FARMING AND COMMERCIAL

Manawatu Standard, Volume XLIX, Issue 112, 11 April 1929, Page 5

FARMING AND COMMERCIAL

ADDINGTON MARKET. HEAY.Y ENTRIES YESTERDAY. Per Press Association. . CHRISTCHURCH, April 10. Entries wcro again heavy at the weekly U market at Addington today, store ewes C and lambs being well up to the recent tc yardings, with fat cattle 50 per cent, more -*• 'than normal. The market throughout was al ; * te Store lambs and ewes were forward rt • from widoly-scatterod quarters. Ihe lower al Crates ruling this last fortnight were mam- ai ilained, ' thoro being a substantial buying o< ISement. All lambs except best sorts wore 5i Klot- by Is to Is 6d per head. Extra a u&ood halfbrcd ewe lambs made to 27s 6d, good halfbrcd ewe lambs 23s 6d to 25s c. Bd ordinary ewe lambs to 235, good m.s. li Kjambs 20s to 235, ordinary 16s to 19s, a Encdium wothor lambs 16s -9d to 18s 7d, v linferior wether lambs 15s to 16s 6d, cull C * lambs 12s 9d to 14s 9d, good two-tooth. o t halfbred ewes 36s 3d, ordinary two-tooth halfbred ewes 313 to 33s 6d, ordinary to <- good two-tooth three-quartor-brod ewes t 29s 6d to 345, good four, six and eight- o tooth halfbrod owes 28s 6d to 33s 6d, r ordinary four, six and eight-tooth half- a bred ewes 24s 6d to 26s 6d, inferior four, I six, and eight-tooth halfbred ewc3 21s 6d I to 245, s.m. crossbred ewes 24s to 28s 3d, 1 inferior s.m. crossbred ewes 20s to 235, f.m. owes 16s to 17s 6d, aged ewes 14s I to 153 9d, two-tooth crossbred ewes to C 325; four and six-tooth Romney cross owes 1 to 295, s.m. Romney cross ewes 24s to 28a, ° two-tooth halfbrod wethers to 23s 6d, six 1 and eight-tooth halfbred wethers to 28m 3d. 1 Fat Lambs.—A keen sale at full schedule B rates. Extra prime made to 34s 7d, prime £ 28s 6d to 31s 6d, medium 26s 3d to 28s 3d, ' light 24s to 265. Fat Sheep.—Ton races wore penned, the s heaviest entry for some weeks. Big cheep < were inclined to be a shade easier, but 1 export sorts maintained freezing values. 1 Extra prime wethers made to 36s lOd, s prime wethers 32s to 34s 6d, medium j wethers 29s’ to 31s 6d, light wethers 26s : to 28s 6d; extra prime ewes to 33s lOd, * prime ewes 26s to 29s 6d, medium ewos 22s to 25s 6d, light ewes 19s 6d to 21s 6d, ] aged ewes 15s to 19s. , j Cattle. —A very heavy entry of 660 head, with a big proportion of cows. Values receded on the big prices of last week by 30s 1 per head. Best beef made 433 to 46s per 1001 b., extra slightly more, heavy 40s to 43e, medium quality 41s to 42s 6d, best cow •' and medium heifer 39s to 42s 6d, and rough down to 30sr Extra prime heavy steers made to £24 2s 6d, prime heavy steers £lB 10s to £2O, medium weight prime steers £l6 to £lB, medium quality steers £l3 10s to £ls 15e, light steers £9 to £l3: extra prime heifers to £l6 17s 6d, prime heifers £l2 5s to £l4; medium heifers £lO 10s to £l2; light heifers £7 2s 6d "to £10; extra prime cows to £l6 7s 6d, prime cows £ll 10s to £l2 10s, medium cows £lO to £ll ss, light cows £8 to £9 15s, aged cows £6 5s to £7 15s. Vealers.—"A keen sale. Twelve to 18month calves made £8 to $9 3s 6d, beet vealers £6 to £7 10s. Store Cattle. —A brisk demand. Extra good cows made to £9 2s, others £5 15s to £7 10s, .inferior £2 to £5, 2i-year steers to £9, two-year heifers to £6 ss. Dairy Cows,—Best springing cows made to £l4 ss, medium £lO to £l2, best heifers to £l6 15s, medium £ll to £l3. Fat Pigs.—A moderate quality lot. Choppers made £2 to £6, baconers £2 to £4 9s 6d (average price per lb., 5d to 6d); porkers 38s to 54s 6d (average price per lb., 7d to 7id). Store Pigs.—A small offering and a good demand. Weaners made 3s 6d to 7s 6d, stores 8s to 14s 6d, larger 15s to 255. STOCK MARKET. Wright, Stephenson and Co., Ltd., and ’Abraham and Williams, Ltd., report on the | Johnsonvillo sale held yesterday as fol- '» lows:—To an averago attendance of buyers t wo submitted the usual yarding of sheep, ’ lambs and cattlo. Tho _ cattle comprised mostly heavy-weight prime quality bullocks. Prices for extra prime ' bullocks were on a par with last week’s rates, but average quality bullocks wero not in domand. Cows met with good competition k at late rates and vealers sold freely. The E sheep comprised heavyweight wethers with K. a few pens of two-tooth wethers and averBk age quality ewes. Tho yarding was not up gf to tho usual number, but a good sale roll suited, prices showing an advance on last ■ week’s rates. Following are the quotas' tions:—Bullocks: £l2 10s, £l3 15s, £l4, P £l4 2s 6d, £l4 10s, £l4 12s 6d, £l4 17s. f £l4 17s 6d, £ls 2s 6d, £ls ss, £ls 7s 6d to £l6. Bullocks, heavy: £ls 10s to £l6. Bullocks, crossbred, heavy: £l6 to £l6 15s. Fat cows: £7 17s 6d, £lO 10s, £lO 12s 6d to £lO 17s 6d. Cows, light: £5 15s. Hoifers: £7 15s. Voalers: £3 15s, £4, £4 2s 6d to £4 7s. Wethers: 31s, 31s 6d, 31s Bd, 32s 9d to 33s Bd. Ewes: 25s 6d, 25s Bd, 26s 4d, 26s 6d, 23s 4d, 24s sd, 24s 3d. Lambs: 23s 6d, 24s sd, 24s 6d, 25s 4d, 25s 9d.

