COMMERCIAL.

Press, Volume LX, Issue 18264, 24 December 1924, Page 12

COMMERCIAL.

TARANAKI OILFIELDS. AUSTRALIAN OPTIMISM. {«"• CA>U —BUS ASSOCIATION— copyxioxtt) (ACSn&IIAX AB» X.Z. CiBIJ! ASSTOCIATHW.) SYDNEY, December 23. Sir A. E. Brome, who returned from New Zealand by the Maheno, expressed the opinion that the oilfields in Taranaki when fully developed would rank high. He stated that there was ,niuch work to be done in the way of boring, but there was no reason to doubt that the efforts of those exploring' the fields would be successful. He considered that the field, which was being exploited with British capital solely, would be among the best in the Empire. MURCHISON FIELD. LICENSES TO PROSPECT. (spjtcui. to "rax nzaa.") AUCKLAND, December 23. Advice has been received that applications for prospecting warrants made on behalf of the Murchison Oil Syndi- , eate were granted by the Warden at Murchison yesterday. Including rights • already obtained by negotiation with ' private landowners, the syndicate has secured the exclusive right to bore for oil/over areas in the Murchison County aggregating 21,539 acres. It has expert advice that the prospects of obtaining petroleum in commercial quan- ' tities are exceptionally favourable. Following on the discovery of oil seepages and gas springs, a great deal of field work was done in order to ascertain the exact geological conditions. In tho opinion of the local mining men engaged on this work, these were highly favourable, and as a result arrangements were made in July of this year for Mr A. Spencer, surveyor and oil geologist, to come to New Zealand and , report; upon the prospects. Mr Spencer was'then in New Guinea conducting ' boring operations for the Mandated De- >• velopment Company. His operations "' ' thero wero successful, oil being struck f/ at a shallow depth, and as a result the Matapau Oil Corporation, Ltd., is now being, floated in Australia, with a /nominal capital of £500,000. On his .arrival in. (Zealand two months J, ■ Spencer proceeded to Murchison,: and, after a geological examina- ('/ , tion- of the fiold, furnished the Murchi- ; son syndicate with a highly favourable ; report of the prospects. Mr Npencer is <> nowin Auckland. Seen last night, he ,\ , said he had recommended that a test j* well be put down on the eastern bank • of the Mangles river, and he consider- < r , ed-that a large prospective oilfield ex- • ists in the valley of the Blackwater , . river, trending southward four miles within the area secured by the syndi- '- , adjacent to the site selected ,% p for boring. ih ' J' N , !PR6Z» meat trade. & ;; - I 1 (CONDITIONS UNSATISFACTORY. tp£'\,*" ||L' " ", ' (sneux. to "the fbxsb.") 