FINANCE AND COMMERCE.

Press, Volume LXVI, Issue 20098, 29 November 1930, Page 12

FINANCE AND COMMERCE.

SHARE MARKET. WEEKLY REVIEW. TURNOVER DECLINES. .Kecorueri transactions vn ilie .Metropolitan Exchanges during the past week .-show a decided falling of? when compared with last we.efc—the turnover on Thursday being well below the average. Prices on the whole showed an easing 'it the close oi business on those ruling ■k week ago and there were fewer lines quoted. Bank shares and Breweries irerc the most popular with investors. , This week. Lust week. ' £ & j .Saiurdav . . 2.197 .1,36 c Monday . . 4,072 2,429 j Tuesday . . 5,004 3,02."; ■Wednesday .. 2,£»48 T'S35 Thursday . . 964 4,81S Friday . . 1,835 G,757 £ 17,013 £30,254 'his week » total Bank shares accounted for £4556, Breweries £4345, Tobaccos £ 1435. Four and a half per cent. 1938 Stock eased 2s Od to £9S 17s 6d, and the 1930 Stock changed hands at the same price and late unsupported sellers of both are asking £9B 10s. Four and a half per cent. Bonds due 1939 at £.98 Ids show a drop of 5s on last ■week. Five and a half per cent. Inscribed 1933 was released at £99 10s, and that due 1936 at £99 7s Od and £99 ss. City of Auckland Oi per cent. 1940 Debentures realised £9-5; Banks Peninsula Power 0 per cent. 1958, £lOl ss; Takapuna Borough (5 per cent. 1945, £101; Devonport Borough 6 per cjnt. 1944, £101: Wellington Gas 6J per cent. 1931, £99 ss; and Auckland Gas per cent. 1935, £lO2 ss.

Banking. in the Banking section all stocks suffered a further relapse. Australia of Commerce fell from 19s 7d at the close of business last week to dealings at 19s, and there are further unsupported sellers at that figure. Australasias dropped 5s to £lO 15s, and closed weaker with sellers at £lO 12s 6d, buyers at »10. Commercial of Australia ran down from 17s 2d to 16s 9d, clos'ng at 16s lOd. For Commercial of Sydney in which last week's dealings rrero at £l7 10s and £l7 15s, late unsupported sellers are asking £l7 10s. 13., S., and A. were placed at £5 8s 9d and £5 6s 6d, as compared with £5 I2g to £5 8s 9d last week, and more are on offer at £5 ss, buyers at £5. National of Australasia fully paid ex dividend of 5 per cent, are available at £l2, no buyers offering—last recorded business cum dividend was at £l2 10s—the £5 paid are weaker with sellers at £5 14s, buyers at £5. National of Xew Zealand eased to business at £5 10s, and more are available at that agure, buyers at £5 2a 6d. New South Wales changed hands at prices ranging from £32 Ss to £3l 15s—peak price last week was £32 15s. New Zealands cum dividend which have moved between 56s 8d and 57s for the M.?t fortnight ran down from 56s 9d to UCn, and there are further unsupported sailers at 55s 6d. Union Banks ndvanced to £9 17s Cd, but were unable to maintain that level, and later fell to £9 14s, £9 13s, and £9 12s 6d.

Insurance and Loan and Agency. New Zealand Insurance hardened to 43s and 43s Od. South British at 57s scored a rise of 2s on last recorded business a fortnight ago, and late sellers are offering at that price, no buyers. Standards remained unaltered nt 50s. Dalgety and Co. shares -which closed at £8 4s 6d cum dividend, were offered ex dividend of 5 per cent, at £.7 19s 6d, but buyers v. ere reticent. Goldsbrougli, Morts weakened from 22s to 21s—last week's range was from 23s 9d to 225, and closed at 20s lid sellers, 20s 7d buyers.

Coal and Gas. (<rcy Valley Collieries, cum dividend, realised 20s 3d, as compared with 193 :'.d and 20s 6d last week, and late buyers were offering 20s, wi'h recent sellers at 21s. Westports, ex dividend, of Od per share, are quoted 24s 6d buyers, 27s 4d sellers. Auckland Gas fully paids were fractionally weaker at 23s Bd—the partly paid remained at 17s lid. Christchurch are fairly steady with sellers at 25s 2d for the fully paid and 12s 6d for the partly paid, buyers of the former at 24s 6d. Wellington Ordinary at 29s show little variation on last recorded dealings.

Breweries. New Zealands, cuin dividend of Is 3d per share, ranged from 43s 3d to 42s to 43s 6d, as against 46s 3d to 43s i!d last week. Staples moved up to 40s, and closed with buyers at 395. sellers at 40s 6d. Tooths recovered to 255, but closed weaker at- 24s 3d sellers, 22s 6d buyers. Carltons appear weaker, with sellers at 24a lOd, buyers at 235. Miscellaneous. In the Miscellaneous Investment Section Allied Motors were fractionally weaker at 6d. Australian Glass, cum dividend, changed hands at 26s 6d, as compared with dealings at prices ranging from 29s to 26s 7d a week ago, and late buyers are quoting 275, sellers :it 295. Beath and Co. were easier at 255. British Tobacco gradually weakened from 32s 7d to 31s Gd, closing at 31s 7d —last week's range was from -."5s 6d to 32s lOd. Colonial Sugars fell from £34 15s to £33 10b, and more are available at £34, buyers at £3l. Consolidated Brick realised 14s Gd! Electrolytic Zinc Preference, which reached 19s Id last week, ranged this week from 19s to 17s Gd. Henry Jones Co-op., cum dividend, eased to 20s and late unsupported sellers are offering at 21s 3d. Milbuni Lime and Cement hardened to 30s 6d. Mount Lyell. cum dividend, were released at 19s 9d, 20s Id, 20s, 19s 6d, and 19s 9d—last week they fell from 23s Id to 20s. Now Zea land Farmers' Co-op. 64 per cent. 1940 Stock had business at £7s—an easing of £1 on a week ago. Whitcombe and lombs at 68s 6d show a rise of Is 6d od previously recorded turnover. Wilson's Cement ex dividend of Is per share, had dealings at 40s, 40s Id, and 39s 9d —closing business, cum dividend was at 41s.

