FINANCE AND COMMERCE.

Press, Volume LXIV, Issue 19481, 30 November 1928, Page 10

FINANCE AND COMMERCE.

FOREIGN TIMBER, PREFERENCE ALLEGED. CHAIRMAN OF GUILD EXPLAINS. (rarss association telegram.) WELLINGTON, November 29. In referenre to the statement of the architect (Mr Herb.-rt Hall, of Tmiaru) referring to the Tongariro Hostel, Mi Busli, chairman of the Maini hun Tiinkr Protection Guild, said in an interview 10-day that be wished to man certain matters plain. ctotine. There v. as no mistake i. stating that' Oregon was being used on die •j./b as he knew that at least 10,000 ft ot iio< >ing had already arrived a meml„.r of the Guild having verihed the K, vhilo this mcmter had alsos atcd I,'nat an order to lmn lor IO.OOOit ot (i.B. lining had boon cancelled and that he had been uitorined that oiegon Vila to 1 used ill its place. \;s to tlio statement cliat Isew Zca]nll timbers could not have been availiblo j'a iime, that was totally vr ° n .=> because the present known requirements lor tho flooring and lining t-ou.U hft.c been supplied immediately ,i hundred runes iivor. A million feet ot seasoned innlai or ri:nu flooring and lining were luadv for forwarding. '•We are uhid to have the assurance tint New Zealand timbers are to be used in the building of tho main hostel " said Mr Bush, "and are grateful t„ tho Prime Minister for having used Lis influence in that respect. Mr Bush wished to point out that in Vis letter he had not referred to the iiiain hostel specifically,, but to the work in hand, and the fact remained that the statement of the guild that orogon had been taken to the job was accurate. The - Guild's protest against t.ie use of foreign timber for this particular job was thoroughly justified, said Mr Bush. STATEMENT BY ARCHITECT. ' (rr.ESS ASSOCIATION TEi.EGP.AM.) TIMARU, November 29. Interviewed this evening in reference to tho reply by Mr J. A. Bush to his denial of Mr Bush's assertion that preference was being given to American timber in the construction of the Tongariro National Park chateau, Mr Herbert Hall expressed regret that such statements had been made without veri?b to be deplored," said Mr Hall, "that Mr Bush did not verify his assertions before allowing an impression to «ot abroad that 'a large was boing prectod of foreign timber, .whereus tho real position i& that only workmen's huts are being erected and only enough foreign lining , was on the sit© i'ora six or seven-roomed cottage, and even the order for that had been offeied to a local mill. It would appear , that the sawmilling interests concerned rely rather on propaganda to secure Ytrade orders irrespective of the or the 'material. During the time that the specifications were being prepared,for this work, I did not receive a angle communication of any sort as to how native timber might be, used upon the Tongariro chateau. I received various communications from she manufacturers of other local building materials hut no comtaunication from; . the sawmillers, and. only received a curt demand by telegram a few days ago for an explanation whv au order for a small quantity ofT,and G. lining had been excelled. 'iTie general princple tliat native materials Bhould bo used in this Work was settled between Mr J. B. Thomson, chairman of the Tongariro National Park Board, and myself several weeks' ago." *• the new fibre. FUTURE PROSPECTS. '• i ! INTEREST IN LANCASHIRE. ■ i " 'V. v (BRITISH OmCIAI YttKELESS.} (Received November 29th, 7.5 p.m.) RUGBY, November 28. ■ The discovery .of the plant ' that; yields a. high percentage of fibre and; is calculated to provide an alternative to cotton, has created great interest in Lancashire and demands for specimens of the fibre have far exceeded the limits of the immediately available material, which is being cultivated in the eastern English counties. Exports who have inspected specimens agfeo that, if anything like adequate production can be assured, the fibre should prove distinctly useful. Tho "Manchester Guardian" says.the, fibre is pf the best order. It is lustrous ; and in appearance resembles .fine flax,; ■while under the microscope it is- almost; indistii\guishable from flax. . , ■„ ; It is reported that the . dyeing , of-the , yarn formed by mixing the fibre with; cotton presents no particular difficulty. Representatives of the large cotton interests of Lancashire, however, are ] awaiting more definite information regarding the prospects of production before further serious consideration of its commercial possibilities are undertaken. It is recognised, nevertheless, that the new fibre would have an advantage in that, if successfully cultivated, the raw material would-be' reapnble and would not bo required to be picked or pulled. CUSTOMS AND EXCISE DUTIES. (I'BESS ASSOCIATION TELEGKAiO WELLINGTON, November 29, The Customs duties collected at the ports of New Zealand during the quarter ended September 30th,' 1928, totalled £2,109,090, compared with £2,107,116 in the corresponding quarter last year. Excise duties collected during the same period in 1923 totalled £176,103, compared with £170,436 in the quarter ended September 30th, 1927. BUILDING SOCIETY'S YEAR. Tho directors of the Wellington Permanent Building Society report for tho year ended November ISth, 1925, that the fixed capita] increased during tho year from £33,110 to £IO,OOO. It has been decided to discontinue tho issuo o£ "A" ahares for the present. Loans on inortgaga now total £75,960 14a Sd, an increase cf D1G,971 3s sd, and deposits show an increase of £1399 7s lOd for the financial year. Interest collected, £5153 83 lOd, is greater by £2oG7 lis 6d than tho •mount collected during 1927. Net profit, together with £l3O as M brought forward frran tho last year, amounts to £3127 10s Bd. Au interim dividend of 3 per cent, was paid for tho half-year ended May Sth, 1928, absorbing £392 Ps Id, leaving a balance of 4'213S 2s 7d after payment of directors' fees.' Tho directors recommend a dividend cl 4 per cent, for tho year,on paid-up capital and on "E" shires. The dividend will amount to £l4Ol 14s lid. It is anticipated that next year, after payment of dividend ind writing o£ balance of preliminary expenses, a substantial amount will be avail*Me to carry to reserve.' Messrs Hay and Fletcher retire from the (lirectcrate, end •Cor themselves for ie-ekc{ion.'

