SCOTLAND’S FAT STOCK SHOW.

Otago Witness, Issue 3595, 6 February 1923, Page 16

SCOTLAND’S FAT STOCK SHOW.

CHAMPIONSHIP GOES TO A CROSS STEER. SMALL CLASSES OF PURE BREDS. (Bt Oun Special Coruespo.vdent.) Glasgow, December 2, 1922. It may be that the annual show of the Scottish National Fat Stock small affair in point of numbers as compared with the great national assemblies which are common to the British Dominions, but all the same no one will dispute the tact that we have the finest stock in the world—both cattle and sheep. It cannot, however, be asserted that the breed societies m Scotland exert themselves to see that specimens of the finest quality in their different sections are brought before the judges at what is after all the supreme test of their merits—their worth at “the block.” As a matter of fact the pure breeds are usually in the minority, but this is in a large measure atoned for by the magnifi-. cent results obtained by mating them the one with the other. At the English stows, as well as those of Scotland, crosses of the pure breeds usually capture a large proportion of the leading honours. At Norwich this year, as also at Birmingham, it was a two-year-old cross steer, Blue Bill, bred in Scotland, which was supreme champion. He was shown by Sir Richard Cooper, and is going forward to Smithfield. At the Scottish National Fat Stock C’lub’s show in the new Industrial Hall a( Edinburgh—an immense building in which the stock were seen to advantage it was again, a cross-bred steer which was champion—a black polled animal bred by Mrs Brodie, Lethan, Nairn, and shown by Mr James Hamilton, Muiroambus, Kilconquhar, Fife, lie is by the Aberdeen-Angus bull Black Jacobus of Ballindalloch, out of an Afier-deen-Angus-Shorthorn cross cow. At two years seven months four weeks one day old he scaled IScWt, 591bs. Bertha—that is his name—is a bullock very straight in his lines with a great broad back, great depth, and grandly sprung ribs. He might, be & bit better developed in his second thighs, but all over he carries a great wealth of flesh. Under the hand, however, he is somewhat soft, and I am afraid that when slaughtered it will be found he is excessively fat. The reserve champion was an Aberdeen-Angus pure-bred heifer—Eventide of Aberlour—shown by Sir John R. Findlay. K.8.E.. cf Aberlour, Bamff. She was one year 10 months one week four days old, and turned the scale at 13cwt 221bs. Got by Elimiotis of Ballindalloch, she is

••it of Eventide II of Castle Craig, by Watchman of Ballindaltoch. I his is a stylish lieifer with a great covering of evenly laid on flesh. Her lop line is particularly straight, and she has a great broad back with grandly sprung ribs. Kventide of Aberlour was third in her class at the Dumfries Show of the Highland and Agricultural Society of Scotland, and she was breed champion here. She may be retained to do greater tilings still in the fat ring. The pure bred classes as a whole were disappointing. Shorthorns were tew in numbers, and it must be confessed that with one or two exceptions the quality was not up to a high standard. Here the breed champion was Cord Rosebery's 'steer, Lothian Warrant. He is a roan bred at Dalmeny by his exhibitor, and at one year II months, three weeks his weight was 14c\vt 321 be. A nice stamp of an animal he had his flesh well distributed over his frame and was quite a good sort from the butchers’ point of view, bv Balua'r2- . General ae is out of Lothr.cn Wimple, by Edgecote Masterpiece. In this case rhe second prize steer was preferred for the reserve champion to the first prize heifer, only two of the latter being forward. llie Aberdeen-Angus breed was better represented. I have already indicated that the breed champion was Eventide of Aberlour. ~ir John Findlay’s steer not exceeding two years old—Kliasaph— was reserve. He is a capital level animal with grand tnes and very even in his flesh, while to the touch he is about all that can be desired. At one year nine months he weighed 12cwt. His sire is Just Eric of Harviesioun, and he is out of Eleanor of otripeside, by Prince Canton. Calloway cattle were few in number, and there was nothing very outstanding among Sir R. W. Buchanan Jardine, , rt ’ ,°f Castlemilk, Lockerbie, won the championship of the section with the heifer Zena of Castlemilk, by the celebrated bull Sapphire, out of Tatbreoeh Zena II bv the famous Ceasar. At two years eight’ months she scaled IScwt 66Ibs. This is a pretty model of a hener near the ground and very evenly fleshed. Under the hand she is abou as near perfect as possible. Zena ot Castlemilk was bred by Mr John Cunningham, Tarbreoch. The reserve for the breed chainptonsnip was Billy, shown by Mr Robert Graham, Auchengassel, Twvnwe'Jk- ','b ,C l j* ° ne , -; e ' r months two Aul t? ,1 ays o d weighed llcwt 801bs. tl,»m"i;i shr5 hr , ee c asses were provided for d breed of cattle ' »o«e were shown. It is a matter of regret that this picturesque breed is fast disappearing A number of more important folds have recently been dispersed. A large amount of interest centred in the cross-bred cattle. The classes were waJofTl.V je<J '. and the quality 3 1) roilnd was of a high order. As has been indicated it was m this section of the show that, the supreme champion was found. Jn this a h£ “ he e ife rV Vn a, " P i° n ° f tbe section was a heifer—Kilby—shown by A. W Howtson Lochbank, Blairgowrie She is Ballindalloch rdeei f" Al f“ U 8 buJl bolder of Ballmdalloch. out of an