FINANCE AND COMMERCE.

Press, Volume LXIII, Issue 19166, 24 November 1927, Page 10

FINANCE AND COMMERCE.

ADDINGTON MARKET.

BRITAIN AS A LENDER. A LABOUR PROTEST. (BI OABZ.S—PBKSB ASSOCIATION—COPIWOHT.) (iTJSTEAIJAS AND H.Z. CABLE ASSOCIATION.) J LONDON, November 22. Mr Winston Churchill, Chancellor of the Exchequer, in answer to a question, said that he did not propose to legislate I to prohibit the raising of foreign loans j in Britain. Mr J. Maxton (Labour): Can Britain continue to have her resources drained In order to develop foreign competitors' enterprises! Mr Churchill said that he had always been led to believe that these loans must leave the country in the form of British goods. COMMONWEALTH LOAN UNDERWRITTEN. (BT CABLI—PBEBS A.SSOCIATIOK—COF-YMOHT.) (AUSTRALIAN AND R.Z CABLE ASSOCIATION.) LONDON, November 23. The Commonwealth loan of £7,000,000, issued at £97 10s, and redeemable in 19-15-75, has been underwritten. This represents the raising of the fresh money required by both the Commonwealth and certain States, and Is in accordance with the new and better system of co-ordinating Australian borrowing. I N.S.W. NOT PARTICIPATING. , i SYDNEY, November 23. «j The Stato Cabinet has decided to ; adopt a financial agreement with tho: Commonwealth Government, but until' this is ratified by Parliament tho State ■will not participate in tho loan which the Commonwealth is now entering into on behalf of members of the Loan Council. EXAMINATION OF WOOL FIBRES [THB PBESS Special Service.] WELLINGTON, November 22. At Victoria University College, Mr K H. Northcroft, of the staff of the Department of Scientific and Industrial Research, is now studying samples of New Zealand wool of known history and pedigree taken from fleeces the ■tory of which is familiar. The diameter of the fibres is boing taken and it is intended that the study of the fleeces shall be continued for six months, by which time valuable information as to tho merits and demerits of New Zealand wool will have been accumulated, and the Department will be in a position to make recommendations for improvements. ' WOOL MARKET. . THE AUCKLAND SALE. [THB PEES* Special Service.] AUCKLAND, November 22. The first wool sale of the season in 'Auckland will' commence to-morrow evening. There will be a total offering of 23,244 bales, a record for the city. Most of the buyers arrived from ' Wanganui to-day, and lost no time in ' commencing their work of inspection at the various stores. About 70 buyers ■ will be present at the sale, representing England, France, Germany, Japan, ana America. All the wool has opened up in very good condition and its general attractive quality should ensure . a very satisfactory sale. As was to be \ expected, there is not much lambs' wool, as it is early in the season. LONDON WOOL SALES. EXCELLENT COMPETITION. (bt oable—press association—coptbiqht.) (austbauan and n.z. cable association.) LONDON, November 22. The wool sales have commenced. - The offerings totalled 11,022 balei, of which 5800 were Australian and 4741 New Zealand wooL There was a crowded attendance and a cheerlul spirit was in evidence, together with ex* cellent competition. The section of merinos consisted almost entirely of the fine-hatred Continental style, and met a food demand, chiefly from French and German buyers. Prices ranged from par to S per cent, advance compared with September closing rates. All sections competed keenly for crossbred*. Greasy advanced 7} to 10 per cent., and •coureds and elipes fully a penny. Lambs wool was scarce and advanced 5 per cent. New Zealand prices were:—Waipara (191 d top price), 18d average: Wcka •' Downs <42d), 40d. Dalgety and Company, Limited, have received the following cabled advice - from London,' dated November 22nd:—"The wool tales have opened. The attendance of buyers is large, with .good general competition •nd a good selection of wools. As compared with closing rates of N the last series, the price* for merino are par to 6 per cent. higher, and for crossbred 71 to 10 per cent, higher." Pyne, Gould, Guinness, Ltd, have received the following cablegram from London, dated November 22nd:—"The sales opened to a large attendance, with strong competition, and the Continent buying freely. As compared with the September series, good merino par to 5 per cent,, fine crossbred 71 per cent., medium 7) to 10 per cent., slipe fully 10 per cent, all dearer." The National Mortgage and Agency Company of New Zealand, Ltd., have received the following cablegram from their London office, under date November 22nd:—"The auctions opened here to-day with a large attendance of buyers. Very keen competition especially from the Continent. Compared with close of late sales, we quote: Greasy merino, best, Id dearer, average Id dearer; hnlfbreds, 50-SS's, Id to l)d dearer; crosibreds, 4860's, Id to l)d dearer; crossbreds, 46-48's, Id to lid dearer; crossbreds, 44-46's, Id to lid dearer; crossbreds, 40-44's, Id dearer; crossbreds, 86-40's, Id dearer. Slipe wools generally. 