COMMERCIAL.

Press, Volume LIX, Issue 17862, 7 September 1923, Page 10

COMMERCIAL.

WEST COAST EXHIBITION. SPACE IN KEEN DEMAND. The opportunities that win be afforded by the British and Intercolonal Exhibition, which is to open at Hokitika on December loth, for manufacturers in Canterbury to bring their products prominently before the public of the West Coast, are being fully recognised as is evidenced by the keen demand for epaoe, which is reported by the Canterbury agent for the Exhibition, Mr Denys Hoare. ".Exhibition space," Mr Hoare informed a reporter yesterday, "is going very well, especially amongst Christchurch firms. Prom the applications already received it is certain that most of the big firms m the city will be represented. I anticipate that by the end of the present month—three weeks before applications for space will close —the space available for Canterbury exhibitors will ali 'be taken up. From advices I have received from the general secretary, Mr xj. J. Evans, of Hokitika, a considerable amount of space has been applied for already by firms in parts of the Dominion outside Canterbury." The Exhibition is being to celebrate two highly important events the completion of. the Arthur's Pass section of the East and "West Coast railway—providing through communication between Canterbury and all the important centres on the Coast —and the Diamond Jubilee of the Province of Westland. If the manner in which space is 'being applied for is any criterion, the indications are that the Exhibition will be most successful. (special to "the phess.") GREYMOUTH, September 6. Although at times there has been wavering in district enthusiasm regarding the wisdom of going on with the Hokitika exhibition at the end of this year, it is now certain, barring the very unexpected, that the function will bo persevered with. Promises of support are very encouraging from outside localities,, and it is expected that Lord Jellicoe will be able to officiate at the opening ceremony. Nearly every member of th& House of Rep resontatives has promised to attend. The chief problem, hitherto, has been that! of supplying accommodation tor the numerous visitors, but at this week's meeting of the Exhibition Executive it was reported that interviews had been had with the local drapers regarding bedding supplies, and it was explained 1 that the suggested scheme with, regard to supplies of blankets, etc., had been approved. It was decided to order 1000 blankets, and to diroulairtfaa the drapers in order to form a committee to control the distribution. In connexion with accommodation, ... it was also reported on the partial completion of the town canvass, with the result that accommodation would be provided for upwards of 200 people in private houses, and in addition to this it was ascertained that about 1000 visitors would be staying with friends, on whose account accommodation was being reserved by occupants of private dwellings. (special TO "ZHB PRESS."). WELLINGTON, September 6. A "Gazette'' notice declares the Hokitika Exhibition to be an exhibition within the meaning of the Exhibitions Act of 1910. The commissioners appointed are Messrs A. Aitken, W. J. Butler (president.), G. Davidson, W. Jeffries. H. W. Michel. R. F. Perham, E. Teichelmann, R. "Wild, a,nd W. Witson. .4; WORLD'S TRADE. AMERICAN BOOM REACHING ITS ZENITH. Mr Cyril E. Lloyd, M.P., vice-chair-man of the National Federation of Iron and Steel Manufacturers, speaking at Dudley, recently, said there were very definite signs that the United States boom wan reaching its zenith, and that it would maintain that prosperity for a considerable time. There would, however, be a very serious re- - action if they maintained the high Fordney tarih against the rest of the world. The position of the rest of the world was becoming increasingly favourable to this country. The one great feature of our policy must be the development of inter-Imperial trade, and any suggestion to encourage it should bo made in readiness for the forthcoming Conference. Since the war we had made enormous progress, towards recovering "a sound stable trade position. Shat we had re-established prices was shown in the fact that' in the last two years the Board of Trade index figures had varied only six points. Compared with 1913 our imports for the June quarter were down only 3 per cent, and Our exports 19 per cent. With regard to the future, they would find extraordinary pessimism reigning in many quarters, particularly official quarters. The official index certainly looked ivery unfavourable, and he thought the Government justified in looking forward to a bad autumn Mid winter, so as to be prepared for it, but he was inclined to the view that recovery would come much quicker than some people thought. Trade wag largely a question of psychology, and purchases were down to the minimum. The waste and extravagance of postwar speculations had been dissipated, and there was a change in the minds of the great mass of buyers throughout the world. He would be disappointed if the recovery did not come this year. GREAT TOBACCO COMPANY. It is officially announced that Mr J. B. Duke, the chairman of the Brit-ish-American Tobacco Company, has resigned the chairmanship of the company, and his 6eat on the board. He ' will retire from active business. His place as chairman is to be taken by Sir Hugo Cunliffe-Owen, the present deputy-chairman. The British-Ameri-can Tobacco Company has a capital of £22,500,000, of which £18,000,000 are ordinary shares and the remainder preference. The concern acquired certain export businesses from the Imperial Touacco Company, Ogdens, Ltd., American Tobacco Company, Continental Tobacco Company, ana the American Cigar Company, and its progress has been one of the romances of the tobacco trade. Sir Hugo Cunliffe-Owen is a son of the late Sir Phillip Cunliffe-Owen, K.C.M.G., and was born in 1870. He was educated at Brighton and Clifton Colleges. _ Apart from his activities as vice-chairman of the British-Ameri-can Tobacco Company, he did important war work as Controller of Eastern Propaganda at the .Ministry of liitor- ' Ife r? baronetcy in 1920. lVen ~ R an owner ■ «k t^umpha m * \

EMPIRE TRADE POLICY.