EXCHANGE RATES. (British Official Wireless). RUGBY, April 9. Foreign rates of exchange as on April 6, as compared with par rates, are as follow

IMPERIAL CHEMICAL INDUSTRIES. (British Official Wireless). RUGBY, April 9. Imperial Chemical Industries, Limited, announces a proposal to increase the authorised capital by £20,000,000 to a total of £95,000,000, the increase to be made by the creation of 40,000,000 new shares of 10s each. Part of the proposed new capital will be required to complete the present constructional programme, leaving a balance in reserve for future contingencies The reserves now exceed £11,000,000. The report to shareholders indicates the. immense scope of the company’s business and' shows that the heavy constructional works contemplated are necessary in view of the rapidity of the growth of the company, which now employs in its offices and works approximately 53,000 people, compared with 40,000 one year ago. DUTIES ON IMPORTED WHEAT. MARTON, April 9. That the Marton branch of the Farmers’ Union favours the present duties on imported wheat being continued was a remit to the annual conference moved at the branch’s annual meeting by Mr G. L. Marshall, who stated that there was a possibility of the present Government lifting the duty. “Wheat growing should receive every possible encouragement,’’ ho added, “because it employs more labour than any other farming pursuit.” Mr E. Thoms: But is not the union’s policy free trade. Mr Marshall: That is so, * but while the. Government continues to protect secondary industries we should not refuse assistance for primary industries. , The chairman (Mr J. Cornfootl: In my opinion 1 don’t think we should depart from the union’s policy; if we can’t grow wheat here as cheap as Australia can land it here, then •it is time we knocked off. Mr Marshall: Why should close on two millions of our money go out to Australia when wo could produce the grain here? The remit was carried.

