COMMERCIAL.

Press, Volume LVIII, Issue 17470, 2 June 1922, Page 8

COMMERCIAL.

ECONOMIC CONDITIONS IN NEW ZEALAND. TRADE COMMISSIONER'S REPORT INTERESTING FIGUEES AND CONCLUSION& <6-ECIAJi TO "the TRESS. WELLINGTON, June 1. The report forwarded by Mr Da J t-ou, H.M. Tr.i'J'J Commissioner, to his De-Tiartrnc-nt in London regarding economic conditions ni Ne>v Zealand in an e:-;tr<vji. from which- wne published in -h': IJo;-.rd of Trade Journal, contains M.-it'.'.-r tb:it is of particular interest at • ;/rc->c-nt time. Mr I>alton points out that in the tsix Vvars from "to inclusive. "ttiO balance in favour of New Zea- !■ nd had been about £59,0C0,CQ0, to mat for tlio eight years from 1014 to l'J'il the apparent balance in iavour of New Zealand has been no less than /J W.000.00J. At firtt sigilt tills would indicate that New Zealand is in a very bati.siactory position as a result oi iier trading op-orations of tho wir and postwar years, hut unioriTnately the published figures are misleading, and ti.ero ."re other considerations to be taken into account before tho exact position can bo estimated. The Customs figures :.ro calculated on f.o.b. over importation. Mr I>alton deals cloaiily and concisely with the effect of the flood of imports in 1020-21, and tho continuunoo of this flood of imports into tho jcar 1921, ho points out, has to a. conEiderahle extent obscured the real trading position for tho year, and it would be unwise to judge it from a superficial examination of tho trade statistics for tho calendar period. For instance, the imports in tho first six months of 1921 wore nearly two-thirds of tho total imports for tlie year, while the imports :a tho last quarter of 11)21 amounted to only £7,539,568, as compared with £18,11(>, 184 in the corresponding quarter in tho previous year. He adda that it is no exaggeration to say that absolute stagnation existed in the majority of trades. Except in tpoeial lines, buyers were not at all disposed to place new business. Even if they had been, money on New Zetbiand account was not available in London for the purpose, and all the banks v.-ere keeping a very tight rein indeed on general business, for obvious reasons.' However, the statistical showing of the trading position in New Zealand is always at least eix months behind the actual position, and it will therefore not be before the figures for 1922 are available that it will be possible to see :l reflection, statistically, of the position in New Zealand during the past year. It is not at all impossible, for instance, that the imports for the twelve months ended June next will not exceed £30,000,000, even if they reach that amount, which is doubtful. Referring to the improvement that wns already taking place when he •wrote, Mr Dalton says that this improvement in general buying is duo partly to tho liquidation of stocks, and partly to a feeling that the bottom of the depression haa been reached and conditions are now on the up grade. The effect of this improvement will not bo seen in the statistics for at least six montlis, and it may be anticipated that imports for the. year 1922 will show a largo decrease aa compared with those of 1921. Nerotshdless, healthier conditions are undoubtedly prevailing. Tho wholesale houses in particular huvo passed through an extraordinarily difficult time. Their tosses have been much greater than those of the retail, :ind it is not unlikely that all the larger profits which they rando during the war and after have disappeared in the pjist eighteen months. In some outstanding cases firms are in a worse position today than they were in 1913. There hare been no disastei-s, however, amongst the old-established firms. Those who have disappeared have been individuals or firms wno were not pre- . viously in tho impdrt business, and who hare been carried away in a flood of foolish speculation in business with which they were previously unacquainted- But there have been surprisingly fair disasters of any kind, and there it 1 TO doubt that the experience of the f part year or two will lead tQ a general j improvement of business organisations . ano channels. Generally speaking, traders here have stood most loyally by * "their contracts, and in this respect nave i probably excelled most other markets. 1 As was said in the last annual report, < this, speaks volumes for their general ] business rectitude, and their desire to , do tbr fair thing. It should also influ- ; epoe British firms to give them every ■ consideration in the future. . The report deals also with the posi- j woo as revealed in the export statistics, i 2? unn i!? g Tl ,^x th ® Prospects, the statis- , r®*! ™.,P a "2, n says, show that, look- - at New Zealand as a whole, pro- i auction and exportation have not suf- , iwed, and this must surely be the true i jpude to the real position. As a primary producing country, and taking into account the world shortage of ■tocksol nil kinds, New Zealand must, conditions' improve, recover MfflMthing at least of the prosperity wtaoh «he experienced during the war and .during this period she will Im> able to get breathing space to apply the leeteught 5084 yean hare

