COMMERCE AND FINANCE

Otago Daily Times, Issue 20964, 1 March 1930, Page 25

COMMERCE AND FINANCE

THE SHARE MARKET. DUNEDIN STOCK EXCHANGE. The volume of business transacted on the Dunedin Stock Exchange ( during the past week was not nearly so great as that of the previous period. Business has been done in Bank of Hew Zealands at sis 44d. The early offer for these shares was 575, with a seller at 57s 3d. Buyers were still offering 57a when the market closed yesterday, but sellers would not do business then at less than 67s Bd. A parcel of Commercial Banks changed hands at 22s 6d. This was the figure offered at the commencement of the period when sellers were demanding. 3d more! Yesterday buyers offered 2fs Bd, with sellers asking 21s lid. In the Insurance section the only business done concerned a parcel of National Insurances, which was turned over at 14s 6d. The demand for these stood at 14s when the period commenced, and they firmed to 14s 4d later. The offer had cased again by the end of the week to 14s, with a seller at 14s 9d. Huddart, Parker ordinaries have been on offer at 38s, but no buyer has been attracted. There has been a demand for Westport Coals at 30s for the greater part of the week, sellers asking l s more. The offer eased , lately to 29s 6d, and yesterday, wiien the shares were on offer at 31s, no buyer came forward.

Up to 7s 9d has been offered for Guarantee Corps., but sellers have been unwilling to do business at less than 8s 9d. Aew Zealand Refrigerating paid-up Vn a r reS !T haVe been wanted at up to lift JOd, sellers asking 12 s 9d yesterday. Bruce Uoollcn ordinaries have been on offer at 13s 3d and 13s, no buyers coming into the market.

* °. f Cr y sta l Ices have offered up to 22a Cd, but sellers have remained firm at 275. f A margin of Is has separated buyers and sellers of Milburn Limes, the former offering 355.

_ The best offer received for National ctn “ ha L bee ? 9s 6d, sellers being j* 10s 9d. A sale was recorded at JLUs 6d.

Business was done in New Zealand Milk Products xionds at 22s 3d., No further enquiries have been made. Buyers of Wilsons Cements offered i 8 but sellers would not take less than 39s 6d.

. At the. beginning of the week there was * ■«* New Zealand Breweries-at S4a 3d, a buyer later quoting 81s. Sellera then offered to do business at 84s. T T e on det^ nd firmed to 82s, with a seller at 83a fld, and a sale took place at 82s. ered 81s 6d, with a seller at 82s 6d later, and, at the close of the market, there was a buyer at 80s 6d and a seller at 82s.

Breweries stock and debentures have both been in demand at 21s 6d, but sellers Lave not been attracted. Business has been done in Mount Lyells at 33s 2d. When the market closed yesterday there was a buyer at 32s lOd and a seller at 33s 6d.

A sale of Big Beach shares was recorded at ss. They were asked for yesterday at 4s 9d, hut sellers would not do further business at less than 5s 3d. Paddy’s ■ Points commenced the week with a Jjnyer at ,3s-ed, and a seller at 4s 3d. Three sales were reported yesterday —one at 3s 6d and two at 3a Bd.' Buyers later offered 3s 6d, but sellers would not iccept less than 4s.

