FINANCE AND COMMERCE.

Press, Volume LXI, Issue 18549, 26 November 1925, Page 10

FINANCE AND COMMERCE.

FIRST WOOL SALE. NEXT WEDNESDAY. It is anticipated that 18,000 bales, the full allotment allowed by the Wool Committee, will he offered at the wool sale here on December 2nd. Brokers had thought that there would be at least a 10 per cent, rise in wool in England, but yesterday's cables show that the current sales, . though noting a cheerful tone, are recording a rise of only 5 per cent. AUCKLAND CATALOGUE. (special to "the press.") AUCKLAND, November 23. At the -first Auckland wool sale on Friday, a catalogue of 16,606 bales will be offered. Only on one previous occasion has the offering at the first sale been larger, and that was last year, when boom prices were offered. Buyers consider it the best lot of wool yet shown in Auckland, indicating a marked improvement in the flocks. WHEAT PRICES. NEXT WEEK'S CONFERENCE. The executive of the North Canterbury branch of the New Zealand Farmers' Union decided at its meeting yesterday to accept the invitation of the Mid-Canterbury branch to attend a conference at Ashburton on Thursday next between representatives of the Government, the Wheat Board, merchants, millers,, and poultrymen, to discuss, the question ot lixing prices for the 1926-27 wheat crop and to receive the report of the delegation. . to the 'Minister of Agriculture concerning wheat control. The chairman (Mr D. Hall) and Messrs A. M. Carpenter and J. H. Cullen were appointed to represent the executive at the conference. Mr F. A. Wagner said the Ellesmere branch was of the opinion that 7s was necessary to induce farmers to grow wheat. Mr A. Mk Carpenter (Hangiora) said it had been decided by his branch to grow wheat along the lines agreed on at the recent, Ashburton conference. Had rain not affected the position, there was no doubt that a full quota jf wheat would have been put down this year in that district. The branch was whoHy in favour of a conference being held to consider the question of the fixation .of price. ,It was reported that the Halkett branch was of the same opinion as the Bangiora branch. A letter was received from the CustWest Eyreton branch stating that the following resolutions had been carried at'a meeting held on Tuesday: (1) That this branch desires to affirm the principle of controlled and guaranteed prices for all classes of 7 wheat. (2) we further think that arrangements for prices for the 1926-27 crop should now be completed so as to allow us to make our preparations for th« next sowing. (3) That in the opinion of this branch there shouldi . "be monthly incremeritk; "of 3d, cpmmencing from/ March 31st. " : ' " • It was' decided io have a preliminary conference of Farmers' Unions' representatives at Ashburton priof to the bii" conference., - , The chairman suggested that an endeavour should made to set representatives: of' branches to supply particulars as. to the area under oats. This was done last year, and if it could b& repeateS" S'the information received ! would prove of great assistance. It was decided to take the necessary steps to obtain the information, LONDON DAIRY SHOW. OVERSEAS AWARDS. (moh ecx otor cobbesporsxht.) LONDON, October 23. At the Annual Dairy Show at Isling- . . ton there is " only one New 1 Zealand ;* entry, that of the Overland Dairy Company (Greymouth) in the section for salted butter. The winner in this section is the firm of Messrs P. Burns and" Company, • Edmonton,' Alberta, with 97 points; second and third : prizes have also been awarded to Canadian firms. The New Zealand entry* is unplaced with only 81 points. There are 17 entries in the Colonial Cheese Section, the'" first prize being won by G. W. Taylor, of Ontario. Second and third prizes also go to Ontario.- Saskatchewan Co-operative Creamery Company, Regina, won the first prize for Unsalted Colonial butter, and the second and third prizes go to Australia. In the section for Collection of Colonr lal Dairy Produce, there were only two • entries, the first prize going to the Commonwealth of : Australia.. 'The Government" of Ontario was the .other competitor; - -

UNSTABLE CURRENCY. BRITISH TRADERS' DISADVANTAGE. <BT CABLI—FRXBS ASSOCIATION—COPJTBIGHT.) '( AUSTRALIAN AND X.E. CABLI ASSOCIATION.) LONDON, November ,24. ■ . Invft-'fetter > thankihg Mr Winston £hurphill (Chancellor of the Exchequer) .for,-removal of the embargo on foreign loans, the Federation of British Industries draws attention to & serious feature of the world's trade, namely, - the instability of cufrency in several of the most important trading <Mmtries, which gives them an unfair advantage in competing with British manufacturers. Therefore the Federation! suggests that no country with an unstable currency, should be permitted to borrow in tEe British market, except for the - express purpose of stabilising the currency. - / - r . -t BRITISH' INSURANCE LOSSES. .. The damage caused by fires in Great S-itafn atfd'lreland'in the first eight months the present yearland..,of last year, excludijngcases in' which the amount was below £IOOO. was as under ' 1925, 1924. £ ■ £. . January ' 1 880,700 574,400 . -February .214,400 ,501,000 ' Starch .i '794,400 400,400 April ." 251,300 1,029,400 ilay .. 190,200 564,600 June ■ .. 246,200 812,500 July . 991,000 269,000 > Aligust .. 383,300 202,100 Totsla ac

