FINANCE AND COMMERCE.

Press, Volume LXVI, Issue 20038, 20 September 1930, Page 12

FINANCE AND COMMERCE.

SHARE MARKET. WEEKLY REVIEW, The iiumhuv ot" transactions recorded on the Metvupolitan Exchanges during liio past week shows a further falling off. Although at tho end of last week some stocks gave promise of hardening, the market Lhis week on the whole has closed at lower lovels. Government issues wore in steady demand, at recent rates, and there was un increased turnover in shares in the pastoral group. Ilank shares as - usujv) wore popular, and che market, for mining shares showed considerable activity. The following is a comparison oi the daily volume of business recorded on the local market tor the past i'oituight:— This Week Last Week.

£14,036 £15,262 Of this week's total, bank shares accounted for £4582, breweries £1866, tobaccos £1*282, LyeJls £705, pastoral group £3206, debentures £2300. Four and a half per cont, tax free stock, due 1938, commanded ruling prices, £IOO 2s 6d and £IOO ss—the Bonds in this loan hardened to £IOO 7a 6d. Five a half per cent. Bonds, due 1933, 2s 6d to £99 15s, and more are wanted at £99 12s 6d, but holders are reticent. Five and 3 half per cent. 193G Bonds realised £99 7s 6d, and late buyers ar<» offering £9O 10s, without attracting sellers. , Auckland City 5J per cent. 1940 Debentures changed handß at £9O and £96 2s 6d- DanneVirke Borough 5 per cent. 1948 at £9l 17s ■' Borough 5 per cent., 1935, at £96 6d, Auckland Hospital 64 per cant., 1931, at par; New Zealand Refrigerating 6J per cent., 1935, at *ss, nelhngfcon Harbour 5i per writ., 1940, at £9q, In we banking section, Australian Bank of Commerce shares sagged from 20s to 19s Bd, and closed weaker. cum dividend of 7a per share, had recent sellers ftt £ll 10s business figure), buyers at £ll. Commercial of Australia ran dpwn from, l§s 5d to 16s lid. last week 19s to 18s 3d —the preference remained unaltered at £6 7s, and late buyer* are offering £6 7» 6d. sellers at £Q 12a 6d. Commercial of Syd' ney, which dropped to £lB 17s 6d last week »r© now on offer at £l7 7a Bd. and Angtfdliftn. Bank shares were tirm at £5 19fii but closed easier at £5 10s £5 6d buyers. National °J Agftrfllftsia, £5 pa ids, declined to £6 24 M »pd £6, and more are available at 17* 6d. buyers at £6 10s Natiopftl pf Nev Zealand were weaker with dealjpgs at £5 13s/ and late unsnppqrted gellers at that figure. New South "Wales, which fell to £32 10s n week were tbiq week released at Pricey panging from £3l I6g to £3O 7s •6d tq £3l. New Zealapds Gradually weakened from 56s to flfis fld, market olpsinp Csi|- fld sellers, 64s buyers. The "TD". HJortßape shares were firmer ,at " 27§ 3d. Recorded dealings in TTnioii', Ban]cs at £lO showed no change on lout week, but the market declined to £9 16s 0d splleri. £9 13s 0d buyers. __ Insurance and l<o{in And Anrencv'— ' firmer at 13s Ud: N«w ZeaJands Were placed 42s 6d, 425. and 41s. as againfft 6d last week. South British change# Rands at'sßs, 68s 3d. and 57s 3d, qpmpfed with 57s lOd, and 58s a wqejj l Palgety and Company had dwMngs at prices ranging from fit 18s 3d, elosing at 19s. feifdsorough, Morts were placed at ,21s lid. but closed weaker at 21s, buyers at 20s <d ipiAland Guarantee Corporation fractionally ,firmer at 7s ~ l(Jd fkUd' ft lid:' United Building Sot C CU B I ftividqpd, were firm _ 'Meat, sjjipping, Woollens, inarjf'sharM, Rioyecl up t ft 6 S M, ftfld , subßMuent buyers offered 9s 3d, with- , oi|t r <|traqti ng pellera. The markets fpr Ship|}n K anOtaollrt} Company pba,rflt • were .firm fyjt-inactive, Taupirf Coah :«rdiQ#ry weakened to gS* Ud. , 1 Wjsstaorts war£ easier at,, and '< (here , are tmtbto unsupported at thai ojiae. «harf9l remaliied %% 3s, Qa* are ! , stronger, tjcith hmm at 84a IQd, s€>k lew it 25s and biJMnfSi at m, partly paid, relapsed to 17s 3d-' > '■ t Zealandl v and Tootjp tQr the recorded turnover in this section. New Zeatorn 9d ta 47» 6d, w : against 4os 63 to 48s lOd last week. '■ Topijhs moved within narrower limits, ago. For Staples, in which last repoiied business at 41s, sellers are . Motor# rea- ' BritisU Tobaccos, which < ranpd from 30a 8d to 32r 4d_ last we«, were,turned qver f»t "W,lid, a«d Bepth and CowpOM,iCum dividend, eased to 265, By grcjftjA Limited were firm at 345. Sugars had business at £3O wjefe's'- r«n.gf was 17« M ta fiat Dyrjlop Rubbers, eiio diTWWd per cent., waking e M; . c «9fe w r«r v we weaker, with Beltto* at Us Ml bttvew at ,11%" l«st week'l^transactions were at 10s, ISs 4d. ~ (uij|.*l2s Bd. Electrolytic Zinc, preference' shares, were steady at 20a. and . latg ' unsupported sellers' are offering at •jOn\t price. \ Mt. Wlls opened stranger at 20s Bd. ana 20s 9d. but lata 4stsed to 20<? sd. 20s 2d,:.and 19? Timbers were weaker at 8s l'6d New Zealand Drnga, cum dividend, which were placed at 60s wpek, iuu) pelleys »t 59fi 6d a day or ;b>fQ ago, buy«fl AB* 3d. New . Zoalahd Farmers' Co-op, 10s paid < sh|9M were taken at 3d. Robinson ! Creams were firm »t v Sfearland 18«;0d[. Wilson's Cements at 40s * a fthoiv Ilt|le variatiqn. Qoldminlng—Mahakipawas were the moat popular stoek, and prJOM gradually hardened from 3d ta closing at Bd. Vaddv's Point re« cQWfd to 8a 8d Waibls at 14s 10d> 14| ltd and 15s were on a par wun cluing prices last . week- Windina Creek (6d paid) remained

YESTERDAY'S TRANSACTIONS: was a fair volume of btwineas yestprgfty with dealings W«ll '•pgjtqj). Transactions, ejcoluaive of business, included: .CtaioerciKl Bank of Australia. M: ito# of New South Wate«, 20 Dalgety and Co. 100 N.Z. Guaranteto Corporation. 100 Wcstport Coal. '. U6Q Chrwtobarcb Gas. Zealand Breweries, Brewery, MfitQPß, and Cq. (cam 'jjawa Goldfields. " /|§4;'Baid)i. ~r fei|S?'#P^WTer Jlftn Huilr A# fUni. Brit^h a

