FINANCE AND COMMERCE.

Press, Volume LVIII, Issue 17430, 15 April 1922, Page 8

FINANCE AND COMMERCE.

REVIEW OF THE SHARE MARKET. ? The Stock Exchanges throughout New Zealand closed on Thursday for the Easter vacation, St. George's 3>ay, and Day, and will not re-open until the morning of the 26th inst. .. .The healthy tone referred to last week wag also apparent during the past week, and the number of ealee officially reported'were fairiy numerous, with increased prices ,in several stocks. _ •Tour and a half per cent. War Loan, due in 1933 and 1939, has been fairly steady, with reported business at £JO 17a6d, £9l, and £9O 15s, and further buyers at " the last-mentioned price. During last week there were sales at prkS» ranging from £9O 12e 6d_to£9l ; PSve and. a half P© r cent. Soldiers Settlement Loan, <&e if, 1933 ', ail improvement during the week, being dealt mat £95; £9o 2s 6d, £9o 4s £ fiSj-and £95 10s, oa compared with bnsineeadufing last week at £94 15s, 26 6d, and £95. , '■• Bank ,of Australasia shares have ' shown a further rise, sales having been reoorded at £l2 6s and £l2 9d. with farther -sellers at £l2 12s, as against -hittsinesß,lasf week at .£l2 os. < Buyers have ogftin been offering £t> 4s for Commercial Bank of Australia preference shares, but no sellers have otootfed. The Special Assets Trust Com'ifpw TA&. 9 formed in: 1898 to handle ■the deferred deposits of the old Coinj&rcial Bank: of Australia, has uow jctjtnpleted its work and has gone into Voluntary:' liquidation. .On June 30tii ' last the company had reduced the estideficiency in the hank's capital to £201,002, "and'the balance remaining to' the - credit of the- hank's profit and -lobs 'account was £13,325. Since' then i j252,G23 new tflraroa in the bank have bfeen offered 'to shareholdera at a pre-etimri-,df 10s per share, and these pre*>fj»pmiw total £126,011.'; Apparently the (■■■ £<§wnpaliy wiftbe able to provide the bal- ' - v«k& ieauired to» extinguish the deficit • «ncy fojfore June; 30th next, and thus _ ,jfelieve' the bankrof the necessity of eett ' -fing. aaideimiroal appropriations to pro- ;* for'the deficiency,, thus leaving its /<&rninga free for dividends, or for ad- , diiion to reservea '> i Bank shares are easier than .twy wer» last week, .and fcave soH at l&STas oompared with previous busi-ait-£5 17a and £5 17s 3d. Subser" «-> menfe! sellert>feaye offered at ££ 16s, £6 12s 6d. qf-New South Wales shares have IpTPiTW-fn'tt'm ITl\| fill V , sales taking place at 49s buyers at 48s 4 :MtiL salea list week Ist £l2 sellera have quoted at insunmco'ishares • have at 28s and 28s Id. Stah52a'6d. and-South British Inv week-soles Insurances were rereports was proposed Company' Dbvlib, Ltd,,* ssgMrai'£HkSince 'been&ebn.* to- the, sharehwders 'of - Jones, and Devhn, Ltd.yjiat the Phe 88 Idshgs rlin .orb tfOr tres lin. onfche ted 'flOr ;ain seas w t •*' >wn ,at »w\ | ria* •ad r is*-' "ed' l»y»r .-Oft;!: $ si| realm I j

DOMINION'S TRADE AND MARKETS.

(BY OtJB COMMERCIAL EDITOR.)

THE WHEAT GUARANTEE. THE MINISTER'S VIEW. The Hon. W. No s worthy, in his statement in regard to the suggestion of the Canterbury wheat growers that the Government guarantee of a minimum price should be extended to next season's crop, reference to which was made in a telegraphic message on Wednesday, said that undoubtedly the wheat grower ought to get a fair return for the. sale of his crop, seeing that wheat-growing means the expenditure of considerable time, labour, and money, and moreover, takes a lot out of the land. ' But the point which has to be considered, continued the Minister, "is whether a fair pric© cannot be obtained without a State guarantee, when, legislation now on the Statute Book, the grower is given a good measure of protection against the importation of wheat, grown in other countries, where cheaper land and cheaper labour cause the cost of production to be on a lower basis than in the Dominion. This legislation was promised. as a measure to enable wheat-growers to produce and sell at a payable price without the aid of the country's exchequer, and the promise was faithfully kept. A State guarantee of price means a greater or lesser degree of State control of marketing, according to current conditions of. market values, and the quicker we rid ourselyes of this, the better, for all concerned. During the war and tho immediate post-war'period,-State interference was unavoidable and necessary in the interests of the whole community; but -we have now _. reached a time when it can be done without. The farmers of the Dominion are, to say the least, fullv as self-reliant as any other section of the population, and have proved themselves in the past to •be able to take their ups and downs in a good spirit. What will be the world's price for next year's crop cannot be predicted with any degree of accuracy at present, but it certainly looks as though it will be a fair one. And tho cost of production will b>9 lessened in one respect particularly, viz., the cost of fertilisers, which have become much cheaper of late.: I have kept my word in providing: the necessary protection to wheat-growers through 1 the Customs tariff, and having regard to the general financial 1 position, I 'do not consider that it would be reasonable to ask my colleagues in the Cabinet to agree to a further State guaranteed price. At the &me time, I nope to see a sumciency of wheat .produced m the Dominion for its own requirements, and I believe it can*'be done at a payable market prioe without any State guarantee." :

thebarleyharvest. MABLBOROUGH GROWERS' POSITION. ThaJharley-growers. (writes our .Marlborough correspondent) are feeling very aore A" kind of has tfeen going on between them, and this brewery in* terests thrbugh_ tho local buyers) had ,to ,capitulate. Sales have been made at 26 r to 2s 9d per bushel, which is..-,well below the cost of production,' but is, from ■ all' appearances, the beat that cam be .made of a hopeless case. The buyers have made it quite plain, that they _haye the "whip hand. 5 " True, the contract prices are much better than . , those mentioned abover—they are 5s or so—but much of the contract barley has proved not to be up to the required sample, and the position is that, in the event Of dispute as to quality, the question has to he submitted to which means .that if the arbitrator decides that the barley is not what'"rfc 1 should he, the buyer is relieved from the contract, and the seller is forced hack;to 2s 6d. Bather than'take that .risk, the growers agree to- bfear ; thQ expense of gay no more about the matter. There is some talk of shipping to outside markets. I 1 i

. BUSINESS DISPUTES. COMMEECIAL ABBITBATION. A report, covering several? aspects of tho question of commercial arbitration, as raised,.by s New York . Chamber of Commerce resolutions was presonted ttt tbs Wellington Central Chamber of Obnuherdei ion' Wednesday afternoon by y ia;. committee. , The ,'committee urged the Council- of the Chamber to take steps to 'give toublicfty/ to the opportunity afforded by Bqlea 52«t6 69 of the Chamber for ;mer- ' ciuwM&iianil 'others, engage#'in > commercial 'pursuits to take advantage of the, arbitration* machinery provided by the Wellihgtoh Central Chamber of Commerce. .. . »• , ; The cdmmittee recommended that the following clause, be', adopted, for insertion' by merchants and other contract, ing. parties: in all future contracts for the sale .and: purchase of gbods"lt shall be a, condition of this contract that any dispute arising between the partita .hetoto in any matter' relating, to the terformance of this-contract,.and which cannot be satisfactorily settled *by mutual "agreement within a reasonable time of.Buch dispute arising in , the/opinion ,of any one party to the oontract,' shall be referred to the arbitration. ..organisation of the Chamber of' Commerce," andthe parties hereto agree tp be bound py such course jof action." ' ; t ■ The committee" further suggested co- ' operation vrith the Wellington Chamber of Commerce toVards ft common policy in giving publicity to the. facilities offered f by many New Zealhnd Chambers '-of- Cotnmerre for the settlement of-dis-"arbitration: ' t The report was. adopted, ' ! I > decided to leave it to t the 'Arbitrartion Committee to get into, *touch with 'otber bodies. and 'to report to the next,. meeting,,"with a view; of, a >ftdl dtfensmon at a meeeting to be held next month/ ' PX7BZJO TRUST OmCB. 1 ' (riras' association itle&iiah.)' As Ozwsin-Conncil is Gnettod providing that tho , iel6ting to .the, District Trnstee %£&ll' bom« into operation, i(to 1 1toy lit. The l "Ghaetto" notloe deftnes thii districts ' -tftranghotit ili« Dominion, anff givM ti& ta&owilw < o£Bcet» for ftbe W. M. .Egglft•tea»; w Qwymonth,-; T. ;E. ■ gaywdl;. CbtistJForw* '• Timara, P. B.; Dun-' iVUMaiar-. G. H. BBiSe; iliirarakrgill,' E. I>; Bawih.

