FINANCE AND COMMERCE.

Press, Volume LXIII, Issue 18918, 5 February 1927, Page 12

FINANCE AND COMMERCE.

rfEVIEW of the share MARKET. Jlusiness on the Stock Exchanges during the past week has been active, the tone of the market is good, the better class of investment stocks maintain their popularity and movements in theae for the most part have been in favour of holders. In Government Loans the 4} per cont. stocks duo 1938, which ranged from £9616s to £96 10s last week, have now turned at the latter figure, and lato buyers are quoting £96 6s without rcsponne. That duo l'J39 remains unaltered with recorded turnover at £d6 10s. .No business has been reported in the 5 per cent. Post Office Loan due 1927, for which buyers are offering £99 ss, sollcra asking £99 10s. o'i per cent. Soldiers' Settlement Loan titock due 1933 sold at £lOl 5s and £lOl, as against £lOl last week, and the Bonds at £lOl and £lOl ss, compared with £lOl ss. For the former, buyers are quoting £IOO 17s 6d and for the latter £lOl 2s 6d, with holders of the latter at £lOl 10s. Sellers of Municipal and Company, debentures have been offering steadily throughout the week, but no sales have been reported. N.Z. Breweries 10 per cent. Debentures sold at 24s 4d, as compared with 24s 9d and 24s Cd a fortnight ago. Recorded business in Banking shares hot been well spread, and almost ail those dealt in show an advance in price. Australasias, which ranged from £l4 9s to £l4 6s a week ago, further advanced this week to turnover at £l4 7« 6d with late enquiry at £l4 Bd, sellers at £l4 10s.

Rights to the new issue of Australian Bank of Commerce shares wcro dealt in at 4s 6d. Commercial of Australia shares cum. dividend and rights were placed at 33s 3d, as against last week's figures of 33s 3d and 335. Dividend was payable on 4th instant. The rights were dealt is at 9s sd.

Commercial of Sydney changed Hands at £2B 10s, and the rights, to the new issue of one for every seven shares held, at £ll 15s. English, Scottish, and Australian, which sold at £3 9s a week ago, hare been placed this week at £8 6s 6d, and have further demand at £8 7s 6d, sellera at £8 8s 6d.

National of Australasia fully paid shared were turned over at £lB 7s 6d, an easing of 2s on last week's highest recorded sales and more are available at £lB 8s 6d, buyers 2s below. National of N.Z., which ranged from £7 2s 6d to £7 Is 6d last week. have sinco hnd business at £7 2s and £7 2s 3d, with late demand nt £7 2s, holders at £7 2s 6d.

Now South Wales show a remarkable rise. In theso columns earlier in the week it was announced that this Bank waa absorbing the Western Australian Bank, and the shares which reached £47 2a 6d last week changed hands at Mil fc and" £47 12s 6d this week, with late buyers offering £4B 6s, sellers asking £4B 10s. Western Australians, which moved between 54s 3d and 64s 9d a week ago, Jumped to 67s 6d and ,58s this week. New Zealands, in which last week's transactions were from 69s 4d to 695, hay* this week sold at 69s 6d, 59s 3d, and 59s 4d, with further demand at gw 4d, sellers at 59a 6d. The Long Term Mortgage shares eased Id to lis 9d.

— %***"», £ , l paid, which lad turnover ■* 87* od last week, are now sought at 88s 6d, holders asking 39s 6d. For tm fair/ paids buyers offered £7 6s without response. union Banks have risen from busitows last week, ex dividend, at £ls 3s, and £ Iff 8s 6d to w, £l6 7s, and £ls 6s, and more are wanted at £ls 4s 6d, sellers at £ls 7s. In the Insurance group Nationals remain unaltered with business at 745; New Zealand's cum dividend are fairly ■taady at 37s 0d; Queensland! changed hands st 55s Od; South British at 06s M, 56s 4d, and 60s 3d, show tot easing tendency on Inst week's sales at 56s Bd, and 58a 6d, and Standards eased 3d to turnover at 67s 3d.

