FINANCE AND COMMERCE.

Press, Volume LXVI, Issue 19889, 28 March 1930, Page 14

FINANCE AND COMMERCE.

MARKETING OF WOOL.

advertising campaign.

ARRANGEMENTS FOR RESEARCH

The reference to the marketing of wool and tlie necessity for research in respect of wool in ordur to increase its use, made in the leading columns ol Thk Press yesterday, were mentioned by Mr H. D. Ac-land, president of tho New Zealand Sheepowners Federation, in the course of a conversation with a representative of The P.uess yesterday. As to the advertising campaign, advocating the use of wool in preference to other fabrics, Mr Acland said that it had not been lost sight of afld still was lioiivjr actively pursued by the Federation.

Legislation Authorising Levy. During last session of Parliament, II r Acland continued, a deputation, representing the whole of the farming interests in. tho Dominion, had waited on the Prime Minister (Sir Joseph Ward), and m response to the representations made Sir Joseph Ward promised to bring down legislation. A Bill was drafted ready for submission to Parliament, but was held over on account of the pressure of Parliamentary business. Possibly the unfortunate illness of the Prime Minister also had some bearing on the decision to defer tho legislation till the coming session. The holding over of this legislation was possibly all to the good, in view of the Australian decision not having been nrrived at, which would probably put them in a better position to deal with the matter next session. The Bill gave authority for striking a levy such as mentioned in the sub-leader in The Press.

Negotiations with Australia. " Active negotiations were still in progress with the Federal Wool-grow-ers' Council of Australia, and pending a decision being arrived at by that body, the New Zealand Federation tt-ns leaving no stone unturned with a view to having every preparation made for .a campaign, in co-operation with Australian wool-growers and the British Wool Federation, to advocate, by means of propaganda publicity, the extended use of wool for clothing purposes, and emphasising the great advantages. from health and economic points of view, of the use of woollen fabrics.

Conference at Bradford. Already the Federation had appointed Mr Bernard Tripp and Colonel ' 118. Neill its delegates to the con- - ference of the British Wool Federation at Bradford in June next. At this conference one of the principal matters to be discussed would be the proposed "Use More Wool" campaign—a campaign that it was hoped would be world-wtdj. Wool Research. The question of wool research formed • part of the suggested legislation, in which there Was provision for a portion of the proposed levy to be used for research purposes as well as for propaganda. The Federation. had arranged with Dr. E. Marsden, Secretary of the Department of Scientific and Industrial . Research, for an extended series of comparative tests being carried out at the Leeds laboratory for the woollen and worsted industries. Fleeces from' various breeds of sheep— Corriedale, Bomney, halfbred, threequarterbred, and other breeds—would be sent to the laboratory and tested, with the view of eliminating what are considered faults from the manufacturers'. point of view. . The result of these, tests would be made available to New. Zealand woolgrowers, a?i should assist there to delete any faults, if any, of construction of the wool fibre. It T?as expected that the results of these tests would go a long way to remove tlic objections recently voiced by Bradford experts.

blended butter.

COMPULSORY BRANDING BILL.

(CHITED PBEBS ASSOCIATION—BT BIJSCTBIC ' SCI/ROIUPB—COPTRWJHT.)

LONDON, March 26. In tha House of Commons Mr Oswald Lewis's Blended Butter Bill Was read - a first tinle. The principal provision is • the • compulsory use ■ /of the word •'hlendedr on the wrapper... • Mr -Lewis-pointed out that - last year 89,000 tons of butter were: blended, in Great Britain, of which 60,000 tons consisted of inferior butter from Poland, Latvia, - Siberia, and other foreign countries, and 16,000 tons wereeood quality from Australia: and New ' Zealand.* The addresses on the wrappers made people think they were buying local butter. J Earlier in the day: the Conservative Parliamentary Agricultural Committee received a deputation representing Australian, New Zealand, Irish Free State, and South African butter producers, protesting against the fraudulent sale of blended butter from foreign coun- ■ tries. - The meeting adopted a resolution nrging the' Minister for Agriculture to 1 , institute an-enquiry under the Merchandise Marks Act.

APPLE SEASON;

NEW ZEALAND FRUIT IN LONDON.

taNITKD . PB2SS ASSOCIATION—BT EI J.CTBIO TKJSOBAPH—COPTKIGHT.)

(Received March 27th, 6.65 p.m.)

LONDON. March 26.

At the opening of the apple season, »t New: Zealand House, Mrs T. M. Wilford presented Misstlshbel Mac Donald with a basket of fruit. The latter, accepting it on behalf of her father, remarked :—"lf thev are as-good as they look. , then they will- be marvellous. To-morrow will see a rare occurrence, tin? whole Mac Donald family dinine at Street, when they will share the apples." Traders refer to the exhibition of apples as the best ever seen.

CUNARD LINE'S PROFITS,

tfmrZD PBF.SS - ASSOCIATION—BT ELSCTOIO . TZLBOBiIH—COPYRIGHT )

(Received March 27th, 6.55 p.m.) LONDON. March 26. The Cunard Line's profits last year amounted to £809,639, th& biggest since 1919. The ordinarv dividend will be seven and a half per cent.

. Concepis, roerchandUing product* of • gooS quality'. can- develop• ,wt unparalleled sales opportunities in Canterbury most effectively and nwst economically through toe advertising | ; (poiuouu f>i Thb Fnw.

THE WHEAT INDUSTRY.

