FINANCE AND COMMERCE.

Press, Volume LXVII, Issue 20179, 6 March 1931, Page 12

FINANCE AND COMMERCE.

COOK ISLAND BOjX TRADE. TIMBER INDUSTRY'S . LOSS. RELIEF 'OF DUTY. ■ According to • information placed before the Council of, the. Canterbury Chamber of Commerce last evening, the Cook Island box trade, which is most essential to the timber industry in New Zealand, ia being lost, to the States of America solely through the ability of the island obtain a refund of duty on export to New Zealand and cheap freight; ffpm .America*. The question was referred to the Importers' Committee. , ' The Lumber and Fruit Case Company, Ltd.. Christchurch, wrote drawing the Charabbr'a attention to an anomaly in favour of overseas ■ competition for the. supply, of, cas.e timbef to'thd Cook, Islands for the packing of citrus fruit andtomatoes. "During the last year the Government advanced the tariff on imported dressed timbers to 19a per 100 ft super., and to 9s 6d per 100 ft for rough sawn timber, yet the Cook Island growers pay no duty on American cases.

American Cases Cheaper. "This company has had considerable trade with the Cook Islands through the fruit merchants at the main centres, but owing to the fact that the Cook Island trader has, up to the present, been entitled to a drawback of duty, the American case can land cheaper in the Islands than that supplied by New Zealand. An extraordinary position has arisen whereby the Cook Islander (the Cook Islands are an integral part of New Zealand territory) can, as soon as his fruit case is packed, obtain a drawback of duty on exporting it to the only market available to him, that is, New Zealand," The letter pointed out that not one ease of fruit would be permitted to land in American territory, nor would fruit paeked in 'American cases in the Auckland province be subject to a drawback of duty if shipped to Wellington.: Detailed evidence of the anomaly was

given, together with figures showing the j , diminishing value of the Dominion's ' trade with the Cook Islands. Pressure on Government. . ~ "It is hoped that dhring the forthcoming session of Parliament,"' continued the jtetter, "some pressure may be brought to induce the Government to realise that whereas at one time it may have been necessary .to .grant the Cook Islands favoured treatment, it must be sow obvfous that, with the whole of the available from New' Zealand, p the duty acta merely aB a >, subsidy to the American box-cutting in- <.< da?tiy. t ifarfher, since it i« America'# V-.WSW-fe the fruit and the proi dneti pf every other country, it is quite T l ' JUfWapftnaliJe x th at such a subsidy should tJjj? detnmqpt of the mar- , ket u wMch tho fruit » sold, and ■ y supplies -.that 1 easlL" PROTEST AGAINST IMPORTS. IVBB PXBBB Special B«rrle«.] ~V ; BUNEiDIN, March 5. i r . • ' Aj?. import ant matter with which the i<^JM^rning, itself lately is tho I! nation, partiquof chaff- mai;ch>B mar-i Kf B : j)Jin»ter , a at--^U( 3pT9 ate siitatis the'ma ie Mirpßtor fa fAn; HW,der ? iT)-Q)untal T- #«| iifio' matJcotiiig %Wfdon appointed; by, ;6 f c ' - £l. Orq^pedZ-t* «fho yiaiWe sup-

STRONG MARKET. SYDNEY STOCK EXCHANGE. . BIG .GAINS- REGISTERED IN ! BONDS. (UNITED PRESS ' ASSOCIATION —B» ELECTIIC TELEGRAPH —COPYRIGHT.) ' ' (Received March sth, 9.5 p.m.) , ■ . SYDNEY, March 5. ; Tlie confident bidding which was a feature.of' business earlier in the week was renewed on the Exchange-to-day, and- a strong market ruled for i all classes .of securities. Some big gains were • registered, chiefly in boiids. One. of the most active : issues ■ was the. s£ ( per cent. 1933 Loan, which rose 15s to £92 ss, while the 5i -per cent. 1938 gained =l7s 6d. ' Bank of New Wales shares advanced five shillings, and -higher offers were -also made for Bank of Australasia script but the sellers,' as profed to be the case with the holders -of other bank stock, were, holding off.

SYDNEY WOOL SALES. FIRM MARKET AND KEEN COMPETITION. (UNITED FBES9 ASSOCIATION —BT . SLECTRICJ TELEO&APH —COPYRIGHT.) ' (Received March oth, 9.25 p.m.) SYDNEY, March 5. At ' the wool sales, the offerings totalled 11,024 bales, of which 10,624 were -sold, also 923 which were disposed of privately. There was the Keenest' bom, petition f°r all f descripfcioiis, ,and .the market was very firm. Greasy merino made up to aid.'

