FARMING & COMMERCIAL

Dominion, Volume 14, Issue 144, 14 March 1921, Page 8

FARMING & COMMERCIAL

NEWS AND NOTES

AUCTION SALES FORTHCOMING FIXTURES. TO-DAY. Courtenay Place. Wellington, 12.30 p.m.— Salo of boots (C. W. Price and Co.). 157 Lambton Quay, Wellington, 2 p.m.— Sale of fur coats (Johnston and Co.). TO-MORROW. Tahi Street, Miramar, 11 a.m.— Property sale (8. G. Nathan and Co.). Levin Yards. 12 noon—Stock sale. 195 Lambton Quay, Wellington, 2.30 p.m.— Sale of poultry farm (Harcourt and Co.). WEDNESDAY. Waikanae Yards, 12 noon.—Stock sale. Totara Flat Yards, 1 p.m.—Land sale (Dalgety and Co.). 151 Lambton Quay, Wellington, 2.30 p.m.— Property sale (A. L. Wilson and Co.). 105 Customhouse Quay. Wellington, 2.30 p.m.—Property sale £S. G. Nathan and Co.). YORKSHIRE LETTER THE LINES ON WHICH BUSINESS WILL DEVELOP (From Our Special Correspondent.) Bradford, January 13 To all appearance things are moving in tho textile world across the Atlantic much quicker than they are ffiere. At any rate, the cable information sent by the American Woollen Company to the effect that they have reduced employees' wages 221 per cent will probably give mill operatives in this country something to think about. It is taken in many quarters to be the straw indicating the force and direction of the stream, and evidence has accumulated during 'the past month that before there can be any real improvement in the wool textile trade of this country, costs of production will have to be lowered. The last advance in wages ought never to have taken place, and if masters had not commit tel themselves, but waited another week, the all-round advance of 10 per cent, would never have been granted. It is expected that the Board of Trade figures will show reduced costs of living, but apart from that the majority aro convinced that before there can be any improvement in trade, mill costs will have to decline 20 to 25 per cent. This becomes more apparent ms weeks go by. Wholesale piece merchants have to a large extent, made up their mind that they are not going to pay more than Ils. 6d. to 12s. per yard for an 18oz. worsted botany serge. This is the clothing which was sold by manufacturers in prewar times at ss. (id. This very same cloth rose last March as high as 335. per yard, and where stocks abound they can be bought at 14s. to-day, .probably a little less. But this does not satisfy wholesale houses, and there is to-day among wholesale piece merchants and export houses quite a strong opinion that they will have to produce cloths at no more than 12s. per yard if business is to be done. Manufacturers on- the other hand frankly assert that it cannot be done. ’ With this we are inclined to agree, but a reduction in wages as outlined would make this possible to-day. There is reason for saying that if mills could be started to-day full time in the West Riding it would not be difficult to induce all operatives to accept a lower standard of payment The writer is convinced that this will have to come about before there can be any hope of mills restarting a 18-hour week, and the sooner manufacturers can offer pieces on the basis named the better it will he for both employers and employees.

