FINANCE AND COMMERCE.

Press, Volume LXVI, Issue 19854, 15 February 1930, Page 12

FINANCE AND COMMERCE.

SHARE MARKET.

WEEKLY REVIEW. During the week a more buoyant tone was evident on the affiliated Stock Exchanges, and the recorded turnover on the local market was the heaviest since the beginning of the year. As a result, there was a firming of prices, especially in bank shares, which were most popular with investors, and had a local turnover of £18,423. Markets, however, closed on lower levels than they reached a day or two ago. The following is a comparative statement of the local daily turnover (exclusive of vestibule business) during the past fortnight:

This week Last week £ £ Saturday ... ... 5,198 691 Monday 7,392 2,227 Tuesday ... ... 9,252 2,919 Wednesday ... 8,177 7,940 Thursday 6,120 9,512 Friday ... ... 5,745 4,861 £41,884 £28,150 Four and a half per cent. 1938 Stock changed hands at £99 5s and £99, and the Bonds at £99 ss—the latter showing an easing of 5s on recorded business lust week. Five and a quarter per cent. 1941 Stock realised £97. Five and a quarter per cent. 1933 Stock was firm at £9B—the Bonds were taken at £99 17s 6d. Five and a half per cent. Bonds, due 1933, were placed at £99 and £99 2s 6d, and the 5} per cent. 1936 Stock at £99 2e 6d, both showing a slight advance on recent dealings. In the. banking section there was a large turnover, in which all except Commercial of Sydney were affectedAdelaides, which have been quiet for some time past, were released at £7 12s 6d. Australian of Commerce advanced from 24s lid last week to dealings at 26s Id. 265, 25s lid, and 25s Bd, but closed at 25s 3d sellers, 24s lOd buyers Australasias jumped from £ll to prices ranging from £ll 10s to £l2 to £ll 15s. Commercial of Australia, ex dividend, were active from 23s to 23s 9d to 23s 4d, as against- 22s Id to 23s 9d, cum. dividend, last week —tho "rights" ranged from 2s to 2s Gd to Is 9d. English, Scottish, and Australian recovered to £6 16s, but closed weaker at £6 13s sellers, a £6 10s buyers. National of Australasia fully paids had transactions at £ls 6s, £ls 7s 6d, £ls lis, and £ls 10s —the £5 paid, which relansed to £7 8s last week, changed hands at £7 lis 6d, £7 14s. £7 ISs 9d, £7 14s 6d„ and £7 15s. National of New Zealand were released at prices ranging from £6 6s to £5 19s, and more were offered at £5 19s 6d, buyers at £5 19s 3d. New South Wales, cum dividend, ran up from £4O los to £4l 17s 6d, but later eased to £4O 10s—last week's peak price was £39 10s—and closed with (sellers at £4O 9s, buyers at £4O 6e. New Zealands hardened and ranged from 57s to 58s 9d to 58s (last week 64s 9d to 56s 6d)—the "D" Mortgage shares were easier at 26a 9d. Queensland National, oum. dividend, were taken at £7 12s 6d. Union Banks were in strong demand and advanced from £ll 10s to £l2, closing at £ll 18s, as against last week's -transactions from £lO 18a to £ll sa. / Insurance shares on the whole showed recovery. New Zealands, ex dividend of lid per share, were placed at 44a-rlast week, cum. dividend, they moved from 41s to 42s—and more are available at 445, buyers at 435. South British scored a rise of 3s with dealings at 60s, 60s 6d and 61s, and there are further buyers at 60s—no sellers For Standards unsupported sellers want 60s. Nationals show little variation with sellers at 15s—no buyers. Loan and Ageney, and Shipping — Dalgety and Co., which ranged from £ll 15s to £l2 5s a week ago, opened with business at £l2 12s, but gradually ran down to £ll 19s and closed at £l2 9s 6d. Goldsbrough, itorts moved within narrower limits from 33b 9d to 33b 4d—laßt week 30s to 33s 9d—-but closed weaker at 31s 9d sellers, 31s 3d buyer*. North Auckland Farmers' Coop. "B" preference realised 9s 6d. P., and Q.Deferred Stock weakened to 48s, late buyers offering 4Ts od—no sellers. Frozen Meat, Woollens, Coal, and Gas~-Gear Meat# changed hands at 38s and 89#. N.Z. Befrigerating 10s paid advanced to 5s Id, 6* 4d, 5a fid, and 5s fid, closing 5a 5d buyers, 5s lOd sellers, —the fully paids are stronger with buyers at lis 6d, sellers at 13a 6d—last week's business was at 10# 7d. poi Woollen preference realised 14s ana 14s 3d; Mosgiels eased to £7. Grey Valley Collieries were firm at 365. Pukflmiros eased to 70s. Weatports were released at 29s and 29s 9d and more are wanted at 89s 9d, sellers at 30s 9d. Waipa were steady at 14s. Auckland Gas showed little variation with dealings at 28a 9d and 88s 7d—the partly paid were fractionally weaker at 17s 4d. Christehurcb Gas eased 3d to 25s 9d. Timaru, cum dividend, were placed at 24s lOd, and Wellington ordinary at 80s 9d.

Breweriea—Crowns had buiiness at 8a 3d. Monteiths sold at 19s 6d, and late unsupported sellers are offering at that price. New Zealands had transactions at 84s and 83s 9d, as compared with 79s to 85a 6d last week. Staples were turned over at 48s 6d and 48s 7d as against 48s a week ago. Tooths, in which last recorded turnover was at 40s 3d, have sellers at 39s Bd, buyers at 39s 3d. White Star mov%d up to )3s 9d, and more are wanted at that figure, but sellers are reticent.

Miscellaneous—British Tobaccos and Lyella again accounted for the bulk of the business done in this section.

Bartholomew Timbers realised 31s 6d, British Tobaccos ragged fron, 43s 6d to 41s 4d, as against 40s to 44a to 42s 3d last week. Colonial Sugars, which receded to £42 a week ago, had dealings St £43 15s, £44, £44 sb, £44 7s 6d, and J844. Dunlop Bobbers, which recovered to 21s 6d last week, are now available at 20s 3d, buyers at 19a 6d. Elec« trolytlc Zinc ordinary were turned over at 31s 6d and 3Js 9d —the preference at 325, both showing an advanoe on last week. Henry Jones fell to 300 3d, and late sellers are offering at 80s 60, but buyers are scarce. McLeod Bros, had business at £29. Milne and Ohoyce debenture stock was easier at 275. Mount Lyells opened »t 86s Bd, and rapidly advanced to 38s 3d, but were unable to maintain this level, gradually weakened to 3Ss, and more are available at 34s 9d, buyers 3d below. N.Z. Farmers' Co-op,, 6} per cent. 1945 Stock, changed hands at £B7. N.Z. Drugs at 78s showed an easing of 6d on previous business. Otago Qaily Times realised 67s <sd. Quill, Morris declined to 14s. Wilson's Cements were turned ovar at 39s 6d, 395, and 39s 3d, and more are on offer at 39s 3d, buyers at 38s. Holden's Motors, oum interim dividend of 6d per share, dropped to 18s fid sellers, 17s 3d buyers—last year's interim divi. dend was Is. Waihis were fractionally weaker at 13s 4d and 13s sd, Alburnia realised 3d.

YESTERDAY'S TRANSACTIONS,

Markets generally wore easier on call to-day, and there was a good gohup* of diversified bimntw, Trfto*-

actions exclusive of vestibule business included:—

100 Commercial Bank of Australia. 270 Commercial Bank of Australia "rights." 40 National Bank of New Zealand. 80 Union Bank of Australia. 25 Dalgety and Company. 200 Gear Meat. 100 Westport Coal. 175 New Zealand Breweries. 280 Staples Brewery. 100 White Star Brewery. 100 British Tobacco. 40 Colonial Sugar.

Commercial Bank of Australia eased to 23s sellers nnd businoss, buvers at 225, and the "rights" to dealings at 2s and Is fid. market closing Is 8d buyers, Is lOd sellers. National Bank of New Zealand reached a new low level, with dealings at £■'> 19s and £5 19s '6d, and more were offered at £o 19s 6d, buj'ers at £5 19s 3d. Union Bank of Australia relapsed to £ll 17s and £ll 18s. market closing £ll 17s sellers. £ll 16s fid buyers. Bank of New South Wales dropped to £4O 9s sellers, £4O 6s buyers. Dalgety and Company shares had dealings at £ll 19s 6d, nnd £l2 2s fid elosinor quotations £ll 19s buyers, £l2 sellers. Gear Meats were released at 395. New Zenland Refrigerating Co. fully paid shares claimed stronger buyers at. lis fid, sellers at 12s fid. Westport Coal moved up to 29s 9d. buyers staving: in at that figure, sellers pt 30s 9d. New Zealand Breweries changed hands at 83s 9d, 83s 7d. 83s fit], and 83s 9d, market closing 83« 7d buyers, 83s 9d sellers. Staples Brewerv shares were firm with dealings at 48s 7d. White Star advanced to 13s 9d, and there were further buyers at that price, but sellers wore scarce. British Tobaccos weakened to 41s Gd and 41s 4d, closing quotations 41s 7d buyers, 41s lOd sellers. Colonial Sugars were easier, with business at £44. and further sellers nt £43 10s, buyers at £42. Quotations for Klectrolvtie Zinc shares indicated a weaker market. Holdcn's Motors, cum dividend of 6d per share, wro offered at 18s f!d, buyers at 17s 3d. Mt. Lye!ls were weaker, with sellers at 34s 9d, buyers at 34s 6d.

AUCKLAND REVIEW.

[TOT PRESS Special Service.} AUCKLAND, February 14. After a week of active trading, conditions in the investment market are again enveloped in some uncertainty. Not for a long time has such an extensive volume of business been transacted on New Zealand exchanges. All sections' joined in the activity, but banks were the moat eagerly sought after. Better buying support was followed by a general upward movement of prices, but greater hesitancy developed during the last two days, causing a setback to the favourable turn the market had taken.