THE BANK RATE.

A FURTHER SEDUCTION. (Received April 14th, 5.5 P- m -) LONDON, April 13. The Bank rate has been reduced to 4 per cent. The Bank rate was previously reduced on J una 22nd, 1921, from to t> per cent., in July, 1921, from 6 p® r cent, to oi per cent., on November 3rd 1921, from 5i to 5 per cent-., ana on February 6th last to 4£ per cent. • Commenting on the February reduction, the City editor of the ' Morning Post" said it was not unexpected, but the event was none the leas regarded as of great interest and importance. Quite apart from the fact that it is th* lowest rate in force since the war, the conservative policy of the Bank in the matter ci reducing the official minmum caused t!ie market to feel that the change would not now have been made unless the improvement in ilie situation was recognised by tho Bank Court itself. Among the improved conditions —however much some of them may be associated with the trade depression itself—must, we think, bo included the fall in commodity prices, the reduction in tho volume of curreucv in circulation, and the reduction in the Government's floating debt, while the better condition of some of the foreign exchanges, and notably the American Exchange, can undoubtedly be reckoned among the entirely favourable factors. It is. in fact, to developments such as these, and also, of course, to the great ease in money resulting from stagnant trade, that we* should attribute the reduction in Bank rate.

BRITAIN'S TRADE. MAECH'S IMPOETS AND EXPORTS. (Bf Cable—Pres» Association —CopjnrisM-) (Australiaa x-rA Jf.Z. Cable Association.) LONDON. April 12. The value of the imports into Britain during March decreased by £5,862,230, as compared with the corresponding month of last year. The value of the exports during March decreased by £2,228,168, and reexports increased by £1,265,607, as compared with March, 1921. .FLOUE AND WHEAT. BERLIN April 12. The Government has abolished the restrictions on the importation of flour. J (Received April 14th, 5.5 p.m.) MELBOURNE, April 14. The Commonwealth Government has revoked the proclamation issued in 1914 prohibiting the export of flour and wheat from Australia. i ARMY MEAT CONTRACTS. LONDON, April 12. .In reference to the Army beef contracts, the authorities have requested Mr Edmund Jowett to inform the meat companies they are prepared'to accept tenders for Australian and New land m<iat from Julv Ist for periods of three, fix, nino, and twelve months for the Army in Great Britain. TARIFF RECIPROCITY. THE AGREEMENT WITH AUSTRALIA. SYDNEY, April 13. The Hon. W. .Downie Stewart (New Zealand Minister of Customs) belipvea that the tariff agreement will prove satisfactory. , It will be submitted to both Parliaments, probably in July. Mr Stewart will sail for New Zealand on Saturday.

, AUSTRALIA AND CANADA. ' MELBOURNE, April 13. Senator Pearce conferred with Mr A. & Rodgers (Federal Minister of Customs) with a view to effecting a reciprocal, tariff agreement with Canada, whose Prime Minister (Mr W. L. Mackenzie King) had informed Senator Pcaroe that he bad thken steps to communicate with the Commonwealth Government on the question. WEST AUSTBALIAN LOAN OVERSUBSCRIBED. LONDON, April IS. The £2,000,000 5, per c?ent. West Australian loan was subscribed five times over. ■ The loan, which . was issued at ■ £O6, is redeemable in 1J535-45, and six montho' interest is payable on December Ist. CITY OF WELLINGTON LOAN. UNDEEWEITTBN JN LONDON. (Rieceived A6r3 14th, 5.5 p.m.) April 13. The city of Wellington loan of bearing - interest at/oJ per cent., issued at £9O and repayable in 1046, has been: underwritten. ■ 'V BA.W.&A. OPERATIONS. MELBOURNE, April 13. ''The B.A.W.R.A; is retiring on May 15th the balance of of priority wool certificates. .The amount distributed in JuTy wag £4,750,000. AUSTRALIAN BEEF TRADE. THE GOVERNMENT SUBSIDY. ' MELBOURNE, April 13. Mr Hughes informed the House of Representatives . that the meat subsidy , woud not include mutton. Action had heen taken in regard to beef only because 'the industry was in extremis. The same could not be said of the sheep-raising industry. If, however, the sheep industry got in extremis, he wds prepared to consider granting a subsidy. KBDVCTXOK OF rKEEZINQ CHABGES. LONDON. April 12. ■ A iceeting of importers of Queensland beef, unanimously agreed to oable their Queensland houses to immediately reduce freezing charges by Jd per lb, the reduction to be .made unconditionally to facilitate reductions in freights and-other Australian costs. MONEY ORDERS TOR U.S.A. (nsss ASSOCIATION XXLSSBAX.) . - -WELLINGTON, April 1«. It ill provided, according to a notice in < tb* "G asatte/' tiiit - tho commission on money orders for- the Unitedi States o! Amsrioa shall i ha 6d far each or fraction of a£. . i

AUSTRALASIAN MEAT.

THE PBOVTNCIAIj MARKETS. (FROII OTTK OWN COBBESrOIfDESrc.) LONDON, February 23. It is recorded by Messrs W. Weddel, in their very condemning review of the frozen meat trade—which is printed in French, Italian, Spanish, and German, as well as in English—that approximately 40 per cent, of the mutton, lamb, and frozen beef, and rather less than one-third of the chilled beet imported into the United Kingdom in 1921 were landed at Liverpool and other outports. The bulk of the chilled beef discharged at .Liverpool and Southampton was railed to London for sale. Tne shipments of meat to West Coast ports from Australia and New Zealand were considerably below the ore-war level and to a certain extent this may have prejudiced the 6ale of Australasian meat in the provinces. The cost of railage from London, with tho risk of deterioration during transit through delays, frequently prevented buyers from purchasing frozen meat ex London when they could get other meat locally. This would seem to indicate that if Australasian.shippers are t<-' capture the provincial trade, a more generous service of steamers to West; Coast ports should be provided; but the fact of the matter is that, out of the moderate shipments landed at outports in 1921, many thousands of tons of Australasian, meat were .railed to London for sale, with better net results than were obtainable at the discharging ports. Apart from a certain amount of congestion at Liverpool in the early part of the year there was little or no delay to steamers at the out-ports, and storage space was E racticallv always available; but the est market was in London. Smithfield Prices. Broadly speaking, beef prices slumped in the eariy part of 1921, chiefly because of the accumulation of old stocks of Australasian of indifferent quality, and the unexpectedly heavy ar-' rival from the Plate, brought _ ahout through the failure of the Continental demand. During the summer months some steadiness prevailed, but in the autumn the weakness was renewed. Valuo3 of best quality mutton and lamb owing to the protracted discharge of bteamers arriving from New Zealand were maintained at a high level until the autumn, ' when the accumulating supplies necessitated a drastic lowerin.tr of values in order to foster the demand. The cheaper retail prices established in the latter part of the year for most classes of meat certainly tended to stimulate the consumption; and the year closed on a.more hopeful note, with holdings of mutton and lamb much reduced, and beef stocks. beginning' to move off at a more satisfactory rate Top quotations in 1921, compared with 1920 and 1913 prices, averaged out (over the twelve months) as follow: —

The prices r,ulingatthecloseof 1921 were much below the average recorded above, being actually 60 per cent, lower than in January last. New Zealand mutton and lamb suffered relatively less, severely than other descriptions.

