FINANCE AND COMMERCE.

Press, Volume LXIII, Issue 18912, 29 January 1927, Page 12

FINANCE AND COMMERCE.

REVIEW OF THE SHARE MARKET. The number of sales reported on the various Stoct. Exchanges throughout tfow Zealand shons an increase on the previous two weeks; tho tone of the market is good, and dealings in banks and insurance shares axrt i.ovenimeut loans show no easing. „ Four and a halt per cer.t atoch, mc 1938. changed lianas at LJb los, ~ 12s (3d, and £9G 10s, as against £Jt los a fortnight ago. and late I'tiidti-i are offering at 10s, ».:;'er a below. ~ . . ' Four and a halt cent «-;o;r.s, 1938, were also turned over at £..t. io-i, and more are available at that quoted buyer at £96 10s. n , v No sales of five per cent, lost Loan, due 19ii7. have been recorder eince the beginning of the year -twer.-s are quoting £99 for the bonds, seller, asking £99 12s Cd. tiveF cent, stock," 1929 lu-tl business at £93. , Five and a half per cent, soldiers Settlement Loan Stock, due 1933, was placed at £lOl, and the bonds at £lOl os—the former showing no change, ana the latter an advance of 5s on sales last week. Unsupported sellom of the stock want £lOl £-3, whilo tho bond, are squght at that tip'-ro, sellers at

£lOl 10s. L , .. Five and a half pe.- cent stock, dub 1936, had further business at £lOl. A parcel of Auckland City per cent debentures, due 1940, was turned over at £96 10s. and tho Auckland Electric Power SJ per cent, duo IU4o, at £99. Almost all the banks have attr a cteu business. Australasias at £l4 3s am £l4 ss, as compared with £l4 is b-< and £l4 3s Gel a week ago, with late enquiry at £l4 3s, sellers at £l4 6s 6d. Adelaides have improved dennncl at £9 2s 6d, but holders are asking £9 10s. Commercial oi Australia, cum rights, were dealt in at 33s 3d and 335. Commercial of Sydney sold at £ll, and for the "rights," buyers are offer-

ing £l2 5s without response. English Scottish, and Australian had turnover at £8 9a, and late sellers are asking £8 8s Gd, with huyers at £8 3s. National of Australasia fully pairts wore dealt in £t £lB 9s 6d and £1» 9s, with further unsupported sellers at £lB 10s. . _ , , . . m National ,of New Zealand eased from sales ranging from £7 3s and £7 A last week to £7 2s, £7 2s 6d, £7 Is 9d, and £7 Is 6d this week, and more are available at £7 Is 6d, buyers 3s away. Business in New South Wales at £47 gs (Jd is on a par with the highest re-

ported last week, and closing quotations were 2s 6d on either side. New Zealands changed hands at 59j 4d, 598 3d. and 695, as against 59s and 59a 2d a week ago, and late sellers want 59s 6d, buyers at 595. Mortgage shares 6s paid were released at lis lOd. Boyals, £1 paid, were placed at 37s 6d. with late demand at 38s, declared sellers at 40s. Union Banks were turned over at £ls 10s 6d and £ls Us, cum dividend of 7s 6d per the dividend parcels sold at £ls 3s 6d, with further demand at £ls 3s, holders responding at £ls ss. . , i Western Australians had several transactions at 54s 3d, 54s 6d, and 64s 9d, as compared with 545, 6d last week, and more are wanted at 553 10d, sellers at 575. ■ ' '« r, . In the insurance group, New Zealands, cum dividend, sold at 37s 6d, 37s 9d, 37s 7d, and 37s Bd, as against ■business at 37a 8d last week. South British at 56s 6d and 56i 9d, as against 56s 9d a week ago, and Standards, remain unaltered with recorded turnover at 57s 6d.

Dalgety unci Co. shares have enquiry at £ls 2s 6d, sellers at £ls 8s 6d. _ Goldsbrough Morts rose from business at 50s last week to 50s 9d and 60s 6d this week, with further, demand at . 60s 3d, sellers 4d higher. . New Zealand Loan and Mercantile ' ordinary stock is sought at £93 10s. hut sellers want £9B. .< No. sales have been reported in shipping company shares, Huddart Parkers, whioh sold at 47s 6d and 47s 9d last week, are now available at 47s 6d, buyers; 6d below. P. and 0. deferred stock had recent improved demand at £250 —£5 above recorded turnover last week, but sellers were reticent. _ N.Z. Refrigerating 10s paid were placed at 0s 3d and 6s sd, as against last week's range from 7a 4d to 6s, and more are on offer at 6s 7d, buyers 2d lower. The fully paids are sought at 12s 9d, sellers Is 9d away. Gears a day or two ago were wanted at 35s 6d, sellers asking 365. Canterbury preference are available at 98s, declared buyers at 955. Westport Coals at 35i 9d are 3d better than last week, and recent unsupported sellers wanted 35s 9d. Christchurch Gas cum. dividend ot 4 per oent: reached 26s Id—an advanco of Id on highest recorded turnover last week, and more are' on offer at that figure, buyers 7d below. Recorded business in brewery-shares has been confined to New Zealands at 62s 9d, which is on a pa r with highest sales last week, and Staples at 38s 6d, which show in easing or Is. For the later sellers are asking 535, buyers at 525, and for the latter uneuported sellers want 38s 9d. Wards ex dividend of Is per. share have - enquiry at 41s without response. Mannings are sought at 18s 6a, recent sel- • lere at 20s 3d. Wilson's Cements were turned over at 86s, as compared with 35s to 35s 3d last week, and late buyers are quoting 85s Id, sellers asking Sss sd. Milburn I/ime shares sold at 28s and 27s 9d,