U.S. CAPITAL. OUTLET IN AUSTRALIA. BANKING INVESTMENTS. (BT CABLE—PRESS ASSOCIATION—COPTIIOKT.) (AUSTRALIAN AND N.Z. CABLE ASSOCIATION.) NEW YORK, November 24. The National City Bank of New York has decided to have a permanent representative in Australia, with a view to furthering the financial connexions J)etween the two countries. Mr J. F. Laudei'.lale, who lately has been representing the National Bank in London, and formerly had experience in iScandina.vian and other European countries, has been appointed to the new position in Australia. It is believed the National is not only interested in the flotation of loans for governmental organisations in Australia, out will, it is believed, be ready to advance funds to municipalities and public utilities for far-reaching improvements. The National 'City Bank does large, business m direct placement of bonds among small investors in the United States, and it in lielieved it would underwrite enterprises at rates competitive with London. " ) Large American financial houses are desirous of finding a further outlet for American capital in worth-while foreign investment, especially since the American Government specifically approves of such. The National Bank's entrance into the Australian field is considered a •strong mark of confidence of American business circles in continued Australian development along sound lines. AUCKLAND MARKET. (BPECIAI. TO "THE PRESS.") AUCKLAND, November 25. Potatoes—Old are still on the market at lis lid, but new are subject tw sharp fluctuations. Alter falling gradually to 15s per cwt at tukekohe, Wellington buyers came into the market and f-re'ed the price up to 20s. Disastrous resultd have i'ol'.owed the shipping of potatoes to Sydney on consignment, as there has been a deplorable slide in prices and there are fears of a complete debacle. One correspondent by mail suggests that it would take time to restore ■confidence, but by that time the new crop will be ready and any confidence will be misplaced. Auction sales have been ineffective in getting rid of large stocks, for lines realised only 3s per sack, equal to about 33s per ton, and there were several hundred sacks unsold. lh<s market waiting for another 100 tons, which were on the way from New ?.ealstnd, consequently the bulk of the offerings were passed in and best realised only 12s per cwt. The position seems to, be very similar to the experience in Auckland about 16 or 17 years ago; when at about this time of the year buyers were falling over each other to buy potatoes at any price up to about £l6 per ton, and a week afterwards they were dumping them into Hauraki Gulf absolutely unsaleable in a sharp filump. In the meantime Tasmanian holders have got rid of all their old stocks, the high prices previously ruling in Sydney having enabled theim to sell even wh»t they were saving up for seed. Onions—Stocks • seelh ample to meet all requirements until the Aorangi arrives with another shipment, and the price has declined to 25s per cwt. Oat's—There is no change in position. Sales are being made here at 5s 9d 6s. Chaff—Southern is quoted at 10s 6d to lis per cwt, ex store, but Australian iB not of mnch interest now, as. fhe price on the other or.de is so hig;i that it does no<t pay to import. The coming local crop should get great benefit from Monday's rain, of which it was badly in need on account of the, late start. Fowl ;lj^iea.t—A beautiful eamnTe of Adelaide wjteat has arrived by the" Kaiapoi, and this; ■is selling well at 8s 6d in a bare market, the price being lower-on account of the . Customs duty being remitted. M:>ize-—The market is uncertain, as most of the .bis; buyers have all that they require arriving at the end : of next week, when South African maize arrives which has been/held up at Fremantle by the strike. Buvers are therefore holding off, and the price for local seems weak at 6a 9d on wharf in wholesale lines. BURNSIDE MARKET. (raass association tulbobax.) DUNEDIN, November 25. There was no sale at Burnside last week, and consequently to-day's sale aroused more than usual interest. Prices for most classes oi stock, showed an easing tendency, .sheep "dropping from 2s to 3s, while lambs, fat cattle,' and pigs also brought reduced rates. Sheep.—There was an entry of 3600 head. All but about two hundred were out of the wool. The entry included a fair number of dry ewes, the balance being made, of fnir to prime wethers. There wag an easy opening at some shillings undeV last sale's rates, and with passings here and there the sale pursued its irregular way, prices being about 2s per head down on prime sorts, and rather more than that on medium quality sheep. , Kwes sold comparatively well. Extra prime shorn wethers made up to 48s 6d, prime heavy 41s to 445, light prime 33s 6d to 365, extra prime shorn ewes 35s to 37s 3d, prime 28s 6d to 32s 6d, lighter from 225, extra prime woolly wethers 59s to 61s 9d, medium 45s to 50s. Prices per lb were— Prime wethers 6d to 63d, medium to s£d, prime ewes 4id to sd, aged ewes 4d.

Lambs. —There was an entry of about 130 head. The quality was good. Prime brought from 9d to 9}d, and second quality to BJd per lb. , • Fat Cattle. —tfbere was a yarding of 450 head. Included in the entry were a good many plain steers, together with many fair to prime cows. The yarding generally was not up to the quality of recent offerings. Prices per 1001b were —Extra prime .ox beef 53s to 545, medium 52s 6d, prime heifers 40s to 45b, cows 30s to 355. . Store Cattle. —There was an overflow yarding, combining all sorts of mixed cattle. There were some fifty well-bred station steers somewhat backward in condition. These met with fair competition, but prices were not so high as those realised earlier in the month. The station steers sold as follows: £8 9s to £lO 17s 6d, and two-year-old £6 17s 6d to .£7 ss. Two-year-old heifers made up to £5 17s, and other sorts were unchanged. Pigs.—There were 278 fats and as many stores. Prices dropped lieavily, the fall being more than 10s per head, taken all round.

