FINANCE AND COMMERCE.

Dominion, Volume 1, Issue 87, 6 January 1908, Page 10

FINANCE AND COMMERCE.

THEORY/OF GOLD,;EXPOETS: r . r : ;; ' :: To,the pernio atlthis.end of ' the glo\re the ."henry of gold* "simple "matteY"' 'It is a product/of 'our.''mines, and . what is not wanted .'for'domestic purposes is ■'.exported; in the same .waj as othor ' products. ;/Iii i lia tho metal is to a certain extent coined"and exported as specie. To". European ' countries and America, Egypt; Mid'lndia,, and.'some of ■the South-American Republics the question of gold 1 shipments is of considerable Tho demand from the United States for the . metal during, the recent crisis caused .a, sharp. advance -in .the bank, discount;.rate,'.and. tlijs, . action was found: necessary ; to.check the QUt-_ flow of-the mot»l. :Jiih : icate'calculations'of" weight here, iiiakft-.iffi9Sgbld-.'<^l^^'.of»jW't4®l.te l! : equal to :45".'11316d." in , sterling,'and'tho -goTd contents of the' '. (ars.-in. United.-Sbfes. currency."A".writer.in the ■ a.jecpnt.' date.i m. : . explanation of tho'.operations .'and factors controlling the metal,, ■remarks., that if the 'spVere'ign and ."the, gfild ' dollar wero circulating in tke-siime local market.- and /jcp're.exchangeable for their, actual metallic vnhie, these would be .their 'equations., But as: tliey. do not pass from hand to -hand, and ex: .between distant -countries, -a second factor " comes into play—the cost of V transportation from , one country to another. The cost of York, or vice versa, is usually assumed to be three-quarters of one per cent;;,'(}} pci\ Tcetft.)/;: That adds to or deducts, as the case may he,' from the value of the dollar 0.037 cent, or rather more than one-third'of a cent. If gold could be transferred instantaneously across the Atlantic for one-third of a cent peivdpjjßf,;,i,t. would pay to .-send it from , LondftttM& i *.New'' York when the .exchange. ..yalue., of a .sovereign fell to 4,83 doJlfffsV'! : ConVersi!ly'' , it would r pay to send gold from New York to London when ■the sovereign rose to 4.90 dollars. But a third factor has yet to bo .taken into account—the itimoV.feqnired■■'■for'; "tho".-gold' to" cross, Jt|jty fi it ;maj" ; bo' in transit /interest';'at \cUrrent-/~market ! : . rate's"! . has to fee. qliiirgtSd a corresponding iricreaso or reduction, as tlie'i case may.be, in tho rate of exchange. If, for instance,. a v cable, transfer, which ,in means an. instantaneous" gdld''mbvemcnt''across ! the Atlantic,; tfpsts''4;B6.7o' dollars'Vfor "'feach'sovereign, v the price of a "cheque" or sight bill; will be less according jco tho rate of in- , terest ! There are;';thusl..three'.distinct.,.g'pld. !points : in international gold point; - which'is "the equation of the .gold contents of- two different national coins,' say, the sovereign and - the / dollar; ' second,'..the cable-transfer point, "wKich, Is,jffi'o...mataUip. equation of the two eoihs/'plus or ininW;'tlip, cost of transport; third, the "cheque" or sight-bill rate', - which is the metallic equation, plus, or minus •:the,-co9t''of.itran6porti-aijd interest in transit.;' There ,isimoney .to.',be .made and lost by playing the three different forms ■ against each _oth'er. Sixty.'day; bills,in iLondon« may be sold"in/New' York' at ."certain ■ seasons , of the year-mth' a/mpderato'ii&urarice.'bfi fe l ing ablo to .cpyer/.'thein at a, profit by. buying cables ' or. cheqijes' agaifist 'them' wlien' A they: mature.. i-y (w# The official'.estimate of ;the Western Australian.: wheat : . cr0p,,..