Aberdeen-Angus-Shortborn cress cow. Her weight at one waT 12cwt 521 b ° ne W6ek RVC days old There was a capital show of sheen In thts sectton lhe supreme championship went Mafns Tan^rk an f R Fitld!ate *‘ Jer&w^d ' Lanark, for a pen of three Cheviot eddors which at one year seven months three weeks old scaied 7971 b. It is very questionable if a better matched pen of pure bred sheep have ever been seen at a Scottish National Show. The reserves for the supreme championship were three cross lambs shown bv Mr Tot,,, ni Brodieshili, Firres" They were g rl°t Tlmep’ Border 6 T proge / ,y ° f a Sufflock tup out of Border Leicester ewes. At eb-hr months two weeks old they weighed 6741 b to a l P,g f 3e f lio ' l , the championship went to a pen of two Large Whites over 24 stono each live weight, shown by Mr John FK)inburX Pe They° S turred a, tb f ° r ? torphine . tivebv at 4701 b and 4721 b. * lespecwon V 'a 2 'Gall!', way ‘ ‘ h '‘ifer'' if'was"^ “■< “iih LONDON WOOL SALES. healthy competition ai l ROUND. Fboh Our Special Corhespondeut t'l ,» • , LONDON, December 7 I he at tendance is well maintained and tho TObicd, Jj™?- Is , ln . the Continental style Wools where the decline in merinos is most seen, due chiefly to the depreciation in (lie for wooT 3 r'f "?* tc° anylack of demand tor wool. In fact. I 1 ranee is able to absorb big weights of raw material, for. judging from what French buyers say. the textile mduslry of that country is healthy and good and the outlook still favours a big consumption. It is the writer’s lirm conviction almost daily between 35,000 to 38.0C0 to the L a fact which is very tantalising from doing a big business with Germany and surrounding countries, and this may have something to do with the activity of French Germanv n<l Th° f °°" ,palative Quietness of Ueunany Ihe few German buyers who are attendmg the auctions frankly say that they want wool badly, but their industry is not enjoying the boom of six months ago simply because of the terrible state of their exchange. Phis continues to fluctuate almost daily between 35,000 to 38.C00 to the L—a fact which is very tantalising from a business point of view. We think that every German must now realise what the war has cost everyone in the Fatherland Having sown to the wind they must reap the whirlwind. Germany s position to-day should teach all nations that war finally brings want, starvation, loss, and suffering. BIG PRICES FOR NEW ZEALAND MERINOS. One of the outstanding features of the series is the tremendously good price ruling for New Zealand irterinos. Why? Simply because they are scarce, and are wanted by Scottish manufacturers in par-’ tiqular. We have before us the selling particulars of Murchison, a Canterbury mark, of scoured merinos. The scouring had not be ■en particularly well done, and yet we find,that the first lot of 11 bales of super A combing sold at 53id. The wool could be

called excellent 64’s combing, being shafty and well grown, sound, but faity, and would not. give a clean yield of more than 90 per cent. The party purchasing this woo! would take it straight away into the blending room —i.e.. willey house. The 10 per cent, of nature in the wool will facilitate manufacturing, so much so that it will be seen in the finished piece, making it handle all the better. The next two lots made 52d. while a duller and shorter lot actually realised 50d. and even 26 baies of clothing touched SOjd—prices which clearly indicate the acceptability of the wool. Then the necks touched 46d and broken 50-id, while 20 balos of super pieces actually realised 50jd, ana another lot 50d. The first bellies touched 47d and locks 31d. Surely there is nothing wrong with these figures. Then followed from the same clip the crossbreds, and here again it shows what oood, straight, line-quality crossbred wool is worth. Ihe first lot was seven bales of A A comeback combing, rather an exception for New Zealand crossbreds. Still the wools could not have been better, seven bales showing 58 s to 60’s quality and realised 46id, while 10 bales of A comeback combing touched 42id. The next lot that followed was quarlerbred combing, which sold .at 39-id; even the super ha’fbred being 58’s quality and realised 38id. Another lot of AA halfbred combing touched 35d, whilft the halfbred pieces made Ssd. Such prices clearly show the high estimation in which New Zealand merino wools are held, and it, is a thousand pities that more are not grown. West Australian merinos, though always held in high esteem by Bradford topmakers, are of a somewhat different character from the merinos of New Zealand. Their spinning property is a little different, though the effect, is mostly seen after the cloth into which the wool goes has been finished. The West Australian merinos, particularly Murchison wools, are bigger arid bulkier in the fibre, and, if anything, will produce a loftier handling piece, though not as soft and silky as when made from New Zealand merinos. Then the wool beiug free of burr is another important feature which appeals to Bradford topmakers and spinners. For the coating and serge trade the wools do admirably. Some of the leading new clip wools sold this series have been from West Australia, the mark L D in box (L reversed) being by no means the. best, for it was of an earthy character. Still, it sold readily, chiefly to the Continent, the first lot of 25 bales of grease AA combing making 22gd.. The wool was short 70’s, rather tender, and would give a clean yield