COMMERCIAL CABLEGRAMS.

Otago Witness, Issue 3831, 16 August 1927, Page 21

COMMERCIAL CABLEGRAMS.

LONDON METAL MARKET. ~ LONDON, August 12 Copper: Spot. £55 13s 9d; forward £ r s 19s 4id. Lead: Spot, £23 7s 6d ; forward, £?3 16s 3d. Spelter: bpot £2B Ss 9d ; forward, £2B □3 0(1. Tin- Spot, C2of 2s oci, forward, £2.37 16s od. Silver: Standard, 24 15-16 d; fine, 26 15-16 d. PRICE OF OSMIRIDIUM. _ . LONDON, August 10. Osmiridium is quoted at £ll to £l2 per oz. BANK OF ENGLAND RETURN. rr.l r,, LONDON. August 11. the following is the Bank of England return:— ° ISSUE DEPARTMENT.

The proportion of reserve to liabilities is 30.82 per cent. Short loans are quoted at 3£ per cent., and three months bills at 4« per cent

LONDON STOCK EXCHANGE

LONDON, August 12. The tollowing are the latest quotations hr Government securities, compared with the prices ruling last week :—

FOREIGN EXCHANGES. LONDON, August 12. The exchange rates on Lon.ion ire «? follows: Par. Aug. 8 Aug. 12. Paris, fr. to £1 21.22’ 121 03 124.05 Brussels, belgas to £1 5 34.93 34.93 Oslo, kr. to £1 IS.lff 18.81 18.73 Stockholm, kr. to £1 ... 13.159 18.13 18.13 Copenhagen, kr. to £1... 18.159 18.15 '18.15 Berlin, reichmkn to £1 20.19 20.43 20.44 Montreal, dot to £1 ... 4.85$ 4.86 11-16 4.86} New York, dol. to £1... 4.86$ 4.86 1-16 4.86 1-16 Yokohama, st. to yen... 24.5 23 7-16 23 7-1 G Hongkong, st. to d 01.... ° 23$ 23$ Calcutta, st- to rpe, 1G to gold £ 17$ 17 29-32 Borne, lire to £1 22.221 89.25 89.32 Amsterdam, guild, to £1 12.107 12.12} 12.12 J Batavia, guild, to £1 ... 12.107 12.12 12.12 •Governed by price of silver. LONDON WHEAT MARKET. LONDON, August 8. Wheat cargoes are quiet, but unchanged, closing steadier under the influence of better American advices. Parcels are moderate request, but unchanged. Liverpool futures: October, Us 0 38d per cental; December, Us 0 3-8 d; Marclt, Us; May, 10s 10-ld. August 9. Wheat cargoes arc firm at 9d to Is advance owing to strong American advices. Buyers are not disposed to operate. Four thousand tons ex the Rio Dorado sold at 53s 9d. and ex the Kilcredane at 53s 6d. Parcels are.quieter, but quotations are 9d to Is higher. Liverpool futures: October, 11s 3d per cental; December. Ils 25-8 d; March, Ils 2.Jd; May, Us August 10. Wheat cargoes are quiet, with quotations occasionally 3d to Od easier. Buyers are awaiting Canadian and American reports. Parcels are quiet, with an occasional decline of 3d. Parcels ex Opawa sold at 53s 9d.

