COMMERCIAL.

Press, Volume LX, Issue 17997, 14 February 1924, Page 12

COMMERCIAL.

DUNEDIN EXHIBITION,

GOOD WISHES FROM

WELLINGTON

(srsciAL TO "the I'atss."}

DUNEDIN, February 13

Mr L. T. Watkins (chairman of the Wellington Industrial Association), who attended a meeting of the Dunedin Manufacturers' Association, said he was pleased that the Canterbury

Association had written to the Dunedin Association, hoping that the most friendly relations would continue to exist between tho associations, notwithstanding that the Dunedin Association had withdrawn from tho New Zealand Industrial CorlKiration. He would like to say that that was exactly the reason that had brought him to the meeting. They had agreed to differ over tho question of an "Imperial or an International" Exhibition, and probably they would continue to differ. The northern associations had been Tery keen to keep tho Imperial aspect to the fore, but' that fact notwithstanding, he hoped they would carry the exhibition project to a successful issue. The other associations would not be at all antagonistic; they would be just as friendly as they possibly could be, and as helpful as they could be in assisting the exhibition. He was not there in any official capacity; he was just uttering the sentimonts he felt personally. He hoped personally that the Dunedin Association would support a Dominion Court, more especially if they realised that such a court was to hold its own against the exhibits which would come from all parts of the Empire and outside the Empire. He thought it would be an incentive to manufacturers if exhibits were shown completely from the ratv material state right through to the finished manufactured article. He did not think that the northern manufacturers desired to do the exhibition any harm. As manufacturers they wanted to see it a success.

In answer to a question, Mr Watkins said that the Wellington Association did not think the exhibition company had a right to ask for a subsidy from the Government for an exhibition of goods that would be made to the detriment of their own manufacturers.

The chairman remarked that when the time for the exhibition came along, he was sure that they would obtain 6upport from the individual manufacturers right through the Dominion. Mr Watkins said that his advice to the Dunedin Association was that it should go for & Dominion Court, and put the manufacturers on their mettle. When the New Zealand manufacturers knew that they were to maintain the prestige of their manufactures, they would use every effort in seeing that there was a good show. • _ Consideration -of the question has been held over in the meantime.

£200,000,000 OF AUSTRALIAN WHEAT.

GREAT UNDERTAKING ENDS

(from otra own correspondent.)

SYDNEY, January 31

Two hundred million poundsl The mind staggers at the figure. Yet there it is, the total realisation of the greatest wheat undertaking, probably, in the history of the world. This will finally be wound up on February sth, when the last dividend payments will be made in connexion, with the pools controlled by tho Australian Wheat Board. The total represents the aggregate of tho wheat pools, which it was found necessary to establish during the war. The aggregate number of bushels handled by the pools (for which certificates were issued) amounted to the enormous quantity of 637,408,000. Of this quantity, 415,097,000 bushels were represented in shipmonts of wheat and flour overseas. The local sales throughout the States during the six years accounted for 215,770,000 bushels. For two years the wheat stocks in Australia were held without any shipments being made, and losses from weevil and mice had to be faced in practically every State. The total of these losses amounted, throughout the various pools, to 9,279,000 bushels, or a loss of 1.45 per cent, on the whole amount handled. Of the total £200,000,000 realised, the overseas shipments represented £140,307,716 —golden grain, indeed. Tho dividends paid to growers in respect to each pool will total the following, less cost of freight to port, viz.: 1915-16, 4s 5d per bushel; 1916-17, 4s 4.261 d per bushel; 1917-18,4s 11.817 d por bushel; 1918-19, 5s 6.129 d per bushel; 1919-20, 9a .6442 d per bushel; 1920-21, 7s 9.698 d per bushel. Wheat local consumption in five pools out of the six was charged to the consumers of Australia at a less price than the balance of the stocks of the individual pools realised overseas. In only one pool was the local price above the ultimate realisation for export wheat.' Mr S. J. McGibbon, who has represented West Australia on tho Board, in duscussing tho winding-up of this huge undertaking, remarked that a great amount of criticism had, during the years of tho pools, been levelled at their compulsory nature and interference with the liberty of producers to market their product. "But," he continued, "the pools have taught us one or two lessons which are worthy of remembrance: (1) In time of war or national crisis it is desirable that the producers' products should be handled by a central authority, and so save a break in prices which would be disastrous to the producer and the community; and (2) that on all pools where producers' produce is being handled, the producer should be represented by his own elected representative. It will be remembered that credit is due to the Commonwealth Government and the State Governments for finding the necessary finance to make tho first payments on delivery of their wheat to the growers throughout Australia; and it is pleasing to record that it did not cost the Commonwealth Government one penny in any shape or form for their guarantee to the various banks, although at one time there were very many millions of an overdraft on the security of wheat which could not be shipped. Notwithstanding the success which has attended these pools, I have come to the conclusion that compulsory pools in ordinary trading times I are a mistake."

