FARM & COMMERCIAL

Dominion, Volume 19, Issue 142, 12 March 1926, Page 12

FARM & COMMERCIAL

NEWS AND NOTES

AUCTION SALES TO-DAY. 98 Manners Street, Wellington, 2 p.m. —Sale of furniture (Ramsey Wilson). 195 Lambton Quay, Wellington, 2.30 p.m—Salo of valuable city property a/o estate M. S. A. Barraud (Harcourt and Co). Fcilding Yards.—Stock sale. SATURDAY. Grey Street, Palmerston North, 11.30 a.m—Salo of property a/c Mrs. F. G. Parker (Abraham and Williams). 22 Nelson Street, Wellington, 1.30 p.m. —Sale of household furniture and home-made confectionery (Vine and Co.).

FARMING INTERESTS

ARGENTINE BEEF EXPORT TRADE WHAT THE BUYERS WANT. The following extract is taken from a letter dated January 1, recently leceived by the New Zealand Meat Producers Board from its South American representative: —During the past year the purchasing companies have more than ever insisted on young cattle of a handy weight arid good finish in response to the demands of the Home trade, where big, heavy, or over-fat steers are not wanted at any price. British butchers .now concentrate their interest practically on chilled beef, and a great decline in the quantity of frozen beef shipped during the past year to Britain will show the trend towards the chilled article. Argentine feeders have to give their attention to tho finishing of their cattle around two and a half years old, when thev should give tho desired weight and thickness of carcass so much appreciated by the British market, while breeders have to give attention to maintain the necessary high quality of their commeicial cattle, which many consider are not as good as they were ten years ago. NEW ZEALAND CORRIEDALE SHEEP TO BE INTRODUCED IN SCOTLAND. London, March 10. The Ministry of Agriculture has issued a license permitting Mr. James 1 iper, farmer, of Burntisland, Fifeshire, who bought New Zealand Corriedale sheep and exhibited them at Wembley to import thirty head from 1 New Zealand. Mr Piper believes that the breed is highly suitable for Scottish stud purposes.—Sydney "Sun” Cable. DAIRY PRODUCE MARKET The New Zealand Loan and Mercantile Agency Co.. Ltd., have received the tollowing cablegram from their London house, under date March 10: Dairy produce—Butter: New Zealand choicest, £8 Bs. to £8 10s.; exceptional £8 125.; Australian, .£8 65.; Danish. £9 6s Cheese, £4 18s. to .£5. Market dull. • Messrs. Joseph Nathan and Co., Ltd., have received the following cablegram from their London house, under date March 10:—New Zealand butter, 1,05.; =teady,

