COMMERCIAL.

Dominion, Volume 2, Issue 504, 11 May 1909, Page 8

COMMERCIAL.

.THE SHARE MARKET. Sales of "Wellington Trust- and loan' at' £7, ;K;Christohnroh/'(3a'sy(second . issue) ■ at 155,. pre- ■ mium, l'almerston North' Gas :at £1 75.,. and > New Zealand Portland Cement at £i os. 6d. AviV.werel : reported yesterday. \Prioes are (firm,', and. 1 ■1.;, holders do not show any; keen, desire to nn--: ; load. Bank of New Zealand,- buyers iCB 195., ;■eellers £9 Is. ■ 6d,; National :Banks, buyers £5' ■75,. sellers >£5 Bs.; ' -Wellington ::. Investment,' nr. .buyers ,11s. 3d.5 'Wellington. T^ust. and: Loan; v :i;'6ellers>X7,ls.;;.'Wellington/-Deposit/-, buyers "Bs. •■" 3d., fellers Bs. i Gd.j National ifortgage, 6ellers ■; v.JB3; Southvßrihsh Insurance, buyers JC2 7b. 6d., -,■ 'tellers i! 2 Bs. Gd.;•.Christchuroh.;Meat,''.huyers ~ £10 .4s.; 1 . Gear Meat, : paid, l buyors. iSIO 2s. 6d. ; Meat. Export, J!S paid, selleb SS.J X 4 , paid, sellers. .£'o 2s.' 6d.; Kaiapoi Woollen, pre- . .feronce,: sellers ,Wellington; Woollen,: ordi-i:(;-aary,: sellors: £!l; .Wcstport Coal;, sollers J!6' Bs. i j;;; 6d.; 'Kauril , 7 .Timber, 15s. paid, sellers 155.; Lcyland-O'Brien " ' Timber, sellors J!1 2s. 3d.; New Zealand Portland Cement, buyers 'JC2 os. Cd. •' —— ' : ■■■ - '' : *' \ • THE 3IININC MARKET. , / Tho'animation in th.is markefc continues, and : -'iho business done yesteraay was excellent. Sales ; of Waihl Extended at Cs. ld.;and 6s. 4d., Waihi- . . .Grand' Junction at £2 Gs. ' Gd,, Waihi Consoll- .- dated :at' 2s. 4d.';' ; and Pride: of . . Waihi: at- .od., .- O^d.,: and 10d. i ,wero reported,: and a salo of ~ ,- Noiv,, Sylvia at' 2s. Id. was niadb:'on. 'Change.' . Tho. quotations wero as under:— . . 'Buyers. Sellors. Sales. f/V: .-.f' ?•; /y",:-s. d.' -E a. d. £ s. d. ■: Waihi 6'd Junotion-2'- G O 2 6 G 2 8 6 Waihi 9 0 0 9 2 0 — .Waihi Consolidated 0 .2 5 : 'i— ''-j'.o 2 4 :• -r.Prido.of'Waihi — ;i . 0 0 10 ■ i : . Waihi : Extended v.. 0 6 3 0 6 GOG i 'Waiotahi -0 2 4 ■ 0 - 2-9— ■' •'• :-.,',;Waitangi; 0. i 3 0.4 G — Watchman OOG 0 0 7' — , , Tairua; Broken Hills - :—:. -0 2 1 ; :■ ■' ■— 1 •: ■ ."N.Z.' CroTO-............ 0 - 4 2 - —■ i' . — 1 ; - Talisman 2 >9 0 2 10 0 — Saxon 0 2 0 0 2 1 — , New Sylvia 020 02,2 021 • .Con. .Goldfields 0 16' 6 Blacky,'.".tor Mines 14 - 0 ■ - Big Eiver — 2'19 0 — 1 CO-OPERATIVE ASSOCIATIONS, ■fci ;-';The' expansion 'of, system''-'of--distributioh; ..the 'prbwth'-of ;which '.has.: reached :. ~ enormous' proportipra' in tlio .North of Eng«)'i'laUd, jnaturally' occasions:'a:'c6hsidefableamount of concOTn,-'to,'retailers, i- --The- career of j one: M i:hUgeKtratog,'Con(^h,.;khoVnHas. r 'the ."English ~ Co-operative Society, .began with.Supplying ■: the' X :':nws includes I 'over ; 2000:'societies,-|;with;t-R:o large Kpwholesale :i societiesif'.oneivih; rEhglahd 