COMMERCIAL.

Press, Volume LXI, Issue 18363, 22 April 1925, Page 10

COMMERCIAL.

OATS YIELD. FIVE MILLION BUSHELS. GOVERNMENT'S ESTIMATE. (8f tCIAt. TO "till KIKSS. ') WELLINGTON. April 21. The yield of oats in New Zealand this season is estimated by the Government Statistician at 5,000,000 bushels, as compared with 1,964,511 bushels last yonr, a bad season. Then; j«\ therefore.

no likelihood of a shortage in the Do

minion. Afr Bollard says that considerable anxiety exist* in certain circles as to the yield of oats this .season, and

there have been many enquiries for information, and the Statistician's report should allay all uncertainty. The Statistician says: "I estimate tliat the aggregate area of oats sown for all purposes at 480,000 acres. The difficulty of estimating how much of the oats will be threshed and how much chaffed is well known. The farmer himself doesn't know beforehand: it depends on which will pay him best at the time. I can therefore only work <m the average of what is done in a normal year's working. On a conservative basis, I assumed that about 133,000 acres this year would be threshed, and on this area I estimated in February last that the total yield of grain would be some 5,000,000 bushels, or an average of 38.08 bushels per acre. Since that time considerable doubt has beni cast in some quarters on the likelihood of this yield being obtained, in view of the unseasonable weather experienced just before harvest and the experience of last year, and I accordingly called in the middle of March for special reports from my correspondents in the field. Almost without exception these correspondents, who are all officers of the Department, of Agriculture, reported that normal threshing could be expected. The exception was in the case of South Canterbury, where it was reported that some crops were so poor that they were actually being burnt, farmers considering that they were not worth harvesting. In the Ashburton district it was reported that the best yields would be on the light lands, and that these would be mainly Algerians. However, taken all together, the reports amply justified the February estimate of 5,000,000 bushels of oats. Although there is some doubt as to the proportion of Algerians ahd white oats threshed in Southland and Central Otago, the prospects, are particularly bright, and in several cases in these districts the February estimates were

improved upon. Apart from these special reports, the Victual threshings to date also support the estimate, and . should be of value to those interested. "Actual returns of threshings to the end of March as supplied by threshing mill owners throughout the Dominion indicate that so far 2,5)91,9] 3 bushels of oats hare been threshed from approximately 75,026 acres, the average being ■ 39.73 bushels per acre in cases ■ where areas have been furnished. The few cases in which the threshing mill owners have not been able to supplv the acres from which the oats were cut would not involve more than one'per cent, of the total area. There are still a number of threshing returns for March which had'riot reached the i Statistician ut the ttme of my enquiry and, allowing for these, the total oats threshed to. March 31st would probably aggregate at least 3,500,000 bushels." . Since receiving the Statistician's report, Mr Bollard said he had called for y, statement comparing the uresent position with the position at approximately the same time last year, and the iiauves givwi-worc as follows: 1924. 1925. v .„ . . Bushels. Bushels. Yield iu gram obtained .. 1,227,444 2,991,913 Avcrago yield ' per acre .. ' 31.42 39.73 WHEAT SUPPLIES. - A NORTHERN CONFERENCE.

Two members of the executive of Distributors, Ltd., left last night for ( Wellington to discuss with the .north ern representatives on\the executive matters relating to the wheat question. To-morrow they meet a deputation of the Farmers Union to discuss tlie question of prices and the futuiu 01 the industry generally. Millers, pouitrynien, 'and also dairy- : men (who are concerned in the matter of bran and pollard .supplies), will, it is understood, be represented in th© discussion, which, it is hoped, will result in a clearer conception of the difficulties confronting the growers of wheat and evolve some means dealing with the problem of securing sufficient supplies of home-grown wheat in future. > A deputation may meet the Minister of Agriculture, the Hon. Mr. Noswoithy, later in regard to the matter.

A SUBSTITUTE FOR COAL

(AUSTRALIAN AND N.Z. CABLE ASSOCIATION.) VIENNA, April 20.

The Press is jubilant over a young chemist's discovery of a. process for carbonising wood and wood-shavings, resulting in a fuel giving 8000 calories, thus comparing favourably with coal. The invention is regarded as important to all countries not rich in eoal deposits.

A powerlul South American syndicate has secured the rights for a portion of South America.

