DEFECTS IN WOOL.

Press, Volume LXIV, Issue 19343, 22 June 1928, Page 10

DEFECTS IN WOOL.

USE OF THE ROMNEY. RESULTS OF INVESTIGATIONS. (PEESS ASSOCIATION TELEGEAK.) PALMERSTON X., June 21.

At the Romney Breeders' meeting today Mr Quinton Donald, president of the Wool Research Board, presented a report drawn up by himself, in conjunction with Mr A. H, Cockayne, on NewZealand woof deterioration. Mr Donald stated that numerous complaints had been received from spinners that certain bad features of Sew Zcaland wool were becoming more and more prevalent, it being suggested that the use of Romney rams was the underlying cause. The initial work by Mr Wm. Perry, supplemented by that of the Department, showed that the hairlike structure of rough wool was a regular feature in Romney and Romney cross wool, but was also common in all longwool breeds. This fact pointed that the remedy lay along the lines of selection and management rather than alteration of breed. As far as the Department was concerned its slogan was, avoid the use of rams showing hair in those portions of the fleece exclusive of the lower portion of the britch. It had been ascertained that wool buyers viewed with disfavour excessive quantities of hair, thickened tips, and the presence of short fibres. A question that was by no means fixed, however, was whether animals possessing soft handling fleeces always produced soft handling wool under all conditions of feed and management. Many breeders were confident that structural defects in places were largely influenced by climatic conditions, whilst others were equally confident that it was a matter of. breeding. Mr Cockayne was of opinion that pure wool animals always produce pure wool, but the condition, amount, and spinning quality will vary. With regard to animals carrying hair throughout the fleece, he was of opinion that climate, feed, and soil may make such sheep produce large quantities of hair and excessively thickened tips under °n© set cf conditions and virtually pure wool under other conditions. For this reason he was dubious whether any single examination of an animal was of any real value. Mr Cockayne was largely of opinion that the lubrication of the fibre has a very important bearing on the final structure. He also carried out preliminary work that pointed to the conclusion that the thickness of the skin was_ an important factor in fleece production. Last year Romney breeders, recognising the valuable results that might accrue from a proper scientific study of wool structure, voted £IOO for three years to the Department of Scientific Research. CRUTCHINGS SALE AT NAPIER. (PEESS ASSOCIATION TELEGBAM.) NAPIER, June 21. A representative bench of buyers attended a crutchings sale.in Napier today. The quality of the offering was not up to last year's but competition was fairly keen. Prices, however, did not equal those ruling in Wellington, showing a decline of a- penny to three-halfpence.

'CHANGE PERTURBED. CAPITAL SENT TO AMERICA. , (UNITED PBE9S ASSOCIATION —BY ELECTRIC TELEOBAPH—COPYRIGHT.) - LONDON, June 20. Large parcels of Australian Commonwealth stock have been sold lately, the proceeds being sent to New York to purchase H per. cent. Commonwealth stock recently issued there at £92, which, owing to a break in Wall street, has been obtainable at nearly 4 per cent, discount. Members of the Stock Exchange in liondon are considerably perturbed and think it is likely seriously to prejudice further issues here. —Australian Press Association.

NATIONAL BANK OF N.Z. (press association telegram.) •WELLINGTON, June 21. The National Bank of _ New Zealand has received cabled advice from the London office that the directors recommend a final dividend of 12 per cent, per annum for the half-year ended March 31st, and a bonus of 2 per cent., both free of tax. This dividend and bonus are the same as last year.

AYRSHIRE BREEDERS. (press association telegram.) PALMERSTON NORTH, June 21. At the annual meeting of the New Zealand Ayrshire Cattle Breeders' Association the following officers were elected:—Patron, the Governor-Gen-ral j president. Mr A. Weir (Southland); vice-presidents, Messrs* F. Mills (Hawera), C. B. Morgan (Woodville), O: Webb (Koputaroa); members to fill vacancies on the executive, Messrs J. H. Stuart ( Whakarongo), •P. Bremner (Okajawa), H. Webb (Koputaroa). YV. C. Wallace (Waikato); treasurer, Mr T. Webb; auditor, Mr R. S. Fuller. It was derided to hold the next halfyearly meeting at Hamilton in the spring, and the annual meeting at the Manawatu Show in June.

