FARM & COMMERCIAL

Dominion, Volume 21, Issue 149, 23 March 1928, Page 14

FARM & COMMERCIAL

NEWS AND NOTES

AUCTION SALES

TO-DAY. Cuba Street, Te Aro House, 1 p.m.—Sale of stock, etc. (E. Johnston and Co.). 91 Dixon Street, 1.30 p.m.—Sale of furniture (C. AV. Price and Co.) 108 Cuba Street, 1.30 p.m.—Sale of furniture (Silverstone and Co.) 98 Maners Street, 2 p.m.—Salo of furniture (Ramsey Wilson and Co.) TO-MORROW. Aitken Street, 2 p.m.—Sale of iron (C. W, Price and Co.) 101 Onepu Hoad, Lvall Bay, 2 p.m.—Salo of furniture (Ramsey Wilson and Co.)

FARMING INTERESTS

WELLINGTON WOOL SALE NEXT MONDAY’S CATALOGUE The final Wellington wool sale and the last of this season's Dominion series will open in the Town Hall at 9 o’clock next Monday morning. The total passings at the February stile out of ti catalogue of 27,134 bales were only 48 bales, and in view of the state of the market as disclosed at that and subsequent sales in other parts of the Dominion, it is anticipated (hat there will be practically a complete clearance next Monday. The catalogue closed last night in readiness for buyers to start valuing at 8 o’clock this morning. The approximate quantities to be offered and the order or sale are as follow:— Bales. Abraham and Williams, Ltd., and Wright, Stephenson and Co., Ltd. 3600 Dalgety and Co., Ltd 4350 Murray, Roberts and Co., Ltd., and Johnston and Co., Ltd 2400 Levin and Co 5300 N.Z. Loan and Mercantile Agency Co., Ltd 2400 N.Z. Farmers’ Distributing Co., Ltd 1650 Wairarapa Farmers* Co-operative Assn., Ltd■ 750 Total 20,450 Prompt, date for this sale is 2 p.m. on April 11.

KEEN COMPETITION AT LONDON SALES

PRICES FULLY FIRM

(Reo. March 22. 8.50 p.m.) London, March 21. At the wool sales 11.833 bales were sold, of which 5330 were Australian, and 5857 New Zealand. There was a good selection of greasy merino, and a splendid offering of greasy crossbred, and they met with very keen competition. The Home trade were the chief operators. Prices were fully firm. New Zealand sails:—Tuarua, highest irice 24id., average 22d.; IVaihuka 21Jd. and 2fld.; Ramoe, 22p1. and 21d.; Huru. 21d. and 19d.; HIAY. 243 d. and 20d.; Mandn, 31Jd. and 30d.; Akttio, 27d. and 24d.; Potalra, 213 d. and 20d.

WHOLESALE PRODUCE

PRICES

Messrs. Laery and Co., Ltd., report wholesale values as follow:—Mixed fowl feed. 5-sack lots or over 65., lesser lots 6s. 3d. bushel; linseed nuts, 30cwt. lots or over £l5 55.. ton lots or over 16s. fOOlii., lesser lots 16s. 6d. 1001 b., freight paid main line stations on 30cwt. parcels meal or nuts; oyster shell grit, 5-sack lots or over 55., lesser lots ss. 6d. ICOlb.; pipi shell grit, 5-sack lots or over 55., lesser lots ss. 6d. 1001 b.; New Zealand fowl wheat, 10sack lots or over 7s. Id., lesser lots 7s. 3d bushel, sacks in; barley. 4s. 6d., 4s. 9d. bushel; oats, machine dressed and clipped seed Algerians ss. 2d. bushel, farmers dressed seed Algerians 45., A grade 4s. 6d., crushed 4s. 6d.. Duns 3s. 3d. to ss. Id.; rye corn. 60lb. to bushel. ss. 6d. bushel; linseed, whole 245., crushed 275. cwt.; mixed wheat and rye corn. 601 b. to bushel, 6s. bushel; Gisborne maize, whole 7s. crushed 7s 6d. bushel; Australian crushed maize, to arrive early, 6s. 3d. and 6s sd. bushel; Australi.uTi whole maize, to arrive early. 6s 8d and 6s lOd. bushel; partridge peas, Bs. 9d.: split partridge, is. 9d.: feed peas, 7s. and 7s. 6d.; wheatmeal, feed, half-ton lots £l4 15s. ton; meatmen!, feed, half-ton lots £l3, lesser qua itities 13s. 6d. cwt.: butter, farmers’ prime separator and dairy bulk and patr, is. to is. Id. lb.; turkeys, is. 2d. to If. Id. lb,; geese. 10s to 12s. tair; ducks, runners, young. Bs. to 10s.. large whites 9s to 11s. pair; fowls, white Leghorns 4s. 6d. to ss. 6d.. black Orpingtons and similar varieties 7s. 6d. to 95.: eggs, ilrtt grade new laid, 2s. ICd. to 35.; fungus. New Zealand, Bd. to lOd.; dressed pork. 6Ts to Ws. sjd. to 6jd. ll>.; sucking pigs, I’d. to fd.; maizemeal, Bs. 6d.: charcoal. K. fOlb. bag; rock salt, ton lots, £5 10s., lesser Quantities 65.; agricultural salt, ton lots. £5, lesser quantities ss. 6d.; lucerne hay, prime Blenheim, £7 15s. ton. ex wharf; rye and clover, Blenheim, £8 10s. ton; mutton birds, in kits Bd. bird. Tasmanian, in casks, 7d. bird; molasses, in casks 38s„ in cases Bs.; basic slag, 17-20 per cent., arriving May-June, £4 6s. toil, f.0.r.; Blenheim chaff, prime, ton lots £7 5s ton, less than ton lots 7s. 9d. cwt., medium quality £6 per ton. less than ton lots 7s. cwt.; Java ehelled peanuts, 4d. lb., sacks in; peanuts in shell, 4(1. lb., sacks in; superphosphates, list price; barley meal, £9 ton, half-ton lots, lesser lots 9s. 6d.; peameal, half-ton lots £ll. lesser lots Ils. 6d.; bran, half-ton lots or over £8 10s„ lesser lots Us. 5d.; pigmeal half-ton lots £8 55., .lesser lots Bs. 6d.; pollard, half-ton lots or over £9 155.. lesser lots 10s. 6d.; black leaf 40 spray, 21b. tins 135.. 101 b. tins 50s.

