FINANCE AND COMMERCE.

Press, Volume LXVII, Issue 20413, 7 December 1931, Page 10

FINANCE AND COMMERCE.

BRITISH WHEAT. PROSPECTIVE QUOTA . . SYSTEM. FARMERS ANTICIPATE BENEFIT. (USWJsiI TRESS' 'ASSOCIATION—BY ELECTRIC . TELEGRAPH—COrIBIGaT.) j LONDON, December A. The agricultural • editor of the "Daily Telegraph" says the farmers anticipants an all-rolind improvement ill industry wheu the quota system operates, including a progressive increase in'the Home and Empire wheat quotas, an increase on a ruble cultivation, assistance to live stuck breeding, higher agricultural wages, the return ol thousands of workers to the land, and a revival of fresh killed meat production. It is expected that the special Cabinet sub-committee will begin a discussion on Tuesday on Dominion wheat quotas. MEAT CONTRACT. SUPPLIES FOR BELGIAN ARMY. (CKJTEB THF.S3 ASSOCIATION —£*T ELECTRIC TELEGRAPH— COPYRIGHT ) LONDON, December 4. Tenderers supplying Australian beef secured 200 tons of the current Belgian Army contract. Brazil secured the remaining 125 tons. RECORD SALES. NEW ZEALAND HONEY. UNITED PRESS ASSOCIATION—BY ELECTRIC TELEGRAPH —COFVRIGJIT.) LONDON, December 4. Scales of Now Zealand honey constitute a record. The European repre--1 sentative of the marketing firm, after « tour, reports that there is no hope |df extending the sales in Germany, j owing to the acute depression. Sales I are increasing in Denmark and Holland. VALUE OF THE POUND. RECOVERY ON FOREIGN EXCHANGES. (BRITISH OrjICIAL WIRSLSSS.) RUGBY, December 4. i Sterling opened stronger to-day, bej iug quoted at 3.36$ in New York, and • in Paris. WHEAT CARGOES. LONDON AND LIVERPOOL. > (CKITED I-RES3 ASSOCIATION —BT RLECTRIC" TELEGRAPH—COPTBIOHT.) (Received December 6th, 7.30 p.m.) LONDON, December 5. Wheat' cargoes are quiet and unchanged. _ Parcels are occasionally threepence i higher, but there is no • response from buyers. : Futures are quoted as follows: ■ ( fiondoii—- . , Per quarter. s. d. December .. 25 9 February .. .. 26 0 June ' •• •' 26 11 Liverpool—- _ " Percental. December * .. 5 4£ March • .. 5 8J Ma y •• .. 5 11* WONDERFUL CARGO. MAYORAL WELCOME AT LIVERPOOL. (CitlTM PRESS ASSOCIATION—BV ELECTRIC , TELEGRAPH—COPTRtQHT .) ' LONDON, December 4. "This' is one of the most wonderful' cargoes that have ever come to Liver- • , pool,'' said the Lord Mayor, when welcoming the steamer Nestor. He emphasised that it included 37,000 carcases of lamb, thousands of cases of butter, millions of eggs, and 19,000 hales of wool, for which Yorkshire was clamouring. HUME STEEL, LTD. ;• THE YEAR'S OPERATIONS. (PRESS' ASSOCIATIO* TELEGRAM.) WELLINGTON. December b\ A cable received on December oth states that at the Hume' Steel annual meeting on the 18th inst. a net profit r?n-l he 5". ear encJcd September 30th, of wiil be announced. After providihg taxation no dividend is recommended. The Singapore Hume Pipe Co • is . . paying an interim dividend on the 19th ■ inst. of 10 per cent per annum for the half-year. Tho net profit of Hume Steel, Ltd., last year, was £15,281. Tho ordinary dividend was passed, as it was the previous year. The preference dividend of 10 per cent, was paid, involving a distribution of £55G7. The paid-up capita] of the company is £55,670 prefand £2.50,000 ordinary, a total of £305.070. The company has an interest in the Steel Piping and Lining company of £174,528. The reserve stood £39.984 at last balance. !? te Singapore Hume Pipe Company paid a dividend of 10 per cent, per o?1 Ul ?n£ or h a )f-year ended March A 15t,1931, and a bonus of 5 per cent., payable on June 23rd. This was the , rate of distribution in 1929

