COMMERCE AND FINANCE

Otago Daily Times, Issue 20958, 22 February 1930, Page 8

COMMERCE AND FINANCE

THE SHARE: MARKET. DUNEDIN STOCK EXCHANGE. Th« volume of business transacted on too Dunedin Stock Exchange during the past week has not been so great as that of the previous period. The bulk of the business recorded has concerned the bank- ' Wff aoa Bunittg sections, . Four parcels of Bank of Australasias have changed hands at fll 17s 6d. They have been inquired for at up to £ll 16s Bd, but the best selling quotation has been i!2. ■ ‘ ■ ’There has been business in Bank of New Zealands at 58s and 58s 3d. The best buying offer during the week was 57s 6d, but sellers have not been willing to do further business at less than 58s. National Bank of New Zealands have been asked for at up to £5 19s 6d, and two sales have been reported at £6. At , the close of the market there was a buyer at the latter figure,-; but no seller ■ came forward. , ‘ '■ • National Insurances have ■ been inquired , for at hp to 14a 3d, sellers remaining .at-ISA'... v Standard Insurances have been on . sale without attracting;a buyer,. ■ Throughout ' the v week preferred Huddart, Parkers, and preferred Union Steams,' have, each .been iin demand at 20e, but sellers have-.been reticent.No business has been. recorded in the coal _ section, , though there has been a • ®‘® a dy ’ t demand for Westports at 29s '6d.' Th» price firined-yesterday to 30s, sellers then asking 31s. ■' ‘ (Hie demand for Dalgety and Co. shares ! . ias eased during .the week, buyers’ latest offer being £l2 3s. One sale has been. : recorded at £l2.

■■ There has been a strong idemand for paid-up N6w Zealand Refrigeratings. The' , earliest offer was 10s 6d. but the price firmed to 11s.. This figure was offered yesterday, when sellers were asking, 13s. The contributing issue has also been in demand, the. latest quotations being 5s > »dv (buyers) : and 6a 2d (sellers) / ; ■, Business has been done in NeW Zealand Farmers’ Fertilisers at 21s. These , flhares ha"ve been on offer at 225. buyers ' ■ failing to come forward. i : New Breweries shares have , • . been asked for at around 83s, sellers’ best ’ ;,?wptatipn. f .being'B4B. . Two parcels hare . , changed, hands—one at- 84s and one at Bos 9d. 1 •. i /v. V, There, has been some activityvin the i-i , section,' business being done in Electrolytic -Zincs, which are- now show--mg an easing tendency, [Mount and ■ S!®?.® I ,® . Oils.' A ' parcel' of \ ordinaryElectrolytic Zincs wag turned over at 20a ■ ud,. - . Buyers offered 3d less than this yesterday. and' sellers were asking 29s 9d. to 34s 3d has been offered for 1 iupunt Lyells, and business has been done at" 34s Id and 34s 3d. They were' on ■? , i puer yesterday at 34a 3d, but no . buyer •came .into the market. 1 •• ■ • , >■■■■-.■ • Blenheim Oils have been on offer at : ronnd_'6os, while buyers have been offer- .. . ‘ 1 “® B - ,‘A sa le took ■ place during the week at 435. \ The onV business recorded in the Gov r- . ®5 n ™ept Loans section concerned a parcel ■: of 5J per cent.. Bonds (1933) which was . turned over at £99 ss. ' ' (cum e divT eCt^°I ytic Zin ° (ord -L 20a 6d V - Sales reported: National Bank of New ' &0d ' ’ : NeW Zealand Bre^«iel ■ The folloT^ng. are yesterday, afternoon's buying and selling quotations, which are ■ subject to. the usual brokerage:— . ~ banking. . Bank of .Australasia—Buy £11 1 itfs. Bank of N.S.W.-Sel £4l ss. " . 58S aDk 0 • Zealand—Buy 's7s, sel ■. Bank—Buy 22s 7d. sel 23a E.S v an'd A. Bank—Buy £6 10s. Bank of New Zealand—Buy Ffoion Bank—Buy £ll 18s. insurance. ter 15s° nal Insura ? ce Go-—Buy 14a 3d; N.Z. Insurance Co.—Buy 425: 6d. , btanaard Insurance Co.—Sel 62s SHIPPING. ■■■'.< Bul /a Philp—Buy 35a.- , ■' 80s ed^ ■ Parker tord.)—-Buy 375, sel rH d l a^ Pa , r^er - (pref;)—Buy 20s , U.b.S. Co. (pref,)—Buy 20s, COAL., Westport Coal Co.—Buy 80s, sel Sis." LOAN AND AGENCY. , . Goldsbrough. Mort—Buy 3's od. Guarantee Corp.—Buy 7s 6d v sel' 1 Perpetual Trustees—Buy 68.-,. apd Agency—Buy 60s. Wright, Stephenson (ord.)—Snl 25s '3d- - MEAT PRESERVING. ~ 13 N.Z. Refrigerating (pd.)—Buy 11s, sel ■ teHfc 2d! friEeratiDiT (cont — b «3T & 9d. _ ' MISCELLANEOUS. ■ ■ British Tobacco—Buy 41fl 3d spl 42« ad ' g^alylce_C°.—Buy ft 22s 6d. sel 275. Xja.U . (pref.)—Buy 216 3d sel 22s Dominion Rubber—Sel 28s ■■ "ehPse Petrol—Buy 12s. ‘ tel^36fl Urn -^ llne , aDd Cement—Buy 355. MT«eod Bros.—Sel £3O. .Electric—Buy 9 S 6d, sel 10s N.Z. irug Co.—Sei 735. ,N-Z. Farmers’. Fertiliser— Sel 22a. NZ. Paper Mills (ord.)—Sel2os 6d.' Wilsons (N.Z.) Cement—Sel 40s. . . BREWERIES. V. , ' N.Z. Breweries, Ltd.—Sel 84 s 6d. tv£* Breweries Debent.—Buy 21s 6d ¥fablM r TT erieS Stock—Buy '21s 6d.' , . • Tfete^-%r, 4 Si” I 48,3d ' • : MINING. Kawarau GA£. Co.—Sel 6d. J 3s 6d > eel 14s. I Zinc (pref.)— Buy 30s, sel • fe&V (ord.) —Buy 29s’ 3d. Mount Lyell—Sel 34s 3d. , ' lnd?rSli B 48 6dl Bel 5s 6d - OtoMel Is 7d prem. Paddy s Point—Sel 4a 6d. Blenheim Oil—Buy 40a WAR.BONDS. ' $ P® r cent. Bonds. 1938—Sel £97 los per cent. Bonds. 1939—5 el £99 10s . H Per cent. Inscribed, 1938—Sel £99 ss’

