COMMERCE AND FINANCE

Otago Daily Times, Issue 21032, 22 May 1930, Page 16

COMMERCE AND FINANCE

THE SHARE MARKET. DUNEDIN STOCK EXCHANGE. . No business was recorded ! on the Dunedin Stock Exchange yesterday, and the market was fairly quiet in all' sections Buyers of National Insurances offered 14s 3d, but sellers were unwilling to do business at less than 14s Bd. Westport-Stock-ton ordinaries were asked for at Is 7d, no seller coming forward. Wright, Stephensons were quoted ex dividend, buyers of the ordinary issue offering 20s 3d, but sellers demanded 245. There was a decided firming of New Zealand Breweries Shares, the buying offer being 62s od, sellers asking Is more. Government Bonds Also showed a firming tendency. . The following are yesterday afternoon’s buying and selling quotations, which arc subject to the usual brokerage:BANKING. Bank of Australasia —Buy £l2 3s. ' Bank of New South Wales—Sel £4O sa. Bank of New Zealand —Sel 595) Bank’ of New Zealand (long “D ”) Buy 20s 6d, sel 28s 6d. ■ Commercial Bank—Buy 20s 6d, sel 20s lid. E.S. and A. Bank—Buy £6 Is. National Bank of New Zealand—Buy £6 25., Bank of Aust. (coat.)—Sel £7 Union Bank—Buy £ll 2a 6d, sel £ll 10s, INSURANCE. National Insurance Co.—Bujr 14s’3d, sel 14s Bd. Standard Insurance Co.— Buy 655. SHIPPING. Burns, Philp—Buy 345, Huddart, Parker. (ord.) —Buy 36s 6d. P. and O. Deferred Stock—Sel fils. Union S.S. Co. (pref.)— Buy 20s 9d. COAL. Kaitangata—Buy 6s 6d dis. Westport Coal Co.—Buy 31s 3d. Westport-Stockton (ord.)—Buy Is 7d. Westport-Stockton • (pref.)—Sel 4s 3d, LOAN 1 AND AGENCY. National Mortgage—Buy 62s 6d. N.Z. Guarantee Corp.—Buy 7s 6d. Trustees, Executors, and Agency—Buy 60s. - Wright, Stephenson (ord.)—Buy 20s Bd, ■el 24s ex div. MEAT PRESERVING. Gear Meat Co. —Buy 355. NJS, Refrigerating (paid)—Buy 10s 4d. N.Z, Refrigerating (cont.) —Buy'4s 6d, ■el 4s lid. MISCELLANEOUS. J British Tobacco —Buy 38s 6d, Sel 39s - sd. 1 Brown, Ewing (pref.)—Buy 20s. Crystal Ice Co.—Buy 22s 6d. D.I.C, (ord.) —Buy 21s. D.I.C; (pref.)—Buy 20a 3d. . Kaiapoi Woollen (ord.) —Buy 10s \9d, I feel Hi 9d. , Kaiapoi Woollen (cont.) —Buy 3s lOd. Milbutn Lime and Cement—Buy 31s 6d, ■el 335. M'Leod Bros. —Sel £2B. , N.Z. Drug Co.—Buy 625. N.Z. Express (pref.)—Buy 15s 6d. N.Z. Paper Mills (ord.) —Buy 20s, eel 20s 6d. Regent Theatre—Buy 20s, sel 255. Wilsons (N.Z.) Cement—Buy 41s 6d. BREWERIES. N.Z. Breweries, Ltd.—Buy 52a 9d, sel 53s 9d. MINING. Kawarau GM. Co.—Buy fid, ael 7d. Waihi—Buy 13s, sel 13a lid. Electrolytic Zinc (pref.)—Buy 265, sel 275, , Electrolytic Zinc (ord.)—Buy 245, sel . 255. Mount Lyell—Buy 28s 3d, sel 2fis. Kildare —Buy Bd, sel Is .2d. Okarito—Buy la ‘ 4d ptem., ael Is 9d prem.' Stoney Creek—Sel 2d prem, . Cornish Point (paid)—Buy 7d, sel Bjd. WAR BONDS. 4J per cent. Bonds, 1938—Buy £9B 2s 6d. 4J per cent. Bonds, 1939—8uy £9B 2s 6d. 4} per cent. Bonds, 1941—Buy £9B 2a V 6d. '■ 6$ per cent. Soldiers’ Bonds, 1033— Buy 109. 1 4| per cent. Inscribed, 1938— Buy £9B 9a fld. 44 per cent! Inscribed, 1930—Buy £OB 2a 6d. 54' per cent. Bonds, 1036 —Buy £99 2s W. northeriTSchanges. (Per United Press Association.) The following. business was done on yesterday:— Auckland.—Sales; Inscribed Stock F!2), 54 per cent., £93 16a: E.S. and Bank, £6-2s-6d; National Bank of Australasia, £ls 2a; Bank of New South Wales. £39 6a; Bank of New Zealand, - £Bs Od; Auckland Gas, 24a Id, 24s 3d; Tooth’s Brewery, 34s 9d; Farmers’ Trading, 8a 9d: Kempthorne, Prosser. 63s 4d. WalUngton.—Sales reported: New Zealand Government Stock 4J per - cent. (1938) and (1939), £9B 10s; New Zealand Government Stock,. 6$ per cent. (1936), £99 fisj'New Zealand Government Bonds, 44 per cent. (1938), £9B 10s; Australian. Bank of Commerce, £1 4s 3d; National Bank of Australasia (£10), £ls 2s; Christchurch Gas Co,, £1 6s 2d. Christchurch. —Sales: New Zealand Government 54 per cent. Inscribed (1937), £99 7" 6dj E.S. and A. Bank, £6'2a (two parcels); National Bank of Australasia (£5 paid, oum div.). £7 11s 6d; Goldsbrough, Mort, 31« 9d; Goldsbrough, Mort (new), 30s; New Zealand Breweries, 62a Id (two parcels); British Tobacco, 395, 30s 2d. LONDON WOOL SALES. (United Pretfl Association.) (Py Electric Telegraph—Copyright.) LONDON, May 20. At the wool sales 9031 bales were offered, including 4500 from New Zealand, Practically, all were told. There was a large offering in greasy merinos, principally super style spinners’ sorts, and a good supply of all New Zealand descriptions. The market was very firm at full late rates. New Zealand sales: Greasy crossbreds—Manga, 10Jd and JOld; Paparatu, 12id and 12d; Opou, ll|d and 1144. Beat New Zealand greasy crossbred. 12|d; C.F.M./’ Pareora, super, halfbred lambs. 144 d. Messrs Murray, Roberts, and Co., Ltd., nave received the following wool market cablegram from their London agents, Messrs Sanderson, Murray and Elder, Ltd,, dated 20th inst,;— Sales continue firm. Continental buyers cffierating very freely. Merino, except }n-, ferior descriptipne, advanced 5 per cent., crossbred greasy medium crossbred greasy coarse advanced 2§ to 5 per cent. Messrs Dalgety and Co., Ltd., have received the following cablegram from London, dated May 21: —The wool sales continue with keen competition. Prices are fully on a par with the highest point of last week’s sales. Fine crossbred is father firmer. : CHICAGO WHEAT MARKET. (United Press Association,) (By Electric Telegraph—Copyright.! ' NEW YORK, May 20. . Chicago wbeqti May, 1034 cents per bushel; July. 103 S; September, lOCf; December, 1103. LOAN FOR INDIA. (British Official Wireless,) (United Press Association.) (By Electric Telegraph—Copyright.) TtUGBY, May 20. The Government of India loan, which Was underwritten yesterday, was offered for subscription to-day, and the lists were closed early 'this afternoon. The issue consists 6f £7,000,000 - of 6 per cent, bonds, 1933-35.' and the price was 99 per cent. The proceeds of the issue will be Used mainly to provide funds for capital expenditure op' railways, and the balance will be employed for general purposes.