Liverpool futures: October. Us 2]<l per cental; December, Ils 2d; March, Us Ijd; May, Us. CHICAGO WHEAT MARKET. > NEW YORK, August 8. Chicago wheat quotations: September, 142 s cents per bushel; December. 1461; March, 1491. Futures advanced considerably on reports from the Canadian spring wheat regions that frosts during tho last two days had greatly damaged the crops.. Buyers dominated the pit from the opening. 'Tlie recent flood of rust reports from both the South American and Canadian regions, coupled with the cold weather forecasts, had placed trade in a position to advance prices at the slightest sign of damage to the crop. August 9. Chicago Wheat. —September, 1414 cents per bushel: December. 145 J; March, August 10. Chicago wheat quotations: September, 143§ cents per bushel; December, 147§; March, 150?. August 11. Chicago wheat quotations.—September, cents per bushel ; December, 146 i; March, 149?. August 13. Chicago wheat quotations: September, 1414 cents per bu»!iel : December, 1451; March. 148!. CANADIAN WHEAT MARKET. VANCOUVER. August 8. Winnipeg messages states that the reports of frost in the Canadian West sent wheat prices skyrocketing from eight cents to eight and a-half cents. Wild trading! was allayed by the liberal offerings of wheat, and the closing prices slowed a gain of six and- one-eighth cents to six and five-eighths cents. October" wheat closed at 151 3-8, and December 147£. Oats advanced 10 cents. The forecasts of a further drop in the temperature contributed to the advances, although the extent of the damage by frost is unknown. Pools are telegraphing to agents to ascertain the position in the various districts. OTTAWA. August 10. The Canadian wheat yield is estimated < at 357,367,000 bushels.

AMERICAN WHEAT PRODUCTION.

WASHINGTON. August 10. The Department of Agriculture's reports indicate that the production of wheat is estimated at 851,145.000 bushels, compared with 833,000.000 bushels in 1926. The condition of the spring wheat on August 1 was 86.4 per cent, of normal, indicating a production of 298.378.000 bushels, compared with 205.000.001) * •

bushels last season. The preliminary £ estimate of winter wheat is estimated at a 552,767,000 bushels, compared with t] 627,000,000 bushels harvested in 1926. The p quality of the winter wheat was 88.5 s ] per cent., and the average yield per acre +] 14 bushels. A marked improvement in £ the 7 crop prospects occurred in July, chiefly as the result of a more evenlydistributed rainfall. LONDON MARKETS. LONDON, August 12. r Butter is rather easier. Choice New J / ;aland and Australian salted, 168 s to t Os. Unsalted: New Zealand, 172 s io t Ss; Australian, 168 s to 1725; Danish, 1765. - 1 Cheese is firm. New Zealand. 92s to 935; CKceptionally good, 945. Wheat cargoes are steady with a better inquiry, but few offers at 3d to 6d advance. Paroils are in moderate demand e± 6d to 9d higher, owing to adverse < weather reports from the Continent. Liver- t pool Futures. October, Ils 3Zd per cental, December. Ils 3|d ; March, 11s .3d; May, Ils Ijd. The spot trade is slow and prices generally are dearer. Australian, ex store, 56s 6d. Flour is steadv Australian, ex store, . 41s 3d. _ J Cats are firm. Australian Algerian, 18s ( eo 295. A Grade Gartons, 30s to 31s. ' Peas: Blue are in small demand. Tasmanian, 320 s to 36'Os. New Zealand 320 s ■ to 3405. Maples are siow. Tasmanian, 97s 6d co ' 100 s; New Zealand, 85s to 87s fid. ’ New Zealand beans are quiet at 46s to • 475. .August 13. i Cotton: Liverpool quotation, American middling upland, September delivery, 1 10.14 d per lb. Rubber: Fine hard Para, 15jjd per lb; plantation, first latex crepe, smoked ribbed sheet, 17gd. Jute: Indian native first marks, AugustSeptember shipment, £34 10s per ton. New Zealand hemp: August-October shipment, £35 per ton. Copra: Bagged South Sea, AugustSeptember shipment, £25 10s per ton. Linseed oil, £32 per ton’ equal to 2s 6?d per gallon. Turpentine, 40s 94 per cwt, equal to 3s Id per gallon. LONDON MEAT MARKET. LONDON, August 13 Sheep: Canterbury, light, 6id; medium, sfd; heavy, sd. North Island: Light, ■ s®d; medium, sd; heavy, 4~d. New Zealand ewes, 4RI; Argentine, light, sd; medium, 4|d; heavy, 4d. Lambs: North Island, medium, Bgd. Frozen beef: No Australian offering. Chilled beef: Argentine, fores, old; hinds, 7id. Other lines of meats unchanged. LONDON COLD STORES. LONDON, August 12. The Daily Chronicle says that the threat of the New Zealand Meat Producers' Board to bui’d their own cold stores n London resulted in a reduction of the charges at the London cold'stores; the first month from 37s to 355, the second month from 33s to 295. An official of the New Zealand Meat Producers’ Board commenting on the position, said: “Whether the reductions will satisfy our people remains to be seen.” Tire Chronicle expresses the opinion that the reduction is too trivial to affect the .retail prices. TH r TALLOW MARKET. LONDON, August 10. At the tallow sales 1827 casks were offered and 231 sold at late rates to 6d decline. Fine mutton, 34s per cwt; medium, 31s; fine beef, 365; medium, 31s. NEW. ZEALAND APPLES. LONDON, August 10. The Corinthie’s New Zealand apples ar-» Tived in excellent condition and quality, and were in strong demand. Stunners realised from 20s to 255; Statesman, from 20s to 245. NEW ZEALAND MEAT BOARD. LONDON, August 10. The Westminster Gazette says that the New Zealand Meat Producers’ Board,

