FARMING AND COMMERCIAL

Manawatu Standard, Volume XLIX, Issue 228, 26 August 1929, Page 5

FARMING AND COMMERCIAL

DAIRY INDUSTRY. r THE PAPATAWA COMPANY, ! ANNUAL MEETING HELD. Activities for the past season wero reviewed at the annual meeting of shareholders of tho Papatawa Go-operative Dairy Company, when Mr C. F. Baker presided. The annual report was as follows : —it is natural that some disappointment be expressed at the fact that tho company did not succeed in making a forward sale of more than our August and September output, but the last annual meeting really settled that question by instructing the direci tors to sell the make of cheeso for August 1 and September at lOd per pound, the price ' then open for acceptance. Your voting ion I this matter was unanimous. Subsequent I events proved that tho few factories which ! sold their outputs forward did much better than those risking consignment. Tho result of the year’s working may, under these circumstances, be accepted as most satisfactory, a high level of monthly advances having been maintained. These were helpful to suppliers and we are glad to know that our policy was appreciated. It is now proposed to make a further payment on butterfat supplied from February to May of 3d per lb. The usual dividend of 6 per cent. . will be paid on all capital. The average payment for butterfat supplied during the year will thus be Is 6jd per lb. During the season provision was made for the reception of a much larger supply of milk than wo were in the position to accept, and the factory and plant have therefore been extended and maintained in first class order. The additions have not cost our present suppliers one penny piece, provision having been made during previous years for this work to be carried out, the reserves of tho company being ample for all requirements. New suppliers are joining tho company and it will bo necessary for you to increase the nominal capital' so that shares for them arc available. The shares of nonsuppliers have, with one exception, been repurchased by the company and resold to present suppliers. The retiring directors are Messrs W. Gilliland, F. R. Herrick and W. L. West, who are eligible for re-election. The services of Mr F. Wise, retiring auditor, aro again available. The board desires to thank tho staff and suppliers for their loyalty to the company. Between us we have succeeded in securing a record, both for output of cheese and average butterfat test. The following figures were supplied:— Milk for cheesemaking, 5,183,9041b5; milk separated, 94,5031b5; butterfat ' for cheese, 218,0261b5; butterfat separated, 45061b5; cheese made, 560,1101bs (250 tons); milk to lib cheese, 9.251b5; cheese to lib butterfat, 2.5611)3; average test, 4.21. INCREASING THE CAPITAL. The chairman, in moving the adoption of tne report, said: —“Speaking to the notice of motion to increase tho nominal capital of the company, from £2UUO to £jUUL), we have now only 38 shares available lor allotment. As against this, an excess of .butterlat supplied above the quota of shares held by suppliers entitles us to allot another 290 shares to cover butterfat supplied. This means that, after allowing for the allotment of the 38 shares now available, we are 858 shares short for allotment, which represents £504 of secured capital to tho company. Up to tho present tho additions and improvements to the factory have been paid lor out of reserves. However, with the growth of the company, the time has now arrived when it is necessary to provide more shares to meet the ever-increas-ing demand from new suppliers. By your balance-sheets, you will see that the past season has been a record one for make, 250 tons of cheese having been manufactured. It was found necessary by your directors at the commencement of last season to make additions to the factory to cope with tho ever increasing supply of milk, 'lhe factory is now capable of handling a much larger quantity ct rniik than is likely to be ottering for a long time to come. It has come under our notico that certain companies aro now stressing the advantages of giving financial assistance to their suppliers. Papatawa, the pioneer co-operative company in the district, has been helping suppliers with finance for the past 17 years. In conclusion, I cannot speak too highly of the manner in which the work of our staff in the factory was carried out.” Mr Murray seconded the motion for the adoption of the report. Tho secretary mentioned that the Control Board levy amounted to £34 7s Id. Tho amount of unsold cheese was 449 crates. It was hoped that this would bo sold at 109 s. DISCUSSION ON REPORT. In answer to a question by Mr Huggins, the chairman stated that the proposed new share capital would not affect the existing shareholders, excepting that it would enable those who had not their full quota of shares to take up tho number they required. Tho liability of existing shareholders in regard to the new capital would bo nil.