AMERICAN EXPLANATION OF , REDUCTIONS. (UNITED PRBSS ASSOCIATION —8S ELECTRIC TELEGRAPH —COPYRIGHT.). WASHINGTON, March 26. In view of the Federal Farm Board's plea to American wheat-farmers to decrease their acreage and Mr J. H. Scullin's broadcast appeal to the Australian farmers to increase their acreage, Mr Alexander Legge (chairman of the Board) was asked to comment on the apparently anomalous position in two of the largest wheat-producing countries of the world. Mr Legge, while acknowledging the fact that wheat prices are on a world parity basis, said: "It does not interfere with the programme of the Federal Farm Board for wheat acreage reduction in the United States. The purpose of the Board is to get wheat production in this country on a domestic market basis. If Australia and Argentina increase their acreage, that should have no adverse effect here. The mere fact that an acreage increase is being urged m does not necessarily mean that there will be Increased production, because of the uncertain crop conditions there. "The Canadian Wheat Pool is advising Canadian farmers to plant less wheat. I think it would be to the advantage of other wheat-exporting countries to follow this example; but if they desire to do otherwise, that is no reason why the American grower should not get Mb production as nearly as possible on a domestic basis.''

DECREASED ACREAGE PLANNED. » 1 WASHINGTON, March 26. The- Department of Agriculture has announced that reports from 50,000 individual farms showed that farmers are planning to decrease the spring wheat acreage by 3.7 per cent., compared with 1929. Durum wheat-planting intentions in four States were 85 per cent, of the acreage grown for harvest in 1929, which was 3,315,000 acres. Other spring wheat planting intentions were 100.1 per cent, of 1929, which was 15,664,000 acres.

REICHSTAG INCREASES DUTY. (uhitm racss associ&tioh— by blectkic TSMBOBAPH—COPYRIGHT.) BERLIN. March 26. The Reichstag read the third time a Bill raising the duty on wheat to a maximum of 120 marks a ton. authorising the Government to further increase -it in the case of a sudden crisis -in farming »f America throws millions of tons, at present in storage, on the market.

EMPIRE SUGAR INDUSTRY.

COl||lNt)ATl6N OF PREFERENCE .HV URGED.

LONDON, March 26. A deputation representing the Empire's sugar industry urged on Mr. Philip Snowden (Chancellor of the Exchequer) the importance of maintaining preferences. • Mr L. S. Amery (former Conservative Secretary for the Dominions), introducing the deputation, said the withdrawal of preference would virtually extinguish colonial production, and almost cause disaster in the Dominion*. Queensland's development would })e brought: to , a standstill. Mr. fenowden replied that the Government's viewpoint . had been made clear It would maintain the preference while the duty remained, but was not prepared, to continue the duty in order to give preference. Mr Sriowden said he appreciated the industry's serious position, but he was not prepared to anticipate the Budget or to make promises regarding it.

AMERICAN OIL MERGER.

PETROLEUM CORPORATION.

Details of the merger between the Vacuum Oil Company and the Standard Oil Company of New York, which was announced in New Zealand by cable a few weeks ago, ate given in a statement which has been issued to the stockholders of the Vacuum Oil Company. The capital from the merger was stated to be £180,000,000. Both companies were former subsidiaries of the Standard Oil Company of New Jersey. The business of the 'two companies is complementary in character, according to the statement. In general, the business of the New York Company in the United States is primarily in erude production, refilling and marketing of gasoline and kerosene, whiie the business of the Vacuum Company in the ,United States is primarily in the manufacture and marketing of lubricating specialties. The b a l k of-the business of the New York, Company is in the United States, wMle that of the Vacuum Company is principally in foreign countries. "In the United States there have been rapid changes in conditions in the petroleum business which make this merger useful and appropriate for both companies," says the statement. "The prevailing method of doing business in the 6il industry has come to be for each company doing a general business in petroleum products to have its own crude BUpply, its own refining facilities, and to offer' a full line of petroleum products through intensive local marketing facilities. The merger will make available to the Vacuum products a very much wider distribution and sale, and it will also make available the large crude oil production of the subsidiaries of the New York Company." It is estimated that the united company, in addition to the specialised lubricating products of the Vacuum Company will market about 9 per cent, of the petroleum products consumed in the United States.

The contract makes provision for uniting the. assets of the two companies under the name of General Petroleum Corporation. Two subsidiary corporations will be formed, to be known as the Vacuum Oil Company, Inc., and , the , Standard Oil Company of New York, Inc., in order that the present businesses of the respective companies may be carried on as in the past and under the present management.

The directors of the respective companies have entered into a contract for the merger, which they have brought to the attention of the Government. The Government hM indicated that it proposes to 1 institute an appropriate proceeding in equity to determine the question! involved.

CHRISTCHURCH STOCK EXCHANGE.

YESTERDAY'S TRANSACTIONS. Markets were fairly steady on call yesterday, and there was a good turnover of diversified business. Transactions, exclusive of vestibule business, included: — £ISOO N.Z. Govt. 4i per cent. Inscr. 1939. _ . i •kv £2OO Auckland Drainage B.oard, Oi per cent. 1957. 20 Bank of Adelaide. 200 Comm. Bank of Aust. . 10 Natl. Bank of Australasia (&IU paid). | j 100 Bank of New Zealand. 300 Goldsbrough. Mort. 30 Canterbury Frozen Meat (pref.;. 100 Carlton Brewery. 100 New Zealand Breweries (cum div.). , . . 300 British Tobacco (cum div.). 200 Electro. Zinc (ord.). 100 Broken Hill Propty. 300 Mt. Lyell.

