COMMERCE AND FINANCE

Otago Daily Times, Issue 21266, 21 February 1931, Page 9

COMMERCE AND FINANCE

THE SHARE MARKET. DUNEDIN STOCK EXCHANGE, There was a fair volume of business transacted on the Dunedin Stock Exchange during the past week, the greatest part of the interest shown being concerned with King Solomons, _ Several parcels of New Zealand Breweries shares also changed hands, and there were sales of Commercial Banks and Okaruos. Commercial Banks were first offered at 13s 6d, and there was a sale at that figure, later offers of 13s 5d finding sellers firm at 13s Bd. The demand ei J 6ec * as time went on, and 13s was the best offer at the close of the market, no seller being forward. The demand for National Insurances has eased recently, and these shares are now being quoted at 12e 3d (buyers) and 13s Id (sellers). „ , _ . There has been a seller of Howard Smiths at Bs, no buyer being attracted. The offer for preferred Bruce Woollens improved at 16s 6d at the end of the week, sellers being firm at 19s. Up to 5s has been offered for Dominion Rubbers, but sellers have been asking around 10s. . New Zealand Drugs have been in demand at around 49s without attracting a Wilsons Cements, which have been in demand at about 355, have shown some improvement, and the closing offer was 38s, no seller coming forward. New Zealand Breweries have been dealt in at 33s 9d and 345, three parcels changing hands at the former figure and one at the latter. The best offer at the commencement of the period was 31s, but the shares improved until, at the close of the market, 33s _3d was being offered with a seller quoting 34s 9d. The debentures have continued in demand at 22s without attracting a seller. In the mining _ section there has been business in Okaritos,.a sale having taken place at 5s lOd. The latest offer for these shares is Id lees than that, sellers asking 6s. ... „ . King Solomons (ex rights) were first asked for at Is Id, with sellers asking 3d more. Business was done at Is 3d, Is 4d (five parcels). Is 4sd, Is sd, Is ojd, Is 9d (two), Is lOd, 2s, and Is llid} in all, 14 parcels changing hands. ine closing offer was Is Bd, but sellers were then firm at 2s. . There was a sale of 44 per cent, inscribed stock (1938) at £93 10s, an these have since been offered > at taa without attracting further business. Sales reported: New Zealand Breweries, 33s 9d; King Solomon, Is 114 d. j The following are yesterday afternoon s buying and selling quotations, which are subject to the usual brokerage:— BANKING. Bank of N.S. Wales—Sel £26. Bank of New Zealand—Buy 465, sel 47s 3d. .. k id Bank of New Zealand (long D ) Buy 255. * Commercial Bank —Buy 13s. Union Bank—Buy £6 ss, sel £8 15s. INSURANCE. National Insurance Co.—-/Buy 12s 3d, sel 13s Id. „ N.Z. Insurance Co,—Buy 36s Standard Insurance Co. —Buy 39s 6d. SHIPPING. Howard Smith —Sel Bs. , Huddart, Parker (pref.) —Sel 19s 9d. COAL. Kaitangata—Buy 2s dis., sel par. Westport-Stockton (pref.)—Sel 3s 3d LOAN AND AGENCY. Dalgetv and Co.—Buy £6, sel £6 10s. Goldsbrough, Mort—Buy 16s 9d. MEAT PRESERVING. N.Z. Refrigerating (cont.) —Buy Is 4d, sel Is 6d. MISCELLANEOUS. British Tobacco —Buy 275, sel 28s. Bruce Woollen Co. (ord.)— Buy 10s, Woollen Co. (pref.)—Buy 16s 6d, sel 19s. Crystal Ice Co. —Buy 21s. D.I.C. (ord.)