Mr Nixon, while congratulating the directors upon the balanco-sheot, asked whether the amount paid out for the August and September suppliers represented the full amount received. The chairman stated that it did not. Tho additional amount received had been spread over other months in the year, so'that tho average amount for the season would be Is 6id. Mr Nixon expressed the view that those who brought their cows in early should receive the advantage. At the same time, he accepted the explanation that was given. In answer to Mr Nixon, the secretary stated that tho cost of the additions to the factory was approximately £560. Mr Nixon congratulated tho directors upon the price being satisfactory. At the same time, he thought tenders should have been called for the work.

The secretary said the work was urgent, and time was the essence of tho contract. The directors realised that cn principle tenders should have been called, but had they adopted this course, tho work would not have been completed in time. The following resolution was carried: “That the capital of tho company be increased to the amount of £3OOO by the creation of additional capital to the amount of £IOOO, divided into 500 shares of £2 each, such shares to bo issued as ordinary shares ranking as to dividend and to distribution of capital in the event of the winding up of the company paii jiassu with the ordinary shares in the existing capital of tho company.” Messrs W. L. West, W. Gilliland and F. R. Herrick wero re-elected directors, without opposition. The chairman congratulated the shareholders upon their attitude with regard to the directors. This showed that they held the confidence of the shareholders. Mr F. Wise, F.R.A., was re-elected auitor of the company.

Mr L. R. Wards, manager of the Rexdalo dairy factory, gave an address to the suppliers on tho subject of standardisation. He stated that as a result of his investigations in Taranaki, he had discovered that standardisation was in tho best interests of the producers. Ho had made experiments at his factory, and had proved that standardisation produced about ljd per lb. more for the butterfat. He believed, also, that standardisation resulted in a better quality of cheese. Mr Wards concluded by stating that ho did not believe in pasteurisation, as he thought this was starting at the wrong end. He was of opinion that what they wanted was a good quality of milk and careful handling at the factory. Mr Wards was accorded a vote of thanks. DISPOSAL OF OUTPUT. The question of tho disjiosal of the coming season’s output of cheese was briefly discussed. The chairman stated that the best prices at present offering was B£d per lb. Mr J. G. Brechin stated that ho had received a private cable from a reliable authority at Home. This authority said ho had no hesitation in stating that the Labour Government was detrimental to prices for overseas produce. The large financial institutions declined to operate when Socialism was in control. It was suggested that the price which would rule for New Zealand cheese while the Labour Government was ill power would be from 90s to 92s 6d per cwt. The chairman (Mr Baker) stated that tho directors would probably pay out Is 6d per lb for butterfat for the opening of the season. In the meantime, tho /Marketing Association would be asked to ascertain the best prices offering. The suppliers would be called together as soon as this information was available. It was decided that a further meeting be held on September 10th. MANGAWHATA DAIRY COMPANY. The report to be submitted at the annual meeting of the Manga whata Co-operative Dairy Coy., Ltd., by tho chairman of directors (Mr I. D. S. Cooksley) is as follows; —“'lhe company sold the cheese tor August and September, 1928, at lOd, and for October to Dccembor, 1928, at 9iCl, which enabled a payment of Is 9d per lb of butterfat up to that dato to suppliers. From tho Ist January, 1929, your directors fell in with the wishes of tho majority, who carried a motion at tho last annual meeting, recommending that tho cheese from that dato be consigned and sold on tho open market, and from that dato to tho end of tho season suppliers have received Is 6d per lb for their butterfat. Tho repairs and mainenanco account has been largo for tho past season, but your directors very fully considered all expenditure of this nature before it was undertaken, and it was all found most necessary for tho efficient running of the factory, and a very substantial increase in output was dealt with by tho manager in a most efficient manner, and I think the company aro to bo congratulated on having secured tho services of such a good man. He has given the directors entire satisfaction in every way. I have to record my thanks also to tho staff at the factory who have worked well and given every satisfaction, as has also the secretary and his staff from, whom I have received at all times every assistance. Although there was an increase of approximately 80 tons in tho output, oyer 75 per cent, graded finest at tho grading store, Wanganui, which has been brought about largely by the hearty co-operation of the suppliers in taking greater care with their milk, in conjunction with tho manager’s efforts in tho manufacture. A good deal of work has been done at the factory during the off season, and, as a result, tho management hopes to reduce working expenses during the coming season. Also a general clean-up has been undertaken around the outside of the factory, which has considerably improved its general appearance. I desire to congratulate tho manager on winning the Manawatu and West Coast championship and gold medal, and second prizo for grading competition, £lO, also on coming third in a speical competition.” Tho following information was attached to tho report; —Total milk received, 8,431,4061 b; butterfat received, 34.0,6981 b; cheese manufactured, 400 tons 9cwt 2qr 251 b (897,0891 b); whole cream, 16621 b butterfat; whey cream, 13,371.71 b butterfat; average grade, 92.23; average test, 4.04; yield on factory weights, 2.645; cost of manufacture, 1.162; cost of management, .4033; cost to f.0.b., 15.653 d.

