COMMERCIAL SUMMARY.

Otago Daily Times, Issue 13136, 21 November 1904, Page 1 (Supplement)

COMMERCIAL SUMMARY.

Saturday evening, November 19, MONEY AND THAI;!?. Buying.—Demand, par; 30 days, 7s 6d per cent, discount;,6o days, 12s 6d per cent, discount. ! Selling—Demand, 12s 6d per cent, premium ; 30 days, 7s 6d per cent, premium; 60 days, 2s 6d per cent, premium. Telegraphic Transfers to London—l7s 6d per-cent, premium, plus oable charges. Deposits.—By Bank of New Zealand: Fixed for three months, 1 per cent, per annum; six months, 2 per cent, per annum; 12 mouths, 3 per cent, per annum; 24 months, 4 per cent, per annum. By National Bank: Fixed for. three months, 1 per cent, per annum; 6 months, 2 per cent, per annum; 12 months, 3 per cent, per annum; .24 months, 4 per cent, per annum. By Australian banks: Fixed for tix months, 1J per cent, per annum; 12 months, 3 per cent. per.annum; 24 months, 4 per cent, per annum.

There is no alteration in the local money market; there is plenty of capital available for investment;in. gilt-edged.securities at 4j per cent., and in mortgage on freehold property at 5, per. cent. -There is an impression in-some quarters'that the stringency in tho money market will not last, and that there will be an abundagee of chjan money before long.