WOOL CHARGES from -shed to ship At the present time the many charges in connection with wool a-re receiving the serious attention of growers. Hie following charges are the minimum scale imposed by the Wellington Woolbrokers’ Association on consignments of wool to members of the New Zealand Farmers Union, as set out in a circular byj.h general secretary (Colonel J. low). ” (a) Receiving, warehousing, weighing, lotting, advertising, cataloguing, and fire insurance in store, id .per lb. (In tlie event of the brokers incurring extra exnense in covering by fire insurance risks are not included in this consolidated charge, such expense to be charged tcvendors) (b) Commission: 21 per cent, on the first-2'500, and U per cent, there after on wool the property of one owner disposed of at the mam sales. ■ (c) Carta™ to store: 7d. per bale, a minimum &e of 2s. to be made when three or Ipss ft re carted. Wool in bugs „„ me scale. (d) Branding: When necessary to brand with 3in. letters in conformity with agreement with buyers, Id. per bale, (c) In case of necessity to restack wool in consequence ot the absence of specifications from the grower, Gd per bale, (f) Wool sold privately and not brought into store, mmimum commission of 21 per cent, ou hist X5OO nnd U per cent, thereafter, (g) Ottermg wool P not sold, 3s. per bale first otterinf, and is. Cd. per bale subsequent offering with a further charge ot. 2s. 6d. per bale for re-sewing, re-weiglung, and delivery to wharf, the receiving charges of Id. per lb. to be charged whenever sold, inward cartage and wharfage also to bo charged to owner, plus fire insuiance at 2d. per bale per month or portion of a month after expiry of trio six weeks’ free storage, (h) Storage, -d. per bale per week. Wool ownei to be allowed six weeks’ free storage from date of arrival of wool into, store, provided that within that period an opportunity of ottering the wool for sale has been afforded. Should the wool not be offered for sale through no fault ot the grower, the period of free storage is extended until the, first opportunity of offering for sale. That the rate of stoiage on wool to growers for tho off season—July 1 to September 30-be reduced to Ud. per bale per week. hire insurance to be charged at 2d. per hale per month, or portion of a month, utter expiry of the six weeks’ free Monge. Storage during winter months cn wool left over from one season to another, it such wool is eventually offered and sold in Wellington, is free. (1) Wool sent into store, but withdrawn from sale prior to being submitted to auction; (a) where wool is lotted and stacked, 3s. per bale; <b) when not actually stacked, Is. Gd. per bale, Ci) Wool packed in anything over a 48m. wool pack to be considered an outside size, and a charge of Is per bale, in addition to ordinary store charges, will be made on wool in such packs, (k) Beclassing woo]: Reclassing and sealing (without skirting). 11per lb.; reclassing, baling and ; skirting, Id per lb.; binning and pooling (with or’without skirting), U- P,er lb. These prices may vary slightly at different selling centres. LONDON WOOL SALES OPENING RATES MAINTAINED. (Rec.'March 11, 10.5 P.m.) London, March 10At the wool sales there was a good selection in all classes. Competition was general, and opening rates were maintained. The New Zealand clip. Bank House, brought up to 241 d. per lb., and averaged 23J-d. —Aus.-N.Z. Cable Assn. The Department of Agriculture has received the following cablegram, dated March 10, from the High Commissioner for New Zealand, London:—Wool sales opened yesterday with large attendance of Home and Continental buyers. Good general competition. Compared with last closing rates, finest merino pai to 5 per cent, higher, medium unchanged, crossbred firm but unchanged; 171,000 bales available in series, of which 88.500 are Australian and 57,01)0 New Zealand. Messrs. Dalgety and Company, Ltd., report having received the following cablegram from their London house, under date March 9:— “Wool sales opened active, competition good, attendance of buyers is large; good average selected Merinos and medium crossbreds. As compared with last sale’s closing rates, merinos and crossbreds unchanged; fine shoes Id. to Id. lower: medium and coarse slipes unchanged.” DAIRY PRODUCE AUSTRALIAN AND ARGENTINE EXTORTS.

Advice has been received by the Dairy Division of tlie Department' of Agriculture giving the grauings for export and shipments to the United Kingdom of dairy produce from Australia tor the month of February, 1926. The figures, together with those for February, 1925, are as follow, in tons:—

Cable advice has been received from the Argentine Dairy Association giving the shipments from that country for the month of February. The figures, together with those for February, 1925, are as follow, given in tons: —

LONDON TALLOW SALES (Rec. March 11, 7.50 p.m.) London, March 10. At the tallow sales 860 casks were offered. and 443 were sold. Prices were unchanged.—Aus.-N.Z. Cable Assn. The New Zealand Loan and Mercantile Agency Company have received the following cable advice from London:— "Market dull, nothing doing." The Bank of New Zealand Produce Department has received the following advice, from London under date March 10:—Tallow: There is a fair demand with prices unchanged. Messrs. Dalgety and Company. Ltd., report having received the following cablegram from their London house, under date March 10:— "Eight hundred and sixty casks of tallow offered; 430 sold. Prices are un changed.”

