FINANCE AND COMMERCE.

Press, Volume LXVI, Issue 20105, 8 December 1930, Page 12

FINANCE AND COMMERCE.

CHERRIES FROM AUSTRALIA.

GROWERS COMPLAIN. SUBSTANTIAL DUTY WANTED. Claiming that the influx of cherries jftom Australia into the Dominion had the price so low that to grow them locally was becoming unprofitable, r the Canterbury Fruitgrowers' Associa--1 tioD, oil Saturday night,, decided to ! protest once more against their being ' allowed in unless they carried a substan- ; tial duty. Mr !F. W. Cone, who brought forward the question, argued that it was not right that cherries from Australia -should be allowed to come into New Zealand just when those grown locally were being placed on the market. 1/ast year he knew of twenty tons of cherries from an orchard in the North Island .being left on the trees because the low price did not warrant their being taken to market. Of what use was that . to the grower? The Government claimed . that it was out to encourage the small holder, yet, when it got him on to the land it did all possible to discourage him. It cost less in freight charges to send cherries from Sydney to Auckland than it did to send them from Greytown to Auckland. Further, many tons of apricots and Reaches were going to waste each year because of the imported article. The jam factories did not take as much 'tfruit as they once did. Sixpence per lb Duty. | They had suggested to the Governfrnent that 6d per lb was a reasonable duty to place on imported cherries, yet the Government had only increased it from Id to 2d. He doubted if it was of •any use protesting to the Government "■once more. The only way, apparently, 1 to get anything done, was by bringing political pressure to bear. He moved that another strong protest be sent to the ' Government against allowing cherries ' to be imported when the country grew f more than sufficient for its own require- ' ments.. ' Unprofitable to Grow. • Mr ~F. W. Sisson thought they ought to do something. Last year cherries were Sd a lb. They could not grow them in New Zealand for that price. Only that morning, too, he had seen in the -market' hundreds of imported cucumbers. That would be the end of the local ] cucumber growers for the season. | Mr Cone: Australia takes none of ifcur products, yet she can send anything she likes here. Mr E. Freeman: One reason why Australian cherries sell here is because they jure better varieties than we here grow. The remedy, to a great extent, is to > grow the cherry that the public will . eat. Mr Sisson: Tou can't grow a hard ! cherry in Canterbury. "With the first drop of rain they all crack to pieces. • It appears to me that cherry growing in Canterbury has become unprofitable ; and is now merely a hobby. Mr Cone's motion was carried. It was fleeided to forward the protest to the Government and to the local members p£ Parliament. I BLACK WATER GOLD MINES. MONTH'S LOSS OF £902. I . . farjBOIAL TO THIS PKZSS.) ItEEFTON, December 6. The Blackwater Mines return for November, 1930, is as follows: Crushed, 3450 tons, yielding 1020 fine ounces of gold, valued at £4329; ■working expenses, £4983. In addition the furnace treated 83 tons of concentrates for a return of 103 fine ounoes of gold, valued at £437: working expenses £l3l. The working loss is £348, developruent costs £BB6, and capital expendi£37. so that the loss over all is £1271, which will be reduced to apiproximately £902 by the gold premium Ho be obtained. GIFT COUPON SCHEMES. SIR S. SKINNER'S ATTACK. Sir Sydney Skinner, chairman of (Messrs John Barker and Co., Kensington, presiding over a conference of the Drapers' Chamber of Trade of the United Kingdom, at Exeter, in Octo-'-ber, gave an address on "Advertising." . He said that every firm had to a. demand and much advertising .had to be of an educational character a frd suggestive to men and women ot "what to buy. The trader had to give I good value, but if he advertised with sincerity and treated the public as reasonable-thinking beings it would pay. The most serious abuse of adver- , ttsinc was the coupon system. Hie thought it would have its day and cease to be. Its suggestion was wrong. It created a dishonest type of mind, and he had no for anybody who wanted something for nothing. There were enough honest people in the world to do. business with without resort to that form of trading. The public mind was a sensible "mind and a suspicious mind, and when peaple thought they had been getting something for nothing they always +i ' . back of their minds, the thought that they were getting a poor article. There were whispers of the predicament of many of the gift exploiters, and he thought the idea would devour itself before long. The conference unanimously passed a resolution recommending members to refrain from R Z' n Z .Prominence to- articles with "w men gitt coupons are given. AUSTRALIAN BUTTER. CANADIANS WANT DUMPING DUTY. , ! (PKITED TOES') ASSOCIATION—BY ELECTRIC TELEGRAPH— COPYRIGHT.) VANCOUVER, December 5. ' Butter producers to-day urged the Dof minion Government to impose a duxnp- [ iag duty on Australian butter, declaring I that.Australia was planning to flood the ' country with 20,000,0001b. They allege that Australian butter is selling here at " cents a pound, in New York at 20 cents, and in London at 22 cents. They contend that Canada cannot produce butter at less than 24 cents.

