FINANCE AND COMMERCE.

Press, Volume LIV, Issue 16257, 6 July 1918, Page 7

FINANCE AND COMMERCE.

(By OtJB Cokmebcial Editor.)

Tk<j quietness in trade that ia to be expected at this season of the year haa been, accentuated during the past week by the bad weather. Retailers Buffered until the paat two days from the natural reluctance of the public that had to come into town to moTe about out of doors any more than was absolutely necessary, while who could stay at home by the fire did so with great enthusiasm. Wholesale firms were seriously embarrassed in the transaction of business with the country by the breakdown of communication with many districts by railway, post and wire, many rural areas being quite isolated. In numerous cases, also, firmn are etock-tailng or have just finished that task. The weather during the next few days is a. matter of grave importance to the whole of Canterbury, and naturally to commercial circles in the city. So little news haa yet filtered through from the snow-bound back country that we do not really know yet the extent to which the Bheep runs have been affected, but experience tells us that if rain, or at least milder weather, does not come very shortly the losses of sheep may be very heavy. Sheep are worth so much more nowadays than in the bad year of 1895 that pastoralists take more care of them than used to be the case, but on the other hand the war has made severe inroads among the men capable •of working sheep in high country, and this class of labour may prove to be in dangerously short supply just when it is most needed.

_ The _ break in telegraphic communication with the North Island, which lasted for some days this week, set business men considering whether it would not be possible to induce the Government to establish at least a low-power wireless station in or near Christchurch, bo as to preserve the connexion between Christchurch and the North Island and the outside world in just such an emergency as occurred this week, if at no other time. TheT© may be good reasons why such a course is -undesirable just now, but if they are nut insuperable the commercial men of the province might well represent their Bide of the case to the Government. At a time like the present, with the markets altering from day to day—in some commodities almost from hour to hour —the absence of the telegraah is a serious matfer to merchants, manufacturers, and brokers.

One of the recent derelbpments of business ir# New Zealand is the greatly increased use of the cable. The growing irregularity and paucity of the Home and American mail services is, of course, the chief cause for this, but the war, while responsible for the increased employment of the ci>ble in business transactions, must nl?o be blamed for the increasing slowness of tho cable service. The congestion of messages—largely, no doubt, official communications on war matters —is such that whereas before the war the renlv to a cable sent to Lo-ndon from Christchurch on, 6ay, Monday, could be expected with confidence on Wednesday, the sender now begins to look for it eight or ten days after despatch.

The suggestion has .been mooted that the time has arrived for the establishment in New Zealand of cotton-spinning factories for the production of cotton goods. It could probably not be done just now, for the necessary machinery could hardly be procured from Home while the demand continues/so acnte, but the matter might engage the attention of the New Zealand mills, which could undoubtedly even now make good use of cotton if they could get the yarn. There is no need to wait nntil after the war before looking into the matter, for probably long after peace is concluded the British cotton industry will be working overtime to meet the demands of depleted shops and emnty warehouses The establishment of new industries in Australia, with' the "object of rendering the Commonwealth independent of the'difficulties caused by few shins and high freights proceeds healthily. The latent is the manufacture of copper wire at Port. Kembla. The wijo, turned out at the trial run of tho works is said to b» equal to any yet made in the world, and Vfore many w«*ks have passed large- ! qun*itities are expected to bo ready for the. fulfilment, of orders.'. , 1

NOTES FROM WELLINGTON.

(special to "th-h press.")

