COMMERCIAL.

Press, Volume LXI, Issue 18420, 29 June 1925, Page 10

COMMERCIAL.

AUSTRALIAN FINANCE. COST OF GOVERNMENT. COMMONWEALTH FIGURES. (raojt oca owx correspondent.) SYDNEY, June IS. Some amazing figures concerning the cost of administration of tho whole of the Commonwealth aro contained in the annual financial report of tho Commonwealth Statistician (Mr C. H. Wickens) for 1923-24, which was issued this week. The cost of government was £08,345,774, or nearly £3,500,000 more than it has ever previously cost. The mo3t expensive department was that of tho Postmaster-General, which absorbed £9,273,494. The Treasury, next on the list, cost £8,034,480. •The expenses of Parliament amountEd to £336,012, of which Ministers' allowances accounted- for £13,5G9, Senators' ealaries £35,312, and those of members of the House of Representatives, £74,359. Parliamentary .officers and staff cost £61,418, while travelling of- members and "others" was responsible for the expenditure, of £20,200. The Prime Minister's Department, which was established during . 31r Hughes' regime, consumed £1,094.031; tlie largest.item being £542,518, Which represented the interest and sinking fund on Commonwealth securities. Tlie expenditure -on immigration was £66,866, but the item "miscellaneous" ill the Prime Minister's Department's expenditure accounted for £203,686Over £34,000 was spent as Australia's share of the maintenance of tho Secretariat of the League of Nations. For the administration of the Trnde and Customs Department, £1,627,818 disappeared from tlie Commonwealth coffers, mit the huge revenue from the tariff is set against the Customs expenditure. Close on £1,600,000 was needed for Ccmmonwealth defence, but in addition to this the Nairy Office coib £2,084,419 and Air Services' £222,657. > Tho Commonwealth debt, at the end flf the last financial year, stood at £415,600,009, of which £142,524,394 •was owed to London and £273~j075,705 to Australian lenders. One of the fea'tores, of. the Federal Ministry's legislative programme during the present session, which opened on Wednesday of last week, is its financial measures. It is expected that the Treasurer (Dr. Page) will have a surplus •■■ of about £3,500,000 from the J current year's financial operations.. The ; question which is agitating the public mind is, What effect will this surplus havo on for 1925-20?/ ■'■It is variously Stated that the Federal-income taxation will be further .reduced, .with 4 a view:'to'the'Commonwealth's eventual evacuation of the: field of dirnct - |ioh, .and-that the .taxation will remain as it is at;present, with;the.idea,of producing a'surpliis again, to be dented -to-'reduction of,the public debt. That;is'Dr. Page's'intention in regard to the curren,t.year's surplus, whiehqjvas mainly produced, from ■~ Customs receipts but so far he has given no definite indication of what the public is hoping will happen—reduction of income taxation^

TAPESTRY DAMASKS. •{feoh otto' own coßiusspoirDEsrrO ■■ ? - '" LONDON, May 22. The "Cabinet-Maker'-' publishes an article on the export business in soft furnishings. It is saia that Japan is far and -away Britain's best customer in the heavier lines of tapestry damasks, ' and is approximately equal. in .importance to the next two markets. These ara-New Zealand and Canada, which purchased quantities of 39,000 and 3 &op,9?M uaro yards respectively. Together,? the markets were ■buyers;(»£ 50 per cent, of British exports, while the remaining proportion \vassoattered over many countries. The total trade is in the neighbourhood of £9|i,o'6o, and it is noteworthy that although 'the United States takes, a far . smaller quantity than some other areas their purchases are of a much higher grade. Whereas the average price of Japanese purchases of tapestry damasks last year was 6s.'per square.yard, and the New Zealand price was 7s, the TJ.S.A. purchaser-worked out as high as -3.2b; persquare r yaxd. ...-..-, .Printed tapestry.and tapestry velvets ar3 also meeting ; with a better demand and good.,consignments have gone • to Australia'' and ' Egypt, whilst repjorts from the Argentine and New Zealand are distinctly promising. Other Products which share in this upward trend are w.ool delaines, blankets ad furniture coverlets. Blankets particularly are selling better, and the volume of export trade during 1924 'Was in excess of £1,550,000. This compares with the value of the delaines and .coverlets estimated'at £1,000,000, and all' these sections are advancing rapidly.