Much interest was shown in a line of 2000 breeding ewes that passed through Wanganui on Wednesday morning en route to Mr, Donald Ross’s Kai Iwi property. These sheep were purchased by Mr. Ross from the Morikau Farm, through the of Messrs Dalgety ami Company. Limited. The evenness of the line, and the qua'ity and condition of the ewes commanded universal attention. The Government photographer (attached to the New Zealand Publicity Department), hopes to obtain a moving picture of the sheep before they reach Mr. Boss’s homesteads

TALLOW SALES AND EXPORTS Exports of tallow to the United Kingdom and Continent front New Zealand during February were as under:—

Sales of tallow in New Zealand during February totalled 27 tons.

ADVERTISING N.Z. LAMB ACTIVITIES IN LONDON. As a further means of advertising the quality of prime New Zealand lamb, the Now Zearnnd Meat Producers’ Boaid continues to make displays of special lambs ex various agricultural and pastoral shows. By the last English mail reports have been received from the board’s Loudon manager regarding two displays of lambs ex the Palmerston North and Poverty Bay A. and P. Shows. In reporting on these displays. the board’s London manager writes as follows; “I have to advise that the thirtynine carcasses of lamb shipped per the s.s. Matakana ex the Palmerston North A. and P. Show arrived in excellent order and were displayed on the stall of Messi's. Hayes, Paine and Knowlden on the Smithfield Market. They were a beautiful lot of lambs, all splendid types of the best Down qualify, and they arrived showing plenty of bloom. They created a great amount of interest on the market, and, as usual, I had printed display cards, etc. I arranged that each butcher should have three lambs only, and on condition that he made a special show in his shop, displaying cards that I had printed, thus making another advertisement. One of the butchers told me afterwards that the show in his shop created a great deal of attention, and he was very pleased to have been able to arrange the display for us, as it helped his own trade as well. I also had photographs taken of the show, and these will be sent to you by next mail. Taking it all round, it was an excellent exhibition and a good advertisement for New Zealand meat. "The show lambs from the Poverty Bay Show per the s.s. Port Darwin were duly exhibited on Smithfield market on January 25 on Messrs. H. S. Fitters’ stall, i These lambs were quite a good lot, the only complaint being that they were rather heavy and some of the carcasses were inclined to be . wasteful from the butchers’ point of view. However. they made a very good show. "The s.s. Port Hobart has just arrived, and I hope to obtain .delivery of the 39 carcasses of lamb ex the Royal Agricultural Show. I have already made arrangements to have these exhibits judged bv three experts appointed by the British Incorporated Society of Meat Importers, and I shall write to’you fu’ly after the show has been made, giving you full details.”