Gold Mining. vr*?T araus moved up a point to 6d. -ttahakipawas wero firm at SJd. King solomon eased to Sd. Waihis wero placed at 14s and 13s lOd, as against 13s lid and 14a last week. Winding Oreek £>d paid were taken at Id.

| YESTERDAY'S TRANSACTIONS. J The volume of business done on call j yesterday was below the average. I Transactions, exclusive of vestibule | business, included:— 1 100 Comm. Bank of Ausi. 60 Union Bank of Aust. 190 N.Z. Ttefrig. (10s paid;. 200 New Zealand Breweries (cum div.). 200 Staples Brewery. 100 British Tobacco. 300 jtff. Lyell (cum 4iv.). Commercial Bank of Australia shares recovered a point to 16s lOd, sellers staying in at that price, buyers at 16s !>d. National Bank of New Zealand, au:n dividend, weakened to £5 10s sellers, £5 2s Cd buyers. Bank of NewSouth Wales shares were easier with sellers at £3l 10s, buyers at £3O 10s. Union Bank of Australia shares eased to dealings at £9 13s and £9 12s 6d, market closing £9 12s Od sellers, £D 10s 6d buyers. Goldsbrough ilorts were fractionally weaksr with sellers at 20s lid, buyers at 20s 7d. New Zealand I!efrigerating Company fully paid shares were released at 8a 9d, closing quotations Ss Id buyers, 9s Cd sellers. New Zealand Breweries, cum dividend, moved up to 43s 6d and there were further sellers ",t 43s 3d, buyers at 42s 9d. Staples Brewery shares hardened to dealings at iOs, and more were wanted at 395, sellers at 40s 6d. Buyers of Australian ilass shares, cum dividend, raised their wis to 275, sellers at 295. British Tobaccos were taken at 31s 7d, closing quotations Id on either side. Mt. Lyells :mn dividend, recovered to 19s 9d, closng quotations 19s 8d buyers, 19s 9d sellers. | AUCKLAND SUMMARY. | 'THE PRESS Special Service.) | AUCKLAND, November 28. I The general trend of prices on the At-ckland Stock Exchange over the >ast week has been toward lower levels. The, easier tone of the previous week has been accentuated, and falls in certain sections, particularly over the past :hree days, have been rather prolounced. Australian securities were again n.ost affected, several of tlie bettor class New Zealand industrials showiittle movement. The banking group showed a weakening tendencv. Commercials, which were seliinK at 17s 2d, lost over od. New Xealands lost 2s 3d and New South Wales, which were selling at up to £32 7s fkl, dropned to £3O 10s. Insurances held very firm right up to to-day. Loan and agency shares have been quiet, practically 'no sales inking place. Coals have been neglected. New Zealand Breweries lost 2s toward the middle of the week, but regained Is before the close. Business in tlie miscellaneous group was confined to a few of the betterknown securities. Australian industrials showed an ail-round weakening tendency. GENERAL MERCHANDISE. GROCERIES. EBusiness in the wholesale grocery trade baa taken a turn for the better and a marked improvement is noticeable. Ordero during the week have been placed for or- rly delivery for December 25th account for quite a number of lines. Confectionery sellers are also experiencing brisker business. There is however, a foiling off in tho demand for boxes to retail over ss. iNovelties are in good demand, and standard lines are selling freely. There is a feeling that Christmas business will come with a, rush again as Christmas week approaches. This has been the experience in past years. Grocers are experiencing very good doEL'aiid for all new season's dried fruits, which have now landed. Californian raisins examined show good firm fleshy sample, and with present low prices retail, the demand is distinctly encouraging to the grocer. Butter and Eggs. Factory butter of certain makes is still being retailed at lid per 11> in many shops. Thw is North Island butter, and it does r.ot command the same price as tho locallymade article. This cutting of prices for faotczy butter has forced down the prices for dairy and separator grades. Eggs are coming in very freely and prices aie lewer in the country districts. The supply at present exceeds the demand, but Christmas requirements should hold values up in the meantime. After the New Year it is feared that ogga will Blump to a low level record. j

Tea. The usual tea auction held in Colombo on November 19th, produced an entry retfcer smaller than usual, only 2,000,C001b being offered. Quality showed seasonal deterioration and prices in consequence wcra weaker in most lines. Commons fell 1 to 2 cents, mediums held to last values, and showed a firming tendency. Tbe Calcutta tea market for Indian teas is reported very firm, nr.d lattt wool: there was an all rcund rise in values from id to id per lb. There is not a great deal of Indian tea imported to the Dominion, but th« market is worth watching, as any substantial move in it always reflects on the Ceylon tea market.

Dried Fruits. London advices state that Australian ourrauts and sultanas have met with a very good demand and tho trade has taken up very large L.iicels. There is every prospect of toMwowd activity in these lines and ii rtiier heavy sales are unticipated. Thio demand is due largely to the fact that other sources of supply have failed to place on the London market the us-al quantity of currants p.nd sultanas of a satisfactory quality. Greek currants, new crop landed in London early in October, and quality was up to standard. Greek sultanas on the other hand were very disappointing in quality and quantity The arrivals wero well below last year's figures. The Greek sultana crop is reported from London as not exceeding 35,000 tons this seaßon. Dates are still very low but as all the business for Christmas trade has been booked, tho present low quotations will not attract much attention till after January, when arrivals will be due, based on lowcc.stg in London.

Nuts. V&lencia she] led almonds to arrive in January are being quoted at about 17s per cwt above the usual p.g. sweet Sicily grade. When the great difference in quality is considered, the present prices for Valencias offer better bi'ying than Sicilies. New crop French walnut halves hare again soared up in price. When the duty 13 added, this line will land at a cost which will surprise grocers. Brazil nut kernels, now crop, in 281b tins, are being offered at prices which are about 3d per lb below opening values last vear kut kernels of all descriptions are commandinfr bigger sales earh year and Urazils still continue to be in the lead as tar as public demand is concerned. Supplies of French crystallised cherries nave now landed and are meeting with a very ready sale. These are packed in 111b tar.cy boxes, and are available at attractive pnccß. Miscellaneous. Indian lentils for arrival in May are now being quoted This line is worth attention, as ex-ship quotations can now be obtained, by which buyers whon opening can cover their winter requirements. The demand for cloves will set in very heavily as usual about February. The present seems a favourable tim 3 to book requirements for January delivery. The usual Zanzibar quality is the one cenerally offered and in buying this grade retailer* can be sure of quality. Prices are not bo low ae expected, as cloves have not fallen in value to the same ee many other tropical lines. Australian bran is Ufr.rr offered for shipment to I-vttelton at £Z I'Ja 6d per ton, and pollard bt £3 15s, both ireo on board, wiIOOtUSA*

WANGANUI WOOL SALE. HEAVY WITHDRAWALS. no improvement in values. iI'SS'JS ABSOCIATIOIT TELEGRAM.) WANGANUI, November 28. Many Wanganui wool-growers, when they realised the depressed state of tho market at to-day's sale, withdrew their offerings, consequently of 12,000 bales catalogued, only a little more than half that amount went forward. To make matters worse there were heavy passings, so that the actual sales totalled only 4900 bales. Growers, after the prices which ruled at the opening Auckland sale, were prepared for a low range of values, but to hear from 3id to 4d bid on low top-making wools, caused many to refrain from selling, with a result that 3700 bales were withdrawn.

Competition General., i'riccs were on a par with those ruling at Auckland, and at. that low level competition was keen and animated. The demand was much more general than at Auckland, and while the main support was from the Continent, Bradford representatives pushed them hare], and secured a fair proportion of the offering. Included in the catalogue was a considerable proportion of lield-over wool, which in many instances, was badly discoloured, while a large percentage of the new jcason's wool contained seed. Very iitl.le lambs' wool was included in the offering, and only well-grown parcels, free from seed, attracted buyers. Short and seedy lots were more or less neglected and to effect sales very low prices had to be accepted. Bradford, Germany, and France were competitors for the better classes, and a few of the fine clips went to sevenpenco, which was top price of the sale. Germany seemed to- be in the market for almost anything she could get A comparison of the prices may give the impression that the average per bale was not up to the Auckland sale, and the price per lb may seem lower, but the quality and condition account for the difference.

