FINANCE AND COMMERCE.

Press, Volume LXI, Issue 18551, 28 November 1925, Page 14

FINANCE AND COMMERCE.

REVIEW OF THE SHARE MARKET.

The Sharo Market continues active, ' and a largo number of sales lias been recorded during tho past week, though j Stocks have not been so brisk. Government Loans have attracted more attention and a fair amount of business lias been recorded principally in the lis per cent, free of tax. Stock due W3S changed hands at £96 2s Gd, an easing of 2s <3d on last week's business, and the Bonds 'u the same loan were placed at £96 2s Od and £9O ss, as against recorded turnover about Hireweeks ago at £96 ss. For the former buyers are in evidence at £96, sellers asking £96 10s. r The 5 per cent. Post Office Loan has had only occasional enquiry. Recorded transactions in the o.V per cent. Soldiers' Settlement Loan Stock dne 1933 at £99 os, show no change on a fortnight ago, but late buyers are quoting £99 10s. sellers asking 10s inore. The Bonds in this loan changed hands at £99 7s 6d and £99 ss, with further buyers at £99 12s 6d, sellers **> P ar « -n , N.Z. Breweries 10 per cent. Bonds were dealt in at 24s 9d, 24s lOd, and 255, as against sales at tho latter figure last week, and more are available at 255, buyers Is lower. Bank of Australasia shares which Bold last week at £l4, have further enquiry at that "Sgure, sellers 3s 6d higher. Commercial of ordinarv shares "-eased t« sales at 32s 6d, 32s 9d and 32s Bd, with late unsupported sellers offering at 33s 9d. For National of Australasia shares, ex the recent dividend of 5 per cent., buyers of the fully-paid are offering £l6 12s 6d, without response, and for the partly paids £8 lis—with sellers at £8 14s 6d. Last week's sales in the latter wero at £8 15s cum dividend. National of N.Z. shares advanced from £6 14s a week ago to £6 14s 6d, £6 16s, and £6 15s this week, with further ideniand at £6 los, sellers 2s, Jiigher. -• New Sonth Wales improved from £42 last week to business this week at £42 fis, and £42 2s 6d, cum the quarterly dividend of 2\ per cent. ' New Zealands with transactions from 56s 9d to 57s 3d last week rose this 67s 2d and 57s 3d, and more aro wanted at 57b 2d. sellers at 57s od. J . Royals, £1 paid, are sought- at 345, %ith sellers asking' 35s 6d. Union Banks changed hands at £ls. showing no.change on highest recorded sales last week, and more are available .ft. £l4 19s Gd, buyers at £l4 18s. ...iTor Victoria ordinary, in which last Reported business was at £7 9s Gd, buyers are quoting £7 9s, sellers asking • £7 13s 6d. .week's turnover, cum 2s dividend was 'at 79s 6d,.have improved demand ex - .the dividend at 795, sellers ajsking 2s more; and business at 80s. .New Zealands. are sought at 36s 9d, which is 3d above recorded business last • week,-bat seller* are reticent. >■'•• South British which sold a fortnight

•ago at 50b, have enqniry at 51s, without attracting a declared aeller. * - Bayers of Standards are offering 48s, "without respanse.' Last week's re- • .corded turnover was at > 47s 3d. • '■ Ghristchurch Building Society shares - which are not frequently;quoted were -.placed at. £ll ss. i" Goldsbrough, Mprts show^further im-dprovement-!—the old issue \chich sold at"4£B and :46s 6d last"weekv was>'dea% weekT at 48s 6d and -48s, with Jurther enqniry* at 47s 9d, sellers 6d -higher. These shares are cum a dividend of 5> per cent.. The new issue '.changed' bands at 47s 6d, with late "•iHjyflrs nt 46s 9d, sellers at ,475.

« .N.Z., Loan and • Mercantile Ordinary (Stock /cum a dividend of 7 per cent. enquiry at £94 10s, holders asking £99. Last week's reported business

\ was/at £95. , In the Shipping croup, the most fre-,-quently Quoted stocks show little alter- <■ Ration on last week's quotations, and tth© onlv recorded business has been in . Hnddw't Parkers at 43s 9d, which is 6d , below that la*fc reported. ~ i iFor Gear Keats iin which last reported. • FbivGear Meats in which' last recorded transaction* were at 40s, recent buyers were offering 38s 6d, with sellers • <■ /responding at 39s 6d. „' ,N.Z. Refrigerating fully-paid shares . a %hich eased to 16s 9d last week, are now sought at 17s Id. sellers 5d higher. partly paids with sales at 8s Id, show,ltt,tfe ehange on those previously J ,]feeoraed. () ...For Kalapoi Woollens ordinary which ' "Were sought at the close' of last week at. 8s 6d, sellers are asking 95,. buyers .' _J*cr- lower. „ "Westport" Coals ex the recent diri"jjjsnd of Is 9d per share "were placed at . 'JSW,' and more are available at 32s 3d, buyers at 31s. , c' * Ashburton Gas shares in which last "Vepprted business cum the dividend was •jaV£4 55,,„ now have enquiry ex the atr £4 10b, sellers asking. £5. ' 4 " - FV»r Crown Brewery shares ex a fur-

', T.^her'distribution of 3s {making a total ■"tef £2 12s per share cash returned to "shareholders) buyers are offering 19s, f*tttthout ( attracting a declared seller. ; Mannings were turned over at 88s, "'as compared with 39s about three Ji *weeka ago, and late buyers are offer°ing 38s. sellers Is 9d higher. T' New Zealands were dealt in at prices "ranging from 589 to 60s 3d, showing an < •'improvement on last week's prices from 578 6d to 58s 2d, and subsequent -OedWfl are asking 60s fid, quoted buy- -' werß-6d lower. ' '

-' -s Staples' were placed at from 44s Id .. J* fo 39s$d, as against last week's sales *«from 45s 3d to 44s 3d, and the market rTrdoeed with buyers 39s 6d,, sellers at •' W Wards,had business at 78s Gd, an v >£ft3vanceof, 6d on last week, and late *y sellers aro asking 78s 9d, buyers at w-Tfo.

