BANK NOTES.

Press, Volume LIX, Issue 17721, 24 March 1923, Page 14

BANK NOTES.

GOVERNMENT SECURITIES.

A STANDARD SIZE. (srEOAL TO ' "THE PBESS.") WELLINGTON, March 23. Complaints continue to be made about tho dirtiness of bank notes in New Zealand, and about the confusion arising from the different sizes of notes of similar value. As has already been t*ted. however, the banks some tuno a b o took steps to effect an lmprovehk. t in botli respects. 'lne General Manager of the. Commercial Bank of Australia, replying to a correspondent, states that the banks recently *dotped a uniform size and colour for the notes of all the banks.trading in New Zealand. The size adopted for the notes of all denominations is the same as the £1 note of the Commercial Bank of Australia, Ltd., which is practically the same size as the Commonwealth £1 note, and the recent note issued in England, South Africa,, and America. It take a little time for the notes of the present issue to be called in and replaced by the smaller notes, and in the meantime it will be just as well for the public to get used to the Commercial Bank £1 note, as that will be the standard size for all bank notes in the Dominion.

GERMAN GOODS. SCIENCE AND INDUSTRY. (SPBCIAL TO "THE PRESS.") DUNEDIN,/ March 23. Foreign importations, especially fromi Germany, were referred to by Mr J. A. Trostick in tho course of his address at Sie meeting of the Manufacturers' Association last night. There were people in* New Zealand to-day, lie said, who, without considering the effect it mighit have upon New Zealand' workers, desiied to import German-made goods. Tho Germans were just as numerous and more efficient than ever before, and, as had been seen, they would uso any method to- attain their end, their object being trade supremacy throughout, the world. • They would subsidise tU-eir industries -and "their sbipping, .-is they did before the war, only with greater determination to win through. Had we as New Zealanders no vision, or had the golden calf taken possession of our souls? Unemployment would follow German importations as sure as night followed day. Ho could not believe thatl the bulk of the people had a desire at this particular time, to purchase- German goods, but when once they were bought they would have to bo sold.

Dr. Jack said that although, perhaps, the idea of following .the example of Germany was distasteful, he hadl been very much struck during his residence in that country by the manner in which the university professors were defintely linked up with various industries. New Zealand had' a great deal to learn from Germany in that respect. In America, moro recently, he fond noticed the same kind of thing, and it had been very interesting to. observe men engaged upon tasks in large factories which, did not appear to bo related to that pavticularr industry, but which still had an important bearing on the scientific side of the work. The same kind of, thing was being done in Japnn and' other countries of the world, but it was almost entirely ladling in New Zealand.. He emphasised the need for the creation of a scientino outlook and' interest in the children. Much more use, ho believed, would also bo made of the advantages afforded by the universities, and, .further than that, he wished to put in a plea on behalf of pure science;- At,the present time- the universities required equipment for scientific research, and an outlet had also to "be found for the scientific students. Practically the) only avenue open to these research students at the present time was teaching, and many of them were not adapted for that profession

BUTTER MONEY. . SOME AMAZING FIGURES. . That there is some caus'e for the carnival spirit in Auckland is indicated by a very interesting set of figures, placed before a "Star" representative by Mr Wm. Goodfellow, managing director of die New Zealand Co-op. Dairy Co., Ltd., in the course of "an interview. For the months of November, December, January, and February of last sea-" son when tho disastrous slump experienced in England in dairy produce was reflected in the low advance payments ;to the Primary producer .here, the .New Zealand Co-op. Dairy Co., Ltd., paid out a total of £808,758 8s lid. For the same tour.months of this season, the advance payment will comfortably exceed £1,500,000, so that this company alone has put into distribution for this period £700,000 more than was available in the same spacs of four months last season. As about 75 per cent, of the total butter output of the Auckland province is contributed by the New Zealand 'Co-op. Dairy Co., Ltd., these figures mean, allowing for a similar excess in the proportionate payouts of other companies, that as nearly as iP 0 ?^"* 9 an ©xtra million in hard cash has been distributed in the past four months over the same period for last season.

