FINANCE AND COMMERCE.

Press, Volume LXIII, Issue 18903, 19 January 1927, Page 12

FINANCE AND COMMERCE.

RECIPROCAL TRADE. COOPERATIVE MARKETING. N.Z. PRODUCE IN ENGLAND.. [THE PBEBS Special Serrics.] WELLINGTON, January 18. With the object of encouraging reciprocal trade between the co-operative organisations of Great Britain and those in this country, three representatives of the Co-operative Wholesale Society of Great Uritain are at present touring New Zealand. They are:— Sir Thomas Allen, and Messrs W. T. Charters, and J. English. Sir Thomas Allen is a member of the Empire Committee, the Empire Marketing Board, and the Board of Trade Advisory Committee, a director of the Co-operative Wholesale Society, and of the New Zealand Producers' Association, and i*vimsii of the Co-operative Assur*.. 'W»ty,. and of the Parliamentary of the co-operative movement. Mr Charters, is a member of the Committee on "industry and Trade, which was set up in England during the regime of the Mac Donald Government, and which is still in existence.' He is also a member of the Advisory Committee of the Overseas Department ot the English Board of Trade. Mr English is a director of the Cooperative Wholesale Society.

Eliminating the Middlemen. "Til© Wliciwale Society, with 1200 retail societies," said Mr Charters today, "does-an annual trade of between 75 to 80 million pounds, and has a membership, counted, in heads? or. families, of 3 millions:" That meant the total membership of the Society iu Great "Britain would be, perhaps, 12 millions. The object of the visit, he said, was to increase trade between the primary producers and the co-operative societies on this side and themselves. They, hoped to. foster reciprocal, trade between the" organisations in bo," countries. They hoped to eliminate, as far as possible, the many interests that, stand between .the primary producer and the consumers. Mr-Charters stated that he and his colleagues would not be transacting any actual business in New Zealand. They were simply' on a tour -of investigation with a view to the arrangement of a policy that would return a fair profit to the producer, and yet enable the consumer to live more cheaply; The New Zealand prodiico handled by the Society In Great Britain was mostly woo], moat, fruit, -butter, 'cheese, and eggs. Of : these, meat was one of the chief ijems.

Effect of Control Boards, ' -Mr Charters said he did not think the Meat Control Board would affect thorn nt ; all, except by controlling tho shipping or the grading; It would give a greater confidence to the British market, guaranteeing certainty of grade and regular shipments of produce. He could not speak with any great knowledge of the Dairy. Control. Board; -, but he expressed the opinion, that .the,prices fliod' mtis't not be. abovo the 'world's parity and the market. If • it. w,ere above ; these it would be very much weakened,, , Ho was .emphatic on- the point that New 1 Zealand butter and dairy produce generally held'a "very high position on tho London markets. There /was a very* great desire in all Quarters at Home, he.'said, to promote the sale of Empire goods. j

!,.;, '; A parish Methods. "The success of Denmark in the Lon- ' don marketsj'* said Mr Charters, "is due to the co-operative methods employed -by the-people vin- that country. '- ThV Government of Denmark see to it , that the grading of the butter is per;fe'etly done, and that the name on tlib ; 'cask, 'shall denote its origin and its 'rjilue,' but, New butter is .today a very great competitor with Danish butter." Tho farmers here had but'to maintain their high standard to make, a still further success of marketing an Great Britain.

.System Preferred.. ;In the opinion of.Mr Charters, the Australian system of..control .was .preferable to the New Zealand, system, owing to the fact that the Australian control arranged for prices to be fixed in eohference with the principal, authorities on the. other sido.. In the case of New Zealand, however, New Zealand practically fixed the selling price. That sometimes involved, losing, the markets, because New Zealand prices ; aro too high; • Heavy, expenses-were incurred, which might perhaps be avoided' if some mothod of joint arrangement could be agreed upon with the marketing • on e side.

• THE TARIFF. COMMISSION AT AUCKLAND. , .*' ITHB PBBBB .Bpeclsl fiervloe.] ■,■ ■■[ ■'..', ■'.' ..' .AUCKLAND, January 18. - The Tariff Kevision Commission • cominenced its Auckland sittings this morn- ' tig- ' :.:. •. : ; ; •'<•■.:■'•■ '. ' ' '. , It is expected that the Auckland sittings will occupy from two to three weeks, during which time evidence will lie taken from manufacturers and others .who are 6f opinion that: the tariffs on certain lines of goods should be either increased or reduced. At the conclusion of the Auckland /fittings the Commission will proceed to to take further evidence. •. ',; '-\/ I.; ". • ■• v. . • : ■ : FIREBLIGHT. BEACHES MANAWATU.

.'•;■.. . ''••■.»;:- ; (PBBSB ASSOCIATION TBLKiBAII,) . IPALMERSTON NORTH,'Jan. 18. Fireblight has reached, ,Manawatu. Several affected trees were found withia theborough, and were destroyed to *pr«R<int the spread of the blight. Ordbardists are. endeavouring to have thfrareti bsought-wider the Fireblight ''-Act,' which •jres power to remove'haw--1 thorn, which acts as host for the disease. . .VAlthough known in America for the hundred years, fireblinut : . only breached New Zealand in December, Wl9, the first- outbreak being in the (Auckland district. : : :'C:,,, : ' PROPERTY SALES. ' Meiaii.Lohxey'and Co., Ltd., auctioneers, , ioM immediately after, the. auction yesterday .; Mr F.. MullhollandV property, ■ ?,*>>• ■Mr O. Wilson, at £18507 . Th*;ptpperty situated 21 Slater street, Bed- '.; ,w fv W«».:»M (o the.'mortgagee.

