COMMERCIAL.

Press, Volume LIX, Issue 17940, 7 December 1923, Page 10

COMMERCIAL.

■■ ■ 1 ■* THE GROCERY TRADE. REGULATION OF PRICEvS. (PRESS ASSOCIATION TEnEGBAJ! J AUCKLAND, December o. The effect on the business of manufacturers as a result of price-cutting by retailers was brought under the notice of the executive of the Industrial Corporation of New Zealand by the New Zealand Master Giocers As fcociation. The latter asked thai presentatit'es of the corporation lie present at the Association's conference, opening here on January 28th, so that ilie vexed question of price regulation might be discussed. ( u The president (Mr All urn; said ishould be permissible for traats to combine to fix prices in the mtei es 3 o: their industry subject to investigation by the Board of Trade. It was decided to advise the Association that the scope of the corporation did not embrace the question oi price fixation, but the corporation would be represented at the conference. FARMERS* CO-OP. FINANCIAL PROPOSALS CONFIRMED BY COURT. The rifl.mcial proposals submitted to the bond-holders and free and fixed depositors of the New Z-ealand farmers Co-operative Association, of Canterbury, Ltd.. at a meeting held on November il2ad, and adopted by an overwhelming majority, were presented to the Supreme Court for connrmation. The application was made to the Court l>y Mr H. C. D. van Asch, and, with a slight modification, it was approved by Mr Justice Adams. The motion was one agreeing, upon certain conditions, that bond-holders should accept 6* per cent, instead of H per cent.; that the Association sliould be released from payment of the debenture tax of 3s in the £, and that all deposits should be converted into fixed deposits for terms as set out in the proposal submitted to the interested parties. AGAINST MEAT LEVY. THE N.S.W. PREMIER. (Received December 6th, 10.15 p.m.) SYDNEY, Xtecember 6. - Following Dr. Earle Page's recommendation to apply to Sir .John Fuller (Premier of New South Wales), a deputation from the Meat Council waited on the State Premier, asking him to introduce a Bill to authorise'a levy to finance farmers' meat works. In reply, Sir John Fuller stated that he was against the, levy; and the Meat Bill would not be put through this session, but would be referred to a Select Committee which would sit during tho cecess. AUSTRALIAN MEAT. RETAIL SHOPS' PROPOSAL. SYDNEY, December 6. ' The Australian Meat Council discussed Sir Henry Jones's proposal to send meat to Germany and to form a distributing corporation to acquire retail shops in Great Britain. Speakers expressed the opinion that as these shops would necessarily have to deal witn other meats besides Australian, the proposal should include the payment of a. bonus to shopmen to push the Australian product. * TTie meeting carried-a resolution of sympathy with the project, but stating that the Council could undertake no , financial responsibility in connexion therewith. It is believed that Sir Henry Jones suggested that should be raifsedjto finance the scheme by means of ordinary shares which his firm would be prepared to "Underwrite. Another stiggedtion'is that £500,000 be raised by Government debentures and £500,000 by preference shares, the wholejCarrying 7 .per cent, interest. ARGENTINES BEEF. CAPTURIIIQ HOME MARKET, LONDON, December 5. The Central News Agency says that Mr Bruce's contention that the Australian meat trade is being captured by the Argentine is amply borne out by analysis of tho supplies of meat to the London central markets for the eleven months of 1923. Australian and New Zealand Wef supplies in that period declined by 90d6 tpns as compared with a similar period of 1922, whilst South American supplies increased by 19,452 tons. THE SMELTING INDUSTRY. (BT CJ,BX£»—PESSB ASSOCU.MOK—COPyWOHT.) (AUSTBiiais jun> u.z. casus association.) __ LONDON, December 5. The i\ ationaL Smelting Company is acquiring the, Swansea V a!© and Avonmouth zinc producing plants, and also a large interest in the Burma Corporation. WHITE ISLAND SULPHUR. COMPANY FLOATED IN LONDON. (TOOK OUX CWS COBBESPONDJUtT.) LOUDON, October 25. A company, to' be known as the "Wlxit® lai*nd (N.Z.) Bolphur and Fertiliser Company, .Lid., has been formed''to acquire the property known as "White Island, from Major, A. A. Mercer, the .actual owner, for a cash payment of £IO,OOO, 49,000 fully paid up shares, and a call at par for two years on the £16,000 of reserve working capital chares. The directors are Major-General Sir E. D. Swinton, K.8.E., Major John F. F. Trelawny, Captain T. E. Donne, Mr I. W. Baymoztd, Mr L. K. Biindley, and Mr K. J. .WallkhJones.- The secretary is Mr F, F. Fuller, and offices haye taken at 633 Salisbury House, London Wall, E.C, 2. The prospectus states that all sulphur on White Island is practically arsenic-free, and can be worked at a minimum expense. A great percentage of the sulphur from Italy, Kicily, tmd Japan ia impregnated with ar- ! senic, and without treatment is useless for i pulp manufacture, an industry with a great I future in New Zealand. The deposits ore inexhaustible so long as the island remains thermally active, and should this activity ce»se, it is estimated that there are hundreds 1 of thous*nda of tons now available of high- i ® lm "? _ore, and of material impieg-' iwted. Mdgftr up to 75 per cent. It I » elated that a well-known finn in New Zealand is wiUmg.io ente r into a contract for the purchase of .10,000 tons of sulphur annually ; eo a«t the eompany candJ liver it, its supplies now jl, " . iho U tkrt &*£m. , g dnwra ,rom