LOCAL AND OVERSEAS MARKETS.

PRICE OF FLOUR. (Peb United Press Association.) mi WELLINGTON, May 21. The flour fillers have notified their customers that the price of flour has been advanced 10s per ton from £l6 ss, less per cent, f.0.b., South Island ports, to £l6 15s per ton, LONDON TALLOW MARKET. Messrs Dalgety and Co., Ltd., have received the following cablegram from London dated May 21,-—The tallow sales will be resumed on May 28, The spot market continues to be 'depressed. GORE STOCK SALE. (From OtiE Own Correspondent.) ■ , , ... ,GORE, May 21. The fortnightly stock sale was held at Gore yesterday before a fair attendance of farmers and buyers. H Sheep.—A small yarding, only under 600 , i P eo *l e d- Very few fats were included, and a fat ewe changed hands at 278, while wethers made 255. In the store pens lambs and a few old ewes chiefly made the entry, and several lines were passed in. Ewe lambs made 14a 2d, while mixed sexes realised up to 10s 4d. . Cattle.-—There was also a small yarding of cattle, 10 fats and 23 stores comprising the entry. Fat bullocks realised ffOSt £9 lOsto £l3 sa, afad fat heifers £7 6s* lu the store peas dairy cows made Up to £o lOsj calves to £3 la, and a bull £4 10a. - OPENNESS IN CHEESE. MR VEALE'S REPORT. FREE DISCUSSION SOUGHT,' (Peb United Press Association.) -(1H , , WELLINGTON. May 21. Thd adverse report* of the quality of New Zealand cheese* particularly during the current season, haa caused some con* earn in Taranaki,” said Mr G. A. Duncan, of Hawera, secretary of the Federation of Taranaki Co-operative Dairy Factories, to-day. Taranaki was particularly interested in the matter because it was the centre of cheese production in New Zealand, and supplied 36,000 tons of the total annual export of 80,000 tons of cheese. Some time ago the" executive of the federation had suggested to Mr P. O. veale that*he should prepare a report upon cheese, with particular reference to the question of “openness.” A meeting had been held at which Mr Vaale’s report _ had been _ fully considered. The unanimous decision was that the full report should be issued to the press with a view to> stimulating helpful discussion of the problem that undounbtedly existed in regard _to export cheese. „ is hot claimed,” said Mr Duncan, that MrVeale’s report is the last work on the subject, or, indeed, that there is no room for difference of opinion in reSard to the technical side of the problem, but the executive of the federation, in releasing the report for publication,, feels that good must come from a free discussion of the various points made in it.” PRICE OF FINE ‘GOLD (United Press Association^) (By Electric Telegraph—Copyright.) . „ LONDON, May 26. The price of fine gold is, quoted at £4 4s lid per ounce. ,

COMPANY BALANCE SHEETS. WRIGHT, STEPHENSON, AND CO., LTD.

♦Excluding sundry debtors' reserves. There has been comparatively little fluctuation m the net profit for the last three years, the amount being sufficient to _ maintain a 7 per cent, dividend to ordinary shareholders after the claim of tne preference shares has been met. and leave a balance to swell the undivided profits carried forward. .The net return is equivalent to 6.56 per cent, on the paidup capital, but as preference shares, con- | stituting approximately 45 per cent, of iv }• IBsne > earn a nxed 6J per cent., tne ordinary shares continue to receive 7 per cent, without utilising the full surplus. It does not appear how the gross profit compares with that of preceding seasons. As far as figures go, the balance of income and expenditure is shown with transfer fees added separately. Various items of account are mentioned, but the information that they have had attention does not m itself throw much enlightenment upon the year's working. Among the ordinary liabilities, a considerable reduction has been effected. The bank account, which 12 months ago, in conjunction with cash in hand showed a credit balance of £109,105, has now swung round to an overdraft of £57,085. JJor purposes, cash in hand, which appears at the unusually high figure of 120,288, fails to be deducted, leaving a net indebtedness of £37,697. Ihe miscellaneous group has, however, fallen to £1,037,961, and even with the ???«,R n of bl,la Payable amounting to £44,319, comes considerably short of its aggregate at March, 1929. The magnitude Of the figure may render its composition somewhat varied. It is notioeable that it does not include drafts against advances on shipments, which are entered as a deduction from the corresponding . The debenture stock; which for the past six years has furnished more funds than the shareholders' capital, has taken a long stride upward. The increase 1b entirely m the 6 per cent, terminable class, and has apparently been partly accomplished by. the reduction of the 7 ne* cent, terminable class. The latter group has now been reduced to a minimum, and it looks as if it might shortlydisappear. As the stockholders, in theirTtositioin as secured creditor", have the controlling voice in the undertaking, it would be interesting to know if their personnel is similar to that of the shareholders or to what extent it differs. «i£? e &,l owtll °f the visible reserves is slow. The general aecount continues to rise annually by small amounts, but no allocation is made to it from the net sur?t B - J* £ a -! vedcke s . £74 ' 61 «» t>«t from Hlf.u of J & g f owth , ,n **«t years, it would seem that its increase is not regarded as essential.. The undivided sur?&V« arr Jd d fo i??. Pd now amounts to being £1342 addltum on thlß occasion Extensions have taken place in the ffffi tK! during the year, raising and Jeasehold section to £231,358. Concurrently the relative ind™,,! -? ?ss r as aea ? J y trebled. The acquisition of approximately £02,000 in land and buildings indicates development pn a fairly extensive scale, although nothing is mentioned in the directors' report m this connection. Both machinery and motor-cars have been added to, the form i. er ,-fi a a n 0 i inff T at and the latter at £18,386. It is not "stated how far depreciation has been applied to each. The aggregate of the fixed assets in relation to the total assets has stood at the past eight annual closing dates as under:

Sundry debtors .at £1,443,648 overshadow the other assets. That is not their gross total, as reserves of unstated amount are deducted, but as entered they show an increase of nearly £170,000. The effect of having a sum, considerably exceeding the aggregate of paid-up capita, and debenture stock, tied up in this way for it has exhibited no tendency to dimmish appreciably in recent years, may partly explain the reason of the high figure for sundry creditors. It may be assumed' that a certain percentage of sundry debtors is secured. When bills receivable are included a further £118,558 are added. Stocks on hand, which are of widely diversified'character, have risen to £297,277, continuing their tendency of the previous year or two. As only the balance of advances made against produce shipped is entered, little information is conveyed bj the entrj of £97,416, but on th.e assumption that drafts are. drawn to a value leaving a small margin on each lot, that figure would indicate that a fairly* large volume of produce is concerned.

