COMMERCIAL ITEMS.

Dominion, Volume 7, Issue 1931, 13 December 1913, Page 10

COMMERCIAL ITEMS.

■ XN7ESTMENT SHARES. The investment sharemarUet wne quiet yesterday and no transactions were recorded, Tho Quotations were as under:— I

ANOTHEIt LOAN'. 'According to tho coblc message? the Tas« manian Government has arronped privately in London for a loon of £800, COO. It 16 Tory probable that this amount has been

obtained from the Hank of England or .some oilier of the larpre joint stork banks on the security of Treasury bills having a- year's currency, an was done in tho enso of New South Wales and South Australia in Al.'ty last when the i.ondon money market was very much disturbed. New South Wales issued Troasnrv bills to the a mount, of £750.000, nnd South Australia £500,C00. Tasmania, lias been 011 the London market/ twice thi«i year. On January 6, a 4 per cent, loan for £1,3C0,0C0 w«fi issued at 99, or which the underwriter,'-' wore left, with 72 per cent. The issue was promptly nuoti',, I'er cent, discount, 'i'lic "Daily Chronicle" (London), commenting .on the loan, expressed surprise at- the result of so attractive nn issue, and tflid that it had Ki'c.itly modified the view held regarding the of loans in the near future.

UAXK OP NEW SOUTH WALES. The balance-sheet of the Bank of JS'ew •South Wales for the half-year ended September JO appears on another of this issue, and the lijruret; tell their own tale. ■ the liaif-yearly cener-a! meeting, held in Sydney on November 25. the chairman, the _ lfon. Sir Charles K. ilackeliar, in moving the adoption of the report, eaid, comparing September with September, the "h'lire.J on tlie deposit, side this half-year show £5t0,0C0 Jess than last- year. The item bills paya bio and other liabilities, incliulbalances c l uo to other .banks. is inoi'O by Xi93,00a. On the aa;ets siclo of the balco'u G1| (l Australian notes aro £2,665,030 more. On the other hand, monev ct short coil in London is £<j-!5,C00 less, ana Government cecurltias £127,000 .less. . Tho receivable in London; etc.. £420,000 lusher, which -ndieates, as is the case, that our exchange business i« well maintained. As n whole our first line has ir.crcasod by £2,240,000. About half of this amount is in connection with the Commonwealth Bank Account. Tlio remainder is duo to the general trend of the bank's operations during tho year, which have been very active. The azKrejrate holding of first line reserves is, no doubt, hisrli, and -affords ample margin for use during the coming year, aa may be deemed advisable and opportunities present themselves. The -hills discounted, loans, etc., ore £1,456,0G0 .less .on the year's operations but nearly on an eouality with Jlareli last. i reduction is partly accounted for by the increase in tho immediately preceding item. The remainder is duo to the adoption at the latter end of last rear and enrjy part of this year of a. t-onservath-o policy in relation to the outgot of money for expansion purposes, in «, large loan business like ours, however, thoro i,s a considerable turnover w;liicli results in larue repayments by certain classes of our constituents from time to time. We have not let this money go out again so freely a.s usual, but have kept a. certain proportion in hand, aa I have stated in my remarks oil our cash items. This will be usefully and profitably employed as opportunities for reinvestment, which we consider suitable. present thenwlves. In spite of aconsiderable expenditure on new buildings and major repairs, we have written tho premises down to £775, CM, a, net reduction of £25, CM, and the amount- now in tho bool-r' shows a large margin on estimated market value

