FINANCE AND COMMERCE.

Press, Volume LXIV, Issue 19202, 7 January 1928, Page 10

FINANCE AND COMMERCE.

WOOL SALE. A KEEN MARKET. OPENING ADVANCE MAINTAINED. TOP PRICE 2liid I'OR HALFBKED

The wool hiile was leMiiiicd ycsU-rdav morning in the Cnlc.k.nian Hall at U o'clock. The buoyant tone of the preceding night was fully maintained, threc-qiiiirtcrbred wool, n.s a matter of fact, liardcning perceptibly on the earlier offering*. Super halfbrcd sold at tho best of the preceding night's rates, with merino meeting with brisker enquiry. Medium lialfbred, on the other hand, appeared to sell .somewhat unevenly, but up to the preceding night's rallies.

The Improvement. Compared with last sale at (.'hristchurch i" November thrcc-quarterbrcd may be described as from a penny to a penny halfpenny better. Fine halltired was up to a penny better, whilst medium quality sorts showed a firming of a halfpenny to a penny. Merino approximated a good penny advance. The demand for three-quarter-bred was most pronounced, there being quite a number of sales at 20d and over. It should not be overlooked, however, that some of this class of wool is underdescribed occasionally in the catalogue. Crossbred was up to a penny per lb better than in November, but pieces of all classes did no more than maintain previous prices. However, at the earlier sale pieces 6old out of proportion to fleece.

Widespread Competition. Competition appeared to be much more -widespread than at the preceding sale. Australian buyers participated to some extent for medium halfbred wools, and there was improved activity by Bradford operators on the preceding evening. In the whole catalogue of 27,000 hales less than 1$ per cent, was passed at auction.

A feature of the sale was the vigorous competition for re-classified lots. Buyers, when the market is healthy, concentrate on the big lots that have passed through expert classing, and it is obviously to the advantage of small growers to avail themselves of this method of disposal.

Top Prices. Top price of the sale, 2Gid, was secured by H. Gardiner (Purau, Banks Peninsula) for 12-bales of halfbred. Pour bales of Rydfcl Downs Corriedale (trustees J. H. Ensor) sold at 26d and 12 at 25£ d. Four bales of Bullock Creek Corriedale made 26d and the pieces 21Jd. A few three-quarterhred lots made good prices one of eight hales, O.H. hrand, selling at 22id. A second, N.Z. over —, sold at 22dl for five bales, and another, C over M, at 2ljd. An eight-bale lot, P over H<J, described as crossbred, sold at 20Jd. Some Corriedale pieces made 22d. Oh Thursday night 12 bales of Taruna Corriedale (0. Evans) made 25} d, not 25dl as stated in yesterday morning's issue. The following is a range of values compared with the November sale: —

Selection of Sales. The following is a representative selection of sales: — £Z: 4 Ibd e 21d. Midhirst: 8 Jbd c 22d. LH: 4 ibd 19d. lit. Harding. 4 Jbd e Slid. 21 ibd 16K 4 xbd e 14Jd. Davidson: 30 Jbd e 221 d, 5 Jbd 20Jd, (i Jbd h 21d, 8 pes 17jd. Three Hearts: 6 xbd 16Jd. Biverlands: 10 comeback 23Jd, 20 ibd w 23d, 6 Jbd Mid, 18 ibd tr 20Jd, 15 Jbd pea 18d, 6 ibd bels lCd. Remuera: 5 ibd e 31jd, 13 2-ld, 7 202 d, 5 Jbd h 20id, 4 pes 17Jd. Benenochan: 8 ibd e 24d, 11 23Ad, 6 ibd h 24d, 5 23d, 5 jbd e 17d, 4 pea 17jd. 75: 6 ibd e 23jd, 4 23d, 4 ibd h 21 Jd, 4 pes ISid, 7 ibd bels 17d. Avoken: 6 Jbd e 22Jd. Brackonfield: 4 Southdown 20id. Rudstone: 6 ibd 16d. JOC over Waitangi: 5 ibd a 21Jd, 4 Jbd e 20id, a JbU e 16Jd, 4 Jbd h 17d, 14 xbd e 14id, 4 xbd h 17£ d, 5 lojd, o cots 14d, 6 xbd pes 13d. Bar over V: 4 Jbd e 21Jd. Glcnnie: 5 ibd e 21Jd. HD over K: 14 xbd e lGid. Glenaine: 7 Corr h 22d. E reversed over "Waipuna: G Corr e 23} d. Glenstono: IS ibd 23Jd, 6 Jbd 2M, 5 Jbd h Old. P7 over bar: 7 Jbd e 21Jd, G Jbd c ISJd. Kai•wara over Arauri: 7 *bd pes 16Jd, 4 Jbd s>ete 18id. Caverhill: 3 necks 20Jd. Cloudyrange: 32 Jbd 21d, 4 Jbd h 19Jd, 5 }bd 17d, 32 Jbd pes 17Jd, 4 bels 16 jd. Lammermoor: 10 Corr e 23d, 8 22d, 4 pes 19d, 4 bols and pea 17* d. 7D: 4 Jbd e 21J-J. 4 jbd e 17Jd. J6: 7 xbd e 15id. CaverhiU: 13 Corr o 23j<i, 20 235 d, 7 2Hd, 4 bels 16Jd. F."W.: 4. xha e ISid. JJ over I: S xbd 15Jd. Chilton: 6 xbd 15id. HA: 4 jbd 18Jd, 8 xbd 15d. Aotea: 6 mere 20d. Circles-Angle over New Zealand: S ibd e 191 d, 16 16jd. 11 xba e 14id, 4 pes laid. EE: 5 ibd 19Jd. Glenaine: 9 Jbd o 22Jd, 6 21Jd, 7 pes and bels 18d. BI: 4 ibd 21d. HJH over Hosehill: 4 £bd o 20Jd, 1G lSd. 4 jbd tjcs 17|d. T« Ngaio: 6 ibd 22d, 10 xbd 15Jd. PP: 6 xW 15d. Giaaltu: 7 Jbd 21d. VTD over a*MA«* x SBM. « JM-» *)& 4 Kid,

6~pcs 13jd. Biack:-ock: 7 ;ld e 21; d, 6 21-H. Cravendaic over II;. Somcrs: 1? ibd e 23d. 7 21Jd. The Downs: 14 Corr e '-2 d, 9 ibd e 20Ju. ill: 8 ?.bil e Dash over If): S xbd 16d. DQ over dash: 10 xbd e 15:1. 01" over dash: G Jbd e 21d, 7 Jbd c lgd.