'The following are tho allocations of shipping space for dairy produce for the next two months:—

Halifax and Montreal loadings. The Karanica allottmcnt is partly for West Coast U.K. ports.

WELLINGTON STOCK EXCHANGE. LAST WEEK’S BUSINESS AND BRICES. A moderate but steady business was dono on tho Dominion Stock Exchanges last week. Prices wero generally firm, and banks, browerios and miscellaneous shares camo in for most attention. Tho demrfnd for Government securities during tho week was good, but the business passing was small. There was not a sale of tho 4£ per cents., which, however, wero in good demand- at £99 17s 6d. lhe 5£ per cents. (1933) sold at £99, and tho per cents. (1941) at £IOO. The 5g per cents, stocks and bonds (1933) hands at £lOl 2s 6d, £lOl 7s 6d, and £lOl 12s 6d. Now Zealand Breweries bonds sold steadily at 28s 3d, but were not as active as in previous weeks. Bank shares were more generally sought and tho business done was well spread. Australian Bank of Commerce showed a firming tendency and changed bands at 35s 6d, 365, and 36s 6d; Bank of New Zealand sold at 63s to 63s 6d; Union Bank at £ls. Is 6d to £ls 2s 6d; Commercial’ Bank of Australia at 29s 6d; National Bank of Now Zealand at £6 19s; Bank of Australasia at £l4 9s 6d; Bank of Now South Wales at £52, cum dividend; National Bank of Australasia, £lO paid, at £l9 13s; English, Scottish and Australian Bank at £8 Bs. and Queensland National Bank at £9 11s 6d. . There was very littlo business done in insurance and financial shares. Goldsbrough, Mort and Co. were in active demand and had quittanco at 47s 9d to 48s 4d, and New Zealand Guarantee Corporation sold steadily at 9s 7d. Tho ordinary stocks of the Now Zealand Loan and Mcrcantil Agency Co., Ltd., which bavo been neglected for somo time, received a littlo attention during tho week, a bid of £125 being recorded, but sellers held out £3 more. Threo or four transactions in New Zealand Insurance at 48s was all tho business done in tho insurance section. National Insurance wero in good demand at 16s 3d, but there were no sellers at the price. Gas shares wero very much neglected; oven Wellington Gas, which have boon strong favourites with investors, wore apparently not in demand. A sale of Auckland Gas at 24s 2d was recorded. In Refrigerating Meat shares Now Zealand Refrigerating, 10s paid, met with a good turnover, most of tho sales being at 6s lid, showing a weakening tendency". Goar Meat, on tho other hand, wero very firm and changed hands at 43s 9d and 445. Tho fow bids mado for Wellington Meat Export were not sufficiently attractive to result in business.

Shipping shares wero in fair demand, particularly Huddart-Parker ordinary at 45s 6d, Union Steam preference at 21s and P. and 0. deferred stock at 55 5, but none of these was sold, and holders evidently expect the shares to go higher. Devonport Steam sold on tho Auckland Exchange at 21s 6d, and 21s 3d. Coal shares meet with a little business every week and values keep firm. During tho past week there were sales of Taupiri Coal at 29s lOd, Grey Valley Coal at 26s 4d, Westport Coal at 33s 7d, and Renown Colliery, preference, at 3s Id. Woollen shares wore very quiet, but there wero a fow sales of ICaiapoi Woollen ordinary at 14s 2d.

