FINANCE AND COMMERCE.

Press, Volume LVII, Issue 17115, 9 April 1921, Page 7

FINANCE AND COMMERCE.

REVIEW OF THE SHARE MARKET. Although, speaking generally, the share market is still in an unsettled condition, with, prices in favour of buyers, + .here has been an improved demand in certain directions during tho past week. I War Loan, 4£ per cent, fiee of income tax, has eased still further; and is offered at £79 ss, with no. declared buyers, as compared with business at £BO during last week and earlier hi the present week. t Soldiers' Settlement, oj per cent, subject; to income tax, has in steady demand, with business- at £B9, £B9 ss, and £B9 2s 6d, as against sales ,at £B9 a week ago. Further buyers are offering £BB 15s, witlh sellers at £B9 for inscribed stock, and £B9 with no declared sellers for bonds. • Post Offire Loan, 5 per cent, subject -to income tax., has changed hands at £B9, with further buyers at £BB andj sellers at £B9. As this.loan matures in six years' time, the return to the investor at £B9, including redemption is good, being £7 6s 8d per cent, per annum. The return in interest only is £5 12s 'ld per cent, per annum. Bank of New Zealand sha:es sihow a further improvement, and have sold at 455, 46s 6d, 46s 3d,, and 465, as compared with.transactions at 44s at_ she end of the previous week. Further buyers are offering 45s 6d, with sellers asking 475. Bank of Australasia shares have sold at £B2 15s, ex the recently declare! dividend and bonus totalling £2 12s per. . slliare, and cum the rights to the new shares to be issued at £CO in the proportion of one new share for every seven old shares held. Bank of New South Wales shares are a little easier, and are offered a't' £3O ss, after business during the week at £3O 10s and £3O os. . Union IJanks are a shade better, with buyers at £ll 8s and selleys at £ll l'os. There has been no business-reported recently in N.Z. Refrigerating Company shares. Sellers of the fully-paid shares have lowered their quotations to 32s 6d without attracting declared buyers. There are buyers of the .partly-paid .shares at 15s with sellers at 16s. N.Z. Farmers' Co-operative' Association shares paid to £2 per share are offered at 39s without declared buyers. 'At the end of- last week sellers were offering Whitcombe and Tombs shares at 58s, but buyers are now offering 50s, with sellers.at sos. GENERAL MERCHANDISE. • GBOOBBIESr When paper'baga were in. very short supply some time ago, fairly large orders were pdaced in Canada for shipment.to New Zealand. At the present moment boga are none,too plantiful, 'as ;tiie continual drain on the New Zealand mills has caused them to get behind with their orders, the scarcity being due I to the extra consumption caused by the distribution of sugar by grocers in email.parcels. Cable advice haa now been, receivedi that a large quantity of bags ordered from ' Canada are not being, ehippei and a large number of orders placed in that country I will not be executed. This will cause a bigger drain on the New Zealand fadtoraes^ J which are -already some two to three months behind with orders. -, Merohants are booking orders for &amonds's baking powder for. delivery in May at 8a dozen reduction on present price, large pize, and a corresponding reduction on the email size. ■ «,.-iV - - New season's.quotations, for Miiaura. currants and sultanas axe not expected to be issued for a few weeks yet.. Speculative quotations for "outeide" fruit are being offered subject to oonfiimation. In the meantimb old season'B currants are being offered locally at below cost, the price varying according: to sample. Some lines which are badly out of condition and fermenting are being quoted at very cheap rates, but, speaking generally, grocers prefer first-cfas quality, and are prepared to pay the extra, money for such. The local-stock of Mildura sultanas is very low, due to the publio demand this past year being largely for sultanas in preference -to currants. Cream of tartar is. being retailed at 3s ft pound for first-grade quality. This is the fowest price for some years, and-is - duetto recent importations of French cream of tartar at cheap rates. The last' report was that.the market was very firm for this line, _ and it is expected that next importations will enow slight advance on the foregoing figures. Some very low quotations have been issued 'in Australia for canned fruits, and on the face of the quotations it looks good buying. Grocers' should, however; be very careful when very low prices are quoted, as a large quantity .of Australian tinned fruit, et present in Sydney and Melbourne is in exceedingly bad condition, a considerable part beingi blown and tins burst. Some lines have been deolared unfit for consumption, and as purchasers have to take all risks of condition, a very cheap quotation may turn out an exceedingly dear purchase when the bad and useless tins are culled out of the cases. It is ! this class of fruit that has been the Bubject of adverse comment in London,-where it is stated that merchants have Tefused. U> purchase this season's Australian tin fruits and canned pineapple. _ I The latest Ixmdon mail brings new season's quotations for fresh herrings and herrings iii tomato sauce. .Grocers who have held off buying hoping for cheaper quotations for hew season's fish, will be disappointed at ihe figures, v ae costs worked out this week show* that BrSlsh herrings will still be dearer than the present stocks of American pack. Newseason's Amerion' quotations are expected to be on a t>a r with last season's, and this, together with the present high exchange conversion rate, will probebly mean that present stocks will be cheaper buying than operating oh the new season's marttot. . Kerosene, as was predicted some weeks ago, was reduoed during the week by Is a case. Tinned meats still maintain 1 their price, yet in face of the very cheap prices for stock ' all over the Dominion, it is difficult to' see why the packers have not substantially reduced the prices all round.- The same remark applies to sheepe' tongues. Merchants report a fair enquiry for bulk tea, and any line with quality .is meeting with a ready sale:. The sales of bulk tea now exceed the turnover in packets, whereas) some years ago.the reverse was the.position. The publio-now'appreciate the fact .that buying bulk tea is a far cheaper proposition than the packeted article, as packeting to-day is a very expensive addition to the cosk , During the week a parcel of Java, sugar was distributed, and found a very ready mar-" ket. The last steamer from Auckland with sugar did not arrive until late last weeTc, con- \ sequently the sugar out of that boat was not | distributed in Christchurch, and the.country" unftl Monday and Tuesday. The next arrival from Auckland was timed to leave that city lon April 7th or Bth. It is not expected that [she will have much sugar on board for this port, 'as the Sydney steamer due early haa \on board about 300 tons of Government sugar for distribution in Canterbury. It wiJi be ! remembered that when the previous parcel of Sydney sugar was imported by the Waitomo last month,, the cutting down of the snTpments from Auckland occurred. The position {hen • was that the Waitomo . practically replaosjl the- Auckland shipments, and the' net result wts. no additional sugar. It is anticipated- that the same procedure will ag*in be repeated. From enquiries made it is learned that, after the sugar referred *o above h«9 been delivered!, -the next despatch from Auckland \s not expected until about April 27th, which will mean the first week in May, for local deliveries. Although the for sugar is'slackening, and the position has improved lately, the' shortage will again be acute unless regular shipments are made. To .keep this market properly supplied, at least on-a shipment a wee* is required. , Statements axe current That the Government control of sugar is to cease ;this month, but this is not the case, as the control i 3 operative until June 30th. These rumours are no douEt due to the fact \ that merchants have been enquiring fjoro grocers as to what quantity «of sugar they! ysf&ld require for the present month. ' j These ea-q-niries originated from the Sugar 1 Controller, who no doubt is endeavouring to ascertain what amount of sugar will be called for. It- should be distinctly understood, also, that although a grocer 6tates what he requires for April there is no guarantee iiai he wiH