Comparison with 1008. One authority who has been a lifetime in the trade, and consequently has reached that stage when he is surprised at nothing, and lives in expectation of the unexpected, pointed out today that the pre-war level was not a particularly low level year by any means, and ono had to go back to about 190S to compare conditions with a prewar slump. At the beginning of the »;entury there was an average of 5 0-8 d ;ind a top figure of lid. There were definite points of rose in bianco between the present season and the pre-war slump of 1907-08. It would be remembered that a remarkable recovery was made in the following season, and was not brought about by any tempora.y or artificial expedients, but rather by accepting the inevitable, meeting the market and fostering increased business. He was of the opinion that present values were part of the process of tho readjustment of values to a stable economic basis, b.t owing to vital changes in industrial life, there was little prospect of a material improvement in the near future. Tiie improvement would not be markeu by the rapidity of recovery which followed the-pre-war slumps. The ran;.;;; o£ prices compared with those of March 31st last is as lows:d. <3. ti. a. Extra /ine crossbred, 48-50 . . 3 to 6 to S§ Inferior . . 4 to 4J 0| to 7J Fine crossbred 46-48 Average .. to Si 7i to 8J Inferior . . to 4 o,} to 7J Medium crossbred 44-46 Average .. 4-i to 5 7 to 7-} Inferior .. 3 to 4 6 to 7 Coarse crossbred, 40-44 Average . . 3J to 4} 6J to 7J Inferior . . 3 to 34 to CJ Low crossbred 36-40 Average .. 3j to 4 CJ to T Inferior .. to 3* - to 6 Hoggets—--48-50 .. 55 to G} —to 8J Fine 4G-48 .. 5 to 7 to 7J Medium 44-46 .. 4 to 45 6? to 7i Lambs — Fine . . Sj, to 63 SJ to 10 Medium . . 4 to 5± 7 to 8J Inf. and seedy 1} to 3J 3 to 4j Pieces— Crossbred, good to super . . S to 3$ 44 to 0 Crossbred, low to medium .. 14 to 2J 3 to 4 Bellies— Low to metUu-v. 2 to 2J 3J to 4J

STEADY DEMAND AT LONDON. LONDON. November 27. Ac the wool sales 97G2 bales were offered including 1122 from New Zealand, and about 7470 were sold. The offering included a splendid selection of all Merinos, and a poor lot of greasy crossbreds. There was a steady demand, and withdrawals were mostly inferior wools. Opening rates were fully maintained. BROKERS' REPORTS. National Mortgage. The National Mortgage and Agency Company of New Zealand, Ltd., have received the following cablegram from their London office: The auctions opened tic re to-day with u large attendance of buyers. Compared with closing rates of last sales we quote: Greasy merino, best,- Id lower. Greasy merino, average, Id lruver Halfbrod, 50-56, Id to ljd lower. Crossbred, 48-50, lower. Crossbred, 46-48. ljd lower. Crossbred, 4446. lower. Crossbred, 40-44, lsd lower. Crossbred, 36-40, lower. Slipe generally Id lower. Scoured merinos and scoured crossbreds are Id to ljd lower. There is good general competition. Dalgety and Company, Limited, Christchurch, havo received from their London Office, dated November 27th. tho following message : London wool sales continue with good spirit, and broadening competition. Opening rates of series fully maintained. Yesterday, 92 per of offerings sold. BRADFORD QUOTATIONS. LONDOX, "November 27. At Bradford the market was irregular. Quotations were aa under: ■Nov. 27. Nov. 20. d. <3. Sixty-foure .. .. 23 J 24 .Sixties .. 22 Fiftv-siaea .. .. l-B!t 16 Fifties .. ... 13" 13$ Forty-sixes .. .. loi : l Forties ... .. JO 10J SILVER. isHirißH omciAi WIP.ELESS.i RUGBY, November 27. Quotations for silver are as under:— Spot—l 6 8-16 d per 02. Forward—l 9 7-A6d per <w-

duty on barley. FREE IMPORTATION OF STOCK FOOD. CUSTOMS ACT AMENDED, ABSOCIAATOX TISLEOtIAti;.) WELLINGTON, November 23. Provision has been made by an Order-in-Councii so that only barley for use sis stock food shall bo admitted free of the British preferential and general tariff. Two shillings per cental British preferential and general tariff is chargeable oil barley used tor any other purpose. barley used for any purpose other tnan the manufacture of beer, was admitted free. According to information given to Tim Pa ess last evening by Mr H. S. iS. Kyle, M.P., and Mr David ones, M.l'., the Acting-Minister of Customs. the Hon. J. G. Cobbe, had given an undertaking that what was apparently an error in the framing of the section in the Customs Amendment Act, 1930. covering the duties payable on imported barley, would lie amended. According to the Act. it was provided that n duty of 2s per cental should bo paid on barley to bo used in the manufacture of beer, and that barley not to lve used in the manufacture of beer should He admitted dutv free. That was not the intention as what was meant to be scheduled, was that onlv barley to bo iiwil for stock food should be admitted without duty. The amendmenl Vims; been in force* for two months now, and during that period it has been possible to brint; bnrlev of all descriptions into the Dominion duty free. Mr Kvle said he was certain that the intention of the House was to ensure (hat only barlev for stack food would be duty free, but in some way a wrontr interpretation been put on the Customs Amendment Act.

LOSS ON YEAR'S WORK. AFFAIRS OF AN AUSTRALIAN I COMPANY. i (viriTED rsv;«s association—bv Kr.j-.ciaic; TZLEOr.ArH copyright.) XiOXnON, Norpmb?r 2T7. At the annua: meeting ox the Australian Mercantile, Land, and Finance Co., Ltd., Mr B. H. Caird, who presided, naid that "the leading caused of the diminution ol »:oiits were entirely beyond our control. Sc\ere drought won ri;4poiisible for the greatest falling off and the actual lods on the company's properties this year totalled J'6£,£il, compared with a profit of £W,700 in the prcvioup year, thus showing a decline of .£137,34] Mr Caird thought that, as no heavy stocks of wool were carried anywhere, v. 00l would b* 0110 of the first commodities to respond when old conditions of trade were revived Unless th<re was a riae in wool prices thnv could not expect anything, but the lorb on the company's properties durin« vbe current yeat would certainly be much smaller than Iftpt, nnd the no-'tir,.; probablj' would be *Gv),OOO or £70,1170 better. BUTTER FOR CANADA. UNRESTRICTED TRADING FAVOURED. (Received November 28th, 11.30 p.m.') OTTAWA, November 28. I A resolution opposing tho. admittance of butter to Canada from any other Dominion under preferential treatment and favouring unrestricted competitive trading with this country, was passed by the convention of the Canad iau Creamery Association of Ontario. A motion was tabled asking for Dominion legislation compelling all imported butter to bear an imprint stating the country of origin. NEW ZEALAND BUTTER. ENGLISH ADVERTISING CAMPAIGN. UWIT2D l-asss ASSOCIATION - —B* ELti~r»lC TXL.ICOaAPB-' COrTIIIOHT.) I/ONDON. November 27. Tho Now Zealand Butter Importers' Association resolved to advertise and urge the trade to push the sale ot L-oininion butter, pointing out that 70.000 dairy farmers would be faced with ruin if the present prices continue. It expressed the opinion that the existing retail price of 14d bad stimulated consumption, and practically cleared the old accumulation, giving a better prospect for the impending heavy arrivals on a market controlled by the law of supply and demand. It also adopted a resolution expressing the opinion that any attempt at artificial control, like price fixation, would accentuate tho difficulties. It is understood that a similar campaign is contemplated on behalf of Australian butter.

