FINANCE AND COMMERCE

Dominion, Volume 2, Issue 422, 3 February 1909, Page 10

FINANCE AND COMMERCE

WELLINGTON SHA B E I -

The above quotations are taken fronMhs daily official hsti of tkt Wellington Stock ~ ' Exchange.

;s:;££ \ ';;-•;:■: ;A^fair>.bnsiness:TO^ '(•:'ment'■■ shares;"',,. There!'wer6..:s4ies, of-'.Natibiial: ":=,■: :BankY6har'e.s '3s.''■'fld;VvTVellingtbii ; ;lnvesi>'' : .; '^heht.-at', ( lls;:.'2d.,: ■ and!'-Taran'aki, r -Petrolei«ii.;.at; : : -;;;7St6d. : 'and' sj;: : .ohanged, ; ::^Na'tibhkr-Biahks;-?bnyefß; ; ;;';.... seUer's : ;^.ysv';i ; Natibh'al,l!Mp'r;tgagfe ;fe.-. : New'-Zealand'and-;Em ': ; ,: Wellington .TnYestment,',bQyers"-.ils.';'.''Eellers''lls.'" :M ; ; S;'ss.:; i-i tiohM. Insrir'alice,••buy'ers'JEll:Bs;^ : 'm 9d.fj JChristbhUrch : Meat, ftbuyer's.i-S10;. 125;,-"6 d:;' L "ft-"Gear;.-Meat; '\ , -'M '-:pMd^:tujers;';^Oi : v' ■■' buyers,'dE2 10sl; :Me'at :, 'Export,ril. paid,., sellers ::¥-'^,- 6d:&paid^:buyers t^3 > Wfiellers;{ie3. ; : '', ;.'; fs.'"', 'Mahawatu::Eailsi>trayefs' M?i&.fflfs)lmsj & ; ~;P|Wbblle'hV 'Sellefaiai: 2s i v 6S;;'.Westp6rt«Cp|l/J ;?.::.;:bttyefS'if^6-.fo. i 193, j '■■'■' '■'■■ LeyiaM-O'Brieh STimlJer.V. seller's';: :M -M. j, 2&my W ZeftlanpPortland;:: Ceinentv.:buyefs:: , i£lv 9s" BdV "-';;.-:;feell.ers :£l..\tli: '.Sd'.-;.'.-Kew.;'Zealan'd : Paper-Mills,, ';-- : 75. : :6 d.," sellers' Bs;';;Marinirig:"arid. CoiJßrewery,: =.'";':;■'seileri Mi Is.; Ward and & Brewery, sellers •9iV;-':"JBsjlSli.;j>; '^: : W^&&r /'3^-^f W^M } kt. .'ft™? "l;-;:":' Sales •i': ; : tangi, ! at ;4s.'|ld¥;4s". <, 2d^ , and '-:.;;: River, f at £,% .ls.V-i^ere'. reported. yesterday. The >^','marketid^splayß'd.'\S;-firm ; ".-tone,'. : ;H ; under}— ) : i'-'; :i .5- ■'•■ ; -' : ' '■»'; ;: '' t;: - ;: - ; '■'■■ ( .'-; ; - .\ ; .-B'nyers.' : -''Se'llers^ i ;.' • Sales.!' ffl;;;V : V,'^:+<w.w. ':.-'. i-: ; :;:' -V ■<:£ :s: d.'i':ii&ayfc* £fsW?: >:;'; ralism'ah: '■;:; :.. '%';;.-; 0 vV2;v9 3 .S:-..-.WaiM:Extended '&. : ? o r S -2'■'.: o- 3 ; '6'.-/'-. --' : :'■■! ?:? : WaiU;'^y i .^V'i.U;.'S'l9.::o;:r.9j;s(fia.|l^ J S: : .^:'.. > ;;;; 1 0^V2;?;:0:^':4'?i : 0 -'4'f-3' ;:.:-Crangiaro',v-'.;. ■ i 1 ...';:•:'—: .;.o:.:0-8,,?:':—'t• ;: ; ''>;)l.Z.-;.Grown ;t;?: * *'?■ fV';i -'h It;was": teportei ;byy oable" tKbtKer v day.: that k i T\. ome.' slight? imprbvemeht: 'bads '■v; •■' the:Kshipbuildihg:-ihdustry;dh"; theAClydeyand-i",:;:-,the>Tyne.';::;,This;.:is^ery."cheering, v for. it conies. f.'':'; on v theiheels :bfivejry 'glObmyWepbrts ; frbitfjshißj : i 'V owh'ersvS f ot:;'hi/;J^ ecr M®'%!! V.-;:.: .;BKareholde^s.;p^;the s^ wi.-itipn',Company,-'it their.general'meatinglinjths;. : ■~;.-:; second vweek:. iri : ,;peceinberj -:Sir-'•'.Thomas';'Suthr; ; vV';' : e'rland. T s'aid that":sihce.-• they.-:h>id!;.'hiet:; the world.ha'd'been.passing-under-:'-:;,:ft^clbudi:^d: ;-|' : ;6uffered,';-.'anii'."was ,:;v .Great fleets'-:ef .