NEW ZEALAND OYSTERS

ON MELBOURNE MARKET. (Received February 13th, 9.25 p.m.) SYDNEY, February 13. When the Minister for Customs was visiting Eden, local fishermen asked him to increase the duty on Netv Zealand oysters. They contended that with tbia encouragement and improved cul- £ " uld cut Ste ' vart Mand out er the Melbourne market. Minister promised consideration.

WHITE ISLAND SULPHUR.

COMPANY TO WORK DEPOSITS.

(special to "the mess.")

AUCKLAND, February 13

Cable advice has been received from London intimating that an English company with a capital of £IOO,COO, which has been interested in the prospect of commercially utilising the sulphur deposits on "White Island, will commence operations on the Island almost immediately. The intention is to utilise the deposits for fertilising purposes only.

The proprietary owner of the Island, -Major Mercer, who has already spent i;2o,000 in connexion with the deposits, recently sold the Island to a London registered company—the White Island (N.Z.) Sulphur and Fertiliser Company, Limited—subject to the favourable report. of its representative. Major Kent Johnston, F.U.S. The latter, whose headquarters are now at Opotiki, recentlv advised the Company that although he was unable to recommend the development of the deposits lor their sulphur value, there were enormous deposits of material on the Island eminentlv suited for fertilising purposes. He stated he was unable .to confirm the report of pre\ious engineers as to tho immense quantities of sulphur there, and as he. could noL my what deposits of sulphur were buried during the eruptions ol 11)11 and 191 D, lie was unable to pronounce in favour of the sulphur mine. Major Kent Johnston therefore recommended that any operations should be confined to using the deposits strictly for their value as fertilisers. Me also stated that over 150 reliable users of White Island fertilisers in New Zealand had certified to him as to the eminent adaptability of tho material for fertilising certain soils.

On the strength of this report;, Major Ivenc Johnston has been authorised to proceed with the development of the deposits. Ho stated that although £IOO.OOO had been guaranteed in London, unlimited capital had been promised in the event of his report being favourable. He ivas not able to say whether sufficient sulphur existed on the Island to justify the latter's sale, but was confident that the exploitation of the material for fertilising purposes would repay the outlay manv times over. This material was worth ten times its value as sulphur, and would find an unlimited market in New Zealand.,, Two Australian houses were ready to take the entire output, and he had received other offers.

LONDON WOOL SALES

(AUSTRALIAN AND I».Z. CABLE ASSOCIATION.) (Received February 13th, 10.1-5 p.m.)

LONDON, February 12

The wool sales have closed. Attendances were throughout the series. The meteoric advance on the past month consolidated as the series proceeded, closing at the highest level. Merinos, both greasy and scoureds, hardened throughout, showing fully 10 per cent, advance over last sales.

Germany was the chief operator, Yorkshire bought a fair amount, and America a small share. French buyers were much more reserved than at last sales.

There was keen competition in all classes of crossbreds, especially from the home trade. Finest sorts advanced from 12* to 15 per cent, over December rates, mediums and low 15 per cent., scoureds and slipes from 20 to 25 per cent. Lambs' wool was in short supply. B.A.W.R.A. crossbred burries advanced 10 per cent. The total offerings included 108,363 bales of Australian and 54,919 bales of New Zealand. There were no withdrawals.

A MEAT LEVY.

TO CULTIVATE MARKETS. (BY CABLE —PRESS ASSOCIATION COPYRIGHT.)

(AUSTRALIAN AND N.Z. CABLE ASSOCIATION.; SYDNEY, February 13. The Meat Industry Development Bill has been drafted.

It empowers the Government to establish a Board with a power to require stock owners to pay levy, which will bo used for the development of overseas markets for Australian meat.

