FINANCE AND COMMERCE.

Press, Volume LXIV, Issue 19413, 12 September 1928, Page 15

FINANCE AND COMMERCE.

FROZEN produce.

the problem of beef. GRADING AND MARKING OF BRITISH PRODUCE. (FROM OTTE BPECIAII CORRESPONDENT.) LONDON, August 9. • \ British farmers' organisations are still hammering away at the idea of' inducing; the Government to prohibit the importation of chilled beef fro™. South America as a safeguard against the. introduction of foot-and-mouth disease.* But. the question arises; whether,;in the event of such a prohibition being imposed. South- Americao competition in this direction would' become a negligible quantity. A leading - meat expert at, Smithfield ex-; P^ 8 ® 8 the opinion that, a stoppage of chilled beef from Argentina and' Uruguay would be detrimental to. the interests of. the growers in those countries only to a limited extent, as it would probably result in bigger exports of frozen beef, that being more conveniently carried than chilled' in the. ■ships/holds. Cold storage facilities in ™ IS are ample to deal with all {south American supplies being receiver*n a frozen condition. British consumers would be largely: governed by_ their purse. Those whose means permit would be likely, to eat more home-killed- beef, and the poorer: consumers who only eat chilled beef when it is chean would turn over again 'to frozen. While, no doubt, homegrown J beef would be in greater de-" ;inand.-it is the onitiion of the expert ' •already' mentioned that New Zealand , w ? the main substitute of chilled' beef until p<P<>ient de-freezing plants were established. >- . De-Freezing Problems.

De-freezing of meat presents prob; Jems other; than those of ! a scientific character. In fact, , many experienced market men think that the real problem is to know when to de-freeze: and when not. . Some years before the war a scientific" de-freezing plant was in commission .at- Smithfield, and ; was mostly • mutton;' but it has since disapp6ared; Sheep so defrosted were; a ;succisss from a buyer.'s standpoint, the looking' very -much likethat, .of . sheep; -but- wholesalers made use ,of it, as. a rule, only whenrtlicy had specific orders. To thaw out carcases on the offchance of, a ; sale, and then find no demand, is a risky-busi- • ness, sls.;.th? meat, would ! 'readily■ decompose inv.hot .weather. For that reason the plant was not. a. commercial success; Probably defrosti. of . frozen beef would 'become general; astsUyh a. large proportion of imports are railed long distances, and it -is best for V the beef to: be in', a. frozen condition for this ,purpo,so. / ...

Canada's Dairy Spokesman. /: Dr.; J. A. Euddick, Dairy, Commision- . er^ ; for' Canada, .who formerly ,bc<jnpied 3; similar position in' New Zealand, ftps been on a visit to England, chiefly-for thepUrpoae of attending the Dairy Congress. He' there contributed a valuable paper on the , position of Canadian, cheese in the eWorld ?s, markets. Se explodedthe fallacy/that ithe >decrease ih chese exports from Canada during recent years is due 'tofa Recline ''in milk production; dlßi> the further falJicy. thit • BUch. cheeafr ha3,,b i een market'Vy q,uantf-; tie# ..coming f?oin otheF'parts of the-E.V k pir'e. The truth *is 'that many' Canadian. dairy .farmers have uo' ''the making p£ cheese, simply because they have foupd: other and" more f profitable : chan- |. nels: through which to . dispose of their ismilkiv It is'a rather-interesting fact, and a -fortunate thing, for theQJieddar cheese i industry;■ at;;large, <thafc the decrease . : itt ? 'Canadian.' exports, comcided -so xlosely. with the Increase in' {he-exports' • from New Zealand, Dr. Euddick held that the > Cainadian:; cheese industry, despite some decrease in production, is still in a' healthy>and flourishing 'condition. Pro>_ duption has how reached a stage of approximate ; equilibrium.; The Volume ;of thVsurplus available, for export to European markets; in:the future will depepd somewhat'on rhome consumption and ex*, pbrt 'to the United States. Canadian cheese is still .of the same general stype as; .the Cheddar cheese : made in Gre&t Britain, and very similar to that ex-' ported from New, Zealand. The .-Cana-, aian law 'provides that chepse made frott' tnilk . from which .any portion of ,| 'thefathaa been renjoved, or from, any; milk "to which skim milk has ,beet>, added? raustfyp brahded with the words "sklni- milk cheese;" Hie addition of any' foreign fat to the milk fropi which cheese :is r made is. strictly prohibited.