N.Z. Govt. 41 per cent, tax free stock, due 1939, had dealings at £97 7s 6d and £97 10s, and more were offered at £97 10s, buyers at £97' ss. . for the 54 per cent. 1933 and 1936 issues buyers offered £99 5s without attracting sellers. A parcel of Auckland Drainage 5J per cent. 1957 debentures changed hands at £95 10s. Bank of Adelaide shares were stronger, with business at £7 4s, market closing £7 4s buyers. £7 6s sellers. Buyers ot Bank of Australasia cum dividend moved up to £l2 9s without attracting sellers. Commercial Bank of Australia were firm at 21s lid, closing Quotations Id on either side. National Bank of Australasia fullv pa«d shares were released at £l4 18s Gd, closing quotations £l4 16s buyers. £l4 19s sellers. Bank of New Zealand were ffrm at 56s 9d. buvers in at that figure, sellers at 575. Goldsbrough, Morts had dealings at 32s and 31s lid, and more were offered at the lower figure, buyers at 31s 10d. Canterbury Frozen Meat preference shares were taken at £3 15s, and more were wanted at that price, sellers at £4. Carlton Brewery shares recovered to 37s 6d, closine quotations 36s 8d buyers, 37s 4d sellers. New Zealand Breweries wero fractionally weaker with dealings at 81s 9d. 81s 4d, and 81s 6d. and further sellers at 81s od, buyers at 81s Id. Staples Brewery buyers raised their bids to 48s 6d, sellers at 52s 6d. British Tobaccos cum dividend were steady, with dealings at 42s 3d, and more were wanted nt that figure, sellers at 42s 4d. Broken Hill Proprietarv shares realised 235. market closing 22s 9d buyers, 23s 6d sellers. Electrolvtic Zinc ordinary shares changed hands at 27s and 26s 9d, market closine 26s 4d buvers. 2.1 s 6d sellers. Mt. Lvclls weakened to dealings at 345, and further sellers at 34s Id. buyers at 33s lOd.

DUNEDIN. Sale on 'Change—- £ a. d. Electrolytic Zinc ford.) ... 17 0 THE WOOL SALES. GOOD TONE AT LONDON. (UNITED PRESS ASSOCIATION—BY ELECTBIC TELEGRAPH —COPYRIGHT.) LONDON, March 26. At the wool sales 9095 bales were offered including 1480 from New Zealand. About 6100 bales wftre sold. There was a large selection of greasy merinos, principally topmakers' sorts, and an excellent supply of scoured*. A good tone prevailed, and late rates were fully maintained. New Zealand greasy erossbreds reached ICJd top. 9Jd average. New Zealand best greasy halfbred made Hid, best super halfbred slipes C.M.C.Eclipso Is, finest slipe crossbred lambs 12Jd,

WAIOMO SULPHIDE CORPORATION.

MILLING TO COMMENCE SOON.

The following report on operations has been issued:— No. 8 Level—North drive on the new reef is along 811 feet, where a junction with the western section of the zeehan feef appears to be imminent. A cross-cut is now being put out at this point. No. 1 rise on new reel has connected with No. 2 level in 105 feet Payable ore was carried for the full height No. 2 Level North drive on new reef (which is identical with that discovered at No. 8 level) is along 51 feet Payable ore has been carried for the full distance driven. The exploration of the brpken hill section is being made with a view to transporting payable ore from this section _to a point of connexion with the main aerial tramway. It is intended in the immediate future to open up the paroquet section which was a prolific bullion-producer in the npper levels. The ore from this section became so complex as depth was attained that no convenient method of treatment could be obtained. This oro is ideal for the extraction of its bullion and base metal contents by the company's new oil flotation plant. The aerial tram connexion with the mill will have a trial run during the ensuing week. The engine to drive the new 185 h.p power plant is in running order, ,and the full power will be available next week. The completion of the numerous accessories *o enable the commencement of milling should not occupy more than ten days.

BRITISH BANKING OUTLOOK HOPE FOR THE FUTURE. At the annual meeting of shareholders ot the Midland Bask, held in London on January 22nd, Mr Beginald McKenna, the chairman, traced the history of the bank from its foundation in 1686 to the present time. At the earlier date the total on each •side of the balance-sheet was £299,000, and the bank had no branches then. The balancesheet total now is more than a thousand times as large. The paid-up capital has risen through new shares and exchanges of shares from £90,000 to nearly £13,500,000, which is also the amount of the reserve fund. The bank now has over 70,000 shareholders, compared with 100 in 1847. The Midland conducts business through more than- 2050 offices, covering practically the whole of England and Wales, and in addition the bank is the sole shareholder of three other banks, with about 450 offices in Scotland and Northern Ireland Thus a small provincial bank has become a vast nation-wide organisation, whose history is tvpical of the whole process of evolution in the sphere of finance as well as. in industry and trades. .. Speaking of the outlook in Britain, Mr McKenna said that looking back over the year he wae unable to say that developments in trade and industry had justified the expectation with which it began. The welfare of the people was of the greatest concern to everyone, and in consequence existing conditions could not be viewed with satisfaction. He thought, however, the situation was relieved by a particularly hopeful feature, the stimulus which adversity .. was giving to the efforts to reorganise and improve the indue trial structure.

