COMMERCIAL CABLEGRAMS.

Otago Witness, Issue 3861, 13 March 1928, Page 24

COMMERCIAL CABLEGRAMS.

LONDON METAL MARKET. r« ox LONDON, March 9. Copper: Spot, £6l 3s lid; forward, £6l Is 10£d. Wire bars, £66 15s. Electrolytic: Spot, £66 10s; forward, £66 IDS. Lead: Spot, £2O 10s; forward, £2O 2s 6d Spelter: Spot, £25 ss; forward, £25 2a od. Tin: Sfpot, £230 7s 6d; forward. £232 12a od. LONDON STOCK EXCHANGE. March 8. The following ore the latest quotations for Government securities, compared with the prices ruling last week: —

FOREIGN EXCHANGES.

BANK OF ENGLAND RETURN. ~, . LONDON, March 9. z Ihe following is the Bank of England return:— ISSUE DEPARTMENT.

The proportion of reserves to liabilities is 38.10 per cent. Short loans are quoted at 34 per cent., and three-months bills at 4 5-32 per cent. LONDON WHEA\ MARKET. LONDON, March 5. Wheat: Cargoes are firm 'in tone, with good British and Continental demand at advances;of 3d and 6d to 525. Parcels were active in demand at similar advances at 51s 9d to 525. Liverpool futures: March 10s Igd, May 10s 4d, July 10s s§d. CHICAGO WHEAT MARKET. NEW YORK, March 9. Chicago wheat : March, 1364 cents per bushel; May, 130; July, 133 J. LONDON~MARKETS. LONDON, March 8. Wheat: Cargoes are firm and advanced 3d and 6d to 53s and 52s 9d. Parcels are firm and in active demand at an advance of 3d and 6d to 52s and 52s 9d. Liverpool futures: March, 10s l£d; May, 10s 4d; July, 10s s?d. Spot trade is quiet but firm. Australian, ex store, 52s to 535. Elour is firm. Australian, ex store, 37s 6d. Oats are in short supply. A Gartons. 34s to 355; Australian Algerian, 28s to 295. Peas: Blue are in better demand. Tasmanian, 5-Jt's to 380 s; New Zealand, 340 s to 5605. Maples arc quiet. Tasmanian. 87s 6d to 90s; New Zealand, 80s to 82s 6d. New Zealand beans, 45s to 48s. March 10. Cotton: April, 9.91 d. / Rubber: Para, Is; plantation smoked, 12R1. Jute: March April, £3O. Hemp; February-April, £33. Copra: February-March, £26 15s. Linseed oil, £2B 10s. Turpentine, 4Cs 3d. Sheep: North Island light 7|d. medium 6Jd, heavy sjd. Lambs: Canterbury Tight 9jd, other medium 9jd, heavy 9jjd, seconds 9d, other selecteds Old. North Island: Firsts 9£d, seconds 8-,ld. Argentine: Firsts light B{d, seconds Chilled beef: Argentine fores 44d, hinds 6d; others were unchanged.

Messrs Dalgety and Co., Ltd., advise having received ’ the following cablegram from their head office, London, dated Bth The market for New Zealand lamb_ is easier, demand better; market for New Zealand mutton unchanged, demand fair. Quotations arc as follows: — New Zealand prime Canterbury lamb, 281 b to 361 b, 9J<l; North Island lamb. 281 b to 361 b, 9|d: - Canterbury lamb, 361 b to 42!b, 9jd; North Island lamb, 361 b to 421 b, 94d: , , New Zealand Canterbury lamb, second quality, 9d; North Island lamb, second quality, 8 id; prime Canterbury lamb, 421 b to 501 b, 9jd; prime Canterbury mutton, 481 b to 561 b. 7^d; prime North Island mutton, 481 b to 551 b, 7d; prime Canterbury mutton, 561 b to 641 b, 7d; prime North Island mutton, 561 b to 641 b, 6|d; prime Canterbury mutton, 641 b to 721 b, 5Jd; prime North Island mutton. 641 b to <<clb, 54d. Argentine chilled hinds, 6£d; fores, 4'd. English porkers, 801 b to 1001 b, lOd; New Zealand porkers, 801 b to 1001 b, 6’d; New Zealand porkers, 1 001 b to 1201 b. 6£d. In the butter market there was more doing, but things are now quiet; cheese market firm. Danish butter, 198 s to 200 s; New Zealand finest, 171 s to 1745; Australian finest unsalted, 164 s to 168 s; • salted. 164 s to 168 s; Australian G. A. Q., 156 s to 160 s; New Zealand cheese, white and coloured. 97s to 98s; Canadian cheese, white, 100 s to 1048; Canadian cheese, coloured. 102 s to lC6s.