LONDON WOOL . ' SALES. GOOD COMPETITION. | NEW ZEALAND OFFERINGS. (TiriTED I'&BSS ASSOCIATION—BT ELECTA 10 TELEGRAPH— COPTHIQHT.) LONDON, December 4. At the v.ool sa]es, 11,138 bales were offered, including 5549 from New Zealand, and about 8050 were sold. There .was good general competition. New Zealand scoured: . merino combingsTop price. Average, d. d. Balmoral 21 19 Half'b-red slipes— Fairfield 12i Greasy crossbred — lOi 9i Messrs Dalgety and Company, Lid., Ohrjsteliucch, have received the following meassage from their Lon-don-office, dated December 4th:—"The London wool sales continue, with the Continent buying actively. Thero is more general competition from Homo trade. We sell-on December 9th, 14th, and 16th, and tho series closes on December 17 th." THE WELLINGTON SALE. The first Wellington sals of the 193132 season will be hold to-morrow, beginning at 9 a.m. The offering will be 23,268 bales, the quantity allotted by the New Zealand Wool Committee for this sale being 30,000 bales. The new season's wool to be offered is described by experts to be bright and vvell grown, and generally most attractive to buyers in every respect. The . quantities to come under the hammer, in order of sale, will be as follows: Bales. N.Z. Loan ,and_ Mercantile ... 2,390 Farmers' Distributing .... 2,601 Wairairapa'Farmers' Co-op 766 Abraham and Williams and Wright, Stephenson ... 2,745 Dalgety and Co. ... ... 4,714 Murray* Roberts, and Johnston and Co. ... ..... ... 4,490 Levin and Co. ... ... 5,559 Total ... ... ... 23,268 NEW YORK STOCK EXCHANGE.

GERMAN STOCKS DECLINE. (UNITED PRESS ASSOCIATION—BT ELECTRIC TELEGR APH—COPTRIGHT.) (Received December 6th, 7 p.m.) NEW YORK, December 5. The German-, debt problem and . the possibility 'of Germany dropping the gold standard, though the latter move is regarded as likely to. occur'only; as a last . resort, was held responsible -to-day; for the violent break in stock?, the fjall in grains, the si>|ttteßSi in bank shares, and the drop to at. new low level of, all German bonds. ' Long lists of Germafi issues were sold at 16 to 25 per cent., below par value. International five and a halves were selling at 25 for the first time, ' against 91 offering eighteen months ago. In addition, United States steels fell to new low levels. ' \ I. —— • MINING. , MAHAKIPAWA RETURN. Advice has been received from the mine manager to the effect that the ■wash-up .for the month produced. 107oz melted gold. BIG RIVER GOLD MINES. The management of Big River Gold Milieu, Ltd. (Reefton), announce that the overhaul of tne mine and machinery is .now nearly completed. The machinery was-found to be in vory-£ood order and required very little at-.' tention.l The reconditioning of the upper levels is nearly finished, and the mine should he in. good worljinf order when the recently- 1 appointed, manager takes up his duties at thV end of this, year.- ■ DAIRY PRODUCE. | LONDON QUOTATIONS. The New Zaaland Dairy Produce Board has veceived the following market report from jta London office, dated December 4th:— . BTJTTEU. New Zealand, salted 107s to 110s (Decernbei 4th) (104s to 108s November 27th) unsalted 116s, 120s, to 122s (114s to 118s). (107s to 110s equals approximately lid lb f.0.b.), Ist whey 102s (98s), 2nd whey 100s (965); Australian, salted 105s to 108s (102s to 105s), unsalted 108s to 112s (IOGs to 110s). The market is firm. Argentine, unsalted 04s to 100s (96s to 98s); Danish, 128s f.0.b., 134s to 136s spot (121s, 128s, to tSOs)': Dutch, unsalted 144s to 146s (134s to 1365); Siberian, 95s to 96s (92s to 945); TJkranian, 96s (945). Market steadier. New Zealand retail price Is' 2d, Danish Is 4d. Arrivals butter from Russia this week 200 tons. Empire Marketing Board's estimated stocks all butters at November 28th, 1933, 481,410 boxes (last year 320,380 boxes). More active Continental demand this week ov.-ing to possibili.ty of considerable increase in the' import duty in Germany and Belgium. CHEESE. Xew Zealand, white 66s to exceptional 68s (62? to 645) (market firm), coloured 62s to 635, exceptional 64s (60s-625) (G6s- to 67s equals approximately 6Jd lb f.o-.b.). Deliveries New Zealand, 18,500 crates In store New Zealand, 18,500 crates. Canadian, white and coloured 66s to 70s (68s to 70s). No quotations c.i.f. Deliveries Canadian, 18,361 boxes. In storo Canadian, 244,000 boxes. English finest farmers, 92s to 100s (92s to 100s). Market quiet. Now Zealand retail price 9d. Deliveries Australian butter, 1900 tons. In store Australian butter, 1275 tons.

