COMMERCIAL.

Press, Volume LIX, Issue 17802, 29 June 1923, Page 10

COMMERCIAL.

WOOL SALE. A "STRAGGLER" OFFERING. A sale of wool was held yesterday in Pyn€ Gould, Guinness, Ltd.,"land sale room' The catalogue was as follows : - Bales 81 N.Z. Loan Co. ■•• „- National Mortgage Co. - *» Farmers' Co-operative ••• H. Matson and Co. ... ••• *Pyne, Gould, Guinness, Ltd. ■••«»* Dalgety and Co. ... ••■ J^_ 1128 The offering was comprised principally of wool from straggler musters from the back stations, with a few passed in lots from previous sales, and a small proportion of ordinary farm offerings. Several Chatham Island station owners offered what appeared a small proportion of their main clips. Apart from this, there were no main clip offerings. The sale was dull, and in the absence of comparative lines with recent sales, a comparison of Values is difficult. However, it was apparent that buyers had more restricted limits than at preceding sales this season, and brokers' valuations were ahead of buyers figures in practically 50 per cent, of the offering. About that proportion of the offering was passed. Only one local mill appeared ia the competition, and) the keenness for merino that has characterised preceding sales was absent. Good fleece wool did not appear to be wanted, and merino, nalfbred, and three-quarter-bred were up'to 2d per lb lower than at last sale. The condition- of the wool, however, has to be considered in making comparisons of this class. Competition was quite brisk from fellmongers for scouring lots, which practically sold at up to the rates of preceding sales. The best price of the 6ale was 18d for seven •bales of halfbred, brand A.S. over It. A sinfflo bale of scoured comeback was passed in at 29d, and two bales of scoured halfbred at 25d. The following are a few of the principal sales: — FO„ 7 bales xbd 9d; T. 8., 4 Ibd 9id; L., 8 xbd Bid; H. H., 3 xbd 7d; 8.D., 9 xbd 9d; T.H.L., 8 lambe BJd; Titirangi, 7 xbd 63d: 3 crut 4d; P.H.G., 7 Jbd crut 91d; T.G. 2 xbd 9Jd; M.N., 2 Jbd lOd; SA. 4 Ibd e B lOd; 6 xbd e B 9d; angle over P., 2 xbd Bid; O-O, 3 xbd lOd; O.T. 8 xbd BJd; W. over bar over 88, S xbd 9d; H.L.C., 14 xbd Bid; bar over SX, 4 Lino.' 72d; TJ.P. over Glenore, 1 Jbd 17d; 1 xbd 10id, 1 orut Bd;' G.H., 1 black Ibd 14Jd- T.P.K., 4 lbd 10*4; Kareto. Downs, 1 Jbd 17td; T., 3 xbd 6Jd; lit. Somers 3 *bd 'lsJd; sqiiare and C, 8 xbd e Bid; A.S. over B, 7 ibd 18d; Haldona 1 ibd 17Jd; F.H;, 11 poa sid; 1 e crut, 8d; 3 hgt crut, 6|d; 1 dead, 7}d; two crosses, 1 Rom. 9d; R.A., 1 mer. 17Jd; 19 Ist ibd. 16d: various owners, J Ut ibd pes, 14d; 3" Ibd Wk 141 d.. .