LLOYD'S AND WAR INSURANCE CONTRACT. At the recent conference of tile TnterLaw Association held nt Madrid the position of underwriters with risks outstanding in time of war on the engoods was ono of the- principal subjects discussed. This matter \ras brought to the front a rear ago Tjy' the International Jlaritime Committee. The 'principal point then raised was as to whether a declaration of nor voids poll'cies of marine insuranco outstanding on the enemy's goods, while consideration wary given to tiie law* of the particular country declaring war in connection with actions at law brought by insured enemies, cither for loss sustained before a stato of war existed, and, furthermore, for losses sustained during the continuance of hostilities. The answer of the British Committee to these ciueetions was that: (1) If property insured iu time of peace becomes the enemy's as the result of war, then all policies covering such assots are null aoid void so long as tlic hostilities continue. Insurances effected during hostilities are, i££o facto, null and void. As regards the second point, the reply of the Uritisli Committee waa that, .while war was in progress, no action at. law can bo brought by. or on behalf of, tile subjects of any State with which Great Britain is in armed conflict. As 'regards losses (sustained before the outbreak of hostilities, the committee found that when property insured in time of peare liae become the enemy's by reason of war, the right to stio for payment for any loss that occurred prior to the outbreak "of war remains suspended until the resumption of peace: policies covering losras sustained during the continuance of hostilities miii=t bo regarded as having been voided. In connection with these matters, Sir Kdwawl Bemicliamp. speaking in .his official capacity as Chairman of Lloyd's, Uunouneed that the cosnmiltee of ihrit iiislilution has been advised tliafc c, British underwriter is not forbidden lo pay tho subject, of a foreign Power in time of war for a Ices, which has occurred during or before the occurrence of hw-tiliticj, and the position assumed by English underwriters is that 110 contract of marine insurance will bo repudiated by thcra on the ground that it covers enemies' goods, and furthermore that, all such contracts will be faithfully carried out during war as well as in times of peace.

. ' GERMANY'S DEFENCE TAX. According to a statistical comparison published by tho "Frankfurter Zoitung," tho national defence tax will impose a. considera-ble financial burden on joint stock companies and partnur/ihiip companies in shares. Tho tax' is chargeable upon the actual reserves and the profit.?, but the benevolent funds are exempt, as aro also the undisclosed reserve*?, the e«:certainment of which would offer great difficulties. The renewal fmidr, and guarantee fnnds for doubtful debts, together with the premium reserves of the insurance companies, aro also not subject to tho tax. The impost, which is to be paid in 1914, 1915, and 191G, is to be baecd upon tho balanced-sheet. for the calendar year ended with December, 1913. or for the financial year which ends in any month in 1913. According to the calculations made by the Frankfort newspaper tho Deutsche Bank will bo required to pay a tax of £60,600 on the basis of the balance-sheet for 1912; the Disconto Gesellschaft. and tho Norddeutsche Bank, X69.CCO; the Dresden Bank, £48,000; tho Darmstadt Bank. £23,000: tho SchaafFhausen Bank, £24,000. aud the* Berlin ITamieta Gesellechaft £24,CC0.

As to the chemical companies, the BadenAniline Worto? will have to pay on tho basis of 1912 tho sum of £19,000; tho Elberfelt Colour Works, .EIS.CCO; and the Ifochst Works, £14,C00. Tho greatest electrical manufacturing firm—tho Allgcmeino Company—is confronted with a tax of £72,W0 for 1912-13; the Siemens'and Ifaiske Company £15,C00 on tho year 1912; the Auer Gas Light Company, £B003: and the Grand Berlin Tramway* to £72,000. Of tho largo coal and iron and steel companies, tho charge on the Gelscnkirchc-n Company will be £36,000 for 1912; £25,0C0 in the ca?o of the Dcuteeh-Luxomburg Company; £22.000 in that of the F. Krupp Company, ana £15.000 in that of the* Phoenix Steel Works, whilst, as compared with the £19,000 payable by the Hamburg-American Steamship Company, the North German- Lloyd Company is credited with an inmost of only £540, on the basic of tho balance-sheet for 1912. As tho Government expects tho defence tax to yield £2,CCO,CCO,.tho twenty'two companies referred to by the Frankfort newspaper. represent a. combined lax of about one-fourth of that finn. The taxation of tho individual companies varies considerably in percentage of the*hare capital, being as low as .1 per cent, in one oaee and as high as 1.7 per cent, in another. Certain companies are exempt from the tax. these being those which are financially weak, and have p°.id loss than an average of 3 per c?nt. in tho past three years and turnover has not. exceeded 80 per cent, of their productive capacity.

