COMMERCE AND FINANCE

Otago Daily Times, Issue 21196, 29 November 1930, Page 11

COMMERCE AND FINANCE

■ DUNEDIN MARKETS. WHEAT, OATS, ETC. - The statistics published by the Government regarding the area sown down in ; wheat this season came as something of a • ' surprise to local grain merchants. The area, although .it will be larger, ia not nearly so great, compared with last year’s figures, as was expected would be the cose. There is up doubt that, bo far as the Otago district is concerned, quite a number of farmers have taken advantage of the high prices ruling for wheat to sow ■ ;a larger area-than usual. This was only a natural procedure, as wbeatgrowing is about the only payable line at present for ■ the farmer. It may be added that there is an opinion there is something wrong .with the Government figures. . Although the crops are backward in the Otago district, reports, state that, on the other hand, they are looking exceptionally well in Canterbury, and that good yields are anticipated. In the meantime there ia practically-no business passing in the local wheat market consequent on a lack of offerings. Aa a matter of fact, there are now practically no lines for sale. Millers are fully stocked, and the only business phasing ’ is in small lota of fowl wheat. This wheat is selling' slowly at 6s 3d to 0s 6d per bushel, sack* ' extra, ex store The bulk of . the pulling wheat, that baa been planted- in the Otago district this season has already been-sold ; on a forward delivery basis. The price at which the Tuscan variety has keen placed is 5s lOd, f.0.b., sacks extra, with - corresponding increases for Hunters and Velvet. -' ' , ■ Millers’prices'for flour, etc., are as follow: . Flour: 2001 b; £l7 ss; 100’s, £lB 6s; 60’s, £lB 10s. 25’s, £l9. " Bran, £6 10a Tber^ton. Pollard, £6 15a per ton. Oatmeal: 2001 b, £24 10s; 25’s, £26 10a. ■ ' The ; oat market. continues weak, and there.-is. a downward, tendency, in prices. This is the result, of the low quotations . now. ruling-for oats for delivery next season. There are sellers of A Gartens in Canterbury, spread delivery April to . September, .at 35,. f.o,b. f s.i.. This price-is - ' equivalent to about-2s sd, sacks extra, ex' truck. The offerings from Australia at low prices are also having a depressing effect on the New Zealand market, both, for prompt, and forward delivery. The area sown m ! . pats this season iq greater than'that of last season, and unless something untoward happens to the growing crops it would appear that there is very: - little prospect of an improvement in the values named above... ' ■ : Little business is- passing in the chaff market,' The broken weather has prevented farmers from cutting, but there are ample supplies to meet the local' demand, -which is poor. Best quality is quoted at £5 10s per ton, sacks extra, exstore. It is doubtful, -however, whether 1 this price will be maintained once con-; signments increase from the country. It; V" does not.take very much chaff 1 at the pre- : sent time to meet the local demand, and 1 it is difficult to find buyers for truck - lots. : Most of the business is’ confined to small: lines. The market for old potatoes is now drawing to an end. In. any ordinary sea-; -'son . the business in old tubers would be; About finished, but the lower purchasing : ':• power of the public has caused them to continue buying old potatoes in preferenceto paying higher prices - for new tubers. 1 Freshly picked old potatoes are still worth: . found about £4 per 'ton, sacks* included.! Medium and poor quality haVe to be! placed at any price which may be offered,: v Thtf.wholesale market in. seeds is 1 very’

LOCAL AND OVERSEAS MARKETS.

