COMPANY TAXATION.

Press, Volume LIX, Issue 17815, 14 July 1923, Page 10

COMPANY TAXATION.

STUDENTS' DEBATE. Last evening, in the Stock Exchange room, teams representing the Wellington and Christchureh Accountant Students' Societies met in their annual debate. The subject was "That it is in the Best Interests of the Dominion that Company Taxation be Altered so that only Shareholders are Taxed on the Actual Dividends Received." The visitors took the negative. Mr R. C. Hamilton (Christchureh), in opening the debate, explained briefly the fundamentals of a good system of taxation, and dealt with the inequity of shareholders who were taxed very heavily through companies paying the maximum rate of tax,, although their individual incomes wore quite small. He claimed that the Government was insisting on becoming practically first preference shareholders in every company, but refused to participate in the ■losses. He said that for a joint stock company to pay a dividend of 7 per cent, it must make 17 per cent, profit in order to pay the tax and provide for a reasonable reserve. The result of this was that the company passed the extra cost on to the consumer, which resulted in a rise in the cost of living, and consequently in unemployment. In conclusion, he pointed out various means by which a man with a big income could evade payment at the high rate by investing his capital in tax-free Government bonds and local body debentures. Mr T. A. Barrow (Wellington) opened the negative side by emphasising the axioms of taxation—that a tax should be collected at its source, and that it should be equitable. He explained the economy of collecting the tax from the company rather than from the individual shareholders. lie then dealt extensively with the loss of revenue which would result in the proposed alteration being made, and quoted the Internal Revenue Department's statistics to show that of (ij millions tax received, 4* millions was provided by companies. The taxable income of companies was 12-J millions, and that of individuals 13 millions. The 12{i millions earned by companies yielded 44' millions of tax, while the 13 millions earned by individuals yielded only 1} millions.. From this lie showed that under the proposed arrangement it would bo- necossary to raise the minimum rate of tax from Is to ss, aaid so a man with an income of £4OO would have to pay £22 10s tax instead of £4.10s as at present. Mr R. J. McLaren (Christchureh) said it was most illogical to tax a company as one corporote body, and then tax the. members of a partnership individually on their separate incomes derived from the partnership. The result of the present system of taxation was that the "small" man, who should invest his savings in gilt-edged securities was investing in companies, while the man with the larger income, who should help trade and could afford to take risks, was investing in Government bonds to avoid tax. He also explained the effect of each company handling a quantity of goods in turn from production to consumption, each adding to the.consumer's final cost the amount of their income tax, and in conclusion claimed that New Zealand's greatest need at present was British capital to foster her natural resources. Mr R. H. Hall (Wellington) dealt. principally with the financial side of the question, and after quoting a number of figures, explained the privileges enjoyed by companies, as contrasted with the hardships described in the speeches on the other side. He cited the privileges and advantages companies had over private traders in the way of limited liability, the right to issue debentures, and the fact of their not having to provide for death duties, and claimed that it was quite just to tax tho company as a single entity, and thus give the private trader tho advantage on' that one point. The result of the revenue being so reduced would be that much less money would be available for such purposes as education and public health protection. He admitted that the rates of tax were at present too high, but claimed that the system of taxation at the source was right. Mr W. H. Nicholls (Christchureh) concluded the case for the afflrmativo side by describing the effect of high company taxation on the financial position of the company, and traced it back to the effect on tho farmer, who is the backbone of the country. Mr T. Fouhy, the final Wellington speaker, criticised the statements made by the affirmative side and described some of the systems of taxation in vogue in other countries. v After the respective : leaders had summed up the principal points in their arguments, the judge; Dr. A. C. Sandston> announced that the Christchureh team had failed to prove that the proposal was in the best interests of the Dominion, and he declared the Wellington team to be the winners. BREWERY MERGER LOAN. (SPXCIAI. TO "THB FBXSB.") DUNEDIN, July 13. Mr O. Speight, interviewed to-day, said that tne brewery merger loan of £1,000,000 would not close' till tomorrow. The extension of time was made to enable country applications to be received. He added that the company was ivery pleased with the number of small shareholder applicants, and also with the way in which the loan had been taken up. He explained that the sum of £1,000,000 was never aimed at, as the company was prepared to take up the whole of tho sum if necessary. The correct figures will be issued from Wellington, to-morrow. TEA STOCKS IN DUNEDIN. (BPBCIAL TO "IB PUIS.") DUNEDIN, July 13. Although reports from the North indicate that stocks of tea are very short, there is no fear of a fall in the south. Some importers say they can keep going for ever so long with what they have. One company in Dunedm is said to hold "a whale of a stock," whilst other nrcna have enough to continue to supply their customers as usual without any need for rationing. A leading merchant whose views were asked for says he is not at all anxious since he believes that even if Colombo prices advance, southern importers can keep going until the prices fall again. What is admitted to be a real trouble in the tea trade is that the quality of Ceylon teas is now a great deal below the usual standard, with a result that blenders are finding it difficult to keep ur> to their standards. THE SUGAR QUESTION. j {PKHBB ASSOCIATTOjr THdtGEAK.) DUNEDIN, J.;ly 13. Local views on the sugar protection proposals vary. One merchant held that the whole of the duty should he removed. If tho Sugar Company closed down, importers could injport from Mauritius, as well as Java, and also China, which many years ago 6UppH«d some of tho best. Another merchant thought that the Hon. W. Downde Stewart was wise, for to cut the connexion with the Sugar Company would cause disorganjeation and expense, for which the public would have to pay.

