FIRMING & COMMERCIAL

Dominion, Volume 11, Issue 136, 26 February 1918, Page 10

FIRMING & COMMERCIAL

NSWS AND NOTES.

YORKSHIRE LETTER

THE PAST YEAR REVIEWED

(From 'Our Special' Correspondent.) :■■■. Bradford, December 27, 1917. ■ The year 1917 will ever bo remembered • In _ the wool textile trade as ft period ..which was entirely dominated by State , ; contra. Tho liberty of all sections of lii" • .dnstry has been greatly interfered with, and tho soonor tho time comes when the sailing restrictions can be removed the ■ uiorc/fcicascd everyone concerned will be. ■ Try as one will it is very diffloult indeed to find any aspect of Stato control which • nnyono desires to see remain as a per- , maneut part of tho business conditions of tho West Eidiug. It is admittedly recog- ;■ iiised that tho principles which havo been enforced havo been inevitable, and that if trade had been left to pursue Mb' own ' course, disaster would have been unavoid- " able. . It cannot be 'too strongly set : forth, however, that while tho application ■'• of tho principles has been necessary, many of the details have been carried out with- .'" out proper regard to tho host interests of the trade aifd oven to the nation at large. The feeling among the most practical men "• is "that considerable sums of money could ■V have been saved, and much internal dis- ■':.■' organisation avoided if different < methods L had been adopted. Men without knowlege of what was required have betrn allowed to occupy positions of great responsibility; •■• It is quite true that tho services of many prae- ' tical and capable men have been enlisted. but if more of the samo calibre had been • ■ called in it would have been much better ■"• for the ontire industry to-day. Crying tptt spilt milk is now useless, and if there is anything for which tho trade ought to •' ; be thankful it ifl that there liavo been ; ' men of sufficient grit and determination ; ' to withstand tho encroachments of those \ ."■ in whoso 1 hands,.their present and future ■ ; prospects would have been doomed. London Sales. Tor fully.six months the manufacturing machinery in tho We6t Hiding and other consuming areas has been kept running without a series of sales being held in iondon. It seemß strange to think that a public event of 60 great interest to wool oiaers es the holding of a series of auctions in London should be omitted for bo long a, period, particularly as the sales / had come to be regarded as vitally cou- ' • nected with the life of the wool textile ' industry. It was early in the ninetcenm century when tho first sale in London ■was held, end since then auctions have taken place at regular periods ever since right down to last April. During the first six months of 1917 auctions were held at. intervals, but any description of them wnTch' can be given will quickly show that they were greatly changed compared with: :. their predecessors. The.first sale,of the' year which was commenced. on January 4. ■was really tho last series .of 1916 which had been postponed; 81,000 bales were, avaiable. The report waß circulated in Bradford that no particulars of the auctions would bo' published, and certainly less freedom was granted in this respect than had ever been the caso before. At the opening only the best wools maintained fheir prices, and ae tho sales proceeded it was evident that' confidence.was not . '■fieing;maintained. -At theclosc nearly all ■wools were cheaper than: at'the end. of the last auctions held in 1916. . The depreciation in poor-conditioned .greasymerinos ■was as much, as 2d. to 3d. per lb., and even . superior merinos were lid. lower. The only exception to the lower scale of values was found in medium slipe crossbreds, thougOheso did not always realise 'full rates. ....

. ■' . : The second series, held- in February, were ■■-> ithe occasion of an advance in priceß, but --. 'the opportunities of would-be buyers were .> .. greatly curtailed TSy "the ; Government in- .':. creasing the number of withdrawals. •' A : , /change took place in the selling: arrange- '" ments. In January wool owned by the "" Government was offered in the catalogues "'along with privately-owned wool. Gov•■.eminent manufacturers picked out the -■lots they wanted, and these were with' ' ... drawn and supplied to the mills at whic) ~.. they were intended to be used. The limit

