FINANCE AND COMMERCE.

Press, Volume LVII, Issue 17109, 2 April 1921, Page 7

FINANCE AND COMMERCE.

Texcess PROFITS DUTY AT ■;t. HOME.

3NPOFULAB TAX TO GO.

*i h /(JTBOM OCB OWN COBBESPONDENT.)

~ t LONDON, February 10. In a speech at Birmingham,. Mr kambcrlain, Chancellor of the Exchequer, announced that the excess Brofits duty will not be renewed. As records businesses started since the be«nning of the war, the duty ceased to L, a t tho end of last year. As for • businesses which were in existence heIre the war the duty will operate for . «ven years, beginning with the first Counting period in which they fell" ' within tho scope of the tax. Gome still rurther in hiJ UHprece- ' dented revelations of the coming BudSet the Chancellor declared that no ISbstitute tor the excess profits duty would be proposed, though there might be ndiustmeifts of taxation in connexion wdh protection against dumping of flsamst depressed or depreciated exVhances. He preceded his announcement by a denial of the rumour that tfw Government contemplated a rush * election on a popular Budget. They tad not intend to promote a single and only thoughtless people believed that a popular Budget was Wr Chamberlain reviewed the finan- " ' cud position in which iiho country had teen left by the greatest war the world haa ever'known, and in which were incurred £8,000,000,000 of debt. Before 3 the war wo were the creditors of alBiost every nation. The war left us a <x!ebtor nation, but-wo had made some progress since. ,/A. deficit in our national ,expense 3 had been transformed *into a balance on the right side. Instead of increasing our indebtedness we 'lad begun to repay; and we had begun do redeem those obligations incurred towards foreign Powers—the most diffi--s«ult the obligations the war had ' * fThe excess profits duty > he admitted, nras open to great objection. It wa/3 &o*fl large extent arbitrary in its incidence, ft was not altogether'equitable one taxpayer or one business "uifd another. It tended, especially at rates, to encourage extravagance K % industry, and to discourage enterprise; and the only justification for io < "*twas to be found in the crucial need for and in the fact that, at a time most people were suffering, loss income, certain people through the jfrtsßajne cause (the war) were profits. Continuation of those pfeWhtions would .justify the continuaJfAtum of the but conditions' bad fcycifenged. Instead of-having df,having, ijkfrsjnorei trade than, we could -meet, ;we omploypient; than we needed. fri,', RE-ESTABI/iSHMENT OF< f£ % 'CONFIDENCE. '.., i "''"My* colleagues and ; I,'? continued ", 'Mr Chamberlain, "have been- examin."■lng n* carefully as we can the prospects \ot the coming year", and we have; come, '* 'to the conclusion that', we* can afford Tindt to renew the excess-profits duty. 1 C {(That statement .should give\a certain, ''measure of confidence, a certain reaSßSirance to business men to'encourage them to face their troubles boldly, and to set to work to reitbre trade and to develop enterprise. .'■';.'• •'We shall not propose any new tax on business, or any addition to the existing taxes like income-tax, or. to the. ejistuig make gooa the loss of revenue which > comes irom. pur nqt extending E.P.D. ~'i'during the coming 'financial year. I th&t that is the utmost that " *'#&jsojttable men can expect of us, when Crf" 6 ? measure v the burdens' the nation YfPas to jajeet. 1 I believe that that deM^Haration 'is the best help it is'in my aa Chancellor of the Exchequer, iMWin the pow f er of my/colleagues. :>n give towards the satisfaction is expressed at St|»Vißoniing demise of the unpopular E.P.D. cow," Bays- the PostJ" is to be killed,.not becaiisav gone dry, but *|lsgi§U!» developed a habit of kickJt has % upset ; the milk-pail, and fijfjKfvß drinking the "milk. It is, in most unsafe soft of tax ever ClMimted'by a Chancellor of tEe Esbad, (he yield decreases, but a,tax, which, when, times Ipvfwjw* might even become a charge. boomerang; 'it begins by; bank-. Wrf tpfflDa <pur industries*, but might end the State." !felliW I X AL, OF - BBITISH: trade. expressed by leading busi--P {^' men ™ *^ e ca *y are to the effect |-4 t |Mtithe''-abohtion of the tax will lead ~iT,«R& f revival o£ British trade. am certain tha,t the abolition- ofwill be greatly welcomed by N Mjti&jnesa men," said Sir W. Burbidge. i&ve the effect of encouraging "and development in industry, react favourably upon the position. also ;J the community in general, as 4 Inll' be available foi increased which "will automatically the-cost of merchandise.','; llf^EpAbolition of EP.D. wall givo.a to the revival of British ®M|j»3fl, / isr the opinion of another # probusiness man. "It will certend to reduce unemployment and trajle in eveiy way. Most of ||i||abig industnes are going to have a MKurfaQnlt'tune during the next few years. that the position is clear I grSgperfectly satisfied that they will pull j

jfifllfljir-'James "chairman of the of-, the London Chamber pf expressed the opinion: "It be'forgotten that trade has &SS§SU'-T*» bear the recently-imposed .Cor-; iSPjration Profits Tax, Which is estimated jp*™f produce a large* amount of revenue, prMa that B.P.D. is a charge against %>-JJ*ofits before income tax is calculated, i ' s i>^ r ? f P ro *^ e Chancellor will benefit by ' *JSil'ip come tax on the amount he re-%-lffigfcusheSj There is, of course, another ,/aspatf of the matter, and that is theZffl&Z. falling off in trade 1 , whicfe will | ennui many reclaims of E.P.D. abeady .proband with this in view the Chan.wlloras.adoptiiijj a very prrdent course , Jftftfie interests of the Exchequer. On \th&ofrhole Mr Chamberlain's announcement'is one of the most satisfactory of T , recent Ministerial utterances, and will, £_*. I Ibpe/ do something to restore .the kvoflafidenoe which now is $p sadly want-, ing.". £;<SThe duty was first established by Mr in his * second Budget, prepFvsented to the House in September, *J- 'from then till the end of March &C next it wul have contributed more than sjeleyen hundred millions to the cost of g;«3"war. • T. J. Lennard, chairman of & fp]Boot>manufaoturing company, "is re|ssJwvsd that the injustice of the excess duty is at length recognised, fptjjd he Bays that if the corporation tax gKffcto; remain, it must be applicable to Sa«3; trading and profit-earning concerns. ffi,4|To select limited companies (who have »4|«d heavy stamp duties), and to private traders (who have paid no is the height of folly _ and &W9O6wC3. The spirit of waste is a to be exorcised. It is not'only ||l?Sf*W>fplacd, it js in low places, and |jl3j&p whole nation has got to realise that industry and economy, with t maximum production', can we ob- §§£&'& toot prosperity which we desire. Be ||sJ*pfied'With 6mall things if the? are

DOMINION'S TRADE AND MARKETS.

