FINANCE AND COMMERCE.

Press, Volume LXVIII, Issue 20551, 20 May 1932, Page 12

FINANCE AND COMMERCE.

BUYING "RINGS." CONTROL OK PRICES ALLEGED. j CRITICISMS OF ADDINGTON j MARKET. I lAK.MERS' IMOX TO INVESTIGATE CHARGES. ! i I ;,.. ..Xl-trliCC <>l ■'lings »\ ■•livers in tin; pork, veal, find beef actions of the weekly metropolitan -ink urarket at Addington was ..Hegcd l>v speakers at the annual ■ •..nfon.-11-v? ot* t!ie North Canterbury ii.-trict brunch of the New Zealand F.-irriKT*' l"nion held in Christli.irch yesterday, and it was stated Ji.-it. Thi- presence of the rings not • nfy reduced prices to an unfairly ion" level hut made selling by ■l'.ctiou a ridiculous method for disposing of any of the type of stock -.nciitioued. Discussion arose from consideration .f thr following remit forwarded from •""p KHesmerc branch: — That owing to the unsatisfactory practice now ruling in the pork and • cal sections at Addington market, and only one buyer operating, investigations be made into marketing •methods in other countries, with a view to finding some better system whereby farmers may obtain value for their stock. Low Prices. •■At the present time we are not getting the value for our pork and veal ia Addyigton market," said Mr K. O. Bishop, of Ellesmere, who moved for ihu adoption of tho remit. "The pork market, for instance, has been worked so that one buyer gets all the butchers' orders, and ho buys for each and all of them on a commission basis. Competition is reduced to the barest', minimum —almost does not exist at all. There was one typical instance I know of, and I quote it as an instance. A pig was started at 2os, and tho auctioneer put in a bid to take it to 265. The buyer for the 'ring' turned to the auctioneer, as no bidding was apparent, and saitl: 'You can knock it' down to me at that.'' What can.be done! The Saleyards Company say that they can do nothing in tho matter. As far as we can see there is no relief to be found in. selling by auction, which is absurd, nndcr present conditions, and another method must be found. If the matter is referred to the executive, then a' bettor method of marketing may be found. "As far as pigs are concerned in the Addington market, farmers are having to pay as mueh for stores —sold in a market with competition' open—as they will receive for'the same pigs fat bought under 'ring' control. Sellers are at the mercy of that 'ring.' In the veal section the position is similar." ._ Mr E.l. Woodfield,' of Cust-West Eyreton, endorsed the remarks of Mr Bishop, stating that the practice of having buying "rings" was an iniquitous one. ♦'Extended to Beef Section." Mr Jas Dunlop (Waimairi): I haye urged this matter before, and have had plenty of first-clas.s examples of the effect of the practices mentioned. Lately it has been carried into the beef market as well, where now I believe one man—a retired butcher —is buying three-quarterß of the beef for butchers. In the vealers' department conditions of buying are terrible. One man operates virtually alone. "I have seen six vealers sold for 38a," con tinned Mr Dunlop, "and so for my own satisfaction I did not sell the seventh, but killed it. It weighed 2011b, so that it requires little calculation to understand just where this operation of 'rings' is leading the''producer to. I have always been a strong advocate in regard to the pig section that the farmers should form a cooperative bacon association. , "In regard to examples of how the fat pig section is held down, I ean instance one man who lost over £l2 on some pigs he sent to Addington a fortnight ago." It was resolved to refer the matter to the provincial executive, who will order investigation by a separate committee. SELLING COSTS REDUCED. WELL-KNOWN MANUFACTURER'S EXPERIENCE. *'Strictly speaking, advertising is not a cost at all. We now spend more in advertising baked beans than we have ever spent. Yet because of the increased demand our advertising has developed, we can produee at the rate of 900 tins of beans a minute." This was part of some advice given to a gathering of grocers at Pulham recently by Mr J. M. Harrison, advertising manager of the H. J. Heinz Company. "Another matter on which there sometimes appears to a be a little- bit of foggy thinking is the ; belief that th'j benefits & retailer derives from the advertising of competitive firms cancel themselves out," he continued. "The thought here is that while the merchant may sell more of one advertised brand, this increased sale will be offset by a falling off in the sales of another competitive product —so why should he worry? "But this conception falsely assumes that 'Demand' is fixed. It can grow or it can contract—and the way to make it grow is to advertise. The in : creased demand means economy in production and a lower price—which leaves the consumers with purchasing power left to stimulate demand, in some other direction." ■ ■ PRICE OF GOLD. f!miEl> FHBBS ' ABBOOAWOK—Wt SUtOTiIO «rMJSGBAJ>H— COPTBIGHT.) LONDON, May 18. Gold <per fine ounce) is quoted as follows (with comparative prices):— & s. d. M»y WW w '* 111 I

