FINANCE AND COMMERCE.

Press, Volume LXIV, Issue 19285, 14 April 1928, Page 12

FINANCE AND COMMERCE.

'A GOOD YEAR.

TRADE FIGURES. HEAVY EXCESS OF EXPORTS. [THE PRESS Special Service.] WELLINGTON, April 13. Cause for solid satisfaction in the vastly improved trading position of the Dominion is to be found in the trade returns supplied by the Cust.-ms Department for the financial year ended March 31st, 1928. The balance of exports over imports amounted to no less than £10,542,674, compared with an adverse balance of £3,510,332 for the previous year, so that there has been an improvement of over £13,000,000. The exports during March were again ■well over £7,500,000, and for the three months ended March 31st they readied the phenomenal total of £23,130,710, which is more than half the total value of the exports for the twelve months ended March 31st, 1927. An analysis of the firnres shows that the exports last month were over £1,250,000 more than for March, 1927. The amount, £7,687,503, is £155,319 less than for Februarj', and this will be largely for by the decrease in butter and cheese shipments. The exports for the first three months of this year are:— £ January .. .. 7,606,385 February .. .. 7,842,822 March .. .. 7,687,503 Each represents record figures. The imports last month were over £400,000 less than for March, 1927, and . the figure, £4,284,032, shows a rather sharp rise on the £3,770,000 for January, and £3,578,238 for February. The March figures afford the following comparison:— March, March; 1928. 1927. £ £ Exports .. 7,687,503 6,450,442 Imports .. 4,284,032 4,692,209 Excess of exports .. 3,403,471 1,758,233 When the quarterly figures are examined it is found that the exports for the three months ended March 31st 1928, £23,136,710, arc practicallydouble the value of the imports for the period, and total £6,465,677 more than the exports for the corresponding quarter of last year* The imports for the Much quarter, 1928, are £363,589 less than for the corresponding period of last year., The quarterly figures afford the fol-. lowing comparison.— .*/ 3 Months, 3 Months, 1928 1927 Exports ... 23,136,710 16,671,033 Imports .. 11,632,290 11,995,879 *R-vYtaaa AT- , exports .. 11,504,420 4,675,154 Most impressive are the figures for the financial year, since they show convincingly the great improvement in the trading position of the Dominion, ■which was evidenced to some extent by the quarterly banking returns. The exports for the, year totalled nearly arid increased production and.-.better prices for 'Wool and other, produce are reflected in the increase of £9,279,693 over the exports (£45,682,838) for the previous financial year. The imports for; the, year are, down by £3,773,313, compared with the pre- • vious twelve months. The year's trading 'shows a-healthy credit balance of exports oyer' imports of £10,542,674, as against an adverse "balance of £2,510,332 for the'previous twelve months. Thus there has. been, an improvement of £13,053,000 in the trading position of the Dominion. The figures for the finftnftiaS year afford the following comparison:— Year to Year to March 31, March 31, 1928. 1927. Exports -..- 54,962,031 45,682,338 Imports : i.v ' 44,419,357 48,192,670 Excess, of exports - v 4 10,54(2,674 ! Excess of * imports jtiE APPLE SEASON. (fbom oub ova cobbbspohSxht.) LONDON, Jfarch 6. The Empire Marketing Board reports • that very light shipments of apples from Atlantic ports in Canada and xne United' States were recorded in the week ended February 18th, the totals to Europe amounting to only 21,000 barrels and 26,000 boxes, as compared ■with 187,000 barrels and 37,000 boxes in the corresponding week last year. Aggregate shipments since the beginning of January have amounted to only . 372,000 barrels (reckoning three boxes as equivalent to one barrel), or less than One-third, of the shipments in • the corresponding.period list season. Shipments irom Pacific ports in the same period have amounted to 606,000 boxes, as compared with 1,042,000 boxes last year. , Several steamers with Australian and New Zealand apples are now on the way. Two shipments from New Zealand are due about March 28rd, with a total of 21,600 boses of apples and 120 boxes of pears. The snipping programme from Tasmania gives an estimated total for the season, of 1,870,000 boxes ot • apples to the tjnited Kingdom. The first arrival* froih Australia is likely to be the , Narkunda, about March 22nd, with 23,000 boxes. No less than five steamers were reported as having sailed from Cape Town during the six days from February 14th to 19th inclusive, carrying a total of 232,000 boxes of fruit, of which 132,000 boxes are pears. Total shipments so far this season amount to 9.49,000 boxes, or 242,000 boxes more than at the same date last yea% Shipments of pears already exceed the total thinmerits for the whole of last season. Owing to severe droughts in South 'Africa, the quantities of citrus fruits to be shipped during the coming senRon are expected to be considerably less than ihbse of last year. DESPITE PROTESTS. SUGAR DUTY REDUCTION. (UOTTEO PBESB ASSOCUTIOJT—BT BLtCTWO ' raiBGBABH—COPIEIQHT.) (Received April 13th, 9.15 p.m.) LONDON, April 13. The "Morning Post" understands that despite protests from overseas, Mr Winston Churchill, • the Chancellor of the Exchequer, inteiids to includo- a substantial reduction of the sugar duty in his Budget.—Australian Press Association. DRAUGHT HORSE SALE. J. Bile of Olydoidale draught hones wa» hold at Anhburton yosterday, on behalf of Mr w. J. Taylor, Ashton. Good prices ■ were milled, the average being juit under e*eh. the mares are eligible for the Btttd Book. . . The eales were:—Mares: One st /44gn/i, l three-year-old at • 67gn», 1 three-year-old at 41gne, 1 three-'our-year-old at 87gni. V One flve-year-old at £62, J fouryeafcpld ,at £65, 1 four-year-old at £52, 1 ; ''J 46 ' 1 1 fo»r.year.oM «t at £44, X lix-year-old

BEEF PRICES.

FURTHER RISE PROBABLE. [THB PRESB Bpecial Service.] AUCKLAND, April 13. Graziers generally have had little to complain of in the prices realised lor fat stock at Westfield recently, but the steady improvement that lias taken place in beef values since the period of low prices last autumn has given riso to the hope that sustained prosperity for the beef- raising industry is in "sight. Beef prices ruling at Westfield on" Wednesday were on a level not reached since the seasonal rise i-n the early spring of 1926, and represent a veiy substantial increase over those ot April last year. The present rates represent an advance of some £4 in the price of an average weight steer compared with last year's prices, and are substantially above the average prices reiilised for many years. It is confidently predicted that a further substantial rise will take place during the coming winter. While a teview of the conditions contributing to the present position appeared to justify anticipations that beef will continue to bring a good price for some considerable time, the extensive operations of export buyers» since Christmas had exerted a pronounced influence on the market, stated an Auckland authority. At least two firms with commissions to fill Army and Navy contracts had been buying heavily, drought conditions in Australia having to some extent caused them to seek fresh sources of supply. In all probability, he said, the coining winter would see a further considerable increase in the price or beef.

