FINANCE AND COMMERCE.

Press, Volume LXVIII, Issue 20543, 11 May 1932, Page 15

FINANCE AND COMMERCE.

PERIODIC FALLS IN PRICES. BtfRPENS ON PRIMARY PRODUCER. gCONOMIST SAYS THEY ARE TREVENTIBLE. . ', ? B e claim that periodic falls in gen- ; ld prices, which arc accompanied by 1 Lipployment and distress in industry 1 ""J ofer -production and loss in agrieuly~ , ra preventive is made in a report .' jr Brß economics placed before the '* jjpa 0 f the Board of Governors of . SLtfirW Agricultural College, Lin- - ,fl}g 8t it 9 meeting yesterday. The rc--1 p»rt imphasiseß. the fact that no atten- "•&» J>M been devoted to the linancing 'fjrf Mttsumptlon and says that the folujfog three statements are clear:— (1) policy and State emoloyaent should be definitely adjusted j» {£* end of maintaining, in so far as ! jl W>s4We, a stable general price level. ' (g) Stabilisation at the present low bili» w * th a a 3 ustments of all inteina l ;-pri«ea, including wages, rents, land ; fljigfci and ether values, on a basis to the year 1901 level in.'..T«VM verv S tetit disorganisation and l|*#B» s harflßhip and unemployment. •• f3l Pending stabilisation at prices the 1029 level, for example, S vanoos more or less temporary adjust-'-'f meat*, particularly of overhead charges, i;ir» necessary. - : : yeeords of prices paid to farmers i over the past thirty to sixty years for itfool fat lambs, beef cattle, butter-fat, £ Wffc o*b»i potat oo3 ' wheat » perennial ij'Sjgrass, cocksfoot, and red and white 1 do'veneeds has beeft continued, and the 1 (»0«f for changes in, and possible 'jifthre eourses of, annual and monthly MeM4B*l prices analyied," states the

' * ' Fanaefs Interest Bill. Jt Ji*B beeo «ho*n that to the farmer WM&T largely ofc borrowed capital i sjft-workinf costs cut to a minimum • i!sSl#lt charges comprise over 75 per jgt, »i *U Coßtß > "* man y cases exceed • Iwft ifteome, and alleviation can only - MOM t&rpugU a reduction of capitalisa--Jfltt ■&& interest rates or through a "wftUtAf general prices. WW been demonstrated that ■UjMf.ptttodiß downward falls in genwhich occurred in the Ujsfe»ttd 1800's, which were pretb e present period, and j. wtiiMw »eeompanied by unemployIn industry and overs in agriculture, are i. In the past the oted no attention to lonsumption, but as.ncing production acBted~ profitableness of ie financing of con-, itomatically follow, ot true, with the re- ; of the price fall is iroducers who do not t, and Iby the unem!s where the output epared and attempts secure public support adjustments required ion of a policy destable general prices er education of the necessity for avoidjdic slumps in farm ndicap farm producTRADING. fcRCELS, AND . OREB. LONDON, May 9. re steady and prices rading is quiet. |y at late rates. * ed as follows: r): e. d. s. d. OPS MARKET. IeiATKHC—BY ELICTEIO ►COPITEIOHT) iONOON, May 9. I tops market busiirOssfareds are barely QOL SALES. TINUES FIRM. CIATION—B* pjJSCTBIO »-COP«BIaHT.) 10th, S.SS p.m.) YDNBT, May 10. to-day 10,805 bales 7(18 sold; also 423 ly. Continental and ore the chief ~ supct continues firm, ittde to 12$ pence, IF GOLD. leiATlux—tv pi*vTßlc unce) is quoted as ilu v.iah.ess.> RUGBY, May 9. I" ouneo) is quoted ill-16d 1615-16 d