€ .Wilsbn'B Cements ex the divi--7 ,iend of lOd per share unsupported ■ «ro asking 34s 9d. La.st\retransactions a tfortnight apo dividend were at 33s 9d. 33s ; v 7 V; JBTauri /fimbera -remain unchaneed eaqtiiry a day or two ago at 345. : rr; Boath r and Company shares . were . at 32s 6d. and late buyers : V y«re offering'32s, sellers Is higher. :2- ■•Colonial Sugars remain unaltered ' , with ba6iness at £52, at which figure more ate on offer, declared buyers 10s, lower; '."':

Dominion Robbers: further advanced turnover *anli 61s, 3d, with; furtber demand at •no declared sellers.

~. ,; Pop New Zealand. Malays Ordinary, hands last week at 41s, • are now offering 42s without : :- ' Zino preference shares had i;% 3*jnsaistions at' 335, ,33s 7d, 33s 6d, / „:.aod 33e, as against those last week 32a 6d to 33s and late buyers k £ jfJk offiMng 32s 9d, sellers 8d higher. >5 TPhe deferred • ordinary advance from ld* f 'tnis week, with late sellers M£;|pteHng at 325, buyers 6d lower. i^Jp| i^wW : ':a^;/^jS , :";9d/lmm' dividend with ?.s££ 'fttjrther demand at that figure, no de||>i|; Guarantee Coron. shares were &.■; 'ZPjfiAif&r 'at the former figure last Sfxf^itm :' ■■. .■•„■; •.■••■■•■ -

X.Z. Sugar of Milks changed bands at 25s 3d and 25s (3d, and more are wanted at 255, sellers asking 30s. Whitcomhe and Tombs shares with recorded business at 695, show no variation on last week.

Sales of Kawaraus ranged from 7s Gd down to 6s, Mt. Lyells were turned over at 25s and 2os 7d, and Waihis at 23s 3d and 235.

GENERAL MERCHANDISE.

GROCERIES

merchants report hiisine;s as fair! j- good, wiiU enquiries for Christmas lines starting to como in.

NEW COMPANY.

The Mercantile Gazette records the registration of the following company:

This v.-ct-k will see new M-ason's oilbleached raisins, also new seeded raisins, and unbleached lauded out of the Wiuhemo, which is due at Lyltelton to-morrow. The oil-bleached raisins will be a formidable opponent of the Mildura sultanas, duo to the excellent sample. The difference in price i.i considerable, and this alone should ensure ;.'«od sales. Further supplies of Jordan almonds, also new season's .Sicily almonds, should be here in a week. Chinese fireworks, which are usually sold by country stores, are. due to land the lirst week ia December. I'riccs are expected to be on a par with last seasun's. Britishmade fireworks are unable to compete with j the cheap Chinese article. i The tea market remains high, and there I appears to be no chatico of lower rates. A survey of the tea situation in Ceylon and India shows lower production and increased demand. This is bound to keep prices up. Dried apricots and dried peaches should land next week. Thes« have been held up in Australia for over two months in the .•teamer Balranald. The crew of this ship strnck at Adelaide, and were imprisoned. Recently the ship obtained a crew and left after her prolonged stay. Onions are at famine prices. Any held hy retailers are being sold at. 6d. and as supplies are now unobtainable, prices retail will go higher still. New season's dates are now cue. and should bo on board the next steamer from Sydney, at which port transhipments are made for New Zcalard. Peanuts are scarce with a good demand, li'alnuts aro in keen demand. Separator and dairy butter is now rcry plentiful, and country storekeepers require carefully to watch the market. After Christmas prices are expected to decline. The Wingatui, with sugar on board from Auckland, was expected in Lyttelton last night. Her cargo should bo available for delivery in town on Monday. Buyers of, oatmeal and wheatcn products will need to watch harvest prospects as a guide to whether prices rise or fall. The confectionery companies aro now all xvorking overtime, as there is an accumulation of orders for chocolates and other confectionery. The biscuit trade is not experiencing the same rush as confectionery, because cheaper prices for eggs and butter mean that the housewife docs more cooking and less purchasing of' cakes, biscuits, etc. This follows every year as soon as cheap eggs arc . available.