DAIRYING INDUSTRY

FALL IN PRODUCTION

In his monthly review of the dairying industry in tire “Exporter,” the chairman of the Dairy Produce Board (Air. W. Grounds) said tho recent rains, ‘although irregularly distributed, should stay the rapid decline in production recently experienced, but dp not justify tiny hope that autumn production will be satisfactorily comparable to last year. Present levels of production have declined to such an extent as to make tii is almost impossible. As anticipated, February's grading figures showed a substantial fall compared with last year’s, the Dairy Divisions’ figures for butter being 6951 tons, compared with 8082 tons last year, a decrease of 13.9 per cent.; cheese, 8912 tons, compared with 9600 tons, a decrease of 6.8 per cent. Taking the total grading figures for the seven months, August-February inclushe, increases of 9.3 per cent, and 2 per cent, are shown respectively in butter and cheese. Grouping both commodities on a butter-fat basis, the figures for the seven months show an increased production of 7.05 per cent. At the eud of October hist a butter-fat increase of 18.97 per cent, was recorded. This lias progressively declined during the succeeding months, and it seems probable that it will hnvc almost reached the vanishing r-oint for the time the full season’s figures are available, giving us approximately the same production as in 1926-7.”

DAIRY EXPORT LICENSES

FACTORIES AND THE BOARD

At the meeting of the New Zealand Dairy Produce Board on Wednc-day, the set-'-elnry reported that sixteen factories so far had not supplied the information desired bv the board under clauses 6 and 8 of the license com!it ions (relating to tho prices of f.o.b, sales and other details).

On Hie motion of tho chairman (Mr W. Grounds), seconded bv Mr. W. Bry ani. it was decided to notify nil factories which hnd not -snnpHod information in neordnnee with the aeenfance of the license to snnnlr tup-board with that in formation forthwith.

The motion was carried bv 8 votes to 2 tho dis® n nlient>- lw-in<» XTossvs. J Hine and D. Fulton. Mr. F 1 Goodfellow wn= absent from the mo-'fe'ir. and Mr. W T). TTunt temnornrilv away.

Mr. Hine cave notion of motion to move nt tho next mkrlin- of the board ll.nl ~1-nnsoo a and 8 o f *bo ovnort licons- bo allowed fo wm.n’iln r-lx'yance for tho remainder of the season.