quiet. There is no business passing either within the Dominion or for export. The weather conditions have had a serious effect on the retail demand, and deliveries to the country are very small. It is apparent that although stocks of ryegrass, etc., have been on the small side, they are more than sufficient to meet the reduced demand from the country. Produce lines are quoted wholesale as follow: Chaff; Good quality, £6 10s per ton; ex store, Dunedin, sacks extra. Potatoes: Best quality, to £4 per ton, ex store, Dunedin. Eggs: Stamped, Is 2d; case. Is Id. Dairy butter: Milled bulk, lOd to Hd per lb; pats, 9d to lOd. Bacon, Is 3d per lb. Hams: Ordihary, Is 2d; boneless. Is 4d per lb. Onions: Melbourne, 14s per ewt. Honey, 5s 9d to 6s per 101 b tins; '3s to 3s Od per 51b tins, and 54d per lb for bulk. FRUIT REPORT. Supplies of Sturmer apples are still coming forward, chiefly from Christchurch cool stores. A few lines are also arriving from Central Otago. The demand for Now Zealand-grown apples has cased off, as the condition is now not of the best. Canadian apples are in fair supply and have a good sale. . A large shipment of Samoan bananas is expected ex the Maui Pomare towards the end of the next week. . 1 A shipment of Valencia oranges arrived ex the Mabeno from' Melbourne on Tuesday. They were offered at , prices practically 50 per cent, below those ruling this time last year. The Waikouaiti also arrived on Tuesday—from * Sydneys This vessel brought supplies of Valencia oranges, a small lot of lemons, and also pines, marrows, and cucumbers. Californian grapes are sold out of wholesale bands. Further supplies are expected early next week. Supplies of Christchurch-grown hothouse tmoatoes eased off during the week. The growers state that they can obtain better prices in Christchurch, and this accounts for the reduced quantity being sent to Dunedin. The position is expected tto adjust itself in a few days, when larger supplies are expected. Strawberries are arriving in small lots. Prices were ruling high, but toward* the end of the week there was a considerable drop in values. Cherries are coming (forward in small lots from. Central Otago. Supplies of cauliflowers have slackened off, considerably, and very high prices are, now ruling. Cabbages have a better demand. Lettuce are in good supply. Choice lots only are saleable. Locally-grown new potatoes have firmed a little in' price. Supplies are mainly arriving from the Peninsula. North Islandgrown are in good supply. Heavy rains in the North Island, however,'restricted ; the .offerings to some, extent, Asparagus is still arriving in fair quantity from Christchurch. Rhubarb is plentiful • and prices l arc weak. : ’ Hothouse-grown cucumbers are still arriving from Christchurch. Canterbury growers are supplying small Jots of green peas. ■ With the warmer weather supplies ’ should increase. ' Wholesale prices are as follow: ■ Apples: Stunners,'choice, os, others 5s to 7s. Canadian, I9s 6d to 21s. 1 Bananas, to 25s per case. Oranges: Valencias, 12s to Iss. Lemons:, Californian, 52s 6d per double case; Sydney, to 22s 6d per case, American grapes, to 28a 6d per keg. Cherries, ls ; to' Is 8d per lb. Strawberries, lb 6d to 2s per pottle. Tomatoes: Christchurch hothouse, firsts Is 6d to ls .9d, dessert Is 4d to Is 6d; seconds and small, to Is 3d per lb;' localgrown,. Is 8d to Is 104 d, Fines,'to 23s 6d per case. Cauliflowers: Choice, to 15e per sack; others, .'4s to fla per sack. ' Spring cabbages, 4s 6d to’ss per sack of 18. -< Lettuce: Choice, la 6d to 2a 6d per dozen; others, 3d to la per dozen. ' New potatoes: Local, 6d to s|d per lb; North Island, to. 1 Jd. ■ Asparagus, 6s to 8s per dozen bunches. Rhubarb, Is 6d to 2a 3d per dozen bunches; loose. Id to IJd per lb. . Cucumbers; Hothouse, 6s to 8s per dozen; Australian, 21s per case. White turnips 6d to 9d per dozen bunches. ,\ Green peas, 5d to 6d per lb. THE SHARE MARKET. DUNEDIN STOCK EXCHANGE. The past week has been a very quiet period on. the Dunedin Stock Exchange, and the volume of business .transacted has been very small. . Bank of New Zealands have tended to the' buying offer of 663 at, the commencement of the week has not since! been in evidence. With the Jack of demand sellers have been offering the shares at a smaller. figure the market closing .with the shares on offer at 55s 9d. ‘ ' The early-offer fpr-Commercial Banks was 16a 9d. sellers then demanding 17s 2d. The demand for - these shares' has eased, however, and the close of the market found buyers offering I6s 6d with sellers asking 16s Hd. : Buyers of Union Banks have also eased a little. The first offer was £9 16s. but the closing 'quotations were £9 10s (buyers) and £9 14s (sellers). There has been, a steady demand for National Insurances at 14s, % but sellers have failed to come forward.' New Zealand Insurances were first asked for at 42s 6d. There was a sale at this price and at. the close of the market buyers were offering- 42s with sellers demanding 42s 9d. There was an offer of 55s for South British Insurances yesterday, no seller coming into the market. Offers of 42s for P. and 0. Deferred Stocks have failed to attract a seller, Kaitangata Coals have firmed a little, the demand having increased to 2s 3d discount. Sellers, however, have continued to be reticent. Dalgetys were quoted ex dividend yesterday. the shares being offered at £8 without attracting a buyer. Paid-up New Zealand Refrigeratings have continued in demand at 8s 6d. Sellers’ best quotation, however, has been 10s 6d. British Tobaccos were first quoted at 31s 6d (buyers) and 33s 6d . (sellers). There has been a little easing and the closing quotations were 31s (buyers) and 32s 3d (sellers). Donaghy’s Rope and Twines have been ip demand at up to 33s 6d. but sellers have failed to come forward. Milburn Limes were first quoted at 31s by sellers, and an offer of 29s found sellers firm at the former figure. The demand improved slightly, and there was business at 30s 6d. At the close of the market, buyers were offering 29s 9d, with a seller forward at 30s 6d. The early offer for New Zealand Breweries was 41s 9d with a seller in the market at 43s 3d. Business was done at 42s 3d, 425, 42s 2d, and 43s 3d, and the market closed with buyers offering 42s 6d and no seller forward. There has been a buyer of Waihis at 13s 6d, but sellers have been reticent. Preferential Electrolytic Zincs were first asked for at 17s 6d. but the demand eased a little during the week, and the close of the market found buyers offering 16s 9d with a seller demanding 17s 9d. There was a, revival of interest in Okaritos at the end of last week and the commencement of the period under review found buyers offering 6s for these shades, with sellers asking 8d more. There has been an easing tendency - since, however, and-the best quotations at the close of the market were 5s 5d (buyers) and 5b 9d (sellers). The demand for War Loans hap also shown a tendency- to ease. Sale: New Zealand Insurance, 42s 6d. The following are yesterday afternoon’s buying and selling quotations, which are subject to the usual brokerage:— BANKING. Bank of N.Z.—Sel 55s 9d. ■ Bank of N.S. Wales—Sel £33. ■ Commercial Bank—Buy 16s Od, sel 16s lid.

