FINANCE AND COMMERCE.

Press, Volume LVII, Issue 17127, 23 April 1921, Page 9

FINANCE AND COMMERCE.

A NEW BOND ISSUE

Much interest is being taken in the issue by the N.Z. Farmers'- 00-op. Association of 7i per cent, bonds in sums of £25, £SO, and £IOO, to a total amount of- £250,000. These bonds are repayable in five o r ten years at the purchaser's option, the Association retaining the right of redemption- at six months' notice. The'purpoße of the issue, the Association explains, is to render. a greater measure of assistance, to many of the farmers, who are affected by the present financial stringency. Money being tight, and stock prices low, it is very desirable that the farmers | should be carried over this difficult time, because the country's prosperity rests in the. last resort upon the prosperity of the farnfer, and because, as was recently pointed out In "The Press" in connexion with the necessity for enabling farmers to realise on their wheat, a contraction of the farmer's financial ease, will mean a contraction of his productive effort. The bonds will not be a. specific or floating charge on the assets of the Association,- but the Association points to the' following figures, which represent' the position at March 31st: — £ Capital paid up ... ... 877)612 Capital uncalled ... ... 424,783 Reserve and undivided profits used in the business ...» 209,423 £1,511,718 The present issue is a new departure by the Association, which, established in 1881, has made great progress. Since date it is mentioned in the prospectus issued by the Association the average dividend has been 8i percent.on its ordinary capital. Last year the business done amounted to. £5,501,349. The growth is more clearly seen in the following tables:—

The Association's freehold* and leasehold properties, standing at.£268,844 on the books, jire said to have been recently valued at £392,488. The bonds are bearer bonds, with interest coupons attached, and applications, which will be dealt with in order of receipt, will be received at any branch pf the Bank of New Zealand, or of the Association, or by any member of the Stock Exchange. .■■ -

REVIEW OF THE SHARE MARKET. The past week has been marked by a good, demand for Government stocks with prices a little firiner, than during the previous week. ... , v <•<«; '■,- At the end of last-week war loan sold at £77 15s, with further buyers at £77 10s/ and sellers ai £7B'. During the past week business was reported at £77 10s, but siiock has since changed brands at. £7B 2s 6d and £7B 6s, with; .further buyers at £7B. . ", Steady business has been done in soldiers' settlement loan; and several sales have been reported at £B9. Further buyers are ottering £BB 16s, with ■sellers asking £B9 6s. Post Office 6 per cent, war loan, ma--turing in 1927, has been quoted by buyers at £B9, but sellers are few. ' Bank of "Australasia shares, cum rights, have been offered at £B2 without declared buyers. The "rights" »have. been quoted by buyers at £l2 10si with sellers asking £l4 10s. • Bonk, of New Zealand .shares, which, at the end of last week, sold at 44s 6d. have improved in value with recent sales at 46s 9d, 475, and 47s 3d, further buyers offering 46s 6d, with sellers asking 47s Bd . ■.. . • t Keported business during, the week in Union Banks at £ll 10s was a little lower than the figure at the end of the Erevious week, when shares changed ands at £ll 12s 6d. Further sellers are •how offering at £ll 12a 6d, with buyers at £ll 9s. • ' Buyers of National Banks are offering £6 6s, with sellers asking £6 7s 6d. Bank of New South Wales shares are easier, with buyers at £29 6s, and sellers at £29 163. • New Zealand Insurances have been steady, with, business at 265, 25s : Bd, and 25s lid. "South British Insurances are a shade higher, with buyers at 31a, as compared with .sellers at that figure a week ago. ■. Shipping stocks show little change. Huddarts are offered 41s, with business at this price,_ and buyers are offering £333 for P. and O. deferred stock, with no J declared sellers. . The market for meat company shares is not strong. Sales of N.Z. Befrigerating Company shares were reported during the week, fully paids changing hands at 28s, and partly "paids at 15s. further sellers of the fully paid shares are 28s, with no declared, buyers, and the partly-paid shares are offered at 15s, without attracting buyers. Wellington tMeat Export shares are also weaker, and sellers are offering the issue paid to £3 12s 6d per share at £3 10s,' without buyers appearing. Buyers of Whitcombo and Tombs shares are offering 60s, and sellers are asking 52» 6d. • In the mining market. Talismans have improved a little, and have changed hands at 4s 6d and 43 9d, with further buyers at 5s 3d, and sellers at 63 6d. A week ago buyers were offering 3s 9d, with sellers at 4s 3d. Waihis are a shade easier, with business at 275, and further buyers at 26s 6d, as against sales at 27s 6d and 27s 3d during the previous week. For Waihi €rand Junctions buyers are offering 5s 6d, with sellers at 6s 4d, as compared with buyera at 6s, and sellers at 7s 3d a week ago. The Stock Exchange will be closed all day on. Monday. GENERAL MERCHANDISE. tJBOCEBIES, Etc 'Wholesale merchants report fair business during the week, with fair enquiry for certain lines, which are reported to be in short supplysugar position haa cased considerably, and "merchants now find little difficulty in satisfying clients' demands. The Jloeraki, from Sydney, landed last Tuesday the final shipment of Australian sugar, and this was distributed during the week. A f/teamer from Auckland is also due next week, but so far there is no word as to whdl she will have for XiytteHon. ■ Given a reasonable quantity to keep the grocers going, there need be no fear in the immediate future of the ( extreme shortage of last month recurpng, but ' if, on the other hand, this steamer brings I little or no sugar', another period of short- ' age must ensue. The demand for jam-niak-

DOMINION'S TRADE AND MARKETS.

(bt ovb comraom. book.)