Such reactions are to be expected in the process of recovery, and, although prices generally were on a slightly lower plane to-day, considerable gains were registered over the week. Brighter conditions existed in Government investments and offers improved 10s for several issues of war bonds, and much of the selling pressure that was apparent last week was withdrawn. The moat notable feature of the weojt was the steady improvement in banks, in which extensive business was done at rising levels. Commercials of Australia rose from 88s 9d ex div. to 23s 9d, but weakened under the favourable Influences that asserted themselves at the latter end of the week to 23s 4d. Rights to the new issue were firmer, and the lowest transaction was at 2s. Nationals of Australasia and Nationals of New Zealand also made headway, but the latter did, not survive the setback and, after selling up to £0 5s in Christchureh, dropped to £6, On Thursday New South Wales advanced from £39 10s to £4O 12s od, and New Zealands at 58s fld were 3s firmer than they were at the beginning of the week. IJniQQS rose from £ll 5a to £l3 on the local market, but, by to-day, thev had gone back to £ll 17s. In Insurance there was brisk business in New Zealands and South British. The former advanced 2a to 445, and South British advanced Is with a sale at 61s.

Interest increased In the Loan and Agency section, but most of the business occurred in the southern centre. Buying strength showed signs of improvement in coals, but prices were easier. Pukemiros declined 2s to 70s, and Renowns were similarly easier at 15s.

Attention in Breweries was chiefly confined to New Zealands, which, after a Bteady sale at 84b, receded to 83s 9d at Christehurch, Wider interest in the Miscellaneous Section was followed by increased business in industrial stocks, but price movements were somewhat irregular. Very active trading was done in British Tobaccos, which did not maintain the early improvement that they registered. Sales took place on the Auckland Exchange np to 43s 6d, and by Thursday they had given way to 42s 6d. In Cbristctmrch -tlw same day they were at 48s sd. Colonial Sugars also changed hands readily at improved levels, and at the end of the week showed an advance of 40s on the local market, and more in the south. .In mining, Mount Lyells were the only stocks in which consistent trading was done. Prlee levels rose to Bos 3d in the middle of the week, but eased 3d, and subsequently Waihis sold at 13s 4d and 13s sd.

SECONDARY INDUSTRIES.

SCOPE OP parliamentary COMMITTEE'S ENQUIRY,

FBBSS Special Service.]

AUCKLAND, February 14. The Parliamentary Committee which was set up to investigate the secondary industries of the Dominion will start its operations in about six weeks' time. The first sitting will be held at Dunedin, after which the Committee will work northward, ending at Auckland.

The Committee will consist of Mr A Harris, M.P., Mr H. R, Jenkins, M.P., Mr D. G. Sullivan, M.F,, and tfce Minister of the Department (the Hon J. B. Donald). Evidence wilj be taken at the four principal centres of New Zealand—Dunedin, Christchnroh, Wellington, and Auckland—but if anyone from any other part desires to give evidence he may do so by travelling to wherever the Committee is sitting. Representative factories of all the secondary industries in New Zealand will be visited by the Committee, but evidence in a]l four centres for all Binds of industries will not be taken. For instance, evidence concerning the motor industry will probably be" taken ' n , Wellington, and for the rope and twine industry only in Dunedin is, WI " prevent any unnecessary overlapping and waste of time. It is expected that a huge amount of evidence will be recorded during the sittings of the Committee This will later oa amalgamated in a report and presented to the House of Representa«ves, probably during next session of Parliament.

MOTOR-CAR INSURANCE.

THIRD PARTY RISKS.

PROTECTION AND PUBLIC

POLICY

WRITTEN FOE THE PBESS.)

[By Lex.] -

Owing to the number of persons who are owners or drivers of motor-vehicles, It will be of interest to thorn to learn the nature of their rights and obligations in regard to the indemnities they are entitled to by means of insurances under the Motor-Vehicles Insurance (Third Party Risks; Act, lU2B which came into force last year. Its object, so the Act states, is to compel owners of motor-vehicles to insure against their liability to pay damages oa account of deaths or bodily injuries caused by the use of such motor-vehicles. In 1024 an Act was passed by our Legislature called the .Motor-Vehicles Act dealing generally with the subject of motor-vehicles and the drivers thereof, and •unongst other matters it enabled a Magistrate, when any person is I'onvieti'd of recklessly or negligently driving a motor-vehicle, to order his imprisonment or inflict a fine upon him, and should lys thereby cause bodily injury to or the death of any person he may, an -part of the sentence, bo ordered to pay a sum not exceeding £SO as compensation to any person who may have suffered bodily injuries by reason of the act or default of the person convicted, and this sum may be recoverable in the same manner as if it were a fine, and is to bo paid in accordance with the order. The making or enforcement of the order is not to affect the right of any person to recover any damages he may be entitled to independently of the section, but m assessing such damages any moneys payable under the section are to be taken into account.

A Recent Example. In a recent oaso the driver of a motor-car was fined 10s and tho Magistrate ordered him to pay £2O to tho person injured by the d'ivur's recklessness. tinder the Act of 1928 drivers in this respect are treated in tho same way as owners of the motor-vehicle Tho driver applied to the insurance company by whom the owner of the vehicle had been insured against loss to be recouped for the compensation he bad to pay under the Magistrate's order. Although the insurance company is by the Act of 1928 dcemd to have contracted with the convicted person to indemnify him against damages to the limit fixed in the Act (apart from the fine) wliioh he has to pay on account of the bodily injury resulting from an accident happening, yet it is clear that the judgment for damages is only conclusive between the convicted person and the person in whose favour the order is made, and the insurance company is not. Erecluded from raising any defences it as in* an action by the convicted person against the company for the amount awarded as compensation, thfc subjeot of the Magistrate's order. It cannot be bound by proceedings it may never even have hoard of. A person oannot be condemned unheard, not even an Insurance company. The person hurt may have been guilty of contributory negligence, and the convicted person knowing that he has the policy to fall back upon may not have troubled much about the matter.

It would be a prudent course for a Magistrate to adopt before awarding compensation to direct the convicted person to give notice to the insurance company covering him, and who ultimately have to pay the compensation that lie proposed to award, and adjourn that question to a future day in order that the insurance company may appear and be heard on the matter. This course would tend to avoid difficulties in the event of the insurance company disputing the Magistrate's award when the convicted person requests the company to recoup him. Should this course not be adopted it would be well for a Magistrate not to exercise hta jurisdiction as to compensation, and leave it to the parties interested to settle who would In no way be prejudiced b\r the attitude taken up hv the Magistrate.

The "Public Policy" Issue.

Another objeot may, however, bo raised en behalf of an insurance company by an Ingenious lawyer, namely that the driver had been guilty pf a penal offence, and that the Act of 1924 had so treated it because it was recoverable in the same way as the fine, and that the' driver might suffer imprisonment for non-payment, and therefore it was against public policy. An insurance company, in objecting to payment of the claim on this ground, raises a question of much importance, and one tlrat if given full effect to would affect by far the largest portion of third party insurances and render the Act of 1928, to a great extent, illusory.

It 1b an established principle of law that it is against public policy to contract to indemnify a man against the consequences of a crime which he knowingly commitß, and in the word "crime" is included the breach of any statutory duty which renders a man liable to find or imprisonment, for it would, in effect, operate as an encouragement to commit crime. The Law and Logic. From a logical point of view the doctrine stated would appear to be applicable, but as the late Lord Halsbury observed in a well known case the law is not always logical, and everybody concerned with the administration of the law knows that it is not logical. In a case before a Judge in the High Court of Justice in England the point was raised that it was against publie policy to hold that a contract of insurance was valid if it could be held to be an indemnity against a driver's criminal act. In that case the plaintiff effected a policy with an insurance company by ivhich they insured him against liability to third parties and all loss sufI fered by him in the driving of a motorcar. The defendants undertook to pay the plaintiff any sum which he should become liable to pay to any other persons as compensation for accidental personal injuries caused . through the driving of the car. The plaintiff, while driving the car negligently and at .excessive speed, accidentally killed a person and injured two other persons. The plaintiff was indicted for the manslaughter of the person killed, and pleaded guilty. Actions arising out of the accident having been brought against'the'plaintiff, he claimed a declaration that under the policy he was entitled to be indemnified by the defendants against all liability in respect of the claims made against him. It was held that although the effect of the policy was to indemnify the assured against liability in respect of the criminal act of killing persona by negligent driving, it was not void as being contrary to public policy, and that the was accordingly en + " , ~1 to the declaration claimed. The Judge remarked that in motor accidents, where the assured is the driver of the motorcar, perhaps in ninety-nine cases out of a hundred the aocident ia due to the

breach by the drivor of some statutory duty, and that if the ordinary law were 'to be applied it would be difficult to see that that would not be an gnawer to any case under the third-party indemnity insurances, and also that if the law wftß not logical the principles relating to public policy were even less logical, and it would seem to him that these third-party indemnity insurances should be considered valid and effective.

This was followed in another case in 1927, where the defence of public policy was again raised where the owner-driver, having been convicted of manslaughter and sentenced to twelve months' imprisonment, claimed to recover from the insurance company the compensation he had to pay to third parties. The learned Judge followed his learned brother's judgment in the previous ease, and gave judgment for the owner-driver, remarking that the principle as to the unenforceability of contracts on the ground of public policy should not be carried a step further than public policy required, and should be applied wtih caution. Common-sense Conclusions. It is indeed satisfactory to find that the English Judges who decided the cases referred to have arrived at such common-sense conclusion:;. Applying these principles, it seems clear that, where a Magistrate orders compensation to be paid to a person who has been Injured by the convicted person, such compensation can be recovered from the insurance company, notwithstanding that it may be recoverable by the pfirty injured from the convicted person in the same way as the fine, particularly as it has to be taken into account should other cornpen;- 'on be claimed. The juyisd'HK"' 'inferred upon Magistrates to award compensation, and its recovery by the summary and inexpensive methods pointed out in the Act does not affoct its intrinsic character as compensation for the injuries reeived against which the convicted person claims to be, and should be, indemnified under the policy of insurance. Were it otherwise, a person might suffer imprisonment, and yet no monoy be forthcoming to compensate the person injured. The Act Itself an Answer, It seems that the Insurance Act, 1928, is itself a conclusive answer to tho question of public policy. The aim and purpose of the Insurance Act is to provide an assured ource wherefrom the victim of a motor-driver's crime may derive some materM compensation to relieve his sufferings, and is a beneficent one, and any attempt to frustrate so laudable an object is to be deplored.