LAND SALES. Messrs Tonks, Norton and Co., Ltd., acting under instructions from the District Public Trustee as administrator in the estate of William Lee, deceased, sold by public auction yesterday, a property situated on the. comer of the Main North road and Wilson's road, Belfast, containing i-acre and house of five rooms, to Mr W. T. Ligktfoot, for the sum of £4lsj REDUCED DAIRY PRODUCTION. Mr W. 'Grounds, chairman Dairy Produce Export Control. Board, is anxious as to the production of butter and cheese for • the current season. The Dairying Division of the Department of Agriculture reported that for the three .months ended October 31st there was shown on the quantities of produce forwarded for grading a decrease in butter-fat equivalent of 13i7 per cent. Mr Grounds puts the decline in production at 15 to 20 per cent, on last yearns figures for this period of the season. It was attributable to unkindly weather conditions. The matter assumes a serious aspect when it is considered that the value of export of butter and cheese is roundly £20,000,000, which is likely to be reduced by 15 to 20 per cent. Mr Grounds will not predict that the shortage would be so great as it now appears because production may be made up by favourable weather in the autumn. Kain was urgently needed now, whereas in the early part of the season there had been too much of it. TARANAKI OILFIELDS, LTD. The Christchurch Stock Exchange has received the following cable advice from Taranaki . Oilfields, : Melbourne:— "Owing to continued Regularity in mails, we will include in new issue all acceptances bearing New Zealand post mark up to December 3rd.

CHRISTCHURCH STOCK EXCHANGE. YESTERDAY'S TRANSACTIONS. Sales Reported—N.Z. Govt. Stock, 1938, £96 2s 6d; National Bank of New Zealand, 16s; Staples Brewery, 42s 3d; Bank cw New Zealand, 57s 3d; Go!dsbrough, Mort, 48s 6d; National Mortgage, 78s; N.Z. Refrigerating (l(te paid), 8s Id; Henry Jones Co-op.' (cum div.), 43s 9d; N.Z. Sugar of Milk, 25s 3d, 255" 6d. Sales on 'Change—Electro. Z:nc (pref.), 33s 6d; Goldsbrough, Mort (new), 47s Bd; N.Z. Refrigerating (10a paid), 8s Id; N.Z. Breweries, 60s; Staples Brewery. 435, 42s 6d; Colonial Sugar, £62. LATEST QUOTATIONS.

OTHER EXCHANGES. (PRESS ASSOCIATION TELEGRAMS.) AUCKLANt), November 25. Sales—Bank of N.Z., 57s 3d: Northern Steamship; 15s Bd, 15s 9d; Milne and Choyce Debenture Stock, 23s 9d; Taranaki Oil (ex rights), 20s 3d; Taranaki Oil (rights), 2s; Kawarau 7s (three sales), 6s lid, 6s 9d; Waihi, 23s 3d,. 23s (two 3ales). LONDON WOOL SALES. (BI CABLE—PRESS ASSOCIATION —COPYRIGHT.) (AUSTRALIAN AND N.Z. CABLE ASSOCIATION.) LONDON, -November 2-1. The wool sales opened with a representative selection and a crowded attendance. In all sections there was the keenest general competition, except from France.' The tone was most cheerful. Good average merino combings were unchanged from October closing rates. Finest grades were 5 per cent, dearer. Fine medium crcsebreds were firm and coarse 5 per cent, dearer. Slipes were very firm and strongly competed for. occasionally in sellers' favour. The New Zealand "Leaburn" clip realised, for merinos 241 d per lb, and halfbred 20J,d per lb. TJalgety and Company, Limited liave received the following cablegram from their London, office, dated November 2dtk: "Wool sales opened. Attendance of buyers is large and good general competition. Fairly good selection, of wool and practioally all sold. As compared with last wool sales, closing rates greasy merino and greasy halfbred wools are unchanged, scoured merino Id to 2d higher, greasy fine crossbed id to Id higher, greasy medium crossbred Id) higher, greasy coarse crossbred Id to ljd higher, fine crossbred slipe unchanged, other qualifies and descriptions of wool Id to ljd higher, scoured crossbred par to Id higher." The National Mortgage and Agency Co. of N.Z., Ltd., have received the following cablegram from their London office regarding the wool sale — "The auctions opened with a large attendance of buyers, and keen competition. Compared with the closing rates of last sales we qnote: —Greasy merino, best id; greasy merino, average id; halfbreds, 50-55's Jd; crossbreds, 48-50's. Id; crossbreds 46-48's ljd; crossbreds, 44-46's Hd; crossbreds, 40-44's Hd; crossbreds, 36-40's ljd dearer. Continental buyers operating freely. Bradford very quiet. Slipe halfbred lambs unchanged. Medium and coarse slipes Id dearer," QUEENSLAND WHEAT CROP. BRISBANE, November 25. The Queensland Wheat Board estimates the wheat crop at 2,000,000 bushels, compared with 2,779,829 in the previous year. The decrease ia due to adverse weather conditions. WHEAT. NEW YORK, November 24. Chicago wheat quotations are:—December, nerw, 159 ceuts; old, 158 cents; May, sew 155k cents ; old 154 cents a bushel.