CLYDESDALE SALE

MIDDLEKIGG STUD. Founded back in 18712 by tho lata Mr John Boag, the dispersal of the Middlerigg Clydesdale Stud, at Brookside yesterday, attracted very wide interest, and there were buyers present from all parts ox Canterbury and also Otago and Marlborough. The Bale was conduclea by .Dalgcty ana Co., in conjunction with the iSe>v Zealand -Farmers' Association. The Middlerigg btud was one of the oldest in existence in tlia Dominion, and probabiy the most notable for the number of the horses turned out by it and their Show ring records. When Mr Boag disposed of his horses in 1920, his son purchased a number of tnarea and fillies, and these were added to the 3tud. The standard of breeding maintained by Mr Boag since hia father's retirement, has been very high. His efforts have been directed towards producing horses with more substance and constitution than the lighter find freer actioned types favoured previously. Well-known Clydesdales have been bred and have reignod at Middlerigg. Royal Famo, imported from Scotland in 1901, left many fine horses, and ten years later Black Douglas, aonther prolific foal-getter of highquality horses, was brought out. Upon the dispersal in 1920 of the original stud, a two-year-old colt, Sunray, who was bred at Middlerigg, was sold to an Australian buyer foi lOOOgns, up to that time an Austra'inn and New Zealand record for a colt of the age mentioned. Mr H. S. Lawrence, who opened the sale yesterday, remarked that although mechanical transport had come to stay, it could not entirely eliminate the horse. One had to -work in with tho other to achieve tho best results. He complimented the breeder on the all-round excellence of the offering. The mares were offered first, and although the best of thom were unbroken, they met with keen competition. Had they been broken in instead of being put to the horse it is probable they would have made another logna to 25gns. Top price for the mares was OSgns for a mne-year-oid, Middlerigg iieather Charm. The best figure for threeyear fillies was s'2Jgna for an exceptional quality type, Middlerigg Japonica. The two-year-olds sold somewhat disappointingly, as they were a good lot, and top price was only i!9gns. In tho yearlings top figure was 32& gns, and for colts 521gn» for an outstanding sort. Some North Island commisisons were forward, but the prices were beyond the limits allowed. The working geldings wero a great lot, the ten forward representing as fino » display as has been seen for many years at a sale. ■ The notable prico of Olgns was secured for Bob, a prize-taker at various shows, the purchaser being Mr H. E. Cook, tho well-known Clydesdale owner. Tho eight geldings grossed 475gna, or just on an average of 60gns. The following were the prices realised:

MAKES. Gns. Middlerigg Nectarine—S. Boag .. 62J Middlorigg Violet—G. Cowan .. ..65 Middlorigg Heather Charm—J. Stewart 95 Black Bess—Boyce .. .. .20 THREE-YEAR-OLDS. Middlerigg Moss Rose—R. T. McMillan 47J Middlerigg White Heather—S. Boag .. 65 Middlerigg Begonia-' J as. Boag .. 45 MARES "WITH FOALS AT FOOT. Middlerigg Princess—L. Cooper .. 45 (Filly foal, J. B. Marshall, 15gns.) Middlerigg Graco—J. Crawford .. -66 (Filly foal, J. Crawford, 25gns.) Middlerigg Dunkeld Jean—W. Musßen 85 (Colt foal, W. Mussen, 16gns.) Middlerigg Heatbfcr Bell—S. Boag .. 40 (Filly foal, S. Boag, 35gns.) Middlerigg Lady Renown—J. A. Callaghan .. .. .. .. 40 (Colt foal, J. A. Callaghan, 21gns.) Middlerisrg Japonic®—Geo. Cowan .. 62J (Fillv foal, J. B. Marshall, 20gns.) Douglas Royal Mag l —J. Scott .. ..20 Filly foal, A. Carroll, 25gns.) TWO-YEAR FILLIES. Middlerigg Alice—J. Scott .. ..80 Middlerigg Lucy—G. Todd .. ..81 Middlerigg Amelia—D. Miller .. ..85 Middlerigg Ann—Goo. Cowan .. ..39 YEARLING FILLIES. Middlerigg Verbena—D. Marshall .. 21 Middlerigg Hyacinth—J. Cochran# .. 82| Middlerigg Mangold—W. Lochhead .. 28 TWO-YEAR COLTS. Middlerigg Rapier—W. White .. 62| Middlerigg Howitzer—J. R. Barnett .. 81 The ten working geldinga made the following prices: 62gns, 47Jgns, 91gns, 65gns, 17igns, 66gns, 42*gns, 64gns, 82igns, 40gns.

COALGATE. There was a fair-sized entry of ewes at the Goalgate Fair on Tuesday, and a few good lines of young ewes were included. After the drab sale at Oxford Fair on the Monday there was little expectation of ft revival at Goalgate, but the unexpected happened. The sale was quite a free one, and the bulk of the offering was disposed of. Prices showed a firming on the Oxford Fair, and as this improvement was maintained at the Addington market the next day it is fair to assume that values have touched bottom. The following are the principal sales:—