RAIN WANTED IN N.S.W

(BT CABLE—PRESS ASSOCIATION— COPIBIGHT.) (AUSTRALIAN AXD 5.7.. CABLE ASSOCIATION.)

(Received April 21st, 11.35 p.m.)

SYDNEY, April 21

Stockowners are anxiously awaiting rain, aa unless it speedily conies, the autumn and winter lambing will be ruined. There has been very little rain since Christmas ; and the trouble is accentuated by a plague of grasshoppers. The scarcity of fodder in some districts is so bad that stockowners are preparing to hand feed stock..

NATIONAL INSURANCE COMPANY

(races association telxoiaic.) DUNEDtN, April 21

The directors of the National Insurance Company of New Zealand (Ltd.), have de- ' dared an interim dividend of Is 3d per " share for the half year ended Marcht 31st, r/wbich will be payable on May 16th.

CANTERBURY MARKETS.

(BY OCT! COMiTEECIAL rjITOE.) Tuesday Evening. Odd lots of wheat are straggling in to millers, but in the aggregate the quantity is very small. A number of the bigger growers are storing, and under present conditions this is likely to be the general policy. The activity merchants displayed recently has subsided. The market is au uncertain one to follow, and, moreover, finance is a big proposition even at present prices. It is understood that whilst several of the larger millers are holding up to six weeks' or two months"' supply, others are on small reserves. However, millers report an unusually dull flour trade, bakers apparently buying from hand to mouth in the belief that flour cannot go up an} - higher, whilst there is a possibility of it coming down. This is having the effect of reducing millers' gristing.activities, which in turn is reflected by their restricted purchases of wheat. There are cases of millers who have been unable to secure supplies at the schedule rates, paying another 3d a bushel, and sales of this class have taken place with the North Islaud.

Fowl wheat is meeting with enquiry, and business has passed at Cs 5d f.0.b., sacks extra.

Few oats have been offering at The recent quotations, the burst of wintry weather having a natural tendency to firm values. A few sales of B Gartons have taken place at 4s f.0.b.. s.i., but quotations are a penny better than this. whilst May-September A's are quoted at 4s sd, witli little response. The potato market is unaltered. The Waitomo's delayed departure until today allowed a few more tubers to get down to port, and that vessel's quantity will probably average between 2500 to 3000 sacks. As it is a week since the departure of the last vessel, and it will be another week until the next boat sails, the northern market is likely to be under-supplied. Digging has recommenced in a few of the drier parts, and there are reports of blight in the tubers in a few localities. As a result of the conditions, enquiries from the north are more numerous. The feeling generally in the potato market is one of more confidence.

There is no change to record in seeds and other produce. The following are nominal quotations, free of commission, sacks extra, except where otherwise stated:^—-

Wheat—Tuscan Cs 3d, Hunters 6s od, Pearl'6s 7d f.0.b.. sacks extra. Oats—Gartons A's 3s ,8d to 3s 9d, B's 3s 3d: Algerians 2s 8d to 3s 0.1; Duns 3s Gd. Chaff—Good bright, £3 15s.

White Clover—TOd to 12d Peas—ss. Cowgrass—Bd to 9<f. Italian Byegrass—2s 9d to 3s. Perennial Ryegrass—3s tid. Cocksfoot—tki to 6Ad. Linseed—£lß. Potatoes—£3 15s for prompt, and to £4 for forward.

Onions —£7 for prompt. Flour —£19 a ton f.o.b. nearest uorta Pollard—£o 10s f.0.b., 10s extra for smaller paeking. Bran—£s 10s per ton f.0.b., 10s extra for smaller packing.

