FINANCE AND COMMERCE.

Press, Volume LXIII, Issue 18923, 11 February 1927, Page 10

FINANCE AND COMMERCE.

WOOL SALE

FIRM CONCLUSION. KEEN DEMAND FOR COARSE VOOL. Tlio third ( hri.stehurch wool sale, nhicli was commenced in the Caledonian Hail on Wednesday evening, was concluded yesterday, when the remaining three catalogues, comprising 11,000 I tales, the balance of the total catalogue of 20,000, wero offered. Negligible Passings. Tho bri.sk demand of the previous evening was freely maintained, and there was practically a complete clearance. The smallness of tho passings, a matter of fact, constituted what must bo a record. The first catalogue yesterday, comprising 41>oti bales, passed 121, tho next cataloguo of 4G03 bales only five, and tho final cataloguo of 1039 bales 51). In tho whole cataloguo of 20,05'J hales tho total passings were 66!) hales, or under three per cent. The freedom from parsings indicated the buoyancy of the market and the fact tliat valuations generally were exceeded. A.s on tho preceding night nil buying points appeared to be well in tho competition, out a heavy end of ilic wool yesterday went to Bradford representatives. The stronger tono indicated on Wednesday night for certain classes of wools was more apparent yesterday. Super wools showed no advance on tho Tiinaru sale, but the medium ijunlities of halfbred were from a halfpenny to a penny better and all classes of lino and ooarso crossbred lip to a penny. The improved demand for wools under a 48 count was one of tho features of tho sale, and this class rold tetter than at any preceding auction this season. Relatively with fleece prices pieces sold at exception' nlly good figures. Top Tigures. Top figures were .made yesterday morning. Thirteen bales of Surrey Hills (Ashburton) merino mado 22id, top price of tho sale, and 14 bales 21id. Fbur bales of Dalkeith merino sold at 21 Jd. Four bales New Park merino •100 mado 21Jd. Only in one case did halfbrod reach the 20 penco mark, but there were numerous sales at 19Jd to 19|d. The top lot was for the brand 2X over Lees Valley, 11 bales at 20d. The top'lotkof Oretft Vale and; Boujevard made l l9ld. The .'beet Oorriedale figure whs 201 d for four 'bales • Bullock Bill brand. There were several cases of Oorriedale and halfbred pieces reaching lStl and occasionally 181<1 per lb. Lots described In tho catalogue as three-quarter bred reaohed 18jd. Ono comprised 19 bales, brand G over bar, and another of five An occasional lot or two described as crossbred in the catalogues made up to 17d, but apart from tneso thero was quite an amount of crossbred wool ranging up td Md. ' • •-« It may be said that the bulk of merino wools avefeged l -from 18d to lfljd. 'Oorriedale -ana - halfbred ' from 17) d to 19d, tlireequarterbred from , 14} d to 15|d, and crossbred from lljd to 13|d. It, was in every respect a satisfactory sale to vendors. Bang* of Values. Following is a range of values, the prices ruling at the sale held in Christchurch in January being given for comparison:— January February d. d. d. d. MerinoSuper' „♦ 19J,t0 22 191 to 221 .Medium...... 17| to 19J 173 to l»i Inferior ... 143 to 17J 15 to, 171 Cirnedale— Super, ... 19 to 211 18J to 20J - Medium ... 171 to 18J 17J to IS . Inferior ... 16J to 17 16 to 17 Fine Halfbred—- . Super ... 19 to 211 to 20 Medium ... 171 to 18J 17 to 181 Inferior ... 161 to 171 14i to 16} iinm Halfbred— j Super ... 171 to 19 17 to 19 Medium ... 15] to 17' 15! to 16J Inferior ... 14 to 16 13} to 161 Coarse Halfbred—duper ... 