FARM & COMMERCIAL

Dominion, Volume 20, Issue 225, 20 June 1927, Page 14

FARM & COMMERCIAL

NEWS AND NOTES

FARMING INTERESTS SHOW FAT STOCK SALE VERY KEEN COMPETITION Dominion Special Service. Palmerston North, Juno 17. In connectiou with the Manawatu Agricultural and Pastoral Winter Show, tho third annual sale of fat stock, which was conducted by Messrs. Abraham and Williams, Ltd., Dalgety and Co., Ltd., and the. New Zealand . Loan and Mercantile Agency Co., Ltd., in con j unction, was held at the Palmerston North showgrounds on Thursday, when the offering comprised 287 head. Tho judge, Mr. F. Steele, of Christchurch, had commended most favourably on the excellence of the Quality of the entries of fat wethers, ewes, aud lambs, and the showing was a worthy representation from the Mauawatu and Rangitikei districts. It was doubtful whether a larger and better consignment had ever been placed before tho buying public at auction at any point iu the North Island. A number of leading butchers from Wellington made a special trip to Palmerston North for the purpose of attending the fixture, aud 'hey, with a buyer from Feilding aud one from Wanganui, quickly absorbed the offering, under narticularly keen competition. At the conclusion of the sale the buyers and several of those closely interested were entertained at luncheon by the fat stock stewards of tho Agricultural and Pastoral Association. Following are particulars of sheep sold at auction:— ' On account of B. O. Egliuton. Palmerston North: 3 fat wethers. 355. On account, F. D. Collis: 3 wethers. 35p.; 3 wethers. 335.: 3 wethers, 335.; 3 lambs, 395.; 3 lambs, 355.; 3 lambs, 355. On account J. McKelvie, Carnarvon: 3 wethers, 325.; 3 wethers, 325.; 3 ewes, 325.; 3 ewes. 295.; 3 ewes, 295.; 3 wethers, 315.; 3 wethers, 335.; 3 ewes, 345. 6d.; 3 wethers, 325.; 3 wethers. 325. 6d. On account J. McKelvie, Carnarvon: 3 wethers, 285.; 3 wethers, £2 125.: 3 wethers. £2 25.; 3 wethers, £2 25.; 3 wethers. £2 75.: 3 wethers, £2 13e. 6d.; 3 wethers, £2 45.; 3 wethers, £2 7s. 6d.; 3 wethers, £2 65.; 3 ewes, £2 35.; 3 ewes, £2 125.; 1 ewe, 355.; 2 ewes, >3os.; 3 ewes, 335.; 3 ewes, 42 2s. On account A. D. Buchanan, Tiakitahuua: 4 wethers, 355. On account R. Thompson. Palmerston North: 3 owes, 325.; 3 ewes. 335. On account Farly Bros., Wanganui: 3 owes, 345.; 3 ewes, £2 45.; 3 wethers. 355. 6d. On account W. G. Shannon, Palmerston North: 3 wethers. £2 Ils.; 3 wethers, £3 Bs.: 3 wethers. £3 145.: 3 lambs, 345.; 3 lambs. £2 7b.: 3 lambs. 285.-; 3 lambs, 265.; 3 lambs, 335.; 3 ewes, 355.; 2 wethers. £2 Bs.; 2 ewes, 305.; 44 lambs, 245. 9d. On account W. A. Thompson, Kairanga: 3 wethers. £2 Ils.; 3 wethers, £3 Is.; 3 lambs, 355.; 3 lambs, 395.; 3 lambs, £2 6s. On account D. Buick. Kairanga: 3 ewes, 345.; 4 lambs. 325.: 3 lambs, 335.; 3 lambs, 335.: 3 lambs, 335.; 3 lambs. 335.; 3 lambs. 315.; 3 ewes, 385.; 3 ewes. 325.; 3 ewes, 335. On account It. M. Collis: 3 lambs, 335.; 3 lambs, 355.; 3 lambs, 355.; 3 lambs, 325. On account L B. Wail, Kairanga: 3 lambs, 335.; 3 lambs, £2 Is.; 3 lambs, ,295.; 3 lambs. 295.; 3 lambs, 355.; 3 ewes.' £2; 3 ewes, 375.; 3 ewes. 345.; 3 ewes, 30s. Private sale, account Sir J. G. Wilson. Bulls: 6 wethers, £2; 3 wethers, £2 10s.; 6 lambs, £2 ss.

