FINANCE AND COMMERCE.

Press, Volume LIX, Issue 17749, 28 April 1923, Page 10

FINANCE AND COMMERCE.

REVIEW OF THE SHARE |[ MARKET. ij, )!i' : There is a good demand at present ;!.; iin the Stock Exchange for most in--1 i; i'estment stocks, and buyers have been !'. more in evidence than sellers. The ,:'; 'lumber of reported sales during tho ■ .'; )ast week has been fairly large, and : :3veral stocks have shown an advance v price during the week. ';•) Pour and a half per cent. War Loan. !;'ue in 1938 and 1939, has sold for £97 Jl'2s 6d and £97 10s, with further il.juyers at £97 10s, and sellers at '!-:S9B, as compared with sales during ;, ! ast week at £97 ss, £97 7a 6d, and v£97 10s. > '. Five per cent. Post Office Loan, due •', In 1927, has been dealt in at £97 12s ;';;(d, £97 7s Gd, and £97 12s Gd, with plater buyers at £97 10s, and no dc- ■ i'llared sellers. Last week's business Ijivas at £97 10s. ;i;',; Five and a half per cent. Soldiers' ; ( j.'Settlement Loan, due in 1933, has imj: jroved a little, and has sold during :j;ihe week at £lOl 7b Od, with further jrmyers offering that figure, and sellers Risking £lOl 15s. Sales took place .'luring last week at £IOO 15s, £lOl, ■'.!;gl01 ss, and £lOl. ; : ji! There is a good demand for Bank ■!| if Australasia shares, and buyers are n iffering £l3 10s, without sellers quot'%ng. Sales took placo about a week |'go at £l3 9s, and at the end of last 'ijveek there were buyers at £l3 7s 6d, Viyith sellers at £l4. U, There is also a demand for Commer- [ jsial Bank of Australia ordinary shares, £i?or which buyers are offering 37s Gd, lyithoufc quoted, sellers. No sales f'sjiave been reported for. some time past, iff he last reported business taking place !| some weeks ago, at 36s 3d. National Bank of New Zealand i ;hares have been dealt in during the :' ,veek at £6 14s, £6 13s 6d, and £(5 '•■ 14s, as compared with last week's •!iales at £6 12s, £6 13s 6d, and £6 \ 14s, and lato buyers have offered £6 \ 13s, with sellers asking £6 15s. ;'/ At the end of last week sales were \ ;ecorded of Bank of New South Wales | pares at £3B, but no transactions havo been reported. Buyers are now |£[offering-. £3B ss, without attracting de|i: dared sellers, the demand being strong. HI The prices' of Bank of New Zealand !'shares have shown some fluctuation

luring the past fortnight. At the beginning of last week sales took jlace at 595, and the shares rose iteadily throughout the. week, which losed with sales at 61s 6d. There have since been transactions at 61s 9d, 61s, 50s, and 60s 9d, with subsequent buyers it 60s 3d, at 61s. Cum a dividend of 5 per cent., payible shortly, Royal Bank of Australia shares have sold at 34s 6d, with further buyers at 35s 6d, and sellers

fit 36s 6d. , ".„.,,. If; The reported business m Union Bank Ij4f Australia shares during the week has iifoeen at £l4 8a and £l4 7s 6d, as iflbompared with transactions towards jifthe end of last week at £l4 8s 6d L&nd £l4 8s 3d, and late buyers have Sffjoffered £l4 ss, with sellers asking li £l4 8s 6d. ,'.,.;, H"i There has been a fairly steady demand for Insurance Company shares, &iWt tho only reported business has been Vin South British Insurances, at 395, and pn New Zealand • Insurance Bliares at are .offering ■ ,78s , for National Insurance, without quoted selluers, as compared with sales during last l j reek at 76s 6d and 77s 3d. i New Zealand Insurances are wanted at 295, with sellers at 29s 9d, thebn»j'nesa during last week being at 28s 9d •The reported sales of South British ; InsuranceT shares referred to above iwere Is per share better than previous5. recorded transactions. Late buyers i have offered 38s 3d, with sellers at 395. ' There is an enquiry for Standard lnLrice shares at 355, but no sellers