northern exchanges. (Feb United Pbess Association.) 'oS/°"™X 1 si i,ie!S “ ln^ c^ a ?f—Sa le s: Bank of New Zea- “? d P Mortgage, 26s 3d. There were match tWO ° a 8 ° WIDg t 0 ths cricke t test i —Sales reported: New ZeaS 9) G %?ri, 4i cent. e^Bonds J - Staples and Co.. £2 Mount- Lyell Mining, £1 14 S , nf^A^+l C^ arC o/'^j^ ea r : r Commercial Bank ?rafff £i2 a, v 2s J d: i nion |“k of Ausiraua, .£l2 i 8 6d; New Zealand Re- *&). 5s 9d, 5s iV Is lid, Westport, 30s 8d; New Zediand ?/® lTeries -.® 3 s»_ Tooth’s Brewed, 39s 6d i P^cels) V Booth , MacDonald (pref ) 3L 6d s(d-M n l I | y - 0T1 ’ 33s 9d Ctwo parcels")’ 33e 8d > Mahakipawa. IJd. Sales re of Australia, .-.Colonial .Sugar, fdl; ,^| c toolytic Zinc (ord.; cum div.), 30s,

DUNEDIN MARKETS. , " .v I ' WHEAT, OATS, ETC. ~i ‘ . ~. • ■ - ■. A , few samples of the .new season's wheat have appeared on the market. These have.,come from the early districts ' such. as Central Otago. •: The <jual ity of this wheat is exceptionally good, but v some time will elapse before the bulk of the wheat will be available in this district. , As -a matter of fact, in some cases the crops are/so' backward owing / to the unfavourable weather Conditions that, they are being eaten off. These are

LOCAL AND OVERSEAS MARKETS.

Flour: 2001 b. £l6 15s; 100’s. £l7 15a; 50 s, £18; 25’s, £lB 10s. Bran, £7 10s per ton. . Pollard, £9. . v.Oatmeal: 25’s, £25. 10s; 200’s, £24 10s. _ The pats market remains steady. The demand from consuming quarters is very quiet, and in the meantime there are just about sufficient oats offering to supply requirementa. It is ■ expected that when threshing becomes general the market will ease,’as the outlet for oats is'not very large. _ It: is • noticeable that growers are inclined to ask for high'prices. This :TPU probably have the effect of, causing the North Island to pay attention to Australian oats. Recent reports from there go to show that there is a good cropl and that the market has.a downward tendency. At present the f.o.b. values are 4s per bushel for A grade Gartons and 3a lOd f° r B grade. These prices are equivalent to 3s. 3d. sacks : extra, on trucks at country sidings, for the former and 3s Id for the latter.