AMERICAN BUYING. INFLUENCE ON AUSTRALIAN LOANS. (UNITED PRESS ASSOCIATION—B J ELECTRIC TELEGRAPH —COPYRIGHT.) • LONDON, April 12. The Stock Exchange at present is interested in American buying of longdated securities, which, so the American bankers emphasise, will have a decided influence on further flotations of Australian loans in the United States. Such flotations, they aver ; will he welcomed in view of their high inter-est-yield compared with similar American securities. The , present firmness of gilt-edged lines is largely due to American purchases, as, owing to the low yield of similar United States "stocks, Americans have recently been buying British . heavily, especially the four pet cent, funding loan, as foreign holders do not have to ..pay British income tax on it. It was also reported that the funding loan was about to be granted official quotation on the New Ydrk Stock Exchange. As the result of this the buying price rose from £9O 10s to £93. but the report that quotation would be granted has not been confirmed, and the price has relapsed to £9l. —Australian Press Association.

. WALL STREET ACTIVITY. NEW YORK, April 12. * The 'stock market opened'with feverish activity and every indication of breaking former records, but the fear of an increase in brokers? loans caused some reaction. At the closing hour, however, the sales-totalled 4,381,600, being the 10th 4.000,000 day in the history of the exchange. • The. tickers ran 47 minutes behind during the day ; but managed to close 28 minutes behind the market; . The kerb market broke all records with 1,290,000 sales, and the ticker was 21 minutes behind. —Australian,. Press Association. BRITISH GARS. \ 1 FOR AUCKLAND CITY COUNCIL.

[TBS PEESS Special Service.] AUCKLAND, April 13. "As a test of the Council's sincerity in this matter might I suggest that members spend this money in the same way as they would spend their own, arid when .they ,ride home'.iri their motor-cars to-night they might consider the make of the cars and ponder on their decision," said Mr ,J. A. C. Allum at the City Council meeting last evening when tenders for the 1 purchase of two motor-cars and two motortrucks were under consideration. The Market and Stores Committee recommended that two 100 per cent. British made cars be purchased at a cdst of £290 each, and Mr Allum moved that the recommendation should be sent, back to the committee for further consideration.. He pointed out that another tender had been received for the supply of cars at £2lO each. These effrs, he said, were classed ns British cars. Mr J. B. Paterson said the Council's policy was to give preference to British goods, and in the case of'the cars mentioned by Mr Allum they were 33 per cent. American. The Council had had success with the machines it was suggested should be obtained. "The Customs tariff has already exacted the penalty for importation of foreign goods," interjected Mr Allum. The 'committee's recommendations were adopted.

WUNDERLICH, LTD. Wundeirlich, Ltd., for the year ended' February 28th, 6hows a profit of £90,242, compared with £84,153 the previous year. Including interim distribution, the dividend on ordinary shares is £56,924, being at the. rate of 14 por cent. Preference dividend 7 per cent., absorbs £5600. and on staff partner's certificates £5680. There is carried to reserve £SOOO, and the staff partners' arid superannuation fund is allotted £15,000, leaving £17,171 to be carried forward, against £15,143 brought - forward. With reserves at £161,743, and ordinary capital, £420,000, the dividend is equal to 03 per' cent, on both combined. A comparison of accounts follows Year ended Feb. 28. 1927. 1928. £ £ Not profit .. .. 84.153 90,242 Dividend, ord., p.c. .. 14 .14 Dividend, ord., amt. ~ 43,400 56,824 Div., pref., 7 p.c. .. 5,600 5,600 Dividend, on staff partners' certificates .. 5,010. 5,680 To staff partners .. 15,000' 15,000 To reserve fund .. Forward .. .. 15,143 17.171 LIABILITIES— Capital paid up .. 439,972 500,000 Staff partners' certificates .. 87,200 102,100 Sundry creditors .. 90,855 86,789 Reserve fund „. 156,743 161,743 ASSETS— Freeholds .. 272,211 '290,734 Leaseholds .. 1,228 1,642 Machinery, etc. .. 181,890 204,842 Book debts .. 135,719 126,035 Stocks, .. 156,353 205,065 * V •• .. 4,032 9,248 Goodwill .. .. 68,701 68,701 The .new issue of 120,000 ordinary shares m&de during the provious year became fully paid up during the year under review, and that accounts for the increase in capital snows. It will be Been from the balance* sheet* that part of that increaso has gone in freehold and buildings, and part in machinery and plant. Stock* are up by nearly £50,000.

CANTERBURY MARKETS GOOD TONE GENERALLY. (BY OUB COMIIEBCIAL EDITOR.) Friday Evening. Wheat showed a firming tendency during the holiday, and a fair quantity was bought yesterday at MidCanterbury stations at 5s 7d a bushel on trucks. A penny, and in one or two cases twopence, • more has been for North Canterbury wheat. This prico is being paid for the most part by merchants who sold forward at the beginning ol the season to millers at a good price. They can pay more to the farnier than millers. Hunters is worth 6s on trucks at any station, short-berried wheats not being plentiful. Notwithstanding the hokt-up in threshing on account of the wet weather, there is more wheat offering than before the holidays, the improved prices, no doubt, being an influence in this respect. Firm Oats Market. The oats market' continues firm. Three Home boats will load this month for JOngland—the Somerset (which is now at the Bluff) the Kia Ora, and the lonic. They will pick up oats at different southern ports and Lyttelton. Values are 3s lOdl f.0.b., s.i. Lyttelton, and 3s 9d southern ports. Values on trucks are up to 3s 3d for A's, and 3s for B's, for which there has also been a demand' for export. Algerians are meeting with a dull market, and are quoted at up to 3s 3d f.0.b., s.i., or about 2s Sd on trucks. The export trade in white oats may. become brighter later on for Algerians for chaff. Partridge peas are in slightly better repute, a few enquiries hrving come from Home, with, however, little, if any new business, Up to 6s on trucks is quoted for No. 1 •ydaiicv. The Seed Mark9t. The seed market is quieter, due to the North Island autumn dlemand being now practically over. Altogether it has been a much better season than for quite a time. This has been brought about to a large" extent by the improved prices for other products permitting freer buying by northern farmers. The purchases have mostly "gone into use instead of, as frequently happens, going into northern merchants' stocks. Cocksfoot is attracting little attention, the northern demand being over for the season. Merchants bought fairly freely from Peninsula growers at a figure that made it difficult for them to sell the dressed seed at a shilling per lb. There was only a limited consumption at a higher figure, 'and merchants have fair-sized stocks on hand. The current quotation on trucks is 7£d' to 7J per lb. ■Perennial ryegrass has been a short crop in and with a very free autumn trade stocks are not heavy, and probably not more than will suffice for spring sowing. However., there .is a fair crop of seeds of various varieties in Southland this season, aqd this may have an influence on future prices. • The business transacted with the north has been on a basis of 5s 3d a bushel f.0.b., s.i., or about 3s 6d to 3s 9d to farmers. Italian ryegrass- is one of the iew classes of seeds in which there was a substantial carry-over last season. However, the crop is believed) to be much shorter this season, and there is no flush of stooks. The demand is good. One or two lines of local cowgrass have come on the market, but the quality is not impressive, as the samples contain a good few brown seeds. It is hoped that the later crops will be freer ffom this trouble. In the meantime merchants' ideas are scarcely on a line with those of growers. The former are quoting Bd, and the grower is asking 10a. Until this gap is partly bridged business is unlikely to be brisk. White clover is also offering sparingly, but quality is only medium, and it varies a good) deal. From 7d to 9d on trucks is being quoted. Reports from the-south in regard to the dogstail crop are that it is a very heavy one, and this, in addition to. the carry 1 over cf last season, has knocked prices back. There is not much local use of dogstail, and the export market is lifeless. .