and the "rights" ranged from 4s lid to 3s 10d, as against 2s to. 5s last j \IPAAk Leyland O'Brien Timbers changed .hands at. 41s. v ■ In the Miscellaneous sectionj British Tobaccos sold at 52s 9ti, which is on a par with highest recorded turnover last week, and more are wanted at 52s 10d, sellers at 53s 3d; Bums, Philps., changed hands at 41s and 40s 6d, as against/40s 9d last week; Colonial Sugars advanced to sales at £56 10s and , £SB ss, with late enquiry at £56, no declared sellers —last week's business ,was at £55 15s; ; ElectroJytio Zinc preference cum. dividend eased from Business last week from 37s 3d to 37s 6d to sale at 37s 2d, 37s Id, and 375, and more are on offer at 36s 9d, buyers 6d away; the ordinary, which reached 37s lid last week, are also available at 36s 9d, buyers Is lower;, Mason, Struthers fully paids sold at 225, and the 10s paid, at 10s 9d. N.Z. Drugs were placed at 70s 6d, 70s, and 71s, with late unsupported sellers at 71s. N.Z. Guarantee Corporation shares improved to turnover at 10s 4d, and N.Z. Farmers' Fertilisers changed hands at 85s. iln Gold Mining «hares Kawaraus i were dealt in at 3s 9d and 3s lOd, as compared with lost week's prices ranging from 3s 7d to 4s down to 8s lOd: Mt. Lyells were turned over at 28s 6d and 28s 3d, with further buyers at 28s 6d, sellers 2d .higher; Mount Isa had business at 32s 3d, and TVaihis at 17s 3d. BAKAIA STOCK SALE. At the BaVnia stock sale on Thursday the Attendance of fanners was small owing to harvest operations. The entries were 550 fat lambs, 600 rape lambs, and 300 aged breeding ewes. Store lambs met with a ready ■ale, Prime freezing lambs made 25s 9d to 268 od, medium lambs 24s 9d to Si, light Jambs 22s to 245, fat ewes 13s 9d to 17a Id, store lambs 21« to 22s 7d, aged needing ewet 20s. Small pigs brought from »2« to 38f,

GROCERIES. Wholesale merchants report business as good, due to the 25th deliveries. Overtime lia3 been worked in flomo houses, and tho demand ior seasonable goods still continues. 'ihc uroscnt trouble in China lias had the effect of hardening the prices of goods that come from that country. Preserved ginger is very linn, and hoidors will not part except ;it remunerative prices. This line may go up considerably it the present trouble continues. Preserved ginger of fairly good quality is now made in Australia, but as China* is the sourco of the supply o{ raw material, no assistance cr.n be got from tt.o other side. Brazil nuts are being offered at very lew prices, and al present quotations they are "g..oci buying. *At the present prices Brazils are cheaper than any other nut except peanuts. When this fact is realised L.y the public there is bound to be a good demand for Brazils. Canary seed is very firm, and prices quite recently advanced £3 to £4 a ton. Ihosc stores that were fortunate to book to arrive late last month are now in a gocd position as regards price. . Australia reports fairly good business is being done with New Zealand in canned fmit. Sliced peaches appear to be growing in popularity, as considerable quantities have already been ordered. The crop of both apricots and peaches is much below the average in Australia, and should London operate in its usual manner it will not be long before stocks in Australia are at a low ebb. . Advices horn South Africa go to ehow that the apricot crop ihere iB not plentiful, and firm prices arc quoted for all grades. An attempt to get confirmation at a shade under quotations was unsuccessful, and tnis goes to show the firmness of tho market there. It is understood that the same position is ruling in respect to dried pcathea, but these do not sell so freely m Kew Zealand m apricots. _ As mentioned in a. previous issue, oilbleached Thompson's seedless raisins are in short supply in America. Advica has been received that some packers have sold out and thoreioro cannot accept a'y further ° r The'onlv sardine factory in England was burnt recently, and this has caused delay in delivering lir.es that were sold m Christchurch for arrival in December. Advices have now been received that arrangements have been made to ship all orders, and that delivery in Christchurch should be made about tho middle of February. , ?•" L'S'if 1 1~ refining of salt. It was statea some time ago that it took two tons to refine one ton

Advices from Ceylon state that tea has advanced JTa lb since Christmas, and that af the present time there is no appearance paS with the prices «£«*«*£« were to 10 per cent. _____ NEW COMPANIES.

f toS : Omnibus Service m as a private company J«m«L,*J* \ .*__• t\ i 0 Sal- S" £i rt e°ach it clilS'W. Gould 1200, A. T N Goodhart 300. Objects: To carry on tasinesa of garage proprietors, 'motor enMuls, Ud Keg. January 19th, 1927. Office: Office. D Victory, public accountant, 153 *eatner■JU thest /Wellington. Capital;: f25 OM into 20,000 ordinary duties of fil each ana MM management shares of *eack BnV scrihers: Wellington-M. B. Eo» H j M ' mint, E. A. Spurgin, E. F Haydon H. D. Victory W. Ford, B. A. Kashbrook, all -1 rimfSioh. Objects: To carry on the business of weaving, spinning, or manufacturing or dealing in silk, wool, cotton, or other £-ous 'and general incidental.

