COMMERCIAL.

Press, Volume LVII, Issue 17118, 13 April 1921, Page 7

COMMERCIAL.

THE WHEAT CROP. statement by me. w. g. Mcdonald. (special to "ihe pb*ss."> INVERCARGILL, April 12. There has been some doubt in the minds of farmers and members 0 f the business community as to whether the minimum prices fixed for wheat next year (os 6d, oa 9d, and f>s3d) would apply in the event of a surplus from this season, such as might be expected. The president of the Board of Trade (Mr W. G. McDonald) was approached ou the matter by a reporter to-night. "The Government will uurciiase all good milling wheat at not lpss than the minimum prices fixed, even if.Jhere is a surplus/' was Mr McDonald's reply* • Mr McDonald added that tho old classification of wheat for purchase purposes had nrovod somewhat unsatisfactory, and that a new one 'was to be announced some time this month. THE PASTORAL INDUSTRY. A DIFFICULT PERIOD. Interesting evidence relating to the outlook in the pastoral industry was given in tho Arbitration Court yesterday, when application was made for the 3s bonus for musterers, packers, and drovers. Leicester Matson, stock and station agent, stated that the price of sheep had fallen 50 per cent.; there was u big drop in the meat market. He gave the following-as the average price of wool per bale at. present prices:—-Mer-ino £l7 3s 9d, halfbred £l6 9s lid, three-quarter-bred £l6 8s 2d, crossbred £l6 10s. He was of. opinion that tho market was going lower; there was a state of congestion, and there seemed to be no outlet. There waff a bigger drop in merino and halfbred as com. pared with the front country sheep wool. AU the back-country man had t.6 depend on was his wool, and unless he was financed witness did not know how his problems were_to be solved. The quesljion of keeping that class of country free from rabbits was a problem that was going to be very tough to handle. Undoubtedly these nien had had four years of good times; the bulk of their profits could be allocated as follows :—One-third* was eaten up in taxation (income tax), one-third in.overhead charges for running the place and other costs, and one-third in increased 1 pertonal expenditure. Next February thev would be called upon to pay income tax on a paper profit. In some localities they were having an, unpleasantly dry time, and it was limning late into the season, which meant that pastures were going to bo dry, and after tho first rains and fronts the food was going to go. Conditions as to values were regulated by the world's markets; there was" no possibility of the resuscitation of tho wool trade for a good period—it' would he longer than most people thought; it would be probably twu years. Mr. Baldwin (for the union): Yon cannot Say that you are any great nu% thority in respect of high country f Witness: Except that I have been in buginess for thirty years as a stock and station agent, and during that period X have been in touch with all classeß of wool' kings, and have also inspected back country stations. t ' Alex. Boyle, of.'Pyne, Gould, Gumness. Ltd.,, stated, that, compared with last July, the sheopowners' position was very, very difficult and very much worse. Present conditions were temporary: it would take a couple of years for things to improve; fpsent cqndi-j tiono were due -to', outside qircum-1 stances: runholders who'had hot sUffl-j cient capital would find their.holdings | untenable, unless costs were Riibstantialjy reduced and unless they employed very much h»Bs labour. To Mr, Baldwin: "Witness was not .aj runholder;' but did not speak "only fts a .