•:shipi;:;had;;beto'^;laTdl'^jp v;^h', ;-!•; -/various ports', of It he, United 'Kingdom/for, some' (".: :;;/-hbme' toVthe'ra.ih^that'roomimore.directly : ;...;■..' ; they:.'.l'pained : :that-;a j.vast■/ambuht-,ofXtoriria'ge. and to :;;thp | ;Jm : \ ;;,;;;.'possibility} of;;ob|aining;,homeward t : i.« any ;descnpti6n' : ;whatever. at 'anjE, rates?TL;;Tjiss? v,;/ gradually.\.;,Th'e'iexterh'al..trade:pf this'jcb'untry.; sj'' : :.in'-Hhe',;-yeir.:l9l)iS77.;;.rbse-..t6 \i : . I 'figure / of; dy.m'illibh.ibf . .millions';'and/.upwards,, i;;;f; ;but;-yet. aP'.the ".^ ;:%;.'-,'pirig.'arid; the 'rates-of,^^freigh.ts/hatf.'begun, sen-: ',:;.', ! ;Bibly r " : tb feline;-SThe ; ,explanatibn:lay,,in.:tho :-/' n- Bimple ; fact;,,th'atv.within ..a ;'compkratively short -rS-V-V:space.'ofj-itime.3,ooo,ooo/ton's of:.steam,:-shippin'g, .;>■/-,; had ■■beem-^'dded;'^ S/./' foreign' "cbuhtries/were 'equally.:'active.in' : addin>: ;K ;'v;tp';' '.their :,"nCets,';.aiid -'; that/.thus'/the .-.supply, of,' ;/;■ tonnage in/excess .of', the; deihand; : ■'//-,tThe-CTett .'■/O/.-teen'left behind;;ifind--m'-the^n^' eUyeaJnidntbi .-//:/;;-of -1903 there wai'd/decUne/ii'tKeexterhal'/trade ,';.'//f'of-'the' coujitry;:a»buhting'?''tb."'rio "les'Sc/tnah; ■ /never; been /■vS.'; v so.;-fari,'^:;h'e';:knetf:';in^.pa'st' r history.-. ;.'';;: He/ believed',thatythej;'shrinkage;of:. trade 1 had ',■■>:..''':'.Hwh. ; Smbre'J;or. : .:H&i ! .\ihivers'al, ■;. and /.as.- Great,; l;i:,;Brit'aih;''bWned-.half-:the'':wori :.;=..'■; ■', : sjj«ered":.-iiiv: gr.ea^pr.;;.,degre'o*'th¥tf"fh : er.:fpreien •v:;": vCbinpetitofs;-/.// Eeterrihg -; : ;;td J /; i tlie.'.''oiitlbbfci-''. : Sir" :'./;'.:./Thpnias; said'that rif: there was.any: indication, of, :///;iimproveWerit{;in^-trade/it^,was}of.-the very: '•ii'u 'lelightest character;^-/Hoivever,'; the /country had: : ihrqugh.fsiich \ periods ;before, v .and / te, ; ; '/;-,;.b;elibveH-;,that, .business;, would presume;., its,; nbiv /////mal' the! tinia^th'erb;were/ many,' / /.' desperate^^-pr.bpbsals. ; ;to;:.;remedy": the;evil- case/of. ..;!/■::; Bhippih'g/'i! and /one V.emanating;. from;.! Germany :,'•-:- had,for itsj bbi.ee©the',intetnatipnali:restrystisS,';' ■!/;: vbf ~shipbuildirig > ':.'>Tt'«. was" suggested,!that "the ,;■;:.■:' ..German shipowners through-their Central. As-/:.:,,-sbciatiori /should'^effe.ct;'-a'. r formal 'agreement. ./.with .British.'shipowners" through :their!-:several; ;;-/-associationsVthat'^ ;.;/ / term/ of '.'years biii Id: ''any/ m oreViJyesselsH except': /;//tb:!replace. ithbse ithatynay/zbeV/lost.-/ /To'-' meet ;:; ! :;;the";bbj.ectib;n.:pi;'shipbuilders; to !;such :;. ; v itds'-.furth'eriprbposed;tb'.raise;/a.cbrnpensatjon '*,y::furid;;.but; of;; which;"fb/'guarantee ;to/-,the: ship-, '-'!; builders an! agreed dividend., on / their: invested '•':,.-J,-v cap'jtal.;;. .// /posal/meeting yn\h; success./ f: ,■ '"■'■