Trade has been rather quiet during the past three weeks, but it, is expected that there v.ill be an improvement very shprtly. Money is somewhat tight in some quarters, and rather rnoro 'accommodation is being asked for than has been tho cafe for some time. but. at the same time, there is no cause for apprehension. The profits from the wool clips, which will be coining to hand shortly, will no doubt- do a good deal to relieve the temporary tension. IlltEA DSTUFI-'S. The local wheat market has been extremely quiet during the past three weeks. Holders are still sitting tight, and buyers show no desire to operate at present rales. Waimate advices state that most of the wheat in that district has been taken up, but some lines ore reported to have changed hands at Oamaru at from 3s 6:1 to 3s 7d per bushel. The Ashburton market is reported to bo very firm, qnoiations running from 3s 4jd per bushel for Hunter's up to 3s 6d for Tuscan and pearl, on trucks. Christclmrch advices state that the prices asked for range from 3s 7jd to 3s 8(1 per bushel, f.o.b. Lyttelton. The millers are holding right off the market, as they have fair stocks on hand, and. moreover, the demand for floir is very limited. The Hour trade is very quiet, only a litile business passing.' The New Zealand Flourmillers' Association's tariff stands unaltered as follows:—Sacks, £10; 100's, £10 10s: 50's, £10 15s; 25's, £11. The shipping prico is £9 10s f.o.b. The demand for offal lias fallen off, and stocks arc again accumulating. The tariff is:—Bran, £3 5s for local orders, and £3 f.o.b. for shipment; pollard, £4 per ton, both for local orders and for shipment. A good deal of chick wheat has been offering during tlje past week, and the price has eased a little, quotations now ranging from 3s to 3s Id per bushel ex store (sacks extra). Business ha sboen very quiet in onts. There lias.been a little coastal trade, but just sufficient to prevent stocks accumulating. At the same time, local stocks arn pretty low, and a fairly good demand would -probably cause prices to harden. Sparrowbills are quoted at Is s£d and Gartons at Is 6d per bushel ex store, and B grade at from Is 2Jd to Is 3d per bushel on trucks at country stations. A reduction of lO.s per ton has taken plaee in oatmeal, which is now selling at £8 10s per ton. Pearl barley is in fair demand "at £12 per ton. PRODUCE MARKET. Fairly large supplies of new liidney potatoes have arrived from Auckland, and prices have eased considerably, being now about Id per lb. The market for old Derwents has firmed appreciably, and the improved prices ruling have resulted in a few coming to hand, but the market is still rather bare. Prime fresh-picked Derwents are worth from £3 to £3,10s per ton. In dairy produce there has been no great activity, more especially ,as regards butter. Factories are now offered about 9d, and milled butter is selling at 7d to 7{d. Tn cheese, buyers have offered for Ihe season's outputs to tho end of March from 4d to 4fd, and a few factories have sold at these rates, but others have declined, and prefer to consign, as the London market shows signs of steady improvement week by week, an judged by the Agent-general's rabies. It is difficult to find an outlet for the low grade butter now flooding the market, and prices arc at a low level. Current quotations are as follow:—Farmers' pats (good 'quality), 5d to s£d; salt and milled, at 6d to 8(1," according to quality. Good separator is worth 9(1; North Island factory, 9Jd. First-grade factory is unaltered at 10Jd for built and lid for pals. The loeal cheese market is unchanged—4jd to 4?d being asked for Akaroa, and 4.Jd to 5(1 for factory mediums. The market is over-supplied with eggs, this position being principally due to the oomplete absence of any demand for preserving. The ruling price is now 8(1 per dozen. The market for pigs is slightly easier, and baeoners (un to 1651b) are quoted at 4(1; overweights,"up to 3Jd. Hams are firm at 7Jd to Bd, and bacon at 7d to 7jd. There is a fair demand for good chaff. Primo oaieu sheaf is quoted at £3 5s to £3 7s 6(1 per ton, extra choico realising up to £3 10s. ALE AKD STOUT. (Duty: 2s per gallon, or 4s per dozen.) All the leading brands arc in good supply, and values are unchanged. Following is tho agents' list of prices, the quotations being for ordinary lots per dozen quarts, all duty paid:—Ale: Head's Dog's Head, 13s to 13s 6d; Torter's Bu'l Dog, 12s 6d j Foster's, 12s; Burke's. ]2s; Tennant's, lis 6d to 12s: Your.gcr's, lis 6d: Ililer and Boll's, 10s 6:1. Stout: Read's Dog's Head, 13s