BREADSTUFFS AND PRODUCE.

Otago Witness, Issue 3828, 26 July 1927, Page 22

BREADSTUFFS AND PRODUCE.

Friday afternoon. Although business is quiet in the milling wheat market, the recent advance in prices is well maintained. Canterbury reports that several sales of Tuscan have been made as a basis of 6s 4d f.o.b. In the Dunedin district any good lots offering are readily placed at 6s, sacks extra, on trucks, for Tuscan, with relatively higher price for ted chaff and velvet. The fowl wheat market, both for shipping and to meet local demands, is also firm, in sympathy with milling wheat. Sales of good whole wheat have been made from Canterbury at 6s 4d f.0.b., sacks extra. In Dunedin good quality is worth about 6s 3d, sacks extra, ex store. There is, however, not much business passing at these prices. It has been reported in the northern papers that Australian wheat can be landed in New Zealand to compete with the locallygrown wheat. It may be stated, however, that the quotation in Melbourne for milling wheat is 5s lOd, f.o.b. This price < s equivalent to 8s per bushel, sacks included, landed at any New Zealand port, duty paid. Millers prices are as follow Flour: 2001 b, £l7 ss; 100’s, £18; 50’s, £lB ss; 25’s, £lB 15s. Bran, £6 10s per ton. Pollard. £7 15s. Oatmeal: 25’s, £l9; 2Oo’s, £lB. The oat market is experiencing . a quiet period, and the demand is very slack. Any buyers requiring oats for shipment are not prepared to pay current prices, but holders are firm in their ideas of value. The present quotation is 3s f.0.b., s.i., for A grade, and 3s for B’s, with buyers offering id less. In the meantime there is very little Australian business passing. Canterbury reports that odd parcels of Algerians are still being sold to Australia, but that there is no demand for white oats from that quarter, either for feed or for milling. It appears that the recent reduction in Australia for maize has affected the prices for oats. It is understood that very few, if any, more oats will be required for

Australia this season unless the existing dry weather conditions there continue. Farmers are only offering small lots, hi’t merchants are not showing much interest. A’s are worth 2s 7d, sacks extra, on trucks country sidings, and B’s 2s 3d. Although the chaff market is bare of supplies, reports state that a fair quantity will shortly be cut by farmers, and a number of bags are now going out. With the shortage of supplies the market has advanced 5s per ton, sacks extra, ex truck', but it will not take many consignments to meet the local requirements. In the meantime merchants are taking the opportunity to dispose of their stocks of medium and poor chaff at from £3 to £4 per ton, sacks extra, ex store.