Messrs A. H. Turnbull and Co., Ltd., are in receipt -of a cable from their principals, Messrs W. Weddel .and Co,, Ltd., in which they advise as follows: Dec. 5. Nov. 28. Danish butter 184s to 136s 128s to 130g N.Z., unsalted 116s to 120s 114s to 118s N.Z., salted 107s to 110 a ,104s to 108s N.Z. cheese — White 66s to 67s 02s to 64s Coloured ' 62s to 63s 60s to 02s Canadian — White 66s to 70s 68s to 70s Coloured fi6s to 70s 68s to 70s Butter market firm. Cheese market firm, coloured cheese market quiet. REILLY'S (DUNEDIN) MART. Reilly's report selling under keener competition. During the week we sold: Eggs Is; cucumbers, 6s to 10s; cauliflowers, 7s 6d; cabbage, choice 4s; lettuce, choice Is 6d; carrots, choice Is 6d; beetroot, 2s; parßnips. 3s per dozen, small, inferior at correspondingly lower prices; apples, choice Delicious 10s, others 3s to 6s; choiee Sturmers -8s 6d to 10s, others 4s to 6s; cookers 7s 6d; ba- . nanas, Samoan ripe choice 255, seconds 20.*, i green to arrive 255; green peas, 2d to 3d; rhubarb, 2d; 'gooseberries, 21d; black currants, 7d; tomatoes, choice, lOd to Is, seconds 6d to 9d, small inferior 3d to fid; cherries, choice 8d to lOd, small inferior 2Jd to sdi new potatoes, kidney 3Jd, rounds 2d per; lbi strawberries,. Waimate choice lOd, firm jam Bd, wet inferior 6d pottle. Cockerels. Rhode Island Ked, Sussex, and Black Orpington 9s 6d to ■ 12s, light breeds 5s to 6b 6d per pair,

OPTIMISM IN AUSTRALIA. PRESENT CONDITIONS. FOSTERING SECONDARY INDUSTRIES. Optimism in Australia as the result of better prices obtained recently for wheat and wool was tlio- chief thing noticed by Mr C. P. Agar during the holiday tour from which lie returned ou Saturday.' To a casual observer, i'or his trip had been purely i'or health purposes, and he had not been closely in touch with the business community, it seemed that the optimism oJ ! Australians was in danger of swinging the pendulum too far and too quickly. "The New South Wales peoplo are obsessed with the idea that they lutvo only to get rid of Lang, and then they will be able to borrow again and everything in the garden will be lovely," Mr Agar went on. "It was pitiful to hear responsible people show in this way that they have not learned the lesson oC the causes of the trouble—living on borrowed money beyond the resources of the country.

