COMMERCE AND FINANCE

Otago Daily Times, Issue 21146, 2 October 1930, Page 14

COMMERCE AND FINANCE

HE SHARE MARKET. DUNEDIN STOCK EXCHANGE. A sale of National Bank of New Zealands at 97s fld was reported on the Stock Exchange yesterday, the market closing with a seller at £5, and no buyers forward. A transaction in New Zealand Paper Mills at 19a 3d Was also reported, the closing quotations being, buyers 18$ 9d, and sellers 19s 9d. Okaritos were reported to have changed hands at 7s Id, buyers’ closing offer on ’Change being 7s Id, whilst sellers required 7s 3d. Bank of Australasias were on offer at £ll 18$, but buyers were not interested. Buyers of Bank of New Zealands were prepared to give 495, but sellers remained firm at 60s. Sales reported; National Bank of New Zealand, 97s fld; New Zealand Paper Mills, 19s 3d; Okarito, 7e 3d. , The following are yesterday afternoon’s buying and selling quotations, which are subject to the usual brokerage;— / BANKING. Bank of Australasia—Sel £ll 18s. Bank of New South Wales—Sel £3O ss. Bank, of New Zealand—Buy 40s, eel80s. -Commercial Bank—Sel 15s. - E.S._ and A. Bank—Sel £5 Bs. National Bank of New Zealand—Sel £5. Union. Bank—Sel £8 .Us. INSURANCE. National Insurance Co,—Sel 14a. New Zealand Insurance Co.—Buy 37s fld. ’ South British Insurance Co.—Sell 575. Standard Insurance Co.—Sel sfls. SHIPPING. , Huddart, Parker lord.) —Sel 335. Huddart, Parker (pref.) —Buy 19s 3d. P. and O. Deferred Stock—Sel 455. COAL,. Kaitangata—Buy 3s dis. ■ Westport Coal Co.—Buy 27s r - eel 29a Pd. Westport-Stockton (pref.)—Sel 3a fld. LOAN AND AGENCY, National Mortgage (“B")—Sel 355. New Zealand Guarantee Corp.—Sel 8s M. Perpetual Trustees—Buy 68s, Trustees, Executors, and Agency—Buy 090, Wright, Stephenson (ord.) —Sel 19s. . Wright, Stephenson (pref.)—Buy 15s. -- MEAT PRESERVING. ‘ Gear Meat Co.—Sel ■ 39s fld.. MIS9ELLANEOUS. •. Brown, Ewing (pref.)—Buy 20s, . B.ruce Woollen Co, (ord.)—Buy 9s 6d, ■el 12e,' Crystal Ice Co.—Sel 235. D.I.C. (ord.)—Sel 21s fld. * D.I.C. (pref.)—Sel 21s 6d. Dominion Rubber—Sel 12s fld, ' Milburn Lime and Cement—Sel 325. Mosgiel Woollen Co.—Buy £6 10b. National Electric—Buy Bs, sel 10s. New. Zealand Drug Co.—Sel 57s 9d. New Zealand Express (pref.)—Buy 15s Bd. _ New Zealand, Farmers’ Fertiliser—Sel 18b. ■ . _ New Zealand Paper Mills (otd.) —Buy 18s 9d, sel 19s fld. Regent Theatre—Sel 20s fld. Wilsons (N.Z,) Cement—Sel 39s fld. BREWERIES. Zealand Breweries, Ltd.—Buy 41s, •el 43s fld. : New Zealand Breweries Debent.—Buy 21s. Staple’s Brewery—Sel 41s. Dunedin Brewe^e—Bel 28s, MINING. Molyneux Electric—Sel 4s. Mahakipawa—Buy 7d, sel lOd. Kildare —Buy Bd, sel Is, Okarito—Buy 7s Id, set 7s 3d. Paddy's Point—Buy 2a fld, eel 3s fld. Taranaki Oil—Sel. 2s fld. 1 Cornish, Point—Sel fld. King Solomon—Sel Is. -; WAR BONDS; 4J; per . cent.-Bonds, 1938—Buy £99 12s fld, sel £IOO 2a fld. 4} per cent. Bonds, 1939—5 el £IOO 2s - fld. _ ■ &i. per cent. Soldiers’ Bonds, 1933 Buy £O9, . : • 5i per cent. Bonds, 1936—8uy £93 2s €d. Si per cent. Inscribed, 1930—Buy £B3 2s 6d. per cent. Bonds, 1937—Buy' £99.'. NORTHERN EXCHANGES. ' (PEa UmTED Press Association.) . .The following ’biwinesa was done on 'Changes yesterday:— Auckland.—Sales: War Bonds (1939), per cent., £100; Inscribed Stock (1938), 4J per cent., £99 17s fld; Inscribed Stock' (1930), 5J per cent., £99 7s fld;' Commercial Bank of Australia, 14a lid, 14s fld, 14s 84; Bank of New Zealand, 50a (four parcels); Union Bank, £8 10s; Farmers* Co-op. Auctioneers (B pref.), Jfls; New Zealand Breweries,>42s fld, 42s (late sales Tuesday), 43s 3d, 435; Taranaki Oil, Is fld; Mount Lyell, 15B: Farmers’ Trading, la 3d; Waihi, 14s Ud, Wellington.—Sales reported; Commercial Bank of Australia (ord.), 14$ 811 and 14s Od; Union' Bank of Australia, £8 11s 6d; New Zealand Breweries, £2 3s 3d; Napier Borough 5 per cent. (1944), £O2 ss; British Tobacco (ord.), £1 8s ,(ex div.), Christchurch.—Sales: Commercial Bank of Australia, 14s 8d (three parcels); Qoldsbrough, Mort, I7s 4d (two parcels); New Zealand Breweries, 425,. 4ls fld, 41s 4d, 41s 3d (two parcels); Mount Lyell, 15s 9d (three parcels); Taranaki Oil, Is fld. Sales reported: British Tobacco (ex dlv.), 28s 7d; Bank of New Zealand, ■ 49s fld, 49s fld.