Pheloung,. Burnett and Co., Registered as a private company November 18th, 1925. Office: 22 New Brighton road, Shir-] ley, Christchurch. Capital: £SOO into 500 shares of XI each. Subscribers: Christchurch—W. K. Burnett, 400; J. Burnett, 98; A. S. Watkins, 1; and A. C. GottreM, 1. j Objects: To acquire and take over as a going concern certain contract No. 25/320 Mays road, entered into by T. Fheloung and W. B. Burnett as Phelonng Burnett and Co., •with Christchurch Drainage Board, and to ; carry on business as sewerage contractors and general incidental. > , FRUIT MARKET. CHRISTCHURCH. Most classes of vegetables were in good supply thiß wo«ik, but as the demand-was steady, prices were generally firm at late rates. Cauliflowers, lettuces, and onions aro realising High, prices. Cabbages were plentiful this week;' but'they sold at satisfactory figures.■•' Locally-grown new potal toes' are still .in' very short supply, and! the rough weather experienced on Thursday resulted in a falling-off in the quantity of peas on the market. As a result they jumped up in prico by Is a, peck. Asparagus is nearly.done but there is still some available at up to Is per dozen bundles wholesale. There is only a email Bupply of locally-grown tomatoes coming to hand. The supply of cherries was affected by the rough weather this week. Cook Island bananas,, which arrived in iChristolrarch this week, met with a good demand, and made up to 22s Cd ft case. South Australian oranges also sold well, but the lemous were in. very bad order. A shipment of Kji. bananas is due in Christchurch about December 7th. This will be the' last 'Shipment' before Christmas. ' Quotations are as follows: j ' ' . - Apples, American, per case, up to 22a 6d; apples, local, per case, up to 16s; apples, cooking, per case, up to 13s 6d; bananas, Cook Island, per case, up to 22a 6d; cherHes, dessert, per lb, Is 3d) to Is 8d; cherries, cooking', per lb, &&; gooseberries, per lb, B£d to sd; grapes, firsts, per lb, 4s lOd; lemons, South Australian, per caao, up to 265; oranges,. Valencias, Sydney, per case, up to 245; pears, dessert, per lb, 3d to 4d; strawberries, per lb, 1 Is 4d to Is 6d; tomatoes, dessert, per lb Is Gd to la 9d; asparagus, per doz. bundles, ' 6d to Is; beans, broad, per lb, 6d; beet; per doc. bundles, Is 6d; cabbages, per doz., 13e 6d; cauliflowers, per doe., 245; carrots, per doz., 2b 6d; cucumbers, hothouse, :per Hv Is to Is Id; green tpeas, per peck, up, to > 4s;, leeks, per bundle,,Bd; lettuce, per doz., 8s; new potatoes, per lb, 3d,to 3|d; potatoes, per sugar bag,' 3s; onions, local, per lb, 4d to sd; parsnips, per doz., 4d to Is 665; potatoes, per sack, 103 to 12a Gd; radishes, per doz., Is to Is 6d; rhubarb, per doz., to 12s 6d; spring onions, per doz., 2s to.2s 6d; turnips, per dos., ,8s 2d; spinach, per doz., 4s 3d to ss; local new potatoes, 5Jd.

AUCKLAND. (SPECIAL TO "TBI PEESS.") AUCKLAND, November 27. Local apples are showing the effects cf long storage, but as the quantities offering have been less, prices have been fairly well maintained. The following sales have taken place:—Dcliciou* 6s to . lis. Stunners 6s to 10s, Dohertys 5a to. 7s 6d, Pride of Australia 6s to Bs, Canadian 16s to 18s 6d, pears 6s to 9s, strawberries Is 3d to Is 6d per punnet, local plums 8s per case, cherries 90s to 22s per case, hothouse grapes 6s- 3d per lb, • Fiji, pines 9s to lis. per case, repacked bananas 24s to 265, Cook Island tomatoes 17s to 17s 6d per case, Fiji 'tomatoes 10s to 12s, local hothouse Is'to ls'6d per lb, Sydney Valencia oranges 12s to 17s per case, lemons 5s to 14s. DUNEDIN. (SFBCIAL TO '"THE PRESS.") ' DUNEDIN, November 27. Small supplies of cherries, strawberries, and grapes are now in the market. Some nice samples of pears have arrived from Canterbury coo] stores. A fairly large shipment of Canadian Jonathans has arrived. Bananas are in short ■ supply. Increasing quantities of hothouse tomatoes aro arriving from Cbristchurch. Latest wholesale prices are:—Apples, Stunners 15s to 16s 3d per ease, American 22s 6d: oranges, Valencia* 22s Cd; pears, dessert 4A to 5d per lb; lemons, 21s per case; bananas, Fiji, green 23s 6d to SOs, ripe 355; tomatoes, North Island hothouse Is 6d to Is lOd per lb, Cbristchurch 2s 3d to 2s 6d per lb.

METHVEN STOCK SALE. tha fortnightly 1 stock sale was held on Tjpirsday. The entry of shnap was only a nifciertta one, but the yarding of csittla soaeWhat larger than •usual. Far .pigs % keen demand was experienced, prices fcring well maini*ined at" recent rates. Several township sections and properties were offered, but reach the owners' loservu, aud were passed) in. Tfi© principal sales wrre: —9 fat ewes at 28s, -103 four?tooth three* quarterbred wethars at 23s 3d, 32 merino wethers at IBs,' 117 fall and* failing l half and thrce-quarterbred ewes - and lambs at : 245, 26 four-tooth ewes (shorn) at 34s Id; 18 sound-month ewes at 30a, 20 two-tooth, wethers at 245, 33 do. *t 23s fid, 49 three-quarter-bred' wether hogget* at 335, 163 full and failing-mouthed three-quarterbred ewes and lambs at 21s 9d. -

Cattle—l2 dairy cows and heifers at £3 5a to C 8 15s, 6 calves at 345. Pigs—Weaaew 265.t0 355, stores ta «3»^

BUTTER MAEKET.

