COMMERCIAL.

Press, Volume LVII, Issue 17119, 14 April 1921, Page 7

COMMERCIAL.

FROZEN PRODUCE LETTER. FEOZEN MEAT EASIEB. CHEAPENING FACTORS. Ctbom oub special correspondent.) LONDON, March 3. Tho unexpected happens no less frequently in the frozen meat market than in other arenas, and the complexion of events has certainly changed to a rather startling extent during the last week or two. New Zealanders will find in this a sufficient reason for the stognation of the forward lamb purchase business which has becomo apparent of late, and the changes seem to warrant negotiations being conducted on a lower level than formerly, though sellers themsdres must be allowed to be the best judges as to this. THE CONTINENTAL DEMAND. Everything has seemed to conspire to hit at price stability in the meat markets of Great Britain. For one thing, quite a number of cargoes which had been intended for European sumers have for one reason or another been diverted to English port destinations. Tho causes of this have been various. Money has been none too cer•tain trom our Continental friends, and i numerous cases have occurred where, at the last moment, after contracts had been arranged, and even when the cargoes had arrived, the intending buyers had been proved incapable of payment against delivery. ' A notable case of this kind happened two or three months ago in France, where a cargo was held j up for, this very reason, but it was ultimately released to the buyer who made payment in kind with a huge holding of ex-Army canned meat which he possessed, and which was, naturally, taken over at the frozen meat seller's own valuation. Fortunately for the frozen meat seller, his wide connexions allowed him to market the canned goods in many far-apart localities in Europe, and the story goes that his ultimate profit actually ran into millions ster--IIIS' LAMB BELOW MAXIMUM. The New Zealand lambs which have been coming over via America have ueen responsible for a general cheapening of frozen meat, as they have been put out to the trade by the Americans at Is per lb, which is Id below the maximum, and many are of opinion that this maximum price would have held. However, the Americans have seen fit, to let the meat go cheaper, with the conseqeunce that it carries the whole market away to an easier Jevel. Doubtless our Yankee cousins have Borne scheme in their heads in connexion with this, and, of course, it places the market more in their, hands for future eventualities. THE EUROPEAN MARKET OUTLOOK. The uncertainty of the demand for frozen meat that will eventuate from the Continent of Europe during the next season is largely responsible for the present tone of the market in Great Britain. Messrs W. Weddel and Co., Ltd., who are as reliable an authority on this question as anyone, say in their thirty-third annual review of the frozen meat trade that, while the possibilities of these new Continental markets cannot be overlooked, in view of their having absorbed last year about 300,000 tons, or nearly 30 per cent, of the world's output, it is impossible to assume that they are becoming established on any sound or permanent basis. They are still frankly opportunist markets, influenced largely Dy conflicting political and financial considerations rather than by any real difficulties connected with prices or transport. A PROVINCIAL PORT. Southampton, which is one of our best equipped cold storage ports, with its ''international" stores right alongside the deep-water quays, is looking forward to increased business in frozen meat and produce imports, now the trade is flowing again in normal channels. At the annual general meeting of the shareholders of tne International Cold Storage and Ice Company, Ltd., held recently, C°l° ne l ■&• n ce, the chairman, said that although the revenue for the year 1920 represented the largest sum earned by the company in any year, viz., £114,232, yet trade conditions could not be regarded as either stable or satisfactory. The stores have been largely re-equipped during the last year or two, and have been, filled for the extended trade which is anticipated. INTERNATIONAL CONGRESS. I understand that the Fourth International Congress of Refrigeration, which was planned to be held in London in 1922, has been postponed until 1923. This decision has been arrived at in Paiis on account of delay in the different Governments completing their representation in the Council of the International Institute of Refrigeration in its post-war reorganisation. TJiis delay on the part of a number of Gov r ernments —over forty now officially supporting the International Refrigerating movement—is understandable in view of the conditions from which a large portion of the world has just einergea, and the time occupied in getting fully in touch with the