Improving Trade With America. Last year a sensibly improved trade was dene between Bradford and the Unitbed States, the year’s total being £8,872.437, compared with .£5.010.213 in 1919. The bulk of the business was done during the first half of the vear. when heavy shipments were made both of wool and its products. In autumn things fell off considerably, and declined right to November, when last month considerable shipments were made of wool, tops, noils, and wastes. It is understood that the Republican Party has made a definite. move for an increased tariff, and tho old erv of America for Americans has been revived in good earnest. It is now freely stated that before tho American textile industry can hope for permanent revival the importation of European textiles must be prohibited. With this end in view an exigency tariff is mooted, which is expected to Come into operation in the course of a few months, that is before a new tariff is actually passed. This has already given rise to considerable speculation, and it is understood that several buyers -have received o-’darw to purchase fair quantities of good combing merino wool at the current series of London sales. In addition it. is understood that considerable orders have been received for raw and semi-manufactured articles, hence there is hope of some fairly big shipments being made during the next fow months. If so, they will be in anticipation nf the higher rates which are expected The Australian Scheme. It has now been officially stated that ■ | the British Australian realisation scheme is to go through, and in the opinion of Sir Arthur Goldfinch it will work to the advantage of both Australia and the textile trade of this country. In some quarters there continues to be a good deal of dust raised because 1.800,0(10 bales of t ßritish-owned wool should lie handed over to a new association to do what they liked with it. Of course, the entire scheme is going to.be financed with profits. arising out of the, sale of Australasian wool in Coleman Street. It is not the cash value that has concerned the trade, so much as placing in the hands of growers a power which they never possessed before, and which some fear may be used to the injury, of Great Britain's textile trade. So long as markets are supplied with plenty of wool, and reserves on wool in London are on a world parity, everybody will be able to buy all they want. There may be behind tho whole thing a move to bring the combined buying power of the manufacturing world to Australian markets, with, a view to lifting the current new clip, but we are definitely told that London sales are to be continued. That being so. wool must be offered and the reserves brought down to a. reasonable market level. The writer only hopes that the wrong end of the trade is not being emphasised. All markets to-day are uimply floundering in the slough of despond, and much as everybody desires to see a better state of affairs, it is readily conceded that any permanent im.provement must now come from the piece end of the trade. Not until tho present large stocks aro moved on to the ■ictual consumer and a lower selling basis for piece goods established than obtains to-day, is there likely to be any extended demand for raw wool. There is still a lack of confidence in the future of business, and this can only be revived by the receipt of important new orders for piece goods on the lines already outlined. Crossbreds Cheap. The sales of new clip wool which are new proceeding in New Zealand remind one forcibly of 1901-02, when New Zealand greasy crossbred fleece was selling in i London at 3Jd. per lb. That was a time | when it did not pay to grow wml, and ! when banking establishments in the .Do- I minion advanced more on shipments . than was afterwards realised in Coleman i Street Wool Exchange. Messrs. Dalgoty- i and Co., Ltd., have published a cable- ; gram from their Napier branch in which they say that, prices for 40-44’f I fleece wools in the grease ruled from 41 d. I

to 7d.; sO’», 10(1. to 13d.; 56’*, 12d. to 15Jd.; and pieces below 50’s, 3d. to Slid.; while bellies below 50’s actually sold at 2d, to 4Jd. per lb. Surely these values are low enough for anybody, and if there was any trade doing at all it would pay any user to put his last dollar into this class of stock. And yet there are those who frankly state that we shall see still lower values! It is to be hoped not. Those who have buying limits out in New Zealand have been informed by cable this week that if they want wool they must raise their limits by Id. per clean scoured lb. That is the position to-day, 40’s preparing wool having been bought in Buenos Ayres to be landed at Liverpool on a clean basis of lOd. per lb. Such a price should satisfy even the keenest 'buyer, and itl will be good for neither grower nor users to see crossbred prices rule on a lower level. It is patent that the textile world to-day is not suffering because of dear wool. It is suffering more from dear pieces, and getting rid of the present dear stocks of fabrics would soon pave the way for a bigger movement in wool, with tops and yarns quickly following. If only wages could be increased, not by a higher basis of payment, but by a lower basis accompanied by an increased amount of work for all operatives, and if Continental exchanges would become more normal, the position of the textile industry of the entire world would be vastly improved. London Sales Opening. Another series of London sales began last Tuesday. There was the usual large attendance of buyers, and more than ordinary interest was shown in the event, but the attitude of tho Government on the question of reserve limits created great disappointment, wool again being withdrawn at prices which were often 6d. per lb. more than buyers were prepared to pay. This meant that the valuing done before the sale was useless, and before tho sale was over Sir W. P. Raynor rose to make a protest. He stated that the sales were a farce, and not only those present in the sale room, but also every practical member of the trade will agree with him. It is now felt that the sole purpose of the British-Australian wool realisation scheme is to boycott the London sales, and to compel users to go to Australia for further supplies.

MASTERTON A. AND P. ASSOCIATION

AGRICULTURAL EXPERIMENTS. By Telegraph.—Special Correspondent Masterton, March 12.