FOOT-AND-MOUTH DISEASE. PROTESTS AGAINST LIFTING OF EMBARGO. (PEESS ASSOCIATION TELEGRAM.) PALMERSTON NORTHS, June 21. The Dairv Cattle Breeders' l'ederation and the Romney Breeders' Federation both passed resolutions opposing the lifting of restrictions regarding the importation of stock from countries affected by foot-and-mouth disease. SYDENHAM PICTURES, LTD. The sixteenth annual report of the Sydenham Co-operative Pictures, Ltd., to be presented to shareholders at the annual general mcet't.? next Thursday, is as follows: — The directors submit the balance-sheet, containing statement of accounts for the year ended May Ist, 1928: Net profit for the year amounts to £367 lis 10d,. to which has to be added the amount brought froward from previous year, £49 14s 2d, making a total of £417 6s. The directors recommend that this be dealt with as follows: —To payment of dividend at the rate of 5 per cent, per annum £lB6 18s. carry forward £230 Bs, total £417 6s. The directors who retire by rotation are Messrs H. T. Stubberfield and B.'.Moore, who are eligible, and offer themselves, for re-elcction. The retiring auditors are Messrs E. R. Caygill and Company, who offer themselves for re-election.'

BONELESS VEAL.

OPERATIONS 'IN WAIKATO. [THE PEESS Special Service.] AUCKLAND, June 21. The freezing industry in the Auckland district is now practically at a standstill and operations are largely confined to killing for local consumption. Matters will be given a fillip in the Waikato district next month, however, when the killing of calves for export will commence at Horotiu Freezing Works. The boneless veal industry proved very successful last year, despite the fact that a controversy raged concerning the undesirability of killing day-old calves, and in addition gave employment to a large number of butchers and other freezing hands who would otherwise have remained idle till November when the freezing industry Commences to get properly under way. It is expected that 100 men will be given work at Horotiu Works this year. Horotiu is the only works that operated in the calf industry to any large extent. The works are very conveniently situated to cope with this phase of the industry. Motor-vans can collect the- young calves from farm t-, farm and obviate the necessity for railage under the strain of which the animals suffer greatly.

