COMMERCE AND FINANCE

Otago Daily Times, Issue 20354, 10 March 1928, Page 9

COMMERCE AND FINANCE

SALE. OF HIDES.

THE SHARE MARKET. DUNEDIN STOCK EXCHANGE. Business has been steady on the Stock Exchange during the past few days, and there has been mere activity than during the previous week. " Bank of Australasias have firmed, and have been deal: in ut £ls 2s. Tho quotations closed with a buyer at £l4 18s and a seller ar £ls 7s 6d. Bank of New Zealand*, which were wanted at 59s at the end of lest week, arc now inquired for at 53s 9d, but sellers will net accept less than 5Ss fed. Commercial Banks are stdl offered at 2Ss. buyers' quotations being 27s 6d. The new issue has been steadily in demand at a nremium of 7s 3d. Sellers ask 7s 7d. E. S. and A."s, which have been placed at i*d 2s. are offered at £3 5s without immediate inquiry. National Bank of New Zcalands changed hands yesterday at £6 18s fed. Afterwards £6 18s was offered, sellers asking Is more than the market price. Unions are easier with a seller at £l4 14s. and no buyers. New Zealand Breweries shares arc firmer, with a buyer at 42s and a seller at 455. For the debentures 22s 9d is offered, sellers requiring 25s 2d. Notional Insurances are still in demand at 15s sd, and the selling quotation leaving a margin of only threepence. There has been little change in tho insurance section a» a whole. Inquiry for ordinary Huddavt. Parkers easier. Buyers offer 48s. sellers asking 50s. •jnicn Steams have been dealt in at 20s Id. The best offer for Westport Coals ia 3Cs. Sellers still ask 51s 3d. Ordinary Westport, Stocktons have been placed at Is fed. Yesterday that price was offered, but sellers would not take jess than Is fed.' The preference issue is not in demand, sellers asking 3s 3d. Both issues of New Zealand Refrigerating are easier. For tho Paid up shares buyers will give 15s and the contributing tharcs ere wanted at 7s Id. A margin of only sixpence separates the for British Tobaccos, which are wanted at 39= fed. Ordinary Kaiapoi Woollens have advanced in value, and buyers will give os 9d compared with 8s fed last week, bidders, however, are reticent. The preference eh eves are offered at 14s 9d. Now Zealand Drugs are also bettor. ; Buvers are making inquiry at 63s 2d, ; Boilers asking only sixpence more. Ordinary Malay Rubbers can be obtained at 27? fed. During the last few days there has Been a margin of onlv a penny separating the quotations for Kawaraus, which are ■wanted fed. Ordinary Electrolytic Zincs have twice changed hands at 39s fed. Mount Lyell« are practically unchanged. No inquiry is made for Upper Nevis, which firmed during the week to 2Cs fed. Sellers ask 21s fed. Among Government Stock £O3 is offered for 4A per cent. Bonds (1930). and 7938’s have a, buyer at £97 ss, and a seller at £97 12s fed. Other per cent, issues arfe wanted at. £37 2s fed. Sales reported: Bank cf Austva'asia. £ls “2s; National Bank of New Zealand, £6 Union Strum (pref.). 