Farm and Commercial Section

Dominion, Volume 22, Issue 53, 26 November 1928, Page 14

Farm and Commercial Section

LATEST REPORTS from ALL CENTRES

AUCTION SALES TO-DAY. Bcrhampore hardware, 1 p.m.—Sale of stock-in-trade (E. Johnston and Co.) TO-MORROW. 14 Brandon Street, 2.30 p.m. —Sale of property, 17 Ludlam Crescent (H. E. Leighton.) 8 Willeston Street, 10.30 a.m.— Sale of furniture (E. Johnston and Co.)

WORLD’S WHEAT CROP ESTIMATED YIELDS (Australian Press Association.) Washington, November 23. The Department of Agriculture has estimated the world’s wheat crop, excluding Russia and China, at 3,700,000 bushels, which is about a hundred million bushels above that of last year. The Russian crop is estimated to be larger then that of 1927, but, due to short rye crops and other factors, there will be no wheat for export, and Russia probably will have to import more wheat than In 1927. A large part of the huge Canadian wheat crop is said to be of low grade, and a large percentage of it will be used as feed. LONDON WOOL SALES PRICES FULLY MAINTAINED (Australian Press Association.) London, November 23. At the wool sales 8728 bales were offered, of which 3793 were Australian and 3509 New Zealand, comprising an excellent selection of Merinos, suitable for all sections, a good offering of sllpes and scoured crossbreds , and a few greasies. Animated competition attended all sections. and there were practically no withdrawals. Prices were fully maintained. Following are typical; Coongan, highest 21d., average MHd.; Warrawagine, 20Jd. and 18d.; Warenda, 21d. and 19d.; Midkin, 29d. and 26d.; Peringara, 25id. and 24d. Messrs. Levin and Co., Ltd., have received the following cable message from their London agents, dated November 23, 1928:—“The auctions continue fairly animated, and catalogues are being well cleared. As compared with closing rates of last series, Merinos are Id. to l}d. per lb. higher; halfbreds and crossbreds are Id. to 2d. per lb. higher; slipes are in better demand. The following prices are current:—Merino, super, 25d. to 27d. per lb.; average, 21d. to 23d. Fine halfbreds, super, 56-58’s, 24d. to 27d.; average, 23d. to 24d. Medium halfbreds, super 50-50's, 23d. to 24d.; average 22d. to 23d. Coarse halfbreds, super, 48-50’s, 19)d. to 22d.; average, 19d. to 20d. Fine crossbreds, super, 46-48’s, 19d. to 20d.; average, 18Ad. to 19d. Medium crossbreds, super, 44-40’s, 18)d. to 19d.; average, 17Jd. to 18d. Coarse crossbreds, super, 40-44's, 17}d. to 18jd.; average, 17d. to 18d. Low crossbreds, super, 36-40’s, 17d. to 17Jd.; average, IBd. to 17d. Pieces, 14Jd. to 15jd. Bellies, 13Jd. to Mid. Locks, 9d. to lOd.” Messrs. Wright, Stephenson and Co., Ltd., and Abraham and Williams, Ltd., advise having received a cablegram from their London office giving prices at present series as follow:— Greasy Merino, 00-64’s 27d.; fine balfbred, 50-58 s, 25d.; halfbred. 50-56’s, 23d.; 48-50's, 21id.; fine crossbred, 40-48 s, 20d., inedium crossbred, 44-46’s, 19d.; crossbred, 40-44's, 18d.; coarse crossbred, 30-40 s, 17d. WANGANUI WOOL SALE DALGETY AND COMPANY. Messrs. Dalgety and Company, Ltd., report as follows: — . Six weeks ago the outlook for a satisfactory and remunerative wool season did not appear too bright. The closing of the London September series and commencement of the Sydney sales saw bidding spasmodic and hesitant with , prices generally at the lowest point of the year. A rapid change for the better came about a few weeks before the opening of the first sale in Wellington, and reports from Bradford made it evident that rates for our crossbreds and half-breds would show an appreciation on the closing rates of the London September sales. It is difficult to give any explanation for the sudden change in the tone of the market, as even at time of writing the Bradford top quotations show no pronounced rise and trade, although sound, is not really brisk. Now that London November sales are showing a general recovery of from 5 per cent, to 74 per cent, on cross-breds to put trade on a" sound footing top quotations must bo Increased. To what extent tho consuming public can bear the increased cost of clothing remains to be seen. It is now quite evident that the present stocks of decent cross-breds available for sale on the London market are practically nil and the keen demand existing at the moment is to a large extent explained by the immediate shortage. The trend of the buying to-dav is to fill immediate orders and although users are close to the 'sheep s back." prices at the moment appear to be upon too high a basis to encourage the laving in of stocks upon anything like the old scale. Some years ago, with at times large accumulations of wool at low prices, there was a decided incentive to lay in big stocks, but present-day prices do not encourage any such policy. “That the world’s production is not keeping pace with consumption is now beyond question and the trend of values seems likely to remain sound. Although the costs of