to 13s 6:1; Porter's Bull Dog, 12s to 12s 6d: Burke's, 12s 6d to 12s 9d; Johnson's, Us 6d to 12s; Hall's Boar's Head, 12s; Foster's, lis 9d; Tcnnant's, lis to lis 6d; Tennant's lager beer, 7s 6d for pints and lis 6(1 for quarts, BAGGING. (Wp'olpacks and cornsaeks: Free.) Recent adviccs from Calcutta indicate that ihe n arlcet is very firm, high rates prevailing. The latest cable quotation is 5s 9Jd for 44's for Novc'mber-Decomber shipment, this prico representing nil advanco of SJd during tho past three weeks. Local opera tions are. nil, but there is 110 prospect of any declino in prices' for near shipment.' As the new regulations 'framed by tho liaiiway Department with, regard to tho weight of sacks of wheat will bo in force before next harvest, the bulk of tho demand will be for 44's, and only a few 46's ami 43's will be required for light articles, such as grass seed. Tho distributing prices have not yet been fixed, but it is very unlikely, considering present quotations, that agents will bo able to deliver at less than from 6.? 3d to 6s 6(1. CANDLES. (Duty: Manufactured in British dominions, Id p:r lb: foreign candles, l^d 1 per lb. The bulk of tho business passing is couSned to tho Burmese candles, for which the following is the tariff:—. .Plain and (luted, 16oz, 6's, 5Jd per lb; self-fitting and carriage, 7d per lb:— this tariff being subject to the usual discount. The Iceal manufacturers' tariff has undergone a slight change, and now stands as follows:—Mining, 6jd per il>; Standard, 6{d: Composite (plain and fluted), sijd; Gold Medal and Exhibition, 6:1; .Magnet, Ducal Paraffin, and Superior Wax Paraffin, Sid; Brilliants, s£d; Adamants, 5(1; I'l'izo Medal and Elcctrics and Rockets, 4i|d. T'h&so rates are subject to a sliding Ecalo of discount, according to quantity purchased. Ogston's Aberdeen candles are selling at 6d to 6Jd. Pries's brands ere quoted at the following rates:—For London Sperms, 6,5(1 to 6?d (duty paid), and London Wax and I'araflins at s.id; Do Botibaix Jenars are quoted at 6Jd to 7d. CEMENT. (Duty: Manufactured in British dominions, 2s per barrel; foreign cement, 4s per barrel.) The prieo of cement is unchanged. It is quoted at 13s 6(1 for 20 barrels and over, and 14s for smaller quantities. IJIUHI) FItUITS. (Duty: Currants and raisins, Id per lb; figs, nuts, shell almonds, evaporated apples, prunes, and datesj 2d per lb; Jordan almonds, 3d per lb; Sicily almonds, free.) A large quantity of the new season's dried fruits, consisting of currants, sultanas, and figs, ex Meissen, has arrived, and the market is now fairly well supplied. The quality is about tho average. The market is also fairly well supplied with new seeded raisins, but the Californian muscatels and Jordan almonds have not yet come to hand. These are evpeeted to arrive within the next fortnight, however. Tho Barbarossa, which has probably arrived at Melbourne ere this, bring 3 some of the Christinas supplies of fruit, and it is hoped (hat her transhipments, which consist of bulk currants, Jordan almonds, Valencia laifins, and probably Malaga muscatels, will reach here by tho next Melbourne boat. Cable advice reports the sultana market some shillings lower than last quotation. This is inexplicable in face of the short crop this season. Australia is producing sufficient sultanas for her own requirements, and is practically independent of Smyrna fruit. Tho output of Mildura sultanas this season is estimated at 1000 tons, as against 600 tons last year. ■ Private adviccs received from San Francisco state that two very heavy rainstorms —the heaviest since 1850—were experienced in the early part cf October, with the result that such parts of the raisin and prune crops as were not harvested were considerably damaged. The raisins were damaged to the extent of 40 or 50 per cent., and tho prunes from 30 to 40 per cent. New currants are uoted at from 3Jd to I 3|d and 4Jd for cartons. Quotations for new sultanas arc 4jd, 4Jd, and 4Jd, according to quality. The quotations for figs are as follow:— Bags, std to 52(1; layers, 6jd to 6|d; boxes, 5s 3d to 5s 6(1. New seeded raisin? are quoted at 5s 6(t per dozen csrtons: "muscatels, 8d per lb in 1011) boxes and 9d per lb in 51b trays. Cable advices states that the new crop of Sicilian almonds has opened very high. This commodity has advanced by about £24 per ton within the last six months. The new season's dates are quoted at 15s per cent c.i.f., e., for December delivery. • New Jordan almonds are quoted to arrive ex Waimate, due about tho 26th inst., at from 2s 3d to 2s 4i<l.

