COMMERCIAL.

Press, Volume LIX, Issue 17880, 28 September 1923, Page 4

COMMERCIAL.

the timber problem.

SAWMILLERS' VIEWPOINT,

We have received from ->fr Arthur Seed, secretary of the Dominion Federated Sawmillers' Association the following reply to an article in "The Press," of. September 11th, dealing with the restrictions upon the export of timber: It is fair to assume that "The Press" is chiefly interested in ascertaining, and presenting to its readers, the trns atate of affairs in any such matter as that nnder notice; and in order to arrive at the truth it is well to hear both sides. It is very essential in any discussion which may arise during the process, that the points at issue should be clearly defined; and it 13 perhaps more essential that there should be presented a case to discuss. In the present instance, not only have the points at issue been wilfully blurred, but, there is absolutely no definite case presented. Facts bearing on "conservation," "liquidation," and "timber exportation," have either been transposed or not stated. In the first place the sawmillers have not attacked the Forest Service, as has been stated, on the question of restriction of exportation —because they are aware that the Service has no authority in the matter; and ] in the second place the Forest .Service has never been opposed to unrestricted exportation. So tar as the sawmillers j are aware, the Director has never made the statement attributed to him by "The Press" that "if the sawmillers get unrestricted export they will destroy our forests in 30 or 40 years." This is either a wilful mis-statement by some irresponsible person, or it is the result of ignorance. As showing that tho matter of unrestricted exportation is not of such farreaching importance an the Press articles would lead tho public to suppose, it may be pointed out that, during tho whole period when control of export hae operated, the sawmillki'S have never exported the quantity permitted, except in the case of low-gnide kajiri; and if there had been no restriction there would not have been any greater exportation. Tho article which appeared in "The Pres&" of the 6th inst.. and in other papers, purporting to defend "conservation;" wa9 cunningly staged so as to enlist the support of the public for the Forest Sorvioe as against the timber industry. That support was sought by means of false pretences. 'lho forest Service has taken up an untenable position in its antagonistic attitude towards sawmillers; and it sought to cover the weakness of that position by throwing up a "nmoko screen," It may, serve to "bulldoze'*, the public, but the sawmillers have been over the ground too often—they know what's behind the screen—and they have got the correct range. Tho terms "conservationists" and "liquidationißts" are pure camouflage. To plaster tho term "conservationists" over the Forest Service is liko putting up a Red Cross over an ammunition dump. That's the kind of tactics tho eawmillers are up against. Dealing with tho question of timber exportation, quite apart from the question of the Service's attack on ti 10 sawmilling industry, it is only fair to point out that a large majority of those millers who are now seeking some pilaxation of restrictions, aoquired their •timber- holdings and opened up their trade connexions during the period when tho Government was actively encouraging tho exportation of timber. Far from indicating that any restrictions might bo expected, special concessions wero given to sawmillers on account of timber exported. Even- so late as November 22u.d, 1017, timber Jor exportation, other than white pine, was carried on UlO Hurunui-Bluff section and on, the Wellington-Napier-New Plymouth section of the New Zealand railways at special rates ranging from 8d to Is Id per; 100 feet less than timber for New Zealand markets. On the Westland section a special drying shed was provided tfy the Government, and specially low rates were provided for liauling-export timber to ships' side. These inducements were held out to the inillerc by tho present Government, so as to'oncourago tho exportation of timber. In the light of the above, are the sawmillers, then, so much to blame if, after having opened-up outside markets, they seek to at least be permitted) to export the» quantity which was agreed upon between tho Minister in . charge of the timber regulations and the sawmillers? Tho sawmillers do not blame tho Government for having so acted in the past; but they do resent tho imputation that, m seeking to follow tho Government policy, they havo beon the cause of "a clash between personal and national ends." The clash, if any, is between the Government policies of yesterday and to-day. On the question of "conservation," it has recently been pointed out that tho methods pursued by the Forest Service in flooding the market with timber areas, and of forcing the continued 'Cutting of such areas, clearly indicates that its chief function is that of liquidator. -Too often has the sawmiller been held up as "the ruthless exploiter of our forest wealth." You cannot make omelettes without breaking eggs; neither can you have homes without felling trees. Respecting any "chronic friction between the Forest Service and the sawmillers" —that rests with the Service. It is the Service that has taken tho offensive; and, meantime, the sawmillers are purely on the defensive, and comparatively* passive at that. "Oh, Woodman, spare the sawmiller."

