FINANCE AND COMMERCE.

Press, Volume LXIII, Issue 18900, 15 January 1927, Page 12

FINANCE AND COMMERCE.

REVIEW OF THE SHARE MARKET.

The affiliated Stock Exchanges throughout New Zealand reopened after the Christmas-New Tear vacation, on Monday, January lUlh,. and there has been keen competition for the better class of Stock Exchange'investment in which a largo number of sales have been recorded both on and eff 'Change. Government Loans have been freely quoted, but recorded sale's have been confined to 4} per cent. Stock due 193S ;it £96 15s and 5i per cent. .Soldiers' .Settlement Loan duo J933 at £lOl, both i'£ which show no variation on the turnover at the close of business last year. Five per cent. I'ost Office Loan Stock <1 iio 1927, which sold at £99 just prior tn the vacation, has further enquiry at that figure without response. New Zealand Breweries 10 per cent. l>cbenturcs changed hands at 24s !>d and 21s 6d with further buyers at 24s 3d, holders asking 6d more. In the Banking group prices for the most part show an upward tendency. Australian Bank of Commerce shares, which were released at 34s Gd before Ihe vacation are now on offer - at 33s 9d, declared buyers 9d below. Australasias are sought at £l4, but holders want £l4 2s 6d, tho figure at which business -was last reported. Commercial of Australia ordinary shares were turned over at 33s and .l.'ls 4d as against that last recorded at 325. The preference have enquiry, at £g' 17s Cd, but Holders are reticent. Commercial of Sydney are available at'£27 7s 6d, business before Christntts was at £27 10s. JJ. S. and A,, which sold at £8 ss, towards the close of business last year, now have demand at £8 Bs, sellers asking 3s more. National Bank of Australasia shares have improved demand, but no sales have been reported this week. National of New Zealand, which sold at £7'2s, cum dividend of 3a per share in December, are now enquired after at £7, holders 3s away. New Soutli, Wales show improvement with'turnover at £4O 17s (id as against £46 just prior to the holidays. New Zealands at 59s show an easing of 3d on that previously recorded, and more are available at that figure, buyers 2d" bolow. . _ Royals £1 paid were dealt in at o< s fa with late buyers at 37s 3d, no declared sellers. Tire fully paids are.wanted at £7 2b 6d, but holders are reti- • ."union Banks changed hands at: £ls 7s 9d, as compared with that last reported: at £ls 5s 6d, and, there",is further demand at the latter figure, sellers asking £ls 7s Gd. . Victoria ordinary were placed.at fc-iu Is, subsequent buyers offering £lO, sellers responding, at £lO- 3s' 6d. For the preference issue unsupported sellers aie asking £2l. . . , Western Australians, had serial transactions at 54s 6d, showing .-little, variation on. previously recorded sales. ' In Insurance shares Nationals sola at 745, and South British at 56s 9d, and 50s lid, both, showing an advance on sales just before Christmas, and New Zealands at 37s "sd, and 37s 6d show little change. The closing quotations for these' shares show :a, margin.jot>6 .and Sd.between.buyors and selleis.New Zealands" are cum a dividend of 10d pe share payable February 9th. 11l the loan and agency section, GoWsbrough, J torts, moved, from 49 s to 49s '3cl,' .with late demand at 49s 3d, Smiths: have improved demand at 32s 4d, but .sellers want Jds. Huddart Parkers.had recent demand at 46s 6d, sellers offering at 9d. Qu tations for P. and O. deferred slock i remain practically unaltered. • ' -New Zealand Refrigerating Tjart ? paid shares were turned overeat is au advance of 5d on previously recoiled business, and late buyers are offer - - incf 7s' sd, holders asking 2d more. . , ■ Quotations for woollen companies / Shares'show little movement. _ • Taupiri Coal ordinary were dealt m at 225, showing slight improvement on sales early in December. Westports during the week were available at doi>. deolaretl buyers at 84s 6d. • Auckland Gas shares sjiow an easing of Id, with reported turnover at jo lOd. Christchurcli have improved demand at 253, hut sellers are asking 25s

Brewery shares have been freely quoted, but recorded business has been confined to Staples at 38s, which is on a par with highest sales before the ■holidays, and late buyers are quoting • 38s 7d, holders responding nt 40s. ISe*v ■ Zealands. ex the,.recent dividend »t "Is per/, share, aTe available at 525, -quoted buyers at 61s. Wards are wanted at 425, but holders,are not quoting. • ■ •. ■ '' ■ "Wilsons Cement changed hands at 345, an advance of 6d on turnover at ' : the close of last year, /Subsequent buvers offering 34s 6d, sellers quoting : 36;.' ' • ' ' ' ... . In the miscellaneous section, British Tobaccos were released at 61s, with further enquiry at that figure, no de r clared sellers. Burns, Philps have improved demand at 40s; sellers Is awayj\ .Dunlbpßubber* are sought at-31s 6d. bat sellers are reticent. Colonial Sugars changed.hands at £6O. Electrolytio Zino shares are cum a dividend of 6 per cent., payable on March 4th.' The. ordinary changed hands at .- 3'6s 6d and 86s 7d. and the preference nit 38s and 37s 6d. Quotations for Mason, Sfcruthers; New Zealand Drugs; and Whitcombe arid Tombs'{ shares show little change on those beforevthe vacation. New Zealand Far- J . ' tilers'. Fertiliser-shares are on offer nt j 9'h 6d, hut buyers are not quoting. • In gold mining shares, Albfirnias ,- were placed at 3s 6d, 3s 7d, and 3s 9d; Ohiiiemuri at 6s; Kawaraus at 3s 4d, • .3s fid. and 3s (3d: St. Batons "A" at 8s arid'4s discount; and Moanataiari . afo.os 3d, 4s lOd, and os.

THE WOOL TRADE.

AN ENCOURAGING REVIEW,

(BT CABUE—PRT.SS ASSOCIATION—(ACSTBAUAIf AKD M.Z. CABU! . A880CIATIOK.)"

(Received January 14th, 7.20 p.m.)

LONDON, January 13. Mr William Hunter, in his presidential address to the British Wool-Fed-eration at Bradford, expressed the opinion that the industry had weathered the worst, of the storm. If a safeguarding duty on worsteds had been exacted, corresponding to ers' advantages due to depreciated exchanges, the industry, might hare avoided unfair competition. Nevertheless, when spring orders were placed, many London distributing houses would be likely to turn to Bradford ' instead of to the Continent. He added, "There may be sudden fluctuations of prices after the colonial - buying season closes owing to the unequal distribution pf raw material'and differing circumstances in the consuming countries, but • generally ■we may • expect an improvement."

GENERAL MERCHANDISE. GROCERIES. Busicess • not what it ehouid be in-the grocery trad* for '.his period of '.he year. There :s r.ot the demand this tncnlh us there v.a3 in Ju;-'.iar.- l.st rtar for lines in quantities. I'.etaileis are buying cautiously, and some sic cipcrLoneing delay in getting their nioaey, in. A steam?;- iic-m Auckland r.rrivod yesterday v.it'.i sugar supplies, which a'.e badly needed. Stocks of this ccrnmocli'.;.- are ver/ lon-, ar.o. some retailers fcawi had to draw supplies from merchants to keep them going until the direct shipment lands. Supplies shcu'.d 1)2 available early on Monday ip: town delivery and Tuesday iu country '.!.=- tricts. (ri-ejißiirooJ p'-'.pi-r 'or de'ivery in April :s bring offaird ct a p:icc 'hat should . alio*. - i; being sold to sbiMS at >.\-] (o i'/l a lb. D(sic>.'utf.d coccamit will he lower for shipments from now on horn Ceylon, as vanes have declined. Thn is the usual declino oiler the. Chi ij'.m;:?, demand has been satisfied.

The sugar position in ICuro-ia will. be. worth Wtehinjr. ii' u. recent lsoort from .Ve-.v \'crk jtiat to hand ia carried out as it is sujgesiPcl. . A naw- York journal, v.-hich in itn authority on sujar markctinj, say.=, regurding sugar and tea. that it is Reported ii-om Brazil that the sugar combine is proposing to dump a million Lags ot sugar into Europe in order to solve the crisis iu the industry caused by over-production, vhich has forced down prices in America. The combine hopes that bv experting o'loul one-fourth- of the crop of the State of Peinambuco they will bring up the local ptice (o the desired level. A3 Brazilian production cost* arc higher than tho Cuban, the cornlane eAiiects to se'l sugar in Europe at a loss. Cuban ir.erchants are unable to chip sugar to Brazil, owing to Uic protective tariff,

'i'ne Tea Brokers' Association' or London, ftate3 the same journal, reports that «'ii October 18th thens ..was a good demand for Indian teas, and rate 3 v.-eve. fully firm, rxrept for medium and pluin liquoring teas, which showed a drop-, of id ..to ?d per lb, Common sorts were well competed for, and piicua. were inclined to harden; while teas willr colour and quality sold at satisfacto-v rates. . Southern Indian teas were steady, and Da'vjeelings with flavour were in request. Demand for tippy parcels was hardly as brisk as of late. Enquiry for teas 6uitab!e for exnort continues quiet. On October ■M\i tho market opened very quietly, and prices for all grades except tho lirest showed a droo of Id to Id per lb. There was a good deal of hesitation on the part of buyers at the opening, but as the sale pro-gressed'-bidding became more confident, and towards the close prices were; inc'iued tosteady. ' -For Ceylon teas the weaker tendency for medium tops was further accentuated, especially for broken .Pekoes and Pekoes, an:l these can be quoted Jd to j,d cheaper.- ■• Quality was good, and the principal" feature of the market-wag the strong support given to the finest- invoices, often at dearer rates. Export demand -for . <ho best leaf grades .was ,also much in • evidence. Tho highest price? realised were.: Broken Orange Pekoe 2s GJd. broken Pe'joe 03 ,<Ud, Orange Pakce '2s 4Jd, and Pekoe 2s 3d pev lb.