Laimlon: .7 ibd c 231u, l'J ibd 21d, 13 xbd Ibid, 3 dingv ll:;bd, G v>c.3 and beis IG-. ZT: S : bd e' 22id, 3 2!Jd. Xi: 3 iW 3Wu. HOM: 5 ibd h 22id, 12 ibd e 23d. 4 Slid, lluabjr: 4 ibJ 21i'L R\Y: 9 ibd e 21ijd. D leveised T .Soutlidown: G 21d. T!.'; NVillo-.vs: G ibd 21Jd. i Leicester 17d. TA: 7 !bd 21id. V2: 10 ibd Slid. 11 Slid. 8 pes I'Ji'.l. Square over K.-.kdaie: 5 mer S3ia, lij Coir ( a-.id h ;3;d, 1 pes S3d. T design ex;end"d: j ibd c 2ljd, 5 23i'd. KY: 6 ibd e 21d, S jbd e 20Jd. DIC: G ibd e 21 : ,ii, 5 ibd e lOd. Y in Circle: ■'< ibil e 21Jd. Munvy Downs: 1 ?bd h S2id. Teriat« Farm: 1 ;bd v '2IC, 4 :;bJ e 1.-d, 1 xbd e 13;.' d. iliaeniyle: 27 i'od 23d, 5 pes 17jd. PH over H: -1 xbd SOJd. F.VW: 7 jb.i l£d. JA conjoined: 14 ibd i- lSd. Diataoi.d Z: G \bd « 2i;d, 7 SSd. I{.M : 9 ibd e Slid. JJa-iFi over L-'i: I ibd n Slid. Dash ever GT: 7 xod lCd. De!os: 4 Jbd SO;d, 1 If id, i; x1..-i 1.-J. OB ovet Waiho: S3 xbd e V<l,\. MI: G i.'.'d S4Jd, G ibd li SSi-l. I :iixi e lQ'.d. « ibd dcs 181-1. JG: -1 ibd i: SSd, 7 ibd c 19d, 3 pes 17 ; ! d. Inverness: ■! Jbd « 22Jd. MP: 9 ijbd 1 (jid. MDB over TK: .7 ;lid lfi.'.d. Jil over curve: G xbd JJid. .13: 4 ibd e Slil, 4 laid. r> LB: r, "bd J7.1. PL: 4 xbd J7jd. 03: 7 Ist ibd 22d. 4 Ist ibd p.s 17:,' d. 2A" undt-r Ii::c: (i ibd c JUiil. TF over line: ,"> :Jbd c 1 Kid. Three lines: :"i Ist Jbd .> 2:;j ( J. 3 Jbd 23d, 4 ibd i- Sid. 4 ibd o 21d. 1 1-t Jbd pes 19.\d. WSb over Kivcrsd.-ile: I ibd e IGJd, 0 xbd e 15id, 4 cotted Mil. WBLV: 10 xbd .ITfjd- Mendip Hills: 13 1-t comb w 23:|d, 11 2nd comb w 23.'.d. In strong comb w and e 4 A ibd w 2lid. 24 A ibd e 213 d, 5 B Jbd w 213 d. ti B ibd n 20Jd, 20 Ist Jbd pes ISid, 23 Ist ibd e 20} d, • ibd 17:{d. 7 2nd pes 11 }d, 5 Iks lOd. Mt. Virginia: 4 Ist Jbd hog 21d. 10 super ibd" e 23:'! d, G Ist ibd fi 22Jd, 11 2ud ibd e Slid. -I 2nd Jbd hog 21d. 4 ibd 20.\d, 6 Ist ibd pes l'Jd. J: 12 fine ibd lOd, 29 3bd 15d. 4 rolled 13id. Annandale: 10 ibd e 17(1. 9 Sbd hog 17d, G A xbd e 15',r1, G xbd hog 14id, 5 B xbd e and w ■ 14d, (i A xbd hog 13id, 9 C xbd e 13id, 4 C xbd hog 13id, 5 ibd hog pes 14d, 6 bcls lljd, 4 xbd pes 12d. S under curve: 4 xbd 14id. Three over lino: 6 xbd lG:jd. .M'".: ' xbd 14d. P over HG: 12 sup ibd e 2GJd, 19 Ist Jbd v. 23id, 8 2nd ibd e. SSfJd, 5 Ist tine ibd hog 22jd, 4 Ist ibd bog 22d, 8 Ist fine xbd e 20Jd, 4 2nd "xbd e lSd, 3 ibd e necks 19id. y over HG: 4 ibd hog pes and nks 18id, 7 xbd pes and nks 13|, 4 bels Md. Buccleugh: 3 sup merino 24Jd, « sup ibd 24d, 4 2nd ibd 22id, 4 Ist 3bd 21d, 5 :'Jbd 17id. Sri over A: o Ist ibd hog ISid, 4 Ist ibd hog Ibid. KM svcr C: 5 ibd hog 20\d. 5 A A ibd hog 182(1, 4 A Jbd hog 16(1, 3A.V xbd hog 161(1, 11 Ist xbd 13i'd, 11 ibd 17id, 10 cotted 14',d. Glenralloch: 5 B xbd e 14d, 3A xbd hog 13id, 19 C xbd 13id, 4 B xbd hog 143 d, 7 Ist xbd pes 13d, 4 bels lll'd, 4 xbd pes Hid, « lambs 18d. Tormore: GAA Jbd hog 24\d, 10 AA ibd 0 235(1 3 A ibd o 20-,' d, 6 Ist pes 18d. Stirrup: 13 ibd o 15iid. 7 xbd e 14d, G cotted 13id, 5 pes 13',d. Su'over F: 4 ibd 18d. T.0.D.: 4 xbd lGid. 7W: o Cor. e 211 d. 7j in a circle: 7 xbd 17Jd. ltBM: 5 ibd 22d, 4 ibd 17Jd. Aryburn: 16 Cor. 22Jd, 4 pes IGJd. Connemara: 5 Cor. n 25} d, 16 Cor. e 20Jd, 4 comb 24Jd, 5 2bd 13d, 6 pes 22id. A 4: 10 ibd e 213 d, 6 2bd e 18id. 5 xbd e 13d, 4 14Jd. Artover V: 9 ibd e 23d. 10 21: 8 pes 18d. L: 5 ibd 24id, 5 23d, 6 ibd 193 d, 4 pes 18d. Annandale: 6 lambs 173 d. Mt. Fyfe: 7 Ist pes 17Jd. Nesslea over II: 8 Ist ibd e 22d. HI under line: 8 Cor. e 22(1. Putiki: G Ist Jbd o 21d, 21 ibd e AA. 16id, 12 ibd e A 153 d, 7 Ist pes A 14id, 4 bels Hid. Starhill: 9 fine ibd 22id, 10 ibd 17id, 9 fine xbd 14id. Longfield: 6 Romnev e A lGid. II in square: 4 fine xbd 15id. D: 8 fine xbd loid. Melbrook: 14 Jbd A 21id, 14 Jbd 20id, 5 pes IGJd, 4. bels 14Jd. Eskdale: 6 Jbd AA 23} d. L under arrowhead: 4 ibd e A 23i(1, 4 Jbd e 21d. WL: 4 ibd e 21 d, 4 pes 17J(1. JB over 0: 10 gup Jbd e 24Jd, 4 Jbd e 223 d, 4 cotted 153 d. RL under line: b Ist ibd o 21id. Westend: 5 Ist ibd e 22d. Woburn: 8 ibd e 22id, 5 Ist xbd e 18id, 6 xbd e. 15id. Jl: f Ist pes 18d. OY: 5 ibd 22d, sJbd 17|d. Heart ovor lino: 11 ibd EA 22id. KJM. over Barford: 8 super ibd o 21id, fa Jbd e 20Sd, 4 jlbd e 19id, 10 i xbd L A 17id, 4 xbd BB 15id, « pes IOJd. Craignock over GG: 6 super Cor 23Jd, 4 Cor hog 203 d. Haereinai: 4 mere 20id, 4 ibd e 21|d, 4 fine ibd e 20Jd. KT: 5 ibd hog 18d 0 i[bd e 17Jd. Te Hau: 6 pes 13d. Middlehill: 7 bels and pea 17d. Lionback: 4 Jbd A 22d, 5 xbd A 15id. Buitergill: 8 mer e A 22id. Mebrook: 4 ibd 16id. Blainch: 5 ibd hog 20d. Strathowan: 0 ibd e 203(1, SD: 6 xbd 14d. TP over C: 4 ibd 16d, 3U: 4 xbd 14id. FG over line: o Jbd c 21d. AL inside diamond: 19 super ibd 21id. ltockworth: 7 cotted 14d, G pes 13d. Riverlea: 4 ibd e 17id, 6 xbd e 15id. SZ under line: 5 Jbd hog 20Jd, 4 Jbd hog B 20d, 5 ibd hog 18id, 4 2nd pes lljd. The Terrace: 4 Jbd hog 20d. Claphanidale: 6 ibd L A 23d, 4 ibd c 22id, 87 4 cotted 14d. DD: 5 Cor e AA 21 Jd, 4 