THE WOOL MARKET. INFLUENCE OF EXCHANGE. Messrs H. Dawson, Sons, and Co., Ltd-i Bradford, reporting January .20th, state" inter alia:— • "Demand is certain to be the dominant factor this year.'' They describe the sensational movement in the Ausr tralian exchange rates during the second "week in January as "a bolt from tli® blue to our trade. It is natural that in the present critical and sensitive market it should shake confidence. Ib is equally certain, however, that its (ffect on values is being misjudged, and its various complications are not yet fully appreciated." ■ . . 3ieff\rence is made .to the shipments of .Australian wool to London on. account . of growers and pastoral companies >in order* to convert them into h'atee been JSC'lt .from Australia t<> don."in<&cess ol normal; - The principtt we - bneflyj «• jit exchanges has naturally counorigin • . _ * > ■The higlier price assist. growers .to repay their bank Joana, but in appreciated, currency. ■ » The immediate visible results . softa. in the natural hardening of pieces Australian sales.■ which may temporarily help "the gjrowerl 1 It j'a also 'bringing into that market (crgej speculative on the part of minoerous, peoplefiwho deajpe-to hjifop; moneys, home. from - JJustralia SStejng that, capital can best be *<ransferred"by'produce jus!-now,Vtool pro-' ffoes'Jithb ! mMt (kttrrictive l ?ueaus i borntf/vr of!, its' cheap prices, ' and its ensy refcrtSition; arid '-afe ot :the a ..marginal .profitsofas' vUI alleviate <on s exch#bgeV -s v f.' w-t-j.i' .: ji, , - may strangelyj bring. benefifc.«;both; to grower^ 1 aftd. s consimer< „The ..market fyaa long , tfita' financial distance may Help to replace ,the depletion of capital | witbfo the industry. i ' whatever the effect of this, in- i Nation may be to Australian producers i —which' js doubtful—the consumers ! Heed 1 not be seriously disturbed. Values i Will be" determined by prices ruling l l (fit "ippa ot clean scoured wool, in con- | snmipg mßTkets. Eventually , legiti- | raatja requirements for t raw - material j by the industry'will not be determined i by the exchanges. t Messrs Dawson regard thenew position 'aa '"not unhopeful." The depression 'has gone too far, and wool is too cheap. ' - > .The , belief is - growing strongly throughout the industry that wool is vsry t -near. the end of the depression despite exchanges, manipulations ot tlie Terme market, and many ontsido vftdrerse factors in tho commercial and

difficulty. POSITION. Australian banking position as in a Commonwealth Gaz,the;aggregates of liabili- ' ii^S^itd'^se ( t& qf all banks in Aaatra- ! ;f |jjr^the quarter' ended December 1 "•SptjVis'Bjpre^UQfavoarable. than that inflicated by ] the of the tracing ibanfag 'in the clearing house y 1 ®, latter figures, compared - of the previous quarter, showed"'a. slight ilpward turn in de'posits arid' a -decline in advances. In W ihe,re|urn 46r all banks, however,, dehaye fallen £2,998,721, and at the' sanle 'time advances (embraced in if'all Other • assets") have increased . :£1v428,0?1. The decline in deposits is afurther shrinkage in current .fixed deposits being a shade Mghpr. of the two classes is and.advances are but six f , leas than this figure. That how'banking resources i stretched to limit, but ' tjiel difficultyof the-position is -still more Wrongly -indicated when the 'M', .holding., of government securities Is . considered* Advances' "and secufitig?. together amount to £339,900,560, , wvincteasfc ol £3,834,457 on the quarter, and -the total is ' £39,500,00) in exoass/of deposits.- That Government \fargrities t arg £2,405,486 higher is ac"cdtlntpd ior largely by the acceptance * financing' ci Governments, and this figures will have greater influence in the current, ,H y •'TALLOW- / . '• I£s&■ 4 1 ' PalC«ty and'dompftoy. Limited, have rav<*fiived • tiiß loUowipff cablegram, from, their, dated March 4th:— 1 i W&-iSjoie»- iqiwrJfet • is. nominally jinr i "■ next'public s»les -will tab*.| ' & *i • >»' > v * i 4*4

' HAWARDEN EWE FAIK. REDUCED ENTRIES; AMBERLEY VALUES SCARCELY MAINTAINED. With an entry of only 17,500 slieep. compared with 24,600 at the "Fair-last year,! and with an unusually small; attendance of farmers, the Hawarden Ewe Fair yesterday was very disappointing. The sale was very dragging throughout-, and for all classes there were easier values ruling than at the first ewe fair, held at' Amberley on Monday of this week. , : The Hawarden Ewe Pair is always; eagerly awaited, as at it there is always a class of two-tooth Corriedale of a quality which other Fairs do not provide. An exceptional class of fourtooth halfbreds is also offered at this sale. -Therefore, as an indication, of the demand for breeding sheep it may be taken, as a , very fair criterion. Yesterday the big decrease in. the entry indicated that some farmers who in normal seasons sell their older sheep at .the Fair, are this season- carrying them on for season. ■ The dullness of the competition from the small-, er attendance of farmers, was very noticeable. There was not a stage of the sale when any keenness was displayed.' In making a comparison with the Amberley values it must be taken into consideration that the Hawarden Fair includes lines drawn from a number of the best known Corriedale flocks in Canterbury. Taking that into account it was obvious that the sale was a disappointment. The sheep were forward in good condition, more 'noticeably the younger sheep. For the extra good twotooths, competition was restricted; to a few bidders, and the best sale was at 15s 6d. Mr J. B. Forrester's twotooth Corricdales were* passed in at 103. His sheep generally cither top the market or are amongst the best prices. Values for two-tooths were down by Is to Is 6d, compared with Amberley, and to a corresponding extent for the older sheep. >-.•■

