FINANCE AND COMMERCE.

Press, Volume LXIV, Issue 19480, 29 November 1928, Page 12

FINANCE AND COMMERCE.

STOCKS AND SHARES. APPRECIATION IN VALUE. [THE PRESS Special Service.] WELLINGTON, November 23. The annual meeting of the Wellington Stock Exchange was held to-day, when all the retiring officers were reelected. Mr R. Wynn Kirkby, who succeeded the hire Mr A. T. Bate, as chairn.in, has held that position for several year.s, W'hiie many of the best shares on the list return only about 5 per cent, or less on Ihc purchase price there was the lact, *:iul the chairman, that tho best .sound shares such as banks, insurance, etc., were practically gilt-edged investments and were certain in the long run to increase in value, and thus ultimately produce a better return than mortgage debentures or fixed deposits. As compared with a year ago bank shares ahowed an average increase in value of 75 per cent., the financial companies H per cent., gas companies <3J per cent., insurance companies 10\ per cent, and mean companies 14i per cent. With re-.-.pect to meat companies the increase was due largely to the fact that a vear ago theso 'concerns were suffering from trade d<-p t '<-S sion and their shares v-r-ro abnormally low. With respect to the immediate futuro as the principal export products were selling well, these would bring in a substantial monetary return to tho Dominion, which would stimulate trade and activity all round. This would mean that more money would be available for investment and brokers should have a good year in iront of them. I INCREASED REVENUE. WELLINGTON PERMANENT BUILDING SOCIETY. [THE PRESS Special Service.] WELLINGTON, November 28. Tho balance-sheet of the Wellington Permanent Building Society for the year ended November 13th shows-satis-factory results, Tho revenue from interests, fees, etc., totalled £5297, and of this interest absorbed £2036, and general expenses'£264, leaving, the Set profit, at £2997, The amount of interest collected for.tho year, fcSlod, is greater by £2567 than the amount: received in the previous year. There; •was brought forward £l3O, amT there is available for. distribution £3127. An interim dividend of 3 per cent, ab-, sorbing £892, was paid for -the halfroar ended May Bth. A dividend _of 4 per cent, for the second half of the year, making 7 per cent, for the, year is now declared. The sum of £722 is written off preliminary:expenses,. reducing that item to ' £200,: and, there remains a balanceof £ll to ho earned forward. ■ /,.,,, „ The capital comprises: "A" shares '£35,869, and "B" shares £653. Deposits total £35,906, sundry rcreditors SK7 and bank overdraft £3220. The nssets comprise loans on mortgage £75 961, furniture and stationery *<w, ■nreliminary expenses £2OO, and cash St P.O. Savings Bank £1592 Loans on mortgage have increased by £io,a74, as compared with tho Prions and deposits have increased by £ISOO. EXPORT LAMB RATES. NORTH ISLAND SCHEDULE. The opening prices'for the; 1928-29 .eason for lamb on the, hoot land freezing works are announced as follows: > ~ ' Up to 861b, 9Jd per lb.. 361b to 421b, 9d Tier lb. . - ; : Over 421b and seconds; ,BJd-P er lb " ! These rates correspond; current during the week mHawke.3 Bay and Wellington. ;

GISBORNE F.M. CO. A NOTABLE RECOVERY. "I can tell you this, that the performance is one of which any company, uituated as this company was, can be justly proud," Mr J. W. Nolan, chairman of directors of the Gisborne Sheep- ' farmers* F.M. and M. Co., Ltd., stated at the annual meeting in the course of a review of the company's recent activities, and the recovery that. had. heon effected during recent years. "You have reduced your bank overdraft from £297.000 to £55,000," the chairman proceeded, "practically built new works at Kaiti, written off heavy depreciation and innumerable bad debts, paid off other sums, and during the whole of that time have stood up to a steady annual loss of roughly £20,000 a year at Hicks Bay alone. After to-day, however, on the carrying of the proposed resolutions for the reduction of capital, your directors hope to be in the position of being able to talk of these losses as ancient history. True, during this period of stabilisation, shareholders hare not been receiving any return on ,their capital invested, but they must remember that it is very difficult indeed, if not impossible, to retain an apple if you eat it. "Your company commenced last financial year with a bank overdraft of £114,883 15s sd. This, at the end of the year, stood at £55,507 13s sd—a reduction of £59,376 2s. During the rear £10,937 was expended in repairs *and renewals and£l332 written off cost of floating debentures. Open accounts show a slight increase and secured accounts a decrease."