AUSTRALIAN SARDINES. » NEW INDUSTRY LIKELY. ifijH crx ov.'.v cosarsroiDEKT./ SYDNEY. November 29. Australia every year imports many hundreds of thousand pounds' worth of fish iicf. oversea. On tho Australian coast, is b stated, are multitudes of little nsh which are now us?d mainly as bait, .when they are used at £il> but wllich are more closely related to the true sardine than the Norwegian fish. Tentative proposals are now on foot for establishing an Ay.tiru!ian sardine industry. If it is decic-ccl to embark on the industry, Brctjn fishermen may be brought out to give it a helping hand. It is considered that there is r.o rea-son why Australia shou.d not supply her honi'j market instead ol in".porting sardines to the value ol €260,0W) or so a year. Tk. duty on sardines is now Id a lb on tnose produced in Great Britain, and '2 Ad a ib on lhr.se imported from foreign countries. Prao tici-liy ail th 3 sardines imported into Austrai):i com'* ii\;m foreign countries, but the Tariff Board iias promised that if this new industry is started in Australia it will receive a ery consideration if a higher duty is sought. MEAT SHIPMENTS. j'r.Koi association TSLEGEAU.) W'KLLINGTON, December G. A caVegrcn-i ie:Kveu by the Xc* Zealand Meat Producers' Bond from its Anstra'iau representative suys that '-he loinb shipments for October, 19*23, were 112,600 carc«se3, end November ••li-J.COO carcases. It is estimated that Tor December the shipments will be about SCO.OOO carcases. This will practically finirh the -e.:s.->n. The comparative lamb shipmeuu {rem Australia last yc?r_for the same* months wc-e ;:3 follows: —October, 412,800 carcase.?; November, 950,340; December, 500,000: January, 1023, 210,000; February, 205,000; llareh to end o'f season, 306,103 —total, 2,634,523. I:i regard to mi;tt-on, tjie shipments this ye ;r arc as follow* :—October. 375; November, 18,700: December (estimated), 30,000; whilst far 1922 the shipments were :—October, 03,430 carcases; November, 115,613; December, 415,000; January, 1923, 440,000; February, .105,000: Hprch- to end ox season, 3y,7ol—total, 1,752,741. Shipments trorii the Argentine for this year and l.ist year to date are as follov/s; 3922: Lamb, October, 71,381; November, 268,395. 1923; October, 89,700; November, 351,81'0. Mutton: October, 1922, 51,082; November, 119,718. 1923: October, 79..500; "November, 126,100.

