COMMERCE AND FINANCE

Otago Daily Times, Issue 20906, 21 December 1929, Page 10

COMMERCE AND FINANCE

THE SHARE MARKET.

DUNEDIN STOCK EXCHANGE.

There Has been a slight improvement in the volume of business transacted' on the Stock Exchange during the past week, as compared with the business done during the previous period. There has been a slightly stronger inquiry for Bank of Australasias, buyers’ best offer being £l2 lls. Sellers, however, have not agreed to accept less than £l2 15s 6d.

The fall in Bank of New South Wales shares, which has been noticeable for the past few months, has continued, although the depression during the past week has not been so severe as already recorded. Buyers’ closing offer for these shares is now £4O ss, sellers failing to make any response. Bank of Hew Zealands have been in stronger demand at 58s 6d, but • sellers have not been tempted by that offer. A sale at the same figure has been reported. Commercial Banks have remained firm at 25s 6d and 265, buying and selling quotations respectively. Two sales at 25s vd have been recorded during the week. There has been little movement in insurances during the past few days. New Zealands have been in easier demand at 445, blit sellers have remained firm at 45s 6d. Huddart. Parkera have been dealt in at 41s Dd, whilst a sale at the same figure has also been reported. The closing selling quotation has remained firm at 42s 3d, no sellers responding. For Kaitangata Coals buyers have been prepared to give 9s discount, but sellers have been reticent, . The demand for Westport Coals has; improved slightly, buyers’ best closing offer being 31s 3d. Sellers, however, have not agreed to accept less than 31s Bd. There has also been a stronger inquiry for Dalgety and Co. shares, buyers now offering £l2 15s. Sellers, however, have not come forward. Ordinary Brown, Ewings have been in better demand at 30s, but there has been no response from sellers. Buyers of ordinary Bruce Woollens have been prepared to give up to lls, but sellers have not come forward, Dunlop Peridriau Rubbers have been on offer at 24s 3d, but this figure has not tempted buyers. Mi Iburn Lime and Cements have been disposed of at 365. the closing buying and selling quotations being 35a 9d and 30s 3d respectively. -Buyer's offer of 20s fld for New Zealand Paper Mills has not received any response from sellers. Zealand Breweries have cased slightly m demand, buyers now offering 87s. No sellers have come forward during the _week. The debenture issue has improved in demand, the closing buying '■ offer being 28s Sd. A sale at 2Si 4d was reported during the week. _ Q M ° u , nt Lyells have been in demand at 38s 3d, ex dividend, sellers’ closing requirement being 38s 6d. Ohinemuris have been dealt in at lls 3d, lls, and 10s fld, the market closing with a seller at lls abd no buyers offering. . - ' Business has also been done in Paddy’s Points at Ss 6d, the closing buying and selling quotations being 3s 5d and 4s respectively. t i v 961 J a demand for Government bonds, with little change being recorded in the quotations CrS’k p^l 7 ‘ ***■. * sSJfrTSSS; Sr£“la?V?l; cenk Bonds, !938, £99 17s 6d. P The following are yesterday afternoon's buying and selling quotations, which are subject to the usual' brokerage:— BANKING.

