COMMERCIAL.

Press, Volume LVIII, Issue 17469, 1 June 1922, Page 8

COMMERCIAL.

PRICE OF CEMENT. SEDUCTION ANNOUNCED. bVZCIAL TO "THS PRESS.") AUCKLAND, May 31. f'i.o price of cement has been reduced by the "Wilson's (N.Z.) Portland C-srr.ent Company, Ltd., to the extent o: 13s Cd a ton, the charge now being £•3 1"i pvr ton, ex store, Auckland, ■••'th discounts as formerly for the retail trade in Jots of under one 'on. The price to other than bona iiiii'ders has been fixed at 7s 9d a L:v;. ' X store, less 2j per cent, dis'.•O'.ii'.t. Thi- company states that the reduo i.rtn i-: not wholly clue to the bomm to employees being reduced by the Arbitration Court. The decrease repre-»r-nt j very much more than a drop of 5s J:; '.vages, and the object of the company : . announcing an alteration in prices zo assist in bringing values baclf :-.j normal, as far as it is reasonably ':.>-=iblo to do so, and to stimulate Voiding and concrete construction ■vcrk. THE PROSPECTS FOR WOOL. AMERICAN INFLUENCE. The necessity for the United States to expand its imports of foreign wool r.-ecoming more and more apparent, uud all the emergency tariffs, or per.:jii:ient tariffs, under whatever fancv mantes they may masquerade, cannot ito vent this importation (says the Wellington ".Dominion"). The wool produced in America is equal to only about •iO per cent, of the domestic requirements, and while the population, is growing, the number of sheep is decreasing. At the end of JLteoeinDer Jast it lias estimated that there were 3tf,048,(jO'.i sheep in the United States, compared with J7,452,000, at the end of :iud 39,026,000 at the end of 1919. Avouty years ago there were over 60,sheep in the States. It is i>ie sheep men who are asking for a heavy taritr, for the purpose ot encouraging the sheep-raising industry. The emergency tariff placed heavy duties on all j arm produce to help the American farmers who were very badly hit by tne, slump in values. A Permanent Tariff , Bill is under consideration by Congress, end in this measure wool is to cafry a ; heavy duty. But no duty can keep out foreign wool while the domestic output ( is only equal to 40 per cent, of requirements. Owing to the uncertainty with respect to the final result of the tariff manoeuvres —the sheep men are being opposed by the wool spinners—the stockß of wool in the United States have been allowed to run down to almost th© danger point. American buyers have been active in London, Australia, and j New Zealand, and their imports from ] the Dominion Bhow a substantial in- \ creuse During th© twelve months end- ; cd September 80th, 1921, the quantity and value of the wool shipped from ft&iv Zealand to the States were as under: — Value. Bales. Dollars. Wellington ... 1219 94,071 (Jiirlstchurch ... 16,695 1,305,710 1 Duncdin ...' 2427 240,008 . Auckland *. 8234 228,032 1 Totala 23,575 1,867,821 ' For vhe season from October Ist, 1921, to May 16th, 1922, the shipments were £S follows: — ' Bales. Dollars. Wellington ... 1268 92,972 OiirUtchurch ... 23,307 1,671,468 Duucdin ... 6334 396,383 ( Auckland * d Totals 29,909 2,160,823 n '' The shipments for 71 months exceed a those for the whole of the 1920-21 sea- ji wm by over 6000 bales, or more tham s *25 per cent., while in the earlier sea- 41 son they paid on th© a little w larger quantity purchased during the past seven months the a/verage was slightv more than 70 dollars. Just how badly in need of wool the a Americans must be inay be judged from j tfto fact that in April last American J] • buyers were in the Argentine vis- 1( ■* iting • the "Estancias" to contract for t vfd(H on the sheep's back. These con- si tract\operations do not usually start un- y til Jane or July. The wool wanted is i' fine crossbred, and the price offered the Aigentine growers is 15 cents to iSJ cents. This demand on American :ictotmt added to 'European requirements gives an assurance that the next wool dip of Australia and New Zealand sbbuld realiso profitable prices. V COLD STOBAOE PBOBItEMS. flßy C*b'.«—Preis Association—Oopyripht.) {jLiutrt&sn Mid N.Z. Cablo Association.) a< * LONDON, May 30. tl Members of th© Cold Storage and Ice Association, including Mr J. A. M. Elder, a member of the Commonwealth Board of Trade, inspected the new low temperature research station which has been installed at Cambridge by the Food Investigation Board, with tbe &sustanoe of th© .University, as a result.of the Cold Storage Association's request to the Government to estab- ' liah a station for refrigeration research, ijmoag the experiments being conducted at the station is the freezing of beef. __ ji £1,000,000 CLAIM. ti Vt Mmatiius wool tors case. » v •" £ (rSOM OCB OWN CORBBSPONDENT.) w SYDNEY, May 24. ? " After being listed for over three w years, the hearing was commenced in the Federal High Court on Monday, y. before Mr Justice Isaacs, of tfhe case w , in which, the Federal Government and the Central Wool Committee makes a " claim against the Colonial Combing, w ] Scanning, and Wearing Company, Ltd. » The plaintiff's claim is far the sum of b£282,808, for the alle&jd breach of so agroeraent made on March Ist, 1917, re- « garding the sale of wool tops. Amongst •*' other things, they ask for a declaration ? f that all wool purchased, and all wool ami wool tops, etc., manufactured by Wl defendants after September Ist, th 1919; were the property of tlie Com- fei monwoalth, and were manufactured by pr tibaeomnany as the agents for the Com- » ai f monwealth. There is a cross-action, in- * ai about £1,000,000, in which the ' - allege that .the Commonagygtli Government committed breaches j, 0 \ 1 jißTy'W?Benicnt by wrongfully refua- xi I consent to any further £4! w V aHKjI-' *oci tops under tlio terms of 19! upon conditions 3l< °°mpany's business been entitled to re- at tewna of thft agreement. £a J 56 ® 11 engaged, with Su otl and £l' case will last' for 30