Potatoes Easier. The potato market is easier, and "prompts" are now worth £3 10s to £3 15s oil. trucks, or £4 15s to £5 f.0.b., s.i. May-June are quoted at £3 10s on' trucks. Business is negligible for later, months, but nominally the quotations are about £6 f.0.b., s.i. , The Waipiata took 4500 sacks north prior to the holiday She was close on a week loading in Lyttelton, arrived in Auckland! on the 6ve of the holiday," and by the time the potatoes were unshipped not far short of a fortnight' had elapsed. As the potatoes were t not ripe, they naturally arrived in a'very bad condition, a substantial proportion being quite unfit for use. Orders in the ifieaiitime are very few from the northern "city. Onions are in poor demand from the norht. The offerings are heavy this month. Values are £4 on trucks.

Quotatioris. The following are quotations for produce to be paid to farmers, on trucks, free - o'f commission, sacks extra, except where otherwise stated: — Wheat—ss a bushel. Oats—A Gartons, to 3s 3d a bushel; B's,3s; Algerians 2s 7dl to 2s Bd. Chaff—£3 5s to £3 7s 6d per ton. Potatoes—Prompt delivery, £3 10s to £3 15s. Red Clover—Bd to 9d per lb. White Clover—7d to 9d per lb. Perennial Ryegrass—To 2s -6d per bushel. 'ltalian Ryegrass—To 2s '6d per bushel. . Onions—£4. Cocksfoot—7d to 7}d. Peas—To 6s. > Linseed —Up to £l3 10s per ton. Bran—£6 10s per ton, f.0.b., southern ports; 10s extra for smaller packings. Pollard—£B per ton, f.0.b., southern ports; 10s extra for smaller packings. Flour—Local wholesale price, £l* 10s per ton 'for 2001b sacks with the usual increments for smaller packings. Price for shipment, £l7 *los per .ton, freight paid to main New Zealand ports. ASHBURTON MARKETS. _ Business generally is quiet. Good-condi-tioned lines of wheat-are saleable. Milling wheat are firm, but prices for* fowl wheat are fairly low. Stack thresing is now becoming more general. The oats market is steady. There are a few lines of Gartons offering by growers, but not many Algerians. Good, dark, heavy Duns are readily saleable, but light lines are hard to dispose of. I Peas, chaff, ryegrasses, and clovers show no change. The following prices are quoted, f.0.b., on trucks, country stations, sacks extra: — Milling Wheat—Tuscan, 5s Cd per bushel; Hunters, 5s 9d, pearl and velvet, 6s 3d to 6s 6d. All prices nominal. Oats—A grade Gartons 3s to 3s W per bushel; B's, 2s lOd; Algerian, 2s 8d; feecf, 2s 6d; good, heavy, dark Duns, 2s 9d to 3s; feed, 2s 6d. Grass Seed—Perennial 3s to 3s 3d, Western, Wolths 2s, and Italian 2s 3d per bushel for best seed; clover, 8d to fld per lb; cocksfoot, 7d per lb.'Chaff—Good, bright oatsheaf, £3 10s. Partridge Peas —No. 1 'grade, 5s 6d to 5s 9d per bushel for prompt delivery. There was a medium entry of poultry and a good yarding of pigs yesterday. The poultry were disposed of at ruling rates, but weaners wore difficult to qnit, there being practically no demand. The prices realised were as follows: Poultry—Hem, 2s to 3s 6d, roosters 3s to St 6d, ducks to Bs 6d. l'igs—-Small weaners 4s to Bs, medium weaners 8s to lis, extra good to 15s; stores, from £1 to £1 7s; porkers, 86i to 40s; oacontri, to £3 fit.

DUNEDJN. [THE PRESS Special Service.] DUNEDIN, April 13. There is no change in the wheat market. Millers aro still refraining from buying, and farmers are declining to accept current quotations, namely 5s 6d on trucks, country sidings for Tuscan, and 5s 9d for Hunters, sacks extra. Very little Velvet is offering, and any lines true to name aru saleable at 6s 6d on trucks. The fowl wheat market is also quiet. The quantity offering is increasing, and it is difficult to make sales. Merchants are working from hand to mouth, and there are iio shipping enquiries, consequent on Canterbury under-quoting this port. The nominal quotation locally for good fowl wheat is 5s 9d per bushel, sacks extra, ex store, whereas the shipping quotation from Canterbury is 5s 7d f.0.b., sacks extra. The oat market remains firm. Shipping enquiries are not so plentiful, but merchants are still prepared to buy from fi*rmers at late rates, Js sacks extra, "on trucks country sidings fo.- A's and 2s 9d for B'e. ITie quantity of oats offering is a good deal less than in previous yoar3. The shipping quotation is 3s Bid f.0.b., s.i. for .Vs and 3s 5Ad for B's. The chaff market is bare of supplies. Good quality is readily saleable at up to £5 10s per ton, sacks extra, ex truck. Cansignments are being drawn from Canterbury. It is cxpided that local supplies will increase in the near future as more' chaff i~ now ready for the market, the sheaves having been ntackcd for the necessary period.

