FINANCE AND COMMERCE

Dominion, Volume 24, Issue 150, 21 March 1931, Page 10

FINANCE AND COMMERCE

SHARE MARKET FIRM

Xeffintfton Stock Exchange BUSINESS BRISK Eleven soles were recorded on the Wellington Stock Exchange y eat " d “Vh B marslr tlO There w«”ag“n Tgoo*d deXd Although the Inqulry for ut '^ se^ 0 tt^we^ia^trong 01 "g of woolen have as heartening an effect on investors a3 There W wol r only S Sne bld recorded at the afternoon MU yesterday for Government ?^t. ri B e o S nd S “l933j B tbe’pH=e offered being 8S fi : Vi %S ° changed hand’s at P £96/10/Ing Club debentures were steady at 10 Bank shares were in food demand with a decided upward trend. Bank of Au tralasia were wanted at £lO/2/6, a rise of 4/6 on the previous day's .price and there was a sale reported at £lO/5/-. com merciaY Bank of Australia were 3d better at 15/9. Commercial Bank or byuney hive not been quoted for a long time lX e r r s da a y t th rir aS E a nXh°, £ Australian Bank at £5/5/-, and National Bank of New Zealand at £5 were steady and unchanged. Bank of New £ South Wales advanced another 5/- to . Bank of New Zealand were in demand at 51/6, with a sale reported at ul/9, the lone-term shares were steady at "• Union Bank advanced 3/0 to £B/l-/6, and a sale was reported at the latter figure. Dalgety and Co. at £7/12/0 were 3/0 higher. New Zealand Guarantee Corporation, ordinary, were wanted at 0/a. at which figure a sale was reported Weilington Trust and Loan at £6/11/- were tin 1/-. National Insurance were a shade firmer at 12/10; New Zealand Insurance at 41/- were 6d lower and South British were also (id down at 52/0. Christchurch Gas at 24/- and Wellington Gas at 26/6 were unchanged. Gear Meat were firm at 28/-; New Zealand Refrigerating, 10/- paid, at 3/9 were 6d higher; and there were sales reported at 3/8 and 3/9. P and O. deferred stock at 32/6 were steady; Kelburn Trams were unchanged at 29/6. Wellington Woollen were firm, the ordinary at '£4/2/6 and the preference at £4/5/-. Waipa Coal (in liquidation) were again wanted at 6/6, with no sellers. Leyland-O’Brien Timber were 6d higher at N"ew Zealand Breweries were unchanged at 38/-; Staples and Co. were 1/8 higher at 36/-; Tooth’s Brewery were up 3d at ”1/9. Burns, Philp and Co. were steady at 30/-, and British Tobacco were in demand at 29/0, with sales reported at 30/and 30/1. Dominion Investments were firm at 21/3. Electrolytic Zinc were in good demand, the ordinary at 11/9, a rise of 3d, and the preference at 17/-, a rise of 2d. National Electric at 8/-, and Whitcombe and Tombs, at 54/- were steady. Mount Lyell were again wanted at 21/-, but sellers held for 7d more. Yesterday’s Quotations

Buying and selling quotations at yesterday’s final call on the Wellington Stock Exchange were as follow:— Buyers. Sellers.

DEALINGS ON ’CHANGE Yesterday’s Business The following sales were recorded on the Stock Exchanges of the Dominion yesterday :— WELLINGTON.

SUBSTANTIAL RISE

Wellington Wool Sale A GREAT CLEARANCE The Wellington Wool Sale yesterday was the most outstanding of the season. The catalogue of over 20,000 bales .was sold at high speed to very keen bidding from all sections of the trade, a very substantial rise 4n prices belngshown In all classes. Passings were very few, ana most of these were s « bse f“® ntl L n be nrlvately. The range of prices will be found on page 6. Following are the brokers’ reports: — PRACTICALLY EVERY LOT SOLD. The first catalogue of the day was 2869 bales principally crossbreds, offered by Murray, Roberts, and Co., Ltd., who report aS At ol this time of the year most of the better style wools have usually been disposed of, but owing to the lateness of the season, together with the fact that low prices have held many clips back, our offering to-day was a good deal above the usual Marsh catalogue, and some very good wools were on offer. The recent disturbance in Hawkes Bay having put the Napier sales out of action for the moment, to-day's catalogues included a proportion of clips from that district, and &ese naturally enhanced the quality of the offerings. The attendance of buyers was very large and generally representaltve of wool-con-suming centres. „ At the sale of February 13 there were signs that the low range of values up till then current had apparently touched bottom, and there was some hope of a revival in the trade. The sales which in the interval have taken place elsewhere disclosed considerably more confidence in tne market, and values in to-day's sale were on a level which few, if any. anticipated earlier in the season. From the outset it was evident that good orders were held in the room and limits considerably . less rigid than has been the case hitherto. Competition was general and exceptionally keen, often excited, and passings were of rare occurrence, practically every lot being Aiiy really super lines of crossbred brought out excited bidding at extreme prices. The bidding was well spread, all sections competing freely. France was well in the market for skirtings and lambs’ wool, which advanced sharply over late rates, and the Continental section was active, competing with Bradford on average fleece lots.

Generally speaking, the market shows an advance of from IJd to 2}d over last sale for the various grades of crossbred fleece, superior sorts advancing sometimes up to 3d. Lambs’ wool advanced from 2|d to 3Jd, and all skirtings were from 2d to 3d dearer than February. We only passed in 63 bales in our catalogue, representing less than 2 per cent. Some of our realisations are quoted below :—Ashdene, hoggets, 83d; ewes, 73d. RRB, Woodlands, AH, 83d; BE, 8d; Line., 7Jd; first pieces, 7Jd; bellies, 6d. St. Omer, lambs, 9d. Laurieston, AH. 8}; AW, 7£d; AE„ 73d; Bli, 7}d; lambs, BJd. Crosshills, AH, 9Jd; AE, llid; BE, 9Jd; lambs, 93d. Laarsund, AH, 8ld; AE, 9d‘; BE, Bd. DEB, Opango, H, 8d; E, 71d. Opawa, AE. 7d. BMcL, Totaranui, sup. lambs, 12id. Birch Hill, AW, 73d; AH, 81d.; Down cross, 9?d; BH, B}d.; AE, Bid; BE, 73d; first pieces, 6ld; bellies, 53d. Kiwi, E, 7Jd. Mills and •Mills, Brightlands, Corr. AA, lid; A, 93d; B, 8ld; bellies, 6id. AGM, Rom. E, BJd. HH, halfbred, 85d. JB over NP, AH, SRI; AE, 73d; B, 6}d. RST, A, 8d; C, 7Jd. Deepdene. AAH, Hid; AAE, 10|d. Kokomoko, AE, 7Jd; BE, 7id; BH, 7Jd; first pieces. 6ld. HMTover NZ, AW, 71 d; AE, 7id; BW. 7d. Waihirere, lambs, Sid. Holme, AE. 7|d; B, 7Jd. AHT, AAE, 7ld; AE, 73d;'BE, 6d; pieces, sid. Te Waka, AE, 8d; BE, 6Jd; DH 7|d; DW, 63d; first pieces, 6d. EES over Hahua, BE, 7ld. Norwood, A, 7Jd; B, 63d. JP over Te Whiti, fine W, 7Jd; fine E, 7d; fine H, 8d; lambs, B}d. JP over Tarata, fine W, 7J(1; fine AW, 9d. fine AE, 7Jd. Beaulieu over ERW, AH, 7ld; AE, 7Jd; B, 6Jd. JWB over W, H, 73d; E. 6Jd. Tynehall, AE, 103 d; BE, Bd. WM over B, crossbred AH, Bfd; BH, 8d; AE, Bid. TAF, AA, BJd; B. fljd. Pukeruru, CH. 7Jd: DH, 7d; pieces, 7d. RF, AW, 7ld; AE, 71(1; BW; 7d; BE, Bid. CONFIDENCE RESTORED. Messrs. Levin & Co., Ltd., report:— The total offering to-day at the fourth sale of the season was 20,000 bales, our catalogue representing 3130 bales. There was the usual good muster of buyers. The offering was largely crossbreds from Wellington, Marlborough, and Nelson districts, and some 3000 to 4000 Hawke’s Bay wools sent here as a result of the recent earthquake. There were only a few super crossbred lots, the bulk being average top-' making wools suitable for Bradford and the Continent. There were some ordinary lines of merino and halfbreds. Since the improved tone of the sale at Wellington on February 13, the market has shown a somewhat sensational advance. Strong Japanese competition, for halfbreds and good crossbreds had forced the pace at the southern sales, and the Australian market having felt the same influence, tho improvement has been extended to the London market. This has changed the tone of the buying world, which during January and February was so depressed and lacking in confidence that it was freely felt that even the then low prices were going to give way to a still lower range. Confidence has been restored and buyers from all quarters are now in the market seeking to cope with orders from the manufacturing end. The economic condition of tho world is such that anyone has to be very opiinistic to look for an immediate return to prices that will cover the cost of production of wool, which is materially in advance of present-day prices; but tlie increased prices to-daj' are satisfactory, even to the majority of those who have already sold, inasmuch as it makes the future less dark than it has been. With wool on the new level and meat where it is, farmers cannot look forward to next year with any great hope of balancing budgets, but this rise has given some hope for something better next year, particularly if the accumulation of unsold wool is out of the wav before next season. If meat will only follow suit, the outlook would be greatly improved, for then there would be some stability in stock values. All sections of the trade were operating strongly. Bradford. Japan. Germany, and France for nil grades of crossbreds, ’ halfbreds. and merinos, and America for any supers. The local mills were anxjous to secure further supplies of merino, halfbreds, and lambs.

