YESTERDAY'S SALES.

Press, Volume LXVII, Issue 20198, 28 March 1931, Page 12

YESTERDAY'S SALES.

CHRISTCHURCH. Sales on 'Gbange —

WELLINGTON. '

FOREIGN EXCHANGES. (JUtTltB Wlleuti tiuw I RUGBY,, l£»roh 26. T'tie following are the current rates o exchange, compared witb tlioaa bf M&rcl 24th. and par:

. Bank of England notes arc never , issued aeecoad time.. - .-I

- "" •^V N , S ; THE PRESS, s^ LI •URi 0 * " AM COMMERCE. AUCKLAND WOOL VALUES C s 1 SAJLH;. CHRISTCHUltCH SHARE MARKET. YESTERDAY'S TRANSACTIONS. SLIGHT DROP IN 1 ■ ; -Af RICES. FORMER LI 51 There was a moderate turnover on call yesterday, and prices of several stocks showed an easing tendency. Transactions exclusive of vestibule business, included £400 New Zealand Government, 5| JAPANESE BUYERS STILL ACTIVE. tTHU rMSS Special SerWce.] WEEKLY REVIEW. A LOWER TURNOVER. Am't. paia pfer Cowpanie«. ah'*. Buyers, Sellers l>uriiij£ tlio pas.t week tho affiliated Exchanges throughout New Zealand experienced a falling off iu business, tho volume showing a decided drop compared with the weekly totals for the previous three weeks. Prices also whieb had run up steadily under tho demand, have this sagged a little, but are still well in advance of thou ruling a month ago. Government Stock* have had steady enquiry, and the 4j per cent, tax free, especial!*-. show considerable appreciation. The ioJlowinji is a comparison of the daily recorded volume of business on tlw Io<.-al market for the past fort*, {light. This week. Last week. £ ■ £ Saturday ... 1,123 1,771 Monday ... 2,Z2r> 2,427 Timtdav ... 814 2,8o7 Wednesday ... 2.330 3,123 Thursday' ... 3.402 . 2,047 Friday ... 2.14.5 2,577 £12.369 £14,802 01 tins week's total tho following groups attracted most business, last week's figures in brackets: —Banks £1003 (£5297). breweries £2147 (£1449) insurance £1470, pastoral £1070 (£2123); 4} per cent., 1938 tAock. advanced to £96. and late buyers mre offering £97 5s. sellers at £9' 10k. The bonds, due 1938 and 1939, are wanted at £97. but holders are KtitMt; per cent, stock, due 1932, realised £100; 54 per cent. 1941 stock dtailtd hands at £94 10s; 5} per c&nt stock, due 1933, was firm at £99 5s, and the bonds moved up to the same figure: f»i per cent, stock, due 19§1. w*s taken at £97 10a. Chrisfcchurch City. 5J per cent. 1949 debentures, changed hands, at £93: Manawatu-Oroun Power, & per cent. 1051. ar £88 2s '6d; and Canterbury Power Board, 51 per cent. im. at £38 10s. Bank Shares. Btok shares lt«Id pride of plnee for popularity with investors. Australian of Commerce were released at l8s lid, ami more are available at 16s, buyers «tib 19a lOd. AiUitralflsias. riiti) dividend, weakened from £10 7s 6d to £10 fiB-""#® dividend of 6s per sharo buvers wr» ©ferine £9 10s. no sellers quoting. Cos&aereial Bank of Australia ranged from 15s lOd to 14s ltd. as compared with 16a to 15h 6d to 15s lOd last *eek. E. S., and A. dropped 5s, to htuinea at £5 10s. and more are on oiler at £5 8a. recent buvers at £4 18s. National of 'Australasia, fully pa!4*< which realised £10 12s 8d a wwaJt ago. are quoted £10 buyers, £11 jwllsrtf—the £5 paid had dealings at £5 as against £5 4s to £5 6a 6d " last week, and, closed weaker at £o 3s adlm!*. £4 18s buyers. New' South WaJw www placed at £27 iOs. £27 7s 27* 6* Od—last, week's price* rancid from iSS 10s to . £S7 13s fid— iw4'MM easier at £27 2a,6d sellers, 1ft) buyers. New Jlealands went frott fits 6d to 6&. but later eased ? EUMS^g. I?: fbwrwi iWe unaltered at 866' 5 §1; i 4moeiudaini. .'Rational. y?hich hatP M?jiS|BS*W " lawmmcd and Loan and Agency. _ * vt JWbnd' Insurance shares were a ,;i »Jwde*asier at 18b.W. and Ute bu£~ «f» ftM ©ffitfiog I8e, selleri'iit 13s Sr. mv Zeafcnds remained' unaltered at 4£s, an) tfwr*., art; further sellers' at 4l«. Smith British iwahemd and late soIIerB per cent.. Inscr. 1932. 100 Commercial Bank of Aust. 70 Union Bank of Australia. 200 National Insurance. 20 Dalgety and Co. 100 New Zealand Guarantee Corpn. (cum div.). 600 New Zealand Refrigerating (10s paid). 173 Auckland Gas. • 200 New Zealand Breweries, 1800 Mahftkipawa Goldfklds. 300 King Solomon. Now Zealand Government, 5i per cent., 1932 stock, changed hands at par. and there were further buyers at £99 17a 6d, no sellers. Commercial Bank of Australia shares weakened to 14s lid, sellers staying innt that figure, buyers at 14s 9d. Bank of Australasia snares were marked ex divi* dend of 6 per cent.. £0 10s buyers, no sellers. Union Bank of Australia shares moved up to £8 lis, sellers staying in at that price, buyers at £8 8s. Other Stocks. National Insurance shares realised 13s Id. market closing 13s buyers, 18a 3d sellers. Dalgety and Company Shares dropped to £7 10s. closing quotations £7 7s 6d buyers. £7" los sel' lore. Goldsbrough Worts ware weaker with sellers at 20s lOd. buyers at Ws 6d. New Zealand Guarantee Corpora tion shares, oum dividend. realised tis 4d. and more were offered at that price, buyers at 6s. New Zealand Refrigerating Company. 10s paid shares, had dealings at 3s 6d. 3s 5d, and 3s 4d, and there were further buyers at 3s 3d. sellers a*- 3s 5d. AuckGas shares changed hands at 23s 4a. and there WGfA further unsupported sellers at that'flgtirb, New Zealand Breweries scares declined to dealings at 3os 6d and 85s 3d. dosing quotations 35s buyers, 85s fid sellers. Sellers of Mt. Lyells reduced their limits to 20s, buvers at 19s 4d- Unsupported sellers of New Zealand Drvy* Oomnanv shftrea dividend, came down to 60s. ■ King Solomon (Sold Mining shares relapsed to Is 9d. Mahakipawas Were firm at lOd, sellers Rtavhlf in at thftt price, buyers at 9jd. v; NORTH AMERICAN WHEAT. WING ACREAGE. (USITEB PRESS ASSOCIATION—BY , BLECTB1C TBLZOBAPH—CbPVBIQHT.) . WASHINGTON. March 86. Tho smallest wheat acreatge planted since 1918 is reflected In the report of the Agricultural Department issued -On Wednesday. The report states that it js the intention of farmers to. sow acres, whichis 17.5 per cent, lower ; thfcn last yflhy's iowing of slightly more tpttn the record of the 1928 acreThe intended acreage of spring wheat, other than tvheat, is estimated Alt' l3,99&,0ocr,Acres, of.,88 pAt cent, of \ ' ' r " i * >toKfet., (USIXKA fAESS' ASSOCUTIOK—flj ELXC1BIC TSUaaaArH—corraioaT.). - : '" LONDON. Msr«H 98. C«»tg()ea—KneotttagBd by the Imp^ovenetii in Canada and Amgftea, a&d by lighter Rusajaa shipmaata, deTleta asked 3d «dvanc«, but buyers made nod* tfltyoflSS. - Thfr msrket elo««d eaSiBit; UtoUKb A>i(tr*ll«n talcs vto the driiat wrfs tpmtfym jSIK hr I•$** being «6ld W stmBeb&i ;Creels ,a» la smalt dtttts'ud .St ttota ua> ifemtiA att, tfecailottAl M. . At liSVeriJO&l, worn &I Weston iiiitealisii, Jang dslivety, ttold .