COMMERCIAL.

Press, Volume LIX, Issue 17700, 28 February 1923, Page 10

COMMERCIAL.

WHEAT PRICES.

CONFERENCE OF MILLERS AND GROWERS.

Yesterday a conference of Dominion flourmillere and wheatgrowers was held to discuss the question of wheat prices in' view of the ceasing after to-day of the official control of wheat and flour. The Farmers' Union has held various meetings with the object of arranging with millers for a more payable price than has been operating for new season's wheat—4s 6d a bushel for Tuscan, which represents the bulk of {he production. Yesterday, however, j was the first occasion on which the tvi-o ; interests met, and the conference, which i monopolised a good deal of the day, j was reported last night to have reached j an agreement. It is understood that Government ratification of the agreement will be forthcoming, provided that the figure agreed upon does not impose an unduly dear loaf on the community. The continuation by the Government of the embargo against the importation of wheat and flour was a necessity before any price-fixing could be effected, but the embargo may be used as a sort of "big stick" in case of any undue increase in flour prices. Anything of this nature would, or at all events could, be met by the Government by a withdrawal of the embargo. The latter may, therefore, operate in a different manner to the general conception of its purpose, and a fixation of prices would ensure a value to growers which will return them something like a payable figure for their labour, provide some encouragement for them to continue wheatgrowing next season, and stabilise the price of the loaf. In the discussions from time to time by the farmers' meetings, 5s 6d a bushel has been mentioned as the figure required. It is not considered that this substantial advance on ruling prices formed the basis of yesterday's discussion. At all events the price reported as being agreed on is considerably less than this for the main crop (Tuscan), with graduations for Hunter and Peari. A figure nearer 5s Id is reported as being the priee for Tuscan. No doubt on a matter of such im- . portanee an official pronouncement will be made with as little delay as possible. WOOL SALE. ' FOURTH CHEISTCHUBCH AUCTION. '» The fourth, wool sale of the present Mason will be held to-morrow in the Y3LCJL Gymnasium Sail, commencing at 9 5.1 a. The catalogue is much smaller than usual,, comprising 13,000 /boles. A number of back station clips ire represented in the finer offerings. .In view of the easing at recent • North Island sales, it is expected that the high prices obtained at the Januauction will scarcely be maintainThe easing is reported to be due •to the comparative abstention of American buyers from the market and to the Continental position restricting, the competition from that quarter. However, the biggest section of American ' competition at South Island sales has generally been directed to wools of , which class the North island produces a limited supply, and more 'interest may be displayed by American repre- , sentatives hire. t 'Another point is that at tins late period of the year a con- , aderable proportion of North Island wool is seedy through the biddy-bid. However, apart from this, there was undoubtedly an easing at Iboth the' Napier and Wellington sales for coarse ,„ . wools, arid whether that movement will to the finer wools, of which this j f Island holds a monopoly, remains to 'he seen- Competition from local mills ->■' win be as advantage to-morrow that was sot enjoyed by North Island venJf. dors, and in view of the growing world r \ scarcity, of. fine wool and {he require- ' -.stents of the local mills., yery safesfacprices are expected for finer classes, even, if they are a shade under ' "the keen -values of last month. 1 The j following are the respective .catalogues and the order of sale:— ' t- - " - - Bales. National .Mbrtgafe and Agency , * Co. , A 1149 ' Dalgety, and: Co. ... M . 2741 ' /2J.Z. Farmers' Co-op. ... 350s> •- H. Matuon and Co. ... ... €O7 Pyne; Gould, ftainness, Ltd. ... 4123 -,'. JN.Z. Loan and M. A. Co. ... 859 "'.*'/ '., ' 12,988 EXPORT TROUBLES. *-' /SCIENTISTS INVESTIGATING.

(srcui. to "th» mas.") \ WELLINGTON, February 27. ! /- Apple ~ growers, freezing companies, . and ihA horticultural experts of the '' Agricultural Department, are investi- :"., gating the failure of recent apple shipments, and especially the condition known, as Brown Heart. The Government has-been urged to continue "the A* investigations, and to work in conjunc- ■~" - .taw with the National Research Lab- , " oratory at Cambridge, England, which • took the matter up at the instance of ," the British Food Investigation Board. - ' Mr Of Waters, who has been carry- . * ing on investigations here, is proceeding to Australia to meet a party of English scientists who have arrived - 'front Cambridge. These scientists have -■ „ come out at the instance of the ship- - ping companies, the growers, and the "- X&partments .or Agriculture in Aus- -- , tralia and New Zealand. The head of * l x -,the party is Dr. Ezer Griffiths, D.Sc., A ,;of ihe National Research Laboratory, »' .'Cambridge, the other members being ' Mr "A. J. Smith, M.A., M.8.; E. G. ~ 5< Benson, and E. A. Griffiths. Their investigations w£B deal principally with Brown Heart, which recently seriously - i< affected cargoes of apples shipped on /-' 'the Largs Bay, Port Nicholson, and ' Northumberland. This narty will 'travel back in ships carrying apple / cargoes, and will endeavour, by setting ;up instruments in the vessels, ana '-.'..studying'the conditions generally, to ' * /ascertain the reason of the trouble. The party will not visit New Zealand, but .New Zealand will receive a full report of their investigations. , ' j (rasas £BBoo4xlo* ntLsosiir.) WELLINGTON, February 27. % Tho first shipment of the season's J?,-%ttmif 14)000 coses, mainly from the ps£§-iMtm\£mrwti, was despotched by the *>& Why the Wangaratfa.