Merinos were not of the best quality. Bradford, German, and French buyers secured most lines at an advance of IJd. to IJd. Halfbreds advanced 2d to 2jd.

The keenest demand of the day was for any extra superfine crossbreds, 48/50's and 46/48's quality, America and Japan forcing the pace for the limited supply available. As high as 12d. was paid, and a few lots ran from 9Jd. to 10}d. On these wools there was an advance of at least 3d. on February .13 sale here. The bulk of the best fine crossbreds ranged from BJd. to fkl., the rise on these being 2d. to 2jd. Medium crossbreds 44/46’s of all grades advanced 2d. to 2}d., meeting witli all-round competition. Coarse and low crossbreds 4/44's and 3(i/40’s showed an advance of 2d. to 2Jd. Inferior and seedy crossbreds advanced IJd. to 2d. Hogget wool met with the keenest demand. and also lambs. The latter was req aired by local mills, France and Australia. and advanced 2d to 3d; 12R1 was paid for an extra well-grown parcel. Bellies and pieces showed an advance of IJd to 2jd. We had practically a complete clearance of our catalogue. The following are some of our results:— Merino.—Patriarch, 18 bales 3?d; Stronvar. 32 bales B}d, 19 bales 7J(I, 5 bales 71(1. Halfbred: Stronvar, 8 bales BJd; Kaiwarra, 4 bales 9BL 4 bales Sd. Down: Various, 11 bales 12ld: Kaiwarra. 11 bales 12(1. Crossbred. —PL in diamond. 4 bales GJd; B diamond B, 19 bales 7?d. 4 bales Gid, 9 bales 81(1. 9 bales B}d; Mill Hill, Ifi bales 81d: GMW, 12 bales 7}d, 4 bales 7}d; JGS. 9 bales 7d: Bloomfield/Farm. 4 bales 7(1: IIIIW, 4 bales 71(1: FAC, 4 bales 71 d; WB/O, 6 bales 8d: CE/trinngle, 4 bales 81d: JM/Taratahi, 12 bales Bd. 4 bales 7d; If & T/Glentui, 4 bales 8?d, 21 bales B]d: Maraekowhai, G 1 bales 7i'd, 9 bales Gjd, 36 bales II Sd: Hilrado, 8 bales o}d; WL, 4 bales 71(1; Khyani, 21 bales 81d, 5 bales 7jd, 5 bales II 9d; AM/Burnside, 32 bales Bd, fi bales 71(1. 5 bales II 83d., 13 bales II 7:1(1: F.TB, 14 bales 73d; Lowlands, 19 bales Bd, 12 bales II B}d; EG/PU, 7 bales 7?d; Bewa Bewa, 18 bales 91(1, 8 bales 9}d. 9'bales Bd, 4 bales-71d, 23 bales Sd. 4 bales Gid. 5 bales H 10(1, 6 bales II 91d, G bales II Bid: Waiomio/FW.T. 6 bales 71(1, 8 bales 71d, 4 bales GJd; HMS, 13 bales S?d, 4 bales 81(1, 4 bales II 81d ; MOA, 19 bales 7id: TEC. 3 bales II 91(1: WIW—2, 13 boles 7}d: GSB/00. 5 bales 71(1; ITakari, 19 bales 5Jd; S.T & HRS. 39 bales l2 bales H 8d: Ekeniti, 20 bales 7d. 10 bales IT 7d: HWK/OHAU, 19 bales 71(1, 7 bales Gid: J HR/Para nui, 37 bales Gid. 15 bales If Gid; IS. 4 bales Sd; AAS, 5 bales 7jd: EC/Monavale. 21 bales 71(1: Kildoon. 23 bales Gid: GER, 7 bales 71(1: F.IB, 1G bales 7d: CEMR. 10 bales Gid, 4 bales II 7}; ADM. 12 bales 7d: ft reversed MP, 8 bales 7}d. 5 bales H Sd: Maire/XX, G hales 7?d : Hoheria. 16 bales 71<1; VEV. 10 bales 7Jd; HH/B, 11 bales 7d; Clifton Downs, 11