Government securities remain at £28,786, whether their coat or market price ia not stated. Shares in other companies absorb £236,699. As .their book value has increased by some £26,000 in spite of the fall in share values that has taken place during the past 12 months,* it may be assumed that they have ; been extensively added to since the previous balance sheet was issued. They are of sufficient value to bring jn a useful addition to the income of the company, while they are large enough to ensure the controlling, interest in more than one tributary concern. Their'contribution directly and'indirectly should do .much to help the progress of the parent body. FARMERS’ TRADING COMPANY. SUCCESSFUL YEAR’S OPERATIONS. (Special to Daily Timm.) AUCKLAND, May 21. ..Another successful year’s operations are announced by the directors of the Farmers’ Trading Company for the period ended March 31. The net profit, after allowing for depreciation, is £60,422, as against £40,334 last year. This, added to the carry-forward from last year, makes a total of £lOO,Oll to be. dealt with After paying 7 per cent, on A and B preference shares and the 10 per -cent, which directors now recommend on ordinary shares, providing for income tax, and writing off £2500 to depreciation of buildings, there ■will remain £45,000 to be carried forward. The directors also mention that debentures amounting to £234,387 have been paid off during the year.. FOREIGN EXCHANGES. (British Official Wireless.) (United Press Association.) (By Electric Telegraph—Copyright.) BUGBY, May 20. Par, May 13. May; 20. Patil, tr to £1 124.21 123.005 123.95 Brussels, belgas to £1 35 34.815 34.814 Olio fci to £1 ... 18.169 18.18 18.16} Stockholm kr to £1 . 18.159 18.105 IS.llf Copenhagen ki to £1 18.159 18.165 18.16} Berlin marks to £1 .. 20.43 20.365 20,37^ Montreal do) to £1 .. 4,863 '4.86J 4.86} Men York, dol to £1 . 4.86} 4.85 15-16 4.86* Yokohama pence to yen 21.58 24q 243 Honakopg. pence t« dnl 24.58 17§ Bombay pence to rupee 18 17j 17 13-ig Batavia, florine to £1 _ 13*107 Milan, lire to £1 ~.. 92,45 92.67 92.72 Amsterdam, guild to £1 12.107 12.08} 12.035 Prague kr to £1 . „ .24.02 164 164 Geneva, fr to £1 ... . 25.22} 25.115 28.13} < Vienna, eohllling? to £l 34.66} 34,455 34.46} Helsingfors. mark* to £1 193.334 192} 193 Madrid pesetaa to £1 25.22} 39.755 30.76} Athane. drachma to £) 25.22} 376 375 Lisbon. escSdoi to £1 4.50} 108.30 108.24} Bucharest lei t,, £l 973 818 818 Dio do Janeiro, pence to mllreis . ... 18 5} 6J Buenos Aires, pence to pesos 47.62, 4? 15-16 43 1-16 Shanghai, pence to tael 23} . 22} 17} I LONDON SHARE MARKET. (United Press Association.) (By Electric Telegraph-Copyright.) LONDON, May 20. Dalgety and Co.’a shares £lO (ex div.). debentures £69 10s.

WEEKLY ( MARKET REPORI _ ■ , Burnside, May 21. Fat Cattle.—A medium yarding of 170 head came forward. A few pens of extra prime bullocks were included, the balance being made up of fair to average quality. Competition was keen for all prime quality, which sold at up to £1 per lead better than last week. Un finished cattle met with poorer competition, a fair number being passed in. Quotations:—Extra prime heavy bullocks, to £l9 17s 6d; prime heavy bullocks, £ls to £l7; medium, £l2 10s to £l4; iigh’t andv unfinished, £9 upwards; extra prime cows and heifers to £l2 17s 6d; prime cows, £9 to £l2 10s; medium and ’igtit, £6 to £B. Dalgety and Co., Ltd., sold: For William Lindsay {Allanton). 1 ballock £l7 sa, 1 £ls 10s; Fred M'Kay (Happy Valley), 2 £9; James H. Douglas (Mosgiel), 1 heifer £8 ss. Stronach, .Morns and Co., Ltd., sold: For Macadie Bros. (Poolburn), . 3 bullocks £lB 15s; G. S. Wilson (Glenomaru), 3 £lB 2s 6d 3 £l7 7s Gd, 2 £ls 17s'6d; Rutherford Bros. (Poolburn), 1 £l7 7s 6d, 2 £ls 12s 6d; J S. Fleming and Co. (Titiroa, J. E. Wat6on and Co., Ltd., Invercargill, as’ agents), 2 £ls 12s 6d, 2 £l4 12s 6d, 1 £l3 7a 6d, 2 £l2 17s 6d, I £U 15s; W. A. Soper (Greenfield), 1 steer £8 ss; 1 2 bullocks £ll. The National Mortgage and Agency Co., Ltd., sold: For Peter Campbell (Wyndham), 2 bullocks £l6 2s 6d, Jl heifer £ll 2s Cd, 1 £lO 17s 6d, 1 £lO 12s 6d, 1 £lO 2 S 6<l, 1 £9. 17s 6d, 1 £9 15s; New Zealand and Australian Land Co. (Hampden), 1 £ll ,10s, 2 £lO 12s 6d, 2 £lO 7s 6d. 2 £9 15s. 2 £9 ,2s 6d; D. Williamson (Poolburn), 1 £lO 15s. New Zealand Loan and Mercantile Agency Co., Ltd.,, sold: For Miss L. MacManus (Tokanui), 2 bullocks £lB 6a. 1 £l7 17s 6d. 1 £16., 1, heifer £l2 1 Os, 1 cow £lO 15s; Thomson’s, Ltd. (Wairongoa). 2 bullocks £l4, 1 £l2 7s ,6d; Alexander Moynihan (Momona) 2 £l2, 4 cows £9 10s, 1 £7 10s; Robert Kirk (Mosgiel), 1 heifer £8 10s, 2 £7 12a Bd; D. Pringle (Cromwell), 1 £8 ss. ——Wright, Stephenson and Co., Ltd., sold: For J A. Sutherland (Momona), 3 bullocks £lB 15s; W.'Lindsay (Alldnton), 2 £l6 12s 6d; H. Mitchell (Outram), 2 £l6, I £lO 7s 6d; D. Bryce (Lovell’s Flat) . 3 £l4, 2 £l3 2s 6d; Thomson and Co (Wairongoa), 2 £l3 17s 6d; J. G. Wylhe (Outram). 1 cow £ll 12a Gd, J W-J. £9 > * £B .- 1 £7 10s, 1 £6; Mrs W. Kirk (Mosgiel) 3 bullocks £ll 12a Bd; Sonntag Bros, (Brockville), 2 heifers £0 10s, 1 £7 7e 6d, 1 £5 7s 6d, 2 bullocks £8 2s Gd; J. A. Thomson (Clutha Mand). 1 cow £8 7s 6d. Donald Reid Ltd., sold: For D. Nicolson (Oturehua), 1 bullock £l9 2s 6d, 1 £l7 10s, 1 £l4 7s 6d, 1 £l2 17s Od; John Sutherland (Momona), 3 £lB 15s, 1 £l3, 1 cow £7 15s; executors late William Kirk (Mosgiel), 1 bullock £l4 17s 6d; Charles Noone (Ida Valley), 2 £l4 10s, 1 £l2 15s. The Otago Farmers' Cooperative Association of N.Z., Ltd., sold; For Southland. FWmers’i Co-operative (Invercargill. as agents), for R. Scott (Tuatapere), 1 bullock £l9 2s 6d, 1 £l7 10s, 2 £l6 17s 6d, 1 heifer £l2 17s 6d, 1 £l2 15s, 1 £ll 7s 6d; H. Thompson (Outram), 1 bullock £ls 15s, 1 £ls 12s 6d; W. Lindsay. (Allanton), 2 £ls 7s 6d, 2 £l3 Ss; C. Noone (Ida Valley). 1 £ls 2s 6d, 2 £ VI I? 8 * ?• Thomson (Outram), 1 £ls. J ~£l4 7s‘ Gd; G. Bartlett (Waitahuna), 1 beifer £l4 15s, 1 £l2 15s; Miss C. Petrie (Berwick), 3 bullocks £l4 2s 6d, 1 £ls; (Ranfurly), 1 £l4 2a 6d. 2 (Lime Hills), 1 £l4, 1 £l3 15s, 2 £lO 12s 6d;W. Kirkland (East Taieri) 1 £l3 17s 6d, 2 £l3 2g 6d 2 ,V°VF las (East Taieri), 1 £l2 17s 6d, 1 heifer £8 15s, 1 bullock £l2 2s 6d,. 1 £lO 15b; Thompson, Ltd. (North Taieri). 2 £ll 17s 6d; R. Mitchell (Out, ram), 1 heifer £11; J, Sinclair (Waitahuna), 1 bullock £lO 10s, 1 £7; S. Bray (Waikouqiti). 2 £9 10s 6d; ■ A. M'Millan '(Waikouaiti), 1 heifer £9 7s 6d, 1 £8 17s 6d; W. Lindsay (Allanton), 1. heifer £8 10s.