Best Prices. The top price for the sale was 15s 6d, secured for 143 two-tooth Corricdalcs sold on account of W. J. Earl (Hopetoun) at 15s 3d to 15s 6d. At last year's fair the top prioe for two-tooths was 365, secured on account of J. A. Forrester (Karaka), while J. K. Forresters sheep sold at 35s 3d. Other good sales of two-tooths at yesterday's .fair were: —On account of estate H. J. - Little (Hui Hui), 120 Corriedales at 14s 3d; C. and L Anderson (Dalmeny), 105 Corriedales at 14s. last year's fair sheep from Hui Hui made 35s 3d, and from Dalmeny, 33s 6d. There were a few pens of really good half bred two-tooths offered, and the top price for them was 13s 94 secured for 97 sold on account of Cowie and White (Lansdale). One of the features of the sale as it invariably is at Hawarden, was the line of 1171 halfbred four-year sheep on' ac--1 count of G. L. Butherford (Macdonald i.TJowns). The first run oft of 350 head .was sold at lis—the top price for four.year sheep at the fair. The remainder sold' at 8s 9d. Last year Macdonald Downs' sent ■ forward , 1083 ' four-year halfbred, and in' 1929,' 1355 head. In . ftte latter year they made "up to 345, and "in 1930 they;t^^ / thgjtour-year-old i "market at" 28s - and very even lino.df four-year-old half* bred offered yesterday was that on' account .of George Butherford (Waitohi peaks). There were 432 in the lino and; they, sold at lOs. I There were few four "'and six-tooth shdep "offered, and the' best'price Tvas I secured for $6, halfbreds sold on' aci coniit of B. B. Kellock .(Hawarden) at ! - 12s. -' ' . ' " r A line of 74 Corriedalo ewe lambs on Account of C. 8. -Brooker (Sdedbury) sold' at 9a lOd. Last year the same •breeder sold 120 ewe lambs at 22a 3d. "At the 1920 sale'the best'price.was 32s 63. • ' 'Extra good two-tooth; Corriedales to 15s 6d." '■ \ v >■ ' Gtiod »two-tooth Corriedales, 12s ' to ,13s '6d»* ■ • Average two-tooth Corriedales,-9s to •' ■ IrifeHojr Corriedales, 5s 9d to 8i j fld.' i

Extra good two-tooth halfbred, to 13s 9d. Good two : tooth halfbred, lis to 13s. Average two-tooth halfbred, 8s 6d to 10s fld. ■ " Inferior two-tooth, half bred, 5s to Bs. Average four and six-tooth halfbred, 10s fld to 12s. . I y Good four-year Corriedales, 7s 6d to 9s 3d. Average four-year, Corriedales, 5s 6d to 7s. , s Inferior' four-year Corrjedales, 3s 9d to sh.' -• Extra good four-year halfbred, to lis. » Good four-year halfbred, 7s fld to 9s 6d. ' Average four-year halfbred, 5s 6d to Inferior four-year halfbred, 3s 3d to ss. . Good five-year Corriedales, to 6s 7d. Average five-year Corriedales, 3s 9d to {js. Inferior five-year Corriedales, to 3s 6d. Best five-year halfbred to 7s sd. Average five-year halfbred, 3s fld to ss.'. ' Inferior .five-year halfbred, to 3s. Extra good Corriedale ewe lambs, t,o 9s lOd.

Average Corriedale ewe lambs, 5s 6d.' The principal sales were:— * i Dalgety and Co. gold on-account of .0. T, , Anderson (Dalmaney) ,105 two-tooth Come- j dftle at 14aCowie and White (Lansdale)i j 8? two-tooth halfbred at 13s Od; B. G. Dal- ( gety (Mt. Hilton), 73 two-tooth halfbred. at 14s Bd, 251 four-year halfbred at . 6s; ■ ,DT. Evans (Taruna), 186 two-tooth halfbred at 12b, - 293 , two-tooth halfbred at 10s 6d, 257 4-year Corriedale at 6s;: Geo, ■ Rutherford (Waitohi Peaks), 432 .four-year'ihalfbred at 10b, 54 two-tooth Corriedale at 10s 6d; GWickenden (Highviaw), 209 four-year halfbred at 4s 6d and \-ss; Pawsey's Est. (lit. Lance), 409 four-year Corriedale at 7s 8d; ■ H. V« Murray (jtoto Bi) 885 five-year halfbred'at 7s 4d to 7s sdi J. F. Cracroft Wilson (Kanuku), 185 Corriedale ewe lambs at 5s *6d, 121 four-tooth CorriedSle at ?s Id, 79 five-year Corriedale at S 6 3d, 106 s.ni. ] Corriedale ad 4s 6d; G. T. Barker (Astrop), 60 two-tooth halfbred at 10s 6d, 114 four, six. and 'eight-tooth halfbred -at 5s- 3d; a. Shemmin' (Waikari), 60 two-tooth Corriedaio at 7s id," 60 two-tooth threo-quarterbred at 6s 8d: client,'B7 two-topth halfbred, 9 twotooth 'three-quarterbred at 10s 6d; Kellock (Hawarden), 'B6 four and six-tooth hnlfbMd at 12s; Qulgley Bros. (The Peaks), 144-four and six-tooth halfbred at IPs 6d, Quigley Bros. (The Peaks), 186 four, six, and-eight-tootli halfbred-at Bsj N. (Mt. Whittao're), 210, four.year„ halfbred at ss: W. Neave (Allendale), 136 four-year halfbred at 3s; F. E; Barrett (Woodgroye), 263 foar-year Jialfbrta at 4s6u to, 58, . \H. Matson and Co. sold on account of a. t. Buth«trford (Macdonald Downs). 1171 four-year halfbTed at 8s 9d to Hs, 376 fi«yaar Corriedale at 4s lid to ss: M. B. -Forrester (Karetu Downs), 87 two ; tooth Corriedale at 9t\M, 06 ttfo-tooth Corriedale at 9s, 315 five-fear Corriedale at 7s Ba, li. H. Rutherford (Haydon Downs), 507 fouryear halfbred at 5s lOd to 6s, ,J. A. For jester (Karaka). 50 two-tooth Corriedale at 145." 60 two-tooth Corriedale at 12a.1d, 89 five-year halfbred at 3s «d: VT.'K. Forrester (Hestherdale) 1 166 two-tooth Corriedale at 18s M. "W. J.'Earl (Hopetoun), 21 two-tooth .Corriedale at lOr 3d, 143 two-tooth Comecale at 13s-8d to 15s 6. V Ytl k (Black Hills),- 35 two-tooth halfbred at ,ss, 3JO two-tooth Corriedale at 10s 3d; client A.Q two-tooth Comodale at 11b 6d, estate late H T? Little (Hui Hui). 120 two-tooth Rnrrfnilale at 14s 3d, 843 four-year Corrie-' Lie at 9s 3d: A. Cowie (ValleylfleldJ. 136 two-tooth,'Corriedale at 38s 3d; W. T._ Earl I (Pyramid Valley), 08, four-year Corriedale | at'as 9d to 8* 1,1(1; W. J. Eijil (Hqpetoua), j