'landthe ■ : -, qther : : in Scotland,.! over: 350; prodnetivo ;60cie- ' ties,, a, fleet of; ships,: > jriariufactbrles' : of :variolis ; if'^descriptions,-tea'estates? ;and ither.depaxtineiite, tho. two ;wholesalo . ; socioties . alone ; employing ' Vjapwards of: 20,000 ' 'Thei operations also ramifications' extend.'::in. , 'all directiona.Vso ■;y,cial comiriunity not • now i' : fentet (int6.:;coinpetitidn;' 1 jThis huge 'movement: fi : i. l ,has';,grbwit:: up;,under: various :Acts' : . ; ofrE'arlia-. «ismeht,'daHng^fr6m;lßG2/whon ! it;wasstatM-,that it-vhad'.'up : ;;to^ %S;;a'.purely ;<V'r retail,'concCThi^butM.tfwas/desir^d'to'eD&blish: ;U.,:tt::Wholesal6^departoohthv^^^ 'wards ' these', societies - by - legislation.; has' 'considerably' , , . extended,. until in : 1693,, the' Act,' Under which ' ■ they.' now ' operate l , was . 'with :compara- : .tively.'littlo vdiscussion. '- Tho societies thereby ■ '■aro not; chargeable".undor schedules ot the In•i^!v?TO^-;^> J^; ''.^^theyl.MUi'td , 'not, .; ; v;memfes:.of and.:uhlessvthe 'hum ber 'of . the.- shares : of the -, society ' is' :limited %f ;,by':;its-: rules ; ,or 'the turnover :,of :-vthe whole co-operative. movement .V, in' Greatßri tain';', last-, year'ainouritedtoVover ; r_;dElos,ooo,ooo,vtho'net,'profit 'on'-which was ';dc■:::;yclared at'slightly,;m6ro'Hhah^l2,ooo,ooo,f there r Jthe'f,contention;:' that' il'-.this'iisia'profitrihakihg : conMrh,lrather, v than a i)ii mcaiis ,of promoting .thrift. .In j-the, litter; J ./:inconie-t(ix,'.aildyto 'that exteht vare /favoured. ; 'This: auvantago_ is ,being .si\bjected' to consider- > able criticisni'in business circles, nnd at tho . ■ : aanaal:;meeting.of':the .Associated Chambers of |v 5 was'i called; to '■ the^^ : mattSf.■: v;;f.:'Ac-resolution >,cifrriedi;alihoit iunanimqiisly PWresting'j-agaibst/ , ;the ; -iiequitable , ' bf ; -.' tho J exemption? from v taxation. enjoyed by : tho : ■ co-operative;societies.'/'': : ; : , ; : , COLONIAIi SECUEITIES. , Notwithstandmg: thafc:money "is ;cheapor and r /,'moro: plentiful < in; London "as compared with -acolonialisebuHtieS'.'doVhaticomo up : to :;:-rftheueyel.*pf:valu'es,bf twelve'inonths' S ?5 %;™™ e dirte'causes'areVfor, this' it . is . difficult JO ; Bay,:;butrifc,is_notuiiHkelyihfl,fc.thVnumoroug ,- * emissions have not ■' all been ; .succsssful, and; srane, heavy/loads:' 1 ,'; cont. stocks, but lower denominations nave'met--poor reception., .-Tho announcement of : ft',Victorian loan; of'^l,soo,COO ,'at' 3J',per cent. S".-™? I'^P'rbbably.ihad'-some.^"influence.;:1'^P'rbbably.ihad'-some.^"influence.;: ;; 4 - i per-cant.'.stoc'ks comparo as"under: —: 'i'Z'SXB." d.' d.; :>■; • 4 per cent. N.S., Wales ... 103 "0 0 108.15- 0 4 per cent. Victonan ~. lOi 0 0 101 5 0 / Ipercent. Queensland , ....105 10 . 