FINANCE AND COMMERCE.

Press, Volume LXVII, Issue 20250, 30 May 1931, Page 12

FINANCE AND COMMERCE.

SHARE MARKET, WEEKLY REVIEW. A SMALLER TURNOVER. The number of transactions recorded on the Metropolitan Exchangos for the past week showed a decided falling-off. Price* in several cases reached lower level», and dealings have been confined to fewer stocks. Government issues were well supported, Bank shares were popular, and Breweries appeared stronger. The Miscellaneous Section at* tracted unusually small business. The following is a comparison of the daily recorded volume of business on the local market for the past fortnight:

Of this week's turnover debentures accounted for £3500; Bank shares £1203; Breweries £873; and Miscellaneous £606. Xew Zealand Government 4$ per cent. Tstx free Stock due 1038 changed hands at £9B 7 ft 6d and £9s 10s, compared - '-ritb~&9B 20? last week—the 1838 issue was flwtf at £9B 10s. Five and a half per cent. Stock due 1933 eased to £99, and lato buyers are offering at that pricf, sellers at £9O 10s; the Bonds remained unaltered at £99 |0fl» at which price more are available, buyers at £99 ss. livs and a half per cent. sStoalt dm 3»56 was steady at £99 g&-r the Bonds realised £99 10s. Christ? church Tramway 4J per cent. 1934 debentures changed hftndsi at £94. 11l the Bating Section there was a turnover 0* 028 shares. of Comnierce had business at 14s, market dosing 14s 2d sellers, 13s 9d buyers. Australasias e§fed to 19s, and more am wanted at £8 l? B > (ellerp at £9 tit Q4. Commercial of Australia had dealings i% J4s Id juid 14s %i, as against 14* to 14q 2d last week; and iftte bljyers are offering 14s 2d, sellers at 14s 4d—the preference are wanted at £5 7s, last tveek'ff closing price £ sellers at £5 9b. mA. at 4? of 7* oa feWi»eas 9 iQjtpight ag9» Mid the*© are farther sellers at £4 sa, buy- 1 en *t £4. Natfonal of Australasia fully paid OX dividend pf 4 per cent, a»V at « » turnare* cum diyi<lea<| waa'-iftffcjtf 10?. N&tlonal of New Zeafend cited Sd to £5Qs ablate buyer® £4lT|,Qd failed to attract seller, JCeif South enm dividend were firm at £25 15s; ox -dividend of 2} p?r ee#k Jtofcrs are offering £§4 }sfr, seller* at £ss 12s Cd. ?s T ew Zealands eum dividend eased from, 50s 6d Just week to dealings at 50s and 49s 6d, and jaor# are on offer at 49s 9d—buyers 3d below—the- "P M Mortgage shares . remained unaltered at 20a 6<3. Union Banks fluctuated f«>m £7 9a to £7 7s 6(1 to £7 ;os, and there are further buyer? at #7 9a 6d, sellers at £7 10s, ggsutftace and Loan and Agency. National Insunweps <wea(«| «i )|« JM» 1*« W, fad 12® 7d, Zealand* had transactions at 41f. tfd, da M, and 425, as against 41s 9d aad 41i 6d a ago. South werf fairly tffMtdy #t 51 j 4914. and 58p, market t\wV2 62a *»ell@?s, 81« bijyro. Dalgfty qfg Co. weakened tj} £ 6 2 a» Wl uwis are'.mutable at jfeft ss, buyers at £B. Goldsbrough, Moitf, wl»«h alqped at Its 6d a week ago, we*o this weefc releued at 19s 4d, 19s 6d, and 19s. DominSn Banking Jnyagtmont fhares real»ed 18a, Qimra^e Co roe ration shares, which h* v » T<s " "' in the vicinity of 5s 4d for some - weeks, claim at &S 53, but sellerg wasps lod. m&mhas, ?r#>a Jfiwt,r «*« om Tfee markets for Shipping and Coal Cctatsaar shares have been dull and inWii&, New Mn4 Prfrjfififßtjßg tympany fully paid® advanced to dealing* at ifis Ml JO? lip, and }lb 3d, and partly raids ranged from 85 84 M .Mi' Si 7d, teller , -ftWwAAriMr' jM»dL Hwan. it have « seUer? w*«t 86# 3d. WW with bqpinpps ixt th§ f«Y F l4 * at 23f> > in the.l<;» pai4 S[§if .«eftlap49, whi# <dpi4 At 35s S4 l«?t week, were, th» imt turned ever fit prices ranging . imm W* 3d t9 104 «»a there m afi 35«, sgllers at Bilfw of fully pwd ve 9<?«f S«C >twt hpdeia are re^efnt, ffdtlHi, « 4ivi4«nd Pf i ?er cent,, aw available »t Mi at Ws—lwt inalni tra>»MeUPM cum dividend wgr«i £0« 6d an 4 2<?« aa. Canton «oi»roa amaar «trosg«>r with buyers at ?lft pd ( ••tterii at Sis fid. la the Miasellanepiis Investment gee-, tios Beath and Co., fully paid, wre reIfttaed 0 28s and the is pnld at market closing Aim for both. British Teib*o<;Of, for which 20» 6d gnd 89a 3tl weri? given ia?t week, are JiQW avail' . abla at S7a fld> buyer® a 4 2 s s ' Colpnwl jgmnif dropped $1 10g to business at (}£ Electrolytic' Zine preference ate OH offer at 14s Ifld, buyers Sd below '.Uilast week's business was at 14a |os. . ■Parmers' Trading were a shad? easier at 0S H and 6s Id. ilount cup dlvidfnd of fld pe? ahare, wpre fractionally vfaier at i7s asd 17s Id, and la,te bttyfrg are djfferiiig 17?> pollers t>t 17a 6d. Jfaw ffarmere' Fertilise were 1« down at life }ld, Eobinson lee Cream, «jH| dividend, were placed at 21s 3d, last reaaf4*4 business a fortnight ago was at 21s fld- Wilson's Opmeats, sttm dividend, *sKnsjjed hands dt 'Ms 9d risid 39n 6d ifgek 40s iV 3W fid) and Into actors W»nt '4Q« buyers at, 39a 3d. SoU W<wing x|»gii\g pim 81 to wi *t gf#w«i feWinad kp« ws/flfl'Mir igMw« ** th » 4 9!H« ftt WIP rJU' M wd ?4« 7d- Q n n4 m**i up to sfßd »nd 3p, j, . ~1 ... k " ,

YESTERDAY'S TRANSACTIONS. There was en increased volume of business on call yesterday, but dealings were chiefly confined to fpw stocks, in which prices were fairly steady. Transactions, exclusive of vvifttibule business, included:— 50 Bank of New Zealand (emu div.). 20 Union Bank of Australia. 200 National Insurance. 500 Gohlsbrough) Mort, 103 New Zealand Refrigerating '.£ l paid), 200 -King Solomon. Buyers of Commercial Bank qf Australia shams moved up a poiut to 14s l 2d, sellers at 14s 4d —the preference shares were stronger on buyers' offers £'s 7s, sellers at £5 9s. Selleris of English, Scottish, and Australian Bank shares pame dpwn ta £4 fla, buyors at .fc'4. Bank of New Zealand, cam dividend, eased to 49a 6d, buyers staying in »t that figure, sellers at 49b Ud. Union of AuatraUa aharqg were tU'm at £7 10s, and more were olfpretj at that figure, buyers at £? Us GdQthW Stocks. National Insurance sham worn fraotjonally weaker at 12s 7d, market closing 12s 6d buyers, 12s 9tj aeljera, Goldsbraugh, slort§ hji4 floaljnga ftt lite 4d, 10s 6d, ant} J9s, closing auota-., tious 10a bi)JP>'s. 19s 6d sellers. Buyers ot Union Steam Ship Preference shapes moved up Hi point to 20s 3d, but sellers wero reticent. New Zealand Heir igo rating Company fully paid shares advanced ip business at lls 3d, bqyeye staying in at that figure, jit 12s 3d. New Zealand Breweries sharps were firm pn buyers' offers 355, sellers at 36s 64, Timaru Brewery fully pfticl buyers paiscd their bids to fid without attracting sellers. Sellers pf British Tobacco shares reduced their limits to 27s 6d, buyers at 265. Woolworfjis (N.j;,) Preference shares were stronaef on buyers' offers 3d, sel« lera at ?4s. King Solomon Gold Min* ing Conipniiy sharps voalised is 9d, buyers staying in |»t that pvifie, sellers at Is lOd. DIVIDENDS PAYABLE.

