PRESIDENT'S ADDRESS.

Dominion, Volume 3, Issue 826, 26 May 1910, Page 8

PRESIDENT'S ADDRESS.

THE AGRARIAN OUTLOOK. The following is a summary of the presidential ad'dress delivered on Tuesday at the conference of the Wellington i Provincial Farmers' Union by Mr. J. G. Wilson, of Bulls •- In opening, Mr. Wilson sketched the history of the Marton district, where the Fanners' "Union had taken on early hold, and though' the branch was a large and active one a' conference had never l>een held there before. The town was named after Captain Cook's birthplace, and was part of a block of land of 210,000 acres, which was purchased from tho Maoris in ISiO by Sir Donald M'Lean for .£2500. Except for Wanganiii, it was the earliest settlement on the Turning to general matters Mr. Wilson stated that it was curions that the union had more members in tbo grass and grain-growine districts than in the dairying ones. . Hβ did not quite understand this. The dairy farmers were very much behind-hand except with regard to factories, where they were only beaten by Denmark. The yield per cow should be brought up to 2501b. per season at least, and there was no reason why it should not be brought up to 3001b. One of the causes of the backwardness in dairying was tho custom of milking on shares, and ho would like to see every opportunity given the dairy farmer to get his own freehold. It was a good thing to see the branches of. tho union in Taranaki taking up the question of dairy cow testing. An improvement In dairy .stock would mean an immense increase in the annual exports. Another point on which the union should give its support was in the pasteurising of skimmed milk. Tho dairy factories, he understood, were quite prepared to adopt the systeni as soon as a satisfactory pasteuriser was devised. He hoped that the exhibition of heaters at the coming winter show would arouse further interest in tho matter. Wool and Wheat. Continuing, Mr. AVilsou said he thought that they had had a very suc- , ccssful season. There had, of course, . been flies in the amber, but they had had very good weather, and very good prices. Wool had almost recovered its former position, and it was an answer to those who said that- wool affected only a smalt minority to sec the position it took among the exports for the year. Wool, it was- worth remembering, formed one-third of the total value of the exports last year. He thought that this was an answer to the Minister who had statml that it meant little to the people as a whole. The fluctuations in wool prices, said Mr. Wilson, were almost incredible, and he quoted figures giving the averages for 4G's in the Bradford top market, and showing a range from -IJd. to Ji!d. in different yours since 1901. •■■■ ■ In Wellington province they had a fair wheat yield, but not much wheat was grown. The oat crop was very disappointing. The yield was much less than was expected, and tho chaff was discoloured. The turnips were also disappointing. In fact, a good season for grass meant a bad year for turnips, as they needed dry wentlier. Some varieties had proved more immune from blight than others, and he thought they should direct attention to getting blight-resisting varieties. - - -; '. . ' ' '' Frozen Meat. -.-..: ■■:' • Tils frozen meat trade had been disappointing, and: large numbers, of-'far-mers had been consigning to London on their own account. Everything was now pointing to beef bringing much higher prices in tho future than it had; been doing of late years. American beef in London would. soon be a thing of tile past, and before long it might be as profitable again to fatten cattle as it used to be. The meat conference had been a disappointment, as the companies did ■ not seenv able to work together, and lie was afraid it would all come to nothing. Flax was at present very low, but the processes were being improved, and it was hoped that the trade would still continue profitable. Land Bill. Speaking of. the shearing dispute, the president said tho shearers were tho movers in the matter, and they seemed desirous of getting all workers under an award. The attempt to bring; in the shed hands ho thought most unreasonable. They were not casual hands at all, but were mostly employed all the year round. The Arbitration Act was becoming an Act to create disputes. Tho Farmers' -Mutual Insurance Companies had done we'll, and the Wellington one had a reserve in hand, despite somo