STOCK SALES

Messrs. Abraham and Williams, Ltd., report on their Marton sale as,follows:— We had a good yarding of 4000 sheep besides pigs and cattle. There was a good attendance of the public, and we have to report a good, sound sale at the following prices :—Sheep.- Lambs. 14s. 3d. to 165.; small do., 10s. Id.; 2-tooth ewes, 275. lid. to 30s. 4d.; small 4 and 6-tooth ewes, 195.; 4-year ewes, 17s. 7d. to 215.; 4 and 5-year ewes, 14s. Id. to 18s. 6d.; cull ewes, 3s. sd. to ss. 6d.; fat lambs, 215.; light fat ewes, 165.; 6tooth S.D. rams, 6gns.;, aged 2sgns.; 2tooth Romney 1 to 3gns.; aged do., 7s. 6d. Pigs: Slips, 21s. to 225. 6d. ; weaners, Bs. 6d. to Us. Cattle sold at late rates. Messrs. Abraham and Williams, Levin, report:—There was a good yarding of pigs at the saleyards, weaners showing a marked decline, whilst porkers sold at late rates. The moderate offering of sheep found little competition at the hands of buyers, but with the exception of aged ewes practically all the lines' changed hands Forward cows comprised. for the most part, the yarding of cattle. A small pen of good fat cows sold particularly well, the balance of the offerings showing a slight increase on late rates. This week’s quotations were, as under:—Pigs: Weaners,, Bs. to 135.; small stores, 15s. to 18s.; good stores. 19s. to 265.; porkers, £2 to £2 45.; light baeoners, £3 10s. Sheep: Two-tooth ewes, 235. 6d.; small ditto, 16s. to £1; 4 to 5-year-old ewes, £1; cull ewes. ss. t small shorn wether lambs, Ils. 6d.; 2tooth Romney rams, 2J to 2Jgns.; 6-tooth ditto, £1 Is. Cattle: Prime fat cows, £7 65.; fat cows, £4 65.; light fat heifers, £3 155.; vealors, 325. 6d.; forward cows, £2 2s. to £3 Ils.; stores, 295. to 355.; 18-month-old Jersey heifers r.w.b., £2 155.; cows and calves, £2; weaner calves, 285.; bulls, 30s. to £4; springing heifers, sgns. The New Zealand Loan and -Mercantile Agency Co , Ltd., report on their Pahiatua sale, as follows: —A fair yarding of sheep and cattle came forward. Vendors in most cases met the market, and we report a total clearance of sheep, while cattle were hard to dispose of Quotations: —2-tooth owes, 16s. 2d.; 3 and 4-year ewes. 14s. Id.; 5-year ewes, ss. 10d., Bs. Gd., 95., 10s. 10d.; station cows and calves. £4 a». Messrs. Dalgety and Company, Ltd., report that at Levin sale on March 9, a good entry of sheep and a fair entry of pigs came forward. The prices for sheep were on a par with recent sales, and the bulk of the entry was sold. Store pigs were easier, and porkers sold at late rates. Quotations: Fat ewes, 215.; mixed sex lambs, 145.; four and fiveyear ewes. 195.; cull rams, £1 Is. The New Zealand Loan and Mercantile Agency Co., Ltd., report that at Levin sale on Tuesday an average yarding of sheen and cattle came forward and mot with a clearance at the following prices:—B.f. rape lambs, 17s. 4d.; good woolly Romney wether lambs, 15s. lid.; cull Romney lambs. 4s. to 65.; store ewes, 9s. to 12s. 7d.: medium fat cows, £4 10s. to £5 10s.; f.c. cows. £2 10s. to £3 10s.; store cows. 31s. to £2; heifer, r.w.b.. £2 Bs. to £2 17s. 6d.: weaner Jersey heifers, 15s. io 255.; potter hulls, £4 to £4 125.; heavy porkers. £2 15s. to £2 18s.; medium porkers. £2 7s. 6d. to £2 12s. Gd.: light porkers. £2 to £2 2s. Gd.; store nigs, 18s. to 325.; weaners, ss. to 12s. 6d. THE FRUIT CROP A GENERAL REVIEW. The Director of the Horticulture Division has received the following reports from his officers regarding orchard and marketing conditions at the end of February, 1926:— Auckland. —Apples: Medium to lull crop, well above average for district output. Ballarnts in particular will be in fuller supply. Lemons: Medium to full crop in sight. Trees makinc good growth of nice even character. Oranges: Sweet oranges show light crop; Poorman developing full crop. Peaches: Only Golden Queen remain: light to medium crop. Pears: Packhams now being harvested in above average rninntity. P.E Parry: Main late variety boro; medium to full crop. Tomatoes: Numerous late plantings have been made for late crops. Main cron, rather heevy. Waikato. —Apples: Average to heavy cleo- crops be ; ng harvested. Brtnze bee& eaueed damage.