Grading British Foodstuffs. - * The .grading and mykfrg of British 1 are , provided for > by"; the ■Agricultural Produce and. Grading Act) {Which received' the.-. Royal last "weak.' ; vThis, to a largeextept; is & measure,. and; tliiat is just ;as well : in the " present chaatio stat&jof" British food ; classification., tinder; the Act a committeo.of threo, presided over by Lord Darling,) is. {em--powered to authorise, revoke, or buspeud the use of:maTKs; For the present the • scheme, is voluntary;;, but if those who enter it offer for- sale goods' .'of qualty inferior' to the grade, marked ithereon- they aire liable: to an. action I Ito' .recpyer idamages ■ for- breach ; of warranty or breach of contract. Fruit, for example, will be sorted into grades, and the National Mark can ' only *be ■ used on- goods which' Teach' a closely prescribed standard of. quality. Lifter the scheme is to be extended to eggs and other fann produce.-.. The; National 'Mark is a silhouette outline of England ? and-Wales, uponwhich is imposed' a 'circular'- arrangement of •' tho"? Union Jack. The-ultimate penalty; for breach of . the regulations will, be the withdrawal of -the' right to use the; mark. It; will be interesting.. to watch the Act -in working. The general assumption that.Briti&h home-grown, .products are the best'has.peen subjected..by;lucent experience to sow? For'example, Danish epgS;usually make more money than. English ojj the liritisS"market, not so much because they are better in quality as bewiuse they are - better selected and graded.

U.S. WHEAT PRODUCTION, (mnrso sbkss assoc^ttos— M ELKCiauc (Received September 11th, 5.5 p.m.) WASHINGTON, September 10. The Department of Agriculture has announced that -if the indicted' pront, „n iwheat"*f 6r • 1928 was on +W n r theVr6p°H of September 2t i+ wonld total 901.000,000 bushels,; 1927' Spring wheat is declared to be oo V i n kit ■of normal, indicating 82 l ; 1( J ration of 237.000.000 » ' P S with * 243,000.000 Press Association. 1 EGG AUCTION. BroSn report that ~ Messrs auction «ale of ''Feather the t usual w ®~V^ d f re sh eggs waaheldyea:Brand" gn#* an *®fr <pb»- following prtoes - terd&y afteniooa- first grade (2oi ort.over), 1» °'Vir - " f ' '*—s■ • (under 1, 6 - r I < % ■■ ■ v- ... .' ■:/: • ■v. .

N.z. OIL PROSPECTS GREAT POSSIBILITIES. capitalists interested. ■. [T£E Special Serrice.] AUCKLAND, September 11. Oil experts in'America'and in England are very interested in prospects ° r developing commercial fields in New Zealand, and Mr G. Wolseley King, who.arrived.from Sydney .by .the Marama, will make investigations and on hig return ' to England will report to a number of prominent English capitalists, who are prepared to invest large sums; in New Zealand. Mr King, who formerly resided in Hawke's Bay ana in Auckland, has been living in London for four- years, and with his r* j wo sons is making a combined "business and holiday trip to ihe Dominion. - • .. •

e to the names x ill? men interested in the project, at this stage," Mr King stated, "but their interest may mean; a big thing ior> New- Zealand. Recently I visited W®-■ largeoil centres in the United states, and the contours of the country where the richest deposits exist are very ' similar to the country near Gisborne. Experts in- the United States ®sree that there 5 , are ■ excellent possibilities for the production'of commercial oil in latge'quantities in the Dominion.". . ■ , »;

# tional point of view, Mr King said that in :the ; event of a war in the -Pacific it was essential that Australia and New Zealand should, draw upon' their own, supplies of oil. He, recalled that in more than one speech Lord Jellicoe had advocated the exploitation, of every possible /source with this' end. iti view: r Mr King was surprised that the Government had ' not taken a greater, interest in, the possibilities of finding oil. He considered it was the dutv of. the Government -to lend every assistance.. J ' •- >

After inspecting land on the East Coast. * Mr- King will . tour Taranaki. He expects to remain in . the Dominion for two or .three months.

BUTTER. CANADIAN SHIPMENTS. | (Eeceived , September. lltli, . 5.5 . p,s?.) MONTEEAL, September, A message from.Edmonton states .that Sir Thomas Glasgow, when interviewed, declared-that Canadian farmers appeared to be unnecessarily, alarmed over the shipments of Australian butter. The Australianproduct was placed on the Canadian market; at; a time when the 'butter production of .that country was at .its lowest' point.; .i : ■ A-. V He ilso pointed' out that "the value of the Canadian products imported, •by Australia iwas at - present, four times the amount of goods: purchased by -Canada.—Australian Prew Association.';-':: ■"" .