1& December 23. W"' Conditions in the frozen meat trade &>*, are unsatisfactory. The London wholesale priees are high, and because they u>\* are nigh they are checking business. instated that c.i.f. business is very IppSuqt .Unwilling to accept the market the general opinion appears the present prices will not' ithe freezing 'companies are fat stoek\some of them have ||i beeUjMpnablc to make covering sales. |||LBowijjtong this of affairs will con{Remains to-be seen,, but it is «b----||#v|ou^tbirt«, there must presently be <ff frozen carcases or a cesBJ| l stttloJ& stock purchasing. The Iplj'{trade ',KrotUd' be pleased to seo prices lyfe-On" a? lower level and stabilised. to. butter, but of course ||jfet|»'; dairy factortes can consign, and Kw'w donbtf this is what most of them |!*apin* if Adßfc&fe' BANKRUPTCY' »V/■•*,{ ™tREs. .*■■■;'•■.; OYER LAST YEAR.. W^*?' " rat pwwß -"> - ' December 23. . Asaigbe<i''at Auckland has busy during the past and it comes as no surprise to total number of bankby him'isih exwhich, > t*>, was ." The bankruptcies tb K^lS#f^% vwEa .» ¥> ufc*W>e of ■TOWNPW • rfhich was IP #^te'y«ar t the total was |ri <)n<^ini*e f f«rißers head-the list, and SYl! , 9r*#*S tt JW dlWe have been satism* 'fßrtraß^* 1 *"™ 1 apsmnption that of the high prices Wu'vPP during the boom Striking evidence of |g**f*>» fflHPOStffbeen revealed in several |f|«Wrgj*- into before the vho on poffHP. lieswrff and even bitt forP l the failing land possessions wereworthll&tJKW,' tneii 1 equities' disappearing onei Wku -after jinother in. face of the heavy, mort-1 m. total number of farmers' pf »,wh<> went bankrupt during the year was gs<' 43, and in addition there were four P>^sTia»inflkers'who filed petitions of in-' sdrxsney., v ' * • 1' ' »\CTJLVERDEN STOCK SALE. Ife* "'jfeK*^ A^"" b Mje °f to" «»*» &, at Cumrdan, held on Mond»y, uienT w>w PV * » ytotipfl *f H 9 for which there was good a amengtt the export buyers; ExJf* one or two extra prime lots, tho & V .price* did not exceed 19|d. per lb. The top jV ngaw were 46a lid for « pen of 38 sold ft.- for Jlei*r» GOkepie and JChvs, and the I't i , Ottte ttlea were: For W. P. Grueber, 86 fe~ «(.%ld; Wiflrie Bros., 68 at 42s Id; Gil~r! ' leepfc.ind Milne, 75 at 42s 1M; Lowry s■*% PeffceyßkUte, 84 at 86a, 84 at 84s 6d. and !&V~& •* Rb Id; Arthur Black, 81 «t 43a Id; t^ t > .V. Dawson. SB at'fleipd; L. H. Dalsell, hj/ ffl a T 4t* 3d; J. y. Harrißon, Bat 35» 7d; f* Ja*0B»( 67-st 89s 6d. 11 at 41s 6d; Estate pi'iA'l. Croft, SI *t 38a; M, Brophy, 43 at ifl.i* l .'a3i'-4(t;- , «v Use ci 73 wa» passed in at 88a 6d. M'f*<B*iijk* of ahem were: 65 two and lour- , > _i* 38»8d, and 14& ewee and '.»» AUCTION. Ltd., report that the sale oi Feaiher brand on behaif t,l Uis m Here-

