FINANCE AND COMMERCE.

Press, Volume LXVIII, Issue 20463, 5 February 1932, Page 10

FINANCE AND COMMERCE.

ENGLAND AND NEW ZEALAND.

IMPERIAL PREFERENCE. ADDRESS BY SIR FRANCIS BOYS. •' A point to which I particularly wish lo refer to-day is the attitude of many j.tuple, both in Great Britain and in -Veir Zealand, towards the question of Imperial preference in one form or an- • '.her, which was evident in England before and after the last Parliamentary lections, and which corresponds with •lie views held by many in New Zealand to-day. It was freely said both : hen and now that a tariff of id or id per lb on meat and corresponding duties •■u other articles would be of benefit to New Zealanders, and that the British Government would then be in ■ position to ask for further preferential duties and in favour of British . nsports into New Zealand," said Sir Francis Boys, in an address on Imperial preference, at a luncheon tendered N, him at Dixieland yesterday by the. «"nristchurch Citizens' Association. "In what I have to say to-day I .riouid like it understood that when 1 »p«ak of tariffs I am not dealing with -uch tariffs as would prohibit the import of goods from any country to England. because such a prohibitive tariff tantamount to an embargo," said sir Francis. "But I do refer to eucli tariffs as have been suggested above and which I have never heard stated at more 'fan Id per lb which, in the case of Sew Zealand meat, would to-dav amount to about 20 per cent.

Loose Talk. ••When I loft England there was a lot of loose talk of preferential tariff, as if that -would be of some use to New Zealand. lam positively convinced that »o far as meat is concerned, and probably in regard to butter, too, a preferential tariff, unless practically prohibitive for the foreigner, is of no use 10 New Zealand, Great Britain is the •»nly market for the surplus of meat, whether it be British or Argentine, and having been landed, it must be sold fjtiiekly along with the Home-grown -eppfies. The only buyer is the housewife, and if her purchasing power Jtmotmts to 7s 6d a week, and her share "i the available quantity is 101b, she will pay an average of 9d per lb for it. •'' The sellers of meat, whether foreigners or British importers, or British farmers, must take that 9d per lb. The fact that the foreign meat has had to f*«ar a id, id, or Id duty will not affect the price one iota. It will be laken by the British Government out 'if the foreign farmer, bat the New Zealand and British farmers will get ,iaet the same 9d that they would have r»«ived if there had been no duty on 1 nf foreigner. Duty on the Foreigner. "The purchasing powrfr of the housewife, remaining constant, the price paid will depend only on the quantity available monthly. A duty on the foreigner will produce revenue for the Britisn 'government, and could be made of some 'ise in bargaining for commercial treaties with the South American republics. Kut do not let us flatter ourselves that a preferential tariff on meat would help ih® New Zealander, Australian, or Britinh farmer in the least. Meat, and possibly butter, are in a of their own, and the supplies of the whole world mutit come to Britain unless drastically prevented. "On the other hand, take the ' effect of licensed imports. Suppose that im!*>rt» of all kinds of meat, including pig products, are as follows: —22,000 lons of British meat per month, 84,000 tons of foreign meat per month, and #4,000 tons of Home-grown meat per month—making a total of 200,000 tons per month—they provide the necessary 1011> per housewife and the consequent average priee of 9d per lb. Benefit to Farmers. "Suppose" the British (Government wished to give New Zealand and Australian fanners some benefit, and a better price to the British agriculturists, they would only have to say to the foreigner that the monthly supplies required from foreign countries were limited to 50,000 tons per month, and immediately on its taking effect the quantity available for the housewife with, her 7a 6d would- be reduced ,to 8f lb, and the seller would be able to ask the slightly higher priee o£ lOd per lb. That penny would be a direct benefit both to British importers- and British agriculturists, both of whom the British Government presumably «-j*h«s to assist. The consumer would not pay more than the 7s 6d a week, but the average consumption would be cut dows by 12J per cent. Uceosing of Imports. "Though the Argentine farmer would suffer ia the limitation of his exports ha would benefit in the matter of price unie«s the British Government decided to mulct him by a duty of Id per lb, so that it should not be sa.id. that the foreigner gained anything at' the expense of the British consumer. I would wty therefore that in respect of: meat the only course lies in the use of both license tmd preferential tariff. But I feel most strongly that the licensing of imports is absolutely essential to all British people, while the preferential tariff is complementary as a revenueraiser, and is useless to British trade or British agriculture without the license on foreign imports. "A further - point I would like to stress is that if the New Zealand Government accepts preferential'tariffs as a favour from the British Government without any limitation of foreign imports, the New Zealand Government would feel bound to give the British Government some preferences on other import* such as motor-cars, woollen goods, or something else, tail the net result of the twjr transactions would, fee that New Zealand. would gain nothing from. the preferential tariff on: meat importations into the United Kingdom, but the New Zealand people would inevitably have to pay a little dearer, for their "cars, ete.-' Gorensmenfs Obligation. "I know that the British-Government ui under some obligation, I, believe through the League of Nations, not to impose any prohibitions on imports, but the same effect can be obtained by imposing an ordinary duty of •Id per lb on the quantity required . for British •-.onuwmption and a prohibitive duty of •Id per lb on any quantities shipped in •kmm of the quantity required for British consumption. *T am aware, too," Sir Francis said, '•that If by treaties the, British Government iff able to obtain better terns for the British manufacturers the purchasing power of the public in England would increase and so indirectly New Zealand and the British ' agriculturist nvoM benefit; owing to the effect of tsMa treaties." -

CHBISTCHUKCH" Cri'S COMPANY.