READJUSTMENTS NEEDED. BUTTER AND CHEESE TAX PROPOSED. (raoir oca owjj coskispokbekt.) LONDON, July Co. Mr Basil Peto, M.P. (Devizes) contributes an article to the "Morning Post," in which he discusses the questions of unemployment, Empire trade, and Imperial preference. He admits that any substantial relief depends upon a settlement of the European situation, and also that the hope of the future resides in the development of the British Empire, but he argues that both these processes takes time, whereas the problem of unemployment demands an immdiate solution. To that end Mr Peto suggests a practical modification in the existing incidence of duties charged upon imported products, such as tea and sugar, including an increase of preference on Dominion and Colonial products, together with a proposal to make up the consequent loss of revenue.

It is in regard to this last-mentioned matter that the people o£ the Dominions may have something to say, for the writer suggests a substantial tax on bacon, cheese, and butter. "Looked at from an Empire point.of view," he says, "it is a fallacy to talk of our having a free-trade system. We have a system of free-trade where we ought to have protection, and protection where we ought to have free-trade. It is clear, therefore, that if we are to look to Empire developments to give the needed employment to our people, we require a wide range of articles on which we have a tariff against the outside world, combined with a lower tariff of free imports within the Empire. The readiness of the Government to adopt this policy will be regarded by the Dominions as the real test of the sincerity of the opinions of statesmen that we have a genuine desire to develop trade within the Empire. These questions must arise at the Economic Conference.

I Tea and Sugar. "By.far the largest are the taxes 011 tea and sugar. The import duty collected on tea and sugar in the financial 1 year 1922-23 was £50,931,000. This largo revenue being collected on only two articles of consumption the preferential rate given to Empire produce benefits only Ceylon, India, and the West Indies, and.does not affect food production in the Dominions. If Empire food production is to he encouraged, and a market found for the produce of qur own unemployed people, who are to be migrated to the Do-' minions to make a living, it is necessary to distribute the present food taxes over a wider area. I suggest that the articles that would best meet the case are bacon, cheese, and butter. They are produced over wide areas of the Empire, Canada, Australia, and New Zc; A id, which are unaffected by the preferential rate on tea and sugar.. Creating Employment at Home. ' "Further, they are among the principal products of mixed farms, small and large, and small-holders in this country, and an-import duty on these articles will encourage the erection of bacon factories and creameries in this country, and so create employment at home. The weight and value of bacon, cheese, and butter imported into this country during the, year ending March 31st last were given me in--answer to a question in the House as just under of a- value- of just under £100,000,000. A duty—subject to, say, one-third preference—averaging £1 per cwt., equivalent to 15 per cent, ad valorem, would yield £15,000,000, which is nearly one-third of the Customs duty collected on sugar and tea. If the duty on sugar and tea were reduced by one-third, and theso new duties on bacon, cheese, and butter were imposed, it is clear that such a transference of a portion of the existing food taxes to other articles would not be an increase in the food tapces, and if it results, as anticipated, in increasing home and Empire food production, it will in the long run lower the cost of food." Tax on Foreign Produce. In a leading article the "Morning Post" admits that Mr Peto's suggestions are a contribution towards a prepared scheme for the consideration of the Imperial Economic Conference, but the writer emphasises the need for migration first and foremost. "In the case of dutiable articles the Dominions I receive a small preference, and all that is needed is so to extend it as to give their products free entry. But in tho case of the essential commodities, such as wheat, bacon, cheese, and butter, the only way to give preference is to tax the foreign produce, a method contrary to the principles of free trade, which this country has so x far declined to adopt. The present Government are pledged to refrain from proposing alterations in the fiscal system during the present Parliament; and in any case they must wait for the counsels of the Imperial Economic Conference . before presenting a scheme. The Seal Solution. "We put it to Mr Peto, who suggests the execution of large schemes of transport and electrification and the like in this country, that the true specific for the evil of unemployment is not to make work, which is only indirectly productive, but to increase, the supply of real things, by which we mean things to eat and to wear. And that increase can only be achieved by cultivating the rich lands of the overseas Empire. At a rough estimate, we can spare ten million men. The men who would- choose to migrate to another part of the Empire, and who are fit to work on the land, are not necessarily the men who now lack employment. But those who go make room for those who stay. As between this country and the Dominions, it is fair to propose that if they will take men, this country will promise to take their products. - Or, to put the matter another way, if they will send their stuff to this country, this country will supply the men. If the principle be accepted, the rest is detail. As matters stand, the whole business is in solution. Not one elemnet in it can crystallise apart from the others. Unfortunately, preference, a reformed fiscal system, and Imperial migration are inseparably related the one to the other, and must be discussed in that relation, or nothing will be done."

SALES OF MOTOR-CARS. Messrs Tench Bros, report excellent business during the last week. They have disposed of two Stephens Salient 6-5 passenger cars and two Chalmers-Maxwell roadsters with local bodies. They have also on order one Stephens Salient sis Sedan on a short chassis. • Mr K. E. England reports excellent business in Chalmers Cars, having disposed of two 5-passenger Touring Models. Mr England says that enquiries for Chalmers are most gratifying. Messrs T. A. Bullock and Co., Rangiora, report very 6trong enquiries for the Chalmers Six, having made. one sale of a fivepasaenger model during the week. The Chalmers Six is becoming one of the most oqdulm Care in North Canterbury. 1-9251

EMPIRE EXHIBITION.