Sales: Paddy’s Point, Ss 6d, 3s Sd (two). Sales reported: Bank of New Zealand, 57s 4*d (late sale Thursday). The following are yesterday afternoon’s buying and selling quotations, which are subject to the usual brokerage:— BANKING. Australian Bank of Commerce—Buv 24s 6d. Bank of Australasia—Buy fil 18s, Bank of N.S. Wales—Buy £4O, sel £4O 355. Bank of New Zealand—Buy 57s sel 57s Bd. ’ Commercial Bank—Buy 21s Bd, sel 21s lid. E.S. and A. Bank—Buy £6 12s, sel £6 15s, National Bank of N.Z.—Sel £6 Is 6d. Union Bank—Buy £ll 18s, sel £l2 Bs. INSURANCE. National Insurance Co.—Buy 14s sel I4s 9d. ’ N.Z, Insurance Co.—Buy 435, sel 445. r SHIPPING. Huddart, Parker (ord.)— Sel 38s 6d. Huddart, Parker (pref.)—Buy 20s U.S.S. Co. (pref.)-Buy 20s. COAL. Westport Coal Co.—Sel 31s. LOAN AND AGENCY. Dalgety and Co.—Sel £l2. National Mortgage—Sel 755. N.Z, Guarantee Corp.—Buy 7s 9d, sel 8s 4d. Perpetual Trustees—Buy 68s. Trustees, Ex. and Agency—Buy 60s, Wright, Stephenson (pref.)—Sel 16s 6d, MEAT PRESERVING. N.Z. Refrigerating (pd.)—Buy Us 10d. sel 12s 9d. ’ N.Z. Refrigerating (cont.)—Buy 5s lOd scl 6s 2d. ’ MISCELLANEOUS, British Tobacco—Sel 42s 9d. Brown, Ewing (pref.)—Buy 20s Bruce Woollen Co. (ord.)—Sel 13s Crystal Ice Co.—Buy 22s' 6d. Dominion Rubber—Sel 28s. Milburn Lime and Cement—Sel 365. MTieod Bros.—Sel £3O. National Electric—Buy 9s 6d sel 10a M. N.Z. Drug Co.—Buy 70s. N.Z. Farmers’ Fertiliser—Sel 21s 6d. N.Z. Paper Mills (ord.)—Sel 20s 6d! Christchurch Gas—Sel 265. , Wilsons (N.Z.) Cement—Buy 30s, sol S9s 6d, BREWERIES. N.Z. Breweries, Ltd-Buy 80s 6d, eel 82s. Staples Brewery—-Buy 475. MINING. Kawarau 6. M. Co.—-Sel 6d. Nokomai Sluicing—Sel 21s. Waihi—Sel 14s. Mount Lyell—Buy 32s lOd, sel 33 s 6d. ' Big Beach—Buy 4a od, sel 5s 3d. Paddy’s Point—Buy 3a 6d, sel 4s, Kildare—Sel Is 4d. Okarito—Buy 6d prem, sel Is 5d prem. Winding Creek (cont.)—Sel par. Winding Creek (pd.)—Sel lOd prem. Blenheim Oil—Sel 50s. WAR BONDS. 4i per cent. Bonds, 1038—Sel £99. 44 per cent. Bonds, 1939—5 el £99. 4i per cent. Inscribed, 1938 —Sel £99. per cent. Inscribed, 1939—5 el £99. NORTHERN EXCHANGES. (Pee United Press Association.! The following business was done on 'Changes yesterday:— 1 Auckland. —Sales: Commercial Bank of Australia, 225; New Zealand Insurance, 43s 9d; New Zealand Loan and Mercantile, £100; Electrolytic Zinc (ord), 27s lOd (two sales), 27s 6d; Wilsons Cement, 33s 6d (three sales); Moanataiari, 2s 4d: Mount Lyell, 33s 4d.

LOCAL AND OVERSEAS MARKETS.

