FINANCE AND COMMERCE.

Press, Volume LXVI, Issue 19841, 31 January 1930, Page 12

FINANCE AND COMMERCE.

GREEN FEED. AUTUMN AND WINTER USE.

AGRICULTURAL BULLETIN

The use of green feed is the subject of the last Bulletin issued by the Chamber of Commerce, having been prepared by the authorities of Lincoln College:

Bulletin No. 4 directed attention to the increased summo. production obtained from dairy cattle by the use of supplementary winter feeds, chiefly in the form of roots or of conserved surplus summer grass. With sheep, the provision of exua feed lor the times of greatest shortage is again the key to increased total annual production, whether of wool, lamb or mutton; and since what we know as "green teed" is the most ••onvenient form of extra forage, a description oi the methods by which ' the best crops are secured may heip to increase our production of these fundamental products. The crops grown for green teed and the times for sowing them will be dealt with first, and cultivation will be discussed last, in order to lay special emphasis on this most important aspect of the question. Crops for Green Feed. Barley. —The two varieties used are Cape barley and black skinless barley. , It is sometimes claimed, without any very definite evidence, that black skinless is the hardier variety, but ou the whole Cape barley deserves the preference already shown for it. Neither has a nigh feeding value, but under any conditions both show a quicker and better growth than any other crop, and therefore they are sown for autumn or early winter feed. The chief features to note in regard to Cape barley are its rapid growth, even under drv conditions; its low food value, except at the earliest stages of growth; and its tendency in spring to throw up hard flowering stems in the first spring growth. An anticipated shortage of autumn feed can be met by sowing Cape barley in January or early February at the rate of two bushels per acre'with or without manure. Even under dry conditions it will be ready for grazing in four to five weeks, and should be kept grazed short. If it is never allowed to get beyond a height of two to three inches, it will give repeated grazings up to June, when, owing to its tendency to produce hard growth in spring, it should be ploughed up. It can be definitely stated that Cape barley is useless for late winter and spring feed. Oats. —The varieties most commonly grown are Algerians and Duns, although many of the other varieties are occasionally used. Lincoln College has experimented with fourteen varieties of oats, and as a result of these experiments, Algerians and Duns proved most satisfactory for green feed purposes. What is required in a green feed oat is a succulent leafy growth, quick recovery after feeding, and an upright habit. Algerians supply all three. Duns are straggly in growth and the feed gets dirty, while all the other cultivated varieties are too slow in recovering after feeding. Oats for green feed may be sown in February or Mareh. If required for autumn and winter green feed they should be sown in February and will provide a succession of feed up till August. After this they are better ploughed up, as they tend to become exhausted and the growth is hard and woody. March sowing is better for winter and early spring feed. Sowings later than March in an average season give very little feed be/ore spring; even with the Mareh sowing the oats get hard and woody in October, and they are no longer of value as green feed. Oats for green feed are sown at the rate of ' two bushels per acre, with, as a role, lewt. manure. Italian Ryegrass or Western Wolths. —These grasses, which are now in practice indistinguishable, can be utilised for green feed. They grow quickly and recover quickly after feeding. They are better than cereals in that they supply a nutritious and sustaining food, especially in spring. Either can be sown from January onwards, but it can be fairly safely asserted that in a normal season January and February sowings are twice as good for winter and spring feed as March sowings, and that Mareh sowings are in turn twice as good as April sowings, so that returns from Italian are in proportion to earliness of sowing. The seeding generally employed is 1* to li bushels of good clean seed and two to three lbs. red clover per acre. One to two cwt. of manure is profitably broadcasted with the seed. Feeding Methods and Values. When cereals, whether oats or barley, svre used as green feed, it should be clearly understood that, though they are a useful change, they are not a complete food. If sheep or cattle are held entirely on green oats or barley for prolonged periods they almost always go back in condition, while if the green feed is used as a supplement to dry feed and roots and grass, •r as a change from them, condition immediately improves, and the total annual carrying capacity of the farm is increased. Many of the troubles with lambing or newly-lambed ewes are due to keeping the ewes on oats without any addition or change. It is accessary to stress the importance of management of green feeds, otherwise their value can be seriously impaired. There are no dangers or risks in feeding Italian, beyond the ordinary risks attending the use of all green feed in winter. The best results are obtained by keeping the grass in check by the , method of rotational grazing as outlined in Bulletin No. 2. Some farmers sow a mixture of oats and Italian, but, on account of the difficulty involved in properly-controlled feeding of this mixture, this method is not advocated by Lincoln College. Where necessary the green feed ean be sown separately, part in Algerian oats and part in Italian ryegrass. A good strike of Italian will carry five to ten sheep per acre in an Open winter, and up to ten sheep ( ring the first two spring months, after which its rapid growth ceases and the red clover sown with it takes its place. Cultivation. At the beginning of the Bulletin a reservation was made in regard to cultivation for green feeds. It is a Well-known fact that growing crops produce in the soil conditions unfavourable to the growth of immediately succeeding crops. These unfavourable conditions are removed by cultivation and thorough aeration. But where crops are sown in January or February and ■rigorous growth is" required in " early Ftatumn, no opportunity has been jkfforded for this aeration to take place 'A special treatment is therefore Required to aerate or cleanse the soil. Observations and comparisons made at lancoln College over many years have |Shown that any green" feed sown immediately after removal of a crop •a land just turned over and unaerated, (although it may strike, and strike well| Jrill soon turn a sickly yellow colour, jadß make no growth,"and will he of fco use for its intended purpose. The .College is mow in a position to state s\gfijutg{T that land for green feed must