The potato market is very quiet with heavier consignments arriving from Canterbury. These have been sent forward by growers, who are apparently anxious to get rid of their stocks, following on tho estimated crops in the Dominion announced by the Government. Since these estimates were made, however, very dry weather conditions have been experienced in Can-’ terbury, and tho yields have been seriously affected. The Government officials are now obtaining further particulars of the yields, and these will be announced in about a fortnight’s time. Buyers are content to hold off the market in the meantime, and sales are difficult to effect. The nominal value to-day is £5 15s per ton, sacks included, ex truck, for freshly picked lines. Produce lines are quoted wholesale as follows : — Chaff, £5 5s per ton, ex truck, for best quality. Potatoes.— lon lots, £5 15s, ex truck. Eggs.—Stamped, 2s 6d; case, 2s 4d to 2s sd. Dairy Butter.—Milled bulk, Is 2d to Is 3d; pats, Is 2d. Bacon, Is Id per lb. Hams, Is 2d per lb; boneless. Is 3d. Canterbury onions, 6s to 6s fed per cwt. Eggs are coming in more plentifully. FRUIT REPORT. A small shipment of mandarins and passions arrived during the week from Sydney. The mandarins were in indifferent order and low prices had to be accepted to clear the line. The passions were in sound cc.i-.dition and brought good prices. The Waipiata brought Island fruit, tho bananas landing in excellent condition, and tho Moeraki, from Melbourne, had on board a shipment of navel oranges. The prices obtained for the bananas showed a slight decrease upon thoso previously ruling. Poorman oranges arc in better supply and meet a good demand. Cooking apples have arrived i n large quantity, but prices remain fairly firm. The demand is confined mostly to sound lots. Inferior sorts are hard to quit. Primo dessert apples have a good inquiry. Dessert pears also have a good inquiry. , The vegetable market is still bare of supplies. Ibero is a very large quantity jof cauliflowers on the Taieri awaiting i warmer weather to bring them on ready for the market. Current wholesale prices are as follows:— Apples: Delicious. 10s to 12s per case Jonathans, 7s to Bs'; Clcopatras, 7s 6d to 8s 6d; prime cookers, 7s; inferior dessert and cooking. 3s to 4s. Bananas; Ripe 25s per case. Pears: Dessert, 3jd to 41d per lb. Lemons: Californian, 47s 6d per double case; Victorian, to 20s per bushel case. Oranges; Californian, 37s 6d; Australian navels, 22s 6d ; Poorman. 15s per case. Potatoes, 7s per cwt. Carrots, 4s to 4s 6d per cwt. Pumpkins, to 10s per sack. Cauliflowers. 14s to 16s per sack (choice I only): others 8s to 12s. Parsnips, 4 S to 4s 61 per case. I Cabbage: Choice to 6s 6<l per sack; i others, 2s to 3s; loose (large), 10s fed per dozen. Onions, fee per cental bag. Celery, 9d to Is per bundle of three heads. Artichokes. 2d per lb. Lettuce : Choice, Is fed per dozen ; medium and poor, unsaleable. Saturday noon. A small parcel of stoned, loose-packed dates has come to hand ex the Rimntaka. The same vessel has also brought Egyptian lentils, Morton’s curry, castor oil, herrings in tomato sauce, and fresh herrings". The Moeraki brought a shipment of tea, transhipped at Melbourne from Colombo. The Singapore pepper market is still in an unsettled state, with the recent advances in prices well maintained. Eagle starch, box and packet, has been reduced in price. The quotations for the new season’s salmon are a little lower than those named at this time last vear.

A parcel of Maconochie’s marmalade, lib jars, was landed ex lonic. The quotation is 12s Gd per dozen.

Zig Zag cigarette papers are aagin getting into small compass.

LONDON STOCK EXCHANGE.

GOVERNMENT SECURITIES- . LONDON, July 21. The following are the latest quotations fcr Government securities, compared with tho prices ruling last week :—

FOREIGN EXCHANGES.

BANK OF ENGLAND RETURN, rr-u , „ - LONDON, July 21. the following is the Bank of England return: —

The proportion of reserves to liabilities is 29.80 per cent. Short loans are quoted at 3J per cent., and thrcc-month bills at 4 5-16 per cent. P. AND O. DEFERRED STOCK. / LONDON, July 21. P. and O. deferred stock is quoted at £239. LONDON METAL MARKET. LONDON. July 18. Copper: Spot, £54 Ils IC^d; forward, £54 18s Igd. 'Lead: Spot, £23 6s 3d; forward £23 13s 9d. Spelter: Spot, £2B; forward, £27 15s. Tin: Spot, £291 7s 6d ; forward, £232 2s 6d Silver, Standard, 26d; fine, 28 l-16d per oz July 21. Copper.—Spot, £55 Ils lOJd; forward, £55 16s IOJd. Lead. —Spot, £24 7s 6d; forward, £24 17s 6d. Spelter.—Spot, £2B 15s; forward, £2B 10s. Till. —Spot, £2BB 12s 6d; forward, £283 2s 6d. Silver. —Standard, 26 l-16d; fine, 28Jd. FROZEN AND CHILLED MEAT MARKET. LONDON. July 23. Sheep.—North Island light, 5Jd; medium, 4|d;-ewes, 4d. Lambs. —Canterbury medium, SJd; North Island medium 75d; Patagonian light, Bd. Frozen Beef.—Australian crops, 3§d; Argentine fores 3|d. Chilled Beef.—Argentine fores, 3Jd; hinds, 7d. Other meats unchanged.ss COTTON, RUBBER, ETC. LONDON. July 23. Cotton. —Liverpool quotation: August delivery, 9,72 d per lb. Rubber. —Para. 15jd per lb; plantation, 17 Ad; smoked, 17 Jd. Jute.—August shipment, £33 JOs per ton. New Zealand Hemp.—June-August shipment, £35 per ton.