THE DAIRY INDUSTRY. A MAORI PROPOSAL. (PEESS ASSOCIATION TELIOBASI.)^ OPOTIKI, July 13. Important proposals, enabling the Maoris living on the coast between Opotiki and Cape Runaway to engage in dairying are now under the consideration of the Native Land Court. It is proposed to incorporate the native blocks leased to Eurppeans, and in the case of the Raukokore Natives it is proposed to borrow £bo,ooo on the rents security, interest, and 6inking fund. A portion of this capital will be used in the erection and equipment of a dairy factory, and the remainder will bo lent on mortgage to Natives who have a freehold security for the purchase of cows, dairy utensils, and the improvement of pastures. The interest and sinking fund will be deducted from the dairy cheques. A similar scherac is proposed in the case of the To lvaka. Natives. It is intimated that the Kaukokore land is carrying fifteen hundred cows, and the Te Kaha and Omaio a thousand. There are also other areas of good land nearer Opotiki. A modest estimate of the total number of cows that could be carried on the land on the coast of this country occupied by Natives is three thousand'. The Government is now considering representations to expedite Che construction of the coast road and erecxTa; bridge on the Mot-u river.

AFFORESTATION, LTD. This is a company with a capital of £ 125,000, divided into 5000 shares of £25 each. The South Island directors are Mr Daniel Reese, timber merchant, Christchuroh; Mr B. A. Anderson, merchant, Invercargill; and Mr Robert Lee, manager New Zealand Coal and Oil Company, Dunedin. Tho companyhas acquired 6500 acres of land close to Eotorua, and will plant the whole aroa as soon as the labour and trees arc available, which will be not later than, between three and four years. Tho Chief Conservator of Government Forests lias inspected the land and discussed the estimates with tho directors, and is perfectly satisfied with the whole project. The principal features of the investment are that there will be no actual dividend or distribution for twenty-five years. An investor may, however, sell his shares at any time. History of similar enterprises in America proves that tree-growing is an exceedingly profitable form of investment. The shares in the company may be paid over a period of eight years. The success of the Government plantations in the Rotorua district is sufficient evidence of the singularly adaptable nature of the pumice lands for exotic tree production. It is stated, in fact, that owing to the long growing season no greater growth is known anywhere than that of the pumice lands —quicker even than the growth of the South Island. The shares in the company are being taken up by all classes of men—solicitors, business managers, bankers, and workers. QUEENSLAND BEEF IN SYDNEY. (Received 'July 18th, 8.20 p.m.) SYDNEY, July 13. Good sup plica of Queensland stock axe coming forward. This has caused a drop in prices of from 30s to 60s aj head. The retail prices of mes,t, which were recently risen, are rapidly being lowered proportionately. NEW COMPANIES. Registration of the following' new companies is announcd in this weok's "Mercantile Gazette": Clock Guide Map Co., Ltd. Regd. oa a private company July 7th, 1923. Office: 213 Manchester street, Chriatchurch. Capital: £IOO, into 100 shares of £1 each. Subscribers: Christchurch—J. W. Baty 25, M. Hollander 25, B. Falck 26, E. M. Sands ton 25. Objects: To iadopt and carry into effect an agreement for sale and purchase of certain letters of patent registered in Union of South Africa, relating to improvement* to mops end for assignment of sole right of obtaining patentß in every country except New Zealand and Australia and to carry