Looking back on the.past two seasens, tnerefore," said Mr Goodfellow, we can see that the nojiod of stress which loomed so black at the time, is now passing away and that the dairy industry is contributing its full quota vo the restoration of normal times, Of course a great volume of that extra million has been badly needed by the producer to liquidate in many cases arrears of back dobts which accumulated or necessity in the slump years, but that liquidation of past debts is proceeding rapidly, and the stream of dairy money will continually tend to brighten the fading pulse of the city. This, year the cash turnover of the is few Zealand Co-ot). Dairv Co., Ltd wUI reach the neighbourhood of £5,000,WU, and this money will bo spread throughout the community in the normal course of trading by the 40,000 suppliers and dependents whose needs it first serves. Auckland merchants will thus be able to estimate the extent to which such a flow of money will assist thorn m their business

CANTERBURY MARKETS. Friday Evening. Regarding the important factor in connexion with the wheat position-the ratification by the Government of the agreement arrived at between growers and millers as to prices-there is no alteration on record. Growers and buyers are still awaiting a more definite statement of the- Government's intentions and attitude than has been made public so far. The delay in makincr this statement is ascribed, in some quarters, to the general uncertnintv created by the Parliamentary by-election in Tauranga, and there is sTf-iirlv generally expressed opinion that there will bo no announcement on behalf of the Government before polling day—Wednesday next—at the earliest. In the meantime, heavy offerings of wheat are reported; activity on the part of buyers is hardly kcepincr pace with the rate at which wheat is° being rushed on the market, and growers are said to be, very naturally, nnxious that the present uncertainty in respect of the Government's intentions should bo ended as soon as possible. To a certain extent buyers are equaily anxious, the idea being that if the' Government does not ratify tho growers-millers' agreement, the price to-dav, in view of tho heavy offerings, would be moro like 4s per bushel than 4s Gd. Business that is being done is on tlie basis of 4s 6d, with the proviso that in the event of Government ratification, ihe difference between that price and the growers-millers' agreement price will be made up. Not much, if any, business is being dono on the basis of tho agreement price's. In support of the,' demand ,for the continuation of the embargo on the importation of wheat and flour,'it is urged: (1) That the financial position of the Dominion demands that our exports shall be increased, and that any proposition involving money being sent out of the country shall be looked upon with disfavour; (2) that in view of th' 6 opinion that unemployment is likely to be more acute than was the case last winter, any proposition likely to result in closing down the Dominion ?s flour mills, either wholly or partly, should be resisted; and (3) that if tho embargo be removed the export of wheat from the South to the North Island will automatically cease, and steamers at present trading between Ly-ttelton and Auckland will carry less cargo, and may visit. Lyttelton less frequently. Tho probable disastrous effect upon the wheat-growers of the Dominion- if the embargo is removed, is a further argument advanced against the lifting of the embargo. The demand for oats continues fairly firm, Australian enquiries keeping tho market up. Very little business with Australia is reported, however, and it is surmised that the arrival of supplies from Tasmania may account for this state of thjngs. Quotations -remain unaltered.

A further weakening in the price of peas is reported, and. quotations for first quality range from 5s 3d to 5s 6d. Chaff also shows a further weakening, reports as to value being, in some cases, as low as £4, with a possible maximum of £4 15s, though some authorities consider that £4 5s is the outside value.

White clover and ryegrass are reported firm at recent quotations. One or two samples of cowgrass have come to hand, the quotations being from 9d to lOd. '

Sales of potatoes at £ 3 10s for AprilMay delivery are reported, but £3 15s has also been paid. The following are quotations for produce to be paid to farmers at country stations, s.i., unless otherwise stated:— Wheat (tentative prices)— Tuscan 5s Id, Hunters 5s 3d, Pearl 5s sd. Oats —A and B grade 2s 8d and 2s 10d. " •

Chaff—Bright oatsheaf £4 to £4 10s. ',;■'•.

White Clover—ls 2d to Is 6d per, lb, red 9d. to lOd.

Italian Byegrass—4s 9d to 5d per bushel. ■

Perennial Ryegrass—4s 9d to 5s per bushel.

