FINANCE AND COMMERCE.

Press, Volume LVII, Issue 17121, 16 April 1921, Page 7

FINANCE AND COMMERCE.

REVIEW OF THE SHARE MARKET.

Although war loan, per cent, ire© of tax, is weaker, there .has been a fairly steady demand for Soldiers' Settlement loaii, SJ. per cent., subject to tax, and improved prices for certain other investments during the past week.. At the end of last week war loan was offered at £79 ss, with, previous business at £BO, but since then there-have been sales at £7B 10s, £7B, £77 los, with further buyers at £77 10s. and sellers at £7B. ■ Soldiers' 'settlement loau ha 3 been in fairly good demand, although prices have been a shade lower' than those ruling during tho previous week. Business has been done at £B9, £BB 17s 6d, and £BB los, with further buyers at £BB 10s, and sellers at £BB 15s.

Bank of New Zealand 'shares sold at 47s at the beginning of the week, but have changed hands since at 4£s Gd, 4Gs 3d, 465, and 44s Gd, with. , further buyers at -£ls, and no declared sellers^ Union Bank shares have improved in price. At the end of last week buyers were offering £ll Bs, with sellers at £ll 15s, but since then business has been done at £ll 10s, £ll lis, and £ll 12s <3d, with further buyers at £ll 10s. . , Tho particulars regarding the issue of new shares by the Bank of Australasia have already been published in this column. Sellers are ottering the old shares at £B3 10s cum the rights to the new issua, with no declared buyers, while "rights" have been quoted at £l7 10s. with buyers at *lO. Business has been done in ''fractions" at" £1 10s. Buyers are offering £q 6s for National Banks, with sellers at £5 9s, and recent business at £5 Bs, and Bank, of New South Wales share.s have been offered, at £3O ss, with no declared buyers.. .• :■■ . .•• •. There have been several sales reported of various insurance company share 3 New Zealands have changed hands at 25s 9d, with further buyers at 255,. and sellers at 265.. Soutl;, British Insurance shares were sold during' last week at 2tf 3 and 29s 3d, • but have changed hands this week at 29s 9d and 30s 6d, with. further sellers at 31s. Standard Insurances have sold at 43s 6d and 445, with further sellers at 445, and l no declared' buyers. , Huddart-Parker ordinary snares, which at the end of last week sold at 41s 6d, have changed hands Bince at' 40s 9d, and are 'now offered at 41s, with.no declared buyers. ' A dividend' at the' rate of 12 per cent', per annum has" been declared on P and O. deferred stocik, which is wanted' at £325,. with ■ sellers at £335.. Meat Company shares, aire not Btrong. Canterbury 'Frozen Meat ordinaries are offered at £ll, wit& no'declared buyers. N.Z. Refrigerating fully paid shares have been offered at 3.1s 6d during the week, without attracting buyers, while .the partly-paid shares ,are quoted_at 15s od, with buyers at 15s 3a. Iho Wellington Meat Export shares mid to £3 12s <3d, have been offered .at that figure, without declared buyers.. Christchurch Gas shares have sold at £5 10s, with further buyers at £oss, and sellers at £& 10s. N.Z Fanners' Co-op. , shares are epsier'"than. they , were a ; wefek ago, and sellers'are quoting the ordinary issue 'paid t&'/£2 at-37s 6d, without >ttract-, fiic-Wyers. At the.end '6f last, w6ek Beflei-B w^re % asliing 395. ' Mt. Lyell shares have fluctuated considerably during the past fortnight, the course of sales being 13s, lis sd, lis 63, lis.Bd, lis 9d, lis lid, and 12s 3d, with further buyers at lis 6d. ! Ta.lismafls ,have been asked for at 3s 9d, with sellers'at 4s 3d, arid no. necent reported, business. . „ Waihis have sold at 27s 6d and 27s 3d, with further buyers at 275, and sellers at 27s 3d. For Waihi Grand, Junctions buyers, are offering 6s, with'sellers at 7s 3d: GENERAL OBOOERIES. Wlwlesftle merchants report that bnsiness during tlhe p»st week haa 'been, fair, buyers operating mare'freely than they did ..last month. • There is a mora 'confident tone about business, as the retailer haa now reac lißed ' that, although several grocery • lines ha/re already re<jeded in' prioo, foodstuffs (speaking generally) are maintaining their prices in a more pronounced manner than such articles ae drapery, leatherware, e!e.

The diminished importations are commencing to be felt, and already we numerous, enquiries, especially from _ the North Island, for a' number of lines. Turned fruit of which'there were conaiU-arable stocKs 6o mo months ago, are now in demand in the North, and firm. pricea are -bemg demanded. Fair business is reported at prices showing n considerable increase on, what was quoted some months ago. . . ' J Stocks of sago and pearl tapioca ere light, while the demand .is good. A ste&mex was due to leave .Singapore last week, and, accc£dimr to the Hew Zealand agents, for a. well-known Singapore., sago house, there is not muoh eago or tapioca-on this boat for New Zealand. After the arrival of this boat, there will not be.another steams for New Zealand until about September-Octo-ber which will mean October-November at the earliest We next deliveries. Local gtooks are meeting jith a ready dSmand, as merchants are. offering at under costthe present price w based-on what the next shipment • will land at-oonaequeiitly >groceA are avaifmg tnemselves of the oppoitSr to obtain supples early, with<fct waitingtbo arrival of the steamer with, sago, oto„ at the sama pnee. ' a One brand of oatmeal has been reduced . _ m . ton. Baaed on the price, of oats, there should.be a 'drop, aa milling oat 3 at present are very " low, prices ruing ftg weeis, being le lid to & a busheL ft is expected that other oAen foodo wiU decline in price oorrcepondiiigly. A cheap line of 9aigoi> nee is due to land hortlv Tha first-class Australiaii dressed !?£' .till its price, and cannot hA Bold under sid a lb retail. Some stores 1 stocking so as to meet the JraMio taste with both varieties. habdwabe, etc. There has been a decided falling ofi in business .during the past week. Very few enquiries have been mule, and still leai j Kn.iness has materialised. Bepoircs ivoso. country traveller, indicate that the aivet- I age country buyer ia restnctuig hia pur-1 di», no .doubt, to the fact that the j purchasing power of the primary prottucer j has substantially decreased, and that the i to merchants look is. not in j . pogjtion to purchase the usual requiremente Merchants, however, are confident Sat • the present ebb-tdde will, not remain Ion" and that an increased demand will aoon assert itself. Prices remain lis quoted last week, with the exception of Orb brand corrugated iron, which is now quoi*d on a £55 per ton basis. Quite a numbec of useful shipments in about to land, 'i® principal being small eixes of Fullered i .teeL which has been much enquired for the past twelve mouths. These shipments will supply immediate "liar* iron jis selling in small quantities, blacksmiths' purchasing only what is absolutely necessary. ' ] Horseshoes are in better ~ demand, and ftechs are not at all extensive. ' j Steel baiß are not being, enquired for, and the position .is the same in regard to ' «tecl ptetes. From t3ie abipznents advised - ajyj aJjout to land, it is evident that the English manufacturers are rushing in. all they can- faom their stacks. Beports by last mail show tbat a very large number of canoellationa have_ taken place with both English and Scottish manufacturers, owing, tto doubt, to thy great difficulty jng drafts. Belgian standard bar iron as advised, and be to hand m a tew weeks' time. This ■wild supply- for 'ihe present the : slight demand for standards. Fencing wire m in glow demand, and stocks j