Pyne, Gould, Ouinness, Ltd., sold—-On aecount of 0. H. Grigg (Hororata), 100 twotooth halfbred at 20s, 255 eight-tooth at 18s 9d; T, Johnson (Coalgate), 62 fouryear at 19s, 82 at 20s; Godfrey Hall (Terrace Station), 80 two-tooth halfbred at 25s 9d, 65 four and six-tooth at 18s; Ken Hall (Hororata), 104 two-tooth Corrledale at 26s 3d; Mackintosh's Estate (Glenroy), 61 twotooth three-quarterbred at 27s 9d; A. S. Thwaites (Longridge), 196 two-tooth threequarterbred at 275; Geo. Hight (Hororata), 70 two-tooths at 80s; G. B. Starky (Whitecliffs), 129 two-tooth halfbred at 29s 3d, 163 at 22s 9d, 47 aged at 13s 3d; Prestldge Bros, and Charles (Coalgate), 107 aged at 10s 6d, 123 two-tooths at 25s 6d, 239 fiveyear at lis 3d, 205 four and six-tooth at 23s 7d; H. M. Thome (Hororata), 52 twotooth halfbred at 27s 2d; H. W. Foster (Hororata), 56 two-tooths at 26s 9d, 236 two-tooths at 245; H. M. Reeves (Hororata), 109 two-tooths at 25s 3d; J. R. Gullen (Darfield); 201 five-year at 12s 6d; Cotterill and Scott (Whitecliffs), 100 five-year at 12s; F. G. Early (Greendale), 53 two-tooth halfbreds at 18s 6d.

Dalgety and Co. sold—On account of Jas. Deans (Homebush), 74 four and six-tooth halfbred at 195,. 212 five-year at 14s 9d; G. W. Broughton (Waireka), 131 fiveyear at 16s, 114 aged at 2s lid; Jas. Milliken (Lochiel), 60 two-tooth merino wethers at 10s 6d; Harris Bros. (Hororata), 52 four and six-tooth ewes at 31s 8d; R. G. Keith (Glenroy), 65 two-tooth Romney cross at 81s 8d; J. Connolly (Rakaia), 29 s.m. at 19s, 118 four, six, and eight-tooth at 14s 6d; J. F. Hunt (Hororata), 90 aged St 2s Id; A. E. Benbow, 223 two-tooths at 16s 2d; F. G. Hill (Mt. Misery), 61 merino at 4s 3d, 24 halfbred at 8s 9d; J. Shennings (Bankside), 160 merino at 6s lid; W. and J. D'oody (Whitecliffs), 179 s.m. at 10s 6d, 130 ewe lambs at 13s 3d; W. Deans (Sandown), 114 five-year at 10b; client, 150 fouryear at 16s, 300 four and five-year at 14s Bd. The New Zealand Farmers' Co-operative Association sold —On account of T. D. Jarman (Hororata), 120 two-tooth halfbred at 265, 210 five-year Corriedale at 12s 9d. 48 merino wethers at 10s lOd; Roseveare Bros. (Glenroy), 140 four-year halfbred at 15s 6d; W. E. Dennis (Glenroy), 124 rape lamEa at 13s 6d: r'.ient, 114 two, four, six, and eighttooth halfbred at 12s. The New Zealand Loan and Mercantile Agency Co. sold—On account of Scarlett's Estate (Glenroy), 66 two-tooth halfbred at 24s 6d; G. 0. Derrett (Hororata). 115 four and six-tooth Romney cross at 27s 8d; client, 81 two, four, six, and eight-tooth at 10s 9d.

TRADE WITH ARGENTINA.

CONCESSIONS POSTPONED. The suspension of the decree of the Argentine Government of November 16th, reducing by half the import duties on British artificial silk yarns and artificial silk cloth, which should have come into force on January Ist/ was due to the intervention of half a dozen other nations, the Buenos Aires correspondent of "The Times'' wrote recently. 'ln addition to France, Germany, Belgium, Holland, and Italy, Japan, and, it is believed, the United States, invoked the most-favoured-nation clause of their treaties with Argentina to secure equal treatment. Moreover, the British request for the inclusion of wool and cotton mixtures with artificial silk is still under discussion by the Argentine Government. The fact that France (to mention no other country) imposes a virtually prohibitive dnty on Argentine meat and cereals, whereas Great Britain imposes none at all, might be held to justify the Argentine Government in according preferential treatment to Great Britain. Whatever decision the Arcentine Government may make on this delicate point will be most unlikely to satisfy everybody. TALLOW. Dalgety and Company, Ltd., have received the .following cablegram from their London office, dated March 28th: — . Tallow —Market unchanged except mutton tallow, for which prices are 6d lower.

NEW ZEALAND DRUG COMPANY.

ANNUAL MEETING. [THE PRESS Special Service.] DUNEDIN, March 27. Mr W. F. Edmond, speaking to-day as chairman of Kempthorne, Prosser's N.Z. Drug Company, briefly referred to the operation 3 of the company's four warehouses in Auckland, Wellington, Christchurch, and Dunedin, respectively, covering the sale of drugs, chemicals, druggists' sundries, and proprietaries, etc. . "During the year jußt closed," said the chairman, "business throughout the Dominion has not been so buoyant as was anticipated. In the earlier months a severe price-cutting campaign was instituted by certain merchant houses, due possibly to over-stocks or perhaps prompted by a desire to increase turnover and so reduce the percentage of over* head expenses. Many of the lines of merchandise so affected are carried by this company, and are what may be termed necessary adjuncts' of the drug and chemical trade. This section of the business was consequently very difficult and somewhat less profitable. I must admit the position outlined gave your directors cause for much thought, but you will be pleased to learn that the warehouse turnover has not suffered. Indeed, I may say that the aggregate sales in this department of the company s activities constituted one of the best year's records since its incorporation. The result of the year's work has proved the ability of the company's staff to maintain not only turnover but also net profit. Proceeding, the chairman turned to the more bulky side of business as he described the operations of the company's four chemical works. "The directors," he said, looked for a 10 per cent, increase, but although this has not materialised you will be pleased to learn that the gross total turnover has been fairly well maintained. Competition is still very keen, but the company's reputation for quality, well-placed position of works, prompt delivery, and general service enables us always to command a fair share of the business offering." Raw materials for the manufacture of superphosphate and other manures had arrived Bteadily throughout the year, thus enabling manufacture at all works to proceed uninterruptedly. Stocks of these raw materials and finished fertilisers were larger than usual.

