COMMERCIAL.

Press, Volume LIX, Issue 17882, 1 October 1923, Page 10

COMMERCIAL.

DEAR TIMBER.

WHO IS TO BLAME ?

(Contributed.) The time-limit within which a sawmiller undertakes to cut out a given area of bush is one of the grievances of the Dominion Federated Say/millers' Association against the Government's forestry policy. . Mr Seed, secretary of the Association, has publicly .stated: "The conditions of sale in all sales by the State Forest Service specifically stipulate that there shall be no extension Of time for removal of the timber (and the average time allowed in all sales to date would probably be less than four years)." j Mr Seed words his sentence in this I way in order to carry an implication — to tho mind of the reader who does not know —that extensions of timo are not granted by the Forest Service, and that confiscation results. Timo Granted for flood Cause. As a matter of fact, in cases where there are satisfactory reasons for not taking out the timber in the time stipulated in the license, a new license is granted giving all reasonable consideration to the licensee. Why did not Mr Seed, in fairness, state that that is the case? Ho must surely have known, because, both in times past and times present, new licenses, or extensions of the currency of existing licenses, have been granted, on good cause being shown. Besides, was not Mr Seed a member of a sawmillers' deputation that waited on the Prime Minister, not long ago, and. which included Mr J. W. Butler, managing director in New* Zealand, of the Kauri Timber Company 1 It is reported that Mr Butler, then stated that ' that company had secured from the Government, in August, 1918, a renewal of. tho cutting right over the Omahuta block of kauri; in -the Hokianga district, North Auckland", and is it not a fact that, another renewal of Omahuta timber has been more recently granted t Yet Mr Seed declares that owing to ' theitime-limit in timber licenses "there aro 9,000,000 superficial feet of invaluable kauri logs now lying in creeks and tidal "waters in the Hokianga district rotting and being riddled by toredo, as this timber cannot be marV ketedin New Zealand (owing to freight =; arid; handling costs) to compete with \ kauri from more locally accessible v ,',•' bushes (also being milled under time-B-i V limit)." '" '.-■■ ' ."* " Can Mr Seed produce any evidence a ,; of confiscation of kauri under the time--1 limit, either in this district where the iVV Oaiahuta license ,has already been reG,; ; uowed once, or any other district! IwV'f > ) 'The policy the time-limit is ':■.!'• simply to prevent persons from buying ';;■'' timber for, speculative purposes' and ' : 'y 4 holding* on to it for prospective inin value. Unfortunately, it vf.fy \<. over-cutting, can be used as a ivr;i;i; #£:■ 'orthe terrible tale of 'I?3W/' : thatpat- the :same *|-^''!':^^eputationyiMft'^BStler-'said that, the £s#&:';r^ijit#inibeT>Co. \& 39o, and that since SSO? f-|^?p;tirohaso''of'tlie ; hnsh (which seems M^liM^^^^'lf^^:^H)i^ :. °. om- ' l|"'i, >' : i''':'iUrif : S^ : rate's alone, exclusive 10 : :)l\ of ■lafld' tax, £2771. The writer does ls:sS'';.n.