DUNLOP RUBBER CO. BUSINESS IN NEW ZEALAND. A recent cablegram from London stated that a company had been registered to take over the New Zealand business of the Dunlop Rubber Company. This is explained in a circular issued to shareholders by the directors of' the Australian Company, in which they are invited to sanction a proposal that, notwithstanding the provisions of the agreement of last September between the Australian and the English . companies relating to the registration of a New Zealand company, the Australian directors shall have authority to sell the whole of the New Zealand business and assets as a going concern to the English company. The Australian board has recommended this course in preference to the original scheme under which the English and the Australian companies were to have equal interests in the New Zealand company. AUSTRALIAN GLASS. DIVIDEND OP 10 PER CENT. Since its inception in 1922, the Australian Glass Manufacturers Company has annually shown an increase in profits. The amount for tho year ended March 31st was £184,597, as against £179,358 in the previous year. The 9 per cent, preference dividend absorbed £15.750, and the usual 10 per cent, on ordinary capital' £93,047. The directors have added £55,000 to reserves and carried forward £72,031, an increase of £20,800. SANFORD, LTD. ANNUAL REPORT. [THE PRESS Special Service.] AUCKLAND, June 21. The..annual statement of the directors of Sanford, Ltd., shows a net profit for the year ending May 31st of £9172, which, with the amount brought forward from last year, £1402, leaves £10,574 available for distribution. After providing for a dividend of 7 per cent., this will leave £10,574! to be carried forward. The report states that the company's operations during the year show further advancement. Although the outlook for the ensuing year does not promise any marked improvement, tho directors hoped to be able to record further progress. During the past year the company had extended its activities to Wellington by purchasing the City Fish Supply, Ltd., of that city. This branch was proceeding satisfactorily. Reference was made to the loss of the trawler Thomas Bryan, which had taken place after tho close of the financial year. Tho vessel was insured for £6OOO. GERALDINE STOCK SALE. ' Thore was a good attendance at the stock sale.on Wednesday. The following prices ■were realised: l * Fat ewes —15 at 27s 4d, 21 at 25s 7d, 2 at 13s 6d, 18 at 24s Bd, 22 at 245, 29 at 27s 3d, 20 at 295, 13 at 225, 11 at 28s 6d, 6 at 235, 19 at 28s 6d, 13 at 25s Bd. 2 at 22s Bd, 8 at 24s Id, 44 at 26s 4d. Fat wethers—l 4 at 27s 9d, 16 at 325, 22 at 26s 9d, 7 at 41s 6d, 27 at 28s Id. Fat lambs—Two at 30s, 57 at 335, 2 at 80s, 48 at 345, ' 57 at 325, 12 at 335, 7 at 27s 9d, 8 at 37s 103, 41 at 28s 4d, 25 at 30s, 27 at 29s 3d, 19 at 31s 3d, 31 at 29s lid, 48 at 31s 6d. Stores —60 three-quarterbred ewes at 275, 54 two-tooth wetlierß at 26s Bd, 84 ewes at 24s lOd, 74 f.m. ewes at 20s Id, 84 two, four, six, and eight-tooth ewes at 26s 9d, 15 six and eight-tooth ewes at 30s, 6 ewes pigs—tenners 13s to 15s, stores 275. FAIRLIE STOCK SALE. The final stock sale for the season was held in the saleyards on Tuesday. The entry was a small one. The prices realised W T a t*U°bs-li7t 23s 6d, 50 at 30s 9d Fat ewes—2 at 18s, 12 at 235, 3 at 16s, 36 at 265, 7 at 245. Fat wethers —1 at 325. Stores —13 ewes at 10s. pigs—2 weaners at 14s, Gat 10s Cd. , RABBITSKIN SALE. "Wright, Stephenson and Co., Ltd., offered a large catalogue at Tuesday s sale to a full attendance of buyers, who competed very keenly for all grades on offer. Tho best winter does showed an advance on la9t sal© of from 8d to 12d per lb, and autumns and incoming winters were about 2d higher. Best winter bucks were a shade easier. Quotations: —Weevily 30d to 52d, summer broken 33Jd to 35|d, autumn broken 52d to 54d, first winter broken 59? d to OS' d, ners and suckers 30Jd to summers 38d to 89d, summer bucks 38d to 39? d light racks 493 to BOJd, prime racks 49.W to 51d, dawny autumns 53d to 58d, early autumns 63d to 68W. autumns 76d io 793 d, incoming 73£ d to 79$ d. incoming winter °7W to 9ljd. earlv winter bucks 102 d to 'o9d, does 1141.] to 118 d, fiTst spotted winters sod to 99id, second winter Clicks 88d to 94id, second winter does 116? d to 120>.d, first winter bucks llld to Il6d. "rat winter does 139 d to 143 d. crime Jincks 120 c! to 1233 d. prime does 144 d to 149 d, _ second spotty winters 60d *o 84d. out<?o.n<r Truck* 52.d to G9d. does 7Pld to 90d. milky !U3d to 4aVl. fawn Bid to 90d. winter fawn llOd +o summer Wack m to autumn "ack to 72d. first winter Wflck TOnH to Hod, second winter hlnck 85* d to SUM. hareskins 70a tq 90d, horsehair 20d to 03H-

MOUNT ISA MINES, LTD.

