COMMERCE AND FINANCE

Otago Daily Times, Issue 20705, 1 May 1929, Page 13

COMMERCE AND FINANCE

THE . SHARE MARKET. DUNEDIN STOCK EXCHANGE. A parcel of contributing New Zealand Eefrigeratinga changed hands at 7s 3d on the _ Stock Exchange yesterday, buyers’ closing offer remaining at the same figure, while sellers required ,7s 6d. Preferred Electrolytic Zincs were -also .dealt; in : at 36a 9d, the market closing with a buyer at 36s 6d,’ and a’ seller at 375. For Bank of New South Wales shares buyers-were prepared to. give £sl 7s 6d, but sellers would’ not accept less than £52. .E.S. and A.-Banka were on offer at £8 16s, buyers’: best offer’ being £8 14s. - New Zealand - Breweries shares were inquired for at 625, sellers requiring 9d above that figure. Buyers of National Insurances ■were prepared. to give 16s. sd. cum dividend, but sellers would not quote below 16s 9d. A.P.A. Insurances were also in better , demand at 10s, but sellers • were reticent. . Dunlop Rubbers on offer at 27s 9d, es dividend, but buyers did not come forward. Sales: New Zealand Refrigerating (cont.), 7s 3d; Electrolytic Zinc (pref.), 36a fid. ■ ■ ; The following are’ yesterday afternoon’s buying and Selling quotations; which are subject to the usjjal'brokerage:- — BANKING. Bank of Australasia—Sel, £l4 i?s 6d. Bank of N.S. Wales—Buy £sl 7s 6d, eel £52. - Bank of New Zealand—Buy 61s fid, sel 625. , . ’ Commercial Bank—Buy 30s Id, sel 30s 4d. . , - ;• E.S. and A.- Bank —Buy £8 14s, sel £8 16s. • ’ ' ‘ National Bank of N.Z.—Buy £7 Is, sel £7 3s 6d, Uhlbii ’ Bank—Sel £ls 12s 6d.’ BREWERIES, N.Z. Breweries, 62s, sel 62s fid. INSURANCE. National Insurance. Co.—Buy. 16s sd, Bel 16s 9d • cum div. A.P.A. Insurance Co.—-Buy 10s. South British Insurance’Co. —Sel 65a 3d. , Standard. Insurance Co.—Sel 65s 3d. SHIPPING, Huddart, Parker (ord.)—Buy Its 6d, eel 49s fid. . Huddart, Parker, fpref.)—Buy 21s. P. and O. Deferred Stock—Buy 58s, sel U.S.S. Co. (pref.)—-Buy 20s fid. ; COAL. Taupiri x Coal (ord.)—Buy 265. Westport Coal 32s 8d;- sel 33a 3d. - - v ' Westport-Stocktoa (pref.)’—Buy 3s fid. •' LOAN AND AGENCY. Goldsbrough,. Mort—Buy 53s 3d, - sel bis. ■ Perpetual Trustees—Buy G4s 6d. Trustees, Ex. and Agency—Buy 59a 6d. Wright. Stephenson (Ord.)—Buy 265, eel 29s 6d,. Wright. Stephenson (pref.)—Buy 17slOd. ’ . MEAT PRESERVING. Gear Meat Co.—Sel ,43a 6d. N.Z, Refrigerating (pd.)-r-Buy 15s 3d. N,Z. Refrigerating (cont.)—Buy 7s 3d, sel 7s. 6d, ■ . r , , .■ MISCELLANEOUS.’ ,V; :■ ; Australian Iron and. Steel (pref.)—Buv 20s fid, • ; , British^Tobacco —Biiy 475. Brown, Ewing (pref.)-Buy 20s 6d. Bruce Woollen Co.—Sel 12s. ' Colonial Sugar—Buy £59 155., Crystal Ice Coi—Sel-27a- • D.I.C. (ord.)—Buy 10a fid prem.' DJ.C.: (pref.)—Buy 21s' 3d: Dominion, .Investments—Buy 23s 6d. Dominion Rubber-—Buy 295, ’kel A2s.6d. Rope and, Twine—Buy ‘ 33s Dunlop Rubber—Sel ,27s Od ex div. Kajapoi Woollen fcont;) —Buy' 4 S 6d: Kaiapoi Woollen (pref.)—Buy 15s. Milburn Lime and Ceipent—Buy 3Bs 6d, •et 40s. ' ” Mosgiel Woollen Co.—Buy £7 14s. National Electric—Buy Bs. N.Z, Drug Co. .