20s Id. the following are yesterday’s buying and icjljng quotations, which are subject to the usual brokerage:— BANKING. Bank of Australasia—-Euv £l4 16s, sci £ls 7* fed. Bank of New South Wales —Sel £4C ss. Bank of New Zealand—Bur SBs Sd, sol s?s fed. '■ Rank of New Zealand (D issue) —Sel 26s St}. Commercial Bank—Buy 27= fed, sol 225. Commercial Bank (new issue) —Buy 7s 3d prern., soi 7s 7d prem. E.S. and A. Bank —Sed £3 2s. National Bank of New Zealand—Buy £5 IS/, sel £5 18s fed. Union Bank—Bel £l4 14s. BREWERIES. N.Z. Breweries, Ltd. —Biiv 425, sel 435. N.Z. Breweries Debs.—Buy 22s 9d. sel Sis 2d Staple's Brewery-—Buy 35s Sd. INSURANCE. National Insurance Co.—Buy 15s sd, sol15s 8-1 N. Z. Insurance Co. —Buv 40s 3d. scl 41s 3d. Standard Insurance Co.—Buy 625. SHIPPING. •Huddart, Parker (ord.)—Buy 48s, sol 50s. Huddarl, Barker (pref.)—Buy 20s lid, cel 21s fed. P. and O. Deferred Stock —Sel £248. U.S.S. Co. jpref.l—.Buy 20s. COAL. Westport Coal Co.—Buy 20s, sel 31s 3d. Weriport-Stccktou (ord.)—Buy Is sd, sel Is fed, XVcstport-Stcckton (pref.)—Sel 3s 3d. LOAN AND AGENCY. Goldsbrough, Mort—Buy 48s 9d, scl 49; 2d, National Mortgage—Buy 70s od. N;Z. Loan and Mercantile (ord.)—Buy fSSS Perpetual Trustees —Buy 61s. Wright, Stephenson (ord.) —Buy 21s. Wright, Stephenson (pref.)—Buy 16s. MEAT PRESERVING. X.Z. Refrigerating (pd.)—Buy 15s. se. 15s 9d. „ „ N.Z. Refrigerating (coat.)— Buy 7s Id. South Frozen Moat (ord.) —Buy 31s. MISCELLANEOUS. British Tobacco —Buy 39; fed, sel 40=. Brown, Ewing (ord.) —Sol 31s. Bruce Woollen Co. —Buy 11s, Crvstal Jco Co.—Buy 20s. D.i.C. (ord.)—Buy 9s prom. D.I.C. (pref.)—Buy 2Ca 9d. Dominion Investments —Buy 225. Dominion Rubber —Sel iss. Donaghy’s Rope and Twine—Buy Sok 3cl. Puncciin-Kaikorai Trams—Buy 32s fed Dunedin Stock Exchange Ppty -Sel Bus ili. Eclipse Petrol—Scl 10s. Kaiapoi Wooden (ord )—Buy 8s 9d. Kaiapoi Woollen (prof.)— 14s 9d Milburn Lime and Cement—feel bos b’i. Milbuni Limo and Cement (now issue)— Buy 8s 3d prem.. National N.Z. Drug Co. (£2 pd.)—Buy 60s 3d sei 02s Bd. , N.Z. Express (ord.)— Buy *os fed. N.Z. Express (pref.)—col 18s Cck N.Z. Malay Rubber (ord. -Sel 2is fed. N.Z. Milk Products (bonds) —Buy N.Z." Paper Mills (ord.)—Sel 16s 9cl. Otago Daily Times- —Sel 8->. Smith and Smith (pref.)— 17s „d. Wilsons (N.Z.) Cement —Sel ecs. MINING. Kawarau G. M. Co.—Buy fed, scl id. Waihi—Sel 10s fed. . Waihi Grand Junction—Sel Is fedElectrolytic Zinc (pref.)—Buy 3rs klE ectrolytic Zinc (ord.) —Buy 30s, acl els. Mount Lyell—Buy 29s 9d, sob els. Mount Isa—Buy 26s 9d. Molyneux Electric —Buy Its, sel I JS - Upper Nevis —Sel 21a fed. Big Beach —Sel 17s fed. WAR BONDS. 41 rer cent. Bonds, 19o0—Buy £93. 4 F pcr “ont, Bonds. 1833-Buy £97 ss, *\.ff o r 4 per cent, inscribed, 1930-Buy £9/ 2 °4i <1 per cent. Inscribed, 1939-Buy £37 per cent. Soldiers’ Inscribed, 1933—5 cl TpwW Postal Inscribed, 1929-Buy £ ?i per cent. Bonds. 1950-Scl £93 10*. NORTHERN EXCHANGES. (Per United Pnssa Association.) The following business was done on ’ C tena-Se y : :_ Bank of New South Wales, £47 10s; Banft of 3d- Now Zealand Insurance. 4?s 9d; “°‘"P British Insurance; sds oJ; Lonovvn Col li cfe f tchurch.-Salcs: English. Scotlbh. and Australian Bank. £8 2s (throe parcels : Batik of New South \\nks, I-* 1 s v Ban of: New Zealand. 58s; GoM-hron-h, Mori 49s Id (two oarcolsl; Now Zealand Krfriscrating Ut.), 7s fed dour parcel*); Coal - Ch VU hU Commcrcial Bank of Australia P° Vt f \ £6 17, fed s Bank of New South WaU’ £47 12a fed; Moqtcith’s Brewery, 19s ii

