FINANCE AND COMMERCE.

Press, Volume LXVI, Issue 20097, 28 November 1930, Page 14

FINANCE AND COMMERCE.

FIRST WOOL BALE.

IA PREFERENTIAL PAYMENT.

TIMARTJ woollen mills.

PREPARATIONS IN HAND. f MATURES OF THIS YEAR'S CLIP. Since the mat wool sale oi r.'ae 1030-3., wasea, held at Auckland this week, and at which prices recorded aueh a sharp decline on tho&e ruling at the rinal eale of !ast, year, interest m the -irst sale o£ the season in Christchurch, set down for December 12th, has heightened, and many are the speculations *5 to'the trend of this season's values 3 the province. Already the stores are filling •wit' l —ool from the stations and farms, and raany hands are employed in the stores ir the various departments sor hand":i~ng. classing, and enumerating the cap r o+ the auction. I FuJI Quota Expected. | Ihe allocations for the sales througn-.->ut the Dominion are made by the New Zealand Wool Committee, comprising representatives of the producers, woolbrokers, and wool-buyers, and the maximum quantity set down for the nrst sale at Christchurch is 22,000 bales. It is anticipated by the brokers this total will be reached with ease this year, and it is probable that the offering should exceed the total estimated that there woirtd be no diflieultv in having the allocation raised. To date there has not been the amount of wool sent forward to the stores that j ■was in hand at a similar period before j the first sale last year, but this tardi- : ness may be accounted for by the fact -•hat the weail»er has been very broken. The sale Is being held at a later date by 12 days than the nrst ttool sale in 1959. As a result oi the extended time which Will have elapsed before the auction this year, it is anticipated that there will be more ewe wool included in the sale. Quality up to Standard. It *s the opinion of a wool eipert, :n Christchurch, that the quality of the ■Srst. offering this year will be about on a par with that at the first sale last -rear. The major portion of the woo! in the eale, of course, is that of dry sheep, and judging from that which is already forward, it is well grown, but with" a certain amount of tenderness m evidence as a result of the hard spring. A good proportion of the offering will comprise hogget wool, and it is in this class that tenderness makes itself apparent first. In regard to the carry-over from last season, it is certain that a fzif percentage of that will be offered at this first sale, but it is a fairly general ! opinion among brokers that the carryover will not be such a burden in -Cbris-tchurclL .as. it. ha-8 been zt the northern markets. The reason for that assertion is that in Canterbury last yea# there were freer sales than in the iSTorth Island, vendors being prepared to meet the market in the majority of instances.. This should have a good effect on Bales this year. It is possible that some growers will continue to hold what is left of-their last year's clip until later sales in the season, in the hope of a recovery in values. The total carry-over at the end of last season in Christchurch was about 10,000 bales, and of that quantity a good proportion has been either scoured or shipped to England in the meanwhile. This h&s meant a steady reduction throughout the year. Criticism Refuted, There has been considerable criticism recently of the mixed character of the wool in inter-lotted lines, but a wool expert told a representative of _ The Pkmi . yestordav that such criticism was not warranted, as at the sales m Christchurch it had always been the oase that buyers were eager to secure the type of wool referred to. The reason for that was that in the stores the inter-lotted bales were shown with the whole of one side open, so that the buyers could see and handle any section of the clip in the bale. That was appreciated by the buyers to a greater extent than, was the usual method _ of showing the wool in the main clips—with the opening at one end only. Grouping Small Ziots. The task of preparing these interlotted bales for tlie sale is a very exacting one in the store, and requires a. considerable amount ai time and experience. Each bale is classified by a,n expert, and placed in lots which include others of its particular type and quality, and thus their auction is expedited. At ope time there were a number of "Star Lots" offered at the auctions—lots of leßs than four bales—but by this system of inter-lotting their number has been reduced to a minimum, and the "binning" or "grouping '* of small clips is now generally in vogue. Some years ago, in. consequence of the number of small lots, a regulation was agreed to making a minimum average of bales per lot for the larger sales. That was felt at the time by some brokers to be a hardship, but it is interesting to note that at the four principal sales in Christchurch last season, the average of the offerings per lot was just a shade over eight bales. This results in a large saving of time to buyers when valuing large catalogues. Pressing of .Pieces: There is one feature of the baling of the wool' that occurß each year, and despite warnings the growers persist in it. It is the tight pressing of pieces. Xo doubt the grower saves a little in railage or cartage charges, but, as one of the men in charge of a store pointed out yesterday, the ultimate loss is certain as the pieces are reduced in value by about one penny a pound. More Blade-Shearing. With the prospect that the range of values will reach a lower basis this as.le, it is to be anticipated that especial attention will be given to the matter of classifying the ■ clip, so as to place it before the buyers in the best possible manner. However, there has not been the demand for wool-classers this year there has been in previous years, according to one authority, and it appears that the greater portion of that section of the work is being done either in tie store or by the growers themselves on the farms. Further, it is noticeable that more growers have retnraed to blnde-shearing. due to the greater liability to losses of machineshorn steep should rough weather intervene. Comparison of Prices. The following is a comparison of the prices ruling at the first sale held in Cfcristchurcli last season on November

30th, 192G>, and the iaat of that season held on March 10th, 1930:

First sale. Last Sale. &. d. d. d. Merino— Super ~ 13 to 13J 10 to 10J Average 11 to 12f 9 to 9$ Inferior „„ 9i to 10 7i to 8A Corriedale— Ex-super to 18J Super 13; to 15 10j to 31 Average . , 12 to 13 9i to 10 Inferior . . 10 to 11* 7-j to 9 Fine Halfbred— Ex-super . „ to ISj —■ Super . . ISs 10 1;> 30i to 11} Average ~ J- to 13 Pi to 10 Inferior 11 to 11J S to 9 Medium Half bred— Ex-surer .. to 174 Super" . . 13 to 14J- 10 to 11 Average . . 11 jto 12; 9 to 9$ Inferior .. 0 to 11 7t to Sj Coarse Halfbred— Ex-super .. —• to 14 j Super ~ to 13* 9j to 9J Average .. 11 to 12 3 to 9 Inferior - - 9 to 10*_ (5* to n Fine Crossbred —• Super .. lis to 12$ 9 to 9£ Average .. lOj- to llf 7f to Sf Inferior - . 9 to 10 6; to 7J Medium Crossbred— Super . . 10$ to 11$ 7i to S Average .. 10 to 104 7 to 71 Inferior . . 8 to 0 6 to 6J Coarse Crossbred— Super ~ —■ Average .. 10 to lOi Inferior . „ S to 9 —■ Pieces— Good to super 10* to 13 7 j to 9 Inf. to average 6J to 9 5 to " Bellies— Good to super 9 to 10 6j to 74 Inf. to average 7 to 8« aj to 6 Crutchings— Med. to good 7 to 9 4 to 6 Inf. and Locks— Merino . . 5 to 7 4 to 5 Halfbred . „ 45 to Oj 3* to 4} Crossbred .. 4 to 5j 3 to 3j Record Prices. The following table gives a comparison of the record prices secured last season and for the 1928-29 season:— 1925-29. 1929-20. d. d. Merino £eeee 26; 16j Merino pieces , . 20* 12* Merino bellies . . IS* 10 Fine halfbred fleece .. 26 ISJ Med. halfbred fleece . . 22$ 17? Coarse halfbred fleece 22$ ISA Halfbred pieces . . 22 13 Halfbred bellies 1S» 10 Fine crossbred fleece . . 22 15? Med. crossbred fleece 21 j 15J Coarse crossbred fleece ISs 15 Low crossbred fleece 17$ 13> Crossbred pieces . 21 13& Crossbred bellies . , 15 10 Southdown lambs .. 22» 12 Crossbred lambs . . 23 j 16$