on in, any part of the world except Now Zealand and Australia the business of printers and vendors, etc. West Coast British and International Exhibition Association (inc.). Regd. under the incorporated Societies Act, 1906, July 7th, •1823. Office: Westltnd County Chambers. Hokitika. Subscribers: Hokitika— Urquhart, M. H. Houston, P. Renton, J. J. Mcintosh, T. W. Duff, G. W. Keller, R. Wild, W. J. Butler, A. E. Benjamin, A. Aitken, Geo. Da-vidson, Hon. H. L. Michel, M.L.C., D. J. Evans, E. Teichelanan, G. Perry, Guardian and Times Co. Objects: The promotion and management of an exhibition, etc. Caliopo Coal Mining Co., Ltd. Regd. July 3rd, 1923. Office: 162 Manchester street, Christchuroh. Capital: £IO,OOO into 10,000 ordinary shares of £l"each. Subscribers: Christohurch —W. 11. Brice 3000, A. G. Sanderson 125, A. W. Jones 125, L. E. Brice 65, Irene E. Brico GO, T. A. Nealo 60, and J. B. Neale 65. Objects: To purchase or e,squire mineral estates, ironworks and col'eriea known as "The Victory Coal Mine together with seams of cool at Murray Creek, Reefton, and to carry on business of ooal miners, eto. * McMookin and Co., Ltd. Regd. aa a private oompany July 4th, 1923, Office: Timaru. Capital: £2250, into 2250 shares of £1 each. Subscribers: Timaru —J. MoMeekfti 650, J. Moody 500, C. Moffat 240, J. Warden 250; Oamiaru—R. K. Inland 100; Hoiataiamea—• T. M. Cameron 2SO; Christchuroh—H. N. Smith 250. Objects: To acquire ais a going! concern and to carry on tho business of commission, insurance, and general agents, lately carried on at Timaru by J. McMeekin and J. Mcody under the stylo of James MoMeekin and Co. Cowell and Dore, Ltd. Reifd. as a private oompany July sth, 1923. Office: St. Asaph and Antigua streets, Christchuroh. Capital : £IOOO, into 1000 shares of £1 each. Subscribers : Christchuroh—D. Dore 600 and l J. Cowell 600. Objects: To acquire from J. Cowell and D. Dore and to carry on the business of general mechanical and electrical engineers, motor-car import©;®, dealers, repairera and general incidental. Offset Press, Ltd. Regd. as a private company July 3rd. 1923. Capital: £30,000 in 30,000 shares of £1 each. Subscribers: Auckland—G. H. Guy 9000, T. E. Richards 5250, H. J. Edmiston 5800, C. E. Hardley 600, R. G. Clark 500, J. E. Hamill 2000 J. D. Williamson 2500, S. Craig 500, L. T. Symes vOO, E. Blair 250 L. Percy 500, J. Haynes 300, W. P. Hardley 500, A. S. Murdock 200, J. E. Thrower 400 W. R. Gillingham 500, J. T. Wells 500, R. S. Cutfleld 500. Objects: Printers and general incidental. Otautau Timber Co., Ltd. Hegrl. a» a private company June 27th 1923. Office: Invercargill. Capital: £12,060, into 12,000 Bhares of £1 each. Subscribers : InvcrcT?ill —-W. Smith 3384, A. Wesney 3834, W. J. Rdde!l 1692, W. Mitchell 1692, J. Hensley 1848. Objects: Sawanilling and timber merchants. Tul Brewery, Ltd. Ra<rd. July 4th, 1923. Office: Mangatainoka.. Capital: £30,000. into 30,000 shares of £1 eaoh. Subscribers: Hamilton—G. Dalziell 1300; MangaWnoka—H. Cowan 7000, K. Harvey 600; Konini—M. Alpass 1500; Pahiatua —W. R. Ross 1000, A. Macpherson 500, E. Harrison 800. Objects: To work and oarry on the business of brewers and general incidental. DAIRY PRODUCE. Dalgety ajid Co., Ltd., have received the following cablegram from their London office dated July 12th:— "Butter—Market quiet but steady, we quota Danish 168s, New Zealand salted 158e, fineat Australian Baited 152 a, unsalted 1525, rajo. Australian 1425. "Chesee— jisrket quiet but steady, we qnots New Zcaluxl white 965, coloured 945, Canadian c-if. at 945. "Dairy produce—Avrkilab. e supplies "very gmn.ll owing to strike at docks and wharves, but very little demand at present prices, which- wo liferfy to wosdfc."

