COMMERCIAL.

Press, Volume LXI, Issue 18429, 9 July 1925, Page 12

COMMERCIAL.

~ 31- ♦ ■ ' " DISSATISFIED ' SHAREHOLDERS. COMBINED BUYERS, LIMITED. ' A few days ago a meeting of shareholders of Combined Buyers, Ltd., was held in Wellington, and proceedings proved to be of so lively a nature that the shareholders called in a legal representative to protect their interests. Yesterday, as an outcome of the Wellington meeting, an unofficial meeting of shareholders representing South Island interests was held in Christchurch. Mr T. H Caverhill being appointed chairman. There were 18 shareholders present. . . , Mr Caverhill, in explaining the object of the meeting, said he thought the time had come when the southern shareholders should make their voices heard He referred to the proceedings of the recent Wellington meeting of shareholders and the attitude Mr T. Taylor, chairman of directors of the company, had taken up in at first refusing to vacate the chair on the motion of the Bbareholders that he should do so, and also explained how it was ascertained that the intended voting by proxy at that meeting had not been legal. Speakintr of the proposed liquidation of the company, Mr Caverhill said there was an equal division of opinion as to the advisability of this course The whole trouble in the company had arisen through the excessive privileges which were being given to preference shareholders. These shareholders held a 2o ner cent, share of the company's voting. power, and half the directors were elected by them. A great deal of the trouble had been caused by the disagreement between the directors representing the ordinary shareholders' interests and j those representing the preference share- , holders. About 95 per cent, of the or- j dinary shareholders wished to get rid i of the preference shareholders. He had I been informed that the company had j too much capital, and that half would be sufficient for it to operate upon. It the company went into liquidation,'he said, the shareholders who desired such a course would be pleased to receive 15s in the £, while those who wanted it to continue in operation would be glad to buy them out at that figure. Mr H. H. Robinson, the manager of the Christchurch branch of the firm, stated that he-was sure that 50 per cent. Of the shareholders in the South did not know what the company sold. They did not care whether it sank or swam. It had reduced motoring costs for them considerably, and last year had made a.profit of £BOOO. Next year it could make more with the shareholders' help. He appealed to them to support the company's trading interests and give it a chance. ,Mr G. T. Jones contended that MiTaylor had practically voted himself into the 'managing directorship, and ho did not think that it was in the interests of the ordinary shareholders that he should be there. It appeared that there was. collusion between MiTaylor and the preference shareholders, and. the ordinary shareholders wore •Abut a voice crying in the wilderness.'' -Unless the incubus of the preference shareholders was removed, the ordinary shareholders could never be satisfied. • In answer to a question, the chairman said .there were ten preference shareholders, each holding one ; 'share; There were 14.0O.ordinary shareholders in th", South Island and 1600 in the North Island. The' chairman then submitted the three following motions to the meeting, all of which Were carried unanimously: "That this meeting protests against the action of the preference directors, with the assistance of Mr T. Taylor, in proposing to appoint three joint managers—Messrs T. Taylor, L. F. Wallis, and B. H. Watts—at £IOOO a year each, as being extravagant and unnecessary, and that such action is detri--mental to the interest of th« sharc- ' holders."

"That this meeting claims that the South Island shareholders are entitled to direct representation on the Board of Directors, and hopes that one, if not both,, the new directors may be chosen from the Southern shareholders.'? "That this meeting emphatically de-

Clares the necessity, of getting rid of / the incubus of the preference shareholders' privileges at once, and, failing this object, the company go into liquidation. "■ It was decided, on the motion of Mr Y. T. Shand, that if it becomes necessary for the company to go into liquidatipn, the present shareholders should take steps to reorganise it. It was also decided, on the motion of Mr J. E. Cullen, that local meetings be held in the various centres from time to time to discuss matters of interest to shareholders. Messrs Caverhill and Jones were appointed to attend the forthcoming anf nual meeting of shareholders to be held . in Wellington. MORTGAGE INTEREST. RATE ADVANTAGE OF SOUTH JSLAND. (SFZCUUu TO "THE PUIS.") BLENHEIM, July 8.