production are steadily increasing it must not be forgotten that any shortage of textile supplies can in a large measure be made up from the ever-increasing admixture of artificial fibres which seem to have obtained a permanent place as a cheapening element. During the past few vears there has been a steady consumption of stocks of manufactured goods all over the world, and there appears to be no undue surplus of stocks anywhere with distributors nearer the loom than for many vears past. The world's wool-using population is increasing steadily and wool production is not increasing in the same proportion. It is generally hoped that we are not going to be led into another boom period of dangerous Inflation, leading to an inevitable reaction. Friday’s sale must be considered satisfactory considering the quality and condition of the offering. Some growers are misled by quotations from other centres, where the wools are lighter in condition, better skirted and generally of better spinning quality. “The Wanganui wools when compared with the Wellington offering were generally heavier In condition, duller and not so well skirted. Some parcels of serviceable wools were spoilt by faulty get-up, locky pieces and bellies not being removed. , , x , “Competition for sound hogget wools of good colour and growth was firm, Bradford being keen to secure such parcels. The English trade was also interested in the ordinary top-making sorts, but competition was hardly as keen and buying not so well spread as at the Wellington sale. Continental buyers secured a fair quantity of medium and shabby carding wools, and France came in freely on any skirtings suitable for their trade. There was a good demand for crutchings and rates paid for these were on a par with late sales. Considering quality and condition, we quote prices generally on Wellington sale basis although at times rates were inclined to be in buyers’ favour. “Amongst the prices realised were:— Horse 10 bales hoggets, A, 19Jd.; 34 bales ewes, A, 164 d.; 3 bales first pieces, 13Jd.: Whareroa, 12 bales hoggets, A, 17d.; 52 bales wethers, B, 15Jd.; Tataramoa, 6 bales hoggets, A, 17}d.; HMB, 9 bales hoggets, A. 17jd.; 19 bales ewes, A, 17d.; 8 bales ewes, B, 15d.; 5 bales first pieces, 131 d.; 4 bales lambs, ISld.; Komai, 5 bales hoggets. A, 17Jd.; 8 bales wethers, A, 15)d.; FT over R, 4 bales hoggets, 17d.; CBD over GUMS, 7 bales hoggets, 18}d.: 11 bales crossbred, Ifijd.; WP over P, 6 bales hoggets, 16}d.; 59 bales crossbred, A, 15Jd.; 6 bales crossbred, B, 15)d.; 5 bales crossbred, C. 14d.: Allandale, 5 bales hoggets, A, 17Jd.; 18 bales hoggets, B. IGJd.: 7 bales wethers, 15$d. .TN on TOKO, 6 bales hoggets. 161 d.: 9 bales wethers, 15Jd. HBD over Glenwarlock, 9 bales hoggets, 18d.; 13 bales wethers, 15Jd. EVH, 4 bales hoggets, 15Jd.; 4 bales wethers, 15d.: DJM over Fernbrae, 8 bales crossbred, 15id. BG over T. 5 bales hoggets, 15jd.; 5 bales ewes, 14d. ND over R, 5 bales wethers, 14d.: 10 bales hoggets, 153 d. G 3 under Eyebrow, 5 bales hoggets, IGJd.” MESSRS. WRIGHT, STEPHENSON’S REPORT. Wanganui, November 23. Messrs. Wright, Stephenson and Co.. Ltd., in conjunction with Messrs. Newton King, Ltd., report:—We offered 2103 bales of wool at our first wool sale and realised prices that must be considered very satisfactory to growers. Very few lots were passed in our clearance, being about 93 per cent, of our offering. Prices obtained were on a par with those ruling at tlic recent Napier and Wellington sales. Our best prices were 20Jd. for Southdown. 19}d. for Romney hoggets, and laid, for Corrledale hoggets. The Continental buyers wexq very prominent on all grades •

of wool, forcing Bradford right throughout the sale aud causing keen and animated bidding. We had no suitable lots for American buyers. The wool opened fairly bright and light on condition, but a considerable amount of seed was in evidence. The buyers appreciated well got up clips and all reclassed and skirted wool sold well. Wool grouped Into large lots received special attention. Growers should give the get-up more consideration. The following are some of our realisations:— Southdown: Merchiston 20}d., PET 20Jd-, hoggets EHW 19d„ 18Jd.; WJT/T 2 lOid.; Kaliura, 193(1., IOJd.; Otahu, IGtd.; JWP. 18d.: Ardshleld, 193 d.; KMH, 17}d.; Manurewa, 18}d., 17}d.; OP/H, 173 d.; East Park, 17d.; Tekiekie, 163 d.; Oamarunui, 17}d.; Tewaka, 17d.; SE/A, IGJd.; M and P, I7d, laid.; CM/M. 17d.; LL ewes and wethers, EHW, 19d„ 17Jd., 17jd.; Ardshleld, liljd.; KMH, 17d„ 17}d.; Manurewa, 173 d., 173 d., 15}d.: Houhere, 16J(1.: Okirae, Ifld.; Otahua, 15}d., 153 d.; PDI, 10 I’ieces: EHW, 17d., 133 d.; Kaliura, 18d„ 131 d.; Manurewa, 133 d.; Rongomai hoggets, 18;d., lejd.; Glenavon hoggets, 17}d.; HM Gable hoggets. 16}d.; Heao hoggets, ISd., W IGid.; JY/Panui hoggets, lid ; H and A/Tututawa H 173 d., 163(1.. IOJd.. E 16d., 15}d.; LB/M, IGid.; Rongomai, L 173 d., IGd., 15d., EFO 163 d. NZ. LOAN AND MERCANTILE COMPANY. The following clips offered by the New Zealand Loan and Mercantile Agency Co. realised prices as under:— Plndi. H, 173 d.; Preston Hill, HA 20d., W IGJd.; Veritas, H, l(!