Average price for wethers, £2 35.; average price for ewes, £1 15s. 2d.; average price for lambs, £1 Ho. 6d.

On Thursday at Tiakitahuna, Abraham and Williams. Ltd., and Wright, Stephenson and Co.. Ltd., conducted a dispersal sale of Friesian cattle aud' pigs on account of Messrs. N. P. Nielsen and Son. The offering included 23 stud cows, 11 in calf 2-ycar heifers, 12 yearling heifers, and 9 bulls of various ages. The herd was for the most part of Colautha breeding. in combination with Posch Segis, Pietze. and Pietertze blood, with an infusion of Longbeachi • The “Tiak’ Friesians have a wonderful show-ring record, last year a team of entirely bred “Tiak” cattle won the famous Wilbur Memorial trophy at tho Manawatu Show There was not a largo attendance of buyers, although some were present from consider' able distances. The sale being strictly without reserve, every lot was sold under the hammer, but the prices realised were much in favour of purchasers. Quotations are;—Cows, 7 guineas, 8 guineas, 9 guineas. 9i guineas, 10 guineas. 10J guineas. 11 guineas, 11J guineas, 12 guineas, 13 guineas, 14 guineas, 17 guineas, 19 guineas, 21J guineas; heifers, 4 guineas, 5 guineas, 7 guineas 8J guineas. 10 guineas, 11 guineas, 12 guineas. 13 guineas, 15 guineas, 17 guineas, 20'guineas, 21 guineas, 40 guineas, 34 guineas; bulls. 4 guineas, 5 guineas, 6 guineas, 7J guineas, 10 guineas, 21 guineas: nics—Pedigree Tamworth sows to farrow. £6 6s„ £8 8s 94 guineas; other sows, £5 17s. 6d. to £9 9s • empty sows, £2 2s. 6d„ £3 2 S „ xjs 5 ,1 pedigree Tamworth boars. £3 35.. 4s„' ™ *’ ™ Guineas; Barrows, ,255., 28s. 6d,. 305., to 395.; young sows, 255„ 355. to £2.

