FINANCE AND COMMERCE

Press, Volume LXXII, Issue 21759, 16 April 1936, Page 13

FINANCE AND COMMERCE

SMALLER ENTRIES AT ADDINGTON NORTHERN ROLLER MILLS DIVIDEND

With the season drawing to a close, entries of store sheep at Aldington yesterday showed a sharp reduction on those at recent sales. Demand was still good and prices satisfactory. Fat sheep and lambs were in good demand and said well.

The accounts of the Northern Roller Milling Company Ltd the largest organisation of its kind in the Dominion show that profits have been maintained. A reduction of 1J per cent in dividend is recommended by the directors, probably as a precautionary measure till it is seen what effect the new flour regulations will have on the company's business.

The reorganisation of Macky, Logan, Galdwell, Ltd has allowed a fair profit to be made. The accounts of the Timaru Brewery Company also show a successful trading year.

NORTHERN HOLLER

MILLS

DIVIDEND REDUCED

A PRECAUTIONARY MEASURE [THE riIESS Special Service] AUCKLAND, April 15. Tiie accounts of the Northern Roller Milling Corr Dany, Limited, for the year ended February 29, show a net profit, before making provision for income tax. of £32.567. a decrease of £B7. Although earnings have been maintained, the directors recommend the payment of a dividend on ordinary shares of 5i per cent, against 7 per cent, in the previous year. This may be accounted for by the new system of Government control of Hour mill output, which is Jiklcy to reduce the profit margin of mills. Obviously it is a precautionary measure.

Gross profit is about £3OOO higher at £l3B 871, but expenses have increased by that amount. From the net profit of £32,567, £3900 is required for a dividend of 6£ per cent., less 20 per cent, on preference shares. The sum of £5731 is added to the floating balance, which becomes £63,820. Income tax provision is £10,561 against £10,555 in the previous year.

CANADIAN WHEAT STOCKS TOTAL LOWEST SINCE 1930 OTTAWA, April 14. Wheat stocks at the end of March were 37.000,000 bushels below the corresponding date of 1935. The total was 246.000,000 the lowest since 1930, when the total was 228,000.000.

MACKY, LOGAN, CALDWELL PROFITS

SUCCESSFUL TRADING YEAR

[THE PRESS Special Service.]

AUCKLAND, April 15.

The first report since the reorganisation of Macl:y, Logan, Caldwell, Ltd., shows a net profit of £8442 for the year ended February 19. A final dividend of 3J per cent, is recommended, making 6 per cent, for the year. In the previous year a dividend of 3 per cent, was paid from capital profits of £8'323 earned before incorporation. The directors report that trading results have been satisfactory, turnover for the year showing a substantial increase. LONDON PRODUCE MARKETS

HIGH COMMISSIONER'S REPORT

The Department of Agriculture has received the following cablegram, dated April 11, 1936, from the High Commissioner for New Zealand, London:—

Tallow—Market very quiet; quotations nominal.

H'.mp—Manila: Market steadier with better enquiry. "K" grade for AprilJune shipment valued at £2O 15s. Sisal: Market easier and irregular. May-June shipment sold at from £27 to £27 ss. July-September shipment sold down to £26 15s. New Zealand: Market quiet and nominally unchanged with no first-hand sales reported. Wairangi and Mataroa shipments of apples discharged generally in sound condition but there is some waste in Cox's Orange apples, which is affecting prices. Market still weak. The following are the market values of sound conditioneu fruit of the varieties mentioned, the range of prices generally representing the difference between the several grades and/or counts. Variable conditioned fruit of similar varieties proportionately less in value:— Apples—Cox's Orange, 10s to 16s; Jonathan, 9s to 12s; Dunn's Favourite, 9s to lis; Ribston Pippin and Worcester Pearmain, 9s to 10s 6d; Ballarat. 9s to 10s.

Pears—Market is improving, current prices are: Cornice, 10s to 13s; Trays, 10s to lis: Beurre Bosc, lis to 12s: Conference. 10s to 12s; Louise Bon Jersey, Es to 10s; Beurre Clairgeau, 8s to 9s. liItITISH WAR LOAN

LONDON, April 14. War Loan, 3i per cent., is quoted at £lO7 7s 6d. PROPERTY SALES Shcpparrl, Ltd., report having sold on account of Mrs J. Hay, a section of approximately quarter of an acre, \w park terrace.

Baker B-tjs. report having sold on account of Mrs M. Boyle, three building sites m Hawford road, Opawa, to Modern Houses.

TIMARU BREWERY COMPANY

INCREASE IN NET PROFIT

FINAL DIVIDEND, 3i PER CENT

The report and balance-sheet of the directors of the Timaru Brewery Company, Ltd., for the year ended February 29. discloses that profits, after deducting general trading expenses, taxes, bad debts, depreciation income tax reserves, etc., amount to £3189 6s, compared with £2963 s l3s Id for the previous period. i The amount to the credit of the appropriation account, including balance of £1349 brought forward, stands rt £4538. which, after allowing lor the interim dividend paid in November, 1935. leaves a balance to be dealt with of £3481.

The directors recommend a dividend of 3£ per cent, for the year ended February 29, which, with the dividend of 2 \ per cent, in November, makes 6 per cent, for the year. This will absorb £1479, leaving to be carried forward the sum of £2OOI lis lQd. Main items of the last two balancesheets are as follows:

LIABILITIES 1935. 1936. £ £ Paid-up capital .. 42,270 42,282 Bills payable, sundry creditors and bank overdraft .. 12.385 11,765 Mortgages .. 17.000 17.000 Reserves .. .. 7,268 7,837 Profit and loss ... 2,964 3,481 ASSETS Properties .. 32,423 32,933 Furniture and plant .. 9.998 12,014 Stocks .. .. 10.555 10,885 Bills receivable .. 1,621 464 Advances .. .. 10,577 8,445 Sundry debtors .. 15,471 18,234 Cash .. .. '2B BANK OF ADELAIDE

PROFIT OF £37,973

Profits of the Bank of Adelaide for the year ended March 30 amounted to £57,973, an increase of £2772 on the profits of the previous year. Dividend of 4 per cent, accounts for £50,000. The balance, £7973, added to the amount brought forward, gives £36,970 to be carried forward.