.. they were intended to be used. The limits placed on wools owned by the Government ' / were in many cases extremely high. Prices : ' offered for greasy merino wool though '"'■ higher than the .Tanuary'basis did not re- ■- suit in the wools being allowed to gey ■ ■■'' Several offerings were, .-withdrawn at limits ..- as much as ljd. to 2d. per lb. above the ■'.prices bid. These wools wore valued on a market basis, hut the Army Contracts department added 3d. to 4d. per lb. An '"" evidence of the scarcity of crossbred wool i." was found in the withdrawal of several • ' '■ lots of Port Philip scoureds arid New Zea- ■ viand slipes. These were actually on • '■'■ show, but when the time came to sell ~'. them it was announced that they had been taken by the Government." One feature of the third series was the " operations on Italian account, as well, as the presence of orders for America. Owing ' to the scarcity of freight from Australia to the United Kingdom, no direct shib- ' merits were allotted to-Italy. Consider- '■ able inquiry had been ' coming forward from the manufacturing districts of that ■country, and efforts,were, made to secure •licenses because raw material was urgently ' v needed.- 'Had'it not'been that London 'brokers had orders • for Italy, merinos ■ : would probably have eased somewhat. As : it was, this description was Arm toharden'irig; superior merinoß being Id. to 2d. per ' lb. 'dearer at the close. ■■• ■•■■■■ ■' ■ , ''The'last auction was held on May -•,, though it would be better to-call it a distribution. All prices were fixed and printed in the catalogues. . The demand for crossbreds was laterfercd with by the fact that the Government had eiven the authorities, control over private Btocks. There'were considerable weights of these, largo purchases-having bceji. previously made against civil oTders. Yet if full opportunity had been granted, civilian- purchases would have, been much ; larger. The actual Quantity sold was small. -- - •: .. ..-;?' .-.-■-•-'.. ;: Wool; Supplies. question."which-has been frequently ' discussed-during; the past twelve months, and~ono-"tolwbich too" much importance ' cannot bo attached, is that of wool supplies. The'efforts, made at rationing tho ■: trade by the Army Council have in some i respects .proved unsatisfactory. They, have not been able to enforce all their own ' ideas and principles upon the trade, thanks '• to the determination shown by practical -I-j.trade leaders. At the same' time the ''"' k i>olioy they have followed has been' largely "~ 'justifiable. The number of working hours "'-'in mills waß curtailed on the pica- that ' flie quantity of raw material available - : was not sufficient to keep machinery fully .- occupied. This roused'-a storm of indigna- .. tion among spinners. Largely due to their agitation a Committee of Inquiry was ap- ... pointed, and upon the strength of their decision a return was made to nearly the ■'' - number of working hours which had been

" common before the war. One reason why the/Army Council were 1 tot on curtailing I reduction seems to •'. have been that they had in mind the ,•■ bjiildinp up of a large reserve of wool. -~ A certain perocnta!?c has been lost at sea. ~ though only a negligible one. anil from a J practical standpoint it seems as- if the idea of reserves has been carried to an '" extreme. The actual -carcity of tonnage "' 'has also had to be reckoned wjth,*fpnd it • 'in noticeable what a cti&nge has come about on this matter compared with the time when wool supplies first began 'Mo ... be considered. II- is now admitted without .... the slichte«t reservation thai the scarcity ''. ' of tonnaire is the 'onl reason why thb Department cannot sec their way to );t '." supplies go into consumption ninrp frcelv. At the present time there arn indications ■* that'.tho authorities are looking a Ion" way into the future, but- it 's to b" hoped that they will not. carry their ideas of reserve to an extreme, and thereby deprive the industry of much needed material for manufacturing purposes.