(Duty: Dried, pickled, or salted, 10s per cwt; • paste, 20 per cent, od valorem;, potted and preserved—British, 2d per lb; foreign, 3d per lb.

The Karamea, which brought supplies of new season's fish, has delivered her goods, the whole of which has been sold. The King Oscar sardines and the Albert halves are now being distributed. Quotations are as follow:—Fresh herrings, 6s; kippered herrings, 7s 6d to 7s 9d; herrings in tomato, 7s 3d to 7s 6d. 'Half-pound tins of Morton's kippered herrings and herrings in tomato arc selling at- ss. for sardines are:—Albert quarters, 7s; Albert halves, 10s.

New season's British Columbia salmon is soiling nt the [allowing rates: — Flats, 10s Gil; half-flats, 6?: falls, 9s 6tl for best quality. Mail advices are to the effect that this year's salmon catch has been the smallest on lccord, and indications point'to a van?e of higher prices as the season advances. Oilier quotations are .13 follow:—Sardines—good quality halves 6s and 6s 6:1, and quarters 3s 6d to 1s; smoked sardines, 9s for halves and 5s for quarters; white herrings, 21s for 2-100's and 30s to 32s for two-dozens; red herrings, 20s for 2-100's. 17s for one-dozen; American codfish, s£<l to si|d; boneless" eod in 21b blocks, 53d to 6d. Findon haddocks ami bloaters are quoted at 9s 6d and 8s 6d respectively. , , nors. (Duty: British, 6d' per lb; foreign, 9(1 per lb.) Hops are very scarce just now. and indications point to high prices during the coming season. No brewing hops are available in Nelson, all being in the hands of tho brewers. Very few arc coming to hanil, and these are quoted lit 9id, f.o.b. Nelson. METALS. (Duly: Galvanised iron, £2 per Inn: fencing wire and barbed wire, free; iron—plain, black sheet, rod, l>olt, bar, and plate, not produced in British dominions, 20 per cent, ad vaforem.) Trade in tho iron and hardware market is quiet, and prices keep steady. Following arc current quotations, tho prices being for the most part shaded for thrco-ton and five-ton parcels:—Tugnt tin—Colonial, Is 3d; Ijainb and Flag, Is 4d. Ingot copper. 755. Sheet lead, £20, with tho usual extras. Pig lead, 17s. Pig iron, £5 per ton. Tinplates, 17s 6c! —this price being shaded for parcels; wire netting, £20 to £22, according to quantity; bar iron. £11; shoeing bars, £12 for ordinoiy brands—Xetherton's 10s, and B B H 30s extra: iron henps, £13 10s; sleol plates, £13; steel angles £12 10s; tee bars, £13; barbed wire. £14 to £14 10s; fencing wire—ordinary brands. No. 8, £8 15s; special brands, £9 10s; galvanised wire, £10 ss; galvanised iron. £19 10s. nn.s. (Duly: Kerosene, free; other oils, 611 per ( _ gallon.) Tho shipment of turpentine ox Queen Helena, now duo at Auckland, has been sold at 3s 4]d per gallon ox wharf and •5s Sid ex warehouse, these' quotations being for wholesale distributing lots, for net spot cash. Further supplies, ex Pharsalia, which will probably not arrive until January, are being quoted to arrive at 3s 4jd ox wharf and 3s 5Jd ox warehouse. To-day's quotation for kerosene is 9Jd per gallon ox warehouse. The next; shipment of kerosene will arrive per Anna, probably due in Lyltelton lato in January. Linseed oil is quoted at 3s 3d for raw and 3s 4d for boiled for small duty-paid parcels. Castor oil is quoted in half-cases at 2s lOd and in drums at 3s. Castor oil quotations range from 3s to 3s 3d for small distributing lots. oij.sikn's storks, etc. The markot- is very bare of French cream of tartar, and 110 furlhei supplies will ho hero until Ist December. Local agents will probably draw from Australia in tho meantime. Morton's cream of tartar in lewt tin-lined cases is selling at Is Id. French, 111 kegs, 95 per cent., is quoted at lljd to Is, and Morton's in 141b tins at Is l£d. Hudson's extract of soap, which is badly wantod, is costing 111010 money, and tho pneo has boeu raised to 32s 6d per cwt, J* 1 ' j> 3 i" boxes. The Formosa, which j lias loft n nllington, brings supplies for this Im n i ,J lie l lrica of Boll's matches ( Boyals ) has boon reduced bv bd per •" ross - The quotation is now 8s 3d to Ss 6d. Ihe local ngenfc for the National Starch Oompany have received advice that the P»ee of Duryoa's maizena has been reduced to sjd all round. Tho previous price was 5,, d for 25 boxes and 6d for lessor quantities. Cloves arc quoted firm at Is 6:1. u biting is still_ scarce, and tho bedrock price is now s's 3d. Bicarbonate of scda is firm at £10 ]0s per ton. The tariff for Fry',-, cocoa is as follows:—Homoeopathic, for 20 Tj 6 ? * s ' 01 ' es;ei * tiuantitios Is 4d; concentrated. 3s 2d, and soluble Is 4(1. The tariff arranged for Symington's ccfi'ee essence is as follows:—five-case'lots 12 s 3d 1-ease lots 12s 6d. A !;.viff for distributors has been arranged for Woods' peppermint cure, and the price to. retailors which must, be maintained m 13s 6(1 per dozen for small and 22s fid for large. Ihe market is well supplied with all leading lines, and current quotations are as follow:—Tartaric acid—powdered. Is' 6d; crystals, Is 6^(1; Black Beauty stove polish, is 6:1 per dozen; Milkmaid milk, 6s 6d; Oolman's starch. 5Jd to sjd; Xeave's f" od i l[| s , '° Koillcr's-marmalade— lib 7a 3d to 7s 6d, 21b 13s 6(1; Borwick's baking powder, 5s 3d; Crosse and Blackwell's marmalade—lib jars to 3s. 21b jars 14s to 14s 6d, lib tins 6s 6d; Lucca oil—C, and B. 28s, Morton's 245; Day and Martin's blacking, 3s ad io 3s 6(1; Morion's capers, 5s 6d; curry, 5s Gd; salad oil, 5s and 8s; and castor oil, 3s Oil and 6s 6d. RICE. (Duty: Free.) Advices from .Sydney state that stocfa of Japan rice in that market are depicted. Supplies from that, quarter have for somn time bade depressed values in this market, the current quotation being considerably lower than the price ftl which it would he Possible to sell if the rice were shipped direct from Japan. A gradual firming in tho local market may therefore be expected from now on in tiio' arrival of the new season's rice at tho end of the year. Current quotations are £15 to £15 10s for .lapan rice, and £16 to £16 10s for Patna. SAGO AXIJ TAPIOCA. (Duly: Free.) There has been an advance of 10s per ton in sago and tapioej. Current quotations stand at 12s for sago and pearl tapioca, and 13s for Hake tapioca. salt.' (Duly: Free.) The: supply of salt- brought by the Storm, consisting of about 400 tons of Adelaide, Castle fine. Pig coarse, together with some agricultural salt, has been distributed at tho following rates:—Black Horse coarse salt— 5-ton lots, 65 s per ton; 1-ton lota 70s; and lesser quantities, 4s ' per ewt. Fine is quoted at 80s for ton lets, and 4s 6d per cwt for lessor quantities. Tho New Zealand Salt Company (Limited), representing the interests of' both the' Adelaide and Liverpool salt, merchants, has arranged a selling tariff as between the wholesale and retail houses for Otago and Southland. The rales have been fixed r.s follow: — Liverpool Liverpool Coarse and Fine and Pig Coarse. Castle Fine. Per Ton. Per Ton. 10-taulols.. ~ 55s G.is 5-ton lots ... ~ .. 57s G7s 1 ton .. COs 70s Per Cwt. Per Cwt. Lesser quantities 3s Gel 4s Parcels may be made up of mixed lots. These prices iray be reduced by 2s per ton when salt is delivered direct from the wharf, and they include cartage to any point within Dunodin or suburbs. The Salt Company has undertaken not to supply any wholesale firm whioh does not abido by a tariff agreed upon by the majority. It is also understood that the imports of Liverpool salt will be kept within a certain limit, so that proportionate' quantities of Liverpool and Adelaide may be sold in the colony. The Formosa, which has left Wellington, brings a shipment of rock salt, which is badly wanted in the local market.