mere© shares eased to 19s 3d sellers, 19a buvers. Commercial Bank of Australia shares were weaker with dealings at 16s lid, 17s 2d, and 17s, and further sellers at_ 17s, buyers at 16s lid. Commercial Bank of Sydney shares declined to £l7 7s 6d sellers, £l6 10s buyers. Bank of New South Hales shares changed hands at £3l "u sellers staying in at the lower price, buyers at 15s Union Bonk of Australia shares fell to £9 163 6c] sellers, £9 18s Gd buyers. and Company shares realised £8 19s, and more were offered at that figure, buyers at £8 Bs. New Zealand Guarantee Corporation shares were fractionally firmer at 7s lid. closing quotations Id on either side HPiuldart Parkers, ex dividend, had unsupported sellers at 32s 3d. Westpoit Coals remained unaltered at 30s. Christchurch Gas shares, advanced to 'Jts lid market closing Id on either side. New Zealand Breweries nad dealings at 47s 6d and 47s 9d, closing quotations 47s Cd sellers, 47s fid buyers. Tooths Brewery shares were firm with dealings at 235, market closirv? 22s 9d * bnvers. 22s lid sellersAllied Motors shares were taken at Gd. Beath and Company shares, cum dividend, were releasee) at 265. closing 24s buvers. 27s sellers British Tobaccos were firm at 32s and more were wanted at 81s 8d sellers at Sis lid. Mt Lvells were fractionally weaker with dealings at 19s lid. and there were further sellers at 20s. hnyera at IBs 9d Mnhakinawa Golrlfields shares realised 3d. sellers staying in at that price, buvers at 4Jd. Stonev Creek 6d paid shares were steadv with buyers and business at Id, sellers at 2d Buyers of Winding Creek, Is paid shares, moved up to sd. sellers at 6d. AUCKLAND SUMMARY. [THE PEESB Special Service,] AUCKLAND, September 19. Trading was erratic on the Auckland Stock Exchange during the current week, and values for many of the more popular investment stocks showed considerable declines, Australian Bank shares" in particular being very weak. . Government securities fully maintained last week's levels. There was a very dull tope in the banking group ijj spite of a tnir turnover af business. Commercials of Australia showed a steady fall, sales ranging from 18s 4d at the beginning of the week to 17a today, Engl.sh, Scottish, and Australians were released at £5 12s on Tuesday, but buyers were 'not prepared tu give more than £5 7s for these shares to-day. Nationals of New Zealand had sale at £5 13s and at £5 lis fid Npw South YVates, qfter dropping to £3O 15a on Tuesday, recovered with a pale at £3l 2a fld to-day. New laniards were dealt in from 55a lOd to 65s 6d. and Unions at £lO Insurance shares, after being steady for some time, eased at the end of the week, Values for New Zealands shaded from 42s 6d to 41s, and for South British from 58s 8d to 575. Nationals had steady enquiry at 18s 9d. Interest in the miscellaneous section was centred in a comparatively few stocks. Australian Qlass were wanted, nt 265, sellers quoting 26s od. British Tohapoq# changed hands at 3gs and 31s 114, Colonial Sugars set new low levels for the year With sales at £BO 10s and £BO 10s 6d. In mining, good business was done in Waihis, sale# ranging fronj 15a t° |4s _ lOd. Mount" Lvells changed hands at 3Qs? and 20a 2d. GENERAL MERCHANDISE. GROCERIES. 11 1 • fhoTQ has been quite *n optimistic tone in the wholesale grocery trade during tj&e past week. Retailers for some time have jjqljl buying atqoks, many #Voreji oow unq that it is neoessary to go on tbe market foe quite a large number of linei. The tariff qiWtjpJi PPw §eiog pettled tisa allowed (tores \9 Opel's,, with fresdqiq (14 to duty alterations, The opening of the dairy season has alpt) b el ß?d business considerably, especially In coy »try districts. North Island T e P9 f te ,«hpw that giooery marebsnts #r« en joying improvad tffide conditions, and this improvement is now also being felt in the South Wand. " , The dairy produce market is not so desperate as some pessimists assert. Pay ments by factories in the north now being madg JP farmers r W ge from to Is S<h th?M Wetoms paying Is, Is 14, pn4 Is 3d respeotiveiy. fheae prjoes run atiout 74 f.p.B. (Of cheese, and as cheese is above this Jlta? in London tq-day, the factories are Pack *B>ple l for running expenses, W*d Ann ; bonus; fhe London market has r??«ntly shown «n Improvement for cheese butter. 1; Reported- that buying qsepts London holies are at present very shy »bout making forward contracts, hut on ¥: BMiped mpve upwards in London should see contract buyers operating more-freely.* Indications all point- this year to an overabundance of eggs. Every effort should be made to styip away <»• many as possible now, as the shipping demand will cease early in November. In this respect the local preservers could assist by not operating at present 'against* the shipping buyer. After./ London shipments have ceased in November there will be mure than enough eggs here to fulfil every possible demand. Prices later on *re expected to slump as soon as shipping orders ' are supplied and preservers cease operating. Indian lentils for arrival in February 'are being, offered at very favourable prioea. fhi» Una is usually good fair average quality for looal trade purposes, got up to the Egypt The Singapore markets are showing signs fOt recovering from t he very low levels * recently ruling far several; commodities. Saga and tap'ooa are firmer /by 9d / pes cwt, whilst pines of some exporters are quoted at an advance on previous quotations. The pepper mft*kgt is Bhowing signs of recovery, and. although no advances 'are so fpr recorded shippers are taking o*ders strictly Subject to confirmation. Nov? seaxin's pines from Hawaii are now landing, ex Niagara at Auckland, with the new surtax added this line is landing at pro-' hlhitjve eosti, which will seriously check sales. Retailers will, however, find a good substitute In, the Fijian pack, which If l«nd ' ing at a cost that wil. ensure for it a sub stantial sale, as against the foreign pa ok, Mellor's sauce, a line Which has been W ■this market for about fifty years, is going off it altogether. This is due to certain happenings to the parent company in England However, another good line of, ()r|tiah-toade sauce is being offered ip place of &fe||or's, and it will no doubt reoeive consideration from grocers. The , trade In bulk tea eonVinues to In crease, and unless Bome packers of packet teas recognise this fact and meet the posi tion, it wlll lead the tea trade into the path q{ bulk tea, to the .detriment Qf the trade/ In lib and ilb packets. Cables from London advise, that the .market for Mediterranean sultanas Is And several shipping brokers have advanced their export prices by 6 per cent. The' trade In bulk cocoa has slackened off considerably, due to the advent of warmer weather, Recent landings of this line here show an increase in costs, . which wust be passed on to the consumer In due cqurse. The market for Jordan almonds In London has advanced this week, aooording to # cablegram received by the agent for one of the large London fruit exporters. This news is of little importance to local houses, who have covered their requirements, and in any case new Jordans should be now afloat, or very near It, The news, however, will enable importers to hold a firm price on-arrival of the new season's Jordans. COMPANIES REGISTERED. The entrant issue of the "Mercantile QAiette" notifies the registration of tbe following companies:— Premier Fur Trimming Co., Ltd. Registered «sa private company September 9th, 1900. Office, 178* High street, Christchurch Capital: £3000,-into 2000 shares of £1 eaoh. Subscribers: A. M. Hollander 1000, S. Hollander JOOO. Objects: Fur dyers, dressers, cleaners, manufacturers, and dealers in fur -trimmings,. eto. Mount David Sluicing Co., Ltd. Regis tered as a private company September 2nd, 1080. Capitols £50,000 ipto 50,000 shares of £l/ each, -> Subscribers- Black water—R. A. Parker, O Pfahl-ert, D. Stewart. Enncdiq—Jt- M. Rjdd, F. C. Taylor. J. McNoe, O A. Wycherley, A. Watson, J. O. Roberts. A' Pratt, J- Itlley. • Qreymouth—N. A. W Wallis, A. T: wallis. Tkamatna—Q. B Mclnroe, J. • i Pfsh'ert. . Balolutha —L. B. Macdonald. Ettrick—E. K. M. Johnstone. Objects: Mining and prospecting fpr gold v)d oth«r

BRADFORD MARKETS.

LOWER SHARE VALUER COMPARISON WITH 1921 SLUMP. MANY REDUCTIONS IN dividends. A table compiled in Australia gives H comparison of latest prices for a number of representative leading market stocks, With prices at August 31st last year, when the whole market was at its The severity and extent of the fall in share values in only twelve months is shown by the following figures, and for purposes ot comparison a column of the lowest prices touched by the same stocks in che 1921 depression is included. For better comparison the current prices have wherever possible been based on the latest New Zealand sales. Aug. 31, Sept. IG, 3021. 1920. 1930.