FOREIGN EXCHANGE RATES. .' '{POTTED- FWSB3ASSOCfATIOK.->-BT iIXUSCTHtO , TELEGRAPH—CO PTEIQHT. I ■ ; LONDON, September 10. 'The' exchange rates on .Eoadon are M

\yooL. THE NE&T LONDON SALES. ' .(USIIU) ' FBKSS ELICTBIO . •.'.j, IBUSGRAMt—COPTOaHT ) • . (Received September• 11th, 5.5 p.m.) ■ . LONDON, September 10. ' the woolsalea, opening on>: September l'Bth, total 71,000 . bales, ""of which: 82,000 are -Australian, 24,000 New Zealand, ,1000 Cape's,' and -14;000. Buntas. /The quantity . held over-;from last series, was SSiOOOj-bales;' - JBrokerß' will-possibly; offer;'an additional 32,600 of - second-hand-wools. 1 • ' The Bradford market is weaker. Thetone ig.poor^andr..business- is small. — Australian'Press'Association. .

- - Dalgeiy- and.'. Company,.- liimited,, have received .- the) following cablegram • from* their London office, dated. September 10th :-rWool sales —The' list- v of -arrivals'-for .the gales opening onlt'!»eUßth;,in|st. closed.to-day.-The following^quantity-:is available for these sales:—Australian 32.000 .'bales, • New Zea-land'-24, Gape .1000, South America 14,000, and ■ carried , forward, from -last 1 sales 35,000. Expeot - a -further 82,000 bales from Bradford,• etc'.. WHEAT. : (Received September 11th, - 5.5 ■-■pja.) v " • . LONDON, 'September 10. •' ' Cargoes.—The market >is inactive,' and quotations are-mostly lower. v Parcels'-meet jwor enquiry.- and have mostly declined' by.- from 3d to. 6d. -- * At liiverpool futures are, quoted:-—October 8s 9}d, ; December 8s 10|d, March 9s ,Old per cental.—-Australian-Press Association. „■ METALS., (Received September 11th, 9.45 pjn.) ' , LONDON,. September 10. Copper—Spot £62 17s 6d;-forward £63 7s Electrolytic—Spot£6B; 8s 6d!. forward £6O 5s a ton. ' ' ' •' . - . Wire Bars—£69 5s a ton. ■ Lead—Spot £32 2s 6d; forward-£2l 16s 8d Speltop—Spot £24 13a 9d; forward £24 6d 11-16d;flne28 13-16 d per 03. —Australian Press Assocaition. FIFTH ROYAL SHOW.

One of the aims of the Royal Agricultural Society -is fha improvement of flocks and herds throughout the Dbminon. The effects of, this : are obvious. Being carried* to a successful conclusion, this wot* reflected in "the better arUde',orcpinmM?o offered for aale in othfflf ™ in our own country. obvious-Thesfarmer I a. better article, J iJ*? backbone of the country, ;the posjtion is" vastly improved. -"The, «th exhibition of the Royal Agricultural Society..has come round, and this year is the venue, thi .dates and 31st, and' Novomber I st - ' The schedule has been very > - carefully compiled, and a perusal •of r« will disclose the teet ttM ;#« are classes ;to please..JtS?- rhjjl largest stock - breeder cto Jhe eMllest chiM attending J achool.'« The scHool; Mfriw. ctey on September - 22nd. home iadtu^!£ gtaphy, and needlework close,oh September 29th. while a week, later, October 6th is the fast'day.; entries rTf : ■te«k sectioni, - f

FARMERS' INSURANCE ASSOCIATION. ANNUAL MEETING: The annual nee tiny of shareholders of the Farmers' Co-op. Insurance Association of New Zealand, Ltd., was held yesterday, Mr W. Johnston presiding. .' The annuul report states that the income, including a balance of £22,512 7s 7d brought forward from last year, less payment of dividend' of £4194 12s 4d, at June 30th, 1927, is £69,029- 15s 2d; and the expenditure £42,259 7s 7d, leaving "a 1 balance of £26,770 7s 7d. Out of this an interim dividend on preference shares at the rate of seven per cent, per annum for the half-year ended December 31st, 1927, amounting to £1745 4s | 4d, has been paid, . leaving a balance of £25,025 3s 3d to be dealt with. It is now proposed to pay a further dividend at the rate of seven per cent, per annum on preference shares for - the past half-year, and one shilling-and threepence per share for the year on ordinary shares, which will absorb £4806 19s 4d, and to carry the balance of £20,218 3s lid forward. Provision has been made in the accounts; for all outstanding losses. The retiring directors Bre Messrs R.. W. Brown And A. K. England, who are both eligible. for re-election without notice. The; report and balance-sheet were adopted. There were no other nominations for the vacancies caused by the retirement of the directors, Messrs Brown and England, _ and they , were re-elected. to those positions. Messrs Arnaud McKellar and Best and Wilkinson 'were' elected auditors for the ensuing year. , A vote ' 6f.' thanks was passed with the i chairman,, secretary, and. the staff on_ the | successful Management of the Association s affairs during the past year. j