THE FRUIT MARKET. CHRISTCHURCH. The market.was heavily supplied with ycSuWm tM. week, but the demand was good, and prices throughout were a bit Car than last week* The suppb ot f u. -was not so heavy, and prices Armed consul orably for most lines, A shipment of Fiji bananas is due to arrive in flhn.tohwch on Monday, and should sell at about «n. same prices,** the last shipment. A small shipment of pineapples and passion fruit from Sydney is due about the middle of tho ueek. The last consignment of oranges from California met with a strong demand, and is now finished. There will be no more for three weeks, when it is expected that prices will again be firm. Quotations are as follows: — Apples: Nelson, per case 10s 6d; apples, cooking, per case 6s to 7s 6d; apricots, dessert, per lb Up to 9d; apricots, cooking, per lb 25d to 4»d; grapos, firsts, per lb 2s Id; lemons, 'Frisco, per case 30s; pears, dessert, per lb 3d to Bd; peaches, cooking, per lb 3d; peaches, dessert, per lb sd; plums, cooking, per lb 2d; plums, dessert, per lb up to 9a; Taspberries, per lb Is 4d; strawberries, per lb CWaimate) 6d to fid; tomatoes, dessert, up to Is njd; beans, French, per lb 3d to 4d-'beot, per dozen bundles up to Is; cabbages, per dozen 7s 6d; cauliflowers, por dozen Bs; carrots, per doz Is 6d; cucumbers, hothouse, per lb Sd to 9d; cucumbors, outdoor, per ib 7d to 9d; green peas, per peck Is 8d; lettuce, per dozen 3s 4d; marrows, per dozen 5s 4d; new potatoes, per lb id to |d; onions, local, per sugar bag 5s to 6s; onions, per cwt 10s to 12s; parsnips, per dftzen Is 6d; rhubarb, per dozen Is to 2s 6d; spring onions, per dozen 2s; turnips, per dozen !)d; Rpinach, por dozen'2s; swedes, per sugar bag 2s, DUNEDIN. (special to tes rasas.) DUNEDIN, January 28. Supplies of stone fruit increased towards the end of the week, and prices have eased. Owing to the absence of outs,ide-grown tomatoes, the price for both Christchurch and local hothousa grown has been well maintained. Light supplies ot dessert apples have arrived from Nelson. The market could do with larger quantities. Small quantities of pears have been forwarded from Otago Central. All the lots were quickly placed. Supplies of bananas are about exhausted. The "Waipiata is dne on Sunday with a transhipment ex the Tofua from the South Sea Islands. Oranges are in rather short snpply in wholesale hands. The next shipment is not dne till about the third week in February. There is not much to record in the vegetable market. Householders are now calling on their gardens to a large extent for supplies of vegetables. Current wholesale prices are SB follows:—Apples, Gravenstoin 12s to 14s per case, Beauty of Bath 4d to 6d per lb, Californian navels 40s per double case, lemons, Californian 30s to 35s per double case; bananas, ripe 30s to 35s per double case; raspberries 7s to 8s per bucket; logan- ! berries 7s 6d to 8s; black currants 41d to 6d per lb; red currants Sd per lb; cherries, extra choice blacks lid to Is, Florence Is to Is 2d; gooseberries ljd to 2Jd per lb: red plums 3d to 4d per lb, dark 4d to sd; nectarines 6s to 8s per half case; Christchurch tomatoes lOd to Is, seconds 8d to 9Jd, local hothouse Is Id to Is 3d; cucumbers 7s to 10s per dozen; strawberries IOJd to Is per pottle for small, extra choic3 to Is 6d; pears 8s to 7s 6d per half case; apricots, crates 6d to 7d, cases 4d to 6d per lb; peaches 5s to 6s per half case, crates 4d to 6d per lb; cauliflowers 6s to Ss per sack, choice only, others 3s to 4s; green peas ljd to 2d; white turnips 6d to Is per dozen bunches, swede turnips 2s 6d per dump case; potatoes, new Peninsula 2s 6d to 3s 6d per case of 501b; cabbage, choice 4b to 6s per sack of two dozen, others Is to 3s; spring onions up to 4d per bundle; . lettuce, choice, to 4s per dozen; parsnips I and carrots, new season's Is to Is 6d per dozen bnnches; broad beans Id to ljd per lb; French beans 61d to SJd per lb. BUTTER. (AUSTRALIAN AND N.Z. CABLE ASSOCIATION.) (Deceived January 23th, 7.25 p.m.) LONDON, January 27. The butter market is quiet and all prices are unchanged except Danish, which baa risen to 184s. Cheese is firm. New Zealand coloured bringa from 94s to 955, whit* 93s to 94a. ,

THE TARIFF. AGITATION FOR REVISION. MANUFACTURERS AND FARMERS CONFER.

Consequent on the North C anterbury Executive of the New Zealand painters Union agreeing to llie invitation extended at its latest meeting, by Mr A. W. -Bcav.cn. president of the Canterbury Manufacturers' Association, to meet a sub-committee of the Association to discuss the revision of the Customs tariff of tho Dominion, a confeience between representatives of tlic two bodies was held on lhursdaj. In extending the invitation to the Maimers' Union, Mr Beaven said that farmers and manufacturers v.ero more likely to get what the.v required if tliey were to work conjointly. Thursday's conference was not open to the Press. The following is from a memorandum submitted by the executive of the Manufacturers' Association to the members of the conference:— Object of Kevision. • Judging by the articles and correspondence which 'had appeared in the Tress of the Dominion, the memorandum stated, many people were under the impression that the manufacturers of New Zealand were urging that a liio-h tariff waLl should be erected. Such was not the aim of manufacturers. A number of industries required further protection and they welcomed the opportunity of placing manufacturers' views before representatives of the great primary industries of the Dominion, and of discussing the question in a frank and friend!}manner. . .

The executive of the Association, recognised that the prosperity of the primary industries was vital to New Zealand. It also recognised that under the conditions existing to-day the farmers were having an anxious time and viewed with apprehension any change in the fiscal policy of the country. Briefly the view had been taken that the farmers were forced to accept world parity prices for their products in the markets of the Homeland and compete with the other producing countries, while in New Zealand they were forced to pay high wages and to pay high prices for goods which they required. It was alleged that these high wages and high prices for goods were the result of the protection afforded through the Customs to the manufacturing industries of the Dominion. The executive realised that the products of the primary industries had to meet world competition, but it considered it was rather far-fetched to state that, becairse prices for commodities are high, the Parliament of New Zealand was responsible when it passed the Customs Act Amendment Bill of 1921.