NEW ZEALAND MEAT.

GRATIFYING FREIGHT DEDUCTION. VALUE OF LONG-DATED SHIPPING CONTRACT. (FROM OVR OWX COBRESPOXDEST.) LONDON, November 13.' Great satisfaction has been expressed in meat trade circles in London at the further reduction in meat freights which have lately been obtained by the representatives of the New Zealand Meat Producers' Board as the result of their having arranged a three years' contract with the existing lines of steamers. With the substantial reductions which have been obtained in the last two years it is now considered that freights on New Zealand meat have been brought down to a reasonable basis, and are especially so when compared with our competitors in other parts of the world —particularly with South America. Compared with pre-war figures, the freights on New Zealand meat stand now thus: Beef, 63 per cent, increase; mutton, 67 per cent, increase; lamb, 79 per cent, increase. The increase paid by South America over pre-war rates is approximately 116 per cent. This new arrangement regarding freight rates is further evidence of the foresight possessed by the officials of the New Zealand Meat Producers' Board, the Board controlling all the freight arrangements on meat. The case of Australia could be cited if further illustration of this advantage were asked for. The Commonwealth has so far no organisation with powers of the kind possessed by the New Zealand Meat Producers' Board, and its endeavours to obtain a similar reduction in freights have so far been without success. Prospective Improvement in Snipping "Facilities. In deciding to arrange a three years' contract, the Meat Producers' Board have recognised that the shipping companies must be encouraged to improve their services by building up-to-date and fast steamers—this they could hardly be expected to do if working on a shortdated contract. With the development of the Diesel engjjne type of ship' a 30days' direct service from New Zealand to England will come sooner or later, and it is hoped that this desired improvement will.be realised within the next few years. It is well that New Zealanders should realise how important is the matter of rapid transport. One of the shipping companies has already two internal combustion vessels on order, and two of the other companies have also practically decided to order two ships of this most modern type. Prospects for the Near Future. With regard to the prospects for New Zealand meat for the coming year, these, at the present time, appear to be very favourable. It is also very satisfactory to know that stocks of our meat will be practically exhausted by the end of November, which is a very different state of affairs.in comparison with that of twelve mouths ago, when three-quarters of a million carcases of New Zealand lamb were carried over into January. This faet alone should ensure a good demand for the early arrivals of the new season's New ZeaJand meat. To-day's wholesale price for Canterbury lamb, of light weight quality, is 13d, and while this price will no doubt not be maintained when the heavy stocks of Australian arrive, still the prospects of good prices for New .Zealand lamb and mutton, next' year seem to be very rosy. Continental Demand. Further, "the consumption of frozen meat on the Continent is steadily increasing, and this will relieve the London market from whatever source frozen meat is supplied to Europe. It is very gratifying to know that two shipments of New.Zealand beer* both boneless ,'nid quartered, are now on their way to Genoa, the freight arrangements of the same haying been made by the New Zealand.Meat Board's representative in London. Mr E. S. Porr syth has. been in communication with Sir* James Allen and also with the commercial representative of the New Zea-land-Government in Belgium with regard to the present prohibition of the importation of boneless beef into Belgium being removed, and" it is hoped that,.. negotiations for this will terminate satisfactorily, and thus give one more outlet for boneless beef. Cold Storage Charges in London. Mr Forsyth spoke at a meeting of the British Cold Storage and Ice Association lately on the occasion of a paper read by Sir P. Proctor, who gave his opinions and impressions of the meat trade in New Zealand. In the course of his remarks, Mr Forsyth referred to the question of the high* cold storage charges in Britain, which were having the effect of keeping the large bulk of the cold' stores in Britain empty at the present time. In support of this statement he quoted an actual example of a holder of meat, who, securing a market • rise in price of Jd a ppund in 28 days, had to pay the whole of his profit away in cold storage, and was left with a loss of interest and insurance into the bargain. This is a practical example of how exorbitant at the present'time the wite of cold storage really is. It is considered that the rates are out of all proportion I to the service rendered, f British cold storage prices are practically four times higher than the rate in New Zealand, and practically double the cold storage rate on the Continent. There is no question that the large amount of extra cold storage built during the war, the owners of whieh are I evidently still considering in their costs] is responsible for the present ex- j tremely high rate. The New Zealand j Meat Producers' Board are looking very closely into this question, and there is no doubt they will have seriously to consider the question of establishing j their own cold stores unless more rea- ! sonable rates are obtainable in future. ! i At 40s per ton, London cold storage ! rates are higher than at any other ports ! in Great Britain, bnt unfortunately the bulk of the meat has to be kept in London. And unless there are very j substantial difficulties in the market if i does not pay to store meat. * Army Contract Tenders. i ■■ I The War Office have lately called for tenders for mggt, and, as in the past, I there wore to "Bat wb quotations, namely: i (1) For British Dominion-produced j meat; (2) for South American. Since • the conditions of contract were circuj lated, however, the War Office have i asked for a third price, giving the contractor the "liberty to quote' either British Dominions or South American. This is a very serious variation of the contract, as at the present time the British Dominions- receive a preferenceof 15 per cent, over foreign meat. But jif the contractor can supply either j British or foreign meat it is difficult j to s%e how this preference can be mainf tained. The London representative of } the Meat Producers' Board at once took 1 the matter up, and made a very strong

(Oonttnnjd at foot of not column.)