bales 7}d; Kaingara. 4 bales Tld.; JJJ, 4 bales 6id; HVK, 7 bales 7d; MR, 4 bales 7id; EAH/HUK, 5 bales 6d; Te Munga, 14 bales 7id, 9 bales 6Jd, 4 bales 53d, 0 bales H 7Jd, 10 bales H 7d; Valdor, 19 bales 7id; Hlnakura, 11 bales 7Jd. 14 bales 71d, 5 bales 6Jd, 4 bales 7}d; NAE, 4 bales 71d, 6 bales 7d, 6 bales 6J-d: AW/R, 5 bales 7d- TGR/P, 7 bales 7d: AB/Opaki, 4 bales 7ld, 4 bales 7d; H/Y, 6 bales 73d; WM/B, 32 bales 7|d; PY/Pukera, 10 bales 7ld; RiEN/Ruru, 9 bales Bld, 12 bales 9id, 12 bales BJd, 10 bales 7}d, 5 bales 7Jd; Ardlelgh/VD, 27 bales Bd, 5 bales 7d; ACM/B, 31 bales 8d; CHD, 6 bales 6Jd; INES, 10 bales Bd, 9 bales 7Jd, 6 bales 7d; Sudbury, 19 bales did; T over half-circle, 4 bales H 7}d; CR/Claremont, 22 bales 6d; ML, 13 bales H 8d; WJA/M, 16 bales 7d; Manaakl, 16 bales 7id; T&J/S, 10 bales 7d; Kopjes, 13 bales 7d; .IPS. 20 bales 7d, 13 bales H 7Jd; JR/TE Moana, 21 bales 6Jd; CJN/Walpoto, 8 bales 7id; JSS/C, 7 bales B}d, 10 bales 8d; Jenolan, 17 bales 7}d, 8 bales 75d; AGA, 6 bales 7Jd; WB/O, 6 bales 7}d; Parkhill. 6 bales Bd, 15 bales 7Jd, 9 bales OJd; Patukl, 42 bales 7Jd, 10 bales H 7d: C/Moltapu, 13 bales 7}d, » bales 74d; MB/Hakawl, 23 bales 7id, 8 bales Bd, 7 bales H 8d; ETM, 16 bales 7Jd, 4 bales II 8d; RSW, 17 bales 7?d, 4 bales 6Jd; DRL, 4 bales 84d, 8 bales 7jd, 5 bales 6}d, 7 bales 6d; Taiparl, 34 bales 6Jd, 27 bales sd; DRL, 4 bales H 8d; GOS, 4 bales 7}d; Lovat, 32 bales 7}d; K/Ruahlne, 10 bales 7RI, 7 bales H 7jd; T in circle, 12 bales 74d; Hula, 31 bales 7Jd; Peninsula, 15 bales 7Jd, 12 bales 7d, 11 bales H Old, 8 bales H B}d; HBM, 5 bales B}d, 7 bales Sid, 6 bales 7Jd; HKJ in diamond, 5 bales Sid, 5 bales 6id; LWW, 12 bales 7Jd, 6 bales H 101 d; BL/Makaraka, 29 bales 75d, 17 bales H 7}d; AL/R, 9 bales 65d; Kaiwarra, 8 bales med. prepg. BJd, 4 bales c’se 9id, 8 bales F. carding Sjd, 8 bales med., carding 7}d, 8 bales 9id, 4 bales Bid, 13 bales Bd, 6 bales BJd, 12 bales F 9d, 9 bales F 7}d, 9 bales F 7id, 11 bales med. 74d; Kaiwarra, 10 bales c’se. 7}d; JAM/Wainui, 4 bales 6Jd: JE/W, 6 bales 6d; CG/GH, 9 bales 5Jd; YB conjoined, 8 bales 7Jd; HWK, 13 bales 7id. Lambs.—Maraekowhai, 9 bales 8d: Rhyani, 4 bales 91d; AOM, 4 bales 71d; VEV, 4 bales 7d; CCH, 5 bales «}d; WM/B, 4 bales lid; Ardleigh/VD, 5 bales 91d; BL/Jlakaraka, 5 bales 9{d. EXPECTATIONS EXCEEDED. The New Zealand Loan & Mercantile Agency Company Ltd., who offered 4319 bales, report: It was anticipated from the latest reports from London that prices would be higher, but from the outset of yesterday’s sale it was soon apparent that clients' most sanguine anticipations would be exceeded, for from the very beginning of the sale competition was most spirited, and, at times, excited. Comparing prices with those realised at Invercargill last week, these can be quoted from id to id dearer, but comparing them with the last Wellington sale they can be quoted from 2d to 3d dearer, with the result that almost a total clearance of the offering was effected. The wool opened up on the whole m very good condition, but a few of the hoggets, owing to the adverse climatic conditions during the winter and spring, were tender. At this sale there was a better display of lambs’ wool than at any previous sale this season, and in this section Continental competition was very keen and prices advanced ' quite 3d per lb. Bellies, pieces, and locks were also in strong demand by Continental buyers, and prices as compared with last sale showed an appreciation of from 2d to 24d per lb. As at recent sales, the strongest competition came from Continental and Japanese buyers, with Bradford picking up odd lots suitable for their requirements. Our highest price was lljd, realised tor a very nice line of 9 bales crossbred. Another two lots of six bales each realised 103-d. A nice line of pieces realised Sd, and for lambs’ wool our highest price was IOJd.

The fbllO'Wing are some of the prices realised-

Mironui H, 7d E 6}d to 6id; UL/K, crossbred 7d: Torohanga, AE 71d, BE 71d, A lambs lOld, B lambs 8d; Leatham, mer. H 9d. mer. A 83d, halfbred BJd, mer. pcs. 6jd; MON/H, crossbred 7Jd; Flag 7}d; Cairn, E 6?d; Jap/FE, 7d; DRL S’Dn, 9d; GEF, E 7d; Alice, E 6}d; JM/M, halfbred 9d; RST, crossbred 73d: D NAT. halfbred BJd; WGW, crossbred 7Jd; EMOH, crossbred 7Jd; Willowpark, S’Dn 9d to lOd: Hartleyhills, crossbred A 93d, halfbred B 9d; Wrekin, half-bred H :9d, halfbred E 9Jd to lOd; Langleydale, mer AAA 9Jd, AA 9}d, A B}d, halfbred BJd to 9jd, crossbred fijd to 9d. lambs 7}d; ASK, H Bd, E 7|d; Owalbay/FP, halfbred H Bd, halfbred E 83d, three-quarterbred H Bd, crossbred 6}d to 7jd, first pcs. 6d.; RTL/CB. Corr. 9]d: EKK/E, crossbred 61d; IK/Ngaio, crossbred 7d; HO/Apiti, H Bd, E 7d, lambs Did; Rodney, crossbred 63d; Tekopi/WP, AH 73d, BH 7{d, crossbred s}d to 71d; RFP„ halfbred Bd, crossbred 6Jd, AS, crossbred 6}d to 7}d; Awapiri, first II Bjd, H 7-? d, mer. AW 9d, AE BJd, halfbred Sjd to 9d. crossbred 74d; SN/E, crossbred 73d: JC. H 74d, W 7d, E 73d; KP, crossbred s}d. to 7d; .T.TC/Benhar, crossbred 6}d; Pukitoi, crossbred 7}d to 8d; NB/K, H Bd, E S4d; DGJ/K, crossbred 73d; Whakarongo, II Bd, E 8d; JRS/Glenlea, E 73d; B3X, crossbred 8d; TEH, halfbred Bjd, crossbred 6}d to 7Jd; WRK, crossbred 7d to 8d; Cairn, S’Dn, 93d; Parinui, AE 83d, BB Bd, crossbred 5d to 6Jd; Glengyle, mer. Bd. to BJd, halfbred 9d: R.R/W in block, crossbred 6}d to 7d; WC/SR, half-bred Bid, crossbred s}d. to 73d; AEB, H BJd, W 7Jd, E 73d, Line. 63d; V/Pokorun. crossbred 7|d to 8(1; CJS, crossbred 7(1. to 71(1; JB/Mangtau, H 7d, E 73d; GX/B, crossbred 73d; HHT/K, Rom. 7Jd, UT halfbred Sd, crossbred 6Jd; DHG/K, Ryeland 7(1, Line. 6Jd, WO halfbred 81d, crossbred 6.3 d. to 74(1; IJF/Ngarara, crossbred 63(1; EJG/Pohui, H 84(1, E 74d to 8d; MOY, H B}d, E 8d; Ngaparari, fine 7d, A 61(1; GD/ Matuku,, AAH DJd, AH 84(1, AAE BJd, AE 8(1, pcs. and bellies 53d to 61d; Edzell. halfbred 93-d; Rahul, crossbred fijd; DM/MT Adams. II 7Jd, E 6}d to 7j(l: Burford, Suffolk Bd., Down 74(1. DX 9(1, halfbred 9d. three-quarterbred 73d, crossbred II 63d to 81(1. crossbred 6Jd to 71(1. Bin Wools.—-Mer. 73d. to BJd. halfbred 73(1 to 93d, threc-quarterbred 84(1, Corr.edale 84d. fine crossbred 63d to 73d, med. crossbred 6Jd to 6Jd, low crossbred 4jd to 64d, halfbred bellies and pieces BJd. crossbred bellies and pieces 34(1 to 5(1, dead 7(1, locks 3}d, eruts. 34(1 to 4}d. “TURN OF THE TIDE AT LAST." Wright, Stephenson and Co., Ltd., and Abraham and Williams, Ltd., offered a catalogue of 2692 bales, including 500 bales on account of the Hawke’s Bay Farmers’ Co-op. Association, Ltd., and sold 98 per cent, of the total at auction. They report that for certain classes of wool there was a spectacular rise in values, “and although on the whole, the strengthening movement will be gradual, it seems obvious that the long overdue turn of the tide of receding prices has occurred at last.” Some super wools showed an advance, compared with the last Wellington sale, of 3d per lb, and occasionally more. Average wools improved from 2d to 2Jd per pound, inferior 14d to 2d. lambs 3d, bellies and pieces 2d to 2ld. The depressing influences ruling of late have been displaced by a healthier feeling, and the tone of the market to-day certainly indicates gathered strength. The bulk of our catalogue consisted of clips from the Manawatu and Rangitikei, with a smaller selection than usual from I he Wairarapa and Nelson districts. Some of the prices realised by us were as follow:— Crossbred Hoggets.—WM/Kaituna, 8 bales at 94d: JCS/WK, 5 bales at 53d; Awapiripiri, 17 bales at 84(1; HP/L, 5 bales at 8d; Kerorn. 4 bales at 8(1: AO/ Lindale. 5 bales at S4d; Boxhill, 4 bales at 8J(1; Makanui. 8 bales at 83(1; ARB. 18 bales at 8d: VS/Lonehand. 9 bales at B}d; Waerenga/D. 5 bales at 73d: WS/Ashmore, 4 bales at 84(1; WSH, (I bales at Sid, 7 bales at 7}d: Summerhill. 7 bales at B}d, 10 bales at B}d, 4 bales at 74d; Te Kiekie, 11 bales at 7jd; Ataliua/D. 17 bales at 8(1: Ngapotiki/diamond. 4 hales at 8(1: Manor!, 6 bales at 7d: BC/U, 4 bales at 74(1; MCT, 7 bales at Sd: Lasignv Farm.-9 bales at 73(1: EBB. 4 bales at 7jd: HM/MB, 4 bales at 73d; NPS, 9 bales at 74(1: .TAA/Tura, 4 bales at 7(1: JOB. 4 bales at 8d; EV/A, 4 bales nt 74(1; ALM/Motuiti, 10 bales nt 7-jd.-Crossbred.—WCS/Waroliornc, 4 bales at 101(1. 4 bales at Old; JRN, 5 bales at 9(1, 5 hales at 71(1: HOD. 4 bales at 81(1: WHS, 14 bales at 9]d, 30 bales at 71(1, 12 at 7(1; LAA, 4 bales at 8(1. 13 bales at 7:1(1: JOS, 7 bales at 74(1; AJ. 5 bales at 74d, 8 bales at 7d: AS/A, 14 bales at 7jd: 11. 4 bales at 8(1: JCS/WK. 18 bales nt 8(1. 9 bales at 74d: AMK. 10 bales at 7(d; Waerenga/D, 8 bales at 73d. 4 bales at 71(1; AJA. 6 bales at 7jd: JSN/N, 6 bales at 7(1: WS/Ashniore. 11 bales at 73d. 5 bales at 7(1: Ben Lomond, 0 bales at 7d: JC in half circle, 6 bales at 74(1: IRS. 32 bales at 71d, 32 bales at 7ld: WSS. 11 bales nt 73d: PCR, 8 bales at 7(1; JJW, 4 bales at 7(1: ZZ/Taderoft. 28 balvs nt 74(1: JH/K. 4 bales at 7|d: EWP/Motea. 5 bales nt 71(1. 7 bales at 7d; HTC/Mnkino, 5 bales at 71(1: GM/L. 6 bales nt 73(1; Awapiripiri. 43 bales nt 71(1. 12 bales at 7(1: PB/Awnriki, 11 bales at 73d; H.IL, 12 bales at 7J(1; ITHL. 10 bales at. 7d: EBTJX/FF, 6 bales nt 71(1: F/BUX/JWS/trlnngle. 21 bales at 7(1; SBS, 7 bales at 71(1; JG/L. 12 bales at 73d; J3H, 11 bales at 7(1. 11 bales at 74(1; MCT, 5 bales nt 7d: RF/Ngapaenga. 4 bales at 7}(1: Kercrti, 6 bales at 73d; DMC, 9 bales nt 7d: JMII. 8 bales at 7(1: DL/R, 5 bales at 7(1: NIL 4 bales at 7d ; AVJ/Te Hinn. 8 bales at 74(1: RD/K. 15'bales at 7d: MCC. 8 bales at 7Jd: A.TO/M. 9 bales nt 74d: JE. 5 hales nt 7d; AO/Llndale. 8 bales at 73d; EBUX/DITB, 4 bales at 73(1; Boxhill, 9 bales at 74(1: JL/A, 9 bales at 74(1: Makanui. 9 bales at 7jd, 9 bales at 71(1: Hit/ MB. 6 bales at 73(1: NPS. 9 bales at 74d: A/OKTI. 11 bales at. 7(1: WTL/K, 4 bales nt 7il: MCT. 10 bales nt 7(1: GII/I’N. 13 bales at 73d ■ EES. 9 bales al 7(1: Homebush. 12 bales at 71(1: ILL 7 bates nt 7(1: WGA. -1 bales at Sd. 10 bales at 7’|d. 4 bales at 7ld: VS/Lonehand, 26 bales nt 71(1: WM/ Knltnnn. 26 bales nt 73d: EBTIX/PA.T. 0 bales nt Rd: JF/Rosebank. 13 bales at 71(1. 17 bales at 74(1, 34 bales at 71(1.: AM/R, 4 bales at 7d; Summerhill, 5 bales