7} per cent, to 10 .per cent, dearer." ' The New Zealand Farmers' Co-op. Association have received the following cablegram from their London,office, under date November 22nd:—London w'ool sales opened to-day to a representative bench of buyers, and prices compared with last series are:—Merinos S per cent, up; fine crossbreds (halfbreds) 5 per cent, up; medium and coarse crossbreds 71 peT eent. up. Competition was keen and general, with very strong support from the Continental section. The New Zealand Loan and Mercantile Agency Co., Ltd., received the following, cablegram from London, nnder date Novem- : ber 22nd, 1927: m • London Wool Sales —There was a good at- , tendance at the opening of the sales to-day. Competition by Home and Continental buyers being active and prices as compared with the close of the proceeding series ruled from par to 5 per cent, higher for merino, 71 to 30 per cent, higher, for crossbred. The open- . ing catalogues were fairly representative. SHARES. (by cable—pbiss association—copteioht.) (AUSTBALIAN AND N.Z CABLX ASSOCIATION.) (Received November 23rd, 5.5 p.m.) LONDON, November 22. P. and O. Stock is quoted al £247 Dalgety and Co.'a shares are ruoted at 413, and 4 per cent, debenture stock at «5 10s. ■ - Goldsbrough, Mori shares an quoted at • ; ISC"

CHRISTCHURCH STOCK EXCHANGE. Thero was little change in the markets yesterday, but a fair volume of business was transacted. In the Stock and Bond section, buyers increased their bids fur 4J per cent, (tax free) Government issues to £96 10s, sellers offered 1939 stock at £97 £IOOO of Christchurch Tramway Board 6J per cent bonds, nurturing 1934, were released at £loo, buyers bidding £lO-1 for more, no sellers offering. In the banking section. Commercial Bank of Australia iveie fractionally weaker with sellers at 20s Id, no buyers. 50 National Bank of New Zealand changed hands at i'tf 18fl, a rise of la on last recorded business and more wero wanted at that price, market closing buyers £6 ISs, sellers £6 19s. Bank of New South Wales were firmer at buyers £45 58, sellers £45 7s Gd, but no sales were recorded. Union Banks were wanted at £l4 Gs Gd, the market having firmed sellers did not offer. In the miscellaneous investment section, Balgcty and Company were dealt in at £l3, ten shares being turned over at this price; market closed buyers £l2 193 6d, sellers £l3 la. National Mortgage, 100 changed hands at 725, buyers bid 71s 9d for uioro, sellers wanning 72s 9d. Howard Smiths entered tha selling list at 30s but did not attract buyers. Huddart-Parker were firmer with buyers 48s 4d, none being offered. Frozen Meat shares were firm at late prices. Kaiapoi Woollen Co. shares had turnover at Ss 6d with buyers willing to continue at that figure, no further sellers appearing. Wellington Woollens, ordinary and preference, were wanted at £6 4s for both issues. Christehurch Ga3 (5s paid) were sold at Cs 6d, closing quotations being buyers 6s 6d, sellers 6s 7d. New Zealand Brewaries had business at 40s; at closing of call buyers were still prepared to pay this price, but sellers wanted 41s. Business was reported in British Tobacco at 545, which is fractionally better than recent quotations. The company announce that trapfers received in Sydney boforo December 2nd will be in time to participate in the distribution. New Zealand Fanners GJ per cont. stock has had enouiries from buyers during tho week, £77 10s being offered for the 1930 issue at £75 for the 1935 date. New Zealand Guarantee Corporation were slightly firmer with buyers 8s iod, sellers 9s.

YESTERDAY'S TRANSACTIONS. Sales on 'Change—Dalgety and Co., £l3; National Mortgago, 72s (2 parcels); Christchurch Gas (new, 5s paid), 6s Gd; N.&. Breweries, 40s (2 parcels). Sales Reported—Christchnrch Trams, ,6J per cent., 193-1, £105; National Bank of N.Z., £6 18s; Kaiapoi Woollens (17s paid), 8a 6d British Tobacco, 54s (2 parcels), LATEST QUOTATIONS.

