FINANCE AND COMMERCE

SHARE MARKET REVIEW STEADY INQUIRY IN MOST SECTIONS The share market has been quiet during the week, and business has been restricted. The money volume has been well below the weekly average. However, the undertone of the market has been good, most sections meeting with a steady inquiry. The money value involved was £12,876, as against £14,353 the preceding week. The good returns being secured by the big dredges on the West Coast stimulated inquiry for this class of stocks, and they remained firm throughout the week. There was less interest shown in most Australian industrials, and prices of some of the leading stocks were easier. Since the announcement that the New Zealand Government £4,500,000 loan was fully subscribed more interest has been shown in Government stocks, and prices at the end of the week appeared slightly stronger.

No business was recorded on the local market in Insurance, Loan and Agency, Coal and Gas shares, and the turnover in Breweries shares is the smallest for a long period. Outside Christchurch, Insurances were firm at last week's levels. Coal and Gas were firm to better. The Week’s Turnover

325. Westport Coal, at 20s 6d, ex dividend of 6d a share, were on a par with last week’s dealings, cum dividend. Kaitangata were unaltered at 28s. Pukemiro moved up to I7s. Auckland Gas dropped to 16s 6d. but recovered to 17s at the close. Christchurch had steady inquiry at up to 245. The last recorded business was at 23s 6d. Dominion Breweries were firm at 33s 9d. New Zealand showed an easing tendency at 38s 9d and 38s 6d. Tooths advanced Is 6d to 58s. Miscellaneous / Recorded transactions were restricted to a few stocks. Broken Hill Proprietary were unable to hold last week's peak price of 70s 9d, and slipped back to 69s 3d—ex dividend. The market was firm with dealings in the fully paid at 68s 6d to 695, and in the contributing at 62s 9d and 62s 3d. Electrolytic Zinc were firmer at 52s to 52s ICUd for the ordinary shares, and 55s 9d for the preference G. J. Coles (rights) were actively dealt in at 52s to 53s 3d to 525. Howard Smith at 21s 6d made a rise of 3s on last recorded turnover. Morts Dock advanced 6d to 16s 6d. McKenzies, Ltd., declined to 475. Taranaki Oilfields rose from 5s 6d to 9s 3d, following an optimistic statement by the chairman of the New Zealand Petroleum Company. They later dropped back to 7s 3d, and recovered to 8s at the close. Woolworths, Ltd., were firmer at 23s 9d to 23s lid. Woolworths Properties (rights) were active at 2s Sd to 2s 3d. Other Exchanges Outside Christchurch the following transactions were recorded (price movements in brackets):— Up—Macduffs (pref.), 6s, 6s 3d (6d). Down—Australian Consolidated Industries, 39s 9d, 39s 6d <3d); Colonial Sugar. £sl (15s); G. J. Coles, 775, 77s 6d (Is). Steady—Berlei (N.Z.), 63s 6d: D.I.C. (pref,), 21s 6d; Farmers’ Trading, 20s; New Zealand Paper Mills (ex div.), 23s 6d; Rotoiti Timber, 3s 3d. Mining Gillespie’s Beach moved up to 9d and 10d; Grey River to 18s 3d; Broken Hill South to 29s 6d and 29s 3d. Kameri were easier at 35s 6d; Maori Gully at 7d; Arahura at29s, and Waihi Investments at 7s 3d, Mount Lyells were firm at 28s 9d and 28s lOd, and Mount Morgans at 11s 5d and 11s 6d.

Government loans were freely offered and resultant business, which was mostly in the shorter-dated issues, was firm on last week's levels. On the local market the bulk of the turnover was in 31 per cent. 1953-57. Local body debentures were quiet. Local business in banks was confined to National of New Zealand at atls fid—an advance of fid. Commercial of Australia were at the easier price of 16s and New Zealand at 40s (down fid). In other centres Australasias remained unaltered at £9 15s: E„ S.. and A. declined to £5 2s 9d, cum dividend. New Zealand “D” Mortgage drooped from 27s fid to 275, Canterbury Frozen Meal preference wore stronger at £5 17s fid, and closed with buyers at £5 17s fid. New Zealand Refrigerating (10s paid) were steady at 7s. Outside Christchurch. Southland moved up to 28s, and Gear to 11s 9d. Kaiapoi Woollen (7s paid) at 4s scored a rise of fid on last recorded business about three weeks ago. Felt and Textiles advanced to 32s 71d and 32s 9d. Business last week was at

YESTERDAY’S BUSINESS AUSTRALIAN INDUSTRIALS EASIER L” C O VERY IN TARANAKI OILS Reflecting the reaction on the Sydney and Melbourne Exchanges on Thursday, Australian industrials yesterday were available at easier rates. The outstanding feature was the recovery in Taranaki Oilfields. Apart from vestibule business, the following transactions were recorued: — LISTED STOCKS