at Bd, 16 bales at 7Jd, 12 bales at 7Jd, 6 bales at 7{; Te Kiekie, 26 bales at 7jd; Athura/D, 22 bales at 7Jd, 9 bales'at 7jd; E V/A, 8 bales at 7jd, 6 bales at 74d; JEL, 1.1 bales at 7jd; ALM/Motulti, 4 bales at 7d: GMR/L, 7 bales at 74d. JAPANESE COMPETITION. The Wairarapa Farmers’ Co-operative Association, Ltd., offered 1055 bales. They report that Japanese competition was a feature of the sale, although all sections of the trade were keen bidders and purchases seemed to be evenly spread. Prices, compared with the February sale, may be quoted as follows:—'Super wools. 3d higher; average, 2d to 2Jd higher; inferior, lid to 2d higher; and lamlbs, 3d higher; bellies and pieces were lid to “id higher. Among our sales the following may be specially quoted:—K/Kohatu, 5 bales AA crossbred ewes, sold on account of W. Eric Knight, at Hid; Pukeatua, 13 bales AA hoggets and ewes, 10id; and WHM/ Lovat. 4 bales A hoggets at lOd. Hoggets.—WHM/Lovat. 4 bales at lOd; K Bros., 13 bales at Ojd, 8 bales at Jjd; Pukeatua. 17 bales at 94d, 4 bales at B}d, 5 bales at Sid; Mortou/OL, 5 bales at 7Jd; Mangapari, 13 bales at Sid, 10 bales at 7Jd; JFH, 5 bales at 7Jd, 4 bales at 7d; Milverton. 5 bales at BJd; WW/W. 8 bales at 7jd; Various. 9 bales at B{d; Quay. 4 bales at 7}d. Ewes and Wethers.—K/Kohatu. 5 bales at Hid, 55 bales at Bd, 20 bales at 7}d. 5 bales at 7d: Pukeatua. 13 bales at 10id. 17 bales at 91d. 47 bales at Bld. 41 bales at Bd. 4 bales at 73d; G2, 9 bales at 7id; K Bros., 25 bales at Bd, 15 bales at 71d; WHM/Lovat, 17 bales at 9id. 9 bales at 8d; Milverton. 5 bales at 81d; JO/I, 46 bales at 8d; Limehills. 11 bales at 7jd, 7 bales at 7id'; Mangapari. 22 bales at 74d. 39 bales at 7id; Tarua, 11 bales at 7d; GG, 12 bales at 7Jd; JDM/PHA. 4 bales at 7d; MSA/ PHA, 17 bales at 74d; JT inverted, 5 bales at 7d: JP/Tewhiti, 29 bales at 7jd. 9 bales at 7Jd; JFH. 5 bales at 7Jd. 13 bales at 7id; JPP, 6 bales at 7d; WA/H. 5 bales at 7jd; GC/K. 7 bales at 7d: SN/E. 20 bales at 74d, 10 bales at 7d; CD/Mt. Donald, 17 bales at 71d; Tetui. 6 bales at 7d; 88/W, 15 bales at 74d; DLB, 8 bales at 73d; ORP, 14 bales at 6}; WWW under arcs. 4 bales at Old : HS/MIRO, 10 bales at 8d; WW/W, 16 bales at 6jd; Hinau. 8 bales at 63d; AC/P, 4 bales at 6}d; SB/O. 4 bales at 9d, 4 bales at 6Jd; GG in diamond, 4 bales at 6d. Lambs. —Reefhill. 6 bales at 73d: .MSA/ PHA. 4 bales at 8d; JFH. 3 bales at Sd: Morton/OL. 2 bales at Sd. Southdown.—Wlwaka, 5 bales at lOd ; WHM/Lovat. 3 bales at 91<1; GC/K, lOd; Quay. lOd; MSA/PHA, lOd; JFH. lOd: K/Kohatu, lOd; JO/L, lOd. Necks and Pieces, etc.—K Bros.. 4 bales at 6?d, 5 bales at (id; Pukeatua. 4 bales at 7id, 13 bales at 6d; K/Kohatu. 4 bales at 6}d. 4 bales at 6d; Mangapari. 10 bales at 6}d. 7 bales at 53d; JFH, 4 bales at (Hd;Quay. 5 bales at Bid: JO/t, 1 bales at Gid; Reefhill, 3 bales at 61d. Crutchings.—JP/Tewhiti, 7 bales at 51d; JO/t, 4 bales at s}d. 3 bales at 41d; Quay. 43d; Pukeatua. 43d; WW/W, 43d; MSA/PHA. 43d. ' EVERY LOT SOLD. Tlie Now Zealand Farmers’ Co-operative Distributing Co. Ltd. offered a small but most attractive catalogue of 1300 bales. Included In Hie catalogue were several exceptionally well-classed and skirted clips of Romney and Romney crossbred, showing style and quality, from the Wairarapa. Rangitikei, and Orona districts, and these, under animated competition, made high values. Japanese buyers took the bulk of our super-styled lots, with Continental and Bradford representatives keen competitors for wool suitable for their requirements. France and local mills were the principal purchasers of lambs’ wool, while these interests, with the addition of German and local scourers competition, made the sale of oddments n most successful one. Tim sale was n splendid one from start to finish, and we sold every lot offered under the hammer at prices, we are pleased to report. 3d per lb for super-st.vled lots, lid Io 2d for average to good, and I}d to 2il for Inferior, higher than at our last sale. Super lambs also showed an advance of 3d. and pieces, bellies, etc.. 2Jd per lb on lute crossbred ruling rates. Onr lop prices were 12d per lb for 8 bales super crossbred from Feilding district, j branded JD/Ngatawa, ll{d for 3 bales lambs of same brand, and Hid per lb for .

