Farm and Commercial Section

Dominion, Volume 22, Issue 184, 2 May 1929, Page 14

Farm and Commercial Section

LATEST REPORTS from ALL CENTRES

AUCTION SALES TO-DAY. Otaki. —Stock sale. . Taihape, 12.30 p.m.—Cattle fair. Danuevirke, 11 a.m. —Cattle fair. to-morrow. 195 Lambton Quay, 2.30 p.m.—Sale of land, Edward Street (Harcourt and Co.) . Manakau. —Sale of dairy stock. WOOL MARKET LONDON SALES OPEN FIRM STRONG CONTINENTAL COMPETITION. Australian Press Association. London, April 30. The wool sales opened firm at late rates. The offerings were 8881 bales, of which 2383 were New Zealand. There was a large attendance of buyers for all markets, and strong Continental competition. Medium and lower grades of crossbred sold at March closing rates, and a few of the liner grades were sold occasionally in the buyers’ favour. Slipes were firm, except for fine haltbreds, which were a shade easier Merinos were a poor selection of greasy combings, mostly of secondhand lots, for which the reserves asked were above buyers’ ideas of values. Offerings of good scoureds were insufficient to test the market, but all the merinos and at practically on parity with March rates. . t , Crossbred lambs were strongly competed for at full March rates. - New Zealand realisations: —Glenore, highest 20Jd., average 19d.; Burnt Hill, °oid and Hid.; Waikohu, 19Jd. and 18jd.; Whare, 17d. and ICJd.; Beck's Haven, 17d. and 16d.; Panikum, IGjd. and 15Jd. BROKERS’ REPORTS. Messrs. Levin and Co., Ltd., have received the following cablegram from their

London agents, dated April 30:—"The auctions opened here to-day with a large attendance of Home and Continental buyers. Good general competition. As compared with closing rates of last sale, quotations generally for greasy halfbreds and crossbreds are unchanged, although medium and coarse crossbreds are occasionally finding a market in sellers’ favour; greasy merinos not represented. Slipe wools, scoured merinos, and crossbreds unchanged.” "Messrs. Wright, Stephenson and Co., Ltd., report having received a cablegram from their London office, reading as follows: —“Wool sales opened, average attendance of buyers. Competition animated. Greasy halfbred 50/56 yielding 66 per cent., 20d.; greasy tliree-quarter-bred 48/50 yielding 75 per cent., 18d.; greasy crossbred 40/48 yielding 77 per eent., ITd.; greasy medium crossbred 44/46 yielding 78 per cent., 16d.; sllped prices par to 5 per cent, lower. Australian merino • market unchanged. Scoured insufficient offering to quote.” The Loan and Mercantile Agency Company, Ltd., have received the following cablegram from their London house under date April 30: —“There was a full attendance at the opening of the sales to-day, competition by Home and French buyers being good, and prices as compared with the close of preceding series ruled in buyers’ favour for merino; crossbred unchanged Very poor selection of merino wool.” Messrs. Dalgety nad Company have received the following report from London, dated April 30:—"London wool sales opened with competition good; attendance is large. Poor selection merino, and quantity sold is insufficient to quote, but the general tendency is rather easier. There is a good selection of crossbred. As compared with closing rates of last series: Crossbred medium and fine, fairly firm; change, if any, is in favour of buyers. Cressbred ’coarse, firm at unchanged prices. Continental and Home trade buyers are operating freely.” , Messrs. Murray, Roberts, and Co., Ltd., are in receipt of the following wool market cablegram from their London agents, dated April 30:—Sales have opened. Large attendance of buyers. Competition good and general. Yorkshire and French buyers principal operators. Greasy merino, poor selection offered, insufficient to test the market. Scoured merino, market shows no material change. Crossbred greasy, flue, closing rates of last series are barely maintained. Crossbred greasy, medium, coarse, scoured, and slipe crossbred, market firm, shows no change. ■ The Bank of New Zealand, produce department, has received the following advice from its London office under date April 30:—“The sales have opened with strong competition and large attendance of buyers. There is a good demand for all kinds of wool. Compared with the close of last sales, prices for all classes of crossbreds show no quotable change. Merinos were not represented,”

