COMMERCIAL.

Press, Volume LIX, Issue 17922, 16 November 1923, Page 10

COMMERCIAL.

WOOL SALE. « A KEEN DEMAND. ALL-ROUND IMPROVEMENT The wool season was opened yesterday in Christchurch, the sale being held 1 in the new Caledonian Hall, Kilmore street. It will be remembered that last season the November sale recorded a notable advance in prices on the concluding sale of the preceding season, and this advance was improved at the December and January auctions, the succeeding sales being temporarily weaker, with a steadying up at the end of the season. The trade generally anticipated a very spirited salei yesterday, better than the opening one last season, but it is doubtful if either brokers or buyers, particularly the former, expected such a keen demand to operate. Brokers' valuations were generally well below the eventual selling price. On the other hand, buyers who possessed good limits and commissipns to fill probably did not anticipate being required to exploit them to the last fraction, and then frequently without success. At times farthing bids were ignored, halfpences being more popular. There was a particularly strong bench of buyers, most wool-consuming J countries apparently being represented. Local mills competed spiritedly ior the best lines of Corriedale and halfbreds, there being very little merino forward, but the representative of an Australian firm, which has lately acquired a business in Auckland, kept „ pace with them. Apparently his limits were elastic enough to permit him to acquire most of the lots that, appealed to him. For the medium class halfbreds, Home, Japanese, and American buyers competed strongly, as they did also for threequarterbred. Crossbreds drew attention from all outside buyers, one Continental representative purchasing heavily in this class. Pieces metwitn a particularly keen demand, and fellmongers had difficulty in securing anything like their usual share, especially of halfbreds. i The vigour of the market is illustrated by the fact that of 6000 odd bales offered (there were a few withdrawals), approximately only 140 bales were passed. The wool this season was in exceptionally good condition, being well grown and free from the eftects of dust through nor'-westers. The rainy season has been much to the, advantage of the clip this year, and this fact has to. be borne in mind when comparisons of prices are made with last year. Compared with the opening sale last year, practically all classes showed an advance of from 2q to 2Jd. 'a lb, and on the January sale by up .to a halfpenny on halfbreds Id to lid on three-quarterbreds, and Id on crossbreds, with halfbred pieces Id to 2d better and all other scouring lots from Id to IK There was a , keener concentration, this year 1 on all wools of good quality as against. super wools compared with last season. Some of the best prices in their respective grades were:—3 bales Mendip Hills, merino 26£ d; 8 bales Bakahuri Corriedale, 26d; 5 bales Mt. Grey over Whiterook Corriedale, 26d; 8 bales Mt. .Vernon halfbred 25Jd;. 16 bales W.G. • over Bower Valley halfbred, 25Jd; 3 bales, over J. A., Southdown, 24d; 18 bales U.V. three-quarterbred, 20$ d; Q bales J. A. over~Harleston, crossbred, 16Jd. • The following were the respective catalogues:— Pyrie, Gould, Guinness, Ltd.... 1622 N.Z. Loan and M.A. Co. ... 147 H. Matson and Co. ... ... 1027 : National Mortgage Co. ... 826 :. N.Z. Fanners' Co.-op. ... 905 Dalgety and Co. ... ... 1138 "'■.'.' 6165 » Appended is a range of values compared with the; opening sale last season and the January cne, at, which ; the, best prices of the year were secured: — Nov., 1922. Jan., 1923 Yesterday Merino — d. d. d. d. d. • d. Super 33 to 251 24 to 29* ■ 2*i Medium 19 J to 21J 21J to 233 21J to 24 . ,- Inferior 16J to 19 18i to 20 . 18 to 20 Corriedale — Super 20 to 28 22J to 28 23 to 26 Medium to 19 J 18ito21J 19 to22J Halfbred— Super-- 20Jt023i 22} to 26 282 to 252 Medium 17 to 192 19i to 22* 19Jt022i Inferior 111 io 16 Isl'to 181 151 to 191 Three-quarterbred— „ ■ Supetr 13 to 181 16Jt0202 17Jt0201 Medium 11 tol2J 14 to 16 15 to 17 . Inferior BitolOJ 9 to 131 H toll' Medium Crossbred— Super 101 tolaS 13Jt017 141 to 161 Medium 9 tolOi 11 to IS llitoU Inferior 8 to 9 8 to 10J GJtolU Coarse Crossbred—- ? Super 9J to 111 101tol2i HI to IS' Medium 8 to 9* • -9 to 10*. 10 toll Inferior 6 to 7f 71 to 8J 81 to 9J Merino Pieces— Firsts - 19 to 231 Seconds Halfbred PiecesFirsts 13 to 181 161 to 221 171 to 211 Seconds 9 to 121 H to 161 13 to 17 Crossbred pieces <1 to 7 \ 7to 11 7 to 14$ Locks— Merino Halfbred 6 to 6 7 to 10J to 81 Crossbred 4 to 5 6 to 7 filto7l Bellies— Halfbred Firsts —' " 12 to 18 11 to 161 Crossbred .GrutehinjfS—. Medium to . Good 61 to 10; .61 to 91 8 to 121 Appended are the »principal sales:— - T.B. 4 Ist' Ibd- 201 d; V.T. BJbd W Mid; P.B. over bar 4 ibd e 21Jd; 4 Jbd e 15*1; Ludstone 4 Ibd e h 22Jd; Ben Lomond 7 ibd corrh. A A. 24 Jd; 4 ibd h 23d; 3 ibd e and ■w 21Jd; 4 ibd pes 20Jd; Hermitage 3 ibd e A. 221 d; 6 ibd crutchings lod; or Balraizio 8 corr e h 20Jd; 6 corr e h 18Jd; 3 over X 9 jbd w 16d; 5 xbd w lljd; U.V. 3 *bd w 22jd; 8 Ibd w 20id; 8 Jbd w 17id; 4 Jbd w 16Jd; 7 Jbd w lid; Hillview 6 ibd h 22id, 8 Jbd h 171 d; U. 5 ibd w 231 d, 12 ibd vr 2id; 10 ibd w 16id, 7 Jbd h. A. 14d, 3 |bd h ISid, 3 xbd h. 10id, 4 Ist pes lCld, 3 . bsla 18id, 3 lka 7id; F.B. 10 ibd w 21id, 7 ibd 164 d, 6 let pes 14Jd; Mt. Seddoa 7 corr e h 22* d; G.H. over Hazelhurat 4 corr h. UOid; 6N6 corr e h. 211 d; 3 corr r h 22Jd; 3 pes 19id; B.C.H. 4 ibd h 13Jd; 8 Southdown 18d; Blairlogie 6 corr. A. 22Jd; F.C. 3 Ibd'b 22id; 3 ibd' b. 1 . 20|d; Greta Vale S Ist,ibd bar.7 ibd h 24d; 4 ibd 14d; Seafield 6 xbd e A. ISid; 3 xbd © B. lOJd; Lilburr* 3 ibd h 231d\ 6 ibd h 22id; J.F. overMt. Fleasant 21 sup ibd e 24Jd, 13 Ist ibd e 23Jd; 4 Ist ibd e 16d; W.G. over Bowen Valley 16 sup ibd w 26Jd, 8 Ist ibd W 23id, 4 Ist ibd h 23id, S Ist ibd poa 21d, 7 2nd ibd pea 15d, 7 ibd bels l*id, 8 ibd lk» >22id; Keys over New Zealand S ibd h. 24Jd, 8 ibd h 28d, 8 Ist ibd h pes 191 d; Caverhill 10 sup corr e h. A. 25Jd, 7 Ist corr « h 23d, S corr h pes 20Jd, 3 corr crutcEings Hid; F.C. over bar 4 ibd h A. 23d; Waipara Downs 4 ibd h A. 28id, 4 ibd h 191 d, 3 lb* crut lid, 8 ibd r 17jfcd; KuiraW 14. Ist ibd 23id, 6 ibd 201 d, 4 ibd 14d, 4 bels 14d; 3 K 9 ibd A. 2*ld, 6 ibd B 22id, 5-ibd s h 221 d; Triangle ■with bar 6 ibd h 28d; Da"Aeith 4 Ist *bd k 23id, 4 2nd ibd h 20d; G.J. conjd. 4 Ibd e -23 d, 3 Jbd e 15d » 3 & ?-. e J I i hA I ffl J i%* «d lOJdl 6 cotty Old; 4 pes 9Jd; - 4