112 Isa 6d Australasia ~ Buy 112 Ha. sel Bank of N.S. Wales—Buy £4O 6a. Bankiof New Zealand—Buy 58s 6d V,^ e Tw B , an H~^?li y 25s « d - »el 265. National Bank of N.Z. —Sel £6 10s 6d. INSURANCE. 1 15s^9d° nal Insurance Co.—Buy 15s, sel ed N - Z - Insurance Co.—Buy 445, sel 45s Standard Insurance Co.—Sel 63s 9d. A-rA Insurance—Sel 9a, SHIPPING. Huddart, Parker (ord.)—Sel 42a 3d. COAL. Sls^ld^ 016 C ° al Co.—Buy 31s 3d, sel Westp ort-Stockton (ord.) —Sel 3s Wastport-Stockton (pref.)—Sel Is od. LOAN AND AGENCY ® a, ? e ty and Co.—Buy £l2 15*. Ooldsbrough, Mort—Sel 38s. Rational ■N.Z. and River Plate—Buy 31 s . MEAT PRESERVING K (pd.)—Buy llg 3d. seftf; Refngerat,n S (cent.) —Buy 4s 3d. MISCELLANEOUS Sef2o a r 9d“ n Ir ° n aDd Steel British, Tobacco—Buy 44s 9d, sel 40s D I G K e % C °- (° rd -)~Buy 11s. i1.1.U (ord.) —Buy ii s prem. D.I.C. (pref)— Buy 21s 3d. S™. 1 ” 10 ?, Rubber— Sel 28s 6d Dunlop Perdnau Rubber—Sel 24s 3d BenSTd. me aDd Cemen t Buy 35s fid, Mosgiel Woollen Co.—Buy £7 W MLeod Bros.—Sel £3O ss! ” ’ N.Z. Farmers Fertiliser—Boy 22s NZ. Paper Millp (ord.)— Buy 20s fid & Da,ly Ti .®es-Sel 72s 7 3 6d< Smith and Smith (pref.)— Buy lfi s 4d _ BREWERIES, wf Breweries, Ltd.—Buy 87s. JJ.Z. Breweries Debent.—Buy 28s 3d.

OAMARU MARKETS

i mining. Wauxi Grand Junction—Buy Is j,i Electrolytic Zinc (ord.l— Sol 34* ‘ Mount Lyell—Sel 38s 6d. Kildare—Buy l a ad, gel Is 10d Se! Is 6d prem. Wmdmg Cfeek—Sel Is 7d prem Winding Creek (pd.)—Sol 2s Stoney Creek—Sel 41d prem Paddy s Point—Buy 3s sd, sel 4s ■ WAR BONDS. £IOO 10s. C6nt ‘ So,t!ierss Bonds, 1933-B uy

NORTHERN EXCHANGES. (Per Units) Press Association) 'CfaaWges°ye^erday > :— IIeSS » Auckland.—Sales: Commercial UmlT« US fM a ? 5s l d > Bank of Nw Zealand 58s 6d; Union Bank, £l3 Is 6d; New ZeijS“d Insurance. 44s Gd; South British 78s’- \ew r t«n S Tf C °‘ OP r a I J V . e Auctioneering, Newton King (pref. , 12a Gd; Kauri !"tft “ e Friday, ex- dn-.) !^ ♦ ■ L Zea ( an d Breweries, 87s 3d- British Tob a c CO , 45s 3d {late sale Friday). a? . t Farmel ' s Fertiliser, 22s del ■ Mount Lyell, 38s Gd. ’ T S^ lcs ,- reported: Commercial Bank of Australia ford.). £1 5 S i()dBank of New South Wales, £4O 15s; New Zealand Breweries (bonds). £1 8s 3d Christchurch.—Sales; New Zealand Breweries (bonds). 28s 3d; National Bank of. Australasia (£5 paid), £7 19s; Union Bank of Australia. £l3; New Zealand Breweries. 87s 7d (two parcels). S7s fid (two parcels); British Tobacco (cum qo’l’i 45 <f i (two parcGls U Mount Lyell, 3Ss 3d. bales reported: Commercial Bank I0d; Huddart. Parker, 41s fid; New Zealand Breweries. 87s Gd; British Tobacco (cum div.), 45s 3d

ISSUE DEPARTMENT

DUNEDIN MARKETS. WHEAT, OATS, ETC. The census of the stocks of wheat in the Dominion as at November 30 shows that there were 3,007.044 bushels of millinquality at that date, so that there will be a substantia! carry over to next year. Millers have evidently had a fairiv good” idea of the position, rfnd that has no doubt prompted them to restrict their buying operations in. the oast few months

LOCAL AND OVERSEAS MARKETS,

to odd lota to keep up the stock that they had secured earlier in the season. With a fair-sized yield from the new harvest there should be no lack of supplies to meet millers’ requirements for the coming year. The holiday season is now close at hand, and the_ usual quiet time in the wheat market is in evidence. Prices are unchanged at 5b 9d, sacks extra, on trucks, country sidings, for Tuscan, 6s for Hunters, and Os 3d for Velvet, Fowl wheat can be quoted at round about 6s 3d per bushel, sacks extra, ex store.