EMPIRE EXHIBITION

(FBKSS ASSOCIATION TILtOBAM.) WELLINGTON, September 27. The secretary o. f the Dominion Ad:isory Council, discussing Empire Exhibition matters, stated that the assistance anticipated from-wool-growers in connexion with tho wool exhibit was below epectafcions. The paucity of the replies received to correspondence forwarded to individual wool-growers regarding this matter indicated that the growers were overlooking the national importance of this exhibit.

WRAPPERS FOR BUTTER.

The fact that New Zetland butter is not eold in England under New Zealand wrappers is refeired to in. a letter from a New Zealander now in England. "It seema," ha £&ys, "that it comes here in bulk, and is then put up by the different shopkeepers. Tie fact mat the New Zealand product ranks high is an inducement to fraud. It i 3 a question of shipping in bulk, 6ureiy it «ouid pay to wrap on this Aide for the sake of murua! protection, of producer and consumer, and iteo the added advertisement of *■ good clean wrapped article. Tie present system would seem very weak and elipshed."

DEFROSTING OF FROZEN MEAT.

VEeceivea September 27tfc, 8.5 p.m.) t> liO-N'DOJS', Setember 26 of tie meat 11 of the Alpt<Xf* 0{ defwrtmg frozen ******« aUy impressed and

ASHBURTON DAIRY CO.

The annual report of the Aehb'Jrton. Co-operative I>airy i'actory, Ltd., which will b© presented at the 13th an--1 nnal general meeting of shareholders to be held this afternoon, states that tho operations of a successful season been marked by an increased supply at tho and chee&e factories. Tbf> butter factory- manufactured 5-5 tons of butter more than the previous year; an increase of approximately 16 per cent. The cheese factory manufactured CO tons of cheese more than v;as the case last year, an increase of approximately 89 per cent. The increased quantity of both butter and cheese put through has enabled the company to reduce the cost of manufacture, as the overhead expenses are far greater on- a smaller quantity : hence the directors hope for a further increase in cream this season. The management throughout the year was difficult for all dairy companies alike, on account of the fluctuating market and the big elump in prices in April last. However, the final refund payment to be returned to suppliers this year is, taking the overrun into consideration, on a level with the highest to be paid in Canterbury. The directors, and particularly the executive, are to be congratulated on the magnificent surplus of £7105 lis 7d at profit and loss account, making the most successful year the company has had during its 13 years of manufacture. They propose to allocate the £,7106 lis 7d as follows: — £. 6. d. To make a final payment to butter factory supj>liers of 5d a lb on but-ter-fat supplied in August and July; 3d a lb on butter-fat supplied in. May and June; and 1-JtL a lb on butter-fat supplied, in the other eignt months ... ... 5077 0 0 To make a final payment to cheese factory suppliers of Id per lb on butter-fat supplied thoroughout the season 465 0 0 To pay a dividend of 6 per cent, per annum on fully paid-np capital ... 354 410 To write off depreciation, buildings (£180), plant (£320) ... ... 500 0 0 To pay a bonus to employees ... ... 120 0 0 To carry forward ... 598 6 9 £7105 11 7 The directors established herd-test-ing in connexion with tho company for the benefit of the company's suppliers, and it is hoped that the suppliers will take full advantage of the opportunity to improve their herds at a minimum cost. It is with the deepest regret that tho death of Mr H. J. Parsons, a director, is reported. The retiring directors, who oner themselves for re-election, are Messrs W Dallow and G. W. Lea'dley. Mr W. H. Woods, F.P.A. tN.Z.). also retires, but offers himself for re-election.