"I should say that Australia will recover quickly once things have turned the corner, because of the nature oJ: the people, who are quicker than New Zealandera to respond to any favourable change. Confidence is more easily restored over there. Generally spcakit'g, manufacturing and retail business is dead because of tlio lack of spending power, but people in Sydney aro looking forward to the opening of the Harbour bridge in March, which they liopo will attract business and bring tourists to the State.

"Everything in the legislation is designed to encourage secondary industries, and many things are now made in Australia that were formerly made abroad and imported. At times it seems doubtful whether this policy has resulted in real .economic strength, for goods are all at a high price level and there is a great deal of poverty and suffering. It appears that the primary industries may be severely handicapped by the assistance, given the cities."

NATIONAL TOBACCO. THE EARTHQUAKE DAMAGE. Mr Gerhard Husheer, chairman of directors of the National Tobacco Company, Ltd., Napier, in his annual report to October JJ]st, to bo presented to shareholders on December 17th, refers to the great damage done to the company's factory by the Hawke's Bay earthquake. At the time lingo stocks of raw leaf and manufacturing requisites were stored on the premises, but none of theee was damaged. Neither was there any irreparable damage done to plant and machinery. Everything was thrown out of gear and in c, state of chaos, lloor and foundations having given way in many places. The buildings, though serviceable as a store when repaired, could never bo made use of again as a factory* A large block with three frontages, and not a stone's throw from the old factory, was- secured on . reasonable terms, liuilding operations were started immediately, and in less than six weeks, on' March- 15th, the same machinery was operating in a new factory more spaciolis ' the old one, and ttrac;tically. e&rtliquako proof. "Truly'-a splendid, record," states .Mr Husheer, "Considering the difficulties under which we "were labouring; no water, no gas, no electric light, and broken sowers." The total cost of the new factory, including building sites, amounts to £23,000; also £5362- 14s lOd was spent .on repairs to the old factory, which was converted into a bond store. These buildings had been written down by £15,000, and this amount thus represents direct losses through the earthquake. ■Mr Husheer continues: "Disastrous as the . earthquake'has been in its consequences, there arc other factors that have had a disturbing influence upon our business. I refer to the stagger-ing-blow tho industry has received in the form of an additional impost on the locally-manufactured article. The increase in the. excise duty from Is 8d to 3s per lb has been followed, of course, by a corresponding increase in tho price to the smoker, and this, in combination with his\reduced spending power, has resulted in a marked falling off in the consumption of tobacco all round." Notwithstanding these many trials, the company has been able to hold its own;' Although profits were smaller compared with last year's, shareholders had every reason to be well pleased with tho result of this year's operations. ; A total-of £18,218 10s 6d had been written off, which sum includes earthquake losses, the remaining £3019 lbs ba representing depreciation of plant and machinery. Allowing for all charges and £16,000 for income tax, tne profit ami loss account showed a balance oi £33.458 17s lid, being net 5-P9S, 10 £ I 1 15 a(We d £6231 12s 4d, brought forward from Ite 3? f ' r ' rna " S a total of £39.690 The directors recommend distribution of a dividend of 15 per cent on ordinary shares- and 8 per cent." on preference shares, absorbing £l7 §B4 to transfer to reserve the sun') of A-20,000, so that this account will then stand at £IIO,OOO, and to carry ovoir 17s > 3d eXt VCar t!le balllnce £IBOS MOTOR-CAR profits. GENERAL AND ' . CHRYSLER. General Alotors Corporation Im* •>. a says a New York message ™ that tho net earnings for tho first EjK"' l trz