SHEEP FROM THE NORTH. HEAVY SHIPMENTS. As stated in our Addington stock: report last week heavy shipments of breeding ewes had arrived from Hawke's Bay and further up the East Coast. According to a northern report the Poverty Bay sales to Canter•bury buyers totalled between 12,000 and 14,000 sheep. A considerable proI portion of these arrived in time for j last Addington Sale, the shipments being made according to .she availability of "boats. This past week several more I vessels have arrived from tie north j and there will again be a heavy yara- | ing of breeding sheep at Addington to-dav. In aadition, it may be remarked, shiDmenta of Marlborough and Cuatham sheep arrived during the past. week. I According to a >orth Island ! correspondent these are the first sales 01 Poverty Bay stock wnich have been made to a South Island buver for a numc-er of years, the existing shipping difficulties and freight rates doing a great deal to preclude operations between tfle two districts. It is stated that there are j manv enquiries for Gisborne stock j from the South Island, and the opinion is expressed that if the charges for shipment were reduced a large vplume of business would result. It is understood that lighterage and freight from Gisfoorne 13 not far short of 7s per head. .Recently an enquiry was received for a large line of cattle, but the information t_at freight would cost upwards of £6_ and lighterage in the vicinity of £1 l's 6d was all that was required to terminate the negotiations. ' The export of ewes from Poverty Bay to the South Island was commented upon in an interview by Mr W. DLvsnar, M.P. He said that the trouble in the South Island evidently was that they had been killing' too many of their ewe lambs. They had been going in for fat lambs without breeding ewes with which to carry on the flocl-s. That of course, created a shortage which had to be made up by importations, and lately a large number of ewes had been sent awav from Poverty Bay to the South Island. The flocks in some parts of the South Island had become considerably depleted on account of the rabbit pest, while in other parts, m Canterbury particularly, when the wool and meat markets failed, farmers had given their attention more to agricultural pursuits. These factors had resulted in serious reductions in South Island flocks. "I do not think," said Mr Lysnar, "that it is a good thing that the flocks of this district should be depleted of ewes by export. There are many , farmers here who are not well stocked up with ewes, and who are waiting until they can make financial arrangement before they, can stock up. They should begin to do so before the district is depleted too much." The solution for the South Island, Mr Lysnar added, would be for ewes to be imported from Australia, where drought was seriously affecting the flocks. An Australian buyer had recently told him that he could buy two and four-tooth ewes in Victoria very much cheaper than the present New Zealand prices. There was, added Mr Lysnar, at the present time a movement to endeavour to import ewes from Australia. There were no legal difficulties in the way, as long as the sheep had been dipped and were free of Australian burr. Certain negotiations were in progress at present, and these would possibly lead to the importation of a number of sheep from Australia, and it had ?>een ascertained that almost an/ class of sheep, Suitable for New Zealand conditions, could be secured in Australia. MEAT PRODUCERS' BOARD. APPOINTMENT OP MANAGER. /It is announced that Mr Robert 8. Forsyth has been- appointed manager at London for the New Zealand Meat Producers' Board. Mr Forsyth is at present manager of the National Mortgage and Agency Company, of New Zealand, Ltd., at limaru, and is well-known in business circles throughout Canterbury and Otago. He was born in Dunedin 42 years ago, and received his education in that city, joining the staff of the National Mortgage and Agency Co. there 27 years ago. His training with that Company practically covers all the various departments.of their business, and he has successively occupied the positions at several of their branches of cashier, .shipping and insurance clerk, accountant, and was in charge for ten years of the goods and produce de-I partment at their head office in Dunedin. During the last seven years he has. been stationed in Canterbury, four years as manager of the Ashburton branch, and during the last three and a-half years he has been in charge of the company's branch at Tirnaru. At the present time he occupies the position of President of the ''South Canterbury Chamber of Com. merce. Mr Forsyth has therefore, had an exceptional training in the stock, shipping, and insurance business, and this should stand him in good stead in representing the interests of the New Zealand producers in London. . He will Zealand to take up his new duties in about three months' time. In the meantime he will spend his time acquainting himself with conditions in the meat trade here. A GLUT OF POTATOES. . (BT CASUS—PBXSS ASSOOATTOS —COPIBIOHT.) (AUSTBAXIA3 AND H.Z. CABLE ASSOCIATION.) (Received February 27th, 9Jio p.m.; LONDON, Jbebruary 26. Potatoes fell to 27s 6d a ton at belby in Yorkshire, the lowest price for thirty-four years. They are expected later to reach 20s a ton owing to an estimated surplus of 500,000 tons. COLONIAL SUGAR COMPANY. Shareholders in the Colonial Sugar 'Ri»finiT lg Company iFyi and New 2aaia.ua), Ltd., have been advised that the course of events in connexion with the Company* interest in Fiji makes it desirable that the business 01 the Company he again vested in the Australian Company, the Colonial Sugar Keniung Company, Ltd. lie liquidation of the Fiji and Jfew Zealand Company can be effected without delay, as short-dated investments now held are sufficient to pay the present capital and interest thereon to the date of' payment An extraordinary general meeting of the Company will be held in Sydney on the I 7th pros, for .the purpose of considering, and i if thought, fit, passing ,a resolution that the Company be wound up voluntarily. The resolution will be submitted for confirmation to a second general meeting to be held on the 88th prox. The Fiji and New Zealand Company was formed in 1915 to take over the Fiji and New Zealand business, of the Colonial Sugar Refining Company, Ltd., the capital of the Company being £3,500,000 in 162,500 6 per cent. £2O preference shares, and 12,000 £2O ordinary shares, all fully paid. -In 1931 the Company returned £lO per preference ahare>, together with a premium of 25s per share, reducing the paid-up capital to £1,875,000. The preference snares were issued , fully paid to shareholders in Colonial Sugar Refining Compnny, Ltd., in the proportion of one for each share held in that Company, and tho ordinary shares were issued to ; tho Australian Company, and arc held intact ' by that Company, except that a certain num ; b« have beon put in Ih* names of directors" *n& higher officers, so that statutory meetcan b» h«".d. Holders of preference iluni havD no voting powers.

