FINANCE AND COMMERCE.

Press, Volume LXIV, Issue 19461, 7 November 1928, Page 12

FINANCE AND COMMERCE.

MONEY.

J-HRIFT AND INVESTMENT.

SEDUCTIVE TIME-PAYMENTS.

(By Six Per Cent.) "By tho way, Sol, get acquainted with this word 'intriguing.' It's the latest swell model in the language line." Thus Mr P. Citron in "We Need the Business." The crowds who are now taking home gramophones, wireless sets, bicycles, bedsteads, motor-cars, and sewing machines, after paying a deposit of a few shillings, must be the despair of the business houses. If they only knew how their names are listed! If they only realised how they have injured their credit, and how they have imperilled their future by creating fixed charges upon future income 1 The intriguing nature of timepayment buying is ita danger. Sensible people nave grown resentful when tho system was attacked. They say: "Why should we go without? We may l>o dead before we could buy for cash." Some will. They consider that it is beneath their dignity to ''go without." Yet they forget their dignity when they allow their bills for motor-cars to be discounted by bankers. They forget their dignity when they allow their names to Ibe bandied by streethawkers, men with long lists for collection—7o pages of foolscap in one gramophone list alone. They forget their dignity when the collector calls for five shillings.' when he asks next door where they live. Instalment buying is a soul-destroying trade, making people squirm, sapping their moral independence, mortgaging their future income just as surely as if they assigned their wages to a money-lender for beer-money. It is degrading. If a boy needs a bicycle, let him cave up and buy it. If he can't save up, let*him walk. Is he ashamed to walk? If a girl needs a small motorcar, is it decent that her wages and her purchase should be the subject of gossip amongßt shopmen, as is the caso when she is launched on instalment buying? Have men no sense of the fitness of things when they place themselves in a position of inferiority, where business men are jeering at them behind their backs for the _ liability arising from instalment buying? The veryidea of being a butt for such remarks is enough to make a Britisher writhe. • What is wrong with the system? It intrigues people. It lures them into ■pending what they have not yet earned. It snares them into a position which would be ■ unpleasant if their income were interrupted or diminished. It encourages' spending and debt and ehiftlessness.. It adds - a substantial burden to the cost of .the goods. Those who do not get a thing.until they can pay for it are .saddled with the burden of "bad debts"' so that the whole community is carrying the load for bad marks. Its logical outcome will be that the cash buyer and the cash trader will come out with a declaration of war, and no credit whatevf Will be allowed in those businesses..

Financially, the system is menacing the stability of the whole community. Some thoughtless writers point to the United States and its wonderful wealth, where instalment-buying flourishes. It is true that a retail business of £BOO millions resulted last year _in the U.S.A. on the instalment basis alone. But the U.S.A. has not the experience in finance to manage the situation. It !■ a "new. riph" country; and- is already in difficulties', Its credit situation has passed beyond.the control of its banks. If it gets a set-back, the whole structure of its instalment-sel-ling credit system may tumble and bury it. So What'is done in the U.S.A. • i* ho criterion of sound finance.' A, .strike or widespread unemployment here would be a serious matter—much more serious because of instalments or fixed charges. preventing a curtailment of outgoings. _ Mr Raskob, of General Motors Corporation, arid Professor Seligmari .accuse opponents of the instalment-sel-ling system of unreasonable prejudice. Professor Seligman puts the motor-car In the category of a necessity, and:tnen extolbj the selling of luxuries.(as well as necessaries) on instalment credit. He even states, that saving on the part of the individual for industrial -expansion is no longer necessary! Presumably the luxury-vendors make more money than they need, so that it does not matter if the community, are up to the neck in debt. The luxury-vendors must add a huge percentage to the cost. Some of the motor concerns add as much as 48 per pent, to cover the extra losses on instalment selling. Instalment selling may solve the marketing problem, but at what a cost! It may increase the spending power, but is that not another way o| spending this year what you may or may not earn next year? It may increase purchasing power, but' is not such an argument a downright perversion, meaning that a man may have as much purchasing power as the trade will let fem go into debt for. Professor Seligman is a dangerously glib advocate for a system which is inimical to our independence and our solvency, and the sooner we muster up enough decency and courage to get out of debt, anp: Stay out, the better for the lot of us.

CAM DAIRY COMPANY.