KANGIORA MARKET. The yarding at the Kangiora market yesterday consisted of 63:1 fat iambs, 342 fat ewes, 42 fat wethera, 1412 store sheep, 35 head of cattle, and 250 pigß. There was a keen sale for the fat lambs at prices in advance of tha quotations for the previous market, being equal to 12d to 12id, per lb. There was also a good demand fov the fat ewes at prices equal to recent quotations. Although nearly all tho stores changed hands the sale in this departmeat was sknv. The sales were: Fat lambs—For James Bonds, 4G at 37s ad; G. Croft, 62 at 37s 3d; P. Pullev, 51 at 33s sd; Miss Croft, 12 at 86s .Id"; T. Dawson, 7 at 37s ad; Carboy Bros., 8 at 37s 2d: J. Fitzgibbon, 15 .at 363 lid, 12 at 35.? 7d; \V. Stalker, 18 at 34s 3d, 16 at 38s Id; 3.E. Willis, 19 at 39s sd; Mrs Schluter 41 at 35s lid, 46 at 31a lid; Geo. Milne, 40 at 39s id; W. Bowen, 26 at 31s Id; A. Senredy, 10 at 3us sd; W. A. Batchelnr, 30 at 36s Id. A. C. Pulley, 64 at 87s 2d; L. and M. Fitzgibkm, 24 at S6s; A. Vallancc, at 33a 2d; and T. O'Carroll, 30 at 34s Gd K> 36s 9d. Fat awes—C. Leech, 40 at 26s 4d to 32s lOd; C. H. Tallott, 12 at 23s lOd; W. Stalker, 23 at 23s 7d to 245; G. Milne, 40 at 25s Id; Carboy Bros., 43 ,at 23s 4d; A. C. Pulley, 6 at 2Gs, 14 at 20s 9d; client. 47 at 24b ; 7d; It. M. Taylor, 50 at 25a 3d to 25s lOd; T. C. Vitte, lh at 225. Fat wethers—J. Douds, 17 at 37s Id; E. Pulley, 8• at 35s 9d; and client, 16 at 33s 3c). The sales of stores were—B2 six and eighttooth half bred ewes at 37s Id, 74 four, six, and eight-tcoth ewes <nt 27s 4d, 66 failingmouth ewes ut 18s 6d, 36 at 245, 29 at 17s 2d, 40 at 18s 7d, 56 at 20s 6d, 61 at 18s/26 at 265, 11 at 20s Gd, 119 sound-mouth merino ewes at 16s 3d, 71 at 153 3d, 42 .aged ewes at 12a Bd, 17 at 15s, 30 at 8s 9d, 34 at 16s, 15 at 12s, 67 two and four-tooth wethers at 81a, 108 wether lambs at 25s 9d, 107 at 25s lOd, and 19 ewe lumbs at 27s 6d. Cattle —The prices were —For fat cows £6 7s 6d, a. fat steer £l4 lis, springing heifers £5 10s to £7, early oalvers £lO 7a 6d , to £lO 10b, empty cows £1 15a. Pigs—Heavy fcaconera sold to £5 16s, light baebners £8 lis to £4 15a, choppers to' £3 lis, porkers £2 12s to £3, Tijest stores 455, medium 28s to .40s, good woanera 14s, email 83 to 10s, and sows in pig £4 10s. Poultry—The following prices were realised—Boosters 6s to 10s, hens 3s 6d to sa, pullets 8s 4d, ducklings 7s to 83 per couple. Produce—Chi Sk wheat nwide 24s to 26a a tag, oats 16s to. 20a, pigni«sai 12s 6d, peas •20s, oatsheaf chaff 3s 6d to ss, straw chaff 2s Od, potatoes 6s to 9s, marrows 2s to. 6s doz., carrots 2s doz. bdls., cabbages, 33 doz. parsnips 5s bag, onions Id lb, tomatoes ljd, apples 4s cose, pears 2s 6d half-case. Skins, etc.—Halfbred sheepskina sold .up to 9s, three-qua-rterbred 8s 7d,' crossbred 8s 2d, merino Ba, lambskins 7s 9d, calfskina 5s 3d, crutchings 7d lb, fleece wool 13$ d, fat 2Jd.

SUBDIVISION SALE. ST. ANDREW'S HILL SECTIONS. —,— % The sale of sections in the St. Andrew's Hill subdivision was held by H. G. Livingstone and Co. and J. G. Kacdouald and Co.. auctioneers, last evening. There was a good attendance of buyers, and the following sales were effected: — ... Price. Lot. Buyer. £ Lot 23 . . Mrs E. Gibson 150 Lot 20 .. Mr Nat Woods 130 Lot 22 .. Mr Nat Woods 110 Lot 18 .. Mr It. T. Smith 150 Lot 0 . . Mr W. Moir 100 Lot 7 .. Mr W. Moir 105 Lot 8 .. A client 130 Lot 19 ..A client 130 Lot 21 ..A client ■' 160 WAIHI MINING COMPANY. (PBBSS ASSOCIATION TELEGEAM.) AUCKLAND, April 21. At the adjourned meeting of shareholders of the Waihi Grand Junction Goldmining Company to-day, it was decided to form a com.mittee to consider carefully the question of raisins sufficient capital to explore and test the western section. The mover suggested that shares be written down to 10s a share, the" present shareholders to receive one for each two now held. This would leave 200,000 to be offered first to shareholders aa contributing 10s sSares, and if not absorbed by the present shareholders, any balance might be offered to the public. A motion that the company's office be transferred from London to New Zealand was carried.