snoAiu (Duly: id per lb.) An advance of 10s per ton has taken place in sugar, and tho Colonial Sugar Company's revised tariff stands as follows:—Finest whites (No. 1 and 1a) : £16 7s 6d per ton in bond, for five-ton parcels; £16 10s per ton, in bond, for three-ton parcels; and £21 15s per ton, duty paid, for imaller quantities. No. 2 is quoted at 10s per ton lower than, the above prices— namely, £21 ss, duty paid; and brewers' crystals 15s per toil higher—namely, £22 10s, duty paid. SOAP. (Duty: Yellow soap, 5s per cwt; fancy soaps, 25 per cent., ad valorem.) There lias been no alt&ratiou in the price of soap, and the local manufacturers' tariff stands as follows:—Household, £13 per ton; Three Crown, £14 per ton; Prize Modal, £20 per ton: Laundrine, £22 per ton. These rates are subject to a sliding scale of discount, according to the quantities purchased. Swan floating soap is selling at- 14? per box. SPIRITS. (Duty: Bulk, 16s per gallon; proof, bottled, 16s per gallon.) Brandy tariffs have been arranged as follows:—Boomerang—lo_ cases, 21s: five cases, 225; lesser quantities, 55s duty paid. Bisquit, du Bouchc—lo cases, 225; five cases, 22s 6d; 'one case, 55s duty paid. The demand for whisky is brisk, and all the leading brands have good inquiry. The Haig and -Haig 3-Star is quoted at 20s ■ for 5-case lots- and 48s for lessir quahtiti«..The. jrhisjar tariff xc?