ibd o 17d; A.W.B. over Motunau, 7 Ist Ibd h 23d; A.Y. over Motunau, 8 lflt ibd e 22id. M.8., 6 Ist Ibd 23Jd; 5 2nd ibd 20d; Glenowno, 5 ibd h 23d; H.D., 4 Jbd e 22Jd; 5 sup jbd w 22;1d. J.B. conjd., 4 Southdown 17Jd; D 7, 3 Jbd w Sljd'; F—, 5 Southdown 21Jd; F.S-, 4 Jbd w 23id; 3 Jbd w 21id; 4 Jbd 14d; Fairview, 12 Jbd w 22Jd; 5 ibd w 22* d; 3 Jbd w 23id; Angle over 1., 9 Corr h 24Jd; 3 Corr pes 19d; Winchmoro, 3 Jbd h 24id; 3 Jbd h 24d; 8 ibd A 16d; O'C over Waitohi Downs, 6 eup Jbd w 24Jd; 3 Jbd w 24d; 3 Jbd pes 2Hd; O'C over Woodgrove, 3 Corr h 20Jd; ll'jbd h 22id; 4 Jbd h 2t>Jd: 3 Jbd pes 20Jd; 4 pes 15id; 3 Jbd bols lojd; lit. Vonion, 8 sup Jbd o 2i>£d; 5 Ist Jbd e 231 d; 3 Jbd « 21Jd; 4 Ist Jbd pes l&id; 3 Jbd bei pes lGd; B <vrr 7, 4 Southdown 20d; A.K. conjd, 4 Jbd *»id; 3 jbd 13Jdi U.V., 3 sup Jbd h ISid; 4 ibd 13Jd: 3 2 h 13Jd; [S., 3 ibd 18& d; J.A. over Harlcston, 6 xbd h 16Jd; 3 ibd h Uli<i: .'> ibd Isd; 26 Jbd 12d; 5 Jbd'-Uvl; « Jbd 22Jd; Bar over A, 3 Ist Jbd Cidjd; A.U.. '5 hbd 232 d; 6 Jbd w 23* d; 3 Kh &v.\ jks 19jd; Tainoa, 3 Jbd 9 A Ss3d; 3 i'od * "Ndj 4 ibd e 16Id; H. 6 Jbd w iv\!" » R-d w 21 Jd; A.B. over Ashdowna. .5 *bd h iljd; 3 Ist 6bd 22a; 3 Jbd -AM; ii ibd IGJd; 3 xbd 14Jd; A.L.. conjd, 3 Uv-.u laid; J.B. over Vulcan Flat, 3 Jbd h !Tid. • ' ~ R.H.11., 0 -Vi h 2-iJd; • Twrmore, 24Jd; Mcndip Hill*." 3 sup Ist mcc" ram 26Jd; 4 Ist mor h 25Jd: 3* Ist mere. 24Jd: 3 pes Slid; U.K.. 4 Jbd w 23*1: 3 Jbd w 233 d; S 'fine Jbd w 20id: 14 Jbd w 20Jd; 3 Jbd h iWd; 4 Jbd h 20id; 6 Ist pea 18d; 3 Jbd bels lGid; 5 Iks and pea 7id; Anuandale, 5 Jbd v.- 17d; 4 xbd 14d; 30 xbd w A 13d- 4 xbd b 10* d; 4 Ist xbd pes 14Jd; 3 xbd b.'!s 9Jd: 5 xbd crut 9d; over F.F., 7 *bd v 33Jd; 3 Jbd h 14d; H.J.H. over Boscfcill, '5 Ist Jbd w 24Jd; V2, 7 Ist ibd h 24Jd; M.8.. 4 Jbd w a 23} d; Three Bars, 7 *bd h 24M; over VI, 7 ■■■Jbd v.- 23d; 4 Jbd h £ljd; Temaru. 6 Jbd e 24d; 4 Jbd e 23d. J.J. 6 Southdown e 20Jd; C.A. 4 Jbd h 23?. d; 4 Jbd h 16Jd; 4 xbd crut Bd, Tikouka. over H.F. 6Jbd 23jjd; F. B. conjd ojbd h 22d ; R.W. 5 Jbd 21* d; Brooklands 4 Corr h ?2Jd; Mt. Karetu 9 Jbd w A 24id; 5 Jbd w B 22d; Glenholmo 4 Jbd h 222 d; G.G. in cirolo 4:Jbd.h 22d; Waipapa 8 21Jd; F.X. 4 Jbd 23Sd; 5 Jbd 22Jd; Saxby Wold 4. Corr A. 222 d; 7 S. 6 Jbd 24Jd; 5 Jbd o 22id; bar over C.P. 4 Jbd 22Jd; Maronan 7 Jbd w 23][d; Bishopdale over X 5 J.bd e 21 Jd; 6 Jbd 16Jd; Putiki 7 Jbd e 232 d; 4 Ist Jbd w 23Jd; 4 Ist Jbd w 23Jd; 9 2nd Jbd e 23} d: 9 Ist Jbd 20d; 6 let Jl.d 20d; 6 Ist Jbd 17Jd; 4 Ist Jbd e A 16' d; 4 l3t xbd c 12Jd; ' 6 let Jbd e 17Jd; 4 Jbd, t>cs 12Jd; 6 ibd c 14d; E over 4 Jbd 22Jd; over J.A. 2 Southdown 24d; 3C "over 23Jd; 4 xbd lid; 4 Ist pes 14Jd; Glenturrett 3 Corr. e h 23Jd; HA. 6. Jbd 13d; 10 Ist xbd lljd, 11 xbd 10jd; Kakahun 8 Corr. h AAA 26d; 8 Corr. h AA 24»d: 5 Corr. w 24Jd; .4 Corr. H and r 23Jd; 4 Corr. pes 24d; 4 Corr. bels and pes 18d; 4 Corr. cruts lOJd; G.H. over P. 8..6 Jbd w 23Jd; 3 Jbd w 19d; C.J. 4 xbd lOJd; J.P. 3 Jbd h 22Jd; Leslie Hills 3 mer. 24Jd; 3 mer. cruts 12d; 3 Jbd cruts 10d; Tnruna 5 Corr. ram h 23Jd; Bingley 5 Jbd h 22Jd; 6 Jbd h 19d; 3 Jbd 19d: 3 Jbd 23Jd; 4 Eomney 13Jd; View Hill 9 Jbd h 24d; 4 Ist pes 19Jd; Pendlo Hill 7 Corr. h A 24id; 3 Con- h B 20d; Glen ovia 4 Ist Jbd Jx 22Jd; 5 2nd Jbd h 21 Jd; 4 pes 18d; Overahicls 9 Ist Jbd h 23Jd; 3 2nd Jbd h 19d; 3 bels and pea 16Jd; F rev P. conjd. 3 Jbd h 21d; 3 Jbd 14d; Glenoya g Jbd h 23|d; T. 3 3 Jbd h 24id; Eydal Downs 9 Corr. e h 25Jd; 4 Corr. h A 25Jd; 4 Corr. h 24Jd; 5 Corr. w 24Jd; St. Seobie 4 Jbd 22Jd;' 8 Jbd e 23jd over A.C. 4 Jbd 23Jd; over D over D 8 Maltese cross 4 m«r 24id; Wai-iti 6 Jbd e A 25id; 3 Jbd h. 23Jd: Mount Grey over Whiterock 5 Corr. A 2€d; B Corr. B 23d; 4 Corr. h. A 24d: 5 Corr. h B. 20Jd; 8 Corr. pes 19Jd; Eudunda 15 Jbd e 23id; Achray over J.N-B. 8. Jbd e A 24id;- 8 Jbd b. A 221 d; 9 Jbd e B 22Jd: 5 Jbd h B 19Jd; 5 Jbd i>cs 18d; 8 • Jbd, beta 16»d; A.O. 5 ijbd 24d; Leslie Hills 10 Jbd -w A 24d; 12 Jbd w B. 21Jd; 8 Jbd h A 21Jd; 7 Jbd h B 19d; 4 Jbd pes 18d- 3 Jbd Iks Bid; C.Z. over Balmoral 4 Jbd 23Jd; Vailehead 8' Corr. w 24|d; 13 Corr. h. A.223d; 7 Corr. B 20Jd; 5 Corr. h C 17d; 6 Corr. A pea 18d;'3 Corr. bels and pes 161 d: W.L. S mere 2SJd; 15 Jbd e 17id;- 5 xbd Hid; 3 ibd 3d; 8 bels and pes 12d; D.C. 10 lflt Jbd 23d.