LONDON QUOTATIONS. LONDON, ?sovember 27. Quotations for dairy produce arc as under:— BUTTER. The market is lifeless. a. a. Danish ... ... 126 New Zealand— Choicest salted ... 102 to 104 Exceptionally fine ... 106 Unsalted ... ... 146 to 148 Australia—■ Salted ... . . 96 to 100 Unsalted . . . . 120 to 124 CHEESE. The liUU'Kot is dull. New Zealand—■ White ... ... ... 6C Coloured ... ... ... 64 AustralianWhite ... ... (i 4 Coloured ... ... . The i'oliowmg is a copy <;-/ cablegram received by Da'gety an<l Company, Ltd fron Samuel Page and Son, dated November 27th : Butter—Market weak. Danish, 120* tc 130s; finest New Zealand, 98s to 104s • fines' Australian, unsalted 112 a to 116k felted <*s' to 300 a, g.H.q. 90s to 945. Cheese —Market demoralised. Quotations New Zealand, while 64s to 60s, colourer 62s to 645; Canadian spot, white 72s to 78s coloured 72s to 765. A \ S ,\ PaterMn ,» l "l Co.. Ltd., have receive< the following cnblegram from thoir Londo: representatives, J. and J. Lonsdale and Co Ltd.:— Butter—Continental market demoralised Danish, 1203. London market depressed buyers anticipate 1b per lb retail. New Zoo land, 100s to 104s; Australian, 94s to 100s. Cheese—No demand. Price nominal. Whit' cheese 61s, coloured cheese 625. The National Mortgage and Agency Co o' >ew Zealand, Ltd., advise having receive' thn foI owing cablegram from then prine pat* A. J Mills and Co.. Ltd.. London Buttev—Maiket weak New Zealand finer 108s to 104s. firsts 102s; Danish, 134 a- >uf traljan. 96s to 100 a, Cheese Dull. New Zealand, whit* && t - coloured 60s to

YESTERDAY'S SALFS. chkistchurch. Sales on 'Change— £ p. rl. Comm. Bank of Aust. . . 0 16 10 Ui:ion Hank of Aust. .. 9 13 0 Now Zealand Breweries (cum div.) (3) 3 3 6 British Tobicro 1 11 Mount l.veli (cum dir.) .. 019 9 Sales Reported— Union Bank of Aust. . . 912 6 New Zealand X>rc*voriefj (cum div.) . . U 3 6 Staples Brewery ("') U 0 0 N.Z. Kefrig. (£1 paid) .. 0 8 9 AUCKLAND. Sales on 'Change—w a. fi. Auckland City, 1940, oi per cent. ... (■•) 9.', 0 0 Inscribed Stock. 1936, 54 per cent. ... 99 5 O Bank of New Zealand ... 215 0 2 14 6 Union Bank ... ... 0 12 0 T/oyland O'Brion Timber .. 1 2 9 Farmers' Trading (2) 0 7 3 Nov. Zealand Breweries ... 2 3 0 Bank of New South Wales 30 30 0

WELLINGTON. £ Jcs Reported—s. d. National Bank or New Zealand ... ... 5 10 0 National Bank of New Zealand (cum div.) ... 516 6 Nev Zealand Government, 4i per cent stock, 1938 OS 15 0 Now Zealand Guarantee Corpn. (ord.) ... 0 7 8 New Zealand Refrigerating (£1) 0 8 8 0 8 9 Staples and Co. . . 2 0 O DUNEDIN. Sales on 'Change—- ~ s. cL New Zealand Insurance ... 2 9 6 SUGAR PRODUCTION. PROFITS OF COMPANY. (5-yTinu rr.EiS association—bv Ei.Ecra;i TEMJORAFH—COPYRIGHT.) SYDNEY, November 28. Giving evidence at the sugar enquiry. Mr Goldfinch, general manager of the Colonel Sugar Refining Company, sab! that the gross profit last year had been £6Ol 000, from which income tax of 4s 6d in the £ 1 had been deducted amounting to £135,225. The net pro fit was thus £465.775. Surplus sugai was financed gratuitously, and this wa« equivalent to a remission of £56,000 Iti interest. , , . ~ jiaplving to the chairman, the wit nesf! stated that tho dividends absorbed £730,000. SAMOAN BANANAS. ! I'HB PRESS EpccSul Bervtee.j DUNEDIN, November 28. Messrs U. L- TapJey and Company have secured the contract from tbr> Government for the supply of Samoa-. Innanas to the Dominion. There will however, be two more shipments of S-imoan bananas under the existing contrart before Messrs Tapley and Company take over.

BANK OF NEW ZEALAND. CHIEF AUDITOR RETIRES. NEW APPOINTMENT MADE. [TRB PRESS Special Service.] WELLINGTON, November 28. The Minister for NatH-e Affairs (the Hon. Sir Apirana Ngata), on behalf of the Acting-Minister for Finance, announced to-day that Mr A. P Green had, on account of ill health, resigned the position of chief auditor of tho Bank of New Zealand as from the end of the present month, and that his resignation had been accepted. Sir Apir:.na further announced that Mr Arthur .Lewis Hempton, at present assist-ant-general manager of the bank, had been appointed by the Governor-Gen-eral to iill the vacancy in the position of chief auditor for a period of five years, beginning from December Ist. In reienng to the retiring chiei auditor Sir Apirana said that Mr Green was born in 1858. He joined the Bank of New Zealand at Picton in 1875, becoming in time manager at several South Island branches, where he had some very interesting experiences on the goldtields. Later he was manager at Blenheim, Oamaru, and Timaru, and in 1904 he was appointed an inspector, and later was manager at Dunedin and Wellington between 1906 and 1916. He was made chief travelling inspector in 1916, and in 1919 was appointed manager o± th-j Auckland branch, in succession to Mr H. Buckleton (now Sir Henry}, who Was then appointed general manager, which position he still holds. Mr Green remained manager at Auckland till he retired from the bank in 1924, after 49 years' service. In June, 1924, he was appointed chief auditor by the Government, and has held that position until his retirement on account of ill health. The new appointee, Mr A. L. Hempton, is the youngest eon of the late Captain Thomas Hempton, an early settler in New Plymouth who arrived there from Londonderry in 1855 ;ind saw service in the Maori War. Mr Hempton was born in 1872. and was educated m New Plymouth and in Londonderry Ireland. He joined the Bank of New Zealand in January, 1889, and has therefore completed over torty years in the service of that institution. He has spent a considerable number of years in the country offices, and was manager at Whangarei, Palmerston North, and Gisbornej among other branches, and for a time was manager of the Levuka (Fiji) office. In more recent years he has been as-sistant-manager at Auckland, and was for two vears. assistant-manager of tho '' or, d° n "ranch of the bank, returning t Zealand in 1923 as manager at Wellington. From there he was an pointed chief inspector at tho head otbee. and on the retirement of Mr . . Corkill from the position „of assistant-general manager in 1927 Mr riempton was appointed his successor, unng the general manager's absence Zealand in 1923 and again . 30 i Mr Hempton was appointed acting-general manager by the Board of directors. PIGS AND POULTRY. of both p[gg and poultry ' rnjn«j...i 0 a * the Ashburton anetlon mart Th. „ • Tl ;? re was » eood attendance, ihe price, real:eed were as follows: ,'P —Weaners 21b to 28s 6d, stores SBs to dis, porkers np to 50s. o — He,ls s » 7 <J to 7d, rooaterß vL. 4s Id ' <*uek» np to 4s 7d, tarker beaa a® ta it J4»