HARDWARE, Etc.

ing is nor' aver, and consequently the retailer has not the same call upon biro as Tlbareis much speculation >s to what will be the.sugar position when the present Government control ends on. June 80th next. It is taken for granted that control will cease. People in tihe trade do not, however, look for any fail on price. The. worlds price for Bueafr is still standing high, and in England tc-day is Is lb retail. He sudden recovery in Java sugar has removed the only avenue oT cheaper supplies. • Sago and pearl tapioca are in good demand, with stocks low, and no more to land for at least six weeks. In the meantime Mod business is being done at figures well below -merchants* costs, and the latter are clearing stocks out at the same price as replacement cost. If the present demand.continues there- is a likelihood of stocks, being exhausted before arrival of. nest supplies. Edmonds.' baking powder, large, is due to fall 8s dozen on Monday -week. In the meantime grocers 1 are only buying from hand to mouth, and in many cases are placing orders for execution on May Ist. "K" baking -powder M down 2s a dozen. 'Wax candles of New Zealand manufacture- are being quoted at Is lb,' ordinary terms, being a decline of Id a pound. This brings tie local article now on a loved with tho Imported .candle. The latter have recently been quoted at equivalent to Js lb ordinary terms, for early arrival. It is stated that this is a cheaper quotation than that which is ruling for the same article in England. If Uhis is so it is a case of ■keeping up the British price, and confining the cutting to the export trade only. It is understood that this phase of the question has been laid before tne Government. Those concerned look upon it oa dumping, against which regulations are available any time the Government cares to bring them into 'operation.'

Erao fruit salts, which were quoted at cheap prices last month, have firmed m pijce. Recent importations cost to land more than was quoted by merchants, consequently prices have hardened. Zig Zag cigarette papers are again in Bhbrt supply, several local houses being low in stock.

The prices for home consumption of Mildura currants and sultanas have been issued in Australia. These are the same ae last year. The export prices, which are the quotations of interest to New Zealand, are not expected to be issued' for a few w<>ok3 yet. Judging by the home consumption, prices referred to above, it certainly looks as if the export prices will be on a par with last year's figures. Carbonate of soda is in short 6upply, and as fax as can be ascertained, it will be come time before new stocks will land.

Most lines of tobaccos are now in fair supply, merchants being | able to meet most orders in full.- '

Since last week's report there, is not much change to record regarding the volume of business offering locally. Many lines, paxtiouiaTly in heavy goods, are still being offered at" very low prices—very much below landed cost—but there are indications, particularly from .the North Island, that some lines are beginning to run out, and there will probably be a hardening in the very near future. '

Merohants have made very heavy losses in many directions, due to the fact that Ihey have ovwordered, and the markets have been glutted. For some time past it has been possible •to purchase locally in many lines at prices well below the manufacturers' price at the works. Naturally, this state qf things will not continue much longer. It is only necessary to clear away some of: this surplus < when the merchant will demand a better price. Prices in England..and America now seem to lave settled to the new level, but from reports received by- to-day's (Friday's) mail there seems'no possibility of further substantial reductions unless, there is a. big drop in. the price of } coal and in wages. In several industries/there has been a readjustment of wages already, and fresh agreements have been entered into for the year. This wage reduction was anticipated bv .najiufaciiurers when issuing their price 'isw early in the year, and anything further will be de» pendent on the cost of coal. There is another fact which must not be overlooked; and that is the small .amount, rf,business now, pn .BHHXufaoturers' ', bflbis.";,,'lTHtf!,'.W^rksT'et<fJttot carry stocks of manufactures' goods like the merohants, but buy up "their raw material as required,, sufficient in many oases for little mcn> than the actual orders on hand. When the Continental countries of Europe—all of which are very largo buyers. of British hardware—settle down and are able to iwrartge credits, there is bound to be a deluge of business for England, and then in all pro-', liability the New Zealand merchant will have to wait a long time for his goods, and at the same time pay higher 'prices once more. It is interesting to» compare today's wholesale current prices with the "peak", priooß ruling last year:— ■ '" . • ■ ' "Peak" prices, To-day's • 1920. ->)ri,oe.

£ s.d. £ s. d. Corrugated Iron, ton 78 0 0' 155 0 0 Linseed Oil, gal. .. 017 0 0 7 6" TVhite Lead, English, cwt v 6 0 0.4 00 "Wire- Nails, ton ..'6O 0 0 16 0 0 Galv. Fencing Wire, ton 84 0 0 38 o—o. Galv. Barb Wire, ton 67 10 0 45 0 0 Black Wire, ton .. 44 0 0 SO 0 0 PWii'G«lt. Iron, ton .78 O O 6S- O O Black Sheet Iron, 24 gauge, ton .. 70 0 0 56 0 0 Turpentine, gal. ... 0 18 6 0 10 9 Wire Netting. (Bhoep), roll 8 ,5 0 2 4 0 Galv. Pipe, 1-inoh, ft 016 012 Galv. Fencing Staples, / •. ■ cwt. .. 3 15 0 8 0 0

A careful study of the position would leadone to the conclusion that at to-day's prices most hardware % lines should prove good buying. '

NOTES FROM WELLINGTON. (TB.QII a special correspondent.) WELLINGTON, April 22. The share market displayed steadiness to-day, and although there were no movements of any importance, the fact that a* greater number of shares were sought by buyers is an indication of confidence in the outlook. The imports into New Zealand have been exceptionally large.' During the six months ended December 31st last the imports totalled £37,897,154, and for the three months of this year the total was £15,668,502, making for the nine months a total of £53,065,656, as compared with £24,586,257 in the cor-resporlding-period of the previous year. It is the exceptionally heavy ..importation of merchandise together with thtf shrinkage in the values of our exports, that have brought about the present financial stringency, with its accompanying unemployment, and until the basic causes or the depression are removed, there can be no improvement. The most distressing, feature is the fact that the imported merchandise must be turned over at a toss. The retailers are facing \,the position, and very rightly, are doing their utmost to minimise the losses. If Mr Massey can raise £5,000,000 in London, as he desires, then we should have some measure of relief. But Mr Massey must pay dearly for any money obtained in London, judging by what the Indian Government is obliged to pay for the £7,500,000. The India loan is bearing interest at 7 per cent., and even at that attractive -rate, the Government has found is desirable to underwrite the loan. However, it would be worth our while paying a stiff rate at the present time because of the amount of relief a loan would give just now. THE WALLSEND BONE. The famous Wallsend mine at Brunnerton, which was closed up some 32 years ago, on account of the then coal slump, and allowed to flood, will, in all. probability, be brought into productive operation again shortly. Pumping operations have been conducted during the past two months, and the mine is now practically clear of water, and the final tests below river level show an inflow of only fourteen gallons of water per minute. The mine was originally equipped to deal with an output of 3,000,000 tons, and 220,000 tons of coal were extracted before market rates made further working unprofitable. The coal was then sold at 7s 6d per ton 4 on trucks, at Wallsend but the final .shipments did not pay the cost of .freight. J

FREIGHT CONTRACT. THE NEW BATES. (SrECIAIi TO "the tssss. ) • "WELLINGTON, April 22. The final draft of the freight contract which the producers' conference decided last month should be negotiated was be-fore-the standing Producers' Committee yesterday. The contract is between the shipping companies and tfie freezing companies, and it }s binding for the balance of the season and the whole or next season, a total period of q.bout"nrteen months. ~ The freight rates proposed by the shipping companies at the time of the conference would have given a saviug to tihe producers of about £135,000 on a full season's shipment of meat, as compared with the then existing rates. A further reduction, involving a saving of about £250,000, has since been conceded, by tlie shipping companies. The rates are still high, but they are considered to be the lowest obtainable.

