FINANCE AND COMMERCE.

Press, Volume LXVII, Issue 20274, 27 June 1931, Page 14

FINANCE AND COMMERCE.

►SHAKE MARKET.

WEEKLY REVIEW. I MI'HUYIiD BUSINESS. R*'wu<"i ueiuinvs, oil the Affiliated block Lvrhang'.'s throughout New Zealand during the past week Mere mostoonfir.cJ to those stocks which have regularly traded in for =ome weeks pa->i. ' L<_- volume ot business done " hoTAcvci. weli above the weekly nM-mpc over the past three months, und a [unri.T tone v\a.s evident at the oi the week. Xu doubt this was attributable ;ii part to the announcefno lit, regarding the postponement oi thy War I)-bts payments, which has been wc-il received by financial circles. The feature* of the week's business have been the comparative quietness it. Gov-rnnieiit ioans: the steady traat harden in;; prices, in BanK shares; the marked activity in gold tinning sJiitrei on a firm market, and -bo improvement in Dalgetys and Goldsbrough. Morts. which would appe ir tu reflect greater confidence in the fut urc ut the primary producers Iho following is a comparison of the daily recorded turnover on tho local rnirKet tor the past fortnight:— .This week. Last weel:. L £ .-•iu r.L.v ... I.J-J6 1.194 .Mondm ... I.IUI 0.071 Tuesday ... 2.731 889 Wednesday . . 1,024 2.483 I hursdn v . 3.420 :> 242 i'"nti.;y . . 2.878 1.314 £13,270 £10,193 <»t this week's business, banks accounted for £t>o34 (£3314 >, breweries £'S46 (£1342). gold mining shares £1575 (£1413). Mt. Lyells £1348. Figures in parentheses are last week's totals. Four and a half per cent. 1938 Stock was firm at £9B, and more ia offered at £9B ss; buyers at £97 15s. J*ive and a half per cent. 1933 Stock changed hands at £99 5s and fe99 2s 6d, and more is wanted at £99, but seller* arc scarce. Five and a half per rent. Btock due 1936 remained unaltered *t £99 ss, and late unsupported sellers are offering at that price. Auckland Harbour Board 5J per cent. 1943 debentures were placed at £97 10a; Christehnreh Drainage 5} per cent., 1965, at £92 10s; Gisborne Shecpfarmers' 6J per «*ent., 1941, at £fi 10s; Auckland City sjt per cent., 1943, at £97 7s 6d, and Sft. Bosk ill 5} per cent., 1960, at £9S. Banking Section, lu the Banking section there was heavy trading, New Zealands proving most popular, and prices on the whole were firmer. Australian of Commerce in which business last week was at 14s -id now claim buyers at 14s 3d, but •sellers want 15s. Australasias changed hands at £9 7s Gd and £9 7s, and more are wanted at £9 4s, sellers at £9 12s. Commercial of Australia recovered from. 2.3s lid to 14s sd, market closing 14s <*d buyers,- 14s 6d sellers—tho preference Issue which reached £5 10s 3d a week ago has improved demand at £5 %1s; sellers at £5 17s 6d. E., S., and A. were stronger with dealings at £3 19s, and late buyers arc offering £4 3s: (tellers at £5 ss. National of Australasia (£5 paid) realised £4 15s, and the fully paid are wanted at £lO, but sellers are reticent. National of New Zealand cum dividend of 4 per cent, making 10 per- cent, for the year, dropped to £4 15s Gd and £4 15s, and more are available at £4 14s, buyers at ,£4- 8». New South Wales ranged from £24 lis 6d to ££4 17s 6d, as against £24 17s Gd to £24 12s 6d tost week. Hew Zealands ex dividend moved within narrow limits with dealings ranging from 46» 3d to 46s 7Jd, .and closed firm at 46s 3d buyers, 46s 6d ■tellers. Union Banks advanced to £7 10s and £7 12s, and there are further' buyers at £7 13s, Tocent sellers at £7 19s. ,

Insurance, and Loan and Agency. New Zealand Insurances were easier with transactions at 40s 3d and 40s. South. British showed improvement at 30s Gd, 50s 9d, and 51s, and more are wanted at 50s 9d, sellers at 51s. Nationals are firmer on buyers' offfers 12s lid, sellers at 13s Id. Dalgety and Co. advanced to £6 early in the week and closed at £6 ?s 6d, with late buy**® offering £6 tie, sellers art £6 10s. Goldsbroagh, Moris, cum dividend, hardened to dealings at prices ranging from 19a *2d to 19s 10a —ex dividend of Is business was recorded at 20s. and more are waited at IBs lOd; sellers at 20s j Zealand Guarantee Corporation shares are available at 6a 2d,, buyers at. 4sr—last week's turnover was at 5s 3d "and ,6s 2d. ■ : : ■■ ' Frosen Meat, Goal, and Gas. . Canterbury Preference changed hands at 62s (3d and 625, and late buyera at 60s failed to attract sellers. New Zealand Refrigerating, 10s paid shares, were fractionally weaker at 3s 7d, and there are farther sellers at 3s 9d, buyers at 3s 6d—the £l' paid are available at lis 3d, buyers at 10s. Westports were slightly easier at 245,' and late unsupported sellers are offering at that figure. Auckland Gas fully paid at 22s 9d and 22s IOJd are a shade weaker. Christchurcb had dealings at 25s Id and 255, and more are wanted at 24s lOd, sellers' at 25s 2d. Shipping and "Woollen sections were dull and inactive. ' Breweries. New Zealandfl gradually eased to business at 335, 32s 10d, and 32s 9(1, but later jumped to 34s 6d and 34s 9d —recovering the drop that has occurred since the first wpek in this month —and late buyers are offering 34s lid, tellers at 35s Sd. For Staples, in which last recorded turnover was at 32« Gd, buyers are offering 32s 9d, but sellers are reticent. Timaru 5s paid are sought jit 5s 6d, recent sellers at <» 3d—last week's business was at 6s 3d. r Miscellaneous. In the Miscellaneous Investment pectkra British Tobaccos, cum dividend, were fractionally weaker at 23a lid, bat closed stronger at 24s 6d and 24s Bd. Colonial Sugars eased 2s 6d to £33 17s 6d. D;I.C: ordinary 10fl paid wcro placed at 15s 3d. Farmers' Trading were weaker at 6s Bd. Elecr trohrtic Zinc preference are stronger . witn buyers at 14s, sellers at 15s 3d—last recorded business was at 13a' od. Mount Lyells, cum dividend, opened , ti»a week at 16s lid, which was on a par with last, week's prices, and rose to 16s sd, 18s Cd, and 18(3 9d at the cto#& New .Zealand Drugs, were firm at 50s. Taranaki Oil remained unaltered at lOd. Wiljdn's Cements fell to Ssn 6d, market closing 34s 6d btiyers. 37s sellers. . Gold Mining. " In this section; King Solomons wero specially active and prices hardened from Sa lid to 3s 7d on a local iufriortr of 4350 shares. Cornish Pdjat wero • trifle weaker at 7id. Mahalri? pawas changed hands at 7|d and Bd—the turnover on the local market was (HOD ahacea. Okaritos advanoed from