► Ke auction report of property in Gloucester street at present occupied by tbe Rink Taxis Ltd., in our report of the offering of the property by public auction, on Saturday last" an error occurred which we wish corrected, namely that the property was passed in to the Eink Taxis, Ltd., and not knocked down at the price stated. 6

HIGH COMMISSIONER'S REPORT.

The Department of ,'igricuiiure has re reived the following cablegram, dated the 18th instant, from the High Commissioner for New Zealand, London: BUTTER. Market slow. Official quctaiions are: Ke\v Zealand: Finest salted. April 18th— 164s to l£os up to IGGs per cwt (Is aid to Is s|d per lb). April 9th— IG-is to 166s r>er cwt Us SVI to Is 6d per lb) April 4th—l6ls to 166; per cwi ;ls 5Jd to Is 5Jd per lb). Unsahed. April 18th—172s to 17Gs per cwt. (Is 6jd to 1? 6Jd per lb). Exceptional: 178s per cwi (Is 7d per lb). April* 9th—l74s to 178s per cwt (Is CSd to Is 7d per lb). April 4th—l74= to ISOs per cwt (Is lijd to Is 7}d per lb). Other Qualities. April 18th—146s to 160s per cwi (Is 3;. d to Is 5d per lb). Australia::. Salted. Fin«6f. April 18th—158s to 16(s ner cwi (Is 4Jd to Is Sd per lb). April 9th—ls8 3 to ICCs per t-.vt (Is ijd to Is 5d per lb). April -!th—l6oi tn 162s per c.v, <ls 5Jd per lb). Unsalted. April 18th—lG4s to 166s per cwt (Is c.Jd to Is sjd per lb). April 9th—lfiGs to 168s per cwt (Is 3J:I to Is Gd per lb). April 4th—l66.- to 170s n fc r cwt (Is s|d to Is Gid per lb). Other Qualities. April 18th—Salted: 140s to 154s per cwt (Is 3d to Is -ljd per lb).. Unsalted: 160s to 1623 per cwi (Is 5d to Is njd per lb). Argentine. Unsa'ted. Finest. April 18th—152s to 15Cs ut> to 158s per cwt (Is 4Jd to Is 4Jd per-lb). April 9th—lsCs to 162s per cwt (Is 4sd to Is ojd per lb). April 4th—lsßs to 162s i>e>- cwt (Is 43d to Is 3' ; d per lb). Other Qualities. April 18th—MP* to 150s per cwt (Is 3VJ to Is 4d per lb). Banish April ISth—lßss to 188s per cwt (Is to Is Sd per lb). April 9ih—2oos to 204s uer cwt (Is 9id to 1b 9Jd per lb). April 4th—2l2s to 214s per cwt (Is 10VJ to Is 102ct per lb). CHEESE. Market steady. Official quotations are: Canadian. April lStii—Coloured and white: 110s per cwt (lljd per lb).April 9th—Co.ourcd: UK's to 110s per cwt (lljd to lljd per lb). While: 108s to 1103 per cwt (lli'd per lb). April 4th—Coloured': lOt'.s to 112s per cwt (UJd to Is per lb). White: 108s to 112s per cwt (ll|d to per lb). New Zealand. April 18th—Coloured and white: 101 ato 102 a per cwt (ICJd per ;b).' April 9th—Coloured and while: 101s to 102s per cwt (IOJd per lb). April 4th—Coloured and white: 99s to 101s per cwt (IOJd to lOjd per lb). Australian. April 18th—Coloured: SSs to 100s per cwt (10VI per lb). White: 100s per cwt (10VI per lb). Aoril 9th—Coloured: 98s to 100s per cwt (IOJd per lb). April 4th—Coloured: 98s per cwt (IOJd per lb). ._ English. ■ Finest' Farmers'. Firm. Stocks light, April 18th—135s to 140s per cwt (Is 2?. d to Is 3d per lb). April 9th—l3ss to 140s per cwt Os £?. d to la 3d per lb).

