FINANCE and COMMERCE

Dominion, Volume 25, Issue 168, 12 April 1932, Page 12

FINANCE and COMMERCE

STOCKS AND SHARES Wellington Market Firm GILT-EDGEDS IN DEMAND The outstanding feature of the market yesterday-was the strong demand for giltedged securities, shares being comparatively neglected. ’ Government stocks opened firm on last week’s prices. The 4} per cent. Bonds, 1939 and 1938, maturities were 10/- up at £93/10/-. Two further sales of 54 per cent Stocks, 1936, were reported at £97/5/-. and more were offering at ±oi 10/-. The 5J per cent. Bonds and Stocks were sought at £96. an advance of •)/-, but sellers asked £9B for the Bonds and £.)< 10/- for the Stock. The 51 per cents., 1933, were in request at £9u/o/-, or <•>/- down on last week’s offers. The 5$ per cent, inscribed stock, February and September, 1937. were again wanted at £96 IJ There .Was little inquiry for banks. Australasias advanced 2/- to £S/10.-, Commercial of Australia were firm at 13/6, and Bank of New Zealand were Id. up at 42/10, with no sellers in any case. Bank of New South Wales were still available at £25. . .- . There was little inquiry in any other section, though sellers were in the market. Goldsbrough, Mort, were, wanted at 21/-, sellers standing for 1/- more. N.Z. Guarantee Corporation were slightly firmer at 4/1, cum dividend, but sellers were still at 4/6. N.Z. Breweries were od up at 22/9, sellers asking 23/9. Firmness wns also apparent in the mining section, AVaihis being offered at 17/-. and Okari'tos' at' 10/-, with nc sellers. Yesterday’s Quotations :• • > Buying and selling quotations at yesterday’s final call on the Wellington Stock Exchange were as follow: —

DEALINGS ON ’CHANGE . . Dominion'Sales 1 < .('i; :i Ahi'; - !".'<' ..... ’ The following sales were recorded on the stock exchanges of the Dominion yesterday :— WEDDINGTON. £ s d Govt. Inscr. Stock, 54 p.c., 1936 (2) .97 5 0 AUCKLAND.

SYDNEY STOCK EXCHANGE • - • .. • ’ . ') Market Rather Quiet (Rec. April 11, 9.15 p.m.) Sydney, April 11. On the Stock Exchange to-day business was rather quiet. Sales recorded :— Commonwealth bonds. 4 per cent.. 1938, ; £95/3/9; 1941, £93/12/6; 1944, £93 5/-; 1947, 1950, and 1953, each £9l; 1957, £9l/12/6; 1959, £9l/17/6. Bank of New South Wales. £2B; Commercial Bank of £ls/12/6; National Bank, £5 paid. £5/5/-; New Zealand 5J per cent. 1927 debentures. £lOB 15/-; Bums. Philp. South Sea. 30/9; Australian Gas A, 110/6; Toohey's, 16/6; Tooth's, 26/-; Winehcombe Carson. 18/6; Dunlop Perdriau. 10/-; Broken Hill Proprietary, 15/1; North Broken Hill. 60/-; South Broken Hill. 40/-: Sulphide Corporation, 9/3. Morning sales: Commonwealth bonds. 4 per cent.. 1938. £95/5/-; 1941, £93 7/6; 1944. £93/2/6. Bank of New South Wales, £2B; Tooth's. 25/10J. Melbourne, April 11. Commercial Bank of Australia. 15/7; Australian Glass, 35/-; Electrolytic Zinc, pref.. 21/6; Victoria Nyanza. 18/3; Dunlop Perdriau. 10/3; North Broken Hill, 59/9; South Broken Hill. 40/-; Mount Lyell, 20/3. AUCTION DIARY. TO-DAY. Wafpukurau Saleyards, farm properties a/c the Estate of Samuel Nutt (41.15. Farmers’ Co-op.). Allen St., 10.30 a.in.—Sale poultry, ete. (Townsend and Paul). Levin sale. 57-59 Lower Culm St., 2 p.m.—Sale bungalow (Davis Bros.) Woolworth's Bldgs., 1.30 p.m.—Sale furniture, etc. (Silverstone <t Co.) 91 Dixon St.. 1.30 p.m.—Sale furniture (C. W. Price). TO-MORROW. 154 Featherston St., 2.30 p.m.—Sale a/e Mortgagee, 25 Calabar Rd.. Miramar (J. 11. Bethune and Co.). Johnsonville fat stock sale. 12.30 p.m. (W„ S. and Co., Ltd., A. and W., Ltd.). 8 Willeston St., 1 p.m.—Sale radio sets (E. Johnston and Co.). 18-24 Molesworth St., 1.30 p.m.—Sale furniture. etc. (J. F. McKenna). THURSDAY. 159 Featherston St., 2.30 p.m.—Sale property, Knrorl. a/c Mortgagee (Finch, Webster & Oswln, Ltd.) 18-24 Molesworth St., I p.m.—Sale oil coats (J. F. McKenna).