SLUMP ANTICIPATED. RESULT OP SHIPPING HOLD-UP. (special to "tee febss.") WELLINGTON, November 27. Those interested in the butter trade are becoming .-tnxious, as the position is gradually tending towards a serious slump owing to the shipping delays caused by the seamen's strike. -Ml regularity oi shipments had to to abandoned, with the result that during the month of January 1-'1,0015 tons of New Zealand butter will be landed in tho United Kingdom. This is fully 50 per cent, more than was landed in January of this year, and represents about 20 per L ' ent - °f lDe export. .Australian butter will also be reaching the terminal market in January, arid this unusually heavy weight must depress the market. The arrivals in December * will be equal to the average, so that prices are not likely to be higher than they are now during the rest of tho year, but in January a slump must follow unices some efforts aro made to regulate supplies going on the market. Many aro wondering what tho Control Board intends doing in the matter, but as the members of the Board aro anxious to introduce, compulsory control and a slump in January would rather help their scheme, it is not thought that the Board will be very keen to do anything towards minimising the effects of the flooding of the market with butter. Tho matter, of course, is not to bo allowed to remain as. it is. Tho Free Marketing Association met here, to-day and it is believed that a line of action lias been decided upon and the London agents are to be requested to assist in holding up the market and to obtain the assistance of the London agency of the Dairy Control Board in furtherance of the scheme.

PREFERENTIAL TARIFF ENCOURAGING TRADE WITH GREAT BRITAIN. (puss assocutiox tblsgeam.) AUCKLAND, November 27. Referring to tho new preferential tariff, tho Prime Minister said before leaving for Wellington to-night:— ''Briefly the intention of the Government in raising the preference ratio from 25 to 50 per cent, is to encourago the importation of British manufactures. We want to make sure that Great Britain gets the benefit of tho preferential tariff, that the goods which share in tho concession are largely British-made, and of British materials. The ratio, of British materials and workmanship qualifying goods for preferential treatment has been 35 per cent. that was too low, and it was proposed to require a 75 per cent. ratio. It was held, however, that so high a ratio would penalise more than it would help British trade, so we arrived set the mean 50 per cent., and I am sure everyone will agree with me in hoping the new regulation will have the desired effect. We do not want the greater part of whose value has been added in foreign countries coming into New Zealand under preferential duties designed to assist British trade."

tones assooiatioh TXLxaniM.) WELLINGTON, November 27. Additional Customs regulations have been gazetted requiring 50 per cent, of British material or labour to entitle goods to tho preferential tariff, instead of 25 per cent. LONDON MARKETS. (BY CAM.*—nUSS ABSOCUTIOS—COPXIZMT.) (adstkaijaw Ann lr.z. casus association.) ' LONDON, November 26. Mour—The market is firm. Australian, ex store, 44s yd per owt. Peas and beans are quiet, and prices are unchanged. Sugar—Granulated, Q9a ljd per cwt. MELBOURNE MARKETS. (atstbaliak am> n.z. cabls associatioh.) MELBOURNE, November 27. "Wheat is quoted at 6s 9d, January 6s Id. Sellers are asking up to 6s 3d. Oats, milling '4s 3d, feed 4g. Barley, 5s Id on wharf. Melbourne potatoes, £lO to £l2 15s. METALS. (Received November. 27th, 11.15 p.m.) LONDON, November 27. Copper—Spot £6O % 9d, forward £6l Ss 9d per ton. Lead—Spot £35 17s 6d', forward £35 10s per ton. Spelter—Spot £39 10s, forward £3B Ss 9d por ton. Tin—Spot £2BG 2s 6d>, forward £231 7s 6d per ton. SilverStandard 32£ d, fine 84 11-16 d per oz. . PROPERTY SALES. Messrs W. E. Simes and Co. sold for £lO5 the two old wooden buildings that were formerly part of the Richmond School, on account of the Education Board, LONDON WOOL SALES. The Department of Agriculture has received .the following cablegram, dated the 25th instant, from the High Commissioner for New Zealand, London:— • , • Wool sales opened yesterday.; very large attendance. Good general competition; better Home trade bidding. Compared' closing rates last series: Merino, fine crossbred, par to 5 per cent.; medium croßsbred, par; coarse crossbred, par to 7J per cent, dearer. 178,500 bales available for series, of which 72,350 each Australia and New Zealand, 24,000 South American. Dalgety and Company, Limited, have received tie following cablegram from their London office, dated November 26th: "Loudon wool sales—Owing to thick fog no wool sales ware held to-day." WHEAT. LONDON, November 2<i. Cargoes are firm, with fewer offers, but prices are irregukr owing to conflicting news from Argentina. Sales have been made at 59s and 69s 9d per quarter. Parcels meet with small enquiry at Cd advance. At Liverpool futures are quoted as follows:—December, 12s OJU; March, lis 3d; May, lis 5d per cental. The spat trade is fairly active. Australian, ex store, 60s per <ruartcr.