Cor' e A 2()d, 5 pes 18Jd. AL over 0: 6 Komney 17id. JL over O: 4 ibd Slid. Troqueor:'lß Jbd e 22id, 6 ibd e 22d, fa" ibd hog 21Jd, 8 bels and pes 16id. H in square: 4 Jbd long 17id. ARB: 7 ibd Slid. AK: 5 fine ibd 21d. Greyburn: 4 ibd A 23id. J over S: 7 ibd c SSd, 2 over \V: G Ist ibd e 23id, 4 bels and pes 17id. H 5: 5 ibd e 21id. 7V: 7 ibd e 203 d. NV over Barford: 7 xbd e A lGd, 5 xbd e B 14Jd, 5 pes 14id. Willowpark: 4 Ist xbd 15id. Flaxmere: 6 xbd e A 15d, 4 xbd e B 14Jd, 4 pes 13id. SX under line: 8 Shrop e 22d. X: 4 ibd e 15id. Brockworth: 7 xbd 153 d. Terraces: 5 Jbd e 20id. RD under line: 4 l xbd 15id. Ridgway: b ibd e 22id. P.K6: Ist cross e 23Jd. UF: 10 ibd c 21id. 3T over line: 7 ibd e 23id". Chedda Valley: 5 Ist ibd e 22j(d, 17 2nd Jbd e 21Jd, 5 Jbd e 20id, 8 Ist Jbd 18Jd. LO: 6 ibd ewo 19d. A.T.: 5 Jbd o 21id. Two R over Darfield: 4 Cor e 21id, 4 Cor hog 20id, 4 Cor e 13id, 4 Oor hog 14d. Nesslea over T.J.: 15 Ist Jbd e 23id, 5 Jbd e 21Jd, 6 Ist pes 18J.d. PM: 4 ibd e 21Jd, 4 Cor e hog 19id. CAN: 4 Jbd 21d. Serrat: 19 Jbd e A 24Jd, 5 Ist ibd a pes 20Jd. Glenallan:. 16 Cor e AA 245(1, 5 Cor c A 22Jd, 4 Cor Ist pes 18Jd. Brooklands: 5 Cor e A 23Jd, 8 Cor e 22d, 4 ibd o 20id, 6 bels and pes 18d. Bollefield E over HF: 17 Jbd e A 23Jd, 8 ibd hog 21Jd, 4 Ist pes 18id. Hathwolden: 4 sup Jbd e 21Jd. FX: 10 Jbd e 21'jd, 7 20Jd, 12 21d, 6 pes 17Jd. AAB conjoined: 7 Jbd e 22id: Limestone Hills: 9 Cor e 24d, 7 22Jd. Serrat Downs: 12 Jbd o 22Jd. Extended Arc: 15 Jbd o 22Jd. Broughton: 4 Cor e 24d, 4 22Sd, 4 Cor h 21Jd,-4 Cor 12d. GOP: 8 Jbd e 23Jd. 4B conjoined: 10 Jbd e 20d, 10 xbde 17Jd. Marawera: 5 Jbd e 23d. Upton Downs: 9 Jbd e 23Jd, 7 203 d, 6 Jbd li 21d, 4 19d, 4 Jbd pes 18id. Bracket over S: 5 Ist cross e 21 Jd. OS: 4 ibd h 16Jd. C over M: 5 jbd e 223 d, 6 3bd o 21Jd. Dash over JA: 5 Jbd e 213 d, 5 ibd e 18id. Stratfield: 5 Cor e 253 d, 12 25id, 6 24d, 6 Cor h 243 d, 5 Cor pes 20d, 4 Cor bels 17S<L The Deans: 4 Jbd e 22id, 12 21Jd, 4 pes 193 d, 4 163 d. Mt. Keratu: 5 Mer. 253 d, 4 213 d, 8 Jbd a 233 d, 5 25id, 13 22d. Ballocbmyle: 15 Jbd e 223 d, 21 22d, 6 Jbd pes 16id. AL in diamond: 23 ibd e 21d, 6 Jbd nks 193 d, 17 Jbd bels 17d. Nelkerwood: 14 Mer. 223 d, 9 21Jd, 4 pes 19d. Wairewa; 6 Jbd c 22Jd, 12 21d, 4 Jbd h 19Jd, 6 Jbd pes 18Jd.' Highview over KO: 15 Jbd o 233 d. 0 dash 0 over Pyramids: 4 Corr. pes 17id. Altry: 4 Jbd e 22d. Port Levy over oval: 18 ibd e 17d. Valley View: 6 ibd e 183 d. Danebury: 4 cotted 13Jd. Ythan over LX: 6 Sbd 20d. 4 xbd 16Jd. FW over P: 4 Jbd 14d. T:- 11 xbd 15d, 4 xbd B 14id, 9 cotted 13Jd. Y Diamond: 4 Jbd 203 d. RJD: 5 3bd 19id. 3 A: 5 cotted 14d. Upper Downs, Pelorus: 5 Romney 13 Jd, JDW: 5 Jbd 22d. 3P: 12 Sbd E 153 d. ■\V7: 4 sup Jbd E 23 Jd. Cairndale DD: 4 fine xbd lSd, 4 xbd 153 d. 2M: 5 3bd 143 d. LW.: 5 3bd 15Jd, 6 xbd 133 d. 4 xbd pes 13d. H under curve: 4 Jbd E 193 d. Square quartered: 4 ibd 20} d. 3 over line: 6 ibd 21d. OK under curve: 4 3bd 19Jd. Warwick: 5 pes lod. D roversed H: 5 Jbd 21 Jd. R in diamond: 6 xbd E 153 d. Rydal Downs: 4 sup. Cor. E 26d. 12 Cor. E AAA 25Jd. 8 Cor. E AA 25 id, 11 Cor. EA 24Jd, 6 Cor. E 22Jd, 8 Cor. pes AA 22d, 8 Cor. pes A 183 d, 7 bels 17Jd, 5 locks lid. Te Aro: 9 3bd A 19d, 23 xbd A 16id, 8 xbd B 14} d. 4 Shrop. E 22} d. H conjoined B: 6 Jbd 22Jd. 9 3bd 163 d. Lilburn: 10 Jbd c 22 Jd, 9 2 Id, 6 pes 17d. CEJ: 4 Corr. e 24d. Tipperary over VC: 8 Jbd 20Jd, 8 15id. 5 xbd 13d. 7 B: 6 Jbd E 133 d. 6 0 over line: 4 ibd E 19id. Mr Fyfe: 4 Jbd 20d. Lvnton Downs: 8 Jbd hog 19id, 6 hop 20Jd. " Cire Triangle: C Jbd A 23id, 4 ibd B 213 d, 4 3bd 18Jd. A over circle (Stonev Bav): 4 xbd A 153 d. 4 xbd B 14d. Keidhil'l over OW: 9 xbd 14Jd, 4 pes 13Jd. Astrop: 11 ibd E 22d. SP: 6 ibd IGJd. ■VVX: 8 Cor. E 20ld. \Yarwick: 7 3bd E a 18d. 4 ibd B 16d, 12 xbd A 16d, 11 xbd B 13d, 4 cotted 12d. Birches: 11 super ibd E 22jd, 6 Ist Jbd E"l9id, 5 pes and necks 16 : \d. Brookville: 7 Ist Jbd 20d, 8 2nd Jbd 17Jd. 4 pes 15Jd. Cir over T: 5 Jbd 20id, 5 Jbd 18d. JR Bown. Maranui: 5 xbd 15d. Co'.enso: 11 Cor. E AAA 23} d. 7 Cor. E A 22d. 5 Ist pes 183 d. Eastcott: 8 Cor. E A 24d, 4 Cor. E B 22Jd. iVharfedale: 13 ibd E A 23jd, 9 ibd E B 223 d: Pyramids: 11 super ibd 233 d. Valhalla: 6 Jbd e 23Jd, 14 22d. 77 Jbd h 2Hd, 9 3bd h 17d. 6 ibd pes 18Jd. Glenholme: 14 Jbd e 23} d. Elms over heart: 5 Jbd e 23Jd, 6 22Jd, 10 22d. 20 2ld. 7 Jbd e 18Jd, 4 17Jd. 9 cotted 18Jd, 11 Jbd 193 d. Pinefarm: 8 ibd e 22jd. H.M.; 7 Jbd e 22Jd. Blairich: 5 Mer. e 235 d. 14 22Jd. 17 Mer. w 23d, 14 Mer. 21d, 10 Mer. w 21Jd, 7 Mer.h 21d. S 193 d. 7 Mer. pcslßd. 8 Mer. nks 19d. 7B: 7 Rom. o 14Jd. U.K. 4 Jbd e 17d. Tewharun: fi }bd e 22d. .TJ conjoined: 4 Jbd e 18d. Passrhendaele: 7 xbd e 16id. P reversed P conjoined: 10 Jbd e 19d. H.T.: 4 Jbd <■ 20d. 4V: 4 Jbd e 23d. Gola Peaks: 12 ibd 23d, 7 21d. 5 Jbd w 22d. a Jbd 203 d. 4 ibd nks 21d, 6 Ist xbd 16Jd, 6 pes 14Jd. Shamrock: 4 ibd e AA 22Jd. 4 Jhd e A A 20 jd. P.R.: 5 ibd o 21Jd. JS conj.: 5 mer ram 24} d, 6 Southdown • 33} d, C B.L, •