LOCAL AND OVERSEAS MARKETS.

DUNEDIN MARKETS. WHEAT, OATS. ETC. The broken weather of the past few days will cause a little delay in thrashing, but, j on tho other hand, there is no lack of offerings. Millers, however, are not very ) anxious to operate, in the meantime, for , either rod chaff or Tuscan, but are prepared to purchase Velvet. Canterbury prices for red chaff have shown a weakening. These are now round about fes, but a sale has been reporjed at 5s 9d. Sales of Tuscan have been reported at as low as 5s 3d, on trucks, country sidings. Farmers are not keen to accept those prices, and as a result few sales are going through. So far as me Otago district is concerned few lines have boon on offer. Sortie .of the wheat thrashed had already been sold for forward delivery, and where the quality ia sound millers aro taking delivery. In some cases this wheat is showing signs of smut and it is being rejected. There appeal’s to be more smut in the wheat this year than usual, probably as a result of the unfavourable weather conditions at the beginning of the season. The wheat being thrashed in the Taieri is not turning out as well as was anti; cipated. Many of the crops looked as if they were going to yield well, but although there was a big bulk of straw the returns of wheat are poor. The demand ror fowl wheat is on the quiet side. Both merchants and poultry keepers aro reluctant to' operate, us they consider that prices will case. The nominal value to-day is ts, ex store, but at this nrico small lines only- can be placed. Millers’ prices for flour, able., are now as follows: Flour, 2001b,' £l7 10s; ICO’s, £lB 10s; 50’s, £lB 15s; 25’s. £l9 Ss. Bran, £7 per ton. Pollard, £8 IDs. Oatmeal, 25’s, £2l; 200’s, £2O. ■ Offerings of oats have been on the light side, but once thrashing commences again after the rain it is expected that supplies will again be plentiful. Buyers mo scarce, as thet'e is no outlet for oats. The nominal value for A’s is 2s 9d, sacks extra, wi trucks, country .sidings, and 2s fed for B s. Bales of A’s have boon reported from Cantorbury ports ut 3s sd, f.0.b., s.i., wiu B fi at 3s 2d. , | , Heavier consignments of chaff have been arriving on tho local market. There IS no great demand, and sales are hard to effect. Best quality is worth £5 ss, sacks extra, on truck. Medium and poor quality is slow of sale in view of the plentiful supply of good quality. Reports from tho north show .that the supplies of chaff are plentiful for the shipping trade, with £5, f.0.b., s.i., as.the chief quotation. This price will prevent any shipment from this port during . the season, its equivalent on trucks, country sidings, is £3 per ton, and growers aro not -prepared to accept such a vame. ' Supplies of potatoes have been increasing, and the market is again over suppneci. The quality of some of the potatoes is not of tho best, and sales have to be made quickiv. The current quotation is. now £5 5s to £5 10s, sacks included, ex truck. In some instances blight has made I its appearaflcs in tho tubers? and these ; lines are also being placed as expedite: oustv as possible. ' Offerings of ryegrass arc increasing, and tales of good clean lines have been niade at 3s fed per bushel, on trucks country siding*. This price has baen p*id f° r seed for prompt delivery, as there is a good demand from the North Island for immediate shipment. The market for other lines of seed is on the quiet side. There are large offerin';* of ffogstail, with merchants disinclined to operate. The cocksfoot market remains steady. Produce lines are quoted wholesale as follows; — , Chaff, £5 to £5 5s per ton, ex truc.is, for best quality. Potatoes, £5 5s to £5 IQs per ton. I’gcs; Stamped. 2s; ease, Is Hd. Dairy butter; Milled bulk, Is Id; pats, Is. The market could do with larger supplies. Bacon, Is per lb. Hums, Is 2d per lb; boneless, Is 4d. Onions; -Canterbury onions, 12s per cwt. Eggs have advanced ud per dozen. FRUIT REPORT. Dessert apples arc coming forward more freely. Nelson and Marlborough growers are sending Cox’s orange pippins and Jonathans. " Cookers are also m better supply. ... . .. a Fair.y large quantities of pears, effteny Bon Ch returns—-are now available. Plum* aro in full supply. Dessert, in crates, have the most demand, A few lots of well-grown blackberries from Qtago Central have been sold in the marts. These are from cultivated bushes. The ordinary grown are not yet available in any quantity. Peaches arc not over plentiful. The free stone varieties are now reaching the marts. The prices for crates has been irregular. Nectarines were in better supply towards the end of the week. Supplies of greengages have eased off. Damsons are inquired for, but odd cases only aro reaching (he market. Raspberries remain firm in price. Supplies have slackened off considerably. A small lino of American sunkist oranges arrived during the week, and were quickly disposed of. A further supply is expected next week. Jam melons arc slow of sale, A few cases of pines have arrived from Queensland, and will be sold by auction this morning Supplies of tomatoes have increased. These meet a good demand, with the easing of prices Cucumbers, both outside and hot house grown, arc slow of sale. Supplies of grapes have increased and prices have fallen. A shipment of Fiji bananas is expected here on Monday. A few cases of Rarotongan grown will be available towards the end of next week. Lemons are slow of sale. Vegetable marrows, peas, beans, and choice lettuce have a good sale. The demand for other vegetables remains norniß'- - i ii Current wholesale prices are as follows: Apples; Gravcnstein and Worcester ocarina ins, 8s fed to 9s fed nor c;ase: Cox s oramje, 19s fed to 12s fed; Jonathan, 9s to IDs; cookers. 5s fed to 7s. Grapes, Is fed to 2s per lb. Poaches: Choice, 4d to fed- per lb in crates; oases, 4s fed to 5s fed. Pears: Bon Chrctians, 3* to 3s fed per half case; other sorts, 2s fed. P,ananas: Ripe. 32s fed to 35s per case. Blackberries, 10c! per lb. Nectarines: Choice, in crates, 4cl to fed per lb; cases, 4s fed to ss. Green """-cs: Choice, 3d to 4d per lb; others, Orange.;: American, 37a fed to 4=s per double case. , , Plums: Dessert, in crates. 3d to 4d par lb: cocking. Ijd to 2d. lemons; American, 60s per double case. Raspberries. 9s to 10s per bucket. Rhubarb Id per lb. Beetroot, 9d per dozen. Swedes. Is to 2s. per ease. Votff! table marrows, Id to lid per lb. Potatoes, to fes fed per cwt. Peas, lid to 2d per lb. Cauliflowers: Choice, 4s per sack; others, 1 ? Christchurch tomatoes. 3d to 4cl: seconds, 3d to 4d : sm -| ll and rough, lid to 2d; local, to 9d; Nelson. 5s per case. Uabbago 2s to 3s per sack. Spring onions, 3d to 4d per bundle of six hunches. White turnips, fed per dozen bund'es. French and runner beans, Ijd to 3d per melons. IS S to Hs per cwt, Carrots, 9d per dozen bundles; fes to is per cwt. LONDON METAL MARKET. ; press Association—By TVlpcrapb -Copyright. ) LONDON. March 9. (Received March 9. at 9 p.«n.) Copper: Spot, £6l 3s lid; forward, £sl Is 1 .4*l- - bars, £65 15s, Electrolytic; Spot, £66 10s; forward, £feo 15load: Spot, £2O 10s; forward, £2O 2s fed. Speller: Spot, £25 £sj forward, £25 2s Spot, £233 7s fed; forward, £232 12s Stand :rd. 26 3-lfecl; fine, 28j.d per or.—A. and N.Z. Cable.

