COMMERCIAL.

Press, Volume LVIII, Issue 17460, 22 May 1922, Page 8

COMMERCIAL.

WORLD'S WHEAT POSITION. fijMTAT.T.Ti'R HARVEST PROBABLE. Sir James "Wilson, K.C.3.1., who was b British delegate to the International Institute of Agriculture at Rome, 191417, writes from Crieff (Scotland) in part: — At the end of the war there was a great accumulation of wheat in 'the exporting countries of the world, and on August Ist, 191S 1 , there was an exportable surplus of about 23 million quarters in Australia, the Argentine, and North America. Bv August, 1920, this 6urplu3 had been reduced to 22 million quarters, and by August, 1921, to 15 million quarters. The world has become accustomed to do without wheat from Russia and India, and the supply of wheat and the demand for it nave reached a position of approximate equilibrium. According to the olßcial estimates of the harvests of the present cereal year, the total yield for the world (excluding Russia) is about 386 million quarters, as compajed with 336 million last year. The yield for Europe this year is estimated to be 29 per cent, greater than it was last year. Europe as a whole will, therefore, require much less wheat from nonEuropean countries this year than last year. An estimate based upon the official statistics of tho yield of last harvest and on the exports and imports up to the end of February makes the probable import into. Europe during the current cereal year about 61 million quarters, as compared with 70 millions last year. The total import of non-European, countries for the year appears likely to be about 14 million quarters, making the probable demand of all importing countries in thfe world (including Russia) 80 million quarters, as compared with 82 last year. Estimates similarly framed for the principal exporting countries give the total quantity of wheat likely to be available for export during the current cereal year as follows: —Canada, 25 million'quarters; United States, 22, Argentine, 17; Australia, 17. India •may be in a position to spare something like 6 million quarters for export, | .'and, although there may not be any very large export before August next, the existence" of this possible _ surplus of .exportable wheat m India is likely to hare a considerable effect on the ■I world price of wheat. The probable ■exportable surplus from all countries ■ during'the current cereal year is 90 quarters, including the 15 m.q. :f>{ old wheat which was still avail•able for export in August, 1921. The ~estimate of the probable imports during the vear gives the total requirements of - all the" importing countries in the world } (including Russia) at _BO million ' quarters so that,; according to these e'sti-. j mates, there will on August , Ist,• -1922, be left in . the exporting countries ? oil exportable surplus amounting to • abojit 10 million- quarter?',.as,compared with 15 million quarters last August. On the whole, there is at present no reason to suppose that the yield of ■wheat in the next cereal year will be less than it has been this year, or less than the world's effective demand. But 'no :one can foretell,the future weather. Last year there was a very rapid fall iii--the world'price of wheat, probably ..due to-the removal of control; the operation of free coihpetition, anajthe good prospects, of -the ' European harvests. On , September 30th the quoted price of spot .whea-tktrNew York was almcfst- exactly Mmlfiwhat it had been'a year before; and after-that date is. continued to fall, un--

■ til on Januarv 3rd .last it .was 119 cents v jiirt bushel. Since then it has been on : the whole .stectdily, rising, and on March j' Cithittfas JLSO, as compared with 193 a Vear before, and with 105 on the corresponding date in 1914 •Last year there was a very rapid fall in-the rates of ocean* freight, and at the end of October they were only about • dohble the pre-war level. Since then they have again risen as regards wlieat. brought from; North America and the 1 Argentine, and are now about three *imes th? \ rates.. The rate of exchange between London and New Yorkrhas . flaring the las: 12 months, improved l by about 10 per cent., and the! > paper pound .sterling is now worth .89 vper o«nt.; of tbe fina gold in i sorer-•-eign. ' This ■ rise in its value tends to -lower the amount in sterlin'g required to pay any turn fixed in dollars, and to " reduce the price of American wheat in , this country. . f „ . In the United' Kingdom the price of • home-grown "wheat depends inainly on •. " -"the cost' of foreign wlieat, with which its £ competes.v. A year.:ago it was con- ; trolled"% Government, .and was ,75s per 4801b, After the removalJof control.it ' 'fefi rapidly. 1 and in the. beginning o f January was only 44tf 7d; but,rise in-the. world price ,or wheat to 53s 8d in- the week ended March Hth, and is now r>9 per .cent . above the corresponding price in; 191*4, when it . was 31s sd. The ' inarked rise in the'last two months, 1 is. no 1 doubt, mainly due (1) to the realisation of the fact that the demand for. wheat from abroad by <jhe Continental countries, of Europe has - - been larger than there was reason to ' expect from the estimates of the view of their last harvests; (2) to the disappointingly small official estimate of the yield of the "Argentine harvest; and (3) to the serious drought which, affected the winter wheat in the south-west or theTJnited. States. The Argentine yield miy turn out to be better than the of- - >fi«al estimate. ■ ■ THE TARIFF AND HARDWARE.