0 .106 0 0 4 per cant. New Zealand 10G 0 0 10G 10 0 The,;)4/per..-cents;/;have fstill - some:; ,- -'"]S aKo np ', stal: c . nrr °nt .prices aro gocd.' -The per cont3., which should be nioro affected by v /^ recent ioan. issues, compare as under:— : 01 'tiro ™ 6. d. £ s. d. ' 3J per cent N S Wales] ... 99 0 0 99 5 0 - • 31percent. Victorian - /• 99 10 0 ; 100 1Q 0 ;s'/;3lpercent/S/'//:AusMian/'99,10/0' -100^'0 ; A0: ~ V-:.'Bl'P«.'Mnt;.Qu^ridand^'^.v;': 9 B.V.oV, ' o,^''',9l...7'''.: : iß-'. per cent'.'New;; Zealand,,99-10/o,' 100 5 0 •. 3i per cent. W. -, Australian 93 • 5 - 0 ,; 98 10 0 «; 3i per cent.-Tasmaman : -08 10 0 ; '100 5 -0 ;; ;; The Victorian 3j :-per, cents./ ar'e quoted ; at <£99 - 10s., whilo,the new. loan is ! to;be lssuedvat: .£9B;- / : ..the'-circiiih^ 1 '. 'tractivo.- prico ;' ,but': the,'/emissioninust' bring ■';/;/'■ :'° f ; eiisting/'stockß, i-aiid' "this' ■ / , ,P™ b ably shown iin tho' next 'quotations, ll . .Ii thorloan happens:to.:be;a. ; failure, f -then'Xwe f -.- al6 I'kely to. .f^/a/prqnoi^M3 : .:fall"-ixC:'.tlxe';ab6Ve'' Quotations. -The .3 per ■ cents;,/under -the eamo .comparison, show, as' under:—. :. /^ayi;l9o9;/;Ma^l908. :; ~ . 0 - . r £ s. d. ifi'.- s.-d. Spercent. N.S. Wales .. 88 5 0 87 15 0 ;^^'/3per:cent;^icE6rian.:,;,.^^'';;..:: ; B7;l2/'6/i;89;10/0 gK3 per csenti South ';Australian' ■ 85; 10 ; 0 'j/ 87 Z.O 0 :: : 3 percent; Queensland 87 0 0 88 17 6 t "i/3 per cent: New' Zealand '... 87 10 ■'! 0 • BS 0 0 '/3 per cent. West - Australian .87 10 0 // 87 0 0' :.. i : , 8 per cent. Tasmanian ;■'. 88 :.0 0 fcg 0 0 mDyoinents/ih 'the -three; per -oentslAdo' not fa-yxoßMptodisith^thosS; of/the,. others/Zf antl:Westi'Austra-'; a .n; are.,iigher^/than/they;were': a;year,(agb;v. The Customs revenuo'collected at/-Wellington jre^terday/amounted., to. Jl6s;:6d;/';///.>'*;,/ WELLINGTON MARKET REPOHT. Messrs. Lacry and C 0.,. Ltd., Wellihgton/ reS /,fr.vhOTt, , '.';foWl/."-:4s. r .-;Bd.;;'t6?i4sf;'.l(id;Y'-':feed- : 'batß,'' 2s. 2d. to 2s. 4d.j dun,oats, 2s. 2d. to 2s. 4d.; seed oats,.2s. 4d. to. 2s.' Bd.; ...Algerian seed '■floats;;.2s.,: ; 6d; tb/2s:v'9dA^maize;T4s.;ilod. L 'to' ss;l ;/;:-;Bd.j:;crnshed;malt,,Bß. , :9d.'r.f6wl : /barley,;2s.- 9d. .v/ to 3a.; ho'rse beans,' 45.: Gd. (all i at per bushel) : ;;.-..'i812405.; Ss.j'pearl'barley. peas, partridgo 4s. 9d„ prussiau blue ss. to ss. Gd., fowl peas 4s. 3<l„ split £17 10s.; bonc- '- superphosphates,v'i£sctoi : iEs;ss.r pollard iIS 10a. to £S 155.; guano, '£i 10s.; chiff • (oatensheaf), £3 to £3 155.; oatmeal, J!9 15s. io ;. .£10; potatoes, .£4 . to' £5 10s.;; onions, £5 to A 7; piciuers, 4s. to 6s. cwt ; 'molasses fodder, factory; isi^es;-73d.; hai(is;Bd;;' rblK ; > fe. to 55. ; turkeys, gobblers; lis, ' to 125., i;:-:A«%»'- 4 w-;lte'"J-.f»9hi.eggß, 2s. 2d. to 25." 