FINANCE AND COMMERCE

Press, Volume LX, Issue 18129, 19 July 1924, Page 10

FINANCE AND COMMERCE

(BY OUE, COHMEBCIAL EDITOE.)

: REVIEW OF THE SHARE " MARKET. ■*• h A good -volume of business has been i. done on the Stock Exchanges during ~ the week, and the number of sales rc;i ported shows an increase on last week. £._. The tone of the market is good, and ' prices on the whole show an upward "V tendency. v. Four and a half per cent. Stock, due i in 1938, with recorded sales at £.97 5sJ -" shows an improvement of os on last V week's business, . and further buyers l • aro offering £97 5s for the stock and: bonds without response. • Last report- "■ ed business in the bonds a fortnight ''• ; ago was at £97'ss and £97 2s 6d. : - The 5 per cent. Post Office Loan, due in 1927, remains firm, with business 'at '■''■ £9B, and recent unsupported sellers of \. the stock were asking £9B ss, .and c • there are quoted buyers of: the bonds ■;■'• at £9S 2s 6d, no declared sellers. ','. Five and a half per cent. Soldiers! Settlement Loan Stock, in. which last ■'■•" week'a business was . at . £lol= 10s, := changed hands this week at £lOl 10s ■ r . and £lOl 12s 6d, and eubsequent buyers are offering £lOl 12s 6d for the stock and-the bonds,/with holders re- '". sponding at £iol los. ',y *- Business; in. New Zealand Breweries 10 per cent. -Debentures at 21s '9d shows a rise of 3d on that done last '-' week. .'.'.-. The demand for. shares in the bankIng group' has not been so strong as .'"'■ list wefk, but a good number of sales ~"„ have been reported. ' 1 Australasias, Which sold last week at *'". £l3 6a 6d and £l3 7s 6d,. were since '• placed at £l3 7 S 6d, and have further demand at tha.f figure, but J sellers want , .£l3 9SV /.'"• '■ -' :■•■■■: ,■ . National' Bank of New Zealand shares V were -placed tnls week at £6 lis, show-,. .big no" change on previously reported business, and late, buyers have a'dvanc--ed to £6 : lls'6d, •writh-holders asking £6 12s 6d. '.:'-■ ■"" : New Soath Wales, with recorded '" turnover a fortnight ago -at £4O I2s : l 6d,.are.ncrw in demand at £4O 15s,.but 'l' sellers have advanced to £4l 17s 6d. ■ v.;i:'NewiZealands' show ' improvement, r sales this week being reported' at 555,. * 'sss 3d, 555-6 d, and 55s -3d, as against **'' 'those last week at 54s 6d, 54s 9d,,and, 'sss, and buyers are now offering 55s 6d, '>:'TOft-''sellers, responding at 565. "J! I ''-:- '.-Eoyal Banks, ,£l paid, had recent \ I enqniry -at* 33s 6d, an advance of 6d^ •;. on/recordek/business a fortnight -ago, sellers wanted 345. " Union Banks, following the, an-;; :', iouncemenV, of a proposal \ to increasethe authorised, capital, advanced from sales last week at £ls Is and £ls to V Ansiness .earUer this >eok <at £ls 7s; ,1 .; edAtewding to £ls : 6s Jd^ £15 '6s, l: 4s;6d, and; £ls 3s y ,wirt. declared sellers at £ls 6s, and • no quoted buyers, r, _ ~ . In Insurance Shares, South .British -were, placed at 40s 9d and 40s 6d, as - m^s 1 6d v and .41s BhoW \ ; 'rise^on-business, last; irecprde'd a fort"niint ago at 40s. For. the, former ■,«.. >J *''£ent buyers were offering 40s, with.- ~- Sellers 6d higher, while the latter have, o demand-at 41s 6d, but there are no de- ''■'' clared sellers. ; . ..■■■• '«--■''■• Nationals have enquiry at 73s Boy ' which is 7id better than highest record;, ?■■ «sd sales last week,, but sellers are ask-, V^ew^ealands.cum a dividend of 9d Sare,,_are sought, at 29s< 6d, but. ■ sellers wanT-3.05.'.,. -A,-,.,' i. ■' -3 Recorded business in. Gol^brpugh,. • ••' -Jf S .shares, cum the rights to partici- <• Ste-in-the new issue in the proportion V ? of one new for-every four shares held, hands at 475, showing nochanfe on last week's business, and 2Jr?«?Wet buyers atthat figure,;! "*" sellers'4d higher. „ National Mortgage shares are availatlo at 775, but there are no quoted; buy«s and'no sales been reported for some weeks past. Huddart Parker shares with record-, ed business at 48s 3d show an upward tendency on that done .last week at 42s 66! and,42s 9d, And pore are wanted Vre advanc--6 P arid "o^Deferred Stock has eased from business at £2BO last week to £27.1 this -Jj^Froten- Meat shares the demand '' has eased' and sellers are more in evidence. Quotations on the local market have been mostly confined to the >}Z, Refrigerating snares and earlier intb«,week«eTeral parcels of thejpar*]y\paids chapgied hands at 7d, an easing of 2d on. highest recorded turnover last week, but recent recorded.business has been at.9s 3d, and late, are quoting 9a 3d, with declar, ed sellers at fls 7d. The fully-paid shares for which' sellers last week were asking;" "Sis* with'buyers at 20s 4d, are now-available***. 20b 6d, with buyers' at v 19s .6«L-:LjHrt; raceidcd. business, a fortnight, ago .was at 20s-3d. Woollen fully-paid ordinary shares which were 'dealt in at 15s and 14s- 9d last -week have since had reported business at 15s, and buyers are; now offering 14s 6d, with: sellers asking los r 6d. There are unsupported seliers of the preference issue at 18s Gd... - •' .; "Westport-Stockton preference eharos, for which buyers at the end of last' week were offering 6s, have since been placed at 6s 6d, with further demand at 6s 3d, no declared sellers. Tho ordinary shares had, business at ss. ' Westports witb business last week' up to-36s were sought a day or two' ago at 35s 6d, but sellers are not responding. ■ .. ■ Christchuroh Gas shares have declared buyers at £7 17s 6d, but sellers want £7 19s. Last recorded business ■ about a month ago was at £7 18s 6d. Crown Brewery shares, ex a further "distribution of os per share to share-,. ""-" holders,'have enquiry at 38s 6d, with .- -sellers At 41s;: - : -" ' v ' ; • / ; . Manning's, which sold last week from. . ,28s have changed' hands; this,week from .295-9 d to 30a 6d, re-. ceding to 303 4d ( and more are wanted • at /the. latter figure, sellers 3d higher. New'Zealands, which' are now ex a d/vidend of Is 6d per share, had busi- , week <cum the dividend up to 29a M. ' -.•',* ; -v .-' '"Warb?s'haye .further advanced from / business'\a fortnight ago at 4Js, arid • last-week ; aV, 47s 6d' arid. 47s 9d,. to recorded-sales "'.this* week up to 49s 6d,? wtii furtiier sellers: at f that' figure^, ; J^buyei*'-at 495. .. ■.-; ■ Kauri Timbers were dealt in..at 28s; 3 9d and>29sj'• as against last reported turnover a fortnight ago at 28s 9d,and more were on offer a day or two ago at 29s 2d, with quoted buyers at 28s lOd. British Tobacco shares remain firm ■ 'with recorded business at 435. Burns, Philp shares, which changed hands last week at 33s 3d,' have further enquiry at 33s 6d, but-fiellers are "asking 34s- 6d. Donaghy's Rope and Twine were placed this week at- 32s 6d and 32s 3d,

