COMMERCIAL.

Press, Volume LVII, Issue 17108, 1 April 1921, Page 8

COMMERCIAL.

AMERICAN CATTLE MARKET.

PABMEES BADLY HIT.

(from our own correspondent.) SAN FRANCISCO, February 15

In consequence of the American, bankers calling in loans they had advanced to farmers throughout the United States, thousands of agriculturists have been compelled 'o flood the markets with half-fed cattle in order to meet their liabilities, but, owing to the extraordinary sag in prices obtaining for cattle, thousands of American farmers have gone into the bankruptcy courts of the big republic.

The big percentage of the farmers who have failed in their undertakings are of the tenant class, and many of them were mere speculators, but fears are entertained that next season will result in a severe shortage of cattle and a consequent boosting of meat prices. Hundred's of American farmers are placed in a most difficult position, as. having experienced a record hay harvest season, they now find themselves faced with an excess of roughage with no cattle to feed to.

When the armistice was signed the Middle Western farmers were selling wheat at 10s a bushel, hogs were bringing lid a pound, beef lOd, and'other farm products connecting up with similar prices. Now, however, wheat is declining to almost a bare dollar—about four shillings—a bushel, hogs vary_ from 4d to 7d per pound, and beef is quoted at 4d to as low as ljd per pound. Some idea of the losses incurred by American farmers may be obtained from a. recent statement made by Mr J. It. Howard, president of the American Farm Bureau Federation. It was Mi- Howard's opinion that, without speedy relief, 25 per cent, of the farmers of the- rich State of. lowa face bankruptcy. Farmers expected to -take a shrinkage on the value of this year's crops if the heralded readjustment period came before they were marketed. But the wiping" out of 5,()00,f>00,000 dollars of the 'possible value of their 1920 production was a smashing blow which they bitterly resent. They are saying things that sizzle about the speculator who had a hand in it, and the financial interests that did not move to modify the downward &lump of prices. STAG'GEIUNa BLOW.

One Middle Western farmer in Indianapolis, thought selfish interests alone would have dictated 1 a different course. The big bankers, he said, must have known that farm credit .and expenditure of the past year had been based on an expectancy of two-dollar wheat and one-dollar com. Knocking nearly a third off the :value of the farmer's output destroyed the.' buying -power of t hundreds of thousands _of farmers, and operated to close factories. He complained that something should have been done about foreign credits to assist farmers' selling on a. paralysed market. . « One authority, who has been making an exhaustive enquiry froin the New England States to the Pacific Coast, says that he found cheap hay and corn all along the line, but even hay, corn, and' unencumbered farms were not always able to produce credit in these days of deflation and dehydration. The price of hay had descended from last year's price of twenty-five to fifty dollars a ton to six to fifteen dollars. Stockyard* were filled to overflowing with cattle—a small percentage well, fed. and the rest" "just cattle," a motley'mess of dry cows, calves, poor steers, whole cattle, outfits scooped up from the range. Thousands upon thousands of these were feeders and stockers and the price ranged from three and a half to six cents. MARKETS GLUTTED*.

There were 35,000 of these 1 poor cattle in Chicago, 10,000 in Omaha, 15,000 in Kansas City,. 7000 in Wichita, and corresponding numbers m St. Paul, St. Joseph. Denver, Spokane, Portland, and elsewhere. These cattle needed padding on thoir ribs, and unless it were' -joon forthcoming they would, soon go to the meat canneries. . One big Kansas farmer with an 80,000 dollar farm free from debt; and more than enough feed, and twenty years' experience in feeding cattle, said he had been unable to persuade State banks to advance him 2500 dollars, in order to buy fifty 1000-pound steers at five cents a pound. He had offered to pay ten per cent, interest, 9ut the bankers would not advance the necessary money. 'The manager of the Union Stockyards at Wichita, Kama's, stated that he could loan 10,000.000 dollars or more. to.cattle feeders if he could obtain the money from the banks. He said present financial conditions made it impossible to sftnance cattle feeding. The bankers pleaded that they had loaned to the limit and beyond, and thpse who had available loans were afraid of cattle loans. They had had a sorry experience with speculative cattle feeders during the last two years.. , < There are 8000 so-called cattlemen in Kansas, but three-quarters of them are mere speculators. Some of them gamble with money from a cattle-loan company, giving a chattel mortgage on the oattle and agreeing to sell through the loan company. Early in the spring they buy cattle.in Texas on borrowed money and place the animals on hired Sometimes this type of speculator pays as high as seventeen dollars a head for summer pasture. In the autumn .he bqrrows more money to buy feed to fatten the cattle. If all goes well he manages to pay off his loans and pocket a few dollars, but with a falling market or bad luck somebody loses. One cattle-loan company in this region last year loaned as much as 20,000,000 dollars to these speculators, and was badly hit. All this had the result of limiting the amount of money available for legitimate American farmers. PACKERS ASSISTING.