EXPORT OF FRUIT.

PLANS FOR FUTURE. WHERE IMPROVEMENTS CAN BE MADE. Sidelights on the fruit export industry and suggestions for improvements which had como from Mr J. Brown, chairman of the Fruit Control Board, as xhe result of his recent visit to England, were given to members of the Canterbury Fruitgrowers' Association by Mr F. \V. Cono on Saturday night. Mr Brown had assured them, at the .meeting of the Federation, said Mr Cone, that New Zealand apples were consistently bringing the highest price in England. Their quality was also quoted as the standard, which other countries were trying to attain. But that was no reason for New Zealand not going on and increasing still further the quality of its export fruit. Prices and C rades. Some growers, he added, could not understand why the "extra fancy" grade did not- bring as high a price at Homo as the "good" grade. The latter grade was of apples which, were not so matured; consequently they kept longer than "extra fancy,'' so were more in demand on the overseas market. Another fact that had come under Mr Brown's notice was that the fruit in the cases packed with strawboard opened up in much better condition than that which was not. We in New Zealand complained about the rough handling of fruit, but Mr Brown had assured them that it received much worse treatment at the other end. They threw it about as if it were road metal. Port of London Congested. J n future most of the Dominion's fruit would be unloaded at Southampton, because of the congestion at the Port of London. The Continent had proved a very good market, especially for large apples, which were not required in Britain. Apples about 2i inches in size were wanted at Home. Because of the glut in the British market, fruit had, this season, been sent all over the Continent, including Spain. Trading on the Continent, however, was risky, because often thev did not know with whom they were doing business. Further, ships would not go to the Continent unless thev had at least 25,000 cases aboard. Pears on Continent. There was a,'great demand for pears on the Continent, but they wanted them in the bushel case. The last ship from New Zealand should leave not later than the middle of May; otherwise the fruit reached England when the new season's fruit, especially strawberries and cherries, was coming into the market. Mr Brown had remarked that the Tasman apple was n<Jt acceptable in England, though it was wanted on the Continent. A feature of the Home market which was inexplicable was the sudden variation in prices, even from nay to day. Apples Damaged in Transit. , "What about the apples which were damaged in transit and had to be clumped overboard?" asked Mr F. W. Sisson. "I don't want the guarantee, but I won't send a single apple Home I till I can bo sure of getting them there. In my opinion there are not enough engineers employed on the boat to look after the fruit properly." He would not mind, he added, if an extra sixpence per case was put on the freight, provided they could be sure of the fruit being well looked after. The Government Orchard Instructor (Mr B, G. Goodwin) said that if the fruit was over-ripe it would not carry on the boat any mora than it would keep in the sheds. In their eagerness to get the "extra-fancy" grade, growers often left their fruit on the trees too long, with th,e_ result that it was placed on the ship in an overripe condition. •» Mr. Cone remarked that the cause of the failure of the shipment referred to was known.