(st otm cotniTßcuTi XDirm.)

WAX MATCHES.

sure. Let every citizen of all grades use his utmost endeavour against the wicked and useless waste of strikes. The Government cost must be cut from the taxpayers' available cloth."

DOMINION WOOL SALES.

POSTPONED FOB TWO MONTHS,

(noil A COHJIESPONBEKT.) WELLINGTON, April 1, It has been decided that all Dominion wool sales shall be suspended for two months.-

AMERICAN TARIFF.

PEOTEOTIOH TOE AGRICULTURAL PRODUCTS.

(Australian and N.Z. Cable Association.) (Received April Ist, 11.20 p.m.) WASHINGTON, April 1. Mr Wallace, Secretary of Agriculture, in a statement declared that practically ..all agricultural products should be immediatey given adequate protection against foreign competition by tariff legislation-or other means. . He added that ifc would be a mistake to permit a tariff so low that manufacturers sending ships loaded with their products abroad could have them_ return .with foodstuffs and other agricultural products which could,be marketed here at a ower price than they could be produced at in Amorica. He pointed out that this would force farmers and stockmen to reduce production, thus leading to an era of high prices in the future.

(MESS ASSOCIATION TELEOHAM.) AUCKLAND, April 1. I The Prices Investigation Tribunal found that tin bpses or matches, known as 240's, contained an average of" 156 matches, although the price had increased fully 100 per cent., and that some retailers charged. more than others. The Tribunal has instructed all charging higher prices than the majority to reduce their prices; and is sending a full report to the Board of Trade, suggesting an enquiry into manufacturers' costs,

REVIEW OF THE SHARE MARKET.

'. The Stock Exchanges throughout New Zealand were closed until Thursday morning for the Easter vacation, and there is therefore little to report rei garding the share market. ; Warf.JLoan is easier than before the holidays, arid sellers : are quoting at £Bl, 'with business at £BO. Soldiers' Settlement Loan is firmer, and there have been a number .of sales at £B9, with further buyers at the same figure and sellers at £B9 10s, : Bank.of New Zealand shares have shown an improvement, changing hands/ at 43s 9d, and 445, as compared with business at 43s on. the day before the holidavs.- '. Further buyers are offering 43s 6cf, with sellers at 455. • New Zealand"Loan and Mercantile ordinary stock has sold at *£B7 10s, showing an improvement as compared with business at £B6 a fortnight ago. , South British Inspraflce shares have 'been, written ..up to 15s. pfer"share> and have sold at 345, with further sellers at 355. Before the holidays the shares paid up to 10s per share, changed hands at~3os. ; , There has been no recentlbusmess reported in • New Zealand Refrigerating Company shares, but buyers are offering 14s 9d forthe* partly paid shares, [with; sellers at 16s. The fully paid shares- are offered at 355, with no; declared buyers. Whitcombe and Tombs, Ltd., paid an interim dividend on the 23rd ultimo of 3 pei- cent., and ex that dividend sellers are quoting at 58s without declared buyers. • - , There is little movement in mining shares, but business has been done in Mt. Lyells latelv at 13s 6d, and in Waihis a 27s 9d. • . - GENERAL NOTES/* ' The Melbourne Metropolitan Gas Company recently offered'for subscription by" tender £75,000 of.B per cent. debentures. The total issue-was. £500,000, of which underwriters took £425,000.. Evidently the company misjudged the publio in offering not quite one-seventh i of the total for public subscription. It'-re-'J ceived tenders for £313,000, not one tender being below, par. Most was tendered for at bet weep par and £lOl, as is shown in-the following details of the tendering:—Amount applied' for, from par to £lOl, £lß6,t>oo; from £lOl to £lOl ss, £85,600; from £lOl 6s to £lOl 10s, £1&100; from £lOl 10s to £lO2, £9600; from £V}'i to £lO2 10s 6d, £13,300; at £lO3 10s, £SOO. Applications at £lOl Is 6d "and upwards secured allotment in full. _ The well-known dinger Manufacturing .Company has just' issued the following 1 statement; whiob. speaks for itself:—"Orders we have received do not warrant this company .working one day a week. Our stock of machines is already more'than \we should-carry,, and was'built at the highest cost. The company has ;decided to reduce selling prices at;; once in nope of stimulating sales. It is willing to put some more machines into stock in order to help -its employees, but at a lower cost. A schedule has been prepared -for building sewing machines which will give work for "a little more than twenty-five hours a week.. Therefore the factory will run. Mondays, Tuesdays, and "Wednesdays, nine hours a day, or twenty-seven hours a week.' Hourly rates will be reduced one sixth, or 16 2-3 m per cent., and piecework earnings reduced the same amount."

The- superintendent of the Bank of Australasia (Mr C. J. Henderson) has received cabled advice from London confirming that previously published that the directors of the bank havo decided to issue to proprietors 12,500 shares-on .texms that -will be- notified later. Such shares represent the balance of the 25,000 shares which the directors obtained ' authority to issue in the first half was taken up by the proprietors of the bank. Toslny the capital of the institution is £8,500,000, and "the number of shares 87,500, the resirvo fund being £3,075,000. The shares tare to;'be issued at £6O each, or at a premium. <k '£2o per share, and the issue will result in" the capital being raised to £4,000;000, and the reserve*to £3,325,000. If shares are to go. to proprietors proportionately, the scrip will be allotted on the basis of one Bhare for each seven held. «The las't dividend paid was. of £2 12s per share, or equal-to £5 ia per' annum. An issue of capital was the placing of the 12,500 shares already referred to, .in' December, 1919, at £llO each, thus adding £500,000 to the capital, and £875,000 to the reserve. In view of the, expansion of the bank's business, the new-capital ran be turned to good use. Japan to-day attracts attention, remarks the "Argus." It is inMhe position of having over-traded and over-speculated during the busy period of the war, and then of having experienced the most severe financial crisis probably known in its history as a modern nation. Imports and exports were on an exceedingly large scale in. the first half of 1920, with imports always in excess. Then came the turn in trade, and the beginning of pressure,, culminating in the financial upheaval later in the year. Exports that in April amounted-to 217,500,000 yen and imports to 236832,000 yen had by the following December shrunk to 67,873,000 yen and 31,683,000 yen respectively. The relapse in foreign trade largely arose from the decline m the trade in silk and cotton goods. At the opening sales of the year the marking down of prices of the principal commodities wasf n *"£S,' despite all prior optimism due to the grcmUL 'of funds in banks. General loans by the Bank of Japan were at first heavily contracted, and there also was a large reduction ui toe note issue. F.W T funds began to acoumulate, and so rates for overdrafts were reduced, and loans on the glneral market could bo got; on" much easier terms the discount rate on fine paper dropStortween December SUA and Januaa