9d to lOd. Potatoes—April-May delivery, £3 10s to £3 15s per ton. Onions—£3 10s to £3 15s. to sfd. Linseed (nominal) —£ 14. Barley—ss per bushel. Peas —5s 3d to 5s 6d. Bran—£s. Pollard—£7.

TIMARU. (special to "the pbess.") _. . TIMARU, March 23. Wheat and milling produce are now moving, and the Katoa was expected to leave Timaru yesterday with a thousand tons for Auckland. Millers are, not very anxious to augment their present supplies, the/ embargo on Australian wheat and flour still causing an element of uncertainty. ' Stack-threshed wheat which has como on. to the market miring the past few days has eft very little to be desired. There will be more fowl-wheat available this season than is usual in South' Canterbury. The market is slack at about 4s to 4s Id at country stations, sacks extra. Milling is quoted at 5s Id for Tuscan, 5s 3d for velvet, all f.0.b., sacks extra; or where millers prefer to buy subject to subsequent adjustment, the values are: Tuscan 4s 6d Hunters 4s 7d, and Velvet 4s 9d, on trucks at country Btations, sacks extra. • There are insufficient oats offering to cause a serious decline in values, although the market is quiet. B Grade Gartons are worth, for spread delivery, April to September, 2s lOd to 2s lid, on trucks, but oats purchased on this basis cannot be sold for prompt shipment. A's are worth 2s lid to 3s, Algerians 2b 6d to 3s 3d, on trucks, sacks extra. Chaff is quoted at £4 lbs per ton, on trucks. About 2500 bags were sent to Auckland this week. The prices ruling have brought out a larger supply than is required at present. . There is very little barley about, and it is quoted nominally at 4s to 4s 6d, on trucks, sacks extra. Most of the crop has been contracted for on the basis of about 4s on trucks. The yield per aero of peas is not expected to be heavy, as they did not fill out well, owing to the excess-of rain. Peas continue to decline in value. No. l's are quoted at 5s 9d, and f.a.q.'s at 5s to 5s do. bomo fair samples have been seen, but "ere are very few No. l's. The linseed yield is expected to be a fairly good one—from half to three-quarters of a ton per acre. Cutting will become general within the next fortnight. Prices are steady at £l4 10s to £ls per ton, on trucks, sacks extra. There is no ryegrass offering, although tho demand is keen. The nominal value of perennial is 5s to 5s 6d on trucks, whilo Italian is worth 4s Od to 5s 3d. White clover is beginning to offer at about 9d to Is 3d per lb. It is expected that'the yields will be above normal. „„ T ™ e T e u ? a fl i ir en< wiry for potatoes for prompt shipment to.the North Island at £4 on trucks for whites, and £3 15s for reds. 7n. Al r M M , 8 o y 1. U ., otat i? a for delivery is £3 10s to »£3 12s Od. There is a very large " ea '?. Potatoes this season, and, but for the blight limiting the quantity of table tubers, the prices would have been far from remunerative. •

METHVEN STOCK SALE. At tha Methven yards on Thursday there was an entry of about 20,000 shetn The sa!e was very brisk throughout, and some record prices were obtained. One line of 84 two-tooth halfbred ewes was sold on acc?U?,t 1 Of TT i Jf S i r . C - and L - h - "'chards, of Mt. Hutt Station, at 60s each, the purchaser being Mr T. Macartney. The following sales were made:— Store sheep—loß s.m. halfbred ewes at 30s, 94 three-quarterbred s.m. at 28s 6d 460 eight-tooth halfbred at 31g, 57 four, six and eight-tooth halfbred at 265, 168 four' six, and eight-tooth halfbred at 295, 711 B m'. merino at 80s 3d, 234 f.m. merinos at 18s 9d, 473 six and eight-tooth ewes at 30s to 30s 3d, 91 s.m. crossbred ewes at 28b, 633 four-tooth halfbred ewes at 36s 3d, 430 s.s. halfbred ewes at 32s Dd, 84 two-tooth half-bred ewes at 60s, 143 six and eighttooth halfbred ewes at 36s 2d, 225 four and five-year ewes at 30s, 640 four, six, and eight-tooth three-quarterbred at 27s 9d, 364 f.m. halfbred at 235, 120 rape lambs at 21s, 251 ewe lambs at 24s 7d, 330 mixed sex lambs at 21s, 222 at 24s 7d 133 at 245, 122 at 245; 236 four and six-tooth wethers at 28s 9d, 133 two-tooth at 24s 2d, 354 merino wethers at 20s. Fat Lambs —96 at 32s Od, 216 at 29s 3d, 9 at 275, 191 at 265, 153 at-29s sd, 37 at 29s Id, 54 at 26s lid, 40 at 31s Gd, 548 at 265.

