FINANCE AND COMMERCE.

Press, Volume LXV, Issue 19813, 28 December 1929, Page 10

FINANCE AND COMMERCE.

STOCK EXCHANGE YEAR. COMPARISON OF MARKET RATES. \ ~; i- v v. : .-'»>'k Kxc-h.-iiige Lu.-inc-* i,,\rtf: *-.•:":-.!-- x-ntrfs in the Dominion J; lo w.i t'iPi the V-st three months iher" !:■-- '- r:l '■' d>. predion in the market. ,:■! tho v»ar has cr.de* with vrilur, l; i:-fan-.:rr;iv h>w-r m various .■iaJ-.-.-'- of sfifks than they were at this lime ia»t year. Ifc.rks. n M:ra./-e. r=:.d pastoral ,„;,;,,-, = !,.,.-.. Iter. affVei-d m<*t by the ije--i! .". The-:..- investments i'avo been ~i ;..,-r ♦.-. '«>■ of finan-

rial hi'iv'-ninr.- in I/onden, Australia, ; ami w?rhap? N"- r Vork than local in- | d>istnal>. Some uf the .wronger com- f h.:v:. .:: l.'.ist their own, | iu .-pit- ■■( ili*-: reactions on the New j Ze.A.r.'.'i in;.rkrr fdlowinz the Hatrv j .|jsa:-:.'r in F,or:d«.n. t}f dramatic col-i.ip-e in W all >rre<?t. and the ai-ce ion j i,l a l..'iV":r Government to the Trca- j . ;rr HeT'.r-'h.--s in Australia. j i The Banking Section. j fn the kuikinj; section mo.-t ground j v. rf > 10., chv New South \\a!e=. I» Vi.-n;st thev tou'-hed the peak at £52, ;'inff a gradual dec-line which subsef.rtnriv in culminated in a sharp drop tr"i'i £l7 5s to £4l 7s 6d, following the withdrawal of the 2I per '■ent. !)on-;s at the end of November. The "lowe>t level touched was £4O, and the market chased at the end of the ve;ir with a tendc-ncv to firmer value 3 ■.mh -ah-s ;it £4O 10=. All hanking t-bar. - experienced a similar weaknr*?. but the falls were not quite so marked j n the rn'p <<f New Zealands and National- of Scv Zealand. Tn insurance, in ?pit*» of a Miehtlv increased dividend'. South British moved in sympathy v.ith the general trend. In loan and agency, losses were re- , eif-tercrj l-.y nearly all the listed com- j panies. Considerable headway was mad", hy the more popular brewery investment?, whrli were in constant demand. New Zealand?, with an in-rrea-e in the dividend rate from 10 to 15 per -ent.. and a lionus issue of_ >lrai-t'«. improved in value from £2 16s to £"4 11-. Heeent sales were in the vicinity of £4 7s 6d. [ Miscellaneous. Good business has been written in the miscellaneous section, although in the last two months activity has been a little restricted in face of the general weakness of the market. Even t'touch the dividend rate was in-i-re.iseci in the case of British Tobaccos, they still showed little appreciation when compared with the market price at the end of last year. Colonial Sugars paid the usual dividend of 12i per cent., but there was a decline of i.ier £lO in the value of the company's shares, the last sale of which was made at £4B 12s 6d. Goldmining shares have been rather unpopular, one or two important reverses contributing to this. However, more confidence is being displayed and shares have been steadily dealt in, with the result the tone of the market i* little different from that existing at the end of last year. Quotations Compared. Following is a table showing the approximate market price of indicator investments at the beginning of Derember, 1928, compared with those ruling on an average basis at the various exchanges at the end of last week: Dec, 7929. Dec., 1928. £ a. d. £ a. d.