Wellington.—Sales reported: Goldsbrough, Mort, and Co., fl 12s; Dalgety and Co. (Melbourne register), £ll 16s 44d; Gear Meat Co., fl 18s 3d; New Zealand Breweries Shares, £4 2s. Christchurch.— Australian Bank of Commerce, 24s lid; .National Bank of Australasia (£5 paid), £7 8s; Bank of New Zealand, 67s 3d; Union Bank of Australia, £l2 Is (two parcels); Goldsbrough, Mort, 31s 8d (three parcels); United Building Society, 14s 3d; New Zealand Refrigerating (10s paid), 6s (five parcels); New Zealand Breweries, 81s 9d; British Tobacco, 42s 3d, 42s 2d (two parcels); Booth, MacDonald (pref.), 7s 6d; Mount ‘Lyell, 335, 32s Bd, 32s 7d, 32s Bd. Sales reported; Australian Bank of Commerce, 255; E.S. and A. Bank, £6 13s; 'Mount Lyell Mining, 33s 3d; Wilsons Cement (late sale February 27), 395; Wilsons Cement, 38s 6d; Bank of Australasia, £l2 2s 6d; New Zealand Breweries, 82s; Electro Zinc (ord., cum div.), 27s lOd; Mount Lyell, 32s lOJd; Electro Zinc (pre'f., cum div.), 28s 3d." DUNEDIN MARKETS. ’ WHEAT, OATS, ETC. Threshing of early sown wheat has now commenced in most parts of this district. Samples have come to hand from Central Otago and Greenvale districts. A start has also been made on the Taieri, and the quality of this wheat is good, and the yields are up to the average. It is now apparent that some of the wheat which was sown very late will be difficult to save. In some instances, crops have .been eaten off, as they would not ripen in time for saving this season. The market conditions are unaltered. Millers are not anxious to buy, as they have purchased fairly heavy quantities for forward delivery. They prefer to take delivery of this wheat and await developments before operating further. Their attitude is influenced by the position of the outside markets, which have shown a heavy decline. Prices are considered to be artificially high, and no advance on present prices can be expected. Although indications at present point to the yield in New Zealand being sufficient for requirements the sliding scale of duties and the fixation of prices by the pool have the effect of stabilising the market. With the lower prices ruling for wool and other farm products indications already point to a much larger area being sown out next season. Present prices rule at 5s 9d, sacks extra, on trucks, for Tuscan, 6s for Hunter’s, and 6s 3d for Velvet.

The fowl wheat market is being worked from hand to mouth. At present stocks are short in Dunedin, and up to 6s 3d can be obtained for good quality. Prices have declined in Canterbury, and it will not be long before there will be a plentiful supply available in this district. Merchants are waiting for this supply before operating to any extent.

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

Flour; 2001 b, £l6 15s; 100’s, £l7 15s50’s, £18; 25’s, £lB 10s. Bran, £7 10s per ton. Pollard, £9.

Oatmeal: 25% £25 10s; 200’s, £24 10s. During the week the market for oats has quietened. The cause of this has been a lack of demand from the. North Island. Merchants who have purchased lines find 'it is difficult to sell the same, with the result that they are not keen to operate at the prices that were ruling. Threshing has just commenced in this district, and the yield promises to be good. The values ruling to farmers to-day are 3s 3d, sacks extra, on trucks, for A grade Cartons, and 3r for B grade. Dun oats are commanding a higher price owing to a temporary shortage in this line. The prices being quoted for shipment are 4s, f.0.b., s.i., for A Cartons, and 3s 9d for B grade. Some forward business has been done at 4s IJd, f.0.b.,-s.i,, for the former variety for spread delivery from April to September.

On account of the high prices ruling for oats in New Zealand the Auckland merchants are reported to have purchased some supplies from Tasmania. The Australian markets for oats show a downward tendency, with good yields reported from the growing areas. In chaff the market is very quiet. Sales are difficult to effect, as feeders are fully stocked. Merchants have had to reduce the selling price in order to quit consignments, Sales of the best quality have been made down to £5 10s, sacks extra, ex truck. There is a fair quantity of chaff now offering from the surrounding districts, but very little interest is being displayed in same. It is considered that a shipping outlet will have to be found for the surplus, and values will have to drop to £4 10s, on trucks, before shipments can be made from this port. Medium and poor chaff is almost unsaleable.* The accumulated stocks of potatoes have not yet been worked off, and in eases where consignments have been held for some time merchants are accepting low rates to quit same. The value of freshlypicked Lues is £6 per ton, sacks included. Although blight has made its appearance m the crops, it appears that the yields in the coming season will be good. Ryegrass seed has been offering fairly plentifully during the week. Merchants who. purchased at the high rates are finding it difficult to secure an outlet for the machine-dressed seed. They, therefore' are not inclined to operate further, with the result that the market has a weakening tendency Sales of good ryegrass have been made up to 5s 3d, sacks extra, on trucks, but to-day’s value cannot be quoted above ss. This price is for clean lines which show very little loss in the dressing.