DOMINION'S TRADE AND MARKETS.

in moat cases are fairly heavy, although there are no indications at present of a reduction in price. It is reported that tne quality of tile Belgian importations is not up to the British standard. In somo instances fencing wire is not in ,the best of condition. If this is the case, it will naturally affect the sale of these goods, and will tend to reinstate in popularity the British raanulactuied article? No,doubt the demand for cheap material has prompted the Belgian" manufacturei'3 to ship inferior quality goods to meet the strong demand. Shelf goods are still in fair demand, and cash sales are up to the average, showing that the purchasing power of the town-dwel-ler is little impaired. A revival in trade is anticipated .towards the middle of the year. - »' NOTES FROM WELLINGTON. / (J3oir A SPECIAL CORBESPONEINT.) WELLINGTON, April 15. Retailers in Wellington recognise that it is imperative to reduce stocks of merchandise and to bring values down to correspond with replacement cost, and consequently special bargain sales are the order of the day. This movement is not confined to small firms, for the larger - ooncerns are also pressing the goods on the market. Possibly pressure on the part of bankers is forcing the liquidation of stocks. public, howover, is not buying as freely as, the circumstances warrant, and tiiere is a feeling prevalent that prices must go lower before tho great volume'of merchandise can be brought within governable limits. There is great satisfaction among' householders at the announcement that butter is not to advance beyond 2s 3d per lb retail, but there is still dissatisfaction regarding the price of meat, which shows very little change, and no change whatever when one sits down j to a meal in a restaurant, for the charges are the same to-day as they were six months ago. AUSTRALIAN GUTTER. IMPERIAL GOVERNMENT CEASES PAYMENTS. ; (By Cabl*—Press A«sociation—Copyright,) ..(Australian and N.Z. Cable-Association.) . , (Received April 15th, 7.40 p.m.) MELBOURNE, April 15. A cable message from the Board of Trade, London, has instructed the Commonwealth Bank to cease payments on Australian butter, on account of the Imperial Government contract which concluded on March 31st. No explanation if this action is given. Outstanding payments under the contract with New South Wales total £120,000, and with Queensland £142,000. In view of this, a reply has been sent urging that the terms 6f contract be adhered to, THE COAL CRISIS AT HOME. The present coal crisis in Great Britain. is bound-to make itself felt in New Zealand- in the immediate future. The stoppage* of the mines has seriously interfered with the production and shipping of British exports. The export of coal' has already been prohibited, and a large number of factories have either seriously out-, put, or have biased. down 'altogether. VVhen it is remembered that one large works alone in England requires 15,000 tons of coal a.week for the production of iron and steej, it will readily be seen that .even a few weeks' stoppage of coal supplies will cause a tremendous shortage in output. This will naturally cause' prices' to harden up on export goods of all descriptions, and efen thenthere is the very doubtful . question whether -the outward steamers wi}l be able to obtain coal foV hunker purposes. One well-known* banking authority has given it. as his opinion that an acute shortage of; stocks may be the position in the future, in view of the present industrial crisis in Great Briton, and the extreme difficulty of importing goods from other countries—due to the present financial Condition, and the inability of obtaining foreign credits.

IMPERIAL SUPPLIES DEPAET- . \ MENT. .

(PHESS ASSOCIATION TELEGRAM.)

WELLINGTON, April 15.

"In a letter to the Prime Minister, Sir Thomas Robinson, of the Imperial Meat Control Department, says he .is glad to report that progress has been made in the .settlement of outstanding items as between suppliers and the British Government' Ha speaks in terms of the highest praise of the Department of Imperial Supplies, and says the excellence of the arrangements greatly facilitated the settlement of a somewhat difficult matter. ~

ECONOMIC SITUATION IN N.Z.

NO GROUND FOR PESSIMISM.

(from oubown correspondent.) TENDON, February 24. To "the Board of Trade Journal, Mr R. "W. Dalton has sent an informing and useful article dealing with the present economic situation in New Zealand, which he describes as being not without disquieting --features. "During and since the war the Dominion has 6njoyed an unprecedented, prosperity, a prosperity which'was so long maintained that it has almost come to be believed in many Quarters that its duration might be unlimited. This: pros-perity-has resulted in a good deal of extravagance and disregard of _hard economic facts by the great body of producers, ancLthe general public, and it is only within the last few months that there -has been any disposition to believe, that prosperity might be followed by adversity. Subsequently undue optimism has been replaced .in many quarters by equally unreasonable pessimism, and at _the_ prs&ent ' time the general feeling in the Dominion is one of lack of confidence in the future. > The main cause for the present anxiety is attributed to the restnction of financial accommodation. And, ,sige by side with the stoppage of income, there has been witnessed a -veix remarkable increase in importationsgdue to excessive and somewhat thoughtless buying in the past? year or two. Unfortunately for New Zealand these importations have come forward in unexpectedly large quantities, and at a time when the country was least able to meet the financial strain caused by such arrivals. Thus there have gradually arisen two sets of circumstances operating to bring about a financial condition 'wHich is disturbing _ at tho moment, 'and which, saving an improvement in certain directions, may have unfortunate results: Side by side with this is a serious' reduction, ll values of wool (one of the most rfnportant of New Zealand's products), and an uncertainty as to the best means to be adopted to meet this reduction. Mr Dalton clearly outlines all the factors leading ■ up lo . the inancial _ situation, and he expresseS the new- that

if "merchants and traders in New Zear land can hold out through the period of money stringency^-which, as I have said, is due to phenomenal "without being forced to cut prices in order to realise funds or to press unduly for accounts on the smaller firms, it would seem likely that, in a few months, the position hers will again have changed very materially. _ The high figures of imports are due in an important part to excessively „ high values, and do not represent anything like the quantity of goods sJlich would ! have been represented by these figures a few years ago. This being so, and having .regard also to the depletion of st-onks prior to 1920, it can hardly be said that stocks- in hand in tjie Dominion are very heavy."