; OTHER EXCHANGES. (PRE3S ASSOCIATION TBLSORAVS.) AUCKLAND, November 23. Sales:—War Loan 1938 4} per cent.. £96 15s; Auckland Harbour Board 1941 6 per cent.. £103; Hikuranjd Coal. 3s 6d, A pref. 6s; Waipa Coal. 16s; Auckland Gas (con.) 16s 9d; Kaiapoi Woollen, 8s sd; Albnrnia. 2s; New Waiotahi (con.), 7d; Occidental Una United (con.), 1b 6d; Obinemuri Gold and Silver, 6s 4d. . DUNEDIN, November 23. Sales:—Upper Nevis. 23g 9d. Sales reported:—New Zealand Refrigerating, 16s 6d; Colonial Sugar, £54. GOLD. LONDON, November 22. Tho price of gold ia £i 4s HJd «no*

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SMALLER ENTRIES. FAT STOCK FIRMER. <B7 OC2 COMSimCUL EDITOR.) The entries in all the cattle and eheep sections were ilightly smaller at yesterday's market, and as a result there was a hardening in values in these departments. Fat cattle opened at an advance that promised to send beef values up another 3a or 43 pur 1001b, but the late arrivals of stock in this section forced prices back to the startin- basis. Fat sheep wero a rather mediocre lot" and sold very irregularly, there being a difference of 3s to 4b a head at various stages lor similar classes of sheep. Howe.or about half the figurea mentioned represented the average advance Fat lambs m „ with an improved demand, v.'mist thcie \,&e a keen enquiry tor all classes in tho store eheep pel*. Stove cattle were also in broker demand, good straight lines ot station stores being increasingly dimcuU to procure. Pigs, porkers and stores partieularlv seemed to have been collected from everywhere, it being practically a record entry. A dav of settled weather, which has been unusual at recent markets, orougtu out a large attendance of farmers. STORE SHEEP. For the store sheep thero was a spirited demand, there being a very good attendance at the sale with a larger number of buyers than usual. Tho market was not a large one and was mainly composed of shorn wethers, and for these there were plenty ot buvcrs, the sales showing an advance ot from Is to Is 6d a head. Ewes and lambs sold with a little more freedom also than last week, and there was a spirited demand for ewe hoggets in tho wool. A pen of crossbred ewo hoggrts sold at 37fl 9d. 'lhere was practically a total clearance. Values were: Good crossbred ewes and lambs, 203 to 21e Cd (all counted;. ' t Aged crossbred ewes and .amis, 12s lOd to 15s Bd. , , „, Shorn two-toothed ewes, 27a 2d to 27s 7d. Forward four and ek-toothed shorn wethers, 22s Id to 21s Id. Forward two-tooth wethers, 23s Qd to 21j Id. Two-toothed wethers, 20s 9d to 22s 9d. Woolly halfbred welher hoggets, 2Gs Gd. Crossbred owe hoggets, Uia lOd to 37s 9d. The principal sales were: Hoggets—ll2 crossbred ewo 37s 9d, S2 halfbred wether 26s 6d, 23 crossbred ewe 34a lOd, 35 crossbred wether 27s 9d, 48 shorn wether 18s 6d. Ewes—43 shorn two-tooth 27s 6d, 89 twotooth shorn 27s - 7d, 73 aged crossbred and 81 lamb 3 21s 6d, 81 B.m. shorn and 90 lambs 15s Sd, 37 aged crossbred and 29 lambs 12s lOd, 113 s. and f.m. halfbred and 111 lambs 20s 7d, 37 two-tooth shorn 27:' 2d. Wethers—B2 e.ru. shorn 10s Id, 268 fourtooth shorn 19s 3d, 207 two-tooth shorn 16s, 211 two-tooth shorn 22s 9d to 23s 2d, 72 two-tooth shorn 21s Bd, 38 two-tooth shorn 24* Id, 160 two-tooth shorn 21s, 465 four and six-tooth shorn 23s 5d to 23s Gd, 64 fourtooth shorn 20s 9d. 76 four and 6ix-tooth shorn 23s 6d, 70 four-tooth shorn wethers 24s Id, 39 four-tooth shorn 22s Id. FAT LAMBS. The smallest' entry for some weeks, comprising 450 head, compared with 670 at last sale. The lambs were not of the best, as the excessive rain has rendered the feed so soft that scouring has been prevalent. The general quality therefore