more distant countries for their participation in this Congress apparently necessitates the present postponement. PRODUCERS'CONFERENCE. DISCUSSION BY A. AND P. ASSOCIATION. A report on the Producers' Conference, held on March 31st, in Wellington, was given by Mr J. D; Hall at yesterday's meeting of. the General Committee of the Canterbury A. and P. Association. Mr Hall's report dealt in detail with the subject discussed at the conference, and commented on the futility of delegates attending such conferences at four or five days' notice and before the subjects coming before the conference had been discussed by the bodies the delegates represented. Mr J. O. Coop said, with reference to the shipping problem, that the people who controlled the shipping did not have the interests of the iNew Zealand farmers at heart, and if Mr Massey did not make it an Imperial matter the speaker did not know what would happen. There was no doubt about it that it was a national calamity the way they wero going on at present. The only thing lor it was to look out for insulated shipping themselves; it was lfo use waiting to see what Australia was going to dp. They had not backed up Mr Lysnar on this shipping matter, and he noticed that the vessel that Mr Lysnar had got was being followed from port to port and not allowed to get any back loa'ding. They ought to telegraph to Mr llassey and point out to him that ho must make this shipping matter an Imperial affair —not a Dominion or a Coinomnwealth affair—if they were to keen their heads above water. He would be in favour of the Canterbury farmers buying a ship of their own. It was not the big men who would dd this, because their interests'lay another way. At these conferences they found tho interests of the shipping companies represented; usuaily everything was cut and dried, and delegates attended but could do no good. Mr Hall, speaking of the position generally, said that it was quite evident from their experiences at these conferences, that they were sot going to do

verv much for tlie farmers unless they had an organisation that represented the majority of the farmers. He estimated that theie were about 12.000 farmers in Canterbury who were represented at these conferences by three organisations (he was not taking into account the ©airy Association)—the Sheopowners' Union, the Farmers Union, and the A. and P. Association. These three represented 25 per cent. of the fiimers; 75 per cent, were standinn- out and doing nothing in the way of'protecting their own interests. During a period of prosperity there hart been some sort of apathy as to what should bo done to protect themselves; now that thev were experiencing a period of adversity it was absolute y essential that these organisations should get together and insist on a fair representation of farmers at these conferences, and a fair opportunity of considering matters in their own district before their delegates went to "Wellington to deliberate on them, He siloes ted that they should , ask tlio otfier organisations to appoint representatives to discuss this matter or representation. The Producers' Conference would be. probab'.y, called together a£rnin to receive tho reports or committees set up to enquiro into certain matters; before then they might bo able t-o arrange with the oti-cr farmers organisations for a fair representation. Sir Hall was accorded a vote ot thnks for his report by acclamation. On the motion'of Mr Hall, seconded by Mr N. M. Orbell, it was unanimously agreed: '-That the executives of the Farmers' Union and the Sheepowners' Union be approached witu a view to discussing tho question of organising, the representation of the producers at the Dominion conferences, such as that recently ilicld in Wellington, and to consider the disposal and transport of our produce." Tho Methven Agricultural and Pastoral Association forwarded tho following resolution, addressed to tho Prime Minister, and asked the Association to back it up: "At a meeting of farmers assembled at tho Methven Show on April 7t'h, it was unanimously resolved that your attention bo drawn to the disparity existing between price jiaid to producers for mutton and lamb and tho ruling London rates, and meetingconsiders if allowed to continue national calamity inevitable; also maximum rate be fixed and moneys prohibited from investment outside tho Dominion.'' It was decided to support the representations regarding the prices of mutton and lamb. THE PRICE OP WOOL. In his evidence before the Conciliation Council on Tuesday, Mr Leicester Matson was reported as having given, the following as tihe average price of wool per bale at the present time: Merino £l7 3s 9d, halfbred £IG 9s lid, three-quarterbred £IG 3s 2d, crossbred £l6 10s. It should be explained that, the prices quoted