SALE OF N.Z. BUTTER. SIR J. PARR'S CAMPAIGN. (united press association*— by f.lectbic TELEGr.AI'H —COPI'EIGHT.) LONDON, November 28. Sir James Parr has carried tlie campaign for the sale of New Zealand produce to the populous Pottery districts, where investigation disclosed that- New Zealand butter was only stocked in one shop in twelve. Sir James Parr, accompanied by representatives of the Produce Board, was to-clav entertained by the Staffordshire Chamber of Commerce at btokc. The president of the Chamber, in proposing Sir James Parr's health, declared that New Zealand's removal of the duty upon British pottery was one of the most dramatic gestures of goodwill to the workers in the Homeland ever made. He asked Sir James 1a i 1 to convey their appreciation to the New Zealand Government and people, Sir James Parr emphasised New Zealand's desire for trade with Britain, instancing tariff preferences, and urged oreater reciprocal buying of New /.eafand produce, particularly butter and cheese, instead of Danish, . Sir .James Parr placed a wreath onthe Stoke War Memorial—Australian Press Association, United Service.

BANK OF N.S.W. THE ANNUAL .MEETING. (rNITED TBESS ASSOCIATION— El" ELEC'iEIG - TEIiEGKirn —COPYSKUre.)- : - (Received November 29th, 8.30 p.m.) SYDNEY, November 29. At the annual meeting of the Bank, of New South Wales the report showed net profits for the year £1,184,943. After adding the balance from the previous year, £170,616,. and deducting tho three quarterly, dividends already paid, a balance of £793,694 refnains, from which a fourth dividend, making 10 per cent, .for the year, and a bonus of 10s per share will, be paid. Two hundred and fifty' thousand pounds will be added to the reserve, which is now £5,500,000, leaving £168,645 carried forward. ' The two retiring directors were reelected.—Australian Press Association. SENSATIONAL RISE. CANADIAN MARCONI SHARES. (UNITED PBBSS ASSOCIATION—BY ELECT-lUC TELEGRAPH—COPYRIGHT.) (Received November 29th, 7.5 p.m.) LONDON, November 29. The "Daily Express" states that shares in Canadian Marconi, which were difficult to sell; at 3s in 1927, jumped to 120s on Throgmorton street last night. The rise is the most sensational on the Stock Exchange this year. The shares rose 17s on Friday, 12s on Monday, lis on' Tuesday (being 80s), and were 100s when the Stock Exchange closed, but the rise oontinued in the'street after hours today. and they closed, at 110s. • The demand is duo to New York operators* believing that- wireless telephone developments will assist the fortunes of. the Canadian Marconi Company which controls' the . patents.—Australian Press Association. CHEERFUL WORKERS. NEED IN INDUSTRIES. LONDON, November 23. The Duke of York, speaking at tho Association :qf Retail Distributors' banquet,, Said?r7"Ma n y industries'- have been; experiencing. difficult,times* I be- ; lieve; and large ■ numbers of employers share .my belief, that the .one - way .of 1 meeting the difficulties is the creation of a cheerful, rigorous, and skilful working force. . .We need . to-day,. _ a strong'-Ijody of, iridustriialists ffavouring i voluntary ■ action : in this' tralian Press Association.

PORT OF MANCHESTER DIRECT TRADE WITH N.Z. ■ Captain "Win. J. Wade, representative of the Manchester Ship Canal Company in New Zealand and Ausitraliaj -is at present in Christchurch to advocate • the development of direct •trade between the Dominion and the great industrial era/in and around Manchester. He stated to a reporter of The Press yesterday that with the completion .of the Manchester Ship Canal about 30 years ago, it was macie possible for ocean-going steamers up to' 15,000 tons dead. weight carrying capacity to • deliver and load cargo at Manchester Docks —10 miles inland —in the heart of the most'densely populated industrial; arfia •in the world,-. Oyer 12 million people", resident, in- ' the - area could be served more economically via Manchester than any other port. • Manchester was the nearest deepwater port I to all the most famous manufacturing centres in the North and Midlands —including Birmingham, 801. . ton, Bradford, Burnley, Coventry, ■Derby,. Halifax, Huddersfield, Leeds, Leicester, Oldham, Sheffield, Stoke, Wolverhampton, and other places.- ~ : v , ■ To-day, at noon,"-Captain,. Wade will give a lecture in the Navy League Hall, and filfci pictures of the Manchester Ship Canal and docks will be shown.