| a "a q iKety ng an.a Company shares arc 'wanted at £l2 Ms «d, but no sellers larfqu'oting, and there has been no reported business during the week y The demand for Goldsbrough Mort I and Company shares has been fairly I jSayT and sales have been reported 3 T rS Li wee& ttsaetions took riiirinp- last week at 50s ba. : There Tas also been an improved de- ! rnid for Huddart **«r ordinary ! offered 41s 9d, with filers asking 42s 'Hp and O. Deferred Stock is now cum an interim dividend and has .changed hands during the week at £3lB and I ; £S3O with later buyers at £3oo ana at £360. |i. New Zealand Refrigerating Company (• shares are a little stronger.and buyers f are offering 25s 6d for the fully-paid F shares, with eellers at 265. as compared iHwith business last week at 255. The «S contributing shares have dealt in at los Hf;4A and 13s sd, with subsequent buyers i.fati 13s 4d, and sellers at 13s fed, as VA against transactions a week ago at 13s

Westport Conl Company shares sold I during last week at 39s 6d, and sub- I sequent transactions have been at 40s, , 39s lid, 39s lOd and 39s 9d, with later sellers at 40s and buyers at 395. Christchurch Gas Company shares have changed hands at £B, at which figure further sellers are quoting with j buyers at £7 19s 6d. Sales took place last -week at £7 19s. Crown Brewery Co. shares have been fairly steady and are wanted at 435, with sellers at 455. Last week's sales, were at 435, 43s 3d and 42s 9d. Manning and Company shares are now cum a final dividend of 5 .per cent, payable early nest month, and are offered by sellers at £4 19s, without declared buyers. Sales took place earlier in the week at £4 17s 6d. "Ward and Company shares are easier and are offered at 36s 6d, without quoted buyers. No sales have bbeh reported since last week, when the shares were dealt in at 375. Cement shares have shown some fluctuation and after improving during last week from 24s 9d to 275, have eased again and have changed hands at 26s 3d and 265, with further sellers at 26s 3d. Beath and Company shares have been dealt in at -30s 6d, at which figure there waa also business during last week. ■ • '

if At the end of last week New Zealand 11 J>rug Company shares were wanted at a (JOs 9d without quoted sellers, and sub- | sequent buyers have offered 61s 6d, I without any recorded business. | Whitcombe and Tombs shares have \v changed hands at 75Vwith subsequent | buyers at 74s 6d and sellers at 775. k Electrolytic Zinc Company Prefer■|*noe shares have sold at 33s 3d, with | later buyers at 32s 9d, and sellers at jj*B3s 6d. Previously recorded business i took place at 32s and 32s 10d._ The

DOMINION'S TRADE AND MARKETS. (it vm cojoaxcui. mtxojl)

Rights to new Preference shares in the same Company have changed hands at 13s 2d, with later buyers at 12s 3d and no recorded sellers, as against, sales a week ago at 12s 3d. AVnihi shares have fluctuated to some extent, ahd'after touching *2£>s .3d towards the end of last week, have sold at *JBs 9d. 2T.s. 26s 6d, 2(>s. 27.s and 2Ss cum :i dividend of Is per share payable on J una Ist next. The market for "Wailu Grand Junction shares has remained quiet, the recorded business being at 8h 2rl, &s, 7s lOd ami 7s 6d as against sales during last week at 7s Sd.

GENERAL MERCHANDISE. GROCERIES, ETC. April 28. Cream of Tartar appears to be In for an increase in price very shortly. Cable advice recently received from France states that the crop prospects this year are exceedingly bad and high prices for cream of tartar and allied lines are anticipated. "We advise buying early," is the final suggestion in the latest advice. Sago and tapioca are in very short nupplv locally, as well as in other parts of New Zealand. Most local merchants . are out of stock, or arc holding vory small parcels. As tho steamer from Singapore will not be here for fully six i,r> eight weeks (she has not left yet), there is every prospect of supplies running completely out before that time. The recent very high prices quoted from Singapore, still continue, according to cable quotations received during the week. , Tho long-looked-for fall in prices of tobacco and cigarettes has not yet materialised. Retailers expect . early advices of a decline, and are keeping their stocks in small compass accordingly. Wax candles have beeg_ short this past week, but arra'ngements are being made to keep up tho supply from now on. Supplies of Eley shot-gun cartridges, a line stocked extensively by country stores, have recently arrived. Tho prices are a good 10 per cent, below lost year's figures. The demand is good, and is expected to increase with the opening of the shooting season. ~, . . , , Tho tea market still continues high, ana is likely to remain so for" some time to Preserved ginger is very high, and recent landings are fully 2d a lb above prices at which sales were made last month.