The manager of the Cam Dairy Produce Company informs us that the report of the company's annual meeting, printed in our issue of October 15th, was incorrect in one particular. The final payment for : butterfat supplied; for butter-making should have read 2d ixMtead of 3}d :

COMMERCIAL AVIATION.

AUCKLAND COMPANY ORDERS MACHINE. [THE PBESS Sped*l Service.] AUCKLAND, November 6. • The coming of commercial aviation to New Zealand is heralded by the announcement that, an Auckland com-; pany, the Southern Cross Airways! Limited, with a capital 'of ( £SOOO, has ordered a Blackburn Bluebird aeroplane from England. The machine is to be shipped during the next three weeks ana is expected to be landed in New Zealand early in the new yep for flying during the summer holidays file purchase price is in the vicinity of £I2OO.

FROZEN PRODUCE.

A COLD STORAGE FUSION.

(FKOM OVR SPECIAL COBRESFONDENT.)

LONDON; September 27. One of the oldest, most central, and best' known of the cold stores of London that of the London Central Markets Cold Storage Co., Ltd., has at length been drawn within the wide net of the Union Cold Storage Co., the largest concern ot its kind in the wor . A provisional agreement has been made for the amalgamation ot the two companies on terms advantageous to the older and smaller undertaking. These are lean times for cold stores, as such, and the future seems to he with those businesses which treat cold stoiage a side line, and not the mam thing. The London Central Markets Cold Storage Co. is a cold storage concern pure and simple. Its position in Smithfield under the shadow of the meat market, is alone an asset well wortn buying. Had the Company s former dividends of 15 per cent, on the ordinary shares kept up, nothing probably would have tempted it to lose its independence, but in the last nnancial year the dividend fell with a bump from 15 to 4 per cent., and that no doubt changed the attitude of tne directors to offers of amalgamation A Generous Agreement. The agreement provides that for each of the issued shares of the London Central Markets Cold Storage Co., one o per cent, cumulative preference share, carrying interest as from October Ist next, of the Onion Cold Storage Co., will be exchanged, or shareholders have the option of accepting a cash offer oi 21s per share. The agreement is con ditional on acceptance of the offer oy shareholders holding 90 per cent, or the issued shares, or such less percentage as the Union Cold Storage Co. may accept on or before October Ist. ihe London Central Markets Cold Storage Co. was registered in 1898, and has an issued capital of £218,550. The Union Cold Storage Co., which retails more meat than any other concern in the world, has an authorised and issued capital of £12.000.000, of which £8,000,000 consists of 6 per cent, cumulative preference shares. For the past year profits amounted to £984,714. ana the ordinary shares, which are privately held, mainly by members of the Vestey family, received the usual dividend of 10 per cent. The Union has the rare advantage, when other custom falls off, of filling its stores with its own meat. • Weddell's Dairy Produce Review. From many points of view Messrs Weddel and Co.'s thirty : fourth Annual Review of the Imported Dairy Produce Trade —covering the year ended June: 30th last—is cheerful reading, for it deals for the first time since before tho war with a complete trading year in which ithe ordinary factors of supply and'demand were allowed to operato normally without being complicated by political, or economic influences. There 'jpere no strikes or lock-outs at home or abroad big enough to have any effect upon the smooth running of the .trade, nor any 'artificial interference, with the . conduct of business on the part of the Government or Trade Boards.... The < consumption of butter and cheese; throughout the country was well maintained. At no time during the.period under review was any marked accumulatioh of 'stocks apparent. Tie . greater activity now - being enjoyed by. many trades.- combined with a > restricted British ' production last year owing to the exceptionally cold ana wet summer, enabled the increased importations of butter during the twelve months to be absorbed at fairly satisfactory prices on average. ... New Zealand Butter and Cheese. Dealing with the supplies of butter and cheese from New Zealand, the report says that after the restrictions of thf previous year the marketing quickly settled into normal i channels. For- : ward sales of outputs were made during August and September at prices which, in view of the subsequent course of the market, must have been extremely 'satisfactory to the sellers, being higher than the equivalent prices ruling in London during the ensuing months. The sale of New Zealand butter was very materially helped by an unusually keen demand for supplies from markets outside the United King T doihv Of these, the; most important was Canada, which absorbed regular shipments throughout the season, amounting in all to 8508 tons, but shipments were also made to Australia (2875 tons), the United States of America (1575 tons), and "other countries" (866 tons);- so that no less than 19.1 per cent, of the total export was taken by! markets other than the United Kingdom. Cheese producers, also takipg advantage' of the right to sell forward, disposed of 30 to 40 per oent. of their season's output on an f.o.b. basis at-a satisfactory level of prices. Grading and Marking British Fruit. The new' Act of Parliament for the grading and marking of British primary produce came partially into operation this month. Apples and pears are the first products to which the new regulations have been applied; others will be added later. Both the trade and the public are giving the innovation a good reception, feeling .that it makes for regularity and reliability. Already 25 prominent British fruitgrowers have received the sanction of the Ministry of Agriculture to use , the national mark, and other applications are under consideration.