PBBEEBENCE FOB AUSTRALIAN MEAT. _ • June 1. Til* Prune Minister is Again an9"WW **» Imperial authorities with to obtaining preference for AusS5"? ?*?',*". a explained that BriWin tt not likely to accede, being a fiw» trade country. Such action would JBrtto repneata by other countries. OXFO2U) MARKET. • Oxford market iu well attended yes- ., Mntay. The «nuy consisted ot 12W> iat ■•' Mmba, 7J7 iat ewea, ivi iat Betters, M 3 ; eteMa, and 10 head of cattle, Export buyi?S* *ejweseuted, and. the tats soid M nut raiins values, Prune lambs made •' 90s <d to 2ta Id, medium weights 17a l(kt to .'. »f, light weights 16s to 17s 2d, prime ewea , lla Id to 16a Id, others 10s to 12s 9d, extra Urima wathera Sla 6d, others 18s to 22s 6d. Amongst the sales were:—Fox Alex. Hendaaon, jbs lambs at 21s; H. J. FeuU, 26 at Ifli; & MoGxath, 66 at 20a Id, 13 at 22s Id; A. Winter, 61 at 20s lid; A. Jt. Cedermaa, 86 at 20s 2d, 6- at 16s 7d; A. Baxter » at 7a Hd; W. T. Gilchrist, 21 at 20s JW; J. Allen, 18 at 17s 2d; W. C. Taylor, !J£.** . 2to ld 5 G - Bruo *. 86 at 19s 9d; W. Oflleapla-, W at 17. 6d; L. Lilly, S3 at 20s Md; H. Pnchaid, 22 at 21s lod; E. Carpentar, 88 at 225; C. Bitmead, 49 at 21s; H. «a*T, 80 at 19a 9d; P. Fenwick, 22 at 20s- ' S* *> »* alB w - Rjde. 12 at 17 8 ; 8. O. Wells, 188 at 20s 6d. .Ejaaa— For E. Thompson, 26 at 12s 9d; ' a - Waterman, 32 ' *i Us fid: A. X.- Cedetman, 19 at lis 10d; ■ 6d, 33 at 8s Id; R. W. and J. W. Ivory, Is; Ivory Bros., 27 at i at 12s; F. Wells, 10 r, 12 at 13s lOd; U. pie, 20 at 13a' 7d; ' A. i; J. Allen, 22 at 10s; ; Addington Bros., 72' • 28 wflthew lambs 'at I aoond-mouth ewes in »•*■ »t 17a lOd. The

DAIRYING YEAR. INCREASED PRODUCTION. A DIFFICULT PERIOD. The National Dairy Association's annual report s,tates that the volume and value of the export of butter and cheese for the twelve months ended March 31et last as compared with those of the corresponding period of last year were as follow: Butter. cwts. £ 1922 ... 1921 ... 476,7i50 .(j.114,464 Increase ... 412,9(h 2.771,356 Cheese, cwts. £ J 922 ... 1,.300,841 7,615,2.54 1221 ... 1,203 2u3 6,514,519 Increase ... 188,581 1,100,735 The total exports cf butter and chco.se combined this season amounted to £16.501,074. These li«ures relate to exports, and do not include the local consumptive demand for butter and cheese, for a population of nearly a million and a quarter. Shipments of produce to London during the season May 11th, 1921, to April 27th, 1922, were 1,539,175 boxes butter and 796,874 crates cheese; in addition there were shipped to the West Coast ports of Great Britain, i.e., Bristol, Manchester, Liverpool, and Glasgow, 52,805 boxes of butter and 113,036 crates cheese—a total export to Great Britain of 1,591,980 boxes of butter and 909,910 crates of cheese. The climacir conditions for the production of dairy produce (adds the re; port) were excellent for the whole of the season, with, perhaps the exception of the West Const of the North Island, where, in the latter end of summer, there was a lack of rain. Whilst climatic conditions were responsible for a large increase it is undoubtedly true that there has been an increase in the number of cows being milked. Lower prices tor butter and cheese have tended to encourage the ordinary dairyman to increase his herd, and numbers of meat and wool pro ducers have turned their attention to dairying. In reference to the quality of produce the report says:— "Many complaints were received regarding the late shipments of cheese for the 1920-21 season. This cheese was .held in store for considerable time, but as, generally speaking, our cool stores are well handled, we canr.ot think that the delay in shipping waa accountable for the trouble. The officers of the Dairy Division have given very careful attention to this question, especially as to the way the cheese is handled in curing rooms, length of time retained on the shelves, etc., and we are pleased to report that 1921-22 season cheese is arriving m London in good condition. The quality of New Zealand butter has never been better, and we expect to find the average grades on a higher level than previous years." , In submiting the report the directors remark: "We have passed through the most difficult year in the history of the association, and we express the opinion that : it-will be received with at least reasonable satisfact'on. The profit and loss account shows a debit bnlanoe of £l6 290 10s lid. Practically the whole of this loss has been made on two lines of goods, viz., benzine and canvas for horse and cow ruga, very large stocks of which were held a,t the close of last financial year. Stocks of goods on hand have been taken in at prices which in the estimation of your executive, will guard against any future loss as far as this is humanly possible."