Specie, Australian notes, and cash with the Commonwealth Bank total £615,110, a decrease of £405,486. Money at short call and Commonwealth Treasury bills have increased by nearly £300,000. Government and other securities decreased by £117,032 to £855,667, the shrinkage being due partly to sales and partly to reduced values. Bills receivable in London and remittances in transit were larger by £51,250, reflecting in some measure the better prices for wool and wheat. All other advances, after providing for contingencies, amount to £5,660,001, against £5,252,802 last year, an expansion of credit to the primary and secondary industries of £407,199. Total assets, amount to £9,188,598, against £8,925,919.

Liabilities to other than the bank's shareholders total £6,876,628, against £6,621,922. The increase is more than accounted for by the advance in deposits from £6,372,597 to £6,713,967, which is the outstanding feature of the liability side of the balance-sheet.

IMPROVED BUTTER MARKET

NEW ZEALAND FIRM AT 89/-

In their latest review of the dairy produce market, A. H, Turnbull and Company, Ltd., say:—

"The butter market has shown considerable fluctuations, falling from 88s at the beginning of March to 81s at the end of the month, with a strong rise again, 89s being the opening price for New Zealand finest after the Easter holidays. The chief feature has been the continued decline of Danish butter from 135 s at the beginning of March to the latest quotations of 106 s, due to the increased Northern Hemisphere production. In view of the heavy fall in Danish prices, the present firm tone of ]J, T ew Zealand at 89s must be considered satisfactory. W. Weddel and Company, Ltd., London, advise us that the future is somewhat uncertain, owing to the difficulty of gauging the quantity of Continental butters that will be available for the British market.

"At present, estimates are that Continental imports into the United Kingdom will be considerably above last season. Stocks of butter, both in Australia and New Zealand, are very much heavier than at this time last year, but our principals are inclined to be of the opinion that the lowest prices for the season have probably been passed. "Australian production is now falling away very rapidly, but on the other hand our own New Zealand production is showing a very considerable increase on last year's figures. There will be very much, more butter arriving from New Zealand dui«ng June, July, and August than previously, and this may have a steadying effect on the market during these months. "Forward buyers have been fairly active, and followed the market up to llgd during the week before Easter. A temporary quietening of the spot situation just before the holidays caused them to withdraw meantime, but with'the firming of spot prices it is likely that we may see renewed activity in f.o.b. sales in the near future. "Cheese has been somewhat steadier than butter during the period under review, and to-day is reported as quiet. W WeddeJ and Company, Ltd., cabled us' on April 9 that as spot stocks are below normal, and it is anticipated that the Home production of cheese will be lower than last year, they fully anticipate a steady market. The stock position is certainly strong, and prospects for cheese shipped from now onwards certainly look much brighter. Forward buyers have been very active during the month, and considerable auantities have been sold at up to 6d Ser lb f.o.b. for cheese unshipped and up to the end of season's make." PRICE OF GOLD

LONDON, April 14. GoM is quoted at £7 Os lOd a fine ounce. ~

BANKS AND THE SLUMP

HELPING THE PRIMARY PRODUCER RESTRICTION OF LOANS FOR LUXURIES A description of the part played by the trading banks in assisting primary producers during the depression was given by Mr A. C. Davidson, general manager of the Bank of New South Wales, in his evidence before the Royal Commission on Money and Banking in Sydney last week. •Every endeavour was made by the banks to maintain production by borrowers, be said, while restricting loans for purposes of speculation and luxury. The Australian banks were able to come out of the depression crisis without difficulty, although hundreds ->1 American banks failed, because in Australia the resources of tha banks were distributed over a wide area.

Mr Davidson said that the condition of the money market caused the bank concern as early as 1927. and administrative ofheers at the end of that year were told that the policy of the, bank was that advances should not be increased—quite the reverse—and all applications for advances above the ordinary must be submitted to head office. In a circular to branch managers, di>tcd October 21, 1929, these officers were asked to give closer and more detailed oversight to the advances in their divisions. The demand for money for such purposes as land speculation, building projects, which were not absolutely necessary, the replacing of a modest home by a pretentious cne, lavish expenditure on places of amusement, etc., advances to support speculations in stocks and shares were merely a few of the many objects which were declared not to t>t entitled to assistance in the depression. It was emphasised that the bank did not want any drastic or unreasoning compliarce with this policy, but it was explained that if they all pulled togetner uiong such lines tne position would slowly rectify itself without increasing the hardship which the community as a whole weald have to undergo. Replying to Mr Chifley, Mr Davidson said that, in his opinion, the fall in vaius of factory output in Australia from £420,000,000 in to £391.000.001' in the following year was due chiefly to the fall in the price of raw materials used, industrial acuviiy continued strongly at least to the end of 1929. and the whole of the fall in valu* took place during the first six months of IM3O

Mr Davidson, asked if he could supply information respecting the percentage m tne advances ul the Bams, of New South Wales r.ot readily realisable, said it was difficult, if not impossible, to give a satisfactory answer as so much depended on circumstances. If times were prosperous and business ftctive, there was not only the possibility of being able to realise an advance by reason of. the borrower being able to sell his asset, but an even .greater possibility of realisation through other banks, or financial ii.stitulions, being prepared to take over the advance. In times of depression and business stagnation, the percentage of advances which were not readily realisable increased greatly. Should any attempt be made to realise advances in any number, the value of the securities held to cover such advances would tail rapidly until finally the securities would ueccmc unsaleable at any price. The policy of the bank, in company with tne oiher Australian banks, had been in times of depression to do everything possible to maintain their borrowing customers in their business of whatever nature. By this means, the trading banks had made a marked contribution to the maintenance of the value of Australian business assets of all kinds during the recent crisis and depression.