}d.; MB 2, W, 103 d.; KW/W, H 103 d., W & E 15}d.; K6/Rawa, H IGld.; Taukoro/I, HAA 193 d., HA 173 d., line over B, HA, 18d.; LPS, SD X hoggets. 183 d.; FXH/KI, H, 17id.; B, H 153 d.. W 15d.; Rotowhero, HA. 18d.; Ruae, H, 173 d.; Ohorea, H, 15d.; W & G/Maire, HAA, 17+d : A 103 d.; AB, crossbred, 143 d., TH/N, HAA & iIA, 18d.; Mt. Zion, HAA 193 d HA 173 d., E & WAA 173 d.; JIH, E 121 d.; LY/Purlrl, HA 193 d., A, 173 d.; CB/Te Korito, H 17d., W 15Jd.; Ruaplrau, HA, 174 (1.; ML/ and half-circle, E & H, 153 d ■ HRW/H. crossbred, Ifijd.: LF, HA 173 d WA 163 d.; X, H 153 d., W 13d., E ITd; Pamoaria, II 153 d., W 15d„ E 143 d.; JRB, W & H, passed 143<1.; Okura, HA 173 d., HB passed 143 d.. WA lG»d., Nks. 153 d., first pieces 13 HWA, HA 17d., A 163 d.; Westoe, HA, 183<1.; HB 103 d„, E & WA 17id.. EB 151 d. G P W, HA I'd., W 144 d., E 153 d.; HGH, H 17d.. W 103 d., EA IGid.; Waitire. W & H, 15Jd.; Te Hunga, A, 14}d.; RO/Rawa, W, 16d.; FXX/M, H & E,' passed 143 d.; MD, H, 153 d.; 11, H & E 151 d.; FM, H, 17d.; PS/W/Omata, H 10d„ A 153 d.: HWL/R, H & E, IOJd.: O-TE AO, H, Mid.; PCM, H, 16Jd.; RRR H 17(1.; Kupa, W, 15(1.; LE, EA, 163 d.; JN/Toko, H 15}d„ E & W, 15!d.; GWB/ Moawhango, HA, 18d.; GWB/Moawhango and RTB/Moawhango, EA 17d„ EB 15}d., Rom. R 153 d., pieces 133 d.; PB, L. IGid.; Whaka, E, 15}d.; HT, H 153 d., E 14d.; WIJ, H, 15}d.; Sedgebrook, E, Ifld. FROZEN MEAT LONDON PRICES. (Australian Press Association.) (Rec. November 25, 5.5 p.m.) London, November 24. Sheep. Canterbury, light 03d. per lb., medium 0 North Island, light 6 l-Bd., medium 6d., heavy 53d. . „ New Zealand ewes, 4 3-Bd. Argentine, light s}d„ heavy 4 5-Bd. Lambs. Canterbury, light 9 7-8 d„ medium 9}d., heavy 9}d., seconds 83d. Other selecteds, light OJd., medium 9 5-Bd. , „, North Island, seconds, Bd. Australian firsts, Victorian 9 5-Bd., other States 9 7-Bd.; seconds, Victorian b-Jd.; Argentine, firsts 83d., seconds 7d. Frozen Beef. Australian crops, 4 l-16d. Chilled Beef. Argentine, hinds, (>id. Other meats are unchanged. The New Zealand Meat Producers’ Board has received the following cablegram from its London office, dated veniber 23, advising Smithfield delivered prices averaged for week ending that date, as follow (prices for the two previous weeks are shown in parentheses) :— New Zealand Wethers and Maidens.— Canterbury quality, selected brands: 501 b, and under, 6}d. (6 3-Bd., 6 7-8 d.); 571 b. to 641 b., C 3-Bd. (03d., Gid.) ; 651 b. to 7211)., Cd. (Cd., G3d.). Other brands: 561 b. and under, 6 l-Bd. (Gid., 6 5-8 d.); 571 b. to 641 b Cd. (0 l-8d„ 6 3-8 d.); 051 b. to 721 b., Old. (5 7-Bd., 6 l-Bd.). New Zealand Ewes.—o4lb. and under, 4 3-Bd. (4 5-Bd., 4}d.). New Zealand Lambs.— Canterbury quality; 361 b. and under, 9 7-Bd. (10 l-Bd., 10}d.); 371 b. to 421 b., 9Jd. (10d.. 10 l-8d.); 431 b. to 501 b., 93d. (9 3-8 d„ 9 3-8 d.); seconds, B}d. (83d., 8 5-Bd.). Selected brands: 361 b. and under, 9}d. (9 7-8 d„ IDd.); 371 b. to 421 b„ 9 5-Bd. (9id„ 9 7-8 d.); Other brands, first quality: 361 b. and under, not quoted; 371 b. to 421 b., not quoted. Second quality, 301 b. to 321 b. average, Bd. (83d., 83d.). Australian Lambs. —Victorian, first quality: 3Clb. and under, 9 5-Bd. (not quoted); 371 b. to 421 b„ 9 5-Bd. (not quoted). Argentine Lambs.—First quality: 361 b. and under, 83d. (B)d., 9 1-Sd.); 371 b, to 42 lb., 83d. (not quoted). . „ New Zealand Beef.—Ox fores, 8 7-Bd. (3 7-Bd., 3 7-8 d.); ox hinds, sd. (5d., 5d.); cow fores, 33d. (34d„ Sid.); cow hinds, 43d. (43d., 43d.). Argentine Chilled Beef.—Ox fores, 4 5-Bd. (4 5-Bd., 4Jd.); ox hinds, 6}d. (OJd., 6 7-Bd.). Frozen Pork. —Porkers: 001 b. to 801 b., Gid. (7<1.. 7}d.) ; Sllb. to 991 b., C»d. (Gid., Td.); 1001 b. to 1201 b.), Bia. (Bid.. Td.); baconers, 1211 b. to 1801 b., 7d. (7d., 7d.). Lambs: Consumption poor. Mutton: Market quiet, demand is only poor. New Zealand porker pigs: Market Is easier; over supplied with Home-killed. Messrs. Levin and Co., Ltd., have received the following cable message from their London agents, dated November 23, 1928:—“Frozen meat quotations (prices on a ‘delivered’ basis, 1.e., including storage charges, cartage, tolls, ete.):—Down lamb, 28-421 b., none offering. Best North Island, 28-421 b„ 9 5-Bd. per lb. Ordinary North Island, 28-421 b.. none offering. Second quality lamb, 83d. Best North Island wethers, 28-841 b., 63d.; 64-721 b., s}d. Ordinary North Island wethers, 48-641 b., 6 l-Bd.-North Island ewes, 48-041 b., 4}d.; 64-721 b., 4d. New Zealand prime ox beef, 160-229 lb., 4 5-Bd. AS compared with last week s quotations, best lamb is l-Bd. per lb. lower and second quality id. per lb. lower. Wethers are id. per lb. lower and ewes l-Bd. per lb. lower. Beef is l-8d higher. The demand Is poor and there is no Indication of any Immediate improvement.’’ DAIRY PRODUCE DAIRY BOARD REPORT. The New Zealand Dairy Produce Board has received the following market report from its Loudon office, date November 23,