WELLINGTON, July 5. Now Zealand Insurance abates ate aieadfy advancing, und are now quoted at We.lington at .£) 19s, at which prioc toore ore buyers, while exactly a week ago buyeis were uttering only £9 12a. There must be some reusou £or on advanoe of 7s in u single v/ee*, and yet no one can give a satistaciory explanation. It may be in anticipation of thu interim dividend. If eo, the rate must be greater than last year. . In conversation with « sharebroker. it was ascertained thut there is a fa.r amount oi capital available tor investment in shares, but the holders of this idle money are shy of investing not knowing how they wul stand when the next war loan is issued. It is anticipated in some quarters that the next New Zealand loan will be issued in October or early in November, and the suggestion is made that the Treasury officials here should adopt the scheme announced in the Commonwealth of publishing tho details of the loan now, and fixing tne date in October for receiving subscriptions. It would also'serve a very useful purpose to let income tax payers know their liabilities under the Finance Act, 1918, and indicate whatsis expected of them. It is aiso suggested that the Government should at an early date start a campaign throughout th© country for the eale of war certificates. The latest reports regarding the hemp market are bad. The market has cpllapsed, and all grades of New Zealand hemp are iowfer on the week by about £10 per ton. The adverse position is due to the slump of sisal in the United States. The Government of that country is now a large buyer of of various kinds, and ® syndicate holding an enormous quantity of sisal hoped to create a bull situation, and force the - Government to pay high prices. -The syndicate has been beaten in the contest, and sisal has declined in value to the extent of about £28 per ton, and this has affected all otheir fibres Th» present American quotations for New Zealand hemp are £30 for good, fair; £29 for high, fair; and £27 for fair,-c.i.f., San Francisco. These quotations cover u> livery during the next three months, and tnfe market is not very strong. With this slump in values it is hoped that shioowners will reduce the freight .to, say, £15 per ton and so allow of some business being done. . . With respect to tallow, cables reoejved from America this week state that there was no chance of licenses being renewed for the importation of tallow from New Zealand.

CHBISTCHUROH STOCK EXCHANGE.

LATEST QUOTATIONS.

MINING

CONSOLIDATED GOLDFIELDS, LTD,

' Tjj e crushing returns' of the Consolidated Goldfieids, Ltd., for June are as follows:— Pro'resa crushed 1800 tons, vahje £1786; working expenses, £1690; capital, £28; de- : velopment, £516. ..... Blackwaior crushed 2562, value £5345; working expenses, £3121; capital, £28; de- , ''o^Nationa—Gold recovered, £35; ' working expenses, £69; capital, £173. (By Cable.—Press Association.— (Aus.i-.li&n and Cable Association.) TALLOW. LONDON, July 4. The tallow stocks we 8613 casks, imports 1533 cm>» «i»liveriea 879 casia.

DOMINION'S TRADE AND MARKETS.

AMERICAN WHEAT SUPPLY. (Australian and N.Z. Cable Association.) (Received July sth, 9.15 p.m.) CHICAGO, July 3. The visible wheat supply ia 2,136,000 bushels. MELBOURNE MARKETS. MELBOURNE, July 5. Barley—Chevalier, malting 5s 9d to 6s. Oats—Algerian milling 6a Id to 5s 2d, feed 3s 9d to 3a lOd. Potatoes—£3 15s to £1 ss. Onions—£ls 10s to £16. GENERAL MERCHANDISE. GROCERIES, Etc. As was generally expected, tho new agreement between the Board of Trade and the Colonial Sugar Refining Company for the supply of sugar to New Zealand merchants empowered the Company to advance their price slightly, from £22 to £22 IDs per ton. The oonference between the Board and the Company took place, it is stated, in April, in accordance with the cutrtom that has obtained in recent years, whereby a representative of the Company comes from Australia about thß end of our financial year and confers with tho Board regarding the price for +.ho ensuing year. This year he was able to satisfy the. Board that a small increase to price wae justified. This is the eighth, and smallest, rise in the wholesale price of sugar in the Dominion since the war began. Four years ago the price stood at £15 per ton, but by December,- 1914, it had risen by monthly advancos—£l6 Es, £17 ss, £18 sa, £19 Ss—to £20. In the following July (three years ago) it wae raised again, under the first agreement with the Board of Trade, to £21, and at that figure it remained for two years, advancing last July to £22. Even at the present price of £22 10s sugar is cheaper,in New Zealand than in any other country in tho world. In Australia an agreement has just been arrived at between the Commonwealth Government and the Goverument of Queensland, by which the former has purchased from the latter the entire output of sugar from Queensland for the current season, and that of 1919-20, at a price which represents £21 10s per ton. This price, which involves the payment of some sixteen millions, will enable the Commonwealth GoVernment, it is explained, to continue in force the order under which IA sugar —the same quality as the average New Zealand sugar—is sold at not more than 3sd per lb retaU in the capital cities.