■ln the Loan and Agency section Goldaborough, M.orts are wanted at 60s W, sellers 3d highor—last week's sales were at 50s 9d and 50s 6"d« N.Z. and Blver Plates have steady enquiry at 24s but tellers are reticent. Unsupported sellers of National Mortgage shares are offering at 60s. Dalgetys are available at £ls 6s, buyers 3s lower. Shipping Company Shares have not atfeasted muoh business but P. and 0. Deferred Stock, which sold a fortnight ago •t £245 was turned over this week at £205 with late enquiry at £266, holders at £285. Parkers, which were placed at 47s 64 and 47s 3d last week, had further business at the latter figure.

Meat Company shares have been quieter. NJS. Befrigorating partly paids which sold at 6s 3d and 6s 5d last week are now on offer at 6s 4d, with quoted buyers at 6s Id. Tho fully paids were placed at 13s Od and late buyers offered 13s lid, without response. Kaiapol Woollen fully paid ordinary shares changed hands at 9s Od. Westport Coals were available a day or two ago at 35s 6d, which is 3d below last week's business figure, buyers •t 355.

Auckland Gas shares at 23i Bd, and . 83« 9d show little movement —Christehurch, earn dividend, of 4 per cent. payable Bth February, eased from 26s 2d and 26s to turnover this week at 26a 9d, and the market closed with unsupported sellers at 265. Mannings Brewory shares had turnover at 20s. Staples had further business cum dividend of Is per share at 38s fid. Quotations ex the dividend are buyers 375, sellers 38i. New ZeaH&di which sold last week at 52s 9d are now on offer at 52a 6d, declared buyers 51s. Wilsons Cements in which last week's aalea were at 85s and 35s 9d, had several transactions this week at prices ranting from 35s 7d to 80s 6d, with late enquiry at 36s 3d, sellers 3d higher. •

Mllburn Line "rights" which rose to Si ft fortnight ago, and eased to 8b Bd last week, have this week boon dealt in at 3s 10d.

■ Amongst the Miscellaneous stocks, Boras, Philps changed hands at 40s '6d, as against 40a 6d and 41s last week. Dominion Bnbbers at 49s as compared with 49s 8d; Colonial Sugars, which sold'at £SB ss, and £s6s 10s a week ago, hare demand at *57, holders asking £57 15s. Electro Zine preference shares eased from 37s 2d, 87s Id, and 87s last week to transactions at 36s 6d and 36s sd, Mason Struthers fully paids eased 3d, to business at 21s 9d; N.Z. Drags vera placed at 70s, as compared with Tie to 70s, and NJ>. Guarantee Corpn. at lOi 4d, and 10s sd, as against 10s 4d last week. Whiteombe and Toabi have enquiry at 71s 6d stlltM talcing 78a 6d. ?aranaki Oils sold at 0a Cd. Gold Mining snares have not been so aetlrtf Alburnka aold at 3a 8d; Kawaraus at 3s 9d and 8s M compared with 3s lOd and 8s 0d a week ago; Mt Lyells' at 28a 6d axe on a par with Ugliest teeotded aftlea a week ago and "Waihia ftftsed M *• boainesft aft 17a.