WOOLBROKERS , ASSOCIATION. OFFICIAL REPORT. The first wool sale of the season was :held in the Caldeonian Hall yesterday, when approximately 5000-bales were submitted. The offerings were generally, good, but light in grease, and showing slight dust. Few Station clips •were forward, a big proportion of the fine wool being farmers' lots. Bidding was , Blow but persistent, the sale being dominated by Continental, Japanese, and American; buyers. Bradford buyers operated with great caution but local mills were bidding keenly for fine super lots. The following is the range of priceß:r----d. d. Merino, 64/70, 60/64 Super '■■ :. „..-■ 25- to 26£ Average . • •» 21 to 24J ■ Inferior ; . iii-., .. , 18i, to 20 I Corriedale — >' Super. .. l *. 2JJ t0.26 Average .. ««. 20 to 23 Inferior ... •'• 17 to 18J Kne Half bred, 58,56/8, 56 Extra super .... ••' U P *° % 5 i Super .'••...- ..24 to 25 Average -•• •• 20 * to Z ' di Inferior ..>.., .17J,'to 19 Medium Halfbred, 50/56,50 Extja ; super .. .. up to 241 Snper ' .. ». 23i to 24 Average .. .'.' M 4 to 21* Inferior ... . '•-.. 16 to 17j Coarser Hdlfbrad, 48/50 Extra super .. .. up to 20 Super .. ••', Mi t0 Average •• ' ■• • 15 to 16 i . Inferior .. .. 13 to 14 Fine Crossbred, 46/48 Super .. .. 16. to 17J Average • • "•■' ""> • 13 i to 15^ Inferior ... '•-■ Hi to 12J Medium Crossbred, 44/46 Super . • .. 13 to H^ " Average ■*■. :><:U. to 121 Inferior ; . .. 9J to 10J Coarse Crossbred, 40/44 • Super • ■• .. 11* to 121 Average •'■•'.' •• 9i to 10J Inferior .. •• H to. .9. Bellies, Halfbred— . Good to super .. 14 t0.16* Low to medium .. 12 to 13 Pieces — Half-bred, good to super 18 to 24 Halfbred, low to medium 12: to 16 Bellies and PiecesCrossbred, good to super 9 to Crossbred, lov?- to medium 7 to 8J Crutchings^— Medium to good .. 8J to 11 \ Inferior and seedy .. 6 to 1\ LocksHalf bred .- '• • 7 to 81 . Crossbred- ... ■'••■'. 5J to 6J , OXFORB STOCK SALE. There was an «ntry of 35 head of cattle at' the special sale held yesterday. Most of- the lines came forward in good condition and included quite a large entry of 3 ana 4-year-old . steers. The market was spasmodic, being dull and .dragging at times. A good im» ot 30 four-year-old. steers made. £1 7s 6d, and a nice line of 25 three-year-old Htreforda were withdrawn at £6. They were in'good condition but small. The average prices • were: steers SI to '£7 7e 6d, 20 three-year-old steers £6, two to two and. a-half-year-old steers £ 3 10s to £5, yearling eteera up to £2; good' dairy cowa up to £7, springing heifers £3 10s to £6, spj-ingera went anything from 30s to £6., three-year-old heifera £3 10s, two-year-old heifers £2 5s to £3, 12 to 18 months' heifers up to 405,-empty cows were almost unsaleable.