EXCHANGE KATES.i EXPLOITATION ALLEGED. SUGGESTED BANK OF IMPERIAL CURRENCY. la view of the shameful exploitation of the farmers by the trading banks of New Zealand, other than of New South Wales in the matter of London exchange, it is essential that a Bank of Imperial Cur- ■ rency should be established, with power to provide for all matters of Imperial Exchange. This was the text of a remit passed at the annual conference of the North Canterbury district branch of the New Zealand Farmers' Union held in Christehnrch yesterday. _ "The finance of the country, including that of the Government, is in the hands of'the trading banks, and the establishment of a Bank of Imperial Currency—favoured by Sir Otto Nienieyer—and the abolition of the right of trading banks to dictate exchange, is essent?al,S said Mr J D. Hall in moving the adoption of the remit. This matter of exchange has jobbed the primary producers in New Zealand of two or three million pounds. It is quite possible that if export regulation is lifted in June prices may rise, -*»* Jill the loss will run into millions. Why is it? It is because the trading banks oi NTew Zealand under charter from the Government refused the Government aid in her hour of need when money was required in London. . "When the general manager ot the Bank of New South Wales was in New Zealand he made it quite clear that we ought to be getting 30 per cent, exchange and were only getting 10 per cent. , ~ "To explain the matter of the cuirency problems is beyond me, and I leave that to the economists—l do not know that it is even understood by world economists—but you might depend on England's good services tc elucidate the matter, and it is possible that the Empire, by combined effort, may be able to restore currency," Mi Hall concluded. . The remit was carried unanimously. AN ARBITRARY INCREASE. A BANK CRITICISM. Commenting on the proceedings at the Last Premiers' Conference the National Bank of Australasia, in its monthly sum. niary for May, says that there an sound arguments against the proposa that the exchange premium on Londoi should be arbitrarily increased. "Nc mention is made," says the bank, "ol the need to provide safeguards againsl excessive inflation, nor is any statemeni made as to who is to carry the risk oJ loss, which attaches to the proposal If the attempt to increase the exchangi rate were made without first providinj an adequate fund to ensure success o: the operations or to meet losses—whicl might easily run into large flgures- ) it would certainly seem advisable no to put'the' idea into practice. ..• Bu whatever argument mayyvbe raised i favour of fixing a rat it should never be forgotten that sue action is at best an artifice, and we are very anxious that Australia should not plunge further into a sea of expediency and artificiality. Also it seems to us that this and certain allied proposals involve an effort to control fundamental economic laws without due regard to the charts by which we should be guided, and without reference to the barometers which indicate the storms around us." A Borrowing Proposal. Referring to the proposal that £10,000,000 should be borrowed for expenditure on works to provide employment the bank contends that it would be useless to approach the general public for a large Government loan, but '. that it might be possible "to raise a loan to be expended under the control [ of a specially created organisation of business men,, so constituted that it would command public confidence. Such a loan would need to be guaranteed by the Governments and have the sanction [ of the Australian Loan Council." In making this suggestion the bank points ont that the money could be spent upon works ascertained to be of an adequate- } ly reproductive nature. To this extent " the expenditure would add to the'wealth ' of the country. The suggested "bor--1 rowing trust" might include a,repre- " sentative of the Governments, preferably an under-treasurer, and the bank 5 feels that with such a body in existence - something definite could be done to rei place the dole system. To the suggestion that the banks themselves should lend the £10,000,000 the reply is made r that the banks are already carrying I heavy obligations for Governments. - "Should the banks feel that it is undesirable for them to make further loans to Governments to help unemployment there is ample justification for their so doing," states the article. "They have the definite duty of providing the credit necessary to maintain the ac--3 thiities of our producing and trading sections. It would be different if loans for relief iriorks were made to nonpolitical bodies such as those previously mentioned, as their securities are usually readily absorbed by the public. On the II other hand, large parcels of Government e obligations have been left for long l- periods in the hands of the banks durj. ing recent years." f OTTAWA CONFERENCE. n - ). ' ' [* FRUITGROWERS TO BE REPRESENTED. g Mr F. W. Sisson, one of the directors 1- of the New Zealand Fruitgrowers' Fed- " eration, announced at last night's meettt ing of the Canterbury Fruitgrowers' AssQciation that the Government consida ered that the fruitgrowers of the Dominl- ion should be represented at the Ernie pire Economic Conference at Ottawa, and that Mr H. E. Napier, manager of 38 the Federation, was going to Ottawa. w Mr Sisson said" that one of the mat;o ters to be considered would be an eni: deavour to arrive at an agreement beo- tween the different parts of the Empire 3a regarding the months that they should 3r export fruit to Great Britain. Conse;r quently it was essential that New Zealand should be represented. The proposal was that August and September should be left entirely to Great Britain; October and November, Canada to export; December to March 15th, open to the world to export; and March 15th to August, New Zealand, Australia, and South Africa to export. If this y, could be arranged it would be very suitable for New Zealand's export trade. a Mr C. Sisson: You mean that H will o cut out keeping fruit in cool store? 5 | Mr F. W. Sissoas Yes.