-.published, recently, j shows, "that ■ .'further.: f:; being made; witlf wheat cultivation ' in'that state, the area, 288,000 acres, being more .than three times .-as ' large as ilve r ;years ago.' .The estimated yield of 3.492,000 bushels, will leave a surplus of nearly 1} million bushels' available, for export; .The following'-is', a' ''rompa'rispnwith: the figures of Acres. 1 ' Bushels!- Average. . 1902-3 92,338 ' 985,559 1.067 1903-4 137,946 ■ 1,876,252' ■ 13:60 . ■ 190t5 ■/. ■ IS2,OSQ. 2,013,2,T7i. .11.00 ' 1905-0 ... 195,071 2,308,305 11.83 1905-7 ... 250,233 ' 2,758,567 11.02 .1907-8 ... 288,000 .3,452,000',/; 12.12';,: SUICIDE AND LIFE A.SSURANCE... .... Different life offices hive different; 'methods if dealing with suicides. , The most ■ c'dmmpn plan is to .'issue a policy containing the ,'icoiU; dition that, in the event, of ithe assured committing suicido rally two years—tho policy is void. ' Tho idea is that even 'if a" would-be assiirent contemplated suicido at the time of his-taking out n policy ,he would haye plenty of .time to change, his mind, in • th'e' period 'stated. ''Arid'!ovidehtly this scheme works out' well in' practice." Other companies take all risks', their' policies being • incontestable'.from the: hour,.of,' their/jssne, They, however, make more elaborate-enquiries as to a man's private life, his fihancial' position, and so on than do - the others.' It is not often'that a-'mail' deliberately'lajwureSKp'riPr to committing'.; suicide,"though su'ch , on record. ' About -'adozen year's ago a merchant -in Loridon,' suffered'' large financial losses, anij^wjis,in' great-^isticSs'"as to . the'future; of 1 his family, insured' his'lifo for. a la'rge sum in offices whoso policies did not contain a protective clause .relating to suit cide, and poisoned- himself almost immediately thereafter. Wo learn from' the "Spectator" of New York that by outliving'tho bme limit of the suicido clauses iiv ench of his policies, the death of Mr. G. W. Delameter, president of the Pennsylvania Nut Tip " Company, Of Pittsburg, (.will compel insurance companies to pay claims to the extent of 95,000d01.. Mr. Delameter was-.probably-'an lirisurance- export, for'at one time'he was a'very'successful life assurance agent. His last act was to 'determine whether self-dcstructipn/wohld.invalidate his policies, and on gatirfed'/that-,it would not he placed them Where <thcy 'could be easily found, and blew his brains' out. the^ The reduction'' of., the • Bank- of; -England 'discount rate from.i.7 to G. pero.cent.V.; Which.uwas given effect on Thursday last, will aiuse a feeling of general satisfaction, and will'lead to a more optimistic tone. It must be'remembered that the financial'conditions in London neves, warranted.such, stringenpy,,as,.existed,for six weeks, coll.apse/pf crwit in America, and 'the" frantic "efforts''made to import gold.were tho chief causes; lof-..thjr,harden-jng of the money market in London, but now, apparently, the American domands for. the metal have eased, and the central institution has hastened to give relief to the market. The end of the quarter-.-jpaymonts ar® met, and:: the usual cheapening'-of :'it)Dney; niust . follow'. :Th( - precipitancy with wliich the rat-e of. discoiiii' was reduced civen rise' to flit