CANTERBURY MARKETS.

i BT OrE COKMKECIAL EDUCE. I Tuesday Evening. j There is practically nothing new to' I report in connexion with the grain and produce market. Values arc as last reported, though there are indications in some branches towards a firming. What movement there is does not affect quotations, except that the exceedingly rough burst of the past 24 hours prompts the belief that ryegrass crops will be very much damaged, that oats will be badly laid, and that moist weather following. the rainfall will stimulate the development of Tust and other wheat troubles. Generally there is a tendency very much to overdo the effect of these climatic visitations, but in the case of ryegrass a fair-sized area has been "laid" to such an extent as substantially to reduce the average for threshing. Prior to this week's outburst the proportion of laid oat crops did not exceed two or three per cent, of the total acreage. Whatever the past 48 hours have done the flattened crops of oats were confined through the, greater part of Canterbury to small fields on very heavy lands where the original intention to graze was not sufficiently carried out. The caterpillar is reported to have appeared in several barley crops in. the Ellesmere district. This destructive pest is fairly prevalent in the oat crops north of the Ashley Biver. Bust, Hessian fly. and a slight showing "of takeall are" reported from South Canterbury and North Otago in the wheat crops. At the moment the matter of big yields is entirely dependent on the turn of the weather. In regard to prices the general poliey is one of marking time. • The following are quotations, free of commission, sacks extra, exeept where otherwise stated:—• Fowl Wheat (nominal)—7s 6d. Oats —B Gartons fnew season's) 2s 9d to 2s IWJ. White Clover—ls 4d to Is 6d, Cowgrass—lOd to lid. Partridge Peas—6s. Italian Byegrass (new season) —3s to 3s 3d. Perennial Eyegrass (new season) —3s to 3s Sd. Cocksfoot—9d. Linseed—£l7 15s. Potatoes—£3 15s to £4 main crop. Flour —£15 10s a ton. Pollard — £6 10s fo.b. main ports; 10s extra for smaller packiag. Bran—£s 10s per ton f.o.b. main ports; 10s extra for smaller packing. « BURNSIDE MARKET. (FXBSS AS9OCIATTOH TXLIMiU.) DUNEDIN, December 23. There wero poor yardings at Burnside today when a butchers' sate was held. The yardings were 122 fat cattle, 416 fat sheep, and 56(5 fat lambs. No pigs, or etord stock were i forward. Fat cattle—One hundred and twenty-two head yrsre yarded, compared with 303 last week. The quality- wae somewhat mixed. Southland bullocks were in evidence, but the bulk of the entry consisted, of light weight steers and heifere from Taieri farmers. There was a good demand for all prime stock at nn advance of 30s a head on last week's rates. Prime handy weight bullocks sold at from 42s 6d to 45s per 100 lb, prime heavy weight bullocks 40s to i 425, prime heifers to 35a, second quality heifers to 33s 6d, and cows from 25a per 1001b upwards. Fat sheep—The entry totalled 416, compared with 2341 last week, the quality ranging from fair to good. Several of the lots forward lacked finish. Values appreciated to the extent of Is to Is 6d per head, and in some instances wethers sold, at up to 8d {per lb. Prime light weight wethers sold at from 7d to 7Jd, medium quality wethers to 7d, and owes from 4§d to 5Jd. Fat lambs—The entry totalled 566 head, against: 1711 last week, the quality ranging from" fair to good. Prices were high early in the sale, but the .demand died: away towards the finish, and at the close were well below those of last week. Prime lamb was worth from lid to lljd per lb, and second quality up to 10*9. N.Z. GIANT CHEESES. Our London correspondent, writing on November ISth, said:—Messrs John Barker and Co., who purchased from the New Zealand Pavilion at Wembley two of the big cheeses, are making a special display of these unique possessions at their Kensington store. The decorative scheme announces the country of origin, and display cards bear inscriptions such as: "Try this delicious cheese," "To buy here is to buy the best," "We supply only the very best food," "This cheese is an Empire product; it was purchased from the New Zealand Government." The upper part of one of the cheeses has been cut and is being offered for sale' at Is 2d per lb. Those who are serving it are proving keen advocates _of its high quality, and one foresees its rapid disappearance. The flavour is mild and pleating, the texture is firm, | and s the cheese is now well matured and I evidently at its best. ENGLISH MARKETS. (Received December 23rd, 11.25 p.m.) LONDON, December 22. Copper—Spot, £66 lis 3d a ton; forward, £67 lis 3d. Lead—Spot, £42 12s 6d a ton; forward, £4O 2s 6d. Spelter—Spot, £37 17a 6d a ton; forward, £37 18s 9d. • ■■ ' Tin—Sppt, £265 7b 6d a ton; forward, £263 12s 6d. ; , Silver—Standard, 32Jd; fine, 34 13-16 d.

