FINANCE AND COMMERCE

Press, Volume LXI, Issue 18479, 5 September 1925, Page 10

FINANCE AND COMMERCE

(BY OUR COMiIEECIAL EDITOR.)

REVIEW OF THE SHARE MARKET. The Share Market continues fairly active and the number of sales on tlio various Stock Exchanges during tlio week is a good weekly average, and the tono of tho market is good. Investors during the week have confined their dealings for the most part to the more popular investment stocks at prices similar on tho whole to thoso ruling last week. In Government loans very little business has been reported. The 4J per cents, due 1938 changed hands at £97, showing no variation on recorded business for the past three weeks. Tlio 5 p-r cent. Post Offico bonds duo 1927, in which last reported business was at £'DB Orf, havo enquiry at £9B, but holders arc reticent. The 51 per cent. Soldiers' Settlement Loan Stock and Bonds duo 1933 are stronger, with buyers offering £lOl 10s, no declared sellers. Last reported turnover in tho former was at £lOl ss, and in the latter at £lOl 2s 6d, fcew Zealand Breweries 10 per cent, bonds were placed at 235, an easing of 3d oia business a fortnight ago. In Bank shares there is considerable activity, and recorded sales have been well spread. Bank of Adelaide shares changed - bands at £8 15s with lato unsupported sellers asking £9. Australian Bank of Commerce shares, which sold last week at 28a 6d, now have enquiry at 295, with sellers asking 9d more. Australasias are available at £l4 Bs, which is 2s- lower than last reported business, but buyers are reticent. Commercial of ordinary shares are sought at 31s 7d, but recent sellers wanted 325. Last week a sales were at 31s Bd. National of Australasia, £5 paid, were dealt in at £8 10s as against last week's transactions at £8 10s 6d and £8 9s 6d, and there is further demand at £8 9sV sellers 2s higher. The fully paids, which sold last week a-t £l7, are available at £l7 4s, with declared buvers at £l6 17s 6d. National of New Zealand were turned over at £6 14s 9d, £6 14s, and £6. lis Gd, rs compared with £6 14s 6d and £6 14s last week, and late selleirs are'offering at £6 12s 6d witli quoted buvers at £6 12s. New South Wales were placed, ex. the dividend, at £4O 15s, £4O 17s 6d, and £4O 18s 6d, as against last week s at £4O 15s, and more are wanted at £4O 17s 6d, sellers 2s 6d higher. . New Zealands remain unaltered with business at 56s 9d, at which figure late sellers "are offering without response. . Royals £4 paid,changed hands at £7 Is 6d witK further demand at £7 2b • recent quoted sellers 2s higher. Union, of Australia improved from sales at £U lis, £l4 lis 6d and £l4 12s last week to £l4 13s, £l4 13s 6d and £l4 12s 6d this week, a.nd more are available at £l4 12s 6d wita declared bftyers at £l4 lis 6d.' In Insurance Shares there is improved demand. Nationals, which sold last week at 74s and 72s 6d, have since been dealt in at 73s 6d, at which figure more are wanted, with sellers a day or two ago asking 755. New Zealands, wlucli were placed last week at 35s 3d, are in demand at that, figure, but holders are not quotin|mrth British, witfc Winess last ■ week' 9-t 52s 3d, 51s 6d, and 51s. 9d, had several transactions this week at 51s 9d, and recent sellers were ottering at 525, buyers 9d lower. ' Dalgety and Co. shares advanoed . from £l4 15s a fortnight ago to recorded turnover at £ls la, and late buyers \ are quoting £ls-without response. Goldsbrough, Moris wer© placed at 45s 6d, 45s 9d, and 465, as compared with 45s 6d and 45s 7d last week, and more are wanted at 455, "with quoted' holders Is higher.. The new issue has enquiry at 44s 6d, sellers 5d higher. Howard, Smiths are sought at 84s, with sellers- asking 34s 6d as against sellers 355, buyers 34s 3d at the close of last week. Huddart-Parkers eased 6d to business at 45s 6d, and recent unsupported sellerß were asking 46s 3d. P. and 0. Deferred Stock, which changed hands about tho beginning of August at £262 10s, improved to turnover this week at £270. For Gear Meats, which sold last week at 41s, late unsupported sellers are asking 425. New Zealand Refrigerating partly ptfid eased 3d to business at 9s, and late buyers are offering 8s 9d, with sellers responding at 9s 3d. The fully paids, m which last recorded business was at 18s, have further demand' at that figure, sellers 9d higher. Kaiapoi Woollens ordinary fully paid are on offer at 10s 3d, but buyers are not quoting. The last reported business, about three weeks ago, was at lis 3d. ■ Westport-Stockton ordinary shares were placed, at 2s Bd. Auckland Gas shares were turned over at 235, as pompared with 22s lOd last week, and subsequent buyers offered 22a 9d without response. The quotations for Christchurch Gas shares show little change on those for last week. Recorded turnover of Manning Brewery shares at 41s shows an advance of Is on last week, and buyers are now offering 40s 3d, with sellers at 445. New. Zealauds were placed at 39s 6d, 406, and 40s 3d, as against 40s last week,, and more are wanted at 39s 6d, - sellem Is 6d higher. Wards advanced from sales at 61s last week to 61s 3d and 625, and lato sellers are asking 63s 9d, buyers 2s lower. Wilson's Cements are on. offer at 345, buyers 8d lower. Last recorded business was at 33s 3d. ' Kauri Timbers, in which last reported business about three weeks ago was at 345, were on offer a day or two ago at 33a 9d, but buyers are not quoting. Dominion Rubbers were turned over at 495, as compared with 49s 6d and , last week. Dunlop Rubbers, which are not .frequently quoted, have enquiry at 245, sellers asking 25s 3d. Mason, Struthera shares, 10b paid, changed hands at lis 3d, ex the recent dividend of 8 per cent., and more are wanted at lis, sellerß asking lis sd. The fully paid were dealt in at 22s 9d and 22s 6a. New Zealand Farmers' Fertiliser shares improved from transactions at 95e iast week to 86s 6d this week. New Zealand Guarantee Corporation ;• ■ shsjto, 6s paid, had turnover at 10s t, and'soa3d. Lt i _^2?st^?® a l an d Paper Mills shares ad--1 *d to business at 21s 3d. ™ti> sales at 225, show little variation were 148 H 13s, and 3d. 16b, and

DOMINION'S TRADE AND MARKETS.