The digging of potatoes is more -general throughout the various districts and consignments have been increasing. The supply is mora than equal to the demand, with the result that oiiles aro hard to effect. Good quality tubers are on ofler at £5 10s per ton, sacks included, ex truck. The yields arc turning out well, and it is expected that the quantity available will be more than sufficient for requirements for s'.me time to come. The seed markets are quiet, but prices remain firm. Ryegrass eeema to be in short supply, and ; t is difficult to obtain quotations from the southern merchants. Prices iire ruling higher than those of last season The cocksfoot market is -also firm, and (is ro Danish importations are coming to New Zealand, it is expected flint all the cocksfoot. that has been ss;-ed in New Zealand will be readily placed. SOUTHLAND. (SPECIAL TO THE PRESS.) INVERCARGILL, April 13. Oats —The holidays have interfered with business generally, but it is probable that there will be a revival during the coming week. A grade for shipment has been worth as 9d f.0.b., s.i., with sellfng merchants asking jd to Id higher than this price. Values to farmers are irom 2s lid to 3s for A grade, according to the station, at which-the oats are loaded, with B grade 2d per bushel' less. Good Duns are worth from ils Id to 3s 2d per bushel, according to loading station. . Wheal—Somo samples have been offering during the past week or two, mostly Tuscan. This variety is worth up to 5s 8d on trucks country stations. Velvet of milling quality is worth up to 6s 3d. - Chaff —Tho supply is fairly steady, and there is a fair demand. The value to farmers for old chaff is about £4 5s per ton, while purchases of new chaff have been made at £4. . Ryegrass—This market is fairly .firm, and considerable quantities have been sold throughout New Zealand, so that stocks aro very light for this period of the year. Values to fanciers run from 3s 4d to 8s 8d according to quality and weight for seed running 251b upwards, while lighter and inferior lines range from about 2s 9d to 3s 4d. Italian is worth about 2s 6d per bushel. Potatoes—Farmers are now commencing to dig' their main crops, and a few lines have been offered for sale. Sales have been made on a basis of £5 per ton on trucks country stations.

HAWARDEN MARKET. At the Hawarden market 1031 fat lambs, 106 fat ewes, 62 fat wethers, and 538 store Bheep were yarded. The fats' brought full ruling prices, and all but one lot changed hands. A' pen of five extra prime lambs sold for R. Manning made 'Bos 4d. Prime ranged from 29s to 33s 2d, and seconds from 24s to 28s 6d. The best ewes made 18s 4d to 20s 6d, second quality 12s 8d to 16s 9d, and wethers 24s 3d to 29s 4d. The sales of fat lambs were:—For J. Dalzell, 16 at 31s 8d; S. L. Wright, 24 at 26s lOd; J. W. Wright, 15 at 295, 10 at 26s 6d; H. E. Flncham, (J7 at 30s 7d, 89 at 29s lOd; C. Trounce, 33 at 32s 2d; H. D. Burt, 28 at 275; R. Brice, 23 at 29s Id; S. Boon, 42 at 80s, 18 at -295, 6 at 265; R. Manning, 6 at 33s 2d; Loney's Estate, 5 at 34s Id, 3 at 30s Id; Mason's Estate, 43 at 81s 8d; W. White, 37 at 31s 3d; W. Neeve, 115 at 28s 6d, 84 at 30s 3d; D. Dwyer, 232 at 27s 6d; E. W, Johnson, 107 at 295, 27 at 27s lOd; J. Doak/ 33 at 31s sd, 9 at 27s lid. Fat Ewes—J. Dalzell, 34 at 29s 7d; E. L. Wright, 15 at 12s 8d; Mrs 0. L. Rieves, 7 at 15s 4d; client, 19 at 16s 9d; W. Anderson, 12 at 16s lOd; D. Dwyer, 24 at 19s. Fat Wefiiers—Mrs 0. L. Reeves, 32 ot 24s 3d; R. J. Brice, 7 at 27s 6d; S. Booh, 15 at 29s 4d; B. M. Smith, 5 at 28s 7d. Tho sales of stores were: —91 ewe lambs at 28s 6d, 21 at 275, 40 at 27s 3d, 18 wether lambs at 16s, 68 two, four, six, and eight-tooih ewes at 25s 7d, 35' at 245; 9d, 72 at 26s lOd, 79 failing-mouth ewes at 14s 2d, and 11 at 13s 9d.

HERD-TESTING. CANTERBURY ASSOCIATION. The following are the averages of cowb tested by the Canterbury Herd Testing Association during the month of February: GROUP AVERAGE. lbs of fat . lbs of milk in Cows, per cow. Test. 80 days. 1493 579 4.1 24.04 This shows a daily average production per cow of ,80lb of butter-fat. HERD AVERAGES. Highest .. 15 889 4.3 38.53 2nd highest .. 28 607 4.1 35.55 3rd highest ..28 1024 3.4 35.11 Lowest .. 18 346 4.3 15.17 2nd lowest ..30 382 4.1 15.81 3rd lowest 38 426 4.3 18.51 INDIVIDUAL COWS. Highest .. 1335 4,5 60.10 2nd highest .. ' 1297 4.5 58.40 3rd highest .. 1230 4.3 ,62.89 Lowest .. 165 2.4 3.96 2nd lowest .. 187 2,'J 4.21 3rd lowest .. 150 3.2 4.80 DISTRIBUTION OF HERD AVERAGES. 10 herds average from 15 to 201b butter-fat 14 herds average from 20 to 251b butter-fat. ' 17 herds average from 25 to 301b butter-fat. 8 herds average from 30 to 351b butter-fat. 3 herds average from 35 to 88lb butter-fat. SKIM MILK TESTS. Size Daily - , of milk Loss herd, yield. Test. butter-fat daily. 30 days, lbs. lbs. lbs. Highest ..19 386 .85 1.89 41.58 2nd highest 21 297 .20 .59 17.82 The production of the three best cows to date is as under:— The highest has produced 409.851b butterfat in 195 days. The second highest has produced 375.811b butter-fat in 188 dayß. The third highest haß produced 964.501b butter-fat in 180 days. WELLINGTON SKIN AND HIDE SALE. [THE PEESB Bpeclal Servioe.] WELLINGTON, April 13. The usual fortnightly Bale of hides, skins, and tallow was held to-day. There was a good attendance of buyers. Sheepskins were firm at late rates, with dry skins an occasional Id higher. Quotations: —Halfbred 16Jd to 18d, fine crossbred 16d .to 17|d, medium and coarse, crossbred 14} d to 16Jd, short to half wools'l2d'to 15d, lambs IOJd to 16Jd, dead and damaged crossbred lOd to 14} d, inferior and badly damaged 9id, pelts 9id to 12Jd, damp, salted, and green 6s 8d to lis 9d; pelts, salted, Is 6d to 5s 6d; lambs, salted, 4s to ' 9s- Cd. Hides—Heavies and mediums on a par, lights }d to }d higher, kip and yearling on a par, calf id to Id higher. Quotations: Ox ex heavy 701b and over 13d, ox heavy, 591b to 691b to 12td; ox medium 531b to 581b 123 dto 13d, ox light, 451b to 521b, 12d to 12Jr; cut, slippy and inferior, 8d to 11 id; cow, medium, 451b to 123 d; cut, slippy, and inferior 8d to lljdj cow heavy, 531b and over, cow medium, 451b to 521b, 12Jd to 13} d; cow light, 331b to 4Mb, 13Jd to 13Jd, cut, slippy, and inferior BJd to 12Jd, bull stag 7Jd to 7gd, yearlings, 111b to 16lb 124 dto 133 d; yearlings, 171b to 321': 12|d to 18Jd; calf, medium to good up to 10lb 13d to 16d; calf, damaged up to 101b, s!d to 13d. Tallow —In casks 26s 6d per cwt, tins, to 101b 6Jd to 13d.