California!! .prunes.. Santa Clara, sre a'«iihi quoted tliia . week. The usual 60-70 siza- is unobtainable,- except in "outsideis.'' for' which' values are approximately -Icl'lb, net,, ex ship, to arrive March. -Resin for February dispatch, which means arrival here about April, is about. 20a a lon lower than .January shipment. A cable from London advises that whiljng is available (here for early shipment'to Js'ew Zealand at. £6 5s to £5 15s a ton, according to quantities offered, _ c.i.f., ITew Zealand ports. ' Sago and tapioca advanced 3d a ■ cwt durinsr'the week in Singapore. Fair quan-. titles of these lines are now landmp from Singapore. ". The nest arrival is. due' hero llay or early. June. THE FRUIT MARKET. CHRISTCHURCH. The market was not quite as well supplied with vegetables this"week as last, but prices remained about the." same.' Supplies, of fruit wero plentiful, With prices steady at late, rates. Tho first Irish Poach apples of the season arrivod- on the market .this week, and thoy realised tho record price of 21s 6d per case. Apples of all classes have been scarce of late. A shipment of Cook:lsland bananas and Americrfn oranges is expected to arrive in Christchurch next week, and they should meet,with a good• demand as the market is fairly bare of these lines. A consignment of pineapples and passion.fruit from Sydney is also due noxt week, and it. is expected that they will sell, at late rates. Quotations are as follows: Apples, local, pot case lis to 15s; apples, cooking, per case 10s; apricots, dessert, per lb 6d to 7d; apricots, cooking, per lb 2Jd to 4Jd; currants, black, per lb, 3d to 4Jd; cherries,- dessort, per lb, 8d to Is; gooseberries, per lb lid to 4d; grapes, firsts, per'lb up to 2s 3d; lemons, 'Frisco, per case 355; passions, Sydney, per case, up to 23s . Gd; peaches, cooking, per lb, 2d to 4d; peaches, dessert, per lb up to 8d; plums, cooking, per lb Id to 2d; plums, dessert, per lb 2d to 4d; raspberries, per lb up to Is. Id; tomatoes, dessert, per lb up to 9d; beans, French, up to 10d;beet. perdoz bundlos Gd to Is; cabbagsj per. doz up-to 3s 6d; cauliflowers, per doz up to 7s 6d; carrots, per doz up to Is 6d; cucumbers, hothouse, per lb 5d to 9d; green peas, per peck up to lOd; lettuce, per doz up to 2s; marrows, per doz up to ss; new potatoes, per lb id to 3d; onions, local,.per sugar bag.6s; parsnips, per'dozen up to Is Gd; potatoes, per sack, unsaleable; rhubarb, per do/, up to 2s 6d; spring onions, per doz-up to 2s; turnips, per doz up to Is. DUNEMN. (SPECIAL TO TBI PRESS. ) DUXEDIN, January 1 •$. Business has been brisk in .the marts during the week. The market is bare of upples, eranges, and .bananas. A fair quantity of peaches has come forward from Central Otago. A limited supply of apricots, has reached the market. Prices have ruled fairly high. Supplies of plums have been on the short side; all coming forward have been roadiiy placed. Raspberries and loganberries have firmed in price. Supplies of tomatoes increased towards the end of the week, and prices eased considerably. J.clson tomatoes, both hothouse and from tho opou, have arrived 'on the market. . Some nice samples of cherries from Otago Central have sold well. The quality has been good. Supplies of potatoes increased, towards the end of the weVi, and prices dropped. Fairly large quanties have arrived from the Oamaru and Christchurch districts, and the local-grown his also assumed fair proportions. Cauliflowers and cabbages are in fair supply, and pricoß are a little easier. . Current wholesale prices are as,follows: — Apples, Gravenstcin, to arrive from Nelson, 12s to 14s per ease; orange 3, South Australian, 27s 6d; Californian navels, 42s per doublo case; lemons, Californian, 35s per double case; bananas, ripe, 40s per case; raspberries, 7s 6d to 10s per bucket; loganberries, 7s to 8s per bucket; black currants, 4Jd to 5d per lb; red currants, 4Jd per lb; cherries, extra- choice blacks, Is 4d to Is 6d; Florence, Is; others, 8d to Is; gooseberries, lid to 2Jd per lb; red plums, 4d to 5d per lb; dark, 5d to 6d; cucumbers, 7s to 10s per dozen; strawberries. 9d to Is per pottle; extra choice to Is 6d; ripe gooseberries, 3d; apricots, sd-to 7d per lb! peaches, 3d to 4Jd per lb; cauliflowers, 6s tp Ss per sack (choice only); others 3s to 4s, green peas, IJd to 2d; white turnips, Is per dozen bunches; potatoes, new Peninsula, Id to lid; Christchurch tomatoes, 8d U lou; seconds 7d to 8d; local hothouse, lOd to Is; rhubarb. Id to 2d per lb; cabbages, choice 3a to 53 per. sack of two dozen; others unsaleable; spring onions, up to 4d per bundle; lettuce, Choice, 2s per dozen: parsnips and carrots, new season's. Is; broad beans, ljd per lb.

NEW COMPANIES. 'ihe 'Mercantile Gazette'' records iiio legistiiUion of the following oompanr: — Biistow Pneumatic JTann ■ Drill Co., Ltd. ttegd. December /23vd, 1926. Office situate at Stewart, Beckett and Co., 132 Hereford street, Chrietchurch. Capital: £30,000, into 30,000 shares ■of £l. inch. Subscribers: Christchurch—E. H. Clark, W. G. Douglass, B. Selb Smith, C. Wood, A. A* Douglass, T. Chapman; Bulls—K". W. Dalrymple; Coalgate—J. Dsans,-230 shares each. Objects: To carry into effect an agreement dated.October 9th r between C. Wood, B. Seth.Smith, T. Chapman, E. H. Clark, A. A. Douglass, W. G. Douglass, C. Briatow, E. Scrilaepfer, J M. 'Winter,': and J. M. Bair, -trading as •'Thi> Bnstoiv ,Pneumatic Farm Drill Syndicate," '"' . ',.. ..'■"• ■■:"■'.

wheat"

GROWERS' DIFFICUL TIES. ,j \ ■■'''. i ACTION BY CABINET URGED.* CONFERENCE AT ASKBL'RTON. As the risuit of a large meeting of wheat-growers hsid in Ashburton yesterday. Cabinet will be urged to take immediate action to give further protection to the wheat industry, ania conference representative of growers, Farmers' Unions, Chambers of Commerce. A. and T\ Associations in Canterbury and North Otago, and millers, i.- - to be called immediately at Christehurch. ■ The meeting was convened by the ■Mid-Canterbury Executive of the .Fanners' Union and the president (Mr James Carr) presided. The president of the North Canterbury Executive of the Farmers' Union (Mr J. D. Hall) was also present. , Much of the ground covered in the discussion at the last meeting of the Mid-Canterbury Executive of the Farmers' Union, held just before Christmas, was again traversed. The Culy«tden Branch of the Farmers' Union'telegraphed, "We join with you in protesting, against the Government's attitude and delay re wheat and dumping, also protection." Mr IT. S. S. Kyle, M.l'. for Kicearton, telegraphed stating that prior arrangements prevented his attendance and he suggested that ,:i meeting of wheat-growers be called at Christehurch next Wednesday, to urge the Government to impose a' clumping duty on flour. The chairman said that the reason for calling fhe meeting was the fact that they seemed to have reached a dead end. For some years now they were trying to devise a scheme whereby they could grow wheat and tfet a suitable price ■ for i!. They all know that the Government had .requested all farmers with' wheat-growing land' to put in wheat, but-'iiow they were faced with' the difficulty of its disposal at a reasonable figure. He detailed the interview the deputations had with the Acting-Prime Minister (the Hon. Mr Downie Stewart) and the Minister for Agriculture' (the Hon. Mr Hawken). At the conference with the latter they thought that they had two. definite statements, ono being that wheat:growing was not essential in the Dominion, but tliev would see by that morning's paper that the Minister had replied > to Mi-D. Jones that a wrong impression had been.made public as to his remarks. When they took the facts that the farm labourers of the country were greatly 'under-paid as compared with labourers ! -of.other industries, and that the farmers were providing the greatest number of bankruptcy cases, it could be seen that not a great deal was being fiade from tho land, or the wheat mdusry at any rate. In spite of the. tact that wheat-growing affected. the labour! situation, he had never heard a Labour Member of Parliament' to say anything upon the matter during the last few months, .