The Otago Farmers’ Co-op. Association of New Zealand, Ltd. has received the following cal legram from its L'i:d n office: Butter. —The market is steady, but little is doing after the recent advance. New Zealand. 172 s to 1745.

Cheese.—Finn, 97s to 9£s. One million carcasses of lamb are arriving during March. The demand is good, but heavy supplies are Causing a weakening tendency. The value is now 9d to Mutton is firm. Light-weights, 7id; heavy-weights 51>d.

WHOLESALE PRICE OF BUTTER. SYDNEY. March 9. Tho wholesale price of butter has been increased by id to Is 6A-d per lb. BUTTER AND CHEESE. LONDON, March 8. Butter is steady and slightly less active. Danish, 1945; New Zealand choicest salted, 172 s to 1745: unsalted, 176 s to 178 s; Aus tralian salted and unsaltcd. 164 s to 1665. Cheese is firm. New Zealand, 93s to 995; Australian, 965. P. AND 0. DEFERRED STOCK. LONDON, March 3. P. end O. Deferred Stock is quoted at £239 10s. PRICE OF FINE GOLD. LONDON, March 6. Fine gold is quoted at £4 4s 10’d per oz. THE RUBBER MARKET. LONDON, March 6. Rubber: Stocks, 61,890. AUSTRALIAN MARKETS. MELBOURNE, March 8. Hides, excepting stouts, were Ad to lower. SYDNEY, March 8. Wheat: At country station, 4s 1(M, ex truck; Sydney, 5s s£d. Flour: The export trade is lifeless; local, £l2 15s. Bran, £6. Pollard. £7 10s. . Oats: Tasmanian Algerian, 4s 3d to ss; ■white, 4s lid to ss. Make, 3s 9d to 4s. Potatoes: Tasmanian. £5 to £6 10s. Onions: Victorian, £ll. ADELAIDE, March 8. '• Wheat; Growers’ lots. 5s 3d.> Flour: Bakers’ lots, £l5 7s 6d. Bran, JB6 15s.

Pollard, £7 7s 6d. Oats, 3s 3d. LONDON WOOL SALES. LONDON, March 5. The new arrivals available for the wool sales on March 13 total 105,000 bales, of which 41,300 are from New Zealand. Tho old stock amounts to 13,000 bales. THE BRADFORD MARKET. LONDON, March 8. The Bradford market is firm, with more inquiry than actual business. Quotations; 64’s, 55d; 60’s. 52d; 56’s, 43d; 50’s, 324 d, 46’s, 26-Jd; 40 s, 25d. SYDNEY WOOL SALES. SYDNEY, March 5. At the wool sales competition was brisk and general, and the market for merinos was very firm at recent levels. Comebacks and crossbreds continued to show a hardening tendency, and greasy merino sold to 32d. March 7. At the wool sales the market showed all the best features of the previous sales pf the week with a strong demand in all sections for all descriptions of merino and crossbred. The market was very firm, and prices were unchanged-. Greasy merino sold to 35Jd, comeback to 31 }d, and crossbred to 30jd. The latter two are season's records. March 8. At the wool sales all classes of clips and wools of fine quality suited to the French section sold at the best rates of the series. All other descriptions were unchanged. Comebacks and crossbreds continued in keen request, and greasy merino sold to 34£d. PROPERTY SALE. Messrs Park. Reynolds, Ltd., submitted at auction at their rooms on Thursday freehold properties in the Larnach and Wright 1 rusts. Lots 1 and 2, containing 1 rood 24.11 poles, with a frontage of 119 ft 10 Rattray street, and 38ft to Willis street, were disposed of at £4lOO to Messrs Joseph Sparrow and Sons. CUSTOMS RETURNS. WELLINGTON, March 8. The Customs duties for the quarter ended December 31 were £1,808,822, compared with £2,163,782 in 1926. For the year 1927 they were £8,110.497. and for 1926, £3,393,537. The excise duty for the quarter 1 was £211,202, compared with £202,040 and for 1927, £752,315, compared with £728,204 for 1926. TOBACCO MILLIONS. By raising its dividend for the past year by 1 per cent, to 25 per cent, tax-free, the Imperial Tobacco Company (of Great Britain and Ireland! appears to have increased its profits by £259.600 for the past year. This would raise the total to the record figure of £9,227,000. Here is a comparison of profits for some years:— Net Profit.

