COMMERCIAL.

Press, Volume LIX, Issue 17856, 31 August 1923, Page 10

COMMERCIAL.

THE FOREIGN EXCHANGES.

STERLING SLUMP IN U.S.A.

(by cable—press association— copyright.) •australian and n.z. cable association.) NEW YORE, August 28. Sterling is quoted at 4.54 dollars, the lowest for some time. The reason is not apparent, apart from the disturbed European situation, though, heavy gold shipments are arriving from London to be applied to future debt payments. [ln a recent article the London "Economist," referring to the controversy regarding the action of the Bank of England in raising the bank rate to 4 per cent, and its effect on the ster-ling-dollar exchange, said:—"Up to the early spring of this year it will be remembered that the dollar exchange showed signs of steadily approaching par, but from about March onwards opposing influences began to make themselves increasingly felt. With the boom in trade, money rates in America began to rise and investments yielded a better return than in Europe. As, therefore, the pound approached par, capital both for permanent and for temporary investment moved rapidly across 'the Atlantic, and so tended to raise the value of the dollar. As the year has gone on, other influences tending to depress the pound have come into operation, of which the most important are the political situation in Europe, the anticipation of the normal seasonal fall in connexion with the financing of American crops, and the payment of interest on Britain's debt to America. The effect of these influences has been seen in the steady setback in the sterling dollar exchange. Now, whatever may be urged against the forcing back of sterling to pre-war parity with the dollar, it cannot be denied that there are serious disadvantages in a fall in the exchange. There is no doubt that the high level of the British pound and the comparative stability it has enjoyed for months' past has been.a factor in bringing business to London;-it has given confidence to values quoted in sterling, and has brought orders to Great Britain because of that indefinable influence which can only be described as international prestige, and has lowered prices of raw materials ■ and of food imports. A fall in the exchange would, on the other hand, raise very much the cost of our autumn purchases of corn and cotton. These are_ important and substantial considerations, and mav quite properly govern bank policy as long as they do uot involve a more serious set-back to employment and : ; the means of livelihood in the country. It may, indeed, he doubted whether the action of the Bank will, in fact, have much effect upon the exchange."}

MARKS DOWN AGAIN. '

LONDON, August 29. The exchange on Berlin has slumped to 34,000,000 marks to the £ sterling." (Received August 30th,. 10.30 p.m.) NEW YORK,"August 29. The German mark "is quoted at 10,000,000 to-the dollar, which sets a new record.

NEW ZEALAND MEAT.

QUESTION OF BRANDING

(special to "the pbess.") tDTMEBIN,' August,. 30. ( Mr H. C. Cameron, late Produce Commissioner <for /the New Zealand Government, .is. at present in Dunedin. This morning, in conversation with a "Star" representative, he had something interesting to say about the fraudulent sale of inferior meat in England as New Zealand meat. Mr Cameron drew attention to the fact., that a gentleman in the meat trade is recently reported as having said that .while New Zealand was affected detrimentally by such action, we were "getting" bacii'> on' them by our New Zealand meat being sold in England as English meat. "I take it," commented Mr Cameron, "that the expression getting back on them, means that we gain an advantage, but I consider _that it is a • disadvantage having our meat sold as English. If I our best meat is good enough to be sold as English,' surely it is good enough to be sold as New Zealand. If the best of our mutton and lamb is taken off the market and sold as English, it must leave a greater proportion of our_ second quality meat to be eold as New Zealand meat. If our best mutton and lamb, which is stated to be sold as English, were sold as New Zealand, the advertisement for the quality of New Zealand meat could not be greater. "If we had some definite brand that we could advertise whereby the merits of New Zealand mutton and lamb could be recognised it would be a great advantage," continued Mr< Cameron. \ "Twenty years ago when the question of fraudulent sales was under consideration, a proposal was made to brand our mutton and lamb. At that.time the New Zealand Government made a test and sent Home to the High Commissioner ten carcases •of mutton brandedoneachleg.loin, and shoulder. The carcases -were exhibited at Smithfield market, where they were hung for five days and thawed out. Butchers, merchants and others interested in the meat trade were invited-to inspect the carcases, and they'did .so daily. ...As the meat.thawed attempts were made to obliterate, the brands or . smudge, them, but all attempts failed. After hanging for five days, tho carcases were cut up into joints and distributed. If our meat were branded, and th& fact advertised, so that people could ask for New Zealand mutton or lamb, and have the guarantee of the brand that they were getting what they asked for, great good would result. The Argentine meat companies are row branding their best meat, but only their best." j.

GERMAN BOOTS.

A-etaiement was recently made in the 'House ?oi Representatives that £300,000 Worth* of "German boots had been imported- intoitbis country during the past six months. In reference to this a representative of the Wellington shoe manufacturing interests points out that the actual; total'imports of boots, 6hoes, and slippers for the six months ended June 30th, "1923, was '£488,359, and quantity. 1,165,584 pairs. A large quantity of-these have uppers made from German leather, which thus comes Zealand under.the British preferential tariff, 25 per cent, ad valorem.*. If this money had been spent on New I '. 'Zealand-made epods,- there would be at least 20 per cent., or nearly £200,000, . for the twelve months, available to the manual wage earners in the boot and shoe factories of : the Dominion; ■ ." "

FREEZING INDUSTRY.