How the Trade has. benn Rationed. It is interesting to follow the course of events in connection with, wool rationing. The .Army Council arc masters of 'supplies, and upon their shoulders falls the duty of deciding what amount can bo allowed to jro into consumption during stated .periods. Other.■ -duties have been delegated to bodies of men appointed for the- purpose. At the time of writing wo have the Board or Control of Textile I'ro- \ duction. which ie the successor of two other bodies which fa'led to serve the trade satisfactorily. Tin's is perhaps putting the case in its bluntest form, for throughout the whole of the year the rationing committees have been largely at, the mercy of the Army Council. If the latter did not grant adequate supplies of raw material, it f( llowcd that the onantity of tons, yarns, etc., available " for spinners and manufacturers would not - he sufficient. The first- body constituted - vas the Central Advisory Committee. One charge brought airainst this was that it did not satisfactorily represent- the trade. Organisation-was taken out of the hands of traders and placed too niifh. in the care of permanent officials. The consc- " ouence was that ct.ro""- resent""-nf. w« «• pressed, and eventually an Advisory Panel - firmed, but, .t: this vn« really enmnos»d of the same men. and did not bring abeut the introduction of now personnel of the kind wanted, matters were not much im7>™vcd. The upshot v-as tlia f Hi» Wed. PJdin? spinners who have played such ' m leadinc,wt in ooposing-jthe l methods.of Ifhe'Tlepa-'monl. rose un and strongly demanded that, more satisfactory rcpresenta- ■'-~« f-t.*,i,t/( '-.. r,'--ni Tho Inpl result hn-j been that the Adv'sorv Pan»l rc?«cd t« c*ist as gich. and that the duties of ' the new organisation (the Board of Con- . ' trol). became more properly to he that, of supervising rations to Bpinners and manufacturers, For a, time machinery has

been kept running fairly satisfactorily by moans of the quantities of tops and yams which tho respective rationing oouimlttees nave given oui. The situation as it eiists at present has already been explained. The rationing committees have been ablo to work on a basis that supplies were adequate at least for the present number of hours which are being worked in mills, a return having been mado from the fortyfive hours imposed to fifty hours per week. The allocation periods up to tho end of November extended over three months, hut when the Board of Control met the Departmental officials to consider tho allocation from December 1 to March 31 the latter were not prepared to give an allocation sufficient to kcop machinery running. After further consideration between the two parties an amendment was made, hut even now the likelihood of keeping all machinery running full time is an exceedingly poor one. Already some handß have been dismissed, and though the reason for the curtailment of supplies is different, it looks as if the attitude of the Army Council as originally set forth will lie the dominating one. Treatment ol Merchants. So far as the wool trade is concerned merchants in all Departments have suffered severely. Wool merchants, buying brokers, vara merchants have all received like treatment, and it will ever remain a grievance that in critical times like the present the merchanting community in the wool trade were treated, with such great contempt, Indignation at this fact.has been al! the Btron?er because merchants in other businesses have been allowed to go on. No soction.-of the wool trnde coinmunitv has done more to develop the trade in. textiles than this, and when it is remembered that in spite of all the hardships which have had to be borne, thoHo with machinery have, owing to the huge military demands, been in a practically safe position, and have been able to make good profits, it has been exceedingly galling for the merchants to find themselves put-out of action almost entirely. Manufacturing Boom. As slated in the above paragraph Bpinners and manufacturers have, putting it hluntly, had the best end of the stick. Khaki and similar requirements have had to be catered for in increasing auantitiej. It is quite true that civilian business has stood a very poor chance, and the outlook for those whose machinery cannot be adapted for supplying military renuirements. or for selfish reasons have avowed them is anything but gootl. The war has brought an unprecedentedly highstandard of wages to the textile workers of. the West Riding. In spite of warnings about short supplies, • the pressure ; upon machinery has been very great indeed, and in more respects than one the year 1917 will stand out as a record.

Looking to the future, no one can say what is likely to happen. At the moment there is something in the. nature of depression largeljyduo to the attitude of tho authorities already outlined on the _matter of supnlies of wool. The end of the vear is alwavs-a time when things seem to fall somewhat flat but the great dee.;™ of the majority is for the nresent hostilities to lin victoriously ended. Even then there will be great, problems to face, and it will take a lone time before trade settles down into anything like lM own way A vast State machine has beer erected which it would be disastrous to null (Hm a-U a*, once, and yet the permanence of many of the restrictions which are now in force woutd mean that a heavy weight would be hanging upon the wheels of progress. .':'..

MASTERTON RAM FAIR

THE OFFICIAL REPORT.