NO DIVIDEND. N.Z. REFRIGERATING CO. ANNUAL REPORT.' The annual report of the New Zealand Refrigerating Co., Lt<L, to bo presented at the annual general meeting'of shareholders on.'February 2nd, states:— In presenting to the shareholders the balance-sheet and profit' and loss account for the year ended October 31st, 1926, the directors have to report that owing to the keen competition for the purchase of stock in New Zealand and the unfavourable markets for nearly all, the company's products due to the decreased demand during the English coal strike, the results are such that they are unable to recommend the payment of a dividend. During the year the company bought the greater part of the buildings and plant of the Wanganui Meat Freezing Company, Ltd., for the buildings were :~.d to the Harbour Board for £30,000 and the plant transferred to our other works. At the same time 36,310 fully paid £1 shares' in the capital of this company were allotted to trustees to be distributed in due course to the shareholders of the Wanganui Company inexchange for their shares and for their goodwill which has already proved of great value to this company. As, however, the shares and • goodwill of the Wanganui Company have no saleable value, .the directors consider that the | .amount should be written off as soon as possible and have accordingly written off this year £12,103 6s Bd, being one-third of the nominal value of those items. The Profit and Loss Account, therefore, shows that while the season's operations resulted in a small profit of £4627 10s 8d the amount which the 'directors "recommend to be- carried forward to the credit of the aocount will be £7412 2s 6d less than last year.

Stocks and consignments have, as usual, been valued on a thoroughly conservative basis and the buildings apd, plan.t have been maintained in a high state of efficiency out of revenue. Having regard to the very adverse conditions of the industry during the past year, the directors consider that the results are'not unsatisfactory, but that, as some of the.unsound features of-the-trade still remain; they are justified in. recommending the conservation :of the. resources of the company •rather,than the dispersal of them in the payment of dividends.

; The director retiring by. rotation is Sir Francis Boys, who,, being eligible, offers himself for re-election.

The auditor,.Mr J. W. K. Lawrence, also retires,' and offers himself for reelection. Balance Sheet. The following is the balance-sheet:— ; LIABILITIES. i £ s. d. £s. d. .'"'..'.'.. shares at £1 1 each ....1,000,000 0 0 Lew Unallotted '■ 63,690 shares at • . " . £1 each .. 63,G90 0.0 . ' Subscribed capi- •••■■'■• I tal .. .936,310 0 0., Less! 'uncalled. ' i 600,000 shares '■ at.lOscach .. ■■ 300,000 0 0 Paid up capii tal ■• -;--... 636,310 00' Secured-deberi. .. . v ' 150;00O 0 0 Reserve Acp'rit.' • .' ■ 110,000 0 v Sundry. ■ credi- ; or's, Advances ■•' against. Ship- \ j relents arid proi vision forvDe- ' i pr.ecjatipn '.of I Investments.. i and for . Con- • ■ thigencics .. 580,798 18.1 Balance • ', ut ; Credit, Profit and Loss .. 42,456 4 6 ' • ; £1,619,565 2 7 •assets; ' . -j ~..,- .£ a. d. ■ . £ s. d. Land,, Build- • ings tr 'Machin- - , ery, y and Plant, et<;. .. 758,644 -10: 6 Pliis . Castlec'Uff •. . ; • . . ! Machinery : and Plant. ....■•12,258 19, & ~ ....—, __ -771,103-9 11 Secured ' De- ■ behttlres on " * P'u k,e u r i i , ,• \ , F'r-eez'in g' ' ■•' ! Work*' '.-.-. ■■ ■' •>-• 133,500 0 0 Interest in ■. ■ ..„ ' Shares '_' ' of ' . j W'angan. ui '.''. , ', Meat Freez- '■.'■'••■ iing Co., Ltd. . 36,310 0 0Lees written off ithia year .. . 12,103 6 8 ! „ '..'," , 24,206 13 4 Sundry dobtors' ! Investments, j Consignments ... ! unrealised ■ and stocks in Works .... . 683,396 17 9 Cash at Bank ' 8,358 1 7 ! - £1,619,565 27 Profit and Loss Account. . The Profit and Loss. Account shows:— Dr.— £ s. d. £ ». d. To amount writ- ' ! ten off interest , in shares of . , Wanganui Meat , . ■ Freezing Co., - ,LW. .. 12,103 6 8 Balance . .; 42,456 4 6 ' • ! . ' Cr.— £ s. d. £ s. d. 1926:.; : ■ Nov. I—By bal- • I ance . brought • . • forward from 1 last' year Bfter '• • ', payment of , dividend suth- .'■.'■- 'raised ... 49,868 -7 0 1926: ,• Oct.. 31—By, ' ~'.'. Transfer foes 63 13 6 By profit after making provi-. sioh for Efl-, • pairs, - Benew- , , .. , .; als," Taxation, and l Sundry Contingencies 4,627 10 8 : £54,859 li 2 poultry Census. ' [THE PBESB Special Service.] WELLINGTON, January 18. •' The number of fowls, ducks, geese, etc., in New Zealand in 1921 was greater than in 1926, when, the last census was taken. In a report to the Minister for Internal Affairs (Hon. Mr Bollard), the Government. Statistician (Mr: Malcolm - Fraser) gives the following interesting return:— ' . 1926. 1921. Fowls , .. .. 3,308,384 3,491,567 Ducks '.. .. 352,030 379,988 Geese ■ .. .. 43,879 46,234Turkeyg „ ~' '76,853 73,220 ' Totals .. .. 3,781,145 3,991,009 Decrease, 209,864. EGG AUCTION. Messrs Harris Bros., Ltd. report that the usual weekly auction sale of "Feather Brand" guaranteed, fresh eggs was 'held yesterday t afternoon, ,The following prices were.realised:—Hen eggs, _first-grade (3b*' or . over), Is 7Jd; hen eggs, 'second grade (under 2oz),