be thoroughly cultivated and aerated, that time is the most satisfactory healer and that air is the most efficient cultivator. If possible a month should elapse after ploughing before sowing. Many of the poor stauds of green feed to be seen every autumn and winter are due either to "bad cultivation, late sowing, or a combination of both. The following table depicts the monthly carrying capacities iof various paddocks sown in Algerian oats and Italian ryegrass for winter and spring use at Lincoln College for the past two years, Algerian oats being used exclusively for autumn feeding: — Monthly Carrying Capacity Per Acre.

These paddocks were sown in the course of the ordinary farm rotation, some being fed off earlier, and some shut up for crops earlier than others. No definite comparison on the basis of the above carrying capacities can therefore be made of the relative values of Algerian oats and Italian ryegrass, although the presumption is in favour of the ryegrass for spring feed. But, by recording the stock carried, any farmer can easily determine for self in his own district which crop is more suitable.

Summary. Green feeding is' a very important part of the arable system of farming and stock feeding. Success in this branch of farming is dependent upon the following points: — 1. Selection of the right kind of crop. 2. 'Sowing at the right time of the year. 3. Correct feeding methods. 4. Thorough cultivation of the irea on which the crop is to be sown. Copies may be obtained from the Secretary, Canterbury Chamber %>i Commerce, P.O. Box 187, Christehurch.

NATIONAL AND AGENCY COMPANY. NEW SHARE ISSUE.

In a circular to shareholders, dated Punedin, January 30th, 1930, the general manager of the National Mortgage and Agency Company of New Zealand, Ltd., states: — . , On July 29th, 1914, the capital of the company was increased to £1,500,000 by the creation of 250,000 preference shares of £1 each (carrying the right to a fixed cumulative preferential dividend at the rate of 6 per cent, per annum and to priority of repayment of capital and accrued dividend over the ordinary shares in a winding up), and of 25,000 new ordinary shares of £lO each. The said new ordinary shares have since been issued and paid up to the extent of £2 per share like the previously issued ordinary shares; but the said preference shares have never been and these have by a special resolution of the company passed on January loth, 1930, been now converted into £1 ordinary shares. The £lO ordinary shares wiJJ in future be known as A ordinary shares, and the £1 ordinary shares as B ordinary shares. The directors have now decided in accordance with the resolution passed at the above-mentioned meeting to offer 125.000 of the I) ordinary shares to fcho shareholders at a premium of fifteen shillings per share, in the proportion of one B ordinary share for every £lO A ordinary share held. The payments to be made by applicants for the shares now offered will become due as follows : £0 10 0 per share on application. 010 0 per share (including 5s premium) on allotment, on February 26th, 1930. 015 0 per share (including 10s on Mareh 31st, 1930. £1 15 0 The directors have the right to dispose of any shares not taken up in response to this offer to such persons on such terms (but not at a less premium than fifteen shillings per share) and in such manner as they may think expedient. DOMINION PRESERVED MEAT. INCREASED DUTY IN AUSTRALIA WANTED. (UKITETJ ra«S9 ASSOCIATION— BT EMCTBIC TILEGBA.PH—COPYBIGHT.) SYDNEY, January 30. New Zealand has used Australia as n dumping ground for her surplus sheep's tongues for years, declared Mr Reginald Nossiter, of the Colonial Wholesale Meat Company, Limited, giving evidence before the Tariff Board, which is enquiring into the new duties on preserved meats and meat extracts in Sydney. Mr Nossiter said that New Zealand had a large export trade in frozen mutton and lamb, and her by-products were sold wherever a market coufd be found, regardless of cost, resorting to undercutting here in order to secure sales. Thus a 2d a lb duty was insufficient to protect Australian packers. Witness added that there were approximately 10.000 cases of sheep's tongues on hand at a period when there should be none. Prices for sheep accordingly had to be reduced in order to meet fierce New Zealand competition, and pastoralists had to suffer.

