FINANCE AND COMMERCE

Dominion, Volume 2, Issue 467, 27 March 1909, Page 8

FINANCE AND COMMERCE

WELLINGTON SHARE LIST.

: THE SHAEE MARKET. \ Quite a number of sales were reported yesterday, and, on the whole, brokers have nad an excellent week.- Business was done'in Bank of New Zealand at £8 95.; Union Bank at .£62 65.; Wellington Gas, new issue, at £1 premium ; New Zealand : Insurance ht .£3. 175.; Union Steam at £1 155.; Westport Coal.at £6 is.; and Ward and .Company Brewery shares at £1 lis. There were buyers of National Bank shares at ,£5 3s'., sellers £5 4s. 6d.; Bank of New, Zealand, buyers■ .£8 10s., sellers \£S lis.;, -Equitable Building, buyers £9 2s. Gd:; New "Zealand and' River Plate, buyers ,£1 135., sellers!.£ll3s. fid.; Wellington-Gas, .£lO paid, buyers; £V! 2s. 6d., new issue, buyers £1, sellers .£1 25., 6d.\ premium; New Zealand .Insurance, buyers £Z 175.; Gear Meat Company, £i paid, buyers .dElo.il paid,' buyers ;£2 10s.; Meat Export, £2 12s. Gd. paid, sellers £3 Is. Ed.; Union Steam, buyers ,£1 155., sellers .£1 15s. 3d-; Westport Coal, sellers .£6 4s. Gd.; Westport-Stoekton ,Coal, sellers Bs. 9d.; LeylandO'Brien,Timber, >£1 2s;, sellers £1 2s; 6d.; New-Zealand Portland Cement, buyers ,£1 14s.'3diV: ? sellers £i 155.; New Zealand' Paper Mills, buyers .£1 Is. 6d.; Taranaki Petroleum, buyers 75.. 6d., sellers Bs. 3d. .... THE MINING MAEKET. . .■''■ ■Sales of Talisman at £2 35.. 10Jd., £2 45., and £2 4s. 3d.; Waihi, at .£9 Is. and £9 Is. fid.; Waitangi, at 3s. 2d. and '3s. 3d.; and Consolidated Goldfields, at 15s. 9d., wero reported yesterday. The quotations were as under:— Buyers. Sellers. Sales.' £ s.d. .£ s.d; £ s.d." Talisman ... „. 2 4 0 -2 4 6 2 4 3 Waihi ... ... 9! 0 C 9 2 0 9 1 G Waitangi 0 3 2 0 3 4 0 3 3 Saxon. ... ... 0 1 7 019 — Tairua Broken Hills o'l 1 0 14 — Consolidated Goldfields ....... — 015 6 015 9 Big Eiver 23 0 - - ' ! U.K. EXPOETS TO N.Z. - Mr. G. H. F. Eolleston, H.M. Trade Commissioner, of. New furnishes the following figures,' which show the exports from the United Kingdom to New Zealand for the month of January, compared with the corresponding month of the two previous years:— ', Jan. Jan. Jan. f 1907. 1908.' 1909. . ££ ■ £ Beer and ale ... ... 2,598 4,425 2.504 Spirits ... 16,702 11,631 13,192 •Iron and steel, and manufactures thereof 94,003 109,730 53,841 Copper, wrought aiid \ manufactured .. 1,539 8,091 4,485 Cutlery ... ... ... 1,914 2,214 1,832 Hardware 9,462 11,728 9,142 Cotton piece goods of all kinds ... ... 73,731 76,690 69,156, .Woollen and worsted manufactures ... ... 52,706 •' 57,869 50,3^6 Haberdashery and millinery :. 10,782 12,403 8,732 Jute manufactures ... 5,645 4,811 3,522 .linen piece goods of all kinds 10,783 17,781 10,565 'Apparel ... . ■• 84,290 85,887 81,461 Boots and shoes ... ... 20,442 23,181 25,328 Saddlery and harness ... 2,438 4,027 2,162 Earthenware and glass 9,837 9,869 5,749 Writing and , printing paper ... — 10,526 8,819 Cement 2,739 3,516 1,805 Stationery , other than ' Paper ... 3,949 5,155 3,168 NOTES. A return of the amount of ■ paper -which passed through tho Paris bankers clearinghouse in the year 1907-8 (April 1 to March 31) gives a total of .£1,043,811,378, of which .£792,306,391 was settled by transfers and by cheques.' The amount cleared in 1906-7 was ,£992,350,505.

Returns havo been issued of the traffic of tho Suez Canal during 1908 compared with the two preceding periods. The year marks an appreciable decline on 1907, but compares favourably with 190 G. The gross tonnage, was 19,110,831 tons, and larger vessels of a draught of 28ft. English can now make the passago. There was a decrease in the number of passengers carried from. 359,616 in 1906 to 243,580 in 1907, and 218,781 in ISOB. The total receipts for the year amounted to £1,338,089 in 1908, as against £1,640,003 in 1907, and £1,326,475 in 1906. . '*

The "Shipping Gazette" states that the reason for the delay in tho issue of the report of the Royal Commission on Shipping Eings is the difficulty of arriving at any conclusion that would represent the opinion of even a fair number of the members.of the commission; while the divergence of views is such that there seems little prospect just yot of any report being It is also reported that some of the colonial Governments, animated by a strong feeling against rings and rebates, are representing their views to the toinmission with a view to influencing its'final decision.

