FINANCE AND COMMERCE.

Press, Volume LXIII, Issue 19066, 30 July 1927, Page 12

FINANCE AND COMMERCE.

REVIEW OF THE SHARE

MARKET.

The number of sales recorded on the Metropolitan Exchanges for tho past week show a falling-off as compared with the previous one. The market was dull at the beginning of the week, but business was brisk at the end and there was spirited bidding for a large number of Stocks—Banks, Loan and Agency, and £>hTpx)ing receiving special attention.

Government Loans have been more active at prices above "s (kl easier than those ruling last week. Four and a half per cent. Stock due 1938 changed hands at £96 15s and £DO l-'s (id, as against. £96 17s 6d last week. The Stock due 1939 eased 5s to turnover at £96 15s. Four and a half per cent. Bonds, due 1938, eased Is Od to business- at £96 l-ss. Late sellers are asking £9G 15s lor the Stock and £96 17s 6d for the

Bonds. Five per cent Inscribed 1929 was placed at £9B 17s 6d. The Stock and Bonds due 1927 have enquiry at £99 10s—the figure at which sales were last recorded—sellers 2s od and 10s higher, respectively., , Five and a half per cent. Soldiers Settlement Loan Stock, due 1933, was dealt in at £lOl 5s and £lOl 2s 6d, as compared with £lOl 5s and £lOl /s 6u a fortnight ago. Business m oi per cent. Bonds, duo 1936, at £lOl 7s 6d shows an easing ot 2s 6il on that done last- week. Transactions in New Zealand Breweries 10 per cent. Debentures at •73s 6d 23s 9d, 23s 7d, and 23s 6d show no variation on last week's range from 23.* 6d to 23s 9d. In the Banking section, Australian Bank of Commerce eased to turnover at 33s 6d eum. ; dividend of 4 per cent. Quotations ex dividend are: buyers 31s 6d, sellers 325. . . Australasias had several transactions at £l4 14s, with subsequent buyers at £l4 13s 6d. sellers asking £l4 15s. Commercial of Australia sold at 29s Id as against last week's sales from 29s 6d to 29s 3d. The preference were released at £6 18s 6d and £6 19s, with further demand at £6 18s 9d, sellers at £6 19s. Business in English, Scottish, and Australian "rights" was recorded at 30s and 295, as against 29s last week. National of Australasia fully paids were placed at £1.7 2s 6d, an easing of '3s 6d on reported turnover a fortnight ago. The partly paids, in whichlast recorded business was at £8 lis are now on offer at £8 lis, buyers Is 6d below. National of New Zealand sold at £6 16s 3d and £6 16s, showing a slight easing on last week's sales at £6 16s 6d, and more are available at £6 15s 6d, buyers at £6 14s 6d. New South Wales changed hands at £45 2s 6d, £45, £44 15s, £44 16s, and £44 17s 6d—a further easing on sales last week from £45 8s 6d to £45 2s. New Zealand s show, little movement with recorded transactions at 58s 6d and 58s 9d. The fully-paid Mortgage Snares have improved demand at 26s 3d, sellers asking 3d more—turnover last week was at 265.

IJnion Banks were turned, over cumdividend of. 7s 6d per share at £ls Us and £ls 10s, an easing on sales last week from "£ls 12s 6d to £ls lis 6d. Business ex the dividend was at £ls 3s 6d, and late sellers are offering at £l6 Is 6d, buyers 2s 6d below. In the Insurance group reported have been confined to South British at 56s 6d, as against 57s last week, and more are wanted at 56s 9d, sellers asking 57s 6d. New Zealands, which sold at 39s 6d, 89s sd, and 39s 4d a week ago, are now available at j 40s, buyers Is lower. Dalgety shares changed hands at £l3 14s 6d apd £l3 15s, and the new issue at £8 2s. Goldsbrough Morts sold at 45a. 3d and 45s Id, and more are on offer at the latter figure, buyers 3d below. The "rights" at 8s 9d, 95,. 9s 3d, and 9s 4d show improvement on business last week.at 8s 9d. , ■ .-■ New Zealand Loan and Mercantile ordinary stock was placed at £92, subsequent buyers offering £9l 10s, holders asking £93. Huddart Parkers were turned, over at 47s 9d and 47s IOJd, as compared with business at the former figure last week, and more are wanted at 47s 9d, buyers 3d below. The preference are' in demand at 21s, but holders are reticent. , , ' . P. and O. deferred-stock advanced from turnover at £283 a week ago to sales at £285 and £2BB, with late enquiry at £284, holders at £290. Union Steam preference shares had several transactions at 20s Id, 20s 2d, and 20s 3d, and more are on offer at 20s 3d, buyers 3d away. Northern Steams, fully paid, remain unchanged • at 14s 3d. ' New Zealand Refrigerating, fully paids, sold at 14s 9d, and, following the announcement of dividend of 2i per cent, buyers moved up to 15s, sellers responding at 17s. The partly paids advanced to business at 7s and 7s Id, with further demand "at 6s lid, sellers «t 7s 2d. . , , Bruce Woollen shares changed hands at 10s and 9s 9d. and Kaiapoi ordinary, fully paid, at 10s 6d and 10s Id. ' Taupiri Coals ordinary were dealt in *t 24s 9d, as against 24s 6d and 24s 9d a week ago, and late buyers are offering 24a 9d, sellers asking 6d'more. Stockton preference sold at 2s 9d and

Bs. ' , Auckland Gas contributing shares, cum dividend, had further business at 17s 6d Christchurch were turned over jit 24s Bd,and 24s sd. a placed at 88s, and late sellers are asking 38s 4d, buyers looting 87s, lid _ New Zealands, which sold at 46s a week ago, are now available at 445, declared buyers at 43s Id. . For Wards, cum dividend of Is per share, unsupported sellers want 38s. The market for Cement and Timber Company shares has been dull, and no sales have been reported. « ... , In the Miscellaneous section British Tobaccos eased 3d to business at 52s 6d: Mason, Strutters, 10s paid, were turned over at 10s 8d and 10s 9d; New Zealand Guarantee Corporations remain unchanged, with turnover at 9s: Vmpn Oils were dealt in at 40b 9d, and Whit. combe and Tombs at 70s; , In Gold Mining stocks. Alburnias at 8s 9d and 4s show little variation on last week's sales, Kawaraus remain unaltered with business at Is Id, _ and Waibis changed hands at 20s and 193 6d, as against 18, s 9d to 19s lOd a week ago ..

NEW COMPANIES. The "Mercantile Gazette" records the registration of the following new companies: G Stewart Craig, Ltd. Registered as a •private company. Registered July 2ist, ' 1927. Office, 41 Shortland street, Auckland. Capital, £IOOO into 1000 shares of £1 each. Subscriber: Attckland-0. S.Oraig 999, 750 f.p.u. Ohristchurch—E. W. Reeves 1. Objects: Carry on business of sharebrokers, etc. . . . . A. C. Maysey, Ltd.—Registered as a private company July 22nd„ 1927. Office, 141 Hereford street, Christchurch. Capital, EIOOO into 1000 shares of £1 each. Subscribers: Christchurch—J. Maysey 1, A. C. Maysey 999. Objects: To carry on the business of wool brokers, sheepskins, lambskins, pelts, hides, and all animal by-products, etc.

TALLOW. Messrs A. H. Turnbull and Co. have reeeived the following cabled advice from London, under date July 27th:—"At the tallow auctions to-day 1200 casks were offered, o* Which 640 casks were sold at late rates to 6d lesa/i

GENERAL MERCHANDISE.

GROCERIES.