■land-jobber"'-''he'possessed, an <eß*ellent knowledge of present-day • eonditionß; two ■years ago ho Unsed the Rhoboro' Downs run in the Mackenzie country, but at the inojalent he did not recall what reut was paid* He thought that at the December-wool sales merino wool brought very nearly 20d. Witness warmly denied that he was giving evidence to protect men who, according to Mr Baldwin, were going "to get a jolly good crucifying from the financial institutions of the Dominion because, they had bought land at: inflated values and could not now meet their obligations." Mr Baldwin: You hare Rot to get, your money. Witness: That has nothing to do with it. i His" Honour: I. don't know what the stock and station agents have to do with it. .The trouble is that there doesn't appear to be capital 5n the country. ■ . '■ '[ f ' PRICE OFMEAt. f nmSSMGATiON TRIBUNAL'S ACTIVITIES. The Canterbury Prices Investigation Tribunal has lately been investigating the retail prices of meat in Christchurchy and has arranged a conference with the master butchers in and around the city,, which will be held to-morrow evening. Similar conferences have been held in a number,of North Island centres, the result being that butchers have been notified" to reduce their prices, in some cases very substantially. The Canterbury Tribunal has been collecting information for some time, and it is understood that evidence is now available justifying at least a conference with the butchering trade to ascertain how far existing prices are warranted. The investigations have been of a complete and detailed character. Stock has been traced from the market to the abbatoir, and thence to_ the shops, enabling a complete collection of the facts -relating to the value of byproducts and the costs from the time the butcher buys the stock until the meat is turned over to the public. In addition, butchers have supplied figures of the retail prices charged by them. SUGAR SUPPLIES. » Local sugar supplies will be augmented by an allocation of 400 tons, purchased by the Government in Australia. It is expected that the consignment will come to hand early next week. The allocation is part of a consignment of 1000 tons, the balance of which will go to Wellington and Dunedin. Auckland not having to endure the dislocation of its supplies' as the southern, centres have frequently to do, is not participating in the allocation. The consignment is arriving at an opportune time, as stocks here were shortening. THE BUTTER MARKET. (sntquii TO *%HE PBMS.'M DUNEDIN, April 12. The butter trade is a ceaseless to all engaged in, it. The latest development is "the issuing of a circular from the wholesale firms in Dunedin to retailers, notifying that "the wholesale price is advanced to 2s lid per lb net. The factory managers say they are driven to thiß increase of price because they have to buy from lie Imperial

Supplies Department through tho Government at 2s, ex store, and the selling charge that was previously fixed—--2s cer lb—does not pay the expenseoof".freightt t patting, and delivering. Their case*is quite clear, but what about tho retail grocers? They cannot pass on tho Id advance, since tho Order-in-Councii ronjj'o.'s them to sell at 2s 3d. All that they.get now for rotniling is ljd per lb. luo new arrangement is hard on them. Tho position is so unsatisfactory that :i conference is to bo held on the subject at Wellington to-morrow between Mr Mnssey and tho factory managers, in tho. hope of coming to a fair and workable Understanding. One of the troubles seems to be that the North Island producers will not or cannot quote, and in consequence the South Island factories are driven for their supplementary supplies to. tho Imperial Supplies Department, which body says, in justification of tho charge of 2s, that it is Id per lb.below the pre-seirt-day commercial value of butter in tho open market. The wholo situation is beset with difficulty. MARKETING POTATOES. £SOOO COMPANY PROPOSED. At the meeting of delegates # of tho South Island Potato Growers' Association, held in the Y.M.C.A. rooms last Friday, a proposal was made to form a small limited liability company, with about £SOOO nominal capital, .