general merchandise. GROCERIES. Wholesale houses opened up again on Tussdav and started this week with fair business. There is still a substantial demand for sugar, but as supplies are now landing regularly', the demand is well catered for. This'week's advice from Singapore shows the tapioca and sago markets to be on a par with last quotations. The steamer Sussex. which is the direct boat from Singapore to Lyttelton, has sailed from the first-named port, and is now some five days out. She is due 'in Lyttelton about the third week in Mav. She will discharge sago, tapioca, pineapples, pepper, spices, and other Eastern produce. The next departure from Singapore for Lyttelton is scheduled for late July or earlv August. For this steamer prices are now" being quoted for sago and tapioca, and they are exactly the same as the last ruling prices just before the Sussex sailed. It is therefore apparent that the market is fairly stationary. Some retailers are of opinion that it is not opportuno to operate for JulyAugust shipment. Brazil nuts, which have been very cheap, have advanced 7s 6d a cwt. This market was exceptionally low and heavy buying has stiffened it. Kven at the advanced prices the line is still very good buying. , New season's canned asparagus (Californian) is now being offered. Prices aro similar to last year's, but as this line has a very limited sale "locally, quotations have caused no particular interest to buyers, who are inclined to buy case Jots as required off merchants, and not to trouble about booking "to arrive." Linseed oil for shipment to New Zealand is quoted at 2s 7d to 2s 8d f.0.b., London, drums extra. Boiled is available at usual increase over raw. New packed dried peas in the usual lib carton will be available . shortly. Quotations are lower by 5d to 6d per dozen than last received locally from Australian shippers of Mildura currants states that the Commonwealth Dried Fruit Control Board, which has stopped export meantime, may be able to quote later on, but prices are expected to be considerably higher. -The Board states: "In all probability" the prices will be higher,, which remark carries an obvious intention. Sicily almonds continue to command a firm market in London. Shippers expect prices to increase a 8 the year advances, and this is generally the rule with this particular line. Local stocks are firmly held, but supplies are ample to meet the present small demand. The Colombo tea market, according to recent cable news, shows a very firm tone, notwithstanding the fact that Russian buyers (who usually operate heavily) are off the market at the moment. Prices are ruling the samu as last report. Some interesting news concerning the pepper market in Singapore came to hand by last mail in the shape of a report by oneof the large exporting houses. Aft6r reviewing the sago and tapioca*market the report says concerning pepper:—"As will have been observed from the weekly quotations peppers have advanced appreciably week by week. The reason for this advance is capable of quite easy explanation—paucity of stocks in Singapore and practically no stocks arriving. Tho London market is strong and at Singapore the Chineso are willing to pay almost any price in order to secure supplies for shipment to China. An acute shortage was predicted months ago, but owing to the optimistic views of a much larger crop this year, it was thought that this prediction would check the upward rush of prices; so far it appears not to have done so. It is the general feeling that peppers are now too dear, and that a big drop in prices must occur sooner or later, but when it is impossible to say. New crop is not expected to arrive in bulk until after May, and the trade are advised to buy only essential requirements." American resin four G grades is being offered this week for arrival about July at attractive prices. Figures cabled indicate that business can now be done at £lB a ton gross for net freight paid to main New Zealand ports under bond.

POULTRY AND EGiGS. Good entries of poultry c&mo forward for the week's markets, and pricea remained about tlie same as before the The following prices were realised per pair:— Table chickens (light), 4s 6d to 6s 6d, (heavy), 8s to lie; "hens (light), 8s to 4s, (heavy), 5e 6d to Gs 6d; ducks (light), 5a 6d to 6b 6d, (heavy), 7s to 8s; geese 7s to 8s; turkeys (hens), 14s to 20s, (gobblers), 20s to 30s. The egg market is well supplied, and a further drop of Id has taken place. The Canterbury Co-op. Poultry' Producers, Ltd., Report that their prices per dozen ire:— First-grade hen egge, 2s 3d; seoond-grade, 2e Id; pullet eggs, Is lOd; and duck eggs, 2s 3d.

LEESTON STOCK SALE. For yesterday's market at Leeston there was a smaller yarding of sheep than at the previous sale, a larger entry of cattle, and a moderate entry of pigs. Both fat and store sheep were firm at late rates, fat pigß showed little change, but the store market wbb very dull, and prices were even lower than those obtained a fortnight ago. Good young cattle sold fairly we'll, but the demand for dairy cows was not very brisk. The sheep sales included: 68 fat lambs at 29s lOd, 29 at 26s Id, 17 at 22s lOd, 68 at 29b s 7d, 23 at 23s lOd, 19 stores at 18s Id, 8 fats at 29s 7d, 70 s. and f.m. ewes at 19s 6d, 80 ewes at, 15s 9d, 72 at 15s Sd, 8 at 24b 2d, 19 at 18b Id, 89 aged ewes at lis, 41 at 12s 9d, 2 ram lambs at 6gns, 2 B.L. rams at 4igns, 1 S.D. ram at 6sgns. A fine pen of beautifully-finished baconers, sent in by Mr S. Oibson (Irwell), made £5 ss. Other baconers brought £8 to £4 9s 6d, porkers from 88s 6d, large stores 28s to 48s 6d, medium from 18s, weaners from 7s fid, sow £6 10s. . A line of Friesian oows sent in by Hr Joseph Heslop met with 4 rather weak demand, prices ranging from £8 IBs to £5 10s, while a heifer brought £7 S«, and two oalveß £5 5s and -£3 10s. Other springers made £4 5s to £5 ■ 10s, 14 empty heifers £5 10s, 9 yearlings £3, and a bull £2 ss.