NEW ZEALAND PAVILION. (jfbom oca ovr:i correspondent.) LONDON, July 26. Yesterday Sir James Allen, on behalf of the New Zealand Government, signed the contract for the erection of the New Zealand Pavilion at "Wembley. The lowest tender was that of Sir Robert McAlpine and Sons, who are also the contractors for the British section of the Exhibition buildings and of the Stadium that has already been erected. The architect is Mr John W. Simpson, P.P., 8.1.8.A., and the surveyors Messrs Baker and Mallett. Messrs McAlpine 's tender was for £25,737, and they guarantee to have the building completed by January 12th, 1924. The contract includes the demolition of the building and foundations six months after the Exhibition is closed, and the New Zealand authorities on their sids guarantee to have all exhibits out of the building three months after the close of the Exhibition. All the material taken away becomes the property of the contractors, for which they pay the nominal sum of £lO.

The ceremony of turning the first sod will be "performed by Lady Allen, and invitations have gone out to some 250 New Zealanders and others to attend the function. This ceremony is being performed- at the special request of (he Exhibition authorities, who are now taking every opportunity to interest the public in the great undertaking of next year.

Shortsighted Suggestions. In regard to the arrangements of the New Zealand building, it appears that the committee in the Dominion have suggested the building of a cinema outside the, main building, with an area of 4000 squ--e feet. Sir James Allen's idea was to have a much smaller cinema room inside the main building, and he still maintains that the larger accommodation is quite unnecessary, and not likely to prove advantageous. Tho better idea would be to have continuous and brief picture exhibits and pass the spectators through rapidly - rather than prolonged sittings with a large and restless assembly. The committee in Wellington have also suggested that the restaurant should be at the back of the building, where the outlook is not a particular feature. This is in opposition to the High Commissioner's idea of having it in front overlooking the lakes, and with a beautiful vista across the grounds. Sir James is of opinion that it would be a fatal mistake to relegate the restaurant to the back areas, and has cabled out to New Zealand to that effect.

One may perhaps be permitted to give an independent opinion on this matter. Visitors will have a very large choice of restaurants, and they will naturally gravitate towards those which are pleasantest. Very few people, therefore, would care to take their meals and light refreshments in a back room that had no outlook to attract when they could .'choose others which threw in a pleasant prospect as well. To those who are not too greatly absorbed in the serious part of the Exhibition it is self-evident that every care must be taken with regard to the amenities and the .lighter part of the Exhibition. These being carefully attended to, the rest will look after itself. The principle holds to a very large extent in the choice of the position of the restaurant. New Zealand Plants. Last week, Sir James Allen and Mr Alexander Crabb (Secretary to the High Commissioner's Department) visited Wembley with a member of the Kew Gardens staff, with a view to arranging for the lay-out of the gardens in front of the New Zealand Pavilion. Mr Gibb, who was formerly at Kew Gardens, but is now a horticulturist in the south-west of England, and has a ] knowledge of New Zealand plants, has been entrusted with the collection of and attention to New Zealand plants 1 which eventually will be transplanted to Wembley. These will consist of cabbage trees, ferns and fern' trees, veronicas, toi-toi and flax, all of which grow well in the south of England, and will continue to flourish during the summer months in any part of the kingdom. GISBORNE ORANGES. (SPKCIAI. TO "THX PRK3B.") DUNEDIN, September 6. The Otago Expansion League is not tying itself down to an unalterable schedule of operations, but looking round for any way of stimulating trade and the general welfare. Mr \Y. B. Steel,' the secretary, recently came across a Gisborne man who said that oranges were wasting in his district for want of buyers, and as a result of a ohat on the subject, it was arnuiged to send a ease of the oranges to Dunedin as a. trial of their quality, and also to give a guide as to tlie expense. The case is now to hand. The oranges, of the navel variety, look like Sydney oranges, and are quite sweet. The Gisborne growers are Belling them retail on the spot at le per l dozen. Mr Steel showed the sample to a Dunedin shopkeeper, who assured him that they would readily sell hero at this season for 2s per dozen. This looks like a possibility of giving the Gisborne orchardists a say in tho Otago, market with the Sydney and Californian exporters, but tfce question is as to transit. charges. On the trial case the freight' by steamer was 3s Gd, the shore charges at Gisborne 2s 6d, and the- wharfage and delivery at Dunedin 3s. The transit, therefore, costs more than the fruit. SYDNEY WOOL SALES. (BY CABLE—PRESS ASSOCIATION —COPYBIGHT.) (acptbalian and hz. cablk association.) SYDNEY, September 6. Tho Sydney, wool season opens cm September 15th, when 16,000 bales will be submitted. MILBURN LIME AND CEMENT COMPANY. The annual report of directors of tho Mil burn Lime and Cement Company states that the profit and loas account," after depreciation has been written off and provision made for income-tax for the current year, shows a credit balance of ±"20,029 (including £'2961 carried forward from la3b year). An interim dividend at rate of 7J per cent, per annum absorbed £4886, leaving a balance of £15,143 to be deilt with. The directors recommended that this bailanoe be appropriated a« follows: —Add to Employees' Provident Fund, £2000; add to Insurance Fund, £2000; ipayment of dividend at the rate of per cent., £4886; payment of bonus of 2k per cent., £3257; balance to be carried forward, £3OOO. During the year the cement plant was kept in continuous operation, and tho output was the highest since the inception of the company.

