COMMERCIAL.

Press, Volume LX, Issue 17985, 31 January 1924, Page 10

COMMERCIAL.

WHEN MORATORIUM

ENDS.

"ALL STUFF AND

NONSENSE."

SIR FRANCIS BELL'S OPINION. ,'?HESS ASSOCIATION TEUEGEAII.; WELLINGTON, January 30. The Hon. Sir Francis Bell, AttorneyGeneral, interviewed to-day, utterly routed the predictions in various PrerrS Association messages that there arc "going to be sensational happenings when the moratorium expires shortly,'' and that "the Courts, are going to be lull of swindlers escaping Uieir liabilities behind the Statute of Limitations which extinguishes a debt after -six years." ••I don't know what it means," declared air Francis, on being shown the messages referred to. "A debt is not passed by the Statute of Limitations if interest has been paid on it. If anybody has allowed a debt to remain six years without payment of interest, he is very likely to have the Statute of Limitations pleaded against him. But, as a matter of fact, the moratorium only affects mortgages. Most mortgages are by deed, and the Statute of Limitations does not apply to deeds till after 20 years. It is all stuff and nonsense.'' i LOCAL OPINION. The Press Association telegram from Ashburton which appeared yesterday, and which stated that sensational happenings might be expected when the moratorium expired, "as swindlers would fill the Courts to escape their liabilities behind the Statute of Limitations," was mentioned by a representative of "The Press," to a number of" Canterbury financial and commercial men. None of them was in the least impressed by it. ''The stock and station agents will still be able to carry on business," said one gentleman connected with such a business. "TheJre in nothing to- be frightened about-, and in any ease there will bo another session of Parliament before the moratorium expires at the end of the year." "I am not prepared to comment on the statement," said a well-known banker, "except to say that I think it is in the nature of a wild shriek, and ia probably put out a;s a feeler to see what it will bring forth." (t-BESS ASSOCIATION TELEOBAU.) ' rJUNEDIN, January 30. An Ashburton telegram yesterday predicted sensational happenings when the moratorium expired, suggesting that a number of people would be found seeking to escape liability under cover of the Statute of . Limitations. Theso statements were referred to a leading commercial lawyer, who stated that the Moratorium Acts apply only to mortgages and transactions of such nature as purchase of land on terms. ■ln such case the Moratorium Acts do not contain provision suspending the time limit of the Statute of LimiTafions. Gut the debt remains, also the security, so that although the debtor is not personally liable the creditor has a remedy against the property. Hegarding an ordinary debt there is nothing to prevent a 'creditor; suing a soldier debtor. He cannot issue distress without tho Attorney-General's consent, but having obtained judgment that remains good for twenty years, - consequently when the moratorium is lifted a creditor can pursue the usual remedies'. The same gentleman discountenanced any suggestion that returned soldiers wonld seek cover under the Statute. In any case the Government could easily deal with the matter. ", IMFDRTATION OF FOWL WHEAT. FARMERS' UNION DISCUSSION. (PBJCoS ASSOM&TtOS WELLINGTON, January 30. At a meeting of the Dominion Executive of the New Zealand Farmers' Union, the president, Mr W. J. Poison, was in the chair. The Christchurch, Otago, Blenheim, Manawatu, Wellington, Pelorus, Southern Hawke's Bay, Nelson, Southland, Wairarapa, and Marton branches were represented. A letter was read from the provincial

secretary, Ashbnrton, stating that the average price of fowl wheat, at Ashburi ton was not considered excessive,,being goiterally above Is a bushel below milling' quality. Some members put the question from the poultrymen J s point of view. It was urged that there could be no good reason for preventing poultry wheat being obtained from Australia. Mr G. "W. Lendley, chairman of tnt "Wheat Bnard,' imvlb a statement in committee in which he outlined tha present position, and probable intentions of the authorities, so far as fowl wheat was concerned. Otha'r members <:o,'isidered it wrong that there, should be any embargo on the importation of wheat. Finally, it was resolved that a committee should consider the question and report to the meeting later in the day. NAPIER GAS COMPANY. (SFECUO. TO "ins 2BJSS3."J WELLINGTON, January 30. The balance-sheet of the Napier Gas Company for the year ended December 81st, 1923, shows that the revenue from all sources amounted to £54,042, as compared with £60,815 in 1922. The expenditure, including provision for bad debts and depreciation, totalled £45,670 as compared with £47,629, leaving a net profit of £S3O6 against £8986 last year. With the amount brought forward there is available for distribution £10,753, compared with £16,559 in the preceding year. The dividend on ordinary shares at 8 per cent.' and preference shares together absorb £7480, leaving £3207 to be carried forward. The balance-sheet figures are as follows :—Capital £99,760, reserve fund £28,000, deposits £18,932, sundry creditors £2738, accrued interest £72, income-tax £3774. due to bank. £9163, balance £7760. total liabilities £170,199. Assets—Land, buildings, plant, etc. £134,657, office furntturo £IOO, stocks £19,396, inscribed stock £IO,OOO, outstanding accounta £5803; I total assets £170,199.