and hog 133 d. East Lynn over J.S: 1., ,; A 2Ud. 5 Ibd e B 20; d. 4 ibd hog A 20d. 4 pc> 3 si'd. Bullockncck: 4 Cor. »: VV 26d, 4 Cor. e A 24i'd. 4 Cor. e B 25Jd, o Cor. e C 233 d, 5 pes AA 21jd, 6 pes A If id. Paukawa: 5 ibd A 21} d. 4 ibd B 20d. j ■lbd 18Jd. R: 5 xbd 14Jd- Diamond and line: 5 Jbd e 22Jd. 0.5.: 5 Ist xbd e 13|d. XZ.: 9 £bd e 21Jd. in under line: o Sbd i 21d. Corlegey: 8 sbd e A 22Jd, <J ibd e B 20jd. Mirza Down': 5 ibd e A -lad. S Jbd e B 19Jd.

Dot Glenlield: 8 Jft comb 22 Jd. ■ lit romb 213 d, 7 comb 183 d, 4 beU sud pes laid. S.Z. over line: 5 ibd e 22d. J-a-.1. over The .Meadows: G ibd e 23id. 4 21Jd. ZZ: 4 ibd 23Jd, 4 22.\d, 7 xbd 19Jd. 0 xbd e Ibd. Clanvale: b ibd lb.'d. l.aving'tou over star: 11 ibd o 223 d. 9 22d 4 ibd lS.'.d J in !' O: 7 ibd « 223 d. Glenkan: 4 Ibd e 22Jd » ibd e lUi'd. Urouffhion: b Corr e 23jd. 7 2tiid. b Corr pes 20d. E: 5 .'.bd 21.'.d. L'.l'.:- 11 e 22>.d. 5 w 21\d. 0.1 i.: 4 Jbd e 24id. 12 23id, 6 ibd e 2-Jd, 1 6 xbd e 20d, 4 17id. 4 ibd pes lc|d. U.H. over Bangor: S Corr e 21Jd. J xbd e l'iid. W.A.u. over Uebobltfs: b Corr , -■j-iil H reversed K conjoined: 13 a bd «• 22u, 5 ibd e 17:; d. W.B. over dash: 4 ibd 22d. Weslland: 12 ibd 24d, o 22,.d. i'u'n.nu Pastures: 23 ibd o 2od, 13 ibd e 21d, o ibd pes 204 d. 4 ir'.a. 4 ibd beU lti.'.d. LJioadgiite: 7 ibd e 22a. u .--id. jl iibd'o l'JJd. 12 17d, 4 ,bd 2u!d. J.ii-K----now ii. rectangle: « ibd e 2:sd. f. -2d. .> Jfi.d e Hid. iloaua: 11 ibd ..■ 22.id. l'J -l,n, U ;'bd v lUd. Arc oi« li: 4 Corr u -Id. Alt. Donald: !> ibd o 24',d. 4 21.d, -i Ad. V.S. over Hillerest: d Corr e 22d. 1.H.: 4 :ibd 17Jd. CJ plu, D: 12 ibd e 23, dH> ■'•l'd I'l 21id, ."> '.bd h 23d. 4 21d. u ibd Are over 3: 17 ibd e 22id 0 22.. , ,\d pes 16' id. Tokoroa: 4 :;i,d e laid. 4 xbd 19'.(1. Vulcan Downs: 23 ibd e 2V;d. !) 2ld, S ibd e pes l'J Id. 6 1,.\c1. 1...M. over Bieton: 4 ibd e Ic'.d -J 1*7.1. 1 B conjoined: !l mer 22d J.K.C... b ,bd e "•Md 5 Mid w 21id. -1 ibd h 2y:;d. lorapa s'ib'd e"23d. 7 21d. a l'Jd 4 ibd h pud. Silverwood over I'.A.: 8 ibd DK ■ 5 Corr e 21id. 4 20id. 1.T.H.D.: 1J xbd'idiid. K.D..\1.: C Corr u 23id, 5 22id, 4 ibd « 20id. I'.T.: 4 ibd e 23.\d 4 21, d. 4 xbd (' li'i- }'■ "ver A.G.: 2o ibd e -od. Y "id 1". over A.C.: 4 ibd e nks 1-Jid. FAHILD- 2S .*.l.d e 2Did. 8 213 d. 1U ibd h 22d, li ibd pe" S 21id, Alfriston: 10 jbd u hid 4 22d. 5 ibd | 22id. V 7: o ibd 22d 9 -'OM 10 :;bd'lOJd, 10 xbd Ibid. XI: 1U >-Ud e 22Sa. B leveled CJ reversed: 7 ,',bd e 21.'d. Arc over Kh: < ibd e •wid Curvosw: 8 i'-d e 2'Ul. J 2id. * ibd pes 18id. LX: 7 Jbd u -'lid, -1 2od. iipaixi: 6 ibd e 21\d, G 22id, U ibd h •Hid 4 Ibid" ;5 :ibu o 19d, U 13d, 9 xbd e "ll'id, 1 ibd pes ISiu, 4 Jbd pes 17id. Lowland Lees: 0 Corr. e 3Ud, i sod. Dwh over Hi!: U ibd 19id. Stoneylee: 13 ibd e -'3»d 12 ibd o 2Ud, 5 'JOld. iCL over The Downs; 4 ibd o 2Ud. OT: 4 ibd_ e ni-.'.d W"V: 3-W « - 3d - I>l£ ov ' cl ' Vl?y----5 "ibd c 21d. Q. barred: 1 Jbd ISid. JA: 5 i'lxl o 23Jd. HFC: 11 ibd c 21.U1. JJeathiicld: 4 ibd o 23d. JU : 5 jjbd e 18-M. Diamonds over WT Brown 31 Corr e 22d, 13 ''Od 7 Corr h 20Jd, G xbd e 18d. Crenlea: 9 ibd' o Mid. N over K. Chapman: 4 ibd Slid, 4 sbd 19Jd. I'enuuii over K. Chapman: 1 ibd 22d, 5 Jbd 23d. {ayjora Mistake: 4 Corr. w 21 id, 13 Corr h 21jd, 4 w 22id, G ibd Jl 221 d, 4 ibd li.lSc, 6 M Void. ' Clonmol: 16 ibd e 23d 7 22d. Waituna.: 3 mer 25Jd, i 23d. Llftirlogic: a Corr e 25jd, IB 251 d, 10 21id, 4 Corr h i , 5 223 d, 10 Corr pea 20d, i Corr bcls W in Circle: 1 mer 22Jd. P7: G 22d 8 21d, 5 Jbd 18d. WY: 3 ibd 23id fa e "O'd G 22d, 6 ibd li 21id. Shades: 9 -'bd"o Vid, 31 ibd" e 21id, 1 ibd e 20id, l.j mev 23i[d, 8 "ibd pes 16:Jd, i mer pes l&ld. Hook: 5 ibd e. 22id. .Kaikoura Downs: 10 ibd e 23d, 9 23d, 4 ibd e 7 h Slid 4 ibd cotled 20id, 18 ibd e pes 18d. Turn: 9"ibd e 24id, 8 23d, 7 21id, 4^ ibd h 22d, 9 Ibd pes- 48 h 20d 2D oyer I'.as ■• wc-od: 4 Jbd e 17Jd, 11 17R 7 xbd h 10, d. Sr.ye: 5 ibd e 23d, 14 22Jd, 4 ibd h 21d, 4 mi 5 Jbd e 132 d. Lowry Hills: 13 Corr e 23d, 2C 2«d, 4 21id 7 Corr -e.pes 18, 30, 41 h 19|d. Corea: 14 ibd o 23Jd, 10 22id, 4 gbd 19id, 5 xbd 13id. Kr: 5 ibd e 24d, 20 h 23d, 5 Ibd e 2od, 31 h i 18jd, 5 xbd c 16id. Annma: 23 ibd e 23Jd, 9 ?,bd e 32id." 5 ibd h 22id 8 dingy ibd e Slid 7 Ibd nks Slid, 8 ibd pes lSd, 5 ibd e bels"ll h 17d. D in a Diamond: 7 ibd e SSd. Montalto: 8 ibd e 24id, 6 Md. 7 Jba pes 19Jd, 4 ibd bels 16Jd Haldon Pastures: 11 ibd e "23id, 9 Jbd e 22}<1, 4 pea 18Jd. i in a Diamond, Port Lwy: o xbd 17id. JF, Port Levy: 4 xbd 16d Waipara Downs: 4 Corr e 23d. 24 22id 8 Corr pes 18d, 6 Corr bels IGJd Ecv R. 8.: 10 Corr c 23d. Hound Hill, Cheviot: 15 Jbd 23.Vd. Wairewa: 4 ibd e 223 d, 8 xbd e 18id SPA. over TT: 0 ibd 22d. l'avk nil: 10 ibd e 22id. Grassington: 13 sup ibd e 24id 24 ibd e 24d, 8 22id, 5 dingy ibd o22Jd, 5 ibd nks 22i<l, 8 ibd pes 20d. Dalkeith: 4 sup mere 23J.1, 17 ibd eJ3d i Jbd to ted Slid, 6 ibd pes 10id. P\V: 9 ibd 22id, o *bd 205 d. Hazellmrsfc ovor OH: IB Ow 6 22id 7 2Hd. Wandleholm: 4 Cor e 23Jd, 5 2l'id 4 Cor 22d. AK over dash: G Kyeland 19Jd. B over 7: 5 Southdown 201 d. The Gums: 12 ibd o S4ld. 10 22d, 4 cotted 19Jd. 4 ibd 191 d. Croftlea: 9 ibd o 2od 11 ibd e 24d, 10 23d. Balmoral over HM. 7 ibd e 23Jd. Pinaki: 12 Jbd e 221 d. W ove'v G: 8 ibd e 23Jd,9 ibd e 22id. torlield: G mer w 23Jd. Gilslcr over AH . 4 mer 22Jd. Mt. Olyropus over & in circle: 6 comeback o 23d. Timpcndean: 18 ibd o 231 d 5 ibd pes 18id. WW over W illesden. 4 xbd h 16(1. Dovedale: 9 Ibd e 22Jd, ~ ibd pes 173 d. Hermitage: 3 Car e --id, lh "'•nd 10 21id, 4 ibd 19id, 8 Cor pes 20Jd, o"cor bels lGid. WGA: 4 ibd « 23d, 4 22Jd. Lennamore: 5 Cor e 22d. Kinver: . ; a bU 22d, 4 ibd 19Jd. Kaiora: 5 ibd e l.id. HP- 5 xbd h lGid. Tengatin: 18 ...bd e 23id 4 ibd pes 18d. Bonjedwara: 8 ibd c 23d. BB" over L: 8 ibd e 221 d. r i over t.: 5 ?bd e 23id. Grampians, North Canterbury: 5 "sup ibd"e 23id, 6 ibd o 23Jd, 12 221 d, 4 Jbd crut 12d 62 pes lid, Camden: 7 mer pes ISR 4 mer bels 16, d. C over W: 6 ibd pes lod. Mt. Mien. 9 ibd 23d, 7 221 d, 4 bels and pes 1 lid Beckenham Hills: 10 ibd e 22Jd, 18 22d, 4 ibd pes lGid. P6: 5 ibd e 22i0 15 22Jd. The Gates: 6 ibd e 22Jd 7 dingy ibd 20id. Lincoln Fields: 3 sup a bd 22ja, 7 gbd 20d. Cascade: 4 crut Hid. tomahawk: 4 Shrop 18Jd. Lake Raupo: 6 ibd pes 161 d., Dot in circle: 5 mer 23id, & ibd o 23id. COT: 17 mer 22id, 14 ibd khi, i Jbd bels 17d, 4 Iks lid G3 over WS: 8 ibd o 24, 4 22.1, 8 ibd h 22ijd 5 h bels and pes 18id. Te Tmiti:. lo ibd e 2°2d 9 Sbd e 20:{d. Arrow 1? conjoined over Glouvale: 10 ibd e 22id. Jit. Torlesse: 26 Jbd 23Jd, 31 22Jd, 18 Slid. ? mer 2Sid, 7 bels 16Jd. WW over Balrazic: 14 Cor e 23Jd. Murcliison: 7 mer 2oid, 7 22{d.