The levy will be made in September each year, and will not exceed Sne penny a head for cattle and oneBixth of a penny a head for sheep. The owners' of not more than 100 cattle and 500 sheep are exempted, and provision is made for monetary penalties for delay in payment. WEST AUSTRALIAN LOAN. (AUSTRALIAN AND N. 7. CABLE' ASSOCIATION.) LONDON, February 12. The West Australian loan has been fully subscribed. PETROL PRICES. (PBESS ASSOCIATION TELEGBAM.) WELLINGTON, February 13. Cable messages just received from America advise a still further advance in petrol costs. BRITISH TRADE STATISTICS FIGURES FOR JANUARY. (iievter's teleghamsj LONDON, February 12. The Board of Trade's leturu of imports and expcvts for January last comparts as follows with the figures tor uecember, 1023, and January, 1923: ' 1921. 1923. 1923. Jan. Dec Jan. £ £ £ (1000's) (1000's) (1000's) Imports .. 101,190 109,189 99, lift) Exports .. 6J,*!00 64,115 66,938 Re-exports .. —- 9 7ifcj Compared with January, 1923, the value of imports has increased by £1,502,428, and tho exports decreased by £2,703,830. lieexports increased by £3,513,021 Tha principni increases in the imports Trere:—Uaw cotton, £10,372,856; living'animals for food, £1,751,303; and dutiable food and drink, £2,066,041. The principal decreases in imports wereGrain and flour, £4,848,386; meat, £3,522,473wool, £1,651,037; and non-dutiaile food'and drink, £1,182,739. The pnncipjvl decreases in exports wereMachinery, £1,894,010; cotton varus and manufactures, £1,7-10,535; vehicles," £1,210.321. WHEAT. (Heccived February 13th, 10.50 p.m.) LOXDOxS, February 12. Wheat cargoes are steady with an increased inclination to sell. Parcels ore quiet and have declined threepence a quarter.

DAIRY CONTROL BOARD.

(special to "the pbess.")

"WELLINGTON, February 13. No official announcement lias yet been made in regard to the appointment of a representative of the private factorv owners and merchants 011 the Dairy Control Board. ' The factory owners and merchants unanimously nominated Mr J. B. McEwan, but the Minister of Agriculture demanded that they should submit more than one nomination, and that the final choice should remain with him. The owners and merchants at first refused to submit any further nominations, but after some delay the Director of Agriculture intervened, and it was finally arranged tiiat the factory owners and merchants should send in separate nominations. This has now been done, each of the

parties submitting a list with three or four names, of which Mr ."."acEwan's is the first in each case. The Minister and tho Director have now left town without making :mv announcement 011 the subject, but it is confidently expected by the nominators that Mr MacEwan will bo finally appointed. SYDENHAM MONEY CLUB.

The annual meeting 1 of the Sydenham and Suburban Co-operative Money Club was held in the club's officer on Tuesday. A report for the half-year ending December 3lst, 1923, stated that the "share list closed at the end of that period with 1-117 members holding £992 shares. The number ot loans granted was 21!), amounting to i'jS-12 2s 2d, Jiia.dng a grand touil since tho lountfahon oi tiie .ciuu oi lis Gd Hie number ot Dvrrowers on tile' Pooka was a2tj, and the total amount <.f mtere-t earned £23UB 18s 10d. The receip.s for tno ha.i-ye.ar .vere *18,283 '.s Id, aud tne disbursements" amounted to £355 ,13s, leaving a wed it balance «f i'25S3 Os ad.'

The report was udopted. It was decided that a dividend at till© rate of 9d tlie £1 up. to iiiw <ue added to each compete 10s standing to members' credit, and that amounts over £IOO should receive dividend at the rate of 5 per cent. Two hundred pounds was added to the reserve fund, and the committee received a bonus of £l3 Is and the auditors a bonus of £ls 15s each.