CANTERBURY MARKETS. (by oub commercial editob.) Friday Evening. A good deal of ink lias been spilt over the importation of Tasmanian potatoes to Auckland, and the business has ended up in something of the nature of a fiasco The Tasmanian vessel has arrived, and the consignment was SOS sacks, or, allowing for the smaller sacks, about 75 tons, just about a day's Auckland consumption under ordinary conditions. The quality is described as lower than that of New Zealand potatoes, which previous reports indicated. The position of the Tasmanian market made it obvious, also, that the landed price in Auckland would nave to exceed that ot Canteroury Avowing the barest costs u iv aa appareuc at tne time, that the. lasmaman tubers couia not be ianueU unuer ±,ii is ocl per ton, ana i& is stated in Auckianoi reports tnat tnoy cannot oe soia much uimer £l3. As potatoes are quoted at £±i il)i to tne tasmanian venture does not seem to have oeen a very happy one tor the promoters. As Sydney is now quoting icismanian potatoes at Irom £l3 to ±,16 per ton, Aucliiana will have to bid Tasmania at least a temporary potato good-Dye. Tne development is just as expected by tnose who nave taken notice of the ldiosyncracies of the market. Apart altogether from the question of tn© avanaomty of supplies in iNew Zealand, which in any case was a matter of opinion, the introduction of Tasmania as a supplier was an obvious bluff from the outset. The Tasmanian quotation never provided a margin, and the purchase was too transparent to have much effect in the direction desired. As part of the scheme to depress the market hero, Auckland merchants boldly ottered potatoes back. Some business was done, but there was a wonderful variation of quantities, deliveries, and even prices when local merchants accepted. There is little doubt that Auckland is doing with fewer potatoes, and. the whole question of the future of the market depends on the extent to whichi this is the case. Very considerable shipments have gone north for some weeks, and these, at the prices operating, are spinning out longer than they would ordinarily. The Wingatui is leaving in a few days with moderate supplies, followed later by the ii.urow. The tone of the market is weaker, but farmers are not showing much concern. An odd sale or two has taken place at £7 los at country stations for whites, but generally few will talk business under £B. In the position of the Auckland market at present merchants can scarcely offer this figure. Some buyers are not very keen about accepting deliveries just at present. They bought with prices well up, and in the meantime are facing a loss. It is expected that something like a true market position will manifest itself when the present Auckland supplies are absorbed, a fortnight or so hence. The Melbourne "Leader" of July 7th has the following paragraph from its Tasmanian correspondent: "The recent wet weather and also the frosts have reduced the quantity of potatoes that was a few months ago apparently available by 26 per cent., so that from present appearances those growers having orood, sound potatoes will reap a rich harvest in tne near future. Enquiries are being received from New Zealand for supplies owing to the damage done in the Dominion by floods, and it is freely considered that the price here will reach £2O per ton before the season closes. In a few days 8000 bags of chaff will be shipped direct from Launceston to New Zealand, and further consignments will shortly follow." An Auckland telegram says that 12,000 bales and sacks of Tasmanian chaff have arrived. It is of indifferent quality, and is not in request. All milling wheat has practically passed into millers' hands, and a good deal of stuff previously classed fowl wheat has been taken at the advanced price. Consequently, fowl wheat of good quality is selling well, at up to 4s 4d to 4s 6d, according to quality, at country stations. Chaif is very iveak, and from £4 6s to £4 10s at country stations is the average offer. ©ate are exceedingly dull, and the future of this once dominant phase 01 pioduction is far from bright. Freight for export is a "killer." There was a time when freight at 15s a ton could be secured to England. Now it is 455, which provides no margin for export Oat growing is dropping out completely in many parts of the South lala nd, where it used to be an important crop., lie barley statistics have revived some interest in the market and a few sales of