^ €■- 9^poses^^th'eA"aggregate,.figure to be i? Kvv £4OOO. ' This;fignre does not look very alongside the rise in the price &'-iS ; 'tier, hundred o of- clean .heart of kauri S[i;Mr&4We]lini^bn,' ; frbm 38s 6d'in 1914 .Timber,' Co; .the Qo'vernfeof fttf>nt)iitbj.'fi7B >6d ; in ? l918; (the year when right was renewed), and ; risevgreatly o* timber doubling itws4ls^,SdbVsavnnillbrs>expect- to 'get a reat the. old aK;^tiWtoiW*ifttt-'thv. l .»>»y-- De awnuiy. they' also;' get •in P^fS)idlßjs^ei:tiinl)ißris : worth 57s ;6d, the they-got■ in 1914, when ■' ■' It so, a M^;^]S^iUer;could, :v of:. coarse, ( search dilif|.|S%vsiprt#' fora wasoa for-cutting delays, , :'babattse;,lbrt''ltime ! ;.wbuld" mean a heap ■ He could" p|:S^ fir own, : benefit' the priebr |^|S|?^^|irbni^Bßs^-'in -1914 -.'to 88s in years' what -would be the'same mMo^^j^ri^t<^-'7ee3B ,: Utenai with, abso|fei£^o loir the same ■■:';.■■. -.; |P#|^ .Service, .on "behalf a .-.wheire; .the' sawmiller -is through circumstances his control,. how can speculaP^:S'^g^dedi'agajbs'tf' Is a holder of timprofit that K|||^W^^; ? 'rttult^frbm>his' own'- failure' to P»!r -comply with the terms of his license, e^^'-:^,^K''; Whioh timber has with and cost of building,' ' "In' #M:.- or ,2s per hundred Ws&i . '•■ the.)tUnber coat. of,, .say, a ' cottage -only Ip^-'^^mb^nta^tovroughly one-fifth of -.the ; the; saving, efsmall'indeed." out just P^y^;i'4W^t^-^rt»p<Mrtio«',avsliillin«^fall"in rimu f^'---''-:'^niitt-be t to-'tte.''ebat ;f bf the said house, %oW ;^^t^\ia:^a^gr^at ; pit3r ,that : . the not. show a when p^i^i-they'itry^ M^^.::^'!timbe^'-to :: .the:;Fore«t;Service's- in-, ; -.rb7alties nponfatanding 'timber. WfiiK'--' .■';'. ; ; :,, '*./;>-fvV.'" ! ■.:'.-.'-, ' : - "■'.''-''"■-'■•';!•.' -' ■ ' : |^fefe^^'uThe;-ioßual ::f fgentlemen.'' elosely someof a ■>:A^" ; " " *COxriatcl|Tixcli. reporter, and. told lxixa. that i^ivv;- .increased .royalties |- ':; ; . building %& .« Naturally the consumer 'fio& ■ :-' ';'vri& inclined to blame the sawmiller M^|.&and''merehaiit;for ; augmentation of point" bf fact, if only little deeper |^^ : :'he I would the" better sjt^^£s^u : blame iipbn ; the lP^|:v'^'iAon^rs:-of ;: those who really were re- :■ ,, -.■■;, ;..,■■.,.,:. ..... K||#iT^i^^^r^e^ : Toyaltiea'•- did li^#:^bt; ; becjaiiiifeeifectivb'; nntil'-1920-21. and ■■lfecbnldhaj'diy have caused the rise in ■■vkatiri from 365, in 1913, to 81s, in 1921; And prices of rimu ■■■|^ ! in 1920 HB|^r(th««e;-'p>i|M;;-areiffofi 12 inch sizes to 'in Wellington:and. Chriat-■■l^unhJ^oTe-a. stick of timber -was ■■■aold by the* State' Forest Service. . * ; Now, : Uke' the years 1920-21, 1921-22, in' each-, and the