The report of the United States Inter-State Commercial Commission states that in the 12 jnonths ended June 30, 1908, railroads of the Republic operating 226,121 miles of lines showed Operating revenue amounting to £194,626,588, >perating expenses of .£322,240,783, and net Wirings of ,£172,385,805. Deducting the taxes, ffhich were £17,107,545, the net income for the vear aggregated £155,278,260.1 The above gross represents a decrease of ,£33,000,000 from the figures for 1906-07, but were .£69,000,000 greater than in 1906, while the net for 1908 was over £"2 000,000 less than 190G-07, .£12,000,000 below the'figures for 1906, but £7,600,000 in excess of those of 1905.

At the forthcoming convention of Chambers of Commerce a strong movement is to bo made with reference to the international respect for trade marks. Both the Pans Chamber and the Birmingham Chamber are fo. submit motions

The above quotations are taken from the daily official lists of the Wellington Stock ■ \ Exchange. '

on the subject. One of the motions is to the effect that tie Madrid Convention for the repression of false indications of origin on goods is unsatisfactory, as its efficacy entirely depends on the internal laws of the countries adhering to it, and these are not uniform in scope. Both Argentina and Japan are specifically complained of for permitting the piracy of British trade marks. The Japanese Government have recognised the grievances of British traders, and have issued a proclamation on the subject which may or may not bo effective.

In Canada some important dock developments are in progress. The Collingwood Shipbuilding Company. are now constructing at Collinswood two new dry docks—one 400 ft. and one 705 ft. in length. One of these will be ready for this navigation season, and the other somewhat later. These docks are said to be required for the large amount of repair work that the Canadian shipbuilders now have to face. The new regulations, now impose a' duty of 25 percent, on all repairs''made on Canadian vessels in foreign ports, and this is said to have given a great filip to the repair trade of Canadian shipbuilders. At any rate, the Collingwood yards are . extending their appliances for dealing with repair work on an extensive scale.

Latest mail roports from German iron cen-1 tres stated that the markets continued to decline. As a result of competition for orders,, the advance in bar iron,'which took place at the beginning of the year had been lost, and bars wore, offered at .£4 18s. per ton, as compared to £5 3s. to ,£5 ss. a fortnight pre-, viously. Export prices f.o.b. Antwerp had also reced«d, and forged iron was offered at reduced prices. For some other. kinds it was impossible to fix quotations. Other reports, confirming the unfavourable condition of the industry, stated that unless there was further restriction' in production the big ironworks would show miserable results'for the year. Notwithstanding tho low level of prices, large building firms were practically without vol's, and tenders for construction of bridges on the Prussian Stato railways Were said to have been put in at a reduction of one-half upon the prices which prevailed two years ago. It waa held that the market could not recover until i the steel works effected a largo reduction of output. ■ '

FEUIT AND PEODUCE EEPOETS. Messrs.. Griffiths and Company report yesterday's fruit and produce prices as follow :— Potatoes, choice lines ss. to ss.- Gd., prime 4s. to ii.; onions, prime locals, ss. to 65.; cabbages, choice savoys Is. Gd. to 25., primo Gd. to Is. sack; cauliflowers, prime 2s. sack, inferior 9d. to Is. sack; peas, 3s. Gd. to ss, part sacks; beans, 6d. to Is. part sack; tomatoes, choice Hutt Is. 9d. to 2s. Id., prime Is. 3d. to Is. Gd.; lettuce, Is. banana cases; plums, 3s. 'to 3s. 6d. half-case; peaches, choice eating 3s. 6d. to 3s. Bd. haif-case, prime 2s. to 2s. Gd., cooking Is. to Is. 6d.; apples, 2s. to 2s. Gd. double case; pears, choico eating Bs. to 95., prime D.B.C. 7s. to Bs., cooking 4s. to ss. 6d.; eggs, fresh, Is. Gd., Is. 7d; fowls, 35., 3s. 6d. pair; ducks, 45., ss. pair; table carrots, Is. to 2s. sack; celery, Is. dozen; grapes, Hastings Gd. lb., hothouse Is. 6d. to Is. Bd. lb. Extra large business was put through in tho exchange yesterday. Except for choice lines of fruit locally grown there was very little life in the bidding, prices for second-class goods, showing general decline on yesterday's prices. A larger shipment of South Australian grapes than usual was forward yesterday, and values suffered accordingly, although tho condition of the berries was very good indeed.

