FINANCE AND COMMERCE.

Press, Volume LXV, Issue 19676, 20 July 1929, Page 12

FINANCE AND COMMERCE.

SHARE MARKET. WEEKLY REVIEW. The outstanding feature of the week was ths activity in Now Zealand Breweries shares which on closing prices ex dividend of Is Od per share show a rise of over 5a !>d on closing business cum dividend. Generally there vu a, healthv feeling on 'Change for most classes of .stocks although in some sections (shipping and coal especially) the turnover was not as large as in some of the previous weeks. The market, for New Zealand Government Loans was lirm, but recorded dealings were confined to two issues. The following is a comparison of the turnover on the local market, apart from vestibule

" In Government issues the 4.S per cent. 1938 tax free stock was firm at par — the 5i per cent. Soldiers' Settlement Loan Stock due 1033 at £lOl ss, and the Bonds at £lOl 7s Od show little .variation. (Quotations for other issues were allowed to remain at about previous levels- —buyers being more in evidence than sellers. New Zealand Breweries 10 per cent. I)ebentures ranged from 26s lOd to 27s Id and closed stronger with buyers at 87s M, sellers at 28s. Banks.—Shares in this section continue to attract investors in spito of the fact that the immediate return on present prices is below 5 per cent, except in the case of Commercial of Australia, National of Australasia, New Zealand "D" Mortgage, and Queensland National. Australian Bank of Commerce were weaker with dealings at 36s 3d and 36s 4d. Australasias were firm at £l4 14s, and late unsupported sellers are offering at that price. Commercial of Australia ranged from 30s to 30b 3d as against 29s Od to 30s last week—the new fully paid realised 29s 6d. Commercial of Sydney, which sold »t £27 2s 6d last week, have claimed firmer buyers, market closing £27 7s 6d buyers, £27 15s sellers. English, Scottish, and Australian are weaker with sellers at £8 9s, buyers at £7 7s—last week's business was at £8 9s 9d. National of Australasia, fully paids, remain at previous level*, and the partly paid were steady with transactions at £9 15s 6d and £9 16s. National of New Zealand, «x dividend of 4s per share, were ■tronger with dealings at £6 19s 9d and £7, and more are wanted at £6 19s, sellers at £7 Is. New South Wales changed hands at prices ranging from £sl 10s to £sl 15s, as compared with £sl 10s to £sl 12s 6d a week ago. New Zealand showed an easing tendency with sales from 61s 6d to 61s 2d, and further sellers at 61s 3d, buyers at 61s. The "D" Mortgage shares are wanted at 28s 3d—-last week's business figure—no sellers. An odd parcel of Unions was released at £ls 13s 9d, and Melbourne Register shares sold at £ls 14s 6d. , . Insurance.—ln this group the immediate return on all stocks quoted locally is under 5 per cent. Nationals at 16s 3d and 16s 2d are a trifle weaker than last week, when they fetched 16s 4d and 16s 3d. New Zealands, cum dividend, sold, a fortnight ago, at 48s W—sellers are now offering at 48s. recent buyers at 47s (kl. Queensland remained at 645. South British at 68s and 68s 3d show no variation on last week's transactions. Standards have improved demand at 60s. but sellers are scarce. Loan and Agency.—Dulgetys were Stronger with business at &loss. Goldsbrough, Morts gradually weakened from 47s 6d to 46s 6d—last week's range was from 48s to 47s 6d. New Zealand Guarantee Corporation eased to f>B 5d and 9s 4d, and more are wanted at 9s 4d, no sellers. Unsupported sellers of National Mortgage want 90s —last recorded turnover was at 89s. Shipping and Frozen Meat.—Eeeorded business in shipping shares was small. Huddarts remained unaltered at 45a 6a—the preference had recent enquiry at 21s 6d, no sellers. Northern Steams fully paid were fractionally firmer at 14s lOd. Union preference held firm at 21s 3d. Gear Meats advanced to 44s and 44s 3d. New Zealand Befrigerating fully paid were a shade easier at 16s 4d—t. 10s paid changed hands at 7s 7d and 7s 6d, markets for both issues closing firm. Wellington preference were released at 21s. Woollens, Coal, and Gas.—Kalapoi .Woollens ordinary 17s paid were fairly steady with dealings at 14b and 14s Id the 7s paid were taken at the advanced prices of 4s 9d and ss. The market for coal shares was dull. Grey Valley moved up to 245, with late buyers at 24s 3d, sellers at 25s 3d. Gisborne Gas realised 13s. Auckland fully paid showed an upward tendency with sales at 24s 7d, 24a Bd, and 24s 9d—the partly pai- were fractionally weaker at 18s 5d and 18s 4d. Christchurch, which reached 27s 6d last week, appear easier with buyers at 26s 9d, recent sellers at S7s 4d. Breweries. —The market for these •hares has been lively. New Zealand were most spectacular, and prices ranged from 79s to 80s, cum dividend •f Is 6d per share, as against 76s 9d to 79s Id the previous week—ex dividend dealings opened on the local market at 81a 10d, and closed at 83s 9d. Staples, which dropped from 55s to 51s 6d last week, show recovery with transactions at 535, 53s 3d, 53s 6d, and 555. Tooths cum proposed bonus issue of one new share for every eight held, scored a rise of 2s with turnover at 64s 6d. Timaru 5s paid were a trifle easier at 8s sd. Tooheys are stronger on buyers' bids 37s 9d, sellers at 40a. In the Miscellaneous section there was a good volume of diversified business, prices in most cases holding at previous levels. Transactions were as follows, figures in parentheses indicating previously recorded turnover:— Beath and Co., Is paid 9s 3d (9s 3d to 9s 6d). British Tobacco, 48s 8d to 48s 5d (48s 0d to 48s sd). Colonial Sugar, £57 15s, £57 17s 6d (£57 12s 6d to £SB 2s 6d). Dualop Eubber, 27s Sd (27s 3d). Electro. Zinc (ord. cum. div.), 36s 6d to 36s lid (365, 36s 3d). Electro. Zinc (pref. cum div.), 37s 3d to 37s 8d (36s lid to 37s 6u). Hayward's Pictures, 19s 6d (19s 3d). Hoyts "A" pref., 22s 7d. Howard Smith, 23s (23s U). Mount Lyell, 43s 9d to 43s (41s 7d to 43s 6d). N.Z. Drag Co., 75s 9d, 70s 6d (74s »d to 75s 3d). N.Z. Farmers' Fertiliser, 23s 6d (235, 23s 3d). NX Farmers' Co-op. (£2 10s pd.), f')s. N.Z. Farmers' Co-op. "B" pref., 62s id, 02s 6d (62s »d). V.Z. Farmers' 6| per eeat. 1940 Stock, £ i» 1. NX Paper Mills, 20s 6d (20s 3d). Quill Morris, 17s 6d (17s 6d). Haaford Ltd., 18s 3d (18a 3d). Hharland and Co., 21s 6d. Taraaaki Oil, 3s (3s). Victoria Nyanza Sugar (cum. div.), 4fe lOd, 46s 8d (46s 3d, 46s «d). Whiteorabe and Tombs, 81s 3d, 81s 5d Gold Mining.—Mahaklpawas eased lo M, ISfd, and sd; Ohinemuris were