American and New Zealand competition in preserved meats was also felt in Australia. Mr Nossiter advocated a duty of 6d a lb. Tt was a fact also that New Zealand was selling corned beef in Sydney below what it could profitably be sold by the local producer. The chairman of the Tariff Reform Roard reminded witness of the reciprocal agreement already operating with New Zealand in regard to certain nrodnc+s. and of danger of cancelling preference to New Zealand where it hod proved advantageous to the Dominion. He pointed out that this could Vipvo onk one result TVitnesp answered thnt he had not •■ordered that point of view. The enquiry was adjourned. DECLINE IN WHEAT PRICES. (UNITED PttESS ASSOCIATION—BY ELECTBIC TELEORAPH— COPYKIGHT.) VANCOUVER, January 29. A message from Winnipeg states that wheat crashed to a low record for the season tu day. The continued lack of demand for North American wheat put a strain on the market, which closed from three to three and one one-eighth cents down. May future «le«#d «* 127g caaU » biuWL

INVERCARGILL WOOL

SALE. BULK FASSED OR WITHDRAWN. II'RESS ASSOCIATION JELEGKAiI.) INVEKCARGILL, January 30. The first wool sale of the Invercargiil series was held tins evening. Suggestions that it would be wise to caueel the sale did not find a great deal of favour, but a communication from England to the effect that prices would almost certainly be better later, evidentlv had the effect of firming the reserve on a number of lots. Roughly, 50 per cent, of the offerings in some catalogues were passed in, and a fair number of lots were withdrawn when the estimate of values became known. Bidding generallv was not spirited, but was keen up to "a point, Buyers were undoubtedly acting on very restricted limits, and" it was quite apparent that they were not prepared to go beyond a certain point except in a very few cases, when bidding fonfsuper wools. The sale generally brought forth prices about in keeping with brokers' valuations, but in many cases farmers had decided to reserve their clips rather than accept ruling values. In some instances there were reserves of from lOd to 12d on woo! passed in at from 7*d to S*d. Up to 11 p.m. the values realised were about equal to half of those paid at the concluding sales of la«t vear. No doubt many growers will feel disposed within the next few dava to accept the )>assed-in prices or elect to attempt to do business with buvers at slight advances, but the general feeling among the buyers is that no business will be done ... ad vance of the passed-in prices, and they may not be prepared to go to that extCTlic bidding was confined largely to the Bradford interests, and most ol the heavv weight in the better wool went in "that direction. The Continental buving was free up to a point for the more inferior wools, and many lines of the better pieces were purchased in their interests. Local mills and to some extent speculators secured a few lines of the better wools, while medium crossbred in some cases fell to bids which appeared to be attractive buying for those inclined to venture in wool speculation. \alues showed a slight improvement over t ly.se ruling at the Wanganui sale, but when the qualitv of the yield is taken into consideration, no doubt the present prices were fully justified, and any improvement shown is pr-' - ' '" " p g^ ble - The range of prices was not available to-night.