LOCUST MEAL,

(raou ouk omr coaaieroKDin.) PIETEIIMARITZBURG, Aug. 25. If the newly-formed Locust Product Company, of Johannesburg, is successful in its novel enterprise, the locust pest in South Africa is to be converted from an unmitigated curse into something in the nature of a blessing. According to a ''Cape Times" interview with Mr S. C. Vorster, of Johannesburg, a factory for the production of locust meal will be at work at Cap© Town before the end of the present month. The meal is to be for stock consumption in the Cape Province, and for export overseas. The idea is really a native one, for in bo me parts of the Union, and particularly in Beuchuanar land, says Mr Vorster, the natives have long ago learned the value of locusts as a stock food. Best ground work of all, the natives have turned their knowledge to good account with their own stock. The company, it is promised, will be able to produce at Is per - lb an article as good as, or even better than, what is to-day brought into the Union and sold at 2s Cd per lb. The American Trade Commissioner at Johannesburg says that as far as poultry food goes America would take all of the product that South Africa could supply. The company is, it is stated, also manufacturing a food from locusts for dairy covvs, pigs, etc., and they eat it ravenously. It is made in cakes, and also like dog biscuits. The analyses of the locust product are the highest of all this class of food, so I am assured. They give the percentage of protein at 59.60, and of fat at 11.19. The company expects to deal with at least 100,000 tons of the stuff per annum. The Government statistics show that in 1921-22 118,000 swarms of "voetgangers" were destroyed, and, putting them down at two tons to a swarm, this represents over 200,000 tons, of what is considered to be high-class food for stock. Mr Vorster is of an optimistic temperament. It cost the Government £93,000 to destroy these 118,000 6warms; and it cost the farmers, in time and lalxrar, at least £4 10s per swarm, amounting altogether to £800,000; whereas if they had been turned into meal the farmers •would have been paid £5 per ton for the locusts. representing one million pounds for the farmers. At present this class of food is being imported to the extent of about £200,000 annually. The present idea is to have three factories —one in Cape Town, one in Johannesburg, and one at Luderitzhucht, the latter to operate in the South-Western Protectorate.

DAIRY EXPORT ACT.

(PBBSS ASSOCIATION TELEGRAM.) PAHIATUA, September 27. A meeting of about, 100 farmers .representing the whole of the dairy companies operating in the Eketahuna, Woodville, and Pahiat.ua district, carried a resolution giving unqualified support to the Dairy Export Act, and urged the suppliers to vote in its favour.

(PBESS ASSOCIATION TSLEGSAX.) D ANNEVIKKE, September 27. A representative meeting of Southern Hawke's Bay dairy farmers last evening resolved to do all in their power to support the Dairy Control Act.

SALE OF BUILDING SITES AND M6TOR-CAR. Jones. McCrostie Company, Ltd., sold by public auction 'yesterday, on account of Mr 11. A. Bown, on the premises, No. 514 Manchester street North, St. Albans, the fine building site, adjoii.ing the residence, facing north, and having an urea of 24.9 perches, to Mr H. Newman, for £450; also. z Chevrolet motor-car for i'3o.

N.Z. AND AUSTRALIAN LAND CO. (austbaliak and k.z. cable associatiok.) (BT CABLE—PSXSS ASSOCIATION —COPYRIGHT.) (Eeceived September 27th, 8.5 p.m.) LONDON, September 26. The New Zealand and Australian Land Company has declared- a final dividend of iour per cent., tax free.

NEW PRODUCE MARKET FOR WELLINGTON.

MARKET GARDENERS' COOPERATIVE CO.

(S7TCLLL IO "7HI lUW.") WELLINGTON, September 27. The Registrar of Comps-mes registered 1 w*»ek a new company, "Maricet Gardeners, Ltd.," -which hae been formed aa a direct outoomc of the dispute which catted the breakaway of the Hutt Valley, Manawatn, and Wairarapa market gardeners from the Associated of Wellingt:n. Last April the a°sociafrcd brokers notified the growers that tha practice of returning sack 3 &Ed cases sent in by the growers would be discontinued. Thifl resulted in the growers deciding to market for a definite penod all their produce through a firm not connected with the association. In the meantime an abortiTe conference was held the association. Proposals were made to tu2 growers bj an established firm to give them an interest in the business, but tha growers rejected, and fiaaDj, Alter giving th© eubject mature cocfiideraiion, these iniercst;d decided to form a co-operative company for the purpose of disposing of market garden and other produce by auction. Mr D. K. Pritchard was appointed organiflei. The difficulty of securing suitable piembes was overcome by the assistance of the GoTenement, which decided to place tho old Te Aro railway station at the disposal of the new company. Thifi building is at present being vacated by the Military Medical Stores Department, and is capable of being rapidly transformed into an efficient market. The organiser reports that he has been very successful in obtaining Bhare capital, and that the company occupies a strong position in regard to the busineee which it haa besn promised. The Chinese ercwers have very largely availed themselves of the opportunity of becoming shareholders, and special provision has been made to give them a representatives on the directorate, which is composed of seven persons. Mr D K. Pritchard has been appointed manager.