185 four-year halfbred at 6s 8d; estate A. Sarshaw (Hitchin Hills ),398 five-year halfbred at 4s. • . The Now Zealand Farmers' Co-operative Association sold: On account of E. A. Grimwood (Mt. Oval), IXS two-tooth halfbred at 7s 101 four-year halfbred at 4s; W. ?• Elmulie (Mt. Pleasant), 277 four-year halfbrodat 4s 3d,'80 two-tooth,halfbred at 8a '6d; Mrs J. F. W.Carr (Bonjedward), 308 fouryear halfbred at ss, 80 two-tooth Corrie<lale at 8s; F. E. Wright (Woodgrove), 264 fouryear Corriedale at 2s fid; J. E. Steel (Virginia),. 3X9 four and five-year halfbred at 4s'6d'to 4s 9d; 'H. M. Carr (Glenallen), 400 four-year halfbred at 5s to 6e Bd,- 60 two-tooth • Corriedale at-7s .83; E. B. Johnson (Sandhurst), 500 four and five year halfbred at 5s 3d; E..and W. Mason (Mason's Flat), 80- five-year Corriedale at 4s 3d; Titnpendean Estate (Waikari), 292 two-tooth Corriedale at 13s 6d; C. Trounce (Waikpri), 201 two-tooth Corriedale at 9s,- 66 two-tooth •Corriedale at 12s Bd, 65. four-year Corriedale at Ba, 05 four, six, and eight-tooth Corriedale at'6s 3d;' H. E. Fincham (The Peaks), 60 two-tooth. Corriedale at 8S:; E. J. Mulligan (Waitohi Peaks), 60 two-tooth Corriedale at 9s 9d, 156 four-year Oorriedalei at 4s 9d; 'W. A. -Forrester (Karahia), 127 twotooth halfbred at 9s 6d, 213 iour-year Corriedale at 5s 4d; Kelph Bros. (Broxton), 79 two-tooth halfbred .at 9s 6d, 249 four-year Corriedale. at 5s lOd to 6s Id; A. and J. Hodgen .(The Pyramids), 70 four-year Cor'ricdale at 2s 6d, 50 two-tooth Corriedale at 8s- 9d; estate F. E; Mason (Park Hill), 80 two-tooth Corriedale at jls 9d; J. H. Jones ■ (Wai Iti),. 75 two-tooth Corriedale at 6s 9d, 300 four-year halfbred at Ss 8d; J.- J. Kermeen- (Andreas), 80 two-tooth Corriedale at 5s 9d, 133 four-year halfbrad at 5s 8d; H. Y. Inch (Waitohi Peaks), 122 four-year halfbred at 8s; 9d.

The National and Agency Co. sold; On account of K. D. Anderson (Braemylfc, 94 two-tooth halfbred at 6s 9d; C. S. Broflcer (Med bury), 74 Corriedale lambs at 9a lOd; . C. , M.. Keegan (Waitohi Peaks), 160 four-year Corriedale at 4s; D. Orchard (Gpla Peaks), .200 four-yeaT halfbred at 2s 7s to Bs. Pyne,-Gould, Guinness, Ltd. Bold : On account of B. L. Blunden (Carvosaa), 87 twotooth Corriedale -at 5s »d, 173 four and fiveyear Corriedale at Bs; F. W. C. Lukey (Moraen), 84 two-tooth Corriedale at lis 7d; Misses R. and E. M. Lukey' (Morden), 72 sis and eight-tooth Corriedale at 5s 6d; E.. H. Lukey (Morden), 61 four, eix, and eighttooth Corriedale at 7s. 9d. 44 two-tooth Corriodale at 12s 3d; E. and W. Mason (Mason's Flat), 168 two-tooth Corriedale at lis 6d, 194 four-year Corriedale at 5s 3d; Mrs M. E. Mcßae (Waituna), 100 two-tooth Corriedale at lis, 75 four-year halfbred at 3s Bd. 99 two-tooth Corriedale .it 9s 3d: B. M. Smith (Seven Hills), Si two-tooth Corriedale at 9s 6d, 122 four-year halfbred at 3s 6d to 3s 9d; J. White (Littledale), 70 twotooth Corriedale 'at 13s 6d; Belph Bros. (Broxton), 69 .five-year halfbred at 8s 7d; J. A. westenra (Dina Dea), 165j four and five-year halfbred at > Bs-4dt : 90 f.m. Corriedale at 2s id; Timpendqan Estate (Waikari),.23l five-year Corriedale at 6s 7d. • ■