HIGH PRICES OP LAND. As for the outward trade from New Zealand, the Concessioner does nob find it easy to sum up the situation. During the war, he says, "New Zealand lias become accustomed to prosperity, and the most disquieting feature of the situation resulting from this" prosperity has been the extraordinary increase in the values of land. These values have been based on the high prices which were obtained during thewar for New Zealand's produce, and an appreciable reduction in such values may have damaging effects for a time unless by artificial means such effects can be preivented. It would be unwise, however, to assume that theße values are intrinsically unsound. Even though they are Based on high prices of "products,, it has to be remembered that, in its present state of development New Zealand is a country of high costs. Improvement of methods of farming and of means of transport Tjvhich at present add very much to costs will more than probably justify even higher prices of land in the years to come. Deyelopment of the country, which was of necessity stopped during the war, is now going on rapidly, and it •will- not be many years before a remarkable change is here." •"What New Zealand has to do during the next year or two (says the report) is to examine the situation carefullv and nurse producing interests, if possible, any rapid and important fall in produce values. The main cause of anxiety at the present moment is the heavy drop • in wool values due, in the main, to the statistical situation caused by the existence of heavy stocks in London in the hands of the Imperial Government. So far as other produce of New Zealand is concerned, there is by no means the same- anxiety. Butter is still under control, and has been sold to the. Im-perial-Government at verv high prices; cijeese has certainly fafien in price, hut there are already, steps being taken .to convert cheese factories butter factories, a by no means difficult matter. Meat is returning good values, and. some classes show increases in price: it is said, for instance, that the increased price for lambs will go some wav "towards meeting the fall in wool of the mother sheep." ALL THAT IS WANTED.

In conclusion, Mi 1 Dalton sayß it would seem that while there is cause for anxiety. and for. care, there is no ground for pessimism. The situation in New Zealand will be governed by-the situation at Home. If in the United Kingdom continue" in a position to buy butter and meat, the position there will be saved, ana it seems possible that with the co-operation of the Imperial Government in the sale of stocks, having regard to the existence of the new clip, the holding •of months if necessary will avoid any seri- . ous difficulty so far as wool is concerned. Meanwhile the Dominion is rapidlv pushing forward development. "Sucn is the wonderful nature of the land and the - climate of New Zealand that there can be no question of any disastrous set-back. All that is wanted is the development that is now taking place and a little time for the country to adjust itself to -new conditions without any important irisis." .

NEW COMPANIES.

Registration of the following new companies is announced in this week's ''Mercantile Gazette":— United Commercial Travellers' and Warehousemen's Aesociation of N.Z. (The). Regd. March 21th, 1921. Christchurch. Subscribe®: Wellington—M. A. Caye. (president) and' R. E. Siiby (secrotary); Auckland—H,- J. Clifton tuid A. Selwyu; Clmstchurch—-H. H. Wauchop and H. B. Gould; Dunedin —D. McPherson and' J. Brown.. Objects: To incorporate as an association with unlimited liability the following associations:—Wellington Commercial Travellers' and Warehousemen's Association, the Auckland Commercial Travellers' and Warehousemen's Association, the Canterbury Commercial Travellers' and Warehousemen's Association, and the Otago Commercial Travellers' and Warehousemen'e Association. . Nicholls and Harris, Ltd. Regd. as a pri- | vale company April 4th, 1021. Office: At Woolworks, Washdyke. Capital: £io,ooo into 10,000 shares.of £1 each; Subscribers: Christohuroh—A. P. A. .Nicholls 1000 f.p. and 333-; Belfast—W. A. Nicholls 1000 ip. and 334; Coutta Island—B. N. V. Nicholla 1000 f.p. Audi 333; Washdyke—H. R. Harris 8000;'London — take over, and; carry on as a going concern the wool-scouring business lately carried on at Washdyke by executors of the will of the late W.-Nicholls. •

Pneumatic Tyro Construction' Co., Ltd. (The). Regd. April 4th, 1921. Office: Civio Chambers, Manchester' street, Christchurch. Capital: £3600, into 2500 shares of £1 each. Subscribers: Christchurch—B. Seth-Smith 50, C. W. Anderson 60,' I>. L. Adams 100, H. Bicknell 1; Timaru—C. Kirke 100, 'W. K. Macdonald 100," G. A. Hart 100. Objects:. To carry on business of vulcanising, repairing, and manufacturing articles of rubber, ana general. . '