BROKEN HILL SQTJTH, LTD.

LOWER PRICE FOR LEAD

THe report and-accounts for the year ended June 80tb of the: above .company have been issued The moat striking feature is the te£ decree in the 'balance of profit and low account, the, amount carried to appropriatibn account being £208.362, a ? compared with £820,819" In 1927, and £485,868 in 1926.. In striking this balance provision has been made for depreciation of plant (£27,145) at the same rate as in previous years, and the usual prpviaion, of course, for incometax - and royalty. The profit for the year Sua the balance of last year's appropriation Jccount carried forward («.«JB3>. allowed of the payment, of one dividend of Is 6d a share,.followed: by three, of. Is a share,, or in all £IBO,OOO. Appropriation for plant and mine development is. by way of new money, £34.082, and the unexpended appropriation of the previous year, £105,918. a total of £140,000. The carry forward is £121,529. Dividends, interest, and sundry income produced £101,638. Allowing for the appropriate proportion of income-tax and other profit and loss debits which attached to the earning of this revenue, the net profit derived from mining and treatment for crude pre, after providing the normal depreciation _ allowance, was £110,693, and from dump slimo £12,488 For the period under review the lead price averaged £2l 9s 6d. a ton, as compared with £2B 15s 7d for the previous year, zinc £26 7s Id a ton as against £3l 17s 9d, and silver 2s 4.4 d an ounce,. fine, as against 2s 4.6 d. The marked falling off in profit from the mine, as compared with that of the previous year, was due solely to this heavy fall in the price of lead and zinc. The balance-sheet discloses a strong position and calls for little comment. Liquid assets are shown at £813,664, compared, with £771,830 last year. This does not include shares held in other companies, costing £449,220.

LINSEED. The Department .of Agriculture has received thte following cablegram, dated 2nd test.,' from Landale and Clark, Ltd., Calcutta, with reference to tbe linseed market:— We qnote £l7 15s for linseed per ton c.and f. Sydney, lor immediate shipment. Market firm.

OUTLOOK BRIGHT.

CONDITIONS IN AUSTRALIA

COMMONWEALTH BANKER'S VIEWS.

[THE PEESS Special Service.]

AUCKLAND, November fl,

' The man whose signature appears on the Commonwealth Bank notes of Australia arrived in Auckland by the Marania this morning. He is Mr J. T. Jjueathershaw, permanent head of the Commonwealth Treasury, and, having set aside the responsibilities of office, he is looking forward to a recreative holiday in JNew Zealand. air Heathershaw has supreme confidence in the future of Australia. "Most people in this part of the world," he said, "were aware of a sense of depression last year, but I can assure you that in Australia the outlook is now brighter. The prospect of an excellent wool clip and a very good wheat harvest indicates that conditions will soon bo normal. The agricultural and pastoral parts of Australia have been wonderiully favoured by timely rains. This is especially so in the southern parts, where beneficial rains have fallen during the last few weeks. A beneficial harvest is assured;",