FOURTH ANNUAL REPORT.

Tho fourth report of the directors of Mount Isa Mines, Ltd., to be presented to the shareholders at the annual meeting to be held in Sydney, on Thursday next, states: "As stated at the last annual general meeting, arrangements were made under which the Russo-Asiatic Consolidated, Ltd., of London, acquired 600,000 shares in this company, together with an option over a further* 200,000 shares. At the same time the Russo-Asiatic Consolidated. Ltd., were appointed consulting engineers to this compnnv. Under their advice a programme of diamond drilling was adopted, designed to continue the exploration of the various ore bodies, particularly in the sulphide zone. Concurrently, systematic exploration was undertaken of the large carbonate ore body overlying the sulphide' in the Black Star and Ibus leases. "The results already obtained from the above work have fully realised anticipations, and following a visit to the property of Jlr Leslie Urquhart (chairman of the RussoAsiatic Consolidated, Ltd., and one of your directors), accompanied by engineers of tho it was decided to proceed at once with the design and erection of a first mill section to treat about 2000 tons of carbonate ore daily, together with necessary mine and surface equ-pment. power plant, water supply, and lead smelter. It i.i anticipated that part of this section will be in operation in 1929. and the whole in 1930. The metal output from this section is estimated at from GO to 65 thousand tons of lead per annum, and about 21 million ounces of silver, representing an estimated profit, with lead at £2O a ton. of more than £500,000. The sulphide zone on the Black Star is now being tested by systematic drilling, and as soon as sufficient data has been obtained plans for mining and treatment will be drawn up. The great size of this ore body points to n scale of operations at the least equal to that already adopted for tho carbonate ore. "The financial arrangements made by the company envisage the completion of the equipment of tho property to this stage without increasing the capital of the company beyond the present authorised sura of £1,500,000. "The directors have pleasure in recording the very satisfactory arrangements made 'with the Queensland Government in regard to railway construction and freights, fuel supplies, water rights, etc., without which operation on the abovo scale would be impossible." Superintendent's Report. Reporting on operations at the mines for tho year ended December 31st, 1927, tho mine superintendent states that most work was done on the Rio Grando, Black Rock, and Black Star, and operations on_ these bodies were conducted with two main purposes in view—(a) Systematic development and blocking-out carbonate ores for immediate production, (b) Diamond drill exploration to determine the extent and composition of the underlying sulphides. Development of the carbonate ores in moßt of tho lodes is still very incomplete, but already, in the Black Rock and Rio Grande, carbonate ore has been blocked out sufficient to supply about 500 tons daily from underground stopes. On the Black Star, work has been more purely developmental, being designed to determine the boundaries and composition of the carbonate ore. Development on 150 ft level of the Lawlor shaft of the Rio Grande lode was in progress during the whole period. The main lode was opened up by drives north and south, and a series of five cross-cuts shows that the lode averages 14.5 ft wide, assaying 14.5 per cent, of lead and 8.5 ounces of silver per ton. No. 2 lode averages lift wide, assaying 11.2 per cent, lead and 1.5 " ounces of silver per ton, with drive values greatly improving at the northern end. Early in the year one diamond drill bore-holo waß bored from the surface at a point 40ft south of the Lawlor shaft. This cut five payable lodes. Of these the main lodo cut at 500 ft on the dip below outcrop was 13ft wide, assaying 14 per cent. lead. 12 ounces silver per ton, and 5.7 per cent. zinc. "Boring was resumed in the latter part of tho period, and is still in progress. In the Black Rock lode underground development on 180 ft and 300 ft levels continued during the first half of the period. On the 300 ft level an average section is shown by the cross-cut at 162 ft north, where the lode is 23ft wide, assaying 25.8 per cent, lead and 21.4 ounces silver per ton. In the Black Star . lode during the previous year crosscutting from the Davidson shaft had proved consistent values from surface to Ssft level, and thence to 200 ft level. During this year one diamond drill borehole was completed at a point 380 ft north of the Davidson shaft. This met the lode at 306 ft and passed out of it at 505 ft. This borehole section is equivalent to a horizontal width of 180 ft, averaging 7.1 per cent, lead, 11.1 per cent, zinc, and 4.4 ounces silver per ton. No underground development was done on tho Mount Isa lode. From the bottom of Bushell shaft two boreholes were put down. Both holes passed through about 20ft of lode material, but core recovered was insufficient to determine average value. . "Tho summary of development for the period from January Ist to December 31st, 1927, showed: Shafts and rises 551 ft, driving and cross-cutting 2692 ft, diamond drilling and churn drilling 4229 ft." financial Statements. The balance-sheet shows nominal' capital, 1,500,000 shares of £1 each, of which there have been issued 790,180 shares fully paid, £790,180; sundry creditors, £1284 17s 2d; total, £791,464 17s 2d. Assets show: Mine property, £491,311. gs 3d; plant, machinery, buildings, etc., less depreciation, £28,930 9s; stores, etc., £3477 19s 2d; caßh at banks and in hand, £108,157 19s lid; payments in advance, £1124 .16s 7d; prospecting and development account, balance at December 31st, 1926, £115,145 14s 7d; expenditure for the year ended December 31st. 1927, £43,310 9s fid; total, £791,464 17s 2d. The profit and loss account for the year ended December 31st, 1927, shows expenditure at the mine; £37,741 9s 8d; administrative expenses, London expenses, and experimental expenses, £9969 17s 9d. Ore sold and interest received amounts to £4394 17s 9d, balance transferred to prospecting and development account £43,316 as Bd.