XBUTTER TRICES DEDUCED. (press association telegram.) DUNEDIN. November 38. The price'of all grades of butter has teen reduced by. Id per lb. .• MEAT IMPORTS TO GERMANY. (united teess association - —bt .electsic telegraph—coptright.) . BERLIN, November 27. The Economic Committee of tho Reichstag rejected the Communist proposal to raise the quota of frozen moat imports to 150,000 tons instead of 50.000 tons. —Australian Press Association. SILVER. C3TTED PRESS ASSOCIATION—BT ELECTRIC TELEORAPH—COPYRIGHT.) * ' (Received November 28th, 5.5 p.m.) LONDON, November 28. Silver,.standard: Spot 263 d, forward 26 11-lOd per ox.—Australian Press Association,

BJIANCHESTER SHIP ;'-- CANAL. CAPTAIN WADE'S ADDRESS\n address on tho Manchester Canal, docks, markets, and fruit salerooms was given yesterday under the auspices of the Chamber of Commerce by Captain W J- Wade, M.8.E., represenKvo of the Manchester bhipCana Company, the Mayor (Mr J.'k. Archer) Pr cttS Wade said that it would bo for the mutual good of both the Dominion and Manchester it direct trade were stimulated between those nlaces. Manchester was now the third latest port in the United Kingdom so Far as imports and export were concerned, and it was estimated that the sum of £1,000.0% per annum was saved annually in handling charges m Manchester "owing to the existence of ttio canal. The waterway was nearly do miles in length and was available lor vessels of a dead weight capacity of upwards of 15,000 tons. Within ten miles of the Manchester Canal, the lecturer went on to state, there were no fewer than 130,000 people employed in the engineering industry alone. Hie motor and heavy chemical industries were also extensive employers of Manchester's population, besides the 100 other industries which had sprung up since the opening of the canal. A lot of difficulties had been encountered before the scheme was brought to a successful issue and workers themselves in tho Manchester district subscribed funds out of their meagre earnings in order that the canal might bo completed, so wide was the .appeal of the project. An average of 17,000 men was employed in the construction of the canal', which had a capital of £20,000, on which 5 per cent, was paid by way of interest and the Manchester Corporation had no less than £6OO 000,100 invested in it. Manchester now had the largest flour mills in the United Kingdom and had grown to a remarkable"extent as a result of the foresight of its people deciding to provide their own port instead of being dependent in this connexion on Liverpool. Captain Wade illustrated his remarks by a splendid series of movies which were followed by those present with the keenest interest. One of the features brought out by the film was the handling of cotton from a ship's hold, this being shown to he controlled by a man who stood beside the ship's hatch and by means of a device he had in his hand was able to operate the crane which lifted the cargo on to the wharf. At the close of his address Captain Wade was accorded a hearty round of applause and the chairman suggested that the lecturer might be induced to repeat his address in the Municipal Sail on some future occasion. Replying. Captain Wade said he would probably return from Dunedin, on Saturday and might, if circumstances were favourable, give an address on the following Monday.'. • ■• . AUSTRALIAN TREATY. VALUE TO CANADA URGED. (totted pbbss association—by elzctbic ' teleqbash^-copreuoht.) " VANCftUYIbt, November 27=''; j As was forecasted, the Liberals are making the Australian 'Treaty one "of the paramount issues in the Federal by-election for Victoria. The speakers are not only stressing its great advantages, but also are making an appeal for tne strongest possible agreements with the Antipodes. So far no Conservative attack has been made on the Treaty. On the contrary, the Tory papers are pointing out its advantages to British Columbia. The Minister for Finance, Mr J. A. Robb, speaking in support of the former British/ Columbia Premier, Mr Macleand's candidature, said that the future of the Pacific Coast was dependent ..not on wharves built, or shipping subsidies, but on trans-Pacific friendships., . . ' Mr-Robb quoted figures to show the tremendous prosperity Canada enjoyed as" a result of 'the Australian and other :trade pacts, stating: ""lVwant you to •benefit, well by,-the Australian Treaty and ! riy the larger and'wider' agreement -with|/Australia,- hut : to do l that each must), play his part.' We cannot have the trade all oiif-own way. • We must mak<s up -our mindsithatrthe other fellow just-as good a trader as we are, and : Von!t>be'satisfied that we should do all'the selling and he all the buy-ing."—-Australian Press Association.

CHRISTMAS TRADE. Occasionally, says the Sydney correspondent of the' Melbourne "Argus," there is a-pause-in:business to comment upon the large slice of the year now given lip to Christmas. Not only are many people in many .countries working the whole year making Christmas toys, novelties, presents, cards, stationery, and so on, but in Sydney almost three months are taken up in preparation'for- Christmas trade and in carrying on the trade itself. The question ia asked whether the celebration is not largely overdone. Analytical discussion suggests that it is. There is an impression among the better informed that the original idea : has been departed from, and that the modern prolongation of the Christmas shopping season 'is ■ economically unhealthy. Trade, is, nevertheless, proceeding as usual. There are all kinds of Christmas attractions, mostly • familiar and keen salesmanship is already shown. People are requested to "say it" in everything. Even the "go-getter" invites householders to buy shares, allotments, and motor-cars as presents to members of the family, and to "say it"" with them on Christmas. Day. Executives of the stored are already heard declaring that they "wished the Christmas season was over" and 1929 here, and they art not all grumpy. PAPER INDUSTRY, AUSTRALIAN ENTERPRISE. (united pbess association—by electric telegr4 th—copyeight.) PERTH, November 28. Mr Gerald' Mussen, formerly of. New Zealand, has returned from England, where he went on a mission in the interests' of manufacturers in a company which proposes to establish paper mills at Burnie, Tasmania, in eo-oPeration with British paper makers. Several tests already have been made with the Australian eucalyptus and hardwoods, vdiich were found eminently suitable. A bounty of £4 a ton uas promised from the Federal Parliament. Sotae matters remain to be adjusted with the Tasmanian Government before the mills will start. —Australian Press Association.