WELLINGTON STOCK EXCHANGE. < YESTERDAY’S BUSINESS AND PRICES. J At the morning call yesterday sales of Union Bank at £ls 10s 6d and Wilson’s . Cement at 41s were made on the Wellington Stock Exchange, and a sale of British Tobacco at 47s 10Ad was reported. At the afternoon call a sale of Mount Lyell at 43s 3d wa3 made on ’Change, and sale 3 were reported of National Bank of New Zealand at £7 2s 6d, Bank of New Zealand at 62s and 62e 3d, Wellington Meat Export at 12s 6d, British Tobacco at 48s, Taranaki Oil at 5s 2d, and Wilson’s Cement (two parcels)

at 41s 3d. There was a moderate demand for Government securities, the 4i per cents, being in demand at £99 15s, and the 5£ per cents, at £lOl 10s. Wellington Gas debentures were wanted at £IOO 10s, Wellington Racing Club at £lO6 103, and New Zealand Breweries’ bonds at 26s 2d. “ Bank shares were firm, with buyers of Commercial Bank at 29s 9d, English, Scottish and Australian Bank at £8 16s, Bank of New South Wales at £SO 18s, Bank of New Zealand at £3 2s, and Union Bank at £ls 10s. Sellers quoted £l4 16s 6d for Bank of Australasia, £7 3s for National Bank of New Zealand, and £9 14s for National Bank of Australasia £5 paid. New Zealand Loan and Mercantile Agency Co., Ltd., ordinary were in request at £127, Goldsbrough, Mort at 53s 3d, and New Zealand Guarantee Corporation, ordinary, at 8s lOd. Gisborne Gas were in demand at 10s Id, and Wellington Ga 3 at 31s 3d. Wellington Meat Export were wanted at 12s, and New Zealand Refrigerating,' 10s paid, at 7s 2d. Wellington Woollen, preference, were firm at £7 4s. There was a small demand for coal shares, with buyers of Westport-Stockton ordinary at 2s 4d and preference at 3s 3d, and W’aipa Coal at 11s 6d cum. dividend. Kauri Timber were wanted at 16s. Brewery shares were in good demand, with bids of 7s 6d for Crown Brewery, 62s for New Zeaalnd Breweries, and 45s for Staples and Co. 1 In the miscellaneous section there were buyers of Australian Iron and Steel at 21s 2d, British Tobacco at 47s lid. Burns, Philp South Sea at 30s, Colonial Sugar at . £59 10s, Dental and Medical Supply at 10s i 9d, Electrolytic Zinc, preference, at 365, 1 N.Z. Paper Mills at 18s 3d, Sharland and 1 Co. at 21s, Taranaki Oil at 5s Id, Wellington Queen’s Theatre at 235, Wilson’s 1 Cement at 40s 9d, and Mount Lyell at 43s , Yesterday’s buying and selling quotations