■ 'mqvtacSM- i.majr '■ be'-'p'rematuro ;";°at all,; events, wo have the' anouncement'of .fur|lier -important failulrcs' iii * America//•/. Six "per Vcbnt,'-"as'lSiing.i^ ; goV 'is;- hot'a • high rate; .• Wei had .such a';rat6;.iip.-19p7 - jtnd-.iswi, 'and; trade,wa_s.npt affMted.'to^niv',dpgree. 1 .-'But IMi conditions? diffore;nt..'nptr to; what tlißy 'on the. ;part. of . manufacturers -. and.' hioney.Hbl'hi'eet' the denlands v of' eipaiiding tfade we're such , as: to treat with^HgJitnesf,'such'a ; rgtc£as£Ji , pqJJ cfyj)t.™tho. position.;nb.w, ~with . a recesssib'n • in -trade, is very' different., I[ovrever, ~jf • .tho.,.United,; States .CpngreßS: passes Eafifefactbry. and'■- restores ' , l c6iSnsfenES''''VKiS , 6,.&'':j»6' reason why -'tlite'.,; : Bank ■ -of'•>Bn^li!Dd I "riite should 'Sot.;.be ..q.uickly...-Ire- . duced . to ,4 . per vceritV ' -But : l it que'stioii. 'whethCr' 'Ainenca/wi'll'-'apply the jfight .relnedy; ' ; ".TKS" Ecbnomist'"', '-oi '• a ; .recent; date;.; says :— •";Thq evSti'ts tHd .fpstniglit have^snb-. • 'miited'- ' mi . over;■rf^lfc'in|r]iiWey!j' , 'fh'e;. i of 'the > -systetafifiayo' ■Wetl-'''6li;b'yrh up,- and, reform is urgorit.. The real weakness, -..to ,our mind, lies ' in tiw-ab'sencc 'dffavtentral bank, .which is &' cardinal . point aniEurppean ..bankinj;, and the want supply, and.- deriiah'd in. Dftrrdne^- Kemedy "these two evils, ■ and panics "and. -etSsjSV Uough \they will .not haw - beebme impossible, "will, -lat any' rate; be »;less' : acu'te ,an'd'. rno'rp easily.. cbntrollid'.'' President' Koosovelt lias ' declared' 'against a Federal or central bank, and it will be ilitor.esting to ;seo..whatJs..done to relieve the 6itua- .. "austkalian REVENUE ..RETUEKS, of tho Commonwealth of Australia, and the individual States, closes on ~,i;nne.,30; ,we have now the half--1 '-year's'? of five of the six States, and the figures are interesting. Wo give the cabled summaries below:— ' £ ■£ Half-year's .i hi - , Kbvenuo... Increase., , Wales... 7i191,000., " 627,"000 'Viicioria .4,125,000 369,348 ' .Queensland 2,243,000 128,528 ;S. '.Australia -1,670,265 . 356,400 "'Taismania.",soß(279 > 55,001) Coinmohwoaltii. ... 6,034,683 1,202,000 ' 'It'.iwill .-be'.'noted that thore is a substantial .. iinereaso in each case. It is a .pitv the West , Australiaii''retiirns' are not ayaibablp, but they (ire ' generally, late, ,;iThe striking feature, and ' one /that'- is 'somewhat. humiliating;",,' .;i6 '• that, i .'Whilev.wo ;)cnb'w ."some'thihg""ejf,'tiio Australian' reiehue !wtt3rns;;:'#oV.arii densely ignorant of the* receipts "of'.our own Treasury. According ; to the alleged- up-tordato'mothods that prevail m the' Dominion, we must wait until the ' .Premier-Trejisu'rer. chooses ',to . malm' public I >important'statistics.Perhaps there is some : ;'&tisfacson*.tb the/politician in 'beirig able to' ' announce from' the public platform, with all , the brilliancy of. political colouring,' the .figures - • that 'niake-''Up '"New' Zealand's revenue, but it'is i -.a'.wry/-tiresome ,and.,''iheonvenlent • method to i 'those who .thp .figui^.' !'. iu.-., » v .NOTE ISSUE. ; V. ;. As the opportunitire for expansion in the the Bank'',of. England ander'tb'e 'conditions laid down'by tjhe Baiik .'"Act" of '18#''become'" steadily narrower year !by ; year; ; the 1 ■■ individual : additions' .' through the 'lapse'.'