The committee approved of the 'pntract, and decided to notify the freezing companies accordingly.

AUSTRALIAN WHEAT AND FLOUR DEFECTIVE SHIPMENTS. (By Cable—Press Association—Copyright.) (Australian and N.Z. Cable Association.) (Received April 22nd, 10.15 p.m. ) - ■ MELBOURNE, April 22. • The House of Representatives discussed the export of defective wheat and floor to South Africa, and of other goodß "to England and thy East. Mr Hughes stated that a large quantity of wheat and flour sent to iSouth .Africa had turned out unfit for human consumption, even tho Kaffirs refusing to eat it. The people responsible would be called upon to pay compensation. There were other instances of. products in which Australia excelled being exported in bad condition, and the Government might be foioed to publish the names of the firms concerned.

(Received April 22nd, 1015 p.m ) SYDNEY, April 22. The price of wheat for flour for export to Africa, the East, and the South Sea Islands has been reduced by 6d per bushel. * THE B.A.W.R.A. (Received April 22nd. 7.30 p.m.) MELBOURNE, April 22. In the House of Representatives, replying to questions, Mr Hughes stated that a salary ot £IO,OOO per annum each' would be paid to the chairmen of the British and Australian Boards of the "Wool Realisation Association, .while £•1000 each would bepaid to eleven ordinary directors. He added that the Association's expenses were largely covered out of agency business, which promised a material increase' in the near future, thus further reducing the realisation costs on carry-over wool. AUSTRALIAN MANXJTACTTJRES. (Received April 22nd, 7.30 p.m.) » MELBOURNE, April h. In the House of Representatives, the Minister" of Customs, stated that, in view; of tihe fact that Australian production was not advancing as rapidly as had'been anticipated, the duties on a number of articles, including iron and steel manufactures, which were to have come into operation shortly, have been deferred. NEW COMPANIES. Begistration of the following new companies is announced in tbjs week's "Mercantile Gazette":— North Auckland Sawmilling Co!, Ltd. (The). ,Regd. as a private company April. 14th, 1921. Office: 170 Hereford street, Christchuroh. Capital: £15,000, in 15,000 ehareß offl each. Subscribers: Dargaville—J. J. Powell" I, P. P. Day 1, J. E. Venn 1; Auckland—T. P. Pouhtney 1, W. H. Pountney 1000;. Ohrist-©huroh/-B. B. Wood 1000, J. Hutching 1. Objects: Sawmillers and general. Teramakau Timber Co., Ltd. Regd. as a private company April 19th, 1921. Capital: • £3OOO, into 3000 shares of £1 each. Subscribers: Christchurch—Hojne Builders Co. 1000; Greymouth—W. J. Mcllroy 1000; Kumara— G. D. "Wilson 1000. Objects: To acquire sawmill rights at Kumara' and cairry on business as sawmill era.

- INCREASE. OF CAPITAL. ' The following "increases in capital are notified in the "Mercantile Gazette" r-r- ---. Arthur Barnett, Ltd. (Cjbrfetohuroh), capital increased from £IO,OOO to £20,000 by Creation of 10,000 new shares of £1 each. Paramount Tailoring Co., Ltd, (Christehuroh), increased from 4600 to £6OOO by creation of IXOO new shares of £1 each. Andrews and Beaven, Ltd. (Christchuroh), increased ito. £20,000 by creation of 5000 new ehaxea. of x £l each. "Otago -Daily Times"' and Newspapers 00., Ltd. (Dunedin), increased from £BO,OOO to £IOO,OOO "by the creation of 20,000 shares of £1 each. POTATO OBOWEES' ASSOCIATION. ■ The ciation report having done good business right along the growing centres, sales, having been made at from 95s to 97s 6d f.0.b., s.i. Some shipments to Auckland sent on account of clients returned satisfactory prices. | Owing to the Waitomo's cargo containing a quantity of potatoes in very bad condition, prices on these lots Were not maintained It is reported that considerable quar-tities of un-. ripe pataitoes will prove to be worthless, which should be reflected in a good demand' for _ the Weikouaita's cargo on her arrival. It is- reported that loca.l-grown North Island crops are depleted, and merchants are not holders of South. Island potatoes, nor are they inclined to buy forward other than ait very low prices. Growers, on the • other hand, are not inclined to sell at the prices offering, £3 5s to £3 10», as they state that the price is not a payable one. They prefer to hold. news spbint" supplies. Roray and Yearman, Ltd., timber factors, Vancouver, in the course of a communication to a Christohurch firm, mentions that it .was stated in the Massachusetts House of Representatives last month by the chief of the United Forest Service that three-fifths of the principal foreßta of the United States- ai-e gone, and that less than 5 per cent, of the virgin forests of the New England State 3 remained. The depiction of forests in the southern States is transferring milling lo the Canadian north-west, the only remaining source of timber supply on the North American Continent. The writers of the letter consider that tlhis will haye a tremendous bearing on the future supply, of timber for the_ manufacture of newsprint. "In anticipation of this," the letter concludes, "and in order to ensure a future supply of newsprint at a price that will not be prohibitive, progressive newspapers in the- United States, Canada, and other countries are becoming financially interested or securing control of pulp timber, and we believe that this thought may have occurred to the newspapers of New Zealand." * ,: BANK OF. ENGLAND RETURNS. (By Cable—Press Association—Copyright.) (Australian and N.Z. Cable Association.) (Received April 22iad, 5.5 p.m.) LONDON, April 21. The Bank 'of England returns for the week ending April 21st afford the following comparison with those of the previous April 14. April 21. £ £ Coin and bullion ... 126,531,000 126,631,000 Reserve .. .. 18,261,000 18,519,000 Proportion of reserve to liabilities, p.o. 13.80 . 14.51 Note circulation .. 128,537,000 128,276,000 Government deposits 18,316,000 19,219,000 Other deposits .. 114,124,000 108,439,000 Government securities 32,210,000 82,767,000 Other securities .. 99,693,000 94,085,000 Short loans, "5J per cent.; three rngnths' bills, 6J per cent.; Treasury bilk, 6 . per cent., GOVERNMENT SECURITIES. The following are the latest quotations fol Government securities, with a comparison with those ruling last week:— Last week. This week.

