COMMERCIAL.

Press, Volume LX, Issue 17986, 1 February 1924, Page 10

COMMERCIAL.

THE MORATORIUM. (P2ESS ASSOCIATION TELEGEAK.) • ASHBURTON, January 31. Replying to the Acting-Prime Minister (Sir Francis Bell) and oilier legal authorities concerning the injustices resulting from the moratorium, an Ashburton commercial lawyer states: — '•'Where the debt is a mortgage by deed and the creditor is perfectly safeguarded there is obviously no need for warning; but the moratorium stopped the collection of other debts, including agreements for sale and purchase, also deposits to banks building societies, fro-operative and other mercantile firms. In all those cases the Statute of Limitations operates after six years and is not suspended by the moratorium. "It has to bo specially remembered that tho moratorium was invented in a time of emergency, solely to benefit the debtor. His interests were never threatened. He was never in danger of having to pay more than he owed, but the uninitiated creditor was surrounded by new pitfalls, which, if not guarded against, could deprive him of his entire principal and interest. Laws are made for laymen, not only for lawyers, and laymen ought not to be placed in a position of losing finances as a penalty for not learning, in a few emergency years, what ordinarily they learn by accumulated experience of generations. "Creditors, who had not arranged for interest but had loyally accepted the spirit of the moratorium and waited patiently for its expiration, will now, through failure to sue for payment, find themselves completely disinherited by the Statute of Limitations. A suspension of the Statute could not possibly injure tho lowest debtors. Its operation will bitterly injure the trusting creditors. Parliament coukl, by a short Act, retrospectively suspending tho Statute of Limitations in all cases affected by the moratorium, prevent such injustice." TIMARU WOOL SALE. EXCELLENT PRICES REALISED. (PItESS ASSOCIATION TELECBAM.) TIMAR.U, January 31. The second wool sale of tho season opened to-night, Buyers being present from practically all countries interested in the wool industry. Competition was keen, especially from Continental buyers. The catalogue comprised 14,448 bales. Although hardly up to last season's high 6tanuard, the. catalogue contained a proportion of useful superior qualities. The highest prices, so far as the sale has gone, are as follows:—Merino 32Jd, locks 15d, pieces 26Jd, hogget 80d, bellies 22Ja, halfbred, good 27d to 29J, medium 25d to 27d, inferior 23d to 25d, crossbred 14id to 21d, three-quarterbred 22d to 23J. Medium heavy and inferior merinos were lower and in less demand than half and three-quarterbred. HAWKE'S BAY RAM FAIR. (P11E33 ASSOCIATION TELEGBAM.) HASTINGS, January 31.

The Hawke's Bay ram fair opened to-day in. beautiful -weather, when Ilomney flocks were offered" to a good attendance of buyers. Generally speaking the quality was particularly good, and the entry large, though well short of the record. Bidding opened briskly at ] 4 guineas, and good prices ' were maintained throughout, but although the higher prices were very satisfac- ■ tory, some good lines only reached moderate figures. Dalgety and Co., Ltd., topped the market with a line of six shearlrngs on account of D. Buick. Palmerston North, which were quitted at 18 guineas each. DUNEDIN MUNICIPAL LOANS. (SPECIAL TO "THE P2ESB."* DUNEDIN, January 31. ) The City Council has decided to place a loan on the market for immediate requirements, of £162,000, at 5i per cent. Big loans are falling due, and new loan issues will total £587,000. SUBSTITUTION IN TRADE. MANUFACTURERS' COMPLAINT.