SpeaMng in the Supreme Court wliils hearing mortgage extension applications, his Honour, Sir John Hosking, made the comment that while the rate of interest in connexion with mortgages in the North Island was generally G£ per cent., it was only 6 per cent, in the South Island. His Honour remarked that he had noted particularly, that the prevailing rate of interest in Hawke's Bay was 6* per cent. Although eight applications for extensions were lodged in Blenheim when the moratorium expired, remarked his •Honour, only three of these applications actually came before the Court. This pointed to the fact; of course, that matters relating to the remaining five mortgages had been arranged. It also showed that the security involved was good, and constituted a very fair indication of the substantial position of the district.

/" FARMERS' CO-OP. With a view to discussing the ques- ' tion of whether any action should be vtaken in the direction of making suggestions which would result in strengthdirectorate of the New Zealand farmers' Co-op. Association, a private meeting of shareholders was held yesterday .in the T.M.C.A. At the coii«lußu>n.;.o|.'tne meeting a representative was informed that a small committee had been set up .to draft.proposals.and submit them at a meeting fo bo-held next week..

N.Z. DAIRY PRODUCE. EXTENSIVE PREFERENCE. Mr A. F. Turnbull, who is in-charge of the Dairy Produce Department in Xew Zealand for the New Zealand Loan and Mercantile Agency Co., returned to Christchurch yesterday after a visit to Denmark, Canada, and the United States. . , In the course of a chat with a representative of "The Press," Mr Turnbull said that New Zealand butter and cheese, he had found, while in England and elsewhere, were very popular and were always given preference. While in England, he had been a frequent visitor to Tooley street, and hau travelled over the provinces and through Scotland, enquiring into market conditions. Later he spent a weelc in Denmark. "Tooley street is waiting for the Board to reach London," he said, when the question of control was mentionc-d. "and no opinion, on the matter is being expressed ,at present." Questioned as to the ok'nding of New Zealand butter with other brands, Mr Turnbull said that a good deal of blending was carried out, but New Zealand need not worry over it at all, because the market was there all right, and there was a strong deniand all the year round. It was noticeable that to a certain extent the butter lost its identity in England, but chei-se was always ticketed as New Zealand-made. "I was struck by the vastness of the wheat-growing areas in Canada," said Mr Turnbull. "It is estimated that, iof a good average crop, the United States -would only have sufficient for their own requirements. Russia is buying wheat from Canada." Victoria, he said, was becoming one of the wheat ports of {Tie world. Hitherto the railway freight had been in favour of whoat going East via Eort William and Lake Superior, but now it was going to Vancouver, where a uniform freight for wheat had practically been promised, Vancouver being close to the producing province of Alberta, and naturally in a position where wheat could be handled in.increased quantities. The harbour was up-to-date, and they, were equipped with silos, elevators and stores on the most modern principles. Mr Turnbull was greatly impressed with the New Zealand Pavilion at the "Wembley Exhibition. It was quite a credit, he said, to the Dominion, although Canada and Australia had much larger stands, but in proportion, the display, made by New Zealand was worthy of the country, and made a good impression on the visitor.

WOOL PROSPECTS. SMALL CONTINENTAL STOCKS. REGULATION OF OFFERINGS SUGGESTED. , •(by cable— pbess. association—COPYElGHT.) (AUSTRALIAN AND N.Z. CABLE ASSOCIATION.) (Received July Bth, 5.5 p.m.) LONDON. July 7, Mr Andrew. Williamson, presiding at tlk- Australian Estates-Mortgage Comr pany meeting said that the statistical wool position, based on the past three years' consumption, showed that the annual consumption exceeded production by at least 1,000,000 bales per annum, only made possible by the heldover wartime wools. These were now sold and there was no likelihood of a material, increase in production. There seemed little doubt that wool stocks on the Continent were small, and Britain's was probably hardly equal to normal pre-war stocks. When confidence was restored, buying, would begin ilor the replenishment of depleted stocks. The whole position must be strengthened. '' He suggested that the best way for woolgrowers to face the position. was to regulate offerings in order to ensure that the market was neither flooded nor starved. Continued withdrawals only tended to postpone the restoration of stability and confidence, and encourage the use of substitutes. The Board had carefully considered Sir John Higgins's new wool marketing scheme, and had definitely decided against it as being most undesirable and fraught with the. greatest' danger to the growers' best interests. He believed this coincided with the weight of opinion in Australia. LONDON WOOL SALES.

