COMMERCIAL.

Press, Volume LXI, Issue 18368, 29 April 1925, Page 10

COMMERCIAL.

MARKETING OF CHEESE.

A SCOT'S SUGGESTION.

(special to "the pmsss.")

DTTNEDIN, April 28,

Mr Walter Blackie, a well-known Taieri farmer, has received the following letter from a Glasgow business man:—

"I have thought repeatedly of writing about your New Zealand cheese. I do not know at the moment what you get for it or at what price it is sold* by the importer in London, but every day I pass the windows of a large "retail shop and I see cuts and prices of cheese from every country which makes cheese. There arc French, Dutch, Swiss, Danish, Canadian, Italian, Scotch and English, but never any from New Zealand. Canadians now. send across cheese in jars and in blocks like bars of soap. These are covered with thin lead or silvered paper, and are called 'krnft' and retailed at Is 6d per lb. Cheddar cheese is shown without a name, which I know at times is made in New Zealand, but that country does not get tho credit, and the retailer gets a good price and a big profit. Your cheese-makers should take a leaf out of the Canadians' book and send their cheese Home here in smaller sizes, say, from 71b to 101b weight, covered and marked so that they are known as New Zealand. Even smaller sizes of special quality could be made so that a family could take in at one deal the cheese as it comes Home without cutting. In that way the profit would find its way to New Zealand, and the greater bulk would not go to tho retailer in this country."

CANADA AND AUSTRALIA.

TRADE TREATY NEGOTIATIONS.

(bx cabls— pbess association—copimght.) (aUBTBAUAH AHD H.Z. CABLE ASSOCIATION.)

(Heceived April 28th, 9.15 p.m.)

OTTAWA, April 27. Mr A. Meighan read in Parliament a Melbourne Press dispatch quoting Mr Bruce's latest utterance on the Austra-lian-Canadian, treaty. The Premier (Mr Mackenzie King), Commenting on this, said he would not make any statement based on newspaper reports, but added) that the last communication from Mr Bruce enquired regarding certain proposed changes by Canada,, which communication had not yet been answered. Until the question of the amount of material of British origin had been settled he did not propose to make any changes in the tariff.

Mr King £hen announced that Mr D. H. Boss, a former Trade Commissioner to Australia, was being sent to the Commonwealth to endeavour to straighten out the tangle . over the treaty. Mr King added that after the Commonwealth Parliament had made certain changes in the treaty, anOrder-in-Oouncil was passed providing that to avail of the Australian preference 75 per cent, of British material and labour, must enter into the exported article. This proposal had been discussed during the negotiations. "We do riot propose to ask the House to sanction the treaty until we get this phase remedied," he said. "Mr Ross will conduct further negotiations, and we hope the matter in dispute will be arranged satisfactorily." Mr Meighan retorted: "I would gather that there is no hope of legislation this session.' Mr King: T must, not say that. 1 - rather hope there will.Various opposition members then expressed the view that the 75 per cent, proviso was wrongly interpreted, and that its application would not appreciably affect Canadian exports. Members, moreover, intimated there were other, matters than the 75 per cent. >■ proviso tha't were delaying the treaty. Mr King dissented, and the discussion ended.

DOLLAR AND £. STABILISING EXCHANGE. 'Oft. CAB!*—PBSSS ABIOCIATIOIf—COPIHIOHT.) . (AUSTJULIAK AHB V.Z. CAXLI ASSOCIATION.) (Received April 28th, 8.40 p.m.) WASHINGTON, April 27. The arrangement by which the New York Federal Reserve Bank will buy sterling bills in the open market at the request of the Bank of England is looked upon by the S&retary to the Treasury, Mr Mellon, as a desirable means of stabilising exchanga,and beneficial to the trade; and commerce of both countries. While it is generally accepted that Great Britain will seek credit among; bankers' here to offset the bills taken, by the New York Bank, Mr Mellon knew nothing of the plans for a loan, although he regarded such a move from British quarters as obvious. The British, plan, as reported, contemplates a loan of between half and three-quarter billion dollars, which could be used to stay'any emergency, since it is not believed here that ...sterling exchange would 6uffer more.'than"temporary flurries after it attains par. .

T DAIRY CONTROL BOARD. - . : r '■■•■■ (rssea association TsuaKiv.) April 28. Mr W. Grounds, chairman of tlw Dairy Control Board, addressed a meeting of dairy fanners.and others, ■numbering about SO. The speaker defended the BoaTd's policy, and com'batted the assertion that it had promised thai complete control ■would not 1 be taken.

He said that from the outset the necessity for an unfettered preliminary investigation had been stressed. .The Board had not been set up to improve' methods of production, though it would do what it could in that direction, but to provide better methods of •marketing.our exportable surplus. There Ihad ieen a good deal of confusion of thought on «» question of absolute and limited control. There could, be no control wherein the power was limited. The Board did not contemplate a policy of dictation. The Boards representatives would be in constant consultation with the representatives of the ■ distributors at Home, and the methods followed would be the result of their united deliberations. lie J. L. Clarke, secretary of the Otago Producers *nd. Manufacturers' Association ■aid that of ten* Otago factories circularised' eight were against and two in favour of complete control. .-..•' Mr Ground* contended that the great majority of farmers were "behind the Control Board. Control would sot take place till August, 1926, and there would' be ample time to' arrange details of finance in London. A motion was carried thanking Mr Grounds for his address and expressing confidence in the Board. A FIRST DIVIDEND. (FSEB3 ASSOCUTIOII TZLXOUX.) AUCKLAND, April 28. The Now Zealand, Farmers' Fertiliser Company's report shows a net profit of £25,724, after writing off £7OOO balance of preliminary expenses. The directors propose to pay e dividend for the first time of 7J per cent.. ■ absorbing £19,619, and to carry forward £7192. The report refers to the establishment, of a factory in New Plymouth, and states that this extension does not require i jay increase of capital. ■ I

FROZEN PRODUCE LETTER. CHEAPER MEAT POSSIBILITIES.