AUCKLAND MARKETS.

(SPXCIAIi TO "TBI PBZSS.' ) AUCKLAND, September 27. Trade in vrholesale houses has brisked up with the handling of business for October account, and deliveries show <t higher volume v/.hen compared with the last few months. There is more attention to future business being shown in arrivals for November and December. Trade collections in country districts aro improving, and with a further advance in bu\t?r last week prospects are very bright. New goodfl arc arriving in heavy quantity, and the next lew weeks should see some of the shortages over. It will probably take a little time to get oversea supplies back to normal, as there is bound to be & good deul of congestion at the London docks. iiaiciwarc— V/ilh tho approacn 01 summer weather llie aiiU. retail trades are allowing some improvement. .Booking is oeing accepted ior October account, and country orders ara decidedly heavier. Butter—aince last report the price of butter was raised one penny per pound oil round to bring it nearer the rates offered by buyers for export to the London market. The new eeaaon has opened with a good market, -ind since warmer weather has eet in there has been a good growth of grass, bo the outlook for the dairy farmer ifl at present hopeful. Eggs—Ample supplies of egge are still being sent ill, and the price continues at the low rate quoted last week. Hen. eggs are quoted at Is wholesale and duck eggs at lid per dozen. Bacon and Hams—The demand for these lines is good, and if anything the tendency is towards higher prices for the Christmas oeafion. Some of the factories, however, still carry fairly heavy stocks, and the new cure will soon bo starting. The outlook for pig farmers is satisfactory, as there will bo more competition because there are buyers of pork ior export at tho present time. Potatoea—Until the new local crop of potatoes is ready for digging, prices are certain to rule high for old southern ones. The figure has already reached a point that has not been touched for the last fourteen years. Wholesale transactions have taken place between merchants in Auckland this week at £l4 10s per ton, ex wharf, in order to meet contracts, but the present quotation is best quality £ls to £IG per ton, ex Btore. Onions—The bulk oi tho Victorian are growing badly, and heavy Josses are being suffered iu consequence. Quotations aro: Australian £ll per ton, Marlborough £ll 10a. Maize—Practically no maize has oome to band since last report, and the market is very firm at 63 per bushel, ex store. Oats—The recent rise has been maintained. A grade are quoted at ia 9d per bushel, B grade at 4s (ex store), and Algerian seed at 7s. Chaff —Supplies arc ample. Best southern is worth £ll to £ll 10s per ton. Wholesale current prices are:—Superfine creamery butter Is 6Jd per lb for prompt cash, first grade (pats) Is 6d, second grade la 4d, farmers' separator Is 2d; cheese, 10Jd to Is per lb; hams, lid to Is Id per lb; baoon, 10d per lb; lard, in, bulk 9>d, pats lOd; • lioney, B|d to 9jd; eggs, hens' Is; flour, £l7 5s (less 2jJ per cent, discount por ton in 2001b sacks); sharps, £8 10s; bran, £6 10a; oatmeal (2S'o), £26. '

SOUTHLAND MARKETS.