BOVRIL, LIMITED

INCREASED HOME AND EXPORT SALES

Presiding at the annual general meeting of Bovril, Ltd., held in London on February 27, 1936, Lord Luke (chairman) congratulated the shareholders m the successful results of the year's working. The sales of Bovril both at heme and abroad, showed an increase over those of 1934—the export trade showing satisfactory improvement in spite of the many difficulties imposed by 'tariffs, and especially exchange.

Sir James Crichton-Browne's Speech

Sir James Crichton-Browne, in thanking the shareholders for reelecting him as a Director of Bovril, said it was always a privilege on such an occasion to stand up for Bovril, although iideed Bovril was very well able to stand up for itself, as the report presented to them showed. It played its cwh role in the system, but it had the happy power of extending its influence and assisting other foods in building up and repairing the body, while recently special attention had bean drawn to its value in certain combinations. Modem Interest in Nutrition The subject of the nutrition of the people had been occupying public attention recently in a way it had never done before. In this country the discussions that had taken place had revealed a vast amount of malnutrition in our people, not confined to the poorest classes, due to the deficiencies in the quantity and quality of food leading on to widespread i!)-health and disease. These discussions had especially emphasised the importance of a better supply of certain foods, foremost amongst these being milk, which was so essential to growth and development.

Bovril and Milk an Excellent Combination

Milk wr.s good and Bovril was good, and together they were admirable as ministers of health and protections against the inroads of disease, at all stages or life after babyhood, but especially during childhood, adolescence and in declining years, and in states of fatigue and convalescence. Another Agreeable and Refreshing Beverage But milk and Bovril is not the only useful blend to which Bovril lends itself. There is another that can be recommended, and that consists in the addition of a teaspoonful of Bovril to a cup of hot water and the juice of an orange. That makes an agreeable and refreshing beverage, and is fully charged with vitamin C. Bovrii and Physical Fitness

Physic U education and training, like nutrition, is attracting much attention at this time. Physical exercises were to be made compulsory, and in that connexion Bovril had to be kept in view. It stimulated the heart and muscles. There were too many fatal accidents during violent physical exercises and games in these days, too many cases of heart failure, which might, in some instances, have been averted by a timely cup of hot Bovril. Every sports club ought to have a supply oi it always ready. —6 PRICE OF SILVER

LONDON, April 14. Silver, fine, is quoted at: Spot 20 l-16d, forward 20ad an. ounce.

MIKING

OKARITO RETURN (PBBSS ASSOCIATION TELEGBAM.) DUNEDIN, April 15. The Okarito Company reports a wash-up for the week ended Saturday, April 11. of 12oz 12dwt for 123 hours dredging. GOLDFIELDS DREDGING RETURN (PHESS ASSOCIATION TELZOBAM.) DUNEDIN, April 15. The Goldfields Dredging Company reports a wash-up of 30oz lldwt for a fortnight's dredging. BLACKWATER MINES Blackwater Mines, Ltd., report the following return for the quarter ended March 31 1936:—Crushed 9879 tons, yielding £.30,379 from all sources. Costs were £16.982. Development expenditure was £509, and capital expenditure £2829. Four hundred feet of the north shaft was retimbered, and the change over to electric hoisting was effected. The development rise at 2750 feet north in 12 level was risen 81 feet on reef averaging 9&dwt over 28J inches. The reduced tonnage was due to holidays and labour troubles. FOREIGN EXCHANGES

(BRITISH OFFICIAL WIRELESS.)

RUGBY, April 14. Par. April 11. April 14. Paris, fr. to £1 124.21 74 31-32 74 61-64 New York, dol. to £1 4.866 4.94 4.94 A Montreal, dol. to £1 4.866 4.96 g 4.962 Brussels belgas to £1 25 29.201 29.21

Geneva, fr. to £1 25.2215 15.153 15.16 Amsterdam, fl. to £1 12.107 7.272 ?-27i Milan, . ,„ lire to £1 94.26 62g C2ll-16 Berlin, reich-

markento£l 20.43 12.27 12.28 Oslo, kr to £1 18.159 19.90 i 19.901 Stockholm,

kr. to £1 18.159 22.391 22.391 Copenhagen, kr. to £1 18.159 22.391 22.391 Vienna, schgs. to £1 34.585 261 261

Prague, kr. to £1 164.25 119 9-16 119 7-16 Helsingfors, marks to £1 193.23 227 227 Madrid, pesetas to £1 25.2215 36 3-16 36 3-16 Lisbon, escudos to £1 110 108 J 108 J Athens, drach to £1 875 520 520 Bucharest, lei to £1 818.6 670 670 Belgrade, dinars 25.2215 21.7 21.7 Rio de Janeiro, • pence to milreis .. 4.899 44 4J Buenos Aires, pence to dol. 51 Montevideo, pence to dol. 51 39J 39£ Bombay, pence to rupee 19 184 184 Shanghai, pence to dol. * 14i 14£ Hong Kong, pence to dol. * 15 13-16 15 13-16 Yokohama, pence to yen * 141-32 141-32 Batavia, guilders 12.107 7.24 7.24 J Warsaw, par zlotys to £1 43.38 •Determined by price of silver.