Millers’ prices for flour, etc., are as follow:

Flour: 2001 b. £l6 15s; 100's, £l7 15s: 50’s, £18; 2S’s, £lB 10s. Bran, £7 "per ton, Pollard. £8 10s. Oatmeal: 25’s, £25 10s; 200’s, £24 10s. The census also reveals that at November 30 there were 908,619 bushels of oats available, so here again there appears to be ample supplies, with the returns from the new crops, to meet the Dominions requirements for the next year. As a matter of fact, the demand tor oats, with the steadily growing increase in the use of the motor car and motor lorry, is falling away year by year. bo far as tne present state of the oat market is concerned, it can be stated to he arm,.but with not niuch business passlnß- The present quotations to farmers are 3s 2d, sacks extra, on trucks, for As, and 3s Id for B’s. These quotations are more or less nominal, as there are 3f=+Af gre ™ ma ,V l ines on offer in this The shipping prices are 3s 9d, s.i., for A s, and 3s 8d for B’s. ,l ces f° r , c^a ff remain' unchanged at £6 10s per ton, ex store, and £6 ss. ex tr A,® I ° eal market continues quiet. Cr. t0 ° r^ff UCe -D hl l es ar f. quotcd as follow.— 16 »«■« Potatoes, about £3 per ion Eggs: Stamped, Is 2d; case, Is Id P«?“E MtoTs 2 l d. illed bUIk ’ t 0 18 3d: Bacon, Is 2d per lb; rolls. Is 3d. Hams, Is 2d per lb; boneless, Is 4d. Honey: Bulk, 5d per lb. Onions, to 25s per cwt.. FRUIT REPORT. Business has been brisk in the fruit d f' n v g th ? Tveek - Onlv a small Manuka CUrUS frUlt ' VaS °“ board ih * m ,V‘“ * ch«mep ße *bf« e A n A° 0(I BU ,Pply—they are years past ChnStmaS than f or many *“ sbort supply ’ and P ricea du?fn°g e tt rr 4 e e S ek haV !- 80 plentiful mSd! aDd black rrants ha ve a fair deStrawberries have been in heavv sim-‘ Py. Many of the lines were in poor condition, the result of wet weather Tnfl low prices had to be accepted for this Most of C the C suu U r lity brlDgs . g ood prices.i Roxburgh distric bCS “' C ° m,Dg from the ® u PP baa of cherries are reaching

Cabbages are in over supply. Supplies of cauliflowers are increasing Pli £ett a uce C ° m r £ i “- f^ n ° il d£trkts UP '

qu?ry. er vegetab,es bave a normal in-

4nn?^°n Sale j- Pric ?? , are as -follow: Ms ?o aD 2 a 2s a 6 n d C ,CIOU9 ai,d Jona * Bananas: Ripe. 30s to 35s per case 2i?kT?£ : «5 l ““ Valencias, oks, ssl'tofo" A ™"“" Bemons: New Zealand-grown. 30s per case; American. 75s to 80s per case. Gooseberries, 2d to 3d per lb grapes, 23s to 26s 6d per od^to r fid S: ChO!Ce ’ 13 3d t 0 13 6d; otbers ’

nntfi r awba f ries: Choice, lOd to Is 2d per pottle; others, 6d to 9d. P Chrietchrfrch tomatoes’ (hothouse), to is Id per lb; locals, to Is 2d 4d to d 5 e ’ 4d t 0 ocl pcr ’ ]h > black,

Island, lid 1 * 068 ’ 2d t 0 2id Per lb: North Green peas, 3d to sd. Cucumbers, 5s to 7s per dozen. Cauliflower; Choice, 8s to 12s ner sack, • 1

Cabbage: Choice. 2s 6d to 3s per sack of 24; others, Is. Spinach, Is 6d per dozen bunches. Spring onions, 3d to 6d per bundle. White turnips, 6d to 9d per dozen bunches.

Radishes. 8d per dozen bunches. Lettuce, Is per dozen for best; others, unsaleable.

Rhubarb: Loose, 21d to 3ld per lb New carrots, Is 3d to Is Cd per dozen bunches.