16 " to 17 ' is§ to 16} Medium ... 14 to l 5 14}-to 16} Inferior ... 13} to 14 13 to 14 Torbe-quarterbred—-ntaper ..."14} to 17 15J to 18 Medium ...'• 13 to 14} 13} to 16 ■ Inferior ...ll to 12| 11} to 13} Medium Crossbred— '. Super ... • 14} to 16 16 to. 17 "l|«lium ... ,12}' to 14, 13 to 14 Inferior ... 11} to 12} li} to 12} Coarse Crossbred—- ; Super ... 12 to 13} 12} to 14 Medium ...11 to 11} 11} to 12} Inferior ... 10 to 10} 10} to 11 Merino pieces 13 to 17} 14 to 171 Halfbred Pieces— Firsts ... 14} fo 18} lo to 18} -Seconds ... 12 to 14} 12} to 14} Crossbred Firsts ... 10 to 111 101 to 12} jjwoonds ... 7} to 9} 8} to 10 Halfbred ... 8} to lb} 8} to 101 BS£* 6 8i 8 to 8 Good J2} to 15} 12 to 16 810,11 t o<Kl * J I 1 101 8 * to W Low to med sJ,to 8} 6 to 8 ks . , ' ~ to 17 i ~ to 17| Representative Sales. The following were yesterday's representative sues:— | I » i<£?i X ,n Square: ® Glencoe over HP: 8 Ibd p l7 Ai 4 pc ? Gr * a 'Pi»n»: i l 8 &i 6 lbd M»- « |M • I9jd, 15 Ibd 1M ( jbd 161 d, 4 ibd • 1®"/ P°» Trelmo: 5 Jbd I9jd, • JM 18W. Dalkeith: 4 mer 21ld, 13 "ft," JM ieid, 7 pc. 17d live" Ssj : o • 17Id. 5 l.t pea IS|d. Balhndalloch over WD: 6 mer 18ld 19 Jbd 18Jd, 18 |bd 17id, 5 bels 18Jd Q er« bar: 0 Jbd e 18|d, 11 Jbd • 17|d. 5 xbd « 15d, 4 dingy 16Jd. 7 Ist pes 14|d, 7 iM » 19jd, 19 fbd 181 d, 4 Ibd • 17d, 5 *W_l6d, 8 pes ISld, 5 cmt 7Jd. Prince of WalM Feather over G (Longbeach): IS ibdT 191 d. SI |bd e 17R i Jbd ■ ISJd, 14 xbd > 13|d, 5 Jtbd • ISJd, 8 Bom e 14d, Stkfwn 17|d, 11 pes ISJd. 6 bels ISJd Ut. Mttbn: 80 Jbd • 19d, 16 ftd « 17id, 10 Ist-pen 16Jd. 4 bek l<|d. PW: 7 Jbd 19Jd. • |oa • 18|<1. 8 C over New Park: 11 Jbd 19d„:5 Jbd ISJd, 7 JM h ISJd. 4 mer 2Hd. « p« 16d Bonjedward: 7 Jbd 19Jd. 4 Jbd • 19d, 3 |bd « 18|d. 4 pea 16Jd. London Hill : 4 Jbd 19d. 10 Jbd 17} d. 7 Jbd lB)d, • JM ISJd. 4 ibd ISJd, 9 pes IGd. The GstM: 4 Jbd 19d, 7 «bd 18} J. 8 Jbd fa 18d, 4 Ibd 17Jd P*rk Hill: 4 Jbd 19d. WGA: 4'jbd 13Jd, t Jbd 18id, 4 Jbd 16Jd. PalrnSidtu. 8 Jbd 19d, 7 Jbd 17|d. 4 Jbd 17jd. BW ; over Z: 10 Corr 19d, 5 Corr 17Jd. 4 Con 18d. 4 Down 17Jd. Ut Somers: 84 JW-Wld, 85 Jbd 18|d. 14 Jbd 17Jd, 15 Jbd ISld. 11 Jbd w 18|d. 6 2nd w 18d, 90 Jbd h I7}d, G Jbd h 16Jd, 5 Jbd 15Jd. 13 seeks 18d, 14 pes 15|d, 13 bela 14M. 7 Iks Bjd. 11; Jiid crut 13Jd. Greta Tale: !9 Jbd • iMd, 21 Jbd e 19d, 8 pea 16] d, 4 Mia Surrey Hill» over VfZ: 14 mere Slid. Is mere 23Jd, 6 mer bels 14] d. Dalothorjvi: 14 Jbd l»ld, 22 Jhd 18R 8 Jbd ftp. ( ntcka 17id, A po« 15Jd. Keirung.i: 4 •Corr e 19) d, 5 Corr e 18d, 6 pea Did. Brckrnham Hills: 18 jbd o l»ad, 39 Jbd 18Jd, 6 Jbd e 17JJ, 4 pea ISJd. Ml. I.ance: 4}bd 19d. Lottery Downs: 9 Ibd .a 19d, 5 prs 16d. Crystal Brook: 17 Corr e 19) d. Glea Afrle: 26 Corr • 19} d, 11; Cot h 17id, 8 Corr w. 17d. 9 Corr MJd, 4 Corr crut 101 d. Pleasant Peaks: 4.1 We IDJd. 8 2nd Jbd e ISJd. 7 ibd • laid H G conjd.: 6 Jbd e 19gd, 6 Jbd • 17Jd. Taruna (O. T. Evans); 6 Corr

e 193 d, 12 forr » 10d, .15 2nd Corr c 19d, 4 Corr h 18Jd, 8 C'nrr w ISJd, 6 Corr pes 18} d, 1" Corr pes lnjd. 7 bels 15d, 4 Ik' RJd. Mandamus Downs: 5 mer IOJd, 7 Jbd 19d, t) Jbd h 17J.1, 12 Jbd e ISJd, 6 Jbd C 17jd, 8 prs Ifijd. Hawk Hills: 8 Ibd e 19Jd, 14 Jbd c l*Jd, 4 pes 15Jd. Onepiuiga: 5 .Jbd lyjd, 4 Jbd 18Jd. 16 Jbd Hid, 5 cotted IUJd, 7 pes I.VJd. T.O. over .Alford: 13 Jbd e 19d, 4 Jbd w ISJd, 13 Ibd c 143 d, 12 xbd I^Jd, « xbd lljd, 6 prs 16Jd. Ml. Whitnow: lii Jbd l!id. 5 Jbd h lijd, 9 Jbd 17Jd. 13 Jbd 16Jd, 5 jbd lljd. t> prs 151 d. Annandale: ti Jbd IOJd, 13 Jbd lSd, 6 Jbd e 17Jd. 6 Jbd 17d. 5 pes 171 d, 4 pes 14Jd, 