was not up to tho standard of the past few sales. The small yarding was insufficient for butchers, and a very keen sale resulted, with an allround advance in price of quite a shilling per head. Vendors who bad lots ih at the previous tale recorded a difference of between threo to four shillings, but this, of course, was an exceptional experience. A particularly good line of 31 from Mrs Stapleton sold at up to 35s 7d for the top pen. The following wero the principal sales;— On account of Mrs Stapleton (Doylcston), 31 at 33s 7d to 35s 7d; G. Hutton (Yaldhurst), 4 at 85s 7d; W. E. Candy and Son (Doyleston), 6 at 34s 7d to 35s 7d; Shepherd Bros. (Bouthbrook), 6 at 34s 4d to 35s 4d; Jos. Miller (Killinchy), 6 at 33s 7d to 35s 4d; S. Keast (Springston), 5 at 355; E. D. Doak (Hawarden), 6 at 29s lOd to 84s lOd; D. O. Tizzard (Robinson's Bay), 5 at 33s 7d to 34s lOd; J. B. Anderson (Lecston), 9 at 29s 7d to 34s lOd; D. MeVinnie (Weedons), 0 at 32s 4d to 34s lOd; 6. McLauchlan (Southbridge), 26 at 29s lOd to 34s lOd; S. Gibson (Cheviot), 16 at 34s lOd; R. J. Robinson (Waikuku), 26 at 30s to 84s 10d; A. Thompson (Springston), 7 at 33s 4d to 34s 7d; client, 3 at 34s Id; J. Allison (Weedons), 5 at 34s Id; L. C. Lemon (Doyleston), 12 at 33s Id to 33s lOd; G. Hutton (Yaldhurst), 4 at 33s 7d to 33s lOd; John Duggan (Southbridge), C at 33s 4d to 33b lOd; L. Crump (Springston), 2 at 33s 4d; Mchrten Bros. (Halswell). 21 at 30s 4d to 83s 4d; Rankin Bros. (Chertsoy), 38 at 28s Id to 33s 4d; Geo. Witty (Avonhead), 6 at 30s lOd to 83s Id; R. McClelland (Courtenay), C at 32s to 33s Id; J. E. Horretl (Horrelville), 8 at 31s 7d to 32s lOd; E. Cunneen (Templeton), 16 at 80s lOd to 32s 7d; E. E. Upston (Solwyn), 5 at 31s 7d to 32s 7d; H. Curragh (Templeton), 4 at 32s Id; client, 8 at 27s 7d to 81s lOd; G. J. Giddings (Greendale), 7 at 25s 4d to 31s lOd; H. Marshall (Weedons), 5 at 31s lOd; G. 11. Stanley (Harewood), 3 at 31s 7d; G. L. Rutherford (Connemaraa, Parnassus), 14 at 21s 4d to 81s 7d; J. J. Woodfleld (Horrelville), 12 at 29s 4d to 81s Id; W. O. Lowery (Southbridge), 6 at 30s 4d to 30s lOd; P. P. Ryan (Weedons), 28 at 80s 10d; F A. Tutton (Templeton), 5 at 27s Id to 80s 4d; client, 24 at 29s 4d to 30s Id; G. Greaves (Lincoln), 4 at 29b Id; Glenmore Farm (Halswell), 16 at 25s Id to 28s lOd; John McCartin (Leeston), 5 at 26s lOd to 28a 10d; L. Wright (Coutts Island), 14 at 27s 4d to 27s lOd. FAT SHEEP. A small entry of 9J races, three less than last week. A Chatham Islands draft, a big Blenheim line, and two or three goodsized consignments from the North, Island comprised the outside sheep. More than three-fourths of the sheep were shorn. Quality was very in and out, and generally not up to the usual. The market was patchy. In cases sheep passed at last week s sale sold up to 5s a head better, whilst in other cases there was no improvement. Last weeks market was particularly good for woolly sheep, and yesterday this class showed no advance. However, the shorn medium weight sheep, both ewes and wethers, sold at an average advance of 2s a head until the last alley, when the market slipped. The top pen. of a Gisborne line of 238 woolly wothers sold at 49s 7d, local shorn wethers to 435, woolly ewes to 46s lOd, and shorn ewes to £3s 4d. Values were:— Extra prime shorn wethers, 38s to 435. Prime wethers, 34s to 375. Medium wethers, 30s to 335. Light wethers, 25b to 29s 6d. Extra prime shorn ewes, 36s to 48s 4d. Prime ewes, 30s to 345. Medium ewes, 27s to 29s Od. Light ewes, 22s to 265. Prime woolly wethers to 49s id. Medium woolly wethers, 393 to 445. Light woolly wethers, 35s to 38s. Prime woolly owes, 37s to 44s lOd. Medium woolly ewes, 34s to 36s 6d. Light woolly ewes, 30s to 33s 6d. The following were the principal sales: Woolly Wethors—On account of Tinwald client, 1 at 55s 3d; P. Gillon (Grcenpark), 1 at 54s 9d; Gisborne client, 238 at 42a 4d to 498 7d; W. A. Forrester (Waikari), 30 at 39s 4d to 45s 7d; M. B. Edwards (Yaldhurst), 17 at 44s 4d; Paparua Prison Farm, 16 at 42a lOd; G. L. Rutherford (Conneniarra, Parnassus), 40 at 37s laShorn Wethers-On account of client, 1 at 43a 9d; J. A. Henley (Lincoln) 70 at ■l7a 7d to 435; E. Cunneen (Templeton), 61 a 31s Id to 42s 4d; S. Gibson (Cheviot). 