—Sel 16a. Dominion Rubber —Buy ss. Kaiapoi Woollen (pref.)—Sel 13s 9d. Milburn Lime and Cement —Sel 29s 9d. M'Leod Bros. —Buy £l9. National Electric —Sel 12s 6d. N.Z. Drug Co.—Buy 495, N.Z. Express (ord.)—Sel 13s. "N.Z. Paper Mills (ord.) —Sel 18s 3d. Wilsons (N.Z.) Cement— Buy 38s. BREWERIES. N.Z. Breweries, Ltd. —Buy 33s 3d, sel 34s 9di N.Z. Breweries Debent. —Buy 225. Staples Brewery —Buy 31s. Dunedin Brewery—Buy 16s. MINING. Kawarau G.M. Co. —Buy 3d. Waihi —Buy 15s. Waihi Grand Junction— Buy 2s. Electrolytic Zinc (pref.)—Buy 14s 6d. Mount Lyell—Buy 18s 3d. Kildare —Buy Is, sel Is sd. Okarito —Buy 5s 9d, sel 6s 3d. Winding Creek (paid) —Sel 4d. Paddy’s Point—Buy 2s, sel 2s lOd. Cornish Point (paid)—Buy 2d. King Solomon —Buy Is Bd, sel 2s. King Solomon (rights) —Buy 6d, sel I]d ‘ WAR BONDS. 44 per cent. Bonds, 1938 —Sel £94 10s. 44 per cent. Bonds, 1939—5 el £94 10s. 44 per cent. Bonds, 1941-Sel £94 10s. 44 per cent. Inscribed, 1938 —Sel £94. NORTHERN EXCHANGES. (Peb United Press Association.) The following business was done on ’Changes yesterday:— Auckland.—Sales: Insurance Stock f 1938) 44 per cent., £93 10s; Commercial Bank of Australia, 13s 3d (two parcels); Bank of New Zealand, 46s 9d, 475, 46s 104 d; Union Bank, £6 10s 6d; Standard Insurance, 41s: New Zealand Breweries, 33s 9d; British Tobacco, 27s 3d. Wellington.—Sales reported; New Zealand Government 44 per cent. Stock (1938), £93 10s and £93 7s 6d. Christchurch—Sales: Bank of New Zealand, 46s 8d; New Zealand Refrigerating (10s paid), Is 6d (nine parcels); British Tobacco, 27s sd; Quill Morns, 5s lid (two parcels): King Solomon Mining, 2s (three parcels). Is lid, Is lOd (four parcels). Sales reported: Bank of New Zealand, 46s lOd, 46s 9d. LONDON MARKETS. Messrs Dalgety and Co., Ltd., advise having received the following cablegram from their head office, London, dated 19th inst.; — The market for New Zealand lambs is weaker and the demand is limitedMutton is weaker and the demand poor. Beef is nominal. Pork is weaker and the demand poor. Australian lamb is weaker and the demand limited. Mutton is weaker and the demand poor. New Zealand prime Canterbury lamb, 28/361b, 7Jd; North Island lamb, 28/361b, 6Jd; Canterbury lamb, 36/421b, 73d; North Island lamb, 36/421b, 64d; Canterbury lamb, second quality, 6d; North Island lamb, second quality, s)d; Canteibury lamb, 42/501b, not quoted; North Island lamb, 42/501b, not quoted; Canterbury mutton, 48/561b, not quoted; North Island mutton, 48/561b, 3fd; Canterbury mutton, 56/641b, not quoted; North Island mutton, 56/641b, 34d; Canterbury mutton, 64/721b, not quoted; North Island mutton, 64/721b, 34d; Canterbury ewes, 48/641b, not quoted; North Island ewes, 48/641b, 23d; g.a.q. Australian lamb, 28/3611), s}d; g.a.q. Australian lamb, 36/421b, 51 d; f.a.q- Australian lamb, 28/361b, 4jd; third Australian lamb, 4gd; g.a.q. Australian mutton, 40/601b 2Jd; f.a.q. Australian mutton, 30/551b, 23d; Australian ewes, 2jd; New Zealand prime ox beef hinds, 34d; New Zealand prime ox beef fores, 3d; Argentine chilled hinds, 3-ld; Argentine chilled fores, 4d; English porkers, 80/loolb, 9d; New Zealand porkers, 80/110lb, sd; New Zealand porkers, 100/1201b, 41d; New Zealand baconers, 120/17011), not quoted; New Zealand baconere, 170/over, not quoted.