OFFICIAL REPORT

The second wool sale of the season was held in the Caledonian Hall, there being a full bench of buyers in attendance. There was a good selection or line quality wools winch, opened up light in condition, a fair proportion being' dusty and tender. The bidding was spirited and well sustained the I'ofksnire spinners, Continent, Australian, and local mills being predominant. The following is the range of

Average ... ••• 13-} to 14 Inferior ... ••• 12 to 13 Bellies and Pieces — Merino Good to Super 17 to 21 Merino Low to Medium 15 to 16} Bellies— Halfbred Good to Super 16 to 173 Halfbred Low to Medium 13} to 13} Pieces — Halfbred Good to Super 18} to 22} Halfbred Low to Medium 14 to IS Bellies and PiecesCrossbred Good to Super 12} to 16 Crossbred Low to Medium 10 to 12 Cm tellings — Medium to Good ... 9} to 13J Inferior and Seedy ... 7} to 9 Locks— Merino 11 to H Halfbred 9. to 11-t Crossbred _ 6i to 8

WHEAT YIELD LOW.

AUSTRALIAN TRADE QUIET,

[THB PRESS SpecljJ Serrice.]

WELLINGTON. January 6

'Things are rather quiet in Australia just now owing tn the fact that the wheat yield in all the States except West Australia is a long way below average.'' said.-Mr H. W. Berry, governing director of Messrs H. W* Berry and Co.. Ltd. "West Australia has had a better rainfall than any other State, and is getting more settlers on the land, with the result that they have the biggest wheat yield they have ever had. "There is a considerable amount 'if unemployment in consequence of the nionev conditions, and money is tight. We did not get the winter rains which we oiiLibi to have had. and the rainfall is much below the average for the P as * ; year. However, we have great recuperative power-; in Australia, and though there have been heavy losses of sheep, cattle, and horses in Queensland, and to a k's-> extern in Xew 8011 th Wales we have suffered the same troubles before and have overcome them.''

DL'NEDIN SAVINGS BANK

',!•;: ess association telegram.)

IR'NEDIN. January (5

For the nine months ended December 3Lt. the deposits at the Duncdin Saving's Bank (not Government) were £GGS.IBS, and the withdrawals were £5(35,281.

As the past year was considered to be a bad one commercially and financially, the returns show that the people are " thrifty. Business houses complained of an easing off in the spending during the winter. Although unemployment was serious for a lengthy period, the bank returns show that in the middle of the winter the average deposits were maintained, while the withdrawals were not above the normal.

MARGARINE MERGER.

EU ROPEAN MAN U FACTURE

CONTROLLED.

The widespread use of margarine- >s a substitute for butter in Britain is a matter of considerable interest to Nov Zealand dairy farmers. In the latest monthly report of the Department of Oversea Trade received bv the British Trade Commissioner's oiftce in Wellington, it is announced that a margarine merger was recently completed by which the control of the greater part of the manufacture of that commodity in Europe will be acquired. The arrangement will concern the firms of Anton Jurgens United (Margarine) Works, Van den Berghs, Ltd., and N. V. Van den Bergh's Fabrieken. An English company, Margarine Union, Ltd., is being registered in Britain to acquire these English interests, and a company —N. V, Margarine Unie—will be formed in Holland to acquire the Dutch interests. The combined capital of the two concerns will be over £6,000,000, and each company will shortly issue £1,000,000 of cumulative preference shares, with the right to apply for a small amount of ordinary shares. The rights of the corresponding classes of shares of the t" - o companies as regards distribution cf profits and capital rights on liquidation will be identical. The boards of the English and Dutch companies will be chiefly composed of members of the Jurgens and Van den Bergh families. The Earl of Bessborough will become the chairman of the English and Dutch companies, and Dr. R. J. H. Patijn, Minister Plenipotentiary of the Netherlands, will become vice-chairman of both companies. It is stated that the union of interests is bound to effect great savings in the future.

AUSTRALIAN CONDITIONS

HIGHER PRODUCE RETURNS

'•Whereas 1926 closed with practically no clouds in the financial sky, 1927 is ending in much less auspicious circunistarices," Messrs J. B. Were and Son, of Melbourne, remark in a review of conditions in Australia. "Howeverj there is no occasion lor undue pessimism, The wheat crops of all States are turning out in excess of early estimates, and in spite of a reduction in the size of the wool clip it is highly probable that owing to the increased average prices which are being realised wool-growers (after allowing for the £8,000,000 distributed by Bawra) in the aggregate will receive at the close of the selling season a sum of money very close to the total amount received for the last clip. As against this the clip has cost more to produce, but sanguine growers will confess that less than six months ago they scarcely expected to be recouped so handsomely for their additional outlay. "Another very favourable point which cannot be too strongly emphasised is that the drought which has continued for two or three years over a large area in western Queensland has been very largely broken as the result of monsoonal rains.

"The financial position is certainly much tighter than a year ago. The principal ills have arisen as a result of too prodigal Governmental expenditure and too liberal importation of foreign goods. There is a definite check in the latter and we feel justified in forecasting that the trade position for the year ending June 30th next will be more favourable than pessimists forecast. The banks are keeping a very firm grip of the position and it is not at all likely tliat there will be any relaxation in this respect until the prospects for next season are practically .assured."

The review states that during the first half of last year, new capital issues, exclusive of .Government and municipal loans, exceeded £9,000,000 and with the second half of the year, when conditions were much less favourable for new flotations, industrial issues called for the subscription of approximately £3.000,000 in cash. This tremendous volume of new issues was undoubtedly responsible for a tightening of the money market in the second half of the year.

AUSTRALIAN STATE SECURITIES.

OFFER OF 5i PER CENT. AT 98i

The Australian Loan Council has fixed the terms for the sale of securities over the counter in Australia by the various State Governments at 5} per cent, at £9B 10s for 5, 10, or 15 years—the same terms as for the Commonwealth loan. Following upon this announcement. Kew South Wales has fallen into line with "the other States, and has discontinued offering 5J per cent, for local loan money. The effective yields, including bonus on redemption, from investments for the various periods were stated by the Federal Treasure - to be £5 lis lOd per cent, for 5 years £5 Ss lid for 10 years, and £5 8s for 15 vears.

SHARES

LONDON, JaoMrr 5, 7. *n4 Q.-J&MM* «m gftoted «t ssis.

CANTERBURY MARKETS BUSINESS RESUMED. (bt our commercial zonon.) Friday Evening. After being dosed, down for about ten days in consequence of tbo Christmas and New Year holidays, the various merchants' premises opened again oil Wednesday, but practically 110 business is being done, as the holiday feeling is still prevalent and many people liavo not yet settled down, it is expected that very few transactions will tako place for another ten or fourteen davs.

Some speculative business has been dona in partridge peas, No. I. for March-April delivery, on the basis of 6s lOd per bushel, 'f.o.b. s.i., and <>s !>d for April-May delivery, these figures indicating a weakening on pre-huliday quotations. Fowl wheat has been sold for forward delivery at 5s ]od. f.0.b.. s.i.. and milling wheat at 5s e\l 10 5< SU on trucks at country stations, but m each instance the business done i> on the small side.

A grade Gartons have changed hands at 3s skl, f.0.b., s.i.. and B's at. 3s 2d to 3s 3d.

Seeds are quite dead, with the exception of cocksfoot, in respect of which there has been some enquiry, only a few changing hands, however. Most holders are asking 12d'for standard dressed seed.

The backwardness of the season has had an adverse effect on onions, which will be later than usual in coming forward.

It is too early' yet to state anything regarding potatoes, but reports to hand indicate that the crops should ne fair.

Quotations. The following are quotations for produce, to bo paid to farmers, sacks extra, except where otherwise stated:— _ Wheat—6s 7d per bushel for Tuscan.

Oats—Gartons 2s 6d to 2s 9d a bushel; Algerians to 2s Od.

Chaff—Forward £3 15s per ton. Potatoes—Forward £3 7s 6d to £3 10s.

Red Clover—To lOd per lb. White- Clover—9d to lOd per lb. Perennial Ryegrass—2s 6d to 2a lOd per bushel. /

Italian Eyegrass—ls 10d per bushel. Onions—Forward £4 12s Gel. Cocksfoot—7d per lb. Linseed—Up to £l3 10s per ton. Bran—£s 10s per ton, f.0.b., southern ports; 10s extra for smaller packings.