Exportable Values. The exportable values of the primary industries of New Zealand, when the values as between the year 1914 and the month of November, 1926, were compared, showed an appreciation for dairy produce of 22.5 per cent., for meat of 18.8 per cent., for wool 5.9 per cent., for hides, skins, and tallow 60.9 per cent., for miscellaneous, 100 per cent. The appreciation for all groups was 19.5 per cent. On the other hand, the percentages of increase in prices for materials for the farming industries as between the year'l9l4 and the month of November, 1926, was 34.9. The percentage of increase in the average wages paid to agricultural and pastoral industries employees' as between the vear 1914 and the September quarter o*f 1926 was 47.7. Thus the farmers received approximately 20 per cent, more for their products to-day than in the year 1914, but paid approximately 35 per cent, more for the materials they requireed, and paid a little lees than 50 per cent, more m wages. The manufacturers paid oo.S per cent, more for their materials than in the year 1914, and paid 50 to 60 per cent, more in wages.

Not a Highly-Protected' Country. It had been contended that New Zealand was a highly-protected country, but, carefully investigated, the following was the position as disclosed by public publications:—During the year 1925 goods to the value of £52,456,407 wore imported into New Zealand; of this total no less than £24,865,375 worth wcro admitted duty frco, except for the 1 per cent, primage. The percentage of the valuo of goods admitted free to the total value imported was 47.40. In the Year Book for 1927,,-juat published, the Government Statistician stated: "On the average Blightly less than half the imports into New Zealand wore duty free." It waß therefore contended that New Zealand was not a highly protected country. There were very few countries in the world with such a large free list. In tho year 1925 goods to the value of £27,591,032 were dutiable, and the amount collected by the Customs Department was £8,287,288, equal to 15.80 per cent, of the total value, of all imports. The sum of £3,169,778 was accounted for by duties on spirits, alcoholic liquors, tobacco, primage, and depreciated currency duties, leaving a balance of £5,117,510 collected on other dutiable goods. Of metal manufactures, other than machines and machinery, only 6.9 per cent, of the value of importations during the year 1925 was paid in duty. It was the duty collected on these goods which had, according to the critics of the manufacturing industries of the Dominion been the causo of the higher cost of production in our primary industries.

Industries Affected by Revision. The following were the industries affected by the proposed revision of tariff:—Oat products, meat skewers, brushware, glass bevelling and leadlights, gelatine and glue, bentwood chairs, nails one-inch and under, cyclone fences and gates, fire-extinguish-ers and hot-water geysers, boots and shoes, ready-made clothing, woollen mills, engineering and implement-mak-ing. Not one of these industries was asking for a high rate of increase, and each one was prepared to give an undertaking that prices would not be advanced unless the Arbitration Court increased the rates of wages and eosts of raw materials were higher. The prosperity of the tanning industry was dependent on the success of the New Zealand boot and shoe industry. The tanneries of the Dominion utilised during the year 1925, 884,106 hides, pelts, and skins. The value of the output of the two industries was £1,816,863. It was contended that a small additional percentage protection would result in the factories working nearer capacity, and that prices would not be increased, but perhaps lowered, as the output increased. The clothing factories and woollen mills were on a similar footing. The heavy importations had affected these industries. The local woollen mills were keen competitors at the wool salec, and had an important influence on prices for certain classes of wool. '■ It is understood that no decisions were arrived at by the conference, but that the subject matter was freely and fully discussed.

BREAD CHEAPER IN SYDNEY. SYDNEY. Januay 28. Following the reduction in the price of floor, the price of bread has been reduced § farthing for a 81b loaf.

AUCKLAND WOOL SALE. LIMITATION OF CATALOGUE. TROTEST BY BROKERS. [THE PRESS Special Service.] AUCKLAND, January "28. The position created by the refusal of the New Zealand Wool Committee to grant an extension of the limit of 20,U00 bales fixed for the offering at the second wool sale of the season in Auckland was considered by the Auckland Woolbrokers' Association. It was decided that the chairman should write to the committeo in Wellington, pointing out the serious handicap that Auckland growers were under through the long interval that elapsed between the first and the second sales and the small allotment fixed for the second sale. It was also emphasised that Auckland brokers had in store considerably more than 20,000 bales, which was forwarded for disposal at the second sale. In view of the fact that extensions had been granted this season to other selling centres in the North Island compared with the liviiof last season, the Auckland growers held that they were entitled to consideration and would be glad to know the reason why an extension was not granted. It was also stated the Auckland brokers could handle comfortably a total catalogue of 25,000 bales.

CROWN MILLING CO.

APPEAL ALLOWED

(BY CABLE—FRESS ASSOCIATIONS-COPYRIGHT.) (AUSTRALIAN AND N.Z. CABLE ASSOCIATION.)

LONDON, January 27.

The Privy Council allowed, with costs, the Now Zealand appeal of the Crown Milling Company and others versus the King.

[The Crown proceeded against Distributors, Ltd., in connexion with the control of flour. The Court of Appeal gave judgment for the Crown on September 23rd, 1925, a penalty of £SOO being imposed on each of the defendants. Against this decision an appeal was lodged before the Privy Council, the hearing being unusually long. Judgment was reserved last December.]

