LIVE STOCK SALES.

Dominion, Volume 4, Issue 1114, 29 April 1911, Page 8

LIVE STOCK SALES.

Messrs. Dalgety and Co., Ltd.. rcpon on'their Levis sale, held yesterday'.-We had a, big yarding o£ fheep, wmch biouglit good prices, especially a 1 - r -° T ot „ la ,,.?V„„ and lambs, on behalf of Mr. J- K. H Donnld. Owing to tho wet day, the sheep wcro rather draggi:-.-,' at the start, but we sold practically everything before the <to ended. We t>uotc:-Fat ewes. 155..' Ks. iw.. 14s. 6d.; fat ewes and wethers, lis.; fat lambs, 12s. 10d., 12s. Bd.. lis. 6(1., Us. 4u.: empty 2-tooth ewes, small. 6s.j ennnj owes. sa. Cd., 5=.; la.nbs. 6s. 6d. Cattle: Fat cows. £5 165.; empty forward cows. £4 135., £2 55.; 3-ycsr steers, £5 7s. 6d.: Zl-yeav steers, £4; wcaners, 345., 265., .<Ms.: empty 18-month heifers. £2 16s. Messrs. Dalgety and Co.. Ltd.. report having held their fortnightly sale at L.ketahuna, yesterday. The report states :-\ e had a fair entry of both sheep and cattle, our entry in sheep consisting of old ewes and lambs. Sheep sold well, especially good quality lambs, but tattle met with a, dragging sale. -Wc emote :-F.m. emptj, ewes. 3s. lOd. to ss. 3d.: cwcs_ m lamb. s» and lCn.: cull lambs. 4s. to os. 9d.; bettei sorts, 7s. Bd. and te.; fat lambs, 10s. 3d. Cattle:"Heifers in calf, £3 10s.. to .« 55.. bulls, £3 Bs. and £3 155.: cows in calf, £3. £4 .ss. and £3 15a.: weaker steers, tfs.: r year steers, £3 13s. Messrs. Abraham and Williams, Ltd., report :-At Levin on Friday a good entry of sheep came forward. Any lots of fats met with keen competition., and, for etore sheep, a better tone prevailed. Ail linco changed hands at satisfactory prices. Cattle were varded above the advertised entry, over 600 head being ottered. Good steers, fat cowo, and any lines of good young cattle Gold readily, but store- cows and any lines of low-conditioned cattle wore hard to o.uit. Sales were effected at. the following quotations :-Fat wethers (light). 155., 16s. 6d.. and 17s. Id.; fat ewes (light), Us. Id., 12s. 9d., 13s. to l's.' Id.: forward ewes, 'Bs. 6d. to 10s. 6d.; small ewes, 95.; good store lambs, ts. to 6s. 9d.; low-conditioned aged ewes, :n lamb, ss. 4d. A line of 500 2 to 6-tooth wethers realised- 13g. «d. Mixed 2-tooths, He. 6d.: cull ewes, 23. lid.; fat cows, £5 lCs. to £7; light fat cows, £4 lCs. to £5 55.; forward cows. £3 lCs. to £4 65.; store cows. £2 to £3 55.; dairy cows in calf,_ to £5; good wcaners, 21s. 6d. to 325. 6«.: wcaner Jersey heifers. 375. 6d.; low-condi-tioned wcaners, 13s. to 155.; small weaners. 9s. to 12s. 6d.; 3 and 4-year-old store billiochs. £6 Ib. 6'd.; 20-month ,steers, £3 Is. to £3 55.; springing heifers, £5 15s. to £6 55.; 18-month heifers, in calf, £2' 7s. to £2 155.; yearling to 15-month Jersey heifers. £2 17s. 6d.; bulls, £2 to £4.

