COMMERCIAL.

Press, Volume LX, Issue 17990, 6 February 1924, Page 10

COMMERCIAL.

THE MORATORIUM. VIEWS OF HON. EDWARD NEWMAN. In discussing the approaching expiry of the the Hon. Edward Newman, M.L.C., told a "Rangitikei Advocate" reporter that without a doubt the recent rise in -wool would save many an anxious farmer from destruction financially. "It is unfortunate," he said, "that a fall in the value of store sheep, especially ewes and lambs, has neutralised it to some extent, but still prospects are good—wonderfully good, and it is only the temporary shortage of grass which has brought the price of sheep down. What is now troubling the sheep men, particularly those in the back-blocks, is the prospect of the moratorium being lifted at the end of this year, the unfortunate fact being that many of them have not had time to recover from losses involved by the slump. Indeed, it will take several years of the present high prices of wool to put sheep-farmers back into the position they occupied before the slump.

Eack-Blocks Securities Not Popular. "It is," said Mr Newman, "'not only tho slump in wool, sheep, and cattlo that wool-growers have had to contend with. It is the deterioration in the farm, owing to their being unablu to keep down scrub and second growth or repair fences and buildings during and after tho war. This has caused th*ir valuations to bo reduced, so that lenders fight shy of farm lands in tho back-blocks as security for mortgages, except on largo margins. After the slump valuations of all she'ep country were cut down vigorously, and now financial institutions and others talk about only lending up to half of Government valuations —slump valuations. Much good that will do to many farmers."

Mr Newman w 1 on to say that the action of the Government in increasing' the amount that may be advanced by the State Advances Department to £3500 has set free a largo amount of money for investment, and part of it ia now available for mortgage on farm lands. "But," said Mr Newman, "there are many of our most enter- _ prising and hard-working farmers to' whom £3500 is no use. They have mortgages of larger amounts to provide against. If they can only get time -with present prices for the produce," ho said, "they will come out all right— and bo will tho mortgagees, but farmers cannot do it by the end of the present year." If Moratorium ia Not Extended. Mr Newman pointed out that the reuult will be, if the moratorium is not extended, that large numbers of theso farmers will have to throw up their farms and the mortgagees will stop in and reap a rich harvest, cither by farming tho land or by reselling. '' I have always urged," said Mr Newman, "that the whole of tho mortgages protected now Bhould not be allowed to fall due at the same date. If it is not considered in the public interest to renew tho moratorium, then it should bo tapered off, either by the mortgages being made repayable on different dates or by a portion only of tho debt having to be paid off annually, until a safe position is reached. If this is done, then I believe there will be a very small number indeed of farmers who will not make good in a few years." Mr Massey and the Tanner. Further questioned, Mr Newman uaid Mr Massey has always been a good friend of the farmer, especially the back-blockers, the men farming steop, high country, of which the North Island so largely consists, who are fighting against great difficulties at the best of times. These are the men who, in spite of the splendid prices now being obtained for their wool, will have to "go under" unless legislation in tho direction indicated is passed. These farmers are not much represented on the Farmers' Union, remarked Mr Newman, and indeed have not got many influential friends anywhere. "But, after all," ho said, "they are the real ■backbone of this country in so far as wool production is coricerned." It would have been bad enough for them to fail owing to low prices, he concluded, but it will be infinitely worse if they havo to pass out when prices are so good that it only requires a few more years to save them. Mr Newman expressed the hope that the Farmers' Union will represent this matter to the Prime Minister now, and not wait until all the legislation for the session has boon decided on —it might be too late then. ..,

FEILDING SHOW. f||| . (PSX33 ABSOCXATIOIT TELEQSAH.) FEILDING, February 5. The Feilding Show was opened today in beautiful weather. The entries show an increase all round, except in cattle. There is a particularly fins exhibit of purebred and fat sheep. The maiden hunter competition was won'by Mrs D. Eiddiford's Taffy, the leaping competition by F. Laird's Hailstorm, and the sheepdog trial by H. Buckley's Flip. Following is the list of championships: — Shorthorns—Bull and cow: W. F. Jacob and Son. Jerseys—Bull, B. "W. Southee; cow, It. Cobbo. Ayrshires —Bull and cow, Jas. Macfarlano and Son. » Romneys —Bam, J. E. Hewitt; ewe, "W. H. Gibson. Southdowns —Ram and ewe, James Knight. Lincolns —Bam and ewe, "W. Howard Booth. Shropshires —Bam and ewe, Sir Jas. Wilson. KRUPP'S IN SPAIN. EXTENSIVE ACTITITTES. ( LONDON, January 19. The German firm of Krupp is arranging to take over Spain's oldest engineering works at Barcelona. It employs 900 hands. Krnpps will also acquire the Cardona dockyard. The Germans will supply the technical staff and the Spanish banks the capital. The new eoneern will carry out orders forbidden by the Peace Treaty. Steamers will be built for South American lines and engines for the Spanish railway.

~ STERLING LOSES AGAIN. jACSTBiiIAHT AHD H.Z. CABLE ASSOCIATION.) (Eeeeived February sth, 5.5 p.m.) NEW YOBK, February 4. Sterling exchange reached 4.31g dollars, representing a loss in excess of five cents over the week-end. ; ,

LIMITATION OF WOOL CATALOGUES. THE WOES OF WOOLBROKERS. (SPECIAL TO "THE P2ESS. ') "WELLINGTON, February 5. In view of the fact that wool brokers are continually in receipt of complaints from growers regarding the disposal of small lots of wool, it may be helpful if some facts relating to the sale of wool are given. First the quantity of wool that, may bo offered at any selling centre at any one sale is limited, at the discretion of the Wool Committee, and brokers cannot exceed their respective quotas, under a- very heavy penalty. The second fact is that the wool buyers maintain that they cannot properly ivalue more than 3-300 lots for any one sale, and furthermore they stipulate that every broker's catalogue must average seven bales per lot as a minimum for an average sale. At the sale held in Wellington in January, the Wool Committee allotted 32,000 bales as the limit. To comply with the buyers' stipulation of not more than 3500 lots, this meant an average of a little over nine bales per lot. This is a high average to secure even when there are several large clips available. The brokers had to make their catalogues average nine bales per lot", and it must l>e obvious that to haive included three, four and five-bale parcels would have made this impossible. The consequence was that the small lots were held over, but they will be offered at subsequent sales.