. N.Z. TIMBERS. CLASSIFICATION SCHEME. ■When asked regarding the progress beirvg made in connexion with the scheme for the classification of NewZealand timbers, with the view of setting out the purposes for which the different grades can be used, Mr J. W. Collins, Secretary of Industries and Commerce, told a representative or The i/REss yesterday tliat, us regards the work of the committee that had been engaged upon the economic investigation of the timber trade, the rules had been adopted by the sa\vmilling industry throughout thp Dominion. At the close of last session or Parliament the Prime Minister approved of them for adoption by the various Departments of State. The comi«ittee also has been negotiating with the City Councils of the four centres with regard to the adoption of the classification. Yesterday morning he had seen Mr J. K. Archer, Mayor of Chnstchurcii, and some of the expert officers- of the Council, and discussed with them the proposal to adopt the new gradings, as far as the timber requirements of the Council were concerned. Copies of tho rules were left with the officers for their perusal, and a further conference is to take place in about a week's time, when it is hoped that the negotiations will be completed. Mr Collins, who leaves today for the south, will confer with the Mavor of Dunedin and the Dunedin City Council officers on the same subject. The New Zealand timbers which have been scientifically graded and classified are; Kimu, matai, totara, and .miro.

SAMOA. PROPOSED TRADE MISSION. The trade mission from New Zealand to Western Samoa, planned by the Department of Industries and Commerce to take place in midwinter of tho present year, but not carried out owing to the unrest in Samoa, is still in prospect, and has not been abandoned, according to a statement made yesterday to a representative of The Press by Mr J. W. Collins, Secretary for Industries and Commerce. "The trade mission to Western Samoa," Mr Collins said, "has not been lost sight of, and, all going well, willtake place in midwinter next year, when it is hoped that matters connected with the unrest in Samoa will have become normal. The origmal plans still stand, and all the accdm-; modation on the Maui Pomare has been: reserved. The trip to Samoa will be. made if the conditions in Samoa are considered satisfactory." BUTTER FOR AMERICA TURAKINA'S BIG SHIPMENT. [THE 3PBESS Special Service.] AUCKLAND, November 28. A remarkable illustration of , the growth of New Zealand's butter trade with Canada rand the United States is afforded by the destinations of a' shipment of over 98,000 boxes in the Turakina, which-Tvill leave Auckland for American east coast ports and London. Of the total 0f'98,487 boxes of butter, 69,537 are for Halifax, ,11,400 for New York, and 17,550 for west coast ports of the United Kingdom. The dispatch of such a large single shipment of butter to Canada indicates how very rapidly New Zealand trade is developing in that quarter. Canada, it would appear, lias been more than ever ex-, ploitingits comparatively recent policy of exporting nearly all its own surplus to England, and importing from New Zealand. The strength of the English market this season has no doubt accentuated the,trend. Probably aiost of the butter destined for Halifax will find its way to Montreal and Toronto. Thus, it is noted with satisfaction, the American market is being exploited by New Zealand from both Pacific and Atlantic coasts, for Vancouver-bound ships- from Auckland are at this season of the year taking increasing quantities of butter for West Canadian and American ports and cities. Momentarily, American buying has eased off, but earlier forward sales will ensure a steady flow of dairy produce in that direction. Probably next month further heavy cargoes will cross the Pacific. .

BANKRUPTCIES. THIRTEEN THIS MONTH. - To date this month there have been thirteen petitions in bankruptcy filed in the district" under the jurisdiction of Mr A. W. Waiters, Official Assignee. Of the total, there were no, assets in three instances. In one instance, the bankrupt's deficiency was £4600; in two instances, the assets were valued at £SO. The debts of the thirteen bankrupts totalled £16,254; their assets amounted to £4175; and the total deficiency was £12,079. PACKING OP FISH. ; (PRESS ASSOCIATION TELE3EAM.) WELLINGTON, November 28. The Department of Industries and Commerce has received advice concerning a new process foY refrigerating and packing fish for the retail trade and is bringing details under the notice of the principal fish merchants in the Dominion. It is a brine process in which fish are frozen in sliced up condition and are packed and retailed in cartons. There is no need to thaw the fish before placing it in the cooking pan.