FRUIT EXPORT. THE FIRST SHIPMENT. Mr C. 0. Wilkinson, manager of the Christeliurch Branch of the New Zealand Fruitgrowers' Federation, Ltd., received notification yesterday from Mr H. E. Napier, New Zealand manager of the company and secretary of the New Zealand Fruit Export Control Board, that the first export loading for t!-e current season had been arranged for the s.s. Tainui. This vessel will lend 10.000 cases at Wellington from February Gth to 12th. This fruit wilt be drawn from Hawke's Bav. Nelson, and Marlborough. Owing to the severe fro*t in Oete)ber Canterbury"* contribution to th« export trade this year will he *itli#r nil or an extremely negligible |»k quantity.

| INTERNATIONAL j TRADE. ! N.Z. LEADERSHIP. HIGHEST RATIOS PER CAPITA. A survey of international trade contained in a report published by the Department of Trade and Commerce of Canada shows that in 1£»13 the United Kingdom occupied rlrst place in aggregate external trade, Germany second, arid the United Urates third. In 1028, , however, tie United States had moved j into first position, the United Kingdom ; into second, and Germany into third. In this list, comprising 20 couiitrie--, New Zealand was 2oth in 1913 and 19th : in 102%. A comparison of volume of i trade in proportion to population places ! »w Zealand at the head of the world's j list. The summary on this basis is as follow-, the order in 1013 and 1928 being shown together, with the aggre- \ gate value of external trade expressed in dollars and cents: — Per Capita. Kir.- ISI3. IS*, j IZ-U. lite. Dollais. Dollars. ■J, 1 Xew Zealand .. 135.90 330.64 J 6 2 Canada .. 145.an 263.78 I 7 .1 Denmark .. 136.63 213.61 ! 1 I Netherlands .. 45&Z-6 213.57 1 5 Switzerland .. 168.24 -23.5.83 2 <l Bolsium .. -21(1.62 216.00 ' 5 7 Australia .. 153/* 20*.45 8 s United Kingdom 125.20 191.03 in 3 Argent.ne .. 3 00.35 174.32 ; 9 10 Xorwav .. .. 101.57 139.44 ; 11 II Sweden .. 79.49 144.39 : 13 12 France .. .. 74.37 100.82 12 13 Germany ... 74.54 96.09 14 14 Brit. South Africa 48.39 76.43 15 15 United States .. 43.33 75.17 ; 16 16 Italv .. 34.25 47.03 ! Ifi 17 Spam ,1927/ .. 22.57 34.44 . 19 Iff Japan .. .. 1-2.93 29.83 17 39 Brazil .. 26.35 23.54 ; 20 20 British India .. 4.35 6.ftl ; In 1928 Xew Zealand had the largest import trade per capita, the largest j export trade per capita, and the largest ; aggregate external trade per capita. In ' addition, New Zealand had the largest trade balance per capita of any eoun- > try in the world, heing .14 dollars 50 cents, the next in order of importance | being Canada, with 15 dollars 72 cents , per head, followed by Argentina with ! 10 dollars 52 cents per head. The United States was irf» fourth position with 8 dollars 65 eents per capita. OIL FROM COAL. USE OF BY-PRODUCTS. The coal crisis in the northern field of New South Wales has served to revive the question of exploiting and utilising the by-product coal in the rich Cessnock- j Greta searn, and of establishing a secondary industry in the coalmining industry for the extraction, by the latest processes, of oil and its residues for fertiliser. Both the Federal and State Governments have promised to investigate the possibilities o/ this new industry, as one means of putting new life into a field which has been in the throes of Indus- j trial turmoil since about 1914. Men, however, like Mr J. M. Baddeley, who, j as Minister for Mines in the kang La- j I bour Government, investigated these by- j I product processes abroad, say they are | eonvineed that the position demands im- j mediate action. Something, it is urged, will certainly j have to be