ANNUAL MEETING. ; PROTEST AGAINST INCOME TAX " LEVY. '' That ifhis meeting of shareholders of the Gliristchurch Gas, Coal,-and Coke Company instructs its Board of- Directors to convey to the Government its strong •.■.protest against the; injustice ot being levied large sums, for income tax while our,»/ competitor, being- publicly owned, Is exempt from assessment," This, resolution was carried-: at. the annual meeting of shareholders of tlie company held yesterday afternoon, when Mr F. E. Graham.presided. The chairman, in moving the adoption of the report and balance-sheet, dealt with the variation in the accounts from the previous year, and stated that they called for no special comment. He referred to the progress of the company during the last fifty years, in which period the sales, of gas had increased from 35,940,000 cubic feet to 448,494,000 cubic feet, and the gross revenue from £27,118 13s 3d to £185,027 7s 3d, or an increase in the period of £157,909. He also referred to the heavy burden of taxation imposed on the company which its competitor escaped, and said that although there had been many deputations to successive Prime Ministers on the subject, it seemed impossible to get, the injustice removed. A - The retiring directors, Messrs F. I. Cowlishaw and F. E, Graham, jvere reelected. Mr B. H. Burns and Messrs .Walter J. Moore and Son were re-elected auditors.

The meeting closed with, a'hearty vote of thanks to the chairman,''' directors, and staff for their services during the year. . , NEED FOR OPTIMISM; GROCERS' OPINION. "We draw .the eurfcajn upon the veat--1931, and; lift the yeil on 1932, with a natural anxiety toward a future that is shrouded in-uncertainty. As ' the closing year has befen full of difficulties and disappointments, so is the future brimful i'of'i possibilities and probabilities," said Mr E. Gray (Kaiapoi) in his presidential address to the Master Grocers'- Federation at Wellington this week. J "In spite of the present gloomy out- • look, we have a great deal to be thankful for. Wool prices show a rising tendency, the exports for last year were some millions in excess of the imports, and we are at peace;'our banking system is in happy contrast to the "American, and our resources are such that if "" necessary New Zealand . could be almost self-contained. What we do-want is a sane optimism th'at .will beget that spirit of confidence' -upon which the business world .is-liuilt; * . "Pessimism' and long! faees will: never I get us os the road to prosperity ogaip," I he continued., perseverance, and loyalty to .our qwn, Country are the, stimulants, to see us through A very sick period in history. • - , "Temporarily, compelled -to : stand upon our own ; legs and"'.uti][ise the resources, of our- country. to a greater rlegrcn, of" depending- upon the outside wprfd,* has conje in> the nature, of a shock. That'it will bo to our country's benefit,, I feel (Stire, and if it doesf 1 nothing than-remdve the < bias that has existed against 2Jow Zea-land-manufactured. ' goods,, and is the means of»crcniting a, spirit of greater loyalty to- our own country, all this tribulation will not have been-in vain." MANAGED CURRENCY. ' jV, •• .' PRESENT METHODS CRITICISED Mr Gi-vS.'-Ai-Campbell, writing in'the* Sydney» "HJeraldy* refers, to the; Bank: of New S6utH" Wales' latest' circular, : advocating a "managed" currency which would iippear to be independent of either gold or sterling. "Whatever may be the merits ot , such a proposal," states Mr Campbell, "the bank is to be congratulated for ' publicly proposing and advocating some alteration m the happy-go-lucky" methods which are being followed in relation to the Australian monetary system. It is essential that business, especially that class of business which involves contracts in which the time element is present, should be conducted with a reasonably secure knowledge that the monetary basis of contracts will not alter very greatly where the .contracts extend over some period of time. "Some definite policy in relation to this important matter should be formulated and announced so that internal business may be carried on under stable monetary conditions; The Federal Government will have to face this question shortly, for it is one of the most: pressing problems of the day, although rb was hardly,, if ever, mentioned during' the" recent election campaign'. ** : "Two policies are available: (1) a . gradual and controlled return ' to sterling, (2) stability of exchange and 'internal prices 'at som9 level to be determined. The latter would involve some definite artfieial control of exchange rates. The public as a whole is entitled to expect from those who are guiding the country some decision as to which policy is to be adopted of the present week to week PRICE-CUTTING CONDEMNED. (MtMr 4MOCX.LTIOK WELLINGTON, February 4. • Erice-cutting was condemned by a deputation from the New Zealand Grocers' federation to the Prime Minister (the St. ®on. G. W. Forbes) and the . Hon, B. Masters, M.L.C. (Minister for Industries and Commerce). It .was claimed that the manufacturer had an inalienable right in the goods ho produced from the time they left the factory Until the time they reached the Consumer. ' ' The_ spokesman said that the growth: of price-cutting had been followed by : unemployment, assignments, bankruptcies, and reduced income tax. _Mr Forbes said be would confer with Mr Masters and bring the subject before his other colleagues.

PRICE OF GOLD. (mm p»ao* SI.BCT»TO , TEtBGRAFH—COPiatURT.) LONDON, February 3. V Gold is quoted at £5 19s 5d a fine ounce. Yesterday's price was £5 19a 2d.