MINING. GOLDEN POINT RETURN. The ~ secretary of the Golden Point Company reports the following return for the period ending May 7th: Melted gold, 102oz 15dwt; concern trates, 9 tons, assaying soz sdwt, 9grs lo the ton, 470z 9dwt—total, 150oa 4d\vt. In anticipation of the installation of the ball mill, which will require «i largely increased body of ore, agood deal of development work has been prosecuted underground, and this has involved the handling of some of the lower grade ore. The return, as a consequence, represents a longer period than usual. BLACKWATER MINES. The return of Blackwater Mines, Ltd., Reefton, for April is as follows: Crushed 3442 tons yielding 1725 fine ounces of gold, valued at £7326. Working expenses were £5410. In addition the furnace treated 76 tons of concen- ■ trates for a return of 202 fine ounces of gold, valued at £859. The working expenses were £137. profit was £2638, and capital expenditure uas £537. Development expenditure amounted to £390. The profit over all was £l7ll with gold at standard value. BIG RIVER GOLDMINES. The manager of the Big River Gold Mines (Reefton) reports that during April all repair work, to the main shaft above the No. 2 level has been completed, and ail accumulated ore taken to the surface and ore paddock. At 110 ft from the adit a rise was commenced on a lode track intersected by the west crosscut, and is now up Bft. The track carries some nice laminated stone, some 3 to 4 inches wide, and appears to be the leg of a saddle formation. The south drive on Jones's Reef was extended 29ft, and the'lode track was disturbed by a fault. The west crosscut has been extended a further distance of 27ft through country carrying a few small quartz veins, and a little water is making in the last few feet. A lode track on which prospecting was done at No. 1 intermediate level should be met with in this drive shortly. The main shaft below No. 2 level was found to- be in fair condition, and both cages were lowered to No. 3 level. .At this level, however, a settlement above the chamber has taken place, and preparations are being made to secure the saved ground. The air compressor and dynamo engine are now in gcod running order, and air mains installed at No. 1 adit level and No. 2 level, providing a good supply of air to the faces. AH surface plant is now in good order, and repair work completed. Late in the month work was resumed on the rise on Jones's Reef about 60ft from the adit, 3ft being advanced. The stone in the bank is 4ft wide for the full length of the rise, and carries gold.

BANK OP NEW SOUTH WALES. INTERIM DIVIBEND LOWER. The Board off Directors of the.Bank of New South Wales h/ive declared an interim quarterly dividend for the quarter ended March 31st, 1932, at the rate of 5s per share in Australian currency at date of payment. The dividend will be payable at head office on May 31st and at branches on reeeipt of advice. The previous interim dividend, for the quarter ended December 31st, 1931, was 6s per share in Australian currency. For the bank's accounting year ended September 30th, 1931, the dividends were at the rate of 9 per cent, for the first- two quarters, 8 per cent, for the third quarter, and 6 per cent. for the -final quarter, making an average of 8 per cent, for the year.

APPLE MARKET.

NEW ZEALAND SHIPMENT. (UNITED PBESa.' ASSOCIATION—BX . MJSCTRIC Tisi.jßQ*APH—cpr-raojM.) LONDON, May 9. The Kent's shipment of New Zealand apples sold as follows; — ! Jonathans, Dunns, and Delicious — 10s 6d to 12s a case. Cos's Orange—l4s to 18s a case. METALS MARKET. (UKITBP PRESS ASSOCIATION—BY ELECTRIC • •rELEQBAfH-^CIOPyaiGnT.) (Received May 10th, 8.80 p.m.) LONDON, May 9. Quotations:— May 5, May 10. pep ton. P*r ton. Copper— £ «. d. £ e. d. Standard, .«pot .. 30 0 3 29 13 9 Forward /. .. 30 1 3 29.16 10J Electrolytic .. 3* 0 0 84 0 0,. to .. ~ 85 0 0 H 0 0 Wire bars .. 85 0 0 35 0 0 American electrolytic: 5.75 ccnU per lb. Le S a p O T .. ~1110 G 11 1 3 Forward ... .. Al 15 0 11 7 6 Spelter— Spot - ... 13 0 0 12 6 3 Forward .. •• 13 3 9 13 2 6 Tin— Spot .. .. 120 7 6 124 15 0 Forward -• -.131 13 6 127 0 0 Silver — Standard, per oz. 16 11-16 d 16id Fine, per or. ..led 1G 3-ied ASHBURTON STOCK MARKET. The average quality of the fat sheep penned at-the Ashburton saleyards yesterday was poor, However, a few good quality lines wero offering, and these showed » firming of about' Is per hejid on last week s vai'ies. The entry was not larpe. . Tho fat ewe market was topped with , a pen of four which were .fold on account of a client for . I4f? Bd, Light ewes sold from 4s lod to 7s 7d, medium up to lis 7d, and heavy up to 14s 9d. Kot a great many pens of wethers were yarded, and the market was lifeless, several of the foremost pens being passed. The top nrieo was 13s 7d received for a pen of four field on behalf «f Mr C. O. Pmbble (Winch, moi-e). Prices ranged from 7s upwards. Mr W, T. Stevens (Eiffelton) : topped the fat lamb market with a pen of seven whidh brought 15s Id Trie next best price was 14a 7d for a pen of eight sold On account of Messrs Rankin Bros, (Pendarves), Light lambs sold from 10s 7d to lis 7d, medium up to 13s Id, and heavy to 15s Id. EGG SALE. Messrs Harris Bros,, ttd:, report that the ysual weekly sale of "Feather Brand" guar* nnteed new-laid eggs was held" yesterday afternoon. The- prices realised wefe: Heii eggs, first grade (2oz or over) Ss 3d, second grade (under 2oz) 2s Id. —0