of only 45 per cent. At 22id the price works out at 50d clean. The next lot of similar description made 2lid, or 47d clean; then followed 24 bales of A combing, which was really a clothing- 70’s. It was tender and earthy, anti would not give a clean yield of more than 42 per cent. Still, this lot made 21d in tire grease, or 49d clean. We next came to two lots of AA fleece, the first.,,2B bales being yellow—one of the peculiarities of certain wools grown in the northern districts of West Australia. The first 28 bales made 21 d, every lot going to the Continent. The clean yield would bo 44 per cent., which works out at 47id. Ihe next lot of 16 bales was very yellow, short, and tender, and the price at which it sold 20id in the grease—meant 4Sd clean. Then followed 15 bales of A fleece, which realised 20d, or 46d clean; while eight bales of AA hoggete worked out at 40d clean, and four bales of fleece, hoggets made 21d, or 46d clean. We mentioned these facts just to show the difference in the prices ruling for these wools. A still better West Australian clip was marked Portree. This Was average 64 s, not over well grown, and somewhat tender, which characterises West Australian clips this season. Evidently sheep have been on short commons, and the dry season has left its mark upon the staple. The first lot of A A combing hoggets made or 50d clean; the next lot of A combing touched 21id, or 48d clean, while the next two lots made 22£d and 23d, or 50d and 51d clean respectively. AMERICA STILL BUYING CROSSBREDS. The outstanding feature of the sales continues to be the attitude of America towards crossbreds, and some fair quantities are being taken daily. Of course, a few merinos are being acquired quietly, but American purchases are unmistakably heaviest in 46’s to 56’s wools. We have already intimated the measure of the advance, but at the same time America is securing some good-conditional lots what are certainly reasonable prices, and in six months they should look cheap—that is, where merchants and dealers are operating for tile purpose of resale. There is no doubt, that if America stepped out of the running crossbred values would fall, and some home trade buyers have frankly stated {hat in their opinion they cannot maintain the pace. We do not see why America cannot, continue to operate on a tanly liberal scale, because there is certainly more in crossbreds than in merinos Even the clean scoured basis oh which 46-50 s wools are selling looks very cheap compared with merinos in the neighbourhood ot 59(1 to >.0(1, and all crossbreds could advance 25 per cent, more and still be reasonable. Many maintain that there is no need for higher prices for crossbreds in view of what supplies B A W R.A. has to market and the new clip coming from. New Zealand. However, there is no mistaking t'he market for crossbreds Even scoured crossbreds are selling at much higher prices than last, series, while sliped crossbreds aro undoubtedly doing wed. America is particularly keen for 56 s shpes and their manufacturing characteristics are evidently appreciated aercre 3 the Atlantic as much as in Huddersfield and Galashiels. Good halfbred lambs are still fetching anywhere from 25d to 27d, and some excellent lots have been catalogued during the past fortnight. We consider that the market is a healthy one, and every day the catalogues are absorbed freely. AGRICULTURAL AND PAST ORAL NEWS. The project for the establishment of a Royal Show for New Zealand, which has been widely discussed during the past two years by producers’ organisations, was again before the quarterly meeting of the Council of Agriculture last week, and was deferred to the next meeting, to enable the branches to complete their canvass during the autumn shows. It is confidently expected that sufficient, support will be assured to make‘the movement a success. | Harvesting at night with the aid of elec-. trio light is being experimented in at Albuty, New South Wales (says 1 an ex-, change). At a cost.’ of £75, an owner recently fitted a pair of electric head lamps to a header, also one lamp over the hagfiller. By working day and night, the header got through 120 acres in live - and

a half days, as against eight days without ihe night shift. During the last two seasons a considerable amount of ploughing lias been done at night in Southern Kiverina, with a fair measure of success. The wet weather which has been experienced in the Masierton district has caused considerable damage to wheat and oat crops (says the Times), many of winch have been ruined. In some of the crops a second growth bus commenced. A considerable number of the crops will only be fit for fowl feed The continual showery weather lately has been the means of Clive farmers losing practically all their grass seed crops (writes the Napier Telegraph’s correspondent). J ness are lying rotting in the paddocks, which means a loss of hundreds of pounds to the community generally. On going out to yard his dairy herd, Mr A It hiss, of Frankton, discovered the herd sire, a young pedigree Jersey bull of some promise, lying dead in a paddock be ß ide the stockyard. Evidently during the heavy thunderstorm the previous evening lightning struck the animal, possibly attracted by the copper bull ring in his nose, as apparently he was killed instantaneously. A local breeder (says the Feilding Star) reports that he had no (rouble in. disposing of 50 Southdown rams at £lO 10s a head. The rams were grazing in open paddocks