The Outlook. Touching on the general financial outlook, Mr Edmond said that shareholders were so doubt much interested in the directors' report of the trading year just closed, but he was sure they would also view the possibilities of the present year with equal interest. As they were aware, thero had recently been a very heavy decline in the values of their primary products, particularly wool and, to a more limited extent, butter, mutton, and lamb, and as export values provided a very large proportion of their national income and determined the standard of living, it became necessary to take careful stock of the situation so as to provide a line of action that would assist the Dominion in preserving its present financial security. This might be accomplished in great measure by increasing the value of their exports and decreasing the volume and value of imports, more particularly 'those lines of luxury which they could well do without, especially in times of stress. The farmers of New Zealand, he was sure, had a full realisation of the position, and no doubt by intensive cultivation, the use of fertilisers, and other means, would make every effort towards greater production, and evory assistance would, he felt, be extended to assist them in accomplishing this necessary though no doubt difficult task. They would have observed that although export values had diminished, a sufficient curtailment had not taken place in the imports, the effect being that banking credit was short in London, and that bank exchanges had correspondingly advanced. To-day the cost of cabling remittances to London in payment for goods was £8 12s Od per centum, and the cost of sight drafts, London on New Zealand, was £4 10s per centum. These rates added substantially to cost, and tended to curb importation. ■ No - doubt this abnormal state of finance would in time adjust itself, but just how long it might take to return to normal conditions was problematical. The prospects, however, should not be viewed with alarm, for the business of the Dominion was undoubtedly sound, and the position merely required cautious handling. Shareholders might rest assured that nothing would b» left undone to ensure a continuance of satisfactory trading as enjoyed by the company for many years. The report and balance-sheet were adopted. Messrs W; F. Edmond, P. W. Mitchell, and W. 0. McKellar were re-elected directors.

STUOHOLME STOCK SALE. There vii a dull sale at th« Studholme yards on Wednesday. The" sheep yarded numbered 8000, mainly stores. The fats comprised about XSOO, and the Quality was -fair. Schedule prices were obtained. The store sheep sale was slack. Prices for Romney cross two-tooth ewes showed a decline of np to 2s 6d on those ruling at the ewe fair, but otherwise the market was about on a par. The following prices were realised:— Fat Lambs—Four at 20s 6d. 66 at 21s 9d, 88 at 21s 6d, 41 at 17s 6d, 44 at 21s 4d, S at 225, 78 at 16s 6d, 1# at 21s Bd,' 76 at 225, BO at 22s 7d, 8 at 15s. . Fat Sheep—Fire ewes at 18s, 21 at 'lSs Bd, 5 at 18s 6d, 225 at lis lOd, 28 at 10s If. 78 at 18s fld, 8 at 10«, 53 at 14s, 89 at 18s lid, 81 at 12s Rd, 27 at lis 6d, 18 8 J "s 2d, 44 at 12s Id, 2 at 14s 6cL 24 i", M " 28 at 16 10s 10d, 7 at 1 1 8 « at 22s Bd. S at, 275. Store Sheep—Nineteen two-tooth ewes at 24b, 65 at IBs Bd, 5 at 255, 18 at 16s, 93 at 22s 9d, 84 at 16* 4d, 88 at 20s 6d. 52 at 16s 9d, 161 sound-mouth ewes at 18s 6d, 298 at lis ltd. 10 at 18s 6d. 134 at 15s 6d, 43 at 18s, 155 at 9s 2d, 75 at 9s. 84 four, six, and eight-tooth ewes at 20s BdL 24 fourlinear at 16®. 99 two, thrw* and four* shear ewes at Bs. 22 fnll-mouth three-quarter-bred ewes at 15s, 170 halfbred ewes at 18s 6d, 200 wethers *tl4n, 84 ewes at lis ,7d. 52 at 2s 9d, 75 at 6s. 85 at 8s 6d, 100 lambs at 10s Bd. 79 at 2s 6d. Cattle—Fat steer at £ll 15s. fat cows £8 15s, fat heifers to £7 ss, steer calves to 85s, dairy heifers to £9, dairy eows to £7 ss, cow in calf £B, m.s. yearlings £4 ss.

AUSTRALIAN PRODUCE QUOTATIONS.

(UOTTXD fUlll ASSOCIATION—BT WUECTIItO Txz.xoßAra-7-eopTßToar.) (Received March 27th, 9.20 p.m.) „ SYDNEY, March 27. Wheat—ln bulk, 4s 7Jd; bagged, 4s Bid. , Flour—£ll. Pollard—£7 15s. . Bran—£7 10 s. Potatoes—Tasmanian, £7 10s to *10: Victorian, £B. Onions—Victorian Globs and Brown Spanish, £5. Oats—White, 4s 9d; Algerian, 4s Bd. Maize—6s Bd. , ... ADELAIDE, March 37. Wheat—4s Id, 4s 2d. Flour—£lo 15s. Bran—£6 15s. Pollard—£7 17s «d. Oats—Algerian, 2s 8d and 2s lOd.