E.S. and A. Bank—Sel £6 Be, National Bank of N.Z.—Sal £0 fa. Union Bank—Bm £fl IQs, sel £9 14b. INSURANCE. National Insurance Co.—Buy 14s. N.Z. Insurance Co.—Buy 425. sel 42s 9d. South British Insurance Co.—Buy 555.' Standard Insurance Co.—Sel 60b. SHIPPING. Huddart, Parker (ord.) —Sel 26a. P. and 0. Deferred Stock—Buy 425. U.S.S. Co, (pref.)—Buy 20s. COAL. Kaitangata—Buy 2s 3d die. Westport Coal Co.—Sel 28s 3d. LOAN AND AGENCY. Dalgety and Co.—Sel £8 ex div. Goldsbrough, Mort —Buy 19s 6d, eel 21a. National Mortgage—Sel 60s. Perpetual Trustees—Buy 635. Wright, Stephenson (ord.) —Sel 19s. MEAT PRESERVING. N.Z. Refrieerating (pd.)—Buy 8a- 6d, sel 10s 6d. MISCELLANEOUS. Auckland Amusement Park (ord.) — Buy Is. British Tobacco —Buy 31s, sel 32s 3d. Bruce Woollen Co. (ord.) —Buy 10s. Crystal Ice Co. —Buy 21s. • D.I.C. (pref.)—Buy 20s. Dominion Rubber—Sel 16a. Donaghy’s Rope and Twine—Buy 33s 6d. Kaiapoi Woollen (pref.)—Buy 16s. Milburn Lime and Cement—Buy 20b od, sel 30s 6d. , Mosgiel Woollen Co.—Buy £6 10s. National Electric—Buy 9b. N.Z. Drug Co.—Sel 60b. N.Z. Paper Mills (ord.) —Buy 18s 9d. Christchurch Gas —Sel 265. , BREWERIES. N.Z. Breweries, Ltd. —Buy 42a 6d. N.Z. Breweries Debent.—Buy 21s. Dunedin Brewery.—Sel 20s 9d. MINING. Waihi—Buy 13s 6d. Electrolytic Zinc (pref.)—Buy 10s Od, sel 17a Od. Mount Lyell—Sel 20s 3d\ King Solomon—Sel Is. Kildare—Buy Bd, Bel la. • Okarito—Buy 6s 6d, sel 6s 9d. Cornish Point—Sel 3d. WAR BONDS, 44 per cent. Bonds, 1938 —Buy £9B 10s. 44 iper cent. Bonds, 1930—Buy £9B 10a. 44 per cent. Bonds, 1941 —Buy £9B 10s. 64 per cent. Soldiers’ Bonds, 1933 —Buy £99 ss* 44 per cent. Inscribed, 1038 —Sel £99 6s. 64 ner cent. Inscribed Bonds, 1941 —Sel £9B ss. NORTHERN EXCHANGES. : (Pee United Pbess Association.) The following business was done on 'Changes yesterday:— Auckland.—Sales; Auckland > City (1940), 54 per cent., £96 (two parcels); Inscribed Stock (1936), 64 per cent., £99 6s; Bank of New Zealand, 665, 64s 6d; Union Bank, £9 12s; Leyland O’Brien Timber, 22s '9d (late sale Thursday); 'Farmers’ Trading, 7s 3d (two parcels); New Zealand Breweries, 435; Bank of .New South Wales, £3O 10s. Wellington.—Sales reported: National Bank of New Zealand, £5 10s and £6 10s; 44 cum div. New Zealand Government, 44 per cent. Stock (1938), £9B 15s; New Zealand Guarantee Corporation (ord.), 7s 3d; New Zealand Refrigerating (£lj, 8s 8d and 8s 9d: Staples and Co., £2. Christchurch. —Sales: Commercial Bank of Australia, 16s lOd; Union Bank of Australia, £9 13s; New Zealand Breweries (cum div.), 43s 6d (three parcels); British Tobacco, 31b 7d; Mount Lyell (cum div.), 19s fld. Sales reported:'Union Bams of Australia, £9 12s 6d; New Zealand Breweries (cum div.), 43s 6d; Staples Brewery, 40s (two parcels); New Zealand Refrigerating (£1 paid), 8s 9d. COLONIAL SUGAR COMPANY. PROFITS FOR LAST YEAR. (United Press -Association.) (By Electric Telegraph—Cbpyrlght.) SYDNEY, November 28. Giving evidence at the sugar inquiry, Mr Goldfinch (general