CANTERBURY MARKETS. POTATOES WEAKER. (by our commercial xdixob.) Tuesday Evening. The potato market has weakened. At tLie week-end values for prompt and MayJune delivery were £s'7s 6d f.0.b., s.i., but offers to-day had eased to £5 2s fid. July-September are quoted at £6 15s, after remaining steady for some time at £7. The quotation to farmers has eased correspondingly, and figures, are up to £4 5s a ton. The cause principally assigned for the easing is the small extent of North Island enquiries. Advice this week is to the effect that there are still supplies of Auckland-grown potatoes, and any enquiry for routhern potatoes is confined to small lots. Canterbury crops are not improving as digging is proceeding, but a new element has entered the market in Southland. The season down there has been an exceptionally good one for all root growth, and a surplus of potatoes for shipping is apparently available. Tho Waipiata, leaving the Bluff to-day, •is reported to be taking 2000 sacks for the North Island. Slightly more fowl wheat is offering from southern centres, and enquiry is inclined to be quieter. There is no difference since last report in oats and chaff quotations, a»d there is practically no movement in the market for small seeds. Quotations. The following are quotations for produce to be paid to farmers, on trucks, fivje of commission, sacks extra, except where otherwise stated:— Wheat —Wheat Marketing Board's price: Tuscan, 4s 81d f.0.b.; Hunters, 4s 10M; Pearl, 5s o*d. Fowl Wheat —Prompt, 4s BJd; spread, 4s !>d to 4s 9*d. Oatß—A bartons, to 3s for prompt; B's to 2s 9d; Algerians, 3s. Potatoes—To £4 ss. Onions—£6 10s to £6 15s. Partridge Peas —3s 6d. Barley—3s. Cocksfoot —Akaroa, Qd; Plains, 4d to ud. Perennial Eyegrass—4s to 4s 3d. Italian llyegrass—3s 9d to 4s. White Clover—ls (id to ls~Bd. Cowgrass —lOd. Bran —£4 a ton for shipping, £5 local. ' Pollard —£5 a ton for shipping, £G 10s local. Flour —£13 12s, with the usual increments for small packings. AJJCKLAND. [THE PRESS SjmcUl S«rrl£«.J AUCKLAND, May 10. Southern potatoes are now on tho Auckland market, but shipments have been smaller than usual at this time of the year. However, they only a moderate demand, as local supplies are still plentiful, and show little sign of diminishing in the near future. Prices are, if anything, a shade lower than last week's quotations. There, is n,o change in the market for onions. Fair quantities of Canterbury grown are how available-, and sell at Is 6d a, cwt cheaper than the Pukekohe product. The market for feed oats is steady, with 15 Gartons selling at 4s 5d per bushel. Chaff remains unchanged at £8 10s per ton. There is a fair demand for fowl wheat at 0s 4d to 6s 5d per bushel. The market is steady. Maize Is in short supply, but merchants will have their stocks replenished at the end of the week, when a small shipment of Java corn is expected. This is being quoted at 8s 6d. pair bushel through store, which is slightly above recent rates.