Complaint is being made by leading manufacturers that owing to the tendency of retailers to substitute articles for standard brands ordered by customers, injustice is being done to the producers of well-tried and worthy products. It is admitted that the Great War brought about a condition of trade that rendered it irr/„ble for retailers to stock and of goods that previously liacl been available. Substitution in such circumstances was not only pardonable but, inevitable. Trades now, however, are not compelled to resort to war-time expedients. Standard brands of all classes of goods are again on the market, and customers who order certain brands are fully entitled to obtain what they desire. In the event of substitution under existing conditions both the customer and the manufacturer of tho goods ordered are being submitted to injustice. Evidence is not lacking that the complaint is justified. Those retailers who have the faculty of foresight will realise that the pre-war practice of providing exactly what is ordered must be reverted to in their own interests as well as those of their customers. , A HEREFORD STREET LEASEHOLD. Big interest was taken by business people yesterday in the publio auction of the leasehold of a property and suite of offices in Hereford street, recently occupied by the New Zealand Shipping Company. The site is in the heart of the business centre of the city, and the property has a frontage of 37 feet 8 inches, and a depth of 165 feet. The lease, which is dated December 12th, 1922, affects town sections 835 ,and 837, City of Christchurch, term 49 years from June 34rd, 1923, annual rental £IOO per annum plus rates and taxes. ' Pyne, Gould, Guinness, Ltd., conducted the auction, and, the property was withdrawn after £7400 had been offered. That sum was not far short of tho reserve, and it is' thought that a private sale will be effected shortly. WESTPORT COAL COMPANY'S OUTPUT. (press association telegram.) DUNEDIN, January 31. Reports received at tile head office of ths "Wcstpart Coal Company here show that the output of tho mines at and Millerton 13 now 1500 tons daily. Whin fUil handed, it should ba 2000 tons.

TEADE WITH THE EAST

DUTCH COMPANY'S OFFER. SUBSIDY NOT FAVOURED. (PRESS ..association telegram.) «© WELLINGTON, January 31. That the Government is not favourably disposed, to grant subsidies to shipping companies to develop trade with the East was a statement made bv the Minister of Customs (the Hon. W. Downie Stewart) this morning to a deputation from tho New Zealand Farmers' Union, which waited on him to suggest that tho possibilities of finding a market for the Dominion's produce in the East should be investigated. The deputation comprised Messrs W. J. Poi.s'ou (president of the Union), and A. E. Harding (Dargavillc). In reply to the deputation, the Minister said it quite right to say that the question was entirely one of shipping facilities and getting a direct line to tho East. At present the whole trouble was that the system necessitated transhipment at Sydney, which cost somewhere about £2 per ton or more, and made it very difficult for New Zealand exporters to compete with Australian manufacturers. At tho same time he had been informed when he was in Sydney, that Australian manufacturers were not giving satisfaction with their goods, and representatives of Eastern interests told him they would prefer to have Now Zealand goods which, in their view at ;tny rate, were better made up and better labelled. New Zealand's butter was very attractive. He did not know what the Australians had done to remedv that state of affaire, but when it came to the question of shipping and a direct line to the East, the matter of subsidies opened up a very big question. He had been watching the course of events in Australia, and they seemed to indicate that Government activity in that connexion had not proved very satisfactory. The Commonwealth Board of Trade, after an exhaustive investigation, reported to tho Government that the payment of a subsidy to tlje shipping fine conducting a service to the East would not be justified. On top of that, the Victorian Farmers' Union arranged for a deputation y to interview the Government to ask it, notwithstanding the report of the Commonwealth Board of 11-ade, to subsidise a shipping line to the East. Ho had not seen the result of that deputation, but a firm of shipping agents had arranged for' the despatch of goods to Japanese and Chinese ports. Refrigerated spUce was provided, and tho vessel was to leave Melbourne. The Minister then read an extract from the Melbourne "Age" of September 29th, 1922, with reference to this . tinder taking as follows:—"A firm of shipping agents has arranged for tho despatch from Melbourne early in November of a steamer bound for Sandakan, Manila, Hong-Kong, and Kobe. Tli-9 vessel can carry 2000 tons of frozen cargo as well as some general freight. The fact that it is to make the trip has been extensively advertised. From present indications the steamer will leave Australia practically empty or her refrigerated space vyill be occupied by a few consignments of cargo which could be transported in an ordinary hold. Nobody apparently wants space provided for frozen cargo. Space has been bespoken for small parcels of butter, otherwise the agents have waited in vain for applications. There is a sharp lesson to be drawn from these circumstances, and the lesson must not be lost upon the Federal Government. Tho Cabinet decided some time ago* that in order to develop trade with the Easv it would offer 'a very liberal subsidy' to shipping lines undertaking to establish services between Australia and Eastern ports, a condition being that the vessels employed must be equipped • with refrigerated space. The Board of Trade was deputed to enquire into how best the public money proposed to be spent could bo employed. Such information as was gleaned suggested strongly that there wan no warrant for ; the expenditure of any public money in this direction. The experience of the Melbourne shipping firm provides positive confirmation." Continuing, tho Minister said ho thought he saw in the Australian papers a complaint from Australian manufacturers and merchants that they bad not .been given adequate notice of the sailing date, of this ship, and> could not make up their cargoes at a moment's notice, but the article from which no had quoted said the 'trip had been extensively advertised. It was interesting from New Zealand's point of view to see what the effect had been of an attempt to put on special steamers from Australia to-ths East/, "t do not think tiio Government would favourably consider (subsidies if there is any possibility of meeting the problem in any other direction," stated tho Minister, who added that a Dutch company recently offered to provide a direct, line 'of steamers to tho East from Nes Zealand.