Wholesale merchants report business as quiet, hut prospects for August look promising. Stocktaking at the end of July has | caused many buyers to reduce stocks. Orders for delivery August have been placed in a number of directions, and given fairly good ■weather next month, should see a revival of better times. , The milk supply -will start in August, and should be well going by September, iins will bring substantial improvements in country store, business, and should enable some stores in the country to get payment of overdue accounts due to them. This state of affairs (overdue accounts) by the public to stores is robro in evidence this winter than for years past. Sicily almonds have made a substantial rise in price, tho latest quotations showing from lid to 'Jd a lb advance. Those stores who were fortunate enough to book contracts to arrive will therefore land stocks about 'Jd a lb below what promises to be the price when new season's stocks land. An advance has also taken place in the price of Brazil nuts due to land about October. Those in the trade who were consulted this week state that they do not look for lower prices for the above lines (nuts) until after Christmas. It seems to be the case every year that prices of nuts advance as Christmas tirao approaches, and decline after that demand is over. Turkish canary seed is now 3s above opening prices, with a firm market. Hawaiian canned pineapples are quoted for new season's delivery, and as prices are lower than last year, it should assist sales. This pine is undoubtedly tho finest flavour of any, but it has in past years commanded such a high prieo as to put it out of tho running for a general grocery lino. Lower prices this year should go a long way toward bigger consumption. Stocks of Chinese peanuts are exhausted in China, and no more orders can be booked, according to information just received here this week. New season's cannot be here till December at the earliest, and there is every prospect of an acute shortage before then. Several small parcels are due to land here about next month or September, and retailers who are in want of supplies should take advantage of these arrivals, for stock to carry over till December arrivals. There is nothing of interest this week to mention concerning the sago, tapioca, or tea market, except that all these markets aro firm and Irite rates are maintained. Merchants are anxiously awaiting the appearance of the Tariff Bill in Parliament, and there is much speculation as to what alterations will be made in grocery lines.

THE FRUIT MARKET.

CHRISTCHURCH.

There was an improvement in the supply of vegetables towards the end.of this ■week, but prices remained on the high side throughout. Cabbages and cauliflowers, es- • pecially, brought high prices, cauliflowers realising up to 23s a dozen, and 20s Gd per sack, and cabbages up to 17s n dozen and 16s 6d per sack. Marrows are now practically finished, and this week they made as high as 27s o dozen for large ones. New season's lettuces are just starting to come to hand. They made up to 5s Gd a dozen this week. Owing to the ,wet weather, there was very little movement in the apple market during the week, but, it anything, the tendency was for firmer prices. Small shipments of Sydney and South Australian fruit rrrived on the market this week and met with a steady demand. A shipment of American fruit is due to reach Christchuroh next week, but it will be a comparatively small one, and therefore prices are expected to be firm. Quotations, are as follows: Apples; Nelson, per ca"se up to 1-s 6d; apples, Delicious, per case 12s Gd; apples, cooking,-per case 7s Gd to 9s; coconuts, per saok 15s; grape fruit, per case 355; lemons, South Australian, per case 255; .lemons 'Frisco, per case 4Us 6d; mandarins, per case 20s; oranges/Sydney, par case 21s; oranges, marmalade, per cjse 10s to l-s, oranges, 'Frisco per case 37s Gd; passions, Sydney, per case 20s; pineapples, Sydney per case, 20s; pears, dessert, per lb up to 33d; tomatoes, dessert per lb up to Is lid; walnuts, per lb lid, beet, per dozen bundles up to Is sd, cabbages, per dozen up to 17s, per sack 16s 6d- cauliflowers, per dozen 23s per sack 20s" el? carrots per dozen Is 2d; cucumbers, hothouse, per lb Is; celery, per bundle lOd kumeras, per lb 2Jd; leek,, per bundle sd: lettuce, per dozen 5s 6d; marrows per dozen large 275; potatoes, per sugar bag 2, onions, local, per sugar bag 2s potatoes, per sack 8s; pumpkins, per lb za, radishes, per dozen .Is 2d; rhubarb per dozen 10s; spring onions, per dozen 2s Id, turnips, per dozen 2s; spinach, per dozen 3s 3d; swedes, per sugar bag 2s.

DUNEDIN.

[THE PRESS Special Service.]

DUNEDIN, July 29. Business has been quiet in the fruit marts during, the week • The P™«ipal demand has been for cooking, apples, Des serts are inclined to firm in price, large highly coloured Delicious being most enquired for. Pears are arriving from Canterbury cool stores. Poorman oranges are in Short supply this season, and prices are firmer A strong demand exists for Island oranges; The last shipment to reach Auckland arrived in bad order and a few cases only were forwarded to this. market. The next shipment is due about August 7th Lemons are in short supply, and prices have firmed considerably. Navels and Californian Valencias have a fair enquiry. Supplies of vegetables have been on the short side. Parsnipß are wanted, and choice cabbages and cauliflowers have a ready sale. Celery, sprouts, and spinach have a fair enquiry. Carrots and swedes are plentiful. I FEILDING STOCK SALE.

(PRESS ASSOCIATION TELEOBAM.)

FEILDING, July 29,

At the Feilding stock sale a fair-sized yarding of fat sheep, including some extra eood ewes, met with keen competition, and sold at advanced prices. There was a very small yarding of store sheep, the majority being' of inferior quality. Bidding was no quite so keen as at last week's sale. Ewes in lamb barely maintained late rates. . Only a couple of pens of decent quality hoggets were forward, and these sold well, but. several pen" of inferior quality » *«f demand. Fat hoggets brought 18s to 28s, fat ewes 20s 3d to 29s 2d, fat maiden ewes and.wethers 26s to 295, fat wethers 31s to 32s 6d, inferior mixed sex hoggets 10s 3d to 16s 2d, inferior wether hoggets 10s to 12s 9d, fair ditto 19s Cd to 19s lOd, small ewe hoggets 15s 3d to 19s 6d, medium ditto 22s 7d, fair ditto 255, inferior small twotooth wethers 19s 10d, forward ditto 26s Id failing-mouth ewes running with faoutndown rams 15s to 25s 6d. A small lot of very good class Komney ewes in lamb to Southdown rams brought 30s. Failingmduth Lincoln ewes in lamb to.Romney rams brought 24s 4d. " ... .., There was a small yarding of fat cattle, for which the demand was not keen. Brime fat bullocks brought £8 to £lO 2s 6d, good fat' cows £5 15s to £6 7s 6d, light fat Hereford heifers £5 lis 6d, medium fat cows £5 ss. A large yarding of dairy cattle of poor quality met with a dragging sale, and prices realised were below late rates.

A FARMERS' BANK. The June auarterly return of the Rural Bank Department of the New South Wales Savings Bank shows that its advances and overdrafts at June 80th last amounted to £10,594,569, compared with £9,339,727 a year earlier. Details are given below:— ■ * June Quarter. 1926. 1927. LIABILITIES— -S £ St °t„L°? S d sued el3 T 5,694,200 5 694,200 Fixed deposits 3,294,618 4,579,491 Cerent account 1,624,825 1,878,961 Balances due *t» on qui other Banks ... 53,653 89,363 Reserve Fund ■... 243,27~ -.»4,*,5< Total .-..£10,910,570 £12,530,443 ASSETS— Cash in hand, at bankers, and at Fixed deposits avail- ___ ... •able at short call 315,000 915,000 Advances a „d over- ? 10594569 Govt securities .. 242,986 294,486

Total . • £11,234,901 £12,784,430 The department started business in 1921 by the issue to the public of nearly £6,000,000 of debentures. It lends exclusively to primary producers, but takes deposits from anyone. '

SUGAR. (BT CABLE—PaI3B ASSOCIATION— COPSBIGHT) (JT7BTRALIAN AMD N.Z. AND BTO CABLE.) (Received ff-uly 29th, 5.80 p.m.) LONDON, July 38. B*gar, granulated, i» quoted at 81s ljd.

POTATO CROP.

MISLEADING RETURNS.