FRADE .WITH AUSTRALIA. \ FRANCE'S; BID TO* SUPPLANT? " GERMANY. ~ /_.. "" i . (JSOM OVA OWN COBBISPONDINT.) LONDON, May .14/ A commercial mission, which, on the initiative of "a group of Strasbourg "■ business men, headed by M. Kern-Mai-saud, is to visit Australia and New Zealand, will leave France in September and will probably be absent six dp eight •' months. It is hoped that very, considerable business will be done, both from the point of view of'improving the French market in Australia, and of : finding; new- openings for Australian and New Zealand goods in France.M. Kern-Marsaud. declares • that ho first tad T/he idea of sending a group: of business men to Australia in order to expand-the commercial relations between the two countries, during the last two months of'the war, when.he was attached to the Australian forces on the itomme. The necessity of such a mission is now beeominE urgent,-he argues,, as the prohibition ..of the importation of German goods into Australia -cannot continue for ever.; certain German, goods, are. already making 'their- re-appearance on the Australian market, and France must act at once, if she is to take the place formerly occupied in Australia by Germany. ■-.,- In "the first place the : mission, will ;.' endeavour, to conclude- direct contracts with the principal firms likely to bo interested in French goods; secondly, it '■'"will createJlocal agencies of the type suggested in th© report of General Pau's mission to Australia; and thirdJ,V, it will collect information with, re'•'gard toexports -and. imports/ <"■:'■ : - . ,:. • Eventually it is hoped to establish a cargo service from Australia toMarseil- ;'■ les.' '■' *■'■• ~ J'" SUGAR PRICES REDUCED.? k: From to-day the prices of all grades ■ of raw and refined sugars are reduced , by- 1 £1 a'ton; '_ '

HOME WOOL REPORT.

THE FALL IN PRICES. baax ovs. - ows.- c'ohm'sposdbkt.) ■ LOXDOK, May 20. During ihe third aeries of London wool sales of -the current year, which opened on May sth and closed on May- 14th, the quantities catalogued included 19,732 bales from New Zealand. The total offerings aiciunt'id to 69,023 bales. The hold-over was about 705,000 bales. The quantity sold amounts to about- 45,000 bales, of which some 25,00'} bales havo been taken for escort, including--1000 ,'aalo3 purchased for.. shipment to America, leaving, carried forward unsold.

Messrs Charles Balme and Co. comment: The-.better tone, which .-was'noticeable in the market towards tho .close of the March serieß rdscd hopes' ti-xt 'bottom hed i-ctn touched in wool "prices'. ; ,. To thia improvement, however, there was no response ' ir. the, rnauufsetuirng districts, and quotations for top 3 .in Bradford continued to decline during the interval. Reports from the Continent also indicated it- falling-og m nea.9, ?.nd there were no sig-ns of America supporting the market. In* theae ciicumBtp.nces, a lower range of values was generally expected, , but ■at the opening of tin Alay tales the decline was greater than .se.lers had anticipated, particularly as regards New Zealand crpsslpreds, orxl the trade did not appear able to absorb the quantity available ior the series. A meeting was therefore held to consider ■ the. ..position, when it was' decided to curtail the programme bv a week. At the same time, it was announced that no. further sales wouid ba held in Australia, before. July Ist. - After ibis there- was r. much better "demand and-pricro. improved all round, ..especially .-for crossbreds, which'- closed 10 per cent.' above opening rates. Throughout 'the scries there was a. : gcod demand-for fine wools from. Continental buyers, who purchased practicallv all tho merinos sold, while th'eirdk of the crossbreds went to the Home trade." Among greasy merinos, fine-haired Continental wools . were jiu good, demand at ft ha beginning of" the" auctions at from .10; to 15 per cent, "decline.' ", During the second week there was a distinct improvement, itbdRt the clow thi3 class was selling-ifrequontly at leas than 10 per cent, below March parity. The beßt style of wool suitable for tho Home trado declined 15 per cent., while on lots of rough quality the fall amounted to from 15 to Q0 per cent. Scoureds sold irregularly at first, "but Inter on mot with good competition at from 10 to 15 i>or cent, below bat..Series' -«vel.' ■•',"■.-7-.' : -.-' ...

•• .At the outset, .. greasy^.CFOssbreds . were' mostly withdrawn at bids 'about 80 per cent, cheaper, but after a few daye prices began to riae, and at 'the close they. "stoo.d. £0 per cent, for fine, and from 20 to 25 ■■percent, for medium and' coarse qualities below March ra-tea. Scoured and alined' crossbreds aleo met with a better demand in tho second week, -but thej;' must... bo c<U3ted generally about 20 per cent., cheaper. As compared with last series' ' closing rates, Messrs Bftlme-- quote • Australian ■ and New Zealand merino cheaper' as follows:

Per cent. Grease, superior .. .. 10 to 15 Grease, average to good .. ; .. 10 to 20 Grease, ;poor condition .. 10 to 20 Grease, inferior pieces ; and locks 15 to 20 Scoured,- (superior .-. .. 10 to 15 Scoured, average to good .. 15 Scoured", inferior .. 15 Scoured, faulty pieces .'and -Seeks -.. 15

The following dates have been fixed for the opening of the remaining series of sales during the present year:'- July 17th,' Sepand November. 24th. Messrs. Weddel 'arid .Co, Jstato that' there is certaiply a, little mere confidence throughout, the'trade in general; and rather more business is reported from Bradford. On' the other hand, in sow quarters tho opinion is-held that tho apparent stability is only tomporary, and many -buyers do not feel like committing themselves till the true position is made clearer.. .The next few wcek3 should fdiow whether ornot. business will be resumed on the present basis, but whatever ;.therp is/still a. jVery difficult time in. front -of the ..trado in general. Ono of the Biggest Falls. The Trade Specialist..of the' "Bradford Daily . Telegraph," commenting on' the posi-tion-and the! putlpokj."Everybody .(he writes) has.been more or,less ,disappointed with." tho fall in crossbred ..wools since last December. Fine crosahireds in Coleman Btreot have certainly lost ground a, good-20 per cent:, medium oroflsbieds havo depreciated 25 to 30 per cent., and-even coarse crosabreda are down 25>per cent, on the closing.values of the March series.' Thia is one of the biggest falls we have ever known, a clear proof that trade is"in. small, compass, and the decline has certainly given vise ,;to .very. eerious misgivings. What we feel most- ifl that this decline mußt-be'based on insufficient trade and a. much lessened turnover thin crossbred topmakers &n<l spinners" have experienced for a- long time. . ■ Stabilised Values Wanted. "The trade has been officially advised of the abandonment ? of all Bales in Australia, and the trade to: be giv'eara rost 'until-- the-- beginning.-'.of. July. • la- the;meantime anything can-happen. There is .one school of propheta-who think that the .wisest' thing has been done, namely, to give the trade a breathing space. - On the othet hand, there aro those-who-.-think the wisest thing would havo been to have met the market, and eo get rid of the balance of the old clip. , The argument 0f;..• tho --latter • is ;that the sooner'wool .gets down, to .ft tempting level the-, econer will there be. a resumption' of business on a large scale.*' Whichever verdict lift right,,-it is certain ihat,what is most wanted •is -.stabilised .values. Wo think now that .there is a reasonable chance of prices continuing at to-day's level, Mid more business being .done. The .most' desired thing is a resumption of buying on the part of spinners' and • manufacturers. That can only come about by better manufacturing conditions, and throughout- tho whole of the West Biding ; there certainly is less trade at the mills than for socio consideraMo time back."

TATTERSALL'S HORSE- SALE. Messrs. H. Jiatson an<} Co., had, an entry of 87 horses at TattersuH's Bazaar on Saturday last. There was a good representative attendance of buyers. The entry tor the best part. comprised farm horses of good average quality, for whioh there was a' ready demand, and the sale went -to show that the enquiry for good working draughts'' was on the increase. Hacks and harness horses did not share the. eamo amount of attention as the heavier class, but anything showing 'etyle' and . actidn was' readily snapped up. The principal transactions were:—For.MessrJ \v*. Williamson and Co., aged dr. gelding, £29 10s; H. Itosco'e, North Brighton, eight-year-old gelding, £39; 4 tip dray, £26; harness, £4 10b ;"" nirie-yearold' gelding, £26; tip dray, £11; harness, .£6; aged pony. £6; J. F. Buchanan, Kinfoch, Eoven-year-old ms.re, £33; client, aged. .dr. mare, £6 ss; H. Bosall, Spreydon, six-year-old mare, £35; Geo. Hassall.T.Clarkville, five-year-old • gelding,- £3O; seven-yearrolcf gelding, £45 10s; client, aged mare, £5 654 C. Donaldson, St.. Martins, five-ye,ar-old mare, £57; eight-year-old gelding, £27;- eight-year-old -.. harness mare, £11; T. Barbour, Waltham, nir.e-year-old gelding, £ls 10s. '' ' . ';•

COMMERCIAL UNION ASSURANCE.