(by cable—press -association— copteight.) (australian and k.z. cable association.) LONDON, July 7. The wool sales opened with prices firm to 5 per cent. up. (Received July Bth, 7-.30 p.m.) LONDON, July 8. The attendance is believed to be a record. Competition was excellent, particularly from the Continent. The sale was most satisfactory, with few . withdrawals. Merinos were mostly taken by the Continent. An excellent selection of Sydney greasies met with a keen demand, and sold at par to five per cent, over the last sale's closing prices. Scoureds were rather less appreciated, but' generally firm. Only a small selection of crossbreds was offered. A few parcels of New Zealand halfbreds met with excellent competition, and advanced Id a lb. Scoured slipes have not materially changed.

The National Mortgage and Agency Co. of >;ew Zealand, Ltd., have recevied the following cablegram from their London office: — "The auctions closed with a large attendance of • Home • and Continental buyers. Compared with close of last sales we quote; -r-Greasy merino, best Jd dearer; greasy merino, average, no change; greasy halfbreds, 50/56's, id dearer; greasy crossbreds, 48/50's, Hd cheaper; greasy crossbreds, 46/48's, 3d cheaper; greasy crossbreds, 44/46's, Jd cheaper; greasy crossbreds. 40/44's, id cheaper; greasy crossbreds, :;6/40's, Jd cheaper. Slipe wools are in better demand. Prices generally - showed little change. Good demand from France and Germany. Home buyers operating sparingly. For comparison purposes we give below the prices current for average farmers' lots at close of last sales:—Greasy merino, 23d to 26d; scoured merino, to 48d; greasy halfbreds, 50/56's, 19d to 21d; greasy crossbreds, 48/50's, 16d to 19d; greasy crossbreds, 4G/48's, 15d to i7d; ' greasy crossbreds, 44/46's, to 15jd; greasy crossbreds, 40/44's, 14d to laid; greasy crossbreds, i(6/40's, 13d to 141 d." The New Zealand Loan and Mercantile Agency Co., Ltd., have received the following cablegram from London, under date 7t':i inst.:— "London Wool Sales.—There was a fu'.l attendance at the opening of the sales today, competition by French buyers being good, and prices, as compared with close of preceding series, ruled in sellers' favour for good merino. Inferior merino neglected. Other merino and fine crossbred little change. Medium crossbred and coarse crossbred tendency of market easier. Small demand for Home trade." The New Zealand Farmers' • Co-operative Association have received the following cablegram from London, dated Bth inst.:— "Wool sales opened to-day, and prices, compared with last London series, are: —- Merino, fine crossbreds . firm,' occasional dearer. Medium crossbreds, coarse crossbreds par to 5 per cent. down. Competition fair. France, Germany buying." -

Dalgety and Company, Limited, have received the following- cablegram from their London office, dated July 7th:—. "Wool sales opened active, with good competition. Attendance of buyers is very large. Good selection 'of greasy merino. Few New Zealand halfbred and practically no New Zealand or Australian ■: crossbred offered. As compared with closing rates, ot last sales the better descriptions of „merino are par to 5 per cent, higher, for other descriptions of merino, the market is firm except for inferior and faulty merino, prices for which .aro irregular. Fine quality crossbred wools, unchanged, medium and coarse crossbred wools a change in prices, if any, is in favour of buyers. Slipe wools unchanged. Continental wool buyers are the principal operators. The tone of the market is much better than last sales."

WOOL STABILISATION. AUSTRALIAN PROPOSALS. Mr W. H. Nicholson, secretary of the New Zealand Sheepowners' Federation, returned yesterday from, a visit to Australia, which was taken in connexion with proposed schemes for the stabilisation of the wool industry. With Mr Bernard Tripp, Mr Nicholson represented New Zealand pnstoralists at the wool conference in Melbourne. In the course of a chat with a representative of l Tr.e Press," Mr Nicholson said that he was not in a position to go fully into the question, as he had to report on the result of tne negotiations to the executive of the Federation next week. Speaking from bis own. point of view Mr Nicholson emphasised the'necessity for some alternative proposal if that made by Sir John Higgins should prove unacceptable. There was a necessity for some organisation having for its object stabilisation, especially in view of certain political circumstance which might arise. There were, for instance, 75,000 small sheepowners in the Commonwealth, as against 3000 owners of 5000 sheep and over. In view of the experience of New Zealand in other directions Mr Nicholson considered that it would bo unwise to lose sight of these political possibilities. It would be unwise, also, he thought, to turn down the. whole scheme and thus practically ■ admit that there was no solution to the present state of things.