LOCAL AND OVERSEAS MARKETS.

DUNEDIN MARKETS. WHEAT, OATS, ETC. During the past week there has been a spell of much improved fine weather which was badly needed by farmers. A continuation of these conditions is urgently required for a week or two. Already the warm, bright weather has had a noticeable effect on crops, and on the Taieri the wheat has begun to change colour. Some cutting of autumn-sown crops has already been carried out, but as most of the wheat in this area was sown in the spring there will not be any great quantity. The continual rain earlier in the season has left its mark on many crops, causing them to lie down, but farmers say that the nerriea are well filled and that given good harvesting weather samples should be good. The yields, however, are not expected to be up to the average, an anticipation that applies to most parte of Otago. Cutting has been commenced in Central Otago, so that it will not be long before wheat will be available from those districts. The oat crop is even more backward than wheat, and it will be some time before offerings of that cereal are general. It will be difficult for some time to say when the crops will be ready,_ even if there is a spell of good weather in March as sowing was seriously delayed by the weather and growth has been bad since planting. The wheat market shows no alteration. Millers are taking delivery of lines purchased ahead in Canterbury. The quality of some of the wheat in the northern province is far below the average, with the result that there have been numerous rejections. The large percentage of lower grade cereal has caused a downward tendency for both milling and fowl wheat. The latter has been offered at 5s per bushel, f.0.b., sacks extra, while, quotations for milling wheat have been 5s 3d, sacks extra, on trucks. This price for milling wheat is below the rate fixed by the pool, and in the meantime sales have been confined to free wheat oll The amount of business passing is small on account of millers not being anxious to buy. Some lines of Canterbury wheat are coming to Dunedin for milling, and merchants are bringing odd lines of foyl wheat, but there is not mush business m respect of this latter commodity here, as merchants are merely buying from hand to mouth. Prices can be quoted at 6s per bushel, sacks extra, ex store, for fowl wheat. The milling market can be quoted nominally at 5s lOd, f.0.b., sacks extra, for Tuscan, with the usual increment for other varieties. The oat market has been experiencing a very quiet period. Some lines of Gartons have changed hands in Canterbury, and merchants there have been reducing quotations to the North Island to effect sales. Very little is wanted for shipment with the result that quotations. for shipment are down to 2s 9d, f.0.b., s.i., for A Grade, and 2d less for B Grade. This is the lowest figure recorded for some years and is equal to 2s, sacks extra, at country sidings, to growers. The outlook for this cereal is not too bright, especially in view of the increased acreage. The fact that cheap quotations for oatmeal are affecting the demand from millers is also to be reckoned with.

The local chaff market is kept supplied with occasional consignments and ample stocks are on hand to meet the poor demand. Small lots have been sold at £5 per ton, sacks extra, ex store. It is expected that consignments of new chaff will arrive from Canterbury very soon, and once these are received the local price will decline, as it is difficult to make sales of truck loads to feeders.

The first samples of new season’s grass seed have appeared on the market, most of them being from Central Otago. The quality is good, but merchants are showing little interest on account of the poor demand for the autumn trade. The North Island is buying very little seed, and it is anticipated that the retail demand will be very small during the coming season on account of the low purchasing power of farmers. In view of this it is obvious that an export demand must be found for ryegrass and cocksfoot to take the surplus. Reports from Southland state that fescue cutting is general and that samples are expected to be good. There has been no indication yet of what opening prices will be. The dogstail market is depressed as a result of a heavy carry-over, and opening prices are expected to be very low. Millers’ prices for flour, etc., are as follow:

Flour: 2001 b, £l7 ss; 100’s, £lB ss; 50’s, £lB 10s; 25’s, £l9. Bran, £6 per ton. I

Pollard, £6 5s per ton. Oatmeal: 2001 b, £24 10s; 25’s, £25 10s. Produce lines are quoted wholesale as follow:

Chaff; Good quality, £5 per ton, ex store, sacks included, for prime; £4 to £4 10s, sacks extra, for medium. Eggs: Stamped, Is 8d; case, Is 7d. Potatoes: To £7 per ton. Dairy butter: Milled bulk, lid per lb; pats, lOd. Bacon, la per lb. Hams: Ordinary, Is Id; boneless, Is 2d per lb. Onions; Melbourne, 10s per cwt. The dairy butter market is firmer. The bacon market is weak, FRUIT REPORT. Business has been fairly brisk during the week in the fruit trade. Supplies of stone fruit from Central Otago have been irregular, but prices are fairly firm. Dessert and cooking apples are in short supply, and any consignments coming forward are ready of sale. Ripe bananas are in fair supply and prices are easier. . A small shipment of Victorian Valencia oranges arrived ex Maheno, and they met with a ready sale at from 17s _ to 18s per case. Fresh supplies of Californian oranges and lemons are due to-day. Tomatoes have been fairly plentiful, and small supplies of outside grown from both Canterbury and Central Otago are now reaching the market. There is a good inquiry for plums. _ Central Otago stone fruit is now arriving a little riper as a result of the hot weather. _ . , , , Wairaate raspberries are finished and local supplies have eased. Pears are now coming forward from Central Otago as well as from Nelson, and the market is still firm. Potatoes have eased slightly during th% week, and there is a normal demand for other vegetables. Wholesale prices are as follow; — Apples: Gravensteins, 10s to 12s per case; others, 6s to 8s; cookers, 7s to 8s 6d. Bananas: Ripe, 18s per case. Oranges; Californian navels, 36s to 40s per case. , ~ Lenions: Californian, 35s per double case. , , „ , Tomatoes: Christchurch hothouse firsts, 5d to 7d per lb; dessert, to 6s; small, 3d to 4d; outside-grown, 3d to sd. Apricots: Choice, crates 3d to 4d; cases, 2s 6d to 4s. Pineapples, 18s to 22s 6d per double case. ~ ~ Nectarines; Crates, to 4Jd per lb; cases, 4s 6d to Cs 6d. Greengages, to 7a 6d. Plums; Dessert, 2Jd to 4d; cases, 2s 6d to 4s 6d. ~ Peaches: Crates, choice, 3s to 4d per lb; cases, 3s to 4s 6d. Raspberries: Local, 8a 6d to 9a per bucket. Bon Chretian pears, to 5s per half-case, other varieties, 2s to 4s per half-case. Local grapes, 2s 3d to 4s 6d per lb. Cucumbers: Hothouse, 6s to 8s per dozen; outside-grown, 0a per case. Cauliflowers: Choice, 4s to 5s per sack. Cabbages, 3s to 5s per sack of 18. Water melons, 2d to 3Jd per lb. Lettuce: Choice, Is to Is 0d