GOOD SORTS FIRM AT SYDNEY By Telegraph..—Press Association. (Rec. May 1, 9.40 p.m.) Sydney, May 1. At the wool sales 11.590 bales were sold. All good, well-prepared wools were firm at recent rates, but faulty sorts were irregular and difficult to quit. Greasy merino made 25d. per lb. LIVE STOCK SALES ADDINGTON '■ By Telegraph.—Press Association. Christchurch, May 1. Average entries featured to-day’s metropolitan market, and there was a good sale in all sections of sheep, with fat cattle a little easiet. Store Sheep.—The lambs were mostly small and backward, and the ewes aged and inferior. Both classes sold freely at recent values. Wethers were about as numerous as the other classes, and the quality was better in comparison. Good ewe lambs made 265. to 275. od., medium ewe lambs 235. 6d. to 25.4. 6d„ ordinary ewe lambs 21s. to 225. 6d.; ordinary wether lambs 18s. to 20s. 6d„ inferior wether lambs 16s. to 17s. 6d.; cull lambs 12s. to 145.; good m.s. lambs 235. 3d. to 245., medium m.s. lambs 19s. 6d. to 21s. 6d.: good two-tooth three-quarter-bred ewes to 355. 6d., good four and six-tooth halfbred ewes to 365., medium four, six, and eight-tooth halfbred ewes 28s. to 305., ordinary four, six, and eight-tooth halfbred ewes 255. 6d. to 275. Cd.; soundmouthed halfbred ewes 235. to 255., failingmouthed lialfbred ewes 20s. to 225., aged and inferior half bred ewes to 12s. Cd., extra good halfbred wethers 28s. 6d. to 315., good halfbred wethers 265. to 285., ordinary halfbred wethers 225. to 245. Fat Lambs. —A small entry of 1175 head jnd a free sale. Extra prime heavy lambs made to 345. 7d., prime 295. Cd. to 325. 6d., medium 275. 3d. to 295. 3d., light 255. 3d. to 275., store 235. 9d. to 255. Fat Sheep.—An average entry of ten races aud a good sale, export rates being fully maintained. Extra prime wethers made to 38s. 10d., prime wethers 325. (id. to 355. Cd., medium wethers 295. Cd. to 325., light wethers 255. 6d. to 295.; extra prim? ewes to 335. 10d., prime ewes 255. Cd. to 295.; medium ewes 225. Cd. to 255.. light ewes 19s. to 225., aged ewes 15s. to 18s. Fat Cattle.—A heavy entry of 550 head, which included a North Island consignment of 58 head of moderate quality. The class of entry generallv was below standard. Values were up fo 20s. a head lower than last.week. Good steer beef made from 41s. to 445. per 1001 b., extra good to 465.. medium quality 38s. to 405., heavy 375. 6d. to 415.. good heifer 40s. to 425. 6d., good cow 345. to 385., and plain down to 30s. Prime heavy steers made £l7 to £l9 17s. 0(1., mediumweight prime steers £l5 to £l6 155., me-dium-quality steers £ll 10s. to £l4 10s„ light steers £7 15s. to £ll 55.: extra prime heifers, to £l6 17s, Cd., prime heifers £ll ,ss. to £l3 10s., medium heifers £9 10s. to £ll, "light heifers £7 ss. to £9 55.; extra prime cows, to £l4 7s. Cd., prime cows £lO 10s. to £l2 155., medium cows £9 to £lO ss„ aged cows £5 7s. Cd. to £8 10s. Vealers.—A good sale. Best 12 to 18 months made to £lO Bs. 6d., good vealers £6 to £7 10s.. others £4 to £5 155.: calves, 30s. to 40s. Store Cattle.—A good demand. A line of 3 to 4-year steers made £ll to £ll 10s„ cows up to fit! 10s., bulls to £l2. Dairy Cattle.—A small entry with improved prices. Best springing cows made to £l7 10s., medium £l2 to £l4 10s.. others £9 to £ll 10s.; best springing heifers to £l2 10s.. medium £9 to £lO 10s.. others £0 10s. to £B. Fat Pigs.—A good sale for both porkers and baconers, prices being better than last week. Choppers made 30s. to £6 Is., light baconers £2 17s. (id. to £3 10s.. heavy baconers £3 15s. to £4 6s. 6(1. (average price per lb. 5d.. to fijd.); liglit porkers. 335. to 425.. heavy porkers 455. to 555. (average price per lb. 7d. to 7R1.. Store Pigs.—A medium entry and a satisfactory sale. Weaners made ss. to 7s extra to 10s., small stores 9s. to Ils., medium 15s. to 225., large 245. to 305., extra to 425. BURNSIDE By Telegraph.—Press Association. Dunedin, May 1 • There was a slightly better demand for fat sheep at Burnside to-day; lamb prices were unchanged, and fat cattle were dearer by from 20s. to 10s. a head. The quality of the fat sheep penned was from fair to good, with a heavy proportion of fine-woolled wethers and ewes and a few pens of heavies. The sale opened quietly, but the demand improved until at the close it. was found that values were generally from Is. to Is. Od. better for wethers and about 2s. a head higher foi- ewes. Prime wethers made up to 44s 3d., medium to 365. 6d„ and light-weights from 275. to 305.; extra prime ewes made to 355.. and light to medium from 17s. to 245. Cd. There was only a small yarding of about 500 lambs, tlie quality of which was better than that of last week’s entry. There was keen compelttion throughout, and prices can be quoted as firm at late rates. Extra heavies made to 375., and mediums to 305.; light and unfinished sold at from 20s. to 275. 6(1.