SALARIES OF DAIRY FACTORY MANAGERS. PROTEST AGAINST REDUCTION. (rRESS ASSOCIATION TELEGRAM.) HAMILTON, June 1. At the annual meeting of the New Zealand Dairy Factory Managers' Association, a strong and unanimous protest was made against the attitude taken up by the Taranaki Employers' Union regarding the reduction of managers' salaries, this being contrary to the arrangements made at the conference of the executive bodies of the National Dairy Association, the Taranaki Employers' Union, and the New Zealand Dairy Factory Managers' Association at Palmerston North in June. In consequence the industry is confronted with the crave possibility of the formation of a registered industrial union of dairy factory managers. This would bring managers of longer and more valuable experience to the level of those of lesser and so be a retrograde step regarding the quality of New Zealand dairy produce.

WELLINGTON PROPERTY MARKET. ENQUIEIES STILL GOOD. The enquiries for properties during the month were good, but land agents would not bo surprised to seo a slight slackening in tho demand owing to tho period of the year, which experience shows is always more or leas a quiet time (says tho "Dominion"). Buyers do not show tho same keenness to inspect properties in the winter as th;y dio in tho summer. There is considerable difficulty in selling building cites, as the speculative builder is not now operating, and this to some extent is duo to tuo fear of a falling market, and tho feeling that by the time the house has been buiit values may have fttllon, and the builder would not only make no profit, but may have to face loss. To this must be added tho difficulty of financing 6uch deals. There appears to be a feeling that building costs will come down further. The prices of shop and business property in the main Btreets show no signs of falling, and such properties are very firmly held. There are no bargains to bo obtained in them. There are many capitalists waiting to invest in such properties, but are unwilling to sign up at present-day prices. Small cottage properties are selling, and, although the turnover is not largo compared with the last two or three years, the business is steady. Where cottage property can be shown to yield a fair return to tho investor, business nearly always results. In some localities, such, for instance, ea Highland Park, it is practically impossible to get a reasonably cheap property, the locality is regarded as a fashionable one and the buildings there were mostly erected when build- ) ing costs were at the peak or nearly so. There is a fair demand for properties in Kilbirnie and Hataitai, but Island Bay, Lyall Bay, and Miramar are neglected just now, because of tho approach of winter, as people do not relish travelling in the trams m the cold weather. There is practically no demand for farm lands, notwithstanding that prices have been very much reduced. This, of course, is tho dull period for dealing in farms. Nevertheless, business is unusually dull, and many country land agents are going out of business, for there is nothing to keep them going.

THE PROPEBTY MARKET. Following on the auction sale on Saturday last, Jones, McCrostie Company, Ltd. sold on account of Mrs Wilkin, lie property' situated at No. 123 Esplanade, Sumner, comprising tikd-roof bungalow with aii conveniences, together with eection of 37 perches, fox £IO3O, to Mrs Bates.

NEWCASTLE COAL. EXPORT TRADE FALtiNG OFT. (By Cable—Pre*e Aiaociatioo—CopTriikt.l (Australian bad N.Z. Cable Association.) SYDNEY, June 1. The export coal figures for Newcastle during May show a falling-ofi of 390,000 tons. Two-thirds were exported to other States' and New Zealand. The exports to foreign countries were approximately ten per cent. Victoria imported 125.000 tons and New Zealand 55,000. AUSTBALIAN SUGAR INDUSTRY. SYDNEY, June 1. Dr. Earl Page, leader of the Federal Country Party, commenting on the sugar industry, urged protection ior cane-growers, and advised them to cooperate in self-defence, with the object of acquiring raw mills and arranging with t!ie refining companies for the purchase of raw sugar over a term of years. A PETROLEUM PROSPECT. BRISBAXE, June 1. A bore oil Dunn's farm at Beau'lesert wn.; pumped dry in the presence of the Acting-Premier (Mr A. J. Jones). Then the water making in the well was placed in a bottle, and an inch of petroleum rose to the top, giving a strong smell of kerosene. It is regarded as being an excellent sample.