BIG WOOD PULP DEAL IN CANADA. EXPECTED RISE Hf PAPER. Sir Frederick Becker, the well-known London pulp and paper merchant, who is also chairman of one of the big papermill combines, operating about a dozen mills, made the largest wood-pulp contract ever signed in Toronto hist month. It is a ten years' contract, calling for 500 tons of mechanical and 200 tons of sulphite d.pily, and is worth 74,000,000 dollars. It will assure practically capacity operations over the period of ten years to the producing company. Sir Frederick Becker, whilst in Canada, expressed some very optimistic views with regard to Ihe future of the pulp and paper trade to a representative fit' "Tho lu'p and Paper Magazine." He said that, with regard to England, wo have suffered considerably from dumping by countries where the exchange haa collapsed. The dumping of news-print was chiefly from Finland, whilst Gei- ! many sent great quantities of kraft. There has l>een a marked revival, and the British mills have now many orders in hand—in fact, all departments are in full operation, except the bank accounts. Export business is picking up. Internal competition is very keen. There is no doubt that the price of paper will rise before the year is out. Tho world if) short of paper, and his opinion as to the immediate, future is based on this conditic.p, coupled with an increase in the demand. Russia's revival wiil take care of the Finnish output, and Gcrmauy will, he believes, soon absorb her own paper. He is very opt-i----mi tic so far as tfie consumption of pulp in England is concerned.

CANADIAN CATTLE. A BRITISH EMBARGO. (By Cable—Press Association—Copyright.) (Australian and N.Z. Cable Association.) LONDON, May 30. Sir Arthur Griffith-Boscawen, Minister of Agriculture and fisheries, speaking at the Conservative Club, said the Liberal and Conservative) parties were strongly .divided over the Canadian cattle question. lave stock breeding had became the sbsetranchor of British agriculture, and Britain was the etud farm of ih? world. It was the first duty of every Minister of Agriculture to protect this great industry. Tho embargo was not specially directed against Canada, but also applied to all countries and to tho Dominions. Tho allegation that the embargo was a stigma on Canada waß withcut foundation. He was not going to be dictated, to by any newspaper. If it were true that any pledge hud bsen given to Canada ho would be prepared to honour it. He claimed that the removal of the embargo was against the interests of their own people.