2lßt from 2.30 sen. to 2.00 sen. per 100 yen. The effect of this altered condition of affairs was to steady business on the Exchanges and to create a feeling of gTeater confidence in respect to the future. The opinion of bankers how is that the better display of stability in respect to finance will have a far-reaching effect on the businesses, of Japan, and make it much easier to readjust old transactions and affairs. Still it is realised that it will take time for commerce to resume its old. standing after the shock it has* had. The first of the new season's Tasmanian hops were available jh Sydney on March 18th. The samples exhibited are said to have been of excellent quality. Supplies were offered at 4s 3d per lb net cash, delivered Sydney, and at that figure sales were effected. Advices from Hobart stated that only email quantities of the new crop had »so far been delivered into store* Packing, however, was in full swing, and it was anticipated that the total output" would be about 8500 bates. It was further, stated that prices would probably be fixed by the "pool" within the next two or three weeks at about 4s f.0.b., Hobart. Melbourne and Adelaide buyerß were prepared to operate at that, fl wire. • Stocks of Cftlifornian hops in Sydney are now practically exhausted, and shipments ou the water .are thought to be email. Concern is expressed in Ceylon at the successful competition- of Java, for Australia's trade in tea. Some time ago the Ceylon Chamber of Commerce approached the Commonwealth, Government with a view to the restitution of curtailed imports of Java 1 into Australia, and a restoration of prefer-* ence for British-grown teas, -as a means of j helping Ceylon to overcome the period of I depression with which it was confronted. When the slump became more acute further representations were made to Australia, but I so'far they have been ineffective. Recently one of the Australian tea "merchants advised. Colombo that Java exporters were endeavourfhg to place large forward contracts in the Commonwealth, and intimated that if the Java negotiations! were successful Cey-: lon tea would practically bo shut- out of the Australian market this year. This inj cited the Ceylon Chamber of Commerce to take further action, aud direct representations have been made to high officials m London urging, the vital necessity of vigor- [ ously representing to Australia the grave Injury which will -be done to a British colony m the Commonwealth tea market if it is to be captured by a foreign rival. Tie fact that Java has secured large Australian oxd- : ers for tea in the past, is, of course, saya Lftii Australian paper, lor the reason that its i prices have been ©o much lower than those :of Ceylon. The O>lombo market still takes exception to competition, and asks the Australian Government to keep lower-priced teas out of the Commonwealth, so that buyers shall have to go to Ceylon for supplies. This certainly is not in accord with the views of consumers, who, as looking forward io a fall .in the cost of living, hold tnat if Ceylon wants Australia's tea trade it must quote on a basis attractive to buyers.

GENERAL MERCHANDISE.

GROOEBIES. Advices just received from Australia are to. ths effect that,, on account of the recent heavy rains, the Mildura crop mil be much smaller this season-, and New Zealand merchante are in doubt as to whether orders for new season's fruit will be executed. Last season's fruit, which {or the last few months sold at a loss, has now firmed up in price. Highlander milt and the company's other brands have been reduced in price by lis a case. This 1 substantial reduction will doubtless be reflected in a keener demand by the public. In regard to dates, quotations for cartons and also bulk' have i 'been reduced by 2d t0,,, 2Jd per lb. This brings the prioe to 6d per' lb, a figure that, considering the value of dates as a '.children's food and their baking utility, "should result in a free sale. Peanuts, prunes, cooking almonds, fresh herrings, and herrings in tomato sauce are now all being quoted at cheaper'rates, i Cornflour has also eased in price. Cocoanut is another line tbit has receded in price. ' ' Reports recently received from Ceylon advise that bulk .teas of good quality have firmed up considerably. ' Prices for poorer grades remain about the same. _ « • Bice to arrive will be easier in price. The supply of sugar is about exhausted, but a shipment is due in Lytteltori this morning, and should be distributed in the city on Tuesday.

HARDWARE, ETC. . -The month closed more satisfactorily from a businega viewpoint than was anticipated during the first f ortnighf. The depression, though still existing, is having its effect eased to. Some merchants are of opinion that .the trade is expected- during the month, 1 There is nothing'\> hand to .indicate tlmlj ! previous forecasts'of a'.strengthening of prices about mid-year shouhl be modified, there being, of course, exceptions, already referred to. Some merchants. a.re of opinion that the excepted goods will firm up before mid-year. Stocks of heavy lines have been moving slowly, but recent shipments have been much in exoesa of the demand, hence many stocks are fairly good. However, importation practically ceased at the beginning of the year, and wheu the otocks ale down' a firming in price may be anticipated, probably about June. Local' prices remain, as at previous quota-. tions. , , , , ■ Shelf goods <u» slow of sale,. and but for the Easter trade, operations would have been much below- normal. The leview of "The-Scottish Iron and Steel Trade in J920-," published .bf Messrs A. a. Kidston and' Co., sounds a. note that certain sections of the community would bei wise to observe. The concluding paragraph of the leview is as follow!: "The outlook cannot, but be regarded with- some apprehension. Eecent events in the shipbuilding industry find tlielr full reflection in the. iron and steel Vworks,^where fresh business is-at a low ebb. Borne time must necessarily elapse before any improvement in this respect can be expected. Costs of prediction cannot continue "at'the present level if our position in the commercial world is to fys maintained. Wages are high, but labour must realise the position, and put into, practice that attitude, of mutual co-operation which it has so long held iu theory. Seductions inl steel must necessarily be slow, in view of the high prices of some raw materials,; and these are to a great extent kept high. by. the-high cost of Uving, although it is difficult'-to differentiate between cause and effect in this question. The whole.question is one to: which the Government ought to long ago theirvery serious attention. They are responsible in no small degree for the present state of.affairs, and it is evident form an economio point of, view that their methods of interest - and control can.no ionger be tolerated.. The iron and'steel trade is faced with a--crisis which •it will be difficult to solve. It must J be met with steady application and earnest endeavour on the .part of all engaged in the industry. Belgium is an example: of this, and it ,is arparent, if we are to maintain our commercial prestige we must of necessity'follow suit."