SHEEP RETURNS. (PRESS ASSOCIATION TELEGBAU.) WELLINGTON, December' 6. The official aheep returns issued by the . Department of Agriculture in respect of the 1923 season show an increase of ewes m New Zealand this year, compared with last year, of 566,949. The official lambing estimate for this season reveals an estimated increase over the whole Dominion of 655,541 lambs. The .flocks of eheep in tho ■Dominion have considerably decreased in the last few years, but with the improved financial position and the ,improved price of wool more ewe lambs will probably be kept this year, so that although there is an estimated increase of 655,541 lambs it is doubtful whether shipments for the ensuing seaeon will be much, if any, in advance of the previous year. AUCKLAND SHOW. (press association telegrah.) AUCKI/Alsjj, December 6. The awards in the dairy section of the Auckland: Show, which opens to-morrow, are: —■ : . Butter —Hikurangi, 96 points, 1; Wliangaroa, 934 points, 2;. Kaitaia, 95 points, 3. Cheese—Hautapu, 93J points, 1; Gricedale, 93 points, 2 (both factories owned by the Cambridge Co-op. Co.); Waimana, 92 i points, 3. Butter entries totalled 25 and cheese 23. LONDON WOOL SALES. (BY CAJILE—PBE3S ASSOCIATION —COFYBIGHT.) (AVBTK.UJAK AND N.2. CABLE ASSOCIATION.) (Heceived December 7th, 8.15 p.m.) LONDON, December 6. At tho wool sales there was a good selection of croßsbreds, but a small offering of merinos. All prices were very firm, with a continued hardening tendency. New Zealand crossbred P.A.W. eold at 26 pence. The (Department of Agriculture, Wellington, has .received the following cablegram, dated 4th instant, from the High Commissioner for New Zealand, London: "AVool—Sales opened yesterday (Monday), with large attendance of Home and Continental buyers. Competition was strong, specially for croaabred. Compared with cloa. ing rates for last serieß, prices for merino are little changed, on average par to 5 per cent, dearer.- Croasbreds have advanced, fine crossbred 5 per cent., and medium and coarse crossbred 7A per cent, to 10 per cent." • TALLOW. (BY CABLE —P3ESS ASSOCIATION —COPTEIQET-) (AUSTRALIAN AND N.Z. CABLE ASSOCIATION.) • (Ecceivcd December 6t£, 9.30 p.m.) . . LONDON, Deoember 5. ( Tallow—Of 1378 casks offered, 715 were sold. Good and fine were unchanged ayid moat was withdrawn. Low sorts advanced | sixpence. Dalgaty and Company, Limited, have re- [ ceived the following cablegram from their London office, dated Decern oer sthj 19*23: "Tallow—At the weekly auction 1890 casks tallow were offered and 70$ sold. Prioes for t low and inferior descriptions of tallow aro I sixpence higher. For good descriptions buyers are holding off." Pyne, Gould, Guinness, Ltd., have received the following cablegram from their London principals, dated sth instant: "Tallow prices unchanged, inferiors relatively 6d dearer than better sorts. Half of j offerings were eold." Messrs H. Turabull and Co. are in le- ' ceipt of the following cablegram from W. Weddel and Co., Ltd., dated London sth inst."Tallow market unchanged; 140J casks were offered, of which 700 casks were sold. Inferior 6d extra." | AUSTRALIAN MARKETS. ! (Received December 6th, 10.15 p.m.) . SYDNT2Y, December 6. b Oats—Ta&mani&n Algerian feed, 4s 9d a j. bushel.; white 4a lOd a bushel! Mai re—Local yellow and white 6s 6d a ! bushel; South African 6s 6d a bushel. Potatoes—Local £K) a ton; Tasmanian £23" to jB2o & ton; West Australian £22 a ton. Onions—Victorian £4 to £3 a. ton. | ' - ADELAIDE, December 6. ! Oats—3s to 2s 2d a bushel. AUCKLAND HIDE AND SKIN SALE. The fortnightly auction sale of hides and 6kins at Auckland on Tuesday disclosed a dull market.. Comparatively few lines of hides changed hands, the majority being passed in at about a penny under last week's quotations. The exception to this was calf skins, for which there was good competition, and most of the lines were cleared at satisfactory prices ranging from Is to Is 2jd par lb. A better market existed: for sheep ekin3, and prices for coarse wosl appreciated about Jd per pound, 83 compared with the previous sale. Quotations for sheep cucina are: Large up to 8s 4d each, medium 5s 3d to 6s 6d, small do., 3s to 4a, dry fuli wool skins to 10Jd per lb, half wool 6J<l to 9d, damaged 3d to 4Jd per lb. Fewer akins were offered at this auction, and one Srm did not sell at all.