LONDON WOOL SALES. (»I CABLE—PRKK9 ASSOCUTIOS —COPIBIOHT.J (AUSTRALIAN AND N.Z. CABLE ASSOCIATION.) LONDON, Septemoer & Ai the wool sales merinos maintained the opening -rates, prices tending urwards. Crossbreds were firmer, and prices are now 7J per cent, above July closing, rates.

N.S. WALES STEELWORKS.

OPERATIONS SINCE REOPENING. (raou ous own coßaxsrosDXHT.) SYDNEY, August 29. The great steel industry of the Broken Hill Proprietary Company at Newcastle, New South Wales, has such a far-reaching influence upon the general industrial situation in Australia that the optimistic tone of the directors' report regarding the highly-critical period of the past year and the outlook for the future has caused universal satisfaction. The most noteworthy evidence of the directors' confidence in the future is the* announcement of several new subsidiary industries. In these the parent company will be intimately interested, although they involve the establishment of new companies, the object being the treatment for utilisation of the blast furnace slag and tar and the manufacture of wire rope, etc.

The works were only reopened towards the end of the financial year, after a long cessation of operations due to the prohibitive costs of wages and other items, making it impossible to compete with manufacturers abroad. The cessation so intensified the industrial depression in other States, where there are dependent industries, as well as in New South Wales, that the Government strained every nerve to assist the company in such compromise and readjustment as would enable a start to be made again. All that is necessary in the matter of these readjustments has not yet been achieved, but the company is reasonably well satisfied with the position in which it finds itself and the prospects for the future. "With a measure of support from the people and tho Government of Australia. together with reasonable market prices, the directors state, they look forward with optimism to future operations in the steel industry. This confidence is based on the fact that many of the difficulties which necessitated the closing down of the Newcastle Steelworks last year have disappeared, or have been modified, consequent on the efforts made to resuscitate the industry. It is pointed out that, although the past year's accounts disclose a loss of £106,086, the company benefited by only three months, of production. Moreover, the costs of restarting these large works, which, after a long cessation, were necessarily heavy, were included. The quality of the products manufactured at tho • works is claimed to be unsurpassed in the world, and the flow of orders since resumption of operations has been satisfactory. OXFORD MARKET. The Oxford market was a small one yesterday, only 362 sheep. 23 head of cattle, and about 20 pigs being yarded. The sales were: —ls fat wethexs at B9s to 425. 7 fat ewes at 26s Id, 25 wether hoggets at 265, 25 forward wethets at S3s, 58 etves and 54 lambs at 17s (all. counted), 30 aged ewes in lamb at 235, and 15 at 300 Sd.

The oattle were dull of sale. Store cows made £2 5s to £4 sa, springers £3 10s to £5 6s, throe-year-old steers at £7. and eigliteenmonths steers at £3 10s. The pigs, mostly email stores, made 24s to 36t 6d. In connexion with a clearing sale for Mb P. Howard, two cix-year-oid draught mares made £52 and £44 respectively, eight-year-old mare £44, a nine-year-old £4O, an aged gelding £lB, and a light harness horse £l3 10s. MINING NEWS. NEW SYLVIA. Samples of picked .stono showing, gold freely have been brought to' Auckland irom the N<w Svlvia rarac, Thames, by Mia H. H. Adams, thp principal owner. These ware t ai ken last week from a new rcrf in the mine. The lodo is sft. wide and shows gold from wall to wall, Mr Adama statins that it is the richest face of ore yet opened up in this property. The new rocf is _in virgin country, •Mr Adams reports, and is on the west "wall of the Norfolk reef. Where it is being wo;ked it has fully 800 ft of backs to the surface. The property in owned by a small syndicate. SOUTHLAND MARKETS. (special TO "THE PUM.") INVERCARGILIi, September 6. Oats—There are not many transactions taking place, but the market is rather l?are, there being enquiries both for spot and forward deliveries. There are, however, very few parcels offering from the oountry. Chaff—Good bright heavy chaff is readily saleable at about £4 on trucks, but for inferior quality there is not so much enquiry. Ryegrass—There is not the enquiry from the North Island that would have been expected, as fair stocks are held there and these will have to bo worked down before merchants in the North operate to eny_ eatent on this market. However, enquiries are now bein? received from various parts of the South Island. Moßt of the seed is now in merchants' hands, and any sales that are taking place are between, merchants. Wheat—There is still a good demand for good whole fowl wheat, which is worth 4s 3d on trucks oountry stations.