The 'report of-tho Commercial Union. As6uranoejor last year shows that in. the fire department , net. premiums . amounted . . to £8,322,677,'"and claims paid and outstanding to £4,384,479; The Bum of £250,000 was transferred- to" piofit- and 'loss, leaving the fire fund at" £7,790,676. -.Ret premiums .received'in. the' marine branch were £440,990, an increase of £16,433. .After providing £262,854 for 'claims, etc., and transferring £ 100,000 to profit' aid loss,, the marine fund stood at £1,065,171. A'large business, was done by ' the - accident department, . net. premiums aggregating-£7,721,400. . Claima paid ■ and outstanding amounted to £4,201,528, and £175,000 . was carried to profit . .and. lose. The accident fund stands at" £4,956,068. The dividend for the year is 143 per share, an increase of Is. per >hare. The' company's total assets now .amount, t0..£48,810,568.' >

NEW ZEALAND PRODUCE.

DISAPPOINTING DEMAND FOR BUTTER. (FioSi OUB OWX COREiSPOKDEST.) LONDON", Ma? 20. A more or less irregular feeling has characterised the butter market during the past fortnight. More buying took place, lastweek and prices firmed up .slightly, but the ".resent week opened- very quiet with a dis'.lr.ct falling elf in orders. „ Continent-jl supplies aro giadualiy increasing while email quantities are also beginning to show up from Ireland, and this, together with the large quantities known to be held in cold store, is- causing trarers to take a very •jessimijtic view of the future of the market, with the result that trading generally 13 confined to very narrvw limits, and for Inuiiediato requirements only. A slight advance in price, has been mado on the retail counter this week,, but with the present spoil 3i warm eumnicr-liko weather, the public will raturally expect prices to decline rnl-her than advance, and it remains to be seen what effect this ■ will have on the consumptive demaad. Since .Messrs . last report, the Port Denison, lonic, and Somerset have arrived from Aew Zealand oarryi.-.g a total of about' '137,000 boxes, ' as compared with 140,503 boxes a. fortnight ?go. In view of ihe better enquiry experienced last week, a decided attempt wee uisdj this week to lurcher advance prices, buo tho demand has been s> disappointing that holders have been compelled to give way in outer to effect

I'tisiness. To a certain extent this has been caused by the steady decline in the price of Danish.' As jb well known, certain districts give preference to tide description and wore especially ao now that the margin in piice in so considerably reduced. Unsalted New Zealand. is still very scarce and commands, a. cqrwidefab'e premium, <the quotation being 1763, 180s. With steadily increasing supplies of Siberian, buyer* continue, to show more interest in this description, and so far arrivals aro fairly weir cleared. Whi.lo production of Banish is steadily increasing, Continental' demand is falling cfl, more especially ill' tlie- case of Germany, where Heme production is reported to lie much greater, thus leaving larger quantities available for this market. A shatp declino in tho'.quotation'has taken- place, being r.ow in the neighbottrho d of 172s per cwt, f 0.b., equivalent to about 177s London. There is no improvement to record in this market'for cheese; in fact, the demand throughout has been so slow that holders have been compelled to-ease prices to the extent of Is to' 2s per cwt in order to secure business. Weather; conditions aro now more -conducive to the consumption of cheese, although on the other hand, the first arrivals from Canada, are now due, and may have a counteracting effect. C.i.f. quotations for thp lateor were round BEb Gd per cwt for host sections.. New Zealand white and coloured are quoted■ at 945. to 955.

The Meat Market. . Writing of meat, Messrs Michie and White report that the-market during the past weak haa weakened for virtually all classes. Mutr ton haa .slumped. rather considerably, and generally speaking one can almost write off id of Id per lb 'on the quotations of a' week ago, and it is feared that there will be ft further drop, while unfortunately, the .probabilities We for•'! another id. per lb nest week. This week's quotations are:—l's, 9}d top; 7's, BJd to BJd;-3's,-'d; 9's, eidi; eweg, Bid to 5Sd. WitH regard to" lamb, it has b&en 'found that' the trad* cannot absorb. tho quantitiea jftrriving now at the high prices, and they* are undoubtedly easing somewhat _ in value, not very seriously, as the quotations generally speaking, are not more than jd per lb .down, lambs to-day being:—Canterbury and best North Island lambs, under 86 Is o|d, 36-42 llgd, 42-50 lljd; secondary lambs, llgd; ordinary North Islands, under'3o Hid to UJd, Hid, 42-50 IOJd. Secondary lambs from any North Island works, weights with an average not. over 30, lljdper lb; if the average is.nearer 341b it is very difficult at lljd. •'.., . With, regard to beef, it seems as it we ehall see a slump," and a very eerious slump at that, in the frozen article thia season, as' the American companies seem to have shipped, and are-likely to continue shipping very heavily in the frozen article; as compared • with what was shipped dunng_the early months of this year— taking the. first week in May as a criterion, tho shipments of frozen, beef were between 40 to 50,000 quarters up on the previous week of any in the first, three months of the year,_ and from information which we have gathered the discussion that 'has been going on between various Argentine companies, in connexion with the- Shipping of their quarters of beef ■ still make the position in ..regard to the beef market- very eerious during the next few-•'ffee.ks. Seeds.