IMPENDING NORTH ISLAND

SALES,

A sale is to be held at Wanganui to-day, with a limit of 22.000 bales, but the probability is that little more than 12,000 bales. will be offered, including "old" wool; and the quality ol this year's clip is reported to be below the average. Wanganui wool towards the end of the season comprises a heavy proportion of seedy and logstained clips, but at the opening sale this objection is not present. The wool is practically all from the better farmed areas, but it ;a principally medium to coarse crossbred, and much the same ris that submitted at Auckland. The Napier sale foJJows next Wednesday. The quantity allotted by the Wool Committee is 30,000 bales, which is likely to be well in excess of th« actual offering. Quality of the new wool is said to be inferior to that of last year's opening catalogues, and this is attributed to bad weather in the main and malnutrition of the flocks. However, Napier provides one of 'the best North Island catalogues for variety and quality, there being a big proportion of fine Romney-grown and the values should more closely approximate thoso likely to rule at South Island sales.

THE WOOL SALES. IMPROVED DEMAND AT SYDNEY. RECOVERY IN VALUES. (rnrrraa pßias +SBoci*.Tioa— bt ilictbiu TaLaGSAjprc—copyaiosT.) (Received November 27th, 9.30 p.m.) SYDNEY, November 27. At the wool sales the offerings amounted to 11,071 bales, of which 10,324 were sold; also 430 were disposed of privately. There was an improved demand owing to a better selection of wool and values recovered, prices being generally on a level with the earlier sales of the week. Competition for superfine was pronounced. Greasy Merino made up to 274 d. REPORT FROM LONDON. 'T7*iTza pajsaa association—sr elects io TELEGRAPH— COPYRIGHT.) LONDON, November 26. At the wool sales 9808 bales were offered, including 2606 from New Zealand, and about 6464 were sold. There was an excellent selection of greasy merino, and other sorts werts well represented. Good competition was met v.'ith, and opening prices were maintained. New Zealand greasy crossbred was quoted: Atamoa Bjd top price, 7d average. HIGH COMMISSIONER'S REPORT. {THE PRESS Special Servtce.'j November 27. The Department of Agriculture has received the following cablegram dated the 26th mst., from the High Commissioner : I -?? 1 ® wool Bales . opened yesterday W i-l- a ge attendance and good competition, the Continent taking the bulk of the merino offering, and Yorkshire being active among the croesPiT « Compared with closing rates of the Octoher series, best merinos are unchanged; other merinos, ~l\ per cent, to 10 per cent., fine crossbred 10 per cent., medium crossbred and coarse crossbred 15 per cent., and slipe lO per cent, lower. In all, 167 000 hn '?° "VoM-Ma frtr fh» of X . , w Zealand woo] comprises 67,000 bales, Australian 87,000 bales, and South African 6000 bales, DAIRY PRODUCE. . X.oam and i£ercantil® -A-S&zcy Co., Ltd., have received the following cablegram iroia their Loadon ofie© ncdey dftt© 26tn jnst, Butt«rw_io46 to 106s. 'Wbit* '6ss, .'Aoloiured *sß®.

COMPANY IN LIQUIDATION, j «. . j MONEY TO BE RETURNED. j Claiming that he had been forced, as ' liquidator of Davidson and Wauchop, Ltd., to make a preferential paymeut of £4 l<ss to an ordinary creditor, and that he had made such payment under potest, William Samuel Newburgh, public accountant, oi Christchurch, asked for an order in the Magistrate's Cvurt yesterday, that the amount so paid be returned to him by A. J. Archibald, garage proprietor, of Ufinstchurcb, to whom the payment had been Judgment was given for the plaintm. Mr C. S. Thomas appeared for plaintiff, and Mr 0. F. Woodhead for the defendant. Mr H. A. Young, S.M., was on the bench. The statement of claim set out that on October Ist, 1930, defendant seized a truck from the premises of Davidson and Wauchop, and refused to return it until £53 "had been paid. Of that amount the defendant was not entitled to £4 16s, and the plaintiff had only paid the same, under protest, in order to secure the return of the truck. The plaintiff claimed £.4 16s. ~ Mr Thomas said that-Mr Newburgh, in the course of his duties as liquidator of Davidson and Wauchop, Ltd., had been forced to pay out an amount of £-i 16s to Mr Archibald, and now asked fo- an order for its repayment. In 1029, Davidson and Wauchop had bought a ' truck from General Motors, under a hire-purchase agreement. Tho deal was then taken over by the General Motors Acceptance Corporation. On September 13th, 1930, Mr Newburgh, as liquidator, received notice from the Corporation that two instaUm-ats were overdue, and asking for a cheque in settlement. There were other jtcnis m the account, of which Mr Newburgh asked for particulars. The Corporation 'a letter giving the particulars, and asking for at least two of the overdue instalments, was received. Mr Newburgh. on September 27th, proffered the cheque for the instalments, to Mr Archi bald", as local agent for General Motors, but lie refused to take it. After Mr Archibald refused the cheque, Mr Newburgh posted it to tho company at Wellington. The Contract Assigned. No answer was received until September 29th, when General Motors returned the cheque, and said that as the amount had been paid by Mr Archibald a a guarantor, the contract had been assigned to him. However, before then General Motors had been paid by Mr Newburgh, as requested. Further, the notice of assignment was dated September 29th. Mr Archibald, who was the local agent who l-ad put tho deal through, rendered an account for £2 3s 9d to Mr Newburgh for goods delivered to Davidson and Wauchop. Mr Archibald then said that be wanted preferential treatment, as the account was secured. Mr Newburgh replied that if Mr Archibald could produce authority or the security, he would give' preferential treatment. Mr Archibald turned up at Davidson and Wauchop's one morning. Mr Newburgh was sent for, and on arrival he found Mr Archibald trying to seize the truck. A Policeman's Help. Mr Newburgh said Mr Archibald had no power to take the truck, and that he would not allow it to go. Mr Archibald then went' away, and came back with a verv young policeman, who told Mr Newburgh to stand aside. Eventually Mr Newburgh, fearing violence, allowed Mr Archibald to take the truck. Tt was taken away to Mr Archibald's garage, where the front wheel 3 were removed. Twelve men were held up by the absence of the truck. As business could not go on without a truck, Mr Newburgh got into touch with Mr Archibald, who said he could only have the truck if a re-sale was put through. Mr Newburgh paid the amount under protest, and also signed under protest, a document releasing Mr Archibald from the consequences of his seizing tho truck. A "Try-on.'' The transaction was not a 6a»e and had none of the elements of a sale. "The whole case is a deliberate 'try-on' by Mr Archibald, to get preferential treatment," said Mr Thomati. "It is absolutely necessary for a liquidator to follow the rules of the distribution of assets of a company in Liquidation. " William Sapiuel Newburgh, public accountant, of Christchurch, in evidence, confirmed the statements made by Mr Thomas in opening the case. Evidence in support of Mr Thomas's statements was also given by Messrs Davidson and Wauchop. The Defence. Mr Woodhead said that tho defendant, as guarantor, had been pressed by General Motors for the overdue payments. When he paid them the contract had been assigned to him. When defendant found that the truck was removed from the garage, where it was usually kept at night, he was alarmed, and determined to seize it. Under the agreement for sale and purchase defendant was entitled to ch "ge plaintiff with the costs of seizure and re-sale. In evidence, Mr Archibald supported Mr Woodhead't contentions. Tho Magistrate said that Mr Newburgh had done everything he could - legally do, as liquidator of Davidson and Wauchop, Ltd. Defendant had been wrongly advised in his actions, and should have accepted the cheque for the instalments, and claimed for the balance of the account along with the other creditors. Plaintiff was entitled to the amount claimed, less exchange on the cheque defendant had sent to Wellington. Judgment would be for the plaintiff for i.4 14s 9d and costs and witnesses' expenses. STRATFORD SHOW, 'PEIS3 4.ESOCII.TIOII VEl.ii&aAlf. j STRATFORD, November 27. The following championships were awarded at the Stratford show • Jersey bull, Clemow Bros. (Stratford); cow, Truby King (Stratford). Ayrshire bull,. W. Hall (Lepperton); cow, F. Mills (Hawera). Friesian hull, slarchant Bros (Cardiff) : cow, Stratford Technical High School's exhibit. Milking Shorthorn bull, Mrs Hayward (Normanby); cow, H. C. Belcher (Eltham). IMPERIAL COMMUNICATIONS. ypKESS UJSOCIiTIOW rSUEGBAIi.) WELLINGTON. November 27. Following are the estimated traffic receipts of Imperial and International Communications, Limited: — 1930. 1929. £ £ October 446,097 516,978 Aggregate, ten sioitiue ■4,526,263 £,116,466