.It is becoming increasingly difficult to make sales of chaff as the heavy growth of hay and grass h sa curtailed the demand. Ibe stobks arrivine lately have been in excess of the demand,’ with the result that moat of the chaff has had to go into store owuig to no buyers being available. Quotations are easier.' and £6 per ton is the top price for best quality, ex truck, .Potatoes are still in > over-supply. The surplus consignments which arrived about a week ago are, not worked off, but buyers are still operating from hand to mouth on account of the potatoes not keeninc too well. . The value is £6 per ton for the best lines. , The blight is making its appearance in the growing crops, and this will have an effect on the yields, 6 eeed ™arket is just starting to open up. The first lines of ryegrass nave been on offer, but merchants are not keen to operate _as they consider that a f e ki®*- Some clean lines of farmers dressed seed have been sold at ss, sacks,extra, on trucks. follow-— e lmeS are quoted wholesale as ex?ra a^: Best £0 ex store, sacks

exceptional cases, of course, but most of the other crops are very late. There is not much autumn-sown wheat in this “'strict- A few crops, of this sowing on the Taieri are now being cut, and will be tnreshed shortly. . In the meantime there is no quotable change in the market. Millers are not very anxious to buy, but the first lines thgt are appearing haye been sampled on a basis of 5g 9d per bushel, sacks extra, ex truck, for Tuscan, 5s lid for Hunters, and 6s 2d for Velvet, The fowl wheat market is quiet, but there is a downward tendency in. Canterbury. This has been caused by merchants pressing sales in view of the near approach of heavier offerings of the new 1 season's wheat. The f.o.b. value is 5s lid per bushel," and locally fowl wheat is selling up to 6s : 3d per . bushel, : sacks extra, ex truck. Only small quantities are changing-hands. Millers' prices for flour, etc., are as follow: .

la % T Stamped, Is 6d per dozen; case, pa^^ : faßlk ’ te le 2d; Bacon, Is 3d per lb; ham rolls. Is 4d. nZF*’ KSd per lb; boneless, is Id! Onions: Auckland, to 10s per cwt Bacon has advanced Id per Ibi tha^week! 76 dechned 2 d Per dozen during FRUIT REPORT. are in .heavy supply, chiefly from Nelson. Gravensteins are offered-at low rates for this time of the year and the quality of most of . the lines offered is [Very good - A few lots of Cox’s OtS a r riVe . d Nelson, and high arejruling for them. •Oranges ate- now in short supply, and prices are. firmer. • ■ r?- „„ B ?^ ons t and grape fruit are both in aem d andf P y ’ and are meeting with a good fruit of all descriptions was offered at low rates early in the week but since then supplies have slackend off/and high prices have been ruling during the last IW days. The market is like!y“o * OT rest , of the season, as growers have, only < small lots left, and W/f f^fßt(? ? e va , ri ,ety -of peach can be held to suit market requirements Jam plums are plentiful and low in " c “‘<? ® a^. ked a .s greengages,- but they are sucii ye^ow p ums * and are being sold as n^°Jli :^ etsen ., p ? ar - 8 are in fait; supply, jand the, demand is increasing. bupphes of nectarines have slackened °ff. and prices are-much firmer. a keen fnqffiry. are meetin g withfn^?L 1 / c ° ts are Pow practically finished seaEo “. and any lines coming forward:are readily taken.up. loganberries .are in short supply the w? i /T e ‘ , a£Er" tl ' inir • & « on A thelSket berrie3 taVe n ° w appeared ..Hothouse grapes'from Kakanui and local-grown are offering more freely and prices have eased. ' y ’ aUlt ./P 16 ' market for tomatoes is very firm ffl“^ntraPof 8 fr T m bo^h ChrisTehurcn ana Central Otago have increased. The season is likelv to be a short one and it is not probable that prices will dron to any marked extent unless a spell of very hot weather is experienced. y demlnd d ifid n f 8 l, are - lneet , ing a fair aemana, and there is a keen inquiry for I'rench and butter beans. q y 10r and cauliflower are in oversu?Ply >, a ” d sale s are difficult to effect. Vegetable marrows have been arrivimr S&T Canterb u^- ,l di|‘tri™YSs P Thl show 9 a considerable drop. Ihe potato market is over-supplied with bad 1- ID /l S ’ and d tbis is having a bad effect on those •of good oualitv It is very hard to. make sales oi the noor lines, and the markefa are being stocked up fairly heavily with supplies of these Many lines, are being dug P too earlv and them in b %4 l] leave them in the ground for several weeks prfees a 6 re lowf S fi °° d Supply - aod pricS ruling. BUpply ’ and hig;l demand!* rb * 8 mC ° tine "’ ith on, y a fair The wholesale prices are as'follows;— Apples: Gravensteins, 6 S to 8s per case'7s° Gd. ° raDge> 12a to Ito; cookers! eTto Bananas; Ripe, unobtainable case!* 111868 * American navels’, 45s per Lemons: Californian, 60s per case UmT : to D t 8 - ert ’l 3 - 8 tO - 4s 6d Pl ease; 4d per lb. 3 * l ° lCe ' ln °rates, 3d to Greengages, 3d to 4Jd. case ahf ° rmall grapefruit - 35a to 40s per Grapes, Is 3d to Is 6d per lb Dessert pears, 3s to 4s per half-case buimt! 6 " 1 ' 163 ’ 103 ed t 0 Ito 6d per Nectarines: Choice, to Cd per lb in crates; cases, 4s to 6s Loganberries. 10s to 12 s pet- bucket. , Ghristchurch tomatoes (hothouse), 4d to 6d per lb; locals. 6d to Sd; outside grown, 2d to 4d per lb. Peaches; Choice, 4d to 6d per lb in crates; cases, 4s to 6s 6d. ss A o r 63°6d. 4d t 0 5d P6r lb ’ Cratea; casua > New potatoes. 3s to 6s per cwt Green peas: Best, l£d to 2d. Broad bans, Ijd per lb. French beans and butter beans, 4d to 6d per lb. ’ Cauliflowers: Choice, to 3s 6d per sack; others unsaleable. Cabbage, la to 2s per sack. Spring onions 3d to Cd per bundle. Swedes, 2s 6d to 3s per cental bag. lettuce: Choice. 5s per dozen; others. Is per dozen. Rhubarb, Id to IJd per lb. , New carrots, to la per dozen bunches.