manager of the Colonial Sugar Company) said’ that the gross profit last year had been £601,000, from which an income tax of 4a 6d in the pound was deducted, amounting to £135,225. The net profit -was thus £465,775. The surplus sugar financed gratuitously was equivalent to a remission of £56,000 in interest. Replying to the chairman, witness stated that dividends absorbed £730,000. MELBOURNE MARKETS. (United Press Association.) (By Electric Telegraph—Copyright.) ■ MELBOURNE, November 28. Wheat, 2s 5d to 2s 6d. Flour, £8 to £8 ss. ' Bran, £4. Pollard, £4 15s. Oats, Is 9d to 2s. - Barley: English, 2s 3d, Maize, 4s Id. BUTTER AND CHEESE. (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, November 27. The butter' market is lifeless. Danish, 1265. ' Choicest salted New Zealand, 102 s to. 104 s; exceptionally fine, 106 s; Australian, 96s to 100 s; unsalted New Zealand, 146 sto 148 s; Australian, 120 sto 1245. , Cheese is dull. New Zealand —white 60a, 'coloured ,645; Australian—white 645, coloured 625. ' BEET SUGAR.. (United Press Association.). (By Electric Telegraph—Copyright.) LONDON, November 27. Beet sugar: December, 4s 74d. LONDON WOOL SALES. (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, November 27. At the wool sales 9762 bales were offered, including 1122 from New Zealand, and about 7470 bales were sold. There was a splendid selection of all merinos, but a poor lot of greasy crossbreds. There was a steady demand, and the withdrawals were mostly inferior wools. The opening rates were fully maintained: Messrs Dalgety and Co., Ltd., advise having received, the following cablegram from their head office, London, dated November 27: — The wool sales continue with goodepirit and broadening competition. Opening rates of series fully maintained. Yesterday 92 per cent, of offerings sold. ■ AUSTRALIAN LAND COMPANY. BIG LOSS FOR YEAR. (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, November 27. At the Australian Mercantile and Land Company’s meeting, Mr R. Caird, who presided, enid that the causes of the heavy diminution in profits were entirely beyond their control. The severe drought was responsible for the greatest falling off. The actual loss on the company’s properties this year was £88,641, with a profit of £48,700 in the previous year, thus showing a decline of £137 341 He said he thought that as no heavy stocks of wool were carried anywhere, wool would be one of the first commodities to respond when the old conditions of trade revived. Unless there was a rise in wool prices they could not expect anything, but the loss on the company’s properties during the current rear would certainly be much smaller than last year, and the position would probably be £60,000 or £70,000 better. BRADFORD TOPS MARKET. (United Press Association.) * (By Electric Telegraph—Copyright.) 1 LONDON, November 27. The _ Bradford market is weaker, and quotations are irregular. Quotations: 64’s. 23Jd; CD’s, 22d; 56*8, 15*d, 50’s, 13d: 46’s, 10Id; 40’s, lOd.