per dozen; others, unsaleable. ■ _ New potatoes, to Id per lb; Oamaru, 7b cwt. Rhubarb, Id per lb. Swedes, 4s to 4s 6d per cental bag. Green peas, 2Jd to 3jd. New carrots, 3s per sugar bag. Broad beans, Id to lid per lb. French beans, 4d to 6Jd per lb. ALBERTA CREAMERY BUTTER. INCREASED MANUFACTURE. (United Press Association.) (By Electric Telegraph—Copyright.) OTTAWA, February 19. An Edmonton- report states that for January this year Alberta creamery butter manufacture increased 77 per cent., compared with January last year. DAIRY PRODUCE. Messrs Dalgety and Co., Ltd., advise having received the following cablegram from their head office, London, dated 19tn inst.: — Butter: Market steady but quiet. Cheese: Market slightly Quotations; Danish butter, 150 sto 1545; New Zealand finest, l?Ts to 1235; Australian finest unealted, 121 s to 1265; Australian finest salted, 120 s to 1225; Australian g.a.q., 114 s to 118 s. Australian cheese, white, not quoted; Australian cheese, coloured, not quoted; New Zealand cheese, white, 55s to 57e; New Zealand cheese, coloured, 57s to 595; Canadian cheese, white, 72s to 78s; Canadian cheese, coloured, 72s to ;Bs. Amalgamated Dairies, Ltd., report receipt of the following cablegram from its London office:-r . t , Butter market quiet, but firm. Finest, 123 s to 1245; Danish, 140 s f.o.b. . White cheese, 57s to 58s, after touching 55s to 565; coloured, 595. Market steady. Messrs A. S. Paterson and Co., Ltd., have received the following cablegram from London, dated February 19;— Butter: Market quiet;' little easier. Danish, 148 s; New Zealand, 122 s to 1245; Australian, 120 s to 122 s Cheese; Market slow. White 5/s to 58s, coloured 58s to 595. BANK OF ENGLAND RETURN. v ————— (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, February 19. The following is the Bank of England return: — ISSUE DEPARTMENT. Note issue in circulation .. £344,130,524 Banking Department .. .. 56,312,073 £400,442,597 Government debt .. £11,015,100 Other Government securities 230,779,510 Other securities 13,844,512 Silver coin . 4,360,878 Gold coin and bullion .. .. 140,442,597 £400,442,597 BANKING DEPARMENT. Proprietors’ capital £14,553,000 Rest 3,003,347 Public deposits 15,167,040 Other deposits (bankers) .. 61,145,540 Other accounts .. 33,144,077 Seven-day and other bills .. 1,502 £127,614,506 Government securities .. .. £36,134,952 Discounts and advances.. .. 9,688,839 Other securities .. .. .. .. 24,714,576 Notes in reserve .. 56,312,073 Gold and silver coin 764,066 £127.614,506 The proportion of reserves to liabilities is 52.10 per cent. Short loans are quoted at 2 per cent.; three months’ bills at 2| per cent.