3d.,' v; ; Preserved Is. Gd. per dozen;: cheese,. Cd. to'Gld; per lb.; loaf 7d. to 7Jd. per lb.; :\-r : AKaroa ; V i machine 'ccwfcrfoot - -''' 7?d. r.;' /t0i;83.-;' farmers' ..dressed, .sd> tg;• gj,• U t ;//f ryegrass, 3s. 3d,; to .3s.- 6d. per-bushel; Italian - ryegrass, _36. 6d. V) :4s;; 6d. bushel ; whito clovor, -. <03. to 755. cwt;; -red clorar, 05s- cwt.; co W . . gTtisSi 605., cirfci j '82fi./. 6tl. cwt,; rnustard. ■ : °TP'' trefoil,.37s,',od. cwt.;,rape seed, 26a. , :cwt.r_hmothv,,32b.,-6d. cwt; swedo'and turnio Beed, 60s. out* , •' f EEILDING MARKET 1 : : /Messrs.'Av; H; : Atkinsoh s and:Co.,"Ltd.j'report ; ; /Va'dargo; mtrf oi - pigs i at-their usual Feilding: , ; sale, with keen competition, and values consider-,"-.;;;ably ahead.of.late sales. WThe report ; states:— /, ;/: Torkers and gotd-stores were in strong -domaud. ftiul.."ffo conld; havo sold any nunibor at : an advance;. offrom. 6s; /to •• 7s. per : head'. on previously roimg, If vendors would notify /tho auctioneer "Of . numbers coming fof- ; - ward, .the attendance of outside buyers would . be .ensured', ;. We- had - a medium entry of poul- ; jr-V /try, -;which, ;considering Quality," ;sold -; well. /- . jGofld/,young -..wnij ted. : .Produce, ; - with the exception, of potatoes (for which sale /.'::; A3.still:.limited), met ready ;sale. .Some'4o sacks of.*vJW)ldns,^» J . manoi'ta jrece disoosed of."

Quotations:—PißS:."Weaners/45., 4s. Cd.,.55. 6d., 65., to 7s. ,9d/; slips, Bs. 6d., 95., 9s. Cd., 10s. 6d., 12g., to l3s. ; stores, ; .l7s. (id; t0."225.',-'and;tip to • Ms.vfor-forward- sorts;, empty-sows, 275, Gd., 295);6d.i to : 355. 6d.' % . Horses, eto.: Aged trap pony/ '10s;; harness,- 82s. Poultry: liens, lid./ Is. Id., Is. 3d., Is. 6d., to Is. 9n.; :roosters,-Is.'.Gd., Is. ?cL,-to Is. 9d.; ducks, Is. 7d., Is. lid., 2s. j turkon hens, 3s. to 3s. Bd., all ;at'; -each.*- / Colli© . dog,■■ • 75.. sheep pups,: : 55. ; »: Produco, - - etc.': Apples, 45., 4s. 9d.,-,to ss.\6d. case; pears,. As. per case; quinces, $dv to Id. per lb.; onions, 3d., •to id.;;'tahla..potatoes, 3s/ 3d. per 901b. bag j Sacks,-' Bs.; pumpkins, 2s. &L per marrow's,-4s. per sack; swedes, 2s. 3d. per halfsack; oarrots, Is. 9d. small bag;,chaff, 3s. Gd. -'sack;V oats;---25...id.' por v bushel.".• A quantity of useful harness, • horse»covors, etc., mad© fair value; :• ' -y, \*:

HIGII COMMISSIONER'S CABLE, . '■'•The Department of. Industries and Commerce has received.tho following cable from the High Commissioner, dated London, May 8: 1 — • Thore has been no alteration in the mutton market : since/last; week. , The market is demoralised,;: and r 'Bnpply.'exceeds- demand. (On April 2G; mutton, r ',was: quoted as follows: Can'torbnry"'3d;ii North .Island ,23d., per lb.) . The-: lamb'market is steadier, -with a better 'demand-on'account' of-the low prices. . The ■ output''is "steadily . increasing, but the '.stock :is' heavy.'