when the buyer called, and the farmer yarded them only after much persuasion. He put .he price on for the purpose of closing the argument, as he was not anxious to sell, but lo his surprise the buyer snapped up the line at once. THE BREADSTUFFS AND PRODUCE MARKETS. Friday eveuing. The unsettled state of the markets for wheat and -oats has been perturbing to traders generally (says the Melbourne Argus of January 20). The irregularity of wheat prices has made business in that cereal difficult, for, with a range of quotations, farmers have been undecided as to what to do with their produce. In some districts, there has b,-en a little more selling recently, but tbe large quantity of wheat being placed to various interests or storage is one of the features of the position. Millera have not had much opportunity to increase sales of flour abroad, as the cost of wheat has restricted business to the smaller oversea ports. Bran and pollaid have been in good demand, the recent increase in price having had no effect upon consumption. Except that prices are fairly even, similar conditions apply to oats as to wheat. Farmers prefer to await events, or are storing large quantities, presumably in the hope of obtaining more money later in the year, notwithstanding that current rates are attractive. It is principally the smallness of offerings that has supported the oat market, but traders here are of the opinion that Tasmanian, and possibly New Zealand competition for New South Wales’ trade later in the year will tell against prices. Barley has been steady in regard to the better grades of English, and ruling quotations are substantially above oversea parity. There has been no inquiry for medium grades, which are still almost unsaleable. Best Cupe has been in moderate request by Victorian users. In chaff, small shunts at Spencer street have influenced a steady tone throughout the week. Potatoes have fluctuated, a revival in the Sydney demand having checked a decline in quotations. Cable messages from Liverpool state that large supplies of wheat for export are available in the United States and Canada, but Argentina is the controlling influence in the market. The Continental demand for wheat has been reduced owing to the disturbed condition of aff tirs in Europe, but actual requirements are large. The weather is causing concern to farmers, whose harvesting is being thus very adversely affected! (says the Christchurch Press). Wheat in particular is showing the effects of the rain, and in some parts of the provinces there will be very little first grade stuff to sell. The greatest damage appears to be done in the southern part of Canterbury. Generally speaking, the wet weather will result in a lot of under grade wheat being put on the market. While a lot of wheat will be discoloured, this will not affect it a great deal, so long as the grain is sound and hard, but, of course, if it has started to sprout, it is useless for milling purposes. Owing to the idea that prevails among a number of farmers t-liat a better price will be forthcoming than has been offered so far, there has been a hanging-off on the part of some of them. Merchants are offering the equivalent of ts Gd on trucks, but some farmers are of the opinion that their stuff should fetch another 9d, with a result that few sales are being piit through. LOCAL MARKETS. The Government control of wheat ceases at the end of this month. In the meantime, any odd lots of old season’s wheat that will pass as good quality have been taken over by the Government. An assurance is required that the wheat is old season’s. Bakers are holding off the flour market as much as possible, as they are waiting for the position to clear, as regards prices, when the comma, ndeer comes to an end on February 28. New seasons’ wheat lias been threshed in Canterbury, and some lines have been sold by the growers at 5s on trucks, (twin- to the broken weather no further lines are available in the meantime. It is anticipated that about 2 cent, of the crop has been cut in the North Canterbury district, but further south the harvesting is just commencing. It is reported that consequent on the heavy rams some of the wheat in the S ' ;< ?tM KS j l3 ' >e€Tl damaged, but not seriously. 1 he demand for fowl wheat is slackening off, and it is now difficult to make sales at *s 6d f.0.b., sacks extra. This price is equivalent to 3s 10d, sacks extra, country sidiiigs. In the absence of inquiries from the North Isiand local merchants are not inclined to buy at these prices. Dunedin millers’ prices are as follow; Flour: 2001 b, £ls 10s per ton; 100’s, £l6 10s; 50’s, £l7; 25’s, £l7 10s. Bran, £5 10s per ton. Pollard, £B. Oatmeal: 25's, £18; 200’s, £l7. Reports state that rain has fallen in Australia, and as a result orders from Australia for old oats are not now coming to New Zealand. The market is quieter, with an easy tendency. Sales of A Gartons have been made at 3s sd, f.0.b.,a.i.; and B’s at 3s 3d. These values are equivalent to 2s Gd, sacks extra, at country sidings, for A’s, and 2s 4d for B’s. New season’s oats are expected to be available within the next fortnight. Although farmers have been offered 2s Gd on trucks, country siding's, they are not inclined to sell. Reports from the south State that the crops a,re in good order, and that the returns •’ may compensate to some extent for the decreased area’, sown in oat-si this year. The lyegrabs market has firmed considerably during the ’ week—from two cause*.