Copra. —South Sea bagged, July-August shipment, £25 10s per ton. Linseed oil, £32 10s per ton; equal to 2s 7Jd per gallon. Turpentine, 44s per cwt, equal to per gallon. LONDON MARKETS. LONDON, July 21. Wheat cargoes are steadier, following an advance in American options, these occasionally advancing 3d, but being very slow to move. Parcels are finding little attention at late rates. Liverpool futures: July, Ils IJd per cental; October, 10s' 114 d; December, 10s Hid; March, 10s lOJd; May, 10s 94d. The spot trade is quiet, and prices are easier. Australian, ex ship, 57s 6d. Four is quiet. Australian, ex store, 41s 9d. Oats are easier. Peas are slow, and beans quiet. THE BRADFORD MARKET. LONDON, July 19. Tlie Bradford tops market is quiet, but the market is firm, with a good tone and quotations unchanged. LONDON WHEAT MARKET. LONDON, July 23. Wheat cargoes are steady at full rates, sellers demanding an advance of 3d, but buyers not responding. Parcels are 3d dearer, but the demand is quiet. A lot by an unnamed ship just arrived sold at 545. Liverpool futures: July, Ils Id per cental: October. Ils o’d; December, Ils o§d; March, Ils; May, 10s IOJd.BUTTER AND CHEESE. LONDON, July 21. __ Butter is slightly easier owing to heavy European supplies, otherwise unchanged. Australian and ixew Zealand, 156 s and 158 s; exceptionally good lots making 160 s. Cheese: Firmer; New Zealand, 88s and 90s. Australian, 84s and 85s. LONDON WOOL SALES. LONDON, July 19. At the wool sales there was a good selection of crossbreds, especially slipes, but the merino selection was limited to Continental needs. The market was unchanged. “Braemar,” top price 45|d, average 44d: New Zealand and Australian Land Company. “Hakataramea.” 23d and 22Ad; “ Langridge,” 20d and 193 d. July 20. At the wool sales there were a few good parcels of greasy crossbreds and a miscellaneous selection of all others. The tone continues keen at late rates. New Zealand—“ Mount Gerald,” 24d. 22d ; "Sands,” 15d, 14^d ; “Delton Downs,” 20d’ 183 d. ’ ' July 21. At the sheepskin sales a good selection was offered, and there was all-round competition for .ustralian merinos, fullwoolled, at par to 5 per cent, above May levels. Short woollens were unchanged. New Zealand merinos were at par to 5 per cent, dearer, and halfbreds 74 per cent, dearer. Medium and coarse were 5 per cent, up, and short woolleds unchanged. July 22. Dawson and Co., in reviewing the wool sales, state that the result establishes a remarkably sound basis of values generally, strengthening the position of raw material, which has been most perplexing for tho English and American manufacturers, who see little to encourage such confidence. It appears that the Continental centres are most prosperous. Germany, despite her difficult credit position in recent years, seems to bo very busy. There is considerable apprehension among all sections, except the wool-growers, lest the new season’s values of raw material open too high, thus retarding tho chances for good business in textiles in 1928. CHICAGO WHEAT QUOTATIONS. NEW YORK, July 20. Chicago wheat quotations: July. 142 J cents per bushel; September, 13'.); December, 142 5-8. NEW YORK, July 23. Chicago wheat quotations: July, 142 cents per bushel; September, 138 J cents; December, 1420 cents SILK AND COTTON MIXTURES. LONDON, July 21. Manchester a nd Lancashire are busy with Australian and New Zealand orders for artificial silk and cotton mixtures. The provisional figures show that tho June oxports to Australia are double those of May. New Zealand figures are double those of June, 1926. MELBOURNE HIDES. MELBOURNE, July 21. The hides market was strong excepting for stouts. All the others advanced &d ro idCALCUTTA TEA SALES. CALCUTTA July 20. At the tea sales the market was irregular with a strong demand for all good liquoring sorts at firm prices. Medium and poor classes are in' less request, and values declined six pies. Tippy teas and dusts are firm at average prices. The prices for common Pekoe Souchong were 12 annas- o 12 anuas six pies. Clean common broken Pekoo Souchong, 12 annas 6 pies to 12 annas 9 pies; even blackleaf Pekoe, 13 annas 6 pics to 14 annas, and Fannings, 11 annas 6 pies to 15 annas 6 pies. AUSTRALIAN MARKETS. SYDNEY. July 21. Wheat: At country stations, 4s 93d, ex truck, at Sydney, 5s sd. Flour: Export, £l2 10s, f.0.b.; local, £l3 ss. Bran and pollard, £7. Oats: Tasmanian Algerian, ss; white, 4s lOd. Maize: Yellow, ss. Potatoes: Tasmanian. £6 10s to £8 10s. Onions: Victorian, £6 10s to £7. ADELAIDE, July 21. Wheat: Growers’ lots, 5s to 5s sd; parcels nominally 5s 7|d to 5s Bd. Flour: Bakers’ lots, £l4 2s 6d.