by Mr Matson were those obtained under the Government commandeer, for the various classes of wool mentioned, and Mr M«tson made the point tihat to-day's wool prices had receded to those of 1902, and were likely to drop further. NEW ZEALAND MEAT. IMPORTATIONS TO THE CONTINENT. (from oub own correspondent.) LONDON, March 3. Prior to the war the introduction of New Zealand meat into most Continental countries was surrounded with difficulties, and in some cases was even rendered commercially impracticable owing to the existence of tariffs and of public health regulations, which, prevented import of our meat unless specially dressed with certain internal organs retained in situ. With the war, however, two factors arose which have materially altered the outlook, and have brought importation • within the range of possibility; these were the breakingdown of prejudice against frozen meat) by its continual use in the Allied armies, and the enormous decrease in the live stock of the belligerent countries. The latter cause made imperative the supplementing of home supplies, and as tlhese could,only be augmented by frozen meat, the various restrictions previously preventing the import have been either withdrawn or amended. During the war and for somo con- , siderable time after the cessation hostilities, the several Allied nations were supplied with frozen meat by the Imperial Government, and in this way a certain proportion of New Zealand meat was brought under the notice of the Continental consumers. More recently, supplies have been obtained through regular undo channels, and here, unfortunately, New Zealand has been at a great disadvantage owing to tho absence of "free" meat from the Dominion. Free South American supplies, however, 'have been available, and most of the meat sold on tho Continent recently has been tho product of that country, but with "free* New Zealand supplies in view, steps have been taken to ensure that the Dominion should have a fair share of any trade that is available. It recently came under tho notice of the High Commissioner that there appeared to be a discrimination in force in several of the Continental countries in favour of South American meat and against that of New Zealand origin, anJ Mr Crabb, the veterinary officer of tho New Zealand Government, visited France, Belgium, and Holland, with a view to ascertaining tlho exact position; and taking such steps as were indicated in order to placo New Zealand on a sound footing in the respective markets concerned. FRANCE—LIKELY DEMAND FOR N.Z. BEEF AND MUTTON. Up to June, 1920, there was a prohibition against the importation of all frozen meat into Fiance, unless imported under contracts existing with the French Government. At tuat date,, however, these contracts terminate'! and privati> importations wero made possible. Unfortunately, owjng to the absence of free supplies, New Zealand could not take advantage of this market, and such importations as were made were of South American origin. Last November new-regulations were issued governing the import and sale of lrozen meat. A permit to import had to be obtained from tho authorities, and in making tho application for such permit particulars had to be given among others of the maximum c-i.f. or ex-Cus-toms House price at which tha goods would be sold. The regulations also provided for the fixing of maximum wholesale prices by the Under-Secretary of State for Food Supplies, and these regulations are still in force. In January the following wero tho wholesale prices fixed for New Zealand meat:—Beef 9|d per lb, mutton 9jri, lamb Is, provided that these had bc.n killed within six months of importation. If'older than that, then prices were reduced. Importers could not sell their meat at prices higher than the fixc-d maximum ones, and naturally tho fluctuating exchange rendered trading somewhat risky, a-s the declared price at tho time of application for permit had to be madu in sterling, and this has to be adhered to irrespective of tho fluctuating value of the franc. Just recently a moderate quantity of New Zealand beef has been sold in France, this having been rendered possible by the large purchase recently made by Messrs Vestey from the Ministry of Food, and it is anticipated that good quality beef of New Zealand origin is likely to find a steady market in France. lam further informed that there is aIBO likely to be a good market for mutton, but in order to be acceptable to the buying public this must be of light weight, containing very little I fat, and not exceeding 50-551b per carcase at the outside. Th* juouaect for