Speaking of the financial condition of Australia, Mr Heathershaw said that an indication of the bright prospects was found in the fact that the conversion .of the loan of £21,000,000 which matured in September last was completed *ome weeks before maturity. As was the case with the whole of the Commonwealth war loans, the money was provided in Australia. This, of course, did not take into account the indebtedness of the Commonwealth to Great Britain. Mr Heathershaw said that the visit last vear of Sir Ernest Harves, Controller of the Bank of England, had encouraged the idea of central reserve banking. Sir Ernest had carried out a series of discussions with the directors of the Commonwealth Bank and with the heads of the trading banks. "All I can say on that question," said the visitor, "is that matters connected with banking in Australia are developing more satisfactorily." Referring to the fact that the Commonwealth and States are now operating through a voluntary Loans Council, Mr Heathershaw said that last year they borrowed up to their complete programme. "This is the first time for many years," he added, "that there have been no arrears of borrowing carried forward. An agreement has been entered into regarding the transfer of State debts to the Commonwealth." One other sign of development in Australia, Mr Heathershaw said, was the manner in which the British immigrants, who were entering in a steady stream, were being absorbed into the agricultural and pastoral life of tho country. .He referred to the threepartv agreement between the Commonwealth, the States, and the British Government, involving a scheme of £34.000.000 for assisting the settlement of British immigrants in Australia. The British Government and the Commonwealth Government shared the interest burden with the States for the first ten years, and thereafter the States would pay the whole of the interest on the loan. "On the whole," said Mr Heathershaw, "the immigrants are making good in the rural parts of Australia, and there is no question that' the bringing in 1 of new settlers from Britain is the best way of continuing the process.of developing the country."

BRITISH BUTTER MARKET.

CHEERFUL OUTLOOK.

I A cheerful view was taken of the London market for butter by the AngloContinental Produce Company in its last report. Writing from London on September 19th, the firm stated that Denmark had continued to ship large quantities of" butter to Great Britain for that period of the year, and, with feeding stuffs cheaper, it should have a heavier winter production. The , milk supply of Germany had been about the same as that for the corresponding period in 1927. Summer weather conditions, however, had resulted in a much greater consumption, so that less, milk had gone into dairy produce. This meant that Germany had imported more butter than last year, and, in the opinion of the firm, Germany was likely to be a steady buyer throughout the winter. Stocks of butter in Holland were very light compared with' 12 months previously. France had exported liberal supplies this summer, but owing to hot weather its production in September was only about half of that of a year,ago. The firm added that, together with Germany, almost every country in.Europe would be a buyer of butter from the London market, which should tend to keep prices on a higher level.

New Zealand and Argentine Butter.

Dealing with prices of butter in the London market for the year ended June 30th, W. Weddel and Co., Ltd., direct attention'in their annual review to the fact that as soon as accumulations of butter and cheese held on account of the New Zealand Control Board were disposed of, the market quickly responded to the resumption of free trading. A feature of New Zealand trade in butter for the period was the expansion in sales to countries other than the United Kingdom. Canada absorbed no less than 8508 tons of its butter, Australia 2875 tons, the United States of America 1575 tons, and other parts 866 tons, so that 19.1 per cent, of New Zealand shipments reached outside markets. Imports of Argentine butter into Great Britain for the year aggregated only 17,921 tons, compared with 26,498 tons in 1926-27. This decrease was due to the unfavourable state of the pastures, caused by deficient rainfalls. The bulk of the butter which was landed in England, however, was more uniform in quality and condition than in previous years, despite the prohibition placed upon the use of preservatives. A substantial quantity of faulty Argentine butter was still being received, which was attributed to its being made from mixed cream, some of which was very inferior. Siberian 'butter exports amounted to 33,823 tons, against 25,320 tons for 1926-27, 18,600 tons having been shipped to the United Kingdom. Russian butter showed a considerable improvement in quality.

DOMINION PICTURES.

It was reported at a general meeting of shareholders of the Dominion Picture Theatres Company, Limited. Auckland, that a dividend of 7i per cent, for'the year, recommended in the report, was adopted. The report stated that profit on the year's transactions, after making full provision for depreciation, land and income-tax. and repairs and renovations, amounted to £3301, plus £577, balance brought forward from 1927, after payment of the final .dividend. Deducting 7J per cent, dividend for the year, £935 was carried forward to next year's account. The report added ttsat the issue of 5770 unallotted ordinary shares in the company, recently offered to shareholders at par, was fully subscribed.

DAIRY PRODUCE. Dalgety and Company, Limited, have received the following cablegram from their London office, dated November sth: Butter —Fair enquiry for new season's. To-day's quotations, 172s to 178s.

CYCLE TRADE.

WIDENING MARKET.

A SOUND BRITISH INDUSTRY.

. (BRITISH OFFICIAL WISE LESS.) (Received November 6th, 7.5 p.m.) RUGBY, November 5.