GENERAL MERCHANDISE. GROCERIES. Wholesalers report 1 hut vggs are coming in freely, but butter is scarce. Preserving of eggs is in fall swing, and buyers for exI port are also active. Certain goods from Great Britain are on toard the Kent for Lyttelton. This ship lias been on fire at Auckland and importers in Christchurch are eagerly awaiting details as to what cargo is damaged. Soma lines which are in short supply locally may be shorter sfill if the Lytteiton cargo has suffered damage. Mail advices from Chjna just received state that the strike there has caused considerable interference with the dispatch of oversea orders. Certain firms in China even go so far as to advise their New Zealand clients that "owing to the killing of students by British nnd Japanese police they will not be shipping goods to New Zealand in the meantime." This shows that tho boycott against British firms is real. A rise in the price of Mildura sultanas looks likely. This wepk the London market firmed up considerably, and in consequence of this the Mildura people promptly withdrew their quotations in New Zealand with a view of issuing increased prices. Prunes are in short supply, and parcels showing fair quality arc being sought after. Seeded raisins are starting to move out. The cheap price at which eggs are selling is tho cause of the housewife now making her own cake, pastry, etc. It also heralds a falling off in the sale of shop-made cake. Cheese is still firm, and as the new make will not be saleable for quite two months yet, tho small quantity now in store locally will probably be all gone before the new mako is sufficiently matured for counter trade. 1 The recent improvement in the exchange between the Dominion and the United States should assist toward lower prices for kerosene and petrol. It is rumoured that, petrol is not likely to decline. In fact one source of information says the reverse is likely, but so far this rumour lacks confirmation. Now season's salmon is due next month. Sockeye will bo very short, and already some packers havo advised that pro rata delivery will bo made. Merchants will be fortunate it they get 50 per cent, nf their orders. Storekeepers who have not covered for salmon, all grades, would be well advised to look into their requirements. NEW COMPANIES. ' The Mercantile Gazette, records 1! / registration of the following new companies:— K. Coghill, Limited. Regd. Aug. 17th, 1925. Office: 52 Hereford street, Christchurch. Capitol: £IO,OOO, into 10,000 shares of £1 each. Subscribers:' Christchurch — J. Waddell, H. J. Kernahan, E. P. Turner, W. S. Mac Gibbon, W. J. Dobbs, A. G. Gibbs, and li. C. Kernahan each 1 share. Objects: To acquire and take over the agencies, benefits, and rights acquired by H. J. Kernahan from R. i>. Coghill, and to carry on the business of general agents and dealers of all goods, wares, and merchandise, and to act as merchants, traders, commission agents, and general incidental. Kadio Broadcasting Co. (N.Z.), Ltd. Regd. Aug. 22nd, 1925. Capital: £20,000, into 20,000 shares of £1 each. Subscribers:, Hamilton —J. H. Coburn, W. Goodfellow, G. Boyes; Christchurch —A. R. Harris; Auckland —C. J. Palmer, W. V. Worth, F. R. Macken—all 1 share each. Objects: Purveyors of broadcasted wireless items, etc., and incidental. THE TEA POSITION. Generally speaking, common teas of India and Ceylon are in full suppjy, and prices are reported rather easier than they havo been for some time past, but any teas showing desirable properties in the cup are still most keenly competed for, and the price for such is very firm to-day. Tho trade in New Zealand is reported to be quiet to steaiy. No recent alterations in prices for standard packet teas have been made. Imports by the Dominion for the first half of 1925 were approximately 6J million pounds, as compared with 103 millions for tho whole of last year and 10 millions for the year before. For the full twelve months of 1625 they are likely to reach 11 millions, indicating the normal growth in consumption. Of teas imported during the first half of the year 5 million pounda were from Ceylon, 1 million from India, 80,000 from Java nnd Sumatra, and 62,000 from China. It is repotted that there has been a noticeable deterioration in the quality of the finer China teas, for which -there is always a limited market in New Zealand.