Firstly, the crop in the Canterbury district has been affected by the wet weather, and secondly, the Christchurch merchants have sold forward, and have now to pay the price to fulfil their orders. Business has also been done with Australia, and the demand from there has not yet been satisfied. PRODUCE REPORT. . Consignments of chaff have been increasing, but there is a little better demand, and goou quality ia saleable at £5 per ton, .sacks extra, ex truck. Medium and poor is selling at £3 10s to £4 per ton, sacks extra. Eggs are plentiful. New potatoes are plentiful. Local grown are selling at about 3s lOd to 4s per ease of 501 b. The dairy butter market continues firm. Canterbury onions are quoted round about 10s per cwt. Prices vary considerably. Current local wholesale prices for produce are as follow: Chaff. Good quality, £5; medium and light, £3 10s to £4. Potatoes, 7s a cwt for best Oamaru and 1 ateris. Dairy butter.—Bulk. Is id to Is sd; pats, I s 4d to Is 5d ; milled. Is sd. Eggs. Stamped, Is Id; ordinary, lid. Melbourne onions, 17s Gd per cwt. Bacon.—Rolls. Is per lb; sides, 10Ad. Hams, Is 3d ; boneless. Is 4d. FRUIT REPORT. • Ihnit marts have been very busy durtng the week, and a considerable quantity of fru.t has changed hands. Heavy supplies ot stone fruit have been auctioned Smallstzed peaches and apricots have sold very Cheaply, and have met a good inquiry A considerable quantity of Nelson outsidegrown tomatoes came forward during the week. Most of the cases arrived in bad order, the tomatoes Using diseased. Th«se had to be sold at Is per oa.se to quit. Heavy supplies of hothouse tomatoes have arrived irom Christchurch, and prices have eased. Cooking apples are in good supply In view', however, of the full supplies of stone fruit, there is only a small demand for cookers. Full supplies of plums have been available. A lot of the fruit has been of inferior quality, and in an over-ripe condition. Desserts,, however, meet a fair inquiry. Greengages are saleable at 3d per There is little demand for hothouse cucumbers. Outside-grown, from Canterbury have also a poor sale. A fresh shipment of Island-grown bananas is expected next week. All descriptions of vegetables are in o-ood supply. The following are the latest prices: Apples, 8s to 10s; desserts, 5s to 6s; cookers, slow sale. Tomatoes: Christchurch hothouse, 5d to Gd; local, 9d to lOd. Bananas: Ripe, repacked, 30s. Rhubarb: Slow sale; is per sack. Nectarines: Halt-cases, 4s; crates, 3Ad to 4d per lb. Grapes, Is 6d to Is lid per lb. Oranges: Adelaide, 22s to 27s 6d. American arriving next week. Lemons: Italians, 37s 6d. Plums: Dessert, 2d to 3d; cooking, lid per lb. Peaches, 2s to la 6d per half-ease; choice dessert, in crates, from 3d to 5d per lb. Apricots, 2s to 4s per half-case; crates, 2d to 3d per lb. Pears, 4s to 5s per half-ease. Cauliflowers, 5s per sack; loose, 3s to 5s per dozen. Cabbages, 5s to 6s Gd per sack; medium, 3s to 3s Gd. French beans, 2d to 2id per lb. Marrows. 2s 6d to 3s per dump case ; sacks to 6s Gd. Green pea.s, 2d to 3d per lb for best; medium, 1 Afi; inferior, Is per bag. Cucumbers: Hothouse, 2s to 3s Gd per dozen; outside, 4s per half-ease. Lettuce; Poor demand. Spring onions, 3d to 4d per bundle. White turnips, 8d to Is per dozen bunches. Beetroot, new season’s, Is per dozen. Parsnips, Is per dozen bunches. M E RCHANDISE MARKET. A parcel of Indian lentils which has just come to hand is quoted at 5d per lb. Leslie shaker salt is now being quoted at a reduced price. Desiccated cocoanut is in short supply locally. F'urther supplies should be to hand within the next few weeks. The Waimarino is due next week with lines of seedless and seeded raisins, tinned fruits, salmon, pilchards, and prunes. A parcel of Norwegian sardines, quarters and halves, has just been landed. They are quoted at 5s and 9s 9d per dozen respectively. Supplies of homoeopathic cocoa will be on the market next week. Prices will be in the vicinity of 23 per lb. Camp coffee has been reduced in price. Case lots are quoted at ‘23s Gd per dozen; less quantity, 24s Symington’s coffee essence is now quoted at 23s 6d per dozen for case lots, less, 245. A new agency line, “Sunny Nelson’’ tomato sauce, has made its appearance on the market. The price is 13s Gd for quarts and 8s Gd for pints. COMMERCIAL CABLEGRAMS. GOVERNMENT SECURITIES. The following are the latest quotations for Government securities, with a comparison with those ruling last week: —

FOREIGN EXCHANGES. LONDON, February 9. The following rates on foreign exchanges are announced: —Paris. 76.6 frames to the £1; Berlin, 175,000 marks. February 4. The latest rates on foreign exchanges are; Berlin. 165,000 marks to the ;>ound; Paris, 72.89 francs to the pound.—A. and N.Z. Cable. NEW YORK, FVbruary 3. The eterling exchange rate closed strong for the week end.—A. and N.Z. Cable.. LONDON MARKETS. LONDON, FVbruary 1. Wheat cargoes ate steadily held in sympathy with the advance in America, but' tb» market is very quiet and prices are nominally unchanged in the expectation of large lata clearances. Parcels closed quiet at a decline of 3d. February 2. Wheat cargoes are dull owing selling pressure by La Plata shippers and expected heavy clearances from Argentina. Prices arp occasionally threepence lower. Parcels easier with fair business at threepence t i sixpence decline. Spot trade is quiet. Flour. —The market is slow, and prices are easier. Austra'ian ex-store, 39s Gd to 40s. Barley ie firm but slow. Australian Chevalier is quoted at about 50s cx store. Oats.