- Current quotations are': . Canterbury ; lamb, '.4Jd. , per :Ib.; - other, than/ Canterbury, 4Jd.; .Australian; ~3|d.7. At. a! meeting of, impor-. tors/for the consideration of :the unsatisfac-' tory/state of. the meat market,'iti,was decided, that nothing can'be: done, the. position being .causedyeijiirely . by excessive supplies. ,' :. Thore is a better demand for beef. , Hindi quoted at,3id.:and forequarters at 2}d. per lb: f, 7 i The gutter-market 1 'T'steady/ and prices are well maintained. " Choicest New Zealand- is quoted.at 101s. 1 Danish,:lo9s.; Siberian, 975.; vAustrhliW,'.~9Ss.'j*..'Argen'tine, : 995. per Cwt.: - ■ The cheese i market is firm, and- there are '.small supplies, on hand.''--White makes -art' quoted at C2s., and coloured at 645. per cwt. ■>: The homp market is .quiet,; with small business doing; ..The;following are current quotations:—Good 'fair 'grade,' on - spot, -£23 j. fair. grade, l on spot, '£21,155.'; fair current, Manila, 0:1 spot, -C2l 10a.;' May to July shipments are' mioted follow Good, fair :,grade, X 22,15«.; fair, grade, 15i ;'-fair cuiTent -Manila, lOs.-v Last , week's Manila output to j 20,000 bales. r.Stock held ih London'is'2M:tons. ~ Tho cocksfoot 6eed market is quiet and uncer|.tain. ' ; .:Bnyers : are not keen to do. business iii: cocksfoot ; seed >at: the .present. price of. 755, for bright, clean 171b.. seed. ; - : iwheat:market is.very unce'rtain;.speculation,'.affeofe 'the,; market Very seriously, and prospects tire uncertain. Tho market is firm at .present. . N.Z.: wheat, -ow spot, ex | granary,-,per,quarter, of Iflfi'dbs'., iss; Gd.;'N.Z. short-berried wheat, on spot, ex granary, ner quarter of 196 lbs.,'its. 6d. ' ' ! : ,:Thotoat market .remains/firm.;. - N.Z. short ',spaiTpwbill,pats,,ex,CTanary, on,spot,.per quar-. tor. of '285.; N.Z, Danish" "oats,"ex "granalT- pn spot, per quarter of 3201b5.', 205., • ' r The bean market remains - firm; owing 'to 're-' be!m3 ;' f ,- a :or, W d - - .The is firm, With more incniiry, Supplie3,do not mrat rranirements, and holders i , are- torn. ■ N.Z. parbidgo peas, :per 50ilbi, i7s. Ud." ■ , - .. . ...» • : ' Tho wool market ia firm at, the advance. 1 The hop,i.market,'is firmer, and stock is being reduced: . . . • - ■' % shipments : arrived., from the Kiver .Plate during the month of April:—. ~ '"t"'--''''j'-'- 1 ; v-'V.i .Jfntton. Lamb, "■ LMMon 100,516 48,058 129,2-g " -33,430 s nll ••• 7,771 1,322 V'-'T.'. Newcastle .U —. . 23,338 . ' 3,105 - G1a5g0w....... ■ 2,813 -- , ■ U.j...-..',:. •.'".-'8,369 :1 ; , f '2,470 V ; Jr 1 "! 1 ,? 2,495 .i-v'.;- 335 Cardiff 33,450 1,439 - lvorp ' Southampton, -13,239

1 iDALGETY'S DIVIDEND, i (ur TELEasipn—rczss AgsociiTioN^oPYnrairr.) r. 1 i_ , ~ London, May 9. iJalgety and Co., Limited, - have declared a dividend of G per cent.