increased royalties, with the total timber produced from all sources. It-will be found that the percentage of timber affected by new royalties, throughout New Zealand, 0.91 per cent., in 1920-2 L 4.01.per cent.-in 1921-22, and 6.38 per cent, in 1922-23. , • How can the rise in royalty values on 2J per cent, of timber output in Auckland, or 8 per cent, in Westland, find On 6 per cent, for all New Zealand —taking an average for the three years—he held responsible for the rise to the consumer, especially as a minimum royalty of Is 6d per hundred on the West Coast does not represent more than 3J per cent, of the selling price, and in the case of kauri (royalty Cs per hundred) not more than 7 per cent? On the other hand, may it not fairly be submitted that the heavy rise in the selling prices of New Zealand sawn timber during the last ten years is the cause and not the effect of the appreciation in the standing timber values?

C.F.C.A.

ANNUAL MEETING.

(SPICIAL TO "Tffll FBI 38.") TIMAEU, September 29. The thirteenth annual meeting of the shareholders of the Canterbury Farmers' Co-operative Association was held in the Wesley Hall this morning. Colonel K. MacKenzie presided, and other directors present were: Messrs T. L. Hart, J. Anstey, C. J. Talbot, F. H. Barker, T. Kinross, E. B. Hurst, and G. L. Twentyman. Apologies were received from Messrs J. Talbot, J. M. Barker, A. Austin, and J. Bitchener, M.P. Tho. chairman made reference to the death of Mr E. Smith, who had been a member of the staff for 35 years. It was decided to send a resolution of sympathy to the family^ The report and balance-sheet as already published in "The Press" was taken as read. Tho chairman stated, in his address, Wiat tho political and economical situation in Europe and the unemployed problems in Britain were causing a certain amount of uneasiness in trade circles and wore making the process of a return to stable conditions slow and tedious.. He was pleased to say that the association satisfied all the demands of depositors without disturbing the business or placing an undue strain on the bankers. This was borne out by the fact that the overdraft at the bank on July 31st was £3720 less than last year. He regretted the association's inability to pay a> dividend on ordinary share* capital, but after duo and careful consideration, the .directors decided, that to place the finances on a sound and undoubted footing, it was necessary that provision should be made to meot the unascertained losses of the Blump period, at the earliest possible date. With this end in view they had written off the bad debts account almost the whole-of the profits of the year, paying the preference" dividend from the reserve fund. The number on the share register was .4543. He hoped that the association would soon be able to return to the old time profit-distribu-tion. The association had had a satisfactory trading year. The wool season ;had been satisfactory and no one in ithe trade;bad.expected such keen*competition/ Wheat had received,.a severe I check in the wet •wreather of last season. Tho fixed prices would have Bhown a reasonable profit had the crops been of any size. The\ average under wheat,had been much .reduced and it • would be a great pity if New Zealand had to import to fulfil her requirements. There were indications that thfccoming season would be bright fortnose engaged in the rearing of sheep and lambs. The, Home markets for frozen beef did not hold out a great deal of hope for the near future. The dairying industry was bf great value to the Dominion. . The outlook was not easy.to forecast, but if prices kept their present trend> the . industry should be lucrative during the coming season. In conclusion, he expressed appreciation of the officers and staff, all of whom had worked very satisfactorily during the year. He moved the adoption of the report and balance-sheet and the motion was seconded by Mr P. Thompson. In reply to a question, the chairman stated that the net profits of the whole of the association's business during the year were £32,000. Mr-G. Casey stated it was impossible to shift some of the members of the board. A Japanese earthqquake would not shift them. He was sorry •to say that they had worked for the shareholders in a very poor manner. Instead, of retrenching when the slump came, they had got the institution into a mess. The profit was becoming less and less by degrees until soon there would be no profit left. The chairman said that as far as shifting .the. directors was concerned, they had the right to put in whom they liked. Mr Casey: That's impossible. The chairman said that the thing was perfectly fair; the directors themselves took no hand in tho election whatever. Mr Casey! No one is anxious to take your job now. The chairman said that they had reduced the hands by 40, and overhead expenses had been, considerably cut down. They had done all they possibly could. They could not get far with the salaries because of the Arbitration Court. A Shareholder: What about the high salaries f The chairman said that when a man left, they had invariably had to pay more to the man who took his place. Mr Casey: ,Can you give us an idea as to when the shareholder will get his dividend again f The Chairman: We think next year. *No fresh nominations having been received, Messrs F. H. Barker, J. -Bitchener, MJ\, R. B. Hurst, T. Kinross, C. J. Talbot, and G. L. Twentyman were re-elected directors. Messrs C. S. Fraser and A. C. Martin were re-elected auditors. Mr M. J. Corrigan gave notice of motion that the employees should be paid by a co-operative system of profit sharing. ' Mr Angland said that he was glad to see that the association was improving. .He congratulated tho directors and staff * on taking the institution so successfully through a hard year. The chairman thanked the shareholders on the Bpirit in which they had taken the disappointment in not receiving a dividend this year.