SEARCH FOR OIL. SOUTHLAND POSSIBILITIES. The possibilities of finding oil in Southland in sufficient quantities to warrant exploitation by a company are considered' to be very bright at the present time, and the proposal to test thoroughly the prospects said to exist at Kauana is being actively prosecuted. Last week a party of Invereargill business men visited the Kauana district and were shown what is claimed to be definite indications of oil-bearing stTata, while the activities of an oil locater were followed with close attention by those present. It is claimed (states the "Southland Times") that the district is the centre of a vast oilfield, and that it will be possible to tap the oil by a bore at a depth' of 1500 to 1600 feet to the main oil-forming strata, compared with the depth of about 6000 feet which is held by geologists to be the oil-forming horizon in the New Plymouth area. Southland, it is claimed, gives every indication of being a large potential supplier of oil, and it is for that reason that the. preliminary steps are being taken to test out fully the possibilities which, if proved successful, would mean a big thing to the .province. MONETARY CONDITIONS. LOWER LONG TERM INTEREST. "The steady increase in the market value of the long term gilt-edged securities gives some justification for the belief that British credit may before long be placed on a 4 per cent, basis," the "London Observer" remarked recently. "This was no doubt [ the view of Mr Snowden in promising a big conversion" operation in connexion with the 5 per cent. War Loan 'when in his opinion conditions are favourable.' " Current quotations of standard stocks were given showing that 2$ per cent, consols were within 5i points of the 4 per cent, level—s7 as against while others were only about two points lower. The margin has been reduced during the intervening month. Consols were quoted on November 27th at 58J or points below the 4 ner cent, level; 3' per cent, conversion loan 0/7 points below, and 4 per cent, iunding loan less than 5 points below. The "Observer" also suggested that a reduction of the bank rate to 2J- T>er cent, was possible. Tt agreed that there had been little alteration in the position of the central institution since the reduction to 3 per cent, on jy av Ist. The reserve is practically the same, gold stocks are slightly lower, althoncrh the proportion of rerVo° has improved "from to 50,8 per cent. At Ihe same tim°, the official minimum is just as much out of touch with the market position now ap it was then.

APPLE CROP.

EXCELLENT PROSPECTS. OPENING FOR SKILLED LABOUR. With a big apple crop in prospect in Canterbury this year, growers are seeking the export market. This means work for expert packers and graders, and the orchardists are doubtful whether they will be able to obtain them in Christchurcb. At Saturday night's meeting of the Canterbury Fruitgrowers' Association, it was decided to make arrangements for conducting classes in grading and packing, so that the exporters will be able to engage the services of people —both men and women—so trained. The chairman (Mr E. Freeman) said they were anticipating a '"bumper" crop this season in spite of the black spot, which they thought they had got under control. There was likely to be a smaller demand locally for apples, so they must seek an outlet in the export trade. Some of them thought they would be up against the problem of skilled labour, and they would like Mr Goodwin, the Government instructor, to conduct classes to train packers and graders. This year a good deal of fruit, which formerly went into the local market, would be exported, and it would have to be properly graded and properly packed. "With instruction any intelligent young fellow could soon learn to do this. Classes Necessary. The Government Instructor (Mr B. G. Goodwin) considered that the establishment of classes was very necessary, but in a town such as Christchurch, they should experience but little trouble in getting labour. His experience in Nelson had shown that girls, once they had learned how to do it, became neater packers than most men. Every grower should be prepared to pack and grade his own crop in case of emergency. Once they knew liow to do it. it was not hard work. In liis opinion it was harder to get good packers than good graders. He was quite willing to conduct a class, or classes, but they should not wait till the export season was upon them. They ought to begin the classes in February, or earlier if possible. It was agreed that it would be better to have the classes in the orchards and arrangements are to be made to conduct them there. WOOL SALES. WELLINGTON TO-DAT. Wellington wool sales commence at 9 o'clock this morning, when an offering of 18,000 bales will be made. The quantity allotted by the Wool Committee was 30,000 bales. The catalogues, in order of sale, will be as follow : Brokers. Bales. Wairarapa Farmers ... 793 Abraham and Williams and Wright, Stephenson ... 2,210 Dalgety and Co. ... ... 3,521 Murray, Roberts, and Johnston and Co. ... ... 3,138 Levin' and Co. ... ... 5,343 New Zealand Loan and Mercantile ... ... ... 2,0G0 Farmers' Co-op, Distributing ... 971 Total ... ... 18,041 WOOL SALES POSTPONED. (UMTtD PRESS A SSOCIATIOK—BY ELECTRIC TELBGRArH—COrYBIGHT.) (Received December 7th, 5.5 p.m.) LONDON, December 6. The wool sales have been postponed owing to the fog. NEW ZEALAND BREWERIES REDUCED INTERIM DIVIDEND. The directors of New Zealand Breweries. Limited, have declared an interim dividend at the reduced rate of 12J per cent, per annum. Last year the company paid two half-yearly dividends of 7J per cent. WHEAT FROM CANADA.