lamb in France - is not so good, owing to tho present high price which it command*. It is anticipated that the -regulations above referred to governing import prices will automatically come to an end in the course of a month or 'two. Then ,a "more open market will • be'available,' but it is questionable tvhether such market will have any vgreat degree of permanence. It must Uc borne in mind that prior to the war the import'of frozen meat into France was practically impossible owing to lu>alth regulations, which were no doubt the result of a Protectionist policy favoured by the agrarians, and it appears quite possible, when France becomes liiore self-supporting with local supplies, [.ressuro may bo brought to bear toward ';i reinstatement of the previous restriction. ■ BELGIUM REQUIRES LEAN BEEF. For a number of v y«ars past the importation of mutton and lamb into Belgium would have been possible, there being no difficult regulations to comply ' with. Nevertheless, it has been found that little or no demand existed for this nvat. Prior to 1919 the importation ol beef was not commercially practicable owing to the regulations necessitating the" retention of certain internal .• rgans. This was the strict letter of the law, but, as will be readily understood, during and since the war, such regulations have necessarily been in I'.buyance, it being imperative that frozen meat dressed in the commercial manner should be accepted for the benefit of the population. In June, 1919, a decree was issued permitting the importation of beef without internal organs, this to apply to meat from South America and the United States, these countries being specially favoured on account of the fact that it was only from them that free meat was available. At the present time the sale and distribution of imported meat is conducted under Government control, the Belgian Government owning cold stores, undertaking the purchase and distributing the meat to butchers, at the same time controlling the retail price at which the meat is to be sold. Importations on private account are not prohibited, but as a

' 0*745 matter of fact none are being made, as opposition to the Government operations would not pay. . The Belgian Government has a -contract with various Argentine compan.es for supplies of meat up to June of the present year, and it is expected that at about that same time the Government will relinquish the present system of distribution and control. It is not intended, however, that the trade shall get into the hands. of private companies, and- it is proposed, to form a combination consisting of the Belgian Government, municipalities, co-opera-tive organisations,, and butchers, to undertake the whole trade in imported meat. Representations have been made to the Ministry of Agriculture of the Belgian Government, and, I understand, an assurance received that New Zealand will be added to the list of countries from which meat may be imported into Belgium. It will ce seen, however, that even with this concession granted, only a limited market as far as price is concerned, .-will be obtained, for the reason that'if the proposed amalgamation becomes effective there will be littte or no price competition. The indications are, however, that within certain price limits there should be a good market in Belgium for New Zealand beef as long as selection is made of the quality required. The best of New Zealand beef would meet with no demand, as the , carcases selected I must be lean. At the present time the [Belgian Government are selling importI ed beef to the butchers at approximately lid per lb delivered, which would be.equal to about 9£d per lb c.i.f. Antwerp." The retail prices of beef vary from Is to Is 5Jd at the present rate of exchange. It is not considered likely that there will ever be any great demand for mutton or lamb in. Belgium. HOLLAND—NO MARKET FOR SHEEP AND LAMBS. The position in this country is described as being somewhat inasmuch as there is no universal law rei garding imports, but the derision as to whether or not meat may be. sold in any specific area rests with the Director of the Public Abattoir in that area. Some time ago, at the instigation of certain South American companies, the Dutch Government deputed two of their public officials to visit freezing works in South America and report upon the method of inspectioli adopted there, and though not necessarily bound to do so, fJHere is no doubt that the actions of the Directors of the "Public Abattoirs have been guided by the reports of the officials in question. Upon visiting Holland it was found by Mr Crabb that only two areas were | accepting New Zealand meat for examination, and subsequent consumption, although all the districts were agreeable to accept meat of South American origin. In some cases personal representations were made, and i in others letters were sent pointing out the efficiency of the New Zealand inspection. As a net result of this a number of other areas have