FOREIGN EXCHANGE RATES

The Bank of New South Wales, Christchurch, quoted the following rates as ruling yesterday for its sales and purchases of foreign exchange. The rates are subject to alteration without notice:— Buying. Selling. London—- £ N.Z. to £IOO stg. T.T. 124 124/10 O.D. 123/10 124/8/9 £ A. to £IOO N.Z. T.T. 101 100/10 O.D. 101 100/10 Fiji—- £ F. to £IOO N.Z. T.T. 90/7/6 89 O.D. 90/7/6 89 New York— Dol. to £1 N.Z. T.T. 3.99 J 3.95 J O.D. 4.014 3.963 Montreal— Dol. to £1 N.Z. T.T. 4.015 3.98 g O.D. 4.034 3.98 J Austria— Schgs. to £1 N.Z. T.T. O.D. Belgium— Belgas to £1 N.Z. T.T. O.D. Czechoslovakia— Crowns to £1 N.Z. T.T. O.D. Denmark— Kroner to £1 N.Z. T.T. 18.203 17.893 O.D. 18.263 17.903 France— Francs to £1 N.Z. T.T. 60.76 59.93 O.D. 61.21 59.97 Germany— Reichrnarks to £1 N.Z. T.T. O.D. HollandFlorins to £1 N.Z. T.T. 5.946 5.796 O.D. 6.006 5.800 ItalyLire to £1 N.Z. T.T. O.D. JavaFlorins to £1 N.Z. T.T. 5.921 5.761 O.D. 5.981 5.765 NorwayKroner to £1 N.Z. T.T. 16.183 15.893 O.D. 16.243 15.903 Sweden— Kronor to £1 N.Z. T.T. 15.785 15.490 O.D. 15.845 15.500 Switzerland— Francs to £1 N.Z. T.T. 12.353 12.083 O.D. 12.458 12.088 Noumea— Francs to £1 N.Z. T.T. 62.56 58.56 O.D. 63.01 58.62 Papeete— Francs to £1 N.Z. T.T. 62.56 58.71 O.D. 63.01 58.77 Hong Kong— N.Z. pence to dol. T.T. 18 57-64 20 25-64 O.D. 18 51-64 20 23-64 India and Ceylon— N.Z. pence to rup. T.T. 22 9-64 22 57-64 O.D. 22 3-64 22J Japan— N.Z. pence to yen T.T. O.D. Shanghai— N.Z. pence to dol. T.T. 17 17-64 18 41-64 O.D. 17 5-64 18S Singapore— N.Z. pence to dol. T.T. 34 27-64 35 31-64 O.D. 34 15-64 35 15-32 T.T. represents Telegraphic Transfer. OJ3. represents On Demand. DOLLAR MARKET RATES The Associated Banks (other than the Bank of New South Wales) quoted the following dollar rates yesterday on a New Zealand currency basis. They are subject to alteration without notice:— U.S.A. Canada. (Per £1 N.Z.) dol. dol. Selling— T.T. .. .. 3.954 3.98 J O.D. .. .. 3.961 3.98 g Buying— , O.D. .. •• 4.014 4.03 THE METALS MARKET

LONDON, April 14. April 13. April 14. Copper— £ s. d. £s. d. Standard! spot 36 18 li 37 4 4* Forward .. 37 4 4& 37 10 U Electrolytic .. 41 0 0 41 5 0 to .. 41 10 0 41 15 0 Wire bars ~ 41 10 0 41 15 0 LeadSpot .. 15 18 9 16 1 3 Forward .. 16 2. 6 16 5 0 SpelterSpot .. 15 2 6 15 2 6 Forward .. 15 7 6 15 7 6 TinSpot .-. 210 15 0 210 12 6

Forward (3

months) .. 202 17 6 204 2 6 SilverFine, per oz. 201-16 d 201-16 d Standard, per oz .. 211 d . 21gd

ADDINGTON MARKET

SMALLER ENTRIES RECENT VALUES FULLY MAINTAINED With the advance of the season the entries in the store sheep sections are showing a sharp reduction in numbers. This was particularly the case yesterday, when the entry of store lambs was less than 1000, and that of store ewes little more than a third of that of the preceding week. The attendance of buyers yesterday was also smaller. Forward lambs sold firmly at last week's sales. Store ewes met with a steady demand for a small entry. There was a very keen demand for one_of the smallest entries for some time of fat lambs, and the fat sheep market was also a good one. The only class to show any irregularity were heavy ewes, but lor all the lighter sheep export buying was steady. The class of sheep coming forward indicates that there is a scarcity of prime sorts at the moment, and there is a very keen demand for good woolled wethers, both in the store and fat pens, that require a few weeks of fattening feed. The fat cattle market was slightly better for pnmest beef, though cows showed little change. In a few 6dd cases baby beef sold at up to 33s per 1001 b, and good quality at up to 31s. STORE LAMBS With the store lamb season nearing a close, there was only a small penning in this section. The attendance of buyers was not large, and there was not a great deal of interest taken in the sale. Nevertheless there was no evidence of weakness in the market, forward fine sorts making the best of the rates ruling last week, although coarse-woolled lambs for carrying over were scarcely so keenly competed for. The entry comprised about 1000 head. Good rape lambs sold at up to 20s, and a number of pens of medium class ewe lambs at from 20s to 21s 9d. STORE SHEEP The entry in the store sheep section showed a big drop on that of last week; about 6500 head as against 17,000. Outside districts again supplied a good proportion of the entry, Nelson and Central Otago and also the Chathams being heavily represented. The attendance of buyers was much smaller than usual, but, nevertheless, there was a good sale, with no change in values from last week. Very few two-tooths were included in the entry, but there was a better proportion of sound-mouthed sheep than has been the case for some markets. Several pens -of Chatham Islands two-tooths sold at up to 25s 9d, and six and eight-tooth to 30s. A Chatham Island pen of 60 two and fourtooth Romney cross sold at 34s 6d, and another pen at 31s. A pen of Chatham Island four-year sold at 275. Most of the younger ewes were coarse woolled. A pen of 157 sound-mouthed Corriedale sold at 21s 9d.

Less than 1000 wethers were penned, and there was a strong demand for finewoolled sorts, which made to 245.