DOMINION'S TRADE AND MARKETS.

(bt ora cowimu. mrroa.)

receive that quantityj in fact, present indications ore that only a smaH proportion of what- is called for will be forthcoming, aa the capacity of the sugar-works is still limited. 'Hie works have never been able to turn out sufficient for the requirements of the Dominion. The only solution is a substantial enlargement of the works or constant importations. No more Java sugar is coming to the Dominion -unless the grocer is prepared' to pay £6O to £63 a ton, which is the latest quotation available.

HARDWARE, ETC. Business during the week has shown n decided improvement, there being- quite an extensive demand for heavy goods, chiefly 6teol T>lateß. The releasing of cement supplies has also stimulated building construction, and enquiries are" beinsj actively made for reinforcing and structural steeL The coal strike in England has caused some speculation regarding its effect on Dcmduion stock* of hardware, the general lief in the trade being that, whether at is settled immediately or not, it wall affect prices here for some time to come. Thi3 will be caused by the partial, and in many cases the complete, stoppage of rolling mills. That this is inevitable can be understood from the fact that some of them consume as much as 15,000 tons of coal weekly, whilst the Etorago capacity is limited, in some eases to not more than a few hundred) tons. The actual stoppage time of the mills can not be estimated from .the durations of the strike. That depends,-as can be gathered from the cables, on the damage done to the coalmines. To get the mining industry going again on anything like complete lines is dependent on the time required to restore the flooded mines to working order, not on the time the miners are on strike. The full resumption of the- rolling mills' output is consequently affected in the same way.' This undoubtedly must react on the prices and deliveries for export. Fortunately there ore medium stocks of heavy lines held- at present in the Dominion, but these, for the most part being bought when the market was high, cannot be affected by .the anticipated fall of the British market, particularly if the strike sihould cause a cessation in exportation. The Home position points to the substantiation of our previously expressed opinion that prices will harden again towards the middle of the year. . '••.., Quotations generally remain the same as previously published, the only noticeable alteration being in castor oil, which hasi.been reduced from 9s to 8s 6d per half case, and! 9s 3d to 8s 9d for drums. The retail trade keeps well up to the average for lihis -time of the year. Stocks are fairly good. The depression .cry appears to be evaporating as fax *b the hardware trade is concerned. NOTES FROM WELLINGTON. (JTBOU A SPECIAI. POHMSFONDBOO WELLINGTON, April 8. < Bank of New Zealand shares changed hands to-day. at 46s fid, which shows a substantial Improvement. On Mardh 31st, when the Stock Exchange re--eumed after the Easter holidays, buyers offA-ed 43s 6d for the shares, and each day since has witnessed the quotation ascending. From the strength of the buying, it seems obvious investor* expect the bank to pay a substantial dividend in June. National Bank shares are quiet, with buyers at ICSs. Union Bank shares, Urhich were in demand at £lla few days ago, axe now wanted at £ll7s 6d. Refrigerating Company's shares (10s paid) are firmer, with buyers at 15s -id. Woollen andj coal shares are quiet and Blow of sale.. - ■',,,' The bank returns for the March quarter are not yet complete, there being one return still to come» that of the Bank of New Zealand. Of the returns already in hand, it is to be notedthat free deoosits or current account bal-' ances show a big shrinkage, but the fixed' deposits exhibit a small increase. The advances show a very great expan-r sion, and the-banks Appear ..to have fronted' accommodation the utmost, he: advances of the "Union Bank> which averaged £4,215,476 in March of last year, now average £6,418,679. The National Bank's advances increased from banks show similar increases*. The banks have done their best, and have been generous with, their advances, but some people seem'to think that the banks (have" unlimited financial resources, and should lend money indiscriminately.; It .is obvious that the 1 monetary tension will continue for some j time longer. ■ . ■

PRICE OF BUTTER.

CONFERENCE TO MEET NEXT WEEK. , (MUCSS ASSOCIATION TBLEGRAU.)' WELLINGTON, 'April 8. Retail grocers were represented atya meeting held by the Board of Trade with reference to the retait price of butter. The Director of Agriculture w'&s also, present. The case for the retailer was put before the Board. A conference is to.be held in Wellington next week, called by the Dominion Butter and Cheese Committee, and representatives of 'the Government will be-present. The question-' to be discussed will be the price. In the meantime the subsidy of .3d per lb is continued to dairy companies supplying the local market from the factories, and also the payment of the subsidy of 6d per lb on butter taken for Wellington consumption from the Imperial Government's! stocks. new south waxes pool s6heme. (By Cable —Press Association— Copyright.) (Australian *nd N.Z. Cabl* Association.) SYDNEY, April 8. The Profiteering Court has sanctioned the private butter-pooling scheme to ensure winter supplies, and has fixed the price at 2s a lb till May 31st, when, it is understood, an increase not exceeding 3d a lb will be allowed to cover the cost of the storage, instance* and finance of the butter in reserve; ' POTATO GROWERS.