Bran, £6 10s. Pollard, £6 15s. Oats. 3s 9d. RABBITSKIN SALE REPORT. The Dunedin Stock Agents and toolbrokers’ Association (Messrs Wright, Stephenson and Co., Dalgety and Co., N.Z. Loan and Mercantile Agency Co., National Mortgage and Agency Co., Stronach, Morris and Co., Donald' Reid and Co. and )tago Farmers’ Co-op. Association) report as follows:—About the usual quantity of rabbit skins was submitted at last week’s sale. There was a full attendance of buyers, and bidding was again very keen. All classes of skins can be quoted very firm at last rale’s rates, incoming and early winters being 3d per lb higher. Quotations; Weevily, 24d to 463 d; second broken. 45d to 56|d; autumn broken. 42|d to 503 d; first winter broken, 60d to 70d; runners, 16Jd to 243 d; summers, 26d to 313 d; summer bucks. 27d to 313 d; light racks, 40d to 43d; ariine racks, 413 d to 443 d; dawny autumns, 49d to 52d; early autumns, 57d to b?3d; autumns, 69d to 80d; second incoming, 71d to 76jd; incoming winters, 87d to 931<1; early winter bucks. 113 d to 1183 d; early winter does, 105 d to 109<l; first spotted winters, 78d to 93d; second winter bucks, 953 d to 1093 d; second winter docs, 1053 d to 1103 d ; first winter bucks, 1203 d to 126 d; first winter does. 119 d to 125 d ; prime bucks, 127 d to 129 d; prime docs, 1283 d to 130 d: outgoing does, 71d to 91d; ccond spotted w’inters, 64d to 82d; springs, 463 d to 50d; milky, 30d to 46d ; fawn, 723 d to 90d ; winter fawn. 112 d to 1183 d ; summer black, 343 d to 363 d; autumn black, 64d to 80d: first winter black, 113<f to 118 d; second winter black, 72d to 933 d; hare skins, 643 d to 76d; horsehair, 21|d to 24d. DAIRY PRODUCE. EMPTYING THE STORES. PROBABLE CLEARANCE BY JULY 31. WELLINGTON, July 21. The shipping position at the various ports states this week’s New Zealand Dairy Produce Exporter is in a very satisfactory state, due to the efforts made to clear the stores of produce to the fullest degree. Up to the end of this mouthy tho detailed positions arc as follow:— Bluff, Dunedin, Tiniaru, and Lyttelton ar o cleared of everything with tho exception of 159 crates of cheese at the Bluff. This has just arrived into store and on account of the small quantity, difficulty may lie found in securing space for early despatch. At New Plymouth the store is cicar of everything. Napier, Gisborne, and Wanganui arc clear. The last batch of 480 crates of cheese at Patca was lodged in the Mamari last week, and about 1500 boxes of butter temporarily held will be shipped in the lonic about July 22. The Wellington store is clear, with 2400 crates of cheese shipped in- the Mamari last week. At Auckland there are 50,000 boxes of butter in store, but these are scheduled to be lifted as follows: —Huntington, on July 21, 25,000 boxes; Athenie, July* 29, 10,000 boxes; Hororata, July 27, 15,000 boxes. The Atheuic and Huntington will both sail finally from Auckland before the end of July, but the Hororata will not sail before the end of August. Because of this it may be possible to transfer the allotment on the Hororata to the Athenie. Approximately 2000 crates of cheese in store at Auckland will be lifted by the Huntingdon. The net result is that all produce now in store, that is available for shipment, will, provided the Hororata transfer eventuates, be cleared and aboard steamers before the end of July. A certain quantity of held butter is in store at Wellington and Wanganui, which may be released, in which event space can be provided in the lonie for 15,000 boxes. AUSTRALIAN WOOL SEASON. The new selling season opens in Sydney on Monday, August 29, the same day on which it opened for the 1926-27 selling year. Before Christinas offerings in Australia will total 1,220,000 bales, a similar total to the same period of this season. The quantity available for sale m the I Commonwealth for 1927-28 will run mu> I 2,250,000 bales, a decrease of approxi- I mately 10 per cent, compared with the ' current selling year. It is hoped to com- ’ plete the sale of Lie main season’s clip by I mid-April. ISLAND ORANGES. SMALL SHIPMENT EXPLAINED. WELLINGTON, July 21. A statement mad e to-day by the Minister for the Cook Islands (Sir Maui Pomare) helps to explain why the steamer Waipahi arrived at Auckland on Wednesday from tnc Cook Islardt laden with less than half her capacity of fruit. A special service message from Auckland had indicated that the light shipment was said to be partly due to the fact that the growers of Mauke were not advised of the Waipahi’s movements, and consequently did not have any cargo ready. Commenting on the message Sir Maui Pomare said that advices received from the Resident Commissioner at Raratonga indicated that the- Union Steam Ship Company first decided to omit a call at the Island of Atiu, although 4000 cases of oranges were offering. When the shortage of oranges available at Rarotonga was disclosed, added the Minister, an attempt was made to call at Atiu; but it was then too late for the native growers to pick and pack their fruit. VICTORIAN GOLD OUTPUT. Statistics produced to the State Parliament of Victoria show that during 1926 49,0780 z of gold were produced in \ ictoria, of a total value of £208,471. Since the discovery of gold in Victoria production has totalled 71,226,0750 z, of a total value of £302,548,425. It is interesting to note that of the many gold mining companies operating in Victoria in 1926 only, two paid dividends, distributing amongst