TIME PAYMENT. ENCOURAGING THRIFT. A BUSINESS MAN'S OPINION. "If vre consider that the vast expansion in tho time-payment system during the last decade has taken place simultaneously with a great increase in the bank deposits and insurance policies held by the people, w< must realise that tho bulk of the adverse criticism comes from people who speak -with little knowledge of the system," said Mr KA. Laidlaw, a prominent Auckland business man, in the course of a luncheon address to members o£ the Auckland JRotary Club. Mr Laidlaiv said the time-payment system was being hailed in England as a Eound one, and was being adopted by many of the leading business houses) in that country as tho sanest method of extending the principle of credit. The speaker said that, although the system was one of tho latest developments of modern selling, it was said to have originated over 100 years ago. Aa early as 182S reapers and binders had been sold in the United States on a system of time payment, and in 1898 the "Times" had advertised the ninth edition of the Encyclopedia Britannica for sale on terms. Another example of the system was to be found in the principle of amortisation, under which most property sales took place. Jfjink In Clxain of Credit. The manufacturers and the wholesale and retail merchants all relied on the use of credit to carry on their business, and the extension of the system to the consumer by means of the time-pay-ment system was the completing link in the chain of credit. A caso of misapprehension arose when the cash trader came to look upon the time-payment firm as his enemy because it took money out of circulation which should have been circulating among the traders. This was fallacious, for the firm had to advance money in cash on the strength of its securities for wages and material to all sorts of interests concerned in the production of an article, and then had to sit back and wait possibly for two years for the money to como back. This money was put into direct circulation among many employees and others, who spent a considerable portion of it in the shops of the cash trader. Among objections raised to the timepayment system it was sometimes said that it offered every inducement to the seller to persuade a person to buy something which he could ill afford. On the contrary, there was every inducement to see that the purchaser was likely to pay for his purchase. Far from leading to extravagance, the system encouraged the putting-by of a small sum of money each week, and was really conducive to saving. Question of Registration. Mr .Laidlaw said that although he had attended several meetings of creditors he had never been to one where time paymeats had been in any way responsible for the bankrupts position. There was a movement in some quarters to have time-payment agreements subject to registration, but the speaker considered this was very unfair. "Why," he said, "should a salaried man whoso wife buys a sewing machine for Ss 6d a week "be required to notify his debt publicly while* his employer's wife may purchase the same machine on credit and not pay for it for possibly six months?" Open credit was really much more dangerous than time payment, 6aid Mr Laidlaw, for the person to whom credit was given would often buy whatever the seller would let him have, while the time payment purchaser, for whom each purchase represented an increase in his weekly levy, bad to watch his expenditure very closely. If the public could be persuaded to save money in times of prosperity instead of spending it so freely, and in times of depression to spend freely instead of saving so rigidly, a great deal would be done to smooth out the humps and hollows in tho trade cycle.

THE BASIS OF ALL ADVERTISING. Successful advertisors have learned from pracvical experience that the basis of successful selling effort is in continuity. Repetition to the same prospects and in the same markets, and the beeping of customers, are essential to success. For confirmation one peeds only to note how successful companies carry on without let-up with publicity to dealers and consumers. And again ono might call to mind advertisers who figured that they could sit back and reap the benefits from past performance and save money. There are hundreds o* examples where advertisers who hesitated have lost the market. This is a fickle age. Competition s« not between people selling the same things. It is general, and evervone in business is clamouring for a snare of each person's money. New generic tions continually take the place ot older ones, and, just as the farmer continually sows to reap, so the advertiser has to continue to advertise to hold his markets and increase hie sales. Repetition is the power of any sales campaign, whether it is personal salesmanship of advertising and selling through any one or more of the recognised media, which reach the markets. When conditions are poor, those who have the courage to carry on a reasonable and sustained programme will get more than their shaz-e of-current business and reap the great benefit when there is improvement. The cumulative value of advertising or salesmanship is brought about only by the courage of marketers who have found out what they should do and are doing it. A sustained plan that is thorcr worked out in every detail to meeu tlie needs of the organisation and to bring about maximum sales whatever may be the conditions, is the. only one that counts to-day. So each and every advertiser, whatever may be his markets, his commodities or services, whether large or small, retailer or manufacturer, should keep ever before him the necessity continuity in all his efforts. Never let up.—Might's "Information Helps.''

| THE NEW BANK, SYDNEY PROPERTY PURCHASEDIt7Xir£X> PtIESS ASSOCIATION—B7 SLECTH-C TEL^OaAPE—COPYRIGHT.) SYDNEY. November £?* A property known as Stanton Hones, in Pitt street, near the General Post Office, has been sold to the Australian and New Zealand Banking Corporation for £150,000. The building was only completed ' R September and is one of the most handsome structures in the city- ft '- s the intention of the new bank to commence operations in the New Year. TALLOW. t-ai Co., Lid.. Mva rece;?da tfc* following cablegram frora their London o&ea dated November 26th:— Tallow—Ai&rfcet aoasia»Uy oscsitsg*d.