THE WHEAT BOARD. OPERATES FROM MAY 1. The new Wheat Board, set up under the agreement arranged between the millers and growers in regard to the marketing of thiß year's wheat, will commence operations as from next Tuesday, May Ist. The offices will be those occupied at present by the Wheat Controller iu the National ' Mutual Buildings, Hereford street. The manager of the new Board will be Mr A. V. Smith, lor some time Wheat Controller under the Government wheat scheme, a position he has resigned in order to accept the new appointment. The operations of the Wheat Control office have now practically ended* and for any "washing up work required the wheat control _sturf will bo locateii at the local office of the Department of industries and Commerce. The new Board is fortunate in. securing for its principal executive officer a gentleman of the experience of Mr • Smith, who to a very large extent is responsible for the successful steering of the Government wheat scheme through the troublous years of control. His appointment should materially assist in the smooth working .of the new | board.

MEAT EXPORTS. „ (PRESS ABJOCUTION TEUBOBAM.) WELLINGTON, April 27. The New Zealand Meat Pioneers' Board. supplies the following particulars, of frozen meat shipped from Kew Zealand during the

Killinra at all works during the 1020-23 6 eSon commencing November Ist, 1922, to April 15th, 1923 (60lb freight carcases) : North Island .. •• 3,081,467 South Island .. ,-■ 1,188,871

WHEAT AND FLOUR. (Received April 27th, 8.40 p.m.) *• LOJN.+JN, Ap.il 26. Careoea aire- firm and in siroug demand at an SHf 6d. owing to deinycd navigation on Winnipeg and ba<l im«« cX The K.tal's WosUahan cargo ££ at Iss 3d per quarter %"*£*£ Sr speculative demand at 6d -8d «d ,L. &pot trade is quiet but steady. Australian landed is quoted at Sob «i. Flour-Tho market is firm.. Australian es store is quoted at 37s to S7e 6d. As o result of the recent conference between Si* Joseph C^.. to >® eOT P.SSS and Mr Lawson, • and the Commute* in London, the Wheat Committee has agreed* to accept the offer from Australia of £1339 in final settlement of all claims for the refunding of certain overpayments made to Australia from the profits on the resale to the Allies of throe million tons of Australian wheat from the 1916-17 pool. The claim for a "refund from the 1915-16 pool was waived by the "Wheat Commission. Bxrley—The market; w ve:y firm. Oats—The niaaket is steady, and prices are j unchanged. Peas—The market is slow. I Beans—The market is firm. Sugar—Granulated 663 7Jd per quarter.

CLEARING SALE. Pyne, Gould, Guinness, Ltd., held a successful clearing sale at Rotherham on account of Mr Harry Chapman, Mt. Bassctt The following are some of the principal sales:— Sheep—loo ewe hoggets (halfbreds) 29s 3d to 28s 6d, 41 fat ewes 16s 6d, 83 cull wether hoggets 18s 3d, 134 cull ewe lamb* 21s 3d 262 fat lambs 28s 6d, 99 halfbred failingl mouth ewes 24s 6d 73 s.rn. halfbred ewes 25s Gd, 72 cull two-tooth ewes 25s 6d. The balance of sheep, viz., 3800, were taken by the buyer of property at valuation. Horses—Two aged draught horses £l7 and £lB. Cattle—9 Holstein heifers £B. 9 Holstein heifers £7 15s, 6 Shorthorn heifers £6, 10 Shorthorn heifers £5 Ks, 26 cows in milk from £4 7s 6d to £B.

LAND SALE. The New Zealand Farmers' Co-op. Association, Ltd., Cashel street, sold at Clarkville, I yesterday, on account of Mr Thos. Hawaii, 1 This farm of 50 acres two rods and twent/ perches at £SS per acre, to Mr H. T. J. Gibbs. THE PROPERTY MARKET. Pyne, Gould, Guinness, Ltd., offered by auction a farm of 171 acres nt Killinchy. in the estate of the late Patrick Crowe. It was passed in «it £23 pel acre. Mortgage and Agency Company olTered a cottage and section et Soutbbridge on behalf of Miss Glanville. This was passed in at £260.

NOTES FROM WELLINGTON

(F3OSI A SPECIAL COBKESPOKDENT.)