STOCK EXCHANGE, LTD. ANNUAL MEETING. There was a good at.tendanco of members at the annual meeting of the Christcliurch Stock Exchange, Ltd., which was.held in the Call Room, 128 Oxford terrace, after the morning call yesterday. A statement of accounts for the year ended December 31st, 1926, was presented and adopted. The election of office-bearers for the onsuing year resulted in Mr F. E. Graham being re-elected chairman for the seventeenth time; Mr A. F. Scott was re-elected vice-chairman, and Messrs G. G. Aitken, O. W. B. Anderson, and Warren Fisher were elected to the committee. . In the course of his remarks, the chairman said that everything pointed to a good season for the primary producer—prices for sheep and wool were improving, and the harvest looked like being particularly good if the weather hejld for the next few weeks—and as the towns were to a very great extent dependent on the country, it would augur that business generally would be better this year. He also roferred to the burden of heavy interest charges borne by very many farmers on land bought at much too high prices, and was not too sanguine of a sound financial position until land prices had been stabilised. Speaking of the investing public, the chairman remarked that it was evident that they were turning towards the Stock Exchanges more and more each year. Mr Graham referred to the necessity for protecting the public as far as possible from the travelling salesman in shares, and issued a warning to tho public not to invest without asking the advice of a Stock Exchange member. Such advice the public could always command from brokers free of charge. A list of members was advertised regularly in the local papers. In conclusion, the chairman spoke of tho care taken by the Stock Exchanges before approving new prospectuses and listing companies.

BRITISH INDIA NAVIGATION COMPANY. INCREASE IN CAPITAL. (BT CABLE—PRESS ASSOCIATION—COPYRIGHT.) (AUSTRALIAN AND N.Z. CABLE ASSOCIATION.) (Received January 28th, 7.25 p.m.) LONDON, January 27. Tlio British India Navigation Company has voted to increase its capital to £3,700,000 by the creation of 10,000 5J per cent, cumulative preference shares of £IOO each. The directors later decided to issue the new shares forthwith and also a similar amount authorised in 192-1. WHEAT. N.S.W. CROP. (BT CABLK—PKESB ASSOCIATION—COPYRIGHT.) (AUSTRALIAN AND N.Z CABLE ASSOCIATION.) SYDNEY, January 27. ' A preliminary estimate of tho wheat harvest for the State is 50,223,000 bushels, an average of 15.1 bushels an acre, which is 31 per cent, better than the average for the past 10 seasons, and is an increase of nearly 7,000,000 bushels over the previous harvest. AUSTRALIAN BANK MERGER.

(By CABLI—PBESS ASSOCIATION—COPYRIGHT.) (AUSTRALIAN AHD H.z. CABLE ASSOCIATION) PERTH, January 28. The Western Australian Bank has been absorbed by the Bank of New South Wales. The price is stated to be £1,900,000, representing nearly 55s a share. A meeting of shareholders is being held to ratify the merger. BRISBANE WOOL SALES. (BT CABLE—PEESS ASSOCIATION—COPYRIGHT.) (AUSTKALIAH AND S.Z. CABLE ASSOCIATION.) BRISBANE, January 28. The fourth series of wool sales concluded with no change in the market compared with previous sales, but competition was more restricted, resulting ill heavier withdrawals.

CHRISTCHURCH STOCK EXCHANGE.

YESTERDAY'S TRANSACTIONS. Snles reported:— N.Z. Govt. 4J per cent. Inscribed, 1938, £96 19e; Bums, Philp, 41s; Electro. Zlno. (pref. cum div.), 37e. Sales on 'ChangeN.Z. Govt. 54 per cent. Inscribed, 1933, £101; Union Bank oi \iist. £ls 3a 6d (three parcels); Goldshrougb, Mort, SOs fid; Burns, IHii'.p, 10a 6d. QUOTATIONS.

OTHER EXCHANGES

BORROWING IN NEW YORK.

(PRESS ASSOCIATION TELEGRAMS.) AUCKLAND, January 38. Share market sales:—War Loan, 1930, 4J per cent., £9B; Bank of New Zealand, 695; New Zealand Insurance, 87a 6d; Pukemiro Collieries, GOa; Auckland Gas, 23s 9d; Hud-dait-Parker, 47s 6d; Northern Steam (con.), Gs Id; Auckland Amusement Park, 24s 9d; British • Tobacco, 62s 9d; Colonial Sugar, £56 10s; New Zealand Drug, 70s; Farmers Fertiliser, 84s; Kawarau, 3s 9d.

The New South Wales State Government has followed the example of Queensland and the Commonwealth Governments, and ban raised ?5,000,000 dollars (£5,000,000) in New York, and according to Mr Lang, Premier of New South Wales, the terms obtained were better than those offering in London. This is very doubtful, because in London the State loan would be a trustees security, but is not so in New York, whore it would rank no higher than an ordinary municipal loan. It wrb stated somo time ago that New South Wales was negotiating with American financiers for £10,000,000, but these negotiations, which wore tentative, were terminated, and it was announced that the State would bnr* row in London, It is very probable that underwriters in London insisted upon the fullest .information being given in the prospectus, This could not have suited Mr Lang, for the State accounts for the halfyear disclose a deficit of over a million sterling. He has thug been forced to accept Now York's terms, whatever they may be, for there is no disclosure on that point, and has cut down the amount by half. The New York loan is said to bo required to meet London commitments, but it is not stated whether these commitments are interest on public debt, payment for goods and services, or for the redemption of maturing loans. On July Ist New South Wales must repay about £11,000,000 falling due in London. The loan of £4,000,000 floated in London by New South Wales a few months ngo was a rank failure, the underwriters being left with practically the whole of the amount, and the scrip subsequently sold at a discount of 3 per cent., and early this month the discount was about 1J per cent., a which the underwriters no -doubt took into consideration. The Nevf York loan issued by Now South Wales must carry » sinking fund, for that would be insisted upon by the Washington Treasury, to whom such issues must be submitted for approval. New Zealand will probably go upon the London market in May next, and there is no doubt the Dominion will readily obtain all the money it requires and on reasonable terms. The loan floated in May last year was, as most people know, an extraordinarily great success. The New South Wales loan of 25,000,000 dollars will help to steady the sterling-dollar exchange.