expressed their willingness to accept New" Zealand meat, and it is hoped this number will increase. _ - New legislation will be introduced into Holland early next year which will have the effect of ensuring uniformity throughout the country as far as meat imports are concerned,, and,; of course, the necessary representations will be made with the view of having New Zealand accorded as favourable treatment as other countries. \ Opinions differ on ihe question of permanency of trade with this country. There will undoubtedly be a demand for frozen meat as long as there is\ shortage, and as long as _high_prices rule for the home-killed article, but it is diffi- : cult to say what -will happen should the fat cattle of Holland increase in •sufficient numbers to supply the needs of the consuming public. It is possible then that the agrarian element may force their opinion upon the au- , thorities and hamper imports. In any case, the demand which exists is entirely for beef of good quality, and no trade in mutton or lamb can be anticipated. As a matter of fact, mutton and lamb are exported from Holland to the English mnrket, but very little is consumed locally. THE WOOL MARKET. "SENSELESS LOWERING OF PBICES." (By Cable—Press Association—Copyright.) (United Servi?e.> LONDON, April 12. In an interview regarding the wool position Sir Arthur Goldfinch, Director of Raw Materials, said that unless arrangements were made to .hold wool its value in Australasia would disappear. It would have no value, so greatly did the supply exceed the demand in the present disturbed state of Europe. j Every holder of stocks of wool or wool proi ducts saw their value written down 15 per j cent, or thereabouts monthly, while prospec- ! tive buyers all over the world were holding ' back orders because the senseless "lowering ' of prices frightened them from in resting in ! woollen goods. If these conditions coni tinned tens of thousands of sheepfamiers ; must be driven out of business. - • H« was convinced that Australasia and per- ! haps some other wool-growing countries, ! would end tho disastrous fall in prices, and by an unanimous agreement among the growers refuse to sell bc'.ow certain agreed limits. In the meanwhib the British-Australian "Wool Realisation Association was pushing forward stabilisation proposals, notwithstanding the | opposition of the textile trades. He believ-

Ed that the proposals would not conflict with but on the contrary, improve,, the textile trade position. The B.A.W.R.A. wa3 seeking an agreement with the owners of new clip wool, permitting the liquidation of old clips within a reasonable period of two, three, or at worst four years. Growers very slowly ' and reluctantly would adopt the artificial limitation. MELBOURNE, April 13. Sir John Hitrsins, chairman of the Australian Central Wool Committee, stated that the failure of the British Australasian "Wool Realisation Association's sales was a .ninor matter. It was a bit of a set-back, but, as the current price of wool was far below the cost of production, they must hare a rererve, and must obtain a price to cover the cost. He expressed the opinion that they would succeed eventually, as the buyers must operate. They could not get wool elsewhere. The executive! of the wool-celling brokers has decided that there shall be no wool sales in Australia this month owing to negotiations by the Realisation Association with the colonial wool merchants. It is understood that the bunking section is the stumbling- block. rBEE'wOOIi SALES. LONDON, April 12. At the free wool sales on average selection was offered, mostly Continental soita. The chief purchasers were Contimntal buyers. Yorkshire buyers were slightly more active. The reserves were irregular, tome owners meeting the market and others maintaining too high a level. .Received April 13th, 11.25 p.m.) LONDON, April 12. At the free wool sales there was a- good average selection of merinos and medium and low crossb:eds. Continental representatives were the chief buyers of merinos, which sold freely at late rates. Yorkshire buyers were operating cautiously. Practically all crossbreds were taken for Germany at late rates. Slipes and poor quality wools were withdrawn. About 70 per cent, of the catalogue was sold.. New Zealand lots sold included Mangatapiri, top price lOd, average 7d. FOREIGN EXCHANGE RATES. LONDON, April 12. The foreign exchange rates on London afford the following comparison.: Par. Apl. 7. Apl. 12. Paris (fr.) .. 23.222 51.95 65.00 Christiania. (kr.) .. 18.159 24.37 24.30 Stockholm (kr.) .. 18.159 IG.G7 15.56 Montreal (dol.) .. 4.86 4.39J 4.40 New York (dol. ).. 4.86 3.92J 3.925 Yokohama (yen) .. 24J 29! d 29gd Hong Kong (dol.) .. 331 29d 29d Berlin (mark) .. 