WELLINGTON, April 27,

Private cable advices from London indicate that the dairy produce market is weak. Butter is quoted at 1-iOs to 142b, and cheese at 08s to 100s. Last week, when the prices stood at l-iGs to 1545, it was hoped that prices had reached bottom, for there was a slight rally towards the end of the week, with holders of stocks doing their utmost to hold up the market. The stocks in hand were exceptionally heavv, with large supplies on tiie water, and this shook the market. At the end of last March, finest salted New Zealand butter was selling at ISSs to 19:25, according to High Commissioner's quotations, so that during April there has been a fall of 48s to 50s per cwt, or, expressed in another, way, the wholesale price of New Zealand butter oil the London market, which stood at Is Sjd per 11) in March, is now down to about Is 3d, a fall of about 5Jd, which is exceptionally heavy. It means big losses to a great many buyers. It is stated that some factories intend holding their butter in store, but what good this is going to do it is difficult to say, as the market is depressed, owing to excess of supplies. The aim should be to get the butter into consumption, and prices should be reduced. The retail price of butter in New Zealand must be brought into lino with the London price. Cheese has fallen about 50s per cwt since the end of March, and the retail price of cheese must also be sharply reduced.

BEEF FREIGHTS. FURTHER REDUCTION. (MESS ASSOCIATION TELEGRAM.) WELLLN'GLON. April 27. The New Zealand .Meat Producers' Board has ''been negotnitin- with shipping companies, endeavouring to obtain a further redaction in beef freights in view of the serious condition ol tho beef uroduoers. , . , The Hoard has now been advised that a reduction of id per lb has been agreed to. and will operate trom tomorrow. April'2Bth, until October 3lst. •ihe action of lha shipping companies m meeting the portion is much appreciatedby'tbe and will be welcome news to beef producers at the present moment. MOTOR SALVAGE SALE. Motor dealers and enthusiasts gathered in great numbers at tue premises of the •GriUett Motors, Ltd., Auckland, on Monday, when the remainder of the cars and stock damaged oy the recent disastrous tire was sold by auction. In the morning, when the burned cars were sold, between five and six hundred people were present, constituting perhaps the largest attendance yet seen at a local auction sale. Of the cars offered a 1915 model Buie*, badly burned, brought £63, while a 1917 fwe-seater Oakland, also severely damaged, sold for £SO. A Ford of the 1914 make, touched only by the lire, realised £44, and an old chassis, untouched by the flames, made £35. A 1923 model Buick, with the body seriously damaged but tho engine in running order, sold for £35. Several cars of various makes, all severely wrecked, went at prices ranging from' £7 10s to £2O. A" Hudson marine engine, in perfect order, sold for £l5O. A vast quantity of accessories, more or less damaged, sold at satisfactory prices, although many other parcels appeared to go at bargain prices. Tyre and power pumps were sold for a. few shilings each, new rubber mats at 10s each, n parcel of 12 used tyres for £3 10s the lot, and 30 new tyres, more or less charred for £4 2s 6d.

DOLLAR EXCHANGE. (Received April 27th, 1.15 p.m.) NEW YORK, April 26. The exchange quotation for sterling has reached 4.63. It has been steadily declining since February 19th, when it was 4.70. LOAN OVER-SUBSCRIBED. SYDNEY, April 27. The Commissioners of the Rural Bank sought a loan of £1,000,000 to inaugurate the activities of the Bank in the direction of assisting the man on the land. The public have subscribed £4,000,000, but the Commissioners are accepting only £1,000,000. MELBOURNE MARKETS. MELBOURNE, April 27. Barley—English 3s lOd to 4s 3d, Cape 3s 4d io 3s sd. Oats—3s lid to 4s. Potatoes—£9 10s. Onions—£3 ISa. The hides market is irregular. Kips and lights mediums declined a farthing, and yearlings a halfpenny, while stouts and heavies were unchanged. SALE OF WOOLLEN MILLS. MELBOURNE, April 27. Mr S. M. Bruce (Prime Minister) has announced that the Commonwealth Government has sold the Geelong Woollen Mills to a Melbourne merchant for £155,000. BUTTER MARKET. Messrs Dalgety and Company, Limited, Christ-church, have received the following cabled advice from London, dated April 34th: Butter—The market Last week looked possibly at bottom. Holders are doing their utmost to support it, but the demand is very slow and stocks are exceptionally heavy. Recent values are barely maintained. FROZEN MEAT MARKET. Messrs Dalgety and Company, Limited, Chmtchurch, have received the following cabled udvico from London, dated April 26th: Frozen Lamb—The demand for i\ T ew Zealand lamb is not affected by the- change in prices. The market is weaker. We quote: Prime crossbred lamb, Canterbury heavy lid, light Uld; North Island, heavy lOd, light IOJd. The demand for Australian lamb runs principally on finest qualities. We quoto, g-a.q., crossbred lamb, Australian heavy Bd, light 9d. Frozen Mutton—The demand for New Zealand mutton is poor and the market is weaker. We quote: New Zealand prime crossbred mutton, Canterbury heavy 5Jd, light BJd; North Island, heavy 6d, light Bd. The demand for Australian mutton is limited. We quote, g.a.Q., crossbred mutton, Australian heavy -lid, light sd. Frozen Beef—The demand for New Zealand beef is nil. Prices nominal. We quote: New Zealand prime ex beef, hinds 4Jd, fores 3J-i.