SYDNEY WOOL RECORDS. AMERICAN BUYERS KEEN. American wool operators have established a fresh season's record for the Sydney market for merino wool, paying up to 41d for a live-bale parcel of choice fleece branded Werong-Tass.

Partly due to the advance in value of the dollar on the London money exchange, but primarily caused by the decided need for fine merino wool in America, competition from United States buyers has been a strong feature of the reeent Sydney wool auctions. With the dollar "at its last quoted level, 4.25 to the & sterling, buyers for the States enjoy great freedom in purchasing. It is unusually difficult for operators from elsewhere to outbid them should they select a lot for purchase. The record figure for the State_ for wool this season has now being gained by the Yass district three successive times. A GOOD ADVERTISER. MISSION OF A NEW ZEALAND CHEESE. In April last Mr D. Pryde, manager of the Papatawa Dairying Company, of Woodville, enclosed a letter in a.cheese which was being sent out. of the factory. The cheese in due course arrived in England, and eventually ended up in Mansfield, Notts. The following reply, dated December 3rd, 1923, has been received by Mr Pryde from Mr S. Miller, a member of the staff of J. JV Marsden, Ltd., of Queen street, Mansfield, Notts: —

"Your letter enclosed in cheese made on 28/4/23 reached our Mansfield store last week. The cheese is very well made, of good flavour, and excellent quality. Our retail price for New Zealand cheese at the moment is Is Id per lb. We sell a quantity of cheese in this district, which is a great mining centre. We arc situato 14 miler- north of Nottingham, where our governor does an extensive business. He has over 40 shops in Nottingham district, and believes in assisting New Zealand, buying as much cheese and butter as he possibly can for our trade. Both commodities suit our trade. Kindest rogards." In forwarding the letter, tho principal of the firm, Mr J. D. Marsden, attached the following note: —"The writer of the enclosed letter has been with us over 30 years. lam pleased to be able to add-my tribute to the consistent good quality of New Zealand cheese and butter. One striking indication of its excellence is the fact that I do not hesitate to buy 1000 boxes of New Zealand butter or 50 tons' of New Zealand cheese without a sample. Formerly, we used to go to Liverpool or London to ehoqse suitable dairies after inspection. I should very much value a report or two of conditions in your district. Our turnover is close on £600,000 a year. With all good wishes for your health and prosperity. '' BANKRUPTCY ACT. AN ANOMALY THAT NEEDS . ATTENTION.