■ Store Cattle.—A small yarding came forward and met with fair competition, values being on a par with last sale. Stronach, Morris, and Co., Ltd., sold; For Lyders Bros. (Berwick) 1 cow £7 7s 6d,_ 1 £7, 2 £6 15s, 2 £5 17s 6d, 2 £5, 2 £4 ss, 2 £3 2s 6d, 2 £2 7a. 1 £1; A, Scott (Burnside), 1 cow £6 7s 6d, I heifer £5 68, l cow £4 15s, 1 £4, 1 £2 17s 6d; a client, 1 bull £2 7s 6d.—-The National Mortgage and Agency Co., Ltd., sold: For D. Williamson (Poolburn), 2 steers £8 12a Cd. 2 £7 7s 6d, 3 £7 ss, 3 £6 16s, 2 £5 10s, 1 vealer £6 16s. 2 £5 7s, 1 £4 ss, 1 £3 10s, 1 £3 16s, 1 £$ 13s, 6 £3 Is, New Zealand Loan and Mercantile Agency sold: For Drummond Pringle (Cromwell). 3 steers £7, 3 heifers £3 10s. 1 cow £5 Bs, 1 £4 Is; H. Horne (Henley), J, Is., 1 £4; a client, 1 heifer £4; pi J- Nimmo (Ngapara), 1 heifer £3 17s 1 £3 7s 6d, 3 vealera. £2 4s, X £2 3s, 3 £1 15s, 2£l 12s. Wr)ght, ‘ Stephenson, and Co. Ltd,, sold: For J. G. Wyllie (Outram), 1 cow £8 7s 6d, l-, £6 15s; W. J. Spence (Heriot), 2 cows £8 7s 6d, 3 £7 s®> l. f 5, l £4 17b 6d; H. A. Somerville (Waitati), 1 cow £7 15a, 2 £7 ss, 1 £7 2s 6d, 1 £6 7s 6d. 3 £3 16s; W. Robinson, jun., (Lovell’s Flat), 3 heifers £6 15s; Sonntag Bros, (Brockville), 1 cow £5 ss; A. Moynihan, sen. (Momona), 1 bull £4 12s 64. 1 £3 17b 6d. I £3 16b; J. A, Sutherland (Momona), I cow £4 7s 0d; a Taieri client. 4 vealera £4 Is, 3 £2 17s. 1 £2 ss; H- Hall (Pine Hill). 1 cow £2 ss. Donald Reid and Co., Ltd., sold: For T, Agnew (Taieri Beach), 1 vealer £2 Is, 1 heifer £6 ' 10s; E, Laverty (Taieri Beach) 2 steers £6 6a; W. Merilees (Taieri Beach), 1 bull £2 15s; H. MTn- « h ,,(.T aleri Beach), 1 cow £2 15r; Mrs R. Miller (Brighton), 1 cow £9 15s; D. Nicholson (Oturehua), 1 vealer £6 Is 1 L £3 8s > 1 £3 > 2 c °ws £3 10s; ’N. M Coll (Green Hills), 1 cow £0 ss. The Otago Farmers’ Co-operative Association, Ltd., sold: For W. Lindsay (Allanton), 1 cow £lO ss, 1 £9 15s, 1 £9 10a 1 £9 ; 6 8 . 1 £9. 1 £6 10s, 1 £6 7s 6d. 2 £6. 1 £5 ss. 1 £5. 1 £4 17b 6d. 2 £2 12s 2 vealera £1 ss; John Black (Mataura), 1 ww no 17s 6d, 1 £lO 12 S 6d, 1 £lO 10s, 12», 1 10a; John M'Lennan (Wyndham), T fo . £fs v l £9 > 1 £ ® 17b 6d, 2 £8 16s, 1 £8 10s, 1 £8 ss, I £8; W. Curran (West Mmijb). 1 cow £9 7s 6d, I £9 sa. 1 £9, 1 £8 Jolm Russel] (Lome, Invercargill). 1 cow . 15 , a i 1 i 8 s ?>l £ 7 10s, I£s ss, 1 £5, £7 !°s ! steer £6 7s 6d, 6 £3; Joim Wilson (Omakau), 1 cow £8 ss. 2 £B. 1 £7 2s 6d 1 £ L l7b 6d J 1 £5 10 ®. 1 *3 iOa; T. Wmtrup Green Island). I'heifer £7; J. Sinclair (Waitahuna). 1 cow £5 12s 6d; Dan Ross (Fan-view). 1 heifer £B, 1 f 7,^ 1 U 19 s ’ 1 £7 5s - 1 £7, 1 £6 15s, lps, 2 £6 15s, 1 £2 ss; John Prvde (Mornmgton). 1 heifer £8; A. B. Hall (Ranfurly), 1 vealer £3 19s, 1 £5 Iss. I £4 15s, 1 £4 12s 6d. 1 £4. 1 £3 15s. 1 £3 10s 1 £3 6s, 1 £3 2s 6d, 2 £2 I2 S 6d. 1 10 xl ; a , cllo i lt . 1 steer £6; Hope Bros. (Nenthorn). 6 heifers £4 17s. 13 vearhngs £2 12s 6d, 3 vealera £2; a client. 1 cow £2; Thomas Wheeler (Ravensbourne) £S - 1 £? Hb: A. M’Millan. iun! (Waitahuna.), 1 steer £3 17s 6d, 1 cow £2 16s; A. Brown (Taieri Mouth), 1 cow £3 J. Knarston (Taieri Mouth), I cow £3 ss, 1 £2, 10s; Robert Wilson (Riverside), 2 cows £5 ss. 1 £2 15s- a client. 1 steer £2 7s.Bd. U vealera £2 6s; Bayne Bros (Taieri -Mouth). 2 vealers 5s 8 U Jol i. n Thompson (Allanton). 1 vealer £2 15a, 2 £2? ss. 1 £1 17s. Dairy Cattle.—Stronach, Moi-ris, and Co. Ltd., sold; For H. Foote (Purakanui), 1 dairy cow £9 12s 6d; J. Foote (Purakanui), 1 dairy cow £9 2s Gd; J. T- Clarke (Leith Valley), 1 dairy cow £8 I7s od, 1 £8; 1 dairy cow £4.— New Zealand Loan and Mercantile Agency Company, Ltd., sold; For James Crane (Waitahuna), 1 cow £8; H. Horne (Henri, Wright, Stephenson, and Co., Ltd., sold: For George Donaldson (Burnside), 1 cow £l4. 1 £H ; W. H M Bean (Omakau), 2 £9 17s 6d, 1 £9 ss, 1 £9, 1 £8 17s 6d.——Donald Reid and Do,, Ltd., sold: For James Palmer, 1 cow j^n 7s /rS d ’ 1 1 £ 4 17s 0(1; James Liddell (Taieri Beach), 1 cow £5 16s, 1 £6; ft client, I£9 16s. The Otago Farmers' Co-operative Association of New Zealand, Ltd., sold: For William Lindsay (Allanton). 1 cow £9 17s Bd. 1 £9 15s, I £9 I2s 6d, 1 heifer £9 10s, 1 £8 17s Bd, 1 £8 ss; J. Knarston (Taieri Mouth), 1 heifer £ll 6s, 1 £9 15a, 1 cow £9 15s; John Thompson (Allanton), 1 cow £9 17s 6d; a s ,^*i t,ie l n cllen t. 1 heifer £9; D. M'Donald (Mosgiel) 1 cow £lO ss; G Booth (Leith VaUey), 1 heifer £8 2s Bd, I £7; lan Icow 1 £7, 1 £0 I7s 603 G. Vernon (Brockville). 1 cow £5 I2s Gd.