GENERAL MERCHANDISE. GRQCER}ES. Business during the week has been on the »lde, due m.ftinl? tq ths .9* 26th orders. Eggs. E;gs flve cqmmasdins P f»i r due Jforth Island valupg at}vHn c ht», This week lu some North, towns «SRs were »« high as 3s 0d ta 08 lQfl, »»d' P v en duek egga commanded 2s 9d per dozen. Faqtorv gutter ijl fftirly che»p, good quality standard type factory baing abpnt Is Id during the week. A *9lr C|U»ntity Of West Coast factory butter is on the Jpcial market, «n4 an «smjn(rt}°n 9?, it •*" cejlant Pupylipd of hl} tt '»? or 9 Short, most eountry storekeepers h»ln» »n(» to quit all they receive oVer tho counter; eonvery little is coming into merf«r Oity tflude. fw« A lato cable message from Colombo says thst tho tea market >qs weakened a trifle fSss, fwu'tt %?&. to come on the market, and new season s tea prices ate anxiously awaited by importers. hm wi» M 9 1 ?*? fiT«t *mw «Q4»IBWiS MW tot*- ' EiUfdna. qyifapiiap raisim or# diifsnit to ohuin fa •a most shippers havq sold' out. Th»r«i w»!l ,ba" no carry-over this year wlion the new crop comes in in California. This will have SU.%: the raisin is entirely eeedlestf. This fact is worth noting. Cherries. «jt srt» ssJ? if ttL-ast factured iji North Island, and offered to jfta i\m* in fee «s«?\ 5 ,ki» bOIBB - ■ .^ey are worth retailers' attention. i '• ' iftrkft*. Late cable advices state that the pepper market is-standjujf 9? M9re, jacept Muntok, which la slightly easier. . ■ . s» a'aftwk** B Pd por owt higher than pthajs, but this difference does not mefn anything other than a 3d cut" to t«' c»teh hustneifi. Pineapples ace stationary as refa?<J» prices, and very littlo business in being done locally In forward ssles "out of next arrival, du« ; Se &aoa , stiU holds a fair prion with little de--1 m^d t Vfljilflt ginger is available lut pnces whioh must attract buyers ottent>«^' 1.,:' . NqtS. The market for Barcelona nuts it *ery fln»t i end (hi* U»« Is flew IPH'IK the support U S(SW.s'»b&£ SS.RS are « shade 'set ye»?'s opening quotati?n«, Bhrtl«4 ,Pfsnm« very low present prions constitute » lqwjevej record for this line. . Rfffk OWWVIA; London <t4.viw» .thjt thU nwsfeet ta a3yf}r,elns »nd Inclined tft B# firmer. Already soma pellera in London have revfsed their selling prices to New Zestand br £l'st per ton. Wfc- . Hipper ;wtcks, liti« flow fairly well Jfnowp tp most grocers, are heine offered for early dispatch / via Lffndon at cheap rates, 1 The usual 1-16 »i»es (ire well wprft buyers' . IttspUon, pnd as tl\e f.Q,h. Norway p«ee« »t() ftfeput If a 4qz, the packers must bp offering very little fp* the This peems ifi jndiente that all the world aver the quarters availahle. This appeßfs to q(f«r tl\f> »»enn9 fw as the "''W ,"! 8 chequer, and tfr'l be wiped qut by the f»xtri» duty. o«w M Queensland B®ed Is now available, »n4 svicfs »od exohnnge nr» in buyers' favour this linq (should receivo buyers' support. Japanuse blrdseya sl)l|)le? are now very )gw, being fully §d ji?f lb under erodes.' Chillies have a very limited sale, with (Tocers, but it » tf line tlml they m\i*t stock, eYpn :\f w small quantities. ; ■ i. ■ ;"J*™ wflfn hoanf {myar#chje to t hmralilq awUtieijs, rtq v «qgt Jyp» g l>9ins «■»'! below Mecha g;«4«(h eo#«» l»es,ps pffer « vary f«m>4 ft?* »T#nn« JOT fW«er*, »»4 yift ***? e ft"? iim will m»t?*i*ll? rr Iwe ol fte #rW>«-

CANADA'S BXJTTER IMPORTS.

, AUSTRALIA'S QUOTA. PVMPING DUTY DISCUSSED. (UNTrjQP ?HF-3S ASSOCIATION —BY ELECTB.IG SUBGRAPH— pOPSFHIGKT.) OTTAWA, May 28. Purinp; consideration of the Agriculture Estimates to-day, the Minister for National Revenue, .Mr W. D, Euler, said that there had been a good deal heard during the election campaign about the importation of New Zealand butter. Little, or none, luid gome from Australia, as the dumping provisions had been applied to butter importations from that country by the Liborals. Zealand, however, sent ill largo quantities. He noticed, how* ever, that in April of this year New Zealand exported to Canada about JOOO pounds, while Australia exported fIOO.OCw pounds. , , , Mr JSuiep recalled that m December Australia had agreed not to send any butter at less than 32 cents a pound. Was this rate less, at any time, than ,the' prevailing * price to home consumers in Australia? be asked. "Jlealjpiiig that a change should be made in tile Australian treaty," replied the Minister for Agriculture, Mr ljobert Weir, "I do not think that aflypne WQui4 feel it advisable to institute against our sister Dominion a dumping duty, J think that we served the purpose just as well by taking the potion we c|id. The butter came on consignment.'' This was,the substance of the Minister's reply. Dumping duties did npt OpPty to goods entering Canada pp consignment, Mr A. W. Neill _ (Independent) tjUpted Mr Weir as saying that he had negotiated a gentlemen's agreement wjfh Australia, which stipulated that nrj butter should enter Canada below 82 cents, a pound unless by mutual consent. When prices reached what wa* believed to he rockbottom, Austrdl|»n_ b'lttcr would bo grafted entry. He asserted that this hwl made the matter worse. Five hundred thousand pounds had been admitted in one month. when the market was air ready considerably below the 3? cents level. . ADVERTISING AND CASH VALUE OF GOOD WILL. Whafe is the cash value oi good will ? Mr E. R. Shaw, president of the 'XVohuioal Publishing Company of Chicago, gave advertising men illustrations in 9 talk thftt showed good will as worth half, and sometimes Oiqre than half, of a business. "When Chrysler bought out th« Dodge Brothers in 1926, 146,000,000 dollars changed hands in the gigantic deal. The good will of the Podge name and fame was set down in black and white at 7p.341.318.512 dollars. I don't Inflow how thoy arrived at the 2$ cents, hut, there is no secret whatever about; how they arrived at the 79,000,000 dollars. All the material assets wgro valued at less than 70,000,000 "Illustrations on this theme are iniiumarfjblp. Whqß Mr Gillette bought but the Autostrop Safety Razor Company in 1930, he paid 80.000,000 dollars for what lie got, but the actual tangible assets of th<? Autostrop Company were valued at only Q,855,92? tjollftrs. In other words, this shrewd business man paid nearly 24.000,000 dollars for thfs J prestige value, the good will value, of a name --H name huilt up in the public mind by the genius of advertising," TRUSTEES, EXECUTORS AND AGENCY COMPANY. ANNUAL 'MEETING. [THfi PBSS3 Sp#d#J Sfrvipe.] May 29. Mr G. R. Ritchie prepi4e4 over the j annual meeting of Trustees, ExccuI tors, an(J Agency Companyi Describing the position of the eoueerp ap «ww4» tliQ chftiman said: "We «re paying the. Bwe dividend and bonus as last year, and good provision has been made for writing dQwn' the freehold property and furniture accounts. are now both within safe reajjpalmost £IOOO more -than last year, and the amount of carry forward, over £7OOO, is within measurable distance of oils reserve fund* The total, Y&lne of estate trust and agency business-in our hands is now over. £3,500,000, an increase of nearly £so,ooo jn the year. Mortgage investments show an increase Of £89,000, and} debentures of £17,000, the Qther figures fluctuating *!? estates arq rcaliped und distributed." Hopeful @igns. , ' After touching <jn the present deprpsthe chairman preceded: /'There W hopeful aignp, however, The wool market ipiprQve<f towards the end of the peawn and what is equally pleasing is the rise in the price qfi pur mutton and lamb during the past tew weeks. The approximate price of wool th?Be last three seasons has been £2l, £l3, and £7 per bale, later sales increasing it t« #}O per,bfile. These figures ftpply niore particularly to South Island wpol, an i9f|ieatipn, surely, that economies must bd effected and reduced. All right-thinking people recognise this and from the Government downwards efforts are being made in this direction to balance budgets, admittedly a difficult task these daya. Personally, I admire the way the farmer is -tackling his problems, and I have every confidence that he and the countrywill pull through." * BUTTER MARKETING METHODS. • i ' J DISPUTE IN AUSTRALIA. [UNITED MISM ASSOCIATION—BV ELECTRIC TELBOItAPP-HJOrXBIGHT.) , MELBOUKNE, May 29. There is a sharp division of opinion among co-oparative and proprietary butter factories regarding the c.i.f. and f.p.b, methods of gelling, compared with the consignment method, jvncl the (lUCStion ho© been e?haustivoly debated at a conference of buttov jriftnufacturers without anything like yiwnimity hpjng (©achedMr farmer Minister lyr Markets, uppn his return from abroad, expressed the ftBilU?!) c.i.f. and fob selling were detrimental to the interests el and to uin fair manipulation, underselling, ana morb«t depressions. The outcome is that Mr J. King, pf the selling agency bas beeij summoned "to Awsiw will at* tend a meeting of the Control Board on Jun® 9th, whan hia view# upon the respective merits of the «yßtpm* WW bsj available^

CANTERBURY MARKETS.