-"- v . • AMEBXCA2TS ATEBOTBD. the war, and! far some timo lifferwards, the Commonwealth and - New Zealand were almost entirely de--1 pendent upon the ,United States for supplies of /hardware," for very little ' could' be obtained from Britain (says ' the "Dominion"). A little hardware r, ' .also obtained from Japan, anduor TtTSMg? hupoHslfEtan pay dearly. The tifrifi oflasFseisron ■ bas 'put the Japanese out of business, -and ii slowly killing tho American We. The imports of-hardware Jor the past four yeafs ended March 31st ; ipow the; following movements v- * I v 1020 v ... ••• -t ' f 1921 .... ... 2,042,375 " 1922, , .... .« 1,596,282 . Tho 1 Americans are, however, : makinggtteqnous efforts to hold their tradc'and • v to (Some in under the "favourable terms of the tariff they. are. opening factories in Canada, and the goods are slhipped front that Dominion; The tendency of importers in New. Zealand is to divert trade to Britain," that is to say, they .prefer, to : deal .with British houses,. Tather than with American, because the . • former are more satisfactory in their dealings, arid there is mora confidence in. their methods of trading. ENCKIISH; MAEKETS. ' '■ ■ ■!a* 21st, 5.5 p.m.) LONDON, May 20. iv«ry. li:B3'd per lb. and smoked bipment, £BIIOB per ton. . Wjßn»nt,;£32 .per ton. »; uupment, £23 10* per

| THE DAIRY POOL. A LONDON CRITICISM. (By Cable—Pr«s Association— Copyright.) (Australian and N Z. Cable Association.) (Received May 21st, 5.5 p.m.) LONDON, May 20. The "Financial News" publishes an article by a Colonial importer -declaring, that after forming the New Zealand Dairy Produce Pool, and making use of the existing channels of distribution long enough to give them an elementary knowledge of marketing and distribution the promoters will appoint their _ own agents in the United Kingdom, eliminating all private firms and thereby confiscating business built up by millions of capital in t-ho past half century. The assurance given bv the supporters of the pool that it is intended to distribute all produce through the exisiting channels is valueless, as the proposed company 1o finance and conduct the pool is not yet formed, and therefore nobody has the power or authority to give such an assurance. A GLASGOW VIEW. (Received May 21st, 5.5 p.m.) LONDON, May 20. A meeting of -the Scottish Provision Trade Association at Glasgow discussed the New Zealand Dairy Produce Pool, and decided tiiat it would be injurious to the dairy industry, would lead to the loss of goodwill towards New Zealand produce and the diversion of buying to other sources of suppply.

A TABANAKI PROTEST. (PJIESS ASSOCIATION TELEGRAM.) WELLINGTON, May 20. Mr William Freeth, a director of the North Taranaki Co-operative Dairy Company, telegraphed to the "Post" as follows: —"Dairy pool delegates only instructed to formulate scheme. Tlie.v had no authority to commit us. Hundreds never had the chance to discuss the scheme. Considerable resentment is felt." AUSTRALIAN FRUITGROWERS. ADELAIDE; May 20. At the final session of the Inter-State Fruitgrowers' Conference, a resolution was passed that fruitgrowers would be compelled to receive help in the form of a fruit pool if Government control of the sugar industry did not cease and a return made to former conditions. Failing the assistance of a pool', fruitgrowing for canning and jam-making must cease. ~ Queensland delegates opposed the motion, saying that. they - hpd been instructed to fight for the maintenance of white men's conditions, in the sugar industry. ~ . . ... AMERICAN SHIPPING. OCEANIC MAIL SERVICE MAY DISCONTINUE. (Received May 21st, 5.5 p.m.) , WASHINGTON, May 20. Mr Sam'ield, assitant president ot the Oceanic Steamship Company announees that a discontinuance of the company's mail' service between San Francisco and Australia >■» will - result shortly after June 30th if the Governments fails to renew the mail-carrying contract . •

A PAOIPIO COMBINE. SYDNEY, May 20.' Advices from America say that it is proposed to form a shipping corporation with a capital of 30,000,000 dollars, in which will be merged all the American shipping concerns at present operating in the Pacific. It is being formed to control one 'lin-3 between the United States, Japan, China, the Philippines, Austra, lia and India.. It is hoped to include the Pacific Mail Steamship Company and ,the Pacific Company. H the proposal matures it is intended -to take over fifteen American line? from the American Shipping Board: The local shipping offices are not acquainted with the proposals. . , v .

