COMMERCIAL.

Press, Volume LX, Issue 18234, 19 November 1924, Page 10

COMMERCIAL.

AUCKLAND COMMENT. * (BPECIAI. TO "THE PKISS.") AUCKLAND, November 18. A practical note was struck by the fchairman of the Auckland Woolbrokers' Association, -Mr A. W. Perkins ; in commenting on the Wellington wool -gate. ' -•••••■•■- "I trust that Auckland growers will not expect to receive the. same prices for bush and log-stained wool as were paid'for clips from the old-established flocks of Marlborough," he. ,said. "Judging from the typo of wool' that made such great prices at Wellington, they ' were of exceptionally good quality. Auckland-grown wool, he said, was • showing improvement in quality, but could not be expected to be equal to the eldestestablished flocks, of. the Dominion. Apparently, however, Auckland growers, in common with others, were assured, of excellent returns. So far <is the Wellington sale was concerned, he would have preferred to have seen Bradford buyers getting wool instead of the .bulk of it going to America. That would have stamped stability with, emphasis on the market. "We have seen this sort of spasmodic buying by America in previous years," said Mr Perkins, "and it has produced a fluctuating market standard* . .That may not occur this season or for several seasons to come. The statistical position is strongly in favour of growers,- and the wool now being bought-is' going straight into consumption."

.Referring to the clanger of soaring prices, Mr Perkins said it was an established business maxim that a, rising market ' held traps for the unwary. Even the most conservative were inclined to lose their heads in boom times.' This, however, should not occur in "regard to wool-growers, who had experienced a very rough time during the slump years.. Inflation always spelt danger, But in view of the world's sheep shortage and the expanding use pf wool, a new level of prices might he iu the making.

(Br CABLE—PBESS ASSOCIATION— COPYBIGHT) ("Aboot.") (Received November 18th, 7.40 p.m.) LONDON. November 17. The International Agricultural Institute estimates the Argentine wheat ti;op 'at ,102.000,000 centals, a decrease' of 30,000,000 centals compared with last season.

'■-(JMiSS ASSOCIATION TBLEGBAIf.) AUCKLAND, November 18. At a meeting of the creditors in the bankrupt estate of Jesse James. Hills, of'Taranaki and Auckland, the schedule showed liabilities totalling £13,593, in eluding $7833 to unsecured creditors. The assets, including book debts (over find 00 )' were estim ated' to produce S2OQQy and this, with a surplus on f n c^ iea * mmntin g to £7330, totalled ! *»oal. The nominal deficiency was £4262. v The bankruptcy was attributed tremendous slump in land valueß After'a-lengthy examination of the bankrupt, the: meeting adjourned to obtain- a full statement of Hill's transactions during the last three years.

■V "■ - ANNUAL MEETING. -The'46th-annual general meeting of aIW ' ioWers of the Ashburton Gas, Coal and Coke Company was held yesterday afternoon. Mr Robert • Clark. -presided over- an attendance of six shareholders. The-balance-sheet showed the profit ftr the year to have been £1596 14a 7d. There was , a credit of £lßll 9 s 8d in the profit and loss account,, after placing £IOO to renewal ■agcount, £loov.to.the reserve fund, and making provmon for depreciation of plant and bmldmgs, meters, and retorts Wthe ££ its. .The directors recommended the payment of a dividend at the rate of 7 per cent, per annum, absorbing £1528 14s- lid carried forward the Bum of £282 14a 4d. The letiring directors were Messrs Robert Clark and A. P. Smith. Both •were eligible and, offered themealves for reelection. . The auditor (Mr Albert Roberts) •also offered himself-for re-election. The chairman, in moving the adoption of the report;and balance-sheet, said the whole of, the plant at the works was in excellent condition;, and the -board had under favourable consideration some additional machinery. Theudemand for.'ooke<and tar had been exceptionally good;- Dealing with the figures, 'he 'said! the capital 'account last year stood . at £20;872. The amount of £1454 had.been called .up on the "third;,issue, thus increasing by that amount, tlje paid-up "capital, ■which": now stood at £22,326. The liability to«depoaitora and the. bank had been deceased'; by £IBO2 Is, 7d. r -The plant and buildings;.account had' been increased by £269.16a\9d, due to the laying of new mains and lrsta'hng new connexions. The meter account had increased by £94 J*** 1 ? 8 * i OT W23 was £IB9O lis Id, .against £2546,14s Jd Jor .1924, an increase of £650 3a 6d. . The :credit : side of. the profit and lose account showed that the sales had been well maintained.' On the debit aide the wage 3 account had decreased by £lO7 ** i£77l ° 3 23, •"* by

The board had decided to reduce the price of gas by 6d per 1000 cubio feet as from January Ist, 1925. This would apply to lighting, heating, and cooking, and the policy of the board was to continue to reduce the price at the earliest .'possible opportunity. It was decided to pay a dividend of 7 per cent. Messrs R. Clark- and A. F. Smith were xe-elected to the directorate.