despite slight reductions offered on the allegedly exorbitant rentals charged for the present stores, is installing its own plant on Thamesside, near Smithfield. The ships will bring their cargoes direct to the wharf, where the meat will be stored, treated, and sorted. INDIAN COTTO-’ CROPS. DELHI, August 11. Serious damage has been done to the cotton crops in Western India by the recent floods in Gujerat and Kathiawar. The loss is estimated at 150,000 bales in the lower Sind area. Large areas of cotton have been destroyed in other districts. A. and N.Z. Cable. AMERICAN COTTON CROP. WASHINGTON, August 8. The Department of Agriculture has predicted that the season’s crop will be 13,492,000 bales, compared with 17,977,347 bales last year. AGRICULTURAL RETURNS. RUGBY, August 12. The annual figures just compiled by the Ministry of Agriculture show a reduction in the acreage under crops and grass, and in the number of horses, but an increase in cattle," sheep, and pigs. Forecasts based on conditions prevailing at the beginning of this month anticipate an increase in the wheat crop, but a decrease in barley and oats, on last year. A further increase in the acreage of sugar beet is recorded, and a total of 221.700 acres larger than in 1926, and a crop of fully four times that for 1925.

BRITISH BOARD OF TRADE. LONDON, August 12. The Board of Trade returns for July disclose a decrease of £6,920,000 in the value of the imports compared with the previous July, and of £1,143,000 in the value of the exports. The re-exports of foreign and colonial products increased by £233,000. The principal decreases were: —Imports—Raw cotton, £2.079,000; oil seeds, £1,026,000. Exports—Cotton yarns manufactures, £2,385,000. The chief increases were:—lmports— Wood and timber, £2,313,000. Exports— Coal, £3,592,000' iron and steel and the manufactures thereof, £1,532,000.

PETROL PRICE REDUCED. LONDON, August 12. All brands of petrol have been reduced, wholesale and retail, by Id per gallon. It is now Is lid per gallon. PRICE OF FINE GOLD. LONDON, August. 11. Fine gold is quoted at £4 4s Hid per oz. LONDON STOCK EXCHANGE. LONDON, August 9. Bank of Australasia. £l4 7s 6d; Bank of New South Wales, £43 ss; Union Bank of Australia, £l5 2s 6d (ex div.); National Bank of New Zealand, 134 s 6d; Bank of New Zealand stock, £94. shares 57s 9d; New Zealand Loan and Mercantile debentures, £76, ordinary stock £94 15s. P. AND 0. SHARES. LONDON, August 12. P. and O. shares are quoted at £285. AUSTRALIAN MARKETS. MELBOURNE, August 11. Hides are irregular in all grades, except stouts and specials, which declined id to 4d. vtTt x -r* ■’’NE August 12. M heat.—Buyers are few. Sellers are not offering freely. Little parcel business has been done at 5s Bjd and 5s 9d. Flour, £l3 5s and £l3 ICs. Bran, £7. Pollard, £7 10s. Oats.—Milling, 4s 7d and 4s 8d; feed, 4s 2d and. 4s sd. Potatoes, £9 and £9 10s. Onions, £4 and £4 ss. SYDNEY, August 11. Wheat: At country stations, 4s 10.4 d; ex truck at Sydney, 5s 6d.

