COMMERCIAL.

Press, Volume LVIII, Issue 17629, 5 December 1922, Page 8

COMMERCIAL.

THE DOMINION'S PRODUCTS.

POPULARITY IN BRITAIN. The disposal of primary products in London, and the prospects for the (various commodities exported by the "Dominion, were discussed with an Auckland reporter, by ilr V. Riddiford, of Wellington. Mr Riddiford returned recently from England, after an absence of nearly tivo years, during which be motored extensively in England, Scotland and Wales.

All New Zealand produce, with the exception of beet, he said, was in great demand. The future of both lamb and mutton was very bright, it was teiy highly thought of everywhere, and any prejudice that had been created owing to tho inferior meat titat was marketed during and immediately after the war had disappeared. As an indication of the popularity of Now Zealand meat, Mr Riddiford said that during his stay in London he leased for short terms -two houses, with the staffs of servants, from Englishmen who could afford to have the best of food. On taking possession in each instance he told the cook he would prefer to always have New Zealand mutton and lamb. They replied that they seldom had anything else, and preferred it. When motoring through England, and particularly in tho West, Mr Riddiford said, he made a. point of visiting the butchers' shops and talking to the salesmen. He had never heard any-, thing but good from them about New Zealand meat, which in practically every instance looked bright and attractive. Matters were somewhat different in Scotland, where New Zealand meat was more difficult to obtain. The price was much higher, and the people still appeared to be rather pre judical against anything but home-grown meat. At euch a place as Malvern, Mr Riddiford saw New Zealand honey, butter, and cheese, all prominently displayed, and in most small places New Zealand mutton or Canterbury lamb was always seen. Incidentally, ho added, in th© opinion of very many in touch with the trade at Smithfield, North Island lamb was quite as good as Canterbury, and was just as eagerly sought after, but the name of Canterbury vgas so well known that it was extremely popular with the public. Referring to the meat control initiated by New Zealand, Mr Riddiford said it had done, and would continue to do, good work in organising and agitating for reduced freights and charges. He did not think the board would have much influence in *the control of prices. That, as ever, would be regulated by supply and demand. As to ! the retail price of meat, he said most New Zealanders were of opinion that the retailers in England made inordinate profits. He could not say that this was entirely a fallacy, but transaction with his own meat had not supported the general impression. He had sold wethers at about 7\d per lb, and had seen them sold in stores at approximately lid per lb. Considering that the wethers would cost the store probably more than Bd, he considered: that nothing more than a fair , trade profit had been added,,as charges of handling and selling in the West of London were heavy.

CARGO PILFERAGE. WAYS THAT ARE STRANGE. The question of the pilferage of goods in transit has long been a vexed one.. Some amazing instances have recently come to light which show that the thieving of goods has now become a fine art. Numerous been reported lately from variduji parts of the world of the delivery of cases apparently in perfect condition; but•which, when opened,' were found to contain rubbish instead of valuable merchandise.

Thefts of this kind have given rise ; to-the. suggestion that somewhere in the course of- transit identical cases have:been made and marked, and sub- ' stituted for. the. original cases containing the real goods.. Cases have arrived ■ in such perfect condition that the only, other-explanation offered is that the goods ordered were never actually packed in them. 4 That there have . been numerous in- ; stances ;of Buch practices is generally ' believed in insurance and shipping circles,. rjsays ;the. London "Times." One way, it is suggested, of putting a stop to wrongdoing of the kind would be for underwriters to require their merchants to be .privy to. the correct packing-of the goods. If it could be V proved—and' it would not always be an easy matter to do so—that goods were never packed, the merchants .would have to bring the responsibility v . home to the suppliers of the merchandise.'; -

As: an indication of the kind of \cargo-pilfering which is now being reporter, states the "Argus," at Mel . ' bourne, a case Teported to contain spark plugs was opened for Customs purposes, when it was found that five packages, "- each containing/sis spark plugs, were missing from it. The space created ■ by the absence of the packages was filled \yith a copy of a New York newspaper. "In this case it was assumed that the goods had been pillaged at ■ the warehouse or on the way to the ■wharf at the' port of loading, or actually on the wharf. The case betrayed ■'•v no signs of having been tampered with.

