FINANCE AND COMMERCE

Press, Volume LXX, Issue 21133, 7 April 1934, Page 10

FINANCE AND COMMERCE

WOOL SALE FINAL CHRISTCHURCH AUCTION i IMPROVED DEMAND FOR FINE WOOLS i _ TOP PRICE, 20 Id FOR HALFFRED The fourth—and final—sale of this season's Christchurch series was held yesterday afternoon in the Caledonian ' ilall. Owing to the free disposal at Ihe preceding sales a very small cata- ■ loguc was offered, the total being 4262 ■ bales, compared with 11.081 at the corresponding sale last season. The order of sale and the individual catalogues were as follow: Bales rvne. Gould, Guinness, Ltd. .. 938 Dalgety and Co.. Ltd. .. 126 > ; National Mortgage Co.. Ltd. .. 2oj NZ Loan and Mercantile Co., Ltd. •■ •• ? l r }. H. Mr.tson and Co. ■■ j£9 N.Z. Farmers' Co-op. Assn.. Ltd. Wo 4262 The offering was of an unattractive character, representing a "clean-up" of the season's wool. Pieces formed a major proportion and crossbred lots were also more numerous. A few clips of good average Corriedale and halfbred were forward, but most of it was heavier in condition and carried more dust than the wool offered at the earlier sales. There was practically a full bench ©f buyers, all European buying points ■ being represented, in addition to local mills and fellmongers, the latter of whom competed actively. The sale was a pleasant surprise for vendors. The market for all classes of fine pieces and fleece was better than at the sale on March 2. French competition was keen throughout for fine pieces and Bradford operated to a limited extent. There was very little wool offered suitable for 1 rhe German trade, but some of the high-priced lots were secured jor Germany. The comparative absence of high-class fleece wools re--1 stricted competition from the local in ills, but fellmongers secured a much heavier proportion of pieces than usual. Considering the quality of the catalogue the sale was an excellent one. Passings amounted to approximately 500 bales or 12 per cent. One big clip of 200 bales of merino was withdrawn. The "star" lots were sold in each catalogue at the end of the main lots. I The Improvement Fleece wools of a 48 count and over were better than at the March sale by a farthing to a penny per lb. Fine pieces showed a slightly better apprc- ,; ciation, most of them averaging from a halfpenny to a full penny more. This estimate makes allowance for the difference in quality at the two sales. Crossbred showed little, if any, dif- , , ference. but was up to the rates ruling recently at other centres. The Top Prices Top price of the sale was 20.', d for three bales of halfbred, brand C.J. Fifteen bales of Redpark halfbred made 20d. Seven bales of Denbrae halfbred sold at 19.Vd. Best Corriedale figure was 20d for five bales of Barnswood brand. The next Corriedale price was 19id for 13 bales of brand B.R. Best merino price was 19, id for 17 bales of Montalto,ewe. Fine pieces made up to 173 d, and I five bales of Murchison halfbred necks also sold at 173 d.

RANGE OF PRICES The following is a range of prices compared with the sale on March 2:— Mar. 2. April 6. * d. d. d. d. MerinoSuper .. 10 to 20 18 to 19', Average .. 154 to 17 : ; 16 to 171 Inferior .. 12 to 15 121 to 151 Corriedale — Super .. 18J to 211 181 to 20 Average .. 16 to ICJ 16J to 18 Inferior .. 121 to 131 14 to 16 Fine Halfbred, 56-53 Extra super .. to 23 Super .. 19 to 211 m to 201 Average .. 161 to 181 161 to 181 Inferior .. 12 to 151 14 to 16 Medium Halfbred, 50-55 Super .. IC-1 to 18 163 to 17.2 Average .. 141 to 164 14;,' to 161 Inferior .. 11 to 131 12-J lo 14] Extra Fine Crossbred, 48-50 Super .. 13 to 15 Average .. 10 to 121 10} to 12'; Inferior fi to 91 81 to 9:! Fine Crossbred, 46-48 Super . . B,i to C; 9 to S : ' t Average . . 71. to 8J 71 to 81 Inferior .. 6 to 7 6 to 7 Medium. Crossbred, 44-46 Super .. 1?i to 8.1 —- Average .. Gi to 71 6] to 71 Inferior .. 41 to 51 41 to 6 Pieces— Best .. 16 to 201 151 to 17 \ Medium .. 101 to Jsl 11 to 15 BelliesBest .. 13 to 15 131 to 141 Medium .. 101 I o 121 11 to 13 , Crutchinys— Medium to good 7 to 121 7 to 101 Inferior aud seedy .. 31 to 61 4 to 6 ' Locks— Best .. 8 to It 8 to 10 I Medium .. 6 to 7 61 to 7 : Crossbred .. 31 to 6 4 to 01 l The following were representative sales:— Tyne, Gould, Guinness, Ltd., sold: Ringhill: Six bales comeback, 17',d: 7 ! bales comeback, 17d; 6 brlcs pieces, I3kl. : F.I. over Bar: Four bales ci/utchings, Bd. Glengowe'r: Sixteen bales Corriedale, 13d. Tctinii: Five bales Corriedale ewe, 17vd. Murchison: Five bal-?s IrjlCbrcd necks, 172 d: 5 bales halfbred piece?. j 16d; 4 bales halfbred pieces, ltd: 4 i bales halfbred pieces. Hid: 4 bales bellies. 13Jd: 4 baler locks 81d. j Bar over inverted eve: Five bales i lnrribs' rrutchin:is. 4vd. ! Glazebrook: Eight bclc? halfbred j rwe. 13-Jd; 4 bales halfbred hogget, i 13 d. i Craigieburn: Seven bales halfbred \ hogget, lfid. 1 W. I. over b-ir: Four bales Corricdr.b hogget. 16' d. K.G.: Five bales halfbred hogget, 141 d; 10 bales eortcd, 65d. Laverick's Bay over J.K. in triangle: 1 Ten bales crossbred, G^Jd. Longlands: Five bales Covvicd::le ewe, 16^d. Ten-vrr. Ten bales crossbred ewe. fjd. Clarence over P.A.A.: Six bales irterlno, 16} d; 3 bales merino wether. 13-ld; 9 bales merino ewe, 123 d; 10 kk bales halfbred, exutciungs, 10d,