Nearly two jiumlred head of fat cattle were yarded. Including some very wellfinished medium-weight bullocks and heifers, witli a fair proportion of medium steers and heifers. The sale opened quietly with values a shade easier than last week, but as tiie sale progressed competition became noticeably keener, and prices for all prime steers and heifers rose by about 20s. per head, while the balance of the yarding showed an increase of fully 10s. Prime bullocks made to .£24 17s. (Id., and medium to £10; prime cows and heifers were worth up to £lO 12s. Oil., anil mediums brought to £l2 10s. Choice beef made up to 48s. per 1001 b. There was very small store cattle yarding of about 200 head, and the demand

was poor, with a general drop in prices. The pig entry comprised 141 fats and 132 stores, baconers were cheaper by about 7s. 6d. per head, and porkers were down about ss. Stores showed little or no change. JOHNSONVILLE Messrs. Wright, Stephenson, and Co., Ltd., and Abraham and Williams. Ltd., report on the Johnsonville sale held yesterday as follows: — To the usual attendance of butchers we submitted a large yarding of sheep, lambs, and cattle. The quality of tlie yarding for ail classes of stock was good. The cattle offered comprised mostly heavy weight, prime bullocks, with a few pens of lighter cattle. Helfers were liglit and of average quality. Owing to butchers’ stocks being short, a keen sale resulted, and prices generally were on a par with last week’s rates. Wethers and ewes met with a good sale at last week's parity, and lambs were keenly sought after at prices showing a slight advance. We quote:— Bullocks, £l2 10s., £l2 12s. 6d., £l2 17s. 6d., £l3, £l3 55., £l3 10s., £l3 155., £l3 17s. 6d., £l4, £l4 ss„ £l4 10s., to £l4 17s. 6d.; heavy bullocks, £l5 to £l5 10s.; light heifers and cows. £9 7s. 6d., £9 12s. 6d., to £9 155.; vealers, £2 Is., £3 10s., to £l4 Ils.; wethers, 325. 6d., 325. 9d., 335., 335. 6c1., 345„ 345. 6d.; ewes, 265., 265. 3d., 265. 6d., 275., to 275. 6d.; lambs, 215., 21s. 6d., 225., 225. 6d., 235. 6d., to 245. 6d. MASTERTON. Dominion Special Service. Masterton, May 1. The Wairarapa Farmers’ Co-operative Association report:—We held our weekly Masterton sale to-day when we offered a yarding of 600 sheep and a few pens of cattle, to a good attendance of the public. Bidding for all lots was brisk, and lambs in particular sold at advanced rates. We made a total clearance at the following prices:—139 shorn wether lambs, 235. Bd.; 60 ditto, 20s. 3d.; 108 ditto, 21s. lOd.; 20 ditto, 225. 4d.; medium lambs, 18s. to 18s. 6d.; small lambs, 14s. 9d. to Ils.; 89 s.m. ewes r.w. Southdown rains, 255. 2d.; forward wethers, 335.; empty cows, £5 to £4 10s.; 24 years’ steers, £7 145.; dairy cows in calf, £6 15s. The New Zealand Farmers’ Co-operative Distributing Co., Ltd., report on the Masterton sale as follows:-—We had a fair yarding of sheep which were offered to a large attendance of buyers. Competition for all lines offered was keen and we disposed of our whole entry at the following prices: Good fat and forward two-tooth wethers, £1 145.; store two-tooth wethers (small), 305.; light fat ewes, 255. 2d.; forward empty store ewes, 235.; aged ewes r.w. Southdown ranis. 255. 9d.; woolly wether lambs, 235.; b.f. lambs, 225. 7d. ■ Dalgety and Co., Ltd. report on the Masterton sale as follows:—A good entry of sheep was submitted to a large attendance of buyers. Competition was very keen throughout the sale with prices showing a rising tendency on reoent sales. Following is the range of prices:—Account P. Cotter: 265 fat and forward b.f. lambs, 245. 2d.; 417 4 and 5-year ewes, r.w. S.D. rams, 325. 9d.; 123 f.in. ewes, r.w. S.D. rams, 265. Id.; empty ewes, 235. Id. Account Mrs. Lees: 200 b.f. lambs, 235. 3d. Other lots of cull lambs made 14s. to 18s. 3d.; cull ewes, 14s. 6d. Wright, Stephenson, and Co., Ltd., report: A good yarding of sheep came forward at the Masterton sale. There was a large attendance, and buyers were present from Pahlatua and the West Coast, but local inquiry was too strong for outside competition. Lambs, especially black faces, met with very strong demand, and sold at improved prices. Small lambs again made extreme prices. Large numbers of breeding ewes were offered, and in every case made big money, and thus it is still evident that local buyers have not yet filled their requirements. We made a total clearance as follows: —Account of H. Beetham, “Morland”: Shorn wether lambs (small), 17s. Bd. to 18s.; ewe lambs (small), 215.; 2-tooth wethers, 295. 6d.; b.f. lambs, 21s. 2d. Account Cooper Bros.: Five-year ewes, r.w. S.D. ram, 295. 9d.; b.t. lambs, 20s. Account lan Macßae, “Tyneside”: Two-tooth ewes, r.w. Romney rams, 365. to 38s. Od.: 4 and 6-tooth ewes, r.w. Romney rams, 335. 6d. to 345.; 4-year ewes, 325. 6d. POVERTY BAY CATTLE FAIR, h Messrs. Dalgety and Co., Ltd., report having held their autumn cattle fair at Matuwhero saleyards last week. The entry, which was over 11,600 head, comprised exceptionally well-bred lines of all classes of cattle from weaners to grown cattle, both males and females. Poverty Bay is recognised as being the best district in New Zealand for breeding cattle, and this was well maintained by the large entry offered in the three days, and also the record attendance, of outside buyers present from nearly every district in the North Island. The sale went with a swing from start to, finish, and record prices were obtained, the principal buyers being Hawke’s Bay and Bay of Plenty. Good weaner steers made as high as £5 12s. 6d„ and a very good line of 2£-year P.A. heifers mated with P.A. bulls made £ll 10s. Following were the prices realised:— 3} and 4J-year forward bullocks, £lO 10s. to £ll 155.; 24-year steers, £0 to £10; 18-month steers, £7 to £8 10s.; weaner steers, £4 15s. to £5 12s. Od.; breeding cows and heifers, Herefords and P.A., £9 to £ll 10s,; 18-month heifers, P.A. and Herefords, to £6 10s.; weaner heifers, £4 to £4 155.: empty cows, to £5 10s.