Mr Poison: That rather upsets the statement of the paper from which you have just read. The Minister: They are anxious to try the trade "of j\*ew Zealand »nd the general manager recently interviewed Chambers of Commerce and manufacturers in New Zealand. The trouble about that proposal is that before they will consider opening up trade tliey they would have to run at a Toss for a year or two. They want the preferential duties taken off the commodities that they would export to New Zealand. There is at present a duty on Java or foreign teas of 2d per pound, and on tapioca and sUgo and other products of that sort. If these duties were taken off they would try out the line. The matter has not yet been fully discussed by the Cabinet. The whole question is being looked into and being discussed by the Cabinet. I think it would bo a very desirable state of affairs —a chance for New Zealand manufacturers and producers to compete with Australia on more level terms. It is a little early for me to say anything more definite yet, but I only want to impress on you that it is not lost sight of, - but has been actually under consideration this week. 1 do thir.lt that the Government would not "hie very ready to 'consider any question of subsidies because once you open up subsidies it is very difficult to get them off again, and if any scheme can be evolved for getting a better service thsr. by subsidies, it would be much moro satisfactory. I do not think that I can carry it very much fur- , ther just now. WAIHI MINE RETURNS. (rP.ESS ASSOCIATION TELEGEAM.) AUCKLAND, 'January 31. The TVaihi Mining- Company, for tho period ended January 10th, comprising thirteen crushing days, treated 9250 tons of ore for a return of 3075 fine ounces of gold and 23,551 fine ounces of silver. In the corresponding period of last year,'96oo tons "of ore yielded 3030 ounces of gold and 1-4,797 of silver. ii AUSTRALIAN PRODUCE. (Received January 31st, 9.50 pan.) SYDNEY. January 31. Oat3 —Tasmanian white, 5s 2d to 6a SJ a bushel. Maize—South Afriea-n, 5s lid to 6s a bl'.shol. Potatoes—Local, £9 a ton; Tasmanian, £7 10s to £l2. Onions—Victorian, £3 to £lO a ton. ADELAIDE, January 31. Oats —3s Id to £d a bushel.

U.S. SHEEP INDUSTRY.

GOVERNMENT URGES EXPANSION.

(FBOII Otrs OTO COR£ESPO2n)£J?T.)

SAN FRANCISCO, January 1

There is considerable need for a large expansion of the sheep industry in the United States, and the future holds promise of much greater stability for it than it has enjoyed in the past, according to information collected by the Department of Agriculture of the U.S. Government. The workers of this governmental department believe the expansion of the future avill be characterised by less violent fluctuations than have been common heretofore, because there is relatively little unoccupied land to •which the industry can turn and the pioneer phase of mutton and wool production is rapidly passing. Nevertheless it is out that the sheepmen of America will alwa>s have to meet severe foreign competition, the statement of the Department adding: 'The sheepman must not only compete with wool-growers in other countries but with producers of _ livestock, for land, labour and machinery of production. There is also the problem of getting an adequate place foi lamb and mutton in tlio diet of the country.