(ST OUjt (BPITO*-) Friday Evening. There haß been little activity in the grain and produce markets since the mid-week report. As far as wheat is concerned most of the crop is now out of the hands "of farmers, and little business is passing. The quotation for prompt fowl whoat is 5s 2sd f.0.b., s.e., but in an odd instance holders have accepted 5s 2d. Dunedin quotations, to-day. however, are below those figures, prompt being quoted at 5s Id, f.0,1>., s.e., anci there is also a quotation of 5s 3d? f,0.b., s.e., for spread Jupo-Deccmber delivery. Jt is understood that the quality of the J)unedin offerings is not as good as those in Christchurch. The potato position is unaltered since the last report and it remains weak. Whites are worth £2 17s (3d a ton f.g.b., s.i., equivalent to £2 a ton to growers. Dakotas are worth 5s a ton lobs. Quotations. The following are quotations for produce to be paid to farmers, on trucks free of commission, sacks extra, escept where otherwise stated - Wheat—Tuscan 5s 4d on truoks; Hunters, 6s 6d, Fowl wheat, 5s 2<A to 5s 2|d, prompt, f.0.b., s.o. Oatg—Algerians, 2s 3d; A Gavtons, 2a 64; B's, 2? 4d. 2s 9d 10 3s ' tr,altui 8 45," Potatoes—£2. JOs to L2 10s. Chaff —£y 15s, Partridge Peas—3s 6u. Red Cjovcr—r6d to White Clover—Bd to 9d. . Italian Rycgvass-r2s. Perennial os to 8s 3d. ' Cocksfoot—Akaroa 3d to 3>}d, Plains to 3d. _ 1 a ton, f.p,b..; slupping, £4 a ton, f.0.b.; 10s, OStra for smaller packings, Pollara-r-Local £5 10s a ton, f.0.b.; shipping, £4 a ton, f.q.b,; IQs extra for smaller pwMngs. Flour™Wholwle price, £lO las a ton for 2001b sacks, with the usual inpromcuta for smaller packings. ASHBURTON MARKET. lousiness liU-i boon exceptional 1 y quiet during the p»Bt week and law Uiibb of wheat li%ve been offering. Millers are buying only for immediate requirements. Very few samples of oats have been on offer, p,nd prices are op a par wjtli last week's quotations., Heavy seqd lings <?f Algerians are enquired r %t2a to 2s 2u on truck?, but popr quality is neglected. The potato market hus again eaßed, and digging js now general. Crops are turning cut muoh better than was anticipated. Shipxuenta from the South Island are the lovrest on record {or many years The following afo the quotations for grain and prod\jcp to be paid to farmers pn tjuoks, sacks extin: Wheat—£}opd milling Tuscan, 5s Id to 5s 3d; Hunters and Pe(irl, 5s 2d to (5s 4d, according tp quality; fowl y/hoat, 4b 6d to 4s 8d; seoonds, 3s Gd to 8s 3d. Oats—A Gallons. 3s 4d; B's, to 2a 8d; Duns, 2g 6d to B*, for good heavy dark lines; Algprinnii, 2s to 2o BdGrass Seed—Perennial, 8s; Western Wolthg and Italian, 2s to 2s 3d; cloyer, 54 to Bd, to quality; cow grass, 4d' to sc|; cocksfoot, 3d per lb. Chuff—G.B.O.S., & 16s. Peas—No. 1 quality, 3s 6d por buahei. Potatoes—Whites, S2s Qd; Dakotas, 80s. DUNBDIN. LTHE PRESS Special Service.! DUNEDIST, Moy.BU. Millers are still iaVio» delivery of lines purchased forward, wlisre quality is up to the standard- In somp cases whqrei Tuscan wlieat is in hnrd condition, but is fhrivelled, millers are prepared to accept it at a reduction in the price originally Agreed upon. Apparently all the ipilllng wheat available will he required, Stocks of fowl wheat.are in ejspess of requirements. The present valuQ of frood whole fowl whoat ta 4s 4 Id, Jacks extra, ex storo, Dqnedln inillins prices are unchftngerl st Cs lOd f.0.h., sa<4a extri, for. Tuscan, 6a for Hunter's, and 6s ?d far Velvet, The oat mprket remains unohanfred. Sales have been made on the basis of 3* 74d f.0.h., s.i., fqr B's. and 3s }pd for A's. equivalent to 2% ad on trnr-ks country sittings, sacks extna, for A's, and 2s for B's. Tpe chaff market is quiet, with stocks in storo on the llffht aids. Jtiet' demand js small an account pf the limited outlet. *"d sales ure >pinn confined tq small lots e? store, at hp to JE4 15s per ton. . The potato market is lifelosp and distrjbuting points are flooded wjth supplies. ' Soiling prices are «mtio, rulinu from £9 lOp to *4* ppr ton, «Roks included, ex storp Umiedin, flfpordinjf ta qn«lity,' Tlift quist period iq the see 4 market contipues, and little business is going through. FROZEN MEAT. SWWIELD PRICES. l)algety and Gompfny, Limited, have received the foilowins cablegram from thoir Landon ofllce, dated May aßth;^-T-New Zealjind Frozen Lamb—Market firm. Dpraand better, owing to warm weather, Quotations:— -

CHILEAN NITRATE FIELDS. Ti»o Chilean Nitrate Agricultural Seivja* h«4 iesued an interesting centenary edition, phpwing the growth of the nitrite industry of Chile from ISf to 1930. beginning wport* 86° njotne tons and reaching over ? QOO,OOO tons U»t year. Bt)t tbo. wrtues it wqfl used « » ftrfahwr of crop S , T]i® whole preoesf <rf milling, r »nd uty , cslioh*. 1* toe»ther m»ns iUwfc*tx*» of thi, •Wi WKuliW indUßtty, and remarks on chemistry |{3e urp wjitten iu tornis miy few th«* war to un^adasd.

YESTERDAY'S SAJjES.

WELLINGTON. Sale Reported—- £ s. d. N.Z. Kefrigorating Co. (10s) 0 3 7 NATIONAL TIMBER COMPANY. LOSS ON YEAR'S OPERATIONS. A net loss of £1586 is shown in the annual report and balance-sheet of the National Timber Company, Limited, for tho year ended March 81st. The company made a profit of J63464 in 1930, but showed a, loss of 4170Q on operations in 1929. A dividend of 8 per oent. was paid last year. Tho d'rectors' report states that the compapy's earnings had been affected by the prevailint' deprweian. Untier an 8-trangq! ment made two years the Natioc.uJ Timber Company was entirely dependent upon the Sawmillers' Trading Association lor the sale of its timber, and in spito of the beet efforts of organisation, backed by .a drastic out in prices, it had failed t® dispose of more than ' one-third of its cutting. A 5, a result, the mill yards were stocked to capacity and the mill had been closedThere wore some slight indications of »a improving demivn4 for timber in the near future and when the demand did come the company sboqld quickly return to. a profitcorning basis. I The company paid a dividend of 6 per I cent, for the year endod March, 1938, the 1 second yesr of its existence, and in the 1 following years the divjdenc) was 8 per cent. For four years up to laafc year, owing ta slackness of trade, there tfts no return to shareholders. ANTHONY HORDERN, LIMITED. The annual Report i»nd balauce-shoet of Anthony Hordern and Sons, Ltd., Sydney, records a profit of £125,280 for the year ended February Jsth, 11 fall of ,769 on th> profit of tho previqus year. Debenture interest absorbs £70,000. Preference dividend of 7hPP r cen t. roguires £56,350. An interim dividend of 2 -par cent was paid op ordinary pharea amounting to JK5,000. A. final dividend i» not recommended, »pd in place of $n,857 hroqgbt forward, there is carried fo'rw&rd In the h*ls.ncß-sheet liabilities to tll o public are shown #41,486 lower than » ve»r praTjwply. Dgrinf the year the director* apqn ( red Iran the tfeheniuro holdprs debenture# amoupttng to £IOO 000, which aro held by truiteeg op behalf of the company as an investment and are now included In tha investment ilern. At the same time the ?toek» »tjd stores have declined by i 131,300, and eas.i, debtors, and investment* increased by n 33 537 Fix?<l assets (freehold, ■ plant, rijichin'ew. and soodmll) h»v« been redtjewd hy £17,131.