Mr. Newton -Kiss's weekly stock report is as follows:-At Kahotu on Tuesday weaners made 13s. to 29g.; small d 0.,, 12s. 6d. to 165.; store cows. £2 6s. to £3 125.: forward cows, £4 3s. to £4 135.; fat cows. £4 17s. 6d.; bulls, £3 15s. 6d. to £5 7s. 6d. On the camo day I held a clearing sale ol furniture at Hahotu on account of the Eev. Mr. liaybourno. when thero was a good attendance of buyers, asd satisfactory prices were realised. On Wednesday I held a clearing sale at Oakura, on account of Messrs. J. Hall and W. G. ftichardson, when there was a good attendance of buyers. Competition was keen, good prices being realised throughout. Early calvers made £6 10s. to £8 155.: later. £4 to £5 155.; in-calf heifers, £3 35.; wcancr heifers, 385.; mixed weaners, 22g. ; mare, £6; trap. £12 10s.; harrows, £3 IBs. Sundries sold at usual raws. At Waiwakaiho, on Thursday, there was a good yarding. Mixed weaners made 17s. to 245. 6d.; Holstein weaner heifers, 353. 6d.; lSjmcnths heifers, £2 7s. 6d. to £2 10s.; 18-month3 steers, £2 6s. Cd.; 18-months steers, £3 4s. Ed.; store Cows, £2 7s. 6d.. to £3 145.; forward cows. £4 7s. 6d.; in-calf heifers, £4 ils. to £5; springing heifers, up to . £7; springing cows, £5 10s. to £9.1551; do., Jersey strain. £11; 3-year bullocks, £5 73. 6d.; i-iills, £2 10s. to £5 17s. 6d.; grade Jersey bull, bv Campanile's Sultan, £9. COMMERCIAL ITEMS. INVESTMENT SHAKES. There were no transactions in invest-. \ ment shares yesterday. The buying-and selling quotation's wero as under:— - Buyers. Sellers. , . £s.d. £s.d. National Banl: ' — 6 10 National Mortgage 3 5 0 3 7 0 N.Z. Loan ard Mercantilo — 011 3 N.Z and Kiver Plate... -. 2 0 0 Wellington Investment ... 0 11 3' — Christchurch Gas 9 10 0 — Gisborne Gas 3 2 6 — Well. Gas (£10) - U 0 0 Meat Export (£4) - 5 7 0 Meat Export (525. 6d.) ... — 3 6 6 N.Z.' Shipping ..;. 11 15 0 - Well. Woollen (ord.) - 4 2 0 Well. Woollen (pref.) 3 0 0 3 2 0 Taupiri Coal 1 J 5 — Westport Coal 18 0 19 0 ....'. 16 6 — • Manning and Co -4 11 0 — Miramar, Ltd.- — .0 2 6 N.Z Drug 2 9 0 - N.Z. Paper Mills — 116 Sharland's ordinary 1 4 0 Rharland's preference ... 1.4 U Taranaki Petroleum - » £ u TarinKamutu Totara- 2 8 6 2 1U U Ward and Co. 50 0 ■ —

THS SyOOIi MARKET. The next London wool sales arc duo to begin on Tuesday week, May 9, and. although it may be too early to forecas tho market protpects. it is safe, to Ea\ that there will be no material improvement in values, because the European clip wi'l be in sight, and also because the American outlook is still gloomy. Writing just prior to tho March sales, tho "Manchester Guardian' had the fol"In connection with this matter of sunplies, it is necessary to take into account th» probable consumption, and we havo previously called attention to the fallineoff in the imports of colonial wool into tho United States, which are now less by IIO.OCO bales or thereabouts than thofe for•thecorresponding period last season. We think most people will agree that unless business- improves rapidly, and geatlv in the States this UO.CCO tales wiill have to be absorbed by the Home and Continental trades, and for all. practical purposes will bo an addition to European supplies. There ire other reasons why u;ers should act with caution; such as the. probable increases' in tho exports from South Africa and South America .and the practical cetainty, on account of the present splendid season in Australia, of another increase in shipments dunes the wool year of 1911-12. But anyhow, the import 3 from our colonies into Europe are now on a verv big scale. Up to last Monday, when tho lifts were closed for tho series of auctions commencing next Tuesday, the arrivals . amounted to no fewer thn= 476.778 bales, and although as many as 281.50U bales were forwarded direct from ship to consumer, 215.278 bales were left for the sales, to which has to be added 17.C00 bales brought forward from January, thus making a grand total of 231.5C0 bales'or colonial wool, to which mii3t bo added tho usual Quantities of Falkland Islands and South American produce. As the total for the March auctions last year only amounted to 111.000 bales, it will be seen that tho Quantity for tho comiif series shows an excels of more than 90XCO | uales."