WHEAT. (Received May 81st, 5.5 p.m.) LONDON, May 31. Cargoes are dull, and 6d to Is per quarter lower, but there is no bidding to test values. Parcels at Liverpool and Manchester ex the Tievithick and Kenilworth have been sold at 658 per quarter.' SHARES. LONDON, May 30. Bankß—Australasia, £l3; New South Wales, £3B; Yictoria, £l2os; Union, £l3 6s; National of New Zealand, 122s 6d, ex rights; Bank of New Zealand, 50s. New Zealand Loan and Mercantile (ord), £76 10s. MARKETING OF BUTTER. ! LONDON, May 30. With referenoj to how Zealand's proposed dairy pool, butter importers suggest that a conference bo held of all pa-nea to endeavour to develop the industry and improve matters generally by the selection of the beat tioints in all the existing methods of the marketing of buttsr and combining thera into ft scheme suited to che conditiona of Now Zealand business. It i 3 pointed out that no compulsory pool exists in connexion with Danish or other competitive butters. |

BUTTER AND CHEESE. Messrs A. H. Tumbull and Co. have received the following ca!>le from Messrs \V. Weddel and Co., Ltd., dated London, May 26th:—Danish, butter, 184s. to 18ss week 186s to 190s;- New inland butter, unsalted, 166s to l£Bs (170s to 172s)N.aw Zealand butter, salted, 160s to 166s (170s to 1745), market slow; New Zealand cheese, white, Ctis to 72s (72s to 745); New Zealand cheese, ooloured, 76s to 80s (80s to 84s), market alow. THE MEAT INDUSTRY. (Received May 31st, 7.30 p.m.) SYDNE.Y, May 81. At the annual conference of the New South Wales Graziers' Association, the president said the outlook of the meat industry never was oo critical. Its future depended largely on an understanding of grading and the intricacies of distribution. Ihey would i.irver get anywhere until they had someone acting in London who thoroughly understood the position. , FARMERS' UNION TRADING COMPANY. THE YEAR'S OPERATIONS. (special to "the fress.") AUCKLAND, May 31. The annual report and balance-sheet of the Farmers' Union Trading Company has just been issued. The chairman's report states that the company has just come through a period of unprecedented depression which has naturally made its influence felt upon the company's operations. The year, it is .stated, was commenced with stock valued at £673,000, and with goods costing about £30,000 on the way, so that when times became bad, the company had over £750,000 worth of goods bought on the top of the market, to sell at greatly reduced prices. : :That we succeeded in selling £1,132,680 worth of goods direct to our customers during the year," proceeds the report, "is the best proof that we have liquidated almost the whole of that stock, and the fact that we have accomplished this with a loss of only £58,000 is more a matter of satisfaction than regret, as this amount represents less than 8 per cent, loss on the high priced stock with which we commenced the year. It should be remembered that being practically a new business we had no opportunity of piling up big secret reserves from war profits, as did some companies, which makes it the more creditable to have liquidated such a large stock with so small a loss." The difficulties of the company were further increased during the current year because while city firms were selling to city workers with stabilised wages, the farmer, representing practically the only customer of the company, was suffering from a heavy fall in the-price of Primary products. Fortunately, while manuactured goods continues to De liquidated, farm products had turned the oorner, ana were steadily rising again. The profit and loss account shows that the gross profit from the Auckland Warehouse was £67,350, and from branches £48,723. The debit balance of £58,000 is made Up of £49,6% on working up to September 30th, 1921, and £8317 for the half-year ended March 31st last. The balance-sheet shows among the liabilities £109,126 due to the bank, less j a sum of £93,278 cash reserve for repayment ; of loans. The money held on deposit amounts to £261,902. • On the assets side the stocks at the Auckland warehouse are given as £301,907, and at 30 branches as £164,561. Sundry debtors (Auckland) account for £128,525, and at the branches for £132,165, so that the' oompany has a sum of over <250,000 advanced to farmers.

CHRJSTCHURCH STOCK EXCHANGE.