The following officers were elected for the ensuing year:—President, Mr John Brown; vice-president, Mr J. Hadfield; trustees, Messrs G. AY. J. Parsons, R. Wright; committeemen, Messrs T. J. G led hi 11, D. liound; .secretary, Mr D. Marks; auditors, Messrs Mark "W. "Wooclfie'd and T. F. Hall. SALE OF ANTIQUES. Jones, McCrostie Company, Ltd. held a sale on account of Mr Carey Hill at his residence, Rugby street, yesterday, there being a large attendance of the public. Every lot was disposed of at satisfactory prices. : Xlie .following prices were realised:—lßth century period mahogany wardrobe £ll, 18th century period mahogany chest of drawers £•25, small Chippendale washstand £l2, 4tt oak English diesser £lO, old Eng'sh dark oak gate table £l3, Spanish mahogany corner cupboard £37, beaten copper log carrier £7, large delft plaque £3 10a, Rouge-Flambe palm bowl £l7, Rouge-I<'iambe jardiniere £6, Rouge-Flambe bowl £7, 2 Chelsea pottery vases £lO 10s, Chippendale occasional chair £lO, inlaid mahogany arm chair £lO, Broadwood piano-player, rosewood cabinet, records and piano stool £177, 2 pair Ui'pestry curtains £5, Chippendale period English bureau cabinet £7O, mahogavy cabinet £67 10s, mahogany arm chair £25, mahogany chair £l2, carved arm chair £25, ladder back Chippendale cliair £27, Hepplewhite period arm chair £2l, oak arm chair £l4, early English dark oak bureau £65, Chippendale corner cabinet £lO, carved rosewood coal cabinet £ll lOj, <>: d Dutch brass fireside companion £9, 2 antique firescreens £-4 10a. 2 oil paintings by- J. Paulman £3 ?s water colour bv Kairn £o ss, oil portrait by Nerli £4 4s, a pastel by Proctor £5 10s water colour by J. Stewart £7. 2 water colours b-r Miss Stoddart £3, Doulton vase camel race £l2. water colour by "Worsley £7 7s hand-painted dessert 6ervice £l2, Indian carpet £2O. Royal Worcester teoset £8 lCs, cedar hanging lamp £3. DANNEVIRKE SHOW. (PRESS iSSOCTATION TELEGRAM.) DANNEVIRKE, February 13. After several hours' refreshing rain, the

Dannevirke Show ftpeneE to-day, in fino weather. The attendance was "up to standard, and the display all round very creditable. With the roofing of the sheep pena, tho Society's ground appointments are most complete, but further imp.ro 7 iments are contemplated for neat year. Championship aw ards were: Red Polls—Central Development Farm. Ayrahires—Bull, D. Buchanan; reserve, W. Moore; cow, T. H. Coppman; reserve, D. Buchanan; junior champion bull, L. J. Bowden; cow, A. MontgoJnerie. Jerseys—Bull, K. W. Southee; reserve, R. L. Horn; cow, S. Bowker; reserve, It. L. Horn; junior champion bull, A. Berg; cow, H. L. Horn.

Friesians—Bull and cow, Berkahn and Sons.

Milking Shorthorns—Bull and cow, R. V. Brown; junior champion bull, A. Edwardscow, A. V. Brown. Romneys—Ram, J. E. Hewitt; reserve, J. E. Hewitt; ewe, G. E. Allen; reserve J. E. Hewitt.

Lincoins—Ram, A. Hoggard; reserve, W, H. Gaisford; ewe, W. ±£. Gaisford; reserve, W. H. Gaisford.

Pigs—Berkshire boar, E. J. Rogers; bow, D. O. Smith; Tamworth boar, E. j! Rogers; sow, Bowcn and Wilson; Yorkshire boar and sow, J3. J. Rogers. Maiden Hunters' Competition—Mrs J. B. A'Deane's Cobweb.

Wire Jump, Ladies—Miss G. Mailer's Blue Mcon.

STUDHOLME JUNCTION SALE.

(SPECIAL TO "THE PRESS.") , WAIiIATE, i'ebruary 13. At the Studnoimu Junction sale to-day tkjie was a yarding ol zßi2 sheep and heuu ot catUc. import buyers operated lreely considering the quality or the yawing which, on tue average, was second cLass. •rncra obtained were:

Eat Ewes—l 3at Sis. 13 at 23a 7d, 41 at 22s 6d, 6 at Jos 7d, 14 a't "is 7d . 8 at 21s 3d, 10 at 2As ■1 at 1235, o at 25a Gd, 17 at 21 6d' 12 tit 233 lid, 24 at 23s 9d, 4 at 24a Sd! 35 at 225, Bat 20s Ski, 35 at 22s 8d 8 at 20s 9d, 10 at ISs.