ranged amongst the Bond street houses stands as follows:—Ten eases, 20s in bond: five cases, 21s in bond; and lesser quantities, 50s, " duty paid. The brands included in this arrangement are Dewar's Special, Usher's 0.Y.G.. White Horse, D.C.L., Walker's WAV., fiaelie Old Smuggler, and Buchanan's House of Commons. The price of Crawford's whisky now stands: If or live-case lots, 25s in bond; lessor quantities, 525, duty paid. Other brands remain unaltered, and as an index to market values we quote the following, agents' list:—Brandies: Hennessy's, o7s 6d to 38s per case; .Martell's, 36s to 37s per case; Denis Mounie's, 3k per gallon and 22s 6d per case; Boomerang, 22s for parocls. ■ in bond, 55s per single case, duty paid. ■ Whiskies: Thorn and Cameron's Old -Highland, 7s- to 7s 6d per gallon; Brown's 4 Crown, 7s to 7s 6d per gallon; Dewar's Special. 7 s 6d per gallon; Loehiel, 7s 6d per gallon; D.C.Ij., 7s 6d per gallon; Ben MaoDhui, 7s per gallon; Old Ship. 7s per gallon. Case whiskies: Usher's Special Reserve, 22s 6d: Sanderson's, 20s; Old Ship, 20s; Dunvillo's, 15s; Burke's, 15s. ■ Genevas: .IDKZ—Two gallons 9s, three gallons 12s 6d, four gallons 15s; Key—two gallons 8s 6d, three galloue 11c 6d, four gallons 15s 6tl: Burnett's Old Tom— 12 bottles 13s 6d, 14 bottles lie be]; Wolfe s Schnapps, 22s 6d; Gilbcy's Schnapps, 15s to 15s 6d; Gilbey's Dry Gin, 13s to 13s 6d,Lornon Hart's rum, 4s to 4s 3d per gallon; Lamb's Imperial Rum, 3s 6d to 4s 6d per gallon; Lamb's Golden Grove Rum, 6s to 6s 3d.

TEA. (Duty: Free.) An average trade is passing iu tea, business being mainly confined to the favourite packet blends.

TOBACCO. (Duty: 3s 6d per lh.| The market is now supplic-d with Old Judge cigarettes and tobacco, but stocks of Cream of Virginia tobacco are cleaned right out. The Queen Helena, now due at Auckland, lias a shipment of the latter on board, however, and supplies should, therefore, arrive shortly.

Following is the scale of prices fixed for Juno tobacco:— 5 caies. Is 4.J(1; one case, Is sd: one box, Is Gd; lesser quantities, 5s 3d. This tobacco is How supplied in ?i-fo-the-11) rods, blocks, and pocket pieces, and in 4£-to-the-!b blocks. Derby mild tobacco, in 2oz tins, is quoted ai 6s 9d. The American Tobacco Company's tariff stands as follows: — Lesser Cass Bo:: Quantities. Lots. Lots. DtitvVaid. Huvelock [(Uik) .. 1/9 1/10 5/4* Havelock (aromatic) 1/11 2/1 5/9 Mixture —Qoz. 3/6: -toz, 3/3. Mixture—Dark, 3/3. Canary cigarette tobacco—lib cartons, 2/7. The T. C. Williams's tariff stands as follows:—