WOOLSALES^ The New Zealand Loan and Mercantile Agency; Co., Ltd.,.have received the following- cable advice from London:—London "Wool Sales.—As compared with last sales closing rates prices ere about 5 per cent. higher for scoured merino and fine greasy crossbred, about par to 5 per cent higher for crossbred slipe,. merino greasy crossbred, coarse' greasy crossbred, greasy merino super, medium scoured crossbred, scoured merino super, coarse scoured crossbred. Prices realised'for'average to super grades of descriptions', as ' below were ,as follows:—Merino super, 27d to 80d; merino average, 23d to 27d; crossbred (56 to 68), 24d to 28d; crossbred (60 to 66), 16d to 83d; crossbred (48 to 50), 18d to lTd; crossbred (46 to 48), lid to 141 d), crossbred (44 to 46d), lOd to 12id; crossbred (40 to 44), 9Jd to lid; crossbred (36 to 40), 9d to lOd. The sales, dosed firmly to-day.

CHRISTCHURCH STOCK EXCHANGE. SATURDAY'S TRANSACTIONS. Sales Reported—Bank of N.Z. (rights), 31s Sd; Manning Brewery, 27a 3d. Sales on 'Change—National Bank of Australasia (new issue), £l6 12s 6d; ManningBrewery, 27a. LATEST QUOTATIONS. Buyers. Sellers. £. fi. d. "£- B- d -

OTHER EXCHANGES. (PRESS ASSOCIATION TMEdBAHS.) AUCKLAND, September 29. Sales on 'Change—Bank of New Zealand 523 6d; Kauri Timber, 27a 9d; Wilson's Cement, 2Ss; Parker, Lamb, 30s. Sale Reported—National Mortgage, £i 3a.

THE "SUPURB" CARBURETTOR.

ENGLISH SYNDICATE SECURES OPTION. Private cable advico was received yesterday by Mr G. L. Donaldson, that the "Superb" carburettor, invented by Mr J. 0... Whiteman, ,of Christchurch, has undergone several months' searching tests, both on the road and on the bench, at Home, and that an influential syndicate has secured an option over the European and American rights of the invention. The agreement wan signed and the deposit paid, in London on Tuesday last.