The monthly meeting of the Masterton A. and P. Association was held on Saturday, Mr. W. H. Buick presiding. A motion of sympathy with the relatives of tho late Mr. J. Kilminster, formerly caretaker of the showgrounds, was passed. . , With reference to agricultural experiments, the Chilian Nitrate Committee, of Sydney, wrote suggesting that one of tho experimental plots on Messrs. G. E. Allan’s and C. Reid’s properties should bo reserved for experimenting with nitrate of soda, to be supplied free. The letter went on to state that tho committee was prepared to offer a prize: of £3 3s. to be increased to £4 4s. in the event of there being six or more competitors, the balance to form a second prize for a junior competition, in the growing of wheat, oats, mangolds, hay, or pastures. The letter was referred to a sub-commit-tee to deal with. Mr. W. Perry moved that the subcommittee be empowered to meet a committee of the Farmers’ Union and draw up definite suggestions for the conduct of agricultural experiments, a report to be submitted to the next meeting. The motion was carried.

The Department of Agriculture wrote, stating that the Shaw, Savill, and Albion Company had arranged for a steamer to call at Monte Video and carry fruit and live stock, provided sufficient inducement were offered. The steamer was expected to leave New Zealand about March 21, and the Tates of freight io bo charged would be Bs. 2d. per case for fruit, and £2l per head for sheep. The letter was received, it being pointed out that the rates for both fruit and slrcep were too high for practical purposes. Mr. IT. H. Evans asked why the dog trials were not held on Ihe second day as advertised. The trials could easily have been held when the judges of the jumping-events were at lunch. Mr. A. A. Cameron eupported Mr. Evans. He said that it seemed to him that the association was doing its best, to do away with dog trials. If there rias not time to hold the trials in the ring, then they should 'be held in a paddock near the ring. After some discussion, it was resolved that Messrs. Evans and Cameron place their suggestions in the suggestion book. A resolution was carried thanking the police, the Railway Department, and the show stewards for the manner in which the show traffic, etc., had been controlled. Messrs. C. F. Vallance, G. H. Perry, and G. C .Williams were appointed a committee to report to the next meeting regarding the replacing of the Buick Memorial Cup for jumping. The cup was won outright by Mr. C. C. Hassall. Twenty-four new members were elected. The treasurer reported that the receipts for the recent show totalled .£1923, and the expenditure £1776.. leaving a profit of £14.7. Tho balance-sheet ■ for last vear’s dhow showed a loss of £356. In consideration of the satisfactory manner in which the secretary. Mr. R. H. Williams, had conducted the show and ram fair, he was granted a bonus of £25, and. on the motion of Mr. G. H. Perry, a resolution of appreciation of the secretary’s services was carried. It was resolved not to change tho dav of the meeting until after the half-holi-day poll in April. BUTTER AND CHEESE GOVERNAIENT STOCKS TO BE SOLD (Rec. March 1 3, 5.5 p.m.) London, March 12. The Food Ministry has announced after April 1 the remaining stocks of Government butter will lie disposed of Uy the Board of Trade, on the advice of a committee representative of traders and officials, by outright sales at ex store prices aceording to quality. Tho Ministry is now offering certain grades and qualities which' are unsuitable for general distribution at 180 s. to 2305. with all faults. The cheese market is firm. .Coloured sorts a.ro scarce. New Zealand is quoted at 158 s. to 16'2-9., and Australian at. 1525. to 158 s. White Is unchanged in price — Aus.-N.Z. Cable Assn.

KNAPDALE DISPERSAL SALE

Messrs. Wright. Stephenson and Co. Ltd., in conjunction with Messrs. J. E. Watson and Co.. Ltd., report having held a very successful sale of the Knapdole stock and farming plant at the homestead on Wednesday. The weather was beautifully fine, and there was a very large attendance of buyers from all over the Dominion. a» well as representatives from Australia. The manager of the estate had everything In excellent order, and the sale went, with a swing from beginning to end Ihe ton price of the day was secured for the im ported bull Cudham Pure Gohl, which was secured by Messrs. J. and M. Miller, of Whaimarci The two-year-old heifer Knnndale .roseplline was secured bv Mr. Anthony Ifordcn, of Sydney, at 2tO c ne. Lot 32 Knnpdalc Ten Ro=e (sire Diamond Prince, dam Grecnhill Tea. Rosel, '■•as so eured by Mr. J. A. Johnstone, of Bnslmy Park at 159gns. The Romney sheen realised IBJgns. to ssgns. for rams. sgns. to 2ens. for ram lambs. Signs, to 2gns. for the one. two. and three-shear ewes, tnm ewe lambs brought from 2Jgns. down to llgns. The horses, implements, and sundries brought, full market rates.