Pollard—£7 10s per ton, f.0.b., southern ports; 10s extra for smaller packings. Flour—Local wholesale price, £l7 10s per ton for 2001b sacks with the usual increments for smaller packings, Price for shipment, £l7 10s per ton, freight paid to main New Zealand ports.

POULTRY AND EGGS

Good entries of poultry are coming forward for the markets, but prices remain firm for good quality birds. The following prices were realised per pair: Table chickens, light 4s to 7s, heavy 8s to 13s; hens, light 3s 6d to 6s, heavy 6s to 7s 6d; ducks, 6s to 8s; ducklings, light 4s to 6s, heavy 8s to lis; geese, 7s to 8s; goslings, 9s to 12b; turkey liens 16s to 225, gobblers 30s to 455. The supply of eggs has decreased slightly, but with the bakers' orders being filled, the supply is still equal to the domand and prices remain the same as previously. The Canterbury Co-op Poultry Producers, Ltd., quote the following prices per dozen: First grade hen eggs Is 6d,' second grade hen eggs Is sd. Messrs Macfarlane and Co., Ltd., quote: Eggs, first grade Is 6d, second grade Is sd.

DUNEDIN MARKETS

[THE PBESS Special Strrice.]

DUNEDIN, January 6. Wheat.—Business in the grain trade is not yet back to normal, and there is practically nothing doing. The improvement in the weather conditions has had a good effect on the wheat crops in the Otago district, and the latest reports are that they will be heavier than those of last year. The crops, however, will be a little later, consequent on the slower growth caused by the wet, cold months at the beginning of the season. There will not be the usual bulk of straw, but the wheat coming into head appears to be heavier than that of last season.

Oats.—Some enquiries have been received for oats during the past few days, but owing to the small quantity now held here no sales are reported. Buyers are indicating 3s 5d f.0.b., s.i., for A's. Fowl wheat has also been enquired for, and sales are reported from. Canterbury at np to 6s lOd f.0.b., sacks extra. Chaff.—Supplies of chaff are on the light side, and £5 6s per ton, sacks extra, is obtainable for the best quality. Fruit and Vegetables,—The marts report that prices for imported fruits were high during the holidays, but that the prices for cherries and strawberries were lower than those for the corresponding period last year. The Karao, which arrived from Auckland on Wednesday, brought 1400 cases of Fiji bananas. Tr-.'ese met with a ready domand. It will be about a month before the next shipment comes to hand. Supplies of tomatoes have eased a little, and the market is firmer. Canadians are practically the only apples on the market at the present time. Stone fruits are coming in slowly from Otago Central. It is expected that it will be about two weeks before the full flush of the season is reached. The only oranges on the market are Oalifornian seedless. Supplies are getting short in the meantime-. Lemons are in very short supply. The oauliflowers coming forward are of poor quality, and the demand is not keen. Fair supplies only of are coming to the marts, and the market is firmer. Peas were more plentiful towards the end of the week, and prices eased. Cabbages and lettuce are in over-supply. '

SOUTHLAND MARKETS

(STECIAL TO THE PBESS.)

INVERCARGILL, January 6,

Oats —There has been practically no business passing since the holidays. Local merchants are bare of stocks, and there is nothing offering from farmers bo thajt even if orders come in it will bo impossible to supply. For prompt delivery value to farmers is nominally about 2s 8d for A grade and 2s 5d for B's. Wheat —Local stocks of wheat are exhausted, and the requirements for fowl feed purposes are now Tieing drawn from outside marChaff—This market is well supplied, and not much business is passing. Really good quality is always in demand, however, and worth £4 35s per ton, on trucks country stations. Inferior lines are not wonted. Ryegrass—There is still s lack of animation in this market, although it is probable a demand may set in any time for autumn sowing. The quantity to be harvested this season will apparently not be as great as Potatoes—lt is too early yet to indicate values for new season's crop Practically the only business being done is in small lots of new potatoes for local consumption. There are still a few old potatoes of cood quality available for which the demand is slow, but which will probably all be cleared up in the course of a week or so. Fruit and Vegetables—Early peaches and apricots are now coming forward freely, and are realising food prices. The values for cherries are being well maintained, this being due to the better quality of fruit coming to hand. Strawberries are now in short supply, and confined to those produced locally and some from Queenstown. The market is absolutely bare of lemons. A consignment of Fiji bananas is due any day now. Navel oranges are available, and past enquiry points to a good clearance. Tomatoes are coming forward in heavier supplies, but the price is being woll maintained. There is a vary poor demand for vegetables. Current prices for (he week are as follows: —Cherries Is 4d to "s 5d a lb, strawberries 8d to Is 7d, apricots To Td, peaches sd, Canadian apples to 27s Gd, rnlifornisn navels to 555, lemons 755, tomatoes 8u to Is sd, green peas to 3d, cabbages Is 6d to 4s a doz., new potatoes to 3d lb.

BLACKWATBB MINES,

(SPECIAL TO THE PBESS.)

REEFTON, January 6.

Blackwater Mines, Ltd., supply the follow- :,, return for December, 1927: — Crushed—33oo tons, yielding 1263 fine oz valued" at £5564, working expenses £4311. The roaster also treated 06 tons, yielding « fine ozs valued at £353, working expenses iil7- working profit £1289, capital expenditure *66, development expenditure £4.25, profit over »Uf 798.

PROSPEROUS U.S.A. HUGE INVESTMENTS. (FT CABLE—rKESS ASSOCIATION —COPYRIGHT.) (APSTRALTAy AND X.I. CABLE ASSOCIATION'.) (Received January 6th, 7.15 p.m.) "WASHINGTON. January 5. The Department of Commerce announces that American investments abroad had reached a total of 13.000,000,000 dollars at the end of 1927, exclusive of about 10.000,000.000 dollars of wartime debts. Foreign issues publicly offered in the United States during 1P27 totalled approxiJ mately 1.570.'t00 dollars. It is the fifth tinio that flotations for any year havc> passed the billion dollar mark, other instances beiii"- lPlii, 192f, lS v 2o, and 1926.

GENERAL MERCHANDISE

GROCERIES

V.'ii.,;,-;■;, r- rcj.urt brisk business after llic luliday.-. retailors replenishing slocks. The outlook fi'r ii:,- i: t 'w year seems bright, with the pre-]' >; "i ;i .~ood harvest coupled with good priiis I'm- wool.

Now season's African dried apricots are now quoted a: prices that should attract bustnes.

The, pepper market in Shigajhuo is advancing, and a rise of J'Js was fabled this week. At the last. Colombo tea salo three million pounds were offered. Lines of the. quality shipped to New Zealand remained as previously, with the market firm except for very high grade which eased slightly. The steamer Arawa is due from London at the end of the month with a considerable quantity of groceries for local importers. Alildura currants, all grades, arc in veryshort supply, and orders cabled have not been confirmed, Australian stocks being exhausted. Greek currants are the only stocks now till the new season's Mildura crop is duo in April. Amalia currants show a very firm tendency, aud nn advance is expected. The boric acid market is weaker and declined id recently. Desiccated coconut prices are hardening.

The steamer Sussex, from Singapore, is due at Auckland on Monday, thence Lyttelton and Timaru to dischargo sago, tapioca, and pines. Orders bookod for January arrival will bo executed therefrom. The steamer Kurow leaves Auckland on Monday with sugar for Lyttelton. She is due on Wednesday.

THE FRUIT MARKET

CHRISTCHURCH,

The supply of vegetables has been plentiful, and prices liavo boon extremely low. .Some lines are difficult to dispose of at all. Green peas are quoted at from 9d to Is a peck. Now potatoes have improved slightly, ami are sow lid to 2d per lb. Fruit has been offering in bettor supply, and prices have been firm throughout. The first of the season's apples, a line of cookors, was on the market yesterday, and made lis 6d a case. Current quotations are.:—

Apples, Nelson, per case, new season's cookers, to lis 6d; apricots, dossert. per lb np to lOd; opricotß, No. 2. per lb 4d to 6d; currants, black, per lb ljd to 3d; currants, red, per lb 2d to 4d; cherries, dessert, per lb Is; grapefruit, per caso 32s 6d; lemons, 'Frisco, per case 62s 6d; peaches, dessert, per lb, up to 8d; peaches, No. 2, per lb 2jd to sd; plums, dessert, per lb up to sd; tomatoes, dossert, per lb 6d to Od; beans, broad, up to Is per tin; beet, per dozen bundles up to la 4d; cabbages, per dozen up to Is; cauliflowers, per dozen up to 2s 6d; carrots, per dozen up to 3s; green peas, per peck up to Is; lettuce, per dozen 3d to Is; new potatoes, per lb lid to 2d; onions, local, per lb 2d; parsnips, per dozen Is; radishes, per dozen 4d to 6d; rhubarb, per dozen 2s to 3s; spring onions, per dozen (id to Is; turnips, per dozen, 4d to 6d; spinach, per dozen, Gd.

FROZEN MEAT.