AustralianMarket quiet, retail prices unchanged. farmers' .. 1405.-1425. 1405.-1425. Pakelia finished discharge butter, Novemt,<’jr>ort Dunedin commenced discharge cheese November II), finished November 20; commenced discharge butter November 20. The board has also received the following advice from its agents in Canada:— Butter: Now York, 504 cents (2s. Hd.). Montreal, 3»i cents 'is. 7 7-Sd.). The New Zealand Producers’ Co-opera-tiv» Marketing ABaocUtion’a .weekly.

cabled report from London, dated November 23, is as follows:—“Butter: Market firm. New Zealand, finest, 1745. to 180 s.; unsalted, 100 s. to 1945. Australian, 170 s. to 1745. Argentine, 17Cs. to 180 s. Siberian, 108 s. to 170 s. Cheese: Market quiet. New Zealand white, finest 1055.; first grade, 1035.; coloured, finest grade, 1045.; first grade, 102 s. Canadian white, 108 s. to 110 s.; coloured, 108 s. to 110 s. Australian white, 1025.” Messrs. A. H. Turnbull and Co. are in receipt of the following cablegram from their principals, Messrs. W. Weddel and Co., Ltd., dated London, November 23: — “Danish butter, 108 s. to 200 s. (last week 1995.) ; New Zealand unsalted, 190 s. to 1945. (184 s. to 190 s.); New Zealand salted, 1745. to 180 s. (1725. to 1785.). Market firm. New Zealand cheese, white, 103 s. to 105 s. (100 s. to 107 s.); New Zealand cheese, coloured, 102 s. to 104 s. (104 s. to 1055.). Market quiet. Canadian cheese, white, 108 s. to 112 s. (110 s. to 112 s.); Canadian cheese, coloured, 108 s. to 110 s. (IOSs. to 110 s.)." Amalgamated Dairies, Limited, report having received the following market cable from their London manager under date November 22:—“Butter: ‘Anchor,’ 1825.; market steadv; firm tone. Danish, 1925. f.o.b. Cheese: White, 1045.; coloured, 1025.: market weak.” Messrs. Joseph Nathan and Co., Limited, have received the following • cable from their London house, dated November 23:— “New Zealand butter, 1765. to 178 s. per cwt.; New Zealand cheese, white. 103 s. per cwt.; coloured, 102 s. per cwt. Slow.” CANTERBURY MARKET REPORT (By Telegraph—Press Association.) Christchurch, November 23. Little life is marking the grain and produce tirade. There is some business of a retail character in small seeds, but other produce is not passing to much extent. Milling wheat is quoted at ss, 9a. a bushel on trucks, but not a great deal is changing hands. Most growers who are now holding can afford to hold, and many of them are confident that the season will not produce another heavy crop, in which case wheat will be good value. Fowl wheat is quoted at ss. Bd. f.0.b., sacks extra. Oats are maintaining recent values, and a little business has taken place at 4s. Id. f.o.b. s.i. for A gartons, and 3s. 6s. for B’s. Chaff remains steady at about £5 12s. 6d. a ton, f.o.b. s.i., and £3 15s. to £4 on trucks. The demand from the Home Country for peas has faded out and values are now down to about 4s. 9d. on trucks. Most of the peas grown last year were on contract, and as merchants are doing little of this business this year on account of the collapse of the Home demand, the area sown is likely to show a substantial reduction. Any potatoes offering are in very small demand and very small bulk, and sales are on a basis of £9 to £9 10s. on trucks. Little forward business is being done on next year’s crop, and for most of this trading £3 15s. on trucks is the average offer foi* whites, and £4 for dakotas. DUNEDIN PRODUCE MARKET Dominion Special Service. Dunedin, November 23. As is usual at this time of the year, the wheat market is quiet, with little business passing. Millers still hold fairly heavy stocks, and are not Inclined to operate to any extent. As a matter of lact, there are not many lines on. offer, particularly from the Otago district, and the wheat offered from Canterbury must be of best quality to interest millers, at rates that have been ruling for some time, namely, ss. fid. and ss. 10d., sacks extra, on trucks for Tuscan, and up to 6s. 2d. for Hunter's. The local fowl wheat market is quiet, with merchants showing no anxiety regarding supplies. Best quality is worth 6s. per bushel, sacks extra, ex store. North Island merchants are still drawing supplies from Canterbury, where the ruling quotation is ss. fid. f.0.b., sacks extra, for prompt shipment. . Practically no interest is being shown in the oat market. There is no inquiry from buyers in any quarter, and on the other hand there are few offerings from the country. To enable merchants to test out the position a larger quantity of oats than usual is held in Dunedin for this time of the year, but the bulk of It belongs to one northern firm, which is prepared to keep off the market in the meantime. Odd lines held by other merchants are being worked oft for feed purposes, and these should be cleared before the new season’s oats are available. Quotations for shipment are up to 4s Id. f.0.b., s.i. for A’s, and 3s. 7d. for B’s. These prices are