Flour: Export, £l2 10s, f.0.b.; local, --3 ss. Pollard. £B. Bran, £7. Oats: Tasmanian Algerian, ss; white, 4s lOd. Maize: Yellow, ss. Potatoes: Tasmanian, £l3 to £l4 10s. Onions; Victorian. £6 to £6 10s. ADELAIDE, August 11. Wheat: Growers’ lots. 5s 4-ld to 5s sd; parcels, nominally 5s 71<1. Flour: Bakers’ lots, £l4 2s 6d. Bran, £6 10s. Pollard, £6 15s. Oats, 3s 7d to 3s Bd. BRADFORD TOPS MARKET. LONDON, August 8. The Bradford tops market is quiet, and prices are unchanged. , _ ‘ August 12. At Bradford the tone is quiet .but firm. The quotations are as follows :—64's, 481 d ; 60’s, 45d; 56's, 35d; 50's, 271 d ; 46's, 21id ; 40’s 20d. greasy - wool. SYDNEY, August 12. The greasy wool produced in New South Wales during the year ended June 50 amounted to 91,165,0001 b, or 22j per cent, greater than the previous record total reached in 1911. The value of the clip is estimated at £35,237,000, which is £714.090 less than the record value realised in 1924-25. Sheep and lambs shorn numbered 51,880,000. ADVANCE IN STERLING. NEW YORK, August 9. The exchange rate on sterling has advanced to 4.86 5-32 dollars to £l, the highest level reached this year in foreign exchange trading. The sterling's strength is attributed to the reduction of the New York Federal Reserve Bank rediscount rate to 33 percent. lowering the differential rate between New York and London to 1 per cent. AUSTRALIA’S TRADE. ADVERSE BALANCE, £31,633,824.

IFboii Oub Own Cobeespoxdent.) SYDNEY, August 5. The trade returns for Australia for the financial year which ended on June 30 last have given rise to serious concern ayiong those of us who are expected to set a lead in financial matters for the general public, including some of this city’s leading bankers. The balance of external trade against Australia during the period under review rose to the record figure of £31,683,824. This was the difference between merchandise trade inwards and outwards, movements of bnllion and specie both ways being excluded. The imports were valued at £164,744,927, and exceeded by over £2,700,000 the high total of 1920-21, the year in which Australia felt the full effects of the post-war boom. The 1926-27 imports were the largest for one year recorded in Australian Customs returns. After deduction of £588,868, representing bullion and specie the merchandise imports are left at £164,156,059. A similar reduction from the exports reduces the total to £132,-472,235, or £10,600,555 below the 1925-26 total. The large increase in imports since the war and the fluctuations in the export trade are shown by the following figures, covering the period from 1918-19 to 1926-27: —

* Includes bullion and specie, valued at £12,303,306. Tlie adverse movement shown by these figures supports a statement by Sir Mark Sheldon, chairman of directors of the Australian Bank of Commerce at the annual shareholders’ meeting that “the excess of imports over exports can only mean that our interest bill payable abroad has in effect been met by new public borrowings.” The serious feature ia banker*’

eyes is that an ever increasing proportion of our imports are of a purely luxury nature, and what is more, many of these luxuries are purchased on zlie time-pay-ment system. Thus, tho value of motor chassis, bodies and parts brought into Australia during the year just ended amounted to £14,176,888, compared with £11,978,188 duriii'T the preceding 12 months. A competent authority estimates that two-tnirds of the motor cars sold are bought on time payment, while even more, conservative calculators agree that the proportion is not less than one-half.

The most apt comment on the trade position was made by Mr R. B. Lemmon, past president of the Chamber of Commerce in Melbourne. He said : “ Such a state of affairs cannot continue. A country’s exports have normally to pay for its imports, and the figures indicate that this country is spending far more than its present income warrants.” DECREASES OF EXPORTS.