KIRWEE SALE. A£ the Kirwee monthly sale, held last Friday, there was a small entry of store sheep, mostly ewea and lambs. 'There was a good attendance, and' all sheep, yarded changed hands under, good competition at full current vahies. Amongst thoee sold were—--58 aged ewes and 60 lambs 21s 4d, 43 'fairmouth and .44 lambs 20a 104 all counted, 10 forward wethera £S. W«aners made 2ls Gd, email stores 245. APPLE SHIPMENTS TO • SOUTH AMERICA. (bpxcxai, to "txb nisi.") DUNEDIN. September 29. The following are some interesting comments made in regard to Otago apple shipments to South. America by Messrs Gibson Bros., Buenos Ayres (agents to the National Mortgage and Agency Company):— Orari Shipment of Otago Apples.—lt was most unfortunate thai the Orari was delayed throe weeks on the New Zealand osast loading meat, after taking aboard the Otago apples as general cargo. Forty-five per oent. of the consignment arrived in an absolutely unsaleable condition and the balance had to be disposed of immediately. "Apart from loos above referred to your applee were an excellent sample, and should establish a good'market here. The Spitzenberg, which is. of fine quality, is not so good a carrier, but had less time elapsed between loading and delivery there is no reason to suppose that any considerable loss would have been experienced. "Applea constitute the most important lina of the fruit importing business, and come from- New Zealand, Tasmania, California, and Chile. There is not much businee done with Tasmania, and the New Zealand apple is undoubtedly the best on this. market. Chile expoits but tie apple is of only moderate quality and a cheap seller. "Apples are also grown in the Argentina in the Bio Negro district, in various parts of the province of Buenos Ayr.-s, and to some small extent in the west. apart from defects of quality and varieties, is nnt l'kely, however, to catch up the local demand for some years, and certainly the New Zealand apple is most sougM after by the consumer. "Pears are TOch poor carriers l , that, we Bra Teluctant to advise jour taking any cone:derable risk in shipping on consignment f?r sale and returns. The sample you sent with Mr C. Gibson was e very good selling traality, but there was almost a total loss, either throu?h too close packing or climatic causes en Toute. "This is a peach-growing country and we could not Tecommend shipment, of any of • this class of stone fruit,. In fact, the Argentine is an exporter of peaohea, though so far with indifferent results, when attempted on any considerable scale." FREIGHTS REDUCED. SYDNEY, September 29. The oversea shipping lines announce reductions in frozen produce freights, to operate from Monday, as follow: — Mutton lid to 11-8 d; lamb lid to 1 l-8d; cheese 1 l-8d to Id; butter 5s to 4s 6d per box. CANADIAN LOAN. :, TORONTO, September. 28. Over 100,000,000 dollars have been subscribed in one week to the Canadian Government refunding loan. An oversubscription of the objective of 172,000,000 dollars is inevitable. PRICE OF SUGAR REDUCED. The Colonial Sugar Company has reduced the price of all grades of re: fined sugar, excepting caster, by 10s per ton, from to-day.

CUSTOMS RETURNS. CHRISTCHURCH FIGURES. The' Customs duties collected ut Christchurch during September, 1323, showed an increase of £9258 6s 6d as compared with the corresponding month of 1922. The beer duty collected in September, 1U23, showed a decrease of ±"381 lis lid as compared with September; lftfii. 'me details and ponce oimi.l«a; Ale: — ' Sept., bi.pt., liij. XJ.I. * X Net Customs .. 62,i05 71,»43 lie<.t duly '.. l),u<4 tj.ioo Tne net oas to ins duties collected uuring the . tuuea oeplemuer lijtu, sUowea an mcie-so (complied wilii uie faepleinoer qUuuer oi ISuty oi JitiLfi'ib *s bu; t>u<l tnu Deer uuty a- decieuse of juijl da 3d. Tha aetans ana pence onnttea; ure:— eept. (jr. cept. yr. lirli. lj-i-1 £ £ ■ Net Customs .. 265,748 204,522 Beer avuty .. lu,ts*a '2<J,-Zio The ngurea for the three quarters oi the ca.eudar year (saiilings and pence omitted) are:— NET CUSTOMS. 1923. 1922. £ £ March quarter .. 259,656 162,761 June quarter .. 255,135 186,257 September quarter 265,748 204,5i2 n £78J,439 £553,540 Increase for three quarters of 1923 is £226,839. BEEK DUTY. 1923. 1322. £ £ March quarter .. 24,550 23.U33 June quarter .. 24,153 22,375 September quarter 19,618 20,240 £68,351 £G6,248 Increase for three quarters of 1923 is £2103.

FROZEN MEAT LEVY.

AMOUNT COLLECTED AT CHRISTCHURCH.