MEETING OF SOUTH ISLAND , COUNCIL. The Central Council of. the South Island Potato Growers' Association-met yesterday. There ware 11 branches represented. Mr H. E. MeGewan (TCillowbridge) presided, A report that a Wainiate grower had sold 300 tons or'-potatoes at about 70s a ton, was denied, the actual position being that 100 tons had been sold at 92s 6d on trucks, South Island. The action of the executive in abandoning the idea of fixing prices was endorsed. . Reports from delegates as to yield and acreage were that crops were in. many cases digging out at up to 50 per cent, less than last season. The delegates' reports showed that the outpat for the season would be half of last- year's crop. Proposals were submitted, with the object of assisting members of the Association, who axe compelled to meet immediate financial obligations, and these proposals were referred to the various branches for approval. The general secretary was instructed to communicate with the Union Steam Ship. Company, with a view to securing a better shipping service to £<*tn Island - ports. The assistance of the Government in this direction will also be squght, Mr Massey having already promised to do all he could m regard to shipping.

GERMAN COMPETITION.

BRITISH .MAKERS UNDER-SOLD. Interesting particulars in regard to the effect of German competition on employment irl Britain wew given recently in an address in Birmingham by the managing director of the Ariel Works, Ltd.,. Mr Charles Sangster. He attributed .the slump in trade to many causes, the main one being German competition and German under-selling. Mr Sangster gave four examples in support of tu& views. * ■ , 'The four instances I propose to give i you," said he, "are an egg, a. penknife, a bicycle, and a motor-car. In this city I [ there is a very large firm of printers and general fancy stationers. Among their activities they make Christmas I crackers. This firm's Christmas cracker j tiade finished months ago, and in the last few weeks they have been preparing for their Easter egg trade. In. the' last few years they have made all; their Easter eggs in Birmingham, and employed their own'people, and the people have made the eggshell out of the cardboard and the paste, put the liiage on and sewn it round, and made the shell of each egg, which ultimately is tinselled and filled, and may he sold, for all I know, as high as half-a-guinea in the shops, retail, next Easter. Well, they were offered these eggshells by the Germans at one penny each, nicely finished with the 'little hinge, all complete. They did not intend buying them, but they found certain competitors who had bought quantities of these at one penny. The firm I have in mind said, 'well, shall be put out of the business ywe shall have to do the same.' And they did. They have closed this department of their works, discharged all their workpeople, and placed the whole of their order in Germany at Id, but the German is getting Is OJd in his own money. "Now we will take the penknife instance. A friend of mine the other day, who was over in Germany buying goods, was offered a parcel of penknives, beautifully finished, all complete, mother of pearl both sides, beaai'tifully marked . 'Clifton, Sheffield'— there is no mistake about the 'Shefiield' —and he was asked what he thought would be a fair price for those knives wholesale, a knife for such as we would have to pay in our shoos from 7& 6d to 10s 6d, according to the shop. He said, 'Wholesale, 3s 6d to 4s 6d.' They said, 'We will do you 100,000 gross at Is each.' But the* German is getting 12$ shillings in his own money. ' "Now I will give you an instance of bicycles in our own particular trade. All the best firjns are working just a few hours a week, having little or nothing to do. They do .not know how on <*arth to make ends meet, and their wages and their purchases to come anywhere near the small sales they can effect," and, as you well know, the cheapest price retail of a bicycle to-day is somewhere about 10 to 12 guineas average, call it 10" guineas. A little syndicatewent to Germany a month or two ago, and bought one consignment of 14,000 German bicycles, an exact imitation of a well-known British bicycle, and they paid for those 14,000 bicycles £28,000, minus tyres ana saddles, or £2 each. These bicycles were landed three weeks ago at trie Royal Albert Docks on the river Thames. Now, as far as all our workpeople'are concerned, and I am, talking about unemployment and the future" prospects of it, we'are to-day paying-very much more.than £2 tor a bicycle in wape3, let alone materials and expenses, and we cannot possibly compete with this. But the German gets £2 6s in his own money for a bicycle without tyres and saddles. You would be getting l a "'SO per centi dividend if we could do this."

BILLS OF LADING. ! ADVANTAGES OF. tJNIFOBM IiIGISLATIONi Mr 3. M. Paxton, of Messrs JcJin Paxton and Co., president of the Sydney Chamber of Commerce, an ex-*esident of Cbristchurcli, commenting on the recommendation of'the Imperial Shipping ' Committee to have uniform legislation throughout the EmpSre for bills of lading, said that the recommendation o* the imperial Shipping Committee is distinctly on the right fines.. Indeed, it, confirms," in a (sense, the resolution moved: and adopted at the recent concress of Chambers of. Commerce _of line British Empire, held in Toronto in. September: last. The resolution was given notice of. and moved, behalf ot the-Sydney Chamber of Commerce; it asked for adoption of the Barter Act, and not the Canadian "Water Carnage of Goods Act," of 1910. 'True,' continued Mv Taxtbn, "the latter is large-, ly, like our own Sea Came're ot Uoods Act,'on the lines of the Barter Act, but.the adoption of the Canadian Act in lieu of the' Harter Act would be,a misfortune, because there are valuable legal' decisions fin connexion with the Barter Act which would bo practically valueless if the Act were adopted. • 11 j "What commercial men especially desire is that we should have the Barter Act word for word throughout the Empire. Thus we should get uniformity, of legislation affecting the rights and liabilities of shipping owners througn.out»tihe, British Empire and the Englishspeaking world. In other words, the laws of the two greatest shipping countries would be identical. The advantage of having important legal decisions, some of them given by. the British Privy Council, on almost -every concevablo point would be of immense value, and would save hundreds of thousands of pounds. If the Canadian Act were adopted a complete new set of decisions would be xequired, witJh the attendant cost. "I have reason to believe ; ' concluded Mr Paxton, "that the resolution earned at Toronto at the instance of the Sydney Chamber has had a very material effect in influencing the Imperial Shipping Committee in its recommendations. The pity is that Australian commercial and shipping interests were not granted oft the Imperial Shipping Committee, as they should have been, although numerous communications were addressed to the Prime Minister. There are several other im-; portant matters which 'he Imperial Shipping Committee has doubtless en-! quired into, and in which expert Australian" knowledge would have been of j immense value."

.MUTTON AND LAMB PEICES. ,♦ '• Methven A. and P Association has despatched the following telegram to the Prima Minister: — * "At a meeting of farmers assembled at the Methven A. and P Show on Thursday it was unanimously resolved that your attention be diawn to t)he disparity existing between the • prices paid to producers for mutton and lamb and the ruling London prices. The meeting considers that if allowed to continue, a national calamity is inevitable. It was also resolved that a' maximum rate of interest be fixed, and that the sending of money outside the Dominion for investment snould be nroMbited."