tS... • uuu »" per slmre. The earnings for the third quarter il.i, ' r-.= & zas „;r the common stock. ouure on Chrysler Motors have declared their regular quarterly dividend of 25 cents per shfre not ZZTr" / tOCk > 8 ? d hnVC enounced a I*slß^A n Unne ' th » e , third <luartor " f 1,518,000 dollars, or 34 cents per share compared with a net loss of 916,000 dollars during the third quarter of 1930. The consolidated net 'profit for tho nini> months ended September 30th is 3,77],000 dollars, o'joiirinn CC "j S ii POr , sh . nre . compared with 2.490,000 dollars during tho samo period last year. 4 COMPANIES REGISTERED. r , l: , urre " t . iss "a «>' tlie ' 'Mercantile uazette notifies tho registration of tho following new companies:— Johnsdn nnd Smith, Ltd.—Registered :is a private company, November liESril, 19:!!. Office: ir,2 Kilmore streot, Cliristchurcti Capital: £4500. into 4500 shares of £1 e.-n-li. Subscribers: Christchurch—A. Johnson 2250. G. M. Smith 2250. Objects: To acquire and tako over as a going concern tho business of Johnson and Smith, motor body builders and incidental. Farm Motor Service, Ltd.—Registered as a private company, November 23rd. 1931.. Capital £llOO. into 1100 shares of £1 each. Subscribers: Dunedin—O. Bulk, H. h. Pater son 100 each, K. Inglig, D. S. Napier, J. A. Gillies 300 each. Objects: Importers and dealers in machinery and implements, motor* ,«arfc and wttoles of #v«sc Mad,