■ v!/!'!:& ; i SALBS^^: ; !'::,,:,, , ' Aportito'pn i their 'statei-aVre ' .was..ar|6o'd.yarding : rof.'she'ep'. and; affair gentry , bntVihe,.s'tb'ck ;>was :only.:ih;..fair.,d.e- ---' mnh tp is.Sfid,; aged ewes, IBs. sd.;' forward ewes,,; Bs.. 7d; to, 9s. :9d,-; ;'Aeditim^iamte;v.te'7s.L7d;'j.rap^.l'Bßibs;-.Bs.?d'.:-to: 9s: sd.'i";f.'m,-.ewes,-85..:3d.;. 2 and '4-tooth .e.wes, niedium, 13s. 6d. Bulls, to ,i 2 175.,- U, j; store , .icow6,'.to : S2;/:'2ito.i2|?year..heifers, S2 9s.j.fat ■ .[':*.,'J.'t 'on-iheirsiJohnsonvillb.Tis'ale as: .'follows ■'wa'B"!#'fsir;.'yarßin|. '.'of : fcoth)'sh'bep aiid' cattle, whiohsold'-well at last, week's rates. .Beef' made 21s.'p?r IOOIbS ;3esKb'ull'bcks,<'i£B'ss..'to. . •lighter, '47fV10s.'tbri£7-f178...6d.; 'go6d-w'ethers, : :.; ; EQUITABiUE; BUILDING COi ; ;: ; WV '"«i''^fl<.'";'''^'.''gv.-.-a'^?:I 1 1 ■.-.'.?■•■ "'■■': ' : .-- ; '- : - ''■'-:: ■ '2 fffieTiaSnnal meeting ;of.'shareholders,':of. ; the -Suitable :'.Buil^i^ ( Investment. C 0.,-.: of vwas°lield:'at:- the ..Chamber'; of ; CbmmVrce.,,Jast'^n|g^hJr, i Sbdrly:v2o .shareholders, : being' present,vi'T -■-,■;/.. ':,l''A':' ! ' } ; Ji, ..;.'.. ; ■;'/:''■'.- 2; The';;chairman, arid- managing; ',directbr.''(Mr. &.., M. : KebDell),. in. moving. the, adoption of .ithe ; report:, and ! ,balance^ej}t,.. : which v have '■■; already,. -been^ublishedi'''rVminded-shareholders' that "he. . ,'state'a,^j;>,the>4ii6t -,annual \., meeting ..that • the ;"p'rofife'jqrj %h§ fensuihg.year'.'lwbuld.'iibt.betas' S ilargefassfor3ilDo7s : ' Thisjfprec.ast sho'wbd.i-a.'.reduction .Sof L S700; 5 buR i^ieTjur'sements.-being,. less v by. ] 11 i825Q,-. i .was only;;.reatl'ced:'.by ■ i!4sp.viThis;faning-bff - was accounted -for,' by; a ; \ ' per 'cent; 1 , rise 'in 'interest,- and; a ]hTgo .. reau'c-' ■ tiohybf 'depbsits, l .: ,He:;thoußhtji therefore, that: . ihey^mighfecibhsidbroihemselyes',;f'qrtnn'ate,' -fpr, ' J after'-paying ''the■ i usual : i ;diyiden , dy'tliey'"'had' , beenla ble !'ib. jplace r-j83000... to the ■ reserve fund. This';with'the ipr.emises vaccount had: brought :the':compaliy's,reserve:up to-. i£so,ooo,.'besides_ : carrying;nearly ,^2000; for-", ward to-next, As to tho'. : company's-.p.rPß j : p'ects: the „cenung';. year, it: was: :< to I -M^kejg^bJeciiSg)b;,ut ,h'pt,bo.surprised,, .' ■jJ.ithey.Vihfwiv o*4 liftheri!-' reduction -'-of, .deposit'si- ; :;SjfjfaTjrth'e'ir 'interest was vwelljp'aidyj'a^d'.- up'Jto ■]tsj( pre'seh-ti' time:;nS'did;riot know,-;bf 'any', pro-, 'perty;;ithat:,they::wbfe^likely, tptmake'ra'llossbyV. . j-iMr.v' Harold:;. Beauchamp,. in:; sebb'nding .the , be; "asked:;presently: .to : agree', to a'. motion ■ for;.' irir, creasing,the company's,: oapital...;; He : that.was a'rnost.important and;desirable.move'- , ment, paying!"regard' to'^the-,way,in--which .the, . hatt- shrunk during .'the;, last -year" ,or , two,' andi;the-pbssibility„ of. a, further„shrinkage'' ;.' in the ,futurOi.;They-wanted to ensure: 6ound finance,iiand;.:that cpuld-.best- ;ba ...accomplished by:lincfeasing- in the way that was- ■ suggestedj;';..;f'- '/■■::-.