WHEAT DECLINE IN WINNIPEG; (United Press Association.) (By Electric Telegraph— Copyright.) WINNIPEG, February 20. .After a valiant battle against the decline, wheat closed 2J to 2f cents down today.

AMERICAN WHEAT MARKET. (United Press Association.) ■ (By Electric Telegraph—Copyright.) NEW YORK, February 20. (Received Feb. 21, at 5,.5 p.m.) 'Wheat closed with sharp losses in all American markets, with both local and foreign news generally discouraging, Chicago prices were affected especially by the Winnipeg news, and traders watched that market, expecting a further sharp break at any time. The. local situation is indicated by the fact that prices are now 50| cents lower than last July and eight cents under the figure that the market stood at when the Farm Board organ the stabilisation corporation. Today’s local wheat movements were characterised by extremely heavy short Coverincs, which brought back the market several times after a selling wave had forced new low figures, but more selling appeared whenever the market threatened to move Above the previous close. MINING. GOLD GOLDEN TERRACE COMPANY. The Golden Terrace Dredging Company announces that it expects to commence dredging operations on the- Shotover River next month. The power plant is complete and the dredge will be ready shortly. , UPPER NEVIS, GOLD DREDGING COMPANY, LTD. Mr A. Williamson, dredgamaster of the Upper Nevis . Gold. Dredging Company, Ltd., reports a return of, 18oz lOdwt., this being the first wash-up for" the season., Part of this time was spent in opening out.