Current quotations for uncontrolled tobaccos arc as follow:—Derby, Is 8d to Is 9d; Harlequin, Is 2Jd to Is 3;d. EXPORT OF PRODUCE. During 'be month of October the exports from the colony were:—Butter. 19,28'Jcwt, value £Si,9(H; cheese lGo7cwt, value £37-10; beef, SOOcvft, value £400; mutton, 58,490 carcases, valuo £45.181; lamb, 11,581 carcases, value £7414; wheat, 31,444 bushels, value £5742; oats, 271,349 bushels, value ±"2,802. From Duncdin and Port Chalmers the exports were: Butter. 805cv.-t, valuo £3782; cheese, 37cwt, value £94; beef, 282civt, value £331; wheat, 359 bushels, value £G3; oats, 50,167 bushels, value £13SG. The exports from the Bluff were: Cheese, 2le\vt, value £140; mutton, 3331 carcases, value £7708: lamb, 252 carcases, value £105: oats, 125,039 bushels, value £9920. Patea with 5385cw1, of the value of £23.572, anil New Plymouth with 518Gcwt, of the value of £21,408, head the list for butter export. THE MOSGIEb 'WOOLLEN FACTORY COMPANY (LIMITED). The directors, in submitting the thirty-first annual report and balance sheet, regret that the year's operations do not show a more satisfactory result. Continued high prices for wool, combined with keen-competition of other inilis, and increased importation ot woollen goods ami shoddy made-up clothing, have prevented the company securing a sufficient margin of profit. The directors regret that, owing principally to above causes, the year's transactions, after laying a half-yearly dividend of Jli per cent., shows a. lo3s of £1255 lGs 3d, wliicb has been mot by transferring £2000 from the reserve fund, leaving a, balance of JGir-t-i'Ts-StV to'jbecifrri'i'd forward to next yeai'.v account. During the year the company has sustained great loss in the death of Mr H. F. narrfy. who bad been a director for the past 27 years. Mr Hardy was most zealous in his attention to his duties as a. director, and his advice was greatly valued by the board. The directors decided not io fill up the vacancy caused by the death of Mr Hardy, but to ask the shareholders at the annual meeting to reduce the number of directors to live. The retiring directors arc Mr J. R. Sinclair and Jlv Vu-lter Hislop, both o[ whom are eligible and offer themselves for re-election. The auditors—Messrs P. Ban, and Crawford and Barllomaii—also retire, but arc eligible and oiler themselves for re-election. THE COMMERCIAL PROPERTY AND FINANCE COMPANY. The directors, in submitting their annual report and statement of accounts for the year ended 30th September, 1901. stale, that the profits for (lie year, after providing for interest on deusoits. rebate on bills, expenses of management, etc.. amount to £14G9 IGs lOd, to which lias to be added balance Irom last year, £324 S3 Id, making £1794 Is lid; amount transferred to bad and doubtful debt reserve account. £1000, leaving available £701 4s llil. Out of this amount the directors recommend the payment of a dividend of Od per share on new issue and 2s Od per share on old issue, absorbing £019 17s Od; balance tp be carried forward, £171 7s sd. The business for the year has been active and satisfactory, and the company still maintains its position with its depositor and lis clit-iir- The directors consider that the company's business and its prospects should enable it to continue paying regular dividends. Mr "\Vm. Burnett retires by rotation from the directorate, and being eligible, offers himself for re-election. PP.OPERTY SALES. Jtessrs Qnin and Rodger report having sold on account of Mr William Grainger (executor in the estate of the lato James Marshall, Kelso) sections 27 to 31, block 111, Creenvnle Survey District, comprising 430 acres, together with growing (Tops, a', a satisfactory figure. The purchaser, Mr John Black (Greenville) is to bo congratulated on having secured one of tho choicest holdings in the locality. Taken up by the Ist? owner when CFreenvale Estate was out up, it has been since steadily improved by the erection of good and substantial fencing und buildings. Tho results obtained from tho land havo earned for it the reputation of being one of the. most reproductive farms in the district, and in tho capable bands of the new proprietor is Mire to turn out a profitable investment. The property is just two miles from Kelso Railway Station, and a good metal road bounds the frontage. The clearing sale of implements, sheep, cattle, and horses is announced in another column for Thursday, 10th inst. At their rooms on S\ov. 4'Messrs Park, Reynolds, and Co. offered for sale by auction freehold properties in Mornington, Maori Hill, Green Island, and Mosgiel. The first property to be offered comprised sections 106 and 167, Glen Estate, Mornington, containing 3 roods 14 poles, with residence of eight rooms and outbuildings, etc.. thereon. Bidding for the concern started at £700, and, after some fairlygood competition, the price was carried to £900, at which figure it fell to Mr T. M. Short. A property situated in Kingston (Green Island), comprising five brick cottages, was purchased by Mr W. Stewart Park for £240. Sections in Maori Hill, Mosgiel, and Mornington weru also offered, but owing to the reserve prices not being reached were passed in.