In Christchurch the retail price of sugar has been raised from 2Jd to 3d per lb, and from 16s 6d per 70lb bag to 17s. Seeing that to the wholesale price of £22 10s has to be added some 80s for freight and railage, it will be recognised that the grocer is not making a fortune out of selling at 3d per lb. That price or 3Jd haa been ruling in Wellington and in every town in the Dominion except Auckland (where it was 2Jd as in Christchurch) for months past. At the lower price Christchurch retailers have indeed barely covered cost

One or two more brands of packet teas, among them 801 l and Pearl of the East, have advanoed 2d per lb as from Monday last. It may be noted tlAt on shipments now on -the water freight has advanced a farthing per lb, and exchange three farthings. The wrapping of packet teas now costs 2d per lb,- without labour, as against a pre-war cost of about a halfpenny. There is a good demand for bulk teas at present.

An Australian authority mentions that during the first ten months of 1917-18 the gross importations of tea into the Commonwealth from all sources have been nearly three million pounds in excess of the total quantity received in the same period of the previous year. ±Jut in the full twelve months of the latter year the quantity landed was 40,763,0001b, and it is not thought that this year's total will equal that quantity. As a matter of fact, a cable received in Chris tohurch lost week stated that a shipment of tea expected to reach Australia about the end of last month consisted of only three weeks' supply, and the next shipment was not expected until the end of this month. In sympathy with the rise in sugar a small advance in wholesale rates for golden ayrup has taken place—2a. 3d per cwt case of 21b tins and Is 6d per case of 71b tins. So far there is no change in the retail price, nor is one to be likely until stocks in hand run out.

Among other 'advances to be noted this week are Hudson's Extract 8d per box, New Zealand mullet 6d per doz. tine, safety matches 6d per gross.

■ There has been a little "flutter" in Norwegian sardines—"eilds"—which are still being offered at rates which, considering that anything preserved in oil has increased in prioe, are reasonable. Olive oiL which before the war cost 8s per gallon in Now Zealand, is now quoted at 40s f.0.b., Sydney. Reckitt's blue and olacklead are in short supply, but email quantities keep dribbling in, and keep the market going. The market for crcam of tartar is still firm, and there is no indication of prices receding yet. Stocks of salmon are reported to be low at present, and there is no prospect of further eupjplies arriving until the new season's pack comes to hand in, October, if the Canadian authorities allow of its export.

With regard to salt, the position'has been further relieved by the arrival in the Dominion of an Australian shipment. Shipments to arrive before long from Canada and the States are reported to have been eagerly purchased against arrival. Benzine is stated to have become rather scarce again, the two shipments which recently arrived having been sold out, and storekeepers are finding a difficulty in inducing merchants -to accept orders. It is reported, however, that a small shipment will come to hand shortly, which will do something to relieve the pressure. Caustic soda to arrive has been quoted during the' week at £100 per ton.

HARDWARE. Prioes are at about the same level as last week, certainly showing no tendency to ease, but rather the reverse. Cement has been advanced to 6s per bag. According to recent quotations all heavy lines are to advance still further. Cabled advice has been received this week that a steamer is leaving [J.S.A.. ports for the Dominion, and in view of the fioomy predictions of some time past, this is quite cheery news. Sailers are also loading, taking part Australian and New Zealand cargo. The position as far as the United Kingdom is concerned is not eo clear, but the chances are that email shipments may arrive at intervals. 4

TJie oil and lead market is very quiet, as there is not much outside painting being done just now. Stocks are fairly good. Tho local market is being filled with paints and stainers of Australian production, and so far the samples seem all right. . Very few, if any, transhipments ex sailers have come forward from Australia, although such goods have been paid for as long ago as last March and April.

It is anticipated that the recent storm may cause a demand for fencing wire -to repair fenoee, etc.. damaged, but, as the local and indeed the Dominion, market is very bare, the supply will not at present meet the demand. The recent sharp frosts are understood ».o have been responsible for much damage to pumps and hence for a strong demand for new ones. TEXTILES, Etc. A London cable received this week mentioned that cotton and woollen goods were showing an average rise on pre-war prices of 800 per cent., and still advancing.