CO-OPERATIVE DAIRY COMPANY OF OTAGO, LTD. ANNUAL MEETING OF SHAREHOLDERS. The seventh annual meeting of shareholders in the Co-operative Dairy Company of Otago, Ltd., was held in the office °f the company on Wednesday morning, the chairman of directors (Mr C. T. M Galium) presiding over a good attendance of members. The directors’ report, which'was submitted to shareholders, expressed the thanks of the company to the dairy farmers of Otago for the continued support accorded the company. The butter manufactured during the year was 804 tons, as compared with 807 tons for the previous year. A bonus of IJd for March, April, May, June, July, plus a further bonus of id for 12 months to shareholders only, was paid on October 15* As in previous years, the assets had been fully depreciated, and at the same time the premises had been kept in first-class order, al )d the plant had been brought into line with the latest methods of butter manufacture. After providing for the bonus and depreciation, there remained a balance of £1247 6s Bd, out of which the directors recommended that the usual dividend of 6 per cent, be allocated, and the balance, less income tax, be carried forward. The chairman, in moving the adoption of the report and balance-sheet, congratulated shareholders and suppliers on the continued success of 1 the company. He submitted figures _ showing that the company still maintained its position as the largest factory in the South Island, excepting a large factory in Christchurch. The payment for butter-fat for the past season, he said, was higher than that of some other companies operating in Otago, and again the. company was able to announce that since commencing operations seven years ago, the shareholder-suppliers had received a better average payment per pound of butter-fat than tne suppliers to any other company operating in Otago. The buildings had 'been kept in a thorough state of repair, while the factory plant, with additions made from time to time, was now in accordance with the most modern system of the manufacture of butter- This had been reflected in the quality of butter now being manufac™red, an evidence of which was the fact that the company won all the first prizes available at the Southland and Otago Winter Shows, The modernisation of the plant and organisation of the factory were also"'demonstrated in the appreciable reduction in manufacturing costs. Dairymen frbm all parts of Otago supported the company, not only with cream but financially'as well, a large number of new shares being applied for and allotted. Hamers were again supporting the company i even better. than was the case last season, and already a further number of shares had been allotted since the beginning of the present financial year. The weather conditions during the’* past year had not been good. The spring and early summer had been wet and cold, while a • Stained during the ramaindor of the season. Many farmers were consequently caught short of feed for the winter months. The-opening of. the present season was a repetition, even to a worse extent, of last season. Feed shortage in the early spring months and conturned wet and cold weather were being reflected in factory returns. Reduced production and low values would cause the directors serious thought in determining policy matters for the current year. The. company sold a large proportion of its output on the local market, where it had established a good name for quality and uniformity. The marketing of New i Calami butter at Home presented many difficulties. Prices at_ present were very low an unpayable price to the farmer—but might go lower. With so many companies and agents endeavouring to unload their produce on a falling market, and all competing with _ one another, prices were depressed. _ This period of adversity might do good if it compelled the dairy companies of New Zealand to adopt some form-, of orderly marketing. The chairman concluded by again thanking the dairyhien for the whole-hearted support given to the company. Mr C. R, Smith, in seconding the motion, thanked the shareholders for the continued confidence reposed in the present,' and original, board. Great and continued care, he said, had been exercised in the control of the expenditure, not forgetting the prudent assisting of shareholders, when necessary, in the purchase of plant, stock, etc. In these difficult timeS', when prices for dairy produce were falling, it behoved them to make known to all concerned that the costs of supplies required from the commercial community must come down in harmony with values received for New Zealand primary produce in the markets of the world. After several other speakers had offered congratulations on the continued success of the company the motion for the adoption of the report and balance sheet was carried unanimously. Messrs C. R. Smith and C. T. M‘Calffim were re-elected directors, and Messrs Barr, Burgess, and Stewart were reelected auditors for the ensuing year. Mr _C. R. Smith (Bushey) moved the following resolution;—“ That, owing to the low price of wool as now disclosed, and the continued low price of dairy produce, meeting, representing a large number oi dairy farmers, urges the Government to j an early session of Parliament in order that the necessary steps may be* taken to bring about an adjustment between national expenditure and the national income.” Mr Smith pointed out that farmers’ incomes had been drastically reduced. With fleece wool bringing only 4d per pound, and the advances for butterlat being.9d (as low as 8d being paid in many parts of the North Island), it was evident that farmers would not be able to meet their liabilities. He was quite sure that many city people did not realise the desperate position the farmers were in. Yet the Governmental Costa were increasing instead' of decreasing. For instance. about £4,000.000 was being spent ? e ?r' ° n education. A few years ago half that amount sufficed. The expenditure on education must be curtailed. Then railway costs were being increased. A report in the daily papers stated that lime kilns were being closed down because of the increase in the railway rate for lime. J he position was going from bad to worse, and drastic reductions must be made so + a L„ ii. mer as , no , t u nduly penalised f® H® 116 , £be re6 P °f the community, for in the tong run the sufferings of the farreacted on the nation. The Government should act, and act quickly. «. x r i iT lnos fiec °nded the motion, saving +& a u sooner the problem was tackled the better for all concerned, Mr John Christie (Warepa), in supporting the resolution, made particular reference to the increase of rates on the part of the Railways Department.' If rates were increased, he said, then goods would nor be railed at all. It would be better to keep the rates low so that industry might be stimulated. If interrat costa wer to run on. and large staffs were to be maintained, then the ra i^' should at least give service. Mr Waite. (Waiwera South) pointed out that, taking 1913-14 as a basis, everythl ng that a farmer had to buy to-day was -Per cent, dearer, while hie receipts, which were last\ year only TO per cent, above those in 1914, were this month back to below pre-war prices. Farmers could not continue to pay their way if costs did not come doyra. Yet the tendency was to increase the cost of education, while new railways were being built the least unprofitable thing to do with which, when finished, would be tp close them down. Every responsible section of the community should help the Government to get costs down. The motion was carried unanimously. A vote of thanks to the directors, manager, and .staff was carried by acclamation. At a subsequent meeting of directors Mr C. R. Smith was elected chairman of directors for the year. , DAIRY PRODUCE. Messrs A. S. Paterson and Co., Ltd., are in receipt of the following cable advice from London, dated November 27: . Butter.—Continental market demoralised. Danish, 120 s, London market depressed. buyers anticipate la per lb retail. New Zealand, 100 s to 104 s; Australian. 94s to 100 s. Cheese.—No demand, price nominal. White cheese 645, coloured 02s. Messrs Dalgety and Co., Ltd., have received the following cablegram from London, dated November 27;.—The market for butter is weak, and the cheese market is demoralised. Quotations: Danish butter. 126 e to 130 s; New Zealand finest butter, 98a to 104 s; Australian finest unsalted butter. 112 s to 116 s; Australian finest salted butter, 95s to 100 a; Australian finest g.a.q., 90s to 945. Australian cheese not quoted. New Zealand cheese, white, 64s to 665; New Zealand cheese, coloured, 62» to 645; Canadian cheese, white, 72s to 78s; Canadian cheese, coloured, 72« to 70s.