SYDNEY WOOL SALES. (Received January 30th, 9.35 p.m.) SYDNEY, January 30. At the wool sales the market is firm with a .Iron" demand for best line, of merino All lection- operated freely. Greasy mer.no sold to 24Jd. LONDON WOOL SALES. LONDON, January 29. At the wool sales J969 hales were offered of which 2533 bales were from New ZeaL There was a good selection of greasy merinos a few scoured., and a good offering of greasy crossbreds. The tone is imurovfne There was good compet.tion at full "ate rates, tending in sellers' favour. New Zea'.and lot" sold as follows ■-X™ ■ Z|»fand greasy crossbred. Mokopeka, top price 12d, average llld. . At Tuesday's wool sales /598 bales were sold, of which 1620 bales were from New Zealand. ! Dalgety and Company Limited, have received the following cablegram from their London office, dated January 30th: Wool sales continue. Competition unproved. 75 per cent, of yesterday's offerings were sold Any change in prices is in favour ot sellers. CASADIAS TRADE FIGURES. VANCOUVER, January 29. Trade figures for 1929 show that export* to Auatralia totalled 19,124 626 dollars, an increase of almost 3.000,000 dollars. Imports amounted to 35,000,000 dollars. Exports to New Zealand totallefl 20,504,831 dollars, an increase of 6,000,000 dollars and the imports amounted to 16,000,000 dollars, an increase of 6,000,000 dollars. DAIRY PRODUCE. The New Zealand Loan and Mercantile Agencv Co., Ltd., have received the following cablegram from their London office, under date 29th inst.:— , , . t ... ..... Butter—New Zealand choicest Baited, 1545, market slow. Cheese—Bßs to 91s; market steady. Dalgety and Company. Limited, have received the following cablegram from their London office, dated January 30th: Butter—Prices are 23 lower. SYDNEY PRODUCE PRICES. (Received January 30th, 9 10 p.m.) SYDNEY, January 30. Produce quotations are: Wheat—Country stations 4s Sd, ex trucks. Sydney, 6s. Flour—£l2 10s. Pollard—£9. Potatoes—Tasmanian, £7 to £8; Victorian, Globes £6, White Globes £l3. Oats—White ss, Algerian 4s 6d. Maize —7s 3d. QUOTATIONS AT ADELAIDE. ("Received January 30th, 9.10 p.m.) ADELAIDE, January 30. Wheat—ss Id. Flour—£l2 ss. Bran—£7 ss. Pollard—£B ISs. Oats—3s sd. HIDE MARKET. (Received January 30th, 9.10 p.m.) MELBOURNE, January 30. The hide market is irregular. Mediums are par to a farthing lower; others are unaltered. CHEESE SALES. Sales of cheese have lately been made by factories in North Taranaki at 8&d f.o.b. for the January-May make. It is understood that about 500 tons of cheese is involved in the transactions. TALLOW. Dalgety and Company, Limited, have received the following cablegram from their London office, dated January 30th: Tallow--Market unchanged excepti/or mutton tallow, the prices for which are Is higher. The next public sale will bo held on February sth. BERLEI (N.Z.), LTD. 10 PER CENT. DIVIDEND. In their sixth annual report to shareholders the directors of Berlei (N.Z.), Ltd., state that the profits for the year total £SJI2, and it is proposed to pay a final dividend of 5 per cent., making 10 per cent, for the year. There has been a substantial increase in sales, and to meet the continued expansion of business the company has purchased a block of land at the corner of Wellesley and Nelson streets (Auckland), whereon it is intended to erect a factory during the current vear. Retiring directors are Sir Harold Beamhamp, K. 8.. and Mr J. A. gentles, who »re again nominated for election.

CHRISTCHURCH STOCK

EXCHANGE. YESTERDAY'S TRANSACTIONS. Markets were brighter on call yesterday, and there was an increased volume of business, bank shares being especially active. The outstanding feature was the sharp recovery in Alt. Lyells. Transactions exclusive ot vestibule business included:— 900 Aust Bank of Commerce. 400 Comm. Bank of Aust. (cum. 233 Comm. Bank of Aust. "rights."' 25 E. S. and A. Bank 11 Bank of New South \\ ales. 75 Union Bank of Aust. (ex. div.). 250 British Tobacco. 1000 Mt. Lyell.