29.43 243.00 243.00 Calcutta (rpe.) lOtogoldsov. laid 15gd SALE OF TREASURY BILLS. / LONDON, April 12 Sir Robert Home, Chancellor of the Exchequer, announced in the House of Commons that he had' decided to revert on April 21st to the tender system of sales of three months' Treasury bills, continuing *ho sales of twelve months' bills at the present fixed rates. REDUCED CARGO RATES. SYDNEY, April 13. The reduced cargo rates will operate throughout the Commonwealth from to-day. ' COMPENSATION FOE WHEAT GROWERS. (Received April l3th, 11.25 p.m.) . SYDNEY, April 13. "The Board appointed by the Government to enquire into the handling of the 191G-17 wheat harvest recommended tils Government to compensate growers to the extent of £549,214 for faulty administration in connexion with the handling of the harvest. HIGH COMMISSIONER'S REPORT. (PRESS ASSOCIATION TELSSiIAM.) WELLINGTON, April 13. The High Commissioner's cabled market reports, dated London 7th and 9th, are as under:— Wool- -The sales commenced yesterday witn offerings of 9922 bales of free wool, of which 1372 bales" were New Zealand, the balance being principally Australian. There was a large attendance, and good competition from Continental buyers. The importers, in many cases, placed a reserve of February prices, less 10 per cent., on their lots. The figures were chiefly above current market ■valuations, and a considerafjle proportion of the offerings were withdrawn in Judging by the bids for the unsold lots, and the prices' obtdned for lots eold, merinos may be quoted at 10 to 20 per cent, below the closing rates of last series. Tile few lots of crossbreds sold realised 5 to 10 per cent, below late rates, but the volume of trade was not' sufficient to give a reliable indication of values. The sale of B.A.W.R.A. wool H this series is confined to two days this week. The offerings will consist jof Australian merino greasy 8700 bales, scoured 1203, crossbred greasy 3150, <scoure»i 250, New Zealand merino greasy 250 bales, croßSbred' greasy 1300, scoured 600, slipe 750. Meat—Trade is dull for all descriptions. English mutton prices have declined to la 6d per lb, but lamb is firm at 2s 3d. New lamb from America is selling at Is J.d per lb, and new season's at Is 2d to Is 3jj. For cut lamb there is no demand at Is per lb. New Zealand lightweight mutton- is in fair demand at BJd to 9i per lb, but the demand is limited for heavyweight at 82d per lb. Argentine chilled beef hinds are quoted at Is per lb, and fores, at 7d, while frozen hinds are quoted at Is, and fores at 7Jd for bsst quality. New Zealand beef is in very little demand'. Official quotations are:— Hinds 6Jd per lb, fores 4Jd. Butter—Official quotations are:—New Zealand £l3 6s to £l3 10s per owt (2s 4Jd to 2s 4!d per lb); Australian, £l2 8s to £l2 12s (2s 2|d to 2s 3d); Argentine, £l2 4s to £l2 12s (2s 2}d to 2s 3d); Danish, £l4 4a to £l4 10s (2s Bid to 2s 7d). The Committee's prices given last week (viz., New Zealand £l3 2s, Australian £l2 4s, Argentine £l2) will remain in force until the 15th inst. They are flat rates for first and second quality. In the case of Australian and New Zealand salted and unsalted, and in the case of Argentine, business is fair. The retail price remains at about 2s 6d per lb. Average prices are: —English butter, £l7 5s per cwt (3s £ll 10s to £l2 5s (2s 0-£ d to 2s 2Jd). Cheese—There is a fair demand. Prices tend easier, specially for white. Current quotations are:—Canadian white £7 6a to £7 18s per cwt (Is 31d to Is 4Jd per lb); coloured, £7 18s to £8 4s (Is 4Jd to Is 5!d); New Zealand white, £6 16s to £7 2s (Is 2Jd to Is Sid); coloured, £7 lCs to £8 2s (Is 4Jd to 1b Sid): Australian white, £6 16s to £7 (Is 2Jd So Is 3d); coloured, £7 14a to £7 18s (Is 4Jd to Is 4£d). Qasein—The market is weak, and prices are again lower. Nominal quotations are: —Lactic French, £72 15s per ton; Argentine, £57. -Rennet—French, £B9 per ton; New Zealand and Australian, £63 12s 6d. Homp—The Manila market is dull and easier. VJ" grade, April-June and MayJuly shipments, sold yesterday down to £3B. per ton. -January-March shipments are wanted at up to £42 per ton, but offers are scarce. The New Zealand market is quite, and nominal. Sellers quote high points spot at £44 per ton; April-June shipment ait £42 per ton, and fair at £42 and £4O per ton, respectively. Wool—On B.A.W.R.A. wool it has been decided to maintain the reserve of "February sale prices, but) in view of the decline of the market since that series, these limits proved too high, and practically no sale was made on Thursday It has been decided to withdraw all B.A.W.R.A. wool from this series. Honey—The market is very quiet, and prices are nominally unchanged at about 80s per cwt (BJd pe r H>) f° r finest, down to 45s (4Jd) for inferior. Hops—The Controller notifies that, on April Ist, he held 4579 packets of the 1920 