CANTERBURY MARKETS

WHEAT SALES, (BT OCB COMHEBCIAL EDITOB.) Tuesday Evening. The absence of any improvement in the flour position "in Australia, and the rapid progress crops are making under the conditions of the past few days, have combined apparently to bring farmers on to the market, and sales were reported to have taken place yesterday in the Ashburton district at 5s 6d on trucks. This indicates a weakening in farmers' ideas of from 2d to 3d a bushel, but probably the prospect of a substantially heavier yield will compensate somewhat for the lower price. A scorching nor'-wester prevailed yesterday afternoon and will bring crops on rapidly towards the harvesting stage. Binders are busy throughout most of North Canterbury. pats. Oats are practically a dead letter. Farmers who generally have to feed their oats hard down have fair areas of heavy crop for cutting this year. Merchants are acting very cautiously this season in this cereal, as, indeed, they are in all classes of produce. Other Crops. Peas have recovered the threepence a bushel loss recorded last week, the enquiry from Home having brightened. Quotations • are from 6s lOd to 7s on trucks for export quality. Potatoes have eased, to-day's quotation being £3 7s 6d on trucks for April-June delivery. The heaviness of oat crops—or the straw growth in them—is indicated by the demand for binder twine. Merchants generally have had to supply repeat orders. Quotations. The following are quotations for produce to be paid to farmers, sacks extra except where otherwise stated: Wheat—New_ season's 5s 6d to 5s 8d per bushel on trucks. Oats—Gartons-up to 2s 5d to 2s 6d per bushel; Algerians 2a 3d. Chaff—£3 5s per ton. Potatoes—£3 7s 6d per ton. . Onions —New' season's, £4 10s. Red Clover-r-8d to BJd per lb. White Clover—Sd per lb. Perennial Ryegrass—Up to 3s per bushel. . Partridge Peas—6s 10d to 7s. [ Barley—ss per bushel. Italian Ryegrass—2s per bushel. Cocksfoot—6Jd to 7d per lb. Linseed—£l2 to £l3 per ton. • Bi'an—£7 per ton f.o.b. southern ports; 10s extra for smaller packings. Pollard—£lo per ton f.o.b. southern ports; 10s extra for smaller packings. f Flour—Local wholesale price £lB per ton for 2001b sacks.

RANGIORA MARKET. OWing to harvesting operations occupying a good number of fuvrners, tho attendance and entry of live stock at the Kangiora market yesterdayy were below the average, iho yarding of sheep comprised 339 fat lambs, 46 fat ewea, 12 fat wethers, and 372 stores. The lambs sold at prices a little over schedule rates, details being; as follows:For R. Wbitham, 35 at 26s 7d; G. and I. James, 36 at'26s led; W. Moir, jun. 15 at 25s- H. Wood, 12 at 24s lid; P. S. Bowcn, 32 at. 26s Id; C. B. Graham,, 117 at 25s 7d; clients, 12 at 23a 4d, 45 at 25s sd; R. Peach, 19 at 24s 9d; J. H Burgess, 10 at 25s 10d; F. Goodrich, 6 at 25s lOd. Fat ewes: For A. J. Tutton, 12 at 17s; J. and F.- James, 9 at 15s 8d; F. Horn, 9 at IBs 9d- yf. J. Moir, 14 at 16s 6d; R: Peach, 2at 18b.9d. Fat wethers: For A. J. Tutton, 2 .at .28s; H. Page, 7 at 24s 6d; F. Goodrich. 2. at 28s. ' Practically the wholo of the stores were .rape lambs, and the sales made were: 49 at 21s 9d, 204 at 23s 7d, 58 at 22s sd, 29 At" 21s" Id, 50 at 22s 6d, and 72 at 21s 4d. 'Fifteen head comprised the whole of the cattle entry. Fat cows made £4 Is to .£5 17s 6d; fat heifers, £6 10s to £6 12s; cow in milk, £Z ss; empty cows, £3 sa; yearlings, £2; heifer calves, £1 Is, and a bull £2 12s 6d. ; Being -the off days for fats, there was a very small entry of pigs, only about 40 being penned. Four small baconcrs . mndo £3 15s to £3 18s, stores £2 Ks to £2.105, and weaners from . 19s to 33a.' ; Poultry—Boosters sold at 9s a pair, bona ss, Leghorn. hens 3a 6d, ducklings Bs, and ducks 6b.