DUMPING OF OREGON PINE. (PXESS ASSOCIATION TBLEGBAM.) .WELLINGTON, April 8. Suggestions have been made that American timber merchants are attempting to dump quantities of second grade Oregon pine on the New Zealand market at extremely low prices. If this is allowed, it is claimed by local millers that it will result in a return to tfee .conditions of 1907, when millers were unable to market the lower grades of local timbers, and consequently num-

bers of "bush workers will *be thrown outi of employment. * The matter was referred to <Mf Francis Bell, who said it was a subject for very grave consideration a 9 to whether a duty should not he placed on imported timber to be utilised for building purposes. The matter had not been dealt with by .the Government, however, nor had any definite representations been made to the Gofern-ment-on the subject. BANE RETURNS. The following bank returns ior the quarter ended 31st March last, compared with those for the quarter ended 31st March, 1920, have been_Teoeived:— . Union Back. March. - ifarch. 1921. 1020. £ £ Govt, deposits .. .. 21,830 103 Free deoosits .. " .. 3,530,235 4,497,173 Fixed deposits .. 1,796,403 1,756,778 AdvancA .. .. 6,413,679 4,215,476 Discounts .. .. 91,554 43,658 National Bank. Govt, deposits' .. .. 106,644 Free deposits .. .. 4,885,726 5,439,36* Fixed deposits .. .. 2,527,394 2,298,692 Advances ..., .. 8,034,485 4,487,119 Discounts .. .. 294,564 196,090 Bank, of New South Wales. Govt, deoosits « ... 9,509 Free deposits .. ». 3,604,137 4,236,607 Fixed,deposits « ~., 2,494,798 2,488,234 Advances .. .. 5,726,076 3,553,667 Discounts w .» 261,477 65,040 NEW COMPANIES. • B&gisiration, of the following new. companies is announced in thds week's cantile Gazette":— Baby Ford Car Company. (The). Eegd. as a private company March 21st, 1931. Office: 289 Tnara afcreet, Ohristohurch. Capital: £6OQ into 600 shares of £l' each. Subsoiiberai J. T. Passmore (Christoliureh), ' 400; M. a Walker (Wellington), 200. Objectat To amy on the business of the manti* facture of push-chairs, .perambulators, toys, and to purchase, acquire, or lease property, xighia, machinery, plant, and stook-iri-tradei. Bulkeley Investment Co., Ltd. Ucpd. as a private company March 24th. 1921. Offices 88 Hereford street, Christohuroh. Capital: £60,000 into 60,000 shares of £1 each. Subscribers: (Soudan) H. C. Bitfteley 59,998, (Chrfetefcuroh) H* D. Acland 1 andl J. Way 1. Objects: To inveafc moneys in leal- and personal property of any deeonptinn, including loans, debentures, stock bonds,, etc, to lend money with or without .oeoarity'to' approved persons-and gerMr&T. BiWJU. WOOL SALES CANCELLED. (By Cable—Press Association— UopyiigliV) (Auntnlina and N.a. Cable Association.! LONDON, April 1. The British Australasian Wool Realisation Association's, wool seiles have been o&noelled,; buyers refusing to hid. The jreeerve was maintained at.*he Feb-" ruaxy-'level. METALS. ' LONDON, April 7. . Copper—Spot £69, '2s 6d, forward £6B 17a Gd; electrolytic, spot £72 10s, forward £73 10s. . ■ , . Lead—Spot £2O ss, forward £2O :2s 3d. Spelter-Spot £25, forward £26 10s. Silver— BS§4 per ounce. auso?ralian markets. MELBOURNE, April 8. Bailey—English, 4s:to 4s 3d; Cape, 3s 2d t033 3id. ' . ». ". : . • Cjit&-2s 6d to 2s Bd. " .;• Potatoes—£6 10s to £7.. . . , ■ Onions—£3 to £8 10s. COMMO2rWEAI/m STATE LINE. >. anaiiBOTTRNE, Ap?a •& The Australian' manager of the Commonwealth State Line of steamers contradicts tho statement that no awfrigerafted space will jbe available till next.year. Ho saya there will be 375,000 cubic feet of epace available for the last quarter of this year. HIDES. MELBOtJIRNE, April 8. At the hides ©ale Itho catalogue wns-v.eH fffled. Heavies and mediums declined Id and id respectively. Stouts, and kips were unaltered. AUSTRALIAN WHEAT POOL. j . MELBOURNE, April 8. Mr Hughes promised tiiat Cabinet would consider <a proposadmado by a deputation representative of farmers throughocut the Commonwealth that tho -mheat pool should he conr tinu'ed nest ycai-, and. that 'the GoveniraSnlt should advance 60 per cent, of the valuo of tana wheat. SLUMP Kii CATTLE PRICES. ' .. SYDfNEY, April 8. Cattle price* »t Homebush were the lowest for years, owing to the iwavy- supplies and the dwindling «xport trade, ,in consequence of tho depression in England. There .was,fgood' trade,in beef, which-eold nt 35< l>er-100 pounds. ; ' WOOL, CHBEiSJE, AND STiLiLK>>V". "ihe New Zealarid'Loan oind Maroantilb Agency Co.. Ltd.,' advise having received a cablegram from; London'. giving . the underhbted: market iofarmation, ■ under date 6th inaia-at:—. , ■ "Wool—Ther© was a foil jattendajpee at the the to-day, compotition by Home and Oontin,entail-l)uyara be.ms.i«atrioted. Tlie'. opening catalogues weio, c«jm,'Benifetiv'e. ' Market very-irregwkr. 1 Merino 10 .to 20 per. cent., '««id crosabred, neglected, 5 to 10 per cent: .lower.good demand, £8 per cwt.; white,' market , ; w.o&ker> £7 la. "TalJow—We quote spot values for the following deßcriptions:—Fine mutton, £1 lfls per owt.; good beef, £1 14s 6d per cwt.: mured,. £1 7s per cwt. Largp stocks. Small demand." ' - ■ . » Dalgety «cd Company, Ltd., have. ieoen'«tt the following cablegram from their London office, dated April 6th, 1921: "Wool—The eales have opened. Tho eir tendance of -buyers is large, but oompeh'tion, is. not animated. The selection of Jwool is aa ftverago one. Continental wool buyers 0T» the pxincipail operators when '.not reserved. Prices for Merino wools were 10 per cent, to 20 per cent, lower m compared with last sales' closing The few; lot* of crossbred wool sold were 5 per cent, to 10 per .cent, lower. ■ i "Tallow—Tho market ia very No--minai quotations are:—Fine mmtonw. 88a; good mixed 32s to 335. Buyers are holding off." .