WOOL SALE. POOR COMPETITION. A supplementary wool sale was held in Dunedin yesterday, when the offering (approximately 1400 bales) consisted principally of crutchings and oddments, with a few lots of fleece wool. Very few overseas buyers were present, and it was evident .from the start of the sale that their orders' were limited. The bulk of the competition came from the local buyers. From recent reports from London, brokers expected a' considerable drop in values, but were not prepared to accept the prices offered, with the result that a big proportion of the catalogue was passed in, some lots eliciting no bid at all. Any fleece wool-offering showed a drop from the July sale of lid to 2d per lb, while for pieces and crutchings the decline was much greater, and to effect sales from 2d to 3d per lb less than last sale’s rates bad to be accepted. The following prices were realised:— - FLEECE WOOL. ■First merino, to fld; medium merino, 6d to 7d; first balfbrcd, to 9d; medium halfbred, 7sd to 8d; inferior halfbred, 6d to 6Jd; first fine crossbred, to Sd;. first three, quarfer-bred, to 7ld; first crossbred, to “id; medium crossbred, 5Jd to 6jd; inferior crossbred, 4Jd to sd; first crossbred pieces, to 6id; second pieces, 3Jd to 41d. CRUTCHINGS. Super crutchings,-to s|d; good crutchIngs, 4d to 4|d; inferior crutchings, Id to 3d. ■* , LONDON WOOL SALES. (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, September SO. . At the wool sales 12,152 bales were offered, including 5206 from New Zealand. Approximately 15 to 20 per cent, were withdrawn, _ There was a good representative offering of all descriptions and a steady market at late rates. New Zealand greasy crossbred made 7d to Hid; halfbred slipe lambs, Waitaki «nd Fukeuri, Hid. Messrs Murray, Roberts, and Co., Ltd., have received the following wool market cablegram from their ‘-London agents, dated September 30, 1930: —“Competition less keen. Greasy merino and slipe crossbred, best descriptions, market shows no change. All other descriptions of wool declined 5 to 7i tw cent.”

LOCAL' AND OVERSEAS MARKETS,.

COMPANY SHEETS

THE NORTH OTAGO FARMERS’ COOPERATIVE ASSOCIATION. LTD, Paid-up General Net I)IvIJuly 31 Capital Reserves Profit dead ® « « P.C. 1820 37,500 b 29,948 13,728 8J 1921 37,300 18.147 t 3.358 7 1922 50,085 8,803 79.284 5 1923 50,270 5,439 t 1,344 5 1924 50,310 1,869 241 1925 50,8(0 307 38 1926 50,860 1,671 3,364 1927 50,360 1,375 1,954 1928 50,860 i *966 2,133 5 1920 50,907 553 2,284 ' 5 1930 50,907 96 7487 —, • Subject to income tax. t loss. Wfien the lot of this association had not been a very prosperous one in recent years, it was scarcely to be expected that the past season would effect any improvement. The result, of the year’s trading has been a loss of £487, which, when charged against the surplus brought forward from 1928-29, reduces the Balance at credit to £9O, As the directors’ report states, the unfavourable conditions prevailing have been more particularly felt by those engaged in connection with the agricultural and pastoral interests. It is unfortunate that the present slump has occurred so comparatively soon after the previous post-war depression, 1 The nature of the expenditure is fully detailed, but with the exception of depreciation, the relative figures are not given. The total of '£16,094 is slightly under that of 1928-29. but there is a remarkable closeness about the amounts of the past three years. The cause of the annual trading balance being on the wrong side is due to the shrinkage in gross profit, which, after a series of seasons when it has mostly remained on the one level, has fallen to the