THE BOOT TRADE. WASTE AND INEFFICIENCY, EMPLOYEES' ALLEGATIONS. .{PBISS UMOCIITI'JX TELEGBAM.) ' , WELLINGTON, June 28. !• A stringent criticism of the position in the boot manufacturing trade in New Zealand was made by Mr F. Jones, employees' delegate at the Conciliation Council, when the working conditions of the trade were under discussion. , "There ib enormous waste in the industry in New Zealand," said Mr Jones', "and there is enormous waste in the overhead charges. There is a large amotuit of capital which is ziot efficiently employed. Take the case of Auckland. There there is an enormous waste. Mr T. Bishop (employers' representative): Yes, but the only solution would be the* elimination of the small factory altogether. That may be rendered necessary by tracing conditions, but while the small factory exists we are bound to provide for it. Mr Watts (union secretary): Yes, but you do that at onr expense. Mr. Bishop: Well, it is a fact that the small factory in New Zealand has been more beneficial to your organisation that the big one. ■• Mr Jones: I question that. Mr Bishop: Anyway, the small factory- has maintained conditions which are impossible in big ones. If we carried your argument home and confined the manufacture to special work, reducing the number of factories to two or three big ones, yon would be the first to suffer. <. 'Mr Watts: The larger factory has always been compelled by the Bmall one to pay larger wages. Mr J. B. Frame (employers' representative): Well, take the case of one small firm in Auckland. Th,ey are working their employees five days a week and paying large wages for females. Mr Watts: Yes, and on the other hand, you haVe probably the biggest factory in Auckland and New Zealand doing the same thing. . Mr Joneß: That shows _that our argument for higher wages is sound. • Mr Bishop: There is no one who objects to high wages being paid for high efficiency. Mr Jones: "Where the factory is doing both heavy and light work, waste la inevitable." He said that in the case of factories which undertook heavy work only, instead of all classes, they had reached a better footing, because this was a more efficient way of doing business. "You keep travellers, many of you," he concluded, "and they go all over the country. Yet jou are all in the same game and, as a result of the position, the factories are inefficient. There is grave danger in this, as the Hon. W. Downie Stewart stressed the other day when he said that there was lack of efficiency on the part of employers."

"WOOL EXHIBIT AT EMPIRE *L EXHIBITION. fßßsa jbbocutiok ihmjmc.) DUNEDIN, June 28. At a meeting of the Otago district committee of the British Empire Exhibition, to-day, the following resolution was passed: "That this committee objects to the Dominion Advisory Council designing show cases and so deciding the method of display without first submitting proposals to the wool subcommittee ; also that this committee is of oDinion that the manufacture of show cases in New Zealand for the display of wool in London would be unwise, and would entail unnecessary expense." THE MARK EXCHANGE. ..■■ LONDON, June 27. The exchai ge rate for the German mark ~. touched TSO.'jUO torthe i' and then rallied to 080,000.

FORD CREATING STIR. TEXTILE-MAKER NEXT. (raoM oub own cobresfondeiti.) SAN FEANCISCO, May 29. • Great Britain has shown considerable interest in the latest phase of the activities of Henry Ford, the American motor-car manufacturer, who -has just announced that he contemplates embarking on the textile business. According to a statement from the Yankee millionaire automobile headquarters, experimental production already is progressing, and textiles used in the manufacture of motor-cars will be produced by the company at any time prices reach what may be considered exorbitant. Brought under one management, the manufacture of the diversified products would make the Ford Motor Company one of the greatest textile producers in America. The concern probably will not enter the clothing manufacturing field, but in case it does it will produce clothing only for its own employees. No textiles will be produced for sale in the market. An idea of the immense amount of textiles the company may manufacture may be gained from the fact that the company annually uses more than 37,000,000 yards of cotton, wool, and silk goods. The annual consumption of cotton fabrics alone, exclusive of duck used in tyres, is 85,000,000 pounds, equal to 1.76 per cent, of the entire American cotton crop in 1922. At present these fabrics are purchased in the open market. Mr Ford said experiments in textile productions are being made at the company's Highland Park plant. Under the guidance of Mr C. W. Avery, general manager, it was observed that three makes of looms were in actu-il operation at this plant. The experiments indicate that the textile manufacturing will be done in the typical Ford manner—extensive standardisation and volume production.

Mr Avery said the numerous waterpower plants being acquired throughout Michigan might be used for the manufacture of woollen goods. Tf Henry Ford acquires Muscle Shoals, some' of the power may be used in the manufacture of cotton goods. Some of the textile items used by the company include body cloth, used for upholstery in closed cars; head lining, used for upholstery of closed ears above seat level; imitation leathers for sedan and coupe roofs, burlap, white duck, allwool carpeting, light sheeting, buckram, silk, woven cotton brake lining.