The effect of th& limitation fixed by tho Wool Committee, and the stipulations of the wool buyers as to minimum bales in a. lot is:—

(a) As soon as a quota is filled no more wool can be taken for that particular sale.

(b) To make it impossible to offer in the height of the season: (1) Star lots comprising one or two Bale*. (2) Small lots, in many cases comprising a few bales. These must be cut out to mate the required average per lot. It is impossible for any broker to give a. definite promise to include small lots in the next following sale, for the simple reason that he cannot tell whether his catalogue will average up to the number of bales stimulated. Wool growers should realise that brokers are just as keen as themselves to obtain the best nrices possible, but there are physical difficulties to markketing the bulk of the Dominion's wool clip in the month of January.

TIMBER INSECTS. ALLEGED IMPORTATION FROM AUSTRALIA. (PEESS ASSOCIATION TELEOEAM.) "WELLINGTON, February 5. Messrs J. W. Wallace and Co., Wellington, take exception to reports that have been in circulation that boring insects have been introduced into New Zealand through the medium of Australian hardwoods. They enclose a report from Mr Walter W. Froggatt, Forest Entomologist, New South Wales Government, stating as follows: Regarding Australian timber boring insects reported to be introduced into New Zealand: the so-called firewood beetles mentioned by the correspondent of a New* Zealand newspaper as having been imported in hardwood timbers into that country from Australia are chiefly found in waste wood used for firewood, and do very little damage to building timber or properly selected poles. The statement that they cause millions of pounds worth of damage to our forests, fences, houses and railway sleepers is absurd. All these longicorn beetles (belonging to the genus phoracantha and allied groups) have the same life cycle. Beetles lay eggs oi» the bark of freshly fallen trees (they never infest healthy growing trees) and the larvae hatching from these eggs bore through the bark and feed for the first six months of their lives between the bark and the sapwood, then, when full-sized, they bore for a couple of inches or less into the wood and pupate. There is little or no danger of importing such beetles even in logs and poles of hardwood if they are barked before shipment, and superficial damage would be easily seen at the port of entry by the most unobservant timber inspector. Under ordinary supervision there should be no danger of importing white ants (termites) from Australia. Their infection is always noticeable. The species mentioned in the letter (calotermes insularer) is a native of New Zealand and unknown in Australia. The same applies to external damage caused by shorthole and auger beetles. These types of beetles do little serious damage in our orchards or forests. New Zealand has very little to fear from Australian borers being introduced from Australia if the inspectors take the nsnal methods adopted in inspecting timber at port of entry. The remarkable gall-producing wasp (rhinchnopeltella eucalpyti) which is doing so much damage in bluegum plantations in New Zealand by aborting branchlets and twigs into gall-like excrescences and finally kill the branches is unknown in Tasmania' and "Australia.

COMMONWEALTH LOAN. (bt cable—pbess association COVTCAIQWI.) (atjstealian and k.z. cable association.) MELBOURNE, February 5. The Commonwealth loan is to be issued almost immediately. The amount will not be specified and no limit "will be placed upon the amount to be allotted. Holdings -will be subject to Commonwealth but not to State taxation, and the period will be from three to five or ten year 3 at the option of subscribers. Dr. Earle Page, in announcing the loan, said it was to be used for redemption of war gratuities and represented the last direct effort of war finance. ;4; A REPORT DENIED. MELBOUENE, February 5. Mr J. E. Collins, Secretary of the Federal Treasury, denies the published statement in connexion with the new Federal loan that the banks, in order to support the issue, intended to curtail advances, raise the interest on overdrafts, and offer higher interest to depositors. He declared that the banks have no such intention, and that there is no basis for the statement. STOCK EXCHANGE DEPRESSED. SYDNEY, February 5. The announcement of the proposed new Federal loan had a depressing effect on the Stock Exchange.

NELSON FRUIT. CONTROL BOARB*S WORK. (SPECIAL TO '"THE PEE 33.") NELSON, February 5. Lieut.-Colonel C. Gray, of the Nelson Fruitgrowers' Control Board, gives some interesting information regarding the South Island fruit markets. He writes: — The following extract from a letter received from Mr P. J. Callaghan, the Nelson Fruitgrowers' Control Board's travelling representative in the South Island, be of great interest to all fruitgrowers who have enrolled under the Board. Dealing more especially with the Canterbury market, Mr Callaghan says : "I find the trade generally very hostile owing to the great quantity of bad fruit sent .here in past seasons, particularly last year, and unless Nelson growers want to lose this market altogether, I hope close attention may be paid to this. The difficulties may be summarised as follows: "1. Over-supply. "2. Damage in transit. "3. Quality. "4. Local production. "5. Expenses in landing. "6. Failure to co-operate, s "No. I—lt1 —It exists in both Canterbury and Otago, and the loss by recent storms is not so -great as some growers are .led to believe. The only way to combat it is to put up a better article, better packed, and one and all doing the marketing through one channel. Growers who communicated with the trade here individually are checking the Board's operations and making buyers uncertain. Meanwhile local fruit is sold and Nelson growers lose. "No. 2—All fancy and A grades should be wrapped for southern markets. I have seen unwrapped apples in the auction rooms here, and I quite believe "the apples later on in the season will have no chance at all. It has been a difficult task discussing quality when packing and shipping arc 50 per cent, of the trouble. Buyers arc afraid io buy after previous experiences. Another trouble is that too many apples are put in the case and are crushed downwards and to the sides. In opened cases I saw nearly every outward apple at the top and sides was flattened. I would urgently advise all growers to wrap and use a layer of wood wool, and not have a bulge in the side. One fruiterer said to ine: 'I would sooner have two lb less in a case and unpack sound, unbruised fruit,'

"No. 3 —Nelson has to redeem its reputation. This is an ordinary commercial struggle, and if quality is not the keystone in the pack then nothing can aveTt failure.