*t 23#, tad at Olagfow, ttJUiktta; ; ?w ft me rti 41 pu > MarcJk <« 'iiA, mr 4» m„ JMr 4s -44/.OcWljBt 4» «|1 per ««ntalr A : W;vks""' •* ""»• - • -L ' " MfcLfiOtrRNE, ■ MSrch ft, - Is 'it fii u let AUCKLAND, March 27. Although prices kt the third Auckland wool sale showed an improvement Of from 2d to JHd P er pound on those Of the last Auckland sale, there was not the strength in the demand for certain grades many sellers had expected, values generally being from a farthing to a halfpenny below anticipations. The marked firmness that has characterised the Australian market whs not reflected here, and there Was a slight reaction compared with tho tone of the Wanganui sale. IHiie wool held firm at southern rates, but average top-makers' and inferior wools were from par to a halfpenny a pound below Wellington rates. 1 The top price was lljd for a line of fine crossbred hogget wool. The average price for {food crossbred wool was about 6|d per pound, or approximately £9 2s 4d a bale, as Compared with 4d and £5 10s respectively at the January sale in Auckland. An instance of the change in prices was given by one broker who took over 800 bales of good average crossbred wool at an average price of 4d a pound in January. To-day tho price for similar quality wool averaged CJd. There was a big bench of buyers, the Continent and Japan being well represented. Japan was very active, bidding with practically no limits for lines of well-classed fine wool. Bradford buyers gave steady support up to limits. France was chiefly interested in pieces and lambs. The following table gives the prices realised with the January prices for comparison:— March, 1031, Jan.. 1931. d. d. d. , d. Medium Halfbred— Super .. 9J to 10 to 8 Average .. 8i to 9i 6 to 6J Inferior .. 7J to 8 4| to Coarse Halfbred— Super .. 8 to 8i fli to 6Average, . . b| to ?i 4i to 5 Inferior ... 5$ to 6i 31 to 4 Pine Crossbred— ; Super .. 7-1 to 8{ 5 to 5i Average 6i to 7 41 to 4J Inferior .. 5 to 6 3 to 3$ Medium Crossbred— Super .. 6§ to 7£ 4J to 4f Average .. o to oj 3i to 3j Inferior ,. 4J to 51 2 to 3 Coarse Crossbred— Super .i 6 to 7 1 to 41 Average .. 51 to 0 3 to 3 j Inferior .. 3i to 5 1J to iU Low Crossbred— Super .. 61 to 7 Average .. 5 to 6- 3*1 to 3 J' Inferior .. 3J to 4J 2 to 3 Hoggetfr^Extra super "' to 111 • Halfbred .. 74 to 8J 5} to 6} tfitte .. 7} to 81 4f to 51 Medium .. to 7 41 to 51 Coarse .. -5| to 61 31 to 4A Lambs—t -JPitte .. 7 to 81 to 4| Medium .. 6} to 7} 3 to 32 " Seedy and Y jr Banks— delaide .. 5 Aust. of Comm. 1 Australasia .. 5 C'oihtn. of Aust. 10a Conim. of AuBt. fpref) .. 10 Comm. of Sydney 12J E., S., and A. .. 3 N[nt. of Aus'asia 10 N'at. of Aus'asia (ccr.tr.) . ., 5 Notional of N.Z, 2J Kew South Wales 20 New Zealand .. 1 Union .. 5 Insurance— Katiohal .. 7s *few Zealand .. 1 South British .. 1 Standard .. 1 Loan and Agency— ■ t'algety and Co. 5 jolclsbiough, M. 1 iiinrantoe Corpn. 8s L'nited .Building 1 Frozen Meat— C4eat .. 1 \.Z. Reftig. 1 N.Z. Eefrig. (con.) los Gas— Auckland .. l. Auckland (cont.) 156 Christchurch .. 1 .Christohurch (con.) 10b Timnru .. .1 Shipping— Ituddal't • barker 1 P. and O. t)cf. — Union (pfef.) .. 1 Coal— G i ey Valley .. 1 Taupiri .. .1 Westport .. 1 Woollens— Kalttpoi .. 37 a Kbiapoi (contf.) 7s Kuiapoi (ptef.) .. 17s Breweries— Carlton . 1 New Zealand 1 Staples 1 Tun aru .. if'd Timaru (con.) . ."s Tooheys 10s Tooths .. 1 Miscellaneous— Aust. Distillery ' 1 Aust. Glass . ■ 1 Heath and Co. .. 1 Beath & Co. (con.) Is British Tobacco 1 Hums, Philp .. 1 Colonial Sugar .. 20 Dunlop Rubber 1 lilectro. Zinc 1 Electro.'Zinc (pref.) 1 Henry Jone.i .. 1 Kauri 'Timber .. 23s N.Z. Druj? Co. .. 2 Mount Lyell ; . 1 Farm. Fertiliser 1 Wliit. and Tombs 3& Wilson's Cement 1 § «. d 0 13 10 9 10 0 0 14 9 5 7 G 10 0 0 4 16 0 4 15 0 26 ;o 0 2 9 3 8 8 0 0 13 0 2 10 3 5 0 7 7 0 0 19 6 0 6 0 0 13 9 0 11 0 0 3 3 0 6 9 14 6 0 11 4 10 0 1 13 0 15 4 0 7 0 0 0 6 1 1 7 1 15 0 0 5 0 10 3 12 0 0 3 0 1 9 7 0 7 6 0 11- 0 0i9 4 2 14 3 1 18 6 £ a. 0 1G 0 0 14 11 6 5 0 16 0 0 5 6 0 U 0 0 5 3 0 5 4 0 27 2 0 2 9 6 8 11 0 0 13 3 2 2 3 2 15 0 7 15 0 1 0 10 0 6 4 0 14 9 0 13 6 0 3 6 .13 4 O il 8 12 0 13 0 0 19 0 1 *7 0 0 10 7 0 3 6 14 6 1 15 6 0 6 0 111 0 8 11 19 0 0 9 0 0 12 9 0 16 0 8 0 0 10 0 20 0 inferior ., 3 J to 6 Bellies and Pieces— Crossbred good to . super i. 5 to o'i 1 to tSi to S 4 'Interim dividend reduced, t No int Where no approximate market is given -. only 090 quota is given. Low to medium 3 to ii 1 to 2J Crutchings— • Medium to 4 to' 4| 2 to 31 Inferior to " seedy .. 1} to : 2f 1 to 2 Locks*— . . - Crossbred .. 2 to 3j' to 12 CHEDDAR CHEESE. ■ •.« ■■■.'■.■ i..' NEW ZEALAND BOARD'S v PROPOSAL. (VKtlkP PMSS ASSOCIATION:—ft* CI^CTBlfi **tnoaASH—iHOFvaionr.) (Hceeived March 27th, 6.S p.m.) LONDON. March 26, In answer to a question in the House of sCktiftmdtu. Mr 0. Edwards said a Parliamentary Secretary. Ministry for Agriculture already had given attention to-the report of the New Zealand Dairy Board Proposing to' describe YESTERDAY'S SALES. CHRISTCHURCH. Sales on 'Change— £ s. d. New Zealand Government, ■■ 5i per cent.. Inscr. 1932 ... ... 100 0 0 Commercial Bank of Atis- __ traha ... - 0 14 11 Dalgetv and Co. >••• " New Zealand Refrigerating (10s paid} /. 0 § 9 0 3 ■•'*■■■ New Zealand Urdweries ... 1 16 6 Mahakipawa Goldfields (3) 0 0 iu King Solomon Mining: ... 0 1. tf Sales - ReportedUnion Bank of Aust. (2) 8 11 0 National Insurance ... 0 13 1 Now Zealand Guarantee rJ Corpn. (euin div.) ... .0.6 4 New Zealand Refrigerating (10s paid) ... ■ ... - 0 3 6 Auckland Gas ... ... 13 4 New Zealand Breweries ... 1 lo 3

- "" * , S : THE PRESS, SI il URD * " AM COMMERCE. AUCKLAND WOOL VALUES C ,S1 SAJUK. CHRISTCHUltCH SHARE MARKET. YESTERDAY'S TRANSACTIONS. ' I SLIGHT DROP IN rRICES. ■ ; -AFORMER LEI There was a moderate turnover on call yesterday, and prices of several stocks showed an easing tendency. Transactions exclusive of vestibule business, included £400 New Zealand Government, 5| JAPANESE BUYERS STILL ACTIVE. tTHU FMSS Special SerWce.] WEEKLY REVIEW. A LOWER TURNOVER. Am't. paia pfer Cowpanie«. ah'*. Buyers, Sellers l>uriiij£ tlio pas.t week tho affiliated Exchanges throughout New Zealand experienced a falling off iu business, tho volume showing a decided drop compared with the weekly totals for the previous three weeks. Prices also whieb had run up steadily under tho demand, have this sagged a little, but are still well in advance of thou ruling a month ago. Government Stock* have had steady enquiry, and the 4j per cent, tax free, especial!*-. show considerable appreciation. The ioJlowinji is a comparison of the daily recorded volume of business on tlw lo<.-al market for the past fort*, {light. This week. Last week. £ ■ £ Saturday ... 1,123 1,771 Monday ... 2,Z2r> 2,427 Timtdav ... 814 2,8o7 Wednesday ... 2.330 3,123 Thursday' ... 3.402 . 2,047 Friday ... 