A total oi 191 companies domiciled .n Australia or having Australian associations have announced reductions in dividends since the beginning of this year. In the comparison allowance must be made for the fact that n number of the companies have made new issues of shares since 1921, several in the last twelve months.

GETTING VALUE FOR MONEY. "ADVERTISE NOW AND ALWAYS'* Ma jor Montague Gluokstein, ma naging director of Messrs J, Lyons and Co., Ltd., the London caterers, writes to the "Daily Mail";— "There is no close season for advertising. Continuity of advertising is the surest method of getting value for expenditure, and if your manufactures are wtirth advertising, therfe is no reason why they should not be advertised now and always. "A manufacturer or merchant who wights to get the full fruits of advertisement must treat it as an integral pnrt of hi? business, it is an essential section of big distributing machinery, and without it large outputs cnpn.ot lie maintained. "Probably everybody knows these Facts, but there is a tendency to treat fanUUft? knowledge with insufficient respect Bmnmni? situations such as we are passing vhrnngh at the mojnent uut business judgment to a severe teat, and the anxiety to cut expenses soniflr Limes leads to misdirected energies. "J. Lyons and Co., Ltd., are continuing their advertising because they intend, if possible, to increase their production, nnd thev have come to lank upon advertising as a very .necessary adjunct to salesmnnship and distribution. Besides, goodwill must he preserved, whether the times are goad or l.nrl ••

WHITTOME, STEVENSON, LIMITED. ANNUAL MEETING. [TOT FBES3 Special flervlct.] AUCKLAND, September 19. From an annual dividend rate ot 17J per Cent, to 8 per cent, is the reduction authorised by the sharer holders in Whittome, Stevenson, Ltd., at the annual meeting. The chairman, Mr (J. Itobinson, aaic( that although sales had shown a slight tpcreaae on the year, the gross profits hod been less by £12.000. This had be§n in consequence of being oompelled, in face of exceptional competition, to Sire a larger scale of discounts. However. arrangements had been made to obviate • the cut-throat policy which had been in vogue and the directors were hopeful that during the current term the profits would again be normal. Expenses hnd been curtailed, but taxation; for which provision had been made, had constituted a severe drain upon profits. An interim dividend at 5 per cent, was paid in March and the finrtl payment, due on October Ist, will be 3 per cent.

LONDON WOOL SALES. MARKET FAIRLY BRISK. (UNITED PRESS ASSOCIATION —-BT ELECTRIC TELEGRAPH—COPYRIGHT ) , - LONDON, September 18. M th« wool sales 0905 bales were offered, including 8205 New. South Wftle?, 1698 Victorian, 885 Queensland, J.Ol Taspianian, 28 South Australian, and <IOB2 New Zealand. Approximately 5650 bales were sold. There was a moderate selection of principally good style spinners' wools, and excellent offerings of scoureds, There was fairly brisk general competition and prices were maintained, Qreasy combings,' New South Wales, Merrj)ipa. made lld'top rage); Goondoo Blue, 13Jd (12d); E.V„ lg|d (lid)} Queensland, scoured, Marar thon, 38d (26); NeW Zealand, greasy crossbred, Qringi, OJ4 (OJd). . Palgety and Co., Ltd., have received the following cable from their London office; dntecT September 18th: London wool sales continue with opening rates of series fully mainT tained. CpTnpetitiQn more general Hnfte trade operating more freely, especially for crossbreds; about 75 per ,cent. of the offerings sold daily.

PIGS AND POULTRY. Tl>« JMdlngi of both pigs and poultry st Ashburton were Email at the auction mart yesterday, Price* milled were as follows? Plga—Weaneri, IBe fld to a4i; stores, 84s' Kd to 38# ! baconers, £3 0* to £3 12s tid. 6s lOd to 7s 7d; roosters, *' to 7s rd; liens, 8b 4<J to 6s Mi facta, irom 99 W M it d 4

POULTRY AND EGGS.

IDENTIFYING THEIR GOODS. ACTION BY BRITISH WOOLLEN manufacturers. His Majesty's Trade Commissioner (Mr L. A. Paish, 0.8. E.) has received from the Bradford Office of the Federation of British Industries, information iegarding an interesting development in the British wooljea industry. In Britain, as in New Zealand, the puulic are genuinely anxious to act upon the slogan, "Buy British," but are often at a difficulty in distinguishing British goods from foreign. To assist the public in this respect, and to combat the injury to British trade arising from the false description of inferior foreign cloths as British, the principal wooljep manufacturers who are members of the Federation, have adopted a mark applied by means of a transfer to the reverse side of piece goods manufactured by them. The mark comprises a design in which appears an indication that the goods in question are made in England by a member of the wool textile section of the Federation. The simplicity of the design enables it to be ÜBed not only with worsteds, but also with rough wo"ll"iis. In the case of very light and delicate materials an alternative transfer strip is provided which ean be applied to the selvedge, AUSTRALIAN COMPANIES RAPSON TYRE TO LIQUIDATE. After having received the report of a special committee which recently investigated the company's position, Melbourne preference shareholders of the Rapson Tyre and Rubber Company of Australia, Ltd., at a meeting last wook recommended that meetings should be palled Ipr placing the company in liquidation. The chairman the meeting (Mr C. 11. Nelson) sa.d that prospects of raising £160,000 of capital necessary to carry on the business were very * rempte, Two members of the committee had been appointed to the board and had a deciding vote on a sub-committee which now controlled the company's position. The company had never made a profit since it was formed in 1026, and it now owed £140,000 ta creditors. Rapson tyres Qf the English model had never been produced, although £60,000 had been paid for the manufacturers rights. Steps had been taken to pbtain legal opinion on the negotiations conducted with the Dunlop-Perdriau Rubber Company, Ltd., for the sale of the Rapson undertaking. Arrangements were also being made to have the accrued dividends, equal to Is 7d a share, now held by the Government, distributed to preference shareholders. The chairman gave an undertaking that the ciroumstances surrounding the flotation of the company would bo investigated. HUME PIPE COMPANY. Net trading profit of IJume Pipe Co. (Australia), Ltd., for the year to June 80th, 1930, after providing fpr income tax, was £54,665. against £7MQO 'or the previous year. To the resorve £IO,OOO has beep transferred. and Interim dividend took #30,000. It is proposed to pay dividend of 9 per cent., making 6 per cent, for the year, and leaving) with £O2OI brought in, £23,827 to carry forward. For 1928-29 net profit was struck before providing £16,00 for income tax. The report deals with developments, including those previously published. Balance-sheet items are compared below: —- 1929. 1980. Liabilities—. Capital paid up .. 500,000 500,000 Creditors . . 80,440 *9,996 Provision for taxation, eto. ~ 61.990 45,72f( Reserve .. 30,000 40,000 Assets— Freehold land .. 64,161 00,621 Patents . 68,000 68,000 Machinery, plant, etc. 161,060 181,756 JJanufaoturd stock etc. ~ 70.604 01,766 Debtors • • ■ . 98,485 101,092 Shares In other com- • parties .. 134,648 128,148 Buildings .. 29,635 88,007 Commonwealth bond* .. 20 t OO 4 ?0,0Q4 Loans .. 35,878' 28,828 HOLDEN'S MOTOR BODY. The annual meeting of Holdens Motor Body Builders, Ltd., was held in Adelaide last week. In moving the adoption of the report and balanQe-sheet, together with the payment of the dividend of 8 per cent, on the A and B preference shares, and 64 Per share on the ordinary shares, the chairman (Sir, Wallace Bruce) *t(kt°d that as the report indicated economies had been effected, and the satisfactory financial results .disclosed could not have been achieved liad not the directors taken an early grip on costs and expenses. It was, of course, unfortunate that trading conditions to-day were such that short time And a reduction in staff salaries were necessary, so that the burden should be borne by all concerned. The directors had voluntarily made a reduction in their remuneration. WILCOX, MOFFLIN SEVERE*LOSS To account for a heavy loss of £164,574 incurred by Wilcox, Mofflin, Ltd., a Sydney wool, skin, and hide merchant company, for the year ended June 30th, the directors refer to the effect pn operations of the world-wide depression pnd the consequent decline on all commodities. Deducting a credit balanoe of £486 brought forward, there is a debit of £184,188 at profit and loss accpun(. The directors have transferred the reserve fund of £114.000 to reduction qf the gqodwill item of £130.000. They propose .. to deal with £164,000 of the year's loss and #16,000 remaining In goodwill account by a reduc tion of capital to the extent of 9s per share. If sanctioned, thjs reduction would leave the debit balance at £IBB, BUTTONS, L?D.,' LOSS. Buttons,' Ltd,, muelo warehousemen, Sydney, shows. a loss of £23,024 fpr the yew ended June 80th. Interim dividend of 4 per cent; on the preference shares paid In February absorbs £5400 and the final dividend at the same rqte>is paid out of reserves. Issued oapital is £266,000, reserves are £119.920. loan on mortgage Is £25.000, and £I]7,S7Q is'owed to bankers. Sundry creditors i{ro £15,489. Stocks in hand are shown at £74,846, freehold fittings, etc., at #178,864, while sundry debtors are £80.481. Amounts due under 'hire purchase agreements total £242,800. The directors state thfit the whole of the loss was incurred in New South Wales, and that the Victorian business was satisfactory in the circumstances. As « result of certain steps, however, the hoard expects that considerably better results will be shown in the ensuing year, AUSTRALIAN GOLD MINES. i Directors pf the Gold Mines of Australia, a company registered in Melbourne recently with a capital of £500,000 in 10s shares, are Sir Arthur Robinson and Messrs 0. Fraßer (chairman of directors of Broken Hill South, Ltd., and managing director of the Broken Hill Associated Smelters Pty., Ltd.;, and I£. L. Baillieu (a member of the Australian Board of Zinc Corporations, Ltd.). According to mail advices frpm London the company was formed without any promotion or intermediate profits whatever, and so far no public issue of shares has been made, the capital required to date being supplied by the big mining and smelting companies in Australia. The company has acquired fpr cash the Moqnt Coolqn mine, and has under 4 development option the Barclay and Dig Again mines, as well as owning tße surrounding leases comprising the whole of the gold field of Mount Cqolpn, near Opllinsville, in Queensland.

