COMMERCE AND FINANCE

Otago Daily Times, Issue 20318, 28 January 1928, Page 20

COMMERCE AND FINANCE

THE SHARE MARKET.

DUNEDIN STOCK EXCHANGE. Business has been steady' on the Stock Exchange during the past week, and several stocks have shown marked improvement. Bank of New South Wales have fumed considerablv, and although buyers arc offering £47 15s holders are not inclined to part. , Bank of New Zealand s have been offered all through the week at 59s 3d, at which price business has been reported. K.S. and A.’ s have inquirers at £7 12s 6d. with sellers asking 2s 6d more. National Bank of - New Zealands aro better. Buyer s will give up to £6 17s, but there are no immediate sellers. National Bank of Australasias have also increased in value, one lot being placed yesterday at £l7 6s 6d. The contributing shares are in demand at £8 Us. Unions are ex dividend with inquiry at £l4 6s 6d. N. Z. Breweries shares have had no buyers, though sellers have reduced their demand to 41s 6d. Staples, however, have firmed, and buyers arc willing to give up to 40 s 6d. Insurances are quiet. Standards have inquiries at 62s 3d. Huddart, Parkers are still on the up grade. An offer of 49s 6d, however, is not sufficient to attract a seller. P. and 0. Deferred Stock rights, after changing hands at a premium of £25 early in the week, made an advance in value, and an offer of £27 premium yesterday went unanswered. Westport Coals, which have been dealt in at 31s 9d, are still wanted at that price, sellers asking only threepence more. Dalgetys have made a steady advance, end buyers are now’ prepared to give £l3 16 s 6d. Sellers’ quotation of £l4 leaves a comparatively small margin. Paid up Rofrigoratings have a firming tendency, but sellers did not reply to an offer of ISs yesterday. The contributing shares have been dealt in at 8s 7d. Among miscellaneous stocks Bruce Woollens are firmer, with a buyer at 11s 6d. Colonial Sugars, which are inquired for in the vicinity of £55. are also stronger. Mosgiel Woollens are in keener demand at £6 12s. and N.Z. Expresses have a buye/ at 20s 9d. National Electrics are offered at 11s 6d without inquirers. Buyers’ quotations for Kawaraus remains at 4cl, although 5d was offered on one occasion. Electrolytic Zincs are among the most improved stocks. The preference shares are wanted at 32 s 6d. and the ordinary issue is in demand at 31s 6d. Mount Lyells, too, are bettor with buyers at 29s 3d. ’ - Upper Nevis, which have changed hands at 255, are offered at 25s 6d without an answ-ering quote. Inquiry for 4£ per cent. Bondg and Stock has improved to £96 17s 6d. Business has been done in 5j per cent. Soldiers’ Settlement Bonds, at £lOl ss. Sales: Wright, Stephenson (pref.), 15s 6d; National Bank of Australasia (paid), £l7 6s 6d. _ Sales reported: Bank of New Zealand, 69s 3d; 5i per