RANGIORA MARKET. The Attendance at the -weekly market at Rangiora yesterday was much smaller than usual. The entries of stock were below the average, and in consequence the sale was a poor one. The average range, of prices was for fofc lambs 14s to 18s, best fat eweu 6s to 6s 9d, lighter 4s to 6s, fat wethers 12s, 6d to 13s 9d. Store sheep—Two-tooth ■wethers 10s 6d 'to 12s 6d store lambs 7s, aged ewes in lamb Is Od to 4s 6d. Cattle —Aged cows, due in spring, 12s 6<l to 37s 6d, old store cows 9s, Springing heifers £2 ss, bulls from 30s. In the pig pens there were only a few weaners, Which made from 5s to 9s. Poultry—Roosters to Cs a pair; hens 7s; ducklings 8s; old ducks 2s; turkeys, gobblers 14s, hens 7s. Produce—Ohlckwheat 13s a sack;, peas 16s; meal 5s to 10s; oat straw chad*. 3s: straw chaff 2s; potatoes lis a sack, and 3s 6d a kit; carrots 3d a bundle; turnips Is; onions Is string; beetroot 8d a bundle; cabbages 3d each; apples 2s a case; pears Is 6d. Sheepskins—Halfbred 2s 3d, crossbred Is Gd, lambskins Is, pelts 3d; wool 3d lb, crutchings Id lb; hides 3s to 5s each; fat Jd lb; horsehair Is 6d.

DAIRY PRODUCE; _____ THE MONTH'S QUOTATIONS. A. H. Turnbull and Go. supply, the following report on tho dairy produce market, dated May 9th:— Butter— Apl. 15. A|)l. 22. Apl. 29. May 6. Danish .. 121/6 116/- 100/- 108/- ' N.?. finest 107/fl 103/6 08/6 -97/Kangaroo 106/- 108/- 98/0 97/Market—April 15th: Quiet. April 22nd: Slow. April 39th: Bottor demand. May gth: Steadier. Apl. 15. Apl. 22. Apl. 29. May 8. N.Z. CheeseWhite .. 62/- 60/6 58/6 58/ C Coloured 63/- 61/6 59/- 59/0 Market —April 15th: Quiet, April 22nd: Quiet. April 29th: Steadier. May oth: Quiet. T"he estimated arrivals in the United Kingdom during May-June-July, compared with the actual arrivals in previous seasons aro as follow; — New Zealand Butter (In Tons). 1930. 1931. 1932. May •• 6,051 8,527 0,040 June .". 3,801 5,705 4,903 July .. 4,506 7,805 5,052 14,958 ' 22,037 18,995 New Zealand Cheese (In Tons). May .. 8,888 11,735 9,130 JUue .. 7,316 '4,212 ' 5,340 July . •• • 7,522 6,898 G,23iT 23,726 22,845 20,700 Butter. The past month can only be described as one of "disappointments." Cabled reports all pointed to a strong market, with possibly higher prices. Then came news that Continental Powers were limiting, by quota, foreign butters coming into their country. This had the effect of again forcing Continental supplies upon the United Kingdom markets, and weak sellers in London, becoming alarmed, pressed sales until the market broke, falling from an average price of 109s during tho first .week in April to 97s for the week ending May 6th. Jn view of the coming spring and the northern hemisphere production, it seems hardly possible to expect any material improvement in the immediate future. On the other hand, lower prices stimulate consumption, and tho market is slightly stronger in consequence. Everything must now depend ou tho weather in- tho northern hemisphere producing countries, and the resultant ship: ments to tho United Kingdom. It must not, however, be forgotten that May invariably shows the lowest point in values on the Loudon market, generally followed by n'steady improvement up to the end of November. A glance at the arrivals in the United Kingdom shows that May-June will about equal last year's arrivals, but the total grading. i n New Zealand are well ahead of tho last two seasons.. Warm rains during Match have brought the feed away, especially in North Auckland, and production, which showed a falling off in February, regained the ascendancy. - , Quotations In London have likewise Bhown a steady decline throughout the past month, which is difficult to explain in view of the fact that spot stocks in the United Kingdom aro. reported to be beIQW-normal. Arrivals of New Zealand cheese during May, however, will be heavy and above last year. This In'making buyers cautious, and it is feared that even lower prices may be experienced towards the end of May.