MR D. JONES PROTESTS

[THE PRESS Special Service]

WELLINGTON, July 29

Speaking in the House of Representatives at an early hour this morning, Mr D. Jones complained somewhat bitterly of the misleading statistics published by the Department of Internal Affairs regarding the potato crop in New Zealand. He said he had raised the question twelve mouths ago, but the Department had taken no ac tion. The trouble was that the btatis tical Department had asked the iaimcr to include his table potato Ins seed potato, and Ins pig potato m one return. The return was published last year, and smashed the potato market in 'New Zealand, although lar<'e quantities of potatoes were being shipped to Australia at good prices That caused a serious loss to the JNew Zealand grower last year This year estimates had been sent in of the South Island crop m January and February, but in the meantime there had been a serious drought that knocked that crop to pieces, let two or three weeks ago a misleading and exaggerated statement based upon this estimate was made. In spite of all this, and the protest made, the same kind of return in regard to the three kinds of potatoes was being asked for this year. Thus, the extraordinary position was being allowed to continue.'' Pig potatoes went to the pigs, and never left the farm. They were absolutely of no value, and misleading as far as the returns were concerned. The only thing that mattered so far as the statistics were concerned was the table potatoes. If the return asked for was published, the grower would be again badly smashed by reduced prices. He quoted actual cases, showing heavy drops in yields this year as compared with last year. In the Prebbloton district, where there was some of the best land in Canterbury, the total yield this year on one farm of 100 acres was hut 100 tons, whereas last year it was 12 tqns to the acre. The return asked for by the Statistician would be absolutely misleading, and would give a false position as to the crop in New Zealand, yet it was costing a lot to send out the return forms. He advised the Minister to consign all those returns to the destructor as soon as they arrivqd in' Wellington. Tf the Minister sent out representative men. the actual yields could be ascertained in a week, and the facts issued. He had protested, but nothing had been done. Tf it was not done, he would take means to very strongly ventilate the subject in the- House at some later date.

THE VALUE OF ADVERTISING.

GREATER SUMS THAN EVER INVESTED.

At the annual meeting of George Newnes, Ltd!, held in London last month, the chairman (Sir Frank Newnes) in moving the adoption of the report and balance-sheet, said: "As you will have gathered, the advertising revenue of ■ the company for the year has been very gratifying. It again shows an advance on the previous year. You might think that the vast sums spent by { advertisers in the daily Press would react on weekly periodicals and monthly magazines, but this is not our experience. Greater sums than ever are invested in advertising. I use the word invested deliberately; to sell goods to the fullest extent you must advertise them. Several leading advertising agents have expressed their opinion that advertising is in its infancy, that it will become even a greater force than ©yer in selling goods, and that advertising methods are more scientific and effective to-day than they have ever been in this country. I agree with .them. I have no hesitation in saying that British advertising managers and British advertising service agencies to-day will stand up to the best in any other country, in the designing, attractive description, and display of high-class advertising copy."

PRICE OF COAL.

ROMNEYS AND WOOL.

REEFTON COALS INCREASED. It is understood that mineowners in the Reefton district have decided to increase the wholesale price of Reefton coal by 2s per ton on and after Monday next. The Christchurch coal merchants intend passing on the increase as follows: —Ton lots, 2s additional; ialf-ton lots, Is; quarter-ton lots, 6d; single bags (12 to ton), 3d. The increase has been necessary owing to the facts that there is little, almost no demand for slack, and that nuts do not find a ready sale. As previously reported there will be a similar increase in the wholesale price of Westport and Westport-Stockton coals. The increase in respect of Westport coal came into effect yesterday; the increase in the price of WestportStockton comes into force on Monday. In both cases the increase will be passed on in the same manner as in respect of Reefton coals. The price of Australian (Newcastle) coal has been increased 6d per ton in Australia, but this increase is not being pfissed on by Christchurch coal merchants.

Rumours are current that the price of Kaitangata coal will be reduced and that the net price per bag will be 5s 3d, instead of 5s 9d, the present price.

A DUNEDIN OPINION.

[THE PBBSS Special Service.]

DUNEDIN, July 29.

It is reported from Christchurch that at a meeting of the Canterbury Sheepowners' Union the Boston Wool Trade Association wrote drawing attention to the detrimental effect on wool qualities mown in New Zealand following the indiscriminate use of the Ronmey ram in breeding. ~,,,. . . One of Dunedin s leading experts in sheep-farming, when consulted on the matter said: "This is but an echo of the complaints that Bradford has made. The position is that the Romney ram has advantages of hardiness and ability to withstand wet and cold, as might lie expected when you consider that he originated in the Kentish marshes, but the'breed has the disadvantage that if not carefully bred and culled there is a tendoncv to produce what we know as kemp or'hair in the progeny. These aro known facts and have been the sub--ject of consideration and discussion amongst sheepowners, wool buyers, and others. . "For all that is said against the Romnev he is holding his own, and) there are more sheep in New Zealand with Romney blood than any other breed, and it is pretty safe to say it will be so as long as this generation lasts. The thing to do is to so breed and cull as to eliminate or lessen the Romney disadvantage. Many of us lipid the view that it is better for the man who owns a cold and wet farm to take Id or 2d a lb less for his wool because of kemp in it, than to go in for sheep that would die before they could be shorn. In my opinion, the alleged deterioration in the wool is greatly exaggerated. There is no reason to become panicky or even timid.

AUSTRALIAN MORTGAGES, LTD. Elsewhere in this issue appears an advertisement annoijncing the issue of shares in Australian Mortgages, Ltd., a company recently formed in Sydney with a capital of £1,000,000. . The company, which has already commenced business, deals chiefly in the discounting and financing of second mortgages. A'strong feature of the company is that it has arranged to insure, with a leading Australian insurance company, each transaction against loss from any cause whatever. The capital is divided into 9 per cent. £1 cumulative preference shares, and £1 ordinary shares, the first issue being 200,000 shares. . The directors have announced that a dividend on both ordinary and preference shares will be paid this year. 100,000 shareS have been underwritten by the Organising Brokers, and the directors have taken up 25,000 shares in addition to their share qualifications of 500 each. Prospectuses and application forms may be obtained from D. V. G. Smith, 143 Hereford street, Christchurch.

METALS. ("Abous ") (Received July 29th, 8.15 p.m.) LONDON, July 29. Copper—Spot £55 15s 7sd a ton, forward £55 19s 4Bd. • Lead—Spot £24 2s 6d a ton, forward £24 "Spelter—Spot £29 5s a ton, forward £2B Tin—Spot £289 2s 6d a ton, forward £284 16s 3d. Silver—Standard 25! dan ojj, fine 27 15-16 CL

PETROL PRICES.

INCREASE IN WELLINGTON.

[THE PRESS Special Service.]

WELLINGTON, July 29

From August Ist the price of petrol in Wellington and suburbs will bo increased by' 3d for the first gallon, or part of a gallon. The petrol service proprietors describe it as a slight adjustment of petrol prices rendered necessary (1) Because service proprietors in the suburbs object to having to open up at night for customers who enquire only from a half to a gallon of petrol; (2) there is a great deal of leakage from the petrol tanks causing serious loss; and (3) too much petrol is given to customers when those working; bowser pumps have not time to let the amount of petrol in the bowser, which may be more than the customer requires, fall back to the required level.

DAIRY BOARD'S CHAIRMAN.

RUMOURED APPOINTMENT DENIED.

[THE PKESS Special Service.]

AUCKLAND, July 29

The rumour that Mr W. Grounds, chairman of the Dairy Produce Board, had been appointed New Zealand representative of Messrs A. J. Mills and Company, Ltd., a large British firm of dairy produce importers, has been emphatically and officially denied, both by the- organisation named and by Mr Grounds himself. In a telegram to the "New Zealand Herald/' Mr Grounds said: "No truth whatever in the report. I represent the producers only." Mr W. W. Boker, who has represented Messrs Mills in Auckland for the past twelve years, referred the rumoured appointment to his principals, receiving a cablegram advising that the statement was incorrect, and saying that it would probably be contradicted by Mr Grounds. It is considered that the rumour may have had its genesis in a northern marketing scheme, which Mr Grounds is understood to have been endeavouring to launch. Albeit so late in the year that many factories have already 'made arrangements for the disposal of their 1927-28 produce, Messrs A. J. Mills • and Company, Ltd., have been named as one of the suggested channels of distribution under the proposal, this leading to the assumption that Mr Grounds was to assume the Dominion agency. •

EMPIRE PRODUCTS.

BEST WINDOW DISPLAY

(by cable—press association— coptkight.) (australian and n.z. cabcb associat'oft.

LONDON, July 28

The Army and Navy Stores won the Empire Marketing Board's 100 guinea Silver Cup for the best Empire window display. The display consisted of Australian sultanas, illustrating the complete process and also emphasising \,uat Australia was producing sufficient sultanas and currants for the whole world's Christmas puddings. The Board's reports of Empire Shopping Week reveal the marked growth in Empire buying mentality.