SYDNEY WOOL SALES. (UNITED PRESS • ASSOCIATION— BY ELECTRIC TELEGRAPH—COPIKIGHT.) (Received November 28th, 10 p.m.) SYDNEY, November 28. At the wool sales, 11,194 bales were sold. Competition was good for lines showing fine quality. The demand for broader descriptions was somewhat irregular, prices for them being 5 per cent, lower than last week. Greasy merino made 323 d. —Australian Press Association. LONDON WOOL SALES. LONDON, November 27. At the wool sales 10,030 bales were offered, of which 67SG bales were Australian and 2599 bales New Zealand. There was an excellent selection of greasy merinos and a good offering of slipes. There were only a few cTossbreds. The market continues firm and prices are unchanged. Quotations are:— Acoa, 25Jd (top price), 21d (average); Corella, 21d, 20Jd; Millstream, 19d, 18d; Terrick, 25id, 24Jd; Cambridge Downs, 24d, 21d; Hastings, 22d, 20Jd; Caiwarro, 22Jd, 20d; Kilcummin, 25Jd, 24d; Moorlands, 24d, 22<L—Australian Press Association.

BRITISH IMPORTS. EFFECTS OF TARIFF. Sectional trade reports of the British (U.K.) Manufacturers' Association of New Zealand are under thirteen heads and include drapery, electrical goods, and motor vehicles and motor-cycles-These reports reflect in some measure the state of trade in New Zealand. The drapery trade, for instance, has "not come up to expectations," but returns for the first nine months of 1928 show improvement on the corresponding period of 1927 in some sections, whilst others show a decline in value of imports. "It is, however, confidently expected that improved trading conditions 'will soon be experienced." Trade in the apparel section has been "difficult" since the new Customs tariff has been in operation; figures for foreign countries in some lines have fallen off and imports from the United Kingdom, particularly in silk and art silk piece goods, have increased. Cotton piece goods show a fall in value. There is an increased enquiry for United Kingdom hosiery in silk and art silk. In silk imports it is reported "there is no doubt the preferential tariff is operating' largely in favour of the British manufacturer." In regard to cotton duck it is reported that since the imposition of 10 per cent, preference over the foreign article considerable quantities of this material come from Canada and a fair quantity from the United States, and frequently shipped from New York, the 10 per cent, duty paid, and yet the material is sold at a price which "severely under-quotes the United Kingdom article."

Effect on Confectionery Trade. ■ Complaint is made that packers in the United Kingdom of specialties for the grocery trade are not following the lead in "get up" seij by American packers. The quality of the goods is high, but the selling processes are' weak and obsolete, with a few bright exceptions. The confectionery position is complicated. There are increased activities by New Zealand manufacturers, and two Australian confectionery makers have established factories in New Zealand. The chocolate i and confectionery trade has suffered from the Dominion trade depression. The change in the tariff has reduced the volume of better class goods. Paper Manufacturers Penalised. In the paper trade it is said "it is almost impossible to get business for the cheaper grades of British bank papers, owing to the low prices being offered by foreign mills, sometimes, it would appear, at less than the prices obtainable in the country of origin." The abolition of duty has penalised the British paper manufacturers, and it is reported that the printer and manufacturing stationer in New Zealand after some months* experience of the revised tariff have "so far failed to say one good word of the new tariff which it' is now clear was not wanted by them." It was an error of judgment. The tariff operated "very favourably" to the advantage of Great Briain' in the fine leathers, such as bookbinders' requirements, goats and kids, and sole leather in bends. Business in hardware is reported "very satisfactory" with every prospect of an increase all round. Town business is quiet. Oils and colours have been depressed. Publicity methods of American oil and colour and paint and varnish manufacturers are commended to the attention of British houses trading in New Zealand. Fancy Goods Trade. Germany is now a keen competitor with British cameras, but Britain leads in photographic films. In radio equipment American sets "hold the field," but there are -.indications of improvement. In the photographic and radio fields in New Zealand business has been considerably less than for the year previous. The fancy goods trade has been very dull, but the swing of the trade is towards British goods. British crockery business has improved since the tariff, but English pressed glassware has not been helped by the tariff. German goods being cheaper. Toys are almost entirely German; Japan has the bulk of the celluloid doll trade. British mechanical toys have greatly improved, and compare more than favourably with German New and smarter designs of British electro-plated ware are required. Motor-Cars and Trucks. British motor-cars and trucks are "steadily improving their position as regards sales in New Zealand." The activities of English manufacturers on the New Zealand market are described as "still very manufacturers seem so far -o have made any real effort to meet American competition, "More initiative, more originality are essential if the British manufacturers are to obtain their share of this market." Britain has a predominance of the motor-cycle trade in New Zealand. In heavy electrcial machinery the business has been almost entirely Government orders, which have gone practically exclusively to Great Britain. Foreign manufacturers are making a strong bid for cables and wires. Electric ranges are largely procured from Canada, radiators, kettles, and iron are almost entirely obtained from Great Britain. | The Association has 128 British manufacturers and 115 New Zealand repre- ! sentatives as members.