Pears: Generally light crops; clean. Tomatoes: Almost finished. Grapes: Crops average. Ripening late; clean. Lemons and oranges: Crops light, but clean.’ Gisborne. —Apples: Heavy, clean. Lemins: Promise of good crops. Need rain. Nectarines: Average to heavy. Nearly finished. Peaches: Late varieties heavy. Prices poor. Pears: Most varieties light. Good fruit; clean. Plums: Average. Good demand. Plums (Japanese): Heavy. Good demand. Tomatoes: Light crops. Minimum price this season, 4d. per lb. wholesale. Walnuts: Heavy crops. Hawke’s Bay.—Apples: Good crops, all varieties; clean. Large percentage exportable. Heavy gale on February 7 caused loss to a number of.growers of Delicious. Percentage of loss in district not high. Lemons: Average. Pears: Coles and Nelis patchy. P. Barry and Nelis suffered through gale and a considerable quantity lost. Tomatoes; Have not been plentiful. Walnuts: Good crop, very little disease. Manawatu and Wairarapa.—Apples: Mid-season varieties on market. Heavy crop. Peaches: On market. Light crop owing to late frost. Pears: On market; crop patchy. Some varieties very light. Strawberries: Second crop on market. Tomatoes: On market. Exporters are now busy harvesting the mid-season apples. Owing to excessive dry weather earlier in the season the fruit is some, what on the small side, otherwise the crop is in splendid condition. Nelson.—Apples: The crop is packing up well to expectations, the quality being of a fine standard, very free from black spot, and very little russeting. The percentage of small sizes will be much greater than in previous seasons. Nectarines and peaches: Fair. Pears; Light, very little black spot in evidence, Plums: Light. Tomatoes: A very fail season with very little disease. Wai. nuts: A good crop and fairly free from blight. Nelson Central.—Apples: Heavy crop of clean fruit of all varieties. Black spot and.russeting only very slight. Export in full swing. Growers were assisted by ideal weather conditions, of which they took full advantage; 33,603 cases were exported from this district during the month. Pears: With the exception of a few orchards this crop was a failure. Motueka. —Apples: Picking and packing in full swing. Much heavier crops than anticipated. Good fruit, very little disease. Majority being packed for export. High percentage of fancy fruit from many orchards. Jonathans' exceptionally heavy. Fruit somewhat on small side, but very clean and good colour. Over 32,000 cases passed for export to end of month. Pears; Winter Coles and Nelis looking well. Expect pick shortly for export. Crop not large, but good samples. Marlborough.—Apples: Good clean crops. Small fruit, much retarded in growth owing to dry conditions. Nectarines: Light crop has been realised. Insufficient to meet local demand. Peaches: Light crop being marketed. Pears: Heavy crop. Black spot much in evidence on early varieties. Plums; About finished. A few late varieties light crop to come forward. Raspberries: Finished. Local’ crop insufficient to meet local demand. Tomatoes: Good crops, outside filling demand. Glasshouse crops finished. Walnuts: Fair to good crops. Otago and Southland—Apples: Heavy crop. Trees have done well. Fruit a month later in maturing this season. Apricots: Average crop. Practically finished. Nectarines: Average crop. Ripening slowly. Fruit smaller than usual. Peaches: Midseason and late oeaches. light crop. Fruit maturing slowly. Pears: Average crop. Plums: Average crop; fruit good size. Plums 'Japanese): Average crop. Otago Central.— Apples: Harvesting now under way. The cold weather is keeping the fruit later this year. A fortnight to three weeks before Cox’s are near ready to pick; Apricots: Harvesting is well in hand; good crops reported. Nectarines: Harvesting under way: good crops Peaches: Harvesting of early varieties now completed. Late varieties looking very well, and carrying fair to medium crops. Pears: Harvesting commenced; fruit inclined to be small on some varieties. Nine elean crops on Winter Cole and Winter Nelis. Plums; Fair crop being harvested. Plums (Janangse): Good crops being harvested. Tomatoes: Harvesting commenced. Good crops promising, but ripening very slowly. Walnuts: .Looking very well. Nice crops promising.