Potatoes—There continues to be a good demand for table potatoes, and good table quality TJp-to-dates would easily bring £lO per ton or over on trucks. Seed potatoes of all varieties are also in good demand. Fruit—Heavy consignments of apples continue to arrive, a. large percentage of the fruit coming to hand is very small and poor in quality. These lines are very hard to sell hut good samples of all varieties are readily taken up. The system of standardising the packing now being introduced should be the means of eliminating a lot of inferior fruit from the market. Advices have "been received that the supplies of lemons and oranges due by tho Moeraki missed the boat, and this will create a temporary shortage, as few are held by wholesalers. Pines, passions and mandarins are plentiful. Island bananas, oranges and tomatoes are due from Wellington, about September 14th, anc if in good order should realise high prices, especially bananas, as the market is quite bare Auckland Poorman's are due this week. A small parcel of new potatoes arrived from the North, this being the firat occasion on-which new potatoes have arrived on the local market in September. Early lines, however, do not realise such high prices on the Southland market as they do in the North, and they did not meet with a very keen demand. The following are the approximate wholesale prices— Apples: Stunners, 6s to 10s; Delicious 7s to 13s; Jonathans, 5s to 9s 6d; Scarlets, 4s {<> 6s Cd; cookers, 4s to 8s; dessert pears, to 4d per lb; cooking, lid to 2d per lb; oranges, to 25s per case; navels to 80s, lemons to 30a] pines 255, passions 225, mandarins 24s' Poormans 15s to 21s. ' CLEARING SALE. The National Mortgage and Agency Co., Ltd., held a dispersal sale on account of Mr Walter Grieves, of Whitecliffs. There was a large attendance of the public, and the weather was beautifully fine. The horses came forward in splendid condition, but lacked the bloom of hard-fed animals. However, competition was keen, and the -whole lot sold readily. The principal sales were: —Geldings, £42 to £52; mares, £3B to £sl; unbroken colts and fillies, two to four-vear'-old, £8 to £sl. Sheep—Two, four, six, eight-tooth ewes, three-quarterbred, 100 per cent, lambs, at 225, all counted; two, four, six, eight-tooth ewes in lamb, at 355. Dairy Cows —£2 to £8 10s (all were in backward condition). MINE MANAGERS' REPORTS. Moanntaiari —The winze 19 no-sr down Tljft. The reef. still has the sanro underlie, and the quartz is carrying nice minerals. Majestic (Hikutaiai —The low level is now in 63ft. Tho i»cf is the full width of the drive without any walls showing. The ore shows an improvement in quality and 18 ! carrying faxr values.

BROKEN HILL proprietary.

LOSS OF £106,080 FOR YEAR.

The statement of accounts of tho Broken Hill Proprietary Company, limited, disclo:cs a net loss for the year ended May 31st of £IO6,CSC, after allowing £155,31)1 for depreciation, arid £131,227 for debenture interest. During tho prevous year tie company's operations resulted in a - net pjofit of £103,300, after deducting £i54,'243, for depreciation, and £133,1-13 debenture interest. Owing to the loss incurred for the period under review, the directors transferred £IOO,OOO from reserves to tie appropriation account, leaving reserve funds at £1,435,0i;0. Tho directors' report reviews tho economic conditions that compelled the company _ to suspend operations, and mentions that with, some improvemert in respect of wages and coal supplies, combined v.-ith improving business conditions and increased enquiries ior pig iron and steel, the directors considered they were justified in authorising a resumption of operations, and a 6tart -was mads in heating the coke ovens in February last, followed b]£ other plants. Accounts presented covered about nine months of idleness, and only about three months of production. They covered, also, the costs of starting up the large works. It had not been possible to realise" the full benefit of all the improvemens made, owing to the cessation of work at the Maitland collieries, with a stoppage of the 6upply of gas coal, and a shortage' in tho supplies of other coal. The report adds: "The starting up troubles are being steadily overcome, and the Maitland collieries dispute has been settled. It is a matter for congratulation that tho appreciation of the quality of the products manufactured by our works, which it is claimed are not surpassed in the world, is most markedj and the flow of orders since resumption of operations has been satisfactory. Given that measure of -support from the people and the Governments of Australia, which should be forthcoming 1 to the company's enterprise, together with reasonable market prices, the directors look forward _to future operations with a great deal of optimism. The closest scrutiny is being made of all operations with a view to further economies. At the present time it is felt that the staff have the full enthusiasm of the men behind them in their endeavours to reduce expenditure in production to the lowest possible limit, and place the industry on the soundest possible basis to meet reasonable competition. The lesson of the stoppage has brought home to all in some measure their dependence on the economic law." The following figures give tho output for the last two years at Newcastle: 1921-22. 1922-23. Tons. Tons. Pig iron .. .. 235,165 62,354 Steel ingots .. .. 219,799 . 62,810 Coke .. .. 191,033 . 66,7'90 Sulphate of ammonia 3,201 1,071 Tar (gallons) .. 1,890,485 706,148 ■ ,It ia anticipated that underground mining operations -will be resumed at Broken Hill during October. Ore reserves at the company's mine are estimated at 954,000 tons. AUCKLAND MARKETS. (■PICI4X. TO "THB FBISS.") AUCKLANID, September 6. Trade generally is still keeping up well, as wholesale houses iiave not yet completed all orders received during the rush last week. English arrivals havj been ooming forward, well, in cases almost too rapidly, as congestion in some lines has be«n noted. The weather of tho past week has been distinctly favourable to uetail trade, those who have been holding sales reporting quite good business. The knowledge that some sales are drawing to a close Has been responsible for good patronage, ad reductions listed are undoubtedly genuine, prices being made low in an endeavour to clear stocks u> make room for spiing goads. Wholesale drapery is quiet at tae moment, anl very little forward buying is being doir. Bacon and Hams —Contrary to expectations, hams made a slight advance this week. Christmas hams have not yet altered, and the> quantity available is being rapidly disposeid 01. Bacon is unchanged. Hardware —American and Canadian exchange registered a further fail this week, ajid. although stocks came to hand lest month, an increase in prices must come if there is nc improvement in the exchange. Many English lines are .still'short, particularly aluminium, ware, enamel ware, and cutlery. The tome of the buying is distinctly better. Prices are keep-iug tven, although cutting is going on in some local lines. The weather has had. an immediate effect in causing quite a demand lor gardeu tools and ruober iicso.

