INTER-IMPERIAL TRADE.

Press, Volume LXVI, Issue 20045, 29 September 1930, Page 12

INTER-IMPERIAL TRADE.

SUGGESTIONS FOR INCREASE. LORD MELCHETT'S PREFACE. (UKITJSD PRES3 ASSOCIATION--BY ELECTHIC TELEQEAPE —COPVRIGUT.) (Received September 28th, 7.13 p.m.) LONDON, September 27. "We do not visualise a Chineso wall round the Empire, entirely excluding foreign trade," writes Lord Melchett, in a preface to the inter-Imperial Trade report, issued by the Empire -Economic Union Research Committee. "We definitely hold the view that an overwhelming case exists for the special stimulation of inter-Empire trade." The report suggests trade arrangements between Great Britain and the Dominions, involving the imposition by the Dominions of a twenty per cent, tariff against foreign goods. The suggestions for increased inter-Empire trade include:— (1) An Imperial parcel-post service. (2) The Treasury's recommendation that issuing houses of overseas loans should see that the loans arc intended to benefit British industry. (3) The possibility of inter-Imperial currency, and the creation of an Imperial Econmoic Secretariat. The report is signed by Sir L. S. Amerv, Lord Lloyd, and others. CANADIAN AUTOMOBILES. NEW ZEALAND BEST OVERSEAS MARKET. (Received September 27th, 5.5 p.m.) . OTTAWA, September 27. New Zealand was Canada's best overseas market for automobiles in 1929. With Australia she accounted for 33 per cent, of Canada's exports of automobiles. The total exports to New Zealand were more than 5,600,000 dollars, and to Australia, more than 3,500,000 dollars. CANADIAN NEWSPRINT COMPANIES.

(.Received September 27th, 5.5 p.m.) OTTAWA, September 27. The "Toronto Btar" publishes a Montreal dispatch in which Mr L. A. Taselicrcau, Premier of Quebec, is quoted as saying that the merger of tho Abitibi-Canada Power and Paper and St. Lawrence and Anglo-Canadian Newsprint Companies "is largely effected." GERMAN SHARES AT LOW EBB. <VXITZI> PKJ!SS ASSOCIATION- BT SLXCTEJC 'l&I JSQBAPH—CO I'TItlG UX.) September 2G. Following tho elections, all shares are now at the lowest ebb for five years. Even the Reichstag Bank dropped 113 points t0[225 marks, and many big industrials depreciated. _ In addition, there has been aiJioivy flight of capital from the country. ' BRITISH ECONOMIC MISSION REPRESENTATIONS FROM COPPER INTERESTS. (Received September -28 th, 5.5 p.m.) CAPE TOWN, September 27. The British Economic Commission, on arrival at the Ndula copper fields on Monday, will be presented with a memorandum drawing attention to the British policy, which, it is alleged, 13 antagonising Egypt, Malta, India, and Centra! Africa. It stresses the desirableness securing an independent status for the two Rhodesia.? within the Empire and requests increased legislative representation for tho copper belt, in which there was now 8009 residents.