(Special to Daily Times.) OAMARTJ, December 19, , A small parcel of wheat changed hands this week at “ pool" prices, but otherwise the grain market is lifeless. There m still a demand in the country for turnip and rape seeds and manures A quiet week was experienced in the stock market the following private sales being recordcd;—Pat wethers, 325; fat lambs, 26s to 28s; two-tooth ewes (shorn), for delivery February 1,31 s; full and failingmouthed ewes and lambs fall cow ’ fat heifers, £8 to £8 10s; fat cow, £l3; fat steers, £l2 to £l6; line dairy cows (February and March calvers), £7 to £8; yearling steers, £j ss; one year and a-half old steers, £8 ibs to £0; mixed sex calves, 30a to £2 ss.

BANK OF ENGLAND RETURN,

(United Press Association.)

(By Electric Telegraph—Copyright.) mi cii .LONDON, December 19. Ihe following is the Bank of England return:— c

Notes issued £400.504,845 Government debt .. .. 11,015,1000 Uther Government securities 233.233.420 Other securities 10,929.370 Silver com .. .. 4,822.101 Gold com and bullion .. 140,504,845

Tota] •• £400,504;,845 BANKING DEPARTMENT. Proprietors’ capital .. .. £14,553,000 1 üblic deposits 9 850 151 Other deposits OLoS^GcV Seven-clay and other bills 1876

Tolal £125.375,080 Government securities .. £75,143.018 Other securities 31.193.251 N°. tes 28,800.717 Loms 229,49 4 Total .. .. .. .. £125,375,080

The proportion of reserves to liabilities is 2i per cent. Short loans are quoted cent - : three months' bills at 4 13-lb per cent.

AMERICAN MONEY MARKET. The , all day. •.United Press Association.) Uli-r;rir rrt-era< op;.'nsM i ■ E\\ \ORK, Dccfanber 13. ■all mouey rate was 41 per ceut.

WALLACETOWN STOCK SALE,

(Special to Daily Times.)

INVERCARGILL, December 20,

A special feature of the stock sale at Wailacetown to-day, which was the final sale for the year, was the big yarding of fat sheep and fat lambs forward. Butchers bought freely, but there were more lambs forward than required, and values, which opened well, slumped considerably. There were many passings, this being no doubt due to the fact that the freezing works have not yet commenced operations, thus restricting competition a great deal. In the circumstances, a decided drop in prices could not be avoided, but, even so, values on the whole were considered very satisfactory.

btore Cattle.- —There was an average yarding, consisting chiefly of empty cows, heifers, and yearlings. There was also a line of fat and forward three-year-old Hereford bullocks. The sale was an animated one, and was the best for a long time. The line of fat and forward steers realised £ls; a small pen of two-year-old. well bred and good conditioned sorts, £11; well-grown and yearling steers, £5 15s to £6 ss; fat and forward empty heifers, from £8 to £!) 7s Gd; smaller and lighter conditioned heifers, £6 10s to £9 ss; yearling heifers, from £4 to £5; forward conditioned empty cows, from £8 to £9 ss; aged and lighter conditioned sorts, £8 10s to £7 ss. In the dairy cow section, a fair sale resulted. Cows close to profit realised from £lO to £l3.

Store Sheep.—There was a small yardmg in this section, consisting mostly of ewes and lambs. Sound and failingmouthed shorn ewes, with lambs at foot, brought up to 16s 2d, and old-mouthed ewes and lambs 8s lid. Average twotooth wethers realised up to 2is 6cl. A pen of extra good kiilable two-tooth wethers was sold privately at 255. Fat Sheep.—There was a big yarding, with a large proportion of good quality, shorn, fat wethers and ewes, but mostly ewes. Good butchers’ sorts met with keen competition, selling up to 31s. Prime wethers realised up to 31s; inferior sorts, 24s to 265; good quality woolly ewes, 30s; other sorts, down to 20s; good shorn fat ewes, 22s to 245/

(United Press Association.)