shareholders sums totalling £IOOO (production for the year 5886 oz) of one mine and £ISOO (production for the year 63920 z) in the other. COMPANIES REGISTERED. The Mercantile Gazette reports the registration of the following companies:— Hinton’s Orchards (Limited). Registered as a private company July 6, 1927. Capital: £2500, into 2500 shares of £1 each. Subscribers: Dunedin: J. H. Hinaon 1300, J. 11. Hinton (the younger) 100. Earnscleugh—W. H. Hinton 1000, G. T. Bennie 100. Objects: To carry on the business of orchardists, fruit growers, fruit dealers, fruit sellers, fruit canners and fruit preservers, jam makers and jam exporters at Earnscleugh and elsewhere, and incidental. Howell Improved Piano Action (Ltd.). Regd. as a private company July 13, 1927. Capital. £9OO, into 900 shares of £1 each. Subscribers: Dunedin—A. G. Neill 100, J. V. Toomey 100, F. D. Painter John Noonan 100, F. B. Howell 300, G. C. Shiel 100, W. P. Hartstonge 100. Objects: To carry on the business of piano and pianola manufacturers, buyers of and sellers, and dealers of and in pianos, pianolas and musical instruments. koope and Co. (Limited). Registered as a private company June 28, 1927. Capital: £3OOO, into 3000 shares of £1 each. Subscribers: Invercargill—J. IV, Whittingham 1000, E. W. Lyon 1000, G, A. maltsters. SUBSCRIBED THREEFOLD. NEW PLYMOUTH HARBOUR LOAN. ■ NEW PLYMOUTH, July 22. Information has been received that the New Plymouth Harbour Board’s loan of £IOO,OOO, offered in London at 53 per cent, at par, has been subscribed threefold. CLEARING SALE. Messrs Dalgety and Co. report having held a successful clearing sale at Clydevale on Friday, July 15, on account of Dr Fox. A large number of buyers were present from + he surrounding districts. Competition was keen throughout the sale, and everything offered was cleared at satisfactory prices. The following are a few of the principal sales:—sßo mixed age ewes, 32s 6d; 522 full-mouth ewes, 25s 3d; 317 failing-