protest to the War Office, a protest in conjunction with overtures made by the High Commissioner and Mr B. H. Morgan (chairman of the British Empire Producers' Organisation). It is to be hoped that the representations made will result in this very undesirable alteration of the contract being cancelled.. It is unnecessary to stress the importance of the British Dominions supplying the Army requirements as against a foreign nation. Any interference with the preference as already existing, must be very jealously watched. Out of Bounds. ~. In ou,e of his recent weekly reports to the newspapers, the Superintendent at Smithfield Market made a statement that Australasian beef, t probably for culinary reasons, did not'appeal to the people in London, and that .there was n<v,inelinatiqn on the part of the public to buyvit' instead of the usual Sunday joint 01 chilled' beef from South America, and this would be so until beef from New Zealand and Australia could be marketed of a like quality and competitive value. ' Grave exception was taken by Mr Forsyth and others to this statement, and a strongly-worded letter was sent ' in to the City Corporation of London protesting against one of their officials \ publicly advocating in this way the ! use of foreign meat as against the meat ! from .the British Dominions. It was pointed out that it was really outside ihe function of this official to make any statement of this kind, which would be greatly resented by the Dominions, as well as by a number of the SmithfielH Market stall-holders, who deal exclusively in New Zealand and Austra i lkin meat. It is to be hoped that this i iisneiy .protyst will have the effect of • preventing a city officer from again • disparaging the produce of the ! Dominions. All New Zealanders should realise—- ; many of them doubtless do—that in the ; ?-::.«i;c?. o* Mr Forsyth to look after ; their meat interests here the Board ; made a very judicious choice. He is < -teeaiy alive to those interests.

T? H. LABATT, Sliara »ad Debenture •l • Br<«nr ;ia-.T.bcr C'criatclrarch Stock KxciunUe), l'-eii3 Buildings, coiner High tod Cashel atreeu, Cnriatchnrdu 'Phone. 678. Telegrams; "Ltbctt, Christdauzch." L 6299-3533

HIGH COMMISSIONER'S REPORT.

GOLD. mi. • , LONDON, December 22. The price of gold is M 8e 53. A BRADFORD TOPS. (*T CAM»—PMSS ASSOCUTIOir—COi>r»IG*T) (AUSTBALUN AND *,Z. CASXJt AS*CIAVIOir.) LONDON, December 22 The Bradford tops market displays a holiday feehng There is slightly more-enquiry at lower, prices. ■ * '. FLOUR UP IN SYDNEY. (Received December 23rd, 11.20 t> m ) SYDNEY. December 23. ™ , Sf? oe of flour Jl * B Deen increased bv ten shillings a, ton. STOCK EXCHANGES. (ntSSS ASSOCIATION TSLXOKAHS.) AUCKLAND, December 23. Sales—New Zealand War Loan, 1938 £97 7s 6d; Auckland Gas 24s 9d, contribiitiniy 5s 7d. DUNEDIN, December 23. .Sole—Mount Lyell, 22b 6d. Sale Reported—Kawarau Gold Mining. 20s.^ REILLY'S DUNEDIN MARKET REPORT. ACTUAL PRICES SECURED FOR CHRIPTCHURCH CONSIGNOES AT YESTERDAY MORNING'S SALES :- An excellent demand experienced for all lines. To-day's values:—Grapes, 3s Sd; cherries, Is &Jd to 2a 3d; tomatoes, locals 2s Sd, 2s 6Jd. Christchurch Is 9Jd to 2s ljd, seconds Is; peaches, dessert 6J3, ,82d, cooking: 4Jd, sd; apricots, dessert ~6Jd to 9d, cooking od, £Jd; plums, ojd, 6£d; cherry plums, 3Jd; black currants, 3£d, 5Jd; broad beans, IJd, 2d; French beans, Bd, 'BJd; butter beans, 10id, lid; potatoes, ljd, ijd; peas, • 4id, Rhw. Ed; raspberries, lid. is 13Jd; loganberries, IOJd, lid; cucumbers, to 13s; marrowß, lis 3d dsren; apples (wanted), 19s Gd. 20s 3d case. .