LOWER PRICES Final Wellington Wool Sale BROKERS’ REPORTS A report of the fifth Wellington wool sale, with the official range of prices, appear on page 10. Following are the reports of the selling brokers, with lists of their principal realisations: — DALGETY AND CO., LTD., Dalgety and Company Limited report: While it is inevitable that the 1931-32 wool selling season will rank as one of the leanest in wool history ami one which rendered it extremely difficult for the wool-grower, and indeed for every section of the wool industry, to make ends meet, the season concludes with no silver lining to the cloud. It would savour of- unwarranted optimism at the moment to say that prosperity is near at hand in the textile industry, for unfortunately the woollen trade is faced with world-wide economic conditions still far from normal, and although we had hopes that the longcontinued subsidence in wool values had been checked there is at, the moment nothing to justify any statement that a definite measure of recovery is assured. Just as confidence in wool trading may disappear without any very special or definite reason, so. too, is it sometimes difficult to cite the exact cause of a return swing of the pendulum, but the fact at the present remains that confidence has not so far returned, and generally a hopeful view cannot be taken for the future. We refer particularly to crossbreds. . A measure for regret is again,'as happened last year, a serious carry-over of North Island crossbreds. Nothing disturbs confidence more than the accumulation of stocks of raw material, and in this connection commendation must he given to Australian growers and secondly to New Zealand South Island growers who have met the market and generally sold at "room prices.” By adopting a free selling policy the future is not mortgaged by excessive supplies. Crossbred Outlook Obscure. At the moment, with economic conditions far from being satisfactory, the point must be stressed that the outlook for crossbreds is obscure, and unless something unforeseen happens it is very doubtful if any decided appreciation can be looked for in these wools during the 1932-33 season. At the opening of the Dominion’s 1931-32 wool selling season purchases were made at what looked like bedrock, but which ultimately resulted in severe losses, and each disappointment intensified the lack of confidence and forced many previously large “forward” buyers to adopt a hand-to-mouth purchasing policy. With the extra heavy stocks of New Zealand greasy crossbred wool on the London market, combined with full supplies offering locally, gave buyers the assurance that their requirements from month to month could be filled either in the Dominion or in London as required. The experience of the past , four wool seasons, taking a bird’s eye view of the salient features, reveals a gradual descent from prosperous conditions to what can be classed as disastrous. The 192728 wool selling period was one of the most successful in history from the wool producing standpoint, the outstanding features being sustained demand, accelerated realisation and high prices. In 1928-29 there was a waning confidence, and considerable trouble at the manufacturing end, but wool prices were sustained and a very satisfactory wool cheque was handled. Then came 1929-30, a year of depression and disappearing confidence. An initial drop of. 33 per cent, had no appreciable effect in spurring demand—rather the reverse. Prices steadily declined and rendered wool growing unprofitable, while all attempts to steam the receding tide proved unavailing. Those who looked for better things in 1930-31 were in the early sales disappointed. and optimists were losing faith. However, a “flash in the pan” recovery took place in March. 1931, with an ebb in April, and thereafter a sharp decline in London from July to date. Low Averages. It is interesting to give Wellington sale prices for 1930-31 as compared with 1931-32, which are to April as under:

In summarising the above schedule the retrograde movement up to the present April sale gives food for much hard thinking. Under present trade conditions there will certainly require to be a very substantial rise in the price obtaihable for wool before bare costs of production will be reached. All connected with the textile trade, both buyers and brokers, will be pleased when the selling season concludes nt Napier on April 15, as without doubt the wool business during the 1931-32 season has been most unsatisfactory and fraught with many anxieties. The return to growers has been most disappointing, and when the price for the present season is worked out, wools sold in Wellington _will probably average not more than 4.75 d per lb. A shockingly poor return to the grower'. At to-day's sale a very, small catalogue was brought forward, tlie total offering amounting to only 12,800 bales. At the April sale in 1930-31, when prices were fairly firm, the heaviest offering of the year wasgrecorded, 33.000 bales being brought forward. It will be remembered that last season a sharp appreciation was shown in March, but unfortunately a weakening took place in April, and thereafter the London sales showed a declining tendency and practically to date no recovery has been made. The quality and condition of to-day’s offering could only be classed as medium to poor, the majority of the wool being average top-making crossbreds, generally heavy in condition, with seed much in evidence. It was fortunate that Bradford operators wore in the market, as this section of the trade was responsible for lifting practically 80 per cent.' of the wools sold. As happened during March, Continental operators were practically out of the market, Germany taking practically nil, with the French trade buying sparingly the best bellies and pieces. There were practically no decent lines of halfbreds offered, the few lots which were catalogued being of medium style, generally wnsty and off-colour. These tine wools commanded fair competition, and it was at once evident that the trade generally was more prepared to operate on the finer sorts than on crossbreds. When compared with March we quote medium halfbred jd lower; super style crossbreds, of which the supply was limited, par to }d lower; average and low crossbreds }d to i]d lower. When rough and very seedy parcels of crossbreds were submitted it was often difficult to obtain a bid. Gooil lines of bellies and pieces were scarce, and for the few super lots offered prices showed but little change when compared with March. Heavy conditioned and dull parcels can be quoted Jd to i)d lower. Lambs’ wool was in short supply, but any good parcels brought forward were sold nt about late rates. Out of our catalogue of 2700 bales we sold 70 per cent, at auction, the majority of the wools passed being medium and low crossbreds. Carry-over of Crossbreds. It is difficult at the moment to give an accurate estimate of the carry-over of crossbreds for the Dominion. In the South Island, where the fine wools arc principally grown, a good clearance has been effected, but unfortunately -in the North many growers decided to withhold the marketing of their clip until the March and April sales, hoping

that, as was the case last year, prices would improve at these later sales. Unfortunately the hope for better prices has not materialised, and as is now known the average made at March and April sales in Wellington have been the lowest of the present wool selling year. In the south there is only a very small carry-over, as growers there have met the market and sold freely. On an estimate we should think that there would probably be somewhere in the vicinity of 160,000 bales carried over in the north, but when we complete our statustics at the end of June definite figures will then be available. It is known that much heavier consignments from growers have gone forward to London this year than last, and as the market is now running it appears as if those who have shipped crossbreds will be disappointed with their realisations. From returns made at the last London March sales, good average crossbreds were only realising from s}d to Gd, whereas locally up to February practically- the same rates were obtainable, and as it costs in the vicinity of IJd to ship and sell in London, those who sold locally up to February will receive a better return. We had no really good lines of either crossbred or halfbred in our catalogue to-day, the best price realised by us for crossbreds being sjd for 15 bales of interlots. In halfbreds were made Sjd for six bales of our binned wool. The following is a range of our principal realisations: — • Halfbred: 6 DC/AV 33 in block Bjd, and 12 at 54d; 3M L, 6d ; 4 J AV L, ojd; 6FJE/WM, 6d; 3 A S/P N, 6d. Crossbred: 22 H in block/Tauanui, 5Ad; 27 Aohanga sd, and 87 at 31d; 26 EB/Titahi 5Jd; 16 W A L, sd; 22 B & L/Mayfield, 5Jd; 19 E S/T, 5Jd; 22 Chelsfield, 5Jd; 26 Rtianui, ud; 8 Dove, 4}d; 17 J M, 4d; 21 Ressington/ B, 3Ad ; 26 Eccleston, 4d; 6 HBD/Glcnwarlock, did; 6 Parea, 4ld; 6 R G C, 3Jd; 6 M/Kohatu, 3sd; 6 C J C, 3}d; 5 JHB, 4d; 6 O/Kuku, 3Jd; 10 L A/B, 4Jd; 5 J W S. 3d; 6 AV M S, 4d; 8 B C, 2sd; 38 Arapito, 3Jd ; 12 JAJ/T, 3d; 5 VX. 2Jd; 13 B B/B, 4d; 4 C L/T, 3}d; 4 C J P, 32d; 6 T A E, 31d; 21 H H, 3J<l; 7 J W M/S, 3jd; 6 EP/ Nydia Bay, 3}d; 25 111, 3Jd; 4 X in circle 9 M L, 43d; 4 Horoeka, 4d; 4 .A.CE/WE. 2d; 6 J C/M, 3-Jd; 14 FWR. 3Jd: 6 O W/P N, 3jd; 31 The/Downs, 3Jd, and 32 at 33d; 13 Akawa. 4d; 10 JJS/W, 4d; 7 F/7M, 2?d; 10 II in block. .Tauanui, 4d; 11 RM/32, 23d. Hoggets: 16 Aohanga, 5Jd. and 29 at 4Jd; 8 Miiteron. 5(1: 3 HBD/Glenwarlock. 5(1; 8 D C/W 2in block. 3Jd; 7 E S/T. 43d: 4 Arapito. 33d; 8 EB/ Titahi, 4d: 5 J C/M. 43d; 4 OW/PN. 33d; 10 AK/K K K, 4RI; 15 The/ Downs. 3'1(1. Lambs: 6 D C/W 80 in block. 6}d; 6 Opau, 31d: 4 Ngatitoa. 3d; 13 The/ Downs, 4|d; 3 HI, 4d: 3 F W R. 4d. Bellies and pieces: 4 Marua. 3}d ; 10 Papanui, Ud; 9 Temaire/JP. 2d ;• 4 FG/F.airburn, 23d: 5 N B R. 21(1; 4 D C/W 38 in block. 3d: 4 F F P. 2d: 4 JJS/W. 2}d: 3 Hiroa. 23d.