OHBISTCHUBOH STOCK EXCHANGE. YESTERDAY'S TRANSACTIONS.'. Sale* reported':—Bank of Australasia («C div. cum fights), £B2 16s; South British: laeuiav.ce, £l. 9a 3d. ' , Latest gustations:— ■ • Buyers. S*ll»r*. £ i. d. * •. d.

' AUCKLAND, April 8. Sales on 'Change:—Bank of New Zealand, iSa 6d; New Zealand War Loan, 1938, £B7. WELLINGTON, April 8. Sales on 'Change:—Bank of New Zealand, 46b 6d; Inscribed Stock, J963-, £39. AUCKLAND STOCK EXCHANGE. (SPECIAL TO "frHE : PBXBS.") , AUCKLAND, Aprils. Quotations—Bani of Australasia, eeileia £B4, buyers £62; National Bank, buyers £3fe 3d; Bank of New Zealand, sellers £2 7s, buyers £2 6s 3d; Union Bank of Australia, Boilers £ll lis, buyers £ll 8a; National Insurance, Buyers £2 19o; New Zealand Insurance, sellers £1 Bs, 'jnjera £1 5s 8d; South

British, sellers £1 9s 9tf. buyers £1 3s Si; N.Z. and Biver Plate, eellera 18b, buyers 18s 6d; Loan and Mercantile, eellore £BB, buyers £B6;- Weafcport Coal, setters £1 7s 6d; Hud-<3art-P»tker (ord.), »ellerfr£3lls, buyers £-2 is; P. and 0« (Deferred), sellers £835. buyer* £300; Kaiapoi Woollen (ord.), sellers £1 7s 6d; Talisman Consolidated, sellers 4s Cd, buyers 3s 6&; Waihi, buyers £1 Gs 6d: Waihi GrandJunction, sellers 7s 3d, buyers 6«: lit. LyoU. sellers ISs; N.Z. War Loan, at 4 J per cent, sellers £63.

DUNEDIN STOCK EXCHANGE. (SPECUt, TO "THE PRBS3. :; ) DUNEDIN, April S. (^"ovations—TalisniMi Coceol:d«ted, buyer* 8s 3d, sellers 5s 8d; Mount- buyers 11* 7d, sellers lis Sd; Bank of .New Zealand, bin-era 46a 3d. sellers IGs Oil: Unioa Bar.i of Australia, Ltd., buyerß £ll 7s, sellers £ll 12a 6d; National Insurance Co., buyers 345. sellers 355; N.Z. rr.r,::jv.ci Co., buyer* '-'."< 3d, sellers 26a 3d: P.- and 0. (Deforred St.i..-i Trust),: buyers £312 30s-. sel-isrs £324; ,Uniou Steam Ship Co. tprel). buyers 17? rd. siller* 18s 3d; Westport Coo! C 0... seller* 27a 3d; Wtstporf-Stcrkton (ord.), buyers 5s 7d-, Goldsbrough Mo::., buyers 26s Bd, e«l!e:« ■27s 9d: Nations! Mortgr.go, buyers e*H, seller* 70s; N.Z. Loan and Mercantile, buyers £81: Wright, Stephenson Co. (eu\l.), sellers 85s; Dunediu-Kaikorai Trams (cum. div.). sellers 2osSd; N.Z. .Refrigerating- (raid),'sellers Sis: N.Z. Bofrigeiating (cent.), buyers Its 6d, sellers 15s Id; South Ot«?o Freezing, buyer; £1 12a 6d, sellers £6; Bruce Woollen Co.. buyers 89s; MosgieJ Woollen Factory, buyers M lfto, sellers £5: N.Z. Paper Mills, sellers 27s 9d;'TW!.'l>m£ Co. (£3 paid), sellers 3. 1 -" 6d; N.Z. Hardware (ord.). sellers its; N.Z. Hardware (pref.), buyers 15a; "Otago Daily Times," buyers 425, sellers 48s; Trustees Es*> utors, sellers 53b; N.Zx Sugar of Milk, buyers 20s: Wbitconrb* and Tombs, sellers 26s 6d; N.Z. Govt. War Bonds, 1330 (M per cent.), sellers. £B7; s£'; Govt. War JBonds. 1938 (4* per cent.), buyers £7B lis 6d, sollois £79 10a; N.Z. Govt. War Bonds, 1933 (4* per cent.) tellers £80; N.Z. Govt. Inscribed Stock (44 per cent.), bnyere £7B, sellers .£79; Soldiers' Settlement Bonds, buyers £B3 15s, sellers £B9 Bs. " . CANTERBURY" MARKETS. Friday Evening. .The Canterbury produce market has shown no improvement this week. Producers, considering that prices have reached bedrock, are holding off in tho prospect of an improvement as soon as the depression scare bus abated. They have, however, to contend, with the over-carrying' of much of last 'year's stoc.is in cereals and seeds, and oven when merchants with an eye to "speculation" boconio active again this factor.will hove some •effect on their expectations.. Millers aro fairly well supplied with wheat just now, and whatevor buying o£ wheat is done is not tor more -thsa immediate requirements o£ a tew, .but there is a steady though small trade being done with a lew INortli Island mills* A little business has been effected with i oats this week, but in most cases farmers aro disinclined to ttiresh just now. and are, leaving the stacks stand with the hopo that better results from their outputs will bo obtained later. Garten oats aro still quoted at from Is lid to 2a, and chaff at from £2 15s Barley has dror/ped In value, about 3s 9d being the limit bt morchunts' offers for mr.K----i/inseedj cocksfoot, and other seed lhic3. are atM stagnant on, account of tho carryover position. Australia lias such «. heavy carry-over. of linseed that any advance m prioe in the near future cannot .bo anticipated. Pese, which-are only a. small lino-in- tho pioduco/trade, are now coming in, but there ' Is not much business being effected. Farmers prefer to nit their potatoes rather than offer them at tho present low.ruliug rate;-£8 10s is the- - highoai price offered by merchants. .There have been a low North Island orders for onions filled at round about £2- 10s. . ■■ , ' Tlie following are quotations- lor new soason's produce, to be paid to farmers at 1 country stations, free of commission, extra, except whero otherwise stated:— Millui"' Wheat-According Mo Government I prices: "Tuscan 7s 6d f.0.b., Hunters- <s »Jd, Peail Bs. ',„» - i 6atfl—Gartona, Is lid to 2s; Algerians, Is 6d to-la Bd. .- . Chaff-£2 IBs to £3. • Perennial Byegras.s—2s Cd to 3s M. • Italian Byegrass--2s Gd to 3s. Cocksfoot—4d to 6d. » Barley—3s Od to 4s. Potatoes—£3 10s. Onions—£2 10s. Peas—Partridge 4» 3d to 4s 6d. Linseed—£B. ' • Oatmeal—fe's £25, 7B's £2B. / ]?lour—Apcording to Government price, £2l pe*ton, fo.b., Lyttelton, • Tirmmi, ' antt Oainaru. . '.. . ' ■ Bran-According to .Government price, £6 to £G 10s per ton, according-to pttckiug,' f.0.b., southern ports. ' ■ ' .' Pollard— According. to Government price, £9 to £9 10s, .according to packing, f.0.h., southern ports.