NEW COMPANIES. EesristraUon of ■ the following new ■ companiesis announced in this week's Mercantile Gazette":— . , , .■ ± Jack Bros., Ltd. Registered as a private company; March Bth,-1921. Office: Greymouth. Capital: £23,000 into each. Subscriber*:— Ngahere: J. S, i. Jack 10,000. Oobden: T. Jo Jack 10,000. Kotuku: J. Marshall 3000. Objects: To carry on business as sawmill propraetors, etc. Budkin andCordery Central Garage, Ltd. Begistered as a. private company, March 16tn 1921. Office: High street, Blenheim. Capital: £IO,OOO in shares of £V each. SubeaStiexs ChristeHurcll: A. Kudkxll 9000, Jj. and T. : M. Cortjery 500 eiares each. " Objects: To carry on the business .of motor importers arid generaJ.

PACKERS* LOSSES. • From American papers it is evident that the ■rfnited States meat packing firms,in common with those operating in other countries, have been hard hit by the elump in values of'tinned meat, hides, taliow, wool, etc. The January issue* of "The Producer," in commenting on the position, says:— --.. "Cu'dahy made- the initial ateport on ,1920 packing operations. The figures were- even worse than expected.' During the next thirty dayetheother big"concerns will acquaint their stockholders w«n the result of' last year s business. That losses .have been, heavy ib an oren- secret. Packers, rire carrying enormous quantities of hides, wool, and by-product at. burdensome cost, .and paying 'exorbitant interest rates on large sums.,of -money of "necessity added.to their working, capital by. reason of increased cost of live stock, high wages, and inability tqlealise. The year 1920 was the worst since 1907 in the history of the .industry. Packer securities ■- have slumped in consequence. Swift's : common stock dippedunder.par in December, .end Armour's preferred went below 80. ■ Cudahy's common has been flirting .with.6o since the dividend was passed; Wilson's preferred touched 80, and the common 35. Bonds have depreciated in sympathy" with stocks." .Cables reoently stated- that the American meat packing companies have reduced the wages of 200,000 of their employees in various cities byl2 per cent., and also Abolished the basic eight-hour day. JSOTS INDUSTKT.

' NOTES FEOM NrILSOK. * (special to "the pbkss.") KELSON, April 1. Fruit packing continues to engage the attention of «U sections oi the community,

and a very considerable amount of export fruit is now awaiting shipment per s.a. Athenio about April Bth. Much more would have been available had the boat sailed earlier, many thousands of cases of the earlier varieties of apples being too ripe for shipment, and have had *« he sold on the local markets. The varieties now being handled are chiefly Jonathan, Rome Beauty„ Statesman, and Delicious. The latter var* iety is a good grower'and a good cropper, but "liable to injury from black spot, where trees are allowed to become overcrowded, ox where tho spraying has been done in an imperfect and perfunctory maimer. *[ a ?y growers will this eea6on use Bordeaux Mixture during the winter months, followed by an oil spraying to hold the fungioide on the trees, ae this method has given good result* where tried in the past. The attempt to spray very large numbers of trees in a given time has proved most unsatisfactory, and it is now recognised that absolutely thorough work is tho only means of obtaining satisfaction. Complaints of injury from the use of certain 6praying mixtures are reported, and these are now receiving special attention and investigation, as growers find it particularly hard to lose their crop® after doing a whole season's work, and are anxious to avoid serious losses in the future. The question is being asked "Can we not manufacture our own spray materials on the spot, and cut out the high costsi for freights, packages, and sale costs? "In times of. prosperity one can stand the high costs»_but the present conditions' make it absolutely necessary that there should be a big reduction in prices if fruit-growers are to prosper.

EMPOBTANCE (MP WHEAT. Speaking at ..the opening of the Royal Show in Sydney, the Prime Minister of Australia said that during the past five or sis months the wool position has grown steadily worse, and prices have steadily fallen, with the result that this year's clip is practically all held up because oi-the fall in prices and the fall in values. What has saved Australia has been the bumper wheat harvest. But wheat that was 12b a bushel is now barely 9s a bushel, and that fall has meant a loss of £20,000,000 to Australia. If "wheat falls to 6b a bushel,A Australia will lose another 20,000,000. We are' living on tho proceeds of the wheat harvest, and that alone has enabled our financial status on the London market. , Last season some farmers said that owing to the fall in prices, and the uncertainties of the climate, they would give up wheat and revert to wool. . The Federal Government advised them not to do so, but to bank on something which could not bo accumulated fox years in stores!. Though wool must over be the foundation of the prosperity" of Australia, despite the present fall in the prices of wheat, I still i say to the farmers: Grow more,wheat. It lias been the production of wheat that has saved Australia irom some of the worst results of the war, as they are affecting other countries today, >and I still say and maintain that the more wheat we produce the better off ' this country will be.

FLOUR SHORTAGE IM AUCKLAND. (SPECIAL TO "THE PBESS.") AUCKLAND, April 1. The. position in regard to supplies of flour wbb stated by bakers and grocers to-day to be still very acute, although there were signs of improvement. The bakers said they were .receiving only enough flour for bare requirements, while the grocers stated they were able to let customers have only the smallest possible quantity to. tide them over for a few days, A nrery great improvement is expected next week, with the arrival of wheat and flour from the South.

AUCKLAND HARBOUR {BOARD LOAN. (special to "the pbess.'*;

- t AUCKLAND, April 1. to the Auckland Harbour Board loan of £IOO,OOO, wtich, was placed on the market just after the New Year holidays, to date total £57,1)00. The loan is offered to the public in debentures of £IOO each, at £94,' and the interest payable represents slightly more than 6 per cent, r ,

GERMAN DYES. During (December'the imponts of dyestuffs from Germany were 87$ tons more than, those of the previous month, according to the Board of Trade raterm. This represents the measure of the success of Germany in a lasMiour effort.to rush in supplies before the importation was stopped, (except under license) -under the new -Dyestuffs' Act. Knowing that prohibition was certain, importers hove been crowding their stores with supplies for months past. Ap? plications for permits to import' more have been filed at the Board of Trade. : Sir Robert Home, President of the Board of • Trade,' stated in the House of Commons on November 9th,' 1920, that of .2988 tons of synthetic dyestuffs imported' into Great Britain from January to September, 1920, 877 tons were in xespect, of reparation supplies from -Germany. "

BANK OF ENG-iM.NI) EETUKNS.. . (By Cable—Press Association—Copyright.) (Australian and N.Z..'Cable Association.)" (Received April Ist, 5.5 p.m.) LOyflaON, March 81. The Bank of England returns for the week ending March 31st afford the following comparison with those of the previous week:— March 21. March 81. Coin and bullion j,v 125,526,000 126,527,000 Reserve ' .. .'. 17,241,000,16,891,000 Proportion of reserve to liabilities, p,o. 18.50 12.27 I'loto circulation .. 129,535,000 129,905,000 Government deposits 22,982,000 23,047,000 Other deposits. .. 101,169,000 114,654,000 Government securities 24,000,000 26,004,000 Other eecuritiee'' .. 101,022,000 112,909,000 ■ Short loans, 52 par cent.' three monthsi' bills, 6i per cent.; Treasury bills, 6 per cent.