(PRESS ASSOCIATION" TELEGRAMS.^ AUCKLAND, May 81. Sales: —National Bank (rights), 19a 6d> New Zealand InuranC2, 23s 9d; South British Insurance, 26s 8<1; Wilson's Cement, zib 5d • Booth, Macdonald, £S9. DUNEDIN, May 31. Sale on 'Change:—Union Bank, £l2 10s. Sales reported:—New Zealand Paper Millj (new issue), 3d premium. BURN SIDE MARKET. (I'EESS ASSOCIATION TELEGRAM.) DUNEDIN, May 31. Although the supplies ot fat stock offerc at the iiurnside sales to-day were on the small side, there was more than sufficient for requirements. The quality on the .whole was not up to the usual standard. There was little life in the market, and it was noticed that export buyers were operating cautiously, which was no doubt due to the uncertainty of the labour market at the freezing works. Fat Cattle—There was a medium yarding, a total of 186 head being penned. The quality was not up to last week's standard. Although competition was not very keen, good quality animals were sold at price 3 slightly above last week's rates. Prime ox beef was worth" up to 22a 6d, light Sis, and oow and heifer beef from 16s to 18s per 1001b. Prime bullocks realised from £9 17s 6d to £ll.loa. j medium £7 U> £8 10s, light and unfinished j sorts from £4 l 7 s 6d to £6 ss. lrime heifers realised from £12.8s to £6 10s, medium M to £5 ss, light and aged from £3 upwards. £heep—There was a- medium yarding, numbering 2077 ■ -head. The quality was of . a mixed description The sale lacked spirit. G-o6d quklity wethers wew from la to Is 6d per head dearer, but prices for all other sorts were about on a par with last week a rates. The yarding was comprised mostly of medium wethers nud ewes. There.was' a fair domand for prime quality sheep, and a few graziers were in the market for unfinished wethers. Prime wether muttonbrought from 4d to 4 id, ewe . mutton _ 3d, Extra prime heavy-weight wethers realised up to 32s 3d, prima 26s to 295, medium 203 to 235, light and unfinished sorts from 10» to 19s, prime ewes fiom 17s to 20s, medium 123 6d to 16s, light and aged from 9s to lis 6d. Lambs—There was a medium yarding, numbering about 1200 head. The quality was not very good. Competition was soTnewhat slack, and a dragging sale resulted. The sale opened at' prices about on a par with last week's rates, but a weakening tendency set in as the safe progressed, and the last sale of the day showed a reduction of about Is per head. Prime lamb was worth from 6Jd to 7d per lb. Prime lambs were well competed for, but medium and other sorts were hard to sell. Best quality lambs realised from 22s 6d to 245, medium 19s to 21s 6d,. lighter kinds from 14s upwards. Store Cattle —A small yarding was offered. Among the number penned was a line of four and five-year-old bullocks in splendid condition. These came from Central Otago nnd attracted considerable attention. The line was eo.'d under good competition, the prices ranging from £5 to £7 10j per head. There was very little demand for young and bnckwuid conditioned cattle, and low;er prices lAd to be accepted, in order to effect Bales. Pigs—There waa x a small yarding. The number offered, however, was quite sufficient toe th« lequirenisnts. Although competition was slack, the prices realised were about on a par with those which ruled at ' last week's sale. Best baconera realisei from Gd to 6}d per lb, and best porkers from 6Jd to 7Jd per lb. CUSTOMS REVENUE. FIGURES FOB" MAY. The net Customs "duty for Christchurch for the month ended 31st shows an« increase of £3563 16s 4d, cop,pared with May of last year. With legard to the net duty on beer for the samo period tliero is an increase of 4-3433 16s lOd. Net Customs Duty. May, 1921. May, 1922. £65,860 10s 4d. ■ £69,424, 6s Bd. Net Beer Duty. May, 1921. May, 1922. £4900 Is Gd. £8333 18s 4d. JOHNSONVILIiE STOCK SALE. (special to "the TRESS."J WELLINGTON, May 31. A good quality yarding of sheep came forward, including some extra prim© two-tooth wethers, which realised prices in excess oi some of last week. Some heavy ewes were penned, but the competition on these was duil. Good lambs sold well, but plain stuff was neglected. The quality of the beef was good, and best ox made up to 218 per' 1001b. Calves and vealers showed a slight improvement on last week. Sheep—Best wethers 26s 6d to 28s 10d| good 24s to 25s 7d, light 22s to 23s sd. Ewes 17s 3d to 18s 3d. Best lambs 20s 3d, stores 14s 6d to 15s. Best bullocks £8 to £8 10s, good and fair £7 ss, best covs £1 12s 6d, lighter sorts £3 10s to £3 17s 6d. Best vealers £2 19s to £3 4s, medium £1 12s 6d to £1 18s, light 25s to 295. THE CITY MARKET. Report of weekly sale: —Ford car, £110; light spring dray, £ls; d.f. plough, £l2; set harrows, £4 os; Raleigh trap, £SO; planet, £5; 2 riding saddles, £5 and £6 10s; homes and traces, 20s; oow covers, 255; horse rugs, 355; wheat, 8s to 17s 6d; 2 sharps, damaged, 16s 6d; flour, 9s; Garton oats, 12s 6d; table potatoes, 6s to 9s; hose, 255; 32 sacks chaff, 3s 6d 6ack; hay, 3s. 6d truss; 16 shovels, 5s each; timber, s.h., 3s 6d to 25a hes,p; kcnnol, 20s; corrugated iron, 8 feets, ss, 6 feets 3s; flat iron, 4s 6d sheet; small building l 255; do., £3: separator, £2; do., £3; jair chains, 9s. Furniture, etc.: C, baskets, los; scales, 7s 6d; 4 tables, 8s to 12s; 2 forms, 14s; office chair, £2; aimchair, IC3; 3 Windsor chairs, 28s 6d; k. table, 14s; table, leather top, 20s; typjsto'a choir, 35e; 2 wicker chairs, £2 23; 3 cabinets, 245; table top, 16s; letter carrier, 9s; lino, square, £3 18s; school toys, £2 3s; bed, 245; gas cooker, £3; carpet square £l 7a 6d; do.. £6; ex. table, 255, pair leggings, 10s; choir, 10s C-d: suite furniture, £5 183; wardrobe, £5; duchesse, 345; and the usual sundries of cverv description. Thirty-five pigs were penned, and- all eold. ranging in prices from £4 to lie 6d each. H. C. Smith Auctioneer. g