GORDON AND GOTCH, LTD. Gordon and Gotch, Ltd., with a profit of £47,973 for the half-year ended March 31st, shows an increase of £6027. Ordinary dividend of 10 per cent, per annum, and preference of 8 per cent, per annum, account for £20,000, a transfer of £IO,OOO to reserve is made, and the amount transferred to contingency reserve is increased by £6OOO, to £9OOO. The increase of £3853 in the trading profit was accompanied by a decrease of £2095 in the administrative expenditure, and in the amount allowed for depreciation, and an increase of £1922 in the provision for taxation. A comparison of accounts follows:

DAIRY PRODUCE. The New Loan and Mercantile Agency' Co., Lt<l., have received the fol'.owing cablegram from London, under date June 20th: Butter—Choicest salted. 174s to 176?. Cheese—lo3a to 104s. Market is firm. TALLOW. Dalgety and Company, Ltd., have received the following cablegram from their London office, dated June 20th: — ' Tallow—Market nominally unchanged. SHARES. (OXITED PRESS ASSOCIATION —BY ELECTRIC TELEGRAPH- COPYRIGHT.) (Received June 21st. 5.5 p.m.) LONDON, June 20. P. and O. (def. Btock), £239 10s.—Australian Press Association.

CHRISTCHURCH STOCK EXCHANGE. In tho stock and bond section, buyers of the 4\ per cent tax freo issues offered £OS for the 1933 and 1939 loans without attracting sellers, £99 2s 6d was offered for 5 per cent. 1920 stock, but no sellers quoted. A parcel of 52 per cent. 1933 stock sold at £IOO 10s, and there were further buyers at that price, no declared sellers. New Zealand Breweries Bonds were offered at 22s 7d, with buyers at 22s 3d. in tiae banting section, £l4 14s was offered for Bans oi Australasia shares, but eeLers wanted £ll 15s 6d. English, Scott.sh, and Australian Bank shares changed hands at £8 12a Gd and more were ottered at that price, buyers at £8 12s. Bank of New South Wales remain steady at £-l'J 12s 6d, closing quotations £l9 lis fid buyer 3, £l9 17s 6d sellers. Bank of New Zealand appeared fractionally weaker with sellers at 59s 2d, buyers at 58s lOd. Union Banks were "firm with business at £l4 19s, the market closing £l4 18s buyers, £l4 19s Gd sellers. Other bank stocks held at late rates.