cent. Soldiers’ Bonds (1933), £lOl ss. The following are yesterday afternoon s buying and selling quotations, which are subject to the usual brokerage: BANKING. Bank of Australasia —Buy £l4 11s, sSI £) 4 15s. an’.: of New South Wales —Buy £47 15s. Bank of New Zealand—Buy 595, sel 59s Ban, >1 T V,v Zealand (D issue)— Buy 265. Com -rcial Bank—Sel 29s 4d. E.S ..ad A. Bank —Buy £7 12s 6d, sel £7 15National Bank of New Zealand—Buy £6 17s. National Bank of Aust, (cont.)— Buy £8 Union Bank (ex div) —Buy £l4 6s 6d. BREWERIES. N.Z. Breweries, Ltd. Sel 425. N.Z. Breweries Debs. —Buy 22s 6d, sel 23s 3d. Staple’s Brewery—Buy 40s 6d. INSURANCE. National Insurance Co. —Buy 15s Id, sel 15s 6d. N.Z. Insurance Co.—Se! 41s 6d. Standard Insurance Oo. —Buy 62s 3d. SHIPPING. Adelaide Shipping—Buy 255. Huddart, Parker (ord.)— Buy 49s 6d Huddart, Parker (pref.)—Buy 20s 9d. P. and 0. Deferred Stock—Sel £2oo. P. and O. Deferred Stock (rights)—Buy £27 prem. U.S.S. Co. (pref.)—Buy 20s. COAL. Westport Coal Co.—Buy 31 s 9d. se! 32s Westport-Stockton (ord.) —Sel Is Bd. LOAN AND AGENCY. Dalgety and Co.—Buy £l3 16s 6d, sel £l4. Goldsbrough, Mort —Buy 47s 3d, sd 48s 3d. National Mortgage—Buy 725. N.Z Loan and Mercantile (ord.)—Buy £92 10b. Perpetual Trustees—Buy 51s. Trustees Executors and Agency—Sel 61a. Wright, Stephenson (ord. —Sel 225. Wright, Stephenson (pref.)—Sel 15s 9d. MEAT PRESERVING. Canterbury Meat Buy £8 ss. N.Z. Refrigerating (pd.)—Buy 18s. N.Z. Refrigerating (cont.)— Buy 8s 6d, sol 8 S * 9d." South Frozen Meat (ord.) —Buy 31s. MISCELLANEOUS. British Tobacco —Buy 39 s 3d. Brown, Ewing (ord.)—Sol 335. Bruce Woollen Co.—Buy Ds 6d. Colonial Sugar—Buy £54 15s. D. 1.0. (ord.)— Buy 9s 3d prem. D.I.C. (pref.)—Buy 20s 9d. Dominion Rubber—Sel 475. Duncdin-Kaikorai Trams—Buy 32s 9tl, sol 54s Dunlop Rubber —Sel 265. Eclipse Petrol —Sel 10s 3d. Kaiapoi Woollen (ord.) —Buy 8? 6d. Ka-apoi Woollen (pref.)—Sel 14s' 6d. Milburn Lime and Cement—Buy 325. Milburn Lime and Cement (new issue! B’v 8 S 3d prem. Mosgiel 'Woollen Co.—Buy £6 12s. National Electric—Sel ll s fid. N.Z. Express (ord.)—Buy 20s 9d. N.Z. Milk Products (bonds)—Buy 225. N.Z! Paper Mills (ord.)—Sel 17s 3d. Otago Daily Times—Buy 71 s ' Wilsons (N.Z.) Cement—Buy 375, sel 38s. MINING. Kawarau G. M. Co.—Buy 4d. Waihi —Sel lls 9d. Waihi Grand Junction—Sel Is 3d. —Elictrolvtic Zinc (pref.)— Buy 32 s 6d. Electrolytic Zinc (ord.)— Buy 31s 6d, sol Sl« lOd. . Mount Lyell—Buy 29s 3d. Mount Isa —Sel 28s. . Molyneux Electric—Buy os 3d. upper Nevis —Sel 25s 6d. WAR BONDS. 41 per cent. Bonds, 1930—Buy £97 10s 4 per cent. Bonds, 1938-Buy £96 17s fid. 41 per cent. Bonds, 1939-Buy £96 17s 6d 5£ per cent. Soldiers’ Bond?, 1933—feel per cent. Inscribed, 1939—8uy £96 17a per cent. Inscribed, 1939—8uy £96 Ls P cr cent. Soldiers’ Inscribed. 1935 , ' t si~per cent. Bonds, 1930—Buy £93.