Tho Associated Selling Brokers, comprising Messrs. A. J. Cooper and Co., Ltd., Dainty and Co., Ltd., Levin and Co., Ltd., New Zealand Loan, and Mercantile Agency Co., Ltd., Wright, Stephenson and C 0... Ltd., and the Wairarapa Farmers' Co-operative Association, Ltd., report that the annual ' ram fair, conducted under the auspices of the Master-ton A. and P. Association, was held at the Showgrounds on Thursday and Friday, a total entry of '2829 sheep being passed, through the ting, an increase of 600 as compared with last year. The attendance was largo on both days, particularly on Thursday,- when the ■ Romneys were offered. Buyers from a distance were prominent, comprising representatives from f-iisborne, Taranaki, Hawko's Bay, and the Main Trunk line, as well as Marlborough, West Coast, Otago, and Southland. In addition to the ordinary sale the seventh annual Roinney Jlai'sh Breeders' Association fair was also held on the first day, the entries comprising 44 sheep, but in the majority of cases the prices obtained were cims'iderablv lower than' realised bybreeders who sold their stud Romneys entered with the show in the -usual marker. Several extreme prices were obtained for both Romney and Lincoln ctuds, cspeciallv the former, and taken cs a whole the fair, can be described as the most successful of its kind held this season. Prices were as follow:—

Flock Romneys.—James M'Gregor, 19 1-shear, average 7Jgns.; E. Eglinton, 6 average 6 l-3gns.; G. AY. M'Kenzie, 19 1-shear, average Bgns.; Robert Buick, 10 1-shear, averago Sgns.; AY. Bayner,.l 1-shear, 21gns.; Smith Bros., 5 1-shcar, average 6gns.; Mrs. S. E. Holmes, 18 1-shear, average 63-gns.; A. E. Sandilands, 10 1-shear, average lOgns.; AV. M'Gregorj'2s 1shear, average 63gns.; AV. H. Kummer, 6 1-shear, average 3|gns.; AV. B. tvcmball, 2, 1-shear, average 6gns,; Taivera Estate, 15 1-shear, average 3gns.; \V. H. Buick, 6 1-shear, average 16J gns.; Hugh Campbell, 25 1-shear, average ojfgns.; E. L. Biddiford, 46 1-shear, average 17Jgns.; E. Short, 10 2-shear, avorage 13Jgns., 20 1-shear 16|gns.; H Gorringc, 19 1.-shea'r, average 18 gns.; J. C. M'Killop, 15 1-shear, average lOJgns.; E. E. Chamberlain, 23 1shear, average lOJgns.; Daysh Bros., 14 1-shear, average 13Jgns.; Blatchford Bros., 37 1-shear, average 15jj gns.; AV. E. Chamberlain, o 1-shear, average 9Jgns.; Hon. E. Mitchelson, 10 1-shear, average 13Jgns.; James Knight, 4 1-shear, average 23gns.;' Charles "Wagland, 25 1-shear, average 22J-gns.; Percy Bros., 30 1-shear, average 20Jgns.; Murdoch M'Leod, 25 1shear, average 6gns.; AV. Perry, 19 1shear, average 18Jgns.; Quentin Donald, 5 1-shear, average 29gns.; A. and .]. Gray, 51-shear, average 17gns.; John H'Lcocl, 5 2-shear, averago 15gns., 3o 1-shear 17?gns.; W. J. Jacobs, 4 1shear, average 30gns.; !'• Meonkin, 4 1-shear, average ' 4gns.; Robert M'Leod, 25 1-shear, average Bgus.; A. R Fannin, 10 1-shear, average 12| gns.; B. F. Gray, 10 1-shear, avorage 19}gns.; estate of late C. B. Hid-' will, 20 1-shear, Signs.; Moore Bros., 8 1-shear, average 13jfgns. Stud Bomncy Bams.—A. E. bamlilands, 44gns., 27gns., 21gns.; AVm. Gibson, 26gns., 22gus., 20gns.; E. E'dintoii, SlSgns., 70gns., Signs., SOgns. 1 4-shear, 30gns.; AV. Bayner, lSOcns., OOgns., 55gns.; Jas. M'Gre-t-or? 23gns.; A. P. Southey, 40gns.; Jas. Knigh't. 43! ins., 16gns.; Clias. Wagland, 122gus., 98gns., 82gns., 66gns., 55gns., SOgns., 47gns., 41gns., 39gns., 35gns., 30gns., 26gns., 25gns., 52g'ns.; Bland Rayner, 46gns.; A\ ■ Perry (2-shcar), OOgns., shearlings, 270gns., 56gns., 35;;n5., 30gns.; Quonton Donald, 67gns., Glgns., 41gns., 40gns., 32gns.; AV. J. Jacobs, SOgns., SOgns., 23gns., 20gns. Stud Rotunev Bams (sold under auspices nf the Roinncy Marsh Breeders' Association)—A. It. Fannin, Signs.; Hon. E. Mitchelson, 27gns., 2(igns., 21gns.; 17gns.; A. E. Sandilands, 42gns.,20gns.; W. J. Jacobs, 71gns., 42gns.; G, E. Allan, 83gns., SOgns., •ISgns., 35gus., 25gns.; AV. Rayner, sSgns., 39gns., 31gns., 29gns.; A. and J. Grav, OOgns., SOgns.. 40gns., SOgns., 29gns.'; Jas. Knight, 38gns., 27gns., 26gns., 24gns.; Ouentui Donald, 43gns., 40gns., 35gns., 32pns. Stud Lincoln Bams.—F. M. Reynolds (2-sliear), 21gns., 20gns., 15gns.; Bland Rayner (l-ehear), lOOgns., 75gns., JiSgus., (2-shcar), 25gns.-, A. E. Anderson (2-shear), 20gns.; Howard Booth (1-shear), 70gns., 30gns., 25gns., 20gns.; AV. Rayner (1-shear), lOOgns., 40gns., 35gns., 25gns., 20gns.j ,AV.