BANK OF 'AUSTRALASIA. Tho report of the Bank ol Australasia for the half-year ended October 10 last, states that after providine for rebate on bills current, for British and columal ratal ar.d taxes, and for all bad anil doubtful debts, the r.et profit for tho halfyear amounted to £193,530. To this must bo add»d £15,194 brought forward, makimr a total of £213,725, out of which the directors have declared a dividend at tho rate of 12 per cent, per annum, or £2 Bs. uer chare, and a bonus of 16s. per share, free of income tax. Tho dividend and bonus will absorb £128.000, and the directors have further a,ppropriat?d £50,000 to the roscrvo fund, aud £20,000 in reduction of the cost of bank promises. There will then remain £15,725 6a. lid. to bo carried forward.

K. BELL AND CO. The reports of P>. Bell and Co., Ltd., for 1910 states that after writine oil' £295b for depreciation of plant, etc., the outcome of tho year'tradir.E leaves a, balance of £12,585, which, added to the amount brought forward from last year. JE9I6J. makes a total of £21,7-19. Out of thre it is rroposed to transfer £7CCO to reserve fund, aiirt to pay a dividend of 8 par cent, for t:.i year, lcavinu a balance of £8103 to be carried forward. The operations with Bryant and May, Ltd.. in respect of tho Melbourne and Wellington properties, have been completed, and tho capital expenditure account is reduced by £54,996. The company's investment!} now stand at £81.936. The joint companies in Melbourne and Wellington have made an excellent start, and most of the difficulties always encountered in rebuildinc and cnlarsine have been overcome, and most satisfactory results may be anticipated. PRIVATE LIMITED COMPANIES. Directors of private limited companies I will be interested in JLr. Justico Rwinfcn Fadv's recent decision re "Tho London and South-Western Canal Company, Ltd." Th" llouidator had taken out a summons against certain of the directors, under tho "misfeasanco clause of the Companies Act, and sought to mako each of

them liable to pay cash for one hundred shares received as :v gift from the promoter of the compa-y. The nu.-ilineat'.oii for a director w- = one hundred shares, and, in each case, the sharer, ncccs:ary to duality had been acquired by transfer the tranferrer in three cases being the promoter, who had made the transfer for the directors to execute in blank. Mr. Justice Swinfen Eady raid that it was clear that there three directors were not intended to have any direct financial interest in the company, but that the shares were transferred in their names only to qualify them. Apart from this, it was not only improper but a misfeasance for the directors to take shares from the promoter as they had done. The company had suffered a loss, and the director.; were to pay the nav value of one hundred shares each. Even when directors have paid for their qualifying shares in cash, it is unsafe to accept further fully paid-up shares from the promoter, except for actual cash. There have been cases in which directors have had fully paid-up shares allotted to them as the nominees of a promoter in consideratian of services rendered in connection, with the promotion of the company, and have had to nay tho full nricc of their shares to the liquidator. The principle is that the transfer or allotment of such shares may be a bribe for doing something contrary to a company's interests. The safest way, in a. bona-fide case cf paymont in the form o? shares fr.r services rendered, is to pass cheques through on each side ar.d exchange receipts. Thin makes the payment in effect a cash vvinont. and it should of course bo disclosed in tho prospectus.