Activity in Ore Shares Commercial Bank of Australia were fractionally weaker at 16s. Bank of New Zealand declined to 40s, and there were further sellers at that price, buyers at 39s 9d. New Zealand Breweries eased to 38s fid, and more were offered at 38s 7d, buyers at 38s. Sellers of Australian Consolidated Industries came down to 39s fid. Broken Hill Proprietary were weaker, with sellers at 68s 9d; the contributing had business at 62s 3d, and more were offered at that figure. G. J. Coles “rights” were weaker, with dealings at 52s 3d and 525, and further sellers at 525, buyers at 51s fid. McKenzies, Ltd., eased to 475. New Zealand Farmers’ Fertiliser were firmer, with buyers at 16s fid. A late sale on Thursday of Taranaki Oils was reported at 7s 3d—dealings yesterday were 7s 3d, 7s lOd, and Bs, buyers staying in at the highest price, sellers at 8s 2d. Woolworths showed a firming tendency, with dealings at 23s lOd, sellers at 245. Woolworths Properties “rights” were steady, with sellers and dealings at 23s 9d and 23s lid, and further buyers at 235. Woolworths (South Africa) were fractionally weaker at 14s lOd, and more were wanted at that price, sellers at 13s. Austral (New Zealand) were firmer on buyers’ offers of 24s 4d. Grey River were steady, with sellers and business at 18s 3d, buyers at 18s. Unlisted Stocks Associated Gold Dredges remained unaltered at 7s 3d, and late offers of 7s failed to attract sellers. Buyers of Ngahere moved up to 23s 7d. sellers firm at 23s 9d. A late sale of Taranaki Oil Developments on Thursday was reported at 2s sd—business yesterday was at 2s 6d, and more were wanted at that price.

AUCKLAND [THE PRESS Special Service.] AUCKLAND, June 2. Strong and active conditions ruled in the investment market on the Auckland Stock Exchange during the last week. Taking a lead from the buoyancy on the Australian exchanges, investors operated much more freely, with inquiries covering a still wider range. Generally, brokers experienced a very busy week, and transactions in the market were easily the highest number recorded since the beginning of the year. Advices from overseas were largely responsible for the return of confidence, which was not disturbed until the difficulty in the Russian negotiations was reported. Bank shares were moderately active, with New Zealands selling freely. Levels were steadier than those of the previous week, the market closing at 40s a loss of 3d over the period. National Bank of New Zealand firmed to 46s fid, while the Australian group showed little alteration. Insurances were very active at late rates, the turnover being the largest for some weeks. Nationals moved up to the peak price for the year at 16s 2d. Recovery by Auckland Gas was a feature of the classified section. Dealings in Australian industrials dominated the miscellaneous section, but there was also a steady turnover in leading New Zealand issues. Australian Consolidated Industries advanced to a new high level, reacting slightly at the close of the week. Other leaders of the Australian group were very firm. Among New Zealand stocks, a very firm market ruled for Bycroft rights, Farmers’ Fertilisers, and Wilson’s Cement. Mining business was better. Waihi investments attracted more attention, and several parcels changed hands at 7s 4d and 7s 3d. Mount Morgans were firm, but Mount Lyells and other metal shares were steady and quiet. DUNEDIN [THE PRESS Special Service.] DUNEDIN, June 2. Though it was not anticipated when the Government loan was offered in the middle of May that it would adversely affect the market fop already existing loans, it is significant that this week dealing in these has been restricted. The Government loan section has been almost neglected so far as the Dunedin Stock Exchange is concerned. Buyers have maintained a quiet but steady inquiry for certain issues, and in some cases sellers have appeared, but quotations reveal little animation in the nisrkst The banking section from time to time has displayed some activity, but the eager inquiry for New Zealand bank shares, which existed in the previous week, fell away, and the tendency has been for values to ease. Nationals have shown no sign of weakening. English. Scottish, and Australian and Union Banks are the only Australian banks to attract attention No movements of note were recorded in insurance, shipping, or loan and agency sections, though in each case some shares appreciated in value. There was a sporadic inquiry for meat preserving shares during the week, and Southlands entered the sales list. Coal and oil shares found a good market, with Kaitangatas and Westports changing hands at firm values. Moturoa Oils were turned over and Taranakis experienced a sudden sharp rise, which was not maintained. Broken Hill Proprietaries sold firmly at the beginning of the week. Woolworths Properties (rights) attracted a good deal of attention, but here again the market tended to ease slightly. Among the local trading concerns D.I.C. preferred shares. New Zealand Paper Mills, and Dunedin-Kaikorai Trams were prominent. Australian mining shares never lacked attention, and Mount Morgans firmed to have,sales at 11s fid. Mount Lyells were also turned over, but there was no change in value. The New Zealand mining seebon had intermittent inquiries, but J alters found the market unfavourably '