IRON WORKS TO CLOSE. NINE HUNDRED MEN AFFECTED. SYDNEY, September 27. .'Lysaght's Newcastle works are closing to-day, and 900 men will be thrown idle. The works wero employed chiefly in the manufacture of galvanised iron. LONDON MEAT PRICES. (UXITZO PRT.S3 4.3SOCIATIOH--35T ELECTBIO TELEGRAPH—CO PYHIOHT.) LONDON, September 27. The weekly quotations for the undermentioned classes of frozen meats, based on actual sales of wholesale quantities of carcases of mutton or lamb or quarters of boe£ delivered to the Smithfield market and/or cxLondon stores, have been compiled as follows by the Quotations Committee, Smithfield. To arrive at equivalent ox-ship values per lb. should be deducted from the prices quoted below. Quotations are average for the week, and are not for selected lines, but for parcels fairly representative of the bulk of the shipments now on offer: — NEW ZEALAND FROZEN SHEEP. <!• Canterbury and North Island selected crossbred wethers and maiden ewes — 48 to 561b .. . . .. 5g 57 to 641b . . . . • • 5g 65 to 721b .. . . . . 5J North Island — 48 to sGib .. . • • 5u 57 to 641b .. . . .. Si 65 to 721b ... .. ..5 Ewes: 48 to 641b . . . . •. 30 65 to 721b . . . . ..Hh ARGENTINE SHEEP. First quality crossbred wethers— Over 721b .. . . . . 4i NEW ZEALAND LAJIDS. Canterbury—--37 to 421b . . .. •. 8:i 43 to 501b .. . . .. 8J . Second quality: Average 331b . • • • 7i Other South Island brands — 43 to 501b . . . . ..81 Selected North Island brands — 361b and under . . ... 8^ 43 to 501b . . .. .. 85 Second quality: Average 331b .. ..73 Other ;North Island brands — Ifirst quality: 37 to 421b—None offering. AUSTRALIAN LAMBS. All States — \ Third quality .. 63 AUSTRALIAN FROZEN BEEF. Ox hinds: Under 3 801b .. ..5.1 Over 1601b . . o'j ARGENTINE CHILLED BEEF. Ox fores — 160 to 2201b .. .. .. 4i Ox hinds — 160 to 2201 h.. .. .. 7i . NEW ZEALAND PIGS. First quality—--60 to 1001b . . . . .. 9£ 101 to 1201b . . ..9 Other quotations unchanged.

CHRISTCHURCH STOCK EXCHANGE. SATURDAY'S TRANSACTIONS. Markets generally continued their downward movement on call to-day, and the recorded turnover was small. Traductions, exclusive of vestibule business, included: — 50 Bank of New Zealand. 100 P. and 0. Deferred Stock. 100 Christchurch Gas (10s paid). 100 New Zealand Breweries. 100 Mt. Lyell. 700 MaUakipawa Goldficlds. 200 Okarito Mining. £SOO i-h per cent. Inscr., 1935. Bank of New Zealand shares dropped to 535, sellers staying in at that figure, buyers at 525. Sellers of National Bank of New Zealand shares reduced their limits to £5, buyers at £4 12s Od. Bank of New South Wales were weaker with sellers at £3O 7s Cd, buyers at £3O 2s 6d. Union Bank of Australia shares were easier with sellers at £8 14s, buyers at £8 10s. Goldsbrough, Morts, which fell to 19s yesterday, were offered at 18s 9d, buyers at 17s lid. P. and O. Deferred Stock was fractionally weaker at 43s Gd, and there were further unsupported sellers at 43s 9d. Christchureli Gas 10s paid shares realised 12s Gd, closing quotations 12s 5d buyers, 12s 8d sellers. New Zealand Breweries shares were easier with dealings at 445, and further sellers at 44s Id, buyers at 43s 9d. Unsupported sellers of Staples Brewery shares reduced their limits to 39s 2d. British Tobaccos cum dividend weakened to 29s 7d sellers, 29s 3d buyers. Mt. Lyells were released at 16s lid, sellers staying in at that price, buyers at 16s 5(1. New Zealand Farmers' Co-opera-tive Association 6J per cent. Stock, 1940 and 1945, was stronger with buyers at £76, and sellers of the 1940 only at £BO. Buyers of North Canterbury Cooperative Flour Milling shares raised their bids to lis 6d, sellers at 15s. Mahakipawa Goldfields shares were a trifle stronger with dealings at 6Jd, market closing 6d buyers, GJd sellers. Okarito Gold Mining shares recovered to 7s Gd, closing quotations 7s 5d buyers, 7s 6d sellers. New Zealand Government 4A per cent. Inscr. 1938 Stock changed hands at £99 17s (3d. latest quotations. Buyers. Sfclieis. £ s. d. £ s. d-