AUCKLAND MARKET. tSrECIAI. TO "THE IKSSa. ) AUG'S-LAXD. December U. The retail grccery section rcFor. U , ec ber opening with a steady mcre„=e .n -rade and griced of loodstufi? are aoic rcas> tiiun'tast ycoi, an* tiioic :» every ;na ca.H;i of a heavy Christians .uincver. t - is already on the increase, % and t e _ sale section orders are coming ir. that s;;me v arc-housei are aiiH'-'-'y * c * cverHtue to cope trie extra Old southern povatais arc now toniplceg this market. A'ew ioc.:l potatoes a.e J— - Sf.it in tcc ireelv :or r.-qjuteaieiua. an- ~=> lines hsve to be soli i.-; lower. i;S y_ cuit promptly. The quolattor. i-i* 3 for good samples star.ds at t:oci ±v -o loi oer ten. ■ i Tioutv old onioiia on the lot." " liriie at are Autaricar. ones, :-r which from 33s io iOs ix-y lOOlb is "ssea. *ne jtrst c: the new Iccal onions wre uov to Le : eady for ths mantel 11: until early ill the new year. A of new Reason's Globe onions is expec.Irom AiiS'tjalia about Chrißtmas time. Very Gina!! shiT>nt.-nt3 01 aiaii« Lave to h;"ni since last report, consequently t'K' maricet is very linn. Gisoorne quotations continue steady at the recent advance. Lt -la not thought thai much maize v.'il. oe sent uy thi» siat thi cmis.mas and -Sew Year vacation, but viih lite present vers h-t v."jat :i J/ th i 3 dees n>- matter macn, as the demai.U for mai-a h«s tallfii considerably. , . Tli» marh'.-t fcr iov.l v neat 13 reported -,-v- - with indications that a further rise "in uric- i;- not improbable so tar as !_'<>od whole lines a:e concerned. ~ome wheat shipped f.om *ho Bluff lias ueen r--jected bv buyei3 on account o{ being ot inferior quality. I'hii indicates that goowheat has <v!veadv betn cleared. An exceptionally lirm market exists ur oats at present. Hav-ma::;ng :s now m hul s%vmg, and it would seem as if the yie d will be well up to the aver- jc, a 5 for "the hoi tew vtsp.w growl h 1)23 been vevy R'ood. and the weat-iei for harvesting all thai Cvitld te wished. A lot ci hay is a.ready safe in stacks. SOUTHLAND MARKETS. •SPECIAL TO ' THI2 PRESS. ) I.nVKRCAU'oIJL.L, December ti. Oats—The maixet is iauly firm, although there lias not been much advance in prices, y.oalu are light, but the demand has been sui-ii., and coaieiuent.y there has r.ot been a shJrtage. i'nees to tarmers remain the same as jast wee.;, nameiy, 'is 9d ( A graae Gartons and Spin row oiils, 2s ?d for U grade and -s. ad for t.a.q.'fi. lteally good lints of -hums are worth up to t:s t>d per bus..el. and lighter 2s Ld. \\ lisut—-i'he oniy tnuiaactions taking place in Southland ara in loa'l wheat. Tuere is a tair demand for shipment, and also a tail- local demand. Values .to hnmers are about is Cd per bushel for go-cd whole fowl wheat, dov/n to 4s per busliel f-or inferior lines.