-25 per cent, called up, to assist tho distributing agents in handling the crop for this season, and to act as nn adjunct to tho present machinery. The. proposal has been referred tn branches for approval, and will be submitted to distributors later. The objects of the proposed company aro to assist in marketing tho crops of weak holders, who, it is alleged, by having to sell, nrolnrgely tho cnuso of tho low prices obtaining. SHEEP OWNERS' PROSPECTS. MEAT AND WOOL PROBLEMS. (from oub own correspondent.) LONDON, February 17. Sheep and all they represent are probably being discussed on this side of tne world just as much as they are in tho Dominion. So far as froaen meat is concerned wholesale merchants aro dubious as to the'future; and very littlo forward business is being transactedProducers in New Zealand, doubtless, realise how complex the situation is at present. Still there aro points they axe apt to overlook, being so jar removed from their markets, and it is only those who are disposing of the produce at this end who are really in touch with all tho facts. A conversaton with Mr H. E. Fairweather, agent in London for the Wellington 1 armors Meat Companv, has given me a wider knowledge of the of tne times —troubles which are probably known by those dealing with the business correspondence passing between this country and New Zealand, but not so generally known by* the wool and meat producers. To those who looked to America for a market if Great Britain was not able to handle all the available meat of the Dominion, it must come, as a surprise that a quantity of the lamb, sold to that country by the British Government last year and conveyjeil direct from New Zealand to New York, is now back on the London market. For the time being, at any rate, the United States has bought ,moro than it can consume, arid ,96,000 carcases are being offered in London to-day in 1,000 carcases lots, at 12id per lb. 0,i.f., n, figure less than ; the controlled price. A certain amount of "free" meat is coming forward, but with the competition of this United States meat, and the Government "stock with a wlidlesale ' controlled maximum price of Is Id per lb., it is impossible to realise more than the- controlled price for the "free" produce. Moreover, it. mtißt be remembered that the Government's price of Is Id includes freight "to any / part of the kingdom, so that in calculating a price for 'free" meat an average of -[d per lb must be allowed for freight after f arrival at the port of disembarkation. .' t . • Home grown meat is certainly selling for 2s 2d per lb., but it is questionable whether those accustomed to using the imported article are inclined to pay any more than the Is 5d or Is 6d they are at present paying the retail, butcher. The war has taught people to be economical, tho spending power of the nation has considerably diminished, and if people cannot afford a thing go without it. An overstocked market, ana a passive resistance on the part of the buyers are bringing the prices of other commodities to a more ecpnomio level, and there is no reason to believe that the same thing will n6t happen in tho. cas'e'ofj frozen :jmeat. Then again tho housewife shows a careful discretion, in the choico of a joint. "Have you got a small joint?" is the continuous request. Hence the demand.is passed on to the wholesale merchants for the economical light-weight animals. Inferior heavyweight enrcases'are not welcomed. They continually a,ay on the market "We want small sheep." So long as the price is what it is the pubic and the retailers, ■nail retain this preference. As for wholesale business, no London merchant will listen to market men who speak of large quantities. The future is too uncertain to carry on other than a hand to mouth policy. Where 20,0f10 or 30,000 lots were readiiy sold in tho pnst the demand is for 1,500 or 2,000 lots to-day. TALLOW. ■'! .'One cannot help wondering if the world has found out that cleanliness is an unnecessary luxury. People' must have food but they can safely go unwashed. This, perhaps, was one of the contributing causes of the.price of tallow dropping from 112s a cwt. to-the' present price of 50s a cwt. At the auction soles at the Baltic thcro was no demand and sales have been suspended, and at the present time merchants who dealt with 1,000 cask lots are- making enquiries for ten casks, three casks, or even one. Consumption has gone down to a minimum. France stopped the import of tallow last year to improve her exchange. Since the restriction hss been removed she has never reentered the London market. The rest of Europe is not in a position to buy, added to which the oils used for soapmaking are plentiful and cheap. 