done to give the industry a j new outlook, for, apart from the present ! crisis, it has suffered, since 1914, no | fewer than 4500 strikes of one sort and ] another, involving the loss of more than 8,000,000 working days. It is said by those advocating the fullest use of the State's by-produet coal that the genius of German research and organisation will make it possible for that country, by the use of these processes, to be independent of American or other oil supplies within the next ten years. And j that, it.ia observed, is a country with- I out any natural oil supplies. j Gerniany, it is stated, has se established this industry as to be in a position to send some of its fertiliser—the residue of the eoal oil—even to New Zealand. Private enterprise proposes to exploit this new field in New South Wales, but it is eontended that the Federal and State Governments should take a hand in it. Tested for oil in London, eoal from the Cessnock-Greta seam is said to have yielded excellent results. WOOL SALE. JANUARY OFFERING. The second Christehurch wool sale of the season will be commenced in the Caledonian Hall on Monday, January 6th, starting at 7.30 p.m., and continuing next morning at 9 o'clock. The New Zealand Wool Committee have allowed Chriatehurch 24,000 bales for this sale. Prior to closing for the holidays there was a total of 32,500 bales in "local stores, and the exeess of 8500 bales will be carried over to the following sale. The wool has not come forward in as good condition as was the ease for the corresponding sale last year. The following are the individual catalogues:— Pyne, Gould, Guinness, Ltd. .. 7019 Dalge'ty and Co., Ltd. .. 5665 N.Z. Farmers' Co-op., Assn., Ltd 5102 National Mortgage and Agency Co., Ltd. .. -. 2242 H. Matsoa and Co. .. 2059 N.Z. Loan and Mercantile Agency Co., Ltd. .. .. 1553 24,000 COOKHAM HOUSE SOLD PURCHASE BY HANNAH AND CO. The retail boot business known as Cookharu House, in Colombo street North, baa been purchased by It. Hannah and Co.. Ltd., and will form another link in the chain of over 30 boot shops throughout the Dominion owned by that firm. The sale- includes the freehold of the property, which has a frontage of 30 feet and a depth of 1'22 feet and includes a two-storey building. The purchase price could not be ascertained yesterday. Cookham House was established over 70 yeara ago, and is one of the original boot businesses of Christehurch. The first shop of that name was at the corner of Colombo and Gloucester About 1873 Mr G. T. Cnisna!l and Mr H. J. Stewart acquired the business, and carried on in a shop nearer to Armagh street. Messrs T. Chisnal! and H. A. Stewart, their sons, eventually took charge. In IP2O the ■ interests of the firm were formed into a private eempany. Mr T. Chisnall is managing director.

MARKET FOR EGGS EFFECT OF "MARRING." INCREASED BRITISH PRODUCTION. ;non oca cwy coKisrojou: ) LONDON", November 21. Callers at the New Zealand Offices during the week included Mr J. E. Merretr, managing director of the Australian Egg and Export Company, Limited, who is on .1 visit to London to supervise the sale of Australian eggs forwarded by various interests. Mr Merrett is well-known to New Zealanders, as he established the export trade of eggs to London in 1923. So extensively has the busine&a grown that he arranged for supplies from Australia, and last season shipped fifteen million eggs to London. Co-operating with Mr Merrett and other shippers, Australia House is making a big display of eggs for three weeks, and sales are being made to the public The eggs are put up in attractive cartons.