N.Z. Government Debentures 44 per cant. Inscribed, 1938 .. .. 90 10 0 :00 0 0 41 per cent. Bonds, iy33 and 1930 ) .. 5 1 ) l'Pr cent. Inscribed, 1983 .. , •• MVi 6 - oi per cent. Bonos, 1233 .. ?J 15 0 Other Dafcentures — NX Kefrig., 63 P«r _ l ... . cent., 1955 •• S3 0 0 05 . j 0 Gisborne Sheep, "5 per cent., 1931 -. -- 90 0 0 Banks — Aust. of Comment .. <> IT it OIS u Comm. of Aust. 0 110 035 1 E., S., and A. • -- 60 0 National cf Australasia. vi'lO paid) .. U 0 0 National of Australasia (£0 paid) .. .. - ■ >' ® Kational of N.Z. •• 4J- 6 o ® ® Ncty South Wales .. £0 2 6 t.O 1 6 Now Zealand .. 212 0 213 0 Union of Auai. 8 10 0 ' S 14 0 Insurance — _ New Zealand .. .. 118 0 2 0 0 South Britiuli .. - 2 16 0 Loan and Agency— Goldsbiougb, Mort .. 017 13. 013 0 N.Z. Guarantee Corpii. (cum div.) .. 0 7 S 0 711 United Building Society ' , „ (cum dir.) / ... - '«!«•'6' Shipping— j P. and O. Dcferied Stock .. .. Frozen Meat — N.Z. Refrig. £1 paid) 0 & 3 0 3 3 N.Z. Kefrig. (10s 0 3 0 0,8 6 North Canty. Freezing 0 1. 0 Southland .. 1 16 0 Wellington .. ..066 Woollens — Kaiapoi (pre'.) 0 35 0 * Gas — Auckland .. Christchurc'ri 1 S 1 18 0 Chriutchurc'a (ids paid) 012 5 019 8 Breweries — New Zealand .. .. 2 3 3 2 4 1 Staples .. .. 1 19 2 Tooheys .. - - 0 10 0 Tooths .. 115 119 Miscellaneous—Allied Motors .. 0 0 1 0 0 5 Australian GIr.ES .. Bcath and Cv. (cvuii div.) .. .. 1. 5 0 1 7 0 British Tobacco (cum div.) .. .. 19 3 19 7 Colonial Sugar .. SO 0 0 01 0.0 Klcctro. Zinc (ovd.) .. -- 0 15 0 Electro.. Zinc, (pre!.) .. 0 18 0 Holden's Motors .. 0 R 0 •Ml. L.vcll .. .. 016 u 016 11 N.Z. Farmers' Co-or>. (6ij per cent. Stock. 1940) .. .. 73 0 0 80 0 0 N.Z. Farmers' Co-op. (G& por cer.t. Stock. 3945) .. .. 76 0 0 North Canty. Co-op. - Flour . .. .. 011 6 015 0 United Pictures .. 0 7 6 Victoria Nyanza Sugar 110 110 0 Weeks, Ltd. .. .7 15 0 Whitcombo and Tombs 3- 0 0 8 7 6 Wilson's Cement "... 1 19 0 National Electric .. 0 711 0 811 Mining— Mahakinawa .. 0 0 6 0 084 Alexander .. .. 0 11 11 Okarito .. 0 7 S 0 7 6 . Waihi (cum' dir.) .. 0 34 9 Waihi' Grand Junction -- 0 2 .5 Winding Creek (9d pd.) 0 0.35 King Solomon .. 0 10

SATURDAY'S SALES. CHRISTCHURCH. (Figures in parentheses after sales indicate number of parcels.) V Sales on 'Change—- £■ s/ d. Bank of New. Zealand .. 213 0 P. and O. Deferred Stock 2 3 6 Christchurch Gas (10a paid) 012 6 New Zealand Breweries (2) 2 4 0 Mt-. Lyell .. 0 16 11 Mahakipawa (") 0 0 6J Okarito .. .. 0 7 6 Sale Reported—--4-J per cent. Inscr. 1938 . 99 17 6 AUCKLAND. Sales on 'Change—- £ s. d. New Zealand Insurance ... 1 18 6 Inscribed Stock, 1933, 4-i per cent. ... ... 109 0 0 Mt. Eden Debentures, 19C4, per oent. ... 97 17 6 Waihi ... ... 014 8 WELLINGTON. Sale on 'Change—- £ s. d. N.Z. Breweries .. 2 3 6 PROPERTY SALE.