Customs revenue collected at tho port of Wellington yesterday amounted to JEI6SO 13s. Id. BANK OF ENGLAND RETURN. Ey Telegraph-Press Association-Copyright (Eec, April 28, 8 p.m.). London, April 27. The Bank of Ensrlnuu in urn i.-.iued for the week ended Wednesday, April 26, is as under:— Issue Department Note Issue... £54.5C0.0CQ Gov. debt ... £11,015,0.00 Other securi- . ties ... 7,134,000 I Goli ... 36.051,000 £34,500,000 A'54,5C0.W0 Basking Depabtsiest. Proprietors' Govt, securicapital £14,553,000 ties £14,0-11.000 Public do- ' Other securiposits ... 17,023,003 ties... ... 33,9(2.000 posits ... 10,358,000 Notes ... 26.131.C00 Best, May wd other . ' ~,,,„ bids 3.107.C00 Com .- .. 1,13 i .tun £70,561.003 £711,351,000 The leading items or tho Bank of England return afford the following eompariJon:—

This week Last week. Last year £ X X Bullion •.. 20,051,003 35.117,000 E2.517.C03 Re mo"' S7ISIS.OU) 26,1129,000 83.£U1.U» Notecircutatloa 23.010.C0-) 58.W5.0M 23,m,M Public Doi.osits 17.0-i3.UU l V bi'JJjOJ , 7 /T*{X Other Deposits »O.BSB.WJ '08,561,001 K.-IioAM) Proportion ot reservo to liabilities ... 10.01 17.72 17.15 GOVERNMENT SECURITIES. The following are the latest quotation) for Government securities, with a, comparison of tuoso ruling last week:— * " Variations — comimietl "" Prico. with last week. £ s. d. 21% Imperial Consols fcl 0 0 ss. lower i N.H.\V.IO3OJan.-July 10U 0 0 Unchanged 34 "N.5.\V.1013-.iar.-Sop. 03 15 0 6s. lower 8 N.8.W.1'J35Ap1.-0(;t. 37 10 0 Unchanged 4 "Vic. 102UJan.-July 10J 10 0 Unchanged Sj "\'ic. lihil-OJan.-Jiily 0310 0 Unchanged j " Vic. I*o-10Jan.-Jnty 80 0 0 Unckamud 3* "S,A. lOlOJan.-July 93 10 0 Uncnaugod 3 S.A. ldlOJau.-July 32 10 0 Unchangod I "(J'l'UM-Vil.lin.July 103 >5 0 ss. lower 35 ..'yi-dIJJI-SOJan.-Jiily 07 12 .6 I's.tjd.lower 3 UTuiu-.!2-l7Jan..July SO 0 0 Unolmnuod i "N.Z.'lOiOJlay-.N'ov. 101 0 0 10s. lower 3l "H.Z. 1910J»n.-July 03 0 U Unchanged 3 'N.Z. lUlf.A:)i-il-Oct. MlO 0 Unchanged 3* W.A.IOiO-iUjlay-xVov 03 10 0 Unchansod j"" W.A.lOla-iOiUay.Xov Mi Id (I Unchanged 33 "lVs. lMuJan.-July 07 10 0. Unchanged i "'i'as. 1021-10 Jan.-July 65 10 0 Unchaimea

BANK BATES OF DISCOUNT. mo Bank of F.nijlaud rate, was reduced on Ji-nc 9 from 4 to 3 per cent.; on «i.ntcmber 29 it was advanced to 4 per ecu and on October 20 to 5 per xent. On fiecember 1 it was lowered to 41 par cent., on January 2/ to 4 per cent and on February 16 to SI icr cent., and on March 9 to 3 per cent Tlio BanK of France rate was reduced from 35 to 3 per cent, on January U IM. and remains ai iho latter liKuro. Tlio Irancriai Bank of Germany on Janunrv2l 19-9 lowered its rate from 5 to 4ft por 'centand on February 10 to 4 ret cent. But on September to it. was raised to o. per cent, on February 6 it was reduced to 41 per cent., and on February 19 to 4 per cent. ■

MARKET RATES OF DISCOUNT. Tbc ioHowinit are tho market rates for best. three months bills :— London Paris Berlin rato. rate. rato. percent, percent, percent. , This week 2?-16 2j 3 Last week 4 & £ Last year ih '& Short loans arc Quoted at Zi per cent as against ® per cent, last ween, and U per cent, last year.