4 beis 14d. Bullock Ilill: 4 Corr c 2'Jjd, 12 Corr e mjd. 8 Corr e 18Jd, 4 Corr o ISJd, 4 Corr pes 18d, 7 Corr pes 17jd. 7 Jbd e 19jd, 10 Jbd e lfljd, 11 xbd c 14d, 5 2nd xbd e lljd, 11 pes Korcstdnle: 11 Jbd e 191 d, 10 Jbd e 18Jd, 6 Jbd c 18Jd, 7 Jbd c 173 d. 7 C over Whiterock: 9 Corr e 19Jd, 10 Corr e 19d, 8 Corr c 18Jd, 10 t'orr 18Jd, 4 Corr nks 18Jd, 5 pes 15d. J.X. over Lees Valley: 11 Jbd 20d. 5 Jbd ISJd, 6 Jbd 18Jd, 4 Jbd 17Jd, 4 Jbd h 17Jd, 4 pes ICJd. Mt. Arden: G Corr c J Old, 7 Corr h 18Jd, 13 Corr c ISJd, 0 Corr e 17} d, 9 prs lt>l<'. C in diamond ovcr — : 23 Jbd w JO id. 13 Jbd w 17d, 6 xbd w lljd. 11 pes I'ijd. 6 bels 13Jd. 5 pes 12d. Whiterock Mains: 19 Corr A 19Jd 9 Corr B 18d. 4 Corr C 17d, 8 Corr bels 14Jd. D.U.: lti Jbd o 19Jd. Oversbills: 13 ibd c 19d, 12 Jbd o 18id, 6 Jbd prs 15} d. Glenovis: 8 Jbd 19Jd, 9 Jbd J 8 Jd, 8 pes IGJd. Kilmnrnork: 13 Jbd 19d, 8 Jbd 18Jd. U.K.: 13 Corr A 19Jd. 4 Corr pes 15Jd. F. rev. L.: 14 Jbd 194 d, 5 Jbd 16Jd. M.F. conjd. over Mt. Laurie: 9 Corr o 18K 4 Corr e ISJd, 8 Corr e h 19} d, 4 Corr 18Jd, 6 Corr I) 17Jd, 6 nks and pes 17Jd, 4 bels 143 d. Birch Toppings: 9 Jbd 191(1, 6 Jbd o 183 d, -1 Jbd pes 17d. Culverden Downs, over 3 K.: 14 Corr o 19d, 4 pes 14d C.1.: 4 Ist Jbd 19d. J. O. Cover, Waitnnci: 5 Jbd 18d. 10 Jbd h ISJd, 10 Ist xbd 12d, 9 xbd e lljd, G xbd h 13d. Tfl Npaio: 8 Jbd 173<j, 4 pfs 15d, 21 xbd 12jd, 5 xbd y *-id, 10 .-.bd pes IOJd, 9 lambs 10Jd. OFFICIAL REPORT. At the third wool sale of the season there was an averuge selection of wobls offered, including a fair proportion of back-country clips, carrying dust and hairly heavy in condition. Bidding was active, and well sustained throughout the sale, with keen competition from Continental buyers. The following is the range of prices:

THE AUCKLAND SALE. «• , [THB PBBSS Special Service.] AUCKLAND, February 10. More than the full complement of wool for the second sale of the season in Auckland, which will be held on February 21st and 22nd, has been received at the local stores. The offering has been limited by the Wool Committee in i Wellington to 20,000 bales, and there will be a considerable quantity of wo<fl carried aver to the third sale, which will be held on March 17. h. FERTILISER WAR. [ ADVICE BY MINISTER. (PBBSS ASSOCIATIOH TBLEOBAK.) HAMILTON, February 10. - Speaking at the opening of the Morrinsvillo Dairy Factory, the Hon. Mr Hawken, Minister for Agriculture, referring to the present fertiliser war, st/id the movement which had been responsible for bringing down the cost of fertilisers was the kind which had been in vogue in Denmark for years. It was merely mobilisation of the buying power, which should be addpted extensively bj the farming community. Standardisation with a formidable buying organisation was what was wanted. If they had this combination, the farmers would be able to get their implements and other requirements far cheaper than at present. Both Messrs A. M. Samuel, M.P., and C. E. Macmillau, M.P., spoke lengthily on the fertiliser question, and declared that the farmers had been farmed long enough by tho fertiliser people. Only when they showed the distributors that they were not bluffing and had formed a company of their own, had the price como down 30s a ton. All the Government could get them to do previously was to reduce it by Is 6d a ton. Mr Samuel hoped the whole farming community would co-operate with the Legislature to support them in maintaining the amount of tardv justice which had been meted out to tuem. The forcinc-down of prices was a splendid example of what co-operation could do. It now remained for the farmers to be | loyal in order to retain the advantages gained. MASSEY-HARRIS COMPANY. (BT CABLE —PBKBS ' ASSOCIATION-COrVmOHT.) (AUSTRALIA* ABD «.l CABLI ASSOCIATION) OTTAWA, February 9. News from Toronto states that the Massey-Harris Implement Company b shares jumped 71 to 84J on a report that a United States syndicate had offered 50,000,000 dollars to gain control of the company. Massey-Harris are now building in Australia.