SALE OF WOOL. THE LONDON AUCTIONS. * ' (UNITED PBESS ASSOCIATION—BY ELECTRIC TELEGRAPH—COPYRIGHT.) LONDON, November 28. At the wool sales 9700 bales were offerred, of which 5684 bales were Australian and • 3121 were New Zealand. There was an excellent selection of greasy and scoured merinos, principally of the Continental style. Large offerings of slipes were also forward. There were few crossbreds and keen competition. All sorts were firm.—Australian Press Association. THE SYDNEY SALES. (Received November 29th, 10.S0 p.m.) SYDNEY, November 29. At the wool sales the market was very firm for finer descriptions, which made full late Wtes. . Skirtings were in especially keen request, but lower levels'for broad-fibred wools wero-again in evidence. Good clearances were effected, 12,297 bales being sold. Greasy merino sold to. 301d.—Australian Press Association.

FREEZING WORKS SALE - POLICY REVERSED. PURCHASE BY BORTHWICK'S. A statement appeared in the records of the last meeting of the Wairarapa South County Council that "a transfer of the meat export slaughterhouse license from the Waingawa Meat Co. to T. Borthwick and Sons was granted." The, announcement is of direct interest to those engaged in the freezing industry, and also to sheepowners. | The Wellinton "Evening Post," discussing the statehient, says that the decision cannot be regarded with indifference by the New Zealand Meat Producers' Board because it represents a complete change in the policy of that body. The policy of the Board was one of New Zealand ownership of New Zealand freezing works. In its report for the period March 14th to June 30tli, 1923, the Board stated: — ' 1 Humours w'ere recently in circulation to the effect that the purchase of freezing works in the Dominion _ -was contemplated by certain overseas interests, and the Board decided that in the event of any such purchase or erection of freezing works by overseas interests without the approval of the Board, it would take such action: as would prevent such interests controlling the meat going through such freezing works.''

The Board was actuated by fears of overseas interests endeavouring to acquire superfluous freezing'works at a low capital cost, and that such inter; esta would "soon cause trouble.to the remaining locally-owned works, and might eventually endeavour to acquire them also, or push them out of business" (to quote a statement made by the chairman'of the Board, "Mr David. Jones). . The Board also held that in such an eventuality "these overseas interests would then be in a position of dominating the whole of our frozen meat trade."

License Befused. Twice the Board had been asked to recommend transfers of licenses from locally-owned works to overseas interests. It approved the transfer of the Poverty Bay Sheepfarmers' Company's works to Vestey's, who were already long established in the locality, and in any case, were' about to enlarge their own Poverty Bay works. Vestey's took over the Poverty Bay Sheepfarmers' works from the liquidators acting for the National Bank of New Zealand on the Board recommending the Minister for Agriculture to grant an export license in the case of this undertaking. But when the Wellington Meat Export Company had the opportunity to dispose of its undertaking to Borthwick's for £2oojooo—and this was fully approved by shareholders —the Minister for Agriculture on the recommendation of the Meajt Board, refused to approve . the transfer of the license from the company to Borthwick's without the consent of the Board.. The transfer fell through, and the Meat Export Company had to carry on as best it could.

Effect on the Banks. But there was one effect the refusal of the Government to facilitate the transfer of the 'license had, that apparently the Minister and the Board either overlooked or regarded with indifference. There was not then, and there is not. now, in sight any purely New Zealand company prepared to purchase, what Mr Jones'once described as "derelict or invalid works." This action of the Minister and the Board vitiated freezing works as securities. For they could not be sold . without a license to export; and no one in New Zealand wanted to buy them uhless at less than scrap value. The Bank of New Zealand was interested in the Waingawa Farmers' Freezing Company, and the Waingawa Company, like a number of others, got into difficulties. There may or may not have been, an offer from outside interests to take,.over, these works, bub they had to be taken over by tlie bank, and by the bank were leased to a company which recently decided not to apply for renewal of the lease, .but acquired an interest in the Wellington Meat Export Company instead. This undertaking has bC§n purchased from the'bank by Borthwick's, and: the license, of course, transferred to them with.-the works.

'Now the question that producers will be asking is why this change ; of policy 'by the, Boajd? Why was the Meat Export Company's sale to Borthwick's stopped, and why . was the Wairarapa 'Company's sale to " the' same " British, but ."outside," interest approved?..

LOW GRADE MINERALS.

SCHEME TO EXPLOIT THEM.

(PBES3 ASSOCIATION TELEGBAH.)

THAMES, November 29,

At the invitation of the Chamber of Cofhmerco (Dr. Liggins, president, :in the chair), Mr von Maiern, engineer to the Aotearoa Minerals Development Company, addressed a large audience concerning the proposals to form a new company to exploit the low grade minerals in the reefs in Thames. The proposal is to treat them by magnetic methods' separating them by special machinery. The company, lie said, would deal with base metals, and any amount of pyrites from which could be made sulphuric acid, It would extract acids and sulphates for making silicas for cements, and also over 90 per cent, of the gold and, Silver from any class of ore. Mechanical contrivances would enable the company to develop cheaply tfie reefs in Thames. The systefo of .lateral mining had no limits and there promised to be a' new industry infinitely greater and more permanent than gold mining. Mr von Maiern went into technicalities about the machinery, to be used which was entirely automatic, and by which it was possible to obtain a high rate of extraction of minerals,' also to separate copper n.vrites from iron pyrites, and. iron oxide from either, 98 per cent, guaranteed. The works were designed to turn out fifty thousand tons of fertilisers the first year and 113.700 tons the second year The company would install its own power plant. It was hinted that most of the capital would come from Germany. Tiie reefs to be worked were the Jupiter, Hague, and Smith at the back of the town, which are Well known to &!I mining men.