moderate quality have taken place at 5s 3d to farmers. Cowgrass is scarcely as firm as it was The seed market generally is very quiet, with practically no change in values. The following are the quotations to be paid to farmers at country stations sacks extra, unless otherwise stated Wheat—Tuscan 5s 2d, Hunters 5s 4d, Pearl 5s 6d. * Oats—A and B grades 2s 7d. Chaff—Bright oatsheaf £4 10s, f.a.a. £4 to £4 ss. H White Clover—ls to Is Id. Italian Ryegrass (nominal) —5s to 5s 6d per bushel. Perennial Ryegrass <nominal) —5s 9d per bushel. Cowgrass—lOd to Is. Potatoes—£7 10s to £7 15s (whites), £1 to £7 5s (Dakotas). Cocksfoot—4-Jd to 5Jd. Linseed—£l7. Peas—7s 3d to 7s 6d. Flour—£ls 10s per ton. Pollard—£7 per ton, f.o.b. main ports, 10s extra for smaller packing. inT rai er main ports, 10s extra for smaller packing. POULTRY AND EGGS. Entries of poultry showed a slight decline this weak and prices were well maintained. The range of quotations a pair is as lollops:—labile chickens, 6a 9d to 15s ledhena, 3s to 9a 9d; ducks, 53 6d to 13s 3d; ' puLets, 4s to 13s 6a; geese, 7o to 8s: turkeys, 14s £d to 47s 6d. The market was not supplied so well with eggs this week, owing no doubt to bad weather conditions. .Leading- retail grocers are selling at Is lOd to 2s per dozen. The wholesale auction prices this week were Is 8d per dozen for second grade and Is lOd per dozen for first grade. (A rise of twopence & dozen on the previous week's prices.) It is quite probable that these prices will hold in the coining week. The Canterbury Co-operative Producers' prices per dozen are:—First grade hen egga Is lOd; second grade ben eggs Is Sd to Is 9d; duck eggs Is lOd. DUNEDIN. (SPBOIIX. TO "TKK PMS».") ' DUJTEDIN, July 13. The demand for mi.ling oats arid shipping is quieter, and prices have declined. A Gartons are quoted at 2s lOd to 2s lid, B's at 2s Bd, and undergrade at from 2a per bushel, sacks extra. Supplies of fowl wheat are short, and the market has firmed at 4s 8d per bushel, sacks extra. Offerings of potatoes from the North have been heavier, and prices have eased. Best tables are realising £lO to £lO 10s per ton. In the absence ->f a shipping demand, consignments of prime oaten sheaf chaff are being taken by local farmers. Medium and inferior chaff is e'.cw of sa.e. Prim© oaten Bhe&f- -is worth £5 to £5 sb, good to be=t feed £4 6s to £4 Iss, and inferior £2 to £5 10s per ton, eacks extra.

BLENHEIM. * (special to '"the press.") BLENHEIM, July 13. Tho produce market remains unchanged. The chaff trade continues to mark tune pending the absorption of the Australian suppliS at Auckland, in the description and prospects of which much interest is bein" taken. Confidence is stU felt that the present lack of lequeat for Marlborough supplies will prove only temporary, and that these will be satisfactorily cleared before the- season closes. _ Cowgrass seed is inactive, with an easier tendency, the quotations being 9Jd. TIMARU. (SPBCIAI. TO "TBM PMSB.") IIMjiKJ, July 13. Milling wheat is easily eoiU at UlO piesem tune, and. good lines coming l'oi-w*m can be- piuced lapiu.y enougu. Apart rroin mat, however, tno market, is ratuer quiet. i'owl wheat is offering freely, but the market has eased back a little. Sales have been made at 4s Wd f.0.b., a penny Jess than tho price prevailing this time lasi week. The wet weather is preventing sowing for tno new season, and miilera are amioua to secure svuccieat supplies to see them into the now year. Veay little seed wheat has gone out so far, and tho demand is being considerably interfeied with by the weather. Oats are duli cf sale, and prices have receded. Tho value of B's is 2s 6d to 2s 7d and A grade 2s od to 2s 9d. There is a 'poor demand for Algerians, which aie worth about 3s at the present time for god samples. Good heavy dark Dun oate are being enquired for. Chaff is dull and slow in sympathy with the cat market. Good, bright stuff is valued at about £4 10s on trucks, down to £3 15s for inferior samples. i Red clover and cowgrass are easier, compared with last week, lid being .the limit merchants are offering to-day. White clover is firm and up to Is 3d has been paid for farmers' dressed samples. Supplies of white clover are now down to a small compass, and there is a. etrong enquiry for export. Linseed is practica.ly dead, and farmers are finding it hard to quit damaged samples at reasonable figures. Australia is off the market and the value to-day on trucks for fair