(£2 pd.) —Buy 73s fid. . N.Z. Express (ord.)—Sel 18s 6d. N.Z. Guarantee Corp.—Buy 8s 4d, sel Cs. ... .. . .. ~..’. N.Z, Paper Mills (ord.)—Buy 18s 6d. Otago Daily Times—S.el 75s fid. Smith and Smith (pref.)—Buy 18s fid. Taranaki Oil—Buy 6s, sel 6s 3d. Whitcombe and Tombs—Sel 82s; Wilson’s . (N.Z.) Cement-—Buy 41s. V.MINING. - ; Kawarau G.M. Co.—Biiy Bd. Electrolytic Zinc, (pref.)—Buy 36s 6d, ■el 375. , - . ' Electrolytic Zinc (ord^) —Buy 35s Moimt Lyell—Buy. 44s 3d, sel 44s 9d. Brdken Hill South—Buy 68s 6cl. sel 70s Cd. Upper Nevis (pref.)-r-Sel Is disc. ■ Upper Nevis—Sel ss, Big Beach—Buy 6a 6d: sel Bs. Kildare—Buy 3s, sel 3s 6d: Okarito—Buy lid prem , sel Is 3d prem. WAR BONDS. ..ftfoT“.V'"" s*’ 5 *’ is., 4i per cent.'Bonds,'l939-Buy £99 15s. i .^? e . r . c en t« Soldiers’ Bonds, 1933—8uy £lOl ss, per cent. Inscribed, 1938—Buy £99 355“ PCT ce “ t:^ ' -Inscribed, 1939—8uy £99 Buy Soldiers ’ Inscribed, 1933 £99^5s er CeDt Inscribed B onds, 1941—Buy 5i per cent; Bonds. 1936—8uy £lOl 5s ceftt. Inscribed, 1936—8uy £lOl per cent Bonds. 1933—8uy £99 ss. g a °* per cea t. Inscribed, 1933—8uy £99 NORTHERN EXCHANGES. _(Per United p EKSB Association.) .The follow’ing business was done on 'Changes yesterday:— ■ ou Auckland. —Sales; War Loan (1933) 7s 6d; Bank of NeW Zealand (D issue), 295; Union Bank of Australia. £ls 9s; Grey Valley Coal, 24s cis w 0a ’- 2 T? (two); Auckland V- a , s > r .. 48 Kauri Timber, ISs 3d; Briy 7e r 9d; i Hay^ward s Pictures. 22s 9 d d’- N vr m Z 7 a r d J a^ mers Eerliliscr, i Ze !5 a i? d t ? aper Mills, 18s TaTrd-w iT ?d Ref , ri ßeratm« (cont.l 7s J• Waihi Mmmg, 14s Id (two) la2 a3es V T Bank 04 land; 61s 9d; Gear Meat, 42s 6d. Sales reported; New; Zealand Guarantee CorDeration. 8s lOd; Australian Bank of Conimerce. 365; Commercial Bank ’36s 7 d ’ K n ‘ pn Banb , £1? 9s 6d; Dalgety and register). £ls 15s 6d. Christchurch .-Sales: Commercial Bank of Australia, 30s 2d; Commercial Bank of■ Australia (new cont ). 14s sd; Commercial Bank of Sydney £27 12 s Gd; National Insurance (cum div.), 16s 6d; Dalgety and Co. (cum div.) £ls 13s 6d; New Zealand Refrigerating (£1 paid). 16s; Now Zealand Refrigerating. (10s paid), 7s 4d (two parcels); Westport Coal. 32s 9d; New Zealand Breweries. 62s Id; Dunlop Rubber, 27s 9d (three parcels); Electro Zmr (pref.), 36s 6d; Whitcombe and Tombs, 81s (two parcels), 81e 6d; Mabakipawa. Is 2Jd. (four parcels); Winding Creek_(od paid). Is. Sales reported: New Zealand Government 4J per cent Inscribed (1939), £100; Commercial Bank of Australia, 30s 3d (two parcels); Dunlop Rubber. 27s 9d; Electro Zinc (pref.), 365. 7d; Whitcombe and Tombs, 81s. LONDON METAL MARKET. • (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, April 29. (Received April 30. at-9.30 p.m.) Copper,—-Spot standard, £75 13s 9d; forward, £72 13s 9d. . Electrolytic.—Spot. £B3; forward, £B4. Lead.—Spot, £24 7s fid; forward, £23 ISs IJd. Spelter.-r-Spot, £26 15s; forward, £26 10s. ’ 1 Tin.—:Sp6t, £l9B 13s 9d; forward, £2OO 18s 14d. ’ Silver.-—Standard, 25 5-16 d; fine, S 7 5-l’6d. —Australian Ureas Association.