LEYLAND, O'BRIEN TIMBER COMPANY. ANNUAL MEETING. [THE PEESS Special Service.] AUCKLAND, November 28. The thirty-first annual meeting of shareholders in the Leyland, O'Brien Timber Co., Ltd., was held to-day, Sir George Elliot presiding. In moving the adoption of the annual report, the chairman referred to the depression in the timber industry. The past year, bo far as the company was concerned, and, indeed, most of the other timber companies, had been the worst since 1915, and only that morning he had be'en advised that the present month would probably be the worst on record. It had been the policy of - the directors in the past not to distribute all the .profits. The company had over £142,000 invested in mortgages, and nearly £IO,OOO in war loans, and these accumulations of funds had enabled the company to keep on paying dividends and to maintain business in a sound condition. Mr A. G. Lunn said the present position of the timber industry showed that the conservative and cautious policy which had been pursued by the directors in past years was amply justified. If the slaughtering of prices had resulted in some firms being knocked out of business it would probably be to the good of the industry, for there was no doubt there had been twice as many firms in the business as the demand for timber warranted. The report and-balance-sheet were adopted.

CLEARING SALE. Jones, McCrostio Co., Ltd., held 5 successful clearing sale on Tuesday on account of Mr Edge, on the premises, Repton street, Amongst the items sold, the following prices were realised: —Studebaker motor-car £97 10s, hose £2 lis, lawnmower £3, bicycle £B, runner £i 8s 6d, rug £3, ditto 30s, carpet £l4, occ. table £1 2s 6d, occ. chair £1 10s, rug £2 ss, mirror 35b, carpet £l6, couch and 2 chairs £29, sewing machine £l3 10s, 4 chairs £4, buffet £4, dining table £4, linoleum £3, 4 chairs £3, runner £3 ss, duchesse chest £2 15s, 3ft bedstead £2 15s, duchesse chest £6 10s, 4ft Cin bedstead complete £ll, 6 chairs £2 ss.

CHRISTCHURCH STOCK EXCHANGE. Markets were dull on call yesterday and the turnover was small. In the Stock and Bonds section buyers of Government issues offered at recent prices, but few sellers quoted. New Zealand Brewery bonds had enquiry at 25s 2d,-sellers at 265. In the Bank shares, business was confined to Commercial Bank of Australia ordinary shares at 30s od, and more were offered at that price, buyers at 30s 3d —buyers of the preference shares offered £7 7s without attracting sellers. National Bank of Australasia fully paid shares were marked ex dividend of 10s per share, buyers £lB lis, sellers at £lB 14s, and the £5 paid shares ex dividend of 5s per share were available at £9 7s 6d, buyers offering £9 4s 6d. Amongst the Miscellaneous Stocks, Timaru Brewery shares were stronger with buyers at 22s 9d, sellers at 23s lOd. New Zealand Breweries shares had dealings at 56s 3d and 575, market closing 56s 9d buyers, 57s 3d sellers. Beath and Co. shares appeared easier with sellers at 38s 9d, buyers at 37s 9d. Burns Philp shares were stronger with buyers at 44s 9d, sellers at 45s 2d. Colonial Sugar shares were weaker with sellers at £57 17s 6d, buyers £57 7s 6d. Mt. Lyells cum dividend hardened to business at 39s 2d, and there were further buyers at 395, sellers at 39s 3d. Victoria Nyanza Sugar shares appeared stronger on buyers' offers 46s 3d sellers at 475. Mahakipawa Goldfields shares were released at Is 3d, sellers staying in at that price, buyers offering Is 2d.

YESTERDAY'S TRANSACTIONS. Sales on 'Change—Comm. Bank of Aust., 30s 6d; New Zealand Breweries, 675; Mt. Lyell (cum div.), 39s 2d; Mahakipawa, la 2d. Sales Reported—New Zealand Breweries, 663 3d, 575. LATEST QUOTATIONS.

OTHER EXCHANGES. (PBESS ASSOCIATION TJSMOBAU6.) AUCKLAND, November 28. •Vales—War Loan, 1939, 4J per cent., £99 7. 6d" National Bank of N.Z., £7 2s; NationII Bank of Australasia (con.). £9 ss; National ?' .„,* 16s 6d; Auckland Gas. (con.), 17s ?r d (t ?ll a nd Breweries Shares, 56s (two N ew Zealand Brewer es Taranaki TU 6d WnlonTcement 40s 6d; Waihi, 14." 10di Mount Lyell, 38s 64. •WELLINGTON, November 28. f p'r 5 Government Sales Reported a v« t Governra°e n „ d t S, sfock ) 1 |l0& BJU Philp and Co., 45s 3d. . „. DUNEDIN, November 23. Sales-New Zealand Breweries Shares, 56s 6d (two).