"Moreover the sheepmen are warned that the recurring cycles of prosperity or depression that have been the 'banc of the sheep industry in the past can not be altogether eliminated. "When prices for mutton and wool are low producers necessarily reduce their flocks. This action increases the number of sheep marketed and f-auses additional price depression. Later on the supply of wool and mutton gets low so that prices rise again. When this takes place producers once more enlarge their flocks until the demand is overshot again, and the evele is repeated. The sheep industry reached a low point during tho recent period of financial depression. It is now building up, but the Department s, workers do not expect any early saturation of the Home demand because the market for mutton is continuing strong and the country normally has to import about half its wool supply." Scientific Knowledge. American investigators have discovered long ago that both Australia and New Zealand are far ahead of the United States in respect of scientinc knowledge relating to the most up-to-date methods of sheep raising and the production of the world's most superior wool, and the Department, in declaring that a scientific knowledge is essential stated: "Many Eastern and Mid-Western farmers can now mor-b readily meet the competition of tE© WeSj range operators. The Eastern men have good nearby markets and in many cases can raise sheep at a lower cost than in possible under some Western range conditions. "Rapid increase in the East seems, however, to be limited by lack of knowledge concerning the care of sheep, and also by the attractions of other branches of farming. In the West expansion is expected to be on the basis of higher operating costs than formerly, but sheepmen are meeting this condition by eliminating wasteful methods and following scientific principles in sheep raising. One handicap is the difficulty of securing adequate range. Many operators using the public domain are faced with uncertainty as to how much longer these land will 3 be available to them. "Important changes have taken place in the sheep industry in the last 20 years. Formerly sheep in the United States were raised almost exclusively for wool. Recently the production of mutton and lamb has assumed a dominating place m the industry. In many Western ranges lambs furnish approximately 55 per cent, of the revenue. But one of the greatest problems in marketings that of avoiding congestion during the three-months' period from August 15th to November 15th, and the Department's specialists urge sheepmen throughout the country to give this matter their close attention.

'•'Another problem which the sheepmen are faced with is that of winning a stable market for lamb and mutton. Consumption of lamb and mutton in this country varies widely from year to year. From 1907 to 1922 per capita consumption ranged from 4.7 pounds in 1917 to 8.2 pounds in 1912, a variation of more than 74 per cent. The- importance of this variation is apparent when the fact is taken into account that there is practically no foreign trade in lamb and mutton. ° World Mutton Consumption. "Improved methods of slaughter and the development of artificial refrigeration and refrigerated transportation have greatly increased the consumption of mutton in the United States in the last 30 years. It is, however, considerably lower than in many other countries. It is_ evident that the problem of increasing consumption in this country 'an important orfe. Largely because of the dual character of the sheep industry, which requires a steady market for both meat and wool, the sheepman's marketing problems are more difficult than those of either the cattle or the hog producer. People in this country prefer strictly fresh, rather than frozen, lamb and mutton. But mutton cannot be stored satisfactorily without freezing for more than a short time. It is therefore difficult to move sheep from distant of production to consuming centres' without deterioration. There is frequently heavy loss through shrinkage and other causes resulting from long hauls. Extension of the- domestic market for lamb and mutton and improve-! ments in the methods of supplying it are thus vital needs of the industry. Good Wool Demand. "Wool marketing is much easier. Though the United States is the third country in wool production, and had produced, an average of 300,000,000 it has never met the home demand. Imports for some years prior to the war averaged 200,000,000 pounds. They reached a peak at 453,727,000 pounds in 1918. Probably a normal annual amount, which must be imported is around 300,000,0001b. American sheepmen have therefore no need to be afraid of overshooting the homo demand for wool. Since 1921 wool prices have more than doubled. The problem of selling wool is not to create a market but to take the best advantage of the one that exists.