WARD AND CO. Tho forty-sixth annual report and balancesheet of Ward and Co., brewers, states that, acting on authority given by shareholders to the directors at the last annual meeting, £4OOO out of the amount carried forward has this year been credited to the mortgage depreciation reserve, and this account now stands at £II,OOO. The balance to the credit of profit and loss account for the year, after payment of the interim dividend of £SOOO in January last, amounts to £5266 6s, and it is recommended that the payment of a further dividend be made of Is per share, for the half-year ending June 30th, 1927, leaving a balance of £266 6s to be carried forward to next year's accounts. Mr Robert Shand retires from the board by rotation, , and being eligible for election, offers himself accordingly. "Warrants for payment of dividend if approved by the meeting will bo posted to shareholders in due course.

FROZEN MEAT. Dulgely and, Company have received the following cabled advice ham London:— Frozen Lamb—The market is weak and the demand runs principally on ligrnt-weights. Quotations: 2S-361b, Canterbury 9d, North Island BJd; 36-421b, Canterbury Bid, North Island 8d; second quality, Canterbury BJd, North Island Sid; 42-50lb. Canterbury Bd, North Island 7Jd. Frozen Mutton—The market is weak and tho demand limited. Quotations: 48-5611), Canterbury 6d, North Island s|d; 56-641b, Canterbury sd, North Island 4jd; 64-721b, Canterbury 4Jd, North Island 8?; ewes, 4S-641b, Canterbury 4d, North Island 3Jd. Frozen Beef— Quotations: Argentine chilled hinds 6Jd. fores 3d. Pork—Quotations: English pork B*d to 9d, New Zealand baconers, 1204701b 6Jd, 1701b and over 6d.

HEMP. ' The New Zealand Loan aad Mercftntile Agenoy have received the following cabled advice from London:-New Zealand hemp, £3B, J836, £B4 10s.

CHRISTCHUECH STOCK EXCHANGE.

YESTERDAY'S TitAKSACXTONB.

S«kß leported-Oomm. Bwk of Ansfeatta, (pwty. *»»w pwod»); »«** «* N * w " South Wale, «4 1««, «M 1* 645 Bank «J M« Zed**. 86s 9d (tiro P««ete); Mgety and Co., *lB 15b; N.Z. Lom »nd Maicantflo (ord. .took). *»; S*>ckt<m Goal ( rei.), 3s; Whitcombe and Tombi, 70»t Goldsbrough, Mori, 45s Id. Sales on 'Change-B»nk of Australasia, £l4 Mi (tow parcels); Comm. Bank of Aust (pref.), & 18s Da l ***? «> d <*>•. **» G°*dsbrough. Mort (ns**)' * 4d; Union Steam (pref.). 20. Id flow parcels); N.X. Behig. (10- P«id, cm divA, 7., 7s Id, 7a (two parcels); Kaiapoi Woollen* (17s ptifl). 10s Id; Stockton Goal (pref.), 2e 9d; ChristchuTch Gas, ate 6d; Mason', Struthers GO* Paid). 10s 9d.

QUOTATIONS.

Yesterday. Last W«*. Last Year. Buyers. Sellers. Buyers. Sellers. Buyers. Sellers. NZ. GOVT. DEBENTTJHESii ner cent. Inscribed, _ 5 1938 and 1939 •• 98 7696 15 0 - - - 44 iS ° ent ".. B ° Dd9 .' ** 0 " "»'»0« 97 5 0 - 4J cent. Bonds, g „„„„*« _ 96 17 6 4i per Bonds, ? 6 „ g _ 5 ner cent. Inscribed, 1 927 .. .. 99 10 09912 6 99 7 6 5 IneCrib€d .' 9515 0 - 98126 - 9800 - B per cent. Bonds, «j n n 1927 ..... 99 10 0 100 0 0 fii t>er cent. Inscribed, * 1927-41 .... 98 0 0 - - - - * percent. Inscribed, fl 0 2fl _ _ _•99 15 0 Bi *, cent. Bonds, ioiio _ _ _ R% »er cent. Bond 3, * 1936 .. ~101 7 6 - 101 '7 6 - - • OTHER DEBENTURES— Ashburton Electric, 55 _ per cent., 1932 .. 99 0 0 North Canterbury Hospital, 5J per cent., .«,«.«. _ 1932 .. .. 98 0 0 99 10 '0 - - Hamilton Borough, 4 i „ _ „ - . ««* _ per cent., 1947 ..84008700 South Cant. Electric Power, 5i per cent., 1945 .. 100 0 0 100 10 0 N.Z. Breweries. Bonds 136 138 18 7 189 186 157 BANKSAdelaido .. .. 810 0 - - - 819 0 91 0 Aust. Bank of Comm. 11161130 Australasia .. .. 14 13 61415 0 M 14014 17 6 14 2014 6 0 Comm. of Aust. ..189190 1 810 1 9 2 Comm. of Aust. (pref.) 618 9 639 0 - 619 6 - ~ Comrn. of Sydney .. 25 7626 12 6 26 5035 15 0 - 26 17 6 E., S., and A. .. 7160 82 0 715 0 - 8108 3 6 National of Australasia „« . „ (£lO paid) .. 17 2617 6 0 17 4017 6 6 18 0018 4 0 National of Australasia •„«„„,„„ (£5 paid) .. .. 89 6 811 0 810 6 812 0 - - National of N.Z. .. 614 6 615 6 615 0 «16 6 New South Wales .. 44 10 04417 6 45 0045 4 0 44 10 045 0 0 New South Wales (new, fully paid) .. New Zealand .. .. 218 5 218 8 218 4 218 9' - - New Zealand (Mortgage Sharos, £1 paid) .. 16 $ 16 6 163 New Zealand (Mortgage Shares, 10s paid) ..0168— Queensland National.. Union of Auet. .. 14 19 0 16 1 6 15 9 0 16 11 6 - - INSURANCENational .. .. 817 0 816 9 »1* 9 8» 0 - 42 0 Mercantile Mutual (cum div.) .. ..178186 New Zealand (cum div.) 119 0 200 119 8 1 » 9 ;? ,9 » 2 * ° South British .. 2:« 9 217 6 215 6 - 219 0 80 9 LOAN AND AGENOT— Daleetry and Co. .. 18 14 01317 0 18 9018 18 0 Dalgety and Co. (new) 810840 7180880 - Goldsbrough, Mort .. 24 10 251 246 260 285289 Goldsbrough, Mort rights) .. ..090004 0890 » 4 National Mortgage ..380860 356 N.Z, Loan and Mercantile (ord. etock) .. 91 10 093 0 6 91009500 N.Z. Loan and Mercantile (pref. etock) .. 78 0 0 N.Z. and River Plate 1" 6• 8 Permanent Investment 916 0 10 76 916 0 SHIPPINGHoward, Smith .. 110 21 10 9 110 01110 Huddart-Parker ..279 280 279 288 240 260 Huddart-Parker (pref.) 110— P. and O. Deferred Stock .. ..2840029000 2840029000 239 0, 0 234 00 Union (pref.) „. 100 108 102 106 1.02 1 Q 6 FROZEN MEAT— , Canterbury ,„, 710 0 8 8 « 8 7-6 9 0 0 10 0 0 Canterbury (pref.) '.* 416 0 Gear .. ..1140— N.Z. Refrig. (£1 paid, cum div.)... 015 0 017 • N.Z. Refrig. (contr. cum div.) .. .. 0 611 07 8' 061062 Wellington .-. WOOLLENS— Kaiapoi (17s paid) „ 010 0 010 8 : Kaiapoi (7s paid) <+ 02 11 08 8 05 11 0J 8 02 0 04 0 Kaiapoi -(pref:) .. 0 16 7 0 15 0 COAL— Tauipiri (ord.) ... 149153, - Westport .. „ 118 8 118 4 IIS 0 118 6 114 0 115 6 Stockton (ord.) .. 01801 10 014 Stockton (pref.) .. Hikurangi (Ist pref.) ..056070 , —. Hikurangi (2nd pref.) ... GAS- . . Ashburte-n .. „ 614 6 516 0 Auckland .. ..129189 Christchurch ... ..14 4 148 142 Timaru .. BREWERIES— Crown .. .. 012 6 016 0 012 6 Manning .. ~ 019 6 019 » 019 3 019 9 New Zealand .. ..281240 240260 215 6 216 6 Staples .- 117 11 116 4 117 9 118 3 118 6 119 3 Ward (cum div.) 1 18 0 White Star ... 10012 0 100116 CEMENTS— . Wilsons .* M 114 6 TIMBER— ■■''•■ Kauri .. ... 120140 138 140 MISCELLANEOUSBeath and Co. .. X .12 3 112 8 British Tobacco .. 211 8 212 3 212 6 218 0 210 6 211 8 Burns, Phils ~ 117 6 118 9 vColonial Sugar .. 52 17 6 58 6 0 52 10 0 53 5 0 Dominion Rubber .. 110 0200 Electro. Zinc (ord. cum div.) . .. 11l 9 112 6 Electro. Zinc (pref. cum div.) .. 11111 112 6 112 1 112 5 Henry Jones Co-op. .. 115 3 116 9 Holden's Motors .. Holden's Motors (new) Hume Pipe .. 015 0 1 0 * Mason, Struthers (£1 paid) ..126160 126180 Mason, Struthers (14s paid) ... 015 0 015 .8 014 11 016 8 016 0 —» ■ Mason. Struthers (10s paid) .. 010 8 010 11 010 S 010 9 011 0 N.Z. Drug Co. ... 3 8 0 N.Z. Drug Co. (new) 880850 N.Z. Farmers' Co-op. ("A" pref.) .. N.Z. Farmers' Co-op. ' (6| per cent. Stock, 1930) .. .. "78 0 0 80 0 0 N.Z. Guarantee Corpn. 0811 092 0811 N.Z. Paper Milla ..0 15 60 16 6 —> _ _ N.Z. Sugar of Milk .. 150 Victoria Nyanza Sugar (cum div.) .. 2119 Whitcombe and Tombs 8903 10 0 ■ MININGAlburnia .. ». 0 810 0 $lO _ _ Kawarau ~ .. 2 Lyell ~ ~.171180 177188 154168 Waihi •• -.0194100 0 19 6100 _ _ Grand Junction ~ 015 0 110 018