Barnswood: Fiva bales Corriedale, | r.Od; G bales Corriedale, 18id; G bales I Corriedale, 17* d; 9 bales Corriedale. ' 15Jd: 5 bales three-quartcrbred, 12:ld;5 | bales thrcc-quarlerbred, lOd: 4 bales I Corriedale pieces, 16;', d; 9 bales Corriedale pieces, 14.', d: 4 bales crossbred I pieces, 7d; 4 bales bellies, Hid. Round top over M: Six bales half- ! bred, 17',d; 7 bales haUbred. lOd: G i bales half bred ewe, 13:; d; 4 bales halfbred hosget. I3id. Cascade: Four bales Corriedale ewe hogget, 15 r ; d.. W.G.A.: Four bales lambs, 13d. 8.R.: Fifteen bales Corriedale. 19U1: G bales haUbrcJ hornet, lS'.'d; 4 bales haUbred black, 12M. Stoncy Bay: Four bales pieces. Bid. L.A.: Four bales scoured thrcequarterbred lambs. 9^d. Lynton Downs: Five bales half'orcd wethers, MJsl Dalgc'.y and Co., Ltd.. soid: Erewhon: Four bales halfbred, Md: 4 bales halfbred pieces, 13Jd. Roscdulc ever heart: Twelve bales, halfbred ewe, 10 ',d. L.E.: Seven bales thrce-quarterbrcd hogget, yd. V over Mount Vernon: Five bales : halfbred, 13d. Gooclhurs'.: Four bales halfbred. 13d. EX. over Waihi: Four bale"; halfbred, I'.'d: 9 bale; three-quart:rbrcd. ti.'d: 4 bales crossbr.-d, G : !d. 'Glenariffc: Six bales Corriedale bel- '. lies. 1.3 Ad. i W over O: Six bales crossbred hoyget, Gd. : A over G: Five bales three-quarter- j brea. 9d. i M B over S: Eleven bales Romncy. • li.'.d. S.M. over W: Eight bales crossbred, | lO.'d. ! 5.8.5.: Four bales halfbred, loicl; 10 ' bales thrce-quarterbrcd, B:]d. M.O.Y: Four bales three-quarter- ; bred, fid; 6 bales crossbred, l^d. Cy'r. Eleven bales halfbred, 19d; 4 j bales pieces. IGUI. Kainga: Six bales halfbred, lOd: 15 I bales threc-quarterbred, 81a; G bales j crossbred, 7ci. ! Angles over Ashley: Eight bale.: ; halfbred hogget, 18',d. ' G.R.: Four bales halfbred. lj.'.d. j W.A.S.: Five bales three-quarter- j bred, Gy;d. ; K reversed B conjoined: Six bales fhree-quarterbred hogget, GUI; G bales | crossbred. Gjd. j J.A.: Six bales Southdown. 13; d. : Taio: Eight bales haUbred pieces. ' 12 id. M.N.: Fifteen bales scoured locks, lO.vd. Double Hill; Five bales Corriedale. ; 14.'d. SM over W: Six bales crossbred. Tie). ; Hawk Hills: Four bales halfbred, l;")d. Hossack: !• ive bales nalfbrcd, lG[d: ' 4 bales halfbred, 13,' ; d. The National Morl-ra.-rc and Agency Company, Ltd., sold: j D in diamond over Montalto: Nine bales merino ewe, 19id; 8 bales half- ; bred ewe. 19.', d. ! Bar over RJ: Five bales three- j quarterbred ewe, 13jd. ! UX: Nine bales threc-quartcrbrcd ' ewe, j J.M.: Six bales crossbred pieces. 4rl. Eyebrow over Y: Six bales crossbred, 7-id. ; W over bar over G: Six bales crossbred, 7Jd. T.W. "over MV: Six bale ; cross- : bred. G'.d. i 7: Six bales crossbred. 7d. W over SM: Twelve bales cross- , bred, 7id. Circle in circle: Nine bales half- i bred, 17'.u. Eyebrow over T over R: Six bales , crossbred, 6 r ;d. |

The New Zealand Loan and Mercantile Agency Company, Ltd., sold: Eyebrow over JVC. over M: Four bales crossbred ewe and hogget, 6','ci. Y6: P'our bales crossbred ewe, 9ld. Bar over LML over Malvern: Ten bales halfbred. GAd. Kowhai: fourteen bales crossbred. sid.

Theta: Eleven bales crossbred, GAo: 4 bales three-quartcrbred, 6:; d; 4 ba'es pieces. 7d. EM over K: Four bales crossbred. 7Jd. T: Twenty-one bales crossbred ewe, 7.jd; 8 bales crossbred hogget. G : ,'d; 4 bales crossbred ewe, sid; 4 bales cots. s^d. DK: Nine bales crutch in us. sr;d.5 r ;d. LB: Fifteen bales locks, aid. CC: Four bales halfbred hogget. 15 r id. M in Diamond: Ten bales merino, 14Jd. WC over Springvale: Four bales crossbred pieces, 4.'.d. P over X.B. over E: Five bales: crossbred, 7 : ', d. GP over H: Four bales crossbred. 7d. M over Bar: Four pales halfbred and merino. lG.vd. J OC. over Wa'tangi: J'our bales crossbred, 7d. The Lakes: Three bales merino. 13 Id. 11. IMatson and Co. sold: J.V.S.: Four bales crutching.s, 6jci. Dale: Four bales halfbred. 17id. Denbrae: Four bales halfbred hogget, 16.1 d; 7 bales halfbred, ISP.d: 10 bales halfbred, J9d; 7 bales halfbred pieces, 17d: 4 bales halfbred bellies and pieces. 14Ad: 4 bale., pieces. 01d. Weka Weka: Five bales merino. 14Ad. T.B. over bar over W: Five bales crossbred, 7Jcl, J.G.: Five bales pieces. 9d. Wairuna: Twelve bales halfbred. 18' d; G bales halfbred, 16Ad. Moj: Four bales hallbrcd pieces, Mid. The New Zealand Farmers' Co-opera-tive Association of Canterbury, Ltd., sold:— Redpark: Fifteen bales halfbred. 20d; 7 bales thrce-quarterbrcd, 16 ; ', d: 7 bales three-quartcrbred, 151 d; G bales crossbred. 3jcl; 4 bales three-quarter-bred hogget. 14jd: 6 bales pieces, 17','d; G bales pieces. 11.', d. Wairewa: Seven bales halfbred pieces, lG'.ci; 6 bales halfbred locks. 7Jd. Valctta: Twelve bales Corriedale ewe, 18d; 5 bales Corriedale ewe, 17d: 4 bales pieces, 15id. Gleneve: Nine bales merino, laid; 7 bales merino, 14',d; 6 bales bellies and pieces, lGd. The Brothers: Five bales halfbred ewe, J7 : '.d. Bar over 5 P: Four bales thrcequarterbrcd eve, 9d. Eyebrow over M.: Five bales halfbred ewe, 18d. E N: Five bales Corriedale ewe. lS'.d. Bar over P.U.: Five bales halfbred ewe, lG'jd. Glenfalloch: So\-en bales halfbred. J4.'.d. tehau: Eight bales halfbred bellies and pieces, 10',d. Lnvington over block: Four bales halfbred, lG.vd: G bales halfbred. 15.'d: 9 bales eottcd. s;d: 4 bales halfbred hogget, lid; G bales halfbred, 15 : ' d: 8 bales halfbred pieces. 13d: 4 bales bellies and pieces, lid; 9 bales bellies, lid. .I.J. over bar: Six bales lamb crutchings. 7d. G over G in circle: Five bales halfbred ewe. 15 : ,' d. Heart: Six bales Romncy ewe. 7d; 5 bales bellies and pieces, 7 : ; d.