Discussing prospects with Mr Merrett, he affirms the "Merchandise Marks Act" has interfered considerably with the sale of Australian and New Zealand eggs. The British, article is naturally- favoured, and the stamping of Australian and New Zealand eggs has created a good deal of suspicion among buyers a* to the quality. South Africa is proving a keen competitor against Australia and New Zealand. Labour is much cheaper for packing: there is no duty on cases, fillers, or woodwool, and eggs can be landed in London at half the cost. The South African Government is advertising their eggs freely. At orre of the big stores a few days ago South African eggs were selling at 2s 3d per dozen, guaranteed for boiling, poaching, and frying. The demand seemed good. In conjunction with New Zealand, Mr Merrett affirms a big advertising campaign is needed, as the British public is willing to support Empire produce. Prices so far this season are net as encouraging as they might be, due largely to the heavy supplies of eggs from "the Continent, the increased supply in Ireland and England, and the very mild season. Mr Merrett's opinion is that the Dominions may look for lesser prices for most lines of produce. The tendency in Great Britain is to lower the cost of living, and the heavy shipments from almost all countries contribute to this end. The financial disruptions give less spending power, and Mr Merrett states that the Dominions will have to shape their paliey to meet competition. In his opinion Great Britain has increased its production of eggs fully twenty-five per cent, during the past five years, and the good prices assured as the result of the Marking Act are certain to encourage production considerably. Eggs from India. A message from Bombay says that British Christmas puddings may contain Indian eggs. The first consignment of several thousand was shipped in a refrigerator on the mail boat which left Bombay for England en November 16th. . This marks a new departure in tae effort to oust the Chinese cooking-egg trade. The United Protdnaes Poultry Association, with the support of the United Provinces Government, are starting a seheme to export 72,000 eggs weeklv. Eggs in. the country districts of the" United Provinces are very cheap, ranging from four to six annas per dozen. AGRICULTURAL MACHINERY. SALES CO-OPERATION. COMBINING BRITISH RESOURCES (l-ROJI OUR OWN GOKKESPONDEXT.) LONDON, November 21. An important step towards the consolidation of the manufacturing resources or the Empire in a combined offensive on the world's markets for agricultural machinery has been made by the Agricultural and General Engineers. This combination, which already emplovs more than 10,000 men, has agreed with the Rushton Tractor Company, of Walthamstow, and with B. V McKav Proprietary, of Sunshine, Melbourne, Australia, to handle, in addition to its own products the sales of the Rushton tractors and, in South America, the Sunshine harvesting machinery. In an interview with a "Financial Times" representative Mr G. E. R° w " land (chairman of Agricultural and General Engineers) explained that during the past five years his coneern has established branches in the Argentine, Chile, South Africa, India, and Australia, while a branch is ta be opened in New Zealand in January next. In each of those countries an intensive study has been made by technical engineers and designers to ascertain the special requirements and to test in the field the special types of machines required. The Rushton Tractor Company has also demonstrated by practical _ teste at home and abroad the suitability of its tractor for a wide range of countries and conditions, while the McKav Proprietary, in conjunction * with the A.G.E.'s South American representative, has thoroughly tried out its harvesting machinery in the Argentine and proved its smtabilty for South American conditions.

"The time has now come,'' continued Mr Rowland, "when our arrangements can be completed, and for the first time a combined effort made to place British and Empire manufactured agricultural machinery on a large scale in the markets of the world. The resources of the firms concerned are quate to deal with the anticipated increase in turnover and employment, and any further financial support that may be required is available." The Co-operating Compuues. Agricultural and General has a nommai capital of £6,757,184, of which £3,511,036 has been issued. It incorporates the following companies:—Aveling and Porter, Barford and Perkins, E. H. Bentall and Co., Blacfcstona and Co., Peter Brotherhood. Bull Motors, Charlea Burrell aJid Sons, Burrell's Hiring Company, Clarke's Crank and Forge Company, Davev, Paxman and Co., Richard Garrett and Sons, James and Frederick Howard. L. R. Knapp and Co., E. R. and F. Turner, Agricultural and General Engineers (S.A.) (Johannesburg), Aldwych House Estates, Aveling and Barford and Perkins (Sales). Rushton Tractor Company (1029) has an authorised capital of £200.000 and an issued capital of £IOO,OOO. The directors are Lord Southborough, W. H. Botsford, H. C. E>rayton, P. M. Rossdale. and George Rushton. H. V. McKay Proprietary (of Melbourne and Australia) has an issued capital of £1.500,000. WELLINGTON WOOLLEN CO. The directors of the Wellington Woollen Company h»vs decided that the interim divir dend for the til months shell ~be at the tete at 4. per teat. Th» nto&l nta baa been 6 »er cent.