COMMERCIAL ITEMS

WELLINGTON STOCK EXCHANGE YESTERDAY’S BUSINESS AND PRICES . At the afternoon call yesterday sales were reported of 5 per cent. P.O- stock (1927) at £97 10s., and Bank of New Zealand shares at 595. 3d. There was a moderate demand for Government stocks and bonds, with bids of £97 15s. for the 5 per cents., and £99 10s. for the 5i per cents. Wellington Gas Co.’s 8 per cent, debentures were firm at £lOO, and N.Z. Breweries 10 per cent, bonds were also firm at 255. lOd. Wellington Hospital Board’s 5} per cents. (1935) were on sale at £96 15s. Bank shares were steady, with buyers of National Bank shares at £6 14s. 9d., Bank of New South Wales at £l3 12s. 6d., and Bank of New Zealand at 595. Sellers quoted £l4 19s. for Union Bank shares. Goldsbrough, Mort and Co.’s shares were wanted at 465. 9d., Wellington Trust and Loan at £6 65., and N.Z. Guarantee Corporation, ordinary, at 9s. Id., and preference at 21s. Cd. Christchurch Gas shares, £1 paid, were in demand at 245., and Wellington Gas shares, £1 paid, at 265. 9d. Insurance shares were quiet,' with no demand yesterday. Meat shares were neglected. There were buyers of Huddart-Parker ordinary shares at 455. 6d., and Union Steam preference at 20s. Coal and Woollen shares were neglected. There were bids of 325. 9d. for Kauri Timber shares, and 425. for Loyland-O’Brien timber shares. There was a fair demand for brewery shares, with buyers of Crown Brewery at 205., Manning and Co. at 435., and N.Z. Breweries at 555. 6d. Elqptrolytic Zinc preference shares were in demand at 345. 6d.< and Taranaki Oil at 9s. 9d. Yesterday’s buying and selling quotations were as under:— Buyers. Sellers.