9 , WOOL. While there is an element of .uncertainty concerning the meat market none but the most optimistic could see a prosperous outlook for wool in the next few years: The British-Australian Wool Realisation Associaton has approached the Colonial Wool Merchants' Association with the suggestion that they should co-operate in fixing reserve prices for all descriptions of wool, and that definite proporations of what was. Government wool and of "free" wool should be offered at each sale. Under this arrangement, Mr Fairweather maintains, the Realisation Association will gradually get rid of their stock at resonable prices and go out of business, leaving private owners with an everincreasing accumulation which they will proabbly have to unload on to a still lower market. In other words, it is merely reversing the position so that instead of the Association, being the owners of the accumulated trtock private owners will take up the burden. In the case of Australia the members of the Association and tho private owners are to some extent identical, but what of New Zealand ? A market nursed and controlled for the next two years is not going to help New Zealand to get rid of her cross-bred wools. Mr Fairwea-

thcr's contention is that it were better to sell all qualities at tho present world vaiuos instead of providing the owners ,witU an, accumulation,' say in two years' time, which will have to bo sold at the low prices the poorer European countries can afford to pay. "In my opinion,"' said Mr Fnirwenther, "ii'Neiv Zealand will accept reasonable prices to-day the country will benefit becauso she will regularly be getting rid of her produce, but if she asks for inflated values it will mean an accumulation'of produce which will ultimately have to be sold at a much lower price." « FKEEZING "OPERATIONS. . {r-RESS ASSOCIATION TELEGRAM.) WELLINGTON,. April 12. It was stated to-day thaT tho frwsinj; works are somewhat busier than they have been for some months. Farmers, being unable to find grating for their Hocks, are killing and freezing on their own account, and, with the exception of tho Wellington Meat Company's branch works near Mai ton, nono of tlio freezing works has been closed down. Tho Dominion position is Mid to bo easing. AUCKLAND PEOPEETY MARKET: (SPECIAL TO "TUB PRESS.") AUCKLAND, April 12. The effect of tho financial stringency and tho fall in value* of produce upon the property market was discussed by several prominent land -agents. The general experience appears to be that the laud market is dull, but not dead. While the tightness of money was certainly reducing the demand for land. said ono authority, good land wag still attracting buyers, and some transactions were going through. Ho thought that too much pessimism was being talked, tho reason doubtless being that comparisons were being limited to recent abnormal years. The present business in land was not much below that of pro-war times. Speaking of dairy land, he said there had not been great depreciation h\ values, for they had never had tho full world's market prices for dairv produce. Asked if tho tendency would bo "for a lower standard in land values, and for the legitimate farmer to do better, this authority Mid** this appeared to bo certain. There had been far too much speculative buying in tho past," and personally he welcomed the present depression, because il would have the effect of stabilising the market. Another agent staged that practically no business was being done in farm land. • Many properties, were being placed in aconts* hands, but price* had been reduced. This wasnßunlly a duH season for sales, but this year it wM doubly dull. The general position at the moment was that both prospective buyers, and prospective sellers were "hanging on * to see_how values Would •. turn. As to house property, tho ntW- ,' ket, though.not so brisk as it wM ft few months ago, was fairly good. . ' OVERSEA BHIPPINO FREIGHTS. (Received April 12th, 11 p.