30 at 31s Id to 42s 4d: E. Hay (Pigeon Bay), 124 at 36s 4d to 40s lOd; L. White (Bellrazie), 64 at 33s 4d to 40s lOd; Waimate clients. 35 at 28a Id to 40s Jd; Brown and Son (Waiau), 63 at 34s id tc, 40s .d, 5 B Gibb (Motuanu, 66 at 36s 7d to 37s lOd: J R. Culien (Darfield), 64 at 33s 7d to 87s 7d; E, W Paton (Norwood), 24 it 33s 4d to 37s 7d: C. Philpott (Hawar--den) 70 at S2s lOd to 37s Id; 3N. K. A. Cox (Chatham Islands), 76 at 28s to 36s 7d; Riccarton client, 54 at 26s 1M to3bs 7d- D J. Cunningham (Hawarden), 33: at 33s 4d to 36s Id; L. C. Lemon (Kilhnchy). 24 at 33s 7d to 34s 4d; clients, 23 at 2<s 7d to 34s 4d; D Kennedy (Hawardon). 31 at 31s 4d to 34s id; E. Wishart (Chatham Islands), 103 at 25s lOd to 33s 10d: H. E. Fincham (The Peaks), 85 at 32s Id to 33s lOd: client, 176 at 30s to 33s 9d; client, 88 at 29s Id to 33s Id; southern client W> at 28s Id to 32s 7d: J D. and T. E. Warren (Bullock Hill). 6 at 31s 4d; W Prebb e {Lanriston), 11 at 30s lOd; client, 44_ at 25s Id to 30s Id; Bern McEveay (Southbridge). 8 at 29s Id; James Deans (Homebush), 65 at 26s 4d to 28s lOd: D. M. Christie (Methven), 81 at 25s lOd to 28s 7d; client. 44 at 23a Id to 27s 6d: client, 35 at 23s 7d to 27s Id; G. L. Rutherford (Parnassus), 7 ?t 26s Id. • Woolly Ewes—On account of Geo. Greaves (Lincoln), 7 at 36s Gd to lOd (1 at 53s lOd); Gisborne client, 189 at 3os lOd to 44a 10d: Tinwald client, 30 at 32s to 41s Id; R Reed (Meadowbank), 50 at 32s 4d to Ba< 4d: S. Gibson (Cheviot). 36 at 84s lOd to 36s Id: Jos. Miller 8 at SOs 4d to 34s 4d • G L. Rutherford (Parrossns) 34 at SOs d to 84s Id: Jos Ree«e (Ponf abridge). 20 nt 32* Id; L. C. Lemon •K.-'l,>cl»yV 5 at S2s Id. Eweo—On account of K. McUelknd (Conrtenay). 9 at 31s 4d to 43t> 4d; G. P. Beere (Horrelville), 3 at 35a 4d to

•123 lOd; J. A. Henley (Lincoln), 16. at 40s Id- Masterton client, 104 at 31s 4d to 39« 10d- Waimate clients, 27 tt 27s Id to 37s lOd; P. F. Byan (Wcedons), 44 at 34s Id to 37s 7d; Tuhape client, 128 at 303 to 363 7d; Mehrten Bros. (Halswell), 62 at 35s 4d to 36s 7d; A. H. Gibson (Cheviot), 36 at 25a 4d to 36s Id: Paparua Prison Farm, "1 "at 31a lOd to 36s Id; J. E. Horrell (Horrelville), 23 at 31a 7d to 34a lOd; F. L Graham (Leeaton), 16 at 25a Id to 34s ~d- client, 82 at 30s 7d to 33s lOd; Glenruoro Farm (Halswell), 9 at 33s lOd; Tinwald client, 23 at 33s I0d; G. L. Rutherford (Parnassus), 13 at 33s 4d; D. M. Christie (Methven), SO at 23s lOd to 32s 10d- F. A. Sheat (Horrelville), 13 at 323 4d; J. F. Doak (Horrelville), 4 at 29s lOd; J. D. and T. E. Warren (Bullock Hill), 54 at 23a 7d to 28a 4d; E; W. Paton (Norwood), 20 at 24a 7d to 27s lOd; Bern McKvedv (Southbridge), 19 at 27s 7d to 27s 10d;*W. H. Colling (Templeton), 12 at 27s 7d; J. R. Cullen (Darfield), 13 at 263 7d; Geo. Witty (Avonhead), 15 at 25s lOd; client, 19 at 2os lOd; F. H. Greenwood (Southbridge), 11 at 25s 4d; client, 13 at 21s lOd; clients, 31 at 163 lOd to 24s 4d. Woolly hoggets—On account of Smith Bros. /Springslon), 34 at 23s lOd to 36s Id; Tin-v.