hardened to 14» and 14s 3d; "Waibis were practically unaltered at 12s and lis Hid; Winding Creek, 6d paid, realised 2s sd, and the Is paid 2s 7£d, both showing little movement. I ' | YESTERDAY'S TRANSACTIONS. t . There was a good volume of busiI neas on call yesterday and interest I centred chiefly in the Brewery market. j The turnover, apart from vestibule transactions, included: — j £SOO 5$ per cent. Bonds 1933. 100 Commercial Bank of Australia. J 100 Bank of New Zealand. J 2 Bank of New South Wales. LIOO National Insurance. 50 Goldsbro-igh Mort. 1675 New Zealand Breweries. 50 Staples Brewery. 50 Tooths. 450 British Tobacco. j 100 Electro. Zinc. (ord. cum div.}. I 'JOO Quill Morris. 1000 Mahakipawa Goldfields. N.Z. Government 5* per cent. Bonds j 1933 realised £lOl 7s 6d. New Zealand ! Breweries Bonds claimed firmer buyers j at 27s 9d, sellers at 28s, Commercial Bank of Australia Ordinary shares rea lised 30s and more were wanted at that price, sellers at 30s Id. Bank of New South Wales shares were firm with business at £sl 15s, sellers staying in at that figure, buyers offering £sl lis. Bank of New Zealand shares were fractionally weaker at Cls 2d, market elos ing 61s buyers, 61s 3d sellers. National Insurance shares were rv trifle easier at 16s 2d, closing quotations Id on either side. Goldsbrorgh Morts weakened to 46s 6d, which was mid-market price on closing quotes. New Zealand Breweries shares provided a lively market, opening on the morning call at 82s 3d and being freely absorbed at prices ranging to 83s 3d and moving on the afternoon call from 83s 3d to 83s 9d, with further buyers at the highest price, sellers at 85s. Staples Brewery shares jumped Is 6d to 555, buyers staying in at that figure, sellers at 565. Tooths realised 64s 6d. British Tobacco shares were fractionally weaker with dealings at 48s 6d and 48s sd. Electrolytic Zinc Ordinary shares cum dividend were firmer with buyers and business at 36s lid, no sellers. Wilson's Cement buyers moved up to 445, sellers at 455. Mahakipawa Goldfields shares showed a further easing with dealings at s£d, and sd. New Zealand Drug Company shares hardened to 77s buyers, no sellers. Quill Morria shares were steady at 17s 6d, closing quotations 6d on either side. Other Stocks held at late rates, GENERAL MERCHANDISE. GROCERIES. Business for this time of the year is keeping up fairly well. There is a considerable amount of influenia. in South Canterbury towns and this has caused a substantial run on various patent medicines. The coming season for fresh eggs (which generally opens in August) promises to be a heavy one so far as supplies go. Arrangements are being made to ship as many as possible, and even allowing for this, the prospects are for very heavy supplies. There will be a heavy demand for egg preserver, and merchants are prepared to book for August-September delivery. New season's No. 1 Lorrento walnuts are being quoted for December arrival at very attractive prices. This is the finest walnut imported into- New Zealand, being a fine large, sweet-flavoured nut with a very thin shell. The line is bound to find a very ready sale this coming season, as at present quotes the nuts will be considerably cheaper than New Zealand-grown. A full range of prices for new season's Californian canned fruit was issued this week. Compared with Australian fruit, the American product is not likely to find favour with buyers. Prices are distinctly in favour of the Australian packers. « Fresh supplies of ungraded Mildura sultanas will be available for dispatch next month. The quotation is 2s 6d per cwt. below the crown grade. The Australian Export Control Board has agreed to shipment being made outside Australia, and this is thought to be due to the fact that the expected demand for local consumption in Australia has not reached expectations. Another thing which has probably influenced the decision to export ungraded fruit from Australia, is the fact that Turkish sultanas have fallen *d per lb since opening quotations. The market for tartaric acid this coming season has the appearance of a firm tone. Already raw material has hardened and in sympathy with this, there is at present a very firm market for cream tartar. All orders booked are accepted strictly subject to cable confirmation from London. There is nothing of importance to report on this week's Singapore markets, for sago, tapioca, cr pineapples. The pepper market is firm and looks like remaining so until the new crop is available. POULTRY AND EGGS. As the weather has been so wet during the week, small consignments of poultry came forward and prices were a little harder, particularly in regard to hens and ducks. All classes of poultry ready for killing are selling well. The following prices were realised per pair: Table chickens, light, 5s to 8s; heavy, 8s 6d to 13s; hens, light, 4s 6d to 5a Od; heavy, 5s 6d to 8s; ducks, light, 6s 6d to 8s; heavy, 8s to 9s; geese, 7s to 9s; turkey, hens, 15s to 255; gobblers, 80s to 45 s. The supply of eggs is slightly increased, and prices have fallen throughout the whole of the Dominion. The Canterbury Co-op. Poultry Producers, litd. report that itß prices are: First grade hen eggs and duck eggs, Is 6d; second grade hen eggs Is 4d per doien. * Messrs Macfarlane and Co. report the following prices realised: First grade hen eggs Is 7d to Is 8d per doien, second grade Is. 5d to Is Bd, duck eggs Is 6d to Is 7d. SHIPMENTS OF MEAT TO THE UNITED KINGDOM. The New Zealand Meat Producers' Board in advised by cablegram from its London office that the shipments from Australia and South America to the United Kingdom during the month of June were as follows: — Australia —Carcases mutton, 9658; careases lamb, 23,852; quarters beef, 131,718. South America—Carcases mutton, 298,0d0; carcases lamb, 462,866; quarters beef (frozen), 4017; quarters beef (chilled), 457,792. Included in the South American figures are 179,504 carcases lamb and 149,397 carcases mutton shipped from Patagonia. The shipments from New Zealand to the United Kingdom for the same period were as follows:—Carcases mutton, 201,733; carcases lamb, 806,098; quarters beef, 12,657. PEILDING STOCK SALE. (PBE9S ASSOCIATION TZLBOBAU.) FEILDING, July 19. Sheep prices were slightly easier at today's stock sale, in some cases vendors' reserves not being reached. Dairy cattle met with keen competition. There was a splendid entry of Jersey cows and heifers, which found a spirited market. Other lines sold at late rates. Fat lambs realised 21s 6d to 368 3d; fat ewes, 31s to 30s; fat wethers, 81s 6d to 85s, fat two-tooths to 40s Id. Stores: Empty ewes, 15s; white-face wether lambs, 23s 10d; black-face hoggets, 17s 4d; white-face hoggets, 23s to 255; ewe lambs, 25s 6d; two-tooth wethers, 25s 6d; empty two-tooth ewes, 99s 6d; two-tooth ewes (r.w.s.d. rams) passed in at 23r 6d; six-tooth to four-year ewes, 28s sd; five-year ewes, 30s 3d; four-year ewes, 26s 6d. Dairy cattle: High-grade cows in calf, to £l6 10s; others from £8 8s to £l4; S.P.G. heifers, £8 5s to £l6. Stores: HoTstein heifers to £3 2« 6d; P.H. steers and heifers, £5 ss. Fat cattle: Bullocks to £lO 19s; fat co vs. £S 2s 6d to