Markets Excited. The great textile markets of Britain and America were naturally stirred by Ford's announcement that he was preparing to manufacture textiles for his own automobile production, as the great quantities of woollens, cottons, and silks which the Ford Motor Company purchases every year constitute a very important part of the business. In New York it was recalled that one Ford purchaso in the cotton goods market apparently was the transaction that started the ball rolling to the recent volume business. Beports from all large industrial centres showed manufacturers of many and varied products were interested. Textile machinery manufacturers in the New England States, it developed, have-had an eye on Mr Ford for some time. Cotton goods. manufacturers in Rhode Island professed not to be deeply interested, but in the Southern States where cotton is grown extensively there was a lively interest in the Ford statement. In Chicago it was stated that reports have been current in the men's clothing industry there for several months that Henry Ford planned to manufacture clothing, and the belief there was that Ford intended to make clothing for his employees at prices far below the wholesale market levels. The Detroit manufacturer is understood to have been a large buyer of clothing at absolute cost, "with no profit to the manufacturer, and that he asked that even the commission to the salesman be eliminated. Although the salesman told him the commission would be the only profit taken, Ford refused to do business with the individual.

British Opinion. According to cabled comments from London received in New York, British opinion varied somewhat, Mr H. Gordon Selfridge, head of the well-known London department store, when told of Ford's plan to enter the manufacture of woollen, cotton, and silk goods, saying: "I am afraid that as a textile manufacturer, Henry Ford would prove he was a good automobile manufacturer. As the latter, I have lots of respect for him, but as the former I would feel sorry for him." This was one of the many comments expressed by English merchants and industrialists. Some of them ridiculed, but many of them praised. Frank Chitham, of Harrod's, Ltd., another world-famous department store, had nothing but praise, and he Baid: "If HenTy Ford applies the same methods to the textile industries that he has applied to the motor-car trade the public certainly will benefit." Conservative business men, who know something about the textile industry, said Ford would find it impossible to standardise textiles in the way he has standardised motor-cars. His principles will be welcome to the industry, they added. • British clothing manufacturers interested in the American market were little interested. Should Ford manufacture clothing, they said, the product might be cheap, but English clothing would not suffer because the trade in the United States is dependent not upon price but upon the exclusiveness of styles and fabrics. Lancashire cotton manufacturers notified Ford that he was almost certain to run into heavy seas. It was considered in Manchester that Ford would seek to engage-/in standardised and mass production. There was in Lancashire no word against standardisation, but th»>re was a strong belief that the time was unpropitious for mass production of cotton goods. It was pointed out that for the production of high quality fabric there was required an immense amount of technical knowledge, and above all efficient and highly-trained operatives. It was suggested in Manchester that if Ford wished to keep down the price of cotton goods he could best accomplish his purpose by helping to resuscitate the European industry. Every woollen manufacturer and merchant in the Bradford wool market interviewed on the subject advised Ford to leave the woollen goods industry alone and stick to automobile manufacturing. Underneath the surface, it was stated that Bradford was moro than a little interested.

In the meantime,' Henry Ford is gaining in national favour as a candidate for the American Presidency, and it is felt that as he has been so phenomenally successful in business he might prove equally a success in the White House as <a successor to President Harding. Ford has struek terror into the hearts of the international bankers of Wall street by refusing to listen to their dictation when they tried to instruct him in how to manage his gigantic business. Ford already has branched into several industries, such as coal and steel, and ho is independent, of many of th.e American trusts.

TEA MAY BE DEARER. HIGH PRICES IN PRODUCING COUNTRIES. In recent years consumption of tea in English-speaking countries has increased very largely (says the Melbourne "Argus" of the 13th inst.). Thirty years ago about 250,000,0001b of tea was used in the United Kingdom, -whereas to-day the total is 450,000.0001b. A proportional increase has taken place in Australia and New Zealand, while in the United States, with its huge population, the tea-drinking habit is steadily extending. At the former period almost the whole of the supplies was drawn from China, but to-day that country provides only about 5 per cent, of total needs. The largest producer now is India, followed by. Ceylon and Java.