THE WOOL MARKET. WELLINGTON SALES ANALYSED. HOW THE GROWER. BENEFITS. WELLINGTON; March 9. An interesting analysis of the February wool sale in Wellington has been compiled by the Wellington Woolbrokers’ Association. How complete the clearance was at that sale is shown by the fact that of the total offering of 27.190 bales, there were sold 27,142 bales, the passings being only 48 baks. The net weight of the wool sold was 9,687,8171 b, and the gross proceeds were £700,817 Is lOd. The average price per bale was £25 16s sd, or £1 10g higher than in January, and the average price pep lb was 17.3610, or 0.947 d higher than in January. What the enhanced prices mean to the woolgrcwer this season is shown bv the following table, which gives the results of the four sales: —

The realisations for the whole of last season (1928-27) totalled £1,889,194 9s 4d, so that already the four sales of the 1927-28 season have exceeded that amount by £248,485 13s Bd. It is expected that the offerings at the March sale in Wellington will total about 20.009 bales, and on the basis of last month’s prices for this sale the total realisation for the current season should be over £2,500,000, or well over £600,000 more than for last season. The next sale will be held on Monday, March 26. FORWARD CHEESE SALES. The following forward cheese sales have been the best made so far in the South Island:— Kennington.—Their whole season’s make from September 1 till the end of May, 360 tons, at 9d per lb, f.o.b. Paretai.—Their make’from December 1 till the end of May, estimated at 140 tens, also at 9d. These sales were made by the New Zealand Produce Association, London, through their representatives, the New Zealand Producers Co-operative Marketing Association. SALE . OF HIDES. Messrs Waters, Ritchie, and Co- report as follows.—Our fortnightly sale of hides took place at our stores on Friday afternoon,

when a fair attendance of buyers was present. Though competition was keen, it was at a lower range of values as compared with the last sale. The decline in prices is accounted for by the weakness in outside markets. The catalogue consisted of 1431 hides, and the following were some of the best prices:— Two of 761 b, 133 d; eleven 751 b, 13gd; twelve 631 b, 13$d; four 681 b, 13gd; eight 751 b, 131,0; nineteen 631 b, 13|d; seven 731 b, 13W; one 701 b, 13gd; thirty-two 631 b, 13d; fifteen 741 b, 13d; one 681 b. 12 ad; five 561 b, 123 d; four 551 b, 12jd; six 621 b, 12jd; seven 391 b, 12§d; 122 561 b, 12Jd; 207 631 b, 12;d; eleven 721 b, 12{d; nineteen 391 b, i2d; fifty 501 b, 12d. Cows: Three 621 b, 13d; ten 58lb, 12Id; four 58lb, 12Ad; twenty-five 371 b, 12|d; forty-two 381 b, 12-fd; fifty-two 371 b, 12id; 238 451 b, I2gd; seventeen 441 b, llgd; six 541 b, Hid; 192 541 b. eightythree 441 b, Had; forty-nine 521 b at lid per lb. SHEEP AND LAMBS. ’SHARP DECLINE IN NEW SOU 3 WALES. GISBORNE, March 5. A wireless message received here states that figures compiled by the New South Wales Government Statistician show that the number of sheep and lambs declined during the last six months of 1927 by 7,000,000. COMMERCIAL BANK OF AUSTRALIA. In connection with the recent issue of 500,000 ordinary shares of 10s each at a premium of 16s, applications for which closed on the 29th ult., the manager of the local branch of the Commercial Bank of Australia, Ltd., is in receipt of cabled advice from the head office that the issue lias been largely over-subscribed. BANK OF AUSTRALASIA. ISSUE OF NEW SHARES. AUCKLAND, March 6. Notification has been received by cable from the directors of the Bank of Australasia that an extraordinary meeting of the proprietors is being convened for March 29 in London to obtain authority to issue 160,000 new shares. If the necessary authority is obtained and confirmed at a meeting to be held about a fortnight later, the intention of the directors is to offer the new shares to the proprietors pro rata at a premium of £6 per share. Tire recent upward trend of the shares on the Stock Exchange is now sufficiently explained. In taking this step, the Bank of Australasia is practically the last of the .leading Australian banks to make a new issue of capital within the last 18 months. The present market price of these £5 shares is slightly over £l5. The present paid-up capital of the company is £4,000,000, and the reserve fund £3,850,000. The issue now proposed will increase the paid-up capital from £4,000,000 to £4,500,000, and will add another £BOO,OOO in premiums to the reserve fund. The exact manner in which the shares will be distributed has not been made known here yet, but if, as may be expected, allotment is based on the present share capital, it will mean the issue of one new share for every eight shares now held.