FACTORS OF UNCERTAINTY.

(JKOil OUR SPECIAL COKEESPOJTDBKT.) LONDON, March 24.

Most of the trade reports obtainable concerning the tone of the frozen mutton and lamb market and the likelihood of tho early trend of prices give no indication of any further downward movement in this market than the general easing tendency which has now been in operation for a few weeks past on tho arrival of fuller supplies. It would bo valuable, if it were possible, to probe deeper into the fundamental facts of the present trend, to ascertain if those who are best informed really viewed tho position as one of fairly simple recovery later cr whether the current cieclensiou was the harbinger of a bigger fall. Such thoughts as these are impelled by a certain market rumour which has gained circulation, and which, if it is to be relied ' upon, bears, a certain significance. It has been the experience of those engaged in the frozen lamb business that, during the past one or two seasons, there was, in the frozen meat picture, always one figure which could to relied upon as a buyer. When other purchasers failed, this party was still in the market, always consistently buying, buying. Tn the end, the policy of this party w.is proved as to its wisdom. Now, this year it is reported that this particular party has strangely changed its tactics, and is not for the moment that consistent purchaser as formerly. Wiseacres are knitting thjiir brow's over this, and are drawing certain conclusions. Tt will bo sufficient hero to mention the matter, without being too sapient as to the inference. It may be, of course, that foresight warns certain people that the sagging tendency of the moment will be intensified later into a serious slump, in which they do not desire to be involved as heavy holders. One can only exercise individual judgment in matters like these. The position at_ present is that consumptive demand is reported to be all that it could be expects ed to be at tins time of the year. Canterbury lamb is now priced in Smithfield, wholesale, at below a shilling per lb, and the greatest interest attaches to the vigour with .which output may recover with this popular meat at a lower price level. As_ far as mutton is concerned, the scarcity of small and medium carcases constitutes at the moment the chief strength of thia article. Heavies are something of ai drug in the market, and the competition of Plate supplies, with their greatly inferior prices, is severely felt in some sections of the trade. Beef is another quarter of the market that may be seriously affected by recent developments in the Argentine: It is alleged that the chilled beef conference has been ended; if so, anything may happen as to supply glnts over here in the near future. The question is, How prepared are the big operators for such a struggle.? It is a little unlikely that the British side will force the pace, but it remains to be seen whether the Americans may not regard the present as a fitting opportnnitv to renew that strife which is always presumed to exist, in principle, between them and their British competitors for domination of this market. It is reported that the. Continent of Europe is still proving a valuable customer for frozen beef, although therehave been cases recently of some shipments to Continental ports being diverted to the United Kingdom. Dominions' Heat Propaganda in UJEC

The arrival in this country of Mr J. B. Cramsie, the ex-chairman of the Australian Meat Council, this week, brings into the limelight once more the organised efforts which Australia has for a long time past been contemplating for the extension of her meat sales in Great Britain. The circumstances surrounding Australian meat in this country differ considerably, of course, from those of the New Zealand merchandise, both ,at the producing 'and consuming ends of the business. The discussion of special organisation > for retailing it in the Old Country probably concerns the one producer as much as the other so far as practical politics are concerned. There is little doubt that the real object of Mr Cramsie's visit is more concerned with deep study of the conditions of the widespread demand here as the key to what the beef and mutton growers of the Commonwealth must aim at in their producing and shipping methods. Already .the drift of what is stirring in Mr Cramsie's mind is made apparent here by an interview which he accorded while still on board ship. The vessel, by the way, was one of the Star Line chilled beef boats from the Hate, on which he contrived to travel from South America in order to ascertain at first hand what the requirements of chilled, meat transit really are. * Mr Cramsie has said: "After thorough consideration of the whole of the chilled beef industry, I jim inclined to the belief that the shipment of chilled beef to England from Australia is not such a hopeless proposition after all." The visitor will stay in England "as long as the interests of Australian meat growers demand his presence*" He is expected to be regarded as a valuable Dominions' witness before the Royal Commission on Food Prices, which, although it has concluded the taking of ! meat evidence, should still find interest in the evidence of such a speciallyequipped witness as Mr Cramsie. The present deliberations of the Government Committee which is exploring the avenues by which the million sterling Imperial grant can best be used for the Empire food business, will also be likely to be considered of interest to the Australian representative, who before his return proposes to inspect conditions in the meat-rais-ing areas of Canada and the United States, as well as visiting South Africa.

CANTERBURY MARKETS. (»t ora coMStxacni. mhtoe.) Tuesday Evening. The readjustment of prices. an " nounced as the result of the conference at Wellington last - Thursday, has put a different feeling into the wheat business. The millers have- made a substantial concession on their preceding figures by increasing the price ot wheat by 5d a bushel and reducing the price of flour by £1 a ton. There "-S a "come-back" in the increased prica of bran and pollard, the rate.- of which are permitted at un to £8 and £9 respectively as against £5 10s and £6 10s previously. Millers on their part have succeeded in securing a definite assurance of tho protection of the market, and protablv what is of as much importance, tlie removal of the government in actual wheat trading. 1 w uncertainty of what was going to be done has been a disturbing factor right through. The definite statement or the Minister that there has been no dumping of Australian flour and that, the Government will consider the imposition of a- dumping duty if circumstances warrant- it has given the milling trade a large measure- of the assurance it wanted. The public will not suffer by the higher prices being paid for whea't, as flour is reduced £1 a ton until the local whent is absorbed, and this- will be reflected in a cheaper loaf. It is also understood that when the Government imports the wheat for tho millers after the local wheat is cleared up it will not bear the duty of Is m a bushel. All round it seems a very fair solution of a problem with a good many complexities In the meantime growers have commenced to offer their wheat more freely, a' number coming into town to-day. for the purpose. A conference of growers and millers will lie held at Ashburton next week (probably Thursday) to discuss matters in relation to next year's crop. , The oat position is unchanged. Ihe Government statistician's estimate wa-s interesting to the trade, but it conveyed nothing that crop observers did not know. The trade is wondering where Mr Bollard got his information as to "anxiety existing" as to the oat yield. The anxiety is mostly the other way round—where the crop if* to find an outilet. If. as the statistician says, the threshings to the end of March total 3,500,000 bushels, the total oats will substantially exceed tho finre million he estimates—that is, if the ordinary proportion is threshed. Fanners are offering little in the meantime, but enough is coming forward to meet the demand.