The Wellington OScial Assignee (Mr S. R. T' sley) referred to an anomaly in the Bankruptcy Act when presiding over a meeting of creditors on? Monday. At present, he said, a man could come beforG his creditors with a statement of his' assets and liabilities, "as near as he could guess thsm." As it was necessary to have an accountant's certificate before the matter could be handed to the Crown Prosecutor, the cost of this, in the event of tho creditors being dissatisfied with the statement and books of the bankrupt, was to be borne by the creditors desiring to take the matter to Court. There was great need of an amendment to cover this anomaly. FROM COAL TO OIL. HOW NEWCASTLE IS AFFECTED. "The trade is Newcastle coal is being seriously affected by t"ne more extended use of oil in steamers and in shore industries," sajd Mr John x ßrown, the well-known Australian coal-owner, who is visiting the Dominion. "Newcastle mines have," he said, "lost valuable markets at San Fraucisco, Vancouver, and the West Coast ot South America. Our foreign trade nas entirely gone. New steamers are invariably oil-burners. In Australia, and in New Zealand, tod, coal is being replaced by oil. At somo time in the future coal will nave to depend for its market on domestic uses and gasworks.'' .' ENGLISH CEMENT BUSINESS QUESTION OF CONTROL. A cablegram appeared in the New Zealand Press in November to the effect that a group of American buyers had secured control of the British ceafent industry. Information has just been received by a Christchurch business house that the report was incorrect, and that it was immediately denied by the chairman of the Associated Portland Cement Manufacturers, and also the secretary of the concern. The information states that there is absolutely no change in the management of the industry. TEMUKA STOCK SALE. There more only medium entries, in all classes at the Ternuka stock sale on Tuesday. Fat lumUs met with a good demand, revising up to lUj|d £er lb. .fc'at ewes sold well, but caule and pigs were dimcult to dispose of -except at very low rates. Prices realised were: .Fat Lamb3—Bl at 25a 10d, 40 at 23a ; 6d,. 21 at 233 7d, 26 at 31a 7d, 15 at 28a, 34 at 28a lid, 4 at 35s 3d, 13 at 34a, 17 at 2Sa lOd, 61 at 32a, 48 at 31a Id, 4 at 32a, 52 at 30a 3d, 4 at 278 4d, 70 at 31a 7d, 40 ot 26a Bd, 40- at 29s Sd, 12 at 27a, 71 at £6s lid, 63 at 25s 6d, 24 at 24s lOd, 21 at 27a 4d, 30 at 25a 7d, 5 at 31s 6d, 40 at 26a lid, 13 at 33a lid, 4 at 445, 40 at 30a 7d, 32 at 28s, 23 at 27a Bd, 33 at 27s lOd, 85 at 276, 62 at 27a 10d, 61 at 29s Id. Fat Ewea— 23 at 2os 9d, 13 at 26s 6d, 68 at 245, 7 at 22a, 4.1 at 245, 16 at 27a 7d, 31 at 235, 12 at 21a 3d, 1 at 19a Sd, 4 at 31a 4d, 2at 20a 6d, 19 at 18a, 42 at 235, 8 at 31« Od, (I at 24a, 15 at 2Sa, 12 at 22a 9d, 19 at 23a Id, 9 at. 2<h, 29 at 21s Cd, 22 at 255, 50 at 24a Id. 50 at 24a. Fat Wethers—32 at 30a 7d, 1 at 2Ss, 16 at ass &d, 0 at 220 Gd, 5 at 80s, 2 at 34a. 7 at 3Co, 31 at 27a Cd, 9 at 22a 9d, 6 Tt 22a 6d,@63 rape lambs at T7s 4d. Fat Cattle—Heifers to £5 17a 6d, steers to £lO, com to £7 2» Sd, and Tellers to £3.

Dairy Cattlo —Cows in profit to £5 5a heifer in profit £3 103, opringing: heifers to £3, otoro caws to 40a, and calves, to 70. Pigs—Porkorn 440 to 4£s, largo stores 303 to 375, iHTiaH stores 18s to 27s 6d, largo wcanero 10a to 14s, email wcaners 7a to 9a,

FAT LAMBS. A TRANSPORT EXPERIMENT. The new method of transit of fat lambs by means of motor lorries to freezing works ■ has induced the New Zealand Meat Producers' Board to experiment in the direction of ascertaining what the loss fn condition amounts to compared with the driven lambs. Opinions differ as to the extent that lambs, particularly early lambs, suffer in condition and general appearance if driven any great distance as compared with lambs winch have been railed or motored.

The tests.which are'being carried out; by the Board have been confined to lambs "off their mothers" (unweaned), but are not yet complete, as the season is too far - advanced. They will be resumed again at the commencement of next season with the first drafts of earlv milk lambs.

The result of these experiments- will be published when complete, and will be of interest to farmers in all districts. OATEN PRODUCTS. ADVANCE IN PRICE. Consequent on the advance in the price of oats, the cost of oaten products has been increased. On oatmeal the rise is £2 a ton of 20001b. The following are the details of the now price list of the principal lines of the Riccarton mills:—