TE MANGAHUI (AKITIO) CATTLE SALE. Messrs. Dalgety and Co., Ltd., and Messrs. Murray Roberts aud Co., Ltd. held a special cattle fair in Mr. A. J. Toxward’s yards this week. The attendance of buyers was quite good considering the adverse weather. The three vendors, Messrs, A. J. Toxward, P. V. Smith and It. Meech. accepted the bids made for the most partsome studs excepted—and the two firms made sales as follows:—100 poly breeding cows. £lO Us.; 32 ditto, £ll 35.; 32 ditto (studs), 12Jgns.; 28 ditto, £lO Us.; 39 ditto. £9; 27 coloured ditto, £8 25.; 100 m.s. poly weaners, £5 55.; 26 coloured ditto, £4 155.; 14 two-year poly steers, £8 155.; 17 ditto, £8 10s.: stud poly aged bull (Baronia of Gwavas), 28gns.: 11 pedigree two-year polv bulls from 20gns. to 12gns. and sundry small lots at recent market values. AGRICULTURE DECLINING POSITION IN OTAGO Dominion Special Service. Dunedin, May 1. Authoritative figures as to the advance of agriculture in Otago since 1921 clearly demonstrate the tendency on the part of the man on the land to supplant cropping by improving the permanency of his pastures for the production of animal products. In the 1921 season over 67,000 acres of wheat and 107,000 acres of oats were grown, whereas last season only 29,000 acres of wheat and 54,000 acres of oats were sown. This is a direct indication that less pasture is being broken up annually and that pasture management is being practised in much better manner today than in the past. In 1921 97,000 acres of turnips were sown;- last year it was practically the same acreage—namely, 95,000 acres. The necessity therefore for winter feed for sheep and cattle for which this crop is grown remains the same today as it was eight years ago. With an increased acreage in grass land and the yearly increasing practice of top-dressing it should naturally follow that 'the numbers of stock in Otago should have considerably increased. That such is the case is shown in a comparison of the figures for sheep shorn in 1921. which reached the gross figure of 2,458.012, or an average of 309.85 sheep per 1000 acres, as against 3,102.183 sheep shorn last year, with an average of 389.05 sheep per 100 acres. The number of dairying cattle, however, in Otago has decreased from 54,635 In 1921 to 53,488 last season. It would appear therefore that (particularly those farms suited to sheep-raising) the Importance of cropping is rapidly giving way to the establishment of permanent grass. There is every indication that considerable top-dressing of pastures will be carried out this coming season, and it is anticipated that there will still be further diminution in cropping. WELLINGTON STOCK EXCHANGE YESTERDAY’S BUSINESS AND PRICES At the morning call yesterday sales were reported of 4} per cent, bonds (1938) at £l6O, and Bank of New Zealand at 625. At the afternoon call sales were made on 'Change of New Zealand Guarantee Corporation, ordinary, at Bs. 9d„ and British Tobacco at 475. 9d.. and a sale of 41 per eent. Government bonds (1938) at £lOO was reported. Government securities and other debentures were steady and unchanged. The 41 per cents, were in firm demand at £99 15s. and the 5} per cents. (1936) at £lOl 10s Wellington Gas debentures were wanted at £lOO 155., Wellington Racing Club at £lO6 10s., and New Zealand Breweries bonds at 265. 3d. Bank shares were firm, witli buyers of Australian Bank of Commerce at 355. lid.. Commercial Bank- at 30s. 3d.; English. Scottish and Australian Bank at £8 145., National Bank of New Zealand at £7 Is. 9d, National Bank ot Australasia £lO