GOVERNMENT SECURITIES. The following axe the latest for Government securities, with, a comparison'

FOREIGN EXCHANGE BATES. LONDON,, March 81. The foreign exchange rates otf London afford the following comparison: Par. Mar. 21 Mar. 81. Paris (fr.) .. 23-223 56.35 55.87 Chrißtiama (kr.) „ 18.159 24.42 24.36 Stockholm (kr.) .~ 18.159 16.92 16.60 Montreal (dol.) *... 4.86 4.46 4.43 New York (dol.) .. "4.86 3.92 3.92J Yokohama (yen) .. -24J 29 W 29id Hong Kong (dol.). .. . 33J 28Jd 28Jd Berlin (mark) ' .. ' .2.43 246 ' 246 Calcutta (rpe.).lo to gold sov. 1554 15Jd

METALS. (Received April 2nd, 1.15 a.m,)) LONDON, March 31. Copper—Spot £7O 2s 6d, forward' £69 Us 3d. Lead—Spot £2O, forward £2O 7a 6d. Spelter—Spot £24 ss', forward £25 15s. Tin—Spot'£lsß 15s, forward £162 ss. Silver—33Jd per ounce;

SHARES. fßeoeived April Ist, 55 p.m.) LONDON, March 31. P. and 0. (def.), buyers £340, sellers £360. Talisman, 59 6cL

». ENGLISH MARKETS. v . - LONDON, March 31. ' Wheat—The market is quiet. New ci.f.. selling -orices from t*-morrow vare:—Australian, f.avq., 78s 6d;'A grade. 73s 6d; B grade. 67a 6d. Flonr—The market "is quiet, with a'consumptive demand for Australian on spot at 68s 6d. Barley—The market is steady. Parcels t of Australian Chevalier afloat sold at 60s. Beans and peas—Prices are unchanged. Susar—Prices are -unchanged*

MELBOURNE MARKETS. * MELBOURNE, April L Bailey—English, 4a. to 4s 3d; Cape, 3s 2d to 3s Bd. Oats—2s 6d to 2s Bd. Potatoes—£6 to £6 10s. Onions—£3 103 to £4..

AUSTRALIAN WHEAT GUARANTEE. MELBOURNE. April 1. Next week the Comraortweafth Government will redeem certificatoo valued at £16,000,000, in connexion "with the Government's liability in connexion, with thfl 5s wheat guarantee.

EMBARGO ON AUSTRALIAN POTATOES. MELBOURNE, April I.' Mr Hughes has announced that the United States authorities have declined, a% present, to remove the embargo placed on the importation of Australian potatoes. The embargo was imposed a year ago to prevent diseased potatoes" entering America. CHBISTCHUECH V STOCK EXCHANGE.

YESTERDAY'S TRANSACTIONS. Sales reported:—N.Z. Govt. 4J per cent. Bonds, 1938, £BO. Sale on 'Change:—Mfc Lyell 13s 6d.

AUCKLAND STOCK EXCHANGE. (SPECIAL TO "THE PKBSS.")

• AUCKLAND, April 1. Quotations—National Bank, buyers £5 ss; Bank of New Zealand, sellers £2 4s 3d, buyers £2 8s 6d; Union Bank of Australia, sellers £ll 12s 6d, buyers £ll sb; New Zealand Insurance, buyers £1 4s 9d: South British, and' River' Plate, sellers 18s _6d,', buyers 17s 6d;. Loan and Mercantile, sellerß £B9, buyers £BS; Huddart-Parker, sellers £2 3s, buyers £2 Is; P. and O. (deferred), sellers £350, buy'ers £330; Kaiapoi Woollen (ord.), sellers £1 7s 6d; Talisman Consolidated, sellers 4s 4d, buyers 3s 9d; Waihi; buy er s £1 7s 6d; Waihi Grand Junction, sellers Bs, buyers 7s 6d; Mount Lyell, sellers'. 14g 3d, /buyers 13s 6d; New Zealand "War Loan, 1930, at 45 per cent., Bellers £B9 10s; New Zealand War Loan, 1938, at 4£ per cent., sellers £81; New Zealand War Loan, 1939, at.4J per cent., sellers £Bl. ■

-DUNEDIN STOCK EXCHANGE. (SPECIAL TO "THE PRESS.") ■.;',.,■ :, DUNEDIN, April 1. • Quotations—Rise and Shine, buyers 6s 9d; Waihi, buyers 26s 9d; Mt. Lyffll, buyers 13s Bd, sellers 14s 3d; Bank of New South Wales, sellers £3l; Bank of New Zealand, buyers 43s 6d; Union Bank of Australia, Ltd., buyers £ll 2s, sellers £ll 10s,; National, Insurance) Company, sellers 655; New Zealand Insurance Company, buyers ,23s 6d; Standard Insurance Company; sellers 44s 6d; P. and O. (deferred stock trust), buyers £340, sellers £365;. Union Steam Ship Company (pref.), buyers 17s 6d, sellers 19s; Huddart-Parker 7,0 rd.), buyers 41s; Westport-Stockton (ord.), iiuyera Bs 6d, sellers 6s 6d; Taupiri Coal (ord.), sellers Me;' Brown, Ewing, and Co. (ord.), sellers 275; D.I.C. (ord.), sellers 6s premium; D.I.C. (pref.), sellers 19s 9d; National Mortgage, sellers 745; New Zealand Loan and Mercantile, buyers £BS, sellers. £88; Wright, Stephenson and Co. (ordinary), sellers 355; Dominion Rubber, sellers 20s; Dunlop Rubber, buyers 20s; Dunedih-Kaikorai Trams, sellers 25a 3d'; New Zealand Refrigerating, (co'nt.), buyers 14s 9d7 sellers 15s 4d; South Otago Freezing, sellers £5; Bruoe Woollen Company, buyers 89s; Mosgiel Woollen Factory, Bellers £5 4s; New Zealand Paper Mills, ■Bellers 28s 6d; New Zealand'. Drug Company (£2 paid), sellers 69s Cd; New Zealand Express. Company, sellers 17s 6d; New Zealand Hardware (pref.), buyers 14s 6d, sellers' 17s. 6d; Milburn Lime and Cement, sellers 80s '9d; New Zealand Consolidated Dental, sellers .255; Papuan Products, sellers 10s;,Trustees Executors, sellers 525; Whitcombe and Tombs, 'sellers 60s; Howard Smith, buyers.37s; New Zealand Government war bonds, 1930, at 4J per cent., buyers £B4, sellers £88; New Zealand government war bonds, 1939, at 4J per cent., sellers £81; New Zealand - Governmentinscribed stock (4£ per cent), sellers £BO 15s; soldiers' bonds, buyers £B9, sellers £B9 10s; soldiers' bonds (inscribed)), buyers £B9.