FROZEN MEAT. . Messrs Dalgety and Co,. Ltd,, have received the-following cablegram from London, dated November 27: Lamb,—The market shows that any change is in favour of buyers. The demand is Quotations: New Zealand prime Canterbury lamb, 28/361b, BJd; New Zealand prime North Island lamb, 28/361b, not quoted; New Zealand prime Canterbury lamb, 36/421b, Bid; New Zealand prime North Island lamb, 36/421b, not quoted; New Zealand prime Canterbury, lamb, second quality, 7§d; New Zealand prime Canterbury lamb. 42/50Ib, 7id. Mutton. —The market for New Zealand mutton is weaker, and the demand is moderate. Quotations: New Zealand prime Canterbury mutton, 48/661b, s|d; New Zealand prime North Island mutton,. 48/561b, 5Jd; New Zealand prime Canterbury mutton., 56/641b, sjd; New Zealand Srime North Island mutton, 56/Q4lb, 6Jd; Few Zealand prime Canterbury .mutton, 64/721b, sd; New Zealand prime North Island mutton, 64/721b, 4|d; New Zealand prime Canterbury ewes, 48/501b, 3Jd; New Zealand prime North Island ewes, *4B/661b, 3Jd. * Australian Lamb.—The market is steady, and the demand is fair. Quotations: G.a.q. Australian lambs, 28/361b, Sid; g.a.q Australian lamb, 36/421b, 8d; f.a.q. Australian lamb, 28/301b, 7d; third Australian lamb, 6Jd. Australian Mutton. —The market for Australian mutton is quiet, and the demand is nil. Quotations: G.n.q, Australian mutton, 40/601b, 4id; f.a.q. Australian mutton, 30/551b, 4d; Australian ewes, 3JdBeef.—The market is unchanged, and the demand is limited. Quotations: New Zealand prime ox beef hinds, 6Jd; New Zealand prime ox beef fores, 4d; Argentine chilled hinds sjd, fores 4Jd. Pork.—The market is weaker and the demand continues. Quotations: English porkers, 80/100Ib, 9d; New Zealand porkers, 80/1001b, Bid; New Zealand porkers, 100/1201b, 7d. TARANAKI OILFIELDS. 4 1 The following report has been received from Taranaki Oilfields, Ltd.:'— Waitangi No. 1 Well.—The erection of the drilling plant is well advanced and the housing for the water supply plant is now being built,, OAMARU MARKETS. (Special to Daily Times.) OAMARU. November 29. There have been a few forward sales of wheat at the fixed prices, and millers are still open to purchase. The stocks of oats on hand are not heavy, but there is practically no demand for shipping, • Fair supplies are required for local consumption, but no business is passing for forward delivery, and lower prices are anticipated for the incoming crop. The market is expected to open at about 2s 6d,- but it is doubtful if this price will hold when most of the crops are available. Early deliveries of Algerian oats fit for seed will be required, and fair prices should he_ obtained for early supplies, although it is apparent high prices will not prevail, as Australian Algerians are offering freely on a fairly low level. Last week’s prices for private sales of stock were as follow:—Yearling steers, £4; fat ewes, 20s 3d to 22s 6d; fat wethers, 22s to 245; fat lambs, 225; fat steers, £l3; fat heifers, £8; two-toothed wethers, 15b 3d; full and failing-mouthed ewes and lambs, 12s 6d (all counted); .old ewes and lambs, flg Od; cows, £8; hoggets, .18s 6d to 22a 6d; wether hoggets, 14s. LONDON MARKETS. \ — ~ (United , Press Association.) (By Electric Telegraph—Copyright.) LONDON, November 27. (Received Nov. 28, at 5.5 p.m.) Cargoes dull 1 and values are maintained with difficulty. Futures; London —December 22s lOd, Febrtiery 23s Id; Liverpool—December 4s 10|d, March 5s Ijd, May 6s Sf. Flour is slow. Australian, ex store, 22s to 22s 6d. Spot trade is quiet and