He cpntended that wheat-growing was a most essential industry so far i>s New Zealand was concerned, yet.it did not have adequate .tariff: protection. He thought that the farmers had supported the present Government in the past, but they were.not now. receiving fair,treatment. They should unite with a-view-to obtaining what was justly their due. He had always been anxious to keep politics out of the Farmers' Union and ho. did not want the proceedings to develop into it. political discussion. ,

The Minister's Statement.

Mr G. W. Leadley said:that in The j Pbms that morning there v/as a statement from Mr D. Jones to the Minuter | for Customs'and.a reply to Air Jones j from the Hon. Mr Hawken, Minister ] for Agriculture. He wished to say tha v Mr Jones was doing a great service to'the farmers in that matter. Ine Editor of The. Press made it appear turn, he was doubtful as to whether the report of the statement of the Minister at the conference was clear or otherwise, but the speaker was present at tne conference and was aske<l to state the .case in a letter to. Tire and he had done so. The other members or the deputation could prove that the letter was absolutely correct. He Raul to the Minister, "You realise .that wheat-growing is one of the most tial industries to .the .country, and Mr -Hawk-en replied, "No!" Continuing, Mr Leadley said that in reply to a further question,-the Minister said.that it was hot necessary to grow wheat in the country, but Cabinet and the Government was anxious to hare it grown if possible. ,-,,,,11 The rhnirman endorsed Mr liearflej s remarks, stating that whatever the misunderstanding, was; they, were quite prepared vo accept tli* Minister's statement, and were plffased to see that a different attitude was intended. , The Dumping Issue. Mr Leadlcy said they were all aware that the Government had put upon the farmers the onus of proving that dumping was going on. They had very little means of ascertaining the facts, and it was a little harsh of the Government to expect this iii view of the fact that it had all the means at its' disposal-to ascertain the facts. The Government had an officer in Melbourne, who could obtain a great deal of the information required, and with whom he had been advised to communicate. Mr Downie Stewart had said that' it was quite impossible to give effect to the dumping provisions and this he considered was an argument for an absolute embargo. The position was that, they had a body of men in Parliament whom they _ supported at the rate of £1 per minute, who passed a law with regard to dumping, which they were now told could not be brought into effect. It was only that.morning that he read a cable that large quantities of flour were being prepared, for export to New Zealand. The only thing they could do now was to demand from the Government that in view of the failure of its own legislation it should place an embargo on the imports of flour into the Dominion. Demand or Kequest. Mr H. F. Nicoll said they allowed their sincere thanks to those who had taken the burden of the wheat question on' their shoulders. The meeting had been called because of the failure of their, leaders to give them what was fair. They were not going to get anything by making a demand, from the. Government—it-would be far'better to make a request. Wheat-growing was essential'and anyone who said that it was not did not know his business. In his opinion, the only solution to the position was to work with the millers and-merchants. If they put a reasonable proposition before the Government, and asked for protection against dumping, then thev.must get it. It,was not for the farmers but the Government to prove that dumping was going on. He was sure that the Government would-give them a reasonable hearing. : V , •■, I - The chairman said he agreed >vnn Mr; NicolVs opinion.- -They should ' obtain the' assistance of- every Canter--

bury member for Parliament and go to tho Government with their ease. Mr W. T. Lill said they were all. satisfied that there was an adequate duty on wheat, hut more protection was'required on imported flour. Quick Action Wanted. Mr J. Brown .said it v.ai apparent, to them all that the wheat-grower was in a very poor position. If he was only going 'to get 5s 6d per hushel lor his wheat that would only be a little over production cost. They were in an awkward position at tho present time. The {rovernuient would not control and last year they had asked for an increased duty .of £1 per ton. but they did nor<»cr'it. The Government was siaiiding bv the duties of £3 per ton on flour and Is 3d per bushel on wheat, and itwould not do any more. If they could not alter the position then many wheatgrowers would go bankrupt, and he Mas noc making that statement inadvisedly. They were within ji fortnight of harvest and action would have to be taken quickly. The Motion. Mr Drown moved : '•That this meeting-of wheat-growers views with alarm the present position of tho wheat industry in view of the fact that the present prices mentioned for the incoming crop of wheat arenot payable and would result in iuflictiii'r very great hardship on the smaller wheat-growers and would also result in a large decrease in the area being placed under cultivation next season. "We therefore urge upon the Cabinet the necessity of upholding an industry which is absolutely essential to the welfare of the whole of New Zealand. Immediate action on lb* part of the -Government was necessary to safeguard the position.'' Mr y. G. Evans seconded the motion. .Mr J. D. Hall said that it dumping was going on then the Minister tor Customs had power io impose a dumping duty. Air J. It. Palton said that it was recognised that the farmers would grow just about enough wheat for the country's requirements provided a satisfactory price was given. He supposed it was largely a matter of tho consumer in'tho North,lsland against the producer in the South Island. The motion was carried unanimously. The following resolution, moved by Mr Brown and seconded by Mr D. J. McTntyrc, was also carried : '■' That nn immediate! combined ;,:..:.*<■- ing of wheat-growers, merchants, millers. Chambers of Commerce, and A. and P. Associations be called with a view io discussing the present position of the wheat industry and obtaining united action in support ol ! the industry." Tho ■ arranging of the confeic-iioe, . which., will bo held in Christchurch, was left, to the Mid-Canterbury Provincial Executive. , i. ' BOOT INDUSTRY. SERIOUS DECLINE ALLEGED STIFFER TARIFF DESIRED.

The Xeiv Zealand boot and shoe industry is in a serious financial position. During the last six years it lias been suffering a rapid decline, and manufacturers now regard the future with grave concern. In fact one Christchurch v man has stated that if there is.no rapid improvement in the position, five years-will see the.end of the industry. The Tariff Commission, which will commence its.'sittings : in Auckland on' Monday, is oSpected to bring about .some change for the better, but it .has not. yet ;beeu definitely decided whether the evidence on behalf of the boot and shoe industry will be given in Auckland or in Christchurch. Par-Eeacliing Effect. "The slump has very far-reaching effects," said Mr J. V(. Green, president of the Christckurch Boot aiid Shoe Manufacturers' Association yesterday, in. reply to questions put by a representative of The Piiess. "The tanuers, the hide markets, the butchers, and eventually the fanners, all suffer,. and. tho logical result is that it comes back in the end on to the consumers—the general public. One Christchurch firm discharged eight men just before Christmas, being unable to find work for them. But we are the people who are suffering most from the lack of business. The trade is now at its lowest state since the end of the slump in 1919." . Mr Green said that on English tan leathers, with the exception of suede, glace kid, and patent leather, there was a duty of 15 per cont. as against.2s per cent on the finished article. Indent orders placed with English manufacturers' were bulky, but the New Zealand makers simply had to fill in the odds and ends. Dominion, manufacturers were, at* present only able to keep their employees, men and women alike, working on broken time. If extra duty were placed on the imported article, they would not increase their price; all they wanted was a solid continuity of business. ''We desire to be placed on an equal footing with the British manufacturers," he added. ' ' Sort of Dumping Ground." . "It appears as if New Zealand, is a sort of dumping ground," said Mr P. ii. Hutchinson, who looks after boot and shoe interests on the New Zealand Manufacturers' Association. "The protection afforded the New Zealand Manufacturer under the present tariff is totally inadequate. The trouble is that New Zealand is suffering from legislation which compels the manufacturer to pay from 60 per cent, to 70 per cent, higher wages than those paid in Britain. We. do not object to the .vufts fixed ty the Arbitration Court, whkh are fail- living wages, but.wo in the secondary industries do not receive sufficient protection to pay. these high wages and carry on successfully. In this the Government lacks in its duty to-us, but Ido not think it will see us go through." In England the hours or work are *» per week; in New Zealand they arc 44. Added to this are freight and landing charges, and also the warehouseman 's commission on t.op of the grindery, without taking into . account tho 15 per cent duty which is placed on • upper leathers.