Fat Ewes—lll at 20s, 10 at 22s lOd, 120 at 20s, 240 at 21s.

BANK OF ENGLAND (BY CABLE-PRIBS (AUSTKm A H A TO Ha. S \ ended March puuon with those of the Xviou *?!**- gfc „a »»** .. j Proportion of reserve * ' ,00 ° 2< .<«3,<») •] to liabilities, etc. 193t> : Note circulation .. Government deposits To'M 123,1 * M I Other deposits .. 109'« 3 ™ .JUJMOt Government securities Other securities .. ToWww Short loans, 1J p„ c «iM bills. 2J per cent. tht " Wj* j FOREIGN EXCHANGE RATEs', 1 The T T ango j Christiania, kr. to £1 15.159 «'S - Copenhagen, kr. to £1 13.159 £'*- : i Stockholm, kr. to £1 18.159 w- ?<•« \ Berlin, marks to £1 20 2 <w u£ 1, -* l ' Rome, lire to £1 .. 22 22* '« ' Montreal, dol. to £1 4.f 6 5 4 „I »l ' New York, dol. to £1 486 i -if ' Hemp KoTiff, dol. to £1 • *$ m ' Yokohama, st. to yen 21.50 <m2i ?W Calcutta, st. to rpe 10togold£ 'Determined' by price The exchange on Pads fluctuiS' ' , on Thursday. The rate wZ? and closed at 69.75 francs to th» £ tWi V PARADOX OF THE MARK. GERMAN BUSINESS FAILURE. (BT CABLE—PRESS ASSOCIATIOK-ComteßT) (AUSTRALIAN AND S.Z. CABLE ASSOCIAtw"'' BERLIN, M» re h si . The continuous steadiness of the nikii '. causing considerable difficulties for bliiUtti, ■■ ferns. A well-known Berlin company d M W in precious metals has suspended hu.inw 1 v,ith liabilities stated at 4,500,000000 marks ' and assets at 2,500,000,000 murks! It j, ~ ported that this failure has involved other firms. , \ Tho "Vossische Zeitung" states that «• ' ports come from Hamburg of the iniolnncr '' of several grain, fodder, and cocoi fi ra i The .fall in prices has caused difficulties for many other firms. Uneasiness in Humburr is increasing as the possibility of theso fim« finding support growl less.

SHARES. ] (Reived March - WaUii, buyers 28s 6d, sellers 2fe Si ' ENGLISH GRAIN MARKET. ■Wheat-Cargoes «re steady .and P"°" £ unchanged. Parcels «re quiet and eM.er. Australian, landed, 535. •. f . Flour-The market is. steady b«t »""" Australian, ex store, 36s 64 , .^ Barley—The market is qmet, wo v "oattd B««-W* « ,. Peas-Prices arc sliirhtly eaawr.. ; Sugar-Granulated, 61s id P«r «*• t AUSTRALIAN METAL SALES, j . MELBOURNE, X*gh%.. \ After March tot th* change will cease the duly f. "SjTooW J tracte /or the sale of metals. The W . of Customs will issue perm»tito« *P in future, on Teceipt of the usual i» tion. j DAIRY PRODUCE. DECLINE IN LONDON BUTTER VALUES. LONDON, March .*. ■ Butter value* have , high retail Pri<*s having seriously I consumption both here .and on the ent. A further cause is that *«a Holland are producing;«*££. * own requirements, «o that more v* being sent to Britain z ]wl 4 Danish is quoted at IMJ! »•* *j y* choicest 192s to * g 0 1965, and unsalted 200s; Auitr.li* 188s unsaltexM94fl to 1%9. It H that the demand will improve at U» *" i, lessee theg retail prices checking the demono. Zealand white 148s, coloured low. (PBESS ASSOCIATION TttKßiH.) j DUNEDIN, Mtrdi "j, j The secretary of the South hW" ft, j Association has received a cable u , New Zealand Produce Association, « ~ , that the butter marKet declined •n** J the last two days, .and the *****£•&> ; ceased. To-day's prices are 1908 but there are no buyers because Da»» , quoted at 136s o{ Copenhagen. PROPERTY SALE. Dalgety and Company, Lifflitod. '"'j. ' that they have sold to y. Cracroft Wilson, of Caahmere, pertv "KANUKA," containing *« tf!| freehold, recently advertised for j «ccount Mr C. 0. T. Rutherford. 0 , Canterbury.