OTHER EXCHANGES.

POULTRY AND EGGS.

(PBKSS ASSOCIATION TBLEOHAM3.) AUCKLAND, July 29. Sliaremarket Bales—New Zealand Government War Loan, 1936, 6J per cent., i! 101 10s; New Zealand Inscribed Stock, 1930, 51 per cent., £99; Bank of New Zealand, B Preference (10s paid), 16s 6d, 16a 7d; New Zealand Loan and Mercantile, £92; Tauinri Coal, 25e; Waihi. 19s 6d, 19s 7<L aa p WELLINGTON, July 29. Sales reported—New Zealand Breweries' 10 per cent, bonds, 23s 7d; National Insurance, 77s ' DTJNEDIN, July 29. Sales —South British, 575; New Zealand Insurance, 37s 6d. Sales reported—Auckland Amusement Park ford ), 10s 9&; New Zealand Refrigerating (paid), 15s (two sales).

On account of the approach, of Grand National week, fairly large entries of poultry came forward for the market this week. However, the supply was not equal to the demand and high prices ,ruled. Following ar prices per pair:—Table chickens, light 6s to 8s 6d, heavy 9s to 18s; hens, light 6s to 7s, heavy 7s to 10s; ducks, 7s to 10s; geese, 8s to 10s; turkey gobblers, 35s to 425; turkey hens, 16s to-255. The market was heavily supplied with eggs this week. The supply exceeded the demand and another fall in prices was recorded. The Canterbury Co-op. Poultry Producers, Ltd. quote the following prices per dozen:—First grade hen eggs Is lid, second grade is 9d, duck eggs Is lid. Messrs Macfarlane and Co., Ltd. quote the following prices per dozen:—First grade' Hen eggs 2s Id, eeoond gncfo la 9d to Is lOd, duck eggs 2s.

CLEARING SALES. Lohrey and Co. report having held a «uc.r>f„i clearing sale at Radcliffe road on account of Mr J. B. Bennett. TheVoperty, comprising 4| acres, and dwell- ■ 1«( five rooms, was purchased by Mr Tvson for £BOO. The stock realised J °f B f« c tory prices, including.—Aged geldings B , a ,n «• farm dray frame £7 2s 6d; spring f lO, £ h Is 6d. £3 10s; dray saddles £2 15s, drays £6 7s oa, 8Q MaM mnla £1 17B lr' 111- stack hay £2 7s 6d; set grassmower *"» fI J ringl * p i on gh £2; tine U T tn r£4 7s 6d; Cambridge roller £11; cultivator ** no , & £3 5 vheel . horse trees £1 8| Uneg f fnrnitnre b , arr rT ft lised quite satisfactory prices. also reaUjeu qu»» attendance of the There /J£ chrtslshurch Tramway Bosrd'i public a ' l h n gß l S on Thursday, after***.. Jt^vfrf•«£ otoni w.. di.po.e4 of.

DAIRY PRODUCE. (Reoeived July 29th. 5.80 p.m.) LONDON. July 28. Butter is firmer but trading is small owing to the holidays. New Zealand, 160s to 1625; Australian, 168s to 160s; Daman, 1635. Cheese—New Zealand is quiet at 925.

The following cabled advice from London has been received by Dalgety and Co.:— Butter—The market is steady but quiet. We quote: Banish. 166s to 160s, finest New Zealand salted 156s to 160s, finest Australian ucealted 1625, salted 166s to 160s. Cheese—The market is steady but quiet. We quote: New Zealand white and. coloured 30s to 02s, Canadian spot white and oolotmd Ml to 82s, Canadian oif. 995.

CANTERBURY MARKETS

POTATOES IMPROVE SLIGHTLY.

C*T COS COKWBBOUX. IDITOB.)

Friday Evening.

Yesterday the potato market showed a shade of firming, and to-day it was more pronounced. It had sagged to a low point on Monday and Tuesday, when' July deliveries were sold nt £4 10b f.0.b., s.i. Yesterday the market improved 2s 6d, and a similar advance took place to-day. Whereas £4 17s 6d was the ruling rate several days ago for late August, £5 was the basis of today's business, with Septembers at £5 2a 6d to £5 ss. The healthiest sign in the market is the much freer Auckland enquiry, although the price offered is not attractive. Another point is thatconsigned tubers have been selling ex wharf at Auckland at up to £6 17s tid a ton, from 15s to 20s ahead of the Lytteltdn parity. This indicates that Auckland had not many stocks on hand. The market has been so sensitive since the official estimate of yiolds was published, and the buying element so limited, that it would be risky to assume that the absolute turn of the tide has arrived. However, there is a considerable amount of feeling that rock bottom has been passed. Potatoes have been going into consumption steadily at the low prices prevailing, and both Auckland and Wellington are showing increased interest. As a matter of fact, Wellington has purchased Dakotas at £6 f.0.b.,' s.i.

Future Supplies. The Tasmanian importation to Auckland comprised 420 tons instead of the earlier-mentioned quantity of 300 tons. The tubers arrived in good order and sold on a parity with New Zealand potatoes. The speculation, however, must have cost the operators anything up to 15s a ton, and, as the Sydney market has firmed by 20s a ton this last few weeks, the probabilities are against the business being repeated. With the rigid conditions that have been imposed Tasmanian merchants will ask for an extra margin when quoting. It is interesting to note that Victorian growers are agitating themselves about the importation of Tasmanian seed potatoes affected with disease. Not a great deal of notice need be taken of Victorian demonstrations of this nature, but if there should be anything in the report of disease the New Zealand regulations were framed at an opportune time. The Wingatui was due to sail last night with 8000 sacks for tlwrnorth. The Waipiata, direct from Timaru, with 4500 sacks, has arrived in Auckland on a bare market. The Katoa is due to sail on Monday or Tuesday, so a fortnight's Auckland supply would seem to be in sight with the Katoa s Auckland advices are to the effect that the wet weather there has washed out early potato crops at Pukekohe and retarded the sowing of others. This is expected to cause a more extended season for southern tubers.