METHVEN STOCK SALE. The fortnightly stock sale, conducted in the Methven saleyards, drew a somewhat larger entry than is usual for this time of year. The offerings were 26X8 sheep, of which number no more than 80 were fats, sufficient only for local butchers' requirements. The top price was secured by Pyne, Gould, Guinness, Ltd., on account of Geo. Chambers, jun., Methven, the pen of 10 fat wethers making 44s 6d.' The store market might be termed sticky, in view of the class of sheep offered. Farmers are in quest of sheep, but the wretched weather conditions lately prevailing hare banished the immediate prospect of an early spring. Turnips are not plentiful now, the result being a tendency to hold off buying until the grass comes away. Some nice lines of good-conditionsd owes changed hands, and hoggets of both sexes were also attractive. Of the total yarding only a small proportion was passed. The cattle section consisted mostly of springing .cows of various ages, and sold at good prices. Pigs were small in number, and sold at high prices. A considerable' quantity of sundries and farming requisites also sold at market rates. The principal sales were:— FAT SHEEP. Pyne, Gould, Guinness, Ltd., sold: —10 fat at 44s 6d; 7 at 378 6d; 15 at 395; 21 at 41s; 25- (merinos) at 35s 4dr 2 at 43s 3d; 2 at 33s 6d. STORK SHEEP. Pyne, Gould, Guinness sold:—23o halfbred wether hoggets at 2»s'; 127 three-quarter and crossbred full and failing-mouthed ewes in lamb at 335; 1{57 halfbred full and failingmouthed ewes at 335; 30 culi ewes in lamb at 17s; 70 halfbred wether hoggets (extra good) 28s Gd; 200 do. at 28s. N.Z. Farmers' Co-op. Association sold:—34 half and thrce-quarterbred mixed sex hoggets at 18s; 2i sound and failing-mouthed ewes in lamb at 21s Cd; 42 full and failing.mouthed three-quarterbred ewes at 31s 3d; 153 sound and failing-mouthed ewes in lamb at 365; 53 do. three-quarterbred do. in lamb at 348 Cd; 49 failing-mouthed halfbred ewes in lamb at 28s lid; 82 do. crossbred ewes in lamb at 29s 3d. N.Z. Mortgage and A.C., Ltd., sold:—2so full and failing-mouthed halfbred ewes in lamb at 39s 7d. N.Z. Loan and Mercantile Agency Co. sold:—46 4 and C-tooth halfbred wethers at 36s 3d; 2 at 3Gs; 1 hogget at 30s; 19 4 and 6-tooth wethers at 35s 9d; 18 do. do. at 345. CATTLE. N.Z. Farmers' Co-op. Association sold:— 5 springing heifers at £5; 1 dairy cow at £5; 1 at £5 IO3; 2 at £8; 1 at £5 15s; 1 at £7: 1 at £0 2s 6d; 3 store cows at 15s; 1 bull at 355; 5 yearling heifers at £2; 1 dairy heifer at £5 10s. PIGS. X. Mortgage and A. Co., Ltd., sold:— 1 sow in pig £3; 2 store pigs at £4 7s; 3 weancrs at 345. _____ HIDES AND SHEEPSKINS. i . Hide prices were steady at tho hide and skin sales at Auckland, with the exception of calfskins and heavy hides, in which there i was a slight decline. Sheepskin-prices were ion a par with' thoso of last sale. The fol- ! lowing prices were realised:— Hides. —Cow: Best light 6Jd to 6}d per I lb; best medium to heavy 6jd to 6Jd- cut and second grade 5d to sid. Ox: * Best light, CJd to Gid per lb; best medium, 7Jd to 8d; best heavy 8d to BJd; with substance 9Jd to lid. Calfskins: Best light, 13d to 13Jd; cut and faulty 9Jd to lOd. Yearlings: Best 7|d to B}d; second grade 5Jd to Cd; pips, best 6Jd to 6ld; second grade 6id to | GJd. [ Sheepskins.—Dried: Half to three-quarter 1 wools, medium fine crossbred, best 9id to 10|d per lb; faulty 7&d to 8d; damaged. 5d to 6d; bare to J-wools 7d to 7|d; others at prices relatively lower. Salted: Best heavy full wool, 8s Qd to 9s 4d each; beat heavy 3-wools, 7s 3d to 7s 7d; medium, 6s 8d to 6*lld; i to 3-wools, 4s 9d to 5» 6d; second trade and faulty, \ to 2-wools 3s Od to 4a 3d.

FARMEKS' CO-OP.

SHAREHOLDERS' COMMITTEE. MEETING AT ASHBURTON. About CO shareholders of the New Zealand Farmers' Cb-op. Association met in the A. and P. rooms at Ashbnrton yesterday afternoon at the invitation of members of the Shareholders' Committee responsible for the nomination of Messrs A. MeKellar, F. Carey, C. P. Agar, K. M. Morten, and E. Hay to the Board of Direttors. Mr 11. J. Simpson presided. The chairman stated that a good many of the shareholders were under the impression that they were going to be addressed by the candidates, but that was not so. Mr T. N. Oibbs stated that the candidates that had been brought forward had not sought nomination themselves, but they had left themselves iri the hands of the committee. It was a matter of common knowledge that there was a great deal of dissatisfaction about tho Farmers' Co-operative in Canterbury. It was about the largest concern in Canterbury, with assets totalling millions. The speaker explained the reasons why the committee had been set up, stating that it felt that it was advisable to get gentlemen of proved experience and ability on the Board of Directors. It was highly desirable that members could supplement each other's qualifications. None of the proposed candidates had any interests that would conflict with the Association. The Association had a liability of half a million at call, half a million maturing within five years, and a further half million in ten years. How were they going to cope with that problem? Two essentials required to restore the public's confidence in the concern were the making of profits and having the right men running the business. Advances too Generous? Mr Armstrong said that if the Association had to go into liquidation, it would be a disastrous thing for Canterbury. It was wrong that the directors should go on making large advances with the finances in their present state. They had been led tc believe that the. advances were being gradually drawn in, but he was of the opinion that they were increasing. He had been on the point of resigning for the past few years. Mr H. H. Holland stated that he was convinced they wanted improvement, and that could only be done by placing solid men on the directorate. He was somehow responsible for the movement, and never would he support the predominance of business men over farmers on the directorate. He was in favour of the farmers running their own business. Mr J. Cow stated that he had a lot of mud thrown at him over the Farmers' Co.-operative. He was a firm believer in co-operation. The work of tho committee..was" in the right direction. ~He resigned from the directorate, but at tho last annual meeting, when he got up to say why he had resigned, he was ruled out or order by the chairman. Ho would be very sorry to see the business run entirely by business men, for "there were some farmers who had good, level heads. He felt sure that the men who were nominated would run the concern upon good lines. „ Mr Lill: Are these nominated five in favour of the Board being reduced tc nine members! Mr Armstrong said that he was partly favourable to that suggestion, but they would Tequire good, levelheaded men representative of all tho shareholders. . Mr Lill: You want to nominate nve, and isn't five the majority of nine? I've heard to-day that you want the whole blessed show blown up. Well, isn't that a piece of rot? . Mr Gibbs said it was proposed, that the whole Board should go out of office next year, and then nine members shorild be elected in the pl&co of tho fifteen at the present time. 1 The meeting closed with a vote of thanks to the speakers. WOOLLEN WORKS CLOSED. PROSPECTS IN QUEENSLAND. (BX CA.BUS—PEKBS ASSOCIATION—COPTWOHT.) (AUSTRALIAN AND H.Z. CABLE AIISOCIATIJN.) BRISBANE, September 4. The directors of the Queensland Woollen Co., at Ipswich, havo decided to close down the works until the trade outlook is brighter. The chairman of 1 directors stated that, owing to the likelihood of an increase in the basic wage and further probable taxation, the company reluctantly had come to the conclusion that it was necessary at present to cease production. About 250 employees are affected.