During the war thn British Government assumed control of the trade as far as the United Kingdom was concerned, with the result that when peace was declared heavy stocks of tea had accumulated i:.i the United Kingdom. Tea was sold at prices far below cost of production, and many gardens went out of existence. A sweeping change of policy. was decided' upon by those who survived the slump. Production was decreased, more care was taken in manufacture, and a considerable improvement in quality and stylo resulted. Old stocks were slowly absorbed, until to-day there is actually a possibility of supplies during tho coming season being insufficient to meet the demand. The 'tea year" covers the period from July Ist to June 30th, and during the current year it is expected that stocks in Great Britain will have b«evi reduced by no less than 50,000,C001b. In Australia and New Zealand a similar process of absorption of stocks has been going on, and, where twelve months ago holdings were much in excess of requirements, importations into the Commonwealth of late have so fallen off that at the beginning of next month they will in all probability be below normal. . , Ordinarily, such a position would pass practically unnoticed, but during the last six months prices in all the producing countries have advanced to such an extraordinarily high level that difficulty is being experienced by Australian buyers in operating in the various markets at the present level of values. As an example of price movements, ordinary common Indian teas twelve months ago could be purchased at a laid-down cost in Melbourne of 9d to lOd a lb, while prices to-day for the same class of tea range from is 4d to Is 6d. Common grades of Ceylon tea, which a year ago cost about lOd a lb. now cost Is 5d to Is 6d. While the advance in prices of Java tea has not been so marked, and Australian buyers for some months have been able to draw supplies from that source, quotations have since moved rapidly upwards in sympathy with the Indian and Ceylon markets. Consequently, purchases of Java tea have now become difficult and restricted. The outlook, therefore, is for dearer tea, unless increased crops are harvested. An increased output 6i 50,000,0001b to 60,000,0001b would appear to be required during the next twelve months to ensure average requirements being met. The existing high prices, it is held by traders, are directly caused by the bebelief that this increased production may nat be realised, and, should it not he so, it would be reasonable to expect still higher prices for tea. Up to the present, advances in the price of tea. to consumers in the Commonwealth have been small, because stocks haive been of sufficient volume to keep the market here steady. These stocks have been reduced substantially, and importations during the last three months have shown a marked contraction.

TONGARIRO RAILWAY. COMPANY FINDS CAPITAL. (SPECIAL TO "THB PRESS.") WELLINGTON, June 28. Arrangements have been made for ■the construction of the Tongariro railway according to a statement made by the Prime Minister to-day at a deputation. Mr B. McDowell, president of the Rotorua Raflway League, said that the Chamber of. Commerce had received a letter from the Tongariro Timber Company, asking whether they would support their railway by assisting them to join up with the proposed Waiotapu railway. This they gladly agreed to do. "' J Mr Mas,sey said he was glad to near the suggestion in regard to the connexion with Tongariro. JJe understood the latter company had completed their arrangements for the railway, which would be a private line, for which they had found the capital. Some day the line might be taken over by the State. It is understood that one or two clauses in the agreement have yet to be settled, and then the contract with an English Company will very hkely be signed for construction of a line that will open a large timber area.

BIG PROPERTY DEAL IN WELLINGTON. A big property deal was effected in "Wellington this week, the Old Exchange Buildings on Lambton quay, formerly known as the Old Athenseum, being purchased by J. T. Lewis, Ltd., from the trustees of the GilmerMagui're Estate. ' The price paid was between £40,000 and £50,000. It is understood that it is the intention of the new owners to enect on the site, at some •future date, a six or seven-storey building the ground floor being devoted to shop 3, and the upper storeys to commodious offices, with » fast 'passenger lift service. The first Athenceuni erected on the site ■was of somewhat hun.ble pretensions, but on January 20th, 1577, the foundation-stone was laid a£ the existing building, which was used' as an Athemcum and for office purposes. The Athenffiiim got into financial difficulties, however, and it was discontinued, the books being presented to the Wellington City Council to iffrm the nucleus of the present City Library. In its day it has been used for many purposes. An exhibition was held in it- its large hall woe once well known as a 'popular dance hall; it has house concert parties, lecturers, vaudeville. Davy's Brightlighfa put in a record season, and the late Percy Dix commenced hi 3 Wellington operations there. Boxinsr matches have been decided within its walls, and at one time the main hall was a restaurant. Despite its age (says the "Pest"), the Dividing ie> in an excellent state of preservation.