COMPANY NEWS * TRUSTEES, EXECUTORS, AND AGENCY CO. [THE PRESS Special Service.] DUNEDIN, June 2. "For the last, three or four years expenses have increased rapidly, and on top of this heavier taxation has had to be borne, and it was only by increasing the volume of business transacted that it has been possible to keep step on the revenue side with risipg expenditure," said Mr R. J. Hudson, acting-chairman of directors of the Trustees, Executors, and Agency Company of New Zealand, Ltd., at the fifty-sixth annual meeting. The profit for the year (before providing for depreciation) was £3053, as compared with £3803 last year, a decrease of £750. This was due mainly to an increase of £572 in expenses, but it was also contributed to by a drop of £l7B in the gross earnings, said the chairman in moving the adoption of the report and balance-sheet. The directors in the last year or two had been paying some attention to the extension of the company’s business, and this had entailed additional expense, which they were confident would prove ultimately to be justified by results. The building up of a better service was receiving constant consideration. The board now was just on the point of opening a branch office in Invercargill. They had a considerable connexion in Southland to commence with. The record of new business secured in Dunedin and in other parts of the South Island, where the company ’as represented, augured well for the future of the company NATIONAL BANK OF AUSTRALASIA (P»EM ASSOCIATION TKLEOBAU.) WELLINGTON, June 2. The National Bank of Australasia reports that at the annual meeting, Mr Clive McPherson's appointment to the board was confirmed. The retiring directors. Sir James Elder and Mr Clive McPherson, were re-elected. The board of directors of the bank, at a meeting yesterday in Melbourne, re-elected Sir James A. M. Elder and the Hon. Sir Frank Clarke as chairman and vice-chairman respectively for the ensuing, year. ROBINSON ICE CREAM DIVIDEND [THE PRESS Special Service.] AUCKLAND, June 2. The accounts of the Robinson Ice Cream Company, Ltd., for the year ended April 30, show a net profit of £3329, compared with £5480 in the previous year and £3559 in 1936-37. The directors recommend a dividend of 7 per cent, per annum, as against 8 per cent, in the previous year. SMITHFIELD MARKET FURTHER ADVANCE IN LAMB MUTTON IN BETTER DEMAND cpekss association . txx.gqb.au.) WELLINGTON, June 2. The New Zealand Meat Producers’ Board's report on the Smithfield market for the period ended June 1 states that prices for lamb have further advanced, with the tone of the market strong. Wethers and ewes are meeting with irnoroved demand at better prices. There is fair trade at unchanged prices for frozen beef, while chilled is firmer on lighter supplies. Light-weight New Zealand porker pigs are firmer, but trade generally is slow. Baconer pigs are quiet and prices unchanged. Boneless bobby veal is firm on lighter supplies.

OTHER QUOTATIONS N.Z. Govt. Debentures

PROPERTY SALES Messrs Ford and Hadfleld, Ltd., Real Estate Agents and Auctioneers, 131-133 Worcester street, have to report having sold, on behalf of the Trustees in the Helmling Estate, a very fine 6room residence, with \-acre section, situated Worcester street, near Fitzgerald avenue, —1

UNLISTED STOCKS All transactions in stocks quoted in this section are subject to special brokerage and are not quoted on the official list: —

Messrs Ford and Hadfield, Ltd., Real Estate Agents, 131-133 Worcester street; have to report having sold on behalf of Mrs E. Cummins, a 10-room bungalow, situated St. Asaph street, east, to a client at a satisfactory figure. —1

VALUES ON STOCK EXCHANGE CHRISTCHURCH RATES, JUNE 2, 1939 FORMER LEVELS COMPARED

Where no approximate price is given return is worked on mid-market price unless only one quote is given.

AUCKLAND Sales on ’Change £ s. d.

WELLINGTON Sales on ’Change

SYDNEY ' On the Sydney Stock Exchange yesterday front-rank industrial shares rallied again and a firmer tendency was noticeable also in the banking and mining sections. Afternoon Sales

MELBOURNE Sales

HORSE FAIR AT RANGIORA Prices at the monthly horse fair held at Rangiora showed a slight increase on the previous month, because of the smaller entry of 36 horses. A three-year-old gelding broken to all work, brought the top price for the day with £27 10s. Other prices were:—Best draughts, four to five years old, to £24; good draughts, six to eight years old, £l4 to £18: older draughts, £4 to £10; hacks, £1 10s to £3; mare and foal, £9.

BANK OF ENGLAND RETURN (U«T1» P2I»S ahocutiok— cormest.) LONDON, June 1. The Bank of England return is as follows: — ISSUE DEPARTMENT £

The ratio of reserves to liabilities is 17.07 per cent. The Bank of England discount remains unchanged at 2 per cent. CONSOLS AND STOCKS (UNITID PKES3 ASSOCIATION—COPTJUGHT.) LONDON, June 1. The following are the latest quotations for Government securities compared with quotations ruling last week:— May 25. June 1.

COMPANIES REGISTERED The registration of the following new companies is notified in the current issue of the “Mercantile Gazette”:— Marathon Rubber Footwear, Ltd. Registered as a private company May 19. Office, 124 Lichfield street. Capital, £15,000 into £1 shares (5000 ord„ 10,000 def.). Subscribers—Christchurch; J. A. East 500, .1, R. Templin 500, G. W. Skjellerup 4000 def., A, L. Power 250, A. E. Ackroyd 200, E. Paterson 250, M. J. Scott 50, Latex Rubber Company, Ltd., 5000 def., Cotton Bros., Ltd., 550, W. S. Earwaker 100, L. H. Earwaker 100, E. Earwaker 100, A. Anderson 500, W. E. Skjellerup 50, V. R. Skjellerup 500 def., P. J. Skjellerup 500 def., M, Fabian 50, W. J. McKenzie 50. Whangarei: A. I. K. Franks 1000. Coalgate: A. Charles 500, Auckland: D. Davies 100. Palmerston North: G. D. Pattee 100. Hornby: G. M. Crozier 50. Objects: Rubber and canvas footwear manufacturers, incidental. Austin Motor Industries, Ltd. Registered as a private company' May 23. Office, 315 St. Asaph street. Capital: £IO.OOO into £1 shares. Subscribers —Christchurch: Boon and Company, Ltd., David Crozier, Ltd., P. H. Vickery. Dunedin; J. Black all 2500 each. Objects;, Garage proprietors in all its branches and incidental, Christchurch Home Furnishing Company, Ltd. Registered as a private company May 25. Office, 89 Gloucester street, Christchurch. Capital: £IOOO into £1 shares. Subscribers—Christchurch: F. Gill 501, A. M. M. Gill 449. Hanmer Springs: O. G. Gill 25. Wellington: M. M. McLennan 25. Objects: Furnishers and household requisites of all kinds, and incidental. SALE OF OPAWA BUNGALOW MESSRS BAKER BROS. (Estate Agents), DTD., 166 Manchester street, report having sold, on account of Mr T. Bennett, his superior bungalow in Marshall street, to Mr Hooper. —6