CONSIGN YOUR PRODUCE TO: REILLTS CENTRAL PRODUCE MART LTD., DUNEDIN. PROMPT ADVICE AND ACCOUNT SALES AND HONEST SERVICE ARE ■ ASSURED.

CROPS IN NELSON.

TOO MUCH MOISTURE. (SPSCIAi TO "T&K P3UBSS.") NELSON, December -23. The wet weather during the past two months has had a -aried effect on the crops in different parts of ine district. For the dairy farmer the season has been a perfect one, and splendid returns have been received from the factory. Usually at this season the country is beginning to ahow a somewhat parched appearance, but now everything looks green and fresß, and the flows have an abuuuance of luscious feed. On the dry "plain" country, too, the wet season has been just what was required. Sever before, perhaps, have the crops there been better. Another reason for this, too, is the fact that a larger number of farmers are beginning to find out, thanks to the Cawthron Institute, that they cannot go on growing crops of oats ad infinitum, and that the eoil must be fed, and also that it is greatly benefited by the growth of leguminous crops, such, aa peas manured with superphosphate. Peas are always a risky crop. In the first place, if there is too much rain immediately after sowing, the peas instead of germinating, swell and burst, and fail to come up at all. Then they must have sufficient moisture to keep them moving, but if there is too" much rain during the growing period the roots decay, the wop turns a sickly yellow, an* is a "complete failure. After the peas have ■ flowered there must also be sufficient rain, otherwise the pods do not form, and a§?»in there is no 'crop. However, for the "plain" land conditions this season have been perfect, and all that is now required La a spell of fine weather for harvest, and there will be nothing to do but collect the fat cheques. On the heavier land, however, there is a different tale to tell. The rain has been too much jfir .the growing peas,and in many cases one finds on examining ai apparently orop that the plants have turned yellow owing to the wet. weather, and that the crop is practically nothing. Some farmers will barely get back their seed, so that all their labour will be for nought. Grain crops, havo made tremendous and in many cases are lying flat on the ground, and unless the. weather clears up immediately the prospects for a good yield are evnything but rosy. In a few cases barley is only just coming up, the sowing having been delayed by the wet season. Potatoes, too, in many cases are hot yet sown, though most farmers usually plant- about '{he end of November. The early crop generally has been a failure owing to the' prevalence of blight-, so -that there is every grospect of potatoes being very Bcarce, and, of course, high in price. Mnch of the hay has not yet been cut, though the crops are well afcove the average, and only fine weather is needed to ensure.a plentiful supply of winter fodder. However, should the present unsettled weather continue the effect will be djgastrous for all concerned. -i WHEAT. - (BT CASUS— PRESS ASSOCIATION—COFTBIGHT) ] (attstbaliak and n.z. cablk ASSOCIATION.) ' (Received December 23rd, 11.25 p.m.) LONDON, December 22. 'Wheat cargoes are firm on lighter world's i shipments, but the 1 demand is inactive. Pareels are firm and are in fair demand at 6d to, 9d up. Liverpool futures: December,' nominal; March, 13s 6 5-8 d; May, 13a 5 3-Bd.' DAIRY PRODUCE. (press association tmjsgbam.) December 23. Advice has been received by the Dairy .Division that in Australia there were graded during '* November 351,852 boxes of butter and 8899 crates cheese. Shipments from Australia to the United Kingdom during November were 242,675 boxes of butter and 8628 crates of cheese. •' The department is also in receipt' of advice whjfh arrived by cablegram from the Argentine Dairy Association reading as follows: Shipments for the month of November were 3550 tons of butter, 69 tons of cheese, and 1000 tons of casein.