CANTERBURY LAMB.

THE FARMERS' PROBLEM*

THE IDEAL CARCASE.

Some interesting comments on the remarks made by Mr IX W. Westeiira, at Wednesday's meeting of the General Committee of the Canterbury A. and P. Association, relative to the clasp of lamb required for the London market, were <nnde to a representative of Thb Phess yesterday by Mr H. S. Richards, of Valettit, who has had considerable experience in raising lambi for the Lon* don market. Mr Richards said that Mr Westenra's remarks regarding the lamb trade con» tained nothing that farmers did &Qt already know; they gained added weight from the fact that Mr Westenra had actually seen the conditions complained of, and had spoken with those people in London interested in the trade.

The difficulty that farmers were faced with was an attempt to satisfy the meat people and the wool In his (Mr Richards's) opinion the nearest approach to fulfilling these conditions was the raising of Corriedales of a stronger grade of wool than is being raised at present in Canterbury. He admitted that th« 9 Corriedales he referred to—those with a stronger grade wool, were not absolutely ideal, but it was the best that could be raised; at any rate they were satisfactory botb from the moat and the wool points of view. It should be the aim of (ill Rheep-farmers to build up and maintain standard flocks, and he believed that the only way to do so was by raising Corriedala flocks. The breeders in Canterbury, in particular, had concentrated upon the breeding of flno wools, 56's to 58's, to suit the Argentine trade, but it had been detrimental to the breed and wether lambs of this class were difficult to fatten, and not suitable to cross, with Southdown rams. . But with a stronger wool, 48's to 50's, an animal was bred that was suitable for meat and wool. The matter was of such importance that he and other farmers were much concerned about it. For the past twenty years he himself had been experimenting and trying all breeds of sheep, but he had found that when he had good Southdown lambs in the sale he got no more for them than those who had Border Leiceaters in adjoining pens, and his wool cheque had suffered.

After fall was said and done farming was a business proposition, and farmers, like others in business, had to produce the article that was wanted. There was no doubt that strong-wooled shoep maintained their constitution, while the fine wools became weakly and their wool wasty as they grew older. What was wanted was to strike the happy medium between a lamb suitable for the meat trade, and a lamb for wool purposes.

TRADE WITH AMERICA.

NEW COMMISSIONER TO VISIT DOMINION CENTRES.

(THE PRESS Special Semes.]

AUCKLAND, February 14. The Hon, J. B. Donald, Minister for Industries and Commerce, announced to-day that a visit to each of the centres in New Zealand would be made shortly by the newly-appointed Trade Commissioner in the United States and Canada, Mr J. W. Collins. With a view to ascertaining the present position of trade relations between the principals in New Zealand and their agents in U.S.A. and Canada, the Minister asked Mr Collins to get into personal touch with exporters of New Zealand produce. The Minister added that it was the deaire of the Government to ensure that Mr Colhns received the fullest information ns to the possibilities of extending our trade relations with both countries and any marketing difficulties at either end should be fully discussed. It was particularly desjred that the new oitice to be established in either Montreal or Toronto should be fullv availed of by New Zealand commercial interests. Dominion producta considered to be suitable for the markets of Canada and U.S.A. should be brought under the new Commissioner's notice Mr Collins would commence his work in this connexion in Auck land towards the end of February. |

CHRISTCHURCH STOCK EXCHANGE.

LATEST QUOTATIONS.

YESTERDAY'S SALES.

christchurch. Figures in brackets after sales, indicate number of parcels. , £ s. d. Sales on 'Change— Comm. Bank of Aust. (rights) 0 3 0 0 19 National Bank of N.Z. 519 0 5 19 6 Union Bank of Aust. (3) 11 17 0 Dalgety and Co. .. 11 19 6 New Zealand Breweries .. 4 3* 9 4 3 7 |4 3 8 |4 3 7 White Star Brewery .. 0 13 9 British Tobacco .. 2 16 8 14 Sales ReportedGear Meat .. 119 0 Staples Brewery (3) 2 8 7 Colonial Sugar .. 44 0 0 Dalgety and Co. .. 12 2 6 Union Bank .. 11 18 0 N.Z. Breweries .. 4 3 9 Comm. Bank of Aust. .. 13 0 AUCKLAND. £ s. d. Sales on 'Change— Bank' of New South Wales 40 12 6 Union Bank ... ... 11 17 l) National Insurance ... 014 6 South British ... ... 3 10 Dalgety and Co. ... ... 12 0 0 Northern Steamship 0 13 9 National Timber (2) 0-86 WELLINGTON. Sales Reported—- £ 8. d. N.Z. Govt., 4J per cent, ingoribed stock. 1938 (2) 99 0 0 Bank of Australasia ... 11 18 0 Union Bank of Australia ... 11 19 0 11 18 0 11 17 6 National Bank of Australasia ... ... 713 9 7 13 6 7 13 0 Gear Meat Co. ... ... 119 0 Goldsbrough, Mort and Co. 112 0 N.Z. Refrigerating Co. ... 0 5 7 N.Z. Breweries (shares) ... 4 4 0 Mount Lyell, Mining ... 115 0 DUNEDIN. £ a. d. Sale on 'Change— Dune din Brewery ... 19 9 Commercial Bank ... 13 0 Mount todl ... {sj 115 w 0 Sales Beported— South British Insurance ... 3 1 0 Dalgety and Co. ... ... 12 0 0 Bank of Australasia ... 11 17 6 Blenheim Oil 22 0 Electro. Zmo (ord.) (cum. div.) ••• 111 6 4J per cent. Bonds (1938) 99 5 0

TALLOW.

rtalzely and Company, limited, have rethe following cable from their London imlt dated February 18th, 1930 Tallow—Market unehangsd. There will * So publU Ml* #«* *«•*•

FROZEN MEAT EXPORT.

The killings of stock for export at #l] ttomiolon works during th® iout months of the present season and the corresponding period of last season, ended January 31st compare as follows: 1920-30. 1988-29. Beef (quarters) .. 34,815 ?7,275 Wether mutton (e/es.) 850,101 324,585 Ewe mutton (c/cs.) . . 113,083 91,620 Lamb (e/cs.) ..3,188,570 2,149,814 Pork (porkers) (e/cs.) 31,86 l 85,879 Pork (baconers) (e/es.) 15,871 84,105 Boneless beef (frt. e/cs.) 44,666 33,118 Sundries (frt. c/cs) .. 40,149 30,038 The stacks of frozen meat on hand in store in New Zealand as at January 31st this year and last compare as follows: 31/1/30. 31/1/29. Beef (quarters) . 17,580 10,061 Wethir mutton (c/cs.) 138,060 124,549 Ewe mutton (e/cs.) .. 67,540 56,551 Lamb (c/cs.) .. 881,841 802,840 Pork (porkers) (e/es.) 4,743 10,672 Pork (baconers) (c/cs.) 7,771 14,145 Boneless beef (frt. e/cs.) 20,663 15,545 Sundries (frt. c/es.) .. 11,488 12,315 The* stocks of frosen meat loaded into vessels not departed from New Zealand compare as follow: 31/1/30. 31/1/39. Beef (quarters) .. 4,633 Wetlier mutton (c/cs.) 65,632 40,225 Ewe mutton (c/cs.) . - 27,227 13,540 Lamb (e/cs.) .. 443,927 322,518 Pork (porkers) (c/cs.) 8,466 1,566 Fork (baconers) (e/cs.) 1,647 2,595

SALE OP SOUTHDOWN SHEEP. H. Mateon and Co., associated with the .Sew Zealand Farmers' Co-op Assn., Ltd., report having submitted to auotion on Wed- [ nesday last on behalf of Mr W. J. L. Chambers, Devon Downs, West Meltop, the undermentioned Southdown sheep;—lo one-shear ewes, 3Jgns; 4 one-shear ewes, 2Jgns; 7 twoshep* ewes, 4Jgns ; 17 three-shear ewes, 2igns; 5 four-shear ewes, Signs; ,16 fourshear ewes, ljgns to 2Jgns; 12 aged ewee, ijgns; 19 ewe lambs, lgn to ljgns. STUDHOLME STOCK SALE. There was a good attendance of buyers at the Studholme stock sale on Wednesday The sheep sale was satisfactory, especially for fat ewes, which were up 2s to 8s on last Studholme sale prices. The rise was in accordance with the rise in the schedule for owe*. In the store sheep seotion, the demand seemed to be mainly for good rape lambs. The quality of the lambs forward wes very .poor. Frioes were satisfactory, however. The following prices were realised:— Fat Lambs—Nineteen at 223, 4 at Sis 9d, 13 at 25s lid, 14 at 255. 31 at 28s 9d, 15 at 6d. Fat Sheep—Twenty-nine ewes at 24s Bd, 30 at 20# Bd, 16 at 18s 6d, 7 at 185.6 d, 11 at 19s 6d, 82 at 90s Bd, 45 at 20s 3d, 2 wethers at 25s 9d. Store Sheep—sl6 lambs at 19s, 7at 7s, 6 ewes at 7s, 9 wethers at 19s, Cattle—Fat cows at £l2, £8 15s, dairy cows if? 3ry cows at £7 i" »' ss, heifer at £6 15s, fat steers 2 ®d and £9 12s 6d, store cows at £8 PS, £9 lOp, £ll gs store steer £8 12s 6d, Jersey bull £3 Is,

MOUNT LYJSLL MINING.

iL from Australia states that exSIJJ?. 0 * 7 work 84 Jlount Lyell Oom--8 Copper mine in Tasmania has die°'e. bodies continuing on, the lower B ! v,ng ' r,,(l expectations that the Increased" °' e reserves w '" be considerably . B. Were and Bon, of Melbourne, i* f . . el * report, state that it I* expected that the tale of fertilisers, in which toe Mount Lyell Company is interested, will pe considerably reduced this season on account of the drought. Mount Lyell is interested in the fertiliser industry through its 5® . ng in Commonwealth Fertilisers wu.S h :S;;];^:' < '- •■' l * • w «<

CANTERBURY MARKETS

(*r oia 00WH6SCIAL s»rro«4

Friday Evening. Wheat.