Good as the 1926-27 season was, it was adverse to some primary industries. Wheatgrowers shipped £20,700,000 of the cereal, compared with £17,187,009 worth in the previous season. A decline in wool shipments was also recorded, despite the record size of the clip. Shipments of greasy wool amounted to £53,411,600, coinpand with £56,501,000, and scoured wool sent abroad was valued at £5,820,600 last year and £5.545,000 the year before. Tho shringage in the volume of wool exports was thus £2.800,000. Dairying suffered from the season as well as an easier market, and as a consequence exports were valued less by £1,500.000. Meat shipments decreased by £1,600,000, almost solely made up of lower beef exports. A staple which suffered was cane sugar, exports amounting to only £1,730,000, compared with £5,313,000 in 1925-26. Owing to adverse markets, shipments of lead and zinc showed a fallingoff of nearly £2.000,000. STATE PEDIGREE STOCK. RUAKUR.A SALE. HAMILTON, August 10. Fifty-six head of pedigree cattle were disposed of at the annual sale at the Ruakura State experimental farm today, when the highest price of 50gns was realised by a yearling Jersey bull, Domini au Feriro. Ayrshires averaged 23jgns, yearling Shorthorn bulls 231gns, and yearling Jersey bulls 22J,gns. WHEAT AND OATS. Threshing returns. Returns of actual threshings received to July 19 from threshing-millowncrs show that, so far, 7,355,188 bushels of wheat and 4,336,657 bushels of oats have been threshed out. The average yields per acre in cases where particulars of areas were furnished (covering 99 per cent, of total threshings) work out at 37.54 bushels for wheat and 43.38 bushels for oats. A table is appended showing by land districts, the quantity of wheat and oats threshed, and the yield per acre in each case:—

COFFEE PROSPECTS. If the large inccrasc in Brazilian production of coffee in realised in the approaching season, the new world crop will” exceed even the bumper crop of 1906-7, and may bring serious problems in its train (remarks a New York authority) . As the Brazilian coffee harvest of 1927-28 draws near, the coffee trade is considering with intense interest the position of the organisation for market control operating in the Brazilian Sta.te of Sao Paulo. It will be a test for the Sao Paulo Institute for the Permanent Defence of Coffee to continue its regulation of distribution and support of prices with benefit to the Brazilian industry and without financial difficulty. Few important commodies are so nearly monopolised by a single country' as is coffee by Brazil. Almost two-thirds of the world’s commercial supply is grown there, and only one other country produces as much as 10 per cent'. Forecasts at the end of May point to a marked increase in the surplus of production over consumption for the season 19'27-28.

OPTIMISTIC VIEW OF TRADE CONDITIONS. In its July' circular on business conditions, the Alexander Hamilton Institute of Australia takes a more optimistic view of the conditions in New Zealand than do many of the Dominion’s business men. It is stated that New Zealand’s business for the past 18 months or more has not been what it should, and in accordance • with the usual psychological tendencies at such times the enforced quietness in trade has been magnified by a few into a disaster comparable only with the 1920-21 episode. It is undoubtedly true that the export prices of certain products of particular interest to New Zealand have not been as satisfac-

tory as was expected, but, on the other hand, the export prices of certain other commodities, though of a lower range than a year or two ago, yet have given a distinctly' better average return. Take wool, for example. The average price per bale for the past season turned out to be a record, notwithstanding that the range or prices was considerably less than in the last few years. New Zealand is a wool-producing country on a large scale. Accordingly' she benefits. Again, although the values of ex; oils have fallen for some months, yet making allo. nice for the difference in money values, they are appreciably higher than in 1921. High yields from the threshings of wheat and oate have been maintained, and although prices may be relatively low, yet a plentiful supply of wheat at low prices is a great deal better than a short supply' at equally low prices, which in certain circumstances, may' very well be the case. A similar reasoning applies to the butter industry. Despite the pessimistic propaganda, it is to be doubted whether the average price of butter for the season is 20 per cent, less than last year. If not, the aggregate returns from this source will be at least equal to those of a year ago. There still appears to be plenty of money for the purchase of motor cars, for New Zealand is third in the world list of users. Presumably' buyers are paying for these cars. The recent fall in business was by no means violent, and taking all the factors into consideration, was not in the remotest degree so severe as that in 192021. The most favourable symptom of all is the absence of any sign of that hectic make-believe which is the bane of true prosperity.