“STILL GOING STRONG”

London Wool Sales Firm ADVANCE IN CROSSBREDS Xiondon, March 19. The aggregate offering to-day was 12,557 bales, and approximately 95 per cent, of the total catalogued was sold. There was a large and representative selection of greasy merinos and a moderate supply of ecoureds, with a good selection of all other sorts.* Stroqg competition at full late rates was maintained. Realisations were: New Zealand crossbreds, “Tlt1" Mid to 10}d; “Paipahana,” 7Jd to 7id. Wright,Stephenson & Co. Ltd. and Abraham & Williams Ltd. report having received cable advice from their London house regarding the London wool sales reading as follows:—Wool sales continued; market continues active. Competition animated. Continental - and Bradford chief operators. France operating freely. Selection good. Greasy fine halfbred, 56/58, lOd; greasy halfbred, 50/56’s, 9}d; greasy threequarterbred, 48/50’s, B{d; greasy flne crossbred, 46/48's, 8d; greasy medium crossbred, 44/46’s, '7Jd; greasy crossbred, 40/44’s, 7jd; greasy crossbred lambs,- 46/50's, 81d; greasy coarse crossbred, 36/40's, 7d. Murray, Roberts, & Co., Ltd., are in receipt of the following wool market cablegram from their Loudon agents, dated March 19:—Sales continue with a good tone; competition keen; all sections operating freely. Compared with present London sale’s opening rates, greasy merino, best descriptions, market firm; greasy merino, wool suitable for Continent, advanced 10 per cent.; wool suitable for Yorkshire advanced 5 per cent, to 10 per cent.; lambs, merino, greasy, advanced 5 to 10 per cent.; scoured merino advanced 10 per cent.; crossbred greasy come-back and crossbred greasy fine advanced 5 per cent.; crossbred greasy medium and coarse advanced 73 per cent.; slipe fine crossbred advanced 10 per cent.; slipe, other descriptions, and crossbred scoured advanced 5 to 10 per cent. Dalgety and Company have received the following report from their head office:— Wool sales continue active, with brisk competition ; very full clearances. Home trade buyers operating freely, Continental buyers operating more freely than at the opening, except Germany, who are rather quiet. As compared with closing rates of last series, merino super 15 per cent higher; average and inferior merinos, broken fleece, and pieces, 20 per cent, to 30 per cent. Higher; fine crossbred greasy, 20 per cent, to 25 per cent, higher; medium and coarse crossbred greasy, 25 per cent, to 30 per cent, higher; good slipe, 15 per cent, to 20 per cent, higher; inferior and faulty slipe, 25 per cent, to 30 per cent, higher; lambs, 10 per cent, higher. YET ANOTHER RISE Bradford Tops Harden Bradford, March 19. The Bradford tops market shows a hardening tendency. More business is doing. To-day’s quotations compare as follow with those previously cabled:—

Wright, Stephenson & Co. Ltd. and Abraham & Williams Ltd. report having received cable advice from their Bradford agents regarding the tops market reading as follows: —Merino tops 3d up; all crossbreds 3d to Id. A little less business passing; users of tops are well covered.

SHEEPSKINS ALSO Big Advance in Prices Murray, Roberts, and Co., Ltd., have received the following cablegram from their London agents, dated March 19:—Sheepskins advanced 25 per cent, to 30 per cent. Dalgety and Co., Ltd., have received the following report from their head office: — London sheepskin sales: Good demand except for shorn and damaged pelts, -fvhich are neglected, prices being unchanged. Fof New Zealand, all qualities, sound pelted 30 per cent, higher, inferior 25 per cent higher, as compared with closing rates of last sales.