j RANGE OF PRICES

CHOKERS' OFFI lAL REPORT Following is the ofl'icial report of the auction supplied by the Christchurch ; Woolbrokers' Association: — j The fourth wool sale of the season jwas held in the Caledonian Hall, when I 4202 bales were submitted at auction. ! The selection was a poor one, comprising mostly back country, West ! Coast, and held over wools, which I were mainly shabby and heavy in con- ; dition. ! Competition was unexpectedly keen, 'especially from the Continent, which 'lilted most of the fine quality ilescc and pieces. Bradford buyers were icoinparalveiy quiet, confining their i attention to the lower grade top makiing wools. There was a good cleariance, approximately Do per cent, being ; sold at auction. ' The following is the range of prices: d. d. Merino. 04 70. GO G4— Super .. .. 13 to 191 Average .. .. 15i to 17). j Inferior .. .. 12 to 15 Corriedalc — ; Super .. .. 101 to 20 ! Average .. .. 16\ to 18 Inferior . . 13} to I.V. Fine Halibrccl, 50. 50 50, 50-- ' Super . . 10; to 20! Average 10} to 10! Inferior U to 10 Medium Halfbred, 50 50, 50--1 Super 16v u> 1"} Averase . . l J j to 10', ! Inferior 12.'. to 14 ; Extra Fine Crossbred. 40 50 I Average . . 10 lo 12} ; Inferior . . 0 to 9}. Fine Crossbred, 40 -'.'6 ■- j Super .. o',' to !).', Average . . V.'. to .".'. Inferior . . 5; to 7 I Medium Crossorecl. -M 40 - ! Average: .. o'. to 7) 1 Inferior . . . . 4 ' to 0 "ellies Kalfbrecl, .noorl . . 10 to !.r; '. Halfbred, low to med.um 10;. lo 12.'. Pieces - ! Halfbred, good . . 15'. to 17,' I Halfbred. low to medium 11 to 15 1 nellies and Pieces ! Crossbred, good P. lo !U Crossbred, low to me.l. 4', to 7} ■ Crutchings j Ilalfbret:'. mecl. to good 7'. to'lo', Halfbred. inf. and seedy :i\ to 7 | Crossbred, med. to good. 5.', to i\\ ' Crossbred, inf. and seedy 0 t" 5 (Locks - ! Merino . . . . 7'. to 0 : Halfbred .. . . "'. to !!'. Crossbred . . . . 4 to 0 ■HIiU)FORI) TOPS MARKET it :<i : r.D pvrt.i «»-,',. mm ■■-•:•,• i.: r : :::■ I f.l.!.ili':.Wll-~ I I'M I.'Gil i i LONDON. April 5. On the P.rrdt'ord tops market, bnsi- , ness was in.-nilU 10111 to test (trices. ■ The topniakrrs' altiiurie was linn. SYDNEY STOCK ! EXCHANGE i , On the Sydney Slock Exchange yesterdnv the general industrial issues 1 were" steadv. Commonwealth bonds t were still advancinc.. while the turnover in the mining sretiou was almost a record. 'Hie demand for eastern tin •hares was most pcrsis'rnt, and London buving orders are believed to be ! still in'the market Tor concerns m the alluvial tin group. Morning Sales X. s. d. Commonwealth Bonds I 4 per cent., 1900 104 1.1 9 l 4 per cent., 1050 . . 100 !■) 0 ! F 100 17 0 ■ Bank of New South Wales 04 15 0 ; New Zealand Insurance 2 1!) 0 Too hoy's Brewery 17 9 (Tooth's Brewery . . 2 0 0 ' Associated Newspapers 12 9 Associated Newspapers (pref. i • . 1 ■'• (i Broken Hill Proprietary .. 2 0 0 Lustre Hosiery ..14!! Meggitts . . . . 1 1 0 Winehccnibe, Carson .. 19 0 Afternoon Sales Bank of New South Wales 01 15 0 Comm. Bank of Sydney .. 17 10 0 Colonial Sugar . . . 05- 1 1 0 Australian Provincial Assurance .. 0 10 0 Mercantile and Mutual Insurance . . . . 12 0 AsKK.-ial.cd Newspapers . . 12!) Associated Nowspap' rs (pref.) .. .. I 0 4'. British Tobacco . . . . 117!) Tooth's Brewery .. .. 2 0 0 Toohey's Brewery . . 17 JO;. Henry Jones . . . . 1 It 0 Millaquin Sugar .. . . 19 0 Lustre Hosiery .. .. 14 0 W. R. Carpenter . . . . 2 10 Bulolo Gold . . 7 2 0 Bulolo Deposi's ..020 Broken Hill Proprietary .. 2 0 0 South Broken Hill .. 0 10 0 Rawang Tin .. I) 9 0 Larut .. .. 0 14 0 Tongkah Harbour .. oil 9 Malim Nawar .. .. 0 10 0 Kuala Kampar .. 010 0 Placer Development .. 10 7 (j MELBOURNE ,r: s. ei. Commercial Bank ipref. > 912 0 National Bank (£5 paid) 610 0 Dunlop, Pei-driau .. .. 019 11 Metropolitan Gas . . ];j 17 0 Herald and Weekly Times 212 0 North Broken Hill .. 412 0 Golelsbrough, Mori . . 113 (; GOVERNMENT SECURITIES 'C.\m:u , :v ~,;,,-,,: , c I.OXDOX, A,,.;| ;,. I '-'■' i'"!!')"-in,' ■'<(. t;„. iM.-.t (| u.,i:,ti.jiii ■tf C.v,.,.nnn.nl -,.n.i;::r.s ~,•„,,.., , ;l J v, t P, Ll.r----li!-il>-4 Mlll.l;/ oil .M.f. I, -,l: l.ttM ~,.;,-. Tins ~-,,•!,■ 1 IJ, "-" J -' , •-.!') U .-1 (') ■'; ; '" I-"-'"- I P.-.. i:«) '■> ■■ .. '!-' Hi It i-.-i n II ■"' !J-'-- V.'lU- |.(,,!| !1J I (J (~' 11,] j", I, Vi.-l,„-v 1.J..,r.:. =*. I ~.,-. 1 |ij t 7 ,; ~„ , 7 , ; l!'tJ7.s .'. ' "'.'.' 1,11:; 11 2 ,-. (-.. it. ■...,.■■ itiL!,. (, ~.,., !'»::! 11 . Pi.", :i :; p.; 0 0 pj';t;.'!7 .. ' ..' 1 ,-, ;; n p,| s :i Vt..-i.-,n i , ;s ~.,-., p.i-ju I" . at 17 1; !).5 C ■) V„-i. ~,. ;; ~~. p,j:, '" .. ;i:i 5 0 til) a •■■ V,.i.. :,, :, ~.,-.. i:r:'- !-■ .. .. ii.tt s !) iiiu t; :i v.,-.■, ~,, p, ~.,-., IfJM, til) . . 11,7 <l (I 11,7 -i c, i>.t-.. in::.', . pi :; :) 101 7 c |,.c, .;; :;u ;,ii :>:> 7 r, <x> in :i ■■ :,, ', ',.(!, ~,,,[,:,■ p 1-'o . P7 fi 'i "17 7 r, pi.-j-17 .. :/.i .) (i '.i.i ',-, ii '.,„ i, p. p.-.. pip-is .. .. p 7 7 r, ;»7 ,s •.) >:<. v. /. tihtiKi, ;;; p-'---i;i.pt .. .. ioj t .-» l':-2 ■! t :.>.• '.-TiiunO. ;> p.<., 10! 5 .. . :)7 1 ?, !)7 0 0 •■='>: I. ti !'•'-.. 1' 3U ."j L .. .. !0l l 0 P;7 C 3 S.iii.i, A'im:.,;i:i, :: ; . p.,.., i'jrs;i . I'tJ ." 0 ioj 0 3 foul ' Aii-lnipt. " p .■., !!)'() or aftn- .. *i 10 I) t-5 0 0 'l'a'si.. -i.iii, :;.;. ().■.-., ttei.pi .. ir,i 12 c jot 0 f, " in"" '"!."' . arj 0 ') 09 0 u V,r, i-i AiM.-va, ::■ p.'-., JD-Jti-lIS .. O'U 'I 6 trO 13 5 i Weetfi-n Aitßlv.ilia, ■) I p.c, ISIS-P..S .. 1M I=s ' '"'« I" Q ' Ji* dividend.