CANTERBURY GRAIN AND PRODUCE MARKET. CHRISTCHURCH, August 12. Except for occasional spasms of time the shutters have been up practically the whole of the week in grain and produce circles. As a. result there has been little opportunity for much change in values. Tho week has been one of holiday. Potatoes, however, have taken a turn for the better. The official admission that the earlier estimate is far too optimistic conforms to local opinion, and the result has been a hardening in values to the extent of 5s a ton. August delivery is now quoted at £5 f.0.b.. s.i., and August-September at £5 ss. A few inquiries are ’ also coming from tho north. However, from now on, the market is likely to resolve itself into one of supply and demand. The season is too far advanced for much speculation. In spite of the lack of opportunity for influencing the market oats are easier than they were at last week-end. A Gartons have been sold at as low as 3s lid, f.0.b., ■ s.i., with B’s justing failing "to touch the even money. All other classes of produce are devoid of market lifo.

STOCK EXCHANGE ASSOCIATION. ANNUAL MEETING. The annual meeting of the Stock Exchange Association of New Zealand was held in Christchurch last week, when representatives of the following Stock Exchanges were present:—Messrs Cray and Richardson, the Auckland Stock Exchange; Mr Gillespie, Thames; Mr Wynn Kirkby, Wellington; Messrs Graham and Scott, Christchurch; Messrs Harman Reeves and W. F. Sligo, Dunedin ; and Mr W. A. Ott, Invercargill. Mr Harman Reeves was elected president; of the association for the coming year and Mr G. C. Creagh vice-president. Mr Frank Graham, the retiring president, was thanked for his representation of the New Zealand Association at the conference of members of Australian Stock Exchanges held in Adelaide in May last. During the conference reference was made to the large number of new issues of shares being made by banks and trading companies in Australia and New Zealand, it being estimated that now capital to tho extent of at least £8,000,600 was being offered for subscription. This naturally, it was considered, was having a depressing effect on the best investment stocks and the share market generally. The next meeting of the association will be held in Dunedin in October of next year. OPOSSUM SKIN SALE REPORT. The Dunedin Woolbrokers’ Association (the Otago Farmers’ Co-on. Association, Dalgety and Co., Donald Reid and . Co., Stronach. Morris, and Co., National Mortgage anil Agency Company, New Zealand Loan and Mercantile Agency Company, Wright. Stephenson, and Co.) report as follows : —

Large catalogues were offered at Friday’s sale to a good bench of buyers. Bidding was brisk for all grades. Prices showed a rise of 6d to Is 6d per skin all over. The Tollowing is the range of prices : —Super blues, up to 17s lOd; first blues, 14s to 15s 9d; second blues, 10s 9d to 13s 3d: third blues, 6s Id to 8s 6d; super greys, 13s lOd to 15s 9d ; first greys. Ils lid to 14s ; second greys, 9s 6d to 12s 9d; third greys, 5s lid to 10s lid; super blacks, Ils to 15s lOd; first, blacks. 10s lid to Ils lid; second blacks, 7s lid to 9s 4d; third blacks, 2s 7d to 7s; super rods. 8s to 10s 6<l; first reds, 8s lid to 9s 3d; second reds. 5s ICd to Bs. COMPANY REGISTRATIONS. Tho latest issue of the Mercantile Gazette notifies the registration o f the following new companies;— Royal Garage, Ltd. Registered as a private company July 19. 1927. Capital, £3OOO into 3000 shares of £1 each. Subscribers: Oamaru —W. Wright 1060. J. B. Genge 1150: Incholme. J. Newlands 100; Kauri Hill. G. Newlands 100: Maheno. W. B. Currie 100; Windsor H. Schaffer 500; Dunedin, Paterson and Barr. Ltd., 50 Objects; To carry on the business of garago keepers and suppliers of and dealers in petrol, electricity and other motive power to motor and other things at Oamaru. Tirnaru Brick and Tile Co.. Ltd Registered as a private company July 22, 1927. Capital: £20,000 into 20,000 shares of £1 each. Subscribers: Dunedin —S. A Shiel 10.000, S. P. Shiel 5000, G. C. Shiel 5000. Objects: To carry on the business of pavers and malfffaeturers of and dealers m artificial stone screening whether for buildings or other purposes.