Comment 011 the very extensive recent issues of shares by banks was made by Mr G. C. Creagh (chairman of the Auckland Stock Exchange) at the annual meeting of the exchange last December. Mr Creagh stated that the very large amount of capital raised by Australian banks during the period from September. 1926. to November, 1927, had had a considerable effect on the financial conditions, and had helped to accentuate the stringency to which he had been referring. The total amount of capital raised by banks was £4,243,000. In several instances shares were issued at a premium, the total amount of premiums being £1,913,000. This 'ineans. of course, the hypothecation of £6.156.000 for new bank shares which would otherwise have been available for investment in existing securities. To these figures have now to be added the issue since made by the Commercial Bank of Australia of £250.000 share capital at a premium of £250,000, as well as this most recent issue by the Bank of Australasia. FROZEN MEAT PRICES.- . WELLINGTON, March 6. lhe New Zealand Meat Producers' Board advises that the following prices were offered for fat stock for export at March 3:— Poverty Bay.—Prime woolly lambs—--361b and under Bd, 371 b to 421 b 74d, 431 b and over 7d; second quality lambs', 7d. „ H awbes Ihty.—Prime woolly lambs—--361b and under 9d, 371 b to 421 b B£d, 431 b an «r°,Y- er 8d; secontl Quality lambs, Bd. Wellington—Prime woolly lambs—36lb and under 9d, 371 b to 421 b BAd, 431 b and over B|d: second quality lambs, Bd. Canterbury (prices delivered at works). —Prime woolly lambs—3olb and under 9Jd, 371 b to 421 b 9d, 431 b and over BJd; second quality lambs, BJd. NEW ZEALAND DRUG COMPANY. At a meeting of directors of Messrs Kempthornc, Prosser and Co.’s New Zealand Drug Company, Ltd., held on Wednesday afternoon, a dividend of 34 per cent, and a bonus of 2£. per cent? was recommended, making 10 per cent, for the year. BUTTER AND CHEESE. ■ - GRADING RETURNS FOR FEBRUARY. _ WELLINGTON, March 7. The Department of Agriculture’s dairy division grading figures for February show for butter a decrease from February 1927 of 13.9 per cent., at 6951 tons; and for cheese a decrease of 6.8 per cent, at 8942 tens. Compared -with the corresponding period of the preceding season, the seven months’

figures show for butter an increase of 9.3 per. cent, at 58,857 tons; and for cheese an increase of 2 per cent, at 53,524 tons. Converting both butter and cheese into the butter-fat equivalent, the increase is 7.05 per cent. MEAT EXPORT TRADE. SMITHFIELD MARKET PRICES. „. WELLINGTON. March 10. — ™ , Nev/ . ealand Meat Producers’ Board -has received the following cablegram from its London office, dated March 9. advising Smithfield delivered prices at that date as follows:—• Canterbury quality selected brands: 561 b ? nd „A'.? del \ 7 “ c, i 57, b t 0 641 b, 7d: 651 b to 721 b, 5Jd. Other brands: 561 b and C l er ’e^ d; 571 b to 64!b > 6 4d; 651 b to 721 b, 03d. New Zealand Lambs.—Canterbury quality: 361 b and under. Old; 371 b to 42]b. 9jd; 431 b to 501 b, 93d; seconds, 90. Selected brands: 361 b and under, '9ld: 371 b to 421 b, 9Jd. Other brands: first quality—36lb and under 9£d, 371 b to 421 b Old; second quality—3olb to 32ib average, 83d.. Australian Lambs.—Victorian, first quality, 361 b and under, BJd. Argentine Lambs.—First quality, 361 b and under, &3d; 371 b to 421 b, 83d. New Zealand Beef.—Ox fores. 3|d; ox hinds, 4jd; cow fores, 3jd; cow hinds, 4d.