Amongst the miscellaneous stocks, two parcels of Goldsbrough Mort shares were sold at 50s lOd, closing quotations') id on either side. Dalgety and Co. shares were firm at £l4 10s, sellers asking £l4 12s Gd. United Building Society shares were released at 14s 9d, with further sellers at that figure, buyers offering 14s 3d. There was a close market for fuliy-paid N.Z. Refrigerating Company shares, which were quoted 18s 4d buyers, 18s 5d sellers. A parcel of Westport Coal shares revised 30s 2d, buyers stayine in at 30s, no sellers. Tooths Brewery's were available at Wednesday s business figure, 433 6d, buyers at 43s 4d. Other brewery interests were firm at recent prices; 43s 9d was given for British Tobacco shares on the morning call at 43b 8d on the afternoon call, with further sellers at 43s Bd, buyers at 43s 7d. Quill, Morris shares were available at 19s Bd, buyers at 183. Mahnkipawa shares were released on the morning- call at 3s 9d and on the afternoon call at 3s Bd, and more were available at 3s Sd, buyers offering 3s fid: the total turnover was 2050 shares. N.Z. Guarantee Corporation shares were fractionally firmer on buyers' offers 8s 9d, sellers at 8s lOd. Gear Meats were turned over at 38s Gd.

OTHER EXCHANGES. . (PBESS ASSOCIATION TELEGRAMS.) AUCKLAND, Juno 21. Sales—English, Scottish, and Australian Bank, £8 12s Gd; Bank of New South Wales, £49 15s; Bank of New Zealand, 59a; New Zealand Guarantee Corporation (ord.), 8s 9d; Auckland Gas (con.), lGs lOd; Northern' Steamship, 14a 9d; Wellington Woollen, £6 ss, Colonial Sugar, £59 17e 6d; Gear Meat, 38s Gd; New Zealand Farmers' Fertiliser, 83a 6d; Taranaki Oil, lis; Waihi, lis 9d. WELLINGTON, June 21. Sales reported—4% per cent. Bonds, 1938, £9B ss; National Insurance, 15s 9d. DUNEDIN, Jnne 21. Saleß: —Bank of New Zealand 5Ds, New Zealand Refrigerating (cont.) 8s 7d. Sales reported:—National Insurance 15b 8d (2), Bank of New Zealand 59s 3d, 59s (2). GOLD. (united press ASSOCIATION"—by electric TELEGRAPH—COPYRIGHT.) (Received June 21ct. / 5.5 p.m.) LONDON, June 20. Gold is quoted at 84s lOd per fine ounce. —Australian Press Association. j WHEAT. | NEW YORK, June 20. Chicago wheat quotations are- -Tuly, 137g cents a bushel; September, 1391 cents; December, 140 i cents. —Australian Press Association.

AUSTRALIAN MARKETS. (TOITED PRESS ASSOCIATION —BY ELECTEIO TELEGBAPH—COPYRIGUT.) (Eeceived June 21st, 10.30 p.m.) SYDNEY, June 21. Wheat.—Growers' lots at country stations ore quoted at 4s 9(1 per bushel, ex truck Sydney 5s 4id. Flour.—The export trade is lifeless. Local is quoted at £l3 10s a ton. Bran—£6 10s a ton. Pollard—£7 10s a ton. Oats—Tasmanian Algerian 4s 9d to 4s lOd per bushel; white 4s 6d to 4s lOd. Maize—Yellow 3s 9d per bushel; white 4s 3d. Potatoes—Tasmanian £6 to £8 a ton. Onions—Victorian £l4 a ton. ADELAIDE, June 21. "Wheat—Growers' lots 5a 3d per bushel. Flour —Bakers' lots £l3 10s a ton. Bran—£s 17s 6d a ton. Pollard—£7 2s 6d a ton. Oats—3s 3d per bushel. —Australian Press Association. DIVIDEND DECLARED. (Received June 21st, 5.5 p.m.) LONDON, June 20. The Australian Estates and Mortgages Company has declared a dividend of 4 per cent, on the year'B working.—Australian Press Association. HIDES. (Eeceived June 21st, 10.45 p.m.) , MELBOURNE, June 21. The hide market is animated. Lights and mediums id to Jd dearer. All others are firm.—Australian Press Association. MAHAKIPAWA GOLDFIELDS, LTD. to?u le ,, m i n ?. nian , ager "Ports under date June 18tn that the chamber has now been driven 36 feet in from the shaft. The wash con,of , the Bama Character. There BT '?i v. wash on the grass, which ia confpleted. " B °° n 83 the BUrface work