paid at £l9 13s. and £5 paid at £9 14s. 3d., Bank of New South Wales at £5l 155., Bank of New Zealand at 61s. 6d„ and Queensland National Bank at £9 12s. 6d. Sellers quoted £27 15s. for Commercial Bank of Sydney, and £l5 10s. for Union Bank. New Zealand Guarantee Corporation keep very firm at Bs. 9d., and Goldsbrougb Mort at 535. 7<L Wellington Deposit were wanted at 10s. Gas shares were in good demand, with bids of 265. 3d. for Christchurch Gas, 10s. 3d. for Gisborne Gas, 325. for Wellington Gas ordinary and 16s. 6d. for preference. National Insurance were wanted at 16s. 4d. Gear Meat were very firm at 425. 6d. New Zealand Refrigerating were in demand, the £1 paid at 15s. 7d. and the 10s. paid at 7s. 3d. Shipping shares were in better request with buyers of Huddart Parker at 455. 4d., Union Steam preference at 215., and P. and O. deferred stock at 58s. Od. Wellington Woollen preference were wanted at £7 4s. 6d. Coal shares met with some inquiry. There were bids of 325. 4d. for Westport Coal. 2s. Od. for Westport-Stockton ordinary, Ils. 3d. for Waipa, 7s. 9d. for Hikurangi preference, and ss. for A preference. There were buyers of Kauri Timber at 18s. 3d., New Zealand Breweries at 625., Staples and Co. at 455. 6d., British Tobacco at 475. Bd., Dental and Medical Supply at Ils., Donaghy’s Rope and Twine at 335., Electrolytic Zinc ordinary at 355. 3d., and preference at 365. 8d„ Gasco Bricks at 305., Holden’s Motor Body Builders at 305., Howard Smith at 245. 6d., National Electric at 7s. od., New Zealand Drug at 745., New Zealand Paper Mills at 18s. 6d., Wellington Queen's Theatre at 235., and Mount Lyell at 445. 3d. Yesterday’s buying and selling quotations were as under: —