COMPLAINT OF TOO MANY

COMPANIES,

(PRESS *SSO-7\TMlf IFLZGBAIO WANGANUI, August 30. At the annual meeting of the Wanganui Freezing Company, the chairman, Mr E. H. Campbell, referring to the balance-sheet not being as satisfactory as could be wished, said that the company was paying too much for sheep. There were too many freezing companies in the country for the number of sheep handled. It seemed that the only ones which had made mono}'were those which handled meat on account of producers. British and American firms were eating largely into the New Zealand trade. He credited the Meat Board with doing good work in lowering freight; and in other ways. He referred to the decrease in the number of sheep and keener competition from Argentina. He said it was up to the Prime Minister to see at the Imperial Conference that'the trade of the Dominion was protected. With regard to the beef outlook, it was no better than a year ago. The large quantity of chilled beef going Home cut the price from under the New Zealand article, and prices in London were low.

NEWFOUNDLAND PAPER.

IMPORTANT ENTERPRISE.

Negotiations have been proceeding for some time for the establishment by the Armstrong-Whitworth Company of a paper mill in Newfoundland. As a result of post-war conditions the promoters would only undertak j it on condition that a Government guarantee was offered. An offer was made under which the British Government, through its Trade Facilities Board, undertook to guarantee half the amount on condition that the money raised should be applied to the purchase of machinery and equipment in Great Britain. Newfoundland was'to assume tho other half of the guarantee, the amount raised to be spent on the erection and equipment of tho mill in the island. On that basis the scheme was accepted in Newfoundland. .

It is proposed that the mill should be established in the area, round Grand Lake and Deer Lake, on the west coast, which is thickly wooded with spruce, for making paper, and has waterfalls capable of developing hydro-electric energy of 2.50,000 horse-power. By means of a dam HCOft long nnd 70ft high, the waters of Grand Lake would be raised to give an area of 200 square miles. The water would be carried from the through a canal extending about seven miles, to a point on the margin of Deer Lake. From a power-house the current would be carried by transmission lines to Corner Brook, at Bay of Islands, on the coast, where the mill would be built. This would have a producing capacity of 400 tons of newsprint daily. The mill would, it is estimated, employ about 1500 people regularly, and result in the construction of a town of nearly seven thousand, people. The Bay of Islands is open for about eight months of each year, and the largest ships can lie there. In the winter, when this area is ice-bound,-the paper prodiiced would be carried by trams to Fort-aux-Basques, 120 miles distant, the western terminus of the transinsular railway system.

SAWMILLING INDUSTRY.

BRISK IN THE SOUTH.

(SPECIAL TO "THE fBXSS.") DUNEDIN, August 30. The sawmilling industry is thriving in the southern districts at the present time, and most of the mills are working at full pressure. Large quantities of timber are being shipped to Dunedin, Lyttelton, and other ports from Waikawa and Port Craig, and these shipments will continue for some time to come. The steamer Orepuki is due at Dunedin to-night with about 200,000 ft of timber loaded at the Port Craig mills. The Orepuki is also carrying part cargo for Lyttelton. The Kotare is expected to arrive on Monday with a full load from Waikawa. .^

COCKSFOOT SEED,

Protection by way of import duty from competition by importers of for-eign-grown cocksfoot seed was the subject of a petition presented to Parliament recently by 268 farmers of Banks Peninsula. The Mto Z Committee reported to the House of Representatives on Tuesday that, while the matter was one of Government policy, it was nevertheless of opinion that the evidence placed before it warranted a into the condition of the cocksfoot industry, with the view to its encouragement.

NEW ZEALAND BREWERIES LIMITED.

The statutory meeting of shareholders in Now Zealand- Breweries. Ltd.. will be held in Wellington on the 12th p:ox. Th 3 report to'be submitted to the meeting, states that 162,254 shares have Keen allotted, of which 162,247 shares have been issutd aa fully paid to the vendor companies or their nominees. The remaining saven ehares were allotted to the subscrib.-rs to the Slernorandum of Association, tha payment in cash for th-jse shares being the only cash received by the company on account of shares. Other receipts amounted to £412,185 on account of debentures issued to the f üblic, and payments to date are £222,239 as part payment of consideration to the vendor companies and £9482 on account of preliminary expenses, there being an estimated balance of £2oooto be paid under the latter heading. Tho nominal share capital of the company is £5C0,000 in ordinary shares of £1 each, and the nominal amount of loan capital is £1,000.000 in 10 per rent, finst mortgage debenture stock.

RABBITSKIN SALE.