Australian Bank of Commerce shares were fractionally weaker with business at 23s lid, and there were further buyers at that price, sellers at 24s 3d. Commercial Bank of Australia shares were turned over at 22s ol and 9d closing quotations 22s 9d sellers, 2 9 s buyers. The "rights" dropped to dealings at Is 3d, buyers staving in at that price, sellers at Is ori. Lnclisn, Scottish, and Australian Bank shares eased to £6 14s 3d, market closing £6 14s 3d buyers. £0 lbs sellers. Bank of New South Wales shares suffered a substantial drop, with dealings at £-W 15s and £39, closing quotations os on either sido of the lower figure. In ion Bank of Australia shares ex dividend had dealings at £ll. £lO 17s 6d, £ll, and £lO 19s. Sellers of Canterbury Frozen Meat shares reduced their limits to £C> Toa for the ordinary', and £4 10s for the preference without attracting buyers. The market tor Coal Company shares was bare. Staples Brewerv shares weakened to 54s sellers 52s buvers. British Tobacco snares declined to 40s. 39s 7d and 40s. Henry Jones Co-op shares were written down to 28s 3d sellers, 20s 4d buyers Mt Lyells on a substantia! turnover went from 34s on tbe morning call, to dealings at prices ranging from 3os to 35s 7d on the afternoon call, market closing 35s 5d buj-crs, 35s 9d sellers.

LATEST QUOTATIONS,

YESTERDAY'S SALES. CHRISTCHURCH.

FROZEN MEAT EXPORT.

KILLINGS TO DATE. The New Zealand Meat Producers' Board supplies the following:—Killings for export at all works during: the 1929-30 season, from October Ist, 192!\ to January 15, 1930, compared with those for the corresponding period of 1928 2!), are as follows: — NOKTH ISLAND. 1929 20. 1923-29. Beef (quarters) .. 21,502 21,897 Wether mutton (c'cs.) 192.275 1^6,077 Kwe mutton U'cs.) . . 39,138 ;!2,587 Lamb (c'es.) .. 1,170.000 1,201,988 Pork (porkers) .. 20.4:)': 2ft.321 Pork (baconers) .. .13,310 10,649 Boneless beef (frt. c'cs.) . . 2*.175 21,195 Sundries (frt. c'es.) . . 29.579 20,258 SOUTH ISLAM). 1929-30. 1928-29. Beef (quarters) 18,382 22,211 Wether mutton (c'cs.) 5.375 4,014 Ewe mutton (c'cs.) . . 297.309 247.005 Lamb (c'cs.) . 167 570 Pork (porkers) .. 219 84 Pork (baconers) . 3.871 1,810 Boneless beef (frt. c'cs.) .- -■ 6-250 ' r >-«2 A HANDSOME DIVIDEND. BRITISH-AMERICAN TOBACCO COMPANY'S PROFITS.

The directors of the British American Tobacco Company last month announced the payment of a final dividend for the year ended September 30th of Is 8d per share (free of British income tax) upon the issued ordinary shares. Including the four quarterly dividends of lOd each already paid, the total distribution for the year is 25 per cent, (tax free), this beinp the rate paid for each of the preceding three years. Net, profits for the >"";,,, after deducting all charges and expenses of management and providing for income ta\. Here, £6,357.772, against ±6,563,560 for the previous year. In connexion villi this reduction in October. 1923. the company sold certain shares in asbociated and subsidiary companies to a newly-created concern called (lie Tobacco Securities Trust, and. while the parent company is a "large holder of the trust company's shares, the bulk of them were distributed as a bonus to British-American Tobacco shareholders. A first quarterly dividend on account of the current year at the usual rate of lOd per share (free of tax) was paid on January 17th. The carry-for-ward is stated at £! 748,772. STUDIIOLME STOCK SALE. There was a good attendance at the Studholme Junction stock sale this week. A big yarding of cattle was offered, and the demand was keen, especially for young sorts, which sold very well. The market generally was firm. The quality on the whole was average. Prices were: Fat Lambs —38 at 24s 2d, 65 at 265, 58 at 23s 4d, 5 at 235, 78 at 25s Bd, 7 at 23s 6d, 47 at 25b 6d, 73 at 24s Gd, 10 at 235. Fat Sheep—Five ewes at 10s 3d, 16 at 17s, 3 at 10s 9d, 11 at 17s Bd. 12 at 10s 9d, 3 at 15s, 24 at 19s 2d, 8 at 15s 4d, 21 at 10s 7d, 0 at 10s, 4 wethers at 21s. Store Shee p—so two and four-tooth ewes Bt 16s 3d. 35 wethers at 12s lOd, 21 at 15s 3d, 130 at 13s, 8 ewes at 10s, 3 lambs at 10s. Cattle —Fat heifers £8 17s 6d to £lO ss. fat cows £H 10s to ill, fat steers £7 to £lO 15s, heifers to £0 ss, steers to £8 17s fid.