.of a' provincial. issue, ,eitlicr aji, a re- " ; Siilt' , of'' l ar( r 'ilmdlga'niatiph',pr ia composition on ;; Jtli'e' usual tcniis with 1 the Ijahk"Of England I'- .'aithbrities,;;,gain' interest. ..The latest"lnsti- ' tution'to-surrender'!its 'note issuis is the Sta'm--1 ford Spalding "and Boston Bank.inp Company, 1 wMch~fl#sSffflsßd an nuthbrised "isspcof ' of which aliout X.22,500 was 'in' .pircylatibn at 1 .the'beginning of October last 1 . '-' A 1 stHll riiore ' important instance willi' 'of bourse, bo ' afforded V Vby the absofptibji 'of the Lancaster Banking the' '.authorise'd: circulation .is ';T.hese'"twp'.';ebunt'ry' i issues ! Ver6 < l ii)nb'ng' 'tile' largest still 'existing in' the group .of the joint stock banks, and the total . ..cirpulaU9ns.-01/jflist_;()tock' and private iristitution's in England' will now amount W 'no mPre'thau «21,400,000. ' ."'V.V ' COTTON P.UOSPECTS. Messrs. Neill Brothers, in their latest cotton circular, ,take\ a globmy- view of tho i •outlook.' Their .final I ''estiiridte' of tho crop for i" '1907-B'.-..is put as low as ' 11,600,000 bales, and •; eyon;.this;:i?;';givcn'-,as..a maximu'hi figure. This - is 'a much snxaller total than * at one time • frosts' have materially i altered the position for' the worse;' particularly in Texas,' where it is ropqrt'ed that the i .ciop is almost a failure over'"atlai-go portion i, of-the State. '.With- regard ;to,rth'e prpspeojs f 'of'consumption 'duWng.'tKe' year, Sfossrs.- Neill r ' Brothers point 'olit';''that duniig the'first eleven t week's'of the'season,'.the-takings' in. America • dropped' Jjehind'those : of last season'by-140,000 s, ,bates,' While , the spinners of" Europe have taken - '76|W/p, less, tlian. last' year. They do' not look, t however,' for any 'general reductipn 'in trade r 'activity"reither'. 1 in>fEhgland or on the Corio "'tinent-.Mi'an'dj •"•allowing" for a ' dimunition of w 300,000 ,:bales ':ln ; ;:the amount-'-absorljosl in 0* 'Arn'orica' and'' Japan;, they estimate 'the- total g consumption-, of.' ,the. at .12,§00,000 bales. e - This, of ' course;-'gives - ; a- deficiency ' bf, ;roughly, j a million bales to'be made good out of'exist- . .ing'.supplies, .and as. tho stocks at the mills rf ore' prit at"'ohly '1,57i,050 .balw' there' is notr : a 5 wide margin left. " ' . ~ CIIECJUES IN GERMANY. J '-A cbn'feronte ha^''taken place' lit the Post ■ Offico in,-"Berlin to consider the. qucstidn.of f the 'introduction of a : ip-otem" of ..postal'vcjibq-oes; / r'epresfntativbs; of .'banking ''and'" cbrnmcrciiij '' circle's"i^ing;preSeiit 'To• confer w^th : tho postal e huthpriy<is.'i ',Tlie. "Frankfurter 1 : ,Zoitung" '*• learns' tha"t' : "tho' ImporiM : ' Post. Offico - anthbri- ? lies are engaged on .'the 'preparation'! of? a Bill J to > authorise'' the"' o'stablishment' : of . a.; system ? of r aecbrintsvftnd'''ch<!<iTics,.:wheTpby : rpmittan'ces ■■' 'tr>uld' lie'-sent' dii-ect. through /the , .post office by. '.those...who ,open :a "credit' deeb, ie rt-ported that no, intbrost -^ will be/iillpwod. on '• 'tho .'amounts,' sta'ndiilg to the credit".,'of postal oli%q'tib;,!\ecpunts;,;nut;. that .a 6mnll charß_o will *" be-made- : for remittances. ;Thp. preparation- o( ■ s t'hb'Postal''Cheque Bill represents a-fulfilment 5 of tho promise;, given ' by Ilerr' Kratke, -Secretary' of SJtat'o,. during the discussion of' the ' Budget' in'• tho : spring «of ■ the present' year. - It i.' is said tliat'th'e only opponents of tho postal „ eheque system' are I ' 'represented;-by the co-op- , erative sociotiesr'-wbich' fear- that it would divort capital from v'tfeir bontrpl.- ' -/ p, • .' "> : • .rNOTES. • io The Wellington'^-Stock Exclmngo re-opens 10, .to-da.v, after„" ) the"'holiday recess. l '.'' ' - it ---A dividend-of-12}; per cent, in the £ hae iW ' heen declared ' in* ftlta- estatft of ' the ' bankinj!