CALM CONFIDENCE

BRITAIN AND THE GOLD . - STANDARD. 'rrVv VIEWS OP SIR FRANCIS BOYS. Wli ile in England' recently . Sir Francis Boys' was greatly impressed' with the calmness and. confidence displayed by the British people'daring the financial crisis- which' resulted' from . the abandonment of-the gold sfcaoddrd,-and the entire absence of' panic, .he told members- of the. .Christchurch Citiaens' Association yesterday, whenvthey -tent dered him a complimentary- luncheon at Dixieland. ■ ; • ; ; , "The most important happening during my' 'short- stay in: London was the abandonment ,ot the gold (standard,'.' said Sir. Francis Boys. ■: ''For-. some weeks 'before that- ewent .actually, took place politicians, statesmen, <md financial authorities generally-had been uir pressing upon the country the danger of a fligilt trom the gold pound, and the wholo nation was duly impressed with the serious possibilities. Nevertheless, when it did happen I found that, amongst all the men ill the city on whom I made a special point of calling on that day, there was nothing like a semblance of a scare. No Exploitation. '•Bankers, stock-brokers, shipping firms, and insurance companies were going quietly about their business and conducting their work in the usual way. There was practically no attempt, even on the part of individuals * outside those huge institutions, to .convert their assets into gold currencies or to invest them in goods or property that might seem to have a more stable value than tht> pound sterling. "The steadfast attitude-of the men responsible for the finance of Great Britain doubtless accounts for:the fact that the downward movement was gradual and that the value of the pound has been more or less stabilised .during tho months sincfe that date. One could not but feel a pride in tho steadfastness of the people of England in! such a time of crisis."

MINING

GOLDMINING PROJECT. A proposal to quarry the Kuratini Hill. near Thames, and sluice the quartz : to a modern gold-extracting plant, has been advanced by Mr H. M. Aitken, an Auckland mining engineer. .. In place of trucking the .ore, it is proposed to.wash it down a race by iiiearis of water pressure to the plant, which would consist of crushers and J tube mills. Amalgamating tables and j canvas tables are suggested for the concentration of the slime. The scheme provides for the erection of a plant capable of handling about 500 tons a day of 24 hours, and later, if the pro- I position is proved beyond doubt, t'or ] increasing the capacity to at least 2000 tons a day. The Mining Revival. Mr G. W. Thomson, mining engineer of Dunedi'n, Who has had experience-in raining in many parts of the world, predicts a greatfuture in mining in ■Otago; and jSouthlapd, provided proper i investigation is made ahd , moderni methods applied.' Only when one Compares the capitalisation of companies for mining pur.poses in other,parts'and the value of ■the ground tobeworked with the capirtal that is necessary to work one of 4?ii£ <wn areas,', and' the. value of that area; docs one realise that wc have pioposi.t.ions' just as good if not better at our fuwn-'.^dgr.' heard lately;' of the' NeV--Guinea gol&fields ■ and ■ of-the liul.olo clnim.' oh which it is ;pi-.oposed -to erect dredges which are being transported by aeroplane at tre•riieii'ddus cost.' Th'o value iof the Bulohv ground is approximately 2s a yard, compared with many "areas !in Otago -which, will average at least Is 6d a I yard. - Thore.. are many, areas in Otago and Southland rich in gold, And if they, ■are developed .on the li nes advocated .}>v 'Mr Thomson, V the investor will lje able to subscribe his money the greatest degree of confidence. Nothing would he more welcome-at the .present time than n revival; of the •gold -,mining industry. Everything Tjoiritg .such. a revival, '.Miff;.it is to be. hoped that all appeals to he made to >t.he - public will, be confined to propositions that have been thoroughly investigated, and in which the gambling element has, as far as possible, been eliminated. Such a policy will earn and retain the confidence of the investor.

RAILWAY REVENUE. DROP IN REVENUE. Bailvray returns for the Christchurch. district for the four-weekly period ended February 23rd show a decrease in revenue of £13,531 compared with the same period last year. The detailed figures are as follows: — 1932. Timber Pass'gis. Stock. & goods. Rev. : 145,343 274,022 54,174 £64,214 1931. 161,650 247,135 77,648 £77,745 LATEST FIGURES, i —: (TJLXBS i-SSOCIATIO* T*L,*OJUlt.> WELLINGTON, February 4. .. The railway working account for the ,four-weekly period ended January 2nd is as follows: NORTH ISLAND. - ■ Net Rev. Kxp. Rev. ICaihu .. 375 506 131 Gisborne . . 1,51-0 1,984, 474 Main line and branches . . 309,718 212,746 96,972 , SOUTH ISLAND. Not ■. Key. Exp. Rev. £ £ £ Main line and branches. .< 182,687 140,975 41,712 Westport .. 4,056 4,204 148 Nelson ... . 1,019 1,980 961 Picton .. 8,107 2,445 662 Total railway operation 503,472 864,840 137,632 Miscellaneous . revenue 32,749 32,749 Lake "Wnkatipu ■ • steamers • . 931 - 789 19i3. Refreshment rooms, advertising, motor service, and other subsidiary services 20,697 18,893 1,804 Departmental dwellings . . 10,623 8,891 1,732. Total .. 567,472 398,363 174,109 The revenue for the period April Ist to' January 2nd, 1982; totalled £4,772,606, compared with £5,676,669 for the corresponding nine months of 1930-31, a decrease of £904,063. _ ; During the same periods the expenditure totalled £4,351,908 and £5,322,880 respectively, a decrease this year of £970,977. The net revenue for the nine months 1931-82 totalled £420,703, compared with £353,789 for the corresponding period of the previous year.

MORE CONFIDENCE WANTED.