Half-year ended Sept. 3C . Mch 31, 1927. 1928. £ Profit 4l7&«i 4,000 47,973 Div., pref., 8 p.c. p.a, .. 4,000 Dir., ord., p.c. p.a. 10 . 10 Div., ord., amount «. 25,000 25,000 Bonus, ord., 2 p.c. p.a. .. — — To reserve .. .. 10,000 10,000 To contingencies 3,000 9,000 447 Forward .. •• 474 Trading profit 75,019 80,872 Taxation provision 8,654 10^76 LiabilitiesCapital : 500,000 500,000 Ordinary Preference 100,000 100,000 Reserve, general 150,193 160,193 Eeservo for contingencies .. _ Unserve for taxation .. 4,000 24,037 7,000 25,-98 Mortgage 66,357 65,857 Creditors 147,940 103,389 117,622 35,537 Bank .. •. Afsels— 207,511 Freehold 208,014 Leasehold .... 25,333 24.625 Plant, eto. 52,665 52,631 Stock3 326,217 28-1,942 Debtors 390,157 357,010 Cash items 21,714 14.413 Investment 1.942 1,942 Goodwill 118.071 118,074 Creditors are lower on the six months by £30.318. and bank overdraft by £72,852. On the other side, stocks are reduced by £41,30» and debtors by £33,147.