^M^ ;,';.'";'-:'"; ~>:-.; ,-:-''' r[. ~.,vThe;'r.ep.pr,t:,andbalance-'sheet : >were adopted.-:,. ; '~;Mr.:-Leonard-Stbwe,:the retiring director; was re-elected,.on the motion of Mr. David 'Beauchamp.'./'j.Mr.'-Stpwe;;fin..-returnihg'"ithanks, said-that,,'though ,- the',balarice-sheet..was;not quite '.';'as,ithat'«of'.thP.preyiQUß'7eari he;hop'ed that the : ';oi)rrent' l year;,yould,:'shpw-;betterVresults;.,with • the:aid;cfcih6rea'sed;'capital. v v."i',.\..v ■:. .!.■;•,-.<.■' , '-.'.Messrs; D.-.T.;Stuart.and.S. Ca'rrell.-.were' re- ; appbirited:auditors at the.same, remuneration as ; :heretbfbrb;' •:'''»;;;.:.; : 'v, ; ; '.■■■'■'■'.■'■'-■'■ s .-.■•'.'.::.'■-.:. ~ K tp amend-.-the ' 'resblutibn^bf: Eebrhary i, 1902,'■; which; fixed:the ■ ; ,bbn'us?tp,;baVpwd;;tb:ihe.-director6.: :The original ■,•' res'olutibhr.was.to the effect that,: so'long- as 'the profits of. the company admitted-of; paying t• a: d;yide)idj,pf (.'Wip.ft.'j ;cent;';„- and transferring.JJIOOOtb ,the fund,:- the directors should be - paid 1 . to be divided -ambrig : . them as they.might determine. '/■ Mr. ; .Renner's: motion was.to-niake the bonus i! 100; instead of ; .i£so v Jt, #s';6e.cq£ded;by Mr.''William', Miller, -: and«icarr'iea-. unanimously.': ■ ./*; ;-'■:.':.-•; ~■'■.'.'■■'.'•• .The chairman, moved: "That'•'the ■'■'capital of. the;company be: increased to' the amount bfr: veiso,ood. by the creation of additional»capital' , of '450,000,: divided into. 5000 shares of. .£lO .each; such..Bhares„to';be.i'ss'ued;.aß. ordinary shares." ; tesolntion, Mr. ■ Kebbell :said ': ..sTiarehorders-mi^ht : wprider .why. a company: in such: a strong position should' wish. to increase' . .its capital. 1 * The company had to be. prepared J l s withdrawal of.deposits;.and there ... ,were : three wayß;,of'meeting-such •■-. an event, ;. They.might increase...the.rato on deposits;. they .•' might draw/ in<,their ;thortgage'a, as-/.they 'foil i,, due f or|: they "might 'increase. their,, capital.. The i-; direotors. believed .the last of. these: .methods ,', would be iu the'best interests of the company. i :,., Mr., -.Beanphamp, ■ in r seconding : . the; motion, ■' 'said ."that;: to' ; the .financial',rer quirctr l pnts,'.of',6u<sh..a;tg'ph "aß':this',..it;wns only I right, -te "take:..steriß"-to=: : meet ■ the -large. demands : i .that mu'Bt bemade 'upon such ah' institution "as , thai- , i.: „-, ; ; ■' ~, ../..,. ■ ..-.;■'- :, '-:-.'■: : . li ?* ; .The" : r'esolutiJon4fwas unanimously'agmed.: to, : ■ ; anil-the jjneetjnf? terminated. :',;.-. : ,,. ; v'; '-.;•'.. ft fa ; 'meetingT.of r'directbriSwhicJi.'was .