The New Zealand Farmers' Co-operative Distributing Company, Ltd., report as follows:— Maize, ss. to ss. 3d.; wheat, whole fowl, 4s. 9d.; barley feed, 3s. 3d.; barley, Cape seed, 3s. 9d.; oats, 25.,2 d. to 2s. 4d.; seed oats, duns, spar-' rowbills, gartons, algerians, 2s. 9d. per bushel; oats, crushed, 2s. Gd.j hay, £3 10s. to £4 10s.; straw, £2 10s.; pollard, £7 10s.; bran, t £s; sucrosine, £7 per ton; linseed oil cake (genuine), 14s. per cwt.; prime oaten sheaf chaff, £3 10s. per ton; potatoes, prime, £i; onions, New Globe. £f> 10s. por ton; butter, separator Old., dairy pats,-Bd. to BJd per lb.; eggs, fresh, Is. Bd. per dozen, good demand; honey, GO's 5d., It's 5Jd.; bacon, sides l\i„ rolls B!d., hams Bd. per lb.; porkers, 70's to 90's id.", 90's to 100's 3Jd. to 4d.; baconers, 31d.; choppers, heavy, 3d. per lb.; beeswax, Is. Cd.; fungus, 4Jd.; walnuts, sd. per lb.; cabbage, Is. 6d. to 25.; cauliflower, 45.; carrots, table, 2s. to 3s. Cd. por sack; green peas, 7d. per peck; rhubarb, 2s. per dozen; vegetable marrows) 2s. per sack; peaches, 25.; plums, 2s. 6d. lo 35.; tomatoes, Is. 6d. to 25.. .per half-case; apples, dessert, ss. to 75.; apples, cookers, is. 6d. to ss. ner caso. Poultry—Table roosters, 2s. Gd. to 3s. 6d.; cockerels, 3s. 6d. to 4s. 6d.; table | hens, 2s. 6d. to 35.; ducks, 4s. 6d. to ss. Gd — all at per pair. >

Messrs. Laory and Co., Ltd., Wellington, report wholesale prices ruling on tho market:— Wheat, fowl 4s. 7d. to 4s. 10d.; feed oats, 2s. Id. to 2s. 4d., dun oats 2s. Id. to 2s. 3d., seed oats 2s. 9d. to 2s. 10d., imported algerian seed oats, 2s. Gd.; New 'Zealand maize, ss. 3d.; Island do., 55.; crushed malt, Bs. 9d.; fowl barley, 35.; horse beans, 4s. Bd., all at per bushel; ricemeal, £5 to £o 55.; flour, New Zealand £1110s., Australian £11 55.; bran, £1 15s. to £5; pearl barley, .£l6; peas, partridge 4s. 9d., Prussian blue 65., fowl peas 4s. 3d., split .£lB 10s.; bonedust, £6; superphosphates, .£5 to £5 55.; guuno, £1 10s.; chaff, oatonsheaf,£}ss.to.£3lss.; oatmeal, ,£lO to .£lO i£los.; new potatoes, ,£3, to £1 10s.; onions, JES to .£6; molasses fodder, "£5 10s.; bacon, factory, sides 7id., hams 7id., rolls Bd.; prime bulk butter, 8!d. Poultry: Hens 35., ducks 4s. to 55.; turkeys, gobblers lis. to 125., hens 9s. to 10s.; fresh eggs, Is. Sd. to Is. 7d. per dozen; cheeso Gd. to GJd. per lb., loaf 7d. per lb.; Akaroa machine-dressed cocksfoot, Bd. to 81d., farmers' dressed Gd. to 7d. per lb.; ryograss, 3s, 3d. to 43, 6d. per bushel; Italian ryegrass,