EMPIRE TRADE. ... AGRICULTURE IN BRITAIN. (ST CABUE— VZZS3 AS3CCUHOS'—COTTBIGHT.) (AUST3AIIAS ACT S.I. CABLE ASSOCIATICS.) (Beceived February 27th, 5i P-m.) LONDON, February 26. The " Morning Post," in a leader, says: "A return to the 'tight lirtle island' theory of our remote ancestors is no longer practicable. As the old world trade is to a great extent destroyed, and foreign countries tend to shut" out our trade, we are forced to cultivate our own Empire. There are difficulties in regard to a revival ofthis policy, the greatest being that the United Kingdom no longer bases itself upon production. For a century our manufacturers have been warring with j our agriculturists. Agriculture should I be made a key industry under the Safei guarding of industries Act. If this i 3 done it will be easy to come to an accord with the Dominions' policy. ARMOUR-MORRIS MERGER. GOVERNMENT TAKES ACTION. (BY CABT.Z—PBES3 ASSOOATIOjr—COPTBIGHT.) (AXTSTSiiIAX JLSD S.Z. CABLS ASSOCIAXIOX.) WASHINGTON, February 26. The Secretary of Agriculture, Mr Henry C. Wallace, has served a complaint against the Armour and Morris packing companies, alleging that theproposed merger of the two interests would violate the packers' control law. The companies will he given a hearing on April 4th, after winch, if Mr Wallace concludes his evidence in support of bis claim, legal measures will be taken to prevent the combine. THE EMBARGO ON GERMAN GOODS. A WELLINGTON RESOLUTION. (PEESS ASSOCIATIOir TEJSGBAH.) WELLINGTON, February 27. A meeting of the Wellington Chamber of Commerce held to-day passed the following resolution: —"That in consequence of merchants having ordered their supplies for the balance of the year, this Chamber urges upon the Government the desirability of postponing the lifting of the embargo on German goods till January Ist, 1924." The motion was moved by Mr J. Myers and was carried unanimously. CANTERBURY MARKETS. Tuesday Evening. Markets generally are quieter than last week, yd there it practically no change to record in the week-end quotations. The expectation that the conference between the wheat growers and millfirs will result in a fixation of values, has resulted in an easing off in the quantities offered. Very considerable quantities, however, have ohanged hands on a boaia of 4s ed a bushel for Tuscan. It is understood that the majority of-buyers have agreed to pay the difference between this figure and the one the conference fixes should an agreement be arrived at, and it is considered that where there "has been no arrangement of this aort, buyers will fall into line. In most cases the wheat has not been turned over again, end the wheat would come under the price arrangement, when resold. Up to 4s 9d has been paid for Pearl, but eo far not much, has come in, and 4a Id for Hunters. Oats are unchanged at 2a 8d to 2s 9d at country stations, and chaff (good quality; is still firm at £5, oats are not offering freely. Barley is selling to some extent at Ss a bushel. '

Cocksfoot is worth 5Jd to EJd at country stations, and grass seeds are firm at late quotations.