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Dairy butter; Milled hulk to' Is “klpats, to Is Id. " ’ Bacon, Is 3d per lb; ham rolls. Is 4d Onions: Auckland, to IQs per cwt; Canterbury, Bs. | . FRUIT REPORT. Business continues brisk in the fruit niarts, large supplies of stone fruit coming forward during the week. The hHi prices ruling last week have been well maintained, and the demand is very keen for practically all classes of stone fruit. Apples are coming forward in heavy supply, mainly from Nelson, and are offering at low prices. Cox’s Orange have had a better demand, and are realising good values. Gravensteins have little inquiry, and are offering at low rates. A few Cox’s have come forward from the Central, but these are still on the green side, and it w-ill be some time yet before any quantity may bo looked for from this district. A small line of oranges arrived from the north during the week, and realised high prices in spite of the fact that the condition was poor.

. Lemons are in good supply, but there is only a fair demand.

Bananas are still in short supply. There is little chance of any Samoans reaching the local market from the next shipment, as the boat has three northern ports of call. The following shipment will be direct to Dunedin, but this will not come to hand for six weeks or so.

Bon Cretien pears are now in full supply and have a steady demand.

Choice puinis have a better inquiry, and some very tine lines are corning forward from the Central.

Greengages are practically finished, and are realising high prices.

A few raspberries are still offering, and are readily taken up. Nectarines are getting through and high prices are being obtained.

A few second crop loganberries will reach the market next week, and the demand for these will be very keen. Only a few apricots are now coming forward, and high prices are being given. Some of the lines are of poor quality. Peaches have been in good supply during the week, and choice lines in crates have been bringing satisfactory prices. A good demand also exists for case lots. The tomato market is easier. Large supplies are now arriving from Christchurch and the Central. Some lines are very poor quality, and these are affecting the price of the better grade. Hothouse are in short supply, and have a good demand.

The vegetable market has been oversupplied with practically all classes. Green peas have been in very heavy supply, as low as Id per lb having to be accepted for really choice peas. Growers will not pick them at this price and the market is sure to firm during the next few days. Only choice cauliflowers have a demand; others are unsaleable.

French and butter beans have been in better supply, and prices are a little easier.

Cabbage is hard to sell at any price. Rhubarb has a poor demand, and is offering at low rates.

is in fair supply, and choicehearted lines realise fair prices. Swedes are offering at low rates. New potatoes of poor quality are still a drug on the market.

The wholesale prices are as follow: Apples: Gravensteins, 6s to 8s per case - Cox’s Orange, 12s to 14s; cookers. 6s to 7s 6d.

Bananas: Ripe, unobtainable. Oranges: American navels, 45s per case.

Lemons: Californian, 60s per case. Plums; Dessert, 3s 6d to 4s Cd per case; jam. 2 S 6d to 3s Gel; choice, in crates, to 4d per lb. Greengages, 3d to 4jd. Californian grapefruit, 35s to 40s per case.

Grapes, Is Id to Is 4d per lb. Dessert pears, 3s to 4s per half-case. Raspberries, 10s 6d to 11s 6d per bucket.

.Nectarines: Choice, to 6d per lb in crates; cases, 4s to 6s. Loganberries, 10s to 12 s per bucket. Christchurch tomatoes (hothouse), 3d to 4Jd per lb; locals, Gd to Sd; outside grown, 2d to 4d per lb. Peaches: Choice, 4Jd to 6d per lb in crates; cases, 4s to 6s 6d,

Apricots, to 8d per lb, crates; cases. 6s to 7s 6d.

New potatoes, 5s to 6s per cwt. Green peas: Best, Id to 2d. Broad beans, 14d per lb. French beans and butter beans, 3Jd to 4Jd per lb.