EXPORT OF SILVER AMERICAN PRODUCERS' PLAN. AGREEMENT WITH INDIA. tUtiITED TRr.SS ASSOCIATION —HT _ SLICTJtIC TELBOKA.PE—COPrRIaai.J (Received December 6tli, 7 p.m.) NEW YORK, December 5. A message from Spokane (Washington) reports' that 'Mr Silas H. Strawn, president of tlio United States Chamber of Commerce, to-day ; announced plans for an oxp'ort sales agreement between the. United States silver producers, and the Government of -.dia to increase the price of silver. Mr Strawn.told tbo Western division convention of tlio United States Chamber of Commerce that the plans wore worked out by the Experts Committee of tho International Chamber of Commerce, and would be submitted to tho International Chamber Council when it meets in .Paris on March Ist. He intimated that ho expected favourable action sit Paris with an agreement by the United States silver producers and the Government of. India.' A Washington message says that Souator Pitt.man sent a telegram to the president of tho Silver Association of tno United States at Spokane today that an agreement between the silver producers and India for stabilising the prices of silver was impossible of accomplishment. Stabilisation can only be achieved through an international agreement to stop debasing the metal or melting up and circulating silver coin. PRICE OF GOLD. (Received December 6th, 7.20 p.m.) LONDON, December 5. Gold is quoted at £6<fs Id a fine ounce. PRICE OF SILVER. (MITIBH OVfICIAI. ITIMWM.I ■ (Received December 6th, 6.5 p.m.)"" ■ ■ 'RUGBY, December 4. Silver is quoted aft follovw: Spot: 19 7-16(1 an ounce. Forward: lOgd an ounce. GENERAL MERCHANDISE. ! I GROCERIES. Business in Ihb wholesale grocery trade last week showed a much batter tone than during the previous week. Buyers were operating with more confidence, and seasonable lines were going out very well. The drop in the exchange rate operating between Australia and London is regarded as a good sign, and importers are looking at this as the first indication of lower rates coming here. _ j Singapore Markets. The steamer Narbada left Calcutta on December 2nd for Singapore, where she loads a general cargo for Lyttelton and Timaru. She :is due in Lyttelton about. January 6th, and Timaru a few days after. This landing will provide delivery for the local grocery trade for all lines of. sago, tapioca,, pines, spices, etc., which have been booked all over the country, on an ex. ship basis, due about Christmas. I A cable last week stated' th*t the market in Singapore for sago and' tapioca was very firm, and last prices were still ruling. There vt-as a tendency for the market to advance. The pineapple market has, been creeping up during the past few weeks. Tea. The usual Calcutta tea sale V'as, held ou November 24th, when, the entry -was rather large, namely 88,000 chests, which included 10,000 chests of Tannings. Tho selection ■wap . better than last auction; but much of the: tea showed, only medium quality, due to cold weather conditions. This was very noticeable in tho Doors grades,- and the report states that this defect was noticeable even in the flavour of these grades. The quality of Assams was favourable for buyers' wants, and the demand for those lines was strong. Leaf tea opened somewhat Irregular, but the quick demand soon lifted the sale levels, and stiffened the sale. All grades of leaf tea except the bettor types-were keenly sought after, but as •at the previous sale the best, typos were not wanted, and they fell flat. Pricos averaged: Ordinary 8.0.P., 5 annas 9 Ties. Medium Good 8.0.P., 7 annas-6 pies. Common 8.P., 5 , annas 3 pies. Lower 8.P., 5 annas 6 pies to 0 annaa 6 pies. Fannings, i annas 9 pies to S annas 9 pies. The*, sale of Oeylon tea- was ' held at Colombo on November 25th. The entry was rather small (2,000,0001b). Quality v/as disappointing; but, nevertheless, tho prices held up to last auction. There was a good general demand for. all . grades, and the sale was very satisfactory from the growers' point, of view, considering the rather poor quality. Confectionery. Retailers are now buying for Christmas requirements, and it is reported that the demand is not as good as was expected. No doubt retailers are buying cautiously. The sale of fancy boxes this Christmas will, some retailers considor, follow closely on last year's lines, and that is the public will not call for boxes over, say, 2s 6d to 3s retail. AH boxes below this value sold well last year, but many shops were left with the more expensive boxes. Soda Crystals. This line looks like taking a move upwards, a3 raw material is coming in at advancing j costs. At least one maker has advanced i prices already. I Soaps. i The tallow market is a fair indication by which to judge soap values, and the last tallow sale in Australia Baw sharp falls in prices obtained for tallow. may not, of course, affect local soap conditions; but it is an indication as to how the market is likely to move, if it moves at all. Dried Fruits. New season's dates aro anxiously awaited by all grocsrs, and they will be pleased to hear that a fair quantity is aboard the steamer Waikouaiti, due in Lyttelton shortly. These wore transhipped out of the steamer Janus at Sydney. Local stocks are out, and tho arrival, of new dates will be vory welcome. For later arrivals mora money will have to bo paid, so grocers who have bought out of this arrival should remember that replacement will not be at tho samo level. New figs have been selling very well, and now stocks are down; in fact, well down If erocers are likely to be short at Christmas sale period, they should at once go into the matter of ordering for 25th delivery, so as to be sure of stocks during Christmas week. A late cable from San Francisco advises that the market there for all linos of ra.sins is very firm, and likely to harden still tin ther. To obtain confirmation this week &u 5s a ton had to be paid, over a previously quoted price, ou which orders were placed.

Canned Fruits. Present indications are that there will an acute shortage of these lines during tno coming season. The Australian pacKcrs have made very heavy sales to London, due to Californian shippers being handicapped through the dollar exchange. Somo packers have Hold up to the limit of their packing capacity, and simply cannot quote for New Zealand demands. I STUDHOLME STOCK SALE. At the Studhoir.ic Junction stock sale on Wednesday, fat sheep comprised half a race ot ewes and ivetlwrs. Prices were better than at the previous sale owing to scarcity of supplies. All sheep wcro shorn, and ewes made lOh to Ms 6d, and wethers up to 15s Ud. The quality was very good considering the dry season. Yardings of store sheep uud ".attie were small. The following prices were realised: — Fat Sheep—-Seven fat ewes at 10s 6d, 10 at 10s, 17 at 14s 6d, 4 at 12s od, l'O at 13b 6d, 8 fat wethers at 14s, 15 at 13-s lod, 8 at 10s, 15 at 15s 3d. Store Sheep—Sixteen two-tooth wethers 8t 10s 6d. Cattle —Fat steers at £6 ss, £5 15s, fat cow at £5 7s 6d, ,2 -steers at £2 6s, Jersey heifer at 16s, bulls at 18s, £1 2s 6d, and 12s Sfl,