I CHRIST CHURCH STOCK I 1 EXCHANGE. j | YESTKRDAY'S^JTKAiVSACTIONS. Markets « the whole „ Call yesterday. Tho recorded turnover was small and prices of several stocks showed a further weakening. Transactions exclusive of vestibule business included: 100 Comm. Hank of Aucf 40 Union Bank of Aust 100'Goldsbrough, Morfc 100 IMectro. (pref.) ! r.tK?, y, e £ ry £ ones Co-op. (cum div.t N.Z. I<armors Co-op «u oer Stock, 1940). P * - Commercial Bank of Australia shares realised _Gs Jd, sellers staying in at tLat figure buyers at 16s Bd. National ,of Austra asia iully paid shares ex C <, V o unsupported sellers at r'o . paid wero offered at £5 Ihs, buyers at £ 5 Ss. National Bank of New Zealand earn dividend were easier with sellers at £5 12s 6d buyers ai to os. Bank of New Zealand cum dividend which eased to 56s 3d S' 1 . 1 were available at °f\ \ h y" yt!T ? afc 545. Union Bank ot Australia shares had dealings at £9 14s (,i drop or 3s 6d on Wednesday's turnover; and there were further sellers ai £9 14s, buyers at £9 13 s . Miscellaneous. Goldsl>rough, Morts declined to 21s Closing quotations 20s 9d buyers, L'ls 2d sellers. New Zealand Breweries shares cum dividend of Is 3d per share were stronger on buyers' offers 43s 2a. sellers at. 43s Bd. Electrolytic Zincpreference shares eased to 17s 6d sellers staying in at that price, buyers at 17s Id Henry Jones Co-operative shares cum dividend dropped to yos. market closing 19s IGd buyers. 20s 6d Boilers. New Zealand Farmers' Cooperative GJ per cent. 1940 stock was ersier at £76. Whitcornbe and Tombs shares were firm on bu'yers' offers G7s fid, sellers at 70s.

WHEAT PRICES. INFLUENCE OF RUSSIAN SUPPLIES. LIMITATION of production in U.S.A. ADVISED. (Cjnxsc A3SOCIATIOK-BT SE.SCWSIO ICT lILIOSiPH- COPTJIIGHT.) (Received November 27th, 5.S p.m.) WASHINGTON, November 27. The chairman of the Federal Farm Board, Mr Legge, declared that the wheat surplus was being reduced daily by large feeding to live-stock, totalling "well over 200 million bushels." He said: "The feeding of wheat to livestock is much larger than was expected. I advise millers and others who need wheat to cover their requirements now." He also stated that Kussia.ii wheat exports during the nezt five years would increase on such a scale that it would be unprofitable for American growers to ship wheat abroad. He therefore advised the limitation of the United States production to the domestic wheat requirements, and he advised a further restriction on grain speculation, since the same wheat was being sold over and over again. In conclusion he stated that when Russia again entered the world markets on a large scale, "dollar wheat" would be a rarity. Liverpool prices would then be below the dollar, but in the United States the prices Would be somewhat higher if production were limited to the domestic demand.

j TIME TO PURCHASE WHEAT. j WASHINGTON, November 26. Mr Alexander Legge, chairman of tho Federal Farm Board, addressing newspapermen to-day, declared that uie present was a good time for millers and feeders to purchase wheat, while it v.-as cheap. . Asked whether he meant that tho price would go up, he replied he was not making promises. He estimated that more than 200,000,000 bushels of wheat would be used for livestock feed this year. THE WHEAT INDUSTRY. STABILISATION IN NEW SOUTH ! WALES. j (xnr.rXD paiss association —sj bl*ctjuo. | TECEGKAPH COFTMOHT.) | SYDNEY, November 27. The Minister for Agriculture, Mr W. j F. Dunn, has announced that steps were teing taken to stabilise the wheat industry. In the meantime the Department of Agriculture would assist the primary producers to put in the nest season's crop. BRITISH IMPORTS FROM I "RUSSIA. i ! j STATEMENT IN HOUSE OF j COMMONS. (Received November 27th } ?.30 p.m.) LONDON, November 26.

In the House of Commons, LieutenantColonel A. H. Gault directed attention to the dumping of foreign cereals into Great Britain, and moved a motion deploring the Government's inaction in this connexion. -He said that out of 71,000,000 hundredweights of whe'at imported from January Ist to September 30th, Russia sent 3,500,000, at halfthe cost of production in Great Britain. This wheat was grown on State farms by conscripted labour under a tyrannic Government. Mr G. M. Gillett, Under-Secretary for Overseas Trade, replying, said that the yearly import of 6,000,000 hundredweights from Russia was hardly an important factor. It was probable that .ill exporting countries were having to sell below the cost of production.' Lieutenant-Colonel Gault's motion was defeated by 224 to 139 rotes. FREIGHT ON WHEAT. TEX PER CENT. INCREASE TO REMAIN.

Tho secretary of the New Zealand Whoatgrowers' Association is in receipt of a reply from the Minister for Railways, the Hon. W. A.- Veitch, in reference to the 10 per cent, increase on the freight of grain, as follows "In reply to your telegram of the 22nd inst., the position is that after careful consideration. Cabinet decided that it would be inequitable to exempt wheat from rhe general increases which _ have been placed on other'commodities. Am sorrv that the condition of the railway finances renders these increases imperative." THE COTTON INDUSTRY. PROPOSALS FOR RESTORATION DISCUSSED. vSeictse orator at. wzuEHsss.j (Received November 27th, 5.5 p.m.) RUGBY, November 26. TLo Besident of the Board of Trade, speaking in the House of Commons, stated that the matters discussed at the recent conference at Manchester with the representative sections of the cotton trade were as to the value of the formation of larger units as an aid to the restoration of the spinning section and certain technical matters such as the use of Indian cotton and the effect of external factors on th® prosperity of the cotton industry. UTscussious with representatives of the manufacturers would be continued at an early date.