Sir William Joynson-Hicks, the Home Secretary, opened the cycle and motor-cycle show at Olympia to-day. He said that the motor-cycle industry was one of the few bright spots in British trade at present. In 1925, Britain exported 46,600 motor-cycles, in 1.927 52,800, and in the first nine months of this year just under 50,000. In regard to what were termed "push" bicycles we exported in 1925 276,000, in 1927 283.000, and so far this year had exported 248,500. Production was consistently going up, and this year at least 120,000 motor-cycles and 800.000 pedal cycles would be made. Imports were negligible, which showed how the British cycle industry dominated the world. All over Asia and Africa the native races were taking to the "'push" bicycle. The market was thereby materially increased. He suggested more and more organisation of these markets, which would not onlv be profitable to cycle manufacturers, but give more employment to the workers of the Midlands.

The show provides, indeed, a remarkable example of the tremendous strides made by the motor-cycle industry. At one extreme are motor-cycles costing r ;200. of superb mechanical engineering and design, guaranteed to travel at 100 miles an hour; at the other extreme is a machine costing £2O only hut a very fine one. even at that figure In between are machines adapted to all tastes and purses.

BUILDING IN WELLINGTON.

(PEES 3 ASSOCIATION TELEGRAM.) WELLINGTON, November 6. The possibility of a new building record being established in the Wellington urban area for the current financial year is indicated by a comparison of the figures for the first six months of this year with those for the corresponding period of last year. The value of the permits for the past six months exceeds the total of AprilSeptember of last year by over £34,000. The figures are £974,396 and £940,283 respectively.

AUCKLAND MARKETS.

[THE PBESS Special Service.]

AUCKLAND, November 6,

"Some merchants will be scouring the town, looking for old potatoes next week,'' B aid a local dealer this week. ' The position as he explained it is as follows: —Last week only small quantities came from the south, but the demand had slackened so appreciably that merchants, hesitated about ordering more, as the tubers are growing now and in many cases have to be picked over. A week ago the market was sick, but to-day the merchant who was alarmed at the dimensions of his stock is wondering where he can get a few with which to carry on. There is still a limited demand for old potatoes though new ones are now replacing them to a considerable extent. Pukekohe reports are to the effect Jihat the crops are turning out well on the whole, iho cold southerlies of a month and six weeks ago damaged the cropß in the more exposed positions, but those in sheltered localities did not suffer. The conditions of.late have been favourable, and if they continue deliveries as a whole, which have shown de'finito improvement, of late, should be quite satisfactory. Meßßrs Pattle and Co. quote to-day from 19s «fd to 20s 6d per cwt on trucks, Pukekohe,.. and consider that this : price will hold for about a week. The Pukekohe crop is being distributed all over this Island, and as far south as Dunedin. There is Btill an enquiry locally for small quantities of seed potatoes. A small quantity of Canadian onions came by the Aorangi from Vancouver, but the allotment for thiß.centre was short of the full orders given, and cons!de»ably below the requirements of the market. The high price of 40s per crate stil rules, although a few merchants have quoted less to avoid storage. The market for oats continues stable at 4s 8d per bushel for B Gartons. but chaff is inclined to firmness, with the price unaltered at £9 108 per ton ex store. Fowl wheat is still selling at 7s 9d per bushel. • . There is fair business doing m maize. 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 Bd, A Gartons 6s per bushel; clipped Duns 5s 9d, clipped Gartons 6s 6d. seed Algerians 6s; fowl wheat, 7s Od per bnshel: maize. 6s 6d ex store; barley, feed 5s 9d per bushel, Capo barley seed 6s 6d per bushel; maize meal, 14s per 1001b; barley meal, 13s per 1001b; chaff, g.b.o.s. £9 10s per ton, Blenheim or Canterbury; potatoes, Canterbury £l2 per ton, seed lines: Northern Sjtar and Gamekeeper 8s 6d to 9s per cwt; onions, Canadian 40s per crate.

LEYLAND, O'BRIEN TIMBER CO.

A SATISFACTORY PROFIT.

[THE PRESS Special Service.] AUCKLAND, November 6. In view of the state of trade during the year the directors of the Leyland, O'Brien Timber Company, Limited, view the results dis. closed by the annual balance-sheet as "emin ently satisfactory."- The profit for the year ended September 30th was £ll,lOO 17s 9d which, with £61,184 15s 7d brought forward, totalled £72,285 13s 4d. The directors recommend the payment of a dividend of Is 8d a share (free of income-tax), lOd of which was paid in April, absorbing £IO,OOO, and the .provision of £6OO for directors' honoraria. This will leave £61,685 13s 4d to carry forward. Following is a comparison of the company's receipts for the last three years:— 1926 1927, 1828.