PROVIDENT LIFE ASSURANCE COMPANY.

ANNUAL GENERAL MEETING, The annual general meeting of the Provident Life Assurance Company was held at the head otiice of the company, Dunedin, on Friday, March 9, 1928. The report showed an increase of £I2S,(XX) in new business completed, and an increase of over £IB,OOO in income. Tho total claims, amounting to £39,631 19s lid-, were £2250 less than in 1925, and tho sum of £53,9a2 Os fed hod ocon added to the funds. The Chairman (Dr W. S. Roberts) in moving tho adoption of the report and balance sheet, said that, in spite of serious depression in both Australia and Now Zealand, the new business completed us well as the increase in income constituted records. While throughout the year steady progress had been made, there was a very marked improvement in tho final quarter of the year mid, he was pleased to say, tins improvement was still being shown in tho 1620 returns. It was due, probably, to the high prices obtaining for our primary products but, in any case, showed a return of general confidence which, he thought, made the prospects for the future still brighter. The new business completed in tho ordinary branch was just under £'250,000 written ut the very moderate cost of £2'7s, 2d per £IOO. He doubled whether any company in Australasia was obtaining its business at a lower cost. Tho rate of interest .yielded by "the funds was £5 16s per cent, showing an improvement of 2s nor cent. Payments to policy holders were £I3OO greater and general expenses were still moderate, amounting to no more than 15.12 per coat, of the total income. In the accident branch, the premiums were £I3OO greater than in tho previous year but, for the first time, the branch had failed to show a profit; claims and expenses exceeded tho receipts by £133. The claim experience had boon heavy, due, chiefly, to a number of serious accident claims in which the insured had been incapacitated for several months. The premiums in the industrial branch showed an increase of £10.240 and, with interest, the income increased by over £15,000. The solidity of the business is proved by the fact that, for the second vear in succession, there are no outstanding premiums. The total payment to policy holders was £33,105 6s 4d, a reduction of £2250, and the addition to the funds amounted to £51,400. Appreciative mention was made of the work of the staff generally, and the meeting closed with a vote of thanks to the ch a i rni an. —IC/3/28.

FORWARD CHEESE SALES. The following forward cheese sales have been the best made so far in the South Island... , , Kennihgton.—Their whole season’s make from September 1 till the end of May, 363 tons, at 9d per lb. f.o.b. Partita!.—Their make from December 1 til) the end of May, estimated at 140 tons, also at 9d. These sales were made by (he New Zealand Produce Association, London, through their representatives, tho Now Zealand Producers Co-operative Marketing Association.

CHICAGO WHEAT MARKET. (Prefa Assooinion—By Vtlrgiaph - Copyright ) NEW YORK, March 8. Chicago wheat; March. 138 i cents per bushel; May, 137 A; July, 135JJ. —A. and N.Z. Cable.