LOCAL AND OVERSEAS MARKETS.

COMPANY BALANCE SHEETS. NATIONAL MORTGAGE . AND AGENCY COMPANY -OF NEW ZEALAND,. LIMITED. Paid-up Capital 1918-20, £200,000; 1921-28, £250,000. Dividend „ . ’ TSnws Xet cuni General Sept. Reserves Profit Profit bonus Charges £ . £ £ p.c. £ 1918 271,813- . 156,651 38 222 13 73 339 1512 ’ Iqt'oli J5 9 ’ 898 38 ’ 940 13 C 0,260 1020 297,041 ... 203,172 47,188 13 84 371 < 294.988 U&.U ’tMOS 10 '72 jsS 1921 anr'sfi'i T-Mt? 2j >643 10 65,803 • ijj? 105,416 38,356 UJ 61,472 1923 ain’-nn 43 !H 2 * 30 ’ 6li 111 62 ' 854 310,(00 157,380 37,601 12S 65 300 1927 304’nfil I 4 12 & 60,435 199 R ’ 31 ’ 825 12 i 56,111 19-8 3t0,06i 153,634. 42.757 12i 60,275 • Excluding contingency , reserve. f Toss. The distribution for the latest financial J 7 ar \ s . L 2-, P er the same as that ot each, of the preceding three years. As the net profit comes out at £42,757, which m . some £II,OOO above that ■of 1927-28, shareholders might have-,hoped- to participate in some of the excess.’ If eb, they have been disappointed, but the policy of the management in maintaining. an' even rate of dividend and bonus is one that should be approved by all .concerned. It has to be remembered that two years -ago the payment of 124 per cent, overdrew thenct profit at. that time by over £7OOO. w'hile U months ago practically all the net surplus was handed to;the proprietors. Now, when a. marked advance in .the trading result jias taken place, it seems only P. ru d c ut, if not equitable, that reserves should be replenished. The action of the directors in stabilising the .rote of distnbution has; been justified, by results, yhich may. be hailed with, general satisfaction as an indication ’ of ah improved market for the Dominion's primary products. ■ Shareholders’ capital takes a secondary place in providing the finances- of. the company. Money supplied .by the. share-, holders • has_ ■ stood , for the past- eight. years at £250,000,- while money borrowed mi debenture now aggregates £792,690 The cost of the latter for the- past year was £39,052, while the dividend and. bonus absorbed £31,250. The advantages of this mode._ of financing are obvious. Among the liabilities, the miscellaneous group, embracing, inter .alia, sundry creditors and bank overdrafts, conies next to debentures in point of size. The total of £545,526 shows a considerable advance during 'the year. As at least one reserve is included, the advance does not. ■. necessarily ; mean increased indebtedness, and there is further uncertainty ,wjth the introduction of the word 'etc.” into the group. Bills payable add £66,636 to. the-amount .owing. Showing a _ tendency To rise, they .lyill make an _ increasing demand upon- the interest bill, if their total-at .the-close is a fair indication.. of • .their .average throughout the year. • During the-,, past decade, although the course of the general'.reserves has . not been one of uniform .progress, there has not been much variation. The transfer of £11,500 from the net surplus, £IO,OOO of which was allocated, the balance,swelling the undivided profits , carried forward, brought reserves -at September 30 last to an aggregate of £315,561,: which is. the highest point they have yet attained. Viewed in relation to the paid-up capital, they, would’seem, to-occupy an -exception-, allyc.{avoarablp-';noßitH>Q r .were-.it:'QoT''tbdt.> : •the ■ proportionally large’ borrowings’ .bn debenture have to be taken into account, ’J- The fixed assets held by the company In the form of premises, plant, and furniture occupy a. comparatively subordinate place, at £84,878. .Depreciation has been duly allowed, but to what, extent is not stated. As there has been'a rise of over' £2600 in the 12 months, in spite of that ? revision, some extension has-taken place t is, however, to the property held under ■debts owing to the.’cpmpd'Py that possibly the chief interest in-fixed property lie’s.