"No. 4—Local.production can only be overcome by putting up a better article.

"No. s—Apples from Cromwell and Clyde can be landed in Christchurch for 9d and from Central Otago to private houses for Is, as against about Is 4d. from Nelson-and Is 8d from Bay ports. "No. 6 —l have always taken the stand that only full and complete co-operation and the selling of all apples through the Board will put the Nelson industry on its feet, and my experience has more than confirmed my opinion that it is essential to success. There is nothing -whatever in the working of the Board to prevent any grower retaining his customers by doing all his business through the one channel and making co-operation actual instead of the present unsatisfactory method which has the effect of dividing Nelson fruit." Colonel Gray says: "I -want to again urge on all growers whether they have a private trade or not to work with the Board and put all fruit through the brigading points. The reduction in freight south recently brought about practically pays the charges at those points. An arrangement has also been come to with the Christchurch auctioneers to -work on the same lines as Wellington and Auckland, and they also will in future make demands on the Board for supplies. Like Wellington and Auckland they will expect to receive -what they demand, and not half as much again from unexpected sources with the inevitable result that the oversupply will tend to lower prices. In the circular recently issued tfre Board undertakes to deal with the fruit of growers -with a private' trade and despatch it to their instructions so that there may be one channel of supply. "We saw the result of New Zealand fruit competing against itself last season in South America. "We don't want the same thing to apply to Nelson fruit in the Southern markets. The Board is making an effort, with the help of growers, to get some system into the marketing of our fruit, and I venture to say that everything in Mr Callaghan's report ,emphasises the need of it. In his report from the "West Coast Mr Callaghan says the system of control and trading has been cordially received bv the traders and welcomed as not only desirable but as a necessity to the grower, trader and consiimer alike, but how can one prove solidity and oneness when the trader pulls out letters or circulars from Nelson growers asking for direct trade. The system we are working on is simplicity itself, and can be altered and amended in detail without altering the principle one jot."

AUSTRALIAN REVENUE. (AUSTEALIAH AITD K.X. CABLE ASSOCIATION.) MELBOUENE, February 5. The Federal revenue for the first six months of the currontfinancialyear exceeded the receipts for the corresponding period of last year by £901,540. The expenditure also increased by £846,638, which was mainly clue to the increase in the rate of the old-age pensions. The Postal Department for the six months showed an increased revenue of £165,076, but the income and land taxes showed a considerable reduction, though it is too early to form a definite estimate of these sources of revenue. The Commonwealth public debt now totals £411,608,445. BUTTER DOWN IN MELBOURNE. (ATJSTBALXAN AHB W.S. CABLE ASSOCIATION.) MELBOUENE, February 5. The wholesale price of butter has been reduced by IU3 to 168s a cwt. SOUTHLAND FROZEN MEAT CO. The report of tho Southland Frozen Meat and Produce lixport Co., Ltd. for the past year 6tates:— The ba.ance available for appropriation, aa shown by the profit and loss account, after providing for the interim dividend of £5676 19s 6d already paid, amounts to £31,823 2s id, which the directors recommend should be disposed of by the payment of a final dividend of 5 per cent, (making 10 per oent. for the year) £5676 19s 6d, leaving 3 balance to carry forward £26,145 2s lOd; total, £3l- - 2a 4d. '

COMMERCIAL BANK OP AUSTRALIA, LTD. Cabled advice has been received from Melbourne that the new issue by the Commercial Bank of Australia, Ltd., of 457,394 ordinary eharoa of 10a at a premium of 10» has been over-subscribed.

CANTERBURY MARKETS. Tuesday Evening. There has bean a steadying up in several of the more important lines of produce—the natural result of the rapid rise.

Oats principally come under this comment. Snles of B Gartons had been made last week at up to 4s 3d f.0.b., s.i., and to-day the best offer was 4s A Gartons had gone up to 4s Sd, but slipped back to 4s 4}d to 4s sd. Current quotations on trucks are 3s lid for A's and 3s 7}d for B's. Chaff is also lacking the activity of last iveek, though the easing is not pronounced. Values at country stations are about £6 5s ex-sacks, or £7 17s 6d to £3 f.0.b., s.i.

Ryegrass was critically described by one merchant as easier, but no weaker —i.e., the merchants' rush for it had subsided, whilst the absence of farmers offering samples has operated against a drop in values. There- is a general theory that a commodity in keen request cannot remain stationary,-winch is not applying to grass seed at the present moment. Farmers are stall being offered up to 7s at country stations. One of the reasons of reduced offerings is probably that a heavy proportion of the Canterbury seed is already sold. Southland supplies are offering and the sample is better than usual. The probability was suggested in this column some time ago that with the high price of ryegrass a heavier proportion of cocksfoot would be included in North Island mixtures. Advice from the north states that this is now being done.