WELLINGTON. Bales Reported—

AUSTRALIAN BUTTER EXPORT. ASSISTANCE BY BOUNTY. (XJHITED PRESS A.SSOCIA.TIOK —B? BZ.2CTXIO TELEGRAPH —COPTBISBT.) (Received November 27th, 7.16 p.Tfi.): OTTAWA, November 28. Mr J. A. Calder. a former president of " the National Dairy Council, declared in a statement. made to-day j that the reason why Australian butter j can compete oa the Canadian market i it. because it is suoported. by a bounty of about 9 cents for every pound ex-j ported, thus giving the Australian exporter a leeway in price-cutting. Con- j \ orsations have been initiated overseas ] between the Minister for Markets ana Mr Parker Moloney (Australia), and will be continued here when Mr Moloney arrives next week. Mr Moloney will subsequently tour the. Dominion. INCREASE IN BUTTER TARIFF ADVOCATED. (TTSTTSD S&E9S ASSOCIATION —S? ELSCrBXC TiutosAPH- copraicsT.) VANCOUVER, November 26. A message from Sioux Falls 6tt.tes that Congressman C. A. Christopherson (South Dakota) urged that the butter tariff be increased through the flexible provisions of the present law. He saicl the rfecenf offer mg of .5,000,000 pounds of Australian bxjtter on the New York markets immediately depressed domestic prices, and called for immediate increase in the tariff. PRODUCTION OF SUGAR. BRITISH PREFERENCE TO REMAIN. (sKtnsx orrcciAi. wuuttwa.) (Received November 27th, S.JS p.m.) RUGBY, November 26. .During a debate raised by Lord Olivier in the House of Lords on the crisis in the West Indies sugar industry, Lord Passfield said that it was difficult to expect any rise in the price of sugar" so long as thg" prfisent world accumulation of stocks remained. Regarding the sugar preference, the Chancellor of the Exchequer had made it clear that it was not his intention to withdraw the existing preference of £3 15a per ton for the next three years.

AUSTRALIAN PRODUCE. QUOTATIONS AT SYDNEY. ■uwrrrs mass a.ssochtio*~b» emscebicTEMSGBiPH —COPYBIOHT.) (R*o«i"r»d November 27th, B.SO p.m.) SYDNEY, Novenib«r 27. Produce quotations are »« under: — Wh«at—Ez trucks, Sydney, 3a 7d; country sidings, Is Xld. Flour—£S. Pollard—£4 16c. Bran—£4 5». Potatoes—Tasmaniac, £LO td £3; local, £lO. Onions—Globec, AS 10s | white, £lO par ton. Oate—White, 3* #d; 4s 2i Mails—4b Bd. AT ADELAIDE. ADEI.AIOB, November *7. Wheat—9s sd. Flour—£7 15e. Bran—£4 Be. Pollard—£i 16». Oats—Algerian, le ftd.

TRADE WITH BRITAIN. NEW ZEAL ANDERS' POSITION. (vmTIiO PRESS ASSOCIATION —B* WMSCWtIC TBLEOBAPH —COPIBIGHT.) LONDON, November 26. The Rt. Hon. G. W. Forbes and party, visiting Manchester under the auspices of the British Empire League, were welcomed by the .Lord Mayor and given a luncheon Tiy the Ship Canal Company, and a private dinner by the Lord Mayor, after which there was a public reception. Mr Forbes, speaking at the luncheon, said New Zealanders were convinced ot the wisdom of standing by their own people and the Motherland, and insisting that their exports shoald be of the highest quality. They enforced Government approval of everything leaving the country. Also, they gave British manufacturers such substantial preference that New Zealand was the highest per capita buyer of British goods. Their policy of concentrating to the utmost on trade among the British family would be continued. The party inspected the shij> canal find Metropolitan V fckera electrical works. TRADE WITH CANADA. SALES TO NEW ZEALAND. LAST YEAR'S LARGE INCREASE. (raon oca own coasrspoKDii-T.) VANCOUVER, October 29. Recent statistics show how Canada's trade with New Zealand has developed steadily. In 1929, New Zealand imported more merchandise from Canada than from any other British possession. Canada is now New Zealand's third largest source of supply. Comparative figures for 1927 and 1929 are appended : —• NEW ZEALAND EXPORTS 1327. 1929. Increase. U. Kingdom £"21,500,000 £2*2,570,000 5 p.c. U. States .. 8,080,000 9,300,000 15 p.c. Canada .. 2,700,000 4,780,000 71 p.c. NEW ZEALAND IMPORTS. 19'27. 3 9'20. Increase. U. Kingdom £37,000,000 £41,000,000 11 p.c. U. States .. 2,700,000 3,600,000 33 p.c. Cuuada. .. 1,660,000 3,350,000 103 p.e. The principal items taken from Canada consist of motor vehicles, and the increase in imports is explainea chiefly by added volume of these articles. The value of the main imports for 1929 was: —Motor vehicles, £1,674.000; tyres for vehicles, £754,000; newsprint, £320,000; boots and shoes, £250,000; fish, canned, £117,000.

OVERSEAS TRADE. FIGURES FOR OCTOBER. (PSX3S iSiOClA'flOir TEIXGRAII.) WELLINGTON', November 27. The overseas trade figures for October reveal the following position:— Exports. £ 19 29 • • • • 3,691.583 1930 - • • • 2,445,565 Decrease .. 3,246,018 Imports. £ 1930 . . . . 2,479,310 Decrease -. 2,011,502 For the ten months ended October the figures are:— Exports. £ 3 929 .. 48,134,089 3930 .. •• 39,576,645 Decrease • • 8,557,444 Imports. £ .1929 .. •• 40,764,226 1930 .. • 37,040,126 Decreaie . . 3,724,100 Customs Duties. For the quarter ended September 30th, the Customs and excise duties collected were as under:— 1929. 1930. & & & Customs 2,399,853 1,953,281 446,572 Dec. Excise .. 205,284 259,996 54,712 Inc.

LONDON'S EMPTY FLATS. ELABORATE AND EXPENSIVE. London is suffering from a "glut" of expensive flats. For a long time vast structures have been built on sites formerly occupied by houses or shops. The rush to build them began soon after the war, and increased during the ensuing trade boom when people could afford their rents. There are now acres of these flats without occupants. House agents are in despair. ine flats are all that could be desired so far as "every modern convenience is concerned; they have such undeniable attractions as central heating, marble bathrooms, constant hot water, magnificent decorations. Ihe rents alone are unattractive. w„;i' An agent showed a "Daily Mail reporter over some of the flats recently "Here is one with two nice bedrooms and a couple of Rood reception rooms." he said. "A telephone is installed free, and also a refrigerating cabinet. The rent? Well, that particular flat is just £SOO a year. Asked if he had anything cheaper, he said he had a great number on his books at rents ranging from £2oo to £375 a year, but these had only one bedroom and one sitting room They were fitted, however, for wireless. RUAHINE COPPER MINING COMPANY. (PBEBB ASSOCIATION TILEGB-Jj.; WOODYILLE, November 27. A report has been received by the Ruahine Copper Mining Company from the Elborf Geographical Survey Group of the Maharahara copper deposits. The Government contributed £SOO towards the cost of the survey. The report is considered encouraging, and on the return to the Dominion early next year of Mr Modriniab, who was the leader of the sarvey party, his advice is to be sought on the subject of the exploiting of the deposits.