The following were representative sales:—

Ewes—lol s. and f.m. three-quarterbred at 17s 9d; 84 s. and f.m. halfbred at 14s 3d; 103 two-tooth Romney at 25s 9d; 79 s.m. halfbred at 22s 6d; 148 six and eighttooth Romney (Ctfatham Islands) at 30s; 120 s. and f.m. halfbred at 12s Id; 220 four, six, and eight-tooth Romney (Chatham Islands) at 26s 6d; 47 two-tooth Romney (Chatham Islands) at 25s 7d; 157 s.in. Corriedale at 21s 9d; 63 s.m. halfbred at 17s 4d; 68 four, six, and eight-tooth Romney (Chatham Islands) at 26s 6d; 180 six and eightrtooth halfbred at 23s lOd; 60 two and four-tooth Romney (Chatham Islands) at 34s 6d; 63 four and six-tooth Romney (Chatham Islands), at 31s; 114 six and eight-tooth Romney (Chatham Islands) at 25s 3d; 114 s. and f.m. halfbred at 14s 6d; 59 four-year Romney (Chatham Islands) at 275; 150 four, six, and eight-tooth at 23s 8d; 76 four-year Southdown at 17s 7d; 50 four, six. and eight-tooth Romney (Chatham Islands) at 22s 9d; 138 four, six, and eight-tooth halfbred at 25s 3d. FAT LAMBS The penning in the fat lamb section was very small, comprising 1100 head, compared with 1650 last week. There was not much of good quality included, and for what there was of this class butchers competed keenly, prices in cases being above last week's level. The export schedule is unchanged from the previous week, being 8d to 84d per lb for 36's and under. Values were at this basis throughout for exporters' purchases. A pen of 9 lambs from George Gould (Coutts Island) sold at 26s lOd to 35s 7d.

A range of values was as under:— Extra prime lambs, to 34s Id. Prime lambs, 26s 6d to 295. Prime medium-weight lambs, 24s Gd to 26s 3d.

Ordinary lambs, 21s 6d to 245. Light lambs, to 21s. The following were the principal sales: — National Mortgage and Agency Company, Ltd., sold:—On account of R. A. Boag (West Melton), 45 at 22s 7d to 24s 7d; S. Rodgers (Totara Flat), 47 *t 16s 7d to 23s lOd; J. Morris (Greendale), 10 at 22s lOd. Pyne, Gould, Guinness, Ltd., sold: —On account of George Gould (Coutts Island), 9 at 26s lOd to 35s 7d; A. Robertson rfCourtenay), 17 at 27s Id to 28s lOd; Miss M. Woods (Tai Tapu). 16 at 21s 7d to 26s 10d; F. C. Carter (West Melton), 46 at 22s 7d to 25s 7d; R. Prebble (Sandy Knolls), 23 at 22s Id to 25s Id; J. A. Kelso (Rakaia), 16 at 25s Id; Jesse Taylor (Kaikoura), 32 at 22s 4d to 24s Id; Miss E. Taylor (Kaikoura), 18 at 22s 4d; W. F. McArthur (Harewood), 30 at 21s 4d. Dalgety and Company, Ltd., sold:—On account of Mrs E. Downs (Little River), 4 at 23s Id to 26s Id; M. T. Harrison-Wilkie (Courtenay), 8 at 25s 4d; W. E. Baxter (Darfield), 38 at 23s Id to 24s lOd; O. Vigers (Darfield), 18 at 23s Id to 24s Id; H. Vigers (Darfield). 18 at 21s Id to 23s Id: L. V. Ashwell (Templeton), 7 at 21s lOd to 23s Id; T. Hall (Waikari), 33 at 18s 4d to 21s 7d.

New Zealand Farmers' Co-operative Association, Ltd., sold: —

On account of D. McVinnie (Weedons), 18 at 22s 7d to 24s 7d; northern client, 65 at 22s Id to 24s 7d; T. Wood (Hanmer), 90 at 22s Id to 24s 4d; A. R. Hulston (Sandy Knolls), 8 at 22s lOd.

New Zealand Loan and Mercantile Agency Company, Ltd., sold:—

On account of R. H. Magson (Rakaia), 5 at 26s 4d; A. Cockburn (Rolleston), 11 at 23s lOd to 25s lOd.

H. Matson and Company sold:—

Oh account of S. Hoskins (Doyleston), 21 at 25s 7d to 34s Id; A. Hoskins (Doyleston), 7 at 26s Id to 29s 7d; Early Bros. (Greendale), 12 at 25s 7d to 28s 7d; Shepherd Bros. (Southbrook), 11 at 24s 4d to 26s 4d; W. T. Wallace (Broadfield), 12 at 25s 4d to 26s Id; R. H. Hole (Kaiapoi), 17 at 24s lOd to 25s 7d; A. Robinson (Te Kinga), 160 at 20s 7d to 24s 7d; J. H. Ridge (Broadfield), 40 at 24s Id to 24s 4d; H. and A. Jennings (Port Levy), 22 at 22s lOd to 24s Id; G. W. Tyson (Springston), 12 at 22s lOd to 23s lOd; L. Everest (Governor's Bay), 56 at 21s lOd to 23s 4d. FAT SHEEP The entry comprised 3600 head, compared with 4100 last week. Quality was fair, though the proportion of heavy ewes was larger and that of good wethers lighter. The sale showed little change from last week. Good wethers fully maintained prices, as also did lighter ewes, for which there was a free export demand. The market finished firmly. Included in the pennings were some good sheep from Southland and drafts from the Chathams. Top price for wethers was secured by W. J. Hampton (Southbridge), a pen of five making 31s lOd, and a pen of three ewes from W. Stone (Woodlands, Southland) sold at 28s lOd, the line of 47 making from the figure mentioned down to 26s 4d. Values were as under:— Extra prime heavy wethers to 31s lOd. Prime heavy wethers, 27s to 295. Prime medium-weight wethers, 23s to 26s 6d.

Ordinary wethers, 21s to 22s 9d. Light wethers to 20s 9d. Extra prime heavy ewes to 28s lOd. Prime heavy ewes, 22s to 24s 6d. Prime medium-weight ewes 17s 9d to 21s 9d.

Ordinary ewes, 14s to 17s 6d. Light ewes to 13s 6d. New Zealand Loan and Mercantile Agency Company, Ltd., sold:— Wethers—On account of Pote Hapua (Chatham Islands), 54 at 24s Id to 26s 4d; S. Donnithorne (Weedons), 5 at 24s Id to 26s 4d; T. F. Neilson (Chatham Islands), 47 at 21s. 4d to 24s lOd.