LONDON WOOL SALES. The Department of Agriculture has received the following', cablegram, dated 25th instant, from the High Commissioner for Xew Zealand:—The London wool saJes opened with a very large attendance of buyers, the Continent and America being well represented. A keon general demand wae experienced, and competition was brisk. Compared with the closing rates for last series, the prices for merino, fine and medium croflsbred were 5 per cent, to 7J per cent, dearer; coarse crossbred 7i per cent, to 10 per cent. dearer. Messrs Pyne, Gould, Guinne3s, Ltd., have received a cable from their London agents, dated. April 26th, as follows:—"Merinos 10 per cent., fine crossbreds 7J per cent, to 10 per cent., other crossbreds 5 per cent, dearer. Competition is strong."

CANTERBURY MARKETS.

Friday Evening. "Wheat continues to be offered freely, but most millers are well supplied in the meantime, and purchases axe not heavy. The February to April period, as a rule, is a heavy purchasing one, duo to the uncertainty as to what uiS New Zealand yield wiil be, but by the end of the present month there are, as a rule, fair stocks on hand, and a period cf quietude sets in. 'mis period L upoureiiuy in at present. We conditions ot tne miuers-iarmers agreement provide that 75 per cent, ot the iniliers' requirements for the year must be taken uv tne end of -Uay. Some millers state that they have already about reached that degree of purchase, unci, in anv case, their stores are fairly full. This accounts for the dilatonuess of the buying. .Millers are now paying out the (Inference between the old and the agreement price, the Minis-tlm-'s statement that the Government would not interfere in the agreement providing the authority necessary to cover purchases. Under-i'i-ade wheat is likely to be .very plentiful. In South Canterbury the proposition is understood to be heavy. Potatoes continue to be the brightest end of the market. North Island orders continue to come forward. This vcar there is no consigning, such as occurred last season, the overdoing of which burst the market. This year's business so far with the North is a. reflection of the northern demand rather than, as it was last season, a reflex of the speculative and consigning element. Southland reports are to the effect that blight is prevalent in that district. The floods in South Otago will reduce the output there, and there is quite sound ground for believing that the demand will develop for Canterbury potatoes. The wet weather has orevented deliveries, but in addition the lower yields have restricted the quantity offering merchants. Quotations for all but f.n.q.'s are from £& 5s to £4 10s per ton to farmers, with growers inclined to Hold. There has been no boat for the North during the week, but the Kauri, delayed from Monday, is due to sail to-night. In other branches fTfe most notable movement is in peas. Due obviously to the activity of over-sellers, the value has advanced rapidly during the past fortnight, and sales have taken place at 7s 9d f.0.b., s.i., equal to 6s 9d to 7s at country stations. The home quotations do not support this ivalue.