WOOL, SKIN, AND HIDE SALE Messrs. Abraham and Williams Ltd. report having held their monthly wool, 6 . n -. nd ® and tallow sale at Palmerston North, on Thursday, when a large catalogue was offered to a full attendance of buyers. Wool, mostly crutchings sold on a par with prices ruling in the larger centres. Sheepskins: Prices for both dry and salted sheepskins ruled very firm at last sale rates. Hides were again in good demand and prices were very firm at late rates. Tallow showed .a slight improvement. Prices: Wool: Crutchings, medium,- 9?dcrutchings, stained, Bld.i to 9d.- sliort and seedy, 6Jd. to 7Jd.:-' crossbred fleece, inferior, lOd. to HJd.; pieces, 6Jd. to 83d.dead, lOd. to lljd.; lambs, llfd. to 13d. Sheepskins: Crossbred medium, 121 d.; ;coarse, IOJd. to lid.; lambs, lOd to 12Jd. crossbred damaged, 7Jd. to lid.; saite’e skins, heavy, Rs. Gd. each; medium, 7s. 3d. to Bs. 3.; light, 6s. Bd. to 7s. 3d.; lambs, 4s. Bd. , Hides: Ox. heavy, 9Jd.; medium, 8 7-Bd. to 9Jd. : light, Bd.; cow, heavy, gd.medium, 8 5-Bd.; light, 8. 3-Bd. to 83d.; damaged and inferior, 5 l-Bd. to 7 7-Bd.; yearlings and kip, 7jd. to Sd.; horse hides, 6s. 6d. to 9s. dach. Calf Skins: Best lines, 13Jd.; good. 13 l-Bd.; stained, lid. to 12d. : cut and inferior, Bd. to lO<l. Tallow in tins. £23 10s. per ton. Horse hair; 21d. per lb. ASHBURTON POULTRY SHOW BY Telegbaph.-psess ASSOCIATION Ashburton, June 18. At the Poultry Show, J. Cummings won the South Island championship in the open White Leghorn class, and E. V. Crouch won tho with a cock in the utility Sussex class. ' LONDON HIDES MARKET (Rec. June 19, 5.5 p.m.) London, June 18. The hides market is firm with a godd Continental demand. Meatworks. dry salted.—Queensland, 35/451b„ lljd,; 30/40, lid.; 25/35, lid.; 20/30, lid.; New South Wales, same weights, nominal. Wet salted: Queensland, 50/60, BJd.; 40/50, BJd. DAIRY PRODUCE Messrs. A. H. Turnbull and Co. have received a cablegram from Messrs. W. Weddel and Co., Ltd., dated London, June 17. reading as follows (tho previous week's quotations are in parentheses):— Danish butter, 1625. to 1645. (1665. to 1.685.); Now Zealand, unsalted, 1745. to 1765. (1745. to 1765.); New Zealand, salted, 1625. to 1665. (161 s. to 1645.); market quiet; New Zealand butter market firm. Cheese, white, 84s. to 87s. (82s. to 845.); cheese, coloured, 86s. to 88s. (84s. to 86s;; I market firm. Canadian cheese, white, I 935. to 160 s. (98s. t 0 OOs.i; Cam.dian ’ cheese, coloured, 100 s. to 102 s. (98s. to „ 100 b.). g

WOOL GROWING RESEARCH AND EDUCATION DONATION BY ROMNEY BREEDERS Dominion Special Service. Palmerston North, June 16. A forward move for the purpose of giving a lead in the work of providing facilities whereby Now Zealand sheepfarmers can obtain information and assistance in regard to wool research has been taken by the New Zealand Romney Marsh Sheep Breeders’ Association, which has provided a subsidy of ffilOO yearly for three years to the funds of the Scientific Research Council. At the annual meeting of the association to-day. tho president (Mr. J. E. Hewitt) stated that this subsidy had been g‘ Ten on condition it should be expended on wool research and on the education of farmers throughout tho Dominion on the question of wool qualities. Tho association realised, said tho president, that this subsidy could bv itself do very little, but it would, al all events, give a lead to others who ■wished to see New Zealand occupy the premier position as a wool producing country and would show that the breeders were not averse to helping themselves.

Considerable discussion took place on tho , question of educating farmers to produce the best wool. The general opinion was that' an instructor of high qualifications should be obtained to show the farmer the best way of going about his business.

“We have shown that wo are willing to help ourselves,’’ said the chairmail, “but the question is a national one and it cannot be expected that the whole of the money required to go into the question thoroughly should be supplied by Romney breeders of tho Dominion. As Sir James Wilson has said, the man we want is one who not only knows wool but also knows sheep and breeding as well. It would help matters considerably if we agreed to levy all flocks throughout the Dominion, so that we could afford to yay tho necessary man. One thousand pounds has been named as. the figure which should bs paid, but I consider that, if we can get a really first-class instructor, he will be worth <£sooo. We can do nothing unless we educate the farmer.” After further discussion, Mr. W. H. Buick (Masterton), moved that Romney Marsh breeders should request the Government to allocate a _sum of money, either from the Consolidated Fund, or from the proceeds of the Howard Estate (which was loft to tig) nation for educational purposes), to the Agricultural College Council so that it might be able ’to .apnointed a lecturer to deal with the growth of, wool, such lecturer to be available to address meetings of farmers. As time went on a senior student would be available for the same purpose. The motion was carried with only two dissentient votes.