"It seems that the only remedy i'or the present most unsatisfactory state of affairs is for the Government to adjust the tariff, so as to place Dominion Manufacturers on . an equal footing with British," said Mr Hutchinson. "If that is done vre will no di'tibt be able to carry on." RABBIT SKINS. ■ r(ST CABLE— r-RESS ASSOCIATION—COPYRIGHT.) (AUSTBAUAX AXD X.Z. CABLE ASSOCIATIO.NV' (P.eceived Januarv 14th, 5.5 p.m.) LONDON, January 13. • KaVoit skins—Three thousand were offered at a .fair demand, arid • 45 per cent, wcra sold. New Zealand.turners lots, thin pelted, are unchanged lo a shade easier. Stout pelted skins are neglected. Cutting-sorts uio ■ 10 per cent, be'.ow November prices, except light racks ' and kittens, which are firm. .Australian'furriers' lots are;unchanged anl incomings .' 5 per cent, dearer. All ■ cutting .sorts are '5, per cent, easier, except light racks-and" small!, which'are unchanged, lo » .5 per cent, advance. ft

OTHER EXCHANGES. (MISS ISSOCIATIOI TILiaSAJti.) AUCKLAND, January 14. Sha-e market Sales—Now Zealand Breweries Debentures, 24. 4d; Bank of Australas.a, <-14 -a Gd; Bank of New Zealand, 595, new Zealand Insurance, 37s Od; Farmers Co_op. Auctioneering (B prof. , 17s; Auckland Gas, °Bs 10d;Huddurt-Parker, 47s 6d; Northern Steam, 13s 6d; Wilson's, Cement, ij, Alburnia, 4s; Moanataian (con.), 4s 10d, New Waiotalii (con;), lid. WELLINGTON, January 14. Sales-yaw. Zealand Kefrigsrating (cont.), 7b S°aiei^e 0 po'rted-Kawarau, 3s 6d-(two); Milburn Lime and Cement Co. (rights), 2s (twoj, « p«: cont. Bonds 1938, £96 17s 6d, £96 los; BJ per: cent. Inscribed Stocir, 1936, £101; National Bank, £7 Is. . , " Stook exchange, sales—Goldsbrough, Mort, £■'■ 9s Cd; National Insurance, £3 14s; iNew Zealand Insurance, £1 17s 6d; Staples BrewCly ' ~ TNVBECARGILL, January 14. Sales. reported-National Insurance 74s 3d; Soldier Settlement Loan Inscribed, .£lOl 'sa; Government Loan, 1936, £lOl ss. ASHBURTON MARKETS. ■ Owin" to the unfavourable weather, the harvest" in. the Ashburton County is about three week's late this rear. This time other seasons, there have been samples o£ ryegrass and Algerian oats submitted to merchants, but so far no new season's stuff has been offered. About the first crop of oats was threshed on a farm at Seaficld on Tuesdav and Wednesday. Most millers' idea of the value of new season's- wheat is about 5s Cd to os 7d per bushel, on trucks, sacks extra for Tuscan, but it is probable that a littlo more will be paid for early threshed iincs Practically no Carton oats have been carried over from last season, but there are still a few Algerians on hand, tho most of which will be' in demand for sowing for following are nominal quotations for new season's grain and produce, on trucks, country stations, sacks extra:— Ifillina wheat —.is Gd to os 7d per bushel 2s Od to 2s ?d per bushel for best samples; 'Algerians, 2s 3d. •five-rass—Perennial, about 2s 9d. perbushel" Western Wolths and Italian, Is- 9d. Cocksfoot— About 6d per lb. • White clover—Sd to lOd; cowjrass, 7d to ( .:, ia ' ff PS 5? per .ton for good,'brijht oatsheaf. _ ; FROZEN MEAT. The following cable has been Received ty UiWty and Company, L«nited. Crmstclmreh. from their London office, dated Januirv loth, 19-7: — . ■ . Frozen lamb-Market weak Demand ~m-,VV ,VV auo )e prime crossbred lamb, Canter- , i i;„lit 10id North Island light notquotKS rtof he** *«* Island heavy nil ouoted. For Australian lamb the marf, ?, weaker; demand poor. We quote A ttrali"*a.',. crossbred light Sd, heavy: not quoted. fi Demand' F f "minclpX on light-weights. Wo IUn L P K crossored mutton, Canterbury ?■"?♦ Jd «" &g& Xorth Island heavy sd. For AuTtralian 7 the market is quiet. Demand i r,u We quote Australian g.aq. crossmoderate. "ei u ° n ot-quoted; bJ-MarkeT.'' nominal,: -Demand nil We quote New Zealand prime, or beef. hinds 4d fores 3JJ- Th . tl .. dr> ; VoV ¥ l il e-1 rem el*""dull. La,t.,Va,on', generally is cJitmti, ...HiViilr rlciwi

CHRISTOHURCH StOOK EXCHANGE.

YESTERDAY'S TRANSACTIONS.

FBILDING STOCK SALE. (rasss association telegeau.) FEILDING, January W> U.ihe Feilding stock sale there,jr«i • Wl yarding . of store sheep lambs, and a fair entry o£ fat -sheep. In© ate were in bettor demand, and prices advanced considerably on If* .weeks rates. There was a very keen sale for all store sheep, lambs in particular selling at extreme rates. Shorn b.f. rape lambs brought 17s 6d medium and'email shorn rape lambs 12s7d to 16s lid, woolly, rape lambs 19s, shorn Eomney wether lambs llslOd, cull shorn lambs 9s 2d to lis 3d, full-mouth ewes 7s to lis 6d, m.a. ewes 19s 2d, twotooth'ewes 225. A smallpen of early shorn good conditioned two-tooth wethers sold for 22ai 7d, email two-tooth ■ wethers 17s to'lßs. Fat ewes brought 13s to lis, wethers 21s Id to Sis od,. b.f. hoggets 20s Bd. . ■ A very small yarding of cattle resulted in a poor sale. Good fat cows sold fairly well, but medium fat cows were not so keenly competeu' for. Only two pens of slow cattle were varded. Hough bullocks brought £6 10s to £7 7s;' two-year: empty Hereford heifers £3 is, good fat cows £6 17s 6d to £7 65,. good fat Hereford cows £6 2s, medium fat cows £B.6s to £1 10s, cows and calves ■'£B.lss-to £i Is. ; LEESTON STOCK SALE. For yesterday's stock sale at Leeston, entries were small in all departments. In addition to a few small lines of sheep there were 50 fat pigs, 65 store pigs, arid a dozen head of cattle. The attendance was below the average, many farmers being busy at present with the harvesting of grass seed and early oats. ' The- slieep . sale . was on the whole quite satisfactory, values .being quite up to those ruling at the.previous sale. The demand for fat pigs was decidedly weaker, and prices suffered a decline. Considering the prices obtained for fats, store pigs sold fairly well. Anything in the cattle pens showing a bit ol quality sold at satisfactory prices. The sheep Rales were:—For H. Reid, 26 fat lambs 23s id; M. Dolan, 11 at.2ss lOd; W. L.. Donald, 10 at 22s 7d; clients,- 31 fat ewes 16s lOd, 32 wethers 2i3 Gd, 36 rapo lambs 20s, 42 fat and forward ewes lis, 13 tat hoggets 335; J. flcCartin, 11 fat ewes Els, 20 fat lambs 26s lid. Choppers made £3 to £3 19s 6d, baconsw £3 8s 6d to £4 4s 6d,- porkers from £2 7s, large stores 44s to 635, medium from 25«. - A Jersey spring brought £ll other springers to £8 33, cows in profit £2 13s to £3, fat: cows £3 5s to £6 12s 6d, fat heifers £i 10s to £5 6s. WHITE STAR LINE. (Received January 14th, 8.15 p.m.) LONDON, January 14. The White Star Line has been registered with a capital of £9,000,000, divided into £5,000,000 in 61 per cent, preference shares, to £4,000,000 in ordinary shares to acquire the whole share capital of the Oceanic Steam Navigation Company. METALS. (Received Januarv lith, 9.26 p.m.) XOJCDOX, January 13. Copper—Standard, spot £56 8s 9d a ton, forward £57 8s 9d • Lead—Spot £2B Is 3d a lon, loiwaid £2B Gs 3d. , . Spelter—Spot £gl 16s 3d' a ton, forward, £3l 13s 9d. •—' : ' • Tin—Spot .• £290 12a Cd a ton, forward £295 12s 63...'. Silver—.Standard 2o£d per '«z, tin- -27 13-16 A yer oz; i