FROZEN MEAT MARKET. Dalgety and Company, Limited, have received the following cablegram from their London office, dated November 36th:— ■ "Prosen lamb—Demand is not improved l by change, in price*. Market weaker. We quote prime Crossbred lamb, Canterbury heavy 9d, light lid; North Island heavy BJd, Hghfc "10d; limited demand for Australian lamb, for which we quote g.a.q. crossbred lighted. "Ptuzen mutton—Market weak owing to heavy shipments expected. Demand i« slight We quote prime crossbred mutton, Canterbury, heairy 6Jd light 7d; North Island heavy 6Jd, light 7<L Moderate demand .for Australian mutton, for which we quote g.a.q. crossbred light 6d. "Proien beef—Demand is moderate. Market firm. We quote prime ex beef, hinds 6d, fores 4Jd.

"Pork— Market very firm at last quota-

WOOL SALE. ORDER OF SELLING. The opening Christ-church sale of the season will commence next Wednesday. December 2nd, in the Caledonian Hall, Kilmoro street, commencing at 9 o'clock. The catalogue will be a very heavv one for a nrsb of season sale, comprising. 18,00!) bales, compared with 11,000 at the opening .'-ale last season. Approximately up to 30!X"t hales represent carriod-over wool from last reason, the bulk of which are back country clips, which wore not offered at the .scheduled auctions last year. Apart from this the :najor i>art of the catalogue is composed of Plains clips of cro.—bred, it bfiug too early in thn. season for station hue wool offerings, though a proportion of pood halfbred and Corriedalc will he offered. The latter do.*.- comes iu more freely to the January sale. The condition of the wool is lighter and brighter this year on account of the wet season. It shows fair growth, though not up to tlie usual -standard in the dins so far exposed. Altogether, however, it is opening up very satisfactorily. ft. has been suggested that the decline in weight in the North Island clips this season will average up to L'lb per fleece. Though it is generally agreed that the Canterbury clip will ho lighter than usual, the, de'eline will not, be anything lik© thjs; one .observant estimato has put it at about throe-quarters of a pound.

It is doubtful if the sale will he. concluded on .Monday unless the auction is carried on to a very late honr. The following is the order of sale: X.Z. Loan Company. Ltd.

Pvne, <Jould, Guinness, Ltd. Dalgety and Co., Ltd. N.Z. Farmers' Co-opcratiYo Association, Ltd. National Mortgage and Agency Co. H. Matson and Co. AUCKLAND WOOL SALE LOW GRADES SELL WELL. (PEESS ASSOCIATION TELEGKAM.) AUCKLAND, November 27. The opening wool sale of the season in Auckland was held to-day, when 1(5,221 bales were submitted to a record attendance of buyers. Bradford, France, Italy, Japan, Belgium, U.S.A., local mills and scourers were represented in full force. A very satisfactory clearance was effected, fully ninety per cent, being sold. Continental buyers lifted the major portion of the clip, but Bradford buyers secured a proportion of the wool suitable for their trade. A feature of the market was the very strong competition for all good bellies, pieces, erutchings, and locks, which sold at exceedingly satisfactory prices. Low grade, coarse wool was also in very keen demand, especially by Continental buyers, and also realised very satisfactory prices. French buyers were the principal operators for lambs' wool and for super lots; they appeared to have elastic limits. American buyers were on the look-out for anything that suited them. Perhaps the most disappointing feature of the sale was the price paid for super Komney, which does not to-day command the premium over what is usually known' as strong, inferior wool it enjoyed a few years ago. Following was the range of prices:— Nov., Dec, March, 1925. 1924. 1925. d. d. d.

UNPAYABLE FREEZING WORKS. (special to "the ruEss.") GISBORNE," November 27. If farmers of the To Araroa. district guarantee that 40,000 freight carcases will be forthcoming for the Hicks Bay freezing- works this season, tho works will bo opened about the middle of January.' Tho question was considered by a meeting' of farmers at To Araroa. There was an ettcndlaiico of between 50 and 60 farmers, the meeting being addressed by Mr 3. "W\ Nolan, chairman, of directors of the Gisborne Sheepfariners' Company. Dealing with the position of the works, Mr jSTolau said that they had been erected on tho supposition that tho district could support them, but they had been run. at a heavy loss! Last year they had' decided! to open the works only on 1 condition that a guarantee of 40,000 freight carcases was forthcoming-. This year they would' require a similar jruar.intce, and it would bo neccss&ry to arrajuro this matter within a fortnight. Th« matter was fully discussed by those present, several of the speakers emphasising the benefits which accrued through the works being kept open. They realised' that last season tho opening" of the work* had b*e'» a. boon, aad decided that they should bo opened again this year. Guarantees of 22,500 freight carcases wcro forthcoming iy the ' room, and thoso present considered that the remainder of tho guarantee would be obtained.