CHRISTCHURCH STOCK EXCHANGE. YESTERDAY'S TRANSACTIONS. There was a good volume of diversified business on Call yesterday. Transactions exclusive of vestibule business were: £BOO 5J per cent. Inscribed, Sept., 1937. „ . £2OO 5 £ per cent. Bonds, Sept., 1937. £4OO Dunedin City 5i per cent., 1934. 100 Comni. Bank of Aust. 50 National Bank of New Zealand. 35 Union Bank of Aust. 100 N.Z. Guarantee Corpn. 400 N.Z. Refrig. (£1 paid). 350 N.Z. Refrig. (10s paid). 100 New Zealand Breweries. 100 Electro. Zinc (pref.). ' 100 Woolworths (N.Z.), pref. 100 Golden Dawn'. 4500 Mahakipawa. 1000 Maßnkipawa (pref.). 50 Okarito. - 50 Blackwater. New Zealand' .Government 5J per cent. Stock, due September, 1937, had dealings at £9B 15s, and the Bonds realised £9B 17s 6d, market closing firm for both. Dunedin City, 54 per cent., 1934, debentures changed hands at £99 10s, and there were further buyers at that price, no sellers. Commercial Bank of Australia shares realised 13s 7d, closing quotations Id on either side. National of New Zealand were slightly weaker at £3 6s 9d, market closing £3 5s buyers, £3 8s sellers. Union Bank ,of Australia shares were firm with buyers and business at £6 9s 6d, sellers at £6 lis. Miscellaneous. New Zealand Guarantee Corporation shares were takeu at 4s, buyers staying at that price, sellers at 4s id. New Zealand Refrigerating shares were firm with dealings in the fully paid at lis, and in tno partly paid at 3s lid. Buyers of. Westport Coal shares moved up to 18a 6d, sellers at 19s 3d. ChristchuTch Gas were stronger on buyers' offers 24s 7d, sellers at 24s od. N.Z. Breweries remained unaltered at 24s 6d, closing quotations Id on either side. Electrolytic Zinc preference shares were steady at 19s 6d, buyers staying in at that price, sellers ,it 19s 7d. Buyers of Australian Glass shares moved up to 325, sellers at 33s 9d. Woolworths (N.Z.) preference changed hands at 23s 6*d, and there were further buyers at 235, no sellers. Golden Dawn Gold Mines hardened to 5s 3d, and there were further buyers at that price, sellers at 5s 4sd. Mahakipawas were a shade stronger with dealings in the ordinary at 4d, and in the preference at 4d and 4Jd. Okaritos realised 9s 5Jd, and more were offered at that figure, buyers at Vs sd. Blackwaters had business at 7s 4d, closing quotations Id on cither side. LATEST QUOTATIONS. Buyers. Sellers. £ 8. d. £ i. d. N.Z. Government Debentures—--4J per cent. Inscribed, 1938 .. .. 94 12 0 'Jo 10 0 4i 1)01-. cent Bonds, 1933 .. U}6 0 05 7 b 5$ per cent. Inscribed, 1051 .. 97 0 0 5J por cent. Inscribed, 1933 .. .. 'BB i 0 5i per cent. Inscribed and Bonds, 1933 .. 93 IS 0 51 per cent. Inscribed, 103 C .. .. 98 6 0 &i per cent. Inscribed, Feb., 1957 .. SB 5 0 98 17 6 5J per cent. Inscribed, Sept., 1987 .. 98 10 0 98 15 u Gi per cent. Bonds, Sept., 1937 .. 98 12 6 98 17 C