Whoat and Offals. The wheat market is slower, millers, in view of the reduced prices of ottals, not operating to much extent. Prices, however, are unchanged. Any.wheat still in farmers' hands is firmly held, and on the threshing returns there must still.be considerable quantities in the country. , Pollard and bran have been reduced in price, and are now selling at unusually low figures—i.e., £6 15s tor pollard, and £6\for bran, with an extra 10s a ton in eacli case for smaller packing. It is a long time since'offals were down to these prices, and Nortn Islandr dairymen should reap .some benefit. The cut in the prices isdw to Australian competition: The , M sJ: bourne papers quote £7 10s and £7 for pollard and bran respectively, delivered in suburbs," and the cableu quotations appearing in the New Zealand papers" repeat these prices. Strangely enough, quotations to New Zealand merchants are £5 10s and £4 15s respectively, a reduction, of £2 and £2 5s a ton! Australia has had a big harvest, and apparently an oversupply of offals, which it is intended to reduce by export to New Zealand if at all possible. However, such obvious "dumping" ?ives a line as to what was taking place with flour exported to the Dominion before the anti-dumping regulations came into force. Fowl wheat continues firm at 6s od, f.o.b.

Oats and Chaff. These markets are very dull. B Gartons are quoted at 8s to 8s Old, f.0.b., s.i., and A's at 3s 3Jd, The business with Australia has / petered out in the meantime. A few fair-sized consignments of white oats have gone over> apparently for milling. m AugusirSeptember chaff is offering a* £5 5s a ton. The northern enquiry is negligible. ~ >.' Seeds. The present is the worst year for.a. long time in the seed trade. As a! rule there is always one product attracting notice, and business in one Une clears the way for speculation in others. This season, however, everything is lifeless. Thanks to the New Zealand oricketers being at Home, we are enabled to learn out here that the English summer is very wet, and as the seed crops "are now nearing maturity, the conditions may have an effect on the yields, with a resultant demand for supplies from this country. However, there '"s no indication from Home merchants that a scarcity is anticipated, that is, as far as the absence of enquiries provide an indication. No doubt, however, offers from here keep the Home trade well informed as to the availability of supplies here. There is an excellent sample of cowgrass this season, and it is worth about lid a lb for machine-dressed, or 8d on trucks. White clover has nofi been a heavy crop, but it is even "deader" than red. and dressed seed cannot command more than 12d a lb.

This season's perennial machinedressed ryegrass is quoted at 4s to 4s 3d, or 2s 6d to 2s 9d S bushel on trucks. Italian is mentioned at 3s for machine-dressed or Is 9d oh trucks.

Quotations. The following are quotations for produce, to be paid to farmers, sacks extra, except where otherwise stated: Wheat—6s Id per bushel on trucks for Tuscan and 6s 4d for Hunters.

Oats—Gartens, 2s 8d a bushel for A's; 2s 5d for B's; Algerians, 2s 6d to 2s 7d. Chaff—£3 12s 6d. Potatoes—£3 10s. Anions—£3 per ton. Cowgrass—Bd to 9a per lb. White Clover—7Jd to Bd. Perennial Byegrass—2s 9d per bushel. Italian Ryegrass—ls 9d per bushel. Partridge Peas —8s 6d per bushel. Cocksfoot—sd to 6d per lb. Linseed—£l3 5s per ton. Bran—£6 per ton, f.0.b., southern ports; 10s extra for smaller packings. Pollard—£6 1* per ton f.o.b. southem ports; 10s flttra for smaller packings.

Flour—Local wholesale price, £l7 10s per ton for 2001b sacks; for shipment, £l7 freight paid to main New Zealand ports.

bvnml

standstill, but tubus mora' fatly, and £4 (or Dalcot* red and white'oloT6*Bd w3lßf§GH'

gb

tTHB Wheat—Although ported to be firm in are not operating port is current that in the price ot AnatriliMiiaMjEEß drop take place, responding drp 1Q land manufaatand' will affect the pTta|<<|tf3nHH| meantime I-cultry feeders sorb practically milling wheat. wheat is 6s 3d per store. Millers than 6s per can, with chaff and Velvet, : tho coming being a fairly The wet weather inr operations in Oats—The continues. and in Australia aaiiiii3|MfiWM| extent and mark time. The Remand year by the taking place in the demand for for some time present keen There are- practicsUnMHHnH| growers, and the I are held by 2s 6d on trucks. mMmM 2a 2d. • Is l(tf to per ,V||Sh&M^H creaßing dam and. The lay outting in prices. round about trttck. asked far per ton,' sa«k8 :: In the ehiPßiat MMpBB[HBB| is quiet. 128 6d, fehanta are prices prevent Potatoes—The; though northern glaaß|iMjßWMß dropped ihwt drop in wioas'l'liiiHßlWßH^B bury to this' £4 10s per ton, This price >* extra, ex not keen to about ments coming store awaiting a Qi(B|Mg^nßHß Beed»—lt * year tar » spring sowing. later this yeir, pected at the is no oveiseu London states ti*l£®Hs»HH^H waiting to being crops. So to/ enough *Q pmdi on lish seed

SHARES. (Revived July nth, B.M pjaJ _. liONDON, Jlflr »• . P. ,«*d 9. DotoMd e*pek *r <&** *.. J3BB lw. *

And wffflfßHßßiß^BF

N.Z. WOOL.

DOMINION SALES SCHEME.

AN OTAGO SUGGESTION,

[TBS PBESS Special Service.]

WELLINGTON, July 29.

The executive of the Otago branch of the New Zealand Farmers' Union submitted a lengthy report to th< Dominion Conference on that body \ ""--j, giving suggestions for the better disposal of wool in New Zealand. "The time appears to have arrived," stated the report, "now that fully 1)7 per icent. of our clips are offered and sold in New Zealand, to consider the matter of local sales, as their position has changed from that occupied by ihem when they were subsidiary to London, and when it was a question for serious consideration whether growers could do better by speculating on the outturn of the London sales months ahead. In those days the quantity submitted in New Zealand amounted to 30 to 60 per cent, of the total, hence the wool selling arrangements then in vogue weto.adequate. The position to-day seems to show that new ideas and changed methods are necessary if Colonial -sales with their advantages to' growers (control of. selling, early realisation, simplification of finance, etc.) are to be maintnined and improved." The Otago Union's reasons for separating the North and South Island for wool selling are summarised as follows: "The bulk of the New Zealand clip is bow offered in Now Zealand, say 500,000 bales, compared with about 300,000 13 or 14 years ago. Carrying on the same system now as was in vogue then means the expenditure throughout New Zealand of hundreds of thousands in stores •which are to a large extent useless after the wool season.. Therefore the wool las to stand higher charges to provide interest, depreciation, insurance, rents, taxes, and upkeep on these extra premises. Therefore, they are economically wrong when a change of system is cheaper and more efficient. "At present catalogues are too huge to be handled properly by buyers and brokers. Finance iB distributed by huge drafts and payments. This could be avoided by splitting the Islands and having two rosters at which smaller sales at reasonable intervals were held to enable better financial arrangements for the banks, both here and in England, instead of tying up funds in a few huge transactions. Shipping could be .better: regulated and perhaps in time cheaper freights would be possible in that each ship would get a reasonably full • ~o - 1 - " nce instead of in spasms as at present. Overtime labour as the result of the present rushes eats up money and- increases costs. "Wools shut out from the present listed sales have, to wait too long for the next series., There are, therefore, extra financial risks .to growers and financiers, as well as extra interest costs to those who have borrowed against their clips. The v bulk of buyers now have assistants to cope with the work and both valuers are worked to death, causing bad work. Those buyers who have not assistants can surely operate through commission buyers, who do nothing else but fill orders given them by manufacturers and others. The new system of binning, reclassing in store, and grouping requires proper -time arid space to be adequately carried out. The new* move to have three bale lots made star lots necessitates more room and time.