Perry (2-«heur)j oijgns.; T. .1!. Taylor (1-shear)., Ifigns.; JViTy Bros, (l-xlionr), 40gns.; ].''. Kvans (1-sbcar), lfens.; J. W. Coinnton (l-shear), Slum.

Stud Southdown Bams.—Howard Booth, 18gns., liigns.; James Knight, SOgns., 48gus., 4lgn?., Signs., 2ogns., •Signs., lOgns.

Flock Lincoln Hams.—Sir Walter Buchanan, If) ]-shear, average llgns.; Mrs.\M. 51. Berry, 20 1-shear, average Signs'.; Jas: Macara, -If) 1-shear, averago ogtis.; Donald Estate, .10 1-shear, average lolgns.. H. G. Dalziell, 135 Islicar, average 4Jgiiß.; 11. Mirldloton, 40 1-shear, average 12gns.; P. 0. M'Lachlan, o 1-shear, average 13!gns.; F. M. Reynolds, 6 1-shear, average 20gns.; Bland Hayner, 5 1-shear, average lCJgns.; T.R. Taylor, 10 1-shear, avernge lfijgns.; Percy Bros., SO 1-shear. average 22gns.; V. Evans, 2 1-shcar average ITJgns,; A. .15. Anderson, 81sliear, average lGjJgns.; J. \V. C'oniptoiij 1 1-shenr, average 2"gns.; AV. Rayner. ]•) 1-shear, average 14}gns.; estate, of late D. M'firegor, 10 1-shear, average 183E115.

Flock Lincoln Ewes.— Bland ITaynor, 15 1-shear, nvernge njens.