equivalent to 3s. 3d., sacks extra, country sidings, for A’s, and 2s. lOd. The chaff market continues firm, following on a difficulty in obtaining supplies. The demand, however, is limited, and in the meantime stored lots are being called on. Best quality is worth l:s. per ton, sacks extra, ex truck, and £6 ex store During the past week merchants have experienced difficulty in obtaining sufficient supplies of old potatoes. Merchants are satisfied to buy from hand to mouth only, and It should not be long before new potatoes are sufficiently plentiful to meet the demand. The present value for old tubers is £ll per ton. The volume of business in the retail seed trade Is still satisfactory, but the wholesale merchants are having a quiet time, and they are eonllnliis their attention to buying lines to replace supplies placed with retailers. The latest fruit reports from Otago Central state that the prospects of heavy crops of stone fruit of all varieties are very promising. The season is now getting on, and the danger from frosts is dally growing less. The quality of fruit, moreover, should be better than usual, as growers are learning the value of thinning their crops as much as possible, and thereby improving the quality. A shipment of Canadian apples has reached the market, and these met with a ready demand from retailers. Further supplies are expected in about three weeks’ time. The fruit is mostly of the Jonathan variety. A small lot of Californian grapes, transhipped at Wellington, has reached the market, which could do with larger supplies. LIVE STOCK SALES FEILDING. Messrs. Abraham and Williams, Ltd., report on the Feildlng sale on Friday as follows: —A small entry of sheep and a large one of fat and store cattle was submitted to a good attendance of buyers. The cattle yarding comprised several lines of four-year Shorthorn bullocks, and also a very nice line of 150 yearling P.A. heifers, which failed to find a buyer. There was a good demand for the bullocks, and we quitted practically the whole of our entry. Fat and store sheep sold well. We quote: Fat ewes, woolly, 325.; fat ewes, shorn, 235. 2d., 235. fid., 245. 3d., 255„ 2os. (Id.; fat wethers, shorn, 30s. fid. to 325. 6d.; fat cows, £7 15s. to £ll 10s.; fat I*.A. heifers, £10; vealers, £2 2s. 6d.; fouryear S.H. bullocks, £ll ss. to £ll 7s. 6d.; two-year steers, small, £0; two-year Hereford heifers, £9 55.; small, £4 17s. 6d.; two-year P.A heifers, £8; store cows, £4 to £5 17s. 6d.; Jersey yearling heifers, £5 10s.; cows in milk, £6 15s. to £lO 55.; springing cows, £6 10s. to £10; bulls, £4 to £lO. , Dalgety and Co., Ltd., report having a moderate entry of fat and store sheep and a good yarding of cattle, Including a heavy entry of fat cattle, at their Feildlng sale on Friday. Fat sheep were inclined to be a little easier. There was good competition for stores, and a total clearance was effected. Fat cattle also were slightly easier than last week's rates. Quotations: Fat lambs, 275.; fat wethers, 30s. to 345. 2d.; woolly fat wethers, £2 35.; fat ewes, 245. 5d., 255.; fat woolly ewes, 305.; fat woolly hoggets, 305.; wether hoggets, 315.; four-tooth wethers, 395. 4d.; m.a. ewes with 100 per cent. b.f. lambs, £2 10s.; ewe hoggets, £2 (is.; cows in milk, £8 to £l4; springing heifers, £8 to £lO 10s.; Jersey yearling heifers, £u 18s.; Jersey weaner heifers, £4 55.; empty cows, £5 to £0 Is.; fat heifers, £9 2s. to £ll 10s.; prime fat speyed heifers, £l4 os.; fat cows, £7 15s. to £lO 16s. The New Zealand Loan and Mercantile Agency Co., Ltd., report as follows: —At the usual weekly sale held at Feildlng on Friday a medium offering of store sheep and fats was offered to a good attendance of the public. Cattle, fats, store, and dairy sorts came forward In considerable numbers. Fat sheep sold well up late rates, but the stores, the bulk of which were 2tooth wethers, showed a sharp decline. Dairy cattle (mostlj’ cows In milk) sold extremely well, store cattle about on a par with late rates, and the fats somewhat neglected. They quote: Fat ewes. 235. to 255. Id.; fat wethers, 28s. to 325. 7d.; 4, 6 and 4-year ewes, 255. Id.; 2-tootb wethers, 265. (passed); 2-tooth wethers, 245. fid. (medium); springing cows, £7 to CO 155.: fat cows. £9 55.; cows In mult. £lO, £ll, £l2, £l2 10s., £l3 10s. up to £l5 10s.: vealers, £3 55.: cows and calves. £6 2s. 6d. to £8 55.: 3 and 4-year bullocks, £ll to £ll 7s. 6d. CARTERTON. The Walrarapa Farmers' Co-operative Association, Ltd. (stock department), report having offered a fairly good entry of all classes of stock to a good attendance ot buyers at CartortoU Sheep and all classes