! DAIRY CONTROL BOARD

i Reorganisation Urged I : PLANS FOR MARKETING ! AND PUBLICITY [THE PEESS Special Service.] AUCKLAND, April 6. In an interview. Mr W. Goodfellow i urged the reorganisation of the Dairy | Pro slice Control Board to make it a ■ strong leader lor the industry. The directors of the dairy companies should ! elect a national dairy council on the I ward system, based on tonnage of i produce. The council could meet ocuasii. naily to discuss policy matters, i and from its members elect an executive or beard to carry out its instrucI tions The board so constituted would i "ct on with the important business, and give a lea J in all matters oi ; importance. . 1 "Our selling, system in the United Kingdom is all wrong.'' said ivlr Goodfellow, who recalled that the New ■ Zealand Co-operative Dairy Company . cuablishcd a patting plant in London nearlv 10 years ago. The Anchor brand pat trade had grown steadily until 10-dav about DO tons weekly were soil 'in '.lb, Alb, and lib pats llnouehoui. Great Britain. The system of sellm ; in bulk made substitution extremely easy, and it wa-; also difii- . cult to advertise a bulk line, as there i was no guarantee that the customer vvr, :ve-l what he asked for. Further, patting of butter overcame the difficult y of spreading it. i I'attiug Plants i" Britain M> Goodi'ellow thought Ihc Dairy Control Board should establish imme(iialelv three large' nailing plants, say in London, Manchester, and Glasgow, wlKiv bulk New Zealand bu'.Ur would be examined and then repacked in ' ;ib. .'.lb, and lib pats under the Kernleal brand. I! should thus be possible • lo buil I no fairly rapidly a trade in : packet butler <>r say 20,000 boxes a w<:\.k. winch could be gradually increased until most of the butter was ■-old in thai maiui'r. By there means, he believe:!, prices equal to those paid ]:■!■ Danish butter could be obfained for the finest New Zealand butl"r. It would be advisable lo employ ab' ill 50 travellers throughout Great 1 [lni.'iii, deb to canvass weekly a evil lisl of .'hops for orders. The mauag'T "i the pal plants w.-uM buy lies weekly requirements '•rmn- the London importers, thus pre{venting friction with Too ley street ; merchants and at. the same time {raising lh'< price by buying large 'quantities on the market reguk-rly. i An annual sum of £75.000 to I £IOO.OOO should be available for publicity. i Developing; New Markets

' A further suggestion was: that the Dans Produce Control Board j-lioulct j locate travellers nt central points to dc\■< lop new markets. One could be placd at Hong Kun:! to work the f while (jf the Last, a second at Mon- ! : treal to kc-p in touch with Canada ! and the United States, a third at t Panama to work Central America. 1 i and a fourth in London to work the ; ' Mediterranean an 1 North Africa. T.i linaneo the sch<ii;o. Mr Good-■ f-ilcv sugg-. t: d that Hie Dairy Pro- \ dia'e Control Boarl should be cm-' 1 pewerod to make a marketing h vv 1,11 | t.'l dairy factories of Id per lb on nil '■ | loc:d sale; of bytpr nwd Id per lb on , choc;,., n.-dry produce was sold at' ! very low prices in the Dominion, and jan extra Id on the retail price of 1 I butler would not an"' c! c n.< umption. j By that method the hoard would col- 1 '. leet annually, say, ,': 250.000 without ! any payment being ma e bv th"' ■ dairy farmer. !"KK('KNT PANIC : CON'DFIMNFJ) .mi: ctxiiiiid.i.ow's ti:n propositions -1 i:r •-. i idi u : ins. Tr.'.rr,::-, ,i.] j ' i i AUCKLAND. April (1. SpccUle proposals' for remedying th" ; l.ta.te of the industries are made ( by Mr W. Goodfcliow m a lon.u \ ; '•taieme.it. lie .aid the recent ; panic policy of our political lead- ' (is was to be deplored, though, in i justice to the Prime Minister 'the Rt. ] : Hon. Cj. \V. Forbes) if should be said!' that he was obviously never keen on ! 1 restriction of the Dominion's exports. ■ The Rt. Hon. J. G. Contes, on the | other hand, had lor some time past ! been obsessed with the need for planning everything, and the dairy industry appeared at present to be his particular hobby. The Hon. I'i. Masters. Minister for Jnduslries and Commerce, could be relied upon to j I advocate whatever best suited the see-1 ! ondary industriesr and it was question- I | able whether either ma,; had ever i given the question of dairy export' restriction serious thought. Quo(a Discussions [ I Mr Goodfcliow traversed the quota j discussions with Great Britain and the, ] dairy conference. He said that on j (March 22 and 2'i the Dairy Produce]' | Control Board met the Government. ; ' j and, eomrary to the board's declared • : policy and, one could only assume. ; under extreme political pressure, linally , j agreed to a delegation being sent to, 'London, headed by a Minister and i ; with power to act. This meant that! [ the Dairy Produce Control Board had j i placed tine industry in the hands of a ■ i member of the Government with, : power to enter into an agreement to j restrict, dairy exports, i 'i he Dairy Produce Control Board , \ was requested to meet the Govern- 1, intent again on April 11 to present audi 1 discuss a restriction scheme which ; ' would form a basis for discussions at. | the Empire Conference in London. The ' t latest reports, however. were that, 'Great Britain had again intimated tha' j. she did not desire a conference. The' dairy farmers of New Zealand would' be exceedingly relieved to know that. ' Ottawa Agrccnu'iit i Discussing likely developments after i Hie expiration of the Ottawa Agree- \ men;. Mr Goodfcliow expressed dis- : agreement with the view that Great ; Britain would not make a separate trade agreement with New Zealand, rt ' was quite conceivable that the British import tariff would be based on the results of Hie operation of the Ottawa agreement. If so, Mew Zealand would not make a very satisfactory showing. Her small tariff concession had been more than neutralised by the increased ■exchange rate, with the result that i the British manufacturer was now worse off than before Ottawa. ; New Zealand had shown an almost I callous disregard iov her only worth- ; while customer. There was yet time' I but not verv much time to put matters i right. " ; ! Mr Goodfcliow said no one could i j tell how much longer the present ceo-j I nomic blizzard would last. New Zea-1 'land should therefore prepare for the j ! worst and not continue to hope for the ; I best. When European conditions im- : i proved New Zealand would once again : jhave no difficulty in selling dairy pro-! ducc. provided qualify and costs were ; j competitive.

Ten Proposals Submitted Mr Goodfellow suggested the following propositions for the Government's ' consideration: — G) National eeoonmy. Including < ' 50 per cent, reduction in the size of , Parliament. (2) Reduced tariff and rates. , (3) Bring exchange back lo par with i sterling. (4) Replace the exchange premium with a temporary subsidy. i (5) Encourage dairy farmers to I breed pigs, ewes, and poultry. * <0) Maintain the quality of dairy pro- , duce. I (7) Reorganise the Dairy Board. <8) Actively push sales in all new markets. (9) Establish three central patting . plants in tne United Kingdom. (10) Push and advertise Fcrnlcaf pat butter throughout Great Britain. Sale of Butter in Pats In amplifying these proposals he dwelt uoon the need of reorganising : the Dairy Produce Control Board and ■ upon the sale of butter in pats, sayi ing the board should establish three ' lars'c plants in London, Manchester, 1 and Glasgow, and gradually increase I that trade until the bulk of New Zca{land butter was sold in pats. By that ! means uanish prices could be obtained ! for the finest New Zealand butter, i In addition to the marketing campaign in Great Britain the Dairy Pro- { duce Control Board should have repreI sentatives at Hong Kong, Montreal, j Panama and one for the Mediterranean. I In conclusion, he said there was, in irealitv, no over-production of dairy { produce, but under-consumption. The i New Zealand climate excelled all others for the production of high-grade butter and lamb. By setting our house ' in order now we should profit to the ; full when the world outlook brightened. ANOTHER SCHEME C'ONTUOL OF .MAUGAKINL TKA»r: SL'GCLSTLD II !l,e;l AiSOCirIIDN TKIT.r,H\U.) CAHTERTON. April f>. A meeting of the Wairarapa Fcdcr- \ ated Dairy shareholders was not very i largely attended, but interesting adi dresses were given by Mr Ben Roberts , (Parkvale) and by Mr A. Linton (Lower Vallev. Wairarapa i. who was a representative at the recent confer - I ence Mr Linton emphasised the im- ! portancc of Great Britain's exercising : control of the margarine trade before I the Dominion could hope for a better : """interviewed after the meeting. M>Linton outlined a scheme by which ! he though! the ills at present being experienced by dairy farmers might Irpeedilv be relieved. His scheme contained the following proposal as a basis ; of discussion with Ihc British Government: - - . 1 Bring down legislation for the control of the margarine trade by limI iting the sale to 150.000 tons per annum", and making it compulsory for ; the incorporation of at least 33 1-3 per ; cent, of butter in all butter substitutes sold or manufactured in England. ! 2. Exercise some penalty and restriction against those countries which I are keeping butter at an artificially j high level internallv and shipping their surplus to England.