VALUES OH STOCK .EXCHANGE.

CWtISTCBURCH BATES YESTERDAY.

•Interim dividend reduced. +No interim dividend, Deoember, J930. 1 ' Whore no approximate market is given, re) urn is worked on midrimarist price'unless ttnjy one .i« given. ...

TIMBER FROM OVERSEAS,

DOMINION MILL? APFBCXfD. Complaint regarding continued tations of foreign irhilf nicst working part time, has boon made by the (lireetfjrs of two Auckland timber companies, Tvhich hayo, ifliuei) ports this''week. Eegret that" the Qovt eminent was not greater to cheek importations of timber was expressed by the director? of sfe PftrjierLamb. Timber Company, directors of the National Timljgr Company, Limited, in a Vejjort' jigst;" isisnVfl, t)iat the company bap b@99 to elose itq m|li and with all but a skeleton staff, cpjnipeDt qq the fact that subsidised shipments of foreign timber pqijtipue to arrive in New. Zealand. DAIRY QUOTATIONS. PRICES IN LONDON. (UKITJD I-Rpsp AM^CIfTIOK —SIiBCTEIO CQfTftlO^T.) LONDON, May 28. #utt(ir—UsrVet firm, with food demand. New ißoalsind lis# to H6s. An»tr»Hß?i lx?t. Danish 1J0? per cwt. Arm. New. Zealand, vhitq &19. tp BBs, onloured 58s ta 675; Australian, whit# 53®, poloqred £s# pea wt. . j , Algety »i»4 Co., b»v« ;«qeiv«d the I follow!?*' from s»a»nel and j Son, London, d«te4 Jl«y ?Jth:— Butter —Market flrmw,- owinjf tp reduced stocks. Danish, U8» to ;20s; finest New ; Zealand, 114s to H6s; finest Augifalian, 1 V 2s 10 J ls "' a » u ed no, 'to HBs, g.a. JP4» to 108s. Oheew—rMarkat firm- Quotations; New Zealand, white 53s to ?ss, coloured 55s to 2I 8; , Ca ;iS c * ie s;« )ot t w3 » ito 70(8 to 765, coloured 70s. to ?6s; Canadian c.i.f., 53s ta 645; AusSP# to.'6Bs, coloured to 3%e National and Com: pany qI Zo»i»nd, have received i cablegram from their principals, | A\ Mills and (Jo;, £td., I,pnd^n Butter—Market quiet, at New 1 Zealand, finest 115s to 116s, finest unsalted llgs, firsts 114 a to 115s;.Dantsh, 130s; AuetMl»an,.Hoa to.U3a. Oontinentaj prqduction increasing, " Prices easier. ' ! T firm. New Zealand, white 54s to 655, coloured 56s to 575: Canadian c,(.f, 53p to 565. ■ ' .v A -, S ,', »"<? Co., I<td., hqv 9 -reeeifed tho following cablegram from their London principals, 3. and J. Lonsdale and 00., Et'd • gutter—Market quieter, at ftdvatjfa. Danish (market easier), l|8s; Uew 110s; Australian, 113s. Oheese-r-Harket firmer. White cheese, 54» to 555, coloured oh we, 66s to 575; Canadian new season's, 55s c.i.f. bkapforp tops. MARKET WEAKER. (Received May 2fltb, 5.5 p.m.V • LONDON, May 28. The Bradford tops market is weaker, and topiqakers ar» making concessions to obtain husinsis. Quotations (ss compared with last week's) are:—r . ... May 91st. May 'a#th. d. d. Sercjitia* . . 85J 23 Sixtjf-four* . . ESJ '2JI Sis»|«|| . 32 20 Pifty-fises. . . J 5 144 Piftiap .. IB is . Fortr-fijs* . ■ V .... in In Fortifi .. 10 10 PRICE OP SILVER. (viqfitß crneHL WIBS^SSS.) (Rsceired |fay ?BtK 5.8 p.m.) Mty 91. Sily«r ]( <mot«4 ap follows ' . -. VJ 0-154 «» forward .. an «u««f

PERPETUAL TRUSTEES estate company.

ANNUAL REPORT. The following »« tip annual report of the directors of the Perpetual Trustees, Estate, and Agency Co. of J*.Z., Ltd., to bg submitted at the annual general meeting pf shareholders to ba feeld at Dupedtn on Friday, June 12th: The directors have pleasure in submitting thejr forty-seventh annual report balance-sheet. The amount brought forward from the previous year was £4899 6s 2d, from whicl| has since been paid income tax for that year, interim dividend of £1687 10s for halfyear ended October 31st, 1930, the company's contribution to the staff benefit fund, and a contribution to the Earthquake Belief Fund, leaving a balance Of £1573 15s Bd. The profit for be year just ended amounts to £7007 lis ld ? and the available balance js, therefore, £BSBI 6s £fd, wliich the directors now Recommend be dealt with as follows: — t s. d. To payment of a dividend o£ In 414 »er eharei for half-, year ended April 30tli, 1031 ~ .. - • 1,087 10 0 Reserre Fund . . .. },500 O O To steff 9enaflt Fund contribution •• <SO O .0 To writing off Dunedin premises .. • - 128 S 2 To, writinc off office furnitun And fittings .. . ■ 89 5 4 To carry forward to next year (subject to ii\eoine tax for year just ended) .. <,720 8 8 - During the year, Mi* C. H. Hewlett, of Christchurch, and Mr E. K. Ireland, ot Oamaru, were appointed as additional directors and shareholders will be &qked to confirm these appointment*. Messrs "W.' E. Keynolda aad E. G. Kerr are the retiring directors and, both being eligible, offer thorajelvea "for reelection The auditors, Messrs William Brown and £°-> Messrs 0. Blyth and Co. Jifr P. A. Web£ (Inyercargill) j Messrs Jjoggott %nd Aljpprt ; Wilkijißon (Cbrist«hßr?l»), retire, and, being eligible, of¥«f tfceffiselv©# for, *#• election.

LONDON QUOTATIONS. Flour— 29 ' to B 4OB? y ex'' S wf?7»TlS i f' "«* •*?' % Oats are easlef. Beans and peas are quid. ' MELBOURNE PRICES. F1o W -£7, May 29. . OaU—2s i<J to 2s 2<J. Barley—Englißh, 2a Sd to 2? 9d Maize—ls Id. ENGLISH .QUOTATIONS. lower. **• **?«»'«! #«' ,t*%| f i , ntur9»:-w• , "v■■ London— .'* t... Ter quarter. l>Werpool— " - 198 »* , • Hav ' *? r « S "*WJnly ;; i*Hf October - .■ 25H December .. 4? SI? 25» % tTRd9 U ** Bi * r - AVBtT»H»a? ex ahjj, ' PRICES. , "Wheat—Ex trucks <°»*ry iJa; ,* CHICAGO MARKET. (ww» . mn. j - <R#eoiT *-*»» m, '*» ■ , *5.7 , , - May .. n < ■ -Tnlj „*" -■ W SeptmiW • ■ 1 v:s° ,'- Daenobdr • _ 'V • ' , ,