LONDON MARKETS. Messrs Dalgety and Co., Lid., advise having received ’ the following cable,?i am from their head ofEgo, Loudon, dated Bth iust.;— The market for New Zealand lamb is easier, demand better; market for New Zealand mutton unchanged, demand fair. Quotations are as follows: New Zealand prime Canterbury lam’o, 231 b to 361 h. 9ad; North Island lamb, 231 b to 361 b, 9ijd; Canterbury lamb, 351 bto 421 b, 3sd-; North Island lamb, 261 bto 421 b, Sid. . . Now Zealand. Canterbury lamb, second quality, 9d; North Island lamb, second quality, B^d ; prime Canterbury lamb, 421 b to 501 b, 9|d; prime Canterbury mutton, 4Slb to 56!b, T^d; prime North Island mutton, 431 b to 561 b, 7d; prime Canterbury mutton, EClb to 64U>, 7d; prime North Island mutton, S6lb to 641 b, 6|d ; prime Canterbury mutton, 641 b to 721 b, 5Jd; prime North Island mutton, 641 b to idb, sid. Argentine chilled hinds, 6id i fores, 4Ad. English porkers, 801 b to 1001 b, lOd; New Zealand porkers, 80ib to 1001 b, 63d ; New Zealand porker#, 1 001 bto 1201 b, b£d. In the butter market there was more doing, but things are now quiet; caeese market firm, Danish butter, 198 sto 200 s; New Zealand finest, 171 sto 1745; Australian finest unsalted, l£4s to 168 s; salted, 164 sto 1635; Australian G. A. Q.. 156 s to 160 s; Now Zealand cheese, white and coloured, 97s lo 98s; Canadian cheese, white, 100 sto K)4s; Canadian cheese, coloured. 102 s to lC6s. The Otago Farmers’ Co-op. Association of Now Zealand, Ltd. has received the folio wing cablegram from its London office: Butter.—The market is steady, but little is doing after tho recent advance. New Zealand, 172 s to 1745. .Cheese.—Firm, 97s to 9£s. One million carcasses of lamb are arriving during March. The demand is good, but heavy supplies an; causing a weakening tendency. The value is no-.v 9(1 to 9Jd. Mutton is firm. Light-weights, 7£d; heavy-weights sjd.

Messrs Fraser and Co., selling agents for tho Otago .and Oamai'u Egg Circles, report as under:—Eggs. 2s dozen. Butter: Separator pats, lid to Is; bulk, Is £,a. Tallow market steady at 18s to S2s per <■ wfc for best quality. Pigs: Good bacon weights 6&d to 6d; porkers, 6d; overweights. 3d to 6d per lb. Potatoes, £5 5s to £6 per ton. Chaff: Prime oaten shoaf, £5 to £5 10s per ton, sacks extra. Whole fowl wheat, 7s 3d to 7s 6d per bushel. Onions: Canterbury, £lO per ton. Bulk honey, 4£d to £d per lb; 101 b tins, ss. Poultry; Wc held our usual sale on Wednesday to a good attendance of buyers. Wo would strongly advise clients to hold ccekoreil until they are 31b . weight as there is no demand for small birds. White Leghorn hens, 2s fid to 4s; heavy broods, 4s to ss; ducks, 4s to 6j ; ducklings 6s to 8s; all at per pair. We arc agents for Pareora Meat Meal. We stork Star P. Chick Food, lucerne meal, poultry meal, oats, maize, wheat, bran, and pollard, Champion egg crate; 18s 6d, leg rings Is per dozen (special quotes for quantities). Consignors please note that pigs and poultry must, arrive not Later than Wednesday morning of each week. Wc have a stock of poultry crates on hand for - the use of our clients.

THE WOOL MARKET. WELLINGTON SALES ANALYSED. HOW THE GROWER BENEFITS. (Specu:-- to Daily I’imes.) WELLINGTON, March 9. An interesting analysis of the February wool sale in Wellington has been compiled by the Wellington Woolbrokers’ Associat C> How complete the clearance was at that sale is shown by the fact that of the total oft'erirm of 27.190 bales, there were sold 27,142 bales, the passings being only 48 hales. The net weight of the wool sold was 9,G87.8171b, and the gross proceeds were £700,817 Is 10d._ the average price per bale was £25 16s sd, or f 1 10a higher than in January, and the average price per lb was 17.361 d, or 0.947 d higher than in January. What the enhanced prices moan to tho woolgrmvev this season is .shown by the following table, which gives the results of the four sales;— Sale. Bales sold. Realisation. 'November .. 0.044 £209,016 14 2 December .. 24.68.'! £509,510 19 J January .. 27,071 £658.335 7 9 February .. 27.142 £700,817 1 10 Totals .. 87,040 £2,137,080 3 0 The reali«ations for the whole of last season (1920-27) totalled £1,889,194 9s 4d, so that already the four sales of the 1927-28 season have exceeded that amount by £248,485 13s Bd. It is expected that the offerings at the March sale in Wellington will total about 20,009 bales, and on the basis of last month’s prices for this sale the total realisation for tho current season should he over £2,500,000, or well over £600,000 more than for hist season. The next sale will be held on Monday, March 20.