FOREIGN EXCHANGES (BBITISH omcui, WIBILISS.)

ASSOCIATED BANKS’ DOLLAR RATES The Associated Banks (other than the Bank of New South Wales) quoted the following dollar rates yesterday on a New

.MINING NEW RIVER RETIRE , The New River dredge’s return duf ing the week ended June 1 was from 10,500 yards treated in 130 houn dredging time. WHITE’S ELECTRIC The return from White's Elect* dredge during the week ended JW 1 was 58oz from 7840 yards treatej,*: 129 hours. SHORTHORN BREEDERS' ASSOCIATION ELECTION OF OFFICERS (PBB<B ASSOCIATION TILIOEiV- 1 HAMILTON, June i At the annual meeting of the n Zealand Shorthorn Breeders' Assoc tion last evening, the following 0 j cers were elected:~President, wr . H. S. Allan (Hatuma); senior v}" president, Mr C. T. Grant 'lnvert* gill); junior vice-president, Mr Cochrane (Kereone): treasurer, i . Searl (Kaipaki); delegates to v Breeders’ Federation, Messrs a and A. W. Greene. . .jjr Notice of motion was given F. R. Ranstead that a polled set, be added to the herd book, aiw m the absence of horn as ground disqualification be deleted.

Zealand currency basis. They at® I to alteration without notice:— I U.S.A. Canaf

Dealings in were;— the different sections Value £ Government .. 3.000 Shares. No. 2,747 Banks 450 861 Frozen meat 150 392 Woollens 477 130 Breweries 200 387 Miscellaneous .. 5,804 6,390 Mining .. 2,650 2,012 Turnover da\ by day was:— This week. Last week. £ £ Saturday .. 1.174 661 Monday .. 2.663 2,906 Tuesday ,. 2,821 3.007 Wednesday .. 1,782 2,442 Thursday .. 2,654 3.209 Friday .. 1,782 2,128 12,876 14,353

Sales on ’Change £ s. d. 100 Bank of New Zealand (cum div.), 2 0 0 100 N.Z. Breweries (cum div.) 1 18 6 50 Broken Hill Propty (ex div.) (con.) 3 2 3 80 G. J. Coles (rights) •. 2 12 O (4) 2 12 0 200 Taranaki Oilfields 0 7 10 0 8 0 300 Woolworths (Syd., ord.) 1 3 9 (2) 1 3 11 100 Woolworths Properties (rights) 0 2 3 100 Woolworths (South Africa) 0 14 10 100 Grey River 0 18 3 Sales Reported 100 Comm. Bank of Australia 0 16 0 50 McKenzies, Ltd. (cum div.) 2 7 0 400 Taranaki Oilfields (late sal’ Thursday) 0 7 3 100 Taranaki Oilfields 0 7 3 100 Woolworths Properties (rights) 0 2 3 UNLISTED STOCKS Sales on ’Change 200 Assoc. Gold Dredges .. 0 7 3 100 Taranaki Oil Developments 0 2 6 Sale Reported 400 Taranaki Oil Developments (late sale Thur.) 0 2 5