At the Amberley Fair on Monday a line of 101 two-tooth ewes offered by Mr A.. D. Cooper (Qvershiels) sold "at 14a' 3d. This, price was mentioned in the body of our report, bid; in the individual sales it wm Incorrectly stated at 10s 9d. EXPANSION OF INDUSTRY. MANUFACTURERS CONFER. (ruiss tsiocuTioa nuituu.) WELLINGTON, March 6( The presidents of the Manufacturers'. Associations in the four main centres, met in Wellington to-day to discuss proposals for the expansion of industry as a means of solving ment problem. Another reason for the meeting being called by the president of the New Zealand Manufacturers' Federation, Mr G. Finn, of Auckland, was the sudden steepening of the depression and the need for , devising ways and means'-of launching au optimistic campaign. ~ In his' opinion, said Mr I inn, the increase in the depression was unwar-' ranted, for the position in relation, to minerals and primary produoo was improving. - The indications were that' the world's markets were much more promising than they had'been for the past sis rponths. - -Thv .'other presidents—Mesßrß ; l v , Woolf-; (Christchurch), J, /J, JjSftWu*(Wellington), .and W. (Dunedin)—were all in !Mr.Finn. • - ' ' ' * ■ It was decided to necessary; steps to launch a campaign. , H The meeting passed, the- following resolution :t-' . „ »V "That .this Federation generally, appreciates' the Prime Minister's ;aeter- ; 'mination to stay*the economic 5 drift and stabilise national interests." It was decided to forward a copy ot\ the following'resolution to the Insti." tute of'. Architects: —"This Federation' respectfully requests that your Instj*: tute stresses upon, its members, tlfe; present need or aiding the relief, or unemployment by specifying materials of New .Zealand origin and -manufacture wherever possible." AUSTRALIAN PRODUCE. SYDNEY QUOTATIONS.

fUHITBD PBMB' AB^OCIATIOK—»T EI.XCTSTO., 1 TELEOaAPH—COPTBIOHT.) , i r (Received March 6th, 9.5 p.m.) ? SYDNEY, March 5. Quotations for produce are as under:— • Wheat is lifeless. Ex-trucks Sydney 2s Id; country stations Is 6d. Flour —4 7 10s. Polla«iT-£4 ss. Bran —Si 16s. Potatoes—Tasmanian. £6 10s. Onions—Victorian Brown Spanish £5. Oats—White 2b 6d, ! Algerian 2s 9d. Maize™ w 3fl 6d. \* ' ' [ PRICES AT ADELAIDE. " (Received March Sth, 9.25 p.m.) ADELAIDE, March 5. "Wheat—2a OJd. Oats—Algerian la 6d. Pollard —£i 10s. Bran —£3 IBs. < • FLOW OF GOLD TO U.S.A. FEDERAL RESERVE BOARD'S REPORT. (T/KITM HII9 aSSOCSATIOM—BX CLXCIKIO TBLIOKAPH—COPTZIOHT.) (Received March sth, 7 p.m.) WASHINGTON, March 4. The Federal Reserve Board's annual report to Congress indicated that at the close of 1930 American monetary -stocks of gold'amounted to 4,590,000,000 dollars, within 100,000,000 dollars of the peak figure of May, 1927, affd marking an increase of 310,000,000 during the year. Describing the resumption of the flow of gold to the United States ;early in 1930, the report stated: "In general the movement was one from the outlying countries producing raw materials to the'finance centres,"~and reflected a decline in the value of their products and conditions - unfavourable to the flotation, of loans in the United States.

CHRISTCHURCH STOCK EXCHANGE. YESTERDAY'S TRANSACTIONS. The volume of trading on call yesterday was heavier than, it has been for some months, and' prices of recorded, dealings in nearly all stocks indicated firmer markets. Transactions, exclusive -of vestibule business, .included:— £3OOO New Zealand Government 4} per cent. .Inscr., 1938. ; £SOO New Zealand Government 6$ per cenfc. Inscr., 1933. £SOO New Zealand Government' 6 pef cent., Inscr., 1931. 300 Commercial Bank of Aust. 60 Commercial Bank of Australia (pref.). - 100 Bank of New Zealand. 100 Nation?] Insurance. 30 Christchurch Building Scty. 200 Goldsbrough, Mort. 300 New Zealand Refrigerating (IQs paid). ' 300 New Zealand Breweries. 100 Tooths Brewery. 200 British Tobacco. 100 Mt. . Lyoll. [ 100 Wilson's Cement. 400 King Solomon. 1200 Mahakipawa. ; 150- Okarito.

New Zealand Government 4J per cent., 1938 Tax Free Stock changed hands at £93 ss, buyers staying in atthat figure, sellers at £93 15s. Five and a half per cent. 1933 Stock realised £99 10s, and 6 per cent. 1931 Stock was taken at £99 17s 6d. Commercial Bank of Australia shares were fractionally firmer, with dealings at ]4s lOd and 14s lid, and further buyers at the higher price, sellers 15s 2d; the preference had at £5 16s and £5 16s 9d, market closing £5 IBs buyers, £5 16s sellers. Bank of New Zealand recovered to 48s 6d, buyers staying in at that price, sellers at 48s 7d. • Buyers' offers for Australian Bank of Commerce/ Bank of New South Wales, and TJnion Bank of Australia revealed stronger markets.