-ald clieut, 8 at 34s 6d to 35s 4d: R. G. McCluro (Killinchy), 8 at 29s lOd; T. Lester (West Melton), 11 at 28s 4d. Shorn hoggets—On account of Glenmorn Vara (Halswell), 18 at 25s lOd; Evans and Co. (Patiti), 15 at 24s 4d; E. W. Paton (Norwood), 8 at 22s lOd. FAT CATTLE. When the salo commenced, the entry comprised between 350 and 400 head, but as the forenoon progressed, other lines came drifting in. For the most part, the later arrivals were cows of inferior quality, but one good draft of 1G was included from South Otago. The total entry numbered 460 head, practically a normal entry at thiß time of the year. A visitor might be surprised' at some of the stuff that was dignified by inclusion in the section. Cows of all ages, condition, and breeds were presented, this class forming quite a third of the entry. It is really high time tho pruning knife was used with more freedom in tho classification of beef cattle. It will always find buyers, and to the extent that it does so is tho demand for decently-finished beef affected. Yesterday tho market opened at an advance of about 30s on the preceding salo for quality cattle, the rougher stuff being little altered. As the later entries camo forward a alackesing developed, but on the whole the market was better than last week. Tho best line of tho day of any size was ' from Smaill Bros., of Heriot, Otago, two trucks averaging £l9 2s Cd. This line sold at the end of the market, and showed a rise on | the values of the inferior stuff offered in the pens immediately preceding. The best of I the medium weight prime beef sold at 44s | to 46s per 1001b, prime 40s to 435, medium 37. to 39s 6d, heavy weight 35s to 395, ordinary cow beef 33s to 365, and rough down to 27s 6d per 1001b. Values were:— Kxtra prime heavy steers to £2O 2s 6d. Prime heavy steers £l7 5s to £l9 ss. Medium weight steers £l4 10s to £l7, Light steers £9 to £l4. . Kxtra prime heifers to £ls 17s 6d. Prime heifers £l2 15s to £l4 15s. Medium heifers £lO 10s to £l2 10s. Light heifers £7 10s to £lO. Extra prime cows to £l6 2s Od. Prime cows £l2 to £l4 ss. Medium cows £lO to £ll 10s. Light cows £6 to £9 10s. The following were tho principal sales: — T C. Robinson (Mt. Palm), 4 steers at £ls 12s 6d to £l6 12a 6d, 3 cows at £ll 2s 6d to £ls 7s 6d; T. 0. Withell (Motukarara), 4 cows at £8 17s 6d to £9 17s 6d; P. S Northcote (Highfield), 4 steers at £lB to £2O, 2 steers at £l2 7s 6d to £l4 7s 6d; Jas. Mcßrido (Winchester), 7 steers at £l7 12s 6d to £l9 12s 6d; client, 4 cows at £5 12s 6d to £6 37s 6d; Smail Bros. (Moa Plat), 16 steers at £l7 17s 6d to £l9 17s 6d (average price per head £l9 2a 6d); Commander Hall (Peraki), 7 steers at £l6 12s 6d to £2O 2s 6d; P. Leonardo (Le Bon'B Bay), 5 steers at £l4 7s 6d to £ls 17s 6d, I.heifer at £l4 1 17s 6d, 2 cows at £ll 12s 6d to £l2 17s 6d; Knight's Estate (Laverick's Bay), 10 steers at £ls 12s 6d to £l6 17s 6d, 7 cows at £l2 17s 6d to £l4 12s 6d, 5 heifers at £ll 17s 6d to £ll 12s 6d; G. Stoddart (Lincoln), 5 heifers at £l2 12s 6d to £l4 7s 6d, 1 cow ! ot £l6 2s 6d; estate late J. O'Shea (Ashburton), 1 heifer at £8 12s 6d, 1 cow at £7 12s Cd; Geo. Humphreys (Wiliesden), 7 steers at £l4 to £l4 17s 6d; client, 4 cows at £8 j 17s M ot £9 7s 6d, 1 heiier at £ll 7s 6d; M. Wilson (Halkett), 1 cow nt £lO 17s 6d; Girls' College (Amberley), 1 cow at £9 12s Cd; client, 10 cows at £7 12s 6d to £l4 12s 6d; Lincoln client, 5 cows at £8 2s 6d to I £ll 17s 6d; S. Griffiths (Waikuku), 2 cows at £6 2s 6d to £ll 17s 6d, 1 heifer at £8 17s 6d; Woodend client, 13 cows at £5 2s 6d to £9 17s 6d, 1 steer at £9 17s 6d; Coop and Withell (Kaituna), 4 steers at £l4 2s Cd to £l6 17s 6d; client, 16 cows at £9 7s 6d to £ls 2s 6d; P. Fahey (Little River), I 9 heifers at £ll 7s 6d to £ls 17a 6d; 3. and ' O. Thacker (Okain's Bay), 4 steers at £l7 I 7s 6d to £l9 12s 6d, 2 