rEOZEN MEAT. ' ' "' (Received May 21st, 6.5 p.m.) ;LONDON, .May 20,. Mutton— Canterbury, light SJd medium 7i^ heavy 6jd; North 7Jd to 7|d, New Zealand ewea, 6Jd; Australian, firsts 6id, seconds 61d, ewes 6id; South American, light '^Lamb—Canterbury, seconds 10id; Southland, lid;' North Island, selected llid, ordin"Jrozen' Beef—Argentine, fores BJd, hinds Bid; chilled Argentine, fores BJd; others are unchanged. Messrs Dalg'ety and Company/ Ltd., Christchurch, have received the following cable from their London office, dated May 18th, 1923. - " Frozen Lanib—Derjnd runs principally on finest qualities. Maiaet weaker. We quote: "Prime crossbred lamb, Canterbury, heavy 103 d. light lljd; North Island, heavy lOJd,' light 10Jd. Poor demand for Australian lamb, for which we quote: G.A.Q. crossbred, heavy 9d, light 10id. . . Frozen' Mutton—Demand 13 less. Market weak. We quote: Prime crossbred Canterbury, heavy 7d, light BJd; North Island, heavy 6gd,; light 7Jd. Poor demand for Australian" mutton;'for.'which- we quota: G.A.Q. crossbred, heavy 6id, light 6id. Frozen Beef—Demand is, poor. Prices nominal. We quote: N.Z. prime ox beef, Kinds B}d, fores 2id. ; WELLINGTON HIDES MABKET. , Wellington brokers, held their fortnightly sale of sheepskins', hides, etc., on Friday. There was the * usual attendance of buyers. Competition for sheepskins was,. very Keen, in sympathy with the wool rnarket. These •<hoijr<>d a decided rise of from H to Jd per lb. Hides were again dull of sale; ox hides showed;'a decline of-up to 2d per lb, cowhides ehow'ed a decline of Id to id per lb, kips Id to J'l declino. Calfskins sold on a par with last sale, whilst tallow was, if anything, a little easier.-' The following gives the rang® of prices 'realised:—•' Sheepskins—Halfbred, 7d to 7sd; fine crossbred, 6d to 74d; medium coarse crossbred, BJd to 6d; snort to half wools, 2d to 4id; lambs, Sd 6}d; dead and damaged crossbred, 2d to 6d; inferior and badly damaged, Id to B£d; pelts, ljd to 2d; damp, 'sblted; gTe'en,' io;i»;-lamlM, salted; Is 2d .to 2e lid. . ... Hides.-rOx, heavy, Bd. to 12Jd; ox, medium, ed # to 8d; ox, light, 4id to 5Jd; cut slippy, and inferior, to 6Jd; cow, heavy' 5Jd to 7W; cow,-.medium,',4Jd: to Cgd; cow, .light, 4}d to-6d; cut,.slippy, and inferior Id to 43d;'. bull,* stag, ,2JJ to Sid ; yearling 4d to Md;-calfj; superior; f4Jd to 15id; calf medium 2d to 10|d. ' Tallow- ca^s/*2BB 6d to'24s ;in tins, etci, 16s 6d to 24s 9d. ' ' . WHEAT MABKET. (Received May 21st, 5.5 p.m.) ' - , LONDON, May 20. Wheat—Cargoes, are lower,/owing to American weakness. An Australian parcel on naos»ge sold at 68s Id. • HOWAED, SMITH AND CO. _ . MELBOURNE, < May 20. Howard- Smith, and Co. ate seeking sanction: to. .zeduoe the. oapital of the company from £5,000,000 to £4.500,000. by payixuf. off 1 ££oo,ooo preferenc* shares.

"POSTPONED THE HOUR." EMPLOYEES' BULLETIN AND ■ WAGES SEDUCTION. The current issue of.the "Industrial Bulletin" of the New Zealand Employers" Federation, in referring to the pronouncement of the' Arbitration Court on the question of wages redaction, remarks ttfiat in industrial disputes, as in games, it is to criticise the ruling of the umpire''The claims.of Labour have und')ubi.edly received generous consideration, says the "Bulletin," "but at the same time we believe that fhe Court's decision has merely postponed the hour for facing the real j/osition. It will delay the readjustment to normal wages and prices, and thus bring.hardship to many industrial employers and employees. "If Labour recognised that, it has been more than fairly treated, eschews strikes, and endeavours to raise its efficiency, and therefore the value of its services, the results to tl'ie employers will balance the account. Above all, both employers and employees must recognise that only by strict economy, the highest individual efficiency, and c.nso team work, will the way be found out of our present difficulties. Optimists <NS3 cheerful people to meet, but in the present situation anything that may be said to influence people to relax their economy and efficiency, or even to lessen their progress in these desirable directions, -will do more harm than pood. There is a long climb yet for industry and commerce befcro the easy going is reached on the road."