While some of the Western bankers are folding aloof from further financing a certain plass of cattleman, Illinois financial corporations are showing a totally different attitude, and this is most notable among the big packing concerns, which went into the business of supporting the ranchers owing to small banks being limited in capital. These banks were only allowed by law to loan 10 per cent, of their capital to any one customer, and most of these banks had only 100,000 dollars capital. It was found that Eastern bankers would loan big sums on paper endorsed by the packers, and as the packers urgentlv required the .cattle, they plunged into the business of assisting these struggling cattle-raisers. The I packers took an active part in the development of cattle-loan companies, and some ,of these companies have as high as a million dollars invested as security. I On that security they obtain money to make loans up to 10,000,000 dollars, or even 20.000,000 dollars. To-day the packers are on the paper of cattle-loan companies to the extent of 100,000 dollars Frequently when the "paper" matures the time is extended to carry the cattle to better condition. When the pressure for deflation was' put on the Eastern banks early last spring, they called on the Western banks. The latter called on the cattlemen, who had to sell their cattle and liquidate. Owing to this liquidation the cattle industry has suffered immensely. There are not more than one-half as manv cattle as last year on the ranges of Idaho. Montana, Nebraska, Western Kansas, the Dakotas, and Eastern Colorado.

POOH MANAGEMENT. In Idaho and other- districts the cattlemen had suffered from drought

until the range forage would not keep the cattle alive. Then the cattle were fed on home supplies of hay, and when that was exhausted the cattle were rushed to anywhere pasturage was ob-' tamable, whilst other farmers had to pay as high as ninety dollars a ton for hay obtained from a considerable distance. Directly the winter had passed and the cattle were ready to return to their home pasturage, the banks called on the farmers to liquidate the loans. This was where the crash occurred, the farmers being compelled to sell the cattle in the Btockyards when the animals had only reached half condition. Officials of packers' banks believe the cattle business of America will never thrive unleis it is safely conducted outside credit circles. They declare the men engaged in- it must own real estate and permanent improvements. Nothing can be done for pure speculators, a class which will have to be eliminated end allow the cattle business to go entirely into the hands of real farmers, ranchers, feeders, and range operators, who finance their own business to a considerable extent, and who at least own something besides. the hope of being able to meet their loans six months hence.

It is stated that there are enough' farmers with their own feed and roughage to handle all the feeder cattle of America without the hindrance of speculators, and the farmers of the legitimate variety are being advised to link themselves up closer with prominent bankers for advice on undertakings on the farms. At the present crisis-the American cattle industry*is in a ruinous condition heading to disaster.

KEY INDUSTRIES AND DUMPING.

IMPORTANT PROTECTIVE PROPOSALS.

(By Cable—Press Asisociation—Copyright.) (Australian an d N.Z. Cable Association.) ('Received March 31st, 7.80 p.m.) - LONDON, March 30. "The text has been issued of two; Uovernment resolutions -which Trill be moved in the House of Commons on Tuesday, dealing with key industries and dumping. These are temporary .measures pending the introduction of a Bill which will be based on them. The first resolution imposes, during five years, an ad valorem duty of 334r per cent, on a large number of specified articles, notably optical instruments, magnetos, arc lamp carbons, synthetic and organic chemicals, tungsten and other rare metals. The second' resolution imposes _ a similar duty, in addition to any existing duty, on goods wholly or partly manufactured abroad and offered in Britain at prices below the cost of production, or prices which, owing to depreciated foreign currencies, are below the prices at 'which similar goods could profitably be manufactured in Britain.