NELSON DRIED APPLES. "Writing to a friend in Nelson, MajorGeneral Richardson, Administrator of Western Samoa, says:—''Just before I left New Zealand Mr Tate, from Nelson, called upon me to get introduction to people in England regarding the exportation of apples fi'om Nelson to that country. "As he was proceeding via South America, I gave him a letter to my son-in-law at Buenos Aires, who informs me that South America, will take all the apples' you can produce'' (in Nelson) ''if shipping arrangements can be made. If, however, he is not successful, 1 would like to mention to you for the information :■{ the apple growers in Nelson that the:» is an opening in the tropical islands for dried apples, aud I was considering whether you could interest yours?!' to get -the growers interested in the applecrrving procss'!, with a view to establishing an* expert tr-ide with Samos. and probably Fiji Hr.d ether islands, where there are no apples whatever. "The trade would not he a big one at the commenc-menf, but your supplv would /-re-is a demand; the matter is well worth going into."

AUCKLAND MARKETS. IBPBCIAI TO "TUB FBIM. ') AUCKLAND, June 26. The wholesale grocery tiade reports a fairly busy week, caused by the handling and despatch of business for July account. A slight improvement in the weather has resulted in more liberal patronage of the retail section of the trade; in fact, where special inducements are offering there is a remarkably good response. Last month was reported to be fairly quiet in the drapery trade, and this led to an attempt to attract buyers by way of special attractions, and as price slashing is the easiest method to effect this result, this has been generally adopted by drapery and clothing establishments throughout the city. Hardware—The recent spell of wet weather has hampered the building trade, and consequently hardware firms have found business a little quieter, but this week an improvement is reported. Little attention can be drawn to easing cos-la. Household line 3in iome' instances have firmed, but the tendency generally for hardware is for higher costs. Eggs—The price of eggs dropped again this week, th.' wholesale quotarfon to-day being Is lOd per dozen for hens', while for ducks' only Is 4d is offered. Very laTge quanfitieb of duck eggs are being sent in, but consumers seem prepared to pay extra money for he!, eggs. Potatoes—The Kaimannwa has just arrived with over £SOO sacks of potatoes, and advice has been received that the Kauri, from Lyttelton, brings another COOO sacks. The high prices mling on the local maTket lor potatoes have considerably curtailed consumption, as there are still plenty of pumpkins, kumaras, and swede turnips, which are cheaper food. At the time of writing the market for potatoes is weaker, and quotations from the south for forward delivery are lower. Local quotations to-day for potatoes ex stove are £l2 to £l2 10s per ton, but in the present tone of the market these rates are nominal. _ Onions—Th? market for onions has firmed since last report. Stocks of Australinn are nearly exhausted, and holders now oak 14s per cwt ex store. Further shipments are not expected from Australia for a week or ton days, by which time very few onions will be left on this market. Maize—Supplies have proved equal to- requirements. The quotation is 6a per bushel ex store. Oats —There is practically no change in the market. A grade are. quoted at 4s 9d per bushel ex store, and Algerian seed oats at 7s 6d. Chaff—Large quantities of chaff • have reached this market, but, unfortunately, a fair proportion of the shipments are inferior in quality,. and, consequently, extremely,difficult to sell. A quantity was not taken' delivery of and had to he sold by auction on consignor's account for w)t>it it would fetch. A small quantity of Tasmanian chaff in sacks is expected by the Kaitangata about July 10th. This has already bean sold for delivery from ship's aids, and will go into immediate consumption. Wholesale current prices are:—Superfine crramery butter Is fijd per lb for prompt cash, fiTßt grade Is fid, second ermde 1s sd, farmers' separator lOd peT 11>, cheese lOd to Is per lb, h«ms lOd to Is per lb, bacon lOd P?r lb net. lard 1 in bulk BJd. oats 9d. honev 8?d to OJid. egafl, hens' Is 10d', ducks' Is fid per dozen, flour £l7 5s (less discount of 2i per cent.', per ton in 200111 sacks), sharps £9 10s, bran £S 10s, oatmeal (25's) £25 per ton.