At « subsequent meeting of directors, Mr Eobert Bell tr»a ire-elected chairman of direotor».

At the animal meeting of the: (Nelson Freezing; Company the report disclosed that the" balance' available ; for appropriation was £2354.198 6d, which was recommended to be I disposed of by declaring a dividend of 6 I per cent, and carrying forward £274 : gs lid. The chairman-of directors (Mr G. Mac-jnahan),-"in moving the; adoption of. the report; stated that the year had been a-lean one for: stock, which, showed a falling off compared with'piovious years, small lambing throughout the district being the chief factor, ' combined with the abnormal dry spring and summer. Prospects-for the coming season, however, were considered bright, a record lambing being expected. Referring to the cold storage of apples, it was stated that flesh collapse, which in previous years had caused considerable loss, had almost entirely disappeared. The success obtained was the result of close observations and data

.lecprded by the staff, it being_ found that .as the season advanced the conditions ruling .in different chambers changed, and that instead of. the flesh collapse further develop•~ing.it.was actually arrested, the affected part ;of the apple drying out. Appreciation was -.expressed, at the assistance, given by Mr .-."Waters, .of-.the: Government Biological Department, and the Cawthrom Institute. .",-; The report was adopted. There were five .-nominations for . two directors, Messrs A. rDrnnunond (a retiring director) and Mr G. :~Uanßon being.elected.

CONTROL OF. PRODUCE.

CANTERBURY MARKETS.

HIGH COMMISSIONER'S REPORT.

CHRISTCHURCH STOCK EXCHANGE.

THE WOOL MARKET.

ARGENTINE WHEAT CROP

A BIG BANKRUPTCY.

RANGIORA MARKET.

ASpURTON GAS COMPANY.

SYDNEY WOOL SALES. ■ '

NELSON FREEZING COMPANY.

GOLD.

[% „ {H *« aT «d November • isth, 8.10 p.m.) ., : LONDQN. .November 17. I W» vam.vl gold u £lt as 7 d an ounce.

REVOLUTIONARY CHANGES. LEGISLATION OF THREE YEARS. In less than three years a revolution has taken place in our export trade. It is summed up in the word '-'control.'' Prior to'the war the suggestion nf what is now control law would probably have been regarded as absurd. Cooperation had come, and to it many producers owed their prosperity. But co-operation was one tiling and export control quite another. And so it still is.

To have suggested' in pre : war days that the extensive powers of the control Acts should be conferred on any national body, no matter how representative, would not have been taken seriously. The British instinct which demands liberty for the individual or collection of individuals to carry on their own business in their own way would have aroused the fighting instinct, and no Government would have attempted to pass control legislation. But the war came, and soon stern necessity placed restrictions upon individual liberty. 'lmperial" requisition was applied and ' accepted willingly, .partly because patriotism dictated acquiescence and partly because, the prices granted- were good. The requisition finally came to an end, but so also did the high level of prices. The slump brought to many homesteads where prosperity had been reigning the nightmare of bankruptcy. The situation was so. desperate, -particularly in regard to meat, that the great control experiment was initiated without provision being made in the Act for a vote of the producers concerned being taken. Meat interests asked for the legislation, and in February, 1922, the Meat Export Control Act was placed on the Statute Book.

Limited or. Absolute .There was no delay in setting up the Board, of Control, a body financially guaranteed by. the State, and-in establishing a London agency. The law gave tho Board limited or absolute power over meat for export, except that for which contracts -were in" existence. By regulation it was "possible to prohibit the export of meat save' in accordance with the determination of the Board. One important section of the Act reads: —"All meat of which the Board has assumed absolute control shall be graded and shipped as the Board directs, and shall be sold and disposed of only by .the Board or by direction of the Board'.at such times and in such manner and on such terms as the Board in its , discretion determines.".