. "- THE FEOZEN 'MEAT MABICET. ■ ■ tor TKLEGOAm—raiss association—corTrtinHTl m , _ - ' London, May 5The ;Fi'pzen Meat, :Tra'de Association's Smith-; field"Jfaitet f 'quotations i for;the 1 undermerf..hpned .'classes',of. ifrozen "meat aro' based ■ on' actual (sales 100'.oareasscs- of :mntton,:'-'or:'lamb, " or ! :-25- carcasses'bf 'beef of average;quauty. ! /:These'quotations are,hot' for, selected;: lines; : but ;■ for 'parcels fairly representative'of the/bulk 'of , the'. shipments no w on .the market:— v., , .■. . ■ , . button-. "r'' '"T 2 - 9 - Canterbury, light 311-16 3 il-18 * medium :3V . ; ; ..Canterbury, Heavy . ; 2? ; ' : oi ?. ; -1\ •. : fl, \; ('''; North Island, best , 2J' '■; -2j v;.U,\..' -2V r ' ' ' "Australian,- light' ...-.i;.;.:..... 2i; -' ;2i '• : [(AustralianVVheaVyV^.i;.;;;^-^. 2*- '. • 21 \ j Biyer Plate,. ; lig , ht I .i V...'.';....... 2j' • :, V 2* - :>■ River-Plate,.heavy Lamb— Canterbury, light 413-16 4'13-lG >,Canterbury; medium''ii ■," • :;/Canterbury, ■;,he , 'W. A:' -'>■'> ,; ;Spnthkhd/',?;.^;.^;; ; ;.>^«; v ;..; ; /' North Wafld,'','MlteW'.'.;™V.'.":'' :4J, . .'4K ■ ... North; Island,- 'ordinary , '4j'- .* * '•' 41 * , Australian, best/j;.;;.ix..^;j^/;' 3jf : v.:/ •,/ ' 31.' :01 ,' Australian; inferior;/i..... ' -. 3§ -i? River Plato 3 i t\ Bedf— ' s 'j Nw;Ze!jand;fores ; ..5;....;;.;„ 2i; " 21New Zealand hinds 313-16 313-16 ,-Australian--fores 21'' ■ <>y '■ -Australian .1iind5.;.......„..„.... ' '-;/ g! ' . : River,, Plate fores .' 2 3-16 1 Eiver Plata hinda ,31-16 31JQ y, , .COLONIAL AND, OTHER PEODUCE. l»I TKtEOBAPH—rEESS ASSOCIATION— COFTWOni ) t) 1. , 1 London, May 9. Kabbits - are .practically, unsaleable, j,even at a; great rednchon.'/'; ,' , ', - :■ Hemp is quiet; .cricea;unchanged. : 1 ;- Kauri gum.—Stock;.;3M cases. - ', '^Siof' - '^ 0 South, Sea; bags, THE METAL MARKETS (DI TEtIOEArn—PIII33 ASSOCIATION—COPTUIGHT.) r. « „ ' London, May 9 .^Copper.—On.the' spot, i 59 6s. 3d. per ton:, three months, .£6O electrolytic, ,£6O. . ' ' i£?33 n ' : M P s ' P® l, . three .'months, ..:;.;.Lead,:..dßl3V6s.. 3d., per/ton,' ' ;. , Antimphy, je7-153.. . -•"'',/;• : ' Suyer, 24 7-16d.\per ounce Btandard. / 1 ' ' MINING SHADES. TELEGRAPH-—PRESS , ASSOCIATION—COPTRIOHT.) n i , London, May 9 selte X 9 ttte3 ' a "' sßoted ' bu J' ers 17s, Gd.,

STOCK EXCHANGE. (BY Tir.EGliArH— PRESS ASSOCIATION.) - at itv , Punedin, May 10. w :°w ??. le Av Waihi' Extended, GsJ M. ; , .W<um,Uraiid;7tiliotion;v<e2 7s. 9d.', Bs. ; p 3d - "-'Salis reported: A ' : 'Dredging stocks-' Alexandra- Eureka,; sellers; 35.; Electric, buyers w I? - ' rs _^.» Golden Bed, sellers 7s. Gd.; Hartley and3iby, buyers 35., sellers ill Ss. ed. , n Koputai, , s<sllers -62 25., Cd.; Mystery ' ii !Tow b Creek, buyers' iP-f'SH? and -.Shme,: buyers £1\125., sellers £1 Mijßinng.&nn,'buyers ',£ll2s;; Sailors' Bend, bs. : 7W.-S - Waihi 'Grand Junction, buyers £2 Gs., sellers X 2 Gs.: Gd., Investment stocks: Notional Insurance, .buyers -El 9 3 .; Standard Insurance, -buyers,jei 25.; U.S.S. Comnanv sel. lets .Mj 15s. .41d.;) . Now Zealand ; Portland Cement, buyers' i 2 os. Gd., .sellers £2 Is ; Now Zealand Portland Cement; (htfw/issue),.buyers premium, sellers £1 os. 6d.' premiiim; Donaghy s Kope and Twine, sellers jei Os: Cd.