SOUTHLAND MARKETS. (•PKCIAI. TO "MI PXBSI.") J.NV'EHiUAiiu.L.ULi, Juno 28. Oats—The shipping demand is very slack at pieseiit,_ but on the other hand offerings ironi farmers lire very light. In the absence of an export demand, however, it seems' likely there will be sufficient supplies for the New Zealand trade. In the present state of the market merchants are not Keen buyers. Their ideas of values are 2s 8d for A grade, 2s 6d for B grade, and 2s 4d for f.a.q.'s. Wheat—Some sales of milling wheat have DKen effected for late delivery. Millers are not keen to buy for earlier delivery than about August. There is a good demand for fowl wheat, which is worth from is to 4s 2d on trucks, country sidings. Chaff—The market is fully supplied, and merchants are not keen to buy any but the primest lines, for which 'their idea of value is about £'i 15s per ton on trucks, country sidings. inferior lines are not in demand, and are only saleable at a considerable reduction on this price. Ryegrass—The market is very firm, but no seed is offering from farmers. Seed weighing 27-28lb has been sold fairly extensively ac about 7s 6d per bushel, f.0.b., and 25-2610 seed at 7s 3d.

Potatoes—The Canterbury market has eased slightly, but potatoes there are still commanding high prices. No potatoes for expert are available in Southland, but on the other hand considerable supplies have had to be brought from Canterbury and North Otago to meet local demand. The price to farmers for local potatoes' is about £lO per ton on trucks, oountry sidings. Fruit—Apples continue to <ome to hand I reely, both dessert and cooking, really choice samples are being cleared, but small are hard to sell. Pears still are in short supply, and high price 3 ore being realised for best desserts. Some cooking pears ex cool stores reached the market during the week, but did not open well, a big percentage of the fruit having decayed. A mall consignment of mandarins and pines met with a keen demand. 'Wholesale prices are as follows: Apples, Delicious 13s, Jonathans 7s to 9s, Cleopatraa 7s to 9s 6d per case, cooking to 2}d per lb; pears, choice desserts to 4d per lb, cooking to 2jd per lb; mandarins 25s per case; pines. 245; passions, 225.

LONDON AND LANCASHIRE INSURANCE CO. The accounts of the London and Lancashire Insurance Co., Ltd., for 1922, ehowe that the net premiums in the fire department amounted to £2,904,408, compared with £3,007,501, in the previous year, and the net losses to £1,483,750. The fire funds have been increased from £2,103,000 to £2,162,000, and £319,592 has been transferred to profit and loss. In the marine department net premiums were £1,144,898, compared with £1,363,305 in the previous year, and the net losses £1,041,736. The marine funds have been increased from £858,500 to £858,000, and £50,553 has been transferred to profit and loss. In the accident and general department net premiums totalled* £1,477,518, compared with £1,630,723 in the preceding year, and the net losses £699,909. The accident funds have been increased from £952,500 to £979,500, and £191,942 transferred to profit and loss. From the fixed term assurance account £3505 was transferred to profit. The Amount at credit of profit and loss at the closing of the 1921 accounts was £1,026,431. Interim dividend absorbed £164,112. The 1922 surplus was £651,148, from which £240,815 has been deducted for taxes. Interest on investments, exclusive of life and fixed term, was £396,7,68. A further dividend of 7a per share, making 139 for the year, has been declared, less income tax., The total funds of the company amount to £16,208,034.

THE APPLE MARKET. LONDON, June 27. Despite heavy arrivals of strawberries and cherries, the' demand for apples continues good. The Bendigo's Tasmanian apples realised 12a 6d to 16s per case. The Biranga's and Mahia's New Zealand apples made IBs to 18b per case, with a few Newtons at 20s to 245. The Leitrim's Taemanian apples, sold at Liverpool, were of irregular quality owing to brownheart. Stunners made 6s 9d to 14s 6d, and a few 16s to 20s; Cleopatrae, 9s to IBs; Crabs, lis 6d to 14s 6d; Permains 6s 3d! to ISs 3d per case.