j JBOZEN MEAT MABKET,

viTho New. Zealand Loan, tuiid Mercantile Agency Co., Ltd., have received the following cablegram from their London office under : date November 29th:— Tallow.—Wo quote preaent spot values for the following descriptions:—Fine mutton, 48s 3d per cwt.;. good beef, 42s 8d per cwt; mixed, 87s per owt. Market firm. ~ New Zealand frozen meat.—Market quiet. Prioes iuiohangedL (Last quotations 15th in-

■ stent): —Jjamb (average) Hid per lb; mutton (wether and maiden ewo), light, BJd per -lb; heavy 7jd per lb, ewe light 6|d psr lb, ; heavy 6Jd per lb; beef, ox hinds, 4Jd per • lb, fores Sid-.per lb; cow, hinds, 3|d per lb, foxes, £Jd per lb. . . [: OAMABTJ SHEEPSKINS'SALE. --' ' The Oamaru Auctioneers! Association held rijt.: oombined Bale of v sheepskins on Friday ■ V with very gratifying results. The •■ combined catalogues made up a fairly large s'' '-.'offering :of a comprehensive character, and ••••••"•• buyers attracted from Christchurch, I Timaru, Dunedin, and Invercargill, with the "i result that b idcfcng was brisk and prices good, in some casus better'than during the commandeer. The range was 14jd; f lalfbred half-woolled, 13d to Mid; half- ' •••' ■ bred half-woolled, 6d to. Bid;' three-quarter- • bred, 10id to lljd; crossbred 8d to 9id; light crossbred, 6d to Bjd; lambs, 7jd to 9d.

AMERICAN WOOL MARKET

ANTIPODEAN OPENINGS. (from our own correspondent.) SAN FRANCISCO, November 10. According to expert opinion in Boston, the seat of the American wool market, there is an excellent opportunity tor the ready sale of fine Australian and New Zealand wools, as there exists a marked demand for this superior class of wool in the American trade. In fact, the domestic supplies have run so low that tiiere continues to be a fair movement of foreign wools in bond. i'or Australian merinos, choice 70 ! 6 are firm at 1,15 dollars clean and some lots have been heid at dollars. Good C 4's to 70's similarly are firm at 1.10 dollars to 1.10 dollars, and it is said in Boston that 1.12J dollars has been refused for what is described as a "sizeable lot of this grade." For 64's the ruling quotation has been 1.05 doilars. Other sales in bond have included Monte Video 5G : s at 40 to 42 cents in the grease, and New Zealand 4b's to 50's at 23 cents.

Good 5(5 s, Monte \ Kleo, New Zealand or Australian, are reported to be "much wanted," but it is complained that these varieties of imported wool are becoming somewhat scarce and holders have been disposed to ask advanced prices for them owing to a depleted market and the continued requirements of Americans for the highest type of woollen clothing, irrespective of the prices demanded by the retailers.

One of the largest handlers of fleece wools on the American market, with experience extending over more than forty years, commenting on the United States wool trade, has stated that no condition resembling the present has existed in his memory. Stocks are about as low as they usually are in March. He was convinced the wool trade was from four to five months ahead of the calendar in the handling of this year's clip of fleece wool. This explains why some holders of such wools are observing a hesitating policy in respect to disposing of their stocks, limited though they are in volume. Finer Grades. While this is the general situation, some members of the Boston trade are beginning to hedge on the outlook for the finer grades. They point to the supply of Australian merinos released by the operation of the new tariff Bill, which are competing sharply with domestic staple and delaine wools. Some mills refuse to bid over 55 cents for choice Ohio delaine and are said to be getting some. Such wool has sold at 57 cents recently, however, and other sales are reported to have been made which show a clean cost of about 1.41 dollars. Many still hold tenaciously to the belief that Ohio delaines eventually will go to 60 cents; that as soon as substantial progress has been made in the withdrawal of the Australian wools now in bond it will be impossible to hold prices down. They assert that recent operations in Boston and the Middle West have been based upon this idea and that the wool trade is commencing to acquire the necessary backing from manufacturers to "put over" their further advances in wool values. Other fleece grades are very strong, notably three-eighths-blood combing, which is being taken rapidly by manufacturers and hand-knitting yarn spinners, Sales of .three-eighths-blood have been made at 50 to 51 cents, and quar-ter-blood is nominally higher, but inactive. V