Fat Lambs—3 at S2s, 38 at 293, 80 at 265, 18 at -7s, 37 at 27s Id, 21 at 335, 33 at 33s Id, 208 at 26a 4d, 55 at 2os Id, •=3 at 253 Gd. '

Stores —170 cull lambs at 14s 7d to 14s 9d, 6 at 19a 9d, 42 sm. ewes at 243 Gd, 24 two-tooth halfbred wethers at 24s 6d' 148 forward lambs at 22s 2d, 207 at 17s 6d, 100 ni.s. lambs at 14s 9d, 7 at Ms 3d 100 forward lambs at 2Je, 236 at 23s 7d "07 at 17s 6d. ' "*

CULVERDEN STOCK SALE.

the second sale of the year was held on Tuesday. Tliero was an entry of 573 fat lambs. Price.; realised bv vendors were* A. Avers 3Cs, G. Gillespie 35s 6d and 35s Id", A. Ayers 33s sd, J. Dwyer 31s 7d g'. Roberts 31s 3d, W. B. McMillan 29s lid) J. Kennedy 29s 2d. Ewes averaged 23s Id. Stores made from 20s 6d to 21s 6d, about 400 being penned.

AUSTRALIAN LAMB.

The New Zealand Meat Producers' Board has received a cablegram from its representative in Melbourne, advising that the number o£ lambs exported from Australia during the fortnight ended 6th inst. was 24.38S carcases.

DAIRY PRODUCE.

Dalgety and Company, Limited, have received the following cablegram from their office, datwi February 12th: "Dairy Produc?.—Since our message of the Bth inst., prices are lower by 4a for butter and 3a for cheese.' 1

WOOL SALES AND EXPORTS

Sales of wool ill New Zealand during January, 3924:

Totals for 7 J an-ary. months. Balee. Bales.

02 d. Sold. Ofi'd. Sold. Invercargill .. 18,610 18,319 18,610 16,319 Ilunedin .. 24,718 24,316 42,792 41^860

limaru .. 361 361 14,418 14,340 Christchurcli 26,150 28,327 £6,264 55,'sOj Blenheim .. 39 39 300 239

Wellington .. 32,716 32,266 77,141 74,1DS Wanganui .. 23,025 22,899 88,110 36,'555 Napier .. 33,023 32,860 61,130 59,621 Gisborno .. 1-44 14-1 1,604 1*604 Auckland .. 32 32 12,13 i 11,712 159,121 157,572 322j533 314,596 For the corresponding seven months lost year 227,728 bales were offered and 219,139 sokl. Exports of wool during January were: Corresponding Jan., T:s. for 7 mths., 1924. 7 mths. 1923. Bales. Bales. Bales. Invercargill •• 316 9,135 10,059 Dunedin" •• 13,313 18,562 12,002 Oamaru •• -8 330 Timaru • • 12,264 16,023 14,539 Ohristchurch •• 18,G53 43,384 37,835 Blenheim •• 1,418 1.94G 2,448 Kelson ■■ ~ 1,277 1,649 War.canui . • 8,300 25,578 37,764 Wellington •• 19,795 57,966 48,189 N ev. r Plymouth, Napier, AYairoa, Gisborno Tokomaru Bav, Hicks Bay 8,931 18.050 28,868 Auckland, Omia .. 321 17,270 22,798 97,100 249,229 252,537

TALLOW SALES AM) EXPORTS. Exports oi tallow to United Kingdom a.nd Continent from New Zealand during January wero «is under: Corros-

Sales of tallow in New Zealand during January totalled 102 tons. BURNSIDE MARKET. (PBESS ASSOCIATION TELEGRAM.) DUNEDIN, February 13. Eaah department was well supplied with

Btock at Burnside to-day. The supply in some instances was in excess of requirements, this applying tar fat cattle, store cattle and pigs, and prices for these classes wefre considerably easier in oonsequence. Fat Cattle—3o9 head were yarded compared with 202 last week. There was a fair proportion of prime bullocks with a good sprinkling of varied eorts. The heavy yarding caused a decline of about 20s pur head. Extra prime handy-weight bullocks realised from 27s 6d to 28a 6d per lOOib, iheavy-we ght bullocks 2Gs to 27s 6d, prime heiier beef 17s 6d to 20s, cows and unfinished and second quality heifera 16s to lEs. Quotations— Extra prime bullocks £l4 15b, prime £lO 10s to £l2, medium £7 10s to £), light £6 to £7 ss, extra prime cows ond heifers £9, prime £6 10s to £7 10s, medium £4 to £5, aged £3 10s.