Cocksfoot is not subject to any adverso movement. It still keeps going up, and Is per lb -was paid at the Bays for seed. That figure has actually been refused, but merchants generally consider it the outside limit of quotations. The pessimistic reports of the yields of some weeks ago are being borne out by the threshings. In many cases the decrease is over 50 per cent, less than last season. In view of this season's price and the scarcity, it is scarcely likely that anything more will be heard of a duty on Danish cocksfoot. The Bays seed this year is a splendid sample, and -mill lose less than usual in the dressing. "Whit© clover continues firm, and cowgrass is so far unchanged. There is a wide variation in the quality of white clover offering. A few peas have been threshed and samples are good. Late crops are looking well. Quotations are unchanged. Potatoes are quiet, due to the absence of sellers on a forward market. Farmers, moreover, are showing no anxiety to offer. Reports of second growth are coming to hand from one or two districts, but the rains have done a great deal of good generally. Quotations on trucks are £4 15s. The following are the quotations to be paid to farmers at country stations, free of commission, sacks extra, except where otherwise stated : Wheat (new season's prices), Tuscan 5s 3d. Hunters 5s sd, Pearl 5s 7d. Fowl Wheat—ss 3d f.o.b. Chaff—£6 ss. Oats—A Gartons 3s lid, B Cartons 3s 7d. Algerians 4s. Cowgrass—B-Jd to 9d. Peas—6s. White Clover—ls 3d to Is 6d. Italian Ryegrass—6s 9d to 7s'. Perennial Ryegrass—6s 9d to 7s. Cocksfoot— to 114.d. Potatoes—£4 15s a ton. Onions—£s a ton. Flour—£ls 10s a ton. Pollard—£6 10s f.o.b. main ports; 20s extra for smaller packing (new seaeon's). Bran —£5 10s per ton for main ports, 10s extra for smaller packing. RANGIORA MARKET. The sheep pen 3 at the Bangiora market yesterday contained 1023 fat lambs, 346 fat owes and wethers, and 1373 store sheep. The quality and the general run of the lambs was very good, and the prices equalled those ruling at Addington last week, extra prime lots making 34s 2d to 35a 4d, prime 30s to 33s 7d, medium weights 27s 7d to 29s 7d, and light and unfinished 24s 7d to 2Gs lOd. The fat ewes and wethers also sold well. The prices for prime ewes ranged from 23s lOd to 255, others 21s 6d to 23s 2d, and for prime wethers 31s to 35s lid; others 26s to 295. The sales were:

Fat Lambs —For W. Kichards, 43 at 27a 9d; Bunting Bros., 28 at 29s 7d; A.' G. Prouae, 14 at 27s 10d; M. H. Stokes, 19 at 335; J. L. Stokes, 20 at 21s 8d; T. Itainey, 6 at 35s 4d; P. and J. Eowe, 27 at 27s 4di; J. Inch, 30 at 30s 4d; C. Eands, 35 at 31s 4d, 12 at 33s 7d, 68 at 32s lOd; J. Wheeler, 15 at 27s lOd; J. H. Willis, 31 at 27s 4d; W. Burgess, 46 at 29s Id; W. J. Batchclor, 67 at 295; A. M. Miller, 37 at 27s 4d; Jos. Fitzgibbon, 36 at 2Ss 10d; J. W. Frizzoll, 74 at 31s lOd; W. H. Leech, 3 at 24a 9d; C. Lindsay, 25 at 295; T. Leech, 14 at 29s sd; G. Loffhagen, 28 at 34s 2d, 19 at 26s 10d; Misa G. Croft, 25 at 26s lOd; James Bros., 61 at 31s lid; Mrs M. J. Mehrtens, 28 at 31s Id; D. J. Stringer, 133 at 30a; P. Pulley, 70 at 32s 4d, and T. Goodrich, 9 at 24s 3d.

Pat Ewes—T. Pulley, 26 at N 2ss, 4at 223 7d; T. Leech, 9 at 23a 9tJ; W. Stalker, 34 at 21s lOd, 15 at 21s, 24 at 233 lOd; W. Richards, 11 at 20s Gd; Bunting 8r05.,-35 at 22a; M. H. Stokes, 12 at 24s sd, 9 at 22a 4d.; P. and J. Prouse, 14 at 23s lOd, 10 at 21s Rd; J. H. Wallia, 12 at 21a Gd; C. Rands, 16 at 22s lOd; M. J. Mehrtens, 4 and a Wether at 275.

Pat Wethers—E. McKinley, 28 nt 31s; 8 at 27s 6d; W. Burgess, 10 at 265; and' J. L. Stokes, 8 at 35s lid. Store Sheep—There was an improved demand for the store sheep, the majority of which were in good condition. The principal sales were:—ss four and sia-tooth ewes at 335, 22 two-tooth half bred ewes at 24s 4d, '72 at 28s 3d, 26 four, six and eight-tooth ewes at 355, 34 six and eight-tooth ewes at 28s, 34 aged ewes at 9s Id, 50 at 9s 3d, 81 wethers at 24s 6d, 19 at 24s 9d, 30 at 22a 4d, 109 at 245.

Cattle—Fifty-six head of. cattle were yarded. The sale was a dull one, and a 601.. siderable portion of the entry failed to find purchasers. Cows in profit sold to £4, empty cows £1 to £3 7s ,6d, heifers £2 to £2 17s 6d, Jersey calves 19s, and bulls £1 to £2 sa.

Pigs—There was a large entry of pigs, over 320 being penned, fully a third beingweaners. Prices were—Heavy baconers £4 10s to £5; light prime baconers, £3 103 to £4 9s; -unfinished and rough baconers £3 to £3 12s; heavy poTkers, 54s to 633; light 44s to 525; large stores, 4Es to 508; medium weights, 30s to 3Ss; large weaners, 22s to 30s; small, 14s to 20s.

Poultry—Boosters sold to lis 3d a couple, hens 2s 6d to 3s 6d, ducks 6s. . Produce —Chickwheat, 18s to 20s a sack; oats, 18s; barley, 16s; meal, 18s; oatsTieaf chaff, 5s 6d; straw chaff, 2a 6d; potatoes Id and 2d per lb; tomatoes, 3d to 4d; apples, Id to 2d; pears, Id to IJd; onions, ljd to 2d; and green peas, Is 6d per peck.

, EGG AUCTION. Harri3 Bros., Ltd., report that the -usual weekly auction sale of Feather Brand guaranteed fresh eg'g3, on behalf of the Canterbury Egg Farmers' Co-operative Association, was held in their rooms, 158 Hereford street, yesterday afternoon. The following prices were realised:—Hen eggs Ist grade. (2ozs and over) Is sd; hen eggs 2nd grade (under 2ozs) Is 4d. __£ THE PROPERTY MARKET. Jones, McCrostie Company, Ltd. sold by publio auction on Monday on account of tho trustees in tho estate of the late Mrs F. Prebble, cm. tho premises, No. 18 Barrio street, Addington, the property, comprising 16 and 2-10ths perches land, with residence of 5 rooms mid all improvements thereon at £S2S to Mr Ede.