Brewery shares wero very steady, particularly New Zealand Breweries and Staples and Co. The former appear to have stabilised at 84s 6d, for over fourteen asles were registered during tho wcok and all tho deals were at the price named. Staples and Co. Tho former appear to havo stabilised at 84s 6d, for over fourteen sales were registered during tho week and all tho deals wero at tho prico named. Staples and Co. sold freely’ at 54s 3d and 54s 6d. Timaru Brewery, 5s paid, changed hands at 8s 9d, Carlton Brewery (Melbourne) at 48s, and Tooth’s Brewery (Sydney) at 56s 3d. In the miscellaneous section a wfdl-spread business was dono, but in most instances there wero single transactions. British Tobacco sold at 48s 3d, ’ 48s, and 47s lOd; Eectroytic Zinc ordinary at 39s 6d, preference at 39s 9d and 40s 3d; Bycroft, Ltd., at 345; Bcath and Co., Is paid, at 9s 6d; Dunop Rubber- at 29s 3d; Amalgamated Wireless at 30s; East African Coifco at 40s id; Henry Jones Co-op. at 33s 9d; N.Z. Paper Mills at 20s 4id; N.Z. Drug at 76s 6d; N.Z. Farmers’ Fertiliser at 225; Canterbury Farmers, ordinary, at 7s 6d; and North Auckland Farmers’ A preference at 14s.

A fow mining shares were in good demand and sold very well. Mount Lyells changed hands at 44s 3d and 44s 6d; Tongkah Compound at 49s 3d; Waihi at 12s 2d and 12s 3d; and Ohinemuri at 10s 6d. On tho Wellington Stock Exchango on Saturday sales were reported as follow: — £ s d N.Z. Refrig. 10s paid (2 parcels) 6 11 N.Z. Breweries (threo parcels) 4 4 6 Saturday’s buying and selling quotations wero as under: —

Buyers. Sellers. N.Z. GOVT. LOANS— £ s. d. £ s. d

FROZEN MEAT. LONDON QUOTATIONS. (Australan Press Association.) „ LONDON, Aug. 24. Sheep.—North Island, heavy, sfd per lb; Australian, ewes, 4j]d; Patagonian, light, sjjd. Lambs.—-Canterbury seconds, 7fd. Other selected, light Bid, medium 7£d. North Island seconds, 8d; Argentine firsts, medium 7d; Patagonian firsts, light 7gd Chilled Beef.—Argentine, feres 4jd. Other meats are unchanged. SHIPMENTS OF MEAT FROM SOUTH AMERICA. The New Zealand Meat Producers’ Board has received a cable from its representative at Buenos Aires, South America, advising the following shipments to the United Kingdom for the fortnight ended 15th August, 1929, from Argentine and Uruguay (the figures do not include exports from Patagonia, Chile or Brazil) : 202,800 quartois chilled beef, 3150 quarters frozen beef, 60,911 carcases frozen mutton. 125,250 carcases frozen lamb. The quantity shipped to the Continent of Europe during the same period was as follows: —58,710 quarters frozen beof, 11,981 carcases frozen mutton, 565 carcases frozen lamb.