Other Debentures—* Duncdin City, 6£ per cent., 1031 .. 99 10 0 Lyttelton Harbour, 6* per cent., 1933 .'. 90 0 0 Christchurch City, 4| per cent., Oct., 1932 101 10 0 Christchurch, Drainage, 5J per cent., 1943 95 0 0 North Canty. Hospital, 52 per cent., 1910 97 0 0 100 0 0 Banks— Australasia .. 8 15 0 9-50 • Comm, of Msl. •• 0 18 6 0 13 8 Oomm, of Aust. (pref.) 0 3 0 6 13 3 Comm. of Sydney .. 12 13 6 13 17 6 8., S., and A. .. 8 17 6 0 19 6 National of. Australasia (£lO paid, cum div.) 9 15 0 10 9 6 National of Australasia (£5, paid, oum div.) 4 14 6 5 0 0 ' Notional of N.Z. .. 3 5 0 3 8 0 New South Wales (cum div.) .. .. 24 0 0 25 0 0 New Zealand (cum div.) 2 4 3 2 4 7 Queensland National .. 4 4 0 4 17 6 Union of Aust. .. 6 9 C 6 11 0 InsuranceNational (cum div.) .. 0 111 0 117 New Zealand .. .. 114 0 1 15 3 Loan and Agency— Dalgety and Co. (cum div. .. 6 17 0720 Goldabrough, Mort .. 117 118 N.Z. Guaranteq Corpn. 0 4 0 0 4 1 United Building Society 0 13 7 0 14 0 Shipping— Union (prrf.) .. .. 0 19 0 Frozen Meat— N,Z. Being. (£1 paid) 0 10 10 0 11 2 N.Z. Refrig. (10s paid) 0 3 10 0 3 11 Woollens— Mosgiel .. .. 6 0 0 7 6 0 Coal— Grey Valley ~ .., , o*lo 0 Westport .. .. 0 18 6 0 19. 3 Stockton (pref.) •' ..006011 GasAuckland .. ',.108 - ' Christchurch .. .. I*7 1 * 9 Christclmrch (10s paid) 0 H 9 Timanj .... ° 18 ° "Wellington (prcf.) ... 0 13 0 Breweries — New Zealand ... " 1 i R } t I Staples .. ..129150 Miscellaneous — Australian Qlase (cum •■ div.) .. •• 1 12 0 1 13 9 Beath and Co. ~ 0 17 10 0 10 6 British Tobaoco ... 16 2 l « & Burns, Philp .. •• 1 15 3 1 Colonial Sugar ~ 36 0 0 !>7 0 0 Dominion Builders' ' Supplies .. .. 0 1 6 0 5 ,0 Dunlop Kubbcr .. 0 9 6 Electro. Zinc (ord.) .. 0 11 0 0 12 b Electro. Zinc (pref.) .. 0 19 6 0 19 7 Gordon and Gotch .. 1 3 G 1 8 U Henry Jones Co-op. (cum div.) .. 1 6 0 - Howard Smith .. 0 5 6 0 6 6 Mt.'Lyell .. •■ 0 18 0 0 18 1 N.Z. Farmers' Co-op. ft (Ist pref.) ~ •• - l S ° N,Z. Farmers' Co-op. (6* per cent. Stock, 1940) .. ... 35 10 0 40 0 0 N.Z, Farmers' Fertiliser 0 9 6 United pictures .. 0 10 0 1 1 ° Victoria Nyanza Sugar 0 15 0 „ IT „ AVhitcombc and Tombs 2 12 0 2 16 0 Woqlwort!i3 (N.Z.), prcf. 13 0 - Woolwoi'thg (new, fully „ paid) 1 3 G 1 * '' Zealand!* Soap •• o l « o 5 o • Mining—, Alexander .. 0 1? ° Alexander (coritr.) .. 0 12 0 Cornish Point .. 0 0 2 0 0 S| Golden Dftwu .. .. 0 5 3 0 5 4* Golden Point ~ ..• 0 Q 0 0 0 6i King Solomon .. 0 1 1' 0 1 3 Mahakipawa (ord. and prof) .. .. 0 0 4 0 0 4» OkaHto .. .. 0 9 5.. 06.51 Waihi ■• 0 15 4 0 15 8 Wailii Grand Junction 0 8 8 0 4 0 Blackwater .... .... 0 7 3 0 7 5