A. AND N.Z. LAND COMPANY.

(UNITED PBE99 ASSOCIATION—BY ELECTRIC TELEGBAPH—COPTRIOHT.) (Received November 6th, 5.6 p.m.) LONDON, November 5. The New Zealand and Australian. Land Company's year's profit iB £168,267. The divisible profit is £177,967 and the amount to be carried _ forward £17,697. —Australian Press Association.

FARMER AND CO., SYDNEY.

In their report for the year ended July 31st the directors of Parmer and Co., Ltd., general providers, Sydney, state that the directors feel the necessity of calling attention to the ever-increasing cost of doing business, which was gradually restricting the legitimate avenues of trading. Net profits for the year, after allowing £29,227 for interest, were £90,254. In 1926-27 the net profit was £102,505. Dividends on the 6 and 7 per cent, preference, shares take £40,000, and_ the distribution to ordinary shareholders is again 10 per cent., also amounting to £40,000. The directors have transferred £10,254 to the reserve, making it £196,458. Apart from the debenture debt of £500,000, in 6 per cent, first mortgage bonds, creditors' and credit balances stand at £159.592, a decrease of £18.468 for the year. The item debentures has expanded by about £BO,OOO. Leading assets contrast as follows:—

CHRISTCHURCH STOCK

EXCHANGE.

Business was dull on the Exchange yesterday. In the stock and bonds seotion theio were buyers for 5i per cent Inscribed at £99 2s 6d, but no sellers were offering. There were buyers alßo for SJ per cent. iEßcribed, 1936, at £lOl 5s and bonds, 1336, at £lol> with no sellers. In the banking section there were buyers for Commercial of Australia at SOs 2d and sellers at SOa 4d. Two parcels of Union Bank of Australia shares changed hands at £ls 7s 6d, and thereafter buyers were offering at £ls 7s and sellers at £ls 7s 6d. In the loan and agency section, GoldsMort advanced 3d and three parcels changed hands at 51s 6d, buyers still remaining in at that figure, sellers asking In the frozen meat section, New Zealand Refrigerating • advanced Id, buyers at 18s 9d and sellers asking 18a lid. Partly-paid New Zealand Refrigerating she res also advanced Id, and three parcels changed hands at 9s 3d. They ended, buyers Ss 2d, sellers Two parcels of New Zealand Brewery shares changed hands at 655, and the market ended at buyers 54s Id, sellers 5Ss 2d. There' was a demand for Staples shares at 40s, sellers requiring 40s 6d. For Tooths, buyers were offering 48s 9d a'ld sellers asking 495, no sales resulting. In the miscellaneous section, British Tobacco was firm at buyers 44s 3d, sellers asking 44s 9d. Two r.nrcnls of Electro. Zinc ordinary shares changed hands one at 83s 9d and the other at RSs K'd. The market ended buyers 83s 9d, sellers 345. One parcel of Mahakipawa lining shares changed hands at Is 4d, buyers boicg at that figure and sellers at Is sd.

YESTERDAY'S TRANSACTIONS.

Sales on 'Change—Union Bank of Australia £ls 7s 6dj Goldsbrough, Mort, 61s 6d (three parcels); Jtf.Z. Refrig (10s paid), 9s 3d (three parcels); New Zealand Breweries, 55s (two parcels); Electro. Zinc (ord.), 83s 9d, 33s lOd; Mahakipawa, J s 4d. Sales reported—N.Z. Uefrig. (10s paid), 9s 2d.

OTHER EXCHANGES.

(pBISB A.B3OCIATION TILEOBAHB.) AUCKLAND, November 6. Sales—War Loan, 1930, 4J per oent., £99 sb; War Loan, 1938, 4J per cent., £99 10s; National Bank of New Zealand, £7; Bank of New Zealand (D. mort., 20s paid), 28s 3d; New Zealand Insurance, 46s 6d; New Zealand Guarantee Corp.. 8s 8d; Westport Coal, ,0s 41d: Auckland Gas, 235; Northern Steam13s lOd; NeV Zealand Breweries shares KBs 65s Hd; New Zealand Farmers Fertiliser, 17s 9d; Whittome, Stevenson, 455; Waihi, 13s Bd, 13s D^EDINi November 6. Sales —Westport Coal, 30s 6d; D.1.0. (pref.),2ls. _____

HOME EGG MARKET.