THE LAND MARKET. 'Teople say there is not much money in the oountry, but judging by the. number of persons with £3500 and £4OOO cash, who are enquiring locally for sheep country, I am of the opinion that this is altogether to sweeping a generaliastioc"—the statement c a member of a prominent firm of stock an< station agents to a "Manawatu • Standard representative. The informant added tha the enquiries were for country priced 8 from £6 to £l3 per acre. ;I|| GENERAL NOTES. When Lever Brothers, Ltd., became, ir 1894, a publio company, it had .authorised capital of £1,500,000. The balance-weet foi 1921 reveals the total as , £130,000,0U0, ol which £46,982,322 is paid up. Last vear a Mil--committee of the British Board of Trade reported that the company held practically all the shares in 140 other companies throughout the world, producing 70 to 75 per I cent, of the total British output of Eoap; wattle second largest soap-making organisation in America, and fc;.-J important interests in other countries—includiag Australasia. On its first year's trading acuvities the company netted a little less than £160,000. Last year its net profits were £4,023,664. The amount, whioh compares with £3,861,330 cleared in 1920, is made up of £1,035,516 eaiied tv the parent concern, and the remainder by the three affiliated companies. Dividends declarer! were respectively 10, 5, 15, and SO per cent., and they accounted in the aggregate for £4,301,139 as against £3,849,030 distributed in the previous year. The parent organisation added £250.000 to its reserves, and the total carried forward was £122,737, as against £49,737 brought into the . 1921 account. The ordinary shares are aimcst whollv held by the family of the founders of the company, and of the total issued capital £44,702,322 is in cumulative preference shares. The latter class of capital absorbed for 19-21 £751.373 more ihan for 1920, and the return on the ordinary shares has been reduced from 20 to 10 per cent., involving payment of £223,000, as against £456,000 a year earlier.