Produce—Ghichwheat mado 25a to 27a 6d a eaok, oats 17s \6d to 20a, pig meal Ms, seconds tare 3 IBs, oalsheaf chaff 6s to 6s, straw chaff 2s 6d,. potatoes Id lb, rhubarb 4s doz bundles, cabbages Ss a dozen, lettuces la, gteen peas Is peck, plums Is 6d to 2s the half-case, black currants 4d lb, onions 6s for 501b kit. ' Sheepskins—Halfbred 'to 16s, crossbred to Bs, lambskins 3s 6d, pelts Is to 3s, calfskins 35,. fleece wool 12Jd lb, pieces Bd, crutchings 7d,- fat 2d, horse hair ]s 6d. WALLACETOWN MARKET. (PBESS ASSOCIATION TELEGBAM.) ■ ' INVERCARGILL, January 18. A. large consignment ot . both fat cattle and fat sheep were forward, at the fortnightly Wallacetown sale to-day. Consequently prices showed an easing tendency, a drop of Is. 6d per head in the sheep section being e.vident over last sales rate, while those for "fat lambs, which were practically all secured, by freezing operators, were about on a par with those obtaining a fortnight ago. • The bulk of both sheep and lamb yardings was cleared at auction," vendors being prepared in most cases to accept tho values offering. Pat Sheep—The yarding was considerably heavier than for. some time past. Prices all round were easier. Extra prime wethers made up to'2Bs 3d, medium weights realised from r 24s to 26s 6d, while lighter kinds ranged down to 235. Prime ewes brought up to 18s, lighter* from lis to 13s 6d. Prime butchers' lambs sold at up to 25s 3d, freezing weights, from 22s to 245, lighter down to 2Qs. ■ Fat Cattle—Tho yarding was a large one, and included some well-finished heifers and steerß and the usual quota of good cows. In the . majority of cases sales were made at auction. In the case of cow beef, prices all round showed a decline of about £1 a bead. Steer and . heifer beef also eased somewhat, but the depreciation was not so marked as that in respect to medium cows. Extra prime bullocks realised up to £l4 17s 6d, good butchers' bullockß from £lO to £11; lis, lighter down to £8 10s. .Extra prime cows.made up to £8 10s, medium from £5 10s to £7,' lighter from £4 to £5; good heifers to £8 15s, medium from £6 10s to £B/ lighter from £5 to £6. Vealerß realised from 25s to 455, according to quality. Store Cattle —A small, yarding, resulting in keen competition and a good sale. Three and 3J-year-old bullocks brought £8 14s, speyed and empty cows £4 16s, cows with calves £5. 10s, mixed-sex yearlings £3 19s. Thero was a small yarding of dairy cows and bulls, which met with a dragging demand, prices, however, showing no variation on late values. Some store sheep solicited practically no demand. Full and failingmouth ewes made 10s, while a pen of ewes and lambs realised 13s 9d,. all counted. Mixed-sex lambs, 26 in all, were passed in at' 12s.

FOREIGN EXCHANGE RATES. (BY CABLE—rBESS ASSOCIATIOK—COPYRIGHT.) (AUSTRALIA!? AND N.Z. CABLE ASSOCIATIOK.) .(Received'January 18th, 7.55 p.m.) LONDON, January 17. The exchange rates on London are as follows: Par.Jan. 13. Jan. 17. Paria,, fr. to JEI .. 21.22J 122.18 122.00 Brussels, belgas to £1 , 5 34.90 34.90 Oslo, kr. to £1 .. 18.159 18.92 19.97 Copenhagen, kr. to £ 1 18.159 18.21 18.22 Stockholm, kr. to £1 18.159 18.17 18.17 Berlin, Keichmarken • to-JBl ... .. Montreal, dol. to £1 4.86J 4.86 4.86 i New York, dol. to £1 4.86J 4.85 3-16 4.851 Yokohama, Bt. to yen 24.5 231 24J Borne, lire to £1 .. 25.221 111.87 112.87 Calcutta, attorpe. 16 to gold £ . 181-16 181-16 Hong Kong, st. to dol. * 24 3-16 . 24 Amsterdam, fl. .. 12.107 d 12.13 12.13 i Batavia .. .. •Governed by price of silver. . BRADFORD WOOL MARKET. (Received January 18th, 5.5 p.m.) LONDON, January 17. The Bradford wool market is firm, hut little business is passing, operators awaiting the opening of the London sales.

HIGH COMMISSIONER'S REPORT The Department of Agriculture has received the following cablegram dated January 15th, from the High Commissioner for New Zealand, London: — BUTTER. The market is quiet, and the demand principally for under-priced descriptions. Official quotations nra:— New Zealand: Finest sailed (new season's). January 15th —172s to 174s per cwt (Is OJd per lb). January 8th —172s to 174s per cwt (Is 6id per lb). Unsalted. January 15th—182s to 184s per cwt (Is 7id to Is 73d per lb). January-Bth—lßos to 182s per cwt (Is 7.1 d to Is 7id per lb). Other Qualities. January 15th—150s to 16Gs per cwt (Is 4d to Is 53d per lb). Finest Salted (Stored). January 15th—164s to 166s per'cwt (Is 55d to Is 53d per lb), up to 168s per cwt (Is 6d por lb). January Bth—l66s to 168s per cwt (Is 53d to Is 6d per lb). New Zealand Control Board minimum prices are:— Finest salted, 174s per cwt (Is 61d per lb). First grade, 172s per cwt (Is 6Jd-.,pcr lb). Australian: Salted. January 15th —166s to 170s per cwt (Is 53d to Is 6Jd per lb). Exceptional: 172s per cwt (Is 6id per lb). January Bth—l66s to 172s per cwt (Is 53d to Is per lb). Unsalted. January. 15th—l'70s to 176s per cwt (Is 6Jd to Is 63d per lb). January Bth—l72s to 170s per cwt (Is 63d to Is 63d per lb). Other Qualities. January 15th—148s to 166s per cwt (Is 3Jd to- Is 53d per lb). Argentino: Unsalted. January 15th—158s to 162s per cwt (Is 43d to Is s}d per lb). January 8th —158s to 162s per cwt (Is 43d to Is 5Jd per lb). Other Qualities. January 15th—144s to 156s per cwt (Is 3Jd to Is 4Jd per lb).. Danish. January 15th —176s to 178 i per cwt (Is 63d to Is 7d per lb). January Bth—lßos to 182s per cwt (Is 7ld to Is 73d per lb). CHEESE. The demand is good for Canadian and Australian. New .Zealand is steady. Official quotations are: — English: Finest Farmers. (Demand is good.) January 15th—108s to 112s per cwt (lljd to Is per lb). January 8th —108s to 112s per cwt (lljd to Is per lb). Canadian: Finest Coloured and White. January 15th—96s to 98s per cwt (10Jd to 10Jd per lb). Exceptional: 100s per cwt (102 d per lb). White. January 15th—96s to 98s per cwt (IOJd to IOJd per lb). Coloured and White: January Bt'u—94s to 98s per cwt (lOd to 105 d per lb). , . . New Zealand Control Board minimum prices Coloured: Finest, 95s per cwt (lbd per lb); first grade, 94s per cwt (lOd per lb). White: Finest, 94s per cwt (lOd per lb); first grade, 93s per cwt (93d por lb). Australian: Coloured and White. January 15th—93s to 94s per cwt (93d to lOd por lb). January Bth—92s to 93s per cwt (93d per Shipments of New Zealand produce arrived this week per Port Hobart, Ruapehu, and Ruahine. TALLOW.