heifers at £l3 2a 6d to £l4 17s 6d, 6 cows at £ll 17s 6d to £lo 17s 6d; J. E. Thacker (Okain's Bay), 2 1 steers at £ll 2s 6d to £l7 12s 6d, 4 heifers , at £l2 12a 6d to £l4 12s Cd; H. T. Thacker (Okain's Bay), 3 cows nt £l2 2s 6d to £l4 2s 6d; O. B. Thacker (Okain's Bay), 3 cows at £l2 2s 6d to £l2 12a 6d; E. Hay (Pigeon Bay), 10 steers nt £ls 7s 6d to £l7 17s 6d; Sharp Bros. (Halswell), 19 steors ot £l6 to £2O 2s Cd; F. Hubbard (Oreenpark), 2 sows at £8 2a Cd to £ll 17s 6d, 1 heifer at £ll 12s 6d; Mason Bros. (Hawarden), 8 steers at £ls 17s 6d to £l6 17s Cd, 8 heifers at £ll 2s 6d to £l4 17s 6d; client, 4 steers at £l4 17s 6d to £ls 17s 6d; clients, 29 cows at £9 12s 6d to £l3 2s 6d, 9 heifers at £ll 12s 6d to £l4 2s 6d; client, 5 cows at £8 2s 6d to £lO 17s 6d; R. J. Robinson (Waikuku), 6 cows at £9 12s 6d to £l2 7s 6d, 5 hoifers at £8 7s 6d to £l3 2s 6d; Jas. H. Hampton (Leeston), 1 steer at £l4 7s 6d, 6 cows at £6 17s Cd to £lO 7s 6d; Joraes Mcßrido (Winchester), 7 steers at £l7 to £l9 12s 6d; Smith Bros. (Olarkville), 5 steers at £l7 7s 6d to £l9 17s 6d; F. Brown (Shirley), 6 cows at £ll 7s 6d to £l4 2s 6d; W. and R. Anderson (Charteris Bay)., 9 steers at £ls I7s 6d to £lB 2s 6d; G. F. Drury (Halswell), 1 cow at £l3 17s 6d; Rangiora client, 3 steers at £l7 17s 6d to £lB 12s 6d; Woiau client, 2 steers ot £9 7s 6d to £l4 7s 6d, 3 cows at £lO 17s 6d to £l2 12a 6d; W. Roberts (Woiau), 1 cow at £l4 2s Cd. VEALERS. In this section the entry was a large one, and with few exceptions the lots were of very ordinary quality. The sale dragged, and much time waß wasted during the afternoon. The best veal calves held up in price fairly well, but the inferior animals were "sticky." Values were:— Twelve to eighteen months sorts to £8 6s. Good vealers £4 10s to £5 10s. Medium vealors £3 to £4. Others 10s to 80s. Small and inferior calves as to 8s 6a. DAIRY CATTLE. There was a fairly good entry of dairy cattle, but old cattle predominated. Heifers met with a ready sale, though the general tone of the market was not as good as last week. Values were:— Best second, third, and fourth calvers £S to £lO 7s 6d. Good fifth calvers £7 to £7 10s. Heifers to £9. , Old cows in profit £2 10s to £3 IBs. STORE CATTLE. A spirited demand was experienced for the store cattle whichiwere yarded, and the supply was not enoSTgn to Botisfy the demand. Cowb which would fatten were eagerly sought after at advanced prices, and all the stocrs made good values. Valucß were:— Three-year-steers to £8 7s 6d. Good young cows £5 to £6 10s. Other cows £3 to £4 10s. Herd bulls £4 to £9. Potters £2 10s to £3 ss. j FAT PIGS. j In the fat pig section the entry was a large one. The usual accommodation was much too small, and many of the fat sheep ; pens had to be used. It was the largest, entry of pigs for years past. The sale of porkers lasted from 10 a.m. until 2.45 p.m. The rush of supplies had the effect of sending prices back. Baconers were not so numerous as porkers, but the bacon prices were also easier. Values were:— Choppers £2 10s to £6. Light porkers 42s to 50s. Heavy porkers 52s to 565. Average price a lb 6Jd to 74d. Light baconers £3 to £3 10s. Heavy baconers £3 15s to £4 2s. Average price a lb 5Jd to 6sd. STORE PIGS. The entry was an extra large one, with a good attendance of buyers. The market was decidedly easier, and vendors taking into consideration tho large entry in the pork and bacon pens, and the considerable redaction in prices Beemed to realise the lower figures would have to rule. Values were:— Small weaners fls to lis 6d. Medium weaners 12s 6d to 16s. Good weaners to' 18s. Slips 16s to 225. Medium stores 23s to 275. Large stores 28s to 345. Extra large stores to 41*.