Fne wools are registering, new levels, Ohio fine clothing woois having been selling of late at 49 1 cents,- this establishing a new level for this grade. Some holders are asking much higher .figures. Michigan quarter-blood has been sold at 49 cents. Buyers for several Philadelphia yarn spinners hare been in the Boston market buying extensively in medium grades. Other Prices. Prices for Ohio wools in the Boston market range as follows:—Fine unwashed delaine, 56 to 57 cents; fine unwashed clothing. 49 to 52 cents; half blood combing, 54 to 55 cents; three-eighths-blood combing, 50 to 53 cents; quarter-blood combing, 48 to -50 cents. Halfblood combing is particularly scarce and no sales have been reported lately at any price. • Opinion in New York is that further, price advances are expected in woollen goods, but they have. not yet shown the increases announced on worsted, goods. This applies particularly to fabrics for next spring. Re-orders for spring worsteds for men's wear are beginning to come into the American market, and the spring outlook appears to 'be decidedly better than at any time since the goods were first offered. Technicalities of Wool. ; Latest advices from Custom House circles are that authoritative decisions are expected shortly from 'Washington on the many disputed points regarding imported wools, some of which ques-* tions have been-alluded to in despatches from San Francisco to the Antipodes recently. *

The leading questions awaiting settlement are the status of carbonised wools; the definition of clean content, whether wool must be bone-dry or subjected to an. allowance of 12 per cent, for regain; the status of East India and other carpet wools, and whether noils. from carpet wools and camel's hair are subject t3 duty on the same scale as clothing wool. " In regard to whether carbonised wool should be assessed as scoured wool or pay a higher rate, as having been "advanced beyond the scoured state in any manner," what fiiay be regarded as an authoritative trade decision has been sent out to the trade by the Wool Importers' Committee. The committee takes the ground that carbonised wool is dutiable at the scoured rate of 31 cents per pound, the reasons given to support the opinion being: "The scouring of wool is a cleansing process to remove the grease and dirt from the raw wool. The carbonising process is a cleansing process to remove the vegetable matter from the raw wool. In cleansing the greasy wools alkali is used to remove the vegetable matter. The common practice in the United States and abroad is to remove the dirt, grease, and vegetable matter by continuous and supplemental processes. First the wool is passed through scouring bowls which contain the alkali, to remove the grease. The wool then goes through squeeze rolls and into an acid bath. It then goes between squeeze rolls again, and then is subjected to heat to carbonise the vegetable defect. After this it is dusted, and, while it is sometimes used in this dusty condition, more frequently, particularly for re-sale, it is rescoured in order to remove the remaining dirt on the fibres. It is not good practice to scour wool, dry" it, and then carbonise it. The value clean, of wool that it has been necessary to carbonise, because of the chemical action on the fibre, is less than the value clean of wool of the same class that it has not been necessary to carbonise, owing to the injury to the working qualities. The process of scouring and carbonising wools is entirely preparatory, before putting the clean wool over machinery. Carbonised wool is in a raw condition. It has not been changed in any way by any process of manufacture beyond the scoured condition. The wool has been through no operation except. a cleansing process. The above opinion is substantiated by Section 562 of the Tariff Act of 1922, in = which it is distinctly stated that the scouring or carbonising of wool shall not be considered a process of manufacture within .the provisions of this section, and also by the report of the Tariff Board on Schedule K, Volume 1., House Document No. 342, page 109, that carbonised wool can hardly be classed as a manufactured product."

VALUE OF SLOGANS,

AIDS TO SELLING GOODS. MODERN MOTTOES FOR MARKETING. One of the interesting developments in the marketing of practically all linos of merchandise in recent years has been the increased use of slogans or mottoes in advertising them, states the "iNe-.v York Times." .uany of these are incorporated in the trade-marks of the goods referred to, and have stood tor years. Others are independent of the actual brand of trade-mark, but are employed in conjunction with it. U;ed in the latter way, slogans have become very popular since the \\ orld War. In fact, it is to the ready wonderful uso made of them for recruiting and other purposes during the war that the modern crop of slogans can be more or less directly traced. Many of the best slogans are used by trade associations for boosting the merchandise which the members of those organisations manufacture or sell. Some oi them are exceedingly trite, while others, perhaps less clever, do pretty much what is expected of them. One of the most apropos of the newer slogans is ''The Write Lnit," which is used by the Fine Stationery Manufacturers' Association. Another is tne weH-kuown "Say it with flowers," tne worth of which as a business builder has been attested to by the extent to whicii it has been paraphrased by other organisations and individual concerns. "Gilts that last," the slogan that has done mucii to help the jewellery business, in a commercial sense is exactly opposed to the say-it-with-flowers idea, yet the underlying idea is the same. Gifts of botn howers and jewellery have, through the ages, done much to make history. Related to the jewellery slogan, at least in the sense of time, is that of the cement manufacturers' "Concrete for permanence." The paint and varnish makers' collective assertion that "Save the surface and you . save all" has doubtless sold great quantities of paint and var-i nish that otherwise would not have been disposed of.