CANTERBURY MARKETS. LIMITED FORWARD BUSINESS. (BT OTT» COMMKBCIAL BDITCa.) Friday Evening. There is very little activity ir, Cashel street at present and the inclination towards any forward business is not strong. Merchants here and in tlie north are not eager to enter into contracts, preferring to wait until some better line on the probable prices ruling next year may he secured. Potatoes which usually stimulate a considerable amount of interest in regard to torward business at this time of the season, are showing a little movement. A few lines have been bought at £3 a ton on trucks, while the more general quotation is a shade above that figure. The old season's crop has been practically cleaned up, although there art still odd lin-es being delivered at prices which ransre from 30s to 3os a ton on trucks to growers. The following are the figures up to this week of the quantity of potatoes shipped from Irvttelton during the season in sacks: — Auckland ••• ••• 133,028 Wellington ... ... 79.827 N apier-Gisborne ... 29,983 West Coast, N\l. 72,062 West Coast, S.I. ... 15,011 Total ... 330,409 There is little movement in oats, but Quotations forward are reported as about 3s f.0.b., s.i.. for A's and about 2s lid f.0.b., s.i., for B's.

Small Seeds. The backward season has meant many paddocks which would have been closed for seed purposes will now be grazed, and'this has led to the opinion that there will not be the area in seed this season as was anticipated There is some activity in the market for export white clover, but there is not a great deal of that class offering. White clover has been a fairly steadv market for some time now at Home, and reports are still encouraging. One other fairly cheerful section oi the market is that for peas, for which there is a fair enquiry. Quotations are 4s 9d to 5s for No. l's and 4s 2d to 4s 6d for f.a.q.'s. Quotations. The following are quotations for pro ttuce to be paid to farmers, on trucks, free of commission, sacks extra except where otherwise stated:— Wheat- Tuscan 6s, Hunters 6s 2d. Fowl Wheat- 6s 2d f.0.b., s.e. Oats—A Cartons, local 4s. B'e 3s lid for prompt ; Southern 3s 5d for B'a to 3s 7d for A's, f.0.b., s.i. Chaff—£4 10s to £4 los a ton Barley—Cape 3s 6d, malting 4a to 4(i 3d Potatoes--£1 10s to £1 15s a ton. Red Clover—4d per lb. White Clover—Bd to lOd per lb. Perennial Ryegrass- 4s 6d to ss. Italian Ryegrass—ls to 4s 3d. Cocksfoot— 7d to 8d for farmers dresseil lines of Akaroa seed; Plains 6<l to 7d. Pens- No l's, 4s 9d to ss; f.a.q.'s. 4s 2d to 4s 6d. Bran—Local, £6 a ton, f.0.b.; shipping. £s' a ton, f.0.b.: 10s extra for smaller packings. Pollard— Local, £6 5a a ton, f.0.b.; shipping £4 los a ton. f.o.b. ; 10s extra for smaller packings. Flour—Wholesale price £l6 15s a ton for 2001b sacks, with the usual increments tor smaller packings.

DUNEDIN. ISEBSS 4.BBOCIATIO* TXL«OKtM.) DUNEDIN, November 28. Wheat—there is practically no business passing in the local wheat maiw-t, consequent on the lack of offerings. As a matter of fact there are now practically 110 lines for sale. Miller* are iully stocked, and the only business passing is in small lots of fowl wheat at bs 3d to 6s 6d per bushel, sucks extra, ex store. Oats —'I he market continues weak, and there is a downward tendency in prices. This is a result ©i the low quotations now ruling for oats for delivery next season. There ar® sellers of A Garions in Canteroury, spread delivery, April to September, at 3s f.0.b., s.i. This price is equivalent, w> about "2s sd, sacKS extra, ex truca. Little business is passing in the chaff market. The broken weather has prevented farmers from cutting, but there are ample supplies to meet the local demand, w'lich is poor. - Best quality is quoted at £5 10s per tol), sacks extra, ex ston,. The market for old potatoes is now drawing to an end. In an ordinary season business in old tubers would be about finished, but the lower purchasing power of the public has caused tliem to continue buying old potatoes in preference to paying higher prices for new tubers. Freshly picked old potatoes are still worth round about £* per ton, sacks included. Medium and poor quality have to be placed at any price which may be offered. . The wholesale market in seeds is very quiet. There is no business passing. either within the Dominion or for export. SOUTHLAND. j ! (SPBCtM. TO TBS P»»SS.) INVERCARGILL, November 28. Oats—There is no improvement to report in this market. Business can be done at 3s 6d per bushel for A's and 3s 5d for B's, f.0.b., s.i., but local merchants are asking Id to 2d per bushel above these prices. There are no offerings from farmers, and so far as Invercargill merchants are # concerned stocks are light with the exception of lines stored on behalf of northern merchants, representing purchases made earlier in the season. On the basis of the present quotations the equivalent price to farmers on truckfe, country stations, would be 2s 9d per bushel for A's and 2s 8d for B's. Wheat—This is now becoming scarce in Invercargill, and business is confined to sales of fowl wheat. There are no offerings from farmers, and prices remain the same, namely, 5s 9d for milling Tuscan to 6s 3d for Velvet, with fowl wheat bringing 5s 7d per bushel. Chaff—The shipping demand has largely disappeared, due to the importation of Tasrnanian chaff to the North Island, consequently local merchants are not keen buyers, and are not prepared to pay more than SZ 15s per ton for good bright quality. Grass Seed—Supplies of perennial are not plentiful, and it looks as if the whole of the available stocks will be required for the local seed trade. Enquiries are coming to hand for shipment, and values range from 6b 8d to 7s 3d per bushel f.0.b., according to bushel weight and quality. Farmers* lines were cleared up some time ago. Italian Is also in demand for shipment at from 6s 6d to 6s 9d per bushel f.0.b., but there is prflc- ( tically nothing available. Export quality I crested doerstail is worth from 8d and Bsd per lb f.o.b. Potatoes—Supplies of Southland table potatoes Reem to be about finished, and for what small cmantities that will be required from now till the new season's crop comes in supplies are drawn from North Otaro and Canterbury. The for good qualitv local potatoes is £3 per ton, but King Ed wards would probably command from 10s to £1 per ton more. POULTRY AND EGGS. Tha supply of eggs ie well maintained. MesjrS Macfarlane and Co. report that their prices are as follow*:—Kirat grade hen up to Is 14d; second grade, Is to Is ojd; duck egg®, tip to l»ld; *U prices oloent.