Buyers. Sellers. £ s. d. £ s. d. 3 p.c. Ins., 1941 96 15 0 — 4 p.c. Ins., 1949-43 93 0 0 — 3£ p.c. Ins., 1939-43 98 0 0 ■— 3J p.c. Ins., 1953-57 — 91 0 0 3| p.c. Bonds, 1953-57 90 10 0 — p.c. Ins., 1933-41 97 10 0 — 4 p.c. Ins., 1946 — 08 10 0 4 p.c. Ins., 1949 — 98 5 0 4 p.c. Ins., 1955 — 98 7 6 4 p.c. Bonds, 1946 98 0 0 — Rural Bonds, 5 p.c., 15/9/47 — 93 0 0 Other Debentures N.Z. Refrig., 41 p.c., 1/8/40-45 — 99 0 0 Loan and Agency Elder Smith (£61 — 8 5 0 South Island Finance (£1 paid) — 0 8 0 Natl. Mortg. “A” (£2) — I 3 0 N.Z. Guar, Corpn. (3s) 0 3 11 — N.Z. Loan and Merc. (ord., £100) — 26 0 0 Perpetual Trust. (18s) ““ 2 10 0 Frozen Meat Cantby. (£7 10s) — 9 15 0 Cantby, (pref., £5) .. 5 17 6 — North Cantby. Freezing (pref., £1) — 0 17 9 Woollens Felt and Textiles (£1) 1 12 0 1 13 3 Kaiapoi (17s paid) — 0 12 6 Kaiapoi (7s paid) — 0 4 4 Kaiapoi (pref.) 0 14 0 0 14 9 Oamaru (£1) 0 15 0 “ Breweries Ballins (15s paid) 0 10 2 0 11 3 Swan (cum div., 5s) .. 1 9 6 —■ Timaru (in liqdn., 10s) 0 0 9 0 1 1 Wards (in liqdn.) 0 0 6 0 1 6 Crown (in liqdn., £1) — 0 1 0 Miscellaneous Andersons (1st pref., £1) — 0 18 3 Anthony Hordern (£1) 0 15 1 0 16 0 Booth, Macdonald ( pf., £1) 2 11 6 — Claude Neon (N.Z.), (£1) 0 16 6 0 19 0 Dominion Bldrs, (10s) 0 3 3 ■— Donaghy Rope (£1) .. 2 10 0 — D.I.C. (pref., £1) 1 1 6 — Evans Atlas Flour (10s) 1 0 6 — G. J. Coles (rights) .. 2 11 6 2 12 0 Hay's, Ltd. (15s) 0 15 0 — Herald & Weekly (£1) — 3 8 0 Howard Smith (£1) .. 1 1 0 — Hume Pipe (Aust.), (£1) 1 0 3 — I.C.I. (Aust. and N.Z.) (pref., £1) — 1 5 4 Mauri Bros. (£1) 3 12 3 — Morris Hedstrom (£1) 1 6 0 -— Morts Dock (£1) 0 15 6 — Moturoa Oil (5s) 0 3 6 —■ Macduffs (pref., £1) .. 0 5 10 — McKenzies. Ltd. (cum div., £1) — 2 7 6 N.Z. Farmers’ Co-op. (£2 10s paid) 0 2 0 — N.Z. Farmers’ Co-op. (1st pref., £5) 2 10 0 3 0 0 N.Z. Farmers’ Co-op. (A pref., £4) 1 0 0 1 10 0 N.Z. Farmers’ Co-op. p.c. Stock, 1950) 80 0 0 — N.Z. Farmers’ Co-op. p.c. Stock, 1954) — 82 0 0 N.Z. Farm. Fert. (£1) 0 16 6 — N.Z. Paper Mills (£1) 1 2 9 1 5 0 Radio (1936) (£1) .. 0 18 0 1 1 0 Wilcox Mofflin (11s).. 0 4 7 0 5 0 Woolworths (Sydney) (1st pref., £1) 2 0 0 2 7 0 Woolworths (Sydney) (2nd pref., £1) 1 7 3 1 9 3 Woolworths (N.Z.) (5s) — 0 19 3 Woolworths (N.Z.) (pf., £1) — 1 17 0 Woolworths Properties (rights) 0 2 2 0 2 3 Overseas Listings Woolworths (S.A.) (5s) 0 14 10 0 15 0 Australian Mining Mount Lyell (cum div., £1) — 1 8 9 Broken Hill South (cum div., 5s) 1 8 6 1 10 9 Mount Morgan (2s 6d) 0 11 2 0 11 6 Mt. Morgan (pf., £1) 1 1 3 1 4 3 Nth. Broken Hill (cum div., 5s) 2 9 1 2 10 9 Rawang Tin (10s) 0 7 0 N.Z. Mining-Crown-N.Z. (£1) 0 1 10 Alexander*! £1) — 0 12 6 Alexander (15s paid) — 0 9 9 Argo (Is) — 0 1 6i Argo (contr., 9d) — 0 1 3J Austral-N.Z. (£1) .. 1 4 4 1 4 9 Big River (Is) 0 0 3 0 0 9 Arahura (£1) 1 9 0 1 10 0 Clutha River (2s) — 0 2 0 Gillespie’s Beach (Is) 0 0 ai 0 0 10 Golden Sands (Is) .. 0 0 9 0 1 0 Goldfields Dredg. (Is) — 0 0 2 Grey River (10s) 0 18 0 0 18 3 Kanieri (£1) 1 14 6 1 17 0 Maori Gully (Is) 0 0 U Martha (5s) — 0 U If Moonlight Gold. (8d) — 0 0 6 New River (cum div., Is) 0 0 7 0 0 11 Okarito (5s) — 0 3 0 Skippers, Ltd. (Is) .. — 0 0 1 Waitahu (5s) —’ 0 0 9 Worksop Extend. (Is) 0 0 8 0 1 0