Si per cent C'wealth Loan .. .••... 96 0 0 95.-5 0

FOREIGN EXCHANGE BATES. LONQON, April SI. Par. Ap1.14. Ap1.21 Paris (fr.) .. .. 28.222 54.97 63.97 Christiania (kr.) ~ 18.159 24.29 24.7.2 Stockholm (kr.) .. 18.159 16.40 16.51 Montreal (dol.) 4.88 4.41 4.43 New York (dol.) ~ 4-86 3.90g 3.93 Yokohama (yen) .. 24i 29id 29Jd Hong Kong (dol.) .. 33* 80d SOJd Berlin (mark)* .. 29.43 24T 260 Calcutta (rpe.) lOtpgoldsov 15Jd 15Jd

INDIAN LOAN SUCCESS. (Received) April 22nd,' 6.5 p.m.) LONDON, April 21. There has been a great rush to subscribe ito the Indian loan. The Hat closed after five hours. .. NELSON BROS. (Received April 22nd, 5.5 p.m.) london; April 21, Nelson Bros., Ltd., have declared an interim dividend of 4 per cent., tax free. BUTTER AND CHEESE. LONDON, April 21. Butter—The market is quiet, and the, trade is exnecting the Government to reduce prices. As the. London price for Dutch butter, has been lowered by from 10b to 15s, a further decline is probable. . Cheese—The market ia firm. It is believed that the Government stocks have been cleared. , Probably the price of coloured will decline shortly, as four New-Zealand steamers are due. by the end of the month. ENGLISH MARKETS. LONDON, April N 2l. The Bradford wool ruaikeft shows an improved tone. There is a hardening tendency in merinos, and top makers are stiffening quotations. ■Wheat—The market is slow, did all prices are tending to be easier. .Australian, ex store, is offering at 81s 6d. Flour—The market is dull; Australian 67s Gd, ex store. t » Bailey—The market is quiet. Australian Chevalier 68s to 70a. Oats—The. market is firm. • Australian, ex quay, 36s- New Zealand, 43a rto 455. Beans and Peas—The market is quiet, and prices are unchanged. . _ Sugar—The market is easier. . Granulated 68s 6d. ' '•'" METALS. (Received April 22nd, 10.15 p.m.) LONDON, April 21. OopueT—Spot, £69 10s; forward, £69 17s. Lead—Spot, £2l Be;'forward, £2l 15s. Spelter—Spot, £26 10s; forward, £27 ss. -Tin—Spot; £l6B 17s 6d; forward, £l7i 7« fid. : : 9 ■ ■ ■ , Silver—34Jd per ounce. AUSTRALIAN GOAL* FOR RUSSIA. , LONDON, April 81. All the Russian Co-operative . -Societies, who are buyers for the Soviet Government, learning that the cost of Australian coal would be'. 85a to 90s, oi.f.,'. Baltic porta, consider, the price prohibitive. TALLOW. Dalgety and Co.', Ltd., have' received the following cablegram from their Bondcm office, dated April ,20th -.—"Tallow—Market is quiet. Prices are 6d per ,owt. lower," • ' i: MELBOURNE MARKETS. MELBOURNE, April 22. Hides—Large catalogues were offered. A decline ofjd was noticeable all round. Barley—English, 4s 2d to 4s 4d; Caps, 8s 2d to-39 4di. - . ' . ■• Oats—2s 6d and 2b BJd. Potatoes—£s and £6. Onionß-r-£8 and £3 ss.

AUSTRALIAN WOOL SALES. MELBOURNE, April, -22.' A total of 100,000, bales of wool will h* offered & the May wool sales, which will he held as follows:—Sydney, 9th to llth; Mdbourne, 23rd. to 26th; Geelong, Bth to 19jh; Brisbane, 16th to 19th; Adelaide, 27th.

RECORD PRICE FOR EGGS. (Received April 22nd, 7.J80 p.m.) x SYDNEY, ApriT.32. Eggs are > selling ot the record price of 36 10d\£ dozen wholesale.

CBCEISTOHXTROH STOCK ■■•■■■ EXCHANGE.

' YESTERDAY'S TRANSACTIONS, Sales reported:—Bank of New £2 7s 8d; Huddart-Parker, £2 Is. Latest quotations:— '■'.■■

AUCKLAND, April 22. Sales on 'Change:—Bank of New Zealand, 46s 9d and 46s fid; Taliynan, 6b 6d. * Reported Sales:—South British, 31s; Talisman, 5s 6d; Auckland Gas (paid), 24s Bd.

DUNEDIN, April 22. Sales on 'Change:—Mount Lyell, 12b 6d; P. and O. (deferred), £340 (two parcels); Huddart-Panker, 40s 6d; New Zealand Loia and' Mercantile, £B6. f Sales Reported:—New. Zealand- Paper MDte, 26s 9d. •

DUNEDIST STOCK EXCHANGE. (SraCIAL TO "TWS FBMS.") JDTJNEDIN, April. 22. Quotations : Talisman Consolidated, buyers 5b 7d, sellers 8s .sd; Waihi Grand Junction, buyers. Gs •. Mount Lyelf, buyers 12s 4d, sellers 12s 9d; Bank of Australasia, rights, buyers £l2, sellers £ls; National Bank of J>ew Zealand, buyers. £6 ss, sellers £5 10s; Bank of_ New Zealand, buyers 465, sellers 17s 6d; New Zealand Insurance, sellers 25s 9d; South British Insurance, buyers 80s 6d; Standard- Insurance Co.. eellers 44s 6d; P. and O.Jdef. stock itrust), buyers £340, sellers-£343; Union Steam Ship Co." (pref.), buyers 17s 9i, sellers 18s 8d; Huddart-Par-ker (otcL), buyers 40s, sellers 41*:' Wevtport Coal Co., eellers 275; New Zealand Loan and Mercantile, buyers £B§, eellers £B7 10s; Dominion Rubber,* buydrs 18s. sellers 20s; New Zealand and Malay Rubber (ord.), sellers/10s; New Zealand Refrigerating (paid), Sellers 27s 3d; New Zealand Refrigerating (oont.), buyers 13s lOd, sellers 14s 9d; South Oiaeo Freezing, buyers £4 10s, sellers £&: Bruce Woollen Co., bujera 38s; Itoapet