mouth ewes, 18s 4d; 250 ewe hoggets, 26s 3d; 64 wether hoggets, 17s 8d; 24 head young cattle, £3 5s to £3 10s; 14 horses mostly aged, to £25; drill, £77; swamp plough, £3l; binder, £25; stripper £l3shearing plant. £26; chaffcutter, £2l- - £2O; drill, £2O; drav, £l7; woolpress, £l6; hut, £2O; six-leaf harrows, LT 10s; discs. £8; plough, £ls 10s. DUNLOP RUBBER COMPANIES. vr • -O LONDON, July 18. Jhe Morning Post says that an important step in the direction of unification of the Dunlop Rubber Companies is announced. The English company has made a provisional arrangement with the Australasian company whereby the closest technical alliance includes an acquirement by the English company of. a share interest in the Australian company, with i cpi esentation on the board. A separate New Zealand company will be formed, owned jointly by the English and Australian companies. Only Canada and the 1’ ar East are now outside the sphere of the English company. WALLACETOWN STOCK SALE. INVERCARGILL. July 19. lhe outstanding feature of the Wallacetown stock sale to-day was the sharp rise in the price of fat sheep, an increase ot nearly 5s per head on last week’s rates being recorded. The attendance was only an average one, but, in addition to local operators, there were present several buyers from northern centres. The latter, however, did not do much business, as the big jump in fat sheep values would give them a very small margin of profit. The fat cattle yarding, though larger., was not up to the quality sent forward at previous fixtures, and not until the concluding portion of the sale was it possible to secure any of the better quality lines at prices that would induce the northerners to operate. The fat sheep entry was a small one, being over 300 fewer than the number penned last week. A few pens of. prime lambs, which sold at about current freezing rates, were included. It was generally anticipated that fat sheep would show a marked appreciation owing to the short supply, which was barely suflicient to meet local requirements. A few pens of extra prime wethers were yarded, and also a few lines of very good ewes, but the majority of the entry was only of fair to medium quality. Taking this into consideration, the rise was between 4s 4d and 5s 3d a head. Extra prime wethers realised up to 455; good butchers’ wethers,

34s to 38s;. and lighter sorts, down to 30s. Extra prime ewes brought up to 345; good butchers’ ewes, from 26s to 31s; and lighter sorts, from 19s 6d to 235. Lambs sold at up to 28s Gd; and good butchers’ lambs, from 22s 9d to 255. The penning of store sheep consisted almost wholly of old ewes, but anything at all good appreciated in value, prices ranging from 15s to 17s 6d for good sorts. Older and inferior sheep were lower in price according to quality. A small pen of medium hoggets, chiefly wethers, realised £l. There was an average yarding of fat cattle, which included a few pens of wellfinished bullocks and a pen of prune cows and heifers. A general survey showed that the quality was not as high as at the previous sale, a largo number of the pens containing very medium and in some cases inferior quality cattle. Prices were not quite up to those of the previous sale, but for any extra well finished sorts competition was keen, about last sale’s rates were obtained. Though a few lines were passed in, vendors were invariably prepared to meet the market, and the bulk of the yarding was cleared at auction or by private treaty. The veal pens contained some wellfinished calves, and these sold at the prices ruling of late. Extra prime bullocks realised up to £l6, medium-weighted from £lO to £l2 10s, and lighter sorts from £8 to £9 10s. Extra prune heifers made up to £lO 10s, medium-weights from £7 10s to £9, and lighter sorts from £5 10s. Extra prime cows brought up to £9 10s, mediumweights from £7 7s to £S 10s, and light sorts from £4 to £5 10s. Good coalers realised from £2 Io £2 17s 6d and runners to £5 10s. Store cattle were in unusually short supply, the yarding being the smallest for some time, and with the exception of about 40 well bred, good-conditioned steers it consisted merely of odds and ends. A line of calves forward was undoubtedly the best seen at Wallacetown for some months, ami realises! £4 a bead. Aged and empty cows brought from £1 to £3. Half a dozen dairy cows, winch were a poor lot. sold at reduced prices. THE FRUIT MARKET. T’ Secretary of the Otago Provincial Fruitgrowers’ Council (Ltd.) advises that the High Commissioner’s cabled report on the fruit market in London for the week ended July 16 is as follows: — Apples.—The market is quiet. Port Denison shipment arrived in good condition. Prices are as follows: Sturmer.