A marked scarcity is noted in colonial mill goods, no doubt owing to the pressure of Government orders. Woollens, hosiery, rugs, blankets, and flannels are all in abort supply. The situation with regard to a number of lines of imported goods will be relieved to some extent when a certain vessel discharges, as she will probably do* next week. She carries the largest cargo of textiles that nas been brought to New Zealand in one bottom for "some years.

"It's an ill wind," etc. The bad weather experienced during the earlier part of the week, coupled with the prevailing low temperature at night, has catieod a great rnn on rubber goods, such aa macintoshes, gumboots, and hot-water bottles. The Commercial Economy Board in the United States has been trying, in view of the unprecedented demands upon the railways, to induce firms employing travellers io economise in the matter of sample trunks and cases. It has been suggested that among other methods the nse of photographs of goods and articles, accompanied by very small samples, might be adopted. One firm of makers of women's hats has gone further than this, and has enlisted the aid of the cinematograph, selling its bats by means of moving pictures. The machine used is the same type as the home projector that was introduced in Christchuroh eome years ago. A roll of a thousand feet of film, containing detailed pictures of a hundred hats, may to shown in eighteeh minutes. Tho hats are shown as worn by living models, and "cloeeup" views disclose every detail of construction and design. The commercial traveller

becomes a lecturer, explaining each picture as it appears, and giving information of ita material and the style of trimming employed. The whole outfit goes into very email space, and the firm that baa adopted it finds it extremely UEoroi and economical.

CINTEBBDKT MARKETS, Friday Evening. Dr. Du'Cel, tho American wheat expert, who has been visiting Australia in connexion with the purchase of wheat by the United ..tates Government believes that if Australia had adopted bulk handling of wheat ten years ago, what she would have saved in the wheat lost during the past three years would have paid for the entire installation. He also expressed the opinion that even after 'he new American crop came in the united states Government would continue to buy wheat to store up some reserve as against failure next year, because the indications were that the war would continue for some time. The Canadian High Commissioner m London has announced that Canada will have 4,000,000 acres more under plough this year than last, and mail advices show that great efforts are being made to crop big areas. Official statements have been published informing farmers that it is necessary to cow 10 acres this year for every 7 acres sown in 1917, an increase of over 40 per cent. If this very substantial increase is really obtained. there will be huge quantities of grain in the Dominion for tho next season. There is very little wheat offering in the local market. Most of it is below milling quality, and some growers prefer it to selling at present at the Government price. Local millers have not received any further permits to purchase, and cxpect that there will be very ■ litt.e more" milling wheat to offer. Dunedin millers report that no further Canterbury wheat is available, and only a little Central Otago wheat is to come in. The only business passing in oats is between merchants, and thertj is no amount being done. Algerians in second hands hsve been sold at 4s 9d f.o.b. There has been some demand for oatsheaf chaff for railage to snow-affected districts, and this has been supplied out of stocks in store, as no cutting can be done at present in the districts where the chaff is required. There 13 also a demand for prime chaff for the North Island, but this quality is nractically unobtainable, and there is the shortage of shipping in the way, even if supplies were available. There is no change in price". There axe . not a groat many enquiries for potatoes coming from the North Island, where the mnrk»t seems to be pretty weJ supplied with Melbourne potatoes. The redskinned varietv, known as Carmans, app p BJ9 to be of good qua'ity, and cost about as much to land in the North Is'and as supplies from the South Island. In Melbourne they are quoted at £3 10s to £4, and the market is over-supplied, _ scarcity of freight limiting the export business. local deliveries aro confined to the forwarding of those in the railway sheds along the lines, as none can at present to delivered from the forms. The price 13 stil! £6 at country stations, with' Tew offering. Purchases aTe now being mado of seed potatoes, and a fair amount of b"3inpsa has already been done, prices off-red f"' tho fo"ow<ng varieties Northern Stars £4 10s. Red Hebr-ns £8 10s to £9, Up-to-Dnt-es £4 103 to £4 15s, Dakota Reds £6. Breed's £4 15s. Red c'ovo- ft ?ed has fall-n off in offering", due. no doubt, to the shelling being suspended by the bad weather. Advice has been received that the Government has prohibited the imrwvtation of peas without a special permit. This will prevent Tnamanian pens from coming in to the exclusion of the home grown. The following nre th» p'ic<-a paid tr> farmers at country stations, fr»i> of commis«ion, •nek* extra, rrcot wh<"-» nther'"i«« • — Milling wheat, according to Government price, South Island, June 5a lljd, July 6», Ausrust 6s OJd, f.o.b, North Island, 4d ad-> ditional.