WHEAT. teITED P8833 AS3OCUTIOH-BT ELECTRIC LONDON, November 27. „* Amirt from sustained Indian 1 C " S °)Z Australians, cargoes are quiet, enqmry '« *™™uealiy unchanged. Cargo and prices are Practcay A t "Ww. M "h%s 4id Q and M.y eistion.

FOREIGN EXCHANGE BATES. RUGBY, November 27. Th. ewhiajr. »t« on London «e u

SHARES. LONDON, November 27. Bank B har<* and other Rations «*»rd tho following comparisons with those pre

BURNSIDE MARKET. (PEBS3 ASSOCIATIOK TBLBOBAK.) DUNEDIN, November 28. There was a large yarding of all| classes of stock at the Burnside stock sales to day, and prices were generally on a par witn laßt week's reduced rates. The fat cattle entry numbered about comprising mixed quality cows, and heifers, with a small proportion of prime stuff. The demand was not keen, and prices remained firm at late rates. The best bullocks made from £22 to £24, and others from £ls to £2O Best heifers were worth up to *i*>, and heavy cows made to £l4. Prime ox beef brought 50s per 1001b. extra heavy 47s 6d, heifers 455, and cows and lignt heifers 40s. , . . There were about 1700 fat sheep, about 200 being shorn. The penning comprised a fair proportion of prime ewes and heavy wethers, and the demand was fairly good. Ab the sale progressed prices rose a little on those of last week, but the increase was not more than about Is per head on certain lines. Prime heavy shorn wethers made to 42s 6d, prime to 85s, and medium to 32s 6d, The best ewes brought up to 86s 64, and prime sorts to 32s 6d. Woolly wethfrs made to 565, and woolly ewes to 345? The prices per pound were: Prime shorn, wethers sid, prime woollies 7d, prime shorn ewes 4 jd. There were only 120 fat lambs of fair to prime quality. Tho demand was good and values were equal to the best at last week's sale. Heavies made to 37s 9d, and others from 28s to 83s. The price per pound was lOd. ' . About 200 head of store cattle, mostly cows and young stock, met with a good all-round demand. Although some bullocks were passed in, cows sold well, and all young sorts were in fair demand. There were 217 fat pigs and about 160 stores. The demand was easier for porkers by about 5s per head, and baconers sold at late rates. JOHNSONVILLE STOCK SALE. [THE PEES 3 Special Service.] WELLINGTON, November 28. At the Johnsonvlllg stock sale there was a larger yarding than usual of all classes of stock. Prices for ewe mutton, which was mostly of very finished quality, showed an easing- tendency, while those- for wether mutton compared favourably with recent rates, being, if anything, a shade lower. The quality of the lambs yarded' was good and prices were slightly lower than the ruling rates. Beef was in keen demand, especially cow beef. Vealers sold exceptionally well. Quotations: Bullocks . £l6 15s to £l7 15s, cows £l2 2s 6d to £l4 6s, vealers £4 to £4 10s, wethers 80s to 32s 3d, ewes 23s 3d to 28s 3d, lambs 27s to 31s.