Cauliflowers: Choice, to 3s 6d per sackothers unsaleable. ’

Cabbage, Is to 2s per sack. Spring onions, 3d to 6d per bundle. Swedes, 2s 6d to Ss per cental bag. Lettuce: Choice, 4s per dozen; others. Is per dozen. Rhubarb, Id per lb. New carrots, to la per dozen bunches, BANK OF AUSTRALASIA. * (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, February 27. The Bank of- Australasia has declared a final dividend of 7s per share, tax free. BRADFORD TOPS MARKET. A ■ (United Press Association.) . (By Electric Telegraph—Copyright.) LONDON, February 27. The Bradford tops market is fairly firm. Sixty-four’s, 28d; others unchanged. BUTTER, CHEESE. ETC. (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, February 27. Butter: Dull. Danish, 171 s; choicest salted New Zealand, 144 s to 1465; Australian, 140 s and 1425; unsalted New Zealand, 160 s; Australian, 144 s and 148 s Cheese; Quiet. New Zealand—white 88s, coloured 86s; Australian, 85s. Best sugar; March, Gs 3d. MELBOURNE HIDES MARKETS.. (United Press Association.) (By Electric Telegraph—Copyright.) MELBOURNE, February 27. Hides; Badly-conditioned parcels of heavy kips declined Jd; others are unchanged. MELBOURNE MARKETS. (United Press Association.) (By Electric Telegraph— Copyright.) MELBOURNE, February 28. Wheat, 4s 74d to 4s Bd. Four, £ll 10s to £ll 15s. > Bran, £7 15s. Pollard, £8 ss. Oats, 3s to 3s Id. Barley; English, 3s lOd. Maize, 6s 3d. AMERICAN WHEAT MARKET. (United Press Association.) (By Electric Telegraph—Copyright.) CHICAGO, February 27 (Received Feb. 28, at 5.5 p.m.) Wheat prices jumped in a session which was dominated by news of tbc Farm Board buying. Rise was steady throughout the day, with the exception of a temporarily profit-taking period. A similarly optimistic tone was observed on all American markets where the sessions were under the domination of the bullish Farm Board news. Chicago wheat closed: March, 10f)a cents per bushel; May, 113®: July-’ mV! September, 115 g. '’ LONDON WHEAT MARKET. (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, February 27 (Received Feb. 28, at 5.5 p.m.) Wheat: Cargoes, in sympathy with the better closing American prices, were steadier, sellers asking 3d to Cel advance Trading was active. Parcels were in fair request at 3d to Od higher, London—March, 36s 8d; May 37s Id; Liverpool—March. 7s 9Jd- Aliv" 8s IJd; July, net cash, 8s 4Jd. ‘ Spot trade is dull, prices being mostly lower. Australian, ox ship, 425, 1- lour is slow. Australian, cx store 30 s Od- ’ Oats and pens are quiet and beaus are steady. 1 L | LONDON METAL MARKET. I /r. LONDON, February 27 | (Received Feb. 28. at !) p m ') I Copper: Spot, £69 3 S Od; forward £OB 11s 3d. ’ Electrolytic: Spot, £B3 10s: forward. £B4 as. Wire bars, £B4 ss. Lead: Spot. £l9 15s; forward, £l9 10s Spelter; Spot, £lB 6s 3d; forward £lB 17s Cd. Tin; Spot, £l7l 3s 9d: forward £173 10s 10id. j Silver:- Fine, 10 IMOd; standard, [ 2Ud.

OAMARU MARKETS. (Special to Daily Times.) 0 AMARU, February 28. Offerings of oats during the week have been fairly heavy, and the market is decidedly weaker. Good heavy Gartons, A’s, Jiai e sold at 3s 6d, and A’s are quoted at 3s 5d and Bs at 3s 2d. The offerings of Algerians have not beeu heavy, and ordinary quality is worth 3s to 3s 3d. Good heavy Algerians with good colour and true to type are worth 3s 6d. The wheat samples shown during the week were very nice in quality, and the threshing returns so far show that in several districts heavy yields are to be expected. Several lines shown from South Canterbury are especially nice in quality and weight, and yields from that district are reported as high as 65 bushels to the acre for Hunters. Present values remain at 5s 9d for Tuscan, 6s Hunters, and 6s 3d Velvet, but the bulk of the wheat offered has been sold forward delivery. A line of seed Tuscan realised 6s net on trucks. One or two lines of Chevalier barley have come on to the market, and good quality malting is worth 4s. Cape barley is inquired for, but there is very little offering, values being 3s 6d to 3s 9d. Black barley has been on offer, and the quality is exceptionally good, values being 5s on trucks. No new season’s chaff has as yet come forward, and values remain steady at £5.