"The ratio of the number of sheep to population in the United States has declined since 188-1. 3Trom 1899 to 1903 there were about five sheep for every/ eight people. Ten years later they? were only four. Prom 1919 to 19/5 there were only 2.8 sheep for ej/Sry eight people, or about one-third <Si a sheep per person. Nevertheless the total production of wool has remained practically constant, owing to increase in the weight of the fleeces. Per capita consumption of wool has been maintained by great increases in imports." Despite the urgings of the Washington department to American wooigrowers, it is not considered that there will be any danger of the business now boing transacted by Australian and New Zealand. wool merchants being affected, for the demand for superior wools shows no falling off as year succeeds year, and the American consumer prefers the fine wool for manufacturing underwear rather than the coarse varieties met with in the average United States wool range.

j NEW MORTGAGES.

LEGAL COSTS. (rSESa ASSOCIATION- T2SLEGBAM.) WELLINGTON, January 31. The provincial secretary of the Marlborough branch of the New Zealand Farmers' Union has written to the executive of the Union, stating that the executive of the Marlborough branch had under consideration the cost of preparing new mortgages or of releasing the existing mortgages, and had been in communication with the Marlborough Law Society on the matter. The Society had replied that they worked under a Dominion scale of charges and recommended the Union to approach the_ New Zealand Law Society on the subject. In view, said the writer, of the number that would have to be rearranged, released or removed during 1924, before the moratorium expired or shortly after" it, the matter was aT serious one to the farming community. In view of the present heavy charges, which were raised during the war period and had not been reviewed, the Dominion Executive of the Farmers' Union agreed that the matter should be left in the hands of the secretary to communicate with the NewZealand Law Society in regard to the matter. SEASON'S MEAT EXPORTS. (pBESS ASSOCIATION TELEGRAM.) WELLINGTON, January 31. The Meat Producers' Board reports that the following quantities of meat have been shipped from New Zealand during the 192324 seacon: Beef Mutton Lamb quarters carcases carcaso3 Nov., 1923 .. B,COO 56,2U 81.U51 Dec., 1023 .. 1,4.05 48,095 202,590 Jan. l-15th, 1924 15,587 95,417 10,035 119,923 379,955' Arrived or to arrive in United Kingdom: Beef Mutton Lamb quarters carcases carcases Dec., 1923 .. 6,866 43,470 73,262 Jan., 1924 .. 2,845 16,020 45,617 February .. - 384 60,433 261,073 Note.—February figures incomplete. Killings at all works during tho 192324 season, commencing November Ist to January 15th: North Island South Is'and. Beef (qjrs.) .. 17,59r 182 Wether mutton ' carcases 205,554 19,801 Ewe mutton carcases *.. C 8,544 6,301 Lamb carcases , 849,168 . 313,775 Sundries (freight carcases) .. 25,000 3,271 j Stocks on hand in New Ze<iland, 15-1-24: North Island South Island. Beef (qrs.) .. 14,596 618 j Wether mutton carcases .. 108,469 7,844. I Ewe mutton carcases .. 64,271 4,669 ' Lamb carcases .. 343,454 204,300 ■ | Sundries (freight carcases) .. 14,560 3,690 Stocks of frozen meat loadfd into steamers not deported from New Zealand, as at 15-1-24: —Beef qrs., 2714; mutton carcases, 51,831; lamb carcases, 334,074. | OIL PRICES. ! Tho following i 3 an extract from the Ko- • vember issue of an oil journal published in California:— The cour&e of the oil industry during the past year has furnished an admirable illustration of the relation of prices to the law j of supply and demand. • A general price depression' liaa prevailed as the direct result of great ovcr-producticn. Tho average grade of refinable crude oil, which sold at 1.05 dollars per barrel, now sells at 67 cents per barrel. The direct cause oi this fall in prices is the overproduction of crude oil in California, which at times during the year litis reached 400,U0U barrels a day in excess oi the normal demand. Thas over-production was accompanied by a resulting exoesa in the production of gasoline, Kerosene, and, fuel oils. Price conditions oi crucie oil and gasoline on tho Atlantic Coast of the United titates made it practicable to transport, via tho Panama Canal, large quantities of products to tho East Coast. Thus tho excess production in California caused a surplus in the East, with a. consequent. accompanying depression in prices on the East -Coast.For the past ye<yr everyone in the industry throughout tho Ignited. States !hashad oil to soil, and/ the oil market has been a buy-era 1 market. Prices are so low that there is a general discontent amongst the oilmen, and endless discussion lo remedy the plight of the industry.