"If the Islands were apart, with separate rosters, other centres such as Gisbome and Oamaru, could comfortably be included, the movements of wool into and out of stores could be better regulated, and sales could be held in each selling centre every three weeks or month, and allow 'decent breathing space between sales. Arrangements can easily be made for no sale in either Island to clash. The breathing space •would give buyers, brokers, and grow--1 era time to adjust idea's, resulting in fairer prices, To-day, one grower- gets too much and another too little, both of which lead to suspicion and trouble. Office work for buyers and brokers would be simplified and errors reduced. Though the attendance on the benches in the saleroom would be reduced, the •actual.numbers of buyers would not be materially affected. As the North .Island clip consists of principally wools 48's downwards, and the l»ulk of the -South Island 42' a upwards there is not much chance of clashing." The report was referred to the variolous branches of the New Zealand Union for consideration.

.WELLINGTON CITY LOAN.

(fbess association tklzq&au.) WELLINGTON, July 29. The Oily Council has decided to raise » loan of £290,800, nearly all for tho paving of streets and footpaths. It is also considering a loan of £150,000 for tramway plant and extensions.

COMMONWEALTH BANK.

REPORTED EXTENSION TO NEW

YORK.

frMXBAKAW AND *•*• <*«* ASSOCttTIO*.) (Beceived July 29th, 8.15 p.m.) NEW YORK, July 28. ! Reports are-current that" the Common- • wealth Baik is preparing to opon an agency in New York owing to the con- " traction of loan facilities in London. " Borne bankers feel that Australia can expect the United States to enter the 'local market to the extent of 100,000,000 dollars within the next year or two.

CANNED BUTTER TRADE.

The Australian butter trade with the Eaßt is in important item. This butter wae packed in tins of artistic and attractive designs. In times gone by, tbe beat quality butter waa not packed in tins for export, but • Australian merchants realised that there was av valuable trade to be captured in the East for this product, and they concentrated on exporting only the highest quality procurable. At present, states Mr T. Paterson, Fe"ftral • Minister for.Markets, only choicest quality • butter ie being packed in Australia for the . East, and the same strict supervision over , the grading and examination of butter intended for exportation to Great Britain is carried out in regard to butter !ot the Eaat. Although Denmark, Holland, United States of America, and other countries are •- competing for this trade, 'Australia commanded approximately 95 per cent, of the trainees. Mr Paterson adds that for the j>Mt three years Australia's exports of buttci to Java were approximately 2300 tons yer , annum, and merchants who had recently returned stated that the' Australian butter ' keiife Supplied was tfvirig entire wtiktactions acd that no complaints either as regards packing or quality were known.

MOUNT MORGAN MINE.

DECISION TO SHUT DOWN.

(BT CABUS—PBESS ASSOCIATION— COPSBIGHtI. (ATSTBAUAH AND H-Z- CABLE ASSOCIATION.) (Received July 29th, 8.10 p.m.)

MELBOURNE, July 29,

An extraordinary general meeting of shareholders of the Mount Morgan Gold Mining Company, Limited, who hold £1,000,000 of shares, decided that the Mount Morgan Gold and Copper Mine be shut down permanently, all assets to be sold and the company wound up. The meeting was convened to consider the future of the company, particularly in view of the position arising out of adverse reports of the American mining experts, who had advised against the practicability of winning the remaining ore reserves by open-cut methods. In a long speech reviewing the difficulties of conducting operations in the recent years, the chairman, Mr Niall, said that he felt certain that every Australian shared the view of the directors that it was a national industrial disaster to be compelled to abandon the mines with 8,000,000 tons of known ore and £15.000,000 to £16,000,000 worth of metals. Mr Niall said that it had not been possible to recoup the costs of mining and treatment from metal values in ores while the value of copper in the world's markets had been persistently low. It had been beyond the company's capacity to effect any corresponding reduction in costß at Mount Morgan. The fact had to be faced that mining and labour conditions were such that the recovery of £15,000,000 worth of ore remaining in the mine was no longer possible on an economic basis and only for the company's investments the mine would long since have gone out of existence.

N.Z. BREWERIES.

LATEST BALANCE-SHEET,

ANNUAL RESULTS COMPARED.

New Zealand Breweries', Ltd., have just issued their annual report and balance-sheet and statement of accounts, but, as in the past, copies are exceedingly scarce (says the Auckland "Star"). A few have been printed for private circulation, but the directors apparently consider jt inadvisable that the public should become acquainted with its details, and even the shareholders do not receive a copy.' So far as they are concerned, or at any rate the very large proportion who cannot attend the annual meeting in Wellington, they must needs be satisfied with the brief statement issued to the Press after the meeting, the knowledge that their interests are being carefully watched by a particularly capable board of directors, and, what is by no means the least important, the receipt of an annual ten per cent, dividend* - Even were the balance-sheet and statement sent to all shareholders it does not follow that their knowledge of the company's affairs would be substantially increased, for this document is almost as noteworthy for the facts which are not disclosed as for those.that are.However, the following com•pariaons will be of interest:—

Liabilities as at March 31st. 1925. ' 1926. 1927. » £ £ £ Capital- .. 500,000 500,000 500,000 Debenture stk. 1,000,000 1,000,000 1,000,000 Sundry creditors (including provision for taxation) ■ .'. 197,914 255,760 259,069 Reserve fund . 25,000 75,000 125,000 Assets as at March 31st. v .' 1925. 1926. 1927. Land and buildings. .... 559,500 566,000 540,000 Machinery and plant .. 238,844 225,685 200,442 Stocks .. 178,899 197,487. 195,630 Advances against barley & hops 15,438 12,502 9,800 Office furniture and fittings 2,395 1,825 1,000 Investments 76,500 202,500 312,425 Sundry debtors 197,641 183,340 179,720 Goodwill .. 500,000 500,000 500,000 Cash in bank 40,623 43,888 38,892

Profit and Loss Account. The profit" and loss Account is a model of brevity.. The' whole of the multifarious happenings Which come within the scope of the company's operations are conveniently summarised under two headings as follows: Profit after payment of debenture interest, allowing costs of manufacture, cost of management at head office and branches, rates, taxes, and insurances, general incidental expenses, and depreciation of buildings, machinery and plant, etc., and after allowing reserve for'income, land and debenture taxes, £588,504, less beer duty paid, £491,132. No detail as to receipts and expenditure are provided. The following table shows the trading results in recent years:— 1925. 1926. 1927. Gross profits .. 604,674 603,429 588,504 Beer duty .. 501,453 493,889 491,181 Net profit .. 103,220 109,540 97,372 Dividend .. ■ 50,000 50,000 50,000 Paid to reserve 25,000 50,000 50,000 Carried forward 11,926 21,467 18,839

From the above it will be Been that profits were lower last year than in 1924-25, or 1925-26, but whether as the result of lessened turnover or increased expenses cannot be learned. At the annual meeting, the chairman of directors, Mr A. S. Bankart, deemed it sufficient to remark "that the past: year had been one of considerable difficulty owing to the strike in Britain and unemployment in New Zealand."

However, despite this drawback, the company has been able to pay first the 10 per cent, free of income tax, which is due ou its £1,000,000 worth of debentures,, and, secondly, the 10 per cent, expected by ordinary shareholders. In addition, £50,000 is added to reserves, leaving £18,839 to be carried forward, the latter figure being £2500 less than was brought in at the beginning of the year. The investing public has not- been satisfied that this annual payment of 10 per cent., with the additions that have been made to reserves really represents the earning capacity of the company,' and their optimism is reflected in the high market value of the shares, which even at their lowest level yield less to the purchaser than a gilt-edged security. In the absence of details they draw their own conclusions; which may or may not be justified. . , Certainly the latest balance-sheet leaves room for reflection. The first three items in the table of assets show a reduction of £53,000, and how much of this was necessary only the company's officials can tell. The small item of office furniture and fittings may be the straw indicating which way the wind blows. Standing at £2395 two.years ago, the item has been lowered to £IOOO. it may be presumed that the directors have not been reduced to the necessity of selling the company's furniture and—the only alternative—* writing down for depreciation, which leaves these essentials as of no value after five years' use must be considered unusual. Investments are increasing rapidly, and these, with the reserve, total £437,425, and make an effective set-off to.the items of goodwill, £500,000, which still disfigures the balanceSummarising the position, it may confidently suggested that the earnings of the company have been conservatively stated in the profit and loss account, but at the same time the facts do hot warrant the high level at which the shares have been quoted on the Stock Exchange. So long as a goodwi'l « £500,000 remains on the balance-sheet it is not likely that shareholders will receiveeither bonus shares or any substantial ado> tion to the present dividend rate. Moreover, the potential menace of the triennial licensing poll must inevitably lower the value of the shares as a sound and permanent security. _ . The Market Bate.