8s 3d last week to dealings at prices ranging from 8s 6d to 9s 3d. Paddy's Point were released at 2s lid. Waihis were steady at 15s 2d and los 3d. and Grand Tunctions, cum dividend, remained at 3s 4d. Golden Point, 10s paid, were weaker at prices ranging from 16s 6d to los—the IOJd paid shares showed little movement at Is 8d and Is 7d. i | YESTERDAY'S TRANSACTIONS. . Markets were brighter on call yesterday. The turnover was the second highest daily total for tho week, and I business was well spread. Transactions, exclusive of vestibule business, included: — 300 Commercial Bank of Australia. .30 National Bank of Australasia ! (£5 paid). ! 100 Bank of New Zealand. 50 South British Insurance. 20 Dalgety and Co. I 400 Goldsbrough. Mort. (ex div.). 200 New Zealand Refrigerating (10s paid). 300 New Zealand Breweries. 200 British Tobacco (cum div.). 200 D.I.C. (10s paid). 400 Mt. Lvell (cum div.). 100 King Solomon. 300 Cornish Point. 2300 Mahakipawa Goldfields. • 1500 Okaritu Mining. 50 Golden Point (10s paid). Commercial Bank of Australia shares were fractionally firmer, with dealings at 14s 4d and 14s sd, market closing 14s 4d buyers, 14s 6d sellers. Buyers of E., S., and A. Bank shares moved up to £4 3s, sellers at £5 ss. National Bank of Australasia, £5 paid shares, realised £4 15s. National Bank of New Zealand, cum dividend of 4 per cent., eased to £4 14s sellers. £4 8s buyers. Bank of New Zealand were firm at 46s 6d, sellers staying in at that price, buyers at 46s 3d. Union Bank buyers advanced tjieir offers to £7 13s, without attracting sellers. Other Stocks. . , South British Insurance shares were firm at 50s 9d buyers staying in at that price, sellers at 51s. Now Zealand Insurance shares were strong on buyors' offers 40s 3d, sellers ot 41s. Dalgety and Company shares jumfxjd to £6 7s 6d, closing quotations £6 6s buyers, £6 10s sellers. Goldsbrough, Morts, ex dividend of Is per share, had dealings at 20s, closing quotation •2d on either side. New Zealand Refrigerating, 10s paid shares, were fractionally weaker at 3s 7d, market closing 3s 6d buyers. 3s 9d sellers. New Zealand. Breweries shares recovered "to dealings at 34s Gd and 34s 9d, and there-were further -buyers at 34s lid, sellers at 35s Bd. . British Tobaccos, enm dividend, rose to dealings at 24s 6d and 24s 6d, closing quotations 24s Gd buyers, 2os 4d sellers. D.I.C. (103 paid) shares were released at 15s 3d. Mt. Lvclls. cam dividend, advanced to 18s sd, 18s 6d, and 18s 9d, sellers staying in at the higher price, buyers at 18s 6d. Cornish Point Gold Mining shares were firm at Bd. King Solomons remained unaltered at 3s 7d. Mahakipawa were steady at Bd. Okaritos showed a .hardening tendency, | with dealings at 9s 2d and 9s'3d, and : further ■ buyers at 9s 3d, sellers at 9s j Gd. Golden , Point (10s paid) shares, declined to IS*,, and more were wantilj J at los 3d. sellers at 16s. I

AUCKLAND. A FIRMER TONE. [THS rBEBS Special Sat vice. J AUCKLAND, June 26. 'iiie Auckland Stock Exchange closed yesterday with the firmest tone for several weeks. Australian securities in particular drew considerably stronger buying Support ami a general improvement in prices was recorded. ' Buyers show greater confiderice in the future. The gilt-odgwl- section has been quiet. The banking group lias recoived Steady bfcyin# support throughout, al- | though actual business * has been restricted to New Zealands, Nationals of New Zealand, Commercials, and New South "Wales. Nationals of New Zear land weakened On the announcement of a lower dividend, but the markot for all other bank shares closed showing decided gains. Insurances have been quiet. A sale of New Zealand was plit through during the Week at a fall of Is 6d. South British after losing 3d had, gained 6d At the close. No business was put through in the loan and agency section during the week, "but more interest was taken in 6 number of shares, y Goldsbrough, Marts closed, with a firmer tone, ex .dftfktend thao before the paymentof the la dividend on Thursday. 'New Zealand Breweries;, with dividend announcement due within the next week or so,- gained /la lid to close, with •sellers temporarily withdrawn. The miscellaneous section also had a firmer tone. In mining, King Solomons have shown the greatest activity, gaining 2s to touch peaklevels for shares at 3s Bd. DUNEDIN. MINING SECTION ACTIVE. i THE PBESS Special Service.] DUNEDIN, June 26. There has been considerable activity on the Dunedin Stock Exchange during the past Week, most of the business being eonoerned with Okaritos and King Solomons. No fewer than 35 parcels of the former shares were turned over, an<i th6re were 18 sales of King Solomons. The only business done in the Banking section was a sale of E.', S.,\Mul A. Banks at £3 19s. There was an offer of £4 for & small parcel at the cldse of the market but no seller was attracted. Bank of New Zealandß , continued in demand at 46s 6d,. a seller coming forward at" 4959 d. Offers Up to 14s 4d for Commercial Banks have failed to attract business, the best selling quotation being 14s Gd. The insurance section has experienced a quiet week. > Nationals have been asked for at 12s 9d, but sellers remained firm at 13s od. No business has been done in the Shipping, Coal, and Loan and Agency sections. Around lis has been on ofTer for paid-up New Zealand itefrigeratings, sellers being unwilling to do business at less than lis 6d. There was a sale of the contributing issue at 3s 9d. Another transaction took place later at 3s 7d. When the tnarket closed there was a buyer of these shares at 3s 6d, but sellers would not then accept less ' than 3a Bd. • British Tobaccos which were in de- i W»»a early in the week at 23s have tended tofirm, and by thd close of the toarkefc the offer was 23$ 9d, sellers I quoting 25s 6d. There was a sale of] Limes sfe 29b 9d, bu£ later J