But just as u shortage of the supply will result in higher, prices, due to excess in demand, so the. exces3 of the supply cause 3 lower prices, duo to an inadequate demand. The complaint of oil producers to-day in iiine of over-production is but a repetition of the complaints of the const^ming l public in tinves of shortage of supply. To-day the farmer wants relief against the low price of wheat; the fruitgrower rebels against the inadequate prices paid for his product; the copper companies ar<* dissatistied with *tiib price which they receive* the oil industry proclaims its distress because of the insuiiicient price of crude oil and 113 products. On. the other hand, in times of small harvests and short' crops, of under-production and ' excessive demand, prices rise, and the consuming public voices dissatisfaction with higher costs resulting from relatively lesser production. In both cases it is the law of supply and demand that_ functions—u law whose operation cannot be stayed. It is a self-regulat-ing law. For as- a shortage occurs, the effort to meet it is stimulated until production reaches the demand, or the demand is reduced to the production. As the demand fails to absorb production, the stimulus to produce is lessened and production declined until demand and supply are again in balanco. No governmental device 'or artificial force can equal in certainty of effect the natural-operation of the law of supply and demand, and none is economically 6ound. When buyers compete,- prices when sellers compete, prices fall. The over-production of crude oil in Cali-' fornia is due to the ooutherci fields at Huntington Beach, Santa Fe -Springs, and Long Beach. The combined production of these fields in September was f>44,150 barrels daily, or 67 per cent, of the total production of the State. Six hundred and ninety-two wells furnish this entire volume of over-production. The remaining 10,627 wells in the State are capable of producing daily 318,698 barrels of oil.

The wells in the southern fields mentioned average 931 barrels of oil per day. Tlio re morning wells of the State average thirty barrels daily. The latter constitute 01 per cent, in number of the wells of the Slav*. At present prices they cannot be operated* &t a profit. # , But as the larger wells of the southern fields decline in production and the demand again tend? to equal the supply, prices wilt again increase, unless, indeed, new oil-fields of magnitude are developed. They must move upward, or a great part of the industry cannot exist. Until this time arrives, it is useless to rebel against the low, prices that prevail. These priced are an irresistible assertion of economic law which cannot be set aside nor talked out of existence,. THE PROPERTY MARKET. Messrs "W. E. Simea end Company held a clearing out sale of furniture ill the estate of the late Jan;c3 Barnett, at No. 41 Buffon street, Waltliam, yesterday, when a to.al clearance was made at highly satisfactory prices. The property was also submitted on bebalf of Mr James Barnett and .Mis 3 A. T. Barnett, and eold to Messrs Wilson Bros, at £-150.

The same firm also sold at auction, No. 40 Church street, Papanui, i acre and bungalow of 5 rooms to Mrs E. Smith for £I4OO.

AUCKLAND MARKETS.

(BTECIAL TO "T2XB PRESS.") AUCh T iANDj .T^fnf L Tj Business for January lias been unusuaily heavy, with a gojd all-round demand and comment trading in all sections. Country distribution is particularly good, duo un. doubtedly to tho higher obtaining ior export products and to tho season generally experienced. The news th.it, wool is moving to such high levels will ir.ivo a farreaching effect on clothing, -md this is naturally causipg purchasers to look into the future so that the drapery sales are expected to attract more than -usual attention.