Miller Rros., Ltd. Eegd. as a private company Match 10th, 1921. Office: Beach street, Pdrt Chalmers. Capital: £12,000, into 12,000 shares of ■£l eath. Subscribers: • InvercarW. Ayaoij ' 1000; Glonhanx—P. M.Ayson 2000; Invercargill—-G. B- A. Lauxia 1200; -Eeefton—A. E. Aysdn 3000;- "Wyndham— T. Ayson 1000; Dunedin—J. E. Cameron 200. Edendale—M. Hall 260, J. Hall . 500; Gorfl — D. H. Ayson 300; iWyndham-rW,. J. Currie 600, B. "Whytock 1000, J. H. Baird.loso. Objects: To' carry, on the bufiir.ess of ship-, owners, shipbuilders, _ shipwrights, dock contractors, divers, engineers, tugowners, wharfingers, ehipbrokers, carriers by land and sea as recently carried on at Port ■Chalmers and Carey's Bay by "Milter ißros,, Ltd. ,(in liquidation). J . Thomson's, Ltd. Hegd. .a# a private company March 16th, 1921. Office: No. 10 Police street, Dnnedin. Capital: £IOO,OOO, ii)to 100,000 shares of- A' each. Subscribers: Dnn-edin-J. Thomson 99,5», J. S. Thomson 1. Gv C. Thomson 1. Objects: To acquiro the goodwill and take over as a going concern the business carried on at Dunedin and elsewhere in New Zealand. by Jessie Thomson under the -style of '/Thomson and Co. "Manawattt Standard, Ltd. (The). . Eegd. aa a private' company April 4th, 1921. Office: The Square, Palmers ton North. Capital: £30,000, into 80,000 shares of £1 each. Subscribers: Palmerston North —N. Pi Nash 15,000, J. Coombe 15,000. Objects: To acguire and take over. aa a going concern the business of newspaper proprietors and publishers now being carried on by Nash and Coombe at PaJmerston. NortJ}. newspaper proprietors and general incidental. HTTDDAST-PAEKER CO., LTD. Government interference, shipping strikes, and the gencrcil industrial situation wece mentioned as disturbing fectors in the ship-, ping situation by th© ohamnan and manag-' lng director (Mr W. T. Appleton), at tlhe ninth ordinary general meeting «4 Huddaxt, Parker, Limited, in Melbourne. In moving the adoption of the directors' report, Mr- Appleton said*"that the purchase the Metropolitan Collieiy from tihe Metropolitan Goal Company of Sydney had been effected. Tlio Acquisition of now rfmps was urgent. He said that for a'period -of fifteen months out of Six years the" company's fleet had b&em idle. On eadh occasion, when, the Government had interfered compromise had resulted with disastrous results. Although the shipowners had recently made a vigorous effort to bring about a oessatton of industrial troubles, in which lie thought they would have succeeded lad they been allowed to pursue their own policy, there was. still so prospect of peace. The net - profit on the year's trading amounted to £112,714 17s lOd- Mr John Langley ic-elected to the board oi directors.

, . EXPORT OF FRUiy. A big shipment of fruit is on board the Athenic, which left Wellington yesterday morning for London. The comsignine'nt consiste of 31,000 cases of apples and. 3000 cases of peare, of which 700 cases of pears am f from Canterbury. It may not be generally known that Canterbury pears Jsear_ a good reputation for their keeping qualities, i&

view of which the' of an export trade opening up oro quite encouraging. Tho present pear season has been on exceptionally prolific oix> in Canterbury, &n<i tlfe quantity that has boon allied to go to waste through tho absenoe of a. local market would in itself make a fair export trade. BANK OP ENGLAND RETURNS. (Received April 15th, 11.50 p.m.) I LONDON, April 14* The Bank of England returns for the week ending April 14th afiord tho following comparison with those of tho previous week': — Anril V. April H. £ £ Coin and bullion .. 126,529,000 126,531,000 Reserve .. .. Proportion of reserve to liabilities, .p.c. 12.03 13.80 Nofe circulation •• 129,215,000 125,537,000 Government deposits 21,495,000 18,316,000 Other deposits .. 121,213,000 114,124,000 Government securities 31,098,000 32,210,000 Other'securities .. Short loans, 5£ per' cent:j three months' bills, 6J 'per cent.; Treasury bills, 6. per cent. GOVERNMENT "SECURITIES. . The following are the latest quotations for Government securities, with, a comparison

s FOREIGN EXCHANGE BATES. LONDON, AprU 14. Par. Apl. 13. Apl 14. Paris (fr.) .. .. 23.222 55.00 64.97 Chrißtiaaia (kr.) 18.159 24.30 24.29 Stockholm (kr.) »• 18.189 . 16.56 16.40 Montreal (dol.) •• 4.86 4.40 4.41 New York (dol.) •* 4.86 8.92J 3.908 Yokohama (yen) ' .. 24J 29jj& 29Jd Hong Kong (dol.) .. 83| . 29d 30d Berlin (mark) ... 29.48 243.00 "247 Calcutta, (rpe.) lO to goldeov. e lEgd 15id SHAKES. ' (Received April 16th, 11.50 p.nL) .' LONDON. April 14, Waihi—Buyers 26s Bd, Boilers 28s 9d. * METALS. (By Cable—Pre»» A»socUtionr-Ctop3raigibi.) (Australian and N.Z. Gable Association.) (Received April lGth, 11.45 p.m.) LONDON, April 14.Copper—Spot £6B 13a 9d. forward £68.17 a 6d; clpctrolytio £72 to £7B. \ Lead—Spot £2O 10a, forward £3l- 2s 6d. Spelter-Spot £25 6f1,. fonrtrd £26 6b. _ Tin—Spot £159 2s 6d, forward £162 7e 6d. Silver—B© 13-16 d per ottnoe. LONDON WOOL SALES. (Received April 16th, 12.60 a.m.) " . ; LONDON. April. 14. Ait the free -wool ' sales there was an average selection, nearly .all beipg merinos. <%>mpetition.wad maintained, chiefly by German buyers, at full latexatea. • •. . BRADFORD MARKET. «... ; (Rieoeived April 16th, I&SQ -a.m.) . LONDON. April ,14; . In the Bradford .market small business; is being done, ana quotations are irregular. Nominal quotations are nisty-fours BSd, fiftysixes 22d 4 fifties 19Jd, k forty-sixes l4Jd. ENj&LISH MARKETS. (Received April 16th, a.m.) . . . LONDON April 14. Wheat~The fcaikot is steady, with' fair butiness.-. Salosof Australian twae made at 84s, ex ship. • . ~ .. ■ . ~ Flour—The market, w quiet. Australian, ex store, 67s ed. Lbtp arriving during the latter half of May are^offfaing 1 ,at 60s, OJ.f. Oats—The market !»■' steady. 'Australian, ex May, 36s Bd. " ,•' , Barley—Prices are nominally, unchanged. Beans and peas—The: mariqjf; is quist, and prices ai© unchanged- ; Sugar—Granulated 695. , Butter and cheese—The market' la-quiet at late rates. Retailers ' are . holding off owing: to the*ri»k of non-delivery through tW strike. They are also waiting' to see . whether the Government will reduce prices. . . AMEKEOAN TABDPP. "NEW YORK, AprU 18. ( The American Importers' and Exporters, Association has revived that the Forney tariff will result in tho destruction of the export. trade, as Tinder it . the "United Stet-es wouitbe unable to export unless she xmporigin kind. HIDES. ' . . MELBOURNE, AprU 10. ' Hides'—Large catalogues were offered, and the market was firm for • stouts and kips. Other sort® aeolined from |d to id. MELBOURNE MARKETS. MELBOURNE, April 15. Barley—English 45..t0 4s 3d, Cape ,3s 2d to 8s Bd." ' ! Oats—2s 6d to 2s Bd. Potatoes —£6 to £7. Onions—£3los.'' SYDNEY WOOL SALES. SYDNEY, April 15. The < woolwalling brokers'' have decided definitely to announce that'the auction Bate» of wool will be resumed in. May. DAIRY PRODUCE AND MEAT. The Zealand Loam , and Mercantile Agency Co., Ltd., advise having received: the following cablegram from London, giving the undernoted market information:— "New Zealand butter is realising: £l3 5s vex cwt. . There is a «w» demand. "Cheeso—Coloured is quoted at £7 19s,per owt., and white at £7. There, is a fair demand. .. . , "Frozen nluttcra 74d to BJd per lb. lamb Is 2d per lb; beef—hindquarters 6d per lb, forequkrters 4d per lb. There ar® large ropplies. The market is dull, with a downward tendency."ohbistohubch stock exchange. YESTERDAY'S TRANSACTIONS. Sale reported:—Christchurch Gas, £5 lfa. Y-,4».l minl»tiont:—