LIVE STOCK SALES

BURNSIDE

BY I'BbEGBAPH. —PiIESS ASSOCIATION

Dunedin, March 21

Fat cattle and fat sheep were dearer at Burnside to-day, the former by 7s. Od. Io Ws., and the latter by Is. to 2s. Od. Lambs sold freely at late rates The pig sale was slow, even good quality stuff meeting a very poor demand. Fat Cattle.—There was an entry of 223 fat cattle. The quality was medium, and the yarding included a few pens of prime average weights, and an odd pen of heavy bullocks with the balance made up of plain steers and heavy cows. The demand was good throughout and values rose by from 7s. Od. to 10s. Extra heavy ox beef imide 355. per 1001 b, prime light 335., prime heifer 325. Od., cow and light heifer, 20s. to 255. Fat Sheep —About 1900 were penned. The bulk was comprised of medium owes with a few pens of heavy crossbred wethers and ewes, and a large proportion of inferior lightweight and medium ewes. There were also a few pens of unfinished wethers. The demand was good throughout, ewes improving from Is. to 2s. Od. per head, and wethers from Is. Od. to 2s. Extra heavy wethers made 425. to 445., prime 375. to 38s. 9d., medium 295. (id to 325., light 245. to 275., extra heavy ewes 325. 9(1, to SGs. 3d., prime 255. to 275., medium 17s. to 225., light Ils. to 13s. Od. Extra heavy wethers made s}d. per lb, light wethers od., ewes 3Jd. to 43d. Fat Lambs —There was a mixed entry of lambs. The entry included a fair number of heavyweights with a proportion of plain. The demand for all good sorts was good, being up to the best rates of last week. Extra woolly lambs made 325. 9(1. to 345., prime 28s. Cd. to 315., medium 20s. to 275. od., light 21s. Od. to 245. 0d The price per pound was Od. to OJd. Store Cattle.—About 350 comprised the yarding, which was made up of about 50 three-year-olds, 20 to 30 two-year-olds, and a balance of mixed cows and young sorts. For the best steers and fat cows the demand was good, while boners were selling at about the same as last week. Best three-year-old steers made to £lO 2s. 6d„ medium to £8 125., fair year and two-year-olds to £7 ss. Bigs.—There were 120 fats and 74 stores. Good quality was shown, but fats had a slow sale and prices were about the same as last week.

WAIPUKURAU

A large yarding of cattle was reported at the weekly Block sale at Waipukurau on Tuesday Although the yarding of sheep was small, tlie prices througuout showed a rising tendency. Brices ranged as follow:—Fat bullocks, £9 to AU 2s. 6d.; fat cows, £5 ss. to £7 10s.; f. find fbullocks. £7 15s. 6d. to £9 12s. 6d-; 2J-year steers. £4 10s. to £6 155.; cows and calves, £7 10s.; four and five-year ewes. 21s. to 245. 3d.; five-year ewes. 16s. 4d. to 225. 3d.; two-tooth ewes, 225. to 395. 9d.; fourtooth at 275.; four-tooth wethers, 255. Bd.; f. and f. S.D. lambs, 18s.; m.s. lambs, 17s. lid.; shorn wether lambs, 17s. 6d. The brokers report sales as follow:— De Pelichet, McLeod and Co., Ltd.—Four fat cows, £4 145., 3 at £5 75.. 6 at £6 95., 5 at £5 165., 1 at £7 10s., 1 at £7 125., 1 at £6 25., 1 at £4 17s. 6d.; 2 fat bullocks, £6 45.; 2 vealerg, £3 55.; 5 2i-year steers, £4 10s.; 1 Jersey heifer. £3; 3 steers, £3 175., 1 at £4 17s. 6d.; 2 store cows £2 12s. 6d.j 238 four and five-year ewes, 17s. 6d. Hoadlev, Son and Stewart. Ltd.—39s is.D, lambs, 225. 6d., 80 at 20s. 6d. : 148 f. and f. wethers. 255. 6d.; 47 fat ewes, 21s. 6d>, 43 at 225., 47 at 225. 2d.; 1 store cow. £2 155.: <i empty cows, £3; 1 bay gelding. £8; 2 porkers, 275., 1 at 18s.; 4 weaners, Us. Dalgety and Co., Ltd.—Eight Jersey cross heifers, £2 3s. 6d.; 3 weaner heifers, 175.; 1 Jersey bull. £4; 64 f. and f. ewes, 165.; 50 five-year ewes, 18s. Id.; 33 twotooth ewes, 245.; 58 forward ewes. 13s. 6d.; 26 store ewes, 7s. 6d.; 25 shorn lambs. ss. 4d.; 15 fat ewes, 18s. 9d. Murray, Roberts, and Co., Ltd.—Four fat P. A. cows, £6; 1 fat PA bullock, £ll 2s. 6d.; 1 fat brindle bullock, £9; 6 f. and f. bullocks. £7 15s. 6d.; 1 Jersey bullock. - £7 10s.; 7 Jersey cross steers £4; 21 2i-year steers, £6 155.; 1 P.A. bullock. £9; 1 P.A. steer, £4 10s.. 1 at £3 75.; 2 S.H. steers. £2 12s. 6d.; 1 Jersey steer, 205.; 10 cows and calves, £6 10s.; 1 P.A. heifer. £2 Bs. 6d„ 2 at £1 17a.; 2 Jersey cross heifers. £1 lOs.t 1 Jersey bull, £5 155., 7 at £1 17s. 6d.; 6 dairy heifers, in calf (Jersey bull), £3 10s.; 249 four and five-year ewes, 215.; 230 four and five-year s.m. ewes, 235. 6d.; 1 forward ewe, 13s. 3d.; 57 f. and f. S.D. lambs, 18s.; 87 m.s. lambs. 17s. lid.; 3 ram lambs, 95.: 1 hack gelding, £4. Williams and Kettle. Ltd.—Fat cows, £7 3s. 6d,; 4 fat heifers, £6 135.; 2 fat cows, £6, 3 at £5 14s. 6d.; 4 steers £6 165..- 1 dairy cow. £4 10s.; 1 black cow, £4 65.; 2 steers, £8 55.; 6 bullocks. £10; 23 Hereford steers, £9 12s. 6d.; 106 P.A. steers, £8 165. : 29 Hereford do.. £8 165., 18 at £9 25.; 8 tn.a. steers, £7 12s. 6d.; 12 three-yenr steers. £7 55.; 10 threc-year steers, £7 7s. 6d.; 68 Hereford steers, £8 135.; 5 wethers, 255. 3d.; 2 lambs, 20s. 9d.; 8 m.s. lambs, 18s.; 328 five-year ewes. 16s. 4d.; 42 twotooth ewes, 295. ICd. Hawke’s Bay Farmers’ Cooperative Association, Ltd.—Forty-three four and sixtooth ewes, £1 75.; 25 f. and f. ewes, 175.: 36 four and five-year ewes. 21s. Bd.; 76 four and five-year ewes, 235. 8d„ 97 at 20s. 3d.; 76 two and four-tooth ewes, 295.; 103 four ami five-year ewes, 225., 97 at 205.. 30 at 21s. 6d.: 33 four-year ewes, 235.; 3 s.m. ewes, 16s ; 145 m.s. two-tooths, 18s. Id.; 9 s.m. Romney rams. 145.; 140 shorn wether lambs. 17s. 6d.; 50 wether lambs, 135.; 20 m.s. twotooths, 135.; 4 pigs, 95.; I Jersey bull. 355.; 3 bullocks, £8 7s. 6d.; 3 cows, £5 16s. 6d.; 2 Jersey cows, £2 10s,; 1 roan cow, £3 2s. 6d.; 1 steer, 75,; 1 threeyear Jersey bull £5 155.; 1 cow and calf, £5 25.: 1 cow, £4 55.; 1 cow, £4 17s. MASTERTON.