Woollen Factory, buyers £4 lis, Boilers,- £5; New Zealand''Drug, Qo. : (£2. paid), buyers 68s, sellers 66e 6d; Wilson's Portland Cement,', buyers M'ilburn" Lime and Cement, Boilers 3Us 9d; Perpetual Trustees, sellers' 85s j Trustees Executors, sellers 525; New Zealand Government War Bond, 1930. (4J per cent)., wllers £SS; New. Zealand Government War Bonds, 1933 (4i'pcr cent.}, buyers £79; New Zealand Government War Bonds, 1939 (4J per cent.), buyers £79; New Zealand Government Inscribed Stock (4| per cent.), buyers £7B 53; Post Offico, 5 per cent., buyers £BB 10s: Post Office (inscribed)* buyers £BS 10s; Soldiers' Bonds, buyers. £B9: .Boldiera' Inscribed, sellers £S9 se.

CANTERBURY MARKETS. * Friday Evening. The guarded pronouncement of the Wheat Controller ha-* not cleared tho air to much extent as far 'as wheat deliveries are concerned. No doubt tho question, being ai policy one, a. definitn pronouncement is being* reserved for Ministerial utterance. The quantity mentioned as being taken over for seed (300,000 bushels) is equal to an average full, year's sowing, and as the bulk of grower* us* their own-seed, the advantage of the propos«l is not ju3t at present apparent. Tho farmer is scarcely likely to sell his best wheat mid buy back seed even if a prompt market were available. Tho proposal would provide for new growers, but «v fraction of tho 300,000, bushels would suffice fpr tho requirements from.this source. Tho proposal has oertainly one advantage. With the nbundanco of wheut offering millers are likely to pick tho very best samples, and, in the case of seed wheat being required for spring Bowing, an inferior sample only might he available. Such a pToepect will .be prevented by the Controller's proposal. In tie meantime stocks of wheat aro accumulatiilg in farmers 11 hands, nnd tho grower is naturally anxious to leant if th« spirit of the arrangement entered into with? the Government is to be put into practical operation. The position broadly is that thti growers were persuaded •to grow wheut at a. certain price. The goods are ready for delivery. Ordinary business practice is for purchase then to bo completed. The arrangement made in regard to seed wheat is, as far as it goes, quite an excellent one, but it does not' go far enough. That ia the farmers' .viewpoint. Reports from the North are to the effect that stocks generally tire short, but northern buying is limited to the veriest hand-tc-moutlt orders. Considerable shipments of produce have been despatched on shippers' account, and sold on the way or at the, wharf without difficulty, but that kind of business is not productive of much activity. There is no altbration in last week's quotations* Tho followingl are quotations for produce, to ba paid to Burners at oountry stations, free of commission, sacks extra, except where otherwise stated: — Ifiliing_Wheat—According to. Government prices: 7s 6d f.oib., Hunters 7s 9d, Pearl Bs. '. , ' Oats—Gartois, Is lid to 2s id; Algerians, Is 6d to Is 7d. ' Chaff—£2 15s to £3. Perennial Eyegrass—2s 6d to 8s 2d. Italian Ryegrass—2s 6d to 3s. Cocksfoot—4d to Ed. ' Barley—3s 6d to 4s. Potatoes—£3 12s 6d. - Onions—£2' 10s. v Pea's—Partridge 4s to 4s 3d. Linseed—£B. * • Flour—According to Government price, £2l per" ton, f.0.b., Lyttelten, Timaru, and Oamaru. ' ■ Bran—According li Government price, £6 to £8 10s per ton, according to packing, f.0.b., southern ports. Pollard—According to Government price, £9 to £9 10s, according to packing, f.0.b., southern ports.