The seed market is exceedingly dull. Pbtatoes have eased and are now quoted at £3 10s on. trucks A good few potatoes were bought earlv and these ■■are now being delivered, but otherwise offerings are very small. Farmers in some cases are preferring to pit before accepting less than £4. Auckland merchants are buying no more than immediate requirements. The Waitomo last week took 3000 odd sacks to Auckland, and the Kaiapoi is booked to leave to-morrow, and the Wanaka on Thursday. Onions haive firmed in price and are now quoted at £7 10s on trucks. The following are nominal quotations, free of commission, sacks extra,' except where otherwise stated:—

Wheat—Tuscan 6s Bd, Hunters 6a 10d, Pearl 7s f.0.b., sacks-extra. Oats—Garton A's 8s 8d to 3s M, B's 3s 3d; Algerians 2s 8d to 2s 9d. Chaff—Good bright, £3 15s. White Clover—lOd. to 12d. Peas —4s 9d to 6s.

Cowgrass—Bd to 9d. Italian Ryegrass—2s 9d to 3s, Perennial .Ryegrass—3s 6d. Cocksfoot—6d &> 6Jd. Linseed—£lß. Potatoes—£3 10s for prompt, and to £3 16s for forward. Onions —£7 10s for prompt. Flour —£18 a ton f.o.b'. nearest port. Pollard—£9 f.o.b. Bran—£B per ton f.o.b.

RANGIORA MARKET.

The yarding.of lire stock at the-Rangiora Market yesterday 'consisted of 1213 fat lambs, 586 fat ewes, 71 fat wethers, 1100 store sheep, 20 head of cattle and 84 pigs. There was again a good sale of fat lambs, the prices being equal to 12|d to 13d per lb, prime lots making 38s 9d to 40s 7d; medium weights 86s 2d to 38b Sd, light weights 80s 7d to 3.5 a lOd. The fat ewes and wethers also sold up to full ruling values. The sales made were as follows:

Fat Lambs: P. Heron 30 at 36s 2d, J. Inch 31 at 34s lid, G. T. Hopkins 11 at 31s lid, H. Hanna 20 at 30s 7d, Scottock and Masse© 42 at 31s Id, A. M. Carpenter 69 at 88s sd, D. Hanna 84 at 32s lOd, W. Power 73 at 36s 9d, Estate R. Elliott 82 at 33s lOd, J. Fitzgibbon 53 at 34s 3d, A. M. Miller 70 at 37s 3d, K. Frizell 36 at 39a lOd, 0. Lindsay 19 at 36s lOd, J. F. Dawson 109 at 38s 9d, J. F. Hiatt 65 at 335, T. Pulley 60 at 40s 7d, H. Wetherell 168 at 35s lOd, <J. B. Power 62 at 35s 4d, Dickhoff Bros. 69 at 40s 6d, A. Townley 54 at 345. Fat Ewes: J. Petrie 13 at 255, 21 at 23s 4d, 12 at 30s lid, H. H. Petrie 20 at 25s Bd, 28 at 23s «Ed, J. Inch 8 at 245, H. J. Beadle 23 at 225, 26 at 22s lOd, B. Frizell 19 at 31s 4d, A. M. Carpenter 15 at 29s 4d, 18 at 27s Id, 33 at 26s 5d to 26s lOd; F. Heron 27 at 22s 9d, A. Graham 33 at 21s 9d, J. F. Dawson 19 at 24s 7d, G. Barker 18 at 32s 2d, 19 at 28s Bd, H. Bennett 33 at 35s Bd.

Fat' Wethers. —Estate R, Elliott 71 at 33s to 34s 2d, J. S. Hiatt 12 at 33s 6d. Store Sheep.—B2 itwo to eight-tooth ewes at 28s, 27 sound mouth ewes at 27s sd, 44 aged ewes at 15s, 18 at 15s, 201 two-tooth wethers at 275, 44 at 27s Id, 128 at 25s 9d, 113 forward wethers at 35s 4d, 16 at 325, 63 at 32b, 39 forward lambs at 27s Id, 72 at 28s, 22 store lambs at 245, and 13 at 20s 3d.

Cattle.—Springing heifers sold at £8 to £7 15s, one extra good at £l7 ss, store cows at £1 to £4, a fat cow at £6, a bull at £3 ss, and 4 calves at 265.

Pigs.—Stores sold at 37s to 47s 6d, large weaners 21s to 245, and small at 7b to 16b 6d.

Poultry.—Roosters sold to lis 6d a couple, hens ss, pullets 8s 6d . Produce. —Chickwheat 20s to 26s a bag, oats 18a to 19s, peas 20b, oatsheaf chaff 3s 6d to ss, potatoes 6s to 9s, marrows 3s to 6s dozen, parsnips 2s kit, carrots 2s kit, cabbages 8s to 4s dozen, apples 2s 6d to. 3s 6d case, quinces 2d lb, onions Id. . Skins, etc. —Halfbred sheepskins made 10s 3d, crossbred 8s 6d, hogget 7s, calfskins 4s, pelts 2s to Bs, fat 2Jd lb.