CHRISTCHURCH STOCK EXCHANGE. SATURDAY'S TRANSACTIONS. The outstanding feature on call on Saturday morning was the hardening in the price of several Australian securities. Markets generally were firm, and there was a moderate turnover. Transactions, exclusive of vestibule business, included: — £250 Christchurch Tramway Hoard 4} per cent., 1934. 300 Commercial Bank of- Australia. 35 National Bank of Australasia (£5 paid).. 30 Union Batilc of Australia. 100 Goidsbrough, Morfc. 200 Tooths Brewery, 100 British Tobacco (cum div.). ' 5 Colonial Sugar. 2000 Golden Point. 900 King Solomon. Buyers of New Zealand Government tax free Stocks raised their bids to £96 10s without attracting sellers. A parcel of Christchurch Tramway Board 4 5 per cent. 1934 debentures changed hands at £96 10s, and there were further buyers at £96, no sellers. Commercial Bank of Australia shares were fractionally firmer at 16s 2d, closing quotations' 16s '3d buyers, 16s 6d sellers. National Bank of Australasia £5 paid shares moved up Is to business at £5 is, market closing £5 0s 6d buyers, £5 2s sellers. of New South Wales buyers rafsed their bids to £27 without attracting sellers. Bank of New Zealand shares ex dividend of Is 4d per share were marked 45s 6d buyers, 47s sellers. Union Bank of Australia shares eased 3s to £7 10s, closing ing quotations 3s on either side. Goidsbrough, Morts advanced to 223 (id, and there were further buyers at that price, sellers at 23s sd. HuddartParkers were stronger, witli buyers at l!3s 6d, but sellers were reticent. Buyers of Christchurch Gas 10s paid shares advanced their offers to 12is 3d, sellers at 12s 6d. Tooths Breuer.v shares hardened to dealings at 21s and 21s 3d, closing quotations 21s buyers, 21s 4d sellers. British Tobaccos jumped to 26s 3d, and there were further buyers at that price, sellers at 26s 9d. Colonial Sugars were firmer/ at £B6 15s,' market closing £36s 12s (id buyers, £37 10s sellers. Mt. Lyells, cum dividend, were stronger on buyers' offers, 20s 6d, sellers at 21s. Golden Point gold mining shares remained unaltered afc Gid. King Solomons recovered to Is lOd and Is lid, inark'pt closing Is IOJd buyers, Is sellers. LATEST QUOTATIONS.

SATURDAY'S SALES. CHRISTCHURCH.

WELLINGTON.