easier. Australian, ex ship, 295. Oats are firmer, but peas and beans are quiet. GOLD AND SILVER EXPORTS. (Feb United Pbess association.) WELLINGTON, November' 28. Figures supplied by the Minister of Mines (Mr A. J. Murdoch) showed a marked increase in the export of gold and silver for the first 10 months of this year. The export of gold was 117,9870 z, of a value of £486,139, compared with 106,5950 z, valued at £438,480, for the 10 months of last year. Of silver, 603,1530 z, valued at £40,397, were exported, compared with 367,7600 z, valued at £56,644, last year. BANK OF ENGLAND RETURN. (United Frees Association.) (By Electric Telegraph—Copyright.) LONDON, November 27. The following is the Bank of England return: — ISSUE DEPARTMENT. Note issue in circulation .. £351,124,928' Banking department .. .. 65,443,641 £418,568,569 Government debt £ 11,015,100 Other Government securities 233,041,133 Other securities 11,477,209 Silver coin ~ .. .. .. 4,466,558 Gold coin and bullion .. .. 156,568,569 £416.668.569 BANKING DEPARTMENT. Proprietors’ capital .. .. £14,553,000 Rest .. .>. .. .... 3,223,684 Public deposits 18,888,951 Other deposits (bankers) .. 55,901,187 Other accounts, .... ~ 36,812,757 Seven-day and other bills ~ 1,519 £129,381.093 Government' securities .. £34,596,247 Discounts and advances .. 6,080,597 Other securities 22,255,995 Notes in reserve 65,443,641 Gold and silver coin .. .. 1,004,618 £129.381,098 • -li t ii n ' opor^on °f reserves to liabilities' is 59.50 per cent. Short loans are quoted 2 per cent.; three months bills at 2 3-16 per cent. FRUIT EXPORT TRADE., , CONSIGNMENTS TO CONTINENT. ’ fPeb United Pbesb Association.) WELLINGTON, November 28. .. -ihe Fruit Export Board has announced that the proposals put forward by the chairman (Mr Brown) providing for the marketing of New Zealand apples on the Continent shall be adopted this season. are being made for all fruit ? n ou f ?l to be forwarded WUnf of v ?v ,a “3 under an optional bill of lading which will enable the board’s representative to divert the fruit to the S ir,^ DRdom markets should the der e - markets warrant the diversion. The fruit sent to the Hook of Holmnv ? ay f be sold fn a forward basis, or forwarded to any of the Connpfrnirt®!, 011 a consignment basis, vriii f j lt Wlll be sorted after arrival in Holland according to variety. CANTERBURY MARKETS. (Pee United Press Association.) CHRISTCHURCH. November 28. vrnir, er o I s ver i' little activity in the and P r °dnce markets at present and the inclination towards any forward business is not strong. Merchants Sr to wait until some better line on probable prices ruling next year may be secured. Potatoes, which usually stimulate a considerable amount of interest m regard to .forward business at this time of the season, are showing a little movement. A few lines have been bought a L £3 , a ton, on trucks, while the more general quotation is a shade above that figure, Auckland merchants are not eager to speculate, but offers have been made of up to £4 5s a ton, f.0.b., s.i. The old season’s crop has been practically cleaned up, although there are still odd lines being delivered at prices which