SHROPSHIRE STUD SALE. There was a good attendance at Flemington on Monday, when the N.Z. Co-op. and Pyne, Gould, Guinness sold a large quantity of live and dead stock on account of the estate of the late J. M. Smith. A feature of the sale was the disposal of a stud Shropshire flock. The following prices were realised: 27 one-shear ewes sold at 4}gns, 10 at 4gng, 5 at 6}gna, 10 two-shear at s}gns, 16 at 6gns, 10 at 51gns, 16 three-shear at 4gns, 12 four-shear at Signs, 11 at 4gns, 10 five-shear at 4}gns, 8 failing-mouth at 4}gns, 9 f. and f.m. at 4gns, 5 Shropshire ram lambs at 4ggns, 24 at 4jgns, 10 at 4}gns, 5 at 4gns, 5 at 33gns, 7 at 3gns, 20 ewe lambs at 23gns, 10 at 2igns, 18 at 24igns, 1 two-shear ram -at 9Jgns, 1 at 51gns, 1 fire-shear at 2sgns. Other sheep sold were 32 four, sis and eightrtooth Romney cross ewes at 14s Id, 53 two-tooth at 48a lOd, 27 four and sixtooth at 46s 7d.

Horses.—Draught gelding (9 years) at £SB, one 10 years at £55, one draught mare (7 years) at £53, one 10 years at £sl. Cattle. —Cows from £9 to £l2.

SALE OF FENDALTON SECTIONS. •An auction sale of building sections, sdfcnated in Glandovey road, Fendalton, owned by Mr B. B. Wood, was held by Messra K. G. Co. and J. G. Macdonald and Co. last evening-. The following sales wero effected:— Purchaser. Price. Lot 1 ... A. K. Blank £730 Ix>t 7 .. E. Firth £520 Ifii 8 .« E. Firth .£505 liot U .. R T. Toss will £570

HIGH COMMISSIONER'S REPORT. The Department of Agriculture has received the following cablegram, dated 25th instant, from the High Commissioner for New Zealand, London:

BUTTER. Market quiet and New Zealand slow. Little Continental demmd and large supplies coming forward. Siberian quality better than last year. Increaecd supplies expected. Official quotations ore:— New Zealand. Market steady. Finest Salted. April 25th— lG4s to IWis per cwt (la 5Jd to Is 5Jd per lb). Exceptional: 168 a per cwt (Is 6d per lb). April 18th—1613 to ICGs per cwt (Is s£d to Is old per lb). April 9th—l64s to 168s per cwt (Is sid to Is 6d per lb) Unsalted. April 25th—1723 per cwt (Is frjd per lb). Exceptional: Up to 176s per cwt (Is 6jd per lb). April 18th—172s to 178s per cwt (Is 6Jd to Is Id per lb). April 9th—l74s to 17Ss per cwt (Is 6Jd to Is 7d per lb). Other Qualities. • April 25th—146s to 162s per cwt (la 3Jd to Is o\d per lb). Australian. Salted. April 25th—134s to 158s per cwt (Is 4£d to Is 4Jd per lb). April ISth—lsßs to 16C S per cwt (la 4Jd to Is 5d per lb). April 9th—lsßs to 160 a per cwi- (Is 4Jd to Is 5d per lb). Other Qualities.

April 55th—136s to 152s per cwt (Is 2Jd to Is 4Jd per lb). Unsalted.

April 25th—158s to 160s, up to 162s per cwt (la I'd to Is 5Jd per lb). April 18th—164s to 166s per cwt (Is 5Jd to Is 5Jd per lb). April 9th—lGGs to 168s per cwt (Is sJd* to Is 6d per lb). Other Qualities. April 251h—140s to 152s per cwt (Is 3d to Is 4{d per lb). Argentine. April 25th—154s to 1565, up to 158 a per cwt (Is 4}d to Is 4Jd per lb). April to 158s per cwt (Is 4id to Is 4Jd per lb). April 9th—lot's to 162s per cwt (Is 4Jd to Is 5Jd per lb). Other Qualities. April 25th—144s to 150s per cwt (Is 3Jd to Is 4d per lb). Danish, April 25th—186s per cwt (Is 7!d per lb). April 18th—185s to 188s per cwt (Is 7Jd to Is 8d per lb). April 9th—2oos to 204 a per cwt (Is 9id to Is 9Jd per lb). Siberian. According to Quality.

April 25th—144s to 150 a per cwt (Is 3Jd to Is 4d per lb). CHEESE.

New Zealand weakened early this week. Now steadier. Official quota;ions are: — English. Finest Farmers. Market firm and stocks light.

April 25th—135s to 140 a per cwt (Is 2£d to Is 3d per lb).

April J&th—lSos to 140s per cwt (Is 2Jd to Is 3d per, lb). April 9th—i3s3 to 140s per cwt (Is 2id to Is 3d per lb). Canadian. In small supply.

April 25th—Coloured, 108s to 110 a per cwt (UJd per lb). White, 110s to 112s per cwt (lljd to Is per lb). April 18tK—Coloured and white: 110s per cwt (lljd per lb). April 9th—Coloured: 106s to 110s per cwt (llid to Hid per lb). White: 108s to 110 a per cwt (lljd per lb). New Zealand. Coloured and white.

Ao-ril 25th—97s to 98» per cwt (10id per lb).* April 18th—101s to 102s per cwt (IOJd per lb). April 9th—lols to 102s per cwt (IOJd per lb). Australian. Demard quiet but steady.