Tho New Zealand Meat Producers’ Board has received tho following cable from its London olhco, dated 24rd August, 192 y, advising Smithtield delivered pi ices averaged for tho week ending that dato as follow, prices lor tho two piovious wcoks uemg also shown in parentheses;—N.Z. wethers and maiden ewes: Canterbury quality, selected brands, 56-under, 6id (6jd, bid) ; 57-64, 6d (6d, 6d); 65-72, s|d (sjd, sgd) ; otlior brands, 56-under, (6&d, bid) ; 57-64, 53d (53d, 52d) ; 65-72, sgd (sid, sid). N.Z. owes: 64-under, 4id (4jd, 'Aid). N.Z. lambs: Canterbury quality, 36-under, Bid (Bid, Bid) ; 37-42, 8d (Bd, 8d) ; 43-50, 7id (7id, seconds, 7Jd (7|d, 8d); solectod brands, 36-under, Bid (Bfd, 81d) ; 37-42, lid (Bd, 8d); other brands, Ist quality, 36-under, Bgd (Bid, 83d); 37-42, 73d (7gd, lid; second quality, 30-32 average, 8d (Bid, Bid). Australian lambs: Victorian, first quality, not quoted. Argentine lambs; First quality, 36-under, 7jd (7gd, 7gd) , 37-42, 7d (7id, 7id). N.Z. beef: Not quoted. Argentine chilled beef: Ox fores, 4id (4gd, 4id); hinds, 7Jd (73d, 7gd). Australian frozen beef: Ox crops over 1001 b4d (4d, 4d); hinds over 160ib, s£d (51d, sfd). N.Z. frozen pork; Porkers, 6U-801b Bfd (Bd, 8d); 81-991 b 73d (73d, 73d) ; 100-1201 b, 73d (73d, 73d) ; baconers, 121-1801 b, 8d (Bd, Bid). Lamb market: Demand has been only fair and some prices have receded a little in consequence. Considerable quantities of Scotch hill lambs are now arriving. Mutton market: Wethers remain steady; ewes are shade easier. N.Z. porker pigs: Nominal prices. N.Z. baconer pigs: Quiet. Levin and Co., Ltd., havo received the following cable from their London agents dated 24rd August, 1929: —Frozen meat quotations (prices on a delivered basis, i.c., including storage charges, cartage, tolls, etc.) : Down lamb, 28/42, BJd per lb.; best North Island, 28/42, 8 3-Bd; ordina-ry North Island, 28/42, B^d; second quality lambs, Bd. Best North Island wethers, 48/64, 6fd; 64/72, s£d; ordinary North Island wethers, 48/64, 6d. North Island ewes, 48/64, 4^d; 64/72, 4)d. New Zealand prime ox beef, 160/220, none offering. As compared with last week’s quotations, prices are unaltered with the exception of second quality lamb which is gd per lb. lower. The market is quiet with little enquiry.

WHEAT AND OTHER PRODUCE. (Australian Press Association. —United Service. LONDON, Aug. 22. Wheat. —Cargoes, 6d to Is per quarter lower owing to slump in America, but buyers are not attracted. Parcels, Is to 2s 3d down. Futures: London, August, 53s lOd per quarter; October and November, 53s 6d; January, 53s lid. Liverpool: October, 9s 8d per cental; December, 9s llgd; March, 10s 3id. Spot trade dull; prices generally lower. Australian, ex-ship, 545. Flour. —Firm. Australian, ex-store, 37s 6d to 38s. Oats. —Tending to be easier. Peas and beans slow. PRICES OF METALS. (Australian Press Association. LONDON, Aug. 22. Copper.—Standard, on spot, £73 18s 9d per bon; forward, £74 life 9d; electrolytic, £B4 5s and £B4 15s; wire bars, £B4 15s. Lead, £23 2s 6d and £23 ss. Spelter, £24 IBs 9d and £25 ss. Tin, £209 16s 10jd and £213 11s 3d. Silver.—Standard, 24 7-16 d per ounce; fine, 263 d. LEAD PRODUCERS. MARKET AGREEMENT. (Australian Press Association. NEW YORK, Aug. 24. The New York Herald-Tribune’s financial editor states: “Leading American and Australian lead producers have entered into an agreement looking to stability of world prices, better control of markets, and tho regulation of production. It is learned from official sources that important British banking interests and agencies who market Australian produce will, under tho plan, cooperate with Spanish smelters and American bankers, acting in a similar' capacity for tho American lead group.” STOCK MARKET. Levin and Co., Ltd., report a small yarding of sheep but a good one of cattlo at the weekly sale at Feilding on Friday, 23rd inst. Fat sheep sold on a par with recent sales. The first entry of ewes with lambs at foot came forward and sold at reasonable figures. Dairy cattlo came forward in good numbers again and met with a ready sale. The fat cattle entry was smaller than usual and sold at advanced rates. We quote the following prices:—Fat owes 27s to 30s; s.m. ewes with lambs at foot 37s 6d; fat steers £ll 10s to £l3 6s; fat cows £8 13s 6d to £lO 13s; springing cows £lO 2s 6d to £lO 10s; cows in milk £lO 12s 6d.