offers of shares at 30s failed to attract a buyer. Mining. There was business in Waihis at 15s 3d. These shares were asked for to-day at 15s 2d, but no seller came into the market. A parcel of Mount Lyells changed hands at 18s 6d. The demand eased to 18a 2d by the time the market closed, sellers then asking 18s Bd. Mahakipawas saw 'business at Sd. Later an offer of 7Jd found sellers demanding 2<l more. Okaritos were dealt in at prices varying from 8s 3d to 9s 3d, the tendency throughout the week being to firm. The mtirket closed with a buyer at 9s 3d and a seller at 9s 6d. King Solomons have also continued to firm, and the market improved from 2a lid and 3s for buyers and sellers respectively at the - commencement of the w r eek to closing quotatipns of 3s 3d and 3s 6d for buyers and sellers. During the week'business was transacted at prices ranging from 3s to 3s 7d. Three parcels of baddy's Poiifts changed hands at 2s lid, and the close of the market found an unsuoplied buyer forward- at 3s. The only business done in Government Loans was the sale of a parcel of jier cent. Inscribed Stock (1939), .it £9B sa. This stock was behiy offered to-day at £9B 10s. but no buyer came forward.

WAR ON TRADE DEPRESSION, VIEWS OF SINGERS' MANAGINGDIRECTOR. An example which might well bo followed by other, industries has been set to the world by Singer and -Co., Ltd., one of the largest producers of British motor-cars. This company has declared war on trade depression, and for the next thrfee months it is organising an intensive sales campaign. During this period the amount of money originally allocated for 'Press publicity will be more than trebled. Mr W. E. Bullock, managing director of the company, stated in an interview that he had always found Press publicity esseutial. "It is the best value-for-money advertisement oi which industry can possibly avail itself," he said. "We are trebling our expenditure on newspaper advertisements, and 1 am- confident that tnis procedure, despite difficulties abroad and one strike after another at Home, will bring us financial success and at the same time will enable us to employ more British workers. "When trade, generally, is bad some manufacturers think that they should retrench and economise in their advertising expenditure. My own view is the exact opposite: I say, meet trade depression with' a fight and in this fight the heavy guns are newspaper advertisements." . .

AUSTRALIAN FORK. A STATEMENT DENIED. \ ♦ * Commenting; on Mr Hawke'& :tssertion that Australian pigs have been imported into Christchurcli, Mr Bottrell, of T. H. Green nnd Co., Ltd., who ar£ one of the largest firms of bacon cufers in the South Island, expressed surprise that a public man of Mr Hawke's standing should make such a pronouncement before making enquiries from those closely connected with the industry. Mr Bottrell was' definite in his statement that no bacon curers of Canterbury had imported or 1 thought of importing Australian pigs, and a perusual of ships manifest at ri customs returns would prove this. The supply df New Zealand pigs was quite auipic for curers' requirements. Although at presents prices were low in Australia, he doubted if pigs of equal quality could bo landed to compete with local prices—when all the various charges such as killing, freezing, freight, insurance, duty, and landine expenses were added. "Wo are all wanting to encourage our farmers to grow pigs, and it behoves both curers and oonsumers to support their local products," said Mr Bottrell. ' . Mr Bottrell said he understood that Mr Hawke's statement was based on, hearsav, and not on any investigations he had mnde himself, and he thought it only just to local bacon curers that Mr Hawke should withdraw his damaging' statement unless he, could substantiate it.

BRADFORD TOPS. A FAIR ENQUIRY. PRtßa ASSOCIATION —B/ tuzcrmc TEIJIGRAPH—"-COPYRIGHT.) , LONDON, June 20. TIIO Bradford tops market iB definitely firmer, wrth a fair enquiry. Quotations (as compared with June 11th) are: — June 11th, Juno 25th. d. d. Seventies . ... IfH 25 Sixty-fours ... 21$ 22 Sixties ... 20 20 Fifty-sixes ... 13$ - 13} Fifties- ... 12 12 Forty-sixes ... 9 Forties ... 9 9i GROUP SELLING METHODS. PLEA FOR ADOPTION BY BRITAIN. , U'SITED PRKS3 ASSOCIATION -i-BT ELECTRIC I TELEGRAPH—COPTRIGHT.) | (Beeeived June 2Gth, 9.15 p.m.) i LONDON, June 26. I The secretary to the Department of | Overseas Trade, Mr G; M. Glllett, M.P., in a speech at the Wholesale Clothiers' dinner at Harrogate, pleaded for the adoption of grofop selling methods in tlio overseas market. British firms over-frequently fought one another as fiercely as foreign competitors, he said, With the result that the British Avere failing to hold their trade. NEW CHEAP MOTOR-GAR. DETKOIT, June 18. Mr Walter P. Chrysler says his company is plunging £2,000,000 into the manufacture of a new low-priced car to compctfe with tho Ford and Chevrolet. " ■ " . He'announces that tho mechanical improvements will be as revolutionary as was the first self-starter. The schedule for July calls for io,ooo finished cars. PRICE OF SILVER! (bbltish 6mcut fciazttsS.) (Reoeived June 26tli, 5.5 p.m.) ftUGBY, June 25. Silver is quotsd as follows; Spot aad forward, IS KSfid ra oszc^,

CANTERBURY MARKETS.