• lipids , sequejltly.jilf.v.Gt'M.' Kebbell' wajS;re r ele,6ted.' i; bhairman'.an'tt/managing direc'tdrsV:The'directors'. I "resolved bhlyi- .called'.up'> to Jss.at,;a premium l of :£2-16&; ••'(to'be-'ctirrieS-' 1 to 'reserve.'fund) in''calls, of: ss;/per'i.share'.'per, i month,; together ;with"2s. : 6di-;per-'.share, pre-;; -: thisi-cohditionT-'that''. sharehblders* 3 caii'pay?the''whole^ambuht',at'.bn'ce.Vaiid receive ;. .full .dividends- from .date. of ■...•These. E '6hAres„are:.'.tO':be; offered;, in the first .insta'nee,' If 'toVprefie'fltwai'eholdef B*only, in .the - proportion j' of .ohe.new.jhare. for.'every''five' 1 . eEares' now f^lityKW^i&i*'*"'**' I '!'- •■ ■":■■• ",-';,-^>' ; '.'' ' f . ."-

ised,, operations ..TJiiSLWouId seeni to be one Of IhVbest fields for the investment of capital in'" the V islands.. N lhe general inefficiency <if labour, does not apparently apply tp'the lumber-industry, in fact, it is stated that,.better, results are obtained with natite than .with 1 white labour. In Ootobor, 1905, the privilege of- free use/ of timber vlka, granted to residents in the islands for ft period 01 five years The., abuse? of this privilege have constantly militated against the 'proper administration of forests. ~' . • The Customs revenue collected at Wellington yesterday amounted to .£2169 15s *d

% : -M: ■ A :i&- : 'PHILIPPINE .TIMBER.;;;':.;; i;;g 'W timber in:; Europe -and. North'. ;;>.' i ■.:•::.■' America;-has.' Jed'.i to i investigations. in .other;. ?;1- : . : .;;;'paf.ts.6f'the -world'/ and it is now being \ realised-.' ;■-.;■.. there; . ;T^" : are'yast-.';foreflts,-which,;are soon 1 : to:..be ex-:'. '■*•■ >;-^V;.'".-plbitedi : --and';ji. : «ems;.-that in..the^Philippines,, 1 ',,;:-■';vv''--M'nii'''Bureau of.Forestry 1 -' of ';.'■ are'some.2s/000square' miles,, or 16,000,000 -.. ".'•' .-J"- [stands,.'arid .it-is.'stated;: the forests ehpiild, ■'. '■-.'■•' yfith careful supervision, x furnish, an annuali ,:i ji;r;'v.;upply. of. v at leasfc;'4oo;ooo,oooft.' of ; mature/JtinV ; ".-ber.and beimproVed. thereby. ..Generally'fepefclc-. ':' : ■■" '•■'■; '"irig,,:Philippine .woods.are.'hard'.and, heavy, ;./;.■ .-/.;ilrorig'construction :.timbei, which.can pa.iised. ;-:.;■ Instead .of; woods;now:- ;:'" •■':, ■■;-.: vHitherto^tbe; foresU Ahave'i.been .exploited to .the ;'>'•';.;; poor.; methods : ahd-llack? of -. facilities .'.flf/trans-: ;;;■>-;:' pfortation,. even -^ere-thef district'ia\nea'r'.;'the .:■,•-,' :^'--y. : : toast,"but;, especially Ai-~, operations-are', being 4; '■■i;';.--!~ conducted - inland.'"-'-. With the 'installation ;of ■;;.;-.';-:. ferge sawmills!and''tKe. : .establishrae , nt.','-of*:goddf 'i - i; - '- "'■;■/-/ :; transportation .' facilities' a"' profitable. industry ;;?•>■ '4V be'speedi^'develope'dljMe^'^ellliifiiafl*