Fat Lambs.—The yarding of fat lambs was considerably in excess of butchers’ requirements. Prime - extra heavy butchers lambs realised from 30s to 34s 3ch heavy weights, 26s to 28s; good freezing lambs, from 23s 6d to 25s r at which range the majority of the lambs was disposed of. Had it not been for the presence of one or two freezing buyers prices would not nave been so satisfactory. rat Cattle.—There was a large entry forward; no doubt on account of the extended period between the recent sales and vendors evidently antcipating a good market. A few of the butchers present luifl purchased privately between sales, with the result that requirements were much below expectations. Prime quality beifeis and cows almost held their own. as compared with (ate ruling rates, but bullocks showed a decline on the'previous sale. Hie yarding was a representative one, and, if anything, showing an inciease in bullocks on previous sales. The Practically on a par with the last sale, but gradually declined until frJL ?<ia r l l ' lmo . lleavy bullocks broughl , , £l r l 3 „ to /20; ..good medium eights, £lo 10s to £l/; lighter and unfinished sorts, £l2 10s to £l3 10s; prime £?o V V bOI erS ;. £ i l2 1 1 n os tO . £U 5s > £9° inf? to .T n ,10s; lighter, £8 10s to in .’ P nme neavy cows, £l2 to £l3 10s; mediums. £9 15s to £11; lighter sorts. dowu to £B. ’ g er There was a good entry of vealers and runners, the number and quality being a vast improvement on recent sales rood runners brought from £5 10s to £7vealers, from £3 to £4 15 9 . ’

DAIRY PRODUCE

BALCLUTHA STOCK SALE,

(From Odr Own Correspondent.) Tho in ?. ALC^ u THA, December 21. ril« tn 3? d 8 of ? he |P at the fortnightly sale to-day comprised 293 fats and 1795 B °* es - A P?n of fat wethers {in well) made the nice price of £2 Os 3d- fat himbs made 25s to 29s 6d; f at ewes, tj o ? bee P - Two-tooth wethers, 15s ? e "‘ os m lamb counted)! Cattle F 7 Bs . ld t 0 3d. ' var^ rty 1 hree and 120 store 3 ' ,4 81110,1 llne of 21-year-Id bullocks, sold on account of Mr V Soper, Greenfield, realised £l6 5s -heim* Burcl)astd by inltan T«LI giS? hoitmTo STS £3 lOn’ ij S ® d l store cows, to £S 10s, two-year-old steers, to £lO 10s ° f ° nly fair q ual, ty sold at ci,F i f, S -~ T 1 here wos a keen demand for Mir " d ths ” “

CHICAGO WHEAT MARKET.

(United Press Association.! (By Electric Telegrann—Copyright ' (Tf NEW YORK, December 19. (Received Dec. 20. at 5.5 p.m ) Chicago wheat sold off sharply nfW easing throughout the session. Weak foreign cables started the selling. The closing quotations were:—December 1181 128|! J P uTy, Sj. ' MarCh> 1245; May ’

MELBOURNE MARKETS,

(United Press Association.) (By Electric Telegraph—Copyright) Wb..e,i E !£ omilm ' >« Flour. £l2 15s to £l3. Bran. £7 15s. Bollard, £8 15s. Oats, 3s 6d, Barley.—English. 4s. ' Maize, 6s Id and 6s 2d

WHEAT, OATS, ETC,

(United Press Association.) (By Electric Telegraph -Copyright.) LONDON, December 18. are dull in sympathy with Chicago and Winnipeg reports, and are mostly 3d to Ctl down. Parcels are in poor demand at 3d down. Futures.—London: December 47s lOd January 48a Id, March 495. Liverpool December 8s 10Jd, March 9s 43d, May 9s Old, July 9s Oid. The spot trade is quietly steady. Australian (cx ship), 50s 3d.

LONDON MARKETS,

Flour: Firm. Australian (ex store), S6s.

Oats; Fjnsier. I’ciis and beans: Slow

BURNSIDE STOCK SALE.