FRUIT AND VEGETABLES. The demand for vegetables throughout the week has bean i good...i'lehlilul supplies 0f.a.11 sorts wore on tho market, and prices were, all higher, \ritli the exception of onions and potatoes, neither-of which show much, movement in'price..'Late varieties of peaches and plums are; still' coining in in small.quantities and'meeting with, ft good demand. Dessert apples,;-especially of the coloured :varieties, nre enquired for and are selling at high.rates. There Is a- good' supply of dessert pears, for which- the domand is small, and prices remain unchanged. Both booking apples and pears-are in over-supply, and prices for them are low. The nest importations of fruit'are due to' arrive in Christchurch about' April 23rd. These will consist of Fiji bananas. Cook Island oranges, bananas, and cocoauuts, also 'Frisco oranges and loruons. The average, auotion_quotations for the wee* are as under:-Apples, Nelson,, per case 10s to lis: local, 9s to lis; cooking, per case 6b to 7b; cocoanute, per eaok, 20a; grapee, flftrstat per lb 2s to 2s 3d; grapep. ««» nd j' per lb Is 6d to 2«:- lemons, Cook Island, per case 16s; 'F-rißoq, per case 35b; *cctarin*. flrstß, per. lb 8d; nectarines; seconds, per lb 6d; oranges. Cook Island, per can* 235; passions, Auckland, per case 8s; pears, cooking; per case i» to ss; pears, dessert, per.case 6s to 7s; pOßclias, cooking, per ib 4d to.Bd;.pcwhes )ls dessert,.PM lb 6d to B<l, plums, cooking, per* lb 2d to 2id;. plums, dessert, per lb 3d; to 31d; blackberries, per lb 95d; tomatoes, sauce, per caso Is Cd to 2s 6d; tomatoes, dessert,'J>er lb, 3d to 4d; watouts, per lb Is; beans, Trench, 3d; beet, per dozen hundles,.'Ba to'lOd; cabbages, per dozen, 4s 6d to 7s; cauliflowers, per dozon, ui) to 10s; carrots,, per dozon, Is Gd to Is 8d; wwumbers. hothouso, per lb 6s; cucumbers, outdoor, ■nercase, 6s; celery, per bundle, uprto'ls 2<U green ueas.per peck, 2s lldjkumcras. per lb 2d- lettuce, per dozen, Is Cd; Warrows, per dozen, 4s to ,ss; new •potatoes, per lb, id; onions, lociil, per ib ?d to Jd; nicklers, per lb l}d; parsnips, per dozen. Is 6d; potatoes, per sack; 10*; pump; kins, per dozen, 10s to 12s; rhubarb, per dozen, 8s; spring onions, per dozen, up to Is 4d; turnips., per dozen, 8d; spinach, per dozen, up to la 8d;. swedes, per sack, ss; garjio, 9d per lb; parsley, M. per lb. rDBTAUU. (SPECIAL TO* "THB PRESS.") ' ■ ■ . TIMARU, -April 8. There is a- great deal of wheat offering now, but millers are well stocked for preeent requirements. Tho. grain -vs coming i in in a. larticulaily good ,condition. Steamlora ore booker.' to take about W.OOO sack" to Auckland from Timaru next week. sowl 1 wheat is in fair demand, and a good quantity of it-is being *oH at 7s -id, the vaaxii mum t>rice. All over the district propara-. 1 tions are being made for sowing wh-at. and., the'indications point to a bis .-.area, bcuiS'j under wheat for the 1921-22 ecuson. ■ -, j Oats rom-a-in about the ©anie cs lart wce.T. Borne of tho cariier crops were veiy light, but, the later oiks are giving fair average •yields. By reason of the low prices offering and- tho drought conditions which ateprevailing, farmers me not olio-wing much I disposition to sell their oats-, and the same applies to chaff. Gartens ar» quote* to'day at £a 3d to'2s 6d, and Duns and Algerians '•a* 2s W to 3s. ~...- , Chaff is worth SA ss, at stj.hon«, Kicks■ found by buyers. . ■ A few Partridge peas. aro. now conini(r v> \ hand, but the bulk of tho crop has not yet been harvested. There c»-no enquiry tor Prussian Blues, but Partridge- pea» aro worth 5a to 5a 6d, on tnw, The oniy opening for them is the Homo mrrk?t. Linseed is very ouiet. Australia, is Jh« only outlet, and the Jjcsti price obtainsLH>> for it to-day is £ll, f.0.b., s.i., .Lyttelton, which is oquivalont to £3 1C» or. £9, -at country stations, according to the distance. Thia is for f.a.q. famplos. . The demand for barley ha-9 gone oif. JTomin3l quotations are 3a 9d- to' 4e. Potatoes arc now being lifted, for which work the- dry weather w favourable. -Blight only made its appe&is.nce to a very limited extent, and the crops in South Canterbury aro turning out well, both as to quantity »nd quality. Tho price, 'however, is very disappointing to grtf'.vers, the quotation today being £3 Ka per ton. . DUJJEMNv (SFECUI. TO "THE MOSS."} April 6. Tha largo quantities of oata offering- are exciting very little interest, and sales aio taking place only at reduced rotes. A grade Cartons are quoted at 2s 2d to 29 3a per bushel, sacks extra. SpatrowbiHs, Black, and Algerian oats are being enquired for. All Inies of wheat suitable- for millipg purposes are being accepted by millers at fixed rates. Several line's coming forward are showing- signs of frost, and axe being di»-

posed of as fowl wheat, far which tiers m a good enquiry. Tho potato market is not T«y brisk, but there is a. loir demaid at fron\ £5 13*,t > £6 for prime Taieris, ascka in, A largo tfuarrtity of chaff hts ©WW v>tward since the holidays, and, as thw* i« plenty mere available, late rate* •» WVKmgi'r- obtainable. Priine oaiett sheaf » worth up to £3 15s, Rood to bent, fee* ** ■» t« £5 10s, and light tiad inferior from £3 W*per ton. sack* extra.