REILLY'S (DUNEDIN) MARKET REPORT. Actual pricea secured for Christcnurcli consignors at' yesterday's sale: Ilegret Christchurch cherries rather ripe, Is 6d. Is 7<3, Is od; strawberries, Is 6d, Is 9d, 2s Id; tomatoes, stemleas la 6d, Is 3d, Is lOd, ptems on 2a ljd, 2a 2d; gooseberries. 3jd, id; potatoes, 5Jd 6d, 6id; green peas, 4Jd, 4Jd, 6id, s id, 6Jd lb; asparagus, 7s 6d, Bs, 8a 6d, 9s; cucumbers, 16s 6d; cauliflowers, 10s 9d, 12s; cabbages, 3a 6d, 4s; chcico Stunners, lis 3d; Lord "Wo]sfil«y armies, 7s; Winter Kelis pear 3, 14s Bd. " Consign ; your produce to Reilly's Central Produce Mart, Ltd., Bunedin. Prompt action,'record sales,' and honest service are assured, 6

DAIRY CONTROL BOARD. REPLY TO DAIRY FARMERS' PRESIDENT. (p&ess Kssor.nnoix tzlsgkaic.) WELLINGTON, November 15. In connexion with the Dairy Control Board the following is issued by Mr W. Grounds: "My attention has been drawn to a protest from Mr Parker, president of the Dairy Farmers' Union, against undue haste in connexion with the election of the Dairy Control Board. I wish to point out that ftlr Parker and another representative of the Dairy Farmers' Union attended by invitation a meeting of the Dairy Control Committee, Wellington on October 31st, at which the ticket was nominated. The date for the election of the Board was known «it that meeting, and neither of these gentlemen raised anv objection to the date fixed bv the Government for the election. Their objection to the ticket rested purely on the fact that the committee would not agree to the' Dairy Farmers' Union placing two names on that ticket without the review of the committee." NEWCASTLE COAL IMPORTATIONS. BIG FIGURES. (I'BBSS ASSOCIATION TELKGBAH.) WELLINGTON, November 15. The Minister of Minos supplies interesting figures relating to the importation of coal from Newcastle, owing to the stoppage of work in the West Coast mines. Early in September, the Dominion's needs could be met by New Zealand collieries to the extent of at least sixty per cent., but «is the result of the stoppage referred to, Newcastle is now supplying practically the whole. Nearly two hundred thousand tons have arrived in New Zealand from Newcastle in the last three months, as follows: . Tons. August ... ... 31,064 September ... ... 50,976 October ... ... 73,667 November ... ... 36,000 Total ... 191,697 The November figures cover fihipmentaup to Monday last.