SALES IN OTHER CENTRES.. ' Per Press Association. AUCKLAND, April 10. Sales.—Auckland Harbour Board, 1940, 5i per cent., £101; Auckland Hospital Board, 1932, 5i per cent., £101; Auckland Fire Board, 1939, 6 per cent., £lO3 10s; New Zealand Breweries’ debentures, 26s 4d • National Bank of New Zealand, £7 2s ’6d- Bank of New South Wales, £sl 2s 6d; Bank of New Zealand, 62s 3d; South British Insurance, 665; WestportStockton Coal, 2s 9d; Auckland Gas, 24s 3d- Now Zealand Breweries shares, 6<a; Sandford, Ltd., 17s 9d; Taranaki Oil, 5s lid 5s 3d; Wilson’s Cement, 40s 9d. * ’ CHRISTCHURCH, April 10. Sales.—N.Z. Government, sj> per cent, inscribed, 1933, £lOl 10s; Australian Bank of Commerce, 35s lOd ; Bank of Australasia £l4 12s 6d; National Bank of Australasia, £lO paid £l9 11s 6d, ;£5 paid £9 11s 6d • New Zealand Breweries, 625, 62s 4d; Staples Brewery, 45s 3d (seven parcels) ; Dunlop Rubber, 28s 6d; Mount Lyell, 43s 9d (four parcels), 435; Wilsons Cement, 41s (three parcels); Mahakipawa, Is 2d; Bank of Australasia, £l4 12s 6d. Sales Reported. Christchurch Trams, 5A per cent., 1944, £IOO 10s (two parcels); Bank of New South Wales, £sl 2s 6d (four nareelsl • New Zealand Breweries, 625, 62s g? (two Parcels); Ward’s Brewery, 45s 3d; Mount Lyell, 43s 9d (two parcels); W«,lp.r..S.ock«o„ ] (p f .i SS ), A^Mi|) Sales— New Zealand Farmers’ Fertiliser, 21s 6d; Mount Lyell, 43s 6d (two). , Sales Reported.—New Zealand Farmers Fertiliser, 21s 6d (two) 5* per cent, bonds, 1936 (£IOOO, one parcel), £lOl 10s, West-port-Stockton Coal, 2s 9jd. PRICE OF GOLD (Australian Press Association). 1 LONDON, April 9. The price of gold is £4 4s 10id per oz. DALGETY AND CO’S STOCK.. (Australian Press Association). 1 LONDON, April 9. DaJgety and Co.’s shares sold at £ls 8s gd; debentures, £76.

FIELDS DIVISION. SENIOR OFFICERS CONFER. The technical officers and the senior field officers of the Fields Division of the Department of Agriculture held a conference in Palmerston North yesterday. The range of work to be carried out during the present season was fully covered. The visiting officers were Messrs Small- - field, McGilvray and Tennent, field super- 1 intendents, and Mr Hadfield, agronomist. BRITISH AGRICULTURE. IN PARLOUS STATE. THE REMEDIES SUGGESTED. Agriculture in Great Britain has been in a parlous state for many a long day (writes a London correspondent). Farming has so consistently yielded a goodly crop of Jeremiahs that we got hardened to their cries. But when it is asserted that other countries, those all but virgin fields of America and the Antipodes, are, too, in a bad way, it is time to look into the thing. The World Economic Conference which eat in Geneva two years ago declared that agriculture was in a depressed state in all parts of the world, and that this was duo to the fact ’ that the farmer was getting low prices for his products; low, relatively, to the prices of other products; low owing to an over-ptoduction which was not real, but greather than the consuming capacity —as measured by ther power to buy it of the-peoples. .... How is it that the world price of agricultural produce is substantially below the average cost of production ? That was the question posed by Sir Daniel Hall, technical adviser to the Ministry of Agriculture, in an address to the Institute of Foreign Affairs. In his view one faotor is the inability of the farmtr to alter the character of bis business in response to the market. If ho does not alter it, he can only do so slowly, hampered by tho seasons _ and rotations. Secondly, there are fluctuations due to the season, a big or a small harvest: Is there a surplus ? If so, the price at which the : farmer sells his surplus determines tho price - of the whole. Sir Daniel cited in support i of thi3 thesis the case of a crop—potatoes —almost entirely home grown, of hops, a. , crop which has to be largely supplemented ; by foreign imports, of wheat. The price of a glass of milk is one that t most people would say, offhand, was deter--3 mined here at home, and they would be mightily astonished to discover the feet 1 that the price of milk here is determined by . the price of New Zealand and Canadian s cheese. As all the world knows, the* was a fight betwoen the farmers and the dairy s companies, and the end came with a de-

cision to pay certain prices per gallon and that surplus milk —over contract quantity—be paid at 2d above the price of imported cheese. The milk industry, no more, no less, than any other, follows the law that the prices got are determined by the price that the surplus will fetch. _ Sir Daniel remarked that the British farmer always talked as if the price jof wheat was made in tho Chicago wheat pit. In his view the Americans were in reality justified in their contention that the price was made in Liverpool. The price to the Amorican farmer is determined by internal competition, which goes on until it has worked down to tho price which can be got for the surplus in Liverpool, that is, until the pressure can be relieved by export. The American farmers turned to Mr Hoover, who would do nothing for them until they pooled their interests. “We cannot help you,” said Mr Hoover, then Minister, for Commerce, “until you are all in union, and until tho whole of your wheat is marketable by one hand. Then you can have your own price at home, just what you like, and you can send the rest to Europe to get what Europe wdl give for it and spread the price over. But for this all the farmers must come in. Duties are of no Use in keeping up prices within a country because internal prices are determined by internal competition Tho lesson Sir Daniel drew from the United States was that unless you have combination within your own country surpluses will force down prices. He cited examples of pooling complete or par-