ss. Gd. to 4s. bushel; white clover 70s. to 755. cwt., red clover 655. owt.; cow grass, 65f. cwt.; alsikc, 82s. 6d. cwt; mustard, 40s. cwt.i trefoil, 375. Gil. cwt.; rapo seed, 2Gs. cwt.; Timothy, 325. Gd. cwt.; Swedo mid turnip seed, GOa. cwt.; dauthonia. Is. -id. lb. LIVE STOCK SALES. Messrs. Dalgety and Co., Limited, report having held their fortnightly stock sale at Upper Hutt yesterday, when a good yarding of both sheep and cattlo camo forward. Prices were on a par witli last sale, and competition for good dairy sorts was especially keen. The following prices' were realised :—Sheep—2 and 4-tooth wethers, 10s. to lis.; store wethers, 6s. Gd. to 9s. Sd.; breeding ewes, .Gs. 10d.; fat and forward ewes, 9s. 9d.; forward lambs. 7s. Bd.; cull lambs, 3s. lid. to 4s. Bd. Cattle-Cows in full milk, M lfls. to £7 17s. Gd.; backward sorts, £2 15s. to M 155.; store cows, 17s. to £1 ; springing heifers, £i 15s. to £b 17s. Gd.; empty 2-year heifers, £1 19s. to £2 2s. Gd.; heifers in calf, £2 9s. to .£2 175.; 18-month heifers, .£110s.; 35-year forward steers, J!5; bulls, 20s. to .£2 7s. Gd.; vealers, lGs. Messrs. Dalgety and Co., Ltd., report on their Feilding stock sale, held yesterday, as follows:—Thero was a good entry of sheep and a small entry of cattle. We ■ quote:—Two-tooth Romney ewes, on account of Mr. G. C. Wheeler, 15s. 10d.; two-tooth ewes, 10s. 9d.; four-tooth Romney ewes, 10s. 9d.; six-tooth Romney ewes, 12s. 9d.; four-year Romney ewes, lis. Gd.; four-tooth to five-year ewes, good, lis. Id.; f.m. cw3s, 7s. Gd. to 7s. 10d.; rapo lambs, 6s. 3d. Cattle.—Two and a half-year steers, £3 95.; forward sjeyed heifers, £i; fat cows, £i. The New Zealand Loan and Mercantile Agency Company, Ltd., report stock sales for the week ending March 26, as follow:—At Rangiawahia, on Tuesday, a good number of sheep came forward, and an almost total clearance was effected. The demand was improved, and a healthier tone prevailed. Quotations:—P.m. ewes, Bs. 3d.; cull ewes, 2s. 9d.; two-tooth ewes, lis.; mixed-age ewes, 75.; mixed lambs, ss. Gd., Gs., Gs: id., 6s. Gd.; two-tooth wethers, 95.; two and four-tooth wethers, 9s. to 10s. At Kirnbolton, on Tuesday, there was only a small yarding, and sales were effected at the following prices:—Pour, six, and f.m. owes, 10s". Id.; lambs, Gs. Bd.; two-tooth wethers, 9s. 2d. At Mr. Spurway's sale, on Thursday, there was a good attendance of buyers. The quality of the stock was above ,the average, being heavy , woolled Lineolns. Mr. Spurway, having sold his property, showed an inclination to meet the market, and tho result was a most successful sale, everything being disposed of under tho hammer. Quota-tions:—Two-tooth ewes, 12s. 7d.; four-tooth ewes, 13s. dd.; 6-tooth ewes, 13s. Gd.; four and five-year ewes, lis. Id. ; picked ewe lambs, 9s. Id.; ewe lambs, 7s. Id.; wether lambs and ram'lambs, Bs. 9d.; 6tud Lincoln rams, 355. to £i 2s. Gd.; dairy cows, £3 2s. 6d. to £5 155.;, three-year steors, £1 18s.; 18-months steers, £2 10s. to £2 135.; weaners, heifers, 245. At Peilding, on Friday, we had a good entry of sheep and a small' yarding of cattle, and have to report a total clearance at lato rates. We quote:—Sheep—Medium lambs, ss. 9d,; forward lambs, 75.; aged ewes, ss. 6d.,. Gs., Gs. 6d., 75., to 7s. Gd.; four and five-year ewes, 10s. Gd.; two-tooth ewes, 10s. 6d.; twotooth wethers, 10s. Cattle—Aged cows, 20s. to 295.; forward cows, £2 75.; 15-raonth heifers, 345.; yearling steers, 355.; mixed weaners, 145.; dairy cows, .£6 to .£6 ss. HIDE, SKIN, AND TALLOW SALES. Messrs. Dalgety and Co., Limited, report having held tiieir fortnightly sale of wool, 6kins, and hide? yesterday, when they offered a large catalogue to a good attendance of buyers. Prices for wool were on a par with last sale. The following gives an indication of prices:— Wool—Crossbred, 5Jd. to 7id.; lambs, s!d. to Gd.; black, 4Sd.; dead, 41d.; crutchings, 4Jd.; bellies and pieces, 2Jd. to 3jd.; locks, Id. Sheepskins—Prices for better lots were slightly in advance of last sale. Fine crossbred, 7-id. to 7Jd.; crossbred shorts, to 5Jd.; dead, 4d.; broken, 2d. to 4Jd.; pelts, 3M. to 5d.; lambs, 3Jd. to Gd.; crossbred, salted, 3s. 5d.; lambs, salted, Is. Gd. to 3s. 7d. • Hides—No heavy offering; prices were about Jd. to jd.-lower. Ox, Slrto 571b., Gld. to GJd.; 42 to-481b., sjd. to Gd.; cut, sd.- to.sJdl; cow, 43 to 54 lb., sid. to Gd.; 38 to 40lb„ 5Jd.; cut, 4|d. to aid. ; slippy, 3Jd. to id.'.; stag, slippy, 31d.; yearlings, 5Jd.; calf, best, 6 -Jd. to 9|d.; medium, sjld. to s|d.; inferior, iIA.; tallow, in casks, 225. to 235. 9d.; in drums, 20s. 6d.; in tins, 20s. to 20s. 3d.

Messrs. Abrahams and Williams, Ltd., report ■that, at their sale, held yesterday, they offered a. good quantity of wool, skins, and hides, etc., to a. good attendance of buyers. Bidding was .dull, and prices disclosed a downward tendency, especially for light hides, which showed a decline of Jd. .to Jd. per lb., Quotations:— Wool—Medium crossbred, 6d. to GJd.; lambs, sid. to 5Jd,-; bellies and pieces, 2Jd.-to' 3Jd. crossbred, GJd.; medium lambs, 6d.; half wools, sid. to sJd.'j quarter wools, sd. to 5Jd.; dead, 4kl. to s{d.; light pelts, 2s. 5d.; lamb's pelts, Is. 7d.; good pelts, 3s. 9d. Hides—Heavy ox, 6\d. to 7{d.; medium ox, 6|d. to 6!d.-; heavy cows, sfd.; medium cows, 5Jd. to s|d. v ; light cows, sd. to 51d.; cows, damaged, 43d. to 4Jd.; stags, 4d.; bulls, 3' 2 d.; yearlings,' 5Jd. j calf, 74d. to 7-Jd. .Tallow—Medium quality, 225. 9d.; tins, 20s. 3d.; cow tails, Is. id. dozen.