English crop. It is estimated "that about the same quantity was held by merchants. Nothing is doing here in Continental and American hope. Apples—American are still arriving, and holders are anxious to clear before Australian shipments .arrive. The first shipment of the latter is due about the 18th inst., comprising 531000 boxes. Present quotations for American are from 18s to 22s per case oi 4Kb. Cape pears are selling steadily at about last quotations (3s to 5s per dozen). FRUIT FOR HOME MARKET. (SPECIAL TO "THE PRESS.") FfELSON, April 13. The secretary of the Nelson Provincial Fruitgrowers' Council advises that Nelson province's quota of fruit for the Athenic has been completed.. It totals 27,391 cases of apples, 4021 half-cases and 277 crates of pears, the total quantity being slightly more than that contracted for with the Shipping Federation. In addition other parts of the Dominion are finding 4037 cases of apples and 700 half-cases of pears. The total space for which the Federation made itself responsible was 31,500 cases of apples and 5000 halfcases of pcau. It has more than fulfilled its obligations by supplying 31,423 cases of apples and 4721 half-cases and 277 crates of pears. BURNSIDE MARKET. (PRESS ASSOCIATION TELEGRAM.) DUNEDIN, April 13. There were fair yardings in all departments at Burnside to-day. Fat cattle, which were not up to the average standard, sold well at last week's rates, which, it will be remembered, were from 20s to 30s below the previous week' 6. Fat sheep were in ! average Bupply, and a decline of 2s 6d per head has to be recorded. Fat lambs also declined in value to the extent of 3d per head, as compared with last week's rates. L There was a slightly better demand for I

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HARLE, A.P.A N (N.Z.), A.I.A (N.Z.), Hra9o-3191 Director. bacon pigs, but the bottom appears to have fallen completely out of the store cattle market. Fat Cattle—There was a yarding of -84 head, of which only a fair proportion were good prime cattle. The market opened fairly brisk, on a par'with last week, but as the sale progressed prices eased somewhat, and as vendors' reserves were not reached, a number were passed. Average boef was worth 355, and prime a little more. Extra prime bullocks realised £l7 to £22, prime £l4 to £l6 10s, medium £9 and upwards; extra prime heavy cows and heifers £l3 103 to £ls, prime £lO to £l2 10s, lighter £7 and upwards. Fat Sheep—There was a yarding of 2934 of very mixed quality The supply was in excess of the demand. The proportion of plain ewes was large. A further decline all round took place. Opening at about last sale's rates, exporters were able to operate, and although not at all keen, secured odd lots. Wether mutton made round about 3d, and ewe 2Jd per lb, a decline on the previous week's values of nearly 23 Gd per head. Extra prime wethers made up to 27s 3d, prime 20s to 255, medium 15s to 50s, light and unfinished 12s and upwards, extra prime ewes 23s 9d. prime to 183 3d, medium 12s Bd to 15s, light and inferior 12b and upwards. Lambs—There was a yarding of 986, on 1 ? a portion bMng heavy, and of finished quality. Values showed- a decline of Oil per head. Extra prime heavy made 29s 6d, prime 17s to 20s, medium lis to IBs. light unfinished 8s and upwards. Store Cattle—There was & small yarding, and the sale proved to be a most stagnant one. There appears to be practically no demanrl for stores at the present time, as was proved by the prices which ruled. Good three and four-year-old steers were sold at £4 12s eacTl, while aged cows in medium condition could be bought at £2 to £3 each. Pi:;s —There was a fair yarding, consisting n»ostly of baconers. The demand was good; and sales were effected at slightly enhanced values. FREIGHT RATES. (PRESS ASSOCIATION TELEGRAM.) MASTERTON, April' 13. It was unanimously resolved at the annual meeting at the Mastcrton Farmers' Union, on the, motion of Sir "Walter Buolianan, M.L.C.J seconded by Mr G. R. Sykes, M.P., to enter a strong protest against the decision of . the recent Producers' Conference at Wellington to make a fifteen months' freight contract attherate? offer.d by the rampani.-a. It was trusted that no contract would bo signed by the Producers' Committee unless the rates were reduced in proportion to the fall in coal and the decline in other expenses of shipowners. .MILLIONS POR PItODUCE. IMPERIAL SUPPLIES. Up till the end of March the Department of Imperial Government Supplies, had paid out for New Zealand produce over £157,000,000. Tlhe official figures, as supplied by the Department named, are as follows: £ Frozen meat .. .. .. 53,039,535 Cheese, 1915-16 season .. • ■ ... 918,104 Cheese, 1916-17 season .. .. 3,271,982 Cheese, 1917-18 season .. ... 6,013,205 Cheese, 1918-19 season ... .. 