CLEARING SALE. Jones, McOrostie Co., Ltd.,. held a success* fol clearing sale on account of Mrs Olayden, on the premises, Idris road, Fendalton, on. Tuesday, and in their rooms on Wednesday. Amongßt the .articles sold the following prices were realised .'—Carpet £2O, couch £0 ss, Hoover vacuum £B, pair vases £5, secretaire £l4 10s, work table 1 £B, revolving bookcase £2 6s; dining table £8 6s, dining chairs £6 10s, bookcase £2 6s, brass tray and stand £B, dinner set £4 15s, two teasets £4 12s 6d. mahogany table £ll, rug £7. 2 arm- . chairs £6 10s, tea waggon £2 16s, 4 easy chairs £9, card table 6s, 2 Wilton rugs £4 12s 6d, rug £6 15s, hall cupboard £6, gate-legged table £8 15s, rag £5, carpet £9 108, single bedroom suite £2O, double bedroom suite £2O, carpet £6 10s, mahogany chest £8 10s, single bedroom suite £l6, piano £SO, cabinet £B7, walnut cabinet £lB, 8 Chippendale chairs £Bl, table £2 10s, oak hall table £7 10s, overmantel £2 10s, occ. table £2, mahogany sideboard £22 Us, mahogany wardrobe £lO 10s, walnut cabinet £O, mahogany toilet glass £8 15s, ditto 27s 6d, oak buffet £4 15s, dining chairs £6, dining table £4 10b, bedstead £8 15s, mahogany chest £lO ss, tea waggon £2 7s fid, desk £2, 4 dining chairs £4, couch £5, couch and two chairs £ll, old mirror £2 10s, dining table £4 15s, carpet £l2 15s, ditto £9 10s, ditto £9 ss, ditto £6 ss, ditto £7 ss, gramophone £lO, ditto £7 10s, gun and rifle £lO 10s, couch £B.

NEW ZEALAND BEEF. (FBSS9 A.SSOCIATIOS TMJSGBAK.) WAIROA, March 27. Strong exception was taken at to-day'e meeting of the Farmers' Union at the visiting British fanners' criticism of New Zealand beef. Members considered the tour was badly arranged, the visitors missing the Dominion's finest beef producing country, otherwise this unfair statement would never have been made. Such untrue criticism would do great harm to the Dominion and should be strongly refuted.

DAIRY PBODUCE. The New Zealand Loan and Mercantile Agency Co., Ltd., ht« received the following cablegram from their London office, Wider date March 28th— Batter»-OhoicMt salted - 128k to 130 c. Cheese—White 795, coloured 61s. Markets extremely quiet. , Dalgety and Company, Ltd., have received the following cablegram from their London office, dated March 26t|i:—Dairy Produce—Butter 2slower; cheese, white la lower. Butter and cheese quotations nominal. Very little basinets doing.

LATEST QUOTATIONS. Buyers. Sellers. £ e. d. £ «. d. N.Z. Government Debentures — 44 per cent. Inscribed. 1038 : .. — 97 10 0 H per cent. Inscribed, 1939 .. ,, 57 5 0 97 10 0 44 per cent. Bonds, 1938 .. •• 97 10 0 - 51 per cent. Bonda, 1939 .. .. 97 12 6 - Si pet cent. Inscribed, 1933 . .. 97 S 0 — 51 por cent. Inscribed, 1941 „ .. 95 7 6 96 S 0 51 per cent. Inscribed, 1933 .... 99 8 0 — 5} per cent. Bond#, 1933 .. . •• 89 8 0 — 54 per cent. Inscribed, , 1936 .. .. 99 ' 8 0 — 54 por cent. Bonds, 1936 •• 99 8 0 — 64 per cent. Inscribed, 1937 .. .. MM — 6 per cent. Bonds, 1931 .. .. 99 0 0 ; — . G per cent. Inscribed, 1931 '' 99 0 0 101 0 0 Other Debentures— Sluggish River, BJ per cent., 1944 "Wairaakariri River Board, 5| per cent., 1972 Fuller's Picture#, 6j per cent., 1949 ; .. Booth, Macdonald, 6| per cent., 1932 . _ 97 10 100 0 99 0 80 0 0 0 0 0 Banks— Adelaide Aust. of Commerce _ .. Australasia (cum dir.) Comm. Bank of Aust. Comm of Aust. (new, 5s paid) Comm. of Sydney E., S., and A. National of Australasia (£10 paid) National of Australasia (£5 paid) .. . National <H N.Z. .. New South Wales New Zealand .. New Zealand ("D" Mortgage shares) .. Union of Aust. 7 4 0 16 2 12 9 0 1 i 1 10 0 6 8 21 2 « 6 11 0 14 16 0 7 6 6 6 19 O 38 12 6 2 16 9 12 0 0 7 6 1 8 1 *2 0 1 21 15 6 14 14 19 7 T 6 0 89 0 2 17 1 7 12 2 0 4 0 0 0 0 0 6 0 0 0 6 6 Insurance— Auat. General .. A.P.A. .. » National United 0 14 8 0 0 0 0 18 0 7 0 14 0 0 6 Loan and Agency— Chriatcliurch Building Society Dalgety and Co. (ioldsbrough, Mort National Mortgage National Mortgage (new, fully paid) N.Z. Guarantee Corpn. (cum div.) United Building Society (cum div.) 11 0 6 1 11 10 3 0 0 1 U 0 0 8 2 0 14 9 14 10 0 11 a 6 1 It 11 8 11 0 0 8 4 0 15 0 Shipping— P. and O. Deferred stock9 14 0 Frozen Meat— Canterbury (ord.) Canterbury (pref.)' N.Z. Refrig. (£1 paid) N.Z. Refrig. (10s paid) North Canty. Freezing , Wellington 8 15 0 G 0 7 0 0 9 6 0 4 0 0 12 0 6 0 2 0 0 9 6 6 Woollens— Kaiapoi (17a paid) Kaiapoi (7s paid) 0 9 C 8 0 3 0 12 0 3 0 6 Coal— Grey Valley .. .. Stockton (ord.). .. 1 6 9 1 7 0 2 8 0 Gas— Auckland Christchurch Christchurch (10s paid) Timaru 1 3 1 6 0 12 7 2 8 1 4 1 6 1 4 6 4 6 % Breweries— Carlton " ' *« Dunedin Monteith's New Zealand (cum div.) Staples Timaru (cum *div.) .. Toohoya .. *. . Tooths ... White Star 1 16 0 18 4 1 a 8 1 8 1 16 8 6 1 6 6 8 1 17 1 11 1 0 4 1 2 12 0 15 1 17 0 19 4 0 8 6 6 9 0 0 Miscellaneous — Australian Distillery .. Amalgamated Wirolew (contr., cz div.) .. Australian Glass Australian Iron and Steel (pref.) Beath and Co. (cum div.) Beath and Co. (Is pd.) Booth, Macdonald (pref.) British Tobacco (cum div.) Broken Hill Propty. .. Canty Farmers' Co-op. (Timaru) ("A" pref.) Colonial Sugar Dunlop Perdriau Rubber (cum div.) East African Coffee .. Electro. Zino (ord.) Electro. Zino (pref.) .. Gordon land Gotch .. Henry, Jones Co-op. .. Holden's Motors Mt. Lyell N.Z. Drug Co. (cum div.) N.Z.' Farmers' Co-op. ("A" piwfO 0 16 6 10 0 2 3 8 18 6 0 6 9 0 8 6 2 2 3 12 9 43 6 0 0 17 7 15 0 16 4 17 6 18 0 0 14 0 1 13 10 0 18 6 2 8 0 0 18 9 19 8 0 7 8 0 8 9 2 2 4 13 6 2 7 6 43 IS 0 0 17 11 17 6 18 8 1 12 0 1 11 6 0 15 0 1 If 1 8 11 6 3 11 0