Beef from South America. The report mentions that Argentine frozen beef prices began to recede from, the official maximum level Borne weeks before control ended, and the subsequent . values of forsquarters followed! practically the same course as Australasian prices hut on a much higher level, especially in the latter part of the year. During December, a reduction of Id per lb was registered, and the closing quotation of-4d per lb was tho lowest figure touched. _ Hindquarters, on the otlher hand, after the initial drop from Is per lb in February to BJd in April, enjoyed temporary recoveries to 91d in July and 9Ja in August, but at the end of September a rapid declines set in, and they finished up at 6d per lb —exactly, half the opening price. A feature of Argentine beef quotations throughout the past year was the enormous difference between the values bf fores and hinds, due to the steady demand experienced for prime joints, and the comparative neglect of inferior meat. At one time hindquarters were selling at doublo the prioe of fores, in contrast witlh a normal differencei of about Jd per lb in pre-war markets. Argentine chilled beef up to the date of de-oontrol, maintained the official maximum pnoes, i.e., Is per lb hinds ,and 8d per lb forep; but, by tho end of May, hinds had dropped to 9jd and fores to 4sd. During the following three months arrivals were lighter, and the price of hindquarters made a fluctuating ascent to Is per lb, fo. lowed by a sensational drop to-6d m the course of six weeks, due to hot weather and the heavy supplies of home-killed. Beoovering to BJd in November, the price again weakened- in December, and finished the year at 7}d per lb. From the middle of September to the end of October chilled hindquarters were actually quoted at prices lower than those ruling for frozen kinds. Pine Canadian Beet Practically all tho Canadian chilled beef which came to hand in 1921 was marketed during the last four; months of the year, and although especially good prices—sometimes exceeding by 2d to 3d per lb those obtaining for Argentine chilled beef —were made during September, October, and November for a large proportion, the tendency in December (the month in which arrivals were heaviest), was for values to-ap-proximate more closely to those of the Argentine article. The general quality and get up of this beef was excellent, and its refrigerating condition nearly perfect. General Outlook. The general outlook as regards the world's demand is not, however, bo unfavourable for the British consumer. Two years ago there existed an ini-' portant and apparently assured Continental trade. A year ago its position was becoming somewhat unstable. By the middle of 1921 it had become of no great importance, and by the close of the year it had shrunk to very small dimensions. Tho principal reason for this withdrawal from the market must be sought for in the postwar financial condition of Europe rather f Vntn in any definite lack of desire on the part of Continental people to import refrigerated meat. .It is impossible at present to pay when stability in the exchanges is likely to be restored, but until that barrier to trading is removed, importations of meat are not likely to be renewed in any

(Continued at foot cif next column.)

AMERICAN WOOL MARKET.

IMTT.T. bitters alarmed. (rßOil OXTR OWN CORRSSPOXDENT.) SAN FRANCISCO, March 16. The American wool market continues in a somewhat disrupted condition, but some dealers are finding a moderate increase in the demand. The last week in February furnished the first real setback that the market had since last autumn, but this may have a salutary effect as, according to conservative dealers, those members of the trade who were speculatively inclined were in danger of being carried away by the preceding excitement. The check to such speculation, while apparently only a temporary hesitation, thus may have been beneficial, it is said in Boston, the hub of the American wool market. One thing which seems to have been feared, though not directly mentioned in Boston, was that someone, temporarily overloaded with wool, might be moved by the quiet turn to unload on an unwilling market. This danger has been discussed in tho trade and though a better feeling is noted now, the situation has not been cleared. Yet all the wool men interviewed in Boston agree that nothing has occurred to affect the fundamental position pf wool. The possibilities of tariff action are exceedingly remote, though the Senate Finance Committee is reported to have at least begun a movement for the early com' pletion of the re-writing of the Fordney tim. Senator MeCumber, chairman of the Committee, has promised to make a determined effort to have the Bill out of Committee shortly. Definite information regarding the attitude of the Finance Committee is lacking, but the inspired whisperings" from the Committeeroom suggest that the trend of opinion is towards the American valuation idea.

Fixing the Duty. It appears that considerable attention has been paid to a recent telegrain of the American Woolien Company head to President Harding and others at Washington, advocating tho American valuation plan. Therefore, the latest swing in the official discussion indicates that the Senate Finance Committee may report out the Bill providing that the duties on importations may be assessed on tho basis of thj wholesale selling prices,- instead of upon the prices, of comparable American goods, was provided in the Fordney Bill. Perhaps the most important happening recently, as affecting the wool trade, is the placin" of several large worsted mills in Rhode Island on a working programme of four days per week. Approximately 1500 operatives are employed at the mills affected. Arlington Mills officials have laid ofi " practically the whole of the wool-sorting force', numbering about 200 men. _ •Meanwhile some comfort is found by the wool trade in the way th it buyers took hold of the offerings < at the special auction of piece-goods held in New York for the account of the American Woollen Company. The success of this sale is held to indicate that the goods trade is in a good condition, fundamentally. According to well-known manufacturers who have been in the Boston market lately, there is no alarming feature about the present situation in men's wear suitings. . , A The curtailing of the mills.is regarded as an attemnt to influence the labour unions and the wool trade more than a movement due to conditions in the piece-goods market. Price Advance. It is certain that; unless tariff legislation materialises at an eariy date, manufacturers must advance the selling prjpes qJ the products. Choice fine wools arc too scarce, and prices ior suitable Wools are too High to allow of' ail indefinite continuation of current rates for fabrics. Good buyers are obviously not well informed regarding ' the real situation in th 6 Boston mart:et. Dealers say that they would not know where to plaio their hand on even a little lot of fine and fine medium staple Territory wool, while all fine and fine medium and half-blood wools are scarro and wanted: ',, ... , , Wool buyers in the big mills who have been in the market lately express astonishment and alarm at the conditions they find existing in Boston. The bulk of the current ofiei'ings is ■ scoured wools, largely South American grades from the Government auctions. These are wools that have been scoured and re-classified. It is said that some or the trade have done well with the Go vernment wools, .which have . proved profitable to re-classify, owing to the fact that many lots, especially of Australian and New Zealand wools,; were "wide" grade. For instance,, some ts catalogued as 40a~ and t0.,44s found to contain wool all. the way from' 36s to 565, and enough of the higher counts to make re-classification profitB Some surprise has been expressed;at the large offerings tiiat nave been made in recent Government auctions of Australian and New Zealand wools. Stocks of Government wool reported,on January Ist, 1921, were approximately 51066,743 pounds. Included in this total. was about 2,794.363 pounds of Australian and New Zealand grades. None of these wools was offered until the November sale of 1921, owing to a tupposed lack of interest on the part of buyers. At that sale 107,000 pounds were sold, followed by sales ,or .460,000 pounds in December, 1,600,000 pounds m January and 1,000,000 pounds .n February. With 700,0 CX) pounds still in the offerings, the total since November is 3,867,000 pounds, or over one million pounds more than the stock of these wools reported a year ago. The officials in charge of the Army Supply base are unable to explain this discrepancy whioh fortunately for someone is on tie right side of the ledger.,

Current Prices. Current quotations for territory •wools are largely nominal. When to be had, clioice fine and fine medium siayie are quotaoie at 1.05 doli irs to 1.10 dollars, clean, with halrhlood staple at 95 cents to 1.00 dollars three-eighths blood staple at 7o to 80 cents, quarter-blood staple at to 70 cents, good JJ'rench combing wools at 95 cents to 1.00 dollars and fine and fine medium clothing wools at 85 to 95 cents. Texas wools are out of the market, with the tion of scattered lots of autumn wool, which are to be had at 65 to 75 cent 3. Much interest has been aroused at the recent, tn-State convention of tho woolcrowers of Ohio, Pennsylvania and Virginia } over the prize fleeco which received first-ciass honours +litre This fleece, which has been ou lirw 'in Boston, . is one-year's growta wool Erades tine delaine and weighs Tfii oounds. An unusually heavy fleece it is for the United States and it was shorn from a two-year-old ewe Both ewe and fleece • took " first prizes at the convention.