April 4th—l3ss to 140s per cwt (Is 2;': d to Is 3d per lb). Shipment of New Zealand produce arrived this week per 5.3. Matatna. HEMP. Manila market- dull and scarcely steady. Value of "J" grade April-June shipments £SO 10s. New Zealand market continues dull and easier. Nominal value highpoint fair April-June shipments £3B 10s. Small sale''of fair at. £37 this week, but la tar offers were made at £35 10s, and no business , reported. CASEIN. French rennet quoted at- £4O per' ton. 1 ■ • WOOL. ■•■■•'-■ Bradford market quiet, tendency in favour of buyers. Nominal uriccs for tops.are: 64' a warp (Merino) 5s 2d, 64's average (Merino) 4s lid, 56's (super .halfbred) 3s sd, 40's prepared (coarse crossbred) 2s 4d. APPLES. Marked well supplied with Australian and American. Prices lower after holidays. New Zealand Cox's Orange, 25s to 30s per case. __ Best Australian Cox's, 18s to 20s per case. N.Z. Prpmior, 16s to 18s per case. N.Z. Dunn's Favourite, 18s per case. N.Z. Worcester Peannnhi, 16s to 17s per case (somewhat wnsty). N.Z. Hibston Pippin, 18s> to 20s per case (badly pitted). N.Z. London Pippin, lte per case. «- N.Z. Jonathan, 18s to 21s per case. It is expected that market will be easier next week, in view of heavy arriv&lß. OATS. Market quiet and prices easier. Best English white 30s to 31s per 3361b. Feed 275. No. 2 Canadian Western May shipment sold at 25s 9d. Nominal value NewZealand "X" grade, April shipment, 27s per 3201b.

ASHBURTON MARKET. There was a large attendance at the Ashburton yarda yesverday, when there was a total entry of 5391 sheep and 30 head of cattle. The sheep included 794 fat ewes, 161 fat wetherß, 1849 fat lambs and 2585 stores. There was a considerable portion of unfinished sheep, especially'ewes, and there was an all-round average drop of Gd a head on last week's vabieß. There was also a- considerable number of unfinished lambs, and there was a drop of 6d per head. The price per lb for lambs averaged Hid to 11-Jd per lb. The principal sales were: Ewes—l 6 at libs 4d, 10 at 20s lid, 14 at 24a, 14 at 245, 22 at 24s lOd, 29 at 19s 2d, 28 at 23a lid, 20 at 23s 4d, 30 at 23s lid, 4 at 24s lOd, 41 at 21s 2d, 24 at 18s, 46 at 22a 9d, 4 at 18s 9d, 13-*«.t 21s, .13 at 18s 2d, 10 at 25s 3d, 10 at 25s 9d, 19 at '22s' lOd, 7 at 2fc~a, 13 at 13s 3d, 13 at 27s 6d, !7 at 22s lOd, 16 at 22s lOd, 16 at 22s 3d, 10 at 25s 6d, 12 at 22s 3d, 4 at 21s 2d, 18 ;at 22s Id, 17 at 20s Gd, 11 at 23s lOd, 8 at 22s 4d, 22 at 21s Bd, 20 at 19s 4d. 11 at 28s Id, 20 at 22s 3d, 18 at 34a 6d, 12 at 335, 17 at 20s 7d, 10 at 24s Id, 7 at 258 3d, 10 at 24s sd, D at 23s 2d, 21 at 19s 2d, IS at 17s Ha.