PURCHASES BY FRANCE. (UNITED PRESS ASSOCIATION—BT ELECTRIC TELEGRAPH—COrrBIGHT.) OTTAWA, December 5. France has undertaken to import a minimum of from 7,000,000 to 9,000,000 bushela of Canadian wheat in the next four months, the Minister for Trade and Commerce, Mr Stevens, announced to-day. The Minister was advised that an early enlargement of from 10 per cent, to 15 per cent, in the amount of foreign wheats permissible in flour blends is expected, which will have the effect of materially increasing the for foreign wheats. Mr Stevens thinks that the prospects are good for France importing 20,000,000 bushels of Canadian wheat by May Ist. COMPANIES REGISTERED. The current issue of the "Mercantile Gazette" notifies the registration of the following new companies:— Moutapu Gold Mining Co., Ltd. Bead. November 23th, 1930. Office: 143 Hereford Christchureh. Capital: S2OOO, into 40,000 shares of Ig each. Subscribers: T. Newburgh, p. \y. Soanes, G. T. Gough J T Doherty, p.. L. Bush, J. A. Rcdpath, jun., 1. A. Ardagh, 200 shares each. Objects: Prospecting and mining in district of Mahakipawa. Tuat&ra Sports Club, Ltd. Kegd, November 26th, 1930. Office: 118 Hereford street, Christchurch. Capital: £SOOO. Subscribers: L. P. Barrett 400 ord., J. A. Redpath, jun., 100 pref., G. A. K. Williams 100 H. !•. Herbert 403 ord., F. Parris 100 pref., J. A. S Marris 1 ord., A. D. Petrie 1 ord. Objects: To carry on business of proprietors of miniature j?olf links, etc. McKinney. W. W„ Ltd. Regd. as » private company November 10th, 1930. Office: 118 Gloucester street, Christchurch. Capital: £SOO, into 500 shares of £l. Subscribers: C. F. McKinney 5, W. W. McKinney 480, G. G. McKinney 5, W. A. McKinney 5, and B. S. McKinney 5. Objects: To acquire and take over as a going concern business of optician carried on by \V. McKinney. Timaru Miniature Golf Courses, Ltd. Ee»d. as a private company November 28th." 193o! Office: 205 Stafford street, Timaru. Capital£looo, in 1000 shares of £1 each. Subscribers: Christchurch—J. M. Stewart 1 Miniature Golf Courses, Ltd., 999. Objects: To carry on business of miniature golf course company in all branches. THE CANTERBURY CO-OP. POULTRY PRODUCERS, LTD. Tlie Canterbury Co-operative Poultry Producers, Ltd., report that larger supplies of poultry are coming forward for the markets, but tliere is a distinct shortage of good table chickens and ducklings, and prices for these are very firm. The following prices were realised per pair: Table chickens, light 5s to 8s 6d, heavy 9s to 14s; hens, light 3s to 4s, heavy 5s to 6s; ducks, old 2s 6d to ss, ducklings Cs Gd to lis; geese. 7s lo Bs, goslings 103 to 12s; turkeys, hens 14s to 225, gobblers 303 to 435. The supply of egs* is on Ihn decrease ami our prices ace: Firsts and ducks, la 2d; seconds, 1b Id,