CONDITIONS IN AUSTRALIA.

Mr R. 0. Courtney, of Christchurch, who is interested in the she#p and wool business in both territories, returned to the City yesterday after several months spent in Queensland and New South Wales. He stated that the Toowoomba, Dalby, Roma. Mitchell, and Cunnamulla districts had had beneficial rains and graziers would reap tho benefits of well-earned wheat and wool returns. In the Longreach, Winton, and Julia Creek districts stock were dying through the barren state of the country. Stations that were running-50,000 of stock had now 5000 owing to the lean time experienced for the past five or six. years. In many parts of New South Wales the country was looking its best after the rains and the wool w 'as in good condition.

CHRISTCHURCH STOCK EXCHANGE. Markets generally were more active on call yesterday and there was a good turnover of stocks, •with business well spread. In the Stock and Bond Section buyers of 4£ per cent. 1939 tax free stock moved up to £99 7s (id, sellers at £99 los. Quotations for other Government issues showed little movement. In the Banking Section Australian Bank of Commerce shares realised 33s 8d and more were wanted at that price, sellers at 33s 9d.' Commercial Bank of Sydney buyers advanced their offers to £27 10s, sellers asking £27 17s 6d. National Bank of Australasia fully paid shares changed hands at £lB 12s (3d, closing quotations 6d on either side. Bank of New Zealand shares were firmer on buyers' offers 625, no sellers quoting. Amongst the Miscellaneous Stocks South British Insurance shares were released at 64s 6d, market closing 645, buyers. 66s sellers. Mercantile Mutual Insurance shares were stronger with buyers at 30s 6d, sellers at 31s. Buyers of Queensland Insurance shares offered 655, without attracting sellers. -Goldsbrough. Mort shares cum dividend of Is per share'had dealings at 52s 4d ancj 52s 3d, market closing 52s 3d buyers, 52s 4d sellers. There was a close market for Huddart-Parker shares, appeared firmer at 48s Id buyers, 48s 2d sellers. Auckland Gas shares sold at 23s 4d. Christchurch Gas 10s paid shares were fairly .steady at 12s 8d and 12s 9d, closing quotations 12s Sd, buyers 12s 9d sellers. New Zealand Breweries shares opened firmer on the morning call at 57s 3d and 57s 2d, but-eased to dealings at 56s 9d on the. afternoon call with further sellers at that price, buyers at 56s 6d. Tooths. Brewery shares hardened to 48s 3d, buyers staying in at that figure, sellers at ,48s sd. Colonial Sugar shares changed hands at £SB and £SB ss, and moro were wanted at £SB. selWs at £SB 7s 6d. For a parcel of N.Z. Guarantee , Corporation shares 8s 7d was given, market clopin? 8s 6d sellers, 8s 3d .buyers. Mahakipawa Goldfields shares were released at Is 3d and Is 2d. closing quotations Is 3d sellers, Is 2d buyers.

YESTERDAY'S TRANSACTIONS. k Sales on* 'Change—Aust. Bank of . Commerce, 33s 8d; National Bank of Australasia (£lO paid, ex div.), £lB 12s 6d; Goldsbrough, Mort (cum div.), 52s 4d; Cliristchuich- Gaa, 123 Sd; Now Zealand Breweries, 575. 2d (6 parcels), 563 9d (2 parcels); Tooths Brewery, 483 3d; Colonial Siigar, £53, £SB ss; Mahakipawa, Is 3d, Is 2d (2 parcels). Sales reported—South British Insurance, 64s 6d; Goldsbrough, Mort (cum div.), 52s 3d; Auckland Gas, 23s 4d; Christchurch Gas, 12s 9d; New Zealand Breweries, 57s 3d (2 parcels); N.Z. Guarantee Corporation, 8s 7d.

LATEST QUOTATIONS.

OTHER EXCHANGES. (PRESS ASSOCIATION TELEGBAHS.) AUCKLAND, November 29. Sales—New Zealand Brewery debentures, 25s 3d; National Bank of Australasia (ex div.), £l6 14s 6d; Bank of New Zealand, 62s (two sales); National Insurance, 16s 3d; Auckland Gas, 23a 3d; New Zealand Breweries, 5Gs, 56s 3d, 56s 2d, 56s 9d, 575; Colonial Sugar, £SB ss, £SB 10s; Waihi, 145.10 d. WELLINGTON, November 29. Sale reported—Bank of New Zealand, 62a. DUNEDIN, November 29. Sales—New Zealand Breweries, 56b Cd, 56s 3d. Sale reported—New Zealand Drug Co., 72s 6d,