■DAIRY PRODUCE. ■ The National Mortgage and Agency Company are in receipt of the following cablegram from'Messrs A. J. Mills and Co„ Ltd., London:— Butter.—Market slow- New Zealand finest, 1465; New Zealand first grade. 1445; Daniak, 172 a to 1745; Australian, 141 s to 1425. Cheese.—Market quiet. New Zealand white, 87s to 88s; New Zealand coloured, 85s to 86s. > Messrs A. S. Paterson and Co., Ltd., have received the following cablegram from London dated February 20:— . nßutter.-—The market is steadier. Quotations are: Danish, 170 a; New Zealand, 1465; Australian, 140 s, 1425. Cheese.—The market is dull, with an easier tendency. Quotations are: White cheese, -87 s, SBs; coloured cheese, 83s, 86s. • LONDON MARKETS. (United Press Association.) < (By Electric Telegraph—Copyright.) ! LONDON. February 20. ■ Wheat cargoes are depressed by further weakness in America, and they declined 9d to Is. Business is spasmodic.' A _ contributory factor to the drop in prices was a further reduction' of South American freights and the accumulation of idle shipping in home ports. Unnamed cargo from Western Australia, for Calcutta. March-April, 40a IJd (Indian, terms); Parracombe,' bound for Naples, 40s 6d (United Kingdom terms). , Parcels are weak,;.and are 6d to Is down. Ex City of Delhi, 40s. Futures: London, March, 365; May, 36s sd, ' Liverpool: March, 7s Bjd; May/83 OJd; July, 8s did. The net cash spot trade is slow. Australian, ex ship, 43s 6d; . Flour is dull. Australian, ex store,. 33s Od. Oats and beans steady. Peas quiet Beet sugar:. March, 6s 3|d. { Butter is quiet, and quotations are weak. Danish,; 168 s. Choicest salted Zs&land, 144 a and 1465; Australian, 140 a and 1425; unsalted New Zealand, scarce, 1625; Australian. 1445. • Cheese is slow, New Zealand coloured, 85s; white, 87s; Australian, *Ss and 86s. Ihe Bradford and low crossbreds are quiet, with limited inquiry. - Fine crossbreds,; sixty-fours, 2SJd; sixties, 27d; fifty-sixes, 21d; fifties. -18 d; forty-sixes. 15jd; forties, 15d. Messrs Dalgety and Company, . Ltd., have received the following cablegram frmn their head office,- London, dated February 20:— FROZEN MEAT.

Lamb.—The market for New Zealand iamb is very firm and the demand is active. _ Quotations are: New Zealand prime , Canterbury lamb, ! 28/361b, not Zealand prime North Island • 2S/361b, 11 Jd; New Zealand prime canterbury Lamb, 36/421b. mot quoted; v« e /Toi? efL v l n i d ?? lme „North -Island lamb, 36/421b, Hi; New Zealand prime Canternury lamb, second quality, not quoted; New Zealand prime North Island lamb, second quality, 93d; New Zealand prime Canterbury lamb, 42/501b, not quoted; nid N °rth Island lamb, 42/501b,

sp —The market for New Zealand mutton is very firm and the demand con- / pues - „ Quotations are;—New Zealand S. terbury mutton, 48/561b, not / a °A ed ’ ? Q e /L?/ a ! al l d P T r ime North island mutton, 48/S6lb, 74d; New Zealand prime Canterbury mutton. 66/641b, not quoted; 56/641b d N^ rt H seland5 eland po/tjaib. 7id; New Zealand prime Canterbury mutton. 64/7211/ not quoted; nlw North' Island mutton, pi/7zib, Gjd, New Zealand prime Canterbury ewes, 48/641b. not quoted/New Zeaknd prime North Island ewes, 48/641b, %o?f ee - f '~d rbe for New Zealand beef is firm and the demand is active Quotations are: New Zealand prime ox beef, hinds. 7d; New Zealand prime 0 x fores si; Argentine chilled hinds 74dArgentine chifled fores, si d. ’ “ ’ tr^i I a S n ra |l 1 m I l L?m fi'~ The T ar ket for Ausactive firm and ' th e demand famb SS/?qih t Q S s J lre: g,a ' q ‘ Aus tralian laffib 3fi/40ll b dl,i 9^; - q - Australian Australian Mutton. The market for Australian mutton is . firm and the d I ? a H d }? better. Quotations are; ga q Australian.mutton, 40/601b, 6d;. f a a Ans' porkersf a SO/ioO^, 0 *!^ 3 New

DAIRY PRODUCE. n?’ ?t , te f.-T, Quotation s are as follow Danish butter, 172 sto 174sfinest butter. 144 sto llfis- A.. Z f ea r D;I finest unsalted. 144 s to 148 - iS a ! aE finest salted, I4og to 142«-' 4-” s^ ra }} a n 136 s to 138 s. ’ Australian chees| eS wHte U 0i 0 ? S & e: N I W Zealan d srJ. r? ’j- 6s t P 87a; coloured ’Bss 969. 866 r n £ a r d,an u 0teese - white . 92s to BALCLUTHA STOCK SaLe. (Fkosi Our Own Correspondent.) At tli February 21 «thor., 26s & Si.&S good) 2 ° ai “ ewes, to 19s *° ° S) “mid-n..uthed loSf on?.S Jis;t'i d tty. rAVV«'iS, lh « 2of I toTo S s UCkerS realised :4s t 0 15s ’ slips,

LONDON METAL MARKET. - (United Press Association.) (By Electric T,elegraph—Copyright.) ro ■ i February 20 (Received Peb. 21. at 10 p.m.) lC?i0d er: P ' m 18S 9d; £63 £8f ] 5s tr ° lyiiC: Spot ’ £B3 10s; forward. Wire bars. £B4 se. forward, £2O £18 P los er: Spot ’ flB 173 6d: forward > ia TI ?M? pot ’ f 174 17s 6d; forward, £177 lOfi 10Jd. Silver: Pine, 19 13-16 d; standard, 21|d per 02, * .