COMMERCIAL BANK OF AUSTRALIA, LTD. INCREASE OF CAPITAL. In order to meet the requirements of, the expanding business of the Bank, the [Directors of the Commercial Bank of Australia Ltd., have decided to recommend to the shareholders that the capital should be increased to £3,580,224 by the issue, at an early date, of 457,394 new ordinary shares at a premium of 10s per share. It is. proposed that the new shares shall bo offered in the first instance to both classes of Bhareholdera in th© pro. portion of one share for every two shares held by them. These shares will carry dividend on the amounts from time to time due and paid up, but interest will be allowed at the rat© of 6 per cent, pej annum on all instalments paid before their due dato. WHEAT PRODUCTION. AVOIDING A SURPLUS. (bs cable—press associatiok —copttbight.) (australian and Ij.b. cabi.h association.) CHICAGO, November 14. The National Wheat Council's Production Committee, reporting on the programme for the solution of the wheat problem, declared that the growers' profits were jeopardised by consistent over-production, and urged fanners to reduce the total ' acreage from sixty-two to fifty : millions. The committee advised the diversification of crops, and also recommended a regional conference to determine the reductions in. local acreages to co-ordinate with the national programme. ASSISTANCE FOR CANNERS. (bt cable—press associatiok—copyright.) (australian and n.z. cable associatiok.) MELBOURNE, November 15. Dr. Earle Page and the Hon. Austin Chapman offered a deputation of fruit growers and canners a bounty of Is a dozen on thirty-ounce tins of clingstone peaches and lOd on freestone peaches, being an approximate increase of £12,000. Dr. Page subsequently stated that the co-operative canning factories, the Lee ton State factory, »ind the growers were prepared to accept the offer but the proprietary canners were holding' out for more. MINING IN CENTRAL OTAGO. Further evidence of an impending revival of the mining industry was conveyed in the Warden's Court at Cromwell on Wednesday, when IS applications for prospecting licenses, each being for 100 acres of the Clutha river above Low-burn, on behalf of a big mining syndicate, were granted. Five applications for prospecting licenses of 100 aaree each at Nevis were also granted. The intention of both syndicates is to bore areas with keystone drills to' ascertain the prospects for dredging with large machines. A local syndicate which recently acquired the Shine Company's dredge and claims on the. Clutha iriver is now engaged in effecting a complete overhaul and repairs, and the dredge is likely to resume, work in about 10 days. MONEY IN TOBACCO. What is considered to be a record return from tobacco. cultivation has been obtained by Mr J; E. Kneebone, on tho Ovens river flats, north-east Victoria, Mr Kneebone was paid £SOO for the product of four acres. . The yield totalled 4 tons,.and ( the average price for the whole crop was 2s 6d a pound. The crop was grown on rich, black, soil flats of the Murray valley. Mr Kneebone says mat as long as the present price for leaf is maintained'tobacco cultivation will remain profitable. 'lhere ib a bright future before tho tobacco industry in the Murray valley and in the Tuxuut district, where already the best tobacco in Australia has been produced. TALLOW SALES. Messrs Pyne, Gould, Guinness, Ltd., have received the following cabled advice' from London, dated 14th inst.:—All grades 6d up, with equal demand. Five-eighths of the , offerings were sold, with keen bidding. J . Messrs Booth and Co. have received the following cabled advice from London:— At the tallow sales held on November 14th ' 1129 casks were offered and 706 casks. Bold. | Edible mutton 45s 6d, edible beef 43a. good mutton 43s 6d good beef 41s 6d, good colj our 41s, no colour 36s 6d, gut 86s. On NoI vember Ist jtbeks were 7328 ' tons. During October imports were 2184 tons, and deliveries ■ 8316 ton*.- ■

ARGENTINE'S PRICE-FIXING LAW. LIKELY TO IMPROVE BEEP PRICES. The law passed by the Argentine Government fixing the minimum prices of 27 centavos for chilled beef .cattle, 24 centavo3 for frozen beef cattle, and 19 centavos for cattle of Continental type, is bound to have a stimulating effect on the prices of New Zealand and Australian frozen beef on the London market (says the "Dominion"). Indeed, according to advices received by the Meat Producers' Board, an improvement An values has already taken place. The history of the matter leading up to the price-fixing law is briefly as follows: —Some time ago the Argentine Government appointed a committee invested with power to investigate the books of meat exporting companies, and the committee examined the accounts of the companies for 1922. The committee discovered that for that year the cost of treatment of the cattle was .88 of a penny per lb, and the (value of the by-products for that year'l.42d per lb. The prices fixed by the Argentine Government are the live weight prices, and are equivalent to about 4£d for chilled beef cattle, 4d for frozen beef, and 3.17 d for Continental type of cattle. By deducting from the above figures the value of the by-products, 1.42 d, and adding the cost of treatment, .88d, the cost of the beef in cold store would be 3.96 d, 3.46 d, and 2.63 d for the respective grades. The British and American packers have informed the Government that they would cease purchasing Argentine beef, not on account of the prices fixed, but because or the differ, ent classification to that to which the packers have been accustomed. However, the law is to be enforced, and the packers will not be able to depress beef prices in London to the detriment of Australian and New Zealand frozen bee£ which they were doing at the expense of the Argentine producers.