2.14.5 2,577 £12.369 £14,802 01 tins week's total tho following groups attracted most business, last week's figures in brackets: —Banks £1003 (£5297). breweries £2147 (£1449) insurance £1470, pastoral £1070 (£2123); 4} per cent., 1938 tAock. advanced to £96. and late buyers mre offering £97 5s. sellers at £9' 10k. The bonds, due 1938 and 1939, are wanted at £97. but holders are KtitMt; per cent, stock, due 1932, realised £100; 54 per cent. 1941 stock dtailtd hands at £94 10s; 5} per cOnt stock, due 1933, was firm at £99 5s, and the bonds moved up to the same figure: f»i per cent, stock, due 19§1. w*s taken at £97 10a. Christchurch City. 5J per cent. 1949 debentures, changed hands, at £93: Manawatu-Oroun Power, & per cent. 1051. ar £88 2s '6d; and Canterbury Power Board, 51 per cent. im. at £38 10s. Bank Shares. Btok shares lt«Id pride of place for popularity with investors. Australian of Commerce were released at l8s lid, ami more are available at 16s, buyers «tib 19a lOd. AiUitralflsias. riiti) dividend, weakened from £10 7s 6d to £10 dividend of 6s per sharo buvers wr» ©ferine £9 10s. no sellers quoting. Cos&aereial Bank of Australia ranged from 15s lOd to 14s ltd. as compared with 16a to 15h 6d to 15s lOd last *eek. E. S.. and A. dropped 5s, to htuinea at £5 10s. and more are on oiler at £5 8a. recent buvers at £4 18s. National of 'Australasia, fully pa!4*< which realised £10 12s 8d a wwaJt ago. are quoted £10 buyers, £11 jwllsrtf—the £5 paid had dealings at £5 as against £5 4s to £5 6a 6d " last week, and, closed weaker at £o 3s adlm!*. £4 18s buyers. New' South WaJw www placed at £27 iOs. £27 7s &i.tt*d 27* 6* Od—last, week's price* rancid from iSS 10s to . £S7 13s fid— iw4'MM easier at £27 2a,6d sellers, 1ft) buyers. New Jlealands went frott fits 6d to 6&. but later eased ? EUMS^g. I?: fbwrwi iWe unaltered at 866' 5 §1; i 4moeiudaini. .'Rational. y?hich hatP M?jiS|BS*W " lawmmcd and Loan and Agency. _ * vt JWbnd' Insnranee shares were a ,;i I'lmideat 18b. W. and Ute bu£~ «f» ttttt offisjfilJg 18& seller*,'fct 13s Wr. mm millBids remained' unaltered at 4®s, awl (fear* *re further sellers' at 4l«. &with British I >; w Zmik*- : asp.' Galdsbrougb. Mori®, ■ftongfl to 21s ftd and late sollera g.Jfe'O; per cent.. Inscr. 1932. 100 Commercial Bank of Aust. 70 Union Bank of Australia. 200 National Insurance. 20 Dalgety and Co. 100 New Zealand Guarantee Corpn. (cum div.). 600 New Zealand Refrigerating (10s paid). 173 Auckland Gas. • 200 New Zealand Breweries, 1800 Mahftkipawa Goldfklds. 300 King Solomon. Now Zealand Government, 5i per cent., 1932 stock, changed hands at par. and there were further buyers at £99 17a 6d, no sellers. Commercial Bank of Australia shares weakened to 14s lid, sellers staying inat that figure, buyers at 14s 9d. Bank of Australasia snares were marked ex divi* dend of 6 per cent.. £0 10s buyers, no sellers. Union Bank of Australia shares moved up to £8 lis, sellers staying in at that price, buyers at £8 8s. Other Stocks. National Insurance shares realised 13s Id. market closing 13s buyers, 18a 3d sellers. Dalgety and Company Shares dropped to £7 10s. closing quotations £7 7s 6d buyers. £7" los sel' lore. Goldsbrough Worts were weaker with sellers at 20s lOd. buyers at Ws 6d. New Zealand Guarantee Corpora tion shares, oum dividend. realised tis 4d. and more were offered at that price, buyers at 6s. New Zealand Refrigerating Company. 10s paid shares, had dealings at 3s 6d. 3s 5d, and 3s 4d, and there were further buyers at 3s 3d. sellers a*- 3s 5d. AuckGas shares changed hands at 23s 4a. and there WON* further unsupported sellers at that' flgurfe. New Zealand Breweries &l}|tf6S declined to dealings at 3os 6d and 86r 3d. dosing quotations 35s buyers, 85s 6d sellers. Sellers of Mfc. Lyells redneed their limits to 20s, buvers at 19s 4d- Unsupported sellers of New Zealand Driy* Comnanv shftrea *um dividend, oawe down to 60s. ■ King Solomon (Sold Mining shares relapsed to Is 9d. Mahakipawas Were firm at lOd, sellers Rtavhlf in at thftt price, buyers at 9jd. v; NORTH AMERICAN WHEAT. WING ACREAGE. (USITEB PRESS ASSOCIATION—BY , BLECTB1C TBLZOBAPH—CbPVBIQHT.) . WASHINGTON. March 86. TJw smallest wheat acreatge planted since 1918 is reflected In the report of the Agricultural Department issued -On Wednesday. The report states that it js the intention of farmers to. sow 3,599,000 acres, whichis 17.5 per cent, lower ; thfcn last yaitif's iowing of slightly more tpttn the record of the 1928 acreThe intended acreage of spring wheat, other than tvheat, is estimated Alt' l3,99&,0ocr,Acres, of.,88 pAt cent, of \ ' ' r " i * >toKfet., {USIXKA fAESS' ASSOCUTIOK—flj ELXC1BIC TSUaaaArH—corraioaT.). - : '" LONDON, ttftuli 98, C«»tg()ea—Encouraged by the in Canada aud Amgftea, a&d by lighter Rusajaa shipmaata, deTleta asked 3d «dva&c«, but made pod* tfltyoflSS. - Thfr market egOMdU«n«iex£ UtoUKb A>i(tr*ll«l> talcs vto the Orient toe* hr I• »£r bebe «6ld W gfea&gb&i ;Creels ,a» la smalt dtttts'ud .St ttota un< ifemtiA att, tfecailottAl M. . At WW# We&tevn iaitealiaii, Jang dslivety, ttold .*t 23#, tad at Olagfow, ttJUiktta; at.frfs.M. T ?w ft me rti 41 pu • 3tocft -« 'ua, mr 4» iii„ JMr 4s -44/.OcWljBt 4» «|1 per ««ntalr A : w;VKS""' •* ""»• - • -L ' " MfcLfiOtrRNE, ■ MSrch ft, « !s -M fii U jet - ■; f -tdlwC, March Bfl. . : ' ,, c •'// C6MPAKnr, : •"" « •; '/AfmtJAp MEETING. ' v 1SMB SBa8ii- ; 8stelSl.ISttlM.I AUCKLAND, March 27. Although prices at the third Auckland wool sale Showed an improvement Of from 2d to JHd P er pound oil those Of the last Auckland sale, there was not the strength in the demand for certain grades many sellers had expected, values generally being from a farthing to a halfpenny below anticipations. The marked firmness that has characterised the Australian market was not reflected here, and there Was a slight reaction compared with tho tone of the Wanganui sale. iHne wool held firm at southern rates, but average top-makera' and inferior wools were from par to a halfpenny a pound below Wellington rates. 1 The top price was lljd for a line of fine crossbred hogget wool. The average price for {food crossbred wool was about 6|d per pound, or approximately £9 2s 4d a bale, as Compared with 4d and £5 10s respectively at the January sale in Auckland. An instance of the change in prices was given by one broker who took over 800 bales of good average crossbred wool at an average price of 4d a pound in January. To-day tho price for similar quality wool averaged CJd. There was a big bench of buyers, the Continent and Japan being well represented. Japan was very active, bidding with practically no limits for lines of well-classed fine wool. Bradford buyers gave steady support up to limits. France was chiefly interested in pieces and lambs. The following table gives the prices realised with the January prices for comparison:— March, 1031, Jan.. 1931. d. d. d. , d. Medium Halfbred— Super .. 9J to 10 to 8 Average .. 