BALCLUTHA STOCK SALE. (From Our Own Correspondent.) BALCLUTHA., February 20. There was a much better attendance at the weekly sale to-day compared with that of last week, and prices also ruled slightly better. About 2500 sheep were penned. F’at lambs sold at from 10s to 12s; fat wethers, 9s to 13s; fat ewes, 3s 6d to Bs. Store Sheep.—Good rape lambs, 7s 6d to 8s 3d; others, 5s 6d to 7s; culls, 2s Cd to 3s 6d; a pen of aged ewes sold at Is Id. Cattle.—A small yarding, consisting of fat cows (which realised £3 to £4 ss) and some yearling calves, which did not sell. Pigs were in small supply and sold at 11s 6d to 18s for suckers; small breeding sow, 255. LONDON STOCK EXCHANGE, (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, February 19. The following arc the latest quotations f<ft Gorernment securities compared with tho prices tullns last week:— Last week. This week.

FOREIGN EXCHANGES. (British Official Wireless.) (United Press Association.) (By Electric Telegraph—Copyright.) RUGBY. February 19. Par. Feb. IT Feb 19. Paris', fr to ei .. .. 124.21 123.92% 123.91% Brussels, belsas to £1 35 34.87% 34.84% Oslo, to to £1 .. .. ISiISO 18.16% 18.10% Stockholm, to to £1 .. 18.160 18.15 18.14% Copenhagen, to to £1 .. 18.150 18.16% 18.16% Berlin, marks to £1 .. 20.43 20.44 20.43% Montreal, dol to £1 .. 4.80 2-3 4.85 11-32 4.85% Now York, dol to £1 4.80 2-3 4.85 21-32 4.85 11-18 Yokohama, pence to yen 24.68 24 13-32 24 13-32 Hongkong, peace to dol 24.15 10% 10% Bombay, pence to rupee 18 17% 17% Batarla. florins to £1 12.107 Milan, lire to £1 .. 92.45 92.80% 92.82% Amsterdam, guild to £1 15.107 12.10% 12.10% Prague, to to £1 .. 24.02 164% 164% Genera, to to £1 .. .. 25.22% 26.17 25.18 Vienna, schillings to £1 24.56% 34.67% 34.57% Helsingfors, marks to £1 193.334 193% 193 Madrid, pesetas to £1 25.22% 48.9 .47.36 Athens, drachma to £1 25.22% 375 375 Lisbon, escudos to Cl 4.50% 108.25 108.25 Bucharest, lei to £1 973 - 817 817 Rio de Janeiro, pence to mllrels ~ •• •* 18 4 9-32 4 7-32 Buenos Aires,, pence to pesos 47.82 35 11-16 30% - Shanghai, pence to tael 23% 12% 13% CANADIAN WHEAT STOCKS. (United Preaa Association.) (By Electric Telegraph—Copyright.) OTTAWA, February 19. (Received Feb, 20, at 5.5 p.m.) Fort William advices state that the visible Canadian wheat stocks have come nearer to normal with a drop of 5,000,000 bushels for the week. The total now stands at 194,000,000 bushels, compared with 213,000,000 bushels a year ago. P. AND O. SHARES. (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, February 19. '(Received Feb. 20, at 5.5 p.m.) P. and D. shares, 28s 6d. . . LONDON MARKETS. (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, February 19. (Received Feb. 20, at 9 p.m.) Wheat: For cargoes the inquiry is quiet, and Argentinas are. occasionally offered for less money, while others are unchanged. The closing tone was easier. Parcels are in poor demand, mostly at 3d easier owing to heavy Argentine shipments and North American advices. Futures; London, February-Apnl, 20s 4cl; Liverpool, March-May, 4s 54a, JU Spot 4 trade is fairly active, P rlc « are firm. Australian, ex ship, 23s 6d to 24s Flour is steady. Australian, ex store, 18s 6d to 19s Cd. Oats, peas, and beans are firm. , MINING. GOLDEN PROGRESS REPORT. The following report has been received from the secretary of the Golden Progress Quartz Mining Company;— On visiting the mine to-day I find the work of building the- battery hopper we advanced, considering the. weather whicii has prevailed up to within the last few days. The massive concrete foundations for the battery are now well set, and hardened, and are ready for the superstructure. The engine is now on the ground, and the boiler will he brought from Cromwell bv motor lorry as soon as the battery and engine are completed. The water race has been cleaned out ana is ready for use. One gully will have to be syphoned across; but arrangements are well in hand for the completion of tins work: There will then remain only the housing of the plant, when crushing will be commenced with the 10 head of stamps. It is not expected that the battery will bo kept going night and clay until the mine is more fully developed, but, considering the quality of the stone at grass and on view underground, even one shift of eight hours’ crushing will give returns to cover all working expenses; and, as soon as the manager can complete his scheme for ventilating the underground workings, it may be expected that the battery will be kept going full time. The underground work of driving in the direction of the prospecting shaft, which it is intended to pierce for ventilation, is being continued and is now within 60 feet of the bottom of the shaft, but there is 80 feet between the bottom level and the level of prospecting shaft, so that a rise of 80 feet will have to be made before the mine is ventilated. As this is all on good reef formation, with satisfactory prospects, it will nearly all go to the battery. A break in the reef was found a few weeks back, but the'reef has made again, and is from 20 inches to two feet wide, showing gold in some of the stone coining to the surface. There is a pug wall adhering to the reef of from four to six inches in width, indicating that the reef may widen out as it is being driven on. BRADFORD TOPS MARKET. (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, February 19. Bradford is very firm. For merinos the tendency is upward. Quotations: Sixty-fours, 22d; sixties, 191 d; fifty-sixes, 14id; fifties, Ilf d; forty-sixes, 9|d; forties, 9|d.