'HIGH COMMISSIONER'S REPORT. The Department of Agriculture has rcceiv. Ed the following' cablegram, dated 2nd instant, from the High Commissioner for New !" Zealand, London: Spot stocks of New Zealand butter and cheese are small, and all markets Very quiet. Four vessels due nest week. BUTTEK. Quiet. Official quotations axe:— New Zealand. Finest. Salted. February 2nd—2o"s to 210s per cwt (Is lOd to Is IOJd per lb). January 26th—206s to 212s per cwt (Is lOd to Is IOJd per lb. January 19th—20Ss to 212s per owt (Is IOJi to Is IOJd per lb). Unsaltcd. February 2nd—2oßs to 210s per cwt (la 10>d to Is IOJd per lb). January 26th—210s to 212s per cwt (Is 10$ d to Is IOJd per lb). January 19th—212s to 214s per cwt (Is 1021 to Is lid per lb). Other Qualities. February 2nd—lß4s to 204 a per cwt (Is 7£d to la 9Jd per lb). Australian. Finest. Salted. February 2nd—2003 to 202s per cwt (Is 9sd to Is 9Jd per lb). January 26th—200s to 202s p*r cwt (la 9JI to Is 9Jd per lb). January 19th—202s to 204s per cwt (Is 9Jd per lb). TJnsalted. February 2nd—l9Bs to 202s per cwt (Is 9Jd to Is. DJd per lb). January 26th—200s to 204s per cwt (Is 9|d to la 9jd par lb). January 19th—204s to 206s per cwt (1» 92d to Is lOd per lb). Other Qualities. February 2nd—Salted, 170s to 196s pel cwt (Is GJd to Is 3d per lb). TJnsalted, 176 a to 196s per cwt (Is ?d to Is 9d per lb). Argentine Finest. February 2nd—l7Bs to 180s per cwt (Is 7d to Is 7Jd per lb). Exceptional up to 184s per cwt (Is 7£d per lb). January 26th—178s to 184s per cwt (Is 7d to Is 7id per lb). January 19th—180s to 186s per cwt (Is 7Jd to Is 8d per lb). Other Qualities February 2nd—ls6s to 176s per cwt (la 4Jd to Is 7d per lb). Danish. February 2nd—2173 to 218s per cwt (Is lljd per lb). . January 26th —2163 up to 218s per cwt (Is lid to Is HJd per lb). January 19th—2-203 to 222s per cwt (Is Hid to Is llgd. par lb). CHEESE. English. Finest Farmers'. Firm. February 2nd—l3Gs to 146s per cwt (Is 2Jd to Is 3£d per lb). January 26th—135a to 145s per cwt (Is 2id to Is 3id per lb). January 19th—1353 to 145s per cwt (Is 2sd to Is SJd per lb). Canadian, Finest and Fine. February 2nd—lo6s to 110s per cwt (HJd to HJd per lb). Coloured, exceptional up to 112s per cwt (la per lb). "White, 104s to 108s per cwt (lid. to HJd per lb). Exceptional, -up to 112s per cwt (Is per lb). January 26th—Coloured: 10te to 112s per cwt (lid to Is per lb). White: 104s to ,112s per cwt (lid to Is per lb). January 19th—Coloured: 104 a to 110 a per cwt (lid to HJd per lb). White: 104s to 1103 per cwt (lid to HJd per lb). New Zealand, Finest and Fine. February 2nd—Coloured, 103s to 105s per cwt (IOJd to lid per lb). White: 102s to 104s per cwt (IOJd to lid per lb). January 26th—Coloured: 102s to 106s per cwt (10Jd to HJd per lb). White: 1023 to 104s per cwt (lOJdi to lid per lb). January 19th—Coloured: 104s to 106s per cwt (lid to Hid per lb). r White: 104s to 105s per cwt (lid to HJd per lb). Australian. Finest and fine. February 2nd—Coloured: to 102s per cwt (IOJd to 10Jd per lb) CASEIN. . Buyers holding off in anticipation of lower prices. Nominal quotations are:—French rennet £65 to £BO per ton. Argentine lactic £l6 to £53 per ton. HEMP. Manila market steady and small' r/uainess has been done in "J" grade February-April shipments at £35 to £35 53 per ton. Present quotations £35 sellers.' New Zealand market continues quiet. February-April shipments quoted at: Highpointa £35, fair £33, values c.i.f. WOOIi. Sales continue -very firm at recent levels or very little higher and brisk demand from Home, Continental and American buyers. PEAS. Arrivals of Blue are heavy from Japan, but market firm and £23 per ton c.i.f. has Been paid for February-March shipment. Spot prices same as last quotations:—Japanese £2l 153, Tasmanian £22, New Zealand £l7 to £2l. Demand for Maple is limited and N<rw Zealand stock heavy. Quotations unchanged:—New Zealand 73s to 75s per 5041b, Tasmanian 90s to 955. Tasmanian February shipments nominal values 90s c.i.f. English Celling freely at 55s to 655. BEANS. ■ Quiet; Home trodo at 45s to- 50s per 'quarter. EGGS. Market Btcady. English, Irish, Danish and Dutch 24s to 29s per long 100. Italian 22a 6d to 243 per long 100. Moroccan and Chinese 14s t 0 200 per long" 100. Egyptian 12s 6d to 13s per long 100. METALS. (atjstbaijait akd v.s. cable association-.) (Received February sth, 9.50 p.m.) * LONDON, February 5. Copper—Spot, £6O lis 3d a ton; forward, £6l 8s 9d. Lead—Spot, £32 17s 6d; forward, £32. Spelter—Spot, £35 2s 6d; forward, £34 Es. Tin—Spot, £251 2a '3d. Silver—33 5-16 d a>n ounce. ,