Th-5 story o! heavy losses by nw-ivhant houses continues to hz told (says the "British Trade Review") in the various annual reports and balance-sheets. Several houses have under consideration schemes for the reduction of their capital in oidpr to offset the deficits caused by depreciation of stocks. A woollen merchanting iirm, well known in many overseas markets, has just reported a 1053 on th».- year's trading of close- upon £300,000, and that is after crediting refund of excess profits duty. For two years many retailers have prospered at the expense of their suppliers, the principal concerns which have bought at "distress" prices and failed to pass on the fi-ivantagc to consumer* being certain of the large stores. Although..wholesale prices are down at least 50 p3r cent, on the average, and public buying is curtailed owing to unemployment and reduced incomes, one or two of these large departmental establishments have contrived to show even higher pro'flts than .those for 1920. This is not at all surprising to those who are familiar with their buying and selling prices.

New business has been created (reports the "British Trade Review") by the introduction of the new nickel alloy for making unplated spoons ar.vl forks. The demand for this material, in the form of "blanks" is in excess of the supply, and make:s cannot deliver within eix weeks of the receipt of orders. There is a genuine boom in the new metal. To describe it as stainless, however, is claiming too much; it contains a- good deal more nickel than the ordinary nickel silver, and will consequently res'st stain or tarnish to- a very cpnsiderable extent, but an actually stainless non-ferrous alloy has yet to be discovered. Spoons and forks made from the alloy have, and maintain, an excellent colour withoit cleaning, and are extremely durable.

The financial position of New Zealand' wculd have been serious, says the MsllKmrne "Argus," had not the Massey Government been careful in l>oom years to put surpluses to reserve, - and when the trade: collapse came, determined to impose economy in expenditure. As a result savings last year amounting -to nearly £S,OCO,GCO were made in the face cf the strongest opposition by Labour and by sections of the public service. Ev3n with all the ■ economies carried out, the year ends with a deficit of £340,000, so it can be realised that if the Government .had not been composed of men intent upon saving the people from themselves, financial results would have created an awkward situation. As it is, the firmness with which the position was faced had its effect in London., and enabled the Dominion to raise a much-needed loan of £5,000,000 upon nio3t favourable terms. Mr Massey now feels that he can announce that the corner is turned. It is significant that his colleague, Mr W. D. Stewart, who came to Australia to negotiate a Cu;itcm3 agreement with the Commonwealth, has publicly stated in New Zealand that conditions in Australia appear to be "very prosperous on the surface." Ho then points out that there is considerable evidence cf 'unemployment in the Commonwealth, and that large industries were feeling the effect of outside competition, despite the high Australian tariff. He considers the difficulties in the way of readjusting wages, hours of labour, and ' other conditions to bo much greater in Australia than in New Zea'and, This is the case.- It largely arises irom the intriguing that goes on between tho three parties in the Federal Parliament to obtain sectional advantages, and' from t.'ie unscientific way in which the problems of economy and taxation have L-jtVh approached by politicians.

Although the Birmingham hardware business is still quiet, saya a trade journal of last month, the leading firms agree that the industry generally is on a sounder footing than at. any time during the past twelve months. There has been a slight improvement, ana the business which is being pieced is at least on an economic basis. Foreign competition still makes itself felt in the' very cheap lines. In the better quality goods—hoilowware as well as hardware—it is the restriction of buying and not so much outside competition which keeps trade quiet. .Building cost 3 are falling all round, and this, it is hoped, presages a more active demand for builders' hardware. Trade with South Airica, which was showing a decided improvement, has suffered a set-back; but Australia and A'ew Zealand have placed orders more freely, and India has also been better represented during the past month. Demand is slightly better in general ironmongery and tool 3;

Final figures of the New» South Wales harvest show that the total was 42,fa50,000 bushels of wheat and 570,800 tone of hay. On average prices the wheat was worth between £12,000,000 and £13,000,000 while the hay wa3 worth .£2,000,000. The area harvested for grain was 3,202,610 acres including 65,600 acres whioh. failed entirely ■while the yield of 5500 acres, chiefly in the western slopes, was destroyed by hre The average yield was 13.3 bushels an a c r'e In January an estimate, based on returns supplied by individual owners was made when « QTnnn n K Ci r? ed , that u the y ield wo ' uld be 45,285,000 bushels of wheat, or 14.3 bushels an acre JThe actual returns have fallen short of the estimate by 2,635,000 bushels, or 6.8 per cent. A decrease was experienced in all parts of the State.