EXPORT OF ONIONS HIGH AUSTRALIAN PRICES. The Waikouoiti, filing iTOm **t teltoa to-morrow is takxngl4,oW sacks of onions to Sydney. The tralian market is very sior of grown onions, with the £2l prices hare gone to £2O a ton in Sydney and £M> to *" tor interior lines. d i from «,e «" Tulfornian are due for dispatch in AugIcmJSt Pric-s for the American ust-October. *"nc~s> w . varieties range around 1/s oa a u«t J'lfc to 19s a crate, subject, of course in the case of Canadian to nreferential treatment under the fraae treaty which is expected to operate shortly. Australian onion-growers natmaUy view imports from New Zealand with disfavour, but in the interests of consumers forced to pay high prices for a ueSLarv article oi food the question fas asked in the . Commonwealth House of Representatives if, in view , of the shortage of onions for home consumption, the Government would I consider temporarily removing the duty on imported onions in August, September, and October. The Minister for Customs (Mr Gullett), in replying, said he understood that there had been a he.avy partial , failure in the last season's crop. At; present the selling price was extraordinarily high. If, as had been sug- : tested, the supply would last for only eight weeks, consideration would be given to the removal of duty. The duty of £8 a ton on foreign onions did not apply to those from New Zealand. The duty oij New Zealand onions was £1 a tou. The Victorian Position. After two seasons of exceptionally low prices for onions, growers are now receiving remunerative rates, says the "Melbourne Argus" of May 12th. About this time last year quotations for onions were less than £3 a ton, which was well below the cost of production. Since the beginning of the year the price has steadily increased, and is now about £ls 10s a ton. For present conditions, this is an unusually high price, but in former years prices have reached £2B- to £3O a ton. In some quarters a shortage cf supplies is feared. Merchants, however, believe that unless disease develops which would compel the rapid marketing of all stocks, there will be sufficient supplies until _ the new season's crop is availablo in the spring. Although the crop is about 50 per cent, of normal, the higher prices will probably restrict consumption and encourage growers to spread their' Consignments Of supplies to the market. Despite the present tariff and adverse exchange rate, Sydney buyers have already imported substantial quantities or onions from New Zealand. The export surplus in that country, however, is now exhausted, and in previous years New Zealand has drawn supplies from Victoria. Another source of supply which has not been drawn upon for come time in Japan, and merchants understand that the crop \ in Japan is light this year. Traders expect prices to reach about £2O a ton this year. N.Z. PAPER WILLS. 1 ■ , , j « ; . DIVIDEND PAYMENT. (PiIESJ ASSOCIATION TSLBOJftiM.) DUNEDIN, May 19. At the annual meeting of the New Zealand Paper Mills Co. to-day, the Board's recommendation regarding payment of a dividend at the rate of 4 per cent., making a total distribution of 7 per cent, for the year, was adopted. The dividend in 1930 and 1931 was 7$ per cent. ELECTROLUX PROFITS. The Eleetrolux Company, Stockholm, nave announced, net profits for 1931 of 7,073,000 kroner, against 8,042,000 for 1930. The directors propose to pay & dividend of 8 per cent., against 9 per cent. The company shows a very sound position.- The reserve fund is brought this year up to the maximum required by law at 6,000,000 kroner, being 10 per cent, of the share capital, ami 1,282,000 kroner remain to be carried forward after all writings off, tax and reserve fund allocations, and dividend payment. TOOTH AND CO. . INTERIM DIVIDEND. (PRESS ASSOCIATION TSUCOBAM.) WELLINGTON, May 19. The Stock Exchange* Association has received a message stating that the directors of Tooth and Co. had declared an interim dividend at the rate of 8 per cent, per annum. The dividend ib at the same rate as last year. EMPIRE PREFERENCE. MEAT BOARD'S PROPOSALS. 1 ■ i (PRESS ASSOCIATION TELEGUAM..I WELLINGTON, May .19. Mr David Jones, chairman of, the Meat Producers' Board, was invite'd to attend the meeting of the executive of the Farmers' Union yesterday to discuss the Board's proposals in connexion with Imperial preference in view of the Ottawa Conference. Mr Jones said that apparently there was a misconception as to what were the proposals of the Board. The view had been expressed that there was a danger of the suggested quota limiting the quantity of meat exported from Now Zealand into the United Kingdom. He pointed out that this was incorrect, and that the proposals that the Board supported, and which had been agreed to by the other Dominions were that-New Zealand and the other Empire countries would have freedom-of entrance for all their supplies into Great Britain, while a striction should be placed on foreign importations. PRICE OF SILVER. (BBITIBH OMICIAI. WIBBLBBS.I (Eeceived May 19th, 5.5 p.m.) BTJGBY, May 18. Silver (pence per ouncei} is quoted as follows:- 1 - ■ . . May 17. May 18 . Spot .. 17 5-16 17i Forward w 17 7-16 17*