rm:'of Arbuthnot and Company, o{ Madras, rhich ,failed,in 1906., To mitigate the effects ,of ■ withdrawals during he recent crisis, the country .banks in the Inited ■ States resorted to various devices. L'hns, -in Oklahoma, the banks, in the town if'. Guthrie restricted,:cash : payments to'U!l:,in ine day, and' JS3' in ono ; week, while the,'intitutions in another town 0/ that Stato limied the daily withdrawals to ill, and the reekly to £2. . ■ :The Norwich Union 1 Eire Insurance Society >rpppses to ' apply • to •: Parliament .in vthe 'japijoaahing, session for . powers to the Society into ; a. limited company. By the conninpliLted. arrangements the. shares will "be rel.uced from .£IOO each .£l2 per-share paid, to £25 each X 3 per , share paid. It is also in :ontemplation to '■ undertake ' insurancebusiicss'of all descriptions other than'fire! ' .STOCK 'SALES.'" . ■' ' (BT TEI/EOBAPII—m«SS' ASSOCIATIOS.I At the . pig sales, at .'Pahiatna on , Saturday ihere was only a. moderate supply. Prices, howovor, were fair. Weaners, lis.; slips, up t0,175. 6d.; small stores, 216.-' .• ■>,; ;- : ( WESTPORT COAT/ COMPANY. ' - : (BT TELEGBAPH—PRESS ASSOCIATION.) ' . . •• Westtout, January 4. The Westport Coal Company's , output for the'week was 3247 ..tons 1' cwt. . BANK. OF EN GLAND RETUEN •' * BT • TELEGRAPH—PEESS . ASSOCIATION—COPYRIGHT. ' London, January 3. Tho Bank _,of ■ England , return issued for tho wook ending Wednesday, January I, is as under:— 'Issue Department. • . \ , Koto Xasrno £50,052,000 ' Gov. dobt £11,015,000 . Othor socurities ...' ' 7.4 M.OOO ,' Gold ■ ...: 31.C03.000 ' • . £50,653,000. .■ £50,052,000 • ' ,'BAUEmr. Depabthekt. • ; . Proprietors'": . Govt.-Bocuri-- , EKiitnl £14,553,000 . 'tics " .'.., £15,832,000 . - Public do- ' ' ' Other eocuriprfiiits ... . 7.659.000 ,'tfes . : 40:608,000'• Other de- ' " . posits 52,657.000 Kotos ... ,£0.532,000, ■ Itcct, 7-day. ; ' , '■ mdotlior" ■ ' \ Coin' ■ ' 041,000 ,bills v ... \ 3.341,0G0 • >' ' v,,' -' •; .£76.113.000 ; £78,113,C0p.v. .. The ..leading items of :.tho Bank of England return afford' tho 'following comparison:— ThisTrook. Last wook. Last year. . ••• • ; '• &'■: • - ''■£■) ■ '£ , Bullion 31,503,005• • £?,7f» 1,000 .20,270,000 Resetre 21.473.0C50 • 19.552.0X1 IG.SSfI.CCO Notecirculation ••HiKO.OOO .29,04 (,0» Public Deposits ' 7,55i).0C0 5.6E5.000 8,039,000 Other Deposits 52,057,000 ,43, C0j.CC0: «,733,050 ... Proportion .. " ~ • ;■" rosorroto " '•• ... •;• .."'..•liabilities . 35.63 30.09 ■ ' 8«0' ! . ;... GOVERNMENT SECURITIES. - - - : Y The following aro the latest quotations for Government securities '.with a -.'comparison: of those ruling"last ipsek':—J