The Wairarapa Farmers’ Cooperative Association. Ltd., report as follows on Wednesday’s Masterton sale:—A good yarding of all cluses of sheep attracted a good attendance of buyers from all parts of the Wairarapa. all linen meeting with animated competition. Four and five-year breeding ewes sold particularly well, as also did older sorts. Taking quality into consideration, this must be considered the best sale of ewes this year. Blackfaced lambs, with the exception of otic or two outstanding lots sold on a par with last sale’s rates. Wethers made extreme values, showing no doubt the largest increase on recent rates. Stores in most cases realised more than tat stock rates. Our offering comprised over 26C0 head. We report: 100 4-yoar c-wr.s. r.w. S.D. ram. account B. Schofield. 245.; 59 m.a. ewes, account J. Lennie. 225.,- 102 4 and 5-year ditto, account S. Campbell. 195.; 97 5-year do., account P. Falconer. 195.; 42 s.m. ewes count E. V. Hurst, 16s. 9d.; 79 do., account B. Falconer, 16s. 3d.; 41 do., account E. Wright. 18s. 9d.; 18 do., account H. McKenzie, 198.'; other rates: 40 f.m. ewes, 14s. Id.; 2? do.. 14s. 9d.: 29 do., 165.; 30 do., llsl 6d.; 68 2 tooth wethers, account J. Bannister, 295.; 20 2, 4 and G-tooth wethers, account E. V. Hurst. 27e.; 33 2-tootb wethers, account J. Pain. 255. 6d.; 18 b.f. 2 tooths, 245. Bd.; others from 21s. to 255. 3d.; 353 shorn w.f. wether lambs, account J. Bannister, 19 4d; 30 do., account E. V. Hunt, 18s. Id.; 61 do., account J. Bannister, 17s 6d.; 78 do.. 16s. 9d.; 50 w.f. woolly wether lambs, account J. C. Ewington. 20s. Id.; 24 do., 13s. 3d.; 23 b.f. lambs, account J. Hudson. 225. 9d.; 37 do., account A. Keir. 21s. Id.; 116 do., account W. O’Brien. 21s. Bd.; 249 do., account J. Hudson. 19s. 3d.; 137 do.. 14s. 6d.; other rates: 24 b.f. limbs. 15s. 3d.; 7 do., 165.; 24 do., 13s. 3d.; 137 w.f. wether lambs, 13s. 4d.; 87 rwe woolly lambs account Tawhero. 15s. sd. Other lots of small w.f. wether lambs sold at from 10s. 6d. 10s. lid. to 125.; 3 S.D. rams, 275. The N.Z. Loan ard Mercantile Agency Co.. Ltd., report:--At the Pahiatua sale on Tuesday we submitted 1540 sheep to a good attendance of buyers. Sheep values improved from previous quotations, the inquiry being for good lambs t.nd ewes. Wethers showed appreciation iu value from 2s. to 3s. per head. Some good lines of lambs were offered, and a good line of shorn wether lambs realised 17s. 6d. We quote our sales as under:—97 iii.li. ewes. 21s. lOd.; 180 b.f. lambs. 17s. 4d.; 57 2-tootb ewes. 245. 4d.; 136 2-tooth wethers, 22s 7d; 51 lambs. 13s Id; 63 4-year ewes. 245. 9d.; 46 2.4, 6-tooth and 4-year ewes, 23s Id.: 92 wether lambs. 15s. Bd.-. 176 wether lambs, 14s. 7d.; 108 wether lambs. 17s. 6d.; la ewes, 19s. 6d.; 11 wethers. 245. Bd.; 24 ewes. 20®. 9d.; 25 wethers. 245.; 22 b.f. lambs. 145.; lambs. '2s. 3d.; 25 cull lambs. 10s. 3d.; 31 b.f. lambs, 16s. 6d • 10 cull lambs. Ils. lOd.; 18 b.f. lambs. 17s. Id.