Eggs—The wholesale price of fresh eggs dropped this week to Is per dozen. Tils 13 tie lowest point touched lor eggs since 1914. Notwithstanding tha increased consumption following upon the lower prices, the 6upply of eggs continues very heavy; in fact, gather more than tie present requirements of this mailket.

Potatoes —Since last report shipments of potatoes have arrived, and at the time of writing the local market ia well supplied. There will be a lapse of one week bclone the next lot cornea to nand, but stocks are sufficient to carry on with. Best quality are quoted at £l2 10s to £l3 per ton ex store. Onions —Further lota ol Australian onions are on board tho Huia, which will be amsla for the requirements of this market. Apparently it will not be necessary to import many onions this year from the United States, which is a good thing. ,is the landed cost is much heavier than for lines from Australia. It may, however, bo found necessary to get supplies from Ameiaca. from the end of October until the new local crop is ready for the market. Australian are quoted at £ll per ton. Maize—Contrary to expectations, the market for maize has Jirmed since last report. Arrivals the Coast have been small of late, as farmers refune to accept the prices offered. Old season's maize is still wanted, for crushing as the new grown is still a little aolt Tor that pui.pose. The quotation is 6s per bushel ex store. Oats —Tho market has firmed during . the week, A grade being quoted at 4s 6d per bushel ex store, and Algerian need oats at 7s. Chaff—The market is unchanged. Best southern is worth £ll to £ll 10s per ton. Wholesale current prices are: —Superfine oreamery butter Is 4id per lb for prompt cash, first grade (pats) Is 4d second grade Is 8d farmers' separator Is Id. cheese lOfcd to is 'per lb, hams lid to Is Id per lb, bacon 10d per lb, lard in bulk pats lOd honey 81d to 9Jd, eggs (hens') Is. flour £17_ 5s (less 25 per cent, discount per ton in 2001b sacks), sharps £3 103, bian £6 10s, oatmeal \25 ») £26. BUTTER AND CHEESE. (PBES3 ASSOCIATION TELZGBAM.) WELLINGTON, September 6. Figures supplied by the Dairy Division, Department of Agriculture, show that tho salted butter graded for August was tons, unsalted 9. tons, total 2039 tons, coinpared with a total of 2052 tons for August la Thfcheese graded for August 1923 comnrised * White 182 tons, coloured 116 tons, total 298 tons, compared with for these figures into butter-fat »niiivnlpnt there is an increase of 5.6 per cent in biuer-fat production for the month, as compared with the corresponding period of 1922-23. AUSTRALIAN MARKETS. (Received September 6th, 10.23 p.m.) SYDNEY. September 6. Hois—Algerian feed Jooal 4s to 4s Id, Ta»J • n 4s 4d to 4s Cd, white 4s 6d to 4s Bd. m jlaize liocal yellow 5s 6d, white 5s 3d, Innth African 5a 2d to 5s 3d. Potatoes—Tasmanian '£l3 10s to £l4 10s. Onions—Victorian £5 5s to £5 10s. ADELAIDE. September 6. Oats—3a to 3s id.

CONSOLIDATED GOLDFIELDS.

ANNUAL MEETINGS OF THE group.