ohjff—Supplies are not offering at all freely, and pr-ime lines are in good demand at up to £1 5s per ton. Inferior lines are not in request, and are saleable only at a big reduct.on on thia price. Kyegraas—There is no seed now offering from farmers, and stocks held by merchants are very light. The retail season has been a good one, and thia has absorbed a big proportion of merchants' holdings. The demand, from the north is not yet very strong, but there is a continual demand for moderate sized parcels, which are apparently going into consumption immediately. It oeems certain that the whole of this season's crop will be absorbed before the new season's crop comes in. \ It ia reported that in some districts the dry weather is seriously affecting' the _ grass seed, ana it is probable that some of the crop 3 will hardly be worth cutting. -

Potatoes—A few truck lots are still coming from the north, and these are meeting with a, fairly ready sale at from £8 to £ll per ton, according to quality. It is probable, however, that there will not be many mom potatoes brought forward, as new potatoes are now selling at more reasonable prices, good lines being obtainable at about 2d per lb.

Fruit.—The market is over-supplied with cherries, and strawberries are arriving in large quantities, and the season will soon be over. Owing to the hot weather a lot of the fruit ia coming in in an overripe condition. Thfc price has firmed for choice cherries and strawberries, prices for the latter ranging from Is Id/ to, Is 7d per pottle respectively, the softest strawberries being sold at from lOd to 1b 3d. QJhe market is bare of good Sturmer apples, but a line of Americans arrived during the week, and were sold at high prices, realising up to 25s per case. Sturmers are selling at from 8s to 15s per case,, and poorer varieties at up to 7s. 6d. Pineapples are realising up to 19s, and oranges to SOs. Hothouse tomatoes are arriving freely from Oliristchurch, and prices are easing considerably, choice varieties rangingfrom' Is fd to 2s Id per lb. K.-fURI TIMBER CO., LTD. The annual general meeting of ah%spholders in the Kauri Timber Co. Ltd., wa3 held.in Melbourne on. 6th instant, when report and balance-sheet for the year ended August 81st was submitted. lhe net prolits for the year, after providing for depreciation, income-tax, etc amounted to £74,041 15s 7d, which, added to' the a mount brought forward from-'last year £13,728 Os 2d, made a total of £87,769 15s 9d available for distribution.' Of this amount £60,000 wa3 absorbed in payment of dividend of 8 per cent., and the balance £27 769 15s Sd, carried forward. ' ' In 1920 the company w.ib reconstructed and the comparative figures for the past three years are aa follows: Reserves ■ n . an d , r u-ross iNet Dividend, carry lear probt.. profit.' Amount forward ended £ £ p.c. £ £ Aug., 1921 263,174 109,998 8 60,000 222 162 Aug., 1922 192,828 69,103, 8 60,000 227*735 Aug., 1923 191,603 74,042 8 Amongst tfie assets leasehold properties show a reduction of £27,969, consignments at valuation have been reduced by £l6 116 11? stock-in-trade by £42,380, while cfsh in'hand and at credit with bankers shows an in creaee of £27,654, and sundry debtors an n~ crease of £18,786. Liabilities show a "oS decrease of £69 074, chief reductions being ors ?4 76 V 9 wh I 42 ' 6 ° 9 ' 3 -?<V°9, while reserves and carrv fnr ward nave inpreased by £17,400.