OXFORD MARKET. At the Oxford market yesterday there was an entry of 1230 sheep, of which 930 were fat lambs, 184 fat eues and wethers, and 119 stores. I'rime fat lambs made from 27s to 28s 10d, medium 24» 6d to 2tis 2d, and light 23a to 23b lOd; best fat ewes made 20s 5d to 255, and merino 17s 10«]1 to 19s 4d; fat wethers made up to 20s. The entry of stores was very small. The hale was a very pond one, and most of the entry wps soid. The following sales were made: Fat Lambs —C. Brown. 6 at 235. 37 at 26s 2d; D. J. Hawke. 42 at 23s lOd, Oil Christ Bros.. 25 at 27s 4d; A. J. Ilanth, 43 at 25s 8d; J. J. Scurr, 65 at 25s lOd; K. Scurr, 38 at 26s 4d; A. 11. Palmer, 29 at 2oS 6d; X- w - Mever, 17 at 275; T. Inch, 18 at 25s 4d; J. lieere, 114 at 27s 4d; H Campbell, 47 at 28s 10d; Mrs Dohrman, 57 at 28s lOd; S. Campbell, 58 at 29s lOd; W F Kurr, 32 at 265; C. C. Early, si at 25s Id; T. Read, 39 at 25s 9d; W. I. Wright. 68 at 25s 10d; Alex. Henderson. 81 at 24s 6d. Fat Ewes— E. W. Meyer, 19 at l.s 10d, B. Ashby, 9 at 255; J. Beere. 2?i at 20s sd; E Sciirr, 3 at 19s 7 0d: A. F. Srhmack. 9at 19a Id. 14 at 17s 9d; C. C. Early, 7 at 19s; A. K. Rossifer. 6 at 20s Id; H. J. Fentz. 33 at 18s 10d; A. Henderson, 8 at 19x 4d. Fat Wethers—B. Ashby, 41 at 265. Stores _7fi f.m. ewes at 17s Id; 135 lambs at 18s 4d, 343 wethers 23s Id. Cattle —There was an entry of 50 head. The following *alcs were made:—Eiffht yearline heifers at 475. 9 bull calves at 38s 6d. and 4 at 495, 3 dairy cows made £7 l.s Od £5 12s 6d, and £4 10s, 2 fat cows made ±8 7s 6d and £8 10s, 2 fat heifers £7 7s 6d each, and 2 steers at £9.

BLENHEIM STOCK SALE. (PBBSB ASSOCIATION TBLBGRAM.) BLENHEIM. January 30. This week's stock sale attracted a large attendance of buyers, who operated freely. though at low prices. There was a rather larger yarding of stores than has been the caso for some time, 1870 head being penned, but there was a decrease in the number of fats, only 176 being offered for sale. The prices for ewes were a little better than at last week's sales, the range being 12s 8d to 17s Id as compared with 10s to 16s 7d last week. The improvement is probably due to the better quality of the offering. There was a fair market for wethers, prices ranging from 22s 6d to 17s 3d, as compared with 23s 4d to 16s at the last sale. ARGENTINA MAIZE CROPS. BUENOS AYRES, January 29. Much needed rains over wide areas hare raised hopes of record raatze crops. Government meteorological officials have announced that the maize yield expected will, at least, partially off-act th* wheat crop.