Wheat is now coming 011 to the market, but not in any great quantity. Yields varying from 25 to 60 bushels have been reported, and the general opinion seems to be that the average will be in the vicinity of 31 or 32 bushels an acre. While some of the lines so far offered have not been of very good quality others have been quite good. The Pool prices remain unchanged. Fowl wheat has weakened a little and to-day is quoted at 5s lljd to 6s f.0.b., sacks extra, for prompt delivery, and at 5s 9d to 6s 10d for MarchJune. Oats. There has been a little movement on the oats market, and now that the price has reached about 4s a bushel, merchants have been making enquiries a view to ascertaining at what figure Canadian oats could be landed in New Zealand. The information so far to hand does not show that the Canadian oats can be landed here at a price to compete with the locally-grown article. A Gartons for spread delivery are quoted at 4s OJd, f.0.b., s.i. Puns have been sold at 4s 3d to 4s 9d, Algerians at 3g lOd, and A Gartons at 3s 6d, on trucks, in each case. Chaff. The market for chaff is firm at £5 los a ton for old seasons, and £4 15s for new, both on trucks. Potatoes. Potatoes have weakened since the mid-week report, and are now quoted £4 12s 6d for April-May-June, and £5 15s, f.0.b., s.i., lor August-September. Small Seeds. The only change to report in small seeds is in regard to Akaroa cocksfoot. Some lines have been on offer during the past few days, and they show fairly good quality. Up to 9ld a pound has been paid for farmers' dressed lines of high quality. Quotations. The following are quotations for produce, to be paid to farmers on trucks, free of commission, sacks extra, except where otherwise stated:— Wheat-—New crop: 5s 9d Tuscan, 6s Hunters, 6s 3d Pearl, on trucks, sacks ejrtra,

Fowl Wheat—ss Hid to 6s, f.0.b., sacks Is 2d.

Oats —A Gartons 3s 6d, B's 3s 5dDuns 4s 3d to 4s 9d; Algerians, 3s lOd. Chaff —£5 15s for old; £4 15s for new.

Potatoes —£4 12s 6d for April-May-June, and £5 15s for August-Septem-ber, f.0.b., a.i.

Iled Clover—4d to 5d lb. White Clover—Bd to 9d lb. Perennial Ryegrass—ss 3d to 5s 64 a bushel.

Italian Ryegrass and Western Wolths—4s 6d to 4s 9d a bushel. Cocksfoot—Up to 9}d for farmers' dressed lines of Akaroa seed.

Danthonia —Is lid a pound. Peas—Nominally 4s 3d to 4s 6d a bushel. Onions—&3 15s a ton.

Bran—£7 a ton, f.0.b,, southern ports, 10a extra for smaller packings. Pollard— &8 10s a ton, f.0.b., south* em ports, 10s extra for smaller packings.

Flour—Local wholesale price £l6 5s a ton for 2001b sacks, with the usual increments for smaller packings. Price for shipment, £l6 5s a ton, f.o.b.

OTAGO.

[THE PP.ESS Special Service.] DUNEDIN, February 14. Wheat—The first lines of new season's wheat are now appearing on the market. These are coming from the early districts, such as North Canterbury and Central Otago. The Central cereal is of good quality, as the season there has been more favourable for wheat-growing, heavy falls of rain having made the wheat stronger than usual. The yields, moreover, should be above *the average. There are no alterations in values, which remain at 5s 9d, sacks extra, on trucks country sidings, for Tuscan, 5s lid for Hunters, and up to 0* 3d (or Velvet. As regards fowl wheat, there Is an anxiety on the part of some holders of Ust eeasou's wheat to quit their stocks. This has paused a weakening in values. Stoeks held locally are, however, on the light side. The current quotation remains at about 6s 3d per bushel, sacks extra, ex store. , Oats—The market remains steady, and offerings of old oats are light at the present time. For the first lines of new season's cereal good prices have been • paid. Millers are holding fair stocks of last season's oats, and tKeir ides of the value of good, heavy lines suitable for their trade is 3s 3d per bushel, sacks extra, on trucks country sidings. Some lots have been sold on a forward delivery basis at this figure, which is equivalent to -the present shipping parity. B grade are worth 3s in the country in the meantime. Odd lgts only are being sold to the North Island at 4s f.0.b., s.i., for A's, and 3s 9d for B's, It Vilj not be long before new season's Gartons will be available from the Central Otago district. The erops there are reported to be good, and satisfactory yields should be obtained.

Chaff "stocks of chaff are short in the loeal market, s»le« are difficult to make. Few feeders are anxious, to buy, as they are carrying fairly heavy stocks. The value to-day is £6 Bs per ton for best quality ex truck, and £6 10s ex store. Prime quality only is " enquired for. Potatoes- —Owing to the backward grain harvest, some growers have started digging their potatoes. As a consequence the market has been over-supplied, and priees have eased considerably. The market has now declined to £6 and £8 10s per ton, bags included, ex truck Dunedin. The forward market is quiet, and there are sellers at £4 178 6d f.0.b.. s.i., from Canterbury for April, May, June delivery. Seeds —The samples of new season's seeds have been on offer from Canterbury, and f"f the first few lots of perennial and Italian ryegrass, high prices have been paid. Now that there is an increase in the bulk of the offerings, merchants are inclined to hesitate, and there is an inclination for prices to ease. Some ryegrass seed has also been harvested In the southern districts, and it will not be long before the bulk of the offering will be on the market.

SOUTHLAND.

(BPECUL TO TEX FRS39.) INVEBCARQIXjL, February 14. Oats—Any business being done in this market has been in forward lots from April onwards, there being practically nothing available from Southland for prompt tJeUvery, There is a fair enquiry for oats for forward delivery, quotations being about 4s per bushel f.o.b. for A _ grades, with B'g 3d per bushel less. It will probably be a month or so yet before touch will be offering. Wheat—Local business is confined to the pupply of wheat for the poultry trade* New season's wheat is now available from Can* terbury centres, but it will be some time before any new season's supplies will be offering in Southland. Northern prices run out at 5s 9d per bushel for Tuscan, with increased prices for the better milling varieties.

Chaff—Supplies are quite adequate for the demand, which seems to become more limited each year. Many of the offerings are inclined to be a little dark, but good bright lines are commanding £4 Ss per ton on trucks country stations.

Grass Seed—There is a fair enquiry for this for delivery next month and April, but so far there Is no seed offering in Southland. Prices will depend a good deal on the quality. It la reported that some lines are showing signs of the frost damage, and. these will probably not command the fullest prices. Reports from Australia indicate that there will be a lack of Interest In New Zealand seed in Australia, and that requirements wilt probably be filled with Irish seed, which can be landed there considerably cheaper than the equivalent of the indicated prices for New Zealand seed. If this be the «asa, grower* will have to rely solely on the New Zealand market. There is also enquiry for Italian, hut at lower prices than those indicated for perennial seed. There Is little. If any, improvement in the crested degntail market, and it is likely that the offerings for the season's seed will be much the same as these ruling last season. Potatoes—Bnsiness Is of a hand-to-mouth nature, and confined' to the sal* ef early lata te fulfil local WKjuiresßintfc

GENERAL

GRoomw. " Business so far this i? A expectations. Volume still and retailers m fijnlio r in advance of th« u ma W The cutting of prices M ™ this robs many reUilsn ol a?!®*,® tuas their energies and cutting of prices has ant v?JwBL™ the City, as in at least at fair importance catting i« CBOS an(l in one case sugar U b*£« counter at a loss. * iß f tfSftfefe The cheese market r fTTlin> Li*. . and all factories are tan this week were 89s a a fair idea as to the pos Wl jr Farmers' butter is in -jjP.trK is finding fair demand b* retailed much cheaper jSJpwtffP butter still holds its ujp||; 'frlti do so, whilst the preae*f LtiuTwTO 154 a remains. Sugar supplies vm w, week, due to the nVlau'®Mk Waipiata. This boat ws»^ut!RSH ; tts and did not arrive oqtil due to late dispatch from AnaSc-Th iff Wednesday before hsr and during the tWQ' PHttdU* of sugar locally were t£ Retailers should at the carrying a little stock on over brief periods of shortasi Recently quotations were Zealand for foreign sugar wMrff slightly below present rf T?**! ever, the foreign artiria is iit 40 tract attention. Sample show wrong-coloured gXin quite unsuitable for the demandi'draM here. Other samples in fact, the grade vas "castn t which there is a very limits • i_z*PJCT tailers, if offered imported pipr^jSlW New season's Californlaß eaaiiilllSa have just landed, but We much attention. This line Mil seller in a few mentis, but have stopped the demand ""mmSflflll The supplies of 0* plentiful, and at present thi*sitfsjj|S| Some packs are unproonraWli ported that supplies Qi the BMawlll able are very Hmit»4. For Easter trade quotation!'aiSffii for pilchards, X's and *'«- and this line should comat&OfiMl business this coming MmhlH The usual weekly tea «»U SSSSHB in Colombo showed an i»»«3lsg|lM Fine quality was slightly dwtrmfnfl up, whilst cheap grades ArIH Common types were not VliMfißi and the Advices received from AniWMteJmM the line made in Sydney son Eiithymol Jube" has mlwra Ijrice. This will Upd market Hd to Is doz PBdn fnSHiHf New season's Turbaa <6t||SltiM| offered for forward deliver, the carton pack of this RMS UhSIBS fork in each carton; packed in layers. Tail U tion, and will dpubtleff '((JflB other packers. Pnees aw iItUUBBX clause, and consequeotlj rfffjtfjKjgSf A delegation frbm the AgM&jjagSjs bers of Manufacturers «f: jw<SU[H shortly visit New Zealand irattfgHE of the Australian factory will, it is reported, approach ffi'Tffll land Government with a the New Zealand and ConuwjgfMKSS ments together in an attempt 'ta*3Es duties on certain lines madokain exported tq Ne4r Sealanj. 'lifS£B|| have a hearing on the saity qjjSHBE made in Australia, and iIU |m|nH| delegation are therefor* af/aajßMj terest to the grapery ttMfc A late cable trbm BiMMHH|B the markets there are ptafiHHHß for sago, tapioca, pinefc aaaqRHH ings are. nqt mpviag pected to until nearer tW '|sißjj9HE patch of the April .steamer. r}JH|| Fresh supplies of- a*W/NMOBH| Brazil nuts have landed, aadlMHH| excellent. Prices are they were a few months agOtMBBB stimulated Sales recent firming'in London . rKfHHN storekeepers should consider their stocks for the next Quota tiffins, which afv ntfjUH issued this wk>r jIpMHI sisal 8-pljr pa«iangr eordr or|HH| uaoally calpd.. TMi ii tliffflHH nsed by itorakeepari afli wBBMI big parcels with, and it |bMH| line for the work. New s**so&> pack olive WjUHH and fiva nliea cans U qMmsffimi prices which must «tttaefagH|Hßl ever-increasing use of tto4MHBMH| it into popularity »ni.jM|pp a very favourable one fm|HHHwH| the matter I '6| stipplies njgHWBBBP A oireular from AunHHM demand for all grades MHHjraHfIMM is exceptionally > been snbstantial. - pitted, and 1U ket is towards a feseni'MMnnnn price of canned fruit IkHHH haa a want a law* packers, and tWa la tUJWMHffiH |<niur a«tW*l^ tralian Wt anjan ev«p when the m.b,. in Clalifarnte «nd the landed eM** mnck fcflaw t!»e WQR'BBH the estratiov of POULTRY