I Miscellaneous. National Insurance shares were firm at 13s, closing quotations 2d on either side. Christchurch Building Society {•hares'were at , £l2. Goldsbrough, Morts advanced to Els, market Plnsinij 9fta fM biivara.- 91b 2rl sellers. Dalgety and Company . were stronger with buyers at £6 15s, sellers at £6 16s 6d. New Zealand Refrigerating Company 10s paid shares remained at 2s 4d, buyers of the fully paid moved up to 9s, sellers at 12s. New Ze£vl®nd Breweries scored a rise of Is 9d on yesterday's business, with dealings at 378' 3d, and there wero further buyers at 375, sellers at 37sad. Tooths Brewery snares were fractionally firmer, with'buyers and business at 21s 3d, sellers at 21s 6d. Brit-, isli Tobaccos changed hands at 295, 7d and 29s 6d, market closing 29s 5d buyerts, 29s 10d selTera. Mt. Lyells were released at 20s lOd. Wilson's Cements were placed at 39s 6d, sellers stnying in at that figure, buyers _at 39s 4d. Solomon Gold Mining shares showed recoveryi with dealings at Is 10Jd and Is llsd,. and farther buyers at the higher figure, sellers at 2s. Maliakipawa Goldfields shares were easier with dealings, at 7id and 7d. Okarito Gold Mining shares changed hands •at 6js 9d and. 6s Bd. market closing 6s Bd. buyers, • 6s j)d sellers. : -

Mining— ■ Buyer*. Sellers. " ;■ £ 0. : d* £ d. Alexander .. .. Cornish' Point .. 0 0 10 0 5 Kowarau ~ 0 0 2 *— King Solomon .. 0 1 111 0 3 0, MahakipaVa ... ■■ .. .0 0 7 ,-0 07J., Mt. Isa .... .. 018 0 Okarito .. 0 6 8 0 Stoney Creek (7Jd pd) , WaUii ' / .. 015 5 OIS . 9 Waihi Grand Junction 0 2 ,8 0.2 9 Winding Oreek (Is pd.) 0 0 2 0 0 3 North Broken Hill .... 117' 0 8 4 0 Komata .. . - 0 4 6 YESTERDAYS SALES. GHRISTCHUBCH. Sale on 'tihaMe— »

,Sr- ■ AUCKLAND.

STOCKS. it KlT*I» r 'sitßJUl ASSOCUTIPK—BT r' v [r «, ■ ■i LQHBOST, March if ' „ stocks - bav» farther Jbardejapd, - ,intl dealing*!- tanged '&■ SiadM•( ' -■"££*. d. l «-d/ ' Fivoperrisnis, ;.. • SiV * Si 83 0 oto ST 0 0' & ■'' ■> IS 80 0 0 •Sew BoutKW»le» ./? .* i .> i- * ' Font per-cants/ - '.A'SO* 0» o<*"s?®; 0 0 ' -i f G7UQ"O,t» J5» - 0 0. , Threw ?«S»d : 4 ~hsi JJIK ; V' ovnts .* 67 10 B v: fiix.snd. » jhalf jper % .• ... >. , tWtub Anetrili*— " ' ' ' . ■ > Six cent# • '• ..0' 0 85 b 0 • * "• V SHARE QUOTATIONS. • r MNDON,. March ' ■' Shaw quotations-included the lollowinir v Feb, 17. Moh. 4. i, . • ' ' ■£ s. d. .1 cd. sßank of Australasia .. 7 0 0 9' Q10 1 Bank of N.S.W. .. 21 10 s 0 1»'l0 0* Union Bank of Anst. .. 416 0" 7 0 0 - National Bank of K.Z. • 4'Q 7) 4 0 Ba)ik of N.Z., shares ... 2 6 8 2> 2 6' Bank of >N„Z., i per cents.. 95* 0 0 9$ 0 0 N.Z. Loan and ' Mercan- s. _ tile, 4 per cents. .. 69 5 0 69 19 0 N.Z. Loan and Mercan- 1 tile, ordinary stock .. J 1 u • . • , ' "*7 ' i-.-'",-S ""L- , "J \ t ' V „ LONDON, Marth < > Gola is quoted at Bis 10j&d per 02. fin«* j v' ' 111 C • DUTY ON SHEEPSKINS.^ NOTICE OF REMOVAL ! >ANNOU]NCED. ' - ' ' >' jltr (XTSITXD PRESB ASBOCU.TIOK —JSI ' *LICTRIO l TELBGKAPH—COPtaiOHT.) 1 ' -*' (Received March Sth, 9.2-5 plm.) CANBERRA, 5.' In the House of Representatives, Mr M. Forde," Minister for Cusiloma, announced the' Government's intention to remove the diity on sheepskins, also to . refund all duty paid. ' buyers' TO RESUME ACTIVITIES. , I ' HEAVY LOSS,, OP SKINS. t ,\ ** -'"-J. IJ * f " y I (Received March sth, 9.25 p.m.) , - . ? MELBOXUIim, March V. lhe sheepskin exporters of Australia, > have, decided to renew biiying tions inujaejiitdy , ifae,' sheepsldn , « removed: ' It has been estimated that since the duty was imposed f cm December 17th a million, skina have ? r ee ? destroyed or 1 damaged:' thousands have been burped. dairy produce! * v ' ■ ■ ~ Butter—l2lb to .1225. ,ep^ e KK%""^"" sßf * co,oured 596 ' ' 1 b * J i *lf