4 GERALDINE STOCK SALE. Titers was a big yarding of store sheep at the Geraldine sale this week. Prices were .lower than at the last sale. A number of fats sold well at increased prices. The following were the prices:— Fat Ewes—lo at 16s 4d, 2at 18s 9d, 20 at 17s 6d, 32 at 17s Bd, IS at 14s Bd, 37 nt 14s sd, 15 at 14s 6d, 29 at 17s 6d, 14 at 20s 6d, 16 at 12s 6d, 27 at 17s, 6 at 30s 3d, 18 at 19s 6d, 5 at 18s 9d, 16 at 19s 3d, 19 at 19s, 8 at 18s 9d. Wethers —5 at 28s 6d, 15 at 28b, 18 at 25s 9d, 3 at 27s 6d. Fat Lambs —11 at 265, 2 at 255, 8 at 27b 6d, 57 at 32s 7d, 16 at 80s 6d, 32 at 31b lOd, 22 at 28s lOd, 12 at-27s 6d, 5 at 245, 80 at 27s lid, 60 at 20s 6d, 102 at 30s, 32 at 31s lid, 64 at 27s 6d, 88 at 295, 44 at 29s sd, 62 at 30s, 22 at 27s lOd, 24 at 28s 2d, 26 at 29s Bd, 18 at 27s 7d, 82 at 29s 3d, 89 at 80s, 56 at 28s Bd, 19" at 30s lid, 71 at 30s, 72 at 32s 7d, 57 at 28s 6d, 76 at 31s 2d, 88 at 31s 4d. Store Sheep—s2 ewes at 10s, 5 rams at Signs, 7 ewes at 22s 9d, 29 two-tooth ewes at 325, 85 w. lambs at 20s Ed, 27 eweß at 16s, 98 f.m. ewes at 20s-3d, 62 ewes at 14s 2d, 46 f. and f. ewes at 13s 6d, 55 two and four-tooth ewes at 37s 9d, 88 ewe lambs at 255, 95 ewes at 11b 9d, 397 two, four, and six-tooth ewes at 30s, 40 lambs at 21s, 32 ewes at 12s 6d, 184 wethers at 28s Id, 44 wethers at 28s, 26 ewes at lis, 23 ewes at lis Bd, 48 m.s. lambs at 19s Id, 25 ewes at 12s, 90 f.m. ewes at 17s 7d, 105 ewe lambß at 27s 6d, 1 ewe lamb 8 t 21s 7d, 75 six and eight-tooth ewes at 23s 6d, 49 f.m. ewes at 17s, 10 ewes at lis 6d, 9 lambs at 15s, 32 ewes at 10s, 4 ewes at 2s 6d, 5 lambs at 14s, 11 ewes at 7s, 1 two-tooth ewe at 18s, 13 ewes at 8s 1 ewe lamb at 19s, 6 Southdown ramß at' 2gns, 1 E.L. ram at lligns, 4 rams at gs 2 E.L. rams at 6gns, 4 E.L. rams at lg'n, 4 rams at 3lgns, 1 ram at 3gns, 1 ewe .> 225. 38 ewes at 13s 6d, 104 f.m. ewes at 10s 6d, 142 m.s. lambs at 24s lOd, 181 ewe lambs at 20s, 150 m.s. lambs at 10s 3d, 42 m.s. lambs at 16s 9d, 12 ewes at 6s 6d, 64 ewe lambs at 225, 22 ewe lambs at 24s 6d, 4 m.s. lambs at 13s 6d. _ pigs—Only a few pigs were sold, prices ranging from 32b to 17s.- ,

ST. ANDREWS STOCK SALE. The following prioee were realised at the St. Andrew's etock sale, which took place ° FaTCmbs-41 at" 29s lod, 26 at 26s lOd, no at 28s 7d, 100 at 28s 6d, 189 at 80s. Fat Ewes—24 at 15s 9d, Bit 14s Bd, 86 at ma 6d 57 at 19s 6d, 70 at 19s Id, 26 at 14s 29 at 19« 4d, 40 at 17s 6d, 66 at 14s fid 38 at 20s 3d, 14 at 13s Bd, 206 at 21b 6d. Fat Wethers —183 at 365, 41 at 28s 3d, 153 at Store Sheep—6 in.s. lambs at 18s 7d, 102 m 3. lambs at 2Gs Bd, 209 wether lambs at 24s 176 wether lambs at 16s 9d, 160 wether lambs at 21s 3d, 8 ewe lambs at 295, 76 ewe lambs at 245, 46 two-tooth ewes at 365, 500 Hen-tooth ewes at 32s 6d, 53 two-tooth ewes at 36s 6d 46 two-tooth ! ewes at 28s 9d, 8 f our ' six, and eight-tooth ewee at 88s firl *4B six and eight-tooth eweß at 25e, 162 six and eight-tooth ewes at 28s 2d, 70 four, sit and eight-tooth ewes at 30s 6d, 42 frii'r six and eight-tooth ewes at 30s 3d, nV four 'six, and eight-tooth ewes at 2(7s 40 f.m. ewes 23s 6d, 1 f.m. ewe at on.' 54 f.m. ewes at 25s 6d, 157 ewes at ™ Ist lis 6d. 5 at 14s, 48 ewea J? -Ss 4d 37 ewes at 14e Id, 27 ewes at 235, 11R ewes at 20s, 17 ewee at 18s lOd. lams—l one-shear ram at QJgns, 6 oneshear rams at 2gns, 2 one-shear isms at liens, 1 ram at Signs, 1 ram at 4Jgns, f"' at 4Jgns, 9 rams at sgns, 3 rams at lens, 2 rams at 1 gn, 8-ramß at Signs, 3 xams it 2gns.