REDUCED POTATO SHIPMENTS. (BY OUR COMMEfICIAL EDI-TOB.) Friday Evening. Offerings of potatoes from farmers have been heavier this wepk, but the lack of orders from the North Island lias operated against any response by m r. hants. Growers are prepared to taka 30s on trucks. Deliveries by later months are quoted at 50s f.0.b., s.i. Potatoes are selling ex-wharf at Auckland at 75s to 80s a ton, a figure unknown in the northern city for many years. _ " The Waimarino, which was due to sail to-night, is taking between 8000 and 9000 sacks from Lyttelton and 1100 from Timaru, and thp Waipiata is due to sail on Wednesday with both Lyttelton and Timaru consignments. Northern merchants are content to meet requirements from consignments, and while the price is so low and potatoes so plentiful this policy is likely to be continued. To June 24th the shipments not ill show a big disparity on preceding years. The figures in the last three Vears are:—l 929, 135.961 sacks; 1930, 156,354; 1931, 106,533. The wheat market is unaltered. Milling is worth 5s 5d on trucks an«J fowl feed 5s IJd to 5s 2d f.o.b. There is very little milling offering and the trade is asking where the big returns indicated by the threshings are held. Fowl feed from South Otago, of an undergrade quality, is competing witli the local product at a price ranging from 4s lOd to 4s lid f.o.b. The other classes of produce are meeting with very limited enquirs r . Quotations. The following are quotations lor produce to be paid to farmers, on trucks, free of commission, sacks extra, except whero otherwise stated : . Wheat—Tuscan 5s 5d on trucks; Hunters, 5s 6d to 5s 7d. Fowl wheat, 5s Ij'd to 5s 2d prompt, f.0.b., e.e. Oats —Algerians, 2s 3d; A Gartons, 2s Gd; B's, 2s 4d. Barley—Cape 2s 9d to 3s, malting 4s. Potatoes—Whites, 30s to 32s 6d; Dnkotns, 27s 6d to 30s. Onions—£4 ss. Chaff—£2 los. Partridge Peas—4s 3d. Red Clover —6d to 6itl. White Clover—Bd to 9d. Italian Ryegrass—2s. . Perennial Ryegrass—Canterbury, to 3s .3d. ! Cocksfoot—Akaroa. 3d to 3Jd- I Plains, to 3d. j Bran—Local £o a ton, f.0.b.: ship I ping, £4 a ton, f.0.b.; 10te extra foi I smaller pftckings. ! Pollard—Local £5 10s a ton, f.0.b. - , shipping, £4 a ton, f.0.b.; 10s extra for smaller packings. Flour—Wholesale price £lO 15s a toil for 2001b sacks, with the usual increments for smaller

ASHBIiRTON MARKET. Xerf lew lines of wheat are now being offered, and millers are showing little inclination to purchase in th« meantime. Fowl wheat is quiet, but a. better enquiry is looked for shortly. The potato market has not improved during the week. Digging it fairly general, and fair yields are reported. Little interest is being taken in the oat market, but there is an enquiry for heavy Cartons. Chaff !b quiet, very few orders being received. Enquiries havo been received for good cowgross and white clover, all other needs being dead. The following are quotations to be paid to farmers on trucks: — . Wheat—Tuscan, good milling, 5s 3d to 6s 4d; Hunters 5s 4d, Velvet 5s sd. under- | grade 4s Bd, seconds 3s 6d. ' Oats—A Cartons 2s 3d to 2s 4d, B Gartons 2s, Algerians 2s to 2a 3d, dark Duns 2s 9d to 3s. ! Grass Seeds —Perennial 3s, Wolfhs'' and Italian 2s to 2s 3d, red clover 4d, white clover 7d to Bd, coclrisfoot 3d per lb. Chaff—G.b.o.s., £2 10s per ton. | Partridge Peas—No. Is 3s 9d, f.a.q. 3s 3d. i Potatoes —White and Jlakotas, £1 per ton. j DUNEDIN. | [THE PRESS Special Service.] DUNEDIN, June 37. Little business is being done in milling ■wheat. The present value of fowl wheat i» •la lid f.0.1),, Backs extra, this price being equivalent to 4s 7d, saaks extra, ex store. Although there was some buying of oats from the south last week there is not much inteiest now being displayed in the Market. Sellers are asking 2a IOJd f.0.b., s.i., for A Gartons, and 2s 7jd fot B's. I Tho potato market ia a dragging one. Tho ! price is nominally given as £3 10a per ton, sacks included, ex store Dilnedin, for best quality. Other quality is practically unsaleable. There is no change to record in the seed ! market; practically no business has b«on transacted during the week. Soth white clover l and cowgrass are in short supply, j ati-d tho market for those varieties ia firm, v.-ith good lines difficult to secure. METALS MARKET. (r*ITBK PRB3B association—itr ftLicwua ' lZtfcGßATfi—copxaiofct.) v (Received June 26th, 0 p.m.) LONDON, Jund 26. • Petals are up again. Quotations are a* follows: June 22. June 2d.

TATTERSALL'S HORSE BAZAAR. Messrs H. Matson and Co. report that they held a successful horse sale in 'FattefgaU's Bazaar yesterday. The Bale commenced at 12 noon,'with a total entry of 38 horses, and there was a large attendance of farmers. Competition for the medium-priced horses was quite good, bat higher-priced classical lots and Becond grade older sorts were hard to quit. The following are the principal sales:—

YESTERDAY'S SALES.