Quotations for potatoes are rip to £3 IBs at ihandy stations, and £3 10s at ft distance. Parmer* are not offering many. » The following aie quotations for produce to be paid to farmers at country station*, free of commission, sacks extra, except where otherwise stated:— Wheat—Milling, Tuscan 4s -Jd, Hunters 4s 7d, Pearl 4s 9d. Oats-—Gartoim 2s TM to 2a 93; Algerians and Duns 2s 9d to 8s Bd. Chaff—Bright oaten sheaf, £1 16s to £5. "White Clover—la Id to Is 3d per lb (mew season's). Ked clover—Bd to lOd per lb. Italian Byegrass— is 6d to 5s per bushel (new season's). Perennial Ryegrass—4s 8d to 6s per bushel (new season's). Potatoes—April-May delivery, £3 10s to £3 12s 6d per ton. Cocksfoot—s}d to s*d. Linseed (nominal)—£l4 per ton. IJlour—According to Government prices. 2001b sacks, £ls 10s, 1001b hags, £lB 10s; 501b bags, £l7 10s, all per ton, fco'.b., 'lyttelton, Timaru and Oamara. .Bran—According to Government prices. £9 to £5 10s per ton, according *to packing. f.0.b.. southern ports. Pollard—According to Government prices: £8 to £8 10s, according to packing", f-o.b, southern ports. ASHBURTON MARKET. There was a very large attendance and a big entry at the Tinwald yards yesterday. The entry comprised 537 iat ewes, 79 wethers, 2525 lambs, and over 7315 stores. Ewe mutton was considerably easier than was the case at the Ashburton sale last week, and there was an all-round drop of bom Is 6d to 2s per head. The lamb market was also easier, and the all-round average price was a fraction below lOd per lb. Prime ewes made up to 26a, and second quality, 22s ,9d to 24a 9d. Prime iambs made from 33s 5d to 35s 2d. Sir W. Strange, of Kiversdale, Tinwald, topped the market, obtaining 35s 2d for a particularly well-finished line, though this was 2s ad a head less than the price he obtained for a similar line sold on his account at the Tinwald yards a few weeks a°o. Messrs Arnold and Son, at Lagmhor, obtained 35s yesterday for a line of 154, which were nearly equal to those sold on behalf of Mr Strange. The principal sales were:—

Ewes—l2 at 265; 14 at 25s 3d; Uat 235; | 43 fc* 20s 4d; 15 at 26a; 10 at 21s 63; 33* at 23s 4d; 24 at 255; 16 at 24s Id; 18 at j 25s lid; 18 at 23s 9d; 17 at 22s 6d; 14 at"! 20s; 11 at 20s 3d; 21 at 23s 4d; 15 at 255; ] IT at 23s Td; 18 at 23s 6d; 14 at 22s 9d; 18 at 2is 6d; 11 at 23s sd; 60 at 20s 2d. | Wethers—l 9 at 27s 3d; 22 at 295; '22 at I 28s lOd; 15 at 29s 9d. Lambs—92 at 28s lOd; 22 at Sis id; 15 at 32s lOd; 25 at 29s 3d;, 34 at 21s 3d; 8?' at Bis 6d; 220 at 345; 61 at 33s 8d; 46 at ! 31s Id; 104 at 33s lOd; 33 at 34s 6d; 59 i at 32s Id; 140 at 80s lOd; S3 at 32s Id; 56 at 33s sd; 212 at 35s 2d; 61 at 23s 7d; 98 at 27s 3d; 219 at 32s Id; 28 at 30s; 66 at 32s Id; 154 at 35a.

Stores—Oi the 7315 yarded 2042 were passed at auction. The principal sales were— i Failing-mouth ewes and 90 lambs at lis Id; ' 179 mixed-sex lambs at 22s 4d; 147 Romney cross mixed-sex lambs at 26a Id; 51 halfbred ewes at 27s Id; 37 mixed sex lambs..at 21s; 196 mixed sex halfbred lambs at 18s; I 205 halfbred wether lambs at 13s; 60 two,, four and six-tooth three-quarterbred ewes at 27s 6d; 135 sound mouth crossbred ewes at 19s 6d; 131 sound and failing-month crossbred ewes at 19s; 250 halfbred ewes at 265; 150 mixed-sex .rape lambs at 265; 333 halfbred wether lambs at 15s 4d; 153 mixed-sex rape lambs at 265; 114 halfbred ewe lambs , at 20s 9d; 29 rape lambs at 27s 9d; 40 j four-tooth, crossbred ewes at 85s 6d; 193 j two, four and six-tooth crossbred ewes at 26s Id; 61 ewes at 19s 6d; 80 failing-mouth": "merino ewes at 6s 3d; 246 full-mouth three- ; qnarterbred ewes at IBs 3d; 250 rape lambs ' at 265; 269 full and failing-mouth balfbred ewes at 17s. SYDNEY WOOL SALES. (Received February 27th. 11.30 p.m.) ! STBNEY, February 27. : At the wool sales competition was k?en, all countries operating. Prices were slightly lower.