NAPIER WOOL SALE. (TMX39 ASSOCIATION TELZOBAIO NAITER, March 23. The fourth -wool sale of the season was held to-day, -.vl:cn 10,703 bales were offered to a small bench of buyers, was keen. Wools guitabie for America were neglected, but the Continent and Bradford were keen competitors for low and medium wools, for whk'h prices advanced id to {d. Pieces were in good demand. but iiorf «•»« very little competition from niii'i. with a result that prices were eomewbat easier. The condition of the won! was fairly heavy. Tlio range of prices was as follows: —

FROZEN MEAT MARKET. Delrety and Company. Limited, have reeeivedf the following cablegram horn their London offlee, dated March 22nd:— "Frosen Lamb —Demand for New Zealand lamb li not Improved by change in prices. Market *•»*«• No J°™ rd T'Ti 8 Ji?.' £arud. We quote:—Prime crossbred lamb; BStobnrV, Veevy 12id, light laid; North laUni heiVy 11H, light lljd. Demand lor Anatolian lamb limited. We quote:— OJLQ. eroasbred lamb: Australian, heavy •'Frwan Mutton—Demand for New Zealand mutton la limited. Market, weaker. No lonnurd boriruM reported. Wo quote:—Now *.. UnA raiau eroasbred mutton: North IstandThaavr B|d, light BJd. Demand for Auatralia mutton la poor. We quota:—G.A.U. eroubred mutton: Australian, heavy s ld, lixbt fld. "Jroaen Beef —Demand for New Zealand beef moderate. Market steady. We Quote:— Hew Zealand prima ox beef: Binds «(d, fax** Bid. LONDON WOOL SALES. (SV CiMLB— MISS 4BBOCUTIO*—COPIWOHTj ijjttauAta us h.s. oiblk abbocutiok.) LONDON", Mjaxdh. 22. At Hm wool aalea a fair selection was offered In til okaies. There was strong competition. Merinos showed a> hardening tendency. Oroesbreds were firnt and prices tuicJiAived. BRADFORD TOPS MARKET. ', LONDON, Maroh 22. The Bradford tops market is firmer. Sixtyfours, oi to 5s 10dj sixties, 63d | flfty•lghts, *Bd; fifty-sixes, 86d; fifties, 2Sa; j forty-atias ttd; forties 16d.

AUSTRALIAN MARKETS. MELBOURNE, March 23. *' ffiflw Thn market wm turn, the piwi/<m weaVa values were readily obtainable, excepting for llghta, which were Irregular. '- Bniey—EagUaa, malting, 8e 6d to 4a » .babel; Oaja, 8i Id to 8a 2Jd. Oeea 8» 8d to 8» Bid a buibeL PototQM M 16a to £6 a ton. toiwi it a ton. METALS. V frrt otna-mM AaeooATrow—copttro«T.) , i (wrauxu* axd ns. oabui absocutiox.) CBeoefeed March 23rd, 1030 p.m.) LONDON, March 22. Cuppeg Bpoi £76, forward £75 16s. Lead—Spot £2B 7« 6d, forward £2B 7a 64. SyIWT Syot £3S ISa, forward £36 15a. 3SfrrSpot£23B 17a «d, forward £224 12s 64, 6llver—B2 W6d per ounce. AUCKLAND STOCK EXCHANGE. (ancux. to. "thb sbxss.") AUCKLAND, March 38. Belea-War Loan. 1888, £97; 1939. £96; Saw Zealand Inioribed, 1988, £97; OJebome Sheepfarmera' £IOO, 10s; National Bank, ÜBe «d; Bank oi New Zealand, 67a; Union Bank, £l4 2a 6d; Auckland Gas, 26s Sd; Wilaoaf* Cement, 24a 8d; Grand Junction, 8a Do.