Calves.—Stronach, Morris, and Co. Lt if i fi ? ,d L For Tpm Hnll ( N - E - Valley), 1 calf 14s 6d; J: T. Gilbert (Port Chalmere), 1 calf Cs, 1 Ss. Wright, Stephenson and Co.. Ltd,, sold: For C B/e« s ®ell (Outram), 1 calf 16s, 1 12s; , ■- J V? pencer . (Purakanui). 1 14s, 1 13s. 1 7s Gd, Is sd; J. R. Mathieson (Tomahawk), 1 5s Gel. Donald Reid and Co M Ltd. sold: For M. Malej (Milton). 1 calf 15s; Mrs W. Morrison (Otokia). I calf sa, 1 10s. —The Otago Farmers’ Lo-operativo Association of hew Zealand, Ltd,, sold; For T, Dalziel (Mount Grand), 1 calf 20s; J. W. Laing (Sawyers' Bay), 1 20s, 1 12s; F. Johnston (Momona), 1 13a; D. Irvine (Anderson’s Bay) 1 10s; T. Davey (Fairfield), 1 10s; W. Knox

{Green Island), 1 9s; J. R, Mathieson (Tomahawk), 1 7s; J. H, Johnston (N.E. Harbour), 1 Gs. Fat Sheep.—A large yarding of 2900 sheep came forward. The quality was mixed, and included a large number of light and medium wethers and ewes, with a small proportion of prime heavy ewes. There was nothing outstanding in the way of heavy wethers forward, with the exception of one or two pens. The sale was fairly even throughout, although the last two races sold were- down on the opening rates. Prices for extra prime ewes and wethers were fully equal to last sale. Medium'weight butchers’ sheep were easier by Is per head, whilst freezing weights were unchanged. Quotations: fixtra prime heavy wethers, to 34s 6d; prime wethers. 24s to 295; medium wethers. 19s to 225; freezing weights, 15s to I8s; extra prime heavy ewes, to 27s 6d; prime ewes, IGs to 20s; medium ewes, 14s to 15s; freezing weights, 9s to 13s.— Dalgety .and Co., Ltd., sold: For G. J. Fox (Fortrose), 19 wethers 28s. 12 255, 10 245, 15 19s, 6 ewes 18s; Cross Bros. (Otama), 14 wethers 24s 6d. 22 19s 6d, 7 225, 11 17s 6d, 6 17s 3d: John Imrie (Mosgiel). 1 pen ewes 19a; J. E. Leask (R.D. Oturehua), 72 wethers 17s 6d, 34 15s, 30 14s 9d; J. L. Lethbridge (Tarrap), 14 wethers 25s 9d, 29 19s 3d, 27 18s 9d, 29 17s od, 28 ewes 25s 3d, 19 25s 3d, 23 22s 3d; John Haub (Green Valley), 10 wethers 21s. 20 10s, 24 18s Od. —- Stronach, Morris, and Co.. Ltd., sold: For G. J. Fox (Fortrose), 19 wethers 28s. 24 24s 3d, 10 20s 6d, 4 19s. 3 ewes 16s 9d; Trip Bros. (Heriot), 8 ewes 25s 9d. 8 245, 24 2Js 9d, 12 18s 9d, 218 s; R, J. Thompson (Middlemarch), 9 wethers 23s 3d, 17 ewes 15s; E. R. Smith (Beaumont), 1 pen wethers 21s 3d: Miss M. E. Manson (Bannockburn), 1 pen wethers 16s 3d, 2 pens ewes to 13s; 1 R. M. Johnstone (Sutton). 22 ewes 15s 3d 12 13s 3d; J. Walker (Pukekoma), 39 ewes to lls 6d; E. N Little (Pukekoma), 21 ewes lls; T. Duggan (Matakanui). 3 pens ewes at quota tions; client, 2 pens ewes to 19s 6d.—— The National Mortgage and Agency Company of New Zealand, Ltd., sold: For P H. MTienn (Waimumu), 19 wethers 34s 6d. 14 30s 3d; A. J. Rotting' (Stirling), pen wethers 33s 9d. 7 26s 9d, 10 ewes 225; Stalker Bros. (Kelso). 30 wethers 30s 6d, 5G 28s, 30 20s; M. Ischia (Gore). 16 wethers 29s 3d, 9 24s Cd. 11 ewes 23s <3d, 14 10s 3d; lan Haggitt (Mataurp), 4 wethers 295. 14 21s, 12 ewes 20s 3d. 18 17s 9d, 12 I7e 6d; William Reid (Queensberry), 5 wethers 28s 3d, 3 ewes IBs Bd. 20 wethers 17s 6d, 26 16s 6d; D. M'Lennan (Dunrobin), 11 wethers 22s 6d, 13 18s 3d, 6 ewes 14s; A, W. Forrest (Waianiwa). 23 ewes 225, 16 19s, 10 18s 3d, 6 17s; A M'Kenzie (Moa Flat), 18 ewes 21s Bd, 12 14s 3d; T. F. Landels (Gore), 17 wethers 19s, 30 18s, 17 I6s 6d; S. F. Bartrun (Kyeburn), 22 ewes 14s -9d, 24 13s, 16 Us 9d; V. Kelliher (Alexandra), 26 ewes lls. 20a 10s 3d, 18 10s; W- M'Millan (Mount Pisa, Cromwell), 2 -trucks wethers at quotations.- The New Zealand Loan and Mercantile Agency Company. Ltd., sold: For Estate R. Robinson (Moneymore), 11 wethers 265, 11 IBs Gd; Mrs M. E. Allan (Moneymore), 11 ewes 18s 3d. 16 16s 3d; James Chalmers (Manuka Creek), 11 wethers 18s, 26 17s, 29 IBs 6d; D. A, Drinnan (Milton), 10 ewes 14s 6d. ——Wright. Stephenson, and Co., Ltd., sold; For W. J, Spittle (Waikoikoi), 19 wethers 295; W. H. Murcott (Hampden). 10 wethers 28s 9d, 8 225. 29 17s, 26 16s 6d. 36 15s, 5 ewes 0s; John M'Donald (Oreti), 8 ewes 27s 6d, 15 24s 6d, 14 24s 3d, 13 245; P. Williams (Kelso), 14 ewes 22s od, 15 13s, 12 lie 6d. 14 lls; J. Clark (Waipounamu), 22 wethers 20s 9d, 17 20s, 10 10s Cd, 12 15s 9d; D. M'Fadgen (Hillend), 13 wethers 18s 3d;R. Nevill (Tawhiti). 5 wethers 17s 3d, 16 ewes 14s 9d, 22 10s; H. Master (Wyndham), 38 wethers 16s, 47 14s, 43 13s; D. Falconer (Kelso). 16 ewes 16s, 20 15a, 25 13s; Cuttance Bros. Maungatua), 8 ewes 13s 9d.——-Donald Reid and Co.. Ltd., sold: For James Lockhart (Moneymore). 13 wethers 26s Bd; Pearce Bros. (Waipiata), 11 ewes 24s 3d, 13 21s Od, 11 21s. Bd, 10 18s; H. M'Neill (Milburn), 2 wethers 25s 3d. 6 ewes lls 3d; J. A. M'Neill (Milburn), 1 wether 24a 3d, 1 ewe 12s; Mrs C. Wiseby (Milburn), 5 wethers 24s 3d; J. Preston and Son (Kyeburn), 13 wethers 21s 6d, 17 19s 3d, 14 18s 9d, 19 18s 3d; Allan Bros. (Rock and Pillar), 16 wethers 21s 3d. 40 19s - od, 19 18s, 18 17s 6d, 13 16s 6d, 14 16e 3d; J. H.. Paul (Milton), 12 ewes ,21s. 14 15s; W. Gibson (Patearoa); 9 wethers 19s 6d, 31 17s, 21 16s 9d, 32 16s. 27 14s 9d; R. G. Lockhart (Clarksville). 