Oats —Seed Algerians 4s 3d to 4s 6d, feed 4s to 4s 3d; milling Gartons 4b 4d to 4« 6d, feed 4a Id to 4s 3d; seed Duns 4b fid to ss, lighter 4s upwards; good quality Danish to 4a 6d.

Barley (nominal) —Prime malting 69 3d to 6s 6d, medium 5s 9d to 6s.

Flour—£ls.los per ton: 1001b baes, £18 ss:. 501b ba!r«, £1R I<V 251b 15s. Bran—Shipping £5 10s, local £5 15a per ton.

Pollard—£7 10e per ton. Oatmeal—2slb bags £26 per ton, 71b bags £26 per ton. Oatsheaf Chaff—(Vominai), heavy bright £5 to £5 ss, medium £4 los to £5, inferior £4 to £4 10s Cocksfoot—loJd to Is 3d. Ryegrass—Heavy Perennial 4s 63 to 4a 9d, lighter 4s to 4s 6d; Italian 3s 9d to 4« 3d • Westernwolthn 4« to 4s 6d. White Clover—Clean Is 6d to Is 9d. R-ed Clover—la 6d to Is 7d. Peas—Partridgw, 6s to 6s 6d, White Ivory lis 6d to 12s, Blue Prussians 15s to 16s Blue Imperials 16s to 18a Scotch tares —10s 6d. Beans—6s 6d to O 9d. Rane Seed—4d to 4Jd. Onions—£7 10s to' £8. Linseed—£24. Potatoes—£6, seed potatoes £i 10s to £9, aocording to variety. DAIRY PRODUCE. The report that the Imperial authorities would take over the surplus butter stocks in the Dominion is not confirmed by the Government, which states ! that no information has been received on the matter. There is no change to record. The wholesale price* are:— Butter—'Factory Is 6d net, farmers* separator Is 9d, dairy Is. Cheese—Factory lOd, dairy od, loaf 9'jd Baoon—Sides Is 2d, rolls Is 3d, hams Is 3d.

Honey—Extracted 6d to 7d per lb. Eggs—Hen eggs Is 9d, duck eggß Is 9d per dozen.

FRUIT AND VEGETABLES

Supplies of vegetables have been good, but the demand eased off considerably during the bad weather. bananas have beon slow cf sale, and fruit generally has not been in such good demand during the week owing to the cold. A large shipment of Sydney fruit has just arrived, and prices are expected to rule slightly lower. Wholesale prices on the average during the week were:-— Apples, dessert, 8a to 10a per case, cooking 7s to Bs, Auckland lemons 13s to 14s, Mildura 16s to 17s, mandarins 18s to 20s Sydney oranges 14s to 15s, pineapples 17s to 18s, tomatoes Sd to lOd per lb. „ to , 7< J Per dozen bundles, carrots 8d to 10d, celery 5d to 7d, leeks 3d to <d. parsnips lOd to lid, cabbages Is 6d to 2s 6d per dozen, cauliflowers 4s to Ss 9d, lettuco to Is. Ba, marrows 2s to 2s 6d, onions 83 per cental, potatoes lis to 13s per sack.

TIMABU. (special to "the Pltfess.") TIMAKU, July 5. ino snow etorm and consaquent di&loca* tion to the telegraph wires has had a deaden-' uig effect on business on the grain and produce markets, and as a rcsu t there is very little to report this week. The snow caused a better inquiry for hay, which is waried to feed enowed-in stock, though come diificulty is experienced in getiiug it to the stock. The Government have also been on the market for hay, the value of which ranges from £3 10s to £4, according, to its location.