•cnliime The opportunity of opening 2 Continental markets created by the war was unique; and although the check now met with may be a fortunate happening for the British people, it is a serious misfortune for producers generally, and especially for those in the Southern Hemisphere who have enlarged their plants and widened their whole outlook in anticipation of a big demand from Central Europe.. The United States is more likely to import than to export lamb in any quantity, and a revived enquiry for New Zealand mutton and lamb from American' buvers is not unlikely to arise, despite ■ the heavy tariff recently imposed.

COAL FIGHT ON PACIFIC.

CARDHT BOUNDING AHEAD. (feoii OUE 01VN correspondent.) SAN FRANCISCO, March 8. The big fight for supremacy in tho coal trade on the Pacific between America, Australia, and South Wales, now apoears to be narrowing do"R n to an easv victory for Cardiff mine operators, judging by widespread enquiries just made in the commercial district of San Francisco These enquiries have proved,, conclusively that the recently-inaugurated influx of bituminous coal from Gurdin, Soutu Wales, has considerably surprised the Australian mining magnates, wiio had foimerly enjoyed a most profitable business in American waters, almost to the total exclusion of any other clas3 of coal for bunkering purposes. Agencies engaged m chartering vessels, shipowners, managing directors ot several influential coal corporations trading on th.e Pacific Coast on a largo scale, who have been interviewed on the subject of the silent penetration of Welsii coal into this lucrative market freely dilated upon the outstanding fact that the Cardiff coal possesses special qualities stamping it as having no equal for bunkering object 6. Without exception, these officials, all of whom are excellently qualified to judge the merits or demerits of comparative varieties of coal employed in sAip propulsion, declared that the Welsh mino-owners had firmly established a permanent business, which was certain to expand considerably among ocean carriers of the Pacific. Mr Blair, mnnager-in-chief of the_ J. J. Moore Company, one of the leading coal-importing corporations on the Pacific Coast, with headquarters in San Francisco, backed up the foregoing, and said: "Cardiff coal is still offering to come to Californian ports, and although the price is now 38 shillings per ton delivered in San Francisco, or an advance of two shillings, there is plenty of demand for it. . On account of its superior quality it is easily able to compete with Australia. Bunker requirements at San Francisco, however, are still limited owing to. freighters which call here bringing all their bunkers from Atlantic, European, or Japanese ports, thus eliminating the necessity of taking on coals at San Francisco."

Australia on the Alert. Mr Blair's firm in the past has handled thousands of tons of -'Australian coal, and this fuel has' been freely consumed by vessels flying the American flag:* Recently, however, the Australian business almost disappeared entirely, but frantic efforts axe being made to resuscitate it. A variety of difficulties has arisen in' the Common- ; wealth, more especially at.' Newcastle, in New South wales/ and this caused Sir Blair to coh&ider' it hopeless to tef;; pect Australian coal operators to re-; .establish their connexions under the ! present unsatisfactory conditions in the Australian mining 'areas, labour demands ' making coal prices prohibitive, when compared with those ruling elsewhere in the world. This is what Mr Blair says is killing Australia's oppor-; jtunityin trade. • " "There is no possibility of the Aus-; 'tralian businesti developing while prices at Newcastle remain at 22s 63* tor Maitland coal," continued _Mi ; Blair.- "Cardiff coal undoubtedly is of much better quality, and the Maitland ■varieties cannot compete with the : Welsh exportation. _ . "It is understood' that the minej owners in Australia are endeavouring to i bring "about a reduction in the Belling' price of their coal, but this is being vigorously fought by the labour unions. The latter are trying to hold up the mine owners by insisting on working: only nine days in the fortnight; whitA' ;naturally limits the output of. the:mines and holds up the price.'' • ; • : 1 s ; Mr.Blair mentionedrthat - not only, had. the Welsh coal -operators cut, very extensively into the American and Australian markers of the ports of the Pacific Coast States and?. , the Hawaiian ! Islands, but the Australian . business had- disappeared in other well-establish-ed channels... He referred to the. enterprise of British coal concerns new competing favourably with .the output of th,e Virginian coalfields; both Britain and the United States having penetrate j ed the South American .market of th 6 West Coast ? . where *, first-class connexion. was being built up by' both countries. : ; 1 • i Labour Unrest. • To the contumacious, attitude of the Australian miners' unions, he chiefly attributed the of Australia's ' coal trade in the South American market, which formerly used the Newcastle Australian "coal entirely and for many years enjoyed'a tremendous, business, there, he said. . ; I Mr Reginaldtlie manager of fiie : :Umon SteanisKia Company of Zealand's bfficq in San Francisco, an official, 1 who has' closely stu(iied the.conflicting struggle for supplying bunker? mg coal to steamers, operating in the 'Pacific, in the course of an interview, said: ' 'The outside world might be Surprised; to learn since'the war Australian, coal has not undergone a drop in price, but on the contrary, ittformation has just reached San Francisco establishing the fact that the Australian miners have been granted an increase in wages of .£1 6s Bd. Consequently, the price of Australian coal is-highejr. ; "Australia has a boundless supply, .of j coal and must get rid of her surplus^ bat tlie are. now eeeking to res--trict the volume of production so as .to limit it to. meet onljr domestic demands. "To meet the competition of other lands the Australian miners must drop their prices as every other nation has done in the jn-Qcess of post-war readjustment. "The position with "Australia, as compared with the. rest of the world, may be described as follows: The financial centre of the world is London' or New York. Whether an important decision be reached in London or New York makes very little material d.ff-erenoe,aa the variation* in acting between' ; the itwo is only 24 hours at most. The Pacific Coast is i probably "10 days behind in reaching any decision in financial matters. The same reasoning rules with any reduc-j tions or increases. This wave spreads and it takes weeks longer to _ get to Australia. Any reduction or increase in ,world prices ,is weekß later in affecting «the Pacific Coast and months later in affecting Australia. This contention is proven in many ways ; twp of j which will suffice for illustration.

BRITISH TRADE CORPORATION. The British Trade Corporation is obliged to effect what is practically a reconstrao- • tioa of its capital account. Its * finances have become utrained, and its "activities , greatly hampered as a result of the locking up of funds which it had used in supporting European trading concerns, with which it was co-operating, with a view to extending and facilitating the Empire's business abroad. It is proposed to write down thecapital by £1,000,000, and to create an amount of 6 per cent, tax-free shares. The balance-sheet of the Corporation covering 192(0 revealed net profit of £141,901, as against £102.592 for the previous year. Current, deposit, and . other accounts aggregated £-2,478,361. as compared with i1,86.,jj2 a year. earlier.- Bills discounted, loans, and. advances' amounted t0.£1,977,145, which compared" with £1,201,057, whilst liquid assets, including cash and Treasury bills, -were Bhown at ; £1,204,441. . Capital in - subsidiary - companies, "at or under cost," was given as £307,381 which was a decrease, of £346,994 on the 1919 total, and on that item the comment of the auditors was: "We are unable to form an opinion' as to the valua of the capital in subsidiary companies." . Investments, represented £799,264,. and acceptance business undertaken increased . from £1,147,385 to £2,180,749. It was. stated: that provision had , been made for depreciation of holdings ia' subsidiary companies- before- striking profits.r The capital of the corporation was £2,000 000 '• 1 in ordinary- shares. • '

PAWNBROKERS' COMPLAINT.