Average quality is £ls 10s, sacks extra. Peas' are finished for the year, and the value of No. I's is 7s on trucks. A good quantity is still being sent to the London market and prices there are easier. Ryegrass is firm and in good demand, but there is little left in farmers' hands. Merchants are asking 8s to 8s 6d retail. The potato market is dull also, and prices have receded a little, due to heavier supplies coming forward. Reds can be ■ bought- at £7 on trucks, and whites at £B, sacks in. Tho wet weather may possibly have the pffect of shortening supplies, and a consequent hardening in price. LEESTON STOCK SALE. Entries for the fortnightly stock sale at iifccavou yeateraay comi/.ieeu several lines ol oucep, oo lut i>i£«, hi store huu bu ueuo. ot cu.U-6. J.nero was a giua attendance, llie «iieep market ail louiAl was veuy Jirni, boUi tat and store pigs were a trine easier, and. the catt.e siuo was anytnxng out orisfc, particulaiiy .so far as stores and ag«.d sarts ware cotneerned. borne good unary cowa sold iairiy well. The slieep sales included the following: .b'or J. B. Anderson 18 hdggets at 235, 1 wether at 2e*s; J. H. Hampton (boutnbridge), 14 ewes 18s 3d; A, B. Mcn.vedy (.outhbridge), 11 fat ewes 10s Bd;' J. M. Webster, 11 iambs 265; client,. 10 wethers 225" 6d. There were not many well finished pigs in the fat pens. Quito a number wou.d have been all the better for another month's feeding. Baconers brought 00s to 935, choppers from 575, porkers from 44a, large stores 24s to 36s 6d, email 8s to 15b. A line of good quality dairy cows offered by the National Mortgage and Agency Co., on account of Mr G. A. Marsh (Southbridge), brought £5 to £ll 6s, or an average of about £7 10s per head. Other springers made £3 17s 6d *o £4 10s, forward cows to 51s, springing heifers £3 2s 6d to £3 12s . 6d, aged cows 23s 6d to 87s 6d, yearlings 21s to 80s. After the stock eale tho National Mortgage and Agency Co. fold a contractor's plant, on account of Mr P. I/unt, of Dunsandel. Draught horses brought £l3 10s to £25,aged sorts to £6, horse and gig' £l7, 3-fur-row plough £29, drill £33, dray £2B, and other items at satisfactory rates. THE FRUIT MARKET. CHRISTCHURCH. There -was a> shortage of vegetables this week, more especially of the root variety. The demand, was keen and prices high for all classes. Apples and pears were again slow of sale, there being very little enquiry for either line. Oranges and lemons were practically the only fruit in demand this weak, mow. especially the latter, which were in abort supply. Next week the usual shipment from Syoney of pines, passions, mandarins, eto., io tjipected. &a forfo-jr; , Apples, Nelson, per case, 4s to 6s; apples, local, per case, up to 7s 6d; apples, cooking per case 3b to ss; lemons, Mildura, per case, 2os; lemons, South Australian, per case, 245; lemons, 'Frisco, per case, up to 67s 6d; mandarins, per case up to 1225; oranges Cook Island, per case 17s 6d to 20»; oranges Sydney, per case up to 20s; oranges, marmalade, per case 6s 6d; oranges, American Valencias, per case 5s ed; passions, Sydney per- case 20s to 225; pineapples, Sydney, per' case 22s 6d; pears, cooking, per case 8s to 4s; pears, dessert, per lb 2d to 3d; cabbages, per doz. up to 12s 9d; cauliflowers, per doz. up to 255; carrots, per doz. up to Is 7d; celery, pe* bundle up to lOd; leeks, per bundle tip to 9&d; lettuce, per doz up to ss; marrows, per doz. up to 6s 6d;potatoes, local, s.b 3s 6* to 49; onions, local, per ..K 2s to 2s 6d; onions, per cw t 3s to 4s 6d; parsnips, per doz. up to Is 8d; potai? 8 ' rL 8 t Ck ' *° 18a; radißll< *. P*r do* £ 6d per doz. up to 14 8 Bd;VwS«; DUNEDIN (bmcial to "tbi nxaa.") ~ , DTJNEDIN. July 13. 2T'-r K grapea ' aadWna Ire meeting with a sound demand. The market T* lea - D««rtS are in short supply. Wholesale prices arelemons, American 60s_to 555, VlctSL a.'. ENGLISH WOOL SALES HELD UP. (Received July 18th, 9.30 p.ra ) ~ _ „ LONDON, July 12 T^ h °S«n w»l Bales,, which were fixed for July 27th, have been postponed indefinitely owing to the dock strike. * The London selling brokers -will decide tomorrow whether the present London aeriee which have been postponed till July 17th' Bhall be resumed. ' BRADFORD TOPS MARKET. (BT CABLE—PBES3 ASSOCIATION—COPTEIOHT ) (AU3TBAUAW AST) K.Z. CABL» AgSOCIATIO»!) (Received July 13th, 9.30 p.m) LONDON, July 12 The Bradford market is dull. Prices are nominally unchanged hut are untested. The tendency favours buyers.