IRON PIPES AND CASTINGS. (By Cable—Tress Association—Copyright.) (Australian and N.Z. Cable Association.) LONDON, March 30. The Committee reports lhat an effective combination, called the Oast-iron Pipe Association, Bxed the prices of pipes and castings. The municipal authorities were more or less at the Association's meroy. The committee recommends the Board of Trade to obtain audited statements showing the cost of production, though the. profits submitted to the committee did not seem unreasonable.

TEXTILE INDUSTRY IN . AUSTRALIA. MELBOURNE; March 31. New companies, with capital totalling £3,500,000, have been registered fox manufacturings textiles. Several' existing companies are increasing their capital, whilst the number of knitting concerns is rapidly increasing.

AUSTRALIAN MARKETS. (Received April Ist, 1.30 a.m.) SYDNEY, March 31. Oats—Algerian feed 3s to 8s 3d, white feed 3s 7d to 3s 9d. Maize—Yellow and wihite fis. Potatoes—Tasmanian £6 10s to £B. Onions—Victorian £5. ADELAIDE, March 31. Oats—Algerian 2s 3d to 2s id.

BRITISH TOBACCO COMPANY (AUSTRALIA), LTD.

The report of the directors and 'statement of accounts of the British Tobacco Company (Australia), Ltd., for the year ended the 31st January last has now come to hand. The report states that the business of the company continues to make satisfactory progress. The net profits for the year amounted to £610,138 18s 6d, making, with the balance of £34,270 10s 4d brought forward from last year, a total of £644,408 8s lOd available for distribution.

During the year four interim dividends, aggregating 12 per cent., have been paid on the ordinary shares, absorbing £491,987 6s sd. The preference dividend of 6 per cent, for the year amounted to £39,083 12s 4d. A sum of £27,160 was paid to the trustees of the Employees' Trust, leaving £36,178 10s Id to bo carried forward. The above figures do not include the company's interest in the undivided profits of the subsidiary companies, of which the book value appears in the balance-sheet at £4,769,469 14s Bd. It is proposed to capitalise the sum of £628,691 from reserves and distribute bonus shares to ordinary shareholders in the proportion of one fully-paid new ordirary share for every eight old shares held on the 2nd instant. The directors are to sell the fractions and distribute the proceeds in cash amongst those shareholders entitled to them. The total of the reserves is not disclosed in the balance-sheet. The present paid-up capital of the company is £6,502,746, the nominal capital bein ff £7,250,000.

THE AUSTRALIAN GAS-LIGHT COMPANY.

The present paid-up capital of the Australian Gas-Light Company is £2,130,000, and it has been decided to increase such capital by the issue of 25,000 shares of £6 each. In accordance with the provisions of the Gas Act, 1912, the new shares will be offered by public auction on the 6th instant in lots of five shares, with the option of taking up to sixteen, shares.

MUTTON PBICES.

Top price (22s 9d) for ewes at WednesI day's Addington market was secured by Mr j Geo. Forrester (Botherham), not J. K. Forrfester (Mount Karetu) as stated.

"WELLINGTON CITY COUNCIL FINANCES.

Speaking this week on financial matters, the Mayor of Wellington (Mr J. P. Luke, M.P.) stated that the position had caused him-a greaii deal of anxiety. He estimated that within a very short time the city would' have to raise at least £500,000 in order to make a start with urgent works, which were included in the schedule. Originally the Council 'was limited to an interest rate of 5J per cent., which was subsequently increased to 51 per cent., the loan at tho latter Tate to be issued at a discount. Even under those circumstances the money was not forthcoming. He would now ask the Council at its next meeting to reconsider the tonus of the loan in the light of the new legislation just passed. Possibly the term of the loan would be reduced from twenty years to ten, and otlier concessions migh-t De- made. He. stated that he was not favourably impressed

with ihe idea of offering the loan at 6| per cent. With 1 par cent, added for sinking fund, it meant too big a hurdle. Tho Council, he stated, in answer to another question, would not confine its money-raising efforts to New Zealand, but would go wherever money was offering.