The...New Zealand Loan and Mercantile' Agency Co., ltd., report as follows:—Tho usual , fortnightly: sales wcro held'yesterday, when fair-sized catalogues were submitted to a good attendance of buyers. Bidding was brisk for wool and sound skins and hides, but faulty lots were rather neglected. We offered 50 bales and a number of bags of wool, and disposed of nearly all at prices a shado over last sales rates. ' Hides are lower by -jd. to id. per lb. We''quote: Wool—Coarse crossbred, Sid. to 6d.; lambs'rinferior, sd. to 51d.; crutcliings, lambs, 3Jd. to id.; locks and pieces, Hd. to Sheepskins—Fine crossbred, GUI. "to 7d.; coarse and medium, 5Jd. to Gel.; lambs, 4Jd. to Gid.; dead and broken skins, 3d. to 5d.; quarter to half woolled, sd. to damaged pelts, Id. to.3Jd.; green skins, Is. Dd. to 3s. 2d. each. Hides—Ox medium, sd. to 5U1.; cow, heavy, sd. to SJd.j cow and light osj 4M.. to 5d.; damaged bides, 2d. to did.; calfskins, sound, Gd. to Old.; calfskins, faulty, Id. to -id. Tallow-In casks, in shipping order, ,£23 10s. to £2i per ton; fat in boxes and tins, 20s. to' 20s. Gd. per owt.

. Messrs. Levin and Co., Ltd., report as follows regarding yesterday's pale:—We offered 100 bales wool, 2700 skins, 400 hides and calfskins, and a quantity of tallow and horsehair. There was the usual attendance of buyers, but bidding' was quiet. Wool sold on a" par with recent prices. We quote :—Crossbred fleece, sd. to 6}d.; best lambs, 7d. to 73d.; medium lambs; 5Jd. to G!d.; pieces and bellies, 2d. to 4d.; locks, Ud. to 2Jd. Skins—Thero was no change in the market, but for green skins there was strong demand at high prices. Wo quote:— Fine crossbreds, Gd. to 7d.; crossbreds, sd. to Gid.; dead skins, 3d. to 5k1.; dead hoggets, 3d. to i\i.; green pelts, 2s. Gd. to 3s.°Gd.; lamb skins, 2s. Gd. to 3s. Gd.; lamb pelts, Is. to Is. 9d. Tallow—Firm. Parcels in shipping order, .£24 j tins, £18 to £11 10s.; roiHi fat, .£lO to £li. Horsehair, Is. to Is. id. per lb. Horns, ss. to lGs. per hundred. Cowtails, Is. 3d. to Is. Gd. per dozen. Hides—Wo again brought forward a good catalogue, but calfskins were down quite a pennv per lb., while cow bides dropped a farthing. Wo quote:—Ox hides, heavy, Gi[d. to 7 J a d.; ox hides, medium, Gd. to fijd.j ox hides, light, sd. to Gd.; cow bides, sd. to sj]d.; cut and slippy: hides, 2d. to 5d.; stag hides, 2!d. to 4Jd.; bull bides, 2d. to 4d.; calf ,best", Gid. to 7d.; calf, medium, sd. td's|d.; calf, cut and slippy, 3d. to 4d.

Messrs. Murray, Roberts and Co. report as follows;—Wo submitted yesterday a catalogue of 4100 sheepskins, 350 hides, 30 casks, and 50 packages tallow, including salvage from late wharf fire. There was a large attendance of buyers, and, values for wool and sheepskins Hero firm at last sale's prices. Hides were distinctly easier, being fully Jd. to 2d. per lb. lower, in sympathy with other markets Tallow sold at full prices. We quote:—Wooi (bags)— Crossbred, sd. to sld. per lb.; pieces, 3d. to 4d. per lb.; locks, lid. to 2!d. per lb! Sheepskins—Crossbred, medium, finc,"6'.d. to 7d per lb.; crossbred, coarse, Gd. to Hid."per lb • crossbred quarter to half wools, sd" to Gd. per lb.; crossbred, damnged pieces, 3.M. to 6.M. per lb.; lambs, sound short, 5(1: to s}d. per lb.; lambs, inferior pelts, 3d. to 4Jd. per lb.; crossbred, dead, 3Jd. to 5Sd. por. lb.; crossbred, green and salted, 2s? to ad. to 3s. 9d. each; lambs, green and salted, 2s. to 3s.2d.each. Pelts, Gd. to Is. lid. each. Hides—Ox, medium heavy, 6(1. to 6Jd. per lb.; ox, light, 4Jd. lo &\d. per lb.; cow, medium, sd. to SM. per lb.; cow, light, sd. to sld. per lb.; bull and stags, 3Jd! to 4Jd. per lb.; hides, damaged, 2».d. to 4Jd. pinlb.; calf, sound, Gd.' lo Gjd. per'lb.; calf, inferior, 4!d. to s]d. per lb.; calf, damaged, 21il. to 4d. per lb. Tallow—Sound, casks, 235. to 245. 3d. per ctw.j damnged, casks, 20s. to 225. Gd. per cwt.; tins, and bags, 19s. to 225. per cwt.