(TSOtf OUS OfTJf CORRESPOND Ej» i.l LONDON, July 26. . In tie absence of Sir -Westby B. Perceval who had had to seek a change and rest after an accident he suffered some months ago, the meetings of the Consolidated group of goldfields were presided over by Mr l>. Velstead. , Other directors present were Mr A. L. Foster and Mr L. Eirlich. Blackwater Mines. Dealing with the accounts in the BlacK--water Mires, Limited, the chairman ssud that tha revenue from gold was £79,814, as compared with £65,541 for the previous ■period. This substantial increase was the more satisfactory seeing ihat the price realised for gold last year averaged only 92s Id per oz as against 1053 6d ior the year-a reduction of 13s od per oz MUI-. m°- ooeratioas had baen very satisfactory, and had shown an all round implement Tho value per ton recovered was 39s 9.<Sd as compared with 38s 11.23 d for the previous year, an increase of 10.49 d per ton. Working costs for the year were 29s 6.0 d as compared with 33s 8.68 d, a satisfactory reduction of 43 2.GSd. Working profit amounted to £20.644 or 10s 3.58 d per. ton, as compared with £5925 or 5s 2.41 d per ton, thus showing an increase of £11.719 or 5s 1.17 d per ton. These results nothwithstanding the .heavy fall in the price realised for gold were most satisfactory and encouraging. Shortage of Labour. With regard to tie tonnage milled, the increase amounted to 5769 tons. .This was not as large an increase as was hoped ior. That the increase was not greater was entirely due to the continued shortage of skilled miners. This labour shortage was the most serious factor they had to face at the present time, and. every effort was being made to improve the supply, but so far with only very limited Bucoess. Had their former experiment of sending' out men from this country proved more successful they would have been glad to have engaged men over her© and sent them out, but the directors do not-feel justified in. taking any more such risk after (past experiences. It was a matter for congratulation that in face of the labour shortage Mr Spencer had be>en able slightly to jnoreose his development footage lor the year and to practically maintain his ore reserves. xhese last wore estimated at 91.480 tons of an average assay. value of 10.04 dwts over a width of 39 inches, an increase in value of .49 dwts with a decrease in width of 7.20 inches and of 3720 tons in quantity. During the' year No. 5 Level had been extended 28Sft to a point 1636Jft south of the main shaft—2294ft of this'distance having showeu the satisfactory figures of 18 dwts over 23 inches. This drive has since been extended 41£ ft, of which 83ft was on reef assaying 19J dwts over 10 inches. No. 10 Level North was started in October of last year and had been driven on a distance of 89ft to the end of the year, ol which 39ift was on reef assaying 11.48 dwts over 24 inches, buioe ■ the end of the year the .No. 10 Level North had up to the A end. of April—the date of the lust.mail advicesbeen extended 131ift in blank country, but on June 26th Mr Spencer cabled that the reef had been' encountered and driven on for a distanoe; of 25ft exposing reef of an average assay, value of 25 dwts. over a width of four feet. A further cable had now been received from Mr Spencer stating that the reef bad been driven on for 60ft with the very satisfactory average assay value of 15J dwts over a width of 53 inches: It was expected that the power to be made available from the new water raoe would be enough to provide about one-half of the compressed air needed for tie mine with a saving of approximately £3OO per month in fuel, and this expectation had already been more than realised. The report and balance-sheet were adopted. Progress Mines. In regard to the Progress (Mines the chairman mentioned that they had just reoeived a cable stating' that the; Boasting Plant for the treatment of the company's residues was now at work and giving complete satisfaction. {This was news cf considerable importance to the company as it would not only enable them to treat the large quantity of accumulated slimes concentrates—estimated at '.OOO tons—now on hand, but would enable them, also to treat the vahnbr concentrates on': the spot and obtain a very much higher extraction from them when mining operations were Tesumed at the company's mine than they had ever, been able to secure in the past. The success of this plant—which had' been designed entirely by Mr Spencer and constructed at quite a small cost out of material at tha mine—was also of importance to the Blackwater Company as the same process would, they hoped, be found equally suitable for the treatment of the Wilfley concentrates at that mine and enable them to :ecnre a higher extraction than had been found possible in the past. The report and balance-sheet were adopted. , ■The Consolidated Goldfields. Shareholders would have been gratified, said' the chairman, to learn of the steady progress during the past year again made towards prosperity by the Blackwater. Company. the large direct holding in which company together with the indirect interest held through the Progress Company, con/etituting as it did the principal and most valuable asset. As a result of the improved financial position of the Blackwater Company he was glad to say that company had been able to reduce its indebtedness to the Consolidated Goldfields by the cum of £12,000 since the end of the year and this company's ovetdraft in New Zealand haa since been reduced by that amount. The new company had been registered as the Wealth of Nations Mine, Ltd., with a nominal caipital of £20,000; £15,000 had been subscribed for in cash as working capital, and in addition the New Zealand Government made the company a loan of half the estimated cost of sinking the main shaft to tie No. 13 Level.

Very good progress had been made with tho reopening 01 the mine, and aooording latest cable advices, crushing was expected to recommence during August. The consideration paid the Consolidated Company by the Wealth of Nations Mine, Ltd., was 5000 fully paid £1 shares and £IO,OOO •6 per cent, debenture, of which £IOOO had eince been paid off. Tho Consolidated Company also held 635 shares in the oompany subsequently Bubscribed for 5s per share paid. They had. therefore a substantial interest in the oomSmy, and with its very moderate capital e directors thought there was every probability of its having a successful future. Finally the directors wished to express regret at the resignation of Mr F. W. Robinson as local secretary after many years extremely efficient and loyal service to the oompany, and appreciation and thanks to Mr Spencer for the really valuable work he had done for the companies since he took over the management two years ago. The report and balance-sheet were adopted, and Sir Westby Perceval and Mr George A. Jones were re-elected directors.

CHRISTCHURCH STOCK EXCHANGE.

YESTERDAY'S TRANSACTIONS.

Sales reported:—N.Z. Govt. 41 MP Inscribed, 1938, £97 2s 6d; Dalgetj Md Co., £l3 ss>