The Act,-in a. word, placed the whole export.meat trade in the hands of the Board. So far it has not.exercised drastic power, and it is the opinion of many that it will fulfil its functions without exercising the absolute control which would take'all. power of private contract out of the hands of the owners of meat.

■ The last annual report of the Board states that one of the most important duties it has; undertaken has been the regulation of • sliipmentsv and it is one of the functions, to which is given most attention, as .the Board fully recognises that t,he regulation of supplies to the British market is one of the most important 'factors' in stabilising prices. It is not. necessary to state, all that the Board has achieved. 'lts', work has been of yer^. great advaiitage to producers .particularly in arranging for lower freights, and for;-; the close wateh.it has kept upon the market. Many people will reserve judgment because .the control system is still very young,' and nothing of a\yery revolutionary character has been attempted.

Extension of the System. It is, evident, however,.:that the, idea •of control has beconie attractive to more and' more producers. /.-Last year the Dairy Produce Control Bill ■was passed in the face of opposition so considerable that its being brought ' into operation was made subject to a vote. A total of 22,284 votes were recorded in favour of the Act being brought into operation, and 9255. against,, a majority of 13,029. So. great a majority, left no. possible doubt' as to the general attitude of thej.d&iry farmers on'the matter. The Dairy ' Control Board, which has ijifen only one year in existence, has been devoting its attention to the marketing of butter and cheese.its information service being very complete and valuable. At present it has a .delegation in Britain and probably no definite policy will be adopted until these members. return'. In the meantime it had exercised a degree of limited control. It has arranged for insurance over all dairy produce shipped to Great Britain, the Continent of Eurone (ports between Bordeaux and Hamburg), and to the East Coast .of North America, the general policy having been made for three years.. The allocation of shipping snace continues exactly as it did before "the Board assumed, control. - Butter is shipped in the oitiier in which' it goes'into the stores, an equitable, svstem which, required no legisla.tioS to make it operate smoothly. The powers, of the Dairy Control Board are just as wide as those possessed by the Meat Control Board, but whether it will ever feel- disposed to take the tremendous responsibilities of absolute control about which supporters of the Bill talked so glibly, is not a matter for light conjecture. To its credit, however, stands a. new contract for shipping in which, freight redactions have been secured. Such achievements carry weight with producers. Fruit and Honey Subject to Kate. Control legislation now embraces fruit and honey, Bills relating to those commodities having been passed by Parliament in the session just closed. In each case, however, votes of the producers concerned will be taken to decide whether the Acts should be brought into operation. It is in the Fruit Control Act that the principle has for the first time been extended to > food for local consumption. With one or two modifications the Fruit Export' Control Board, if it is set up. will 'bo able to exercise- the- powers of the meat and dairy produce boards, which, although of a drastic nature, are now familiar. In providing machinery for the. setting .Up of local control boards, however, Parliament has made a signal departure from the existing order of trade. It is one thing to allow a majority to impose compulsion upon all producers of the same class in regard to the marketing of their produce in London and another to enable a majority to impose the same restrictions upon a class able to deal personally with the selling of their produce. "The local control board of a provincial district," states the Act.''"shall with respect to fruit produce in that provincial district, and. intended for sale for consumption in that district or elsewhere in New Zealand, have the same powers as far as applicable as the export control board lias with-re-spect to fruit intended for export." Thus if the fruit-growers vote local control into operation, an entirely new element will be into local trade. It will be an entirely different thing fronr the operations of- co-opera-tive concerns and voluntary circles, for the-control will be complete, with the authority of the law behind it. Many people may see danger in - the introduction: of such, a principle in

at foot of next column.)

(PT OTIS COMMERCIAL EDITOE.) Tuesday Evening. As a rule Carnival Week is followed by some briskness hi- the seed trade, but the exception is the case this year. There was no accumulation of orders whilst the town-was holidaying. With the freeing of wheat from Government control and the certainty that no oats or chaff will be wanted from abroad next vear, and in all probability no potatoes, the coming .season may see .1 revival in grain trade circles. The trade is hoping for .a..change, at all events. ' The' 1924 season, 'flor the amount of business done, was one of •the- worst on record.

Chaff is much-easier,, the natural result of the great growth of feed. It is quoted .at 7s to farmers. There are no oats about.

Various prices have been mentioned as offering for wheat, but nothing definite is yet available.