APIARY NOTES FOR SEPTEMBER

(By D. S. Robinson, apiary instructor, Department of Agriculture, Palmerston North.) Now tho days are lengthening, tho beekeeper must realise that the winter months are past, and that it is some months since his bees were able to collect any honey. Flow aro tho bees off for stores? This query should now bo tho beekeeper’s chief concern, and advantage should be taken of tho first fine days to gently open up the hives, and ascertain tho amount of stores present. The bees will now requro from 20 to 251 b of stores to tako them on to tho time when honey will be coining in. Given a normal season, the beekeeper must bear in mind that brood rearing will soon bo well started, and it is then that tho stores rapidly decrease. Should tho stores in the hive bo low, artificial feeding must be carried out. Honey from an unknown source must never be fed.

Tho food given to the bees at this time of tho year should consist of about one-third 1A sugar andl two-thirds water. Tho water should bo heated and the sugar dissolved in it. Tho mixture should never bo boiled.

The syrup should be given to tho bees in the evening when there arc few robber boos about.

. Thoro. are various patterns of feeders on tho market if the beokecpcr desires to purchase, but for simplicity and general efficiency a tin holding about li gallons of syrup is hard to beat. The mat is removed from tho hive, and an empty super put on. Tho tin of syrup is stood over the centre of the frames. Before tho syrup is put in, a float of wood, jyst a little smaller than the inside dimensions of the tin and about half an inch thick, is placed in the tin to prevent tho bees being drowned. Over the tin should bo placed a few pieces of wood, about three-quarters of an inch thick, to prevent the mat fitting close to tho top of tho tin, and thus stopping tho bees from gaining access to the syrup; the mat should then bo put in position and tho hive shut up. All material should bo overhauled and repairs where required carried out. Where an increase is desired, extra supers, roofs and bottom boards should bo made up, and kept in readiness for the swarming season. Whatever now material is made up, tho beekeeper should adopt a standard size and keep to it. Little is more annoying than finding a roof that will just not fit a super, or one super that will not quite fit on another. Any boos that are to bo shifted should bo moved without delay, but tho beekeeper should remember it is necessary to apply to tho Department of Agriculture for a permit before selling or moving any bees to a distance of more than 10 chains. This is to prevent diseased, bees being taken into a clean area.

Many beekeepers have given up painting hives, and use instead paraffin max as follows :—A quantity of paraffin wax is heated in a shallow pan a little larger than a super; tho wax being made to boil by a stove or fire under the tin. The supers are then dipped in this boiling wax, gently turning the super over so that all four sides become coated with tho boiling wax, both inside and outside; the hot wax penetrates the grain of tho wood, and also fills up any cracks. This method of treating _ supers is considerably cheaper than painting; it lasts longer, and takes far less time to accomplish.

DAIRY PRODUCE. PRICES ON OVERSEAS MARKETS. The New Zealand Dairy Produce Board has received the following report from its London office, dated August 23: — BUTTER. New Zealand — 23/8/29. Prev. week. Salted 172s-176s 169s-172s Unsaltcd 168s-172s 168s-172s First whey 160s 158s Second whey '.. 156s 156s 172s-176& equals approximately Is 4|d, f.o.b. Deliveries New Zealand, this week, 925 tons. i / In store. New Zealand, this week, 8050 tons. Australian— Salted . 166s-172s 162s-167s Unsalted 165s-170s — Argentine— Unsaltod 162s-166s 160s-164s Irish — Creamery, salted .. 168e 163s-164s Unsalted 170s 165e-166s Danish— I75s-176s f.o.b 178s-180s 166s-172s spot. Dutch — Unsalted 166s-170s 166s-170s Latvian 164s-166s 162s Siberian 156s-158s 154s-156s Ukrainian . 158sl62s — Polish— Salted 144s-154s 146s-150s Unsalted 150s-154s 156s French baskets— Salted 158s-164s 154s-164s Unsalted 160.3-1653 160s-165s Market firm. Retail prices unchanged. CHEESE. New Zealand — White 83s-90s 87s-88s Coloured 90s-92s 89s-91s 88s-92s equals approx. 8£d f.o.b. Deliveries New Zealand, this week, 25,088 crates. In store, New Zealand, this week, 102,766 crates. Canadian— White 106s-103s 100s-103s Coloured 104s 100s-104s New season’s — White 89s-90s 86s-88s Coloured 90s-92s 89s-90s 89s c.i.f. English— Finest farmere’ 94s-100s 94s-100s Market firm. Retail prices unchanged. Ruapehu finished discharging butter August 16. Port Auckland finished discharging cheese August 16. Corinth ic commenced discharging butter August 16, finished 22nd The board has also received tho following advice from its agents in Canada: — Butter.—New York, 43 cents (Is 9idl: Montreal 38Jd cents (Is 7gd). SHIPPING ALLOCATIONS.