tial. , , Another method of price control has been tried in Norway and Switzerland. Only the State is allowed to import wheat, which it then • distributes, afterwards buying in the home production at such a price as encouraged the farmer, and it acts as (the selling agency. Bloth Norway and Sweden have found it a difficult task, but it is so far tho only one which seems to have managed to work at all as a method of balancing off the State necessity to keep the farmer going and yet to meet tho demands of its consumers for cheap food. The method, however, involves drastic interference with private trading. While Sir Daniel Hall stresses the influence of surplus production in pulling down prices, it has to bo noted that the same present world malaise in agriculture has been assigned not to low prices but to falling prices. “The Effect,’’ Says Mr R R. Enfield in tho Journal of the RJ.A., “of a falling price on agriculture is of two kinds. The first is due to the long period and turnover which is an essential feature of the agricultural industry. If the general price level is falling, then, owing to the fact that it takes from seven to fourteen months to complete the cycle of operations on a farm, the farmer spends his money in goods that he had to buy at a higher price level and receives payment for his produce at a lower price level, thereby diminishing the profit he would otherwise make. If tho movement is very fast he may make no profit at all. The second effect is upon the fixed chargee on farming and those costs such as wages which for various reasons can be adjusted downwards only with difficulty. As the price level falls the. farmer finds that each year he must sell off the farm larger and larger amounts of produce in order to moot the fixed charges Mr Enfield links falling prices to currency problems, and does not see hope that an agricultural revival can be brought about by any purely agricultural meanß He looks rather to the general level of commodity prices ,the accumulation of gold reserves in the central banks of the , world, to the international gold move- ‘ ments, the changes in discount rates, etc., as the chief factors in determining the , prosperity of the world’s agriculture. “In the meantime competition goes on, and if no alternative can be found there is a danger,” says Sir Daniel Hall, “that the distinctive power of unrestricted competition between the farmers of the world will tend to destroy the agriculture of the world.” Here, in Great Britain, of course, the evodus from the land has long existed. It would be greater to-day than it is but for unemployment. In France, in spite of tradition, Italian immigrants are coming in to make good the drain of man-power to the cities and urban industry. “This is a slow change by which agriculture responds to low prices. You cannot adjust production quickly; but it does slowly adjust itself by the retreat of men from the land,” he says. . What, in fine, was Sir Daniel Hall s conclusion is: “We cannot afford to go on letting these men go. The actual production of food in tho world is, in relation to population, less than in 1914. We aro actually in a short position, though the shortage cannot declare itself because of the difficulty that so large a proportion of the population experience in making their demand for food effective. Therefore, it is necessary for. States like our own to consider what steps they can take to arrest this flow, lest; we suddenly slip over the danger point and find ourselves in a real scarcity because there are no longer the people on the land' to produce food for us. AMERICAN WHEAT CROPS. (Australian Press Association). WASHINGTON, April 9. The condition of winter wheat in the grain-producing States on April 1 was far higher than a year ago. The Agriculture Department announced to-day that the condition at that date was -82.7 for winter and 68.8 and 79.3 for rye, as compared with 68.8 and 79.3 respectively a year ago. To-day’s report indicates that the winter wheat crops will yield 591,312,000 bushels this year, against 568,000,000 indicated on December 1, 1928, and the final i 1928 crop of 578,964,000 bushels.