Partridge* peas are now held in fairly small compass. Most of the stocks have been got away. The wholesale price of fowl wheat is'7s- Cd a bushel.

• Ryegrass is so far meeting with little notice, and the tendency is towards a lower value.

Apart from wheat the prospects are that there will be a full crop for the ctfuntry.'s requirements, • which may ease values from the high point they have, in most cases, occupied during the' year, -and which had a tendency to restrict business. . .

Potatoes, the mainstay of the operator this year, have dropped out of the picture,, there being- no enquiry from Auckland.

A correspondent, Writing in "The Press" last'week, referred to'the difference in the quotations- for white and Dakota potatoes, which he considered unwarranted. The explanation is that Auckland will not'take red potatoes of any sort if they can get white. Such being the case the forward buying of speculators naturally centred on whitea, and prices fluctuated rapidly for them, whilst Dakotas were influenced only slightly,' anil that indirectly as they ■affected the : Christchurch ' market. Another .point urged by the northern buyers is that the deeper eye of the Dakota means a Joss—a small point, ..per'h.aps, but the .buyer is the chooser. The following are the quotations to be paid to farmers at country stations, free of commission, sacks extra, except where otherwise stated:- —

Fowl Wheat (nominal) —7s. Chaff— £7 a-ton Oats—B Gartons 5s 6d! White- Clover —Is 4d to Is 6d. Cowgras's—M to lOd. Partridge Peas—6B to 6s 3d. Italian Eyegrass—ss to 5s 6d< Perennial Eyegrass —5s to 5s 6d. Cocksfoot—To. lOd. Linseed—£l7 15s. ' Potatoes—£s for Whites ■ and Dakotas. ' 'Flour —£15 10s a ton. ■ Pollard—£6 10s fo.b. main ports; 10s extra for 'smaller packing. Bran —£5 10s per ton f.o.b. main ports; 10s extra for smaller packing.

' Owing no doubt to Carnival Week holidays, the attendance at the Kahgiora market yesterday' was below the average. The entry of live -stock consisted of 1031 sheep and lambs, 66 head of cattle, and 234 pigs. The sales of ■ sheep were:. ELve fat .lambs at 86s, 4 ewes" at. 36s .6d, 10 ewes at -355, 2 wethers at 495, lat 40s, and 13' at 46s- 7d. ■ ,-. : aged ewes and 32..,lambs;. l at'20a lid'all.counted, 60 ewes and 66 lambs at.24s Bd, 12 ewes' at 19s. 9di, 10 at 23s .3d, 116 mixed-sex hoggets at 23s 7d, IC9 at 265, 84 at 28s 2d,.. 20 at '26s, 148 at'46s 3d, and 12 wethers at 26s 9d. . .'"'

Cattle—Best dairy cows,' £6 to £9, inferior sorts,'- £1 10a to £3; springing heifers, '£2 to £7; yearling heifers, £1 -10s to &H 7s 6d; store cows, £l. to £2 10s- bulls, £3 10s. to £7. .- ■.-.':. Pigs—Heavy baconers sold at £i 14s, light baconers £3,. 15s to £4 ss, best porkers £3 ss, others £2 15s to £3, best stores to 455, others 35s to 37s 6d, large weaners 335, small weaners 25a to 2Ss..

In the poultry yards roosler3 sold at 10s a couple, hens. ss, and ducks 4s.

Produce —Chickwheat made 24s to 26s a bag, oats 22s 6d, oatsheaf chaff 6s to Bs, straw chaff 35,. pig meal 15s, table potatoes 10s to 12s 6d, seed potatoes 6s, cabbages 6s dozen, rhubarb 6s to 9s dozen bundles. " v Sheepskins—Halfb'red 275, three-quarteibred 265, crossbred 21s, pelts 2s to 4s, lambskins ss, calfskins 3s 6d to 4s> hides 3d lb, ■xrutchings Is lb, fat 2£d; ASHBURTON MARKET. There was a good attendance at the Ashburton yards yesterday, when the entry comprised 138 fat ewes, 93 fat wethers, 3 fat hoggets, 194 stores, and 25 head cattle. - Mainly on account of the Bhort supply, bidding was very ■ keen, and there was an allround advance in prices of fully 3s 6d to 4s a head, both for shorn sheep and those in the wool. Ewes in the wool made up to 54s 3d, and shorn 28s to 35s 7d. Shorn wethers made up to 40s, and wethers in the wool 52s 3d to 53s 9d, The principal sales were:—