Medium yarding* of poultry are coming forward for. the markets, but the supply is not quite equal to the demand, and good table chickens and hem in prime condition hare hardened slightly. The Canterbury Cooperative Poultry Producers report that their prices per pair are: Table chickens, light 5s 6d to 7» fid heavy Bp to 12s; hens, light 4s fid to fis 9d, heavy 6a fid to 8s fid: ducks, 4s fid tp 7a fid; geese, 7s to flg; turkeys, hens 16s to 225, gobblers 80s to 37*, The supply of eggs is vpry heavy, and the Canterbury Co-op. Poultry Producers, Ltd., report that their prices per dozen are: First grade hen eggs and duck eggs Is 2d, second grade hen eggs Is Id. Messrs Macfarlnne and Co. report that their prices are: First grade up to Is lid, Mc«ml grade la to la Id, duck eggs up to

CHRISTCHURCH STOCK EXCHANGE.

YESTERDAY'S SALES. qgRIjSTCBURCH. Sales on 'Change—- £ s. d. Bank of New South Wales (2) ... 31 0 0 y ' 80 17 6 New , Zealand Guarantee , Corporation ••• « J l ' New Zealand Breweries (3) 9 7 £ Tooths Brewery (3) ... 13 0 Allied Motors ... 0 0 6 Mt. Lyell ... (?) 019 U Mahakipawa ... ••• XX? Stonev Creek (6d pvd) .2) 0 0 1 British Tobaepp ... 112 9 Bales,, Reported— Commercial Bank of Ays- ••• - J J?" 0 17 0 Bank of New South Wales 31 0 0 Dalgety and Co. ... 819 0 Christchurch Gas ••• 1 411 New Zealand Breweries (2) ••• 2 7 6 *' 2 7 9 Westport Coal ... -■ flO 0 Beath and Co. - 16 0 AUCKLAND. Sales on 'Change—- £ s. d. Gisborne -Sheepfariners' Debentures ... .... 85 0 0 Commercial Bank of Aust. 017 0 National Bank of N.Z, ~. 511 6 Bank of New South Wales 31 2 6 Neiy Zealand Insurance •. 2 10 South British .. .. 217 3 2 17 0 British Tobacco •. 111 11 1 11 9 Colonial Suorar ... ... 'SO 12 6 Mount Lyell ... ... 10 0 WELLINGTON. Sales Reported—- £ 8. d. Bank of New South Wales (Sydney register) ... 31 0 0 National Bank of N.Z. ... 511 0 National Bank of Australasia (£10) 12 7 6 Electrolytic Zinc (pref.) ... 019 10 Mount Lyell ~ ~102 DUNBDIN. Sales on 'Change-^ £ a, d. • Kildare •• (5) 0 1 0 0 0 11 FROZEN MEAT. Dalgety and Co., Ltd., have received . the following cablegram from their London office, dated September 18th: — Frozen Meat Market —There is an improved demand. Prices are Id per lb higher for mutton and pork, but-'other descriptions of fnua meat are unchanged.

FEILDING STOCK PALE. (PMSB II9QC]ATIOa t^LEO*AH-' fKILDINQ, September 19. Fat eheep dropped by la to 8s 0d * head at the atook sale to-day with arpall y»rdi n ß offered. Store hoggeta were »)sq eaa\er owing probably to wqol pricpa. _ Cfttv'e si owed an improvement put dairy lines were slightly easier Prices, were: -*■• ■Tttt Sheep-<-Hoggets, priraest 85a 6d, very good 28a, good 90s Sd to 23s 2d, lighter 17s Bdblaok-faoe hoggets, woolly ?6a 6*j, others 18s 3d to 20e; twp-tootha, he«,vy prime 25s Ed to 20s 64, prime 2sp W to ?ss; l(it owes, maiflen tp 27#, older prirpnat 24s Cd to 25i, good 20? 8d to 2d, medium 18a 9d, light Us 6d; fat wethera, primest 27s 8d to 28s, prime 25s 8d to 25s Bd. Store Sheep—Ewe hoggets, very good condition 90s 0d to 22s 6d, good 18s 10d; m.s. hoggets, IBs Bd, wethej 20a Id: bl&ck-ffipe hpggetß good 17s 9q, others Wis 3d to 'lse 9d; ewes with 100 p#r cent. lambs (small line), 27a 14; five-year ewes 23a ?d, empty ewes 18a sd. t'%t Cattle—Hereford heifers. £9 2s to, Hereford bullocks £lB to £l6, heavy Palle<|Angiis heifers £l2 10s to £l4 8s (Sd, heftvy tJeraoy cowa £l3 to £ll 7a 6d, Jersey heifers £8 His. maiden heifers £lO 10b. Stores-r-Jersey cows £4 to £5 10s, Jersey heifers £4 to £4 17s 6d, Jersey yearling heifers £8 9a to £5 2s 6d wtfanor heifers £4 to £5, forward oows £5 7s 6d. Dairv Cattle—Good quality springing heiferß £ll 12a 6d to £l9 2s 6d, fair £9 10(1 to £lO IQa, ipodium £8 5a to £9 Es. inferior £6 to £7 12*. heifers calyfd £6 Es to £7 Es, sprinfjing cowa, very good;' £l3 to £l3 IW, good £l2, poor £6 15a to £B, cows in rrulk £6 10s.