CHRISTCHURCH STOCK

EXCHANGE. SATU RDAY'S TRANSACTIONS. Prices on lliu whole were easier on rail on Saturday morning, and Iherc was a £ooJ volume of business, bank shares, breweries, and tobaccos accounting for the bulk of the turnover. Transactions, exclusive of vestibule business, included:—■ 300 Commercial Uank of Australia. 15 Union Bank of Australia. 200 Auckland Gas. 100 New Zealand Breweries. 500 Tooths Brewery. 300 Austi-alian Glass. 400 British Tobacco. 100 Electro. Zinc (pi;ef.). 500 Mahakipavva Goldiields. Commercial Bank of Australia shares were fractionally weaker, with dealings at ]ss Ucl and 35s lOd, sellers staying in at the higher price, buyers at *lss Oil. Union Bank of Australia shares dropped to £9 2s (id, closing quotations 2s Cd on either side. Bank of New Zealand shares, ex dividend of Is 4d per share, had buyers at 50s lid, sellers at 51s 3d. National Bank of New Zealand, cum dividend, were easier, with sellers at £5 9s, buyers at £5 2s 6d. Buyers of Dalgety and Company shares raised their bids to £7 7s 6d, sellers at £7 123 6d. Goldsbrough. Morts weakened to 19s 3d sellers, 18s 6d buyers. Auckland Gas shares were firm, with dealings at 23s 4d, market closing 23s 3d buyers, 24s sellers. New Zealand Breweries' shares were fractionally weaker at 41s, and there were further sellers at that price, buyers at 40ls Od. Tooths Brewery shares changed hands at 24s and 23s lid, and more were offered at 23s lid, buyers at 23s 9d. Australian Glass shares were released at 26s 6d. and there were further unsupported sellers at that price. British Tobaccos relapsed to 30s, 29s lid. and 29s lOd, closing quotations 29s lOd sellers, 29s 7d buyers. Electrolytic Zinc shares !pref) were firm at 17s 6d, market closing 17s 5d buyers, 17s 8d sellers. Mt. T.yeHs wore easier, with sellers at 20s, buyers at 19s 7d. Mnhakipawa Goldfields shares' remained at 7}d and there were further buyers at that price, sellers at Sd.

OFFICIAL RECORD OF STOCK EXCHANGES. The Stock Exchange Association of New Zealand has decided to make fresh arrangements for the publication of their Official Record, and in consequence tliero will not be any January issue. Any publication issued in January bearing the name of the New Zealand Stock Exchange Gazette will not be the official record of the Association. Commencing from February next, the publication will be solely under the control and management of the Exchanges affiliated to the Stock Exchange Association of New Zealand, and will be called tbe "Official Record of the Stock Exchanges of New Zealand*"

MEAT EXPORT.

SMITHFIELD PRICES

The New Zealand Meat Producers' , has received tho followin ff cablegram from"/ London office, dated December sth l 9 '° n 'l° vising that the following are the mate average prices realised fnr <i 1P OXI based on actual transactions of wiJ quantities of the descriptions 0 { n.e», Sal ° Ironed, and are for representative mon " tho goods offering durin- tho w B ? rce ' 8 o£ for business done on the" basis of Jf'v K to Smitlifif Id market and/or stores. (Prices for the Previous wo„? ndon also shown) : " wee k aro