N.Z. AND AUSTRALIAN LAND . , .*,.,... : COMPANY/, (HtOM OUB. OWlf COMtESrONDWIT.) LONDON November 13. The annual report of the' Ncrw Zealand and Australian Land 'Co. states, that the sum brought forward from last year is £23,373 9s Gd; the profit for the. year; after charging interest amounts to £338,647 13s 9d; making a total of £362,021 3s 3d. The directors have transferred to Contingency Fund £90,061 3s Bd,; to' Reserve Fund, £50,000; leaving £221,959 19s 7d. The directors recommend that this amount should be applied as follows: —(1) In payment of the dividend on the A preference stock of 4 per cent., under deduction of in-come-tax. Of this, 2 per "cent. was. paid as an interim dividend on June 10th last, leaving 2 per cent, to be paid on Noyember Q9th next,' £40,000; (2) in payment of a dividend on the ordinary stock of 8 per- cent., free of inoome-tax. Of This, 3 per cent, was paid as an interim dividend on June 10tb l&st. leavidjr 5 per cent, to 'be paid on November 29th i next, £160,000. ■ This £21,959 19s 7d is to be carried forward to next year subject to corporation profits tax. The improvement of nearly £IOO,OOO in the past, years profit from the working of tie properties would appear to be largely due to the better prices obtained for .wool. The clip showed a further decline, but the net price realised was over £4O per bale, as compared with a little more than £3l. in 1922-28 and only £25 in the preceding year. A considerable part -of its season was droughty, but the position was relieved 4y a good general rainfall in December. The dry weather unfortunately caused an increase in mortality among stock and a decline in the number of lambs. Prices for cattle, moreover,' remained at a low' level, but those for sheep improved. Apparently the outlook is nevertheless sufficiently favourable to give hopes for the issue of an equally good report a year hence.