. at 34s' 3d, 12 at 35s 7d/ 5 at 295; in the wool, 2 at 51a, 4 at 50s 6d, 5 at 50s, 8 at 47s 3d,. 6 at 455, sat 475, 6at 525, 4 at 44a, 3at 54s 3d, 4"at 51s, 3at 46s'6d, sat 425; shorn wethers, 8 at 39s 3d, 12 at 36s 9d, 8 at 365, 8 at 40s, 33 at 39s 7d, 3 at 34s 6d, 12 at 365; in the wool, lat 625, 7. at 53s 9d; hoggets, 2 at 28s 3d. Stores—The only lot of stores forward was one pen of 94 halfbred and three-quarterbred failing-mouth ewes and 100 and these sold at 24s 3d, all counted. Cattle —Two forward stores brought £8 each. Heifers in profit realised £3 12s 6d; cows .in profit, £1 10s to £4 ss; springing heifers, £4 10a t& £5 ss, and springing cows, £5. ... EXPORT OF BUTTER AND CHEESE.

■An Order-in-Council issued this week prohibits the export of butter and cheese from New Zealand after seven days from date, except in accordance with a license to be issued by the Minister. . This action is taken under section 13 of the Dairy Produce Export Control Act, 1923. The Board constituted under the Act hag determined that it is necessary for the effective operation of the Act, and the'fulfilment of its purposes that the Board should exerciEe a limited control over the export of butter and cheese. CITY PROPERTY SALE. A section in Liverpool street, with a frontage of 40ft adjoining the premises of the International Harvester Co., has been sold to the Harvester Co., through Messrs Ford and Hadfield, at £95 a foot.

local markets. At the same time, of course, they may admit readily enough that the present system neither allows the grower a fair return nor gives the consumer fair value. There is yet another industry in regard to which control is proposed—the kauri gum industry—but the Bill has been ' shelved until next session. ■"Whatever, the merits of control may or may not be, it is evident that it is taking hold of our.primary industries. "Co-operation is taking the form of sectional . communism,, or- something approaching communism," ' remarked one man.who has been studying the question. "New Zealand is apparently going.to hold her place as the leading exponent.-of experimental legislation, which is all the more: remarkable because of the fact that the Government is Conservative."—-Auckland-"Herald."

The Department of Agriculture has received the following cablegram, dated loth instant,, from, the Hii<h Commissioner for .New ; Zealand, London:— ."'..' - BUTTER. ... . Market quiet,, with littls more erfqniry at lower rates. Official quotations are:— New Zealand. Finest. Salted. November. 15th—2O0s .to 204 a per cwt (Is 9Jd to. Is OJd per lb). Exceptional: 206s per cwt' (Is 10d per lb). November Btli—2lGs to 2183 per cwt (Is lid to Is lljd per lb). November Ist—222s to 226s per cwt (Is 3 to '2s Old per lb). . Other Qualities. November 15th—lSfls to 194s per cwt (Is TJd to. Is «*3cl per lb). " Australian. Finest, ' Salted. November loth—!S4s to ISSa per cwt (Is TJd.. to Is Sd per lb). : - - Novemb-r Sth—l92s' to 200s per cwt (Is Sid to Is Did per-lb). - ■ .-;. . '. November Ist—2oos to 205s per cwt (Is 9}d to Is IOJd per lb). '" • - ' -'-' - - . Ununited." .. November 15th—190s to 194s per cwt (Is 7Jd to Is fijd per lb). Exceptional: 196s per cwt. (Is «Jd per lb). November Bth—2o-s to 20Gs per cwt (Is 9?. d to 13 lOd per -lb). November Jst —210s to 216s per cwt (Is lOid to Is" lid per -lo)Otlier Qualities. November 15th—Salted : 170s to- 180s per cwt (Is: lid .to Is 7Jd -per. lb). Unsalted : ISOs to 186s per cwt (1 3 7id to la 8d- per lb). , Canadian. Creorherv. November -loth—l7os to Iflfl'a per cwt; fls 6rl. to Is.'Srl per lb). '".v.. ..-. ■ November Bth-rl.°Bs.,;to -.1A1.S . per .-cwt (Is "Bd. to. Is 82d .per ib). :''■■• November 15t—1.905 .to 136s .per cwt (Is SJd to Is'SJd per lb). Unsnlted. ■ - November 15th—ISOs to 190s per cwt (Is 7Jd 0> Is BJd per lb).. : November Bth--200s to 2023 per cwt (Is 9ld to Is -Aid per lb). -. • November Ist—2oos to 204s per cwt' (Is 9Jd to Is 9Jcl per lb). - Argentine. Unsalted. November 15th—184s to 18S3. per cwt (Is 7id to Is fid per lb). Exceptional: 190s per cwt. (Is B}d per lb). . . • ■ November Bth—l9-13 to 200s per cwt (Is B?,d to Is Old per lb). "November Ist—'2oos to 208s per cwt (Is 9id to .Is 10} d per lb). ' t ■■■ Other Qualities. "November 35th—170s to 180s per cwt (Is 6d to.l s :.7Jd per lb). '.•-,.-■..■■■ • Danish. Market -s-low. " November 15th—216s to 220s per cwt (Is lid to Is. lUd- per lb)." November Bth—22os to 224s per cwt (Is Hid to 2s per lb). November Ist—233s to 238s per cwt (2s ljd to 2s ljd per lb). ; CHEESE. Official . quotations are'::— ',. English. "' Finest Farmers ; . November 15th—116s to 120s per cwt- (Is OJd to Is ()\A per lb). November Bth—ll6s to 1.50s per cwt (Is o?,d to Is CJd per lb). . "November Ist—ll4s to 118s per cwt (Is OJd to Is Ojd per lb). Canadian.