LAND GAMBLING. "FARMERS' OWN FOLLY." BANKEB RESENTS ALLEGATIONS. Dealing witih the price of land at tho Farmers' "Union Conference 4it A\ anga*nui, the president (.Mr Hugh Morrison) said that the banks and financial institutions liad encouraged gambling in land, and that, consequently, numbers of settlers are to-duy struggling under an enormous amount-of loan money. A Wellington banker, whom the matter was mentioned on Friday, said that Mr Momson was perfectly right in his description of 1 the position of numbers of settlers to-day, but that he was entirely wrong in stating that encouragement given to land gambling by the banks ihaa been its cause, or even one of its causes. He said that, ss far as he was aware, th'e banks in' their lending during the last few years had not followed tho rise in prices Avhich had taken place. As far as his own institution was concerned—and he believed the same thiyg applied to the other banks —'the conservative manner in which the bariks valued land, and-the low percentage of current valuations which they were prepared to advance, had been a continual source of argument between the banker and his farming customer. Gentlemen who were prominent in farming circles had constantly been girding at the banks becaii6e, as. they thought and said, the latter did not appreciate that the new scale of land prices constituted a. permanent increase of> value, which might be taken as a basis for advance bhsuiess. Words of "Warning. The hanker pointed out that in the speeches of the chairman of the Bank of New Zealand in June, 1919, and December, 1919, when tlhe boom in land prices was at its height, serious words of, warning had been spoken. At tli£ June meeting the chairman stated "Owing to the. present remunerative prices of produce, - due mainly to the war and the Imperial commander, farmers are buying and selling improved lands at' very high prices. With our main new and formidable competitors in the field, with Europe impoverished through the war, and people educated to the use of "substitutes, such as margarine, it is hardly possible that our dairy' products can maintain their present values when the Imperial commandeer ends. What, then, will bo the position of those Who have paid higjh prices for land and burdened themselves with heavy mortgage charges?. The value of any farm land: must be determined by what can be fot out of it by r a competent farmer. this is Largely a matter of guesswork, and a farmer with a biassed mind may easily persuade himself that he can obtain better results .than the fanner who is selling. _. What is primarily required as a. guide to the real value of land is a more exact system of fiirm-keeping. No business can be successfully carried on without a proper bookkeeping 'system, and farming, being a business, is no exception to tho rule; but it is to be feared that at pre-.' sent .farmers' books; where kept at all, are by no ■ means accurate, and are or little use as-an index to the value ofthe land'tho farmer i3'working, and therefore not, entirely reliable, as svguide to his true financial position. ■ "The question ol proper methods of farming accountancy is engaging attention in other parts of the world, and it is to be hoped' that the outcome of the consideration that it is receiving will be the evolution of a satisfactory system by which the farmer will-be able to ascertain the true results of his operations and. to determine the true value of the land he is working, or may l>e proposing to purchase." 1 Another Typical Utterance. And in December of the same year he spoke as follows: "One result of our prosperity—and a. result which I'cannot regard otherwise than-as unfortunate—is an accentuated upward movement in the price of In some districts land is changing hands at prices that, immediately betore the war, would have been regarded as reckless. A note of warning was sounded in the last address from tlliis chair: and we feel it our duty to repeat and emphasise it. Clearly, some agriculturists and pastoralists. are basing their calculations on a continuance of the present high prices' for produce, or a possible further improvement therein. Operators should not close their eyes to the possibility, or even the probability, of a fall, «md should so restrict their liabilities that they will not to seriously hampered should a fall in prices, and a corresponding shrinking in land values, take place." ■ These utterances were typical -of what New 'Zealand bankers had been saying for years before the slump occurred, and the speaker strongly resented the present attitude of the president of the Farmers' Conference in trying to put upon the banks the blame for the farmers' -own folly. LOCAL BODIES' LOANS. . Consent to the raising of the following loans is gazetted:— £ Invercargill BoroUgh Council (for sewerage) .. .. .. 60,000 Nelson City Council (for paying Council's antecedent liability) .. 80,821 Kahautara River Board (for flood-pro-tection works) .. .. , .. 14,000 Waikato County Council (for metalling roads in Orini district) .. 5,000 Waimatuku. River Board (for liver improvement -works) .. .. 8,000 Shannon Borough Council (for erecting workers' dwellings) . .. 4,600 Matamata County Council: (for Tirau water supply) .. .. 1,600 Manukau County Council (for metalling the road from Ness Valley to Te Kawakawa Bay) .. • ..1,000 Upper - Hangapiko Drainage Board (for land drainage) ' .. .. 1,000 Wark worth Town Board (for drainage jxtenaioa) M COQ