Fairly large catalogues were offered by the brokers at Dunecin on Tuesday. Bidding was fairly keen, and prices were firm at previous (jUotaticns. We,quote as follows: Super winter does, to 97d; prime, 88d to D5Jd; first winter doe.s, to 77d; spotted does, to 63d; prime winter bucks, EOd to 83Jd; first bucks 75Jd to 80d; spotted bucks, to 56d; eariy winters. 4Sd .lo 56d; incomings, S4ld' to S9d; early autumns. 41Jd to 48d; prime racks, 29d to 30*Jd; light racks, 24{d to 28d; winter broken, to 40d; summers, 26d to £Bd; runners, Isd to 19d; prime winter blacks 76Jd to Slid; winter blacks. 68d to 74d; summer blacks. 22d to 26d; autumn blacks 33|d to 42d; winter fawns, to 6SJdHareskins. 24Jd to 29*.d. Horeshair. to 25d. Oatskins, to 12d.

PRAIRIES INTO PAPER.

A new process for turning the waste straw of the Canadian prairies into paper will be tested by an experimental plant at the N'o:ihfleet Paper Mills, Kent. The process is the * invention of a Frenchman named de Vains. The fibre of the straw is first gentry I 'bo'i'ed in soda ash, then treated? with bleach,.washed, treated with soda again, and again with bleach, this yielding a product suitable for tife- highest grade' paper.

FIRST AUSTRALIAN WOOL CONSIGNMENT.

A BRADFORD MEMORIAL.

(PBOK OUR OWN CORRESPONDENT.) LONDON, July 20. It must be confessed (says the Bradford "Daily Argus'-') that Farsley figures a little more impressively in the eyes of the world at large than her much-derided neighbour Pudsey. Yet it was out of Parsley that came Bradford's commercial opulence and farflung fame. The intimation is rather staggering, but none the less true. One is reminded of the fact by the announcement that a memorial is being promoted in the village to the-Rev. Samuel Marsden, who, bcrn in a humble Farsley homestead, became chaplain to the new settlement at Sydney in 1793, paved the way for the great sheep-breeding industry of Australia, and introduced the first cargo of colonial wool to the West Biding. Marsden's character seems to have been a unique compound of human energy and almost supernatural prescience. His West Riding grit served him in good stead under the broiling suns of Botany Bay, for not only did he assiduously discharge the labours pertaining to his cloth, erecting schools and chapels at all strategical points, but he found time and inclination to act as magistrate, and to take the lead ,in establishing a model farm at Sydney. ' ' It is, of course, his achievements in the latter enterprise which qualify the too frequently-forgotten chaplain for it proud place in the memories of Bradford. It is no exaggeration to state that he laid the foundations of the city's prosperity. He was convinced that it was Australia's destiny to become the great centre of supply for the woollen manufacturers of Great Britain. And, thanks in great measure to his unlimited zeal, his convictions have been justified up to hilt. To-day Australian wool means bread and butter for hundreds of thousands of West Riding residents.

A Suit for King George HI. Marsden's sheep-rearing schemes during the first years of last century met with the greatest success. As early as 3808 he was anxious to. .convince industrialists at Home of the great possibilities behind his experiments. Consequently he set sail for England with a cargo of self-produced wool, not in the bales which are so familiar today, but in barrels. This first consignment of Australian wool found its way to Marsden's native place, Farsley, where the looms soon got busy and produced cloth which won everybody'sadmiration. , Then the importation came to the ears pf Lord Castlereagh, then Prime Minister, who made it possible for the wool-growing cleric personally to explain his exploits to his Majesty King George 111., who was greatly impressed, and evidenced his interest by having a suit made from the cloth' which had just been produced at Parsley, and by presenting the pioneer with five fine rams of merino breed. The latter were shipped to Australia by Mr Marsden on his return in 1810, and tlfey became the progenitors of the fine wool-bearing flocks which have gained such renown for present-day growers '?dowh under." It is therefore interesting to reflect that George 111. is responsible for the '' merinos'' which we see quoted twice every week in wool market reports.

) \■■ MINING.

NEW BIG RIVER COMPANY.

The director's report and statement of accounts for the year ending June 30th, 19-23 ,of the above company, states, inter alia:— •*■■■..' Owing to. the extremely erratio nature, of. the lengths and widths of the ore bodies of the mine, it is impossible to form an accurate estimate of the ore reserves in sight. Our mine superintendent's opinion is that sufficient ore is in snrht to maintain crushing operations until the end of the present year, by which time the new level (No. 12), it is .hoped, will be producing stone, or within reasonable distance of doing BO.' Curing the year it was found necessa'ry to suspend all underground operations, and re-timber a large portion of the main shaft. Four • thousand four hundred and sixty--1 three tons of etone were mined and milled for period, and. yielded 34i20z 15dwfc. of melted gold and cyanide bullion, of which 29?00z 3dwt were sold, and the remaining 4G2oz 12dwt are now in' course of transit to America for sale. Eecent sales of our gold: in the United tSates have realised only 3s to 3s 6d per ounce net premium, so it will thus be seen that the former premium on gold is now almost negligible. The driving of the new level (No. 12) into the reef system is .being pushed on as vigorously as it ia possible to do. When the reef is encountered, every effort will be made to get the battery running full time, and all underground operations brought into full capacity. A shortage of experienced miners still continues to exist,, which is due to the lo;al coal mines and to surface operations continuing to offer good rates of wages in comparison with those ruling for quartz mining work. Should wages rates for unskilled workers on the surface fal», then quartz mining work will again attract men. One dividend, amounting to one shilling per share, absorbing £I2OO (free of incometax) was declared. ' • It is anticipated that when the new level Xo. 12), is '"n full swing the results will be I more profitable to shareholders, and | tho mine will approach its pre-war standard of. prosperity. The expenditure showed wages £8894 7s sd, goods, timber ar.i fuel £2615, mine development £9Bl 15s 3, battery expenses £1651 18s 4d. cyanide plant £989 6s t<d. coal mine account £238 19s lOd, sawmill .working account £9l 8s 4d, office expenses £555 7s Bd, divideni t'x" £953 15s, accident nnd fire insurance £513 16s lid, dividend £I2OO. . r l hp balance •of assets over liabilities is set down at £50,033 4s 9d, represented approximately by the property value (£50,000) comprising claims, mine, battery, machinery, coal mine, sawmill, "water rights, workmen's houses, and mine managers' hashes. The company bought out the o:d comoany in 1908 and called up 6d per share (£600). The following are each year's return and I dividends:

(PKESS ASSOvJTATroW IVLTCJU.U.)

AUCKLAND. August 30. The Waihi Grand Junction mine during the period ended August 11th treated 7700 tons of or© for a return of 20970z of gold and 65980z of silver. No crushing was done last year.

CLEARING SALE OF FURNITURE AND PIANOS.

P. S. Nichclls and Co. held a very successful sale in theia rooms on Wednesday. The following prices were realised:—Haake piano £65, and two old pianos realised £24 and £27 10s respectively, oak bedroom suite £34. chesltrfield ind two loungo chairs £ls, settee and lounge chair £lO, wardrobe £7 10s, sideboard £7, sewing machine £lO, dining suite £8 15s, oak ext table £8 10s, small garden roller £5, bookcase £7 ss, carpets £l2, £9, and £6. 5s a . linoleums £3 and £2 ss, < table cover £2, and en extensive entry was cleared at prices. 6

FROZEN MEAT.

NEW ZEALAND SHIPMENTS FOR SEASON.

The following tabulated statement of shipments of New Zealand frozen meat during the 1923-23 season has been received from the Meat Producers' Board:—

COTTON MARKET.

EGYPTIAN GROWERS' MOVE.

(BY CABLE—-PRESS ASSOCIATION —COPYRIGHT.) (AUSTRALIAN AND N.Z. CABLE ASSOCIATION.) CAIRO, August 29. A syndicate of the largest cotton;gi»wers in Egypt, having already induced the Government to intervene in the cotton market, in the hope of inflating prices, is now planning to starve the market for tlie next few weeks. The syndicate allege? that the Egyptian crop this year is over 30 per cent, less than that of last year. It is anticipated that the Ameiican crop will be seriously curtailed.

CALCUTTA TEA SALES.

DELHI, August 29. At the, te» sales at Calcutta the quality and generally useful grades were in strong demand. All elates, especially good liquoring sorts, sold at improved rates. Dusts showed a distinct advance.

TALLOW. LONDON, August 29. At the ta-Uow sales 1251 casks were offered and 83S sold at late rates to sixpence advance. Mutton tallow was from 42s 3d to 38s and beef 37s ed. Dalgety and Company. Ltd., have received the following cablegram from their London olhce, dated August 29th:— "To How—At the weokly auction 12*0 casks tallow were offered, of which 850 sola. Prices average threepence higher." Pyne, Gould " Guinness, Ltd.. have received the following cablegram from their London principals, dated 29th instant:— "Auctions unchanged, 'vjith' equal demand for all grades; half offerings sold, market steady." ' ' v

WHEAT MARKET.

(BT CABLE —PBES* ASSOCIATION —COPTEIOKT.) (AUSTRALIAN AND N.Z. CABLE ASSOCIATION.) (Received August 30th, 8.30 p.m.) LONDON 1 , . August 29. Wheat—Cargoes were quiet owing to the collapse of American options, and quotations declined sixpence or its equivalent. Parcels were in fair request at one shilling decline.

AUSTRALIAN MARKETS,

(Received August 30th. 10.30 p.m.) SYDNEY, August 30. Oats—Algerian feed, local 4s to 4s Id, Tasmania 4s 4d to 4s 6d; white, 4s ed to 4s Bd. Maize —Local, yellow- 5s 6d, white 5s 3d; South African, 5s 3d. Potatoes—Tasmaniau £l3 10s to £l4 10a. Onions —Victorian, £5 10s. . ADELAIDE, August 30. 6ats—3s to 3s 2d.

BRITISH INCOME-TAX REFUNDS

A London correspondent writes:—"Now that the Finance Bill of 1923-24 has passed into law, no doubt your readers who derive any income from the United Kingdom wjil bo interested to learn its provisions. Brie-fly the most • important changes affecting non-residents are these:—(l) The standard rate of tax has been reduced to 4s 6d in the pound. ,(2) Claims can be made for three years back, but this limit will gradually be extended to six years. It will not be possible,- however, to claim for years prior to 1920-21, the section not being retroactive. (3) Income derived from the Irish Free State will bo exempt from British Tax. but liable to. Irish Income-Tax, which is 5s in the pound for 1923-24. "There are apparently still many people deriving income from the United Kingdom who are unaware that they can recover at least part of the income-tax charged on it. This is in many cases due to the fact that dividends are often marked "free of tax," and in soma instances even no mention whatever of tax is made where thay are paid through- a local branch of a British - company. In both these cases, however, tax is recoverable."