CUSTOMS HEVEXUE. Customs duties collected at tho port of Wellington yesterday craounted to £4664 4s. £d. , CANTKHBUPiY GRAIN MARKET. (By Telegraph.—Press Association.) Cbristcliurch. December 12. There it s a good .inquiry for wheat, but it very difficult to obtain, thc-.-e wlio arc' holding not being willing to take less than 4s. at country stations, and only Pearl is commanding this • figure.. in all other lines is verv uuiet. the peiieral report being that there is nothing do«ncr. The prevalenco of rust in both wheat- and. oats crop.s is calling concern among formeiv', millers, and merchants. .The heavy rain will givo it n- check, but if another spell of moist, warm weather follows it' is feared that the development may bo serious. VICTORIAN PIIODUCE' MARKETS. By Telegraph—Press .Association— Copyright Melbourne, December 12. Wheat, 3s. SJd. to 3*. 6d. Flour. £8 10s. Bran. £4 10s. Pollard. £4 15?. Barley— Prime English, 3s. 6d.j Cane. 2s. Gd. Oats —Milling, Is. 9d. to Is; 9?d.; feed, 7Jd. Maize, 3s. lOd. Potatoes, £4 ss. to £4 10?.: old. £1 to £1 10s. Onions—Globes, £4 10s. to £5. LONDON MARKETS. Messrs. Dalgety and Co., Ltd., have received the following cablegram from their London oIlifKJ, dated December 11:—Frozen meat: The market is linn at Jatit. quotations. Tallow: Tor mutton and beef the market is neglerted. other descriptions par | to 3d. per nvt. lower. FROZEN MEAT. Mpsmv. Gilbert, Anderson and Co. (Mes?rs. Mellron. Eliott and Co.. local agent*), writing under data London, October 31, reportas follows:-- * Home-grown: Market lightly supplied; prices would be dearer hut for moderate demand. Beef: Scotch, 6jd. to 6Jd.; English, 6d. to 6id.; lri«-h. 'tone, s:>d.; Caiin- | diau, sk(l. Motion: Scotch. 7*d, to Bd.; English, 7d. to 7id.: Dutch. 6d. to (ijd.; ewe?. sjd. to s?d.:ver.v small srjpplir®. Tegs: Scotch, &d. to English. 7Jd.: DutHi, 7d. to 7Jd. Scotch Hill lamb>« 6d, to 7d. Veal, 6d. to 9d, Pork, 6Jd, to 72d,