IyVBECATwGILJi. (SFICIAI. TO "IHR r»rss.") KfVEBCAKGILL, A»ril s. Oats-Tho mwlcet continuoa in obmt tbr same state as at prenriam* report, Pr»ow x« fanners tiro aTßivrt Is Sd far A «»*' «f trucks at countrw BJdinps witt °*™r_s*r ties uroporiionately lower. Thtit* i-'WW*'-nbw "demand for Bbrppinr; at tb» equjt»lt«t oi theao prices, 3* Pd for A prad« «nd 0» IA to; B i.o;b, s.i., but merchants «w »* '»■ diued to sell at the*> prices owing to »' % havinjr stocks. • Chaff—There is now r» «** »e«»tta oflor injr, but 7iew » orlorinc fairlj" freely, am. fcod lines are comrcAndtn?: about £3 ISs on trucks. ■ . Ryegraw—Fanners_Me not offerrnjj w •" ireelv, apporently preTerring' to hold xawer than accept th* .ruling low price*. Mr: - chants are not prepared to pay J>»«ro than from & Sd to to -Id for tfio heaviest samples. Potatoes— Digging of tlu> main crop ha* r.ow besun, but no far no ert«UMv» «•'<• *•* reoorted. Any businesa being dona m lor local consumption. Kor shipment the equivilent value to farmer* in about £3 1S» o.' Irucka, country sidings. Hemp—Very little business i* berntf <4onr Tlio nominal price to millers is aboat E f per ton for high fair, with other cwden in proportion. BLACKWATE.B MIXES. LTD. The following advice haa been received n tho cnnhiug zotiirns ior March of «•«•«*- fcolidated Group of Minw:-BlMkwm»»rMlrtt-Ltd.: Tons milled S9SC value of gold pxducod working expenses £5106, develnir.eait £528. PttOVIDENT 1.1 PK JSSURANCK COMPANY. ANNUAL MEETTNG. The snnual mrctius of th« Prwrlderit lute Assurance Company was heid on Wednesday. April 6th, 1821, »t tho he,id offico «>£ the cempany, Dunedin. . The report showed the row bnaseM completed during 1020 to bo i'SM.tfß. «f which £230,1931 were ordinary branch oewn: ances; the prwiiium incomo had iaoreased b; £B2€B' Sa « to SW2.WO 6a 7d, white U» total income amounted to «115,58S W ea, Cleime totalled £32,020 6s sd, and tho writ of £10.317 1-te Id was added to Uio rands, which 'amounted at the end of lb* year 1« £259,199 18s 6d. Tho chairman (Dr. W. S. ItobertaX in inov. ing tho adoption of the report and balanceshoot, etated that tho all-round results Y*»e the best in th* history of the company. In tho ordinary bjaoch the new buainosa w»» * Teeord, and 90 per cent, of the old buaiaMw had been retained. The rata of inleroat va the funds, inveated almost entirely in Government and municipal debenture*, wmt £.*> ISs per cent., and oyei-:80 per cent of w year's premium incomo had been added to' the hinds. i*. In the industrial branch the premiumpcome had increased by- 46000 and tjw inteAtt income by £llOO, while the eipeneo raiio fcW ben reduced by L 7 per oent. The yieldpn the funds was within a. few pence of 5 Bar cent., and attention-.'was drawn to tho feet that lesa than 4 por,'obui. of tho toUll»veeted funds was on mortgage. Uo expreWMl the hope thai, althdugfa.. tie present year Stu likely to prove a, difficult.one, New ZeaaM would recover mora quickly- than other e4Httries, and concluded his epoecli with arTS preciative referenoo to th« work of tho <W, ■• ■ - '-W