CHRISTCHURCH. Sales on 'Change—- ,- „ , £. s. d. Zealand Government •5J per cent. Inscribed, Sept. 1937 ... (2) 98 15 0 ■New Zealand Government, 5j per cent. Bonds, Sept., 1937 98 17 6 Uomrn. Bank of Aust. ... 013 7 National Bank of New Zealand ... ... 3 6 9 N.Z. Guarantee Corpn. ... 0 4 0 N.Z. Refrig. (10s paid) (2) 0 311 £»ew Zealand Breweries ... 14 6 Electro. Zinc (pref.) .. 019 6 liolden Dawn ... 0 5 3. Mahakipawa (ord.) • (6) 00 4 Mahakipawa (pref.) ... 0 0 4 ni . 0 0 41 Okarito ... ~. 0 9 51 Blackwater ... ~. 0 7 4 Sales Reported— Dunedin City, 54 per cent., T . - 19 Si , 99 10 0 union Bank of Aust. ... 6 9 6 N.Z. Refrig. (£1 paid) ... 0, 11 0 AUCKLAND. Sales ou 'Change—- !*«*. 1937, 5i per cent. 96 0 0 Stock, 1938, 51 per cent. 98 10 0 Bank of New Zealand (D Moit.) ... ... 16 3 Auckland Gas (con.) ..'. 015 0 Colonial Sugar ... 36 2 o o Waihi Junction . 0 3 5 Consolidated Goldfields ... 0 3 0 WELLINGTON. Sales Reported—- £ s d 4>} per cent. Bonds, 1939 .. 92 15 0 5i per cent. Stock, 1941 .. 95 5 0 Gear Meat Co. ..173 N.Z. Guarantee Corp. (ord.) 0 4 0 DUNEDIN. Sales Reported—- £ s. a. Union Bank ... ... 6 9 0 Paddy's Point ... ... 0 3 9 Blackwater ... ... 0 7 6 Golden point ... ..." 0 0 6J Five and half per cent. Bonds (Sep., 1937) ... 99 0 0 SYDNEY STOCK EXCHANGE. The Sydney Stock Exchange was inactive yesterday, and Commonwealth Bonds were irregular. Otherwise there was no noteworthy change, reports a Press Association cable message. Morning Sales—- £ b. d. Commonwealth Bonds—--4 per cent., ID3B .. 94 10 0 4 per cent., 1941 .. 02 10 0 4 per cent, 1944 .. 89 5 0 4 per cent., 1953 .. 87 15 0 4 per cent., 1959 .. 87 0 0 Colonial Sugar .. 42 15 0 Fairymead Kugar .. 12 0 Henry Jones .. 19 6 United Insurance .. 7 0 0 Australian Gas .. .. 5 G 0 Tooth's Brewery .• 15 6 Toohey's Brewery .. 0 1C 1J Goldsbrough, Mort .. 14 6 Nestles (pref.) .. 1 9 74 South Broken Hill .. 2 13 North Broken Hill .. 3 10 Sulphide 'Corporation .. 0 9 4 Commonwealth Bonds—--4 per cent., 1938 94 8 9 4 per. cent., 1941 .. 92 6 3 4 per cent., 1944 .. 88 17 6 4 per cent., 1950 .. 87 15 0 4 per cent., 1955 .. 87 7 6 4 per cent., 1959 .. 87 0 0 4 per cent., 1961 .. S7 0 0

' MELBOURNE. & s. d. Carlton Brewery .. 1 10 6 . Australian Glass .. 1 16 7$ Commercial Bank of Australia (pref.) 7 10 P. AND 0. DEFERRED STOCK. (VHITED MtESS 48S0CUTI08f-Bt WOTBW TeM.eßMPH—c6prnta»T,). LONDON. May 9. P. and 0. Defer/ed Stock is quoted at 14s 3Jd. • ♦ AUSTRALIAN STOCKS.