Frozen.—A fui'thrr fall in Xew Zealand lambs, holders malum; src;it efforts to clear. Australians ciliated for lint time: quality varies. Chilled beef. forcqnurtcrs short, aril frozen therefore dearer. Hindu also lirnicr. Nov,- Zualand mutton in short supply tuid iirnicr. Suiithfield Prices. v ■. Mutton— ..■■■■ Tinder 4811). 43-561b. 56-6-IJb. . (1. d. Canterbury 4J . 4S .... 4rr .' : : Wellington 4?. 0-56..; i .'l7-i6 \ Ordinary New Zealand 4s 43-8 .. 43-S Hwec — New Zealand. t 48-64111.. '3 15-'.6d.;; Australian, o(K c olii., 3 11-16(1. ■' ' Australian sheep, 30-5011,1., 3 13-16(1 ; £0-7011)., 3Jd. South American, E6-7"lb„ 41-Bd. ,; . Lamb— Under '. 361b." 06-421b:-4S-501b.'i-„ d. (1. V* (!. ; Canterbury 53-8 at 5 "f.J Wellington . •>) ;:r.5 .4| ;,iA. Ordinary New Zealand, 51Australian, lic.it., to 4£lb., 5 3-Sd.;-fair l" 5i(1.; inferior,. 'Uu. Beef.-New Zealand, fores' 3 7-ltd„ luiuls 4j(1.; Australian, crop,? 314.. hinds ,4 3-3 d.; South American, fores 3id„ hinds 4sd. Chilled Be?f—South American, tores hinds sjd. BANK OF ENGLAND RISTtJRNB',By Telegraph—Press Association-Copyright (Rec. December 12, 8.59 p.m.) tendon, December 12. The Bank of Kiifrland rehiri) issued for the week ended Wesltitedny, December 10, is as under:— Issue Depaivßieni Note lebuo £53.691,000 Gov.ileuS ... £11,015.000 ether securities 7.434.000 Colli 35.242.000 £53,691,(80 £33,031X03 Basking Department. Proprietors' Govt, seoiuicapital £14,653.000 ties £11,185,.000 Public da- Other sccuriliosits ... 7.559.C00 lies,.?' ... *27,374,005 Other do- / posits ... 39.51i.CC0 Note.! -.. 25.111,00,) Rest, 7-day and other bills... ... ,3.23-MJCO Coin 1,370.000 £65,1(3,013 £C-M69,000 . The leading items of the Banl( of. Enjrlaud return afford the following compaxlsou This : .Veek Last week Last year £ £ £ Bullion 35,24-2,000 35,200,000 33,057.000 Reserve... •' ... SMHMXB WHSim 'sr,32!.<XKi Note circulation '25,5d0.(Xi0 '28.71X1,030 Pnblio Deposits 7,5ff1,000 7.7HXUX) 11,500.030 Otlior Deposits 2D.515.0LU 38J591.0D0 ODABJIWO Proportion of liabilities... 55.55 54.14 43.03 , GOVEBBMBST SECURITIES. The following are tlio latest (jUotatioM for Government, securities, with a com. parison of those rulinir la-st week:—

BANK RATES OF INTEREST. Tlie Bank of Eaetand rato wse. on February 8, 1912, reduced from 4 to ty nor cent., and on May 9 it was further reduced to 3 per cent. On Aueunt 29 it was-raised to 4 per cent-., and on October V'i to-5 per cent. It was reduced to 4J per cent. or. April 17, 1913. On October 2 it was-raised to 5 per cent.

The Bauk of France rate was reduced from 3* to 3 per cent, on Ja.tiua.ry 23, and continued at the latter fisure until September It* i9U» when it was rai?ed to 3i per cent. On May 17, 1912. it was reduced to 3 pflp cent., on October 17 It was raised to 3$ per cent., and on October 50 to A. per cent. «

Tho Imperial Bank of Germany' on Oc. tobor 24, 1912, advanced its rate of discount to 5 per cent, aud to 6 per cent, on November R On October 21. 1513, the r&to was reduced to Si' per cent. MARKET RATES'OF DISCOUNT. . The following ere t3io market rates for best Uirea noutiha' bills:—

Short loans are nuotort at 4* per cent-., 03 against per c«nt. last, week and .4J per cent. last year. COLOXIAL AND OTHEII PRODUCE. ' Wheat.—The market is dull-and lifeless, but values are unchanged. Australian, ou spot, is emoted <at -38s. Flour ir-j quiet Australian, store, is selling e.t 275. Oats are s'.cw of sale. La. Plata, Janu-ary-February' shipment, 14s. 9d. to 14s. 10>d. Iteans and peac are quiet and imchmwL Butler.—Danish is quoftd at 13Ce. to 132t?.; Australian is unchanged; Kew Xeoiand is practically cleared—tlvc few lots left ar-a (luoted at about 13G?. The market doses dull, most buyers bavins filled' their requirements. Shecse is firm. New Zealand, white. 655. 6d. to 6fe.: polourad, 675.