Hardware.— lleports troin oil centres point to heavy business in all departments. Fortunately the majority of wholesaler arc fairly well stocked, and there is little likelihood of a shortage in English goods for eoino tinio to come.

Potatoes. —Local supplies of potatoes ara quite equal to meeting the requirements of this market foi' some time to come. Advantage is being taken of tho present hot weather to dig potatoes freely. There is no outlet for export with tho exception of shipments to tho Islands. Tho price stands this week at from. £8 to £9 per ton, according to quality. Onions. —Locally-grown supplies are being sent in rreoly. Onions should keep -well this year, as the hot weather has thoroughly dried the tubers. At tho moment there is no opening for export. Advice has been received by a local firm from a merchant at Vancouver that last year's onions imported from New Zealand did not prove satisfactory, having apparently been shipped before being thoroughly dried off. The merchant expresses the opinion that the only prospect for shipments of oniona from Auckland to Vancouver would be by the Makura on February 12th. Under such conditions tho outlook is that beyond shipments by the Island steamers the onions will ha.vo to bo consumed locally, which meajis lower prices for tho grower. Quotations are 83 6d to 9s per cwt ex store. Maize. —Tho market remains very firm at 6a 9d per bushel, ex store. Onls—Tho market is firm for A grade at 5s Gd per bushel, and B grade at 5s 3d, ex store.

Chaff.—Although high prices rule in sympathy with oats, supplies on the spot are ample. Best southern is worth £l2 per ton. Wholesale current prices are:—Superfine creamery butter Is BJd per lb for prompt cash, first grade (pats) I 3 Bd, second grade Is 7d, farmers' separator Is 3d to Is 4d, cheese 10£ d to la per lb, hams la 2d per lb, bacon Is to la Id per lb, lard, in bulk lid, pats Is, flour £l7 5s (less 2J per cent, discount per ton in 2001b sacks), sharps £8 10s, bran £6 10s, oatmeal (25's) £26. HAWARDEN MARKET. At the Hawarden market yesterday there was an entry of 1221 fat lambs, 90 ewes and 29 wethers. Tho sale was a good one, recent high prices being maintained. Prima lambs made 30s to 355, medium '2Bs Id to 29s 6d and- lighter weights 25s 4d to 27s Gd. The sales were: Fat Lambs—Jas. Bentley, 25 at 28s Id; J. Ross, 22 at 22s lOd; D. Lovvry, 28 at 29s sd; T. Murray, 61 at 29s Id; D. L. Bhuiden, 60 at 25s 4d; T. Hassell, 95 at 313 5d to. 23.3 sd; T. Boyce, 22 at 31s sd'; W. Pierce, 47 at 31s to -31s Id; C. J. Trounce,39 at 355; K. Campbell, 45 at 26s lOd, 22 at 28s 9d; F. Cracroft-Wilson, 242 at 25s 6d to 28s 6d; Stewart Bros., 106 at 33s to 325; J. W. Warwiclrs, 122 at 29s to 32s 7d; E-.. G. Fahey, 23 at 30s; J. Wright, 10 at 28s 3d; B. J. Doylo, 22 at 30s; Mrs Booker, 48 at 28s 4d; Mrs Christian, 43 at 29s 6d; H. A. Reose, 26 at 27s Gd; F. A. Pope, 41 at 283 9d, and C. Netting, 58 at 31s lOd. Fat Ewes—T. Hassell, 41 at 235;. C. J. Trounce, 41 at 24s lOd; W. Pierce, 6 at 24s Id. Fat Wethers—A. Gasson, 29 at 27s 9d. SOUTHLAND MARKETS. (special to "tub peess.") INVERCARGILL, January 31. Oats—The market has remained firm dui> ing the week. Oats iox prompt delivery aro now very scarce, and any lines available-; command good prices. There is also a good demand ior delivery during the later months of the year, and the shortage of spot oats has prooab.y influenced the prices lor torward daiivery to a considerable extent. Sales for forward delivery have been made at up to 4s per bushel for B grade and 2d extra lor A grade. On this basis the probable price to farmers would be 3s 2d for B grade and '3s -id for A grade. Any of last seaseason's oats available would probably command w shade nioore than theso prices. Wheat—There is a nothing doing yet in new season's wheat, andi tnere have been no transactions for some time in milling wheat. Fowl wheat is now very scarce, and the only - business passing is between merchs-nts and sales for local trade. It is selling locally at from 22s 6d a sack down and for shipment at up to 5s 8d per bushel f.O.b. f " ;