(6f*CIAL TO "TBI PMSB.") lI*fVKKCAitGIIjJj, September 27. Oats—lho market keeps lairiy lirm, although tho volume of business is email, btocits are very light and there ia practically nothing offering from fanners. Prices to farmers remain übout the same as last week, namely, Us 8d for A grade, 2a 6d for B grade, and 2j 4d for f.a.q's.. Duns are in fair demand, and really good samples are worth a-bout 2s 8d per bushel on trucks. Wheat—'ilia market for fowl wheat has firmed, and any surplus is being shipped -North. Prices to farmers are from 4a 3d to 4a 6d on trucks country sidings, Backs extra. Chaff—There has not been so much offering during the past week owing, no doubt, to tho fact thart farmers are now busy with their spring work. Stocks, however, have been sufficient to copo with the demand, but further supplies will probably bo required within tho next week or »wo. Kyegraas—The market is quiet. No seed is offering from farmers, and very few sales have been made for shipment. Stocks held by merchants, however, are exceedingly light, and they are not inclined to break their prices. For shipment, prioca arc on the basi3 of about 7s 6d per bushel f.o.b . g.e., for 27-29 ib dressod seed. Considerable quantities ore going out to farmers, and tho retail business will probably make a very big hoie in tie stocks. Potatoes—The market seems to have improved still further in Canterbury owing to the North Island being short of stocks. Local potatoes are worth from £ll to £l2 on trucks. Southland seed .is very scarce, and is in good demand. Fruit —There has been a marked increase in the amount of business pyaaing in the local fruit marts during the past week. Fuji ST-pplies of apples are still coming forward, and the quality i 3 very much better than it has ben: for some time past. Good supnlies of Sturmers are in keen demand, and find a ready sale. Supplies of mandarins, pines, passions and oranges from Syndey ex the Waikouajti arrived on Monday. The ornnjes an ( ] mandarins were in very bad order, but owinj to the market being bare they sold on arrival at very high prices. All the fruit duo from South Australia by thi* Moeraki wa3 short shipped at Melbourne, and this will keep the market bare for a further three weeks. The supplies of pears are barely sufficient to meet the demand, nnd prices continue firm. Prices are approximately as follows—Apples Stunners 8s to 10j 6d, Delicious to 14s, Scarlets 6s to 9s Gd, Cleopatra 6j to 6s 6d, cookers 2d to 2Jd -per lb, dessert pears 3d to 45d per lb, small grade 2d to 2Jd. P«r lb, oranges 2Cs to 30s per case according to condition, mandarins to 30s, pines to 28s, passions 18s to !Us. lemons to 30-.. bananas IripM to 4E3. (green) to 30s, Seville orange to 20s.

WHEAT MARKET. (Iteceived September 27th, 5.5 p.m.) LONDON, September 46. Wheat— Cargoes were steadily held. There was an improved enquiry for near positions. Quotations were unchanged. Parcels were in quiet request at lower prices, owing to Winnipeg weakness. SHARES. LONDON, September 26. Waihi —Buyers 265, sellers 26s 9d. "

CHBISTCHURCH STOCK EXCHANGE.

YESTERDAY'S TRANSACTIONS.

Sales Exported:—N.Z. Government 5j per cent. Inscribed, 1933, £lO2 ss; National Bank of Now Zetland, £6 16s: Standard Insurance, 38s; N.Z. Refrigerating (£1 paid). 2ia j Sales on 'OhaDge:—Bank of New Zealand (righta), 30s M (3 parcels); Mann in- Brewery, 26a '6d (3 parcels). LATEST QUOTATIONS. Bnvers. Sellers. £. "s. d. £■ b. d. DEBENTURES—

OTHER EXCHANGES.

(PBZSS A6EOCIITION TILaOIAMi.) AUCKLAND, September 27. Sales—Soldiers' Bonds, £102; Bank New Zealand (ex rights) 51s 6d, 62s 6d; Waihi, 265; Grand Junction 6s. ■WELLINGTON, September 27. Sales Reported—lnscribed Stoc.t, 3938, £97; Bank of Australasia (cum div.), £l3 lis Cd; P.O. Bonds, 1927, £BB 12a 6d; P.O. Inscribed 1927, £9B 12b 6d; Bank of New Zealand (rights), £1 10s 9d; P. and 0. (deferred), £310; Kauri Timber Co., £1 7s 9d; Howard, Smith, £2 13s 3d. DUNEDIN, September 27. Sales—Bank of New Zealand (ex rights), £2 12s 3d; New Zealand Refrigerating (ord.), 235; Mount Lyell, 25s 3d; Waihis, 265.

DAIRY PRODUCE.

AVERAGE GRADING RESULTS. Details for 1922-23 of the average grading at Lyttelto.j of export dairy produce at Canterbury factories are ae follows: Butter.