Fat Sheep—2B24 were penned, compared with 2267 last week. The sale opened at prices a' shade better than last week, and firmed to about Is per head for heavy sorts. Although prices generally were frregular, it was a brighter sale than tho previous one. Prices for ewea wore unchanged, but it was a dragging eale for unfinished eorts. Export buyers competed mare freeiy than of late for prime heavy wethers. Prime handyweight wethers sold at equal to Cd per lb, heavy-weight wethers sid to ojd, unfinished wethers Sd, extra heavy ewes 4d to 4Jd, prime handy-weight ewes 4Jd, and aged and inferior ewes to 3Jd. Extra prim 9 heavy-weight wethers made from 38s to 455, prime 36s to 40s, medium 31s to 345, light and unfinished eorts 25i to 29 a, extra prime heavy-weight ewes SOs, prime 23s to 26s 6d, medium 16s to 20s, light and aged 8s to 14s.

Fat Lambs—l3so were penned compared with. 1008 last week. There was a keen demand for all lambs suitable for export, and last week's prices were fully maintained. Prices were from about par to 9d per head better than last week. Extra prime lambs made up to 10Jd per lb, a pen of extra choice lambs to lid, and second quality to lOd.

Store Cattle—The entry included about fifty head of forward three and fouir-year-old station bullocks which sold at fairly cheap rates, also fully fifty bulls which were almost a glut on the market. There waa very little demand for any of *jhe various classes and some lines were practically unsaleable. Three to four-year-old bullocks made up to £7 10s, and medium-weight three-year-old steers £4 10a to £5 5s per head. There were buyers in the market for cowa suitable for canning purposes, but these were operating very cautiously. A larger number of calves than usual wore forward.

Dairy Cattle—About 35 head were offered, the quality being up to the usual standard. Competition was not vory brisk, but last week's prices were maintained. Best cows made up to £B, three-year-old heifers to £7 10s, and ag«d cows from £3 to £4. Pigs—A full yarding was offored, all classes being represented. Competition was fairly brisk, but prices both for baconers and porkers were easier to the extent of fufly 5s per head. To-day's prices for prime baconers were on the ba3is of about 6d to 6Jd, and fctr prime porkers 7d to 7Jd per lb. TEMUKA STOCK SALE.

There was a small yarding of fat sheep and lambs, and the market was scarcely go good as last sale, buyers being more cautious especially for second and interior qualities. A medium entry of cattlb came forward, and lata rates were maintained for fats, but stores were difficult to dispose, of except at very low prices. Dairy cows were also hard to quit. The following prices wera realised :

Fat Lambs—lß at 28s 6d, 15 at 265, 30 at 30s, 61 at 28s, 53 at 593 Id. 61 at 27s 2d, 31 at 2Ds 4d, 80 at 255, 93 at 28s 9d, 7 at 275, 10 at 28s Id, 50 at 245, 15 at 265, 12 at 27s Hid, 12 at 24s 6d, 1 at 30s, 11 at 29s Bd. 105 at 35s 4d, 65 at 29s 6d, 46 at 31s sd, 31 at 2Gs, 70 at 293, 115 at 275, 150 at 28s, 70 at 29s id, 22 at 28s lOd, 23 at 275, 4 at 22s 3d, 8 at 325, 14 at 27s Bd, 73 at 30s, 8 at 24s 2d, 46 at 235, 43 at 30a, 91 at 2-ls 9d, 27 at 2as 6d. Fat Wethers —10 at 335. 20 at 31s, 26 at 2Gs Id, 21 at 25s sd, 36 at 303 Gd, 4 at 30s, 1 at 28s, 1 at 30s 6d, 29 at 22s tkl, 5 at 35s 6d, 10 at 335. 6d, 2 at 36a 9d. Ewes—lS at 2Ca 4d, 14 at 23s 3d, 14 at 23a 7d, 31 at 21s, 4 at 20s, 12 at 18s Id, 9 at 19s 3d, 10 at 23s 6d, 3 at 20a €d, 16 at 21s ed, 2 at 18s, 20 at 26s 9d, 25 at 235, 32 at 20s, 11 at 235, 34 at 225, 11 at 21s 3d, 1 at 23s 9d, 19 at 22s 3d, 8 at 20s. Stores —109 nijfl. lambs 183 65, y at 9s 6d, 63 flt 16s, 93 at 19s, 116 at 21s Id. Cattle —Fat cows, to £7; fat steers, to £S 12s C<i; store cows, to £3 lis.

Pigs—Porkers, to £2 17s; stores, to 26a; weaners, to 15s fid. LEAD. (AUSTUALIAH AND N.Z. CABLE ASSOCIATION.)