Since tho levy on frozen meat tor export, as prescribed by regulations under the Meat Export Control Act, 1921-22, came into force, the amount collected in Chiistchurch, from and including the June quarter, 1922, to and including the September quarter, 1923, totalled £rf7o9 Cs Id. The levy is id on each carcase of mutton or lamb, and id on each quarter of beef. The details of the levy collected as Chiistchurch are as follows: 1922. £ s. d. June quarter .. .. 2S7G 12 5 September" quarter .. 226G 13 1 December quarter .. 231 6 6 1923. March quarter .. .. 1749 5 5 June quarter .. .. 1674" 10 2 September quarter z .. 1210 3 6 Total .. ..£9709 0 X JATURDAY'S POULTRY MARKET. Canterbury Co-op. Poultry Producers, Ltd., had a good entry of poultry on Saturday, but the supply is not equal to the demand, which accounts for tho high price ruling. Table chickens brought 6s to los, hens 4s 6d to 10s, ducks 6s 6d to lis, geese 7s to Bs, turkeys 22s to 365, all per pair-. Egg Market. Eggs continue to come forward freely, but on account of another export shipment pf eggs, and orders booied forward, we have no difficulty in clearing supplies. . Canterbury CoVp. Poultry Producers, Ltd.; first grades are Is 4d, seconds Is 2d, ducks Is 4d, per dozen. .6 WAIMATE MARKET REPORT. The period since last report has not experienced the movement that was anticipated excepting in potatoes which have been changing hands very freely, with the "result that there are very few parcels available in the district. There is a decidedly easier tone in the market, and in consequence lines are not as easily placed .as was the case in the .earlier part of the week. The opinion is that the few lines left will find outlets eventually at good prices. Milling wheat is still finding buyers, and the demand for fowl wheat is good. Oats are neglected. The improvement of a few days ago did not last long. Chaff is not being enquired for. Partridge peas are easier and clovers are sot finding buyers. Barley still remains dull and there is absolutely no enquiry from malsters.. • Nominal values may be quoted as under. Wheat.—Tuscan 5s Bd, Hunters 5s 6d, Velvet Ss 7d, f.o.b. nearest' ports, sacks la eacn extra. ..-.»■■ Oats—A Grade Gartons 2a 3d to 2s lOd, B Grade Gartons 2s 7d to 2s Bd. Chaff.—Qood, bright £4, f.a.q., £3. Barley.—Chevalier 4s, Cape 3s. Peas.—Partridge No. 1 6a, f.a.q. 6s. to 4s 6d. Potatoes.—Beds £9 10s to £10; Whites £lO 10s to £H. Clovers.—White Is,. Bed 4d to Bd. smithfield"market. truss AS3xu.Ti:n WELLINGTON, Seplember £9. The New Zealand Meat Producers' Hoard has received the following cablegram from its London office, dated September 28th, advising . that tho Smithfield delivered prices at that date were as follows: Canterbury, 29 to 861b Hid per lb; 87 to 421b, IOJd per lb; 43 to 501b, 10id per lb; second quality, lOjd per lb; other selected brands, 29 to 361b lid per lb, 37 to 421b IOJd per lb. Mutton —Light-weight wethers did per lb, medium-weight wethers 8d per lb, heavyweight wethers 7Jd per lb, ewes 6Jd per lb. Beef—Ox fores 2Jd per lb, hinds 4Jd p;r lb. The market for lamb, mutton, and beef is quiet- owing to heavy supplies of Home killed and Dutch. / Charges Beduced. The Board has received advice from its London office that owing to the reduction in labour costs, the International Cold Storage and Ice Company of Southampton has been able to reduce its cold store charges by 5 per cent, as from August Ist. A reduction of 5 per cent, has also been made in labour and extra charge, making a 10 per rent, reduction on the latter charges. In addition, the Southera Bailway Company has reduced its cliarges at Southampton docks for receiving loading, wharfage end haulage by 10 per cent. It is of interest to note that in the case of both cold storage and dock charges, this is the second reduction made by the authorities during.the current year. DAIRY PRODUCE MARKET. Messrs A. H. Turnbull and Co. have received the following cable advice from Lon-don-.—"Danish butter 212s to 216s (last week 210s), New Zealand salted' 198s to 200s (190s to 1965). Market firm. New Zealand cheese, white 118s to 122s (120s to 1225); New Zealand cheese, coloured 120s to 122s (1225). Market steady." DAIRY PRODUCE CONTROL ACT. (?BESS ASSOCIATION' IBLBOBAM.) NEW PLYMOUTH. September 29. A large meeting of dairy farmers at Okato passed « resolution opposing the Dairy Produce Control Act because of its extreme and arbitrary powers, and especially because of its powers of compulsion. ,