The following are the principal sales:— Devonvalc Queen sth and calf, Mr. 1. 11. Mee, Becks, 12gns.; Maraekakaho Royal Queen, Mr. Donald Macdonald, Mendale 20gns.; her red bull calf, by Diamond Prince, Mr. Donald Macdonald. Edcndale, 24gns.; Knapdalc Cherry Queen 6th, Mr. Tasman Smith, Ma Waro lOgns.; her calf, Mr. Tasman Smith, Ma W aro, 21gns ; Te Auto Rose 42nd, Messrs. J. and W. Miller Auckland, 66gns.; her calf, Messrs. J. and W. Miller, Signs.; Maraekakaho l’lo'« r » Gem, Mr. Leonard White. Rakaia, BOgns., her calf, Messrs. A. M’Nichol and Co-, Auckland, 93gns.; Keir Josephine, Mr. WO. M’Kellar, Hampden, 130gns.; her calf, Mi. Donald Macdonald, Edcndale, 50gns.; white heifer calf, by Diamond Prince, dam MIDBome, Bold to Mr. W. O. M'Kellar, 57gns.; Blendsville Coax 36th, Mr. Leonard White. Rakaia, 82gns.; her red heifer calf, Mr. J. W. Blair. Outram, l<Rna: Maraekakaho Herald’-s Princess, Mr. I. IlMee. Becks, 38gns.; her calf, Messrs. AM'Nichol and Co., Auckland, 28gns.; Greenhill May Queen, Mr. W. Black, Waihoa Downs- Waimate, 30jd8.; Grceuhill J?ca Rose Ist, Mr. J. Lockhead. Kaitanwvta, 48gus.; her roan bull calf, Mr. G. F. Johnston, Gore, 46gns.; Maraekakaho Roan Rose, Mr. W. Black, Waihoa Downs. Waimate, 30gns.; her heifer calf, Mr. B. black, Waihoa Downs, 17}gns.; Lady Rose, Mr J. Lookhead, Kaitangata, 32gns.; her hmfer calf, Mr. J. W. Blair, Outram, Signs.; Ivy May 2nd, Mr. H. H. Clarke, Barnegq, llgns.; her calf, Mr. Geo. Pinckney, Waskaia. llgns.; Cherry Queen 7th, Mr. H H. Clarke, Barnego, 14gns.; her calf, Mr. David Bryce, Lovell’s Flat. 30gjis; Golden Queen, Messrs. J. and W. Miller, Auckland, 27gns.; her calf. Mr. T. 11. Mee, Becks, 40gns.; Knapdalc Rose, Mr. J. A. Johnstone, Palmerston. 45gns.; KnaPdale Tea Rose, Mr. J. A. Johnstone, Palmerston, 130gns ; her calf, Mr. J. A. Johnstone, Palmerston, 50gns.; Knapdale Cherry Queen Sth, Mr. H. n. Clarke. Barnego, 14gns.; her calf, Mr. J- Carruthers. l-.au-ngatua, 16gns.; Knapdalc May Queen, Air. H. H. Clarke. Barnego. 17gus.: Knapdalc Cherry Queen 9th. Messrs. A. M Nichol and Co., Auckland, lOgns.; her calf. Messrs. A. M'Nichol and Co.. 7gns.: Knapdale Diamond Princess, Messrs. A. M Nichol and Co. 171gns.; her calf, Mr. A. Harvey, Maitland, lOgns.; Knapdale Ivy May and her calf. Mr. J. A. Johnstone. Bushey Park. Palmerston, Signs.; Knapdalc Winsome. Mr. W. O. M'Kellar. Hampden. 