NORTHERN EXCHANGES. (Per United Press Associat' n.) The following business was done on ’Changes yesterday;— Auckland. —Sales: War Loan (19-3), hi per cent., £lOl 2s 6d; Inscribed Stock (1938) 4* per cent., £97; Inscribed Stock (1927-41)”. 5i per cent., £99; Inscribed Stock (1933), 5J per cent., £lOl 2s 6d; Bank of New South Wales. £4B; Bank of New Zealand. 595; New Zealand Insurance 41s; South British, 5/s 3d; Dalgety and ’Co., £l3 16a; Hjkurangi (pref.). 8s; Tauniri. 255; P. and 0. Deferred Stock, £223: Milne and Choyce Debenture, 23s 9d Sale: 54 per cent. Bonds (1936), £lOl ss. Sales reported: Commercial Bank (cum. rights), 29s 3d; National Bank of Australasia (£5 paid), £8 11s 6d; Bank of New Zealand, 595; Staples and Co., £2 Is 6d. Christchurch. —Sales: Union Bank, £l4

LOCAL AND OVERSEAS MARKETS.

6s; Staples Brewery, 41s 3d, 41s (two parcels); British Tobacco, 39s 9d (two parcels); New Zealand Government percent. Inscribed (1938), £97 (tw-o parcels). Sales reported: New Zealand Government per cent. Inscribed (1944), subject to tax, £B9 10s; Waihi, ils 3d; W ilsous Cement. 3Ss. DUNEDIN MARKETS. WHEAT. OATS, ETC. Increased interest is being shown in wheat now that the Canterbury crop is nearing the threshing btage. According to reports from the northern province a considerable quantity has been sold for forward delivery, but tiro latest indications point to au casing market. Farmers are being paid 5s Bd, sacks extra, on trucks. The Wheat Committee in Canterbury is doing its best to hold the market by advising growers •to avoid an over-supply. Although a large number of sales have boon made, there is still a largo quantity of wheat to come on the market, and the critical stage, so far as growers are concerned, will not bo reached for about six weeks or two months. Millers in this district are not at all keen to operate, but some sales have been effected on forward delivery at 6a per bushel, on trucks, for Tuscan and red chaff. Velvet has been sold at up to 6s 6d, but very, little of this variety is available at present. The prevailing spell of dry weather is helping on the crops, but threshing will not bo general in this district ustil late in March. Millers’ prices for flout, etc., are now as follows; Flour, 2301 b, £l7 10s; 100’g, £lB 10s; 50’s, £lB 15s; 25’s, £l9 ss. Bran, £6 per ton. Pollard, £B. Oatmeal, 25’s, £2l; 200’s, £2O. The oats market remains firm with several inquiries, but only small supplies are available to meet the demand, iloweVer, this demand is insufficient to raise prices, and it would appear that buyers are drawing sufficient supplies to meet their requirements from other ports. Prices just now are:—A Gartons 5s 6d, f.0.b., s.i., and B grade 3s 2d. These values aro equivalent to 2s lOd, sacks extra, on trucks, for the former, and 2s 7d for the latter. There are Lyiyers for A's forward delivery, Aprii-September, but mei-chants are not prepared to operate until the harvest. Bare supplies of chaff are coming forward, but these are quite sufficient for the poor local demand. Best quality stuff is selling at £5 5s per ton, sacks extra. Most ot the requirements are being drawn from Canterbury. It is apparent that there will be no shipping of chaff from this port for the coming season. Blenheim is already quoting £5 f.0.b.,5.i., forward delivery. This will not permit of local shipping as the equivalent to thi s on trucks at country siding,, is only £5. Farmers will not s ell at that figure. Dry weather in the North Island has caused several bush burns, thus creating a demand for s°wing out. Several sales of seeds to the North Island have taken place, and merchants have availed themselves of the opportunity to sell out some of last season’s stocks. Samples of new season’s ryegrass are appearing on the market from Canterbury. Grow-ers are asking 5s per pound, but merchants are not keen ag the samples have not been of the best quality. Produce lines are quoted wholesale as follows: — i Chaff, £5 per ton, ex truck, for best quality. Eggs: Stamped, ls*6d; case. Is sd. Dairy Butter: Milled bulk, Is; pats, lid. Bacon, Is per lb. Hams, Is 2d per lb; boneless, Is 3d. Australian onions are unprocurable. FRUIT REPORT. The fruit market has passed through a busy week. Heavy supplies of stone fruit have arrived from Central Otago. The quality has been better than usual and prices have been moderate. There is still a fair quantity of inferior quality fruit coming on the market, which growers would be well advised to drop altogether as this class of fruit spoils the prices of the good grades. ... Plums are in over supply, and intend grades are hard to quit. . Towards the end of the week prices for choice peaches and apricot s firmed a little. Hothouse tomatoes from Christchurch aie arriving in heavier quantities, and prices have eased considerably. The warm weather has caused most lines to arrive very ripe. . , , The demand for gooseberries has eased right off, and anything coming forward is very hard to sell. Cherries are now finished. During the week some nice Gravenstein apples arrived from Hawke s Bay, and realised up to 15s per case. , ■ Pears are now on the market and are meeting with a keen demand. . A heavy shipment of bananas is expected ex the Waipiata early next week. These should come to a bare market, and prices should range from about 24s to 25s per case. , Oranges are in short supply and prices remain firm. ' , Lemons are still scarce, but supplies of Italian-grown should arrive next week. Early in the week the vegetable market experienced a fairly keen demand, with prices much firmer, but later heavy supplies came forward and were hard to sell. Good quality peas are m demand but poorer grades are hard to dispose of. _ French and runners beans are meeting with good . inquiry. •* Marrows are now making their appearonce and are meeting with a ready sale. Potatoes are in full supply with prices much easier. Current wholesale prices are as follows : Apples: Gravenstein, 12s to 15s per case; Central Otago Beauty of Bath, 4d to 5d per lb for choice. Bananas: Ripe, 35s per case. Strawberries, Is 3d to Is 9d. Apricots: Choice. 4d to 5d per lb; cases, 3s 6d to ss. Peaches :■ Choice, 3d to fid; cases, 2s 6d to 4s 6d. Plums: Dessert, 2d to 3d; cooking, lid to 2d. Lemons, 67s fid per double case. Loganberries, 8s fid to 9s per bucket Raspberries, 9s to lls per bucket. Black currants, 4d to 4?d per lb. Red currants, 4d to 5d per lb. Gooseberries, Id per lb. Rhubarb, Id to 2d per lb. Christchurch tomatoes: Hothouse, 8d to lOgd; seconds, fid; local, 9d to Is; Nelson, Bs*fid to 10s per case. Oranges: Navels. 40s per double case. American grapefruit, 27s fid to 30s per double case. Carrots, Is per dozen bundles; sugar bags, 5s to 6s. New potatoes: Locally-grown, lid per lb; Canterbury, Id to lid. Cucumbers, 8s to 12s per dozen. Peas, Ijd to 2d per lb. Cauliflowers; Choice, 6s per sack of 18; others, 2s to 3s. Cabbage: Choice. 3s fid per sack; others, Is per sack. Lettuce; Choice, to 2s per dozen; other sorts unsaleable. Spring onions, 3d to 4d per bundle of six bunches. White turnips, fid to 9d per dozen bundles. French and runner beans, 5d to fid petlb. LONDON WOOL SALES. (Preai Association—By Telegraph—Copyright.) LONDON. January 26. At the wool sales 9502 bags were sold, of which 5176 were Australian and 3046 New Zealand. . There was an average selection of merinos and a good offering of fine and medium crossbreds. There was keen all-round competition, and prices were fully maintained. Now Zealand sales : “ Tuatano.’’ 25i’d and 21d; “ Tukomokih’,” 24id and 22d; " HRTT,” 23id and 21d; “ Titi and C 0.,” 27id and 25tl.—A. and N.Z. Cable. BUTTER. CHEESE, ETC. < Press Association—By Telegraph—Copyright.) LONDON, January 26. Butter is in demand and improving slightly. Choicest New Zealand, 153 sto 1545; Australian, 148 s to 150 s. Unsalted New Zealand, 158 s; Australian. 152 sto 1545; Danish, 1725. Cheese is quiet. New Zealand, 89s; Australian, 88s. Sugar, granulated, 29s 7£d. —A. and N.Z. Cable.