N.Z. AND AUSTRALIAN LAND CO. annual meeting. irson ora gw* coaMSPojfßTjrr.) LONDON, November 21. The annual meeting of the New Zealand and Australian Land Co. was held in Edinburgh on November 19th. The chairman stated that the freehold and leasehold lands stood at £2.947,310 —an increase over the previous vear of £20,000. The live stock at £498,363 was less than the previous year by about £6OOO. The produce on hand showed an increase of over £ls 000. The sundry debit balances were lower by about £30,000, but on the other hand cash showed an increase of about £70,000. Some investments were sold during the year and those now stood in the balance-sheet at £899,203. Drought Expenditure. The drought expenditure in 1926-27 was about £195,000, in 1927-28 £109,000 and in the year under review £90,000. This was the third year in succession during whieh they had had to make heavy expenditure owing to the adverse seasons, but this expenditure, which was necessary for the preservation of the live stock, had been amply justified. After meeting the drought expenditure of £90,860, the working of the Estates showed a profit of £263,478, or an increase over the previous year of £IOO,102. The dividend on the Preference Stock, less tax at 2s sd, amounted to £35,167, and the dividend of 8 per cent, on the Ordinary Stock, also less tax at the same rate, took £140,666, leaving a balance for the year of £74,364, which added to the amount brought forward from the previous year, made the carry forward to next year £92,060.

Payment of Dividends. The payment of the following dividends was agreed to:— (l)'On the "A" Preference Stock, 4 per eent., under deduction of Income Tax, of whieh 2 per eent. was paid as an interim dividend on June 10th last, leaying 2 per eent. to be paid on December 10th next. (2) On the Ordinary Stoek, 8 per cent., less Income Tax. Of this 4 per cent, was paid as an interim dividend on June 10th last, leaving 4 per eent. to be paid on December 10th next. CANTERBURY MARKETS A QUIET PERIOD. (BT OtXR COMMERCIAL EDITOR.) Friday Evening. It is a case of all quiet in the grain market at the present time. Very few farmers were in town to-day and most of the grain merchants' offices were closed. The hot nor'-wester which prevailed over North Canterbury this morning threatened to parch the cereal erops and the pastures, but it fortunately gave place to a light, warm jain in the afternoon, thus averting the threatened danger. The heavy rain of Monday last did a great deal of goed to the potato crops, whieh are now making rapid growth, and given a favourable growing season promise to yield well, provided conditions favourable to blight do not develop. So far as wheat is concerned the only thing to report is that the Pool has sold a considerable quantity forward at 5s 9d for Tusean, 6s for Hunters, and 6s 3d for Velvet, on trucks, country stations, sacks extra, plus Id brokerage. This wheat has been sold to millers, who were keen buyers. The Pool by making these sales has given some indication of priees for the season. It is predicted that the price of new season's milling oats will open at round about 3s on trucks, country stations, sacks extra. Chaff, it is thought, will open at about £4 10s, on trueks, country stations, sacks extra. There is a fair aereage in linseed this year. For a contracted variety the price is £ls on trucks, country stations. It is expected that it will be mid- ! January before the grain and produce markets take on renewed life. Quotations. The following are quotations for produce, to be paid to farmers on trueks, free ef commission, sacks extra, except where otherwise stated : Wheat—6s 6d f.0.b., s.e., a bushel for Tusean (Pool price); fowl wheat, 6s to tie Id, f.0.b., s.e., for prompt (free). Oats— Gartons to 3s BJd f.0.b., s.i. Chaff—£s 7s 6d a ton. Potatoes (forward contracts) —£3 12s 6d a ton for whites and £3 17s 6d a ton for Dakotas. Eed Clover —4d to 4id per lb. White Clover—lOd to lid per lb. Perennial Ryegrass—4s 9d to 5s a bushel. Italian Ryegrass —4s to 4 s 6d a bushel. Cocksfoot —To 9ld per lbPeas—No. l's, 4s lOd a bushel. Bran—£o 10s a ton, f.0.b., southern ports, 10s extra for smaller packings. Pollard—£B a ton, f.0.b., southern ports, 10s extra for smaller packings. Flour—Local wholesale priee £l6 5s a ton for 2001b sacks, with