BUSINESSES FOUNDED IN DIFFICULT TIMES. ADVERTISING A BIG FACTOR. When asked what he thought about tlie present- depression, Mr- Frank Goldberg,'Governing Director of the Goldberg 'Advertising Agency, . Ltd., . Australia and Kew Zealand, who was in Christeliureh yesterday, made the following statement; to; a,- PitKsa. reporter: "Times are not as good as they might be certainly, but there is absolutely no ijed for a lot of the pessimism existing to-day. No doubt a process of ,eiimina_i;ion has been going, on- in the "commercial world, but those firms who have, put. their. house in order will - the depression and emerge in a stronger position • than previously. This depression will; prove a valuable experience to individuals and business executives alike. "Never before has the need for efficient administration been so Strongly felt. Impulsive, sweeping economies will hot improve the present position. We want more faith in ourselves and in our own country. It's no use going around talking depression all day—what is , wanted is a spirit of. enterprise and courage. This -is- not the ■ first slump New Zealand has been through and it probably will not be the last,. but we will come out- of this one - in a far sounder position because we have been living in a , false atmosphere in the past. "Already values are improving and prices are reaching lower and'more rea-' aonable levels. Hardship' exists ' admittedly, but it is..magnified in public opinion. Mass psychology or mob thinking has .no doubt been a factor in establishing the fear that is cutting down effort and stifling enterprise on all sides to-day. : ■ Increase of Publicity. "Statistics reveal the .fact that firms vrho increase their publicity expenditure and redouble their efforts during a slump period generally maintain or increase their figures—and not only this they have the public .with them, and don't have to fight their' way to the front again- when' money is circulating more freely. Even to-day if you give, the public the right article at the right price it will sell. » . "Take the chain stores in New Zealand—they are all doing well —simply because they, aro giving the public what they want at reasonable prices. Their merchandising policy is sound and they are not afraid to advertise their lines. ■ "Advertising is at the' bottom of prosperity. Without the mass production made possible by national and international demand, the cheapest car today would cost more than the most expensive. By hand methods a Ford would cost more than a Rolls-Royce. Costs go down with mass production, and advertising assembles a multitude of buyers. Without advertising few of us could afford watches or any other of the commonest conveniences of life. Widespread demand makes necessities of what were onco luxuries. To-day nobody can successfully advertise a dishonest product. The human mind is still opeh deception, but laws; of the Government, rules of publishers' standards of the advertising agencies, and other influences tend to elim honesty.

Advertising a Powerful Force, "In n national market to-day I found the honest commodity always wins. Advertising is one of tlic suljtleHt ;nnd :moptt powerful forces making our modern-world. It, j : B,Bp .simple and,, historically, ho new. that wo arc apt to overlook'its' vast social eon sequences even under pr<senttrading conditions. The present -day • should be regarded as a time pf opportunity, not adversity—only, the froth has. been knocked off the business cup. Underneath the Bubstance is still there. People are still' buying—but they aire buying enrefully, and ■weighing up values as •never before.' ' " Soon stocks of unsold goods will be .used up, commodity prices will, be-stab-ilised, confidence restored, new orders placed, and we will settle down to a period of steady and sound development. Already signs of improvement arc present. in the Old- Country, especially in the .textile industry. Owing to the Chinese boycott of Japanese goods, some improvement in India, the rise in price of silver, and he devaluation of the pound, the textile industries and the areas in which they are situated have received a very favourable share of the improvement in trade. The increased purchasing power thus created is not confinod to the working people; employers, management, and middlemen have also benefited, and for the first time for several years there is optimism in Lancashire. , More Paith In Ourselves. "In the meantime let's have a little more faith' in ourselves and in our country—let's profit by our present experience, and build soundly for a bright future. Progress has welded advertising and selling into what, amounts to one fighting unit. It is a fighting unit at the command of the business man who has sufficient faith in himself and his project to enlist its aid. A gradual improvement can bo brought about by keeping before us two definite aims: One is to see that every pound spent on advertising does at least a pound's worth of selling; the other is ruthlessly to cut out every pennyworth of waste in any direction. Price stability and economic steadiness are slowly returning, and it behoves each and every one of us to profit by our experiences, and build for the future instead of being gloomy over the present." WHEAT POOL. 1929 AND 1930 PAYMENTS. The final payments in the 1929 and 1930 wheat pools have been made by the New Zealand ; Wheatgrowers' Association. There is still an amount o 1 one penny a bushel being retained in reserve, which is represented in wheat, but this will be converted into a cash reserve when the wheat is-sold. P. AND O. QUOTATION. (rxiTJ-.D rnr.BS association —bt eliotbi c TEI.EOBAI'H —COPYMGHT.) XtONDON, February 3. P. and O. Debentures, 21s 9d. DAIRY PRODUCE. A. H. Turnbull and Co., Ltd., have r«ceived the following message from W. Weddel and Co., Ltd., London, under date February 3rd: Butter—Danish, 121s lo 1245; New Zealand finest, 99s to 102s. Cheese—New Zealand white, 62# to 63b; cciouied, 61» tp 62m

SHEEPSKIN SALE. prne Gould, Uuinneas, Ltd., held their weekly' sale yesterday. The following was the range of prices:—— "Dead or pelts id. sound pelta Id. dead'or damaged crossbred 3d to CJd, sound crossbred 2d to 3id, dead or damaged halfbredlld t° -tid. sound balfbred 2d to 5Jd. rfparl or damaged three-auarterbred l»rd to ||d Bound three-quarterbred 3d to 41d. dead or damaged hoggets 2|d to Sid. sound hogeetß 31d to 4Jd. dead or damaged lambs Id, found lambs 2id to 3d, roerino 2d to 3&d. Butchers' Abattoir Skine—Pelts 6d to Is 3d, lambs Btl to It 3d.

CHRISTCHURCH STOCK EXCHANGE.

YESTERDAY'S TRANSACTIONS.