GRAIN MARKET. (nr TELEGitArn—itikss association.) Christchurch, March 2G. Very little is doing in tho grain market a( present. Prices remain unchanged. Pearl wheat is in demand, but is hard to obtain, Lines of Tuscan Hunters sold nt 3s. (Id,, .'lo, 6Jd., 3a. 7d., growers asking 3s. Bd, There has

been fairly largo'inquiry for quotations for shipment 'to London, and »mo *&s** sale? mad© for deliver}' in April. 1' rcight is hard to get, nil (ho available steamers being fully booked lor April and May. , Oats are also dull, farmers not car.np to take the prio2s ofl'ered-ls Id. for duns, Is. 3(1. to Is •Id. for garlons and sparrqwbills, and Is. lo Is. Id. for Danish. , ~ ~,,„• Barley is practically unsaleable, but tlicro is some inquiry for feed barley at 2s. 6i. The demand for seeds has slackened off, the trade in the north coming to a finish. Cocksfoot is easier, and machine seed, lab. per measured bushel, is quoted at 65(1. Ryegrass, unless of special grade, is difficult to turn over. Trices for good samples are from Is. 4(. to Is. 0d„ and inferior sorts Is. to Is. Gel. Little business is doing in clover. Ihe local crop will bo availablo in April. Buyers are holding.back until the extent of that crop is ascertained.

STOCK EXCHANGE. CUT TEI.EGKirU-TItESS ASSOCIATION.) Dunedin, March 2G. Stock Exchange sales :-Talisman Consolidated, 455.; Big River, 435.; Gisborno Gas. 55.; Union Steam Ship Company, 31s. 3d.; No I own Creek, lis. 3d.; National Bank, Is. M. DREDGING. (BY TEKEGEAPH—MESS ASSOCIATION.) Dunedin, March 2(5. Dredging returns :-Mystery Flat, 4Soz. 4dwts.; Koputai, «oz. Gdwts.; Hartley and Kiley, 350*. lGdwts.; Lady Roxburgh, 30oz. Sdwts.; Electric Number Two, 250z. sdwts.; Manuhenka, 250z., Mnsterton, 230z. 3dwts.; Electric Number One, 20oz. ldwt.; King, 17oz. Odwts.; Central Charton, 17ozi 3dwts.; Chicago, 13oz. ldwt; Charlton Creek, 130z.; South Waikaka, V-oz.; Kura, floz. 4dwts. LONDON WOOL SALES. (BY TELEGEAPH-rnESS ASSOCIATION-COPYMGHT.) London, March 25. At the wool sales there was keen competition for a splendid selection. Prices were the highest of the series. R.S.T. clip brought 9 l-9d.; Landsowne, 12Jd. Messrs. Dalgety and Company, Limited, Wellington, have received the following cable from their London house, under date March 25:— Frozen meat—The demand for lamb is limited, stocks aro large, and the market is weak. Mutton stock are large, and prices are weaker owing to a limited demand. Prices for beef are weak, and there is only a limited demand. Our quotations for New Zealand descriptions are —Prime.ox beef, fores, 2id. per lb.; prime ox beef, hinds, 3d. per lb.; prime crossbred lamb, Canterbury, heavy, 4jsd. per lb.; primo crossbred lamb, Canterbury, light, sd. per lb.; prime crossbred lamb, North Island, heavy, 4jd. per lb.; prime crossbred lamb, North Island, light, 4ld. per lb.; primo crossbred mutton, Canterbury, heavy, 3d. per lb.; prime crossbred mntton, Canterbury, light, 3>d. per lb.; prime crossbred mutton, North Island, heavy, 2M. per lb.; prime crossbred mutton, North Island, light, 3d. per lb. A further decline in prices is expected. Tallow—Since our last advices prices for mixed tallow are 3d. per cwt lower. Any change in prices for primo beef tallow is in favour of sellers. TEE WHEAT MARKET. (BT TELEGEAm—MES3 ASSOCIATION—COrYBIGSIT.) London, March 25. Wheat.—A cargo of Australian sold at 40s. Parcels of 15,000 quarters of February shipment sold at 395. 9d., and a 14,000 JanuaryFebruary shipment at 395. Gd. A TRUST AND LOAN COMPANY. (BT TELEGEAPII—PEESS ASSOCIATION—COPTEIGHT.) London, March 25. Tho British and Australasian Trust and Loan Company's annual report recommends payment of a dividend of Is. 3d. and a bonus of Is. per share. The sum of ,£3OOO will be carried to reserve. •■ • MELBOURNE HIDE SALES.'. '. (BY TELEdUAPE—rKESS ASSOCIATION—COPYRIGHT.) • Melbourne, March 25. At the hides sales there was good competition. Supplies were moderate, and prices unchanged.