Among the commercial slogans of individual concerns, there are many that, through the years, have become just as well known to the average norson in America as a Ford car. In this group are His Why Not Now?" "There's a Reason," "The Machine Yon Will Eventuallv Buy," "Hammer the Hammer," etc. It be interesting to learn, if such a thing was possible, just how few people cannot identify, from those slogans, the kind of merchandise to which they refer.

In the soap and cosmetic field there is another crop of slogans that are easily identified, and that have done their duty in boosting sales of the things to which they applv. Mention "It floats," for instance, and see how many persons will know immediately the brand of soap to which it refers. Then there is the long-standing English slogan; "Good morning, .have you used 's soap?" Other beauty products rely on "Beauty in every jar,"' "Don't envy beauty, use "Beauty brings success," and so on. Every year a host of Americans identify a 'well-known pancake flour from the slogan, "I'se in town, honey." "The liairt. what, am'' is another foodstuff allusion that has made money for the concern -which uses it. Looking into the cigarette field brings to light "They satisfy," "It's toasted," etc., not overlooking the one which is regarded by many advertising men as the best cigarette slogan ever tfevised : "Ask dad, he knows." The automobile industry has also contributed its quota of effective slogans. Almost everybody knows "The car of no regrets." "A ride tells all'' and "Ask the man -who owns one" are other slogans that have helped to increase sales. In the tyres and automobile accessories field there are equally well-known attention catchers, among them the double torn cat mark with the slogan, "The tyres with niije lives." "Cost 3 less per moDth of service'' is the standby of an automobile storage battery concern. In the textile field there is a trademark that has stood for years, with an accompanying slogan that has puzzled many persons more or less. It is the figure of a stout old man in kneebreeches. with a high hat on his head, and a thick frieze coat reaching to his heels. The slogan is "Sell and repent." Et is the reversal of a .statement "I'll sell if I repent," which is said to have, been made by the pictured gentleman, who was very much of a ligure in Bradford, England, about the time of the American Revolution, asked to sfill some of his holdings. The "Sell and repent" slogan with which the figure is now connected is regarded by the house which uses it as its "turnover phrase,'' and it is said to set forth the willingness of the concern to sell even if it is necessary to repent afterward. As the concern in question is now in its eighty-fifth year of business and is selling irtore merchandise each year than in the previous one, it is obvious that the slogan was well chosen.'

In the hosiery field there'is the slogan of a well-known firm which asserts that "You just know she wears them." A prominent glove house advertises, "It's a , that's all you need to know about a glove." A garment concern has chosen this one: "We are live wires. Get in touch with us," which brings up the telegraph company, which refers to itself as "The pulse of the world." A men's neckwear concern advertises its product as "The tie of a thousand knots." A manufacturer of bumpers for automobiles uses "Protection with distinction,", and a maker of the so-called Davenport relies on "An added room —subtracted rent."

Miscellaneous slogans are almost as numerous as the sands of the sea. Among them is the one used by a scouring soap concern in connexion with a baby chick: "Hasn't scratched yet." Then there is the hooded woman with a stick in her hand who "Chases dirt," and at the same time brings in the profits for the concern which makes the cleanser in question. A big rubber company is boosting its raincoat sales with the assertion that there is "A type for every need," while a company manufacturing vacuum containers asserts that they are "Built for lifetime service."

"Easy to play" is the slogan of a player piano concern, which backs up its statement by showing a baby pushing down one of the pedals. "Built for better writing" is the assertion of a : concern which makes fountain pens and mechanical pencils. "See pictures, they entertain," is the suggestion of a well-known factor in the moving picture industry. A tool-mak-ing concern asserts that " tools make better mechanics." "Happiness in every box" is the slogan of a chain of candy stores.