FRUIT AND .VEGETABLE'MARKET. There? has been a food supply of vegetables l throughout the week, with a fair demand, prices all around being good. There is no alteration from.-last week in : the fruit market, no special importations having arrived. A small, portion of Cook Island shipments,'er Marama, ia duo to arrive in Cbristchurch tomorrow (Saturday) morning. The balance,. owing to the holiday,! will not be down until Wednesday, the 27th. A Fiji shipment of bananas, ex-Navua duo in A|i<fkland on Monday, should be in Chiistchurch by next Saturday. '• Following are average auction prices during* the week:"— Apples (Nelson) per case 7s to 8s; local, per case 8s to ga; cooking, per, caee 6s to 7s 6d; cocoanuts,' per eack 20s; Cape gooseberriesj, per lb 8d; grapes (firsts), per lb Is 6d to 2*. 2d;' grapes (seconds), per lb Is 4d' to is 6d; lemons, Cook Island, per case 20s; lemons, 'Frisco, per case 36s Bd; oranges, Cook Island, per case 255, to'26s; oranges,''.yalencias, per case '42s <sd;' ;passions, 'Auckland, per casb 6S 6i to 7s; pineftpiileß,. Sydney, per cose Ssb! pears, cooking, per ease 4a ;td -4a'6d; pears, dessert,, per .'case 4e per lb' 4d; peaches, dessert, per lb fid. to 7d; plums; plums)', dessert per. caee 6s; :;tomatoes j; sauce, per case. Is 0a to 2e; tomatoes, dessert, per lb up to,BJd; walnuts, lb 7d,to Bd;.beet, per doz.bdls. 6d to ,8d; ,cabbages, perdoz, 4« to 6s; caiili-i flowers, per dbz. up to lis 63: Carrots, per do*, up io lis 3d; celery, per,bdl.up to Is 2d; green peaSj per peck ,2b Bd. to 8s Id; kumerae, per'lb'Jd; .leeks'; per bdl, id; lottufe, per doz.f'lOd-tb Is;- marrows; per doz. 8s 3d; potatoes, per.e.b. 2s to 2s Cd; parsnips, per dos. up to Is.3d; potatoes, per sack si,to 7s 6d; .pumpkins, per lb jd; spring! onions, per doz. Is 2d; turnips, per doz. 8d; spinaon, per doz. Is 3d; swedes,-per s.b. 28 6i . ■ ... •TIMARU. TIMARTT; April 22. ' Merchants d<* no* care to put money into stocku of - an* kind at present, and, as a result, there is a dearth of business on tho looad markets. Most of the wheat has now changed hands, but it is estimated* ithat there is about one-thirdi of the -cixip ..still in tho hands of the growers, and,. ao J miller* have all they want for the present, this ia very hard to sell. . Two shipments of wheat were sent from Timaru to Audklancr''this week. . "... . Oats are. a : little firmer than ithej were. Gortons are worth 2s 3d, and Duns 2s 6d, on trucks, at oountry stations, sacks.extra. Barley is worth *Bs £d io 3s 9d ( at oountry stations. ■, '■. <. Linseed is quoted to-day. at £8 10s per ton. "Chaff, of which very little is .offering, is worth' £3 10s per ton, at stations, saoka found by buyers. - The first lied clover of the season mode its appearance on the local market to-day. It was clean, bright, and of excellent quality. The market unexpected to open ot about -Gd per lb; last year it opened' at 2s 6d. White clover is worth 9d to'ls per lb. Potatoes are dull of eale. A'local- buyer atated to-day that he had never before" seen potatoes' so' hard to cell at this time of the year. To-day's price is £3 15s, at stations, sacks in, or £3 53, sucks extra BLENHEIM. . (SPECIAL <TO "THE l?fcKS3."'/ . ' . BLENHEIM, April 29. There is practically nothing' doing in tho produce market. .-'.•■ Chaff is about as lifeless as it very well could be, the' North Island still being oblo to satisfy its own demands. The price is now down to £2 15s in the stock. , Barley is virtually unsaleable. Frit stocks ars still, in farmers' hands. Nominal values arc from. 3a-to 4s, per bushel according to qv'ality. Prime aamples Worth 4a, but nnythmg discoloured has very little chance of realising more than, tho -bottom quotation. Cowgrass is now being threshed, and there is a fair yield of seed. Th 6 i price runs at about 6d per lb. - ' ,

" J DXWEDIIJ "i (SPECIAL TO "the press.") DUNEDIN, AprU 22. \ The necessity of covering April sales of oats has caused buyers to instil a little znoro life market, but values • have not increased to any appreciable extent. A Gartorft ere quoted at 2s 2d to 2s 3d per bushel. Most of tho samples of wheat offering jut fit for milling, and are readily accepted by millers.

Fowl wheat is fairly plentiful. A fair demand exists for potatoes, which are saleable at from £5 to £5 6s (sacks in). .Fairly largo supplies of chafl are ■ arriving and meeting with a fair-demand at slightly reduced rates. Prime oaten, sheaf to £6 ss, good to best feed.£4 16s to £5, light and inferior from £2 10s per ton (sacks extra).

SOUTHLAND. (■FECIAL TO "TMS MISS.") - ' INVERCABGILL, April M. Oats—Since last report the market has become slightly firmer, although there his not been a very marked increase in shipping values. Prices to farmers have remained as reported, last week, . on the basis of ls< 8d per. bushel for A grade, but it i 3 possible that now merchants may pay slightly in excess of these prices. Chaffs-Prices continue at about laft'week's level, from £3 10s to JE3.159 per ton for prime bright samples. .- ■ - ■ _ occasional sales are being made by farmers, and prices for heavy seeds range from 2s 3d to 2s Cd. Clean samplestof 271b seed, "are commanding a better *■ price.Potatoes—Sales for the local trade heve been netting the farmetß from £i 5s to SA 10s. per ton, but it is likely that the prices will drop when the main crort tomes on the market more freely. The .present shipping price would net the farther only about £3 10s, on trucks. "■ i KIBWEE STOCK. SALE. At the monthly sale, held yesterday,.(hero waa ftn entry of 1498. fait sheep, all lambs with the exception of 106 ewes. 'No stores

j wore yarded, There ™ BS°*'.«f m K*ji£!i ' and a. totalcloaruic* was effected. AJWWtn I the sales wfrre:— > ~ , ... ai. Fat iombe-F. Weetaway, 44 it Ml «J» 20s; H?Hoper. SI at 18s to 19s 10d; -"i** L>. Hall, 110 at Ifie Ud; Estate *3«7 at 18s 2d to 18s Ud; K. 8oMV« m ISs Id; J. Selby, 7 nt ;Sf 3d; C. ■}s*?' \ 10 at 18s; .A. Zuppkach, 12i at .5e 'd to 18s; A. Duthio, 151 at 17s; C..Davis, UO „ at 16a 8d; E. Fowler. 62 at 16b 1M1; f C. Keece, 76 at 16* 4d; D. Manson, 83 at 1W lOd * Ewes-Account of K. McClelleo, 92 at 10a 9d;' R. Koper," 61 at 10a lOd. ,