JT.Z. Farmers' Co-op. v < (£2 paid) .. • 117 0 N.Z. Farmers' Co-op. (6 per cent. prei. to div. onlv) .. MINING-i- „ lit. Lyell 's m ■ .. 011 •> ■ —• DUNEDIN, April 16. Sales on 'Chisnge:—New Zealand' Refrigerating, i2s Ski.. : . '' AUCKLAND STOCK EXCHANGE (Jritcur. to "the press.") * . AUCKLAND, April li. ' Quotations —National Bank, sellers £3 Bs. buvers £5 ss; Bant of Now South Waioa, esliera £3l; Bank of New Zealand, sellers £3 ss, buyers £J -Is Cd; Uirion Bank of Australia, sellers £ll 12s fid, buyers ill IPs; National Insurance, buyers .L- lij; I\'ew Zealand Insurance, sellers £1 fi» 3d, buyers £1 cs 9d; South British, buyers £'. 10?; Standard, sellers £2 4s fid; Loan and Mercantile, buyers £B6; Huddart-Purker iorvi.), sellers £0 0» Gd, buyers £1 19s 6d; P. and 0. (Deferred), seller? £330, buyers £315; Kai:>i>M Woollen (ord.), sellers £1 7s; Kaiapoi "VVcoUt n (pref.), sellers.£} 5s Gd; "falisnian Consolid&t-----«I, sellers 4s (kl, buyers 4s; Waihi, eeilera £1 7b" (id, buyers £1 C 3 9d ; Wailii GraudJtfnctjpn, sellers 7s;vN.Z. War Loan, 1988,' at 4J per cent., sellers £7B ss, buyers £7T 13s. WELLINGTON STOCK-EXCHANGE. - 0 (SPECIAL TO "THE PRESS.") WELLINGTON, April 16. Quotations ' to-day sliow that there is a revived demand for inscribed stock and wax bonds, though prices are on ti low level. Union Bank, eharei hare advanced, buyers now offering £ll lis, and National Insurance shares a,l© also firmer, with buyers at. £2 15s. To-day's quotations are:-»lnscribed Stock, 1938, lOSD, and War Bonds, 1939, buyers £77; Stock;. 1933, - buyers £BB ss, sellers £B9; Bonds. 1938, buyors £7B; Bonds, 1930, sellers £BS; Bonds, 1933, sellers £B9; P. and O. Bonds, 1927, buyers £88; Bank of Australasia fractions,' buyors :52s 6d; National Bank, buyers £5 Gs; Union Bank, buyers £ll lis; Bank of New Zealand, buyers 465, sol lew 45s 6d; Equitable Building, tellers £9 ss; Abraham and Williams, sellers £4 17s 6d; Goldn--1 brough Mori, buyers 28s 6d; Dalgety and Co., soiled £lO 12s 6d; River Plato, buyers 17a. sellers 18s; Wellington Trust and Loan, sellers £5 16s: National Insurance, buyers 565; Standard, buyers 435; New Zealand HoI irigcrating (10s paid), buyers 15s; Moat Ex--1 port (73b Cd paid), sellers 72s 6d Barker (ordinary), sellers 41s; Woetport Coal, sellers 375; Ley land O'Brien Timber, fellers 325; Sharland and Co., buyers 21s 6d; Wairarapa Farmers' (£5 paid), sellers £0 la; 1 Blackwater Mines, sellers 6s; "Wwihi, buyers 28s 0d„-sellers 37s Gd; Grand Junction, sellers 7a. DUNEDIN STOCK EXCHANGE. I (BPBOIAL TO "THE PMSS.'') DUNEDIN. April 15. Quotations: —Rising Sun, buyers 4s; Talisman Consolidated, buyers 3s 7d, sellers 5s 9d; Waihi, buyer® 275, sellers 27s 9d; Mount Lyell, buyers lis Bd, sellers 12s; Bank of New South Wales, buyers £24 7s Gd, sellers. £3O 6s; Bank of New Zealand (20a raid), buyers 44a Gd, sellers 44a 9d; Union Bank Of Australia, Ltd;, sellers £ll 12e Gd; National Insurance Co , buyers. 645; New Zealand Insurance Co., buyere 255; Standard insurance Co., buyers .43s 3d, sellers 45a; P. and 0. (def. Stoob Trust), buyera £320, Ballera £385; Union Steam Ship Co. (prefi), buyers 17s 3d, sellers 16s Gd; Huddart-Parker (ord.), •buyers 89s' 3d, sellers 403; Weetport Coal Co., buyers'2s«„ sellers 27a; Weetport-Stock-toni (old.),- buyers 6s, sellers Gs 6d; -WeetportStockton (pref.), Beliefs ■ 10a Gd; Goldabrough Mort, buyers 28s 3d, sellers 29s 3d; National Mortgage, sellers ■ £88; Dunedm-Kar-korai Trams, sellers 25s 3d; New Zealand Refrigerating (oont.), • buyers 14s 3d, sellers 14s lOd; New Zealryid Paper Mills, sellers 27b Sd;' >"tew Zealand Drug Co. (£2 paid), ' eellero 35a 6dj New. Zealand Hardware (ord.), buyers 12s Gd, sellers IBs 6d; Milburn Limo and Cement, sellers 30s 6d; Perpetual Trus- . teee, sellers. 