BANK OF ENGLAND RETURNS. tvr cABLB-P»Ha"S ASSOCIATIOS-COPTBiaHT.) UUSTBAWAN AND N.Z. CASUS ASSOCIATE*.) ' LONDON, Juiy 12. The Bank of England returns for the week ~r>A«A Juv 12th afford the lo lowing comentled JU O: "V „f th e previous week:— pnrisona with those of tne July Mlii ~ • j K„llinn 120,796,00J 125,798,000 Com and bullion .. 1* 20 963 000 Reserve •• *~' ' Proportion preserves • AS& "■■ 126,977,000 134,565,003 r JSi deposits 19 453,000 11,597,000 Other d^itf P . 123785,000 107,982,003 r'3 securities 44,334,000 46,939.000 Other pities .. Short loana 2J pet cent.; thr.ee months bills, 31 per cent. FOREIGN EXCHANGE RATES. (« fABI*— n*BB ABIOCIATIOS-—COPTWOST.) UuSTSAWAH ASD S.B. OABLB ASBOCIATIOK ) LONDON, July 12. The.excha.go rates are as piS 'r to B £l •• 78.80 77.15 kr to £1 18.150 26.10 2612 Itockholm krto £1 18.169 17.27 1130 Bedin ma'rks to il 20.25 1,325,000 910 000 Bom<T lirt to £1 22-221 105 i 1053 Montreal, dol. to £1 4.88 4.68J 4.70} New York, dol. to £1 4.86 4.50 3-16 4.68 11-16 Hon* Kong, dol to £1 ? 27Jd 27d TokoW, .t. to yen 21.50 25gd 25* d Calcutta, st to rpe. 10 to 8 0ld 6 £^ isa •Determined by price of silver. GOVERNMENT SECURITIES.

BUTTER AND CHEESE. (by CABU&—hums ASflocuTioir—■coragnrr.) (AT/BTBATJAR AKD X.E. CABLB ASBOCIATTO»J (Received July 18th, 9.80 p.m.) LONDON, July .1% The butter and cheese market is quieter owing to look of supplies through the dock strike. The retailers who stocked up when the strike was threatened have not hitherto reported a shortage. Only a, hanaV to-mouth trade from the -warehouses is be-, ing done. New, Zealand coloured cheese is 'available at S2s' to 9tfs. Butter prices are' nominally unchanged. MELBOURNE? HIDES MARKET. MELBOURNE, July IS. At the hides sale bidding woe slack except for parcels showing substance, and values declined one-farthing, notably on scoured lines. DUNEDIN STOCK EXCHANGE. (sraoAL to "raa pista.") DUNEDIN, July 18. Sales on 'Change—South British.lnscribed, 41s 3d; Bank of New Zealand, 62s Sd; Mount Lyell, 245. Sales Reported—Bank of New Zealand, 63s 6d. ; ' ~ CLOSING QUOTATIONS.

LONDON, July 12. The following are the latest- quotations for Government securities, with a < ;omparison with those ruling last week:— . Last week. This week. £ B. d. £ t. d. Imperial Consols, 24 p.c 58 0 0 58 0 0 War Loan, 5 p.c, 1929.47 .. ..100 15 0 ioo a 6 War lio*n, 3J p.c, 1925-28 .. .. 96 0 0 95 10 0 Conversion Loan, SJ p.c 78 10 0 77 15 0 Commonwealth 6 p.c, 1321-31 .. •• 106 0 0 104 15 0 Commonwealth 5J p.c> 1922-27 .. .. 100 0 0 100 0 0 New Zealand G p.c, 1926-al .. •• *1<» 0 0 107 15 0 New Zealand 4 p.c, 1929 .. .. 95 0 0 93 0 0 New Zealand 3i p.c, 1940 .. .. 85 0 0 82 10 0 New Zealand 3 p.c, 1945 .. .'. 77 5 0 78 10 0 New South Wales 6J p.c, 1984-40' ..'105 15 0 105 10 0 New South Wales 6 p.c, 1930-40 .. 104 15 0 104 0 0 New South Wale* 5» p.c, 1922-82 .. 101 0 0 100 0 0 New South Wales 4J ' p.c., 1935-43 .. 100 17 6 100 17 6 Now South Walos 4 p.c, 3933 .. 91 0 0 89 0 0 New South Wales 3J p.c, 1930-50 .. 82 0 0 79 0 0 New South Wales 3 p.c, 1925 .. 79 10 0 76 15 0 Victoria 5}. p.o., 1980-40 103 0 0 103 0 0 Victoria, 3§ p.c, 1921-26 97 0 0 96 0 0 Viotoria, 3J p.c, 1929-40 81 0 0 78 10 0 Victoria 8 p.o., 1929-49 75 0 0 72 0 0 Queensland 6 p.c, 1930-49 .. .. *103 0 0 103 5 0 Queensland 4 p.c, 1924 .. .. 98 0 0 97 0 0 Queenslend 8J p.o., 1924 ....... 97 0 0 96 10 0 Queensland SJ p.o., 1980 .. .. 88 15 0 88 10 0 Queensland S p.c, 1823-47 .. .. 72 0 0 71 0 0 South Australia 4} p.o., 1920-40 .. 108 0 South Australia 4§ 0 10S 15 0 p.c, 1945 or after 83 0 0 83 10 0 South Australia 3 p.o., >l 1880 .. .. 65 0 0 '64 0 0 West Australia 6 p.o., 1930-40 .. .. 104 0 0 103 10 0 West Australia 8J p.©., 1920-35 .. V. 87 10 0 83 10 0 West Australia 3 p.c, 1915-35 .. ..80 10 0 80 0 0 Tasmania 6| p.c, 198040 .. ... •106 6 0 108 0 0 Tasmania 8J p.c, 192040 .. .. 84 IS 0 83 0 0 Tasmania 3 pub., 1920-40 79 5 0 78 15 0 •ex interest.