-mJ-v SYDNEY, April 19,, The Overseas Shipping RopreaflMfttive dissociation has deojdeo tojfft* duce the rates for oversea cargo tWW Australia- to the parity of the H«w Zealand rates, which is stated to be the lowest possible. METALS. . (Received April 12lh, 11 p.».V LONDON, ApiflUl. Copper-Spot £69 6s Ba, forward «*» At Sd| electrolytie, spot £72 10i, forward ;«4. Lead-Spot £M 16a, forward «1 U. Spelter—Spot £25 IBs, forward «n. Tin-Spot £163 2s Bd, forward IMS Ma 90. Silver—34Jd per ounce, AUSTRALIAN FLOTJR. (By-Oabler-Preas. (itwtraliaa ;*od N.Z. Oabl* A**ool*ilonJ MELBOURNE, April »• The WhsiiA' Board ha* decided *> PWrtto miller* with wheat for gnatiug into float to* export at the world parity price. LATEST RATES ON DEPOSITS. 1 (BWHJIAi. TO "THB PRESS.") TIMARTJ, April I* Th« Timaiu Borough Council hava decided to pay the'.following "*!«• *■* »*«*■* «* money deposited witih. them:— Money deposited far six months, <| W* cent. . _ , j . For twelve month*, 6 per osni. For 24 rhonfehs, 8 per cant, .': TENDERS BOARD. (FBIST ASSOCIATION TBUBOBAK.) , V WELLINOTOR, Awfl Ml Tho Tender* Board'of the Pntl3s> Worts' Department has aooepte* the foUowiaf Un« Owke ooil* for Waikato Natibnal Electrlo Co., £66 12* «8 »fr*U of . exchange 4 dollars to pound atarliat). . Equipment Woikato jjowm ■chan*. T* Awamutn sub-section—Turnbiill ,aad lows, Wellington. £lBlB. - ... . . ' . Waiieno sulxUtion—Turnoull and Jons*, vJJuis and bolts, Waikato •cheiiw-lfcfitor;' ion Proprietory, Australia. • :\- ' BANK OF, * It has been decided to issue to riiaitfUlMM 12,600 shares' of £4O each at «, pwßMhuael £2O per share, in the proportion Of on* mm share to Sevenfold ehares. The data of-* lotment.ia the 25th iwrtan»,<m wWohdats iW share register will cloee, and allotment lattsM will be; forwarded to sharsboUere «a *M 26th inst. The prie* of £6O par abai* » payable at the Bank Of fa«l«ls l , J» , bourne, in three May. 18th, July 18th, and S*pk»n>* fltt Holders of shire* not k aa exaet maltiplaof . eeyen will receive Ixm one to six nrovisie**! warrants, each for one-severitfc of a skate, and on production of seven of these warraw* oa or before tho Jflth proximo » full fliat* will be allotted to an approved applicant. Interest on instalment* of S per esnt. p*f annum, free of British income tax, wuL-w allowed from tho respective date* of par ment to October 10th, 1021, and also on P»P ments made in full. Payment In full is, however, only receivable on the date the flirt instalment i» payable. Interest at .8 per cent. - per annum will be charged on overdue tastalments.. The new afcarea will rank on am . equality -with the old atpares for any dividend.' payable in April, 1922. oantersurFmarkets. ! Tussifsj evening. Dullnew continues to mark business fa practically all branch** of Brah» and produce. Wheat ia offering freely, tat millers cannot cope with it all, and snipping dislocations have prevented supplies going north as promptly as would otherwise be the est*. With a sufficiency that is now guaranteed iipr the year baiters arc UEing up stocks thsy had in hand/ from last year, which to farther accentuating the tardy disposal of the crop. , i.L . i* ... Little oata axe offering. Mash if it remains in the stack, and fanner* are disposed to leave it,there until something turns up. Potatoes bto worth from £1 10a a* country stations, with sellers not xnunerou* at that figure Inquiries continue to come from the north', and quite an amount of business would be done were shipping available. Prompt deliveries cannot be guaranteed. Tho following are quotation* for new reason's produce, to be paid to farmer* at country etationa, free of commission, sacks extra except where otherwise elated : Milling Wheat—According to Gownment V-rioes: Tuscan 7s 6d f.0.b., Hunter*, 7i 9d; Pearl, Bs. . A «" ~ . Oate-Gsrtone, 1* lid to 3s; Algerian*, Is 6d to IS Bd. Chaff—£2 IBs to £3. Perennial RyegrrM*—2» 6d to 8s 94. Italian Ryegrass—2« 6d to B*. Cocksfoot—*l »to Sd. Barley—3e 