FRUIT MARKET. 1

CHEISTCHURCH. | ? -if ' Excellent duality vegetables fc*ra Vani-'' arailaple tihwv»J»out the week, and pgjtaf " hava been fully, maintained. Onion* ajj* . potatoes fcava. been ulightly easier. ss|' menta ef ' Island oranges an* baasaes ,2| ' American oranges, lemons, and banana* ail * '• due next week. A shipment ot bananas if Maui fornare is due to arrive •.bent JnS 9th. "*! The average prices received at auction <•> the week ended Friday, May 29th, Apples, Pislicious, per case 6s to 7s { applet cooking, per case 3a 6d to sa; grapep, _ n {2 ' per lb up to 2s 6d; grapefruit, per e*ae, sSil lemons, South Australian, per cats 22s flii ' orange*. San yranciseo, per ease 84s; W V sious, Auckland, per ease up to 7»j peart '' dessert, per lb Ud; strawberries, per lb ta " to 2s 4d; tomatoes, dessert, per lb up to ng - walnuts, per lb 4d to 6d; beans, French S' to lOd 1b( beet, per dozep bundles up to lay-''"-cabbages, per dozen up to 4s 6d; cauliflower*! ~ per dozen up to 6s; carrots, per dozen, i* '' to 9d; celery, per bundle, up to 9J4; peas, per peck up to Bs 7d; leeks, per dotal \', Is 8d to 3s 3d; lettuce, per doxsa up £ jsfjK marrows, pes desen up to 8s large; i«t«to#tv'?s per Bngar-ba(S Is 6d to Is 9d; onions, per sugar-bag 2s to 3s; parsnips, par dotsß'V& 6d to Is; potatoes, per sack 6s to 6l M>*"'i pumpkinf, per Jn Id! radishes, pet rhubarb, per dozen 4e; spring omens, sir Ja 6d; turnips, per dozen 1,; per dozen Is 9d; swedes, per sugar-be* 13 \ local, Southland 2s. 1? » > ______ j _£ DUNEDIN. ' '-'5 [Ti«S Stripe.] - f'|j,f Apples are still in good supply, andprfiji® are low, The demaouj is mostly opuAfjadj i'S well-coloured sorts. Pears are ia heAvy' sdj i-fg| piy, and prjpifl «#e few, Qutajdorgrown. iq2 3S toes continue to arrive from tliP Ka|bause*ffi°Wli *el| rf»4fly *( gc*in3s 58 Locally-grown grapes have a much better J ifM mand, but only small lota are OB «ffejh 4 ¥sm Wainui is expected on Tuesday .next wgEilß the first of the season's Australian m»»JFJI| The Hakura, due at Wellington on HosdaSfll w|H land a large shipment of Island oreojfelil and Rarotoagsn bananas. A fair quaufiglil of fruit is expected to be brought to eoujOll em markets. The Dnnedin allotment zeaeh here on Thursday. A rurrtiSr t!3Sk§|| meut of Samoan bananas «x Maui Pomßami_l expected in Pupedin e* June 9tlj. 7 W^m HOME WAIVVTIJH Thf 2few Zealand Control Board haa received, a, ilia ;N«w Zea}«|id Bifrb. iag that tha apple market ia. •4aadyJ-W§|§| •biP9«Dt ia practically da-arffMili vm> r 7»i?>ui »pd Mai»e» aiisaiata AH|H at present current rates. Joaatbas md Seme lfi»iSHH 12e 6d; Delicious, London RppinTjSji-Mfll Favourite, 10a to 12a; Stunners, IS* fAM^W Paar»—it»rket (3 4«ll on Mtoc_Q»H| lea-vy arrivals of Australian. 1-., §§|§|| STOCJt • jjgjg^^M The |)ta«p sale held a.t' j%# y«»tfxday «aa esd?* fgjgrpllgi held at th,t Jpofl yards valnea'all roijnd showing a njqjEBSJjBBaBiH Went unon Julia? 9r in aom« cases as much as 6a-9 BartiGttlaTly prisi* Jamba aaat .i» jW;>fl»«|g Millaa aaada 84a Td a ranged up to 19s 4d. Ewes |K'iMH_| also brought much better prices. '■ )Kt?ann| <wrasem ? a( nerifM 4n th« rttajtiitfa«tMiM j«F»9t to f»g« ratant b ? %t, mmm&Bßm for njfa. The JV !HP "?3^ r *n_V *_rJL 2"l?sS^TqSSt'B l 9g«e]|. pin, at: *Sw\:*'W&M i 3^m*mßEE& Ti*t. fart%atly„ atoA. ?«Jf Ifiaf >«ro smaller tk>n wHsj:_ good _*;_pi_:pMM fa thjß -usuai 'jpnister of. itftmtg 'JMtJHJH-H rs attended ijji idvanoe of late rates. '.yattle were yarded in l^g^-.j^lJ^SslWa—_l {jge demand was good. The snHfiji|N|nß| t$ fig o , weaners making up to .ipie principal Bales recorded V*SraMH| at 15s lOd, 67 fat ewes 6g fat ewes at 8a lid, 13 fat 8 fa* ewes at 13s Id, 4 fat- naM|H 14 at 18s, 26 at 6s Id. 11 at tyLIwHHH Si, w&m «-'» J&rays_-______i fit ewes mi 8b lid, 68 fat bpiftf q 2 fat lambs at 3Ta 9d. , '■ . y~l|s§jJ|jH| Store Sheep—Five one and • WJ m »t 134 |d, }fts7)S7 tbrae «ad ' qia^'^||HH Cattle—-One springing heifer at <Sj3mHHh (ow »nd Tunner at £3, 3 eifflrtejin^MPlffijgHH ?»l»? ; fl«??«- «J • is? .63. 4-. J mnwuK cow, .it .Mfr^i.-fliaMss^-l Piga—Two slips qt 23?, Bis, 11 weaaan at frorn 16% ia' Owing to Oxfofd beins more of % &J*WM!jM country, the fat lamb market is than the lower con»t»|t,(af Plains.''*i||flfl the season advanaes,' and as (at lamha ok thijj _i!ains'^easan4J- I ,Jha OxEJImJ market iacra»|ea,' w4.fti» Sj» ,i«cMasef jja«|<Ml, , at mmi WJW4IBB.« TEuflday -wasffiao axeaWMllHi M,TO *» 8 * &&* fl?-^ 318 f *%B_H .'Tho r 'wt. aadiwdH attendance was tt>li First »rrade fat lambs made wmmmsg&BA to 17s 2d, second grade made. to 15s 3d, light lambs from 10s to t9*JmhH Sood fat ewes made from 9s sd.to I|#''9Hbh medium fats 7s 44 tft 8a IM. vfij fl f^|>^H| Fat at 17s aid. 68 at 15»)jMM 85 at 18a ild, 55 at Ms 6d, fit at lteqHMß 37 at I4s 3d, 29 at 13s, 66 at 14s 9d.,5«§1l at 16s 6d. 183 at 16s 6d, 18 at 12s 4&''i*Wßi tW *k 10 ° st HvWi fO'tV^ 11 6d^9_i rt JOa. 7 at 15s stGM'A'-iaJV • »* : ™ s ! tod, 4ft at.i2 B <!;-ar >t ua m. sT*t isf-ja, At»r|Ll«S|| Jd, 48 at 14« iQd'&at i«a 4^ll^-91 I %t lis Id, ,14 aflTs, U at 8a M? 4 afeWHH Jm Wethers—6 %t 165,.9 «f |g| Sdt^JilHH ms jnada ?i Td, ?6-halfhrad I 0», 6a ston ewe* b id, 8* ••«*.'V«**iiH jwes JQs, yo fonrV fix. *nd psthera majri4s 14 4" *?« *dt Js? «•«■ •wl^fTW 19 *«?* ¥ trtfhaaa^Hßß K to #9 16a, emjitr (tor* ««,*» f| steers *8 3s M, rawing cafeMjl .tW»'was* ahont 40 small ptae.'*>iga made to 31s, weauers 6s tj 1?|. _ 'l^BS FULIUNa-t STOCK SAiB-j'^^H FElLpivs, UajF'S^a^S At «»« steak sale tabs WW adT«a««e], J«.ftßH-ffi! _U>JW»Ji Pal best to gtjs 9d. food trfaj'-'-lil T3»lry stock were fn demand. Cofs»H ht drq* mid te #lO, and heifers to" £lMlgill Fat and store cattle and store.sheep^^SHi

: & SUCCESS.' SYDNEY WOOL WEEK. EXTENSION NEXT YEAR. (raoit ova <ww cobbsspokdest.) SYDNEY, May 2L ; So great has been the Buceeas «f wool week which has just concluded in ney that already plans aro being made to extend it throughout the Common* wealth nest year, and possibly overseas. as well. The great, interest shown'in the campaign ■ has convinced; the organisers that the people generally are realising that wool is the real mainstay of Austra? lia. '■■■' .'..■'>' Perhaps it was natural that the «ouhr.try districts should have dqao all- In their power to make -wool week .a .success, but the response in the city was a revelation. The window displays .exceeded anticipations, and, what waa.f&r more important, so did,the demand for wool, Many of the'stores found It necoswary to increase thfeir staffs in theVdeSartments where knitting wool was sold. me, Arm had*to increase the' st»ff>:fivefold. All through the day there ; crowds around the 'counters, and it, Is said that not for many years has there: been so. much knitting in Sydney as there is to-day. In addition the demand for woollen underclothing showed a great advance, and one firm sold out of such articles. In short, the people seemed suddenly to find their "Wool sense," or was it a wool conscience? All this speaks volumes for the power of advertising, even in times of depression. The industry is of such importance to the Commonwealth that it ■ is surely worth advertising on the national scale that is proposed for next year.; Sydney is recognised as the premier wool-selling city of- the world. The wool stores alone have coat £1,600,000, and the paid-up capital of the various woolselling houses is £9,300,000. When wool prices were at their zenith a few years ago, the proceeds of the wool sales in, Sydney totalled £25,000,000, and in the Commonwealth £60,000,000, The low price era has brought forward* a crop of schemes for fixing prices artificially, but those vitally interested in the trade recognise that its rehabilitation can only be effected by giving free play to the law of supply and demand. If the people have drifted away, from wool, then surely it is the duty: of the industry to see that they are shown the error of their ways. That is the object of wool week, and the object that seems to have been achieved. The downward trend of prices seems to j have been definitely checked, and ex« i perts are convinced that brighter days STe ahead for those who grow wool. A member of the Graaiers*.Association in Now South Waleß this week emphasised the point that wool week should bo extended throughout the Empire. New Zealand and South Africa ■were interested in the prosperity,of the " industry, and they should do their share of publicity work. If the campaign, could be extended to Britain, so much* the better. Perhaps at the Empire wo« 4 conference in Melbourne shortly sr scheme would be devised where all the, irool producing parts of the Empire could share the cost of world publicity, in favour of wool. COMPANIES REGISTERED, j