DANISH BUTTER. MARKETING METHODS. LONDON, May 31. A former member of the Danish Butter Committee, in an interview with the Australian Picss Association, said the committee's only funet.on was to receive from tiio dairy farmers, co-operative associations, and exporters their ideas of selling prices with a view to arriving at the value of butter week by week. There was no compulsion on anyone to buy or sell at a fixed price. Thus, British importers could buy either direct from the producers or exporting firms. This was the method before the war, and was resumed after peace had been signed, but for three years during the war there was Government control in res|>ect of the export, price, and destination. ROUTINE BEHIND THE COUNTER. After the Shop Assistants' Conference in London recently, a dinner was held at the Criterion Restaurant. During the proceedings a fetter was read from Mr H. G. Wells, in which he wrote?—"As you know, I began life behind the counter (draper's counter) when I was 13, and I suppose if I had had a normal ability to pack parcels and respect my shopwalker I should have been a draper's assistant all my life. What got me out of business was nothing Uit incompetence. 1 couldn i •handle tne s,tuff skilfully, and 1 cou.dn't keep bright and attentive for long spells. I can work pretty well in snort spells, but then I must knock off for half an hour or so before I can go on, and the staying power of my colleagues filled me with, astonishment and envy. To this day the steady good temper and patient alertness of the shop assistant compels my admiration. "I don't know what sort of 'message' to give your company, except my very respectful and friendly greetings. If I were talking to youngish assistants and trying to be fatherly and helpful, I should say, 'Read all you can and' keep adaptable. Learn everything you can of the story of the stuff you handle before it got into the shop, and get back towards the wholesale ii you can. The greatest danger that threatens a shop assistant is routine. Don't, if you find a comfortable position, fall into routine. No branch of human activities is undergoing such profound and revolutionary changes a3 the distributing trade, Everything is changing, method of production, transport, handling and display. The temper and quality of the customers is . changing, too. This means bother for you, it means change and accommodation—but it means opportunity. May you see it in good time, and grip it with both hands.'"

SALE OFCORRIEDALE STUD. VERY SATISFACTORY PRICES. Pyne, Gould, Guinneas, Ltd., held a moat successful sale at Haw.irden on account of Mr A. Telfer, Mount Hilton, when the whole of his Corriedale stud was disposed of at very satisfactory prices. There was a large attendance, buyers being represented from •South Canterbury, the North Island, and locally. The following is a complete list of prices and buyers:— Stud Sheep. 10 four-tooth owes 12£gs, J. K. Forrester, Waikari; 10 at 7igs, J. A. Johnston, Dunedin; 25 at lOJgs, U. White, Kakaia; 20 at djgs, J. A. Johnston; 20 at Sjjgs, W. G. Kayner, Mastcrton; '2O at 2igs, N. D. Campbell, Glen Dim; 20 at 22gs, W. G. Rayner; 18 at ,2Jgs, '£'. O. Haycock, Greytown. 20 six-tooth ewes at 9gs, N. D. Campbell; 45 at 4igs, N. D. Campbell; 25 at 4jgß, N. D. Campbell; 26 at 4gs, J. A. Johnstone. 10 eight-tooth ewea ut 6iga, N. D. Campbell; 20 at 3Jgs, N. D. Campbsll; 28 at 23gs, W. G. Eayner; 28 at 2igs, W. G. Earner. 10 two-tooth ewes at 7gs, J. A. Johnstone; 10 at sga J. A. Johnstone; 60 at 3Jgs, N. D. Campbell; 25 at 2Jgs, John O'Carroll, Woodgrove; 31 at 2|gs, Ferguson Bros., Waiau.