of cattle met with a particularly ready , sale and pigs also sold i}t improved rates. Quotations: 20 woolly wether hoggets (good), 355. 4d.; 10 ewe do., 375. Id.; fat cows. £7 10s- to £8; forward do., £5 10s. to £7; store cows, £3 10s. to £4 Is.; cows and calves, £5 10s. to £7 10s.; dairy cows in milk, £7 155.; do. heifers, £8 10s.; springing cows, £7 2s. 6d. to £10; wearier pigs, best sorts, 20s. to 245.; small do., 15s to 18s.; slips. 235. Cd. to 31s. Cd.; baconers, £2 45.; horse, gig, and harness. £l2 10s. WELLINGTON STOCK EXCHANGE LAST WEEK'S BUSINESS AND PRICES The volume of business transacted on the Stock Exchanges last week was rather larger than usual, and the business was well spread. The outstanding feature of the week was the active turnover of New Zealand Breweries shares, for which the prices varied considerably. In all about forty parcels changed hands, beginning at 565. Cd., dropping to 535.. and rising again to 575. Cd. Staples and Co. sold steadily at 41s. 9d. and 41s. Cd. Government and other debentures and bonds were not fairly active. The 4} per cents, changed hands at £O9 10s., and the 5i per cents. (1933) at £lOl 10s., £lOl 55., and £lOl 7s. Cd. There were sales of Taranaki West Road Board 5} per cent, at £lO2, Mount Eden Borough 5 per cents, at £lO2, Petone and Lower Hutt Gas Board 5 5-S per cent. (1057) at £lOO, Auckland Harbour Board 5j per cents. (1937) at £97 10s., 5J per cents. (1913) at £lOO, and New Plymouth Borough 5 per cents, at £97. Great firmness was shown by New Zealand Breweries bonds, and a dozen parcels were sold at 255. and 2ns. Id. Business in bank shares was good and well spread. Bank of Adelaide sold at £lO, Commercial Bank of Australia, ordinary, at 30s. 5d., preference at £7 Bs., Australian Bank of Commerce at 335. sd. and 335. 6d„ English, Scottish and Australian Bank at £8 10s. 6d„ National Bank of Australasia £5 paid at £9 125., Bank of New Zealand at Ols. 9d„ Bank of New Zealand D shares at 28s. 3d., National Bank of New Zealand at £7 2s. 6d„ Bank of New South Wales at £5l 15s. and £5l 17s. 6d., and Union Bank at £l5 7s. and £l5 7s. 6d. „ Financial shares received more attention than usual from investors, and a good business was done In them. Dalgety and Co. changed hands at £l5 45., £l5 ss. and £l5 45., Goldsbrough Mort and Co. at 525. 3d., 525. sd. and 525. 9d., National Mortgage at 80s. and 905., New Zealand Loan and Mercantile at £l2O, and New Zealand Guarantee Corporation at Bs. 7d. There was not much doing in Insurance shares, but prices’ were firm. National Insurance had quittance at 17s. and 10s. lid., New Zealand Insurance at 475. 3d., and South British Insurance at 635. 9d. and 645. Gas, frozen meat, and woollen shares were more or less quiet, but in all cases prices were either firm or tending upward. Christchurch Gas shares sold at 265. 3d., and Auckland Gas at 235. 4d.; New Zealand Refrigerating 20s. paid at 19s. 9d., 10s. paid at 9s. 5d.; Kaiapoi Woollen ordinary at 13s. lOd. and 13s. 9d., and Wellington Woollen ordinary at £7 4s. A moderate business was done In shipping and coal shares. Huddart-Parker ordinary changed hands at 485., Northern Steam at 13s. lOd., Westport Coal at 31s. 6d„ Hikurangi Coal ordinary at 65., preference at Ils. and Ils. 2d., and Renown Collieries preference at 2s. lid. There was a good turnover in the miscellaneous section, with sales of Australian Iron and Steel preference at 20s. 4d., Bartholomew Timber at 18s. 6d., British Tobacco at 445. 6d., Beath and Co. at 38s. 6d., Burns Philp and Co. at 445. 3d., Electrolytic Zinc ordinary at 345. 6d., 355. and 355. 6d., preference at 365. and 375.; Dominion Rubber at 275., Holden’s Motor Body Builders at 295., 30s. 3d. and 30s. 7}d., Dental and Medical Supply at 10s., D.I.C. 10s. paid at 215., Colonial Sugar at £59 10s., Quill Morris and Co. at 18s. 3d,, and Wilson’s Cement at 41s. On Saturday a sale of New Zealand Breweries bonds at 255. was reported, and the buying and selling quotations were

SALES IN OTHER CENTRES (By Telegraph.—Press Association.) Christchurch, November 24. .Sales.—Bank of New South Wales, £5l 12s. 6d.; Goldsbrough Mort., u2s. Bd.; Carlton Brewery, 495.; New Zealand Breweries, 575. (two parcels). Sale Reported.—Bank of New South Wales, £5l 15s. Dunedin, November 24. Sales.—Commercial Bank 30s. 5d.. (two); National Insurance, 16s. 6d.( ex. dl Saie Reported.—Dalgety and'Co., £l5 4s. (ex div.). WESTLAND BREWERIES, LIMITED. This 1 Company, which absorbed the brewery businesses of Mandi’s at Hokitika, Davies’ at Hokitika, Pearn’s at Kumara, and Monteith's at Reefton, started operations on July 1 last. The new business is proceeding successfully and the outlook is good. The balance of the unallotted shares are now available for subscription and can be obtained from Messrs. Finch, Webster and Oswin, Organising Brokers, 159 Featherston Street, or any other member of the Wellington Stock Exchange.—Advt. COMPANY ACTIVITIES TARANAKI OILFIELDS, LTD. In its profit and loss account for tho year ended July 31 last the Taranaki Oil Fields, Ltd., shows revenue £0194 19s. 5d., tho whole of which has been absorbed In current expenses The directors in their report state that the year has been mainly characterised by steady effort to reach , the objective strata at the "Gisborne No.,