CANTERBURY MARKETS

MORE ENQUIRY. I HEAVY CROPS ASSURED. . (SI DOS COUHMeiiL IDITOB.) Friday Evening. The grain and produce trade has settled down after the holidays, and though there is not a great deal of business to record, there is a fair amount of enquiry. A more advanced stage of activity has been prevented by the bursts of unseasonable weather, which have altered what promised to be an early harvest into a fairly late one. The weather seems to be more settled today, and if the drying wind continues little harm would be done by the midweek downfall. The garnering of a good harvest is now entirely dependent on a few weeks' summer weather. The Wheat Position. There is tho usual talk about rust, smut, and "take-all," but it will probably be found that in the aggregate the damage from these causes will be small. They all exist, particularly "take-all," in crops in certain districts, but there are other localities where the crops have not been cleaner for years. It is almost unnecessary to add that the crops have rarely looked heavier, and inspection shows that they will thresh well up to roadside indications. This opinion is based upon a wide observation, covering not isolated districts, but tho greater part of the wheat-growing lands of the province. In any case, the yields over the past few years have shown invariably that the reports of.disease have been rather exaggerated, and the season is now sufficiently advanced to warrant the belief that the gross loss this year will be no more than usual. If such should prove to bo the case, tho province will reap one of the heaviest average yields.for a long.time, as from the, "VTaiau to tho Waimate there is a great showing of heavy crops—wheat, oats, and barley. Wheat Prices. There is not such a satisfactory story to tell in regard to prices. Morchants are offering 5s 6d a bushel for wheat, for ordinary delivery, though February parcels would probably bring a couplo of pence more. This price is not- appealing to growers, who, however, would probably accept 5s 9d on trucks. Tho declining prices of flour in Australia- still obscurer the position as far as local values are concerned, and will continue to do so just so long as the official "yes-no" attitude marks the flourdumping position.- In the meantime the harvest is .neariug delivery, and growers and millers are left to extract as much satisfaction as they can from the Ministerial declaration that the "officers of my Department are steadily watching the position." A fair amount of fowl wheat has been bought from farmers at 5s 9d f.0.b., sacks extra. Poultrymen are inclined to stock up at this figure. • The Oats Position.

on Sydney account s.i.; conditional on ' imposed. An ly probable, as the WCTlwl dery scab'' last the utmost and any case, Australia t«4s!!2js||^R New Zealand, and, quantities of flour, produce sent over knows fully tho Talue about the sprat and th© S|i*s^B It may be months ago a leading ricultural pepartmont^^^ffißß as into the quality ported here, Tho produoSpslliM to learn what these thing so far has been faetri^slwl during tho week by jayjjjgjljj, a The following aie qWttftjglraHt duco to be paid to except where otherwaVißftiil ' Wheat—New ■■ - Barley—ss per- hiMlwil s Pf§lß' Italian ryegrass—2a Cooksfoot-6Jd to 7d p«Hh^H Ports: 10s extra for sn'^l^^ft Pollard-£lO per ton taIUK ports; 1% extra for the market tins -nook, and, tiou of geese, prices quality birds. Follow ing, —Table ichickens, light 5a 9s to 15s; hens, light Bs* tQ > 'jf|lf^^^fl with eggs this week, a further penny a dotenl&fiitOtia^i^H per dozen were obUtyrf&s3|K£|^^H Is Cd; and duck egg's l|'TO^^^^| Messrs Macfarlano t^upfra^^^l the .following' prices per do^eS>*ilaHH hen eggs to Is 7d, second gtMg|g9|^^H [THE FBSBS N*l^Jii9H Wheat—The wheat are 'now \ery short stooks only in trade is being kept -with Australian, float themselves, and Zealand millers from AvijuWwiwwS^^B wheat. Where the* J^^loui/WtS^B broken weather harvesting will "be d e ports from Oamaru "take all'* has madefiffillfiM^M 1 fair proportion of the it is considered that tH txiWfyHKKm ' yield this J ear than Ocmaru district The cropgJggH|K) pected to he ready untii JCflroh. In' the Otago Otago districts the Crops Tho .demand for fowl Bt'ricted consequent on the about 8s per bushel. 0 . ing some supplies from quotation is 6s fid f.o.QjafflUMli price is equivalent to Fowl wheat' is admitted under permit from is stated; that the GovernmijnSH^^R l iag the permits, as it impose:the duty at t ne and it does not tions. should bo made Oats-ATho oat market.flJOMJffl^^B 1 less state. There the North Island, further- drop in »61d at 3s 4d f 0.b., "i^sl|^B There are, )\ovro\ er, f hands,., as they earlier in' the season those now ruling. JttOM'vHwMBMM held by merchants, who difficult position weakness of the market. Chaff—Few i°nsiK^wM{lH^^B - irig to' hand, but i K keep - the market golng-'fisaW^MM - quality in tlie stores .sacks extra. Medium unsaleable. Quotations, chaff -have been Bad ,lf a '|sg{||HHr| there, can-he no In order to compete, HHK northern quotation, to accept, about £3 f fined to the rotail tr transactions have season's -ryegrass is Canterbury"market flKlT jjyMJj§|^^^B -vvlather .having ca Unless there is .an expected that prices dications point to a »^3ffl||Mß , hTalso expected .^un^aflSif^M] ' /not bo'"'heavy «°P;|SJSHHHI ospected .to be btft owing to the Danish. cocksfoot, JS™ > meet severe competition. ;||||§|K .

The oat crops will be' unusually 5 heavy. Leading in was general , thfoughoufc the earlier part of: the ! week in North; Canterbury, and % the j thickness •of stobks in the fields indi- j cates that many thumping yields will : be recorded. In frequent cases, naturally, the heaviness is confined largely 1 to the straw, which again will mean > a good deal of light chaff. But one j has to travel far on the roads to see , what would be called a poor oat crop. ] Values are very much in the melt- < ing pot, though some forward business '■ is taking place. Growers have offered ■* A: Gartons at 2s 9d'on trucks. The, j nominal quotation is 3s 3d for A Gar- < tons and. 3s Id for B's, f.0.b., s.i., the 1 equivalent of 2s 7d to 2s 8d and 2s Sd on trucks. There are fair supplies of . Algerians left over from last season, -j and these are mentioned at 2s 3d on < t*'iickß ' f ■ ' ' Chaff is dull in sympathy with oats. Quotations are £5 ss, v f.o.b., s.i., and some trading has been done at this figure. On trucks quotations are about £3 5s a ton. » The low price at which oats aye likely to rule raises the question of the possibility'of exp'«rt. The Home market may provide an outlet on the basis of the ideas prevailing locally. In any case-it should not be possible this year for Australia and Canada to practically capture the Auckland market, as it has. done this last year or two. . A Better Product. Peas provide a brighter side for the grower who has stuck to this product. A very extensive export trade to England has developed this last few years, and a good deal of pea-growing on con\ tract is now taking place. Last season the broken weather cut down the area grown, and a good deal of difficulty was experienced in filling contracts. The general opinion is that this season the area is. very much larger, approximating the record of 1922-23, when 24.000 acres were sown. Last season it was only 11,749 acres andin 1924-io 14.000 acres. Purchases from farmers to cqyei torward, sales have been taking/place during; the past; few days, but the market has eased about-3d a bushel. The London market is quieter. .. - • Seeds. Cocksfoot samples should be coming forward, and their absence'may be attributed to "the broken weather. lhe quality of the new crop Bhould be good, but the quantity will be smalL. The low price of imported seed indicates a price of something under • 7d a lb for farmers' undressed seed. Old season s standard seed is worth about ■■llia. Ryegrass has got no friends, at present. The. country is producing too much Italian, and merchants mention a price about 2s on trucks, at which figure, of course, it is not worth harvesting. There is a heavy carry-over from last year. . . Perennial ryegrass is. mentioned at .3s on trucks, but there are no buyers. It is in a position of plenitude nearly as pronounced as Italian. _ •■■ Quite an amount of business was done early in the month with the export; of cowgrass> s which helped to reduce- stocks. Opinions about new Crop values are so far vague. The position ii.white clover is sunilar. The season has been a favourable one for the crop, and some promising fields are to be seeniLinseed seems to be a more extensive crop this season, and some excellent crops are to be seen on the Sefton downs. Much of the crop is now grown on contract for an Auckland firm on a minimum price basis.of about £13103 on trucks with a sliding scale upwards in accordance with London values. Potato Prospects. ' As far as appearances go, the potato crop should again be an exceptionally heavy one, but some allowance has to be made for the probabilities of blight. The value given in the statistics to last season's potato crop was the very substantial sum of £1 : - 078.358. It is scarcely likely even with the-prospect of a heavy return i from the large.area again sown if any-1 thing approaching this value will be secured this season. Twelve months ago it wa3 fairly plain that Australia would, want substantial quantities of our potatoes, as crop reports over there were exceptionally gloomy. This year tubers in Sydney are at famine prices, but ..there is very little "nibbling'' so far for .New. Zealand supplies, as crop prospects ; over'the Tasman have improved to soethj extent. However, th^re