hard knocks it. had received, and despite the lowering of the rntcs. He was pleased to think that the union had assisted in bringing , about military training. It had urged it on Sir Joseph Ward somo time ago, and he was glad that tho developments since had given the Government courage to take the matter up. The Land Bill of last: year was a disappointing attempt to please both sides, and ended in pleasing none. Though 51 members had favoured the freehold, the balance had beer able to block them. AVith the exceptior of Mr. Hogg, the leaseholders all reprc sented town electorate.". He wondora what Mr. Hogg's country constituent! ; thought of him. It was disappointin; to see so little dono in tho way of set tling Native lands. 1 Concluding, Mr. Wilson said ho wishe'e ■ to correct the impression that tho unioi was Wt'liting the large farmers mainly " Most of what had been effected was fo: the benefit of the small men-on the land ! The speech was loudly applauded ]/ c those present. f- " ; LAND ACT AND, TENURES. SERIES'OF MOTIONS. t " The following discussion on matter , affecting tenures also took place on th 3 first day:Mr. W. J. Moore (Makuri) moved "Tliat the Government be asked t amend the Land Act so as to givo al Crown tenants the option of pnrchasin f the freehold for their lands—bush land .. at the original value and the different e between the 'I per cent, now charged o . the lease-in-perpetuity and the 5 pc '' cent, charged to tenants with the rigli oi' purchast'. Settlement lands nt a iai actuarial valuation. That tho disposr of all future Crown lands shall carry th ' right of purchase with limitations [ area. This not to apply to endov ;i luents." Ho said that'wliat was wante r" was absolute security of tenure to g( ,'j. the best results in farming. He thougl ' there should bo .in improvement in tl: " Tillage settlement conditions so as to gh the working man a chance to get a w< tion without paying up, sny, <S2OO for lr section. The , conditions were heir ■: abused at present. 'At Makuri the wi: , of a man worth .£20,000 had a villaj settlement section. Mr. J. Smith (Ngatumapouri) seconde the motion. With regard to village «■ Yemeni's, a block of 100 acres had bee taken up in his district by a number g- working men, who had cleared aboi e- half their sections and then sold on j. The. wliolo block was now in the posse c- sion of ono man. s- Mr Mayo (Fcilding) nsked what, "a ■s tuarial valiio" meant. ss The chairman snid it meant, firs F what "original value" did, but it was ni mor« aeceptabln phrase, tl- Mr. Moss ?aid they should put the .1 backs against the endowment fystci ■s- which might bo extruded indeliuitely. i was a great hardship that a man. w]

went out into Hie back-blocks should liavo to roinain a Crown tenant for ever. Harbour Board and other endowments were a great mistake. He moved that the last sentence of the motion be left out. Mr. Eseott seconded this amendment, \rhicli was carried after discussion, and the, motion as amended was then adopted. Jlr. A. iM'Gregor (Huntcrvillo) moved: "That the executive be asked to point out to tlie Government the injustico being inflicted on landholders by the amendments in the Lsinil Act preventing tlio relrnnsfer of abandoned roads in exchange "for more practical sites. When tlieso exchanges were made the local bodies agreed to amend tlio titles and transfer the old roads for the new. Wo would point out that this legislation is retrospective and therefore the more oppressive." Air. Ilockle.v said this matter had been shelved with the Land Bill. They should press it forward independent of the Land Hill. The motion was carried without dissent, the words 'local bodies" being added after "landholders." . Valuations and Taxation. Mr. R. M'.Kenzie (Eongotea) moved:— "That while the land tax is in force it bo levied on the unimproved values as at present, but that strong pressure be brought to bear on the 'Government' to instruct their valuators to allow fair and reasonable value on tho improvements, which has not hitherto been the ease." In protesting strongly against the taxation on land as a class tax falling on a few, Mr. Mivenzie said he knew of a small farm on which tho rates and taxes camo to seven shillings nn aero por annum. Tho. land tax was imposed mainly by people who did not pay it. Mr. E. K. Simpson (Marton), in seconding .the motion, protested against the method of valuing improvements. He quoted