7 bales AAE branded Kotuku, from Talhape. Our principal sales were as follow: — JD/Ngatawa, 8 fine crossibred 12d, a med. crossbred 83d, 3 lambs Hid; CEC/C, 5 flne crossbred 91d. 4 med. crossbred 8d; Walkou, 9 hog. A Sjd, 22 crossbred A 7}d; Flatspur, 7 HA Sjd, 17 EA 7Jd, 4 Line. 6Jd; Kuru, 9 fine crossbred Sd, 15 med. crossbred 8d; JS/S9, 10 HA 85d, 16 HB Bd, 14 EA S4d, 29 EB Bd, 9 first pieces 64d, 7 bellies 6(1; Kotuku, 10 AAH fine Bjd, 5 AAH 84d, 4 AH Bd, 7 AAE fine Hid, 15 AAE Bi'd, 11 AE B}d, 9 AE med. Bd, 7 BE 73d, 0 first pieces 63d, 0 bellies sjd; OS/ Linkfield, 9 E 73d; K/Wairere, 9HA 7Jd, 9 HB 7d, 22 EA 7}d, 19 EB 7d, 4 EC 6Jd; WTF/M, 4 H Bid, 4 fine crossbred Sd, 7 med. crossbred 7jd, 8 stg. crossbred 73d; AR/Pukenul, 10 EA 74d; GM/Greenfleld, 8 II Bd, 27 EA 73d,‘7 EB 6Jd; Rin circle, 5 EA ’73d, 5 EB 6Jd; Flagcreek, 14 EA 7Jd, 9 first pieces 6d, 5 first lambs 7Jd, 4 second lambs 6id; RFM/MV, 9 necks 7id; Birthday Hill, 5 H 7id, 12 AE 7d; Ngakonul,—P, 15 AB3d, 19 B Bd, 12 C 7}d, 0 Cots 73d, 7 first pieces OJd, 4 bellies 53d, 6 first lambs Bd, 5 necks 7d; LGN, 35 E 7{d; DR 4S/Dn, H 83d, H S/Dn E P3d, 6 Rom03d; HB, 11 EA 7Jd; Gadj/Tamata, 8 Rom. 73d; RBC/F, 6 E s}d: Tekawhia/HM, 9 E and H 73d; GHI, 8 H 7d, 8 E Gid; HD/HR, 4 crossbred (Id; Moturata, 7 E 7d; AL/K, 4 H Bd, 6 E 7id, AW, 4 E 6}d; DXL, 11 crossbred 7d; AF/M, 11 crossbred 6Jd; Wairepo, 13 DA 7d; JHD/Hohere, 15 crossbred 7d: JEM, 7 E 64(1; JJH, 12 E 73d; Sign, 10 E 73d; AHE/Terata, 8 E 73d; RW/K, 10 E 7id: HFC. 5 E and H Bd, various M Cots 6}d; AI/U, 10 E 7d; JHD/ Tomaire, 4 H 7d, 11 E 64d; Makarirl, 14 E 63,1; AIRD. 4 H B|d, 8 E 73(1; RT/Atea, 15 crossbred 7J(1; WHH/F, 9 Rom 73d; CAM, 10 H Bd. 22 E 73d; GM/A, 9 H 73d, 19 E OJd; KJM, 11 E 63d; CG, 9 E 6Jd; DES, 10 E 73d; DA/M, 4 H 7d, 13 .crossbred fine 7jd, 9 crossbred 03d; Bushybank, 4 E 63d; EJ, 4 B 6}d; OA underlined, 9 H 7Jd; HQ, 8 crossbred 73d; WWD, 8 S/Dn 93d; DCS, 7 crossbred 7jd; MK/K, 5 crossbred med. 6}d. various 17 crossbred stg. 73d; Aird, 4 Rom. 73d, various 14 crossbred HA Bd, 11 crossbred flne Bd, 19 crossbred med. 7d, 14 locks 3jd, 10 flne D 7Jd, 17 first lambs 94d, 17 lambs 63d, 18 bellies sd, 11 first pieces 6jd; Co-op., 6 crossbred C 7d. 9 crossbred fine 73d, 6 necks 73d, 5 D 63d, 5 dead 63d, JC/C, 6 E 63d; F reversed P/R, 5 E 74d, various 10 S/Dn 63d, 7 etgs. 4fd. MOST SUCCESSFUL SALE. Dalgety and Company. Limited, report:—The most successful sale in the North Island this season was that held yesterday, when a total offering of 20,000 bales was submitted. The offering mainly comprised crossbred wools of medium quality and condition, with a sprinkling of supers. The sale was, from the outset, animated, often excited, all sections of the trade endeavouring to secure supplies at limits. From the offering of the first catalogue the Home trade made strenuous efforts to purchase, but generally, especially on the super wools, their limits were below Japan and U.S.A, buyers, Germany was well in the market for wools suitable for their trade and bought freely. Italy was also a good buyer, and France came in strongly for lambs’ wool and good bellies and pieces. As compared with last Wellington February sale, we quote super crossbreds 3d, average and inferior 2d to 24d, lambs’ wool 2Jd to 3d, bellies and pieces 2d to 23d all higher. It is now most satisfactory to be able to report a decided and pronounced rise in wool prices; the long-looked-for happening is long overdue, and rates ruling in the cqrlier sales were at so low an ebb as to give no return to the grower. The present rise has come suddenly and could not have been expected by the buying side of the trade. The wool industry before to-day in the post-war period has had an abundance — even a superabundance—of wool, but not until now an abundance of cheap wool. Today it has cheap wool and access to plenty of it, and it seems surprising that delayed and hesitating buying ha's ruled for so many months. To-day it has cheap wool and plenty of it, and surely the existence of cheap wool and the prospect of manufacturing textiles from virgin wool must attract the communities of the world to buy more extensively. That this more extensive demand for wool products will eventually come about, there is not the least doubt, and it is only a few years ago when wool textiles mafle from the virgin product attained the position of luxury articles. Virgin raw material is now so cheap that it is possible to place real wool within tho reach of even the poorest sections of the community, which Is a matter for congratulation. To-day the industry seems to be getting down to a bread and butter basts, from which there is no escape, and fancy prices for wool and wool textiles have disappeared. The first to suffer financially in the process of reconstruction have been the growers, and secondly, the wool manufacturing Interests, the latter having been caught between the fall in values nt the raw- material end, and in the adjustment of prices in. the distribution section of the trade. Although prices appreciated suddenly yesterijav. wool is still selling under cost of production, and with an average general improvement in the world’s trading conditions there Is no reason for pessimism In the future outlook for the textile Indusare not inclined to the opinion that the rise has been too sudden, and it now seems evident that those so closely connected with the manufacturing,side of the trade have badly misjudged the position, and are now waking up to the fact that wool has been too cheap. Japan and the Continent have been valuable clients to the Dominion growers, and their competition has done much to put the market where it is to-day. Japanese competition is non-existent in the Old Country, and when it is understood that purchases on behalf of Japan amounted to approximately 3110,090 bales In Australasia last season, shows at once the value to the colonies of having such a client. It is interesting to note the average price per bale realised in Wellington so far

Our catalogue comprised a range of good useful wools, mostly crossbreds, and out of 4800 bales we sold 4700. In halfbreds we made Hid for 6 bales branded “Welbeck,” our ’top price This was a nice line of 56/58 quality, well grown and light. In crossbreds, Eastry BJd, M/Fernlea Sid, HJF Bld, Clunyhills 8)d, Dartmoor B{d, CEV/Pukenul Bld, were among our lop sales, all good crossbreds, sound, light, and well grown. In lambs, Clunyhills 103 d, AS/P lid, were outstanding lots. In estimating the 1930-31 Dominion offering and sales it is now apparent that a heavy shortage will be recorded when compared with the previous year, and it seems as if the estimated heavy carry-over of old wools has melted—probably mainly to shipments overseas. The New South Wales selling season has virtually ended, and in that centre about 1,000,000 bales have been disposed of. In the North Island we have two sales to dispose of for March—Wanganui and Auckland—and in April one at Wellington and Wanganui. We expect good catalogues at both centres for April. Tho following is a range of our principal realisations:— Halfbred.—Six Welbeck, Hid; 8 DCO/ WI in block, 93d; 3 Tuhirangi, 93d; 5 HJF. .9Jd: 7 WHC, 9Jd; 9 Bruce. 9ld; 11 JSS. 9Jd, and 7 at Sd; 7 Pokokini, ; 7 FH/W, 93d; 5 CG/M. 8ld; 11 Murimotu, 73d; 6 TB/N, 8ld; 6 Grove, 81d; 4 EPH, 9d: 4 JWP, Sid; 3 RB/S, 9Jd; 9 NS/T. B}d; 12 Erewhon, 9ld, and 15 at 9d and 31 at Sid; 4 MAP. BJd: 3 O/Kuku, Bd. Crossbred. —Eleven WPF, B}d; 14 AHF. 8d: 8 JWM/S, 7d; 17 Ilunua, (lid: 17 WDW, 7id: 17 Dunira, 7Jd; 4 Gleniffer, 7Jd; 4 RIIG/BTE, 7d; 4 WH, 61 d; 10 HO, 6d • 21 RM/lVaitui, 6}d : 12 Wairakau, 7ld ; 10 JCE, 7d; 14 H-D, 7d: 8 EP/Nydla/Bay, 71d; H Lake/fltatlon, 6;d; 5 T.TA, 7ld; KOO. Old; 6 .TUB, 7id: 20 TC/GTD, 63d; 4 WSF,’63d; 18 JMM/=Y. 7ld; 13 WAL, 7Jd; 4 JRW, 7ld; 6 JR/H, 7ld: 2,3 M/ Fornlea. Sd: 22 JOPungatawa, 7d; 7 ASB, (lid: 11 JAJ/T, 63d; 11 BD, 7}d; 19 FFP, 7id; 18 JMcK/Rams Hqrn, Bld: 4 BWP, 8d; l 8 WMH, 7d: 18 RHL/Dartmoor. 7d; 11 GW/U, 6}d; 48 Tuapaka. 73d; 18 G in diamond, Sd; 5 ARC, 7ld: 28 JAC. dd; 13 HJF, 7}d; 12 O/Kuku. 7ld; 20 WJM/X, 71d: H P and C/Matlpo, 7ld; 15 Pigeon/ Bush/Estate, 7d; 6 Dove, 7d; 12 JE/B, 71d • 7 EGW. 7d; 6 RIIR. 63d; 50 Clunyhllls 7ld: 24 AG/P. 7jd; 11 JY/Plain, 63d- 14 H9/F, 7ld; 8 WR/P, Old; 9 Surreylaic' 7d; 8 MJD, 7d; 29 CEV/Westward/ Ho 7d: 7 Wirokino. 63d; 5 OW, 7jd; 8 Mangatapu, 71d; 10 R and HS, 7ld; 37 \TH 71*1; 14 Viewmount. 71d; 20 11 in block/Tjiuanui. 74(1: 29 Te Roto 73d. Hoggets.—Eight -Wairakau. 'Jd; 5 CEV/ Pukenui, 8d; 14 Eastry. 8ld; 7 Dunira, Sd; 8 Fornlea. 81d; 6 ETF/Piinawai. 8d: 5 trilnlo 73(1; 7 Hunua. 7ld; 5 Westcliffe, 74d. 9WAL 81(1; 9 M/Fernlea. 8ld; 5 JO/ Pungatawa. 73d; 7 WPF, 7ld; 5 JAJ/T, 741- 4 BWP, 7id; 6 Tuapaka. 8ld; 5 G In diamond. 8d; 4 HJF, 81(1; 9 Oropc, 71(1; 4 WTM/X 7(1: 6 Waterfalls. 8d; 4 Temaire/ TP 71d- 8 FW/Aotea. 7Jd: 28 Ohine/ Wn’irua/THL, 71(1; 4 Beehive, 7d: 4 JME/U 7)>l‘ "1 Clunvhills. 81(1; 4 Blackdown, 73<1; 5 Pakohe. 7(1; 4 M.ID, 7ld; 9 HIIH/(—). oi (] . 3 surrevdale. 9d; 8 Tawanui, 7Sd; 8 Akawa. Gid: 5 SP/Titoki, Old: 3 O/Kuku, q<i ■ 3 Lake/Station, 7d. r’ninbs—Fourteen Clunyhills. 103 d; 6 \C/1> lid; 3 WAL, lOd; 9 HHH/(—). q?,i. 4S/C AM, Old: 5 GD/Matuku, 71(1; 6 Dunira 8d; 4 JR/It. 9Jd; 11 RHL/Dartmdon 81(1; 4 WJM/X 9d: 8 811/S, 4d; 5 wt • 4 P reversed over eyebrow. ( FG/I< 'old: 5 AG/P. 81(1: 4 DCO/WL in block 7(I;CEV/Pukenui, 81(1: 11 Surrey-d-ile 63d; 3 JO/Pnngatawa. Bd. ‘ Bellies and Pieces.—Nineteen Erewhon. 7,1- 5 Eastry. Bld: 5 JO/Pungatawa, Old; 9 H.TWL, 53d: 10 AHI. 6ld; 4 Dunira, sjd: 4 Criove, si<l: 12 RHD/Dartmoor. (Id: 6 Tuapaka. 51(1: 4 HH. 4’d; 6 Te Maire/.IP, 4id; 5 JC/Parkvale, sid: 8 Ohine/Walrua/