April 25th—Coloured and white: 96a per cwt (IOJd per lb). April 18th—Coloured: 98s to 100s per cwt (IOJd per lb). White: 100s per cwt (IOJd per lb). April 9th—Coloured: 98a to 100 a per cwt (IOJd per lb). Shipments of New Zealand produce airrived this week per the Waimate, Mahia, Tekoa, Dorset, Port Auckland. HEMP. Manila market weak and neglected. "J' grade April-June shipments quoted at £47 10s sellers. New Zealand market quiet with small business reported afloat. Highpoints £3B, fair £36. Only busines reported fair, April-June shipments £35. Common(?) June shipments £34. Further business at these prices difficult. WOOL. • Bradford market buyers holding back until text London sales. Tops nominally unchanged. OATS.

Better feeling in the market Number 2 Canadian Western April shipments Bold 26s IOJd per 3361b. Nominal values are: New Zealand Gartons "A" grade 28s. APPLES.

Market easier. New Zealand alow. New Zealand Oox'a Orange 25s to 28s per case, Dunn's Favourite 18s to 19s per case; Australian, Cox'e Orange 14s to 20s per case, Jonathan 15s 6d to 18s per case, Kibston Pippin 14s to 16s per case, Cleopatra 17e to 18s per casei Dunn's Favourite 17s to 18a per case, Worcester Pearmain 15s to 17s per case, cooking 12s to 16s per case. TALLOW.

Spot market very quiet. Only moderate demand at auction. Mutton, fine 45s 6d to 46s per cwt, fair, good 43s to 45s per owt, dark, dull 41a to 42s per cwt; beef, sweet and (or) mixed 44s 6d to 44a 9d per cwt, fair, good 42s to 44s per owt, dark, dull 89s to 39s 3d per owt; mixed fair, good 42s to 44s per cwt, dark, dull 89s to 41a per cwt; gut, etc. 37s to 41b per owt. EGGS. Continental supply shorter. Market firmer. English, Irish,' Danish, Dutch, Belgian 23s to 14s 3d per'long 100; Italian, 12s 3d to 13s per long 100; Russian and Styrian Ua to lis 6d' per long 100.

ASHBURTON MARKET. There was a large attendance at the Tinwald yards - yesterday, when there was an entry of 621 fat ewes, 61 fat wethers, 1004. fat lambs, and 2762 stores and 58 head of cattle. The sale of sheep was the most successful for many weeks past. fats opened at an advance of from 6d to 9d per head, and as the sale proceeded there was a further advance of fully Is per head. Lambs also sold at an advance on last week's values, the average price per lb being from 12d to 12id. Prime ewes realised from 30s to 34s 9d, Becond quality 20s to 28s 3d; wethers 34s 7d to 40s; prime lambs 37s 6d to 42s 7d, and second quality 33s 3d to 36s Bd. The principal sales were:— Ewes: 10 at 32s 4d, 10 at 28s 9d, 15 at 28s Id, 5 at 29s 10d, 2 at 30s, 16 at 21s fld, 2 at 35s 3d, 19 at 23b Id, 9 at 24s Id, 10 at 235, 6 at 25s 2d, 6 at 265, 10 at 22s 3d, 20 at 23s 9d, 18 at 22s Bd, 15 at 21s lOd, 15 at 21s 4d, 17 at 25s 6d, 17 at 25s Id, 19 at 255, 24 at 255, 13 at 24s Sd, 15 at 24s 9d, 14 at 25s 4d, 7 at 27s 6d, 37 at 235, 13 at 22s lid, 7 at 36s sd, 13 at 33s 6d, 20 at 20s 3d, 8 at 24s Id, 8 at 27s 6d, 20 at 255, 9 at 26s Id, 14 at 24s 4d, 20 at 20s Bd, 12 at 18s 6d, 35 at 29s 4d, 7 at 26s Id, 7 at 265, 6 at 34s 9d, 8 at 26s lOd.

Wethers: A number of wethers sold singly brought from 33s to 40s Id, a pen of 33 realised 34s 7d, a pen of 8 34s lOd. Lambs: 11 at 33s Id, 6 at 295, 5 at 14s 9d 10 at 395, 12 at 36s Bd, 92 at 31s, 38 at 34s 6d, 122 at 27s lOd, 97 at 34s 9d, 50 at 40s lOd, 54 at 345, 55 at 42s 7d, 50 at 35s 10d, 41 at 33s lOd, 23 at 34s lOd, 31 at 24s Id, 34 at 35s Bd, 64 at 37s 6d, 52 at 35s Bd, 19 at 36s 3d, 35 at 37s lOd.

Stores: Oat of the total of 2762 yarded only 502 were passed at auction. The sales were: 266 six and eight-tooth halfbred ewes at 34s 6d, 93 sound and failing mouth crossbred ewes at 24s 10d,' 78 cull halfbred ewes 7s 9d, 27 mixed sex halfbred lambs at 25b, 51 three'-quarter wethers at 325, 61 mixed sex halfbred lambs at 17s Id, 65 failing mouth crossbred ewes at 15s; 60 failing mouth halfbred ewes at 9s 6d, 19 wether lambs at 18s 7d, 120 sound and failing mouth merino wethers at 12s 9d, 55 soundmouth halfbred ewes* at 27s Bd, 70 sound and failing mouth halfbred ewes at 16s, 129 halfbred and crossbred mixed sex lambs at 225, 53 sound mouth halfbred ewes at 265, 145 mixed sex crossbred lambs at 255, 28 two, four and six-tooth three-quarter wetherß at 31s 9d, 136 sound and failing mouth three-quarterbred ewes at 25s 3d, 125 failing mouth halfbred ewes at 17s, 50 halfbred wether lambs at 21s 6d, 200 four and Bix-tooth three-quarter wethers 33s Id, 127 ditto Bt 32s lOd.