HIGH COMMISSIONERS REPORT. The Department of Agriculture has received the following cablegram, dated 24th in«lant, from the High Commissioner for New Zealand, London:— ILEAT: Poor trade generally owisij to forced selling cf AuJUftii'in brands. Steady request for »iew iieaiand mutton and lamb best branu= owing to nigh prices oz Eome killed. Heavy iew mutton and second class iamo ' not quoted on account of absence of demand. Plentiful supplies of chilled •New Zealand frozen baef .nominal. Feb. 24tm Feb. 17th. Feb. 10th. N.Z. Mutton. Wethers under 6118. 9d to 9Jd 9d 9d Wethers over 641b. Sot quoted. Sd to B£d. 8d to SJd. Australian ilutton. * WeJurs. 6£d to 7d 7d to Sot quo&d. Ev/es (weak).

6d 6d to 6id Not quotedN.Z. Lamb. Beet quality light-weight. Is OJd to Is lid Is Id la Id. Australian Lamb. Prime. IOJd Bjd to KJd Hot quote*. Seconds and In;trior. TJd to 9d Small supply. Very alow. Sew Z«!and Beef. Ox Fores. <—* S|d Not nuoted. <£& Ox Kinds. il& Not «4. Chilled Beet Fores. *d 4d w Hinris. °H 5Jd CM BTJTTEB. ITarket firm and advancing. Sew Zealand. Salted. Fines! February 24th— 21Cs to 214s per cwt (Is 10£ d to Is per lb). February 17th—196s to 200s per owt (la 93 to Is 9jd per lb).

February 10th—194s to 198s per owt {la did to Is 9id per lb). Oniilted: February 24th—212s to 216s per owt (Is IOJd to la lid per lb).' February 17th—2Q0 3 to 2<Es p«r owt (la 9id ti Is 9Jd per lb).

February 10th—1983 to 200s per cwt (Is 9id to la 9Jd per lb}. Other Qualities. February 24th—204s to 208s par cwt Ofl 9jd to Is IOJd per lb). Australian. Salted. Fineat. February 24th—Q&ts to 206s per cwt (Is Sid to Is lOd per lb). February 17th—1003 to 192 a per cwt (Is Bid per lb). February 10th—188s to 192 a per cwt (Is Bid to Is B£d per lb). TJnsalted. Febrnary 24th—206s to 208 a per owt (1b lOd to Is lOtf per lb). February 17th—194s to 196s par cwt fl* 83d to If 3d per lb). Febrnary loth—l92e to 194 a per owt (la Bid to Is Sid per lb). Other Qualities. February 24th—Salted 194s to 202b per cwt (Is Bfd to Is 9fd per lb). (la #>d to Is 9|d per lb). TTnsalted: 194s to 201s per cwt fls 8?d to la 9fd per lb). Argentina. Febrnary 24th—I84s to 196 a per owt (la 7|d to Is 9d per lb.) . Febrnary 17th—170a to 184s per owt (la 6*d U- Ts 7|i per lb). Febrnary 10th—170s to 182s per owt fls «d to Is 7Jd per lb). X Danish. Februvrr 24th—218a to 2SOs per ewt (la HJd. to la lljd per lb). February 17th—2103 to Sl2s par ewt. (Is 10W to Is K*d per lb). - February l«b—2oss to 208s per cwt (la lOd to la IOJd per lb). CHEESB. Market remains firm. Canadian, Febrnary 2tth^-jColoured! 132s to J3fis per cwt (la 2id to la 2»d per lb). While j 130 a to 136s per cwt (Is 2d to Is 2|d per !b). February 17th—Coloured: 1303 to 132 a per, cwt (Is 2d to Is 2Jd per lb). TOatej 128s to' ! 182s per cwt (la ljd to la 2» per lb). Febrnarr iOth—Coloured: 126s to 132 a per i cwt (la ljd to U 2±d per Tb). TTiitoi 136s to 132 a par cwt (la ljd to Is 2id per lb). New Zealand: Febrnary 24th—Coloured: 130 a to 336 a p<nr owt (la 2d to la 2§d per Ifc). WJiit*! 130* to 1348 per cwt (la 2d to "la 2id per !H February 17th—Coloured: 12fis to 130s per owt (la lid to is 2d per lb). "White: 126s to 123s per owt (la ljd to la ljd per lb). February 10th—CMaured- 126s to 128s per cwt (la ljd to la ljd per lb). White: 122 a to 126s per cwt (la Id to la l§d per lb). S.a. Bimutaka and Port Victor are discharging this week, while the lonic has docked. Australian shipments from Febrnary 2nd to Febrnary 7th comprise 51,956 boxes butter, 2868 crates of cheese. HONEY. Market firm. Official quotations are*:— | Hew Zealand, 3Ss to 60b per cwt; Califarnian, white, 62« 6d per cwt; Jamaican, 40a to 45s per cwt; Chilian, 37s to 55s per owt; Cuban, 30b to 60a per cwt; Haitian, 60s to 455. HEMP. Manila market firm. Good business has been done. "G" grade afloat and I'ebroaryApril shipments sold at £37 10a per ton. "J" grade afloat £35 15s, February-April shipments £36, New Zealand fair grade met demand in sympathy with Manila. Small business reported at £3l to £Bl 10a per ton i according to position. Gocd fair offered at £34, highpoints £33, with no buyers. " « WOOL. Good attendance at Hull B.A/W.BJL Bales this week, with active demand from Home and Continental sections, and all offerings vcere cleared. Grades in good condition brought prices eoual to about last London rates. Waaty and inferior lines were somewhat irregular, and about 6 per cent, easier. EGGS. Market weaker, prices lower. Italian, Irish, English, French, I>utch, Danish, 14s to 18*; Egyptian, Moroccan, Chinese, Styrian, 9s to 12s.