EXCHANGE RATE. PROTECTION FOR LOCAL * INDUSTRY. CHAMBER OP COMMERCE * i " A motion urging the Government -to protect New Zealand industries against importations from all countries with depreciated currencies by imposing special duties eqfcal to theamouni;of the d6pre-* the Council of the Canterbury. Chamber, Commerce at its meeting evening. The chairman (Mr W. Bottrell) s reported, thai ' the Exchange Committee had'given consideration td the effect on industry of importations encouraged l>y the currency in Australia. It recommended tp. theCouSicil that th? Prime Minister be reassuring announcement published on Feb-' ruary 26th, indicating/ each "ease will Cnstoma Department, and where it, is considered that any New-Zealand^industry might be the depre-, elation of : Austeal&ci as compared> with ap? propriate action wUi- be/taksn to nest the '-■ The TeYomm^edi-^That' VL tormined by of exchinra at the date of bill of lading.'' . '% tiiink. -of .eiS Itas, Jib&i* Counea «n« a «ud^&fo<&' SMBES J££S-SB2K3K3 oxehsng»> jeae Mttatteraj 1 'b& sss u s csisvws But "we .are at the presenf.tinje ■ %6im and that nfeans b rsttojss&fßssfc4 complexify- ofv tfo lke-*oSn«' mittee 'had" bad r^h"e ;«%>ifaiosts ',o£.\s»e Auckland, Wellington;'' a»d itauusaft :ponnbercei «flf of'which*Jiiaa taken up the question witb' .'the Minister, and unoirimoniay. apMevedft® proposals of tho committee's. ■ report. The suggestion was. simply thai; Jhe GoV*l ornment through the mcnt should consider each item'on its merits. / He' tau not -eugge«t3ne»itß6t goods which could not be W New Zealand should be'interfered, wttfi; Unfortunately, cirfciimßtaiteeV>rWl>eUta forced up<Jn the country which, thev feared, might affect jadv«W ijfe uffir the -producers'but co»Bum?aa:i , rrnfef Government hrid realisedof tho position and was now lookine into every item ofnmportationiandflP suriag against. its action very fair.' , r : "These things right themselves reft. the banking institutions axe getting.: a. grip on the situation and the rates ate coming down." •- V } t - - f . •> ' The committee's jreport was adopted, unanimously, s - 5" s rnrnmmmmm * ( fc, f ( * * TAIRLIE STOCK SALE. The fortnightly stock sale it FaMie was held on Taeßda». there entr? .mt abort 8000. Prices w*te ™i-\" cent HSk"". ®*. o fPtine < stoo? as-ra^Sßifaagi^! B -is "sntst^a; at fig 9d, 1 at Se, 5 at 7s. ■ ' •A3T£Y*.%£ « * 4 ft a ili ambS ~ TWO "* **•*.* &•-¥> Stort»—One hundred wellies sJunta *«t «& ?.™>, 2 Va*% he ml '- 8 ' ' Bs ; 2d »' Whor lambs at Bs, 165 mixed se* laaihs «t> 7s lid,,30 ewe lambs at 6s 2d, 46 at 45,4 d, 23 mixed sex lnmb« at 5. M. 98 fat »nd forwnd lambs st Rf- 2d,-100 wothn lunbs at 4a Id 64 at lis JUHU 80 mixed W&stat S Sd,' ; 176 at Ob Bd,\ mixed aex< laqibs 'at, 2b. iflO at 4s 7d. 101 at 4> bi 31 At 3» 4d, ?GC »' 7<J, 2|» at 5s 04; 300 *t Ob, 40 wet&en at 7a Id 28 at 7b Gd. 30 ewes, at 3s Sd. U ewes at la 6d, 16 at lu, SfcttX.'* Quite keen competition for fat sheep i<ae a featnre of the fortnightly etock; "sale at etonss Bold »t disappointing w l ?™ was a B°°d farValuea ■w«n as -follpw* Fat Ew«—Thirteen' at 4s lid! 17 atUn'tf ao.at 4a. 4 at 4s 4d,-lS at & w/S at lis sA, 2 at 9a, 16Sa adT'* w i 6d' I at 5k, ( 36 at is 6d, and 10 at 5s <6d„ ~ ru 'SL aaabfr-Fifty-five. at He-2d, 47,"*t u a Qd,300 at Us 1d,*61 at lis, ffl a( Mlti- grf at - 7 at_ lis. Id, 6-i at -Us 7d; h. at 14a Jd >(W price), So at, 10b 9d, 91 at Mb Vind «» iS! ' Jl? 1S « 'Bd,-88 xjm Ud/te-at (d otS a-t 2d, ?4 al lit 98 at 12s 7*l JtW/.iTAw 4 '3 at 2u 6d, 14 »t 8a fid, 31 tt i'-M 1 « M t°o UT Bs r? •03 ws«tliet Ivubi 1 At 'la. 17 TiLtiLu^-t'i •a, .• '.i •?) ??