extent of nearly £3OOO. Below are the relative figures of expenditure and gross profit since 1010: Grow Expenditure Profit . Ratio £ P.c. 1919- 19,002' 32,730 OS.o’s 1920- 20,354 16,996 119,76 1021-22 17,022 8,638 207.48 1932-28 16,452 15,107 108.91 b 1623-24 15,700 16.701 63,50 1024-25 18,571 18,610 99.70 1925-26 15,384 18,648 81.06 .1020-27 14,747 16,701 88.30 1927- 15,953 18,086 - 88.21 1928- 16,125 18,409 87.50 1929- 16,094 15,607 103.12 It is the allowance for depreciation on plant and fittings that .causes -the excess of expenditure on this occasion. The paid-up capital remains at its prior figure which, as Before, is less than that of deposits. The deposits at £55,588 have been reduced by over £IO,OOO, and to judge by the position of the bank account, there is‘a further sum available for the same purpose. It does not appear what the special security, if any,, lor the deposits may Be, but the association is fortunate to, be able to borrow so large an amount without haring recourse to issuing debentures with their consequent; lien over the assets. A slight reduction has taken place in customers’ credit balances now standing at £7861, while the ordinary trade and sundry creditors have risen to £2657. Over the whole, there is a decided reduction in the oustanding liabilities. Among the liquid assets, stock occupies premier place. During the year it Baa risen to £39,162, a movement which, when taken in conjunction with the lower prices mow prevailing, would indicate that the quantity has appreciably increased. Its position in relation to sundry debtors has altered, the latter, having fallen to £38,747, which may account to some extent for the larger value of stocks held. Sundry debtors have-been subjected to a certain deduction, the amount of which is not stated, for bad and doubtful debts reserve. The bank account looks in a healthy condition with £3OOO on deposit and an almost equal amount' on current account. Possibly there was some intention to reduce the indebtedness shortly. There is no change in the book value of the. land, and buildings, aggregating £29,062, of which £25,723 is freehold and £3339 leasehold. There is still no provision made for depreciation-on the buildings, part of which is erected on leasehold property. The aggregate of £4262, to which the plant and fittings have been reduced, is arrived at after writing off £563 for wastage, which, being equivalent to over'll per cent, on the gross value, may be gaid to be a generous allowance, even when motor cats and motor wagons are concerned. It must be satisfactory to shareholders to learn that, notwithstanding the depressed conditions, the morerapidly deteriorating properties of the association are being carefully supervised in that respect.

LONDON WHEAT MARKET. (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, September 30. Wheat cargoes are steadier following a recovery in America. Buyers are apathetic. Part of the West Lynn’s cargo for Italy realised. 29s 6d. For parcels sellers are ashing a slight advance, but buyers are still holding off. There is a . fair amount of business. Russian cargoes, ex Matakana, Baradine, and City of Bedford, 28s i6d. Futures: London—December, 27s 4d; February,- 27s 3d. Liverpool—October, 5s 9Jd: December, .5s llid; March,- 6s Oid; May, 6s lid, STOCK EXCHANGE. (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, September 30. Bank of Australasia, £lO 15s; Bank of New South Wales, £3l 10s; National Bank of New Zealand, 107 s 6d; Bank of New Zealand, 4 per cent. Stock, £96 IQs, shares 51s 9d; Loan and Mercantile, 4 per cent, debentures. £SB 10s, ordinary stock (ex dividend), £O2.