Peter Bell, Ltd. Registered as a private company July 22, 1927. Capital: £2500 into 2500 shares of £1 each. Subscribers: Dunedin—P. Bell 2000, E. R. Knowles 500. Objects; To carry on the business of retailers of crockery, ironmongery, hardware, tools, building material, paints brushware, leather goods and general incidental. Bells, Ltd. Registered as a private company July 22, 1927. Capital: £6OOO into 6000 shares of £1 each. Subscribers: Dunedin —P. Bell 3750, W. L. Bell 2250. Objects: To buy and retail in New Zealand all kinds of fancy goods, perfumes, soaps, glassware, cutlery, rubber goods, toys, utensils, ornaments, stationary and general incidental. MOLYNEAUX ELECTRIC DREDGE. The Dredgemaster (Mr J. Theyers) lias advised that on Thursday last the dredge broke through on to a soft bottom, alongside the Sailor’s Bend. The bottom is a soft blue pug and the dredgemaster considers this the most promising looking ground worked this season. The mats were lifted on Friday, and the return totalled 360 z. The bottom is 40ft deep, rising to 35ft, and the width of the gutter is 20ft. The river is at a very favourable level for successful dredging. SALE OF CORPPORATION LEASES On Saturday Messrs Scurr and Co. offered at auction at their rooms eight Corporation leaseholds. Lot 1 was purchased by Margaret M'Keeman at the upset rental of £4O per annum, valuation for improvements £l5OO. Lot 2, Alexander J. Harris at the upset rental of £45, valuation for improvements £lB5O. Lot 3, James J. Marlow at the upset rental of £2l 17s 6d, valuation for improvements £SOO. Lot 4, Michael Carmody at the upset rental of £5, valuation for improvements £650. Lot 5, Lavinia Bond at the upset rental of £5, valuation for improvements £650. Lot 6, Alexander Ramsay at the upset rental of £l5, valuation for improvements £lBOO. JLot 7, Amelia Jeffs at the upset rental of £4, valuation for improvements £7OO. Lot 8, Amelia Jeffs at the upset rental of £3 10s, valuation for improvements £lO.

RISE IN DAIRY PRODUCE. HA'WERA, August 14. Mr G. H. Buekeridge has received advice from London of a further rise in the price of cheese, with a favourable market The message states: —New Zealand butter, 170 s; cheese, 935. The market is firm, with a hardening tendency. Future prospects are favourable for both butter aud cheese. This means an increase of 2s in butter and Is in cheese. Altogether the prospects for the man on the land have greatly improved, and, with greater prosperity attending the farming industry, the cities and towns will also benefit. Lambing has commenced, and promises to be good, as a number of twins and triplets is reported. Strange to say, good prices are again being received for milk carters aud general utility horses, thus showing that motors have not driven the heavier type of horse out of business. At recent horsefairs the heavy type has been selling at from £3O to £36. With the rise in butter and cheese, and the strong tone in wool, the New Zealand primary producer is likely to be on a better wicket than for several years past.