12 ewe lambs at 4Jgs, J. A. Johnston; 10 at 6gs, L. Wnite; 60 at 3gs, N. D. Campbell; GO at 2jgs, J. A. Johnstone; 24 at 2Jgs, Ferguson Bios. 5 ram lambs at 81gs, N. D. Campbell; -5 at 9gs, W. W. ilcjkae, Waikaii; 5 at 9Jgs C. and T. Anderson, Woodgrove; 5 at sgs' H. Smith, Paekakariki; 10 at 3Jgs H* Smith, Paekakariki; Iff at 2ga, B. Gr' Dalgety, Mt. Hilton; 5 at 2Jgs, Erio Gardiner. Motunau; 5 at 3jgs, Eric Gardiner Motunau; 5 at 3Jgs, B. G. Lalgety. ' 5 one-shear rams at 6Jgs, J. McAdam Domett; 1 two-shear ram at 16gs, L White; sat 4igs, H. Smi:h; sat 3i K3 w' Smith; S at Sh . chas Ca £^ Uavaar; 2 three-shear rams at lh°Z H Smith. 3 ° ' a - Flock Sheep. 319 ewe hoggets, 29s Sd to 30s 3d; 230 34s 6i; 320 six-tooth ewes, 325; 120 four and five-year-old ewes, 255. DUNEDIN STOCK EXCHANGE PEOPEIETOEY LIMITED. The annual meeting «f shareholdera in the ihinodin Stock Exchange Proprietary Ltd was held on Wednesday, Mr E. A.' Smith (chauman of directors) presiding, ov.er a c ood attendance of shareholders. The chairman in moving the adoption of the report {wnich recommended a dividend for tho half-year at the rate of 10 per cent, per annum and a bonus of 2i per cent.), and balance-sheet j traversed the year's workings, and oompJimented shareholders on the good position' of the proprietary. He referred to the fact ! that the whole letahle space of the buildins-1 had been occupied for most of the period ' and aa very little income had been lost i through vacant offices, the revenue was again a record. Mr E(. E. Smith was re-elected a director.

STORING PERISHABLE PRODUCE.

TEMPERATURES AND TREATMENT. AN EXPEET'S OPINION. (FEOM OCT. OW>- CORBESPONKEJfr.) LONDON, April 21. An interesting, though somewhat technical, paper, by Mr J. Oldham, was read at the last meeting of tho Cold Storago 3nd IceAssociation. The subject, -Storage of Perishable Produce." was treated not bo much from the point cf view of tho exporter ot goods overseas as from that of a merchant desiring to retain his goods pending their disposal on a favourable market. Butter, 6aid the writer of the paper, when first made was at ite best, and the nearer it could be retained in that condition until it reached the table the better. Any temperature below 32 degrees F. would not harm it lor a time, but for long-period storage, say, eight or nine months, he preierrcd a temperature as low as 12 degrees F., and even as lew as zero F., if intended for a Period of twelve months' duration. Butter became rancid if exposed to the air, and the higher the temperature the more rapidly it took place. There-fore, the nearer air-tight a butter package could be ihe better. Tubs of wellseasoned white ash or white sprue*, holding about 601b, were a very popular package. These woods wero practical;}' odourless, hence their popularity. The tubs should be soaked in brine of sodium chloride, not water, previous to being packed with butter. As this was beneficial, aiid this salt was inexpensive, the results always justified the outlay. But-' ter rooms ehould be ventilated whenever possible, as tho oxidation of the butter fats evolved gases which, together with the odours from the wooden packages, accumulated in the rooms. The ventilation of rooms by merely throwing open the door 3 and root ventilators should only be attempted in crisp, frosty weather, otherwise the results might be postively harmful.

Protecting Cheeses. There were various methods of protecting the exteriors of the cheeses irom the action -of the air. What was desired was an impervious layer which would retard the rate of evaporation of moisture from the cheeses, and aleo lessen their liability to mould by excluding the air, thus preventing to a great extent the growth of tlie mould spores. For thiß purpose parainn was much used, and it was most useful when dealing with tho Bmaller sizes of cheese, which had a larger relative superficial area than the larger ones. Another process which he found beneficial was to dust the cheeses with a m'ixture oi two parts flour to one part whiting. Mr Oldham had obtained good .esults by placing 1 cheese- in store at 40 degrees F., and gradually in the course of three lour months reducing the temperature to 311 degrees F., great care being taken to keep the temperature as steady as possible. It should never fall be;ow 30 degrees F., and even at this temperature the cheese might become brittle in texture if kept for any considerable length of time. The humidity of the room should keep the cheese from shrinking or cracking, but it should never bo so great a3 to aUow mould to set in. The humidity required was about the same as was needed for eggs. Handling Meat. On the arrival at tho stores of a consignment of beef or any kindred produce, it should be remembered, by everyone from th.) official in charge of the stores down to the latest recruit in the labour squad, that the less tho time the carcase 3 or quarters were exposed to the influence of the outside atmosphere the better. Therefore, it was essential that the best bo made of whatever facilities there might be at hand to expedite the transference of the goods into store. The temperature ought not to exceed 22 degrees F. on any account, because this was the critical temperature at which the fungus causing black Bpot would grow. A uniiorm temperature of 15 degrees F. for long period storage was desirable to atttain the beet results. Bacon and hams- packed in boxes were a very profitable product to store: the storage price of these was usually on the gross tonnage, and the packages, although heavy, did not occupy much space; therefore a room could be made to hold, from ft remunerative ] point of view, more of this product than of most others. They required lesn handling in proportion to the storage chargo than dici most products. They also required less refrigeration than did frozen #beef or mutton, 28 degrees F. steadily maintained keeping them in good condition for many months without loss of weight, colour, or teature. Treatment of Fruit. With regard to apples the sooner they were removed to a cool place after picking the better, for if they were allowed to become too warm they were more liable to develop such diseases as appie scab, pink mould, blue mould, and brown; black, and bitter rot. They should be cooled down slowly, and then held at 32 degrees F. Pears should hi picked before they were mature, either ior storage or other purposes. They should be stored like appies as soon as they were picked. They should be held at the same temperature as apples, unless it was desired to slowly ripen them, then a temperature of 86 degrees F. to 40 degrees F., or higher, might be advisable.