Cattle. —The principal sales of cattle were: Fats: 1 cow at £5 10s, 1 cow at £4 10s, 2 small heifers at £2, 1 heifer at £lO, 1 at £8 ss, 1 at £6, 1 at £4 2s 6d, 1 steer at £9 15s, 1 at £5. Stores: 1 cow and calf at £1 14s, 2 empty cows at £3 10s, 2 heifers at £2 Is, 3 at £1 13s 6d, 2 cows at £1 6s, 1 runner at £3, 1 springing heifer at £3 17s 6d, 1 cow in profit at £4 6s.

EGG AUCTION. Messrs Harris Brae., Ltd., report that the usual weekly auction Bale of "Feather Brand" guaranteed fresh eggs, on behalf of the Canterbury Egg Farmers' Co-opera-tive Association, was held in their rooms, 158 Hereford street, yesterday afternoon. The following' prices were realised:—Hen eggs, Ist grade (2oz or over), 3s; hen eggs, 2nd grade (under 2«0, 2s lOd, .—-6

NATIONAL MORTGAGE AND AGENCY CO. ANNUAL MEETING. DOMINION'S PROSPERITY.

,'raou ora ows corbzspohdkkt.) LONDON, March 19. Directors present at the annual meeting of the National Mortgage and Agency Company of New Zealand, yesterday, were Mr Robert Logan (chairman), Viscount Hampden, Sir Thomas Mackenzie, and Mr L. H. Smith. The chairman's speech was mainly taken up with a review ol the conditions in New Zealand. First, however, he referred with deep regret to the death of Mr W. B. Davidson. Dealing with, the accounts, he said that t'he reserve fund cow stood at £290,000, after transferring £3750 to that account last year. The greater portion of this fund was invested in securities outside the company's business. With r6gard to liabilities, their Debenture issue showed a decrease of £2645. Treasury bills showed an increase of £30,000 due to the company having larger cash balances than usual in London, owing in a great measure to the high rate of exchange between London and the Dominion. Turning to the profit and loss account, the gross profit showed a small increase. It was satisfactory to find that, notwithstanding the increase in New Zealand taxes and other charges, the net balance at credit of the profit and loss account was well maintained, and that they had been able to increase the carry-forward by £2486. In reviewing the conditions affecting the principal exportable products of the Dominion, the chairman referred to the post-War depressions of 1921, and showed how the company's confidence had been justified. Regarding cattle, thenar had shown few benefits, but it had, at any rate, familiarised Continental nations with the excellent quality and comparative cheapness of imported frozen meat, as compared with that locally produced, with the consequence that some 460,000 "tons of the commodity found its way during 1924, and there was promise that a continuance of this trade would follow.

The chairman referred to the settlement of returned soldiers on the land, and added that there was every prospect of a reasonable stabilisation of the ■value of landed property in the Dominion. Prices realised for produce were now—taking lamb, for instance — just" double that which was paid by the Home Government during the war for New Zealand primest lamb. The price of mutton had improved considerably, and wool had advanced 100 per cent, within the last two years, while dairy prodnce realised prices quite on a level with those that had obtained for many years. All these factors went to show that at reasonable values land, in the hands of ooYapetent men, could be made to yield aatisfactory profits.

The Financial Position. The financial position of New Zealand, said Mr Logan, was probably the best of any of the overseas possessions, and it was developing at a great rate and in various ways. Large areas of swamps were being drained and would become fertile. Irrigation works had been established in many of the drier parts of tie country: 220 miles of water races had been formed for irrigation ' purposes; waste lands were being reclaimed, while the waters of the country were being harnessed for electrical and farther irrigation purposes. The chairman went on to speak of the financial condition of the country. No other overseas Dominions, he said, borrowed at less than S per cent., and in some instances it was over 6} per cent. New Zealand had made such a rapid recovery after the poet-war depression that she was able to record a 83 1-3 per cent, reduction in the rate of income-tax and substantial reductions in her land tax —the two forms of taxation which particularly affected the interests of the company. Further reductions, it was believeu, were in contemplation. The statistical position of wool remained sound. With regard to frozen meat, the year under review had been noticeable for the increased demand for both mutton and lamb. Dairying in New Zealand continued to expand. He would ask shareholders to pass a hearty vote of thanks to the general manager, Mr Bitchie, the branch managers, officials, and staff in New Zealand; also to Mr A. St G. Ryder, the manager, and the staff in London for the capable and successful manner in which they had fulfilled their duties, and helped to contribute to the company's prosperity; In conclusion, he moved the adoption of (he report and accounts, and the declaration of a final dividend and bonus, both free of income-tax, making, with the interim dividend, 111 per cent, for the year, carrying forward £14,348. Highly Esteemed Company.

Sir Thomas Mackenzie eaid that the chairman hdd given them a comprehensive review oi the position of the affairs of the company and of the Dominion of New Zealand. He himself knew the properties and the type of men on them. The position of the Dominion just now was exceedingly* satisfactory. It had gone through a period of very great depression, and he could not Bay that the company had escaped; hut, thanks to the great forethought of the directors, ample provision had been made for all that had to be faced. They had an exceedingly good business in the country, and the company was highly respected and trusted. Mr H. C. Cameron, a shareholder," who has been in the Dominion recently, also bore testimony to the high opinion in which the company is held in New Zealand. As for the Longburn Freezing Works, there was no more, up-to-date, well-organised and wellsustained works in the country. The staffs in the various branches were thoroughly keen and took a very real interest jn weir work.

The appointment of Mr Lancelot Hugh Smith as a director was confirmed, and Mr itobert Logan and Sir James Mills were reelected.

FOREIGN EXCHANGE BATES.