BRADFORD MARKET. (Press Association—By Telegraph—Copyright.) LONDON, January 26, The Bradford market is firm, with a better tone and more inquiry. Sixtyfour's, 53d; 60's, 49^d; 56's, 41ijd; 50's, 31d; 46’s, 25jd ; 40’s, 24d.—A. and N.Z. Cable. AUSTRALIAN MARKETS. (Press Association —By Telegraph—Copyright.) MELBOURNE, January 27. Wheat is quiet, with an easier tendency at 5s Slid (buyers’ parcel). Business was done at 5s 4d. Flour, £l2 10s to £l3 10s. Bran and pollard, £7 10s. Oats: Milling. 4 S 4d to 4s sd; feed, 4s to 4s 2d. Barley: English. 5s sd; Cape, 4s fid. Potatoes, £5 to £6. Onions, £8 10s. CHICAGO WHEAT QUOTATIONS. ! prtfbs Association —Bj Telegraph—Copyright.) NEW YORK, Jammry 26. Chicago wheat;: March, 129& oper bushel; Mav, 130 g ; July, 1262. —A. and N.Z. Cable. * DAIRY PRODUCE. Messrs Dalgety' and Co., Ltd,, advise having received the following cablegram from their head office, London, dated January 26: Dairy Produce. —The cheese market is dull and the Danish butter market is quiet, especially for finest. Quotations are as follows for dairy produce:—Danish butter, 16Ss.to 170 s; New Zealand finest, 152 s to 1535; Australian finest unsalted, 150 sto 1525; salted, 148 s to 150 s; Australian G.A.Q., 142 sto 1465. Australian cheese, white and coloured, 86s to 88s; New Zealand cheese, white. 88s to 90s; Now Zealand cheese, coloured, 88s to 89s; Canadian cheese, white. 98s to 102 s; coloured, 96s to 100 s; Canadian, c.i.f., 100 s. FROZEN MEAT. Messrs Dalgety and Co., Ltd., advise having received the following cablegram from their head office, London, dated January 26: Frozen Meat. —The market for Now Zealand lamb is dull and declining, and the demand is poor. The market for New Zealand mutton is firm and the demand moderate. The market for Australian mutton is weak and the demand is limited. The market for Australian lamb is weak and the demand runs principally on finest qualities. Quotations are as follows few frozen meat: —N.Z. prime North Island lamb, 28/361 b, 10J ; d; 36/421 b. lOd; New Zealand North Island second quality, 9d; New Zealand prime North Island mutton, 48/561 b, 6icl; 56/641b, 6d; 64/721b, s|d; ewes, 48/041b, sd; G.A.Q., Australian lamb, 28/361b, 9d; F.A.Q., Australian mutton, 40/601 b. not quoted; 30/551b. sd; Argentine chilled hinds. sad; fores, 4d; English porkers, 80/1001b, lOd; New Zealand, 7jd; New Zealand, 100/1201b, 7d; New Zealand baconers, 1701 b and over, nop quoted. The pork market is weak and the demand poor. Messrs Fraser and Co., selling agents for the Otago and Oamaru Egg Circles, report as_ under: —Eggs: Market fully supplied, price now Is 6d. Butter: Separator £ats, lOd to lid; bulk, Is. Tallow; farket steady at 18s to 22s per cwt for best quality. Pigs: Good bacon weights, 6d to 6|d; porkers, 6sd to figd; overweights, 3d to 6d per lb. Potatoes: Now potatoes (Oamaru), £9 to £lO per ton. Chaff; Prime oaten sheaf, £5 to £5 5s per ton, sacks extra. Whole fowl wheat, 7s 3d to 7s 6d per bushel. Onions: Melbourne, £lO per ton. Bulk honey, 5d per lb; 101 b tins, 5s to 5s 6d per tm. Poultry : We held our usual sale to a good attendance of buyers. White Leghorn hens, 3s 6d to ss; heavy breeds, 6s to 7s; ducks, 4s to 6s; ducklings, 6s to 10s; cockerels to 9s; geese, 7s to 10s, all at per pair. Turkeys: Hens Is, and gobblers Is 2id to Is 3d per lb. live weight. Rice meal, £8 per ton. We are events for Pareora Meat Meal. We stock Star P. Chick Food, lucerne meal, poultry meal, oats, maize, wheat, bran, and pollard. .Champion Egg crates, 18s 6d, leg rings Is per dozen (special quotes for quantities). Consigners please note that pigs and poultry must arrive not later than Wednesday morning of each week. We have a stock of poultry crates on hand for the use of our clients. SOUTHLAND MARKET REPORT. (From Oub Own Coebespondent.) INVERCARGILL, January 27. GRAIN. Oats.