Ewes—On account of W. F. Magson (Rakaia), 44 at 12s 4d to 24s Id; R. H. Magson (Rakaia), 17 at 17s 7d to 19s lOd; client, 18 at 18s lOd to 19s lOd; S. Henderson (Chatham Islands). 10 at 14s 6d to 18s 4d; A. Cockburn (Rolleston), 10 at 17s 7d to 17s lOd; J. Jennings (Weedons), 12 at 12s lOd. Dalgety and Company sold:— Wethers—On account of G. H. and D. Roberts (Waiau), 70 at 21s 7d to 30s Id; D. C. McFarlane (Mount Paul), 18 at 23s 4d to 28s Id; J. W. Fraser (Hawarden), 58 at 22s 4d to 26s Id; McLeod and Orbell (Grassmere), 77 at 22s lOd to 24s 7d; L, V.

Ashwell (Templeton). 24 at 22s 4d to 23s I( EWs-On account of £ j. *ff*J*& m warden)', 72 at 16s 4d to-27s 4d, .J. w K. Lawrence (Hawarden). 5 at 24s iua W. Baxter (Darfield). V m a? 15s 4d to McFarlane (Mount P^s*? -t lte 1M 21s 4d; J. Rudd (Greendale). 64 at 15 s iua to 20s Id; L. V. AshweU (Templeton) io at 17s Id to 18s 4d; southern client, 79 ai 15s 4d to 17s lOd. . ~ . H. Matson and Company sola.— Wethers—On account of estate «. *. Little (Hawarden), 37 at 265 .16 1 to 28s 4d K. H. C. Plimmer (Templeton) 27 at 19s 6d to 20s; H. C. Washbourne (Sel wyn), 63 at 15s 7d to 17s 10d. Ewes-On account of W. Stone (woodlands). 47 at 26s 4d to 28s Wd; Soutii Canterbury client, 57 at 17s 4d to_24s 70, estate H. T. Little (Hawarden), 23 at 15s lOd to 22s Id; C. W. Bennett (West Eyre ton), 22 at 18s lOd to 21s 4d; southern client, 60 at 15s 10d to 20s 10d. J. R. Simpson (Hinds), 68 at 15s Id to 18s ia. Flea Bay Estate (Banks at 14s 6d to 18s 4d; F. Partish (Springbank), 35 at 14s lOd to 18s Id, P. L. Kime (Dunsandel). 14 at 14s lOd. The National Mortgage and Agency Company, Ltd., sold:— „ Wethers—On account of W. J. Hampton (Southbridge). 5 at 31s lOd; R. B Ia CK (Waikari), 11 at 28s 7d to 29s 7d; D. Greig (Waikari). 30 at 23s 10d to 25s Id. Ewes—On account of L. Bain (Hinasj, 44 at 18s lOd to 28s 7d; K. D. .Anderson (Waikari), 48 at 20s Id to 22s 4d; R. Black (Waikari). 35 at 16s 7d to 22s Id; D. Clinton (Darfield). 15 at 17s 7d to 18s lOd; R. A. Boag (West Melton), 15 at 16s 4d to 18s 7d: Mrs S. I. Priest (iTendalton), 12 at lis 4d to 14s Id. Pyne, Gould,, Guinness, Ltd.. sold:— Wethers—On account oi T. H. James (TLeithneld). 28 at 27s 7d to 30s lOd; MUUken's Estate (Springfield), 60 at 24s 4d to 29s lOd; Timpendean Estate (Waikari), 49 at 22s lOd to 24s lOd; H. Blackler (Pleasant Point). 60 at 21s 4d to 22s lOd; J. G. Walton (Little River). 10 at 22s lOd; E. and G. Dalzell (Southbridge), 26 at 22s Id; W. F. McArthur (Harewood road), 20 at 20s lOd to 21s 4d. „ Ewes—On account of N. J. Brown (Dunsandel). 64 at 19s 10d to 26s Id; W. Frizzell (Kirwee), 28 at 17s Id to 22s 7d; J. A. Adams (Greendale), 11 at 20s 4d to 22s 7d; A. W. Adams (Sheffield), 21 at 16s lOd to 21s 10d: Timpendean Estate (Waikari). 16 at 17s 7d to 19s 7d; W. F. McArthur (Harewood road), 18 at 14s Id to 19s 7d; A. Robertson (Courtenay), 16 at 17s lOd: J. G. Walker (Little River), 13 at 17s 7d: P. Morse (Waiau), 99 at 14s 4d to 16s 7d; D. Penny (Courtenay), 33 at 15s 10s; R. Prebble (Sandy Knolls), 31 at 12s 7d to 14s Id.

The New Zealand Farmers' Co-opera-tive Association, Ltd., sold: — Wethers—On account of A. M. Carpenter (Fernside), 5 at 25s lOd; A. R. Hulston (Sandy Knolls), 4 at 21s 4d. Ewes—On account of H. Ballagh (Hororata), 56 at 19s 4d to 23s 7d: estate J. H. Jarman (Darfield), 60 at 18s Id to 22s 7d; J. M. Mackie (Dunsandel), 65 at 16s Id to 22s 7d; client, 19 at 19s Id to 20s lOd: F. M. Scott (Pigeon Bay), 43 at 15s 10a to 19s lOd; client, 35 at 16s 4d to 19s 10d; W. W. Reddecliffe (Hororata), 140 at 14s 7d to 19s Id; C. A. Inch (Te Pirita), 64 at 16s 4d to 19s Jd; W. H. Mulligan (Maronan). 62 at 15s lOd to 18s lOd; Allen Bros. (Killinchy), 40 at 17s Id to 18s lOd; A. M. Carpenter (Fernside), 12 at 18s 7d; J. C. Lochhead (Rakaia). 69 at 15s lOd to 18s Id; C. L. Hopkins (Wainui), 85 at 14s 4d to 18s Id; A. R. Hulston (Sandy Knolls), 35 at 14s lOd to 15s lOd; J. Fraser (Ethelton), 11 at 14s lOd.