. The. outstanding feature on cfrll yesterday was the activity in 4-J per cent.Tax Free Stock. Markets generally Were brighter and bidding on thfi whole was move 1 spirited. ■ Transactions, . exclusive of vestibule business, were: £4500 N.Z. Quirt.' 4* per cent. Inscr., ■ 1938. £4OO N.Z. Govt. 5j per cent. Inscr., 1937. ; 100 Comm.' Bank of Aust. 300 Goldßbrough, Mort. 500 Stockton Coal (pref ). , . 100 British Tobacco.. 50 N.Z. Drug Co. 50 Golden Dawn. 500 Mahakipawa.! . • New Zealand Government 4-i per cent Stock, due 1935, had dealings at £95 and £94 17s 6d, market closing £-94 17s <sd buyers, £95 sellers. Five and a half per cent. *1937 Stock was easier at £99 10s, closing quotations 5s on cither side. Commercial Bank or Australia shares remained unaltered with business at 14s Bd, sellers staying in at that figure, buvers at 14s 6d. Buyers of Bank ot New South Wales shares, cum dividend, offered £25 5s with attracting sellers. Miscellaneous. Goldsbrough, Morts changed hands at 23s 4d 23s 3d, and 23s 2d, market closing' 23s 4d sellers, 23s Id buyers. Westport-Stockton Coal shares (preferonce) had dealings at Is, and more were offered at that figure, buyers at 9d. Christchurch Gas shares, cum dividend, were weaker ■ with sellers at 26s 9d, buyers at 26s 4d. Sellers of New Zealand Breweries shares offered at 25s bd —Wednesday's business figure—buyers at 25s sd. Sellers of Tooth's Brewery shares came down to 23s 9d, buyers at 23s 3d Tobaccos had business at 36s 3d. buyers . staying in at that price, sellers; at 26s 9d. Mt. Lyells were easier, sellers offering at 20s 7d, buyers .it 206 4d. .N.Z. Drug Company shares realised 46s bd but closed weaker' with sellers at 46s 4u, buyers at 45s 7d. Golden Dawn were fractionally farmer at 7s lOd and there were further sellers at that price buyers.at 7s 9d. Mahakipawa Goldfields realised 3sd, and late sellers offered at 3d, - buyers at 2*d. Okaritos, cum dividend, were firmcr on buyers! offers 9s 9d, sel.?rs at 10s Id. latest quotations.

YESTERDAY'S SALES.

Coucerns merchandising products of good quality can develop the ailparalleled sales opportunities i a Canterbury most effectively and most economically through the advertising columns of The Pbebb. o

WOOL MARKET.

LONDON SALES. LONDON, February 3. The wool clips sold yesterday'.include Now .Zealand greasy crossbred, Qwetea 9J.d top, 9d average; scoured, Oxford, 15id and 15d; Sherwood, 16d and J3id. BROKERS' REPORTS. The New Zealand I-.o;vii, and- Mer cantile Agency Co., Ltd.,- report as Under: — , The sales closed firmly. -Home bujeis were the principal operators.. Competition on Continentai. waactive., As compared with. last sa , closing rates prices were h '3 h ® id per lb for merino and crossDreu lambs/ medium 'and crossbred.sUpe. aad medium scoured crossbred, lugber | per lb for greasy merino fine fcieasj crossbred and fine crossbred slipe. mffr fa to Id per lb for fine scoured crossbred, others unchanged. Ifi® prices realised for average to super grades of description as below were as follows: d. d_. Merino super ... 104 to 113 Merino average ... w " ■ Crossbred — t~ ! SG-5S - 1 1. % | 50-56 ••• t at i ''B-50 46-.js ••• ? to I 44-46' ••• . to b 4 | 40-44 ; ' oi to 6 I 36-40 , °i to I Bank of New , South. Wales. I Wool market closed active, halfbreds 'bar to S per'cent., ineditJWi and coarse crossbreds par, fine crossbred s hoggete I 5 Per cent, to 7* per t " s£ ! lambs par -to t , slc i lambs 5 per.cent.- abo\e last -me. SYDNEY SALES. ;. ■. ■:< .■ ■ : .SYDNEY, 'February 4. Vt the wool sales' the - market was very' flrtn with- Japanese buyers / active./ Greasy < 10,103 bales,- of whieh> 9319-wer*i. sold; also' IG2B- sold privately. ' ; '• i ;X> F^jSßlN^-';1 ' V catalogue of 15,147 bales will be offered at the second Timaru wool sale of the season at the Theatre Royal today, commencing at 2 p<m. The allotment for the sale was b £jf|> and to-day's offering will be 3711 bales more than was submitted to auction a the second sale here Inst year. The offerings of the various firms and the selling order are as follow: Bales. " 1532, 19$1-N-.M. and \A. Co. 4,642 £,440 C.F.C.A., Ltd. MoS.r., 2Mo Ualgfet.v's. Ltd.• ... 4,00/ - --«,87o Pync, Gould, Quin-- - ncss, Ltd. . ■ 4,514 o.<S9 N.Z. Loan Co ' 1-2S* 1 *> oJ ~ •Totals 15,147 .".He 136 " HBLp orS^ QUESTION OF DETERIORATION. v. , . 1 (TK.E6* ABBOCIATIOSt WELLINGTON. 4. •The Dominion Executive ,of New | Zealand Farmers* .Union- tfai directed to-day to tkse every means-iccombat j the propaganda regarding the deterioration .of stored- -wool. A remit from the jPelorous branch said- that evidence showed that no deterioration took ".place. v . - . . 'The secretary; said that at his request Mr A; E. Mabin, president.-.of the. New Zealand Woo [brokers' Association had forwarded his/opinion 021 subject 'ot deterioration. ; . -. .Mr -Mabhi<, reported* 'ui nis opinion wool shorn . dry, * and m .good condition,. did not deteriorate- He&ltny woof, containing Excessive ydUi, was apt £t>. look' yellow- and but. yolk was the natural preservative, and the fibre was not injured by age. Cm the other hand wool showing, any sign of dampness when j shorn became discoloured. more particularly if there any seed, and it was questionable « it 'would scour white. As to the alleged discrimination of buyers that was v •largely a question of supply and "e~ mand.- The demand;, was running now of fine wools of over 48's counts. Those wools throughout the. current season, had sold well and freely, and without discrimination whether old or new. Medium and coarse crossbreds were i . another category. They were aftecte by the large South American clip, •which had an advantage of 25 P®r cent, over the Dominion. in the _ exchange rate. Naturally* at the opening of the season,, buyers looked for fresn woo' for tlieir principals. Unfortunately, a the first sale in Auckland, and, to_ smaller extent in Wellington, the cat ?-~ logues contained a large proportion old and inferior crossbreds. No buyer here or in London wished to load ni stock with inferior wools at the present juncture, but with an improves ment in world conditions and in xn demand nothing more would be nearu of deterioration and inferior crossbre s.i would sell freely. j