ADDINGTON MARKET, ♦ HEAVY ALL-ROUND DROP IN PRICES. (by our comVxrcial editor.) Yesterday's metropolitan market recorded a most emphatic drop in all the principal sections of stock. The primary cause was a heavy over-supply, due no doubt to the slow progress growth is making as a result of- the backward season. Another cause was the easing of the tone in regard to opening values for export lamb, the North Island quotations receding from lOd to 9d a lb, and a third is that at the hi;h prices that have prevailed householders are economising in their weekly meat bill. Butchers claim that this tendency is very pronounced, and the decreased killings at the abattoir would seem to support their argument. However, yesterday's prices should assist to restore the public appetite. Two successive sales have recorded substantial declines on the values ruling prior to Carnival Week. The fat lamb entry was much in advance of butchers' needs, and prices dropped to a lower value tlmn ruled throughout last season. Fat sheep were down by Us to 4s a head. Fat cattle by 45s to 50s per head. In both these sections the entry was far ahead of the city's, requirements, and it is by no means certain the drop will be maintained. particularly if the supply is better regulated. At the moment it is apparently a matter of summer feed. A good rain would restore confidence in this respect. As a result of the dry weather and the better fattening quality of feed, the fat sheep generally came forward in well-furnished condition, though there was a fairly heavy showing of rough ewes. Most of the subsidiary sections of stock met with an easier sale. The day was fine, and there was a large attendance. The sale of fat sheep did not conclude until (i.45 p.m.. the time occupied with disposing of the small lots of lambs causing a belated commencement of the marketing of the sheep. STORE SHEEP. Three races of store sheep were forward, and the bulk of them were wethers, only a few pens of ewes and lambs being entered. Several large lines of rather backward twotooths just out of the wool were yarded. Tile attendance Ht the sale was noticeably smaller than usual, and the bidding from the commencement lacked animation, and the wethers were only sold when the vendors were prepared to accept prices practically 2s a head below the rates ruling last week for similar sheep. In odd cases the variation was even more than this. Good class forward lines of sheep were not so slow as the backward two-tooths. Not more than half the total yarding changed hands at auction, but many passed-in lots were quitted during the afternoon. The ewes and lambs sold were of indifl'erent quality. Values were:— Forward four and six-toothed halfbred wethers i'Os lid. Forward four and six-toothed crossbred wethers 30s lOd. Four and six-toothed li alf bred wethers 27s to 29s (id. ' Good two-toothed halfbred wethers 24s to 24s ]ld. Small two-toothed halfbred wethers 21s 7d to 2;!s 9d. The following were the principal tales: • Ewes—s9 small woolly halfbred at 35s 9d, 73 a.gcd liallbred woolly at 16s 7d. Wethers--52 four and six-tooth halfbred at 28s 6(1, 127 four, six, and eight-tooth crossbred at. 30a (>d, 300 two-tooth crossbred at •Ms 4u, 303 two-tooth halfbred at 23s 3d, 62 s. and f.in. halfbred at 303, 312 two-tooth halfbred at 21s 7d, 4G four and six-txith halfbred at 24s lid, 6r2 four, six, and eighttooth halfbred at 30s lOd, 67 two-tooth halfbred at 24s 2d, £'lo two-tooth haHbrad at 2Ss, 70 four and six-tooth halfbred at 29s lid, Co four and six-tooth halfbred at 30s 3d. Hoggets—so small woolly halfbred ewe at 35s od. FAT LAMBS. The entry was much heavier than was required, a downward trend in prices, equal on an average' to 2s to 3s per head on last week. The quality generally was of a good class, a few show lambs being penned. A proportion was passed at auction, changing hands afterv/ards. Per lb the market was the" cheapest for a couple of years, some of the heavier lambs not averaging over 9jd to DJd per lb, whilst lighter weights ranged about 9Jd to lOd. This is leas than what it was expected opening freezing prices will be, but with the backward season it is doubtful if the works wili open prior to the holidays, and no doubt this expectation is tending to over-supply the market.

Values were:— KxUa. prime lambs, to 38s Id. Prime Jamba, 33s 6d to 36a. Ordinaiy lambs, 29s to 32a. Light lambs, 23s to 'ifis. The following: were the principal fales: On account of Howson Bros. (Sedgemere), 25 at 34s lOd to Ms Id; F. Greenwood (Southbridge), *9 at 34s lOd to 36s JOd; Jas. Moorhead (Southbridge), 8 at 35s Id to 35s Kid: Allen Bros. (Dunsandei), 6 at 56e 7d to 34s lOd; A.. Carroll (Southbridge), 20 at 303 lOd to 34 s 4d; St. McCormack (Lakeside), 10 at 26s 3d to 34s 4d; Mrs A. Mobrhead (Southbridge), 18 at 32s Id to 33s lOd; Mrs Kaill (Southbridge), 18 at 32s 7d to 33s 7d; A. C., Greenwood (Southbridge), 16 at 31s lOd to 33s 7d; D. H. Miln (Spotswood), 25 at 27s 9d to 33s Id; J. W. Watson (Chertsey), 43 at 23s Id to 32s lOd; Mental Hospital,'- 10 at 31s lOd to Ms H. A. McKenzie (Waipara), 8 at 29s 4d to 1 32s 7d; t'. Chamberlain (Dunsandei), 22 at 30s Id to 32s 7d; "VV. Warner (Southbridge), 6 at 32s 4d; A. Aikinson (Swannanoa), 5 at 31s 7d to 32s 4d; J. B. Anderson (Lees ton), 21 at 28s Id to 32s 4d; J. Coe (Irwell), 20 at 30s Id to 32s Id; A. Allen (Killinchy), 8 at 31s 7d to 325. Id; Miss Bowie (Woodend), 20 at 30s Id-to 31s lOd; client, 15 at 31s 7d; W. Leslie (Islington), 10 at 30:* to 31s; H. Stephens (Irwell), 20 at 29s 4d to 30s lOd; W. £ Candy and Sons (Doyleston), 14 at 29s 7d to 30a 4d; A. Tong (Southbridge), 25 at 27s 4d to 30s 4d; Ja». Cunneen (Broadfields), 10 at 30s; Menta-l Hospital, 10 at 30s; S. Humphreys (Tai Tapu), 6 at 29s lOd; H. Curragh (Teinpleton), 6 at 28s' 7d to 29s lOd; T. Brown (Sedgentere), 17 at 2Ss lOd to 29s Id; J. Bryce (Hornby), 10 at 29s Id; client, 55) at 22s 7d to 28s lOd; F. Carpenter (Prebbloton), 12 at 28s 6d; J. Caesar (Templeton), 11 at 26s Id to 28s 4d; T. Burns (Harewood), 10 at 2os lOd to 26s* lOd. FAT SHEEP. There a. very heavy entry, comprising eleven races. It included a, good proportion of well-finished sheep. Only an odd pen or two were unshorn. The market opened verv slackly, and the sale was the hardest of the'season. A good few sheep were passed. On ari average, values on last week showed a drop of, from 3s to 4s, which, following a decline of 2s to 3s the preceding week, marks a drop of 6s to 7s since the pre-Carnival sale. Ewes showed the greater decline,, and the lighter stuff made prices that have not been seen in the yards for a long time. In the final couple of races the bulk of the sheep were passed. A special line of 11 shorn show sheep from A. C. Greenwood (Southbridge) made from 43s 6d to 51s 6d. Top price for ordinary shorn wethers was 41s Id for the tops of a line from E. McCarthy (Prebbleton). A small line of wethers were forward from the North Island 16 wethers selling at 31s Id and 64 ewes at 20s lOd to 26s 7d. There was a consignment of South Otago sheep forward. "Values were: —