AUSTRALIAN WOOL YEAR. lIGGEST YIELD IN HISTORY. The wool clip grown in- Australia uring tlie 1931-1932 season was the irgest in the history of the Common■ealtli. It will total in the vicinity ot ,000,000 bales for the full 12 months, ays the 43rd annual wool review ol /Inchconibe, Carson, Limited. The uantity shows an increase of 7 per ent. on the preceding season, and exeeds the previous record production of ,867,000 bales in 1929-1930 by .approximately 133,000 bales. In ten years the uantity of wool grown in Australia IMS increased by 50 per cent, the lip in. 1922-1923 being 1,918,000 bales The selling year provided unique cirumstances. The Continent and the Jnited States, remaining on the gold tandard, bought wool at a low cost without precedent in trade experiences Jut in Australian currency, growers 'enerally received prices which compared favourably with the previous ear's rates, and were considerably tigher than those obtained in a few efling years in the early part of this :entury. lir 1900-1901 the season's 'reasv wool in Sydney sold at an average of 5 5-8 d a lb, 1901-1902 6 l-8d and L9OB-1909 7Jd. From Julv Ist to March Jlst this season the greasy average for ;he market was 8.5 d a lb. During the Di-esent season the majority of growers ; ecpived gross returns approximately Is 3d to 2s a head greater than in 1930L 931. . , ~,-,, Australia's income from wool is likely bo be £3,000,000 greater this season than in 1930-1931. Based on the Australian selling average of £ll 3s 9d i bale 1930-1931 production was worth £3l 301,625. The increase is gratifying' but the fact should not be forgotten that in 1928-1929 the clip produced £61,800,000. The point should also he borne in mind that wool worth £34 000,000 in Australia only represents £25,500,000 in English money, and the Commonwealth oversea commitments must he paid m Groat Britain.