AUCKLAND MARKETS. (special to "the pbess.'v AUCKLAND, M«rch 31. Wholesale and retail houses this week we fully occupied, the holiday period having accumulated requirements. Overseas shipments art not particularly interesting, although mails arc full of competitive offerings, and prices generally show more favourable to business.

Sugar—lncreased supplies are again being Sistributed in addition to the usual allooatipn. Icing sugar also is again available to the trade for general use. Vestas—A small shipment of southern ia now due, but will not bo nearly, sufficient to meet the demand. \ Hardware—A healthy tone prevails in all departments, and quotations continue fairly regular. Supplies continue to show short of demand.

Potatoes—Local' supplies are coming in fairly freely still, and keep the market going. The first of the southern potatoes came to hand since last report, and proved, of satisfactory quality. Prom now on regular shipments should come to hand from the south ta keep this market well supplied,' The price ranges from £9 to £9 10s per ton. Onions—The market is very dull, the quotation being 9s per owt for local. Maize—Stocks are still heavy, and the price is 03 9d in wholesale lines on the wharf.

Oats—The market is very dull. Ample stocks are held locally, and large quantities are offering from the south a"t low figures. The present quotation is 4a 2d for B end 4s 3d for A grade, .'ex store. Flour—Local mills are working hard to keep the market going. Bakers are still rationed, and only 6inalf quantities can be sold by* grocers to customers. It will bo.some little time before the position Becomes normal again. Chaff—Supplies of looal continue to come to hand, and the quality is first-class. The quotation for best local is £8 to £8 10s per ton ex store. .

Wholesale current prices are:—Creamery butter 2s ljd per lb (less rebate for prompt cn-Eh), farmers' separator Is 9d per lb, first grade factory cheese is Sid per lb, export size 'la 2id, loaf Is 6d, dairy cheese Is 3d, hams 13 Id per lb net, bacon Is, Id per lb net, lard in bulk Is 3d, pats Is 3}d, margarine in bulk Is 4d, pats Is 6d, prime honey lOd, eggs 3s 4d per. dozen, flour £22 10s (less discount of 2| per cent, per ton in 200lb sacks), sharps £lO 10s, bran £7 10s, oatmeal (25's) £22 per ton

The prices of beef at the /Westfield fat stock sales yesterday "were about equal to those ruling last week. There was a firm demand for extra choice ox at 44s per 1001b, an. increase of about 4s on the low price realised a fortnight ago for the same grade of beef. Choice and prime quality fetched from 403 to 435, ordinary t and plain from 25s to 85s, and cow and heifer beef 18s to 365. Mutton prices wore slightly easier all round. Wethers realised from 18s to 27s- 9d, ewes 7s 6d to 235, and lambs 13s 6d to 27s 9d. There was a slight improvement in the price of fat pigs, but the market for Btores was dull. Choppers and bacon pigs realised from £3 10s to £5 195..

BLENHEIM RAM FAIR. (SPECIAL TO "THE PRESS.")

BLENHEIM, March 81. The annual ram fair held at Blenheim today decidedly reflected the depressed state of the market. There was a moderate entry, consisting of about 300 rams and 100 ewes, and only about half of the offering was sold. Prioee were:—Stud ewes- 9s, Shropshire rama 2Jgs to Sa, English Leicester rams lg to Bgs, Romneys 5s to 4gß, halfbreds to 6Jgs, merinos 4Jgs.

RESUMPTION OF STOCK SALES. (SPECIAL TO "THE PMSS.") BLENHEIM, March 31. The regular stock sales, which were abandoned. Borne weeks ago on account of the slump, will be resumed next month, not that the market has improved, but some kind of an outlet is needed for holders of stock who are pushed for feed. she prices being given at present by the freezing buyers are:—Ewes ljd per lb, wethers 2jd, labs SJd per lb.