Linseed is still in firm demand, and is quoted at £l6 per ton to farmers. This is a good value in view of the export parity. White clover is in the doldrums. English and foreign advices predict a fall in tho present values. The disparity in the quotation of 84s per :wt for red clover and 200s for white is too pronounced to continue. Cowgrass is dull at from Bdi to 9d to farmers. Imported can he landed at yjd to lOd per lb, which, in spite of the superiority of the local product, ilopresses the value of the latter. Alsyke clover is quoted from America at 60s to 70s per cwt. for good quality. This quotation is very low. and is getting down to-speculation values. Ryegrass and cocksfoot are both quiet, there being no enquiries. Southland-grown Chewing's fescue has been sold at Is 2d per lb, machine dressed. Growers are holding out for a price from Is upwards,, but the sales made make the value to farmers for undressed at up to 9d. The following are quotations for pro,duce to be paid to farmers at country stations, sacks extra, unless otherwise stated: — Wheat—Tuscan 5s Id, Hunters 5s 3d, Pearl 5s sd. Oats—A and B grade 2s 8d and 2s 9d, Algerians and Duns 2s 9d to 3s. Chaff—Bright oatsheaf £4 5s to £4 10s. White Clover—lid to Is Id. Italian Ryegrass—4s 6d to 5s per bushel. Perennial Ryegrass 4s 6d to 5s per bushel. Cow-grass—Bd to 9d. Potatoes—May delivery, £4 5s to £4 10s. Onions—£3 10s to £3 15s. Cocksfoot—4£d to sd. Linseed—£l6 to £l6 10s. Barley—os ner bushel. Peas—6s 9d. Flour —£I's 10s per ton. Pollard— £7 per ton, f.0.b., main ports, 10s extra- for smaller packing. Bran—£s per ton, f.0.b., main ports, 10s extra for smaller packing. POULTRY AND EGGS.

CHRISTCHURCH MARKET. There was an improved tono about the poultry market this week, and prices advanced. Pair quantities were available, and the demand was good. The range of quotations per pair is ns follows:—Table chickens 5s Od to 15s 3d, ducks 6s Od to 13s, hens 2s 6d to 9s Od, pullets 5s 6d to 17s, geese 7s to Bs, turkeys 13s 6d to 41s Gd.

Owing to the colder weather the supply of eggs decreased this week. The demand wbb good. Canterbury Co-op. Poultry Producers' prices per dozen are:—First grade hen eggs 2s 4d, second grade hen eggs 2s 2d, duck eggs 2s 4d.

There has been a flutter in the egg market this week and prices have varied considerably. Kertailers are not now quoting prices which aro considerably below the wholesale auction prices, which are high on account of a marked shortage of supplies. The reason for the shortage is no doubt the moult and bud weather conditions. Numerous attempts have been made to fix a standard maximum wholesale price in winter and summer for eggs, but the attempt seems doomed to failure, as the value o£ eggs, like any other commodity, must be governed by supply and demand. It was attempted to fix the maximum price at "8 4d per dozen for the winter months, but it is reported that at a local auction this week they were freely sold at 2s 7d, and the supply was not equal to the demand.

TIMARU. (SPECIAL TO "THE PRESS.") TIMARU, April 27. Only prime lines of wheat are being accepted by milled just now. The first addition of 6d per bushel to the set price will, not be ma.de till June Ist, thereafter Jd per bushel per month will be added until October. Thero is a, good demand for fowl wheat, at 4s for good whole quality. Undergrade is selling at 3s 9d to 3s iOd, seconds 3s Cd and medium 3s 3d, on trucks, Sacks extra. Oats are in moderate demand at 23 lid for A grade Gartons on trucks, sacks extra. B's are worth 2s 9d to 2s lOd, and Duns 2s Cd to 'is; feed Al-ierians are selling at 2s Gd. There is no demand for f.a.q. chaff. Most of the South Canterbury crop consists of this grade this season. Good bright stuff is worth £4 10s per ton on trucks, sacks found by buyers. Brewers are not operating in barley to any extent and business is limited. Good malting barley is woith 4s on trucks; feed, 3s to 3s 6d, and Cape 4s to 4s 6d.

The pea market is still firm and quotations are: No. 1, 63 9d; f.a.q.'s, 5s 9d. The demand is good at these prices.

The demand from the Xorth Island for glass seed has practically stopped. The threßhing of cowgrass has been started but not much has offered yet. Prices are about 9d per lb. White clover is on offer in good quantity and prices are Is to Is 3d per lb, according U. sample Linseed is in very strong demand, and the price has advanced during the week to £l7 per ton. The rise in price is attributed to the rise in oil. ' Potatoes took an unexpected turn during the week, reds remain at £4, but whites are worth £2 per ton. Southern merchants are buying and ratling further south. Th 3 southern crop being poor this year, they will only take white consignments. Ths Dunedin demand has not advanced t*e price of reds. Given fine weather here for digging, the Dunedin market could soon ba fully supplied. The value of whites for shipment to the North Island is £i 10s, xeds £i.