1 JS; poor «u»litf *• **. **» •**■!* * to ' All H*.

TARIFF REVISION. DUNEDIN* MERCHANTS' FEARS. [THE PBBSS Special Service.} DUNEDIN, July 19. The provision warehouses of Dunedin merchants are at present carrying somewhat lighter stocks than usual. Oub reason is that the merchants do not want to be caught if tariff changes come about. Clianges in some lines are quite on the cards, according to the belief of the well-informed. It is, for instance, deemed quite possible that the Hon. Mr Taverner in nis capacity as Minister for Customs will bring into being some reciprocity with Australia by which its muscatels and other dried fruits can come into New Zealand on terms that will compete with those that rule our trade with America in those lines. The expectation in that direction is increased by the latest advices from California as to the prices asked for new season's fruit, these prices being on a higher scale than that which, now obtains. MEMBERSHIP WEEK. CANTERBURY CHAMBER OF COMMERCE. Members of the Council of the Canterbury Chamber of Commerce have been working most i nthusiastically during membership week, and the success already attained is indicated by the fact that up to yesterday the result of the campaign was the addition of 40 new members. Many others who have been called upon may join the Chamber in the near future as the result of the personal visits received by them and the information given to them respecting the activities of the Chamber. The response from the whole of the business community has been most gratifying. It is worthy of note that the younger business and professional men feel that the Chamber is an organisation worthy of their support, and one that voices the opinions and decisions of the business community as a whole. The campaign will close at noon to-day, but it is possible that its full effects will not be made manifest till next week, or perhaps later. ABOLITION OF EMPIRE PREFERENCES. NO IMMEDIATE ACTION. (UNITED PBBSS ASSOCIATION—BT BMCTRIC TELEGRAPH —COPTBIOHT.) CANBERRA, July 19. The Prime Minister, Mr Bruce, believes that no attempt will be made to abolish Empire preference until after the Imperial Conference next The Premier of Queensland, Mr A. E. Moore, has received a cablegram stating that the preferential duty on sugar will at least remain till after the Imperial Conference. —Australian Press Association. WHEAT TRADING. RUSH OF BUSINESS AT CHICAGO. (UMITBD MUSSS, ASSOCIATION —BY ELBCTBIC TELEGRAPH —COPTB" GET.) (.Received July 19th, 5.5 p.m.) NEW YORK, July 18. Bulls and bears battled throughout the session at the Chicago Wheat Pit, where tremendous excitement prevailed concerning the world-wide weather reports, and the transactions totalled millions of bushels on receipt of each new fragment of information. Reports indicated that the Canadian and United States spring wheat outlook had not changed, while Continental high temperatures provided a basis for a more bullish set of crop estimates. Chicago wheat quotations are:— July 141$ cents per bushel; September 145J cents, December 151 cento.—Australian Press Association. AUSTRALIAN PRICE OF FLOUR AGAIN INCREASED. (U*rr*» PRESS ASSOCIATION—B» BUSCTBIC TELEGRAPH —COPTBIOHT.) (Received July 19th, 8.5 p.m.) SYDNEY, July 19. The price of flour was increased again to-day to £l4 per ton.—Australian Press Association. [The price was raised at Sydney on July 17th by 30s to £l3 a ton, and in Victoria to £l2 15s a ton.] LONDON QUOTATIONS. (Received July 19th, 6.6 p.m.) LONDON, July 18. Cargoes are firm but inactive. Parcels are quiet. In London futures are quoted:—July 68a 6d, August 58s 6d, October 58b, November 67s lid per quarter. Futures are quoted:—October 10s Bjo, December 10s lied, March lis 2Jd per cental. Spot is dearer with fair consumption trade. Australian ex ship 60s 9d per quarter.— Australian Press Association, United Semes. TALLOW. Messrs A. H. Turobull and 00. have received the following cablegram from their principals, W. Weddel and Co., Ltd., dated London, 17th instant:— Tallow market unchanged. At tallow auctions to-day, 600 casks were offered and 180 casks sold. Inferior sorts 6d more. MERCANTILE FINANCE CORPORATION, LTD. At a meeting of the Board of the Mercantile Finance Corporation, Ltd., of Christchurch, held this week, it was resolved that a call of 2s 6d per share be made on the holders of all contributing shares in the company, and that such call be payable in the following manner: —Is per share on August 16th, and Is 6d per share on November Ist. PROPERTY SALES REPORT. Messrs Ford and Hadfield, Limited, have to "report, having sold, on account of Mr Stewart Robinson, block of two shops, situated Colombo street, Sydenham. This makes a total of six Sydenham shops sold by Messrs Ford and Hadfield, Ltd., during the past ten days. —6 PIGS AND POULTRY. The yarding of pigs was good and that of poultry fair at the Ashburton auction mart yesterday. The following prices were realised: —Pigs; Wean erg 6 s to 13s, stores 18g to 84s, porkers 38s to 54b, baconers up to £4 6*. Poultry—Heni 2» to U 6d, rocsttre »t *• 6§ «*

I BIG PROPERTY DEAL. NEGOTIATIONS IN PROGRESS. Another big property deal » afoot in the City and negotiations are expected to be clinched shortly. Mr J. H. W. Sheppard, of Sheppard and Smith. Ltd.. told a Press reporter yesterday that an outside company is negotiating to buy a block south of Cathedral square on which to establish a large cash drapery business on the latest and most up-to-date lines, both as regards buildings and business methods. An amalgamation with another Christchurch firm is also spoken of and is likely to eventuate. It* was stated in Wednesday's Psxsa that a very large City property had been placed upon the market. CASHEL STREET PREMISES. A representative of one of the firms mentioned as being concerned in the leasing of the property occupied by Messrs R. S. McKenzie and Co., and owned by Messrs Maling and Co., Ltd., in Cashel street to Woolworths (N.Z.), Ltd., stated yesterday that no such deal had taken place. DAIRY PRODUCE. AUSTRALIAN AND NEW ZEALAND MARKETING SCHEME. (ETfTTXD PRESS ASSOCIATION —BT BLECTSIC TBLEGKAPH —COPTBIOHT.) (Received July 19th, 5.5 p.m.) MELBOURNE, July 19. An important development in th© co-operative marketing of dairy produce, involving a union of the Australian and New Zealand exporting interests, is being completed. Increasing dependence of Britain upon the Dominions for her winter supplies of dairy produce is being encouraged. Australian and New Zealand produc-' ers' representatives will combine in selling operations and establishing a marketing company in London to take over the sale and distribution of butter and cheese. Their selling activities will be concentrated upon the developing of the one brand idea, such as the word "Anchor" for New Zealand and another not yet decided for Australian products. Direct shipments to the Midlands and North of England will he arranged. The scheme is purely co-operative, and apart from a limited interest on capital, all profits will be returned to the countries concerned.—Australian Press Association. LONDON QUOTATIONS. (Received July 19th, 5.5 p.m.) LONDON, July 18. Butter—The market is quiet. New Zealand 170s to 1725, Australian 166s per cwt. Cheese—The market is quiet. New Zealand, coloured 935, white 91s per cwt. No Australian cheese is offering.—Australian Press Association. The National Mortgage and Agency Company of New Zealand, Ltd., have received the following cablegram from Messrs A. J. Mills and Co., Tooley street, London: — Butter —Market steady. New Zealand finest, 172s to 1745; New Zealand first, 171s to 1735; Danish, 172s to 1745; Australian, 163g to 1675; Irish, 166s to 168s. Continental market improving. Cheese —Market steady. New Zealand white, 90r to 91s; New Zealand coloured, 92s to 935. Canadian c.i.f. quotations: Western Districts, 89s to 90s; Eastern Districts, 86t to 87s. Dalgety and Company, Limited, nave received the following cablegram from their London office, dated July 18th: Messrs Samuel Page and Son report: Butter—Market quiet. We quote; Danish 174s to 1765; finest New Zealand, 170b to 1745; finest Australian unsaved 164s to 168e; salted, 1623 to 168s; G.A.Q., 156s to 160s. Cheese—Market quiet. We quote: New Zealand white, 90s to 91s, and coloured 93s to 945; new season's Canadian epot, white 89s to 90s, coloured 91s to 925; c.i.f., 88s to 90s. The top prices for exceptional quality. THE FRUIT MARKET. CHRISTCHURCH. Considering the wet weather throughout the week, supplies of vegetables have been very good. Prices have shown a general improvement. Cauliflowers realised as high as 10* 6d a dozen, and cabbages 6s 6d. Supplies of apples have been coming forward steadily, and there is little change in prices. A shipment of Fiji bananas arrived during the week and brought from 25s to 30s a case for best quality. A small mixed Sydney shipment also met with a good demand. The following are ruling prices: Apples, local, per case up to 8s tid; apples, Delicious, per case up to 10s; apples, cooking, per case 5s to 6s Cd; bananas, Fiji, per case up to 29s 6d; grapefruit, per case 30s to 345; lemons, Sydney, per case up to 255; mandarins, per case 20s to 22s 6d; oranges, Sydney, per case up to 22s 6d; oranges, marmalade, per case 7s to 9s; oranges, 'Frisco per case up to 37s 6d; passions, Sydney, per case up to 15s; pineapples, Sydney, per case up to 27s 6d; pears, dessert, per half-case up to ss; tomatoes, dessert, per lb up to 1b 2d; tomatoes, No. 2 per lb 6d to 8d; walnuts, per lb 8d to 9d; beet, per doz. bundles up to Is 9d; cabbages, per doz. 5s to 6s; cauliflowers, per doz. up to 10s 3d; carrots, per doz. Is to Is 6d; celery, per bundle, up to 8d; leeks, per bundle, up to 3d; lettuce, per doz. up to 4s; marrows, per doz. 5s to 6s; potatoes, per sugar bag up to 3b 6d; onions, local, per sugar bag up to 3s; parsnips, per doz. 6d to Is; potatoes, per sock 12s 6d to 13s 6d; pumpkins, per lb up to Id; radishes, per doz. up to 8d; spring onions, per doz. up to Is 6d; turnips, per doz. up to Is 9d; spinach, per doz. up to 2s 3d; swedes, Southland, per sugar bag up to 2s 6d. DUNBDIN. [TEB PEE SB Special Service.] DTJNEDIN, July 19. Heavy supplies of apples are still arriving from all districts, and the market is dull, with sales hard to make. Inferior quality have again accumulated in the marts, and many lines will have to be sold at any price to clear. Pears have a better demand, and higher prices are ruling. The Maui Pomare is expected on Monday with about 2500 eases of bananas for the local market. The price has been fixed at 19s 6d per case, and should the fruit be in sound condition retailers should have a fair margin of profit. A small line of Fijian bananas arrived ex the Katoa yesterday, and was sold at good prices. The same vessel also brought a line of lemons, mandarins, and passion fruit, transhipped at Wellington ex the Maheno from Sydney. Vegetables have been in a little better supply. High values are still ruling for cauliflowers, and cabbages show an advance in price. Choice lettuces are very dear, supplies not being equal to the demand. Other vegetables have a normal enquiry. SMITHFIELD MARKET. Dalgety and Company, Limited, have received the following cablegram their London office, dated July 18th:— j Frozen Lamb—Market weaker; demand ] runs principally on light weights. Quotations: 28-36'b, Canterbury 9Jd, North Island 9d- S6-421b, Canterbury Bjd, North Island Sid- second quality, Canterbury BJd, North Island B§d; 42-50lb, Canterbury Bd, North Island 7£<L Frozen Mutton—Market weak. Demand rioor " Quotations: 48-561b, Canterbury 7d, North Island 6Jd; 56-641b, Canterbury 6Jd, North Island Sid; 64-7211.Canterbury 6Jd, North Island s*d; ewe "> 48-&4lb, Canterbury 4*d North Island 4|d. Beef— Argentine chilled hinds 7d, forea 4id. Pork—Quotations: English porkere, 80loolb JOd; Sw &*hi* Potkm, ao-ioorb, a*.