—During the week a certain amount of business has been done with northern buyers for forward delivery up to the end of September. A Gartons at 3s 6d, B’s at 3s 3d, f.0.b., s.i. Stocks of old oats are now in very small compass. As far ns the new crop is concerned prospects for growers are bright, the recent rains which have been general having materially benefited crops of all descriptions. The acreage in oats is less than usual, but the yield in the majority of cases will be well above normal. Oats actually in stock are so small that there can be little movement in so far as shipping is concerned until, the advent of new oats. The above figures represent merchants’ ideas of value for anything held in stock. Duns are saleable according to quality at from 3s 8d to 3s lOd per bushel, prime Blacks 3s 4d per bushel, f.0.b., s.i. These two last largely comprise the bulk of the oats held by merchants. Chaff. —Several lots having been offered recently by holders and the local demand satisfied, prices have rather receded, whereas £4 10s was procurable a week or 10 days back it would bo difficult now for a grower to find a buyer at even £4 5s per ton on trucks, his siding, prime quality. Ryegrass.—The outside demand is still disappointing A few inquiries have been made through brokers including also Victoria, but in this instance samples of new crop are desired. Owing to the lateness of the harvest machined new crop is unlikely to be ready in time for Australian autumn sowing. Some sales have been made for shipment, the basis of these being 4s fid per bushel for 291 b machine-dressed seed with a germination of 85 per cent. STOCK REPORT. The stock market continues quietly with very little change from our previous report. The yarding of fat cattle and fat sheep at Wallacetown sale on Tuesday was a large one and consequently prices cased somewhat. The quality of the fat cattle forward was good, but values showed a drop of about 30s per head on the previous sale. Fat sheep were also forward in large numbers and prices dcchned by 3s to 4 S per head. Fat lambs are selling well and competition has been keen during the past week. The market for store sheep and cattle is quiet, but prices are firm and with the wool sale over business in this particular section will bo more active in the near future. Fat Cattle. —Prime heavy bullocks, £l2 to £l4 10s; medium do, £9 10s to £11; prime heavy heifers, £8 10s to £lO 10s; medium do, £7 10s to £8; prime heavy cows. £8 to £9 10s; medium do, £6 10s to £7 10s; vealers, to 355; runners, to £3 10s. Fat Sheep.—Prime heavv wethers, ols da to 33s 6d; medium do, 28s to 30s; prime heavy ewes. 27s 6d to 30s; medium do, 20s to 22s od; lighter, down to 14s; prime heavv lambs, to 31s fid; best freezing lambs. 28s 6d to 30s; medium do , 26s od to 27s do. Store Sheep.—Two-tooth wethers, 21s 6d to 245; two-tooth ewes, 30s to 355; mixed sex lambs, ?.0s to 22s 6d. Store Cattle. Three-year steers, £9 o £lO 10s; two-year do, £6 “U yeniling and ISrnonth steers. £4 10s to £5 IDs. WYNDHAM STOCK SALE. (Feom Cun Own Correspondent.) GORE, January 27. The fortnightly stock sale was held at Wyndham yesterday, there being fair yarding of both sheep and cattle. There was a fair attendance of farmers. Sheep.