MINING. PADDY'S POINT REPORT. Messrs W. A. Mitson and 00., secretaries of the Paddy's Point Gold Mining Company, Ltd., advise that a paddock was completed at the beginning of tha present week, and has yielded a total of 90* ounces. The total time -sines the completion of the previous paddock is over five weeks, and the actual sluicing time was 27 days. APPLE MARKET. PRICES FOR NEW ZEALAND SHIPMENTS. (UKIIMJ PRESS ASSOCIATION— JTt JSUSOTJUO TBUSGHAPH—COPYRIGHT.) LONDON, May 18. The Zealandic's and Tamaroa's New Zealand apples sold as follows: Jonathans, Delicious, and Dunns, 10s to 12s a case. C'leopatras, Adams, and Wolseleys, 10s to lis. AUSTRALIAN PRODUCE. ! SYDNEY MARKET*S. " : " '*' (Received May 19th, 10.40 p.m.) SYDNEY, May 19. Wheat—Ex trucks, Sydney, Bs-2Jd; country stations, 2s 7^d. Flour—£lo. Pollard—£s se. Bran—£4 ss. Potatoes —Tasmanian, Jfclti 10s ; \ ictorian, £slos. Onions —Victorian brown, £l9; New Zealand £lB. Oats—2s 6d. Maize —4s 6d. . METALS MARKET.

FOREIGN EXCHANGES.

(BRITISH OMICIAI* wnUBMBS.) (Received May 19th, .5.5 p.m.) RUGBY, May 18,

DAIRY PRODUCE. Tlie New Zealand Loan and llorcautilo Agency C 0.," Ltd., have received the following message from London, under date May 18tn: Butter-i-958. Very slow. - Cheese —56s to 575. Steady. . A H. Turnbull and Co., Ltd., havu received the following message from their principals, W. Weddel and Co., Ltd., dated London, May 18th: — , „ Butter—Danish 102s to 103s per cwt, JNew Zealand finest 93s to 965, Kangaroo 92s to 945. Market quiet. Cheese —jfew Zealand 56s to 5Gs. Market quiet.

CHRISTCHURCH STOCK

EXCHANGE. * | YESTERDAY'S TRANSACTIONS. ( Shares in the Banking and Gold Mm- ] ing sections again accounted for the bulk of the recorded turnover yester- J day. Markets continued firm at late , rates. Government issues were quiet ( with a strong demand for the s"s per cent. Transactions exclusive of vestibule business were: * 100 Commercial Bank of Aust. ( 25 E., 6., and A. Bank. 50 National Bank of N.Z. 100 Bank of New Zealand (cum div.). ] 95 Union Bank of Aust. 1 300 New Zealand Insurance. ] 100 Goldsbrough, Morts. 100 Dunlop Perdriau Rubber. 450' Golden Dawn. 1000 Mahakipawa. 500 Mahakipawa (pref.). 50 Okarito (cum div.). Commercial Bank of Australia shares <. realised 13s 7d, buyers staying in at "j that price, sellers at 13s Bd. E., S., and A. Bank shares were stronger at { £4 2s Gd, and' there were further sellers at that figure, buyers at £4. < National Bank of New Zealand shares ; moved up 5d to £3 6s, closing quota- ; tions £3 us 6d buyers, £3 8s sellers. ; Bank of New Zealand cum dividend recovered to 44s 3d, and more were - offered at that price, buyers at 445. " Union Bank of Australia shares '■ changed hands at £6 15s 6d and £6 ' 15s, market closing £6 15s sellers, £6 14s 6d buyers. Miscellaneous. ]Se\y Zealand Insurance shares were firm at 365, closing quotations 3d on either side. Goldsbrough, Morts were fractionally firmer at 22s sd, and there were further sellers at that price, buyers at 22s 4d. # Buyers of New Zealand Refrigerating fully shares raised their bids to 10s lid, sellers at lis f>d. Tooths Brewery, shares cum dividend of 4 per cent, were firm on buyers' offers 235, sellers at 255. Buyers of Colonial Sugars moved up to £3B 7s 6d, sellers at £4l. Dunlop Rubbers hardened to lis, closing quotations 10s 9d buyers, lis 9d sellers. Buyers of Gordon and Gotch again appeared at 245, n6 sellers offering. Mt. Lyells were stronger with buyers at 17s'6d, sellers at 17s 9d._ Buyers of New Zealand Drugs raised their bids to 45s* 6d, sellers at 475. Golden Dawn had dealings at 5s 9d, 5s 9£d, and 5s lid, sellers, staying in it the highest price, buyers at 5s Mahakipawas remained unaltered with business in the ordinary at Gd, and in the preference at 6d, market closing firm for both issues. Okaritos cum dividend recovered to 9s sd, and there were further buyers at that figure, sellers at 9s 6d. Buyers of Alexander Mines fully paid raised their bids to 17s 3d without attracting sellers.