INCREASED WAGES. SHEEPOW NERS' REPRESENTATIVE PROTESTS. [THE PEEBS Special Service.] DI'NEDIX, Fobruary 10. AVlien the mustcrors'. packers', and drovers' dispute came before the Arbitration Court to-day, Mr C'ookson, for the employers, said he was aware that a new award had been made tor the Canterbury district, and he must say that it was a very great disappointment to sheepowners in this district to learn that the Court, notwithstanding tho facts as to the position of the industrv which were placed before it, had awarded a further increase in ws-.ges. ''What I desire to stress most strongly," proceeded Mr Cookson, "is the fact that the economic position of the fanner is not receiving due consideration. Not only lias he to bear tlie direct increased cost of all the labour he employs, but as a consumer of town-made goods ho has all the increases in the cost of their production passed on to him. Tho cost of all farm requirements is now 60 to 100 per cent, above 1911, far in excess of the increase in the values of primary produce It is generally admitted that primary products arc the real basis of the prosperity of the country, but they cannot continue so if tho cost of production is increased, and increased without nny regard to the value of tho output, and this is not determined by tho producer. To attempt to convince tho Court that no increase in wages should be conceded for and Southland was, in view of the Court's Canterbury award, something in the nature of a forlorn hoi>e, but I cannot forbear from making this protest on behalf of the employers I represent." The Court reserved its decision. N.Z. BUTTER. REASON FOR COMPLAINTS IN ENGLAND. [THE PRESS Speelsl Service.) AUCKLAND, February 10. AVriting from Sussex, England, to his father at St. Ileliers Bay, an cx-Auck-land resident states that butter sent to him from Auckland was quite the best lie had tasted since he left homo. Ho could not understand why the New ZeaJand butter he got in tho village' in which ho resided was so poor. "The reason for the difference is well-known to those who nro intimately associated with the conditions of marketing New Zealand butter in Britain," Mr W. Goodfellow, managing director of the New Zealand Co-operativo Dairy Company, Ltd., said to-day. "The man, no doubt, is not getting New Zealand butter at all in his Sussex village. Probably tho village grocer stocks only on 6 or two brands of butter, of which Dimish will be one. The other will bo somewhat vaguely designated colonial, and may bo Australian, South American, or Siberian." Mr Goodfellow added that the general public of Great Britain was very conservative, and had not been educated to the system of buying butter in branded packages. The butter was kept in bulk on the counter, and was cut very expertly into the quantity desired by the custojnor. There was nothing-about it to indicate the country of origin. Efforts were being made to improve existing conditions, and it was hoped the time would come when New Zealand butter would be sold true tr» brand.