PRE-WAR CHARGES NOW UNREMUNERATIVE. many businesses closing ... IN BRITAIN, Tho pawnbrokers are* promoting a hill in Parliament which would allow , + increase the Tate of interest 4-v, nre allowed to charge under which they ' says the the Pawnbrokers' Act or »«*, . London correspondent 21st / Chester Guardian, at a At present t ® every two fihilhalf penny a month on J va i U6 of ff' Tto mw tion, and is backed by Jttr JUiey, wander Ken worthy, and othersTho case for tho pawnbrokers that tho rate of interest now allowed which has not been .Ranged for oO years makes it impossible for them to carry on their trade at a profit under post-war conditions. is said to be in a very distrcssod state. Over a hundrod shops have been closed in Birmingham, for example, since the war and the pawnbrokers in the towns round Manchester are reported to be very badly hit. +i l «; ra I The pawnbrokers maintain that theirs • is the only trade' that has not been allowed to put up its charges to the war, while the cost of their busi- , ness—wages, resit, rates and taxes, ana printing—have all gone up steeply, is estimated that every pledge now ' taken' in "ov a pawnbroker costs on tne average 3}d, which they say means a I loss, taking the business as a whole. I Eighty per cent, of the pledges received are for sums under 10s. More ■ than half of these are for 5s and leSs, ! while 75 per cent, of the total number are redeemed within tVi°i first mor t. The pawnbrokers contrast the moderation of their chafes with those, ot the railway companies. They point out that tho .railways fcharge. for every parcel loft with them 3d for two days and lid for every day afterwards, and they have the power to sell things if not removed witnin three months. The pawnbroker, , who charges a penny, has all sorts of additional work to do, such as valuing the articles and; if they, ar© clothes, folding them, providing wrappers, sending the parcels to the warehouse, and so on. ... . They maintain that the closing or shops that is going on all over the. country is* a serious thing for the poor, \wh6, if it 'goes o»; ; wiJl be forced to, sal; their : goods outright <or:Tes(>rt to a'! -money-lender.; - -The pawnbwk®?' B : -B®y• they are only carrying on a£..preseht bn v the profits of the sale of. unredeemed pledges, but this is a diminishing quantity, as the goods taken in during; the I period of iprioes have, of cowrsft I greatly gone down in value.

The . New Poor.. ( ; ; I)uilng the war a big slnmp OT-: pected. but, contrary to the popular, notion, it'was fotrad> that tvheh'people had more money than usual they pawn-, ed mere ■ thlan usual. The idea ' that pawnshops flourish ill bid times' is said; to be tf fallacy. • ■ Higfrclass pawn-: brokers. who defcl with expensive things; are said td bff less depressed others, perhapis because they are 'relieving the necessities' of the new "poor. But .#»• little shops everywhis* are undoubtedly,., feeling the need of- Pw--1 ianjentary/ relief, with tw<> -expensive • licenses to '• take but every ,y<iar, wid a multitude of working charges! - Be-' fore- the war -the" • yearn, profit on pawnbrokera' -capitil was at 10 per cent. . • *;V "Y.'.'l A London' \«£t>Be •was sought to-day, was very, pessimisj tic, and . said that the pledge basriiew .was not worth whilo at. pf6B6flt. J6WB : are not going into it, and -what tetter; proof do you waritP" he asked. 'H© complained, of the rapid fashion, in; drew, for instrace, which, •if pawned, .tfimld toot be 'by. the itime it oould ba classed asunreS'deeined- JHb wanted to know Why, instead ofbOthertpg about - the poo* pawnbroker, the. ttewspajjers did «ot attack the railWay combine forv their, inflated changes. ~ Pawnbrokers * he said/ wete tho oftly people, who did not profiteer*'duJring the w.ar. "If you leave yowi bag the railway station it will cost' you threepence or four pence, and ! I doct know how much more if you' forget'-to• fetch it for ebme time. Leavs h with • a pawnbroker, and it will cost you,\ a halfpenny and a halfpenny for [the ticrket!'*' ' : m ■ ! ;;■> .r htim of eympithy add pfomlwa'g'X ;a ! shop' ns2tt;,timpv srar * [quietly withdrew.' ■ » . : ,J .

LOANSTO LOCAL BODIES. ' i> " (PRESS ASSOCIATION TIXJtOBAK..) A / . WELLINGTON, April Consent.faas been given to toe railing of the following local body loans:—* - -j 1 Dunedin 'City Council,hydro «lec» ..itriwl- purposes .. j ~. 1 200,000 Duneuin urainnge and r Sewerage. . 1 Board, tlramJige end tfeWetage. " :■•• •' wjoika : r ' ..\' V' ®W® Taurkngs. Borough Council, om^let- ■ qhy. eleetncyf in«tallati6n v 1 13^606 Whakajjme Borough Council,-iiufaJ-. < ling,.high pressure water supply system; •:• ■■'"... .. » ••. 16,000 Whakatana Borough Council, electric powerpiaflt, supplementary Joan, "■'; Hauraki Plains County Council, put- » chasing lanid.'ierecting and • fur- . ..£?};. ■■- ijuhing county offices-.. ..-j 10,000' Tam'oki -Weat Bpad Board, electri- ■ I city purposes ... 9,800 Hobeou County Council, drainage '■ ■' 1 works ... ..: 6,000 Masterton. .County Council,-complet- >■■ ;. | ing bridges .. .. . '6,000 Ordere-in-Council are 'Gaiettedprescribing the .following• increased maximum- r»t4a of interest/for local body loans , ' One Tree Hill, Boad Board, £50,000 'for road improvements,! at .£6 lOsSd/per/CMit. Invercargill Borough Council 10anstflt«lling. £76,0(j0-for .and reclamation punioses, 6i per cent. ', Palmeraton North i Borough Cofincil, 4jl0,000 ; for road imprdvittients • and » water drainage, M per.Cent. .... . :. ' ' The:. State has guaranteed'"the Waixnairi County Cpunoil's loan, of £SOOO for elec> trio lighting, at 6}. per cent ■ ■ EUBBEE PBODUCTS COMPANY. . A private meeting of £be - Chridtchiucib shareholders in the New • Zealand Kflbber Products Company was helct 'yetoteniiay ' alternoon,".to hea* -first ■ hand', the John Baxter, the New Zealand representative who has just returned from America, after the aucceaaful. flotation . of. a>companx ■ to secure the. world's nghta. Dr; S. 'P^TToodward, president. of the Standard Rubber Coi wa ® algo._present. -Mr-Baiter .apologised for calling the meeting, but he ; and ;Dr. Wood- • wsrd h«d) to They were leturning to Ameiicai on Thnxß-' New 'Zealand', fof aaveral dA.' Press, . were . confirined - by • -both Mr -Barter «&i "behalf ,of thoee/present"wict&ie& Jr, ; ly snooessful efforts. > *i i„. T;™ 4 NEW ZEALAND APPLES' ? IN< - ■-;';'' " ; |v ; :: lariJ I*'l*' 1 *' land j of - exdeUerit ctiaHU . condition. -. the holidiyi. - Cox'# 24s to BibcUm»;2os , " .rUb;ipf-i ,• -j

r : v-THE * FRlin£^

. CHEISTOfIta| Boxing the week the bm|h plied with -all olseses the demand was only pjM fairly low -'l*l Tomatoes torn slightly day. Dessert applesw«JjSj throughout the week, bttiil peara fell slightly from Nelson much week. A email .line this week in fair conditional 6d per case. Tho Island bananas a'.id artojmjj Valencia* and lemons, here ex the b,9. jJ and a shipmont of Fiji few days earlier. . -ig Quotations, were as foll«*& Apples, Nelson, per QawS lo'oal, per case 8a to Us; apples, cooking, ..jwr'S bananas, Fiji, per case, Cape gooscborries, per IV. 1 up to ;2s 3Jd; grapes, seeth Island mandarins, per ci(£ Auckland, per case 8s to # ing, per case' 6s; pears, <g 10s to 12s; peaches, cookrajj 2d; peaches, <Jeeeert, tomatoes, sauce, per lb; dessert, per b up to .Sid]"* Is; beans, French, per,;]® dozen .bundles 4d to fid; oat 1 Ss 6d to 4s 6d; cauliflcrtfeii 6d to 5s 6d; carrots, per d<j bers, hothouse, per lb door, per case 2s 6d; peljgi and 6d; RTeen peas, per-p£j per bundle 4d to Bdi;ij»| la Gd; marrows, per docen gi per B.b. 2s Gd to 3s 6d; 'c| B.b. 3s 63 to 4s; onions. jjMS nip*, ner dozen 9d';. potawj pumpkins, per dozen up> fed dozens 2d; spinach,■ per s.b., 2s to 2s 6d; striiw for 10. i/r | ■ ~T'^ AUCKLAND MAJ • (gracui, to ''rajjlf AUCKU, With , tha shortening of by . the Easter holidays, wKq houses have been kept ve»| ing to cram a week s womb Wholesale grocery cope with a particularlyhsaT arrivals, ana as . heavy. bo«j made . for. ex. .ship deliy*® section of the trade, detsi to include this extra bußiMj Hardware—Trade general provement. ■ Importation^iN pected arrivals will lines. Costs, are "fairly jgtaj Butter—'As ' indicated yam week: the price, of butt<w«gG| Ms been advanced to. : M|3 the f.o.b. rates for position is still ao'mjm&ifH in that Opotiki butted pound dearer' than oiation. The price - ofvmgi market now approximately that, have been rUling --fMKjM in Wellington and ,! turtia®§ has, como rather . lattftjfila farmers have had' a laxger output due of; pasture this for hnaW end - 'of eeaapn it of ailot of- ffl6n«y«3ußo|i*w| Potatoes—tfttija , store; for .b«t a)M! Oiiions—Ample roppMjHM foi*ward af.S« p« cws. Maize-rThe marketvlitfla whol^uiffi| ' (Sits—A grad« are per ~btißh6l,- e* -stort, -«ajra| Chaff— U}tle this market Jtom .beingqbtaan9d:from ,'tMH Bahgitikiei, and factory on the 1 harvesting. Beat southern i, Wholesal*;cmT«nt pimß p« Ih eeparator" Is 2d ' per ctasese, medium 9d»p«r'lb, per vlb. ■ biconhtrd' lid, tojH 2aJ.od of^3i r p4t" cent. p«r ton. £9 10s,.bra». jB6 10»,oa^B