AUCKLAND FISH BUSINESS. COUNCIL SELLS TO SYNDICATE. "V (PESSS ASSOCIATION TELEGBAM.) AUCKLAND, November 15. , The City Council has approved, the sale to a syndicate of the city fish business at a price not announced. The syndicate takes over from November 26th the trawlers Cowan and Simplon and the tenancy of the municipal retail fish shop. It is also allowed half the area of the wholesale market to conduct a public fish market. The city enterprise has' been unprofitable for some time. AUCKLAND CITY LOAN. (PXZSS ASSOCIATION TELZOSAU.) AUCKLAND, November 15. The City Council has had underwritten in London, at 99, a loan of £250,000 at 5 per cent, for 21 years, the proI ceeds to be expended: Tramways, £105,000; street works, £109,000; zoo development, £20,000; two suburban libraries, £16,000. • , LONDON WOOL SALES. (Beceived November 15th, 8.35 p.m.) LONDON, November 14. The wool sales closed with prices firm. Ths> attendance was maintained throughout, i In all 69,400 bales of Australian and 97,140 | of New Zealand wool were catalogued ana pTfccticaliy all sold. The merino section wis small and miscellaneous, but the demand was well maintained. Prices closed at par to five j>er cent: above September closing rates, fccoureds generally were five per oent. above, Large ofifarings of crossbred were keenly competed for, chiefly by the * Home trade, with useful support from France. - Prices hardened throughout. Fine closed five per cent, above September rates, medium and lower sorts ten to fifteen per cent, and scoured five to 7i per cent. Slipe3 met y the keenest competition. Crossbred and three-quarterbred were fully 10 per cent, above September rate 3, and coarse and faulty five per cent. New Zealand lots sold as under:—J.C. 31id, Taratahi 80d. The next sale will be held on December 3rd. The quantities have not yet been fixed. The New Zealand Loan- and Mercantile Agency Co., Ltd.-, "have received the following cabled ltd vice from London:—Aa compared with Jast year's closing rates prices are 7& to 10 per cent, higher for crossbred slipe, medium crossbred slipe, medium scour-, ed crossbred, about par to 5 per cent., for Merino, about 5 per- cent, higher for .crossbred lambs, fine crossbred, coarse, • scourea crossbred. About 10 per cent.-higher for coarse greasy crossbred. AbosJ io.to 15 per/ cent, higher for medium gi*asy 'crossbred,. The prices realised for avenge f to super grades of •. descriptions as ,under* were es follows :—Merino, super 27d to 30d, average 27d' to SOd; crossbred, 66-58's, 24d to 28d, 60-56's 19d to 23d, 48-sp*s'l4d to!l9d, 46-43' a 12Jd to 16d, 44-46's llja to.Hd; 40-44's 10Jd to 12d, 86-40's lOd tb-lld. The sales closed firmly beday. r . Messrs Pyne, Goxild, Guinness, Ltd. have received the following cablegram firbm London:—Sales the highest point with a very firm tone.

SHARES (BY CABMfr—FBESS ASSOCIATION COPYRIGHT.) (AUSZBAUAX AND N.Z. CABLE ASSOCIATION.) (Received November 16th, 8.40 p.m.) LONDON, November 14. Waihi shares, 16s 9d; P. and O. (def.), buyers £295, sellers £305; TALLOW. | (Received November 15th, 9.35 p.m.) > LONDON, November 14. At the sales 1129 casks were offered and 835 sold. Fine mutton advanced about 2s per cwt, and other sorts mostly 6d. Mutton, fine, made' 45s Gd and medium 395. Beef made 43s 6d and 39s respectively. STERLING EXCHANGE. (Received November 15th, 8.4S p.m.) LONDON, November 14. The exchange on New York ia 4.3E§ dollars to the £. CUSTOMS AND EXCISE DUTIES. IPBESS ASSOCIATION TZLKGBAM.) WELLINGTON, November 15. The Customs duties collected in New Zealand during the September quarter totalled 1,771,016, compared with £1,440,850, in the corresponding period last year. Excise duties collected in the same periods were £150,363 and £148,802 respectively. EXPORT LEVY. (58839 ASSOCIATION TBLXOSAU.) WELLINGTON, November. 15. The "Gazette" notifies that from November 15th there will be a levy of. one penny per carcase on all veal and pork exported, in accordance with the provisions of section 13 of the Meat Export Control Act. CALCUTTA TEA SALES. (BT CABLE —PBZSS ASSOCIATION —COPYRIGHT.) (AUSTBALIAN AND N.Z. CAB LB ASSOCIATION.) (Received November 15th, 8.35 p.m.) CALCUTTA, November 14. At the tea sales, the market was weak. There was an average decline of a half-anna to one anna for better class sorts, particularly stylish leaf arid tipples. Dusts were in strong demand, and sold at an advance.