-' Grouped - with-.'loans ‘on-’ mortgages; and secured accounts at a total ’of £830,884, the amount it represents-is a matter for : conjecture.- The "general Tendency, since 1922' h'ai been fov the group to/dimmish,: and absorb a decreasing proportion of the ‘total funds as the under-noted columns indicate:— Loansoa ...Total-’ ~ Sept. 30. Mortgages,etc.-. Assets ;. ...Ratio' ' ; •JB. ’. . .’. £■ ‘ p.c. 1918 526;238' 1919 528,065 1.688,772 31.27 1920 530,822. 2,003,518 26.43’ 1921 1,009,880 2,103,844 48:00 1922 ’ 1,052,318 2.007,036. 52.43 1923 983.603 1,943,086 50.62 1924 948,137. 1,957,910 48.43 1923 864,391 1.960,268 44;i0 1926 924,861 L 965.497 / 47.03 1927 864,237 1,920.307 45.00 1928 830,884 ’ 1,992,205 41.70 Whatever . the respective courses of the; constituent parts of The - group may have been, there is evidence to show ' that the farmer is not requiring financial aesist- , ance to the same 'extent as formerly. Other :debts owing to. the company are advances (£12,911) and:.current accounts (£376,203). In all, a total of £1,219,998 is ■ employed jn the one direction against which provision*of-unstated amount has. been made for bad and doubtful debts. Goods on.hand and indents at £211,757 are practically unchanged, with the result that their relation to the gross profit hasimproved. The cash portion of the assets, represented chiefly by investments, comesto £475,661. Investments- in Government . and. other securities in London at £182,170 occupy the largest place, the investments that have been made in New Zealand, the nature of which is not detailed, representing£s9.o7s. The sum of £140,000 placed in Treasury bills indicates that it is considered necessary to have a proportionally large sum in a readily realisable form while the .existence .of £53,000 on deposit at bank strengthens that assumption. The strong position that investments hold, covering general reserves and providing a balance large enough to meet any reasonable emergency, is that satisfactory’ point in- a balance sheet that comes: at the end of a financial year when the prevailing conditions for- trading ’ have been admittedly very favourable as a whole. CANTERBURY MARKETS. •From Oxth Own Correspondent.) :■ CHRISTCHURCH, April. 30. ; There was a disposition for the ' prompt ” potato market to firm whilst the heavy ram prevailed early in the week, but the sudden change to good conditions speedily checked the move. Actually, prompt potatoes are cheaper, having been purchased at £5 5s and £5 ,7s 6d, f,0.b.,5.i., with Junes at £5 10s. The market for later months is firmer, business, having been done at £6 12s 6ci for July-Septembcr, with sellers asking £6 15s, The Waipiata’s consignment on Saturday comprised 2900 sacks, and the Kurow to-morrow or Thursday is expected to take only a small allotment. ; Auckland inquiry at -the moment is practically non-, existent. In the midst of all the possibilities in this_ respect growers are showing no disposition to sell at current offers. Apart from any likelihood of export to Australia, they are confident of good prices later on in the season. The next boat for Sydney with Canterbury onions aboard is now fixed to leave about May 10. and possibly a heavier shipment than was expected will be despatched. Quotations on trucks .are £4 10s to £4 15s a ton. A few holders of oats have reduced stocks during the week at 3s 54d a bushel for .A's and 3s 2d for. B’s, f.0.b,, s.i. The market is “sticky.” Partridge peas are very weak, and 5s Bd, f.0.b., s.i., is the extreme of values. The wheat, market is unaltered, the amount of buying being small, The seeds market is as at last reported, the buying clement being practically nonexistent. SYDNEY WOOL SALES. (United Press Association.) (By Electric .Telegraph—Copyright) ■ . SYDNEY, April 30. (Received April 30. at 0.30 p.m.) At the wool sales 10,616 bales were sold,'but the market remained without material change. _ There was keen Continental competition, and greasy merino brought 27 Jd.