Quotations are:— May May June 18. 28. 2. d. d. d. New Zealand Sheep— Crossbred wethers and/or maiden ewes: 481b and under 43 Per lb. 4i 41 49-561b 33 3J 57-641b 33 31 Ewes: 481b and under 3s u 3g 49-561b 2 1 Zi 3 57-641b 21 2% 21 65-721b 21 21 2§ N.Z. Lambs— Canterbury: 361b and under 63 ' 7 73 37-421b 61 51 61 43-501b 6 5g 6? North Island Downs: 361b and under 61 6J 7:1 37-421b 61 61 6i 43-501b 6 6 63 Second quality: Aver, about 301b 63 7 n North Island: First»quality: 361b and under 63 6s 7 37-421b 6 6 6| Australian Lambs — Victorian (First qualiity): 29-361b 6 63 61 37-421b 5 h 5 h 53 Argentine Lambs— First quality: 361b and under 5| 5i S3 6 37-421b 51 bj N.Z, Porker Pigs— First quality: 61-80Ib 61 5| 6| N.Z. Baconer Pigs— 121-1601b 5s 6 6 (Chilled beef prices are approximate average prices realised for the week.) N.Z. Chilled BeefOx hinds, 145-2101b 5 5 53 Ox “fores, 145-2101b 3i 3 3 Australian Chilled BeefOx hinds. 145-2101b 4| 4| 41 Union of South Africa; Chilled Beef — Ox hinds. 145-2101b H 51 51 South Rhodesian Chilled BeefOx hinds, 145-2101b 41 41 43 Ox fores. 145.2101b 21 2i 2\ Argentine Chilled BeefOx hinds, 145 -2 101b 63 63 61 Brazilian Chilled BeefOx hinds, 145-2101b 51 5 51

Buyers. Sellers. £ s. d. £ s. d. Assoc. Gold Dredges Ass. Motorists’ Petrol (pref.) 0 7 0 — 1 4 6 Blackball Creek 0 1 0 0 1 1 Carbonic Ice 1 6 0 — Lange’s Mobile Gas .. Ngahere Taranaki Oil Develop. 1 0 3 2 7 •6 0 18 1 3 0 3 3 9 0 Woolworths (W.A.) .. 4 0 0 —

% Return Ain't. paid. a Approx. market Approx, market price a year . co O . . d*"* • SS .2 Dividend payable. on investment at approx. Companies. sh e. Buyers. Sellers. price. ago. price. £ £ s. d. £ S. 0. £ s. d. £ S. d. £ a. d. N.Z. curr Banks — Australasia Comm, of Aust. 5 10s 9 0 12 16 6 0 0 16 2 9 0 15 16 0 1 9 01 0 14 15 0 9 8 7 1-12 Feb.-Aug. Oct.-Mch. 4 2 4 8 1 6 Comm, of Aust. (pref.) Comm, of Syd. E., S., and A. .. 10 m 3 - 9 12 5 0 6 0 9 20 5 10 10 0 0 0 0 9 19 4 7 17 16 6 6 0 4 7 7 Oct.-Mch. Jan.-July Nov. -May |4 4 4 5 4 4 3 4 0, Natl, of A’asia. 6 8 6 6 Nov.-May — Natl, of N.Z. N.S.W. New Zealand .. Union 2\ 20 1 5 2 1 6 19 3 9 2 2 3 7 0 3 0 0 0 2 31 2 8 6 0 0 2 6 0 0 6 2 31 2 8 12 15 4 8 0 0 9 0 4i 6 10 7 Jan.-July Jan.-July Jan.-July Jan.-July 4 16 3 17 5 0 4 6 9 5 0 1 InsuranceNational New Zealand .. South British .. Standard 7s 1 10s 1 0 2 16 11 2 3 0 2 16 3 6 9 0 16 2 13 2 3 2 11 3 0 6 3 0 2 2 2 17 13 7 17 8 0 0 6 10 5-7 10 14 1-6 12J May-Nov. Feb .-Aug. Apl.-Oct. Mch.-Sep. 4 12 3 15 3 5 4 17 3 5 2 6 Loan and Agency— Dalgety and Co. 5 Goldsbrough. M. 1 United Building 1 6 1 1 0 7 0 0 3 0 6 1 1 10 8 0 0 10 6 6 1 1 3 8 0 6 3 3 8 1 1 5 9 0 0 4 6 6 7 5 . May-Nov. Dec.-June Oct.-Apl. 4 17 4 19 4 18 2 1 9 Frozen Meat — Gear N.Z. Refrig. N.Z. Refrig., con. XOs 1 10s 0 0 15 6 4 11 0 0/ 15 7 6 4 0 11 0 15 0 7 9 6 0 0 16 0 18 0 8 3 6 4 5 5-6 5i 5 i July-Oct. Feb. Feb. 4 19 7 1 7 17 3 11 1 Gas — Auckland Auckland (con.) Christchurch .. Ch.Ch. (con.) .. Wellington 1 15s 1 10s 1 0 1 15 4 9 0 — 0 0 1 0 1 17 11 4 12 9 0 3 0 0 6 1 0 1 0 1 0 14 7 13 16 7 4 6 6 6 5 5 7 8 July-Feb. July-Feb. Aug.-Feb. Aug.-Feb. Aug.-Feb. 5 17 6 13 5 16 5 16 5 8 8 3 8 8 5 Shipping — Huddart-Parker P. and O. Def. Union (pref.) .. 1 1 1 1 6 0 - 2 1 1 16 7 5 0 6 6 1 1 5 7 6 6 0 6 14 8 5 i May-Dec. May-Dec. May-Dec. 5 0 5 16 4 6 0 4 3 Coal — 1 10s o 10 6 0 0 11 Nov-May 9 1 10 Taupiri Westport - - 1 0 6 1 4 0 10 May-Nov. 4 17 6 Breweries— 9 6 3 6 0 15 Oct.-Mch. 4 6 3 Carlton New Zealand .. Tooheys Tooths 1 1 15s 1 1 2 18 17 0 0 1 2 18 19 7 0 1 1 2 18 12 18 6 0 o 2 1 2 10 14 8 6 8i 9 iii Jan.-July Mch.-Sep. May-Nov. 4 8 4 4 3 19 9 4 3 Miscellaneous — Aust. Consold. Industries Beath and Co. British Tobacco Broken Hill Pty. Burns, Philp .. 1 1 1 1 1 1 0 2 3 18 14 11 8 3 6 6 5 1 2 3 19 12 8 6 0 9 1 0 = 2 2 3 19 15 12 8 15 17 0 0 0 9 6 6 4 1 2 3 2 4 12 0 7 0 14 1 0 0 9 0 0 6 6.86 3 10 12i 10 171 Dec.-June Mch.-Sep. March Nov.-May Nov.-May Jan.-July 3 10 6 13 3 16 3 12 3 12 4 10 4 4 11 9 0 4 Coles Colonial Sugar Dom. Fertiliser Dunlop Rubber Elec. Zinc (ord.) Elec. Zinc (pf.) 20 1 1 1 1 1 25s 2 1 1 16/3 10s 5s 49 1 1 2 2 0 4 1 11 14 0 0 4 0 6 51 1 1 2 2 0 6 1 12 16 o 0 11 9 0 50 1 1 2 2 9 0 4 1 12 15 ]9 0 0 6 6 6 0 6 6 9 0 0 0 0 11 47 1 1 1 2 2 0 6 0 16 1 9 0 0 8 11 3 6 V 2 | Nov-May 6* 1 June 7 | Apl-Oct. 15 | Mch.-Sep. 15 | Mch.-Sep. 10 | June-Dee. 3 0 5 0 6 10 5 14 5 8 3 16 0 0 2 3 7 11 Henry Jones .. Kauri Timber .. N.Z. Drug Co. Mount Lyell Farm. Fertiliser N.Z. Newspapers Whit. & Tombs Wilson’s Cement Wool worths 1 0 1 2 1 8 16 11 16 3 5 6 6 0 10 1 1 1 1 4 8 12 4 6 9 3 o 1 3 1 0 1 9 I 4 6 8 17 12 16 18 3 1 3 1 0 1 3 0 1 1 7 3 18 16 3 17 0 0 6 1 9 3 0 0 10 6 ■ ! June-Dee. 8 . ( Sep.-Apl. 7J i June-Dee. 6 | August 8 | Nov.-May 6 1 Mch.-Oct, 71 | Nov.-June. 171 | Oct.-Apl. 6 2 4 16 5 4 7 1 4 3 5 7 4 3 3 13 5 9 4 2 5 9 4