Oatmeal—2oolb £23 10s per ton of 20001b; 1001b, £25; oOlh, £25; 251b and 71b. £29 per ton of 22401b. Oatmeal "Pinhend" —251b, £26 per ton of 20001b ; 51b, 19s per dozen. Ontie Nuts—Cases, 3ilb packets, 16s per dozen. Creamoata—Cases, each 36Jlb, 21s per dozen ; sacks, each 8-20's, 100s per dozen. THE MEAT INDUSTRY. POSITION IN S.OUTH AMERICA. By the last mail the New Zealand Meat Producers' Board received some interesting information relating to the frozen meat industry in South America. The Board's representative at Buenos Aires wrote as follows under date November 15th, 1D23: "You are already aware of the stoppage in the slaughter of export beef cattle, caused by the application of the minimum price law, tho enforcement of which has been delayed for 180 . oaya. Killing has again been resumed, and many lots of choice steers slaughtered for the Christmas trade. The freezers have so far maintained prices; but a big drop is inevitable" owing to the large available supply at this season of the The, quantity of diessed beef in the chambers, and tho animals purchased.before the Act came into force, enabled the companies to fill up their shipping space,* with the exception of odd lots for the Continent. The freezing companies' business offices have lately been thronged with owners of fat cattle desirous of selling their animals before the. fall in prices. ' "There has been a largo offering of all classes of sheep, and values are slightly lower. There have been considerable entries of good lambs around 32 pounds, in more level and fatter lots than are generally marketed here. There is no means of getting reliable information regarding the possible killings on the South Coast (called Patagonia in the trade), only there has been an exceptionally severe winter, with very heavy falls of snow, which will cause sheep to be thin in the spring, while there are only natural grasses available in that part of this Bepublic, where the killing season starts in January and finishes about the middle of April. I am inclined to consider that numbers of the Patagonian sheep have been brought to the province of Buenos Aires, owing to the high prices ruling for sheep here. "A Co-operative Society has commenced to build a plant at Deseado* (Santa Cruz), with a capacity to handle 5000 sheep a day, and store 250,000 carcases." NEW SOUTH WALES- ' WHEAT YIELD. (FEOH OUB OWN COERESPONDENT.) SYDNEY, January 24. The harvest in New South Wales is estimated at 11,109,000 bags, which is equivalent, on the basis of three bushels per bag, to 33,327,000 bushels of grain, and 691,000 tons of hay. The total area sown with wheat was 3,903,900 acres. Of this area 2,806,100 acres were harvested for grain; 689,000 acres for hay, and 408,800 acres either failed or were fed off. The average yield of grain was 11.9 bushels per acre, or .3 bushels greater than the average iu the State for the past ten seasons. The total production represents ah increase of 4,733,000 bushels of grain, and 36,000 tons of hay over the harvest ot the previous season. While the rain during the growing season was suEicient in quantity in most districts to have produced better results, it was so badly distributed as to have a serious effect upon the" harvest. During the early part of the year drought conditions prevailed generally over the whole of the wheat belt, and it was not until June that good rains were recorded. Splendid rains followed, but from August. onwards the falls were generally light, and while this dry spell was not marked in the south, and served to counteract the results of excessive rains in some districts, the return to dry conditions proved disastrous to many crops in the central and northern areas. The highest average yield was obtained in Riverina, viz., 14.2 bushels per acre,, and the lowest in-the central western plan, viz., 6.1 bushels per acre. The stocks of old season's wheat and flour held in the. State at the end of November last were (in equivalent wheat) 2.229,000 bushpls. If the estimated production during 1923-4 be added to this, there wili be available 35,556,000 bushels. There will be a surplus of at least 15,000,000 bushels available for export. WHEAT YIELD. FIRST CLASS QUALITY. (special to "the pbbss.") WELLINGTON, January 30. Tho Minister of Agriculture stated to-day that this season's wheat at Timaru was going 641b and 651b to the Imperial bushel of 601b, while that at Ashburton was only about a pound less per Imperial bushel. Thi3 means that tho quality of this year's grain will be iirst-elasa. Of this soason's wheat 72 per cent, is Tuscan, 20 per cent. Hunters, and 8 per cent. Velvet. The area in Hunters and Velvet is lower, than, it has been for .many years. ..._.. .._ ,