BANK OF ENGLAND RETURN.

(United Press Association.) (By Electric Telegraph— Copyright.)' _ , . LONDON, February 20. The following is the Bank of England return:— ISSUE DEPARTMENT. Notes issued „ .. £410,971.511 Government debt .. .. .. 11,015,100 Other Government securities 233,599,941 Other securities .. .. .. .. 10,924 483 Silver coin MOOATG Gold coin and bullion .. .. 150,971,511 Total £410,971.511 BANKING'DEPARTMENT. Proprietors’ capital :. .. £14,553,000 •• 3,653.974 Public deposits 13,871 221 Other deposits 93,583^692 Seven-day and other bills ~ 3,6i9 Total £125,665,406 Government securities .. .. £38,581,463 Other securities .. .. .. .. 21,026,116 Notes , " 65,390 738 Loins .. .. 666,089 Total .. ..'.. .. .... £125,665.406 . The proportion of reserves to liabilities is 61,40 per cent. ,- Short loans are quoted at 3$ psr cent.; three months’ bills at 3£ per cent.

RABBIT SKIN MARKET. PROSPECTS NOT BRIGHT. / INFORMATION FROM LONDON. (Special to Daily Times.) INVERCARGILL, February 21, ' The rabbit has been such a prolific source of revenue to hundreds,of people throughout the Dominion of recent years, and the prices given for skins have been so remunerative, that those interested in the trapping of the animal will be disappointed to learn that the prospects during the ensuing season are anything but bright. Some indication of the depression that exists at the present time was given to a News reporter this morning by_ Mr Andrew Wilson, of Messrs Andrew Wilson, Ltd., who has just received advice from London as to the condition of affairs. _ Mr Wilson did not comment upon the position himself, but made available to the reported a letter which he has just received from London. When writing on January 7, a prominent firm commented as follows:—“ During ‘ the whole of last year the rabbitskin trade has gradually fallen, away until now it is in a state o*f complete stagnation. So little business has been'done that stocks have been steadily accumulating, and there are very large stocks of rabbitskins lying in London a ? 4, a considerable quantity in the United States, . The lower level of values to-day to which these skins have now fallen has had no effect in reviving the use of_ this article aa furs-for coats and trimmings. As far as can be judged fay expert opinion here there is little likelihood of any Remand being created for some considerable time to come. The only use to which _ this undoubtedly large stock can be put is for making the hard felt or howler hat, and for this trade the skins would bave to be taken at 1 cliplings' prices. , The bowler bat has I for the last few years been losing popularity. The trilby or soft ,felt hat is now the predominant headwear, hot only in thiri country, but throughout the western world, and of this article the bulk are manufactured wool felts. It would therefore he quite to’'imagine that the hard felt hat trade will,-be urn able to make heavy inroads into such a huge quantity of skins as is known to be" on hand. The fur trades in general have passed through one of the worst periods ever known. A large ' number 'of fur dealers and furriers has, gone out of the business, and their stocks are now being carried in all .the large retail' stores in both London and the provincial towns at prices which will not repay the cost of the raw skins.” CANTERBURY MARKETS. (Per United Press Association.) CHRISTCHURCH, February 21 Wheat continues to come steadily on to the. market, Trere is a great difference between the yields, the-lowest so far ■» 17 bushels and this highest cO bushels to the acre. The average however, seems to be a little over 30 bushels. The market Is a little weaker than it was Tuscan seHing at 5s 8d to 6a 9d, Hunters at 5s lid to 6s, and Pearl at 6s 2d to 6s 3d There is very little inquiry for the latter, and it is difficult to sell it. Prompt fow3;wh*at is quoted at 5s 10d, f.0.b., s i.. April-June, 5s 9d; ■ April-September, 5s 10d; and Apnl-December, at 6s Id fob s.e. 9 • . - The market for oats is very firm, and a good deal of business has been done in them this week. Duns are quoted at 4s . tO , IS. 8d > 011 trucks, though it is reported that 5s < on trucks has been offered tor an exceptionally choice line at a lid station. A Gartens are .commanding 3s 9d on trucks; B's, 3s sd; Algerians, 3s 6d for ordinary up to 4s for the best. The Worth Island has bought some Tasmanian Duns' 13113 ’ and also some Tasmanian