16s to 20s per case; Dougherty. Ballarat Seedling, Home Beauty, Dunn’s Favourite, and Cleopatra. 18s to 20s per case; Jonathan, 20s to 22s per case; Statesman, 20s to 23s per case. PROPERTY SALES. Park, Reynolds (Ltd.) offered on Wednesday at auction 74 acres at Waitati, near Michie’s Crossing, with stream and native bush. After good competition it was sold to Dr Fitzgerald. A small residential property, No. 9 Mosgiel street. Mornington, containing 11.7 poles, with four-roomed house, was also disposed of at a satisfactory figure. FRUIT FROM THE ISLANDS. AUCKLAND, July 20. With less than half her full capacity of fruit, the steamer Waipahi returned to Auckland from the Cook Islands this morning. The light shipment is said to be partly due to the fact that the growers at Mauke, one of the outlying islands of the group, wore not advised of the vessel’s movements, and in consequence did nev have any cargo ready. The shipment consists chiefly of oranges; hut there are also a number of cases of tomatoes and bananas. A fairly large pro--portion of the oranges are reported to be in poor condition owing to the rainy season which had been experienced at the islands. The tomatoes and bananas are in firstclass order, and local importers are confident that the ship is well suited for the trade. It is expeefed that considerably larger cargoes will be brought to Auckland on future trips. GORE STOCK SALE. GORE, July 19. The fortnightly sale was held at the Gore Corporation yards on Tuesday, there being a small attendance of farmers. Fat Sheep.—There was a small entry of 86. The quality’' was fairly good, and the market was firm, everything being sold. Fat wethers made from 33s to 37s 9d. The only pen of fat ewes forward realised 225. Store Sheep.—The entry comprised 480, all hoggets. The market showed an improving tendency, and sales were made at from 21s ”d to 22s Id.

Fat Cattle. —A small entry of 10 head was penned, and included some very py- e stuff. Values were fully £2 better than at the previous sale. For ox beef the sum of £l4 17s 6d was paid for a prime bullock, while lighter steers made £8 10s. A very nicely-finished heifer fetched £l3 10s. while others of fairly good quality’ realised from £6 10s fo £ll 12s 6d. A good fat cow made £ll 2s 6d, while a lighter one realised £6 15s. Store Cattle.—An entry of 32 head was penned. The market was dull, and the bulk of the offering was passed in. A dairv cow coming in for the factory realised £4 15s. BONELESS VEAL. EXPORT TRADE WITH BRITAIN. SPECIAL CONDITIONS PRESCRIBED. WELLINGTON. July 24. Considerable doubt has existed recently whether the importation into England of the meat of young calves would be permitted by the Home authorities during this season. The Minister of Agriculture (Mr O. J. | Hawken) said to-day’ that last season about 150 tons of this class of meat were exported from New Zealand to x the Ohl Country; but this year the Government had received advice that the Home authorities contemplated prohibiting its importation. Negotiations were immediately’ opened by cable, and information has now been received that for the last six months of this year boneless veal packed in a specified manner -will be looked upon as admissible; but would be inspected and admitted or rejected on its merits. Referring to the question which would arise at the end of the year as to. the continuance of the trade, the Minister said that the Government expected to receive through the High Commissioner particulars of the conditions which would have to be observed in that connection by exporters. “There are indications that the Home authorities are not at all favourably disposed towards .the admission of very y’oung veal/’ he added, “but if exporters will take care to see that only the very best class of meat is sent and that it is packed in the manner required I am of the opinion that there is an opening for building up a considerable ■ export trade out of what in the past has been largely a by’-product of the dairyindustry in the Dominion.