Flock Southdown Rams. — Jim. Strang, 39 1-shear, average 3gus.; H. Falloon, 5 1-shear, average 4,tgns.; Ross Bins., 15 I-shear, average 4gns. s Howard Booth. 15 1-shear. * average ojgns.; "Peter Cooper, 40 l-shear. average Signs.; Geo Gardner, 20 2-shear, average •I'.trns., 97 1-shear, 4gns..; T. Reid, 14 '1-shear, average 2Jgns.; K. T. Hume, 9 1-sheat', average 3igns.; W. J. Jenkins, 30 1-shear, average 2-lgns.: A. looker, 5 1-.shear, average 3gns.: Jas. 'Bonrke. 15 1-shear, average 2Jgns.: I). M'Laclilvn, 8 1-shear, average 4gns.: Chas. Wapland. 10 1shear, 3Jgns.; Robert Buick, 11 1-sliear, average 2gns.; W. Rayner, 26 1-sliear. average 2sgns.: A. and J. Gray, 5 1-shear, average 2Jgns.

THE CHAFF MARKET

IMPOETATIONS FROM MELBOURNE. Consequent upon the high prices ruling lor chaff, and partly perhaps owing to the higher prices farmers expect, local merchants are beginning to look abroad for supplies. The present prices for local chaff (prime quality) range from £7 10s. to £9 per ton. One quotation received from Blenheim within the last few days was £7 10s., sacks extra. The qualification puts another £1 per' ton on to the price, and on top of that freight, wharfage, and cartage havo to be charged. Another quote from Marton was £9 f.0.r., sacks in. Melbourne can supply good chaff at £o, and the price landed here would be £8 per ton approximately. The Melbourne chaff is compressed into bales under hydraulic pressure, and, therefore, sacks are no consideration. The chaff, on being brokon out, disintegrates easily. The renge of prices for chaff in 1912-13 was from £4 10s. to so that the pi ice may be said to have doubled since the war—a factor in popularising motor traffic wherever it is possible in place of horse traction.

HIGH COMMISSIONER'S - MARKET REPORT

The Department of Agriculture, Industries, and Commerce has received tht, following cablegram, dated London, February 23, froni,the High Commissioner for New Zealand. (Note: Quotations, unless otherwise specified, are average market prices on spot}: — Meat.—Meat continues in active demand, market poorly supplied. Supply falls short of the demand. Supplies consist chiefly of New .Zealand and Argentine lamb, each Hid.; U.S. frozen beef, Argentine and Brazilian- 1 chilled beef, in each case selling at hinds lljd., fores !Hd.

Butter and Cheese. —No change since last reports In active demand with short supplies.

Wheat.—Business is curtailed owing to the absence of offers for account of Government. Official quotations have not changed. No. 2 Northern Manitoba and No. 2 Hard Winter, 765. jOats. —Market firm especially for landed. American white, 61s. Gel. (mutilated word here); Western Canadian, 635. . Hemp.—Manila and New Zealand market quiet but firm.

WHOLESALE PRODUCE PRICES

Messrs. Laery and Co., Ltd., Allen Street, report wholesale prices as follow : —Feed barley, ss. 6d. per bushel; maize, feed, 6s. lOd. to 7s. per bushel; crushed maize, 7s. 2d. p'er bushel; oats, seed, machine-dressed, os. per bushel; oats, feed, 4s. 9d. to 4s. lOd. per bushel; oats, Dun, 4s. 10(1 to os. per bushel; chaff, oatsheaf, £9 to £9 os. per ton (sacks in); hay, meadow, £5 10s. per ton'; flour, in sacks, £16 10s. per ton; Cowslip calf meal, 100's, £19 10s. per ton; oatmeal, 25's, £22 per ton; fowls, 3s. to ss. per pair; ducks, ss. to Bs. per pair; butter (pound pats), Is. to Is. 2d. 'b.; butter (prime bulk), Is. Id. to Is. 2d. per lb.; eggs, fresh, Is. lOd. to 2s. 3d; per dozen; turkeys, 10d. to Is. 2d. per lb. (dead weight), dressed pork (choice), 70's to 90's, BJd. per lb.; 90's to 100's, Bd. per lb.; bacon pigs, choice, 7Jd. to 8(1. per lb.: choppers (heavy), sd.' to 6d. per lb.; beeswax, Is. fid. per lb.; bacon (all best factory)— Sides, Is. 2d. per lb.; rolls, Is. 3d. per lb.; hums,.ls. 3d. per lb.; shoulders, Is. per lb.; cheese (factory), medium, lOd. per jb.; linseed meal— 100's, £12 10s. per'ton; whole linseed, 235. per cwt.; rice meal, £8 to £8 10s. per ton; onions, £8 per ton. Potatoes— Tjncal, choice. £7 to £9 per ton; good; £6 per ton; Canterbury-grown, £6 10s. per ton (sacks included).