Wethers—l/> at 85s, 12 at 37a sd, 14 at 27s 3d, 2 at 335, 12 at 30a, 14 at 35s Id, 2 ?A 36s 9d (sold on account of ilisa J. Chalmers), 4 at 33a. Lambs—6 at 31s 6d,, 9at 41s 3d (sold on account of Mr J. D.' Vigers, Elgin), 3 at 35s 9d, 7 at 29a 6d, 11 at 84s Id, 77 at 36s Id, 76 at 30s, 90 at 35s 7d, 75 at 32s Id, 144 at 35s 2d, 64 at 31s lid, 100 at 35a lOd, 48 at 30s lid, 116 at 35s 9d, 75 at 35a Id, 43 at 31s 2d, 37 at 33a lOd, 56 at 355, 35 at 3&s 4d, 35 at 32s 2d, 119 at 30s 4d, 118 at SSS 6d, 175 at 32s «d, 21 at 32a lOd, 22 at 34a 9d, 61 at 335, 54 at 31s 6d. Stores—A large gathering took a keen interest in the sale, but it was a very dragging' one, and out of 2585 offered 1260 were passed at auction. The entrj consisted mainly of aged ewes, though there were line 3 of larhbs and a few pens of fresh, sound mouth ewes for which there was a good demand. Tha principal eales were:—6o f. and f.m. threequarterbred ewes at 17s 3d, 52 8. and f.m. crossbred ewes at 24s lOd, 26 halfbred ewes at 7s 6d, 51 fat and forward three-quarter-bred ewes at 17a sd, 30 mixed sex crossbred lambs at 19a 6d, 168 six and eight-tooth halfbred ewes at 30s, 71 s. and f.m. threequartfrbred ewes at 225, 59 failing mouth ewes at 13s, 59 cull ewes at 4s 9d, 47 six and eight-tooth halfbred ewes at 24s 9d, 95 failing mouth crossbred ewes at 10s Bd, 35 ditto at 13s 3d, 101 sound and failing mouth three-quartorbred ewes at 25s 7d, 84 four, six and eight-tooth three-quarterbred ewes at 35s 3d, 120 six and eight-tooth threequarterbred ewes at 2£s lid, 97 failing mouth three-quarterbred ewes at 19s 3d, 85 two, four, six and eight-tooth three-quarterbred ewes at 355.

Cattle—lncluded in the 30 head offered there were two of the primest bullocks Been in the Ashburton yards for many months past. One realised £ls 2s 6d, and the other £l4 23 6d. Other sales of fate were:—l steer at £7 12s 6d, » heifers at £6 7s 6d, 1 "heifer at £5, 2 cows at £B, and 2 at £6 13s, I heifer at £7 ss, 1 ditto at £5 15s, 1 ditto at £6 17s 6d, 1 ditto at £5 10s, and another at £6 ss, a cow and 2 runners brought £4 15a, a Jersey cross springer £7 10s, and a springing cow £8 10s. EGG AUCTION. Messrs Harris Bros., Ltd., report that the usual weekly auction aale of "Feather Brand" guaranteed fresh eggs, on behalf of the Canterbury Egg Farmers' Co-operative Association, was held in rooms, 158 Hereford street, yesterday afternoon. The recent unfavourable weather caused a marked decrease of supplies, consequently prices advanced considerably in comparison to last week. Hen eggs, first grade (2oz or over), realised 2s lOd per do*, and second grade (under 2oz) 2s Sd. 6

CHRISTCHURCH STOCK EXCHANGE.