NKwr COMPANY PLOATEB. (vnauu jo ran nmj to, ci , TIMARU, November 371 tie South Canterbury Woollen Mills, Z , 7 efe ori ginally established in an street in 1885, and which closed , "T" middle of last month. u g to tho current depression, will of loea? 6 efforts of a number citizens meet with success. tpw»? has been regisknown as the Timaru Woollen Mills, Ltd. \r u 8 Provisional directors are Messrs Wto Rajß,°n d , j ohn Woddell, B. Hall rn ' MaJßae, and W. H- „ T-' l6 com pany, which has secured sun p ion over the buildings and plant, will work on a capital of £35,000. The u 8 association and prospectus c , he available to the public on baturday. During the past nine years the old company paid an average of £13,300 annually in wages, the turnover being an n a Y era g e £38,000 annually. Uwing to the former company suapending operations, about fifty emBloyees, some of whom had given over o0 years' service, lost their employment. When fullv staffed the mill employed from 110 to 116 hands.

NORTH ISLAND LAMBING. DROP IN ESTIMATED PERCENTAGE. From information furnished by Inspectors of Stock in tho various districts tho average lambinsx for tho current season in the North Island is estimated at 83.19 per cent., compared with 87.56 per cent, last year. With 9,312,461 breeding eweg in the North Island, ns shown in the 1930 sheep returns, the number of lambs this season is estimated at 7,747,274. PORT OF WELLINGTON. IPRBSS A6SOCIAHOM TEUCOEAM.) WELLINGTON, November 27. A total of 61,261 tons increase in the trade of the port of Wellington, or 2.8 per cent., during the year ended September 30th, as compared with the proceding year, was reported to the Weli lin'gton Harbour Board at its meeting last evening by Mr J. March banks, the general manager. In view of the conditions existing in the second half of the year, the total trade is very satisfactory, but it might be expected that there would bo a very marked decrease in the present year, which would continue until prices improved. A record in tho tonnage of vessels handled is reported. WHY BUTTER IS CHEAP. HEAVY SUPPLIES FOR BRITAIN. It is not burpribinc that prices of dairy product on the London market continue low, states a northern observer. Supplier re' ceived in Great Britain for the month o 1 October totalled 25,775 tone, compared with 18,835 tons in 1929, and 20,636 tons in 1928. For the ten months of the \ear ended October 31st total receipts u ere 255,326 tons, againbt 271,105 ton* in the corresponding period of 1929. Particulars of the sources of supply are shown in the following 1 table:-^-IMPORTS INTO GREAT BRITAIN FROM ALL SOURCES. BUTTER (Tons). 10 months ended October 31st. Prom. 1930. 1929. 1928. Russia . . 7,375 13,259 1(5,292 Finland . . 10,386 10,218 8,730 , Sweden . . 12,406 10,712 7,743 Denmark , . . 97,577 90,170 84,021 , Netherlands .. 4,023 6,096 6,061 France . . 343 2,222 .'*,442 j Argentina .. 16,200 11,807 14,311 Irish Free State 24,635 25,155 25,444 Australia .. 35,805 80.5G7 35,332 Nexv Zealand .. 62,791 53,635 51,491 Other countries 13,785 14,264 8,090 Total tons .. 285,326 271,105 261,857 Estimated stocks of all butters In London' on November Ist were 17,100 tons, against 12,500 on the same date in 1920, ■whilst New Zealand stocks ashore and efloat were 16.536 tons,, against 13,525 tons at November Ist, 1929. With the statistical position as shown, the Canadian market closed* and business in Britain depressed, the market could scarcely be otherwise than weak. The above facts, however, fail to explain the disparity in prices as between New Zealand and Danish butters. , , Ohftese Supplies. Receipts of cheese for October were not so heavy, totalling 10,982 tons, compared with 11,708 tone in October, 1929, and 12,293 - tons in October, 1928. For the ten months there was & negligible increase with a total of 126,059 tons. SKIN SALE.

H. Matßon and Co. Tcport having held their weekly akin Mile-before the usual bench of buyers. Owing to the depression in the wool market at Auckland, Values declined from a *d to 3d per lb on dry skins, and 9d to Ift each on green skins. The following is the range of prices per lb:— Merino, sound 4£d, faulty 3-sd, dead and damaged 2&d; halfbred, sound 42d to ssd, faulty 3£d, dead- and damaged 2id; threequarterbred,. sound 4Jd to s&d; crossbred, sound 4jd to 4)d f faulty 2|d to 2Jd, dead and damaged 2d to 2&d; hogget, halfbred, sound sid, faulty 4d, dead and damaged *3jd; three-quirterbred, sound sd; crossbred, sound 4d, faulty 3£d, lambs, faulty 23d, dead and damaged 2Jd. Pelts, sound 2jd, faulty Id, dead and damaged £d. Country bluchers' green skins: Halfbred 8s 6d to os 8d each, three-quarteybred 3s 6d to.4s, crossbred 2s 6d to 4s. Abattoir Bkins: Halfbred 3s 6d to 5s Id, three-quarterbred 3s 3d to 4s, crossbred 3s to 4s. ' CLEARING SALE. A clearing sale, on account of Mr H. A. F. Steffens, Waihao Down 3, was held on the property by the National Mortgage and Agency Company, Ltd. There was a large attendance, and taking into consideration the depressed state of the market, a very satisfactory sale resulted. Following are some of the prices realised: Sheep—l4s owes and lambs 18s, 36 ewes 19s 6d, 151 ewes and lambs '4s 6d, 103 ewes and lambs' 6s 7d, 43 ewe hoggets 16s 9d, 3 rams 10s 6d. Cattle—Heifers £5 and £7 Sfl, cows £5 £s, £4, and £2.

EMPIRE TRADE.

VIEWS OF BUSINESS MEN. PRIME ministers ENTERTAINED. Ova 081 CO3RJSBPONDZNT.) LONDON, October 23. Mr Forbes replied to the toast of "Trade of the British Empire" at the banquet at Hotel Victoria on Tuesday night. This was given by the Association of British Chambers of Commerce, the Federation of British Industries, and the Chamber of Shipping of the United Kingdom. There were three " top tables.'' Lord Incheape presided over the "Shipping" table; Sir Walter Raine over the "Chambers of Commerce" table; and Sir James Lithgow over the "Industries" table. Nearly 300 guests were present, including practically every member of the overseas delegations to the Imperial Conference.