Show wethers 43s 6d to 51s 6d. Extra prime wethers 36s 9d to 41s 4d. Prime wethers 33s to 36s 6d. Medium wethers 30s to 32s 6d. Light wethers 27s lOd to 29s 9d. Extra prime ewes to 33s lOd. Prime ewes 27s to 31s. Medium ewes 24s 6d to 26s 6d. Light ewes 21s 6d to 245. Inferior ewes 17s to 20s. Prime woolly wethers 37s 6d to 41s 6d. Extra good to 52 s 9d. Prime woolly ewes 36s to 44s 4d. Medium woolly ewes 29s to 355. The following were the principal sales:— Wethers —On account of A. C. Greenwood (Southbridge), 11 at 43s 6d to 51s 6d; E. McCarthy (Prebbleton), 44 at 32s 6d to 41s Id; North Canterbury client, 67 - at 32s to 39s 7d; Jno. Harris (Heriot), 33s at 34s 7d to 39s Id; G. Arres (Waikari), 66 at 33s 7d, to 38s 4d; D. J. Cunningham (Hawarden), 160 at 32s lOd to 37s Id; Estate J. H. Jarman (Darfield), 61 at 34s lOd to 36s lOd; N. R. A. Cox (Chatham Islands), 140 at 32s to 36s 4d; L. H. Ruddock (Southbridge), 60 at 365; J. Brodie (Temuka), 63 at 38s 7d to 35s lOd; N. Brown (Dunsandel), 69 at 30s lOd to 35s 7d; D. Cunningham (Hawarden), 67 at 33s 4d to 35s 4d; H. E. Evans (Kaiapoi), 68 at 30s Id to 35s 4d; a client, 35 at 32s Id to 35s id; Evans Bros. (Fernside), 58 at 33s Id to 34s lOd; D. Cunningham (Hawarden), 20 at 34s 7d; W. Parnham (Kaiapoi), 36 at 32s lOd to 34s 7d; L. Morrison (Darfield), 61 at 32s Id to 34s 4d; O. Blackler (Pleasant Point), 65 at 29s lOd to 34s 4d; H. H. Reid (Darfield), 65 at 30s 7d to 34s Id; Dalzeli's Estate (Sefton), 05 at 32s Id to 33s lOd; \V. M. Gabbie (Southbridge), 42 at 30s 7d to 32s lod; F. Svilsoo (Loburn), 31 at 32s 4d to 328 lOd; W. W. Foster (Seaview), 70 at 30s lOd to 32s 4d; A. J. Wilson (Methven), 75 at 28s 7d to 32s Id; a client, 70 at 30s Id to 325; T. Wells (Hinds), 70 at 29s 4d to 31s 7d; J, Rennie (Motukarara), 58 at 298 4d to 31s 7d; J. R. Dalton (Methven), 30 at 28s 4d to 31s 4d; North Island client, 16 at 31s Id; S. Robinson (Methven), 57 at 28s 4d to 30s lOd; H. A. Hunt (Pitt Island), 33 at 30s 6d; F„ W. Carpenter (Prebbleton), 81 at 28s 4d to 30s 4d; C. H. S. Johnston (St. Andrew's), IS at 30s 4d; Chas. Rudd. (Rakaia), 42 at 27s lOd to 30s 4d; Scargill Hills Estate, 81 at 28s lOd to £os Id; C, G, Abbott .(Cheviot), 33. at 28*

4d to 29s 7d; F. J. Dixon (Loburn), 33 at 28s lOd. „ Wholly wethers —On account of a client, 3 at 52s 9d; Jas. Jones (Heriot). 74 at 41s; a client, 16 at 40s 9d. Ewes —On account of Southern client, 13 at 33s 4d to 33s lOd; estate C. Rudd (Greendale). 17 at 25s Id to 32s Id; C. G. Jarman (Darfield). 60 at 25s Id to 325; E. G. Hayward (Barr Hill), 10 at 30s 4d; E. and J. O'Connell (Lyndhurst), 70 at 24s Id to 30s Id; H. Stephens (Irwell), 24 at 20s 6d to 29s 7d; P. F. Dolan (Rakaia), 30 at 27s 7d to 29s Id; W. M. Gabbie (Southbridge) 15 at 2Ss Id: S. Robinson (Methven)ll at 28s Id; R. N. Elliott (Methven)' £7 at 28s; G. L. C. Richards (Marawhiti), 28 at 19s 4d to 26s lOd; North Island client. 64 at 20s lOd to -6s 7d; A. Tone (Southbridge), 16 at 19s 74 to -as 10d- W. Carruthers (Dorie), 19 at _ss 7d; p AV. Carpenter (Prebbleton), 16 at ~os 3d- J McUuilken (Winchmore), 12 at 19s lOd; R. Adams (Highbank), 18 at 19s. Woollv ewes —On account of clients, -7 at 34s 4d to 44s 4d; 15 at 31s 6d to 3ss 6d 42 at 25s 6d to 355, and 10 at 335; Clements Bros. (Barr Hill), 10 at 31s lOd; K Gemmell (Barr Hill), 30 at 2-s lOd to "^Hoe^ets—On account of a client, 16 wooHv a? 34S to 38s 4d; W. Carruthers (Dorie), 16 at 26s 4d. FAT CATTLE. The entrv was a very large one, comprisine 645 head. Included were several heavj consignments from the North Island. During r»»st week or ten days about SoO head have come across the Strait, but not all of fwi. wort, offered, a considerable proportion being privately bought. Whilst there were some very prime lots amongst the sssr^ t( e^rly a^n S the* sa'le.^and'^wis^passed of they will not buy moderate s '» res }® Sb There is a dearth of decent quality cattle. There were some station lines of local cattle offtied, and thev generally were of a better standard than usual. The cow season is again com mencing, and there were more <£ Jhis^ class forward than for some time. f here es slow, weekt and to'2ss per 1001b. Amongst the good Rattle SfdrafJ of 35 averaged £l9 2s 6d, and another of 25 £lB 2s 6d.