Dalgely and Company, Limited, have received the following cablegram from their London Office dated January sth: Frozen Lamb—Market firm owing to light stocks. Demand runs principally on finest qualities. Quotations: 28-361b, new season's North Island 113 d; 36-421b, new season's, North Island, lid; second quality, new season's, North Island, 9Jd to. lOd. Market likely to decline op arrival of larger supplies. Large quantity of South American afloat. No forward buyers. For Australian the market is quiot and unchanged, and domand poor. We quote Australian lamb, 28-361b, g.a.q., BJd, third quality 6Jd. Frozen Mutton —Market firm, demand moderate. Quotations: 48-561b, North Island, 51d; 56-641b, North Island, sgd; 64-721b, North Island, 5Jd; ewes, 48-641b, North Island, 6}d; for Australian mutton the market is steady and demand quiet. We quote Australian mutton 30-551b f.a.q., sd. Frozen Beef—Quotations: Argentine chilled hinds 63d, fores 4Jd. Pork—Quotations: English porkers 80 to 1001b, 9Jd to lOJd; N;Z. porkers, 80 to 1001b, BJjd, 100 to 1201b, 8d; New Zealand baconers, 120 to 1701b, 6id, 1701b and over, 6d.

SOUTH AMERICAN MEAT,

The New Zealand Meat Producers' Board lias received a cablegram from its representative at Buenos Aires, South America, advising the following shipments to the United Kingdom for the fortnight ended December 22nd, 1927, from Argentine and Uruguay:—2s2,22s quarters chilled beef, 8900 quarters frozen beef, 224,250 carcasos frozen mutton, 244.650 carcases frozen lamb The quantity shipped to the Continent of Europo during the same period was as follows: —76,148 quarters frozen beef, 5400 carcases frozen mutton, 2300 carcasos frozen lamb.

DAIRY PRODUCE.

Dalgoty and Co., Ltd,, have received the following cablegram from their London office, dated January sth: Butter —Market quiet. "We quote Danish 182s to 184s, finest New Zealand 160b to 1645, finest Australian unßaited 164s to 1665, salted 156s to 160s, g.a.q. 150s to 1545. Cheese —Market quiet. We quote New Zealand white and coloured 92s to 945, Canadian spot white and coloured 100s to 102s, Canadian e.i.f. not quoted.

TARANAKI OILFIELDS

(PBZSS ASSOCIATION TELEQEAU.) GISBORNE, January 6.

Taranaki Oilfields report:— Waiapu No. 2 well is drilled to 2908 ft in shale, with BJin diameter casing to 2890 ft. Gisborne No. 1 Well—Drilled to 2140 ft, with Biin diameter casing to 2120 ft. Shale was found from 1935 ft to 1940 ft, also from 1960 ft to 2000 ft and 2045 ft to 2060 ft, the balance being sand. Samplos of the sand between 2000 ft and 2050 ft treated with chloroform show definite traces of oil. There was a Bhowing of gas from 2060 ft to 2065 ft. Gisborne No. 2 Well— Transport somewhat delayed by rain. Now nearly ready to commence construction wprk.

MELBOURNE MARKETS

<BT CABLE—PRESS ASSOCIATIOS-COPYMGHT.) (AUSTRALIA* AND If.Z. CABM ASSOCIATION.) MELBOURNE, January 6. Market quotations are:— Wheat is quiot at 5s 4Jd. Flour—£l2 10s to £l3 10s a ton. Bran—£6 10s a ton. Pollard—£7 10s a ton. M , , , Oats—Milling 4s 3d to it «* » bushel, feed 4s to 4s Id a bushel. , , _ Barley—English 5s 6d a bushel, Cape 4s 6d a bushel. Potatoes—£4 10s to £5 a ton. Onions—£4 10s a ton.

GOLD

LONDOX, January 5. The price of gold is £i 4e Hid an ounce,

BRADFORD MARKET,

LONDON, January 5. Tho Bradford markei ehovw a good tone, following the strong reopening of tho Australian salea. Fair business is passing. Quotations are:—64's 50d 60's 47id, 56's 3S£d, 50's 29d, 46's 24d 40*8 22W.

COMMERCIAL.

EXPORT OF PORK

GOVERNMENT TO GRANT

SUBSIDY.

[THE PHESS Special Serrice.J

AUCKLAND, January 6.

Reference to the proposed subsidy on export pork was made by the Prime Minister in addressing settlers at Tunwiri and Kuuwai.

Mr Coatc-a said that three or iour years ago n was seen that there was a future for liio pig industry ot the Dominion. l''roin enquiries made while m England he had found that NewZealand bacon and pork were the best imported into Uritain. They were delighted with the Dominion's products. Our climate would enable us to produce pigs tit such a price that we could compete with Denmark. The Danish export of pigs was in excess of that of butter. If it were possible to increase the export of pork from New Zealand to even one-half that of butter what a help it would be to farmers. A subsidy of £30.000 would not d,'i everything. Although it night be hard to defend the principle, they had by assisting apple growers probably one million cases of apples for export this season. The wheat industry had been assisted, and he had decided to stand behind the nip industrv and help if lie could to pull it out of its difficulty. Mr Contes said a meeting would h-> held in Wellington of reoresentatives of the Dairy Control Board, Meat Producers' Board, and Pig Breeders' Association, and Ihe Government. Nothing bad been decided as to bow the subsidy would bo applied. Tt miciil K> used in reducing freights or paid :>t so much psr carcase. Tt would be solely to assist the export trade.

INSECT PESTS.

INTRODUCTION OF PARASITES

[THE /"BESS Special Service.]

WELLINGTON, January G.

In .a lecture entitled "Some Insect Friends of the Gardener," illustrated by lantern slides, which Mr D. Miller, Government Entomologist, delivered before the Nurserymen's Association or. Thursday, the lecturer stressed the fact that just as life was a constant struggle between men, so the career of the insect was a struggle against rivals. Insects were responsible for a great annual loss, especially in an agricultural country such as New Zealand. One of the most important pests was the pear midge from Europe, where it was not a bad pest, and its natural enemies were consequently unknown. The midge laid its eggs in the unfolded pear leaf which curled up, aied, and fell to the ground where a little grub furrowed. . It had a life circle of .1 month. Research had revealed a useful insect called the«platigaster which destroyed the midge. These platigasters were being brought into New Zealand and distributed, and the orchards where they were at work were ' now showing a full crop of leayes. The mealy bug, which sucked the sap from plants, was now being attacked by aphides from California and Australia. The cabbage aphis and others could be attacked bv "black leaf 40" or kerosene emulsion. A small .wasp-like insect.laid its eggs in the body of the aphis, but unfortunately a third insect also laid its eggs in those of the wasp. Ladybirds ar? the enemy of the aphis, but an enemy in its turn attacked them. The hoverfly laid eggs among the aphides and the potched grab (headless and blinds devoured many aphides. The giant horntail pest on pine trees attacked only weakly trees, boring holes in the tree trunk. The hatching grub enlarged the hole. In Europe this nest was attacked by parasites, including one with an enormous long ovipositor with which it laid eggs in the embedded grub. This helpful inseot was, however, yet to be introduced. "Parasites, however," added Mr Miller, "are only a partial aid. Spraying is still essuntial in orchard practice."

CUBAN SUGAR.

GROWERS WANT BETTER RETURNS.

[THE PRESS Special Service.]

WELLINGTON, January 6

The announcement that Cuban sugargrowers are seeking to meet European Migarbeet growers in conference to devise some means of obtaining better returns for sugar production is considered locally as of the highest importance. The price ruling for sugar during the last two.years has been round about £23 per ton, while previously h sold at £BO per ton. The Cuban complaint is one more instance of producers of a raw material being dissatisfied with the return which they are receiving for their product, and it is feared that restriction of output may be adopted as a device to increase prices it all else fails.' The Cuban Government is reported to be legislating in an attempt to obtain 1 etter returns for the national industrv.

AUSTRALIAN TRADE TREATY.

MOVE FOR REVISION IN CANADA

(AUSTRALIAN AND S.Z. CABLE AS3OCIATIOX.)

> (Received January Gth, 9.5 p.m.)

OTTAWA, January 5. The Australian trade treaty will be discussed at the forthcoming session of Parliament. For some time there have been rumours of negotiations for a revision of the treaty, which has been attacked by certain agricultural interests in Canada.

LONDON MARKETS

(itfSTEALUS AXD K.Z. CASUS ASSOCIATION.)

'». m,. MHDOX, January 5.' ilour. —The market is slow. Australian «x store 38s.

Oats.—The domand is firm. Australian Algerian 28s to 295. A Gartons 35s to 36s Peas are slow of sale. Blues. Tasmanian 880s to 400s; New Zealand, 360s to 380sMaples, Tasmanian, 00s to 955; New Zealand 82s 6d to 85s. Beans—New Zealand. 44s to 455. Sugar—Granulated, 30s 4jd.

TALLOW. The New Zealand Loan and JTcrcantile Agency Co., Ltd., has received a cable from iondon giving the following tallow quotations .---Fine mutton 39s 6d per cwt; good wet 40s per cwt; mixed 38s per cwt. Market

BANK OF ENGLAND RETURNS.