WELLINGTON MEAT COMPANY, annual meeting. [THE PRESS Special Service.] WELLINGTON, November 29. Reviewing the operations of the Wellington Heat Export Company, Limited, at the annual general meeting of shareholders this afternoon, the chairman of directors (Mr O. S. Watkins) said that the company's posi-. ti'on had greatly improved during the past Tear "The increased, turnover as the result of the merger with the Wairarapa Frozen Meat Company, Limited,'' ho said, was rather less than the directors anticipated, but. the season was an abnormal one, as the bulk o£ the killings, owing to a spell of dry weather, was compressed into the ) short period of three months. Last year s tradin" operations on the whole were satisfactory Although there was a . long period in the early part of the year when the meat market was depressed and prices obtained, in England for our meat did not cover costs here the subsequent improvement which took place was welcome, and enabled the bulk of the company's stock to be disposed of at a Pr< "The slipe wool market also showed a substantial improvement, but unfortunately a decline took place before the heavy weight of our wools reached the London market. Thore were indications, however, that this decline h-s been arrested, and a gradual improvement might be looked for in subsequent sales. In the meantime, in order to guard against anv deficiency on the xealisation of stocks remaining unsold, the. values in the balanceSfeet were estimated on a very conservative basis While moat and wool comprised the principal stocks in the company's trading account, such by-products as tallow, pelts,.oil, and fertilisers have an important effect, and the markets for these had remained good th TuS to "the balance-sheet,' Mr Watkins pointed out an increase of £17,440 in the value of tho company's properties and plant. This was accounted for partly by tho purchase of two small properties at Ngahauranea, which had enabled them to consolidate the area upon which the works stood, and partly by' the purchase of various items nf plant, together with the necessary alterations to buildings. The installation of new plant and alterations to buildings were in accordance with the Board's settled - policy as funds permitted to modernise -the worKS in evety way.possible, with a view to reducine overhead and operating costs. During the year the establishment of a soap manufacturing department was completed, and tho ready sale of the product indicated that that branch would form a useful adjunct to the works. In connexion with the Kakariki Works, no definite decision had been ar* rived at yet as to reopening. The net profit for the year after providing £BOOO for depreciation was £9500 16s 4a, whicli added to the balance brought forward from the previous year made a total ot £ls 724 12s 10d, out of which it was proposed to pay tho preference . divl^| n t^n ol ??" l ° l t ' ine to. £6971 4s 4d. In view highly speculative nature, of the meat industry, the directors had not considered it prudent this year to recommend the payment of a dividend on the ordinary shares. . ~ ~ ' "With reference to the future, said Mr Watkins. "it is difficult in such a speculative industry to make an accurate forecast. Prospects at the moment were quite favourable. Stock has come through .the winter and spring in excellent condition, and a good export season seems assured. At the mo ment there is keen enquiry for frozen beef for shipment to the United States of America but unfortunately there appear to be only small supplies availablo for export. The policy of the directors has been to buiia Sp the resources of tho company, and reduce working costs wherever possible. I think shareholders can rest satisfied with the re- ■ suits of the year's working. Although no dividend on the ordinary shares is recommended? the : directors trust that providing the current year's operations aTe equally favourable there will be no difficulty in paying a modest dividend on the ordinary shares balance-sheet were adopt"rfftiSWSSSS Mr A. J'Mb were re-elected to the directorate, and Messrs O. G. Kember. E. W. Hunt, and Wheeler were re-elected auditors. •

AUSTRALIAN DRIED FRUITS. THE NEW ZEALAND MARKET. The metropolitan vico-prosident of the New South Wales Returned Soldiers' League, Mr L. A. Bobb, is on a visit to New Zealand, has informed League officials: in Sydney that he'interviewed the Dominion Prime Minister, Mr Coatoa .with the object ot Extending the sale in New. Zealand of dried fruits from soldier settlements on tho Murrumbidgee irrigation area (> ajjd from other soldier settlement areasin Australia. At the latest congress of the league in Sydney, says a Sydney paper, decided to have representations made to the New Zealand Government- for prolereiico for -Aus-tralian-grown fruits. Mt Eobb states : that, on arrival in New Zealand,, he waited on a. railway station at 6.80 a.m ; in .oidfr# catoh the Prime Minister as he went £<>rth. Mr Coates seemed surprised that no I»e|pence prevailed, and promised to get in touch With the Customs Department. Later he notified Mr Eobb that, until the Australian and New Zealand Governments arranged for an alteration of their reciprocal tariff agreement, it would not be possible to impose a duty on dried fruite grown in foreign countries.

CULTIVATION OF FLAX.

RESULTS on peat land.

Satisfactory developments are taking place in connexion with the growing .of flaxen the peat lands of Gordonton, in the Waikato, and the plantations which have been established during the last two years are doing exceedingly well. Several' hundred acreß'are now to be seen in various stages of development, and modern mechanical power, and implements are being used to bring m more of the virgin country- adjoining. A nursery, has been established, and 5,000,000 seedlings are-being raised. When it. -fioodlinffs reach -a few • inches in height they are transplanted, and when these are two years old they aro placed .in the permanent growth is so rapid on the rich soil of the peat land that artificial fertilisers and lime have been found to be unnecessary. In fa™ experiments have shown that the application of manure retards rather than assists the growth of the young .plants. All Masses of manure have been tried, without any noticeable benefit. About 7000 acres of land are being devoted to flax growing on the Piako road, and from present indications the industry promises to be a pronounced SU Use S ' has been found for land which is not suitable for dairying or other purposes in its present condition The secret Sr tKfl success so far achieved lias been offidrainage and constant cultivation. Throueh the rows of flax the cultivator passes Periodically, while the greatest care is taken to keep the seed beds and the seedling nurseries free of weeds. REDUCING capital.