THE MONEY MARKET. Tho open .market discount rato for .best tkreo months' bills is lis. 6d. lower at 2s. fid. ■ per cent... The Bank oi Bngiand rato is 6 per cent., to which it was reduced on January 2. COLONIAL AND OTHER PRODUCE. : Wheat—The market is quiet, with prices ■ nominally slightly nigher. Cargoes are neglected. Soutu Australian Decemiwr-J.anuary shipment is otiered at 4Us, per quarter.' i'.br ■ Australian on spot thero is a fair enquiry at .455.' to .fcs. 6d. ' 'l'ho Ajiierican visible supply of wheat is ostimatod at (ft,110,000 bushels. ; Plour.TT'ln: better request.' Australian is quoted at 295. (id. to 305.; Gd. ex storo. Butter.—There is a steady trado being transacted. The . quotations for Danish are unchanged. Choicest Australian, 114s. to 116s. ; unsalte'd, - : .to His... Second qualities ..'are in 'short ..supply, with a strong. demand at .106.3.t0 110s. Siberian.is,almost, extiaiisted. • • New Zealand is quoted at 118s. to 1195.; Argentine, '114s. to :116s. ■ • ■ ' -'Cheese.—The market is firm. New Zealand whitb, 61s. to 625.; colourod, 625. to 635. - Sugar.'—Beet,'- first ' marks, lis. - 6d., f.o.b. Hamburg. '' ■ ' '•, , . 1 : ;• Bradford .Tops.—The" market is more cheerfuli!" with \a 'better enquio" for crossbred ; 'counts. Common 60'b,' id/'lowor, at 25jd.'; ; •supcr';6o's,"id- "lower at 26Jd. per lb. . v; , .. THE METAL MARKETS. Copper.—Spot, lis. 6d s higher at X6l 17s. 6d.; three' months,: 20S. .higher. -at' £62 -. : 155., per ton. • .'■■S.vippiics, 50,925 tons; 'deliveries, -tons; ,stocks,' 19,710 tons; .afloat,- 3850;' tons.', ■ '•'-•Tih.' —Oh the spot,. £2 higher at £121 per : ton;' I ''three-.months', -C2'.higher at ' £122 ss. , Stocks, 12,452't0n5 j-.on-5p0t,"15,622 .tons;:afloat; -tons; deliveries, 2710.• tons.' '' ■ ' | - : "Lead.-12B.; 6d. higher':at ' £14 125. : :6 d. per i ton. ■' ■•' •", ■: • . . • Pig-iron, sd. lower at 4Ss. sd. per ton. Silver is quoted at 25 per ounce.