GENERAL NOTES. v In tuo course of «, statement on the o«V ting off by tho farmers- in JJfc&w South Wales ■■ of. the milk supply to Sydney, Judge Beeby | oponed up a. train of tbought which' primary producers should rot altogether ignore; JR« was commenting on the drop in butter price* on tho other aide, and tho sale in New York of Danish butter at 2* ljd, and of Argentine at 1b IOJd per lb, and added; "I do not think tho farmers rt-uliso that beior* very long this Court may be a protection to them. This Court may give, them •" price highur-thau parity.- On aadettaining the co«l .ot production, - ajjd. after,. allowing * reasonable the Court.nioyKbo insuumontal ni saving; tho farmer from caving to accept the worlds price for hU commodity." Discussing, tho exchange position,'the F«hruary "Review of Barclay a Bank" date* that tho .Vow York into shoivn a moat encouraging recover}-, having risen from. 8.63 on December 90tu to 3.M on Jwmajy 37th. Although tho reported lor .the fanoV . ing *>l : Great Britain's debt to America, frttt* partly icßponsibio for the upward movement, ' the fact'that tho balance of trade between America and Great Britain is lent advent to us than formerly also has an important effect, advicok.froni..Rew York atating that bills on England are not being, offered ? in hrge quantities.. Aj; to tho prospect of •Ruling appreciation, the chuinnau of Barclays Bank, in'a'recent speech, • stated that touhia opinion "Itho lower level of price*, and the fact that our exports .now exceed oar !>»• ports, afford good for confidence-re. the return of sterling to its pre-war parity. ... Wo are now pfiuing through a Sjrlcd of readjustment, and I am confident thafwe shall cmcrgo from it ae well tad ea ouieUy as other countries where tho'samo thine; 1« also that our relative potttom—as reflected in-the foreign. .eachiEgtM—irill, subject of course to temporary fluctuation*,, continue steadily , to impfpm. 1 * ■ .< , The iwwe.that ,tiu> director* of the Ben* of England have agreed to admit to fti board Mr E. E. tfeaooek,. a. Cantdiaa iMing wide colonial banking Aaporieoee, to an ,;**• npuncement that will occasion much di**Wsion in Britiah financial oirolea. Not long ago, as «,-financial expert writes, great exercised to exoludo from, the rank* «««•*- tors of the bank anyone in the UnttediKßljCdom who could-.be described aa » MBfJ the usual acceptance of the term, or s> leader of money. A chaago in that roaneetßstf occurred during" the last 10 year*, the Sew of selection having been so *»««*«!» ensure calling to the service of the Wrtitntion men more closely,, connected with booking than 1 was usual previously. In l**o « even • recent reetriotions, at will •{&*** l 0 "bo almost «, revolutionary atep to bring on to the board one who.can fairly be «•"*£"?; . as being more experienced in colpnjal tt»n in' London banldrtß. The Bank of Bnglaßa. ot course; has had ojose coim<aion Jlnaisotaujf with the dependencies, and at time* has come to their assistanciuwaen tlie-inwser "M™** has not been altogether favourable to th«B. 'in-this and other oircctiona it hj»» tenreo the Empire's purpose. So it » rnorj U»u> a compliment that Mr Peacock■*««>»• obtained selection. Outside <*a*nlW *»*- dom such an appointment will attract attjn. tion, as it may he regarded as a ™l^ 6 «*£j; out Hep towards consolidating % stfll man cloeely the general banking interest* M tte Empire. The adaptive inrtinota of BrK»b financiers ore very generally recogmsbd OTtpi» S3&*y" ~a an indicate tw : the- Scottish, iron -and * t ! d ,. t 7 d !?. ) SJi2 P -- ! depressed, and it » fln.d that inaaafaciig; ; I er« axo pwpariutf 1o 'c*t their 10,l 0, ? e V"L ' 1 mike a stronir effort to I>nng back »»««*» lU> a. proper lyosi-s. In all centre* b J u ft** 4a« Slowed down \o an .a-TormiiW *»«aT./»YL ' creiO-TO .'ipEthetic, and will only. plMe-OMMJ on tho condition that a- «*»**» «honld market values fait fprther. ■ ±W» boom ha* certainly "1 hopo i* acccidingly stronsrer U«Vp» Jf**' whin it come*, will- bo better *ijtej»d. Jb. indication of tho effort* mode lo low« y«2!. , comes in the shape of a further cnt » W*» intimaW by steelmakop, »«««^ n «MM» Ids por ton oh eliip plate*_ancs boiler pIMU. ■ These ■reduction* are Wkberaetory. •»'*w iodicate that makers aro waaMul U» pm consumers NerertheleM inuch pUnt in stoel-smeHijig centra in still net m jnaw. An optimistic forecast oi tie woc«*p«Ofar pwition during 1021 •«?•«■<• «» thg 3g«t ksue of the "Imperial Food JaamtiT W™ «totcd:—"lr. the wming «efflK»i» «*T IOM for a considerable iu<Teaso in the total »«« migar crop of tie Omtmcnt of Iwrope. TO* Ct-rmau output ohm* m cMiunnted at !,«».- 000 tons, and the Dutch crop isi» »•'•»•*? promißing. There may be a flfllinft OBjln Hungary, owing ps'rtly <" weather, so* partly to coonomii> conditions. A« regaras.caj* sugiT, in whtth the Unrted .State* are cWeny concenied, the seaaon'e total for all ooonttfea is estimated at 12,680,000 tons, a* compared with 11,952,290 Joat year. A;good crop-«» Cuba, however, iscrcatly prejodioed •» »• Kards harvesting by tho prccariooa ftnaadtl situation. Australia will not h*>e «»augJt • for her own requirement*. Bot, takinf one crop with another, beet, aa well «a oaap, th« world'* total crop of saga* etottld * be 17,035.600 tons, wloch i» X,774,876 Jon» mm* than in the previous year." LIMBi The Mount Somers Line and Stone 0».. Ltd., having iMtslled moro power and crashing plant, are now in - a' position to supply .Carbonate of Lime fcr immeds*4e delfrerj'.' Order for delivery now, and save disappoint* ment later on. _ THE HT. SOJCSRS LIME AND BTONK ' CO, LTD., 173 Ccahel street, Cnristchurch. 'Phone «IM. Box 687, •Christchnirh. I

DEBENTURES— T7.Z. Govt, ii per- cent. Inscribed, 1938 .. * — . 79 12 6 ' N.Z. Govt. 4J per cent. Bonds, 1938 ' — £0 0 0 N.Z. Govt. 5 per cent. •Bonds, 1&27 88 10 0 — N.Z. Govt., 51 per cent-. Inscribed, 1933 88 IS* 0 89 0 0 N.Z. Govt. 61 per cent. . Bonds, 1933 89 0 0 *— BANKSNeW South Wales »< — . 30 5 0 New Zealand; ». 2 5 6' 2 7 0 Union of Australia ». 11 7 0. 11-15 0 insurance— South British »« » — 19 3 •Standard .. — 2" i 0 LOAN AND AGENCY— National Mortgage „, — S12 6 N.Z. Loan and Jlerc (ord. stock) —' 87 10 0 FROZEN- MEATCamtertrury - ~ 11 0 0 ' N.Z. Refrigerating (£l~ paid) ' .. — M2 6 N.Z. Refrigerating (10a paid) ,.» ■ .. 0-15. 0 — COAL— Weetport-Stoclrton (8 per, cent." non-cum pref.) . 5k_/0 9 0 WOLLENS— " Kaiapoi (£1 paid) — 1 6 0 MISCELLANEOUS— Beath and Co. ' — 1 5 0 Colonial Sugar (Fiji and N.Z. 6 per cent, pief.) 19 0 0 a 0 0 Jfaac-n, Struthers(.£l pd.) — i e 0 Maeon, Struthers(6spd.) — 0 6^ 0 < N.Z. Farmers' Co-op. (JE2 paid) • — 1 19 0 Vniitcombe and Tombs . 2 10 0 2 15 0 MINING— ' , t Waihi .. .. 17 3 —