DOMINION'S TRADE AND MARKETS.

as compared with business about a I month ago at 34s 6d. N.Z. Paner Mills were turned over at 23s 3d. an advance of 3d on highest recorded sales last week and more are wanted'at that figure, with sellers 9d. higher. In Mining shares Waihis, with recorded business at 295, show a drop of 6d on last week," and Grand Junctions with business at -2s lOd show no change' on that last reported. Movements of Prices. The following .are variations on last week's prices at a glance:—'

GENERAL MERCHANDISE, j GROCERiES, ETC. There is no • word yci of - tho departure from .SingspDre for * New' Zealand of the steamer Sussex, which, is dua 1o leave 1 JulyAugust for.' New' Zealand duect with-.'corn sackp, tapioca,', sago, pineapples, Bpicc, kapoc, etc; > The ban placed on ■ the , -importation of American (Califofnian) onions was 'expected. There has' been a•' serious outbreak" of foot-and-mouth disease. in certain parts of the United Sta-tes, and' it i 3 the fear of introducing* this • dreaded r .disease . into Kew Zealand ; that • h'a.B caused the authorities to act. • Some importers are endeavouring- to. Ob- ■ tain • permission to . import from districts certified, free from disease- in States, but' it is. pspected" that such -pairmitß' will jipt bo permitted. It -is, a significant, fact, that certificates which accompany imports cannot always" \ -be nelicd .uponJ and casesHave' been noticed * <jf' imports from-' United .States accompanied''by certificfttes, ani. the latter..have been found not to b«'ih"accordance with the goods. .. . • ■ . Limited supplies of onions -from Australia, a good'sample,' ire. available on''the local market ex Moeraki. The action of the. New Zealand - Government regarding Oahforraan ' onions' appears to be'- known in Melbourne because cables just reociv«d state that prices for ohipment are _up • during.. tho ; past few days. ,' . •• r ... ..." . ■., . Bago and'tap;cc* as well' as 'pineapples are still being' quoted; to arriTo'ex July'-Augiist Bbipment, but it is, .another matter whether, shipping Bpace can be obtained. At- - this period of tho year th©re-is generally > .Heavy. demand for* spaefe tor New iealind as it is-the only.opportunity "to tie. whole. sea»oi'». r>a.uirements in' wheat eaclcs "aodwopl packs,-for'tho harvest and wool this 'summer. :•-'; '. , ■' •- . •- Tlie recent drop of 80a-> ton in the price of.sugar has resulted in lower Tetail pnoes in' the city..' In .the. country districts. .railage will adiirom id toR per lb-on price. - Enquiries mado .m, Auckland about Siree'weeW'sgo brought no any fall in sugar prices. However,- the price of Java augar Eas been » 11 factor, and; there, is.no doubt that -it is ihe iava prices•'; that have • caused, local values V> decline, bo "as to meet, thexmportea article on-level gtoni«d. : '\ .■ •■ m ' "Sew' prices ""are-expected 'for' jelly ; si' the drop.in kugarr..jauflt;affect this -hne. wduction in^nga^is. under id a' lb," it .$ not;expected V^t'.«»«»..y 1 " -■»■ 'any reduction in"the" prices of. confectionery. Frunes, new seascn'e' to land, nave ad venced in' price, : : in -San Francisco. (*iot»Uons. were out about two wSefcs ago, very few-were, purchased and since then there a Bubatantial wita* very ' ; firm market. .:■■. .. ~ ~. Imported candles are;pn the, fccal.market at prices r which.'look temptmg. If, however, • the ■ weight • looked into, the position « different. Imported candles weighting Uoz a packtt are a'dearer proposition; than local isf* rackets «ver after aUowinK Jd duterenoe Au»M»i" weU **°Z New ffiid.prices, and careful compansoa <&»t prices, in this Dominion aro due for » reduction. :