The -wason'a-trade in practioally ovor, and stocks are light. No. 1 quality New Zealand, is quoted at 1003 per cwt ex. store. . ... - „ Very little cocksfoot remains to be camea to next'season, and prices are lower; Value for good Danish is 70s per cwt ex store. • There ia-only ft small quantity, of Perennial ryegrass remaining on hand',\ and the. marktt is easier; 261b seed ifl quoted at 82a per owt, os store. The poorer qualities of white clover aire neglected and cheaper, but the best' descriptions- hayo- advanced about 10s per;owt.. Best Continental is given as 160s per cwt,'ex store; ~,«'.' i-j_\ ■Stock's- of Crested Dogstail: (finest quality) are almost exhausted. New crop New Zealand' 85-90 -dot cent, germination is quoted at HBs per "cwt. ex store. The New Zealand Loan and Mercantile- Agency anticipate a fairly good demand for new crop New Zealand if it can be offered- at a reasonable price. New Zealand Pelts.

I It is .stated in the report of the New Zealand Loan and Mercantile Agency Company that owing to the absence of enquiry on American account and the little interest • shown by the Home trade, values for heavy "sheep' peits have' declined about 4s pel dozen. Canterbury sheep pelts are neglected Stocks oflamb'pelts are rather heavy, but as at the moment there are practically no buyers, quotations are more ct less nominal. Very few fellmongers'. pelts are available, but for thoso shipments on the way, lower values will probably have to be accepted. We quote as.follows: NORTH ISLAND FREEZERS , -.'.'.- ExWareh'se, Londcn. Extra heaw sheep -. SOs to 80s per' doz. Extra heavy sheep ; .. 86b to 90s per doz. "First heavy Bhecp . „.. 74s to 80s. per doz. Second heavy sbecp .- 60s to 64s per aoz. Super light shoep ' '..' 74s to 80s per doz. "First light sheep .:-■ 60a to 663 per doz. Second light sheep .. 46s at 54s per doz. Quotations for South Island freezers, North and South Island freezers,: and New Zealand fellmongera are 'purely, nominal.

Tina Market. For tallow there has recently set in a better demand for all-sorts, particularly for material, for shipment; and at closing, the . market is firm. .At the.auctions held durin? the fortnight, 1916 casks were offered and 1243 sold.' A keen demand" was experienced on May 14th, and prices appreciated on an' average about 9d per cwfc. * Most interest was shown • in mixed and inferior sorts, muttons selling to the least advantage. ■ Arrivals during . tile iortni«ht amount to 1415 casks. ■■ Stocks in London warehouses on April 30th :show an increase, of 2134 casks (904 tons) on the month, as shown by-the tollowing figures, given by Mr "Weadel:— " • Casks. Tons. Stocks at March 81«t, 1923" 8,291 2,891 Larded during April, 1925 .. 5,995. 3,410 Delivered during March, 1925 . 3,853 1,506 Stocks at April 30th, 1925 .. 10,383 3,798 " Australasian tallows for shipment have come in for some attention, but a moderate busiMOß .has been possible owing to the high prices asked at origin, and to tho limited quantifies offered. BIG LAND DEAL. ' The sale of a large- Block of land in the Tokoro* district, North Island, is reported by Murray, Sbeppard," Ltd. The farm ia approximately 14,000 acres, and was sold to a client of the firm at a fairly low figure. ■Within-three, months of the transaction the. came block was re-sold for-a price ia the vicinity of £50,000. In addition, four other adjoining- blocks ' were bought by the same purchaftsra-throngh. the. agencv.cT thiß firm. 1 j

ENGLISH MARKETS. (BT CABLE—rEESS ASSOCIATION—COPYRIGHT.) (AUSTBALIAX AKD N.2. CABLE ASSOCIATIOS.) (Received Juno 28th, 5.5 p.m.) LONDON, June C 7. Frozen Mutton —Canterbur3\ light TJd, medium fisd, heavy 6Jd: North Island, medium GJd, heavy 6Jd. New Zealand ewes, sgd. > Frozen Latah—Canterbury, medium, lid, heavv lOd; other selected brands, medium IOJd. Frozen Beef—Xeiv Zealand tores 3d, hinds fid; Australian, fores 3d, hinds sd; chilled Argentine fores 3Jd, hinds 6Jd; Uruguayan fores 03d. Cotton—The Liverpool quotation for American middling upland, July delivery, is 12.97 d rv lb. Rubber—Fino hard Para 32Jd a lb; plantation, first Latex crepe, 37d a lb; smoked ribbed sheet 37Jd to 39d r. lb. Jute—lndian native, first marks, MayJune shipment, £49 103 a ton; new crop, July .shipment, £45 5s a ton. New 5 Zealand Hemp—July-August shipment, £34 10s a tor.. Copra—Bagged. South Sea, June-July shipment. £2S 17s 6d a ton. Linseed oil. i-12 5b a ton, equal to 3s 4Jd a gallon. Turpentine—oßs 9d a cwt, equal to 5s •2Jd a pallon. £74 15s a ton; foreign, ex-warehouse, £64 a ton.