November 15th—Coloured: 943 to 9Gs per cwt (10d to- IOJd .per- lb). "White:_. 94s to 96s per "cwt (lOd to 10Jd per 1b).... -Exceptional lip to 98s per,ewt-.(loid"per lb). . November Bth Coloured: 95s to 97s per cwt (lOd to 10id per lb)\ White :• 95s to 98s per cwt (lOd to .10Jd per lb). November Ist—Coloured: 96s to 98s; per .cwt (lOd to 10id .per lb). White: 96s"to 98s per cwt (10d to' IOJd per" lb). .. •New Zealand. i November 15th—Coloured and white:- 92s to 94d per cwt (9?d to. lOd per lb). November Bth—Coloured and white: 94s to 96s per cwt (lOd to 10} d per lb). November Ist—Coloured and white: 96s to 98s per' cwt (lOid to 10|d per lb). Australian. Slow. November 15th—Coloured: 883 to; 92s per cwt (95d. to 9Jd per, lb). , ,-. A shipment of New Zealand .produce . arrived this week per s.s. 10nia,.;./ ;.: ; '.".., :,. ■ hemp. .'"; ; "','."'■■:■ '. Manila market quiet arid.values declining. "J" grade ' November-January, shiprrients quoted early this -week at £54 10s sellers, and at close £s2' 10s. Output of Manila from January' Ist to October 31st ~ was 1,294,000 bales, against 1,251,000 for. sarrie ■period last year. Stocks in Manila ->ri October 31st were 155,000, against 200,000 las,t year. Sticks.in Great Britain 6884 against 19.761. New '■ Zealand" market easier and quiet. Hiarhpoints, November-January shipments quoted-at £ 43, 'fair "£i\- and value. .... WOOL. •-,., . .. Bradford.business brisk and prices firmer. Quotations. for tops are:—:64'a (merino) -,6s 7d, 56's (super halfbred) 4s 3d, 40's (prepared) coarse crossbred 2s sd. . ;'"•';; . .TALLOW.' ', '.'.'' •Steady demand. Preaerit .quotations are: —Mutton: Fine 52s 6d'to 52s' 9d pe.r..c.wt. fair to good 50s to 52s per dai-'k'fo'dull 46s to 48s-'€d'per cwt. • ' Beef: Sweet-itnd-ci mixed 52s to 53s 6d per cwt. fair • to' gofd 49s to 51s per cwt, dark to dull 45s to 47s 6d per cwt. Mixed: Fair to "-ood 4Ss 6d to. 50s 6d per cwt. ,dark to dull 455.t0 47s per cwt. Gut, etc.. 41s to 46s per cwt. FRUIT. Nova Scotian Blenheim apples 17s to 26s per barrel, Nova- Scotian Bibston Pippins 12s to 24s per barrel; Nova Scotian King's 18s to 28s perba-vrel. Nova Scotian Oold«n Bussett 3Cs to 35s per barrel, British Columbian Jonathan 10s to 14s per box. Califorriian Newton Pippin 10s to lis per box.