8i to 9i 6 to 6J Inferior .. 7J to 8 4| to Coarse Halfbred— Super .. 8 to 8i fli to 6Average, . . b| to ?i 4i to 5 Inferior ... 5$ to 6i 31 to 4 Pine Crossbred— ; Super .. 7-1 to 8{ 5 to 5i Average 6i to 7 41 to 4J Inferior .. 5 to 6 3 to 3$ Medium Crossbred— Super .. 6§ to 7£ 4J to 4f Average .. o to oj 3i to 3j Inferior ,. 4J to 51 2 to 3 Coarse Crossbred— Super .i 6 to 7 1 to 41 Average .. 51 to 0 3 to 3 j Inferior .. 3i to 5 1J to iU Low Crossbred— Super .. 61 to 7 Average .. 5 to 6- 3*1 to 3 J' Inferior .. 3J to 4J 2 to 3 Hoggetfr^Extra super "' to 111 • Halfbred .. 74 to 8J 5} to 6} tfilie .. 7} to 81 4f to 51 Medium .. to 7 41 to 51 Coarse .. -5| to 61 31 to 4A Lambs—t -JPitte .. 7 to 81 to 4| Medium .. 6} to 7} 3 to 32 " Seedy and Y jr Baiiks— delaide .. 5 Aust. of Comm. 1 Australasia .. 5 C'oiatn. of Aust. 10a Comm. of Aust. tpref) .. 10 Comm. of Sydney 12J E., S., and A. .. 3 N[nt. of Aus'asia 10 Nat. of Aus'asia (ccr.tr.) . ., 5 Notional of N.Z, 2J Kew South Wales 20 New Zealand .. 1 Union .. 5 Insurance— Katiohal .. 7s *few Zealand .. 1 South British .. 1 Standard .. 1 Loan and Agency— ■ t'algety and Co. 5 ioidsbrough, M. 1 limrantoe Corpn. 8s L'nited Buildinj; 1 Frozen Meat— C4eat .. 1 \.Z. Reftig. 1 N.Z. jRefrig. (con.) los Gas— Auckland .. l. Auckland (cont.) 156 Christchurch .. 1 .Christohurch (con.) 10b Tiniaru .. .1 Shipping— Ituddal't • barker 1 P. and O. t)cf. — Union (pfef.) .. 1 Coal— O i ey Valley .. 1 Taupiri .. .1 Westport .. 1 Woollens— Kalttpoi .. 37 a Kbiapoi (conlr.) 7s Kuiapoi (ptef.) .. 17s Breweries— Carlton . 1 New Zealand 1 Staples 1 Tim am •• i° 4 Timaru (con.) . ."s Tooheys 10s Tooths .. 1 Miscellaneous— Aust. Distillery ' 1 Aust. Glass . ■ 1 Heath and Co. .. 1 Beath & Co. (con.) Is British Tobacco 1 Hums, Philp .. 1 Colonial Sugar .. 20 Dunlop Rubber 1 lilectro. Zinc 1 Electro.'Zinc (pref.) 1 Henry Jone.i .. 1 Kauri 'Timber .. 23s N.Z. Druj? Co. .. 2 Mount Lyell ; . 1 Farm. Fertiliser 1 Wliit. and Tombs 3& Wilson's Cement 1 § *. d 0 13 10 9 10 0 0 14 9 5 7 G 10 0 0 4 16 0 4 15 0 26 ;o 0 2 9 3 8 8 0 0 13 0 2 10 3 5 0 7 7 0 0 19 6 0 6 0 0 13 9 0 11 0 0 3 3 0 6 9 14 6 0 11 4 10 0 1 13 0 15 4 0 7 0 0 0 6 1 1 7 1 15 0 0 5 0 10 3 12 0 0 3 0 1 9 7 0 7 6 0 11- 0 0 19 4 2 14 3 1 18 6 £ B. 0 1G 0 0 14 11 6 5 0 16 0 0 5 6 0 U 0 0 5 3 0 5 4 0 27 2 0 2 9 6 8 11 0 0 13 3 2 2 3 2 15 0 7 15 0 1 0 10 0 6 4 0 14 9 0 13 6 0 3 6 .13 4 O il 8 12 0 13 0 0 19 0 1 *7 0 0 10 7 0 3 6 14 6 1 15 6 0 6 0 111 0 8 11 19 0 0 9 0 0 12 9 0 16 0 8 0 0 10 0 20 0 inferior .. 3| to 6 1 to Bellies and Pieces—> Crossbred good to super i. 5 to Gi '6$ to s 4 'Interim dividend reduced, t No int Where no approximate market is given -. only 090 quota is given. Low to medium 3 to ii 1 to 2J Crutchings— • Medium to 4 to' 4| 2 to 31 Inferior to " seedy .. 1} to : 2f 1 to 2 Locks*— . . - Crossbred .. 2 to 3j' to 12 CHEDDAR CHEESE. ■ •.« ■■■.'■.■ i..' NEW ZEALAND BOARD'S v PROPOSAL. (VKtlkP PMSS ASSOCIATION:—ft* CltSCTBlfi **tnoaASH—iHOFvaionr.) (Hceeived March 27th, 6.S p.m.) LONDON. March 26, In answer to a question in the House of sCktiftmdtu. Mr 0. Edwards said a Parliamentary Secretary. Ministry for Agriculture already had given attention to-the report of the New Zealand Dairy Board proposing to' describe -its• standardised cheese as eheddar. Thouitn. unlike British cheddar, it was not full cream oheese. He undertook to seek the .Bmpiro Marketing Board's repoft on the subject. * P BANK OF PORTUGAL. ' • ' AN APPEAL CASE! YESTERDAY'S SALES. CHRISTCHURCH. Sales on 'Change— £ s. d. New Zealand Government, ■■ 5i per cent.. Inscr. 1932 ... ... ICO 0 0 Commercial Bank of Atis- __ traha ... - 0 14 11 Dalgetv and Co. >••• " New Zealand Refrigerating (10s paid} /. 0 § 9 0 3 ■•'*■■■ New Zealand Breweries ... 1 16 6 Mahakipawa Goldfields (3) 0 0 iu King Solomon Mining: ... 0 1. tf Sales - Reported— Union Bank of Aust. (2) 8 11 0 National Insurance ... 0 13 1 Now Zealand Guarantee rJ Corpn. (cum div.) ... .0.6 4 New Zealand Refrigerating (10s paid) ... ■ ... - 0 3 6 Auckland Gas ... ... 13 4 New Zealand Breweries ... 1 lo 3 WELLINGTON. ' Sales fteported— ■■ ■£- a. d. Bank of New South Wales '27 0 0 Bank of New Zealand (D f -long term) ... 1 • §. » tfnion Bank of Australia 8 10 0 Ooloniaf Sugar 31 0 ,0 DUNEDIN.

- "" •^V N , S ; THE PRESS, Si URD * " AM ) COMMERCE. AUCKLAND WOOL SALE. VALUES ( ,S1 CHRISTCHUltCH SHARE MARKET. YESTERDAY'S TRANSACTIONS. SLIGHT DROP IN PRICES. FORMER LEI There was a moderate turnover on call yesterday, and prices of several stocks showed an easing tendency. Transactions exclusive of vestibule business, included £400 New Zealand Government, 5| JAPANESE BUYERS STILL ACTIVE. tTHU FASSS Special SerHoe.] WEEKLY REVIEW. A LOWER TURNOVER. Am't. paia pfer Cowpanie«. ah'*. Buyers, Sellers l>uriiij£ tlio pas.t week thu affiliated Exchanges throughout New Zealand experienced a falling off iu business, tho volume showing a decided drop compared with the weekly totals for the previous three weeks. Prices also whieb had run up steadily under tho demand, have this sagged a little, but are still well in advance of thou ruling a month ago. Government Stock* have had steady enquiry, and the 4j per cent, tax free, especial!*-. show considerable appreciation. The ioJlowinji is a comparison of the daily recorded volume of business on tlw Io<.-al market for the past fort*, {light. This week. Last week. £ ■ £ Saturday ... 1,123 1,771 Monday ... 2,Z2r> 2,427 Timtdav ... 814 2,8o7 Wednesday ... 2.330 3,123 Thursday' ... 3.402 . 2,047 Friday ... 2.14.5 2,577 £12.369 £14,802 01 tins week's total tho following groups attracted most business, last week's figures in brackets: —Banks £1003 (£5297). breweries £2147 (£1449) insurance £1470, pastoral £1070 (£2123); 4} per cent., 1938 tAock. advanced to £96. and late buyers mre offering £97 5s. sellers at £9' 10k. The bonds, due 1938 and 1939, are wanted at £97. but holders are KtitMt; per cent, stock, due 1932, realiMd £100; 54 per cent. 1941 stock dtailtd hands at £94 10s; 5} per cCnt stock, due 1933, was firm at £99 5s, and the bonds moved up to the same figure: f»i per cent, stock, due 19§1. w*s taken at £97 10a. Christchurch City. 5J per cent. 1949 debentures, changed hands, at £93: Manawatu-Oroun Power, & per cent. 1051. ar £88 2s '6d; and Canterbury Power Board, 51 per cent. im. at £38 10s. Bank Shares. Btok shares lt«Id pride of place for popularity with investors. Australian of Commerce were released at l8s lid, ami more are available at 16s, buyers «tib 19a lOd. AiUitralflsias. riiti) dividend, weakened from £10 7s 6d to £10 dividend of 6s per sbaro buvers wr» ©ferine £9 10s. no sellers quoting. Cos&aereial Bank of Australia ranged from 15s lOd to 14s ltd. as compared with 16a to 15h 6d to 15s lOd last *eek. E. S., and A. dropped 5s, to htuinea at £5 10s. and more are on oiler at £5 6&. recent buvers at £4 18s. National of 'Australasia, fully paid*. which realised £10 12s 8d a wwaJt ago. are quoted £10 buyers, £11 jwllsrtf—tho £5 paid hfld dealings at £5 as against £5 4s to £5 6a 6d " last week, and, closed weaker at £o 3s £4 18s buyers. New' South Watm placed «t £27 iOs. £27 7s &i.tt*d 37* 6* Od—last, week's price* facet*! ftom £SB 10s to . £S7 13s fid— iw4'MM easier at £27 2a,6d sellers, 1ft) buyers. New Jlealands went frato Sis Cd to 6Ss. but later eased ? EUMS^g. 1?: fharw IWe unaltered at 866' 5 §1; i 4MweiiataiNl National. y?hich hatP ji.,. ttanferlt t&iip*6!!tg IS. '•VI*. " lawmmcd and Loan and Agency. _ / ' Jfaiitraal Inanranee shares were a ,;i »Jwde*asier at 18b.W. and Ute bu£~ «f» ftM ©ffitfiog I8e, sellerS'fct 13s Sr. mv Zeafcnds remained' unaltered at 4£s, aad tfwr*.. art; further sellers' at 41sl Smith British per cent.. Inscr. 