—The market is quiet. Beans and Peas. —The market is slow and unchanged Sugar.—Granulated, 49s 4d. Bradford top quotations are unchanged. Isolated makers are inclined to reduce prices a trifle, but users are buying little and the business paasing is small. A. and N.Z. Cable. Waihi Shares. —Buyers 30s 7d. Butter. —The market is quiet, but steady. Colonial prices are unchanged. Danish show* a weaker tendency owing to the absence of American and ConiAiental demand. Very little cheese is (ffiring. New Zealand, 128 s; Australian, 122 s to 1245. Copper: Spot, £65 13s 9d; -forward, £66 6s 3d. Ijead: Spot, £2B ss; forward, £2B. Spelter: Spot, £35 17s Gd; forward, £34 17s Gd. , Tin: Spot, £lB3 I.Bs 9d; forward. £135 13a 9d. Silver, 2s ?id per oz. F’elrtury 3. Colton.—The Liveipool quotation for American middling Upland, March delivery, is 15.03 d per lb. Rubber. —F'ine hard para. 17d per lb; Plantation first latex crepe, 17Ad; smoked ribbed sheet, 17id. Jute.—Native first marks, January-Febru-ary shipment, £3l 10s per ton. New Zealand Hemp.—Jantiary-March shipment. £33. Copra.—South Sea bagged. l'ebruaryMarcli shipment, £2l 5s per ton. Linseed oil, £39 15s jrer ton—equal to 3s 2Jd per gallon. Turpentine, £lO 4s per ew!--rqual to 7s 10id per gallon. Tin.—The stocks afloat total 22,598 tons; on spot. 3013 tons; afloat 630 tons; deliveries during January, 2242 tons. BUTTER AND CHEESE MARKETS. The South Island Dairy Association has received a cable from the New Zealand Produce Association, London, stating that there is no accumulation of butter stocks, and tl*ak the market is steady at 19Gs to 198 s. Cheeoe is steadier with limited stocks, white 126*, coloured 12rts. THE MEAT MARKET. LONDON. February 3. Sheep —New Zealand : None offering. Australian: F'irst quality, 7Jd; second, 7id; ewes, 7d. Argentine: F'irst quality light, 9Jd; heavy, 7Jd; ewes, 7d. Patagonian None offering. Lambs. —New Zealand: None offering. Australian: First quality, lid; second quality, 9jd; third quality, Bld. Argentine: First quality light, 10Jd: heavy, lOd; second quality, Bhi. Patagonian : None offering. Frozen Beef. —New Zealand: F'ores, 4Jd ;• lands, 4Jd. Australian: Fores, t^d; hinds, 4|d. Argentine: Foi ’S, 4Jd; hinds, 5Jd. Uruguayan: None offering. Chilled Beef. —Argentine: F'ores, tjd; hinds, 5Jd. Uruguayan: Fores, 4yd: hinds, &ld. ' THE TALLOW MARKET. LONDON, January 31. At the tallow sales 1290 casks were offered and 873 sold, at late rates to Gd decline. Mutton: Fine, 42s Gd; medium. 37s Gd. Beef: Fine, 42s Gd; medium 375. February 1. Tallow. —Stock on hand, 5886 casks; imports, 3805; deliveries, 2617. COLOMBO TEA SALES. DELHI, January 31. At the Colombo tea sales the demand was strong and prices were firm for all tippy black leaf, best liquoring broken grades and clean dusts. Other sorts were front half an anna to an anna lower. THIS SEASON’S LAMB. WELLINGTON, January 30. The New Zealand Meat Producers’ Board was advised to-day from its London office that the new season’s lamb from Hawke’* Bay and Poverty Bay, which arrived by the Tainui, has lieen sold at Is ltd per lb “off hooks” at Smithfield. The Tainui is tha second vessel to arrive in London with new season's lamb. ADVANCE IN STEEL PRICES. LONDON, February 2. The Scottish Iron and Steel Makers’ Anaocialion has raised the price of iron bans by

10a per ton, ship plates by 5s per ton, and sheets from 5s to 20s per ton. LONDON SHARE MARKET. LONDON, January 30. "Waibi share* : Buyers 30s, sellers 30s 7d.AUSTRALIAN MARKETS. MELBOURNE, February 2. Barley.—English, 4s 6d. Oats, 3s 8d to 3s Sid. Potatoes, £4 15s to £5 10s. Onions, £4 to £4 10s. At the Ivdes sale there was a large catalogue, and the maftkrt was very firm. Prices for all stout and light lines were unchanged. Heavies and mediums were firm. SYDNEY, February 1. Oats: Algerian feed, 4s 4d to 4s 6d; white local and New Zealand, 4s fid to 4s Bd. Maize. —South African, 5s 6d to 5s 9d. Potatoes: Local and Victorian, £6; Tasmanian, £7 10s to £B. Onions: Victorian, £6 to £6 10s. ADELAIDE, February 1. Oats: Algerian feed, 3s Id. LONDON WOOL SALES. LONDON, January 29. At the wool sales the offerings were limited. There was a poor selection of merinos, with good competition for best sorts, prices being unchanged. Faulties and inferiors were very irregular. New Zealand "Waihotai” realised 52d. The Bradford wool market is very firm, and users are cautious. There is little actual business, spinners strongly resisting the recent advance.. January 30. At the wool sales there was a better selection of merinos. Best were fully as firm as the previous sale’s rates, and average grades were a shade easier. Crossbreds were unchanged. New Zealand "M.C.” 38d. January 31. At the wool sales there was only poor selections of merinos and crossbreds offered. Prices for best merinos and all crossbreds were fully maintained. February 1. At the wool sales, owing to the collapse in the exchanges, merino fell 5 per cent. There were many withdrawals. Crossbreds were not affected.