GENERAL NOTES. The position of the margarine industry in Great Britain at the present time is reported to. be most unsatisfactory. Recent mail advices state that undue price-Cutting and over-produc-tion have placed the industry on a non-profit-bearing basis. "While the retail price has been reduced to 6d a lb the cost of edible fats has been gradually mounting upwards. Early last month the price of cotton seed oil, which is largely used in the production of the cheaper grades of margarine, showed an advance of £7 a ton over the price ruling when margarine was being retailed at 7d a lb. It is stated that at 7d a lb margarine was nearer to prewar valiles than any other fat food on the market. Price-cutting by certain manufacturers resulted in a further reduction in prices, the result being that multiple shops have been enabled to fix their selling price so low that the ordinary grocer cannot compete against them. The view is held in some quarters that the manufacturing capacity has been much over-done, and that "there will have to be a serious shakeout of the weaker elements." Another factor said to account for the recent slump in margarine was the unloading by the British Government of huge 'quantities of butter which was sold as low as Is a lb, and in some cases down to 10£ d a lb.

The transfer of shares held in the Insurance Offiee of Australia, Ltd., following the arrangement made for the absorption of that company by. the North British and Mercantile Insurance Company, Ltd., is now almost complete, says a recent Sydney paper. Under the arrangement entered into the British Company offered to buy all shares issued by the Australian company at 9s each net cash, providing shareholders holding in the aggregate not less than 85 per cent, of the shares were willing to accept the price. It is understood that the shareholders willing to do so held more than the 85 per cent, required. Sydney reports of a late date state that the market for jute goods was very firm, and a fairly large volume of business was transacted. Cornsacks for season's delivery were quoted at oa 10id, and for spot supplies 8s 6d was asked. Buyers of wool-packs offered 3s 10} d for lots for season's delivery, but sellers were unwilling to do business at any figure lower than 4s. Branbags were firm at from 7s 9d to Bs. " Private advices indicated that tho Calcutta market was. firm, and letters which were despatched from India on April 10th stated that ilp to that time there had been no sign of rain. Advices were also received in Sydney indLat.ng that the opinion was held in certain quarters in Calcutta that this year's crop would not exceed 75 per cent, of last year's. This, it was stated, was due to the bad season and also to labour conditions. In a report to the Commonwealth •authorities, the Trade Commissioner in China (Mr Edward S." Little) makes extraordinary, all'egations regarding the condition of Australian jams and cheese. Mr Little says that he has had reported to him from widely scattered ports instances of Australian tinned jams and cheese, which have actually exploded and scattered their contents over the floor, wall, and even the ceiling. In regard to other goods, it is stated that in the majority of instances gross carelessness has been displayed in picking. . Interim dividend of 5s per sharesequal to a rate of 10 per cent, per an;num —has been declared by Dalgety and Co., Ltd. It was to be payable on and alter May 18th. ■ A firm offer of Java white sugar for June-July shipment was received in Melbourne the other day from .Javp. at £l9 Iss a ton, c.i.fv; arid ior - Aug-ust-September shipment. at £l9 10s, c.i.f. With the addition of £6 a ton duty, and other charges, say 10s a ton, the sugar could be placed in buyers' store in Melbourne at £26 to £26 5s a ton, as against £4)G Is Gd a ton demanded for IA.