SHEEP-BREEDERS IN CONFERENCE. CRITICISM OF ENGLISH METHODS. (beytes's telegrams.) LONDON, July 7. Forty-five overseas delegates attended the international conference of sheep-breeders at Chester. The principal feature was an address by Professor Barber, of Leeds University, on the subject of English wools and their uses, in the course of which he criticised the tendency- among British breeders to breed for mutton instead of wooY. Captain Michelian stated that Smithfield butchers commented favr ourably on South African mutton. He added that he intended to encourage fellow-farmers . to. cross Suffolk sheep from, England with indigenous sheep, for which purpose large purchases were ta be made at forthcoming,sales. There is a record gathering of buyers at present in Chester in readiness for the forthcoming Royal Show, at which the finest collection of pedigree sheep in the world will, it is reported, be shown. SYDNEY STUD SALE.

SYDNEY, July 8. _ South. African visitors were extensive purchasers at the stud sheep sales. (Received July Bth, 11.20 p.m.)

At the stud sheep sales, on account of J. Nixon (Canterbury) fifteen Border Leicester rams realised £lO3 13s 9d, an average of £6 18s 2d. Twenty-two Border Leicester ewes realised £137 ss, an average of £6 4s 9d.

AUCKLAND MARKETS.

(special to "the press.") AUCKLAND, July 8. .The drapery galea, which commenced a fortnight ago, have been bringing crowds of people to the City, and trade has been good in anticipation of the American Fleet Week lestivi.tica.__ Many of the drapers are already making window displays of evening gowns and' requisites suitable for the occasion. Woollen costumos are now being eold at remarkably low figures, huge purchases having been made, which have enabled buyers to sell at such attractive prices that big business has been the result. The improved weather, has also resulted in better business in other retail trades.

Potatoes —Local stocks are low, an 3 as the price is now- based on a higher cost in Canterbury there is a decided advance, merchants now asking 8s 9d per cwt ex store. The Wingatui is bringing only a small shipment, eo that there is not much relief. to the local market in sight. Seed potatoes are in v«ry slow demand, and it will take a" few days of fine weather to make farmers jget on with planting of early potatoes in earnest.

Onions—Small stocks - of Australian are selling, at 22s 6d per cwt ex etore, but fresh supplies should bo here next week. Buyers are holding off from southern, as they are usually in poor condition, so that they require repicking. . Oats—ln spite of the poor crop in Canterbury, the market keeps so dull as to suggest that there will be a surplus even now. Motor traffic seems to have almost disposed of the trade in cat 3, as only the smallest quantity is selling at 5s 6d per bushel ex store. Chaff—Southern is unchanged at 10s 6d per cwt ex store, and the local market shows no signs of responding to the firmer tone in the south,, as Tasmanian is being imported to sell at' 9s 6d. Local is not offering very freely at present, but finer weather would enable cutting to proceed. Wheat—There is not much life in the market, any tendency toward firmness being checked by imports from Australia, and these are sellin? at 8s 9d per bushel ex. store. Maize—The bad weather on the coast is interfering with supplies, and the market is higher at 7s per bushel on the wharf in wholesale parcels. Seeds—Business is almost at a standstill except for a little oats, and finer weather is , eagerly awaited by farmers and merchants in order to make the land workable. Wholesale current prices are: Butter, first grade factory, Is 7Jd per lb booked, Is 7d per lb for prompt cash, second grade Is 6£d per lb booked, Is Ed per lb for prompt cash, farmers' senarator la 2d to Is 3d per lb; cheese, 9Jd "to IOJd per lb'; bacon and hams, Is to Is Id per lb: bacon sides, IOJd to lid per lb; lard in .bulk, lid per lb, pats Is ;jer lb; sharps, £lO 10s per ton; bran, £9 10s per ton.