GROCERIES. ! Basinets has been quieter this -week than Jut week, but has been better in tho country thin in the town. j Mildura now eeifon currants and sultanas are being booked at an open price, the buyer having tho right to cancel if not satisfied | with the price when it is named Inter. ' Pre/sent stocks of this c!a«s of iruit arc . t-.vo crown only, the three crown bavin? I been all sold. Prices for sago and tapioca to arrive from ; Singapore by the April steamer are now very favourable, and considerable booking has i token place. . . ! Rangoon rice is being quoted for arrival in ' May about £2 10s below Australian price, and considerable busir.e?s is being done. The *teamer Waipia'a overcarried her sugar cargo to Dunedin. She his now returned, and has been discha'cine. , This is the cause- of the delay in :ne delivery of her carro. ' THE FRUIT MARKET. CHRISTCHURCH. An advance in the price of tomatoes was recorded yesterday, best quality lines selling at If Id. Glasshouse tomatoes are nearly finished, and outside-grown arc not yet ready. De««rt apples are selling at a good rrice. 10s to 12s 6d a case. A small lot of cherries brought Is -id alb yesterday. Nectarines sold up to 6d a lb. peaches are cheaper, being ljd to 3d per lb, while apricot* are still commanding good prices. All classes of vegetables'have been in rood supply, ana prices are low. The demand for potatoes is not equal to the supply, and prices have eased slightly. Quotations are:—Apple". Nelson, per case 10s to 13s 6d; apples. Irish peach, per case 22s 6d; apples, cooking per case 5s to 7s; apricot*, dessert per lb up to sd: apricots, cooking, per lb, ljd to 4d; bananas, Fiji, per case 27s 6d; cherries, dessert, per lb up to Is 4d; grapes, firsts, per lb up to Is Bd; grapei, second, per lb Is sd; lemons, 'Frisco, per case np to 80s; nectarines, firtts, per lb up to sd; passions. Sydney, per case np to 16s 6d; pean, dessert, per lb 3d to 4d; peaches, cooking per lb ljd to 21d, dessert per lb 4d; plums, cooking, per lb Id to 2d; plums, destert, per lb 2d to 3d; raspberries, per lb up to Is 3d; strawberries, per lb up to 2s 3d; tomatoes, dessert, per lb up to li 2d; beans, French 3d, runner 3d to 4d; beet, per doren bundles, np to Is; cabbages, per doien up to 9s; cauliflowers, per dozen, no demand, up to 3s 6d; carrots, per dosen up to It 3d; cucumbers, hothouse, per lb 4d to Cd; cucumbers, outdoor, per ease up to 7s; celery, per bundle 4ld; green peas, per peck up to 2s Id; lettuce, per dozen from Is to 3s 2d; marrows, per dozen up to 4s 6d (large), new potatoes, per lb |d, no demand; onions, local, per s.b. 4s to ss; parsnips, per dozen Cd to Is 3d; rhubarb, per dozen up to 3s; spring onions per dozen up to 4s Od; turnips, per dozen 3d to Cd; swedes, per s.b. 2s to 2s 6d. DUNEDIN. [THE PEE3S Special Service.] DUNEDIN*, Fobruary 4. A busy week has been experienced in the fruit market. Fair supplies of stono fruit aro now coming forward, but prices arc high. Gravcnstein apples and Bon Chretien pears aro arriving from Nelson and realise frood prices. Supplies of tomatoes from Christchurch aro increasing, and also outaido-grown from Napier and Nol«on. Prices, however, remain firm, and no drop is oxpectod for nt least a fortnight, when tho Christchurch outside-grown will be coming forward. Supplies of apricots have cased off and prices have firmed. Plums are in good supply, and prices are moderate. Oranges and bananas are scarce, and no further supplies are due for a few weeks. Raspberries are in full supply and prices are easy. The vegetable market is very quiet, and * poor enquiry exists for most varieties. French beans and vegetable marrows havo a good enquiry. Supplies of potatoes have eased off, and prices have firmed a little. NEW COMPANIES. The latest issue, of the "Mercantile Gazette" announces the registration of tho following companies:— Morris Paints, Ltd. Registered as a private company January 25th, 1027. Office: Situate st 621 Colombo street, Ohrlstchurch. Capital: £2OOO, into 2000 shares of £1 each. Sublcribera: H. H. Hinkey 1000, W. O. Morris 1000. Objects: To carry on business of manufacturers, importers, and dealers in paints, oils, pastes, varnishes, and incidental. T. K. Taylor, Ltd. Registered as a private company January 26th, 1027. Office: Situate Little River. Capital: £2OOO, into 2000 shares of £1 each. Subscribers: T. K. Taylor 1997, E. A. Taylor 1, A. A. Wright 1, S. E. S. Taylor 1. Objects: To acquiro and take over business of bakery and general store, now carried on by T. K. Taylor. The undermentioned compony hos increased its capital:— Gibbs Motor Company. Ltd. Capital Increased from £2500 to £IO,OOO by creation of 7600 shares of £1 each. Registered January 26th. LEATHER FROM SHARK SKIN. The development that has been made In footwear in England -and on the Continent, especially in ladies' shoes, has resulted in the use of skins of animals that were not thought of before the war. There are now in general use lizard, small crocodile, and alligator skins. Their chief use is decorative, and atter tanning and dyeing they are employed for uppers or for edgo trimming and inset patterns. Tho latest addition to the list ot nnusual leathers -for tho boot and shoe trade overseas is shark skin. For several years experimental work has been going on in America, and at last it is claimed that good sound leather from shark skin Is a commercial proposition of great promise. METHVEN SALE. The fortnightly stock rale held in the Methven saleyarda on Thursday attraeied quit* a large number of farmers. The offerings were not much larger than the previous sties, although more store sheep were offered. Tho total was 1145, of which 330 wore in the fat peas. The storo sheep consisted prin clpslly of rape lambs, tho demand far which was a keen one, and it is quite evident that with the present amount of feed on hand and what will be available when the harvest is over, many thousands of stores will be required to satisfy the demand. The cattle market was a large one for Methven, and the offerings consisting mostly of young •tuff, brought good prices. In pigs the lalo was considerably smaller than usual, and prices firmed In consequence. A four-horse team was offered on account of Bayficlds' Estate, and sold at satisfactory prices. The usual amount of sundries, eto M was offered and-sold at market rates. The principal sales were:—