355; New. Zealand Sugar of Milk, buyers 280; .Whitcombe and Tombs, sellers 545; Howard 'Smith, buyers 80s Gd, sellers 395; New Zealand Government Wat Bands, 1939 (4fc por cent.), buyers £77 10s. sellers £79 10s; New Zealand Government Wax Bonds, 1989 (4J per oent.), bpydrs £77 10b sellers £79 10s; Soldiers' Bonds, buycre £B9, eelleTß £99 sa; Soldiers' • Inscribed, , Bonds,' eellora £BO. CANTERBURY MARKETS. . Friday Evening. Tbove was a chad© of animation in the oat market during the week, but circumstances do iiot point to the sustained. Enquiiiea from 'the ytorth prompted the "ftfcfcrvity, buV.offera from store Bpetdily ii)et fchodcnj&rKl, and 'at the 'present moment values oantiot beaaid ; to have appreciated to any extent. • The cause of the ;»oti«ty'' iB-"latg?ly the eoarcityof new sear Boa'a oats offering, .combined with the fact' that Southland gtowera are pot now disposed to sell .at the bedrock prices recently ac : cented bt thorn. Moreover, .last seasons stocks are gradually being cleaned up A- Sales took mlieo' at up to-2s OJd, f.0.b., a.x., for prompt delivery. A circumstance tending to feivo ft hardening tendency is. the,ab&enco ot pasture growths •' Froists arO ■ Jiow . becoming Jreouent., and' tlio lengthy of ram is, not encouraging -as far as peota aio. concerned, th&t wheat imt is practically over oats may come » more freely, but the outlook for an improved market is not-at the moment very promise ine." Quotation? from England do not provide a margin. Plata oats' were recently ouoted as low as 21s; 6d per quarter, but firmed to 24a. 1 At the samo time New Zea. had oats were quoted at 36b, but quite 48a would be requiifd to provide a margin on the'present' local i>rioe of 2s per busheL. Home-grown ijuotations at the time these figures were current were ®9s. per quart*!. Twelve nionths previously they were 59s 9d. With shipping at its present, figure export to England is quite outside _ ' Wheat continues to come 111 to a greater extent than required, and millers «xe pretty wel "fed up.'' The Waitomo- sailed from Lyitelton for AucSand with ft big cargo of "•rain, comprising 6000 tons, over half of which was wheat. This is the first vessel for three weeks, and moro shipping is all that is required to caae the pre&ont occnmulaarc not being offered rreety -at the current quotations—£3 10s at. country little activity. From 8d to 4s Gd, at country • stations, covers Offers for enquiry was manifested for Jinfloed during the .'week,, and up to £8 at countrywld to h™ urgent shipmervt. .From £8 to £Bto, #wer is the. limit of offers at present. \Tho .following are quotations for produce, U, be paid to farmers at country free of commission, sacks extra, except where to Jjovernment prices; Tuscan 7* 6d f.0.b., iHuutors 7s^ Oftt^—Gartots, Is lid to 2s Id; Algerians, Is Gd to Is Bd. •' . Chaif—£2 15s to £3. Perennial to 3fk'2d, Italian 'Ryegrass - 2s 6d> to 3s. Cocksfoot —4d to sa. - Barley—Bs 6d to 4s;. • Potatoes— £3 103. , Qnions —£2 10s. , _ i * , / . , Peas— Partridge 4b 3d to 4s 6d. "/ to Government price, £2l pw ' ton, . Lyttelton, Snnaru, and °BrKi—According to Government price, £6 to £6 10a per ton, according to packing, •feS3Kffit.w p'ia £9 to £9 10s, according to packing, f.o. -j southernportß. ■ vegetable and fruit, starker Vfiffetableo oaaie forward in good qiuuititi«J the week, but the dempd elackaa a consequenoe prices, were Tip 'fruit, market Romcwbat dull, with decreased quotations. Outdoor tomatoes showed the nC!? fell, but hothouse tomatoea broughTSprW wtes. prua, .with T?iii bananas, is expected at' Auckland iliadav and Christchurch consignment*? should arrive here on Friday or Saturday The Marama, with San pancisoo kroona and oranges and Cook Island oranges and bftnanas, is iue at tho erd Of the week, and Chriatchuroh fruit shouia arrive about April 27th. The first shipVont of new eeascn'a mandarins and oranges from Sydney i« duo at the end of April.. Tho following are average auction prices during the week:— Apples, Nelflon, per case 7o to 8s; local, per cose 8« to 9s; cooking, per case 6s to 7s; cocoanuts, per sack 20s; grepee, firsts per lb Ss, seconds, per lb Is Gd; lemons, 'Frisco, per case 355; passions, Auckland, per case 7s 6d: peals, booking,'pex case 6s to 6s;_dessert, per case 7s to 8s; peaches, cooking, per lb 4d to 6d; deseert, per lb 5d to plums, cooking, per lb 2d to 2id;dessert, por lb 3d; tomatoes, sauce, per case la Gd to 2s; dessert, per case 2» to 89 6d; walnuts, per lb 7d to 63: beano, French, ld Eo 3d; beet, por-60s. Mis. Gd to 9d; cabbages', per dor. np to Gs 6d; wallflowers, per doz. 5s .toß# 6d; carrots, per doc. lid,to ip Cd; cucumbere, hothouse, per lb Bd to"7d; celeo?, per bdl. up to lid; gieen peas, per peck 2s Gd; kumeras, per lb ljdto 2d; lettuoe* per doz. up to 2s; an arrows, per doz. up-to ss; new potatoes, per lb jd; onions, local, per s.bi 2» 6d; parsnips, . per doi. up to is 8d; potatoes, per sack IO0; I pumpkins, per lb Jd; spring onions, per doz. 9d;_ turnipe, per doz, Bd to 8d;- spinach, per