SOUTHLAND MARKET REPORT,

(Fuom Oup Own Correspondent.) IX VFKCARGILL, March 9. GRAIN. Oats..—The market in so far as offers from omsidc are concerned has somewhat declined, buyers being only willing to pay 3s Sid, while there arc also northern sellers at this price. Judging hy the extent of the local crops merchants are of the opinion that the market must ultimately be more in their favour, consequently there are no Bluff sellers at this price. So far very little has been offered by .growers and the prices being paid by merchants are distinctly in advance of the current f.0.b., s.i. ■ values. Undoubtedly the crops generally here in both ryegrass and oats are less than those of last season a good check of this being the diminished quantity of binder twine that has gone out to the country, while wheat sown for this season is much in excess of the previous year. . , ' , . Chaff.—This market is in its usual slack condition, confined entirely to the .small local consumption, shipping being altowether out of the question at the price paid to growers, £4 ss-per ton, on trucks country sidings for prime quality, sacks supplied hy buyers. _ . Ryegrass.—Fairly considerable oil firings have been made hy growers during the last week or so. and at the outset the price paid by some buyers was somewhat generous but during the last few days the price has' been somewhat move reasonable. Tne majority of the seed has been saved m pood order, and there is every prospect that the germination will bo quite satisfactory. Notwithstanding this seed from the lighter lands duo to the dry weather experienced has not matured, while a fair quantity of light weight seed ranging between 191 b lo 221 b, bus to find buyers. Values offered in the meantime for such light weight seed are about 2s Ed per bushel up to 3s fid for wollt nulled 271 b iCed ' STOCK REPORT. The stock market is very active at the present, large yardings being general throughout the district. Fat cattle were forward in large numbers at Wallacetown sale on Tuesday, and vendors had to be satisfied with slightly reduced prices. There was also a huge yarding of tat sheep, with a large proportion of fat owes, and values in this particular section eased somewhat. Store shet'p arc nowcoming forward in large numbers, the yards in the various centres being taxed to their utmost capacity, and nothwithstnnding, prices are well maintained. Fat Cattle—Prime heavy bullocks, £l2 to £l4; medium-weight bullocks, £lO to £ll 10a; prims heavy heifers, £lO to £ll 10s; medium heifers. £7 10s to £9; prime heavy cows. £9 to £lO 10s; medium cows, £7 to £8 10s; vealers, to 325, 6d; runners, to £4 10s; prime ox beef, 30a to 32s Gd per 1001 b; beifer beef, to 32s 6d; cow beef, 20s to 22s Gd. Fat Sheep.—Prime heavy wethers, 30s to 325; medium wethers, 28s to 20a Gd: prime heavy ewes, 20s to 255; medium ewes, 14s to 18s; prime heavy lambs, to 325; prime freezing lambs, 28s to 29s Gd; lighter freezing lambs, 2C.s to 275. Store Sheep. —Wether lambs (forward), 20s to 21s Gd; ewe lambs, 24s Cd to 275; mixed-sex lambs, 21s Gd to 23s Gd; twotooth ewes, 30s to 365; two-tooth wethers, 22s Gd to 255; four, six, and eight-tooth ewes (guaranteed). 28s to 30a. - Store Cattle.— I 'three-year steers, £8 to £10; two-vear steers, £0 to £7 sb; yearling steers. £4 10s to £5 10s; calves, 35s to £2 10s.

BALCLUTHA STOCK SALE. (From Our Own Correspondent.) BALCLUTHA, March 0. At the weekly sale to-day 4000 sheep and lambs were yarded. The yarding included a good proportion of fat lambs of extra quality and a fair number of fat sheep. Top price was obtained for a nice pen of extra heavy and well-finished lambs, sold on behalf of Mr Gordon Sinclair, of Paretai. which realised 30s 9d. Good fat lambs sold at 30s to 365; others, 2.3 sto 29s Gd; fat ewes, 14s to 21s; fat wethers, 27s to 32, 5; forward rape lambs, 21s to 28s lid; ewe lambs, 22s to 23s 3d; two-tooth ewes, 32s 4d; sound-mouth ewes, 20s to 255; failing-mouthed ewes, 10s to I4s; mixed-sex iambs, 17s Cd to 21s store wethers, 27s 2d. Cattle.—A -small yarding, and fat bullocks (light) sold at £9 ss; fat cows, £7; store bullocks, £8 10s; 18-month steers, £5 10s; dairy cows, £4. Pigs were in better demand than at the previous sale, and suckers made from 10s to 13s.