range from 80s to 35s a ton, on trucks, to growers. The backward season has meant that many paddocks which would have been closed for seed purposes will now be grazed, and this has led to the opinion that there will not be the area in seed this season that was anticipated. Just at present there is little mention of quotations. There is some activity in the market for export white clover, but of that class there is not a great deal offering. White clover has been a fairly steady market for some time now at Home, and reports are still encouraging. One other fairly cheerful section of the market is that for peas, for which there is a fair inquiry. Quotations are 4s 9d to 6s for, No. I’s and 4s 2d to 4s 6d for f.a.q.’s. TARIFF ON FEED BARLEY. (Per United Press Association.) . WELLINGTON, November 28. Provision ■ is made by an ■ Order-in-Umncil that only barley for use as stock ±o°d will be admitted free under the British preferential and general tariff.. iwo,shillings per cental under the British preferential and general tariff is chargeable on barley used for any other purpose. Formerly barley used for any purpose other than the manufacture of beer was admitted free. LONDON STOCK EXCHANGE, (United Press Association.) (By Electric Telegraph—Copyright.) LONDON# November If, The following are tbs latest Quotations for Government securities, compared with the prices ruling last week:— Last week. This week. Sid. tad. Imperial Consols, Ift p, 0 . .. 88 15 0 58 15 0 War loan, 6p. 0.. 1929-4? .. 102 U 6 10* IT S Conversion Loan. 3% M .. Sill I SI 0 C Victory 4 p.e. ft If « BT 0 0 G’wcalth 6 P.C., IMI-41 .. W r 8 85 ID. 8 O’wealth 554 D. 0., 1932-2? ..Hit 85 18 # N.X. S P. 0.. 1038-51 .... 186 I « 188 T 0 N-8- 4P. 0.. 1928 .. .. #r 10 0 9T 10 0 N.X 354 p.c,, 1018 .... 90 12 6 90 12 8 N.Z. SP. 0.. 1945 .. .. als o 8110 0 N.S.W. 6(4 p.c., 1930-40 .. 86 0 0 1 98 10 0 N.B.W. 0 P.C., 1980-40 81 10 0 81 15 0 N.s.w. 6% P. 0., 1022-82 .. 90 15 0 89 0 0 N.S.W, 4 P.C., loss .. .. 88 0 0 gy 0 N.S.W. 3H p.c„ 1930-60 T 8 2 6 it 5 0 N-B.W. 3D. 0.. 1986 .. ..o *0 0 0 59 10 0 Vlo. 6)4 P. 0.. 1980-40 .. ..mt 80 0 0 Via 8 no,. 1932-42 .. .. 81 0 0 81 0 0 Via 4H p. 0.. 1940-00 .. .. 88 10 0 85 10 0 Vlo. 854 P. 0.. 1929-49 .... 60 0 0 59 0 0 via SD. 0.. 1550-40 »8 10 o M to . Q'lsnd 6 no.. 1930-40 .. # 1 6 0 91 « o Q-land 5 p.e.. 1840-C0 .. 80 IT 6T9 ( 6 Q'land a p.e.. 1922-4 T 6915 0 60 10 ‘ 0 S.A. 654 P. 0.. 1080-40 .. 9B 15 0 95 0 0 S.A. 854 P. 0.. 1039 .. .. mo » mo 0 S.A. 8 D.C.* 1918 or after .. 60 0 0 50 0 0 W.A. 8 P.C.. 1030-40 .... 94 5 0 93 0 0 W.A. 354 P.c*. 1920-35 .. 84 0 0T 9 0 0 W.A. 354 P. 0.. 1915-35 .. T 9 10 0 TT • 0 Tas. 654 P.C.. 1930-40 .. .. ST 0 0 9T 16 6 T»A 354 P. 0., 1020-40 .... Tr 10 0 TO * 0 ™ »■ IMtMO .. .. T 4 0 0 MOO FOREIGN EXCHANGES. (British Official Wireless.) (United Press Association.) (By Electric Telegraph—Copyright.) BUGBT. November 2T. Par. Nov. 25. Nor. 2T. Paris, fr to £1 ~ 124.21 123.6154 123.5954 Brussels, beiges to £1 85 31.8254 34.8254 Oslo, In to £1 .. .. 18,180 18.16 18.10 Stockholm, kr to £1 .. 18.180 18.0154 18.09 Copenhagen, kr to £1 18.150 18.1554 18.1554 Berlin, marks to £1 .. 20.48, 10.3854 20.ST Montreal, dol to £1 . . 4.80 2-3 4.84 29-32 4.85 New York, dd to £1 4.86 213 Yokohama, ponce to yen 24.58 y U 11-82 24 IT-S2 Hongkong, pence to dol 24.45 1554 14 15-16 Bombay, pence to rupee 18 ITB4 ITB4 Batavia, - Borins to £1 12.10? Milan Ur* to 61 .. 92.46 Amsterdam, guild to £1 12.107 12.0654 11.0854 Prasne. kr to £1 .. it.o2 10814 10854 Geneva, kr to £1 ..- 15.2254 26.0T51 25.0T54 Vienna, schillings to £1 24.5854 84.4054 34.4054 Helsingfors, marks to £1 103.384 192T4 193 Madrid, pesetas-to £1 25.2254 43.25 43.61 Athena, drachma to £1 25,2254 STB S?( Lisboa, escudos to £1 4.5054 108.25 108.26 • Bucharest, let to £1 .. 9TS SIS 818 Rio de Janeiro.' pence to mllrels .. .. .. is 411-16 411-18 Boenos Aires, penes to Pe»s .. .. .. .. 4T.81 3811-16 *854 Shanghai, pence to tael 2354 1854 18H