J!,: A'-2 ' \ ' ■ 1 : . r: ; WEULINCTOH 'il3Tr= •< ' • n Ov r,iabiV W PRICES/ Tleta ' • COMPANY . CapitM Funrtand .£?•. ij. vnap >■ •"■■-"- ,. ;■ to C0MmT - ;. V K. i™,tor. . ■■ BANKS., ' ■ £ I 4' e ' ' 'in' '• f '> d ' 1 l£ 'o ■ :' £ * IL . a -- j • • K«w Zealand • • t.OCO.OOO 581,675 : 3 31 ; ;g.... .• ••'• • v >'• ■ : -'v-i. •( •• national -"■- • 375,000 335.318 84 15 \ n :, ,. M 6 . f 8 , 0 ; ,-, . ... INSURANCE, . m i a o - ■ . i n~ h' 11, * 'Rational ... - -.,...300.000 • , MM39-- J nnltd.' »:• J-:«- 5, ' . / - 1 7 " , New Zealaad - - -SCO,000 1 396,7&? '? 6;' 319 0- 1.0 .. ... .. , ■ South British : - 100,000- .£13,490 , \. nnltd.' ® - ,J, : n .' t'rf 0 ' -V fi 0>'■■ : e 16 'l 1 Standard ' - . Vv7|,00qy 69,168 I • I-J .0 - v.I 2 P-, . EquUabloBuildtoB - "' y'ks) V '"."I r!> -'-lb "'10 "a 6 , lb 'S'0. ,10 .2 -? . 4-18 ■ fi Metropolitan BuildinS ' 21.000. 5,229 '. J ¥- nil • i •■■■ , .•.ii<120 si J n : n AVellinfitonInvest. :-. 60,000 3,033 . "£. ■ ». .. S ; R. S ol . W:S: '' tliB Wel'eton Trust,!; Loan 101,250/ 30.6-20. ; 5 J -8' --J:;®.:®.'. ,, 10 °- : ■ lX ■ ; .5" 3 ? • National Mortgago - -500,000 - , US'"' M ■' ' ; 1 8'6 T ; 4 15. 0 •• N.Z. and Riror Plato- 300,000 530,308 - V nil 1 ' 0 3 ' i ■ 1 1 0 • ! •- loon and Morcantilo - 135,223 • ; 1571358 ■ •"•»• • 81. , ■ V . //V-, ■!; ; Auckland.-. . . -1S0.370 HM5-3 "6 nil 16 : .l<-0-0- H ■ Christehurch' ..5M» ,»;• —rfLi. n • o'lJ' : 0''' ' ' • FeUding . - 10,805 103 .;}• ml.'. *= i}, n , V° i Gisborno - .-• 17,100 .' B-,839 -1 nil 12J ■•*" u . .- / ■ . . Bawern - . - . 8,250 . 745 v-| i,. jj; n ' ' NewPljmonth - v. 18,000 3, ISO ' •«. fi nil'- i »«.# • . > . : iapier - - - ■■ .- v A:tVI ' £. |».' !? ■ ■'fsjo 0 ■ „ * ■ • . 49,9571 ■ -.-Rftt 5; , 15 ° -8- nil 10 18 li :S 110 0: 18.16 0 -Ml • Wellington - - g.', , "5-; « . Ufli, ■ >..<»10 0 .'9:7 6 -5 6 8 MEAT. , . • _ o n n 1 • ■ ("Bnterbun' *. • J63,7'27 " rO,C17-l ,• « .•iniifi- n -1 501° C 1010 0' 712 4 Christchorcb •. * 165.920 . '• :'£1U ( •*L -S 'S'rf '% 'n ' ' , 13 Gear. '- - - -96,261 ,1 ml, . ;1| -18 0. 0 ; ... , . -. -DiMUmiieatBkp... T ; -'8' "! I» «:, s 0 v ; , 5 6 grs sj^:£ffXKw!X£i\o, •• # ■,.•(.5 .1 . ■Wanganui : ,'! 45,850 ' 11,401 : « nil. ; : 8 • ', . ' - TRANSPORT, ' ' v n « ft " o i n- 2*3 fl* r 3 S ■W.&M. Railway • 170,000. 391,453 J . 4 , ! " £ ? n '• ? K n 'fi.t A ft R 0 y K;Z.ShippiuS • • 473,SiO. 113,751 • -8 ,. v 5, ,ii-2 •• ri-,5 S 1 oSjf tuiO" Union Steam - ♦ £00,000; m&i ..1? tm,- <4 }' ■ «' ,v n!'n •: Wgtn. Btcam Porry * . 46,'2£) . 65 ; 1 • nil- ■ 6* . , wcstport OAr I' - seoloro,' .117,915.. , 15, 16 ?