, MELBOURNE MARKETS. (United Press Association.) (By Electric Telegraph—Copyright.) MELBOURNE, February 20. Wheat is quiet, but steady. Parcels, 2s 4d; good milling, 2s 4id. Shippers oiler 2s 2^d. Flour: Export is quiet. Freight is scarce; £8 to £8 ss. Bran, flour, and pollard, £4 15s. Oats: Milling, Is Cd to Is 7d; feed, Is sd. Barley: English malting, 2s 6d to 2s 7d; Cape is neglected. Potatoes, £3 to £3 10s. Onions, £2 ss. BUTTER AND CHEESE. ' (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, February 19. Butter is firm and in good demand. Danish, 148 s. Choicest salted: New Zealand, 123 s to 1245; Australian, 120 s to 1235. Unsalted: New Zealand, 124 sto 128 s; Australian, 118 s to 1225. Cheese is firmer. New Zealand white, 575; coloured, 595. Australian, 55s and 575. BEET SUGAR. (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, February 19. Beet sugar: March, 5s 10|d. PRICE OF FINE GOLD. (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, February 19.' Fine gold is quoted at £4 4s 114 d per ounce. CHICAGO WHEAT MARKET. (United Press Association.) (By Electric Telegraph—Copyright.) NEW YORK, .February 19. Chicago wheat: March, 79J cents per bushel; May, 83f; July, 69|; September, 69J. AMERICAN MONEY, RATES. (United Press Association.) (By Electric Tejegraph —Copyright.) NEW YORK, February 19. Call money rate of renewal was 1J per cent, all day. OAMARU MARKETS. . to Daily Times.) OAMARU, February 20. The weather for a spell has been all that could be desired for harvesting operations, and the cutting and threshing of wheat has proceeded throughout the week without interruption. Satisfactory reports are to hand as to the early threshing. A crop of 40 acres of Hunter variety, just completed, averaged 50 bushels to the acre. With a continuance of the prevailing conditions, the cutting of all oat and wheat crops will be completed during the coming week. Reports indicate that, on the whole, the yields will be well up to the average for North Otago. The bulk of the wheat has been sold for forward delivery, and lines being threshed are going forward direct to the mills. The quality of the wheat is excellent. A few lines of oats are offering, but the quality is only up to B Grade standard, and for this the market is weak at 2s, on trucks. There has been some inquiry for heavy Gartons for milling purposes, but so far no lines are available. The stock market continues to be dull, the only private sales during the week being as follow:—Store mixed sex lambs, 7s 3d, 7s 9d; half bred wether lambs, 3s 6d, ss; store wethers, 6s 6d; two-tooth ewes, 9s 6d; rape lambs, ss; fat ewes, 4s, ss, 6s; potter cow, 255. MASTERTON RAM FAIR. (Peb United Pkess Association.) MASTERTON, February 20. Prices in advance of the vendors’ expectations were realised at the annual ram fair to-day, when stud and flock Lincolns and Southdowns were offered. There was a large and representative attendance of buyers, and bidding was well distributed. Flock Lincolns ranged from one guinea to seven and a-halr guineas and Southdowns from one and a-half guineas to 17 guineas. The top price for stud Lincolns was 32 guineas for an animal sold on behalf of A. D. M’Master, of Martinborough, to L. R. Wilton, Rangitumau, while a stud Southdown was sold for 60 guineas to W. W. Buick, of Masterton, for an animal offered for Ellis Bros., of Bulls. Another ram, sold on account of the same vendor, realised 50 guineas. CANTERBURY PRODUCE MARKET (Per United Press Association.) * CHRISTCHURCH, February 20. The wheat market continues comparatively quiet, with the principal movement at present in the section for fowl wheat. Any business that is done in milling is on the basis of 5s 3d to 5s 4d oh trucks for Tuscan. Some millers are not paying any more for Hunters. The general opinion among merchants is that the wheat yield as estimated may be exceeded, as many of the crops have threshed much better than was thought earlier in the season when that estimate was made. Certainly many of the MidCanterbury crops have ( proved thin and pinched as a result of the unfavourable period during the latter part of the season, but in North Canterbury the yields have been in nearly all cases above expectations. The quotation for prompt fowl "wheat is ss, f.0.b., sacks extra, and 5s Id, f.0.b., sacks extra, for spread delivery. There are a few others passing, and a fair amount of prompt business.