I OTHER EXCHANGES. §y- ,'* (rpXSS A9SOCIATIOS TKLIOaAK.) lj§j|t|toi>. . WELLINGTON, March 23. HhS|§M** reported—lnscribed Stock, 1938, ZeiUnd Iniurance, £1 8s 9d. Inscribed Stock, 1938, HHMPwlil|(on Ou (fraction*), U 9<L

CHRISTCHURCH STOCK EXCHANGE.

YESTERDAY'S TRANSACTIONS.

Sales reported:—Union Bank of Australia, £H iis 6<l; Gear ileal, £2 3s 3d; Crown mewery, £2 Is. aaXca on 'Change:—N.2.. Govt. Si per oent. Inscribed, 1938, £97 2a 6d; Union Bank of Australia, £l4 2a 6d; Howard, Smitn leuci div.), £2 12s 6d; Burns, Phiip, £1 13s. LATEST QUOTATIONS. Buyers. Sellers. £ a. & £ a. d.

The following are the latest quo tatiom tar Government securities, with a comoirivin with those ruling last woek:— Last week. £ a. d. 2i per cent. Imp. Con. 68 IB 1 0 Tkiswwl'. 1 «.d\ . 59 10 1) 3J per cent. Imp. War Loan, 1325-28 .. 05 10 0 95 10, 0 5 per cent. Imp. War Loan, 1929-47 ..101 7 8 101 16 o 3J per cent. Conversion Loan .. 76 7.6 11 7.6 5i per cent. C'wealth ' Loan, 1922-27, Feb.- ' August .. •• 102 0. 0 103 0 0 6 par cent. C'weaHh "• Loan, 1931-41, June- . Dec. .. '.. 105 0 0 N.5.W. 3'a, 1935, Apl.- - 105 0 0 S ■ Oct 75 10 0 . 76 0.0 ', tf.S.W. SJ's, . J930-50, Jan.-July .. 79 10 0 79 10 0 ' .; N.S.W. 4's, 1983, Jan.- > * Jul?' .. ..'90 5 0 90 io o ; N.S.W. SJ's, 1922-33, May-Nov. ■ ..-10115 0> 101 17 6 /i N.S.W. 6's, 1930-40, Mny-Nov. '.. 105 7 6 105 12 6 N.S.W. 6J's, 1930-40, - - i ... Feb.-Aug. ..107 7 « 10715 0 ' Vic. 5J's, 1930-40, Apl.- , Oct. .. ..102.2 6 102 2,6 Vic. 3J'a, 1921-6, Jan.Ji>iy .. .■■--.. 96'10 0 9615 V Vic. 8J's, 1929-40, Apl.-' October .. " -•.. 7715 0 77 15 1 Vic. 3J's, 192049, Jan.- ;.. July .. -.'. 71 JO 0 7110 1 Q'landG'B, 1930-40, Feb.- ... Aug. .. ..105-0 0 105 ;2 « Q'lnnd 4'a. 1924', Jan.- • July .. ..-.98 10 O 98 10 «. Q'lnnd 8i's, 1924, Jin,July .. ."■■■■'.. 9712 6 97 15 0 O'land 31'a,' 1930 . , •,. ,88 12..0',' 88 15 0 Gland 3's, 1922-47;'Jin.- , ' July .. ..88 S 0 64 ft N.Z. 6's, 193C-51, Feb.Ausr. ..10817 8 10817 8 N.Z. 4's, 1929, May-/ November ..95 2 6 96 5.0 N.Z. SJ's, 1940, Jan.. July .. ■'.• 83 T «- 8815 0 N.Z. 3'b, 1945, Apl.-Oct 74 2.6. 75 0 0 S.A. A 3'b, 1930, Jan.- ' July .. •• 61 ° ° S.A. 4Js, 1945 or after 82 16 0 ' 8U»V>. 81 ft. 0 S.A. 6J'«, 1930-30 ...10712 6 107 18.0 Tas Si's, 1920-40, Jan.'76 0«l ; July .. » 78 0 ° Tas. 3'«. 1920-40, Jan.- . July .. •• 8315 0 '88 M 5 Tas. 6i'«, 1930-40, Feb.July .. ..10715- 0 108- 0 0 '; ,W.A. SJ's, 1920-35, May- . 1 Aug. '.. .'.- «'° ° 75 00 --i W.A. 3'a. 1915-35, May- i. November •• 79,17-6 79 17-6 ;.. W.A. 6'a, 1930-40, JanJuly .. •• 1MW € 105 SO