1932. 100 Commercial Bank of Aust. 70 Union Bank of Australia. 200 National Insurance. 20 Dalgety and Co. 100 New Zealand Guarantee Corpn. (cum div.). 600 New Zealand Refrigerating (10s paid). 173 Auckland Gas. • 200 New Zealand Breweries, 1800 Mahftkipawa Goldfklds. 300 King Solomon. Now Zealand Government, 5i per cent., 1932 stock, changed hands at par. and there were further buyers at £99 17a 6d, no sellers. Commercial Bank of Australia shares weakened to 14s lid, sellers staying inat that figure, buyers at 14s 9d. Bank of Australasia snares were marked ex divi* dend of 6 per cent.. £0 10s buyers, no sellers. Union Bank of Australia shares moved up to £8 lis, sellers staying in at that price, buyers at £8 8s. Other Stocks. National Insurance shares realised 13s Id. market closing 13s buyers, 18a 3d sellers. Dalgety and Company Shares dropped to £7 10s. closing quotations £7 7s 6d buyers. £7" los sel' lore. Goldsbrough Worts were weaker with sellers at 20s lOd. buyers at Ws 6d. New Zealand Guarantee Corpora tion shares, oum dividend. realised tis 4d. and more were offered at that price, buyers at 6s. New Zealand Refrigerating Company. 10s paid shares, had dealings at 3s 6d. 3s 5d, and 3s 4d, and there were further buyers at 3s 3d. sellers a*- 3s 5d. AuckGas shares changed hands at 23s 4a. and there WON* further unsupported sellers at th&t' flgurfe. New Zealand Breweries &l}|tf6S declined to dealings at 3os 6d and 85s 3d. dosing quotations 35s buyers, 85s fid sellers. Sellers of Mfc. Lyells reduced their limits to 20s, buvers at 19s 4d. Unsupported sellers of New Zealand Drvy* Comnanv shftrea dividend, came down to 60s. ■ King Solomon (Sold Mining shares relapsed to Is 9d. Mahakipawas Were firm at lOd, sellers Rtavhlf in at thftt price, buyers at 9jd. v; NORTH AMERICAN WHEAT. WING ACREAGE. (USITEB PRESS ASSOCIATION—BY , BLECTB1C TBLZOBAPH—CbPVBIQHT.) . WASHINGTON. March 86. Tho smallest wheat acreatge planted since 1918 is reflected In the report of the Agricultural Department issued -On Wednesday. The report states that it js the intention of farmers to. sow acres, whichis 17.5 per cent, lower ; than last yehy's cowing of slightly more than the record of the 1928 acreThe ihMded acreage of Spring wheat, other than wheat, is estimated fttf l3,99&,00(r,Acres, of.,88 pAf cent, of jthc 103ft . t (i ■ f - t V r " , ** (USIXKA fAESS' ASSOCUTIOK—flj ELXC1BIC TSUaaaArH—corraioaT.). - : '" LONDON. Msr«H 98. C«»tg()ea— by the in Canada aud Amgftea, a&d by lighter Rusajaa shipmaata, deTleta asked 3d «dv*nc6, but buyers made t»«f tfltyoas*. - Thfr market elo««d easier*; UtoUKb A>i(tr*ll«l> talcs vto the driiat Wrfs *esufflV*7pdd toe* bebe «ald W fiim&clial ;pkrcels ,a» la smalt dsiasud .at itota ua> W att jJccaUowu. M. . At liSVeriJool, worn &I Weston ii»»t*ali#a, Jang dslivety, ttold .*t 23#, tad at Olagfow, ttJUiktta; ; ?w ft me rti 41 pu > M#rc& <« 'iiA, mr 4» m„ JMr 4s -44/.OcWljBt 4» «|1 per ««ntalr " «"»• - • -L ' " MfcLfiOtrRNE, ■ MSrch it. IS -M fii u let ** r - - ■> "fttiferf, March Bfl. . jsviast'ssr' .s;&. f •* C0MPANY.'- •"" « •; '. ANNlJAli' 4 MEETING. ' v w. Spe&kbUt nf Stad annual the Drhg GotnMf, Wj. IV. Bdmond, chalrjnan oi -$ayj)'.«ip summing up ioi<ihe gife<euf |iosl{i<Jtt 6| th& fieminbn, fUTOt£»' <1 , ' > ~ ' .aw-:' *miV' said, "the pfttf ylif has hed by many dtfS* faalWy brought abtatt by the \mtaSi* lit Vfilm of alt , and. othar THr pottibtoa, in; vOthhiOnWithin 1 • AUCKLAND, March 27. Although prices kt the third Auckland wool sale Showed an improvement Of from 2d to JHd P er pound oil those Of the last Auckland sale, there was not the strength in the demand for certain grades many sellers had expected, values generally being from a farthing to a halfpenny below anticipations. The marked firmness that has characterised the Australian market whs not reflected here, and there Was a slight reaction compared with tho tone of the Wanganui sale. iHne wool held firm at southern rates, but average top-makers' and inferior wools were from par to a halfpenny a pound below Wellington rates. 1 The top price was lljd for a line of fine crossbred hogget wool. The average price for {food crossbred wool was about 6|d per pound, or approximately £9 2s 4d a bale, as Compared with 4d and £5 10s respectively at the January sale in Auckland. An instance of the change in prices was given by one broker who took over 800 bales of good average crossbred wool at an average price of 4d a pound in January. To-day tho price for similar quality wool averaged CJd. There was a big bench of buyers, the Continent and Japan being well represented. Japan was very active, bidding with practically no limits for lines of well-classed fine wool. Bradford buyers gave steady support up to limits. France was chiefly interested in pieces and lambs. The following table gives the prices realised with the January prices for comparison:— March, 1031, Jan., 1931. d. d. d. , d. Medium Halfbred— Super .. 9J to 10 to 8 Average .. 8i to 9i 6 to 6J Inferior .. 7J to 8 4| to 5| Coarse Halfbred— Super .. 8 to 8i fli to 6Average, . . b| to ?i 4i to 5 Inferior ... 5$ to 6i 31 to 4 Pine Crossbred— ; Super .. 7-1 to 8{ 5 to 5i Average .. 6i to 7 41 to 4J Inferior .. 5 to 6 3 to 3$ Medium Crossbred— Super .. 6§ to 7£ 4J to 4f Average .. o to oj 3i to 3j Inferior .. 4J to 51 2 to 3 Coarse Crossbred— Super .i 6 to 7 1 to 41 Average .. 51 to 0 3 to 3 j Inferior .. 3i to 5 1J to iU Low Crossbred— Super .. 61 to 7 Average .. 5 to 6- 3*1 to 3 J' Inferior .. 3J to 4J 2 to 3 Hoggetfr^Extra super "' to 111 • Halfbred .. 74 to 8J 5} to 6} tfilie .. 7} to 81 4f to 51 Medium .. to 7 41 to 51 Coarse .. -5| to 61 31 to 4A Lambs—t IPitte .. 7 to 81 to 4| Medium .. 6} to 7} 3 to 32 " Seedy and Y jr Baiiks— delaide .. 5 Aust. of Comm. 1 Australasia .. 5 C'oiatn. of Aust. 10a Comm. of Aust. fpref) .. 10 Comm. of Sydney 12J E., S., and A. .. 3 N[nt. of Aus'asia 10 Nat. of Aus'asia (ccr.tr.) . .. 