22 wethers 19a 3d; E. Harrison (Motaku). 12 ewes I7e 3d, 23 12a 3d, 24 10s 9d; J. G. Ward and Co. (Invercargill, as agents), 34 ewes 17s, 18 15s 6d; T. Wishart (Henley), 14 ewes 15s, 23 10s; John Wilson (Omakau), 11 wethers 13s 9d, 7 ewes 12s 3d; Robert Allison (Moneymore). 12 ewes 12a; James Jensen (East Taieri). 25 . ewes 10b 6d; Jrß. Hagen (Milburn). 8 ewes 0s 9d. The Otago Farmers’ Co-operative Association of New Zealand, Ltd., sold: For Southland Farmers’ Co-op (Gore,- as agents), 10 ewes 26s 6d, 9 26s Od, 16 245, 14 22s 3d; Miss Twelthtree (Berwick), 4 wethers 23s 6d; R. Flett, jun. (Milburn), 3 wethers 225, 1 ewe 15s, 9 10s Od;- William Clark (Kelso), 8 ewes 18s 6d, 21 15s 9d. 22 13s 3d, 11 lls 3d; R. A. Young (Naseby), 26 wethers 17s 6d, 61‘10s Od, 33 14s; Gibson Bros. (North-Taieri). ewes 16s 3d; James Lockhart (Moneymore), 6 ewes 17s 9d; a Henley client, 5 ewes 17s 9d, 13 13s 6d. 2,rams IBs; James Jensen (East Taieri). 14 ewes 12s 3d, 16 10s 9d; P. Scanlon (Milton), 9 ewes T2s, 5 10s. , ' Fat Lambs.—There was a large yarding: of about 1200 lamha. Competition was keen for all prime quality, which sold on a par with last sale. Quotations: Extra heavy butchers’ iambs, to 265; prime, 20s to 2ls 6d; medium, 17s to 19s: light, 15s to 16s. Dalgety and Co., Ltd., sold: For John Imrie (Mosgiel), 3 lambs 265; S. Anderson (Swampy F(at), 15 255, 12 22e 6d; Fred. M'Kay (Happy Valley), 16 21s 3d, 20 19s 6d. Stronach, Morris, and Co., Ltd., sold; For A. Tayles (Gore, Murray, Roberts and Co., Ltd., as agents), 13 lambs 23s 6d, 18 235, 19 225, 30 20s 0d; T. Duggan (Matakanui) 28 20s 9d, 3 19s 6d; W. D. Wright (NorthTaieri), 1 pen 20s 3d; Mrs May Ball (Omakan), 30 20s, SO 19s, 13 I7s;„ E. R. Smith (Beaumont), 5 18s, 34 17s 9d, 31 15s; A. Clark (Waitati), 37 to 16s 6d. The National Mortgage and Agency Company of New Zealand, Ltd., sold: For 6. N Steele (Chrichton), pen lambs 255, 12 21s 6d, 28 19s 3d; P. H. M’Lean (Waimumu), 4 23s 3d, 18 22s 6d; client, 22 225. 53 18s 9d; Mrs E. E. Huddleston® (Auripo), 38 20s, 35 18s; W. Reid (Queensberry), 200 18s 9d, 67 17s 3d; J. O’Connor (Adams Flat). 25 18s 9d; A. J. Dotting (Inch Clutha), 12 18s. The New Zealand Loan and Mercantile'Agency Co.. Ltd,, sold: For James Robinson (Moneymore), 5 lambs 22s 3d, 15 21s 9d: Francis Johnson (Momona), 4 225. 4 19s 3d; Den:%. Nolan (Moonlight), 2 trucks at market rates; George Brown (Stirling). •10 20s 3d, 24 18s 3d; D.- A, Drinnan (Milton), 8 20s, 4 16s 9d; <Thomas Finnie (Saddle Hill). .6 IDs 3d. Wright, Stephenson, and Co., Ltd., sold:- For Cuttnnee Bros. (Maungatua), 6 lambs 21s 6d; J. S. Miller (Palmerston). 27 21s, 41 20s Od,. 217 s 6d; W. D. Wright (North Taieri), 3 19s; F. Johnson (Momona), pen 235, 8 21s 3d; R. Nevill (Tawhiti). 21 18s; C. Brenssell (Outram), 17 17s 3d. Donald Reid and Co., Ltd., sold: For. Pearce Bros., (Waipiata). 6 lambs 235, 8 20s; T. Wishart (Henley), 4 235, 12 20s 3d; J. H. Paul (Milton),-9 21s. 22 20s 3d. 15s 19s 3d; Mrs C. Wisely (MUburn), 6 21s, 17 10s; D. Russel! and Son (Milton). 11 20s; R, G. Lockart (Clarksville), 12 19s 3d; J. B. Hagen (Milburn), 217 s Cd; B. Petrie (Limesprings), 33 17s 3d, 41 16s 6d, 36 Iss, 28 12s; Robert Allison (Moneymore), 8 17s; John Wilson (Omakau), 16 16s 6d.- The Otago , barmens’ Co-operative Association of New Zealand, Ltd., sold: For Miss Twelthtree (Berwick), 4 lambs 24s 3d, 7 22s 9d, 11 21s 6d, 4 17s; A. J. .Smellie (North Taieri), 15 24s 6d, 14 22s 6d; J Fraser (Berwick). 1 21s 6d, -18 18s. 4 15s 0d: W D. Wright (North Taieri), 219 s 3d. - Fat Pigs.—Seventy-eight pigs were yarded, and sold on a par with last week. -—Stronach. Morris, and Co., Ltd., sold; For Ivan Downes (Warrington), 2 pigs £4 17s; Seacliff Mental Hospital (Seacliff), 6 pigs £4 lls, 5 £3 17s, 1 £3 4s, 1 £2 14s; Francis Browne (Warrington), 1 Pig £4 Is, 1 £3 10s; F. T. Williams (N.E Valley), 2 pigs £2 19s; C. Spain (Waverley), 2 pigs £2 19s, 4 £2 17s, 2 £2 15s 1 £2 9s; A. Seymour (Upper Junction).’ 2 pigs fSI 12s: a client, 1 pig' £2 9s. 2 £2 os. —The National Mortgage and Agency Co., Ltd., sold: tor C. R, Smith and Sous (Bushey), 1 pig £3 2s, 3 £3. 2 £2 10s 1 £2 14s, 1 £2 13s 2 £2 9s, 2 £2 6s, 1 £2 ss, I £1 13s. New Zealand Loan and Mercantile Agency Co.. Ltd., sold: For Mrs Leper (Mosgiel), 1 pig £3 I3s. 2 £3 3s; Arthur Light (Milton), 2 pigs £2 17s, 1 £2 16s, 2 £2 15s, 1 £2 8s; Wright, Stephenson, and Co., Ltd., sold: For W. Price (Upper Junction), 1 pig £4 1 B 1 £3 14s; J. R. Deaker (Flag Swamp). 3 pigs £3 Us, 2 £2 19s, 4 £2 17s, 2 £2 Is; T. Hackett (R.D. Outram), 2 pigs £2 15s. ——Donald Reid and Co., Ltd., sold; For John Wilson (Omakau), 5 pigs £4 10s, 1 £3 13s; Alfred Jones (Kaikoraj). 1 pig £3 15s; E. M, Parke (Brockville), 1 pic £3 ss; W. Hastie (Pine Hill), 2 pigs £2