LONDON MONEY MARKET.

On August 20th it was indicated in a cable message that the bank rate would bo reduced the next day to 4 per oent., but no reduction took place. Hopes were then entertained that the rate would ha.ve been reduced last Thursday, but the outflow of a substantial amount in gold prevented this. When on August 6th the rate was reduced from 5 per cent, to per cent., the metal reserve stood at £162,600,000, and last week it was down to £161.367,000, a reduction of £1,288,000, and there is little chance now of a reduction in the rate. It was expected that monetary conditions would be easier this week owing to the Government distributing £20,000,000 in dividends, but the rate now is not wholly dependent upon the short loan market, but rather on the demand for gold and the rote.") for money in the United States. Towards the end of July, according to a report by Messrs Mailler and Quereau, of New York, general financial conditions irt the United States \jerc very sound, with an abundance of money, and interest rates were ruling low. Businoss was very active, and manufacturers throughout tho entire country were looking for strong markets and even higher prices before the year is ended. The demand in tho United States for practically everything that is produced continues very large, and (there seems to be an outlet for nearly everything.

BRITISH INDUSTRIES FAIR. The Wellington office of'his Majesty's Trade Commissioner in New Zealand has received a cablegram from the Department of Overseas Trade in London, announcing that tihe British Industries Fair will be held both in London and Birmingham daring the last fortnight in February, 1926. This news marks the resumption of the London section of this famous annual fair, which seclion was last year, for the first time, postponed in order that manufacturers should concentrate their efforts upon tiheir displays at the British Empire Exhibition at Wembley. - next year will be of special interest, m that it now forms a feature of the "Buy British Goods" campaign reoeotly inaugurated at Home with great vigour as the result of ae Imperial

NOVEL SCHEME.

REVIVING BRITAIN'S TRADE bonis fob dominions. (ST CABLE—PHF.SS ASSOCIATIOK—COPYRIGHT.) (AUSTRALIAN AND K.Z. CABLE ASSOCIATION.) (Received September 4th, 8.25 p.m.) LONDON, September- 3. The Jamaica (Chamber of Commerce presented a novel scheme to the Associated British Chambers for the resuscitation of Britain's trade. The idea is to offer the Dominions and colonies an award of say ten per cent, on the total increase in value of British goods they imported annually. The Dominion receiving the award would Jistribute it to the benefit of the community. including the construction of public works„ using British materials. The scheme is being submitted to the Chambers of Commerce of Britain for consideration. ROYAL COMMISSION. PERSONNEL APPOINTED. ; I CABLE—PRE'"' ASSOCIATION—COPYRIGHT ) (HEUTBB'S TELEGRAMS.) (Receired September 4th, 7.20 p.m.) LONDON, September 3. It is officially announced that Sir Herbert Samuel has been appointed chairman, and Mr Kenneth Lee, Sir William Beveridgo and Oeneral Sir Herbert Lawrence have been appointed members of the Royal Commission of Enquiry into the coal industry.

CHANCERY ACTIONS PENDING. (by cable— press association coxthight.) (Sydney "Sun' Sebvice.J LOND'ON, September 3. As a sequel to the 19£2 enquiry- regarding I>unlop's loss of eight millions, the Vacation Court dissolved an injunction restraining the members of the committee of investigation from revealing James "White's evidence, which White claims was given under a bond of secrecy. Nine Chancery actions are pending.

FEILDING STOCK SALE. (PHESS ASSOCIATION TELEGRAM.) FJiILiDING, September 4. At the Feild.ng sale there was a medium yarding of b-tli tat and store feheep. In the fat pens some very prime wethers and ewes wero offered and were keenly sought after, selling well up late rates. The store pena consisted principally of poor, medium hoggets. Anything good maintained prices latejy ruling, hut peer conditioned stock was not sought after. Prices were:

Fata—Hoggets, 26s 6d, 27s 6d, 28s sd, 30s 3d, 46s (heavy); ewes, 375, 44a, 47s (heavy); wethers, 455, 4.65, 475, 48s 6d, 61s. Stores —Ewe hoggets, 27s to 3Gs; wether hoggets, 23s 3d, 25a, 335; empty ewes, 25s 9d; ewes and lambs, :->7s to 62s 6d; hoggets, lis 2d to 2.e; store wethers, 35s 9d to 36s Id. There was a heavy yarding of cattle and all descriptions met with a slight improvement on late sales. Dairy stock of best quality showed a good improvement. Fat cattle were -wanted and most pens'sold at an advance on the last few eale3. Store cattle weite keenly competed for, but a few pens did net reach vendors' reserves. JL J rices were:

Best Jersey springing heifers, £9 ss, £lO 2s 6d, £l2 ss; best dairy cows, £lO Ss, £l2 15s;- fat Shorthorn cows, £lO ss; Polled, £11; fat Polled Angus heifers, £9'ss; good fat heifers, £11; forward five-year ShorthornHereford cross bullocks, £lO ss; empty Polled Angus cross cows, £5 6s 6d; two-year empty Hereford heifers, £4 Is; twoJyear empty Polled Angus, £4 14s; three-year Hereford steers, £7 16s 6d; two-year steers, £5 19s. '