The spot market is quiet but steady. Business is fnir for shipment. Prices are the same as last quotations. CASEIN. Official quotations are: French ronnct, £59 10s to £6O; English lactic, £62. Wool. The Bradford market is firm on ovorscas : advices, but new business lacks bulk. Prices for tops are unchanged. I HEMP. . Thero is a small supply of manila. The market is firmer, and a good business has been- done at advanced prices. J grado November- January and January-March shipments sold at £4B to £49. The sisal market is dull. No. 1 Tanganyika and Kenya sold £4O 10s- No. 2, £39 10s for January-March shipment. -. The New Zealand market is quiet- at last quotations. COCKSFOOT. Tlio Danish market, is quiet, but there is rather 'more enquiry sinco the New Year, Sellers quoled equivalent lo 70s rer cwt, c.i.'f, New Zealand. ASHBURTON STOCK MARKET. Consequent on the fine harvest weather which prevailed, there was a small yarding and- a moderate attendance at the Ashburton stock sale yesterday. The total number of sheep penned was 1373, including 68 fat ewes, 107 fart wethers, 623 fat lambs, and 675 stores, and 4 head of cattle. The principal sales wore: Ewes—lo at. 17s'9d, 4at 17s 9d, 6at 17b 6d, 6 at 12s 6d, 8 at 16s, 4 at 17s Id, 8 at 18s 7d, 11 at 16s. . 1 Wethers—lo at 29s Id, 9 tit 28s lid, 9 at 26s 3d, 12 at 26s 6d, 7 at 275, 3 at 26s 6d, 10 at 295, 11 at 27s Bd, 11 at 27s sd, 23 at 27s Bd. , Lambs—7 at 18s Id, 7 at 26s 2d, 12 at 26s 3d, 28 at 265, 16 at 26s lOd, 62 at 26b.6d, 35 at 25s 6d, 91 at 25s 4d, 23 at 26s 4d, 63 at 24s 6d, 56 at 27s 3d, 32 at 268 9d, 35 at 24a Id, 45 at 26s 10d, 25 at 265. Stores—lß three-quarterbred wethers at 20s 9d, 122 mixed sex halfbred lambs at 14s 4d, 200 mixed sex crossbred lambs at 22s 6d, 140 crossbred lambs at 22s 6d. Cattle—Cows brought from £4 10s to £9 12s 6d, 2 empty cows £2 each.

STUD SHEEP SALE. ROMNEYS BRING GOOD PRICES. (PRESS ASSOCIATION TELEGRAM.) PEILDING, January 18. Mr E..E. Short, the local Bomney Marsh' breeder, received 600gns for a iitud Bomney ram of his etud, the purchaser being Mr Carr, of Chatsbury, N.S.W. This purchaser had previously made purchases of Mr Short's stock with which, at the last Royal Show in Sydney, he won all the Bomney prizes. The annual Parorangi sale of stud and flock Romneys to-day was not quite up to that of last year. The highest price paid was 170gns by O'Neill and Sons, Wangarrui. Henson Bros., Feilding, paid ISOgns on behalf of Parorangi (estate of 13. Short), 42 stud rams averaged 40gns, and 65 flock rams averaged JEII 6s Id. On behalf of Mr N. J. Short, four stud rams averaged £2O 4s 3d, and 77 flock rams averaged £7 4s 4d. The highest price paid for a flock ram was 19gns. PHOSPHATES. PRICES REDUCED, [THE PBEBS Special Service.] c k . ~,■ AUCKLAND, January 18. (substantial reductions in the prices of certain lines of fertilisers arc announced by merchants and manufacturers of superphosphates. The new rates will take effect from to-morrow. The prices per ton in each case, less 5s for cash, are as follows, the old rate being given in parentheses: 44.46 per cent, superphosphate £5 2s 6d (£5 16s), basic super ** 15 » (*S 6s), Nauru phosphate £5 (£5 6s). The prices are f.o.r. Westneld or Te Papapa, and 5s additional is charged for f.o.b Auckland or Onehunga. Nauru Supplies. vJtitl*, °? r absence of several months in England, Mr A. E. Ellis, New Zealand re' presentative. on the -British Phosphates Commission returned by the Marama. While in England he met the English and Australian Commissioners, Messrs A. R. Dickinson and P.. Dearie, in conference. Mr Ellis said that matters in connexion with Dominion requirements had been fully discussed, and he considered that arrangements made for the marketing of phosphates should prove very satisfactory. Good work had been done at Nauru and Ocean Islands during the last half year, and record quantities had been shipped, about 280,000 tons in all, necessitating the full use 'of all the steamers chartered to the Commission.

p E£K PURITY GUARANTEED. ■ n^ C^ S ' Salmon and Shrimp Paste, PECK'S Anchovette, PEOICS Meat Paste—leaders for purity and flavour.

CHRISTCHURCH STOCK EXCHANGE. YESTERDAY'S TRANSACTIONS. Sales on ChaJige—Western Australian Bank 54s Bd; N-Z. Hefrig. (conlr.), 7s Id; Kawarau, 3s Ed; Kaiapoi Woollens (7 B paid), 33 Id. LATEST QUOTATIONS.