FOREIGN EXCHANGE RATES. (AUSTRALIAN AND N.Z. CABLE ASSOCIATION.) (Received November 18th, 8.10 p.m.) LONDON, November 17. The exchange rates are as follows: Par. Nov. 13. Nov. 17. Paris, fr. to £1 .. 22.2-25 87.45 88.15 Brussels, fr. to Jsl 22.225' 95.7 96.05 Christiania, kr. to . £1 18.159. 31.24 31.21 Copenhagen, kr.'to £1 38.159 26.7 .36.2; Stockholm, kr. to £1 18.159 17.24 17.22 ' Berlin, Reichmarken to £1 Montreal, dol. to £1 4.86 4.62J 4.611 New Yoi&, dol. to £1 4.86 . 4.62J 4.61£ Home, lire to £1 .. 22.-22J 106J ' 107 Hong Kong, st to dol. * 28Jd 28Jd Yokohama, st to yen 21.5 'SGid 20d Calcutta, st to rpe 10 to gold £1 17? d 17? d * Determined by price, of silver. BRADFORD TOPS. (Received November 18th, 8.10 p.m.) LONDON, November. 17. The Bradford tops market is excited-, and quotations are firmer, with more business passing -and some speculative buying. WHEAT. (Received November 18th, 7.30 p.m.) LONDON. November 17. Wheat cargoes are firm, owing to 'reported frosts in the Argentine and to a good enquiry for distant leadings. The sterling J exchange reaction vas also helpful. January shipment is quoted at 64s 7Jd a quarter, and 64s 3d m bulk. Parcels are in fair request at from 6d to Is advance. A February parcel Bold at 64s 6d at Liverpool. Futures are quoted: December sellers, 12s Hid; March, 13s 2Jd; May, 13s 2d. CHICAGO, November 17. Wheat—December, 153J cents a, bushel: May,

OTHER EXCHANGES.

(PRESS ASSOCIATION - TBLEGEAMS.I AUCKLAND November 18.

Sales—War Loan, 1939, £97 10s; New Zealand Inscribed, 1938,' £97; 10s; 1939; £97 10s; Breweries Debentures, 21s 9d; Bank of Australasia, 2645; Bank-of New Ze.alabd,-:s9sl' 6d;. Northern Steam (cbntrib.): •8s .Id; • Waihi,' 25s : 6\j.'-. ... ....■':';. :. ;:"\ "....."... ,'. ;:..-. .

WELLINGTON, November/ IB.' : Sales reported—Government Inscribed Stock, 1939, £97 10s'; -Post Office Inscribed • Stock, 19.29,, £9B; Bank of New Zealand, C9s ■ 6d (two parcels).; Sharland ■■ and ' Co., 21s, DUNEfDIN. Novomher 18. Rale—New Zealand Brewery Shares, 28s 3d. --. Sales reported—Bank of New Zealand; 59s 6d, 695, 9d. - ■-..._• , - '■y r \ -:';-. : -METALS;;;;-;; :: f\ .("Abot/s.")-, : •• .;<■ - J0.40 p';m.) ~' •'- ■■■■■:■<■ I/ONDON; November ;-17.' ■ Copper—On spot' £64 6s .'3d; forward £65 6s 3d a ton. • Lead—Spot' £39 12s 6d; forward £37 78 6d a ton. . • • - Spelter—Spot £35 12s _6d ; .';'iprwatd £35 5b a ton. "" ~ \ Tin—Spot £26Q...Us...3d;..iorward £263 8s 9d a ton. -Silver—Standard 33 3-16d;-.fin6 36id an ounce.

DAIRY PRODUCE. (PBESS ASSOCIATION TELEGRAM.) WELLINGTON. November 18. Advice has been received by the Dairy . Division that in Australia.there was; graded during October 265,079 boxes of.butter and 6975 crates of cheese. The shipments from Australia to the United Kingdom during October were 249,331 boxes .of butter and 402>8 crates of cheese. The Division is; in Teceipt of advice from the Argentine Dairy Association stating that October shipments totalled 1700 tons of butter. 114 tons of. cheese, and- 1860 tons of casein. Diie to the absence of rain, the output is being reduced compared with the corresponding period last year. EGG AUCTION. Messrs Harris Bros., Ltd., report that the usual weekly auction sale ot Feather Brand guaranteed fresh eggs, on behalf of the' Canterbury Egg Fanners' Go-operative Association, was held in their.'rooms, 158 Hereford street, yesterday afternoon. The following prices were realised:. —Hen eggs, 'lst grado (2ozs or over), Is 4d; hen eggs, 2nd grade (under 2ozs), IB'3d. —€