WAIROA FARMERS' MEAT CO. For the year onded July 31st, 1923, the slaughterings at tho Wairoa Farmers' Meat Works were 56,806 sheep, 78,189 lambs, and 1035 cattle, which compared with the previous season showed a deciease of 14,518 sheep and an increase of 10,387 lambs. The working account for the year showed a surplus of £7455 19s od, but out of this .£5163 waa writteli oft lot depreciation, the sum of £1135 was provided to cover ' the previous year's deficit, and £236 £s 2d set aside as provision for income tax, leaving- the net profit at £921 lis 2d, which was a fax better result than was disclosed in the bal-ancc-shcet of 192f2. The liabilities of the company, apart from paid-up capital ££B,t76, are ae follows: —Owing to Bank of New Z;aland, £95,205 13a Id; advances, £23,400; deposits, £3360; sundry creditors, £12,338 13s 6d; drafts against consignments, £6783 14s Id. The assets include freehold land, £11,847; buildings, etc., and railway siding, £90,055 9s Id; machinery and plant, ££9,084 12s; water supply and drainage, £4894; horses and oarts, £9O; furniture, £1034 Is 10d; stocks of manufactured goods, £11,199 16s 6d; unrealised consignments, £6783 14s Id; sundry debtors, £15,955 3s 3d.

OTAGO FRUITGROWERS.

(special to "thb rust.') DUNEDIN, September 27. The sixth annual meeting of the Co-opera-tive Fruitgrowers of Otago commenced today. In moving the adoption of the report and Glance-sheet tho chairman referred to the gratifying improvements in their position. Four years ago they were on the wrong side of the ledger to the extent of £2184. That had been wiped off, and to-day they were in the happy position of having a credit of £66. He referred to the great increase in business, and spoke in optimistic terms of future prospects. Indications pointed to the supply which would be ever increasing, being greater than the demand, and he advocated a monster petition to tile Government for protection from the dumping of outside fruits. Regarding the building in oourse of construction in Dunedin, he eaid that they had a great asset, and the building would be a credit to Dunedin and one of the most up-to-date in the Dominion.

THE VICTORIAN LOAN.

(AUSTRALIAN AND N.Z. CABLE ASSOCIATION./ (II CABLS—FUSS ASSOCIATION —COPYBIOHT.) LOXDOX, September 26. Cash and conversion applications for the Victorian loan amounted to £17,653,000.

rnonttocsd at foot of next column.)

TALLOW. (Received September 27th, 8.5 p.m.) .LONDON, September 26. At the tallow gales 1287 ca6ks were offered and all were sold at an average advance of ninepence, Mutton, fine 43s 3d, medium 395; beef, fine, 433 9d, medium 395. Pyne, Gould, Guinness, Ltd., have received the fallowing cable from their London agents, dated 2tHh inst: —"There is a rise of la for sorts, inferior sorts being relatively Gd cheaper. More than seven-eighths of the offerings were sold. There was keen bidding." Messrs A. H. Turnbull and Co. are in receipt of the following cablegram from "W. Weddell and Co., Ltd., dated London, September 26th:—"At tallow auctions to-day 1300 were offered, of which 1300 were sold. Market has advanced 9d." LONDON WOOL SALES. (Received September 27th, 8.5 p.m.) LONDON, September 26. At the wool Bales there was a miscellaneous selection in all classes; prices were unchanged. New Zealand lots "Kitrthaka" made 27d and "Gear" 26d. The New Zealand Loan and Mercantile Agency Co., Ltd., have received the following cablegram from thrir London office under date Stth inst.:—"Wool Sa:os.—October wool sales, arrivals up to 10th September included." AUSTRALIAN MARKETS. (Beceived September 27th, 9.30 p.m.) SYDXJEY. September 27. Oats—Taemanian Algerian feeding, 4s -id to 48 (id, White Giants 4s 4d to 4s 6d, local 4s. ' Maize—Yellow 5s Gd, white 5s 3d, South African 5s 4d. Potatoes—£l4 to £ls a ton. Onions—£6 a ton. A I)iCLAID"!?. September 27. Oats—33 to 3s 2d. RAKAIA STOCK SALE AND HORSE PARADE. Thero was not a very large entry at the Kakaia stock sale yesterday. The following prices were realised: Fat and forward wethers 45s 6d, dry fat ewes 455, mixed sex hoggets 28e 9d, aged ewes and lambs all counted 19.j 3d to 22s dry cows £2 to £3, epringerj £1 10b, yearling heifers £2 2s 6d, weaner pigs 2'4s to 32s store pigs 3os to 42s 6d. ' A Lttle Wonder shearing plant was sold for £33. Yesterday the annual horie parade in connexion with the stock sale was held. The following horses were on view:—Mr Cass's trotter Denver Huon, Mr W. Boat's draught Middle Ri?g Baron and Mr Halkett'e Arjixizht PyTie's Favourite.