BEET SUGAR. TASMANIAN PROJECT. (FKOir OUB OWH CORRESPONDENT.) SYDNEY, January 24. It has long been suggested that a large industry might be established in Tasmania for the production of sugar beet and its milling, and the matter has recently been put into concrete form by an expert enquiry conducted for the Government by the manager of the Maffra factory in Victoria. The industry in Victoria has been established at length on a firm foundation after many vicissitudes, and Mr Williams, its manager, was chosen as the most competent man in Australia to advise the Government on the matter. The result of exhaustive investigations made by him cannot be said to be really encouraging, but the Minister for Agriculture has decided, on the strength of it, to conduct certain experiments in the growing of beet to ascertain the sugar content. Mr Williams emphasises the fact that the industry is a most desirable one for Tasmania, but says that the sum of ,£200,000 would be required to establish' a suitable factory. This, he says, may seem a large investment, but the industry would produce the greater part of that per annum, and it would absorb and usefully employ a large amount of labour, promote eloser settlement, and help to develop home markets -for other products. Beets, he says, after exhaustively inspecting the different areas, will probably grow to great advantage in many parts of Tasmania, but the good soil and possibilities of irrigation are so scattered and disconnected that investigation and experiments need be conducted to prove the most favourable areas. These experiments should take the form of not less than half-acre plots grown under Government supervision and under good ordinary farming conditions. -It is these experiments which the Minister lias decid.ed to carry out. At the same time lie points out that the erection of such a costly factory as that indicated could not be undertaken until the supply of sugar beet was "assured. If, however, the supply was certain and adequate the Government would have to consider the construction of the factory. Dealing, in his report, with the reasons which make the production of sugar 'beet in Australia advisable, Mr Williams says that foreign-grown sugar is unreliable in times of trouble and difficulty. Queensland aims to supply Australia with sugar, but over a long term of years large quantities have had to be imported, and. it isf very doubtful if Queensland can keep pace with the increasing demand, ,so that there is room for the beet sugar in conjunction with the cane sugar industry. Furthermore, beet sugar can more than successfully' compete with cane sugar oil a White iabour basis. 'ln the United States of America beet sugar on a white labour basis produces nearly 1,000,000 tons of sugar; while cane, on a black labour basis, produces about 250,000 tons. DAIRY PRODUCE BOARD. (special to "the phess.") WELLINGTON, January 30. It is understood that the business interests concerned in the question of dairy produce control are still refusing to submit more than one name—that of Mr J. B. MaeEwan—to enable £he Government to select a. representative to act on the Dairy Produce Control Board in terms of. the Act passed last session. The appointment of such a member is not mandatory, and the result will be that the first meeting of the Board will be held to-morrow without the presence of such a representative. RHODES lAN LOAN. (ATTSTBAIiIAN AND H.Z. CABLE ASSOCIATION.) (Eeceived January 30th, 7.10 p.m.) LONDON, January 29. The Southern Rhodesian £3,000,000 five per cent, loan, at 98, has been underwritten. LONDON WOOL SALES. (AUSTRALIAN AND H.Z. CABLE ASSOCIATION.) (Eeceived January 30th, 7.10 p.m.) LONDON, January 29. At the wool sales there was some irregularity in faulty merinos, but other sorts were steady. BURNSIDE MARKET. —" © (PRESS ASSOCIATION TEU2GBAM.) DUNEDIN, January 30. The feature of the fat stock market to-day was tbe still further decline in beef values. Last week fat cattle depreciated from 15b to 20s per head, and this week from 10s to 203, making a decline of 25s to 40s per head in a fortnight. Fat cattle —301 were yarded, compared with 281 a week ago. Plain animals were fairly numerous, but there was a good proportion of medium-weight prime cattlo in the yards, more than sufficient to 'meet the demand. Cows were in over-supply. Tho demand throughout was dull and values consequently receded, more particularly for heavy and matured cattle. Light "primes" suffered least. Prime bullocks of handy weights were worth from 283 6d to 32s 6d per 1001b, prime heavyweight bullocks 26s to 28s, second quality 24s Gd to 26s Gd, prime heifers 23s to 255, good cows and secondary heifers 17s 6d to 22s 6d, and inferior and aged cows 15s to 16s. Extra prime bullocks made up to £l4 17s 6d, prime £lO 10s to £l3, medium £7 153 to £0 10s, lipht- £5 10s to- £7 ss; prime cows and heifers £5 10s to £7, medium £3 10s to £4 10s, and old and inferior £2 to £2 12s Gd.