-. February 2. At the wool sales there was a good selection of merinos and a fair entry of crossbreds. Prices generally were firm, with no quotable change. For New Zealand lamb's wool the Pareora clip realised 28£d per lb. Messrs Dalgety and Co. report having received the following cable from their head office, dated London, February 1: The wool sales continue active, and competition i 3 brisk. All crossbred wools are higher, but merino wools, suitable for the Continent, are rather lower. Merino wools of other prices are unchanged. SYDNEY WOOL SALES. SYDNEY, January 29. The wool sales were continued, competition being very keen and late rates were well maintained. OAMARU MARKETS. (From Our Own Correspondent.; OAMIARU, February 3. Tlie weather during the week has been more of a summer character. A little ram has fallen, but otherwise the conditions have been favourable for cereal crops—sunshine, warmth, and gentle winds. The result nas been to quicken ripening, especially of wheat and a hurrying in of orders for binder twine. Cutting has commenced in earnest, and next week the reapers and bindeis <rili be busy in many directions. It is too early to indulge in speculation as to the character of the harvest, but some growers reort that the wheat is well developed and hard. Ttiere has been practically no n business pesaing in the grain and produce" market, tho only transactions being in a few parcels of A grade Garton oats at 2s 8d art or. trucks. SOUTHLAND MARKET REPORT. [From Our Own Correspondent.; INVERCARGILL, February 3. Oats.—The market has even a somewhat firmer tone since last advice, there being a strong inquiry for oats for forward delivery. Sales of A Gartons have been recorded at from 3s 4d to 3s 5d per bushel; B’s and “g.f.a.q’s,” at relative values of 3s 2d and 3s per bushel respectively. Duns are being sought after, and have changed hands at from 2s lOd to 3s 2d per bushel, f.0.b.5.i., prices varying according to quality and weight. Stocks of oats held in Invercargill and Bluff stores are by no means high for this period of the year, and the bulk of oats which are in store are on account of northern buyers, local merchants’ holdingsi being remarkably small. Indications of the new crop favour somewhat higher yields per acre, but this can hardly compensate for the decreased area to be harvested. Chaff.—This seed is still offering freely, but a considerable portion is inferior, and very difficult to dispose of, but prime quality is still worth £3 10s per ton on trucks. Ibis price might even be exceeded for ail exceptional line at a handy siding. Ryegrass. Stocks in merchants hands are well nigh zero. There is a strong demand from the outside markets, especially 'or forward delivery, but merchants show little desire for this class of business. It is generally anticipated that values will lie equal t-o those of last season, 251 b to 26ib from the mill being worth 3s fid per bushel, these prices depending considerably on the condition and cleanliness. Owing to the harvest being later than usual threshing has not commenced, and it is hardly to be expected that machine-dressed seed will be saleable cn sample in anything less tnan a month’s time. RABBITSKIN MARKET. The National Mortgage and Agency Company report as follows for December 4: The market for rabbitskins at the opening was very irregular, prices for all except the "unpulled” grades being lower. A good deman, hov.-cver, developed for the finest grades, and, generally speaking, the best thin pelted winters were 5 to 10 per cent, higher, both for Australians and New Zealand?, whilst <pod quality showed very little change. On the other hand, second winters and good incoming stout-pelted and hatters’ "pulling” sorts were generally 5 to 10 per cent, cheaper. Fair incomings and autumns were ratiier dearer, and “unpulled” sorts met with keen competition on an average advance of 30 per cent. New Zealands were a fine collection, but in the absence of much rapport from America the greater proportion of the winter and incoming sorts were left unsold. FEILDING STOCK SALE. FEILDING, February 2. The Feilding stock sale was held to-day. The demand for sheep was in-and-out, and ■Jeo far cattle. Prices were somewhat easier

owin'? to the quality of the stock penned. There was a lively demand for good bullocks and weaner steers. Prices: Fat lambs, 25s 9d: fat ewes, 25s 4d; fat wethers, 26s 6d, 32s 6d, 33s 6d; rape lambs, 225, 25s 9d; woolly lambs, 15s; wether lambs, 16s 2d, 19s 9d, 20e 3d; mixed-sex lambs, 16s, 16s 9d; culls, 8s to 11s lid; twotooth ewes, 395; four and five-year ewes, 24e 7d, 26s 9d, 27s Bd. 265. Little fat cows, £2, £2 10s, £4 12s 6d, and £5 to £5 10s; tleifers, £5 23 6d, £6; two-year steers, £4 9s; three-year steers, £4 15s, £5 6s, £5 16s; bullocks, £7 ss, £8; p.a. £6 IQs; weaners, 22s 6d to 455; bulls, 27s 6d, 40s, end £5 to £6 10s. PALMERSTON STOCK SALE. The monthly stock sale was held on Friday, when there was a good sll-round yarding. Bidding was fairly keen, and prices were good. PROPERTY SALE. Messy Alex. Harris and Co. offered at auction on the 30th, in the estate of Thomas Annison, part section 12, Kensington, having a frontage of 33ft to Grosvenor street, with a four-roomed cottage thereon (No. 28). Bidding started at £2OO, the property being •eventually knocked down to a client at £272 10s.