DIRECT TRADE WITH LIVERPOOL.

AUSTRALIAN AND N.Z. COMMITTEE.

(mOU OTJB OWW CORRESPOWDKirr.) LONDON, July 20. Following upon the visit of the Australian Premiers and other overseas representatives, the Liverpool Chamber of Commerce his formed »n Australian and New Zealand Committee, in order to develop trade between •Liverpool and those Dominions. The preliininnrv meeting of (his committee was held on Monday, when Colonel T. li. Hawkins (Assistant General Manager of the Mersey Docks and Harbour Board), reported to the members on the subject of Ins recent visit to Australia a-nd New Zealand. At this meeting it was decided to increase the number of the committee in order to make it more fully representative of the various trades interested in those Dominions. It was nlso reported that several large firms in the provision trade had formed a special company with a view of inducing direct shipments to Liverpool, and that the representative of the company concerned would be"in his work in Australia at about tho end of August or the beginning of September. By means of propaganda it is 'hoped to make tho port distributive and marketing facilities of Liverpool more widely known to the producers in Australia and New Zealand than they have been in the past. ■ Colonel Hawkins has presented to his Board the report made on his recent tour. He h-is returned very enthusiastic about New Zealand as a country, and he is immensely appreciative of tho hospitality which he received from everyone in all parts during his stay there. Mr T. R. Lees (New Zealand Meat ] Producers' Board) has been to Liverpool recently to see the facilities afforded by the Mersey Docks and Harbour Board, and their up-to-date methods of handling cargoes with the utmost despatch.

AUCKLAND MARKET.

(SPBCTAI, TO "the pbess.") AUCKLAND, August 30. "Wholesale grocery houses this week Teport continued activity duo principally to the handling of business for September account. It is gratifying to find that the volume of business for country districts is heavy, the continued 6pell of fine weather, together with dairying activities, being ocountable for an increased enquiry for all classes of goods. Another contributing factor to tb.3' activity is the arrival of numerous overseas steamers with large cargoes of general merchandise. Sugar—Xho arrival of two vessels carrying 6000 tons of raw sugar for the company should tend to relieve the position, although it will be some duys before supplies *of the refined article will be available. As Government control will bj relinquished probably in the first week in September, it will be interesting to see" if the position shows any improvement. Quotations for refined Java 6ugar have been made this week from outeido sources at slightly cheaper rates for forward delivery. ifardwarc —Hardware merchants report business as steadily improving, although the absence of arrivals from Home is causing certain inconvenience regarding the further stocks. Heavy shipments have been received from New York, but the exchange rate is gradually becoming worse with consequent higher costs. Garden tools, hoes, rakes, etc., have just arrived" to a bare market, garden hose also being a welcome arrival and selling freely at favourable rates. Kgga—Very large quantities of eggs are now being sent in, but the lower price ruling has increased consumption. The wholesale late remains at Is 4d per dozen. Potatoes—The market on spot is firmer this week for potatoes, as only sufficient have come forward to fill ordinary requirements, while the consumption of late has been heavier than was anticipated. Best quality are worth £l2 10s to £l3 per ton ex store; Onions—The market is well supplied with Australian, which are quoted at £ll per ton. Oats—Stocks held locally are on the light' side, but further quantities are on the way up. A grade are worth 4s 6d per bushel ex store, and Algerian seed oats 7s. Chaff—Best Southern is worth £ll to £JI 103 per- ton Wholesale current prices are:—Superfine creamery butter Is 4Jd per lb for prompt cash, first grade (pats) Is 4d; second grade Is 3d, farmers' separator Is Id; cheese, ,101 d to Is per lb, hams lid to Is ; 'ld per lb, bacon lOd per lb, lard in bulk 9Jd, pats lOd, honey Bfd to 9£d; eggs, hens" Is 4d; duck ls4d per. dozen; flour £l7 5s (less 2i per cent, discount T>er ton in 2001b' sacks), Sharps £3 10s, bran £6 10s. oatmeal (25's) £26.

SOUTHLAND MARKETS.