. BANK OF ENGLAND RETURN.. (DT TELEGBArn—rBESS ASSOCIATION—COrTEIGHT.) London, March 25. The Bank of England return issued for tho week ending Wednesday, March 24,' is. as under:— '. . ISSUE DEPARTMENT. Koto Issue ... £57,7i0,C00 Gov.socuriiies£ll,ols,oM Other eccuri- ■'.'':■ ties ... ' 7.434,000 . Gold „ 89.317.000 <£57,7E6,0W JE57.7.06.C00 BASKKO Dp.PAr.TMT.XT. proprietors' Govt, sccuricapital . £14.553,000 ties ... £15.140,000 Public de- Other sccuriposits ... 19,039,000 tics ... 55,059,0 M Other de- - posits' ... 43,533,000 .Notes ... 29,111,000 Best, 7-day and other Coin _ 1.G01.C00 hills . .... 3,766,000 .'''■;. '; ieo.Dii.ooo The,leading items of tho Bank-cf England return afford the following comparison:— This wook. Last week. Lost year. Bullion _ _ 39.34UC0 88.337,000 £9,3!>1.C00 ltcsorve 30,712,000 E8.733.0C0 30,t51,0U0 Koto circulation 25.655.C0J 28.634,000 58.262,000 l'uhlic Deposits 19,039,10.) 15,330,1 X,O 10,ua.0iX) Other Deposits 43,533,000 41,30-2,000 43.703,000 I'roportion' ot reserve to liabilities ... 49.C5 49.41 48.64 GOVERNMENT SECURITIES. The following are tho latest quotations for Government securities, with a comparison of those ruling last week :— Variations rrico compared , , ; . ___ last week. £ s. d. Ci% Imperial Consols 83 15 0 2s. 6d. higher < „ N.S.\V.l933Jan.-July ... lus 0 0 Unchanged 34 ..N.S.W.igitSMar-Sopti ... 97 15 0 Uuchangod 3 „N.5.W.1035Ap1.-Oefc ... 1111 Unchanged i „ Vic.lKOJan.-July 193 0 0 ss. lower 3i Vic. Hfcil-liJan.-July ... uj 0 0 • Unchanged S „ Vic. 1929-W Jan.-July ... 87 0 0 Unchanged !>S„S.A. 191liJan.-July ... 99 0 0 20s. lower 3 „B.A. 191t>Jan.-July ... bl 011 Unchanged 4 „ Q'l'dl9ls-21Jan.-July ... 101 0 0 Unchanged 3i „ UTdM>24-30Jau.-July ... Eli 15 0 Unchanged 3 „1!Td1922-47Jan.-Juiy ... b5lO 0 Unchanged 4 „JS.Z. HiijMay-Nov. ... 103 10 U 10s. lower Hi „fc.il. laiUJan.-July ... >j9 0 0 Unchanged 3 „N.Z. 1945 April-Oct. ... 86 10 0 Unchanged bS ..W.A.IOiO-lO.May-Nov ... 9a 10 0 ss. higher 3 „\V,A.lals-3flitay-KOY ... t>7lo 0 Unchanged 35 „ Tas. 19400 au.-Ouly ... 97 10 0 ss. lower 3 .Tas, 1920-40 J an.-July ... 8/0 0 Unchanged THE MONEY MARKET. Tho Bank of England discount rate is 3 per cent., to which it was raised on January 11. Tho open market discount rato in London for best three months' bills is { lower at 2 per cent. The Paris rate is 1J per cent., and in Berlin 2 15-15 per cent. Short loans in London are i higher at 3 per cent.

THE PRODUCE MARKETS. (Rec. March 20, 11.50 p.m.) London, March 26. Wheat.—Tho markets are lirui, a good Continental demand having neutralised tho effect ot large shipments, and the fluctuating markets oi' America. Cargoes are firm. Three cargoes of Australian sold at 3Ds. 7Jd., 405., and 40s. 3d. respectively; 8500 quarters o£ MarchApril shipment, 405.; Australian parcels near landing, 395. 3d.; February-March Shipment, 395. 4Jd.; Australian spot, lis. Gd., 425. Floiil'.—Tho market is firmer. Patent sorts, spot, London, 235. Gd.; Glasgow, 30s. Cutter.—The market is stagnant, and colonial is neglected. Choicest Australian, 100s. to 102s. New Zealand 10ds., unsalted )OUs.; Argentine, salted, 101s.; Danish, unchanged. Cheese.—New Zealand white, 003. to Gls.; coloured, 6is. to G.is. Sugar.—German beet, 10s. 5<1.; first 'marks, 12s. Id. Bradford wool market.—Tho market is firm. Business is small. 'Forties, 121d.j 'forty-sixes, lid.; common 'sixties, 2-lid.; super," 25Jd. ; sixty-fours, 2GJd. THE METAL MARKETS. Copper—On tho spot, JSG; tlireo months, J256 lGs. 3d.; el(A rolytic, .£SG per ton. Tin.—On the spot, j£l29 10s.; three months I £131.25. Gd. per ton. Load, Jil.'l lis. 3d. per ton. j Speller, ,£2l ss. per ton. Iron, 16s. -id. per ton,