The promoters of the banquet had provided not only an eight-course dinner but a. toast list of eleven speeches, and it was after half-past eleven when the chief of the Indian delegation had finished speaking. The New Zealand Prime, Minister was eighth on the list, and he tactfully scrapped most of the speech he had prepared. He reminded his audience of another occasion when he was addressing a meeting, and of the local newspaper's comment next day that "Mr Forbes's speech brought a very pleasant gathering to an end." Mr J. H. Thomas (Secretary for the Dominions) bore the burden of the Evening. As representative of the Government he could hardly bo said to be among friends. The speeches, although tactful, were all more or less ir. favour of a change in the fiscal policy. Free Trade Dead. Sir James Lithgow, proposing "The Imperial Conference," said that British industrialists were by no means down and out. At no time in the history of British industry were those in control of it better organised, better equipped, more impressed with the need for initiative and enterprise, and more imbued with a spirit of sane idealism. On the other hand, it was a rather astonishing fact that at no time in any industrial country had industrialists been given less say in the forming of national policy. Well-intentioned social ideas liad saddled the export trades with the unbearable charges of sheltered and public employments in which the conditions had been settled by committees, and Courts controlled or presided over by men who had earned distinction in other spheres. Past Imperial Conferences had been sterile on the economic side because the British Government were bound to their existing fiscal system, which in years past had the approval to a greater or less extent of every section of the British public. The situation was now entirely changed. His Federation, covering every industry, had taken a vote of its membership, and only C.9 per cent, were in favour of continuing the existing fiscal system. As the mouthpiece of organised British industrialists he was therefore able to tell them that day for the first time that free trade was an industrial policy. (Cheers.) It was the fervent hope of British industry that Mr J. H. Thomas would disregard mere personalities and parties, and himself lay the foundation-stone of Empire ecoI nomle unity. That stone must inevit- ' ably be full and frank reciprocity, in- | volving taxation on a wide range of British imports, not excluding food and raw material. Quack JSemedles. Mr Thomas, usually amusing at tho opening of his speeches, was serious from the outset. When ho listened, he said, to all the people ready to give advice as to how to solve our problems he asked himself the questions, "How many of the men occupying the highest positions in trade and commerce would dare to dogmatise on tho world position to-day? How many of them would have been financially better off 12 months ago if they could have foreseen tho chain of events that had happened in the past 12 months f" Why carry on this humbug and hypocrisy in assuming that there was a monopoly of virtue in any section of the community? If this Imperial Conference was to be successful it would not be by merely passing resolutions or by speeches. There was nothing more dangerous than to apply remedies of a quack character in a period of depression. They had met at an abnormal period and a crisis in the history of the Empire, and panic measures or quack remedies were not going to help. Each Dominion Primo Minister speaking, for his own Dominion said clearly, "My first obligation is to my own people." Who could challenge that? But if they were entitled to say that was their policy, who could eondemn the British Government for saying that that equally was their policy? Lord Inchcape said that unless national expenditure was reduced catastrophe was bound to follow. In some quarters he might be denounced if he said that if the manufacturers of this country were to be put in the position to compete in foreign markets, wages and salaries would have to come down and longer hours would have to be worked. His conviction was that the trade recovery of Great Britain, and, if he might say so, that of Australia also, rested in a great measure with the leaders of the trade unions. If they could get their members to realise that it was impossible to put a quart into a pint pot except by filling it twice the road to economic recovery would be easier and unemployment would soon be much reduced. British Motor-cars. In the course of his speech Mr Scullin, Prime Minister of Australia, said British manufacturers were not taking advantage to the fullest extent of the preferential treatment accorded to them. The outstanding example of this was to be found in the motor-car industry. In the case of unassembled chassis the British article entered Australia duty free, whereas a duty of 27j> per cent, was levied- on unassembled chassis of other than United Kingdom origin. In the case of assembled chassis the duty on the British article was 5 per cent., and on the foreign article 40 per cent. In 1927-28, however, the United Kingdom held only 19 per cent, of tho imports of chassis and 6 per cent, of the imports of complete motor-cars. They would be glad to see the British industry avail itself to a much greater degree of the preferential advantages offered. Sir Gilbert Vyle, chairman of the British Preparatory Committee for the Imperial Conference, said that they who were engaged in industry, commerce, and shipping could have wished that tho organisation of the Conference was of such a character that it would have permitted the views of commerce and industry in the various Dominions, including Great Britain, to be heard inside the Conference on such vital matters and questions as directly concerned them. Nevertheless, they were much encouraged by what they had heard outside i

the Conference. They had long felt in this country that they must make somo better gesture of reciprocity to their kinsmen across the seas. The setting up of a Marketing Board was not enough. There was much more they could do at home to encourage the primary industries oversea. They, therefore,, welcomed the statement of Mr Bennett, the Prime Minister of Canada, when he declared in business language, which left no doubt what be meant, that the first thing that must be established was the principle of reciprocal trade throughout the Empire, coupled with a practical preference for the produce and manufactures of Empire countries. Mr Bennett, Prime Minister of Canada, said he wished sometimes ho had the power to rouse the people of Britain to the possibilities of the productive and profitable trade that lay beyond the Atlantic. He appealed to the representatives of British shipping and commerce to help Canada. Tt would help them to find trade for their ships and homes for their people. There were too many people in this country. Canada Gould nojt provide them all with homes as the nation was now, but some day it would, if all worked together. New Zealand Shipping. Mr Forbes spoke of the importance of shipping to New Zealand. For a country producing far beyond its own ccnsumption capacity, looking to its exports for its wealth, and with its chief market almost at the opposite end of the earth, adequate and up-to-date shipping services were absolutely essential. Their experience was that the shipowners were only too anxious to pay the very best attention to the transport of the produce of the Dominion, and th« work was remark-

ably -well done. The shipping lines had co-operated with New Zealand in every way in applying the results of research to the carriage of their goods. Last year the net tonnage of the overseas shipping entered and cleared at New Zealand ports was 8,752,837 tons. The value of produce and other commodities exported last year waa £55,579,063, while 25 years ago the amount was £14,748,348. The total trade 25 years ago was £28,000,000, and last year it was £104,000,000. It would be seen therefore that New Zealand was an important country so far as the shipowners were concerned. "Before proceeding to matters of commercial importance," added Mr Forbes, "may I say how much I appreciated the courtesy and consideration of the shipping linos by which the New Zealand delegation came to England. It was a coincidence that we travelled by the largest liner in j the New Zealand Pacific service and also by the largest liner on the Atlantis. "We in our country do our best to protect our markets," the Prime Minister continued, "but wo do our best to give preference to British manufactures. We give a greater degree of preference to Great Britain than any other country. We do not take second place to anybody. We want to increase our trade with you, and it is our desire to do what we can to help the statesmen of Great Britain —we are only politicians in New Zealand —to solve their problems. It would be presumptuous on our part to suggest how this should be done. I should like to emphasise what I said recently at another public gathering, that New Zealand, from the very first, has made it clear that she fully recognises that in regard to whatever action Britain may take in order to eome to , no. asaiigen«ai* vith th*