NEW INDUSTRY. SCHEME TO MAKE BEET SUGAR. This afternoon the Minister for Industries and Commerce, the Hon. Mr .'McLeod, will be approached by a deputation in regard to the establishment of the sugar beet industry in New Zealand. It is proposed to form a company to carry on this work under a new method which had been discovered by an Italian, de Veechis, whose method has received the endorsement of the leading British authorities, after extensive trials. The British Government has also endorsed the method, which enables a factory to work for the whole of the year instead of for the beet seaton. The location of the factory, if tho proposal is carried ont, will be at kaiapoi. The promoter and organiser is Mr J. R. Tullocb., who has devoted a considerable amount of attention to the matter, having first taken it np some years ago. Included in the deputation will be Mr Henry Wood (flourmiller), Dr. C. Chilton (Rector of Canterbury College and chairman of the Board of Governors of Lincoln College), Dr. F. W. Hilgendorf (Lincoln College), Dr. H. G. Denham (member of the Council of Scientific and Industrial Research), Mr Gamett (instructor in agriculture at tho Technical College), Mr J. S. Hayward, Mr D. G. Sullivan, M.P., Mr A. W. Heaven, Mr J. H. Blackwell, and the Mayor of Kaiapoi, Mr H. Mcintosh. The deputation will meet the Minister at the Chamber of Commerce Hall at 4.30 this afternoon. WOLSELEY MOTORS. PURCHASE BY MORRIS. (ST CABLl—raxss ASSOCIATION—COPYaiGHT.) (ACSTRALUK AlfD *.Z. CABLI ASSOCIATION.) LONDON, Fobruary 9. Mr W. R. Morris, the motor manufacturer, has purchased the Wolseley Motors, Ltd., and will carry on their manufacture distinct from the present factories. Ho states he purchased the business "because it would be a tragedy if one of the leading British motor industries passed into the hands of foreigners." Mr Morris is now one of tho biggest employers in England, having 15,000 men in his service. CALCUTTA TEA SALES. (BY CABLE PRESS ASSOCIATIOH—COPYRIGHT.) (AUSTRALIA!* AKI> H.X. CABLV. ASSOCIATIOH.) (Received February 10th, 9.5 p.m.) CALCUTTA, February 9. At thp tea sales, the offerings were chiefly undesirable and stalky, and rates showed a decline of a half to two annas. The average prices were:—Commonest leaf, 6 annas 6 pies to 7 annas 6 pies; commonest broken leaf, 6 annas to 7 annas, ordinary common Fekoe Souchong, 8 annas to 9 annas; lowest even leaf Pekoe, 8 annas 6 p:os to 9 annas 6 pies.. Special prices were: Broken Orange Pekoe, 11 annas to 20 annas 6 pies; broken Pekoe, 8 annas to 14 annus 3 j.ies; tannings, 8 annas to It annas 6 pics. TALLOW. Messrs. A. H. TurnbuM and Company have received the following cabled advice from London:—At the tallow auctions to-day 900 ca«ks were offered, and 200 sold. Late rates were to 6d less. Dalgety and Company have received the following cabled advice from London: Tallow: At the weekly auction 935 casks of tallow were offered and 23 per cent. sold. Prices are unchanged, except for inferior tallow, for which prices are si*penes per ewt. lower.

CHRISTCHURCH STOCK EXCHANGE. YESTERDAY'S TRANSACTIONS. Sales repoitedX.Z. Govt. J.J p<. r cen f. Inscribed, 1939, £96 10j (two parcels); Western Aust. Bank, 083 6d; Canterbury Frozen Meat ipref.l, 965. Sales on 'Change:—Western Aust. Bank, S?s j'.i ithree parcels): South British Inenr.ince, SCs: Bank of N.Z., GOs; Beath and Co., 31s 9d. LATEST QUOTATIONS.