WAIHAO FORKS SALE. The first Waihao Forks sale for this season was held on Tuesday, when there were j aided a couple of races of fat owes and lambs. The lambs, which were of medium quality, sold up to 10s 6d. The quality of the ewes was exceptionally good, and the. bulk of the . yarding was taken by local butchers, prices being round about Bs. Following is the list of sales: Pat Ewea—Twenty-two at 5s Bd, 60 at 5s 9d, 14 at 4s, 30 at 6s 6d, 29 at 7s 9d, 2 at 5s 6d, 14 at 6s, 23 at Bs, 8 at 7s. Fat Lambs—Three at 10s 6d, 109 at 9s 9d. GERALDINE STOCK SALE. At the GeValdine stock sale,' held on Wedc&sday, the yarding was a "very small one, comprising mostly of fat lambs. There; was only a small attendance and bidding was "very. clow. The prices for all lots, showed a decrease on previous sales. "Values were as follows: —Fat ©wea: Five at 7s 6d, 6 at - 6fl ICd, *7 at 5s 4d, 1 at 9s, 14 at 6s lOd, 5 at 7s 4d, 9 at 6a 6d, 23 at 7s, 14 at is, 84 at 6s 6d, 6 at 7s sd, 22 at 3s 6d, 38 at 6s 2d, 20 at 2s, 12 at 9s 2d, 23 at 2s, 25 at 5s 7d, 82 at 6s Id, 23 at 6a 2d. Wethers—One at 12s, 1 at 13s, 24 at • 12s, -17 at lis 6d. Fat Lambs - -14s, 15 at 9s 10d, 14 at 10s 9d, 27 at 12s 6d, 14 at 9s sd, ; 9 at 11» 3d, 20 at lis 9d, 21 at 10s 3d, 14 at 12s Bd, 20 at 12s, 35 at 13s 4<l, 84 at lis 6d, 44 at 13s 6d, 24 at 12a 7d, 33 at 12s, 41 at 8s 9d, 75 at 13s 3d, 49 at 10a, 94 at lis Bd, 3S at 13s 2d, Pigs—Four at 12s 6d, 1 at lis 6d, 3 at 9» 6d.

AUSTRALIAN PRODUCE (UNITED BS.SBS ±SSOCIiTIO3f--B I *H TBXJSOBAPH —COPTBIO"^^ (Received February 4fli, S.SO J-' SYDNEY,^Febras Wheat—Ex trucks Sydney 35 J stations 2s 6Sd. Flour—£lo. „ < Bran —£5. Pollard —£5 si. . , in Potatoes —Tasmanian, nevr torian £9 10s. _ i-< Onions —Victorian Globes u Oats—White and Alserian 31 w ADELAIDE, Ftbr-' Wheat —To 3s Ojd. Flout-7-%£7 10S. . Bran-^—£4 15s. Pollard—£s. Oats —Algerian. Is 60. CLEARING SALE. C. E. Jones, Ltd., report h«*L successful sale yesterday, on MfcriTalo lane. There uas a.vwy X tendance of the 4, prices were realised: — Cou^V,„ S Jn,"" chairs, £l3 10s; carpet, «!1? «■r, £ 10; buffet, £S ss; six dining, mission' table, o2s Gd; Hooj cleaner, £l3 ss; hall carpet' 3.05; arminster carpet, 459 s«;*r-" £OO 10s; rug, £3 10s; two " £3 4s; 3ft bedstead. fO 12a L_ £1 12a 6d; cot, fi 2s 6d; Is, mattress, £2 10s 6d; ban? ® 12b 6d; two glass jugs, 18s; £1 18b; lamp, 18s; cqucb, £4 2s 6d; Jawnrtiow«r, mower, £1 la ; dinner ware. «*»•»£ t«bl«, £1 1«J oak loot candlesticks, IT*.