Oranges and lemons needed to be stored at considerably different temperature). Lemona required a temperature ot from 35 degrees F. to 40 degrees F. They were very sensitive to cola, ana might be seriously damaged if the temperature should fall to freezing poirif; 37 degrees F. was recommended as a suitable temperature. Oranges required a temperature of 34 degrees' F. it the atmosphere was very dray, oranges and lemons would shrivel up, and would tend to decay quickly. If the air was too moist they moulded and became musty. The latter was the greater evil, and the damage was greater. A forced air circulation was bentncial. Citrus iruita, after being in store for some time, gave off a gas which was very penetrating, and on this account they should not be stored in close proximity to either eggs or butter, which had a great affinity for these gases, and would certainly become tainted. Storing Poultry., i After being properly bled and picked, I poultry for storing should first be cooled down to a temperature of about id de°r ea H . It was then advisable to lemove them to a room carried at from 30 degrees to 32 degrees i. before packing them into boxes for lreezmg. The reason lor moving them into another room was that it was detrimental to place nowiy-iuiled poultry in the same loom with poultry that had been cooled down to tha correct temperature tor packing, as moisture from the lreshly-cooled poultry Voil.d condense on the comer birds in iho room with a tendency to make tiiein flabby una, damn casing poor colour and liability to dctSato, u transit or alter arrival *on Z market thus losing much of the j!dvau"a4 gained by tio dry method of pie* J temperature for ireezing, if this wT* a see M-afi sir * h ? »~ .....id l, „;,,,„, r:,5,«> •»*

Beneficial t6 Fur. The idea of storing furs was to nrotect them from the deductive WtJriti 5 * moths. A temperature of W degeesT a aTuri Or or:ohade£enef 0 ha d e£e n ef F Vo J?™ was 32 degrees P f *r ten !P«ature. tained P?^ g itmefe production, and was necess™* hdr te servation. Cold develooed „m? , • £J Cold Storage of E ggs . The old proverb "If » tv fcing at all? it ly applied to the storage of e ~™ ' f\ C trans results were suT to foCw J*™? rule were not adherM t* /°" ow . if this the insulation. temperature might/e maintained, theSnS to watch were grading, packing, temperature, humidity, and air circulat on There appeared to be a difference of opinion S to the temperature to be mainteiaed m an egg storage room, but this much migh" bs said at the outset, whatever . teZS£ tur* was decided upon, the correct relative humidity for that temperature must bo maintained. Of course, this temperature •would be higher than 28 degrees F., ns this was very near the freezing point of the albumen of a fresh egg. A eour or cracked egg would freeze at from 3 degrees to 3.5 degrees F. above the freezing point of a fresh egg, the freezing point being understood as the temperature at which crystals began to form inside the shell. The writer had always endeavoured to maintain a temperature of 30 degrees F. for long period storage, with a relative humidity of 80 per cent., but if the temperatu.e varied from any cause, he took precautions to re-

gulate the humidity accordingly, which wis accomplished by the use of an absorbent, calcium chloride, and by the aid cf the [ hygrometer. Temperatures up to 40 degrees F. might be carried with good results for short period storage provided the humidity was controlled. Between 28 degrees and 40 degrees F. the percentage of humidity should vary 3D per cent, proportionately. Air Circulation Essential. ■When eggs were placed in th« storage rooms they should not be cooled too quickly, but gradually iowered- to the tempera ture at which they were to be held; likewise, on taking them from the stooge rooms it was better t-o bring them gradually to the temperature of the outside atmosphere. To insure good results in an egg storage rcorn, a good circulation of ai' was very essential, the reason for this being that the evaporation from an egg contained the putrid elements resulting from a partial decomposition cf the e?g tissues, and that tbi- air 'i a storage room carried them in suspension. Therefore, if (he oir was well circulated these impurities would be more prcmptiy eliminated by bein? brought into contact wth the cooling pipes and absorbents. The circulation should be maintained during the whole of the storage period. Ho- had eaten an eg? which hod been in cold storage for twelve months, but it was not recommended to store them for so Ion" for, under even the best conditions, e ~s always acquired a "storage taste" after about 30 weeks, and it was found that aiter 10 or 11 months the vitelline membrane bccsras thinner, together with an enlargement of the air place. During the first part of the storage period the percentage of nrrmonium-mtrate increased, indicating C W modifications 01 the albumen.