.Good chaff is very scarce, and is hard to get at £5 for new, on trucks. At this time last year £3 10s to £3 12s 6d, on a !„ bem S Old chaff is quoted at £6, on trucks. There is a disposition on tb.6 part of a good manv growers to chaff their oats instead of threshing them. The potato market shows a weakening tendency; and to-day s quotations are £4 17 ru / 4 t 2 ®! 6d f S r April-May-June; £4 I7s 6d for July, and £5 12s 6d for AugustSeptember delivery. There is >an absence 2* Manwy.v Dakotas are about f 8 ? ton dearer than whites. Wellington.being practically the only market for

n li \ ack i-°y animation on the , whlch P described as t sick, i To-day's quotation is £3 10s, on

There are some very good crops of n me very poor ones. The f S ape ™nety to-day is 3s to It maltiDS 53 quoted

t J¥ re is T,ery little change in the market for small seeds. Offerings have eased A*Lrn nCe peaking of these seeds. m cocksfoot is quoted at 8d to 9d. a ° d P ai, l s yto Bd, on trucks. A few samples of white clover are offering, prices ranging from 8 d to XOd a lb, on trucks?

LONDON STOCK EXCHANGE. CTJnltea Press Association ) (By Electric Telegraph—Copyright.) ' LONDON, February 20 The following are the latest quotations tor Government securities, compared with the prices ruling last week:—

BRAS BROS. FRUIT FARM, AND DAIRY PRODUCE MERCHANTS, DUNEDIN WRITE US FOR MARKET REPORT HAVE INQUIRIES FOR ALL LINEK —Advt.

OAMARU MARKETS. (Special to Daily Times.) , OAMARU, February 21. inere have been fair offerings of most lines of gram duripg the week, and with the present weather conditions continuing very much heavier offerings may be expected from now on. The oate market remains firm. Just at present some samples are a little discoloured, and not very heavy, but samples 'coming under review have been purchased, Gartons A’s' realising 3s sd, and B’s 3s and 3s Id. Dne line not grading up to A’s changed hands at 3s 3d. Algerians still command attention, but the lines on offer have not been toogood i., quality. The market, if anything, is inclined to be weaker for this variety, values being 3s to 3s 6d. The quality of wheat samples coming forward are in good condition and of good quality, prices being 5s 9d Tuscan. 6e Hunter’s, and 6s 3d Velvet. Heavy supplies of cocksfoot are offering, and values, according to quality, are 8d to Bid. One or two lines of Chevalier barley have been offered, but the bulk has been grown on contract at 4s. No Cape barley has as yet been on offer. Ryegrass seed remains firm, but farmers ideas of values are too high for local merchants to do business. On the stock market the following sales lia e been . made privately;—WetliftP ■lambs, 20s 6d; mixed-sex lambs, 20s, 21s 6d; ewe lambs, 225, 23s 6d; rape lambs, 19s 6d, 20s, 20s 6d; light fat lambs, 21s 6d; fat lambs. 24s 6d, 25s 6d; fat ewes, 18s. prime fat ewes, 20s; fat wethers, 265; two-tooth ewes, 255; forward twotooth wethers, 21s; calves, £3; 18-month-old cattle, £3 10s; fat heifers; £9. CHICAGO WHEAT MARKET. (United Press Association.),. ' (By Electric Telegraph—Copyright.) NEW YORK, February 20. Chicago wheat; March, 103 J cents per bushel; May, 113 J; July, 115; September, 117. ■- ’ : ; MASTERTON RAM FAIR. (Per United Press Association.) MASTERTON, February 21. The Masterton -Agricultural and Pastoral Association’s annual ram fair concluded at the Solway Show Grounds today, when Lincolns and Southdowns were offered. There was again a large attendance of buyers, hut prices were only fair, competition being more or less confined to animals of quality. The top price for stud Lincoln rams, 50 guineas, was secured by A. D. M’Mastep (Featherston), the purchaser being Wright, Stephenson, and Co., aa agents. The highest-priced stud Southdown ram was sold on account of Mr R. M. Perry (Masterton) at 92 guineas, being knocked down to Mr W. : Perry (Penrose), after Mr*A. H. Falloon (Masterton) had run the animal up to 90 guineas. Flock Lincolns were hard to quit- hut flock Southdowns sold more freely, but at fair prices only. The bulk of/the stud Lincoln offering failed to reach the reserves, and the passings were also fairly heavy for stud Southdowns. There was no demand for-flock Corriedales or Ryeland rams. \ Flock Southdown ram lambs and flock Southdown ewes and ewe lambs were also' neglected. DOMINION BUILDING SOCIETY. ANNUAL REPORT. The annual report of the Dominion Building Society states, inter- alia:— Four groups (Nos, 26, 27, 28, and 29) are now in full operation. The directors are pleased to report the continued success of the society. The amount balloted for the year was £32,000, making the total ballots for the three groups £113,700, in which 149 members have participated, i In several cases members have postponed the taking up of their Joans,' and others have placed their loans in the directors’ hands for sale. It is satisfactory to report that quite a number take advantage of purchasing these loans. The_ directors- continue to inspect the securities submitted to the society. The condition of, the mortgages is quite satisfactory. The directors have been specially gratified to be. able to credit interest oh subscriptions in all groups.at 8 per cent., and also to credit bonus' ih group 26 2s 6d per share, in group 27, 2s per share, in group 28 Is Od, and in group 29 Is per share. The management fund a very satisfactory position. After making' provision for interest and bonus to shareholders, the, sum’ of f44B_ 3s has been transferred to; reserve, making the amount at reserve account £961 17s. lld,_ which it will he; readily admitted is a wise provision for any untoward contingency. The retiring directors are Messrs T. J. Hussey and J. H. F. Hamel, both of whom offer themselves for re-election. In accordance with the rules, nominations for the position of director had to he .lodged 14 clear days before the meeting, .and, as no nominations were received apart from the retiring directors, it will be. necessary to reappoint Messrs T. J. Hussey and J. H. F. Hamel at the annual meeting. The retiring auditor is Mr G. H. G. nmith, A.P.A.N.Z., of Messrs Brodrick and Chalmer, and be offers himself for re-election In accordance with the established principle _ whereby the | chairmanship . of the society passes to each director by rotation, Mr J. Y Love was appointed chairman after the last annual meeting. '