70gns.; Knapdalc Bridesmaid, Messrs. A. M Nichol end Co., Auckland, 46gns ; Knapdale Josephine. Mr. Anthony Hordern Sydney. flOgns.: Knapdalc Ivy Mav 4th. MessrA. M'Nichol and Co., Auckland Zogns., Knapdalc Diamond Queen. Mr. J. H. 1 annett. Springston. Signs.: Ellesmere Lady Darlington. Mr. W. Nixon, 36gns ; Knapdalc Cherry Queen, Mr. Tasman Smith; Ma Waro 13gns.; Knapdalc Diamond Princess, Mr K. G. M'Kenzie. Fortrose, 30gns.; Knapdale Tea Rose 2nd, Mr. J. A. Johnstone. Bushey Park, 50gns.; Knapdale May Queen 3rd, Messrs. A. M Nichol and Co , Auckland, 20gns.; Knapdale Ivy May sth. Mr. J. A. Johnstone, Bushey Park. 65sns.. Diamond Prince, Mr. A. Campbell, M yndham 85gns.: Cudham Pure Gold, Messis. J. and W. Miller, Auckland, 450gns.; Knapdale Jealous Mac. Messrs. A. M Nichol and Co, Auckland. 32cn.5.: Knapdale Diamond Crown. Mrs. Wood, Beaumont, 42gns. Stud rams: Stud ram, aged, 131gns., Mr. A Noble Gore; three-shear stud rain, Signs.. Mrs. Herron, Waikaka; Htud ram, one-shear, 13gps., Mr. Donald Bruce, Otama: stud ram, one-shear. 181gns„ Mr. T H. Mee, Becks: stud ram. one-shear, liens’ Mr A. Macdonald, Cftakarama; two stud rams, at Signs., Mr. J. Edwards Otakarama: three one-shear rams at 9igns„ Mr. R. H. Gerdyne. Waikaka: three oneBheaT rams, at Signs., Mr. J. Turnbull, Waikaka: one stud ram lamb, sgns.. Mr. M. It. Lawlor. Gore; one stud ram lamb. SSgns., Mrs. Herron, WkiKaTta: two stud ram lambs, at Signs., Mr. Tasman Smith, Ata Waro: two stud ram lambs, at 2gns., Mr. Tasman Smith, Ma Waro; five ram lambs, at liens., Mr. Donald Bruce, Otaina: five ram lambs, at 2gns.. Mr. Donald Bruce. Otama. Stud ewes: Five one-shear ewes, at 3gns„ Mr IT. Stirling. Fortrose; 10 ditto, at SArdb., IL Stirling. Fortrose: 10 ditto, at 2gns.. Mr. R. Crombie, Otaniita: 10 ditto, at 2igns Mr. J. Turnbull. Waikaka; 15 ditto, at 2gns.. Mr. R. Crombie, Otaniita; 10 twoHhear ewes, at 3igns., Mr. J. King, Glydevale; 10 ditto at. 2jgns. Mr. W. . Y. Bmkie. Mataura: 10 ditto at 2gns., Mr. W. A. Dickie. Mataura; 10 three-shrar ewes, at Sens.. Mr. Harry Smith. Waikaka. A alley. 10 four-shear ewes, at liens.. Mr. John Turnbull, Waikaka: 28 full-mouth ewes, at llgns., Mr. R. J. Potter, Pukerau; eight ewe lambs, at 2ipns. Mr. Peter Spn, Crookston: 20 ditto, at llgns., Mr. H. Smith. Waikaka Valiev: 21 ditto, at llgns., Mr. J. Turnbull, Waikaka. Horses: Bay golding. 6yrs„ £45, Mr. J. Patrick. Outram: ditto, Byrs., £27, Mr. H. H. Lawlor Gore; ditto. 3yrs.. £59, Mr. .1. Patrick. Outram; ditto, 3yrs £32. Mr. M. R. Lawlor. Gore: ditto, aged, £l3. Mr. 11. Smith. Waikaka Valley; ditto, Byrs., X3l, Mr. J. Patrick. Outram; hay niar**. *yre., £53. Messrs. Cumming Bros., Waikaka Valley; bay mare, aged. £l3, Mr A. Hobbs, Balfour: yearling gelding. £l4, Hr <»- Patrick Balclutha-