OTHER EXCHANGES. ■ (PBZSS ASSOCIATIO* IILIOBAMI.) "WELLINGTON, January 18. Sales Reported—Bank of New Zealand, £2 19s; New Zealand Government Loans,. 51 per cent. Inscribed, 1023, £lOl. AUCKLAND, January 18. Sharemarket Sales—War Loan,' 1930, 4J per cent., £97 10s; 1939, 4} per cent., £96 15s; Bank of Australasia, £l4 2s 6d; Bank of New South Wales,, £47; Auckland Gas, £23 10s; Huddart-Parker, 47s 6d; Crown Breweries, 21s 6d; Auckland Amusement Park, 265; Eawarau, 3s 7d; Mount Lyell, 28s, DUNEDIN, January 18. ' Sales —Kawarau, 3s 8d (three parcels). Sales Reported—Dunedin • Stock Exchange Property, 90s; Bank of New Zealand, 595. , WHEAT. (BI CABLE—PRESS ' ASSOCIATION—COPYRIGHT.) (AUSTRALIAN ' AND N.Z. CABLE ASSOCIATION.) NEW YORK, January 17. Chicago wheat quotations:—May, 1891; July, 130J; September, 127J cents per bushel. (Received January 18th, 7.55 p.m.) LONDON, January 17. Wheat—The cargo demand ib inactive and prices are unchanged. Parcels moved quietly at an advance of 3d. Liverpool futures—March 10s • 4Jd . per cental, May 10s lid, July 10s 2d. METALS. ' » (BY CABLE—PRESB ASSCCIATrON-<;OPIBIOHT.) (AUSTRALIAN AND N.Z. CABLE ASSOCIATION.) (Received January 18th, 9.5 p.m.) LONDON, January 17. Copper—Standard, Bpot, £55 16s 3d a ton; forward, £56 lis 3d. Lead—Spot, £27 16s 3d a ton; forward, £2B 2s 6d. Spelter—Spot, £3l 12s 6d;'forward, £3l 10s. Tin —Spot, £3QI 17s 6d a ton; forward, £296 8s 9d. . Silver —Standard, 25Jd per oz; fine, 27 15-16 d. FLUENZOL PROPRIETARY, LTD. At the recent annual meeting of Fluenzol Proprietary, Ltd., the direotore reported that sales increased from £5731 to £6895. The profit and loss appropriation account, which was in debit £628 last year, is now in credit £513. Out of this it is proposed to pay a dividend at the rate of 6 per cent; for the year, absorbing £330, and apply the balance of £lB3 to reduce further the exploitation account (representing Australian losses) from £1212 to £1029. The profit would have been larger but for the fact that the manufacturing expenses have increased 23 per cent., as against an increase of 20 per cent, in the sales; but there has been a decided improvement in the quality of the Q-tol.

FAIRLIE STOCK SALE. The first sale of the season was held at Fairlie yesterday. 22 fat lambs sold at 25b 7d, 68 at 23s lOd, 45 at 26s 2d, 30 at 25s 6d, 41 at 255, 32 at 25s lid, 21 at 25s 6d 63 at 25s 25 at 25s 6d, 21 at 245; 20 wethers at 23s 9d, 5 ewes at 19s 6d, and 3 at 16s. Concerns merchandising products of good quality can develop the unparalleled sales opportunities in Canterbury most effectively and . most economically through the advertising -nlutrma nf Two Pl,ua - "^

FLOUR MILLING.

NEW ZEALAND APPEAL CASE. CROWN V. MILLING COMBINATION. (FROM OCR OWN CORRESPONDENT.) LONDON, December 10. The Judicial Committee of the Privy Council has been hearing an appeal from the Court of Appeal of New Zealand arising out of an action by the Crown against a combination of companies in respect of the alleged offences of conspiring to monopolise the supply of flour, etc., under the Commercial Trusts Act, 1910. The case was heard before Viscount Haldane, Viscount Finlay, Lord Wrenbury, Lord Darlingj and Sir John Wallis. Mr F. H. Maugham, K.C., Mr M. Myers, of the New Zealand Bar, Mr J. H. Stamp, and Mr W. D. Campbell were for the appellants, and the respondents were represented by Sir John Simon, K.C., Mr. F. Luxmore, K.C., Mr F. Langley, and Miss Joan Clarkson. The appellants were the Crown Milling Co., Ltd., Fleming and Co., Ltd., Atlas Roller Flour and Oatmeal Mills (Evans and Co.) Ltd., Wood Brothers, Ltd., and Distributors, Ltd. The question, upon which tho six judges who heard the action and the appeal were equally divided, was whether a combination of flour millers, under which the first four appellant companies and the great majority of other flour millers in New Zealand concurred in appointing the appellants, Distributors, Ltd., to be their solo agent for. the sale of their flour and other wheat products, constituted an infringement of the penal provisions of the Commercial Trusts Act, 1910.

Appellants' Case. In the caso stated for the appellants, it waß mentioned that in tno New Zealand courts it was contended against the appellants that the combination impugned in the action infringed Section 5 of the Act, directly and independently of the other provisions of the Act, as being of" such a nature as to bo contrary to the public interest," and that the combinations constructively infringed that section as involving alleged breaches of bectfon 3 S the Ac?. It had, the appellants stated, never been J»P«* e JjJjJ the combination Evolved he formation of a "commercial trust " and the es Lblishment of a "partial within the measure of the Act, ana 2 controversy in this case n.. whjtt„,t a i so involved the element of detriinterest essential to wi offence under Section o of the Act.