! CHEISTCHUKCH STOCK EXCHANGE.

OTHER EXCHANGES. (pBSaS ASSOCIATION TXLEOBAJCS.) AUCKLAND, July 19. Sharemarket Sales—lnscribed stock, 1938, 4} per cent., £100; Inscribed stock, 1939, 4} per cent., £100; English, Scottish, and Australian Banks, £8 8s 9d; National Bank of Australia, £l9 17s; Bank of New South Wales, £sl 15s; Bank of New Zealand, £3 Is 3d; New Zealand Insurance, £2 7s 9d; South British Insurance, £3 8s; Goldabrough, Mort, £2 7a; Auckland Gas, £1 4s 9d; Kauri Timber, 18s 4d; Wellington Woollen, £7 6s; Colonial Sugar, £57 12s 6d; Dunlop Kubbetr, £1 7s 10d; New Zealand Paper Mills, £1 0s 3d (two); Grand Junction, lid; Kuala Kampa Tins, 14a. WELLINGTON, July 19. Sales reported—New Zealand Government 51 per cent. Inscribed Stock, 1933, £lOl 10b; Bank of New Zealand, 61s 3d; Union Bank of Australia, £ls 13s 6d; South British Insurance Co., 68s; Wellington Woollen Co. (ord.), £7 6s; New Zealand Farmers' Fertiliser Co., 34s 6d; Taranaki Oilfields, 3d. DUNEDIN, July 19. Sales —National Insurance, 16s (two); New Zealand Breweries (shares), 82s 6d, 82s (two), ex div.; Electrolytic Zinc (pref.), 37a 9d (cum div.); National Electric, 9s 9d (two); Mount Lyell, 435. Sale Exported— Goldsbrougk, Mort, 47a 3d. CLEARING SALE.

SOUTHLAND MARKETS. (araoxxx. vo Tn rasas.) INVERCARGILI,, July 19. Oats—From northern reports thii market has eased a little, and the pricei indicated run about 3s 5d pez bushel f.o.b. for A grades, and 3» 4d for B'b. Southland merchants hold light stocks, however, and there are very few grade oats available here. Good undergrade* have sold from 3s 3d to 3s 4d per bushel. Values to farmers are on a par with last week's rates, namely, 3s to 3b 2d for A's, according to weights, and down to 2s 6d per bushel for B'b. The difference in values is due to the fact that A's have been in rather short supply, and this quality has been required for seed and milling purposes. Wheat—The only business being done ia in fowl wheat. There are no offerings from farmers. Value for milling Tuscan is 5g Sd per bushel on trucks, and velvet is realising 6d per bushel more. Chaff—This is offering fairly freely. TWj colour this season is rather darker than usual, although there axe some good heavy lines offering. Good bright quality is worth op to ** 5a par ton on trucks country stations. Ryegrass—This market continues firm. It seems likely that a shortage will be felt before the season is out. Very little, if any, more than the probable seed requirements is held here. Fanners' line* seem to have been all cleared up. Values run from Ss 8d to 4s 8d per bushel according to quality. Italian is also in demand, but there is very little available in Southland this year. Potatoes—The market is fairly wel! supPlied at prices ranging from £4 to £5 per ton on trucks, country ststlons. Reports from Canterbury indicate a rise in the market there, but whether this will be permanent remains to be seen. As far si shipments are concerned • good number of Southland pota.toes may f»£l to paes the pradea owing to a certain amount ef blight showing in the various lines, and these will have to be absorbed by the open market. Seed lines are in demand at from £i to £6 10s per ton for main crop varieties. Early varieties are, of COBI *«, commanding more. LONDON WOOL SALBB. (ujiMb ism* AsaocLiTios —»T WLxcrmta TKLBOftATX —CO PYSHMT.) LOKDOJf, July 18. At the wool sales. »069 bales of wool were offered, including 4032 bales of New Zea'and wool. There was a moderate selection of merinos of a miscellaneous character. There ■was a fs!r offering of greasy crossbred* and a small supply of other sorts. A steady demand continues at late rates. m , New Zealand lots sold s§ follows: Seoursd merino combings. Oxford Ansae <*«?.?"••

Jones, HcCrostie Co., Ltd., held a clearing sal* on "Mount of the District Pnblie Trustee in the estate of Frank Samuel Maddison, deceased, on the premises, Rugby street, on Thursday. Amongst the articles sold, the following prices were realised:— Wireless set £l7, billiard-dining table £l7 10s, snooker set £5 10s, oat aettee £3 15s, Chesterfield £B, runner £3, cupboard £2 10s, four dining ehaira £4 16s, carpet £4 10s, duchesse £4, 3ft bedstead £3 2a 6d, oe. table £2 2s 6d, runner £3, hall-stand £2 2s 6d, eeeretalre £2, bedroom suite £9 2s 6d, Morris chair £2, four bedroom chain *6, oec. table £1 10s. SALE OF DAIRY HERD. Messrs H. Mateon and Co. held a coraijleted dispersal aale of a dairy herd of 43 cowe and 5 heifers, on account of Mr L. S. Wells, of Chorlton, at the Duvauchelle Bay ealeya'rds. This held had been tested by the Canterbury Herd Testing Association last season, and buyera appreciated thia fact. Quite a number of eowa reached til and orer, a splendid average wm (inMk CC*aide r .