dos. up to Is 3tf: BTodw, per smsll »ack up to 5? 6d. TIM'AKU. (SPECXAIi TO "l-jl FIUCSS.") TIiIARU, April 15. ".Nobody's buying, nobody's soling, nobody can buj% and i£ wo to buy to4»v wt woio<l find , tho price down to-xaonow.' j t was in thwo Trorth tb&t a Wal _»erclJ»afc described tlio position 2xl Tibimtu ttsA Ho did not mean, perhaps, to bo takon qwu« liWl.v, but it is a fact that wry littb» bwsiucss dono on too ldcio uwt* ,ketß. Millowi havo *ln»08t. ccwcd bujii'SE for tho present, »nd growers sxc hoping ttof tli'> Oovornmcnt will seo their way to buy the w-hoat, and take it into storo until it • wanted by miUow. Not only is the bmc/ needed from tho" silo of the wh«t, but » -_s dosuvd.that thft l*«er should b» pot out-of'the wav in tiro paddocks, and stored in eafety. There appear* hi bo Si biwev proportion of Victor wheat this year tn*n is desirable, aryl it is und«rst<xKl Jh«vt next vear tliia variety ond ft few others very Uko it; will be olH«ed a« Tuec*n, with » vww to encourage the growing of tlio finof ginned and better milling varieties. Ths fiwt « rhe juontUlv price .'increments be pi«o from 'tho first of next month, when the prices will be 7s GJd, 7-i 9jd. nnd 8a Jd. Then, is & fair deinnud but prico is 60 high tK'.it- poultrymon *ro usintr oa>ts to a larff^;extent, aud muing a llKio wheat with then. , , Tho oat. market w liWess, and tbero i« opijuon now that tho re are not po many in the oonntrj - as .was thought to bo the ease oajlier in tho' season, and, ill view oi the bad winter outlook, erowom think it bettor to keep what they have rather than sell them' at tho'prices ofleiiug, Ss 7d for Gortons, and U lOd for light and inforiov. In Southland they #ro bcrns for 1« 7» aud Is 6d on trucks. Oaten-sheaf chaff is worth £3 10s to 14. at country stations, sacks found by buyeif. Linseed, of which thero i# a larpo .juantit in this yeajr, ie quoted to-day at £9 ton, on trucks, eacks found by buyers. Thouph in ono or two recout yoais tao prict of hvseed ran to between and £4O B£f • it is considered likely that thero will no improvement, on £9 por ton tbi# boasoh. Tho nominal value of barley is 4s M. P»r bushel. For some as low «s 3h «5d o»ci - ed this week. Browem aeeni to have nr. over-supply, through tltcir own forward coutrncts, which were mado at 7« and 7* Partridge poao are worth 4s fid to 4s fv! per bushel, on fcrocJrs. country Btations, »»ck« By reason of the lo*er quotatiom from Homo for clovor seetl», r<M w now only wortH 5d to and white Sd to lid. Notwithstanding tho repeated report* o ; a. short- crop iu tho North, tbo price «f potatoes does not improve. Thero is certainly no shortage in South Canterbury as winpared with last year. Sales are beui* made at £3 5s por ton, on trucks, webs found V» buyers. DUNEDIIfi (SPECIAL TO "THE PRESS.") '• DUNEDIN, April 15. Tlie oat market, tho prosapt delivery, is firm. Merchants u~o cqpering their for April delivory. A grade Girton* are worth 2s 2d to 3s 3d. and B grade 3b to 2s 2d. SparrOwbills, Duns, and AlgorMni are wanted at slightly advaaoed prions. Millers aro taking all linas of ' pood milling wheat at full Government rates, A few lines ore fzostsd. The modemte eupplios of potatoes iro just about equal to the demand. Price® sre;- - Taieris £5 5a to £5 10s per ton, eacta in. The new season's oh&ff is arriving in qu*ii tity, fid prices have suffored ft further slight decline. Prime oaUm-eheaf k wurth up to £6 10s, good to best feed £5 to £> 59, and light and inferior from £4 per tan, sacks extra. « INVERCARGILL. TO ''XflCB PaKSS.") INVERCARGILL, 15. ' Oats—The market remains practically the game as last week. The price to> tanners is .Is 8d for A grade, and « penuy ksa idt B grade. Good Duns am mmmlo at Is 101 Chaff—Tlio prioo oSering during tbti week has been from'£& 10s to, 43 15e, on, Uuobi.' Ryegrass seed is still offering slowly, but merchants axo not keen buyers, sad am inclined to buy only tho best samples it up to 2s 4d per bushel. Potatoes—Tho main crop is now beginning 'to oomo on tho market, out foeisM% ideM aro highor than merchants Mb'prepared t" Hemp—Them ia not much businefts done. Tho nominal prioo for high Mr i*' about £26 p.or ton. . PROPERTY AND CLEARTN<S SAL>: REPORT. Moiars Jones, MoCraatia Company; Ltd. report h living hold a nwst succeß*fuT clear-isd-tsits on account of Mr Farra, oh tho , preyiisee, fftrMity <SW AlbftOi* yesterday. There was a rocord attocdaac" of tho publio, Mr C. E. Jonsei, tha iwetioncer, having to sell outside, w ho tinablo to got inside tho. homo owing to to* crowd.* Tho following-prioea *W» mused: —( hearth rugs £12,11 pkturo# £2l, 90 vttW and - plaques £l9 10*, carpet «»,J>T Gilbert £7O, dining table £ll, ndobotid *l9. 8 choirs £ll ss, gramophone and records A!) 10s, chesterfield £lB, soemtairs £l3» dinner swsibe £4 10s, tea sot £5 6s, rlm« 6s, hsU bUTpet £l3 15s, 6 slip {nata £B, put Mil curtains; £3 17s Qd, clock £4 IT* fld, pedestal: end fowl £9, hall stand £4, 9 rug* washrtand £l3 17s 6d, carpet £lB, rimu duchoSß«t£4 2s 6d," bedatesd £8 58, ducheew£B 16s, iwn bedstead £1 Bs. sewing machine £6. to, crystal, dUsf, «w outsido goods Boiling at mtisfsotory ptkM, In fact this was one of tßei most sueowstnl sales Messrs Jones, MoCnoUft Oooipiay, Ltd., have held for some months past.' Messrs Jones, McCrA&U®* Cknopttny, - 1m«» also report- having dispoMd Bovxsrtl subur* ban propertios during, th# totalling botvrcon H v. '■/' *h'V.- , / GENERAL NOttS. ' It was amsged'tir duco morclianta •vrhololHto prioo of from that day should bis 1* iOd per "lb. grades would be soldl ftt conoewnoils Aoeorft* ing to quality. Pnnts, as -usual, would? be jd per lb estriu Rotaikrs haw. agreed, mjm tho "Age," that their .jprioo-.iriil.not nowd 2s 2d por lb; cash the poontor. The now iatos ropreeent reductkme ot T& p«r lb wholesale and 'from!: 6&dvto 9d por lb ietail. Merchants stated- that both New South Wales and Queensland producers had deojded upon a. -prico iV.' Is Od per lb and retail—a jnargin or 3d for tha retailer i M against 4d in Melbourne, Then* was tOf sidorablo advor»o cbmmon.t-by.comumew »t tho action of {lift Butter. Retailers' Central firing the» grocers' margin of profit at, 4d per lb, ;the. amonnt being co»- ' sidcred exorbitant, "as New South Wales mm! - Queensland tctui<yrs *wcro > contont to weflitt ■ profit qf 8d per lb.. Why, then, it w*» % asked, should on extra Id be tdiM to the price in Victoria,"- where practically tlie samo conditions existed in regard to wages, caxtUge, overhead' expenses, etc? pffe* war days, and- oven during tho war, the grocers' margin was.from 2d to! 3d per H>. Certain large Melbourne rotaiUns,' it is uti* ' dcrßtood, are -taking ;only 9d >psgr> lb- profit, and this. action - should" have the rffcet of bringing- prices charged by other grocers. The produce trado in Adsttine decided to reduce top grado batter 6Jd a lb, to 2s Id : whdlesile. Durffig 1920 neiv business'completed by tho Australian Mutual Provident Society tu the ordinary department comprised 98|S*7, policies, Rssnrbrg 210.622,186, of which £IO,OOO was reassured with other offices, and 53 -annuities for a total of £3257 per ainrapt. In tho industrial department. 43,680 new policies wore isstaedi assuring £2,541,228. Hmnew business' in each department was a. record to tho Society. Claims fay dsath Jn the ordinary dc-paitinent* amounted to £1,249,456, including- £408.809 for bonus additions. Of this £5399, includinf £399 fepr bonus additions, had be«n leawuted. Bet> dowment and endowment assamm policies amounting to £923,780, including £2isjpM for bonus additions, hwve matured- Of thifl £574, including £74 for bonutf additions, had been 'reassured. Policies assuring £8,070,973, and annuities amounting to £4ol&Mcaioe "wlrl fruqi other causes. The accunsnlalsd fund, including the amount credit of the industrinl department,'has been iueonmd by £2,720,753, and now amounts to which includes a «ram of in the claims investment account. 1b addition to this, therd is £150,000 at credit of the inyestmont fluctuation fund, and £3054 at th« credit of fidelity guarantee fapd, auhing a total of £(1,000,005. The, Booiet/s aubsoriptions to the various Commocwealth loan» for war andTepatriation "purj®»es amomnt to over £11,000,000, of which h»d been paid up to 81st DeoMnbor last. In addition, subscriptions have bean made to New Zealand war loans- amounting to oner £2,000,000. and to British war local aaonnU ing to over £160,000, making a total ot ot*t "■ £13,160,000 subscribed to these loans.