(81 CAM*—PBSSS A.SSOCIATIOH—COPZBIGHT.) (ATJSTBAIJAH AND B.Z. CABLB ASSOCIATION.) LONDON, April 27. The exchange rates are:—-. Par. April 23. April 27. Paris, fr. to £1 .. 22.225 92.15 - 92.85 Brussels, fr to £1 22.225 94.85 94.35 Oslo, kr to £1 .. 18.159 29.45 29.65 Copenhagen, kr. to £1 18.159 29.45 29.65 Stockholm, kr to £3. 18.169 17.80 17.90 Berlin Beiohmarken

to £1 ... . Montreal, doL to £1 i£6 4.801 4.82 New York, doL to£l 4.86 4.801 4.82 Borne, lire to £1 .. 22.22J 117 118 Yokohama, et. to-'yen 21.6 Sid 20jd Calcutta, at to rpe 10 to gold £ 17Jd 17Jd Hong Kong, et. to doL • 27Jd 27id Amsterdam, fl. .. 12.106 11.991 12.032 Batavia, &. .. 12.106 12.01 12.041 * Determined by the price of silver.

METALS. (Beceived April 28th, 10.50 p-mj LONDON, April 27. Copper—Spot £6l 8a 9d, forward £62 6e 3d. Lead—Spot £33 8s 9d, forward £32 17s 6d. Spelter—Spot £34 13s 9d, forward £33 13s 9d. Tin—Spot £244 2s 6d, forward £246 6s. Silver—Standard 31id, fine S3gd per oz.

SYDNEY WOOL SALES.

(Eeeeived April 28th,10.5 p.m.) SYDNEY, April 28.

At the wool sales the market for all sorts except the finer descriptions of merino showed a further decline, at times reaching five per cent, lower. Best comeback crossbreds ruled firm at the Lower levels, established this week. Faulty sorts were neglected. Greasy merino sold at up to 33id per !">•

FROZEN MEAT. The New Zealand Loan and Mercantile Agency Co., Ltd., has received the following cabled advice from London:—New Zealand frozen meat: Lamb, 12d perjb (average); good demand. Mutton, wether and maiden ewe, light Bgd per lb, heavy 6Jd per lb; ewe, iight 6Jd per lb, heavy 6d per lb. Market slow.

DAIRY PRODUCE. Messrs A. H. Turnbull and Co. have received the following cabled advice from London :—Danish butter, 186 a (last week, l§sa to 188s); New Zealand unsalted, 172 a (172s to 1765); New Zealand unsalted, exceptionally 1765; New Zealand salted, 164 a to 166 a (164s to 1655); market steady. Cheese, white and coloured, 97s to 98s (Mtys to 102s). The market is steady; lower prices.

CHRISTCHURCH STOCK EXCHANGE.

YESTERDAY'S TRANSACTIONS. Sales reported:—National Bank of Australasia (£5 paid), £7 19s; National Bank of New Zealand, £7 3s 6d; Union Bank, £H 3s; Dalgety and Co. (cum div.), £ls 10s; Huddart-Parker, 435; South British Insurance, 47«; N.Z. Kefrig. (contr.), 10s 3d (two parcels); Christchurch Gas, £7 15s; "Wilson's Cement, 32s 6d; Mt. Lyell Mining, 21s 4d. Sales on 'Change—N.Z. Refrig. (con.), TOs 24; Wilson's Cement, 32s 6d. LATEST QUOTATIONS.

OTHER EXCHANGES. (rans association txlmsahs.) AUCKLAND, April 28. Sales—War Loans, 1938, £97 6a; Inscribed Stock, 1938, £97 ss; Soldiera Inscribed, £IOO 10s; Bank of New Zealand, 54s 3d; Union Bank, £l4 ss; New Zealand Insurance, 31s 9d; South British, 46s 9a: Auckland Gas, 22a 4d (contributing), 4i 9d; Huddart-Parker, 43s 6d; Waihi, 26s €d. WELLINGTON, April ». Sales Bapoited-Inscribed Stook, 1938, £97, £97 6s; Bonds, 1933, £101; Bums, Philp, £1 17b 3d. DUNEDIN, April 28. Sales—Waihi, 26s 6d (five parcels); Mount Lyell, 21a (two parcels). #

GOLD. LONDON, April 27. Gold k qnoted at 85s 9d per oa. The quotation i« the lowest sine* the war. WHEAT.

(Received April 28th, 10.50 pjnj LONDON, April 27. Cargoes are dull at Is per or. decline owing to weakness in America and the Argentine, also to heavy world shipments. Parcels are neglected at Is 5d per qr; decline.

NEW YORK, April 27. Chicago wheat quotations are:—May, 144} cents; July, 136 cents; September, 12BJ cento per bushel.

WAR LOANS AND BANK SHARES.

A KEEN DEMAND. (aricuL to "tub pbbss.") AUCKLAND, April 28. A fair amount of money seems to be available in Auckland for investment, a financial position which also rules in other centres of the Dominion. For some time paßt there has been a good enquiry in Auckland for the better class stocks except in one or two cases where the demand has been modified by local conditions and tendencies. Government securities and bank shares are attracting especially keen demand at present.