YESTERDAY'S TRANSACTIONS. Sales on 'Change—N.Z. Govt. 5| per cent. Inscr. 1933, £100 103; E., S. ( and A. Bank, £3 12a 6d; Bank of New South Wales, £49 12a 6d; Goldsbrough Mort, SOa lOd (two parcels); British Tobacco, 43a 9d, 43s Sd; Mahakipawa, 8s 9d (three parcels), 3s 8d. Sales reported—Union Bank of Aust., £14 19a, United Building Society, 14s 9d; Gear Meat, 38s 6d; Westport Coal, 30a 2d; Mahakipawa, 3s 9d (two parcels). LATEST QUOTATIONS Buyers. £ s. d. N.Z. GOVT. DEBENTURES— 41 per cent. Inscribed, 1933 and 1939 .. 93 0 0 4& per cent. Bonds, 1930 .. .. 98 5 0 4£ per cent. Bonds, 1938 and 1939 .. 98 0 0 4i per cent. BondB, 1941 .. _ •• 97 10 0 5 per cent. Inscribed, 1929 .. .. 99 0 0 5J per - cent. Inscribed, 1933, and Bonds, 1933 .. .. 100 10 0 5J per cent. Inscribed and Bonds, 1936 .. 100 10 0 OTHER DEBENTURES— Auckland Harbour, 4 per cent., 1936 — ■Wellington Harbour, 5J per cent., 1940 .. 93 0 0 N.Z. Breweries, Bonds 12 3 Gisborne Sheep, 7J per cent., 1932 .. M 15 0 BANKS- „ Adelaide .. ' 9 13 0 Aust. of Commerce .. 1 15 9 Australasia .. .. 14 14 0 Comm. of A list. .. 19 6 Comm. of Aust. (new, fully paid) .. 18 9 Comm. of Sydney .. 27 0 0 E., S., and A. .. 8 12 0 National of Australasia (£10 paid) ... 18 8 0 National of N.Z. .. — New South Wales .. 49 11 6 New Zealand .. ..2 18 10 New Zealand (Mortgage shares, £1 paid) .. 16 2 Union of Aust. 14 18 0 INSURANCE— National' •• !•«' 0 7 New Zealand .. •• 2 1 10 Standard .. ..336 LOAN AND AGENCY— Dalgety and Co. .. 14 10 0 Goldsbrough Mart (cum div.) .. 210 9 National Mortgage (cum ■ div.) .• . 3 17 0 United Building Society 0 14 3 SHIPPING— Howard Smith . • 18 0 P. and O. Deferred Stock ..234 0 0 Union (pref.) .. 10 0 FROZEN MEATGear •• •• 1 18 3 N.Z. Refrig. (£1 paid) 0 18 4 N.Z. Refrig. (10a paid) 0 8 7 Wellington .. .. 0 11 0 COAL— Westport .. w 1 10 0 Stockton (ord.) 0 2 7 GAS- „ „ „ Ashburton 6 6 6 Auckland .• — Auckland (contr.) ... — Christchurch .. ..140 Christchurcli (10s paid) 0 11 6 BREWERIES— Carlton ... 2 6 0 Monteith's .. .. 10 6 New Zealand .. t • 2 0 10 Staples .. m. .. — Tooheys .. 17 9 ■ Tooths .. 2 3 4 Ward .• ..2 1 0. White Star .. ••• — Swan .. i.« 3 15 0 CEMENTS— Wilson's .. »» 1 15 9 MISCELLANEOUS— Bnath and Co. .. 1 12 6 British Tobacco (cum div.) .• ..237 Burns, Philp •• 2 3 6 Colonial ' Sugar .. 59 5 0 Dunlop Rubber .. — Electro. Zinc (ord.) .. 1 11 0 Electro. Zinc (pref.) .. 1 12 8 Greater Crystal Palace 0 19 0 Hayward's Pictures .. 110 Henry Jones Co-op. .. — Holden'a Hotors .. 1 12 8 . Mason. Struthers (14s paid) .. •• — Mason, Strutheia (10a paid) •• •• 0 9 5 • N.Z. Drug Co. .. — N.Z. Farmers' Co-op. (6J per cent. Stock, 1930) ..' .. — N.Z. Guarantee CoTpn. 0 8 9 Perdriau Rubber (con.) 12 0 Quill, Morris .. 0 18 0 Sharland and Co. (pref.) — Taranaki Oil .. 0 11 4 Victoria Nyanza .. 2 4 0 Whitcombe and Tombs 3 12 0 East African Coffee (10s paid) .. •• 0 14 6 Amalgamated Wireless (con.) .. ..100 MTNTNGMaliakipawa >.• •. 086 Mt. Lyell .. 1*12 6 Sellers. £ b. a. 98 E 0 90 0 0 12 7 39 0 .0 9 14 0 1 15 10 14 15 6 19 7 27 5 0 8 12 6 18 10 0 7 6 6 49 17 6 2 19 2 16 9 14 19 6 ; 0 15 9 2 2 0 3 5 0 14 12; 6 2 10 11 4 0 0 0 14 9 18 9 1 19 3 0 18 5 0 8 10 0 15 0 0 3 6 6 12 6 13 9 0 17 6 14 3 0 11 8 116 2 16 1 16 3 18 9 2 3 6 2 2 0 0 17 0 4 0 0 2 3 8 2 5 6 15 3 111 9 1 13 0 12 0 1 17 3 1 15 0 0 14 0 3 9 0 81 0 0 0 8 10 13 0 0 19 8 110 0 11 9 2 4 6 1 2 G 0.3 8 112 9