! SEARCH FOR OIL. 1 I.FMSS 4SBOCIATIOH TKCEOtt AX.) j WELLINGTON, June 26.' * Jsetv Plymouth (N.Z.) Oil Wells, Limited, reports as follows:—At 2280 ft wo struck excellent oil and gas showings. We stopped drilling to insert the easing preparatory to testing our first objective oil horizon. CABLE TRAFFIC RECEIPTS. %. ■ ' \MES3 ASSOCIATION TXIAGtMI) WELLINGTON, June ,26. Following are the estimated traffic receipts of Imperial and International Communications, Limitedr—- - £ April, 1931 .! .. 336,706 May, 1931 .. ... 371,70* Aggregate for five months, January to May .. 2,009j447 For 'similar period,. 1930 .. 2,394,252 GENERAL MERCHANDISE. GROCERIES. '• . t Warehouses have had a fairly brisk week, due to 25th deliveries. Turnover, however, is down when compared with this period last year. This is to a certain extent doe to lower values, and not so much to smaller orders. The demand lor standard line a of groceries continues to be quite gdod; but there is a marked falling-off in the demand fof luxury lines. The public are buying, cheaper linea as a general rule, and this is no douht due to the present economic • conditions. . Cheese. This line should receive the careful. consideration of retailers who usually , boolf contracts for delivery tip 'to September. Prices are inclined to harden, and some factories are holding -what little stocks they have left for a better market, 'Which is expected toward September. Retailers who' usually, wake contracts and- who have not done so'yet should lose no time in considering the.question. Boap. The soap market is exhibiting signs of weakness, owing to the low values Of raw material. It is reported that some makes of highest quality have issued freSh price lists, showing a small reduction on certain lines. Tea. Last week's tea auction in Ceylon drew a nominal entry, and- prices*- ruled be at the previous auction. However, a cable received here since the sale advises that values for fair, quality lines have advanced, and that the market is strong. 1 Onions. Australian . quotations this week were: Brown Spaiiish, f.o.b. Melbourne, prime JS3 10s, good £3. These figures indicate .a firmer market than was ruling last month. Dates. London advices by cable state that the date market is firming still, and stocks -are on the low side! Some shippers are still accepting business at previous prices, while others waht from 6d. to 9d per cwt more before they will confirm. Pepper. A lite cable from Singapore advises that the market there for pepper (and spices), has developed an upward movement. This is encouraging news after months of sluggish business. It may of course he a temporary rise, but it 56 thought not to be such by people who study the market. . Almonds. Latest cable news concerning almonds stows that the market is running steady as far as price is concerned, .with a tendency in some quarters to cut prlees of present stocks. Jordans remain as previously quoted, but buying, has set in for hew season's crop, and this may infilience the market next month. Sago, Tapioca, aid Sice. These commodities are holding '■ to previous viihies, which are lower than for'ftiany years, 'flip next direct bpat will be here about Sep' tember, aiid bo far. very little buying has taken place for this loading. , The better tone in the world's markeU, due, it is reported to thp tWited States p#bp66alß war debts, may cause a sudden move is these lines; thercfdVe buyers are advised to keep a watchful eye on Eastern produce generally,.

BANK OF ENGLAND RETURN.

(CXITZI£ PBUSS ASBOCTiTIOK —B* SLXCTJUC TBLEGBAPH —COPl r B.IGST.) (Received June 26th, 5 5 p.zß.) LONDON", June 25. The following is the Bank of England return for the week ended Ju.tfr 25tli; ISSUE DEPARTMENT. £ Notes issued — Govt, debt 1 1,015,100 In oirculu- Other Ocvt. tion .. 3*52,831,056 securities 232,211,776 In barking Other eecudept 70.062,760 nties .. 12,6&>,09'2 ' ' SiWer coin 4,008,033 Fiduciary issue . • 260,000,000 Gold coin & bullion 160,894,416 • Total 12-2,894,410 Total 422,594,416 BANKING DEPARTMENT. £ ' Proprietors' Govt, secucapital .. 14,553.000 nties. .. u 0,400,906 The rent .. 3,377,712 Other^ecuPublic deposits .. 23,249.183 Disccrtinta Other and ad- ofi », 0 -t deposits- - van ?f. a •• Bankers' 61,043,78 C Security 2,,125,94S Other acs. 33,519,392 Notes -. ..0,062,760 Seven-day a . . and other silver coin 1,119,x.0 bills , . • 1,360 Total 338,345,038 ' Total 138,349,038 Proportion of reserve to liabilities, 59.10 nor cent.; short-dated loans, 21 per cent., th TheTd n iid B a ry b 'iEßue a of"^2M?sx) C ,OOo' consists ties, and silver coin. FOREIGN EXCHANGES. (b&iiibh official wimijsss.) (Received June 26th, 6.5 p.m.') RUGBY,- June 25. The following are the current ratee ot exchange compared wit'a those of June

GOVERNMENT SECURITIES. (C3HTED rßtss ASSOCIATION—BT iijsct*lC t*usaiu.PK— coptbiokt.) (Received June 26th. 5.5 p.m.) LONDON, June 25. The following arc the latest quotations, of .Government securities, compared with the prices ruling on June 18th: — 1 Last week. This week. £ e. d. * £ s. d.

FROZEN MEAT. SMITHFIELD PRICES. , Dalgety and Company, Limited, have received the following cablegram from their London office, dated Jape 26th:— New Zealand Frtefett 1a tub—Market weaker. Demand poor. Quotations:- — North Canterbury Island. . a. d. 38-361b .. .. 71- 7 36-421b ... .. , 6| Second quality .. .. 6g s| 42-SOIb .. 6J 6g New Zealand frozen mutton. Market weaker. Demand poor. Quotations: 48-561b ..5 45 56-641b ..V 4 s « 64-721b - _ .. 41 4 48-641b (ewes) .. 3| . 3Jf New Zealand beef. Market nominal.. Demand nil. New Zealand prime ox hinds 2Jd, fores 3d. Argentine chilled hinds 5Jd, forw 2Jd. New Zealand pork. ' Market unchanged. Demand limited. ; English workers (80-1001 M • Sjd New Zealand porkers (80-1001bV .. 5Jd New Zealand porkers (100-2OOII3) . 4}d Australian . mutton. Market Weaker. Demand poor. 40-60lb pr.a.q. .. 30-551b f.a.q. gg,j Australian lamb. Market weaker. Demand poor. - 28-361b g.a.q. cjj • 36421b (J.a.q. I! 28-361b f.a.q. , .... •" gg Southdown lamb, premium: CLEANING ,SALE. L °Ti rey C °-' Lta - held 8 tale 6n Thursday on acoount of Mf Mills road. Tim following ware emon£ th* jmces realised;-f-Cows, £ll K)s £7 15s £7 r u' t ' <l4 10s, £7 W; heifer £2 7a 6d;. aged horse, £SS; sack whfeai, 16s 6d and 18s: milk drums, £2los; eel huroess, £3 7s 6d; stack covers, 22s 6d; snnnsr dray_ harass. £2 15s ;■ collar and h >imes, 2iS 6d; two-leaf harrows. £2 7« 6d" Planot eower, £2 10s; sack lifter," 85s; Planet cultivator, £S 2*; sprinj cart, £l3 1Q»,

FRUIT MARKET.