BLENHEIM STOCK SALE. (special to isz pubss.) BLENHEIM, November 28.' At this week's Blenheim stock sale . there were but few really prime lines among the 504 fat sheep yarded, and these sold well at late rates. • For the rest the sale was flat and dragging, there being many passings, and most of those disposed of being difficult to quit even at prices 2s to 2s 6d below those ruling a fortnight ago. . No lambs were yarded, probably owing to the activities of the export buyers. Practically all the sheep were shorn, but • few submitted'in the wool fetched 86b Bd. The range of prices was:— Wethers 22s to 27s 3d; ewes 17s to 235. The store sheep numbered 2796, and on the whole they sold well, though prices were down all round.' The bulk of the entry. were -wethers, which showed a decline of from Is to 2s per head, but what young ewes were offering were snapped up at prices about 2s 6d in-advance of the last auction. The range of.prices was:—Young wethers 15s 9d to 235, older wethers 20s to 22s Bo\ young ewes 22s 7d to 23 s, ewes and lambs 15s to 15s 7d, young woolly ewes 31s 6d. TEMUKA STOCK SALE. There was a medium yarding of fat sheep at the Temuka stock sale, held on Tuesday, and owing to the butchers not operating so extensively as usual, prices dropped about 3s per head. A big yarding Oi beef sold well, but prices showed an average reduction of 20s per head. Dairy cattle' maintained their values, and there was a sharp advance in the price of woaner pigs. The following sales were made:— Fat Sheep—Ewes, 9 at 29s 6d, 12 at 295, 6 at 43s 6d, 16 at 29s 3d, 12 (shorn) at 28s 6d, 1 at 255, 6 (shorn) at 255, 4 at 85s, 2 at 85s, 1 at 265, 5 at 30s 4d; wethers, 33 at 38s 6d, 26 at 355, 3 at 30s, 16 at 80s, 15 at 28s 9d, 1 at.S3s, 21 at 80s 6d, 15 at 80s 3d. 1 at 32s 6d, 12 (shorn) at 28s 6d. Store Sheep—39 ewes at 17s Bd, 69 lambs at 13s 7d. Cattle—Fat cows to £l4 2s 6d: fat .bullocks to £ls 17s 6d; fat heifers to £l3 2s 6d;yearling heifers to £2 15s; vealers to 30s; dairy cows to £9. Pigs—Weaners 9s to 18s, stores to 245, porkers 25s to 365. CANADIAN WHEAT POOLS. Since their formation in 1924 the Canadian wheat pools have marketed 750,000,000 bushels, valued at £220,000,000, with accumulated reserves of £20,000,000. In the middle of last month cheques for over £5,000,000 were dispatched to pool members of the Prairie Provinces, making full payments for last year's crop. The payment brings, the first chapter of pool history to a conclusion. The new contract is now beginning on a five-year basis. The Canadian wheat harvest is estimated at 556,000,000 bushels, the largest in the history of the country. For the first three months of the present crop year the grain receipts at the head of (he Great Lakes have been more than three times as great as last year, while shipments from Vancouver are nearly eight times as large. Shipments from the Great Lakes are over five times as large. Canada is in a very prosperous state, due to her agricultural wealth. The wheat trade is faced with the prospect of ■< such a • superabundance of supplies for the current cereal year as has probably never been experienced before. But the prospect for maize, which ranks second only to wheat among the cereals exported to ! Europe, is quite different. In shipments the quantity of maize during the cereal year ended Jnly 81st last equalled only 40 per cent, of the wheat, for the bulk of _ the raaise grown in the world—9lJ per cent. in fact —was consumed' in the country of origin. Another peculiarity of maise is that considerably more than half of the world's production is grown in one country —the United States. In J927, for example, ont of an estimated total oi 47P.000.000 quarters, the United States contributed 325,000.000—that is, 69 per eent. European imports of maize have risen enormously of late years. The shipments from exporting countries to Europe in the 1924-25 season were 22,900,000 quarters, but in 1926-27 they exceeded 89,600,000 quarters, and in the season which ended last July they . wen 89,400,000 quarter*