Fat sheep—23s2 were penned, compared with 3017 last week. The quality generally was mixed, and unfinished.oortß woro conspicuous. Exporters were operating and took several pens. Prime wethers -firmed to the cstent of Is per head. Second quality and heavyweights were a shade easier. Prime heavyweight wethers sold at "up to per lb, prime heavyweights to s£d, extra prime ewes up to sd, second quality and heavy to 4Jd, and plain and aged ewes round about 4d. Extra prime heavyweight wethers sold up to 41s, prime 33s to 36s 3d, medium 31s to 32s 6d, extra prime heavyweight ewes to 30s 6d, prime 243 to 295, and light and aged 12s to 17s.

Fat lambs—l 432 were penned, compared with 1153 last week. The quality, generally was poor, many lots-being unfinished. Exporterß were active but cautious. Prime lamb sold at 9Jd. Extra prime heavy lambs sold at 40s, prime 31s to 355, , medium 25s to 27a, and light and unfinished sorts 103 to 17s €d.

Store cattle—A full yarding was offered, the entry including one or two pens of fair qua'ity steers, but there were no animals of anything approaching outstanding merit. Competition was very slack, and all lines were hard to quit. Half and three-quarter, bred fat old cows sold at £1 to £1 10s per head, and a lino of steers from £3 to £3 10s per head. Dairy cattle—About thirty head were offered. Competition was fairly brisk, and last week's prices were maintained. Best cows sold up to £8 10s, heifers to £7 15s, and aged cows from £4 to £5.

' Pigs—There was a small entry, all classes being represented. Competition was keen, and prices in consequence showed a distinct rise. To-day's values for prime baconers aro on a bjw3is of about 6yd, and for prime pork/jra about BJd per lb.

trade with the east, farmers interested. (PBESS ASSOCIATION TELEGRAM.) WELLINGTON, January 30. Following investigations by the Auckland Industrial Association of the proposals put before it by Mr van der Linde, of the Hoyal Packet Navigation Co. and a letter from the New Zealand Farmers' Union to the Department of Industries and Commerce asking if anything further had been done in the matter of sending a mission to the Near East for the purpose of exploring the markets and exhibiting New Zealand produce, .1 reply has been received by the executive of the New Zealand Farmers' Union from the Department, and was "read at its meeting to-night. The reply stated that the matter had been receiving considerable attention recently, in view of the visit of Mr van der Linde, who was managing director of one of the shipping companies trading between the Near East and Australia. The Hon. AY. Dov.nie Stewart, Minister in Charge of the Department, was bringing Mr van der Linde's proposals before the Cabinet and expected to be able to make an announcement shortly. The negotiations with Mr v&n der Linde would not necessarily mean that a mission would be unwarranted, in fact, if direct shipping was established through Mr van der Linde, then it would be more than ever necessary for a jmsovon to go to Java and probably to Singapore, with a view to ascertaining the likely demand for New Zealand produce. Part of the mission's work would also be to establish agencies and generally report upon the position from a New Zealand standpoint. It was" resolved that a deputation should wait upon the Hon. W. Doivnie Stewart to discuss the question of subsidising a shipping line to the East. POST OFFICE SAVINGS BANK. EXCESS OF WITHDRAWALS. Last year tho withdrawals irom the Post Office Savings Sank exceeded the deposits by £319,416, the deposits totalling £28,975,580; and the withdrawals £29,294,996. In three successive years the withdrawals have exceeded the deposits, ths total of Buck excess for the three years being £2,020,036. Tho movements aro best shown by taking the quarterly figures for each of the paat three years. The figures are as undtir:— With- Excess of Deposits, drawals. Deposits. Quarter. N £ £ £ Mar., 1921 .. 7,893,359 7,501,715 391,644 June, 1921 .. 8,220,843 7,945,158 275,685 Sept., 1921 .. 7.631,891 8,087,725 455,834* Dec., 1921 ... 6,897,019 7,436,040 539,021*

' 30,643,112 30,970,638 327,526* Mar., 1922 .. 6,376,244 6,767,307 391,063* June,/ 1922 .. 6,742,625 7,170,649 428,024* Sept., 1922 .. 6,902,755 6,948,683 45,928* Dec, 1922 .. 6,342,609 6,850,688 608,079*

28,364,233 27,737,327 1,873,094* Mar M 1923 .. 6,694,437/ 6,799,242 104,805* June, 1923 .. 7,635,031 7,034,447 540,584 Sept., 1923 .. 6,818,734 7,116,024 297,290* Dec., 1923 .. 7,827,378 8,235,283 457,905*

28,975,580 29,294,996 890,416* •Excess of withdrawals.