The curMt iwrao of the "MercantjleGasetto" notifies the nitration ot wo low lowing new eomp»oic»;—- , ' Mahav'g, Ltd. ReciaWredaa » private company May 18th, 1981. Capital: £6OO into. ' 500 stores of £1 each. Subscriber*: Bleuv , heim—D. fc. Mahar 409, M. L. Mftbar 1. Objeots. Mercers, clothiers, etc. -■ . InnthoTloW, Limited. Registered as a pru vato foiftpauy, May 32nd, 1831. Offiee:6B Obntaee street, Wollinjrtoij, Capital: £6OO into goo stares of '£l each. Subscnbers:; W«Qtncton —O. O. ' Wilson 599. Christchurch—l. J.TTllson 1. Objects: To carry; on the bwinesa of. manufacturers of ana' , dealers la leather soods of every description. Hommarsley, B. A.. Ltd. Registered M S, private company, May Wnd, 1981. _Ofßca; SCC HIUs road. OhrlstehurcH.', Capital: £IO,OOO into 10,000, shares ot SI each. Stib«i gcribers: Christcharch —B. A. Hammergllay; . 4300. A* ■ Hanuaprsley 2000, 8, Hammerslffy. 'BOOO, Xh B, .Hartley 1800. OMocts: To acqulya and tdw over as a going concern ttf «c£ineertur aad importing Easiness of E. h'.' . . Bammersley, Younr, T. Q., Optical Co., Ltd, Begis."; tared aa a private company Kay 13th, 1931. ', - - Capital: mO Into 750 toaras of "XI each, , Snbseribers:* Ihinedin —T. G.- Yoongr 466, L. | J. Ywne 300. Welliußtonr—P. Q. H. Town* M. Objects: Opticians tad ptot^apbers.

FOREIGN EXCHANGES. (asmus omoui. wpuuaug.) (Booeivad May 20th, 6.6 p.m.) ■ RUGS'?. Hay 28. The foUoffilig »ro the* entrant rates ot exchange, cM»pare4 with thoM vi Way ' S6il» and par:— ■ i

BAKK OF ENGLAND / RETURN.

ivHXTiD raiss association—si «x*ct*lu _ (Received May 29th, .5,6' p.mi) " IiOKDOX,' May 28.. Tho fallowing is the Bank, of England return for the vroek ended Muy 28th:— ; ISSUE DEPABTMEXT. - £ ■■ \ ' & Notes issued— ' G ovt. debt 11,015,100 lieircula- ■" Cthcr Govt. . tion <354,850,723 securities 234,*?U,871 In banking , Other socut dept. .. 56.157,748 " ritiea. .. 10,177,468 ..Silver coin 4,093,5W ■ L '"w*. FUttidiajr-!' v-" .* . . ' is«M«, .y2W,0(>0,000: , Gold coin - •' -■' v • ; / ; -- & bullion 151,017,471. , Totjai :l 4JL1,P17»47X - Total 411,(517,4^1 ; 'BANWNG DEPARTJCEJrT. ". ('• .... ■- £" . ■ . * Proprietors . Govt: ieccUr • capita) , 1.4,563,00Q n}i«s .. 81,214.684 Thereat .. ■■ 3,222,733 Other aecu-- , ! \ Public de- ... - ntieu—- • posrte ..17.418,61® • Discounts , J : . Other. ; . .• /•.. >» ' . jttod, ad- '. deposits— v - vances ' 6,823,086 ■ Bankers' > 54,760,630 Securities ' 28,553,074 Other.acs.' Jtotea ... 56,157,748 Sovpn-datf Gold- arid nna: other . ; - -i - 'silver cola 1 ! ,660,556 , , bills .. 5,600 , ;'! Total 123,811,158 Total 120,811,158 Proportion o{ reserve to liabilities, 58.90 1 per cent.; short-dated loans, 3 per cent.; three-months bills, 2 1-64 per cent. ' The fiduciary issue of £260,000,000 consists of ■ the following items:—-Government debt, oil;or Government securities, other securities, and silver coin. CALL MONEY. "''.'(Received May 29th,':5.5 p.m.) NEW YORK. May 88. - The, call money date of renewal stood at IJ,per:central day. . , . GOLD. ■ (Received May 29th, 5.5 p.m.) LONDON, May 28. Oold is quoted at 84s lOd a fine ounce. ' GOVERNMENT SECURITIES. Mparts PRESS -ASSOCIATION-—Br' CUSCSIUO ' TStBSRAPU- -COPWIIOHT ) , ' ' (Received' May 20th. „ 5,5 p.m.) 'l. ■i ' ■ ■ LONDON, ■- May 28. ' The folljwlßg ' are. tiho latest quotations: . for Government securities, 'compared with the prices ruling on May 22nd:— -

This Week. LaatWeek, £ £ Saturda y 892 398 Mpuday .. 1,128 2,548 Tuesday .. 3,302 2,443 Wednesday .. 1,014 1,323 Thursday 364 920 Friday 954 2,440 £8,314 £10,080

Antliony Hoi'4eni (Bref,) 3S P.c. JIuy 24 21 Aw*f. |)»sa •« Aust. Glass (ora.) .. 4J p.c. 8 p.c. June June Bank of N.Z. 1/4 and B 2 2-5d June -— British Tobacpa (ore),) 2|?,p, Jw 30 Dunedin Stock J5x. Jflnp 9 Propty.. •• Fanners' Trading A 5 P-e. May . June 30 SB fyrmrir Tr»4>n? (prd!) 3} p.c. 8 p,o. Henry Jons* 24 p,<J. JftM 1 Morris, Hedstrom Jxme June SO 2(1 Mt. Lyelt* Northern Sto;im Mny lei Cream 4 f c. ..|Tune 0 Tnntflps' Executor® Swan Brewery (ora.) 6 p.c. . May.. 80 2/- ' / .Tnna 4 Unite# BipHtm • • 1 /" «»? June A

Mrpeibrr- - <! ' S5!,rs, d •: :: :: -5! 0»9t«?l)\iry . «. .. .. H •' - • • ■ • ' ■ • 7 Swpnd WIHJTT Canterbury • ... •' ' .. f>i North laltnd: .. • ... •.. 6 42-501b— Canlerbury .. .. .. 1\ North Island .. .. .. 7 New .P r 0Z8T> Mutton—Market very firm. Demand active. Quotations:— 48.561b—' Canterbury . . .. .. 43 Nqrtfc Jstynd •. ... • • <t| S6rB41b— - Canterbury •• «>.. .. 41 North Island ... . .. •• 44 ' Canterbury .. - .. .. 41 North Island .. .; .. 4J 48-(j4tb—i' ' Canterbury ewes ■...-" .. 4 North I|l»nd_ . 31 New Beet —Market - seminal. Demand nil. <1. New Zealand — Prijjia o* ■•••>. .. 3 Fores ■ . ...." .. .. 3 Chilled hinds • • .. 4| Fores ... .. .. a New Zealand Pork—Market very dull. T'e? ;nqr<d poor. - d. English Porkers — 80/3 OOlb .. .. ..9 New Zealand Pprlfers— 80/l0dlt> .. .. .. 51 1Q8/I?9ib . . ■ ..5 Australian Iqmb~M(u>kct firm. Demand hpttae, ' ; 38/361b, - ■ .. ... 51 36/421b g.a.q. .. .. .. 51 2B/ae)t> • • .. ;. 6i 3rd quality . , .. .. 5 - Avstral'*n JIdrlfet v«ry firm. De» 40/6011) E-a.9. .. .. .. o's 30/5Slh la.q . . . .. 3| gquthdoivn lamb id premium. ' *