12s 6d; a Green Island client. 8 pigs £2. i The Otago Farmers’ Co-operative As- ! sociation, Ltd., sold: For W. Taylor (Mosgiel), 2 pigs £3 10s; F. Stivens (NorthEast Valley), 1 pig £3 6s; C. Spain (Dun--1 edin), 3 pigs £2 17s; E. M. Perch (Brocki ville), I pig £2 7s. j Store Pigs.—Dalgety and Co., Ltd., sold: For John M'Kenzie (Woodside), 1 pig ! 15s 6d, 3 14s 6d. Stronach, Morris, and i Co., Ltd,, told: For a client, 7 pigs 7s i Bd. ——Wright, Stephenson, and Co., Ltd., ; sold: For W. Anderson (Wylie’s Crossi ing), 2 pigs 22s Bd; a Taieri client. 4 pigs 21s 9d. The Otago Farmers’ Cooperative Association, Ltd., sold: For Salvation Army (Mosgiel), 1 store pig 20s; ; a Milton client. 4 store pigs 14s, 5 12s; A. G. Leydan (Waitati), 3 store pigs Bs. COUNTRY ORDERS Forward your next order for meat to Salisbury Butchery, Stuart street. We specialise on rail orders Only Prlmest Ox Beef and Wether Mutton. Cheapest ohop’tor — Advt ADDINGTON MARKETS. (Per United Press Association.) CHRISTCHURCH, May 21.. The features of the weekly metropolitan market at Addington to-day were increases in values for tat lambs, fat sheep, and store sheep. Fat cattle • also sold well, but with little alteration in values. Store Sheep.—There was a very small entry, and it met with a very free inquiry. Forward lambs, for which export buyers competed, advanced up to 3s ■ a head on late rates. Medium sorts recorded a rise of 2s a head, and cull lambs were better by la a head. Adult sheep t also sold at advanced rates, the rise in the, case of the better class of ewes being Is and up to'2a a head on last week’s rates. Forward wethers sold better than, last week by 2s a head. Values were;—Medium ewe lambs, lie to 13s 8d; cull ewe lambs, to 7s Od; extra good wether lambs, 13s to 15s 2d; ordinary wether lambs, 8s 6d to lls; cull wether lambs, to ss; good four, six, and eight-tooth three-quarterbred ewes. IBs to 19b; ordinary eight-tooth halfbred ewes, 12s 4d to 13s 9d; ordinary twotooth halfbred ewes, 13s 2d to 17s 9d; I ailing-mouth halfbred ewes; 3s 9d to 10s; good four and .six-tooth halfbred wethers, IBs to 18s; medium four and six-tooth halfbred wethers, 12s to 15s. Fat Lambs.' —There was an entry of 2509 head. The sale was a very good one, and values recorded an increase of Is and up to 2s a head on last week’s rates. Values were:—Extra prime lamha to 27s 7d; prime lambs; 23s to 25s 6d; medium lambs, 19s Od to 22a 6d;- light lambs, IBs to 10s. • Fat Sheep.—Fat sheep penned totalled about 4600 head, and their sale was a ready throughout. Values for both classes were a shade better than at last week's market, ewes advancing Is a head. Values were:—Extra, prime wethers, to 30s 4d; prime wethers, 26s to 28a 6d; medium wethers, 23a to 25s 6d; light wethers, 17s to 22s Bd; extra prime ewes, to 25s Id; prime ewes, IBs to 22a 6d; medium ewes, 15s, 6d to 18s Od; light and aged, 10s to 14s 6d. Fat Cattle. —There was an entry of 366 head, just sufficient to meet the requirements of butchers. The sale was a freer one than that of last Week, but there was little quotable change in values. Best medium-weight beef made from 36s to 38s Od per 1001 b, and in some cases a little above that figure; medium quality from 28s to 31s;. heavy steers, from 31s Bd to 345-Qd; good cow, from, 25s to 27s 6d; secondary, 22s to 245. and rough down to 20s. Values were:—Show steer, £22 7s Bd; extra prime heavy steers, to £2O; prime heavy steers, £l4 10s to £l7; prime medium-weight steers, £ll to £l4 ss; ordinary quality steers, £8 to £lO 10s; light steers, £6 to £7 15s; extra prime heifers, to £ls 7s Od; prime heifers, £8 10a to £ll ss; ordinary heifers, £6 -lls to £8; light heifers, £4 to £6 6s; extra prime cows, to £ls 12s Bd; prime cows, £8 to £lO 10s; ordinary cows, £5 to £7 10a; light and aged, £4 ss. to £5 10s. , Vealers.—There was a small entry, which included lines from Otago, All good calves sold on a slightly higher basis, but poor sorts sold indifferently. The top price for the sale was £6 3s 6d. ■ Store Cattle.—There was a small entry, and quality generally was poor. Last week’s rates were maintained, however, for the better sorts offering. Eighteenmonths to two-year-old steers made up ‘to £5 8s 6d; and cows sold up to £5 16s. Potting bulls sold air late rates, the top price for them being £7 lls. Dairy Cattle. —There was an' entry of 56 head of very mixed quality. Outstanding sorts attracted keen competition, but it was a dull sale for the remainder. Values were: —Best second and ■ third ealvers, to £l6 10s; good, £l3 to £l4 10s; others, £3 to £l2; good Heifers, £l2 to £l4; medium, £9 10s to £11; others, £6 15s to_£B. ' Fat Pigs.—There was a small entry of porkers, and heavy sorts sold at slightly advanced rates, with the remainder on’,a par with last week. Bacon values remained, firm. Values were::— Chonpera,- £3 to £6 6s: light porkers, £2' to £2 Ts 6d; heavy porkers, £2 10s to £8; average price per lb, 7d to 7Jd; light baconers, £3 3s>to £3 15s: heavy baconars, £3 I7s 6d to £4 10s 6d; extra heavy baconers, £5 6e Od; average .price per lb, Od.to 7d. ■ ' - ■ Store Pigs.—There was a medium yarding and values were little changed. Values'' were:—-Large stores, 28s to 365; medium, 21s to 265; small, 15s to 17s 6d; slips, lls to 13s 6d; weaners, 7s 6d to 12s Cd.