In the twelve quarters there ware only three occasions when tho d. posits exc eded the withdrawals. The adverse showing corresponds with the disappointing features disclosed by tho banking returns, ani alsj by the trading returns. Tho amount at credit of deposits is bound to show an increase, as the interest on deposits amounts to about £1,650,000. On March 31st, 1923, tho amount at credit of depositors was £44,360,393. MAKING.. OF .CIDER. • REGULATIONS GAZETTED. Regulations gazetted this week with regard to the making of cider prescribed—(l) as the general standard for the bev*.tiagc that it shall be tho product of the alcoholic fermentation of the expressed juice- of sound appks; (2) that eweetened cider sha:l be the product of the alcoholic fermentation of the expressed • juice of sound apple 3 to which sugar' has been added either before or after fermentation; (3) unfermented cider shall be the expire3Md juice of sound apples; and (4) that sweetened unfermented cider shall be the expressed juice of sound app'os, with the addition of sugar. As a preservative sulphur dioxide or a preparation of sulphur dioxide or salicylic acid (one but not both) may bo added to cider in proportion not exceeding two grains to the gallon. DAIRY PRODUCE. (PBES3 ASSOCIATION TELEQBAIt.) WELLINGTON, January 30. . Tie National Dairy Association has »»- ceived the following cablegram, from its London office dated January 28th: Butter —The market is slow. Quotations: New Zealand salted 206s to 208s, unsalted 208s; Australian, 200s to 202 a; Argentine, to 184s; Danish, 21Gs per cwt. market is quiet. New Zealand, white 102s to 104 a, coloured 104s per cwt. ASSETS OF BANKRUPT.

The "assets" o£ bankrupts aro not always what they seem, or at any rate Ihey d> not always realise the amounts hoped for. The owner of an asset has always a telescopic view; so has the prospective purchaser—with his eye to the large end of the 'scopa. In a recent bankruptcy case among lha "assets" were two motor buses, which wera said to have cost -übout £i2oo each (says the Auckland "Star"). One was aucticn:d the other morning. It bore signs of hard usage, but though there was no reserve, it bein" "a forced sale, the price expected was £4OO. It was "knocked down" for £i3. A reporter was afterwards assured by an expert that the buyer had got a bargain for the engine alone, at its lowest computation, as a secondhand affair was worth ot least £2OO. Auctioneering bankrupt's assets in a hurry ta satisfy impatient creditors does not seem to always prove profitable to those creditors. CLEARING SALE.

H. C. Smith, of file City Market, conducted a very successful sale on account idle Hide, Papanui, principal items as follows:—4 Cows in profit ■&), £a 10-s, £9 ss, £9 lUs, springer £l3, aged harness geld. £3 10s, spring dray £l3! hens ss, puilets 14s, wheat 22s 6d, oats 20s vice £2 2s 6d, Planet Jun. £3 17s 6d, horse hoe £2 7s (id, separator £3 10s, 2 cream cans £2 5», churn 20s, set scales £5, wardrobe £3, dresser 335, washst&nd 265, sundries, etc., selling to top prices, with a splendid attendance. Having held a sale of property and effects at Kaiapoi account Mr EUenbeiger, cottage and 1 acre was purchased for £255 by Mr T. Murray. Furniture and effects, tools, etc., "finding eager purchasers at full market rates. The City Market was well attended at Friday's Sale, the proceeds for the day were right up to sales before Christmas. Sundries of all kinds sold readily, a keen demand for furniture and effects; cleared at the principal lines 300 k>t3 were catalogued, little remained for further business. Farmers' Saleyards, liorses sold to £22, 2 gigs £ll 6s to £3O, express £l3, spring dray £32, drill £l3, binder £lO, wheat 20s, oats 18s, cha: €a and usual smaller lines, 2210 SHAKES. (BT CABLE —PEES 3 ASSOCIATION COFIBIOBT.) (ATJSTBALIAV AHD H.Z. ASSOOATIOH.) (Received January 30th, 7.10 p.m.) LONDON, January 29. P. and 0. (def.)— Buyers £290, sellers £3OO. Banks—Australasia, £l3 la 3d; New South Walos, £3B 15s; Union, £l4 ss; National o? Australasia, £167 6s; National of New Zealand, £2 10s. New Zealand Loan Debentures—£7s 10s; ordinaiy £3l»