Buy era. . Sellers £ s. d £ s. d. N.Z. GOVT. DEBENTURES41 per cent. Inscribed, 1938 96 10 0 — 41 per cent. Inscribed, 1939 96 7 6 97 0 0 41 per cent. Bonds, 1930 98 0 0 — 4J per cent. Bonds, 1938 arid Bonds 1939 96 10 0 — 5i per cent. Inscribed, 1927-41 .. 98 15 0. 99 5 0 6J per cent. Inscribed, 1933 101 2 6 102 0 ft 51 per cent. Bonds, * 1933 1 101 2 6 101 7 8 61 per cent. Inscribed, and Bonds, 1936 .. 101 2 G — OTHER DEBENTURESChristchurch Trams, 61 per cent., 1934 104 0 0 — N.Z. Breweries, Bonds — 18 8 BANKSAdelaide 8 11 6 8 15 0 Aust. of Commerce .. 1 12 7 1 12 10 Australasia 14 13 0 — Comm. of Aust. — 19 1 Comm. of Aust. (pref.) 6 39 6 7 10 Comm. of Sydney —. 21 10 0 National of Australasia (dfclO paid, cum div.) 17 9 0 17 10 6 National of Australasia (£5 paid, cum div.) 8 13 0 8 14 0 National of N.Z. ■ 6 18 0 6 19 0 ' New South Wales 45 5 0 45 7 6 New Zealand (cum div.) 2 19 4 — New Zealand (Mortgage Shares, SX paid,, cum div.) .. 1 6 7 — New Zealand (Mortgage Shares, 10s paid, cum div.) .. 0 16 11 P. xond 0 Bank 10 5 0 — Queensland National .. 8 5 0 — •Union of Aust. 14 6 6 — Union of Aust. (new, fully paid) 18 17 6 — IN8URANCENew Zealand .. 1 19 6 1 19 11 South British 2 16 6 2 17 0 LOAN AND AGENCYDalgety and Co. 12 19 6 13 1 0 Goldsbrough, Mort 2 6 9 2 7 6 Goldsbrough, Mort (new) National Mortgage — 2 6 6 3 11 9 8 12 9 N.Z. Loan and Mercantile (ord. stock, cum div.) .. .. 94 0 0 95 10 0 SHIPPINGHoward, Smith — 1 10 0 Huddarfr-Parker a e 4 — Huddart-Parker (pref.)^. 1 0 6 — Union (prof.) 1 0 2 — FROZEN MEAT-. Canterbury 8 2 6 8 12 6 Canterbury (pref.) 4 17 0 5 16 N.Z. Refrig. (£1 paid) 0 16 G 0 17 0 N.Z. Refrig. (contr.) .. 0 8 1 0 S 8 WOOLLENSEaiapoi (17s paid) .. 0 8 6 0 9 9 Kaiapoi (pref.) 0 13 0 0 14 0 Wellington (ord.) >. 6 4 <L • — Wellington (pref.) .. 6 4 0 — COALWestport (cum div.) .. Stockton (pref S . . — 1 15 0 — 0 3 6 GASAuckland 1 2 6 13 0 Christchurch .. .-. 1 4 0 14 3 Christchurcb (new, Ss paid) 0 6 6 0 6 7 . Timaru ., ,. 1 2 0 13 0 BREWERIES— Monteiths 10 9 New Zealand .. .. 2 0 0 2 10 Staples 1 1« 0 118 0 Timaru 0 15 0 0 17 0 Ward _ 118 0 White Star 0 17 4 10 0 CEMENTS— Wilson's (cum div.) .. 116 7 _ TIMBERKauri (cum div.) ,, 4 0 MISCELLANEOUSAllied Motors 0 11 0 G15 0 Aust. Glass (cum div.) 2 1 0 — Beath and Co. 1 12 4 1 12 9 British Tobacco 2 13 9 2 15 0 Colonial Sugar 54 0 0 54 10 0 Electro. Zino (ord.) .. 1 10 6 1 11 3 Eleotro. Zinc (prof.) .. 1 11 9 1 12 0 Henry Jones Co-op. (cum div.) — 1 17 0 Holden'e Motors 1 13 0 Mercantile Finance Corporation (5s paid) .. 0 1 3 0 2 6 N.Z Drug Co. 3 4 9 3 5 6 N.Z. Farmers' Co-op. (6§ per cent. Stock, 1930) 77 10 0 — N.Z. Farmers' Co-op. (6J per cent. Stock, 1935) 75 0 0 — N.Z. Guarantee ' Corpn. 0 8 10 0 9 0 N.Z. Paper Mills 0 16 0 0 17 0 Whi'combe and Tombs 3 7 6 — Quill. Morris — 13 6 Sanford, Ltd. — 10 3 MININGMt. Lyell (cum div.) 1 8 2 18 6 Ohinemuri 0 6 1 0 G 10 Waihi 1 1 3 12 6 Mt. Morgan (in liquidation) 0 14 6 —