SALES IN OTHER CENTRES By Telegraph.—Press Association. Auckland, May 1. Sales.—Mount Albert Borough debentures. 1963, 5) per cent., £101; New Zealand Insurance, 465. 4)d., 465. 3d.; Abraham aud Williams (pref.), 925.; Grey 1 alley Coal, 245. 6d.; Auckland Gas, 245. 4(1., eontg., 18s. 3d.; Electrolytic Zinc (pref.). 365. 9(1.; Farmers’ Trading Co., Bs. 6d.; Waihl Mining, 13s. lid. . Christchurch, Maj 1. Sales. —Commercial Bank of Australia, 30s. 3d. (two parcels), 30s. 2d. (six parcels) ; Goldsbrougb Mort, ads. Bd. (two parcels); Westport Coal, 325. lOd. ,_ Stockton (ord.), 35.; Tooth’s Breweries, 60s. od., 60s. 6d.; Mount Lyell, 445. Od., 445. ud., 445. Gd, (two parcels); New Zealand Drug Co., 745. 3d.; Mahakipawa, Is. 2M. (three parcels); Whitcombe and Tombs, bls. 6d.. Staples Brewery, 465. Sales Reported.—New Zealand, Go\trument 4V per cent, bonds, 193 b, £lOO, Na* tlonal Mortgage, 85s. 6d. Dunedin, May 1. Sales Reported.—Bank of New South Wales, £5l 155.: Westport Coal, 325. Id. (three); New Zealand Refrigerating (paid), 15s. 6d.; Waihi, 14s. Id. (cum. dividend). COMPANY ACTIVITIES WELLINGTON DEPOSIT ASSOCIATION A SATISFACTORY YEAR. The annual meeting of the Wellington Deposit, Mortgage, aud Building Association, Ltd., was held yesterday. The chairman of directors (Mr. W. H. P. Barber) presided. Moving the adoption of tlie annual report and balance-sheet (which have been published), the chairman said that the figures showed increases both in deposits aud Investments, the latter being the more marked, at £3246, over tlie previous year. The last of the deposits which were previously held subject to Government regulation had been uplifted. Special deposits on the assets side were lower this year, but the reduction was more than set-off bj’ the increase in mortgages. "The net profit for' the year,” continued tlie chairman, “is £2239 3s. 5d., as compared witii £2351 os. lid. for the previous year. The balance of interest is slightly greater this year than last by £3O Ils. Ils. On the other hand, our rentals show a decrease of £ll3 Ils. lid. Taxes and charges are slightly higher. The year's -nikiug shows a decrease in net profit of 111 17s. 6d. This is wholly accounted Cor oy reduced returns from our Panama Chambers' rentals, due to the competition from a number of large new buildings recently erected, having vast numbers of offices to let. It would appear that the business community lias been unable to absorb tlie great addition to office premises, together with those already existing, showing that tlie supply exceeds the demand and that the building of business premises is in excess of present requirements. However, the result of tlie last twelve months’ operations enables us to recommend the payment of a dividend of 7 per eent. for tlie year (of which 3 per cent, was paid last November), to transfer £450 to tlie reserve account (which will then stand at £6000), and to carry forward £915 9s. 7d. to the current year’s account. Tlie association’s business is sound, and as 1 have stated on previous occasions, could be largely aud profitably extended were more money available by way of deposits. All

our investments are good, none causing the directors any anxiety. The report and balance-sheet were adopted. The retiring directors, Messrs. W. H. P. Barber and J. J. Williamson, were reelected. Messrs. S. M. Hobbs and R. A. Glen, the retiring auditors, were reappointed. A vote of thanks was passed to the directors and staff. N.Z. FARMERS’ FERTILISER With the abandonment of price cutting, which was a feature of the previous year and earlier, the New Zealand Farmers’ Fertiliser Company has been able to earn a reasonable profit: as a matter of fact, the net profit for the year ended March 31 last at £27,655 was over £lO,OOO more than in 1927-28. With the amount brought forward there was available £42,797, out of which £6500 has been appropriated for writing down rights and concessions account: the dividend for the year at the rate of 8 per cent, absorbs £20,959: and £15,338 remains to be carried forward. The dividend is 2 per cent, more than was paid for 1927-28. The paid-up capital of the company is unchanged at £261.995, the reserve is unchanged at £17,647: open accounts total £22.962 against £26,487; sundry creditors account for £18,702 against £16,007; unclaimed dividends total £1224. against £llB5. and owing to bank £149,875 against £168.502. The assets total £508,703 against £522,655, and comprise land, buildings, machinery, plant, etc., £415,405, against £411,550; stock, £51,373 against £42,050; rights and concessions, £6500 against £13,000; sundry debtors, £35,265 against £55,384; and cash, £7O. TAUPIRI COAL The balance-sheet of the Taupirl Coal Mines, Ltd., shows that the net profit earned in the twelve months ended March 31 last amounted to £16,376, compared with £18,566 for the previous year. The shrinkage is due entirely to less profit being earned on coal account. This gross profit on coal after providing for depreciation was £25,607, as against £27,074 in the previous year. The expenditure was about the same. Adding the amount brought forward £9025. there is available £25,402. The dividend paid on preference shares absorbed £l6OO, and the dividend on the ordinary shares of 10 per cent., half of which was distributed as au interim dividend, absorbs £12,100, these dividends being at the same rate as in the previous year. A sum of £lOOO is transferred to the dividend equalisation fund, leaving a balance of £10,702 to be carried forward. The capital of the company is unchanged at £141.000; sundry creditors account for £285 against £2032; the accident reserve fund amounts to £ll,OOO against £10,000; provision, for income tax is £7OOO against £8000; and the dividend equalisation fund, which is started this year stands at £lOOO. The assets total £178,036 and Include freehold and leasehold land, buildings, machinery, plant, etc., £89,170, against £97,277; mortgages £16,112, against £17,848; New Zealand War Loan investments £54,871, against £32,051; sundry debtors £14,073, against £17,543: cash on deposit at call £3500, against £5500; and cash in hand and in bank £3ll, against £6886. TARANAKI OILFIELDS, LIMITED Taranaki Oilfields, Ltd., report as follows for the week ended April 27 ’.t-Gis-borne No. 2 well: Drilled to 2910 ft., in alternate bands of shale and sandy shale, OJin. diameter casing to 2895 ft. LONDON WOOL SALES The third of the series of London wool sales, which opened on Tuesday, has not shown any buoyancy; merinos are weaker and prices of crossbreds appear to favour buyers. Fluctuations in prices are quite a familiar feature of the wool market from sale to sale, but when a long-term view Is taken the average shows trifling variations. Thus in tlie three seasons 1923-24, 1924-25, and 1925-26 the average per bale at the Wellington sales was £23 118. Sid., and the average per lb. was 10.426, and yet the averages for each season varied considerably, as will be seen from the following figures, which refer exclusively to Wellington wool sales:—