?,. Double the amount of the restriction on the imports of foreign cheese, which this country agrees to. 4. Any restriction this country agrees to to be applied equally to all countries of the British Empire. f>. Guarantee New Zealand a freed market for butter over a period of the year. New Zealand will reduce hjr cheese export to Britain to a tonnage to be agreed upon by classification and interna' control of the industry. 1. By stopping the manufacttn-o of •h'-ese between some time either in Mnv and September. '>.. By controlling ia'-go dual factories, to make either of the two commodities when necessary. AUSTRALIAN HOARD'S POLICY A POSSIBI.K ( lIANtiK SVD.XEY. April (i. The '■Sydney Morning Herald" say:iiat although last year when the proposals were made for the limiiatio:; if butter exports from Australia to he United Kingdom. Hie Australian Dairy Produce Control 1> ard opposed .he plan, it is expected that this polity ,•_•; 11 soon be reversed. Mr S. M. Bruce. Australian High Jommisisoner. conferred with rcpic'cntalive- of the dairy industry. ;<nu t is considered certain that any ad ion Jecided upon by Australia will be in .■otijunel ion with New Zealand. Mr Bruce will visit New Zealand on lis return journey to London. and :nnfc- with the Prime Minister Ohc Rt. Hon. G. W. Forbesi < n this and jther subjects. BUTTER AND CHEESE. LONDON QUOTATIONS LONDON, April 5. The butter market, is quiet. Quotadons: Danish C2s, choicest salted New Zealand 72s to 7.'!s, Australian 71s to ?2s\ imsalted the same. The cheese market is slow. Quoladon.s: —New Zealand white and coloured 43s fid to 445, Australian coloured 42s lv> 42s Gd. The National Mortgage and Agency Company of New Zealand, Ltd., advises having received the following cablegram from its principals, Messrs A. .1. Mills and Co., Ltd.. London:--Butter —The market is slow. I'inest 725. firsts 71s, unsulted 72s to 735, Danish ills to r/is, f.o.b. <s2s. Australian 70s. Cheese —The market is slow. While p.nd coloured 43s to Ills (jd, Canadian 52s to 51s. The following cable has been received by Dalgety and Company. Ltd.. from Samuel Page and Son. dated April 5: - Butter—Market quiet. Danish ills to 3(is. finest Nov. Zealand 71s to 7T-.: [inest Australian, unsalted 70s to 71s. salted (59s to 71s. g.a.q. C7s to (ifis. Cheese—Market quiet. Quotations. New Zealand, white and coloured, 42»: Lo 4 4s; Canadian .spot, white and coloured. 52s to s(is. i'r:ci; of cold LONDON. April *. Gild 'a line ounce.) is quoted: - .'.: s d April 5 . .. (i 14 r. 1 . Auril 4 .. . . !> 14 3 April 2 .. ..(5 1-") 2 T'.l-ivh 2-1 .. . . (5 15 r,', March 215 . . . . (5 1(5 15 March 27 .. . . 15 10 "'. March 2U .. .. G 1(5 5 PRICE OF SILVER (lilii n-ii on I. l.\i. wn:i;].i;sj.t RUGBY. April 5. Silver ' pence an ounce) is quoted: - April. 4. April 5. Spot .. 1!) A 20 ror.ward .. .. .1215-16 20 1-16

WORLD WHEAT PROBLEMS CONFERENCE AT ROME AREAS FOR NEW SIiASON (CHiI'ED 1-Fir.Sl J«Xli;M<-« EI.r.CTRIC 1 KLEIiRAI'H L'OI'VRIOIU • ) (Received April C. 7.40 p.m.) ROME, April 6. The International Wheat Committee began its sittings to-day. It is seeking an agreement to raise the price by reducing exports, cr by not selling abroad below a predetermined price. The discussions were devoted to progress in implementing the wheat agreement and reporting on the crop Situation- ' -11 „K The American carry-over will proDably be 100,000.000 bushels: the Australian wheat area will probably be reduced; Argentine is not restricting cultivation; Canada's area will be la per cent lower: Russia is substituting wheat for rvc: and Germany has slightly reduced its area. Britain's increase in area of G per cent, would lend to a pro rata reduction in the subsidy. WHEAT TRADING CARGOES. PARCELS, AND FUTURES LONDON AND LI VLKI'OOL (ROTATIONS ; ;.iii v. [i r-:v.*« a-i.-oc >. nus '■'■' Ei.Ef-'ißic •1 r.I.F.UIIAI'II -COl'Villf'.ll i\) (Received April 0, 5.5 p.m.) LONDON. April 5. The demand lor wheat cargoes has quietened and prices arc unchanged. Parcels arc steadily held. Futures are quoted:— ApriKl. April.!, s. d. s. d. London (a quarter- - April .. 10 o', 10 8 June . . 115 o.'. 17 II.V September 18 <U 10 Ui Liverpool <a cental) - May . . 4 32 4 ?> July .. 4 fijl 4 5^ Oeiobcr 4 l' t 4 7J Spot trade is slow. Australian ex ship 21s 9d to 22s 9d. FLOUR, OATS, PEAS AND BEANS LONDON MAUKLT LONDON, April 5. Klmir— Quiet. Australian 1 , ex store. 16s !)d lo 17s. Oats -Slew and easier. Pcar.--Mnples more active; best New Zealand (March-April shipment), :i9s: Taxmanian, ditto. 40s; Uuc Tasmanian. April. 210s to 2155. Dci'iis are unchanged. GENERAL MERCHANDISE groceries 'J'here has not been -a great amount of activity in the trade during the week. Travellers did not go out till Tuesday, and it was Wednesday before business was in proper swing. Next week promises to be more favourable as to turnover. Collections are reported to be much better than at. this period last year, there being evidence of money being more freely spent this Raster. There seems lo be a general opinion that Easter Hade this year has been very satisfactory, and much letter than was expected in manv quarters. uni it New price lists have been issued showing reductions in one line of jo.idensed milk as from April 1. Tea There was no sale this week of Ceylon tea in Colombo, as the holid iv season intervened. The next sale will be April 10, when 3.500.0001b will be offered. At the last sale held just. before Raster prices ruling averaged: BroKO.) Orange Pekoe common 06 cents, medium 72-80 cents, fine 1 rupee to 1 rupee 10 cents. Broken Pekoe common 65 cents, medium 68-72 cents, line 75 cents. Brokcns, commons GO-62 cents, mediums 65 cents. Late cabled reports from Java state that the market has advanced 2 cents on an average. After the Easter holidays the market was expected to open firmer than before, and further advances were anticipated. The Calcutta auctions have now closed for the season. Singapore Markets There is nothing of importance to mention concerning Singapore produce Sago and tapioca are maintaining a stationary price level, there being a fractional difference between different importing houses. Pines are quiet, whh little business doing at present. The pepper market is firm at previous rates. The direct steamer from Singapore to Lyttelton is scheduled to depart about April .12. and should be in Lyttelton late in May. Most of the local business for this boat was cabled before Easter, and buyers who usually purchase for arrival ex ship have nearly all covered their requirements. Kaisins Golden bleached seedless raisins extra choice arc now quoted from San Francisco at attractive prices and even after allowing for the duty the line! will land at prices which will give a ; competitive article. Arrivals arc due in May. Unbleached seedless are still 'he cheapest raisins offering and are at present worth importers' consideration. Almonds Sicily almonds, new seasons. September shipment, have declined slightly, and October shipment can be obtained at i 1 a ten below the first dispatch. Nuts Barcelona nuts, new seasons, due in December, are showing signs of lower oriccs in London. This week cabl :rt 'civiccs stated that offers a little 'ic!ow present quotations could probably be confirmed.