One of the most unusual slogans of all is that of a bakery located on Amsterdam avenue, New York, not so very far from the College of the City of New York. Although it is doubtful if ten persons in the neighbourhood in which this bakery is located are familiar with Latin, its windows bear ail ornamental device with these words: "In hoc signo spes mea est," which means, translated, "In this sign is my hope." - _

EMPIRE EXHIBITION,

BRITISH FOOD SUPPLIES. DOMINION REPRESENTATION. (from our own correspondent.) LONDON, October 27. The Duke of Devonshire, the nev S:cretary of State for the Colonies, and Chairman of the Executive Council of the British Empire Exhibition, has met the representatives of the Dominions in conference, and satislactory arrangements have been made to ensure that ih3 voice of the Dominions shall be heard with regard to the future policy oi the Exhibition.

At the same time as this meeting took place the Duke of Devonshire issued to the Press the lollowing statement: —"i alii glad tu have tins opportunity oi remo.ing the misunderstanding, iviiich nao unfortunately attained a- a ery wide circulation, regarding the policy which is ban-i ioilowed by the Executive of the British Empire Exhibition, in rifere.ice io tne use of materials ol Empire ori»in both for the construction of the Exhibition, and for the restaurants.

"Mr ilobert Donald, in announcing his resignation from tiie Management Committee, has thought jit to give publicity to a difference of opinion with his colleagues in such a way as to suggest that the Committee, with one exception, were entirely opposed to this policy. It is hardly necessary to say ihut this is not so. Tne whole purpose of the Exhibition is to demonstrate the variety and wealth of the resources of the Empire; and it lias always tne intention of the Executive Council and the Management Committee to insist on the application of the principle r«»forn.'d to to the utmost limit of praeLirubiiity. "It is obvious that difficulties will be encountered in the rigid application of tins principle in the case of all supplies; and it is in order to obtain assistance in overcoming these difficulties that we have invited the representa, tives in London of the Dominions and Colonies to meet us in conference and discuss the question fully. We aro hoping to achieve two good results by means of this conference: first, to secure the help of the Dominions and Colonies in carrying out the principle to which I have referred; and, secondly, to make them fully acquainted with the very great difficulties which we have encountered so far in applying this principle in certain cases."

Conference with High Commissioners. Sir James Allen has given me some information as to what transpired at the meeting. After the matter became public Mr Massey cabled to the High Commissioner expressing the opinion of his Government This telegram was sent on to the Chairman of the Management Committee, and an arrangement was made by the Committee to hold a conference with the High Commissioners. There was some very plain speaking at this meeting It was ill'sb suggested that the Dominions should be represented on the Management Committee, but it was explained tlisit the committee was purely advisory. The real executive authority was the Executive Committee. Ultimately, it was arranged that they should have a meeting of the Executive Committee at once, and the High Commissioners presumed, from what took place fit the conference they attended, that they would be invited to be members of the General Executive Council.

.''l think the course we shall pursue." said Sir James, "will be thin: When tlie invitations come, we shall communicate with our Prime Ministers, asking them to nominate Representatives. In, all probability the constitution of the Management Committee will be altered, and I think if- we get on the executive we shall be represented on the Management Committee. . We cannot be content that the advice submitted is being properly considered from the point or view of the Dominions. We have found that some data provided by the Board of Trade regarding the Dominions has been quite incorrect, -and we must see that nothing is brouglvt up to the Management Committee which will prejudice their judgment.

''lt was intimated to us that tlie Executive Council would set up a small 3iib-committee to examine thoroughly into the matter that has caused the present discussion. It was quite clear from the words of the members of the Management Committee that they were all anxious to do what the Dominions desired. What was the undercurrent which has caused the controversy wfts not apparent. One question which will have to be decided definitely will be: Are the food supplies for the Exhibition to be purely Empire supplies, or are we to let in a certain quantity of supplies from other countries?"

Major Belcher's Statement. Mr Robert Donald returns to the attack to-day with reference to a statement made by Major B?lcher in Canr.da, denying the accuracy of Mr Donald's report of what occurred fit a meeting of the Management Committee.