MURRAY, ROBERTS AND CO., LTD.

Murray, Roberts and Co., Ltd., and Johnston and Co., Ltd., report cataloguing 2167 bales out of a total offering of 12,000 bales. The catalogue consisted largely of wools of average and inferior style and condition, many showing seed in more or less degree. The attendance of buyers was good, but competition was restricted within strictly defined limits, and Continental representatives were not prominent in the bidding, which was mainly confined to the Bradford section of the trade. Generally speaking prices showed a decline of about 3d on last sale’s level of values, and many lots were passed in failing to reach the prices required. 'There was a good demand for pieces and bellies, local scourers competing freely, and these sorts were in some cases only -jd below last sale's values. Lambs’ wool was in short supply, and prices were par to 3d below last-sale for these. Some of the sales made are quoted below :—

FHV over Richmond, Rom H. s|d. sup. lbs. A Gjd, dn lbs 6Jd; WB over Nydia Bay, crossbred 3d; Oblong, crossbred BE 3d: ATK, crossbred AE, 4<l; AW. halfbred, 6d; AHT, crossbred H, 45 d 1 Laurieston, fine cross bred HA s:}d, fine crossbred WA 43(1, fine crossbred EA sd, lambs sd; JP over Tarata, fine crossbred AW 5.1(1. fine crossbred AE 43d; AD over P, crossbred II 4(1, crossbred E. 4 jd ; reversed J 11.- fine crossbred A 4Jd, fine crossbred B 3Jd; 7C over Tawn, crossbred E 4d; F in half-circle, crossbred WR 4d, crossbred E 42(1, crossbred H 4Jd ; II over horizontal line, fine crossbred AE 43d. fine crossbred AH s}d, fine crossbred BE 33d: RST, crossbred A 7-Jd : CR over Tikaramonga, crossbred AAE 5(1: PH over K, crossbred AA 4J(I, crossbred A 33d : S in circle over Ware Ware, crossbred E 4d. crossbred D & II 43d; AGT, crossbred AE 43d, crossbred BE 32d; WII over Waiowaka. crossbred H sd; Ta worn. crossbred H 43d: Makokomiko over JIK. fine crossbred AE 33d, fine crossbred BE 35(1, crossbred CE 3d; FSC, Southdown 6]d; Bulwer, fine crossbred A 53d: Te Rawa. fine crossbred AAA 73d. fine crossbred AA s’d. fine crossbred A 53d. lambs 44(1; JMR. crossbred A 53d: Rewa Rewa, crossbred A 53(1, crossbred R 4 Id. LEVIN AND CO., LTD. Levin and Co., Ltd., report:—The total offering was 12.800 bales, our catalogue. being 2644 bales. The catalogue consisted mainly of crossbreds, there being no merinos showing and only a few halfbreds. Some of the crossbred was of fair average quality, but the bulk was only ordinary to inferior grade. Buying was animated and vigorous and was well distributed. Bradford was the mainstay. Continental operators were bidding freely, but apparently had not the limits of Bradford. Japanese buyers were operating on all grades. As- compared with last sale, any attractive lots of crossbreds sold fully up to last sale, and, in some instances, somewhat bettpr. Average and inferior grades and bellies and pieces sold about par to a farthing lower. France was the principal buyer of bellies and pieces. Halfbreds were well competed for at a fall of 3d to 3<l. "The following are some of our results: Halfbred —GG in diamond, 9 bales 63(1; Greville, 4 bales 73d, 6 bales Gd; Mounganui, 36 bales 63d; Leeburn, 14 bales 8d; LT, 4 bales Sd; Kaiwarra, 5 bales 7d, 6 bales 7}d. Down —Kaiwarra.'24 bales 10:1(1. Crossbred —AB/Woodlands/Tawa Flat, 8 bales 5d : JF, 6 bales 5(1; JI I, 6 bales 33d; REM/Rnru. 20 bales 53d, 6 hales 33d; CBY. 25 bales 53d: BNF. 4 bales 33(1; JUT/Ilomewood. 40 bales s:]d ; D (reversed) MP joined. 10 bales 4 )d; P (reversed) P joined. 13 bales 33d; LWT, 8 bales 3?d; MAI. 6 bales Gd, 16 bales s}d, 13 bales 53d. 28 bales 4|d. 15 bales 33d. 20 bales II 5Jd. 5 bales II 4d; To Hopai/11. IS bales 4Jd, 12 bales 4d; Hillside/NZ. 25 bales 4:]d; CY/Tautan’e, 4 bales 4 : jd; TYB, 18 bales 4}d. 4 bales II 43d; SE/T. 25 bales 3d, 5 bales II 3d; MCG. 12 bales 4d; DWMcL, 6 bales 3’}d. 4 bales II 43d; Mt. Clyde. 12 bales sd; AGA. 6 bales 43d; t’G/ TIC. 7 bales 2d; SWI/S. 14 bales 43d ; EB/Gowan. 11 bales 3d; ETM. 16 bales sd. 4 bales II 5d ; TYB. 12 bales 4d ; THUD, 8 bales 3Jd; WWW. 5 bales 3Jd: TK/OMA, 9 hales 33d; Mounganui. 35 bales sd, 6 bales s}d. 11 bales 31<l. 20 bales II 43d: CCW/C. 11 bales 4|d: Kai Kai, 5 bales II 4(1: WA. 5 bales 4fl; Moron. 4 bales II 4d ; SB. 7 bales 44d; Jenolnn. 5 bales 33d; MOA, 11 bales sd. 21 halos sd: Patuki. 35 bales 4d; Moron. 22 bales sjd: FJB/Kataiti. 17 bales 43d. 4 bales II s}d ; WMK/A. 5 bales 23d ; ER/T. 5 bales 3d : A.3/BW. G bnlos 3d: Te Knrakn. 15 bales 3d: AB/Opnki. 6 bales 43d; JIIP/S. 7 bales 32(1. 6 bales 3’d ; Kaiwarra. 15 halos F 620, 21 bales Cse. 7(1, 6 bales F Gd. 10 bales F 6}d, 10 bales F 3:]d, 7 bales F 43d. 5 bnlos F 4d. 7 bales F 31(1. 39 bales Med. Gd. 25 bales Cse. sd. 9 bales Cse. 3id, 12 bales, 4d. Lambs—Mounganui, 7 halos 53d, FOR. 6 bales 4(1; DAS/Cnblo Bay. 7 bales 4d; RIIB, 5 bales 43d. N.Z. LOAN AND MERCANTILE AGENCY. The New Zealand Loan and Mercantile Agency. Ltd., report that a total catalogue of approximately 12,806 bales was submitted, of which their quota was 1960 bales. 'There was a full and representative bench of buyers who competed keenly up