THE FRUIT MARKET. CHRISTCHURCH. Thew was an over-supply of vegetables on the market this week. Consequently prices were again very low, and in some cases they would not show any margin of profit for the grower*. Best quality cabbages made la a dozen, while inferior were almost unsaleable. The supply of cauliflowere was on the short side, and they made as high as 9s a dozen. Throughout the week the sale of tomatoes was slow and only the beat linos realised payable prices. Peaches are now practically finished and prices for them are good. The market for apples is unchanged. ' A shipment of American lemons and oranges, that came to hand this week, met with a firm demand and sold readily. Quotations are as follows: Apples, Nelson, per case, 4a to 7s 6d; apples, American, per case, 6s 6d to 7s 6d; apples, Delicious, per case,_ 7s to Ss; apples, cooking, per caae, cs to bs, bananas, Cook Island, per case, up to 17s 6d; grapes, firsts, per lb, up to Is Or!; grapefruit-, per case, S2s 6d; lemons, 'Frisco, per case, up to 50s; oranges, 'Frisco, per case, 45s to 47s 6d; pears, dessert, per lb, Id to ljd; peaches, dessert, per lb, 3d to 6a; peaches, No. 2, per lb, 2d to 3d; tomatoes, dessert, per lb per case, Is to Ss; beans, French, up U) 3d per lb; beet, per dozen bdls, up to Is: cabbages, per dozen, up to la; cauliflowers, P p r dozen, up to 9s; carrots, per dozen, Is 3d; celery, per bdl., up to ljd; green peas, per peck, up to 2s; leeks, j«r bdl., up to 3id; lettuce, per dozen, up to C 3 lOd; morrows, per dozen, la to Is 6d; potatoes, per s.b., 2s to Sa 6d; onions, per s.b. 2s 6d best; parsnips, per dozen, up to is 3d; potatoes, per sack, 8s; pumpkins, pea: lb, Jd to Id; radishes, per dozen, Is; spring onions, per dozen, 3d to 6d; tuniip 3 , per do.zen, Is; spinach, per dozen, Is; swedes, per s.b., Is to Is 6d.

DUNEDIN. [THE PRESS Special Service.] DUNEDIN, April 13. Supplies of apples, with the exception of Cox's Orange Pippins, are still arriving freely from Central Otago and Nelson. Sound lines of Cox's Pippins have a keen demand, but the prices of other varieties are low for this time of the year. A few peaches are reaching the market, but the season is now practically ended. Some nice lines of grapes are coming to hand from the Oamaru district, and meeting a good demand. The prices for pears A large shipment of Fiji bananas arrived during the week. The bulk of these were in good order, and sold at fair prices. A small shipment of American oranges arrived yesterday. They were quickly sold in the marts at high prices. Plums are almost finished; the fruit that is offering is of poor quality. Lemons are in good supply, with fair prices ruling. The Easter holidays caused a congestion of tomatoes early in the week, and prices were low. The acounflilatlon has now been worked off, and prices are firmer. Local hothouse-grown have a sound enquiry. Vegetables generally have been in over-supply, and sales have been hard to effect. Peas and French beans, however, are nearly finished, and these have a good demand.

SOUTHLAND. f (SPECIAL TO TBS PRESS.) INVEBOARQIIiIi, April 13. There has been a scarcity of practically all fruits in the markets since the holidays. Owing to the low prices ruling, supplies of tomatoes have eased, and values are muoh firmer. Choice Cox's Orange, Jonathan, and Delicious apples are scarce, and consignments coming to hand in the near future are assured of good values. A few late peaches and plums are arriving and selling well. Pears are. fairly plentiful, but af large proportion of the supplies to hand are of medium quality, and only good lines command attention. Grapes are arriving and meeting ' a steady demand. The same applies to cucumbers and good cauliflowers. Other vegetables are In poor demand. Current prices are: Peaches 3d to 6d, plums 2d to Bd, pears lid to 3d, tomatoes lid to 4d a lb, apples, dessert 8s to 12s 6d, cooking 4s 6d to 7s; lemons, Italian to 38s, grapes to Is Sd per lb, cucumbers 7s a dozen, cauliflowers 2s- to 6s a dozen, cabbages 1? 6d to 2s - 6d a dozen, carrots to Id per lb.

TRUST AGENCY'S DIVIDEND. (tjhited pbesb association— by electric TELBGBAPH —COPYRIGHT.) LONDON, April 12. The Trust Agenoy of Australia and New Zealand has declared a final dividend of 2s and a bonuß of 6d, tax- free. —Australian Press Association. MELBOURNE QUOTATIONS. (TOOTHS , PRESS ASSOCIATION —BY ELECTRIC TELEGRAPH —COPYRIGHT.) MELBOURNE, April 13. Wheat —5b 7d to ss' Bd. Flour—£l2 7s 6d to £l2 l'2s 6d a ton. Bran—£6 15s. Pollard—£B. Oats —Milling 8s lOdto 4b, feed 8s fid. Barley—English 5s to 5s Bd, Cape 4s 2d. Potatoes—£s to £6 a ton. Onions —£7 10s a ton. —Australian Press Association. WHEAT. (UHITED. PRESS ASSOCIATION—BY ELECTRIC TELEGRAPH—COPYRIGHT.) '' NEW YORK, April 12. Chicago wheat quotations: May 149}, July 148g, September 147 cents a bushel.—Australian Press Association. DAIRY PRODUCE.

■ (Received April 13th, 7.30 p.nj.) LONDON, April 12. The butt«r market is slow. Danish is quoted at 178 a to 180 a. Choicest aalted and unsalted: New Zealand 198s, exceptional 1725; Australian, 160 a and 162b. Cheeee> is quiet. New Zealand, 96a and 96s.—Australian' Frees Association, United Service. Dalgety and Comtpany, Limited, have received the following cablegram from their London office, dated April 12th, 1928: Butter—Market slow. We quote: Danish, 184s to 185s; finest Neff' Zealand, 166s to 168s; finest Australian unsalted, 160s to 1625;. salted, 160s to 1625; g.a.q., 154s to 1565. Cheese—Market alow. We quote: New Zealand white and coloured, 9te to 975; Canadian spot white, 103 a to 112b, and coloured 104s to 109*. SALE OF STATION PROPERTY. The sale is reported of the well-known "Island Hills" property in North Canterbury, consisting of 5086 acres freehold and 18,200 acres leasehold, with 6100 sheep and 170 head of cattle, together with station plant as a going concern, at a satisfactory figure. The purchaser is understood to be Mr Arthur Shand, of "Home Hills," North Canterbury. g BURNS, PHILP (SOUTH SEA) CO. An increased profit is shown by Burns' Philp (South Sea) Company, Ltd., for 1927 —£64,140, against £56,725. The gross profits decreased from £163,458 to £161,784 but the item "management, inspection, salaries, general working expenses, depreciation, | bad debts, and losses" was less by £9OOO The dividend Is increased by Id to Is sd" per share, and absorbs £53,125, a sum of £IO,OOO is carried to reserve, making that account £60,000, and £6635 is carried forward against £5556 brought into the account. A comparison of accounts follows: Tear ended Dec. 81 1926. 1927. £ £ Gross profit .. 163,458 161784 Net profit .. 56,725 64|140 Dividend, per cent. .. 6 2-3 7,03 Amount of dividend .. 50,000 53,125 To reserve 10,000 lojooo Carried forward .. 5,556 6,535 Liabilities— Capital .. 750,000 750,000 Reserva fund .. 40,000 50,000 Creditors. .. 190,742 91,424 Assets— Cash .. 50,768 41,069 Properties and ship„Ping .. .. 236,215 261,553 Produce in transit 430,390 369;704 Merchandise .. 178,601 134,320 Debtors .. 155,427 153,435 to tke public are down by £99,300, and in the assets, while properties ana shipping have increased by £25 000 produce in transit is fewer by £61,000, and merchandise by £39,000. The report state* 5*J of the lower values obtainable during the year for Island produce, mer- » th# eomp*ny'B branches J?®- : stations were affected, ai •well earning# of inter-island shipping.