BLENHEIM.

(special to "the psess.") BLENHEIM, April 27. The markets have not altered materially during the last week or two. They are very quiet for this time of the year. There is very little movement in, the cbal trade here. Canterbury is securing tne bulk of the business at a lower level of prices. Nominal values are at from £1 103 to £5 per ton, and the tamieis seem inclined io hold, aa they expect an increasel demand later in the season. The barley market is duil. A few cd.l lines have sold at 4s 6d to os per buahel. A few lots of fowl whefl-t have been bringing about 4s a bushel. _ Partridge peas have met with an increased demand, but very few are available. Blue peas are not moving, the growers holding' in anticipation of an export movement, later in the year. The threshing of cowgrass seed is proceeding and the yield 3 aic fairly good. Th: autumn, demand having been satisfied, t.ie market is now very quiet. Present values aro from fid to B£d per lb, but the growers do not appear to be prepared to "Sccept such low prices in the meantime. One or two small' lines of lucerne seed have 'been threshed, but no sales are yet recorded. The yield is expected to be small. DUNEDIN. (SPECIAL TO "the pbess.") DUNEDIN, April 27. The enquiry for oats is very limited, an! shippers are buying only at reduced prices. A uartona aro quoted at 2j lOd, B's 2s Bd, and undergrade from 2s per bushel, aack3 extra. Focrl wheat is quoted at up to 4s per bushel, aackß extra. Supplies of potatoes are short, with a res-ait that the market is showing considerable improvement. Best table 3 are realising £7 10s to £7 IBs per ton. Consignments of chaff have been very heavy, and the demand is mo3tly for prima heavy oaten sheaf. Other descriptions are more difficult to quit. Prime oaten sheaf is quoted at £4 16s to £5, good to best feed at £4 as to £i 10s, and inferior from £2 15s per ton, sacks extra. BANK OF ENGLAND RETURNS. (by cable— pbess association—copybight.) (austbajjall! and h.2. cable association.) LONDON, April 26. The Bank of England returns for the week ended April 26th afford the following comparison with those of the previous weefc:— April 18th. April 25th. Coin and bullion .. 125,690,000 125,693,000 Reserve .. .. 24,891,000 24,490,000 Proportion of reserve to liabilities, etc. . 19.76 19.90 Note circulation .'. 122,380,000 122,779,000 Government deposits 14,103,000 14,006,000 Other deposits .., 111,815,000 108,611,000 Govt, securities .. 51,299,000 ' 48,206,000 Other securities .. 67,406,000 67,606,030 Short loans, ljj per cent.; three months bills, lj per cent. GOVERNMENT SECURITIES. The following are the latest quotations for Government secaritieß, with a comparison with thoso ruling last week: — ' Last week. This week. £ b. Si. £ b. d.

FOREIGN EXCHANGE RATES. LONDON, April 26.

16& 16 3-161 j •Determined by price of silver. LONDON WOOL SALES. (Received April 27th, 7.20 p.m.) LONDON, April 26. I At wool sales, a. good selection of all classes* met with keen general competition. Prices were very firm. DAIRY PRODUCE. (Received April 27th, 7.20 p.m.) i LONDON, April 26. ! In spite of a further drastic reduction in ' the prices of butter, trade J3 very dull, buy- ; ers showing not the slightest interest. New ! Zealand choicest is quoted at 140s to 146s per cwt., unsalted (scarce), 156 ato 160s, Ausi tralian choicest, 13Ca Jo 13Ss, unsalted, 144s i to 148s. I Cheese —The market is very slow. Supplies ' largely exceed requirements. Three steamers with nearly hundred thousand crates of New Zealand are awaiting discharge. New, Zealand white is quoted at S6s to 98s per , cwt; coloured at 98s to 100s; and Australian (nominal), at 88a. BRADFORD TOPS MARKET. (Received April 27th, 7.20 p.m.) LONDON, April 26. Bradford wool quotations are nominally ! dearer in sympathy with London, hut users ' are unable to follow, therefore business is limited. Quotations:—64's E4d, 60's 60d, 56's 38d, 48's 22d, 46's 18£ d, 4»'s 17d. METALS. (Received April 27fh, 11.10 p.m.) LONDON, April 26. Copper—Spot, £72 Is 3d; forward, £72 la ' 9d. Lead—Spot, £25 10s; forward', £25 15s. Spelter—Spot, £32 10s; forward, £B2 15a. Tin—Spot and forward, £209 12a 6d. j Silver—32Jd per oz.