"Major Belcher is not in a position to deny my statements," writes Mr Donald. "I -\ras present, and, like an old reporter, took notes of the criticisms passed on Canadian spruce by tho genera] manager, and by a member of the committee, on the impossibility of making good bread from Canadian flour alone. I gave my testimonv to th 9 contrary from persohnal experience as regards Canadian bread. No one who was present at the meeting will deny my _ statements. I sympathise with Major Belcher's unfortunate position, jji South Africa, Australia, and in New Zealand. Major Belcher preached the gospel of the all-sufficiency of the Empire to supply the Exhibition restaurants as you will see from extracts from, his reports—and did it with much success, obtaining £450,000 from the three Dominions. Before lie got to Canada, ho\vGver ; to his consternation, he receivcd instructions from the general manager, telling him to stop that policy, which, like a loyal official, he did. Referring to the change, Major Belcher says in his report on the subject, dated August 3rd last: 'Since receiving your cable of July Bth, statiiKtnat t ie exclusion of foreign produce from the restaurant is impracticable I have avoided the subject as much as possible.'

•Readers may remember that a mficniiicenfc banquet was given by the Canadian Association to the delegates of the Imperial Press Conference on December 9th, 1920-at any rate those present are not likely to forget when the whole menu was composed of Canadian products of such excellent dnf t! v nety that ' ~ad the mem+f w-f i° ana gcment Committee of the British Empire Exhibition partici- \ n sumptuous banquet, they would have voted for my resolution." Meat Importers' Protest.

The British Incorporated Society of Meat Importers have forwarded to the Secretaries of State for the Colonic and Agi-iculture the President of the Board f a g - Col ™nissionera m London for Australia !\ew Zealand Canada, India South Africa, and Newfoundland, and the Management ComB f^ h ire Exl "'bition copies of a resolution passed' at i meeting of the Council at fenithfield, nXt with dismay" the indication that the catering arrangements at the British in 1924 aw not gen ng to be used to the utmost for purpose of making known the merits con^S*'^ shl£ r of a c.oubt that every ounce of meat m. Kfl t b °bSM™

SPENDING £2OOO A DAY.

Every year buyers from the great London and provincial stores journey abroad, especially to France and Germany, and return -with many of the articles and fabrics that charm the roving eyes of the Engiish shopper. iew shoppers, however, realise how the treatment of the buyer and th© method of buying vary from country to country, and very few know that it is by no means uuusual for such a buyer to spend money at the rate of from £IOOO to £'2GOO a day during the time he is abroad.

Before an English buyer goes to Paris he warns his agent of his intended journey, and on his arrival he wul find two, or even three, special apartments reserved for him.

Outside these rooms, on his first morning, he discovers a crowd of representatives, for in Paris, as in France generally, small household factories, where the whole family work together on the manufacture of the finest flowers, the most exquisite embroideries, and the daintiest novelties, are th© rule.

Ihe way in which these representatives leaiu of the visit of a London buyer is a source of wonder until he learns of the existence of several cafes, where members of the trade foregather, which form central distributing bureaux for all such trade information. The buyer, accompanied by his agent, enters the first of his apartments, and immediately th© first representative follows him.

Opening his cases he spreads his samples on the long table, explaining to the buyer their value, their excellence, their superiority over the wares of his rivals.

A rapid examination of them, a swift mental calculation and the buyer, finding nothing he likes, says so, and leaves the Frenchman, -with a wistful .sigh and an eloquent shrug of his shoulders, to gather his samples together. Meanwhile the buyer has passed to the next room, where more samples are awaitinsr him. Again he examines them, rsks a rapid question or two, and perhaps, in a very few minutes, has given a handsome order. So the business proceeds, the buyer passing from room to room, until at the end of the day he has seen, maybe, forty representatives, to a dozen of whom he has given many hundreds of pounds' worth of orders.

In Germany the buyer is treated very differently. There most of the factories are great establishments and, apart from the Leipzig Pair, where forty thousand representatives may be found, the manufacturer waits for the buyer to attend on him.

But financial conditions in Germany to-day are so unstable that there is little to encourage the English buyer, especially as the German merchant will frequently trade only in sterling or in dollars, SHEEPSKINS. Dalgoty and Company, Limited, have received th«_ following cablegram from thoir London office, dated December 2nd, 1922: Sheepskins: At the sheepskins sales 3060 bales of Australasian skins were offered and practically all eold. Ab compared with, closingl rates of last sheepskin sales (October 13th), prices for merino clothing and combing skins 'are 5 per cent higher fine crossbred fikine 5 per cent, to 10 per cent, higher, medlium and coarse crossbred skins, 10 per cent, to 16 per oent. higher. Good demand assisted by strong competition from America. We quote fine crossbred skins three-quarter to full-woolled, lOd to IGJd; medium and coarse, 7d to 10Jd; fine crossbred skins quarter to half-woolled, 7d to lljd; medium and coarse, 6d to 9d; short andl shorn, 6d to 71d; lambs, 7d to lljd.