LIME. The Mount Somera Lima and Stone 0»., Ltd., having installed more power tod «nik* ing plant, ato now in a position to anpply Carbonate o! Lime fpr immodiaU dalrMry. Order for delirety now, and s*v» disappointment later on. THE MT. SOMERS LIME AND STOtfH co., im, 173 Caabel street, Cnrtetcinmh, 'Phone 4X58, Bos 637, Christ cbarcb. 4

with those iulin« last 'week: — Last week. This week. 2J per cent. Imp. Con. - £ s. d. £ a. d. 48 3 6 48 5 0 per cent. Imp. War 86 17 Loan 86 2 66 3J per cent. Imp. War 85 0 Loan 84 17 6 0 6i per cant. C'wealth 97 2 6 Loan 97 a 6 5J- per cent. C'wealth 96 0 • Loan *«. 96 5 0 0 New scrip, 10S discount. N.S.W. 4'«, 1938, Jan.ft 6' July 0 75 3 6 N.S.W. 3J'«, 1935-50, Apn. 61 15 Jan.-Julv .. 60 2 6 0 N.S.W., 8'e, 1935, April65 0 October .. .. 64 15 0 0 N.S.W. 61's .. N.S.W. 6J's .. *91 9 6 ,91 2 6 100 S 100' 2 6 Vic. 4's, 1921-6, Jan.July 81 2 6 si- o 0 Vic. 8i's, 1929-40, J«a.62 0 ' July* .. .. 02 2 6 0 Vio. 192M9, Jan.55 6 0 July 55 12 6 Q'land 4'a, 1924, Jan.88 15 July •• 89 0 0 oQ"W 3J'». 1931-34, 87 2 0 Jan.-July Q'land 3's, 1922-47, Jan.87 2 6 55 0 July N.Z. i't, 1929, May55 0 0 0 Ifov. .. ' .. N.Z. 3i'«, 1940, Jan.*83 10 0 83 0 0 July N.Z. 3's, 1946, April69 17 e 70 10 0 58 ' 5 October SA Si's, 1916 or after S.A. 8'a, 1980, Jan.58 5 0 0 67 10 0 67 0 0 July Tt®. 3J«, 1920-40, Jea>60 5 0 50 5 .0 July « « 68 7 6 2 6 Tae. 3'»,- 1920-40, Jan.- • 60 0 July .. 60 0 0 0 W.A. sfs, 1920-35, May68 0 •W.A JU 8'8 ) 191B-8S, May. *67 17 6 P. 65 16 ■November .. *66 10 0 0 •Ex dividend,

S*Un& M a. d- <' ai DEBKNTUBES-t N.Z. Govt. 5 per. cent. 88 10 0 Inscribed, 1927 .. . ■» N.Z. Govt. 5 per con*. 88 10 BoriSs, 1927 0 ■— v K.Z. Govt. SJ per cent. Bonds •• JU 88 JS 0 banks— Australasia. (<mm ngnta) ■ _ 63 0 0 New .Zealand' 2 i 0 — INSURANCE— 2>H National ■ ... ' <•« 6 — Standard •« — a 4« 0 LOAN AND AGENCY— Goldfibrough Mori (Melb.) 1 10 0 SHIPPING— Huddart-Parkerr r— a 1 0 FBOZEN, MEAT— N.Z.. Refrigerating (10s ■ - e paid) ... • 0 15 ■Wellington (£8 12a 6d 812 6 paid) " — COAIi-^ Weotport-Stoektcro (8 per ■ ,■ cent, non-cnm pxef.) t 9 0 WOOLLENS— Kaiapoi (£1 paid) . — ,1 e 0 GAS— Chrifltohurch if 0 g 10 0 BBEWEEIES— 8 12 e Manning .. •• MISCELLANEOUS— z Beath uui Co. „ •— 1 6 0 Henry • Jones Co-op. ' (Melbourne) 1 13 0 Mtaon, Strutters (8s pd.) — • • 0