STOCK DISEASES. DEPARTMENT OF AGRICULTURE’S INVESTIGATIONS. Diseases in dairy herds have occupied considerable attention of late, with vaginitis being a moi'e or less exasperating trouble. At Woodville yesterday an officer of the Department of Agriculture outlined the department’e research acfcivitiee to a meeting of the local branch of tho Farmers Union. Messrs W. C. Barry, district superintendent of the Live Stock Division of the Department of Agriculture, Wellington, It. xi* Meade, veterinarian of the department, Palmerston North, and Mr Jaine, inspector of stock, Woodville, were present. Mr R. C. Leach, president of the union, occupied the Mr Barry, outlining the trouble known as temporary sterility in cowe, said that the department had heen actively engaged investigating the condition during the past few seasons, and although it could not bo said that the actual cause had been as yet determined, some progress had been made. The outstanding feature of the trouble was the failure of cows to hold until tho 6eason had far advanced, and akhough the percentage of permanent sterility was very low, yet, owing to oowa calving late, loss was occasioned to the dairy farmer. Furthermore much anxiety was felt by the owner, experiencing the trouble amongst his cows for the first time. Special research work was being carried out by the departmental veterinary officers, working in Taranaki and the Waikato, who had been delegated to this particular investigation. They were working in co-operation with the veterinary laboratory staff at Wallaceville, and being assisted generally by the field staff # of the Live Stock Division. Already considerable data bearing on the subject had been obtained. Intensive study was being prosecuted, every aspect of the condition being followed. Tho trouble was in evidence, more or less, in all the dairying districts throughout New Zealand. It was also prevalent in other countries, where research was likewise being prosecuted. The department was in touch with investigators overseas. VAGINITIS. | The condition referred to as vaginitis | was not considered to be directly rospont sible for cows not holding. Tho practice [ of indiscriminate washing-out of cows for this condition was to be condemned. Ro- ■ search had shown oertain inflammatory con-

ditions to bo existent in some instances. In such cases there was reason to believe that the bull may act as a possible factor in the transmission of the trouble from cow to cow. Accordingly, tho department strongly advised that tho bull should not be allowed to run with tho herd. Separation of tho bull meant greater control, as tho chances of the spread of infection wero thereby lessened. Cows with retained cleansings should be strictly isolated. This was an instance in which antiseptic douching became essential. Cows showing discharges wero potential centres of infection. Again, when abortions occurred, the aborting cow should bo isolated from the herd for at least a month, or until such time as all discharges had ceased. In such cases, approximate washing out was also essential. Paddocks in which aborting cows had been isolated should not be used for grazing healthy cows until four or five months had elapsed."’ Failuro of conception was very frequently benefited by enforcing a rest on tho affected cow. Thus, when a cow returned to tho bull at the usual throe-weekly period it was advisable to withhold servieo until the next poriod occurred. In many instances, this proved effective, and in such cases one or two washings with a weak solution of permanganate of potash solution (half a teaspoonful properly dissolved gallon of water) might be used. Mr Barry also referred to a possible deficiency in tho cow’s system having some bearing on the reproductive function, thus leading to a delayed conception. Although this was not proved, such a deficiency might conceivably arise through some depletion in 'the system of highly-producing cows. This was mentioned as being a point not overlooked by those investigating the trouble. Tho importance of dairy farmers maintaining their herds in the best possible condition during tho winter months was strongly stressed. This necessitated the provision of supplementary winter feed. The object aimed at should be to bring cows into profit in good, healthy condition. Cows calving in poor condition stood a poor chance of resisting infection. _ Mr Barry, at the conclusion of his address, was accorded a hearty vote of thanks.—-Examiner.