WELLINGTON STOCK EXCHANGE,

(FEOII A SFEMAI OORBESPONDBNT.)i

WELLINGTON, April 1. A better, tone prevailed on the Stock Exchange to-day, and there were advances in the bids for several stocks. The 5J per' cent, inscribed stock and bonds which yesterday buyers were wanting at £BB have risen to £BB 10s-, which was the price offered to-day. Buyerß raised their quotation for Bank of New Zealand shares from 43s 6d to 43s 9d, a small advance, but significant. The bids 1 for Gear Meat shares show a rise of one shilling, and P. and O. stock advanced from £825 to £330. Quotations for inscribed stock—--1939, sellers £81; stock,. 1938, buyers £BO, sellers £81; stock, 1933, buyers £BB 10s, selle/s £B9 10s; war bonds, 1930, sellers £9O 5s per cent.*, P:0. bonds, 1927, buyers £B7 10s. Banks—Australasia, buyers £B4; New South Wales, sellers £3l ss; New Zealand, buyers 43s 9d, sellers 44s ' 6d; Abraham and Williams, sellers £5 4s; National Insurance, buyers 54si, sellers 55s 6d; Gear Meat, buyers 30, sellers 325; P. and 0. stock, buyers £330; HuddaTt-Par-ker (ord.), buyers. 40s 9d. Woollen—Kaiapoi (pref.), sellers 255; Wellington (pref.). sellers £8 2s 6d. Waipa Coal, sellers 15s. 6d; Leyland O'Brien Timber, buyers 295; Wilson's Cement, sellers 15s 9d; Saarland's, sellers 23s 9d. Mining—Blackwater, sellers Bs. 3d; Waihi, buyers 27s;'Grand Junction, sellers 7 S aa. ,

CANTERBURY MARKETS.

Friday Evening.

Business in grain and produce lines has naturally been slack during the week. Wheat is offering freely, and the quality is very good considering the variable season. Millers are buying sparingly, as with evidences of a sufficiency thi3 season there is no object in them stocking up and paying out the hard cash. Farmers, on the other hand, would like to get their wheat placed. It is now practically all threshed, and with the lower prices ruling for all other iarm products they would like to turn their wheat into money. There will be better supplies of fowl wheat available this year, as much wheat was znillod last year that would have been deemed inferior in seasons.

There is practically nothing doing in oats. Very little is offering from fanners". Merchants have offered 2s a bushel for A grade Gartons, which price farmers are disinclined to accept. Southland farmers in the meantime are accepting Is 7d on trucks, and the small business offering in new season's oats is going there. However, there is little outside demand, and what is coming' along locally is being met. out of store. A big proportion ofrthe Canterbury crop is still in the stack, growers preferring to await the possibility of » better chaff market before threshing. The chaff position"is weak in sympathy with that of oats. Chaff is worth £2 15b to £3 per ton on trucks at country stations. Pea threshing i» proceeding, end some business for export has been done in Partridges. Few Prussian Blues appear to be grown this season, but in any case 'they are not being enquired for. An average area of Partridge, and White Ivories is.stated io be under.crop, and the yield promises to be about the same.' The export trade is being dono on a basis of 5s per bushel at country stations. No business is being dose, or/era-

tions being so f»t\purely in fulfilment - of' orders. Barley business is practically dead. Brewers are- not buying, apparently their stocks of contract-grown barley being sufficient to carry them on for some time. Some farmers who declined the opening prices of 7s to 7s 6d lave been "left," the present value being much below those figures. Good malting barley has been offered at 4s a bushel, with buyers disinclined to operate. Linseed has been the medium*of a little business, to as high as £lO on trucks, but £8 is now the limit of offers. Cocksfoot is worth about 6d per lb for formers' dressed, and few merchants aro disposed to do business even at that, figure. Perennial and Italian ryegrass Are not eliciting any enquiry, and 2s 7d to 3s 2d, according* to quality, about covers offers. Whito clover values vary widely on account of different quality. There is httle doing, but good heavy seed may be quoted nominally, at about one shilling. Secondary quality has been sold at* Bd. Red clover is not yet liarvested to much extent. TLere is a little movement in-the P° ,a '° market. Enquiries are coming from Auckland, where the local cror» is approaching a. finish, but scarcity of skipping is restricting operations. A bareness of supplies thero may be gathered from the fact that enquiries aro for immediate delivery. Though there has-been some forward buying- this season, it has not approached that of last year, when, moreover, inflated prices were paid when the season commenced. The pr°3P, Mts improvement in the demand. The""leSgtny spell of dry weather has affected on tho lighter land tho development of the tubers, which aTe producing a bigger proportion of seed and "chata" than usual. The potatoes, moreover, due to the early rams, developed haulm at the esponso of tubers. Blight lias not done ftnv damage worth speaking clone benefit of the fine weather-althougli a number of fields show singularly-shaped circle patches of blight. Last season the yield was exceptional- throughout this part of the pro-vince-probably averaging over 10-tonsi to the acre—but it is considered thai from four to seven tons will amply cover the return this season. On heavy land m different parts the lack of rain produced very favourable conditions for growth, and. in these localities good yields are being gatliorea. fo emi. official figures published recently estimated a decrease of 27 per cent in the area sown in potatoes, so that the two cirouinstances point to an absorption of tho crop, or at least a prevention of the glut that ruined last year's price. Though "duced yields so far are the experience on the hg ht « lan |* '£ this part of the province, reports,frim South Canterbury forecast a good yield. Isregard to values,' a southern grower is understood to have sold 800 tons at £3 a ton. **•s*?• to growers for best is from £3 5s to £3 12s Gd for. April delivery. ' The" following are quotations for newseason's produce,, to -be paid to fifrmere et country stations, free of commission, sacks extra, except where otherwise stated : Milling Wheat— According, to Government prices! Tuscan 7s 6d. f.o.b. Hunters, 7s 9d Is lid to 2a; Algerians, 1» Cd to Is Bd. Chaff—£2 15s to £3. / Perennial Ryegrass—2s 6d to 3a 2d. ■ltalian Ryegrass—2s 6d ta 3b. Cocksfoot—sd to 6*d. Barley—4s to 4s 3d. Potatoes—£3 Es to £3 12? 6d. Onions— £3. "White Clover—Bd' to Is. Peas—Partridge., 55.- . Linseed— £B. Oatmeal—2s's £25, 7's £2B. Flour— According to Government price, £2l per ton, f.0.b., Lyttelton, Timaro, ana Oamaiu. ' Bran—According to Government price, £6 to £S 10s per ton, according to packing, f,o.b. southern ports. . Pollard—According to Government price, £9 to £9 10s, according to packing, f.0.b., southern ports. • . Linseed—£lo to- £lO ss.