EGGS FOR LONDON,

An initial shipment of eggs from New South Wales was recently placed on board the Themistocles at Sydney when she should have ■jvaighed anchor for London. The quantities were 55,500 dozen. Exporters hope that the strike is not of long duration, for they have only a limited period in which to profitably ship eggs to London; and production promises to bo exceptionally heavy during the next couple of months. Shipments last year aggregated 600,000 dozen, and an additional 100,000 is regarded as a conservative forecast for this year. If, as is generally anticipated, all the Eastern State's partciipate in export, the grand total of Australian eggs to reach London before the end of October should be of exceptional magnitude. COMMERCIAL REPORT. THE PROPERTY MAIiKKT. Messrs Lohrey and Co., Ltd., report having held a very satisfactory sale of furniture, on account of various clients, at their rooms, 109 Cashel street, on Thursday afternoon. There was a good attendance of the public., and competition was brisk, good prices being the order of this sale. Wood bedsteads and wires realised £5, baby duchesses £2 17s 6d, other duchesses £3 17s 6d, bedside cabinets 15s 6t3, settee £2 2s 6d, couch and squab 355, ext. dining-room table £3 10s, wardrobes £4 and £6, sideboard £4 10s, H.B. diningroom chairs 21s 6d, cot £2 ss, Singer sewing machines £lO and £lO 10s, kitchen table 22s 6d, kitchen choirs 10s 6d, card table 7s 6d, oec. table 10s 6d, wooden kerbs 6s, step ladders Bs, sun blind 15s, lino. £4. Garden tools, crockery, and household necessities all brought very satisfactory figures. —6 AUCTION SALE OF FORD CARS AND TRUCKS. H. C. Smith conducted an auction sale of Ford cars and Trucks t at the Farmers' Saleyards on Wednesday, account of tihe Canterbury Ford Mj-tor Co. Out of an entry of 18 oara, fifteen changed hands. The following prices were obtained : —Ford Sedan, £92, to A. Borrows; Ford Touring, £3l, to H. Coles; Ford Touring, £37, to J. Mackie; Ford Touring, £32, to T. Progestin; Ford Touring, £32 10s to R. J. Robinson; Ford Touring £33 to B. Lunwden; Ford Touring, £29, to S.' Chandler; £27, to A. J. Sutton; £4l, to T. Best; £47, to W. Crook; late model touring at £l4B 10s to J. Lily; 3-seatcr to T. Erickson; 1 truck, £SO, to J. Mackie; 3seatcr, £.17, to 13. Miller; 1 chassis, £3O to J. Mackie; 1 Coupe, 1 track and 1 touring being passed, failing to bring the owner's reserve. g

LAND SALES. THE PBOPEETY MARKET. Messrs Baker Bros., land and estate agents 166 Manchester street, report having" sold' the following properties yesterday: On account of a client—Superior sixroomed bungalow, complete with every possible tonvenience, situate Weka road Fendalton, to Mrs H. Penrose. ' On account of Mrs Z. Bartlett— Modern villa residence and valuable section, situate Canon street, St. Albans, to Messrs Herdman and Robertson. On account of Mr TV. Lake— Valuable building site, comprising J-acrc, Rjcearton to a client. g

H. C. Smith, Auctioneer, the City Market submitted by public auction, in his rooms' on Friday, 4th inat., the following properties:—!. Property, situated No. 34 Wonkw6rth street, Sydenham, consisting, of 18 percbee of land, together with House of 5 rooms, Bidding' opened at £3OO, and rose quickly to £450, at which figuxe it was purchased by Mrs McGuinno6s. 2. Account of the Owners—Section of Land situate Railway terrace, Opaws. Bidding on this section opened at £IOO and went to £l6O, at which figure it was paaaed in, having failed to fetch the owner's reserve'. There was a largo attendance of the pubJio at theda eaJee. —6

CHRISTCHUKCH STOCK EXCHANGE.

YESTERDAY'S TRANSACTIONS. Salos Eeportcd—Union Bank, £ll 12s 6d (six parcels); Auckland Gas, Q3s; Mason, Stnjthera (.£1 paid), 22s Cd. Sales on 'Change—\tason, Str.ilhcrs (-1 paid), 22s M.

the fruit market. CHRISTCHURCH. .s A good demand was experienced this wosk for all classes of -vegetables. Supplies, more especially of cabbage, wero short, and tho prices realised fox all classes were high. Good supplies of anplea are or ward, but- they aro meeting with a medium enquiry only at fair prices, lines of pears are in short* supply, and prices for them aro high. 0»n*», mandarins, and lemons so.d well this week, whilst pineapples and passion fruit, were available at medium price*. The ™ shipment of fruit from Sydney is due to arriv© in Christehurch °n Wed: on Tuesday a consignment of bouwi Ail* tralian navels and lemons is expected. Quotations nre as follows: Apples. Delicious, per ense, 12s to 1«> apples, lecal, per case, 9s to 128 ; (yoking, per case, 9s to 9s 6d, bananas, Cook Island, -per case, 23s edi lemons, Sydney rcr case, 255; mandarins, per oase, 22s' 6d; ©ranges, Cook Island, ver case, 05s; oranges, Sydney, per case, to 22a &d- naeHjona, Sydney, per case. 20s, pme nrrnles Sydney, per case, up to .553 , pears, 'cooking, per case, Bs to 7s dessert, per lb, 3d to 4d; walnuts per lb l<t Id to Is 3d; beet, per doz. bundles, up to Is Gd; cabbages, p?r doz., 24s tki; cauliflowers per doz., 20s; carrots, per doz.. Is 6d;' celery, per bundle, lid; leeks, per bundle, up to 5Jd; lettuce, per doz., 8s 3d marrows, per doz., 10s; potatoes, per euga bag Ss to 3s 6d; onions, local, per sugar b ag ' 2b to se; onions, per owt, H>s; parsnips per doz, Is 8d; potatoes 10s to 14s; pumpkins, per lb, 3d; radishes, ner doz Is 7d; rhubarb, per doz., 17s, Sring onions, per doz., Is Gd; turnips, P« 2w!, 1* 4d: spinach, per doz., £s 9d; swedes, per sugar-bag, 2s to 3e.