5 Notional of N.Z, 2J Kew South Wales 20 New Zealand .. 1 Union .. 5 Insurance— Katiohal .. 7s *few Zealand .. 1 South British .. 1 Standard .. 1 Loan and Agency—. ■ t'algety and Co. 5 joidsbiough, M. 1 limrantoe Corpn. 8s L'nited Buildinj; 1 Frozen Meat— C4eat .. 1 \.Z. Reftig. 1 N.Z. Eefrig. (con.) los Gas— Auckland .. l. Auckland (cont.) 156 Christchurch .. 1 .Christohurch (con.) 10b Timnru .. .1 Shipping— Ituddal't • barker 1 P. and O. t)cf. — Union (pfef.) .. 1 Coal— O i ey Valley .. 1 Taupiri .. .1 Westport .. 1 Woollens— Kalttpoi .. 37 a Kbiapoi (contf.) 7s Kuiapoi (ptef.) .. 17s Breweries— Carlton . 1 New Zealand 1 Staples 1 Tim am •• i° 4 Timaru (con.) . ."s Tooheys Its Tooths .. 1 Miscellaneous— Aust. Distillery ' 1 Aust. Glass . ■ 1 Heath and Co. .. 1 Beath & Co. (con.) Is British Tobacco 1 Hums, Philp .. 1 Colonial Sugar .. 20 Dunlop Rubber 1 lilectro. Zinc .. 1 Electro.'Zinc (pref.) 1 Henry Jone.i .. 1 Kauri 'Timber .. 23s N.Z. Drupr Co. .. 2 Mount Lyell ; . 1 Farm. Fertiliser 1 Wliit. and Tombs 3& Wilson's Cement 1 § *. d 0 13 10 9 10 0 0 14 9 5 7 G 10 0 0 4 16 0 4 15 0 26 ;o 0 2 9 3 8 8 0 0 13 0 2 10 3 5 0 7 7 0 0 19 6 0 6 0 0 13 9 0 11 0 0 3 3 0 6 9 14 6 0 11 4 10 0 1 13 0 15 4 0 7 0 0 0 6 1 1 7 1 15 0 0 5 0 10 3 12 0 0 3 0 1 9 7 0 7 6 0 11- 0 0 19 4 2 14 3 1 18 6 £ a. 0 1G 0 0 14 11 6 5 0 16 0 0 5 6 0 U 0 0 5 3 0 5 4 0 27 2 0 2 9 6 8 11 0 0 13 3 2 2 3 2 15 0 7 15 0 1 0 10 0 6 4 0 14 9 0 13 6 0 3 6 .13 4 O il 8 12 0 13 0 0 19 0 1 *7 0 0 10 7 0 3 6 14 6 1 15 6 0 6 0 111 0 8 11 19 0 0 9 0 0 12 9 0 16 0 8 0 0 10 0 20 0 inferior .. 3| to 6 1 to S Bellies and Pieces—> Crossbred good to super i. 6 to Gi '6$ to 4 'Interim dividend reduced, t No int Where ho approximat« market is given -. only ow> quota is given. Low to medium 3 to 4f 1 to 2J Crutchings— > Medium to 4 to' 4| 2 to 31 Inferior to " seedy .. 1} to : 2f 1 to 2 Locks*— . . - Crossbred .. 2 to 3j' to 12 CHEDDAR CHEESE. ■ •.« ■■■.'■.■ i..' NEW ZEALAND BOARD'S v PROPOSAL. (VKtikP paass asaociATios—at **tE0aASH—COPTOiattT.) (Hceeived March 27th, 6.S p.m.) LONDON. March 26, In answer to a question in the House of sCktiftmdtu. Mr 0. Edwards said a Parliamentary Secretary. Ministry for Agriculture already had given attention to-the report of the New Zealand Dairy Board proposing to' describe its standardised cheese as eheddar. Thouitn. unlike British cheddar, it was not full cream oheese. He undertook to seek the .Empire Marketing Board's repoft on the subject. * P BANK OF PORTUGAL. ' • ' AN APPEAL CASE! , , ./ (tJitWIlfi - PHBB9 AiSOCUtlON—#* KtSCtalO <tiitSQ**»a««H5ofvBi0njp.) L0NDON, March 26. "After' an eight-day hearing qi' the adjustment of costs, the majority of tho Judges JQi the tfcurt of Appeal ro* dutafa the fianjt of Portugal's damages to ' £300.000 against Wateriow's, and' disQitesed thu bhnk's cross-appeal in t'tj$f>eefc o! the deduction of £80,000, with costs against the tymk. A stay of execution wpS granted on behalf of Waterloo's pending aH appeal to tlie of Lords, ■■■■; . >v YESTERDAY'S SALES. CHRISTCHURCH. Sales on 'Change— £ s. d. New Zealand Government, ■■ 5i per cent.. Inscr. 1932 ... ... ICO 0 0 Commercial Bank of Atis- __ traha ... - 0 14 11 Dalgetv and Co. >••• " New Zealand Refrigerating (10s paid} /. ••• 0 § 9 0 3 ■•'*■■■ New Zealand Breweries ... 1 16 6 Mah&kipawa Goldfi'elds (3) 0 0 iu King Solomon Mining: ... 0 1. tf Sales - Reported— Union Bank of Aust. (2) 8 11 0 National Insurance ... 0 13 1 Now Zealand Guarantee rJ Corpn. (cuin div.) ... .0.6 4 New Zealand Refrigerating (10s paid) ... ■ ... - 0 3 6 Auckland Gas ... ... 13 4 New Zealand Breweries ... 1 lo 3 WELLINGTON. ' Sales fteported— ■■ £- a. d. Bank of New South Wales '27 0 0 Bank of New Zealand (D f -long term) ... 1 • §. » tfnion Bank of Australia 8 10 0 Colonial Sugar 31 0 ,0 DUNEDIN. , £ B. A Sale on 'Change— Okarito .. >< 0 6 Sale ReportedNew Zealand Eefrigerating (cont.). .. .. 0 3 4 £ ■ s. d. Sai6s on 'Change— Auckland .Harbopr Board I960, 5} per cent. .. 96 10 0 Bank of New Zealand ' .. 2 9 6 (2) ' 2 9, 8 Auckland Gas * .. 1 3 3 Colonial Sugar .. 31 5 0 King Solomon _ ■ , t . 0 1 10J

V\. N , s ; THE PRESS, SAl URD * " ANT ) COMMERCE. AUCKLAND WOOL SALE. VALUES 0> ,S1 CHRISTCHURCH SHARE MARKET. YESTERDAY'S TRANSACTIONS. SLIGHT DROP IN PRICES. FORMER LEI There wan a moderate turnover on call yesterday, and prices of several stocks showed an easing tendency. Transactions exclusive of yeatibule business, included £400 New Zealand Government, 5| JAPANESE buyers still ACTIVE. tTHU PABSS Special SerHoe.] WEEKLY REVIEW. A LOWER TURNOVER. Am't. p*ia pfer Companies. ah'*. Buyers, Sellers During tlio past week thu affiliated Exchanges throughout Xow Zealand experienced a falling off iu business, tho volume showing a decided drop compared with the weekly totals for the previous three weeks. Prices also whieh had run up steadily under tho demand, have this sagged a little, but are still well in advance of thou ruling a month ago. Government Stock* have had steady enquiry, and the 4j per cent, tax free, especial! v. chow considerable appreciation. The following is a comparison of the daily recorded volume of business on th« Io<.-al market for the past fort*, {light. This week. Last week. £ ■ £ Saturday ... 1,123 1,771 Monday ... 2,Z2r> 2,427 Tnntdav ... 814 2,8o7 Wednesday ... 2.330 3,123 Thursday' ... 3.402 . 2,047 Friday ... 2.14.5 2,577 £12.369 £14,802 01 tins week's total tho following groups attracted most business, last week's figures in brackets: —Banks £1003 (£5297). breweries £2147 (£1449) insurance £1470, pastoral £1070 (£2123); 4} per cent., 1938 tAock. advanced to £96. and late buyers mre offering £97 5s. sellers at £9' 10k. The bonds, due 1938 and 1939, are wanted at £97. but holders are KtitMt; per cent, stock, due 1932, realised £100; 54 per cent. 1941 stock dtailtd hands at £94 10s; 5} per cOnt stock, due 1933. was firm at £99 5s, and the bonds moved up to the same figure: f»i per cent, stock, due 19§1. w*s taken at £97 10a. Chrisfcchurch City. 5J per cOftt, 1949 debentures, changed hands, at £93: Manawatu-Oroua Power, & per cent. 1051. ar £88 2s '6d; and Canterbury Power Board. 51 per cent. im. at £38 10s. Bank Shares. Btok shares heft pride of place for popularity with investors. Australian of Commerce were released at l8s lid, *nd more are available at 16s, buyers at 19a lOd. AiUitralflsias. ruti) dividend. weakened from £10 7s 6d to £10 tat dividend of 6s per sharo buvers wr» ©ferine £9 10s. no sellers quoting. CooUftercial Bank of Australia ranged from 15s lOd to 14s ltd. an compared with 16a to 15h 6d to 15s lOd last *«ek. E. S.. and A. dropped 5s, to boainess at £5 10s. and more are on oiler at £5 0a. recent buvers at £4 Jfts. National of Australasia, fully pud*, which realised £10 12s 63 a weak a«o are quoted £10 buyers. £11 IHrllftr*—the £5 paid had dealings at £5 4m. as against £5 4s to £5 6a 0d Wt weaker at £o 3s per cent.. Inscr. 