OTHER EXCHANGES. (FBCBB ASSOCIATE* TIUOUM-) AUCKLAND, February 10. Sharemarket Sales—Auckland Power Board Debentures, £100; Bank ot New Zealand 69s fld; South British Insurance, 565; Auckland (con.). 14s 6d; Alburnta. Ss Bd. WELLINGTON, February 10. Sale* —Bank of New Zealand, 59s 9d; Ward and Co., 435. _ . Sale reported—sl per cent. Stock, 1933, £lOl ss. RAILWAY SHARES COLLAPSE. PANIC ON NEW YORK EXCHANGE (BT CABLE—rBESB AIBOCIATIOK—COPTBIGHT.) (AUSTRALIAN AMD IF.Z CABLB ASBOCIATIO*.) NEW YORK, February 9. The market experienced intense excitement. due to wild speculation in railway shares, which finally underl '.ned the technical position, sharp breaks in these undermining the entire market for Wheeling and Lake Erie, which furnished spectacular leadership on an upward rise. The plunge downward was of even greater violence. After opening at 105, the stock dropped to 66} at noon, which was scarcely more than 60 per cent, on Tuesday's close. Various offerings had been thrown on the market in suoh volume that the turnover expanded at the rate of 3,000,000 shared. The floor of the Exchange presented wild scenes as the stocks receded. Brokers fought around the trading posts, pulling and shoving. The market later steadied somewhat. INVERCARGILL FRUIT MARKET. (special to the press.) INVERCARGILL, February 10. Supplies of (rait have Increased during the past week, and, with the keen demand, all lines are placed practically on arrival. Apricots continue in very short supply, and hiith prices have been secured for any lines offering. Peaches have been more plentiful, and prices are easier, and the same applies to plums. Dessert apples are very scarce, but conkers are now coming forward in small quantities. Pears are scarce. Supplies of tomatoes arc light, and prices continue very firm. Fiji bananas are expected on the market about the 17th. Oranges arc in short supply, all stocks having passed into the retailers' hands. Californian lemons aro available. Current prices for the week are as follows:—Peaches, from 2}d to 8d; apricots, from 6d to 8d; nectarines, to sd; plums, dessert from 3d to sd, cookers from 2Jd to 3d; dessert apples to 4d, cooking apples to 3d; pears, 3d to 4d; Californian lesions (repacks), to 42s 6d; tomatoes, 4d to Is 6d; cauliflowers, to Is 6d a dozen; cabbages, Is to 3z; green peas (poor demand), Id to Sid.

SOUTHLAND MARKETS. (Srr.CIAL ".0 THF. TRESS.> IXVERCARGILL, February IP. Oats—Tho market continues very dull, and practically no business is being dono by Invcrcsrgill merchants for shipment, as the prices offering would entail losses to them. Current values are about 3s 3d (or A grade and 2s 3d for B grade, f.0.b., e.i. It will probably be some time yet beiorc Southland oats are offering, as most of the crops were sown late last year. On the basis of the above values, prices to fnrmcrs would be about 2s 4d to 2s 5d for A grade Gartons, and 3d less for B grade, all 011 trucks at country sidings Wheat—lt is unlikely that any of the new season's wheat will bo available for some time to come, as it is probable that most of these lines will bo into stack before being threshed. This is tho best policy for Southland farmers, as wheat threshed from the stook is apt to sweat and heat in the bags. In tho meantime supplies aro being drawn from Australia and Canterbury to supply the local detiand. Chaff—This market is well supplied, and in the absence of shipping demand at present merchants aro not keen buyers. Only good, bright quality is saleable, and for this values to-day range from £3 10s to £3 los per ton on trucks at country stations. Ryegrass and Italian—These markets aro also extremely dull, and it is difficult to make sales for Shipment cvon at low prices. New season's seed is beginning to make its appearanco on tho market, and samples will probably bo offering freely within tho next week or two. It seems certain that prices will rule at n low level, and if certainly appears that 2s Gd is likely to bo tho extreme outsido value. Potatoes—The only business being dono at present is in early lots for local oensumption. Operations aro taking placo for forward delivery, but prices offering are low, and it seems probablo that the opening price for this product also will bo low this season. WHEAT. (BY CABI.r.-rBESS ASSOCIATION—COPYRIGHT.) (AUSTRALIAN AND N.Z. CABLE ASSOCIATION.) NEW YORK. February 0. Chicago Wheat—May 1401, July 1331 d, September 131 R. AUSTRALIAN MARKETS. (BY CABLE—rBESS ASSOCIATION—COPTRIOHT.) (AUSTBALIA* AUD V.X. CABLE ASSOCIATION.) (Received February 10th, 11.13 p.m.) SYDNEY, February 10. Wheat—Tho quotation is 4s fid a bushel at country stations, equal to 5s ljd ex truck, Sydney. Flour—.{'.2 5s n. ion. Oats—Tnsir.anian Whito Giants, Is 3d a bushel; Algerian, ts. Maize—7» 6d a bushel, rotatoes—Tasmanian, XU to £ls a ton; Victorian, £l4 a ton. Onions—£7 a ton. (Received February 10th, 11.la p.m.) ADELAIDE, February 10. Wheat-growers' lot*, 6s Ojd to 6s Id a bufchel; parcols, 5s 2d. Oats—"2s 4d to 2s 6d a bushel. SYDNEY WOOL SALES. (Received February 10th, 11.15 p.m.) SYDNEY, February 10. At the wool sales, the market closed with animated competition, values being equal to the previous rates of the week. Keen competition continued in evidence for comebacks and croßsbreds. Greasy merino fleeco sold to 39d. HIDES. (Received February 10th, 11.15 p.m.) MELBOURNE, February 10. At the hides markot, competition was fairly general. Medium-weights sold in tho sellers' favour, whilo stouts- and others were firm at late rates. Kips were again easier.