! GEAR MEAT COMPANY. (FBOit A SPECIAL CORRESPONDENT.) WELLINGTON, December 6. The baiance-jhfiet of the Gear Meat Company for the year ended November 30th, shows a gross profit from sales, manufactures, etc., of £79,074, against £110,593 last year. With, transfer ieea and £26,990 brought r ,o ardl , the total w « 075, against £138,0 M last year. Salaries and other expenses absorbed £6725, the sum of £2386 ez f oade<l 011 wor - km o' plant, etc., fm!l if , , added { -° reserve fund (making that fund £170,000), and £3500 has been aaded to the i&auraace reserve which now etanda at £211,089. The dividend of la 6d per share or 7k per cent, absorbs £34,500, and provision for taxation accounts for a further £I2,SCO, leaving £26,464 to be earned, forward. , Besides the dividend of 71 pel cent., the shareholders receive 3d per share from the insurance reserve fund, 'rhe dividend and bonus are the same as those paid last year. THE PROPERTY MARKET. Messre R. S. McKenzie and Co. sold yesterday, on account of the Public Trustee by auction a property situated in Abberley road, consisting of 4a perches of land with 6-roomed dwelling-, for £BSO. REILLY'S (DUNEDIN) MARKET REPORT. Actual prices secured for Christchuich oonsignors at yesterday's sale. Tomatoes, prices 'easier; stem 3 on, choice —d f Is 3d, Is 4d, Is 6d ; stemless. choice, Is 2d, Is 3d, Is 4d, 1b £d ; stenile3s, choice, Is Id, Is 2d, Is 3d; seconds, inferior. Sd, Is; cherries, choice, Is ljd, Js 4d; medium, 9d, lid; inferior, 4£d, ' 6Jd; cherry plums, 6d; gooseberries, choice. 3d, 3Jd; inferior, ljd; black currantß, choice, 7d; local grapes. 4a 6d, £s; green peas, choice, freshly-picked, preen, 2Jd, 3Jd; stale, inferior, sweated, unsaleable; broad beans, 2d. Market over-supplied with cabbage, lettuce, cauliflowers; cucumbers, choice, 10s 6d, 13s 3d; small, inferior, 6s, 6a 6d; •asparagus, choice, 10s; others, 4s 6d, 7s; "Winter ttelis pears, over-ripe, 7s 6d. 10s, 12e 6d. Consign your produce to Reilly's Central Produce Mart, Ltd., Dunedin. Prompt action, record sales, and honest service are assured.' .... .

CHRISTCHURCH STOCK EXCHANGE. YESTERDAY'S TRANSACTIONS. Salts Keporuxi—Bari of »".Z. (Oki). 525; Govt. -JJ: per cent. Inscribed, 1038, i' 37 ; 5 per cent. Inscribed, 1933, £101; 5J per cent Inscribed, 1927-41, £93; Bank of Xe* Zealand ('Lev.'), 50s 3d; Union Bank of Australia, A'M 17s Gti; South British Insurance, ; Union Steam (prcf.':, '203 Cd; X.Z. EefrigwatiKg icon.lis id; 'Westpori-Stoclt-ton 'ord.i, 5s 4Jd; Kauri Timber (cuna div.;, Sales on 'Change—Goldsbrough, Mcrt. 45s

OTHER EXCHANGES. (PRESS ASSOCIATION TELEGRAMS.) AUCKLAND, December G. . Sales—Bank of New Zealand (old), 51s 9d; New Zealand Insurance, 28a 9d; South British, 38s 3d; Hikurangi Coal (pref.), 6d; Auckland Gas (cont.), 3a sd; Wilsons Cement, 28s; Waihi, 28s 9d, 28s 7d, 28s Gd, 28s 9d. "WELLINGTON, December 6. Sales reported—Bank of Australasia. £l3; Bank of New Zealand, £2 lis 9d, £2 12s 9d; Union ißank, £l4 17s 6d; Wellington Woollej? (pref.) £9 6s. BTTNEDIN, December 6. _ Sales on 'Change—Bink of New Zealand, 51s-9d (two); Waihi, 28s 6d (three), 28s 9d (four). Sale reported—Bank of New South Wales, £4O 12s 6d. DAIRY CONTROL BOARD , ELECTION. (PEESS ASSOCIATION TELEGBAM.) WELLINGTON. December 6. The roll for the postal ballot for the election of nine members of the Dairy Export Control Board has now closed. The total number of dairy suppliers i 3 53,068, of whom 33,563 are in th-j North Island and 19,500 in the South. The voting papers have already commenced to come in. Up to yesterday 650 had come from the South .Island and 3330 from the North. ASHBURTON, December 6. A conference of the three dairy factories •in Ashburton County decided to support the candidature for the three southern seats On the Dairy Control Board of Mr J. R. Thacker (Okain's Bay) and Mr Lee (Goodwood) or, alternatively, Mr Hamilton (Winton) or Mr Fisher (Otautau). HENRY JONES CO-OPERATIVE, LIMITED. The 14th annual general meeting of shareholders in lieiiry Jones Co-operative, Ltd., was held in South Yarra, Melbourne, on 30th ultimo, when the report and balance-sheet for the year ended October 31st were presented. The income earned in the Commonwealth, after providing for expenses, amounted to £107,901, wtr.ch with tha amount earned outside the Commonwealth made a total of' £135,395 available for distribution. Of this amount £73,276 was. absorbed in payment of dividends amounting to 2s per share. A further dividend oi 9d per share was. paid out of the income e«rned outside the Commonwealth (£27,490), and the balance £34,628 transferred to general reserve. Comparative figures for the past three years are as follows: -d . £ T3 S T> °b _j. • ®o» o . I I .So 3? I ~ -a IS „ % "J - g-2 2 Jo -sl -§3 l" „ 2 6 mO fc PM fl MS 1921 74,798 18,396 92,109 12i 91,594 169,023 1922 87,497 18,396 103,948 12J 91,594 181,370 1923 107,904 27,491 135,385 132 100,754 216,015 The report states that tha directors propose, about May next, to make a further issue of shares at par, which will be ofiered to shareholders appearing on the register oh March 30th, 1921, in the proportion of one share for evciry five shares he'd. Payment for these will bo 'ss on application, 5a in September next, os m January, 1925, arid 5s in the following May. The shares will carry dividends on the amount paid up, and interest will be allowed at the. "rate of 6 per cent, per annum on all instalments paid before the due date.