CHB^TCHyRCH Sales on v 'Cliange— £ s. d. Bank of New Zealand (turn div.) . •• a 9 6 Un}on Bank of Auat. .. ■ 7 10 0 National Insurance 0 12 7 Goldbrough Mort. (2) 0 19 4 0 19 0; King Solomon .. 0 1 9 Bales Reported— GOldBbrough-Mort. ». 0 19 0 N.Z. Refrig, (£1 paid) 0 11 3 ■» AUCKLAND. Sales on 'Oh&nge— £ s. d. Comm. Bank of Auat. 0 14 ** Bank of N.6.W. 25 0 0 Bank of N.Z. 2 9 6 Mort.. 0 19 6 Auckland Gas. .. 1 3 Q Waihi Mining 0 14 '7 Waihi Junction .. o a 0 Colonial Sugar , . 3? 15 0 Mount - Lyell ' 0 17 a

FORMER LEVELS COMPARED. iteturn Am't. paid per Companies. eh'e. Buyers. Sellers. Appro*, market price. Approx. prjco a year ago. S * I* *g (h o Div. pay- , able. price on investment at appro*. maTket. Banks--Adf laide A net. of Comm. Australasia Comm. oj Aust. Comm. of Aust. (pref.) • i Comm. of Sydney E., S., W<} A. •• Nat. of Aua'asia Nat. o£ Aus'asia (contr.) .. National of N.Z. New South Wales New Zealand ■Onion £ 1 lbs 10 124 a 10 5 2i 20 1 £ «• 0 33 8 17 0 14 5 7 1 0 9 18 4 17 24-15 2 9 7 9 t a. 0 0 0 0 0 6 0 6 6 f 0 14 9 2 0 14 S 0 4 5 10 5 25 12 2 9 7 10 a. d2 6 4 0 0 0 6 9 0 £ s. 0 14 9 0 0 14 5 7 13 13 4 4 10 2 5 0 5 0 25 2 2 9 7 10 d, 0 0 6 0 0 G o 0 6 fi 0 £ s. d. 6 17 fi 15 3 12 10 0 117 r. 10 o 22 10 0 6 10 0 15 5 0 1 12 6 oeo 39 5 0 >2 IP. 10 U 15 0 £ 7 *7 13 *15 4' *10 m 8J 11 *92 ' 143. ♦124 Nor. -May Jan.tJuly Oct.-Mch. Oct.-Mch. Fob.-Ang. Jan.- July May-No v. Nov. -May Nov.-May Jan. July I'farch Peo.-Juno Jan. -July £ c. d. 7 2 10 7 4 E 8 15 5 7 8 10 8 3 7 8 18 6 8 7 10 8 10 0 6 0 0 7 3 3 6 15 9 6 13 4 Insurance — National Now Zealand . .. f'outh British .. Standard 7s 1 1 1 0 12 a i 2 11 6 0 0 0 12 2 1 2 12 2 10 9 9 0 0 0 12 2 1 Q 12 2 8 7 9 fl 0 0 14 2 4 2 19 2 16 5 9 6 0 9d 1/11 2/8 125 TiTay-Nof. Feb.-Aug. Mc'rt.-Sep. 5 19 2 4 11 9 5 2 6 5 4 2 %,om and Agency— Dalgety and 0-". 5 Gpldsbiough, M. 1 Guarantee Cprpn. United Building , 1 6 0 0 IP 0 o 0 0 5 6 5 0 0 19 6 0 6 10 S 2 0 19 n B 0 13 fi 6 6 0 11 7 1 12 0 7 0 14 G 0 m 9 *10 no 6 3,I a y-XoT. Pfic.'Jnna Knr.-Oct. Oet.-Apl. * 17 11 10 5 1 13 2 5 7 B' 3 Frozen Meat — f.ear •N',2. Kefrig. N.Z. Refrig. (con.) 1 1 11/3 0 H 0 3 3 7 0 13 0 3 8 10 1 10 o n 0 3 0 9 1 17 0 10 o 4 G fi 10 ,Tune-Oct. Fr1>. ' Feh. 6 13 4 Gas--Atioklaiid Auckland (coiit.) Oliristchurclx ., Chriatchurch (con.) Tiraaru 1 15'* 1 10s 1 l 4 10 0 11 0 1 5 0 12 1 2 3 0 0 1 3 0 17 1 5 0 11 1 2 0 0 0 e 0 1 I 0 37 1 G 0 13 1 1 0 0 it 8 6 s s 3 fl e .Tuly-Feb. JulyrFeb. Aug.-Feb. Aug.-Feb. 0 10 1 7 12 <3 8 0 6 19 1 7 5S 8hi^ping-r-Huddart - Parker P. and G. Dof. Union (pref.) •• 1 1 1 0 3 1 0 0 1 0 1 7 1 0 e 3 9 1 IS 2 8 1 0 0 0 .9 8 no 5i Sop.-Mch. MayrUee. May-J>ec-7 16 1 3 12 8 , 5 IP 0 Coal— Urev • Valley T^trairi "Westpprti 1 1 1 1 up IT 9 1 1 1 6 P 0 1 4 1 4 1 11 0 6 6 6 W *81 May-Get. NoY.-May May-INov. 9 10 6 4 0 0 Woollens — Jlaittpei , • • (contr.) Kaiapoi (pref.) .. 17u 7a 17e O 7 0 0 11 0 0 ,8 0 12 0 0, 0 11 0 4 Q 14 G O Q i ' '4 ' 6 Feb.-4"S-Fab.-Aug. F«b.rAug. 8 10 0 8 3 9 Breweries— Carlton Nbw Zealand (Staples Tiwaru Tifparu (con.) .. Toobeys Tooths 1 1 1 108 5s 16s 1 118 1 15 p Q 12 G 0 5U 0 19 0 1 4 1 10 0 15 1 0 6 e 0 6 1 15 1 14 0 6 0 19 8 0 0 3 114 3 13 2 7 0 14 0 8 1 9 1 14 0 0 3 0 6 e a 105 *16 10 10 10 *9 nij Qot.-Moh. Oet.-Apl. Oct.-Ai>l. Meh.-Sep. May-Nov. 9 2 7 ■ T- 1 K> 5 17 7 8 0 0 s a a 8 10 8 a a a Miscellaneous— Auat. Glass Baath and Co, .. Death & Co. (con.) British Tobacco Burn3, T?hilp ..• Coionial .. Dunlop Rubber Electro Electro. Zinq (pref.) Hejiry Jones Kaun Timber .. >f.Z.' Driisr Co. Mount Lyell /. Farm. Fertiliser Whit, and TpW» "Vinson's Ceinent < 1 1 ia 1 l 2Q 1 I 1 I 25a a 1 \ •3i i » ■ 1 2 1 2 0 2 1 6 33 To 0 6 Q 14 0 1 0 17 3 IS 1 19 9 6 5 0 0 9 8 6 0 6 s 0 3 3 17 6 34 17 6 0 8 5 P 14 10 0 17 6, 2 0 6 1 3 1. 3 0 2 1 14 34 0 0 8 0 14 1 Q 0 8 2 12 0 13 2 16 1 19 0 P 9 G 0 0 9 •0 6 0 O 0 9 1 8 Q 6 2 0 1 16 41 2 0 14 19 1 7 i a p is 3 4 1 9 1 0 3 10 ,A 6 0 0 3 e 0 a 9 a 3 6 p 0 6 o 0 0. 6 10 ■10 ♦w 10 125 to +10 tio 7i •i 10 .*10 8 8 w Dec.-June Mch.rSep. Mch.^Sep. K%r«h Nov.-May May-Nov. Apl.-Oct. Mch.-Sep. Mch.tSep. Juno-Dec. Jtjne-Pec, Sep.-Apl. Jujie-Beo. August Mch.-Oct. Npy^Jnpe 54 4 8 18 10 7 9 G 5 15 U 7 7 0 16 0 0 13 U 8 ,7 10 0 7 7 Q 7 13 10 5 15 11 13 ft Q 7 810 « fi 9