OXFORD EWE FAIR.

The last of this season's ewe fairs in North Canterbury was held at the Oxford yards yesterday. • Thera was a large attendance of local farmers, and also a good number from distant parts. ' The entry was very much smaller than for eome years past, several advertised drafts, including 700 of. the St. James Station flock, failing to put in an appearance; Tho sheep yarded consisted ot 6076 ewes, 968 wethers, and 1031 lambs. Although only three out of a total of fittyfivo lots failed to find purchasers, the bidding was anything out spirited. Taking the quality, and condition of the eh>.ep into account, the prices .were about on .a.par with recent quotations, but not equal to those, of the Northern ewe fairs. The best prices of the day was 26s 9d for 32 two-tooth- half bred ewes from the Rakahuri flock, and the next best 23s 6d for 66 tour-tooth three-quaiter-bred ewee, sold for Mi L. O'Halloran, Grlentui. > The range of prices was as follows.: Two-tooth halfbred ewes, best 21a to 26s 9d, others lis 6d to 19s fa, four and six-tooth lis 7d to 20s, two, four,- six, end eighttooth 12a to 18s, four-yeur-old 16s 6d to 18a 3d, sound-mouth 8s to 14s 9d, old ewes 2s 6d to 6s, three-quarterbred four-tooth ewes 25s fid, -four, six, and eight-tooth 15a 6d, two, four, six, and eight-tooth 10s 6d to 12s Id, two-tooth wethers 12s 3d to 17a 6d, two, four,. and six-tooth lis id, ewe lambs lis 6d to 12s 3d. wether lambs 6s 3d to 10s Bd,«and mixed sex lis 6d to 12s 7d. Details of the sales are as follows:

The New Zealand Farmers' Co-op. Association sold:—For the Brothers' Estate (Bennetts), 604 four and-six-tooth forward Corriedalo wethers it lis 7d to lis 9d, 353 four, six, and eight-tooth Corriedale ewes at 18s 3d, 67 sound-mouth ewes at 9s 9d; G. A. Bruce (Lee's Valley), 240 sound-mouth halfbred eweg lot 13a 9d to 14s 9d, 84 at Bs, and 65 at 14s 9d; P. Meyers (Bexley), 135 two to eighttooth ewes at 18b; "W. "Wright (Lee's Volley), 64 aged ewes at ss; R. P. McConnell, 409 four, six, and eight-tooth three-quarterbred ewes at 15s 6d; P. A. Manson (Oxford), 244 ewe lambs at ISs; J. Graham (Bennetts), 62 ewe lambs at 12s 3d; L. O'Halloran (Glentui), *l2O two-tooth halfbred ewes at 19s 6d, 66 four-tooth three-quarterbred ewes at 25s Gd, 15 two-tooth ewes at 10s 3d; P. W. O'Malley (Lee's Valley), 104 wether lambs at' 6s 3d, 41 five-year-old halfbred ewes at 4s sd, 108 two and four-tooth wethers at 17s 6d; f S Gardiner, 39 two to eight-tooth threequarterbred ewes at 10s 6d, 23 mixed sex lambs at lis 6d to 12s; J. Allen, two to eight-tooth ewes at 10s 9d to i&if G. A.. Beere (Oxford), 37 sound-month •halfbred ewes at 115.9 d, 160 at lis Id; J. H. Askew, 22 two-tooth wethers at 12s gd, '24 two to eighttooth ewes at 12s Id, 9 lambs at 12s; clients, 41 two-tooth ewes at 14s, 60 at 14s 6d, '64 wether lambs at 10s 3d, and 82 old ewes at 2s fed.