Buyers. Seller*. i. d. t s. d. N.Z. Government Debentures *h P" cent. Inscribed, 3938 . .... 96 5 0 — 4jt per cant, Insoribed, 1939, and Bonds, 1938 and 1939 96 10 0 — 4i per cent Bond^, •96 0 1041 0 ■—■ 6J per cent. Inscribed, 3933 — 98 IS 0 SJ per cent. Inscribed and Bonds. 1933 98 13 0 99 6 0 5J per cent. Inscribed, 193G 96 10 0 98 IS 0 o} per cent. Bonds, 3936 98 10 0 — 54 per cent. Inscribed, 39S7 96 5 0 99 10 0 5 i per cent. Bonds, 1937 98 12 6 99 7 6 Other Debentures— Christchurch Tramway Board, 4J per cent., 1934 .. 96 0 0 — Waimakariri River . Trust, 5J per cent., ; 19(55 56 30 0 — Haurivki Plains, 6 per cent., 1961 ~ 00 0 0 Banks— Comm. oI- AujI. 0 16 3 0.16. 6 Comm. of Aust. (pief.) 6 5 0 — E. ; S., and A. 4 8 0 4 IS 0 National of Australasia. (£5 paid) .. ..... S 0 6 S 2 0 National of N.Z. (cum '4 11 div.) 4 2 6 a Kew South "Wales 27 0 0 ,— New Zealand (ex div.) 9." 5 6 2, 7 0 " Union of Aust. . 7 13 0 .7 19 0 Insurance— ■ . New Zealand .. .. 2 0 1 Loan and Agency— . Dftlgoty and Co.' 7 17 6 8 6 0 Goldebrough, Mo: t 1 2 6 1 8 6 United Building'Society 0 14 7 — Shipping— Huddart-Parker 1 5 6 ~ Union (prof.) .. 1 '■> 0 ■ — Frozen Meat— >i.Z. :Refrig. (XI paid) : 0 10 8 0 12 0 N.Z. Ecfrig. (10s paid) 0 4 - ' 0 4 6 Woollens— Kaiapoi (17s paid) Mosgiel - .. 0 5 9 0 8 0 6 15 0 — Coal— Westport ... 1 4 9 — Stockton (ord.) 0 0 7 — Stockton (pref.) 0 0 8 0 2 0 Gas— Cliristchurcli 1 4 31 — Christcburch (10s paid) 0 12 3 0 12 6 Breweries — Cal l ton 1 2 0 — New Zealand (cum div.) 1 8 10 1 9 6 Staples 1 7 0 1 8 3 Timaru (7s 6d paid) .. 0 6 6 Tooths 1 3 0 1 1 4 Miscellaneous — Allied Motors .. 0 0 5 — 0 Beath and Co. a is 0 1 4 Beatb and Co. (Is paid) '— 0 1 3 British T obacco (cum diV.) •• 1 6 3 1 6 9 Colonial Sugar 36 ia 6 37 10 0 Dominion Builders' Supplies 0 1 6 0 3 0 , Klectro. Zinc (pref.) .. 0 19 6 — Howard Smith 0 5 0 0 10 0 Mt Lyell (cum div.) .. 1 0 6 1 1 0 N.Z. Drug Co. 3 7 3 1 10 3 N.2\ Farmers' Co-op. 0 17 ("B" prof.) — 6. K.Z. Farmers' Co-op. (6* per cent. Stock, 1940) .. 45 0 0 — 0 Quill, Morris .. 0 2 10 0 4 \Vunderlicb 0 6 0 — New Colosseum •• ~ 1 1.5 0 Mining— Blsuckwater .. .. 0 4 3 — Cornish Point 0. 0 2 0 0 s TC ing' Solomon 0 1 OS 0 1 lis ■Maliakipawa. .. 0 0 i 0 0 5 Mahakipawa (pref.). •• 0 0 44 0 0 7 Okarito 0 9 9 0 9 11 Golden Dawn 0 4 3 0 6 6 Waihi 0 16 2 0 16 5 Waihi Grand Junction 0 3 — Golden Point 0 0 5 0 0 Bi

Sales on 'Change- £, s. d. Union Bank of Australia 7 16 0 British Tobacco (cum div.) 1 6 3 Colonial Sugar ... 36 15 0 King Solomon ... ... 0 1 0 1 10 11 Golden Point (4) 0 0 54 . Sales Reported— Christeliurch Tramway Bd. 96 10 per cent., 1934 ••• 0 Commercial Bank of Australia .... 0 16 2 National Bank of Australasia. (£5 paid) .■» 5 1 0 Goldstjrough, Morfc 1 2 6 Tocths Brewery ... 1 1 0 1 I 3 AUCKLAND. Sale on 'Change— £ a d. , u Waihi .m. 0J6 1

8ales Reported— £- s. d. Waihi Gold Mining ... 0 16 0 16 344,