The following items were omitted from Messrs Dalgety and Co.. Ltd.’s, Burnstock sale report on Thursday:—For William, Finch (Milton), 5 lambs'2ss; Raitt Bros. (Milbnrn), 4 265: John Jmrie (Mosgiel), 4 33s 9d; A. E. Harrawny (Knri Bush), 3 29. s Gd; John Young (Allanton), 20 to 27s 3d; Andrew Young (Outram). 16 26s fid; Samuel Young (Outram), 7 25s 6d, 6 24s Gd: James Thomson (Maungatua), 14 26s 9d; South client, 17 23s Gd; Alexander Moynihaii (Momona), 4 25s 3d; Wright (North Taiori). 8 28s ?r 1: P- 'Williamson (Milburn). 2 265; Mrs M Donald (Mosgiel), 9 24 s Gd-Jam-os Douglas (Mosgiel), 10 265; A G. I'inch (Milburn). 224 s Gd; James MGrouther (Milburn), 4 27s- G H V-T?.’,? (Mosgiel), 4 27s fid: James France f.lijton), 5 22s 3d; J. M. Forsyth (Wmgatui), 5 26s Gd.

ELDER DEMPSTER COMPANY.

(United Press Association.)

(3y Electric Telegraph- -Copyright.) . LONDON, December 19. (Receded Dec. 20. at 5.5 p.m The directors of the Elder Dempster Company, one of the Royal Mail group, announce that in order to conserve the company s cash resources it had been decided not to pay the half-yearly dividend 01 6( per cent, on the cumulative preference shares.

FOREIGN EXCHANGES,

MELBOURNE HIDE MARKET,

(United Press Association.) (By Electric Telegraph— Copyright.) . MELBOURNE, December 19. The hide market was irregular and mediums declined 3d. Others were unaltered.

THE BRADFORD MARKET,

(By Electric Telegraph—Copyright.) LONDON, December 19. (Received Dec. 20, at 5.5 p.m.) Bradford quotations are as follow: 64’s 31d, 60’s 29d, sG’s 24id, 50’s 20*d, 40's 18id, 40’s 17*dThe market is slightly steadier at a decline.

NATIONAL MUTUAL LIFE ASSOCIATION.

A SUCCESSFUL YEAR REPORTED.

.The head office in Melbourne of the National Mutual Life Association of Australasia, Limited, has cabled Mr W. A. Martin, manager for New Zealand, regarding the results of the association’s G nan cial year which ended on September 30. The following particulars are taken from the directors’ report:—The new business for the year was £9,868,350 The total income for the year was £4,941,130. The sum of £2,400,265 was added to the Assurance Fund, which amounted to £31,547,595 at the Icose of the year. The a * n 9 un t ; payable_ to policy-holders or representatives during the year was £2,093,781. The rate of interest earned on the mean funds was £5 6s after deduction of rates and taxes. The total assurances in force now amount to £81,262,284.

Amalgamated Dairies, Limited, has received the following market report from its. London office;-—Official u anchor ” price. 1645; market stearier. rather better inquiry. Danish butter, 164 s f.o.b Cheese, white 89s, coloured 87s. White cheese very firm on temporary shortage.

(United Pres? Association.) (2? Electric Telogrnnh Copyright.) mi • LONDON, December 19. (Received Doc. 20, at 5.5 p.m.) Beet sugar is quoted as follows;—January, Os 7d and Ca 7id. Butter is very slow. Danish, 108 sto 1695; choicest New Zealand, 160 s to 1625; Australian, 156 s to 158 s; nnsalted is scarce —New Zealand, 180 s to 182 s; Australian. 160 s to 168 s. i

' Cheese is steady. New Zealand coloured SBs to 90s.

Messrs Dalgcty and Company, Ltd,, have received the following cablegram from London, dated December 10; Frozen Meat,—The frozen meat market is nominal owing to Christmas. Butter.—The butter market is very slow. Quotations are as'follows:—Danish butter, 168 s to 1725; New Zealand finest butter, 150 s to 160 s; Australian finest butter, unsaltcd, 160 s to 1625; Australian finest butter, salted, 154 s to 1575; Australian G.A.Q. butter 150 s to 1525. . Cheese.-—The Canadian cheese market is slow. The New Zealand cheese market is steadier. Quotations are as follows; J\ew Zealand cheese: White 88s to 80s. S7s *2 BSs : Canadian cheese: MVlutc 94s to 98s, coloured 94s to 98s.

COMPANY REGISTRATION,

The latest issue of the Mercantile Uazette notifies the registration of llio lollowing company:— Ferguson, S. E„ Ltd. Registered as a P 1 company December 3, 1929. Capil a V into 1000 shares of £1 each. nno b Tr lb S r 8: Dun , e din-S. E. Ferguson 909 M. herguson 1. Objects: Business of goldsmiths, silversmiths, jewellers, etc.