FRUIT AND" VEGETABLE MARKET.' • Supplies of vegetables throughout the week have been good, a. fair demand being experienced, 'with prices slightly better than the preceding .week. , ' . ' There has been a fair demand for good lined of both dessert apples fend pears. Cooking varieties of both fruits have been little enquired for, Bind prices have been low. A few late peaches are still coming on to the" market-. There haa'been ». good demand for these, and prices throughout the week have been high. One day for case varieties up to lljd per lb was realised. ; A shipment of Fiji banana® arrived in Auckland in «ii overripe condition, consequently very few came as far couth as Christchurch, end those that did were almost unsaleable. A largo shipment of Cook laland bananas and oranges came to hand during the'week, and the„farmor was, also, in a. very oveAipe condition, practically the. whole of the cargo'containing rotten feudt. Oranges met? with a good demand and sold well. 'Frisco navels and lemons were also in good demand;}. The present is. the. offseason .for Sydney fruit, fend none camo to hand. ' ■' i> Following are average auction xatesi during the week: —Apples, Nelsoa, per case, 7s to 9s; local, 7» 6d to 9s; cooking, 4e to sa; Baiianae, Cook-Island, per case, 22» 6d; 'Fiji, 255; Cocoanuts, per sack, 22s 6d; Grapes, fixate, per lb Is id to Is Gd seconds Is'to Is'3d; Lemons, Cook Islands, per case, 15»; ,'Frisco, 355; neckaines, fifirsts, per lb, Jd to Bd, seconds 4d to 6d; Cook Island, per case, 22s <sd; Valenciaa, 42s 6d; passion®, Auckland/ per case, 10s; peaxf, cooking, per case, 26 8d to 3s> 6d; dessert per lb, 6d to 7d; peaches, cooking', per. lb, 4d to-6d; dessert 7d to 9d; plums, cooking, per lb,'' 2d to 2Jd; dessert, 3d; Tomatoes, sauce, per case, la 6d to 2s; /dessert, 2s 6d to. 8a 6di; walnuts, per lb, lid; beans French, '2id. to 3d; beet, per doz bdls, 8d; oabbagos, per doz., up to 5s 6d'; cauliflowers, up to 6s; carrots, up to 1« 3d;, celery, per bdl, 4dto 6d; gree*peas, per peck, up'to 2s 3d; leeks, per bdl., 4d; leituce, per doz.,- 64'to9d; marrows, 2e 6di to 3s 6d; new potatoes, per lb, Jd; onions, per lb, Jd; parsnips doz., up to Is 6d; potatoes, per sack, up to 9s; pumpkins, per lb, Id; turnips per doz., 4d to 6d; spinach, la 3d; swedes, per s.b./ .2a 3d. '■ i ■' ' . ,

TIMARU. (SPECIAL , TO. "the tress.") .TIMARU, April I

It is reported, that millers are examining! samples ot wheat now with double strength glasses; in other words, they are -very particular only' to buy the choicest samples, as there is a sufficiency of wheat in sight, for some time to come,, and they do not desire to lay out any more money on wheat t&aii they are compelled to. The wheat that -is coming in is well grown and in. very good oWer. There is a good deal here awaiting! shipment to Auckland- Victor wheat, which this year iB qlassed «s Hunters, appears to be in over supply. Fowl'wheat is now offering, and is worth la sd, i.o.b. The first monthly increment to milling wheat prices will not accrue till the first of next month. Oats ore dull of sale, and Southland, yhepe the crop is good, is under quoting l Canterbury; the continued dry- weather' here, nnd the low price, is prompting farmers to hold 'their stocks. The bare pastures and the partial failure of the root crops owing to drought conditions indicates that a lot of chaff will be needed'shortly. Gartons are worth 2s ifd to 3s 6d, and Duns aud. Algerians 2s 6d to' 3s. , < .Linseed, is easier, and is quoted to-day at £9 at stations, sacks extra. There is a lot of it in the' district this year. • , Oaten sheaf chaff is in fair demand for,immediate delivery at £4 5s per ton, sacks found by buyers. There are no buyers for malting barley, T>ujU feed is worth 4s to 4s 'OS, on tracts. No business is passing at present in seeds. The potato market is quieter than it was; and 'tlia price has fallen. Some Bales havo' been made during the week at £3 10s to £3 15s, at stations, sacks in, at which price Christchurch sellers have done' business in Timaru..

..DTJNEDIN. (SPECIAL TO "THE P$£SS.";

DTJN'EDIN, April 1.

Tli© oat market is just about the samo, fairly weak.' Good milling Cartons axe quoted at 2s 3d to 2s ,6d, good to bent feed 2s Id to 2s 2d, and ..Sparrowbjlls 2s 5d to 2s 6d, bags extra. " _ 'Large quantities of wheat are coming to hand, and are being accepted by millers at full regulation rates. The chaff market is easier. Prime is quoted at £6 5s to £6 7s 6d, and good ;td best feed at £3 15s to £6.

SOUTHLAM). (SPECIAL TO '"THE PBBgg.")

INVERCARGILL, April 1. Oats—Prioes offering to farmers are on the 'basis of Is 7d for A grade. and a penny less for B grade, on trucks, country sidings. Offers for B grade are being received from the North Island at from 2s 6d to 2s 6Jd. Chaff—New season's is now being offered, and the price to farmers is about £i, on trucks.

Ryegrass—Very little business ja doing farmers, owing to the low scale', of juices; Prices to farmers range from 2o to 2a 6d, on trucks.