LIVE STOCK SALES

Messrs. Dalgely and Co., Ltd., report having; held their weekly stock sale at the Miller's Road yards. Danuevirke. on February 22. There was a big yarding of sheep, and buyerß attended from all parts v>f the district. Although the bidding was inclined to be dull, practically everything wo had sold under the lannner at satisfactory prices. Quotations:—379 m.s. twotooths, 255. Id.; aged ewes, from Us. 6d. te 193.; lambs, small, from 4s. to 10s. Cattle: Yearling steers, £6.

The New Zealand Loan and Mercantile Agency Co., Ltd.. report, that at. their I'ahautanui sale on Friday tiiey offered nearly 3000 sheep and a largo number of cattle to a fair attendance. Bidding was good for all classes of stock that carried fair condition, hut low-conditioned stock was neglected. The following ore. some of the prices obtained:-30.5 four-year ewes, ollercd on account Mr. J. S. Smith, realised 335. 2d.; 125 f.m. ewes offered on account Mr. Charles Gray realised 30s. Bd.; two-tooth ewes, 355. Id.; two-tooth wethers, 245. Id. to 245. Id-: medium two-tooth wethers, 20s. 10d.; forward ewes and wet.liers, 275. 3d. ti>. 28s. 4d.; mixed-age ewes, 20s. 9d-.; medium f.m. ewes, 15b.; five-year owes (low .condition). Us.; cull ewes, 7s. Id.; lambs, 13s. 7d, to 15s. 10d.; cull lambs, (is. 3d.; f.m. rams, 18s.; two-year steers, £9 35.; bulls (small), £6 to £6 155.; springing cows. £10 to £11; forward cows, £9 10s.

The New Zealand Loan and Mercantile Agency Co.. Ltd.,.report that at their Upper Kntt. yards on Thursday they ollercd n, large yarding of both sheep and cattleto a fair attendance Bidding was good for all classes of stock, and they had a clearance at following prices:—Two-tooth Ronmey rams, offered on account- McsErs. E. and L. Russell, 5 lo Cgns.; mixed age ewes, fair condition, to 225. Id.; medium f.m. ewes, 175.; cull ewes, low condition, Ws. 9d. to lis. 10d.; medium lambs. 14s. 6d., 14s. 10d.' to 155.; small lambs, 9s. 9d. to lis. 10d.; cull lambs, 7s. Bd. to Bs. 2d.; shorn lambs, 12s. Id.; b.f. lambs, 14s. Cd.; two-tooth wethers (small), 18s.; cull twotooths. 13s. 6d.; f.m. rams, 20s. to 235. 5d.; potters, 15s. to 15s. 6d.; forward empty heifers, £9 !os. to £9 :65.; fat and forward cows, £10 10s.; forward cows, £9 to £10; medium condition cows, £7 to £8 55.; dairy bulls, £7 17s. 6d. to £10.; potters, to £14 10s.: t.wo-ycnr steers, mixed colours, £9; yearling steers, mixed colours, to £5 55.; iwcaner steers. £3 12s. 6d. to £4 Is.; eightecn-montns heifers, r.w.b., £6 11b. 9d.; springing heifers, £10.

Messrs. Abraham and Williams, Ltd., report:—At Pahautanui on Friday we yarded a heavy entry of phecp, and practically all lots were successfully disposed of at auction after fair competition:—Quotations: Four-tooth wethers, 30s. 2d., 31s. 3d.; two-tooth wethers, 275. fid.: four and six-tooth ewes, 305.; small two-tooths, 205.. 20s. 9d.. 235.; s.m. ewes, 205.. 225., 255.; cull ewes, 9s. j medium lambs, )3s. 10d„ Un. Bd.; email lambs, lis.; cull lambs, ,45., 65,, Bb, 6d.