CANTERBURY MARKETS

A POTATO STEADYING. 6»r en ceMMMan. xt>ito»U Friday Evening. The one and only interest in the grain and produce market during the l week has been the potato. Many hunJ drcds of tons have been sold, but ye*. \ terdav tin- excitement commenced to subside, and to-day the market is i fairly qui. t. The "top price paid was £~ 10s, f.0.b.. s.i.. for July, the market at the moment being quoted at £7 7s 6d to £7 10s. August-September delivery has tirrced, and business has been done at £7 15s to £7 17s 6d. with most sellers wanting up_ to £S. Farmers have been paid £6 /s 6d on trucks, and in a few case* of nearby stations £6 10s. However, the deluge of rain has suspended delivery, farmers not being able to get to their pita. This has had some influence on the absence of offers. In the meantime, with the prospect of a fairly heavy consignment being shipped by the Wineatui, which is now loading at Lyttelton, and which will probably sail to-morrow, Auckland enquiries have eased, and the market may he described as steady at the recent" advance. However, it is extremely sensitive, and it would not take much t-o send it either way. The Wingatui was scheduled to call at Picton and Wellington, br.t the Auckland scarcity has caused the former port to be cut out. The cargo from Timaru comprised 3900 sacks, and arrivals of tubers at Lyttelton this last day or two will advance the local complement to between 5500 and 60»0 sacks, or a total of not far short of 10,000 sacks. The Kjuwarra will be loading next week. The position is apparently regarded by northern interests as" quite satisfactory from their point of view, as re-offer* of AugustSeptembers were being made to-day at £7 15s to £7 17s 6d a ton. The Australian Position. The most interesting feature of the Australian position is that Sydney housewives nave tired ot buying so many potatoes for a shilling over the counter in something of the nature of oranges, and have instituted a boycott until merchants reduce the price, or lift the ban on New Zealand potatoes. The consumer's vote is something that the average politician has a great respect for, and "something may happen." Christchureh merchants are" in receipt of numerous cables asking for quotations for August-Sep-tember. One enquiry took the form of an actual order of* a small quantity per month. This would seem to indicate a confidence that the embargo would be lifted, but possibly the order would be for ooeau going vessels, the supply of tubers to which may not be subject to the restrictions imposed internally. The" general belief locally is that, notwithstanding the Sydney agitation, there is only a very remote chance of the embargo being lifted in time even if the authorities are willing to benefit the potato trade here. The official machine moves slowly where antagonistic interests are concerned, and by the time the barrier might be removed the season would be practically over. Ordinarily £4 a ton is required to cover the additional cost of new sac! =. branding, local transport, freight, uml duty. This year a good deal of re-picking would be necessary, so that with the recompense shippers would want to cover the risk of rejection another £6 a ton on the ruling price of £6 10s here would be required. Tasmanian tubers are assessed in Sydney at quite £2 a ton better than New "Zealand, but it is apparent that there are few tubers from that Island likely to reach later markets. Whatever may happen in the matter of an Australian outlet the possibility is having some influence on the market for later months. Onion? hr.re advanced during the week, values now being from £o 15s to £7 a ton on trucks. Chaff is firm at £4 As * ton on trucks There iB no movement in the wheat and small seeds markets. Quotations. The following are quotations for prodace to be paid to farmers, on trucks free of commission, sacks extra, except where otherwise stated : Wheat—6s 8d a bushel for Tuscan, to 5s lOd for Hunters; 6a 3d to 6s 4d for Pearl; fowl wheat, 5s 7d to 5s 7|d f.o.b. Oats—Gartons 2a 5d to 2b 8d a bushel; Algerian 2s 3d to 2s sd; Duos 2s 8d to A*. Chaff—£4 5s a ton. Potatoes—£6 7s 6d to £6 10a. Onions—£6 15s to £7 a ton. Red Clover —5Jd to per lb. White Clover —9d to 12d per lb. Partridge Peas— U 6d a bushel. Perennial Ryegrass—To 4s 6d a bushel. Italian Ryegraa*—3a M to is a bushel. Cocksfoot—Bd to Bfd per lb. Linseed—To £ls 10s a ton. Bran —£6 10» a ton, f.0.b., aootbern ports: 10s exfra for anmller packings. Pollard—£B a ton, f.o.b. southern ports; 10s extra for smaller packings. Flour—Local wholesale prioee £l6 5s a ton for 2001b sacks, with the nsual increments for smaller packings. Price for shipment, £l6 5a a ton, f.o.b. ASHBURTON MARKET. There are practically no offerings of wheat in the county, and stock* are now held either by the pool or by merchant*. There ia a fair demand for good milling Tuscan, which ib worth 5i 8d per bushel on tracks. Good whole fowl wheat i* hard to dispose of, and is worth about Ss. The market for oats is quiet, and the bast demand ia from the North Island for B grade and undergrade. A grade* are worth 2a lOd per bushel, and B'a 2s Bd. There still exists a fair demand for chaff, and g.b.o.f. is worth £4 2a Cd per ton. The market for potatoes is firm. There is a good demand from tha North Island, and farmers are wide awake to the fact and are asking high prices. A week ego small lots were purchased at 15 p«r ton on trucks, but farmers are now asking more. Opinions rary aa to the quantity and quality of potatoes atill on hand. Purehaaee haTe been made at as high as £« per to*. OTAGO. [THB FKBBB Special Service ] „ DUXEDrN, July 19. wheat—The nominal prices quoted for wheat for some time past axe unchanged at 5s 9d, sarks extra, on trucks country stations for Tuscan. 6s for Hunter's, and 6s 6d for Velvet. The value of good whole fowl wheat remains at Ss lOd, tacks extra, ex »tore. Quotstiona from Canterbury are 5s "Id, sacks extra, f.0.b., and the firming of the Australian market will probably can** merchants in the North Island to operate with more confidence. Oats—The market is very weak, with litt'e business pasting. Sellers are bow offering A Gartons at 3g 4d to 3s -lid, f.0.b., *.!., with buyers showing little or no Interest in the market. Stocks of oat* both here and in Southland are on the short aide. Tfce shipping quotations are equivalent te 2s lOd, sacks extra, on trucks country Fidincs for A'e. and 2s 7d for B'a. Chaff—Stocks of chaff in Dtmediu are on the light side, and owing to the broken weather it is difficult to replenish stocks. The demand _ is not very heavy, and consumers are obtaining their requirements in the meantime from the stores. Best quality ia worth 16 per ton, sacks extra, ex store. " Potatoes—The market shows a sharp advance. Owing to the fluctuations it is dificuit to name a definite price. The local ■ quotation is about £6 10s per ton, aacks included, for best quality. Seeds—Little movement is taking place in any of the seed lines, but there has been | a firming in the value* of ryegrass, and it ia apparent that stocks of these will not be more than sufficient to meet the demand for spring sowing. There is no export demand for fescue, dogstail. or brown top, and the values for these seeds are easier.

HERD-TESTING. DECISIONS OF CENTRAL EXECUTIVE. (fHm.B ASSOCIATION* TBLRuSAJi. WELLINGTON, July 1!'. At tno fl"t meeting of the Herdtesting Central Executive, a body of •ight members recently set up by the MinUter for Agriculture, Mr I>. Fulton, •f Hamilton. presided. It was considered desirable, to appoint a capable organiser whoye duties would not only include organisation Work but would also up. rato in the direction of smsialing to maintain herdtesting work on nn efficient baids. It Was agreed that tliit' ofberr whould ) "' appointed by the New Zealand Herdtenting Federation, and Unit it be a recommendation to the Government that a grant l»e made in connexion with the necessary e,xpcnMi>R. The executive also resolved that while recommending that the herd-test-ing movement (mould continue to be fostered by Government assistance in the, form of an annual subsidy ot grunt, its aim should be the bringing about «! conditions which would enable, the movement to be self-supporting. A* regards the payment of last Beaton's subsidy, the Department advised that the necessary declarations had now been sent out, and as pooh as these were received back in proper order the ■uonoy could be paid out. Permission has been granted, where circumstances render such action neeesaary, for associations to utilise the cash for current expenses, no long as it its passed on to members not later than October 20th. It is anticipated that the establishment of this representative: body, all members of which take a keen interest in herd-testing, will be of great value lit consolidating and furthering this very important movement.