"MILLERS' MYTH." FLOUR DUMPING. - AUSTRALIAN PRODI'CTION. (SUCMb io Tff* PRISS.}' NEW PLYMOUTH. January 11. "It's a millciv myth,'' said a New Plymouth merchant iwlay, when asked whether there was any truth in the allegations made in the South Island that Australian flour was being dumped into New Zealand. The position was, he added, that the Hon. Air liawkcii, Minister for Agriculture, had retused to prohibit the importation "f flcur, and had pointed out that uuy increase in the duty could only lie nuu-e hy lJarliament. There was a way, however, whereby the present duty ot' £3 a ton Could to increased without risking the decision of the House. It lay in per- • suading the Government, that unfair competition was taking place, and getting the Minister to use the powers conferred by the Customs Act and levv a special duty. A strong agitation was being organised in the south, thus to &top effectually the Australian impor- " tation and secure a monopoly _ for tho New Zealand millers' combination. The ory was that flour was exported to New Zealand below the price charged for home consumption. ' .The merchant produced a Melbourne invoice for a shipment of flour landing ex Waipori to-morrow, and said that the price charged was but los a ton 'higher than the value declared for the as that ruling for home consumption. In comparing the two rates, 'however, it was important to remember that the export rate was for large quantities in one delivery for prompt cash. The local selling price was subject to a rebate of ss' a ton for cash, .or credit might be taken, nominally ■for 30 days', l)ut. generally in practice for a longer period; There 'was thus 'a-very real risk of loss in bad debts. .Delivery was also free within .a radius of twenty miles of Melbourne. This 'charge alone would absorb a large part of'the extra price. It was well known •that large Melbourne bakers'-were able •to secure contracts whereby they got the benefit of rises in the market, but 'when drops took place full delivery 'was not rigidly enforced. • On the price of wheat ruling in Australia, it was obvious the export price ' was a. payable one, probably more so than that for home consumption. The real trouble was that under the system in New Zealand wheat could .not,, at least so it was said, be concerted into flour except at a cost some . pounds a ton higher than, in Australia. i) Last year the millers endeavoured to' /.-force the wheat-growers ,to stand the this year apparently they (.were going to join forces in an effort ;to land it on the bread-winner.: To-i : day Taranaki could buy even New Zea- , land, flour for about £2 ? ton .lower .than it was sold in the South Island, ,but this advantage would be' lost if • higher, duties could be imposed ;to eliminate the competition of free importation of Australian flour. CHEAP MILLING. INDUSTRY IN AUSTRALIA. ; (From a Correspondent.) '.Tfith r wheat: at 5s ojd in Melbourne quoted , l this > week for shipment, flour •is .£11:105 a ton ;f.o.b. according >. to cabled quotations received in • ■ Christchurch. Tliese • quotations (- are! Tery. sjgnilicent 'tis they" show; 'that wheat <it 5s ssd' is "stlli the' basis 'for: • milling - flour at £ll. 10s f-o.!).. /ine storekeepers in New Zealand, as well ais the general public, are puzzled as to, IjoW' Australian mills tfan flour; at a cost so inuch lower than the Do- ' minion' mills, an'd how, when Wheat is about 5s 6d, they can afford to mill it: "into flour and : ship it : at £ll 10s and' . »how a, profit. ' ' " ■ r (There is no doubt that the milling changes in New Zealand are far to,o high.- and that not furthes protection ■should be given until milling profits :t»r6; brought more in line with Australian standards. \ ; ,T3ie Government are 110 doubt .011 firm grpjund. when they request the wlieat-gijpwers-to prove, that is being ..dumped into.New. Zealand.; F.o.Jb. net' cob!). quotations for quantities of. flour invisji necegsaijly he "lower \ than delivered flour, jn, say ( ,"' Melbourne, in empll lots." . .'Cash discounts have to be allowed fdr. Cartage in small parcels'means■ \,#daed ! charges, and deliveries in; Ans-i , Hfal/aareexpensive. . ' ■;'Tiie mills in ' Australia .'are satisfied to Tirt/duce^flour at .a - reasonable ' prdfit. TTiey work most efficiently, and there id ,no "lace for inefficient mills. They are."not protected-by combines, nnd the . law of competition, compels those- in the business to adopt methods." and so produce at lower costs. Thp .inefficient „mill lias to go out of business.. ( . HASTINGS ORCHARDS. / . DAMAGE BY HAILSTORM. . ' > (■' - • After the serere hailstorm which occurred in' Hastings a few weeks ago ifc'Ws estimated that 1 the damage to orchards, in thp district- -would amount to at ,lea§t £30,000. In the opinion of'the Hastings'orchard inBtWi'ctor, Mr N. Adamson, however, thi£ estimate was rather on the/high . sidfeiand he stated last week, that the damage would , probably run to somethipg between £16,000 and £20,000. H6\v6vei-, one'of the growers who was among those affected'by the storm reaffirmed the opinion that thedamage wottld run to at least £30,000.; "In 'toy orchard," he said, "the position is really worse than what I thought it - was. After the storm I had a pretty good thinning, out, .but I left on, the trees a lot of fruit which I thought was not hit, or, at least only very ♦slightly marked. Now that- the fruit -has' those slight marks > have enlarged and absolutely spoilt the fniit. This season wilh be an easy one for me, for I have practically no fruit to attend to. .-I do hot think the estimate of £30,000 damagn will be far ; ■out."-'; , CEREALS. (Bt Citut—PßE3S ASSOCIATION—COriT.IGHT.) (AUerSittSK' Ajtß' K.Z. CABLE ASSOCIATION.) . ■ (Received January Mtli, 7.35 p.m.) , LONDON, January 13. wlwat—Cargoes are steady,. La Platas ana ■ American, showing a 3d io. (id advance. Australian « r « unchanged and inactive. A 2500wtl ;lot"lras gold• at 54s Sd J a cental. Pa'r- ' Si t. * M ' n mo ' Jor;lto tcquest a3dto 6d -is' being made at Sis to 54a 9d. .Liverpool Futures—March sellers, 10s 43d V* r .'* Dt *h May 10a JJd.-July 10, OW Th c . TO -in. quiet in all sections.. ' a^tr^,t P' e , market is dfill, . and prices The market ii- steady.- ' ,Qti4~Tb* market' is quieter, IfU »ai beast are inactivo.-.-

X.Z. INCOME-TAX. PRIVY COUNCIL. APPEAL. A WOMAN BRIEFED. j 'F.-.Cii ot'E o\v;: cor.r.^.lroNDEsr.) LONDON, December 4. On December 2nd, for the first time in history, a woman barrister took her place in a Privy Council appeal. She was Mis* Joan Clarkson, daughter of Lieut.-C'olonel Bertie St. .John Clarkson and Mrs C'larkson, whose father, the late Sir John Eklon. Gorst, was a prominent member of the Bar. Miss Clarkson, who was called lo the Bar at the beginning of last year, was of three barristers who appeared on behalf of the Income Tax Department of the New Zealand Government. She did not argue, but sat engrossed in a mass of evidence records, income tax figures, and the argument being presented. ' • . The Judicial Committee of the Privy Council —consisting of the Lord Chancellor, Lord Shaw, Lord Wrenbury, Lord Phillimore, and Lord Blanesburgh— had before them the case or Doughty v. the Commissioner of Taxes, which was an appeal from a judgment of the Court of Appeal of New Zealand of March 31st, 1926, allowing an appeal bv the respondent (the Commissioner of ! Taxes) from a judgment of the Supreme Court of New Zealand of November 30th, 1925, disallowing an income tax assessment made by the Commissioner of Taxes. Mr A. M. Latter, K.C., Mr M. Myers. K.G., and Mr C. L. King appeared for -the appellant. The respondent was represented by Mr C. W. JFarwell, K.C., Mr F. O. Langley. and Miss Joan Clarkson. The question at issue was whether the appellant, Mr William Richard Doughty, who carried on business with Mr Arthur John George, as wholesale soft goods merchants, drapers, etc., at Wellington, was assessable for income tax under the New Zealand Land and Income Tax Act, 1916, upon the sale by the appellant and his co-part-ner of their business", under an assessment made in of the year ended March 31st, 1921. In June, 1920, George and Doughty, Ltd., was incorporated under the Companies Act, 1908, with a nominal capital of £175.000, divided into -100,000 ordinary shares of £1 each, 25,000 "A" preference shares of £l, and 50,000 "B" preference shares of £1 each. Under the agreement for sale, the former partners became possessed of the whole of the share capital of the purchasing company. ' The Commissioner of Taxes caused the appellant to be assessed on sums which the latter declared were neither gains nor profits derived from the business. For the appellant it was also contended that the sale of the business carried on by the firm outright ■ for a lump consideration was not a sale effected in the course of the firm's business. Tn substance the transaction out of which the assessment arose did no more than effect a change in the form of the property owned by the appellant and George, and no profit arose on or by reason of the changc- ' , Valuation of Stock. There was no evidence) it was argued, upon 'which the Court of Appeal could .properly ' conclude, that any profit or excess was realised by. the appellant in respect of the stock upon the sale of the business, and the- subsequent valuation of the stock by the purchas•ing company did. not create ■ any such profit. In support of the respondent's case it was stated that in -their income-tax ' retu«n,-f or.vthe.- year-ended • January, 19th, 1920, ther appellant and his partner showed their stock-in-trade on that date as being of the value of £43,357. The company treated this stock as being worth £58,383, and. this .was stated to be its valuo'on'January'2oth, 1920, in the.income-tax return furnished by the appellant .as, managing director of the company!. The rc'spoiide'nt' treated the difference •' between : ' tlie',. two sums (£15,026) as a .profit derived from the business of the partnership, and caused the appellant to be assessed for' incometax in respect of the sum of £6"010, being .his proportionate share; of . such difference.; < j . ,

v It was contended that the difference between the price at which the, firm bought the-.stock in; hand.for itself, and the price at'-which the firm sold it .to the company was< not an accretion of capital, but income of the firm if or the year in question, and that the. firm made 'the profit which that difference' represented by its business of'buying merchandise and selling it, and that appellant's share of. that profit was "a profit or gain derived from his business," • , The further hearing was. adjourned! , The. Lady. Barrister. One. who attended the; Privy Council on the-opening day wrote of .the lady barrister: ■ ■; Blonde" hair peeped out from beneath her grey wig. That was all, apart from a cameo ring, that betrayed the destruction of another male tradition. Miss Clarkson might have been just an unusually good-looking young man. The afternoon wore on. The drone of argument rose and fell. A "Daily Express' '' representative who sat. arid watched struggled to overcome a'deadly drowsiness. ' Through a haze he saw this feininine figure turning over pages of "tremendous books, whispering, with her colleagues, engrossed in the battle of logic. "Oh, no, I won't argue in this case," .MiBS Clarkson explained. "Only two barristers address the committee. . . .■ I'm-the third.'?.' She

turned- away to earnest consultation with, her colleagues.. ■■-.'.