Af i special meeting of shareholders of n,« Gisborno Sheepfarmers' Frozen Meat Mercantile Co., Ltd., on Saturday a. s»l resolution reducing ■ the capital of rto mmcany as follows, was passed:—Reducthe comp d f ree zing shares by 10s pershare reducing paid-up mercantile shares S K='r.fir share; reducing the uncalled mern« lanital by 5b per share; reducing 1000 Sn?lv naid UP mercantile shares by 108 per f ? I- P /nncelling all Hicks Bay shares and 87747 mercantile shares; doubling the ' w nf all unissued freezing and mercanXshare' and making them 10s shares. 4 STUBHOLME STdCK SALE. „„ cm-ill vardings in all sections t T th e /°Studholme stock safe on Wednesday, at the btuai on lato saleg) re . 30s to £2 a head. Sales cession Deing we £? :- I_cftorn- 30 fat ewes at 255, 26 at Sheep—SJMn. wet hers at 295, 12 5 975 A wether hoggets at 255. Woolly: at 27s 3d, l t33 en fat eweß Fat wethers at 4US, S t ' o /es; 23 two . at 25s 3d, 12> 46 fnl , ewes with lambs ot l 7 s W 6d! 120 ewes and lambs, all counted, at 20s Bd. £lg sgj fat heifers to month-old steers to £6 I*B 6d.

OXFORD MARKET* «x Oxford market yesterday 605 sheep At the ox ™ ra . do f ca ttle, and 22 pigs and lambs, 15 principal sales made were: were yarded. The p lambs at 24s 8d all 59 woolly ewes a an( j no lambs 19s counted, 110 J 2 3 lambs 19s 3d, 17 twolOd. 25 ewes and 2d lam g tooth ewes at 32s . g g t0 £8 helf . 9d. Cows m profit maae Epri rs ers in ff',; 10b . Weaner pigs sold at from £6 to £7 ruling values, _

ROMA OILFIELDS. RUSH op gas expected. Intense escitomeut prevailed °the whofo to*n of Roma (Qoeenelend) Cor '. concerning the prospects of Rom poration's No. 2 bore. Wlo ret.cenc wa observed regarding the formation at present being encountered " very interesting drillers were on top of s° m i> *, B t r ike a formation, and were.-expecting to stride » rush of gas at any tune. ~ The "Sydney Morning Herald S s[]lers "Slow progress wa ®. f J 7 at midnight on during week-end. The depth a', DrillSaturday (November 10th) was ing operations (leased on Irmay, steam was concentrated on the e ure tion plant, which was tested to full pres^ure. "Details of tests have not yet been maa available. The drillers appear £ *e jg PW ceeding with extreme „t a «ed to tinuance of drilling on Friday _ om9 now be due to delay in the arrival of some now drill column. This ia' required to piterce tne present formation without ri s k, sliehtly sent drill column is thought, to be sUgntiy worn, and drillers will not take j?r a porte(V risks at a critical period. It W that all pressure gauges have been set, a every precaution taken in the event °* "Hospital Hill, on which the bore ated, preseats the appearance of a Stoyim village. Drillers at Mooga bore bave reacn ed about 1000 ft. Gas showings at Present have prnctically subsided there, allowing pro gross without interruption."

kawarau mining. In their report for the hal£-y e#r ended September 30th, the directors of. the Kb. warau Gold Mining Company, Ltd., state that ' '-it is now definitely known that the amalgamation scheme originally p. ■ pounded cannot bo carried through, as a considerable proportion of the claimholders art) unfinancial and others are unwilling contribute . further funds under any scheme whatsoever. ■ It has been decided, therefore, to take immediate steps to notify all claimholders in arrears with the payment or calls that unless payment is. made. within fourteen days the company will have resort to the remedies provided for in tho agreement. This will mean . that those claimholders who do not wish to lose their claims will have to pay their arrears immediately, and the claimß of .those who do' not .pay will be liable to .forfeiture." Since this decision was arrived at, a . meeting of claimholders was held in Dunedin on October 30th, and as a result - definite proposals for the amalgamation of financial claimholders with the parent company were - submitted the following day for consideration by the directors. The proposals briefly are that a new company be formed to take over all the assets and liabilities up to £4OOO. . The parent company is to take in fully-paid shares oneeighth of the nominal value of all the shares issued to claimholders in exchange for their claims. The new company is to purchase claims up to £B7O, and issue £IOOO worth of shares paid up to £B7O. The promoters of the new company require until March 31st next to. form the, concern. The object of the. new company will be primarily to obtain the report ,of an expert engineer on the possibilities of mining in the Kawarau river. The accounts show that the revenue received during the year amounted to £264, of which £263 was received in interest from the Public Trustee on the £IO,OOO deposit held by the Public Trust Office. The expenditure for the year was only £l5B, and the accumulated deficit was reduced from £4512 to £4407.