ASHBURTON MARKET. There was a big attendance at tho Tinwald yards yesterday, when there was an entry of 648 lat ewes, 43 wethers, 1899 lambs, and 1601 stores. The maorket lor both ewo and wether mutton was firm, at a Blight advance on last week's prices. Prime ewea made 25s to 26s Id, second quality 23s 3d to 240 2d, and unfinished lots 18s 4d to 20s 4d. Wethers made from 27s to 33a Id. Export buyers were operating freely and there was very spirited bidding for each line of lambs offered. Extra prime lines made 32a lOd to 345, prime 303 to 31s lid, second quality 28s lOd to 29s '4d, and lighter sorts 25s i)d to 27s 9d. Mr J. Williams, of Maronan, topped th e market with a line of 53, which brought 345. The jover-all price per lb was just about IOJd. The principal sales were:—

Ewes—33 at 23a 3d, 5 at 24s 2d, 12 at 18s 6d, 12 at 21s 3d, 10 at 203 7d, 10 at 24s 3d, 18 at 22s 7d, 11 at 22s 4d, 15 at 22s Id. 9 at 22a lOd. 10 at 21s 6d, 25 at 21s Gd, 25 at 24s 6d, 17 at 25a 7d, 16 at 20s 3d, 12 at 20s 4d, 8 at 235, 7 at 20s, 8 at 22a 2d, 18 at 25s 2d, 16 at 24s 6d, 11 at 22s Bd, Uat 23s lid, 7 at 19s, 9 at 21s sd, 17 at 26s id, 17 at 253, 15 at 225, 31 at 23s 3d, 18 at 24s 2d, 41 at 23e sd, 11 at 21s Id. 11 at 18s 7d, 13 at 163 3d, 14 at 18s 4d, 5 at 263, 19 at 283 4d, 13 at 26a, 7 at 24s Bd, 16 at 22s fid, 20 at 23s 6d. Wethers—lo at 293 7d, 11 at 275, Bat 33s Is, 4 at 275, 3 at 33s lOd. Lambs—s at 20s, 11 at 28s lOd, 21 at 32b 4d, 8 at 28s lOd, 13 at 32s 4d, 30 at 30s, 25 at 33s 9d, 16 at 29s 4d, 51 at 29s lid, 86 at 293 lOd, 50 at 30s lid, 105 at 27s 9d, 21 at 30s 6d, 58 at 31s lid, 43 at 325, 33 at 32s 9d, 45 at 32s sd, 81 at 28s, 143 at 325, 262 at 30s, 270 at 31s 2d, 58 at 345, 113 at 29a 7d, 86 at 30s lid, 73 at S3 3 9d, 91 at 32s lOd, 32 at 30s lid, 100 at 295, 21 at 325. Stores—Out of the 1601 yarded, 645 were passed at auction. Tbo principal sales wero: 12 cull ewes at 6s 6d, 39 mixed sex crossbred rape lamb 3 at 19s, 48 four, six, and eighth tooth tliree-qnarterbred ewes at 22s 9d, 44 fat and forward mixed sex crossbred lambs at 25s 6d, 100 mixed sex crossbred rape lamb 3 at 22s Yd, 91 Bound and failing-mouth crossbred ewes at 13s 3d, 70 mixed sex halfbred lambs at 18s Bd, 98 mixed-sex Eomney cros3 lambs at 18s Id, 240 crossbred rape lambs at 245, 201 two and four-tooth halfbxed ■wethers at 21s Sd. Cattle —There was a yarding of 40 head. They were a very mixed lot, and low prices were obtained. Forward cows brought £4 2a 6d to £5 17s 6d, heifera £5 12a 6d to £6, and springing cowa £5 to £7 103.

LONDON WOOL SALES. Pyno, Goulc'l, Guinness, Ltd., have received tho following cablegram from London, dated 4th inst:—"We quote 56's 2a 6d, 2s 9d; 50'b, 2a Id, 2a 4d; 46'e, Is 3d; 48'e, to 2a; 44's, Is 7d; 46' a, la 3d; 40* a, Is 4d; <t4'B» la 6JjdL"

CHRISTCHURCH STOCK EXCHANGE. YESTERDAY'S TRANSACTIONS. Sales Keported—Huddart-Parkcr, 42s 9d (4 parcels); "Wilson's Cement, 31a; Union Bank of Australia, £l4 123, £l4 123 td, £IV 123 (4 parcels), £l4 123 6d; Lyttelton Harbour Board, 5i per cent, debentures, 1933, £93. Sales on "Change—Bank of Australasia. £l3; N.Z. Keirig. (10s paid cum div.), lis 4d Christchurch Gas (cum div.), £3 Sa 6d; &.Z. Paper Mills, 23s Bd.

OTHER EXCHANGES. (PBESS ASSOCIATION TELEGRAM.) AUCKLAND!. February 5. Soles—Soldiers' Inscribed, £lOl 12a 6d; Union Bank, £l4 lis; New Zealand Insurance, 30a fid; Eiver Plate, 20s 3d; Auckland Gas, 25s Gd; N.Z.' Breweries, 22s 3d; Moanatairi, 3s, 3s 3d; Waihi, 31s 3d; Grand Junction, 6s Bd. WELLINGTON, February 5. _ Sale reported on 'Change—Bank of Australasia, £l3. DUNE/DIN, February 5. Sales—"Waihi, 31s, 31s 3d; Waihi Grand Junction, 6s 6d. »». Sales Keported—New Zealand Refrig. fcont.), lis 6d; Union Bank, £l4 2s 6d; Bani of New; Zealand, 51s 3d. RANGIORA BUILDING SOCIETY. The forty-third annual meeting 'of tha Bangiora Investment and Building Society was held last evening, ilr H. Boyd, chairman of directors, presided over a email attendance of shareholders. The-directors, in their report, referred to the increased business done during tht. year and to the lact that the Society had no outstanding debta. The investment shares of the 38th and' 39th issues matured during the- year and had been paid out. The usual 5 per cent, interest has. been credited to the investment chares, together with profits amounting to £34 18s sd. The balance-sheet showed the receipts to hav« been £1962 12s Id, including subscriptions on -shares £538 lis, principal repaid £790 Sa lOd, and interest £174 17s 7d. The expenditure included loans on mortgago £450, other loans £6OO, shares matured £2OO, and cash in hand and in the savings bank £645 16s 9d. The liabilities fully covered by assets were set down at £2669 17s sd. The report and balance-sheet were adopted. The retiring directors, Messrs S. Ayers and J. T. Withers, were re-elected, and Mr W. T. Wilson was re-elected shareholdcw' auditor. A hearty vota of lhankn was accorded to Mr T. W. Ambrose for the efficient way in which ho had diacharged the duties / of secretary. The secretary announced that the whole of tho new share issue had been taken up. At a meeting of the directors, Mr H. Boyd was re-elected chairman and Mr C. I. Jennings deputy-chairman.