§«»«• §S Lfabl- -8 TRICES. Tiol Forward ' *fi R, Bujror. Ecllor. | aloBANKS, 'jj ,9 e s £ £ e. A. £ s. a. £ s. fl, •£ »• * Kew Zealand _ w » « 2,000,000 £«•«» Sj 35 10 B10 0 811 0 8 0 0 3 18 10 Rational ~ - wslooo Mi1 ' 3W 2 3 1° 1 6 8 0 6 1 6 5 3 C 615 n INSURANCE. Waflonal ... « m a » ion 000 27M30 i *5 15 18 3 18 0 18 3 5 6 2 New Zealand * ... S w ooow ■ tu3 - TO 2 « 10 317 0 315 0 317 0 5 3 1° Bouth Britiah ~ *. ~ w Jooux, 613,6m , 4j t o a 9 6 S10 0 , iltandard ... «.«.«•«« ■ 4 o,ixx) HMW6. i ot 10 1 1 a FINANCIAL ■■ ~- flqultablo Building ... -„i ».. 55000 61,097 55 ]( n g ( mo g Metropolitan Building ... -. li.Ul ,„ nil 7 13 n 0 13 0 0 ClG 8 Wellington Invest. ... mitn. 6b50 A 4 (i nil 0 Oil 6 ' til 0 li' 1 WeMngton Trust and Loan ... ,«$™ j 6 ,H6 6 * 6 til !M ("'! Nationa Mortgage ... , Mm ln'i.YM , b iu 0 12 0 2 17 0 2 12 6 712 * N.Z. and Elver Plate J*»J "a."* 1 nil b 113 0 U3 6 113 6 4 15 6 --toon and llorcantil J?S Jl0 - lS -' 1 l» 6 0 2 a 0 3 3 CAS. r h -M " " lW' 000 5 ■»' 10 910 0 Foildlng ..,„_-. .•• nm sam x "1 • ... 1 0 0 10 0 h«jr Plymouth - - - - ,£$ . IM 5* nil' i„ U „ „ ..... ~ ~ I BliM4 S3J64 „ 5 10 ■ - - s ••• - : }■«« vui * " B ni ,v 2»s 6 0 ss 0 a 6 ° 8 r 7 o s 1 BEAT. Sttt : : " : *»' **s' : '« a e ; ' nj ' 2p" 51C - - ~ 1B.W0 >'- ob0 10 El t 10 10 0 1012 0 ° ~ ■■" 1 .i.uw U6.Wf 1 nil 12a a 10 0 210 0 5 0 0 ,v7eIUn 8 ton"i£eat' Export ™ ... ' * Ji. "> 0 0 105 0 i 0 „ 0 5 0 0 " y " " " ' 1105,766 *M50 ,1. k 5 0 0 417 6 611 3 rfwfimT ." : : ::: > 6 , 0 « * u s u » s ° 6 3:6 "» GlB 4 TRANSPORT, "•'•" " ~ tlMO . U5.E08 6 „ n 6 J C19 0 7 0 0 7 0 0 7 210 .WEtn. fatcum Ferrv '" '" '~ "•"•"*' 00l " ,i ' 1 U>1 "5 115 0 115 3 115 0 5 8 7 * ' ili,ii)U w 1 1.11 U COAL. vSSSUtaiton" ::: ::: ::: ■ »«• 12G ' 6 ' 5 « n 3 ,V 12J ' 6 3 6 6 4 6 6 4 ° ' 11 XaU * m .■■ ."SEE- faitW ■« S 1 "7J "■.. 017 9 WOOLLEN, Eo»e?ej -•--"•- 10O.CCO K«4 . 5 oil 7 „'. ' KStOB I I w " b3.«7 ; W 33 15 6 217 0 „, a1 " --.-..« 9,,osa 5 j 1) 219 9 31 "316716 1 MISCELLANEOUS. eonachy Popo ... „ _ .. 53,500 151 1 nil 6 019 6 loylana *nd O'Briea Z Z 70,000 7.tbo 1 nil 7J 1 2 0 1 2 6 1 g 6 613 * llaunceville Limo _ 7,000 315 1 nil 6 - 1 0 0 1J.Z. Candle ... _ „ j; io.eoo b76 & n ii £ • 1010 0 Drugs ._ ' £00,000 E6,7b0 a nil 7 f 8 0 2 9 3 a 0 0 614 6 $..£ Paper Mills .„ „ „ 91,775 ,"- ,1 nil V 1 1 B 1 2 0 N.Z. Cement ... „ , M ,„ 69,000 ' 2.0" 1 nil ... Hi 3 1 15 0 115 0 EanninK and Oo „ . lc.COO . L7,t70 4 1 10 3 13 0 Ward and Co. „ „ tO.CGO i4,M3 4 1 10 ' 4 12 6 111 0 815 10 Weta. Opora Housa - „ „. •• -jt.630 1.7w 6 nil 121' .712 6 Wgtn, Freah Food _. „. '„ 7,065 ... 1 nil Wnitfiombe and I'cmba .. >. 46,250 S0.1S3 2J . 24 10 Sharland. Ltd ; - .. ml3 u , 724 j nil 7 j 017 9 018 6 qib 0 8 6 8