Potatoes—Shipping prices for prompt •delivery aro about. £5, fjo.b., for tally shipment down to £1 15a for shipment during April, equivalent on trucks to farmers to about £3' 15s. for immediate delivery. However, higher prices rule for local requirements. -

;! THE PROPERTY MARKET. ' Two building, areas on the Cashmere -Hills were offered for sale by auction by Mr Charles Clark yesterday, afternoon. One block containing>fl roods 20 perchee,. planted with tree*-and shrubs, was passed at £576, and the second, containing 1 rood 17 perches, with a rocky outcrop was passed at £275. Both sections were the property of thp late

Mr J. C. Hetanre, and the sale was author. fcsd by his trosteea. A two-acr« block on Racecourse, rood, Now Brighton, was also offered, but was passed at £325. \

•TIMAKtJ RAM FAIR. (SMCIAIi TO "THE MUES9."> TIMARU, April 1. T3ia Timant Roan Fair was held to-day on the Show Grounds at Waimataitai, under the auapices of the A. and P. Association: There was a moderate attendance of buyers. The entry comprised about 1000 rams, reprosentetivo of all looajly used breeds, and though the fair was not what could bo described «8 a, good one. it was w> bettor and no worao than was eipeoted. Tanners wanted rams, but would not buy except at prices on a parity, relatively, with, thoso which flock aheep anisnow bringing. The top price of the fair was 7igns. which was paid for oneshear Corrjedalo. More thnu half the total -fentry wa* disposed of by auction and private 'sale. "Tho following' wns tho rang* of prices:—Border- Leicostora l&gna to 4gns, English Leicesters ljgns to 6gns, Haiunoys, ljgna to Sgne,"-CoTriednles 2gn% io TJgns. Southdowns ligna, Lincolns lgu.

LIME. The Mount Somera Limo and Stone Co., Ltd., Gavin? installed more power and enuring plant, are now in a position to supply Xtorbouate of Limo for immediate delivery. Order for delivery now, and savo disappointTHE M!T? SOMERS LIME AND STONE CO., LTD., 173 Cashel street, Christclmrch. "Phono 4158, BoxitS37, Christchurch. 4

with those ruling last week;— Last week. This week. £ s. d. £ a. d. 2* per cent Imp. Con. 48 10 0 46 15 0 6~ per cent. Imp. War Loan. .y • • 87 2 6 87 2 6 3j'per cent. Imp. War • Loan .•«■* •■ 85 0 0 85 0 0 6J per cent, C'weelth Loan ... ■• 97.2 6 97 0 0 5& per cent. C'wealth Loan .«: 96 2 6 96,5 0 New scrip, 10s discount. N.S.W. 4'«, 1938, Jan,July 75 0 0 75 2 6 N.S.W. 3J'a, 1935-50, Apri; Jan.-July . .. 60 26 6 60 2 6 N.S.W., 3>, 1936, ApuU October ... 61 10 0 64 10 0 N.S.W. 6|'s .« N.S.W. 6J's .. 93 5 0 93 6 0 100 0 0 100 3 6 Vic. 4's, 1921-6, Jan.-. July .« 84 6 a 84 0 0 Vic. Si's, 1929-40, Jan.July ... 61 .7 6 61 10 0 Vic. 8's, 1929-49, Jan.July "• .. .. 55 15 0 55 15 0 Q'land 4'a, 1924, Jan.. July 88 12 6 88 17 6 Q'land Si's, 1921-24, Jan.-July 87 0 .0 87 2 6 Q'land 3's, 192247, Jan.. .July 55 0 0 55 o a N.Z. 4's, 1929, MayNov. 85 0 0 85 0 0 N.Z. SJ'*! 19*°i J ftn -* July 6917, 6 69 17 6 N.Z. 3's, 1945, AprilOotober ... 57 15 6 68 0 0 S.A. 8J's, 1916 or after 67 0 0 67 15 0 S.A. 3'a, 1930, Jan.July ' ... 49 0 0 50 2 0 Taff. 34'8- 1920-40, Jan.July ... •• 68 0 0 68 0 0 Tas. 3's, 1920-40, Jan.July 60 O 0 60 O 0 WA. 3i'3, 1920-35, MayJuly ' - - 69 5 0 69 0 0 W.A. 3's, 1915-35, May. November ,.67 6 0 67 5 0

Latest quotations;— V Buyers. Sellers. £ *. d. « •.& DEBENTT7BES— N.Z. Govt. 6 per cent. Bonds, 1927-9 ..: '-— 89 0 P . N.Z. Govt, oj per cent. Innc, 1983 89 0 0 89 10 9 N.Z. Govt. 5J per cent. Bonds, 1&33 89 0 0 69 7 .6 BANKSAustralasia, ex div, ■... SI 10 0 — National of N.Z. ■... — 5 11 0 New South. Wales »^ — ,31 0 0 New Zealand ' *« 2 3 0 '— Royal Bank m 1 5 6 — Union Bank .. — 11 10 0 INSURANCE— i South British >.* _ 1 IS 0 LOAN AND AGENCY—' Dalgety and Co. — 10 15 0 GoldBbrough MorL (Melb.) — 113 0 SHIPPING— Huddart-Parker, ex div. a o 6 — P. and 0. Deferred' Stock 325 0 0 —. FROZEN MEAT— Canterbury .. . — 11 5 0 N.Z. Befrigeiatdng (£1 paid) — 1 15 0 N.Z. Refrigerating (10s paid) .. ...^ 0 14 9 0 16 0 "WOOLLENS— Kaiapoi (£1 paid) „. — .18 0 GAS— ' Aust. Gas-Light >h — 6 0 0 Christcburch. ». — ■ 5 12 6 BREWERIES— Manning ' .. „. : 8 10 0 3 12 6 MISCELLANEOUS— Beath and Co. (ex div.) — \ 15 0 Burns, Philp .. .., — 1 15 0 Cant. Farmers' Co-op. (Timaru) ... — 2 12 6 ■ D.LC. (8 per cent. cum. _ prefi) — 1-0 0 Mason, Strutbers (4s pd.) . — 0 4 0 N.Z. Drug'Co. (cum div.) . — 3 0 0 N.Z. Farmers' .-i. Co-op. (£5 paid) ' —. 6 2 8 N.Z. Farmers' Co-op. (£2 paid) — 2 0 0 Whitconibe and Tombs (ex div.) .. ..„ —. . 2 18 0 Hay ward's Pictures ... _ 0 16 0 MINING— - Waihi Grand Junction ■ __ 0 7 6