COLONIAL AND OTHER PRODUCE. Wheat -The markets are i. ;sker. owing to a Kood Continental denia-iu, specially German? Cargoes are firm, two AusUahan cargoes sold at 345. 3d., and a tlmu at Ms %tper Quarter. Parcels Australian February-Marcli shipment. iAs.;. April-Alay. 33s 9d. Australian on spot is scarce at 365. to 375. New Zealand is practically ex"flouiSs rather firmer; 235. is bid for Australian patents, April-ulay shipment, ana 21s. 6d. lor spot. . Oats —There is a timet trade in Gartons at 20s. to 22.3.; Sparrowbills. 19s. 6d. to 21= 6d Beans-New Zealand qujat at 355. Sutter is flat: .Danish. Ms. to 113s. Choicest colonial is scarce. Australian salted, 100s. to 162;=., unsulted. 04s. to to.! New Zealand salted, nominally, at 103 a. A fair Quantity of inferior butter has been '.old »o biscuit makers' at 84s. to Efc.: secondaries -are' slightly moro active at 83s. to 6te. . „,,,.. Cheese is dull. New Zealand white and coloured, 625. Sugar.—Gorman beet. 88 per cent., net titrc, 3d. lower, at Ids. 7d. per cwt.; firai, mark granulated f.o.b. Hamburg, 3d. lower at 12s. 8(1. Sheepskin sales—At the sales 4697 bundles Australian and 3362 New Zealand were catalogued. There was an all-round advance of a halfpenny per lb. for combines compared with the March sales; clothiugs show little chanse, and aro Quoted at par to a farthing higher. Bradford Tops.—The market is firm at full late rates. Sixty-fours, 27Jd. per lb.; super sixties, 27d.; common sixties, 2£d.; fifty-sixes, 233 d.; fifties, 19id.; forty-sixes, 15ic1.; forties, Mid.

THE METAL MARKETS. Copper, on spot, 2Cs. lower at £53 13s. 9d per ton: three months, unchanged at £54 6s. 3d.; electrolytic, £56 ss. Tin, on spot, unchanged at £194 per ton; three months, unchanged at £189 15s. Pis iron.—Middlcsboro" No. 3, 6d. higher at 465. 6d. per ton. Lead, soft foreign, £12 17s. 6d. per ton. Spelter, £24 per ton.

METAL MARKETS. By Telegraph—Press Association-Copyrieht London, April 27. Copper .-On the spot. £54 2s. 6d.; three months, £54 15s. Tin—On the spot, £19o: three months, £191. Lead, £12 18s. 9d. Silver.—Bar silver is auoted at 24; d. per ounce" standard. CANTERBURY GRAIN MARKET. (By Telegraph—Press Association.! ChHstchurch, April 28. Whilo there is a iirmer tone in the wheat market, there is really no sufficient business passing .to indicate an yactual improvement in prices. Uoldors in the country arc firm, and are refraining from offering their wheat, and it is evident thabuvcrs cannot obtain supplies in any Quantity at 3s. at country stations. The state of the London market docs not warrant any higher price being paid at present, and any business done at a higher rato is of a more or Ices speculative nature No sales of any ininortonco have taken place during tho week. Oats arc without chanse, as is oatsheaf chaff, though tho later is expected to advance as the winter approaches. A. fair amount of business is passing in potatoes, the bulk of tho sales taking place at 755. :I .t country stations, though it is reported that 80s. has been paid in a few ca«s. Even at 755.. however, buyers are finding some difficulty in effecting re-sales in tho North Island, on account of a lowar Quotation being given from the lioitth. The crop h turning out well, and, thoueh there aro a few poor field's, the genera: run is very satirifac-xor:.- to growers. There are several instances of record crops of Northern Stars, the yield being at the rato of 25 tons per acre.