Snirar.—German !>ect, 8B per cent, not titre, 10(1. Irifrhsr. at ft-., por cvrt.: flr«tniarks, EKiiiiilalcd, f.o.b. Hamburg, 23d. Wither, «t.- lis. ',3d. Bradford Tops.—There .is little business doing find crossbred counts are weal;. Tko quotations for futures nre: Common sixties. 2&1.: iiftv-sixe?. iiftic;, ISd.; forty-sixee, 1%!.;. forties, 14>(1. .■...■

THE METAL MARKETS. .-' ij ■■ Copper.—On spot. 225. 6d. lower, at' £55 !2s. 6d. per ton: three moistlM', ss. higher, ot £M 17s. tel.; electrolytic, 255. lower, nt .£67. 'fin—Oil (?pot. 52;. 6(1. lower, at £173 2s. 6il. per ton: tliroe months', 653, i'o-v;cr, at. £172 1C«. , ' Ijcnil.—Soft, foroiqii, 10s,- higher, at £18 per ton. Pic-iron.—Middlesboro' Ko. 3. stl. higher, a( 435. 91(1. (tor ten. Spelter—Unchnßsed, et £21 ss. per. ton, WOOL, SKIN AND HIDE SALES. Messre. Dalsety and Co., LUt.. report:— We offered a'good catalogue. Competition WHS keen throughout. whilst prices foe all lines were very ih'ffi at last tale's rate:;. Quotations:—Wool: Dead. Sit!.; crossbred, medium coarse, 8(1. to Bid.; pieces and bellies, 5Jd. to tlrt.; ioeto and stained pieccii, 4d. to 43 d.; iambs, 83d. .Sheepskins: Fine crossbred, 73d. to BJd.-, medium course crossbred, 73d. to 8(1.: short to half-wools, 4Jd. to 6itl.: dead ond damnsed crosebrcd, Bid. to G*d.; inferior arlii bodly damaged. 3d. to 4(1.: lambs. sd. to EM.; damp, soiled, nnd (jreen, as. lo 9ii.: pelts. So. to 2s. '<(.; salted iambs, 2j. to hi. 3(i. Hides: Os, heavy, 5911). up. B*d. to 83d.; ox. medium; 50 to 591h.. 71A. to Bi<l.; os. lisht. 'Wlb. a'iiil under. 73(1. to 8.1 d.; cow. '.H'.-ivy, 551! i. mul over, 8d; to 8J(1.; cow, medium. '2 to 54)b., to 8'.'..; cow, liiriit, ((Oder 42U)., ?l(i. to 7id.: cut, slippy and superior, fd. (<1,63(1.; 1,1,11, statr. c-I'l. to 6 S-Bd.; 7Ad. to Bid.: coif, superior, 10sd. to lljil.: f.«if, medium to good, lOd. to iO?d-,; co.'l. damn;:ed. 61d. lo Bd. Tallow: In easks, £1 55.. to £1 7s. M.: in tins. etc.. £l.to £1 3s. Ed. Kundrici?: KflbbitsUiiii.-, B,id.; horsehair, lCil. lo Is. s}d.; tow tftih. Is. 7<1.; horns, Is. 7d. to 4s. Tile lies't sole will to held oii'January 9.