to their limits for all suitable lots, but it was evident from the commencement that they were working under slightly reduced limits, comparing them with those ruling at the last sale in this centre. Comparing prices with those ruling down south, these can be quoted much on a par, but comparing them with those ruling at this centre at the previous sale they can be quoted par to a halfpenny easier, for fleece wool and bellies and pieces were from a halfpenny to threefarthings easier. Lambs’ wool, of which the entry was rather poor, can be quoted from' a penny to a penny-halfpenny easier. The selection of wool generally was rather poor, a fair proportion being old and stale wool. The bulk of the entry was ordinary top-making sorts and inferior wool, very few supers being included, and the major portion was secured by Bradford representatives. The following are a few of the prices realised: — „. „„ Tiratahi, 53d.; SE, 6d.; MXV in block, 4d.; JF under line, 3Jd.; AWM, 33d.; RB/M, 7Jd.; SHG/K, 33(1.; CJS, 3id.; D under line/Terau. 5d.; DHG/K, 33d.; NPN in block. 5Jd.; Glengyle, s|d.; Glengyle, 7d.; V/Pokorua, 53d.; WR/TF. 3Jd.; A/AP, 31d.; JDJ, 33d.; JD/K, 53d.; Wrekin, 3d.; PJ, 3jd.; Langlev Dale. 6d.; NB/K, 74d.; Sedd-el-Barh, sjd.; WFJ/K, 53d.; K/MXV in block, 4d.; Canton/JF/P, 3Jd.; HH, 3Jd.; PI, 43d.; Ngutukoko/P, 43d.; HG under line, 33(1.; HLM/Riversmere, 5d.; HE/T. 33d.; LBG, 3d.; Edzell, Sid.; FGC, Gd.; JH conjoined bar S, 4d.; DB. 64d.; PTE. 3Jd.; Owhaibay/FP, 3id.; FP/Manaia, Bd.; Awapiri, 63d.; TOR/M, 3d.; THS, 4d.; JROC, 41(1.; All. 3(1.; Larchbank, 4d.; Tuki-Waha. 4d.; TJH, 3Jd.; TWH/K, 33d.; WWE/, 4d.; HBros/P, 3d.; HBros/P, Gd.; Hauanui. 5d.; SN/E, 3'1(1.; Terracevicw, 31 d.; DL/0, 3Jd.; KS/A, 4d. N.Z. FARMERS’ CO-OPERATIVE DISTRIBUTING CO. The New Zealand Farmers’ Co-opera-tive Distributing Co., Ltd., report as follows: We submitted a catalogue of 950 bales to a full attendance of buyers. The bulk of our offerings were top-mak-ing sorts, all of which were purchased by Bradford representatives at prices on a parity with rates lately ruling in London, while any lots approaching super style were keenly competed for and bought by American and Japanese interests at prices par to id per lb lower than at last Wellington sale. We quote low to medium wools, unskirted and showing a fair amount of seed, 3d: halfbreds and fine crossbreds, ; lambs, Id; and pieces and oddments id per lb lower than in March sale. Binned wools and clips that had been carefully skirted and classed elicited animated competition and proved conclusively that buyers pay particular attention to wcll-got-up lots. 'The following were our principal realisations: — Hoggets: OCR, 3}d; Riverbend A, 43d; JJH, 4Jd; Horse. 4d; K in stirrup, Gd; Birnam A, sd; LGN, A 64(1, B 52d; AT/Lynwood, sd; HB/Terrace, sd: Co-op, 41(1-5(1; Various, 4d. Crossbred : OCB, 31(1.; Ardela, 3id; WIIR, 4-jd; J.HI. 3-fd; Ardlea, 3ijd; K in stirrup, -lid ; Mangatapu, A s{d, C 33d; GIIOW, A 43d, B 4d, C 3Jd; JOD/T, 43d; Hinau/REB, A 43d, B 33d, C 3d; BJ/'T. 33d; LG/T, 3Jd; LGN, fine Gd. medium A 53d, medium B 4d, strong A s}d, strong B 33d; AT/ Lynwood. A 4d, B 33d; LG/Spafarm, 31d; HB/Terrace. A 5.1 d; Co-op, fine B G:ld. medium B sd, strong B 4Jd; DXL, 3}d. Southdown : Co-op, SJd ; Braemar/L, 8d; E B, 73d; Various, 7(1. Lambs: Wairepo. 