J CANTERBURY 1 MARKETS

; BETTER POTATO ENQUIRY >t era coKuiitut hpitor.) Friday Evening. 1 Business shows little life. The holi- ■ day adjournment- was expected to ■ stimulate some activity after merchants" offices opened, but it has been negligible so far. Potatoes are the only product showing j--li3lv.lv improved enquiry. More North Island interest is being displayed. ;.nd a few lots arc going for- ; ward. Auckland advices are to the j effect that supplies are nearly cxj haustcd, and southern potatoes will be ; wanted in fair quantities shortly. Values locally remain practically the 1 some as before the holidays. Prompt -whites are worth £4 2s 6d to £4 ss. : f.0.b., s.i.. and Dakotas Sss to 37s Cd. I There is little- business between [ growers and merchants. The former ianticipatj that the market will not j case and the latter are awaiting the I actual demand from Auckland. I Fowl wheat is quoted at. 3s 4\d. f.0.b.. I s.c., for prompt shipment, and from 3s I 5d to 3s Gd for spread. ; Oats show no change. i Partridge peas are quoted at 4s Id. : f.0.b.. s.i. I MiUing wheat earns an increment -rf Id .1 bushel commencing with :bi ; month. The seed market for autumn sowing '•-. practicrd'y over, and the volume of business has been disappoint in". S:<~c':s a - e very firmly held, and 1 prices :re inaltcrcd. Ryegrass is !v. orth In •'■- <>r\ 1 bushri, 1.0.!\, s.i . ; Akarca cocksfoot 9.1 to 10d ncr lb. cow vra s -o r 'd per lb, white (lover Is to ! Is 3a. ; Qrotltions j 'I'll? fo'lowing are ouo'.ations for I >-oduce pa d to farm rs, on trucks, 1 irec of commission, sacks extra, except where otherwise stated: — J Wheat, new season's (interim pay- ' mont)— Tuscan 3s 7d, Hunters 3s yd, j Pearl 3s lid, all f.0.b.; fowl wheat, 3s to 3s l-'.d a bushel, f.0.b., s.c., for j prompt. j Oats—A Gartons Is lid to 2s, B Gartons Is 3d. ; Italian Ryegrass—3s Cd a bushel for 1 heavy seed. 1 Perennial Ryegrass—3s Cd a bushel. |. Cocksfoot—9d to lOd per lb for Aka- ! 10a; to Od for Plains. I White Clover—ls to Is 3d per lb. Cowgrass—Bd to Od per lb. I Chafl"—£4, f.0.b.. s.i. j Partridge Peas —3s ad to 3s Cd a bushel. Potatoes —£3 for whites, for April-May-June: Dakotas, £3 ss. Onions—3ss a ton. Flour—£l3 12s a ton, local; £l2 17s ; hipping. Bran—Large, local, £4 10s: shipping I £4 10s a ton; small, local, £5. j Pollard—Large, local, £5 10s; ship- | j.ing £4 lCs; small, local, £C. i j DUNEDIN j (11: Ess assuUatios telegram.) DUNEDIN, April C. i The spell of fine weather has en- , abled farmers in all districts to get on I with their threshing and stacking, j Samples of wheat which are being for- | warded to merchants show variation j in quality, but the period is unsuitable. J The weather has not caused as much I damage to crops as was anticipated. In some cases, growers have been inI clined to thresh their crops too early j after rain, and this wheat has proved i unsuitable for miling, being on the i soft side. Millers are now taking dc- ' livery of new season's wheat from Canterbury, Otago, and North Otago districts. The advanced price in Otago for Tuscan for the month of April is 3s Cd f.0.b., sacks extra, growers' nearest port. Next month's price will be increased by Id a bushel, when the values will be 3s 7d for Tuscan, 3s 9d for Hunters, and 3s lid for velvet. Delays in threshing wheat have caused a temporary shortage in the supplies of fowl wheat. Merchants are still drawing supplies from Canterbury, the price being about 3s 6d a bushel, sacks extra delivered in DuneI din. Small lots are worth 4s a bushel ex store. A tinner feeling is apparent in the oats market. Little threshing has so far been done in some districts, and there are not sutficient stocks held in the stores to meet the orders for shipment to the North Island. In addition, the forward market is firmer, as it is I now realised that there will not be a great quantity of A Gartons threshed I this season, and that there will also I be a smaller quantity of B Gartons. j Many of the lines coming in from the ■ country are under grade, and the demand for these is not very brisk. A's are worth to-day 2s 6d f.0.b., s.i.. and B's 2s 3d. Under grade are selling down to 2s a bushel. These prices are equivalent to Is lOd for A's on trucks country sidings, sacks extra, and Is 7d for B's. The chaff market remains [ quiet with only small, lots selling ex I store. Farmers in the Otago district are not prepared to accept present I values, and supplies are still being drawn by merchants from Canterbury. The present value of the best quality is I £3 15s a ton. sacks extra ex truck I Most potato growers are now lifting their crops and supplies are accumulating in the stores. Values are easing and it is difficult to make sales. The I demand is only from hand to mouth, j The wholesale quotation is £4 to £4 j 5s a ton, sacks included, delivered in 1 Dunedin. Only a small quantity of ryegrass seed has b'-en on ofTer during the last fortnight, and farmers are still asking high prices, but merchants are not inclined to meet sellers. Merchants find that the demand for dressed ryegrass is quiet, and therefore they are not prepared to pay the prices asked. The value of ryegrass is now indicated at 3s to 3s 3d a bushel, sacks extra on trucks country sidings. The market for dogstail is firm, and it is apparent that this season there will be the smallest crop for ciogstail for many years Here again the farmers are asking high ; prices. The same position applies to iehewings fescue, and reports from the j country show that the cocksfoot marI kct is likewise very firm, following on a poor harvest. The white clover 1 market is also firm. A^HBURTON MARKET j sini-i- the I-:,i>lor holidays business haj been very dull in tilo Ashburton grain and i seed market-. Milliner -wheat advanced in j iirir.! one vonnv » bushel from April 1. : Then; is siill a fair amount in grower*' . hands and millers are nmv i.ol anxious buyers. fowl wheal is still inclined to 'be firmer, with little business ].assin s . Oats '; of all descriptions nro hard to sell. i'avtrid-e ' peas have declined slk-htly in value durin- ! she. week, and the, majority of samples com !my forward are in- lined 10 he out of ' -ondition. All small seeds conlinue to be scarce and eon„cijiie„t ly price? remain firm i Potatoes have asain dropped in price, th" N'or'b I .-'and displaying little interest in the market din-in? the last week. The following are quotations to he paid in farmers on (rucks, country stations, tacks ■" Wheat ■• -Tuscan 3s 7d a bushel. Hunters 3s 9d. Velvet 3s lid fall f.0.b.) ; fowl v, heat 2s mil, seconds L's. Oats—A (J art ons Js 9<l to 2s n bushel, B's Is fid to Is Bd. Algerians la 8d to Ij I Id. Duns Is 9d to Cs. Peas-—No. 1 Partridges 3s 2d a bushel. f.a.n..'s 2s Pd to 3s a bushel. r.arlev—Chevalier 2s fid to 2s Or! a bnslwA Seeds-.-P'-renni.-il Italian and W.-icrr Width-, 3s to 3s P„l a bushel, red clover P.I Mo lOd |.ir lb, white clover lOd to Is I.J per ! lb. i Chaff —Good. I.Hoht oat sheaf £2 5" a ton. ' Potatoes---Dakotas i'2 l.'is, whiles X- 10s t.iiua.