Fine HaUbred— d. d. Inferior • • 15 to ir,i Southdown 20 to 234 Mc<l:u'. ilalfhied— Inferior .. •• — to 12 Coarne Half bred— Inferior .. •. — to 10} Fine Crossbred —■ Average .. • • 13 to 13} Inferior .. «• 9} to 10} Medium Crossbred— Average - . * • 104 to 12} Inferior •. *•• bl to io Coarse Crossbred— Super ... • • Average •• »» 10 to 12 8i to 10 Inferior •• •• 7i to 8} L«w Crossbred— Average • • <• •■ 8 to 9} Inferior •« «• 6J to 7} Hoggets— Fine »« • • 12} to 13 J Medium ,.. ( »• 11| to 12} CoarBe »■ »• 9 to 111 Lambs — Down • • <•i — to 15i Fine »• •• 13 to 14 Medium • • » « 9} to 12 Seedy and inferior .. 6 to 7 Bellies and PiecesGood to super .. 8} to 10 Low to medium • • 4J to 8} CrntchingB — 5i to 9 Medium to good »« Inferior and seedy .. 3J to 4} Locks — Crossbred ». • • 3} to 5}

CLOSING QUOTATIONS. - Buyers. oellerB* 4 a. d. S a. d. BANKSAuetrelafia 12 16 0 __ Commercial M M 115 6 1 17 0 National ' 6 10 0 New Couth Wales 87 5 0 88 5 0 New Zealand .. a O IA 9 2 17 0 Union - M 0 0 14 8 6 INSURANCE— Nationai _ .« 8 14 0 _ New Zealand ~ 1 8 8 18 6 South Britiafc 1 18 0 Standard ' 114 6 __ FINANCIAL— N.Z. and Bhrer Plato ~ 1 1 8 ISO Loan and Mercantile .. 65 0 0 90 0 0 Loan and Mercantile ? (pWlf.) ••j 75 0 0 COAL— • Hikimngi (okL) 0 13 0 _ Taupiri .. 1 0 6 110 Itoipiri (prefj f 1 3 6 Waipa ~ 0 16 8 _ Weetport 1 16 9 1 17 9 - - Wwtport-Stockton foref.) 0 8 4 i SftlPPING- ■ Ferry 1 5 8 Huddart-Parker (ord.) 3 0 8 Northern Steam (paid • -op) 0 14 0 _ ■■■:■ Northern Steam (cost.) 0 6 6 0 7 0 Unioa Steam (pref.) M 019 9 — UMBER— Bartholomew ... ■ 0 16 0 10 6 . Xanrl Timber a* ' 17 9 Inland, O'Brien 1 16 0 — Parker, Lamb .. 1 4 8 16 0 WOOLLENJUapoi (ord.)" Xalapoi (10a P«id) .. — 18 9 _ — 0 11 6 Wellington .. 8 17 0 9 3 0 Wellington (pref.) •_ 8 17 0 — ' inSCELLANEOUS— Colonial Sugar CAua.) 41 0 0 — Gear Heat „ 9 0 0 — Xenrpthorne Proaaer 2 18 6 — Newton King .. . M 0 17 9 — Union Oil 1 9 0 i io e WflWe Cement 1 4 0 14 8 lONINO— Moanataiari . 0 8 2 0 8 6 Waibi 1 7 6 18 6 . Grand Junction .. 0 8 0 0 8 8 DEBENTURES— War Loan, 1930 97 5 0 War Loan, 1937 -- 97 10 0 " War Loan, 1938 .. 96 15 0 97 0 0 SoJdW Lou, 1933 LOO 0 0 101 0 0