On the stock market the following private sales have been recorded:—Pat lambs, 25s and at schedule rates; forward rape lambs, 20s 6d, 21s 6d, 225; mixed-sex lambs, 18s to 19s; two-tooth ewes, 30s; two-tooth crossbred wethers, 21s; two-tooth merino wethers, 13s; fat ewes, 17s; full-mouthed three-quarterbred ewes, 17s 6d; full-mouthed Romney cross ewes, 21s'6d, 235, 245; failing-mouthed crossbred ewes, ss, 7s, 10s. \ CANTERBURY MARKETS. (Per United Press Association.) CHRISTCHURCH, February 28. There is a good deal of wheat now offering, and while the quantity is in-and-out the yields also vary a good deal. One of the lowest so far reported is five and a-half bushels, and the highest 70 bushels. Under the circumstances, estimates of the average yield are now being revised, and there are those who now are of opinion that the average yield will be about 28 or perhaps 29 bushels an acre. There is a rush of wheat on the market at present, though it would appear that it will be wanted before the season is over. Tuscan has been sold this week at 5s 8d and 5s 9d, on trucks. Millers are not keen buyers of Hunters, and are offering 5s 10d for it, but merchants quote it at 5s lid, and some has been sold at 6s. A fair quantity of Pearl is offering at 6s 3d, but millers are offering about 2d less than this. Fowl wheat is quoted at 5s 9Jd to 5s 10d, f.0.b., for spread delivery, and the same for prompt. ■The market for oats has been affected by the fact that orders have been sent by the North Island to Australia for supplies. A Gartons are saleable at 4s Id to 4s lid for April-September delivery, and B’s at 3d to 4d a bushel less. The on trucks price is 3 S 9d for A’s, and 3s 5d to 3s Gd for B’s. Not many Duns or Algerians are offering. Duns are quoted at 4s 9d to 4a lid, and Algerians at 3s 6d to 3s 9d. Chaff, which is very scarce, is still selling at about £6 15s a ton, f.0.b.. s.i., for April-May-June shipment, and at about £5 to £5 ss, on trucks, country stations, sacks extra. I The market for potatoes and onions continues weak. A shipment of onions to Vancouver has been arranged for, and efforts are being made to send a further shipment to America. Potatoes are quoted to-day at £4 12s Od a ton. f.0.b., s.i., for April-May-June delivery, and at £5 15s for July-August-Septcmber delivery, The price to farmers for AprilMay delivery is £3 5s to £3 10s, on trucks. There is no change to report in regard to small seeds. COMPANY REGISTERED. The latest issue of the Mercantile Gazette notifies the registration of the following company:—■ Hatton’s Confectionery Company, Ltd. Registered as a private company, February 17, 1930. Capital: £2IOO into 2100 shares of £1 each. Subscribers; Dunedin—Oswald M. Smith and Co., Ltd., 2098, O. M. Smith 1, G. A. Donnelly 1. Objects: To take over as a going concern the business of confectionery manufacturers at present carried on by Hatton and Co., Ltd. CABLE AND WIRELESS STOCKS, A FURTHER DECLINE. (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, February 27. The Evening News states that there was a further decline in the cable and wireless stocks. B ordinary stocks fell a further two points to £29. A stock lost a point, and is now £55. The estimated market valuation of the two stocks has depreciated in the past few months bv £14,058,808. BALCLUTHA STOCK SALE. (From Our Own Correspondent.) BALCLUTHA, February 28. To-day was the " off day” at the saleyards and the entry of sheep was but a small one. Fat Jambs made 21s to 29s 3d, fat ewes 15s to 18s 9d, fat wethers 25s to 275. Store Sheep—Lambs, 10s to 15s 7d, and up to 20s 4d; sound-mouthed ewes 12s Cd to 15 s 6d, wethers 11s 3d, cull lambs to 10s, old ewes 4s. Only a few cattle were forward, and it was a poor sale of pigs, prices ranging from 7s to 18s for suckers. BANK OF ENGLAND RETURN. (United Press Association.) (By Electric Telegraph—Copyright ) LONDON, February 27. The following is the Bank of England return:— ISSUE DEPARTMENT. Notes issued £411,326,826 Government debt 11,015,100 Other Government securities 233,598,190 Other securities 10,924 646 Silver coin 4,462 064 Gold coin and bullion .. .. 151,326^826 Total •• < £411,326,826 BANKING DEPARTMENT. Proprietors’ capital .. .. £14,553,000 iublic deposits 11.987,053 Other deposits BG/)45!285 Seven-day and other bills.. 2 757 Total £117,193,850 Government securities .. .. £34 441 Other securities 1L5851H4 tes 64^514,661 Ctmis 052,412 Total £117,193.850 The proportion of reserves to liabilities is 65.80 per cent. Short loans are quoted at 31 per cent.; three months’ bills at 3 17-32 per cent.