(BY CABLE—PRISS ASSOCIATION—COPIEIGHT). >UST£ALIAM A>-D H.Z CABLI ASSOCIATIOK.) LOXDOX, January 5. The following are the Bank of England returnt for the week ended Wednesday:— lisae Department. Not; circulation . . . . 137,726.000 .Votes in reserv; . . . . 1)3,434,000 Totui .. .. 171,162,000 Government debt . . 11,015,000 Other securities . . . . 8,735,000 Gold coin and bullion . . 131,412,000 Total .. .. 171,162,000 Banking Department. Proprietors - capital . . 14,553,000 Rest .. •• •• 3,431,000 Public deposits - . • • 13,618,000 Other deposits . . . . 142,730,000 Seven-day and other bills . . 3,000 Total . . 174,335,000 Government tc.urilies .. 48,294,000 Other securities .. .. 91,716,000 Notes in reserve . . . - . 33,434,000 Gold and silver coin .. .. 891,000 Total . . . . 174,335,000

The proportion oi reserve to liabilities is 21.00 per cent. Short loans are quoted at 3g per cent.„j three months' bills at 4 5-1S per cent. |

GOVERNMENT SECURITIES

LONDON, January 5,

Tiis following are tho latest quotations for Government securities compared with the prices ruliitg last week:

FOREIGN EXCHANGE RATES. LONDON, January 5. The exchange rates on London are as follows: Par. Jan. 2. Jan. 5. Paris, Ir. to £1 .. 12.225 12102 124.02 Biussels, belgasto£l 5 34.90 34.92 Oelo, kr. to £1 .. 18.159 18.84 18.34 Copenhagen, kr.to£l 18.159 18 24 18.20 Stockholm, kr. to £1 18.159 W.lO 18.11 Amsterdam, fl. .. 12.107 12.09 12.09J Berlin, Heichmarlsen to £1 . •• Montreal, dol. to £1 4.862 *•& 4 - 8 &S New York, dol. toil 4.801J 4.88J 4.87 13-18 Yokohama, at. to yen 24.5 22 231-16 Rome, lire to £1 .. 25.22* 92.37 92.34 Calcutta, St. to ipe. 15 to gold £1 18J 18J Hong-Kong, at. to dol. ' 248 3*J Botavia .. .. - lS.Ofig 13.07& Prague, kroner to £1 - 164? 164» ' • Governed by price oi silver

WHEAT.

CHICAGO QUOTATIONS

NEW YORK, January 5. Chicago wheat quotations aro:—March, 129J cents a bushel; May, 131 cents; July, 126J cents.

METALS

(Australian and n.z. cable association.) LONDON, January 5. Copper—Standard, spot £63 Is lOJd; forward, £62 la IOJdElectrolytic—Spot £66 10s; forward £67.

Wire bars—£67. Lead—Spot £2l 18s 9d; forward £22 7a 6d. Spelter—Spot £26 ss; forward £26 2s 6d. Tin—Spot £256 17s 6d; forward £256 8s 9d. Silver—Standard 26 11-16 d per ounce; fine 28gd.

RABBIT FUR TRADE.

Some of the trade names under which the lowlr rabbitskin appears in the fur business are "listed by the Biological Survey in the Farmers' Bulletin, issued by the United States Department of Agriculture. Baltic is prefixed to black fox, brown fox, leopard, lion, red* fox, seal, tiger, and white fox, all being rabbitskins, variously dyed and treated. Other rabbit furs appear as Arctic, Australian, and bay seal, beaverette, . chinchillette, coney, electric beaver, electric mole, electric seal, erminette, French chinchilla, meskin beaver, meskin ermine, meskitt raoline, meskin seal, minkony, sealette, ana sealine. squirrellette, squirrelline. visionette. and others. In 1925-26 Australia exported rabbit and hare skins to the .value .of £2 880,360. America was the principal importer, taking £1,834,850 worth.

Nov., 1927 Jan., 1928. Merino — d d d . d Extra super — to 25 — to.2«l Super 221 to 232 23 to 242 Medium ... 192 to 22 21 to 222 Inferior ... 17* to 19£ 19 to 202 Corriedala — Extra super — to 25i — to 26 Super 22 to 23i 222 to 242 Medium ... 19i to 21-i 21 to 221 Inferior ... 172 to 19 19 to 201 Fine halfbred- - Extra super — to 252 — to 261 Super .... 212 to 232 221 to 241 Medium ... 19i to 21i 201 to 221 Inferior ... 171 to 19J 182 to 20 Medium halfbred— Super 20 to 23 21 to 232 Medium ... 18 to 192 19 'to 202 Inferior ... 161 to 17* 171 to 18J Coarse halfbred— Super 18 to 20 19 to 21 Medium ... 161 to 172 171 to 182 Inferior ... lol to 16i 16 to 171 Three-quarterbred— Super 18 to 20 19 to 211 Medium ... 16 to 172 171 to 181 Inferior ... 131 to loi 14 to 162 Medium crossbred— Super 16 to 17 17 to 181 Medium ... 15 to loj 16 to 162Inferior ... 13 to 142 14 to 152 Coarse crossbred— Super 14 to 15 15 to 16 Medium ... 121 to 131 131 to 141 Inferior ... 111 to I2i 121 to 131 Pieces— Merino 17 to 20 18 to 21 Halfbred firsts 18 to 22^ 18 to 212 Halfbred seconds ... 15 to 171 15 to 171 Crossbred firsts 111 to 131 11 to 13 Crossbred seconds ... 91 to 11 10 to Hi Locks— Halfbred ... 91 to 11 10 to 132 Crossbred ... 7i to 9J 72 to 92 BelliesGood 142 to 181 14J to 172 Low to medium illl to 141 11 to 141 Crutchings— Good 11 to 141 11 to 13 Low to medium 71 to 10 72 to. 101

prices: — d. d.. Merino—64-70, 60-64 Extra Super ,. 24^ to 26i Super 22 to 24 Average .". m to 21J Inferior . 17 to 19 Corriedale — Super 90 J. --a to 26 Average . 20 to 22 Inferior . 18 to 19 J Fine Halfbred—58 , 06-8. 56 Extra Super . 24^ to 264 Super 22-1-to 24 Average .. -'20" to 22 Inferior . 18 to 19* Medium Halfbred--30-o0 ; £0 Estra Super .. 23 to 241 Super .. 21 to 22J , Average . 19* to 20-1 Inferior . 17 to 19 Coarse Halfbred— 48-50 Extra Super ,. 20 to 211 Super Average .. 17 to 195 to 18* Inferior ,. lo.V to 16J Fine Crossbred—46-4S Super .. 17 to 182 Average .. 1-j to 16i Inferior .. 134 to 141 Medium Crossbred--44-46 Super . lo to 16.J Average .. It to 143 Inferior .. 12J to 131 Coarse Crossbred— 40-14 Super .. Hi to 15

Laat week. Phis week. .t; e . i 3. £ 6. d. Imperial Consols, px. -i 55 3 0 55 12 6 War Loan, 5 i>.c. 47 1923100 17 6 10) 2 G War Loan, .'!} p.c, 1923-23 1C1 0 6 101 10 0 Conversion loan, 3J p.c. 75 15 J 77 0 0 Commonwealth, B p.c, 1931-U 103 5 0 103 5 0 Commonwealth, 5 p.c, 1915-75 98 2 6 98 10 0 New Zealand, C p.c, 19Sr>-5l 103 12 6 100 10 0 New Zealand, 4 p.c, 1929 98 7 6 93 10 0 New Zealand, 3* p.c, 1940 86 17 6 37 0 0 New Zealand, 3 p.c, 1945 78 12 6 79 0 0 New South Wales, 6 p.c., 1930-4(i 101 6 0 101 7 6 New South Wales , 5£ p.c., 1922-23 101 0 0 101 12 6 New South Wale s, 5 p.c. 100 7 G 100 15 0 New South Wale 'K, i p.c, 1983 .. 9.3 7 S 93 2 6 New South Wales , a p.c, 1930-10 75 0 0 75 7 6 New South Wale ■a, 3 p.c, 1035 .. 85 5 0 85 1 6 Victoria, 5J p.c, 193040 93 17 6 03 17 G Victoria, 5i p.c, 192126 . 101 3 0 101 10 0 Victoria, 3 p.c, 192049 71 10 o' 71 5 0 Victorid, 5 p.c, 133242 • . 80 o 6 99 10 0 Victoria, 3 p.c, 102040 77 12 G 77 10 0 Queensland, G p.C, 1930-40 103 0 0 101 0 0 Queensland, 2J p.c, 1930 95 10 0 95 17 6 Queensland, 3 p.c, 1922-47 71 0 0 ' 70 17 0 South Australia, 6} p.c, 193040 104 2 6 101 12 G South Australia, 35 p.c, 1939 So 0 0 85 10 0 South Australia, 3 p.c, 1916 or after Gl 0 0 61 5 0 West Australia, G p.c, 1930-40 101 0 0 — WeBt Australia, 3J p.c, 1920-35 83 10 0 83 10 0 West Australia, 3 ]-.c, 1915-35 85 7 6 85 15 0 Tasmania, 6J p.c, 198040 104 0 0 102 7 6 Tasmania, 34 [i.e., 1920.40 S3 15 0 83 17 0 Tasmania, 3 p.c, 192040 80 2 6 80 10 0