Approximately. Dominion. Totals. Steamer. Duo Sails. From. U.K. Butter. Cheese Aug. Oct. Pt Gisborne 26th Akld. 14th 23,700 (Halifax) Mataroa 28th Wgtn. 1st 10,000 Cumberland 28th Akld. 4th 18,400 5,000 NorthumSept. berland 18th „ 25th 60,000 7,200 Tainui 18th Wgtn. 23rd 30,000 10,000 Hororata Nov. 21st Akld. 6th 42,000 (Halifax) Karamea Oct. 5th „ 7th 42,000 21,500 Rotorua 19th Wgtn. 24th 51,350 17,000 Pt. Molbourne 19th „ 27th 50,000 17,300 The Port Gisborne and ! Hororata are

5i p.c. Ins. Stk., 1941 99 17 44 p.c. ditto, 1939 and 6 — 1938 99 17 44 p.c. Bonds, 1941, 1939 6 * and ...1938 99 17 6 — p.c. ditto, 1936 101 10 DEBENTURES— 0 Wellington Gas Co. .100 5 0 — N.Z. Breweries (bonds) 1 a BANKS— 2 1 8 6 Australasia — Australian Bank of 14 11 0 Commerce 1 15 Commercial of Aust. 10 (lord.) 1 9 English, Scottish and 5 1 9 10 Australian 8 7 6 8 8 0 National of N.Z. ...... 6 18 National of Australasia 6 '7 0 0 (£5) - 9 15 0 New South Wales — 52 5 0 New Zealand 3 3 0 — Ditto (long term) — 1 9 0 Union of Australia ... 15 1 Ditto (Melbourne re6 15 3 0 gister) 15 1 FINANCIAL— 6 Equitable Building Co, 8 12 Abraham and Williams 6 (ord.) — 4 15 0 Goldsbrough Mort ... 2 7 6 2 8 0 Metropolitan _ Bldg. Oo. 15 0 N.Z. Guarantee Corp. 0 (ord.) 0 9 N.Z. Loan and Mercan4 0 9 8 tile (ord.) — 127 6 0 Well. Invest., T. & A. 0 10 11 GAS—

Auckland (paid) 1 4 0 — INSURANCE— National 0 16 3 0 16 6 South British 3 7 0 3 8 0 MEAT PRESERVING— N.Z. Refrigerat. (10s) — 0 7 0 TRANSPORT— Huddart-Parkcr (ord.) 2 5 6 2 6 3 P. and 0. dcf. stock .. — 3 0 0 WOOLLEN— Mosgiel 7 14 0 — 0 Wellington (ord.) .... — 7 1 Ditto (pref.) — 7 2 0 COALWaipa 0 13 3 — Westport 1 13 0 — TIMBER— Kauri — 0 18 3 National 0 7 3 — BREWERIES— Crown 0 7 0 — New Zealand 4 4 4 4 4 9 Staples and Co 2 144 2 14 9 Sunshine — 0 15 0 MISCELLANEOUS— Australian Iron and Steel (pref.) — 1 2 9 British Tobacco (Aust.) (ord.) 2 7 9 2 8 2 Dental and Medical ... — 0 11 0 D.I.C. (ord., prem.) . 0 13 0 — Electro. Zinc (ord.) ... 1 19 0 1 19 6 Ditto (pref.) — 2 0 0 Dunlop Rubber 1 8 6 — Howard Smith (ord.) — 1 4 0 N.Z. Drug Co — 3 17 9 Sharland and do. (ord.) — 1 3 0 Ditto (pref.) 1 1 6 1 3 0 Wairarapa Farmers (pref.) 0 15 0 — Wellington Cordage ... Well. Queen’s Theatre — 0 17 6 1 3 0 — Wilson’s Cement 2 4 3 — Strand, Ltd 1 2 6 — Amalgamated Wireless 1 9 9 — MINING— Mount Lyoll 2 4 0 2 4 6