FRUIT MARKETS. CHRISTCHURCH. Then hava been good , uppli table, aU the week, and pric« u * maintained at late rates. exceotiaJ i "** lines. Cau.iflowera have been in l' * ir.and and aa supplies were .w"" wer, high. Local onions are also klJ**" Old potatoes e.ro now iuat about f Lettuces have been in over sun tne wecis, but good lines realise" duiJl « potatoes and peas are comirt <prKa- "> increasing quantity and ""d «».li a good demand. Prices K.J daring the week. A lai, 6 a B »- aj-p'es ex cool store has been a Ta ilahl Ply oi has met with a fair demand S 1111 quality has be«n satisfactory -Jj Xit hav, been realised, but moat p *«« shown ft percentage of waste. U r »* titles of gooseberries have com* prices, have been ]o, tt cCr.' ," d m short supply with prices reitfniS™ Local hothouse tomatoes have U mg forward in larger quantitS W "*• remain firm. There has been i j lmcc « the week in the price of J'X d *" as a result of an increase in th? Oranges and lemons are in <>„ 5 Poland prices are on a reasonableT, pines and passions are in short prices are high. The usual «v PP r citius fruits from Sydney will be" 0 ? 6 "! w next week. On December 4th & . ment of Samoan bananas win Si heed, and on December 6th lo n-cnt of Canadian apples wdl 1 ,hi PAverage prices received at .„!l!oUowT- k or,dins Apples, Nelson, per case R« . W!ea, American, per cas e m «. * 3 IJehcious, per case up to 10s- amllr. ir.g, per case up to lis; cherries j Mot per lb Is 5d to Is lOd; cheSa f" en ' per lb Is; coconuts, per sack an!. berries, per lb 2d to 3d: rnw, v ■" S 00 "- barrel up to 30s; Umons, ** 12s 6d to 15s; lemons, 'Fri a „ n„^ c^e^ora^ci 1 «P S case, oranges, feydney, per case nn to S 6d; pineapples, Sydney, pet C .,Z «f» 24s 6d; strawberries, per punnet 1. « is 61d; tomatoes, dea/ert, p e ™lt Is 8d; tomatoes, No. 2 per lb 1. » , walnuts, per .lb 7d; bundles, 8a to lis; beet, per doUn brf.v®® up to 2s; cabbages, per dozen up cauliflowers, per dozen, 12s- e»r™t. : dozen, 2s to 3s; cucumbers hot},™.. ' *« 7d to 3d; cucumber,, Sydn« « r I» r 23.; green peas per p'«k'i'S? ) M leeks, per bundle, id to 2ld: lettn» . dozen 6d to 2s 6d; new potatoes up to 4Jd; potatoes, per s.b. lg 6d ; f ca }' lb lld U 2d : 'pa l* Australian lis; parsnips, per doz« potatoes, per sack 5s to 5s 63; ntf.C per dozen, 2d to Sd; rhubarb, per to 3s 6d; spring onions, per doien h-J? nips, per doien 2s 3d; spinach, per

DUNEDIN. ETHB FBEBB SpedeJ Service.] DUNEDIN, November 28. Supplies of Sturmer applet are itU roain® forward, chiefly from Christelwtti cod stores. A few lines are alio arriTiij faa Central Otago. The demand for Hew land grown apple* haß eased OS, is their condition is now not of the best. Omdin apples are in fair supply, and htTe a p»d sole. A large shipment of Sunoaa buuu is expected ex the Maui Pomare tow»rd» tki end of next week. A shipment o! Vtleiri, oranges arrived ex the Maheao from Kelimnw.They were offered at prices praetially H per cent, below those ruling this tine tut year. The Waikouaiti also arrired oa Ta» day from Sydney. This vessel brought wpplie* of Valencia oranges, a saall lot lemons, and also pines, marrows, and cscuabers. Californian grapes are sold out if wholesale hands. Further supplies are expected early next week. Suppl'es of Gfazistchurch hothouse tomatoes eased off during tfei week. Growers state that they cm obhh better prices in Christchnrch, Bnj tiii tccounts for the reduced quantity feeing so) to Dunedin. Strawberries are (rrliiag Si small lots. Prices were rn!ing kifi, hi towards the end of the week tktn rut considerable drop in values. Cherries fil coming forward in small iota from Cutaf Otago. SOUTHLAND. (STOCUX. TO TH> FBtSS.) INVEBCABGILL, Noiembtrl - * The fruit and vegetable market ««6* good. The Haheno landed • ihipcai i 550 cases of Valencia oranges dniafH> week. Considering the bteness of tt* am the fruit opened up In .good craJUiw oi met with a fair demand at s&ctlmk ably owing to the cold weather, snpplta' tomatoes have eased off, and Uu denial la exceeded the supply. Good nbu hsTe btn received for what have been offoiaf. Stanm I ex cool store are plentiful, aal telling A shipment of Samoan banuM is die ero next week, and as the market ku M® short-supplied lately, a good doaaai l» «■ ticipated. Canadian apples s»" ,»»». » plentiful supply, and realUing food nlra. Lemons are in short compass, sad ire Kf ing high prices. There are a few Pf" still available. The first of Uw cherries were marketed this week. TlenM! was in good condition, and brought si as 2s lOd per lb. . ..■ m The vegetable market is strand. IB sonal lines are in good supply, and tie ro* are being read'ly absorbed at Ug'' . Current prices for the week are *JJ™S mately as follows:—Canadian spplw to 245; New Zealand ™ 8s to lis, others down to 3t to> *J, Tttt » oranges, 16s to 225, according to •!«•. Vtm 21s to 26s for bushel cases; lemons 60s to 62s 6d; teniatow » " to is 8d per lb. 2d lb; grapes 80s to 32s 6d per bo* Is 6d to 2s lOd per lb. '««»<«*' £ (l cauliflowers 6s to 10s 6d, j n to Ei 6d per doien, sprtoir 2s 6d, asparagus 6s to 7s wll cucumber* 6s to 8» per 7d, new potatoes 114 t0 P w FROSTS IN CENTRAL OTAGO. FRUIT CROPS DAMAGED. (run igsoaATio* wombi*) DUNEDIN, Novarf>« » Exports from Central Otago *** 8 _ two hard frosts were last week. In Alexandra from grees to 14 degrees of fered, and considerabk d^ge^ done to tomato plants. fruits are concerned it «' to say to what extent t y howeTef| affected. It u considered, that they wil be damaged ciae ytf extent, and that there in the skins of some of the crops. The snow is now off W . and the weather is tksi warmer, so it is not e >nsl there will be any further frosts m °Many of the orehardists andra district are o*. order to combat the effects fle and they were kept busy ffßr tl week. What success met their e» has yet to be seen. CONTINENTAL MARKETING. (PBBSS ASSOCIATION _ WELLINGTON. The Fruit Expor DU t for**" 1 nonnoed that the by the chairman (Mr B ZeaJ jj< ing for the marketing ' *p ß pte .»ti» '** this season. Air g j, oU nd l o *## i made for all to g Continent to be , an j<, Hook of Holland Wider of lad n%, fruit 'f. Z representative to etg t United Kingd^a demand m ma diversion. Fruit sen Holland may be de d t»Jsgr basis, or may on the Continental V iety.