AUCKLAND. '• [THE PBEBS Special Service.] AUCKLAND, September _ 11. .There is little change to report in the local • potato market and, no alteration in values. Large' quantities are on the wharf, but' they are chiefly the property of one southern firm which has placed a reserve on th<jm.. . Generally speaking, the market is stable at about £8 15s per ton.ex store, and local merchants have no anxiety as to future supplies being available from the south as .needed. . • The onion market is considerably firmer. There is no change in the maize. • - There is no alteration in oats and chaff. Bran and pollard are in ample supply. Wholesale-.current prices are:—Sharps and bran . (mill prices); sharps £9 10s per,'ton, bran £8 per ton. Merchants' quotations, ex store, pollard £lO ss, bran £8 10s; oats, feed,„B .Gartons 4s 7d, A Gartons ,4s.lid per bushel, "clipped Dunns 5s 9d, clipped Gartons 5s 6d, seed Algerians 6s; fowl wheat, 7s 6d per btishel; maize, new season 6s 6d ex store, Gisbprne 6s ; 8d; barley, feed ss. 9d, per bushel; Cape.barley,seed 6s 6d per bushel; maize meal, 14s per 1001b; barley meal, 13s per. 1001b; 1 chaff, g.b.0.5., £9 5s per ton for Blenheim or j Canterbury; potatoes, Canterbury £8 ,15s. per ton ; seed lines, : Arran Chief, Northern" Star; and Gamekeeper 8s per cw't, Early Puritan 9s; onions, Japanese 17s 6d. ■ per; crate,. Califomian ' and ; , Canadian ex' wharf 18s 6d, re-sales 20s to. 22s ,6d.

RANGIORA MARKET. ' Tho' attendance at the Rangiora market was' well up to the average .yesterday, although there were a good many late-comers who hid; been to - the airmen's reception. There was •an improvement in the sheep marVet'in, respect of. entry, 19.50 sheep and lambs H being; forwaid. Three of the larger lines of ewes and lambs were -passed in.. The-'best sale was Iss ewes and 92 lambs at 24s 6d, all counted, on account of Mr H. M. Burgin. Other, sales were: 6 fat wethers at 43s 10d,- 3 at 40s, 14 fat ewes at 35s 10d,. 3 .fat hoggets at 36s'7d, 100 store hoggets at 23s 3d; 52 and 54 lambs .ait Ids 6(1, all counted, 22 ewes and' 22; lambs, at ;20s lid, 53' ewes .and 52 lambs at 17s'-lOd, 37 ewes in lamb, at 80s, 43 at 25s 3d, and 16 forward wethers at'37s'.7d. • • There 'were 22 head of cattle yarded, all but. three 'being springers:. Prices were: Best-springers £7; 5s to £l4 'ss, others £6. 10s to £B,*and store cows £2-Is 6d W £3 7s 6d. •

The ■ number of pigs penned was *llO, all wesners and -stores. There -was decline in prices, stores-making. 20s to 245, large, wean? ers Iss ,t9 -19s, and small ,8s 6d to 14s. .'