LONDON TALLOW SALES

London, March 21

At the tallow sales, 502 casks were offered, and 180 sold. Prices were tinchanged to fid. advance. Quotations: Mutton, fine 13s. 6d. per cwt., medium, 355. ;• beef, line 405., medium 355. 6<L—\.P.A. and “Sun.”

The Hank of New Zealand has received the following advice from -ts London office, under date March 21: fallow: lhe demand Ims improve 1. and prices have advanced 6d. per cwt. Messrs. Dalgety and Co., Ltd., report haviue received the ‘ollowing cablegram tram their London house, under date Marell 21: Tallow. 502 casks offered. 366 cask- sdld. We quote-Fine mutton. 455. Ter fine beef., 415.: good mixed. 37s 6(1 . inferior. 345. 6d. Market unchanged except for inferior, which is 6d. per cwt. higher.

DAIRY REGULATIONS

NONE UNDER WAY

CRITICISM REPLIED. TO

Statements made at a meeting last week of tne executive of the Dairy i-ariners’ union at Palmers.on North, notwithstanding, the Department or Agriculture has not been considering toe introduction of any further dairy regulations.

lu making uu announcement to the above effect yesterday, tffe Minister 01 Agriculture (non. u. j. Huwkeii;, in an interview wltff a DOMINION representative, said taut the LtupaiHueui hud. no iurm dairy instructors excepting those appointed at the request of dairy companies, and in such cases tffe companies provided locomotion uud expenses, and, in addition, refunded to the Department one half th© salary of the officer. Some thirty farm dairy instructors were working amongst the suppliers of those dairy companies throughout the Dominion, which were co-operating with the Department in that service, and about two-third-s of the suppliers to dairy factories were receiving tie assistance of farm dairy instructors. There were four farm dairy instructors working for dairy companies situated between Wellington and Rangdikei, and most of the dairy companies tn that area participated in the service. Those officers had been appointed on the usual terms, referred to alx>ve. One officer was associated with the Cheltenham Co-operative Dairy Company, which last season had some BGO suppliers. The other three officers mentioned were working for some nineteen dairy companies. with a total last season of about 2555 suppliers, or an average of 850 suppliers per officer. That did not bear out the reporfed statement of one member of the executive of the Dairy Farmers’ Union to the effect, that “before many years have elapsed this country will have an inspector for every producer,” or with the reported amendment of another member of the same executive “for every cow.” "Surely.” stated the Minister, "such language is somewhat extravagant and likely lo mislead.” Continuing, the Minister stated that a number of dairy companies in the Manawatu had availed themselves of the services of farm dairy instructors for years, and among them were companies exporting produce of the highest quality. So anxious were they to maintain that high standard that a number had recently suggested that the officers were loaded with programmes which were rather heavy. It was an anomaly that the chairman of one of the companies making that representation in effect should have spoken so strongly at the meeting under notice against farm dairy instruction work. The Minister explained that the earlv dairy regulations were gazetted in 1898. So far ns suppliers to dairy factories were concerned there was no revision or extension until 1920. when the dairy produce general regulations were gazetted, There have been no additions or amendments since, and as none were being contemplated it was difficult to understand on what grounds one member of the Dairy Farmers’ Union executive stated, if correctly reported, that “the regulations are daily increasing.” It was noteworthy that not all of the members of the executive were to be misled and that a request lias been received for a copy of the "proposed new regulations.” The report that .the Department was considering the bringing in of any further dairy regulations was entirely contrary to fact.