BURNSIDE MARKET. (PRf S3 ASSOCIATION TELEGRAM ) ~ DUNEDIN, July S. Fat cattle sold at.higher rates at Burnside to-day. Sheep prices were not greatly changed. Store cattle sold well, out''pigs were not so high in price. ■ Pat Cattle.—A yarding of 225 head of fair, average quality was offered, compared with 288 last week. There were some good cou-s and some specially well-finished bullocks,. The opening demand was good, and there was au advance of about £1 a head at the close. Extra prime ox beef sold at up to 45s <sd per 1001b, medium quality at 42s to 44s tid, prime heifer at 37s 6d to 40s, and cows and light heifer beef to 30s. Best bullocks made £lB to £2O 10s, lighter £ls 5s to £l7 7s 6d, extra prime heifers £ll 5s to £l3 ss, lighter £6 5s to £8 10s, heavy cows £9 15s. to £l2, lighter £6 5s to £7 10s. Fat Sheep.—An entry of 1742 head was offered, compared with 2529 last week. "A fair number of ewes was included in a representative entry- of all qualities. Some nice penning 6 of heavy prime sheep were also forward. There were few butchers in attendance early, consequently passings were frequent. The demand later lifted r. shade, r.nd with some brickness at the close, Ihe sale ran out at prices which may be quoted at Is lower for prime wethers and Is higher lor ewes. Prime, handy-weight .wethers sold at equal to 7d to 7id per lb, medium quality to 7d, prime . ewes to sd, and light and aged ewes to. Extra prime heavy wethers made from 4Ss to 50s 6d, prime 3b's 6d to 3Ss _6d, extra prime ewes 36s 6d to !;Ss 6d, prime 28s to 345, and lighter from 24s to 275.3d. ; ' Lambs.'— : An entry of 382 head was offered, compared with 300 last week. The quality was mixed, and the demand 4uiet, with sales at rather lower rates than last week. , Prime sorts made from 33s'to 375, medium 28s' to 31s 3d, and unfinished 20s to 255. Prime lamb sold at from 9Jd to 10id per lb. Store Cattle. —There was an entry-of 316 head, comprising cows for the most part, with a few steers and yoking sorts. There was a good demand for.store bullocks, and boners also sold freely. The former appreciated from 10s to 15s a head. Medium three-year-old steers made from £6 lis to £7 5s medium two-year-olds to £4 7s 6d and yearling heifers to 355; other sorts sold well Pigs.—There were 147 fats and 50 slips; forward porkers were in over siipplv, and fell from 5s to 7s 6d a head, but baconers were not, so numerous. Porkers sold at from 9d to 9Jd per lb, and baconers to Sid.