WHEAT. (ET CABLE—PSESS ASSOCIATION—COPIBIGHT.) (AUSTBALIAH AHD N.Z. CABLE ASSOCIATION.; (Keceived February sth, 7.10 p.m.) LONDON, February 4. Wheat cargoes . show an easier tendency Australians are eparingly offered far Febru-ary-March shipments. Parcels axe unchanged. Sates of eight cargoes aro reported at from 46s 3d to 47s a quarter.

% , SHARES. (Received February sth,' 7.10 p.m.) LONDON, February 4. Waihi: Buyers, 29s 4d; Sillers, 31s 3d. P. and O. (def.): Buyera, £295; aellera. £305. ' '

NEW ZEALAND HONEY. ■& A RAPIDLY-GROWING INDUSTRY. Mr E. A. Earp, senior Government apiary irstructor, lias just returned to Wellington from *• trip south in connexion with the Holds days of the Southland Beekeepers' Association, and the scheme for the employment of beekeepers as part-timo apiary instructors. Seen by a ''Dominion" reporter, Mr Earp stated that the scheme was one that was being applied to three districts— Waikato, "YVuirurapa, and Southland. Altot>ether eomo '2o men are engaged in assisting the. Department to carry out inspections. The system of inspection had been token up enthusiastically by the beekeepers, and as far ns the work has gone this season very bi<* results have been achieved. The scheme has been tested out in commercial districts, and, if successful, will be further extended. Generally speaking, and notwithstanding the dry spell, said Mr Earp, reports from beekeepers wero favourable, and it was anticipated that- the crop in the South Island would bo a good average ono. The quality of the honey was excellent, as was usual when the the clover pastures wero in good heart. Questioned as to the progress tho industry was making in the Dominion, Mr Earp stated thit the export of honey from New Zealand had attained fairly largo dimensions, the quantity sent overseas last season being in the vicinity of 600 tons, and the quantity was growing annually. Roughly about COOO people wero engaged in uee-keeping. To show how rapidly tho industry had developed, the senior Government apiarist stated that in 1913 no honey had been exported from the Dominion. In 1914 the compulsory grading of honey was introduced. In 1921 there were 8427 persons engaged in bee-keeping, with an output of 2,807,0001b, The returns for 1923 showed a decrease in tho. number of people keeping bees, yet the output was considerably greater than in 1921. SALE OF IMPORTED STOCK. The large importation of Southdown sheep made some months ago was a very opportune, and, therefore, a doubly valuable one, as owing to the foot and mouth disease, further importations cannot now bo made. A compkte catalogue ot illustration* and pedigrees ot these tuirty-two bouuidowu urns, selected in by Messis U. H.. and J. U. G. Slack, and whicu are w be sold at auction on tne second day of the iiastcito'n Show, is now available from tho auctioneers These rams were selected only ifl«r a most carefui examination, from tho fcading flocks in England, including the noted flocks of his Majesty tho K-iug, the Earl of Derby, the Duke of Kichmond, Sir William Bird, Kov. A. Brockiebank and Messrs J. Langni-ead and W. Langinead. These breeders have all been prominent as successful exhibitors in either tho leading show-rinE3 or in the flock competitions. Full particulars are obtainable from the auctioneers, Messrs Wright, Stephenson and Co., Ltd., who are acting aa selling agents in conjunction with Messrs Dalgety and Co., Ltd., and Abraham and Williams, Ltd. SALE OF JERSEYS. A good deal of interest has been aronsed in the shipments of Jersey cattle recently brought to the Dominion by Mr H. E. Martin, M.R.C.Y.S., of Christchurch. Mr Martin spent many weeks on tho Island of Jersey studying the various leading strains and individuals and making his selections, and states that he selected only those animals whose dams and other ancestors' were noted as producers and for their high-class milk ves:e!s. ' All the great sires cf the dav, including Xenia's Sultan, sold for the reputed price of £6OOO, Daaryliko's Majesty, another sire exported to America, at a, great pries and from'the Majesty strain, so noted, in New Zealand for production and noted prize-winners on Jersey Island are represented. Tho cattle may bo inspected at the Manawatu Showgrounds. • They are to be sold in Messrs Abraham and Y/illiams's Horse Bazaar, Palmerston North, on Wednesday i February 13th, commencing at 1 ri.rn. Catalogues, giving duplicate orgies of the Jersey Island pedigrees, are now obtainable fromall branches of the auctioneers, Messrs Wright, Stephenson «nd Co., Ltd. or Abraham and Williams, Ltd.

FOREIGN EXCHANGE RATES. (BIT CAULS —PBES3 ASSOCIATION COPTBIOHT.) (ATJSTIIAIJAN AND N.Z..; XABLK ASSOCIATION.) LONDON, Feb-.uary 4. The exchange rates are ao iollows:

Calcutta, st to rpe 10 to gold £1 l'id V<sd •Determined by price -of silver. WOOL. ■' (HoceiVcd February sth, 7.10 p.m.) i'eoruaiv 4. At the wool oalta there was an average Belection of merinos and a fairly good ottering of crossbieds, but a pojr utienuai-cu oi buyers. AW.mos were somewhat irregular, bat crossbreda were very iirm. Now Zealand •"l'ai Xai" brought from :»d to aiid a pound. The Bradfora tops murjeet ib quiet, wit-l quotations irregular.