FOREIGN EXCHANGE. (Received Juno 23th. 5.5 p.m.) LONDON, June 27. In the foreign exchange mariketj, * the French Government proposals caused a further honvy slump in French francs, which closed at 106.53; Belgian francs are- quoted at .107.20. • Italian lira also gave way, closing ut, 135.18! NEW ZEALAND APPLES. (Received June 28th, 5.5 p.m.) LONDON, June 27. Now Zealand apples brought by the Kent, Tainui, and Port .Brisbane sold as follows; Jonathans 12s to 19e a ease; Stunners 12a to 19V, Dunns l-s to los. DAIRY PRODUCE. Messrs A. 11. Turnbull and Co. have received the following cablegram from W. Woddel and &>., Ltd., dated London, 26th inst.: "Danish butter, 205s to 204s (last week 1925); ISJew Zealand unsalted, 1943 to 19Gb (187s to' 190 a); iS'cv Zealand Baited, 188§ to 180s (1803 to 182s). Market firm. "Cheese—White, 103b to 104s ('J9a to 100b); cheese, coloured, 'lo2b to 104s (»9>s to 100s). Market firm."

SMITHFIELD MARKET.

(rEESS ASSOCIATION TELEGEAM.) ' WELLINGTON, June 28. The New Zealand Moat Producers'-. Board lias received tlio following cablo 'from its London, oihce, dated June 26th, 1925, advis-. ing Snlithfioid delivered prices at that date as io.lows for the, two previews weeks are also shown) : New Zealand wothers and maidens: Canterbury quality, selected brands, 66-under 7Jd 126-6-25), 7&d (13-6-25), 8&d. (12-6-25) per lb; 57-64 7d, 7d, 7d; 65-72 —, €jd, 6Jd. Other brands, ■ 56-under 7Jd, 7jjd, 7£d; 67-64 6}d, 6|d, 6|d; 65-1$ ejd, 6gd, Cfd. New Zealand ewe 3: 64-under Sjjd, ssd, 5Jd. New Zealand lamb: Canterbury quality, 36-nnder lCd, 12d, 12d; 37-12 lid, lljd, Hid; 43-50 lOd,. IOJd, lOgd; seconds lljd, llijd, lljjd. Selected brands, 36-under' 12d, 12d, 12d; :37-42 lid, ll|d, Hid. Other brands, Ist quality, 42 under Hid, Hid, . llgd; seconds Hid, lljd, lljd. -'''■■ New Zealand'.Beef:,Ox.fores, 3d,.2Jd, 2Jd; os.hinds, 5d,. 4Jd,. 4fd; cow fores,. 2£d, 2Jd, 2Jd; cow hinds, 41d, 4id,' 4£d. "'Argentine chilled beef:. Ox fores, Sid, 2Jd, 3&d; ox hinds, 6Ja, 6Jd, 6Jd. Argentine frozen beef: Ox-fores, 3d, 3d, 22d; ex hinds, EJd, sd, 4Jd. Frozen pork: 80-120lb, not quoted; 1201801b, BJd, BJd, Bid. Frozen veal: Not quoted. •

WELLINGTON HIDE AND SKIN SALE.