31 p.c. Ins. Stock, 1933-57 90 10 0 4 p.c. Ins. Stock, 1946-49 98 10 0 4 p.c. Ins. Stock. 1952-55 98 10 0 Commonwealth Bonds, 1947, 4 p.c. 108 0 0 Auckland City, 1944-67, H P-C. 101 5 0 Bank of New Zealand (3) 2 0 0 N.Z. Insurance 2 13 1 South British 2 3 6 Traders’ Finance (con.) 0 4 0 Auckland Gas 0 17 0 Broken Hill Pty. 3 8 5 Con. Brick « . 0 9 7 0 9 9 Gear Meat, , , 0 11 9 0 12 0 Moris Dock 0 16 0 Moturoa Oil 0 4 9 Farmers’ Fert. (2) 0 17 3 Northern Roller Mills (pref.) 1 1 9 Taranaki Oilfields (late sale) 0 7 4 (3) 0 7 10 Wilson’s Cement 0 IB 0 Woolworths (Sydney) .. 1 3 10 Grey River 0 18 0 Waihi Investments . .f 0 7 3 Unofficial List Taranaki Oil Development 0 2 6 Silknit * * 0 0 0

£ s. d. Broken Hill Pty. 3 9 0 British Toljacco 2 12 0 (Both late Thursday.) Comm. Bank of Aust. 0 16 1 Bank of New Zealand (3) o 0 0 Natl. Bank of New Zealand 2 6 6 South British Insurance 2 3 6 Tooth and Co. 2 16 3 Broken Hill Pty. 3 8 9 Elcctrolvtic Zinc (prof.) 2 15 6 McKenzies Depart. Stores 2 6 9 Taranaki Oil 0 7 3 0 7 3 Woolworths (ord.) 1 3 11 1 3 10 Woolworths Properties (rights) 0 2 3 Unofficial List Taranaki Oil Developments *• 0 2 4 1 DUNEDIN ■ Sales Reported £ s. d. 4 p.c. Bonds, 1943-46 98 io 0 Broken Hill Pty. (2) 3 9 0