Tt him been authoritatively stated that there is no possibility of a slump in eggs on the English market if marketing is carried out according to the requirements of the ifotrihtttoTß. Mr G. Macrae Robertson, who has arrived in Melbourne to take up a nosition in Tasmania, as poultry expert to fhe Tasmanian Department of Agriculture, U the authority quoted. He has been as■nriated with the poultry industry in EngS,. adviser on poultry production to county councils in conjunction with the De--00°"' . n f Agriculture and Fisheries. The SSltv experienced in connexion with the dl n»Jl y industry in England, Mr Robertson 53d™«S by the fact that,the disteibutors could not guarantee the produce !hey received from the producer. Eggs were ™«;keted in small quantities, the supply ™I frVeenlar, and insufficient attention was W8 £ nWity. An effort was being made F 8 Innteract the influence of foreign com.V..IIT adopting marketing plans similar ?» ft™e to pSce on the Continent These *!.;. insisted of » voluntary system of Sng a»d the establishment of packing Motions throughout the country.

egg market. Harris Bros., Ltd., report the weekly sale * "Feather Brand" guaranteed new-In id °* held yesterday afternoon. _ The was- good, and oil eggs were lmmeffl? cleared, prices being :-First grade or over), Is 4d per dozen; second grade (under 2oz>, Is 2jd per dozen. —6

property sale. The sale is reported by Mr L. H. Camp- ,,, hie well-known Happy Valley Estate, \il «n comprising 5318 acres, together •♦I .3?" stock and plant, the buyers being w>th ? VvidT Matson and Son. rSt" nronerty is the homestead Mock of l h Happy Valley station, which was « ha "Id bv the Hon. W. Robinson, of freeholded y geventy yeara agof and nsed Cheviot, n y we tber run for Cheviot. b7 It has remained in the same family ever B!n F C ?eid and Boyds were the selling agents.

METALS.

BLACKWATER MINEg, LTD. i ■ ' The return for October, 1928, ig : as fdllowa:—Crashed 8635 tons, yielding 1409 fins ounces, valued at £5985; working' expenses, £4942. Roaster also treated 110 tons for a return of 129 fine ounces, valued at £549; working expenses, £l9l. Capita) expenditure £SO, development expenditure £621. . Profit over all is £730. WHEAT. (UITITiD PEE SB ASSOCIATION—HI ELECTBIO TELEOBAPH—COPYBIGHT.) (Received November 6th, 5.5 p.m.) LONDON, November 5. Cargoes—The market opened quietly but closed steadier. Parcels are in poor demand and . prices occasionally are lower. At Liverpool futures are quoted:—Decernbei and March 9s 4gd, May 9s 4Jd per cental. —Australian Press Association, United Service. TARANAKI OILFIELDS. - (PBESS ASSOCIATION TELEGRAM.) _ , GISBOENE, November 6. Taran&kl Oilfields, Ltd*, reports:— Gisborne No. 2 Well—Drilled to 1825 feet in shale, 16 Inch cosine run to • 1793 feet. BRADFORD MARKET. i. u .. LONDON, November 8; tl ,f± Bradford prices are maintained, but traVau'We^^Soi 10111 «> inne »- Al »-

£ . £ £ Brought forward .. 50,370 59,092 61,184 Net profit 19,322 12,653 11,100 Total 69,692 71,785 72,285 Dividend (per cent.) 8 1-3 8 1-3 8 1-3 Amonnt 10,000 10,000 10,000 Directors' honaria 600 600 600 Carried forward 59,092 61,185 61,685

1927. 1923. Freeholds and plant 855,313 1,235,893 Investments • • 54,505 62,563 Debtors • 120,024 105,475 Stock in trade ... 403,692 410,619 Cash, etc. :• • 283,393 80,371