Messrs. Abraham and Williams, Ltd.. rcport.:—ln conjunction with the other firms we held our annual sheep fair al, Peilding on Friday, when there was yarded approximately 1-5,000 sheep, of which we offered 7000 head. Tho sale had an excellent tone throughout, and in some cases the prices realised were belter 'his year than last Owing to shortage of trucks some of our lines did not arrive. Quoln-tions:-On account Mr. 0. V. Johnston, 165 two-tooth cwi'Si He. 9d.: 169 wethers, 295. 3d.; account 0. K. Johnston. 350 four and five-year ewes. 305.; account W. H. Gaisford. 310 five-year ewe?, 31s. 3d.; account R. W. Smith. 244 two-tooth ewes, 315.; 259 two-tooth ewes, 305.; account \V. G. Short, 164 two-tooth ewes, 245.; 119 four and sixtooth .'\\vs, 305.: 140 four and five-year ewes. 285.; 64 two-tooth ewes. 265. 6d.; 65 two-tooth cvts, 155.; account Short and Sons, Ltd., 274 five-year ewes, 305.; account E. YV. Haycock, 122 four-tooth ewes, 295. 9d.; account W. Dawbin, 140 two-tooth ewes, 515.; account A. A. Narby. 118 fiveyear ewes, 255. 6d.; 386 five-year ewes, 275.; account L. Pleasants, 57 four-year ewes, 225. 3d.; account G. Hobbs, 370 ewes, 275.; account-J. Robertson, 246 four and sixtooth ewes, 305.; account Fairfield Thomnson. 131 ewes, 235.; 147 lambs, 14s. 4d.; 73 lambs, 9s. Id.; account 0. H. Handley, 400 lambs lb, 3d.; 222 lambs, l.'s. \d.; 75 lambs. ss. 2d.

COMMERCIAL ITEMS

INVESTMENT SHARES. Yesterday's quotations for investment shares were as follow:— Buyers. Sellers. £ s. d. £ s. d. National Bank 5 7 0 5 10 0 Bank N.Z. (old) - 12 9 0 Bank N.Z. (new) - 1710 0 Union Bank 54 5 0 — N.Z. Loan and Mer. (ord.) 8110 0 N.Z. and R. Plate 1 16 6 Well. Trust and Loan .. — 516 0 National Insurance 3 0 0 — N.Z. Insurance 8 6 0 — Gear Meat (£1) 4 16 0 - Auckland Trams (ord.) ..106 — Huddart-Parker (ord.) ... 117 6 — Union Steam (ord.) 3 2 6 — Union Steam (prof.) 110 — Well. Woollen (ord.) 6 15 0 - Well. WooI!:n (pref.) 4 5 0 - Wcstport Coal ..'. - 1 11 0 N.Z. Paper Mills 0 19 3 Sharland's (ord.) •••"■■■■'■• 1 ' 5 . - Cmtoms duties collected at the port of Wellington yesterday amounted to £4733 lis. lid.

MINING NEWS

WELINGTON SHARE MARKET. The quotations yesterday for mining shares were as under:— Buyers. hellers. £ a. d. £ <■ d. Talisman - 010 0 Grand Junction 0 13 11 —

STOCK EXCHANGE. By Telegraph—Press Association. Auckland, February 25. Stock Exchange sales: Bank of New Zealand, £12 Bs.; South British Insurance, £5 195.; Huddart-Parker, 38s. 3d. and 38s. Id.; Auckland Gas (cont.), 19s. 6d. : Waipa Collieries, 17s. 6d. Dunedln, February 25. Sales: Huddart-Parker, 385., 385.; New Zealand Insurance, 485.; Papuan Products, 3a.. 3s. Sales reported: New Zealand l?e----fricerating. 40s. 3d.; Wailu Grand Junction. 14s. 7d.; Bank of New Zealand (old), £12 Bs. '