the usual increments for smaller packings. Price for shipment, £l6 5s a ton, f.o.b. POULTRY AND EGGS. Large quantities of poultry came forward for the Christmas market. Goslings and ducklings were in particularly heavy supply. Priees for all fcirds ready for killing were very high, particularly for table chickens, which created a record for a Christmas market, as they sold at up to 18s per pair. The best price previously was from 13s to 14s. The following prices were realised, all at per pair:—Table chickens, light 3s to 7s, heavy 9s to 18s; hens, light 2s 6d to 4s, heavy I 5s to 8s; geese, 7s to 8s; goslings 9s to 15s; ! ducks, old 3s to 6s; ducklings, 6s to 12s; turkeys, hens 15s i-o 225, gobblers 35s to i 555. I The egg market is still fully supplied. Prices reported by the Canterbury Cooperative Poultry Producers, Ltd., are as follows:—First grade hen and duck eggs Is 3d, second grade Is lid. Messrs Macfarlane and Co. report the fol- | lowing prices:—First grade hon ezgs up to Is SJd, second grade up to Is 2d; duck eggs up to Is 3d. TALKIE-MOVIE FINANCE. In view of the possible need of substantial writing-down of talking-picture equipment and of expenditure on a heatipg and cooling sysI tem, the board of Carroll Musgrove Theatres, Ltd., Australia, last July decided to defer payment of final dividends for the year ended June 30th. 1929. It has now resolved to pay final dividends, which makes the usuai distribution of 12J per cent, on preference shares and 16 2-3 per cent, oa the deferred shares. Issued capital, part of which is held by Union Theatres. Ltd.. consists of 80,000 £1 non-cumulative participating 10 per cent, preference shares, and 20,000 £1 deferred shares. After providing £2500 for depreciation and writing £ISOO off talking equipment, net profit is i 11,548, contrasting with £17,830 for 1927-28. With £4285 brought in, there is £269 to carry forward, an appropriation of £3500 extinguishing the preliminary expense* item. The directors state that despite the opening of additional picture theatres in the Sydney metropolitan area. the company has maintained its business satisfactorily. The theatre ii entered in the balancesheet at • valuation of £197,067.

THE FRUIT MARKET. CHRISTCHURCH. I The very heavy ra." \s.r. Monday ~'fi vented growers from pici.nj green peas and I digging potatoes, consequent :y only small l quantities of the.se came forward for Christmas Hve, and valuta hardened suddenly, p(ymg to gr«engrct_ t rs having to .u.iil titei. ojxie.s. The market for veteuuiei in b > neril a'oan. from i'cjs a.nd potatoes. showed i :io '.J r:so icr t:.c Christmas n.ar- ; »>■!. Prices Ki'i'e turn and supplies roio ! equal to Iho demand. Green peas maud fs-.m J Je to 4a 9ti a peck on Christmas E\t\ eom--1 jjjic-a with from is 3*l to is SKI at omtnajv j ? ft?V~IOUSiV. WCQt J i 3d' tier lb last week-end, and on Tuesday ! morning tliey were sella;,; at :iom 2d to 3d | per I~'- ! Yerv lit it o iruit was en hand tor the sate |on Tuesday, aad prices ilia luaied. Supi plies were not nearly cc : i.ii to those on Christmas Eve o: other year--. Strawberries sold at from 2a &1 to 4 s 3d per pur.net, but yesterday they droppeu to Is 3d. Cherries were aiso scarce, ami good quality lots changed hands at 2a txl per lb. Indoorsnown tomatoes lemamed steady at from Is to Is 2id per lb on Tuesday. Yesterday morning they brought from luld to Is. Supplies of local apples are exhausted. Tliere is little fruit left in stock, but some San Francisco oranges remain from the last shipment. A few Xen- Zealand lemons are cominc to hand and are bringing £1 per case. Peaches made very high prices on Tuesday, good dessert realising up to Is per lb. lesterdav morning they brought irom 7d to 8d per lb, and poor quality from 3d to i ! .d. Other than Fiji bananas, there will ba no overseas shipments next week, and all fruits except oranges vill continue to be scarce. Piling prices were as foiiow:—Currants, black per lb 3d to 3d; currants, red, per lb 3j,d to 6d; cherries, dessert, per lb up to 2s 9d 1 coconuts, per eack up to 20s; gooseberries, per lb 3d to 4Jd; grapes, firsts, per lb up to 3a 6d; lemons, Auckland, per case up to iOa; lemons, Frisco, per caee up (o 675; oranges, 'Frisco navels, per caee up to 43s 6d: oranses, 'Frisco Valencia.?, per case 37s 6d to 