CHRISTCHURCH STOCK EXCHANGE. YESTERDAY'S TRANSACTIONS. Sales Reported—Union Bank, £l4 17 S Sales on 'Change—Canterbury Frozen Meat (pref. ex div.), ~5 Is. LATEST QUOTATIONS. Buyers. Sellers. N.Z. GOVT. DEBENTURES— " **' d " 4$ per cent. Bonds, 193S and 1933 .. 96 17 6 5 per cent. Inscribed, 1927 .. .. 98 5 0 6i per cent. Inscribed, 1933 .. .. 101 0 0 101 15 o OTHER DEBENTURES— Christchureh Tramways, 5h per cent. .. 97 15 0 New Plymouth Borough, ah per cent. .. _ 98 0 0 New Brighton Borough, 51 uer cent. .. _ 100 0 0 South Canterbury Electric, 52 p.c. .. _ ioi o 0 N.Z. Breweriea Bonds Glaxo, 6J per cent. .. 85 0 '0 Booth, Macdonald, 6£ per cent. _ 75 0 0 "Westport-Stockton, 64 , per cent. .. BANKS— Australasia .. .. 14 6 0 14 13 0 Bank of Victoria, .. # — 7 116 Bank of Victoria (pref.) 14 0 0 Comut. of Aust. (ord.) 110 0 111 0 Comm. of Aust. (pref.) 613 6 616 0 Comm. of Sydney .. National of A'asia (£lO paid) .. 16 7 6 16 10 6 National cf A'asia (£3 i>aid) .. 8 2 6 8 4 0 National of N.Z. (cum div.) .. .. 612 6 615 0 National of N.Z. (new) 6 8 6 610 0 New South Wake .. 41 6 0 41 12 6 New Zealand .. ./ 216 6 217 3 Royal (£1 paid) .. 1 16 9 Union of Australia ... 14 15 6 14 17 6 INSURANCE— National .. .... New Zealand ..' .. 114 6 115 6 LOAN AND AGENCY— Goldsbrough, Mbrt (cum rights) .. ..259260 SHIPPING— Huddart-Parker ..; FK'tzF.N MEAT— Canterbury (ex div.) .. N.Z. Refrig. (paid cum div.) .. ..• 017 3 019 4 N.Z. Refrigerating (cont. cum div.) . .. 0 9 0 0 9 2 COAL— Taupiri- (pref.) ... 13 0 Westpc-vt .. .. 110 9 Stockton (pref.) .. 0 2 0 0 4 0 GAS— Christohurch .. ••• 715 0 717 0 BREWERIES— Crown .. '..' 116 3 Manning .. .. 116 0 117 0 Ward ..' " .. 217 9 3 0 0 CEMENTS— . ■ Wi's""i's .. ■.. 113 7 TIMBER— K-iuii .. .. 111 6 112 6 MISCELLANEOUS— Electro. Zinc (pref.)'.. 110 0 111 0 Electro. Zinc (def.) ... 1 8 0 110 0 Hume Pir.fi (Aust.) .. 018 0 019 4 Mason. Struthers (10s paid) .. .. 011 4 012 0 ,N.Z. Farmers' Co-op. (6 per cent, cum pref.) .: •■ .3 26 315 0 N.Z. Farmers' Co-on. (6J per cent. Stock, 1930 •■ .. • N.Z. Milt Products .. 18 6 N.Z. Paper Mills .. 10 6 113 N.Z. Sugar of Milk .. —. 1 5 0 Tarnnaki Oilfields ... —' 116 WhitconAe and Tombs 310 6 312 3 MINING— „ „ , n n Mt. Lyell •• ..106109 St. Bathans (5 paid) .. 0 9 0 prem.

OTHER EXCHANGES.

(press association telegrams.)

AUCKLAND, July 8. Sales—War Loan, 1938. £97: Soldiers' Inscribed, £lOl. Os (two); New Zealand Breweries, 21s lid; Bank of New South Wales, Ml 10s; New Zealand Insurance, 34s 6d; Auckland Gas, 23s 3d, 23s 4d: Arcade Theatre (pref.), '203; Milne land Choyca Debenture Stock, 23s 3d; Four-m-Hand (con.). 4d; Chinemuri Gold and Silver, 3s. v DUNEDIN, July 8.

Sale—Dominion Rubber, 355. Sales reported—Bank of New South Wales, £4l 10s; Bank of New Zealand, 57b (two); Bank cf Australasia,- £U 10s (two); Breweries' Debentures, 23s (two),. 21s lid.

WHEAT. NEW YORK, July 7. . Chicago wheat quotations are:—July, 147 j cents; September, 145 cents; December, 146J cents.- • GOLD. (Received July Bth, 7.40 p.m.) , LONDON, July 8. Gold is quoted at 84s 10Jd per oz. CONTINENTAL EXCHANGE. (Received July Bth, 7.40 p.m.) London, July 8. % Foreign exchanges closed as undar:—Paris 104.50 francs (attributed to Moroccan war news) ; Brussels 105.55 francs, Rome 133 1-8 lira, Batavia 12.06 florins. WEALTH OF 'NATIONS MINE. (SPECIAL TO "THE PRESS.") REEFTON, July 8. The Wealth of Nations Mine, Ltd., during June crushed 720 tons of ore, which, yielded £Bl4 5s 4d by amalgamation. The cyanide works were cleaned up at the end of June, and-returned £6OO 2s 7d, as the result of treatment for May and June. The slimes plant was stoppeduor the latter half of June owing to the shortage of water, due to the severe frost, but is now running again. The intermediate level above No. 13 has been driven almost the length of the block, and a rise to connect from the eighth stope on No. 13 level should connect this week.