CHRISTCHURCH STOCK EXCHANGE.

AUCKLAND, June 1. Sales:—War loan, (1938), £94; New fend inscribed loan, (1938), £94; Union Bank, £l2 12s; Hudd-art-Parker, ißs; Auckland Trams, 18a. AUCKLAND MARKETS. (special to "the fbess.") AUOKLA.ND, June 1. Business this week has continued on a, iibeial scale, buyers taking iull advantage of certain markets that are firming' end evidently being anxious to secure stocks suihcient to carry them over for some time. Sugar —Arrangements have been made amongst distributors to maintain a selling price that Bhall bear its proportion of the handling cost, so that the below-cost prices operating in retail last week have now been withdrawn, and all traders are again on an equal footing with their selling price. New season's Java refined white sugar is now on offer to the trade here for shipment in (dtuer June or July, but as thia price 13 subject to a halfpenny per pound duty,, it would bring the retail rate about a farthing per pound under that rate now ruling for the Fiji supplies, bo that there is not much prospect of reduced prices for some time. Hardware—lt i 3 yet too early to ascertain the exact returns for the May trading, but it is certain that sales' provide*! a record compared with the previous twelve months. This improvement is certain to grow, as in every direction public bodies, private companies, and individuals seem to nave come to the conclusion that the time h»3 now arrived to make headway with their deferred propositions. The buildiDg trade shows dis-tiii-ct signs of revival, and it only needs the winter over to reveal this movement, as arrangements are being mads in innumerable instances for spring work. Potatoes—Ample supplies of potatoes of gocd quality are coming to hand from the South. Tie local maiket is fully stocked at the present time, therefore it does not appear that prices are likely to improve unless shipments from the South decline considerably, of which there does not seem to be much likelihood. Fortunately the quality of the southern potatoes is now very good. Best quality are selling at £6 6s to £i> 153 per ton, ex store. Onions—Supplies are short of requirements, the price beingi 10 3 to 10s 6d per cwt, ex store. Maize—The maiiket is a little easier. Arrivals are not proving quite equal to the demand. The quotation is 5s to 5s 6d per bushel. Oats—The market is dull. A grade 4s 8d to 4s lOd per bushel, ex store; Algerian seed, oats, 6s. Wheat—Ample supplies of fowl wheat are offering from the South at from 6s 93 to 7b per bushel. Chaff—Best Southern is fetching; £9 to Wholesale current prices are:—Creamery butter, Is s£d per lb, for prompt cashfarmers separator, lid to Is per lb. Cheese' first grade factory, medium size lOd to lid per lb; export size, IOJd per lb; loaf size Is 2d per lb. Hams, lid to Is per lb netbacon, lid to Is per lb net. Bulk lard' lid, pats Is 2d. Honey, prime grad» lod Egg 3, 2s 8d per dozen wholesale. Flour £l9 15s (less discount of 1\ per cent ner ton, in 2001b sacks). Sharps, £9 10s Bran £6 10s. Oatmeal (25's), £27 per ton ' '

PAEMEKS' SALEYABDS. F. P. Claridge and Co. report tho follow, ing sai€3 iioui Atuy 2ith:—.bay gela. £o J>r. gpid. £i lira, j-dr. Wit geld, ij.o, b maie- is Vs t,d, b. goia. £7 16e, chest, mure ±'4, aged gsld. £1 os, bay gela. by uen. Xiyons ±'9 j.os bin., geld. £i i"<s txl, b. mare io os, b. mure £6 U>i, set .harness £S los, Bel gig harass £3 10s, sp. dray harness £lO 15a, saddit. and breeching £i ivs, p. reins lbs, set harness £2 10s, set harness £3 lis td, horse covers 30a to 37a 6d, riuing saddle £&, gig £23 10s, gig 158, cart £B, l.t. gig £1 10s, tip dray £iA, cart £ll, horse hoe JEI ss. Produce— O.s. chidf 3s 6d to 4s 6d, Dun oats 18s, Gartons 18s, maize £Bs bus., wheat 14s and 15s sack, barley lie sk., crushed oats 14s 6fl, carrots -ia, swedes 2a 6d, parsnips 33, onions 7s, potatoes 8s 6d and 9s bag. PoultryPrices ane still firm. Hens ranging from 2s 6d to 5s 9d per pair, pullets 10a to £1 per pair, ducks 6s to 93 per pair, turkeys 13s Gd to 27s 6d per pair, prime table chickemi 8s to 123 per pair. Sundries—Wheelbarrow £1 as, pump £1 106, steps 7s 6d, ladders 12s 6d, hanging lamp £l, chest drawers £1 15a, galv. barb wire 18s 6d, blk. barb 255, fowl netting 22s 61, rr.bbit netting £2. Pigs— Weaners lis to 16s each, stores £1 and £1 53. Dogs—Cattle dog £1 ss, 6 Fox Terrier pups £1 2e, £1 7s, 10s, and 5s 6d. Wanted, Robin Adair, Arran Chief Potatoes, Epicure Seed Potatoes. Send your rK>ultry in to us. Wo get the highest prioss. Crates sent to any address. . 6871.