—The yarding was principally fat sheep a good rape lambs, and all classes made f ’rly good competition at rates slightly in advance of recent sales. Fat wethers realised from 27s to 31s, fat ewes from lls 7d to 15s 6d, n-nd fat-lambs from 21s to 26s 9d. In the store pens good lambs made up to 22s lOd, and small sorts from 9s 9d to 15s 4d, and a pen of ewes and lambs made 15s 7d (nil counted). Cattle. —The yarding was mostly of fat and forward cows, with a few store bullocks and dairy cows and heifers. The demand was net so keen as at last sale. Fat cows made from £4 10s to £7 17s 6d. In the store pens bullocks went at up to £7 ss, two-year-old steers to £5 ss, dairy heifers to £6 15s, and bulls £4.

LONDON MARKETS. The Otago Farmers’ Co-operative Association of New Zealand, Ltd., has received the following cablegram from its London office: , The butter market is steadier with an mcoased demand after weakness. New Zealand butter is quoted at 152 s to 1545. Chese is slow, at 88s. Lambs are weaker owing to heavy arrivals. Values are 6s 8d to is 4d Mutton: Light-weight supplies are short, at 4s 6d to ss. Heavy-weights are slow, from 3s 8d upwards. OWAKA SALE. (From Oub Own Correspondent.) BALCLUTHA, January 20. There was a big attendance of buyers and a good entry of stock at the foitnnirrhtlv sale at Owaka to-day. There were no fat lambs forward, and .tore lambs brought to 23s 9d fat wethersi to 29s 6d, old ewes 13s, while a icw cull wethers sold at 6s. Cattle were in good demand, and t..t cows made up to £9 10s, medium to £7 forward bullocks £7. Tivo-ycar-ola hcifeis sold at the good price of £0 10s. Pi-rs were in extra large supply, uith a stagnant demand, and good puckers were literally “ thrown avay . at us. THE LAMB MARKET. A well-known southern lamb buyer informed your representative that the lambs going forward to freezing works in Otago and Southland at present are, for the most part, of poor quality, although it is good policy on the part of farnieis to sell these lambs “ off the mothers;, as it saves the cost of feeding, if a fair price can be realised. Most farmers, howevei, prefer to keep their lambs and to ratten them on rape, etc., and this class of stock will not be going forward to the works for about a month yet. Meantime, numerous sales are being made for forward delivery. Prices at present range from SJd a lb up to 9Jd for 36’s of best quality. CANTERBURY MARKETS. (Per United Press Association.) CHRISTCHURCH, January 27. Interest in the grain and produce trade has developed during the week, the sections principally concerned being seeds, onions, and potatoes. . A shr r p rise has taken place in the onion market. The causes are mainly the jump in the Sydney market and the inquiry from Auckland due to substantial quantities from the northern center being sold for export. As far as the Auckland position is concerned, merchants there are understood to have sold up to 500 tons for export to Vancouver, expecting that the local crop would be a good one. However the dry weather that has set in has completely altered the northern crop prospects, and recourse to the southern supply has been necessary to provide for the i xt few months. The Canterbury crop is rather backward, and is prematurely ripening under the warm conditions prevailing. A fair number of sales have taken place during the last few days at £5 on truck. . . , Inquiry for March potatoes has revived to some extent during the week. lor March delivery £4 a ton was