The lesson to be learnt from the short experience of Tasmania in tne shipping trade, remarks an Australian writer, is that it is best for Governments to keep out of business. The State line was established to provide cheap freights and facilities between the mainland and Tasmania. , When private shipowners discovered that they had rivaliy they set out to meet it in, the businesslike way of adapting themselves'to their altered conditions. This may be construed by some into an admission that charges were higher than' they should have been. Anyway, they bid for the trade so strongly that tho people .who desired to use shipping lor transport purposes stopped utilising the Government steamers, which now are being run at a loss. Sir Walter Lee, the Premier, threatens a war of freights. If he is in earnest and employs the full strength of the Government to back such action the result will no doubt be appreciated by producers'' and traders, but will it help the community in the long runP ' The truth is that Tasmania is a restricted territory,. with relatively small external commerce, except in one or two directions: . Its revenue is limited and taxation is heavy. Therefore 1 it cannot afford to run the risks inevitable in carrying on an enterprise like that of "State-owned shipping unless it can do bo on an equality with other lines. The people who asked for the service hare proved themsolves disloyal to those who have sought to assist them. That being so, the best tlung to-do is not to incui further losses by engaging in trade conflict but t 0 get out of the business on the best terms possible, and let those who called for the ships adjust themwslves to the altered times. • Australian advices report stocks of kapcc as being very light, and private advices were stated to indicate that very little could be expected from Java for some time. These, reports were interpreted to mean that five months would probably elapse before stocks of the new season's would be available. Prices were firm, the distributing rate being" in the region of Is 7d per lb and in cases slightly higher. The demand for fibre was fairly strong, and prices were firm in sympathy with •kapoc. Pressed was offered at £l6 103 per ton, and for fibre in ballots £26 per ton was asked. THE PROPERTY MABKET. Jones, McCrostie Company, Ltd., eold by public Ruction on Satuiday, on account of Mr 'Williams, the property situate at the corner of Hereford street arid Fitzgerald avenue, known as the Eastern Laundry, for £685, to a client. POULTRY MARKET. Messrs J. B. Merrett and Co. had a good entry of poultry on Saturday. There was a keen demand for all classes of prime birds, and bidding was brisk. Table chickens were 5s 6d to 14a 9d, hens 8s to 9s 6d, ducks 4s 6d to 12s 3d', pullets Ss 6d to 18s, geese 6a to 7s, turkeys lis 6d to 28s 6d, ali per pair. . EGG MABKET. The listings for the week show a slight increase, due to the .production from young stock. The demand is good, and the Canterbury Egg Circle pool this week is the highest, for the South, being 2s lid firsts, 2a 10d ducks, and- 2s 8d seconds. 6

LONDON WOOL SALES.' GENERAL APPRECIATION IN PRICES. (By Cable —Press Association—Copyright.) (Australian and N.Z. Cable Association.) (Received May 21st, 5.5 p.m.) LONDON, May 20. The wool sales have closed. The total offered during the series was 157,721 bales, all of which were sold. All sections of the trade operated freely throughout. The United States tfas active in medium and fine crcssbreds. The Continental and Home demand was fully maintained for a'.l merinos and lower grades of crossbreds, and prices steadily hardened. Best merino 3 closed 7J per cent, abova March rates, medium 15 per cent., all scoured merinos 15 per cent., fine crossbreda 10 per cr'it., other sorts 15 to 20 tier cent., all .Moured 10 per cent., and • lambs-wool 5 per cent, above March rates. A confident tone prevails, and the position appears healthy. Tho New Zealand Loan and Mercantitle .Agency Company, Ltd., have received a cablegram from London, giving the undernoted markot information:— London Wool Sales.—As compared with last sale's closing rates, prices are nbout 10 per cent, higher for fine scoured crossbred, fine greasy crossbred, medium scoured crossbred, gieasy crossbred lambs; about 10 pei cent, to 15 per cent, higher for medium and inferior merino and crossbred slipe; about 15 per cent, higher for medium grea?y crossbred and coarse ecoured crossbred; abo'it 20 per cent, higher for coarse greasy crossbred; about 5 ner cent, higher for super merino and merino lambs. Sales fclo&ed; ma lcet firm. We quote for following London values of New Zealand gieasy wool—Good merino 22d, medium merino 19d, inferior merino 16d, fine crossbred 18d, medium' crossbred lOd, coarse 40's 7Jd, coarse 36's 7d.