LATEST > QUOTATIONS Buyer*. , - 1 -M , Seller*. t.N'.Z. Government Debentures-- I *'* Hk.>pfr'.'c«nt.' Inscribed. >;. ; . ■ • 1998 and, 1089 ... ,#8 6, 0 08 15 0 ■ 44 per cent. * Bonds, *" 1«6 ,«• ME« -7.: 4J , per cent. Ponds, 1939 'and iMlf. ".V '03.10 0 T • percent.- liwaribed,' *. ■ . U 1982 1 SS11 6 » Si par o«nt. Inscribed, 1983 . . 98 0 0 *- , ■ 5» per «ent. Inscribed; - . - *. ' 1941 .. Sir per caat..Inacrioe<l,'f v -i ' , a 1088 ,9#, 0, 1L —; 61,'per cent. Inscribed, ' t M86 .. ' •/ « 0 0> , r -rv 6| per cent. Bonds', 1986 " 96 S O " Other Debenture*— Bangiora Borough, ij per cent.i 1936 .f v Springs-Ellesmere Power, " ;,62 : pflr centj, 19p7 ' - 100 0 .« 99 10 0 Bante— -«-<••••• ' r, ■Aust. < o! Commerce ... 1 Australasia (cum' diy.) Comm. of Aust. Comm. of Aust; (pref.) Comm. ot Sydney E., 8., and A. . Bank of N.S.W. .. New Zealand .. New Zealand ("D' Mortgage shares) .. Union of Aust. • • 0 IS 6 ' 9' 5 0 0 14 )1 B 15 0 4 18 9 26 7 6 3 8 6 .16 0 7 8,0 0 3j7 0 016 3 , 5 16 0 16 0 0 8 0 0 28'0 0 3 8 7 7 17 6 Insurance— National.. • >• .» ■•.«»;:• New Zealand .. •• .South British .• Standard ... . i.. 0 12 10 ■1.18 6 2 11 9 2 16 0 18 a 2 18 2 12 9 2 11' 6. Loan and Agency— s Chriatchurcb Building Sooiety Dalgety and) Co. Goldsbrough, Mori .*. Mutual Benefit N.Z.- Guarantee Corpn. United Building Society Shipping— - P. and O. Deferred Stock .. XTnion (pref.) 11 IS 6 15 1 0 10 0 0 S 0,18 1M?. 0 19 0 0 0 0 0 4 0 9 32 12 0 6 16 6. 1 1 a 12 0 0 " 0 15 0 r 1>17 fl | Froien Meat — « 1 Canterbury (pref.) : N jZ.. .- Refrig. (£1 • paid) N.Z. Befrig. (10s , paid) North Canty. Freebing 2 17 <0 9 0 2 0 2 6 0 4 3 / 4 0 6 Olil 0 0 2 5 0' 3 \6 Woollens— \ • , Kaiapoi (17s paid) 0 s .6 — Coal— ■ 1 Westport .. .. 1 8 9 1 4 10 Gaa— Christchurch .. Christchurc.'i' (lOe paid) 10 0 0 10 10 18 0 X 11 6 Breweries— / - Carlton .. -..IK Foster's -• •• ■. —, New Zealand .. 1 17 Timaru • • •• — Timaru (5s paid) 0 4. Tooheys ' 0 14 Tooths ■ • • 11 White Star .. 0 S 9. 0 6 O 8 0 1"6 0 3 5 0 1 17 5 0 15 0 0 5 0 0 17 6 1. 1 6 0 12 0 Miscellaneous— Allied Motors .. Amalgamated .Wiieless (contrj) •• Australian Distillery • • Beath and Co. Beath and Co.- (Is paid) Australian Glass • •• British Tobacco. .. Colonial Sugar, D.I.C. (10s paid) v. &ubber ■ •• ; Electro. Zinc '(ord.) . - > Electro. Zinc (pref.) . Glenmore Brick and Tile Holden's Motors •• ' Mt. Lyeil N.Z. IDrug Co. . N.Z. Farmers' Co-op. ("B" pref.) N'.Z; Farmers' Co-op. - (6& per cent. Stock, 1940) N.Z.. Farmers' Co-op. v (6J per centi Stock, v 1945) North Canty. Co-op. Flour .. V. •• ' Quill. Morris . . >• .. . : Whitcombe and Tombs . Wilson's Cement ' ' . . Wunderlich Rural , Bonds, 6 per > sent., 1947 •• 0 0 11 0 14 0 110 0 1 10 14 0 1 9 G 28 10 0 0 13 6 0 18 0 0 8-6 0.10 0 0 15 ,6 0 8 0 10 9 3 11 6 ) 4G 0 0 45", 0 0 0 10 0 0 6 1 2 14 0 1 19 4 0 6 0 0 1' 6 0 19'' 0 10 0 18 0 0 8,0 1 '9,1031 16 0 1 0 ft 110 on 0 0 18 0 0 16 0 0 19 O - 0*fi> 0 113 2 17 6 1 10 0 0 7 0 3 8 0 1 19 6 018 0 91 0 -4

wane VU £ s. d. New Zealand Government 4-J per cent. Inscr., 1938 (3) 93 5 0 New Zealand Government 99 17 6 per cent.- Inscr., ,1931 6 Commercial Bauk of Australia ... 0 14 1U . (2) 0 14 11 Commercial Bank of Aus5 16 '5 15 0 9 tralia (pref.) Bank of New Zealand ... 2 8 6 National Insurance 0 13 0 : Goldsbrough, Mort •• 1 1 0 New Zealand Refrigerating 0 2 4 (10s tiaid) ... . ., New Zealand Breweries (3) 1 ! 17 . 3 Tooths Brewery ••• 11 ; 3 British Tobacco 1 9 ■ 7 " : 6 .. 9 Mt. Lyell ■ ... ••• King Solomon ..- V o 0 1 10* 0 1 lis Mahakipawa ... 0 0 0-0 7* 7 0 0 ,71" Okarito , ••• 0 6 0 . 6 9 8 Sales Eeported— New Zealand Government 51 per ' cent. Inscr., 1933 . - 99 10 0 Commercial Bank of Aus5 16 0 0" 0 tralia (pref.) • Christchurch Building Sty. 12 0 Goldshrough, Mort ... ,1 1 1 19 Wilson's Cement , 6;

Sales on 'ChangeCommercial Bank oi' Aus- ■ traliii ... (2) Bank of New Zealand ... Goldsbrough, Mort ... . Auckland Gas *••• ••• "Waihi Grand Junction ... £ 8. d. a id ' 8 0 14 9 0 14 10 2 8 6 10 9 1 2100 lo 7 0 2 5. WELLINGTON.. Salea Reported— British. Tobacco Co. (ord.) National Insurance Co. . £. s. d. 1 9"7 0 13 0 DUNBDIN. Sale, on 'Change— Okarito , ■ .. ' £ s. d. 0 6 9 Sales Reported— i King.'Solomon .. Commercial Bank National. Bank of' Ansjtra-/. .. . r - % y " o i; n .o u^9:<. 4 19