WEEKLY MARKET REPORTS

v , „ ... . Burnside. October 1. irat Cattle,—A short entry of 164 came forward, as against 258 for last week. i e j.2 ua j y w ® s good, and from the outset the demand was keen, and prices can lie quoted as being firmer by £1 to £1 10s per head. Values were; Extra prime bullocks -£2O to £24 10s; prime, £l7 to £1?; medium and light, £l3 to £l6; extra prime cows and heifers, to £l6 17s fld; prime. £l3 to £ls; medium and light, £lO * ££'!•——-The National Mortgage and Agency Company of New Zealand, Ltd.. ro? r rt W ', L ln C } say (Allanton), 1 bul°,fi 1 /IS 15s, 1 £l7, 1 £l6 10s; C. F andlT.' Hunter (Glenham), 2 bullocks £l7 2a 6d, 2 £l7. 1 cow £ls ss, J^ ei o er a 1 ,4 5e > 2 £U i a. client, 2 bullocks kr —New Zealand Loan and mercantile Agency Company. Ltd,, sold: Tor Joseph Crane (Waitahuna), 1 bullae 1 A 22 V-? 1 . 7 17s ed - 1 £l6 15s, 1 : tin } sa \ 5b ? lrk , (Mosgiel), 1 bullock £ r° ss, 1 £l9-2s 6d; A. S. Murray (MosKiel), 1 bullock £2O 2s 6d, 1 £10; A. southern client. 1 truck of bullocks at full market rates; J. M. Smith (Kakanui). 2 bullocks £l9 15s, 1 £l7 12s 6d, 2 £l7 2s fld, 2.£16, 1 £ls 15s.——Stronach, Morris, and .Co., Ltd., sold: For Mrs A. Bell (Stirling). 1 bullock £24 10s. 5 *2O 2s 1 £lO ss; tL S. Fleming and yjv (Titiroa; J. E. Watson and Co., ■’? Invercargill, as agents), 1 bullock 15s, £1 £l9 17s 6d, 2 £l9 12s od, 2 *lB ss,- 1 £ls; executors of •ate W. Kirk (Mosgiel). 2 bullocks £l7 j, A;- S. Murray (Mosgiel),' 2 bullocks 17s 6d; J. Douglas (East Taieri), 1 bullock ,£l2 12s 6d;-Gibson Bros, (North Taieri), 1 heifer £l2 7s 6d; A. Moynihan (Momona), 2 bullocks £l4 10s, 1 heifer £l2 10s, Dalgety and Co., Ltd., sold: For A. S; Murray (Mosgiel), 1 bullock 12s 6d, 1 £lB 12s 6d; executors late W. Kirk (Mosgiel), 2 bullocks £lB ss; W. H. Young (Deborah), 1 bullock £l3. 1 £l2 10b; J. H. Douglas (Mosgiel), 1 bullock £l3, 1 £l2 ss. The Otago formers’ Go-operative Association of New Zealand, Ltd;, sold: For A. Renton (Stirling), 1 bullock £2l ss. 2 £l9 ss. 2 £lB 17s 6d, 2 £lB 10s. 1 £l6 17s 6d; P. M Shimming (Benhar), 1 bullock £2O 2s 6d, 4 £lB 6s, 1 £lB 2s 6d, 2 £l6 7s fld; Mrs A. Moore (Pukepito), 3 bullocks £l7 10s. 2 £l7 2s 6d; a northern 1 client, 2 bullocks £l7 2s ,6d, 2 £ls; Robert Wilson'(Riverside), 2 bullocks £l4 7s 6d; Gibson Bros, * (North Taieri), 2 heifers £l4 10s; James Douglas (Mosgiel), 2' bullocks £l4. Donald Reid and Co., Ltd., sold: For Robert Lockheed (Balclutha), I bullock £24, 1 £22 15s, 1 £2l 17s 6d, 2 £2l 10s, 2 £2l 2s 6d; Stuart Hall (Balclutha), 2 bullocks £22 16e, 1 £2l, 2 £2O 15s, 3 £l9; D. M'Donald (Edendale), 2 bullocks £2O 15s, 3 £l9 ss* 2 £l7 10s; a client (Stirling), 1 bullock £l6, 1 £l3, 12s .fld,'2 £l3 2s 6d, 1 £l2 12s 6d, 1 £11; A. Scott-(Burnside), T bullock £ls 2s fld. 2 £l4 17s 6d; Gibson Tiros. (West Taieri), 1 heifer £ls; J. Miller (Sandymount). 1 cow £l2 17s fld, 1 £ll 10s, 1 £ll 7s od, 2 £lo.——Wright, Stephenson, and Co., Ltd., sold: For Donald Macdonald (Edendale), 2 bullocks £24 10s, 1 £22 10s, 2 £2l, 2 £2O; A. Wright (Grey Lynn). 