■■•'■;y.': I*BW COMPANY; - : k l * "Itocan';sup>Ues>»p>»y, j#L] Reed.- as a. private compaiiy, July Ma, ,»-Office- 'No. -1 Mason .street, ««»*»■, Capital: ieOOO, 'into '6OOO shares of each, i Subscribers:. Duhedin-A. ,B.,C»"'*k \™>> A P Wilßon 1600. : Mosgiel-W. S. CaUiok. 1660»- : - Dunedxn-4j6hn Mct*od 600. Objecte: > To acquire tho goodwill .of.and oyer .as•'••* -going''ooncem that,part of the .business of N.&"Co»0p. Honey Prodneers' Ass«ciation,{>Li4.,; cwned on:. at - Dunedin «d elsewhere, laelttdiag stock, P>»n»i cW*«telsv and - Effects, -and >fc carry on- business os-mariufacturere of beekeepers' euppliea tad sundries in "all ita branches* v

MAHAKIPAWA GOLDFIEtDS WATER BIGHTS GBANTEDL The 1 eecietery v '^f- ; .th«i Mahakip»w» "Goldlilmited, reportß that thV variouY a.ppiicatidna '■iy the' 'wmpany for water lights tori'gbld-iiMiuiigpußrpoees, including thc> location "of. a -dam site- for the oonse'rvatjon of wate ©h the company's, area, were duly granted at the. Warden's Court at on the X6th ; inat., ! »uo>ct to the apph>«al of the Minister of >Mtned. object&one to the' compfchy's appiioition for water; rights as afiecting Butcher's creek, lodgediby Mr H -Sutton and Mr <r. Morton respectively; were by, tj» "Warden with costs against, the objectora*

FJEILDINd STOCK SAI/E. (PBias isqocuno* muunum.) \ FEiUUINIi, iuiy 18; At- the Feeding etook sale there was a, </ood varuirig'of theep, mostly breeding ewes, Sad a full yaiding of iat sheep, which sold on a par With last week's pneee. Breea:mg; ewes were not sought as eageriy M last week, although tome. very.good pens were reered.~>Hoggeta aold eUghtly i» .advance oflast week'aprices., . Fat black lW>elambs made 18s 60, *ls 6d, and 24s lOd, ! fat ewes 23* lOd, 9ts ad>2se 94, 2Bs 7d, and 80s 6d; fat wethers. 285,'35a 4d, and 35a 6d; four •ani five year Lewes', running with ,' Southdown, rams 3ls 7d, SSaldi and 34« 6d; empty ewes IS* 6d and 16s 3d; mixed sex hoggets l€s Id? aos -7d,. ato 6d, 23s 3d, .ind,>S>»; and store wethers 82s 7d. , . Theio was a heavy yarding of dairy stock: with a dull Bale. A clearance, however, was; made at ; store prices. There was a good entry of fs)t cattle,'consisting ■ mainly -. of fait; quality ■ bulkcks, but the bulk were passed in/ ideas being ■ lower than' the reaervas; The entry of store .rattle consisted, mainly of amaJU lots of odds .and. ends which soltf at low; prices, lught fat cows made £3 Via, fat bnllbcks £7 17s to «'7a 6d, fatheiiew (ligbti £i 2s 6d, fat and forward Hereford steers £6 lis, beet dairy c'6w» £4 io S3, and'Jertey heifers, two; -years,' sprir-gihg £ll. . Trrero was no demand -for medium heifers. ■•

. MARKETS. (MJStxAiAur.»Aaa>; »•=•' .caslb assoexmov.) ' MELBOURNE, July 18. o*U—Milling 3s 3d to 3s 6d a. bushel, feed 3s. ;;■.• .;". ' . Barlev—Bnglnh 4s 3d to 4s 6d a bushel; Cape! 3s 7d\to 3* 9rL Potatoes—£? fia to'it 5i a ton. . bnioi»r-£l3 16; £l3 » ; ton.