4fip; peaches, cookinpr, per lb 3Jd to o|d; peaches, dessert, per lb up to Is; plums, dessert, per lb up to 6d; raspberries, per punnet, 6d to 9d: strawberries, per punnet le 3d to 4s 3d; tomatoes, dessert, per lb Is to Is 21d; \valnut3. per lb 6d to B|d; beans, French, per lb 7d to Is; beet, per doz bundles up to Is 9d; cabbages, per doz up to 6s 3d; cauliflowers, per doz up to 10s; carrots, j er doz up to 2s; cueurabera, hothouse, per lb 6d to 7d; cucumbers, outdoor, per half-case, up to 73 63; green peas, per peck 2s 6d to 4s 9d ; lettuce, per doz up to 2s; new potatoes per lb 3d to 3id; parsnips, per do?, up to 2s; radishes, per doz up to Is fVI; rhubarb, per doz up to ss; spring onions, per doz 3d to Is; turnips, per doz up to 2s. DUNEDIN FRUIT MARKETS. IfSESS ASSOCIATION- TELEGRAM.) DUNEDIN, December 27. Business has been rather erratic in the iruit markets during the week, consequent on wet weather affecting both supply and demand. At the saJe on Christmas Kve prices for cherries and strawberries ruled fairly high, but they have since eased. The quality of cherries reaching the market is now much better, and for this standard good pricea are obtained. Ettersburgh strawberries are beginning to make their appearance on the market. A considerable quantity of ordinary varieties of strawberrias is not in the best of condition. Bananas are in short supply. A further shipment of Samoans is expected on January 20th. Oranges are in good supply. Supplies of lemons are short, and high prices are ruling. Gravenstein and Beauty of Bath apples are expected on the market shortly from Central Otago and Nelson. Californian grapes and apples are sold out of whole- I sale hands. The season for these fruits has j now finished. Peaches are arriving in small lots from I Central Olago. A few. lines of apricots are also coming forward. Red and black currants are offering freely. The demand is not very brisk. Supplies of new potatoes have been irregular, and pneea have also been irregular. The market has now steadied. Green peas have been in good supply, and have met keen demand. INDUSTRIAL OUTPUT. NEW ZEALAND AND SOUTH AFRICA. An interesting comparison of manufacturing production in New Zealand and the Union ol South Africa has been made in a bulletin published by the Department of Industries and Commerce. It is based on the results of the census of production, excluding inining and quarrying, taken in South Africa in 1927, and th» latest statistics for New Zealand are also reproduced. Taking the returns for 1926-27 for both epuntries. the following comparisons may be made i South New Africa. Zealand. Establishments . . 7.172 5,088 Employees— European .. 80,753 81.904 Othefr . . 121,934 Salaries and Wages— Europeans .. £17.852,478 £17,047,723 Other . £6,281.230 Power used, h.p. 783,010 408,739 Materials used .. £50,371,13-7 £50,213,482 Gross output . . £97,878,322 £83,012,503 Value added .. £47,507.685 £32,799,021 COMPETITOR OF TIN. A discovery of considerable technical and economic importance to the shipbuilding and engineering industries has recently been made at the Viekers-Armstrong works at Bar-row-in-Furnees. This is a new copper alloy, known as P.M.G., whieh is creating world'wide interest. The new substance is being extensively used instead of tin as a hardening for copper in engineering and shipbuilding alloys, such as brasses and bronzes. CHICAGO WHEAT MARKET. (united press ASSOCIATION—BY electric TBLEGBAPH —COPYRIGHT.) NEW YORK, December 26. Chicago wheat quotations. December 126|, March 132£, May 136 cents per bushel. NEW YORK CALL RATES. NEW YORK, December 26. The lowest call money rate to-day was oi per cent., and the highest 6 per cent., at which figure the market closed. RAKAIA STOCK SALE. At tha last Rakaia stock, sale fat lambs realised 21s 6d to 27s fid, ewes 18s 9d to 20s, pigs (weaner) 8s 6d to IS9 6d. stores (small) 21s to 27s 6d. After the stock sale the goodwill ana improvements of 88 acres Education reserve, held by Mr L. Alexander, was put up, and after keen competition was knocked down to Mr Norman Hurst for £6OO. TARANAKI OILFIELDS. (rEtS 3 ASSOCIATION TELEGRAM.) GISBORNE, December 27. Taran&ki Oilfields, Ltd., report as fol101Giaborn8 No. 2 well—Cleaned out to 3052 ft. A certain amount of caving. which is hei S overcome. Good show of heavy black oil.