N.Z. LOAN AND MERCANTILE

OTHER EXCHANGES. (PBESS ASSOCIATION TELBGBAMS.) AUCKLAND, November 27. Sales—New Zealand. Government War Loan, 1938 £96 5s (three sales) ; Soldiers' In•v j low £99 5s- Bank of New Zealand, S^.(two 3 '»ta); Qold,br«u« fe «.; New Zealand Breweries, 60s; T»ranaki 0. ?«V riehts) 21s 3d; Tonson, Garlick, 12a 6d; #Lon's Cement (ex div ), 34s 3d 34* 6d; Kawarau, 6s lid, 6s 6d (two sales). WELIiINOTOS, November 27. Sales-teleotrolytic Zino, £1 13s; New Zealand Govt- Inscribed Stock, 1938 £96 ss; English, Scottish, and Australian Bonk, £7 8a 7d; Gear Meat, £1 19s 3d; Manning and rv £ 1 18s 3d. ' DUNEDIN, November 27, Sa l es —Kawarau, 6s lOd, Os lid, 7s. Sale Heported—Westport Coal, 335. SKIN SALE. At the hvcekly skin Bale in Christchnreh. on Thursday, there was .a very small offering. A sliehtly better market was experienced. Sound half bred skins made to lis 3d. threemiarterbreds to 13s 6d, and crossbred* to T2s6d- faulty halfbreds made to 13s, ,threequarterlireds to 12d and crossbreds to 9id. > FURNITURE SALES. i VnssrK AV K. Simcs and Co. held several clearing sales daring the last fortnight, including clearing furniture sale on account of Mr Arthur D. Wylie, furniture auction gale on account of the estate of the late Charlotte Reay, clearing sale oi trotting horses, gear, etc., on account of Mr G. S. fcmith Amonz fho prices realised were: Collard and Pnllird piwio £73 10s, trotting horse Dusky Pointer £52 3 os. two sulkies £23. portable hnt £25. yak bedstead £ls. road jogger £l3, ont crush/* £1" 10s - car P e . ts £8 2 l. bd -?*?? £R. two paintings £7. sewing rß*chinc £;» 12s Gd, T3/ins harness £"> 10s, set hobbles £4 os. rug H 10s. ! BRADFORD TOPS. I I 'Received November 27th. 5.5 p.m.l j ' LONDON. November 26. 1 The wool sales were postponed owing to The Bradford market shows that very litilo business is passing, and quotations are slightly easier all round; sixty-fours quality 45s sixties 41s. fifty-sixes 24Jd, forties 24d.

(PBBSS ASSOCIATION TELEGRAM.) ~ "WELLINGTJON, November 27. I The New Zealand Loan, and Mercantile ! Agency Company has received advice from ■ its head office, London, that the revenue j for the year, after paying taxes £13,77s i writing £IO,OOO off premises, and providing ! for bad and donbtful debts and debenture I stock interest, shows a balanee of £141,889. j Ten thousand pounds has been appropriated I for the staff benevolent fnnd, whil« tlm i interim dividend paid on the preference ! stock, and dividends now proposed to be i paid, will absorb £120,000, Tho balance to I be carried forward amounts to £39,645. The directors propose a final dividend of 21 per cent, on preference stock, and 11 dividend of 7 P er cent, on ordinarv stock both less 2s 3d in the £ English incometax. -

SHARES. ■Received November 27th, 6.5 p.m.) v LONDON, November 26. V. and O. Deferred Stock is quoted at ■£2 so. CANADIAN EXPORTS TO N.Z. (KEUTES'S TIUGiAMSJ VANCOUVER, November. 26. T)r MiicLean, Provincial Minister of Finance in his Budget speech, said that exports'to Australia and New Zealand had trebled in the past decade. They now •lDi.iunted to 15,000,000 dollars to Ansijulia. and 13,000,000 to tfew Zealand.

CHRISTCHUKCH STOCK EXCHANGE.

YESTERDAY'S TRANSACTIONS. S;:ic- reported:—National Bar.k of N.Z., £6 355; Bank of Xcw South Wales i'cum civ.}, i'i_ ;? t'-i; Bank of New Zealand, oTs 3d t3 panels'!; National Insurance. S!V <■- parcel'': Staples Brewery, 305 Od. Sales on 'Change—Staples BrexTcry, <!os, K!>s 9d (3 parcels).

ASHBURTON MARKET. Unseasonable weather which has been pronounced upon crops has been experienced in the .Ashburton County during the last few days, and warmth, is required to stimulate growth. The position as regards wheat is much the same as that which has been ruling for the past two or three months, there being only a few lines of milling variety held up by optimistic growers, who are asking oonsidcrably in advance of the prices, the buyers are prepared to offer. For good milling, 7s per bushel on trucks is being, paid by buyers who are still in the market. Tho market for grade A and B Gartons is about on a par with previous quotations, but there is little business passing, except between merchants. It is now so iate in the season that there is practically nothing offering by growers. Undergrade oats, for feed purposes, hare not advanced to the same extent as grade oats, and .the price? may be quoted «3 follows:—Milling Gartons 4b, A's 3s lOd, B's 3s 6d to 3s 7d, nndergrades down to 3s according to quality; Algerians, best quality, suitable for dressing, 3s 3d to 3b 4d, Dunß »s 9d, . fair quality 3s 6d, light and inferior down to 3s, on trucks, country stations, sacks extra. Chad—There is practically no demand, and the market's requirements are easily obtained. Values remain at £4 7& -6d to fiA 10s for g.b.0.5., while good quality chaff, ► not up to grade, is worth £4 per ton. Low grade is still almost unsaleable, and the nominal value is about £3 per ton. Ryegrass—Good, clean, heavy samples of perennial rre valued up to 4s, while lighter samples are worth 3s. Italian and Western Wolths btc quoted at 3s 3d for clean, heavy, well-marked samples, inferior stuff 3.8. Cocksfoot —In sympathy with recent advances in the wholesale trade, the market is still firm, and the best samples are worth 7d to 7Jd, with average lines from Gd to 6 id. Tho nominal quotation for peas is 5s 9d to Cs per bushel, on trucks, for No. l's, while feed is still 4s 6d to 4s 9d per bushel. The market for linseed is very weak. The •prices are nominally £l6 to £l6 10s per ton on trades. DUNEDIN. (SPECIAL TO "TEE PRESS. - ') DUNEDIN. November 27. Very few ssmplcs of oats are offering, and tho market is firm at 3s 9d per bushel for A grades, and 3s 6d for B's, on trucks. The demand for wheat is quiet, and tho value of good whole quality fowl wheat is 7s 3d per bushel, ex truck. Merchants are buying potatoes in sufficient quantities to fill their immediate requirements only, and consequents consignments from the north, which are coming forward freely, have to be taken into store. Values have receded further, and top price i for choice tables is £7 per ton, ex store. Tho quantity of prime oaten sheaf chaff arriving is hardly sufficient to fill the demand. The market for this quahtv is firm, but medium and inferior is not enquired for. Prime oaten sheaf is quoted at £5 12s 6d to £5 15s, and inferior and medium at £3 10s to £4 10s per ton, sacks extra.