1932. 100 Commercial Bank of Aust. 70 Union Bank of Australia. 200 National Insurance. 20 Dalgety and Co. 100 New Zealand Guarantee Corpn. (cum div.). 600 New Zealand Refrigerating ■i« \ l6s , P«d). 1r<i Auckland Gas. • 200 New Zealand Breweries, 1800 Mahftkipawa Goldfields. 300 King Solompn. Now Zealand Government, 5i per cent., 1932 stock, changed hands at par. and there were further buyers at £99 17a 6d, no sellers. Commercial Bank of Australia shares weakened to 14s lid, sellers staying inat that figure, buyers at 14s 9d. Bank of Australasia snares were marked ex dividend of 6 per cent.. £0 10a buyers, no sellers. Union Bank of Australia shares moved up to £8 lis, sellers staying in at that price, buyers at £8 8s. Other Stocks. National Insurance shares realised 13s Id. market closing 13s buyers, 18a 3d sellers. Dalgety and Company Shares dropped to £7 10s. closing quotations £7 7s 6d buyers. £7" los sel' lers. Goldsbrough Marts were weaker with sellers at 20s lOd. buyers at 10s 6d. New Zealand Guarantee Corpora tion shares, oum dividend, realised tis 4d. and more were offered at that price, buyers at 6s. New Zealand Refrigerating Company. 10s paid shares, had dealings at 3s 6d. 3s 5d, and 3s 4d, and there were further buyers at 3s 3d. sellers a*- 3s 5d. AuckGas shares changed hands at 23s 4a. and there WON* further unsupported sellers at th&t' flgurfe. New Zealand Breweries shares declined to dealings at 35s 6d and 85s M. dosing quotations 35s buyers, 85s fid sellers. Sellers of Mt. Lyells reduced their limits to 20s, buvers at 19s 4d. Unsupported sellers of New Zealand Driy* Oojrmanv shftrea dividend, came down to 60s. ■ King Solomon (Sold Mining share# relapsed to Is 9d. Mahakipawas Were firm at lOd, sellers Rtayhif in at thftt price, buyers at 9jd. v; NORTH AMERICAN WHEAT. WING ACREAGE. (USITEB PRESS ASSOCIATION—BY , BLECTB1C TBLZOBAPH—CbPVBIQHT.) . WASHINGTON. March 86. Tho smallest wheat acreatge planted since 1918 is reflected in the report of tho Agricultural Department issued On Wednesday. The report states that it js the intention of farmers to. sow 3,599,000 acres, which is 17.5 per cent, lower ; thbQ last yfiitif's cowing of slightly more than ,ha.)f the recdrd of the 1928 acreThe ihtoflded acreage of Spring wheat, other than wheat, is estimated atf l3,99&,0o(r,acres, of.-,88 per cent, of Iwif# deifage. ? V faSKCKfi PASSU' ASSOCUTIOK—flj ELSC1BIC TSUaaaArH—corraioaT.). : ' ~ LONDON. ttftHfc 98. C«g<|ea—Kneottfatfed bythe ImpfroreJnetit in Canada and Amgfiei, and 1 by lights* Russian ahipmaata, Sellers asied3d*dva B ce, but buyers made tstyoss*. - Thfr market egOMdU «n«iex£ thoUt bAuitr»U»& SaltsVtO W»« driiat Wrfs toe* trjTtitw * 61f ® * 6ld w .. Creels ,s» la smalt ist&and .at Mm ua> jajfifS-. "* , 1 . ™ m 4 * pt * -4i lid, Jfir 4» «id„ fthf 4s 44! OcMliet 4* 6|a per ««ntalr A : w;VKS""' •* ""»• - ' -L ' « " MfcLfiOtrRNE, ■ MSrch St, - !s -M fii u let -?* < . f ifkw i-dlwC, iJarch U. •'// COMPANY,- ' r \ t •; '/AfmtJAp MEETING. ' v X'tKS Isttia.J gpe&kfUjt th$ annual tte iNew Drtig ComMf. Wj. Bdmond, chairman o£ summing up gife<euf ,|iosl{i<Jtt 6| th& fiominbn, fti^;:■ ;• ■, ; '•; . • .aw-:' wwi," Mo said, "the pust $Mi has hed tfpset fey many dtfS* faalfcly brought, by the lit values of alt and. otke* THir DottibJoa, ia J ; iabihirnon" a- 5reaUl|* tiffitie mora. only living itf tho midst of, falling mar" kpts. but fo aifiO' c&wibg the heavy re* ibcurred auring; periods of p?ospewtx, fo bndg? this gap *ltd pf sWftfloa by %vity tifllt |he,;^opt»lfttio?t/;will, deed mi 4®®P 6s * • coasideiratialtt, of«the best niiifids ia tho 60 that as far as fe humanly possible the financial budt <ftt .thia ' 'niay be .balanced, WBtjJfethaV should ouce more pfjbe;the *hipi0f Staten«d of ddttttrforfto. Oti Hit 4ve4'j|%e&v{t is most" gratifying that rewn1« wob>4&l«» both jind in fcOudoft SliOW puhstbntially higher prioeS. of itaportdnoe aot only 44,*aeti6fyut at' assuring a greater cireglatiofi Mohey, but. ais<T'}jkdi(jatinti that ysJues h&d touched, thW we nitty ,pbw look forward to a gradual Improvement, in-the get»export posijbion. 41 iSir J. C r Stephens,, la supporting tho chairman's remarks, said Chat the results of the, year'si trading have been : remarkably: .satiefadtory, ContrastMlg;the figures;!^.1921,.also a year of ffljfng prieis, with , those in tho latest > Mr' atephoas. said they e|b|)hMI*94'ths of the conipaay. la" 1693 tho. Capital was The re Wis te?,174iMd,to-fey,It .Tha-.MfiMntdjW of grort btm'M espial was lesif, than b%i)i thares asset to ind -.W. Taylor AUCKLAND, March 27. Although prices kt the third Auckland wool sale Showed an improvement Of from 2d to JHd P er pound on those Of the last Auckland sale, there was not the strength in the demand for certain grades many sellers had expected, values generally being from a farthing to a halfpenny below anticipations. The marked firmness that has characterised the Australian market was not reflected here, and there Was a slight reaction compared with tho tone of the Wangaaui sale. IHne wool held firm at southern rates, but average top-makers' and inferior wools were from par to a halfpenny a pound below Wellington rates. 1 The top price was lljd for a line of fine crossbred hogget wool. The average price for {food crossbred wool was about 6|d per pound, or approximately £9 2s 4d a bale, as Compared with 4d and £5 10s respectively at the January sale in Auckland. An instance of the change in prices was given by one broker who took over 800 bales of good average crossbred wool at an average price of 4d a pound in January. To-day tho price for similar quality wool averaged CJd. There was a big bench of buyers, the Continent and Japan being well represented. Japan was very active, bidding with practically no limits for lines of well-classed fine wool. Bradford buyers gave steady support up to limits. France was chiefly interested in pieces and lambs. The following table gives the prices realised with the January prices for comparison:— March, 1031, Jan.. 1931. d. d. d. , d. Medium Halfbred— Super .. 9J to 10 to 8 Average .. 8i to 9i 6 to 6J Inferior .. 7J to 8 4| to 5| Coarse Halfbred— Super .. 8 to 8i fli to 6Average, .. b| to ?i 4i to 5 Inferior ... 5$ to 6i 31 to 4 Pine Crossbred— ; Super .. 7-1 to 8{ 5 to 5i Average .. 6i to 7 41 to 4J Inferior .. 5 to 6 3 to 3$ Medium Crossbred— Super .. 6§ to 7£ 4J to 4f Average .. o to oj 3i to 3j Inferior ,. 4J to 51 2 to 3 Coarse Crossbred— Super .i 6 to 7 1 to 41 Average .. 51 to 0 3 to 3 j Inferior .. 3i to 5 1J to 2i Low Crossbred— Super .. 61 to 7 Average .. 5 to 6- 3*1 to 3 J' Inferior .. 3J to 4J 2 to 3 Hoggetfr^Extra super "' to 111 - Halfbred .. 74 to 8J 5} to 6} I'ilie .. 7} to 81 4f to 5-J Medium .. 6j to 7 41 to 51 Coarse .. -5| to 61 31 to 4A Lambs—t IPitte .. 