Jones, McCrostie Co., Ltd., sold by public auction in th»ir sale rooms on Saturday:— On account of the Registrar of the Supremo Court, the'property situate No. 6 Frankleigh street, Spreydon, comprising bungalow of 4 rooms and kitchenette, together with section of one rood and one perch of land, for £IO3O, to a client: and on account of the sheriff of the Supreme Court, the equity in a property situate at Prebbleton, containing halt an acre, lor £25.

N.Z. GUARANTEE CORPORATION, LTD. ANNUAL REPORT. The seventh annual report of the Directors of the New Zealand Guarantee Corporation, Ltd., for the year ended August 31st last, is as follows: Despite the somewhat difficult period through which the Dominion is passing, the turnover has been well maintained, and the results have again been satisfactory. The called-up capital of the Corporation remains at £214,390, the amount paid up on tho ordinary shares being Bs. The uncalled capital is £285,585. It is not contemplated that any further calls will be necessary particularly as the reserve account is steadily mounting* , , . Tho net profit on the year s business is £23,203 8s Gd. Interim dividends at the rate of 7 per cent, per annum on preference shares, lOd per share on tho fully paid ordinary shares, and 4d per share on tl remainder, amounting to £8799 lis 8d for tho six months ended February 28th, 1930, were declared and paid. The balance of profits carried forward from last year amounts to £1298 8s 6dand the amount now available for appropriation is £15,702 5s 4d.^ The total losses experienced since tho Corporation commenced business aro extremely low. The directors recommend tho payment of the usual dividend at the rate of 7 per cent, per annum oi. preference shares, and also the payment of a further dividend o? lOd per share on the fully paid ordinary shares, making a total of In B<l for the year, and 4d per share on tho balance of the ordinary shares allotted, making a total of Sd per share for the year. Those dividends v.ill absorb the sum of £8799 I.ls Bd. Tho directors further recommend that the sum of £SOOO be transferred to general reserve account, making the total of this account £35,000, and the balance of £1902 13s 8d carried forward. Two of the directors, Messrs F. E. Hogarth and G. W. Magnuß, retire in accordance with the Corporation's articles of association, but, being eligible, offer themselves for re-election. During the year two vacancies on tho Board occurred, one by the deeply regretted death of the late chairman, the Rt. Hon. Sir Joseph Ward, Bart., P.C., .and the other by the resignation of Sir Thomas Wilford, due to his appointment as High Commissioner for the Dominion in London. The vacancies were filled on the Board by the appointment of Messrs K. D. Duncan and J. B. MacEwan. These gentlemen hold office until the conclusion of the annual general meeting, and offer themsalves for re-election.

BRUNNER COLLIERIES.

ET PROFIT, £3623. The directors of lirunnev Collieries, Ltd. (Wallsend Mine) report for the year ended June 30th, 1030, a complet© year of working since the Wallsend Mine was re-opened. The output f° r the year totalled 62,837 tons, and the result of the company's operations, after making usual provision for interest and depreciation, is a net profit of £3623 12s 4d. The directors have written £177 10a 9d off preliminary expenses, £ll6 18s 8d off debenture issue expenses, and reserved £l6O for inoome tax, leaving a balance of £2850 2s lid. After deduction of the debit balance of £ll7B Os Id, brought forward from last year, the appropriation account shows a creu--balance of £1671 ltis lOd to be carried forward. "The result must be regarded aa satisfactory, and brings the company nearer to the dividend stage," state the directors. They also report that the share capital shows an increase of £682 for the year, but applications for 2655 Bhares have been received since June 30th. Further debentures to a total of £GOCO have been issued to date, and there remains £2575 lof® out of the authorised issue of £30,000. The new capital has been utilised in purchase # of new plant, and in development work. To enable the output to be further increased, additional plaut is necessary. Tho directors record with pleasure that th© quality oF the company's ooal has continued to prov© excellent, and no difficulty has been experienced in disposing of the whole of the output during th© period under review. The plant installed has proved satisfactory, and no stoppages of any moment have taken place. "Tho recent action of the Railway Department in suddenly reducing its crders for screened ooal has affected the output, in company with other New Zealand mines, but assurance has been received that the reduction is for a temporary period only." Mr J. A. Redpath, jun., has been elected to the Board in place of Mr F. W. Manton, who is on an extended visit abroad. Mr Redpath's wide knowledge and experience of the coal trade will prove of rtiuch value to the company. All the directors (excepting Mr I. Patterson, who represents the Wallsend-Taylorville Estate) retire, but offer themselves for re-eleetion.