WOOL SALES AT ANTWERP

(Rec. March 13, 5.5 p.m.) Antwerp, March 12.

Ten thousand bales of Australian wool were offered at the sales here, and five ' thousand were sold. ' There was good competition. The prices at the last sales in London were firmly maintained. —Aus.N.Z. Cable Assn. LIVE BTCCK SALES The New Zealand Loan and Mercantile Agency Co.. Ltd., report on their Alfredton sale, held on Friday:—We had a large entry of sheep, which we offered to a big attendance of farmers and buyers, representing Wairarapa. Forty-milc Bush, and Manawatii; Prices were, however, disappointing in several cases, but vendors were out to meet the market, and we report almost a total clearance, only one line going out unsold. We quote:—S. nt. ewes. 6s. lid. to 7s. 3d.; 4 and 5-ycar ewes, Bs. id. to Bs. Idd.: 4 anjj 6-tootn ewes. 125.: 2-tooth ewes, Bs. to 125.; 2-tooth wethers. 7s. 9d. to Bs.: b.f. lambs. ss. Id. to 7s. 2d. Messrs. Dalgety and Co., Ltd.. Palmerston North, report having a- very good yarding of sheep at their Feilding sale on Friday. There was a very fair competition for ewes and also for lambs, but wethers were particularly hard to o_uit. though vendors in all cases met the market. Quotations: 2-tooth wethers, small. 7s. Id to Bs.: very fair 2-tooth wethers. 9s. to 9s. 5t1.: mixed-age ewes, 9s. 3d. to 10s. 7d.: extra good mixed-age Romney ewes. 135.: cull ewes. 2s. 3d. Messrs. Abraham and Williams. Ltd., held their Hunterville sale on Tuesday, when a fair yarding came forward. Bidding was very dull, but all lines offered were sold at the following rates:—Old ewes, 2s. to 4s. 4d.; small 2-tooth ewes, 9a. 3d.; latnbs, ss. 5<L. 6s. 2d.; cull do.. Is. to 3s. 9d.: 4-vcar Romney rams. £1 Is. to 21gns.; weaner heifexs, 355.; weaner Steers. 275. Messrs. Dalgety and Co,, Ltd.. Palmerston North, report on their Raumai sale: —We offered a small yarding of cattle and a lair entry of sheep. All stock showed the effect of the general decline in values.— Quotatioitf:—Small 2-tooth ewes, 4s. 6d. to 95.; Lincoln skin f.f.m. ewes. 45.; aged Romney rams. 2s. to 4s. Messrs. Dalgety and Co., Ltd.. Palmerston North, report on their Ashhurst sale; —We offered a good yarding of sheep and a fair entry of cattle. Vendors met the market. Prices ruled as under —Blackface lambs. 4s. 4d. to 6s. 10d.; white-face lambs. 6s. to 6s. Id.: very forward lambs. Bs. to 10s. Bd.; f.tn. ewes, 2s. Bd. to 55.; Southdown rams. f.m.. 3lgit€.; f.m. Romney rams, ss„ Bs.. to IQs.; weaner heifers, 155.; store cows. 225. 6d.. 255.; cows and calves. £2 55.: 15-monlh steers £2 7s. 6d.: young cows. r.w. bull. £4 ss. Messrs. Abraham and Williams. Ltdreport—At Feilding on March 11 we had a good yarding of sheep, compriainw mostly aged ewes, for which there was a fair demand, prices being on a nar with last week’s sale. We quote—Fat