DEBENTURES— ->,/.. Govt. per cent. Insc, laae 97 0 0 — -\.Z. uon. -ij pex oent. Insc, 1933 97 0 0 97 5 0 N.Z. Govt. 4j per cent. .bonds, 1S3S 97 0 0 97 6 0 *i.Z. Govt. 4J \,ei cent. Bonds, 11)39 97 0 0 97 6 u N.Z. Govt. 3 por cent. Bonds, 10-27 87 « 0 — N.Z. Govt. 5{ percent. Insc., 1033 — 100 10 0 N.Z. Govt. 5* par cent. Bonds, 1933 — 101 2 6 Booth, Macdonald 7J per cent, 1331 — 100 10 0 ■\Yoolaton Tanneries "A" 6 per cent, 1925 90 0 0 97 0 0 N.Z. Refrigerating, 6 per cent., 1925 97 0 0 99 0 0 BANKSAustralasia, ex div. 18 2 6 — Commercial of Aust, .. 1 15 0 — Commercial of Aust. (1 per cent, cum pref.) — 7 0 i» Commercial of Sydney 21 0 0 — New South Wales 37 10 0 87 17 6 Royal (£1 paid) 1 13 0 — Union of Australia 14 2 6 14 4 0 INSURANCE— National .. ., 8 H 9 — New Zealand 1 8 6 — LOAN AND AGENCY— Dalgety and Co. 12 5 0 12 14 9 Goldsbrough, Mort 2 5 0 2 6 3' N.Z. Loan and Merc. (5 per cent. cum. pref. stock) 74 10 0 78 0 0 SHIPPING— Howard, Smith (cum div.) 2 12 6 9 IS 0 Huddart-Parker (cum div. and rights) 8 0 6 8 2 6 Huddart-Parker (6 per cent. cum pref.), cum div. 1 0 0 — FROZEN MEAT— Canterbury 15 7 6 15 15 0 N.Z Refrigerating (£1 paid) 1 6 6 1 7 8 N.Z. Refrigerating (10b paid) .. .. 0 13 0 OH it COAL— Westport 1 17 8 — Westport-Stockton ., — 0 6 8 Westport-Stockton (8 per cent, non-cum. pref.) ex. div. 0 7 ,9 — WOOLLENS— Kaiapoi (£1 paid)' — 1 4 0 Kaiapoi (10a paid) — 0 12 0 Kaiapoi (pref. i» div only) .. .. 1 0 9 1 3 0 GASj Auckland ... ■,. 1 5 6 — Christchuroh ., ,, 7 18 e a o 0 ■ ,, : .. 10 2 e — BREWERIES— Crown ... i.. a o 6 3 B 0 Manning ,. .. 4 18 0 4 18 0 "Ward .. .. 116 0 1 17 6 CEMENTSWilson's N.Z. Portland — i « « MISCELLANEOUSBeath and Co. cum. div. .. 111 0 113 6 British Tobacco (Aust.) 1 19 0 2 0 o; •Burns, Philp 1 12 10 118 3 Dental and Medical Supply Co. — 1 4 0 D.I.C. 0 11 6 — D.I.C. (6 per cent, oum , pref.) 1 0 0 1 0 9 Henry Jones Co-op. ,. 3 0 6 — Mason, Struthore (Si.. paid) ,. 1 8 0 1 4 8 N.Z. Diug Co. (oum div.) j .. 8 0 0 — N.Z. Farmers' Co-op. (£2 paid) United Pictures 1 0 0 1 6 0 — 1 6 0 Electrolytic Zino (pref.) 1 9 6 — Eleotrolytio Zino (rights) — 0 11 0 . Evans Atlas Co. 1 8 V — MIN1NGMt Lyell 1 4 6 1 5 8 Waihi 1 8 0 1 9 0 "Waihi (two months' de- ' livery) ■ ''., 1 8 6 1 9 '6 . 'Waihi Gxancf Junotion 0 8 0 0 8 6 ■