N.Z. Govt. 4£ per cent. Ipscriberl, 193S 95 17 6 97 2 6 N.Z. Govt. 4J per cent. Inscribed, 193} 97 5 0 N.Z. Govt. 4ji per cent. Bonds, 1938 — 97 5 0 N.Z, Govt. 4J per cent. Bonds, 1931; — 97 5 0 N.Z. Govt. 4} per cent. Bonds, 1930 96 17 6 97 7 6 N.Z. Govt. 5 per cent. Bonds, 1927 98 10 0 — N.Z. Govt. 5i per cent. Inscribed. 1933 — 102 5 0 N.Z. Govt. 5J per cent. Bonds. 1933 102 0 0 102 10 0 Jv.Z. Govt. 5 per cent. Inscribed, 1931 104 10 0 N.Z. Gort. 51 per cent. Inscrifcfd, 1937 — 100 0 0 Wright, Stepheneon, S per oent. Perpetual 90 0 0 Glaxo, 6J per cent., 1945 , 87 10 0 BANKS— Bank of Adeiaide 8 5 0 Australasia (cum div.) 13 8 6 13 U 0 Comm. of Australia (pref.) 6 IS 6 National of N.Z. 6 16 0 6 17 0 New South Wales 40 10 0 40 15 0 New Zealand 2 12 3 — Now Zealand (rights) 1 10 8 1 11 0 Union oi Australia 11 17 0 — INSURANCE— National 8 18 0 New Zealand 1 9* 6 1 10 3 South British 2 1 0 Standard 1 17 9 1 18 6 LOAN AND AGENCY— Goldabrough, Moj-t 3 7 3 2 8 3 National Mortgage 4 1 0 4 5 0 SHIPPING— Huddart-Parjcer 2 1 6 2 2 6 P. and 0. Deferred Stock 305 0 0 FROZEN MEAT— Canterbury — 15 10 0 Canterbury (pref.) 5 3 0 5 7 6 N.Z. Refrig. (£1 pd.) . 1 2 6 1 3 6 N.Z. Refrig. (10s paid) 0 11 6 0 12 0 COALWestport 2 0 0 2 1 9 WOOLLENS— Kaiapoi (£1 paid) 1 0 6 — Kaiapoi (IDs paid 0 10 0 0 10 6 Kaiapoi (pref., io div. only) 1 0 9 1 1 3 GAS— ChrUtclmrch .. — 8 0 0 BREWERIES— Ctown .. .. 2 12 6 2 15 0 Manning 1 6 3 1 6 9 New Zealand' .. 1 4 6 1 7 G CEMENTS— Wilson's Portland 1 8 3 —■ TIMBER— Kauri 1 7 6 1 8 3 MISCELLANEOUS— Burns, PhUp 1 13 0 1 13 9 Colonial Sugar 50 15 0 54 0 0 Dental and Medical Supply 1 0 6 1 2 6 D.I.C. (10* paid) 0 12 0 — Glenmoro Brick and Tile 0 19 0 — Maaon, . Slruthers (£1 paid) 1 4 9 1 6 6 N.Z. Drug Co. (ex div.) — 3 5 0 N.Z. Farmers' Co-op. (£2 paid) N.Z. Siwa) of Milk .. 0 3 0 0 7 6 1 10 3 1 14 9 B.A.W.R'.A. .. 0 15 3 0 15 8 Hume Pipe (paid) .. — 1 3 6 Hume Pipe llCs paid) .. — 0 11 9 Electro, Zinc. (pref.) .. 1 a 9 1 9 6

Akaroa .. 93.56 Kaikoura .. 93.34 Sefton .. 93.19 Kiwi .. 93.10 Tai Tapu .. 92.93 Canterbury Central .. 93.54 Caroline 92.19 Cheese. Litt'.e Akaloa . 92.93 Milford .. 92.87 Terauka, .. 92.79 Staveley .. 92.17 Wairewa .. 91.98 Barry's Bay .. 91.59 Okain's Bay .. 91.08 Brief reference to the result made in yesterday's iasue, oniittad mention of the Kiwi factor} - .