 paid), Ha. Sale on 'Chango:—National Bank of Kenr Zealand, £5 156. LATEST QUOTATIONS.

OTHER EXCHANGES. (press association tklbJeakb.) DUNEDIN, April 12. Sales on 'Change:—New Zealand Refrigerating (cont.) llJa 3d; Waihi, 19s 6d (two); Mount Lyell, 16a. v ' AUCKLAND, April Hi Sales—Bank of Australasia, £l2 9s j Bonk oi i\ew Zeaknd, 49s &!;■ South British, 83s; Auckland Gas, 21s 6d; Auckland G«« (con.), 17e; Northern Steam, 18s 7d; Wilson's Cement, 16s 2d. DUKEDIN aBAIN AND PEUIT MABKBTS. (special to "the raisa.") DUNEDIN, April 12. The Oat market is firm, and there is a good demand for &. Gartona up to 2a lOd, ex trucks (sacks extra). Some badly damages Samples are making their appearance on! the market. ' Samples of wheat coming to hand are cm the soft, side, and show a good percentage '!"£ sprouted grains. These millers.are refusing, but sound grain, of milling quality, is readily accepted at Government prices. Heavy supplies of potatoes are coming forward, and consequently prices have receded. Prime Taieri tables are worth,JE6 10» to J55-. 16s per ton, on. truoks, Dunedio, •. ■Larger, supplies or chaff are ooming forward, and the market is easier. Prime oaten sheaf is worth £i 15a to' £5, and light and discoloured £3 10s to SA 5s per ton, sacks extra. . . "'~ t It is reported by one firm in Otago Central that they are busy "harvesting their "very large crop of apples, of which 12,000 cases are.expected,-making a total of 15,000 cases of fruit for the season, these. flgureSj.taken: in' conjunction, with thejeturno from other orchards in the district, gjve some idea of the fruit industry, - and what 'it rn#ans to Otago. Over 5000 cases of apples will shortly be shipped to London from one' orchard ; alone.' ■.' ■-* ■.-.'' Business is fairly brisk in ihe fruit market. Fair supplies of-tomatoes have arrived from Canterbury and Otago Central. Grapes meet a sound demand. Good lines of des-' Bert apples ' have reached. the market. Cookers also sell well. Pears are coining; forward in larger quarititiee. -'. Current .whole-; eale prices are:—Apples, Cot's -Orange 10s to 12s, Jonathans Ba. 6d : to 10s, -gcwlet Per-, mains 7s "to Bs, Delicioue up to ~%ih, cookers,-' "best to YsKtomatoes, Christohurch'otttsTde 2Jd per lb, Ideal to 7d per lb, Otago Central" to £i& per. lb; grapes, choiee -to: Is !?£<*>•; prime i». Is 3d,...g00d to Is.; pe>rs-to Sdvper lb; oranges, Island to 80s per case,. American to 62s 6d; banwnfcs,. gteen to 82s 6d, 40b! per case. .'..j-.,'- '■."'■': : --- ',

(srecuii TO ''thh moss.'-) ■WELLINGTON, April .12. At the Johnsonville stock sale to-day * foil yarding of sheep met with a good sale, although considering, the quality of the stook prices were -in favour of ;buyers. A good quality yarding of beef met. with a dull/sale. Vealers were'easier, than last- week. -Best (extra heavy) wethers made~27B 9d to 80s Bd, good 28b to 25ir6d, .'beet ewes Mis' 6d, good 16« 6d to 17s lid, best lamhs Slsto 21s Bd, medium Ws to 20»; Wst lullocka £S to £8 10s/ good JE7 6s to *7 15s, light *8 10s to SI, cows s&i to M 10a, good •waters 84b to 365, light 22e to 275.

Btrjrera. Seller.. £ a. d. £ m. d. DEBENTURES— N.Z. Govt. 4i l>er cant. Inscribed, 1938 90 17. 8 — N.Z. Govt. 5J per cent. Inscribed, 1933 95 0 0 98 * 0 N.Z. Govt. 5J per cent. Bonds, 1933 96 -0 0 95 5 0 BANKS- . Australasia 13 8 0 13 13 0 Commercial of Anst. (4 per cent, cum pref.) .. .. 6 4 0 — Now Zealand —• 3 9 6 Royal Bank (£1 paid) .. — 19 3 Union of Australia 13 6 0 13 7 0 INSURANCE— Standard •• •• — _ 3 13 6 LOAN AND AGENCY— Goldsbrough Mort 1 18 9 114 6 SHIPPING— Huddart-Parker 3 5 0 a e 0 P. and 0. Def. 8tock — 1 J35 0 0 Union (Si per cent, cum pref.) 0 ia 0 — - FROZEN MEATGanterbury 11 13 e — N.Z. Refrigerating (10» paid) 0 13 8 018 6 COAL— Westport WOOLLENS— ~~ 1 S\ 0 Kaiapoi (£1 paid) .. — 1 8 8 K&iapoi (10a paid) — ■ 0 13 6 GASMISCELLANEOUS— Beath Scheiea 0 le 0 — N.Z. Drug' Co. 3 11 p 2 11 6 N.Z. Sugar of Milk .. — 1 11 0 Smith and Smith (6 per cent, cum pref.) .. 0 18 0 > — MINING— Waihi _ 10 0