eangiora Market. x

The harvesting being now almost finished there was a, mucn wcrmded attjia&aoe at too liangiora mojcJißt yes!«ruay. Xue yarding ol sheep coQeOßVed ot &U0 lat iamba, AL3 tat twea aoa weuiers, and 152b stores. 'i'ite fat iambs found a ready sate at prices on a par with recent quotations, being e*iual to 10d per lb, prime iota making 80s 7d to 84s Id, and others 23s 7d> to 32s id. Prime tat ewes made 24s lOd to :25s Id, others &ls 9d to 23s Bd, and wethera 29u to 32s lOd. The sales were:—Far J. Begg, 38 lambs at 34s Id; R. Frizzell, 100 at 345, 126 at 31s : B. Peach. 31 at 29s 114; I. Hopkins, 19 at 29s lOd; A. Todd, 10 at 29s 6d; J. Wallace, 33 at 28s lCd; R. Hanna, 30 at 29s 9d; B. Hopkins. 85 at 28s lOd; £. Beattie, 36 at lid: T. Pullay, 60 at 32s fid; A. Dalzell 122 at 29s lOd; W. Starkey, 54 at 33s 7d; Guy's Estate, 103 at 32s 7d. Fat ewes: W. Stalker, 16 at 23s 9d, II at 23s 6d>; J. Beattie, 12 at 24s 3d, 10 at 24s lOd; E. Hanna, 23 at 21s 9d; T. Pulley,. 14 at 23s 10d- A. Tod*, 16 at 23s 2d; BT. Jietherall, 17 at"2os 4d, 17 at 23s 8d; J. Begg, 34 at 25s 2i Fat "Wethers: A. Todd, 13 ot 32s Ed; A. Petrie, 12 at 32a lOd; J. B«rg, 13 at 29a.

Sales of stores were made as follows:—44 f.m., four and six-tooth ewes 325, 152 six and eight-tooth ewes 27s 9d, 142 four and five-year-old 235, 83 aged ewc3 at 15s 9d, 45 at 15s, 54 at 19s 6d, 81 rape lambs at 28s 2d, 83 at 25a 43, 115" at 18s lid, 67 at 23a 6d, 57 at 17s 3d, 45 at 23s 9d, 31 at 23s 3d, 107 at 24s loa, 40 at 26s 6d, 80 at 255, and 55 two-tooth wethers 275.

In consequence of the special cattle sale last Friday the cattle pens were empty. Only about 25 pigs were forward. Porkers made 52s 6d, stores 32s 6d to 50s, and weaners 12s to 15s 6<L

In the poultry yards roosters sold at 15s a couple, hens 6s, pullets 10s 9d, and ducks 7s. In the produce yards chickwheat sold at 15s a 'sack, oats 14s, meal 14a, potatoes Jd a poond, marrows 4s a dozen, cabbasres 23 a dczen, cucumbers 2s a dozen, apples Id lb, plums ljd, tomatoes 2Jd, and onions l*d. Pelts is to 3s, wool 9d lb. fat ljd, "horsehair is 6d, and calfskins 3s 6d.

CHRISTCHURCH STOCK EXCHANGE. YESTERDAY'S TRANSACTIONS. Sal-3 reported:—National Bank of S.Z., £3 7s; Vistd cyid Co. Brcvrery, £1 15s; Burns, Phiip, £-1 I2a; N.Z. Sugar of .Milk, £1 lis 6± on 'Change:—Euddart-Parker, £3 15b 6d; Electrolytic Zinc to. (ri.hti), 11a id. LATEST QLTOTA'IIOSS. Buyers. Sellers. • «. d. & a. d.