CHRISTCHURCH. Plentiful supplies of vegetables have bets ' coming to hand daring the week, and have '1 met a good demand at firm prices. Potatoes ' * are in over-supply, and prices are slight!? lower. Good quality onions are now becea> I ins scarce, and prices haTe shown u ( provement. A plentiful supply ot both eotfc-' ing and dessert apples has been available. < many lines being of very fine quality. Pritei - have been reasonable. Good quality are- now becoming scarce, and price* bare ' - shown a big improvement. Small rapplitg hothouse tomatoes are still available and '* prices for good quality lines are imprimis* , At the market yesterday one parti«*iar!v. *i-f|, fine line sold at a shilling a pound, {tood quality grapes are scarce, and price* ate' " high. Steady supplies of poorman cnn... ' are available, and are meeting a goMl m. - quiry. They are selling readily at-12s u'-ij a case. A large shipment of "*—'f 'tuiiim, f* j and mandarins arrived from Sonth yesterday. The fruit was o! excellent pfc , l " ■ and 'will probably sell reasonably. Bsiifa '*l the nsual shipment of fruit from Sydney-- > a consignment of Cook Island oraacta *rj" ■ j bananas is expeeted next week. " ■ The average prices received at attttioa for the week ended June 26th were:—4pp3*. ; •- local, per case 4s to 6s 6d; apples, DeHctouL*'-' per case 5s to 7s; appleE, cooking, per 4s to 6s; grapes, firsts, per lb 2s 84 l» * 2s 6Jd; lemons, South Australian, p& MuL' f up to 17s 6d: oranges, Sonth AaitrafeT per case np to 13s; oranges, totobjife per case 12s 6d; passions, Auckland, W. * case 8s; pears, dessert, per half-case on fa 4s 6d; tomatoes, dessert, hothouse, tq jj.lv 9d to Is; tomatoes, No. 2. per lb r 4i M 7id; walntus, per lb 4d to sd; beet, dozen bundles up to Is; cabbages, per doita/ up to 4s 6d; cauliflowers, per dozen «p to Ge 6d; carrots, per dozen tip to la; eebtr per dozen up to 6s Od; green tail, peck 4s 4d; leeks, per dozen 4s ■' per dozen 3s Id; marrows, per dozen «. ' potatoes, per sugar-bag Is 3d; onions, Joo£ .. per . sugar-bag 4s; parsnips, per tanMSr - Is 6d to 2s; potatoes, per sack ss; JmS.' kins, per lb ljd; radishes, per dagna M' tpring onions, per dozen Is 64; tgntW' ' per dosen IB; spinach, per dozen 3c; hrNMtjj «" Bprouts, per lb up to 6a. < , -., A ~ }i DUNEDIN. ' Y'l J (.THE PRESS Special Certlos.] * , • - DUNEDIN, June 36; A quick time has been expfcrlfinosd fcHfct fruit marts durinc the week. Betsfleis plain that the cold, wet weather hat irftecM " sales to a marked extent. Apple* V , good supply and the market it 6 lits ' , easier. A large, shipment of natel efluwfa ' arrived ex the Wainui from Melboet»r te'' .'' These are offering at U# tat* Australian lemoca are also cm offffi St nriti*' •which cannot pay shippers. Peart anTstffl { in heavy supply. Only choica s*taples.Sstt'>i ; 1 > a market. Outside-grown tomatoes m 1 ished for the season. Hothouse-grown 1»m» • ai good enquiry. Further consigiijitieiltt \ Icland oranges and Earotongan ba^utat'aft'' expected to arrive via Wellington edrfy rSfi wee*. ■ FEILDING STOCK (?i!ss Assomnox nttsua.) FEILDING, Sxat 3t ft At the slock sale today, price* fijr - { aheap improved , and al«r Fat lambs, heavy, inide t» 1 1 ewes to lis, fat wethers to Ifla MThere was k small yarliiy of Safaktos. - ft Beally good two-tooth etres (B4n^3pSK> t j Ji Bouthdown rams) made 18s. '* \l. Fat cattle made up to lftt pei * Dairy cattle met * dull mml qMliW* * V heifers sold up to £8 10s;- ;:9 cows to £6 15s. OXFORD 1 After the storm of day the fine day which folfijjaP «LLniart*' iv . day drew quite a large'attsnjpiftt w.lk£.Qcr' ford fortnightly sale. Ths|#«H<!q«: ; dsW t ,.ve-> were not quite up to the tn3*' vious sales. . The total 1830; the store tXeep 'peMK *WNl4iWs|IM!|, practically empty. 1» cattle : . were also practically smptyw sold up to recent safes.•' Fisst grade grade ilia to 14s-B«(: to 10s Id. BesKJst Mm 3d, jnedium fat ewes 7s 3d to *s. ■ Snished Ss ?d to 6s 3d. Good, fat »auu from 16s to 17s, " - The following, line* wet* sptf:— ' rtt Sires—Eight M. W *ogO* 8a lOd, 16 at 8s 84 1» st 10s 6d, 12 «t 9s lOd,- 43 St It lOd, 17 at 10s 4d, 5 »t ' 94, It at 5s 74, SI >a» J*. •t-Bs, 1 at lis Bd. . . Fit Lamb a—Ten at 17s. 117 at 14s 63, 8 at 14s, lt « at Ilk Id. 7- At 12k, 15 at «». 3 S at lOi Id, 107 at lasi 1 *t Ids, 45 at »%. 8 a»l7fc« sd, 1 18fc 28 at IITM. V'".t'MtilHHK St 16s, Si ft ititigMHe at 14s 9d, l At Vtw In the - storeshesp 7a fid «nd 80 good <** Vtera «*s the laxtett btSaim iAto thes* ysrds. «ad til WmSßmjM at Mttk'rt rates. . .jmHft' LBSBTOK SfdCK « '• As fa- invariably, tkt Ten tries- in jA departmenta JWMiHHK forttilcliur' *foek ttto' M yards yesterday,. and -th* -UMRnHWHKii showed ft feUlftr btf. stock tr*aerally «*s below thl the few sh««p tad Unlbs ends," twt ptleet wefe oA 1 1; MHHHBi good - many local peoplfl, «>t single pig* i<ft home JdUte® of baeoners 1 to StatS Tka ~-tot Alleb Bros at lfts 4d; F. H. Otetttfc* iMSMp forward "lambs St Ids «d, A. ft. J. Carroll (B«mthtgtjpßaMßßM»i latab* at IBS 4d: A.* MwanißSjaßMßra bridge), 4 ew«( *t ita: 3. t. MjnßK; mere), 17 forward )>BW at 8s Id. : * ■ Bacon pigs ranged • fryrt M, porkers 80s Cd td from 255, medium frottt IBS, 'A springer riall44d Mi 1-Oi. " METHVEN' STOCK The Methven stock sale Thursday, when a good entry o{ yarded, and thefe was a IsrgA farmers. Freezing works were in fall force, operating:duced limits, ail was antieipatett. repVesents a Anal cleatanio of *W* i" district so far as the yards The next sale will not be.haldftgf ■JHK month, owing to the frteslng down and to the smaU amount of sSn»Sffl» changing hands, due to the lateneiß Be ®he bnlk of Thursday's yardln*. prised of fat lambs, and. so«e ha«MWHH» cellent quality were offered. Tbe W^aHHK recorded was for a line of 110 ."SSjHjWK Dalgety and 00, Ltd., on sccoust W McDonald Bros, (Methven), wWeh msd^M Bd. Another line National Mortgage and Agency Co,, account of Mr A. M. Hart, brought «s^^. Only a fevr pens of stare sheep offered, and these sold at prices in those of recent sales. Smalt yardings of cattle and P l ®* with a ready sale, while potatoes dries sold at full market rates. The principal sales recorded were, .'ja Fats—ll6 fit lambs a»18« Bd, 18s 6d, 82 at I2s 10d. 103 at 18s ■ at 16s 6d, 57 at 14s 4d, 12 it 12s fat ewes at 12s 7d, 10 at l-s 9s Id, 6at 10s 6d, 6at 8S 4d, B at » «W|, at 14a Id, 20 at lis, 33 lamhii *t M«M r 106 lambs at 18p Id, 93 at-16s lOd. lis 6d, 12 at 158, 82 at 13s Bd, 89 s»jWM i 7d, 11 at 14s 4d, 15 ewes st 10s lis, 38 fat lambs at 16s *d, 40 »t. ■ 3 at 18s Id, 96 at 13s, 64 at 14s 10tt^» ewes at 9s 11«', 4 st 10s Id, 11 « 5 at 8s 6d. 17 at 7s lOd. Store Sheep—l 73 Komney TSI-. lambs at 8s 6d, 123 mixed Sax Bonner CgM;, lambs at 7s 9d. 142 four, six, and topth three-quarterbrcd ewes in Ism lid. 89 two-tooth three-quartLrbred ew?lg|ss». lamb at 19s*. . " . f3 Cattle—One spi-ingiii| btffer at *» fat cow al -S ",6d Lai»*r at A»-. S ! ■ BEET SUGAR. - i ' J un» 26th. LONDON, j -Beet sugar quotation: Jnly, 8*