JERSEY CATTLE CLUB. MEETING AT RANGIORA. Th* annual meeting of the North Canter|«ty Jersey Cat tin Club was held at Itangi•m lftat night. The president, Mr 3. Horntog, was In th« chair. OOfl'eapoMeace was received from the Now Uealand Flics;an Association drawing attention tb tbs disparity in the valwi of prist*) offered at, the Metropolitan Show for bulla, tbMe yaafa and over. In the Frienian, Jersey, and Ayrshire and Milking HhOrihorn *liseee ae ootapared with the Bhorthorna. The priae for the cuttle was *5 for first and 11 l 0» for neoorid, while, for these twdl, only £& amf, fit 10s wn« -iven. It *•* decided to euji'pGrt the Frisian Afcao•tatkin It) * MM)ii««t to (ho committee ef 4he Canterbury A, and P. Association to kmvt th* prito tnoney equalised. TlM> balariee-alieet. iwhttiHt*d by the eeotftary (Mr W« 0. Pro»ie«), ili«JWed th« •»ipta to bar* been £IS 17a Id AtiA the •■tHindHuta jSIQ if a 9d. The membership «»« tfj. Offloers were elected as foll«w»:—President, Mr J, Fleming; committee, Me*sr» B. Itamfey, V. MartyM, J. <Tohnatotl, S. Slnaldi, "H, Ppge. and tt. J. Maynard; secretary, Mr W, C. Pr««#ri auditor, ifr W. A. Bowae. tU *M deeided to gife prizes as last year th«i y*lne of £t fa for first and ids 6d "eCtttUl In each ol the eight Jersey classes »* the Northern A. aria* P, Association's •how. Only financial members of a Jersey Chjlj B*o eligible *o eoßfiFf'te t»f these. The eeeretary said that while good proff«M had been made the club should make A Strong effort to increase the membership »«d enable the club to enlarge ite special priie lint, and thu* encourage the exhibition •# the beat apeohnene of the Jersey breed. The ehftirmaa said he was coiivlriced that «oe« who Joined the «!»tb derived both VlManra and profit frOWi ft. MITALS.

LONDON MARKETS. (ft**iff*4 Ji*\t \9th, 8.8 £.*>.> torfOOJ*. J«!# tl. FUnr-«A<lil»lilttl, ** siOra, 3T» to 871 ttd" ••* «*o*. §»M it* flfffler. Pe*»—D«n»nd quiet. ]*«* Xeilaftd ■atJlM* 00a te TO*. Be*iis are ttnefianged. —Australian Praia AisoaiaHofl. United Tlllß APPLE MARKET. (IteMivwi July ink, 5.5 p.m.) tOJttiON, July ig. Taamantan applee, ex Ulyiwea, were Sold • at Liverpool and met a good demand. Stur««M «•!« mently a tern lis wm, f.e.p. 14* to I3e 3d, Cleoa. 20b to 21* 6d. N«r* Bealarid apples e« Tiiiiatoa And Sat-a- ---»«». wer* told in London. Thero waa a good demand for the smaller •aarietiaa, Stufmera fcrotifcht from 15s to l*i, *nd otheri 8s to 30s.—Australian PrMa AMttiatttrft, ITnited Faftlce. VICTORIAN MARKETS. tM»*ei»ed July 19th, 5,8 p.m.) "Wlum~4a iOd a. I>tiah*l. jl#*#"*lß to £l9 Ss a ion. a ton. £o!l*rf—**? 10b a ton. o*tf— M a bushel. B»rt«y-Kn*«ah, *M lossd. tMit»e!. Mmm*-<4* W to »»d * fcusW.-Au*. Vftiutft Ptm A«>o«iat.»r.. BEET gUtiAR. fMafftaa' My 19th. S.S r .m.) -, , , LOW DON, Jaty 18. j -JBrt* !*W .f»***lo»s /or August are 8s Press AssooifUiriA. j BRADFORD MARKETS. ! (Bsear*ai July 19ih, 5.5 p.m.) j LONDON, July IS. j Basin*** at Bradiurd in *ery quiet, the ***• M tk* Market being slightly more coni(tent. I Quotation*: «4'«. 88d; 60's. 36d: ">t>'s, i *>d; 80*1, t#|dj ««'», 33d; 40'<s, 21Jd.^— Aftatfiilia Press Association. N*W YORK CALL MONBTf* ,lUewfrt4 Inly 10th, «.S p.m.) N«W YORK, Jttly 18. tie Mgb**i «*n ttsaey tat* «{ renewal ta» Haf «■# I J>«* ••»•., ami ttw lo*«t 7 |)«r lam*. Tk* «•**•* eloawd «♦, 7 pet eeH*.'*-

BAx\K OF ENGLAND | RETURNS.

Total . . . . 128,255,228 The proportion of reserve to liabilities is 43.50 per cent. Short loans are quoted at 4} per cent., and 3 months' bills at 3 11 -32 per cent. IThiS four items constituting the Fiduciary Issue are: Government debt, other Government Keourities, other securities, silver coin.J —Australian Press Association, United Service.

GOVERNMENT SECURITIES. (CKITED rItESB ASSOCIATION —is'ST BLBCTf.IC TELEGRAPH —COPTIIIOHT.) LONDON, July 19, The following are the latest quotations tor Government securities, compared with the

AUSTRALIAN ASSOCIATED BANKS (Received .Jaly iHh. .1.5 p.m.) LONDON, July 18. Australian Associated Banks' exchange 1 rates from July 27th will be:— I>faft iiiai! transfers 22S 6d discount. 6abto transfers 15s disecraitt. Buying rates: — Sight 42b 6d discount. Thirty days 33s fld discount. Slitjr flays 65s discount. Ninety dayß 7fis 3d discount—-AinfrMMfl Press Association, United Service.

transactions: — This week :. Last week Saturday . . 2,750 :;,78o Monday . . 4,580 0,403 Tuesday . . 0,024 8,862 Wednesday . . 8,050 ;;,848 Thursday . . ;;,0u0 J (5.220 Friday .. 10,700 ;m,'67 Total .. :;0,028 52,140