. OTHER EXCHANGES. (rUSI AMOCUTtOK TBLMBim.) AUCKLAND, September 6. Sales;—" War Loans, 1927. £9B 10s; Soldien' Bonds. £lO2, 7a ed; City :of Auckland Debentures, 1933, . £9O; Borough of Devonport Debentures, i'los 10s; New Zealand Insurance, 28a 6d; Northern Steam, 15s 3d; Wellington Woollen, 179s 6d; Waihi, 265. WELLINGTON, September, 6. Sales reported—Bank of New Zetland, Jtt 'Bs 9d; Wellington Woollen, £S ,18s 6d,. Sale on 'Chango—Bank of New Zealand, £1 Ss 6d. , DUNEDIN. t September 6. Sales on 'Change:—New Zealand-Breweries Debentures, £lOl 10a. , SHARES. LONDON, September S. ■ Waihi—Buyers 26a9d. : ~ TAIERr AND PENINSULA DAIRY COMPANY. Cnucss ASSOUmOH TXUCOMX ) ' DUNEDIN, September 6.!' At the annual meeting of the' Taieri nnd Peninsula Dairy Company, held 'tOrday, ■ a large, number of shareholders being present, a dividend of 6 .per' cent, was declared, payable at the end of 'September. . Xhs following resolution was,' carried:— "That the milk and cream suppliers present emphatically protest against the compulsory clauses in the Dairy Export Control Act." , WHEAT MARKET. , (Beceived September 6th, 8.85 pjn.) LONDON, September s. Wheat—Cargoes were firm and prices occasionally higher,•' but consumers were dis-. inclined to follow the advance. Parcels were 3d to 6d higher. STERLING DOLLAR EXCHANGE. (Beceived September Bth, 8.10 p.m.) NKW YORK, September 5. The sterling exchange is quoted at 4.50 9-16 dollars, another' low record. TALLOW. Dalgety. and Company, Ltd. have received ttve following cablegram from their London office dated September 6th: — "Tallow—At the weekly auction 1870 casks tallow were of which 1010 sold. Pncea unchanged to sixpence higher. Demand run- j ning chiefly on better grades. We quote ton mutton 42s 6d to 43a, good colour mixed 40s | 3d, gut 36a." . • , I Pyne, Gould, Guinness. Ltd., have received the followng cablegram from their I#ondon.! principals dated 3rd instant: —"All grades 6d up, with an' equal demand. Five-eighths of offerings were sold." LONDON, September 5. At the tallow sales 1871 casks werA. offered and 1201 sold at late rates to 6d advance* Mutton, fine 42b 9d, medium 38s; 'beef, fine 41s 6d, medium 37s 9d.

LATEST QUOTATIONS. Buyers. Seller.. DEBENTURES— £ s. <L £». d. K.Z.' Govt. 4J per c«nt. Inscribed, 1938 97 2 6 97 6 Q N.Z. Govt. 4J per cent. Inscribed, 1939 97 0 0 N.Z. Govt. 4£ per cent. Bonds, 193S 97 0 0 N.Z. Govt. 4J per cent. Bonds, 1039 N.Z. Govt. 5 per cent. 97 0 0 __ Inscribed, 1927 98 10 0 N.Z. Govt. 5 per cent. Bonds, 1907 98 12 6 N.Z. Govt. 5J per cent Inscribed, 1933 102 0 0 102 7 6 N.Z. Govt. 5J per cent. (Bonds, 1933 102 3 6 N.Z. Govt. 5J per cent. Inscribed, 1941 93 IS e Boo tli, Mac don aid. 7J per cent., 1931 — ICO 10 0 Christchurch Gas 5J per cent., 1935 — 103 0 0 N.Z. Breweries, 10 per .cent. 1C0 0 0 101 15 0 BANKStBank of Adelaide 8 S 0 Australasia ... 13 15 0 Australian Bank of Commerce 1 6 9 1 7 6 National of Australasia 8 3 0 S 5 6 New Zealand — 2 11 0 New Zealand (rights) 1 8 9 1 9 0 New South Wales 40 0 0 40 10 0 Royal (£1 paid) ... 1 16 0 Union of Australia 14 6 0 INSURANCE— National — 3 18 6 New Zealand 1 8 3 1 8 6 LOAN AND AGENCY— Balgrety and Co. 13 2 6 13 7 6 Goldsbrough, Mort 2 6 9 National Mortgage 4 5 0 — National Mortgage (London Register) — 4 5 0 N.Z. Loan and Mercantile (ord. stock) ■' — 83 0 0 SHIPPING— 11 ueld art-Parker 9 8 0 9 3 8 FROZEN MEAT— N.Z. Refrig. (£1 paid) — 1 3 6 N.Z. Refrig. (10s paid) 0 11 0 0 11 o North Canterbury Freezing 2 2 6 — Wellington (£3 12a Gd paid) — a a 0 WOOLLENS— l i Kaiapoi - (£1 paid) 1 0 0 0 Kaiapoi (10s paid) 0 10 0 — i Kaiapoi (pref. re div. l i only) .. •• — 0 Wellington (ord. ana ft IT pref.) 6 — GAS— Christchurch .. -• 8 8 0 — BREWERIES— 3 15 Crown .. .. — 0 Manning ... «. 14 9 1 5 6 CEMENlc]— Wilson's Portland ••• 1 7 0 ' — MISCELLANEOUS— 0 15 Beath, Schieas 0 13 9 0 Mason, Struthers * (£1 paid, er div.) — 1 6 9 Mason. Struthers (14s e IT paid, ex dir.) — 0 Mason, Struthers (8s paid, ex div.) 0 8 8 0 7 8 N.Z. Drug . Co. (cum div.) .. 8 6. 0 :— N.Z. Fanners' 'Co-op. • 16 (£2 paid) .. . — 8 N.Z. Fanners Co-op. (6 per cent, cum pref.)' .. •• e 4 a 6 Whitcombe and Tomba 8 14 —: Hume Pipe (10a paid 0 13 6 cum dir.) 0 11 6 MINING— * Waihi * « 9 —