i , Thf balftneerslicefc |« #S follows:-^ LIABILITIES. ' Jt I. <?. CfcpiUtW. ■ ■;■.-■ §6,000 shares at £4. 5s .. 106,250 0 0 Less uncalled 25,000 shares : at S3 7* .. S3,?50 0 Q aa.eoo o o Reserve Fund .. .. 21,000 0 0 Balances due by company 93,124 19 6 1 National Bank of N.Z., Ltd, „ §05 6 S Proband Loss Aceqqat 8,581 6 8 , 414?,711 1* # . ASSETS. ■ £ ■ $. ■ 4. Leasehold and buildings .. 4,998 9 i Office furniture > .. 1,249 6 4 lf®rtff?ges »?4 deposits .. 24,902 11 8 Dabantvwefrr-r-, : H.Z. Government 210,350, local body 410,900 .. 19,550 Q ( Balances due to company .95,081 12 6 £145,711 12 S Profit and £»m Account. YEAR ENDED APBJJL, 30th, 1911." . ■ - 1, $■ To stationery and advert!*- , „ -iar , -i, v l,85r » # To rents, salaries, directors'' and auditors' fees, offices $ 1 expenses, branch and > ' ■ agency charges, etc. .. 1 t To license fees ... .., . \ 9- 0 To interim dividend, Octo-', * \ * '■ ber 31, 1930 .. ' 1,«87» ift 0. To Staff Benefit pany'g ojHj|ril»lti(m to <, • fund fw ywfr «ad«d > April g®T . S«*7 8 To donation to Etj»wk« ! p Bay Bartjiqutfca Fund 100 9 0 To balance tp , m»5 of >Rcoi«« tax t»r year ended April Jptfc, «**> 8MJ f »■ - . mw w « ~ 4 a, By froju ]»»$ y(»' t 1 imTi Less ' ' Fund ., 9,060 a e Less V? Bsn-eflf ,,, ' 76# f»> Q Less Mmnfc -r, DunejSR MWSI! UP H ft Less amoijnli imitt* v v fice . . ft * ' . tl ' r \ " _ IViTM *M* Less ..QommtfifiQBr • JnU*q*6 «* r *' \ ' . ■ ■■*' ■■■;•.. ' The tot items in this a&4 y«*F(t sfci^l £ * 1 £ Profit for year .. ' .. 7,913 - 7,007 Dividend, per oent. > ..15' 16 Dividend, amount , 1,637$ I t Q|7& To reserve ... 3,000 lboq Staff benefit fund .. . : 750 4J50 1 Brought forward .. 4,4(10 Capital paid up .. 23,500 32.S06 Keservo fund .. lQ t <m 31,609 Balances due by company 98,747 93J8S ■ Bank 3,533 ' pug Profit and loss 9,547 8.6BI Assets— ■ • * Leasehold and buildings 4,41Bi < 4,828 TV!?^ 5 !®* 8 34902 .. 19,5W( Balances <ne tct Oftwpany 99,(QO 95,691

-P-:~ ■• Par. Hey 26.' $J»y 38, ■ -Pone, fr.-. to £1 ..., 131.31 124.81} 124,27a SnuiWi beige* to 4l 85 M.M4 84.91* Odd, kr> to £1 18,168 18.16} 16.1CJ -■*' OcwtoBh»C«n.' it. to <1 > 18.16) 18.161 18:16} Biookbolm, fl. to £1 18.169 18.14ft 18.11* fl, to £1 13.107 -i.13.09i 13,09} Bar Ha, teichnMrfcen to *1. .. '80.49 20,47* 20.48 ' ITew York, doJ. to £X ■ 4466 4.86 16-83 4,38 7-15 Ibntnd. del to £\ 4.80S 4.669-16 . — Fregoe. 'far. to 41 164.26 , 1641 1841 Genera, it. to A ■• 35.226 25.15 35.16 VjltB, lire t« ll .. 83.43 - 92.931 92.941. Vienna, acbge, to A 34.685 34.€0J 84.601 K«lfiinjrfor», taaiks to 41 198 ifi mi J93i Ifedrict, . peietaa to 41 .. 86.9S5 60.15 68.8 Lisbon, \fescaSog to ei .. 4J5Q 100.25 108.33 Athesa,' <Ir»ch to £1 875 876 875 Botha rest, - lei to il 818.6 . Bit 817 Bio de Janeiro, pence to saQreia" 4.863 8} 8| Bosom imi, peace to del. 47JH 34 8-tO 339-18 Montevideo, pence to dot. 81 . 39 fl7f Bojnb»y, j*dc« to topee . 1« 1727-32 1796-33 Shanghai, msw to tMl 34J 14 13} Kons-Xoag, penee to do], Yokohama, Pence to 91 M* .'ill yon .. ■ ' 84.65 « 13-83 3418-83 . THE METAL MARKETS. (rsnvo raws use (db,«osr—w watvma TKLSORATH--dbrxWB*.) (Iteceiwd Mey 8.2f p, m j LONOOK. May «. M*y26. lb? 38, per ton. per ton. Copper—• < S.. 4. , 1 Standard, epo& „ 87 17 8 86 16 1<H vFarmud .. 83 8 44 WW 7} , .JSlMfevbftip >• 41 0 0 BMP 0 ' »rfei . '** • '• & 0 0 ■ 41 W 0 '* SSp V 1 43 0 0 41 0 0 Spot ' 11 7 6 11 fr 0 ' jPtavwed «. M 11 13 9 11 U 0 t Kfr' ' , 10 12 6 10 6 .0 10 17 6 10 10 0' a. ffifr. ~, '' - wot .. ■ „ 103 a e 101 -a 9 - Vernri ",. -.. J 103 11 8 103 18 8 . 011*#^BUitSsud, per ■ at'.' 19W 139-16d Yio*i yer os. ■ , ' . i mi, ... WW ]

• tiMt Week. This Week. ' i e. d. a. d. Consols . . 60 10 0 60 S 0 funding Loan, H 8 p.c., 1960-90 «. 97 0 0 96 9 W*r tiO»n. 5 p.c.. 1939-47 .. 102 10 0 108 12 0 OonvernoB IIOSIL.SI' 88 p.e. •*.. 84 0 0 7 6 Victory Bonds, 4 p.e. ... 98 0 0 97 18 0 Commonwealth. , 5 , Ac P&ims&v f i; is 4 . 67 7 0 Conmon^4i&'v - o * *..* is- Of o ' 77 0 0 >; 4 p.o., *43 ' 1929-40 ' .. 45 0 0 5 o" Victoria A) p.e., ''61 10 m(L-4R -t 84.0 0 0 WetorU," "Si ■ p.c.r . ' 1- .'. 75 1980*40 - 75 0 0 0 0 VTlctorU, ' 6 W p.c., .'*5, ' 1933-42 :.. 57 10 0 0 .0 Victoria, 4] p.o., - - . " 1940-60 .. 50 0, 0 , f #t6" .0 0 'New -Booth'IVWlea, < '\ /» ; 4 p,e.,-lV88 i-rf- 05 -0 o .61 0 0 N«w. 8<sujh, Wale», « 64 '* B p.?., 19S5-... 54 o. 0 0 a 'Kew South W#f*s. 10 ; , lB3(r$0~*40 10 ,9 ,40 0 "fie#- South • WaJos. 1 ■ CS p.c.rX9'J2'-32' 00 0 0 70 5 0 New Sooth' Walai, <■ • • 01p,e., 1990-40 u 67 ,10 0' " 65 ',0 0 New' South .W«let, - 60 10 , 6 p\e.: > 1930-40 01 P 0 0QveenKujA'S, 5 V-<" ■* Stable, redeeA' 'Vafcte&tpttQ ., . 58 }0 .0 58 '5 0 QoMsfl'WO. , 9 J/.p,, , -Vit)2S-47 ' '4415 0 42-10 1 0 1}taeeii»iaj6l, .'0 p.o., - 76. . t .it-J88pi40 • „ >.,.76 0 0 0 0 *2?«n; Zejlwd, 4> • p.c.» 1948-iSS'. / 87 .# "0 86 5 0 'MuT* ZMlukd/'■.Bi' . .-■ 34 S 1/ ..V «40 ■ $5 > Q, 0 0 Jtew Helena, 3 p.c., 74 ' l .lW ,1 «15 '0 0 0 0 - ■ Ze*U»3, ' tf ; ,g.Vl«3ft.5i- »<■ ; 100 ( 17 6s 100,15 0 jwiftreltk, jSJ 50 • t ' p.e.,193r -.,; 60' ,0. 0 . 0 0' *S6nft' 'SAwtMUo, \8' ■ f y? i ifllfl',' ,w ' ' * * ' / ' > 87 . j after,, - ' i <. < 48- 0'. 0 0 0 ' South AUStftdit, <5J 76 10 j?.o^'ia80-40",. i 7# 1 0 -0 ' 1 0 tTa*K>iknls« 8J p.e* •< ■„ > '65 . 1980-4Q, f • 85 0 . , 0 0 ,T»to»»W., 8 . -p.C.," J.68 • 1980-40- .. 58' 0 0 0 0 Tasmania, 0} p,e., -: ■■. k 77 ' 1900-40 ... 78 15 0. 0 0 Weft Australia, 85 61 p.c., 1920-86 .. 68 0 0 0 0 West AartraHa, 8 p.c. 1915-35 .. 69 0 0 70 0 0 WMt Australia, 6 p.o. . „ 1980-40 .. '70 5 0 71 0 0