7d; GHOW. 7:}d; Sandyford. 53d: OMC. 53d; Various. Southdown 6d, first 5(1 to s}d. First pieces: DK/Wairere. 3d : Mangatapu, 4}d; GHOW. 4d; LGN, 34d. WAIRARAI’A ■FARMERS’ CO-OP. ASSOCIATION. The Wairarapa Farmers’ Co-operative Association, Ltd., submitted a catalogue somewhat superior to the average offering at this late period, and, generally speaking, the bidding was very keen. The principal competition seemed to come from Bradford, with Japanese and Australian mills eagerly competing for lines showing character and style. A comparison with the Marcli sale is somewhat difficult, for, although many lines realised prices fullv up to March level, prices obtained for the bulk of the offering were 3d. to Jd. lower. The following are some of our sales: — Halfbred and Southdown: Various, 93d.; GC, 9d.; Quay, 9d.; Various, 9d.; Quay. Sd. Crossbred: Milverton, Gd., 4Jd.; JAC, s}d., 51d., 4Jd.; various, 7(1., 63d., did.; Wiwaka, s:|d., 53d., 4Jd.; Quay, 5Jd.,. 53d., 51d.. did., 4d., 33d., 23d.; Teowhanga, 53d.; TW/Mararctu, sid„ 43d., 4d.; A W-N, 5Jd., 51d.; Gala, sjd.; Puke/CS, 4d.; LMC/D, 33d.; FWN/E, 23d.; AFC, "31(1.; B/Whiteroek, 43d... 4d„ 4id., 3id„ 3d.; M M/P, 4d.; J P D/K, 3id.; RFB/M, did., 4:}d.; F G P, 33d.: G C/bl 4d.; EHH/Pine Hills, 3i"d.; DRII, 4d.; W 0 D, 3id. Bellies and pieces: B/Whiterock, 2jd., 21d.. 13d.; Pukeatua, 2}d.; Quay, 3d., 24d.: TW/Mararetu, 23d.; 31 B/B, 21(1. Crutchings: B/Whiterock, 2fd.; F W N/E, 23d.; TW/Mararetu, 23d.; W 0 D, 3 |d.; Quay, 3’id., 2d.; JH/Rangituinau, 3 J , d. WRIGHT, STEPHENSON-ABRAHAM AND WILLIAMS. Wright, Stephenson and Co., Ltd., in conjunction with Abraham and Williams, Ltd., report:—We offered 1709 bales at the concluding sale of the local scries. The buyers' benches were well filled, and competition was animated and general, although prices were once again desperately low. Our recent cablegram from Bradford reported that all qualities of "tops” were again marked down, so we were not unprepared for a debacle at today’s sale. Prices obtained, however, were rather above our expectations, and there is no doubt they were definitely above London parity; accordingly, withdrawals were not so heavy as we expected. Although growers have ent their expenses to the bone, net proceeds in many cases do little more than cover shearing, freight, and selling expenses, and the position of the unfortunate producers is daily becoming .more precarious. The sale was erratic in that some lots passed at the lust sale realised enhanced prices. Some of our best, realisations are as follow :— Crossbred: EBUX/AS/A, 4 at s}d.; EBUX/ Jl9, 6 nt s}d.; Wailiemo, 5 at 5:1d., 10 at 5 ld.; Burnbank, 5 at 5Jd.; Waralah —Ill'll, 6 at s:jd., 16 at 53d.; K Bros., 6 at 53d., 5 at 43d.; Maoriland, 6 at sid.. 10 at 4Jd.; TS/Gorc, 10 at 4,1(1.; EBUX/FCP, 4 nt 4d.; HJM/T, 4 at 54d.; Poplar, 14 at 43d., 31 at 4d.; AMW, 7 at 43(1.. 5 nt 4d.; RMD, 24 at 4d.. 15 nt 33d.; Moann/CB, 7 nt 4Jd., 6 nt 33d.; WMS, 7 at sd„ 13 at 43d.; CB/PN, 4 at 43d.; EBUX/EL, 10 at 43d.; FWR, 6at 4d.; 84/PN, 4at 53d., 9 nt 43d.; AK, 8 nt 33d.; Nerang, 30 nt 33d.; Pines, 16 at 33d.; inverted PHD, 35 nt 33d.; DG/U, 10 at 33d.; AVB. 17 nt 33d.; JT/S, 10 at 33d.; LMR, 5 nt 34d.; HHR/Fnirlie, 6nt 33d.; NPS, 12 at 3}d.; CH/11. 16 at 33d.; ATI/R, .13 at 31d.; Namanui, 14 at 3Jd.; MRM, 6 nt 3Jdj RWS, 8 at 33d.; CBM, 10 at 3Jd.