Thus it will be seen that the average obtained in the past season was above the average of the three seasons, and about 275. per bale below the average of the previous three seasons. The corrected figures for wool sold at Wellington in the season 1928-29 are as under:—

parisons have been furnished by Mr. W. D. Gorham, secretary of the Wellington Woolbrokers’ Association.

FOREIGN ITEMS ENGLISH WHEAT MARKETS. Australian Press Assn.—United Service. London, April 30. Wheat. —Cargoes steadier, but inactive, closing 3d. to 6d. per quarter lower; parcels, similar decline. Liverpool futures: May, Bs. 2ld. per cental; July, Bs. "id.; October, 9s. 0 l-Bd. PRICE OF GOLD. Australian Press Association London, April 30. The price of fine gold is £4 4s. 10}d. per oz. LONDON STOCK 'EXCHANGE. Australian Press Association London, April 30. Bank of Australasia. £l4'Bs. 9d.; Bank of New South Wales, £49 55.; Union Bank of Australia, £l5 os. 7Jd.: Bank of New Zealand. 4 per cent.. £92 155.: Bank- of New Zealand shares, £2 19s. 9d.; N.Z. Loan and Mercantile, first mortgage 4 per cent, debentures. £74 10s.; N.Z. Loan and Mercantile, ordinary stock. £l3l. EXCHANGE RATES. (British Official Wireless.) Rugby, April 30. Foreign rates of exchange as on April 30.' as compared with par rates, are as follow:—

CUSTOMS REVENUE. The Customs revenue collected at the port of Wellington yesterday totalled 1