(SPECIAL TO "ISM PBE88.") INVERCARGILL, August 30. Oats —The market is quiet,- and with the exception al overisel'.ers covering their forward commitments, there is practically no enquhy. Auckland brokers report that oa's have been sold as low ae 3s f.o.b. e.i., which i 3 equal to only 23 s 4d on trucks to farmers. There are, however, very few oats offering from the country, and, for any that are, fanners are asking more than the latter price. There has been an odd sale of Duns, but prices obtainable are not so good as last season. Vleat —Fowl wheat continues in good demand, and good whole quality is readily saleable at 4s 3d net to farmers, sacks extra. Ryegrass—The demand for ryegrass is quiet, but on. the other hand stocks are nearly all in merchants hands, and are firmly held. CI aft —Offerings from farmers are fairly large, but many of tho samples are of inferior quality, and for this there is little demand. Ordinary prime quality is worth about £3 15s 0.t.c.5., but inferior lines are not worth more than £3 per ton on trucks. Potatoes —These are in steady demand, and all local tables of good quality would readily bring at least £lO per ton on trucks. There is also a (rood enquiry for all varieties of seed for both early and late croppers. '• Fruit —There has been a slightly better enquiry for apples during the past week than has been the experience for some time past, ' the principal demand being for good showey varieties. Well coloured Jonathans and Scarlets' are selling at slightly improved rates. Good cooking apples are a'so selling freely, but other lines continue slow of sale, only the choicest samples" being talrln. Good dessert pears are wanted, and any lines arriving immediately would meet with satisfactory prices. Cookers, however, are not in demand, and sales are difficult to effect. The market is well supplied with mandarines, but pines and passions were cleared on arrival. Oranges and lemons have DrotfUcnlly all passed into retailers hands, but further supplies are due about September 7th, ex ifoeraki. The market is bare of bananas, and the next parcel to arrive will meet with a keen demand. Wholesale prices are as follows:—Fruit: Apples, Stunners 63 to 10s, Delicious 7s to 10s 6d, Jonathans 6s to 9s, Scarlets 6s to Bs. cookers Hrl to 2Sd per lb; pears, desserts 4d per lb, lookers I*d to 2d per lb; mandarines to j 24s peT case, pines 255, passions 225, Adelaide oranges 235, navels to 265, lemons to 30s.

RAKAIA STOCK SALE. There was a small yarding at the monthly stock sale held at Rakaia' yesterday, but there was a good attendance of farmers. The following prices were reused :—Fat sheep 28s to 325, 6ix and eight-tooth breeding ewes 36s 9d, springing heifers £6. A fine stamp of pony was passed in at £25. A large.number of weaners were offered, but the demand was not brisk. Prices realised were from 15s to 2&. After the stock sale the New Zealand Loan and Mercantile Agency Co., Ltd., on behalf of Mr George Edgington, offered a 5-roomed residence and 5 acres of land, adjoining the Rakaia Domain, on the Barr Hill road. The property was sold to Mr W. Black for £720.

FARMERS' IMPLEMENT CO.

PROPOSAL TO WIND-UP.

The following circular has been sent out to shareholders in the Masterton Farmers' Implement Company, Ltd.: — An extraordinary general meeting of shareholders of the company will be held at Masterton on Friday, September 7th, 1923, to—(1) Consider and (if thought advisable), pass as an extraordinary resolution the following:—"That it is proved to its satisfaction that the company cannot, by reason of its liabilities, continue its business, and that it is advisable to wind up the same." (2) If the foregoing is passed, to appoint liquidators or, a liquidator, and fix the remuneration to bo naid to them or him.

CHRISTCHURCH STOCK EXCHANGE.

YESTERDAY'S TRANSACTIONS.

Sales reported-Union Bank of A«inli£ £l4 6s- South British Insurance, 41s 6d (2 parcels); New Zealand Refrigerating (10s paid), lis 2d. Bnyerg _ SelW £id £ « d

' OTHER

(fkxss association tzleqbams.) AUCKLAND. August 80. Sales:—Auckland Harhour,/1943 £lOl 10s; Bank of \New' Zealand (cum rights), 60s; Bank of New Zealand (ex rights). 50s; Taupiri Coal, 20s; Auckland Gas, 26s 3d; Northern Stea.ni, 15s-3d; Bartholomew Timber., 183 6d; National Pictures. 20s; Waihi, 25s 9d. WELLINGTON, August 30." Sales-reported:—War Bonds, 1939, £97 ss; •P. andtQ, (deferred stock),;£32o; Equitable Building,.£B.lss; New Zealand Kefrigerating (10s paid), lis 2d; Mosgiel Woollen, £7 6s; Bank of New.. Zealand £1 9s 3d. ' ■ DUNEDIN, August SO. Sales on 'Change:—Waihi, 25a 7d (two); "Bank of New Zealand (rights), 28s lOd; Huddart-Parker (crd.),,. 42s 6d; South Otago •Freezing, 90s (two), . . Sales reported:—New Zealand. Breweries', 22s 6d; Bank-of New' Zealand (rights).' 29s (two).' -"''" ; •"-." "*■- '"' "■'' ;'•"■• ■■'•■-' ',*"' SHARES.

LONDON, August 29. Waihi— 2ss. ' .

MILKING SHORTHORN BREEDERS' ASSOCIATION.

(PBESS ASSICUTIDN TELEGRAM.) PALMERSTON N., August 30. A meeting of milking Shorthorn breeders (whose Association headquarters are located here) resolved to-dny to form a branch,. to be called the Wellington branch, and to include Wairarapa, Hawke's Bay, and Tnranaki till 6epar»te branches are formed in any o! those districts. . Several prizes were subscribed to augment the awards at the next Manawatu Show. Notice of .motion was given that the'next annual meeting be held at Palrnerston North instead of Hamilton, as previously decided.

WANGANUI WOOL SALES.