FROZEN MEAT MARKET (Roc. • June 19/ 5.5 p.m.) London, June 18. Sheep. Canterbury, light 6fd., medium. s}d. North Island light 5 l-Bd., medium sd. Argentine light 4 5-Sd., medium Idheavy 32d. Lambs. Canterbury medium 81d North Island firsts light 8 5-Bd. Frozen Beef. Argentine, fores 3 l-Bd., hinds 6 7-Bd. Others unchanged Messrs. Levin and Co. Ltd., have received the following cablegram from their !>ndon agents dated, June 17: “I'rozen meat quotations (prices on * “delivered” basis, i.e., including storage charges, cartage, tolls, etc.) —Down lamb, 28 io 421 b., 8 7-Bd. per lb.; best North Island, 28 to 421 b., 8 5-Bd.; ordinary North Island, 28 to 421 b., 8 3-Bd.; second quality lamb, B}d.: best North Island wethers, 48 to fillo., sid. best North Island wethers, 64 to 721 b., 4 5-Bd.; ordinary, 43 to 641 b., 5 5-Bd.; North Island ewes,'4B to 641 b., 4 l-8d; North Island ewes, 64 to 721 b., SJd.; New Zealand prime ox beef, 1 ICO to 2201 b., none offering. Aq, compared with last week’s quotations, light wethers are Jd. lower, and ordinary wethers l-Bd. lower, lamb and ewes unchanged. The market quiet but steady.” ' .... The Loan and Mercantile Agency Company, Ltd., have received the following cablegram from their London house, under date June 17: Lamb, Bld. per lb. (average); mutton, wether and maiden ewe, light 6d. per lb.; wether and maiden ewe, iheavp 4 3-Bd. fter lb.; owe, light 4 3-Bd. per lb. ewe, heavy 4 1-Sd. per lb. Market slow.

SMITHFIELD QUOTATIONS The New Zealand Meat Producers Board has received the following cablegram from Its London office dated June 17, advising Smithfield delivered prices at that date as follow (prices for the two previous weeks are also shown): — New Zealand wethers and maidens: Canterbury quality, selected brands, 56/under, Old. per lb. (Gid., 6fid.); 57/64, 5Jd. <5Jd., 5&d.); 65/72, 43d. (lid., 43d.). Other brands, 56/under, 53d. (63d.,' 6)d.); 57/04, sd. (04d., Cid.); 65/72, 4Jd. (4*6., 43d.). New Zealand ewes: 64/under, 4id. (4Jd., 45 New Zealand lambs: Canterbury quality, 3fi/under, Cid. per lb. (Cid., 9id.); 37/42, 84d (Bjd., Sgd.); 43/50, Bd. (8(1.,- 8d.); seconds, B}d., (SJd., BJd.). Selected brands, 36/under, Od. (Cd., Cd.); 37/42, .BJd. (BJd., 81d.). Other brands, first quality, 36/under, Bld. (B}d., BJd.); 37/42, Bd. (Bd., 8d.); second quality, 30/32 average, B}d. (BJd., 83d.) Australian lambs: Victorian, first quality, 36/under, not quoted; 37/42, not quoted. Argentine lambs: First. quality, 3fl/under, Bd. per lb. (Sd„ 8d.); 37/42, 7i<L (7fd„ 7id.). New Zealand beef: Ox fores, ox hinds, not quoted; cow fores, cow hinds, not quoted. Argentine chilled beef; Ox fores, 3Jd. per lb. (3{d., 3d.); ox hinds, 03d. (CJd., 7d.). Argentine frozen beef: Ox fores, 3Jd. per lb. (3d., 3d.); ox hinds, CJd. (5Jd., pork: SO/1201b„ 9d. per lb. (Cd., 9d.); 120/1801b., 7fd. (71d., 7i.). Frozen veal, not quoted. Lamb: Market steady, with good de/ mand for light-weights. Mutton market: Light-weight wethers weaker: heavy-weights steady. Ewes: Market firm, with fair demand. PRICES FOR FAT STOCK FOR EXPORT. The New Zealand Meat Producers' Board advises that the following prices were being offered for fat stock for export on June 17:— Canterbury: Prime woolly lambs, 3G/under, Cid.; 37/421b., 8»d.; 43/over, 7}d. Second quality, lambs, 7Jd. South Otago: Prime woolly lambs, 36/ under, B}d.; «7/421b., 7Jd.; 43/50, Ojd.; 50/over, fid. Second quality lambs, 30/ under, 7Jd.; 37/421b„ C)d. PRICES OF RAW MATERIALS. (Rec. Juno 19, 5.5 p.m.) London, June 18. Cotton.—July, 8.95 cents per lb. , Rubber—Para 17d., plantation smoked, 17d. per lb. June. —June-July, .£3O ss. per ton. Hemp.—Juno-August, £35 per ton. Copra.—June-July, £25 15s. per ton Linseed 0i1.—£34 per ton. Turpentine.—4ls. per cwt. CHICAGO WHEAT QUOTATIONS (Rec. June 19, 5.5 p.m.) New York, Juno 18. Chicago wheat is quoted as follows: July. 1 dollar 45 1-8 cents, per bushel: September, 1 dollar 42 7-8 cents CUSTOMS REVENUE. The Customs revenue collected at the >rt of Wellington on Saturday totalled 3061,