CANTERBURY MARKETS. (Pee Dniteo Puess Association.) CHRISTCHURCH, March 9. The main interest of the week has been centred around the oats’ market. The cause is the inquiry from the Old Country and to a smaller, extent the operations of local forward sellers to cover impending shipments in regard to the Horne inquiry. It is not known yet whether any actual business has been done, but (he prospects have hardened the value of A Cartons, the grade wanted, by 2d a bushel within a few' (lays. Quotations are 3s 7d to 3s Scl, f.0.b., s.i., for March-April, or equal to 3s to 5s Id on trucks. Growers locally are not offering oats very freely, mills for the most part concentrating on the threshing of wheat. However, the disinclination to sell wheat at the current price and the hardening in oats may cause a change in policy. Teas have sagged during the past few days. Very heavy quantities wore sold forward to England some time ago at as high as 76s and 77s a quarter (8 1-5 bushels), ami the price to-day is 68s 6d, approximately a drop of a- shilling a bushel. Horae buyers have sold back at 6s 6d, March being quoted at 6s Bd. There arc no buyers, however, at 6s 6d for April-May. Prices on trucks for these months are Os Sd a bushel. The reasons advanced for the sUnping in price are the carry-over in England of the heavy crop in Tasmania. There has been a cessation of offers of wheat, duo vo most growers preferring to store or lo stack their crops until the market steadies up, and also to the rain interrupting threshing. Barley is very low in price and purchases have been made at 3s ICd on trucks. There is quite a brisk business in seeds, winch arc going out freely in small lots, machine-dressed new season’s cocksfoot has been soiling at 12id a lb, but a 12d quotation was current to-day. Values at the bays range up to Bcl. Perennial ryegrass is in brisk demand at 5s 3d, f.0.b., s.i., and Italian is also being bought. It is rather cuvlv for much clover seed to be ofterco, CWgra.ss and white are worth 8d to 9d } on trucks. . . . A steady run of inquiries from both Auckland and Wellington is keeping the potato market film, particulars? ten “prompts.” Eater months have also improved. A few lots have been bought for immediate'delivery at £6 17s 6d, f.0.b.. s.i., but March figures are £6,105, or £5 5s on trucks. April potatoes are quoted at £0 10s or £4, and July-Soptembcrs at £5, fob., s.i. From the first : of the present month to date 200 tons have boon soul north. . , , . . The price of onions is unchanged, out the demand has slackened.

WHOLESALE PRICE OF BUTTER. INCREASE IN SYDNEY. (Press Association —Ev Telegraph—Copyright.) ' SYDNEY. March 9. (R ecoivod March 9, at 3.25 p.m.) The whole-ale price of butler has been increased by id to Is 6WI per lb. BUTTER AND CHEESE. (Press Association —Dy Telegraph— Copyright.) LONDON, March 8. (Received March 9, at 10 p.m.) Butter is steady and slightly less active. Danish. 1945; New Zealand choicest salted, 172 s to 1745; unsaltcd, 176 s to 178 s; Au; trulian salted and unsaltcd, 164 s to 1665. Cheese is firm. New Zealand, 98s to 89s; Australian, £ss.—A. and N.Z. Cable. P. AND 0. DEFERRED STOCK. (Press Association—By Telegraph Copyright ) LONDON, March 8. (Received March 9. at 10 p.m.) P. and 0. Deferred Stock is quoted at £239 10s. —A. and N.Z. Cable. BRADFORD TOPS MARKET. .Press Association —By Telegraph—Copyright.) LONDON. March 8. (Received March 9. at 10 p.m.) The Bradford market is firm, with more inquiry than actual business. Quotations: 64’s, 55d ; 60’s, 52d ; 56’s, 43d ; 50’s, 32ad , 46’s, 26j;u ; 4C’s, 25d.—A. and N.Z. Cable.

Messrs Waters, Ritchie, and Co. report as follows.—Our fortnightly sale of hides look place at our stores yesterday afternoon, when a fair attendance of buyers was present. Though competition was keen, u was at a lowci; range of values as compared with the last sale. The decline in prices is accounted for by the weakness in outside markets. The. catalogue consisted of 1431 hides, and the following were some of the best prices:— Two of T6lb, 15Jd ; eleven 751 b, l3ad; twelve 631 b, 13Jd; four 681 b, 13£d; eight 751 b, 13j.i1; nineteen 651 b, 13id; seven "mlb, 13i-d; one 70lb, 13),d; thirty-two 631 b, 13d; fifteen 741 b, 13d; one 681 b, l2Sd ; five S6lb, 12Jd ; four 551 b, ITUi; six 621 b, 12£d; seven 391 b. 12grl; 122 561 b, 12id; £O7 63ib, 12Ad; eleven 721 b, 12id; nineteen 391 b, I2d; fifty 501 b, 12d. Cows; Three 621 b, 13d; ten 681 b, i2lcl; four 581 b, 12-ld; twenty-five 371 b, 122(1; fortv-two SSlb, 12-jd; fifty-two 371 b, 12id: 228 451 b, 12id; seventeen _ 441 b, Usd: six 541 b, ll|(i; 192 541 b. lljA; eight.V-tlu-co 441 b, Usd; forty-nine 521 b at lid per lb.