6d to 4s. Potatoes— £3 10s. Onions— £2 10*. Peae— Partridge, 4s 8d to 4* 6d. Jviasccd—£B. Oatmeal—2s's £25, 76s £2B. Flour— According to Oovernment price. £2l per ton, f.0.b., Lyttelton, Timaru, and Oamaru. Bran—According to Government pme, i'C to £G 10s per ton, according to packing, f.o.b. southern port*. Pollard—According to Governnteat price. I'd to £9 10s, according to packing, tab., southern ports. RANGIORA MARKET. The yarding of fat sheep at the Rangiore market yesterday totalled 1786—1287 lambs, 253 ewes, and 236 wether*. There w*e an improvement in the quality as compared with a few previous sales, and fat lamb price* were a littlo firmer than last week'*, bete* equal to 5Jd to 6d per lb.' Fat wether* also sold better. The range oi prices wa*:—•Prime lambs, 17* to 18* id; medium weights, IB* to

"*Fat'Lamb's-For J. Wright, 86 at 11« 7d'; # Leech, 4-1 af'Ms Ud; B MoQuillon, 83 ' l -friiA in ItJto Id- H Watkina, 24 at Mer 10d, S Ritchie 1r at 17s, FTDawaon, 98 at lto 6d, Guy's m%TI9 at 176 4d, 47 at 17s 6d, 42 at,lss, t BO at 17s sd, F. Dawson, 118 at j*?A fie*™, fe. 53 at I*<*l 101 •tlTa IM, 81 »t 18b Id; clients, 89 at 15a, 18 dkilSs 10d, 191-at 14s Bd. Leech, 60 at lto Bd, 47_at iOs 6d, F., Dawson, 8 at Us 6d, 10 at 10s ff-£ ii & 3d; A! McNevrn; 16 at 9« 6d, <£' Sllott, 09 at 9» 4d, 18 at 9s 9d, 7 at JO9 2d" C/-li»ndM.y, 28 at 14« lOd, chent, 20 f> »t 8s 9d. * Bros., 81 at 17a lid, 24 at 16s Id T Jarf, 6 at 15s Bd, ,C. Lindsay, 19 at i7e 10d, 13 at<lsa Bd. 14 at 16» 6d, 27 at 16s 7d-, and ohttt,,Xat 16« 6d. Vani thaVliulk of the entry was disposed of ttVd-toothteweamade 10s to 14s 9d, four, six, ~*nd ewes, fls to 12s 6d, soundfitouth ewes, 6s to Ba, failing'-mouth vnoa t Is W>& v «iT lorward Wethert,* 10s 6di to 18s;a * and r sfofc lambs, te'to 7a 6d. , » f, Cattte-TEorte.head of cattle at £B>to £l2, _eriipty it yearlings '*£%&•**»•£%> (3»wjere ffisposed of. Stores <Smade 26a to 60s, and BmalPpigß.os'to 10s.j >v? hkATtoi poultry department roosters sold, 9b to 12», h©hs.s«, and ducka Bs. . ASHBURTON MARKET.-, ' 1 , 'Tfoj entry of fat at tbe, Tinwald compru(alcf 456 ewee, 68 weth-r-ers, («Jd "2893 lambs. There was again a ,1 attendance, 'and bidding was bnsk. so improvement m the (tone, of the ~Sarket, lafflbs, especially showing a further fSeclme in about la per head Ewes* jCinade 9s Id-to lis 7<L wethers 9s 9d to 18s M, and lambs ?4s 9d to 18s 7d. The pnn?o»al salesNwere:— s ' lfivat 10s at 9s 4d, 67 at 9s, -<?s& at frs.'s4 at lls-7d, 24 at Us Id, 82 at - OOs lid. toTat 8» 6d, 19 at 8s 6d, 19 at 10s 4d, V U Btt.lOsrSe at lis 3d, IS at 10b 91, 62 at ' >IU\B((F39 at 12b Id; 24 at 8s ldj 55 at 10s «te at at 15« 7d, W at 16s 7d, 16 at Mfe-ilPft IBs 6d. ,JfLambs-Q8 «t IBs 2d,. 27 at 16s 7d, S6 at 14s "IsLflO at >IBB - lfe 7d, 20 at 17a. 46 f <l3faVs 6d, 01 at 16s Idjt 109 at 15b, 79 at Ms i ,^ai v l6l *t,l6s 8d.170 at*l7s 2d, 169 tat 17s, . <W r at^7s ? Bd; 81* at 10ft Bd, 248 at 17s, 280 Mi<l6» «d, 201 at 17a ,4d, 137 at 18s Id, 90 » 7d > *7* at 16s 6d, 271 at 17s Bd, 189 at> MMftaftlis, 48 rat 16s, 47iat 6a, EB*»t 17a 6d, 161 at mm W» 4d,»129 it 16» f ßd, J97 at 16» 6d. totalled, a litt|e ,' ..®*tler4(H)o,' out^of-,wlooht.rr«>re J than 1000 were agotaon.-- The principal sales croesbied lambs at 4s fv/'-SMdj'ieS do/at is lOd, 46 mlzed-sex lambs alt ... *'M«,«ld, 4Vtwo4ooth, tbxee-quarterbrod ewes, at \ WMM iSd, N aOt?two-tooth( wetbera at jlpisld, 150« i and eighttopth haKbrtd ewes t ; *#re<r eawaV 18s, lOO'iour, six, .and^eigbt--1 &ofbred 4*e£ at lis 3d. 120 full and WWo«four,' siz,^and eight-tooth crossbred v t##e» «t!7si6d, <6>two-tooth halfbred -wethers vSit 9srßd,*4B*eonnd-mouth crossbred wethers ' 4vOasttt« £ yarding, *•t-maMll atoree, ,J«r, wbicih there was but a . A fewsfairly good hutohers*, sold at < from £8 to £11,109 for \<t*&£ttff*ul £V5* to £6los for heifere. V^ r V --! v > AUCTIOSi v " "i[ i3 r MAsßea Harris reports that] the usual saki of Feather brand gnaranbehalf <of *tha I T*Egg^FanDetr i Association} was Hereford, street, yes.tSierday afternooni* There was bnek oompetioffered, ,and ther Wbnv* aßf3n3oltljr,sold at the following-prices grade 3s 3d to 8a 4d, second,1