Ia pursuance of the order of tho trustee in the estate of the late Mr R. B. Denniston, Messrs Park, Reynolds, and Co. disposed by auction at their rooms on November 7 of sections 13 and 14, Broad Bay, containing half ail acre, close to jetty,, for £107 10s. . Miss Harty being the successful bidder. Four sections at Brighton, containing 3^ roods 14 poles, and situated at the corner of Trecastell street and Bellevue terrace, were sold to Mr Joseph Allan for £21. In conjunction with Messrs Stronach, Morris, and Co., the same firm also offered the unexpired term of lease (having about 32 years to run) of section 35, and part of section 34, block XV, Dunedin, with frontage to the Octagon of 77ft, together with the lease of the premises thereon known as Boss's Buildings This was disposed of to Messrs Smith and Smith for £3000. A freehold building site, St. David street, with a 72ft frontage, was disposed of to Mr R. F. Smith at a satisfactory figure. The Perpetual Trustees, Estate, and Agency Company offered for sale by auction \at their looms on Nov. 7 a number of city and suburban freeholds in the estates of deceased persons. Section 52, IVakari district, containing IGJ acres, was, after good bidding, knocked down to Mr G. E; Bray at £16 10s per acre. Two other properties were passed in. The Perpetual TVustees, Estate, and Agency Company offered for sale by auction at their rooms on Jfov. 7 39 sections in the newly laidai! township of Margate, near the Broad Bay jetty. The attendance was good and bidding fair. Oniv four sections, however, were dispurchasers being :-Scctiou .3^

Mr A. J. Lumicy, £29; sections 34 and 35—4 Mr Charles Lie, £25 each; eeotion 30—Mr Witt. Wardrop, £25. Messrs Wright, Stephenson, and Co. report haviug sold on account of Mr Peter Barron, of Mossburn, bis freehold property of 87G acres, being section 172, Taringatura survey district, together with an educa.tion reserve leasehold of 214 acres. The purchaser i 3 ICr Alex. Dawson, of Reddon Bush. And oil account of Mr H. Carswell, allotment No. 7 of private plan of Pine Bush Estate, containing 135 acres., to Mr George Clarke, ot Orawia. The New Zealand Loan and Mercantile' Agency Company (Limited) report having sold privately on behalf of Mr E. F. Palmer, Clarksville, his valuablo property of 46S acres known as Mcadowbank, the purchaser being Mr J. S. Fleming, of Otokia. Mr Palmer has been in possession of Meadowbank for tho last 11 years, and the place, always a good one, kaa been so well farmed and improved that now it is considered to bo tho b»3t of its sizo anil kind in probably the whole of Otago and Southland. The price at which tho property has beon sold—namely, £22 10s per acre—is understood to constitute a record in tho Tokomairiro district, and while Mr Palmer is to be congratulated on obtaining an excellent figure, Mi? Fleming is also to be complimented upon his enterpriso and foresight iu scouring so:fiM a property.

One Iiosspr Case Box Qri.uBrand. Lois. Lots, litics. s <1 s (1 s d Victory (atomatie) .... 1 11 2 1 S 9 Diadem ,. 1 II 2 1 5 9 Xosegav Ill 2 1 5 9 Hovsil Colours ...... 1 11 2 1 5 9 Golden Basle 1 11 2 1 5 9 Liicv Hinlon 2 1 2 !l 5 11 Rnbv 2 G 2 7 6 S Welcome Nugget ....2 0 2 7 0 3