WALLACETOWN STOCK SALE. (Special to Daily Times.) INVERCARGILL. April 30. There were very small yardinga in all sections at the weekly Wallacetown stock market to-day, due chiefly to the boisterous weather conditions prevailing and to the fact that, the rush of the fat lamb season has. to a large extent, subsided. Prices in all sections as compared with last sale were fully maintained, andin < some cases increased values were ob-, taining. Fat wethers were in the minority, and values for these improved to the extent of from* Is to Is 6d per head. The-store cattle ’yarding was the smallest for years, practically nothing being forward. In the store sheep section only a few pens were yarded, and these met with a fair sale. Store Cattle. —The yarding in this section was the smallest for many years, and consisted of three small lots of various sorts which were disposed of at prices on a par with recent sales. The dairy section was also very small, _ the only beasts worthy of mention being three heifers just calved, which realised from 17 2s 6d to £B. Fat Cattle.—The yarding was small, but contained some good quality cows and heifers, with a small percentage of os beef. Prices firmed slightly, but at no time was the improvement particularly •noticeable. The offering was about equal to local requirements, and practically the whole of it was disposed of at auction. A few vealers were forward, and these met with ,an average sale. Extra prime bullocks realised up to £l7 12s 6d; medium weights, from £ll to £l3; lighter sorts, down to £9; prime cows, up to £lO 10s; medium weights, from £7 10s to £8 10s; lighter sorts, down to £3 10s; prime heifers, up to £lO 10s; medium weights, from £8 10s to £0 10s; lighter sorts, from £7 10s to £8; vealers, from £2 to £3 os; with runners up to £5. Store Sheep.—This was also the smallest yarding of the season, but tile sale ■was a good one, and most of the sheep offered were sold at auction. ■ The majority of the yarding consisted of brokenmouthed ew.s, with a pen-of wether lambs and a small pen of two-tooth wethers. Fresh-condi-tioned, broken-mouthed ewes realised from 17s 6d to 19s, fresh-conditioned, aged ewes 13s to 14s 6d, poor-conditioned sorts 10s 6d to 12s, aged and inferior down to 5s 6d, small wether lambs from 15s to 16s ' 6d, and the small pen of two-tooth wethers of only medium quality'2ss 9d. . There was also a small yarding of rams, practi-. cally the whole of which were nondescript sorts. A two-shear Southdown ram showing breeding realised £4 4s, while the rest of the entry brought from.lss to 30s. ... Fat Sheep and Lambs;—:The yarding ■was considerably smaller than that of last week, and Contained about ..the usual percentage of fat lambs. The quality ah round in fat sheep was quite up to. the average, and prices showed a slight improvement. Several pens of good -heavy ewes were yarded, and these also showed 1 a slight advance.on the previous sale, while freezing ewes‘ and fat lambs , were up to the schedule of last week., and, if anything, showed a firming, tendency. Extra prime, heavy wethers realised up to 37e 6d, good butchers’ wethers from 32s to 35a‘6d, lighter and freezing sorts down, to 28s, extra prime butchers’ ewes up to 345, medium-weights from 20s to 245, freezing sorts 17s to 21s, extra prime, butchers’ lambs up to 325, good - freezing lambs from 28s to 31s, lighter sorts down to 25s 3d. THE DOMINION’S HERDS. The Government Statistician gives the total of New Zealand cattle in 1928 as 3,273,769 head, an increase of 16,040 for the year. Of the total, 1,242,729 were dairy cattle in milk, and 109,669 were dry. There were 11,710 bulls for beef purposes, and’, 47,624 bulls' for dairy herds. ! CARBONISATION OF COAL. (Pee United Press Association.) HAMILTON, April 30. “I am, very enthusiastic about carbonisation,” said the Minister of Mines (Mr W. A. Veitch), when discussing this method of dealing with coal with a deputation of the Huntly Town Board. The Minister added that the Government could not dp- much except encourage mining companies to establish a plant, and he was.confident that if one plant was established others would soon follow.’ Mr E. S. Wright,, managing director of thePukemiTo ’ collieries, said a plant could be erected at Waikato if the companies were unanimous. If the inferior grades could be eliminated there was a great future ahead of the industry. FAT STOCK MARKET. ■ (Per United Pkess Association.) J, WELLINGTON, April 30. The New Zealand. Meat Producers' Board advises that the following prices were being offered for fat stock for export on April 29 •Canterbury.—Prime woolly lambs—36lb and under 9sd, 371 b to 421 b BJd, 431 b and over.B|d; second quality lambs, B|d. Southland.—Prime woolly lambs—36lb and under 9Jd, 371 b to 421 b BJd, 431 b and over 8d; second quality lambs—36lb and under S|d, over 361 b 7Jd. It may,be noted that at the present time most of the lambs are’being purchased ‘ by the head, ‘ consideration being given, to the quality <of ’ the lambs and the value of the skins. TAUPIRI COAL MINES. ANNUAL REPORT. (Special to Daily Times.) AUCKLAND, April 30. .The thirtieth annual report of the Taupiri Coal Mines, Ltd., state., that the profit for the year ended March 31, after making allowance for depreciation, amounts to £16,376, to which must be added £9025 brought forward from last year, making a total of £25.401. The profit in the previous year, after allowing for depreciation, was £18,560. In 1926-27 it was £16,949, and din 1925-26, £13,036. Prefei’ence share dividends, amounting to £I6OO, and an interim dividend of £6050, representing Is a share on ordinary shares, have been paid, a total of £7650. which is the same as in the previous year. The balance to be dealt with. £17,752, it is recommended should be appropriated as follows: To, pay final dividend of Is per share. £6050; to transfer to dividend equalisation - account, £1000; to carry forward to next year’s account, £10,702. The reserve account is not being added to this, year, but the dividend equalisation account has been started with £IOOO. The .capitalisation of the company remains unchanged. The accident reserve fund now stands at £II,OOO, and the assets total £178,036, compared with £177,108 last year. New Zealand war loan-invest-ments have increased from £32.051 to £54,871. BRADFORD MARKET. (United Press Association.) (By Electric Telegraph— Copyright.) LONDON, April 20. At Bradford there is very little business passing, pending the opening of theLondon wool sales. Quotations are nominally unchanged.—Australian Press Association. THE APPLE MARKET. (United Press Association.) (By Electric Telegraph— Copyright.) , LONDON. April 29. The Hamburg, apple market is firmci owing to smaller supplies of Americans. The Idomeneus’s Western Australians were generally in a satisfactory condition. Cleopatras and Dunns were better coloured than the first arrivals. Jonathans were mostly green and unattractive. Dunns, 14s to 17s 8d; Cleopatras, 13s 3d to 15s 6d; Jonathans, 9s 9d to 11s 9d; Coxs, 9s to 16s 6d: Adams, 0s 3d to 10s Press Association. TARANAKI OILFIELDS. LTD. (United Press Association.) GISBORNE. April 30. The latest report of the Taranaki Oilfields. Ltd., is as follows: Gisborne No. 2 well drilled to 2910 feet in .alternate bands of shale and sandy shale, 6.) inches diameter casing’ to 2985 teet. ’