1” and "Gisborne No. 2” wells on the geological structure. In neither case has ths drilling progress been as rapid as was hoped for, and apparently many and varied mechanical difficulties have hindered the work, It was found necessary to suspend drilling at the Gisborne No. 1 well, where It is doubtful whether the persistent caving conditions met with below 3000 feet, associated with gas pressure, can be overcome with the existing equipment. Tho directors emphasise the fact that the considerable pressure of inflammable gas at the bottom of the No. 1 well, is directly In accord with the geological forecast that gas, and not oil, might be expected in the well if either the drilling location proved to be too near the apex of the dome structure, or the structure is even larger in extent than surface indications Nothing which has occurred since drilling was commenced at either location has in any way discounted the attractive prospects of oil production, which warranted the selection of the well sites, and, on the contrary, the occurrence of inflammable gas in the‘Gisborne No. 1 well is directly corroborative of the productive theory upon which the location was selected. Due to the availability of highly skilled operating personnel and up-to-date equipment, many serious difficulties met with In making the footage recorded to date have been overcome, and the directors believe that the experience gained in this way will enable adequate tests of both structures (Morere and Mangaone) to be completed. The directors hope and have reason to believe, the decisive tests of the Morere and Mangaone domes will be accomplished, and their confidence in the ultimate successful outcome of the search for oil in the Dominion, subject only to persistent effort on wellordered lines, remains unshaken, and is, Indeed, strengthened by the result to date, and the knowledge gained as the result of the attention given to the drilling records by the technical staff. The general manager, Mr. A. H. P. Moline, in his report states that “the two structures now being tested—Morere and Mangaone—both exhibit all the ftindamentai characteristics associated with oilbearing country, and there is no reason to modify in any way the opinion expressed in the previous report to the effect that success should be achieved by continued effort.” FOREIGN ITEMS WORLD’S SUGAR OUTPUT. (Australian Press Association.) London, November 22. Sugar, granulated, is 255. 4Jd. per cwt, The estimated world’s sugar output for the season is likely to be about 1,300,000 tons in excess of last season, or equal to aisout 5 per cent. The trade has already discounted the increase by lowering prices, and the anticipated increased consumption is likely to absorb the surplus. AUSTRALIAN PRODUCE MARKETS By Telegraph.—Press Association. Sydney, November 22. Wheat —At country sidings, 4s. 1-ld. per bushel; ex trucks, Sydney, 4s. BJd. Flour, £l2 per ton. Bran and pollard, £6 ss. per ton. Potatoes. Clarence River new, £ll per ton; Tasmanian, £lO. Oats, Algerian or white, 4s. 6d. per busheL Onions, Victorian globe £l2 per ton. J brown Spanish, £lO. Adelaide, November 22. Wheat, growers’ lots, 4s. B}d. Flour, bakers’ lots, £ll 15s. Bran, £6 ss. Pollard, £6 12s. 6d. Oats, 3s. Melbourne, November 23. Wheat, 4s. 10d., 4s. lOld. a bushel. Flour £l2 2s. 6d. a ton. Bran, £5 15s. Pollard, £0 ss. Oats, 3s. to 3s. Id. a bushel, feed 2s. 9d. to 2s. lOd. At the hides sales the market was firm at late rates. PRICES OF RAW MATERIALS. (Australian Press Association.) (Rec. November 25, 5.5 p.m.) London, November 24. Cotton.— Liverpool quotations for American middling upland cotton, December delivery, 10.48 d. per lb. Rubber.—Fine hard Para, 10}d. per lb.: plantation first latex crepe and smoked ribbed sheet, 8 11-16 d. j u te.—Nvember - December shipment, £32 2s. Cd. per ton. New Zealand Hemp.—Not quoted. Copra.—November-December shipment, £24 10s. per ton. Linseed oil, £3O 15s. per ton. Turpentine, 475. Cd. per cwt. Osmiridium is unchanged. LONDON RABBITSKIN SALES. (Australian Press Association.) London, November 23. At the rabbitskin sales there was a large attendance, with many Continental buyers. Bucks were neglected, but there was keen competition for all others. Furriers sorts: The best advanced 5 per cent., medium, 10 per cent.; pulling, 5 per cent unpulled, 15 per cent.; hares, from 5 to 10 per cent. . CHICAGO WHEAT QUOTATIONS. (Rec. November 25, 5.5 p.m.) Chicago, November 24. Wheat futures: December, 1 dollar 15 3-8 cents per bushel: March, 1 dollar -Oj cents; May, 1 dollar 23 cents. CALL MONEY IN NEW YORK. (Australian Press Assn.—United Service.) New York, November 23. Call money opened at 6i per cent., and closed at that rate. ENGLISH WHEAT MARKET. (Australian Press Assn. —United Serviced (Rec. November 25, 11.5 p.tn.) London, November 24. Wheat —Cargoes are inactive but unchanged in price. Parcels are in poor demand at late rates. Parcels by the Ulysses brought 48s. 3d. per quarter. Liverpool futures: December, 9s. 3 5-Sd. per cental; March, 9s.| 4Jd.; May, 9s. 4 5-Bd. .