METHVEN STOCK SALE. The fortnightly stock sple was held 'n the Methven yards on Thursday before p moderate attendance of buyers and with small entries of all classes of stock. The first _ yardings of ewea with their lambs for thia season were forward, and these sold well. The principal sales were' — Sheep—-Fourteen fat ewes at 17s 94, 9 fat wethers 17a, 10 at 17s 9d, 62 halfbred. ewea and lambs at lis 7d, all counted, 65 full and falling-mouth ewes In lamb ISa 4d. 49 full and failing-mouth three-qujirtrebred ewea 19s Sd, 52 full and failing-mouth crossbred ewes 24a Bd, 88 failing-moith ewes 11* 9d, 89 failibg-piouth ewea and lamba at 5s 6d. Cattle—Springing heifer £7 15s, cow in profit £6 2s 6d, springing cow £B, oow, third eslver, £IQ. Piss —Pour weaners at 27a, 4 at 291, 8 at 25s 6d, 4 at 81s 6d, 6 at 26s 6d Horses—Qne two-year-ojd draught gelding sl4, MONEY MARKET. (united press association—bt elbctbio TOXEQBAPH—COPYRIGHT./ NEW YORK, September 18. The call money rate of renewal was 2 per cent, all day. TALLOW. The Sew Zealand Loan and ICereantUfi Agency Company, fctd., h»*» received the following cablegram from their London office, under date 17th inst,:<— - Tallow (nominal quotation)— Fine "mutton 3Q» 6d pwt, good (eel 80s, mU«4 87«, iflirket quiet

CANTERBURY MARKETS.

POTATOES FIRMER. (by OUR commercial EDITOB.) Friday Evening. There w»b a little movement in the market since the mid-week report, and practically the only business that is being done at present on the loeal grain and produce markets ia in tuber?. Betwoen Wednesday yesterday the price of potatoes took a jump from £3 10a to£4"ss f.0.b., S,i., and one sale was made at £4 10s H.i. A , day a sale was made at 2s 6d f.0.b., si. On Thursday night there were buyers at 85s, but pp sellers; yesterday the position was reversed—there were sellers at 85s, but no buyers at tiiat fleure. though business could be done at a little lower figure. The Karetu left Lyttelton last night with potatoes fpr Aueklftwdj the W#inwino, which is now loading potatoes at Timaru, will be at Lyttelton on Monday to taKo further supplies for Auckland. Though the season is n° w f ar advanced, and picking over ha ß started, growers seem disinclined to sell, generally speaking, except at higher than.market prices. Potato growers, during the past few days, have been sought for potatoes to fill orders which were to be shipped by the two steamers above named, and con* siderable difficulty has been experienced in filling these orders. It would appear that notwithstanding the presence on the Auckland market of new potatoes that market rapidly absorbed the supplies which have been B(*nt lately from the South Island. The price today to farmers is £>3 on trucks, which is low for this time of year, and farmers are disinclined to sell at this figure. There is a demand for October supplies. Wheat. Millers are buying wheat freely from the Wheat Pool, and there is practically no wheat left in growers' hands, _ Fowl wheat is also moving off, tho demand for this coming chiefly from the West Coast and the North Island. Qhnff. Chaff is now offering more freely than it "was earlier in the season. Where it has eome from, in view of the hard winter which was experienced, is something of a mystery. For good bright quality &B to £5 5s a ton is being offered. Lines. Farmers are pushing on with spring work at every available opportunity, and the indications are that a larger area than ttSHftl will be sown in cereals this year. Quotations. The following are quotation* for produce. Jfco be paid to farmers, on truck#, fre© of commission, sacks extra except V here ptherw.se stated Wheat—Tuscan, 6s, Hunters, 6s 2d. Fowl Wheat—6s,-2d f.0.b., s.e. Oats —A (iartons, lopat 4a W. o'® 4s, toi prompt, southern, 8s 7id to 8s 9a foi A's, f.0.b., B.i. . Chaff—£s to , <65 5s a tap. * Barleys-Cape 8s 64. malting 4a to 4b 3d. Linseed —£14 18b to £l6 a ton. Potatoes —£3 a ton. Had Clover-~4d per lb, . White Clover —8a to lOd per lb. Perennial Ryegrass 4l 6d to ss. Italian Ryegrass—4s to 4s 3d Cocksfoot —7d to 8d for farmers diessed lines of Akaroa seed. Plain* 6il to 7d. Peas—No l'a 4s9d ia6s;f.».q.'a ,4s 2d to 4s 6d. Bran—Local £? a ton, f.o.b. ( shipping, £0 iQs a ton, f.0.b.; 10s extra for smaller packings. v Pollard—.Local £7 5s a ton, f.0.b.; skipping. 5s a ton, f.0.b,; JOg extra for smaller packings. Flour—Wnolesßle price, £l6 ISs a ton for 2001 h sacks, with the usual mClements for smaller packings. ASHBURTON MARKET. ' The trrain and produce markets gpa fttll Very quiet. The only point el interest is the Sotato" market, which baa fluctuated slightly urine the week. ! ' Wheat —There is nothing fresh to report as no sales have he?R jn*de,4«rim tkamafc. Oata —The oat market is quipt and *er? lew sale* have bean recorded.Chaff—More of this comraqdity is heme offered than can disposed o{; the ?narket therefore is stack. Auofcland repprts another shipment of ph4# from Tasmania. Grass seeds—Practically no seeds of any kind are being offered and the market I* generally quiet. The following are quotations to be paid to farmers, on tr\yikf, lacks extras WheatH-sT\iscan, good milling 5s to t«; Hunters, 6s Sd; Velvet, 6a 8d; lawi wheat Cs 9a. Oats—A Gartons, 8s Sd to 3f> Ad; B Oartons, 3s 3d; seed Algerians,-4s 0d; Puns, good, heavy dark, 4s fid a bushel, ~ Grass seed—Perennial, 6s 6d to t» Od; Western Wolths and Italian, 4s 6d to 4| 9d; fed clover, 4d to 6d; white clover, 7d tp 9a; cocksfoot, 7d to 9d. £4 10s. Partridge Peas—No. l's, 4a 9d; f.a.q., 4 s 3d. ■' Potatoes—Whites anft Dakotas, £2 5s a ten, DUtfRDIN. [THP gRESB «p»cUJ : , pUNE®jN, September 19. As regaitfs tbe market conditions of mill' ing wheat, tbey' remain unchanged' There is still a demand for Tuscpq, but little- of this variety i? offering. The prices fl*«d, by the pool are ,6s {.0.b., sacks extra, for Tuscan, with/ tact Uliual advances for. other varieties. The prices to tfc% growers depend on the cost of railing to the'port. Thp fqvl wheat market is qtjlet, and thp amount of business passing Is smaller than far a number of years past. The ourTMlt local/ prlee is 6s 3d per bushel,' sacks extra, «x |tctra. Only a limited quantity of fowl wheat is now held by the pool. ' Some interest is being displayed in 1 next' season's wheat, both milling and fowl feed. Milling wheat .has been sold forward fairly' freely at a price which shows a decline' on this season's rates. The forward quotation from Canterbury for fowl wheat is ss"Bd to.b., sackp extra. Although the oat market has weakened, and sales pf A Gartflns have been at as low as 3a 7d f.0.b., s.i., fpr shipment* at the Bluff, oats cannpt be ohtatapd at this figure in Dunedin. There fyave been enquiries for small paroels for shipment to the North Island, and sal|p, have bees made at 3s 9d f.0.b., s.i.. with a difficulty In securing supplies. The September demand for seed oats-is on the light side. Quotations are now appearing on the market for next season's pats, April-September delivery. There are forward Holler* at 3s 6d, f,0.b., s.i,, with no response from possibly buyers. The local demand for chaff is qu'et. and the same position obtains so far as shipping business is concerned. Best quality is now worth £5 10s per ton. sacks extra, ex truck. The-' potato market continues \ 0 drag. Only chpice, freshly-p'cked lines are saleable. Other sprts are held in stores, and are difficult to sell even at low?- rates. The spring demand for .seed is increasing,- AS the present fine weather has cansed a number of farmers to sow out earlier than usual. Deliveries to the country are improving, but apart from these orders little business is he'"": transacted. , , The wholesale seed market remains fairly Arm, and is steadied by the enquiry received from overseas for certain lines, "" SOUTHLAND. (SPBCIAX TO THE PBB88.) INVEROARGILIi, September la, Oats—Th.s market h % s shawp a dullness during the past week. Current prices for shipping are nominally .8s 8d per bushel for ■ sra?5 ra ? 7<J for B'g, i Sales have been' made at these prices, tut a number of buyers are prepared to .operate only at a shade less on flg«(rps, There are no offerings from farmers, and business is practically fiT'Vrnm «i to The price to farmers !? *" > I" 8s t0 Ss Id for A and 2s lOd for BGood Duns are in demand and are worth about 3s 3d to 4s per bushel, according to quality, on truck? country stations. • , e8t ~ ThB most business so far. as South land is concerned is for fowl wheat, and a considerable quantity has been shipped. The # VB,U# ab 'nt 6s 3d per hushell f.0.b., sacks extra. The price to ftlr-T-L 1 u° T J'" 6 * is 5s 7d -per bushel. Amt liaas suitable fw mHUbg, m 4 Aim an