VALUES Ik % NBW YORK. (UHITED DHB9S ASSOCIATION— * Bt B{.BoTaiC • TBLEOftAPH—COPI-aiQHT.) NEW YOBK, Moy 0. Dealings in Australian stock? OJI til© Stock 3xebangS were as follows! May 9. May 2. Commonwealth £ B. d, £. ». d. 5 per oent., 1955 ... 68 10 0 54 0 0 5 per cent., 1967 ~ 5$ 0 0 64 10 0 4J per cent,, 1957 .. 54 5- 0 61 0 0 State Bonds—--5 p.c N.S.W., 1967 .. 49 15 0 45 10 0 6 p.c. N.S.W., 1968 .. 60 0 0. 44 0 0 FOREIGN EXCHANGES. CBBHCHB oVWIIMU WIWMIB.J (Reoelved May 10th, 6.6 p.m.) KUGBX, M>y 0. The iollo.ving; are. tho current rates ol exchange, compared with those of. May 7th and par:^Par. „ May 7. May 10Paris, fr. to .. 124.31 98 93i New York, dol. to £1 4.Bea 3.67J 3.68 Montreal, dol. to £1- 4.880 4.10& 4.13 Brussels, belgasto £1 '33 26.12*. 26.17 i Geneva, fr. to £1 .. 25.9915 1§.75 . 18.80 Amsterdam, fl. to £1 12.107 9.03 9.07J Milan, lire, to £1 ~ 9M3 71J 71J Berlin, reichmarken to £1 .. ..20.43 15.40 15 17-16 Stockholm, kr. to £1 18.159 191 1917-16 Copenhagen, kr, to £1 18.159 18.30 18* 010, kr. to £1 '.. IS 169 10 11-16 19 21-32 Vienna, aohjs. to .£1 34.585 03 32 (nom,) (nom.) Prague, kr! to £1 .. 184.26 1338 124 Warsaw, par zlotya £1 .. .. 43.38 >- Kelslng-fors, mark's to £1 ~ \. 198.96 915 ,■ 215 Madrid, pesetas to \ £1 ~ .. 25.2315 m 46J Lisbon, escudos to £1 ' .." ' .. 110 110 100 Athens, drach to IEI 375 540 545 (seller*) Bucharest, lej to £1 818.G 615 615 IJio 4e Janeiro, pence to milrsie ~ 4.988 4* 4{ Buenos Aires, penca to d«l. ~ •• 47,577 36i 36§ Montevideo, pence to dol. .. ..51 30 30 (nom.) (nom.) Batavia (guilder) .. # 12.107 Bombay, pence to / rupee .. ..18 17 15-16 17 15-16 Stansthai, pence to tael .. * 19 31-32 19 29-32 Koncr Kong, pence to _ - dol ' 15 151-32-Yftkoham*, p*nc« to ven .. ..24.68 31J 315-16 * Determined by the price of silver. Concerns merchandising products or good quality can develop the upparalleled sales opportunities in Canterbury most effectively and mpst economically through the advertising columns of The Press. , —6

HIGH COMMISSIONER'S REPORT. The Department of Agriculture has received the following message, dated May 7th, from the High Commissioner (or New Zealand, London:— 1 TALLOW. Quiet demand at auction; 1270 casks were offered, of which 451 sold. Present spot quotations are:—Mutton, fine 245, fair to good 22s to 235, dark to dull 19s to 21s; beef, sweat and/or mixed 23s 6d to 245, fair to good 21s to 235, dark to dull 19s to 20s; mixed, fair to good 21s to 235, dark to dull 18s to 20s; gut, etc., 17s to 19s 6d. HEMP. Manila—Market inactivq and ea&ier. "K" grade for May-July shipment quoted by sellers £l6 10s. Sisa,l-=—Market quiet but steady. No. 1 fair average quality for April-June shipment quoted at £l4 6s. New Zealand—Market unchanged, with no first-hand sales reported. • FRUIT. New Zealand Apples—Somewhat batter demand, Consignments es Bangitiki and Port Hunter on the market. Cox'fr Orange are overvripa and wasty, but other varieties are in good condition. Cox's Orange, 12s to 14$; large quantities of wasty fruit dowfc to 4s; Jonathan and DeljciauE, 10s 6d to 12s 6d; Dunn's Favourite, London Pippin, and Lord WolseJey, 10s to lis 6d; Cleopatra, ljg to 13s; small eiias generally Is leas. Pears ex these vessels arrived On temporarily bare market. Current prio**: Jos«pnine, Cornice, and Buerre Bose, 15« to 20s;'Winter Colo, 14s to 16s; IBuerra Dial, Bnerre Clairgeau, Gonferancc, and Vicar of Winkfield, lis to 14s; three-quarter cases generally 2s less. More or l*ss waste in Conference and Packham's Truimph. PEAS. Market firm but qulat, wjth resellers of Tasmanian afloat at 665, and April-May shipment at 65s 3d. New Zealand, 62s to 62s $4. No first-hand offers from New Zealand. Tasmanian want 72» 6d. Blues—Neat- position firm for May shipment, and value for New Zealand £l6. Nointerest shown in distant.