ELLESMERE HOUSE FAIR. Messrs H. Matson and Co. and. the New Zealand Farmers' Co-operative Association their annual Horse Fair tOt Leestoii on Monday. As usual, the fixture attracted a. large /'attendance, .including many farmers and others < from outside tho Elllesmere disj.tricti/'; There was a total entry of 196 horses; by far th% greater number being broken dranghtsi Considering the times, the fair may be considered as very successful,, the percentage of sales made being much'.better, than was generally expected. CTJhere was a I good demand for th« be»t broken diaughts, and some big pnce3 were realised for iipI standing, sound horses. Medium class and aged horses also brought prices that must have satisfied vendors, as the number of sales made was >ery good Good unbroken draughts also sad well, but the demand 'for hacks waa, as usual, very weak. Following is a list of the principal sales made.— . . Messrs H. Matsoh and Co. made the following sales — * Broken Horses—B. Lynn (EUesmere),. 6-year gelding £l2, W Giecn (Southbndge), R G Bishop (Southbndge), aged gelding £l2, K Hammond (Prebbleton), W J Doyle (Doyles ton), mare 3yrs £39, W Craw (Chorlton), gelding 4yrs £4l, D, McKendry (Metlrten), McLachlan Btob. (Leeston), aiged mare £3l, Mrs J. McMahon (Laikeside), 4-year gelding £27, W G Hill (West Melton), W 3 Doyle (Doyleston), 7 year maie JB2B, 1. Schmaok (lrwell), 8-year mare £ls, E A Bxoughton, W Lochhead (Southbndge), &l year gelding £4O 10s, P Thian (Lakesade), 9 year mare £2O, Geo. Cooper (Southbndge), 9-yeax mare £2B, J Winchester (lrwell), F. Chamberlain (Dunsandel), 4-year mare. £36, E W Johnson (Weedone), W B Cooper (Southbndge). aged gelding £l2, Pjl kington (Southbndge), H Chappell (KilImchy), 3 year gelding £2B, W Orav (Choil i ton), Mrs Tod (Doyleston), 5 year gelding I £64, John Kennedy (Mothvn), J A'dndge (thinsandel), 5-year mare £27, B, G Bishop (Southbndge), aged mare £lO, J Duncan, O Greenwood (Southbndge), aged mare £23 Jfls,. J-\5 Wall* (sa! Tapu), F McCtos truck fLakeside), 5-year mare £3l, Mrs-.J. ttoMahofi (Lakeside), Scott's Estate, {Brock--side), 4-year maie 46, B. Gemmell (Bart side), 41year mare £46, B. Gernmell (Barr £37, A E Withell (BrooksSde), W J Doyle (Doyloaton), 7-year gelding £27, G | Hams (Qourfcenay), W J Doyle (Doyles- i ton), drought £23, J, Walker (Selwyn), J D I Campbell (Southbndge), 6-year gelding £6l, F. Chamberlain (Dunsandel), 6-ycar gelding ' £4l, W. H Boyle (Templeton), 6-year geld- ' mg £ 37, N Thompson (Southbndge), aged I I gelding £25, B. F Kimber (Southbndge)! D I Jones (Dtmsandel), c?ed gelding £24, S I Graham (Leeston), H F Wright (Dunsan- , del), 4-year mare £35 10s, Buckenham arid' Squires (Dunsandel), M O'Neill (Doyles ton), 5-year mare £35, F G Frampton (Broctande), W M Gabble (Southbndge), 4-year gelding £29, A Allen (Kilhnchy), 3year gelding £l6, D MarshallJKillinchy); W. J Doyle, aged gelding £16,1W Montgomery (Southbndge), E Fell (Southbridge), aged gelding £ll, MoPherson, T J. Carter (Lakeside), 6-year mare £37, B G Bishop (Southbndge), J Stapleton (Doyleston), 4ryear gelding £27, W. Brears (Southbndige); L. C. Lemon (Doyleston), 4-year mare £BS, I A.'Carroll (Southbndge), H Sowden (Spnngi ston), £27, D McOlure (Fendalton), 7-year mare £l6, E Washbourne (Selwyn), E. W. Johnson (Weedons), '6-year more £22,_ M Gallagher (Prebbleton), 6-year gelding £3O 10s, P (Leestotn), 4-year gelding £3B, N W. Walker iDunsandel), 7 year gelding £26, J Bnco (IJornby), A McLachlan (Doyfcston). pony £l2 10s, Joseph Heslop (lrwell), pony stallion £l6, S W. JWnght (Kirwee), W Sly (Sprangstoij), 8-year filly £2C 10s, S Wn;V (Earwee) •Unbroken—Joseph Heslop (lrwell), yeartax filly £lO, W J Doyle (Doyleston), F Chajbberlarn (Dunsandel), 3-year filly £lB 10a, F Graham (Leeston) . 4 The Farmers' Co-op Association made the gales I JBroken Horses—B MoDowell (Dunsandel), , £year gelding '£37, 0. Woolley (Highbank), W. O 'Renme (Doyleston), 5-year gelding £Bi), W C Lowery (Doyleston), 6-year mare £4O, A J. W. Young (lrwell), J Spenee i (Kulinchy),' 7 year gelding £39, K Gernmell (Launston), 4 year Ally £35, A Allen fKil I linchy); »E. E Jenkins (Dunsandel), 6-year mate £5? 