Buyers. £ d. Sellers. '£ t. d. N.Z. Government Debentures — 4-i per cent. Inscribed, 1938 .... 94 17 6 9= 4| per cent. InscribedS _ 1089 • • • • 34 17 6 -U per cent. Bonds, 1939 •• • • - <44 per cent. Bonds, 1941 .. 94 11 6 5i cent. Inscribed, ft _ y 54 Ilk Cent ' InBCril3ed : 97 10 0 99 it per cent. Bonds, ' 1933 . •• 3810 0 54 ner cent. Inscribed, 1937 .. .. 99 5 0 98 5i per ' cent. Bonds, 1037 .. .. 99 10 0 99 ok per -cent. Inscribed, 1931 — 101 o' 0 0 15 17 0 u 0 0 0 6 0 Other Debentures — Ghristwhurch City, 5i per cent., 1934 ■' 1M W/Mmakariri River 6i per cent., 1965 Waitomo County, 6 per cent., 1964 ChriBt&hurcii ; Drainage, fif por cent., 1965 100 Christchurch Drainage, 6i per;,197,8 . TVaimttiri . County, " SJ Jper *c«rit., 1934 . ICO CJiristchurch Trame,. 5J per cant., 1944 10® Healhcoto County, 54 per-. Cent., 1943. Ohristchtirch City. 5J per o»nt., 1963 96 Christchurch City, »i per; cent r) 1949 ..-96 "0 0 ; 0 0 0 0 96 0 86 0 100 0 0 100 18 100 6 0 101 0 0 100 10, 37 - 0 0 '■ 0 100 0 0 0 0 0 0 0 0 0 0 Banks— Australasia. Comm. of Aust. •• E., S., and A. National of Australasia (£10 paid) National of Australasia (JB5 paid) y National of N.Z. New Soutli "Wales (cum div.) Xew Zealand Union of Ausi. 8 12 0 14 d 6 10 S 4 18 3 8 25 5 2 4 7 5 •«. 6 6 o' 6 0 0 5 0 . : 0 ;-4 11 s 3 2 7 14 8 8 6 0 0 S B 12 O 4 10 9 0 Insurance — Now Zealand (cum ,dW.) 1 IS 0' 2 os e Iioan and Agency— - Dalgsty and Co. Goldsbrough, Mori Mutual 'Benefit ' Guarantee Corpn. Permanent : ' Investment United Building- Society 1 0 9 0 10 3 ~4.0 18 0 ' 1 0 9 7 14 1 3 ; 12 10 '• 0: fi 10 0 0 11 0 4 0 8 , 0 s Shipping— P. and O. Deferred Stock 1 2 0 — Frozen Meat— N.Z. (Refrig. (il paid, cum div.) .. N.Z. Refrig. (10s paid, cum dir.) 0 0 11 4 4 7 0 11 0 4 8 9 Woollens — Kaiapoi (17s paid) Mosgicl 0 fi 6 17 0 6 0 8 0 CoalGrey Valley •• West port Stockton (ord.) Stockton (pvci.) 0 1 0 0 7 1 0 0 0 0 6 9 0 0 0 15 1 1 0 0 0 Gas — Auckland • ■ » Christchurch (cum divT) Christchurch (10s paid, cum dir.) Breweries — New Zealand Staples •• Timavu (7s 6d paid) .. Tooths Miscellaneous— Australian Distillery Australian Glass ■ ■ Aust. Iron and Steel (pref.) Beath and Co. Beath and Co. (Is pd.) British Tobacco Colonial Sugar .. Dxmlop-Perdriau Rubber • • • • Electro. Zinc (pre!., cum dir.) Howard Smith Kauri Timber Mt. Lyell N.Z. Drug Co. iST.Z. Farmers' Co-op. (GS per cent. Stock. 1940 and 1945) Victoria Nyanza Sugar Wilson's Cement Rural Bonds 1 1 0 1 1 0 1 1 0 1 38 0 1 0 1 o 35 0 85 2 6 12 5 0 4 3 12 6 (I 10 0 0 5 0 15 0 0 4 7 5 0 0 3 6 6 3 0 9 0 0 4 7 0 0 0 1 1 1 0 1 0 0 0 1 0 1 0 1 2 3 6 5 5 3 18 12 1 6 11 1 9 0 6 13 9 6 11 9 9 0 O 0 8 3 0 6 7 4 6 Mining— Alexander Alexander (contr.) Cornish Point Golden Dawn Golden Point .. King Solomon Mahakipawa ilahakipawa (pi'ef.) Okarito Waihi Waihi Grand Junction Golden Progress (cum div.) 0 8 6 0 0 1J 0 7 9 0 0 84 0 2 0 0 0 2i 0 0 3, 0 9 9 0 16 5 0 3 10 1 16 6 1 0 0 0 0 0 0 0 0 0 1 0 0 15 0 0 S 7 10 0 9 2 1 0 3 0 5J 10 1 4 1 19 6