FAT CATTLE

The entry in the fat cattle section was smaller . than for some time, comprising 355 head as against 380 last week. There were several pens of prime heavy cattle from the West Coast and North Canterbury, and also some well-bred pens of young Aberdeen-Angus and Hereford steers and heifers from North Canterbury stations. The quality of the entry generally was better than usual, due to the smaller showing of ordinary and aged cows. The market opened at rates which scarcely held the good values of the preceding sale, but there was a hardening tendency as it progressed. The last two races sold .very keenly for the better quality, and on an average the sale fully held to the values of a week ago. There was a much larger number of high prices, but the cattle were much better than a week ago, when there was a scarcity of outstanding pens. Included in the latter was a bullock from S. M. Deans (Kilmarnock), which sold at £ls 2s 6d, and heifers and cows from the same vendor to £lO 17s 6d and £lO 12s 6d respectively. A truck lot of 8 steers from the Te Kinga Land and Timber Company (West Coast) averaged £l2 lis 6d. Included in the improved showing of heifers was one from J. Murgatroyd (Balmoral), which made £ll 2s 6d. Best adult beef made to 31s per 1001 b, in odd cases to 335, good from N 26s 6d to 295, good heifer to 26s 6d. best cow 22s 6d to 245. ordinary unfinished beef to 22s 6d, and rough down to 18s per 1001 b.

Values were as under: — Extra prime heavy steers, to £ls 2s 6d. Prime heavy steers. £ll 5s to £l2 15s. Prime medium-weight steers, £9 5s to £ll ss.

Ordinary steers, £6 to £B. Light steers, to £5 15s. Extra prime heifers, to £ll 2s 6d, Prime heifers, £6 15s to £8 ss. Medium heifers, £4 to £6 ss. Light heifers, to £3 15s. Extra prime cows, to £lO 12s 6d. Prime cows, £6 to £B. Medium cows, £3 15s to £5 ss.

Light and aged cows, to £3 10s. The National Mortgage and Agency Company sold:—On account of client, 21 steers at £8 17s 6d to £ll 12s 6d, 6 cows at £4 17s 6d to £5 17s 6d; client. 13 cows at £4 7s 6d to £5 2s 6d; Wright Bros. (Halswell). 2 cows at £4 17s 6d; client, 5 heifers at £4 7s 6d to £4 17s 6d. The New Zealand Loan and Mercantile Agency Company sold:—On account of J. O. Coop (Ataahua), 6 sters at £9 7s 6d to £l3 17s 6d. Dalgety and Company sold:— On account of S. M. Deans (Kilmarnock), 5 steers at £7 2s 6d to £ls 2s 6d, 4 cows at £7 to £lO 12s 6d, 4 heifers at £9 17s 6d to £lO 17s 6d; F. J. Edwards (Rotherham), 5 steers at £lO 2s 6d to £l2 17s 6d, cow at £lO 12s 6d, 2 heifers at £6 7s 6d to £6 17s 6d, S. R. Boag (Brookside), 20 steers at £5 17s 6d to £lO 7s 6d; D. O. Rutherford (Riccarton), 6 steers at £7 17s 6d to £9 7s Gd; D. and A. G. Maitland (Port Levy), 10 heifers at £5 12s 6d to £7 17s 6d, 6 cows at £4 17s 6d to £8 12s 6d; Jno. Murgatroyd (Balmoral), 3 heifers at £7 2s 6d to £ll 2s 6d; southern client, 2 cows at £5 2s 6d, 7 heifers at £4 7s 6d to £6 7s 6d, steer at £6 12s 6d; client, 7 steers at £9 12s 6d to £ll 2s 6d, 6 cows at £5 7s 6d to £8 7s 6d, 10 heifers at £5 7s 6d to £8 17s 6d. Pvne, Gould, Guinness, Ltd., sold:— On account of D. W. J. Gould (Mount Cass), 7 steers at £7 17s 6d to £9 17s 6d, heifer at. £7 15s; Ashburton client, 14 steers at £7 7s 6d to £9 17s 6d, 10 cows at £3 12s 6d to £4 2s 6d; client, 9 cows at £2 12s 6d to £6 12s 6d, 6 heifers at £4 12s 6d to £5 12s 6d; R. M. D. Johnson (Mount Torlesse), 3 cows at £6 12s 6d to £lO 2s 6d; J. Brosnan (Rolleston).. cow at £7 12s 6d. The New Zealand Farmers* Co-operative Association sold:— m „u~* On account Te Kinga Land and Timber Company (Ruru), 8 steers at £lO 12s 6d to £l3 12s 6d; J. Skurr (Oxford), 6 steers at £8 2s 6d to £l2 7s 6d, heifer at £3 7s 6d, cow at £7 17s 68; Ashburton client, 11 heifers at £5 12s 6d to £9 7s 6d, 5 cows at £4 17s 6d to £8 12s 6d, 8 steers at £8 2s 6d to £ll 2s 6d. H. Matson and Company sold:— On account of P. Hamer (Totara Flat), 6 steers at £8 7s 6d to £l2 17s 6d, 2 cows at £7 7s 6d; South Canterbury client, 7 cows at £7 7s 6d to £8 2s 6d, H. Haskell (Poerua), 4 cows at £3l 12s 6d to £4 17s 6d; Te Kinga Land and Timber Company (West Coast), 9 cows at £6 7s 6d to £8 7s 6d; A. E and J. F. Nicklaus (Yaldhurst), cow at £7 12s 6d, - 4 heifers at £3 17s 6d to £8 7s 6d. VEALERS The entry in the vealer section was again a small one. Buying last week was limited on account of the holiday killing arrangements,, but yesterday there was a very keen market for all classes, and the previous drop was more than recovered. The better class of vealers sold at an advance of up to 10s a head. Values were as under: — Extra good runners to £6 18s 6d, Good runners, £3 15s to £5. Good vealers, £2 15s to £3 10s. Medium v» lers, 40s to 50s. Best calves, 30s to 37s 6d. Medium calves, 17s 6d to 255. Small calves to 15s. STORE CATTLE