AUCKLAND STOCK EXCHANGE. (SMSCIAI. TO "iHB PXEB3.'*) Soles—Sew Zealand Insurance, 27e 4d; River Plato, 21s 6d; Auckland Gas, <>*? Bycroft, 20s 9d; Toraon Gerliok, 123 ed; 'Waihi, 29s 9d; Grand Junction, 8s lOd; new Waiotahi, 9d. CLOSIftG QUOTATIONS.

OTHER EXCHANGES. (PEEBS ASSOCIATION TELEGBAH.) DUNEUIN, February 27. Sales on' Change—P. and O. (delerred stcci), £320; New Zea.and Beirigeratmg icon.), 14s 3d (two); Waihi, 3us. i Sales reported—National Bank, £6 7s (three); 4i per cent. 1938 Bonds, £97 6s. NORTH AUCKLAND FARMERS' CO-OPERATIVE, LTD. The preference shareholders in the North Auckland Farmers' Co-operative Ltd., nave been advised that it was not possible to pay out the preierence dividend which fell due on September Ist last, and although business has improved since then,-the result of the Company's working to December 31st still precludes the payment of any dividend. The Company's working expenses have been greatly reduced, but this has been counterbalanced by. a shrinkage in earnings. Notwithstanding this result, the directors con-" eider that it is in the shareholders' interests for the Company to carry on in the hop© that business will materially improve. KAITANGATA COAL CO. (SFZCTAL TO "TEE PZESS.") DTJKEDIX, February 27. The directors of the New Zealand 'Coal j and Oil Company (Kaitangata), in submit- j ting their annual report, state that the* profit (£2923 3s id) is slightly lower than the previous year, and is arrived at after charging debenture and loan interest aLd all other expenses, including the heavy income taxes. The directors are of opinion, having regard to the slump in trade in the Dominion, which particularly affected the company, that the profit must he looked ' ■upon as satisfactory, and reflects great credit upon the local hoard and manager. After writing off £2385 3s 9d for deprecia- ' tion, there remains to the credit of the profit and loss account, including the amount brought forward, £8437 19s lOd, I ■ : 1

(Continued at foot of nest Colunm.)

METALS. i (BT CABLE —PBESB ASSOCIATION —COPTBIGHT.) (AUSTRALIAN AND N.2. CABLE ASSOCIATION.) (Received February 27tli, 11.30 p.m.) LONDON, February 26. Copper—Spot £7l 16b 3d, forward £7-2 8s 9d. Lead—Spot £29 7a Ed, forward £23 153. Spelter—Spot £26 10s, toward £36 103. Tin—Spot £199 12s 6d, forward £231 123 6d. Silver—3l|d per ounce. AUCKLAND'S DAIRY PRODUCE OUTPUT. (special to the razss.") AUCKLAND, February 27. There will be some heavy shipments of dairy produce from Auckland during the ensuing month. Space has been allocated to the end of ilarch for about 280,000 bozes of butter and 39,000 crates of cheese. Thia will be a welcome clearance, as the freezing stores are being rapidly filled owing- to the Email quantity of butter that has been Bent overseas during the current month. EGG AUCTION. Messrs Harris Bros, report that the usual weekly auction eale of Feather brand, guaranteed fresh eggs, on behalf of the Canterbury Egg Farmers' Co.-operative Asacciation, was held in their rooms, 158 Hereford street, yesterday afternoon. There was a keen demand, aid prices took another sharp rise. AH lots were quickly sold at the following prices:—Hen eggß (first grr.de, 2oi or over), Is 9d; hen eggs (second grade, under 2oz), la Bd. ®