There is practically no wheat offering, and it now seems certain that there will bo a substantial shortage, estimated by one authority at. 1,500,000 bushels. There is a little better inquiry for oats at last week's quotations. A little business is passing in potatoes, good tables being worth £6 to £7 10s per ton. Up to £7 per ton on trucks was paid this week, but it is understood that this was to fill old orders. The fact that Australian potatoes are being landed in Wellington at £7 10s per ton is keeping down tho valuo of locally gTown.

Chaff remains the same as last week, but there is a prospect of getting several boats for the North Island next week, and if this materialises a good clearance of chaff in store will be made.

For red and white clover Is od and Is 4d per pound is offered, but buyers prefer the seed from ISorth Canterbury this season.

BLEXHEIM. (SPECIAL TO "THE PRESS."}

BLENHEIM, July 5. There is very litilo change in the chaff market, the demand still being slack. The shipping position is not much* better. One small shipment was taken to Auckland during. tho week. There are still large stocks held in store by ■ merchants. Farmers aro asking £6 10s per ton for best quality, but there are no buyers at that figure The potato market baa cased off, having been considerably affected by a large ahi'v ment which arrived at Wei ingion recently from Melbourn» It is reported that the Vic avian potatoes are of excellent quality. Tho market is likely to remain c

till this shipment his gone into consumption. The local supplies continue to show the prevalence of blight. Prices rule at £5 to £5 10s per ton. The demand for hay has increased during the past few weeks; the variety of the weather being an influential factor. Grc««n fe&d has gone off and winter fodder is now in general request. There are -ample supplies for local purposes and a sood mar-nn to wori on for export to other districts. M-adiw hay is realising £2 10s and clover and lucerne hay £3 per ton in the stack. and c'over seed are in quiet demand. Practically the whole of the crop has been threshed and disposed of.

DTJXEDIN. (SPECIAL TO "THX Pp.ESS.") July 5. The deliveries of wheat from the north have entirely ceased, and broken advise that there

is nothing more left in those districts. Owing to the bad weather there is very little coming forward from Otago "Central. As soon as the weather settles no doubjt deliveries will be renewed, but very little remains unthreshed. Local millers are beginning to realise there is a serious shotage, and so far as they can gather no efforts have yet oeen taken to .supply the promised Australian wheat. The weather has also stopped the deliveries of oats. In .the meantime there is a keen demand for all heavy milling samples offering, but light weedy linee are neglected. Owing to considerable shipments to the efforlh Island from the xiiufi there is very little demand at present. In consequence of the shortage of deliveries potato prices firmed during the week, and lines of Canterbury grown that have been neglected aro now being purchased to fill present requirements. Prime lines of chaff are eagerly snapped up at £6 12s 6d to £6 las per ton, sacks extra, ex-trucks. All medium and inferior varieties are neglected. AUCKLAND. (special to "the fbesb."\ AUCKLAND July 5. The shortago of shipping is still tho principal factor in determining values in. tho produce market. In regard to potatoes the market is in a peculiar position. Good stocks are held here, both of Southern and Australian, and .these havo a tendency to keep down prices, th© present rate being lower than the ooat at which further supplies could be landed. Best quality are quoted at £9 10s ex store,' and merchants seem inclined to rcduoe their holdings. Tho rather heavy importations from Australia have, no doubt, influenced tho'market somewhere, but the reduction of tonnage by tho loes of tho "Wimmera doss not promise tho same facilities in the future. Sales of seed potatoes have been very slow, but an increase ib expected if the improved weather conditions aro maintained.

Best quality oats are selling at 5s 7d, ex store, but thero is only a moderate demand. It is clear that the consumption of oate has been' substantially reduced, and it is difficult to place even tho moderate quantities now .arriving'. Tho finer weather has not yet brought about an improvement in the demand for seed oate. Good sales at© expected next month, as tho high price of chaff is a gTeat inducement to increase the area under oats.

Fowl wheat » selling well at 7a 6d, ex store. A few very fine samples recently arrived from the South, and moved off well. A pood demand continues for flour, but several brands arc unobtainable at present.

A brick enquirv is meeting the extra quantity of bran and nollard now coming on the market. There is no improvement in th© snonlv of oatmeal and rolM oats.