Extra 5 prime heavy-weight steers to £2» 17 pr?me heavy-weight steers, £l9'to £22. Prime medium weight steers, £lB £2 Me torn steers, £ls 15s £s - Ejrtra prime' heifers to £ls° * 6* Prime heifers, £l2 10s to £l4 ss. Medium heifers, £9 to £1- ss. Light heifers, £6 5s « l 2 s°6d irvtra -nrime cows to £l6 oa. Prime Sow., "I 5s to 413 Id.. Ordinary cows, £9 to ill. Anclp.l »1«:&S eWSte*' £9 a ß."Gm,jd 6d •F. Leonardo (Le Bon s), 4 a 0 fl'7 17s 6d, 13 heifers at £l3 15s to £l3 1-. firf! Ino Gardiner (Rakaia), 3 cows at £8 +ft £ls 12s 6d; North Island client, 17s bd to £l6 na oa, j. u Thog 3 steersat £l2 2.0 d; G• H»mphr,e. (Richmnnd Hill). 1 heifer at £l4 1-s J ; Langdale (Sumner), 3 steers at £1 o l*s, Thos. Masefield (Akaroa), 3 steers at £5 6 12s 6d, 5 heifers at £ll 7s 6d to £lo l?s 6d* A Stewart (Templeton), 2 cons at ~IJ 12s 6d to £l4 7s 6d; C. Early (Spnngfleld) 1 cow at £l6 12s 6d; clients, 17 cows at £4 17s 6d to £7 15s; W. Menjies (Menzies Bay) 9 steers at £ls 2s 6d to £l9 1-s 6d, 3 heifers at £9 7s 6d to £l2 2s 6d, 3 cows at £ll 17s 6d to £l3 7s 6d; Bromley client, 4 cows at £7 17s 6d to £ll 2s 6d; Loudon Estato (Teddington), 2 steers at £l ' 7 „\ North Island client, 6 steers at £2O 7s 6d to £2O 17s 6d; A. M. Helps (Akaroa), 4 steers at £lO 7s 6d to £l2 2s 6d, heifer at £ll 7s 6d; H. Edwards (Kaiapoi), 12 steers at £l7 2s 6d to £23 2s 6d; client, 4 steers at £l4 7s 6d to £i6 17s 6d; Waimato client, s'steers at £9 2s 6d to £l3 2s Sd, 4 cows at £6 7s 6d to £ll 12s 6d; Port Levy client, 2 cows at £lO 2s 6d to £ll 12s 6d; Bromley client, 4 cows at £4 17s 6d to £7 2s 6d; Lyttelton client, 7 cows at £4 to £6 12s 6d; client, 19 heifers at £6 5s to £1- is 6d, 5 cows at £6 12s 6d to £lO 12s 6d: North Island client, 35 steers at £lB 2s 6d to £2O 7s 6d (average £l9 2s 6d); clients, 11. cows at £5 12s 6d to £ll 7s 6d, 12 heifers at £9 7s 6d, 9 cows at £7 12s 6d to £l2 2s 6d; N Bj A. Cox (Hals'well), 12 heifers at £7 17s 6d to £l2 2s 6d; J. C. Hay (Pigeon Bay), 6 steers at £l7 17s 6d to £2l 7s 6d, 4 cows at £ll 12s 6d to £ls 17s 6d, 6 heifers at £ll 12s 6d to £l3 12s 6d; clients, 11 cows at £4 ,7s 6d to £9 7s 6d, heifer at £l4 17s 6d, 8 cows at £4 17s 6d to £8 12s 6d; W. H. Gillespie (Oxford), 6 steers at £l4 7s 6d to £22 7s 6d, cow at £8 7s 6d; North Island client, 8 steers at £l6 12s 6d to £l7 17s 6d, 3. heifers at £l4 2s 6d to £l4 12s 6d; clients, 7 steers at £l6 17s 6d to £lB 17s 6d, 3 steers at £lB, 6 heifers at £8 2s 6d to £l2 7s 6d; F. Leonardo (Le Bon's Bay), 5 heifers at£9 7s 6d to £l2 7s 6d, cow at £l2 2s 6d; J. G. Rennie (Motnkarara), 3 cows at £8 12s 6d to £lO 12s 6d; Stewart's Estate (Scargill), 5 steers at £lO 2s 6d to £ll 17s 6d, 3 cows at £9 2s 6d to £lO 12s 6d; client, 8 cows at £6 12s 6d to £8 2s 6d, 2 heifers at £8 7s 6d to £lO 7s 6d; T. W. Maffey (Little River), 2 heifers at £8 17s 6d to.£9 12s 6d; P. Fahey '(Little River), 3 cows at £lO 2s 6d to £ll 12s 6d; E. Hay (Pigeon Bay), 5 cows at £ll 12s 6d to £l4 2s 6d; 6 steers at £lB 12s 6d to £22 2s 6d; A. R. Fleming (Port Levy), 15 steers at '£l6 12s 6d to £2l 17s 6d; J. McLean (Rakaia), 1 cow at £l4 7s 6d; F. and J. North'cote (Higlifleld), 7 steers at £l7 12s 6d to £23 2s 6d; Sir Geo. Clifford (Stonyhnrst), 6 steers at £l6 17s 6d to £2l-17s 6d; G. G. Holmes (Knocklyn), 7 steers at £l9 12s 6d to £22 2s 6d; S. M. Deans (Kilmarnock), 13 steers at £l2 2s 6d to £lB 7s Cd; Jno. Deans (Kirkstyle), 5 steers at £l2, 7s 6d; W. J. Rodger (Eiffelton), 4 steers at £ll 2s 6d, 2 heifers at £7 17s 6d to £9 12s 6d; j.' A. Brown (Whiterock), 4 steers at £7 12s 6d to £ls 17s 6d; client, 10 cows at £5 12s 6d to £lO 17s 6d.