1922-23 season:— Beef. Mutton.. Lao&b. 1922— quarters . ■ carcases, encases. November 16.C03 64,3:47 2d,o»4 JUeoemter 1-6,109 4b,e81 78,»79 1923— January 49,103 183,611 671,316 . February 37,175 219,363 6i6,4io jVtajch 49,455 273,955 656,257 April, 1-15 .. Meat on hand 6,051 31,975, 171,161 L in Kew Zealand on April 15th. 1923, in 6011) freight carcases:— Noith Iataud. South Island. Beef .. 2 !59,479 2,581 Wether mutton .. 270,108 33,iM Ewe mutton .. 1 .23,832 5S.&14 Lamb 210,427 381,&ui Pork 10,223 ll» Sundries 53,367 8,248

Imperial Consols, 2i P.O. 59 5 0 59 15 0 Vvai ijoan, 6 p.c, 192947 108 7 G 101 7 6 War Loan, 3j p.c, 1925-28 95 10 0 95 in 0 Conversion Loan, 3J p.o. 79 12 6 81 7 6 Commonwealth 6 p.c. 1934-31 105 5 0 105 5 0 Commonwealth 5£ p.c. 1923-27 102 7 6 102 17 6 New Zealand 6 p.'t., 1936-51 100 15 0 110 0 0 New Zealand 4 p.c, 1929 95 0 0 95 .2 6 New Zealand 3i p.c, 1940 85 0 0 85 12 6 New Zealand 3 p.c, 1945 77 0 0 77 0 0 New South Wales GJ p.c, 1934-40 108 0 0 106 7 e New So\ith Wales 6 p.c, 1930-40 103 15 0 103 15 0 New South Wales 5J p.o. 1922-32 . 100 12 6 100 7 e New South Wales 4 p.o., 1933 92 0 0 92 10 0 New Sotith Wales 3J p.o., 1980-60 81 5 0 •8115 0 New SonOi Wales 3 p.o., 1925 -.. 78 15 0 80 0 0 Victoria 6J p.o., 1930-40 103 0 0 103 0 0 Victoria 3i p.c, 1921-28 97 7 6 97 7 6 Victoria 3i p.c, 1929-40 70 7 6 79 7 e Victoria 3 p.c, 1929-49 73 7 6 74 15 0 Quen»'nrd 6 p.c, 1930-49 106 0 0 10S 7 e Queensland 4 p.c, 1924 99 0 0 98 5 0 Queensland SJ p.c, 1924 97 17 6 95 0 0 Queensland 3i P- c -> 1930 90 6 0 90 5 0 Queensland 3 p.c, 192247 71 0 0 72 0 0 South Australian 6J 1920-40 ... 106 0 0 108 7 e South Australian 4J p.c, 1945 or after .. 85 10 0 65 5 0 South Australia 3 p.c, 1930. 62 16 0 66 6 0 West Australia 6 p.c, 1930-40 105 5 0 105 0 0 West Australia 31 p.c, 1920-35 88 0 0 86 15 0 Wept AuFtralia 3 p.c, 1915-35 80 10 0 80 0 0 Tasmania 6J p.c, 193040 .. 108 5 0 108 6 0 Tasmania 3J p.c, 192040 85 0 0 85 B0 Tasmania 3 p.c, 1920-40 77 15 0 78 0 0

The exchange rates are as follows:— . . London on Par. Apl. 23, Apl. 26. Paris, fr. to £1 '■■ 25.255 69.65 68.8> Ohristiania, fcr. to £1 16.159 26.07 27.08 Copenhagen, kr. to £1 18.159 24.65 24.67 Stockholm, kr. to £1 18.159 17.88 17.33 Berlin, marks to £1 .. 20.25 135,000 135,000 Rome, lire to £1 .. 22.22i 93J 91 Montreal, dol. to £1 4.86 4.73i 4.73J New York, dol. to £1 4.86 4.66J 4.638 Hong Kong, dol. to £1 * 281 28i Yokohama, st to yen. 21.50 255 231 Calcutta, Bt to rpe. 10 to gold £