CHRISTCHURCH. Sales on 'Ohange— £ «. d. N.Z. Govt. 4£ per cent. Inscr., 1938 (4) } 7 , i Comm. Bank of Aust. ... 0 14 o Goldsbrougli, Mort ... 13 2 Westport-Stockton Coal (prefJ <9 0 1" N.Z. Drug Co., - § 10 Golden Dawn £ L Mabakipawa ... • 0 w ? ; Sales Reported— N.Z. Govt.' 4J per cent. . „ i~"■ 1938 .-.ill? e N.Z. Govt. ;Si per cent, Inscr., 1937 ••• 9 ? 1 . ( ? " British Tobacco *■ AUCKLAND. Sales on • 'Change— Bonds, 1937,'. 5i per cent. Stock, 1938, 4£ per cent. .. Stock, 1937, 5J per cent. Bank of New Zealand • • N.Z. and River Plate N.Z. Breweries £ 99 95 99 1 1 1 ». d. 15 0 . 0 0 12 6 5 0 1 0 5 3 5 6 "Wilson's Cement Golden Dawn King Solomon (-) 1 0 0 12 0 7 9 2 0 WELLINGTON. Sales Reported — Four and a half per cent. Stock, 1939 Five and a half per' cent. 1937 Five and - a half per cent. Stock, 1933 Five and a quarter per cent. : Stock, -1933 Commercial Bank of Aust. (ord.) National Bank of N.Z. .. British Tobacco (ord.) Dental and Medical £ 95 100 99 98 '■ 0 3' ■ 1 '• 0 S (1 V 0 0 0 0' 0 0', •iO "0 ' 14 '9 10 • 6 6.3 5*0 SYDNEY. ,• 'On the Sydney Stock Exchange yesterday Commonwealth bonds made a good recovery, four per . cent., 1938, gaining 16s 3d. Seven other issues were much firmer than on Tuesday, buyers being eager to avail themselves-, of' the small parccls rushed on tp the/market' bv nervous holders, who /tvexo .influenced by the uncertain trend of political and financial events. It is regarded as unlikely that normal conditions will obtain until the Loan Council has finished its deliberations. Bank of New South Wales sold at £30, and Union Bank at £8 5s. Other Sales: — s. d. Colonial Sugar . . 43 14 0 United Insurance ■ • S 15 0 Huddart, Parker (N.Z. delivery) . - v •' 1 9 3®:; New -Zealand /Si- per cent., 1037,, debentures 112 10 ' 0 Millaquin Sugar ; l- .S'-O-Burns, * Philp ... 1-19 V « Carlton Brewery .. -1 10 , li Henry Jones -• • • 1 3 0 British Tobaeco ... . . 1 10 provincial Av GoldshrefugliV Mort (Jv.Z de ■ livery.) 4 ■ j --1 Australian Gas A., .51,5 0. Dunlop Perdriau. ,• - ... ; *U.- 0 12 5 Mt. Lyell . . •• . •• 1 ;{ £ Zinc .Corporation . i ..; .-1 1Q 9 Broken Hill, Souttv - . 2 6 >3 Morning Bales:— ' M Commonwealth feonds— . . 4". per cent., 1938 .93 0 0 4 per cent., 1941 ■ 92 10 0- ■ 4 per cent., 1944 • .. 92 7 • 6 4 j>er cent., 1947 92-35 0 Kandos ' 0 13 ; 0 Farmers' _ .. . v . •• ". 9 6 MELBOURNE - Early.'-'SaleS r— - Goldabrougb.,. Mo'rt:- /. . . Metropolitan. Gas Carlton- Brewepy *<*•'■. • • British' Tobacco • . . Dunlop Perdriau Electrolytic Zinc (pref.) Herald and 'Weekly Times Broken Hill, South Broken Hill, North & 1 . 5 -1 .: 1 0 1 2 3 s d.' 6 7-J 2 0 10 010 3 12 7 3 8 1 0 6 9 8 0 FOREIGN EXCHANGES. (BRITISH OFFICIAL WIRELESS.) ■ RUGBY, February 8. The following are the current rates, of exchange, compared with those of February 2nd and par: — Par. Feb. 2. Feb. 8. Paris, fr. to £1 ■ • 124.21 87J 87 3-16 Kflw York, dol. to J31 4.868 3.452 3.45i M ontreal, dol. to £1 4.866 3.36 3.95 Brussels, belgas to 111 35 24 13-1G 24 13-16 Geneva, fr.. to £1 .. 25.226 172 17|' Amsterdam, fl. to £1 12.107 8.59 8.583r Milan, lire to £1 .. 93.43 68g 67J Berlin, reichmarken to £1 .. •• 20.48 14.574 14 9-1)9 Stockholm, kr. to £1 18.159 17J. 17g Copenhagen, kr. to £1 18.169 38| 18& Oslo, kr. to £1 .. 18.159 18J 188 Vienna, schgs. to £1 34.585 32 32 (nom.) (nom.) Prague, kr. to.£l .. 164.23 116g 116J HeJsingfors, marks to £1 .. .. 98.25 9Qf74 2274 Madrid. pesetas to £1 .. .. 24.225 43J 44 1-16 Lisbon, escudos to £1 .. 4.50 101J 109$ Athens, drach to £1 375 270 270 Bucharest, lei to £1 816.6 575 577J Rio de Janeiro ; pence to milreis . 4.988 4J 41 Buenos Aires, penc» to dol. .. 47.577 40 39J Montevideo, pence tr do!. 51 3] 81 (nom.) (nom.) Bombay, pence to rupee .. .. lfi ■ 20J 18 9-64 Shanghai, pence to tael .. .. 21J 23| 23| (nom.) Hon<? Kong, pence to dol. .. ..21 18 j 18i (nom.) Yokohama, pence to yen .. .. 24.85 26. 24J METALS MARKET. I-NITED fRKSS ASSOCIATION— BT ELBCTIttC TBIEOKAPH—COPVBISJrr.) T.O.NDOX, February 3. Quotation#: — Feb. 2. Feb. 3. per ton. per ton. Copper—- £ s. d. £ d. Standard, spot .. 38 4 4J 37 18 9 Forward 38 1 10i 37 li '3 Electrolytic ... 13 10 0 43 10 0 to .. 44 1 0 0 44 10 0 Wire bars .. 41 10 0 44 10 0 LoadSpot ... ... 14 12 fi 14 7 fi fi orward .. . - 14 15 0 14 10 0 Spelter— Syot • • .. . U 3 9 13 17 6 Forward .. .. 14 11 3 14 6 3 TinSpot. ... .. 110 18 3 138 15 0 Forward .. .. 143 11 •"> Hi 6 3 Silver— Standard, per or. 19Jd 19id Fine, per 02, ... 21 8-IBd 30Jd