•> • 6 " T Toupiri- - tS,503 '>?&W>V "'■!!" . ml. V.iSfc: .^J.V.fi,* 9 ®.. WOOLLEN. .' . - - '" " ■ .. > , ■ •'. . .' . Eaiapoi- - -' • 100,C<» '. 8»,- •••;?" Mocgiol - ; 17,312; Si ; . li.. , 4: . 3.10 0; - 1. "■• ' Wellington - - ■ 1.0,OOD- ' wiiMiw .' f »6 v-. v -,,, • . ? . : 310, 0 6 0 :; T -. 6 G - MISCELLANEOUS . :< . ' '■< \ ft ■ ' .. . • '• , Donoghy Bopo • . <7,000 n,t y" 1 ' V« ko' n ' Leylond & O'Brien y- E5.000 /. 37,761 ." : nl ;., .15 2 <,> .2' r ';J • E ., 0 .: ; 6 . 5 UauricovilftljiinJ ' -7,000 • •: JiW' 1- n !J , • .• = , ,1 6 0 . „/., ,, . N.Z.'Caudle - .-. . . .10,000 ; ! .• » ; . A .n!}-..: .0, V?; N.Z.Drug .- - ... .£00,000- : a514'- j ;T:?r-' iT n fe'i M»£ ;§ , i V 'a ; ■' e n' n H.Z.Paper Mills -94,755 . ' . 147T.r -bJ-'- M - T, ?- -V J $ if : '•••*:?' '?'> 6 -i° . N.Z.'Cemont- -• 'lO.CCO 2,058 ' 1 , nU , . 8 :' 110 6; ;■ 1.11,6 r : Uanning & Co.. - , • GO,(.00 ; - £7.670 \ } ?S' '» r I ; 't> 'n '• o n 0 : jWard&Co.'.- ' - C0,0W • '-£0,655 . •••<' :• 1-.., .10-, '= ! R-1? ®' ' W8tn.OperaHouso * ' IMM-t: : :>-1.705.V. '.)f? ± mlj'j-,-8. ;.5- 0 , • .0 -p ■ 6 14 . W'etn Fresh Food •' W,26i:<" -U; -...ml-;if ft , VJhilcombe.4 Tombs". 46,250 £W53 , ..;S . ni lO.i .60 , <1# 0 tiailand, Limital' 1 . /. • 48,57$ ; 'v.j. i! - ' /,/V ■

• • <_-• •• •' t "Variations ' ;■■■''• _ rvi!.. compared ; - : Mco "• wifil ; : 1'aiit rook. :V ■ ■ ..■■■•■. £ .v d. ■■■■ ' •!i%':Iniperi«1 Coticols... ■ ' ... ' SI-17 6 Oja, Higher-M'-H.S;W:1N3,T»iWiiIt ... ICS"15 0 ISa.-liifilior .'Si\VN.S.1V.i!)iaM»r-a«i)t 00 0"0 Sis. hintior' . 8 v, N.S.W;1935 ApI.-Oct. .. "83 0 0 COs.huihor 4 Vio.-lOSO ,Ti%7i.--,Tii1t;.. . .102.0 0: .SOs-hljtli^r • .Ji.M VJa.lfflM jani-July ... 97 15 0 ' Ms. higher 3 Via. iy£H9'Jan.-July . ... o7 '0 0 , *40e. higher .'i'5 „ S.A'.19l6 Jnn.-July . ... .59 0 0' >0k. (oTcr' .•.S'.„ .5.A. WI6 Js.n.-Jn1y - o« 0 0 JOS,'lower' < ■',.'£)TiU!Kl-30,Tan'.4iily .«... lftl' 0 -.0 . :Ms.-lilghpt. QTdl9Zl-30Jnn:-July ' ... 9T10 0-' -30s. 'higher,' ,S:■ ,,'ici'l'd 102ai47Jo.n.^T(ily.'• ... 85,' 0, 0". ,"20s. higher ■ .4 NiZi JffilO JIay-Kov., : • 103-15 ,0V lis. higher' .3? I, N.Z. lMOJan.-July-, -' ... M'lO' O' . lOjAlgho't. <#! „ N<2.1S« Jan.-'Jiily86 '.0 "0\ li-O's.-hisher. :3lVW*4L.J!MM6M«j-»or ... "9lvl5',0 35s.,higher ; »V.' \l'jAVi«lM5>Iay-N<>T ••' ... 86 0 0 fOMiMwr' . Si „ Tss. 10aM0Jan.-,TuIy ... D70 0 2m.-hi«h«r 3 ... Tqs. iffiXMO ... $3 10 0 its. holier .