Last n-eeft. This week J £ d £ d. Imperial Consols, 24 p.c. 54 7 6 63 17 War loan. 8 p.o., 1929-47 ... 101 10 0 101 10 Conversion loan 34 p.o. - 76 10 0 7G 0 Victory 4 p.o _ 94 10 0 99 in 0 O’wealtn 6 p.o. i93l>ii ... 93 7 6 08 5 O’wealtti 54 p.o., 1922-27 ... 90 17 6 90 5 0 N z 9 p.o,. 1939-51 ... .. 104 2 6 104 2 6 N.Z 1 p.o. 1929 .. ... 92 0 0 91 13 9 N.Z 3J p.o., )940 ... ... ... 87 10 0 87 15 N.Z 3 p.o., 1915 . ... .. 78 15 0 ' 78 15 0 N 8 W 9$ P-o-, J930.40 ... 10O 0 0 100 0 S.3.W 5 p, 0 „ 1930-40 93 7 6 98 13 6 N B.W 6J p.o., 1922-32 ... 97 17 G 37 17 N S.W t p.o., 1933 _. ... 93 S c 03 0 0 N.S.W 3J p.o.. 1930-60 ... 85 0 0 85 & NoW 3 p.o,. 1935 ... 70 5 0 69 10 0 Vto 6J p :o-, 1930-40 ... no 7 G 00 Vio. 6 p.o., 1932-42 ... . 83 0 0 82 12 Vio 4} p.o., I9l(i- i;o ... „ 97 15 0 07 15 Vio SJ p.o 1929-49 .. 71 0 0 71 10 Vio 3 p.o.. 1929-40 ... ... G7 0 0 Q’land 5 p.o 1930-40 98 15 0 14'land 3 4 p.o. 1930 .. 88 0 0 67 Q’lanil 3 p.o- 1922-47 ... 97 15 , 0 07 10 8. A 64 p.o. 1930-40 ... ... 99 15 0 90 8. A SJ pa, 1939 ... 83 0 0 82 7 6 8. A. 3 p.o., 1&18 or after 63 0 0 w A. 8 p.o, 1930-40 ... ... 97 10 0 97 16 W A 34 p.a, 1920-35 ... 85 5 0 85 W.A 34 p-o-. 1915-35 ... ... 86 10 0 Tan 6J p.o.. 1930-40 ... ... 100 2 e 09 15 Taa 34 p.c.. 1920-40 ... 81 0 0 81 10 ■ 0 Tas. 3 p.o., 1920-40 ... ~ 78 0 0 78 0 0