(PBE3S ASSOCIATION TELEGBAM.) WANGANUI, August 80. -A cleaning-up sale of crutchings and oddments was held to-day, when a total of 1500 bales was offered. There was a' small attendance of buyers and competition was restricted. A fall was again apparent in crutchings, the best depreciating fully jjd per lb. The qua hty offering waß only medium. Inferior wools met with a fairly good market

HENRY BERRY AND CO., LTD.

A net profit of £62,987 is shown in tha accounts of Henry Berry and Company (Australasia) Lmnted, . fox. the ye £r ? ended August ,15th, compared with £53,017 for th« previous year, and £40,330 for 1921. The assets of the company amount to £665,736 of which £390,911 represents shares in subsidiary companies, £222,185 deposits with sub"diary companies, and £52,641 cash at

CLEARING SALE.

Oa Thursday the National Mortgage and t?%' Co-' L "-. conducted a coring safe at Horrelville on behalf of Mr Prank Mer*£k K n " day , Waa e «eptionally fine and there was a large attendance of the public, which resulted in. everything offered *** ™ft sale. y Th e g W work A f fi eUle . and read y *« ka*l work A few of the principal sales were:— Five to eig^y ear . o i d ge]dingSj £if . live to eight-year-old mares, £45 to £6B 10s' ten-year-old gelding, £39. '

Considerable humour was imparted to the proceedings at.the annh-e™ smoke night of tlie Commercial C2 lers Associate of Victoria, m Me bourne, on a recpnt c; n • ■ says the <>A<,Z>> n Urday eveni ng, two cMrm t? u Dunn 8 the eveninf c^'thoucht^f S gavo , an edition biinS ed p ssth?t quired ° f th* retort man to pay hig TW» "PMte every heartily apDlauASr' r Th * was evening t RS- ter '"the pared !<, appS ??** Was P r *- enee expert tL °" fiht tran*i'erwent on to reuK°* 8 -3, earcller »» and declared had whi he Itepartment. aZ * ¥ da y >» his staff upon infbASL°» f S C? 1 8 * 0"" female-that he ° + ew ""val-a portmanteau to J? ?° search her there were any artS" 1 * 1 ,? whethtfr was greeted witfel2S. i B VL bi ° ct t0 dllt y. tbn bag contains oX shment - "Why and surely v ou are if J* 7 under-linen on a search." i n "?' «?«ng to insist the officer. a vonn» L , cu "cumstancea !y said ho wo™ n'ot ,^l lo r- WwSSg. He put his handlnM° k m the bag. however, and the- first +£ Portmanteau, tered was a bottle ■„* . n I he encounl linen ?"■ asked the oflfo.? 1 »,«. " U th at phant gnn. « It a triumparel," , responded tL P rt ? f my an. ■mate. "In our ""hashed Z that a night cap"' we call

Year Value. Dividends £ s a . £ 1908 ,.. 18,853 19 3 8,400 2909 .. 31,265 1 5 18,600 1910 .. 19,978 0 11 8,400 19U .. 24,560 17 10 10,200 1912 .. 34,900 9 0 15,000 1913 .. 31.706 1 4 13.8C0 1914 ' .. 32,501 12 4 13,200 1915 . i 20,315 0 2 3,600 3916 .. 15,375 1 9 __ 1937 .. 17,370 1 5 3,600 1918 .. 18,653 1 7 4,800 1919 (11 months) .. 10,805 16 4 2,400 1920 .. 7,105 2 1 1,200 W21 .. 19,082 5 2 3.000 1922 .. 21,078 17 1 4,200 1923 .. 15,975 9 6 1,200 £339,526 17 2 £111.600