(I'er lb.) • 28.11.--S'.Z. Sheep-- 30 - 30. Canterbury nnd cros.sljj-pd wethers and maiden ewps ' ,1 46-561b <!■ 57 641b ;; •• -'j -53 Selected: ' ' * 65-721 H North Island: * ' 48-561 h 57-G4IH ** (i5-721b " '2 JRJwes: ... 05-72) h ' " N.Z. Lambs— •'i Canterbury: SGIb-under , . , 37-421b . "• ** 4:j-301b .: .Second quality: *' " Average SBlb . . 7I Othor South Islaud brands: " * 361b-under ' R i „ 37 " 42, h ' 4 8i 4 3-5011) . 75 ir. Selected N.I. brands, including Down a: HOlb-under 01 c , "•«ib 5| 43-0011) .. Nt r s Australian Lambs— 8 Victorian : i'irst quality (new soason'f) ■ 2® It );"" der •• . 8 J SJ Argentino Lamb— ' " 8i quality (new season's;: 3filb-uiid<?r . . s k 37-421b .. " 7 » 2:. N.Z. Beef— "" " Ox fores .. ...35 4 Ox hinds ... ..5 5i Argentine Chilled BeefOx fores . . 4 i 4} Ox h inds . . sr«5 r« 511 Australian Frozen Beef— * ' * Ox crops, over 3001b .. si 4 Ox hinds, over 1G0!b .. 4- 51 X.Z. Prime Porker Pi^s—fi'MOOlb SR 1 -1201b 6i 62 Prune Baroiier Pig. l * 121-18011) .. Gi 6i . Lambs Market is steady, prices remaining unaltered. Meeting strong competition from new season's Australian and South American. Mutton Market—Wethers, weaker through increase pressure to sell. Ewes, steady with no change in prices. Beef—Market is depressed through low prices of Argentine rhilled beef. Now Zealand Porker Piffs—Trade slow, especially for heavy-weights, owing to heavier supplies of Home-killed.

LONDON. MEAT MARKET. PRICES FALL SLIGHTLY. The Bank of 2\cw Zealand has received the following advice from its London office, as at the cloao of business this week: "Weaker values are ruling for wither iputloii owing to lack of demand. There is a moderate demand for ewes. Prices are a shade lower. There is a good demand for l;»rnt> for this time of year. The beef market 13 depressed owing to heavy stocks of Argentine. Low prices for other foodstuffs are checking the demand for New Zealand meat." Prices : Wet he is - d. <\. Light _ .. ..5 to 3i Heavy .. .. 4J 1o , r i 'Fwf* 3 to 4 Lambs—2'« .. ft in Sg .. .. * io 83 £" , to 11 Second* .. .. .. to 72 o.t hmd» .. .. .. 5 to 5* Ox forn* .. .. .. .ij to 4* Cow hind* .. .. .. 4i to 4J Cow fore* .. .. .. 3i to SJ DAIRY PRODUCE. THE HOME MARKET. Tha New Zealand Dairy Produce Board has received the following market report from ita London office, dated December sth, 1950: BUTTER. New Zealand, salted 102s io 106s (last, week 08s 1 o 3 0-ls), unsalted 110s to 116s (124s to 1.~0s); firat whey, 94a (325); second whey # 02a (88s); deliveries New Zealand this week, 232; tons; in store New Zealand this week, T62G tons; Australian, ealted 100s to 104s, unbailed 106s to 310s; deliveries Australian, 142:5 tons; in store Australian, 824 tons; Argentine unsalted, 08s to 104s, ex. 110s (963 to 104s, ex. 130s); Danish, 119s f.0.b., 130s to lS2s spot (119s, 130s to 1325); Dutch, unsalted, 128s to ISOs (1363 to 138s); Polish, 90s to 945; market firm following active demand. Retail prices unchanged. Empire Marketing Board's estimated stocks all butters at December Ist, 320,380 boxes. Cold stored stocks cleared practically. Current airivals Now Zealand and Australian butter practically closely sold up by deliveries each week. Discharge vessels delayed owing to fog. Estimate December imports butter into United Kingdom, 30,000 to 31,000 tons (last year 27,000 tons). CHEESE. New Zealand, white 56s to 60s, ex 63s (63s to 665, 675), coloured 56s to 58s, ex 69s (39s to 63e, 645); deliveries New Zealand this week, 19,000 crates; in store New Zealand this week, 43,000 crates; Australian, white 583, coloured 565; more doing at the lower prices; Canadian, white 74s to 78s ex. 80s (76s to 78s, 80s), coloured 74s to 765, ex! 76s (75s to 78s); market quiet. Deliveries n-J 1 ,.' a T J 18 > 4 88 boiic-B; in store Canadian, '2? xes ! English finest farmers' 100s to 106s (100s to 106s). Buapehu finished discharge butter on November 28th. Ruahine commenced discharge cheese December Ist, finished 4th; discharge of butter December 3rd. Mataroa finished discharge of butter December 3rd. Somerset finished discharge of butter December 4th. A. H. Turnbull and Co. are in receipt of * , cgra ™ from their principals, W. cember sth L ° nd ™> This week. Last week. Danish butter .. 130 to 132 130 to 132 u™»a'ted .. 310 to llfi 124 to 130 -w f U ! r "" 102 10 106 9 8 to 104: Market firm. » Cheese, white .. se to 60 63 1 0 66 Cheese coloured .. 5G to 58 m to G 3 Good enquiry. Canadian, white .. 74 to 7r 75 f Canadian. coloured 74 1o 76 76 to 78