- co-operative Selling. n ll,e combination was'staled to have ' hoii arranged between May and bepLmber 112, upon the cesser .of the GWnmett control of wheat which bad Ss3 since IJI7, +n stabiliso the flour trade by ieguiatnV competition and standardising iS of all the milling firms concern-, ed, on the footing that within-a- margin of five per cent, more or .loss, and si biect to qualifications, the total sate in each month should be allocated between the firms in.proportions arrival at mainly-by reference to the volume of,! thei/ trade during- the preceding three years. The appellant Distributors, Ltd., was registered for the piir-poso of undertaking the duties of common agents for that purpose, the primary objects, of the company being to buy, sell, deal, and act as agents for the sale of wheat, flour, ami other products, milling, and cereals. Upon the registration of Distributors, Ltd.. each of the forty'milling firms participating entered into arf agency agreement with the company in identical terms, except that the amounts of their respective, allocations differed. The appellants denied that the commission payable to the combination had tended to increase the cost of marketing, and said that it had, in fact, operated in the 'interest of the publio by helping to encourage 7 the growing of wheat in New Zealand, and to stabilise not only the milling trade but the important allied industries of wheatgrowitiig and baking. The appellants asserted that no unjustifiable., or; improper increase in the price of flour had been # shown to have resulted from the combination.

Public! Policy. Mr Myers, in his address for the,aj>pellahts as to the finding of the Nov Zealand Court of Appeal in favour of the Crown,, supported the contention that it was r.ot contrary to the publio interest that any class of traders should obtain a reasonable profit on their sales. The Millers' Gonibination in New Zealand, it was argued, tended to ensure that, the farmers in that country obtained not more than sufficient profit to encourage them to grow wheat and thereby, tended to further the public policy of the Dominion of eiT'ouragin? <be crowing of wheat. It was explained that ifc was onlv by means of home-grown wheat that cheap supplies of bran and pollard could be secured for the important industries that required these products, including dairying, "which was now the most important industry of New Zealand. The combination, it was pointed out, operated under the control of the Government, and subject to the very stringent provisions of the Board of Trade Act, 1919, under which every member, of the combination would be liable fines and imprisonment if the prices which they charged for flour included more than a fair and reasonable commercial profit. The combination, Mr Myers contended, had prevented a price war, with' consequential trade and financial instability and hardship, in the three important trades of wheat-growing, milling, and bakery. He argued that they had done nothing detrimental to the public interest, or to'lay themselves open to heavy penalties. For the respondents it was stated that the subject-matter of the action was a scheme promoted among the flour-millers of New Zealand admittedly to monopolise and control in part the supply and price in that Dominion of the products and by-products of wheatmilling. It was admitted by the' appellants in the Courts below that the putting into operation of the scheme nad resulted in the creation of a "commercial trust" within the definition of the Act. The mills comprised in the Trust, it was.alleged, accounted for roughly 70 per cent, of the output of the mills in New Zealand. It was contended that a monopoly of flour must be a monopoly of such a nature as to be contrary to the public interest, and monopoly and control admitted t» exist in this case were of that nature and involved a prohibition of competition, a limitation of output an exclusion of selection by the public, a fixing of price irrespective of quality, and a fixing of price at the dictation of a commercial trust with regard to a vital commodity of food. Their Lordships reserved judgment.

S K>R HOT WEATHER. PECK'S PASTES, British and Best; are the purest summer savoury. Packed m class vmm. . _ t

NAPIER WOOL SALE. COMPETITION MAINTAINED. (PBESB ASSOCIATION TELEGRAM.) \ . NAPIEU, January 18. The keen competition which characterised the opening'of the third Napier wool sale last night was' maintained throughout the remainder of the sale to-day, and 90 per cent, of the cata-* logue. of 30,000 bales was sold under the hammer at prices generally in advance of the rates .ruling at the December • sale. Merino and • Southdown both showed good improvement. HalfLr«d increased on an averagdi.by one pjnny,„a_nd crossbred' ywas/'flb'about, three farthings. .Lambs <wer»>ii' halfpenny dearer." Pieces-and bellies showed 'a decline on- the somewhat extreme prices ruling in December. >'p; ' ' The range of prices was:— * ■■■'■"'•■' d - d Merino— '■.'';• \ ■-.£ • > ' Average •»..■'v .. ; up. t0.20 Southdown— ■ - • ■ . • ■'• Averago '.. ...,16 to 17}. Inferior. .. ; .. 13} to 15 Pine Half bred 56/58—• ; Average '..'.':•'."'■" ..up to 17} Medium, Half,bred 50/56W «■ ' ' ::• . •Super ■ " .".■'■■; .'. "16}'to : 17J Average .'."• .., up. to, 15} Coarse : Halfbred. 4S>so ' Super .'. .. 151 to 17 ■ Inferior ,',. .. 11 to 13;;. Fine 46/48 — V ■■>'.•>;■". Super" ..... . ~ 14 to 15}Average ~. . '..: 12 tq 13} . inferior . .. ; ..10} to 11$ 1 Medium Crossbred 44/46 — . Super ... . ■ ■.. 13 to 14} Average ...... ..11 to 12}' Inferior . . ~..;. , 91 to 10}, Coarse Crossbred; 40/44 ■',•;.■ iSUpOr 1..;~ "' Average .. . ■'. ~.-.,■ I<>l to 11} Inferior' ... , •;.. ». to 10}. Low Crossbred ' ' Average ••'•'•»• ''■■ '■■• « . 10 to,ll} ' ; Inferior ~.. .. »1 to 9} HoggetsSuper 48/50 ... ... 124.t0 16}. Pine 46/48 V. ... Hi to 13} Medium 44/46 .. . .. 12 to 14} r ' Coarse 40/44 ..■ ~« 10} to 12} Lambs— , ■'':•.'.'«., Pine .V - I.4J'to-16} .Medium ■•'.. ' .... 11 to 4°* ■. Seedy and inferior .. 7,t0 11 pi s2ta-~' ..-.■ ■■'.( *& ■'*•■■.& : Crossbred, good'to super 10}, to 12} -i ■ Crossbred low;to medium.•" 7},t0,10, : Seedy and inferior- .... 61' to 10 Bellies — ■.« , Crossbred good to super B}. to 10 ■ Crossbred low to medium 7 .to 8} Crutchings—' j '~ '; ■ : ' ■; Medium to good .. 8 to iu<t Inferior and seedy ; ( ... *to / Locks-r . ■ "_■. .'■■, a ■ Crossbreds . •..■■■,■... .• \: 5 ■ ■ *°;, 9, ; MOTOR REGISTRATIONS. ' [THE PRESS Special Service.]