a case in which the valuer had refused to allow for improvements actually made, stating that they were not required on a farm of the size. Sir. Mayo (Fcilding) moved as an amendment: —"That this conference firmly adheres to tho principle of land taxation on the unimproved values, but most emphatically protests against tho continued increases being made by tho Government Valuation Department on the unimproved value of rural lands, and against the system which enables their value to be increased at the cost of settler's improvements." Mr. Fletcher (Wangaehu) seconded the amendment. : ', Mr. Birch (Marton) said he took it that they were all agreed that taxation on unimproved values was unjust. Taxation should fall equally on all wealth. They should be careful not to carry motions whicli might be turned against them by wary politicians. Mr. Mathcson (Eketahuna). said a tax on the unimproved value was a tax on an imaginary thing.- They should have a straight-out motion that the land tax should be abolished. There should he. a tax on all accumulated wealth, no matter of what it consisted. He moved as an amendment:—"That the land <;tax be abolished." Mr. R. M'Lennan (Wnituna West) seconded the motion. Tho chairman said he favoured Hie Taranaki Executive's motion, for a tax on tho annual value with exemptions. Mr. Moss said he thought tho only thing they could ask for to-day was to request tho Government to instruct their valuers to allow for improvements at a fair value. He moved the. Govern ment bo asked to allow- reasonably for improvements. • ■ Mr. E. E. Fletcher (Wanganui) sold that Ihu basis should be ivhat the land was worth for cash. Land had been fixedup by fictitious valuations. Mr. Hockly said ho thought that the appointment of valuers should be entrusted to the local bodies. .. A member: Might I, ask where we are? Tho chairman: Yes, certainly. We are just exactly whore we were. (Laughter.) The chairman explained that tho position was this last year: A resolution had been sent from the Provincial Conference to the Dominion Conference on the question of land valuation. It was found that this motion had not been beforo tho i branches, and' it was remitted back. The I six separate' remits on tho order paper were the outconio of this reconsideration bv tho branches. "Mr. Escott (Woodville) was surprised to hear members saying. that it was, unt possible to get at the unimproved valuo. Ho urged that the soils of the countryshould bo submitted to a scientific analysis, as was done in Denmark, aud tho taxation based on the valuo of tho soil as shown by the yield of wheat, etc. Ho thought they should not let it go out that they woro against any taxation of Mr. D. Howie (Pohangina) said bo thought Mr. Escott's suggestion would iuvolvo an enormous cost and armies of inspectors. , Mr. J. Morrison (Halcombe) had not found tho allowances for improvements unfab. The amendment proposed by Mr. Mayo was put and lost. Mr Matheson then moved his amendment in an altered form: "That the land tax should bo abolished, and, instead, a tax should bo levied on all accumulated wealth." 11 r. ,T. A. Miennan seconded tho amendment, which was put, and lost on the voices. Mr. Moss's amendment was then put, and carried. This requested that the Government should instruct its valuers to mako fair and reasonable allowance for improvements which had not hitherto been the case. Mr. G. Jlarshall (Marton) moved: I "That this conference is in favour of taxation being raised on tire unimproved value as at present, rather than on tho capital value." This was seconded by Mr. W. L. Falconer (Masterton), and was taken as an addition to Mr. Moss's motion. It was unied on tho voices. Mr. S. S. Haigh (Maugawcka) moved a further addition: "That valuations be made periodically at intervals of not more than four years.". Final Resolution. Mr. .T. Bnls-illio seconded, and tlio motion was carried. The resolution finally read as follows:— "That this conference is in favour of taxation being raised on tho. unimproved values at present, rather than on tlio capital value, but that tho Government should instruct its valuers to make a .reasonable allowance for improvements, which has not hitherto been tho cass, and that valuations bo made periodically at intervals of not .more than four years." .... Mr. W; J. Moore f.Maknri) then moved. .