: AUCKLAND GAS COMPANY. . ' IDI TELEGEArn—SPECIAL'COKttIiSVONDBNT.) : ... , • Auckland, February 2. • The .annual report, of ,the Auckland Gas Co. submitted to yesterday's.meeting. was ,as follows:—- ■ .' "The profits for the year,'after deducting working expenses, cost of repairs and renewals, management expenses, interest on borrowed nioney.-.bad debts, and'other.'-charg'es, amount to ,£40,620 Ss. lid.. ' The-i directors recommend-a dividend for.the past: half-year .of Bs.-6d,:-per share on the fully-paid, shares, and'a proportionate on ss. paid-up' shares from date of payment, absorbing ■.415,845"'65; 3d., which 'sum,, added to the dividend paid-in July last '(415,331,95.), amounts to 431;176 15s. "Bd.{ leaving [ a surplus-on-tho business of the' company for the year 1908- amounting to ,49443:135. Bd." ;;: The. chairman (Mr. J. H. Upton), in moving the adoption-ofvthe report: and balance-sheet, said:—"ln presenting our report we have again to record a gratifying increase in business. Tho total make of gas has Veen 504,225,000 cubio'feet, an increase of 58,309,300 oubio feet, or 13.3 per cent.,'ov.er the previous year's make. The sale of gas lias produced 4105,013, an increase of 7.9 per. cent;, while residual products have made 420,288, being 5.1 per cent. more, than lost year. The present gasworks were designed for a make of about 2,000,000 cubic feet a day, and the consumption is ■ approaching that, limit. -, Consequently: in a year or two from now'further extension will have to be considered. Mr. Lowe has very thoroughly gone into the whole question, and .has completed a design which will octe»py the whole of-our grounds, and will admit of a manufacture of 10,000,000 cubic feet a day, thus providing, for. a long future for tho 'company; .. ;'. -/

NEW;.. ZEALAND INSUKANCE' COMPANY;: /•: (BT TELEQEAPH—PRESS ASSOCIATION.).'' .:.. .; : :'; .;,.,:'.-Auckland,, February-2 V : : . the-balance-sheet of the New: Zealand Insurance Co. for the yeai, ended November. 30, ■which has has just been published, it appears that the net income from premiums, interest, and. rents amounted to ,4647,300. vThe ; credit, balance, after the: payment of the dividend of :'415,000 in August last,'is 470,293, out of which, the directors recommend placing '445,000 to" reserve, and;4lsoo to investment .fluctuations account. '>From the,.available/balance,of 423,793 the directors recommend the payment of a dividend at the rate. of: 25.. per, share, absorbing 415,000, and ''making tenper cent, for the'ye'ar, .The paid-up,; capital, reserves, and profit, now .amount to 4743,793,: after providing for-the,,dividend, recommended. .. •■.'.'■■■.' •'-