There was little in the store cattle section to attract interest. A pen of seven steers sold at £5 3s, and one of five wcalf cows at £4 17s. The remainder of the entry comprised cows of varying quality, but they attracted little interest from the small attendance of buyers present. DAIRY CATTLE The entry in this section comprised 53 head. Some good quality heifers were forward, but very few good cows. There was a dull sale and the market was down by 10s a head. Values were:— Extra good second and third calvers to £8 10s - Good second and third calvers, £5 10s to £7. Medium cows, £3 10s to £5. Aged and Inferior cows to £2 10s. Extra good heifers to £lO ss. Good heifers to £B. Medium heifers, £4 to £5. , Others, £2 10s to £3 10s. FAT PIGS

There was a good entry of baconers In the fat pig section, and most of the lines were well finished. The entry of pork was smaller, and it was mostly-ot mixed

quality. Prices for pork varied a good deal according to the quality. Values were as under;— ■ Choppers, £2 to £4, Baconers, 46s 6d to 53s fid. Heavy baconers, 57s 6d to £3 2s 6d. Extra heavy baconers, to £3 9s 6d. Average price pet lb, 5d to sid. Porkers. 28s to 325. M . Heavy porkers, 34s to 38s 6d. Extra heavy porkers to 43s 6d. Average price per lb, 54d to 6d.

STORE PIGS

The entry in the store pig section was small, and except for large stores, prices were inclined to be easier. A good demand exists for the heavier stores. There was a good attendance of buyers. Values were:— ' ' Weaners, 6s to 7s 6d, good to 10s. SUps, 8s 6d to lis. Small stores, 12s to 14s. Medium stores, 14s 6d to 16s 6d. Good stores, 17s to 225. Extra good stores to 27s 6d. BURNSIDE DUNEDIN, April 15. There was an entry of ,301 fat cattle at the Burnside stock sale to-day, the bulk of the yarding consisting of medium quality bullocks, with a few consignments of prime quality sorts and the usual penning of cows and heifers. Graziers operated throughout for any good unfinished bullocks and the market generally was firm at late rates for all classes, with prime quality cattle receiving most attention. In some cases rates were inclined to be firmer. In the store cattle section there were only a few pens of steers, and on account of the short supply this class appreciated. One pen of wellbred cattle sold at £7 3s. Veaiers also had an improved market. The entry of fat sheep numbered 1492, and included only a few pens of heavy wethers. The bulk of the sheep forward ewes was only average and included a ewes wa sonly average and included a small proportion of heavy sheep. The market revealed no material change. If anything medium quality ewes were a shade cheaper, and at times it appeared as though these were in over-supply. A very small entry of 461 fat lambs came forward and a keen sale resulted. ]

The yarding of fat pigs totalled 127, baconers and porkers being in about equal proportions. Baconers had a buoyant market and sold at up to £4 6s. Porkers improved by about ss, selling from £2 5s to £2 16s. The 80 store pigs forward sold at satisfactory rates, the market improving by about 3s. STORTFORD LODGE HASTINGS, April 15. A short yarding of fat cattle at Stortford Lodge yesterday met a quieter market. The entry was largely of light and unfinished sorts, and bidding was dull, with a dragging market. Any prime quality lines made late rates. Medium prime bullocks made to £ll 10s, others £lO to £ll, prime heavy cows to £8 lis. medium prime £7 to £7 16s, others £5 15s to £6 15s. Many unfinished sorts were not wanted. There was a heavy yarding of store cattle, including several large station drafts. Values were definitely easier, and passings were very frequent. Some lines of steers included stunted and small grown sorts. Forward bullocks made to £8 14s, and good three-year steers 'to £7 15s. Younger entries generally made reduced rates. There was a small yarding of store sheep, wethers and good lambs selling well at late rates. Wethers made to 255, ewe lambs 245, and woolly wether lambs to 19s lOd. Values for fat sheep were easier as butchers appeared to have over-bought the previous week. Prime quality ewes were Is 6d easier, and made to 20s. Heavy prime lambs made to 27s 6d, and two-tooth wethers to 26s Id. AUCTIONEERING AND ETHICS

ADDRESS TO ADVERTISING CLUB

That auctioneering consisted of something more than the mere buying and selling of goods and property a,t the best price was the claim made by Mr Harry Smith at a meeting of the Canterbury Advertising Club last evening. There was a large attendance, over which Mr J. Stout presided. Mr Smith said that ethics entered into the business of the auctioneer to an extent which was little realised by the average person. There was an old Latin maxim, "caveat emptor" (literally "let the purchaser beware") which roughly epitomised the strict legal attitude towards the ethics of selling. A thing far more important than the immediate advantage obtained through leaving it to the purchaser to take whatever risks attached to anything he bought was to retain his goodwill for future business, and the daily experiences of an auctioneer brought him in conflict with many problems of greater or lesser magnitude. After quoting from his experience instances of opportunities for sharp practice which offered themselves to the auctioneer whose conscience was not very active, Mr Smith went on to say that the advantage did not always lie with the auctioneer. There were persons who attended sales with

the idea of benefiting themselves at the expense of the auctioneer or-the vendor, and some of them stooped to very shabby tricks in order to obtain petty trifles. Another problem for the auctioneer was the ."buyers' ring, which attempted to defeat the auctioneer in his task of securing a fair price for the goods he was handling. It was a subiect for complaint in some quarters, too, that some selling agents* were not always scrupulous in making their reports of sales absolutely authentic, and this practice, if indulged in, reflected upon the auctioneering profession as a whole, as well as working eventually to the detriment of the perpetrators. ' Reference to the hire-purchase system was made by the speaker, who said it was unfortunate that no protection was affojred to auctioneers who had purchased in good faith articles which were the subject of a hire-pur-chase agreement. He concluded his address with a reference to the interference of the Government in business and deplored the existence of a small army of inspectors who pounced upon trivial breaches of regulations rather than warn those who had erred, usually in ignorance,, and give them an opportunity of avoiding future breaches.