CLEARING SALE REPORT. Jones, McCroetie Company, Ltd.,.held. » successful clearing sals on account of *£*' Bates, on the premise*; Caahcl street By*. Citv, on Thursday, when thtrjwas • J***",. attendance of the public. TV follcWflM! v trices wew realised: —DmiMsr sortie*, f»i a carpet. £l3; carpet, £l2j cabinet. <U. M cabinet, £ls; picture, £0 17s 6d; £l4: settee, £7 10s; sideboard, M to, , couch and chairs, £l3 3s; dining teble and ,» ever, £5 15s; tss'.set, £4 7s; h*3 W m £lB 10s* ornaxiientSj figures, ««., soui a* , satisfactory prices. ',* sh NATIONAL MORTGAGE AND «£ AGENCY COMPANY J> \ ANNUAL MEETTNO IN LONDON, t \ ■ ■ 4J I (FROM 0€» OWK COJtROTOJjrDMtt) LONDON, March 11. --, Mr Robert Logan, chairman of directttWt,™ presided this week at the annual meeting <*•*; tho National Mortgage and.Apency Ootnpiay»|, other directors presont I»ing Sir Jame* Mill*.* Vieconnt Hampden, Mr Charles GTcnfell, Mr Lindsay Smith. A now asms among the list of directors this josj-thrt <»»*« Sir Thomas Mackentic. Tho ehmuinMj.ia * calling attention to Sir ThorttM Mftekeiuis*accession to the Board, said tha* ths pany was to bo cougratulaUxl on oMMBIW*.. the service* of ono who had to "i» «**** j such a distinguished onrcor ln>th in tl» WO"** minion and as High ComrniMiow* in v***-" don. Sir Thomas, he said, w*» at pw««« ". making a tour of-tho branches, of tho com- .. panv in the Dominion, *od his knowledge of conditions' ruling tner* wow** ba of inestimablo benefit to fiio oompmw*-,-Sir Jnnies Mills subwqwmOy chairman's. rom«rks concerning Btr Mackenzie, and said they, M dirsotow, w«e> < to be much congratulated on himng hun a colleague. * jvrTho directors" report showed tn«, Mt*f*» paying all exponsss in London and N«w Z*** ; land, interest on "debentuiss, » bono* to lfe»«* etafi and making full provision fc* bod •***! dotib'tfuldebts, oontingeaoies, dep»oi»tkm cm,." promises, plant, and investmonte, tM balanos i a.', credit of tho profit s»nd lons »oc«mt, »*J eluding tho sum brought forward from last » year, was ,£77,940. From this, amount *n »•--* terim dividend of Is 6d pw «ha» had «1-.* rtady been paid. And it was proposed to pap., a further dividend at th« earn* l*t*, with * .« bonus of 3s p«r share, both txw of incorn* | tax, making 15 per cent for tho year,J<> *£*'£ £SOOO to tho xeaorro fund, making it £255,009, Z r and & carry forward £43,940 18ft 3d to Wfl* t account. The conditions wrevaiUns in »*»£* Zealand during tho period «fv«f* accounts woro on tr» wholo satisfactory, w»t »-,-* tho agricultural and pastoral induitrisa »/J lower level of t«lu<» would havo to b» ««*.« ticipated. Tho dittetora, homvor, had wrm i confidence is tho fntura of tho Prices realised to moat lin«i of prodw»3 throughout had boon good. Sine* th« '•w* «J& thrt financial year, bowarm," mawtato . fallen considerably. Shipping ©ondtUons *md reoentljr-improved, and thfe m»»wtt* M»<B , ■nag* now »vaikblo from tho Dominion, ' In moving tho adoption of th* ispott «B«2 accounts, the chairman mid that ha JUKI never known a yoar in the company« lultMW. in whkh moro caro and attention to Hi ~ business had boon wqniwd. Btchm tt«W moat serious problem" now -was too alow dafJZ rrand in this oountry for •evnral altWaa Of** colonial produce—notably wool. The pro*peeT3 of. marketing the now season's clip gat© -MsHE oanso for ooneern. The heavy atoon of "jWI ~ wool ■ remaining unsold in too hand* of thst'* British Government—estimated at atttfutfi 2,500,000 balw-wero Borionely handibaplftnf m ] tho mn'rkct for the new seaaon'a clip. A proportion of tho Govenunont wool wa»»aj|ilg«J sented by the coirser and interior which many countries would bo glad to hat*,'* i and it anight die suggested, tofUM ment wools wfro conoerned, it would be.btJMl to.- to sell what waa not required for kpttfS uso to such countries at much lower PilokZ } than at present ruling, instead of keeping M# < : as a dead weight on .tha market. ' M« The disposal of froien meat waa alatt «l*ff ing the company's inanagoment «°me> *)tHM% for concern. • lit tho ordinary course siderable proportion of tha" New ' put would by this Vme have been told M arrive, but mainly, owing. to unsettled p™fegS poets buyers'wero -unwilling to buy faiwlwßß at the prices asked by •hippera Dominions. Producrs who had been Mfsefj iog to obtain extremo values, for their Mfltffl to recoup tho low value of wool Jooavd'ffijiraf being disappointed. The shortage'Of ated freight space waa*aleo .becoming acnt%4jjf j and their information was that shipinant* Mf*; , the next two months would be sirolL Although their earnings last yoafweriJ! , tho highest- in the companyV'history, wdCJ ♦. had been mostly the result of the high prfgß< i ruling. At the moment-prices for piectiQtfy') a'l the commodities which they handleA IWMJ muoh lower,, and the tendency was diatimwM downward, making tlje sale oj tho aApahjp* staple product* diffioult, and, in «n <a»ijy olrSbst impossible, for the time heme. nS was, therefore, only reasonable that ,th#j should look forward to a lower atandard'«j earnings,' but, thedireotow bad erery cittii that the company wan in a hold Its own, come what might f» Mr W. Davidoon and Mr C. GnnMl .Mha re-elected directors, and Jifaaaii TlllfUlfiQTr Youngs and Co. were also re-elected m Mi| ;• . Lord St, John of Blettoe, in moring Sof thanks to the directoie and to tb* mmkS \ hers of the staff, both in Englaml and 'Wm* Zealand, spoke of the great pOMibilittai H , th* Dominion/ especially with regard to wM dairying .industry, of which he himself >ha*l . hod ozperienoe them previous to lfili 'ja " GENERAL NOTES. 3 i Wlien a company, desires to rai*e istmJo '\ there are four thiegs it may do: it a*/i«M£§ ( bonds, or debentures, or preferred stocky*!} ' common stock. These rank ia the otwjl r given, bonds 'fiut and common stock ' A bond is a first mortgigo on,4hs fired aisaHZ , of a company j that is to say, real Stfa£§ '" plant, buildingn, machinery, sod so ofelM 7 deed of trust is usually made out and dtitSsl a trust company, and this covers lln ■infai T f r l ,gngo on the property. Bonds ot varjißf-'n%»* 'V nominations are then issued, the total BMCjJQ ,! ling the amount of the loan, and sack •S9RI ■ T> forms a first mortgago aweto dtvmirt ": company. Next comes the debenture. Hdsjft ' ] la a mortgage on-tho floatiag aaaeto i company, and might ' almost be termeß p% I second mortgage on the ■ company's «*»«._* 1 Many companies do not Issue ljonds, bnt onVI *l stocks, or issuo stocks supplementary (•# \ their bond issues. These stocks are divide* * J into two classes, preferred stock and. f mon. As its name indicates? the jnnfsnM** 1 Htock iii one which takes pttSeiene*. Th* laß%* . of preference difien in various companies*» i but, should the Company bo wound tip, "p/*f* ferred stockholders, have a right to bsimlrS ; in full before ever tho commoli stockhoMsrsH - receivo one cent. Then again it is nsaefljjg t stipulated that dividends the company jmiyA earn must bo paid first on the preferred stock 3 Should anything be left, then the 00in»4|O stock dividend i* paid. Or again, if the oOTia*i pany is one which .will roquiro sevwal jsaWft • for development, the dividends, secflttWlaf* . , from year to yeari and thew tsry > a clause which requires that all th* prewrrjpjp stocks' claims must be paid in fOU bttSM/J any dividend is paid on the common stoeik", 1 From this the security oT a bond as egamiJLd ' a stock may be appreciated.. * , A further reduction of Sd per bnshal h«r| ' been maac, says the Melbourne "&*&**?,§ tho 9th in«t, in tho price of wheat fof ffrtaKj ing into flour for export to the East, Bouta I Africa, and the Pacific Islands. w»»-WjJ 1 ))rico for wheat for fiour for shipment tsjWj Zealand has been lowered by 6d per bringing the quotation for the above P*"4T2 to the ono price of 7s 6d per bushel. . ■,.■«*