COMMERCIAL ITEMS

WELLINGTON STOCK EXCHANGE

LAST WEEK’S- BUSINESS AND PRICES

There is apparently a growing scarcity of funds for investment in Stock Exchange securities; at all events, there is a perceptible contraction in turnover, but prices remain firm. The demand for bank shares has been steady and they seem to be the most favoured, securities. During the week good business was done in bank shares, with sales of Bank of Australasia at <£l4 145.. National Bank of New Zeakuid at .£7 3s. 6d., and £7 3s. , cum dividend. Bank of New South Wales at <£4s 15s. and .£45 10s., Bank of New South Wales rights at X'2s 10s., .£25 7s. fid., .£25 ss. and .£25 2s 6d.. Bank of New Zealand at 60s. 6d., 605,? 9d.. 60s. 8d and 60s. 9d. cum dividend. Bank of Aelaido, at J;9 10s., Bank of Adelaide rights at 275. 6d. and 28s. 6.. Commercial Bank ordinary at 295. 9d., preference at £7 Is. Gdi. English. Scottish and Australian Bank at d;8 Cs. 6d., and .£8 75., Queensland National Bank rights at G6‘s. 6d. aud 665., Australian Bank of Commerce, at 375. and 365. 9d., Commercial Bank of Sydney, at X 24 17s. fid., Union Bank at .£l5 14s. Cd., and National Bunk- of Australasia, JMO paid, at X‘l7 7s. Cd. Government securities • were very slow. Sales were registered of 5 per cents, at <£9S 10s.. 4J ner cents, at ,£97, X 96 17s. (id., and <£9(i 155., and 5.1 per cents, at <£lo4 2s. 6d. N.Z. Breweries, 10 per cent, bonds, sold at 235. lOd. and 245. There was very little doing in financial shares. Business was done in Goldsbrough. Mort, at 50s. 2d., 505.. 495. 11<I.. 495. 10d.. 49.5. 9d., and 495. 6d. cum rights and cum dividend. A little attention was given to Gas shares and sales were registered of Auckland Gas at 235. Cd., and Christchurch Gas, at 245. 4d. and 245. sd. South British Insurance shards changed hands at 585.. and New Zealand Refrigerating 10s. paid at 6« 7d. and (is. fid. Shipping shares were slow. Sales were made of Huddart. I’arker, ordinary, at 475., Union Steam, preference, at 20s. 4d.f and Northern Steam at 13s. 7d. Theis was some traffic in Woollen shares with sales of Wellington Woollen preference at .£6 7s, 6d., Kaiapoi Woollen, 17s. paid, at 10s. sd. and 10s. fid., and preference, at 14s. 10d., and 14s. (id., Westport Stockton, ordinary sold at Is. ,7d., Is. 9d. and Is. 8d„ and preference at 2s. lid. and 3s, Other sales registered during the week were British Tobacco at 515., Afid 545. 3d.; New Zealand Drug at ,COs. 4d.; Howard Smith at 325. 325. 10d., and 325. 6u<; Victoria Nyanza Sugar, at 51s. 3d. and 515.; ■ New Zealand Paper Mills at 16s. 3d., Wilson’s Cement at 315., and Whitcombe and Tombs at 70s. and 70s. 3d. 1 Saturday’s buying and selling quotq-