The market rate of the shares and debentures at this date in thiß and recent years has been as follow: 1925. 1926. 1927. £ a. d. £ s. d. £ s. d. Share* .. 20 0 2 16 0 2 5 0 Debentures 13 0 15 8 1 .8 6

CANADIAN NEWSPRINT.

Continued expansion in production from Canadian newsprint mills over the corresponding period of 1926 is shown by the bulletin of the Newsprint Service Bureau for the month of March, output for the period at 174,094 tons showing a gain of 21,21* tons over that for March of last year. As a consequence production from • Canadian mills for' the first three months of the current year, amounting to 487,804 tons, was higher by 58,360 tons than the output for the corresponding three months of 1926. In the. United -States production of newsprint, on the other hand, continued to decline, being down 12,169 tons for the month at iaa 731 tons: while output for the three tons below the total for tbe corresponding period of .1926.

BANK OF ENGLAND RETURNS.

(BT CABLB—PBBBB ASSOCIATION—COFTBIGHT.) (AvsnuLUir un> k.s. and sum cable.) LONDON, July 28. The following are the Bank of England returns for the week ended Wednesday:— Issue Department. SL Note circulation .. .. "™SB.OOO Notes in reserve .. .. 32,014,000 Total • .. •• 169,972,000 Government debt .. .. 11,015,000 Other securities .. .. 8,730,000 Gold coin and bullion .. 150,222,000 Total . . • • 169,972,000 Banking Department. c Proprietors' capital .. 14,553,000 Rest . . • . • • 3,530,000 Public deposits . . . . 9,877,000 Other deposits . . . . 103,482,000 Seven-day and other bills .. .3,000 Total .. .. 131,445,000 Government securities ~ 49,992,000 Other securities .. .. 47,857,000 Notes in reserve .. .. 32,014,000 Gold and silver coin .. 1,582,000 Total ■ .. .. 131,445,000 Proportion of reserve to liabilities, 29.6 per cent. Short loans aer quoted at 35 per cent., three months' bills 4 11-32 per cent.

FOREIGN EXCHANGE RATES.

LONDON, July 28. The exchange rates on London aa follows:

Par. July 25. July-28. Paris, fr. to £1 .. .21.22* 124.05 124.10 Brussels, belgas to £1 5 34.93 31.92 Oslo, kr. to £1 .. 15.159 18.80 16.80 Copenhagen, kr. to£l 18.159 18.15.} 18.15", Stockholm, kr to £1 18.159 18.12J 18.12} Amsterdam, fl. . 12.107 12.113 12.112 Berlin, Relchmarken to £1 .. .. Montreal, dol.' to £1 4,86} 4.8G 1-16 4.57 1-16 New York, dol. to £1 4.862 1.85 1.3-16 4.76 Yokohama, st. to yen 21.5 23 9-32 23J Rome, lire to £l .. 25.22} 89.30 59.25 Calcutta, st. to rpe. 15 to gold £1 171 173 Hong Kong, et. to do]. • 24J 24} Batavia .. ... 'Governed by price of silver.

GOVERNMENT SECURITIES

LONDON. July 28. The following are the latest quotations for Government eecuritiee compared with the prices ruling last week: Last Week. This Week. . £ s.~ d. £ s. d. Imperial Consols, 2} p.c. .. 54 15 0 54 15 0 War Loan, 5 p.c, 1929-47 . . 101 2 6 100 10 .0 War' Loan, 3 J p.c, 1925-28 .. 101 8 9 101 5 0 Conversion Loan, 3) p.c. ... 76 2 6 76 2 6 Oommonweath, 6 p.c. 1931-41 103 15 0 104 0 0 New Zealand, 6 p.c, 1936-51 106 15 O 106 17 G New Zealand, 4 p.c, 1929 .. 98 10 0 98 10 0 New Zealand, 3} p.c, 1940 •. . 86 15 0 87 0 0 New Zealand, 3 p.c, 1945 . . 77 10 0 77 10 0 New South Waloß, 6 p.c, 1930-40 103 0 0 103 2 6 New South Wales, 5 % p.c, 1922-32 102 7 6 102 12 G New South Wales 5 p.c. . . 101 3 9 101 11 3 New South Wales, 4 p.c, 1933 .. 93 2 6 93 10 0 New South Wales, 8 J p.c, 1930-50 75 7 6 75 15 0 New South Wales, 3

p.c, 1935 .. 85 15 0 85 15 0 Victoria, 5J p.c, 1930-40 ..' 95 0 0 95 10 0 Victoria. 6} p.c, .. 1921-26 .. 101 17 6 102 0» 0 Victoria, 5 p.c,

1932-42 ~ .71 5.0 71 13 6 Victoria, 3 p.c, 1929-40 .. 78 5 0 77 17 6 Queensland, 6 p.c, 1930-40 ..10112 6 101 15 0 Queensland. 3} p.c,

.1030 .. 95 0 0 95 7 6 Queensland, 3 p.c, 1922-47 .. 71 5 0 71 7, 6 South Australia, 61 p.C. 1930-40 . . 103 3 9 103 0 0 South Australia, '3 J p.c, 1939 . . 84 0 0 84 10 0 South Australia, 3 p.c, 1916 or after .. West Australia, 6 p.c, 1930-40 101 16" ,3 101 17 6 West Australia, 3J p.c, 1920-35 89 0 0 S8 15 0 West Australia, 3 p.c, 1915-35 85 15 0 85 11 3 Tasmania, 6} p.c, 1930-40- ..103 1 3 103 3 6 Tasmania, 3J p.c, 1920-40 ' ... 84 5 0 84 2 6 Tasmania,, 3 p.c, , . ■ 1920-40 .. 76 0 0 76 0 0

WHEAT.

HOME MARKETS.

LONDON, July 28,

. Wheat cargoes were steady on opening, with some Continental enquiry for Australian cargoes, but reporta of finer weather in France caused buyers to hold off." The market closed quiet, with prices unchanged. Parcels are quiet, with lower rateß for selling at Liverpool and Glasgow. South Australian ; parcels ex the Anchises are quoted at' 53s 9d. Liverpool Futures—July, lis Old; October, lis OJd; December, lis OJd; March, 10s Hid; May, 10s lOd. , The spot trade is easier. Australian, ex ship, to arrive, quoted at 56s 6d;_ex Btore, 41s 6d to 425. Barley is steady. Australian Chevalier, ex store, 54s to 565. Beans are quiet, and peas slow.

VALUES IN CANADA.

VANCOUVER, July 2o

Winnipeg reports that July cash wheat fell 41 cents from the high level of 165 L which is three-eighths below Wednesday's closing rate. The decline is attributed to a flood of offerings from the' seaboard and cool weather setting off fears of rust.

CHICAGO QUOTATIONS.

NEW YORK, July 28,

Chicago wheat quotations are:—July, 138J cents; September, 1378;. December, 141g cents.

MELBOURNE MARKETS.

MELBOURNE, July 29. Wheat—Buyers are scarce at 5s 7Jd; sellers are asking 5s Bd. Flour—£l3 6s to £l3 10s. Bran—£7. Pollard—£7 10s. Oats —4s 8d to 4s lOd. Barley—English, 4s 3d to 4s 6d; Cape, 4s to 4s 3d. Potatoes—£B to £8 10s. Onions—£s to £5 10s.

WOOL.

BRADFORD TOPS.

(Received July 29th, 5.30 p.m.) V LONDON, July 26.

The Bradford wool tops market is very quiet owing to the holidays. Quotations are firm and unchanged.