A WELCOME CHANGE

Frozen Meat Market Firmer PRICES IN SELLERS’ FAVOUR After a long run of easing prices, a welcome change in the frozen meat market is reported in the latest cables from London. The market for New Zealand lamb and mutton at Smithfield is firmer. Lamb is in better demand, and the inquiry for mutton has Improved. Any change in price in either case is in sellers’ favour. Dalgety and Co. Ltd., have received the following report, dated London, March 10, from their head office: — Lamb.—Prime Canterbury lamb, 28/361b, 63d' prime North Island, 28/361b, 5Jd; prime Canterbury, 36/421b, 63d; prime North Island, 36/421b, 55d; prime Canterburv, 2nd quality, 53d; prime North Island, 2nd quality, sd; prime Canterbury, 42/501b 6d. Southdown lamb selling at a premium of id. Market for New Zealand lamb firm; demand better owing to warm weather. Any change in price is in favour of sellers. Mutton. —N.Z. prime Canterbury mutton, 48/561b, 4d; prime North Island, 48/561b, 33d; prime Canterbury, 56/641b, 33d; prime North Island, 56/641b, 3 3-8 d: prime Canterbury, 64/721b, 33d; prime North Island. 64/721b, 3 l-8d; prime Canterbury ewes, 48/641b, 25-8 d; prime North Island ewes, 4S/641b, 24d. • Market for New Zealand mutton firmer; demand fair. Any change in price is in favour of sellers. Australian Lamb.—G.A.Q. Australian lamb, 28/361b, 4Jd; 36/421b, 43d. F.A.Q Australian lamb, 2S/361b, 43d: third, 4 1-Sd. Market for Australian lamb unchanged; demand limited. .... Australian Mutton.—G.A.Q. Australian mutton, 40/601b, 25-8 d; F.A.Q. Australian mutton, 30/551b, 23d; Australian ewes, 23d. Market for Australian mutton firm; demand moderate. Beef. —Argentine chilled hinds, ajd; fores, Pork.—English porkers. 80/1001b., 9d; New Zealand porkers, 80/100Ib, sd, 100/120 lb, 43d. Market for New Zealand pork nominal; demand poor. M. A. Eliott, Ltd., Palmerston North, have received the following report from Gordon Woodroffe and Co., Ltd., London: Lamb, par to 1-Sd higher; wethers, l-8d higher; ewes, no change. Smithfield delivered prices are as follow:—Best North Island prime lambs, under 361 b, 63d: 36/ 421 b, 6Jd; 42/501b, 6 l-Bd. Ordinary North Island lambs, under 421 b, 5 7-Sd; second quality, under 421 b, sd. Best North Island wethers and/or maiden ewes, 4S/561b and 56/641b. 33d; 64/7216 and over 721 b, 3 3-Bd. Ordinary North Island wethers and/or maiden ewes, 48/561b and 56/641b, 3 5-8 d; 64/721b and over 721 b, 33- North Island ewes, under 641 b, 23d; 64/721b and over 721 b, 24d. CHEESE DULL AT 55/58/Butter Eases to 116/118/Cabled advice received by Mr. G. A. Milla from A. J. Mills and Co., Ltd., London, gives the following market prices as ruling at the close of business on Thursday—Butter: The market is slow; New Zealand finest salted, 118/-; unsalted. 124/ 126/-; firsts, 117/-; Danish, 136/138/-; Australian, 116/117/-. Cheese: The market is slow. New Zealand white, 55/56/’-; coloured, 57/58/-; Canadian white and coloured. 72/76/-. A. S. Paterson and Co., Ltd., Wellington, report having received cable advice, dated March 19, from J. and J. Lonsdale and Co., Ltd., London, as follows—Butter: Market slow; prices easier. New Zealand, 116/118/-; Australian, 115/117/-: Danish, 134/-. Cheese: Market dull; prices easier. White, 55/56/-; coloured, 56/57/-. Samuel Page and Son, London, report to Dalgety and Co., Ltd., under date March 19: —Butter: Market slow. Danish, 130/- to 132/- (138/- to 142/-); New Zealand finest salted, 116/- to 119/- (118/- to 120/-); Australian finest, unsalted 120/- to 124/- (120/to 124/-); finest salted, 116/- to 118/- (117/to 119/-); g.a.q., 112/- to 114/- (114/- to 116/-). Cheese Market quiet. New Zealand white, 55/- to 56/i (55/- to 56/-); New Zea-, land coloured, 57/- to 59/- (57/- to 59/-)'; spot price for Canadian white. 70/- to 78/(72/- to 78/-); spot price for Canadian coloured, 70/- to 78/- (72/- to 78/-). Last week’s quotations shown in parentheses. LIVE STOCK MARKET Feilding Sale Prices Dominion Special Service. Feilding, March 20. Prices for sheep remained firm at last week’s rates at the Feilding stock sale today. The yarding was up to about 4000, a considerable drop on the average for the past few weeks. Fat sheep just barely maintained last week’s rate, but this was accounted for by the fact that the quality of the entry was somewhat down by comparison. Breeding ewes found ready buyers, the best prices being 17/7 for two-tooths, and 15/6 for fonr-tooths. Fat cattle fell away in price—even lower than last week. The best cows sold averaged about 16/- per 1001 b. There was a demand for dairy cows, and the sale indicates that dairy farmers will be busy for the next few' months selecting good cows. Fat lambs, prlmest, 12/-; good, 10/1; fair. 9/3; fat ewes, prime, from 8/6 to 8/10; good, 7/- to 7/10; fat two-tooths. very prime line, 13/-: others from 7/9 to 8/8; fat four-tooth wethers, 11/6. Store two-tooth ewes, good quality. 17/7; others at 12/3 and 13/1; four-tooths, very good. 15/6; m.a. ewes, 8/9; Romney wether lambs, good to 10/-, others 6/7 to 9/8; black face lambs, 5/6 to 6/6. Dairy Cows.—Best, £B/17/6; good. £8 10/- and £7/15/-: medium. £5/17/6; springing heifers. £5/10/-. Store cows, £2/8/6 to £2/15/-; heifers. £l/17/6 to £2/15/6; weaner heifers, £2 18/-; weaner steers. 18/-. Fat bullocks, £6/7/6 to £5/18/6: fat cows. £6/1/-; fat heifers, £4/14/-; bulls, £5/18/6 to £6/7/6. NOTE CIRCULATION The Exchange Position For general information it is explained that all notes issued by the banks in New Zealand are legal tender anywhere in the Dominion free of exchange. “Australian notes” are issued by the Commonwealth Bank of Australia, and. when negotiated In New Zealand, are subject to exchange. AUCTION SALES TO-DAY. Allen St.. 10 a.m—Sale meat (Townsend and Paul). 11 Berwick Terrace, Lyall Bay. 2 p.m.— Sale of furniture. (C. IV. Price). TUESDAY. High St., Lower Hutt, 2.30 p.m.—Sale of property. Bonlcott St. (McLaren and Nisbett). IVaipukuran sale. Ilawera sale. 1 p.m. Allen St.. 10.30 a.m.—Sale poultry (Townsend and Paul). Levin sale.