—"That tho present system'of valuation of lands for taxation purposes should be abolished, and that tire valuations should-bo based on the earning capacity of laud extending over a term of years." Mr. Escott (Woodville) seconded. . An amendment in favour of a valuation of land- on the basis of an analysis of the soil'was put, and lost, a.g was tho original motion. COMMERCIAL ITEMS. . . INVESTMENT SHAKES. A sale of New Zealand Shipping shares at £8 ss. was recorded yesterday. National Bank, buyers £5 165.; Equitab'c nuildln;:, buyers £9 65., sellers £9 12r. 6d.; Metropolitan building, sellers £12: Wellington Trust a-ml Loan, buyers £7 3f. 6d.; National Mortgage, buyers £3 35.; T-'eildine Ras, buyers £1 Is. 6d.; Christchurch Meat buyers £12 75.. 6d.; Gear. Moat, £4 paid, buyers £10 ss.:' £1 paid, buyers £2 14?. • New Zealand Shipping buyers £8 2s. 6u. Hikuraniri Coal, buyers 19s. 6d.; Tauiiiri Coal, sellers 19s. 9d.; Donnghy Hope and Twine, buyers £1 ss. 6d.; Leyland'O'Brieii Timber, .buyers £1 4s. 6d.: Taringarautu Totanv Sawmills, huyors £1 45.; Taranaki Petroleum, sellers 14s. ATLAS ASSURANCE. The report of the Atlas Assurance Com pany, Ltd., for 19D9 states that in thi fire department tile net. premiums were X-1.045.334." and the losses £517,916. beim 49.5 per cent, of tho premiums. The sur .plus of the account is .£143,480, :.nd nftci adding £8931 to the reserve for uncxpiroi risks, being 40. per cent, of the incrcan ill, premiums, the unilcnvritini: or til' year shows a.- profit of £134,549. The fin insm-am-e fund, after carrying .£30,830 t< in oilt and loss, has increased by £112 to to £848.615. The premiums in the em ployer?' liability account, amounted ti £15,946, ami the claims and other outci to £11,514, giving a., surplus gf £4431, am bringing up. the Fund to .£17.053. The i,,, miums in the accident and Bejieral account amounted to £6454, and the claim L 1 and ntber outgo to £4992. Tho balance o ■ £1462, is left in tlie. .awoiinfc as reservt

ACCIDENT INSUItANOB. The annual reports aud balance-sheet.-, of the principal British accident insurance companies for 1909 have now been issued, and it is possible to form an approximate .idea of the results as a whole. The Ocean controls the largest amount of business, and it is interesting to note that, in spits of complaints as to undercutting of rates, this company is able to show a profit substantially larger than in 1908. Out of a premium income of £1,477,805, the nmlorwritiiiE surplus in £79- ~ 380, or 5.37 per cent, of the premiums, as '• compared with £38,404, or 2.75 per cent. J , of tho premiums, in 1908. The income X remains practically stationary. Tho Em- ' plovers' Liability, whose, business has '.'' grown very rapidly during recent j'cars. ,v received in premiums £1.046.141. tho mar- J, gin of profit being £70,577, or 6.7 per - .£17.878, or 8.1 per cent.-of the premiums, in 1908. Premiums received by the London Guarantee anrt Accident, amounted to £.558,343, the surplus on trading account l-eing £32,149, or 5.7 per cent, of the premiums as compared with £44,468. or 9.9 t: per cent, of the premiums, in 1908. The li (inures of the railway passengers have a already been dealt with, and show a profit C c-tiuivalcnt to 3.8 per cent, of the »re- s> miums as compared with 18.5 per cent, t for 1908. It is interesting to note the d statement included in the report of the ii Ocean to the effect that the company a has been approached with a view to the p acquisition of one or more companies c transacting a similar class of business, a Various indications point to the possible a absorption before long of several anionc 3: tho smaller companies by stronger socic- a ties. Employers' liability business, in a particular, is beginning to revoal disan- a pointing results. From a careful analysis b of returns supplied to the Government in b respect of business transacted in 1908 it a i 3 estimated that the true loss-ratio ex- a lorienced by fifty-four companies was 65 per cent, of the premiums received. As the average expense ration may fairly be estimated at not, less than 33 per cent.. it is obvious that very little profit is being made at present in this department. • I; n AUSTRALASIAN GOLD OUTPUT. a Tho,output of gold in Australasia for j the first four months of tho year shows t , a. further shrinkage, the figures being less , by over 44,000 ounces, as compared with t the previous year, and 100,000 ounces as f compared with 1908. This ie shown in tho , table appended:— ■ ( 1908. 1909. 