(Received February 13th, 8.25 p.m.) LONDON, February 12, Lead imports total 21,805 tons, and exports 2463 tons. SHARES. (Received February 13th, 8.25 p.m.} , LONDON, February 12. Waihi, 31a 3d.

Banks —Australasia, £l3 ss; New South Wales, £3B 5s (ex div.; National of Australasia, £8 10s; National of New Zealand, £6 10s 6d; New Zealand, £2 12s. New Zealand Loan Debentures, £76 15a; ordinary, £B4.

CHRISTCHURCH STOCK EXCHANGE. '

YESTERDAY'S TRANSACTIONS.

Sales on 'Changeßoyal Bc.nl: (£4 piid), £G 17b 6d.

OTHER EXCHANGES. <5 1 -nr AUCKLAND, February 13. Sales-War Loan, 193 a, ±>37; Commercial ■Ban!, of Australia (ex div.). 30s 6d; Bank of hew Zealand, Sii 6d; .National Insurance . 76s 6d; Standard, 40s Gd; Auckland n, 33 10d ! Breweries, 23s 6d, , : 3a 3d; New Waiotahl (contribv), 6d; Waihi, 325, 35a 3d, WELLINGTON, February 13. bales reported:—lnscribed Stock £97-\War Bonds 1939 £97; 1938, £97; 1930, £97 (two parcels); Waihi, £1 12s f 0,1 n • February 13. bales:—Dominion Rubber, 14s; Wesimnrt Salo reported National Bank, U2s.

LONDON WOOL SALES., Dalgety and Company, Limited have received the following cablegram from their London office, dated February 12th: "Wool sales closed firm and active with brisk competition. As compared with closing rates of last sales, prices ft,r scoured merino are 2kl to 4<l higher, greasy good merino 2Jd to 3id tugiTor, other descriptions of merino 2d to 3d /higher, half bred to 5d higher, fine crossbred 2Jd to 4d higl medium crossbred 3d to higher, coarse'crossbred 2a to 3d higbei, scoured crossbred 3d to 4d higher, slipe crossbred 4d to Cd higher,

and crossbired lambs 3d to 4d higher' There were 118,859 baies of free wool offered, including 70.963 Australian, 36 664 New Zealand, 8000 Cape 22iS South American, 1000 Bundricß, and BAW R A offered 55,100. Of the quantity* offered, 163,000 bales wore soid, of which the home trade took 88,000, Continent 69,000, America 6000, leaving- to carry forward IC.OQO bales, of wihich 4000 were not oeffred. The following is iange of pricea realiiiediMerino, good to super, 30d to 34d, low to medium 2td to 28Jd; half bred, 56-58's, good to aupcjr, 29d to s_a, medium 25d to 27£ d; halfbred, 60-56's, good to super, 27|d to 29£ d, low to medium, 22d to 2Cd; Fine crossbred, 48-50's, good to super, 24d to 27£ d, low to medium 19d to 23d; fino crossbred, 46-48's, good to super, 21Jd to 24d, low to medium 17d to 20Jd; crossbred. 44-46's, good to super, 19d to 20i?, low to medium 16* dto 18Jd; crossbred, 40-44's, good to super, 17Jd to ISJd, low to medium 15Jd to 17d; coarse crossbred, 36-40 3 good to super 16d to 17d, medium to good, 14 Jd to 15 id."

The New Zealand Loan and Mercantile Agency Co.j Ltd., have received the following; cablegram from their London office, under date 12th inst.: "Wool iSa.lca.—As compared witty last sales' closing raters, prices are about 10 per cent, higher for crossbred lambs, greasy merino super, greasy merino medium, fine greasy crossbred; about 7J per cent, to 10 per cent, higher for merino scoured and merino lambs; about 5 per cent, to 7$ per cent, higher for greasy merino inferior: about 15 per cent, higher for scoured crossbred, medium grea-sj' crossbred, coarse greasy crossbred, and crossbred slipe. The sales closed firmly to-day. Merino Burcsr 31d to 34d. Merino averajje, 27d to 31d. Crossbred: 56-58's, 29Jd to 33d; 50-56's, 24id to SS.'.d; 48-50S, 2nd to 26J.- 48-48's, 17* dto 21od; 44-46's, Ifid to 19d; 40-44's, lSd to 16' d; 36-40'e, 14d to 16d."