SALES IN OTHER CENTRES Bt Telmbath.—PnEss Association Auckland, March 11. Sales: War Loan (1938), £96; Auckland Gas (debentures, 1928), GJ per cent., £101.; Commercial Bank of Australia, 305.; Union Bank, £l4 18s. Get.; Taupiri Coal. 16s. Gd.; Huddart-Parker, 4Gs.; Kaiapoi Woollen, 10s.: Bycroft, Limited, 285.; Sanford, Limited, 19s. Gd.; Union Oil, Soap, and Candle, 41s. Gd.; Waihi, 235.; Kawarau, Gs. Dunedin, March IL Sales: Westport Coal. 345. (two sales); 44 per cent. Bonds (1938), £95 17s. 7d.; Kawarau, 6s. (two sales); Dominion Rubber, 565. Gd. Christchurch, March IL Sales reported: Bank of New Zealand, 595.; Union Bank, £l4 18s. Gd.; Bank of Victoria (ord.), £8 2s. Gd.; Kaiapoi Woollen (17s. paid), 10s. Id. Sales: Bank of New Zealand, 595. Id.; New Zealand Breweries, 5Gs. Gd.; Electrolytic Zinc (pref.), 355. 3d. (three parcels); lioidsbi-ough Mort, 475. 3d. COMPANIES REGISTERED The "Mercantile Gazette” records the registration of the following new companies : — A. L. Moore, Ltd., registered as a private company, March 2, 1926. Office: Mill Road, Otaki. Capital: £9590 into 9590 shares of £1 each. Subscribers: Otaki, A. L. Moore 9090, Emma M. Moore 500. Objects: To carry on the business of drapers, grocers, furnishing and general warehousemen in all its branches, and general incidental, Ufa Films, Ltd. Registered as a private company, March 5, 1926. Office: Care of Barker and O’Donovan, solicitors, Kelburn Avenue, Wellington. Capital: 923000, into 3CO shares of <£lo each. Subscribers: Wellington, J. A. Lutz 25 f.p.u., A. E. Preston 25, Louise Lutz lb, Evelyn Lutz 5, T. Rowell 25, D. Bradley 20, A. E. Preston 5, J. Meatchem 5, Elizabeth A. Ginger 10, J. F. Munster 5, J. A. Lutz 5; Palmerston North, O. W. Williams 40; Auckland, G. W. Minter GO. Objects: To undertake and carry on the business of kinematograph, theatrical and music-hall proprietors, etc., and general incidental. UNFAIR COMPETITION The Melbourne Chamber of Commerce is reported to be stirring itself in the matter of unfair competition among traders and manufacturers, and is to make an attempt to stamp out some of the practices by which business is sought to be improperly diverted from right channels. This same subject was handled at a recent conference of the League of Nations and International Chambers of Commerce, held at The Hague. Attention was given particularly to the matters of designs, trade marks, and unfair competition. It was agreed that all contracting countries must refuse to register, or alternatively must provide means for the cancellation of any trade mark which is a colourable imitation of a mark notoriously known in the country in which the mark is or was being applied for. An act of unfair competition is to bs understood to be an act of competition contrary to "honest, or Industrial, or commercial usage.” In particular the following is prohibited:—"All acts of any kind calculated to create confusion by whatever means between the goods of one competitor and the goods of another, also false allegations fn the course of commerce of such a nature as are likely to prejudice the goods of a competitor.” This question of unfair competition will be discussed at the annual conference of tho Associated Chambers of Commerce of Australia, to be opened in Sydney on Monday next. N.Z. DRUG CO. A net profit of <£54,820 was earned by the New Zealand Drug Co., Ltd., daring the year ended January 31, 1926, and this contrasts with 3347,372, the net profit earned in the previous year. The gross profit, after deducting depreciation on plant, buildings, and stock and including transfer fees, amount to <£161,319, as against <£147,357, and the expenses under all heads, including income tax and bad debts, totalled <£106,499, against <£99,985, leaving the net profit at A 51,820. There was brought forward from the previous year 3221,496, thus making available for distribution .£76,316. Out of this <£6ooo is to be added to the general reserve, <£sooo to the ctaff fund, bringing this fund up to <£lo,ooo for the purpose of providing the nucleus of a staff provident fund, the dividend for the year at the rate of 8 per cent., ami bonus of 2 per cent., together absorb £41,974, of which 3218,195, equal to 4-J per cent., was paid as an interim dividend, leaving <£23,342 to be carried forward. The capital of the company was increased during the year by the issue of 130,000 new shares, and the actual paidup capital at the date of the balancesheet was 32448,044, and the calls paid in advance to <£35,770. The general reserve stands nt <£125,000, against .£86,500 a year ago, reserve for book debts £5360. staff fund £5OOO, open accounts and other Inabilities £92,743. The stocks are valued at £217,857, against £214,616; land, buildings, machinery, plant, etc., at £373,481, against £305.048; book .debts £107,210. against £97,556; bills receivable £25,636. against £27,920; other open accounts £13,400, and cash m bank £32,452, against £27,779. ENGLISH WHEAT MARKETS.’ (Rec. March 11, 10.5 p.m.) London, March 10. Wheat. —Cargoes are quiet and lower in price on bearish view of the Washington Bureau report. Parcels are in small request, and weaker. • Liverpool futures: March, buyers 10s. 53d.; May, 10s. 61d.; July, 10s. 7d. AUSTRALIAN PRODUCE MARKETS. (Rec. March 11. 10.5 p.m.) Sydney, March 11. Wheat, bagged 4s. lOd. to ss. per bushel delivered at countrv sidings; no wheat, however, is being offered for sale. Oats, Tasmanian Algerian ss. per bushel, white 6s. Maize, local 6s. 6d. per bushel, Queensland 65., South African Gs. Potatoes, Tasmanian £l4 10s. to £l7 per ton, Victorian £l4 Onions, New Zealand £l5 per ton, Victorian £l9. Adelaide, March 11. Wheat.—Growers’ lots.-'ss. sd. to ss. Gd per bushel, parcels nominally ss. 101-d. to ss. lid. Oats, 3s. to 3s. 3d. per bushel. P. AND O. STOCK. (Rec. March 11. 10.5 p.m.) London, March 10. P. and O. deferred stock, £238. CUSTOMS REVENUE. The Customs revenue collected yesterday at the port of Wellington totalled £3791.