REILLY'S (DUNEDIN) TELEGRAPHED MARKET REPORT. Asparagus, 11*, u 8 6d; cucumbers, ss, 16s; cabbage, bs 6d, 8b; cauliflowers. 19s, 16s; lettuce, 2g 6d, 4s 6d; eggs. Is BJd: cherries, 3s 6d 2s OJd; tomatoes, Is 9d. 2s Hd: potatoes, 4Jd. 6J<l; green peas. 6d, 7Jd; eoosrterries 4id,-51; strawberries. Is Cd.

Cornedale —■ Fine Halfbred .. 17 -18 . —. : ' Super .. 181-20 — — Average 16 -17J —. - — Fine Crossbred— Super .., 15 -17-J 28 -29J 19 -201 Average 143-16 24 -26 17 -18 Inferior 11-1-12! 22 -24 12 -131 Medium Crossbred— Super .... I3J-15 25 -27 17 -181 Average 12 -13 23 -24 16 -17* Inferior 8J-11J 20 .■><> 12 -13 Coarse Crossbred— 'Super ' .. 13 -14i 23 -25 16 -18 Average 12 -13 21 -23 15 -16 Inferior 10 -.11 20 -21 8 -12 Low Crossbred — Average 11 -124 12 -34. — Inferior 8 -11 11 -12 — Lambs— Good .. 13 -14-1 16 - 181 — Medium 121-13 — —. Seedv and inf. .. 7-1- 91 — 5 -15 Hoggets—■ Pine 15 -16} 29 '-31 — Medium 12-14} 26 -28 — Coarse .. . 12 -13 24 -25 — Bellies and pieces— Pine-Cross-bred .., 10 02-1 — 7-J-13 Good .. 10J-111 — — Medium 7 - 9 14 -16 —. Crutchings— i Medium to good 6 - 81 14 - 16. Y _ Inferior to seedy 3|- 5} 11 -13 Locks— Crossbred 5 - 71 9 -12 __