OTHER EXCHANGES. (NUCB3 JISIOCIATIOH TXLXO&UCS.) AUCKLAND, September 4. Stock Exchange Sales—N.Z. Govt. War Loan, 1923, £97; N.Z. Inaarfbed (Stock, 1939, £96 12s 6d; Union Bank of Australia,\ £l4 18s 6d; N.Z. Insurance, 85s 3d; South British Insurance, 51s 9d (two salos); Northern Steamship, 16s (two sales). DUNE DIN, September 4. Sale—Dominion Rubber, 48s. CANTERBURY FARMERS* COOP. ANNUAL ACCOUNTS. The profit and loss statement and bal-ance-eheet for me Canterbury -farmers'' Uooperativo Association lor ino' year enaedi July alst, was considered at a meeting of the directors on Thursday. It showed ttmt tho trading profit for the year was £■<40,669, but £l9,7i»a had bad to be provided lor old, bud debts, leaving a net profit of ±6577, to v.iich it -would bo necessary to add £4500 froui the reserve fund lor the payment of preference dividends. The comparison with the previous year in this respect showed that £20,000 had had to be tdiken from the reserve fund, and the Association therefore showed on the year's working an improvement of some £15,500, and tin improvement in finance to the extent of £49,000. The finance committee of the directors hod given the closest attention to the matter of advance accounts, and though it cot'.d not be said that bad and doubtful debts were entirely eliminated, it was confidently anticipated that during the coming year the .last of those remaining would be finally adjusted. The directors had also set up a special committee to consider general questions of trading and overhead charges, and this had resulted in very considerable saivings. The Board considered that in the ooming year the Association would put all its difficulties behind it. The annual meeting' of shareholders will be held on Friday, September 25th, at 11 a.m. TALLOW. Messrs A. H. Trumbull and Co. have received a cablegram 'from Messrs W. Weddel and Co., Ltd., dated Loudon 2nd instant, reading: "At tallow auctions to-day 1003 casks were offered and 600 sold. Tallow market has advanced Gd." DUNEDIN. (fFECIU, TO "THE FSESS. ') DUiKEJDIN, September 4. The oats market remains in a very unsatisfactory state. Nominal values remain at Us bd (sacks extra) on trucks, oountry sidings, far A Gartons. There has been practically no demand for B or undergrade this season. Algerians from Canterbury have absorbed tho feed market. Apart from fowl wheat there is little trading being done. A 'shipment of Australian wheat has been discharged, and millers have ample stocks. Fowl wheat is quoted at 7s Id, ex truok, Dunedin, but consignments aro not by any means arriving freely. Chaff —The demand is 90 per cent, for j prime, consequently, unless quality is good, < rhnff is hard to sell. The wet weather has interfered a lot with cutting operations, and a consequent slackening in consignments has helped to clear the stores of stuff that under more favourable conditions would h»®s been difficult to dispose of. Prices: £5 10s, ex truok, for good quality, inferior to medium £3 10s to £1 5s (sacks extra in each case). The potato market is in a buoyant state and Jwesent indications point to values improving in the near future. Good quality tables axe in _ demand at £7 15s, ex truck Dunedin (sacks in), for beat table whites. Badly graded and blighted lines are hard to sell.

AUCKLAND. (special to "Tin press.") AUCKLAND, September 4. Delicious still tops the maifcrt apples, but the sound keeping Stunner is getting closer each week as tie season- advanced Choice Delicious bring up to Us fid dot case and .best Stunners lis, smaller 6d per c latter 3s to 6 s , Munros 4s to 12e Bd, 6Diall and withered # Snd°otn g es P 21s »-«^o surest"

dunedin. (srKCIAL TO "THE PRESS.") DI'NKDIN, September *■ foe apnl.es is chiefly confined , ,™' r3 T ho market generally is quiet, to bturmer • prices: Jonathans 7s to L^st to rn, and choice 9js per ca£©> . lis; coo king 4fl, 7s. Oranges: K«el» choicei 6s, exw others-'l7s to 20a per best 22s ai S ; pines to 22s per t- -»•» others 5s to 7s per case. rangioba horse fair. , ( li„ horse sale "was held yeoterT he Cl CTn entry of 96 horsey day. Tnero _„ ce r,iiozially good °ne, 011,1 The eal o waa , hands at satisfactory moßt h Xt tT draughts P"" 8 ' ® £ 52 ma to £6l, medium drwighte j—«r n6 ' ioar - unbroken, draught £36.

Canterbury MARKETS.

(Bt OCR COItJTEBCIiI. EDITOR.) Friday Evening. The potato market is the only branch of the trado that is exciting much interest. Business for coastal needs is on the basis recorded during the midweek—from £S os to £8 10s, f.0.b., s.i., but ono oase of £8 10s was mentioned today. Farmers aro boing quoted & on trucks, but not many potatoes aro offering, and thero is a general impression tjiat the stocks held in pit aro within moderate compass. Auckland ;s now getting short of sutrplies, and tho quantities goirog forward will not relievo tlio position much. Tho Katoa, sails on Monday or Tuesday with from four to six thousand sacks, and the Wanaka, from Tiniaru, is und<*nstood to havo about 4000. This vessel was to have called at Lyttelton for potatoes aiul other cargo, but as tho potato delivories were not to hand she sailed diioct. Tho legitimate trade in Auckland is enquiring more freely and tho forward sellers aro thinking hard, as their operations aro standing eomo of them a loss on present values of 30s a ton.