/-."';' ./.--:' ;i ,-WpOL : SAM!. : ; : - ;. ,/: ;.''';' ' (BI TEMORAPH—PEESS ASSOCIATION.) .'.-... 'V' ; ; : V>v; •■;:';'■ February ,2. /'The.range'of prices at the-fourth.'wool sale of 'this' season's series held to-day was as follows:—Merino, super, 9d.;. merino;, medium, 71d. : to;'B}d.; • merino, inferior; >.6Jd.v to 7Jd.; halfbred, 6up'er, 9d. to ;ild.; balfbred,- medium',fid. to/ Bjd.;: ha]£bre , d,'-;irjieri6r,:..,sid:,',to : 71d:; Corriedale,• .Bld.',tb'' l ß|d;'; threefluarterb/red,-.^ super,- 9d.. : ito';:■ 9Jfl;;V.tKieefi qua'rterb'red," m'edium,\7d; -tp .7jd;; 'three-qnarterT bred; Si'.: to '7id.; crossbred,--: inferibiy.sd. 'ito :sid.;;', lorigwool, sd. .to. M.'j/dbwrirWbol',',GJd./to'.i7}d.'; first;merino piecesy l .7d.---'t6 : '7jdl;.''6'ebond ; a me'ririo pieces,; 6d; 'to ,6Jd.;'first'-halfbred /pieces,.'-7Jd; to■ sid;;.scoured halfbred,-13d.!t0 14jd.', -;•''.. second : crossbred pieces, 3W. ,to ,5d. : ; .locks, .■ 2d. 'to.'ssd- i'Br'couredlialfbreil). 13d. ;t<>;, Wld.l - : '., ;' At the fourth wool; ■s'ale.'-.of ■tlie' : current season's series there,',was' a'fair rnuster'of 'buyers, although ..the attendance was not nearly so-large' as/atithe sa\?sriield.earlier : in the season; .and several, of .the ; American: buyers .wlio:previously .inf i tenally'-''Bssiste"d-:to'^ye',:a'''Btinidus'.to : market were absent. ; The aggregate catalogue's totalled' 4697 .bales, compared .with 7700 for the corre'sponding.'salq of last'year,- and 8252 for. .the fourth sale ;held m 1907. The main; lots.num.bere'd .873,.and these sold in the-short time/of ■two .hburs;and ; a .quarter,-after .which came the '•'star"'.';lots; : and the ; 'sale-'- concluded 'early .'■■ in -tl»;tvfter'nooii'..: The, woql..offe'red.'cotopared'.iin- ; favourably/! with'.that/offered ':at,,;the..' earlier /Rales;'--fow/.'pf-: the''' clips'.';.being/oKcotispicu'bus' merit.' /Merino • clips. f rbm. back; stations did not :op£n/attractively, : . being' in most bases-.stained. '■';T)ie;':'saJe. .was.' irregula'ri ;' the':- weakness.'- of -.Araeri'caii/cbmpetitiony which was "practically npii-exist'ent—Being severely''felt.. ; For, three-' qu/irterb'red' there was a good, demands although the highest;price'obtained'.was Jd. below the top, price, obtained at; the third: sale; of .the series,. but Ijd.; better'than at- the. ;ing -"sale .'.last year.-,. The demand iformejijip was weak,;'this description being neglected,:arid the quality .being taken into consideration, prices we're easier by .from .|d. to 1&. per lb. compared. l with the\ rates ruling: at the Sale held ; on .January -14, .the decline..Mng idiie to. adverse ..reports recently<.-/ | iedeiy.ed ■'■.' fromLondon,;;-:;! ; ; /'/. : '.■"'.-.".■" , ! '/ . :'■'"■■/■■. :'■ . '

.'; Merino'wool, generally,of low grade, .included a fair proportion of wool held, over from p;feyipii's sales.....Medium halfbreds sold at prices equal' tp.: those/ruling, at the previous sale;; . while.;good, descriptions were-. from ' Jd. \tb>:'3d. ;easier;,:as; compared with recent-values, owing principally to the absence' of American competition; but very little wool of this quality wis on-, offer, ; - ■/'/■■//'■//'.■,■";' ~y