FROZEN MEAT MARKET.

NEW ZEALAND LAMBS WELL HELD.

(from oua owx coaaEspoNDENT.) ■ '. LONDON, December, 4.

Trade this week in meat has shown a slight improvement when compared with the previous- fortnight. • No increase in the values can be .shown (writes Messrs Mitchie and White), nor" is. it possible to look forward to any improvement in this direction. Certainly, however, the trade has been a little better all round for frozen meat,' due partly to the fact that supplies of town-killed and Scotch mutton and lambs have eased somewhat compared with- a -fortnight or three weeks ago. , New Zealand lambs continue to be well'held,, and supplies cannot be in any big compass at the present time. Prices are still .the same as those ruling for the past fortnight, namely:— Canterbury's, under 36, 10 to 101 d; 36-42, 9Jd; 42-50, 7d to 7id; over 50, 6Jd. Cross-keys and S.O.F.'s are to-day offored at:—2's, 9Jd; B's, BJd to BJd; 4's, tegs, •6d. Seconds, UO-311b averege, are. still worth 9d per lb," dropping to BJd to BJd for 351b. This applies to practically all classes of New Zealand secondary lambs. - For Australian lambs, now. arriving there is a healthy demand. First quality Melbourne 3's and Bs,- particularly 2'a, are making. 9d for 2's steadily, and 8d to- Bid for B's, nnd at these prices a steady business is going on. The mutton market continues to be very slow, and prices very shaky. Values, for wether, mutton are:—Under 481b, 6d to 6jd; 48-561b, 5Jd to sfd; E6-641b, 5& to 58d; 64721b,.5ta to 6jd. ' 'As for secondary wethers, there is practically no sale except for a few 44-161b average wethers at s{d per lb.

LOCAL BODY LOANS. MONEY FROM ABROAD. Whether borrowing should Lo restricted to New Zealand or whether v. more favourable offer from an Australian linn should ho accepted was a question which arose at the meeting of the Taranaki County Council last week. For seven small road loans totalling £o-')2O. two sources were open, the Public Trust Office, which would charge 0 per cent, interest, and a firm in Australia, which offered terms that would show a saving of about £2OO as com. pared with the other. Some division of opinion among the councillors was shown, one member raising the point that the Council should not borrow outside New Zealand. It was eventually aereed, however, that the Australian offer should be investigated to see if the terms were actually as favourable as appeared. The chairman, Mr J. 8. Connett, said that the essential point was whether the firm would agreo to the loans being granted separately, requiring seven different procedures. Information on this point had been asked for, and the Council decided to leavo the matter in the hands of tho chairman and the clerk. BANK OF ENGLAND RETURNS. (BT CABLE—PRESS ASSOCIATION— COPTRIGHT.) (AUSTRALIAN AHD N.Z CABLE ASSOCIATION.) LONDON, January 13. The following are the Bank of England returns for the week ended Wednesday.: Issue Department. Note circulation .. „ 138,084,C0'J Notes in reserves .. .. 31,923,000 Total 170,007,000 Government debt .. .. 11,015,000 Other securities .. .. 8,735,000 Gold coin and bullion .. .. 150,257,000 Total 170,007,000 Banking Department. o Proprietors' capital .. .. 14,553,000 Rest .. .. .. 3,513,000 Public deposits .. .. 15,372,000 Other deposits .. .. 111,539,000 Seven-day and other bills .. 2,000 Total .. .. .. 144,979.000 Government securities .. .. 34,768,000 Other securities .. .. 77,056,000 Note 3in reserve .. .. 31,923,000 Go'd and silver coin ~ .. 1,232,000 Total 144,979,000 Proportion of reserve to liabilities, 26.10 per cent. Short loans are quoted at 4 per cent.; three months' bills at 4 5-1G per cent. I GOVERNMENT SECURITIES. LONDON, January 13. The following are the latest quotations for Government securities compared' with the

FOREIGN EXCHANGE RATES;

LONDON, January 13. The exchange ratca on London ato as follows: '

Par. Jan. 7. Jan. 13. Paris, fr. to£l .. 21.22J 122.93 122.18 Brussels, belgas to £1 5 34.90 34.90 Oslo, kr. to £1 18.159 19.09 18.92 Copenhagen, kr. to £1 18.159 18.20 18.21 Stockholm, kr. to £1 18.159 18.17 18.17 Berlin,' Keichmarken ' to £1 •• -• - 20-44 20.47 Montreal, dol. to £1 4.86J 4.85 5-1G 4.83 New York, dol. to £1 4.86J Yokohama, st. to yen 24.5 24J 23J Komc, lire to.£l .. 25.22* 110.13 111.87 Calcutta, sttorpe 16 to gold £ 18 181-16 Hong Kong, at. to dol. •■ 23g 24 3-16 Amsterdam, fl. .. 12.107d.J2.12J" 12.13 Batavia .. ••

•Governed by price of silver.

DAIRY PRODUCE.

(Received January 14th, 5.5 p.m.) LONDON, January 13.

Sugar—Granukted, 34s 7£d per cwt. Butter—The market is quiet. New Zealand and Danish being unchanged. Australian choicest salted is quoted at 166s to 172s per cwt, and unsalted at 172s to 1765. Cheese—The market is slow. New Zealand is quoted at 94s to 95s.per cwt.

Dalgety and Co. Ltd., have rercived the following message from their London office, dated January 13th, 1927: Butter—Market very quiet. We quote: Danish 178s, Now Zealand Dairy Board minimum price, finest 1745, first grade 1725; finest Australian unsalted 1765, salted 168s to 1725.

Cheese—Market steady but quiet. We quote New Zealand Dairy Board, minimum prices: Finest white 945, finest coloured 95a, first grade white 935, first 'grade coloured 945, Canadian spot, white 92s to 98s, coloured 92s to 98s. WOOL. (Received Januarv 14th, 5.5 p.m.) LONDON, January 18. Tho Bradford wcol market is firm with very iittle business, though there is a moderate enquiry from spinners. Quotations are unchanged. The New Zealand Loan and Mercantile Agency . Co., Ltd., have . received a cablegram from London giving the undernoted market information, under date 12th inst.: — Wool Sales—Lists closed January 10th. Hororata and Ruapehu available. Ruahino shut out. P. AND O. SHARES. (Received Januarv 14th, 7.50 p.m.) LONCON, January 13. P. and O. shares are quoted at £249.