TALLOW. LONDON, June 27. At the tallow sales 1854 casks were offered and 564 casks were sold. Prime mutton, 425; medium, 38s 6d; prime beef, 42s 6d; medium, 37s 6d per cwt. Messrs A. H. Turnbull tind Co. are in receipt of the following cablegram from Me=srs W. Weddel and Co., Ltd., dated London, June 27th:—"At tallow auctions today 1350 casks were offered, of which 500 casks were sold. Prices unchanged."

AUSTRALIAN MARKEAS. (PBESS ASSOCIATION TELEGRAM.) (Received June 23th, 11.40 p.m.) SYDXEY, June 2S. Oats—Algerian feed, 4s 6d to 4s 7d; white, local, 4s 6d to 4s 7d; Xew Zealand, 4s 6d to 4s Bd. Maize—Yellow, 6s 4d to 6s (3d. _ Potatoes—Tasmanian, £l4 to £ls. Onions—Vict-crian, £5 lOe to £6. . ADELAIDE, June 28. Oats—3s 2d to 3s 3d,

CHRISTCHURCH STOCK EXCHANGE. YESTERDAY'S TRANSACTIONS. Sales Reported—Westport-Stockton (8 per cent, non cum pref.), 8a lOd; Burma, Philp, 325. Sales on 'Change—Union Bank of Australia, £ls; "Ward, Brewery, 465. LATEST QUOTATIONS.

OTHER EXCHANGES. (press association telegbaiis.) AUCKLAND, June 28. Sales—P. and 0. Banking, £l4 10s; New Zealand Insurance, 81s; Auckland Gas, 27s 3d, 27s Id; Bartholomew Timber, 17s 6d; Abraham and Williams (pref.J, 91s, and Choyce. Debenture, 245; New Waiotahi, 9d; Waihi 255. DTTNEDIN, June 28. Sale on 'Change—Waihi, 255. Reported Sales—Bank of New Zealand, 625; Ward's Browery, 45a 9d.

LONDON WOOL SALES. (Received June 28th, 9.5 p.m.) LONDON, June 27. At the wool sales to-day a good selection of super greasy merinos, chiefly Continental sorts, inet with strong Continental competition, prices being firm "at. full late rates. Other sorts were unchanged,. Dalgety and Company, Limited, have received the following cablegram, from, their London office, dated June 27th:— Wool sales—The following is the range of prices realised at the wool sales which opened yesterday:— Merino—

Pyne, Oould, Guinness, Ltd*., have received the following cablegram from tlieir London brokers under date June 26th:—"Genera] decline 5 per cent., most marked medium and coarse crossbiied. Slipe and scoured best feature."

WHEAT MARKET. ("Received June 28th, 9.5 p.m.) LONDON, June 27. Wheat—Cargoes were dull on Argentine and Indian pressure to sell, while buyin<* support was absent. Prices declined threepence to sixpence per quarter. SYDNEY WOOL SALES. (»I CABUS—FBB3S ASBOCUTIOH—COPYEIOHT.) (AUSTBALUN AND H.Z. CIBLI ASSOCIATION.) {Received June 28th, 7.45 p.m.) SYDNEY, June 28. The wool .sales for the season closed today. There waß a keen demand at late rates. France, Germany Mid Japan were the keenest opeiitors.

CALCUTTA TEA SALES. DELHI, June 27. At the Calcutta tea sales there waa a good demand for all classes at higher rates, especially for Pekoe and Souchong fannings and dusts of good quality, which were from three to six pice dearer. Orange Pekoes without tips were neglected, and were from three to six pice easier GERALDINE STOCK SALE. At thiß week's stock sale there was a falling off in the number of sheep offered. Fat lambs sold at 25s 3d to 31s Id, fat ewes at 163 5d to 235, and fat wethers at 32a to 36s 6d. Ewe lambs made 23s lOd to 28s, wether lambs 20s, and mixed sex lambs 20s. A pen of lour, six and eight-tooth ewes realised. 34s Id each; six and eight-tooth ewes 29s 6d and other ewes from 20s 2d to 325. Wethers sold at 21s 8d to 30s 7d. Weaner pigs realised 8s to 245, and porkers 28s 6d to 36s ed.