The Australian Outlet. The Australian market is gaining more strength, although prices are unchanged since tho mid-week. Business at £ ( J Kks, f.0.1>., s.i., is the limit of prices so far, merchants' counter-quo-tations of £lO not meeting with <vny response. Merchants require a full 120s / a ton on the coastal trade price to encourage them in: the Australian business, .as tho extrsii cost of bags and store charges, with ono or two other incidentals, absorb that difference. They now learn that in addition to tho extra charges set out they will havo to pay freight back to tho Dominion if potatoes aro rejected. Requests for October quotations are not meeting with much aoocptance, as supplies are an uncertain factor. The Karetu is due to sail on the 14th in€t., and spaoe so far has bee?l booked for over sacks, the prospects being that 15,000 to 17,000 sacks will be shipped. It is interesting to note in connexion with Australian supplies this season that the Victorian crop is approximately 100,000 tons loss than last year — 139,043 oompared with 238,524 in 1924, the respective yields per acre being 2.27 tons and 4.02. The Victorian decrease this year is littlo short of a nominal New Zealand crop, but last season's Victorian crop wa» & record. V&luea in Melbourne a fortnight ago were £l2 to £l3.

Seeds and Cereals. Seeds remain firm thougji business ia small.

Linseed cannot bo shipped at present prices, and ttie Auckland market permits jj/bout £l7 to be paid here on trucks.

The firm holding of oats in the south put oversellers here to some scurrying around to fill, but North, Otago and South Canterbury produced a. proportion of the A Grade needs. The market is firm, -with values at 4s 5d for A'a r.nd for B's. Thero is little business, however. One of the firm branches of the trad-3 is fowl wheat. A good deal of business has been done at 7s Id f.0.b., _sack» extra, and holders are asking 7s 3d without any response at the increased figure. The continued bad weather ia making the wheatgrowing prospect very gloomy, tend it is now fairly certain that the area sown will small. Peas are very firm, and export quality is worth 7s to 7s Id f.ab., s.i.

The following are nominal quotations, free of commission on trucks, sacks extra, except where otherwise stated: — Wheat —Tuscan, 6s Bd, Hunter's Gs lOd, Pearl 7& f.0.b., sacks extra; fowl wheat 7s Id f.o.b.

Oats-MJarton A's 3& 7dj B's 3s 3d; Algerians, 2s 6d to 2a 9d. Chaff—Good bright, £i to £t ss; secondary. £3 10b. White Clover—l2d to 15d. Cowgrass—9d to lOd. ■„. Italian Ryegrass—2s 9d. Perennial Kyegrass—4s to 4s 3d for good. Cocksfoot—od to 6d. Partridge Peas—6s ,to 63 2d for oxporfc^quality. Linseed—£l7. , , Potatoes—£7. Flour—£lß a ton f.o.b. nearest port; smaller packing, 1001b, £l9; 50's, £l9 12s. 6d; 25's, £2O. Pollard—£9 f.o.b. nearest port, 10a extra for smaller packing. Bran—£B per ton f.o.b. nearest port, 10s extra for smaller packing. POULTRY AND EGGS. Although a good entry of poultry came forward this week, tha supply of good quality birds was not equal to the damand. Following are pricea per pair:—Table chickens 9s to 14b Gd, hens (light) C's to 8s 6d, hens (heavy) 8a to lis, ducks 9s to 18a 6d, geese 7a to 9s, turkeys 19b to 42e. As is usual at this time of the year, eggs continue to come forward very freely. Tho Canterbury Co-op. Poultry Producers, Ltd!, quote the following prices per dozen:— First grade hen eggs Is Sd, second grade hen eg?e Is 4d, and duck eggs Is Sd. ASH BURTON MARKET. Friday. During the past week all sections of the grain and seed business in Aahburton have ''been quiet, with ibe exception- of potatoes, which have considerably increased in price. The firming has evidently been caused by the' demand from Australia,• which is still holding good. , Tho last shipment to Australian ports has apparently landed in good condition, and the present indications point to further- consignments being sent over. Merchants are acting very cautiously as the price to growers is full parity of the Sydney market, after allowing for costs and the risks of shipping. Sales are difficult to effect in the North Island as the values there have not risen in sympathy with those in the South. Merchants report business in all classes of seeds to be particularly quiet, and a spell of fine weather is required to enable farmers to proceed with sowing, operations. It is understood that odd lines of milling wheat are changing hands at a price in advance of the fixed rates. This is due mainly to the demand for fowl wheat, the market for which is very firm. Osts—The market for grade A and B Gartons is steady at about recent rates, which fluctuate according to the position of the buyer or seller during the month of delivery. The quotations are as follows: —3s 6d for A grade Gartons, -3s 2d for B's, 2s 6d to 2s lOd for undergrades; 2s 7d to 2s 8d for first grade Algerians, 2s 5d to 2s 6d for fair average, with light and inferior down to 2s; 3s 6d for good, heavy, dark Duns, other varieties down to 3s. Chaff—The position is still the same as that which has been reported for somo time past. There is a limited outlet for g.b.o.s. grade, the value to growers for which remains at about 75s to 80s per ton on tracks. Good quality chaff which will not grade is worth about 70s per ton, while inferior stuff is practically unsaleable except at a very low figure for cow-feed. The price for linseed is about £l6 10s to £l7 per ton on trucks. Partridge peas are quoted at 5s 9d to 6s for No. l's, and about 4s 6d per bushel for undergrades. Perennial ryegrass is worth up to 4s for good quality while Italian and Western Wolths are valued in the vicinity of 2s 9d per bushel. These prices are only nominal, as merchants have sufficient stocks in hand. Red clover is quoted at about 9d to lOd per lb for good quality. The buyers' ideas of the price of potatoes vary considerably, but the selling value hereto-day may be given at £6 to £6 5s per ton on tracks for f.a.q., white and Dakota tables. Ordinary reds are nominally worth £4 per ton, with very little enquiry. There is no demand for seed potatoes, but the prices sre nominally £2 10s for the main crop white seed, and £3 for Dakotas.

HOPS CROP. <lv«e«iTfld September 4th. 0.10 p.m.) • «. XvOSTDON, Septwsber 3. Lem»y'» tnavsl report utiaatM » 101 l »ver#ca erop of fin® bspa la BriUin.