. Buyers. Sellers. £ 0. & £ ». d. MINING— N<xkomai Hydraulic .. 0 2 9 _ Waihl 1 4 10 1 5 6 Mt. Lyell .. 1 8 3 1 4 0 BANKS— New . South Wales 1. 40 10 0 — New Zealand (cum rights) 8 2 6 8 2 9 National (ex dir,) — ie 0 0 Union ... ,... — 15 2 6 INSURANCE— National * 1 0 4 1 6 New Zealand - ... 111 6 111 8 South British 2 1 0 — Standard .. 1 18 0 1 19 0 SHIPPING— Howard, Smith 2 14 0 — Huddaxt-Parker (oxd.) ■ — 9 4 9 P. and 0. (clef.) 830 0 0 840 0 0 U.S.S. Co. (pref.) . v 1 0 6 FINANCIAL— Dalgety and Co. 19 19 0 — National Mortgage 4 6 0 — N.Z». Loan and Mercantile (ord.) . — 64 0 0 N.Z. and River Plato 1 1 6 ' — Perpetual Trustees 1 17 0 Trustees' Executory .. 2 12 0 Wright, Stephenson (ord.) 1 10 0 _ Wright, Stephenson (pref.) KKIAT— 0 17 0 mm* N.Z. Refrigerating (pd.) 1 6 0 N.Z. Refrigerating (con) — 0 12 9 •Southland Frozen Meat (con.) 1 9 0 _ MISCELLANEOUS— Brown, Ewing (ord.) .. 1 8 0 ■ _ Brown, Kwing (prof.) .. Colonial Sugar . 1 0 6 46 6 0 D.I.C. (oid.) 0 1 9 D.I.C. (pref.) .. . Prel ?T . 9 1.1 3 I>onxmion RuliW 1 0 0 Donaghy's Twine ,, 1 13 s Dunlop Rubber 1 4 0 _„ Kaiapoi Woollen (con.) 0 11 3 0 12 8 Kaiapoi Woollen (pref.) 1 1 9 Milburn Cement ; ; 1 14 9 _ Mosgiel Woollen .. 17 7 0 McLeod Btog.' Soap 17 0 0 National Elcctrio 0 19 6 N.Z. Drug Co. " . .. N.Z. Hardware (ord.) .. 3 4 6 3 5 0 8 9 6 f.Z. Hardware (pref.) . 0 16 0 0 17 0 N.Z. Paper Mills 1 5 0 1 6 0 N.Z. Sugar of Milk .. 1 13 0 Otago Daily Times .. 2 15 0 Papuan Products 0 1 0 Shnrland and Co. 1 2 0 1 8 8 9 Wilson's 'N.Z.) Cement 1 ? 3 1 7 BREWERIES— Ward and Co. 2 6 0 2 7 0 Crown Brewery " 2 15 0 Manning- and Co. 6 12 o WAR B0NDS--1938 4J per cent. Bonds. 96 10 0 1933 EJ per cent. SolSettlement weds .. .. 101 17 0 _ i»3S 4} per cent. Insc. 96 15 0 P®r cent Insc. 1933 6£ per cent. Sol- _ 96 15 0 diers'. Settlement ioW c ■ bed •• ..10117 1927 5 jper cent. P.O. 6 _ \ M 98 « 0