THE PROPERTY MARKET. ' y Jones, McCrostie Company, Limited, eold by public auction on Saturday is thilr land sale looms, on account of Mr C. W. Burland, the property situated at No 17 Oxley street, St. Albans, comprising residence of 6 rooms and section of 27 perches, to Mr R. Skilling, for £800; on account of Mr Spiller, the property situated" at No. 110 Office road, Meriyale, comprising residence of S rooms and section of threo sixteenths of an acre, to Mr Connall, at a satisfactory figure.

NELSON FRUITGROWERS. PROVINCL4L COUNCIL'S ORGANISATION. CaVXCUI. TO "TBS PEXM.") NELSON, September 29. At the last meeting of the Nelson Provincial Fruitgrowers' Council Mr James Allan and Colonel Gray reported that tha results of their tour of the province had been extremely satisfactory. The agreement and bond hadi been freely signed everywhere, the opposition being infinitesimal. They espected to hold two more meetings and afterwards get in growers who had not been present at the meeting, and absentees. Tha figures submitted were regarded by the Council as a safe guarantee of 75 per cent, of the marketable fruit of the province, and Mr Allan and Colonel Gray were definitely appointed to be the Fruit Control Board for one year from October Ist. The Board will now go about securing the 00-operation of other provinces and the development of the necessary marketing arrangements. Quotations for next Beiußon's supply of cases were received from several quarters, and it decided to recommend growers to continue to use the same kind of case as last year. i

SOUTH OTAGO FREEZING CO.

(special to 'mm pbem.") DUNEDIN, September 29. The annual report of the Sjuth. Otago Freezing: Company shows that the profit on liia year's wonting, including last year's balance, amounts to £7082 13s Id. This is after making- provision for £280,) 7s 4d dsprecut.on and £iooo income-tax. The directors recommend payment of a dividend of 6 per cent. Last year's provision for income-tax proved in excess ot the amount, and, jKOOO was transferred from that fund to the reserve account, which now stands at i' 17,00.). The stock treated at the works was as followsl, and as compared with 1922 fchows a considerable decrease:— Sheap. Lambs. Season 1922 (exclusive of epring killing) .. 7,105 111,030 Season, 1923 ... .. 6,979 100,352 Decrease" .. ... 1,126 10,693 LONDON WOOL SALES. (BY CABLE—PBESS ASSOCIATION—COPTSIOHT.) (AUSTRALIAN AND N.Z. CABLE ASSOCIATION.) (Received September 30th, 5.5 pan.) • LONDON, September 29. The wool sales closed firm. There was a good attendance throughout and competition was well sustained tor ' all classes. 'lhe market was buoyant and the tone confident. There were considerable withdrawals oi merinos ocing to the high reserves,, but prices generally wero maintained. Uroasbreds, line and medium were. 6 to 7J per cent, above July rates, lower sorts from par to 5 per cent., scoured 5 to 7J per cent., and slipes 5 to 7J per cent. Lamb wool was in small supply. Merinos generally were 5 to 7J per cent, dearer and crossbreds about a penny. The closing rates ior Continental sorts were in sellers' favour. Good scoured merinos showed a slight advance, both Home and Continental buyers competing keenly for them. There were catalogued 90,000 bales of Australian, 105,000 bales of New Zealand and 40,000 bales of Cape and Puntas Arena. 20 Juer cent of the Australian and, 10 per cent, of the New Zealand lots were withdrawn. The Continent took about 75 per cent, of the Australian, and Bradford 25 per cent. Bradford took 65 per cent, of the crossbreds and the Continent 36 per cent. At the close ot the series B.A.'W.H.A.'a stocks approximated 433,000 bales, of which 290,500 were Australian and 142,500 New Zealand.