10», J Colhson (Barr Hill), filly I foal £3O, 6-year mare £55, D Jones (Dun--1 sandel), aged mare £l3 10s, J Tahen (Te ] rmika), E B Winter (Brookside), 6-year gelding £l6, J Tahen, D MflVr (Leesteu), I 6-year gelding £25, A E Withell (Brook- | side), .Canterbury Seed Co. (Leeston), 5-year mate £4l 10s, H. Beadel (Bapanm), aged gelding £BO, A F Hill (Spnngston), Mrs Tweedie (Dunsandel), 1 6-year mare £32, N. W.,.Walker (DunsandelK Allen Bros (Killinchy), *8 year fijjy £l3, W Armstrong (Papajxm)f James Walker (Dunsandel), 5-year gelding £44, W H Boyle (Templeton), T Carter (Lakeside), gelding £~>s, B G Bfehop ;.(Southbridge); D. Jones (Dunsandel), 5-year |i!mare>'£47, L. Harris (Motukarara), pony £ll, JBrown Bikes'. (Sedgemere). 6-year .mare £2B; .W., G-ilbert, pony £10: W. J .Nairn (LakeBide), pony £l2; W. Fl Conway (Spreydon), 5-year gelding £43 10s; C.W. Woolley fHighbank). at«ed gliding £l6 10s, E. A. Brough•tan (Christchurch), 6-yeM mare £2B, D. Lochhead! (Leeston), 4-year. mare. £2B, D. Lochhead (Lee*ton); W. C.-.Lowery- (Doyleston), 5-year geldin?. £W 10s, D. Jones (Biihsandel): L.Taljen (Temufca)/ gelding £44, ■W.Woolky (Highbank). • ■ > Unbroken—'P: s Ofßovle. (Lee?toh>,' '4-yi*ar Ally. £36, ;P: Thian.(Lakwdde): Estate (Lak<??>d«). 8-year gelding £27,-. W. Hainpr ion (Southbridge)., '■■■"t .. . S .iCrrIRIST<3HT[JBCH' STOCK EXCHANGE. Latest quotations:— '■■:■■■■■>. Buysrs. Sellers. £ •»'i * DEBENTURES—vN.Z. Govt. 6J per cent ■-'-': Bonds, 1933 .. 88 IT 6 89 2 $ '""■ ;,..'..' *"■ " Australasia .(cum' rights) 80 15 0 Austra'tsia, "Bights'' .. 10. 0 0 v -. Australasia,' "Fractions"' 1 0-0 . National of N.Z. .. New South Wales ... *New Zealand .. -r 2 7 0 Royal, Bank V-. 1 6 S ' Union of Australia ..11 7 0 INSURANCE— New Zealand ■•«• I .* 6 Standard .. .'»•.— 2 4 0 LOAK. AND AGENCY— Dalgety and Co, .. Gbldsbrough, Mort, and Co.. (Melbourne)' .-. 17 0 N.Z. - iioan and Here. ' (ord. stock) ..' 'SHIPPING—- . P... and O. Deferred ' «.- Stock (cum~div.)' 310 0 0 FBOZEN MEATCanterbury .. N.Z. RefiigeraGng (10s paid) .. -"...- - . 013 6 COAL— i ■ Weatpoit-StocTttort(Bpei f | "•... cent, non-cunl pref.)' . .'.; 0 9 0 WOLLENS— ■ ' V ■ . Kaiajgoi (£1 paid), .. Kaiapoi (pref. re div. only) "'.,.■>'■■ . ' ■'..■

MISCELLANEOUS—--0.1.C. (6 tier cent. cum. pref.)" •• •■ - °- 19 6 Dunlop Rubber .. Eclipse Petioles pa.) ■ 015 0 N.Z. Drug Co. • .. N.Z. Farmers' Co-op. ; . (JES paid) ■ 6 0 0 N,Z. Farmers' Co-op. (£2 paid) " .. N.Z. Farmers' Co-op. (6" per cent. pref. re div. only) .. . Whitcombe and Tombs MINING— ' ' ■ ' Waihi .. ..173 Waihi Grand Junction 0 7 0 AUCKLAND, April 12. Sales on 'Change: —Bank of New Zealand, 46k Cd; Waihi, 27b 3d; Wilson's Cement, 14s Bd. ' ' • - WELLINGTON, April 12. Sale on 'Change:—Union Bank, £ll. DUNEDIN, April 2. Sales on 'Change:—War Bonds (1938), £7B; War Bonds (1939), £7B; Inscribed Stock (1938), £77 15s; Soldiers' Loan (inscribed), £BB 17a 6d (two), £BB 15s. ' AUCKLAND.._STOCK EXCHANGE. (SPECIAL TO. "THE PRESS.") AUCKLAND, April 12. Quotations —Bank of Australasia, sellers £B3 10s, Jniyers £32; National Bank, sellers £5 10s buyers £5 75.; Bank of Now Zealand, sellers'£2 6s 6d, buyers £2 6s; Union Bank of Australasia, buyers £ll 10s; National Insurance, buyers £2 14s; New; Zealand Insurance, sellers £1 6s 3d, buyers £1 5s 6d; South British. Insurance, sellers £1 10s 6d, buyers £1 9s 6d; Standard Insurance,. sellers £2 ss; New Zealand ana! River Plate, sellers 193, buyeTß 18s; Loan and jMercantile, buyers £B6; Westport Coal, sellers £l*7s sa;.'HuddartJkirker (ord.), eellen, £2 Ib' 3d, buyers £1 Ids 6d; 'New Zealand Shipping (pref.), sellers £10; P.' and 0. (deferred), sellers £330, buyers £320; Kaiapoi Woollen (pref.).. sellers £1 5s 3d; Talisman Consolidated, sellers 4s 6d, buvers S« 9d; Waihi, sellers £1 7s 6d, buyers £1 7s; Waihi Grand Junction, sellers 7s 3d; New Zealand War Loan-. 1938, at 4J per cent., sellers £79, buyers £7B 10s.