wethers, to 155.; fat ewes. Bs. to 10s. 6d.: 4 and 5-year ewes. Bs, 3d. t° 10 8 - and 6-tooth oavob. 7s. 3d. to 10s. 3d., 2tooths small. 4s. lOd. to 7s. 4<».: 2-tooth wethers, small, ss. 3d. to 6s. lOd.: lanibß. 5s 7d to 7s. 7d.; cull lambs. 2s. 9d. to 3s' sd'- 2-tooth Southdown. 3gns.. sgns.. «gnr-" to 7gns.: 4-tooth, to 7vgns.: 6 tenth to 4lcns.: Roranev rams. .IffI’-, 1 ’-, store cows. 10s.-to 30s .At ' Rnritnni sale on March 8 we had a -mod yarding of sheep but no cattle. Be quitted the whole yarding under the hammer at, tho Mlnwin- Tiriees—2-toot.h ewes, small. Bs. o 117 '2-toolhs to f.m.', to 9s. 6d.; 5-venr lo . lamhs. 2s. 6d. to 7*7°3d Palmerßtari North on March 10 a smal yarding of both sheen end cattle esme forward We quote :-Fnt carrie 1,1 . od • acred ewes. 3«7 n w ’lv lambs. 4s lOd to 5s 2d - shorn lambs, to 4». lid.; forward T6*- weaner lieifere. to 30r. C Daleetv and Co.. Ltd . PalmersMonth wethers. 12s-: 4 5-year ewes. 7s. 7d.

EXPORTS OF TALLOW

Exports of tallow to the United Kingdom and Continent of Europe from New Zealand during February were as un-

Sales of tallow in New Zealand during February totalled 83 tons. COMMERCIAL ITEMS INVESTMENT SHARES. Saturday’s quotations for investment shares were aa under: —

CUSTOMS REVENUE. The, Customs revenue collected at tho port of Wellington on Saturday totalled £9230 17s. Id. LONDON MARKET REPORTS. Australian-New Zealand Cable Association. (Rec. March 13, 5.5 p.m.) London, March 12. Cotton.—The Liverpool quotation for American middling upland cotton. April shipment, is 7.28 d. per lb. Rubber.—Fine hard Para rubber, ll»d. p?r lb.; plantation, fljst latex crepe, 123 d.; smoked ribbed sheet, 105 d. Copra.—March-May shipment, £2i> 15s. per ton. Jute. —March-April shipment, £3l per ton. Hemp'.—March-May shipment, £42 per ton. Linseed 0i1.—£29 per ton. Turpentine. 555. per cwt. MINING NEWS WELLINGTON SHARE MARKET. The following quotation was recorded in the mining market on Saturday:— Buyers. Sellers. £ s. d. £ s. d. Blackwater Mines — 0 8 6

tier: — Month spondof Total ing 8 Feb., for 8 months. 1921. months. 1920. Tons. Tons. Tons. Invercargill ■ 305 1.5(50 1.870 , Dunedin 58 1.2/8 87 i Oam ar u — 203 1,068 1,380

Christchurch 229 3,059 13 8,392 93 4 103 56 Wellington 750 6,766 6,065 Wanganui 310 974 511 New Plymouth... — 525 486 Waitara —• 190 228 Napier and Waivoa 406 1,875 1,844 Gisborne and Tokomain Bay 238 1,441 1,062 Whakatane — 107 25 Auckland and Whangarei 340 2,404 3,160 Totals 2 ,642 21,566 21,164

Buyers, £ s. d. Sellers. £ s. d. Inscribed Stock, 1938 — 82 15 0 Inscribed Stock, 1933 88 0 0 88 5 0 War Bonds, 1930 — 90 0 0 P.O. Bonds, 1927 87 0 0 Bank Australasia —- 85 0 0 National Bank 5 9 0 5 11 0 Bank New Zealand 2 13 2 19 Union Bank 11 8 6 . 11 15 0 Well. Trust and Loan... — 6 0 0 Well. Dep. and Mort. .. — 0 9 3 National Insurance 2 15 6 __ New Zealand Insurance — 15 6 Ilnddart-Pa riser (ord.) .. 1 19 0 1 19 6 Westport Coal 1 6 6 r 7 6 Waipa Coal 0 14 0 0 17 6 Farmers’ And. (pref.) ... 1 0 0 Wairarapa Farmers (£5) — 6 5 0 Wairarapa Farmers (£1) 15 0 Wairarapa Farmers (pref.) — 0 19 0