Banks— Australasia 12 !3 0 14 14 Q Commercial of Aust. .. 1 5 10 1 10 9 K., H., and A. 7 2 6 8. 11 0 National of N.Z. 6 12 6 7 2 0 .Nation*! of Aust. 16 0 0 18 13 0 New South Wales 40 10 0 SO 10 0 N aw Zealand .. 2 16 6 3 2 0 Naw Zealand ("D" pre/., £1 paid) .. 17 6 1 8 3 Union ci Aust. 12 19 6 la 8 6 Ad^"5Tue 8 0 0 10 0 V Comm. of Sydney 23 13 6 as 7 6 National .. 8 6 0 9 3 0 Insurance— ■ National •■ -• 0 IS 6 e 16 3 South British s a * 3 4 6 New Zealand .. .. 2 * a 2 6 9 Loan and Agency— and Co. 12 IT 6 IS 4 0 .farmers' Co-op. Auc. 3 38 0 3 0 0 Goidsbrougb, Mort i 16 e 2 12 3 N.Z. and Hiver Plate 1 11 0 1 13 0 National Mortgage 4 3 0 4 10 0 Breweries — N.Z. Breweries 4 7 6 a 17 8 J. Staples 2 13 0 2 1 3 Carltons 1 19 6 2 11 6 Toorhs .. ». 2 2 6 2 19 0 Todaeys .. • • 17 0 1 12 0 Woollens— Kaiapoi (7s paid) • 8 6 0 4 4 Shipping— Huddart-Parker a i • 2 a 3 Frozen Heat — Canterbury (pref.i 4 10 0 5 2 6 N.Z. Refrig. 130* paid) 0 12 0 i e 0 N.Z. Being. (10s paid) 0 4 6 & 9 6 Gear Meat 2 2 6 2 3 0 Mining— Mahakipawa e 0 4 e i 3 Oksmto 0 2 0 0 2 3 Lucky Shot (is paid) 0 10 0 1 4 tihmemnri 0 P 3 0 8 4 "Waihi 0 13 8 0 14 3 Waihi Grand Junction 0 14 0 0 10 Mt. Well 1 16 6 1 19 3 Kuala Kimpar Tib 0 8 3 0 13 9 Gas— Auckland Ga» 1 4 10 1 3 6 Crmstohurch Gas llOa paid) 0 12 9 0 12 9 Coal— West port Coal 1 10 9 1 10 6 Miscellaneoos — Australian Glass — 2 7 0 B^croit 1 12 4 1 13 0 British Tobacco 2 5 6 3 5 0 Colonial Sugar 48 10 0 59 0 0 Kiectro. Zinc 1 13 0 1 15 0 Klectro. Zinc (pref.) .. 1 14 0 1 16 3 N.Z. Dryg 3 Z4 0 3 12 6 S.'A. Fertiliser 1 2 6 0 18 0 Taran.->ki Oils 0 4 6 0 4 6 Wilson's N.Z. Cement 2 10 2 1 0 Benin and Co. 1 11 3 1 18 6 Unntot) Rubber 13 6 1 5 0 N .1. Paper Mill. 10 9 0 1«5 3 OuLIl, Morris 0 IS 9 0 18 0