SYDNEY STOCK EXCHANGE There was a further contraction o: the volume of business on the Sydney Stock Exchange yesterday, but price were not appreciably affected, reports ; Press Association cable message. Morning Sales—- £ s. d ,

AUSTRALIAN STOCKS. VALUES IN LONDON. (UNITEfI I'BKSS ASSOCIATION—B* «LECTBIO TELBOBAPK—COPIBIOHT.) LONDON, May 18. Australian Government stocks are active, mostly at about yesterday's quotations.

(CKITEP PHESS ASSOCIATION— St EI/BUTSIO TELEGRAPH —COPYRIGHT.) (Received May 19th, 9.30 p.m.) LONDON, May 18. Quotations: — May 17. May 18. per ton. per ton. Copper— £ a, , d. £ e.d. Standard, spot 28 6 3 28 6 8 Forward .. 98 10 0 28 9 a Electrolytic 32 16 0 32 15 0 to ,, 33 15 0 33 15 0 Wire bars 33 15 0 83 15 0 Lead— Spot 10 13 9 10 1G 8 Forward .. 11 1 3 11 2 6 Spelter — Spot . • ,, 12 8 9 12 10 0 Forward . • TinSpot •i 12 15 0 12 16 3 ,, 110 2 6 121 10 0 Forward .. 121 3 9 323 13 9 Siher— Standard, per OK. 17 5-16d 47|d Fine, per oz. 18 ll-16d 18id

The lollo.ving are the current rateB _ o exchange, compared •with those of Maj i3th and par:—. Par. May 13. May 18 Paris, fr. to £1 .. 124.21 5)2 21-32 93i New York, dol. to £1 4.866 8.65g 3.67J Montreal, dol. to £1 4.866 4.13J 4.16; Brussels, belgas to £1 35 26.05 26.2i Geneva, fr. to £1 ■• 25.2216 18.57J 18.8' Amsterdam, fl. to £1 12.107 9..02 9.061 Milan, JE1 93.43 701 7115.-3! Berlin, reiehmarken to £1 •• 20.48 14 5-16 15.41 Stockholm, kr. to £1 18.159 19 9-16 19.71 Copenhagen, kr. to ;S1 18.159 18.30 18.3' Oslo. kr. to £i 18.159 19£ 21 Vienna, schgs. to JS1 34,585 33A 33 (nom.) (nom. Fragile, kr. to £1 164.25 123 12 Warsaw, par zlotys £1 43.38 — _ Kelsingfors, marks to £1 193.25 215 21 Madrid, pesetas to £1 ■ 25.2215 44 31-32 44 Lisbon, oseudos to £1 110. 1.1.0 11 Athens, draoh to £1 375 540 54 (sellers) (sellers Bucliarest, lei to £1 818.6 612J CI Rio de Janeiro, pence to milreis 4.988 4i} 4 Buenoa Aires, pence to dol. .. 47.577 3<iJ, , 3 Montevideo, pence to dol 51 30 3 (nom.) (nom, Batavia (guilder! 12.107 9.0£ — Bombay, pence to rupee 18 17 15-16 17G1-6 Shanghai, pence to tael * 20J 20 9-1 Konir Kong, pence to dol. ' .. ' •• * ■ 15 7-16 15 Yokohama, pence to ven 24.58 20 13-16 20 17-0 * Determined by the price of silver.