WELLINGTON, January 28. Sales— H por cent. Stock, £9O 10s; Hud-dart-Parker (ord.), 47s Bd. Sales Reported—Union Bank (four parcels), £ls 3s; Bank of Australasia, £l4 t>s. DUNEDIN, January 26. Sales—Milburn Lime (rights) (two parcels), 3s 9tl; Wilson's Cement, 353 od, Sales cent Government Inscribed, 1938, £9G 10s.

RAM FAIR.

HAWKE'S BAY SALES

(PRESS ASSOCIATION TELEQRAM.)

HASTINGS, January 28. The Hawke's Bay ram fair was continued to-day, when the balance of the Romney flock and other breeds were put up for auction. Bidding for Romneys was weak, with poor prices, except for quality, which obtained good Ig A C line of 13 Romney shearlings sold by Hoodley, Son, and Stewart, on account of Mr M. A. McLeod, of Feildjng, to Norman Poison, of Takapau, brought the outstanding prico of 27gns. , There was practically no market for Lincolna, the top price being 3Jgns. Southdowns met with a good demand from the start at very satisfactory figures, ranging to lOJgns, with few passings. Border Leicesters were almost neglected, but a limited entry of Ryelands sold well up to sJgns, whilst a small penning of Oorriodales met with a fair demand at prices up to 7gns.

FROZEN MEAT. Da'gety and Company have received tho following cabled advice from London, dated January 27th:—Frozen lamb: The market is weaker and the demand poor. We quote: Prime crossbred lamb, new season's North Island light IOJd, North Island heavy 9d For Australian lamb the market is weaker and the demand poor. We quote Australian ga.q. crossbred light 7£d. Frozen mutton:' Any change in prices is in favour of buyers. The demand is moderate. We quote prime crossbred mutton, new season's North Island light 6fd, North Island heavy 5Jd. For Australian the market is weak and 'the demand limited. We quote Australian g.a.q. crossbred light 4Jd. Frozen beef: The market is nominal and the demand ml. We nuote nominally New Zealand prime ok beef hinds 4d, fores 3Jd. There are heavy_ supplies of Argentine chilled, for which we quote hinds 4d, fores 2Jd. Pork: The market is very slow. We quote 7}d to BJd, baconers 7d to 7td. DAIRY PRODUCE. The New Zealand Loan and Mercantile A-ency have received the following, cabled its London office-.-Dairy proadvice from ■ s Zealan(J marke £ ig quotations were 172s to 174.). CheV The market is steady and quotaunchanged. (Last quotations were, following cabled advice from London :-But- „• The market is dull, and prices are unhanged 6 We qnote: Danish 180.. New Zealand Dairy Board minimum price, finest 174s fi«? rrade 1725: finest Australian unsalted f/os Sm, sailed IC6. to 170.. Chee.eThe market for New Zealand is quiet. We Sote" New Zealand Dairy Board m.nnnum prices finest white 945, finest coloured 05.. first grade white 935, first grade coloured 9£ The market for Canadian is steady. «« quoteVSpot, whit* 84. to 100., colour** 94s to 100.. - ---

CLEARING SALE. i Messrs W. E. Simes snd Co. held on Tuesday last a furniture auction sale on account Of Mrs A. Lanigan, Hinau street. Riccarton. There was kecf bidding, and very satisfactory prices were obtained. The furniture was very choice, much of it being of a class seldom obtained at auction. Soma of the prices realised were: "Spaeths" piano £BS, electric poker work machine £2 10s, oak occ. table £3 10s, 6 pieces poker work £3 Ss, single wood beds £4 5s and £3, chesterfield £lO, easy chair £4, wardrobo (rimu) £4, Wilton carpet £l3 ss, oak settee and 6 chairs £lO 4s, oak exl. table £6, sideboard (dark oak) £9 10s, antique copper coal box £5 ss, Singer sewing machine £6 10s, antique copper wood box £6 15s. Over 23 lots went under the hammer in the two hours selling by Mr Walter Simes. —7 POULTRY AND EGGS. Large entries of poultry came forward for the market this week, and prices remained about the same as last week. Good quality hens and table chickens met with a keen demand. Following are prices per pair:— Table chickens (light) 4s 6d to 7s, heavy 8s to 14s; hens, light 3s to 4s 6d, heavy 6s to 7s 6d; ducks 5s to 6s 6d; ducklings 7s 6d to 10s; geese 8s to 9s; turkey hens 15s to 255, and gobblers 30s to 455._ The egg market was well supplied this week. Tho Canterbury Co-operative Poultry Producers, Ltd., report that at their auctions this week the fol'owing priceß per dozen were realised :r—First grade hen eggs Is 7d, second grade hen eggs li 6d, and duck eggt Is 7d. Messrs Macfarlane and Co., Ltd., report Stat trad* hen act* n» to 1* 7H » dotes.

CANTERBURY MARKETS

FARMERS' DIFFICULTIES

(BT OUR COUMBSCUL E01T02.) Friday Evening. Two severe rebuffs have been experienced by the farmer this week. One is the totally unexpected ban that is being placed on New Zealand potatoes entering tho Commonwealth, and the other is the Acting-Primo Minister's explanation of the history of tho dumping of Hour and the reasons that prompted him to follow the courso he explained in this morning's paper. A Change of Ground. Last week the Minister offered with a fair amount of confidence, reasons explaining tho difference of £3 a ton i" the cost oi domestic flour in Australia and that of exported flour to .New Zealand. The superficiality of the reasoning was pointed out in this column last Saturday. Tho most that the Minister's reasoning could account for was 10s a ton.