Pjimtyry—Roosters njfade,, lQs, ftd 'iV,couple,, ihens' 7s, ducks 7s. ■ \ J: j • «Prodnc»rr-OhiekwJi«ttf jbttmgty rpagy' seconds wheati-'lßs $6- "2CrSi'wirC#' !to .13sj':..bai;ley lßs 'to 14sjf.peas .lgfs-'ip 2Qe» garden peai 7i a bnshel. oatsheaf..chaff ,4s to 4s. 6d a ; .bag, start?*;-.chaff 2s, potatoes Bs,' to &B. marrows l2s ■ £ doz, carrots '-Si a 'kit,' parsnips ,1s 6d, swedes'ls a tin, cabbages Ss to -4s a dor, cauliflowers ,4s - to-.65,» artichokes ls. 6d a tin, onions 2s to 2s 6d, apples 3s to 4s a case. . .

| . Skins,' etc.—Half bred sheepskins' gold- to 155,-crossbred 14s, hogget llSi calfskine 6s, hides -,9.d lb, wo&l Is lb> crutchirigs ;73, -fst 3Jd,-horsehair- Is 6d/' } '- i; . ' t ASHBURTON STOCK SALE. '' At ■ ihe Ashburton stock - sale yestorday there was a, yarding of only ' 171. sheep and three head of cattle. , The attendance was also' rery : small. > -Is-the" fat pens "there:'were .52- ewes and v 20 wethers. According to' the quality, gfood prices .were realised, the top boing4lsV6d foVa pen ten wethers, sold, on;-aocoant of MrD. .McKay, of Winchmore. The sales made were:- ' a't ; 81s '9d, 10 at 33s Id, v 10 at 325, 6 at| 21s 6d,10 at 32s lid, 6 at 395. Wetfiers-~Twelve at 3.05,-2 merinos at . 10s t . 4 at 41,8 6d, 2 at 395.' . 1 »Stores—The yarding of-.,stores was :99 only, and every :16t. offered was passed. ! ' ' Cattle—One aged' cow in-profit brought £3, and' two .'eighteen-months-old Shorthorn - balls were passed fit £6 10s each. . ' v

PLEASANT, POINT STOCK SALE.

' At tha Point stock salej iwMch tcok placo on- Monday, the following prices vdrft 1 rA&hflA/l • ' -.v < Fai.Wethera~4. at 453 6d, 42 at W G&, 3 at <l3B, 90 ir at 28s 7d, , 26- at 82s Bd, .;.16, at *34s'.7d, 10 "at 1 35s 3d, 4at 275; 6at 29s 6d, 26"at.; Bis.'6d, 26- at- 34s 3d, 27 at 84s 3d, 9 at 35s 6d, 10 .at ,435, .12 at .45s 6d, 16 at 34s 7d,'B .at 435, 16 .at 41s 7d, 14 at S2s 7d, 19 83a ,4d.. 22 „at . 965, 82 at 35s 2d, 22 at 83s Bd, 17. at 33s v sd. ,

* Fat'Ewes—2o at-89s, 15 at . 87s 6di.13 at 26a 7d,-13 at 29# 4d, : 18 at 33s 2d, 19 at 30a; 15 v at. * 13s - 6d, 18 at 26s 6d,. 4 at 22s 3d, 18 at 268-43, 80 at 40s 3d, 15. at : 52s 9d, »\at 26s ,7djv4 at, 34s 3d, 14 at 285,. 12 at 205,: 8 at 35s Bd, 18 at 22s 6d. ' '• • Stores—Fat' tainhs, 6 at :275; ewe lamfcs,' 81 at-17s 9d,- 20,: at, 82s, 34 at 84s id* withers,. 118' at; 88&.6 d, 54 at "80s, -Iftat '29s 6d. ! . _ Hoggets—24- m.s. hoggets at 27s "Bd, 9 wether <hoggets ..at 18s 6d, 56wwetherr r - hoggets at 245. 6d,' 50 wether hoggets -at 26s 4d, 11 ew« hoggets 'i at \ 255;, 78\ewe hoggets at 388, 40 ewe rhoggets -at 86s 3d. . : ,v----4 Ewes "and lambs—ss. at 14s 6d, 114 at Ms 6d r ■

Pigs-l. ivt 7s 6d,' 5 at QGs, 2 at- 26e, 2 at aas.W, 6 at - 20s, 1 at 17s 6d, - 5 •at 14s. Cowsr-1 at £9, 1 at £lO 2s 6d, 1 at ' £7 ,17s 6d, :l- at £7,1 at £3, 1 at £5. RECORD PROFIT. Toohey's, Ltd-.made a record profit,during they ear'ended July : 81st, £183,449, corn* pared with-£179,10J the previous year. -The capital wag.. £1,200,000, and ..'the previous year an -average of £1,130,750. The ureal dividend of 'lO per cent. ■ accounts tor £120,000. It-is recommended that £45,000 be added to reserve, and £15,000 bo allowed for the depreciation of-plant and machinery. With £34,090 brought forward there is £37,539 carried forward.,

Tear ended July 31st. 1927. 1928. ; £' £ . Net profit .. 174,101 183,449 Dividend, per cent : . 10 10 Amount, of dividend ',, 113,675 120,000 To reserve ' ~ 45,000 45,000

To depreciation " 15,000 , is.ooo Forward, ... 34,090 87,539,: Capital, paid up ..1,199,097 1,200,000 , , Reserve-fund • - . 413,500 .' 458,500 1 Sundry creditors 1 . • . .379,848 ' 493,656 Assets- . '!