WAITAKI FARMERS' FREEZING CO. ANNUAL MEETING. (special to the peess.) OAMAR.U, December 5. The annual meeting of shareholders of the Waitaki Farmers' Freezing Company, Ltd was held this afternoon. Mr J. E. Austin (chairman of directors) presided, and in reviewing the operations for the past vear stated that a profit -was shown of £6IOB sV which had been transferred to the tion account, less £5120 7s 6d "written off an depreciation on buildings and plant £SOO written off to extinguish Dreli'minarv flotation expenses. " " ar y In view of the fact that most other frees; ing companies had shown losses for the oast year, shareholders, Mr Austin said should be greatly satisfied with their operations It was pleasing to note that the difference in their favour between their liquid asset, and sundry creditors was £17,500, as against £II,OOO last year, a gain of £6500. Satisfactory arrangements had been made which would enable the company to offer to itR shareholders and clients the highest marker rates for their mutton and lamb, and at the same time incur no speculative risk. This • arrangement had worked satisfactory all d I as the company froze only on purchasers' account, had ensured a profit in a year which had proved a particularly trying one for companies which had had to buy stock at prices not waiyanted by the London market The killings for the past season, 34S 163 vero 63.839 above those of the previous vear' and were a record for the works. Economics had again been effected in operating exI jgSSSSS as sssia. sag te SWlsystgod J^a,

I pared more than favourably "with other ! works "with Tesard to running costs. The works had been maintained in a good state of repair out of revenue, and would be opened for the killing of stock when sufficient supplies were available. Although stock was backward, and the lambing generally not as good as that of last year, the prospects for the coming year were that the company should again have a good killing «nd make a reasonable profit. Mr Austin answered several questions to the satisfaction of the shareholders, and the directors were warmly congratulated on the manner in which they had conducted the business of the company during the trying times experienced last year. In addition to the usual directors' fees, the only special remuneration to directors amounted to £25 for travelling expenses to Wellington in connexion with the arrangement for the shipping: of meat. The annual report and balance-sheet were adopted, and the retiring directors, Messrs R. Hamilton, J. McCulloch, and It. W. Trotter, were re-elected to the directorate. The shareholders expressed great appreciation of the services of the manager (Mr 3. I. McEwan) and the staff during the past year. LONDON QUOTATIONS. (UNITED PRiiSS ASSOCIATION -BY ELBCTJtIC TELEORArH—COPYRIGHT.) (Received December 7th, 5.5 p.m.) _ LONDON, December 6. J/riday s closing prices arc: Cotton—s.old. ■^ u kk er —Para, plantation smoked, Jute—Decembcr-January, £l6 10s. Hemp—Restricted business; iS'ovembcrDecember shipment, £O4 ]os. Copra—December, Soiilh Sra, £ls ISaplantation Rabaul, £l6. linseed Oil—£o7 10a Turpentine—34b-