1 shipped from New Zealand. Beef Mutton Lamb 1922 Qrs. Gcs. Ccs. Nov. .. 15,8:3 64,327 28,694 Dec. .. 13,709 46,881 73,979 1923. Jan. .. 49,103 189.511 671,316 Feb. .. 37,175 219,353 615.415 Mar. .. 49,455 273.955 656,257 Apr. .. 19,054 86,198 412,974 May .. 47,218 126,542 607,116 June .. 74,939 165,916 424,012 July .. 17,720 61,871 277,963 Aug. 15 .. 13,618 66,428 148,071 337,674 1,320,982 3,920,997 Arrived or to arrive in the United . Kingdom. Beef Mutton Lamb Final 1922 Qrs. Ccs. Ccs. port Dec. .. 8,660 38,520 25,561 London 1923. Jan. .. 16,392 ,54,871 34,287 London Feb. .. 27,584 123,184 399,343 London 1,000 3,891 5,390 L'pool. — — 5 Boston 28,584 127,075 404,643 Totals Mar. ,. 33,791 158,703 512,992 London 6,083 12,037 59,577 Liverpool 512 1,526 6,918 Avonmouth 2,682 1,721 301 Glasgow /• 43,073 173,987 5,797,738 Totals Aprl .. 47,509 267,315 625,287 London 3?25 20,024 89,037 Liverpool 272 5,280 12,793 Avonmouth 2,217 2,498 9,723 Grasgow 53,923 295,117 736.S40 Totals May ... . 22,305 153.66G 441,835 London 2,608 16,295 117,675 Liverpool 1,459 2,610 14,822 Avonmouth 2,930 1,542 7,554 Glasgow 28,402 174,113 581,936 Totals June ... . 28,361 103,724 49S.669 London 2,693 1,500 32,612 Liverpool 805 1,612 1,933 Avonmouth 1,567 3,671 6,006 Glasgow 33,426 110,707 539,220 Totals July .... 47,418 92,432 274,771 London 11,790 19,581 95,243 Liverpool 816 2,584 16,171 Avonm'th 3,658 2.022 2,527 Glasgow 2,235 8,949 8,646 Manch'ter 2,000 ' — 3,735 Cardiff 67,915 120,559 401,093 Totals Aug. ... . 39,384 131,979 316,524 London 1,759 19,009 96,015 Liverpool 1,303 2,746 19,314 Avonm'th 1,200 4,869 5,687 Glasgow — 1,000 2,013 Manch'ter 43,651 159,605 469,553 Totals ♦Sept. .. .. 13,648 66,423 148,071 London * Incomplete. Killings at all works during 1922-23 Season, commencing November 1st, 1922, to August 15th, 1923: — AVrth South Island. Island. Total. (601b -Freight Carcases.) Beef .. 1,234,036 9,682 1,043,768 Wether : mutton 903,367 103,875 1,007,242 Ewe mutton ... 326,421 137,806 466,227 Lamb - .. 1,146,927 1,592,372 2,739,299 Poric 23,418 192 23,610 Sundries 230,337 39,749 270,086 Totals :,. 3,866,556 1,883,676.5,750,232 Stocks of frozen meat on hand in New Zealand at August .i5th, 1923: — Xorth South . Island. Island. Total. ' ■'■-"• (60lb Freight Carcases.) Beef 227,164 3,836 231,000 "Wether i mutton 137,459 25,589 163,048 Ewe mutton .. 36,661 74,454 161,115 Lamb. 55,589 259,179 814,768 Pork 3,371 192 3,563 Sundries 80,872 19,923 100,795 TotaLs ■.. 591,116 383,173 .974,283

DEBENTURES— N.Z. Govt. 4J per, cent. Inscribed, 193S 97 3 6 -"" N.Z. Govt. 4J per cent. Inscribed, 1939 •• 97 0 v •— N.Z. Govt. 4J per cent. Bonds, 1938 97 2 6 ~~ N.Z. Govt. 41 per cent. Bonds, 1939 97 2 6 — ~ N.Z. Govt. 5 per cent. Inscribed, 1927 •• 98 5 0 98 7 6 N.Z. Govt. 5 per cent. Bonds, 1927 98 5 0 N.Z. Govt. 5J per cent. Inscribed, 1933 •• 102 5 0 lltt v 6 Booth, Macdonald 7J per cent.,. 1931 Gtexo, eh per cent., 1943 — 102 0 93 0 0 0 Gisbarne Borough, 5i per cent., 1948 _ 98 0 0 New Plymouth Harbour Board, 5 per cent., 1939 — 95 0 0 BANKS— Bank of Adelaide _ 8 5 0 8 10 0 Comm. of -Australia .. 1 15 0 1 18 0 Comm. of Sydney New Zealand 2 10 0 27 5 u 2 10 6 New Zealand frights) .. 1 8 9 19" o Eoyal (£1 paid) 1 lb 0 Royal (£4 paid) .. Union of Australia .. 7 " 14 0 5 0 0 14 6 0 English, Scottish and Aust. S 2 6 — National of Australasia (new issue) — 16 17 6 INSURANCE— S 19 0 National ■•« • •■% — New Zealand .. ■•• — 1 10 6 South British 2 1 « 0 Standard (cum drv.) .. 1 18 " 6 2 0 LOAN ANP AGENCY— Dalgety and Co. 13 2 6 ~~ 0 Goldsbrough, Mort .. 2 6 6 2 7 SHIPPING— Howard, Smith 2 12 6 2 13 3 Huddart-Parker 2 3 0 2 3 9 P. and 0. (def. stk.) .. 315 0 0 335 0 U Union (5J per cent, cum pref.) 1 0 6 •"" FROZEN MEAT— 0 Canterbury -~ 15 18 N.Z. Refrigerating (£1 paid) 1 2 0 'l i 0 N.Z. Refrigerating (10» piid). Oil 0 — GAS— Chriatchuroh. - >• — i 8 6 0 BREWERIES— Crown .* !••' 3 14 3 2 15 0 Manaing ' — 1 5 6 Ward — 2 6 0 New Zealand ... . 1 1 3 1 2 0 TIMBER— Kauri ... ■■# 1 7 6 1 8 3 MISCELLANEOUS— Beath, Schiesa 0,12 6 0 16 0 Burns, Philp — • 1 13 0 Mason, Struthera (£1 paid ex div.) 1 5 6 — N.Z. Farmers' Co-op. (£2 paid) .. — 0 17 0 N.Z. Farmers' Co-op. (7* per cent. Bonds, 1931) — ■ 93 0 0 N,Z. Surar of Mili .. — 1 12 0 Whitcombe and Tombs 3 14 3 3 15 9 MINING— Waihi 1 5 0 1 5 9 Waihi Grand Junction — 0 6 9