SALES .IN OTHER CENTRES BY TELEGRAPH.—PRESS ASSOCIATION Auckland, Juno 19. Sales: Hikurangi Coal (“A” pref.), 35.; Pukemiro Collieries, 595.; British Tobacco, 545. Cd.; Kawarau, 2s. Chrlstphurch, June 19. Sales reported: Bank of Adelaide (rights), 28s. 90.: N.S. and A. Bank, £8 75.; Walhi, 18s. 6d. Sales: Commonwealth Bank of Australia (pref.), £7 Is. (two parcels); Bank of Adelaide (rights), 28s. 3d. (two parcels), 285.; Goldsbrough Mort (cum. div.), 495. ad.; British Tobacco'(cum. div.), 545. o<l. Dunedin, June 19. Sales: Molyneux Electric, 245. 6d. (two parcels). Sale reported: 4| per cent. Bonds (1938), £97 2s. Cd. . . ' , \ COMPANIES REGISTERED - The company registrations in ■VVelling--1 ton recorded in week’s ''Mercantile Gazette" include the Westland Power, Ltd., with a capital of £IOO.OCO m £1 ehares. This is a public'] company, and the objects are to take over Irom tne Westland Power Syndicate the benefit of their investigations and negotiations in connectinn with the development and supply of 'electric power in Westland, to carry on business of electricians and general incidental. The offices are at 215-217 Lambton Quay, and the subscrib-. ers of one share each are S. Kirke l ie. F. B. Hogarth, O. V. Birch, fl. b. Williams, R. G. Williams, J. M. Hume. 0. G. Whit© ,0. M. Bowden, A. T. Young, and D. W. Virtue. Stewart Prams, Ltd., with efflto at 163 Jackson Street, Petone, has been registered as a private company, with a capital . of £4OOO in £1 shares, of which L. Stewart has subscribed for 3995, and Sarah J. Stewart for 5. The object of the company is to carry on in all its branches the business of basket and wicker' furniture manufacturers, perambulator body, manufacturers, and general incidental. New Zealand Wines. Ltd., with office at 58 Manners Street, has been registered as a private company, the capital being £l5O. divided into 150 shares of £1 caclA The subscribers are F. A Smuts-Kermedy 148 shares, R. F. Smuts-Kennedy 1. and P. Olsen 1. The objects of this etneern are to carry on the business of wine and spirit merchants and general incidental.

Mcßeath Prisk and Co.. Ltd. This is a Nelson tannery business converted into a private company. The capital is £lBOO, in £1 shares. 11. D. Mcßeath, of Nelson, holds 900 shares, and J. Prisk 400. and the Wellington subscribers are J. L. Arcus 60, G. Ardrey 330. P. E. Patrick, H. H. Oxley, and J. Hod each 30 shares. The objects are to continue to carry on in New Zealand and elsewhere the business of tanners, curriers, fellmongers, leather and grindery merchants and gen- ' era! incidental.

WILLIAMS AND KETTLE, LTD.