WHEAT PRICES. NO GUARANTEE IN NEW SOUTH WALES. , cwrrao "RMS associatioh—ulictric | TELSCUUrH— COPTBIGHT.) . Si'DNEY, November 28. The State Minister for Agriculture, Mr W. F. Dunn, replying to a depu- J tation, said the wheat-growers liad not the slightest hope of the Goveruiiiont granting 4s a bushel guarunteo on the coining season's crop. He pointed out that tar too many farmers were in trouble owing to tho nigh prico of wheat land, liowever, the Government hoped to provide «■ tawatorium lor those requiring; it. •his would regulate interest rates, and so mo relief in the early half ot °cxt year. Ho hoped to have a compulsory pool in operation next year. It was far better to have one selling agent compared with XB,OCO competing against each other. BANK OF ENGLAND RETURN. .'CSITSS >*l33 ABSOCIIITIOS—BT BLZCTBIC TELEORirn —COPTBtQKT.) LONDON, November 37. The Banh of England return for the wfeek ■■raeo. on November 27th waa as under: (3STJE DEI"ARTMENT. •£ £ oies issued G-ovt. debt 11,015,100 In circula- Oilier Govt. •ion 361,124,92s securities 233,041,133 .n b»nl:;ng CJ ihe 1" eecutid»r-». CS ; «S,CiI tics .. 11,477,209 Silver coin 4,46G,558 Gold com and bullion 156,588,569 ill?, 366,569 Total £i1G,068,509 BANKING DEPAKTMENT. £ £ Proprietors Govt. 6CCUrapita! 11,553,000 l-ities .. 34,50 C,247 The Rest 3,2X1,68! Cther eecuue- ritiesnoaiio .. 1U,853,951 Discount I'fljer deposits— and adGanxers* 55,901,15"? varices G,080,5f17 Other »cs. 3G,812,757 Securities 22,2j0,!)!>j * 3%vcn-dav Notes .. 65,143,641 and other Gold and tills .. 1,519 silver coin 1,004,618 TotAl 1-23,361,006 Total 123,381,096 Proportion of reserve to liabilities, 59.50 i-er cent.; > short-dated lea lie, 2 per cent.; tl'rec-month biila, 2 3-16 per cent. The fiduciary issue ol £260,000,000 consists of the following items:—Government debt, other Government securities, other I securities, and silver coin. I FOREIGN EXCHANGE RATES, j 'isiusH orricux wiselms.) ItDGBY. November 27. The fallowing are the current rates ot e>change, compared with those of November 25th and par; Par. Nov. 25. Nov 27. I'cris, Ir. to £1 .. 124.21 123.614 123.89J Brussels, belg&4 to £1 35 84.824 34.82 i Oslo, kr. to £1 .. 18.159 18.16 18.16 Copenhagen, kr to £1 18.153 18.15J 18.15J Stockholm, kr. to £1 18.153 16.01 J 18.09 Amsterdam, fl. to £1 12.107 12.00J 12.06 i Berlin, Kcichmarifen to £1 .. .. 20.43 20.564 20.37 Montreal, dol. to £1 4.8f1G 4.84 29-32 4.85 >few York, dol. to £1 4.866 4.85 4.85 9-16 Prague, kr. to £1 .. 164.25 163J 163| Opncva., fr. to £1 .. 36.225 &5.07 i 25.074 Milan, lire to £1 .. 92. iS Vienna, achgs. to £1 51.585 34.43$ 34.49J Heieingfors, marks to £l .. .. 198.35 192J 193 Madrid, pesetas to £1 25.225 43.25 43.65 Lisbon, escudoa to £1 -4.60 108.125 103.25 Athens, drach to £1 875 875 375 Bucharest, lei to £1 813.6 818 818 Kio de Janeiro pence to milreis .. 4.08 ft 411-16 4-11-16 Buenos Ayres, pence to dollar .. 47.577 8811-16 88| Montevideo, pence to dollar .. ..SI 80 38{ Bombay, pence to rupee .. 16 l?g ITJ Shanghai, pence to , tael .. M2 183 18J Hon«:-Kong, peaoe to dollar .. ..84 15J 14 15-16 Yokohama, pence to ytn .. .. 94.58 «MIT-S2 2417-32 GOVERNMENT SECURITIES. .vnrvro »UH ASSOCIATION—BI SLECTBIC Buaun—oomtoxT.) LONDON, November 27. The following are tha latest quotations for Government securities, compared with tho prices ruling on November 20th last-. Last week. This week. „ £ e. A. £ t. d. Consols .. 18 IS 0 58 15 0 landing Loan, 4i p.c., 1960-90 . . 94 IB 0 »5 S 6 War Loan, 5 p.c., 1929-47 .. 102 IS 6 102 17 6 Conversion Lean, Si P.e. .. 81 16 0 82 0 0 V letory Bonds, 4 P.c. . . 96 17 6 »7 0 0 Oomctonwealth. & P. 0., 1545-70 .. 86 S 6 85 10 0 Commonwealth. 6 p.c., 1931-41 .. 96 T 6 95 10 O Victoria. 3 p.c., 1929-40 . . 58 10 0 58 10 0 Victoria. 8 J p.c., 1930-40 . . 60 0 0 59 0 O Victoria, 51 p.c., 1930-40 . . 88 10 0 85 10 O Victoria, 5 p.c., 1932-42 . . 81 0 0 82 0 0 Victoria, 41 p.c., 1940-60 .. 79 0 0 80 0 0 New South Wales, 4 p.c.. 1938 . . 90 15 0 89 0 0 New South Wales, 3 p.c.. 1935 . . 79 2 6 77 5 0 Stv South Wales, 3i p.c., 1930-&0 «0 0 0 59 10 0 New South Wales, 6J p.c., 1922-32 91 10 0 91 15 0 New South W ales, 6i p.c., 1930-40 95 0 0 93 10 0 "Sew South Wales, 6 p.c.. 1930-40 89 0 0 87 10 0 Queensland, 5 p.c.. Stock, redeemable 1940-60 . . 80 17 6 79 5 0 Queensland, 3 p.c., 1923-47 59 15 0 60 10 0 Queensland 6 p.c., 1930-40 . . 81 5 0 91 0 0 Zealand. 4& p.c., 1018 58 . . 97 10 0 97 10 0 ts'ew Zealand, 8& p.c.. 1940 . . 90 12 6 90 12 6 j«* Zealand, 3 p.c., 3945 .. 81 15 0 81 10 0 Sew Zealand, 6 p.c., 1936-51 . . 106 S 6 106 7 6 South Australia, 3| p.e., 1930 . . 77 10 0 77 10 0 South Australia, S p.e.. 1916 or alter CO 0 0 Soath Australia, 6) p.e.. 1930-40 . . 95 15 0 95 0 0 Tasmania. 3| p.c., 1920-40 74 0 0 76 0 0 Tasmania, 3 p.c., 1920-40 . . Tasnsac'.s, Gfe p.c.. 1930-40 97 0 0 97 15 0 We*t Australia, 3 4 p.c.. 1930-35 . . 84 0 0 79 O 0 We«t Australia. 3 p.e., 1915-35 . . 79 10 0 77 0 0 Weit Australia, 0 P.e., 1930-40 .. 94 5 0 93 0 0 MELBOURNE PRODUCE PRICES. ■mm nnr association—b* slecteic-TSI-BQBAPK—COPYRIGHT.) Ir* . MELBOURNE, November 28 £*£<!«<* quotations are:— *o. Bran—£4 a ton. Pollard—£4 15a a ton. I*- Bd ,*® 2 « » bushel.