Graded for Export Butter. Cheese. Ship, to U.K. Butter. Cheese. 1926 ... 5600 494 4709 706 1925 .. 8381 830 6775 613 For the seven months ending February 1926 .. 39,051 2826 30,758 264,5 1925 ... 50,092 3632 43,990 3230

February, 1926 Butter. Cheese. Casein ... 3100 4 2200 February. 1925 ... 2500 3 1450 For the seven months ended:— February, 1926 . .. 17,761 "1 10,148 February, 1925 . .. 14,720 416 8,225

tn a o CO o-a ■53 H co fcOlO ci oi •g o § w 3 a M Q 5a O oo Invercargill —...— 75 1135 707 Dunedin 60 631 788 Oamaru —■— 59 53 Tirnaru 47 931 630 Christchurch 109 1987 1834 Blenheim 65 68 13 Nelson —- 60 91 Wellington 1040 2951 2974 Wanganui ; . New Plymouth, Wai56 865 749 tara 12!) 551 323 Napier, Wairoa Gisborne, Tokomaru 400 1283 1634. Bav, Hicks Bay ... 65 461 609 Auckland, Opua 362 1653 1677 ■ ■ ■■■ — v 2402 12641 12082

N.Z. GOVT. LOANS— £ s. d. x? s. a. 4 i p.c. Insc. Stk., 1938 — 9b 0 5l p.e. ditto, 1930 .... — 98 2 6 4A p.c. Bonds, 1938 .. — 90 o 0 5} p.c. ditto. 1933 .... 99 10 0 —— 5 p.c. P.O. Insc. Stk., 1929 97 5 0 5 p.c. ditto. 1927 .... 97 15 0 — 5 p.c. P.O. Bonds, 1927 97 15 0 —— DEBENTURES— Wellington Gas .... 100 0 0 N.Z. Breweries (bonds) 1 5 10 1 c 0 Well. Hospital, 51 p.c (1935) - 96 15 0 BANKS— National of N.Z fl 14 9 6 15 0 New South Wales .... 43 12 6 — Now Zealand 2 19 0 ■ 1 . Union of Aust. ..... 14 19 0 FINANCIAL— Abraham and Williams (ord.) - 4 6 0 Goldsbrough Mort .. 2 6 9 — N.Z. Guarantee Corp. (ord., 8s.) 0 9 1 — Ditto (pref.) 1 1 6 —-• N.Z Loan & Merc. Agcy. (ord.) —— 94 0 0 Wellington Investment —- 0 10 0 Well Trust, Loan .... 6 C 0 — Christchurch (£1) ... 1 4 0 — Wellington (£1) 1 6 9 ■— vt; XNCE— -■ — 3 19 0 MEAT PRESERVING— N.Z. Refrigerat. (£1) 0 18 6 Ditto (19s.) •— 0 9 0 1 19 9 "•RANSPORT— TTuddart-Parker (ord.) fl 6 3 Union Steam (pref.).. 1 0 0 —— -nAb-J West port — 1 14 3 0 17 0 '’’tMBER— Kauri 1 12 9 ..i LnyiH nd-O’Brien 0 2 3 6 National —— 1 0 6 BREWERIES— Crown ...... 0 1 3 0 Manning an-I Co J 3 0 J ■spies and Co. ..... 1 17 G N.Z. Prewerea 3 15 8 a la 0

MISCELLANEOUS — C M. Banks (pref.) .. — 0 18 0 British Tobacco (Aust.), 2 8 3 Electrolytic Zinc (pref.) 1 14 6 — 1 16 0 National Electric .... — Newton King (pref.) — 0 19 0 17 9 0 Taranaki Oil Fields •• 0 9 9 Wairarapa Farmers’ 0 17 3 Wilson’s Cement — 1 17 6