NORTH OTAGO MARKETS. (srECIAL TO "THE PRESS.") OAMARU, May 21. Warm, showery weather has been experienced during the week, which has. proved of great benefit to farmers, who are now preparing their ground for next season's wheat crop. Wheat—A fair amount of business has been transacted during the week, millers takinz up all good milling "lines , that have been offering. To-day's f.o.b. quotations are:— Tuscan 5s 6Jd, Huntera 6s 91d, Velvet 6s 3Jd. Oats—This market has'firmed slightly during the week, due to a reported enquiry from Australia. • The prompt demand is negligible, and if nothing eventuates from the. outside enquiry it is very probable tha,t the market may ease back somewhat. _ Tlie local enquiry ior this time of the year is certainly very dull, but nevertheless growers are showing very little inclination to accept to-day's values. A grade Gortons are selling at from 8s to 3s Id f.0.b., s.i., and B's at 2s lOd for odd parcels, to 2s 10Jd, f.o.b v s.i., equivalent to 2s 5d to 2s 6d for A's and 23 "3d for B's net, on tracks, to growers. Chaff —This market has eased in sympathy with oats. A small amount of business has been reported at from £3 7s 6d to £3 10s, on trucks, country stations, sacks extra. ' The f.o.b. value to-day is round about I.los, sacks in. Malting Barley—This market l!> dead, with no business of any sort passing.' Maltsters are showing no interest in this cureal. Potatoes—Auckland reports a still further decline in values, due to the heavy consignments still going forward from southern ports. To-day's Auckland values range, according to quality, from 95s to 100s, ex wharf, equivalent to approximately £2 10s net on trucks.to growers, sacks in. The cocksfoot and cowgrass markets remain steady, but there is a little or practically no quantity of either of' these lines offering. Large shipments of wheat and oats are going forward to Auckland'. The Wanaka and Wingatui loaded between them nearly 30,000 sacks of wheat. The Katoa, is now loading' another 16,000 sacks, principally wheat. i Stock Market.—There has. not been much business .passing in the stock market during the week. Good young breeding ewes are in, request, but there are very few offering, and the .same conditions .prevail elsewhere. Ewe lambs are saleable, but ordinary store lambs are not sought to any • extent. All descriptions of wethnrs are somewhat easier. The sales included a line of 2000 halfbred hill lambs, oi mixed sexes, at 14s 6d', and other sales of sheep were made, at the following Mixed four ' and six-tooth crossbred ewes 225, full and failing-mouth ewes 10s 6d, store six and eight-toot hhalfbTed hill wethers 17s,' fat wethers, heavy butchera" sorts 255, good fat and forward lambs 22s- 6d,. store lambs 14s. Fat . lambs still find buyers on a basis of from 7Jd to 7jd per lb. There is no improvement in the cattle market to be noted. Many would-be tellers find no buyers. The only transactions reported are dairy heifers in palf, three-year-old, at from £4 to £6, and good medium 'weight fat bullocks at from. £3 to £9. Good draught horses are in some icques't, and during the week a mare of good stamtj' found a buyer at £65.

STAMP DUTIES. RECEIPTS FOB CHEQUES. Some laxity in the drafting of the New South Wales Stamp Duties Act has led to a position by which the Government of that State is suffering severe loss.of revenue. Writing to a Sydney newspaper, a correspondent Jointed out recently"Jit is well-anown that many large financial institutions never stamp rcCtipw ior uniques. In iact, they reiuaa to °"' v a stamp, even when requested to do so. Last wee* I received a icoeipt tor £1 18a 6a with no duty stamp affixed. And, again, this morning anotiior receipt tor £i 6», wiuu no simap. apparently it is the policy oi Uie two institutions irom which tiieoe i receipts come not to ainx duty stamps. Both are very large institutions." Another correspondent stated that he posted 60 cheques to separate warehouses ior amounts exceeding £2 and 40 per cent, of iiis receipts were minus the 2<l duty stamp required by law to be atuxed. Jinquiry at the. .New South' Wales Stamp Omce showed that, a receipt for a "stamped cheque" is a receipt for a document," within tho meaning of the law, and is not further iiable ior duty. JJut a receipt in acknowldegment of the payment of an amount of £2, or over, whether paid bx cneque or otherwise, is liable tj duty. ■' The point is a very -fine one, and has been brought under' the notice of the commissioner hundreds of times. Boiled down, it amounts to this: A receipt for a cheque, as such, is not liable to auty; a receipt for a cheque in payment of an account is. This is the result of an oversight on the part oi the law draftsmen. This matter was biought under, the notice of the Deputy-Commissioner of Stamp liuuea of Auckland, who said he thought the Hew Zealand 1 Stamp Duties Act was in advance of that of New South Wales, and did not afford any opportunities of evading the stamping of receipts for the payment of accounts, whether by cheque or otherwise. Section 116 of the Stamp Duties Act was quoted by the Deputy-Commissioner as follows; 1 "Receipt means any note, memorandum, or writing whatever, whereby any money amounting to £2 or upwards or any bill of exchange or promissory note lor money amounting to £2 or upwards, is acknowledged or expressed to have been received or deposited or paid, or whereby any or demand or any part of a debt or demand of the amount of £2 or upwards, is acknowledged to have been settled, satisfied, or discharged, or which signifies or imports any such acknowledgment and whether the samo is or is not signed in the name of any person." This, said the Deputy-Commissioner, was almost identical with the English Act. Many years ago a caution, quoting the Act, was sent round to merchants, storekeepers, and others, by whom the law was now generally known. In reference to cheques especially, it had been decided by the courts of New Zealand that an acknowledgment of the receipt ot a cheque on the- butt of the cheque book was a receipt within the meaning of the law, and had to be stamped. In fact, any written acknowledgment of the receipt of £2 or over was a receipt, which Jiad to be stamped.