MOUNT LYELL MINING COMPANY • The report for- tlio year ended September 80th of 'Mount' Lyell Mining and Bail: way Company, Ltd., states that the -working account shows a profit of £270,152, after deducting £25,287 for ' prospecting. and development, £36,701 for depreciation of the mine and plant, etc., £3OOO ■ for the superannuation fund, and £12,594 for .taxation. The net profit from all sources amounted to £200,051, compared with £173,299 for the previous year, and £171,861 in 1925-26. A dividend of Is and a bonus of 6d a share has been declared payable on December 19th, and makes, with the interim dividend of Is paid on June 18th, a total distribution of 2s 6d for the year, equal to 125 per cent., as against Hi. per cent, in the threo 'preceding • years. ■ ' ' •'• The • company's liquid assets, apart from shares in other companies, show a surplus of £641,45.5 - over liabilities, made up asfollows: —Metals on hand, in. process and in transit/' £287,151, ' sundry debtors £402,713, stocks on hand £353,114, -a total of £1,042,978. From., this has to be deducted debit balances at banks £94,268, loans on deposit £107,833, sundry creditors £149,067, London .transfers and drafts in transit £50,860, a total of-'£401,523, leaving a surplus, as stated; of £641,455. ■■■-.• The present authorised capital of the cpmpany is £2,540,000 in £1 Bliares, an increase of £1,200,000 Since last year. Advantage has not yet.been taken, _ however, _of the increased authority, as the issued capital' of £1,289,195 lias not changed. '. The year's operations are reviewed'in detail in the report. Mention is made of the completion of the North Lyell. tunnel, and the electrolytic copper refinery, which' has had material effect in increasing the efficiency, of mining and .metallurgical operations. Reports are also mdde on mining product!; or® reserves,.'results from tho concentration; plant', and the new electrplytic refinery. An. improvement in the price of copper is noted, the average for electrolytic for twelve months being £67, as compared with £62 lis lid in the preceding year. The cost of production has benefited by the larger qutput of ore and improved metallurgical practice. A satisfactory report is made on the manufacture of superphosphates and other -chemical products.

WHEAT. (UNITED PBESS..:.ASSOCUTIOff— By ELECTBIO TELEOKATH—doPVBIGHT.) LONDON, November 28. Cargoes—The market is quiet and quotations are from 3d to 64 lower. India ia - not interested in Australians, and haa reduced bids Is down. Meanwhile Plate holders are pressing to sell. . Parcels are inactive and prices are mostly 3d lower. " . Liverpool futures are quoted: December 9s 2id, March 9s 3d, May 9s Bgd per cental.— Australian Press Association. TALLOW SALES. LONDON, November 28. At the tallow sales 1030' casks were offered and 186 sold at Is decline.. Quotations: Mutton, fine 45s 9d, medium 40s 6d. Beef, fine 465, medium 40s.—-Australian Press Association, United Service. 1 Dalgety and Company, Ltd., have received the' following cablegram from their London, office, dated November 28th: — • Tallow —At the weekly auction 1030 casks were offered and 19. per cent, sold.Prices for fine mutton are unchanged, < other descriptions are Is- lower. We quote:— Pine beef. 475, fine mutton 465, good mixed 425, inferior .38s fid. '■ "Messrs ,A". H. Turnbull and have received the following cablegram their principals, W. Weddel and Co., Ltd., dated London, 28th instant:—"At tallow auctions to-day, 1000 caekß were offered, of whicn 200 were sold. Late-rates to Is less to is 6(1." HIDES. (Received November 29th, 10.30.p.m.) . MELBOURNE, November 29. Hides —Values are firm at late rates. Australian Press Association. DAIRY PRODUCE. Dalgety and Company, Ltd., jeceivod the following cablegram from their Lon don ofllce, dated November 2 8 th: Dairy Produce—We quote New Zealmd butter 174s to 178s; New Zealand cheese 10 The 0 New Zealand Loan and Agency Co., Ltd., have received tj l ® f cablegram from London, under date NovemNew Zealand, choicest salted 178s to 180s. , Cheese—lo2s to 103s. Very slow.

CLEARING SALE REPORT.. Jones, McOrostie Co., Ltd., held cessful clearing sale/in their rooms on Wednesday. Amongst the articles sold the lollowing prices were realised: —Couch ana two chairs £26, 2 3ft bedsteads complete £9, buffet £4 17s 6d, carpet £lO, £j 10s, £7 10s, £7 10s, £7, £7 15s, £5 12s 6d, hall runner £4 17s 6d, Cottage piano -10. chesterfield suite £l7, cabinet £2 15s, hallstand £2 17s 6d, mission couch £2 2s 6d,* ragß £6 10s, runner £2 7s 6d, couch £9 ios, 3 easy chairs £7 10s, couch £6 150, buffet £6 ss, 3 chairs £3, cupboard £2, dining table £3 2s 6d. bcc. table £3 10s, vacuum cleaner £5 ss, ditto £4 10s, dining table £4, ducnesse chest E5 10s, duchesso chest £7, occ. chair £2. Following their suction sale, Thos. Wallace and Son report having sold the _ property, situate Hagley street, Lower Bicearton, for £475.

AUSTRALIAN MARKETS. ■ (Koceived November 29th, 10.30 p.m.) SYDNEJf, November 29. '* ' Vhipzt gnotations are: At country;stations, 4s ld per bushel; ex tricks, Sydney, 4s Bd. I'lour—£l2 a ton. • • Pollard-and-bran—£6 5s a ton. 1 Potatoes—Clarence RiVer, new, to £l2 a ton; Tasmanian, £5 to £8 a ton. Onions —Victorian Globe,' £l4 a ton;-brown-Spanish, £lO. : - ; , Oats —Algerian and white, 4s 6d per bushel. ADELAIDE,' November' 29; Wheat—Growers' lots,- 4s, BJd, per bushel,, prompt. ■ Flour—Bakers' lots, £ll 15s a ton. Bran—£6 a ton. v Pollard—£6 7s 6d a ton. Oats—2s 9d to 3s per bushel.—Australian .Press Association. . / V'; "