The fortnightly sales of sheepskins, hides, and tallow were held'at Wellington on Friday. by the various brokers. Moderate sized catalogues were brought forward to a full attendance of exporters, fellmongers, tanners and. the local trade. Competition for dry sheepskins was fairly keen and prices about on a par with late rates. Specially preparedllots sold Well, arid were keenly sought afterU Salties were a little easier. Good competition ruled throughout for hides, and prjces all round were on a par with previous quotations, with' the exception of lights, which were from par to id per lb dearer. Calf, kip, and, yearling sold well Up to late rates. Tallow was In fair demand and prices for good' mixed lots were on a par with late rates. The following is the range of prices:— Sheepskins—Halfbred, HSd'to 12! d; fine crossbred; 10|d to llid; medium to coarse crossbred, 9id to lid; short to half-wool,' 7d to 101 d; lambs, 9d to 13id; dead and damaged crossbred, 6d to 9ld; inferior and 'badly damaged, 3d to"7id; pelts, ■ sid to 91d: damp, salted and green, 6s 3d to 10s 6d; pelts, salted, 4s 6d; lambs, salted, 4a 2d to Bs. " ~. • . .„,. Hides —Ox, heavy, 701b and over, 7id to 98d; ox, heavy, 591b to 601b, 7id to 9jd; ox, medium, 531b to ,581b, 6id to 7Jd; cm, light, 451b to 521b, 5Jd to 7id; and inferior, sßd. to BJd; cow, heavy, 531b and over, fljd to 6jd; cow, medinm, 451b to 52!1b, 6Jd to OJd; cow, light, 33ib to 441b, 6&d to 68; ' cut! ■ slippy and Inferior, 2Jd to 5Jd; bull, stag, 3a to 4Jd; yearlines 111b to 161b, 7d to 8d; yearlings; 171b' to 321b, 6ld to 71; calf, superior up to 101b not quoted; calf medium to good, up to 10lb,- lOgd ot 14Jd;; calf, damaged, up to 101b, 2d to lljd. Tallow—ln casks. 30s to 34b 6d; in tins, etc., 18s 6d to 32s 6d.

AUSTRALIAN GLASS COMPANY.

The Australian Glass Company's shares ara freely quoted on the New Zealand exchanges, and the company, in its annual report for the year ended March. 31st, shows a profit of £151,210, compared with £147,1207 for tho previous year. With,£24,032 brought forward, £175,242 waa available for distribution. A dividend of 10 per cent, on the ordinary shares absorbs £60,780, and of 9 per cent, on shares abßOrbs £15,750. A sum of £50,000 hae been' transferred to the reserve fund, and £28,712 is carried forward. The leading items of tho balance-sheet with those for last year in parentheses are as follows:—Liabilities: Capital, ordinary, £879,989 (£775,695); preference, £175,000 (£175,000); reserves, £'llo,ooo (£60,455); provision for tanation, £65,649 (£65,622); creditors, £41,471 (£47,669); duo to .bank,, nil (£40,137). Asset*: Land, £105,721 (£108,638); buildings, £90,304 (£102,428); machinery, £427,005 (£451,364); stocks, £380,561 (£316,244); debtors £129,333 (£125,880); shares in 'other companies, £7104 (£5444); mortgages, £4774 .. (£2011); cash, £61,243 (£4958); goodwill, £114,500 (£114,500); 4{j per cent, war loan; £30,293 (nil). KAYE AND CARTER, LIMITED. A meeting of the creditors of Kaye and Carter, Ltd., will bo ; held in the Council Chamber of the Chamber of Commerce on Wednesday aftornoon. NEW, ZEALAND REFRIGERATING COMPANY. The New Zealand Refrigerating Co.'a Islington Freezing Works will, probably close down for the season on July 4th, and clients are advised to get stock forward on or before that date. POULTRY PRODUCERS, LIMITED. The Canterbury Co-op. Poultry Producers, Ltd., report that' poultry still continues to come forward freely, but with the increased demand from elsewhere stocks do not seem to be equal to requirements. Consequently gpod prices are ruling. Following are quotations per pair:—Table-chickens 6s to 14s, • hens 3s to 7s Cd, ducks 6s 6d to 14s, geese 6s to Bs. turkeys 16s to 455. Egg Market. The egg market is still well supplied, but prices remain the same as in the previous week. The Canterbury Co-op. Poultry Producers, Ltd., quote the following prices per dozen for 'Chain" brand eggs:—First grade hen eggs 2s 2d, second grade hen eggs 2s, and duck eggs 2b 2d; —6 THE PROPERTY MARKET. Jones. McCrostie Co., Ltd., sold immediately after the auction sale on Saturday, on account of the owner, >'o. 87 Tuam street west, residence-of four rooms and 10. perchas oi-tond, to Mr Scott, lot X 7.75-. ... ,

GHRISTCHURCH STOCK EXCHANGE. SATURDAY'S TRANSACTIONS. Sales Reported—Electro. Zinc (pref.), 29s 3d. Sales on 'Changfi—Goldsbrough, l£ort (ex div.}, 44s 91.