CLEARANCE SALE OF JERSEY COWS. H. C. Smith, of the City Market, conducted a successful clearing sale at Kiccarton, account Mr 'l'. Kincaid. The. auctioneer, in his opening remarks, gave the reason for the disposal oi the herd, and Uub, combined wiui the fullest particulars relating to breed, date of calving, and the sue tne herd had been running with, immediately established the confidence of the large attendance prosent, liigbt through the ia.e competition was keen, and the nerd found new owners throughout Canterbury. For an unregistered let tlu prices were very tatiefactory, aa will be seen by the following-puces:—.Five Jersey cows, calved early in the winter, in profit,_logs, 29gs, 9jgs, 14gs, lCgs; 4 Jersey heiiers, 18 months old, 123gs, 12Jgs, lSJgs, B£gs; Jersey bull 7igs, 2 yearling heifers SJgs each, 6 half bred cows in profit- GJgs to BJgs, 4 halfbr'ed Jersey heifers 18 months old lOgs, 9gs, Ggn, lOfta. Outside entriesHeifers, springing, and cows in profit 7igs to IGgs; aged geld. £IG, 2 troughs £3 ~l2s, separator 7gs, portable copper £5, dogcart £6- 2377

LATEST QUOTATIONS. Buyi ars. Sellers. £ s d £ a d N.Z. GOVT. DEBENTURES— 4J per cent. Inscribed, 1933 .. 98 10 0 — 4£ per cent.' Inscribed, 1939 93 10 0 — ih per cent. Bond?, 1933 96 12 6 — 4J per cent. Bonds, 1939 95 12 6 97 0 0 5 per cent. Inscribed, 1027 — 97 15 0 5 per cent. Inscribed, 1929 .. .. — 97 5 0 5J per cent. Inscribed, "" 1927-41 — 9S 10 0 5 per cent. Bonds, 1930 — 97 5 0 MUNICIPAL DEBENTURES— Ckristchurch Tramway 6J psr cent. 1931 — 106" 0 0 COMPANY DEBENTURES— N.Z. Breweries, 10 per cent. .. . 1 0 9 — Glax>, 6J per cent., 1945 Si o 0 90 0 0 Gisborne Shcepfarmers 7£ per cent. 1S31 .. 100 17 6 101 15 0 BANKS— Australasia 12 19 6 13 0 0 National of N.Z. 6 12 0 6 13 6 New South Wales 41 0 0 — New Zealand .. 2 11 0 2 11 6 Royal (£1 paid) 1 15 S 1 15 " 9 Royal (£4 paid) 6 16 0 7 « 0 Union of Australia .- 14 12 0 14 12 6 INSURANCE— New Zealand (cum div.) 1 10 2 1 10 6 LOAN AND AGENCY— Dalgcty and Co. 13 3 6 13 6 6 Goldsbrough, Mori 2 8 9 2 9 3 National Mortgage .•' — 3 19 0 N.Z. Loan and Here. (ord.. stock) •• 83 0 0 — SHIPPING— Howard, Smith 2 12 3 2'IS 0 Huddart-Parkcr 2 2 6 2 3 0 Huddart-Parker (pref.) . 1 0 6 — P. and 0. Def. .. ! 293 10 o : 310 0 0 Union Steam (prcf.) ... — 1 0. 6 FROZEN MEAT— Canterbury — 14 15 0 Canterbury (prcf.) 5 3 0 — N.Z. Refiig. (paAd, cum div.) , — 1 4 0 N.Z. Befrig. (contr., cum div.) 0 11 3 0.11 6 WOOLLENS— Kaiapoi (ord. and pref.) — 1 0 3 COAL— /Westport .. • •. 1 19. 0 2 0 6 Wcstport-Stockton — 0 4 " o GAS— Christcburch (cum div.) 8 3 6 8 4 0 BREWERIES— Orown \ S 1 0 3 S 0 Manning- .. ... — 1 8 3 New Zealand ,. 1 0 3 1 2 0 Ward 2 3 6 — CEMENTS— Wilson's .. .. 1 11 0 1 11 6 TIMBER— Kauri — 1 11 0 MISCELLANEOUS— Beath and Co. 114 6 1 16 0 Beath, Schiess 0 15 0 — Burns, Philp 1 12 0 1 12 6 Electro. Zino (pref. cam div.) — 1 10 0 Hume Pipe (£1 paid) 1 4 0 1 5 0 Mason. Strutbera (£1 paid) 1 4 6 1 6 6 Mason, Strnthera (6a paid) .. .. 0 G 10 0 7 2 N.Z. Drug Co. 3 6 0 — N.Z, Farmers' Co-op. (£2 paid) .. 0 4 6 0 7 0 N.Z. Farmers' Co-op. (6i per cent. Insc. " . Stk., }930) . 74 0 0 76 10 0 N.Z. Milk Products .. 1 6 r, — N.Z. Paper Mills 1 3 8 1 8 11 N.Z. Suerar of Mi'fc .. 1 8 G ll2 0 Whitcombo and Tombs 3 12 6 — B.A.W.R.A. (ex div.) .. 0.10. 6 0 11 0 MINING— . Waibi 1 11 0 —

Par. Jan. 31. Fob. 4. Paris, fr. to £1 2o.22S 9-2.0*0 92.80 Bruesela, Ir. to £1 .. 25.225 -104.85 Christinnia, kr. to £1 18.159 ■34.55 31.9(1 CoperJiogon, kr to i'l 18.159 26.40 2<>.37 Stockholm, kr. to £1 18.159 16.30 16.45 Berlin, marks to £1 20.25 16 to 20 16toi!0 billions billions New York, dol to £1 4.86 4.28 4.35i Montreal, dol. to £1 1.88 4.40 4.4.3 Some, lire to £1 22.22i 98J 994 Yokohama, at -to yen i 21.5 2£|d .23Ji Hong Kong, dol. to £1 * 28d 2od