1928 Butter. 23/11/28. Last week. New Zealand — 172s.-178s. Salted 174s.-180s. Exceptionally .. : 182s. Unsalted 190s.-191s. — First whey 160s. 164s. Second whey .... 162s. Deliveries, New Zealand, this 160s. week, 1500 tons. In store, New Zealand, this week, 3600 tons. Australian — Finest salted .... , 170s.-174s. 168s.-172s. Unsalted 182s.-184s. 184s. Exceptional .. 186s. — Argentine— 174s.-178s. Finest unsalted .. 176s.-180s. Up to Irish Creamery— 182s. 176s. 172s. 182s. 180s. Panish — f.o.b 193s. 189s. 198s.-200s. 190s. Dutch— 202s,-204s. Unsalted — 168s.-170s. 162s. Ukrainian . 100s.-168s. 164s.-168s. • — Market firm. New Zealand retail price unchanged, Is. JOd. Panish retail price Increased to i 2g. Cheese. 23/11/28. Last week. New Zealand — 106s.-107s. White 103s.-105s. Coloured 102s.-104s. 108s. Deliveries, New Zealand, this week, H.oUO crates In store, New Zealand, this week, 24,500 crates. Canadian — 110s.-112s. White 10Ss.-112s. Coloured 108s.-110s. 108s.-110s. Exeen'.ional .. 112s. — C.I.F. 90s. (November output), 101s., 101s.

as under:— Buyers. Sellers. N.Z. GOVT. LOANS— £ s. d. £ s. d, 44 p.c. Ins. Stk.. 1939 99 5 0 — 41 p.c. ditto. 1938 .... 99 5 0 mm 5l p.c. ditto, 1036 .... 101 2 6 mm p.c. ditto, 1932 .... M— 99 10 4} p.c. Bonds, 1939 .. 99 7 6 MM 44 p.c. ditto, 1938 ... 99 10 0 . ■ 5i p.c. ditto, 1938 ...101 7 6 MM DEBENTURES— Well. Racing Club .. 108 10 0 MM N.Z. Breweries (inscr. 14 9 ——. Ditto (bonds) 15 0 15 6 BANKS— Aust. Bank of Com1 13 5 - - Commercial of Aust. 1 10 3 1 10 6 English, Scottish, and Australian 8 7 6 8 12 0 National of N.Z 7 2 0 7 5 0 National of Australasia (£5) 9 11 0 9 13 0 New South Wales ••• MM 52 0 0 New Zealand 3 18 3 1 10 Ditto, long-term mortg. 18 2 18 6 Union of Aust 15 7 G MM Ditto (Melbourne reglster) 15 7 6 MM FINANCIALNational Mortgage .. 4 8 6 MM N.Z. Guarantee Corp. (ord., 8s.) 0 8 7 N.Z. Loan and Mercantile j 117 0 0 —M N.Z. and River Plate 1 12 0 MM Well Invest., T. & A. 0 10 8 MM Well. Trust and Loan 7 0 0 MM GAS— 16 0 — Napier (£10) ........ 10 7 6 — INSURANCE— 0 1G 9 0 17 1 South British 3 4 0 MEAT PRESERVING— r 3 4 0 Well. Meat Exp. (ord.) 0 12 3 TRANSPORT— ■ Huddart-Parker (ord.) —— 2 8 6 WOOLLEN— Wellington (ord.) ... — 7 7 0 COAL— Hikurangl (pref.) ... 0 10 10 Westport —• 1 11 0 Westport-Stockton (ord.) — 0 3 6 Walpa 0 13 4 .... ■■ 3 8 6 TIMBER0 19 9 10 6 Leyland-O’Brien .... 1 14 6 National —— 0 10 6 BREWERIES— New Zealand 2 15 8 2 17 0 Staples and Co ——. 2 2 0 MISCELLANEOUS— British Tobacco (Aust.), 2 4 6 ■ ■■» Burns, Philp, and Co. 2 4 3 MM Colonial Sugar —— 59 15 0 Electrolytic Zinc (ord.) —M 1 15 9 Ditto (pref.) — 1 17 3 Holden’s Motor Bldrs. —— 1 10 9 Howard Smith (ord.) 14 0 15 0 National Electric .... 0 10 « — N.Z. Drug Co 3 10 9 — N.Z. Express (ord.) MM 0 19 0 Wairarapa Farmers’ Wellington Cordage . 0 12 0 0 18 6 Well. Queen's Theatre 12 9 —— Wilson’s Cement .... 2 13 2 2 0 Gasco Bricks 13 9 MM MINING— Kawarau —— 0 0 7