Last week. This week. £ B. d. £ B. d. Imperia! Consols, 21 p.c. ... 54 10 0 54 15 0 War loan, 5 pre., 1929-4 7 101 O ' 0 101 2 6 War Ioan, 3J p.c., 1925-28 ... 100 7 6 100 8 9 Conversion loan, 3.J p.c. ... 76 5 0 76 2 6 O’weaith.‘6 p.c., 1931-41 ... 103 18 9 103 15 0 O’weaith. loan ... 97 12 6 97 15 0 N.Z. 6 p.c., 1936-51 ... 106 12 6 106 15 0 N.Z. 4 p.c., 1929 .... ... 98 5 0 98 10 0 N.Z. 3J p.c., 1940 ... 86 10 0 SB 15 0 N.Z. 3 p.c., 1945 ... 77 5 0 77 10 0 N.S.W. 6i p.c., 1930-40 ... 103 0 O 103 0 0 N.S.W. 6 p.c.. 1930-40 ... 102 0 0 102 7 C N.S.W. 5J p.c., 1922-32 ... 101 5 0 101 3 9 N.S.W. 4 p.c.. 1933 ... ... 93 5 0 93 2 6 N.S.W 3J p.c.. 1930-50 ... 85 10 O 85 15 0 N.S.W. 3 p.c., 1935 ... ,75 2 6 75 7 6 Vic. 5> p.c.. 1930-40 ... ... 102 0 0 101 17 6 Vic 5 p.c., 1932-42 ... ... 98 17 6 99 o 6 Vio. 3> p.c.. 1929-49 ... 1 i 7 6 78 6 0 Vic. 3 p.c., 1929-40 ... ... 71 0 0 71 5 0 Q’land. 3 p.c.. 1922-47 ... 101 O 0 101 12 6 Q’land. 3J p.c., 1930 ... 95 5 0 95 0 0 Q’land. 6 p.o. 1930-40 _ 70 15 0 71 5 0 8-A GJ p.c., 1930-40 ... 103 0 O 103 3 9 S.A. 3J p.c., 1939 ... , ... 84 0 0 84 0 0 8.A. 3 p.c., 1916 or after . ... 59 10 0 59 10 0 W.A. 6 p.c., 1930-40 ... 101 5 0 101 16 3 W.A. 3} p.c., 1920-35 ... 89 0 0 89 0 0 W.A. 3 p.c., 1915-35 ... . ... 85 15 0 85 15 0 Tas. 6J p.c., 1930-40 ... 103 0 0 101 16 3 Tas. 3} p.c.. 1920-40 ... . ... 83 10 0 84 5 0 Tas. 3 p.c., 1920-40 ... ... 76 0 0 76 0 0

LONDON, Julv 21. The exchange rates on London are as follows : Par.. July IS. Julv 21. Paris, fr. to £1 21.221 124.00 124.00 Brussels, belgas to £1 5 34.93 34.93 Oslo, kr to £1 18.13 18.SO IS. 79 Stockholm, kr. to £1 .. 18.159 18.12 18.13 Copenhagen, kr to £1... 18.159 18.15 18.16 Berlin, reichmkn to £1 20.19 20.44 20.43 Montreal, dol to £1 4.85$ 4 SCI 4.S6 5-16 New York, dol to £1... 4.8GJ 4.864 4.85J Yokohama, st to yen... 24.5 23 5-16 231 Hongkong, st to dol... * 24J 24 J Calcutta, st to rpe, LG to i gold £ 17J KJ Borne, lire to £1 22.221 89.55 89.31 Amsterdam, guild, to £1 12.107 12.12 12.11 Batavia, guild to £1 ... 12.107 11.13 12.12 ’Governed by price of silver.

ISSUE DEPARTMENT. Note circulation Notes in reserve ... £137,361,000 ... 32,612,000 £169,973,000 Government debts ... £11,015.000 Other securities 8.735.000 Gold coin and bullion ... 150,223,000 £169.973,000 BANKING DEPARTMENT Proprietors’ capital ... £14,553,000 Rest 3,510.000 Public deposits ... 12.629.000 Other deposits ... 101,979.000 Sevcn-day and other bills o.OOO £132.674,000 Government securities ... £49,867,000 Other securities ... 48,610,000 Notes in reserve ... 32,612,000 Gold and silver coin 1,585,000 £132,674,000