Buyers; Sellers. £ s. d. £ :• s. d. N.Z. GOVT. DEBENTURES— 41 per cent, Inscribed, ' 1939 90 7 6 99'15 0 4J per cent. Bonds, 1938 99 5 0 — ilj per cent. Bonds, 1939 99 5 0 99 12 6 4£ per cent. Bonds, ' 1941 S9 0 0 ' .— 5J; per cent. Inscribed, 1911 .... 99 0 0 — • 55 per cent. Inscribed, 1933 ■ .. 101 0 0 101 15 0 5 h per cent. Bond3, 1933 and 1936, and . Inscr., 1936. 101 5 0 -. — OTHER DEBENTURESN.Z. BrewerieB, Bonds, 1 5 1 ,';i ; 5 4 Giabgrno. Sheep, 7£ per 0 cent., 1932 : ... — 100 ; 0 W. R. Cooke' and Son, •8 x>er cent., 1936 .. — 109 0 0 BANKSAdelaide 9 17 0 10 0 0 Aust. of Commerce 113 8 : 1 189 Australasia 14 11 6 14 14 0 Comjn,. of Aust. ... 1 10 i 110 5 Co'mm of Aust. (pref.) 7 7 0 — Comm. of Ss'dney 27 10 0 27 17 6 15., S., and A. 8 10 6 8-12 0 National of Australasia (£19 paid, ex div.) 18 12 0 18 13 0 1 National of N.Z. — ,'7- 3 6 New South Wales (cum . . div.). ... 51 0 0 .51 10 0 New Zealand .. _ 3 2 0 — Queensland National .. — 9 5 0 Union of Aust. 15 8 0 15 9 0 INSURANCE— . Mercantile Mutual' ... 1 10 G 111 0 National 0 16 5 :o : i6 6 New Zealand 2 6 C 2 7 0 Queensland (cum div.) 3 5 0 — South British 3 '4 0 3 6 0 Standard — 3 4 0 United 11 5 0. 11 32 6 LOAN AND AGENCY— Dalgety and Co. 15 3 0 ,■15 3 0 Goldsbrough, Mort 2 12 -2 12 (cum div.) 3 4 National Mortgage — 4 10 6 N.Z. Loan and Merc. (ord. stock, cum div.) .. 115 0 0 ■'— . United Building . ... 0 15 G 0 lG 0 SHIPPING- : - " " Howard' Smith ;. ■•'a-. •'•«••• '3 1 4 9 • Huddart-Parker-' ■i" .2 8 2 FROZEN MEATCanterbury 9 10 0 10 0 0 N.Z. Refrig. (£1 paid) 0 19 9 1 0 6 N.Z. Refrig. (10s paid) 0 9 5 0 9 7 WOOLLENS— 0 14 Kaiapoi (17s paid) 0 13 9 1 Kaiapoi (7s paid) 0 4 2 0 i 4 Kaiapoi (pref.) 0 14 9 0 15 9 COAIiWestport .. 1 10 3 1 10 9 GASAuckland 1 3 3 —. Christchureh 1 6 5 1 6 7 Christchureh (10s paid) 0"i2 8 0 12 9 Timaru .. 1 2G. 1 4 0 BREWERIES— . •. Carlton .. .. 2 9 0 2 9 3 Monteith's .. 1 1 3 1 4 8 New Zealand .. 2 16 6 2 16 9 Staples 2 0 9 2 1 5 Tooths 2 8 3 2 8 5 Ward 2 2 6 9 3 ? CEMENTS- \ Wilson's 2 0 9 2 1 3 MISCELLANEOUS— ■Auckland Amusement Park 0 2 0 — Australian Glass 2 2 0 — 1 Beath and Co. 1 17 6 1 18 6 : British Tobacco 2 4 11 2 5 3 Burns, Philp 2 4. 9 2 5 6 Colonial Sugar .;. 58 0 0 58 7 6 D.I.C. (10s p»id) ; .. 1 1 ■2 1 1 6 Dominion Rubber — 1 8 0 Dunlop Rubber 1 4 8 1 5 2 Electro. Zinc (ord.) 1 14 0 1 15 1 Electro. Zinc (pref.) .. 1 16 0 1 16 5 Glenmore Brick and Tilo 1 .8 6 — Holden's Motors — 1 10 G N.Z. Drug Co. 3 11 0 — N.Z. Farmers' Co-op. (£2 10s paid) •N.Z. Farmers' Co-op. 1 0 0 2 0 0 ("A" pref.) ' ' 2 17 6 — N.Z. Farmers' Co-op. ("B" pref.) N.Z. Farmers' Co-op. 1 16 0 3 0 0 (6| per cent. Stock, 1940) .: — 94 10 0 N.Z. Farmers' Co-op. (6£ per cent. Stock, 1945) 90 0 0 94 5 0 N.Z. Guarantee Corpn 0 8, 3 0 8 6 Quill, Morris 0 17 0 0 19 0 Victoria Nyanza Sugar 2 6 3 2 7 0 Whitcombe and Tombs 3 n 0 — East African Coffee (15s paid) 1 4 0 — Mt. Lyell (cum. div.) .. 1 18 9 1 19 2 Ecliuse Petrol (£1 paid) 0 8 0 0 12 6 MINING— Maliakipawa 0 1 2 0 1 3 Wailii 0 14 9 0 15 0 Okarito (Is 6d paid) .. 0 2 1 0 2 9 Ratriw 0 19 0 1 1 6