Messrs Dolgety and Co. sold:—For Hayland Estate, 189 two-tooth halfbred ewes at 2Js to 225, 172 four and six-tooth ewes at 20s, 199 five-year-old ewes at 16s 6d; S. E. Rutherford (Kowai Bush), 399 four-year-old halfbred owes at lis to lis 6d; C. H. Eneor (Whiteroak), 116 two to eight-tooth ewes at 123; Hugh Ensor (Hakahuri), 32 two-tooth halfbred ewes at 26s 9d, 189 four-year-old owes at 18s; E. Ashton and eight-tooth halfbred ewes at 18s id; L. Meyer, 108 ewe lambs at lis 6d; Alan Mac? farlane (Mount Lawry), 412 Eound-mouth half•bred ewes at 12s 6d, 115 four and six-tooth ewes at 13s 9d, 90 two-tooth ewes at lis 6d, 96 failing-mouth ewes at lis 6d; P. R-. Webb. (West Eyreton), 104 two-tooth halfbred ' ewes at 19s 6d; R. Stringer (Oxford), 82 mixed sex lambs at 12s 7d. 69 aged ewes at 6s; J. Garland (Bennetfe), 81 two-tooth halfbred ewes at ]6s 6d.

Mcssts Pyne, Gou'd, Guinness, Ltd., sold— For W. Staiky (Lee's Valley), 256 two, four, and six-tooth wethers at lis Id. Messrs H. Matson and Co. sold—For Hariris Bros. (Glentui), 117 two, four, and sixtooth ewes at 10s 3d, and 34 eight-tooth ewes at 9s Bd.

LAND SALE.

COLDSTREAM PAEMS,

In the Choral Hall yesterday the subdivision of the Coldstream property, near Rangioia, wbrich was purchased in (the sixties by the late John Macfarlane, wag offetred by auction. There was a good attendance, and during the early part of the sole bidding was fairly briek, and a number of sales were effected; towards the dose the bidding flagged considerably, and more sections were passed in than were sold. Values obtained were, compared with thoße of recent years, on the low side, one authority 1 expressing the opinion that no cheaper land of similar quaility has been bought in Canterbury during the past five years. The Kew Zealand Farmers' Co-operative Association and Messrs H. Matson and Co. sold, on account of the .trustees of the late A M. Macfaiiane, the following lots:— Lot I—73a 2r 29p, to Mr Hubert Beadel for £72 10s per acre.

Lot 2—52 -2r 38p, to Mr Geo. Hill, for £75 per acre.

Lot 3—6 la 3r 23p, to Mr B. Jenkins for £69 10s per acre. f Lot 4 —52 a 3 r 17p, was withdrawn at £6l per acre.

Lot 5—55 a. 3r Sp, to Mr J. Coalcley for £BO per aero.

Lot 6—sßa. Or 2Sp, to Mi; P. Morris for £3O per acre. Mr Leicester Matson conducted the rale. Pyne, Gould, Guinness, ttd., offered, on behalf of the. trustees of the late Malcolm Macfarlane (Mr Alex. Boyle condiicLins the sale):— Lot I"—22a 3d 2-lp, withdrawn at £35 per acre. Lot 210 ft 2r, withdrawn at i"3O per acre. Lot 3—9oa, withdrawn at JEGS ■<>«■ acre. Lot 4—7 la lr 34p, and Lot 5, 8?a Or 32p, to Mr John Petrie for £BO per acre. •Lot 6—sa, to Mr J. O. Jameson for £75 psr acre. , Lot 7—33 a, withdrawn at £7l per aero. Lot B—Bsa 2r, withdrawn at £67 10s per acre. Lot 9—J9a, and Lot 10, 46a. 3r, to Messrs Shepherd Brothers; Lot 9 at £7l per acre, and Lot 10 art. £6O per acre. Lot 11—82 a, and Lot 13 (right-of-way), withdrawn, at £7O per aero. Lot 12—105 a, withdrawn at £7O per acre. Lot 14—34 a 2r, withdrawn at £65. Lot 16—8 a, to Mr C. E. Skerington for £72 per acre. On account-of Mr J. K. Machine, tho 6ame firm offered:— Lot 2r Ssp, withdrawn at £6O per acre. . Lot 17—48 a, no bid; withdrawn. Lot 18—18 a, withdrawn at £67 10» per acre. On account of Mr Ewen Macfarla/ne the same firm offered:— Lot 19—88 a 2r, withdrawn at £65 per acre. Lot 20—56 a. withdrawn at £77 10s. ■'• On account of Mr Alister Macfariano tho same firm offered:— - Lot 21—50 a 24-p, withdrawn at £65 per acre. Lot 23—50 a 20p, withdrawn at £75 par acre. Lot 23—49 a, withdrawn at £75 yet acre, and Co., Ltd., offered on behalf of Mr Allan Macfarlane:— Lot 21—81 a, withdrawn at £7O per aero. Lot 25—78 alr Up, withdrawn at £67 10a per acre. Pyne (i Gould, GuinneßS, Ltd., on nreount of tho -trustees of the late Ma'lcolm MacfarInno, offered about 500 acres of light laird at Fermside, in tliree lots, as follows; Lot 1—124 a, withdrawn at £ll per acre. Lot 2—219 a, withdrawn at £l3 10s per aore. Lot 3—156 a, to Mr T. Molntosh, Fernsido,, for £l4 10s per aore.