LIME. - >4 . Ih«-Mount Soawa Lta»~»nd Stoi* Q*<i% Ltd., having installed mow power ing plant, art now: hi a position to MVfjK4 Carbonate of Lime for deliwwf. Order for delivery bow, end we atWP***'

THE MT? SOWERS LIMB AXD STOW* CO., LTD., *T 173 Ceshel irtreet, Oirktokurch. ■ * •Phono 4158. Bos CB7, Christcnurth. **

™" m 6 •"•" No. of Busishare- scribed ness holders, capital. done. Year. £ £ 1882 .. 800 . 17,555 15,234 1892 .. 2616 90,000 331,770 1902 .. 3545 165,130 .791,860 1912 ,. 6798 540,120 3,102,282 1920 , 9818 1,149,535 6,501,349 . Reserve Profit. fund. Year. . £ £ 1882 170 — 1892 9,390 7,875 . 27,869 1902 8,090 . 1912 ... 51,009 lO&OOO 1920 ... 105,719 190,000

£ s. d. £ s. 4 2J per cent. Imp. Con. 48 5 0 48 19 6 5 per cent. Imp. War Loan .. .. 86 17 6 86 15 0 81 per cent. Imp. War Loan - .. .. 85 0 0 85 3 6 6t per- cant. C'wealti Loan .... „.. 97 2 6 5 0

New scrip, 10s discount. N.S.W. 4'«, 1938, Jan.July 73 2 6 75 17 6 N.S.W. 3i'a, 1935-50, Apr£ Jan.-July .. 61 15 0 62 00 N.S.W.. S'«, 1936, AprilOctober .. < • 65 0 0" 67 0.0 N.SAV. 5J'a .. •91 a 6 92 0 0 N.S.W. 6J's .. 100 2 6 102~0 0 Vic. 4's, 1921-6, J«n.July .. -- 1 84 0 0 84 15 0 Vic. 3i'g, 1929-40. Jan.July .. 62 0 0.. 62 0 0 Vio. 8'*, 1929-49, Jan.July 55 5 0 55 10 0 Q'land i'a, 1924, Jan.Julv .. SS 15 0 89 5 0 Q'land SJ't, 1921-24, Jan.-July .. 87 3 6 87 2 6 Q'Und 3's, 19224T, Jan.July . ... w . •N.Z. 4's, 1929, M»765 0^ 0 55 12 6 Nov. ♦83 0 0 63 10 0 N.Z. 3i'«, 1940, Jan.- . July .. t . 70 10 0 70 15 0 N.Z. 3's, 1945, AprilOctober 58 5> -0 59 10 0 S.A. 8J's, 1916 or after 67 0 0 67 0 0 S.A. 8's, 1930, Jan.July .. 50 5 0 . 50 15 0 Ta*. Si's, 1920-40, Jan.JvJy 68 2 6 68 5 .0 Tas. 3"», 1920-40, Jan.July .. ... 60 0 0 62 0 0 W.A. 3i"s, 1920-35, MayJuly •68 0* 0 68 15 6 W.A. 3'», 1915-35, May. .November .. ♦66 15 0 6T 0 '0 , •Ex dividend.

Buyers. Sellers. \ ' £ s. d. '£ B. d. DEBENTUR*— N.Z; <3ovt. 4J per cent. Inscribed, 1938 78 0 0 ""*■ " N.Z. Govt.. 4J per cent; Bonds, 1938 78 0 0 — N.Z. Govt. 5 per cent. Inscribed, 1927 83 0 0 — N.Z.'Govt. 5 per cent. Bonds, 1927 , 89 0 0- — ■ N.Z. Govt., 6J per cent. Inscribed, 1933 88 IS 0 89 6 O BANKS—., • Australia "Bights" .. National of N.Z. 12 10 •5 6 0 0 6 7 6 New .South. Wales 29 6 0 29 15 *0 New Zealand 2 6 6 2 7 9 Royal Bank (cum. div.) 1 6 0 .— Union oj Australia ' ... 11 9 0 11 12 6 INSURANCE— New Zealand — 1 5 9 South British' 1 10 8 — Standard . 2 3 0 2 4, 6 LOAN AND AGENCY— Dalgety and* Co. 10 0 0 — FROZEN. MEATCanterbury . — 11 -0 0 N.Z. Refrigerating (£1 •paid) I "8 0 N.Z. "Refrigerating (10s paid) 0 11 S Wellington (£3 12s 6d) — 8 12 6 WOOLLENSKaiapoi faref. re div. only) — . 1 S 0 GAS— Christchurch . 5 <5 0 ' — MISCELLANEOUS— Beath and Co. — 1 4 0 Booth, Macdonald — 0 19 8 .^, 1 IS 1 18 0 0 Burns, Philp (South Sea) N.Z. Farmers' Co-op. (£2 paid) 1 13 6* Maron, Struthers (£1 pd.) — 1-5 6 Mason, Struthers (6s pd.) — 0 8 0 Whitcombo and Tombs 2 1*0 _i MINING— Mt. Lyell 0 11 9