are worth from 6s" off considerably, fad keeQ |o buy. Large qaantitlAk been olteriag tbi« geaspq, The preset shi^ men | l oq e,t tions between nierchann, focaf y t de ® 08< ' | he Nofjij* merchants are not Bales have been effected durine tfc.V."'?'WlJPsfflH have been mostly on the basis^r'SSffiWWfflfflß 5s per ton for Arran Chiefs, and per ton for King Edwards. Thr^ssS^wffilH market is also slack. Arran Chief. .s*^l®^® about £3 per ton and King £4 10s to £6, w}tl> few Vegetables have been in throughout the week, and were up to the U»ual levei, little harder for all varieties. potatoes, with the decreas.ng * | . n SCSWB||BW been a little higher in price. table* are eagerly enquired for, piiea are not equal to the MM supplies of apples and pears are CMia9l9flHl ward ex cool store. There is a and values remain unchanged ments of overseas fruits came the week, supplies are pricey are a little firmer, ttm the usual shipment of pin«|, citrus fruits will arrive from 'fiyiaMHHSCT the same day the Maheno Melbourne with a large oranges and lemons. - pected that both shipment! wUJ enquiry, it is expected that reasonable. The loss of the' organised the banana trade, TV ments coming to hand from from the Cook Islands and been sufficient tp meet (he prices have ruled. Average prices reeslv*4 at week ending September ],eth Nelson, per case 8s to IQ| lieipus, per pass np to lit jng, per |o 10< flj; To, e tq M i9il ismoßi, * Wiii^MHr^Bllll to 90s; lempps. South up to ?0s; mandarins, n*r «aw4lijMEj|^^^H Cook Island, case. 20s; per case up to ITs Od S case 18s; pineapples, Sydney, 6d; pears, dessert, per case dessert, per lb up to Bs -7d; «rslanl^9^^H lb 7d to 7h&; beet, per dozen to 2s; cabbages, per dozen; op cauliflowers, per dozen lis! rots, per dozen is 3d; cueunibeiL l MH|^^^^H per lb Is 3d; celery, permeras, per lb fi|4j leslifl, Ml lettuce, per dozen 6s; potatoes, jp# pd to 9s; onipps, lpffti, nej s.* per do*en Is 9d; Ppt»tm, to 8s; radishes, per dozen 1| fpj- dozen 8s; spring opl«as,iysr 4j p«r I•scW;ira 2s. v;i^ Eyan; - «iwW, WydHSHM Apples in from Central Otago. . Borne and Delioians have Cromwell, and these were readily licious apples grown inforward poorly graded. now practically off the in short supply. Island in price?- Only smf»n■ rjiand'growo "raoaft VWs lisiaons aw grown' now Citrus fruits from .Sydney an^HnH the Wa'koualti. which is. via Wellington and LytteKos?have been in heavy supply, steady. Spring cabbages are offenfmMMH^H lota and have a realise spund M/psov v^etibles petition for tho' tnlk:; very keen. plentiful and^n tb«a fpr some time ¥Mt have been coming forward la titles and valttd easier, ■ of mandarins is duO a.Xtk Rparce, and a good ba eagerly inuvd up at A shipnwSi and mot a tsaltisuK' prices v/fira realised. 1 Current Miees M* %«st medipm aad r„,Ku7Si 16a per oftse; 1 - lettnee, 2s to sg: bages, 8s to to dozea t)9l)?hes, ca^|ra.g||H|nH^M FISH TRAI)S 1 -'i'l Th* British Stegjg'' taiftMlM : nevpr. mops . iniflw m? n 40 sew travrll^jM This' -prise of the^ndu^U^in^WgW^WM^^M campaign. With blggW without an? iwprking expevsfs, t»<L placed on an "benefit- V' Balgety -«f <i«.. following oshlegram Son, dated Ijopdon, Butter —Markst arrivals. QuoUjloM to traHan unacted to 128s, g.a-a> 190s tp Cheese-r-M«rk«t» ' arrivals. Quotations; Kjw to 765, and «Q)pW«4 t4« ;ItJsWSHBHiH 4 pot whits Ms to 90s, Canadian e.i.f. 75s tp l°Si The National of New csb^e^ram^ Butter—Market steady, 128s to 180s, Irsts i(t( H to lS2s, Australian 126s to quiet with and eqlqnrad 75s to 775, 70s, coloured 775. A. S. Paterson and Company. JfwjjgmMMjß received the following cablegram London representative, J. and 108s to 130s, Australian Oheese—Market quiet. coloured 74s to 755. METAL JIARKBT|^^|H txnrrrKo . (PMqifMl Soptembfr^Wt^^^S^^^H

BANK OF ENGLAND return. (UNITED PRESS ABSOCIATIOS-BJ ELECTRIO TELRGRAPH—-COPYRIGHT.) LONDON, September 18. The Bank of England return for the wee ended September 18th, was as under. ISSUE DEPARTMENT. Notes Issued— ' Govt, debt 11,016.100 In circula- Other Govt. tion .. -357,767,920 securities 232,683, Hi In banking Othersecu* ■ do„t. .. V, Hold f.oin & bullion 166,419,689 Total Total 416,419,699 BANKING DEPARTMENT. £ * Proprietors' Govt, secu- ._ capital 14,553,000 "ties .. 88,766,247 The rest 3,711,746 Other secuPublic rities—deposits 8,983,517 Discount Other Deposit- an< * a( * . Bankers 65,307.729 vances 5,376,586 Other aca. 33,785,802 Seountes 22,408,251 Seven-day Notes 68,604,779 & nth or Gold and bills .. 8,061 silver coin 1,091,062 Total 126,234,875 Total 126,294,875 Proportion of reserve to liabilities, 65.80 oer cent. Short-dated loans, 2 per cent. Three months' bills, 2 3-32 per cent. The fiduciary issue of £260,000,000 consists of the following items:—Government debt, other Government securities, other securities, and silver coin, FOREIGN EXCHANGES.

GOVERNMENT SECURITIES. LONDON, September 18. The following are the latest quotations for Government securities, compared with the prices ruling on September 11th last:— Last week. This week.