YESTERDAY'S TRANSACTIONS. Sales reported : —Ward Brewery, 565; Beath and Co., 33s £d. Sales on 'Change—Manning Brewery 3g« Ed. LATEST QUOTATIONS Buyers. Sellers. ,- „ £ s. d. £ s. d X.Z. GOVT DEBEXTCKES—- •!-} per cent. Inscribed and Bonds, 1936 . .9C 17 G 5 per cent. Inscribed and Bonds, 19-27 .. 98 0 0 "5 per cent. Inscribed, OTHER DEBEiNTURESCbristchurch Drainage, oh per cent. .. 97 0 0 Christchureh Tramways, 3?. per cent. .. 97 0 0 Christchureh City, 5 per cen!. .. .. _ 91 10 0 "annniri County. (:§ . P° ! ' <-'oir.. Xorth Canterbury Hospital. 5> per cen:. X.Z. Breweries. Bonds -. 12 0 Glaxc, Ci per cent., 1945 .. ..S3 10 0 90 o 0 BANKS— Adelaide 8 9 0 Aust. Bank of Ccmmercp 1 7 r, i g (■ Comin. of Australia .. 17 3 Comm. of Australia (pre-.) •■ .. National of Australasia (£lO paid) .. 16 1 6 16 4 fl National of X.Z. 615 6 7 0 0 New Zealand .. '2 13 9 2 M 9 New Zcaknd (new :ssuc) 212 6 213 0 .Uoyal (£1 paid} .. 113 6' Royal (£4 paid) .. 615 0 Union of Aust. .. 11 1 0 It 2 6 INSURANCE— National ... .. 3 10 6 New Zealand .. 1 11 6 South British .. 2 6 6 LOAN AND AGENCY— Goldsliough, Mori .. 2 7 0 2 7 9 National Mortgage .. N.Z. Loan and Merc. ford, stock) . .. 94 0 0 96 0 0 SHIPPING— Howsrd, Smith .. 115 IS 116 3 Huddart-Pnrker .. 22 G FROZEN MEAT— Gear .. ..236 N.Z. Befrig. (paid) .. 10 2 110 N.Z. Refrig. (contr.) .. 010 4 010 e WOOLLENS— Kaiapoi Cord.) .. 012 G COAL— Westport .. .. 112 6 114 0 Stockton (pref.) .. 0 5 3 GAS— Christchureh .. BREWERIES— Manning .. .. 118 0. 119 0 Zealand .. 1 18 G Ward .. .. 216 0 217 3 CEMENTS— Wilson's .. .. 1 13 0 n'.K— Kauri .. .. IIS 0 113 9 M .oKLLANEOUS— Beath and Co. .. 112 9 113 6 D.I.C. (pref.) .. 1 0 G Electro. Zinc ipief.) .. ISO Electro. Zinc (deferred) 1 7 !i Mason. Struthers (£1 paid) .. .. 13 0 13 9 Mason, Struthers (14s paid) .. .. 0 15 6 Mason. Struthers (10s paid) .. .. 011 4 011 9 N.Z. Farmers' Co-op. (£5 paid) •• - 2 8 0 N.Z. - Farmers' Co-op. (£2 10s paid) N.Z. Fanners' Co-op. (6i per cent. Stock, 1930) '.. .. 86 0 0 S9 0 0 N.Z. Farmers' Co-op. (6* ner cent. Stock, " 19~35) .. .. 81 0- 0 84 0 0 N.Z. Milk Products .. 17 6 N.Z. Paper Mills .. 10 3 Otago Daily Times .. 3 5 0 N.Z. Guarantee Corpn. (cum rights) ..'096 010 0 Weeks, Ltd. (fully pd.) 10 17 6 MINING- . . , , „ Mt. Lyell .. •• 11° 11G

OTHER EXCHANGES. (PRESS ASSOCIATION TELBGBAM3.) AUCKLAND, April 21. Sales—War Loan, 1938, £96 15a; ■ 1939, £9G 17s 6d; (New Zealand Breweries, 21s lOd; Commercial Bank of Australia (contributing),. 12s 3d; National Bank, £6 16s; New Zealand Insurance, 31a 9d; Kauri Timber, 33s 9d; Moegiel Woollen, £6 3s; Dominion Pictures. 21s; Sanfard. Limited, 19s. ' ' WELLINGTON, April 21. Sales reported—P. and 0. bonds, 1927. £97 17s Gd; Wellington Woollen (pref.), AC 58 6d ' DUNEDIN, April 21. Sales-Bank of New Zealand (new issue)/ 52a 6d; New Zealand Refrigerating (paid), Sales Reported-Union Bank, £l4 2s 6d; Bank of New Zealand (new), 52s 6d. FOREIGN EXCHANGE RATES. (by cable— pbess association—copxbight) (AUSTRALIAN AND N.Z. CABLE ASSOCIATION.) LONDON, April 20. The exchange rates are:— . ~„„ £ar. Apijl 16. April 20. Paris, fr. .to £1 •• 22.225 91.80 91.70 Brussels, fr. to £1 22.225 94.90 94.90 Oslo, kr. to £1 .. 18.159 29.60 C 9.31 Copenhagen, kr. to £1 18.159 25..58 26.10 Stockholm, kr. to £1 18.159 17.76 17.77 Berlin, Reichmar'ken toj £l .. •• - 20.11 21.11Montreal, do!, to £1 4.86 4.78J 4.78£ New York, dol to £1 4.86 4.78J 4.78J Rome, lire to £1 .. 22.22J 116§ 116 i Yokohama, «t. to yen 21.5 21Jd 21d Calcutta, st. to rpe 10 to gold £1 1713-16 d 17Jd Hong Kong, st.todol * 27Jd ■ 27Jd Amsterdam fl. .. 12.106 11.98J 12.00

Batavia, fl. •■ 12.106 11.99 12.01 * Determined by the price of silver.