BLENHEIM OIL REPORT. (Pee United Press Association.) NEW PLYMOUTH, February 28. Hie following is the Blenheim oil report for the week ended February 22: No drilling done during the period mentioned. The time was occupied in fishing for a twisted off drill stem. ' The fishing was successful, the drill rod being brought up. BRITISH CONVERSION LOAN. (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, February 27. (Received Feb, 28, at 5.5 p.m.) In the House of Commons, Mr Philip Snowden (Chancellor of the Exchequer) said that no part of the conversion loan would be privately underwritten. The cash responses were so satisfactory that the list was closed this afternoon, but part will remain open for a few days. CUSTOMS RETURNS. The Customs returns for the month ended yesterday are as follows, the returns for the corresponding period last year being grven in parentheses:—Customs duty, £65,035 15s 8d (£64,374 9s 8d) • beer duty, £20,889 l s 7d (£19,581 l s sd)' tyre tax, £1496 14s 7d (£628 19s); petrol tax, £7832 19s 4d (£6242 8s 4d), AUCKLAND RETURNS. (Special to Daily Times.) AUCKLAND, February 28. The Customs and excise duties col-' lected in Auckland during February show increases of £6074 and £l7O respectively on the totals for the same month last year. Customs amounted to £185,981, against £179,936; motor spirit £29’l4s’ against £26,445; motor tyres £1500,' against £4175, and excise on beer £9S3oi against £9660. CHRISTCHURCH RETURNS. (Per United Press Association.) CHRISTCHURCH, February 28. Customs duties for the month of February received at Christchurch totalled £86,588, and for February, 1929, £B7 297. hdlM the 11 months ended February 28, 1930, the figures were £1,088,394, and for the 11 months ended February 28 1929 £962,827. The beer duty for February, 1930, totalled £6733, and for February, 1929, £6844. The figures for the il months ended February, 1930, were £82,956, and for the 11 months ended February, 1929, £78,486. The motor spirit tax for February, 1930, totalled £10,624, and for February, 1929, £12,086. PROPERTY SALE. Messrs E ; L. Macassey and Co. offered by auction in their rooms yesterday under instructions from the University of Otago, the following University building leases’ which were all sold;— Allotment 9, subdivision of sections 62 and 63, block XXIV, Dunedin, rental for new term of 21 years £3O per annum. Valuation for improvements, £llOO, sold to Mrs K. J. Lello. Allotment 8 and part allotment 7, subdivision of sections 62 and 63, block XXIV, Dunedin, rental for new term of 21 years is £52 per annum, valuation for improvements £ISOO, sold to Mrs E. Haddock.