Messrs. Levin *nrt Company, Ltd., Teport: —We offered 2CCO sheepskins, SCO hides and calfskins, and quantity of ta.'lotv and horsehair. Wool: All wool H. now being hield for the t*Ue on January '7., 1914. .Sheepskins: In sympathy wit.li London wool market skins foil to it" farthing. Fine crossbred. 72d, to O.vd.: medium to coarse cro&sbred, -72d. to Bri.; short to half-woois*. 4£d. to 6HL; dead and damaged crossbred, 53d. to 6id-; inß'rior. and badly damaged, 3d. to AA.i lambs. sd. to 62d.; damp," ®altt?d and greou,. ss. to pejK &s. tu 2s. <d.; .salted lambs, 21'% t-o 2s. 3d. IfiJes: Home' what casi?t\ one-eighth to throc-eiKhths of a. penny down. Ox. heavy. COIb. an, Bid. to 8-ld.: ox, medium, 50 to 5911>. 73d. io 8^(1.: ox, ligfii. 4911k ami under, 7iid. to cow, heavy, 5511). und over. £d. to Sid.: cow, me-, liiilin, 42 to &*Ub., 7*d_. to Sd.; cow, light.' under '521b., 7sd. to 7ud.cut, slippy, nnd .inferior, 6d. to G3d.; bull,.stag, 6d, to. 6 3-Bd.; 'yearling!?, ?*'«. to Sid.: caif, .-.nporioiv-jCi-d. to Hid.; wllV medium. good, liid. to IQacl.; calf. damaged, 6 3-Kd. !o fid. Tallow: Very J>nn. Jn cask*. XI s*. 't-o .CL 7h. 9d.; in tinr-v £1 to XI &■». ill. Hui.ni'rici.: Opossum skin*, —: rabbit, skin-. Sid.; hum 1 Is. 5U1.; <o\v tail.-. Is. 7d.; horiH, per 1 hundred!" Is. 7:1. to 4.-. • ...

The X p 'A' Xtxilnnd Loan ami 'MereantUo Azency Company, Md., rc/iorl W<« offered good-sized «*al-alojjU(':« of ba~ wool, sheepskin*. hides, uiUow, etc. There way good nimpntitinn ni prii-c* et'Miai. to Inst sale-' rates. Hides and snort sheepskins showed a .-light iit-c 011 in?i -a!o-' price;-. We think, that price-; bcin* pmd locally at |irc?ent for *kin«< tflllmv ;no FiiJly up to hnpfirm pnriiy. Wv qu«"'tp; -Wool: ' Cro>sbvro7 Hue. -» •to 63d. i piecca aud bellies,?. Sl'd."* to .• 6*d»•

locks : 'rtfid ■ m.i de-id, m. : Sheeptrkins:'-Fiue" crossbred, 73d. u» Bkd.\ medium ito coorse crossbrcd, 7Sd. t« Bd.j tjhort to hoif-wooS", :41d. to C }, «l.; doad and .damaged' ero^bred.--5Hd. ■to Sid.; in-:forior>-.!<iud : basllv 3d, to 4d.; 6^d.damp,"waited o.nd {rrei»n, to'-9. s peltn. 2s. .1 o 25.,4(i.; yalted htnihtf. 2s/'to;?;<''3d.'.'.' Hides: Ox. heavy, Bjd. to ox, '.niediuni,'',7:}d, ; v . ox, 7:!.-i. to Bid::■ cow. heav\vßd.. to"Bid.; cow, medium, .7Jd,. to 7£<!.; fill, slippy'ami Superior,' ed.'-to 6?d.; bull, stag, 6£d. to 4 5-3(1;; \carlinjrs. 7id. to BM.; calf, t-iiperiorl tOid..' {o jllil.V calf, medium to cood, lCd.' to 10,;d.T calf.- damaged, 6'd, to fid.. Tallow/' 55.-U} £1 7s. Sd.; ;in tino', ctc;;-.£r to XI S?:-6d.-. ? Sundries: Ilab. birski;?,'.»..:-.Bid:;. 'ICd. to 51(i.; X'OW'tailsV':!:,. 7d.;'. horns, Is. -.7d. to 4r.. .