Argentine Chilled Beef—Ox fores, 33d; ox hinds, 6d.

Argentine Frozen Beef.—Ox fores. 3Jd; ox hinds,. 53d. Frozen Pork.—Porkers—6olb to GSlb 73d, 81)b to 991 b GJd, 1001 b to 1201 b 63d; baconers—l2llb to 1801 b 63d. Frozen Veal.—Not quoted. The lamb market is easing as arrivals are now heavier. The mutton market is firm, with short stocks, and the higher prices are checking the demand for New Zealand. Beef is. in very slow demand, and stocks are light. New Zealand frozen pork, 801 b to 1201 b. is unchanged, and the market is slow; 1211 b to 1801b —there has been a better demand for forward shipments. FERTILISERS. EXTRACTION OF NITROGEN. Up till recently, it has been generally recognised, both in New Zealand and in other countries, that superphosphates are the main fertilisers for the farmers. According, however, to a Dunedin merchant who has a sound knowledge of the fertiliser business there is now a trend in a different direction. Owing to tho high prices of nitrogen in the past farmers were disinclined to ' use this manure to any great extent, their purchases being mostly confined to small lots. The chief source of the supply -of, natural nitrogen in the past has been Chili, where the deposits are very large, but following on the enormous amount, of nitrogen required during the war period, and the restrictions on steamer services, scientists set to work to exploit, other methods of obtaining this valuable article. The work of extracting it from tho air was greatly advanced, and the process has grown to such an extent that there are now very large plants in Sweden, Germany, and some other countries to deal with the nitrogen in the air, and convert it into artificial manure. The result is becoming increasingly apparent. Nitrogen manures are now much more plentiful and are being more cheaply produced, and their sale is affecting the demand for superphosphates. So much so that New Zealand merchants can purchase heavy supplies of superphosphates on the Continent at a much lower figure than has hitherto been ruling, and one Dunedin firm at least has taken advantage of the quotations offered to import a cargo. It will be remembered that a New Zealand company was formed by Air Orchiston, an ex-engineer of the Telegraph Department, to purchase a plant and install it, in Southland for the purpose cf extracting nitrogen from the air. Heavy deposits of lime were situated in tho locality, and the nitrogen was to be incorporated with the lime. The company first secured an area of land at the Bowen Falls, and the power from the falls was to be used for driving the plant. A public agitation arose against the falls being thus used, and the company shifted its operations to Lake Manapouri A tunnel was to be driven from tho lake, with an cutlet to the sea, and the power was to be obtained from this flow. The company, however did net appear to pull together. Mr Orchiston’s desire was to build up a New Zealand industry, but, so far as can be gathered, some of tho other directors were more inclined to sell their options to an English syndicate at. a larger figure. Tho sale has not eventuated, and it seems that the operations of the company have reached a dead end, so to speak. THE LEATHER MARKET. An interesting 1 eport on the trade in leather in 1927 has been prepared by R. W. Spicer and Co., Ltd., of London. The experience recorded by the firm has a parallel in that of Australian and New Zealand tanners and manufacturers, who have been apprehensive of the steadilymounting prices of raw material. The report states that the first change in conditions came in July, when prices for hides moved upwards. It was not until September that leather responded to the advance, but at the annual Leather Fair m October considerable business was done at higher prices. From then until the close of the year hides advanced steadily, with corresponding increases in the price of leather, until in some cases hides were double the price quoted a year previously, and generally they were 50 per cent, dearer. Russia bought heavily in South America, and that country also supplied many hides to the United States of America. The United States found, early in the year, that stocks of hides and leather were abnormally low, and that the herds of cattle had been depleted, so that 30 per cent, to 40 per cent, of its hide requirements had to be imported. The additional demand synchronised with a drought sho. iage in South Africa and Australia. Tanning materials advanced in price during the year, and this, coupled with the hide shortage, forced an advance in leather prices which amounted to 30 per cent, or 40 per cent. One result of

higher leather prices was that contracts for boots and shoes for the spring trade were issued earlier than usual. This led to trade activity, which may not be continued. but nevertheless the outlook for 1928 is considered fairly promising.