Southern rhfff is firm at £12 10s, ox store, with only moderate. Am«le qnpitiHofl are offrrin* in Canterbury, but' th« d ; ffi""Vv i« to p<yrur» shipninsr space.

Fai- quflntitiw of msiz- hnv» arrived from the Coast, nmcHrsllv all new prain, and this hf?n tml? l *"} Ps Mon +h« wharf in wholesain lin«i. Australian maize is also being sold, ex store.

Local storks of onion* are low, and ♦Ha hag n<lvAnc~? to £13, ex etor®. Th" mnrltpf in rnTininjr v«n short of nr>d no <m»nt mm-ntify can b"lvW'Tit u~ i M Th a lit 8o ♦!!!»♦ TM-SPA io pWtnt iHO wr fori nbnvo 4>i» ru'r nt r firn , f n at th'« tinw lent. TOftr. «> it Tiono can bo imported frota ♦hat quarter. mVoiYVRA "PATR. The monthly horse fair was held yesterday. There was an entry of 50 horses, but owing to the bad weather conditions veiy few buyers were present, and very few horsss changed hands. RAKAIA STOCK SALE. The Rakaia stock sale on Thursday was a very small affair, and several lots failed io reach sellers' expectations, and were passed in. Fat owes brought from £1 to 27b Cd, pigs 295, roosters 4s to 4a 6d,

NEW COMPANY. 'Registration of tho following new company is announced in this weeks "Mercantile Gazette": — G.;T. White, Ltd. Registered as a private company July Ist, 1918. Office: 734 Colombo street, Christcliurch. Capital: £8000 into 8000 shares of £1 each. Subscribers: — Christchurch: G. T. White 7975, G. D. White 6, C. K. White 5, A. J. K. White 5, V. G. '■ Whito 5. Objects: To carry on the business of jewellers in all its branches.

NORTHERN FLAXMILLS. Practically the whole of .the northorn flaxmills are closing down for tho remainder of tho winter, about 12 mills between Tv.akau and Ngaru&wahia, several atMorrinsvilla and on the Hauraki Plains having already ceased work (says the Auckland "Herald"). 'Jiaforecthe; dntbi&vkof war. wh«n : prices for hemp were "BOt quite to hizh as at present, it was customary for the flasmills to clos down during June, July, end Augiat, but during the last two or three years the l'ouvier demaud for- hemp and the consequent rise in priocfl have induced the millers to Keep the mills going throughout the winter as far as possible. At present the stores are Tell filled with fibre, and In view of tho DH"?siire on shipping space the millers have decided to revert to the old practice and close l u nn until about September next.

OIL FROM KAURI GUM. Further information regarding tfce experiments being mode in North Auckland for extracting oil from kauri gum indicates that the results are promising. The Puraenga Gumfioldß, Ltd., ia now having a thorough test made of the oil. "Of couroe v* kiow we can get a Diesel and motor oil," says the managing director, "but we nim a good deal higher than that. We anticipate the bulk of the oil will be a paint oil, which at the present time is in such aieat di-aiand." JtJy the erection of suitable plant costing eomething under £5000, it is especwi, according to Mr Alderton, that 120 *.>na if gum could be treated, yielding between 12,000 and 16,000 gallons per week.

Bayers. Boilers. £ «. d. £ s. d. BANKS- r „ , National .. •• 5 7 6 — New Zealand (fully pd.) 17 10 0 — • New Zealand (£3 6a 8d paid) .. .. 13 0 0 . — Union •• •• - 66 15 0 CEMENTS— Golden iiay .« .. 0 18 0 — COAL-;- . Taupiri «» it) o lo o —» GAS— Christchurch ••• 6 15 0 5 17 6 INSURANCE— New Zealand .. »» — 10-6 MEATS— Canterbury .. •• 9 10 0 9 14 3 N.Z. Refrigerating .. — 2 0 3 WOOLLENS— . _ Kaiapoi .. »• 7 2 6 — Wellington .. .. 7 0 0 — MISCELLANEOUS— i\.Z. Farmers' Co-op. .. 2 8 3 — MINING— ' Mt. R«ad and Robbery — 1 ,1 0