per ton. per ton. Copper— £ e. d. £ 8. d. Standard, 6[iot UG 3 9 39 0 0 Fofward .. as 6 H 89 18 1J Electrolytic 36 5 0 41 10 0 to 38 0 0 42 10 0 Wire bats 33 0 0 42 10 0 LewiSpot .. 12 0 0 13 2 6 Poniard .. 13 8 •9 13 10 0 SpeltersSpot 12 7 6 IS O 0 Forward .. .. 12 13 9 13 5 0 Spot .. 108 6 3 111 13 9 forward 110 3 a 113 6 0 Silver— Standard; per oz. 13 3-16d 13 7-16d Fine, per oz. 14£d 14Jd

£ s d On account o£ Darfield client— Bay gelding, S rears 15 0 0 On account of Prison Dei>t., Paparua— Black mare, 7 years Bay gelding, aged 8' 0 0 3 s 0 On account of Ashburton client: Bay gleding, aged 3" 0 0 Grey hack tnaro a 0 0 Black gelding, aged 1 0 0 On account of Mr D. C. Lyons, Southbrook— Black gelding, aged .. • 13 10 0 Bay'geldibg, aged 20 0 0 On account of MR F. L. Wright, Kaiapoi— Chestnut mare, 4 years .1. 13 0 0 On account of .Client — Bay gelding, aged 4 0 0 On account of Client — Bay gelding, aged 2 5 0 Oa acoount of Mr R. Lynn, Ellesmere— Bay gelding, 9 years S 0 0 On account of Client — Bay gelding, 8 years - 15 10 0 Oa account of Mr W. G. JTrasfcr, Richmond-*- , Bay mire, aged' 6 0 0 Oa account <Sf Mr 3. Silaei, Templetdn— Bay mire, 4 years 6 0 0 Aged hacks and harness .hornet from £1 to £3 10%