AUSTRALIAN SOFT WOODS. END OF SUPPLY NEAR. "Excepting Queenslai.d, there is an alarming scarcity of soft-wood timber in Australia. Even in Queensland tho supplies are dwindling, and it is officially stated that the northern State is within clear sight of the end of its important timber resources," said Mr A C. Mackay, F.K.G.S., who returned to Sydney last week by the Yoshino Mara from a business visit to Northern China and Kussia. Unfortunately in the future Australia, ho continued, would have to look oversea for her supplies. He was thoroughly satisfied that their requirements would be best met by Manchuria. The trade was as yet in its infancy, and was being carried on by the most primitive methods. He considered that opportunity should be taken by Australian manufacturers of the inducements and liberal terms offered to establish mills in Manchuria, preferably by private enterprise. The only means whereby Australian manufacturers could secure supplies was to. take up concessions which were leased by the Chinese Government, and do their own cutting. Mr Mackay said he was surprised to find how conditions in Eastern Russia, which could be regarded as a reflex of the country generally, were contrary to beliefs held regarding them in Australia and elsewhere. Even when at Harbin, in Manchuria, which is withineasy reach of Vladivostock, he was warned against taking anything of value with him to the latter town. On arrival there he found nothing but orderliness prevailing in the city. The residents were most law-abiding. Works of a progressive character were being carried out, and it was possible to walk with the greatest safety along "the streets night or day. The Government officials were most business-like in their methods, and. offered every assistance to visitors requiring information. It was found that the bandits gave those engaged in the timber business in Northern Manchuria no trouble, and never interfered with the working of the concessions.

AUCKLAND MARKET. (special TO "the pbesb.") AUCKLAND, November 15. ; The wholesale trade report an improved volume of business and the grocery trades particularly should be busy right up to the end of next month. The retail grocery trade has been having rather a quiet time lately and the cash returns up to the end of last week have been very much less in comparison, than the previous years. Some stores are already making a showing of the Christmas fruits, etc., with a view to encouraging the public to make their purchases early. All dried and canned fruits are much lower in' price this year, and the demand should consequently prove greater than usual. Hardware—Evidently the recent heavy arrivals of oversea cargoes have enabled the wholesale houses to execute all enquiries, and business is now • not eo' brisk. The town trade is fair, but very little country business is coming to hand, although an e*rly improvement is expected and well assorted stocks are now available lotatoes^—Old southern potatoes are now about off the market, but are still required by bakers. The local' market is' now better supplied with new potatoes, and in the course of a.week or two the quantities cent in should be' ample for all requirements. A great many potatoes are also grown for home consumption by residents in the suburbs and these are about ready for digging. Latest reporta from Pukekohei are to the 7 'effect that the yield of .potatoes in thatdiistrict will be a. good one, as the growing/ crop is looking. remarkably well at the present time. Tn-e wet week-end was not unwelcome to. growers of potatoes, and as the ground got a good soaking it will last for some time. Present quotations for'new potatoes are about £l9 per ton on trucks at Pukekobe, which pays growers well. So far there has' not been any complaints about blight.. Onions—Supplies of onions are now very bare. Victorian onions are now exhausted and New Globe onions from the Commonwealth cannot reach Auckland' much before Christmas time. Meanwhile the local market is dependent upon onions. imported from America, which are now as high as 40s per crate of 1001b. As the last lot imported was a small one, it is questionable whether there will bo enough onions to supply tKis market until the first of the new local crop is ready Beports are to the effect that the new onions are coming oh very well. Maizes— Growers of maizo are- apparently not disposed to send up any large quantity' at present prices as shipments have been on the light side for some time past. Prices for maize at Gisborne continue firm, therefore tiero, does not seem much chance oi easier, rates ruling on - the local market. Iho; quotation is 6s per bushel ex store. .'Oats—Local stocks are light, as merchants ,<4re quite content to buy merely from hand |to mouth,: expecting a. drop in price as soon as the Australian demand ceases. A grade 4s 9d. per bushel, B grade 4s 6d ex store. Chaff—The market is firm. Best •southern £tl to ill 10s per ton. ■ The wholesale current prices are: Superfine creamery butter Is 6jd per pound for prompt cash; first grade separator, Is to Is 2d; cheese, first grade factory, medium Bize 10Jd to Is per pound; hams, la 3d per ib; bacon, Is 3d per lb; lard, bulk, lid pata Is;, honey, prime grade sections, BJd to 9Jd; eggs, hens, Is per doz.; flour £l7 ss, less 2.J per cent, discount per ton in 200 lib sacks; sharps, £8 10s; bran, £6 10s; oatmeal (25's), £26. •

SOUTHLAND MARKETS. (special to "tot mas.") LSVERCARGILL, Novmber 15. Oats—Although stocks are now in. very small corupasa and there is nothing offering from farmers, nevertheless there has been no change in values during the week. The demand is small and buyers apparently can ahvaya find some seller at prices recently ruling. Values to farmers are the same as last week, namely, 2a 9d for A grade Gartons and Sparrowbills, 2a 7d for n grade and 2s 5d for f.a.q's. Really gooa Duns, axe worth up to 2a 3d, but inferior lines are not in demand and they are very difficult to sell. They are worth from 2s 3d to '2s 6d. Wheat—The market for fowl wheat is fairly firm. There is a good enquiry for shipping, and there is also a "good local demand. VaJues to farmers for good whole fowl wheat are about 4s 6d per bushel down to 4s for medium lines. All the milling wheat Eeems now to have passed into millers' hands. Chaff—There is not much offering at preeeht owing no doubt to farmers being busy with their spring trade. Any really prim* linea are saleable at from £4 to £4 ss, but inferior lines are not in request, andare difficult to sell even at a bag reduction on these prices. .Ryegrass—There is nothing doing between merchants and farmers as the whole of last season's crop is now in merchants' hands. Merchants' stocks are' also very light, as sales have been going on eteadly right through the season and stocks held were never heavy. Trade with the North seems to have improved during the last few days, and some sales of 27-28 and 291b seed have been made at up to 7a 3d per bushel. Should the demand from the North increase, merchants here will find it difficult to fill their orders. Potatoes —The only table potatoes now on the local mark/rt are those down.from northern centres. These are selling at from. 9s to 10s per cwt. Fruit—The market is well supplied at present with grapes, bananas and pineapples. There is a shortage of first-class dessert apples, and first grade have firmed. Lines which were worth from 7s to 9s last week are to-day worth from 12s to 15s 6d. Cherries are coming forward freely and prices have dropped quickly.* Hothouse tomatoes are also coming forward and arriving in excellent condition. A further shipment of bananas and pines is due ex the Atu* to-morrow, and should command fairly high prices as there is at present a big demand for these fruits. Green peas arn now on the market, but other varieties of vegetables are scarce. "Wholesale prices are as follow —Bananas (green) to 38«, oranges 30s, Fijf pineapples 17s to 20s, tomatoes to 3s 6d par lb, strawberries to 2s 3d per chip, cherries Is to Is 6d per lb, green peas to 8d per lb, new potatoes to 4jd »er lb.