OTAGO AND SOUTHLAND FINANCE CORPORATION.

A statutory .meeting of the Otago and Southland finance Corporation, Ltd., was held on Morjday, Mr Adam Paterson presiding over a gcod attendance of members. The chairman reported that the share issue had been very successful, and that the general manager had ri?w taken up his duties and operations would be commenced at once. The election cf directors resulted in the return of Messrs Adam Paterson, H. K. Wilkinson, L. Deans Ritchie, J. M. Fraser, A. H. Mackrcll (lnvercarg.il), and R. A. McDowell (Oamaru). At a subsequent meeting of directors, Mr Adam Paterson was elected chairman.

AUSTRALIAN HONEY MARKET. Having reached agreement in regard to their own supplies, apiarists in New South Wales and Victoria are about to direct their attention to Queensland and South Australia. Promoters of the co-operative movement in the Sydney wholesale market affirm that if these tsvo States fall into line, Leekeepers of the Commonwealth will have the control of the honey market in their own hands.

Honey, it is stated, will be "economically" sold, and the consumer will get it at a reasonable price, : thus assuring constancy o£ cus torn. All profits over cost o£ selling the honey would be returned to the producer.

NOBEL (AUSTRALASIA) LIMITED.

A, large company has been formed ana registered in Australia, under the title of Nobel (Australasia), Ltd., manufacturers of explosives, to acquire the business carried on in Australia and New Zealand by companies constituting Nobel Industries, Ltd., London. At the conclusion of the war, ■with the great decline in the demand for explosives, a company called Explosives, Ltd., was established in London, registration being effected on November 29th, 1918, for the purpose of reorganising the industry. The new Austi-s-'aaian company, the nominal capital of which is A' 1,500,000, will acquire the businesses in explosives carried on in the Commonwealth i.nd New Zealand by Nobela Explosives' Co., Ltd., Kynoch, Ltd., Australian Exulc-sives and Chemical' Co., Ltd., Bickford," Smith-and Co., Ltd., Ely Bros., Ltd., and Curtis and Harvey, Ltd., Thie directors are Sir H. M. (iowan, chairman and managing director of NobeU Industries, Ltd., London, itr B. E. TocX-unter, another ' member of the same beard, Sir H. Braddon, Sir 'H. Beauchnrhp, Messrs W. L. Raws, IT. M. C. Brcdis, and "W. J. Young.

(Continued at foot of next column.)

LOST LUGGAGE SALE.

Nearly 400 lots of Wt «... i. . „ were disposed of L \, ■'W^ - aad « ff ««» at public auction y es \i/- blmes an(l Co ; the New Zealand 5 S* 0" 1 account of There was a ) arge aUenZT "eP?rtm,!,?tand bidding Mas very k eer ? r 'j 16 s - a,e ' were realised, and m - Good . pr,ccs caused when some "" h tll amuselne , nt " as opened. o£ the Parcels • were SALE OP SHEEPSKINS. At the fortnip-htlv <mio , i. i • i Dunedin on Tuesdav \J l *W kIM , . at were keenly competed' W ° und :P| lte ? f lns , fcllmongers. Price 3 can i»« Chl n fly - b> ' 10 . C j at id to Id per lb o ",f fY*" 1 ' / C q "° :€d The. following, is ,^ ( W ? rat . es r. Halfbred full-wool, lad, 1 , *?Tull half-wool, lljd to 13i h a ?l, J I W; U > te ? in,] in VIA- f,„„ ' nal '"red quarter-wool, J« 1H fine ,L Cr t° 33bre A 'full-wool, HJd12*d • crossbred full^l? 0 to f'Ut crossbred hah-woo , i] r i A ~?? t0 t J A quarter-wool. Ud to {&}* lambs, 12d to 12Jd- -*L » e ' t3 ' £ d l ° j ld ' Hid; hoeget, 10d to^sS d t™i" l -i oi< i and damagW, HJd to h *' ih * e % ft™ and damaged. 8d to B £. to 7jd; black, 7d to ,i d ° sbred dead ' b *