pondmg Jan., Tls. for 7 mos. 1924. 7 mos. 1923. •> Tons. Tons. Tons. Invercargil 10 583 819 Dunedin 59 434 1,091 Oiima.ru 92 120 Timaru 70 391 837 ChriFtchurch 294 1,043 1,999 Blenheim 12 27 S T claon 53 65 Wellington 501 1,401 1,787 Wanganui 80 340 728 N o w Plymouth, 'VVaitarn 45 217 222 Napier, Wairoa 373 813 1,079 Gisborne, Tokomaru Bay, Hicks Bay 181 270 735 Auckland} Opua .. 14S 981 2,447 Totals 1,761 6,G38 11,986

LATEST QUOTATIONS. Buyers. £ s d N.Z. GOVT. DEBENTTJBES4i per cent. Inscribed, 1938 .. .. 97 0 0 4J per cent. Inscribed, — 1939 .. .. 97 0 0 4* per cent. Bonds, 1930 .. ..9-7 0 0 per cent. Bonds, 1933 .. .. 97 0 0 4$ per cent. (Bonds, 1939 .. .. 97 0 0 5 per cent. Inscribed, 1929 .. .. — 5 per cent. Bonds, 1927 .. .. 97 0 0 51 per cent. Inscribed, 1927-41 .. — 5$ per cent. Inscribed, 1933 .. .. — COMPANY DEBENTURES— N.Z. Breweries 10 per cent. Bonds .. 113 Glaxo C-j per cent., 1915 .. .. 84 0 0 BANKS— Australasia 13 2 6 Bank of Victoria (pref.) 14 2 6 Comm. of Australia (ex dir.) .. .. - Comm., of Australia (pref.) .. .. 6 10 0 Comm. of Australia (new issue) .. 0 14 6 Comm. of Sydney .. 22 10 0 National of N.Z. .. 6 12 0 I\ew South Wales (cum div.) .. .. dl 0 0 New Zealand .. 2 12 S Royal (£1 paid) .. 115 4 Royal (£4 paid) .. — Union of Australia .. — INSURANCE — National .. .. — New Zealand (ex div.) 19 3 Standard .. .. 2 0 3 LOAN AND AGENCY— Goldsbrougli, Mort .. 2 8 6 N.Z. Loan and Merc. (ord. stock) .. 84 0 0 SHIPPING— Howard. Smith ' .. 2 12 0 Huddart-Parker .. — FROZEN MEAT— Canterbury .. .. — N.Z. Refrig. (paid) .. — N.Z. Refrig. (cont.) .. 0 10 6 WOOLLENS— Kaiapoi (pref.) .. — Mosgiel .. ,. — COAL— Westport .. .. — Vv r est port-Stock ton .. 0 3 3 Westport-Stockton (pref.) — mc Sellers. £ 3 d 97 2 6 97 5 0 98 10 0 101 12 6 119 90 0 0 15 10 0 1 10 6 6 15 0 23 5 0 G 13 6 41 10 0 2 12 9 1 15 9 6 19 0 14 13 0 3 17 6 1 10 0 2 16 2 9 9 2 12 9 2 2 9" 14 14 6 12 0 0 10 9 10 0 6 IS 0 2 0 6 0 4 0 0 7 6 Christchtrrch BBEWERIES— Crown New Zealand Ward Manning ckmknts— "Wil&on'a TIMBER— Kauri MISCELLANEOUS— Beath and Co. Burns, Philp Electro. Zinc (pref. cum div.) Eclipse Petrol (£1 paid) Hume Pipe (15s paid) Henry Jones Co-op. .. Mason, Struthero (6s paid) N.Z. Drug Co. N.Z. Farmers' Co-op. (GJ per cent. In3. Stock, 1930) N.Z. Farmers' Co-op. (6£ per cont* Ins Stock, 1935) N.Z. Milk Products ., N.Z. Paper Mills "Whit-combo and Tombs Wright, Heal on and Co. (£2 10a paid) MTN7NG— Mt. Lye!l ,, >s 7 17 1 2 2 4 1 8 1 10 1 11 1 10 0 18 0 6 3 g 72 10 67 10 1 6 1 3 3 12 1 1 6 0 9 0 6 6 0 6 9 0 0 0 0 6 6 6 8 0 3 2 2 5 1 8 1 11 1 10 1 16 1 10 0 10 2 4 0 7 79 0 1 8 1 3 >5 5 1 1 0 6 9 6 3 0 0 6 0 3 3 0 0 9 0 9