Last week. This week. £ s. d. £ s. d. 21 pc-r cent. Imp. Consols ... 56 10 0 56 10 0 3£ per cent. Imp. War Loan, 1925-28 96 10 0 96 10 0 5 per ceut. Imp. War Loan, 1929 47 101 2 6 100 15 0 3A per cent. Conversion Loan 76 15 0 76 10 0 5£ per cent. C’wealth Loan, 1922-27, Feb.-Aug 101 7 6 101 7 6 6 per ceut. C’ wealth Loan, 1931-41, June-Dee 106 12 6 104 0 0 N.S.W. 3’s, 1935, April-Oct. 75 2 6 75 10 0 N.S.W. 3Vs, 1930-50, Jan.-July 80 0 0 80 0 0 N.S.W. 4’s, 1933, Jan.-July ...89 0 0 89 15 0 N.S.W. 51’s, 1922-32, MayNov. ... 101 15 O 101 15 0 N.S.W. 6's, 1930-40, MayNo v. 105 5 0. 105 L , 6 N.S.W. GVs, 1930-40, Feb.Aug. 107 17 6 107 10 0 Tic. 5.Vs, 1.930-40, April-Oct. 103 7 6 103 7 6 Vic. 3.Vs, 1921-6, Jan.-July ... 96 0 0 96 0 0 Vic. 3 Vs, 1929-40, April-Oct. 78 7 6 78 7 6 Vic. 3 Vs, 1929-49, Jan.-July 70 10 0 70 15 0 Q’land 6’s, 1930-40, Feb.Aug. 103 10 0 104 7 6 Q’land 4’s, 1924, Jan.-July ... 87 10 0 87 15 0 Q’land 3-J’s, 1924, Jan.July ... 99 0 0 no 0 0 Q’land 3£'s, 1930 98 0 0 98 0 0 Q’land 3's, 1922-47, Jan.-July 66 10 0 66 17 6 N.Z. 6’s, 1936-51, Feb.-Aug ... 108 17 6 106 17 6 N.Z. 4’s, 1929, May-Nov. ... 95 7 6 95 7 6 N.Z. 3Vs, 1940, Jan.-July ... 82 12 6 82 12 6 N.z: 3’s, 1945, April-Oct ... ;.i74 O 0 74 15 0 S.A. 3’s, 1930, Jan.-July ... 61 17 6 61 17 6 S»A. 4Vs, 1945 or after ... 82 5 0 82 5 0 S.A. 6i’s, 1920-40 107 10 0 1U7 15 0 Tas. 3J’s, 1920-40, Jaiu-Jul; ,.. 82 10 0 82 7 6 Tas. 'i s, 1920-40,-Jan .-July ... 75 ,10 0 75 10 . 0 Tas. Gi’s, 1930-40, Feb.-Aug. 107 76 107 10 0 \V.A. 3J’s, 1920-35, Stay-July 82 15 0 83 10 ,0, W.A. 3*9, 1913-35, Mi v'Nfov. 78 15 0 78 7 6 ■W-A.' «’•*, 1930-40, Jan.-.Tnly 104 17 6 105 0 0

FOUEHiN EXCHANGE FI A’ 'E8. DONDON. J. •'hriiary l. London on Par. ,1 "i. 20 Feb. 1 I’aris, Fr to £1 25.225 7 1 05 78.60 Christiania, kr to CM 18.151) 2 • ■05 24.97 Copenhagen, kr to £1 18.15:) 2 1.23 24.40 •Stockholm, kr to .Cl 18.159 ] .35 17.40 Berlin, marks to £1 20.43 152000.00 105000.06 Homo, lire to At ... 22.221 07J 084 Montreal, do!, to £1 4.86 2-3 .674 . 4.71* New York. Jo', to £1 4.80 2-:: 63; 4.68* Hongkong, dob to £i * 27M 27|tl Yokohama, st. to yen . 21.50 25J 25d Calcutta, st. to rpe. 10 to gold £ 1 16 W 16M * Ileteriniac-d by price of silver. BANK OF ENGLAND- RETURNS. IjONDOX, February 1* J he Bank of England returns for the vreek ended tebruarv afford the following companion wilii those of the previous week:— Jau. 25 Feb. 1 Com and bullion ... 125,662,0011 125, 6642100 Reserve 25,141,000 23,024,000 Proportion of reserve to liabilities, p.c. 10.08 10.78 Note circulation 120,700,000 122,018,000 Government deposits 11.372,000 14.601,000 Other deposits 114,431,0tX) 106,324.000 Government securities 53,445,000 43,420,000 C>ther securities 85.238,000 65,608,000 Hhort Joans. per cent.; three months’ hi Thu 2 7-16 per cent.