ENGLISH MABKET& (Received June Ist, 9.5 p.m.) LONDON, Mav 81. "Wheat-Cargoes are dull at » further decline of 6d per quarter. s Tallow-Aat the sales, 3092 caoksi «» offered and 786 sold at 6d to la per wt. <«- cline. Mutton tallow sold at 40s to too P« cwt., and beef at 40s to 34s 9d. Apples—The market is steady. I ! TALLOW. Messrs A. H. Turnbull and ©>• h «*f I? ceived the following cable from Messrs "• Weddel and Co., Ltd., dated London, A>»y 31i-t:— , „ At tallow auctions to-day 2020 casks were offered, of which 600 were sold. Tallow has declined 6d to Js per cwt, as compaxea with last auctions. , Messrs Dalgety and Co., Ltd., have received the following cable from their .Liondon office, dated May 31st: Tallow—Market dull, ted we look for a lower range of p.-icVs for the present. At the weekly auction 2025 casks were off-red and 558 soid. Prices are mostly Is lower. AUSTRALIAN MARKETS. (Received June Ist, 10.30 p^n.) SYDNEY, Juno 1. Oats—Tasmanian Algerian 4s Id, 4s 3d. Maize—Yellow 5s 3d, whit© Ss. potatoes—Tasmanian £7 per ton. Onions—Victorian £8 por ton. _ _ ADELAIDE, June 1. Oats—3s to 8s Id per busheL

YESTERDAY'S TRANSACTION Sales reporter-Canterbury Frown Meat. £13 lCs; Huddari-Parker £2 8s 3d: N.Z. f -m ,° f J ., M H i ' £1 7s National' Rank (rights), £1 (two parcels). LATEST QUOTATIONS Buyers. Seller*. £ a. d. £ •. d. DEBENTURES— N.Z. Govt. 4J per cent. Bonds, la3S 94 7 6 N.Z. Govt. 5 per cent.' Bonds, 1037 95 0 0 N.Z. Govt. £_, per cent Inscribed, 1&33 .. 97 15 0 BANKS— Commercial of Aust, (4 per cent. cum. pref.) _ 6 IS 0 National of N.Z. (cum rights) 5 19 0 6 0 0 National of N.Z. (rights) 0 19 S New Zealand 2 11 0 2 11 9 New South Wales (rights) .. IS 5 0 14 10 0 Royal (£1 paid) 1 10 0 — Royal (£1 paid) 5 IS 6 — Union of Australia .. 12 10 0 12 17 6 INSURANCE— Standard 1 0 .0 LOAA AND AGENCY— DaJgety and Co. — 9 0 0 National Mortgage 3 6 0 _ SHIPPING— H uddiart-P arker 2 8 3 2 6 6 FROZEN MEAT— Canterbury 13 0 0 N.Z.. Refrigerating (£1 paid) 1 6 0 17 9 N.Z. Refrigerating (10» paid) 0 14 0 0 14 6 COAL-Westport-Stockton — 0 5 3 GAS— Christohurch. — 6 13 8 BREWERIES— Crown — 1 15 0 Manning 3 2 6 8 5 0 Ward 1 8 e — CEMENTS— Wilson's N.Z. Portland (cum. div.) — 0 17 9 MISCELLANEOTJSBeath and Co. 1 5 6 17 0 Mason, Stnithers- (£1 pd.) 1 2 6 14 6 Mason, Struthera (14s pd.) 0 14 0 — Mason, Stnithers (4s pd.) 0 4 0 0 4 9 N.Z.' Drug Co. 2 11 9 — Whitcombe and Tombs 2 19 0 —