VEALERS. There was a large entry of vealers. Quality was mixed. Prices were easier than last week but the decline was most pronounced in the case of medium and inferior stuff. Good stuff was not much cheaper than last week. Values were:; — Runners, to £8 10s. Good vealers, £6 to £6 17s 6d. Medium vealers, £4 to £5 10s. . Inferior vealers, £1 15s to £3 10s. * Calves, 15s. to 405., STORE CATTLE. There was a fairly large entr-y of store cattle. The attendance of buyers was large. Bidding was moderately brisk, but prices were influenced by. the weakening of the beef market. Values were: : — Three and four-year-old jteers to £lO 7s 6d. Yearling and eighteen-months-old steers, £2 17s 6d to £3 4s 6d. Two-year-old, heifers, £4 10s. Good cows, £3 to £5. Others, £1 10s to £2 10s. Bulls, £3 to £7 ss. DAIRY CATTLE. There was a very, small entry of dairy cattle, only 28 head being yarded. The attendance of the public was fairly large, but there did not appear to be many buyers. Prices showed a tendency to . decline, but still most of the vendors met the market. Values were: Best second, third, and fourth calvers, springing, £5 to £9 15s. Others, £3 to £4 15s. Springing heifers, £4 10s to £B. Old cows in milk, 30s to 50s. FAT PIGS. There was a large entry of fat pigs. Baconers sold firmly at late rates, but porkers were easier. Values were: Choppers, £3 to £7 10s. Light baconers, £4 to £4 15s. Heavy baconers, £5 to £5 15s. Extra heavy baconers, to £6 ss. Average price per lb, 8d to 9d. Light porkers, 55s to 62s 6d. Heavy porkers, 68s to 725. Extra heavy porkers, to 755. Average price-per lb, BJd to 9}d. STORE PIGS. There was a very large entry of store pigs forward, and prices for all classes easier Three or four pens of exceptionally good large and medium stores sold well at late rates, but other sorts were cheaper. Values were: — Weaners, 22s to 28s. Slips, 30s to 365. Medium stores, 38s to 435. Large stores. 48s 6d to 58s 6d. Extra well-grown stores, £3 15s.

GOLD STANDARD. . 4 PEGGING THE EXCHANGE. FINANCIAL MOVEMENTS. (MOJ£ OUB OWS COR&ISPCHDEXT.) LONDON, 'October 20. Mr J>. M. Mason, chairman of tlie executive committee of the Sound Currency Association, in a statement just issued, after pointing out that the Gold Standard Act provides power for the Treasury to borrow for exchange operations, says that, according to a telegram, this is now being done, and that the weekly report of the New York Federal Bank indicates that England drew 639,000 dollars for tlSs purpose. "The effect of this pegging the exchange," says the statement, '"is to withdraw a legitimate advantage which would accrue to our coal, steel, and iron r.,nd other export traders through a fall in the exchange. No one wishes to see the exchange permanently depreciated, but to supDort it artificially is T>ad and unsound finance. If gold is withdrawn as a result of an unfavourable exchangee, we have a reserve of over £150,000,000 cjid can afford to* part with some of it. The stimulus given to our export trades will do good arid will help to correct the exchange, and should credit become dearer as a result of a considerable efflux of ths precious metal, that in itself may prove | l>eneficipl eventually, by bringing about lower values and a reduction in the cost of living. We suffer, and continue to suffer, from these interferences with the freedom of exchange, as witness the embargo on the issue of foreign loans, and it is due to these artificial movements and restrictions rather t]jan to the restoration of the gold standard that the long-hoped-for revival of our foreign trade is being delayed." Gold Movements. The "Fins;ncial Times," in a leading article, explains what has happened since the return to the gold exchange standard at the end of April. For the first two weeks there was at drain on the Bank's stock. The withdrawals iotalled £2,118,000, as compared with purchases of only £15,000. Then the turn came, and week by week, with only a slight setback here pjnd there, the Bank added to fte holding, until, on August 4th, it hadi acquired on balance of £8,782,000. With the reduction of the Bamk rate to per cent., two days later, the tide set strongly in the opposite direction again, and the rapidity of the outward movement was increased bythe further drop in the Bank rate to 4 per cent, on October Ist, with the result that the Bank has now sold not only the -whole of its added stock, but an extra £123,000 into the bargain. A very large proportion of thei £8,782,000 received resulted not from the normal working of the exclianges, but from special and non-recurring operations. The outstanding case is that of Holland: the Netherlands Bank transferred to the Bank of England no less than £5,000,000 of its own igold, with the evident intention of utilising; the proceeds more profitably. Some was received, too, from Russia. On the other side of the account also movements have'been, to a great extent, of an exceptional character. The shipping strike held up much of the gold that should have found its v?ay to this market. Kaolring hte Note Issue. "There is another phase .of the problem as a whole," says the "Financial rimes," which is also receiving attention at the . moment, and that is tbo future amalgamation of the bank and currency note issues. When the NewYork exchange is once more above tli6 gold point, as may be expected to happen when the seasonal demand for dollars subsides, it is probable that gold will again be accumulated. There is much to be said for the suggestion which as been made in some quarters that it should be used to increase the metallic backing of the note issue rather _ than to cause again such an expansion of credit as recently re- i suited."