V ;WELtINCTON Clf

war ig.is^o^BqtM la oimnearion with Couiieil of for ro4d 'works; its with> the Mayor ihe*m|6nlry on ,tt«i of the to6» «{|t|mn| can bi BwwtecfHfefei^MH raising. of, on 4notffiJ> jwN works. v lt\*as &«it|m| » "><*al cowteh iWiJjB hunp stun to .cany. :;ogfi3B i' IrtJtKS; hut's rach*V&wfjHH i euohea the otte,the;|3wSamll in Lohdbn -moms was i - tfcp ,j£kuOont j£»rT*tiraiM|iß i btit Jan other .reuKm^^nM| la",tr«m»iy plant, ■ lawffiSjafl i because ;the. raiii^^wljJH i the flotation? and IbiraMM " :S»n« Wm it 40*t«aph/ •SfibKttWmM tMinkatd '2OOO 20o' prtZ, H.,-E. - Vlfllfiß The: H<Wse^CWtfiany?_L»wHHM iig^B B>per, G per cedt. :KBc*ft® to £6oo' a^bal^noeof

CHRISTCHURCH STOCK exchange. . / -1 Jbbsd**'* transactions. 'Jit reported Struthers (lie QUOTATIONS.

.DtTNBBHf, April IS. fGbma&~&. and p. Deferred ; lT«ir ZWaad Bs£rigei*t" Ws; Wellington iwat v: lts; .Andfland tlas (paid), i™WKT £9l. its' 6d, sod lijriits show *"** amior d»>

PROMISSORY NOTES.

important judgment. An important jtfigment concerning the matter of z promissory note was delivered by Mr J. W. Poynton, 8 JUL, at Auckland Uus week, in the case of Abbot v. Kunst. (Mr Leonard for plaintiff and Mr Matthews tor the defendant.) ••id Mr Poynton, "is a oaae against vne maker of & promissory mote. Defendant had a transaction thronga the late firm o£ nsmmood _ and Crackneii, solicitors. She wished to ne.p her son in a venture. Hamznona said it was necessary to pay thing at once, and got her to sign a promissory note form. She had never signed one before. It was unstamped and blank except for the amount of £SO. He gave lier a written indemnity promising to pay the money before the maturity of the note. He then discounted it with plaintiff and converted the proceeds to his own use. The defences are m«oy, but only these may be considered:— 1. Did the failure to present tho note on_ maturity make it of no value to the holder? '% Bid the want of a stamp when cashed or signed render it void? '*3. Did it require presentation? "As to presentation, it is doubtful if a note drawn as this ia rendered void for nonpresentation. It has been repeatedly held that the place of presentation mu3t be in the body of the note, and not on the margin or at the bottom. In one case where the note was printed except names, dates and amount, and the place of payment was printed at the bottom, a special presentment there v.as necessary (Trecothick v. Edwin, 1816, 1. Stark, 4£B, English and. Empire Digest G, : 421, Par. ISM). Where a maker wrote across the face of the note the place of presentation it TE-as held a memorandum and not in 'the bedy* of the note. A peculiarity about this promissory note is that the palintiff, not thn maker, inserted the* place of payment. Klendant knew nothing about it. Plaintiff did not prevent it because he rang: no Hammond, who told him that it would be a matter of a. few days only when it' .would be paid. It is contended by plaintiff that Hammond was defendant's agent, and had implied authority to waive presentation, and his request not to present the note was a waiver. I do. not agree. He had no authority to do what he aid. It would rather be the other/way. Having, given the indemnity it would be to his interest to have the payment delayed. "After the note was.due and the smash oame to Hammond and Cracknell, defendant was seen by all agent of the plaintiff. She promised to pay if given time. It appears to me that this promiso was a waiver of any omission to present, even if it were necessary. The-, authorities are very conflicting, but Woods v. Dean, 1862, 3 B. and S. (a derision; of three judges) decided that ft promise to pay if timo were given was a waiver of the right to notice. See also Newton v. Husson, 1914, 30 W.L.R. pp, and Foster V. "Woodworth, 1908, 8 "W.L.R., 688 (American Reports referred' to in "Digest"). "On the question of stamping the clear provision of_ the Stamp Act, 1908, 71 (2) as to the invalidity of a note not stamped when negotiated ha* been rendered nugatory by Court decisions. (See Sears v. Cook and Oray, N.Z.L.R.. 15; Bank of Nat Zealand v. Harrison, 6 N.Z.L.R., p. 78; Walter v. McLaren, N.Z.L.8., 2, 162. "I think defendant is liable. Judgment for ' amount claimed, with costs. Security for appeal, £ls 15a, plus costs allowed."

EXPOBT OF TIMBER. (rWOSS ASSOCIATION TXU9OEAM.) WELLINGTON April 14. The following amending regulations relating to the export oftimber have been Gazetted, ; Notwithstanding anything* to the oovr trary in the timber regulations of August 6th, liSlB, as amended on February 18th, 1919, the Board of Trade shall not, without the consent-of tho TJinister-in-Charge of the Regulations, permit. the export of any rimu, kauri, or beech timber produced in New Zealand during the penoda mentioned in .the schedule in excess of the quantifies specified in that sohedule for the said periods. Sohedule—Part I.: The maximum quantity of lims that may'be exported by sawmiDa engaged in the, export trade prior to December 81st, 1918, is ae "follows: Feet. April, 1922, to 21at, 1923 15,000,000 April, 1928, to March SlsV 1924 .. 12,000,000 April, 1924, to March 81st, 1936 .. 9,000,000 April, 1925, to March Blat, 1928... 6,000,000 Part ll.—The maximum quantity of rimn that may be exported by sawmills not e&gag®d in the export trade prior to December . 318t > 'MM, is as to March 81at, 1923, 1,000,000 feet. . ,Subsequent_Vearß— Nil.. / Part lll.—The maximum quantity 0 { kauri that may be exported ,for -the following MS?. to Mwoh Slat, feet; Subsequent years—--500,000 iwt./ ', ; - IV-—fa® fliaximmi quantity of beech r !s£Lu£v*iB£3J°iff PRICES OP RAW MATERIALS. I MOVEMENT BACK TO pke-WAB ! , LEVEL. • . < _ Tho prioie . .of <;»** material*, except for * few oommpdjtlee, are not quite down to the pre-war ieTel, but tboy are tendinj? in that dixetftaoo. Tho highest prioea were touched jn May, 1920,' «w; ainc® tien tho fall in yaluea has been vWy pr ofiounoad. Tho lot lowing comparison trtlV ahbw Tie movomoots

I Bubber, jut#,v*Bdoopra have fallen to I Wow the pr*wsr.rjerel, and it isr singular i that these products come xnautly from the i East. Copra, which was referred to befoi* > the wax m ."tha oonsdls of thfe East," is now £6 8s 6d per ton below the pre-war level. Jute has fallen £32 from the highest point touched in 1990, and is £B 15s per ton bejow the. lewel ofi,thequofcation in. December, 1018. while ,Jnk, ntbbM is Mid lower thta in-'IOTS. -The. uontractioc in tha values «£• these raw products is expected to cans* a cheapening of tt»;manufactured goods, alid wool and grain glowers may get their woolj>ack» atod coomsacks cheap rates. :

GENERAL NOTES.