CHBISTCHTJRCH STOCK EXCHANGE,

March 31.. Sales on 'Change:—South British, 445. Sales reported/!—N.Z. inscribed stock, 1938, £81; soldiers' loan, £B3. DUNEDIN, Match 81.

Sales on 'Change:—Soldiers Bonds, '£B9 (five sales); Loan and Mercantile, £B7 10s 1 , Bank of New Zealand, (ord.), 435 . 9d and 44s (two sales). '

WELLINGTON STOCK EXCHANGE. (SPECIAL TO "THE FBESS.V) WELLINGTON, March 81. The Stock Exchange reopened for business to-day after the Easter holidays, and quotations are about on a par with those ruling' just prior to the holidays, except that Bank of New Zealand shares were firmer with buyers at 43b 6d. Quotations were:—lnscribed Stock, 1939 and 1988, sellers £81; Stock, 1938, buyers £88; War Bonds, 1039, sellers £81; Bends, 1930, sellers £9O; Bonds, 1933, sellers £B9 10s; P.O; Bonds, 1927, buyers £B7 15s; Bank of Now Zealand, buyers 43s 6d; Bank of New South Wales, sellers £3l sb; Union Bank, buyers £ll ss; Abraham and Williams (ord.), sellers £5 6s; Wcllinirton Trust and Loan, sellers £5 18s; National Insui-ance, s tiers 665; Standard- Insurance, buyers 445; N.Z. Refrigerating- (10s paid), buyers MsGear Meat, buyers. 295; Wellington Meat Export (72s 6d paid), sellers. 735; Union Steam, sollers 19s; P. and O. (deferred), buyers £325; Kaiapoi Woollen (preference), sellers 265; Wellington Woollen (preference), sellers £8 ss. Waipa Coal, sellers 15s 6d; , LeylandO'Brien, buyers 295; Sharland and.Co., sellers 24»•, Blackwater Mines, sellers 8s 3d; Waihi, buyers 26s 9dj" Weihi 'Grand Junction, sellers Bs..

Latest quotations:— Buye in. Sellert. £ *. a. ia DEBENTURES—' N.Z. Govt. 41 per cent. Bonds, 1988 . .. •— 82 0 0 N.Z. Govt. 5 per cent. Bonds, 1927 — 89 0 0 N.Z. Govt.SoJ per cent. Insc., 1933 88 10 0 —• N.Z. Govt. 51 per cent. Bonds, 1933 88 10 0 89 10 0 BANKS— National of N.Z. — 611 0 New Zealand •• a i 9. — Royal Bank ' 1 5 0 — Union Bank' .. — 11 11 0 INSURANCE— National 2 14 0 '— Standard 3 3 6 — LOAN AND AGENCYGoldsbroug'li Mort. (Melb.) — 1 13 0 SHIPPINGP. and 0. Deferred Stock 320 0 0 MISCELLANEOUS—' . Cant. Publipl injj Co. .. —■ 10 0 Ma on, Struthem (4$pd.) 0 4 0 N.Z. Farmers' Co-op. {£5 paid) — 5 2 6 N.Z. Farmers' Co-op. (£2 paid) — 2 0 6 Whitcombe and' Tbm'bs •_ 2 19 0