BREWERS AND HOTELS.

NOT 30 PER CENT. "TIED" HOUSES. -A vigorous defence of the brewing interests against the charge of running ■, "tied" licensed houses was made by i the chairman of New Zealand Breweries, Ltd., Mr A. S. Bankart, at the annual meeting of the company at Wellington on Wednesday. In the course of his address, he said:— " While it is perfectly true that wc are in no way financially interested in any hotel property whatever, yet, in common with the . owners of licensed hotel property and merchants dealing in wines and spirits, we aro concerned, in the general position of the licensed trade. "It may be of interest to shareholders to know that out of the 1141 licensed hotels in the Dominion over SO per cent, are owned by individuals who are either the licensees themselves or are not purveyors of alcoholic liquors. The man in the street generally refers to the 'brewers' as though they were some malign body esercising a sinister control over licensees. "As I have said, your company, easily the largest brewers in the Dominion, does not own either the freehold or leasehold interest of any hotel whatever, and it is doubtful if even 20 per cent, of the hotels are owned by wine and spirit merchants.

LIQUOR TAXATION.

HUGE YEARLY LEVY. Some arresting figures concerning the amount of' re venue raised every year from the liquor traffic in New .Zealand, were given by Mr A. S. Bankchairman of 'directors! of Ne/w Zealand Breweries, Ltd., during his address to the annual meeting of shareholders at Wellington this week. "There has been much discussion,' he said, "regarding the direct taxation of the' people in this country through the Customs, and I have made an examination into the figures for the last year. 'Out of ' total imports amounting .to £44,401,756, alcoholic beverages represent'a value of £1,028,883, or. about 2.32. per cent, of the whole. "Duties paid through .the Customs amounted to £6,860.237, of which amount alcoholic beverages paid £1,086,901, or an amount equal to .15.84 per cent, of the total Customs revenue. The rate of duty charged on these alcoholic beverages is at the rate of 105.64 per cent! "From these figures it is seen that a. small proportion of imports, only about, one-fortieth of the whole, -provides nearly one-sixth, of the Customs revenue. However, this is not all. If we add the excise duty on beer we find that the revenue from alcoholic beverages amounted to over 23 per cent, of the Customs and excise duties."

ADVANCE IN FLOUR. (BT CABLE—PBEBB ASSOCIATION COPYRIGHT.) (AUSTRALIAN AND K.Z. CABLE ASSOCIATION.) T (Received July 18th, 9 p.m.) : LONDON, July 17. : The* Flourmillers' Association has 'advanced the price of standard grade flour by a shilling to 44s (3d a quarter. (Received July 19th, 10.20 p.m.) . .... ~ SYDNEY, July 19. The price of flour has been further increased by 30s to £l4 10s a ton. FRUIT MARKET. OHRISTCHURCH. .' Vegetables were, in short supply this; ,week,.and prices realised were high, more. ; particularly ' for cabbages, cauliflowers, and onions.* ; 'J. v he mnxkec lor potatoes was' tf anything aiightly euaier than last week, iiocai onions are now very scarce, and dear, 'and'it will be only a matter of' a. lew .weeks .-more before they will be right off the market. •• - " •"' Dessert apples,and pears sold freely this week, ■ more especially . the coloured varieties of appiee, which were enquired for. A lew locaiiy-grown hothouse tomatoes are still making' tueir appearance'-on the local market. .v/Imported iruit, such as oranges';.'mandarins, ; and. lemons, ..met with a keen demand this weeic, and the prices realised were good.' Next week there will be the usual shipment of citrus fruit from Sydney, and a shipment of island oranges and bananas ex the' Ngakuta is expected to arrive in Chris tchurch on Tuesday. Quotations are as follows:—Apples, Nelson, per case 8s to 9s; apples, local, per .oue up to 12s; apples, cooking, per case 'up to ita 6d; lemons, South Australian, per case 20s; lemons, San Francisco, per case 40s; mandarins, per caw up to 27s 6d; oranges. Cook Island, per case 20s; oranges, Sydney, per case up to 245; oranges, marmalade, per case 12s Gd; passions, Sydney, per case 225; pineapples,- Sydney, per case 255; pears, cooking, per case 6e to 8s; pears, dessert, per lb to 3d to 4d; tomatoes, dessert, per lb up to Is ljd; walnuts, per lb 7d to 8d; beet, ,per dosen bundles up to 3s 4d; cabbages, per dozen 18s; carrots, per dozen Is lOd; celery, per bundle Is; leeks, per bundle 7jd; lettuce, per dozen 4s; marrows, per dozen lGs; potatoes, per sugarbag 2s to.. 3s; onions, local, per sugar-bag 8» to 8s 6d-, per cwt 17s; parsnips, ■per dozen Is 6d; potatoes, per sack 8s to 12s 6d; pumpkins, per lb ljd; radishes, per_ dozen lOd; rhubarb, per dozen 21s; spring onions, per dozen Is; tumipa.-per dozen 2s 9d; spinach, per dozen 4s 6dswedes, per sugar-bag 2s to 2a 6d.