CHRISTCHURCH STOCK EXCHANGE. YESTERDAY'S TRANSACTIONS. Sale reported—Beath and Co., 32a 6d. Sales on 'Change—Goldsbrough, Mort, 45a (2 parcels). LATEST QUOTATIONS. Stock. Buyers. Sellers. £ a. d. £ e. d.

OTHER EXCHANGES. ■»* (PEBS3 ASSOCIATION TBMGBAHS.) AUCKLAND, November 15. Sales—Soldiers' Bonds, £IOO lus; N.Z. Breweries, £102; Bank of New Zealand (old), 51s; New Zealand Insurance, 295; Auckland Gas (eont.), 8s 6d, Ss 4d; Wilson's Cement, 295; Waiii, 265; Grand Junction, 4s lOd. WELLINGTON, November 15. Sales reported:—P.O. (Bonds, 1927, £9B;. Inscribed Stock, 1933, £IOO 10s; P.'and.O.Bonds, 1927, £97 15s; Ward and Co., £2 2s 6d. , Sale on 'Change—Wellington Transport (ordinary), £9 6s. DUNEDIN, November 15. Sales Reported—Waihi,. 26b.

N.Z. N GOVT. DEBENTURES— 4J per cent. Inscribed, 1938 96 17 6 97 2 6 3 per cent. Bonds. 1927 98 0 0 6i per cent. Inocribed, 1927-il — 99 0 0 COMPANY DEBENTURES— Glaxo, 6J per cent., 1913 62 10 0 90 0 0 Giebornp Sbecpfarmea« 7i per cent, 1931 .. 100 0 0 102 0 0 BANKS— Bank of Adelaide 8 6 0 Australasia 13 1 0 13 5 0 National of N.Z. 6 17 0 New South Wales (cum div.) S9 12 6 40 5 0 New Zealand (new issue) 2 9 6 — Royal (£1 paid) — 1 16 a Royal (£4 paid) 6 10 0 7 0 0 Union of Australia ,, 14 15 0 14 17 0 INSURANCE— New Zealand .. 1 8 9 1 9 6 South British — 2 0 0 Standard 1 17 6 LOAN AND AGENCY— Dalgaty and Co. (cum div.) — IS 13 0 Goldsbrough, Mort 2 4 6 2 5 National Mortgage — 4 3 0 N.2. Loan and Merc. (ord. stk.) 78 0 0 82 0 0 SHIPPING— Howard, Smith . 2 11 0 2 12 0 Huddart-Parker 2 1 0 2 1 6 Huddarfc-Parlcer (pref.) 1 0 0 — P. and 0. Deferred Stk. (cum div.v — 308 0 0 FROZEN MEAT— N.Z. Refrig. (£1 paid) 1 8 3 1 4 0 JN.Z. Refrig. (con.) .. 0 10 9 0 11 3 COAL— V Taupiri — 1 0 6 Westpart (cum div.) .„ — 2 0 0 Westport-Stockton (ord.) — 0 5 9 Westnort - Stockton (pref.) — 0 8 3 WOOLLENS— Kaiapoi (i'l paid) 1 0 6 1 1 6 Kaiapoi (con.) 0 10 0 0 10 9 Kaiapoi (jyref.) 1 0 6 1 1 6 GAS-i-ChristchuTch ». — 8 4 BREWERIES— Cr«wn '..«■ .. 2 16 0 2 17 3 Manning — 1 6 0 Ward 2 1 0 2 3 6 CEMENTS— Wilson's (cum div.) 1 9 0 1 9 3 TIMBER— Kauri (cum div.) 1 7 9 1 8 8 MISCELLANEOUS— Beath and Co. 1 12 0 1 13 0 Burns, Philp 1 12 0 1 12 6 D.I.C. (10s paid) •— 0 15 0 Eclipse Petrol (£1 paid) — 0 9 0 Glenmore Brick and Tile 1 0 0 — Mason, Struthera (£1 VP paid) — 1 5 0 N.Z. Farmers' Co-op. (£2 paid) ■...■•■ 0 7 0 0 12 0 N.Z. Farmers' Co-op. (7§ per cent. Bonds, 1926) — 92 0 0 Whitcombe and Tomba 3 12 0 8 14 0 B.A.W.R.A: ... 0 15 6 0 16 0 MINING— Mt. Lyell (cum div.) .. ,. — 1 3 3