£ S.’ d. Bank of New South Wajes 28 10 0 Comm. Bank of AustralTa 0 15 0 National Bank (£10 paid) 12 6 0 Colonial Sugar 46 7 6 United Insurance 9 17 6 Howard Smith 1 0 1 Huddart Parker 2 12 0 British Tobacco 2 8 3 Tooheys 1 9 3 Woolworths 1 2 0 Australian Consolidated Indust. 1 16 li Lustre 0 19 1 General Industries 0 19 4 Morts Dock 0 15 6 Morts Dock (N.Z. delivery) 0 15 3 0 15 4i Newbold 1 10 0 Dalgetys 5 12 6 United Provisions 0 7 2 Adams 0 15 6 Felt and Textiles 1 10 7, Victoria Nyanza 0 11 7 Electrolytic Zinc 2 8 3 Mount Morgan (N.Z. delivery) 0 10 9 Broken Hill Pty. ' .. 3 4 0 Broken Hill Pty. (new) 0 15 3 Broken Hill Pty. (con.) 2 17 6 North Broken Hill 2 6 9 South Broken Hill 1 7 1 Placer Development .. 3 10 0 Bulolo Gold 6 10 0 Arahura Gold 1 7 6 Taranaki Oil 0 7 7

£ s. d. Claude Neon 1 9 6 Yarra Falls 1 16 6 Broken Hill Ply. 3 3 9 South Broken Hill 1 6 9 Emperor 0 8 6 Australian Consolidated Indust. 1 16 0 Taranaki Oil .. 0 7 5

Notes issued — In circulation In banking department .. 499,800,000 .. 26.400,000 526,200,000 Government debt Other Govt, securities Other securities Silver coin .. 11,000,000 .. 287,100,000 1,000,000 .. 900,000 Fiduciary issue Gold coin and bullion .. 300,000,000 .. 226,200,000 526,200,000 BANKING DEPARTMENT Panital .• 14,500,000 Rest' 3,300.000 Public deposits .. •• 38,300,000 Bankers .. • • • • 82,400,000 Other accounts .. •• 37,100,000 175,000,000 Government securities Discounts and advances Other securities Notes and coin ,, 119,000,000' 8,000,000 .. 21,700,000 .. 26,900,000 175,000,000

£ s. d. £ s. d. British— Consols, 21 p.c. .. 69 15 0 69 0 0* Funding Loan, 4 p.c., 1960-90 .. 108 0 0 108 0 0 War Loan, 31 p.c., 1952 95 12 6 95 15 0 Con. Loan, 31 p.c., 1961 96 0 0 96 0 0 Victory Bonds. 4 p.c. .. 108 0 0 108 0 0 Commonwealth — 5 p.c., 1945-75 105 15 0 103 15 0* 4 p.c., 1943-48 100 10 0 101 0 0 33 p.c., 1948-53 .. 95 15 0 96 15 0 3.1 p.c., 1956-61 85 12 6 87 12 6 3 p.c., 1955-58 85 2 6 86 15 0 New South Wales — 31 p.c., 1930-50 .. 94 17 6 94 12 6 Victoria— 3 p.c., 1929-49 91 0 0 93 5 0* 43 p.c., 1940-60 102 5 0 100 0 0* 5 p.c., 1945-75 105 5 0 103 10 0* Queensland — 3 p.c., 1922-47 92 10 0 92 10 0« 5 p.c., 1940-60 101 17 6 101 17 6 South Australia— 5 p.c., 1945-75 105 5 0 103 15 0* 3 p.c., 1916 (opt.) 72 5 0 71 7 6* Western Australia— 4 p.c., 1942-62 — 98 10 0* Tasmania— 31 p.c., 1920-40 .. 101 10 0 99 16 3 ¥ 4 p.c., 1940-50 99 10 0 99 0 0* New Zealand— 41 p.c., 1948-58 97 0 0 97 15 0 31 p.c., 1940 100 7 6 99 5 0* 3 p.c., 1945 .. 91 5 *Ex interest. 0 92 2 6

RUGBY, June 1. Par. May 30. June 1. Paris, fr. to. £1 279.60 176 47-64 176 47-64 New York, 4.58 5-16 dol. to £1 4.866 4.68« Montreal. 16 4.69 5-16 dol. to £1 4.866 4,69 5Brussels, 27.50i belgas to £1 35 27.50 Geneva, 20.76* fr. to £1 25.2215 20,77 Amsterdam, 8.74i fl. to £1 12.107 8.77J Milan, lire to £1 92.0 89 89 Berlin, rcich11.67i marken to £1 20.43 11.67 Copenhagen, 22.40 kr. to £1 18.159 22.40 Stockholm, 19.42 kr, to £1 18.159 19.41 Oslo, kr. to £1 18.159 19.90 19.90 Helsinki, 2265 marks to £1 193.23 2262 Madrid, pesetas to £1 25.2215 — —. Lisbon, escu110* dos to £1 110 1104 Athens, drach 547J to £1 375 547J Belgrade, 660 660 lei to £1 818.60 Bucharest, 210 . dinars 376.3 210 Rio de Janeiro, pence to milreis 4.890 2 25-32 2 25-32 Buenos Aires, 20.23$ pence to dol. 11.45 20.19 Montevideo, 18 18 pence to peso 51 Bombay, pence 18 175 to rupee 17a Shanghai, pence to yen 4 — Hong Kong, pence to yen 4 1415-16 1415-16 Yokohama, 14 14 pence to yen 24.58 Batavia, 8.70 8,70 r guilders 12.107 Warsaw, par 19.36 19.36 zlotys to £1 43.38 ♦Determined by price of silver.

Selling- • 3.72 3*16 731'!! 1 T.T. 3 73i J ‘ O.D. .. 3.72J Buying— ■ - ■ .. 3.771 3.78 3 781T.T. O.D.