Fat Lambs—Forty-five at 35», 39 at 25«, 1 at 255, 49 at 255, ST at 245, 6 at 24i lOd, 18 at 21s lid, 89 at 23s 6d, 14 at 235. 10 at 23s 3d.

Fat Ewes—Fifty at 13s, 10 at 13s 6d. 1 at 14s 4d, 22 at 14s 4d, 9 fat wethers at 25. fid.

Store Sheep—One hundred and seventynine rn.s. lambs at 23s 4d, 222 tn.s. lambs at 21s 3d, 85 m.x. lambs at 18s Id, 96 sound and falling-mouth ewes at 255, 30 soundmonth halfbred wethers at 21s 7d. 35 do. at 21s Bd, 7 store lambs at 20s Id, 37 rape lambs at 23s id.

Cattle—One springing; cow at £9, 1 fat steer £6 16s, 6 18-months-old itecrs at £4 (is, 2 yearling steers at £2s 6<J, 1 heifer at £3. 1 cow and 2 runners for £4 15s> 4 heifers St 13 12s 6d, 6 heifers* at £2 6s, 5 heifers at £1 15s. 2 at £1 13s 6d, 1 fat heifer at £5, 1 ateer £4 10s, 1 do. £3 ITs 6d, 1 do. 14.

Pigs—Seven weaners at 355, 3 at 335, 2 Stores at 455, 2 at 31s.

Bcries—One hay draught mare, 11 years, •t 180 10s, 1 eight-year-old gelding £34 lOi, 1 eleven-year-old mare £32, 1 eight-year-old gelding £23. FROZEN MEAT. Dalgety and Company, Limited, have receired the following cabled advice from London .•■'—Frozen lamb: Any change In prices is in favour of buyers. The demand is limited. We quote prime crossbred lamb, new season's North Island light 101 d, North Island heavy Od; for Australian lamb the market is weak and the demand poor. We quote Australian fa.q. crossbred light 7Jd. Froten mutton: he market is doll, but stocks are light and the demand moderate. We quote prime crossbred mutton, new season's, North Island light 7d, North Island heavy 6d: for Australian the market is very dull. The demand la limited. We quote Australian g.a.q. crossbred light 4}d. Froien beef: The market is nominal, and the demand nil. We quote nominally New Zealand prime ox beef hinds 4d, fore* Sid, chilled beef continues plentiful at low prices. Pork Is unchanged, and quotations are entirely nominal,