The Department of Agriculture hM received the following cablegram, dated 30th instant, from the High Commissioner for New Zealand, London:— BUTTER. The steady enquiry for spot supplies continued earlier tils week, but market closed quieter. Official quotations are:— New Zealand. Finest. Salted. December 20th—204a to 206s per cwt (Is 9Jd to Is 10id per lb). December 13th—204s to 206s per cwt (Is 9Jd to Is lOd per lb). December 6th—202s to 206e per cwt (Is 9Jd to Is lOd per lb). Unsalted. December 20th—212s to 214a per cwt (la lOJd per lb). December 13th—212s to 216s per cwt (Is lOJd to lfi lid per lb). December 6th—214s to 216s per cwt (Is 10Jd to Is lid per lb). Other Qualities. December 20th—190s to 194s per cwt (Is 8id to Is 8id per lb). Australian. Finest. Salted. December 20th—188s to 192a per cwt (Is 8d to Is 8Jd per lb). December 13th—186s to 190s per cwt (Is 7Jd to Is 8Jd per lb). December 6th—190s to 194s per cwt (la 8id to Is 8Jd per lb). Unsalted. December 20th—190s to 194s per cwt (Is 8Jd to Is 8id per 'lb). December 13th—188s to 194s per cwt (Is 8d to la 8Jd per lb). December 6th—190s to 19*8 per cwt (la 8id to Is 9d per lb). Other Qualities. •. December 20th—Salted; 160b to 164s per cwt (Is 5d to Is 7Jd per lb). Unsalted: 160s to 186s per cwt (Is 5d to Is Tfd per lb). Argentine. Finest. December 20th—174s to 176s up to 180s per cwt (Is 6Jd to la 7id per lb). December 13th—176s to 180a per cwt (Is 6id to Is 7id per lb >- _, „ December 6th—174s to 180s per ewt (Is 6£d to la 7id pel- lb). •'Other QuaFHies. December 20th—160s to 172s per cwt (Is 6d to la 6Jd per lb). Danish. December 20th—243s to 246s per cwt (2s 2d to 2s 2Jd per lb). December 13th—242a to.244s per cwt (2s 2d to 2« 2id per lb). December Gth—232s to 234s per cwt (2s OJd to 2s Id per lb). CHEESE. Demand maintained and market firm. Official quotations are: — English. Finest Farmers . ■ December 20th—lite to 122a per cwt (la OJd to-ls Id per lb). . December 13th-116s to 120s per cwt (Is OJd to Is OJd per IB). . December 6th—116s to 120s per cwt (Is Oid to Is 0|d per lb)Canadian. 4 December 20th—Coloured and white: 96a to 98s up to 100a per cwt (ldtd to 10Jd per December 13th—Coloured «md white: 96s to 98s per cwt (10id to 10Jd per lb). December 6th-Coloured and white: 93s to 96s per cwt (10d to lOJfl per lb). New Zealand. December 20th—Coloured: 95s to «€s per cwt (10id per lb). White: 96s per cwt (10id 13th-Coloured: 92s to 94s per cwt OJd to lOd per IE). White: 94a to 96e per cwt (lOd to lOJd per lb). December 6th—Coloured: 92a per cwt (9Jd. per lb). White: 92s to 93s per cwt (9Jd Per lb). ' ■ , Australian. December 20th—Coloured and white: 92s per cwt (9Jd per lb). December 13th—Coloured: 90a to 92s per cwt (9Jd to 9fd per lb). . December 6th—Coloured: 90s per cwt (9$d per lb). A shipment of New Zea]*nd produce arrived this week per s.s. Port Caroline. HEMP. Manila market opened dull, and quotations for '"J" grade reached £52 10s, but closed with f;ooA demand, "J" grade Decem-ber-February shipments being soldi for £54 10s. /New Zealand market continues quiet. Ittighpoints quoted at £i3, fair £41 and value. WOOLBradford market quiet. Buyers holding back on account of having covered immediate needs. Quotations for tops:—6*'« (merino) 6s 8d, 56's (super halfbred) 4a 6d, 40'a. prepared (coarse crossbred) 2s 9d. TALLOW Market very firm and demand active. Present quotations are— »■ - • Mutton—Fine, 54a 3d to S4e 9d per cwt; fair to good, 60b 6d to 54e per cwt; dark to dull, 47s to 48s 6d per cwt. Beef—Sweet and-or mixed, 52s 3d to 52a 6d per cwt; fair to good, 49s 3d to 52a per cwt; dark to dull, 45s to 47s per cwt. Mixed: Fair to good, 48s 9d to 52e per cwt; dark to dull, 45s to 47s per cwt. Gut, etc—41a to 46s 6d per cwt. EGGS. English, Irish, Danish, Dutch, Belgian Italian, 22a to 27a per long 100; Australian and South African, 19a to 22s pen long 100; Argentine, Russian, Moroccan, 15a to 18s per MO* Egyptian > Ue M to 12a 6d per long

FOREIGN EXCHANGE RATES. <»t ciau-?uM 8 uaoatLtiox-cotrxiamt) (AUSIXAUAK AM) Jf.z ■ CAMLX A8SOCIATI0W.) (Received December 23;d , 8.40 p 4 m.) LONDON. December *> lno exchange rates are:— Paris, ix. to jEI Brussels, kr. to dEl Par. 22.225 22.225 Dec. 18. Deo. 22. 87.80 87.40 94.96 su.sk Christianja, kr. to £1 18.15931.02 31.21 Copenhagen, ki>. to £1 18.169 ■36.53 26.81 Stockholm, kr. to £1? 18.159 17.40 17.47 Berlin, Beichmarken to £1 .. Montreal, dol. io £1 New York, dol. to jEI 4.86 4.86 19.70 4.70i 4.70i 19.80 4.72J 4.70J 109.35 itome, lire to £ 1 .. 22.22J 109.7B Yokohama, st to yen Hong Kong, st. to dol 2i.5mi-ied 28}d vaicutta, st to rpe 10 w goia jb m l-i&i * Determined by price of silver 18id