Sales lcportcd—Bank o i SO! nth "Wales, £16 17f. 6d; X<Z. Ini iur»nce (.CU va aiT.;, STe'tkl i.llirce jmcclvi; Go id «b rou ?1', Mort, It's 3d; Kftwar»u, 3a &d; ; Brit's h ' robRcco, Sales or. 'Change—Com: uu. Ban k o i Aual., 3S! s 4d ahiee p»icel«) QUOTATIONS. / Ywter d»T. L»»t AV»ci. U< Pt 5 ieir. Buyers iieilerB. Bujeri. Selieii. Buyen Selltii. },\X. GOVT. DEBESTUKES--H y.ec cent: Inscribed, "193:5 and 1930 96 10 0 96 15 0 — — — ii |iev cent. Bonds, IKS 96 12 r> 97 0 0 96 15 0 _. 3J 15 0 96 5 0 .\i cent. Bends, 193-J . • • S6 12 6 . -_ ._ — 95 15 0 96 5 0 5 per cent. Inscribed, 1927 •• ■• 99 0 0 — 99 0 0 — — 3 per cent. Inscribed, 1923 •• '■'•'■ 9S 7 G S « 9 _ — »7 0 0 - g pe.- cent. Bonds, 19JT ■• •• 5 i per, cent. Bonds, 99 2 .101. I) IS 1 0 r J0 0 u 99 2 6 100 17. 6 90 12 6 : OTHEirDEBEXl'UBESCluisklvureh Tramw.us, o!> pel' cent., 97 10 1911 " ■• ;• Mew Brighton Borough, 5j pov cent., 1955 . - — 1 i0l 0 0 Kolorua Borough, 6 per cent., 19B1 ■ — 1U1 0 o. woo - 'tXc Kniti Borough, 6 •"; per cent.. 1933 100 0 0 1 1)1 U 0 "Hakeraa Drainage, 6 per 'cent.. 1946 .. \ / Breweries, Bonds . 1 '4 1 on 15 n 1 4 9 1.4 7 15 3 - — BAXKS- - n 0 8 H 0 _ _ ■ — Adclaklo ■ • Mist Bank o: Coinm. 1 13 1 13 9 1 13 0 -- — ~ Au3t. Bank of Comm. (rights) ... Australasia Comm. of Aust ■• 0 S 14 0 1 13 8 0 14 2 6 1 13 6 1 12 3 'l 13 0 14 r 0 11 s 0 Comm. cf Aust. (picf.) Comm. of Sydney V, S., and A. 6 17 8.S 6 u 27' 7 6 8 11 0 57 7 • fi 8 6 6 27 32 G :: 27 5 0 National of Australasia (£10 paid) ■• 15 7 6 18 IS 0 18 0 0 ■ ■- - : " — Xalinnal of Australasia (£5 paid) ■ ■ National o£ X.Z. Xe W South Wales Xcw Zealand _.. Roval (±1 pa'") 9 5 6 7 0 0. 46 14 0 2 18 10 1 17 3 9 JO n - 7 8 0 47 0 0 2 19 0 9 10 46 0 0 ' 2 19 0 1 17 0 7 16 46 15 0 •2 19 3 S 15 4S O 2 16 1 15 0 0 0 3 817 6 44 O O 2 16 6 Royal (£4 P"d) i'nion of Aust. 15. 5 6 15. 7 6 15 4 0 15 0 0 .15 1.6 !':„*„,.:., /nrd IjOllCioU \ ICtOUt'' 'UIU. i' wltu 30 2 6 21 'J 0 Register) 20 10 0 16 0 0 — Victoria (pvef.) VXSUKANCEMational ■• -■ 1 Mercantile Mutual _. • New Zealand (cum div.) a 13 in ■ 3 14 2 3 13 6 3 14 0 3 19 0 3 19 6 .1 6 17 3 6 0 fi Q .!. 7 3 i 7 8 16 6 1.70 2 12 0 - ' Queensland .. South British 2 16 2 .1.(5 9 2 2S 3 2 16 0 •1 J6 S . . 2 17 3 2 IS 2 9 6 •0. 2 14 6 Standard LOAN ;a\D AGENCyDalgety anil Co. . Goldsbrough, Mort 15 (1 2 9 0 15 .14 0 2 9* IS' 2 ' fi 2 8 0 IS 30 0 2 9 0 35 12 2 7 6 6 15 18 0 2 8 0 X.Z. and River Plat« 1 3 0 "~ / S11IPP1XGft Adelaide Steam 1 « II 1 7 0 1 12 6 1 13 6 Howard, Smith I 12 4 1 13 0 , P. and 0. Deferred •• 240 0 n 246 0 0 ' ■ Union (pvef.) 1 0 0 •10 6 FROZEN MEAT10 0 0 H 0 0 Canterbury ,. X.Z. fiefrig. (.paid) .. X.Z. Refrig. (contr.) .. 7 12 0 14 0 7 6 6 5 0 15 3 0 7 7 0 6 8 0 7 0 0 16 0 0 18 0 WOOLLENSKaiapoi (17s paid) — 0 10 9 0 4 3 0 16 0 0'8 0 0 10 6 - - Kaiapoi (7s paid) Kaiapoi (pref.) 0 3 0 11 0 6 - - 0 10 6 — . COAL^0 2 9 0 2 9 _ _ Stockton (pref.) GAS— Ashburton .« Christchurch . .. 4 18 1 5 0 U 5 4 0 15 6. 4 15 0 1 4 10 5 2 6 15 3 - - BREWERIES--Monteith's .. 0 39 3 1 IS — 12 9 Xew Zealand Staples Ward • 2 1L 1 IS 2 2 0 7 0 2 12 0 2 0 0 1 17 9 1 18 3 ■ 2 0 3 2 13 CEMEXTSWilson's -• »•' 1 14 6 1 16 0 ' 1 14 O 1 15 0 - TIMBER:- '. Kauri ■•• »• — 111 0 • *~~ 1 10 0 - 112 3 MISCELLANEOUSBeatli and Co. '*.. i n 3 112 3 1 11 6 . .1 12 0 . 1 11 9 1 12 6 British Tobacco Burns, Philp' 2 11 2 0 O 0 2 10 1 19 0 -" 1 19 0 20 0 Dunlop Rubber 1 u G • Electro. Zino (old. cum ' X , 13 9 ,''—■' '■ r div,) - /, ■• 116 6 — Electro. Zinc (peer, ■■cum '.''■] 15 S '-~ , div.) . .:..■'•■• 1 17. 9 , 1 17 11. • ■ 2 5' 0 Henry Jones 2 9 2 2 9 3 — ■_ Huino Pipe (Aust.) .. ■:. o 16 3 0 13 6 Mason, Struthers (i'l paid) •'• . •#■ 1 2 6 ISO12 6 . 1"5. 0 . — '' ~* Mason, Struthers (14s "paid) •'• •■. . "0 H 7 . 0 15 2 OH 8 0 15 3 , — ■ — ' Mason, Struthers (10s paid) • • 0 10 8 0 11 2 0 10 6 0 11 0 , 3 11 6 3 6 6 0 11 0 X.Z. Ding Co. 3 10 6 N.Z.- Farmers' Co-op. i (G-i per cent. Stock, 82 0 0 . • _' • „ — — ■' 1930) ■ N.Z..".Farmers'. Fe.rtil4 14 0 — , — ■ iser X.Z. Guarantee, Cocpn. 0 9 4 4 12 6 0 10 5 0 JO 0 3 10 6 0 10, 6 0 9 0 0 9 9 "Whitcombe and Tombs 3 10 0 nmxG- - . '" — — Albumin,' .. Kawarau 0 3 0 3 1 7 9 6 3 0 3 9 03 0 17; 6 0.3 3 -'_ \P . J[t. Lyell ••. Xokomai Hydraulic .. 0 5 6 0 6 6 — ~ ...

prices ruling on Jni mary 6th:— Jan. 6th. Jn n. 13. £ s d ■ £ s d Imperial Consols, 2 J p.c. 54 10 0 54 15 0 War Loan, 5 p.c, 1924-47 100 1.7 6 101 ■0 0 War Loan, 3% p.c, 1926-28 99 12 6 99 0 0 Conversion Loan, 3U p.c, 1921-47 .. 75 17 6 75 17 6 Commonwealth, 6 p.c, 1922-27 . . 103 7 6 103 .5 0 Commonwealth, 5 i , p.c, 100 5 0 100 15 0 New/.'Zealand, 6 p,c, 1936-51 .. 106 2 6 106 • 5 0 New. Zealand, 4 p.c, 1929 97 10 0 97 12 6 New Zealand, 3} p.c 1940 ' 85 7 6 85' 12 6 New Zealand, 3 p.c, 1945 ... 76 12 6 77 0 0 New • South Wale's, 6J p.c, 1930-40 — 101 0 0 New South Wales, 6 p.c, 193040 .. 100 10 0 100 17 6 New. South- Wales,; 53 p.c, 1922-23 100 2 6 100 . 2 6 New South Wales, 4 p.c, 1938 .. 90 0 0 90 2 6 New South Wales, 3 p.c. 81 7 6 81 7 6 New South Wales, 35 p.c. 70 10 0 70 17 6 Victoria, 5 p.c. .. 101 , 5 0 101 0 0 Victoria, 5J p.c, 1930-40 ' .. 98 0 0 99 0 0 Victoria, 4J p.c, , 1921-26 92 15 0 93 5 0 Victoria, ' 3i p.c, 1920-43 76 10 0 76 17 6 Victoria, 3 p.c, 1928-40 70 7 6 71 0 0 Queensland, 6 p.c, 1930-40 100 15 0 ibo' 12 6 Queensland, 3 J p.c, 1930 . 92 0 0 92 7 6 Queensland, 3 p.c, 1922-47 67 5 0 67 10 0 South Australia, 6$ p.c, 1930-40... 101 g 0 101 15 0 South Australia, '31 p.c, 1939 81 10 0 82 0 0 South Australia, 3 p.c. 1916 or after' 59 0 0 59 0 0 West Australia, 6 ' ' p.c. 1930-40 .. 101 2 6 101 7 6 WeBt Australia, 3} p.c, 1920-25 .. 87 0 0 87 10 0 West Australia, 3 p.c, 1915-35 .. 83 176 84 2 6 Tasmania, 6} p.c, 1930-40 .. 102 5 0 102 10 0 Tasmania, 3} p.c, 1020-40 82 2 6 82 17 6 Tasmania, 3 p.c, 1920-40 ■ 77 0 0 77 0 0