Buyers. Sellers. N.Z. GOVT. LOANS— £ s. d. £ s. d. 4} p.c. Ins. Stk.. 1938 — 100 2 « 54 p.c. ditto, 1933 ... 1 01 5 0 101 10 0 44 p.c. Bonds, 1941 and 1939 99 15 0 — 41 p.c. ditto, 1938 ... 99 15 0 —— 51 p.c. ditto, 1933 ... 101 h 0 —— 51 p.c. ditto, 193G ... 101 10 0 —— DEBENTURES— Wellington Gas Co. . 1 01 15 0 Well. Racine Club ... 100 10 0 — N.Z. Breweries (bonds) 1 « 3 — BANKS— Australian Bank of Commerce 1 15 11 1 16 *> Commercial of Aust. (ord.) 1 10 3 1 10 4 Commercial Banking Co. (Sydney) — 27 15 0 English, Scottish, and Australian 8 14 0 8 15 0 National of N.Z 7 1 9 —— National of Australasia (£10) 19 13 0 — Ditto (£5) 9 14 3 9 16 0 New South Wales .... 51 15 0 — New Zealand 3 1 6 3 2 0 Queensland National 9 12 6 —— Union of Australia .. —— 15 10 0 FINANCIAL— Goldsbrough Mort .. 2 13 7 2 13 10 N.Z. Guarantee Corp. (ord.) 0 8 9 0 8 11 N.Z. Invest., Mortgage, and Deposit 0 10 0 — GAS— 6 Christchurch 1 3 Ditto (contrib.) 0 13 3 — Gisborne 0 10 3 — Wellington (ord.) ... 1 12 0 1 12 3 Ditto (pref.) 0 16 6 — INSURANCE— National 0 IB 4 0 16 8 South British —• ■ > 4 10 Standard — 3 u 0 MEAT PRESERVING— Gear 2 2 f> 2 3 0 N.Z. Refrigerat. (£1) 0 15 7 — Ditto (10s.) 0 3 —— TRANSPORT— Huddart, Parker (ord.) 2 5 4 2 5 8 Union Steam (pref.) . .1 1 0 1 1 6 P. and O. def. stock.. 2 18 9 3 0 0 WOOLLEN— 7 Wellington (ord.) ... — 6 0 Ditto (pref.) 7 4 6 —— COAL— Westport 1 12 4 Westport-Stockton (ord.) 0 9 ■ Waipa 0 11 3 0 12 0 Hikurangi (pref.) .... Ditto "A" pref 0 7 y 0 5 0 — TIMBER— Kauri 0 18 3 — Leyland-O'Brien .... 1 14 0 National —— 0 10 6 Rotoiti — 0 14 6 BREWERIES— New Zealand 3 0 3 V Staples and Co o 6 —— MISCELLANEOUS— 6 C. M. Banks (ord.) .. — 1 British Tobacco (Aust.), (ord.) 2 7 ft 2 7 10 Colonial Sugar — GO 10 0 Dental and Medical 11 Supply 0 0 —— Donaghy’s Rope Co. .. 1 13 0 ——■ Electrolytic Zinc (ord.) 1 15 3 —— . Ditto (pref.) 1 IB 8 Gasco Bricks 1 10 0 1 Id 10 Holden's Motor Bldrs. 1 10 0 1 11 0 Howard Smith (ord.) 1 4 6 1 5 6 National Electric .... 0 .7 9 —— N.Z. Drug Co. 3 14 0 —— N.Z. Paper Mills 0 18 6 Well. Queen’s Theatre 1 3 0 — Wilson’s Cement .... — 2 3 MINING— Mount Lyell 2 4 3 Waihi —- 0 14 3

Average Per bale. Average Per lb. Season. £ s. <1. d. 1923-24 . 22 15 0 14.786 1924-25 . 30 3 1 19,644 ■ 1023-20 . 17 7 13 11.849 Tn the three seasons following the variations. while not as pronounced, are still very noticeable. The figures are as under: — Average Average Per bale. Per lb. Season. £ s. d. d. 1926-27 . 18 5 8t 12.287 1927-28 . 21 10 5 16.511 1928-29 . 22 4 11 14.958 Comparing the three-season periods we get the following:— Average Average Per bale. Per lb. Season. £ s. d. d. 1923-20 . 23 11 8} 15.426 1926-29 . 21 15 0t 14.629

Bales Average Average per bale per lb. Season. 1928-29 sold £ s. d. d. November .. .. 7.021 23 2 11 15.839 December . .. 23,033 23 8 8* 10.005 .Tan u ary ... .. 26.747 23 19 16.135 February .. .. 23.851 21 8 1 14,237 March .... .. 31,474 20 5 4 13.530 The above figures and Interesting coni-

Apr. 30. Apr. 25. Par. Paris, francs to £1 124.154 124.17* 124.21 New York, dol4.85 11-32 lars to £1 .. 4.85 5-16 4.80 2-3 Montreal, dollars 4.86 2-3 to £1 — — Brussels, bclgas 34.94 35 to £1 34.94 Geneva, francs to £ 1 25.19* 2o.21 .25.221 Amsterdam, florins 12.0S 92.62} 12.107 92.46 Io £1 12.07.1 .Milan, lire to £1 92.04} Berlin. reiehs20.43 marks to £!;. 20.46} 20.46 Stockholm, knr. 18.16} 18.159 trf £1 18.10J Copenhagen, knr. to £1 18.19 18.20; .18.159 Oslo. knr. to £1 18.19 18.19* 18.159 Vienna, schillings 34.55 34.584 Prague, knr. to £1 104 164 24.02 193 193.23 to £1 193 Madrid, pesetas to .£1 33.80 J 33.54* 25.22} Lisbon, cscuilos to 108} 4.50} £1 108.1 Athens, drachma to £1 375 25.22i 818 813 £1 818 Rio de Janeiro, r „ pence to milreis 5u<-G4 .> r»7-64 16 Buenos Aires, pence to peso 4< o-lb 47 5-16 47.62 Bombay, pence to rupee 1. 20-32 17 29-32 18 Shanghai, pence 295 to tael -94 23‘1 Hong-Kong, pence 23} to dollar Yokohama, pence to yen — 22 5-32 34.58 Batavia, guilders 12.107 to £1 —