Cd. latest quotations. it jtk. Buyers. Sellers. £ s. d. £ S. a. X.Z. GOVT. DEBENTURES ■11 per cent. Ir.scnbtd. 1939 — G7 0 5 ijer cent, luscribed, " 1927 • 37 10 u o per ceri'-. i>onas. 97 6 1927 12 —. 5» per ten;, inscribed. 193o 101 10 0 5'* . nor l3cr.us, ,. 1933 •• 100 15 0 102 Q 0 j! uer cent. iHScnoed, 1927-41 se 0 U C-OMPANY DEBENTURES— 0 Glaxo 6j per cent., t31o 82 10 — Gisborno R'jrougrh 5^ 0 per c-eut., 1956 — S5 0 BANKS— 40 10 New South V'iiio:? — 0 Now Zealand (old; 2 11 — Royal (£1 i>aid) 0 1 16 G L'nion of Australia 14 17 it 13 G INSURANCE— Ne'.v Zealand .. 1 1 8 0 l S 9 S.iulh British lei •' — LOAN AND AGENCY— f) GolJsbrough, Moil - ~ SHIPPING— 10 Howard-Smith — 0 2 G IIuddart-Park=r 1 0 2 1 Q Union (yref.) .1 3 1 0 9 FROZEN MEAT— Canterbury (cum div.) 15 10 0 - 3 N-.Z. Refri','. (paid; .. — 1 3 N.Z. Refris, (con.) — 0 11 2 COAL— 0 Wffitport-Stockton — 0 G Westport-Stoclaon (pref.) — 0 s 0 WOOLLENS— . Kniapoi (ord., paid) .. — 1 1 1 ICaiapoi (pref.) ~ 1 3 GAS—" 1 0 Christchureh S BREWERIES— Crown 2 17 0 2 17 5 9 Manning 1 5 0 1 9 timber— Kauri (curn div.l 1 8 9 1 9 3 MISCELLANEOUS— 12 Beatli and Co. — 1 9 British Tobacco (Aust.) 2 0 0 2 2 a . Burns, Philp • 1 11 6 1 12 6 B.A.W.E.A. 0 16 3 Electro. Zinc (rights) 0 8 4 N Z. Milk Products .. 1 4 0 — N.Z. Paper Mills 1 2 0 1 <2 6 N.Z. Sugar of Milk ! 7 (S 1 9 6 WTiitcpmbe and Tombs 3 12 9 — mining— Waihi — 6 Waihi Grand Junction 0 4 7 0 . 4 11