-Brewery, - etc. .v 1,445,203 1,546.053 Stocks s ..' .. .169,145 156,342 Sundry, debtors. .. 517.6Q3 581,896 Cash and investments 19,556 .25.402 . Stocks are lower. - Creditors have increased by--almost -the samel amount as debtors, the increase in creditors., being £63,808, and in-debtors .£64,1293: the item ''brewery plant'and. machinery" is up by £IOO,OOO. TARANAKI OILFIELDS. (PBISS ABSOCUTIO* TEUSGKAK.)j - GISBOBNE, September 11. Taranaki Oilfields report Gisb9rne" NoJ-• 1 a supply of ,clay,'and fixed the mixing,box; now pumping mud into.'the welL" .Gisborne No. 2- Well- —Drilled to 1600 ft. iq. shale and sandstone; lOin diameter casing to 1580 ft,. . r ,

CHRISTCHURCH STOCK EXCHANGE. Sales on the' Exchange wei# fair yesterday, after a busy day on Monday. la Now Zetland Government debenture* there were more sellers than on the previous day, but no •ales were effected.

There was a small amount of business conducted in "bank stocks. Adelaide ahares were offered, being quoted at £9 16s 6d. uyers £9 14s 6d, but no sales were made. i ro » Waß a Pactional variation in E., S., £Bl2s

The market was firm for New Zealand Bemgeratmg stock (£1 paid) being quoted at 19s buyers, an(i 19s Id sellers, and at that pnce; shares changed hands. Canterbury £roien Meat Company shares advanced to « °s 6d, but no sales were effected at call. I in the woollens section, Kaiapoi (17a paid I cum div.) advanced •to 13s Bd, and snares were sold. There was a slight decline in Monday's figure for Kaiapoi (7s paid cam dir.), but shares changing hands wr 4s 2d. Christchurch Gas (10s paid) was on the market, and .eold for 12a 9d, which was a slight advance. Althongh J-ooths shares showed an upward' tendency, no sales were made. Colonial Sugar shards were distinctly fiimer, the figure - being buyers £62 ss, sellers £62 15s. Electro.. Zinc (pref.) stock was on the market, a sale being effected at £1 13s 3d. Henry Jones t/o-op advanced sUghtly, but no sales vere effected at call. There was a distinct advance m New Zealand farmers' Co-op. (Ist prex., cum div.), which advanced to £4 10s. oix and a half per cent, stock, 1930, deto £9l buyers, £94 sellers. Six and a half pe r cent, stock, 1935, also stowed a ,? c ' in ®: buyers .£BS, there beng no sellers. -Mahakipawas sold freely, seven parcels changing'-hands* at Is. In other debentures, no sales. had . been effected at call, but a sale of North Cantert>ni7 Hospital 6i per cent., 1931, was reported, at £99 10s; more were' wanted but seiiers were not offering.

YESTERDAY'S TRANSACTIONS.

s °V^ a £ g6 - E -> B > and A- Bank, i k • • ? efh S- ( £1 paid), 19s Id; e Kaiapoi Woollen (17s paid, cnm dir.), 13s 8d; s off, 1 Woollen (7s paid, cum div.), 4s 2d: ; Christchurch Gas (10s paid). 12s.?d: Electro. * Mahakipawa, Is (f 5. ®?P Canterbury Hoaj P" al Board, 6J per cent., 1931, £99 10a. < • LATEST QUOTATIONS.

OTHER EXCHANGES.