6 bullocks £22 17s 6d. 2 £22 10s, 2 £2l; A, Murray (Mosgiel), 2 bullocks £l9 7s fld; W, E. Hunt (Wallacetown), 1 bullock £l9 15a, 2 £l9 10s, 1 £l9, 2 £lB 12s 6d, 2 £1717s fld: Gibson Bros. (North Taieri), 1 heifer £l6 17a 6d; a client: 2 bullocks £ls 7e 6d, 1 heifer £10; Misses G. anfl A. Davidson (Brighton), 1 heifer £ll. Store Cattle. —A very small entry met with a good sale. There were few quotable lines, but all classes met with a good demand,—-New Zealand Loan and Mercantile Agency Company, Ltd., sold: For A. southern client, 6 steers £9 I2s, 1 heifer £8 14s, 3 £7 14s. The Otago Farmers' Co-operative Association of New Zealand, Limited, sold: For W. Curran (West Plains), 1- cow £l2 ss. 2 £l2 2s fld, 1 £l2, 2 £ll 2s fld, 1 £lO 17s fld, 1 £lO 7s fld; a client, 1 £ll 12a fld. John Black (Mataura), 1 heifer £lO 10a, 1 £lO sa; William Lindsay (Allanton), 2 cows £7 10», 2 vealers £1 10s; John Black (Mataura). 1 cow £fl 10s, 2 £6 ss, 1 heifer £6 2s fld, 1 vealer 17s 6d, 1 15a; a Brighton client, 1 cow £fl ss; Hope Bros. (Nenthorn), 2 £fl, 1 £4 17a Bd, 3 £4 12s fld, 1 £4, 4 heifers £3 10s, 2 £3; Smaill Bros. (Tomahawk), 1 cow £4 10a; lon Lindsay (Allanton), 3 vealers £2 sa, 2 £1 Iss, 1 £1 10s; Robert Wilson (Riverside), 1 £1 18s; F, Hutton (Edendale), 2 cows £6. 4 heifers £5 se, 6 £2 4s, 2 cows £2 2s fld. R. Sim (Caversham), 3 ffl 10s. Messrs Donald Reid and Co.. Ltd., sold: For a client, 9 cows, £l2 10s, 1 £ll 10s, 1 £1; Burnett Bros. (Middlemarch), 1 bull £l3 18s 3d, 1 £l2 12s; R, E. Tisdall (Middlemarch), 1 £3 17s fld; a client, 1 £2 12s fld, 1 £1 Is, Wright, Stephenson and Co., Ltd., sold: For Ida Valley Station (Poolburn), 7 steers £l2 15s, 1 cow' £9 12s fld; G. M'Master (Saddle Hill), 1 bull £3; a client, 1 cow £3 7s 6d, 2 cows £1 12s; W. D. Crossan (Goodwood), 1 vealer £2 14s; J. Thomson (East Taieri), 1 £2 10s. Dairy Cows.—There was a small yarding and a good demand for best close to profit sorts; but backward and low-con-ditioned cows were not wanted.—New Zealand Loan and Mercantile Agency Company, Ltd., sold: For a client, 1 cow £7 10s.——The Otago Farmers' Cooperative Association of New Zealand. Limited, sold; For C. Goodlet (Woodside), 1; dairy cow £lO ss; a Taieri client, 1 cow £8 ss, 1 dairy heifer £4 10s. Hope Bros. (Nenthorn) 1 heifer £8 7s fld, 2 £8 5a,-2 £B, 1 £7 16s, 1 £7 'los, 2 £7 2 S fld, 1 £6, 1 £6 17e fld, 2 £5 ss, 1 £5; 1 cow £4 10s; George Donaldson (Burnside), 3 dairy heifers £8 6s; T. Wintrup (Green Island), 1 dairy cow £O, 1 £7 ss; Faulds Bros. (Green Island Bush), 1 cow £7.- Donald Reid and Co., Ltd., sold; For W. .Bennett (Burnside), 1 heifet £5. Wright, Stephenson and Co,. Ltd., add: For B. Harris (Broad Bay), 2 dairy cows £8 10s. Calves?—Wright, Stephenson and Co., Ltd.', sold: For E. J, Walker (Outram), 1 calf 375; Peter Dow (Outram), 1 calf 30s; G. Hughes (Wylies Crossing), 1 30s; L. J. Gamble (Momona), 1 275, 1 225; F. M’Hattie (Momoria), 1 265;. W. G. Mackay (Berwick), 1 245, 1 21s, 1 19s, 1 15s, 1 14s; F. Johnson (Momona), f 235; J. Henry (Taieri Beach), 1 18s, 1 15s. 1 4s; R. Dowie (East Taieri), 1 14s; R. Munro (Outram), ! calf 12s fld; a client, 1 calf 12s; Mrs E. E. Ford (Outram), 1 11s; D, J. CulJen (East Taieri), 1 10s, 1 4s 6d; —. Hughes (Kuri Bush), 1 11s; A. Jackson (Brighton), 1 4a; a client, 1 calf 12s, The National Mortgage and Agency Company of, New Zealand, Ltd., sold: For W. O’Leary ’(Otokia), 2 calves 51s, 1 475, 1 40s. 1 20s, 1 15s. New Zealand Loan and Mercantile Agency Company, Ltd., sold: For Douglas Brown (Mosgiel), 1 calf 22s fld; David Currie (Milton), 1 225, 1 17e; Mrs A. Tansley (Mosgiel), 1 20sf W. Bryant (Otokia), l ealf 15s; James M’Grouther {Milburn), 1 calf 14s; Mrs J. Harvey (Mosgiel), 1 calf 7s. For T. Leitch (Kuri Bush), 1 calf 31s; C. Hammond (Merton), l ’3os, 3 28s, 2 245, 220 s, 218 e, 1 17s. 1 1f15,.l 16s, 1 13s; W. H. Hodgson , (Mihiwaka), I 225, 1 15s; G. R. Fafquhar (Green Island), 1 19s. The Otago Farmers’ Co-operative Association of New Zealand, Ltd., sold: For J. Haugh (R, D. Outram), 1 calf 245, 1 17s; w. Knox (Green Island Bush), 1 calf 245; A. J. Spencer (Berwick), 1225; A. Scotland (Milburn), 1 IDs; F. W. Benson (Pine Hill), 1 20s; Kedzlie Bros. (Hopetown, Halfway Bush), 1 IBs, 1 10s; J. W. Laing (Sawyers’ Bay), 1 13s. 1 13s; T. Ryder (Henley), 1 13a, 1 ss; A. Murray r Keith Hall," Mosgiel), 1 12s; a Green Island client, 1 12e, 1 3s; Joe Kerr (Brighton road), 1 fls; F. Clearwater (Portobello),,! 4s fld; Reg. Mathieson (Tomahawk), 1 4s fld; J. P. Gardiner (Green Island). 1 3s. Donald Reid and - Co., Ltd., sold: For Ivan Mann (Maungatua), 1 calf 345. 1 28s, 1 265, 1 235: J. Lauder (Kuri Bush), 1 335, I 18e; L. Liddell (Taieri Beach), 1 28s, 1 265; James .Dickson (Kuri Bush), I 20s; Janet Stevenson (Otokia), 1 225. 1 19s; Mrs J. Lobb (Brighton),' 1 20s; O. Palmer (Taieri Beach), 1 17s, 1 9s; Alexander Higgle (Milton), I 17s; —. Hughes (Kuri Bush), I 13s; a client (Mosgiel). 1 4s fld. 2 is, 1 3s fld. Fat Sheep.—Another large entry came forward, 2200 being yarded, as against 1903 for last week. There were not so many prime heavy wethers as at recentmarkets, but heavy ewes were plentiful, and medium-weight sheep were penned in large numbers. Prime heavy wethers were nrfft &t l&tg rates, but Heavy ewes were cheaper by Is to 2s per head, and mediumweight sheep were easier by Is per head. Values were:—Extra prime wethers to 375; prime, 29s to 31s fld; medium, 25s to 27s fld; light, 20$ to 245; extra prime heavy ewes, to 28s fld; prime, 22s to 245; medium, 19g to 21s; light and unfinished. 16s to 18s. The National Mortgage and Agency Company of New Zealand, Ltd sold: For W. J. Roberts (Clinton), 6 wethers 345, 6 31s 3d; W. and J. Cameron (Waitahuna). 13 wethers 31s 6d, 8 27s 6d, 6 eweg 25s fld, 13 wethers 25s 3d, 13 23$ 9d; R. Marshall (Stirling), 13 wethers 30s fld, 21 28$, 25 27s 3d, 16 275, 28 26s 9d, 8 25a; J. Woods (Wyndham), 9 wethers 30s 6d, 12 27$ 3d, 19 28s 3d, 10 25 5; G. Carrnthers (Taumata), pen wethers 30s, 7 20s 9d, pen wethers 15$; D. C. M'Kenzie (Glenham). 16 wethers 25s 3d, 35 21s od.———New Zealand Loan

and 'Mercantile Agency Company, Ltd., sold: For John Forbes (Isla Bank), 14 wethers 375, 17 30s, 9 355, 14 33s 3d. 16 335, 16 32s 9d, 14 32s 6d; a southern client, 17 wethers 32s 6d, 14 30s 3d, 14 28s, 10 27s 6d, 9 hoggets 20s; Arthur jjrant (Wylies Crossing), 11 wethers 34s 52 ; „4 nd^ e 'J„£ thy , (Milton), 5 wethers 27s 9d; D. M Donald (Dipton), 9 wethera 265, 17 23s 6d, 15 23s 3d, 21 225. Stronach, Morris, and Co., Ltd., sold;; For A. Marshall (Waipahi), 10 wethers 33s 3d, 14 30s 3d, 6 ewes 25s 3d, 7 hoggets 245, 0 ewes 21s 3d; F. C. Taylor (Westwood, Crookston), 18 wethers 3ls 3d, 21 28s, 9d, 13 275; Alexander Scott (Burnside), 14 wethers 29s 6d, 13 28s 6d, 8 ewes 24sj M, Scott (Waikoikoi), 9 ewes 255, 8 24s Od, 9 23s 9d; G. Scott (Pukerau), 11 ewes 255, 10 23s Cd, 5 235. Dalgety and Co., Ltd., sold: For the estate of the late M. Robertson (Tapa* nui), 18 ewes 245, 14 22s 6d. 12 21s 9d. 6 20s 0d; J. W. Fox (Te Peka), 11 wethers 31s Od. 11 295, 10225,7 5, 10 255, 12 24s 9d; W. Lindsay (Allanton), 4 wethers 28s 6d, 10 