The eflocta on the operations of eoft-goods warehouses on the "unprecedented foil in stock values" dm-ine 1921, were commented upon by Mr James H. Kiley, oh airmail of directors of Beaik, Schei£*s> and Febtcad, Ltd., at the animal meting of shareholders held in Melbourne a few days ago. It was first time in the history of the company, the chairman said, that the result of the year's operation! been such m t<o render it impossible to pay a dividend on the ordinary share capital. In common with all other businesses in Australia, the company tad now to face big lesses. The outlook for the future was blighter. Trade had opened up exceedingly well, end the turnover for the first two month* of the current year allowed an advance of £47,000 when compared with the corresponding period of the previous year. He had seen the figures of many large Australian soft-goods businesses, and he could assure shareholders that, in comparison with some of them, the company "was in heaven.'

Part IH., Public Finance, of the Statistical Register of New South Wales for 1920-21 gives a table of the taxation per head of that State over a eerie* of years. The growth cf income tax, and of all direct taaes levied by the State, is seen below: — T f„~ »11 Tar/W.

In one year—l92o-21—tho income tax was almost doubled. In th*> eight years under review it was .trebled. In the eight years the totsl of ail taxes per head of population was almost trebled. In the eame period value of production of the State per head ot population increasfd from £3B 17a to £ix> es. In other words, while the value tion per bead incroi.-ed by « oent th® amount per head extracted from the people by taxation increased by 180 per <*nt. Is it any wonder that, with the fear of. £ll father taxation, industry has languished?

Those Australians bordering onthe cen tury, who hold life policies in the are to have ft concession which jial interest, even lor those who fc» e reached this very advanced age, and ar likel? to. Actually, remarks "Argus " a man ought to die not later tha aCT ninety something, tut there are holdera who go over the lo drawing its revenues from a sporting people does a sporting thing in determining that a person of ninety-ftvo shall be considered to have paid enough for his "furance.auS shall get the who!* sum, together withall bonuses. There are, as Americans would express it, quite a few policy-holders of ninety-five and more who never expected to handle the proceeds of a policy payable «W at death. It is possible that these may be cases whero the relatives of poil cy-ho Idcrs will not "b© overjoyed at the cocioty s liberality.

It is alleged that steps are being taken to form a combination of steel interests that will have a world-wifo influence. Already it is Mtid tiiAt a* beginning h&a wmi -mad» in Belgium, where the eteel bureau haa teen re-ectikbliflhed with member# bound by & years' agreement. Haw steel, semisteal, and products up to rails, bars, and joists are aaid to be first covered by the agreement. Then the Luxemburg and French companies axe to come into the arrangement, while after that the Dutch agents of the German makers are to bo brought in. With combination of the kind .it is stated that it would be wise for the British makers to link up, but that suggestion t» being discussed advers«fly by the) manufacturer,. of that country. They think that tW_be»t polioy is to preserve freedom of action as they have done, even w.hen threatened by American competition. It is felt that •would not be wise for them to take part in artificially maintaining price® against consumer, and that in any case it would b* folly to engage in ony trade-shariag The genesis of the project is said to be they fear that American makers may so expand exporte that markets will be at their control. It is difficult to see that anything of that kind is possible unless th* course of the exchanges alters, and labour in- tho United States gets down to the lcv«l of tnat in Europe. A» annouacememt of great" interest to dealers in stocke and shares is tnat of the London Btock Exchange Committee, that, upon the expiry, in August next, of the war regulations controlling the business of the institution, a return will be made to the system of fortnightly settlements. ■ That has been superseded by w the plan of cash paymeats for all business done. In view of the state of foreign exchange, dealings for foreign ©Hsnt» resident abroad; and foreign arbitrage business. will only be for cash. - Australian house* for eome time has found, savs the "Argus," that the each system .of deling in stocks and shares as in operation in JjOßdon effects business with that oeratre, uwesa it is desired to bring Scrip out to the Commonwealth. A limited contango, or carry-, oyer, business, ia to-be permitted in Lon* don. Nothing iff said as to how. far cover shall be put up in this class of dealing, o* whether, as a good many, brokers desire, a margin will have to b# provided by a client to safeguard the broker against lose through the olient'a default. The restriction imposed upon, foreign tabitiag« businew may hit some- members of the Melbourne Stock Exchange rather badly. They are expert at that class of business, and feel-that they are quite able to take'care of' themselvw. Apart from these minor considerations, there is little doubt that the teturn of We London Stock Exchange to fortnightly will greatly stimulate speculative buainefls, hot only in London, but with Australian markets. , ;. • . I

A remarkable recovery has been made by the Belgian glass industry sinijs tie armistioe. Most of the plants were either destroyed or removed during the war, but has'.l*e©3vo*ZTMdl on witib suoa seal that practically all plants are now capable of equalling thoir pre-war production, in th« eawy patrt of 1920 th» industry profiled by exceptionally favourable oonditions> and the syndaoate of plat« glow manufacturers was then booked so far ahead with ord«» that no.further aocounta were accepted. During the first nine months of 1921, however, production was curtailed to some extent in 'order to maintain prices. It is stated that the window glass trstde hae probably been lees affected than the other branches, the output nearly highest records of 1918. In the latter year Belgium exported 40,599,441 kilos (the kilo equals 2.2 pound*) of plate glassy 207,182,901 kiios of window glass: 5.577,251 kilos of bottles,' flasks, demijohns, and ordinary gltßSWaxo; 81,422,287 kilos of goblets; and 5,067,786ki10a of marble glass, plaquea, slabs, and tiles, the total rune bein£ 104,701,754 francs. 1

Important developments in the puxohas* of wool and other pmduoe from' South Africa for Germany are taking place Our Bradford correspondent writes th*t Herr Hugo StinnM had made an arrangement with Mr O. H. Boch. a Capetown-wool tmerobarat, to ship oomiuderable quantities of wool, and meat to Germany, a 'Ann under the stylo of C. H. Bech and Co. having been established at Capetown, with a branch at East London. Mr Boch, in an interview, frankly stated that Hetr Hugo Siinnee had been importing big quantities of wool from the Argentine and Australia, and this new organisation had been formed to-begin operations on similar lines at all the selling centres in South Africa. Before the war, Germany took two-thirds of the Cape clip* and the announcement that such a magnate as Hugo Stinnes. had formed direct association with S6uili Africa caused quite a flutter among, thoeo interested in South African ,^ool.. German mills have' always had considerable leaning towards South African wools, chiefly because they comb an excellent colour, and also owing to their comparative freedom from burrs and Beeds, euoh as impregnate a large portion of the Australian filip. Then, too, Cape wools are very suitable for treatment by tha Schlumbergsr oomb, which is So much in vogue 'in Germany. One already sees the establishment of direct sailings from South Africa by Hueo Stiimes. who practically owns th« largest German fleet of ttsunen.

LOJL'S UNDERWRITING LOSS.