YESTERDAY'S TRANSACTIONS. ! {Vignrea in >*csirth«s«s •iter B* We incHoats ntixnbi rr < yt P*» pels .) j g<ae* ee 'Change—N.Z. 0^ j H P« « Mat. Bonds, 19*3, £101 '» Gd; Oomm Bank j ct A«t., 80s; Bank of Nsw lealand, i Sis 3d: Natioi nil Insurance. 16s 3d; Ooid*- | brough, Mort, «s 6d; New Zealand Breweries, S9» 8d <*), « 1, 6d (3). 7d, 8d, M, 8ts I <* v 3d (5), 3d (»>. ", W, 4d (t), 6d. 9d ;; ! M»p4e. Brewery, 56e Tooths, 64s 6d; i British ToBacco, »M (f, *M(|) ; Electr©, Sine (ord., «m *T.), 3«i lid; Maha1 kipawa, 6$d, 6d. Sale* Reported—B«»k <rf New Booth W»l •*, Ml 1*. LATEST QUOTATIONS. At. market prioefor This Week. Iait Week. July Buyers. Sellers. Buyers. Sellers. last year. £ s. d. £ s. d £ «. d. £ ..d. £ s. d. N.Z. Government Debentures — 4$ per cent. Inscribed, 1938 ... »» 16 0 99 17 6 100 3 • 98 t 6 4jt par cent. Bonds, 1938 99 15 0 — 99 IT 6 — 98 9 6 4| per cent. Bonds, 1939 « 99 15 0 — 100 0 0 — 9o ? 6 5 per cent. Inscribed, 1SM1 98 K e — 90 0 * 87 10 0 5* pe* cent. Inscribed, 1992 99 10 0 _ — — — 5i per cent. Inscribed, 1933 90 10 0 — 90 10 0 — 96 15 0 5J per cent. Inscribed, 1941 99 17 6 99 10 0 100 © 0 98 15 0 5J per cent. Inscribed, 1933 .. 101 7 6 101 » e 101 5 0 — 100 15 0 5£ per cent. Bonda, 1933 101 7 6 __ 101 5 0 — 100 IS 0 5£ per cent. Inscribed, 1936 101 10 0 — 101 7 6 — 100 15 0 5j per cent. Bond*, 1936 101 10 0 — 101 10 0 — M» 15 0 5J per cent. Inscribed, 1930 — 160 10 • — __ ~ Other Debentures — North Canterbury Hospital, Of per cent., 1932 — 108 10 0 — — ~ Sluggish River Drainage, 6§ per cent., 1944 .. - — 100 15 0 — Ml 0 9 ~~ Christchurch Drainage, •} per cent., 1938-73 100 10 0 101 0 0 — — — K.Z. Breweries, Inscr. .. 1 7 0 — i e 9 1 T • — N.Z. Breweries, Bonds .. 1 7 9 1 8 0 1 6 11 1 7 l 12 7 N.Z. Refrig. (6J per otnt., 1935) H» IS 0 Ml 0 0 — ~ "~ Banks — Adelaide .. — »- 9 19 0 19 1 0 9 19 6 10 1 0 9 14 0 Aust. of Commerce 1 16 0 1 16 6 1 16 3 1 16 5 1 15 9 Australasia 14 14 0 — — 14 15 0 Comm. of Aust. 1 10 0 1 10 1 1 9 5 1 10 0 19 9 Comm. of Aust. (n«w, eontr.) — 0 19 6 0 18 10 0 19 3 0 18 8 Comm. of Sydney 27 7 c 27 15 0 27 6 0 27 12 6 27 2 6 E., S., and A. 8 7 0 8 9 0 8 9 0 8 10 0 8 11 6 National of Australasia (£ 10 paid) 19 15 6 19 16 6 19 14 0 19 16 0 IS 7 6 National of Australasia (£5 paid) 9 15 6 9 16 9 9 15 6 — 9 0 0 National of New Zealand 6 19 0 7 1 0 — — 7 6 0 New South Wales 51 11 0 51 16 0 51 10 0 SI 15 0 49 12 6 New Zealand .. ~ 3 1 0 3 1 3 3 1 3 3 1 9 2 19 3 Union of Aust. — 15 13 0 15 18 6 15 11 6 15 14 0 14 19 0 Insurance — National 0 16 1 0 16 8 0 16 3 — 0 15 10 New Zealand (cum div.) — 2 8 0 2 7 6 3 8 0 2 2 8 South British — 3 8 6 3 7 9 3 8 6 3 0 0 Queensland 8 S 6 — 3 3 3 3 4 0 3 2 6 Standard 3 6 0 — 3 5 6 3 7 0 3 4 0 Loan and Agency— Dalgety and Co. — IS 4 6 1£ 6 6 15 5 0 16 7 6 14 17 6 Goldabrough, Mart National Mortgage 2 6 S 2 6 9 2 7 5 2 7 6 2 8 9 — 4 10 0 — 4 10 0 3 19 0 N.Z. and River Plate — 1 12 3 1 11 8 — 1 10 0 N.Z. Guarantee Corpn. .. 0 • 4 — 0 9 2 0 9 5 0 8 10 United Building Society — 0 16 0 — ~~ 0 13 9 Shipping— P. and 0. Deferred Stock — 3 4 0 3 M • 8 9 6 """ Frozen Meat— N.Z. Refrig. (£1 paid) .. 0 16 4 0 16 7 0 16 4 0 16 8 0 18 6 0 8 6 N.Z. Refrig. (10s paid) .. 0 7 5 0 7 7 0 7 6 0 7 8 North Canterbury Freezing — 1 3 0 — 1 4 0 Woollens — e • s Kaiapoi (17» paid) ... — 0 14 0 0 14 2 0 14 0 0 14 3 Kaiapoi (7s paid) ~ — Kaiapoi (pref.) .. — — 0 4 8 0 5 0 16 0 6 0 4 0 15 8 6 0 5 0 17 0 0 0 14 8 Coal— Grey Valley Westport Stockton (ord.) .. .- 1 4 1 11 8 0 1 6 1 12 0 8 3 6 4 1 3 1 12 3 3 1 14 0 3 0 4 1 10 8 0 3 0 0. 4 0 Stockton (pref.) .. •• — 0 4 9 — 0 4 9 Gas— Auckland .. — '— 1 4 7 1 B 9 1 4 6 1 5 0 18 8 14 0 Christchurch .. ~ 1 6 9 — 1 7 4 1 7 8 Brewerles— Carlton •• •• •• 9 8 3 2 9 3 2 9 0 — 3 5 6 Fosters .. •■ •■ _ 4 10 0 — 4 10 0 -~ New Zealand ...' •- — 4 8 9 4 5 0 3 19 0 3 19 1 3 10 0 14 9 Timaru 0 14 6 — 0 14 6 — Timaru («s paid) Toobeya Tooths 0 8 1 17 8 4 4 9 5 0 6 2 0 3 5 8 0 C 0 8 3 2 5 6 0 8 1 18 3 8 7 0 6 2 8 9 White Star 0 11 0 — 0 11 S — 0 16 0 Miscellaneous— Australian Iron and Steel (pref.) 1 2 0 1 S 0 1 3 5 — — Beath and Co. 1 11 0 1 12 0 1 11 7 1 12 0 1 18 0 Beath and Co. (Is paid) 0 9 3 0 9 4 0 9 8 0 9 6 British Tobacco 2 6 4 2 8 6 2 8 5 2 8 8 3 8» Colonial Sugar 67 0 0 67 16 0 " 57 10 0 67 17 6 59 17 6 Farmers' Auction ("B" pref.) .. 0 17 0 0 18 0 — — 15 0 1 11 0 Dunlop Rubber .. Electro. Zinc (ord., cum div.) .. 17 7 1 16 11 1 7 9 1 7 1 16 6 0 1 7 1 16 8 6 Electro. Zinc (pref., cum div.) .. 1 17 8 1 17 11 1 17 0 1 17 4 1 13 9 Hayward's Pictures Holden's Motors 0 18 9 18 0 1 7 0 _ 1 13 9 Howard Smith .. 1 8 6 1 4 0 1 2 9 1 3 6 18 0 Kauri Timber 0 17 9 i a 0 0 18 0 1 1 0 0 19 0 Mt. Lyell N.Z. Drug Co. .. 2 2 7 2 2 11 2 3 8 2 3 10 1 15 0 3 17 0 — 3 16 3 8 16 0 3 8 3 N.Z. Farmers' Co-op. (£2 10s pd.) — 1 2 6 — 1 0 0 -_ N.Z. Farmers' Co-op. (10s paid) 0 1 6 0 2 8 0 3 1 0 3 0 N.Z. Farmers' Co-op. (lst pref.) — 4 18 0 — 5 0" N.Z. Farmers' Co-op. ("A" pref.) 3 6 0 3 9 6 8 5 0 8 16 " 0 *""* N.Z. Farmers* Co-op. ("B" pref.) — 3 2 6 3 2 0 8 6 0 N.Z. Farmers' Co-op. (6J per cent. Stock, 1940) .. 90 15 0 93 0 0 — 9! 0 0 N.3. Farmers' Fertiliser 1 8 9 1 4 6 1 8 0 1 3 3 16 0 N.Z. Paper Mills 1 0 4 1 0 9 1 0 0 — 0 15 0 New Colosseum .. 2 8 6 -— — — —~ Quill, Morris 0 17 0 0 18 0 — 0 IT 8 0 19 6 Taranaki Oil 0 9 9 — 0 3 6 — — Victoria Nyanza Sugar (cum div.) 2 6 4 2 6 11 2 6 B 3 6 3 2 4 6 WilBon's Cement 2 4 0 2 4 6 2 8 0 — 1 17 0 Eclipse Petrol (£1 paid) — 0 15 9 — 0 16 0 0 14 0 Gordon and Gotch 1 17 e 1 18 0 — — — Anthony Harden* (ord.) — 1 5 6 — — -"" Mining— Kildare ,- •• — 0 4 0 0 5 0 0 3 11 0 4 3 — Mahakipaw* .. - 0 0«i 0 0 S 0 0 7 0 0 T* 0 8 5 Okarito _ .- .— 0 1 0 0 1 6 0 1 0 0 1 7 — press. prats Waihi — 0 12 3 0 11 6 0 13 3 0 12 3 Winding Creek (fid paid) 0 3 8 0 2 5 0 2 8 0 2 5 — Winding Creek (Is paid) 0 3 6 0 2 9 0 2 7 0 3 10 — Kuala Kampar .. 0 14 0 0 14 9 — — ""■ Sons of Gwalia .. — - 0 1 0 — — — -~