WHEAT. NEW YORK, April 20. Chicago wheat quotations are: May 150| cents a bushelj July 140J cents, and September 133J cents. LONDON. April 20. "Wheat cargoes are dull at 6d per quarter lower, on continued ■ Ameji'can weakness. Cargo ex Grace Harwar so.d at S7s 6d per quarter. Parcels' are lower, with more business. Parcels ex Beltana and ex Khybar sold at 57s per quarter. •Liverpool future quotations are: —May, lis sd; July, lis s}d per cental. METALS. (Received April 21st. 8.10 p.m.) LONDON. Ap.il 20. Copper—Spot £59 18s 6d; forward £6O 18s 9(1. Lea3—Spot £3l 6s 3d; forward. £3l. Spelter—Spot £34 ss; forward £33 38 9d. .Tin—Spot £232 179 6d. Silver—Standard 31! d; fine 37£ d per ounce. GOLD. LONDON, April 20. Go'.d is quoted at 86s 6d per 0z. % SHARES. \ LONDON, April 20. Mount Lyell, 20s 9d. BRADFORD TOPS. LONDON, April 20. The Bradford tope market is slightly weaker. Little business is passing. LONDON WOOL SALES. Dalgety and Company, Ltd., have received the following cabled advice from London: "Wool sales- XTie next wool sales open on May sth, the list of arrivals for which is now closed. The total new arrivals are: Australian 30,000 bales. New Zealand 49,000 bales. Cape 3000 bales, and -funta Arenas 31,500 bales.

(Continued at foot of next column.)

PRUDENTIAL BUILDING SOCIETY A meeting of the directors of the Prudential Building and Investment Society of Canterbury was held on Monday night. Applications for shares were considered, and gratification w»3 expressed with the fact that the number applied for was greater than wa3 anticipated, and in view of this it was decided to hold a ballot for £SOOO next month on a date that will be duly notified. It was further decided that persons taking up shares up to the day of the ballot should be eligrule to participate in it. The directors had before them the report of the Co-operative Building Society o£ South Australia, Adelaide, of the rules of which the Prudential Society possess tho Now Zealand copyright. The report showed that the Society .had had a most successful year, and that in addition to a dividend of 8 per cent., a bonus of Is 6d a • share had been paid, equal to a return of 15J per cent. The directors of the Equitable Starr-Bow-kett Society, who were present at the meeting, reported that the arrangements for the amalgamation of that society with the Prudential had been completed, and the amalgamation had come into force straightaway. As the result of the amalgamation, the Prudential Society started off with acapital of over i'sooo, which the directors considered was very satisfactory, in view of the fact that the Prudential Society was only launched at the beginning of the present month.

WAIPA COLLIERIES, LTD

(SPECIAL TO 'THE PBESS..") WELLINGTON, April 21

Ihe net profit earned by the Waipa Railway and Collieries, Ltd. for the year ended January 31st last amounted to £9891, as compared with £11,572 in the previous year, a shrinkage of £1678, which seems to be due entirely to contraction in profit from the coal account. The dividend for the year at 8 per cent, and a bonus of 2 per cent.—the earue as •was paid last year—absorb together £7990, leaving £10,415 to be carried forward against £Bsll "brought into the accounts last year. At an extraordinary general meeting, to be held this week, the directors will submit for the approval of shareholders a resolution to the -effect that tlie capital of the company be reduced by reaaying to the shareholders the sum of 5s per-share, thus reducing the nominal value ol the shares from 'it's to 13s each.

CULVERDEN MARKET. Included in the entry at the Colverden sale on Monday were 455 fat lambs, a few small pens oi fat ewes, and two or three lines oi stores. The sales of fat lambs wero for J. J- Gallagher, 83 at 34s 8d; James Black, 51 at 32s 9d; G. Houston, 85 at 34s 9d- L. Thomson, 53 at 30s 6d to 38s; Wilkie Bros., 78 a * 37e 4d to 37s W; andT. Flower, 195 at 31s Id. Fat ewes for L. Thomson, 8 at 24s Id; G. PopDerwell, 12 at 21s 3d; and T. G. Thomson, 5 at 26s 2d. The stores sold were: 117 halfbred wether lambs at 21s 3d, and 64 aged ewes at 11a 6<L .-•--- -~