"SOMETHING IS AMISS." THE PUZZLED CONSUMER. (BPICUL TO THI PBBSS.) CBy Hartley Withers.) as democratic, it is curious to not.ee the small respect that is paid to the interests of the great lif On all sdes we hear ot sciicnww tS™°k n ins industry more profitable for those coucerned-lor giving capital a f\ir return on the use ot its money and LTaifrard for the risk: that «> run. of getting no return at all, or giwng tL a better chance ot 1 &in &«« for the hard and umnter. otitic labour, so essential to tlie exist c .ccof t»Tcommunity that he produces Sr condition* which in many entries are a blot on our so-called civilisation. All these endeavours arc escellent and the attention winch they are receiving is one of the hopeful signs of a yea* whoso industrial history has been chequered. But though tho.* who discuss them are generally caretul to sav that the interest of the consumer will,*as a matter of course, be carefuli> euarded. this interest .too often comes as an afterthought, instead of recognised as paramount. It is true that in America, where the active and successful co-operation of Labour and Capital have brought mass production to a degree of proficiency which is unknown elsewhere, it is beginning to be perceived that mass production, if it is to succeed m its object must have mass production to work for, and that mass distribution, scientifically organised) is consequently its neeessarv complement. Here we have the first ravs of a light which may mean the dawn of a really benehceni revolution. But in most other countries a "world afraid of production," as an American economist has well described it, still insists on taking hold of the wrong end of the economic stick and forgetting that the object of industry is to provide the community with a growing flood ot goods and" services, at prices which the consuming public will bo able to pay for them. In the meantime the consumer hears that coal, for example, was being produced in England at a price which left nothing for the mineowner and not enough for the miner and yet knows that his own coal bill had risen since pre-war davs out of all proportion to the general rise in the cost of living; the prices that he pays fcr meat are likewise a cause of disgusted bewilderment, especially when he is told that fine British beasts have lately been sold at less than prewar prices involving farmers and graziers in disastrous losses. Something is certainly amiss with the machinery of economic life when such puzzles as theso bewilder the consuming public which is, after all, tho Ixxly on whose prosperity industry and all other enterprises must ultimately depend for the absorption of their products. Government enquiries on tho subject have teen n.s plentiful as blackberries, and generally quite unproductive in practical results. And so tho consumer is left dissatisfied and discontented, and an easy prey to enthusiasts who tell him that the only way to find a remedy is to nationalise the means of production and distribution or to tinker with the monotary machine, so that any consumer who wants to buy shall somehow he provided wth the necessary cash.