Saturday 1,645 1,811 Monday 1,786 789 Tuesday 2,289 1,736 Wednesday ... 2,743 3,210 Thursday 2,414 4,082 EYiday 4,059 3,634

£ a. d £ D. d. £ 8. d. Bk. of N.S.W. 29 5 0 51 15 0 30 7 6 Cam, Bk. Aub. 0 18 6 1 10 0 0 18 3 Nat. Bk A'asia (i'5 paid) B 9 0 9 15 0 6 0 0 Union Bank ., 11 2 6 15 5 0 10 0 0 Aiist, Glass .. (1 19 6 3 1' 0 1 G 0 Hi. ins, Philp Brit Tobacco .• 1 8 0 2 8 3 1 7 6* 1 8 0 2 9 6 1 12 0 Broken Hill ,. 1 2 3 1 11 3 0 18 5* Colonial Sugar "21 12 6 57 12 6 81 5 0 Dalgety 9 17 e 15 5 0 9 2 0 Dunlop 0 17 6 1 9 8 0 12 3 Rico. Zino, pf. 0 11 8 1 19 6 1 0 0 Klder Smith .. 8 19 0 10 5 0 5 1 0« Ooldabrougha f •1 6 9 2 7 6 1 1 0 Henry Jones .. 1 9 0 1 14 0 1 2 8* Howard Smith 1 15 0 1 8 9 o iq 6* Mount Jjyell .. 0 11 1 2 5 0 1 0 9 * Latest Australian price.

LONDON, September 18, Bradford quotations $ are?— >p. 18. Sep. 11. U d. 64's 27 27 J 60's 25 25\ 66's 19 ,194 50's ... ... 46's ... IB 16* . 14 144 40* s 14 14*

LATEST QUOTATIONS. This Week. Buyers Sellers. £ s. d £ s. d. Last Week. Buyers. Sellers, i i. d. ii 8. d. Sept. 21st, }830, BuyejS; Sellers. £ s. 4. < "• N.Z, Government Debentures— 44 tier cent. Inscribed, 1938 .. .. 99 12 6 IPO 7 6 41 per cent. Bonds, 1033 .. .. 09 16 0 100 6 o 51 nor cent. Inscribed, 1937 - 97 0 0 65 per cent. Inscribed, 1933 and 1938 ..MM — 5i oer r.ent Bonds, 1983 .. S9 13 6 oj per cent. Boncl3, 1936 .. .. 93 10 0 99 15 0 - 100 6 100 2 101 10 101 12 0 100 7 6 — O'IOI left — 6 0 Other Debentures— Cambridge Electric, 6J per cent,, I860 Glaxo, cj per cent., 1945 N.Z. Refrig., 6J par cent., 1S35 90 0 94 0 0 0 69 17 93 0 96 10 6 0 0 90 0 93 0 0 0 100 0 0 - - Banks — Aust. of Commerce Comm. of Auat. Comm. of Auat. (pref.) Comm. of Sydney 13., S., and A. Rational of Australasia (£5 paid) National of N.Z. .. New South Wales New Zealand .. •• Union of Aust. .. 0 19 0 0 16 11 0 7 6 16 10 0 5 8 6 5 10 0 30 16 0 2 14 0 9 IB 6 0 19 0 17 6 12 17 7 5 10 5 17 5 13 ao 17 2.15 9 16 8 0 6 0 6 6 0 6 6 6 0 19 0 18 6 7 5 11 5 10 81 12 2 16 9 19 11 0 0 G 0 6 1 0 1 0 0 18 6 10 18 7 5 12 5 18 32 5 2 16 9 0 2 4 0 6 0 6 0 3 0 1 14 9 11 51 S 3 2 14 15 0 0 0 6 0 1 15 i io 26 io 8 9 9 12 6 17 51 IS 3 3 15 0 0 1 0 0 e 0 0 9 0 Insurance — A.P.A. National .. *• New Zealand .. South British Standard 0 4 0 0 13 10 2 15 6 0 § 2 2 2 18 2 17 8 8 0 6 0 13 11 2 2 G 2 17 11 0 14 6 2 2 10 2 17 6 0 16 7 0 16 10 2 6 6 3 6 a 3 7' 0 Loan and Ag®«cy— Dalgety and Co. GpldBbrough, Mort N.Z. Guarantee Corpn. Permanent Investment United Building Society (cum div.) Wright, Stfl»h e n aon and Co. lord., cum div.) 6 8 0 10 7 0 7 10 10 2 6 0 If 8 8 19 1 1 0 8 0 17 0 19 0 0 0 0 0 8 19 1 1 0 7 10 4 0 :o 9 0 9 0 0 12 4 0 7 11 0 19 0 14 IS 0 2 6 0 0 9 9 10 15 . 0 0 15 11 15 0 2 6 0 9 0 16 0 6 10 4 Shipping— Tiuddart-Parker (•* div.) Huddart-Parker (pref,. ex div.) P. and 0. Deferred ■ Stock Union (pief.) .. Frozen Meat— Canterbury (ord.) N.Z. Refrig, ((61 paid) N.Z, Refrig. (10s pa,id) North Cai'ty. Freezing 0 19 2 8 1 0 0 8 0 8 6 0 0 7 2 1 12 6 0 0 10 0 8 0 1 8 0 0 7 9 a 2 l 0 0 8 0 3 0 0 9 0 G 2 0 9 0 3 0 1 8 11 8 9 2 4 2 17 1 1 8 0 0 0 0 1 0 0 8 9 6 8 I 1 1 9 0 0 14 0 6 0 0 6 0 6 9 Woollens— Kaiapoi (17s paid) Kaiapoi (7s paid) o a 0 8 0 0 a ii Q 4 0 0 0 8 0 3 E S 0 9 3 - O 14 2 Oo«l— Grey Vallay .. West port .. Stockton (pref.) 0 16 0 1 9 8 1 8 1 10 0 2 8 0 3 1 9 6 1 10 0 2 8 6 1 8 1 13 8 9 1 9 1 14 0 4 1 8 6 (Jaa— Auckland Christchuroh •. Christohurch (10* paid) fc'oilding 1 8 10 1 4 10 0 12 4 0 14 16 0 15 0 0 12 10 0 8 9 1 8 1 4 0 8 6 7 0 1 4 10 *1 4 I 6 7 6 1 4 1 6 9 8 Breweries — Now Zealand .. Staples .. Timaru Tooheys Tooths .. ! War4 Whita Star 0 7 6 1 19 8 0 11 6 a ie io 12 8 3 7 « 3 0 9 0 14 0 0 17 6 1 2 11 0 7 6 0 13 0 2 8 10 0 16 8 13 3 2 9 2 2 0 14 0 17 1 8 0 7 9 13 0 0 0 6 6 0 4 10 2 14 9 13 0 6 0 9 6 0 4 10 2 15 0 17 a 14 0 9 5 0 0 9 0 Miacellaneona— Allied Motor* Australian Distillery ,, Australian Glass Beath Co, (pneq div.) British Tobacco (cum div.) Burns, Philp .. , • Uunlop Perdriau Rubber (cum div.) Electro. Zinc (pref.) ■. Henry Jones Co-op ,< Holden's Motor* Kauri Timber M%eon. Struthers (16» paid) Mt. Lyell N.Z. Drug Co. (cum div.) N.Z. Facers' Co-op. ("B" pref.) N.Z. Farmers' Co op. '6* per cent. Stock, 1940) N.Z. Farhmro' Co-op, (61 per cent. Stock, 1945) North Canty. Co-op. Flour "Otago Daily Times" .. Quill, Morris .. United Pictures Wilson's Cemisnt National Blectrio . VJunderlich 0 0 0 12 1 4 i U 1 7 0 11 a "e 0 19 2 is 71 :o 74 10 0 11 3 1 0 18 3 0 o a 8 IJ 0 8 0 0 0 0 6 0 0 4 0 0 8 6 0 Q 7 0 15 6 16 8 1 7 0 1 11 11 1 8 0 011 9 10 0 14 0 OSS o 14 e 0 fi 0 10 0 3 » o 80 0 0 78 0 0 0 15 0 8 6 0 0 13 8 13 0 3 19 0 9 lo 0 15 0 1 8 1 12 t r ih 8 0 0 *0 0 13 9 O 0 s » T 0 8 s 1 7 1 12 1 7 1 0 8 1 76 0 0 11 1 1 3 1 0 e 0 8 . 8 0 0 e Q 8 1 13 0 2 9 * 9 7# 1 16 10 1 14 0 i no 0 16 0 3 4 11 ,8 15 0 8 9 0 95 0 0 0 14 W 3 8 8 0 0 2* 114 e 9 1 7 3 8 0 1 17 3 1 14 8 i a a pi* « a fi p 8 12 6 0 16 0 al\o 3 T 0 0 0? Mining— Mahakipavra Mt. Is* .. >i Okarito .. .. Stoney Creak (6d paid) Walhi Winding Creek (Is pd.) Winding Creek (Gd pd.) 0 Q 0 IS 0 7 0 0 q 14 0 0 0 o a 0 1 1 9 5 14 0 0 6 0 18 8 0 7 9 0 0 3 0 16 Q 0 Q 8 0 0 41 0 0 0 15 0 0 8 0 1 0 0 Q 19 0 Q VI 0 0 4 0 .1 1 8 0J Q 1 0 (pram.) 0 T 11 0 18 9 i 0 3 9 2 8 3 0