THE MEAT MARKET. Dalgety and Company, Limited, Christchurch, have received, from their London office, dated November 27th, tho following cablegram : New Zealand Frozen Lamb Market'—Any change Is in favour of buyers. Demand limited. (Quotations; — 128/3 Gib, Canterbury . . BJd JU/'lUib, Canterbury .. B*d Second quality, Canterbury .. 7gd 42/oolb, Canterbury . . 7^d New Zealand Frozen Mutton—Murker weaker. Demand moderate. (Quotations:—— 4d/sulb Canterbury . . otfd 4«/ jtfib, Island e. 54d 50/G-tlb, Canterbury ' . . 54d 56/G4lb, North Island •• ojd i54/721b, Canterbury . • 5d (>4/721b, North Island . . 4jd 48/G-ilb, Canterbury .. 3id 4ti/641b, North Island .. 3£d New Zealand Beef—Market unchanged. Demand limited. Quotations; — N.Z. prime ox hinds . . s^d N.Z. prime ox fores . . 4d Argentine chilled hinds . . Argentine chilled fores . . 4ld New Zealand X'ork—Market weaker. Demand continues. English porkers, 80/1001b . . 9d New Zealand porkers, 80/1001b N.Z. porkers, 100/120lb . . 7d Australian Lamb—Market steady. Demand fair. '2B/361b, g.a.q. .. .. Bid 28/361b f.a.q. . . 7d 36/421b g.a.q. . . 8d Third quality .. .. C&d Australian Mutton —Market quiet. Demand moderate. 40/60ib, g.a.q. . . . . 4*d 30/55 ib, f.a.q. « . . , 4d Ewes .. .. 3|d

METAL MARKETS. (Received November 2Sth, 11.30 p m.) LONDON, November 27. Nov. 24. Nov. 27. Per ton. Per ton Copper— £ »• d. £ «. d. Standard, spot .. 47 16 10J 47 11 S Standard, forward -17 16 10J 47 16 10J Electrolytic 52 0 0 51 0 0 to .. 52 10 0 53 0 0 Wire bars .. 52 J 0 53 0 0 I.ead— Spot .. .. 15 18 9 16 0 0 Forward .. .. 15 17 6 15 18 9 Spelter— Spot ... ♦. 14 13 9 14 16 © Forward .. •• 15 2 6 14 16 10| TinSpot .. .. 113 18 9 114 1 3 Forward .. .. 114 18 9 115 8 9 Silver— Standard, per oz. 16id 10 9-lßd Fine, per oz. .. 17 13-lGd 17£ d

LONDON PRODUCE PRICES. LONT)ON, November 27, Flour is alow of sale. Australian ex store, 22s to 22a 6d per sack. Qats are firmer, but peas and beans are quiet. Beet Sugar—December delivery, 4a 7Jd per cwt. FEILDING STOCK SALE. (F&ESB ASSOCIATION TELSORAiI.) FEILDING, November 28. There was a &mall yarding of sheep at tho stock sale to-day, and a heavy yarding of Btore cattle. Prices realised wert:Fat 'Sheep—Two-tooths, very Rood, 18s 5d to IBs lOd, good 17s Gd, fair 16s 2d; fat hoggets, very good 18fl sd, good 16a 3d t© 16a lOd; fat maiden ewes, aSs; fat ewes, 9a 8d to 123; fat wethers, very good 18s 3d, good 16s 6d. Stores—Ewee 16a 2d, ewos and lambs 22s Id; two-tooth wethers, 10s 6d to 13a 9d. Fat Cattle—Cow l>eof to 25e per 1001b; heifer beef to 85s. Dairy Cattle—Spring-in# heifers, £5 to £& 10s: heifers calved, £7 springing cows, £7 to .£10; cows in milk, good £9 6s to JBIO 10s, inferior £5 10s to £Q. Store Cattle—Four and five-year Polled Angus bullocks, £7 2s to £8 4s; Jersoy cows, £2 to £2 10s; yearling Jersey steers, £2 10a to £3 10s.

METHVEN STOCK SALE. Small entries were yarded at the Moth* ▼en stock sale. Sales were:— Three fat ewes at 19s, 7 at 17s, S M? 16s, 5 shorn wethers at I7i 6d. Cattle—-Two yearling steers at £2 t Jersey bull st £1 7s, Jersey cow empty £5, 18* ir.onths-old bull at £3 10s, 4 yearlings at 18s, 1 bull at £4, 3 yearling steers at £3 10s, two yearling heifers at- £2, store heifers at £2 10s. Pigfe—Porkers to £2 7s, weaners 4 at 235, 3 nt 20s, 3 at 265, 4 at 245, 3 at 20a. 2 at 17s 6d, 2 at 18s 6d, 4 at 295, 3 at 20s, 1 at 255, 5 at 21s, 8 at 275, 8 at 16s. Potatoes sold at from 5s to Cs per sack. GERALDINE STOCK SALE. There was only a smell entry of sheep fct the Goraldine stock sale, only fats being offered. Dairy cattle brought present averMre prices, but piss were in good demand. The following eales were made: Fat Ewes—Four at 14g 6d, 6 at lis, 5 at 16a Cd, 6 at 13s 6d, 5 at 18s, 4 at 17s, 8 at 15s. 4 at 14s 6d, and 5 at 7s 3d. Cattle—One cow at £7 10b, 1 at 46 10a, 1 at £7; heifer at £2 2s 6d. Piss —One fat £2 10s, 1 at 38s; weaners, 4 at 265, 1 at 22*, 1 at '26s, 1 at 6s.