DIVIDENDS PAYABLE. Due. Britifh To!>3cco, prer., final, OJ p.c. Jan. 31 Union Bank —interim, 125 p.c p.a. Jan. 29 Auckland Oa«—flnal. 4 p.c. ..Feb. 4 Commercial Bank of Australia—interim, ovd., 13 P.c P-a.; pref., •1 p.c •.'■»• ■ ■ • • Fp n. 7 \Z Insurance —interim, lid a share Feb. 12 Queensland Nat. Bank —quarterly. or ~.,.. . , ■ . . . Feb. 13 Victoria Nyaiiza Sugar—hnal for Inst financial year, up.c, and interim for current year, 2J p.c. Feb. 2o Broken Hill South— quarterly, 2s a share ■ • • • • r eh. 2G W..lliri-'o.i G«t— «"«'■ < I'- 1 "- ■ • Feb. ~ i i.-tie ;',im—interim, orU. Mud

Pa rldoek Year Crop No. July Aug. Sept. Oct 1928— Algerian Oats .J — 1.0 3.7 6.4 Algerian Oats 17 — i o 2.3 2.9 Italian Rye 10 o.e 3.2 4.4 3.2 Italian Rye l.i 1.5 2.7 2.9 0.5 Italian Eye 42 — 0.6 6.2 8.6 1929 — - Algerian Oats 3 0.7 5.8 5.9 — Algerian Oats 15a 2.1 2.7 — — Algerian Oats 40 0.7 0.3 3.1 0.4 rtalian Eye 1 6.3 5.4 5.8 1.2 Italian Eye 43 7.6 0.2 4.4 — Italian Eve 44 5.6 -— 2.6 —