Poultry for IN in large a par wiu> last *eekwere realised psf 4s «d to 7s 64, heavy to 3S 6d, 4* to 6s; duckling* turkeys, ben* Jon Supplies of •(«» demand, and there Canterbojr Q°f ducere, Ltd., report tnjj TOUOgRffijHjHM jrtrst gnde hen and duel second grade hen Messrs MaefarlMS follows:—First gr»de hen fKMB 6d; seoond g*M4 18 *"• ' - FEILDING STOdOT| IPS-BSS tS»OCXATXOi There wal a v»ry ten-jfIHS9 stock pale to-day. A all classes of JMW®» vanced prices. to 235, ewes 17s fid to to 275. Storo sheep: JV *f*aaaa|MW to 12s 10d, twO;Wth 33s id, otters fttm t0,64, tow »»4 VSffiiWMi 84s fld, rape lifflM » «» lambs 18s Id to Ids I<M. .-ggaHjil 12b Id to 20s. Tor «tore irregular sale, store «»**?. *SSbB—£4 17s 6d, Jerseykeifers t» breed heifers £4 2s_ 6d months heifers to £5 1«. "HnSgNHH £9 10s. Fat cattle; 8-% Bttlßi to £9 13s 6d, buIIOCM W iSHI LBESTON STOCK jol The priSPip»] testure stock Bale held at »i*rp x'm m both w B&cajwrs bought ttj' porkers were worth ab»Ut sold under keen co®ofct"W®> being 67e. The values «WJHW factory to the yendort. was noticeable m fat ™ stores. The eheep entry Igg—for mid-harvest, but tho were not so numerous M «"*«■■■ were only three head of cijft£|3|^H| The ebeeo sale? »olW« For J. B. AnderWfl. « 19a lOd, 44 fat ewes 17s 7d, 37 26s 7d; Barnett a Ketate, 35 fat lambs 26s 94 J ■ 32 fat lambs 26a "a. 80 W. B. Osborpe, 89 25s 4d, 128 at 85» W JUSeHH Kendall Bros., 63 fat 90s lOd; Estate R. v. .WrajSMM lambs 28a 6d, 27 ewes 4 wethers 28s Id; F- Hlambs 15s 6d, 18 w«W»W 16a 9d; Gilbert -90s id, w•* Jfl IJBSEsKM client, 62 two-tooth store Sheaaby, 30 ewes Ms r'i, 6d. 41 lambs 23s s4;_ wi»%3l^S«H 4d, 84 l»moi 18a 4A t w la; F. S. Candy. 49 fat gSßitMil 22 fat ewee 19s lOd, 9 W®!BSj*H Hannafcrd Bros,, 48 tit .'*? ASmI lambs 95s 7d; clients, »J» TEHHW to 85s Id, 18 *»* 80s, 49 f.tn. ewes 16s 00, *' 1 Vop prioo for bacon pen sent in by Mr I. ""VwSegfflHj Is 14s 6d. Other baeoaefll ea to Is 6d. choppers **- B7» 6d to 65 6d, large itoW« SgMH medium from 30s, wwn«* Theory eale of note Jfl °*

DOMINION WOOL SALES. FEDERATION OPPOSED TO EXTENSION. ICKITEE PRESS ASSOCIATION BY ELECTRIC TELEGitArH—COPYRIGHT.) (lieceived February 14th, 8.5 p.m.) LONDON, February 13. The New Zealand exporters' section of the British Wool Federation met at Bradford to considvr a cable message fr..r,- the New Zealand Wool Buyers' Association, stating that wools were being withheld, the brokers' catalogues being only about fifty per cent, of the allocution. The Association suggested certain methods for combating the action of brokers and asked for the views of the Federation members on the subject. The Federation unanimously decided lo send the following reply: "This fully-attended meeting of the Federation unanimously reaffirms its previous ■ li'. ision against ail extension of the si-Ming season, and urges the utmost pressure on the selling brokers to offer not less than 20,000 bales p<3r sale. •Should the brokers' proposals involve an extension of the season beyond April 10th, the Wool Federation desires to register an emphatic protest, and tho selling brokers must accept full re>ponsibility, and take the consequence."

TRADE WITH SOUTH AMERICA. GREAT OPENINGS REVEALED. IfiflTKfc Mtess ASSOCIATION—ST KI.ECTSIC TEUSOHAXH—COPTBIOHT.) Tli tcivcd February 14th, 8.40 p.m.) LONDON, February 13. It is understood that Britain will shortly send another trade mission to south America, as a result of Lord D'Abermm's success. The report of his mission is contained in forty pages and ii will be published at the end of the li'ontb. It reveals great openings for British trade in South America.

CANADA'S TRADE.

THE AUSTRALIAN TREATY.

<ux:ted razes absociatiok—bi bmctbic TEL* OBAPH—COPTBIOHT.)

.VANCOUVER, February 13.

Mr H. B. McMillan, a local lumber magnate, addressing the Trade Board, declared that the Australian Treaty was of great value to British Columbia, despite criticism in some quarters. For every £1,000,000 spent with Australia £6,000,000 returned. Irritation was felt in Australia, he said, over the application of the Dumping Act on butter sent to Canada. It constituted a tangle in which New Zealand was favoured.

Last year Canada bought only 90,000 dollars' worth of Australian butter, but i>tiU,ooo dollars' worth from New Zealand. There was little justice in that. The Government should be urged to ensure that the Treaty would not be jeopardised or abrogated.

AUSTRALIA'S WHEAT CROP. (CMITED rasss ASSOCIATION—BY ELECTRIC TKUEGKATH—COFTBIGBT.) (Beceived February 14th, 8.55 p.m.) SYDNEY, February 14, The latest estimates of production disclose that the wheat crop of Australia for 1929-30 should realise about £19,000,000. Production is expected to reach 125 million bushels, of which eighty millions will be available for export.

AUSTRALIAN MINING INDUSTRY.

(varan rasas assocutiok—n ELxcimic TMJHHUtfB—COPIBIOHT.) CANBERRA, February 14.

The Federal Prime Minister (Mr J. H. Scallin), replying to * request from West Australia for aid tor the goldmining industry by a grant of a bounty on metal won, or • bonus on development work, or a remission of duties on machinery, said that help in any of these forms would entail heavy financial responsibility Which was impracticable at present.

DUMPING DUTY TO BE IMPOSED.

CANBERRA, February 14. The Minister for Trades and Customs announces that a dumping duty is to be imposed on matches made in Russia, end would be retrospective to July 12th last year. BRITISH COLUMBIAN EGG POOL. VANCOUVER, February 18. A message from Ndw Westminster, British Columbia, states that the Egg Fool's annual report shows that 5,468,275 dozen eggs, valued at 1,897,716 dollars, handled during the fiscal year, only includes a period of nine months. The Pool reserves one cent per dozen for Pool purposes. The annual meeting is to be held on March 6th.

WHEAT MARKET QUOTATIONS.

(Received February 14th, 6.36 p.m.) LONDON, February 13. Wheat cargoes are steady, and, while quota, tioru are occasionally higher, trade is quiet Parcels—Manitobas are occasionally 3d dearer, but with plentiful offers. L a Plata made no advance. Quotations were: Ex Citv of Glasgow 42s 101 d, ex Puriri 42s 6d. Futures—London: March 39s lOd Mat 2 f, L o We SE O , OI: M " rch 8 * 0d > M »y 6s 10d, July 9s OJd. The spot trade is slow. Australian, ex ship, 44s od. '

.QUOTATIONS FOR BRADFORD |, TOPS. i. (Seeefved February 14th, 9.85 p.m.) _ _ „ LONDON, February 13, Hfce Bradford market Is marking time, and mOa business has been done. Quotations for tope are: Sixty-fours, 29d: tfxtiae, 27d; fifty-sixes, 22d; fifties, 18d : fcrty-sixes, 15 Jd; forties, 151 d. 4, LONDON QUOTATIONS. f (SeoeS-rad Mnur 141k, 6.88 fa.) IjONDOH. Vebnutqr M. < B«*» Sogar-—Mtreli, Da 10)4. Roar la ««M. Aulrillaa, as ate** M* •• - £. i Smm—Bfai* /

BANK OF ENGLAND RETURNS. ItrwiTin rRiSa association—bi elictbk TJsLßsa a ph -- oorvaia ht. ) LONDON, February 13. The Bank of England roturns for the week ending February 13th follow: ISSUE DEPARTMENT. £ Notes Issued — In circulation .. .. 348,003,176 In banking department .. 62,933,375 Total .. .. .. 410.936,531 Government debt .. .. 11,915,100 Cther Government securities .. 288,598,590 Other securities .. .. 10,924,1:38 Silver coin .. .. .. 4,161,466 Gold coin and bullion .. 150,936,551 Grand total .. .. 410,936,'>51 Fiduciary issue .. .. 260.000,000 BANKING DEPARTMENT. i Pioprietors' capital .. .. 14,553,000 The i< st .. .. .. 3,626,205 Public deposits .. .. 17,937,246 etlic) deposits— Bankers .. .. .. 59,083,053 Other accounts .. .. 35,481,738 Seven-day and other bills .. 2,303

Total .. .. .. 130,634,174 Government securities .. .. 44.711.5G3 Other Bocimtiea— Discounts and advances .. 7,063,260 Securities .. .. •. 14,513,308 Notes 62.033,375 Gold and silver coin .. 562,668

Total .. .. ..130,684,174 Pronortion of reserve to liabilities, 56.40 per cent.; short-dated loans, 3J per cent.; tin-- nviths' bills. 3 2i)-3J r>flr cent. [The four items constituting the fiduciary issuo are: Government debt, other Government securities, other securities, and silver coin.]