LATEST QUOTATIONS, Buyers. Seller?. £ b. d. £. s. d. 1 N.Z. Government Debentures— 4£ per cent. Inscribed, 1938 and 1939 92 10 0 94 0 0 | ih per cent. Bond?, urn W10 0 — 53 per cent. Inscribed, 1951 98 0 0 — 5i per cent. Inscribed, 1933 .. — 98 15 0 | 5i per cent. Inscribed, 1941 .. . •• „ ; 5 5 0 oh per cent. Inscribed and Bonds, 1933 .. — 100 10 0 1 S$ per cent. Inscribed, 1936, and Inscribed, , • •• Fel>t, 1937 > ■){'.;■■ 6J per cent. Bonds, 96 10 '\i) "~" 1936, and. Bonds, Fob., 1937' 98 12 6 ■ — 5* per cent. Inscribed^ * Sept., 1937 98 12 6 99 12 b | 5fc per cent. Bonds, Sept., 1937 93 13 0 99.12.. 6! Otlier DebenturesNorth Canterbury Hospital, 5J per cent.,* 1940 .. 97 10 0 & 10 0 Iiyttelton Harbour, 6i per cent., 1933 99 0 0 — Christchuroh Drainage, 5J per cent., 1943 67 0 0 — Auckland Harbour, 5J per cent., 1937 — 16 0 0 Christchuroh City, 4i per cent., JTuno, 1932 101 0 0 — Banks — Comm. of Aust. 0 13 7' 0 13 8 Comro. of Aust. (pref.) 6 3 0 — Comm. of Sydney 13 0 0 — E., S., and A. 4 0 0 4 2 6 National of Australasia (£10 paid, cum div.) National of N.Z. 9 15 0 S 5 6 l 3 8 0 New South Wales (cum div.) .. 25 5 0 26' 0 0 New Zealand (cum div.) 2 4 0 2 4 3 Queensland National .. 4 2 6 4 17 0 Union of Aust. 0 14 6 6 15 0 Insurance— National 0 10 10 0 11 4 New Zealand 1 15 9 1 16 3 South British 2 7 3 •2 8 7 Standard 1 16 0 2 4 0 Loan and Agency— Dalgety and Co. (ex div.) 6 16 6 7 4 0 Goldsbrough, Mort 12 4 12 5 N.Z.' Guarantee Corpn. 0 3,11 0 4 1 United Building Society —.' 0 14 6 Shlpping— P. and 0. -Deferred Stock 0 15 0 0 17 9 Union (prof.) ... 0 18 S — Frozen Meat— 1 N.Z. Refrig. (±'1 paid) 0 10 11 0 11 5 f N.Z. Refrig. (10s paid) 0 3 10 0 4 6 Canterbury (ord.) ., 3 15 0 — ■ • Coal— V i Grey Valley 0 7 0 — 5 Stockton (ord.) 0 0 6 — 9 Stockton (pref.) 0 0 7 0 10 1 usaasafMRBXSM* 2 Gas — „ ABhburlon I 0 0 _ , Auckland 113 13 0 n Christchuroh .. -• 14 4 1 4 10 n Christchuroh (10s paid) 0 11 O — 1 "Wellington (pref.) 0 15 0' — 1 Breweries — '■<■ Carlton 1 G 0 -- New Zealand .. 14 8 15 7 Staples 12 9 15 0 5 Tooths (cum div.) 1 3 0 15 0 3 Miscellaneous— q Amalgamated Wireless - (contr.) 0 12 a — \ Australian Glass (cum I div.) 1 12 0. — Beath and Co. 0 19 0 10 0 .1 British Tobacco 1 7 3 17 8 * Colonial Sugar 38 7 6 41 0 0 r Dunlop Rubber Electro. Zinc (pref.) .. 0 10 9 0 11 9 0 19 6 10 0 0 ■ Gordon and Gotch \ Henry Jones Co-op. 14 0 — (cum div.) 1 5 G 1 C 6 Herald and Weekly a Times Howard Smith 2 0 0 2 5 0 0 5 10 0 7 6 fi Mt. Lvell ... N.Z. Drug Co. 0 17 6 0 17 9 2 3 G 2 7 0 ,t " N.Z. Farmers' Co-op 11 (6i per cent. Stock ' , 2 - " 19-10) Victoria Nyanza Sugai 35 0 0 40 0 0 0 35 0 0 18 6 Whitcombe and Tombs 2 10 0 214 6 Woolworths (N.Z.), pref. new (fully, .. —'■ 14 0 Wunderlich — ■ 0 14 0 Zealandia' Soap 0 2 0 0 5 0 0 ■ g Mining— ■ Alexander • • 0 17 a Cornish Point 0 0 3 0 0 Sh 3 Goiden Dawn . 0 5 10; 0 5 11 8 Golden Point .. 0 0 5 ■ 0 0 6 i' Kirif Solomon 0 11 0 lit Mahakipawa, 0 0 4J i 0 0 5 0 0 6 0 9 6 w Mahakipawa (pref.,i to Okarilo (cum div.) O 0 5 0 9 5 Wa.lii 0 15 0 — et Waihi Grand Junction 0 d J — Blackwater «>. '•- O b X 0 10 0