GliaiF -The market continues firm and supplies are gettingvery little chaif is olfering", as probably farmers who Jiave chaff; for sale, axe too busy with harvest operations to cut at remain light until the Vnew crop is available. Any prime linos would be worth £s' per ton on trucks, country stations. Ryegrass—A large quantity of the new crop has been threshed, and some eajnples hav* l>eo/i submitted for sale, but in most cases both farmers and merchants seeing ii> clined to await developments on the market. One or two sal-C3 have been reported from 5s Gd to <3s, and probably prices for the next week or two will be round about these figures. A week or tw<> ago there \yas a considerable enquiry for ryegrass for delivery two and three months- later, ° but it is noticeable that this demand seems now* to have .slackened and this will probably affect merchants* buying. Potatoes—The only business passing- in Southland is in small lots of eaxly potatoes for local consumption, which are retailing' at about 2d per lb. It will be some time before the main crop is on the market, and. no business is reported in Southand . potatoes for later delivery. A number of transactions seem to have taken place with Canterbury and North Otago merchants, and it is reported that present quotations' are about £6 per ton f.o.b.s.i. On this basis prices to farmers in Southland would be about £4 per ton.

Fruit—Supplies of fuit are coming' to hand more freely, but the demand is equal to the supply and prices remain firm. Some choice lines of dessert peaches and apricots m crates are realising- unusually high values. Pluma are more plentiful and sell freely on arrival. Pears and tomatoes from Nelson are due this week and will arrive to a bare market. Those lines are delayed a day in Lyttelton, but the fruit will be on the firm side and the delay should not seriously affect it. Tomatoes took a sharp rise in the early part of the week, as the hot weather considerably increased the demand. Oranges are plentiful, but lemons are only available in small quantities. Current prices are as follows: —Peaqjies crates to 6d, boxes 3<} to 4d, apricots crates to 6d, boxes 3d to -Id, plums to* 4Jd, cooking 2d to 3d, dessert apples to 6d, dessert pears 3d to tomatoes to 7d, outside grown 3d to 6d ill per lb, oranges 40s per case and lemons 35b to 425. LAND SALES. The undermentioned farm was sold at lha Lands and Survey Office yesterday by Mr G. H. Bullard, Commissioner of Crown Lands to Mr James Dudley Smith, trainer, of Bexley iroad, New Brighton, who purchased it at the upset piice on deferred payment. Section J?t. 702-G, block X T T., Christchurch Survey District, of -1 acres 2 roods. The upset price was £b9o. The farm is situated aoout one mile from the New Brigh.ou School and it has a frontage of i chains ta jGexley road and about 17 chains to Eureka road. The place is suitable for poultry farming and vegetable growing. A housj of seven rooms, with a washhouse and scullery and two fowlhouses and two sheds comppiEe the buildings on the farm. The terms were that if selected for cash, one-fifth, of the purchase price had to be paid on' the fall of the hammer, and the balance within 30 days; if on deferred payment a deposit ot £IOO to be made and the balance on instalment mortgage for 35J jt®arß, principal ard interest at 6 per cent, to a soldier, and 34J years at 6j per cent, to a civilian LONDON WOOL SALES. Dalgety and Company, Limited, have received the following cablegram from their London office, dated January 30th: 'London Wool Sales—Owing to a th'cfc fog, no wool sales have been held to-day."