DUNEDIN. (WrcUL TO "THE MttSS.") , Business is fairly brisk in tho fruit market. Dessert apples to hand have met with a good demand. Prices of Stuxmors have advanced tmghtiy. Dessert pears continue to amve from Canterbury. A nice sample or grapes to hand from Christchurch brought satisfactory prices. Latest w&o.csale prices are:—fears, Winter Coles, 6s to 6s per hah' case, small 5b per half case, cookin» 2d to 3d.per lb; apples, Delicious, 13s per cas-3, Cleopatras, extra ohoice, 10s, prime 8s to 9e, Stunners, choice, 10s to lis, others- 7s to 9s, Scanets tis to 10s, cooking 7s to 8s for choice-; Pines, best, 19s to 225; lemons Californians, 355, Australian 12s to los' Italian 14s to 16s 6d; bananas, ripe, 25s to 80s per case, green 17s to 20s; oranges California!! to 355, island los to 20s as landed navels, ■ 24e, Poorman 14s to 15s per case, Seville 15s 6d; grapes, choice Gros Colmar to' Ss 6d per lb; mandarins 21s ed per case ■ passions 17s 6d. ' FRUIT FROM THE ISLANDS. Advice has been received by the Union Company that the Ngakuta sailed from Karotonga at midnight on Monday for Wellington direct. The vesßel is expected there on Wednesday next, and after discharge of a large cargo of Island fruit, she will proceed to Auckland and thence -back to Cook JlsJaaqg.

WAIHIMINE. (M£SS ASSOCIATION IELIGajUt.) ™ , . WAIHf, J»Ky is l^V^ Pt k <rf a ,Wt the WaiW **«*'**■ 1900 feet. The flow ot water at the bottom has jncreased to 260 gallons per minute. At, 1887 feet the shaft passed t&rough a carbonaceous seam 18 inches wide.

CANTERBURY MARKETS. (BI OCa COMSIEECIAt, EDITOE.J Friday Evening. The one and only subject of discussion in the trade is the potato market, which has sagged badly. The cause is not so much the low prices of Victorian tubers as the fact that thev are showing unusually good keeping qualities, and the abundance of shipping is enabling a steady supply to be maintained. The Koromiko is due to berth at Auckland on Sunday with 11,000-odd sacks, and three other vessels are due to leave Melbourne with further consignments before the month is over. In addition the Wingatui sailed from Lyttelton yesterday with 3600 sacks, and the Wanaka, which is coming up the coast, is expected to lift a consignment from Timaru. In the aggregate, therefore, even allowing for the later Australian vessels having quite moderate cargoes, it would appear that Auckland is guaranteed a sufficiency of supplies until the middle of August. F.0.b., s.i., values in Cliristchurch have receded to £5 . ss, and individual growers have accepted £4 on.trucks. The view is taken by a few growers that j it is wiser to accept this price whilst the potatoes are in bags in preference to re-packing later even at an enhanced pric. Naturally the Auckland "bear" element is somewhat jubilant over the opportune collapse of the Australian market, and the special message from that city in this morning's "Press," in which reference by a merchant is made to the "cupidity" of Canterbury growers, is taken as fairly representing Auckland opinion. Last year Tasmanian importations were made by Auckland at a loss of over £1 a ton in an attempt to break the Christf:hurch price. Profitable importation last year was not possible, and the operators stopped, rather short, having to come later on the Cliristchurch market when values had jumped from £6 to £9 a ton. A similar experience promised this year, but the sudden collapse of the /Victorian market helped the speculators out. Should Canterbury holders determine to consign their tubers to Auckland, the chances are that values would drop to an extent that would leave northern importers lamenting. In the meantime, however, local growers are showing little haste in going on the-market, and this was attributed today by one merchant to the fact that there are now (very few holders of big parcels of potatoes. "The days of the-200 or 300-ton men are gone," he remarked. "With a 20 per cent, bigger consumption than six or seven years ago, and less growing in the. South, we are annually producing littlo over 100,000 tons in New Zealand, whereas five or six years- ago between 130,000 and 140,000 tons were.being produced." This merchant added that as far as he could ascertain potatoes were held in frequent but small lots, and as far as growers were concerned there was unlikely to be. a rush of offers at £4 after the refusal of up to £5 15s on trucks. The tug-of-war between Auckland and Canterbury is interesting. "I do like this Auckland chuckle," remarked a merchant to-day. "One would think that Canterbury merchants and. growers alone were left in a big heap .of trouble, but Auckland merchants are in. the joke also. " They'have a few badlybought potatoes to. cover, and as for ! oats this year they really made history." This merchant went on to. say: that the early season reports of bad crops in the South Island were the signal for Northerners to act on the opposite .assumption, and a number of, them sold heavily forward at aa low;,, at 3s 5d a bushel They have since had the nasty experience of covering these sales at as high as 5s 6d. "If matters were evened up, I think it would be found that the Auckland fellows are still carrying the heaviest end of the baby," the speaker added. However, it is alLa Tather regrettable sort of business, if this "bulling"and "bearing" of the market can be called' business. The only thing clear in it is that growers should drop out and leave the gambling to the otners. The closeness of Australian quotations this year to those of Canterbury was too high a risk for growers to undertake, and when values like £5 to £5 10s"a ton off the fork were offering—a good price in an ordinary season —growers should have hesitated about refusing them. In the meantime the future of the market depends entirely on the keeping qualities of Australian potatoes, as ample supplies and adequate shipping seem assured from Australia at a price below Christchurch parity. In view of the uncontradicted story of heavy blight in the Tasmanian crop and the easing of the. regulations in that State concerning grading to the mainland, the New Zealand'authorities would be wise to keep a close watch on Tasmanian potatoes coming in. A recent Tasmanian report in a Melbourne paper states that a good deal of indig : nation is felt by. growers in the island State at the removal of the embargo o,n New Zealand potatoes entering Australia, and the Federal Parliament is jto be approached on the matter. This i statement is made by the authority which two months ago: said that the Tasmanian crop would be 50 per cent, less on account of destructive blight. Oats took a sharp rise to-day, advancing during the last day or two from 5s id to 5s 4d f.0.b., s.i, for B's. Chaff is scarcely so firm, the mild | weather no doubt being responsible. Quotations to farmers are to £6 15a. Fair quantities of machine-dressed cowgrass are being sold to farmers for their pasture mixtures. It is much the cheapest seed at present. t s 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 4£d, Hunters 5s 6sd, Peail 5s B*d, f.o.b. Lyttelton. Fowl \\ 7 heat (nominal) —6s 9d f.o.b. Chaff—£6 15s. Oats—Gartons 4s lid to ss. * White Clover—ls 2d to Is 3d. Cowgrass —8d to 9d. Partridge Peas—ss 6d. Italian Ryegrass—Cs. Perennial Ryegrass—-6». Cocksfoot—Bd to 9d. Linseed—£l6 10s. }Jarley—os. ! Potatoes —£4 a ton. Flour—£ls 10s a ton. Pollard—£G 10s f.o.b. main ports J 10s extra for smaller packing. Bran—£s 10$ per ton f.o.b. main ports ; 10s extra for smaller packing.