...:Several .lines, of scoured/ .wools offered,,,but elicited practically; no 4 competition, arid nearly all. ,; v...'.;. ... ./-., ■_..,. ..■;• ', .For all• classes, of;. niece's;■there -wa's':.'gdod;;deajand, a fair proportion'being taken for shipnleht,. while scpureds.. operated -at. relatively' higher, prices ':■ than at; .the; previous sales,',-•'•,-,..; !..,:■ ;■■..:; ;lond6n, wool sales. • :; >V-./';: '-.The '.New-, Zealand! Lbdn ; aridw Mercantile Agency .Co.j Ltd., > have received the: following cablegram from their; London house under date - February.l:~'Wool-Since, the. opening' of the.sales prices ■arc' lower'by.id."'forVmedium and- coarse -greasy: : crossbreds, except 'for America'.';;.-■. ;;' ■: : r ■:.<• ■' V:'. I ,'■■•. k .;.!••■ !!■■ ;:i^GRAIN;;MAEKBT.. ; .■;■: '\ , ; ;-'; ■; a . (BT. TULIGUAPH—rKESS,' ISSOCIATION.! : " : '-l"-'- '•'•"''. -: ; Christchurchj. February 2. ; -Some'Of, the new wheat; that'farmers'have taanagecL to 'get; threshed out. of stook is being offered_and,takeri by millers, whoso stocks were low.; Several, small lots have.ohanged",hands at 4s. at country stations.. A.line,of good milling tuscan''(total,;sooo. : .bushels)''has v beeri sold at is.. Id. to 4s. 2d., a small portion of it having been, sold' early at' the higher figure, and the balance has since been • disposed of' at 4s. ' Id at -a.-country, station..'. ,-:■ •::.■:■■■ ..',-,- ■''-~•. VVrhere.as.- not'-'muoh • business doing, in- oa& though there .is. a fair-inquiry,-but the broken weather .prevents-farmers- from' getting sup■plies threshed; and-ready/for- market; A few sales ; ; tire ■.•being :made.; x bf feed lines /at is.: 3d; ,td'-ls;. : 3Jd;..at - country'-'statib'ns. . '.'■.• '', '■■ ,: iGrasa. ; -6eed:;ii-: i freely, l but sales are;;not.easy,'.fo-effect: ...'..': ° : ~ • V; ' ,c? ' ! ;'; ;•; ; LONDOIi WOOL SALES.■ I r \') % ;:•;';;, ;:;:;:;pRicEs;MAiOTAiNED..';;,; •.; :;-■'' .'?* 'rßtEOEApa— ritEss association-•corriuquT.l• ; v '■■£■'-■ ■•■•:•■ ''•<:--:"<'■•„; London, February 1; ; " '. :,lnere:,was an excellent sale of wool at late .rates.::''-';'...:. •"..'■■.■;■',■••. ■■'■•.-:.■■:■■'.■?'■ ti" [ '-.::' : : ''.'■■':■■• .V^ ,:j, \ ;'.;'. ■;' (BY TELEGEAPHttPBESS •ASSOCIATIb^COPrEIGirT.) mi. V' i. ji, London, February 1.. : ..The. wheat and. flour afloat-for the United Kingdom:, totals 2,700,000 quarters; for the' Continent:l,soo,ooo,' Atlantic shipments 175,000; Pacific .40,000. ,: \ .■•"!: -'. ; - ';-:.-■' ...' .■'-" '■ ■■% iv■<•:'.the;metal.markets.;':.^;-:V 'I |BY. :ASSOC.UTipiI-r<;pPrßtdHl.) .: t.V' : ' : '-' •"■'"' - ■'■~ .vl- on^n 1.-] Silver ls'quoted at 24d.- '.' : .'• '.■■-■ : ' 5p6t,.'8994; afloat,' 1 4128;. deliveries, 2800:.'. ■•■■■•• '■ ' .. : .

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