COMPANIES REGISTERED. The registration of the following new companies is notified in the current issue of the "Mercantile Gazette": Salwyn Sawmills, Ltd. Registered as a private company, September 16th, 1980. Office: 89 Domain terrace, Spreydon. Capital- £3500 into 8500 shares of £1 each. Subscribers : J. Marshall 28G0, G. C. Marshall 400, M. D. Marshall 200, J. Marshall ICO. Objects: Sawmillers and timber ✓merchants. Bell Hill Gold Sluicinpt "Co., Ltd. Registered September 16th; 1930. Office: Nicholas, North and Nicholls, 95 Gloucester street, Christchurch. Capital: £ 1 '2,030 into 48,000 shares of 5s each. Subscribers: TV. J. Mcllrcy 6400, TV. Clements 14CQ. W. W. Velford 1400, A. B. Ross 1400, R. IT. Livingstone 1, W. H. Nicholls 1. Greymouth—J. Taylor 1400. Objects: To acquire mining riphts, etc., from Bell Hill Sluicing Syndicate.

Vannsll and Co., Ltd. Registered as a private company September 17th, 1930. Office: 103 Manchester street, Christchurch. Capital: £B4OO into 6100 shares of £1 each. Subscribers: G. Pannoll 4-200, R. Pannell 4200. Objects: Boot importers, etc. F. Lewis and Sons, Ltd. Registered as a private company September 22nd. 1930. Office: 275 Stafford street, Timaru. Capital: £2500 into 2500 shares of £1 each. Subscribers:, Timnru—J. F. Lewis 1500, W. A, Lewis 000, F«, G. Lewis 500. Objects: "Wholesale and retail dealers in paint decorators, etc. Orepuki Shaiu and Oil Development Co.. Ltd Registered Aujrust 29th. 1930. Office: lnvercargill. Capital: £15,000 in 15,000 shares of £1 each. Subscribers: Invercargill —J. Gilkison 100, W. Hinchey 100, J. B. Thomson 100, A. F. 1 liawko 100. Christchurch—C. Anderson 1, J. G. Holms 1, E. K. Hassel 1. Objects; To develop the shale oil and coal deposits' at Orepuki.

A. A. Howes, Ltd. Registered as a private company September 16th, 1930. Oiiice: 227 Manchester street, Christchurch. Capital: £3OOO into !>OGO shares of £1 each. Subscribers: Christchurch —A. A. Howes 1000, A. McKellar 1000. Wellington—J. T. Ritchie 1000. Objects: To carry on business of dc-alei-B in and manufacturers of all kinds of paper and articles made from paper or pulp and materials used in the manufacture of piper of every description aatl general incidental.