DUNEDIN STARR-BOWKETT BUILDING SOCIETY. A meeting of shareholders in the Dunedin Starr-Bowkett Building Society was held in the Oddfellows' Hall, Stuart street, last evening, Mr S. Smith was in the chair, and a number of shareholders, were present. The hundredth and sixteenth appropriation of £SOO in the No. 4, group was disposed of by ballot, cluster No. 12 being drawn, held by one shareholder. The Sixty-fifth appropriation of £SOO in the No. 5 group was offered by sale and realis/i £l4 per cent. The thirty-eighth appropriation of £SOO in the No, 6 group was offered by sale and realised £2O per cent, MELBOURNE WOOL SALES. , (United Press Association.) (By Electric Telegraph—Copyright.) MELBOURNE, May 21. (Received May 21, at 10 p.m.) At the resumption of the wool sales the. demand was very strong for all ; better class merinos, for which there was a pronounced hardening tendency. The offerings totalled 8000 hales, and satisfactory clearances were qiade. SYDNEY WOOL SALES. (United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY. May 21. (Received May 21, at 10 p.m.) At the wool sales the offerings totalled 9577 bales, of which 9153 were sold, in addition to 1143 privately. The French competed very actively for wools showing quality, and the Japanese sought medium quality well-grown lines. Prices were generally at the best point of the week, and greasy mQrino brought 215 d. ORANGES FROM COOK ISLANDS FIRST DIRECT SHIPMENT. ' (Special to Daily Tikes.) AUCKLAND, May 21. The steamer Waipahi, which arrived this morning, brought, the first direct shipment of oranges from Cook Islands The' consignment totals about 16,000 cases, of Vhich 10,000 are for the Auckland market. The Maui Pomare, due towards the end of the week, will have on board 6000 cases of bananas from Samoa, half of which are for this market. It also brings 3000 cases of bananas from Niue Islands for the south. It is expected that from now on to the end of tho season there will be regular supplies of oranges and bananas from the Islands.

Paid-up benturo *ReNet , DiviPf. Or p.c. p.c 5J 7 Mar. 31. 1B21 capital. £ 535,746 stock. £ 365,154 serves. & 94,813 profit. £ 29,584 1022 536,410 400,829 86,406 25,392 51 7 1023 538,114 499,828 83,152 30,001 5J 7 1021 541,889 546,268 90,378 39,809 55 7 1925 543,052 556,093 101,823 45,134 51 7 1926 544,357 578,193 113,713 45,656 51 7 1927 545,632 570,493 106,413 26,562 51 7 192S 546,907 569,993 107,606 35,144 51 7 1929 548,182 600,353 111,142 37,576 '51 7 1930 549,144 687,339 112,882 36,035 51 7

March 31. fixed Assets. Total Assets. Ratio per cent, 1323 .. 251.100 2,069,067 12.14 1924 .. 308,060 2,115,422 14.56 1825 .. 354,814 2,297,839 15.44 1820 .. 400.402 2,311,425 17.32 1927 .. 284,854 2,165,025 10.85 1828 .. 226,249 2,315,326 9.77 1920 .. 226,853 2,491,036 9.11 1930 .. 204,405 2,806.976 10.55