5,670,560 Cheese, 1919-20 season .. .. 6,283,027 Butter-, 1917-18 season .. .. 2,829,032 Butter, 1918-19 season .. .. 2,925,G55 Butter, 1919-20 season .. .. 2,420,297 Butter, 1920-21 season .. .. 7,022,97s Butter equalisation funds .. 1,052,661 Sheclite 7. .. .. .. 178,481 Wool (including profits distribu- „ . tion) 52,882,583 Freezing companies slips wool .. 7,494,677 Sheepskins 8,273,951 Hides .. .. , .. .. 741,208 •Sundries .. ... .. 968,952 Other business (non-Imperial) .. 1,570,158 Total '.. .. ... £157,592,163 - THE PROPERTY MARKET. Jones, Mo.Crostie Company, Ltd., sold by public auction yesterday, in their rooms, by order of the mortgagees, the property situate at No. 189 Linwood Rvemie, Linwood, comprising residence of 7 rooms, and 2 roods 1.4 perches of land, to Mr DeveretuTfor £925. - CLEARING SALE REPORTS. Jones, McCrostie Company, Ltd., hel'i a successful clearinj; sale on account of Mrs ElworUiy, on the premises, No. 71 Papanui road. Among the items sold were:—Cabinet, which realised £l7 10s; couch £6 15s, palm stand £2 12s* 6d, writing desk £7 15s, ccuch and x chair £7 15s, /ducJiesae £4 15s, bedstead £4 2s 6d, wardrobe £8 15s, bedroom suite £42 7s, garden roller £B. Also, on account of Mrs Chappell, on ths premi&pfi, Slater street. There was a very successful sale, and a large attendance of ihe public. Tlie following were amongst the articles .sold: Pnintin<r - *£lo, sideboard £9, 8 chairs and sottee £lo 7s 6d, linoleum £l2, lawn mower £3 10a, wire couch £4, bedroom suite £lO As 6d, Other articles sold at satisfactory prices. MOTOR IMPORTS. . In February 747 motor "vehicles, of the value of £215,440, were imported into New Zealand., as compared with 660 vehicles- in the Earne month of 1920" . For January and February this year, 1920 motor vehicles, ivalued at £546,194 were imported, as against 2291 vehicles, of the value of £479,643, in the corresponding two months of last years COMMERCIAL REPORT. THE CITY MARKET Report of weekly sale:— Horses 20s to £8 ss, heifeir in profit £7 10s, 20 we.inor pigs l]j 6d to ISs; sow (empty) £2 3s 0.1, trap £23 10s, r.t. gig £32 10s, Bulky £2l 10s, jjnir doom £3, harrow 17s 6d, cistern and pipos 255, cultivator 20s, Planet £* 2s 6d, saddle 255, gent's bicycle £6. carpet £l2, w. stand 235, 2 wocden beds £2 4s 6d oich, wils lis 6d to 20=, wheat 295, 80 sides meat 5s to 79 6d. Pou'.trv: lj>ns 4s Cd. Cs 9d, roosters 5s 01 to lis 3d, clucks 7s to 9s, geese 8s to 9s 6d, pullf-h lis ed. 'Having sold by public auct'on section in Baker street, account Mrs Voice, for £SO, to Mr C. W. Brown. Having conducted furniture sale-ot Kaiapoi, account Mrs Wilie, when 200 lots found buyers at rates in comparison with pix months ago, when furniture was in keen demand, the property being passed in. A very large attendance of Kaiapoi clients and a" few journeyed from Christchurch —H. C. Smith, Auctioneer. 4984 CHRISTCHURCH STOCK EXCHANGE. YESTERDAY'S TRANSACTIONS. Sales repotted:—N.Z. Loan and Merc. (ord. stock), £B6 10s. Latest quotations:— Buyers. Seller*. £ «. d. X «. d. DEBENTURES— N.Z. Govt., 5J per cent. Insoribed, 1933 .. 83 10 0 89 0 0 N.Z. Govt. 51 per cent. Bonds, 1933 .. 88 10 0 BANKS— I Australasia "Rights" .. 10 0 0 17 10 0 ; National of N.Z. .. New South Wales .. New Zealand .. 2 5 0 2 6 0' Union of Australia .. 11 7 6 1112 6'

SHIPPING— Huddart-Parker .. FROZEN MEAT— Canterbury .. COAL— Westport-Stockton (8 per cent, non-cum pref.) 0 9 0 WOOLLENS— Kaiapoi (£1 paid) .. CEMENTS— Wilson's N.Z. Portland 0 16 0 MISCELLANEOUS— Burns, Philp .. 1 15 6 Colonial Sugar (Fiji and N.Z. 6 p;r cent, pref.) 19 0 0 Dunlop Rubber .. Mason, Struthers (6s pd.) 0 6 0 N.Z: Drug Co. .. N.Z. Farmers' Co-op. (£2 paid)' .. 1 15 0 AUCKLAND, April 13. Sales on 'Change:—Bank of New Zealand, 48s 6d and 48s; Wilson Cement, 14b;' Waihi. 27s 3d. WESTFIELD STOCK MARKET. (,-ssaua su„ oi ivioaas) AUCKLAND, April 13. A further drop in the price of b:ef took place at the Westfield fat stock maiiket today, tho decline ranging from 2s to 4s per 1001b. A similar drop was reported last week, whan prices touched tho low level of three weeks before, when best beef was sold at £2 per 1001b. There was a very heavy varding today,, the supply being in excess of requirements. Eixtra choice sold up to £1 18s prime £1 10s to £1 16s, ordinary and plain, £1 3s to £1 9s, prime young cow and Heifer £1 2s to £1 12s 61 rough be?f from 10s upwards. The price of sheep also dropped to an average extent of 2s a head. LIME. :■ The Mount Somers Lime and Stone Co., Ltd., having installed more power and crushin"- plant, are now in a position to supply Carbonate of Lime for immediate delivery. Order for delivery now, and save disappointTHE MT* SOMERS LIME AND STONE CO., LTD., 173 Cashel street, CllriatchnrcH. 'Phono 4158. Box 637, Christchurch. 4