BuyerB. Sellers. i ' s. d. £ s. d. N.Z. GOVT. DEBENTURES— 4£ per cent, inscribed, 193S — 96 7 6 ii pr;- cent. Inscribed, 19:» — 96 15 0 4£ per cent. Bonds, 1928 96 0 0 — per cent. Bonds, 1933 99 10 0 — 6 per cent. Inscribed, 1927 99 10 0 100 10 0 OTHER DEBENTl'RESJvorth Canterbury Hospital 5 i per cunt. — 98 10 I) Wanganui Borough, 5^ per cent. — 96 10 (1 N.Z. Breweries, Bends — 1 f> 0 Booth, Macdonald, • I'.-i pel- cent., lii:J2 — 80 0 0 N.Z. Refrigerating, per cent., 193.") ' 98 0 0 100 0 0 Gisborne Sheepfarmers 7J per Cent., 19:31 .. 100 0 0 101 10 0 BANKS— Aust. Ban!; of Commerce . 1 9 6 1 10 6 Comsi. . of Australia .. 1 12 « 1 13 3 Comm. of Aust. (pre)".) 6 12 6 7 U 0 Comm. of Sydney 6 1) — E., S., and A. (ex div.) 7 7 0 1 10 6 National of Australasia (£10 paid, ex div.) )6 14 0 -- National of Australasia (£5 paid, ex div.) 8 10 0 s 11 ti National of N.Z. ("1 U (i — New South Wales (cum div.) 41 12 6 42 5 0 New Zealand 2 17 1 2 17 6 Rovai (£1 paid) 1 14 0 1 16 II P. and 0. Bank — 9 12 6 Union of Australia .'. 14 17 6 15 0 0 INSURANCE— National .... 3 17 6 4 0 0 New Zealand .. 1 16 9 1 17 2 Standard 0 7 3 — LOAN AND AGENCYDa'gely and Co. 15 0 0 15 17 •6 Goldsbrough, Mort 2 8 3 2 S 6 Goldsbiougli, Mort (new) 3 7 3 2 7 5 Natl. Mortgage, Lond. Reg. and Delivery — 3 18 6 N.Z. Loan and Merc. (ord. stock, . cum div.) 93 ' 0 0 — N.Z. Loan and Merc. (pref. stock cum &v.)79 0 n — Permanent Investment. 9 6 0 — SHIPPING— Howard, Smith • -1 13 3 1 14 6 Huddnrt-Parker 2 3 9 2 4 0 Huddart-Parkcr (pref.) r (1 3 1 1 0 P. and 0. Deferred Stock (cum civ.) .. 250 0 0 — Union (pref.) . 1 0 0 1 1 0 FROZEN MEAT— Canterbury 11 0 0 11 14 0 Gear .. 1 17 9 1 19 9 N.Z. Eefrig. (contr.) ,0 8 0 0 8 2 WOOLLENS— Kaiapoi ,(17s paid) — 0 9 0 Kaiapoi (pref.) — 0 31 6 COALTiupiri (ord.) — 0 19 6 Westport .. .. 1 12 0 1 12 « Stockton (pref.) 0 3 9 0 4 0 GAS0 Auckland 1 2 0 1 3 Auckland (6s paid) — 0 6 8 Australian Gas - Light (new) i .. ; 6 12 6 G 15 0 Christchuroh .. — 7 11 6 Timiru — ' 7 10 0 BREWERIES- . Crown 0 19 0 — Manning 1 17 0 1 18 6 New Zealand' 2 19 0 3 0 9 Staples■ 2 2 0 2 2 6 Timaru ' 0 16 6 — Ward — i 0 0 CEMENTS— - Wilson's (cum div.) 1 14 9 1 15 6 MISCELLANEOUS— 1-12 Be&th and Co. 1 12 3 9 British. Tobacco 2 3 0 — Burns, Phr.lp (South Sea) 1 1 0 —, Co'onial Sugar 51 15 0 52 0 0 Electro. Zinc (pref.) .. 1 13 4 1 13 G Henry Jones (cum div.) 2 3 6 — Mercantile Finance Corpn. (5s paid) .. 0 4 6 N.Z. Drug Co. 3 6 0 3 7 0 N.Z. Farmers' Co-op. (£5 paid) — 2 2 0 N.Z. Farmers' Co-op. (let pref., cum div.) — S 14 0 N.Z. Guarantee Corpn. 0 9 6 0 10 0 N.Z. Malay Rubber (ord.) .. 2 2 0 — N.Z. Sugar, of Milk .. 1 5 6. 1 7 0 Taianaki: Oilfields (enm rights) 1 2 0 1 3 9 United Picture* 1 10 0 — Weeks, Ltd. (£2 10s pd.) S 10 0 5 17 6 Whitoombe and Tombs 3 8 0 — MINING— Blacks Gold — 0 5 0 prem. Kawarau 0 6 s 0 6 9 Mt. Lyell (cum div.) .. 1 5 7 1 6 0