DEBENTURES— N.Z. Govt. *i per cent. Inscribed, laS3 97 2 6 97 10 0 N-*.. Govt, it per cent. Bonds, iiwo 97 2 6 _— N.Z. Govv 6 per cent Inserted, 1623 „ — 87 15 0 N.Z. uovi. b per cent?* *?--... Bonds, 12-27 97 10 0 — N.Z. Govt, aj per cent. Bonds, li>33 100 12 6 — BANKS— Australasia (cum dir.) is 7 6 IS 12 6 (.•cm. of Australia ., 1 13 6 — National .. .. 6 7 0 6 8 0 New South Wales (ex div.) 37 7 6 37 12 6 New Zealand .. 2 17 0 2 17 6 Royal (£1 paid) 1 13 3 1 14 S Royal (£4 paid) 6 10 0 — Union of Australia .. 13 17 6 13 19 0 INSURANCE— National 8 13 9 3 14 6 New Zealand ,, ,, 1 7 S — South British 1 17 3 1 18 0 Standard 1 13 3 1 14 0 LOAN AND AGENCY— GoMsb rough, Mort 2 3 9 2 4 0 Mutual Benefit ._ 10 15 0 — National Mortgage 3 15 0 8 19 0 N.Z. Loan and Merc. (ord. stock) 82 0 0 90 0 0 N.Z. and River Plate .. 1 0 6 — Permanent Investment ,, 8 10 0 - SHIPPING— Hudd-rt-Pai&er 2 15 3 2 16 3 Huddart-Parker (S per cent, cum pref.) ., 1 0 0 1 0 6 P. and 0. Deferred "■ Stock) ,, ., ! 310 0 0 330 0 0 FROZEN MEAT— Ccnterhnry .„ ,, 14 12 6 IB 0 0 N.Z. Refrigerating (£1 paid) 1 7 0 1 7 6 N.Z. Refrigerating (10a paid) .. ,, OM 2 0 11 6 COAL— Westport ,, „ 115 0 1 15 6 "WestDOrt-Stocktoa .. 0 4 9 — WOOLLENS— Kaiapoi (£1 pale!) „ __ 1 4 9 Kaiapoi (10s paid) .;: 0 11 8 — GAB— Ashbtirton ,, ,. — S 1 0 Auckland ,, „ 1 4 S — Australian Gaslight ,. — 7 0 0 ChristchuTch , ,, 7 18 0 7 19 6 (5 per cent. cum pref.) 0 16 0 — Nar/ier ,, 10 3 8 — BREWERIES— Crown ,. ,r — 2 2 0 Manning .. .. 4 10 0 4 12 6 Ward 1 14 0 1 16 0 CEMENTS— Winn's N.Z. Porfland 1 2 10 1 8 1 MISCELLANEOUS— Beath and Co. ... 1 10 0 111 6 Beath, Scliiess - ,, 0 17 9 0 18 6 British Tobacco (Anst.) 2 0 0 — Buina, Plulp 1 12 3 — Colonial Sugar — 43 0 0 Glenmore Brick and Tile Henry Jones Co-op. , 0 1T 6 3 1 0 Mason, Struthera (£1 paid) .. ., — 1 B 0 Mason, Strathers (I4» paid) 0 16 0 0 17 0 N.Z. Paper Mills 1 4 6 1 5 6 N.Z. Sugar of Milk ., I 11 0 — Whitcombe and 1°mbs 8 11 0 ~*r» Eiectrolytio Zinc (rights) 0 11 3 0 11 e Electrolytic Zinc (pref.) cum div. .. 1 11 0 111 e MINING— Mt. Lyell 1 B • —

Buyers. Sellers. £ «. d. £ «. d. BANKSConunercial ., M 1 13 6 — Commercial (pref.) «. 6 12 0 — National ,. t> 6 6 0 e 8 6 New- South Walea M 37 0 0 _ New Zealand >«. *+ 2 17 8 2 17 6 Union « ** 13 15 0 i— INSURANCE— National «* m 8 IS 6 — New Zealand »» w 1 7 0 1 7 6 South British »* . — 118 0 FINANCIAL— Dalgefy and Co. .. N.Z. and Biver Plate ia a 6 _ l l 8 1 1 9 Loan and Mercantile 83 0 0 — Loan and Mercantile - --v. (pref.) a .1 73 0 0 _ COAL— Taupiri ... «, 1 0 6 1 1 0 Taupiri (pref.) a 1 3 0 — Wesiport ii **. 115 0 116 0 SHIPPING— Devonport Ferry 1 5 0 — Huddart-Parker (ord) ., 2 15 3 2 16 0 Northern Steam (paid up) 0 18 4 _~ Norther-i Stoam (con.) 0 6 3 — "Union Steam, (pref.) .. 019 6 _ TIMBER— Bartholomew ~ — 1 0 6 Lej-land O'Brien u 1 IS 6 — Parker, Lamb a 1 8 0 1 5 0 WOOLLEN— Kaiapoi (ord.) <. 1 5 0 — Kaiapoi (10a paid) — 0 11 0 0 13 0 Mossriel .. •• 6 12 0 — 'Wellington - .. — 8 12 0 — "Wellington (pref.) / .. 8 12 0 — MISCELLANEOUS-^ <•* Colonial Sugar (Aust.) — 48 0 0 Gear Meat .. .; 1 18 6 — Kempthorne, Prosser .i 2 17 0 —' Newton King (pref.) „ Newton King (ord.) it 0 17 0 — — 0 15 0 N.Z. Express Co. .; 0 13 9 0 15 e N.Z. Refrigerating (con.) 0 14 0 0 14 6 Sharland and Co. 1 1 3 — v "Union Oil .. ii 1 9 3 1 10 6 W;1°on's Cement ii 1 2 8 1 3 3 MINING— Moanataiari .. » 0 8 11 0 4 3 Waihi .. ~ 1 9 9 1 10 3 Grand Junction i. 0 8 9 0 9 1 Mount Lvell ii 1 5 3 — DEBENTURES— War Loan, 19S8 .; 97 0 0 97 10 0 War Loan, 1939 97 0 0 — War Loan, 1927 97 7 6 — Soldiers' Loan. 1933 .. : 100 12 0 101 5 0