Last week. This week. £ s. d. £ d. Imperial Consols, 2} p.c. ... 55 15 0 55 5 0 Wa r loan, 5 p.c.. 1929-47 99 15 0 Conversion loan, 3J p.c. ... 76 0 0 76 7 6 C’wealth 6 p.c., 1931-41 ... 101 10 0 101 8 g C’wealth loan ... 99 15 0 98 15 0 N.Z. 6 p.c., 1936-5! ... ... 107 5 0 107 10 0 K.Z. 4 p.c.. 1329 ... 99 12 6 99 13 9 N.Z. 3J p.c., 1940 ... 87 17 6 87 17 6 N-Z. 5, p.c., 1945 ... 79 15 0 78 12 6 N.S.W. GJ p.c., 1930-40 ... 101 7 6 101 12 6 N.S.W. 6 p.c., 1930-40 ... 101 18 9 102 0 0 N.S.W. 5} p.c., 1922-32 ... 101 17 6 101 18 9 N.S.W. 4 p.c.. 1933 ... ... 93 12 6 93 11 6 N.S.W. 3J p.c.. 1930-50 ... 86 2 6 85 0 0 K.S.W. 3 p.c.. 1935 ... ... 75 15 0 1-5 0 Vic. Si p.c. 1930-40 ... ... 102 2 6 Vic. 5 p.c., 1932-42 ... ... 99 17 6 99 15 0 Vic. 3 J p.c., 1929-49 ... ... 78 2 6 77 3 9 Vic. 3 p.c., 1929-40 ... ... 72 7 6 72 10 0 Q’land 3 p.c., 1922-47 ... ... 101 7 6 101 0 Q’land 3J p.c., 1930 ... ... 96 5 0 96 3 9 Q’land 6 p.c., 1930-40... ... 71 0 6 71 2 6 S.A. 6J p.c.. 1930-40 ... ... 101 12 6 102 0 0 S.A. 3J p.c., 1939 ... 86 0 0 86 0 0 S.A. 3 p.c., 1916 o r after ... 61 2 G 60 15 0 W\A. G p.c.,1930-40 ... ... 101 7 6 101 5 0 W.A. 31 p.c., 1920 35 ... ... 88 17 6 89 2 c W.A 3 p.c., 1915-35 ... ... 86 5 0 86 2 5 Tas. 6J p.c., 1930-40 ... ... 103 0 0 103 0 0 Tas. 3J p.c., 1920-40 ... ... 84 10 0 84 10 0 Tas. 3 p.c., 1920-40 ... ... 80 0 0 80 0 0

LONDON, March 8. Paris, fr to £1 ... _ Brussels, belgas to £] Par. 25.22$ 25 Mar. 5. 124.00 35.00 Mar. 8, 124.00 35.00 Oslo, kr to £1 ... , 18.81 18.31 18.32 Stockholm, kr. to £1 18.150 18.17 18.18 Copenhagen, kr to Bi18.159 18.21 18.22 Berlin, reiehmkn to £1 9.19 20.42 20.40 Montreal, dot to £1 4.45 4.88? 4.88 New York, dol to £1 4.86$ 4.874 4.87 13-16 Yokohama, pence to yen 24.43 ;23 1-15 " 3 3-32 Hongkong, pence to do! 24 24$ 24J Calcutta, pence to rupee 24 18.00 18.00 Batavia, guile to £1 ... 22.221 12.14 12.14 Rome, lire to £1 25.22* 92.42 92.28 Amsterdam, guild to £1 12.107 12.12$ 12.12$ Prague, kr to £1 12.107 164J 164$

Noto circulation Notes in reserve ... £135,115,000 ... 41,618,000 Government debts Other securities Gold coin and bullion £176,7oo,000 ... £11,015,000 ... • 8,735,vcJ ... 156,983,000 £176,735,000 BANKING DEPARTMENT. Proprietors’ capital £14.553,000 . • • 3,719,000 Public ueposits 8,463,000 Otner deposits : 102,879,000 Seven-days and other bills ... 2 000 Government securities Other securities. Notes in reserve Gold and silver coin _ ... £129,616,000 ... £31,762,000 ... 55,321.000 ... 41,618,000 915,000 £129,616,000

Oct. 31. £ 1927 9.227,000 1926 .. 8.968.355 1925 8 884.990 1924 8,369,061 1923 7,474.687 1922 7.199.077 1921 6.927.641 1920 6,659.791

Sale. Bales sold. Realisation. November 9.044 £209.016 14 2 December .. 24,683 £569,510 19 3 January .. 27.071 £658.335 7 9 February ,. 27.142 £700,817 1 10 Totals .. 87.940 £2,137,680 3 0