Buyers. Sellers. £ a. d. Jt m. d. N Z. Farmers' Co-op. tS a 2 1 0 2 10 6 N.Z. Farmers Co-op. (6J per cent. Sto-ck, 1939) ;• •• — 88 0 0 N.Z. Farmers uo-op. s (6J per cent; Stock, 1940) . •• 86 0 0 88 0 0 N.Z. Farmers Oo-op. (61 per cent. Stock, 87 0 1944) — 0 N.Z. Farmers Fertiliser 0 18 9 0 19 9 N.Z. Paper Mills — 1 0 3 Quill, Morris 1 19 0 14 0 Victoria Kyanza Sugar 2 1 19 7 Wilson'® Cement 1 18 3 — Yv'undnrlich •• •• ~ 1 7 0 Mining0 IS Alexander — 0 Mahakipawa .. •• 0 0 1 Mt. Isa 1 2 0 1 5 6 Okarito 0 10 (prem.) Stoney Creek (6d paid) 0 0 7 i — Winding Creek (Is paid) 0 0 9 0 1 3 Winding Creek (6d pu.) 0 0 61 0 0 7£

YESTERDAY'S SALES. CHRISTCHURCH. Sales on 'Change— £ 8. d. N.Z. Govt., 4 h Per cent - 97 Inscr. 1939 ... ••• 7 6 Comm. Bank of Aust. 1 1 11 Natl. Bank of Australasia 14 18 6 (£10 paid) Bank of New Zealand 2 16 9 Goldsbrough, Mort 1 1 12 11 0 11 Canterbury Frozen Meat 0 (prcf). :1 io Carlton Brewery .... i u 6 New Zealand Breweries (cum 9 div. 1 ) 4 1 4 1 4 4 1 6 British Tobacco (cum div.) 2 3 (2) 2 Broken Hill Propty. 1 3 0 Electro. Zinc (ord.) 1 7 0 1 6 9 Mt. Lyell <2) 1 14 0 Sales Reported— N.Z. Govt., 4i per cent. 97 10 0 Inscr. 1939 Auckland Board, 0 5J per cent. 1957 95 10 Comm. Bank of Aust. 1 1 11 British Tobacco ... (2) 2 2 3 11 Goldsbroueth, Mort 1 11 Mt. Lyell 1 14 0 Bank of Adelaide ... 7 4 0

AUCKLAND. Sales on 'Change— War Bonds, 1938, 4$ per cent. Auckland Drainage Board, 1957, 5$ per cent. Australian Bank of Commerce Commercial Bank of Australia Goljjsbrough, Mort Auckland Gas Devonport Steam Ferry .. New Zealand Breweries .. Electrolytic Zinc (ord.) .. Electrolytic Zinc (pref.) .. Farmers' Trading ("A" pref.) Gear Meat (2) Moanataiari, fully paid & a. d. 97 15 0 95 10 0 15 3 12 0 1 12 1* 1 12 0* 13 6 1 2 10 4 19 17 0 18 3 18 0 0 16 3 1 18 0 0 1 10 WELLINGTON. Sales Reported— Commercial Bank of Aust. (ord.) National Insurance Westport Coal Co. Big Beach Mining .. £ 1 0 1 . 0 s. 2 14 11 5 d. 0 3 1 5