27s Od; Alister M'Millan (North Taien), 13 wethers 275, 10 265, 17 25s 3d, 9 20s Od, 7 24s 9d; John W. Graham (Mosgiel), 5 ewes 20s 3d. The Otago Farmers Co-operative Association of New Zealand, Ltd., sold: For ML Grieve (Woodlands), 20 wethers 32s 6d, 14 32a 3d, 14 27s Od, 6 ewes 20s 9d; J. A. M'Murray (Woodlands), 18 wethers 31s od, 19 A d ’ 28 , 9 6d ’ 22 28s 9d, 13 26s 9d, 15 :255; D. Stark (Merino Downs), 13 ewes 28s, 7 28s od, 5 26a- 6d; W. Corcoran (Waikaka), 17 wethers 28s 9d. 18 20a 3d, 19 275; A. Whitefield (Maudeville), 14 ewes 21s, 10 235, 20 21s 9d; Southland Farmers (Gore, on account of a client), 3 wethers 28s 3d, 1 355, 27 225; Southland Farmers (on account of a fient), 23 wethera 22s 9d; H. Smith (Mandeyilie), 6 wethers 26s 9d, 15 ewes 23s 9d, 21 20s; Allison Bros. (Clarksville) 4 ewes 31s, 17 18s 3d; J. E. Whyte (Man’ deville) 10 ewes 20s 3d, 6 19s Od; R. Clark (Clarksville), 8 ewes 14s 9d; G. V ra , I K^,( Mos K iel )/ 4 ewes 21s 3d, 1 19s; J. MGrouther (Milburn), 1 lamb 38s, 1 365; J. and C. .Melton (Clinton), 6 wethers 31a 3d, 15 31s, 10 27s 9d.Donald Reid and Co., Ltd., sold: For D. Stark (Merino Downs), 2 wethera 34s 9d. 1® ewes 28s, 10 26s 6d; George Hay (Komnhapa), 4 wethera 345, 9 31s. 16 2Ss, 23 26s 9d, 17 25s 9d, 5 245; Arthur Grant (Wylie's Crossing), 9 wethera 335. 2 hoggets 25s 3d; Janies Allison (Money* m®re), 10 wethers 30s 3d; E. Monson (Arthurs Point), 10 wethers 26s 6d, 6 24s Od, 16 24s 3d; Peter Sim (Crookston), 13 ewes 24s 6d, 21 245/ 19 22s 8d; A P ijeming (Otokia), 18 ewes 23s 3d. 17 20s 6d; James Howell (Middlemarch), 9 wethers 225. 17 20s Od, 19 19s 6d,- l 3 lßa 9d; Patrick Dowling (Wedderburn), 20 9ft t M r B w S c ß ?. , - le %' 3d » 10 17fl od . 13 20s 6d; W. Sullivan (Outram), 13 hoggets o'V 3 t-* AP , 17a /^ d ', 23 12s. 23 lls gg 3d; Robert^Clark (Clarksville), 10 ewes 16s 9d .-r—" Wright, Stephenson, and Co., Ltd., sold: For Fleming Bros. (Crookston), 13 wethers 34a 9d, 12 S2s 3d, 15 ewe a 24s % ewes 30s. *ll 22s 3d; A. Dynes inA, 4 ,! e S er S, 3^ M ’ 15 ewes 23s 9d, 18 21s, 18 20s 0d; D. M'Donald (Bal9Qlir) i , 13 00 V0t 7f r 8 T 32 V 6d ’ 11 31 s 9d, 10 295, 13 28a 3d; J. Kerse (Kelso), 16 wethers 325, 10 ewes 265, 12 22s Od, 13 19s: Norman M‘Kay (Clydevale). 14 wethera 31 a Od, 17 30s 6d. 10 27 8 6d 13 wethers 27s 3d; Thomas Johnson (WangaI , oa) { 13 wethers 31s 6d; D. Crossan (Kelso), 11 wethers 31s, 10 28s fld, 13 27s C d ’ M‘Pl. eW€a 2 /w ßd i’ V 23s ' 11 239 3d; C. MPherson (Waikoikoi), 12 ewea 28s SVUT* 25s *J ? 4a ®d, 14 265, 10 225; ?• eB i (B ?i foUr) u- 18 wetters 24s J. Uark (Gore), 14 wethers 23a 6d. Spring Lambs.—-Two new season’s spring lambs were forward, and were purchased by Messrs" Carline and M'Leod. Progressive Butchery, Princes street, at 38s and 36b respectively.—-The Otago Farmers Co-operative Association of New n?T-vt nd ’ so ' d: .For J- M'Grouther (Milburn), 1 spring lamb 38s, 1 365. Fat Pigs.—A small yarding of only 64 came forward, and met with a good sale —Stronach. and Co., Ltd., sold: *° r B. Edwards (Waiwera South), 1 pig £3 95.-——The Otago Farmers’ Co-opera-tive Association of New Zealand, Ltd.. t pigs f 4. I £3 10s; Ashley Dairy (Pine Hill), L £ ? 1 ? B * Brinsdon (Halfway Euah) 1 pi K £3 6b . Mrs B. Welham (BrockviHe)' 1 £3 Is; P. Ralston (Allan t Pig £3 6s, 2 £3 3s; M. Christie (Burnside). 