YESTERDAY'S SALES. CHRISTCHURCH. Sales on 'Change — ■£, s. d. Commercial Bank of Australia ■•• •" National Bank of N.£. — 0 13 3 6 7 0 Hunk of New Zealand (cum 2 4 3 div.) Union Bank of Aust. 6 15 1 2 0 11 0 5 0 5 0 5 Gdldsbrough, Mort o Dunlop Rubber ■•■ Golden Dawn ... <--) it 94 (3) 0 5U Maliakipawa , ■■• ••• 0 0 0 0 0 9 o 6 Mahakipawa (pref.) 5 Okarito (cum div.) Sales Reported— 6 6 o E., S., and A. Bank 4 2 Union Bank of Aust. 6 15 1 16 New Zealand Insurance . • • AUCKLAND. Sales on 'ChangeJi s. d. Bonds, 1939, 4-i per cent. y2 17 6 Stock, 1937, 5 1-8 per cent. 96 10 0 Stock, 1937, 5£ per cenl February "98 17 6 Stock, 1937, 54 per cent., Sept. • ■ ; • Commercial Bank (2) 98 10 0 13 0 9 Bank of N.S.W. 25 15 0 Bank of New Zealand (3) 2 4. 3 Bank of N.Z. (D. Mort.) .. 1 5 1 16 9 q N.Z. Insurance 1 16 U Dominion Investment 0 15 3 0 Auckland Gas 1 1 Mount Lyell 0 1.7 O WELLINGTON. Sales Reported— £. s. d. 4* per cent. Bonds, 1939 (ii) 02 17 0 5\ per cent. Stock, Feb., 1937 •• 98 17 G Bank of New Zealand (2 sales) (cum div.) 2 4 E. S. and A. Bank 4 2 N.Z. Drug Co. 3 6 o 6 ■Wool worths (preference) ! 3 DUNEDIN. Sales Reported — £ s. d. Consolidated Goldfielde (3) 0 3 0 3 7 n Standard Insurance 1 18 0 Westport Coal (cum. dividend, cum refund) 0 19 ■0 3 0 9 Moturoa Oil •• •• Wellington Woollen (ord.) 4 4 0

4 por cent., 1938 94 13 9 4 per cent., 1941 90 15 0 4 per cent., 1953 88 7 6 4 per cent., 1961 87 IS 6 Bank of New South. Wales 27 15 0 Colonial Sugar 44 10 0 Goldsbrough, Mort .1 5 H Toohey 's Brewery 0 17 9 Tooth's Brewery 1 7 6 Closing Sales — Commercial Bank of Sydney 16 5 0 Bank of New South Wales 27 15 0 CcflOnialf > Sugar i-. 44 10 0 Fairymead Sugar 1 3 6 Queensland Insurance . ... 2 4 0 Australian Gas (A) .114, A Australian Gas (B) 5 15 0 Tooth's Brewery 1 7 1\ Toohey's Brewery. 0 17 1\ Carlton Brewery 1 11 0 , Dunlop Perdriau .. 0 12 2 ; British Tobacco 1 11 14 Burns, Pnilp , 2 0 3 Winchcombe, Carson 0 19 0 Goldsbrough, Mort 1 5 3 Broken Hill Proprietary .. 0 16 3 South Broken Hill (six weeks) 2 3 0 Zinc Corporation 1 6 6 Commonwealth Bonds— 4 per cent., 1938 .'. 94 11 3 4 per cent., 1941 90 18 9 . 4 per cent., 1944 89 11 3 4 per cent., 1947 88 7 6 4 per cent., 1953 88 7 6 3 4 per cent., 1955 88 15 0 4 per cent., 1959 87 7 6 j 4 per cent., 1961 87 10 • 0 ) MELBOURNE Commercial Bank of Austra3 lia (pref.) .. 7 1 J) 1 Goldsbrough, Mort 1 5 4* i> Metropolitan Gas 10 '6 0 "Herald and Weekly Times" .. 2 7 0 Dunlop, Perdriau (pref.) .. 1 6 0 a Mt. Lyell 0 19 8