OTHER EXCHANGES. (PRBSS ' A.880CIA«OH • lILESniM.) . DTJNEDIN,Juno'27. Ssle reported:—Bank o£ New, South. "Wales £<ll 18s. , .

iNew Zeijand Crossbred:'' Grease, line, 'superior*. ... ' .. 20 Greass, fine, ordinary .. .. 20 Grease,' medium, .superior ... 20 to 25 Grease, medium; ordinary .. 20 to 25 Grease, coarse, superior .. .. 20 to 25 Grease, coarse, ordinary.,... :... 20 to 25 Scoured) fine superior *".;';'• ... . .'. '2 r i Scoured,- fine,. .ordinary'; .. .-. : 20 Scoured/ medium, superior .'. 20 Scoured, medium,. ordinary. ;. 20 Scoured, coarse, superior .>. ... 20 Scoured, coarse, ordinary .. .. 20" Sliped, fino, euperior ... .. 20 Sliped, fine, inferior .. '" 20' to 23 S!ipod, medium, superior .. ■ . .. 20' Sliped, medium, inferior ..20 Sliped, coarse, superior .... '». 15: to 20 Sliped,. coarse, inferior • i. . •, «, 15 to 20

LATEST QUOTATION; &. Buyers Scllen .£ 6. d. ' £ a. ' d. N.Z. GOVT. DEBENTURES— 4$ per cent. Inscribed, 1933 .. " .. 95 15 0 — Si per cent. Inscribed, 1927-41 98 5 0 93 12 6 5k per cent. Inscribed and Bonds, 10J3 .. 1C1 5 0 —. OTHER DEBENTURES— "" Ashburton " Electric Power, 5J per cent. — 03 0 0 Now Brighton Borough, 52 per cent. — 100 0 0 N.Z. Bre-wsries, Bonds — 1 2 0 BANKS— Adelaide S 9 0 — Aust. Bank oi Commerca ... '.. — 1 9 0 Australasia 14 9 0 — Bank of Victoria. — 7 11' e Comm. of Aust. 1 10 3 1 11 0 Comm. of Aust. (ptef.) 6 13 6 6 15 0 Comm. of Sydney — 25 0 0 National of A'asia (£10 ' paid) — 1C 12 6 National of A'asia (£5 ■ paid) S 2 0 6 3 0 National of N.Z. (new issue) 6 7-. e 6 8 0 New Zealand 2 IS 9 2 17 G Roy a! (£4 paid) —. 7 0 0 Union of Aust. ..,, — 14 17 0 INSURANCE— National ... •• 3 13 s 3 16 0 New Zealand ...' 1 13 9 1 34 9 Queansland • .. . _ 2 10 0 LOAN AND AGENCY— GoldsbrougH, Mort (ex div.) 3 4 6 2 5 1 8HIPPINGHowartf Smith ■1 14 :6 — Huddart-Parker — 2 5 3 FROVFN MEAT— Canterbury — 13 7 6 Gear .. — 2 4 0 N.Z. Rofrig. (paid) .. 0 18 ■ i 0 19 4 N.Z. Eefrij. (contr.) ... 0 9 1 0 9 3 WOOLLENS— Kaiapoi (ord.) — 0 12 9 COAL— "Westport .. 1 9 6 — Stockton frref.) 0 2 0 0 4 0 GAS— Y Christclrarch , 7 12 0 7 15 0 BBEWERIB8Crown .. i»» 1 1G 0 2' 0 0 Manning ..• -. — 1 17 0 ,Ne\7 Zealand 2 0 0 2 1 9 Ward 2 16 3 2 18 0 CEMENTS— Wilson's <>«i >••■ 1 13 0 1 14 3 TIMBER— Kauri .- >«.■• — 1 12 9 MISCELLANEOUS— Bcath and Co. 1 11 0 — Electro. Zinc (pref.) .. 1 8 9 i 9 3 Electro. Zinc (def.) .. 1' 7. 3 16 0 Mason, Strutliers (£1 paid) •• x ' •> 1 3 0 . 1 - 4 e Mason, • Struthers (14s . paid) •• -• 0 15 6 . ~ Mason, Struthera (10e paid) 0 11 0 _ Mercantile . Finax.ce Corpn. (5s 2* id) .. 0 2 6 0 5 0 Mercantile Finance Corpn. (£1 paid) •... —- 0 18 9 N.Z. Farmers' Co-op. (6J per cent. Stock, 1930) -. •• ' _ 93 0 0 N.Z. - Guarantee CoTpn. 0 9 9 —' N.Z. Hilk Products .. 1 6. 6 : — N.Z. Pacer .Mills . .. ~r 1 ,1 9 N.Z. Sugar of Milk >« .. — 1 5 0 MINING— ■ A • • . Kawftrau •» ■ __ 0 15 6 Mt. Lyell ■'.». ' ■•*• -1 ■ 0 G 1 0 11