(BY CABLE—PBESS ASSOCIATION— COPYBIGHT) (AUSTRALIAN AND N.Z. CABLE ASSOCIATION.; (Received November 19th, .1.10 a.m.) SYDNEY, November 18. -The fourth series of wool sales has concluded. All the best features of .the previous day's; sales were; strongly - reproduced, and the improved' level of values well maintained. The demand was keen throughout. Greasy merino realised up to 42d.

YESTERDAY'S TRANSACTIONS.

Sales Reported—N.Z. Govt. 4 & Per cent. Inscribed. 1938, £97 10s; . Bank of. New. Zealand, 59s 3d. LATEST QUOTATIONS. Buye :rs. Sellers. £ a . d. £ a. d. N.Z. GOVT. DEBENTURES— 4i' per "cent. Inscribed, 1938 and 1939 ' .. — 97 i2- S 4J per cent. Bonds, 1930 97 10. 0 4* per cent. Bonds, 1933 • • - ' -■ 97 12 6 . 5 per cent. Inscribed • and Bonds, 1927 .. 97 5 0 — 5-J per cent; Inscribed and Bonds, 1933 .. 101 5 0 OTHER DEBENTUP.ES- - Christchur.ch Drainage -■ -'5k per cent: • 93- .0 b • — -'•' N.Z.' Breweries Bonds •'. •1 1 0 "■ i -l-ii BANKS— . Australasia . 13 1 0 13 5 0 Bank of Victoria 6 10 0 • — Comm. of Aust. (ord.) 1 10 3 — National of N.Z. — 6 14 0 New South Wales — 41 0 0 New Zealand 2 19 0 2 19 6 Royal '(£1 paid) ■ 1 12 9 113 6 Union of.. Aust. (cum rights) 13.IS 6 14 2 6 Union of Aust. (rights) 2 4 6 — INSURANCE— Naticna 1 . (cum div.) .. 3 14 0 .-— • New ' Zealand- : 1 9 6 — South British .. 2 '2 •0 : 23 0 ■LOAN AND , AGHNCY-^- • Dalsjefv- -and: Co.- (ex div.) • .•• — 14 00 Goldsbrough, Mort 2 7 3 2 8 0 N.Z. Loan and Merc. (ord. stock) " .. 93 0 0 — N.Z. and River Plate — .10 0 SHIPPING— Howard, Smith — 1 15 0 Huddart-Parker " (pref.) 1 0 0 10 9 FROZEN MEAT— N.Z. Refvig. (paid) . 1 1 0 1 ' 8 0 N.Z. Refrig. (con.) 0 11 2 ' o n' 6 WOOLLENS— Kaiapoi- (ord.) 014 0 0 15 0 Kaiapoi (con.) ■ — 0 7 6 COALWestport (cum. div.) .. : .. — . 1 16 6 GAS— Christch'urch .. . —' 715' 0 BREWERIES— Crown •• ... . ■'•• 2 4 0 — Manning .. '■ .. 1 13 0 1 14 6 Ward 2 10 6 — CEMENTS— • ■ ' Wilson's (cum div.) 1 9 6 1 10 3 MIS C FLL ANEOUS— Beath and Co. .. Ml 3 111 9 Bttrns, Phijp .:■- "1 13 0 i-u-fo Bonaghy's Rope' and •■« Twine — 1 12 3 . Electro. Zinc (pref.) .. 1 7 3 Electro. Zinc (def.) ... 1 3 6 —'. ■. Mason, Struthers (148 paid) .. "'..: — 0 16-0 Mason, Struthere (10s paid) .. — 0 11 3 Mason, Strutters (4s paid) .... .. ' . — 0 -5 3 ." North Canty. Flour ..- • 0 10 6 . —, v 7 United Pictures ... 1 6 0 i lo' o ' Whitcombe ' and Tombs 3 10 0 '.'a ir.p MINiN'6"— Mt. Lyell (cum div.) .; . i i' 0 ■■ — Waihi 1 5 0 '1-6 0