CUSTOMS RETURNS. FIGURES FOR DUNEDIN DISTRICT. The Customs returns for April arc:— Customs duties, £63,697 14s Od; beer duty, £23,724 12s 8d; motor tyro tax, £1144 18s: and motor spirit £7590. For April of 1928 the figureswrere:—Customs, £46,814 13s lid; beer duty, £24,169 3s lOd; tyre tax, £l2lO 14s; and!motor spirit, £5979 13s Bd. There has been an increase, in Customs of. close on £20,000, the beer duty shows little change, and there 1 is not much difference in the tyre or motor spirit revenue. LONDON FRUIT MARKET. LATEST ADVICES. The secretary of the Otago Provincial Fruitgrowers’ Council reports having received the following official statement on the condition of the London fruit market, dated April 27: “The market is quiet. The lonic consignment arrived in good condition except for a few cases being frozen. Only ,a little pit _ was showing. The, Port Melbourne shipment was variable. ' Cox’s Orange Pippin were generally pitted. The Auckland consignment was rather dull and lacked colour. Prices:—Cos’s Orange Pippin, to 20s per. case; few .22s per case.. Delicious and Jonathans, 13s to 16s, up .to-. 17s per case. Cleopatra, 15s to 16s per case. ■ King David, Ribston Pippin, and Alfristori, ;12s to 15s per. case. Dunn’s Favourite and Willie Sharp, 11s to 14s per case, “ Pears.—Bourre Bose, 6s 6d to 7s Cd single trays; 9s double trays. . Winter Cole, 4s 6d to 6s 6d single trays; 7s 6d double trays. Vicar of Winkfield, Cs 6d double trays; Packham, 7s to 7s 6d double trays. THE PRICE OF SUGAR. All grades of raw and refined sugar, except tablet and icing sugars, - will be reduced by 10s a ton as from to-day. RABBIT . SKIN SALE. The Dunedin Stock Agents and Wool Brokers’ Association (Messrs Dalgety and Co., N.Z. Loan, and Mercantile Agency Company, Ltd., Sti-onach, Morris arid' Co., Ltd., Wright, Stephenson and Co., Ltd., National Mortgage and Agency Company, Ltd., Otago Farmers’, Co-operative Asso-ciation,-Donald Reid and C0.,-Ltd.) report as follows;—Small catalogues. were offered, at yesterday’s rabbitskin sale and so far the quantities arriving do not indicate the. prospect of any increase on las£ year’s offering. There was a par-’ ticularly keen demand for all grades of skins, and prices generally- showed an advance of Id to 2d per lb over last-sale’s rates. The following is the range of prices:—Summer weevily, 28d to 30d; summer broken, 34d to 34|d; autumn broken, 44Jd to 45|d; runners and suckers, 28|cl to 39d; summers. 36cl to 39d; summer bucks, 34d to 39d; light racks. 50£d to prune, racks, 48d to dawny autumn, ■ 51ijd to 544 d; early autumns, 58|d too2|d; autumn, 69d to 70£d; incoming winter, 77d to 7S|d; ,early winter,' 78d to 84d; milky, 33d t0.35d; fawn, 62d to 77d; summer- black,- 37id to 4GJd; autumn- black, 62|d to 633 d; hareskins,, 42Jd to 43Jd; horsehair, 20d to 22d. KENT’S BAKERIES, LIMITED. An issue of £35,000 of 74 per cent. First Mortgage Debentures "and 35,000 10 per, cent, participating preference shares is announced by Kent’s Bakeries, Limited. The objects of this company are to take over, as a going concern, and free , of , , all , liabilities, the well-known Auckland bakery establishment of George Kent and Sons, Ltd. Last year this firm earned a net profit of . £8437, which exceeded the amount required to pay 10 per cent, on the whole issued capital of £45,000. The . whoje of the proceeds of the present issue of shares and debentures will be expended on the purchase of this business and on the new plant and premises which have just been completed.