DUNEDIN. vSPSCIAI. TO "THE PjBESS. ') . _ DUSEDIN., July 18. Oats—There is still a demand for lines suitable for eeed, but offerings are absolutely nil. Canadian cats are offering' freely, but very little business is being done. A Gartons are -srorth 5s Id and B Gar<on3 4s lid, sacks extra. Wheat—The bulk of this year's yie'd is now apparently all in merchants' bands. A sample from the country is a rarity. The quotation is os 9d per bushel for good whale fowl wheat, sacks extra. Chaff—The market i 3 now well supplied, and sales ex t"ruck are difficult to effect. In consequence, the market is inclined to be easier at £3 03 for prime, and S.l to £7 15s for medium to good, sacks extra. Potatoes—Very little business is being done. Merchants 'are holding fair alocis and still have previous purchases to come forward. The quotation is £7 per ton, sacks in. • .■.'.:■

POULTRY AND EGGS. For the time of the year, the market was well supplied, with poultry this week. This indicates that the high prices ruling are remunerative for anyone having stock to dispose of. Following are prices per pair:—Table chickens 4s to lis 6d feens 4s to 9s, ducks os to 10s, turkeys 16s to 325, geese 6s to Ss, pullets 4s to 14s, special breeding cockerels 225. Eggs again came in freely this wees, and the demand was good, due, no doubt, to the lower prices, which enable persons to use eggs more freely. The Canterbury Co-operative Poultry Producers, Ltd., report the following prizes per dozen for Chain brand eggs:—First grade hen eggs Is 9d, second grade hen eggs and duck eggs Is 7d.

DUNEDIN MARKETS. (srsciAL TO "thx pskss.'') DUNEDIN-. July 18. Thanks to the sureness with which poultry farmers work their incubators the supply of eß2 a to the Dunedin market is abundant and constant, and the wholesale price 13 steady at Is lOd p«r do2*n, with tie prospect of a reduction before long. This time last year the price was Is 9d. TIMARU MARKET. (SPECTAi to "t&* tsxss.' ) TIMARU, July 18. . The week has fceen exceedingly slow in the grain and produce market. Fowl wheat continues to sell fairly well. Milling wheat i 3 cleaned up, and merchants aro working on imported stocks. There is a great shortage of bran and pollard in tho town, a,nd at -present the prospect of further supplies is doubtful. Fowl wheat is worth 5s 5d on trucks to growers, and seconds and broken stuff 5s on trucks. Oats maintain their firmness, and the demand for seed is fairly steady. Tho value of good Gartons is 5s on trucks. A large quantity of Canadian Gartons is expected by tho Kordbo at .the end of the month, and this supply is expected to retail at about 5s to farmers for seed purposes. The- demand for chaff remains steady at £7 on trucks to growers. Larger quantities aro now offering than has been the case during' the past few days. There is a certain amount of enquiry for baled straw at £2 10s on trucks. Most of the local supplies are going to Auckland. There is practically no change in the clover position, although there is a Tery fair demand for Bpring cowing, which will commenco shortly. Linseed is steady at £l6 10b on trucks according to quality. The quantity available in the country is not large. Potatoes are depressed and. the Talus of whites to-day is £5 on trucks; reds, £*. There is no life in the market, and for the later months even lower values are quoted.