Note circulation Notes in reserve ■ £137.493,000 33,385,000 £170.878,000 Government debts Other securities Gold coin and bullion ■ £11.015.000 8,735:000 151,128,000 £170,878,000 BANKING DEPARTM Proprietors’ capital Rest ... _ ... Public deposits Other deposits Seven-day «nd othev bills ENT. £14.553,000 3,573,000 11,790,000 101,641,000 3,000 £131,560,000 Government securities Other securities Notes in reserve Gold and silver coin £47,442,000 49,161,000 33,385,000 1,572,000 -£131,560,000

Last week <1 This £ week. £ s s d. Imperial Consols, 2$ p.e. 51 15 0 51 17 G War loan, 5 . p.e., 1929-47 101 12 6 101 15 0 War loan, 3J p.o., 1925-28 99 2 6 99 3 Conversion loan, 3} p.e. 76 10 0 76 12 6 C’wealth. 6 p.e., 1931-11 101 12 6 102 0 0 O’wealth loan 98 0 0 98 8 N.Z 6 p.e., 1936-51 ... 107 7 6 107 0 N.Z. 4 p.e., 1929 98 6 98 17 G N.Z 3} p.e., 1940 ... 86 15 0 87 17 6 N.Z. 3 p.e., 1945 78 0 0 78 5 O N.S.W. '6J p.e., 1930-10 103 0 0 103 7 6 N.S.W. 6 p.o., 1930-40 102 10 0 102 10 0 N.S.W. 5} p.e., 1922-32 101 15 0 101 17 (J N.S.W. 4 p.e.. 1933 4)3 12 6 93 15 0 N.S.W. 3J p.e., 1930-50 86 1 >5 0 86 5 0 N.S.W. 3 p.o., 1935 12 O 76 0 0 Vie. 6J p.o., 1930-40 ... 102 0 O 102 5 0 Vie 5 p.e., 1932-42 ... 99 0 0 99 fl 0 Vic. 3J p.e., 1929-49 ... 78 5 0 78 0 0 Vio. 3 p.e., 1929-40 ... 71 17 6 71 15 0 Q'land. 3 p.e., 1922-17 101 15 0 102 0 0 Q'land. 3J p.e., 1930 95 7 6 95 7 8 Q’land. 6 p.o., 1930-10 71 10 0 71 10 0 S.A. 64 p.e., 1930-40 103 7 6 103 0 S.A. 31 p.e., 1939 84 15 0 85 0 0 S.A. 3 p.e., 1916 or after 60 O O •60 0 0 W.A. 6 p.e., 1930-40 101 15 0 101 15 0 W.A. 3} p.e., 1920-35 88 15 0 88 18 !) W.A. 3 p.e., 1915-35 ... 86 0 0 86 0 O Tas. G.i p.o., 1930-40 103 2 6 103 .■ G Tas. 3.J p.o.. 1920-40 ... 84 0 0 83 15 O Tas 3 p.e., 1920-40 ... i b 0 0 78 10 0

Imports £ Experts £ 1919 ... 102,335,000 113,964,000 1920 ... 98,974.000 149,824,000 1921 ... 163,802,000 132,169.000 1922 ... 103,065,000 127,847,000 1923 ... 131,757,835 117,870,000 1924 ... 140,618,293 119,487,000 1925 ... 157,143.295 162,030,000 1926 ... 151,633.178 148,562,209 1927 ... 164,744,927 "144,775,541

Whei it. Average Quantity Yield t hreshed. per acre. Bushels. Bushels. North Auckland 1,7-10 15.26 Auckland 110 27.50 Gisborne 3.188 25.50 Hawke's Bay ... . 9.860 31.91 Taranaki ... ... . S69 34.61 Wellington ... . 60,553 29.07 Nelson 29,827 29.83 Marlborough ... . 86,320 30.83 Canterbury ... . . 6.054.189 38.05 Otago . 1,042.163 36.70 Southland 87,284 34.14 ■ — - Totals ... . . 7,356,188 37.54 Oats Average Quantity Yield threshed. per acre. Bushels. Bushels. North Auckland — — Auckland 110 27.50 Gisborne — — Hawke’s Bay ... . 26., 404 30.41 Taranaki 792 44.00 Wellington ... . 85,445 39.91 Nelson 16,370 28.63 Marlborough 40,400 35.85 Canterbury ... .. 2,211.592 42.63 Otago .. 1,638,364 44.97 Southland 917,171 45.25 ■ — — Totals .. 4,336,657 43.38