DAIRY PRODUCE

The Loan and Mercantile Agency Co., Ltd., have received the following cablegram from their Loudon house, under date March 21 (las; week’s quotations in parentheses):—Butter: New Zealand choicest salted. 1745. to 175 b. per cwt. (1725. to 1755.); very slow. Cheese, 995. to 100 s. per' cwt. (100 s. market steady.

CHEESE POOL FINALISED

The final return in the cheese pool of 1926-27. which has been delayed by the intricate computations of si rinkages, is now being made. The total payment will aggregate £71.0C0. With the.'9 final payments the approximate f.o.b. return on net weights for last season will be:— Finest. 7Jd. per lb.: percentage of this grade, 55.58. First, 78d. per lb.; percentage of this grade, 41.38. Second, "gd.; pecentage of this grade, 3.04.

COMMERCIAL ITEMS

WELLINGTON STOCK EXCHANGE

YESTERDAY’S BUSINESS AND PRICES

A fair turnover of shares and stocks was reported on 'change yesterday. In the Government stocks and bonds section the sale was reported of 5i per cent, bonds, due 1936, at £lOO 10s. Sellers eased their price for these bonds, and also for the 1936 class, to £lOO 155., ss. below Wednesday's quotations. There v«s a slight easing m the quotation for o.aer stocks and bonds, but buyers did not respond. Considerable interest continues to be shown m Government inscribed stock on the Auckland .Stock Exchange, and two sales of the 1936, 5J per cent, issue, at £lOO 10s., was effected on Thursday. Last week the price was £lOO 155., and tbe> week before £lOl. In banks, the sale was made on 'change of Bank of New Zealand at £2 195.. and there was a reported sals at the same figure. Buyers wanted more at £2 18s. 9(1., sellers quoting £2 19s. 2d. At the morning call sellers were quoting Commercial Banking Company of Sydney at £26 12s. 6d., buyers not responding. Activity in Commercials of Sydney was an outstanding feature of business on the Christchurch Exchange on Tuesday, when seven parcels changed hands at prices ranging from £26 3s. to £26 45., these figures representing an advance on recent Christchurch quotations On the Wellington Exchange buyers seeking Eng-

lish, Scottish and Australians since Tuesday at £B, yesterday advanced their bids at the morning call to £8 25.. and at the final call to £8 2s. 6d.. but sellers declined to quote for these or for National Bank of New Zealand, which were wanted at £6 18s. Commercial of Australia ordinary were again offered at £1 Bs., and National of .Australasia (£5) at £8 18s., at the morning call, easing to £8 17s. 6d. at the final call, buyers having offered £8 16s. in the morning. Union of Australia, were wanted at £l4 Ils., hut sellers advanced their quotation Is. to £l4 13s. In meat freezing shares, Gear Meat, which were reported at £1 17s. 3d. on Tuesday, were sought at £1 17s. yesterday, sellers asking £1 18s. New Zealand Refrigerating (£1) were wanted at 15s. 6d. in the morning, and an advance to 15s. fj. at the final call brought, no response. Two parcels of New Zealand Refrigerating (10s.) were reported sold at 7s. 6d. in the afternoon, and more were wanted at 7s. 5d., but sellers did not quote. In breweries, there were inquiries for New Zealand at £2 2s. 6d., Tui at £2 55., and Ward and Company at £1 16s 3d., but there were no quotations by sellers, who offered New Zealand Breweries (stocks) at £1 3s. 5d.. with no offers. A sale of Kauri Timber was reported at £1 2s. 3d., and there were further inquiries at £1 2s. In goldmining shares. Waihi, which were sold on Tuesday at 9s. 10d., were wanted at 10s. 3d„ sellers asking Ils. Kawarau were offered at Bd., with bo