ENGLISH MARKETS. , ■ (Beceived September 30th, 5.S pjru) LONDON, September 23. Frozen Mutton—Argentine light 7Jd, heavy e *d. , Frozen Lamb—Canterbury light Hid, medium IOJd, heavy lOd, seconds 10£ d, other selected brands, medium lOJd; North Island firsts 106, seconds 9id; Australian firsts 9Jd; j Argentine firsts, medium BJd,r second* sjd. "' ' "■' /"' Frozen Beef—New Zealand hinds 4Jd, Australian hinds 4Jd, Argentine fores 3Jd, Uruguay hindsi 4Jd, chilled Argentine fores 3Jd, hinds %&, Uruguay fores Sgd, binds.6d. Cotton—November shipment 16.07 d per. lb. Eubber—Para 14d, per lb, plantation and smoked 15Jd to l5Jd. Jute—October-November shipment, £22 10s per ton. Copra—October-December shipment, £26 16a per ton. Linseed Oil—£42 10s per ton. Turpentine— 73s 6d per cwt.

SHARES.

{BX CABLE—PRESS ASSOCIATION—COPTMOKT.) (AUSTBALIAN AND K.Z. CASUS ASSOtTATIOH.) (Keceived September 30th, 6.5 .p.m.) LONDON, September 29. Mount Lyell, buyers 4s, sellers 4s Id; Waihi, buyers 25s 6d, sellers 26a 6d; P. and 0. (def.), buyers £315.

DEBENTURES— N.Z. Govt. 4J per csnt. Inscribed, 1938 87 0 0 97 2 6 N.Z. Govt. . 4J per cent. 1939 S.7 0 0 07 5 0 N.Z. Govt. 4i per cent. Bonds, 1933 £6 12 6 97 7 S N.Z. Govt. 5 per cent. Inscribed, 1927 98 10 0 93 12 6 N.Z. Govt. 5J per cent. Inscribed, 1833 •— 102 5 0 N.-Z. Go\t..6i per cent. Bonds, 1033 102 0 0 102 7 6 BANKS— Bank of Adelaide 8 5 0 — National of N.Z. 6 16 0 6 17 0 New South "Wales 10 10 0 — New Zealand 2 14 6 2 13 3 New Zealand (rights) 1 11 0 1 11 3 Royal (£1 paid) 1 17 0 — ■Royal (£i paid) 7 0 0 — Union of Australia .. 14 16 6 14 IV 6 INSURANCE— New Zealand .. 1 8 6 — South British 2 2 0 — Standard 1 17 6 1 19 0 LOAN AND AGENCY— Goldsbrongh, Mort .. 2 7 3 — SHIPPING— Huddait-Parker. 2 1 9 2 2 C FROZEN MEATCanterbury 15 0 0 15 5 0 N.Z. Kefrig. (£1 paid) . 1 2 9 1 3 6 N.Z. Kefrig. (103 paid) 0 11 6 0 12 3 COAL— Westport-Stockton 0 4 0 0 5 6 WOOLLENSKaiapoi (£1 paid) 1 0 3 — Kaiflpoi (pref., ro div. only) — 1 2 0 GAS— Christchurch — 8 6 6 Auckland 1 6 0 — BREWERIES— Crown — 2 15 0 Manning 1 6 9 1 7 3 Ward 2 2 9 2 3' 9 CEMENTS— "Wilson's Portland .. 1 9 0 — MISCELLANEOUS— Burns, Philp 1 13 0 1 14 0 Dental nnd Medical Supply . 1 0 9 ' — N.Z. S.u»ar of Milk .. 1 10 0 1 14 0 Whitcombe pnd Tombs (cum div.) 3 14 0 — Hraiie Pipe (p a »d) .. — 1 3 6 Hume Pipe (contr.) .. 0 10 6 0 11 6