GOVERNMENT SECURITIES.

(Received February 14th, 9.35 p.m.) LONDON, February 13,

The following are the latest quotation* for Government sccuritic-s, compared with the priceß ruling on Fobruary Oth: —

FOREIGN EXCHANGES. n Harass omciu wire less.) (Bcoeived February 14th, 6.5 p.m.)

METAL MARKET. (UWITED PBES9 ASSOCIATION—BY BMCTRTC TELEGRAPH—COPYBIOHT.) (Received February 14th, 9 p.m.) LONDON. February 13.

DAIRY PRODUCE PRICES. (UiriTZD FBCSS ASSOCIATION—M E&ZCrtMC TJSLEOBtPH -COPYBIQHT.) (Received February 14th, 6.85 p.m.) LONDON, February 18. Butter is dull. Danish, 1755; choicest salted. New Zealand 150s to 1525, Australian 147s to 148s; unsalteds, New Zealand 170s, Australian 150s to 1525. Cheese is quiet. New coloured 88s, white 90s; Australians a shilling less. The National Mortgage and Agency Co. of N.Z., Ltd., have received the following cable from their principals, A. J. Mills and Co., Ltd., London: — Butter—Market weak. New Zealand finest 151s to 1525, New Zeaiand firsts 140b to 150s; Danish 176b to 178s; Australian 145s to 1495. Cheese—Market quiet. New Zealand white 90s to 91«, coloured 88a to 89s, Messrs Dalgety and Co. Ltd.. have noeivedthe following cable from their London office, dated February 18th, 1980 • Mesars Samuel Page and Sons report:— lulet1 ulet - We quote—Danhh 176 a to 178s; finest New Zealand 149 a f<> 168 a; finest Australian unsalted 150s to "fit Baited 140s to 150s; G.A.Q., 142* to Ckeeee—Market slow. We quot»—New £i 10 Bfl# * 98,1 ■ nd

THE FRUIT MARKET.

CHRISTCHURCH. All classes oi vegetables are in good sup. D ly There has been a fair demand and prices remain unchanged. Supplies of tomaI .™mpnfinß to come in from outside, toes are cowmen.cing w Hothmue lomatooß 01 t.rrtTv morning realised up to Uid per It r e wt niulity Best quality outdoor-grown £or - b ? 'M to 5d per lb. Gravenstein ,tn« condition, also, supplies of Amencan^navels, ric" lhanTas the c.™ *Uh the iSM pVi3ti^ The American mmi'limn* n..W .»t Jo>> P lB Ituling prices are as follows: son, per case, 0s 6d to Bs Gd; »l'l'>f ■ co ° k , mil- per cube, Ok to 7s: apricots, (lessirt, per lb, up to Od; bananas, Cook Island, P er ® a! ij up to -7s Od; grapes, firsts, per lb, 1b .3d to Is Od; grape fruit, per case, up to 37s ><, lomons, San Francisco, per case, up to > mandarins, American, per lifilt-case. up to 30s; nectarines, firsts, per lb, up to aa, orunscs, Hnn Francisco, per case, 30s to ou. , poars, dessert, por half-case, up to 5 • peaches, dessert, per lb, up to 6jd; puaehea. No. 2. per lb. 2d to S3 A it; plums, cooking, per lb. 2d to 3d; plums, dessert, per lb, up to Od, strawberries, per lb, 2s Od to 2s 10d; tomatoes, dessert, per lb. up to Gd; beans, Irench, per lb, Id - to 2d; beet, per dozen bundles, up to 1b 4d; cabbages, per dozen, up to j» ;;d- cauliflowers, per dozen, up to 6s Gd; carrot's, per dozen, up to Is 4d; green peas, per reels, up to 2s 8d; lettuce, per dozen, up to 2g Od; marrows, per dozen. Is to 2s; new potatoes, per lb, up to id: new potatoes, per sb 2s to 2s Od; onions, local, per lb, up to 'id; par nips, per dozen, lid lo Is; pumpkins, per lb, up to Id; rhubarb, per dor.en, up to 2s; spring onions, per dozen, up to Is: turnips, per dozen, up to Is 3d; spinac.i, per dozen, up to 2s Od; swedes, per s.b. f Is to Is 6d.

dunedin. (.THE PRESS SpeoUl Service.] DUNEDIN, February 14. A email shipment of itarotongan banana* arrived during the week, via Wellington. The condition of the fruit was lather mixed. Best linea realised 27s per case and poor quality said at low rates. The shipment by the Maui Pomnro is expected here early in March. Oranges, lemons, and grapefruit have a fair demand only. Gravenstein apples are arriving freely from Nelson and prices have ea&ed. The hot weather has brought larger supplies of peach-as and plums to the local ma-ket, many of the lots being on the ripe side. Some of the fruit was Bold at low prices to clear. Sound lines continue to bring sood prices and choice orated peaches are keenly enquired for. Nectarines arrived' freely at the bes;innaiS of the week and the market weakened Tho position improved lator in the week following on smaller supplies. Apricots are /retting 'into short supply and prices are firm. Greengages true to name have a good sale. Many lines marked "greengages" are only yellow plums. Growers would be well advised to mark their cases correctly. Ripe pears have a good demand Green sorts are neglected. Grapee are more plentiful, supplies coming chieflv from Kakanui. A fow lots are also being sent in from local hothouses. Loganberries and raspberries are •wiling readily.

INVERCARGILL

• (special to thx pmsss.) INVERCARGILL. February 14. The past week has been probably a record on* in the local fruit marts. Extremely warm weather conditions have been experienced, at<J tli® seasonal fruits have been hterallv pouring into the marts. Consumption ha* been extraordinary and values all round have been well maintained. There have been instances of slightly over-ripo fruit, due no doubt to the suddeppeaa of the sultry weather, and values here havo cased, but otherwise top prices—in some cases the highest for years—have' been reached. Apricots and pftaches are in heavy supply, hut the demand is good, an 3 consignments have had a short stay in the marts. The tomato market has eased slightly. Supplies- of both hothouse '■ and field-grown have increased. The samples have been good, however, and competition keen. Nectarines appeared during the week, and as the sample was sound and well grown good values were realised. Greengages have been coming to hand in regular supplies. The larger samples havo met with a good enquiry, but smaller lots are difficult to place. On'F small parcels of the early varieties of dessert plums arc forward The main crop has not yet been picked, but thoße available are se'ling well. Oranges are conspicuous bv their absence, and only » small parcel of bananas is available. Lemons, both Italian and Califomlan, are plentiful. These are bringing top value*. The apple market, whi'e fair, has not yet properly materialised. Gravenstein* from the Nelson orchard* are greatly sought after at good price*. Bon Chretien* dominate the pear market _at present. The sample is good and celling well. Hothouso cucumbers are forward in increased quantities. There is a poor demand for. all classes of vegetable*

Current prices for the week arc approximately as fo'lows: —Apricots, best dessert to Gd par lb, boxes 8d to sd; peaches, 2ld to 4d; plums, 2d to 4}d; nectarines, boxes 8d to 4d per lb, dessert to 6d; Bon Chretien pears, to 12s 6d per case, Ta per box; apples, to 12s 6d per case; oranges, to 65s per double case; Californian lemone, 75s per case, Italian (200' a) 465;- tomatoes, hothouse <?d to 9d per lb, field grown 3d to 6d; cucumbers, 2s 6<3 to 7s per dozen; cauliflowers. to 4s; cabbages, Is to 3s.

BLENHEIM OIL WELL COMPANY. « The Blenheim Oil Well Reclamation Company, Ltd., in its annual report to be submitted to an extraordinary general meeting of shareholders at New Plymouth on March 12th, stateß, inter alia: — Oil was struck on February Ist, 1929, with further flows on February 2nd. 4th, and 19th. Swabbing and baling hud to be continued, and oil was being brought, at intervals, up by the swab, and on March Ist, 1929. oil, free from water, flowed for 11 hours through the 7in casing, when unexpectedly a violent blow-out took oharge of everything and wrecked the casing and the bore. To recondition the well It would have been possible to drill a sin hole past the damaged casing, but on reaching the oil xone at 1920 ft it would' have been impossible to cement off the salt water met at 1750 ft. owing to the strata being shattered. The driller, therefore, recommended the company to drill a new well. He estimated that a new hole could be put down in even less time than it would take to attempt to recondition the old well, would also cost vory little more money, and would have a hundred per cent, better chance of success. The Mines Department was consulted, and authority was obtained to sink a new hole 103 ft to the east of the old bore. It was decided to issue 2600 shares of £1 each at a price of £2 to shareholders. The subscrjption on this issue enabled your directors to make arrangements for drilling the No. 2 well. A contract was let to drill the well to a depth of 2220 ft. Drilling operations have been in progress since, and the hole is now down to a depth of 1765 ft, but ' is not yet cased. There have been several small showings of gas in the No. 2 well, with a good showing of oil and gas at 1560 ft. The new hole will be of mailer diameter than the No. 1 well, giving better and easier facilities for control of the huge outbursts of gas. All the ground storage pits, steel storage tanks, end other plant is available for use with the new hole, without any readjustment. The depth at which the greatest flow of oil has been obtained in the Blenheim No. .1 Well and the other wells at Hoturoa is between 2178 ft and 2211 ft. A resolution to be submitted to the meeting Is as follows:—"That in the evunt of the directors receiving an offer for the purchase of the company's undertaking or any part thereof whicu it shall, in their opinion, be in the interests of the company to accept, they be and are hereby directed and empowered to accept such offer, and to enter into'and execute such contract*, agreements, and assurances as they shall think expedient for the purpose of carrying any such sale into effect."