Very fow sensble people really believe in quack remedies of. this kind. We saw so much of the beauties of nationalisation during and after the war that many earnest Socialists nro now careful to try to defend their schemes against bureaucratic control, though how nationalisation could be carried out without involving bureaucratic control is a puzzle that would havo defeated the Sphinx; and profuse creations of money, for the easing of a difficult situation, are another device the effects of which have so clearly shown that only those with exceptionally short memories can seriously desiro to restore their operation. Nevertheless, when people are dissatisfied and discontented to a sufficient degree of bitterness, the teachings of experience—even of quite recent experience—are very easily forgotten, and there can be no doubt that an improvement in tho lot of tho average consumer would be a very Important safeguard against the sour temper which makes people inclined to support fancy experiments in a field in which they nre most dangerous. This problem of the cost of living and its effect on the mind of the consumer is much easier to state than to solve, which is doubtless tho reason why it is generally shirked. And so wo go round in a vicious circle, with high cost of living reacting on tho cost of production and vice-versn. European Governments, when tho high cost of living makes underpaid officials restive, aro apt to try to fight it by means of restrictions of exports and usually, in the long run, niako matters worse by theso endeavours. In fact one of the omens in tho European sky that seems to be in favour of the consumer is the stirring of -feeling against official restrictions on trade between nations. The Business Men's Manifesto against trade barriers - has not been without effect and has certainly done something to produce a favourable atmosphere for the Economic I Conference that is to meet in May under the auspices of the League of Nations. If the Governments of the world would stick to their own business (which they do quite badly enough) of providing us with peace and security at homo and abroad, and leave industry .and trade to do theirs without being hampered at every turn bv red tape, perhaps the consumer might begin to see daylight. STOCK ON THE MOVE. DEMAND FOR ROLLING STOCK. "There aro a lot of sheep moving in tho country," said a railway official yesterday, in explanation of a statement that all tho available rolling stock would be booked up by that evening or, at tho latest, by to-night. Wednesday's stock sale at Addmgton is certain to draw heavy entries, and another big consignment of lambs was coming from the West Coast. Already orders had come in for 350 trucks, indicating that the rush would bo as: great ns a week previously. He remarked that when overseas liners came to Lyttelton there would bo long trains of refrigerated waggons moving out from the freezing works. ST. ANDREWS SALE. The fortnightly aalo was held in the St. Andrews saleyards on Thursday. Owing to harvesting operations, the attendance of farmer! ni only fair. The sale dragged a lot, and very few pens realised the price* desired by ton owners. The fat lambs were . not as good u line as at the last sale, and could really only be classed aa forward stores. The bidding for the cattle waa confined to one or two bidders, and sales were very disappointing. Following aro the values:— ~ Fat lambs—l2 at 23s Id, -IS at 2is, 23 at 255, 29 at 235, 33 at 23s 3d, 28 at 245, 34 at 24s Id, 135 at 235; mixed sex lambs, 73 at 19s Bd. Fat wethers—23 at 255. Fat ewes—9 at 13s 4d, 22 at 14s 3d, 39 at 14s lOd, 3 at 13s, 21 at 12s 4d, SO at 13s, 53 at 14s 9d. Cattle—2 dry cows, £2 103, fl 10s; 2 cow«, due May, £3 17s 6d, £3 10s; 1 Jersey bull, £l. Two fat cows were passed in at £5 and £2. Pigs—Weaners: 3 at 20s, 4 at 16s, 1 St IBs. . • One four-year-old cob, broken to seddt* and baroess, paased in at Mi IBs. J

WOOL SALES. GOOD PRICES AT TIMARU. (niau TO THX FUSS.) TIMARU, February 4. The second wool sale of the season to be held in Timaru opened yesterday, in the Theatre Eoyal, when a catalogue of 17,177 bales was offered. A bench of over SO buyers operated, and prices were well maintained. The wool generally camo in in very satisfactory condition, and although clips varied considerably, very little fault could be found with them. Most of the wool was clean, and of good texture, being well-grown, and showing an absence of grease, this being due in a large measure to the plentiful rainfall experienced generally during the last few months. Merino offerings were comparatively light, there being only about 500 bales put forward, but several of these clips were of outstanding merit, one being that of Forest Downs, included in Messrs Dalgety's catalogue. The market generally was on a par with Dunedin prices, remaining substantially tho same all round. Morinos showed an advance of one farthing on the top price at Dunedin, but this was due largely to their superiority, buyers stating that the offerings were as tine as they had seen anywhere this season. The top price for the sale was secured by Messrs Pync, Gould, Guinness, Ltd., in an offering of four bales of Portobello merino, for which 23Jd was received.