Sharebrokers state that money is being diverted to these forms of "gilt-edged" securities which hitherto had been invested in freehold mortgages. Within the last two weeks, the enquiry for the three 4J per cent, issues of' Government War Loan has risen from between 2s 6d a share to 10s a share. The most convincing improvement is Bbown in 1938 issue, which had enquiry before the Easter vacation at £96 12s 6d. Buyers have since improved to £97, while a further de-. cided improvement took place to-day, when a sale was recorded at £97 sa. This issue sold as recently as Monday of last week at £96 15s, so that the advance in a week has been one-half per cent. It is stated by sharebrokers that it is too early yet to know whether the tendency toward investing in gilt-edged stocks and shares will have any very marked effect on the market for mortgage money. There have been some interesting movements in bank shares. The advance that has taken place in National Bank shares iB marked, but in this case buying is based on the expectation that the bank is on the eve of making arl increase in Its capital by an issue of shares. In this connexion it may be pointed out that it was decided at the annua, meeting of shareholders last year- to increase the capital by £6,000,000 by the creation of 200,000 new shares of ■SI 10s each. It is expected that some of these shares are about to be issued. Last month National Bank shares were disposed of in Auckland at £•> 15s 6d, and before Easter offers were at £a 18s 6d, while last week there was a sale at £6 16b. On Monday a sale took place at the high figure of £7 8s 6d,. but there was a distinct drop at the final call when holders reduced their quotations from £7 7s to £7 2s 6d. They asked this price again to-day with buyers at £6 17s. So far as shares in the Bank of New Zealand are concerned, the demand has been keen for some time. The new issue was in demand at 58s. At this figure the return at the \present rate of dividend would be but £5 da Bd, but it is stated that holders anticipate that sooner or later there will be a distribution of profits' by other meanß than by an increase of dividends.

Buyers. Sellers. £ a. d. 6- a. *" a. N.Z. GOVT. DEBENTURES— 41 per cent. Inscribed, 1938 .. .. 97 0 0 — 41 per oent. Inscribed, 1939 .. .. 97 2 6 97 7 6 4) per cent. Bonds, 1938 and 1939 .. 97 0 0 — 5 per cent. Inscribed and Bonds, 1927 .. 98 0 0 — 5} per cent, inscribed 1933 .. .. —. 101 0 0 6 per cent. Inscribed, 1931 .. .. — 102 10 0 OTHER pEBENTURES— Waimairi County, 6| per cent. ., — 103 0 0 Chrietcfrarch Drainage, 5J per cent. .. 97 10 0 — ChriBtchurcb. Tramways, 5J per cent. .. 97 0 0 ,— North Canterbury Hospital 61 per cent. — 97 10 0 Aahburton Elec.- Power 61 per cent. .. — 98 10 0 N.Z. Breweries, Stock ' — 1 2 0 N.Z. Breweries, Bonds 1 1 9 1 2 0 Glaxo, 6J per cent., 1945 83 0 0 90 0 0 Gisborne Sheepfarmers 7J per cent. .. 101 0 0 103 0 0 BANXS—

Adelaide* .. .... 8 5 0 8 10 0 Australasia 18 15 0 13 18 6 Bank of Victoria 6 19 0 — Comm. of Australia .. 1 7 6 1 8 0 Comm. of Australia. (1st call paid) 0 11 0 0 12 0 National of Australasia (£10 paid) ..*16 3 0 — National of Australasia (£5 paid) 7 17 6 8/0 0 National of N.Z. 6 18 6 7 2 6 New South Wales — 41 5 0 Now Zealand 3 14 3 2 14 6 New Zealand (new issue) 2 12 9 2 13 9 Union of Aust. 14 3 0 — Western Australian .. 2 12 0 2 14 9 Western Australian (now) — 2 2 0 INSURANCRNational (cum div.) ,. 3 11 6 8 15 6

Standard 2 1 0 — LOAN AND AGENCY— Dalcoty and Co. (com div.) 15 0 0 «» 0 Goldsbrough, Mort 2 7 6 2 8 0 National Mortgage — 8 18 0 N.Z. Loan and Merc. (oid, stock) ' .. 93 0 0 — SHIPrlNG— Howard, Smith 1 15 9 116 0 Huddazi-Parker 2 2 9 2 4 0 P. and 0. Deferred .. 275 0 0 300 0 0 FROZEN MEAT— Gear ... i.. : 2 8 9 — Canterbury •..,. — 14 0 0 Canterbury (pref.) .. 6 2 0 — N.Z. Befrig. (pd.) .'. 1 0 8 1 0 9 N.Z. Refrig. (contr.) .. 0 10 1 0 10 4 WOOLLENS— Kaiapoi (ord.) 0 12 9 0 18 8 Eaiapoi (pref.) .. — 0 17 0 COAL— Westport ... t~ — 1 13 6 Stockton (pref.) — 0 5 8 GASChristchnrch ..i '.« T1S 0 7 IS 0 BREWERIES— Manning (com div.) .. 1 18 0 1 18 8 Ward 2 16 6 2 18 0 CEMENTS—

Wilson's ... . T1MBERKauri. .. . Australian Glass . 112 4 . 110 0 113 8 1 13 9

B.A.W.B.A. 0 11 3 - L - Beath and Co. 1 18 0 113 6 Beath, Schiess 0 7 0 — British Tobacco a 1 6 — Burns, Philp 116 9 117 8 Mason, Strainers (£1 paid) .. 1 3 0 — Mason, Strutters (14s paid) 0 15 6 — Mason. Strutbers (10s paid) on 4 Oil 9 N.Z. Drug Co. 3 4 6 — N.Z. Farmers' Co-op. (£5 paid) — 3 8 0 N.Z. Farmers' Co-op. (6i per cent. Stock, -■ 1930) 85 0 0 89 0 0 N.Z. Farmers' Co-op. (6| per cent. Stock, 1936) 81 0 6" 86 0 0 N.Z. Guarantee Corpn. 0 9 6 0 10 0 N.Z. Milk Products .. 1 7 9 — N.Z. Sugar of Milk .... — 16 0 Sharland and Co. — 110 Taranaki Oilfields ... —' 19 0 Whitcombe and Tombs — S 11 0 MINING— Mt. Lyell 11 8 114 Grand Junction >.« ' — 0 2 0