The balance-sheet shows that In the operating account the cost of No. 1 bore was* £3491, and of No. 2 £1613, or a total of £5104. Capital is £15,447, the total under liabilities heading being £18,333. Assets show in the development account: £750 (oil well purchased from Mines Department), £7340 (rights, options, and leases acquired), £1047 (plant, tools, etc.) £6718 (operating account), £2577 (cash at New Plymouth Savings Bank).

MELBOURNE QUOTATIONS. MELBOURNE, February 14. Flour—£ll 16a to £l3, Bran—£7 16s. Pollard—£B 15s. Oata—Milling 8a 2d to 3a 9d, feed Ba. Barley—English 8s lOd, Oape 2a lid. Wheat—4a 10|d to 4a lid per bttsheL

COMPANIES REGISTERED.

Tho ourient iseue o£ th« "Mercantile Gazette" notifies the registration of the following South Island companies: Dominion Paint and Tar Products, Ltd. Re?d. as a private company February sth, 1930. Office: .135 Hereford street, Chrißtchurch. Capital: £1760, into 1760 shares of £1 each. Subscribers: M. Ryan, F. Henry, W. Sutherland, M. Cowen, M. J. Fnliev, K. J. Fahey A. Brydio, M. Maley, YV. B. Telford, W. Taylor. J. H. Taylor, J. Taylor, G. Limb, H. J. McGow, J. A. Taylor, J. Copland, J. A. Edwarda, J. J. Keene, G. K. MoDonnell, W. Smith, G. R. Hunter, S. B. Edwards, 50 shares each. Objects: To carry on business as oil and colour merchants, manufacturers of whiting and paints, to acquire and undertake the whole or any part of the business, property, and liabilities.

Dominion Rubber Supplies and Tyre Service, Ltd., Regd. as a private company February 10th. Office: 139 a Worcester street, Christchurch. Capital: £IOOO into 1000 sliarcß £1 each. ,Subscribers • C. J. Mulhane GOO, K Horo 500. Objects: To carry on business tyro distributor, importers, etc., of rubber goods. Ahaura Sawmills, Limited. Regd. as a private company February 6th, 1930. Capital: £IOOO, into 1000 shares of £l. Subscribers: Grcvinouth—•E. Nyberg 333. Ahaura —J. Nylicrg 334, J. Becker 383. Objects: To take over busine33 from John Nyberg, of Nelson Creek, Sawmiller, of property of Ahaura Timber Company, Limited, and to carry on business of sawmillers and general incidental.

Invercorgil] Brewery Co., Ltd. Office: Invprcargill. Regd. January 26th, 1930. Capital : £30,000, in 30,000 shares of £1 each. Subscribers: M. M. Roche 250, G. A. Wrayth 2500, E. W. Lyon 2500, G. W. Whittingham 500, P. A. Fahey 10, H. T. Denton 10, M McKay 10. Objects: Brewers and maltsters.

Duguid and Officer, Ltd. Regd. aa a private company January 27th, 1930. Office: Invrrcargill. Capital: £SOO in 500 shares of £1 each. Subscribers: W. D. Duguid 250, A. A. Officer 260. Objects: Motor garage "proprietors. Gore Pictures, Ltd. Regd. ns a private company February 4th, 1930. Office: Invercargill. Capital: £6OOO in 6000 ehares of £1 each. Subscribers: H. A. Holmas 3000, T. R. Taylor 3000. Objects: Pictures and music hal] proprietors. Snowball Ice Creams, Ltd. as a private company, January 31st, 1030. Capital: £I2OO, into 1200 snares of £1 each. Subscribers: Nelson—H. R. Duncan 125, G. Manpon 100, C. J. Brown 100, E. F. Wastney 25, C. B. Hodgson'2s. Christchurch— N J. Morris 100. G. M. Smith 200, P, H. Venable* 50, M. E. Venables 50, Ji. I'. Cowper 100. Hokitika—D. Stevenson 60, J. Stevenson 50. Greymouth—J MacLeod 100. Dobson—J. Hughes 100, S. B. Quint.'*ll 25. Objects: To acquire from C. J. Brown the ice-cream manufacturing business at present carried on at Nelson by him. Perfection Motors, Ltd. liegd. oa a private company February 3rd, 1930. Capital: f3OOO, into 8000 shares of £1 'each. Subscribers: Nelßon—S. G. Pascoa 1800, G. E. A. Hubbard 1500. Objects: To acquire and carry on the motor garnering business at present carried on at Nelson by Pascoe and Hubbard and general incidental. Neeg. W. A. L., Ltd. " Regd. ue a private company February 4th, 1330. Canital: £2300, into 2500 shares of £1 each. Subscribers: Cbristchuroh—W A. L Neca 2000, M. L. Keen 300. Dunedin—H. B. Noes 100, L. M. Nees 100._ Objects: To_ acquire and take over the business of chemist at present carried on at Nelson by Geo. E. Wharton. Increase of capital is notified as follows: Glue Bros., Ltd. Canital- increased to £2OOO by creation of additional capital of £IOOO into 1000 share* of £1 each. RegdOctober Bth, 1929. Christchurch.

GOLD MINING. STONBY CREEK. The Stoney Creek Gold Mining Company, Limited, reports that the mine ia now working in full swing. The working was held up for n few dayß owing to the Power Board not having supplied the transformer. The machinery has been tried out, and was found to be working satisfactorily, also the new pump is moro than handling the water.

WINDING CREEK MINE. The Winding Creek Oold Mining Company, Limited, reports that work at the mine is progressing steadily. The cleaning up of the hole in the lower level is now completed, and a sump is being put in. The wash from this ground is now being put through the boxes, and a fair percentage of gold is being recovered from the entrnnre to the drive. There has been no trouble in regard to the handling of the water in opening' up. The ground is similar to the high level, being of good standing character. PRICE OF GOLD. (Received February 14th, 0.35 p.m.) LONDON, February 18, Gold il quoted at 84a lljd per ounce. PRICE OP SILVER. »Barms omcui. wibzlms.) . (Received February 14th, 5.5 p.m.) RUGBY, February IS. Silver—Spot 20|d, forward 21} d. CALL MONEY RATES. (uhitzd rasas association—by electric TBLEORAPH—COPYEIGHT.) (Received February 14th. 7.20 p.m.) NEW YORK, February 13. Call money rates remained at 4 per eent. •11 day.

CHICAGO WHEAT QUOTATIONS.

(.Received February 14th, 7.20 p.m.) NEW YORK, February 13. Wheat quotations are:—March 118J, May 1232. July 1222, September 126.

AUSTRALIAN WHALING CO.

The directors of the Australian Whaling Company advise that applications have been received for shares in excess of £75,000, and that the company has proceeded to allotment. The nominal capital of this company was shown in the prospectus at £75,000. Pour hundred and fifteen thousand £1 shares were offered to the public.

RANGIORA CATTLE SALE.

The annual cattle gale by the various auctioneering firms operating at the sale yards was held yesterday. There was an entry of about 880 head of cattle, and all lines were sold. The snle was a particularly good one, being much better than the sales held during the past two or three years, and the prices were very satisfactory. There was a largo entry of young cattle, mostly heifers, which made very good prices. Tlw ranee of prices was as follows: Fat cows £9 to £l4, fat heifers £8 to £ll, forward store cows £6 10s to £8 15s, backu'iird store cows £4 to .CO, two-venr-old heifers £5 5s to £6, 18 months steers £7 spring calving heifers £6 to £7 10s! bulls £5 to £9, best Shorthorn calves to £5 4s. good calves £3 10s to £4 9s 6d inferior calves £1 10s to £2 ss. '

FROZEN MEAT. Dalgety and Company, Limited, have received the following cable from their London office, dated February 13th, -193j0: Frozen Meat —Supplies New Zealand lamb and mutton practically exhausted, otherwise' market firm at last quotations. Reaction possible when New Zealand lamb and mutton afloat is marketed.