FLAX INDUSTRY. NEW BLEACHING PROCESS. The 'flax industry of New Zealand js i likely to benefit considerably as a result of the development of -what is claimed to be an entirely new process and methods of bleaching and drjing tb.o several years of research in New Zealand the invention has now been perfected in Christchurch as a result of three years' intensive study in the field, associated with laboratory methods of investigation. It has been defmi e y established that the whole of the present "paddocking" and consequent transport—in fact, the whole of the operations outside the mill can bo entirely eliminated, and at thesame time effect a lower cost or P ro " duction and a more valuable article. Tests and trials on a commercial scale and under strict milling conditions ana Government supervision have been carried out from time to time during the past three years. In the present process between the stages of the green leaf growing in the fields and the finished article there are ■approximately £2 operations involved which require a "variable" period of time, entirely dependent on weather conditions, ranging from 10 . in summer to o to, 7 weeks The new process involves only 15 operations, with the result that fibre stripped ol' its vegetation after being washed and rinsed can be bleached and dried in a maximum period of 10 minutes bo as to produce the highest of fibre. In other words, from the time that flax leaves enter the mill it can be stripped, washed, bleached, _ dried scutched, baled and graded within the hou". As a result of successive trials the process lias produced "High Point Good Pair" quality as graded by the Chief Hemp Grader of .the Department of Agriculture. Also, "Good Fair Grade" has been obtained from ordinary mixed fibre which has been standing j Ly fo.r two days on the poles ex-mill, j There is no extra labour involved in J the actual milling process, and on pre- j :sent day costs and prices it is claimed j that a ret saving of at least £4 per ton j ton of fibre is assured. _ j Summarising tho new process, it converts the present imperfect methods into a continuous factory system within the confines of the mill building and assures a uniform and quality article. The milling process will be able to pro : ceed night or day independently of the weather. ) The amount of flax exported from this country has seriously decreased, due largely to the high cost of production in relation to the grade produced, and considering the savings to be effected by the new method, it will be appreciated by all that its adoption will assist the flax industry to regain it« lost ground and once again rank as a prominent primary industry.

CAM DAIRY PRODUCE CO., LIMITED.

ANNUAL MEETING. The annual meeting of the Cum Dairy Produce Company was held..at tho Cam factory on Saturday afternoon. Mr W. Stalker (chairman of directors) presided, and there was a largo attendance. The directors, in submitting their fourteenth annual report and balance-sheet, stated that the balance-sheet showed a credit balance of £638 16s lOd in the cheese account and £1043 15s 3d in the butter account, which the directors recommended should bo dealt with-follows; —To make a fiiinl payment oijgrofr penny per lb on supplied tor ctfeese-making, and one penny per pound -butter-fat on all butter-fat supplied for Gutter-making during tho year, which would 1 be included with payment for September supply. The postponed final payment of ,ono penny .would make the average price per pound of butter-fat for finest grade cream Is-.8.78d, and for butter-fat supplied for cheeae ls 4.04 d. It was also proposed to pay a dividend of 8 per cent, on paid-up share capital. The weight of butter made from each pound of butter-fat used In the manufacture of butter was 1.22141b, and the weight of cheese made from each pound of butter-ffft was 2.741b. On the profit side of the cheeso profit and loss account the balance brought forward frem 1929 was £1147 13s 2d, which, added to the sales account of £3382 19s sd, made a-total of £4530 125.8 d. Out of this there was a bonus of £1055 15s 6d, and a dividend of £96 3s lid, leaving £3378 13s 3d, which, with £l9 8s 6d received for rent, made £3398 Is 9d. Against .this there were payments for .Wages, salaries, and general expenses amounting to £2759 15s Id, leaving a credit balance of £638 5s lOd.