1910. J ' Fine oa. Fine oz. Fine oz. i ■Victoria 198,499 206,033. 189,278 « Kcw South Wales... 77.301 65,486 63,456 i Queensland 133,408 127,411 139,893 v Western Australia 556,353 520,159 481,110 'South Australia,.. 2,600 1,400 2,480 e •Tasmania 20,000 20,000 14,81)0 \ Total OVealth ... '988,161 941,489 891.017 v 1 New Zealand 150,077 135,843 142.070 * : Toto! 1,138,238 1,077,532 1.033.087 f The decline is mainly in Western -Australia, < : and New South Wales, and Queenslaud is ' the only State to show an increase. The, f 1 expansion in New Zealand is very satis- 1 fnctorj. AMERICAN LIVE STOCK. Tho American Bureau of Statistics has ' issued an important analysis of the oflicial estimates of population, and of food 1 animals, in the United States in tho t ' years 1901 and 1910. On January 1, 1901. > ' the-total number of food animals was 179 ] i millions, consisting of 62 1-3 million cattle, i 593 million sheep, and 57 million swine. , The estimate for January 1 of this year shows a total decrease of 5 million, the ( classes numbering respectively 69 million. 67} million, and 473 million. Tlio actual ( 1 decrease in tho available food supply is hardly so great as would appear from a < ' comparison of the aggregate figures, for i the first class (cattle), of which the weight ( ■ per head is tho greatest, shows an increase ( , of about 10 pov cent. The position is. however, sufficiently serious in view of the census estimates. On Juno 1, 1901, the population was 77,647,000, and on Juiic 1, 1911), 89,912,000-an increase of about 16 per , I cent. In spite of the numerical decrease i 1 in. animals, the aggregate farm value is , [, greater by 22 per cent, than in 1901. A , remarkable feature of the figures is the ; discrepancy between the increase in the } farm value of food animals and the in- , ' crease in the price of meat. The average , farm value por head of cattle in 1910 is , ! 8* per cont. above that of 1901, while the -, I cost of beef has risen during this period , by: 28 per cent. Tho average value of swine per head has increased 47 per cent., -i [ but the corresponding increase in the ' price of pork is 87 per cent, and of lard > V 6 per cent. ' WELLINGSON PRODUCE MARKET., , Messrs. Lacry and Co., Ltd.. Wellington, , report wholesale prices ruling on tho mar- , ; ket:- Wheat, fowl, 3s. 9d. to 4s, Id.; feed 1 1 oats, 23. Bd. to 2s. 10d.; dun oats. 2s. 9d.; seed oats, 28. 9d. to 35,; Algerian . I oats, 2s. 9d.i035.; maize, 3s. Bd.to3s. 9d.; L crushed mnlt, 75.; fowl barley, 2s. 9u.;Capo . barley seed, 35.: flour. New Zealand £10 r. 15s. to £11 55.; Australian, £10 155.; peas. . Prussian blue 6s. 3d:, .split £10 10s.; bonedust, £5 155.; superphosphates, £5 to £5 j 53.; pollard, £5 ss. to £5 10a.; bran, £4 ss. to £4 1 10s.; pearl barley. 155.; chaff (oaten- » Eheaf). £4 15s. to £5 55.; oatmeal. t £12 10s.; potatoes, table, £5 to £6 ton; t" onionsi 45. , , to 4s. 6d. cwt.; molasses foilder, £5; bacon (factory), sides 7Jd., hamsSd., ) rolls Bd.; butter, prime bulk, 9d. to 9Jd. Poultry, hens, 3s. 6d.; ducks, 4s. to ss. per j pair; turkeys, gobblers 18s. to 205., hena 1 10s. to 145.; frcEh eggs, 2g.; preserved . eggs, Is. sd. dozen; cheese, t 5Jd. per lb.; Akaroa machine-dressed i cocksfoot, 6d. to 7d. per lb.; farmers' dressed cocksfoot, 4d. to sd. per lb.: rye- , grass, 3s. 6d. to 4s. 6d. per bushel; Italian ryegrass; 3s. 6d. to 4s. 6d. per bushel; white clover. 70s. to 755. Der cwt. CUSTOMS REVENUE. Customs revenue collected at Wellington yesterday amounted to £1900 Bs. 2d. BTTTERS OFFER LESS FOR RAW EUBBEE. ; By TelecraDh—Press Association—CoDyrfffhL > London, May 24. > The raw rubber market lias suffered a relapse. Buyers offered Is. 6d. per lb. , below ths prices realised at last auctions. " i [ . I METAL MARKETS. (Rec. May 25, 11.5 p.m.) London, May 25. 1 Copper.—On the spot, £56 6k. 3d.;' three E ! months, £57 55.; electrolytic, £59 fa. 6d: per ton. ■Tin.—On tho spot, £150 Sβ.; three months, , £151 10s. per ton. ' : Load, £12 12s. ii. per ton. 7