LATEST QUOTATIONS. Lwt Week. 1*j '. \ *ar. Buy, r«. SeJkr i. Buyc 8, Seller 3. £ B d £ B d £ • d £ • d N.Z. GOVT. DEBENTl'15 i'.S- - •1': per cent. Inscribed, jn:w 0C (i it oo io 0 — 9T fi 0 97 7 <"> ■1- in-- crnl. Bonds, Chi i> ,1 _ 9S ;o i\ •I- ;er <-o:it, Inv.rnbed ii'irl Don-.?. !:).;:) .. % 10 II ?G !.i n _.. _ .")V jv.-r cent.. Inscribed. 00 JO i.i CO n 0 - - - -- 5- j".cr cent. Condi-'. IXnl 09 32 ii 300 0 0 _. _. 10 i 5 0 C per cent. Inseribcvi, 10-27 90 0 0 . 00 10 0 — 3 00 10' 0 — — OTHER DEBENTCRESNor'Ji Canterbury Hospital, 5y ner cent.., i9;a " ".. 98 0 I) — _ _ _ N.Z. Breweries Ir.scr. .._ 1 S 1) — ... — 1 2 0 N.Z. Breweries, Bonds 1 4 0 1 3 0 — 1 5 0 — 1 2 o Booth', Macdonaid, C-i per ce.n'., 1932 — 7S 0 I) — — —■ — Gisborne Shecpiarmers, 7i per cent., :<J31 — ] 1)1 5 0 — — — — BANKS - Aiist. Bank or Commerce 1 0 0 1 10 .1 i n 9 1 11 0 Australasia 11 0 0 11 3 6 13 19 O 14 0 0 13 f> 0 -— Conim. of AiiFt. .._ .1 13 9 I 34 (1 1 10 9 — Coimi. of Aust. (pref.) ... 7 0 11 1 — 7 0 0 — — C'-omm. of Sydney 23 5 0 25 15 0 — — 22 2 6 22 10 0 iv.itiona.1 o! Australasia £10 paid) • 1G 32 G — 17 ." 0 — — National of Australasia (£5 paid) 8 n 0 S 14 fi 8 13 0 8 16 n — — National of N.Z. 6 15 0 6 17 0 6 14 3 6 37 0 — — New South Wales (cum •11 0 it 41 15 0 — 41 0 0 41 9 0 Now Zealand .. 2 17 2 2 17 a 2 17 0 2 17 G 3 0 11 3 1 2 P. and 0. Bank ~ — 0 12 G — 9 12 G — Royal (.CI paid) „ 3 34 0 1 15 G 1 14 G 1 16 0 1 13 3 1 14 0 lioya.1 (£4 paid) „ 6 13 0 fi 18 O — — G 12 0 G 15 0 union of Australia 34 38 0 U 19 6 — 15 0 0 14 1 0 14 5 0 Victoria (orJ.) 7 3 0 7 13 fi — _ ~ 0 "Western Australian 2 13 0 2 15 0 2 13 0 2 12 INSURANCE— 3 12 1 10 G 3 National ~ New Zealand „ r, 19 3 lfi 0 9 ■4 1 0 .1 3G G — 1 9 9 0 South British 2 11 l> — 2 10 0 — " ■* Standard 2 8 0 — 2 6 G — LOAN AND AGENCY— National Mortgage 3<16 6 ■ — — ■ — — — Goldsbrough, Mart (cum div.) 2 7 9 2 6 3 2 7 0 2 7 9 2 9 3 2' 9 6 Goldsbrough, Mort (new) 2 6 9 2 7 0 — 2 6 3 2 8 3 2 9 0 Loan and Merc. (ord stock, cum div.) 91 10 0 99 0 0 93 10 0 — —" Loan and Merc, (pref. 6tock, oum div.) .. 7!) 0 0 — — 1 2 3 ■ — N.Z'. and River Plate 1 1 6 — — ' ~'• SHIPPING— Adelaide Steam — r ~ 1 .2 6 — — — . — Howard, Smitli 3. IS 0 — 3 12 G — — 1 14 0 Huddart, Parkcr ■2 3 a 3 4 3 2 3 'o — 2 3 3 — New Zealand (pref.) .„ 8 15 0 — 8 13 0 —' — ~ FROZEN MEATCantcrbnrv .. _ 11 0 6 11 16 0 — — — 14 1. 6 N.Z. Refrig. (pd.) 0 17 1 0 17 « 0 16 10 0 17 2 — 1 3 5 N.Z. Refriir. (contr.) .- 0 7 9 0 8 1 0 7 ii 0 8 3 0 11 3 0 11 10 "WOOLLENS— Kaiapoi (17s pd.) 0 3 3 0 9 0 0 8 G — — 0 15 0 COAL— "VYostport — 1 12 3 — — — 1 14 3 Stockton (pref.) — 0 4 G 0 3 0 0 5 0 GAS— Ashbnrtor. .. *. 4 10 0 5 0 0 ' — — —' ■ 4 - BREWERIES— 1 Crown 0 19 0 — ' 2 5 0 — Manning 1 18 0 1 19 9 1 16 0 1 18 9 1 13 G 1 14 6 Now Zealand .. 3 0 0 3 0 6 2 18 0 a is 3 — — Staples 1 19 6 2 0 6 2 4 0 2 4 6 —" — Timaru 0 16 t> 0 16 ti 0 37 0 -—• ( 2 11 — Ward .. »..■ 3 35 0 .3 18 9 3 17 0 3 19 G 0 2 13 3 CEMENTS— Wilson's (ax diT.) „,. — 1 11 9 1 14 6 — — —* TIMBER— Leyland, O'Brien _ 2 10 0 — 2 IS 6 -— — '— MISCELLANEOUS— Beath and Co. 1 12 0 1 13 0 1 13 0 1 12 & 1 11 0 1 11 8 Australian Glass (cum div.) 1 13 9 — — — — — Beatli, Schiess 0 10 0 0 11 6 0 10 9 0 11 6 — ■~ British Tobacco 2 4 3 — 2 3 0 3 4 3 — — Burns, Philp (South . Sea) .-, 1 1 0 — — •— —; 1 14 3 Colonial Sugar 51 10 0 0 0 — — ■ — — Paminion Rubber 3 1 0 — ■— '•• •— ■ ' — ~^~. N.Z Malay Rubber ord.) 2 2 0 — — — — "— Electro Zinc (pref.) .. 1 12 9 1 13 5 1 13 4 '1 13 8 1 7 3 1 7 9 Electro Zinc (def.) 1 11 6 1 12 0 1 32 0 1 13 0 1 4 6_ Glenmoro Brick and Tila 1 3 6 — — — — — Henry Jonea Coop. (cum div.) 2 3 9 — '■ — — Merc. Finance Corpn. (5s paid) .. — 0 4 S — — ~ ~~ N.Z. Farmers' Co-op. (£5 paid) .. 2 1 0 2 2 6 2 0 0 2 10 0 N.Z. Fanners' Co-op. (First pref. cum div.) — .3 14 0 -" ' N.Z. Farmers' Co-op. (&i per cent. Stock, 1930) N.Z. Guarantee Corpn. 85 0 n 85 .0 0 87 10 •o 80 0 0 — 0 9 i> 0 10 0 0 9 10 0 10 1 — N.Z". Milk Products .- 1 11 0 — 1 10 a N.Z. Sugar of Milk .. 1 5 0 1 10 0 — ~~ Taranaki Oilfields (cam 6 0 rights) .. ■• Weeks, Ltd. (£2 30* pd.) 1 3 6 0 — 6 ■ 6 0 3 9 0 6 - — Whitcombo and Tombs 3 8 3 3 9 6 3 8 MINING— ■ Kawarau • • • - Mt. Lyell (cum div.) 0 6 1 5 0 0 6 11 1 5 10 1 4 7 1 5 3 .12 0 1 2 6