To-day, came an official change or step. Last week it was claimed that there was no proof of dumping. This morning it was stated that, ''l (the Minister) have been fullv alive to this (dumping) difficulty, but I was also bound to see that reasonable supplies of flour for the Dominion's requirements were available in New Zealand up till the time when the new crop would be ready for milling!" In effect the Minister was "fully alive" to the existence of something which ho discredited a week ago, and this week he excuses its existence by urging the plea that he had to provide against a flour shortage. All that tho Ministerial policy has protected is the importation of Australian flour. North Island millers (heavily) and South Island (slightly) have been importing flour at a landed cost of £l6, and selling it at £lB a ton. Yet tho Minister tells us that "no Government could nossibly justify making imports more difficult and more costly while the' New Zealand wheat-grower's crop was not ready." His zeal should have carried him to the point that would have prevented flour importers making a p'ear £2 a ton out of their operations. farmers' market was ruined several years ago by the issue of permits for the over-imi>ortation of wheat, and a similar position appears not improbabta this year in the matter of flour. On both' occasions the Departmental advice seems* to have been far from sound.

Over Importation. "All tho information I have been able to obtain," continues the Minister, "shows that importations of flour have not been made or arrauged for in excess of the country's requirements.'' He speaks with a confidence not confirmed by the conditions. The yield of wheat this year has been set qowu iu various publications at (3i million bushels. On this assumption, the Minister lias in all probability been advised, but the yield will be well over seven million bushels. Even on the official estimate of 222,000 acres, which is believed to be an underestimate, the gross return on a 30- bushel average should be G,G00,000 bushels, but tho yield this year promises to be a record. At 33 bushels to the acre, a return of over 7J million busbelß will be garnered, or within three quarters of a million bushels of a' sufficiency for the year. The Minister's policy will be justified only if the flour (and wheat) importations do.not excoftd this threequarters of a million. If it does not it will bo due more to good hick than to good management.

The Potato Embargo. A really worse rebuff to tbo Canterbury farmer is the decision of the Federal authorities to ban the importation of New Zealand potatoes on account of the prevalenco -of "corky" (or poW" dery) scab. Tlie evidence of Sydney importers last season was emphatic that our potatoes veto freo from tllia disease, and the Victorian agitation for the embargo was 39 obviously tine to economic ratlier than to other causes that it wjts considered the Victorian protection move had "little chance of succeeding. In addition the head of the Fields Division of the New Zealand Agricultural Department was sent over to the Commonwealth last -winter to enquire and report into tl)o position. No report has so far been made public from this officer, and considerable areas were sown 011 the assumption that the Australian outlet would again be available, this assumption being supported by the famine prices prevailing through the spring and summer m the Sydney market. Tha cabled announcement, therefore, notifying the embargo has come as a rude shock to tradets with Sydney as well as to farmers, who now see no prospect of A pay&blo market. They have every reason to feel that the dispatch of an officer to enquire into the position would pave given them some inkling in the developments. There is a little irony in tlva fact that Australia lias sent all the flour and wheat that this country •yrants and just as that has been done and on the eve of our sending potatoes there the embargo is put on. ,in° Government in this case appeals to have been no better advised than m the matter of flour. There are no buyers of potatoes at present under the changed conditions, and the three-quarters of a jiuHion or money that the prosaio tuber was worth to Canterbury growers last season will be far from realised this year.

Prices of Produce. The last week of dry, warm weather has brought crops on with a rush, and reapers are now busy in all parts of Mid and North Canterbury. Threshing has commenced in North Canterbury, and this wheat is being anxiously awaited by mills, at, it i» stated, 6s on trucks. This wheat should be ready for mixing with old wheat for gristing bofore the official estimate of "near the end of February." Oats are quoted at 2s 6d on trucks for Gartons and 2s to 2s 4d for Algerians. The latter figure was paid for a good sample. . Some high-grade perennial ryegrass was bought during tho week at 3s a bushel on trucks, but from 2s Gd to 3s covers the range Italian is worth Is 9d to 2s. ,11 Peas continue in good request, values being from 6s lOd to 7s on trucks.

Quotations. The following are quotations for produce to be paid to farmers, sacks extra, except where otherwise stated: — Wheat —New season's, 5s Cd per bushel on trucks for Tuscan, 5s 9d to 6s for February delivery. Oats—Gartons, 2s 6d per bushel; Algerians, 2s to 2s 4d. Chaff —£3 ss. per ton. Potatoes —£3 per ton. Onions —New season's, ii 10s. Red Clover —8d to B}d per lb. White Clover—Bd per lb. Perennial Ryegrass —2s 6d to 3s per bushel. Partridge Peas—6s lOd. Barley—ss per bushel. Italian Ryegrass—ls 9d to 2s per bushel. Cocksfoot —To 7d per lb. Linseed—£l2 to £l3 per top. Bran —£7 per ton f.o.b. southern ports; 10s extra for smaller packings. Pollard—£lo per tou ftO.b. southern ports; 10s extra for smaller paekings. Flour—Local wholesale price £lB pel ton for 2001b sacks.