STATE-OWNED SHIPPING. LEGAL liabilities. (By Cable—Press Aesociatronr-Copyn^it.) (Austrian and N.Z. Cable Ass:«aUon.) Mr Larkin, on l.tall ' » » *we&lth Government Lin©, and Mr 1 P » European manager of the Canadian Government' Line, have tent a joint letter to the newspapers reading the legal immunity of St both their organisationssince their inceptio.. have defimkly scopled the policv of voluntarily submit ting to ho ordinary V" isdict:on,of any C ° l,rt i ° their liability to legal action for the recov ery of claims for salvage, damage to cargo, and claims of any other nature. , FA message from London on April -9tn said-—The chief item on the agenda of Ihe International Shipping Conierence, which is to be held in London in October, will deal with grievances as regards the immunity c-f State-owned shipping from liability or taxation. The Chamber of Shipping which supports of views of the Committee Maritimes International, declares that private shipowners are gravely prejudiced, especially when vessels or cargoes are employed for ordinary commercial purposes. It points out that a Sovereign State cannot be sued for damage arising out of collisions, salvage, or towage rendered, on the contrary, it possesses the right of recovery. An even greater threat to shipping and prosperity of overseas trade is the immunity of State-owned Shipping from income tax in its own country, the claim for immunity from taxation in. every other country, and immunity from the safety regnlutions relating to cargo, passengers, and the crew. It is proposed that en international convention be framed, placing State-owned maritime property on precisely the Bame footing fta the privately owned.]

BADAK MINES CASE. ACCUSED DISCHARGED. (Received May 21st, 5.5 p.m.) MELBOURNE, May 20. In the Badak Mines case, the jury found H. F. Scarborough, A. Clarke, and T. W. Orton not gui!ty of conspiracy. The foreman added that the jury were of the opinion that the accused, though not guilty of conspiracy, were guilty of misrepresentation. The accused were discharged.

•The boom and subsequent collapse of Badak tin shares was an Australian sensation of last year. The Badak Mining Syndicate was formed in Melbourne in 1918 with the object of prospecting a field at Badak, in the Federated Malay States. The original capital was £IOOO in 100 shares of £lO each, but later it was increased to £6OOO an GOO (shares of £lO each, of which 400 were not issued. Following the receipt of glowing reports from Mr Orton, there began tho 6ix months of sensational speculation which culminated' in £lO shares changing hands at £2OOO. At this time tin was commanding £4OO a ,ton, and whenin January, 1920, a cable message was received from Mr William XVilson reporting 191b of tin per yard in a bore 31ft deep, shares jumped to £4OO. On January 15th, 12 shares changed hands at £7OO each.

fever of speculation was at its height ■in February, when as much as £2OOO was paid for a £lO share. Mr Orton returned to Melbourne, and was present at a meeting of shareholders on March 10th, 1920, when the syndicate was floated into a company of £750,000, in £750,000 shares of. £1 each, of which 400,000 fully-paid shares went, to the .syndicate as vendors, equal to £IOOO per £lO share, besides prior rights to a further 200,000 shares. A few months later came the crash. Early in August Mr Scarborough, rme of the directors, who had gone to the Malay States to check the test borings, cabled that 80 bores had been put down and found valueless, and he was convinced the property was valueless. The price of the shares at once, fell almost to nothing. Then .the Victorian Government, in response to 'strong publii clamour, supported by the Company,-which voted iB6O • towards the expense, sent two detectives to Kedali to conduct an investigation into the_ whole_ business, and • following upon their enquiries warrants were issued for the arrest of Orton, Scarborough, and Clarke. Orton, when arrested at Cairna in December last, had £IO,OOO ir. notes in his possession. BUTTER AND CHEESE. Messrs Da'.gety and Company, Ltd., Christchurch, have received the ' following cable from their London office, dated May 18th 1923 ■— Butter—Market rather steadier. We quote: Danish 186s, New Zealand salted 1745, Queensland lF4s, finest Australian salted and unsalted 2 (545. The total Imports' of butter into the United Kingdom for the month ending April 30fh were 860,000 cwts, as compared with 271,000 cwts for the corresponding period of last year. < Cheese—Market quiet. We quote: New Zealand, coloured 84s, white 745.