WELLINGTON PUBLISHING COMPANY. The animal meeting l of shareholders of the Wellington, Publishing' Company (the "Dominion") wan held: last week, Dr. G. B. Anson (chairman of directors) presiding'. The chairman,, in moving tho adoption of the report and balance-sheet, briefly reviewed the year's operations. He remarked on the high, price still ruling for mevre print, but regarded the future as holding' out promise of better condition®. The most striking feature in the recent development of the company's business had' been the expansion in the circulation of its principal publication,, the "Dominion." Thio had be«n very marked, and was a matter for congratulation. The usual 6 per cent, dividend was recommended. The report and 'balance-sheet were adopted. The retiring' directors, Messrs T. Shailer Weston and A. (Macintosh, •weie re-elected unopposed. A special vote of thaniks to the company's staff was oajrried, congratulatory reference being made to the good relations prevailing between the staff and the management.

DTOEDIN STOCK EXCHANGE. (special to "the pbesh.") DUNEDIN, December 4. CLOSING QUOTATIONS.

Buyers. Sellers. £ s. d>. £ s. d. BANES- , Australasia — 18 a 6 New South Wales («x div.) 35 0 0 — New Zealand 2 16 3 Q 17 0 National 6 10 0 6 18 0 Union .. .. 18 10 6 13 12 6 INSURANCE— National .. »• — 8 15 0 New Zealand .. .. 1 8 0 — South British 1 15 6 1 16 6 Standard 1 13 0 — SHIPPING— Huddart-Parker (ord.) a 12 3 2 13 0 P. and 0. (def.) .. 1 328 0 0 i 935 0 0 U.S.S. Co. (pref.) .. 1 0 0 — COAL— N;Z. Coal and Oil 0 2 6 — Wcstport 1 13 3 1 13 9 Westport-Stockton (ord.) — 0 4 9 FINANCIAL— UokUbrough Mort , ... 2 0 0 2 2 8 Perpetual Trustees 1 16 0 — Trustees Executors 2 e 0 Wright, Stephenson, (ord). 1 3 6 MISCELLANEOUS— N.Z. Refrigerating (con.) — 0 14 8 Brown, Ewing and Co. (ord.) 1 8 6 D.I C. (prof.) X 0 0 1 0 a Dominion Rubber 1 0 9 1 1 8 Donaghy's Rope and Twine _ .. _ 1 i 6 _ Dunedin-Ivaikorai Trams 1 4 6 Dunedin Stock Exchange Proprietary 2 1 0 Hilbum Cement 1 11 e _ McLcod Bros.' Soap ... 15 15 0 National Electric 1 8 0 N.Z. Drug Co. 2 14 6 N.Z. Hardware (ord.) .. 0 9 3 N.Z. Paper Mills (pd.) 1 2 0 1 8 0 N.Z. Paper Mills (con.) 0 2 0 prem. Otago Daily Times 2 5 0 2 8 8 Pnmian Products 0 0 8 WOOLLENS— Kaiapoi (ord.) 1 4 6 1 5 5 Kaiapoi (con.) i.. 0 12 3 Kaiapoi (pref.) 1 2 0 Mossiel .. .. 6 8 0 MINING— Nokomai Hydraulio 0 11 0 Rise and Shine 0 1 0 0 2 6 g Waihi .. 1 14 0 1 14 Waihi Grand Junction 0 10 0 0 10 5 Mount Lvel! (cum dir.) 1 1 2 1 1 fi DEBENTURES— 4J per cent. Bonds, 1930 98 10 0 97 0 0 41 per cent. Bonds, 1938 4} per cent. Bonds, 1939 96 12 ' 6 6 96 12 ' 5i per cent. Bonds, S.S. "1933 99 17 6 4J peT cent. Inscribed 1939 96 10 0 5J per cent. Inscribed, S.S.,1933 5 per cent. P.O., 1927 99 15 0 96 10 0 5 per cent. Inscribed, P.O., 1927 96 10 0