MIXING

j <;OI.J)KN DAWN GOLD MINKS, LIMITLI) ! For the 12 working days ended March J 24, 248 tons of ore were treated for a ' return of £613, exclusive of premium | and exchange. In addition, 98 tons jof outside ore were treated. This is j equivalent to 153 ounces worth at cur- - rent prices, plus exchange prcmim* : 'less tax*, approximately £llsO. MAORI GI'UA COMPANY | A contract lias been entered into by ' the directors of the Maori Gully Gold , Dredging Company for the construction of a dredge to work the contI pany's claim at Kokiri (.West Coast >. | The dredge will be an entirely new ' machine, with ladder, tumblers, bue- | kct line, etc., to be provided by i Hadficld's, the well-known English I steel manufacturers. The bucket line ! will be of the close-linked type, and will comprise 71 buckets, made of manI gancse steel. The machine will dredge i to a depth of 35 feet, and will have a i capacity of 50,000 cubic yards a month. i An immediate start will be made with j the execution of the contract. Access I to the claim is especially favourable, jas the plant will be transferred by I Stratford and Blair's tramline from the railway at Stillwater to the; dredge | site, a distance of a mile and a half. | The contract also provides for the i erection of a power trasmission line to 1 the dredge, which will be electrically I operated. The claim was very closely j bored, 38 holes being put down, reI vealing average values of Is 6d a yard ! over an average depth of 24 feet to ■25 feet. A heavy proportion of the i capital of the company is held on the ; West Coast and in Christchurch. i ! ]>LLL-KILGOUR RETURN (rm-s assoi.-iaiiu* telmram.) 1 DUNEDIN, April G. j The Bell Kilgour Gold Mining Ccm- ' pany wash-up for the week ended April (J amounted to lOcz sdwt from development work. GOLDFIELDS COMPANY (J-PKSS ASSOCIATIUM TEi.EOn.MI.) DUNEDIN, April fl. The secretary of the Goldfields Dredging Company, Ltd.. reports that the dredge is making good headway towards the upper gorge, and that there was no wash-up this week. KING SOLOMON WASH-UF (I'KJtSS ASSOCIATION TELEGRAM.) INVERCARGTLL, April 5. ' The wash-up at the King Solomon mine for three days' work totalled 740 i 4dwt. MINING QUOTATIONS (pxited rnr.ss Asc-or-i.'Tii'V-- iy i.i.cctr.io TCI.F.C. R.'.l'lJ --COPVRI&HT.) LONDON. April 5. i New Guinea Gold. Cs l.'.d. ; Bulolo. £5 lGs. ! PRODUCTION OF TIN | BI'FFKR SCIIKME PROPOSITI) i ] 'Received April 6. 10.25 p.m.) j LONDON. April (!. The International Tin Committee has decided to recommend the signatory governments to accept the proposal to create a buffer scheme, but a communique states that the acceptance of the scheme does not imply a decision in favour of the continuance of control when the present agreement, expires. | AUSTRALIAN PRODUCE ! .mklbournf; maukkt j j MELBOURNE. April 5, j Wheat is dull at 2s 5d to 2s G\d. j Flour—£7. I Bran—£4 ss. | Pollard—£4 15--. j Cats —Good market. 2s 2d 1" 2s 3d. I Barley—Prime 2s 7d to 2s OJ. ; Maize —3s Od. ': Onions—Steady, with a g- cd <l > '. mand. Brown Spanish £2 10;.

BUSINESS KEVIEW OFFICIAL SURVEY IMPKOYEMKNTS NOTED A review of the commercial activities of the Dominion for the month of February is contained in the monthly Abstract of Statistics for March. "February was a particularly active month for export trade, 180 overseas vessels carrying 117,754 tons of cargo being cleared during that month from various purls in the Dominion," states the Government Statistician. "The value reoresented by exports in February was considerably greater than in that month of last, year, higher per unit values of wool, multon, and lamb more than counteracting the effect of a slightly lower volume of exports of these commodities. In the case of wool the ell'cct of higher prices is particularly marked, 139,987 bales exported during February, 1934, representing a total value of £2,671,362, as compared with a declared value of £1,210,720 in respect of .140,500 bales exported in February, 1933. The export of cheese was definitely lower both in quantity and in value than in February. 1933, while butter exports were considerably heavier in quantity and in value than in (he same month of last year. Advance in Exports "The cumulative value of exports during the first eight months of the production year was £29,000,000 in New Zealand currency, equivalent to £23,200,000 in sterling as compared with £21,800,000 in New Zealand currency or £19,000,000 in sterling during the same period of 1932-33. It would appear, then, that the full season's total value of exports will be materially in advance of that, reached during the 1932-33 season.

"Some improvement is shown in the unemployment position, the numbers en the unemployment registers or in employment with their earning.') subsidised from the Unemployment Fund having decreased from 79.537 on October 28. 1933, to 68.018 on February 17. 1934. "Price index numbers in most countries show a definite upward movement as compared with levels at this time last year; and index numbers of prices in New Zealand have responded to this general upward (rend. The export prices index, which is the most sensitive of the New Zealand series in reacting to external influences, was 20 per cent, higher last month than in February, 1933. The wholesale prices general index was 2 per cent, higher than, in the previous February, a slight fall in the index for imported items 'which, however, rose sharply between January and February last year) being more than counteracted by an increase in the index number of prices of locally produced items. The retail prices—all groups—index number, which is slower than other indexes to move upwards or downwards, was in February 1 per cent, higher than in the same month of 1933.

Substantial Ki.sc i "The export trade is rapidly ap- j proachirig its zenith; February, March, I and April normally being the peak ; months of the year. Exports (cxclud- I ing specie) during February were | valued at £6,249,020 in New Zealand currency, equivalent to £4,999,000 on a sterling basis—the highest total in New Zealand currency since January, 1930, and, on a sterling basis, since March, 1930. The value of exports is stijl, however, considerably below the totals recorded during the peak years, the value for February, 1928 and 1929, for example, being £7,342,822 and £3,050,083 respectively. Nevertheless tne position shows a very marked improvement when compared with 1931, 1932, and 1933. "The striking improvement in the return from wool exported is the outstanding feature of February export statistics, the declared value for February this year being £2,671,362, as against £1,210,720 for the corresponding period last year," states the Statistician. "The quantities shipped were practically the same. Lamb and mutton also show a considerable improvement as compared with the position 12 months ago, but the increased return for butter is purely a reflection of the abnormally heavy quantity exported during February of this year. Last year 137,735cwt of butter was shipped during the month, the declared value being £593,338. This year the export for the month was 389,502cwt, valued at £1,388,806. "the recorded value of imports (excluding specie; during February was £1,592,689, equivalent to £1,945,000 on a New Zealand currency basis, and to £1,556,000 on a sterling basis. The value of imports during the month was slightly below that lor the corresponding month of last year. "Sales-tax receipts during the month of February totalled £143,631, a decrease of £44,018 as compared with the preceding month. This is the first occasion on which the steady monthly increase in returns from this tax has been checked. This recession is, however, a purely seasonal occurrence. Sales-tax receipts during February are collected with certain small exceptions on account of goods sold during Janunry—notoriously the worst month in the year for wholesale trading.