Yeeterdav. Last Week Ya, 3t lear. Buyers. Sellers. Buyei :s. Selle; 13. Buyers Sellers. N.Z. GOVT. DEBENTURES4\ per cent. Inscribed, 1938 •• •• 96 7 6 96 10 0 96 7 6 96 12 6 "■" —" •1J per cent. Inscribed, 1939 96 7 6 96 12 6 96 E 0 — — """■ ij per cent. Bonds, 1930 93 0 0 —. 96 10 0 - 4t pev cent. Bonds, 1938 96 10 0 96 15 0 96 10 0 97 0 0 — — ■IJ per cent. Inscribed, 1939 ■■ ■• 96 10 0 — — — 5 per cent. Inscribed, 19-29 98 10 0 99 0 0 98 5 0 90 0 0 98 0 0 — 5 per cent. Bonds, 1927 •, •• 99 0 0 99 12 IS 99 5 0' — 93 0 0 99 0 0 51 per cent. Inscribed, 1933 _ 3 101 5 0 I0O 7 6 101 7 6 99 0 0 99 10 0 5J per cent. Bonds, 1933 101 5 0 101 10 0 101 2 6 101 10 0 99 0 0 100 0 0 OTHER DEBENTUUESNew Brig'bton Borough, 5J per cent., 1955 — 101 0 0 — 7~ Makerua Drainage, 6 per cent., 10-10 N.Z. Breweries, Bonds — 1 14 3 101 0 1 4 0 9 1 4 5 1 4 9 - - Glaxo, GJ por cent., 1915 87 0 0 — BANKSAdelaido Australasia 9 2 6 11 3 0 9 10 14 G 0 6 U 2 6 9 5 14 3 0 6 14 3 0 14 4 0 Couim. of Sydney _ _ (rights) E., S., and A. 12 5 0 8 3 0 8 8 6 8 7 0 a 9 6 - — National of Australasia (£10 paid) •• National of Australasia (£5 paid) ■• National of N.Z. .. New South Wales .. New Zealand 18 10 0 18 7 6 18 11 6 17 9 0 17 12 6 9 0 0 6 18 8 47 0 0 2 19 0 9 7 7 1 47 5 2 19 6 6 0 5 9 5 7 1 47 0 2 19 0 0 0 0 9 9 7 2 47 7 2 19 0 6 6 3 8 15 0 43 15 0 2 16 10 1 15 6 8 16 2 17 1 16 0 0 3 Royal (£1 paid) 1 18 0 7 3 6 15 3 0 10 0 0 20 10 0 2 15 10 2 0 0 7 0 0 Royal OS* P ald > Union of Aust. Victoria (ord.) Victoria- (pref.) Western Australian .. 15 5 10 10 21 0 2 17 0 0 0 0 15 9 0 10 0 0 20 0 0 2 14 3 15 11 10 10 21 0 2 14 0 0 0 6. 14 12 2 14 0 0 14 13 2 15 0 0 INSURANCEMercantile Mutual .. Now Zealand (cum div.) 16 9 1 17 5 1 7 1 17 6 8 1 6 1 17 3 5 1 7 1 17 6 7 - - Queensland South British Standard 2 13 3 2 16 3 2 16 6 2 16 2 17 R 3 2 13 2 16 2 17 0 6 3 2 16 2 18 9 0 2 10 0 — LOAN AND AGENCYDalgety and Co. Go'.dsbrough, Mort .. 15 2 6 2 10 3 15 8 2 10 6 7 15 6 2 10 0 0 15 10 2 10 0 9 15 15 2 7 0 7 16 0 0 2 7 11 Mutual Benefit National Mortgage .. 12 6 0 3 0 0 8 7 6 3 2 6 3 7 6 3 15 6 — N.Z. Loan and Mer91 0 0 93 0 0 cantile (ord. stock) 93 10 0 98 0 0 *"■ "" 1 1 9 N.Z. and River Plata 13 0 — Permanent Investment 10 6 0 10 17 6 SHIPPING-Huddart-Parker ■ - 2 7 0 2 7 6 2 7 1 0 8 3 2 7 9 2 5' 1 0 8 7 2 6 3 Huddart-Panker (pref.) 10 4 ~~ FROZEN MEAT- ' ~ Canterbury (pref.) .. 4 IB 0 4 18 0 — N.Z. Rcfrig. (£1 paid) N.Z. Refrig. (contr.) 0 12 9 0 6 0 0 14 0 6 6 7 0 5 9 0 6 1 - — WOOLLENSKaiapoi (17s paid) — 0 9 9 — —" Kaiapoi (7a paid) OSS ~~ GAS— Ashburton 4 17 0 5 1 0 5 0 0 5 10 0 7 16 0 7 18 6 Chriatehurch (cum div.) 1 5' 6 1 6 1 BREWERIES— Manning New Zealand .. 0 18 6 2 13 0 2 13 1 18 0 9 0 17 2 12 1 18 6 4 0 1 0 2 13 1 19 6 3 6 2 2 2 19 1 19 0 6 9 2 3 3 0 2 0 0 0 6 Staples 2 3 3 2 9 0 3 17 6 Ward 2 10 CEMENTS— Milburn (rights) Wilson's 0 3 3 1 15 1 0 4 1 15 0 5 0 4 6 1 14 10 1 15 0 i 16 4 1 17 0 M1SCELLANEOUSAllied Motors _. 1 5 G — 1 5 6 - - Beath and Co. — 1 13 0 British Tobacco 2 12 10 2 13 3 2 12 65 15 7 0 56 10 0 _ _ Colonial Sugar 56 0 0 Electro. Zinc (ord. cum div.) •• •; 1 15 9 1 16 9 - - i is 6 1 16 0 Electro. Zinc (pref. cum div.) .. . 1 16 3 1 1« 9 - - 1 16 10 1 17 a Glonmore Brick and Tile Henry Jones Co.op. .. 16 0 2 9 0 2 9 9 1 6 2 9 0 8 — - ,- M»son, Struthera (±'1 paid) N.Z. Drug Co. 1 'l '8 1 3 3 11 9 0 1 1 3 10 3 0 1 4 8 12 0 0 S 7 8 1 2 s a 9 9 N.Z. Farmers' Co-op. (6| per cent. Stock, 1930) N.Z. Guarantee Cerpn. 0 10 2 80 0 0 0 10 5 0 10 0 0 10 5 85 0 0 8 0 0 87 0 0 9 0 3 Whitcombo and. Tombs 3 10 9 — 3 10 . 0 Greater Crystal Palace 0 15 0 — 0 15 0 — MININGKawarau. .. Mt. Lyell 0 3 8 18 6 0 3 : 1 8 L0 8 1 8 0 1 8 6 0 6 1 fi 9 9 0 7 1 6 0 'l