N.Z. GOVT. LOANS— Buyers. £ s d Sellers. £ s d 4Jr d.c. Bonds. 1939 and 1938 93 10 0 — 5* p.c. ditto, 193G ... —- 97 10 0 5} p.c. ditto and Insc. Stk., 1933 96 0 0 98 0 0 51 p.c. ditto, 1933 ... 95 5 0 —— 41 p.c. Insc. Stk., 1939 And 1938 93 10 0 — 5} p.c. ditto, 1039 ... — 97 10 0 ' 5J p.c. ditto. Feb. and Sept., 1937 96 15 0 51 p.c. ditto, 1941 ... —* 96 0 0 51 p.c. ditto, 1937 ... 92 0 0 —— DEBENTURES—. Aiick.. Chcli., Dun. City,. _ _ 5 h p.c.. 1944 93 0 0 — Wgton. City and Harb Ed., 5} p.c., 1940 ... 93 10 0 BANKS— 8 15 0 ■ — Commercial Aust., ord. 0 13 6 . — New South Wales ... 25 0 0 New Zealand 2 2 10 — FINANCIAL— Goldsbrough, Mort .. 110 12 0 Abraham and Williams, pref. N.Z. Guar. Corpn., ord. 0 4 1 3 5 0 ♦0 4 6 N.Z. Invest., Mortg. and Deposit —» •0 9 0 N.Z. Loan & Merc., ord. — 40 0 0 GAS— - - 116 TRANSPORT— Union Steam, pref. . 0 19 11 — COAL— Grev Valley ......... — 0 13 6 BREWERIES— New Zealand 12 9 13 9 MISCELLANEOUS— 0 12 6 T> T C ord Electro. Zinc, pref. . — r •1.1 0 National Electric ... — 0 10 0 2 3 0 ■ ■ MININ0W-. ■ ■••.■i’--Mount ; t Lyell -• M . *,♦’ ■ —. 0 18 9 Waihl .I.'..'.;. 0,17 0 . - . 0 10 0 Consol. Goldfields ..... 0'2 4 —- . *Crim. dividend.