SALES IN OTHER CENTRES By Telegbaph.—Press Association Auckland, March 22. Sales—City of Auckland Debentures, 1940, 5i per cent., £96 10s.; Bank of New Zealand, 595.; National Insurance. 15s. 6d.; Trustees' Executors and Agency Company, 58s 6d.; Waipu Coal, 15s. 6d.; Auckland Gas, 21s. 101.; Auckland Gas, contributing issue, 15h. lOd. . Christchurch, March 22. Sales—N.Z. Government per cent. Inscribed, 1933, £IGO 55.; Muhnkipawa, Is. sd. Commercial Bank of Australia, 275. lOd. (pref.). £6 18s.; Commercial Bank of Sydney. £26 7s. 6d. (three parcels); English, Scottish, and Australian Bank, £8 35., £8 3s. 6d. (two parcels); Mt. Lyell, 305.; Bank of New South Wales, £4B 55.; Goldsbrough, Mort 495. 3d. (two parcels'); Howard Smith, 275. lid., 275. 9d, ; N.Z. Refrigerating' (con.), 7s. 7d. (two parcels). Sales reported—N.Z. Breweries Bonds, 225. 7d.; Bank of New South Wales, £4B 55.; E., S.. and A. Hank, £8 45.; N.Z. Refrigerating (con.). 7s 7d. (two parcels); Kauri Timber, 22e. 3d. Dunedin, March 22. Sales—Commercial Bank. 27a. 9d. (two). Sales reported—Commercial Bank, 275. 9d. (tuo); New Zealand Drugs. 69a.; 41 per cent. Bonds (1941), £97 12s. 6d,

KEMPTHORNE, PROSSER AND CO. Following the recent announcement by the directors of Kempthorne. Prosser and Company’s New Zealand Drug Company of the final dividend for the year ended January 31, the company’s report hae been issued. It states that the balance brought forward from last year was £25,177 4s. 5d.. and the net profit 45., making a total of £51.819 Bs. sd. From this has to be deducted interim dividend for the half-year to July 31. 1927. at 4i per cent.. £23.5/8 10s. sd„ leaving to be dealt with £58.240 18s. The directors propose to anply this sum a.s follows—Payment of dividend of 3* per cent, and bonu; of 2 per cent., making 10 per cent, for the year, £29.059 12s. 7d. contribution to staff benefit fund. £3OOO. leaving £26.181 ss. sd. to be carried forward. . . Following is a comparison of the company’s results and appropriations for the

STERLING-DOLLAR EXCHANGE When the rediscount rate of the Federal Reserve Bank of New York was raised from 31 to 4 per cent, towards the end of January the movement w-as immediateb- reflected in the sterl * n K th™ which became depressed, but since then there has been a recovery, and the last quotation at the beginning of the week was 4.88 1-32 dollars to the £l. In December. when the rate stood at 488 de. gold was shipped from New York to Lon-

don, eo that at the present time there is some prospect. of gold being sent across the Atlantic shortly. It Is very doubtful whether the higher rate in December represents the point at which shipments are likely to take place, ana possibly the December shipments may, for special reasons, have been made at somewhat below the upper gold point, which is about 4.88 J dollars to the AlSoon after the outbreak of the war sterling fell to a discount, and no gold shipmerits were made from New York to London after tlrat date until December last, as an ordinary exchange operation. During the greater part of the war the Lon-don-New York Exchange was "pegged at a figure slightly below parity, ana when, in the year 1919, the “peg’was removed sterling decline! until in ,1920 it reached the equivalent 4>f 3.21. dollars tx> the xl, which represented a discount of 33 1-3 per cent., the lowest point ever touched. Since that year ftje recovery has been more or less continuous except for the depreciation caused by the 1921 coal stoppage, and a temporary break m the year 1923 owing to a ramour of currency inflation. Before the Murn of vreat Britain to the gold standard in 1925 there was considerable speculation tor a r,se in sterling in anticipation of that event, and for a time sterling was quoted at a figure above its real value. Tne exchange was again depressed by the clpstag coal mines in 1926, and by laboitr difficulties, but the recent improvement in trade suggests that British export industries have now achieved something, approaching equilibrium. A helpful factor has been that Jhere has been a large investment of American capital tn Lail” ish and other foreign securities. II V estimated that during the years 1022r1920, inclusive, the aggregate net capital sums lent by the United States to foreign borrowers. after allowing for loans repaid and for other offsetting capital items, amounted approximately to 2000 million dollars. In 1927 the net total exceeded 1500 million dollars, compared with the vearlv average of about 800 million no.lars for the five years 1922-1926 inclusive. Some part of the proceeds of ,these loans has been spent in America in payment for the purchase of commodities or services or has been acquired by the British and other Government for the service of their debts payable in that country, borne portion of the remainder has been, Utt with the American banks or has oeen transferred to Europe, and of this amount some bus been deposited in London as the chief exchange and banking ctntre for Europe. It would seem, therefore, that the favourable position of certain Euronean exchanges ig the result of tne depreciation of the dollar due to abnormally heavy foreign investments by American rather than an appreciation of those European currencies, and that the recent rise in sterling has been due mainly to exceptional causes of an international character, and only partly to the small though important improvement in British exports.