Buyers. Sellers. £ a. d. £ a. d. N.Z. GOVT. DEBENTURES— 4£ per cent. Bonds, 1933 99 e 0 99 12 6 4| per cont, Bonds, 1933 99 5 0 — 4J per cent. Bonds, 1911 89 0 0 — 5 per cent. Inscribed, 1929 •• 98 5 0 — 5i per cent. Inscribed, 1941 99 5 0 — fij per cent. Inscribed, 1933 101 0 0 — 5i per cent. Bonds, 1933 and 1936 101 5 0 — 5J per cent. Inscribed, 1935 101 2 6 — OTHER DEBENTURES— City of Sydney, 52 per cent. 1948 — 102 0 0 Christchurch City, 6J per cent., 1934 102 0 0 103 5 0 Christchurcb Trams, 6J per cent., 1944 .. '. 100 0 0 — N.Z. Breweries, Bonds 1 5 2 16 0 BANKSAdelaide 9 17 0 10 0 0 Aust. of Commerce .. 1 13 7 1 13 3.0 Australasia U 11 6 14 14 0 Comm. of Aust. 1 10 3 110 5 Comra of Aust. (pref.) 7 7 0 — Comm. of Aust. (new, Muliy paid) 1 9 7 1 9 11 Comm. of Sydney 27 7 C 27 15 0 E., S., and A. 6 11 0 8 11 9 National of Australasia (£10 paid, ex div.) 18 11 0 18 14 0 National of Australasia (£5 paid, ex div.) 9 4 6 9 7 6 National of N.Z. 7 2 0 7 3 6 New South Wales (cum div.) 51 5 0 51 10 0 New Zealand .. 3 1 9 3 2 0 Union of Aust. i.< IS 7 6 15 10 0 INSURANCE— Mercantile Mutual .... 1 10 0 111 3 National 0 16 3 0 16 6 New Zealand .. •• — 2 7 0 South British 3 4 4 3 4 9 Standard .. — 3 4 0 LOAN AND AGENCY— Dalgety and Co. 15 1 0 15 S 0 Goldsbrough, Mort .. 2 12 1 2 12 6 National Mortgage ., - — 4 10 6 United Building 0 15 3 0 16 0 Devonport Ferry — • 15 0 Huddart-Parker (ord.) 2 7 10 2 8 3 Huddart-Parker (pref.) i 0 6 — Union (pref.) — 118 FROZEN MEAT— Canterbury (ord.) 9 11 0 10 0 O Canterbury (pref.) 5 0 0 5 5 0 N.Z. Refrig. (£1 paid) — 1 0 5 N.Z. Refrig. (10s paid) 0 9 4 0 9 7 WOOLLENS— Kaiapoi (17s paid) 0 13 9 0 14 0 Kaiapoi (7s paid) 0 A 3 0 4 5 Kaiapoi (pref.) 0 14 9 0 15 6 GASChristchurch .. 1 6 4 16 8 Christchurch (10s paid) 0 12 7 0 12 8 Timaru 1 2 9 1 3 10 BREWERIES— Carlton ... ~ 2 S 7 2 9 3 Monteith's 1 1 8 15 0 New Zealand ... i.216 9, 2 17 3 Staplcs ..; .. — '216 Timaru ... 0 15 8 0 17 0 Tooths ..• i.. 2 7 0 2 8 2 Ward 2 2 6 2 4 8 Swan -. •: i.« 4 6 0 — CEMENTS— Wilson's (ex div.) ... 2 0 8 2 2 0 MISCELLANEOUS— Beath and Co. .. 117 9 1 18 9 British Tobacco 2 4 9 — Burns, Philp .. 2 4 9 2 5 2 Colonial Sugar 67 7 6 57 17 6 D.I.C. (10s paid) 1 1 0 116 Dominion Rubber .. — 1 10 0 Dunlop Rubber 1 4 9 15 0 Electro. Zino (ord.) .. 114 6 1 15 3 Electro. Zino (pref.) .. 1 10 0 1 16 9 GrletimorQ Brick ana Tile 18 3 — ' ' Holden's Motors . .. — 1 10 9 Mason, Struthers (£1 paid) — "" 10 0 N.Z. Drug Co. 3 11 0 — • N.Z. Farmers* Co-op. (1st pref.) .. 3 10 0 4 10 0 N.Z. Farmers' Co-op. ("A" pref.) •• 2 15 0 — N.Z. Farmers' Co-op. ("B" pref.) 1 15 0 3 0 0 N.Z. Farmers' Co-op. (6i per cent. Stock, 1940) — 95 0 0 N.Z. Fanners' Co-op. (6J per cent. Stock, 1945) — 94 10 0 N.Z. Farmers' Co-op. (6$ per cent. Stock, 1939) — 95 0 0 N.Z. Guarantee Corpn. 0 8 5 0 8 7 N.Z. Sugar of Milk .. — 16 6 Quill, Morris Victoria Nyanza Sugar 2 6 3 0 18 9 2 7 0 Whitcombe and Tombs 3 14 0 — East African Coffee (15s paid) 1 4 3 18 0 Eclipse Petrol (£1 paid) — 0 14 0 MINING0 13 0 15 0 Mahakipawa Wfiihi • ■ • • 0 1 , 0 14 2 9 Okarito (Is 6d paid) .. 0 2 0 — Ratrut 1 0 0 13 0

follows: — Par. Nov. 33. Nov. 27. Paris, fr. to £1 •• 25.22J 5 124.10 84.89 124.10 34.89 Brussels, bolgas to £1 Oslo, kr. to £1 •• Copenhagen, kr. to fl 13.159 18.169 13.159 18.19 18.19 18.14 18.19 18.19 18.14 Stockholm, kr. to 31 Amsterdam, fl. 12.107 12.08 12.071 Berlin, Reichniarken to fl- •• Montreal, dol. to £1 New York, dol. to £1 Batavia Prague, kroner to £1 19.500 20.S5 20-35 4 86i 4X3 8-16 4.841 4.859-82 12.08J 12-8»3 24.02 1632 163J o= oq °s 19 25.18 Geneva « •• Milan .«; Vienna —. >• Helsingfora .« Madrid — i»» Lisbon .. •* Athens -. — Bucharest .. 3i>. -*M 92.4S S4.58J 193.23 25.221 4.60 25.221 25.281 92.55 54.505 1921 80.075 1062 375 8051 92.65 84.49J 1922 30.071 1031 875 8051 6 29-32 Eio do Janeiro 16.0 47 TR-32 Buenos Ayres Bombay .. •• Shanghai ... •• Hong-Kong »• Yokohama —■ •« 47.62 18 34i 24 24.58 187-32 "i8~I-32 S1J 31$ 24J 24J 9218-16 232

viousiy caoieu; — Oct. 3i ). Nov. 37. £ s. d. £ 8. d. Australasia .. 14 13 6 14 & 9 New South Wales (ex aiv.) Union'of Aust. •• National of N.Z. 49 o 0 49 6 0 15 6 7 4 3 15 2 «> 9 7 5 7i Bank of New Zealand (4 per cent, stock) 93 0 0 S3 0 0 Bank of New Zealand (shares) 3 19 6 2 19 7J N.Z. Loan and Mercantile (4 per cent, deb.) 74 10 0 74 10 0 N.Z. Loan and Mercantile (ord. stock) Aiiof ralinYl PreSS AS 1S1 0 sociatic 0 122 15 0 >n, CJnited —Australian Mfl Service.