CANTERBURY MARKETS,

(Peb United Pbess Association.) T , CHRISTCHURCH, December 20. tbo fee . lln 8 has crept into the offices of the gram and produce merchants and a wait and see" policy has been adopted generally. Apart from 7 thfs, the present is what is known as the P l r l od ■‘7 th , e o,d crop has for P j, rt hce s dealt with and the new tbf bard] y read y for marketing. Under befn 1 jComstances, the business which is ia SSsuSfWo™ Bram Snd Beeds 8t preSOnt

Some oat crops are now being cut. The area in this cereal is limited, but although it is not expected that the yield will be iiea\y t it promises, in the opinion of merchants, to be sufficient for requirements. There are still old oats in store, and these can be purchased at 3s 9d for A’s and 3 S 8d for B’s, f.0.b., s.i. A few merchants have attempted to do some forward buying, but, with the crop prospects so uncertain, the overtures are not resulting in business. The chaff market has eased a little. Sales had been made to the North Island at up to £5 17s 6d a ton, on trucks, and ajt that price the few holders of unthreshed oats preferred to chaff rather *■« n i to thresh, but by yesterday the price ot chaff had dropped by 7s 6d a ton, today s quotation being up to £5 7s 6d. on trucks.

The wheat crop will be lighter this year, but it is estimated that it will me sufficient. The carry-over from this year in put down at about li million bushels.

Fowl wheat is in moderate demand at os to 6s Id. f.0.b., s.i. Bran is quoted at £6 10s a ton, and pollard at £B, with a 10s increase for small sizes.

The potato crops are looking well.’ A much larger area is considered to have been planted tins season. The price recently offering (£3 15s a ton, on tracks) IB scarcely being maintained by merchants, ,

(British Official Wireless.) (United Press Association.) (Dy Electric Telegraph—Copyright.)

REFOLD TIMING CHAINS HARDY UNIVERSAL JOINTS MECHANICALLY PERFECT. ’ Rcnoltl Timing Chains and Hardv Universal Joints—made to give long and ronsistent servee. Ask for wholesale prices. c tcl " 00 Cashel street, Christchurch. Sole South Island Agents for Barnet Glass Rubber Co.. Ltd (Asso! ciate Company of Dunlop.) Telegraphic address, Barnglas, Christchucrh.—

RUGBY, . Deceml >er ID. Par Dec. 17 Dec. 13 Paris, [r. to £1 124.21 123.84 123.92 34.8B Brussels, belga6 to £l :i.i 34.8G5 Oslo, kr to £1 18.1.13 18.205 13.20 18.035 Stockholm, kr. to £1 „ 18.153 18.005 Copenhagen, kr. to £1 I8.ir,3 18.185 18.185 Berlin. tnarkB to £l 20.4 a 20.385 20.38 Montreal, dol to £1 4.88} 4.M J 4.01 New York, dol to £1 4.883 4-32 4.83 3-18 Tokobania. pence to ) •en 24.58 24.3-32 24 3-32 Hongkong, pence ro dol Bombay, pence to rupee 24.58 18 20J 17 28-32 20 17 23-32 Bataviu, florinB to £] 12.107 12.13J 12135 03.25 Uilan. lire to £1 32.45 33.24 Amsterdam, guild to £1 12.107 12.03J 12-10J Prague kr. to £] ._ 24 02 184J 164J Geneva, tr to £1 ... Vienna, schillings ro £] 25.22J J4.56J 25.005 34.bG 25,035 34.C7 fielsinglors, marks to £1 233.34 131} 1341 Madrid, peseta* to £) 25.22J 35.20 Athens, drachina to £1 25.22J 375 375 103.25 Lisbon, escudos to £l 4.50J 108.25 Bucharest, lei to £] )J73 818 . 817 Rio de Janeiro, pence to milreia ... ... 1G 5 0-1G 5J Buenos Aires, pence to

pewii Shanahal, • pence to tael 47.62 231 IS M« 26 ■ 4S 26