BANK OF ENGLAND RETURN. (BT CABI.B—PBESa ASSOCIATION COWMOHT.) (AUSTRALIAN AND V.Z. CASUS ASSOCIATION.) (Iteccived July 19th. 7.50 p.m.) LONDON, July 17. Following is the Bans of England return for. the week ended July 16th, compared with tne previous week:— * July 9. July 16., £ £ Coin and bullion'..- 326,444.000 126,448,000 Keserves .■ 20,749,000 Proportion reserve to

FOREIGN EXCHANGE RATES. (Beceivcd Jnly 18th, 7.50 p.m.) LONDON, July 17.

GOVERNMENT SECURITIES. (»T CIKJ!—MISS AMOCIATION COKKMKT.) (AUBTBALIAM AN» N.» CABia ASSOCIATION.) (Beceivcd July 18th, 7.50 p.m.) LONDON, July 17. The. following ar» the latest quotations for

WHEAT AND FLOUR. (sr cabli— pkiss AssociiTioH cortwaHT.) (Received July ISth, 8.30 z>.m.) ; LONDON, July 17. Wheat cargoes took fresh impetus from, strong Winnipeg advices, _ and there is good trade at from la to Is 6d* a quarter advance. Parcels are leas active, but quotations ara from la to Is 6d higher. The Peru- cargo sold for 553, 1800 quarters ei Port Derdson for S6s, 2100 ex Euripides for 53a 3d, a' parcel ex Ulysses for 54*, and one ex Medio for s*! 6d. Spot trade is active and firmer. Australian ex store is quoted at 34s 6d. ■ Flour is very firm. Australian ex atora 37s 6i Grey Valley Collieries, UttL, Dobson I>oase, contains millions of tons of the sest gas producing coal, suitable for all the purposes for which €OO,OOO tons annually are at present imported. -r-ti

OTHER EXCHANGES. ■ (JEES3 ASBOCIiTiOH TILiajUVS.) V ' AUCKLAND, July .li *. Sales—New Zealand ■ £9B 58; Taupifi Coal, i©s; Bycroit (rights), 8s 6d; Waihi, 39b 6d. ; WELLINGTON, July : 18. . Sales Beported—lnscribed . stock, 1933,' £lOl 12a 6d; Bank of New South Wales, £4l 12s 6d; National Bank of.New Zealand, , £6.12a,6d; . New ..Zealand Loan and Mercantile, £B9; Manning and Co., £1 io« ed. . •,... ';. . > . DUNEDIN.JuIy 18.. : Sale—National Insurance. 73a 6d. . Sales -Beported—Bank of New Zealand, 55b' 9d; Waihi, 29s 6d; Huddart-Parker', 43s 3d; 6} per cent. 1933 Inscribed' Stock, £lOl 15s. LONDON MARKETS. (fcTOTEAUUr UD Jt.Z. CIBUS ASBOCUWO*.) . (Received July 18th; 8.30 j>.m.) • .•••-:■: ''LONDON, July 17. Oats are'firm. "A" Gaartona 32a to 35s a quarter; "B" 28a to 29b 6d. Blue peas are dull. Taamanioa 880s to 420 a; New Zealand 340s to 360b. Maples are in rather better enquiry. Taamanian 75s to 80s; New Zealand '6sa to 60s. Beans are steady. New Zealand 493 to 51b. , Sugar: Granulated 38a 10Jd per cwfc. ."•'.. metals!: ' - (Received July 18th, 10.20 p.m.) •" LONDON, July.-17J Copper—Spot £6O 13s 9d; forward £6l 13s 9d a ton.' Lead—Spot £32 17s 6d; forward £3O 10s a ton. Spelter—Spot. £3l 17a 6d; forward £3l 15b a ton. Tin—Spot, £229 12a 6d; forwaxd. £231 a ton. Silver—37 6-i6d an ounce. • HIDES. MELBOURNE, July 18. Hides &re firm at last week*B raten. DAIRY PRODUCE. Dalgety and Co., Ltd., have received the following cablegram from their London office, dated July 17th:— "Butter—Market quiet. We quote Danish 2045, N.Z. salted 1883, for exceptional N£. brands 1925, finest Australian salted 184s, and urmlted \94a. "Cheese—Market . quiet. We quote. N.Z. white at 925, coloured 88s, and. Canadian c.i.f. 90s. "Imports of butter into United Kingdom last' month totalled 412,000 cwt, as compared with.4Bs,ooo*cwt for the corresponding period last year." FROZEN MEAT MARKET. Dalgety and Company, Limited, hxve received the following; cablegram from their London office, dated July 17th: — "Frozen Lamb—Demand for N.Z. lam'o runs principally on light-weights.' Ma&et firm. We <juote prime crossbred lamb, Canterbury heavy 9Jd, light Hid, North Island heavy 94d, light IOJd. "Frozen Mutton—Demand for N.Z; mutton is limited. Prices ' nominal. We quote prime crossbred mutton, Canterbury heavy 6td, light 7|d, North Island heavy 6d, light 7d."