Railways and Shipping "Railway statistics show evidence of b greater volume ot business during the February period (terminating on February 3> than in the period ending on January 6. The January period includes the Christmas holidays. The improvement in railway Jinances, which has been a marked feature ot statistics of railway operations during recent months, still continues, working revenue during the February Period bein;< £503.358, an excess of £118,974 over working expenditure. "February is normally a busy month Jn shipping circles, and last month Proved no exception to this general rule. The tonnage of cargo carried by overseas vessels leaving the Dominion during February was 117,75-1 ? '»"«, an increase of 24.G per cent, over 'he January figure. Inwards overseas tonnage during February was, how- j ever, 21 .4 per cent, below that reforded for January. Building Activity "The va.:e of building operations represented by permits in the larger towns during February was £405,628. an increase of £141,79,0 over the January figure. The February total is considerably greater than that recorded hi any one month since October. 1930. with the exception of September. 1933 '£590.720); but it should be noted 'hat the current (igure and that for September of 1933 include several large buildings of a considerable value. The February, 1934, total of permits issued for new dwellings was 103, the lowest figure recorded since June, 1933. but still considerably in advance of 'otals for individual months before 'he inception of the building-subsidy scheme of the Unemployment Board in July last. Mortgages and Land Transfers "Mortgage and land transfer transactions show substantial increases When compare .1 with the very low figures recorded during January. Land transfers during February totalled 1109,

FIiUIT MARKET CHRISTCHURCH The following is the market report for the week:— Vegetables—Plentiful supplies of all classes of vegetables are available, and ruling prices are as follows: —Cauliflowers, best quality 4s to 5s a dozen, others Is to 3s; cabbages, supplies very plentiful, realising from 4d to Is a dozen; lettuces, best quality 6d to 9d a dozen, others 4d a dozen; green peas, best quality Is to Is 3d a peck, others 9d to Is; marrows, plentiful supplies available, best quality realising 2s to 3s a dozen, others Is to Is 6d; potatoes, 2s a sugar bag; beans, 6d to Is a box; celery, best quality 2s 6d to 3s 6d a dozen, others 6d to Is 6d; spinach, 3d to 4d a dozen; spring onions, 4d to 8d a dozen; swedes, lOd to Is a sugar bag; onions, best quality Is 6d to Is Ski a sugar bag, others Is; cucumbers, hothouse up to 3d per lb, others Is 6d to 3s a half case. Fruit —Tomatoes, plentiful supplies are available, best quality realising up to 3s 6d a case, inferior lines Is 3d to 2s; strawberries, extra choice up to Is 3Jd a punnet, others 8d to Is; peaches, best quality up to 4s a case, others Is 9d to 3s; grapes, good supplies available, extra choice realising from Is 3d to Is Gd per lb, choice to Is 3c, inferior 6d to 9d. Apples—The market is well supplied, and ruling prices are the same as last week, with the exception of Cox's Orange apples, which have shown an advance of Is Gd to 2s a case. Ruling prices are as follows:—Cox's Orange, best quality 7s Gd to 9s a case, inferior 5s 6d to 7s; Jonathans, best quality 5s a case, inferior 3s Gd to 4s; Delicious, best quality up to Gs a case, others 4s to os; cooking apples, 3s to 4s Gd a case. Fears- -The market has been glutted with pears during the week, and values are very low. A few extra choice lines are realising from Is Gd to Is 9d a half case, others Is a half-case. New Zealand lemons —Best counts up to 17s Gd a case. Imported fruit—A shipment of Californian navels and lemons came to hand during the week, the navels realising 34s a case, and lemons 45s a case. Supplies of Jamaican oranges arc available, realising up to 23s a case for best counts. A shipment of Cook Island bananas also came to hand, and again arrived in mixed condition, realising from 7s to 14s a case according to quality.

MJNEDIN (rmss *3So(.iiTiu» teliobw..) DUNEDIN, April 6. A feature in the fruit marts since the holidays has been a marked shortage of tomatoes, and much better prices are now being obtained. Higher prices are also ruling in the Canterbury market. Growers in Canterbury had not been inclined to forward tomatoes to the Duncdin market at the low prices ruling; but the position has now improved considerably. The cold nights have caused supplies to slacken off. Inferior grade tomatoes are still hard to place fit low rates. Apples are in good supply, and the market shows little change. Further consignments of Californian oranges and lemons came to hand during the week Prices are firm. Peaches arc still on ofTcr: but the demand is not very brisk. There is good enquiry for choice ripe dessert pears. Most of the lines on offer, however, are on the hard side, and those are slow of sale. Cookers are offering at low rates. Small lots of Coe's late red plums are on offer, and are meeting with a good demand. Hothouse grapes are still arriving from Kakanui and the demand for choice quality is good. Wasty fruit has to be sold at low rates to clear.

NEW FUNDING LOAN OVERSUBSCRIBED IN NINETY MINUTES (BRITISH OITICJAI. WIRF.I.KS.S.j PiUGBY, April 5. The subscription lists opened this morning for the British Government's three per cent, funding loan, 1959-1909, of £150,000,000, and closed at 11.30 a.m.—9o minutes The issue which was oversubscribed, complete. a scries of funding operations following the Great War Loan convcrZi accomplished in 1932. There j are now no important maturities to be dealt with until 1938.

EGG AND POULTRY MARKET WEEKLY REPORT The Red Comb Egg and Poultry Company report very successful sales of poultry on Saturday and Wednesday Full pennings were received, and with a good attendance of buyers the whole of the birds offered were sold at satisfactory prices. Yearling hen* again came forward, and in most case.-, in splendid condition. Those showing a return to new feathering met witn keen competition. Light chicKcn and unfinished sorts were rather oversupplied, and prices cased a litue. Heavy breed boilers are in keen demand, and the market has been short of requirements. The average price realised for poultry during the week a pair was: — _ Roasting chi ken, light up to 4s Gel. medium up to 6s 6d, heavy up to Us 9d; hens, light up to 4s, yearling White Leghorn to 5s iiu, heavy up to Cs 9d: duckling up to Cs 9d, ducks up to ss. goslings up to 7s. turkeys (young) Is per lb live weight. Eggs—Red Comb brand, machincI graded, tested, guaranteed fresh, first [grade Is sd, second grade Is 3d a i dozen. !Macfakla-:e and company's i VA.d REPORT I i Macfarlane and Company report as j follows on the week's egg market:— 1 First grade up to Is 7d a dozen. j second grade Is 4d to Is 6d. duck eggs ] up to Is 6d a dozen.

the consideration being £ 882,320, as compared with 876 transfers in January, the amount involved in respect of which was only £506,662. There were 929 mortgages registered during February, amounting to £707,958. _ While this amount shows a substantial increase en the January total, and is, in fact, greater than the monthly average for the year 1933. registrations during the last year have been very much below normal."