ttwttto m*m AfliOCUlKHf-b* ' MiKttfcie *M.*«KAPTc -«0*t*«IHT.) liOSTDON, July ifc. July l#. Jiily IS, (par toft.) (J»*r idjj.) (MpffDr— t «. d. £ e. d. »t»fld4r<l, #pot 71 3 H n 1 3 tJt*iid»rd, Jotwird 71 18 ft 71 1* 105 JEJ«*»lytte ' (H « 0 mod to ., • « §4 10 0 Si 16 o Wir* b*t» % ,. M 10 0 «w e liiyl ftfjOt „ •«. 99 16 10| aa w «> fArvsid ** ».«■ s» 17 « 22 ia e iMtMfr- - in s o as s 9 9* 7 ft 9i 8 t wfjlk— Spat «.- 910 t <t 910 17 « . fW#«nI *,. ,, 913 19 § 41* d 6 ■||V«,ftSi*ndbMrd, «t ». 34*1 24|d M?4<M flirt, «*, »^ 9o o-*1mi -AtrttfilUtt ?«•* AwooiitioD, United Sir* VM*. •

I __ I (r.NITELl PKL3S ASSOCIATION—US E/.KCTB1C . f BLtffKArH—COI'TBICKT. ) ■ LONDON". July 18. Thti Bank 01 EnglnnJ returns for the week ending 'Wednesday are as follows: — ISKl/E DEPARTMENT. Notes Issued— i In circulation . 367,32j,v8ij In banking dept. . . . . 47.117.HK4 Total . . 414,44a.014 (-fnvtrnjueut dell .. . . 11.015.100 Other Government s-.-.-nrit let- . . 234,996,331 Oilier securities . . . . 9.149.548 Silver coin .. 4.S39.02 1 Uul'i coin iirj huliion .. 104,443.014 | Tytiv! , . 4J4.448,014 | Amount of fiduciary ispiii* , . 2f.ij.000.000 j UANKIN'tr DEPABTMENT. I Proprietors" vftpitnl . . 14.55J.OOO I Kest . . . , . . :j,501,3»6 J Public deposits . . . . 11,565,660 I Other deposits-— | Hnnkerw . . . . 02,811.677 i Other aeeotintg , . 35,821,247 Sf* on-day ami other bills . . 2.036 Total . . . . 128,255.228 l-Jovei'-iimon* seeurilieh . . 42.711,855 Other securities— HiHcoimt advances . . 13,568,391 .Securities . . . . 23,634,965 Notes . . . . 47.117.934 Coin . . . . . . 1,222,083

prices ruling last week:— — Jjftst week. This we ;k. Js 8. d. £ B. d. Imperial Console, 3| p.c. 54 IT 6 54 12 6 British Funding booA 80 17 6 80 1 3 War iboaa, 8 p.c, 1BB9-47 101 5 0 loo 18 0 Conversion Loan, y$ p.c. 76 0 0 75 ii 3 Victory] Bond, 4 p.c. 91 17 6 91 13 6 Ooiniflonwesiltli, 5 p.c, 1921-41 101 3 9 101 10 0 Commonwealth, 5 p.c, 1945-75 , . 96 7 6 95 17 6 New Zealand, 0 p.c, 19U8-51 103 12 6 103 8 9 New Zealand, 4 p.c, 1929 99 17 6 99 17 6 New Zealand. 34 p.c, 1940 . . 86 5 0 86 5 0 Kew Zealand, 3 p.c, 1845 ; . 7§ 0 0 78 5 0 New South Wales, 5| pic, 1922-B8 100 1 3 100 3 9 New South Wales, 4 p.c, 19538 . . 99 15 0 69 15 0 New South Wales, 4 p.c, 1933 .. 92 5 0 93 7 6 New South Wales, 3i p.c, 1930-40 « 1 !J 75 0 0 New South Wales, 8 p.c, 1935 . » f»« 3 6 86 3 9 YIetoria, 5J p.c, 1930-4(1 96 10 0 96 3 9 Victoria, SI p*c, 1921-26 91 id 0 91 12 6 Vi«toria, 3 p.c, 1920-40 70 7 6 70 7 6 Victoria, 5 p.c, 1933-42 100 5 0 150 8 9 Victoria, 3 p.C, 1920-40 76 8 9 70 6 3 Queensland, 6 p.c, 1930-iO 99 16 3 99 18 6 Queensland, 3) p.c, 1930 98 0 0 97 18 9 Queensland. 3 p.c., 19B9-47 71 10 0 71 1 t 6 South Australia, fli p,C, 1930-40 100 3 6 100 2 6 South Australia, "1 p.c, 1939 58 10 0 58 2 6 6'duth Australia, 3 p.c, 1916 of after » . 88 5 0 83 2 6 West Australia, 0 p.c, 1930-40 100 2 6 99 15 0 West Australia, 8| p.e., 1930 87 0 0 86 15 0 West Australia, 8 p.c, 1915-35 89 0 0, 89 5 9 tfad'faartte, 6J p.c, 1920-40 160 3 9 100 2 6 Tasmania. 8| p.e., 1920-40 80 10 0 80 10 0 "Tasmania, 3 p.c, «2d-40 88 . 7 « 8717 6 •"-•Australian Press Association.

FOREIGN EXCHANGE RATES. (ftRITlSK OtttttMt WIBMJBSS.) EtJafiY, July is, Vat. J tily 16, Jul? IS. f*fi«, it. to £i .. 2o.22S 123.875 128.85J itfUittela, ttelgtt to il 5 34.91 3131 OMe. MF. Id £1 lSAoU 18.205 18.26J Copenhagen, kr. to ■13.159 18.263 18.20J Stockholm, kf. to £1 18.169 18.095 18.(»| %maUi$»tb, fl. 12;07| 12.0&J BeHin, Reictimarken to £1 .. 13.500 20.355 20.35* Montreal, dot. id Jgi 4,i<$i 4.871 4 86* If J* Ifotk, dlol. to £1 4.m 4.B5 1-32 '. J .85 3-32 Batatii 12.107 -*- -- f Mtfae, teoiie* td *1 24.02 168? isal Gett#\>l* 28.20 25.22 36*23 Milan 9-2.46 92.754 »3.74| Vienna 34.584 34.46 34.46 JSeliiiiifcfd** 198.23 193 193 Msdfid 3S.82J 83.46 88 J5 Lisfedii ., < i 4J0 10fl| mM Athens Bucharest, lei to ft 95.33a 375 37a 915 S18 819 Buenos Ajres, krone* 47.62 4T 7-32 47| Rio de Janeiro 16.0 °l 5J Bombay laid 1? ii-8a : 17 25-33 Sha-nsihai - ■ ■. ■ ! 4 *- 96J 2*i Hong-Kong fokoKftfti* .. 24 234 ■238 S3;23 & 2142 ' 22 1146