UP. . ■ '. ' ' ■ ■ ■ : s d s d Bank.of N.Z. 0 3 to 0 6 Huddart Parker — 0 •6 Manning Brewery 0 3 to 0 6 N.Z'. Brewerv Debs. ... - 0 .3 N.-Z.' Paper-'Mills ... — 0 3 Union Bank (cum dir.) 6 6 to 3 0 Ward's Breivery. ' ... 0 3 to 1 9 • • DOWN.- ' • K.7.. (con.) ... . 0 2 to 0 Waihi Mining' — 0 C P. and 0. Deferred — £9 0 0

liability Note circulation .. ' 17.17 18.30 127,270,000 . • 196^203,000 Publio deposits „ 9,928,000 11,739,000 Other deposits 110,875,000 107,447,000 GovV securities 48,057,000 45,187,000 Other securities .. 69,950,000 70,181,000 Short loans, .21 per? cent.; three months bills, 3JS per cent.

The exchange rates arc aa follows:- - • • ■ Par. July 1*. July 17. Pans, It. to £1 .. 25.235 84.15 85.55 Brussels, fr. to £1 25,225 95.75 96 Christiania; kr. to £1 18.159 32.57 32,53 Copenhagen, kr. to £1 18,159 27.20 26.96 Stockholm, kr. to £1 18.159 .16.46 16.43 Berlin, marks to £1 20.15 18 * .. 18J billions, billions. New York, dol. to £i 4.83 4.38 4.36g Montreal, dol. to £1 4,86 4.41J . 4.40i Home, lire to £1 .. 22.23i 101i 101J Yokohama, st. ,to yon . 21.5 . •22Jd 22 ll-16d Hong Xong, ot. to.dol. * 28Jd.' 28JO. Calcutta, at. to rpe. 10 to gold £ ; 171d •Determined by price of ailrer.

Government securities:— July 10. £ s <*- July 17. £ a d Imperial consols, 21 p.c., .. •• 56 13 6 57 0 0 War Loan, , 5 P-c. 1920-47 .. ... 101 0 0 101 5 0 W»r Loan, SJ p.c. 1925-28 ... .. 96 15 0 97 0 0 Conversion loan, 3i p.c. .. .. 76 15 0 77 0 0 Commonwealth 6£ p.c. 1931-41 .. .. 101 0 o 100 12 6 Commonwealth 6 p.c. ,1922-27 .. .. 106 5 0 106 10 0 New Zealand 6 p.c. 1938-51 .. .. 108 12 0 108 15 0 New Zealand 4, p.c1929 .. .. 95 12 6 95 15 0 New Zealand SJ p.c 1940 83 2 6 — / New Zealand 3 p.c. .1945 .. .. 76 10 0 76 0 0 New South Wales 6J p.c, 1930-40 .. 106 5 0 106 5 0 New South Wales 6 p.c, 1930-40 .. 104 12 6. 104 12 6 New South Wales 5J p.c, 1922-23 .. 101 0 0 101 0 0 New South Wales 4 p.c, 1923 .. 92 0 0 91 17 6 New South Wales 3 p.c, 1930-50 .. 83 2 6 83 0 0 New South Wales 3 p.c, 1935 .. 76 7 6 76 7 6 Victoria 5 p.c, 1930-40 102 12 6 103 5 0 Victoria 3£ p.c, 1921-26 98 5 0 98 0 0 Victoria. 3 p.c, 1929-40 79 0 0 79 12 6 Victoria 7ip.c, 1929-49 72 17 6 72 12 6 Queensland 6 p.c, 193040 .. .. 104 0 0 103 17 6 Queensland 3J p.c, 1924 99 15 0 89 15 0 Queensland, 4 p.c, 1924 99 15 0 99 15 0 Queensland 3* p.c, 1930 91 0 0 91 0 0 Queensland 3 p.c, 192247 ...-■ .. 70 10 0 70 15 0 South Australia 6| p.c. 1920-40 106 12 6 106 5 0 South Australia 3J p.c. 1945 or after .. 82 7 6 82 10 0 South Australia 3 p.c. 1930 .. ..: Gl 10 0 61 0 0 West Australia 6 p.c. 1930-40 ■• .. 104 0 0 104 0 0 West-Australia Si p.c. 19C0-35 .. .. 85 15 0 85 12 G West Australia 3 p.c. 1915-35 .. .. 82 10 0 83 0 0 Tasmania 6§ p.c, 1930,40 ... • .. 10G 0 0 106 7 6 Tasmania 3i p.c, 192040 .. 7G 10 0 76 10 0 Tasmania 3 p.c, 192040 .; .. 76 0 0 76 0 0