f "and Williams, Ltd.. re.portion • their-- wool,, hide' ami skin « :, aio as offered :a-'jrood catalogue of all Hai-ses b'of. produce. : Prices for chins were iirm ;;ai -nastv-alca ■: rates; lower isolations, whiUt hides .were n#airi « little easier. Wo quote :~Woolln bap*—Medium crosebrcd, ■Bd^toi\Bid.r-:tonilw.?:BW.r--pieces and hellies, D.^d. l - to/ 6*.d.; ; Vlo<-i\S ; pieces, 4d. to"43d;":-.- dead,': fi-jd.l:' Skins: • Fine crossbred, 73d:' to inortiujri' to-" coarse croesbrc*. 7Jd. to £d.';'.''fi)ioi't tohalf-woois, 4W, t-o 6>.d.; dcad . and'..daliia sred ' cro.-sbred, 52;1.' to 6WL: lainbs,-..5d:'. , tfi".C2d.; damp end salted, ti?, • t-o 95,; -pelts, 2s. to 2>. 4d,; lambs,'2s. to',2s.. 3d. ) Ilidcfi :• Heavy ox, Bjd. to 83d:; medium ox,' 7ij'd. ..to Bid.; light ox, 73d.. to Bi?d.:'-heavy, caw, Bd. to Did.; modium'cow,' Vid...to. Bil.;.JiKbt cow, 7id. to dnmajred cow,' Od. to C-iJd.: bulls and siii?€, fild. to 6 3-Bd.; ycarlinjcs, 7id. to BJd.; best mlf,*lC3d. to 11 • iJ.: tacdium calf. lOfl. to. lCJd.:' damage;), fi.'.d.. to Bd. Tallow: In casUsi ss. to JEI"" 7s. - * 9d.: in tins, XI to ..£1 4s". 1 ; cowUiil;-\ 1?. 7d„ per dozen.

• Mcssr a .-• Murray, Ko.bcru and Co., Ltd., rrport:—WV> oifeml catalogue of 25 bales wool; 4600 • shsopakins, and 1005 . M'.ic-o and calfskins. Competition- was keen, but there was art castor tendency in the .market for both skins and hides, prices being on the ttvera-so ill. per lb. .lower, and nr> to lA. per lb. for inferior conditioned hides. On the whole-, however/ the condition of the hides offered in our catalogue was not. o«ite f'iual to the level of last sale, end | this possibly accounts ?,oniewuai- for the 'lower range of ?.!i hides. >Ve clearled the bulk of,, ouv catalogue at auction. The range of prices current was ?>s foli lows:—Wool: Crossbred, fin-?;, Bd. to 83d, per lb.;;crossbred, -medium and coarse. • Bd. to Ba'd.;" eroic'bred, dead, gel. to Bid.; pieces and bellies, 53d. to 6<d..; leeks and stained pieces, 4(1. to 42(1. Sheepskins: Fiiio crossbred, 73d. to' Sid.j-'ero-t'brod, medium to coarse, 7?d. ,to fijd.-; short to Jialf-wooi.?, 4*d. to 6id.: dead and damaged crossbred, Sid.- io (^d.; inferior and badly damaged, 3d. to s'-d.; lambs, sd. to f»2d.: damp. salted and green.-&,.lo Ss.'each: pelts, fid. to la. 9d. each. .Hides: Ok. he-avy, B|sd. to 8-3(1. per lb.; • ox. medium, 73d. to Sid.; ox, lipUt,' ?2d. to 8 3-Bd.; <ro\r. heavy, Sd. ><o 8^(1.; cow, modium, 7*d. to 3d.; cow, light, 7Jd. to 7<sd.; cut,-slippy, and inferior, Cd. to 62d.; hulls -and stilus, 6d, to 6 3-Bd.; yearling. 7*d. to BJd.; «ilf, superior, 203 d. to . tlfcl,: calf, medium"to eood; lCd, to IC-id.; calf, damaged, 6Jd. to ,Bd. Tallow: In casks, £i ss. to £1 7s. 9d. per cw*-,; i« tin?, £1 to £1 3s. fid. per owt. . The next is on January 9.