LATEST QUOTATIONS. Buye s site £, 8. d. £ s. d. N.Z. Government Debentures— per emit. Inscribed, J 033 and 1030 .— OS LS 0 i* por cent. Bond*, 0 1023 — 06 10 5 £ per Inscribed, 3033 00 0 0 — ofc por cent. Both!?, -m;5 90 7 6 — per cent Bonds 1036 00 u 0 — Banks — Adelaide 5 :s 0 Aust. of Comuierc* 0 18 9 Comm. 01 Aunt. 0 3G 0 0 15 10 Comm. of Auat. (inef.; r> C 0 <> 11 0 Australasia 0 10 0 10 0 0 Comm. of Sydney J 6 10 0 17 0 0 K., S., and A. 4 10 0 5 0 0 National of Australasia (X'10 paid) 10 5 0 11 5 0 National of Australasia (JC> paid) .. 5 5 0 5 6 0 National oi N.Z. (cum div.) 2 fi %S 0 0 Xpw South. "Wal*a 28 13 0 29 2 G Isew Zealand (oi diO 1 10 u 2 U 3 Union of AubI. 3 0 0 9 5 0 Insurance — A.P.A. (cum div.) 0 5 7 0 fi 0 New Zealand 2 1 fi South British 2 1^. 0 — Standard »• — 2 10 0 Loan and Agency— Diilgety and Co. 7 7 fi 7 13 fi Goldsbroujh, Morfc 0 IS ft O 39 3 N.Z. Guarantee Cotpn. 0 6 in 0 7 0 United Building Society 0 H 0 0 16 0 Frozen Meat— X.Z. Hefrig. (10n paid) — 2 3 Woollens— K&iapoi (17a paidl 0 7 0 0 * 3 Coal— WcMport 1 5 1 1 « fi Gas— Auckland „» i a a 1. S 4 Christchurch 1 5 0 1. 5 3 Christchurch (108 paidl 0 12 6 Tiniaru .. . 1 2 6 Bre-weriea— Carlton 1 3 3 1 6 fi Foster's 3 0 0 Kew Zealand .. 2 0 0 2 1 0 Staples 1 19 0 Timam .. 0 3.3 S Tooths 1 3 9 1 3 11

Miscellaneous— Allied Motors 0 0 s 0 0 8 Amalgamated "Wirelcs* (contr.) — 3. 3. fi Australian Glass 1 6 0 Beafch and Cc. 1 a 5 British Tobacco l n 7 I !> 10 Colonial Sugar 3'2 7 6 I!lectro. Zinc (pref.) 0 37 5 n 17 8 Holden's Motors 0 !> « Mt. Ljcll (cum dir.) .. 0 5!) 7 I 0 0 n.Z. Dnig Co. 3 0 0 N.Z. i'armers* Co-o»>. (G£ per cent. Stock. 1940 and 1045) — 76 0 0 Victoria Nyanza Sngar 3 30 n — Whitcorube and Tombs 3 6 0 3 s n Wilson's Cement 2 0 6 Wunderlich .. _ 0 13 0 Mining— Xing Solomon «. o n Si Mahakipawa o 0 7 i 0 0 8 Okarito 0 B 0 0 5 6 Stoncy Creek (7£d paid) 0 0 2 Wailii Grand Junctiv>n 0 2 6 Winding Creek (Is pd.} 0 0 1 0 0 G "Winding Creek (9d pd.) 0 0 1 0 0 2 North. Broken Hill .. — z 3 6 SATURDAY'S SALES. CHRISTCHURCH. Sales on 'Change— £ s. d. Commercial Bank of Australia (2) 0 15 9 0 15 10 Union Bank of Australia 9 2 (I Auckland Gas (3) 1 3 4 New Zealand Breweries 2 1 0 Tooths Brewery (3) 1 •i 0 1 3 11 Australian Glass 1 G 6 British Tobacco (2) 1 10 0 1 9 11 1 9 10 Electro. Zinc (pref.) 0 17 6 Mahakipawa Goldfields 0 0 7 WELLINGTON. Sales on 'Change— £ St. d. Goldsbrough, Mort and Co. 1 0 0 Bank of New Zealand ("cum div.) 2 3 2 ?, Auckland Gas Company1 3 3 Wellington Gas Company 1 9 0