Av ge. market - » XI T . r>r ice for Feb. Buyers. Sellers. Buyers. Sellers. last year. £ e. d. £ e.c I. £ e.d. £ s. d. £ • • K.Z. Government Debentures— 4i per cent. Inscribed, 1938 98 15 0 99 0 0 98 15 0 99 7 6 99 15 0 4i per cent. Inscribed, 1939 — 99 0 0 88 15 0 — 4J per cent. Bonds, 1939 — 99 0 0 — 5J per cent. Inscribed. 1933 99 S 6 99 2 6 99 7 6 55 per cent. Bonds, 1938 99 5 0 __ — 5J per cent. Inscribed, 1836 99 5 0 — 6i per cent. Bonds, 1936 99 0 0 — — — Other Debentures— Palmerston North Borough, 5g per cent, 1949 — 97 10 0 98 0 0 Chnstchurch City, 6J per cc-nt., 1953 101 0 0 101 10 0 102 0 0 Olaxo, 6J per cent., 1945 90 0 0 — N.Z. Refrig., CJ per cent., 1935 .. — 96 17 6 — Booth, Macdonald, 6£ per cent., 1932 70 0 0 — — — Banks10 1 6 Adelaide 7 6 0 7 13 0 — 1 14 6 14 17 6 Aust. of Commerce 1 4 10 1 5 3 1 5 1 1 c 0 Australasia 11 11 6 12 0 0 — — 1 10 0 Comm. of Auet 1 2 0 1 8 0 — — 7 10 0 Comm. of Aust. (pref.) .. — 6 19 0 .— 6 17 6 Coram, of Aust. (rights) 0 1 8 0 1 10 . 0 2 1 0 ? 3 27 15 0 Comm of 9ydney E., S , and A. 21 10 6 10 0 0 22 0 6 13 0 0 6 10 0 6 17 0 8 18 0 19 8 0 National of Australasia (£10 paid) 15 2 6 15 9 0 15 5 0 15 7 0 9 12 0 National of Australasia (£5 paid) 7 10 6 7 13 0 7 7 « 7 11 0 7 4 3 51 12 6 3 2 9 National of N.Z. 5 19 3 5 19 6 6 3 0 6 5 New South Wales (cum div.) 40 6 0 40 9 0 39 5 0 40 u " New Zealand 2 17 0 2 18 0 2 16 6 „ 0 15 7 0 TTpion of Aust. 11 16 6 11 17 0 11 7 6 11 lo Insurance---0 16 2 2 7 6 National — 0 15 0 — — 6 0 New Zealand 2 3 0 2 4 0 2 2 0 2 - 3 5 8 3 4 0 South British 3 0 0 — 2 18 3 8 0 Standard United 8 0 0 3 0 0 •- 8 19 0 Loan and Agency— 15 7 6 2 11 6 Dalgety and Co. 11 19 0 12 0 0 12 10 0 12 15 1 14 0 0 Goldsbrough, Mort 1 11 3 1 11 9 1 13 9 4 10 0 10 7 6 National Mortgage (cura div.) .. — 3 16 0 — 3 15 0 Permanent Inveetment — 11 0 0 ' Shipping— , 2 8 6 Huddart-Parker ., 1 17 9 2 10 — 2 10 o 3 2 6 P. and 0. Deferred Stock 2 7 6 — 10 6 XTnion (pref.) 1 0 1 15 1 0 0 9 5 0 Canterbury (ord.) 4 0 0 0 Frozen Meat— Canterbury ipref.) Gear N.Z. Refrig. (£1 paid) .. 4 0 I 16 0 11 0 0 6 4 12 2 1 0 12 6 0 6 4 0 0 10 0 6 4 12 2 0 0 11 0 5 6 0 0 5 8 0 2 8 0 0 17 6 0 8 0 N.Z. Refrig. (10s paid) .. 0 E 5 0 5 10 0 5 0 North Canterbury Freezing — 0 3 0 Ga*— 1 4 6 16 6 14 9 Auckland Christchurch — 1 3 10 1 6 H 1 5 10 1 6 0 Timaru ■• 1 4 0 14" » Breweries — 3 0 8 2 0 0 2 1 8 2 12 6 Carlton 3 18 0 8 10 10 3 18 0 — Foster's o id w R 0 19 6 10 6 Monteith'* Now Zealand Staples Timaru Timaru (5s paid) Tooth* 4 8 2 8 0 6 1 19 7 6 0 8 4 3 9 2 9 6 0 16 0 0 8 0 1 19 0 4 8 9 3 6 0 i 19 8 4 5 0 2 8 6 0 16 0 0 6 3 1 19 7 2 18 0 2 4 0 0 16 0 2 13 8 Ward White Star 0 11 0 13 3 9 0 15 9 0 11 6 0 18 a 0 14 6 Miscellaneous — 1 18 0 Beath and Co. 1 9 6 1 12 6 1 0 9 1 12 6 0 7 7 2 8 2 Beath and Co. (Is paid) British Tobacco 0 6 2 1 8 7 0 7 2 3 1 10 0 6 10 2 2 6 2 0 6 61 0 0 Colonial Sugar .. 42 0 0 43 10 0 42 0 ~ U *o o 1 1 0 D.I.C. (10s paid) Dunlop Perdriau Rubber Bast African Ooffse 1 0 0 — 16 6 0 19 6 1 0 6 1 0 9 1 0 0 1 18 0 1 5 0 9 1 11 1 12 1 0 1 12 g 1 16 0 Electro, Zinc (ord, cum div.) .. 1 Iff 0 1 11 0 1 10 3 0 8 1 17 8 Electro Zino (pref.. cum div.) .. Greater Crystal Palace .. 1 10 1 0 9 0 1 11 6 1 11 1 1 3 0 1 1 0 Uayward'e Picture* Henry Jones Co-op. 1 o o 1 10 6 1 10 0 1 16 0 "Herald" and "Weekly Times" (rights) 1 5 0 1 15 0 — 1 10 0 Holden's Motors (eum div.) 0 17 a 0 18 2 "™" 15 8 Howard Smith .. M. Lyell 1 14 6 1 0 1 14 0 9 1 15 « 1 15 T 2 9 0 8 14 6 N.Z. Drug Co. .. — 3 13 0 4 5 0 N.Z. Farmers' Co-op. (1st pref.) ■— 4 2 6 3 5 2 12 0 6 . 2 12 e N.Z. Farmers' Co-op ("A" pref.) N.Z. Farmers' Co-op. ("B" pref.) '2 7 2 16 8 0 3.13 6 - N.Z. Farmers' Co-op. (61 per cent. Stock, 1930) .. 86 0 0 — 7 N.Z. Fanners' Co-op. (6J per SO 0 0 cent. Stock. 1945} N.Z. Farmers' Fertiliser 86 0 0 10 7 1 1 8 88 0 v 10 0 1 ~1 i 10 6 © 17 0 0 14 « 2 4 0 2 3 0 N.Z. Paper Mills Quill, Morris Victoria Nyanza Sugar (cum div.) Wilson's Cemont 0 18 2 0 1 18 8 0 0 0 19 2 1 1 19 9 5 8 0 13 9 2 0 9 1,17 8 0 16 2 3 1 1Q o • 8 0 Mining— Alexander Mahakipaws. _ 0 15 0 0 0 8 0^00 4 0 18 Okarito — 0 1 1 ~— -"~ (prem.) Stoney Creek (6d paid) — 0 0 9 0 0 s 0 0 • "** Waihi 0 13 8 — — -~ ■"— Waihi Grand Junction 0 0 0 C 1 « — — — Winding Creek 0* paid) — 0 1 0 0 0 10 0 1 8 "* — Winding Creek (Cd paid) —' 0 0 9 0 0" s 0 1 0 _

Lost w eek. This i we< 3k. £ s d £ a d Consols. .. 54 0 0 .54 7 6 Funding Loan, 4 p.c., 1960-90 . . 87 0 0 88 0 0 War Loan, 5 p.c, 1929-47 101 10 0 101 10 0 Conversion Loan, 81 p.c. 75 15 0 76 10 0 Victory Bonds, 4 p.c. 93 12 6 04 10 0 Commonwealth, 6 p.c, 1945-75 .. 87 0 0 90 17 6 Commonwealth, 6 p.c, 1931-41 .. 97 0 0 98 7 6 New South Wales, 4 p.c. 1038 .. 01 10 0 93 a 6 New South Wales, 8 p.c, 1985 . . 88 15 0 85 0 0 New South Wales, 81 p.c, 1930-50 66 7 6 70 5 0 New South Wales, 53 p.c, 1922-82 97 15 0 07 17 6 New South Wales, 6J p.c, 1930-40 09 2 6 100 0 0 New South Wales, 6 p.c, 1030-40 9( I 15 0 98 7 6 Victoria, 3 p.c, 1929-40 64 10 0 67 0 0 Victoria, 31 p.c, 1929-40 69 5 0 71 0 0 Viotoria, 5} p.c, 1930-40 96 0 0 97 15 0 Victoria, 5 p.c. 1932-42 88 10 0 90 7 6 Victoria, 4| p.c, 1940-60 - . . 88 10 0 88 0 0 Queensland, 8| p.c, 1930 98 15 0 98 15 0 Queensland, 8 p.c, 1922-47 66 5 0 68 0 0 Queensland, ti p.c, 1930-40 07 10 0 97 16 0 New Zealand, 41 p.c, 1948-58 .. 91 .7 6 92 0 Oj New Zealand, 8) p.c, 1940 86 is0 87 10 6 New Zealand. 8 p.c, 1945 78 0 0 78 16 0 New Zealand. 6 p.c,

1036-51 103 17 6 104 2 0 South Australia, 3J p.c., 1039 80 0 0 83 0 0 South Australia, 3 p.c, ' 191C or after SI IS 0 S3 0 0 South Australia, 6& p.c, 19H0-40 .. 05 10 0 90 15 0 Tasmania. 31 p.c.

1020-40 Taimani*, • 8 p.e' 79 10 0 81 0 0

1920-40 Tasmania, 61 p.c, 76 J 0 78. 0 C

1980-40 • ..09 10 0 100 -8 6 Wast Australia, 8 J p.c., 1920-35 ,. 86 10 0 86 10 0 West Australia, 8 p.c, 1915-35 .. 84\10 0 .68 6 0 West Australia, 0 p.c, 1930-40 .. 97 0 0 97 10 0

BUGBY, February 18. F«b. 11. FeT> 18. Par. j Paris, fr. to £1 25.22J 124.19 124.13 Brussels, belgaa to 41 S 84.90) 84.896 Oslo, kr. to £1 .. 18.159 18.21 18.21 Copenhagen, kr. to 41 18.169 18.17 18.163 Stockholm, kr. to £1 18.159 18.13 18.183 Amsterdam, fl. 12.107 12.128 13.13} Berlin, Reichmarken to £1 .. 19.500 20.861 20.865 Montreal, do], to £1 Now York, dol. to £1 4.86| 4.90 J 4.903 4.863 4.861 4 86 7-32

Batovia .. 12.107 — 12.13 Prague, kr. to £1 .. 24.02 1641 l'64i Geneva, kr. to £1 .. 05.20 25.20J 25.20 Milan .. 93.40 ; 02.90 92.90 Vienna .. 84.58A 34.54* 84.525 Helsingfors .. 163.28 193J 1931 Madrid .. 23.22'. 37.87J 38.G25 Lisbon .. 4.50 108J 108.25 Athens .. 25.22J 375 375 Bucharest, lei to £1 815 818 818 Buenoi Ayreg . 47.63 42| 48 1-16 Bio de Janeiro .. 16.0 5 17-82 615-82 Bombay .. 18.1P 17 29-32 17 29-32 Shanghai .. 24J 23J 234 Honjr-Kong .. 24 18J 181 Yokohama .. .. 26.22 241 241

Feb. 10. Fob. 13 (per ton.J (per ton.J Copper— £ e. d. £ a. d. Standard, forward 74 7 6 71 17 6 Standard, spot 68 8 9 69 0 0 Electrolytic 83 10 0 83 10 0 to 34 5 0 84 6 0 Wire bara 84 5 0 84 6 0 LeadSpot 21 10 0 21 13 9 Forward 21 11 8 21 11 8 SpelterSpot 10 18 0 19 11 8 Forward .. .. 20 IS 0 20 1 8 TinSpot 175 6 8 175 16 101 Forward .. 178 8 g 176 18 9 SilverStandard 20 6-16d 201d Fine 21 15-16d QM