. The United (Farmers' Co-operative Association, Ltd., and tlie Wafrarapa Fanners' Co-operative Association, Ltd., report w follows:—Our fortnightly wles weir- held to-day. Price-? ruled as follow:—'Woo!: Crossbred, medium, Ed..to 82cL: crossbred, dead, fid.; pieces and bel He.-:, 5-/1. to 6£d.; looks. 4d. to 43d.; lambs' wool, Bid. Sheepskins: Fine Tjjd.'to 82d.; medium crossbred, 73d. to Bd.; short wool, 4*d. to 6Jd.; dead and damaged, '53d. tQ 61d.; inferior and badly damaged, 3d. to 4d.; lambs, sd. to 6-Jd.; damp, waited, and irr&en, si<. to 9.5.; pelt*, £s. to 2s. 4d. Hides: Heavy ox, 601b. up, 3ld. to 83d.; medium do., 73d. to 6Jd.; Hcrhi do.. 7;' d. to 83d.; cow, heavy, 551b. and over, Bd. to cow, medium, 7£d« to Bd.; cow, jiplit. to 77>d.; cow. cut and slippv, Gd. to 6M.; yearlings, 7ill, to Bid.j calf, superior. lCd. to U*d.; enlf, medium. lOd. to lC£d.; calf, damaged. 61d, to fid. Tallow, in casta, £i ss. to £1 7s. 9d.; in tins, £1 to £1 Zs. Gd. K«Ubit <?kiu6, od. lTorec- hair. lCd. to Is. Sid, -Cow tails, Is, .7d. Horns, le. 7d, to <»,

Buyer* Sellers. £ s. (1. £ s. d. National Bank — 5 8 0 Well. Trust mid .... — 7 9 0 Ohrtetchurch Gas 6 15 0 — Wellington (las (£10)' - 17 0 0 Wellington (las (pref.) .... — 10 3 National insurance ....... 2 10 0 Clarifritcliiircli Meat — 15 17 G Hear Meat (£4) 13 10 0 - (U'a r Mtut (£1) S 10 0 - IJuion Steam (orU.) ...... •- 14 6 Wellington Woollen (unl.) — -4 16 Westuoit Coul 19 6 Westport-StoiMUon — 0 4 0 C. M. Uanky, Ltd — 13 9 Golden flay Cement 0 17 0 0 18 0 Whiteombe and Tombs ... -- 7 0 0

Variation — coropaiecl Fries, with last weolv. £ s, d, 2A% Imperial Consols 7115 0 7 lower 4 ,.N.S.W.1933Jau.-J illy 9S 0 0 Unchanged aj ,.N.S.W.M-50JlivSp 07 0 0 tfncba^ed !3J „N.S.\V.-]{!yG-C0 K) 0 U Uncftaugcci 3 „N.S.W. 1925 Aph-Q-et 81 U 0 Unchanged 4 „ Vic. 1920 Jiin.-july US U (J Uacii&ngocl 3-5 ,, Vic. 1921-0 Jan.-July 9~ 0 0 Unchanged 2A „Vic t .iaa).jg SOO Uucbangcd 3 „■Vic. 1929.49Jan.-July 7<>. 0 0 3-J „S,A. 191(5 Jan.-July Ss 0 0 -JOs tower 3 „ S.A. 1»)1G Jan.-July 73 0 0 20s lower i „tj'rcll91")-2iJan.-July £8 0 0 Unchanged ..O'i'drJii'.MTJiui.-July 9J 0 U Unchanged U ..QTdlfllMfJiHi.-July 7G 0 u Unchaugtn} 4 „N.Z. 1929 M&y-Xov. US 0 0 Unchanged 8J. „iS'.Z. 101-2-4GJan.-July BH 0 U Unchanged a ,.N.Z. I'J-iUAjn-jJ-Oct. moo Unchatosetl 3i „W.A.1915-& May-Nov W 1.) 0 UnclianyeU 3 ,,\V.A JDly-fijiUay-Nov 79 0 {.' Unchanged 3i ..Tas. I'Ji-OJan.-July b7 0 U Unchanged 3 ,/i'as.l!H)-iOJau.-July to a 0 Unchanged

London Paris Berlin rate, rale, Tat«. per per por ten I cent. cent. This week 413-16 3j . 43 La-st wecli 413*16 oji *2 Last yc%ir - Si 6