There has been no movement in the oats market since the last report. Algerians are quoted at Is lOd to 2s per bushel on trucks to farmers. A Gartons are worth 2s 3d per bushel On trucks and B’s 2s.

The chaff market is unchanged at £4 7s 6d a ton, f.0.b., s.i.

There is inactivity in the potato market, and "no alteration in values to record. A little business is passing at a quotation of £4 7s 6d per ton, f.0.b., s.i. This price is equivalent to about £3 5s to £3 7s 6d on trucks. The quotation for July-August-September delivery’ is £5, f.0.b., s.i. The feature of the small seeds market is the lack of interest of North Island merchants, which is responsible to a large extent for the dull market here at present. There are no alterations in values to report.

£ s. d. £ B. d. Imperial Consols, 2% P.c. .. 57 10 0 55 5 0 War Loan, 6 p.c., 1029-47 .. 104 0 0 102 15 0 Conversion Loan, 344 P.c. .. 80 5 0 77 15 0 Victory 4 p.c. .. .. 0 92 10 0 C'wealth 8 p.c., 1031-41 .. 70 10 0 C'wealth 644 p.c., 1922-27 .. 68 10 0 64 0 0 N.Z. 6 p.c.. 1930-51 .. 100 6 0 98 0 0 N.Z. 4 p.c*, 1920 .. ,. 6 84 0 0 N.Z. 344 p.c*, 1040 .. 84 10 0 79 0 0 N.Z. S p.c... 1945 .. .. 0 70 10 0 N.S.W. 6% p.c., 1930-40 .. 70 10 0 71 0 0 N.8.W, 6 p.c*, 1930-40 .. 74 10 0 71 0 0 N.S.W. 6% P.O., 1922-32 .. 74 0 0 08 0 0 N.S.W. 4 p.c., 1033 .. 71 0 0 07 10 0 N.S.W. 3% P.c*. 1930-50 .. 63 0 0 62 10 0 N.S.W, 3 p.c., 1935 .. 41 10 0 39 0 0 Vic. 0% p.c., 1930-40 .. .. 57 10 0 — Vie. 8 P.C,. 1932-42 .. 65 0 0 — Ylo. 4% p.c*. 1940-00 .. .. 75 0 0 — Vic. 344 P.C*. 1929-49 .. 53 0 0 — Vic. 3 p.c.. 1929-40 .. ., 50 0 0 — Q’land 6 p.c*. 1930-40 ,. 77 0 0 70 0 0 Q'land 5 p.c*. 1940-80 ., 60 0 0 80 0 0 Q’land 8 p.c.. 1922-47 .. 45 0 0 44 15 0 8.A. 6% p.c,, 1930-40 .. .. 77 10 0 70 0 0 fl.A- 3% p.c.', 1930 .. 63 0 0 03 0 0 8.A. 3 p.c*. 1918 or after .. 36 0 0 40 10 0 W.A. 6 p.c,, 1930-40 .. .. 74 0 0 77 0 0 W.A, 3% P.c., 1920-35 .. 73 0 0 09 0 0 W.A, 3% p.c., 1915-36 .. 66 0 0 OS 0 0 Tas. OH P.c.. 1930-40 .. .. 79 0 0 75 0 0 las. 344 P.c*, 1920-40 ,. .. 61 0 0 59 0 0 Tas. 3 p.c., 1920-40 .. „ 67 0 0 55 0 0