LONDON MARKETS. Mc"fj=. Da!"ety and Company Limited, report having received the following cablecrams f rom their London office, dated April 25 and" 27:-SUccpskins-. Any change in price is in favour o£ sellers. JlerrM combin" skins are *d. higher, and crossbred combing ?,d. to "Id. per lb. higher, rine crossbrcdo show chief advance. Other descriptions are unchanged. Frozen meat: Tho market is dull. Lamb is Ml. to Id. per lb. lower, and mutton. 1-16(1. to 3-10 d. lower. Ucef is weak, hut without quotable chance. Tallow: Prime mutton and prime beef tallow are 6d. per cwt. higher. Goed mutton tallow is unchanged. Low and inferior descriptions generally are 6d. per cwt. higher.

The New Zealand Loan and Mercantile Agency Company, Limited, have received the following cablegram from their London house, under date April 27:-Shecu-skjns: Combing and clothing descriptions of, shccpsi'.inn have advanced >d. and lu. per lb. respectively Eincc last sales. Jlcs=rs. Murray, Roberts and Co., Ltd., have "received the following cablegram, dated April 27, from their London friends, Messrs. Sanderson, Murray and Co.:— "Sheepskins: Merino and fine crossbred, full voolled, market has advanced »d. per lb. Full-woollud, ccarso crossbred, market has advanced id. to >.d. per lb. Sheepskins, other descriptions, market has advanced id. to id. per lb." WOOL, HIDE, AND TALLOW SALES. Messrs Abraham and Williams, ltd., to-Dort-U our Palmerston North woo. E 'and hide sale, held yesterday, we ad a large catalogue of «W™ «=d *?<<, in one of woo! and hides. Wool and skins showed a slight . rise on last montn . s Prices but very few hide buyers were comnetins, and, consequently, prices wwo not up to the usual rates. We a™"Wool: Crossbred, Md., 7d„ 7&d.. W. to 73d.: crossbred and lambs. 7d. to '«•• crossbred bellies and pieces. 61d.. Maci-.. Ed.; merino, 7>d.; lambs. 6d.. to 63d.. crutchings, W. locks and pieces, 4ld. pieces, <d. to aid.; dead. 6d. to 6id Slims. Crossbred, Sid.. 6Jd. to 7d.: crossbred, fine. 7Jd.; crossbred, damaged. 33d. to Mel. lambs, &., 53d., to 63d,: quarter tc.half wools, 5».d.i half wools, 55d.: pelts, inferior. 23d. to U.: pelts, damaged. Id.; crossbred, damaged, 25., 3s. Id., 3s. 6d.. «s- 3d to 4s. 5d.; lambs, damaged, 2s. 4d. to 2s- Bd-. dead, damaged, 25,; lambs' pelts, damaged. 6d.; crossbred, salted. 2s. 7d., 35., 3,. 3d 3. 7d. to is. 2d.; lambs' pot:, salted Is. M- pe'ts. salted. 2s. 4d.: hides, calf. Bd.. \>K. to 63d. ; calf, cut, 6d.; yearlings, 6ld. to 7d • yearlings, cut, Sid.: yearlings, slippy. «M i cows, ifght. 5Sd to 52d.; cows, medium, 53d. to 6d.; cows, heavy. 6d. to 6Jd.; ox li»ht, 5Sd. to 6d.; ox, medium, 6id. to »d... o" h"avv, 6>d. to 62d.; horse, Bs.; heifers and steirs, *5Jd. Sundries: Tins tallow, iu. 3d. to 245. 6d.; casks tallow, 6s. 3d.; cow tails. Is. sd. per dozen.