paid to-day for Auckland. . There has been no change in the wheat market. There are plenty of sellers at 5s 9d a bushel on trucks, but tew _at 5s Bd. These figures may be considered the market basis at the moment. Fowl wheat has been offered at 5s 8d for April-May-June, with no buyers. Reports of the wheat crop are generally to the effect that it will be good, but in some districts there is a heavy amount of “ take-all. There is no change in the oa,t market, though there is no diminution in the confidence previously expressed that the position tends towards a strengthening in values. At the moment A Cartons are quoted at up to 3s 6d a bushel, f.o.b. s.i., with B’s at 3s Id to 3s Ijd, for ApnlSeptember. . . A keen demand has set in for perennial ryegrass and cocksfoot from all quarters. Perennial ryegrass has been sold at 4s 9d a bushel, f.0.b., for 27-281 b seed, -nd for heavier seed up to 5s has been obtained;. Italian is not inquired for. HASTINGS RAM FAIR. (Per United Press Association.) HASTINGS, January 27. There was a good attendance at the second day of the ram fair. For Lincolns the better sorts sold from sgns to BJgns. Southdowns were largely represented, and bidding was very brisk. Practically every line was quitted at satisfactory prices. The figures ranged from sgns to 9gns for ordinary good quality, but superior lines realised from lOgns to 15gns. In Corriedales there was a small entry. One lot realised 9gns. Ryelands, a poor entry, brought 6gns to Bgns. The few English and Border Leicestera submitted brought from sgns for Borders to 6gna for Leicestera. LONDON MARKETS. (Press Association—By Telegraph—Copyright.) LONDON, January 26. (Received Jan. 27, at 5.5 p.m.) Wheat.—Cargoes are steadier, and parcels are inactive at a drop of 3d. Liverpool Futures. —March, 10s 2 l-8d; May, 10s 2d; July, 10s 2 3-Bd. Spot trade is dull, and prices are easier. Australia, ex ship, 535. Flour is quiet. Australian, ex store, 38s. Oats and barley are steady, and peas and beans quiet.—A. and N.Z. and Sydney Sun Cable. BANK OF ENGLAND RETURN. (Press Association—By Telegraph—Copyright. J LONDON, January 26. The following is the Bank of England return: — ISSUE DEPARTMENT. Note circulation £134,640,000 Notes in reserve 40,405,000 £175,045,000 Government debts £11,015,000 Other securities 8,735,000 Gold coin and bullion 155,295,000 £175,045,000 BANKING DEPARTMENT. Proprietors’ capital £14,553,000 Rost 3,546,000 Public deposits 16,526,000 Other deposits _ 98,707,000 Seven-day and other bills ... 3,000 £133,335,000 Government securities £35,505,000 Other securities 56,717,000 Notes in reserve 40,405,000 Gold and silver coin 908,000 £135,335,000 Tho proportion of reserves to liabilities is 35.80 per cent. Short loans are quoted at 3i per cent., and three-month bills at 4 1-16 per cent. LONDON METAL MARKET. /Frees vssootation—By Telegraph*—Copyright.) LONDON, January 27. (Received Jan. 27, at 11 p.m.) Copper: Spot, £62 10s TJd; forward, £62 3s ijd. , . Electrolytic: Spot, £66 15s; forward, £67 ss. Wire bars, £67 ss. Lead: Spot, £2l 12s 6d; forward, £22 Spot, £26 8s 9d; forward, £26 7S lkn: Spot, £250 11s 3d; forward, £250 Is 3d. i Silver: Standard, 26 1-16 d per oz. —A. and N.Z. Cable. P. AND O. DEFERRED STOCK. Il’rcßi Association —Rv Telegraph-Coryriehf.) LONDON, January 27. A (Received Jan. 27. at 9 p.m.) MSand O. Deferred Stock is quoted at riMT-A. and N.Z. Cable. BRAY BROS. FRUIT, FARM, AND DAIRY PRODUCE MERCHANTS, DUNEDIN, HAVE INQUIRIES FOR ALL LINES. WRITE US FOR MARKET REPORT. —Advt.