BANK OF ENGLAND RETURNS. (OHITBD MUSM ASSOCIATION—B» ELECTRIC TELTOBAPH—COPYRIGHT.) LONDON, April 12. The following are the England returns for the week ended Issue Department. Note circulation - Kotes in reaorvo •• •• Total *• "* 176,851,000 Government debt •• •• Other securities •• °,r55,000 Gold coin and bullion .. .. 186,601,000 "jotftl ** "* 176,351,000 B&nkiag Department. Proprietors' capital .. .. IgS.OOO Public deposits' - " 800,000 Other deposits •• •• 102 ' 22 ®'9®® Seven-day and oilier bills .. 3,000 Total .. .. 137,692,000 Government securities .. •• UO,OOO Other securities •• •• Notes in reserve •• •• *0,791,000 Gold and silver coin .. •• 1,102,000 Total 137,692,000 The proportion of reserve to liabilities is 34.90 pere cent. Short loans are quoted at 3J per cent., three -months' bills at 4 per cent.—Australian Press Association. foreign exchange rates. (united press association—bt electric TELEGRAPH—COPYRIGHT.) , LONDON, April 18. The exchange rates on London are as

LONDON MARKETS. (UNITED PBKSB ASSOCIATION—BY BLICTBIC TBtEGBAPH—COKTBIOHT.) (Received. April 16th. 7.30 p.m.) LONDON, April 12. Wheat cargoes are influenced by American cables. Prices are firm. • Sellers are demanding an advanoe of sixpence. There is a ' good demand. Australian parcels are ill aotive demand, with an advance of sixpence to one shilling. Ex Ceramio 51s, 'ex Deljphio 54s 3d, ex City of Hankow 54s lid, ex City of Mandalay 64s net. Liverpool futures are quoted: May 10s 9id, July-Ooto-ber lis. Spot trade is firm. Australian ex store are quoted 88s 6d. Oats and barley are steady. Peas and beans are firm.—Australian Press Association, United Service.,

FROZEN MEAT. Dalgety and Company. Limited, have received the following cablegram from their London office, dated April 12th:— Frozen Meat—Poor demand, prices unchanged since our wir« on 4th instant.

fellows: — Par. Apl. 10. Apl. 12. Paris, fr. to £1 12.22} 124.02 124.02 Brussels, belgas to £1 5 34.97 34.96 Oslo, kr. ' to fl 18.159 -18.27 18.27 Copenhagen, kr. to £1 18.159 18.20 18.20 Stockholm, kr. to il 13.159 18.17 18.18 Amsterdam, fl' 12.107 12.111 12.11 Berlin, Reichmarkert to fl .. — 00.41 20.41 Montreal, dol. to fl 4.962 4.87J 4.: 68 3-16 Now. York, dol. to £1 4.S6J 4.881 4.S83 Yokohama, st. to yen 24.5 23 9-16 239-16 It cine. lire to fl .. 35.221 92.42 92.60 Calcutta, et. to rpe IB to gold f 38 18 Hong-Kong, st. to dot, * Mi 24g Batavia .. • • — 12.13 12.13 Prague, kroner to £1 — 164J 16<2 * Governed by price of silver. Australian Press Association, United Service. GOVERNMENT SECURITIES.

(united press association -by ELECTRIC TELEGRAPH—COPYRIGHT.) LONDON, April 12. The following are the latest .quotations for Government securities compared with the prices ruling last week:Last Week. This Week. £ 8. d. £ s. d. Imperial Consols, 2} p.c. 56 5 0 56 15 0 War Loan, 5 p.e., 1929-47 103 0 0 103 2 6 Conversion Loan, 31 p.c. 77 10 0 78 0 0 Commonwealth, 6 p.c., 1931-41 .. 101 12 0 101 15 0 Commonwealth, 5 P.O., 1945-75 .. 99 12 6 100 0 0 Now Zealand, 6 P.O., 1936-51 .. .107 17 6 107 10 0 New Zealand, 4 p.c., 1929 98 2 6 98 5 0 New Zealand, 3} p.c., 1940 New Zealand 3 p.c., 88 2 6 88 5 0 1945 .78 15 0 78 15 0. New South Wales, 6 p.c., 1930-40 .. 102 15 0 102 2 6 New South Wales. • 53 p.c., 1922-23 100 7 6 100 5 0 New South WaleB, 5 p.c. 99 15 0 99 15 0 New South Wales, 4 p.c., 1933 93 15 0 93 15 0 New South Wales, 31 p.c., 1030-40 New South Wales, 3 75 12 6 ' 75 17 6 p.c., 1935 i. 85 5 0 85 7 6 Victoria, 51 p.c., 1930-40 as 5 0 95 10 0 Victoria, ■ 51 p.c., 1921-26 100 5 . 0 100 7 6 Victoria, 3 p.c., 72 1920-49 10, 0 ■ 72' 6 3 Victoria, ■ 6 p.c., 1932-42 97 17 6 97. 17 6 Victoria, 3 p.c., 1920-40 77 5 0 77 7 6 Queensland, 6 p.c., 1930-40 101 10 0 101 100 Queensland, 31 p.c., 96 1930 15 0 96 12 6 Queensland, 3 p.c., 1932-47 71 7 6 71 7 6 South Australia, 61 p.o. 1S80-40 .. 102 7 6 102 7 6 South-Australia, 31 p.c., 1935 85 5 0 85 7 6 South Australia, 8 p.c., 1 1916, or after 61 10 0 61 10 0 West Australia, 6 p.c., 1930-40 .. 101. 10 0 101 12 6 West Australia, 31 ' p.c., 1930-35 .. 88 10 0 . 88 10 0 West Australia, 3 p.c., 1915-35 .. 85 0 0 84 17 6 Tasmania, 6>1 p.c., 1930-40 103 0. 0 103 0 0 Tastnahia, 31 p.c., 1920-40 — 81 • 0 0 Tasmania, 3 p.c.,' 1920-40 85 10 0 85 12 6 —Australian Press Association.