8. <1. Merino, 64/70, 60/64 — 201 221 Extra super Super 19 to 20 Average .. 16J to 18i Inferior .. 15 to 16 Corriedale — 19 to 201 Super Average 17 to 18J , Inferior 15 to 16 J Fine Halfbrcd, 58, 56/8, 56— Extra super — — Super 19 to 20 Averago 15 to 17 Inferior 15 to 17 Medium Halfbred, 50/56, 50— Extra super — — Super 18 to 19 Averago 161 to 17} Inferior 14 to 16 Coarao Halfbred, 48/50 — Extra' super Super •« Average . • 16 to 17J 14} to 15} Inferior •• 13 to 14 Fine. Crossbred, 46/48— Super «■ 141 to 15 , Averago . f Inferior < • «. 13 to 14 11 to 12J Medium Crossbred; 44/46 ; — Super ■»- 121 to 13J t Average 11} to 12 Inferior 101 to 11 Coarse Crossbred, 40/44— Super « 11} to 12 Average •< 10} to 11} Inferior _ .« 10 to 10} Bellies and Pieces— ' ' Merino, good to super 15 to 17} Merino, low to medium 12} to 14} Bellies— 13 to 15 Halfbred, good to supor Halfbred, low to med. 11 to 12J Piecrs-r Halfbred, good to super 151 to 18} Halfbred, low to med. 10 to 15 Bellies and Pieces — I Xbd., good to super .. 11 to 13 1 .Xbd., low to med. .. Crutchings— 8 to 10} 8} to 12} Medium to good .. Inferior and seedy . 6 to 8 Locks — Merino .» 7} to 10} Halfbred >v 7 to 9 Crossbred w 5 to 6

Buyer?. Seller.«. A' a. <1. £ e. d. N.Z. GOVT. DEDENTURES41 per cent. Inscribed, 133S .. 36 7 6 M 10 0 4j per cent. Inscribed, 1939 .. .. 9G 5 o 96 1-2 G 4J per cent. Bonds, 1938 .. 96 10 0 96 17 6 5 per cent. Inscribed, 1927 .. .. 99 o 0 5 per vent. Bonds, 1.9-" 99 0 0 99 10 0 5J pi-r cent. Inscribed, 1927-41 .. 97 n 0 _ 5J per cent. Inscribed, 1D3.1 .. 10(1 17 6 — oj per cent. Bonds, 1933 .. ..101 •> fi 101 5 o 5j per cent. Inscribed, 1036 .. .. 100 12 C 101 2 6 OTHER DEBENTURES— New Brighton Borough, 52 per cent., 1955 .. — 101 0 0 New Plymouth Borough, 5 per cent.. 1033 .. .. — 96 10 0 CliriBtcliurch Drainage, 5J per cent., 193S73 .. .. !>:> 15 0 97 5 0 N.Z. Breweries, In3cr. — 14 9 N.Z. Breweries, Bond, 14 4 119 C'hristchurcli Gas, 5J per cent, 1934 .. 100 0 0 — Booth, Macdonald, 6J per cent., 1932 .. — 75 0 0 BANKSAdelaide .. .. 9 5 0 9 10 0 Anal. Bank of Comm. 1 13 0 — Australasia .. .. 14 10 0 14 13 0 Comm. of Aust. 1 10 9 1 11 0 Comm. of Aust. (rights) 0 9 8 0 10 0 Comm. of Sydney .. 24 15 0 25 5 0 Comm. of Sydney (rights) .. 12 0 0 12 1 0 E., 8., and A. ..8 5 0 8 8 0 National of Australasia (£10 paid) .. 18 0 0 18 10 0 National of Australasia (£5 paid) .. .. 