Mail Notice and Meteorological Report on Page 11.

THL. sd: 4 HHfi/(-), 54d: 4 Wirokino. 51d: 4 OW, 6d; 4 Mangatapu. 6d: 4 Vaihall/HC/over an arrow. Oil; 1 Bruce. (Id: 4 II In block/Tauanui. sld: 8 Surreydale. 53d: 3 Chelsfield. 53d Crutchings: 6 Clunyhills. fid - 3 Eastry. s]d: 6 II in block/ T.'iuanul. sd; 5 H.TWL, sd; 7 Ohine/ Wairua/THL. 43d; 4 Wangaehu/HJ, sd: 11 Erewhon, 4d: 10 Surre.vdalc. 4Jd.

N.Z. GOVT. LOANS— £ b. d. £ s. d. 54 p.c. Insc. Stk., 1938 — 99 5 0 54 "p.c. ditto, 1951 ... —- 98 5 0 5} p.c. ditto, 1933 ... 98 0 0 — DEBENTURES— Well. Racing Club ... 102 10 0 —- BANKS— Adelaide — 4 15 0 Australasia 10 2 6 — Commercial of Aust. 15 9 (ord.) 0 0 10 0 Commercial Bank. Co. 15 (Sydney) 15 0 . 16 0 0 English, Scot. & Aust. o 0 —— National N.Z 5 0 0 National A/asia. (£5) 27 — 8 6 New South Wales ... 5 0 27 15 0 New Zealand 11 G it 11 10 Ditto, long term 1 8 0 — Union of Australia ... 8 12 6 8 17 G FINANCIAL— 6 Dalgety and Co 7 12 8 0 0 Abraham and Williams (pref.) — 4 u 0 Equitable Bldg. Co. . Goldsbrough Mort ... •—■ 8 8 0 3 1 —• N.Z. Guar. Corp, (ord.) 0 G o 0 G 8 Well. Trust and Loan 6 11 0 — GAS— Christchurch 1 4 0 Gisborne — 0 10 0 Wellington (ord.) ... INSURANCE— National 1 6 G — 0 12 10 0 13 4 New Zealand 1 0 2 3 South British 12 G — MEAT PRESERVING— Gear 1 8 0 N.Z. Refrigerat. (10/-) 0 3 9 0 4 0 TRANSPORT— Huddart, Parker (ord.) — 1 4 6 1’. and O. stock 1 12 G — Kelburn Tram (ord.) 1 9 6 — WOOLLEN— Wellington (ord.) ... 4 0 — Ditto (pref.) , 4 o 0 — COAL— Waipa (in liq.) 0 6 6 —. timber— National •— 0 9 0 Levland-O’Brien .... 1 1 0 — breweries— New Zealand 1 IS 0 1 18 10 Staples and Co Tooth’s 1 1 16 1 0 9 1 o 3 miscellaneous— Burns. Philp and Co. . 1 10 0 1 15 0 British Tobacco (ord.) 1 (i *1 10 1 Consol. Brick & Pipe — 0 12 •0 Dental and Medical .. — 0 10 0 Dominion Investments 1 1 3 — Electro. Zinc (ord.) . 0 11 9 — Ditto (pref.) 0 17 0 — Farmers' Auction, (pref. ) — 0 1G G Howard Smith (ord.) / —— 0 9 6 National Electric .... 0 8 0 0 11 0 Wii it combe and Tombs o 14 0 —- Wilson's Cement — 2 0 3 0 i L— Blenheim —— 2 b 0 Taranaki — 0 3 0 MINING— Mount Lyell i 1 0 1 1 7 •Cum. dividend.

£ s. d. Govt. Bonds, 4 J p.c., 1938 ........ 9G 10 0 Wellington City, 51 p.c., 1938 .... 97 15 0 Bank o£ New Zealand 2 11 9 Commercial Bank 0 15 101 Lilian Bank 8 12 G Bank of Australasia 10 5 0 N.Z. Guarantee Corporation ... 0 (i 5 N.Z. Kefrigerating, 10/- paid .. 0 3 8 0 3 9 British Tobacco 1 10 0 Ditto 1 10 1 AUCKLAND. Union Bank of Austr £ s (1 . 8 10 0 Takapuna Borough, 5} p.c., 19(11. . 98 0 0 . 1 5 G Farmers’ Trading . 0 6 3 Waihi Mining . 0 15 5 Kuala Kampar Tin .000 Pnkemiro Collieries . 2 0 0 Moanatalari .014 Do. 3/2 paid .004 Do. 1/6 paid .004 CHRISTCHURCH. Commercial Bank of Aust. (2) .. £ s. d. 0 15 10 Dalgety and Co. (2) 7 15 0 Goldsbrougli Mort N.Z. Refrigerating, 10/- pd. (2) . 1 1 10 0 4 0 do. (2) 0 4 0 do. 0 3 11 Westport Coal 1 5 3 Bcatii and Co., 1/- pd 0 3 1 rio. (2) 0 3 0 British Tobacco 19 8 Mount. Lyell (2) 1 1 3 do 112 Mahakapawa 0 0 71 0 0 7 Sales reported: Bank of Australasia, cum. div. .. 10 0 0 Commercial Bank of Aust 0 15 9 N.Z. Insurance (3) 2 2 0 DUNEDIN. Sale reported— £ s. d. English, Scottish and Aust. Bank 5 15 (J

Feb. 26. Mar. 5. Mar. 12. Mar. 19 per lb. d. per lb. d. per lb. <1. per lb d. Seventies . .. —— 26 27 271 Sixtv-fours .. 221 24 25J 20 Sixties ... .. 20 21 22} 23 Fifty-sixes .. 15 15i 16 17 Fifties .. 12 121 13 14 Fortv-sixes .. 10 10J lli 12} Forties ... .. 10 101 111 12J

this season: — Per bale. Per £ s d pound. December .... 7 0 1 4Jd January .... .... 7 1 5 1*5 <1 .... 7 7 7 5(1 March .... 10 2 0 7d