DALGETY. AND COMPANY. London, May 24. Messrs. Dalgety and Company's shares are quoted at: Buyers. .€5 Us.; sellers. £6. NEW ZEALAND PAPER COMPANY. (By Telegraph-Press Association.) Dunedin, May 25. At, tlic annual nicotinic of the New Zpjv land Paper Company, the chairman explained that the increased indebtedness was tine to large expenditure on the Riverhead mill. "Nevertheless, the balance available for distribution. £6637. shows an The directors recommend setting aside £2500 as the nucleus of a reserve fund. NORTiraUN STEAMSHIP COMPANY. Auckland, May 25. The annual meeting of shareholders in the Northern Steambb.il> Co., Ltd., was held this afternoon. There was a eood attendance of shareholders. Mr. M. A. Oliirk presided, in the unavoidable absence of the chairman of directors (Mr. C. Rhodes. The report of the board of directors stated that the profit on working account for the year ended March 31. after making provision for insurance, depreciation, and boiler and repairs accounts, is £11,250; transfer fees, £21; balance brought forward on April 1. 1909, after deducting dividend, £106!; total, £12.514. The following: appropriation of this amount was recommended:—To payment of a dividend at the rate of 7 per cent, per annum (half of which was paid on November 26, 1909), £11,277; leaving a balance to be carried to the credit of profit and loss account of £1037. The report was adopted, and.retiring directors re-elected. • NEW ZEALAND PAPER. MILLS. Dunedin, May 25... The annual meeting of the Now Zealand Paper Mills was held this afternoon. Mr. F. W. Mitchell, in moving the adoption of the report and balance-sheet, said that the company had shared to seme extent in the renewed prosperity in the Dominion. The balance available for distribution, £6637 Is. <d., was some £971 more than the amount available last year. Operations at Riverhcad had been much retarded by the alterations going on, and competition from imported light papers had been greatly felt. Tho directors recommended that £2500 be set aside for reserve fund. The alterations, etc., at Riverhead had cost some £12,872, but they would result in a largely-increased output. Tho report and balance-sheet were adopted. In reply to a question regarding tlio projected manufacture of wood pulp in Kew Zealand, the chairman said nothing was beiug done in the meantime. The class of wood required appeared to be give satisfactory results. Tho retiring directors, Messrs. Kattray (Dunedin) and Culling (Auckland), were re-elected, also the retiring auditors, Messrs. Barr, Leary ami Co. (Dunedin), and W, W. Bruce (Auckland). MINING NEWS. WELLINGTON SHARE MARKET. A fair business was done yesterday in tho "big" stocks. Talismans were firm at £2 13s. 6d., ex dividend, Waihis sold at £6 155., Grand Junctions at 335., and Ross Goldflelds at 13s. Tho business recorded was as under :— Talisman, 535. 6d., 535. 6d.. 535. 6d. (second call); 535. 535. 6d. (third call). Waihi, £8 17s. 6d. (first call): £8 16s. 6d. (second call); £8 15s. (third rail). Waihi Grand Junction. 335. <tjd. (second call); 335. (third call). Moss Goldlields, 12s. 6d.,. 12s. Sd. (first call); 12s. 9d. (second call); 135., 135., 13a. (third call).

STOCK EXCHANGE. (By Telegraph—Press Association.) Auckland, Slay 25. Business done at the call of the Stock Exchange this morning: included:— Syl™, 3s. lid. ■ . Alburnia, Is. IOSd. . ~■ t,, Waiotahi," 4s. 7d. ' Victoria, Is. 6u. HauraUi, 4a. 6d. Talisman (ami div.), 535. 6d., 535. 9d. Wailii' Extended, 2s. 9d. Grand Junction, Ms. 6d., 335. 6d.' South British Insurance, 645. Tonson-Garlick, 18s. The following business was done on the Auckland -.Stock Exchange this afternoon:— Waiotahi, 4s. 7d. Old Hauraki. 4s. 6d. i Golden Belt (con.). 2d. 'i'airua Broken Hills, Is. 2d. Waihi, 1765. od., 1775. Waihi Grand Junction, 335. 6d. . Milne and Ohoycc (prof.), 245. Northern Steamship (paid up), 14s. 9d. Northern Steamship (con.), 6s. 10d. Dunedin, May 25. Stock Exchange Bales:— Waihi Grand Junuction. £1 135., £1 135.. £1 135., £1 12s. 9d. .£1 13s. Sale 3 reportoil:— Old Hauraki, 4s. M., 4s. 6d. May Queen, 4s. 6i(i. Waihi Grand Junctions, £1 135., £1 135.. £1 15s. 6d. / I Northern Steamship, 15s. (prem.). BIASD JUJTOTION EETBENS. (By Telcerauli— Press Association.) Auckland, May 25. Grand Junction returns show £11.371 from 6336 tons of ore. ■ sttVEB. Bar silver is quoted.at 243 d. per ounce standard. LIVE STOCK SALES. Live Stock Sales will be found on dmo 7 of this issue.

QUOTATIONS. Buyers. Sellers. Sales. £s. d. £s.a. £s.d. Kuranui Caled'n ... 0 1 6 - - Jfav Quean — 0'4 7 — N™ Si-lVia 0 5 10 0 4 1 - Old Hauraki •' 0 4 5 0 4 6 - s., xon 0 1 8 0 110 — Talisman"".:;. 2 13 3 2 13 6 2 13 6 iVaihi — 816 0 8 15 0 Waihi'G'd. Juno.... 112 9 111 3 113 0 Wnitan"i — 0 210 — Watchman 0 110 0 2 0 - Mackwalcr 111! 1UI. - Koss GoldSeWs '.'.'.'." 0 12 10 0 13 3 0 13 0