1 pig £3 16 S; Bowen Bros. (Burnside), 8 pigs £4 3s, 1 £4 Is, 1 £4, nn* * 13 109 • A. E- Fairweathcr (Milton) 4 pigs £3 14s; John Miller (®™do), 1 piK £2 18s; W. Sproule (Fairfield) l pig £2 ss. Donald Reid. and Co., Ltd., sold: For Peter Robert5°V9£ t , ram) ,- £3 os, 1 £3 ss, I £3 m' n £ n 18 ?-’ 1 / £ £ 17b ' 1 12 10fl - If2 13s : 1. G. Paulin (Outram), 2' pigs £2 18s; a client, 2 pigs £2 7s.—-Wright, Stephenson, and Co.. Ltd., sold; For Mrs J luomson (Maungatuo), 1 pig £4Bs; J. Tay“>r 1 >«. « 15s; G. M‘Master (Saddle Hill), 1 pig £3 12s; T. Hackett (Outram), I pig £3 12s, 1 £3 6s; T F, Paulin (Outram), 1 pig f 3 10s, I£3 Bs. Store Pigs.—Wright, Stephenson, and Co.. Ltd., sold: For G, Pearce (Henley). 3 pigs 30a, ' The National Mortgage and Agency Company of New Zealand. Ltd., sold: For Smith Bros. (Henley), 8 pigs 20e.~ The New Zaland Loan and Mercantile Agency Company,^Ltd., sold: For Mrs E. J. Walker (Otokia), fi pigs 80s. —-—stronach, Morris, arfd Co.. Ltd., sold; oor R. Edwards (Waiwera South) 1 o°'L £22 P, iRS 12 4s - 2 £2 3s. 217 s, 215 s, 3 I4s 6d;_,F. T. Williams (N.E. Va jley), 1 pig £2 3s, 3£l 19s. Dalgetv and Co., Ltd,, sold: For Misses E. and L. Kempehell (Maungatua), 6 suckers 31s ——lhe Otago Farmers’ Co-operative Association of New Zealand, Ltd., sold; For Mrs A. Sprott (Pine Hill). 4 pigs £1 16s; T. Harwood (Portobello), 6 pig 9 fi 15 8 . -—-Donald Reid and Go., sold: For Mrs W. Morrison (Otokia), 5 pigs 365. 1 80s: James Kenny (Otokia), 2 pigs 345, 4 31s; J. Mitchell (Burnside), 1 pig 1 „ 125 . ; Alexander Melville (Woodside), 2 pigs 30«; a client (Momona) 9 P IRS . 30 »- 1 hoar 30sv; George Mlntoah (Brighton). 4 pigs 30s, 2 295.

ADDINGTON STOCK SALE. (Peb United Pbess Association.) CHRISTCHURCH. October 1. The yard mgs at the weekly Metropolitan market at Addington were o£ medium size in ‘each of the major see* none, and the general quality of the stock was ordinary. Store Sheep.—There was a slightly larger entry of store sheep, consisting in the main of dry sheep. The sale throughout was a very satisfactory one, but there waa no quotable change in prices. Values were:—-Extra good ewe hoggets, to 23s 9d; good ewe hoggets, to I7s 6d; good wether hoggets, to 10s lOd; medium wether hoggets 5 to 13a Idj ordinary wether hogßcts, th 10s 7d; good m*. hoggets, to 16s 8d: ordinary m.s. hoggets, to 9s; forward halfbred wethers, 19s to 21s; ojdmary two-tooth halfbred wethers,,to I3e; merino wethera, to 5a 3dj ordinary ewes and lambs (all counted), 0s 6d to 12s; aged ewes and lambs (all counted), to 6s 3d. Spring Lambs.—There was an entry of 52 head, as. compared with 26 head last week. Prices did not attain the high level of last week, but were satisfactory. The top price was 40s Id. , Pat Sheep.—There was a small yarding of fat sheep, and the quality was not as good as at recent sales. There was a bigger proportion of wethers entered. The auction was a keen one, and on an average over the whole sale last week's rates were maintained. , Values were:— Extra prime heavy wethers, to 87a 6d; prime heavy wethers, 26s 6d to 30a; medium-weight prime wethers, 24a 6d to 20s; second quality wethers, 22s 0d to 245; light wethers, 19s to 225; extra prime ewes, 31s Id; prime ewes, 22s 6d to 265: lAedium ewes, 17e to 225; light owes, 14s to 16s 6d. Eat Cattle.—There was an entry of 340 fat cattle. an_ that total included lines from the North Island, Southland, Otago, and the West Coast of the South Island.