Tho balance-sheet of Williams and kettle Ltd., Napier, for tho year ended March 31. last shows a gross profit of <£93,773. 'The outgo for salaries, rents, taxes, etc., also provision for bad and doubtful debts, income-tax, eto., was <£73,031, and <£5754 was written off for depreciation of ■ business premises, etc. I'be net profit is shown at .£14,988,■ and with the balance of .£13,980 brought forward, there was available <£28,968. With respect to this balance the directors in their report state: “The directors regret being unable to pay the usual relates to shareholders on business contributed, owing to the depression severely affecting the earnings of the company, and recommend that the amount available for allocation .be .appropriated as follows, viz.: In payment of a dividend at tho rate of 7 per cent, on capital, and the balance carried forward.” The bal-ance-sheet shows that the shareholders' funds total £‘313,708, of which £200,055, represents paid-up capital, £92,883, general reserve and £20,770, insurance and contingencies reserve. The. chief item of other liabilities is £227,292 representing shareholders’ credit balances, deposits and sundry creditors. Produce and woo] held on consignment account for £9575, drafts against, consignments £1513, Bank Auction Trust account £12,582, suspense account £674, and bills payable £ll. The assets include property, plant and office furniture £105.092, merchandise £75,266, stationery £585, debts owing to company (secured) £187,870, debts unsecured £111,585, consignments unrealised £20,797, Government Inscribed Stock £30,592. investments £20,299. cash in bank £20,656, auction sales trust account £12,581. Total £594,324. MIRANUI, LIMITED IMPORTANT FLAX ENTERPRISE. In this issue appears an announcement concerning Miranui Ltd., which is being formed to acquire the best-known business in the flax industry—the A. and L. Seifert Flaxdressing Co. Ltd., of Makerua, near Shannon. The prospectus states that the company will acquire an area of 3105 acres, which have an excellent growing - and' standing crop. The mill-plant is declared to be the largest and most, up-to-date in New Zealand. The A. and L. Seifert Flaxdressing Co., has been established twenty years, and has milled, oyer 350,000 tons of green leaf. Last year it supplied nearly onefifth of the total hemp exported from New Zealand. . 1 The hemp industry is making rapid

progress. Fibre exports from New. ’Zealand in 1926 were double those of 1922, according to the Government Statistician’s figures. Here are the details: Tons. Value. 1922 11,425 £295,530 1926 20,798 £589,603 Tho opinion of the directors as to the prospects of Miranui Ltd. is best expressed by stating that the directors and '(heir friends have applied for 20,000 shaves at par, payable in cash. The whole issue of 45,000 shares now offered for public subscription has been underwritten by the New Zealand Underwriting and Development Corporation Ltd. The illustrated prospectus is now obtainable from all members of the Wellington Stock Exchange, or from the New Zealand Underwriting and Development Corporation Ltd.. New Zealand Insurance Building, Wellington.

Hons were as under: Sellers. £ s. d. N.Z. GOVT. LOANS— Buyers. £ s. d. « p.c. Ins. Stk., 1833 — 97 5 0 5i p.c. ditto, 1033 .... 101 0.0 ■ *“ 54 p.c. ditto* 1036 .... 101 0 0 5? p.c. Bonds, 1933 .. 101 2 6 —— 51 n.c. ditto. 1936 .... 101 2 C —— 5 p.c. P.O. Bonds, 1927 99 0 0 •— DEBENTURESWellington Gas ..... 97 15 0 OS 10 0 N.Z. Breweries (stock and bonds) ——■ 14 0 BANKS— Australasia 14 13 6 14 15 6 National of N.Z. (cum.) — , 7 4 0 Union of Australia . 15 12 6 FINANCIAL— Equitable Building .. 8 17 6 N.Z.' Guarantee Corp 0 8 9 0 9 0 N.Z Invest., Mortg.,. and Deposit ........ 0 9 3 — Wellington Investment 0 10 2 •—• GASWellington (ord.) ... 17 3 —• MEAT PRESERVINGN.Z.' Refrigerat. (10s.) 115 3 O fl Si 1 16 O WOOLLEN— 1 Wellington (ord.) .,. •— 6 7 0 Ditto (pref.) ■0 6 0 Ditto (£4 15s.) — .. ;• 0 10 BREWERIES— Staples and Co > 1 17 9 2 0 0 Ward and Co 119 0 MISCELLANEOUS— '■ C. M. Banks (ord.) ... 1„2 fl Ditto (pref.) 0 17 9 Dental and Medical Supply 0 18 8 D.I.C. (pref.) 1 0 9 Newton King (pref.).. 0 13 6 Wairarapa Farmers’ t (pref.) . —k 1 0 15 6 MINING— Wallii Grand Junction 0 13 Alburnia ............ 0 5 0