the 'welfare of her otto people urea* necessarily be her first eonßideratioa. New Zealand claims the same privilege. "We do not come here to make any demand. "We simply state that ire art doing our best to take, your manufaotures. If yon can do something worm to absorb our produce we will be ablfc to do more business with yon. If yoti can do anything to assist us to extend our markets it will be appreciates in the Dominion. It is for you to say what is to be done for us.. 'We do not come to benefit ourselves at the expense of the people of this country. "We have to look after tlie interests of our own people. As Prima Minister I would consider I was not to be trusted if I did not look ft) the prosperity of our own people first.**

t. A TEST QUOTATIONS. Buyers. Sailers. «£ ft. d. £ 8. d. N.5J. Qovernxueut Debentures— per ctnt. Inscribed, Ib&i and 1939 S6 17 6 4j i j;.r cect. Boocii!, iOiiS — 89 10 0 per cont. Inscribed, 1033 99 0 0 £hfc per cent. Bonds, 1033 &3 10 0 55; per cent. Inscribed, 1036 E 6 i'O 10 0 Other Debentures— Kural Bonds, 5 cent. 90 0 0 Auckland Harbour, 5 per cent., ll»o5 ST 0 0 BaoKB Peninsula Power, l> per cent., 195S — 1 01 IS 0 N.Z. Brewories, Bonds 1 1 G — N.Z. XWri g., 6 per cmt., 1'j35 90 0 0 — Banks— Aust. of CoirLi^-iferco 0 19 0 Auetraia-sia, :o o 0 — Comm. of Anai. 0 13 8 0 16 9 Com en-, of Aufit. (prof ) 6 5 0 8 10 6 Coicm. of Sydney — 17 15 0 IS., S., and A. — 5 3 0 National of Au6t.ralaoia <'£10 paid) — 15 0 0 N'&tien&l of Au«tra!aerx {£o paid) .. i B 0 5 IS « National of N.Z- (cum div.) 5 6 0 5 12 # New South Wales £0 0 0 22 0 0 New Zealand (cum di".'> 2 14 0 2 15 6 Union of Auat. 9 13 0 9 It 0 Insurance— A.P.A. 0 I 6 0 fa' 9 National .. ». — 0 15 0 New Zealand 1 3 0 8 6 South Briiieh. 3 13 0 2 16 9 Standard '2 9 0 2 11 0 Loan and Agency— Goldsbrougb, Mori. : o B i i i Mori — 110 N.Z. Gaarant*e Corpn. 0 f 0 0 t s Shipping— P. and O. Deferred Stock (cura div.) .. c s e sto Frozen Meat— Canterbury (ord.) 5 10 0 Canterbury (pre:.) S 10 6 4 9 0 N.Z. (£i paid) 0 s 6 0 8 9 N.Z. lief riff (lOi paid) 0 2 c 0 S 2 .North Cant?. Freezing — 0 16 Woollens— Kaiapoi (17a ptid) 0 8 0 0 11 t> Kaiapoi paid) 0 3 0 0 4 0 Kaiapoi (prer ! 0 13 & — Coal— Grey Valley (cum dir.} 0 13 6 — Gas— Auckland 1 I 8 _ Auckland (contr./ 0 17 0 — Chrutchurch .. 1 4 11 15 2 Breweries— Carlton 1. 1 » 14 9 Montaith'i 10 0 New Zealand (cum dir.) 2 8 a 2 3 8 Staples — 9 10 Tooths. 3 9 0 1 4, 9 Miscellaneous— Allied Motoi-s . .. ft 0 i a 0 8 Amalgamated Wireless (contr.) — 118 Australian Distillery •. — 11 6 Australian Glass (curu div.) 1 6 & 1 T 9 Beath and Co. 1 S 6 British Toba-c-co 1 H 6 1 11 • Colonial Sugar 31 11 0 SS 7 6 Klectro. Zinc (pref.) .. 0 17 1 0 17 6 Ucnry Jones Co-op. (cum div.) 0 10 10 10 6 N.Z. Drug Co. — S S 0 N.Z. FarmerB' Co-op. (6i por cent. Stock, 10-K» 78 9 © TS 1« 0 N.Z. Farmers* Co-op. (€5 per cent. Stock, 1345) 76 0 0 TTjul®d Pieturee 0 12 0 12 0 Whitcombe . and Tombe S 7 6 S 10 0 Wunderlicli 0 12 1 0 14 0 Evans Atlas Flour 1 8 0 Mining— Cornish Point a o t 9 0 4 Ivawarau <"> 0 4 0 10 King Solomon 0 0 8 0 0 4 Mabakipawa 0 o 8 0 0 Si Mfc. Isa 0 16 6 Okarito 0 5 7 0 S 30 Stoney Creek (7gd pd.) 0 0 2 Waihi 0 13 8 0 14 0 Winding- Creftk (le pd.) 0 0 3 Winding Creek (9d pd.) 0 0 2 Mt. Lyell (cum div.) 0 19 4 0 19 T North Broken Hill 1 17 0 2 10 YESTERDAY'S SALES. CHRISTCHURCH. Sales on 'Change— Comm. Bank of Aust.. :£< S. d. 0 Ifi Q Union Bank of Aust. (2) 9 14 n Flectro. Zinc (pref.) 0 17 a Henry Jones Co-op. (cum div.) 1 0 0 Sales Reported— Goldsbrough, More .1 1 0 N.Z. Farmers" Co-op. <6* par cent. Stock", 1940) 75 0 0 AUCKLAND, Sales on 'Change— Takapuna Borough, £ 6. 4. .945, 6 por cent, ... ... 101 0 0 Borough of Devon port, ... 194-i, 6 per cent -01 0 0 New Zealand Insurance ... 2 2 9 Wilson's Cement 2 2 S 0 0 1 War Bonds, 1939, 4i 95 15 0 Auckland Gas, 1935, 6 s ... 102 5 0 National Bank of New Zealand 5-10 0 Bank of New Zealand 2 15 9 Grey Vallay Coal 2 IS 7 (2) 1 o a WaSii 0 13 10

Wellington Gas Company, ordinary British Tobacco C/omp&ny, ordinary ... ..«> Colonial Sugar Company National Bank of New Zea*land (cum div.) Meat Company V\ lison's Cement Company ex dir. ... £, I 1 S3 5 1 T £. 9 li lo 10 15 19 0 7 0 0 0 9 DUNEDIX Saio Reported— N*w Z«alaa4 33raw*ri«& . 2 ' 3 4. .8 &. s