7 to 81 4i* to 4| Medium .. 6} to 7} 3 to 32 " Seedy and i' jr Baiiks— delaide .. 5 Aust. of Comm. 1 Australasia .. 5 C'oiatn. of Aust. 10a Comm. of Aust. tpref) .. 10 Comm. of Sydney 12J E., S., and A. .. 3 N[nt. of Aus'asia 10 Nat. of Aus'asia (ccr.tr.) . .. 5 Notional of N.Z, 2J Kew South Wales 20 New Zealand .. l Union .. 5 Insurance— Katiohal .. 7s *few Zealand .. 1 South British .. 1 Standard .. 1 Loan and Agency— ■ t'algety and Co. 5 ■oldBbrough, M. 1 limrantoe Corpn. 8s L'nited Buildinj; 1 Frozen Meat— C4eat .. 1 \.Z. Reftig. 1 N.Z. jRefrig. (con.) los Gas— Auckland .. l. Auckland (cont.) 156 Christchurch .. 1 .Christohurch (con.) 10b TiiMaru .. .1 Shipping— Ituddal't • barker 1 P. and O. t)cf. — Union (pfef.) .. 1 Coal— O i ey Valley .. 1 Taupiri .. .1 Westport 1 Woollens— Kalttpoi .. 37 a Kbiapoi (conlr.) 7s Kuiapoi (ptef.) .. 17s Breweries— Carlton . 1 New Zealand 1 Staples 1 Tim aru .. if'd Timaru (con.) . ."s 'I'ooheys Its Tooths .. 1 Miscellaneous— Aust. Distillery ' 1 Aust. Glass . ■ 1 Heath and Co. .. 1 Beath & Co. (con.) Is British Tobacco 1 Hums, Philp .. 1 Colonial Sugar .. 20 Dunlop Rubber 1 lilectro. flino 1 Electro.'Zinc (pref.) 1 Henry Jone.i .. 1 Kauri 'Timber .. 23s N.Z. Drupr Co. .. 2 Mount Lyell ; . 1 Farm. Fertiliser 1 Wliit. and Tombs 3& Wilson's Cement 1 § *. d 0 13 10 9 10 0 0 14 9 5 7 6 10 0 0 4 16 0 4 15 0 26 ;o 0 2 9 3 8 8 0 0 13 0 2 10 2 5 0 7 7 0 0 19 6 0 6 0 0 13 9 O 11 0 0. 3 3 0 6 9 14 6 0 11 4 10 0 1 13 0 15 4 0 7 0 0 0 6 1 1 7 1 15 0 0 5 0 10 3 12 0 0 3 0 1 9 7 0 7 6 0 14- 0 0 19 4 2 14 3 1 18 6 £ •. 0 1G 0 0 14 11 6 5 0 16 0 0 5 6 0 U 0 0 5 3 0 5 4 0 27 2 0 2 9 6 8 11 0 0 13 3 2 2 3 2 15 0 7 IS 0 1 0 10 0 6 4 0 14 9 0 13 6 0 8 6 .13 4 O il 8 12 0 13 0 0 19 0 1 *7 0 0 10 7 0 3 6 14 6 1 15 6 0 6 0 111 0 8 11 19 9 0 9 0 0 12 9 0 16 9 8 0 0 10 0 20 0 inferior .. 3} to 6 1 to 8 Bellies and Pieces—> Crossbred good to super ;. 6 to Gi '6$ to 4 'Interim dividend reduced, t No inti Where no kpproximat« market is given -. only one quote is given. Low to medium 3 to ii 1 to 2J Crutchings— > Medium to gdod' 4 to' 4| 2 to 31 Inferior to " seedy .. 1} to : 2f 1 to 2 Locks— ~ . ' , . ' - Crossbred .. 2 to 3j' to 12 CHEDDAR CHEESE. ■ •.« ■■■.'■.■ i..' NEW ZEALAND BOARD'S v PROPOSAL. (VKtlkP PAtSS ■ A8S0CIATI0S—Si CI«£CTalC MJiEOAASH—lHOFValOttT.) (Hceeived March 27th, 6.S p.m.) LONDON. Maroli 26. In answer to a question in the House of Mr 0. Edwards said a Parliamentary Secretary. Ministry, for Agriculture already had given attention to-the report of the New Zealand Dairy Board proposing to' describe -its• standardised oheese as eheddar. Thtttifth unlike British cheddar, it was not full oreara dieese. He undertook to seek the .Empire Marketing Board's repoft on the subject. BANK OF PORTUGAL. ' • ' AN APPEAL CASE! , , ./ (tJitWi® - PHBB9 AiSOCUtlON—#* KtSCtalO <tiitSQ**»a««H5ofvBi0njp.) LONDON, March 26. "After' an eight-day hearing qi' the adjustment of costs, the majority of tho Judges JQi the tfcurt of Appeal ro* dufied'the Bank of Portugal's damages to ' £300.000 affainst Wateriow's, anddisEptesfti thu bhnk's cross-appeal in I'tjSfjeofc o! the deduction of £80,000, with costs against the tymk. A stay of execution wpS granted on behalf of Waterloo's pending aH appeal to tlie of Lords. < >v .7- — Sack to 1913 prices. COMMODITIES IN BRITAIN. ■ - Commenting on the index of sterling wholesale prices in tbe United Kingdom .at January 31st, the "Statist", re,marked that the figure for the lAonth WM less than 1 per cent, above tho avcr< age for lOljl, so that wholesale 'prices (fOi raw materials)' may thus bo said to have revetted to their pre-war level. ■ Comparing tho various group index numbers \vith their 1013 equivalents, the MStatist" observed that vegetable foods in. January were 1.3 per cent, above the 1912 average; animal food prices, on the other hand, "still showed an incroa&o of '33 per cent, over the pre-war level, •while, groceries were lower by 1B.4 per. oeat. Mistrals were 0.5 per cent, lower, whilo the- fall ill textiles Was to a level 10.S per cent, below the 1913 average* Shhdry materials on'the other hand were up by 8.6 per cOftt. ' A Cable message published On March 10th stated that for the first, tim" since July. the Economist V indes nmnbet Of wholesale prices at the end of February showed a slight" upward move(neat. . CEREALS AND SUGAR. LONDON, Miroh 30. ■ Fi6nr—Cem«id < Is Australian, ex YESTERDAY'S SALES. CHRISTCHURCH. Sales on 'Change— £ s. d. New Zealand Government, ■■ 5i per cont.. Insci\ 1932 ... ... 100 0 0 Commercial Bank of Atis- __ traha ... - 0 14 11 Dalgetv and Co. >••• " New Zealand Refrigerating (10s ftaid} /. ••• 0 § 9 0 3 ■•'*■■■ New Zealand UrOweries ... 1 16 6 Mahakipawa Goldfields (3) 0 0 iu King Solomon Mining ... 0 1. tf Sales - Reported— Union Bank of Aust. (2) 8 11 0 National Insurance ... 0 13 1 Now Zealand Guarantee rJ Corpn. (euin div.) ... .0.6 4 New Zealand Refrigerating (10s paid) ... ■ ... - 0 9 6 Auckland Gas ... ... 13 4 New Zealand Breweries ... 1 lo 3 WELLINGTON. ' Sales fteported— ■■ ■£- a. d. Bank of New South Wales '27 0 0 . Bank of New Zealand (D f -long term) ... 1 • §. » tfnion Bank of Australia 8 10 0 Ooloniaf Sugar ■■■*.'■■ 31 0 ,0 DUNEDIN. , £ s. A Sale on 'Change— Okarito .. >< 0 6 Sale ReportedNew Zealand Eefrigerating (cont.). .. .. 0 3 4 £ ■ s. d. Sal6s on 'Change— Auckland Jttarbopr Board I960, 5} per cent. .. 96 10 0 Bank of New Zealand ' .. 2 9 6 (2) ' 2 9, 8 Auckland Gas * .. 1 3 3 Colonial Sugar . . 31 5 0 King Solomon _ ■ , t . 0 1 10J FOREIGN EXCHANGES. uatTisa oriieuti ♦hbkuw* i j RUGBY,, l.S*roh 26. Tfie following are the current rates ot exchange, compared with those bf March 24th and par: Par. Mar, si> Mar. 30. Palis, fr. to J61 .. 124.21 ' 124.171 124.22*. Brussels, belgas to £1 85 '' 34.89J 34.91J Oslo, kr.- to £1 . . 18.1M 18.10 18.16 kr. to £1 18.159 18.10J ' 18.I6J Htoekholm, kr. to £1 1B.15D 18.141 18,141 Amsterdam, fl. to £1 12.107 12.118 12.10 Berlin* reichmairken to £1 .. .. 20.43 EO.aei 2U.38J New York, dol. to £1 4.&G >4.80 4.83 29-92 Montreal- dot. lo,£l 4.S0«t 4.8H 5-02,4.66 S-02 Prague,-ltr. to <£i 164.25 1C4 km Geneva/' fr. to £1 .. 2R.226 25.26} Milan, lire to £1 .. 93,43 92.75J ' 92.751 Vienna, echgs. to £1 34.58S 31.56J Belsinglors, marks to £1 .. .. 193.95 193i 198J Madrid, pesetas tc £1 . .. 35.225 ,. lo.'i 45,1 Lisbon,- nscudot to , fl .. 4.50 IM.-i 108.35 AthsfiB, dtacli (to £1 S75 376 875 lei to £1 818.B 817 . 817 Bin de Janeiro, ptflea ' to milrnis . . 4.983 3 9-16 311-16 'Buenos Ayres, pence . - to dol. .. 47.577 39 1-18 89 5-85 Montevideo,: pfttt04.ot6 dol. .. ':.«!• 36i , 35J Bombay, pUAM to rupee ., .. 1G 17 27-32 17 &7-32 Shanghai, pence to „ taSl « .. JS4J 15| - IjSi Boncr-Kong, pence to dollar .. .. 21 12) Mi Yokohama, peace to yen .. . ,. 34.66 $4 2113-32