The declining tendency of the world's gold production, evident since 1915, when the peak was reached, stiil continues, according to the annual tables compiled by the "Statist," the lall in 1921 being over one million ounces, to which the British Empire materially contributed. The Empire's proportion of the world s output, nevertheless, remained almost unchanged at approximately 70 per cent Ou r predominant position, declares the "Statist " is, of course, due to the mines oi the Transvaal, where the falhng-off in 1921 amounted to only 29,733 ounces. The following tables ff TO S l l ? m , mary of the tablea prepared by the "Statist :

15,502,806 15,561,158 17 729*44 •Provisional. ' ' The country of chief importance, for which ' no precise information has been received is the United States, but production in 1921 is believed to haveahown a slight falling off in accordance with the general trend. "The fall in the world's gold output,", the "Statist" declares, "is traceable, generally speaking, to _ increased co3t of production unaccompanied by a corresponding rise in thevalue of the metal." i —~' ; - I

YESTEBDAY'S TRANSACTIONS. Sale reported:—Bank o New Zealand,, £3 11a 3d. LATEST QUOTATIONS Burnt. Seller*. £ • <L £ •. d. DEBENTURESN.Z. Govt. 4J per cent. Inscribed, 1938 - .. 93 15 0 04 10 0 N.Z. Govt. 4j per cent. Bonds, 1938 93 15 0 94 15 0 N.Z. Govt. 4J per cent. Bonds, 1941 93 0 0 94 10 0 N.Z. Govt. 5 per cent. Bonds, 1927 9* 5 0 95 0 0 N.Z. Govt. 6J per cent. Inscribed, 1933 — 97 15 0 Woolston Tanneries "A" G per cent, 192-5. — 96 0 0 Booth, Macdonald. 100 0 0 BANKS— Australasia 12 18 6 13 2 6 Commercial of Aust. .. — 1 15 6 National of N.Z. (cum rights) 5 18 0 — National of N.Z. (rights) 0 19 3 — New South Wales (rights) 12 10 0 — New Zealand 1 11 0 2 11 6 Roval (£1 paid) • . • 1 9 9 1 10 6 Union of Aurt. 12 9 0 12 15 0 LOAN AND AGENCY— National Mortgage 3 4 0 3 15 0 SHIPPING— HuHdart-Pnrker 2 8 0 2 8 6 FROZEN MEAT— Canterbury 12 18 6 13 10 0 Canterbury (G per cent. cum. r>rcf.) 5 0 0 — N.Z. Refrigerating (& pa id) 1 5 0 1 8 0 N.Z. Refrigerating (10s paid 0 13 6 — COAL— Wretbort-Stockton — 0 5 3 BREWERIES— Crown . 1 14 6 1 13 G Manning 3 2 0 3 5 0 Ward 1 3 6 — MISCELLANEOUS— Bcath and Co. 1 6 0 1.7 0 Mason. Struthcrs (£1 pd.) 1 2 0 1 5i 0 N.Z. Drug Co. 2 11 9 — N.Z. Su?ar of Milk .. 1 5 6 18 6 United Pictures 1 1 0 18 0 WMtcimbe and Tombs 3 0 0 — MINING— Mt. Lyell .. . ... 0 17 6 — Waihi (cum. div.) 1 2 0

1921. 1920. 1919. Ounces. Ounces Ounces. Africa 6,935,585 8,9i2,183 9,285,038 Australia 757,221 943,965 1,018,301 New Zealand 350,000* 474,650 sss.ew India. Canada 350,000* 690,000*. 499,068 7l5,j07 507,261 7t6,7ti4 Total British Empire 11,092,806 11 624 873 United States 2,i'<:0.0JG* ' 2,S95,017 12,216,026 2,918,628 Mexico Other 650,000* 735,078 737,650 countries 1,460,000* 1,806,190 1,857,140