The receipts in tbo butter-fat profit and loss account were: Balance from 1929 £IOOS 12s Id, from sales account £4626 lis lOd, and rent £G, making. £sGi>B 8s lid. Out ot this £942 lis Id had been paid as boauses to suppliers and £9l lCs 7<l dividend, leaving a balance of £4662 16s' 2d. Payments made out of this for wages, salaries, and general working expenses totalled £3619 ISs, leaving a profit of £1043 ISs 3d. The assets of the company appear in the b&laiwe-sheet as amounting to £15,200 5s Id, fully covering tho liabilities; In moving; e adoption of the report and balance-sheet, ie chairman congratulated the suppliers on a successful year. The company started the year with butter at Is 4d per Jb, and it had gradually dropped to Is Id. This inade it very hard for those factories which had consigned. The whole of their butter output had been sold locally, the cheeso, however, had bean exported, but the price received was not much better than the local' price. At the present time th,e. price was very low, and there did not seem to. be any tetter prospects for the coming season. They must increase the production per cow by forming a Herd-testing Association. This was now practically assured in the district.. The butter grade was excellent,' but the quality of the clieeee was not so good. Experiments were being made to ascertain the causo. The factory was in good order, and ■ everything was going smoothly. The motion was seconded by Mr T. Heney and carried. The two retiring directors —Messrs "W. Forrest and D. Pethig—were re-elootod; and Mr I. J. Wilson was reappointed auditor. Mr Deaver, a supplier from Waikuku, complained of the high cost of collecting milk and cream. After discussing the question at some length, it was decided to hold a general meeting of suppliers to discuss ' the transport question. In moving a vote of thanks to the staff, the chairman stated that tlife butter-maker, Mr A. Campbell, had won the championship at the Waikato Show, and Mr P. the cheese- maker, had been congratulated on the excellence of his cheese. The directors were accorded a vote of thanks.

\ DIVIDENDS. Due. Huddart, Parker —Interim, ord., 4 p.c. .. .. .. Now Kempthorne, Prosser—lnterim, 4jJ p.c. .. '. . Now Maxwell, Ltd.—7l p.c. . . NonBritish Tobacco—lnterim, 3 p.c. on ord. shares .. .. Sept. 30 Thames Theatre —10 p.c. - . Sept. ■WTxittnme Stevenson —Final, 3 p.c.' .. .. Oct. i O. L. Innes—Final, pref., 4 p.c., ord., 8 p.c. p.a. .. \ .. Oct. 1 Bank of Australasia —Interim 14 p.c. p.a. •• , • • Oct. 3 Farmers' Auctioneering ■ — Final . 7 p.c. ord. . . ... Oct. 4, TTright, Stephenson—lnterim, 35 * p.c. on ord. 6hares . . Oct. 6 Milne p.nd Ohoyce—Shares nnd deb. stock, 8 p.c. p.a. . . Oct. 10 Oonlop Perdriau —Final, ord. U p.c.; prefs., 5 p.c. .. Oct. 10 Bartholomew Timber—Final, 4 P.c. Oct. —.

LONDON QUOTATIONS. ' (lieceived September 28lh, 5.5 jr.ni.) . LONDON* September 27. Friday's closing prices were: Cotton—October 0.64 d. Rubber—Para, ogd; plantation smoked, E ?<*. ' " Jute—September-October, £l6 12s Gd. Hemp—None offering. Copra—October-November, South Sea, £l4 12s 6d ; plantation Kabaul. ill 15s. Ijinsoed Oil—£2B 10s, Xwpeatia*—SSe 3d.

MEAT EXPORT TRADE.

MINIMISING COMPANIES' RISKS. 1 It is understood the Wellington Meat Export Company, Ltd., has made arrangements whereby it will be able to minimise ihe risk caused* bv having to sell its products on oversea markets, states the Wellington "Post." In past years the company lias always provided a means for exporters and farmers to-~ kill and ship on their own account, but the company itself has liajL to assume the risk for about two-thirds of the meat it handled. The directors have been able to reduce..this percentage materially, under arrangement wit! Messrs Sims, Cooper, and Co., Ltd., who, in. past years,- have had a somewhat, similar arrangement with the Meat Export Company, but on a limited scale. The company will continue to buy its requirements of. stock from the farming community with-its old etaif of buyers, and will carry on in this and in all other respects, as heretofore. The company will continue its policy of providing an open door for farmers and others who may wish to freeze and consign meat on'their own account, through the Wellington , Meat Export Company, Ltd., 01* any other channel they prefer to use.

RABBIT SKIN SALES. ■ LONDON, September 26. At the rabbit ekin aalee 3200 bales -were offered and 2450 wero sold. Furriers' does were in moderate demand, with steady prices. All other eorts ndvanoed compared with the rates on July 24th. Fur- < riera' bucks were 10 per cent, / higher, early winters incomings 10 to 15 per cent., good halters* 10 per cent., low grades 15 to 25 per cent. " 1