LATEST QUOTATIONS. Last Week. Last Year. Buyers. Sellers. Buyers. Sellers. Buyers. Sellors. £ s d £ a d £ 8 d £ B d £ s d £ s d N.Z. GOVT. DEBENTURES— 4J per cent. Inscribed, 97 2 1938 • • ■ • — 6 * — — — — 4h per cent, inscribed, 1939 96 15 0 97 0 0 — 97 2 G —■ ss 0 0 4A per cent. Bonds, 1933 — 97 2 G — — — 9S 0 0 5 per cent. Bonds, 11)27 93 0 0 — — — — — 51 per cent. Inscribed 101 5 and Bonds, 1933 101 10 0 — 0 — — — OTHER DEBENTURES— N.Z Breweries, Inscr. 1 2 0 1 3 0 — 1 3 3 — — Breweries, Bonds Glaxo, GJ per cent., 1945 1 2 3 1 3 0 1 2 9 1 3 3 1 1 1 1 1 9 S3 0 0 — S3 0 0 — - 85 0 0 Christchurch Gas, 5j 100 0 per cent. — 0 — — — — BANKS— Adelaide — 9 0 0 — 8 19 0 — 8 12 G A nit. Bank of Commerce 1 9 0 1 9 9 1 8 6 — — — Australia — 14 8 0 — 1-4 9 0 — — . Comm. of Aust. 1 11 7 — 1 11 7 1 11 9 — 1 9 9 National of Australasia (£!0 paid) 16 17 6 17 4 0 17 0 0 — — 15 9 0 National of Australasia (£5 paid) 8 n 0 .8 11 0 S 9 0 8 10 6 — National ft N.Z. G 12 0 6 12 t? — 6 11 9 — 6 15 6 Ke« r South Wales 40 17 6 41 0 0 40 12 G 40 15 0 — 41 0 0 New Zealand .. — 2 16 9 2 1G 7 2 17 0 2 16 9 2 17 2 P. and 0. Bank — 10 10 0 10 17 6 — — Roya.! (.£1 paid) 1 16 3 1 17 0 —- — — 1 15 0 Royal (£4 paid) 7 2. 0 — 7 0 0 — 6 15 6 6 17 0 Union of Australia .. 14 11 6 14 12 6 14 11 6 14 14 0 .... 14 18 0 Victoria 7 9 0 7 10 0 7 10 0 7 11 6 6 11 G 6 15 0 Victoria (pref.) 14 15 0 — 14 15 0 — —' — Western Australian 2 10 6 3 11 8 2 11 0 2 11 8 — — INSURANCE— ' National 3 13 6 — 3 12 6 3 14 6 — — New Zealand .. 1 15 3 — 1 15 3 ~ — — — LOAN AND AGENCY— l>algety and Co. 15 0 0 — 15 0 0 — . 13 12 6 — Goldsbrough, Mort 2 5 0 2 6 0 2 5 6 2 6 0 2 4 9 2 # 6 Mort (new) National Mortgage 2 4 6 2 4 11 — — 2 5 9 2 4 6 3 14 0 3 18 0 3 14 0 3 16 0 — — SKIPPING- _ Howard, Smith 1 14 0 1 14 6 1 14 3 1 15 0 — 1 17 9 FROZEN MEAT— Gear — 2 2 0 — 2 2 G 2 3 0 2 5 0 N.Z. Refrig. (paid) .. 0 18 0 0 18 9 0 18 3 0 18 9 0 19 0 _ N.Z. Refrig. (ccntr.) .. 0 8 9 . 0 9 3 0 9 1 0 9 G 0 9 3 0 9 5 North Canterbury — 2 5 0 2 5 0 — — WOOLLENS— Kaiapoi LSI paid) — 0 10 3 — 0 10 G — — COAL— Westport 1 11 0 — — — — — Stockton '(pref.) — 0 4 3 — . — 0 2 6 0 3 5 GASAucMand 1 2 9 — 1 2 9 — — 1 5 3 Cliristchurch 7 11 6 7 14 0 — 7 14 0 — — BREWERIES— Manning 2 0 3 2 4 0 1 19 9 — — 1 15 0 New Zealand .. 1 19 6 2 1 0 1 19 9 — 1 6 9 1 8 6 Ward 3 1 9 3 3 9 3 0 6 3 0 3 2 12 6 2 12 9 CEMENTS— - Wilson's 1 13 4 1 11 0 1 13 3 — — 1 9 9 MISCELLANEOUS— B.A.W.R.A 0 11 3 — — — _ Australian Glass 1 12 U 1' 13 0 1 11 6 1 12 9 — — Beath and Co. 1 13 0 1 13 0 1 15 0 1 12 9 1 13 9 British Tobacco 2 3 6 2 4 0 2 3 3 2 3 9 — — Burns, Philip 1 16 6 117 3 1 IS 3 1,17 G — 1 15 3 Dunlop Rubber 1 4 0 1 0 3 — — — — Electro. Zinc, (pref.), ex div. — 1 9 6 — — — — Electro. Zinc. (def.) 1 8 6 1 9 1 10 ex div. — 6 3 — — Glenmore Brick and S Tila 1 i 6 1 7 • — t — — — Mason, StrutJiors (£1 paid) 1 2 3 1 3 0 — , ~ 1 5 6 Maecm, Strutliera .(148 I>aid) 0 15' > 0 0 15 8 - - 0 17 G Mason, Strut hers (10s paid) •• •• 0 11 0 0 11 5 0 11 0 Oi 11 9 ~ — N.Z. Farmers' Co-op. (First Pref.) N.Z. Sugar of Mili .. T&r&n&ki Oilfields 1 1 0 3 l/> 1 5 1-2 0 G . 9 1 2 6 3 9 1 6 1 3 S 0 3 1 0 0 Weeks, Ltd. (£2 10s paid) 5 10 0 - - - , - - MINING— 0 2 10 12 8 0 10 0 prem n 1, R Moanatairi .> • • Mt. Lyell 1 3 3 1 2 8 1 2' 11 1 <0 0 - St. Bathaaa .. Grand Junction _ 0 1 6 0 2 G