Buv<> r«. Selle: rs. £ a. d. £ a. d. N.Z. Government Debenture* — 4J per cent. .Inscribed, 1933 • — 9'J 15 0 5J per cent. Inscribed, 19:S3 99 2 6 5J per cent. Bonds, 1m3:» _ 99 10 0 oj per cent. Bonds, 1936 99 0 0 — Other Debentures — Christcharch City, 5| per cent., 1955 — 102 0 0 Christchurch Drainage, 5J per cent., 1938-73 N.Z. Keirig., 6J per 99 0 0 102 10 0 cent., 1935 92 10 0 97 0 0 Weetport-Stockton Coal, 6i per cent., 1933 — 90 0 0 Weetport-Stockton Coal, 8 per cent., 1931 • 95 0 0 Banks — Auat. of Comaaeice 1 3 11 1 4 3 Australasia — 11 15 0 Comro. of Aust. (cum div.) 1 2 2 1 2 9 Coram, of Aust. (pref., cum div.) — 6 19 0 Comm. of Auat. (rights) 0 1 3 0 1 5 E., S., and A. 6 14 3 6 16 0 National of Australasia (£5 paid) . ; National of N.Z. 7 7 6 6 0 0 New South Wale* 88 15 0 39 6 0 New Zealand .- •• 2 15 6 2 15 9 Union of Aust. (ex div.) 10 16 6 10 17 6 Insurance — Mercantile Mutual (cum div.) 1 4 0 1 6 0 National — 9 11 10 New Zealand (cum div.) — a s 6 United — 8 15 0 Loan and Agency— Dalgety and Co. 11 10 0 12 0 0 Goldsbrough, Mort 1 10 1 1 10 4 3 3 0 National Mortgage — N.Z. Guarantee Corpn. 0 7 6 0 8 3 United Building Society 0 15 0 Shipping— Huddart-Parker _ 1 19 0 Huddart-Parker (pref.) P. and O. Deferred 1 0 0 1 1 0 Stock — 2 IS 0 Frozen Meat — Canterbury (ord.) — 6 15 0 Canterbury (pref.) — 4 10 0 0 Gear — 2 1 N.Z. Kefrig. (£1 paid) 0 10 6 0 11 0 N.Z. Refrig. (10b paid) 0 4 7 0 4 1U North Canty. Freezing 0 3" 0 Woollens — 9 Kaiapoi (pref.) Mosgiel 0 13 0 0 15 7 12 0 6 Qas— " Auckl d (cum div.) •• — 1 4 10 Cb*' .tchurch (cum div.)) 1 6 7 — Chriotchurch (10« paid) 0 12 11 0 13 2 Timaru 1 5 0 Breweries — Carlton ~ 1 19 0 New Zealand •- 8 14 0 4 1 0 Staples Timaru 2 12 0 2 14 0 16 0 0 Tooheya — 1 5 3 Tooths 1 19 6 2 0 0 Ward — 0 16 0 White Star 0 10 6 — Miscellaneous — Allied Motors _ 0 8 9 Amalgamated Wireless (eontr ) — 1 4 6 Australian Distillery .. — 1 1 0 Beath and Co. 1 9 6 1 11 9 Beath and Co. (16 paid) — 0 8 0 Booth, Macdonald (pref.) — 0 4 9 British Tobacco 1 19 1 2 0 0 Broken Hill Propty. — 1 3 8 Colonial Sugar 40 0 0 44 0 0 D.I.C. (10s paid) Dunlop Perdriau Rubber 1 0 0 19 0 9 1 2 1 0 0 5 Electro. Zinc cord., cum div.) — 1 9 6 Electro. Zinc (pref., cum div.) — 1 10 0 Greater Crystal Palace — 1 3 0 Henry Jones Co-op. .. 1 6 4 1 8 3 "Herald" and "Weekly Times" 4 5 0 — Holden's Motors 1 2 0 1 3 3 Howard Smith — 0 19 0 Howard Smith (pref.) .. — 1 0 0 Hume Pipe (Aust.) — 0 17 6 Kauri Timber — 0 16 0 Mt. Lyell 1 15 5 1 15 9 N.Z. Farmers' Co-op. (£2 10s paid) 0 12 0 — N.Z. Farmers' Co-op. ("A" pref.) —. 2 15 0 N.Z Farmers' Co-op. (6| per cent. Stock, 1940) 86 0 0 93 0 0 N.Z. Farmers' Co-op. (6J per cent. Stock, 1945) 86 0 0 .... N.Z. Farmers' Fertiliser 1 1 6 1 2 1 N.Z. Sufrar of Milk .. — 1 0 n Quill, Morris 0 13 6 0 15 3 Victoria Nyanza Sugar (cum div.) 2 0 0 Wilson's Cement 1 t5 0 1 19 0 Wunderlich — 1 11 3 W. R. Cooke and Son _ 0 18 0 Mining— Mahakipawa 0 0 3J 0 0 4 Stoney Creek (Gd paid) 0 0 8 0 0 9 Waihi " .. 0 12 10 Winding Creek (I3 pd.) — 0 1 3 Winding Creek (ed pd.) — 0 0 11

& s. d. Sales on 'Change— Coram. Bank of Aust. ("rights") (2) 0 1 3 Bank of New South Wales (2) 39 15 0 39 0 0 Union Bank of Aust • (ex. dir.) 11 0 0 10 17 6 British Tobacco 2 0 0 Alt. Ly?U (2) 1 19 1 14 7 0 1 15 0 1 16 6

Sales reported — 2. 9. u. Aust. Bank of Commerce .. 1 3 11 Comm. Bank of Aust. (cum. div.) 1 2 7 1 2 9 E. S. and A. Bank 6 14 3 Unioii Bank of Aust. (ex. div.) 11 0 0 British Tobacco ... 2 0 0 Mt. kvcll 1 15 6 1 15 7 Union Bank of Aust. (ex. UlV.) 10 19 0 AUCKLAND. £ 8. d. Sales on 'Change— Glaxo, 1945, 6i per cent. ... 91 0 0 Bank of Australasia 11 10 0 Commercial Bank of Australia (2) 1 2 6 Commercial Bank of Australia (rights) 0 1 1 New South Wales (Sydney Register) 39 5 0 Dominion Investment and Banking 1 0 3 Ooklsbrough, Mort 1 10 0 Farmers' Trading 0 8 6 Moanatainri (fully- paid) ... 0 2 3