latent quotations Buyers. Sellers. £ a. d. £ s. d. N.Z. GOVT. DEBENTURES*4I> Der cent. iMcribed, 99 10 1938 99 a 6 0 4} per cent. Inscribed, 6 1939 99 2 4J per cent. Bonds, 99 a 1938 and 1939 # — 61 per cent. Inscribed, 1941 .. •• 99 0 0 — 6£ per cent. Inscnbed, 1936 101 7 6 51 per cent. Bonds, * 1936 101 0 0 — OTHEK DEBENTURES— filaxo, 6| per cent., 1945 — 90 0 0 BANKS1 18 1 13 6 Aust. of Commerce .. 4 Australasia 14 13 0 14 15 0 Comm of Aust. .. 1 10 2 1 10 4 E., S., and A. 8 16 0 8 17 0 National of Australasia 19 8 (£10 paid, cum dir.) 19 6 0 0 National of Australasai 9 12 9 18 (J85 paid, cum div.) 0 0 National of N.Z. — 7 8 0 New South Wales 51 5 0 61 15 0 New Zealand .. _ •• 8 1 5 3 1 7 Queensland _ National (cum div.) _ 9 5 0 Union of Aust. ... 15 7 0 — INSURANCE— 1 10 Mercantile 0 8 National (cum div.) .. .0 16 10 0 17 South British 3 3 6 Standard 8 ,8 6 8 4 9 United 30 16 0 11 7 6 LOAN AND AGENCY— Dalgety and Co. (cum div.) 15 5 6 15 7 6 9 Goldsbrough, Mort ... 2 11 G 2 11 National Mortgage 4 6 6 United Building 0 14 10 0 15 2 SHIPPING — Howard Smith •• — 9 1 0 0 Huddart-Parker 2 7 2 8 2 Huddart-Parker (pref.) 1 0 6 P. and 0. Deferred 2 14 Stook (oum div.) 3 1 i Union (pref.) 1 0 4 0 FROZEN MEAT0 18 9 N.Z Refrig. (£1 paid) N.Z. Refrig. (10s paid) 0 18 11 0 9 2 0 a * WOOLLENS0 13 6 0 14 0 4 Kaiapoj (17a paid) 6 Kaiapoi (7s paid) 0 4 6 6 COAL— . Westport 1 10 8 110 0 8 9 Stockton (ord.) '•* 0 2 5 ' 5 Stockton (pref.) .. — 0 4 6 GASAshburton <•> 5 10 0 6 0 0 4 Auckland 1 2 10 1 8 Christchurcli 1 5 6 — 8 Christchurch (10s paid) 0 12 7 0 12 Timaru .. ' 1 2 0 BREWERIES— 6 18 Queensland ..i i-> 1 6 0 .0 Carlton 2 8 8 2 9 Monteith's 1 0 0 1 2 0 New Zealand •• 2 14 10 • 2 15 0 Staples Tooheys 2 0 1 12 0 0 2 0 1 12 2 9 c 9 .Tooths 2 8 9 0 CEMENTS— 0 Wilson's . ■ 2 0 — MISCELLANEOUS— 1 15 6 Beath and Co. i».- — ■ British Tobacco 2 4 •3 . a 4 9 Electro. Zinc (ord.) : 1 13 9 1 14 0 Electro. Zinc (pref.) ... .1 14 9 . •— . Holden's Motors 1 7 0 18 0 N.Z. Drug Co. 8 9 9 —' N.Z. Farmers' (kK>p. 1 5 (£2 10a paid) N.Z. Farmers' Co-op. 0 ~~ 2 18 8 ("A" pref.) — N.Z. Farmers' Co-op. 1 10 ("B" pref.) N.Z. Farmers' Co-op. 0 — (6J per cent. Stock, 1940) 95 10 0 Mt. Lyell .. 1 16 6 1 16 11 East African Coffee (10s 0 15 paid) •• 3 — mining— ' Mahakipawa ..1 <•« 0 1 0 12 4 0 1 5 Waihi •• ••• 9

(touted press association—b* ELECTBIC TELEOBAPH--COPYRIGHT.) LONDON, November 6. Nov. 1. Nov. 6. (per ton). (per ton). Copper— • £ s. d. £ e. d. Standard, spot. 68 8 1J 67 9 41 Standard, forward 68 12 6 66 0 7i Electrolytic 74 16 0 74 10 0 to ... 75 0 0 75 0 0 Wire bars 75 5 0 75 0. 0 LeadSpot ... 21 15 0 21 6 3 Forward 2113 6 21 10 0 SpelterSpot .< i«. 23 16 8 24 2 6 forward »»' 24 6 0 24 8 9 TinSpot M| — 229 8 9. Forward _ ,229 16 3 SilverStandard,. OS. ... 26gd 26Jd Fine, oz. 283d 28Jd —Australian Press Association.