Allotment 5, subdivision of section 63, block XXIV, Dunedin, rental for new term of 21 years £32 per annum; valuation for improvements £2150; sold to Mr F J. Williams. Allotment 6 and part allotment 7, subdivision of sections 62 and 63, block XXIV, Dunedin; rental for new term of 21 years £4B per annum; valuation for improvements £1850; sold to Mrs Thomson. Allotment 3, subdivision of sections 58a, 60, and 63, block XXIV, Dunedin, rental for new terra of 31 years £35 per annum.: sold to Miss M. Scott. LONDON MARKETS. ~ The National Mortgage and Agency Company of New Zealand, Ltd., has received the following cablegram from London;— Butter: The market is slow. Quotations are: New Zealand finest, 145 s to 1465; New Zealand first grade, 143 s to 1445; Danish, 170 s to 1725; Australian, 138 s to 1425, Cheese: The market is quiet. Quotations are: New Zealand white, 86s to 87sNew Zealand coloured, 86s. Messrs Dalgety and Co., Ltd., have received the following cablegram from their Mead office, Londorij dated February 27: FROZEN MEAT. Lamb.—The market for New Zealand iamb is weak and looks like going lower. The demand is moderate. Quotations are:—New Zealand prime Canterbury lamb, 28/361b, I0d; New Zealand prime North Island lamb, 28/3Glb, 9Jd; New Zealand prime Canterbury lamb; 36/421b, 10d; New Zealand prime North Island lamb, 36/421b, 91d; New Zealand prime Canterbury lamb, second quality, 9d; New Zealand prime North Island lamb, second quality, B|d; New Zealand prime Canterbury lamb, 42/501b, not quoted; New Zealand prime North Island lamb, 42/50Ib not quoted. ’

Mutton—The market for New Zealand mutton is very firm, and the demand is active. Quotations are;—New Zealand prime Canterbury mutton. 48/561b, not quoted; New Zealand prime North Island mutton, 48/sGlb, 8d; New Zealand prime Canterbury mutton, 56/641b, not quoted; New Zealand prime North Island mutton, 56/641b, 7|d; New Zealand prime Canterbury mutton, 64/721b, not quoted; New Zealand prime North Island mutton, 64/721bj 7Jd; New Zealand prime Canterbury ewes, 48/641b, not quoted; New Zealand prime North Island ewes. 48/641b, s|d. Australian Lamb. —The market for Australian lamb is very weak, and the demand is moderate. Quotations are:— G.A.Q. Australian lamb, 28/361b, 9d; G.A.Q, Australian lamb, 36/421b, 9d; FA.Q., Australian lamb 28/S6lb, 7id; third Australian lamb, 7d. Australian Mutton.—The market for Australian mutton is firm, and the demand is fair. Quotations are:—G.A.Q. Australian mutton, 40/601b, 6id; FA.Q. Australian mutton, 30/551b, 6Jd; Australian ewes, 51d. Pork.—The market for pork is unchanged, and the demand continues. Quotations are:—English porkers, 80/100 lb, 12(U New Zealand porkers, 80/1001b, lid; New Zealand porkers, 100/1201b IOJd.

Messrs Dalgety and Co., Ltd., have received the following cablegram from their head office, London, dated February 27: Dairy Produce.—The market for butter is extremely, dull. The market for cheese is quiet. Quotations are:— Danish butter, 170 s to 1725; New Zealand finest butter, 144 s to 1465; Australian finest, unsalted, 142 s to 14Gs; Australian finest, stilted, 140 s to 1425; Australian G.A.Q., 136 s to 138 s. Australian cheese, white, 84a to 86s; Australian cheese, coloured, to 85s; New Zealand cheese, white, 85s to 87s; New Zealand cheese, coloured, S4a to 80s; Canadian cheese, white, 94s to OSs; Canadian cheese, coloured, 94s to 98s; Canadian cheese, c.i.f., not quoted. Messrs A. S. Paterson and Co., Ltd., have received the following cablegram from London, dated February Butter.—The market slow, tendency easier. Danish, 1725; Now Zealand, 140 s, 1445; Australian, 138 a, 1425.

Cheese, —The market quietly steady White, 86s, 87s; coloured, 85s, S6s.