, (PRBSS AB3OCUTIOS TELEGRAM.) AUCKLAND, September; 11.• Sh&remarket Sales—-Commercial Bank of.: Australia (new issue), 80s3d; National Bant of Australasia (con.), £9 10s; Bask of New. South Wales, £6O 12S 6d; Taupiri Coal, 36s i 6d ; Westport-Stockton Coal, 8s 8d; Auckland Gas,.23s Id; . Auckland Gas (con.), . 17s, ,2d; Devonport Steam Ferry, 265; Wilson's; Cement,' 38s 9d. i 'WELLINGTON, September 11. : Sale on 'Change:—N.Z. Breweries 51s. Sales " Hospital Board, 5) pier' cent.' (1933), £99 10s;. National Bank of * N.Z.v £7 Is 6d; Bank -of N.S.Wi,- £SO 15s; . N.Z. Guarantee. Corporation, 8slld; Christchurch Gas, 25s 2d; National Insurance, 16s 6d; .N.Z, Breweries,' sls. - ?~ '• DUNEDIN, September 11... Bales reported:-—National Bank, ,£7 1s; Milburi liine.B4s 3d (two); MahaMpawa la, (two)i x.-' ' ' 4 GOLD. (UHITED FRKSS ASSOCiraoH—jBT BUSCTBW TEUOBIFS—OOFTBIOBT.) : ■ , : ■ LONDON, September .*lO., Gold' is quoted at 84a llsd per ox.—Australian Pwss Association.

LOUD SPIRITS. -V SIR OLIVER LODGE'S CLAIM., , (UHWJSU 7BESS ASSOOATIokr-Br , EtkciStC'' TKjrcaAra—copTßiGHT./ " LONDON,7* September 10. '•' A remarkable' demonstrkiioiC of spirits speaking through loud 'speakers r-so loudly that people many' 'doors v wanted 'to know what was "the i matter —was given : by the International Spiritnaliste' Congress. i - Sir. Oliver Lodge pat a trumpet to his* ear and started the'conversation.' Sir Oliver Lodge said that it was the voice of Lord Roberts,dealing with' a subject, thai be and Lord Roberts were discussing i before Lord Roberts passion.- Australian Press Association. •' "" i:

follows:—; ; 1 - .Par. Sep. C. Sep. 10. Paris, fr.-.to £t. 35.22J > J24.20 124.22 , Brnssels;Vbelgas to £1;.' 5 ■ j ', 34.90 ;■ 34.90 •Oslo, kr. to £1- . 18:159. . 13.19 . 18.19 tof 1 ; Ii5:l59 ' 18.19 1-J.19 ■.Stocfchblifc kf. :io ; £r 18;i69 18.13. • 10,13 'Amsterdam;, S. 7 -.12.107 .. .12.10 32.10J Berlin, Keiclunarkeh . li - ; • - i • • . • to £1 . .. '■>' • — :> 20.36 . 20.36 'Montreal* dol v to£l_ 4.861 4.S416rl6 < 4.84? New York, dol. to £V. 4.86J ' 4.S5J i ' 4.85§ Yokohama,•'"st. to yen' 24,6 22J . 22g: Kopje, lire..to £1 ,. '.25-22i- ,92.69 : 92.75 Calcutta?et: torpa. "16 to 'golcl£l 18 •. 18 Horig-Eohg,-;.st. to'dol; : .-.24i' '24 7-16 : Batavia • i 12.12* • 12.11 Prague, kroner, ia . " 1631U6' 163J Governed by/prioe of silver.' : ' , "Press Association,United< Service. - V . •, ■ ■ / ..