9 0 0 346 National of N.Z. .. 7 1 0 7 2 6 New South Wales (cum div.) .. .. 19 0 0 49 17 6 New Zealand .. 2 19 11 3 0 3 New Zealand (Mortgago Shares) .. 0 119 0 11 11 Rovnl (£1 paid) .. 1 18 6 1 19 3 Royal (£1 paid) 7 10 0 7 12 6 Union of Aust. .. 15 5 0 15 fi 0 Victoria (ord.) .. 9 17 6 — Western Australian — 2 18 5 2 18 6 INSURANCE— Mercantile Mutual ,. 16 3 17 6 National .. .. 3 13 G 3 14 3 New Zealand (ex div.) 1 16 6 1 18 9 Queensland .. .. i 16 6 a 0 0 South British .. 2 15 JO 2 16 3 LOAN AND AGENCYDnlgety and Co. .. 15 5 0 15 15 0 Goldsbrough, Mort .. 2 10 8 2 10 10 Mutual Benefit .. 12 7 6 — National Mortsajo .. 3 1 G 3 5 0 N.Z. Loan and Mercantile (ord. stock) .. 93 10 0 97 10 0 N.Z. Loan and Mercanile (pref. stock) ., 76 0 0 83 . 0 0 N.Z. and River Plato 14 0 — Permanent Investment 10 0 0 10 15 0 SHIPPING— Howard, Smith .. 1 12 0 1 12 4 Huddart-Parkcr .. 2 7 0 2 7 6 Huddart-Parker (pref.) 10 9 116 P. nnd O. Deferred Stock .. .. 261 10 0 268 0 0 Union (pref.) .. 10 0 10 6 FROZEN MEAT— < Canterbury .. .. 7 10 0 8 10 0 Canterbury (pref.) .. 4 15 0 4 17 8 N.Z. Refrig. (£1 paid) fl 13 3 0 14 3 N.Z. Rofrig. (contr.) „ 0 5 U 0 6 2 WOOLLENSKaiapoi (17s paid) .. 0 9 G 0 10 0 Kai&poi (7s paid) .. 0 3 0 0.8 7 Kaiapoi (pre!.) .. 0 14 5 0 15 6 COAL-Westport-Stockton (pref.) — 0 2 0 P1D Christcliurch (ex div.) BREWERIES— Crown M •« Manning .. Monteith'a .. x New Zealand •• Staples .« *. Timaru w ■» Ward - — Queensland «. w CEMENTS— Wilson's .. •• TIMBER— Kauri MISCELLANEOUS— Beath and Co. British Tobacco Burns, Pliilp Colonial Sugar D.I.C. (pref.) * Dunlop Rubber Electro. Zinc. (ord. cum <liv.) Electro. Zine (pref. cum div.) .. •• Glenmore Brick and Tile (cum div.) .. Hume Pipe Mason, Struthera (£1 paid) Mercantile Finance Corporation (5s paid) N.Z. Drug Co. N.Z. Farmers' Fertiliser N.Z. Guarantee Corpn. N.Z. Sugar of Milk Whitcombe and Torabg N.Z. Malay Rubber .. MINING— Blackwater m •» Kawarau m » Mt. Lyell Waihi - '■« Grand Junction — 14 3 15 — 0 16 0 19 9 10 1 1 5 1 a 2 11 0 3 12 1 16 4 1 17 0 14 0 0 17 3 2 0 2 5 1 11 0 — 1 16 0 1 16 16 9 18 1 11 7 1 12 2 13 0 2 13 2 2 0 2 3 57 10 0 60 0 ion — 1 10 6 — 1 16 0 1 16 1 16 10 *, 1 IT 1 8 0 1 13 0 17 0 0 19 113 13 0 4 2 0 4 — 8 9 — 4 10 0 10 8 0 10 _ 1 10 3 11 6 3 13 _ 3 10 0 4 3 0 6 0 8 4 0 3 18 6 18 0 16 0 0 18 ' — 0 3 3 6 4 4 0 5 0 0 7 0 3 3 6 0 9 0 0 0 6 8 9 0 6 0 6 0 6 9 8 0 6