LONDON MARKETS, (Prefe Association—Dv Telegraph Copyright'.. , LONDON, March 8. (Received March 9, at 10 p.m.) Wheat: Cargoes are firm and advanced 2d and 6d to 53s and 52s '9(l. Parcels are firm and in active demand at an advance of 3d and 6d to 52s and “d. Liverpool futures: Marco, 10s l- u d ; May, 10s 4d ; July, 10s 5Jd. ' Soot trade is quiet Jmt firm. Australian, ox store, £2s to 535. Flour is (inn. Australian, ex store, 3(s 6d Oats .are in short supply. Cartons 34s to 355; Australian Algerian. 2os to. Peas: Blue arc in better demand lasmauian, 3Nfs to 3505; New Zealand, o4„a t0 Maples are quiet. Tasmanian 87s 6d to 60*; Now Zealand, 80s to 82s 60. New Zeaand beans, 45s to 48s.—A. and N.Z. and Sydney Sun Cable.

LONDON STOCK EXCHANGE.

(Press Association— By IVlegraph- Copyright.) LONDON, March 8. The {ollflvrin? ore the latest quotations for Government securities, coaipwea the prices 111 5+ \V P( Iv 1 “

FOREIGN EXCHANGES. (Press Association —By Telrirraph—Copyright ) LOXDOtf, Jl«roh 8. Tho exchange rate;? on London arc as follows:

ruling vi'eiu: — Last wee’.L. This week. a s. a. £ 9. d. •Imperial Cnn-ois, 24 p-c. ... 55 15 0 55 5 0 War loan, 5 n.e., 1930-47 ... 99 15 0 Converaioa loan, 31 p.c. ... 7G 0 0 7G 7 6 C'wealtU 6 p.c., 11)31-41 ... 101 10 0 101 8 9 O’wealth loan ... w 15 0 98 15 0 X.Z. 6 p.c.. 193B->i ... ... 107 5 0 107 10 0 X.Z. 4 p.c.. 1129 ... 99 12 B 9,9 13 9 N.Z. 31 p.c., 1040 ... 67 17 6 87 17 G K.Z. 5 p.c., 1945 ... 70 15 0 78 13 6 N.S.W. OJ P.c., 1030-40 ... 101 7 G 101 12 6 X.S.W. 5 P.c., 1030-40 ... 101 18 !) 102 0 0 X.S.W. 53 p.c., 1932-32 ... 101 17 G 101 18 9 X.8.W. 4 p.c.. 1033 ... ... 03 12 6 93 n G 57.S.W. 34 p.c.. 1030-50 ... sa 2 6 85 0 O N.3.W. 3 P.c.. 1935 ... ... 75 15 0 75 15 O Vic. 51 P-c. 1930-40 ... ... 102 2 G — Vie. 5 p.e., 1932-42 ... ... 99 17 6 99 15 0 Vic. 3-1 p.c., 1920-40 ... ... 78 2 G 77 3 9 Vic. 3 p.c., 1930-40 ••• ... 72 7 6 72 10 0 Q’land 3 p.c.. 1922-47 ... ... 101 7 6 101 5 0 Q'land 3\ p.c., 1930 ... ... 9G 5 0 93 3 9 Q’land G p.c., 1930-40... ... 71 2 G 71 2 6 fl.A. CJ p.c.. 1930-40 ... ... 101 12 6 102 0 0 S.A. iU p.c.. W39 ... 88 0 0 88 0 0 S.A. 3 p.o., 1319 or after ... ei 2 (1 60 X5 ■o W.A. G p.c., 1030-40 ... ... 101 7 G 101 5 0 W.A. 3.V p.c., 1920 35 ... ... 88 17 G 89 2 G W.A 3 p.c., 1915-35 ... ... SG 5 0 86 2 G Tap. G-l p.c., 1930-40 ... ... 103 0 0 . 103 0 0 4 Tas. 3V p.c., 1920-40 ... ... 84 10 0 81 10 0. Tas. 3 p.c.. 1020-10 ... .... SO 0 0 80 0 0 A. and X.Z. Cable.

Per. Mar. 5. Mar. 8. Pans, Ir to £1 ... 25.221 124.00 124.00 Bi iiFKelfi, tielga* to £1 25 35.00 35.00 Oslo. Ur to £) 18.81 18.31 13,32 Stockholm, Ur, to £1 .. 18,150 18.17 18.18 Copenhagen, Ur t 0 £1... 18.159 18.21 18.22 Berlin, reichmkn to £1 IUI) 20.12 20.40 Montreal. Ool to £1 — 4.11 4.88J 4.88 Mew York, rtnl to £1 4.802 4.S7J 4.87 13-16 Yokohama, pence to yen 24.43 23 1-10 23 3-32 Hongkong, pence to Jo] 21 21} 24S Calcutta, - pence to rupee 2-1 18.00 13.00 Materia. to £1 — 22.221 12.14 12.14 ' Home, lire to £1 ••• m 25.224 02.42 92.28 Amsterdam, guild to £1 12.107 12.124 12.12.1 Prague, kr to £5 — 12.107 1045 IMS —A. and X.Z. Cable.