Apr. 9. Par. Paris, francs to £1 124.225 124.21 New York, dollars to £1 4.85} 4.86 2-3 Montreal, dollars to £1 4.85 4.86 2-3 Brussels, belgas to £1 ... 34.95 35 Geneva, francs to £1 25.215 25.224 Amsterdam, florins to £1 12.09} 12.107 Milan, lire to £1 92.805 92.46 Berlin, reichsmarks to £1 20.475 20.43 Stockholm, knr to £1 ... 18.18 18.159 Copenhagen, knr. to £1 18.21 18.159 Oslo, knr. to £ 18.20 18.159 Vienna, schillings to £1 34.555 34.584 Prague, knr. to £1 164 24.02 Helsingfors, marks to £1 193 193.23 Madrid, pesetas to £1 .. 32.575 25.224 Lisbon, escudos to £1 ... 1084 4.504 Athens, drachma to £1 ... 375 25.224 Bucharest, lei to £1 ' ... 8174 ' 873 Eio de Janeiro, pence to milreis 5 27-32 16 Buenos Aires, pence to peso 4711-32 47.62 Shanghai, pence to tael 30 23} Bombay, pence to roupe — 18 Hong-Kong, pence to dol. 23i 24 Yokohama, pence to yen 22 3-32 24.58 Batavia, guilders to £1 ... 21.14 12.107

were as under: — Buyers. Sellers. N.Z. GOVT. LOANS— £ s. d. £ s. d. 54 d.c. Ins. Stk., law — 101 10 0 p.c. ditto, 1936 101 5 0 — 44 d.c. ditto, 1939 and 1938 99 15 0 44 p'.c. Bonds, 1939 ... — 1 — 00 2 6 4£ p.c. ditto, l9iU — 54 p.c. ditto, 1933 and 99 15 0 1936 101 10 0 DEBENTURES— “ Wellington Gas Co. ..100 10 0 — Mangapu Drainage Bd., 53 d.c.. 1965 — 1UU u u Well. Racing Club ...106 10 0 N Z. Breweries (bonds) 16 3 BANKS14 16 6 Australasia Commercial of Auet. (ord.) 19 9 English. Scottish and Australian 8 16 0 8 16 9 National of N.Z — 7 3 0 National of Australasia 9 14 0 (£5) — „ New South Wales ... 50 18 0 — New Zealand 3 2 0 — Union of Australia ... 15 10 0 — 1 FINANCIAL — „ „ , 2 14 0 Goldsbrough Mort ... 2 13 3 'N.Z. Guarantee Corp. (ord.) 0 8 10 N.Z. Loan and Mercane tile (ord.) 127 0 0 130 0 0 GAS— _ „ . Gisborne 0 10 U — /Auckland (contrib.) ... — 0 18 9 Christchurch _ ~ _ 16 4 Wellington (ord.) - HI 3 INSURANCE— National — 0 16 9 New Zealand — 2 7 3 MEAT PRESERVING— 2 3 8 Gear — _ N.Z. Refrigerat. (10s) 0 7 2 — Well. Meat Export ... 0 12 0 0 13- 0 TRANSPORT2 5 9 Huddart Parker (ord.) — P. and 0. def. stock ... — 3 3 0 WOOLLEN— 7 5 6 Wellington (ord.) — Ditto (pref.) 7 4 0 „ COAL— 1 13 0 Westport — — Weetport-Stockton, (ord.) 0 2 4 Ditto (pref.) ,. 0 3 3 d Waipa 0 11 6 TIMBER- _ „ Kauri 0 16 0 — Leyland-O’Brien 1 15 0 National 0 10 3 BREWERIES— „ _ , Crown 5 J S — New Zealand 3 2 0 3 2 3 Staples and Co 52 b U — Ward and Co MISCELLANEOUS— 1 14 6 ii Australian Iron and Steel is Steel (pref.) 1 1 2 British Tobacco (Aust.), 116 (ord.) 2 7 11 Burns, Philp (South 2 8 6 21 3 Sea) 1 10 0 -3 Colonial Sugar 59 15 0 — Dental and Medical 2i 7/ Supply 0 10 9 Electro. Zmc (pref.) ... 1 16 0 1 16 9 Gasco Bricks - 19 0 Howard Smith (ord.) — 15 9 * N Z. Paper Mills 0 18 3 0 18 9 Sharland and Co. , ' 59 (ord.) 1 1 0 Taranaki Oil 0 § P — Well. Queen’s Theatre 13 0 Wilson’s Cement 2 0 9 MINING— , _ _ „ — 23 2 16 r Mount Lycll 2 3 0 U —