The chief reasons which actuated the directors of the Insurance Offife of Australia, Ltd., in arriving at the tentative •ffemtat for the nale oi that company s shares to the North British and Mercantile Insurance Company, Ltd., are oat m T ?,, c^ff er lar issued to 1.0.A. shareholders. The otter of the North British Company 13 "J for the shares in the 1.0.A., tcat lot less than 80 per cent, of the shareI holders are -Killing to accept that price, and to transfer their shades to tno p organisation. If the percentage p* f tioned agrees to sell before ilay 7 f- h next, the Xortn British Company must buy ado pay for the shares" by May 31st next. North British Company reserves the right to buy at 3s each any shares (being less than 85 per cent.) of tho existing ww® I which holders may be willing to sell. In strongly recommending acceptance 01 the offer of the North British Company, tne I directors of the LO.A have been actuated by the following considerations, as statea in the circular. "It is not possible to issue the annual report and balance-sheet up to December 3I« fa.it, with this circular; but unfortunately the results will show sn underwriting los 3 of nearly £30,000, and, after deducting »- teiast and appreciation of investments, etc., will still show a net loss of about £"20,000. i This result is chiefly brought' about throngu [ marine business. - In common with other : offices tiansacting marine insurance'. v l ?*® claims have been very heavy, in addition to a large decrease in marine premiums. "It vould be impossible to safely carry on without largely increasing the capital of tlie company, and this could only be done by either issuing and obtaining subscriptions for new shares, or making a call on the members in respect of their shares. "The company has been required to place cash deposits exceeding £50,000 in the various countries where it has opened branches, and is now required to find by June 6th next £35.000 in cash under recent legislation in New Zealand. All these funds are consequently withdrawn from the company's ordinary business operations." The directors state in conclusion that ' even with iixreased capital they could not l?°k forward with any certainty to paying a dividend within the next two years, and, under all the circumstances, they offer their assurance that the interests of the shareholders in the 1.0.A. will be beet conserved by acceptance of the offer of the North British Company." It is regarded as highly probable (says the "Sydney Morning Herald") that the 80 }>er cent, proportion of shareß necessary to clinch, the bargain will be made available. Some of the holders will doubtless feel disinclined to part with their interests in a concern, the prospects for which they may be able to view with optimism, despite the present absence oi dividends on their holdings. But even with such shareholders the fact will weigh strongly that the shares are paid only to Es, and that they carry a callable liability of another equal amount each. The prospective purchaser, moreover, is a financially robust concrfn, with abundant security to .tender as guarantee for the fulfilment of its part of the agreement. As to that there can be no doubt. But the offer is on the basis of net cash in payment for the shares purchased, and there is neither condition nor implication in the terms of tjie "deal," as disclosed, that sellers *re to-be entitled to or are to receive any Tight to membership in the purchasing or^misation Even without that rztra attraction, however, the return to 1.0.A. shareholders—especially in view of the alternative to acceptance, as presented bv the director*—may be deemed sufficiently .alluring to ensure the consummation of the "merger."

Australia. 1913. 1920. 1921. d. d. d. Mutton, per lb ... 4 9i 74 Lamb, per lb ... 5} 12 Hi Frozen' beef (fores) Frozen beef (hinds) ... 3i ... 4 8J 113 4J 6* New Zealand 1 . 1913. 1620. 1921. d. d. . d. Mutton, per lb ... 4| 9J 81 Lamb, per lb ... e* 12* 12 Frozen beer (fares) ... 3J 4* Frozen beef (hinds) ... ' 4 112 6J Argentine. 1913. 1920. 1921. d. . d. d. Mutton, per. lb .. ,4J 7 7* Lamb, 'per lb ..'.Sf *12* 102 Frozen beef (fores) .. 3i 8i 5* Frozen beef (hinds) .. 4 12 9 Chilled beef (.binds) .. 5 12 10

[K|1 Buyers. £ a. d. SeU«rs. £ ». d. HwITPBSS— ■ffOert. «* ctn 1988 7JP.C 90 13 0 100 0 0 vi. BEiSBieei .. AGENCY— Mort MercanPSfSttF Btodt> 6 12 6 2 8 9 7* 10 0 12 12 5 16 2 9 12 7 2 13 l 1< 80 0 0 0 8 0 6 6 0 aJS«EAT— Py~jL titrating (10* 0 13 3 0 13 5 - Tomb 8 2 19 0 6 9 0 14 0 3 BXOHAKQS. - TBUtCJUK.) ' ' -■ DUNE DIN, April 14. WM%$S*a CLOSING QUOTATIONS. HfriffigK:.' Buyei». 8»ll«r». £ ». <L £ •. d. KP^IwH^Sol-' BglSHBmjunctkm 0 3 0 0 2 6 0 10 6 0 18 9 0> 6 a 0 1411 0 6 0 6 0 19 0 .7 0 15 0 0 6 0 1 KHKrilai •• 12 0 .0 13 5 0 85 0 0 2 9 .0 12 6 0 1310 2 9 12 7 0 e 6 BBpHpF:," 8 0 0 1 7 10 1 18 0 2 11 8 1 8 2 MmW lbl) .. MS 0 0 816 6 0 Ki£V(p(f.) .. 0 18 0 - •• 3 6 0 fl * 0 Wfc*A'wdi:\ .. 1 8 0 1 8* 0 6 1 0 5 8 — 0 8 9 •• 118 0 116 8 8 1 « « < 0 KScWSmtile.. - 82 0 q 0 IT « . — . ■. SSaAiffious- « f«A\ ..■ 1 3 9- — toref-) v 0 1® 8 -' T mmow*' - -.-. .. o n< ■« ; •.!--•■:■. ■Pha&V;.-:'- v -.. — o »,'* KjitaBatft** .. ■BAyY:, Bop*. ... and , MHfi. gtXnVT!«Jiaag« " mmm-- ■■■.— - , » ire Hra'KftQBOifeiTrtiDs 12 8 — Kfwtt-MiH* 110 — HhMHfJtfllla . .... pf v- -• - M. 6 WB'. - . premium Bl>ra« (40»rpii<$ 2-13 6 H»nd and Oo.fwd.) /'— 1, 2 6 KBzpiess Go;,0.15 O . > — KSgpitsa Co. (prof-) 0 14 3 ' >.— KSu?dwiLt» (ow.).. 0 ® T ; ' — Sen's Cemtut .: ., ; 0' 16 8 °i) 17 0 Kitaml ■ V4 *' f'. ~ >' ■ 1 5 0 B&Duly Tto* ■■.{*.' ;1 6 0 —• Ettual TxwtciM .«• 3 7 0. 2 10 0 Ecomb«andTomt* 2 18 0 — paid Electrio •• — 16 0 p-Co.^ora.)^ •'•... ihthlsnd MertCo. ntMand mterbury' FifStUi Jtaat ' Co. .(aid.) , nta'Ola^tf^FteMwr. ftTT.PlfO t ». 1 12 0 > ; "■ . OHIO 1 8 0 one 11 7 6 "4 i t >18 8 tkca (P•''d)' - w u. tm(a>n.) , - ... titoai («A) . . ..- K lf*4' \ pSroSDEB— 1 " l&'Sonda, 1880 .. f|<3oad*, 4988 U^Btodt,-1M9 ' .. ■ftM 1888 Itutd, 1989 1027 .. 1999 .. BpSs"BoBdl,'18e8.. 1B83' ■•"<'■;''^r- ■ i is o , o il? 0 prabfUm. 16 ft '• V 90 10. 0 19010 4 90 7 6 90 7 6 98 16 0 *8 IS 0 (96 O 0 96 9 6 LNGSB. ' 1 6 012 83 10 ,90 17 9017. 8 8 0 e » 4

•Doe., 1918. May, 1920. April, 1933. Cotton .. < «• d. £ s. d. £ a.-d. v' 0 6 8.094 0 2 OM 0 0 10.38 Rubber.1 '«#* 0 ,3 1' 0 2 li 0 0 10i ».Z. Bate V B 0.0 M O 0 82 10 0 Jui» .. . as 0 £6 0 0 26 10^0 T. 80 7, 6. £910 0 24 5 0 Oop» •

Per head. Per heed. £ s. cL £ a. d_ 1913-14 .. 0 1-1 0 15 3 1914-13 .. 0 17 7 1 11 5 1913-1G .. 0 18 1 1 12 11 1916-17 .. i 6 10 -1 18 4 1917-18 ..128 2 0 2 1918-19 ..140 2 17 1919-20 .12 8 2 8 8 1920-21 ..221 3 10 9