The sale opened at 20d for six bales of merino and this price remained until the hundredth lot was offered, when the price advanced to 20} d for four bnles of halfbred super. In the next catalogue merino aged topped the market when six bales of V brand went for 21} d. A little later this price advnnced to 22d for eight bales of Farmlcigh brand, and after this tho limit of 23Jd was reached. The ranuc of prices was as follows:

CHRISTCHURCH SALES. NEXT WEEK'S CATALOGUE. The third Christcliurch wool sale of the season will commence next Wednesday night at 7.30 in the Caledonian Hall, Kilmoro street. The sale will continue next morning, ami should conelude during the afternoon. The catalogue contains a heavier proportion of high country clips than at the preceding auctions, and the gross return per bale, in view of tho firmin E prices for finer wools, should exceed that of the preceding auction. On that occasion, two of the principal catalogues comprising 11.000 odd hales of tho 2(5.000 sulv mitted, returned £2O <ls and £2O 2s per bale respect ively. The following is the order of sale niul the respective catalogues of tho various brokers: — Bales. National Morlgjigo and Agency Co.. Ltd 2023 N.Z. Farmers' Co-op. ... ... -'BIS tt. Motson and Co 2733 Pvnc. Gould, nuinness, Ltd. ... JOofi Dnl"etr and Co.. Ltd.. ... 4653 NZ. Loan and Mercantile Agency Co., Ltd. ... ... 1030 20.052 POTATO EMBARGO. The following telegram was sent to the lion. Mr Downie Stewart, ActingPrime Minister, in reference to the Australian embargo on New Zealand potatoes : '•At a full meeting of members of the North Canterbury Grain Merchants* Association, held this afternoon, it was unanimously agreed that no strongly support you in your protest against the embargo on New Zealand potatoes. The New Zealand Government officers last year were most thorough in their inspection both on farm and port of shipment, and Sydney merchants cxprr-ssrd entire satisfaction with our graded potatoes, therefore at this stage the embargo is most unwarranted. Wo trust you will be successful on behalf of our potato growers in getting the embargo removed. 1 ' WINE CLEARANCES. RESTRICTIONS CAUSE CONCERN. (BT CIBLI—rBBSS A36OCIATIOH—COPTEIOHT.; (AT/STBAIUB A!»D K.Z. CABLK ASSOCIATION.) LONDON, February 3. The Australian wine traders are greatly concerned at the action of the Customs Department in restricting clearances of wine in February, March, and April to tho-quantities cleared during tno corresponding period of W2i> plus S per cent. This is regarded as a precautionary measure in anticipation of an increase in duties m the Budget. Australian importers state that &n increase of 5 per cent, is absolutely inadequate, as the present rate of consumption is at least 100 per cent, in excess of that in 1926. The Emu Australia Wine Company has written to Mr Churchill protesting against the great hardships the restrictions impose on those importing only Australian wines, and asking nun not to restrain the present rapid development of the trad*.

Merino — d. d. Super .. 20} to 231 Average .. 18} to 20 Inferior .. 17} to 18} Fine Halfbred— Super .. 19J to 20* Averngo .. 1S[ to 19} Inferior .. 1(5 to 18 Medium Halfbred — Super .. IS} to 20 Average .. 17 to 18 Inferior .. m to 10} Coarse Halfbred — Super .. 17} to 181 Average .. IS* to 17 Inferior .. 14} to 15* Three-qunrtcrbrcd — Super .. 17} to 10 Average # .. 15} to 17 Inferior , .. 12} to 15 Crossbred — Super .. 15} to 17} Average .. 13} to 15 Inferior .. 10 to 13} Corriedalc — Super .. 18* to 20* Average .. 17} to 18} Inferior .. 16 to 17} Pieces Merino— Good to super .. 16} to 17} Fair to medium .. 11} to 15} Halfbred— Good to super .J 16} to 17} Fair to medium .. 13 to 15} Corriednlo .. 16 to 17* Threequartcr bred .. 10} to 14* Stained to 8} BelliesMerino .. 13} to 14} Halfbred .. 12} to 15} Three-qunrtcrbrcd .. 10* to 11} Necks — Merino to 17} Halfbred to 17} Crutchings— 'First ,.. 8* to 9} Second .. 6} to 8} Locks to 8}