AUSTRALIAN PRODUCD MARKETS- , (Reo. March 22. 8.50 p.m.) ' Sydney, March 22. Wheat.—Growers’ bagged lota, at country stations. 4s. 101. per bushel; ex truck Sydnev ss. s|d. Flour: Export trade lifeless- local. £l3 per ton Bran. £6; pollard. £7 10s. per ton. Oats. Tasmanian Algerian. 4s. Bd. to ss. per bushel: white, 4s. lid. to ss. Maize. 3s. 6d. to 4s. per bushel. Potatoes. Tasmanian. £5 to £6 10s. per ton. Onions. Victorian, £lO per tQII ' Adelaida, March 23. Wheat.—Growers' lots, ss. 4d. Flour, bakers’ lots. £l3 12s. 6d. Bran £6 15s.t pollard, £7 7s. 6d. Oats. 3s. 3d. Meloourne, March 22, At the hides sales prices were firm. Lights advanced a farthing. Light kips were slightly easier. Other sorts were firm.

CHICAGO WHEAT PRICES. Chicago, March 21. Wheat futures: March, 1 dollar 41i cent* per bushel: May. 1 dollar 39J cents: July, 1 dollar 365 cents.

CUSTOMS REVENUE. The Customs revenue collected at the Port of Wellington yesterday totalled £7390.

A branch of the Commercial Bank of Australia, Ltd., has been opened at No. 6 Ward Street. Dannevirke. This makes a total number of 45 branches and offices now opened in New Zealand. The bank continues steadily to extend its operations in New Zealand.

An amusing interlude occurred recently in the Magistrate’s Court at Bluff, when a resident appeared charged with having an unregistered dog in his possession (savs an exchange). Defendant pleaded that the dog was not a dog, being only in the puppy stage, and was therefore not liable for registration. A discussion ensued upon how to tell a dog’s age. Export opinions on the matter were heard from unexpected quarters, the Justices finally dismissed the case.

U 'fhe°'latest Quotations are as follow:— Buyers. ocliers. N.Z. GOVT. LOANS- £ s. d. £ s. d. p.c. Insc. Stk., 1938 —— 97 15 0 5} pc. Insc. Stk., 1953 — 100 10 0 5A pc. Insc. Stk., 1936 100 15 0 51 P.c. Insc. Stk.. 1941 98 15 0 —- p.c. Bonds. 1933 .... 100 15 0 51 p.c. Bonds, 1936 ... 100 15 v DEBENTURESN.Z. Breweries (stk.) — 13 5 Wanganui City 53 p.c.. (1945) - 190 0 0 —— BANKS15 0 0 Com. of Aust, (ord.) . — 1 8 0 E., S. and A 8 2 6 —• Nat. of New Zealand 6 18 0 — Nat. of Australasia (£5) — 8 17 6 New Zealand 2 18 9 2 19 2 Union of Australia . 14 11 0 14 13 0 FINANCIALN.Z. Guarantee Corp. ord. (8s.) 0 8 8 Do. (pref.) — 12 0 N.Z. and River Plate 1 8 6 — Wgtn. Invest T. A A. — 0 10 9 Wgtn Deposit and — 0 9 8 gas" * “ ° Auckland (paid) — 1 2 3 Christchurch 13 6 — Wellington (ord.) 1 7 7 — INSURANCE- —- 0 15 9 New Zealand , —- 2 14 MEAT PRESERVINGGear 1 17 0 1 18 0 N.Z. Refrig. (£1' 0 15 8 —— Do. (lOsJ 0 7 5 TRANSPORTUnion Steam (pref.) ... 1 0 0 — Huddart-Parker (ord.) —— 2 8 6 P. and 0. def. stock —. 238 0 0 Kelb. and Karori Tram (ord.) 16 0 — WOOLLENWellington (ord.) 6 0 0 — COAL-Westport-Stockton (ord.) 0 15 •w— Do. (pref.) —— 0 3 6 — 0 17 0 TIM BE it— 1 2 0 — 0 12 6 BREWERIES— New Zealand 2 2 6 W— Tui A 2 5 0 —— Ward and Co 1 16 3 MISCELLANEOUSBritish Tobacco (Aust.) (ord.) 1 19 9 1 19 10 Burns, Philp and Co. 2 2 0 2 3 0 Dunlcp Rubber (ord.) — 1 2 9 D.I.C. (pref.) 10 6 ——- Electro. Zinc (pret.) .. 1 12 5 1 13 1 N.Z. Drug 3 8 3 — N.Z. Paper Mills — 0 17 0 Sharland ACo. (ord) — 10 6 Wilson’s Cement — 1 18 3 MININGWaihi 0 10 3 0 11 0 Kuwarau — 0 0 8

last three years:— 1925-26. 1926-27. 1937-28 £ £ .£ Brought forward .... Net profit 21.496 54,820 23.342 57.134 25,177 56,642 76.316 80.476 81.819 6.000 6,000 —— To staff fund Dividend, 10 p,c 5.C00 41.974 1,000 ■48.299 3,000 52,638 Carried forward 23,342 25,177 26.181