/ £ s. d. Inscr. Stock, 4} p.c., 1038 do., 5i p.c., 1927-41 03 15 0 91 10 0 96 15 0 Commercial Bank of Aust. 0 13 10 Bank of New Zealand 2 3 3 Auckland Gas, contr 0 14 9 Colonial Sugar (2) 36 0 0 Walhi 0 16 5 Cornish Point 0 0 It CHRISTCTTOROH. £ s. d. Govt. Bonds. 5J p.c., Sept. 1937 .. Commonwealth Bank of Aust. (3) 98 0 0 0 13 1». Nat. Bank of Australasia, £5 pd. 4 10 O N.Z. Refrigerating, 10/- pd O 4 5 Cornish Point (2) 0 0 14 Golden Dawn 0 5 5 do. (2) 0 5 6 ' Golden Point 0 0 do. (3) .-. O' 0 41 King Solomon 0 1 2 Sale reported: Govt. Inscr. Stock, 5J ,c., 103(5 .. 97 5 0 DUNEDIN. £ s. ■ ' • ' i. .. (1. King Solomon 0 1 2 . Sale reported: Govt. Inscr. Stock, 5} '.c., 1936 .. 97 5 0

1930-31. Price, per lb. per bale. 1931-32. Price, per lb. per bale. Dec. . ... 4Jd £7 0 1 5.lid £7 7 5 Jan. . ... 45d £7 15 5.37(1 £7 18 0 Feb. . ... 5(1 £7 7 6 5.17(1 £7 13 8 Mar. . ... 7d £10 9 5 4.15(1 £6 2 2 April . ... 6id £0 8 5 •3.60(1 £5 5 0 •April, 1932, estimated.