, Buyers.. Seller*. r xr rw ■ 1 £ s. d. £ s. d. «.Z. GOVT. DEBENTURES— - ■ ' 4J per cent. Inscribed, , 1938 -i .. . ... 08 15 0 99 3 6 *2 per • cent. Inscribed, , 1959 .. .. — 99 3 6 *4 per cent, ' .Bonds, . • • 1930 .. agio 0 — 5 per , cent. Inscribed, . 1029 .. 99 0 0 ' — 6J per cent. Inscribed, 1911 .. 99 5 0 100 0 , 0 5§ per cent.- ..Inscribed and Bonds, 1933 ' and 1936 .. 101 0 0 — . OTHER. DEBENTURES- ' North Canterbury Hospital 6J per. ceiit., '< ■ „ 1931 .. 99 5 0 — H.Z; Breweriesj Bonds 1 8 11 — Glaxo,' '6J per cent., 1945 .. .. 80 0 0 91 -0 0 BANKS- - Adelaide. .. 9 14 0 9 15 6 Aust. of . Commerce .. 113 9 113 11 Comm of Aust. .. 110 6 110 8 Comm. of Aust. (pref.) 7. 5 0 — . Comm. of Aust.' (new,' fully paid) .. — 1 10 0 Comm. 'of ■ Aust. (now: s ? 7s 6d paid) ... — 15 0 Comm. of Sydney ,.. 27 12 6 27 15 0 E,, S., and A. .. 8 11 6 \8 13 3 National of .Australasia ; (£5 paidy; b. \' ; 9 9 6' 9 10 9 National of N.Z., .. ■'•„ , 7 - 1 6 7 3.6 fte'W; South •'Wales ; i.! : ik)'lO ; 0 : New Zealand ... . ... ,8 1 1.- S 1 8 New . Zealand.- ("D" •' Mortgage shares)V.l-7; 9> — : •• Union . of i Aust. ; .. 15 6 0 — ' INSURANCE— ■ ■ .National .. .. ... • 0 16 3 0 16 5 New Zealand .. 2 3. 6 — . : South Bntish — • 8 8 6 j .;v ■ ■' »• - 1 "'8.6 "0 , LOAN AND AGENCY— c., n ■ Co ... 15 5 0> 15 9 0 r Goldsbfough, Mort ■ ..- 2 11' & v 2 ll 5 • National'.Mortgage 4 4 0~ 1 ■' N.Z. Loan and Mercan- t tile (ord. stock) .k —?• 120 0 0 SHIPPING— ■ . Howard Smith . . ' — 16 9 Huddart-Barker ... — 2. 9 6 : P. and Ot i Deferred .stock .. ..moo *- ■ "Union (pref.) .. 10 7 1'0 11 FRO ZEN > MEAT— ! ' Canterbury' ■ I.-■■■■■■ .V ■ 9 0 .6 9 S 0 ; N.Zx Refrig. (£1' paid) 0 19 0 0 19 <1 ; N;Z. Refrig" tlOs. paid)-<;0;:'9 3 0 , 9 3 : Wellington' .. . . . 0 10 0 0 12 6 WOOLLENS— Kaaapoi (17s. paid, cram . , • , ' , div.) •'[ 0 18 8 013 6 . Kaiapoi (7s paid,' cuin* • div.)."-"' •'f* 0'f4y! '.-'0 •,*: 3. Kaiapoi (pref., cum : ; div.) .. ' »• , 0 16 0 - . Mosgiel ,«r : i»» T 8 6 — COAlHr . • ... Westpori *k ' <** 1-10 *0 110 9. ;GAS—.". . ■. Christchurch • • 15 1 — Chiistchuroh (lOs paid) 0 18 9 r 0 12-10-BREWERIES- : "* i: Cariton .. , 3 6 6 " 3 7 8 ; k Monteith's <. M 1.. — 10 9 New Zealand . 3 10 .8 2 11 6St'ajples ■ v - )••*, •... .*. — - 1 18 6 Tooths ' ■ i.i -5 I't' 2,.8 ,0 •Ward - > mi - 2.1 6 2 2 0 CEMENTS- ' Wilson's .:•«!' ' w .j l 18 6 119,0 TIMBER- ' • - Kauri ■ !«« — 10 6. MISCELLANEOUS- , Beath and Co. .. . — • 1 16 .0 . British Tobacoo 3 3 10. - 3 4. 1 : Colonial.' Sugar • .. - 5 '0 62 15 0, D.I.C. (pref.) .. 1 1 0 1 ' .- , Donaghy'. ' Rope :■ >and ■ ' * • • ' Twine . 112 0 Elettro. : ; 1 13-sO IIJKU; Electro. - Zino (pref.)- .. 112 9 ' 1.13 8 Greater - Crystal' Palace 0 19 0 — : tiayward'e Pictnres . — 1 0' 0 Jlenry' Jones ■ Co-op. .. , 2 0 3 2'- 0 9'Holden'a Motots - . . 110 ,8 110 - 9 N.Z. Drug >Co. -i (cum \ . " div.) .. ..' 8 11 8 , — NJ5., Farmers' . , ' (1st pref., cum.- . : dir.) .. .. 4 10 0 4 15 0 N.Z. Farmers' Co-op. . (6i par cent. Stock, ■1980) s .. .. 91 0,- 0 94 0 0 N.Z. Farmers' Co-op ; (6} per, cent. Stook, . i \ ' 1935) . .. 85 0 0.-, ■— - N.Z. Farmers' Fertiliser 4 5 0 4 16 0 N.Z. Sugar ofvMflk i.\. -- ' i 7 6 ; Quill Iforris •• 015 9 019 3. Whitcombe and Tombs 8 ;13 0 — ' ■ Union Oil - ... •• —■ 9 3 0 Mt:': Iiyell >» .. 1 14 8 114.8. MINING- • , . ' • Mahakipawa .-». - W 0 11 0.1 0 Mt. isa „ — l is o Waihi . .. 012 0 01211