"WELLINGTON, January 16.: The montbly return furnished to the Minister for Internal Affairs (Hon. Mr Bollard) by the Registrar of Motor Vehicles of the number of motors registered in the Dominion shows that the vehicles are maintaining a steady increase. In November the registrations totalled 152.573, and "lit the end of December last that total had grown, to 155 325. The return is made up as follows: North.lsland—Cars, 62,532; trucks, etc.. 15,103; cycles, 18,268; total, 95 897. South Island—Oars, 38930; trucks, etc., 6659;

Buye rs. Sellers. £ 8. d £ s. d. N.Z. GOVT. DEBENTURES4J per cent. Inscribed, 1933 •• •• 96 7 6 96 10 0 4} per cent. Inscribed, 1939 96 7 6 96 15 0 4J per cent. Bonds, 1938 96 10 0 97 0 0 i\ per cent. Bonds, 1939 96 10 0 — 5 per cent. Inscribed, 19-29 98 5 0 99 0 0 5 per cent. Bonds, 19-27 .. •■ 99 2 6 100 0 0 1 o\ per cent. Inscribed, 1933 101 2 6 101 7 6 1 5J per cent. Bonds, 1933 101 0 0 101 10 0 I OTHER DEBENTURESNapier Harbo'ir, 5i per cent., 1943 — 97 13 0 New Plymouth Borough 5 per cent., 1933 — 96 10 0 Rotorua Borough 6 per cent., 1961 100 0 0 101 0 0 | N.Z. Breweries, Bonds 1 4 5 14 0 BANKSAdelaido 8 17 0 9 5 0 Aust. Bank of Comm. (ex div.) 1 12 0 — Aust. Bank of Comm. (rights) 0 3 11 0 4 3 Australasia 14 1 6 14 3 6 Comm. of Aust. 1 13 0 1 13 6 Comm. of Aust. (pref.) 6 17 6 Comm. of Sydney 26 17 6 27 10 0 E. S., and A. .■> — 8 11 6 National of Australasia .(£10 paid) 18 5 0 — National of Australasia (£5 paid) .. 9 4 0 9 10 0 National of N.Z. 1 \ 0 — New South Wales .. 46.15 0 47 5 0 New Zealand (Mortgaga shares) 0 11 9 0 12 3 Royal (£1 paid) 1 17 0 1 18 6 Royal (£4 paid) 7 2 6 — Union of Aust. 15 70 15 8 6 Victoria (ord.) 9 16 0 10 6 0 Victoria (pref.) 20 2 6 21 0 0 Western Australian 2 13 9 2 14 6 INSURANCE— Merc. Mutual (cum) ... 1 6 3 — National — 3 14 6 New Zealand (cum div.) 1 17 4 1 17 9 Standard 2 16 3 2 17 9 LOAN AND AGENCY— Dalgety and Co. IS 0 0 15 12 6 GoldsbflSugh, Mort .. 2 9. 3 2 9 10 National Mortgage — 3 9 0 Permanent Investment 10 5 0 11 5 0 SHIPPING— Howard, Smith 1 12 6 — Huddart-Parker (prcf.) 1 0 9 — P. and 0. Deferred .. 240 0 0 250 ■ 0 0 Union (pref.) 1 0 1 10 6 FROZEN MEAT— Canterbury .. ' .. 7 15 0 9 0 0 N.Z. Refrig. (paid) — 0 15 6 N.Z. Refrig. (conk.) .. ' — 0 7 4 WOOLLENS— Kaiapoi (7s paid) 0 3 0 0 4 6 Kaiapoi (pref.) 0 14 6 — COAL— Westport 1 14 0 1 16 0 GASAshburton — 5 5 0 Christchurch .. .. 1 5 6 16 0 BREWERIESManning 0 18 6 10 0 MonteithB — 12 0 Now Zealand 2 11 6 2 12 6 Staples 1 18 9 , — Ward 2 1 9 — CEMENTS— Wilson'e 1 14 6 1 15 5 TIMBER— Kauri .. 1 7 0 18 9 MISCELLANEOUSAllied Motors — 15 0 Beath and Co. 1 11 0 1 12 3 Auckland Amusement \ Park ' 0 5 l.ren 9 l. — British Tobacco 2 11 9 2 12 6 Burns, Philp 2 0 3 2 13 Colonial...Sugar ,55 0 0 B6 0 0 Electro. Zinc (ord.) .. 1 16 6 — Klectro. Zinc (prof.) .. 1 17 3 1 17 9 Henry Jones 2 9 4 2 9 •a Humo Pipe 0 16 0 0 18 0 •' Mason, Struthers (£1 paid) 1 2 6 16 0 Mason, Struthers (14s paid) 0 14 6 0 15 3 Mason.. Struthers (10s 'paid) ... 0 10 7 0 11 2 Merc. \Finance. Corpn. (5n paid) .. .. 0 4 0 0 4 8 N.Z. .Drug Co. . •, — 3 12 0 N".Z. Drug Co. (new) .. — 10 0 prem. N.Z. Farmers' Go-op; (6J per cent. Stock, , 1930) . — 84 0 0 N.Z. Guarantee Corpn. • — 0 10 ,5 Whitcombo and Tombs 3 10 0 — ■ MINING— Kawarau 0 3 6 0 3 8 Mt; Lyell . 1 7 6 —