Copper— * ** '«3i . Standard, »P<rt raid «W 1; Standard, for* Electrolytic .. « ft'tM to .. w » fcfc Wire ban ¥**, -Wf 1 Lead- ■* S It Spot v „ Fjwwarf *• Spflt«p— Spot «, Forward ~ :: IS 1 ? J Tin- ' •• IS ? 2 2 :^ Spot Forward .. Silver— , Standard, p*r' Fist, ptr os. •• iv .'j

(BRITISH OFFICIAL WIRELESS.) HUGBY, September 18. Par. Sep. 16. Sep. 18. Paris, fr. to £1 124.21 123.74 123.72 BriiRsels, bolgas to XI 35 84.855 34.855 18.17 Oslo, kr. to £1 18.159 18.17 Openhugon, kr. to £1 18.153 1G.16 18.16 Stockholm, kr. to £1 16.159 18.09 18.09 Amsterdam, fl. to £1 12.107 12.07 12.065 Bcilin, Rnichmavken 20.40 20.40 to £1 .. 20.43 Montreal, dol. to £1 4.866 4.85J 4.85} New York, dol. to £1 4.866 4 86 5-32 • 1.86 5-32 Uatavia, 11. to £1 .. 12.107 — • 12.062 Frague, kr. to £1 .. 161.25 1622 1682 Geneva, fr. to £1 .. 25.225 26.055 25.055 Milan, lire to £1 .. 92.46 92.805 92.63 34.445 Vienna, schgs. to £1 84.585 84.415 Helsingfors. marks to £1 193.25 193 1981 Madrid, pesetas to £1 25.225 45.60 45.45 Lisbon, cscudos to £1 4.50 108.25 106.25 Athens, drach to £1 375 876 875 J-'iicharest, lei to £1 813.6 814} 815 liio de Janeiro, pence 51-32 4 31-32 to milreis 4.899 Buenos Avres, pence 47 401 to dollar 47.577 Montevideo, pence to 41J 41 dollar 61 Bombay, pence to 18 17J • 17J rupee Shanghai, pence to m 191 tnel 3*J Bong-Kong, pence to 15 9-16 15 9-J6 dollar 24 Yokohama, pence to 24 18-32 yen 24.58 24}

£ s d £ s d Consols 55 2 6 65 2 6 Funding Loan, 4J p.c., 1980-90 .. 92 5 0 92 0 0 War Loan, 5 p.c., 1929-47 104 0 O 104 0 0 Conversion Loan, 3i p.c. 78 0 0 78 0 0 Victory Bonds. 4> p.c. 95 5 0 95 2 6 Commonwealth, fi p.c., 1945-70 89 10 0 85 15 0 Commonwealth, 6 p.c., 1931-41 .. 97 7 8 96 2 6 Victoria. 8 p.c., 1929-40 64 10 O 62 0 0 Victoria. 3 J p.c., 1929-40 68 0 0 66 0 0 Victoria, 6} p.c., 1930-40 95 6 0 95 0 0 Victoria. 5 p.c., # 1932-42 88 0 0 87 O 0 Victoria, 4< p.c., 1040-60 88 10 0 81 5 0 New South Wale*, 4 p.c., 1938 .. 94 0 0 93 0 0 New South Wales, 8 p.c., 1935 .. as 5 0 84 5 0 New South Wiles, SI p.c., 1930-60 87 T 0 64 IS 0 New South Wales. 8} p.c., 1922-82 88 17 6 98 12 6 New South Wales, 6J p.c., 1930-40 98 5 0 96 7 6 New South Wales, 6 p.c., 1930-40 97 10 0 95 15 0 Queensland, 5 p.c. Stock, redeemable/ 1940-60 86 18 9 88 15 0 Queensland, 8 p.c., 62 10 1922-47 64 10 0 0 Queensland, 6 p.c.. 94 17 1930-40 , .. 97 0 0 6 New Zealand, 4) p.c., 1918-58 94 7 6 94 0 0 New Zealand, , 8) p.c., 1940 , 89 « 8 88 15 0 New Zealand. 8 p.c., 1045 80 7 6 80 3 8 New Zealand, 0 p.c., 1930-61 104 17 6 101 11 8 South Australia, 8) p.e., 1989* 82 0 0 88 0 0 South Australia, 8 p.c., J.916 or after 60 17 6 SO 0 0 South Australia, 6) p.c., 1930-40 98 5 0 96 10 0 Tasmania, 8| p.e., 1920-40 81 12 6 81 0 0 Tasmania, 8 p.c., 79 10 1920-40 79 10 0 0 Tasmania, 6} p.c., 1980-40 99 15 0 9 Si 0 O West Australia, 8| p.c., 1980-86 89 6 0 88 17 6 West Australia, 8 P.O.. 1915-85 89 0 0 87 10 0 WeBt' Australia, 6 p.c., 1930-40 97 5 0 98 12 6 WHEAT MARKET. CHICAGO QUOTATIONS. NEW YORK, September 18. Chicago wheat quotations are:—September 82fj cents,. December 861 cents , March 901 cents, May 93J cents per bushel. AUSTRALIAN MARKET. MELBOURNE, September 19. Wheat—8s 2d per bushel. GRAIN AND PRODUCE. MELBOURNE, September 19. Flour—£9 15s to £10 ' p«r ton. Bran and. Pollard'—£6 16s. Oats—2s 9d to 2a lOd. . Barley—No business. Quotations: 8 s 3d to 8g 4d. Maise—4s 9d. LONDON PRODUCE MARKET. (Received September 19th, 7.45 p.m.) LONDON, September 18. Cargoes are steady, with little change. Wheat—Parcels ore quiet and unaltered. Futures:— London— September 29s ird . December-February 30s sa Liverpool— October-December 6s 6d 7s 8d March .. 6s 7d 7s 8d May 6s 8d 7s 8d The spot trade 'is i quietly steady. Australian, ex ship 88s Od Flour is slow. Australian, ex store 29s 9d Oats, peas, and beam i are quiet. LONDON QUOTATIONS. LONDON, September 18. Butter is quiet. Danish, , 149s. Choicest salted, New Zealand 128b to 180s; exceptional, 132s: Australian, 126s to 126s. Unsalted —New Zealand, 146s to 150a: Australian. 130s to 134s. Cheese—The market : Is 1 Blow, New Zea--land, white 75s. oolottxed 74a fld; Australlu, both 72a,