Buy« srs. Sellers. £ B d £ b d DEBENTURES— N.Z. Govt. 4J per cent. Inscribed, 193S 96 0 0 97 0 0 N.Z. Govt. 11 per'cent. Inscribed, 1939 96 0 0 97 0 0 N.Z. Govt. 4i per cent. Bonds, 1938 96 10 0 — K.Z. Govt. 4J per cent. Bonds, 1939 97 0 0 — N.Z. Govt. 5 per cent. Inscribed, 1927 98 7 6 — N.Z. Govt. 5 per cent. Bonds, 19-27 98 7 6 — N.Z. Govt. 5t per cent. Inscribed, 1933 101 10 0 101 15 0 N.Z. Govt. 5J per cent. Bonds, 1933 101 12 6 102 0 0 N.Z. Govt. 5J per cent. Bonds, 1930 — 102 0 0 Christchurch Gas 5£ per cent., 1935 — 103 0 0* Australian Gas Light, 6 per cent., 1925 "B" — 100 0 0 BANKS— Commercial of Australia (i per cent, cum pref.) 7 1 0 — National of N.Z. (cum div.) 6 19 0 — New South Wales .. 40 5 0 40 10 0 New Zealand (cum Tights) 8 1 0 3 2 3 Royal (£1 paid) ,. 1 15 3 1 16 0 Union of Australia — 15 1 0 INSURANCE— National 4 0 0 — New Zealand 1 10 G 1 11 6 Standard >.. — 2 0 0 LOAN AND AGENCY— Dalgety and Co. 12 12 0 12 19 0 Goldsbrough. Mort (cum div.) .. — 2 8 6 National Mortgage 4 3 0 — N.Z. Loan and Mercantile (ord. stock) .. 79 0 0 — N.Z. and River Elate (cum div.) 1 2 3 ■ — SHIPPING— _ Howard, Smith 2 14 0 Huddart-Parker 2 3 0 2 4 0 Huddart-Parker (6 per cent, cum pref.) .. 1 0 8 — N.Z. (6 per cent, cum pref.) — 9 7 6 FROZEN MEAT— Canterbury (cum div.) . — 16 6 0 N.Z. Refrigerating (£1 paid) 1 S e 16 0 N.Z. Refrigerating (10a paid) — 0 13 0 COALWestport 1 19 9 — WeBtport-Stockton (8 per cent, non-cum pref.) — 0 9 0 WOOLLENSKaiapoi (£1 paid) — 14 0 Kaiapoi (10b paid) — 0 12 3 GAS— Wellington ,. , t 12 1'2 0 — BREWERIES— Crown .. ... 2 12 e 2 15 6 Manning 6 2 6 6 10 0 Ward 2 6 6 2 6 0 MISCELLANEOUSBeath and Co. — 114 8 British Tobacco (Aust.) — 2 5 0 Burns, Philp 1 11 6 1 12 0 D.I.C. (10s paid) 0 12 6 — D.I.C. (7s 6d paid) 0 9 6 — Mason Sruihers (£1 pd.) 1 6 9 18 0 N.Z. Drug Co. — 8 6 0 N.Z. Farmers' Co-op. ' (6 per cent, oum pref.) 3 10 0 4 5 0 United Pictures — 15 8 Whitcombe and Tombs 8 12 6 National Electric 10 0 MINING— Broken HiH Pro. 19 0 Waiii 15 6

Good to super d :.. 26i d Low to medium .. ..' 21 to 25 Ha-lfbred, 56-58s— Good to super .. .. 23 to 27 Low to medium ... .. 18 to 22 HaJibred, 50-66&— Good to super .. ,.. 161 to 21J Low to medium .. .. 164 to 18 Halfbred, 48-50s— Good to super .. 15J to 17 Low to medium .. ,.. 14 to 16 Kne oroaabred, 46-488— Good to super ... 134 to 15 Low to medium .. ,.. 10i to 18 Crossbred, 44-46S-7- ■ Good to super '..■ ' ',.. 12i to ; 1SJ Low to medium .. ... 9J to 12 Crossbred, 40-44s— Good to super .. Hi to 124 Low to, medium .. 9 to 104