_ CHRISTCHURCH. Sales on 'Change— £ s.d. Commercial Bank of Australia ... (") 0 14 4 0 14 5 National Bank of Australasia (£o paid) 4 15 0 Bank of New Zealand 2 6 6 South British-Insurance ... 2 10 9 Dalgety and Co. 6 T 1 6 Goldabrough, Mort (ex div.) 1 0 0 New Zealand Breweries ... 1 14 6 1 1 14 9 British Tobpcco (cum dir.) 1 4 6 1 4 8 D.I.C. (10s paid) 0 15 3 Mt. Lyell (cum div.) i'2) 0 18 5 0 18 6 Cornish Point 0 0 8 King Solomon 0 3 7 Mahakipawa ... (o) 0 0 8 Okarito ... ... 0 9 2 0 9 3 Golden Point (10s paid) , v .0 15 0 Sales Reported— £ s. d. Mort. (ex 0 div.) ... (2) 1 0 New Zealand Refrigerating (10s paid) 0 3 7 New Zealand Breweries ... 1 14 '9 Mt. Lyell (cum dir.) 0 18 9 AUCKLAND. Sales on 'Change— & s d Mount Roskill Road Board, 1960, per cent. 98 0 0 Auckland City-, 1944, 5$ per cent. 97 7. 6 New Plymouth Harbour, 1946, 5$ pet cent. 97 10 0 Bank of New Zealand (2) 26 6 South British Insurance .. 2 11 0 0 11 3 N.Z. Breweries 1 14 8 N.Z. Kef rig. (con.) 0 3 6 TPaihi Grand Junction (2) 0 3 4 Mt. Lyell 0 18 3 £ing Solomon 0 3 8 WELLINGTON. gales Reported— V ,1 4§ per cent. Stock, 1938 98 s. 0 Cl« 0 Bank of New Zealand (3) 2 6 6 Christchurch Gas Co. . . 1 5 0 DUNEDIN. Sales on 'Change— £ s <1. Okarito 0 9' King Solomon 0 3 1 (3) 0 3 b Milburn Lime 1 9 9 INVERCARGIf.iL, ■ Sales Reported— * £ s. d. Bank of N.S.W 25 17' 6 King Solomon .. 0 3 4 0 3 G • (2) 0 3 7 > 0 3 n 0 3 8 (a) 0 3 8$

23rd and par: — Par. June 23. June 25. Paris," fr. to £1 • • 124.31 124.25i 124.271 Brussels, belgas to £1 S5 34.94 34.93" Oslo, kr. to £1 18.159 18.161 18.16J Copenhagen, kr. V° £^- 18.159 18.1 ei 18.16J Stockholm, kr to £1 1S.150 18.14§ 18.14i 12.06 Amsterdam, fl. to £1 12.107 12.09* Berlin, reichmarken to £1 .. 30.43 20.48 20.50j New York, dol. to £1 4.860 4 .86 11-16 4.86 9-16 Montreal, dol. to £1 4.666 4.88 7-16 4.8»g Prague, kr. to £1 .. Geneva, ' r. to £1 .. 164.85 25.236 164| 25.09& 164| 25.1 Milan, lite to £1 . > 93.43 32.96J 92.94J Vienna, achgs. to - £1 51.585 34.634 34i62^ Helaingfors, marks to 193i 1931 £1 193.25 Madrid, pesetas' to £l 25.225 49.85 51.45 Lisbon, escudos to 1101 110J £1 4.50 Athene, drash to £1 375 375 ?7o Bucharest, lei to £1 81S.G 817 817 Kio de Janeiro, pence 3 8-16 3 13-16 to milreis 4.988 Buenos Ayres, pence 35 9-16 35 11-16 to' dol. . .» 47.377 Montevideo, pence to 59 29 dol. -• 51 Bombay, pefico' to 16 17* 17} rupee v. Shanghai, pence to-' ; Hi m tael .. . i 24i Hong-Kong, perco 4o ■21 "I 12J dol. <-• Yokohama, pence to 24j 241 yen .'. 34.56

Consols 59 17 6 60 5. 0 Funding Loan: 4i * 0 p.c., 1960-90-..-96 12 6 87 10. War Loan, 5 p.c., 103 105 ' 1929-17 0 0 5 0 Conversion Loan, 3J S4 io 0 p.c. "Victory Bonds,- 4 84 2 6 876 p.c. . 98 9 0 r 3 Commonwealtli, 5 p.c. 1945-75 • .■» 68 13 0 75 0 0 Commonwealth 6 p.c., »7 1931-41, 81 10 0 0 0, Victoria, 3, p.c.. 10 52 1928-40 41 0 0 0 Victoria, ' 8| p.e., 58 1929*49 SI V 0 6 0 "Victoria, Si p.c.ii . 75 1930-40 . -- 75 0 0 0 0 Victoria/ S : p.c., • . 70 10* © 1932-42 h - 65 0 t Vietoria, , 4} ,68 ■f. 62 1940-60 ' . 0 ay 0 0 K«w South Wilis, 68 0 4 p.c., 1983 .. .63 10 0" ■■ • 0 H«w South VWafeli 1 1 64 .V . 8 p.c..l$S8 60 9 « • .0 Ifitr. •South Wales. sar- • 35 p.c., 1930-Bfr -47 > 0 >6. 0 New South, WMet, A * 52 p.c„ 1888-23 74 0 0 •* a mw south WaUs. 6| p.o., ifiao-40 71 6 • o'' 80 © 0 New South.' Wales. 68 .686 1980-40. Queensland, ft, P.c. 0 V o. 0 « S StojiV, > /edeem .■n_ able J.940t60 .. 64 100- • . • Queensland. "8 p.c., 1923*47 44 0 0 ' 61 6 Queensland, 6 f.c* 75 6 1 75 1930-40 • ... -0 9 Zealand, 4& 9« 0' p.c., 1948-58 .. 69 U. 6 SKew Zealand, 81 14 p.c;, 1940 New Zealand,' - 8 6 0 86 IS 0 id 0 p.c., 1946 74 10 0 S 76 New Zealand, - 6 p.c., 1936-61 .. ipa *5 0 ioa 10 0 South Austr&lU 31 p.c., 1989 , v: 57 0 0 68 5 *0 South Australia, * 3 - ... p.c., - 1916) $r aftdr, ;• ' k , *£*• 0 0 45 4> 0 South Australia. 6) ". ' p.c., 1930-40 .. 78 0 0 . 67. 10 0 Tasmania, 8If' p.c., 1920-40, ■ 58 0* 0 .62' ,0 0 Tasmania,. - 8 P.O., '55 1910*40 55 r° 0 0 0 Tasmania, - 61 -p.-e. . ■. 1930-40 *■ - 90 0 0 85 0 0 "Western Au*tr«lia, 3i p.e., 1930*36 65 0 0' 7» "5 « Western Australia, 3 p.c, 1915-35 64 ' 0 0 66 10 0 Western Australia. 6 p.c., 1930-40 70- • 75 0 0