FINANCE AND COMMERCE. SYDNEY WOOL SALES. MINING.

Press, Volume LXIX, Issue 20753, 13 January 1933, Page 10

FINANCE AND COMMERCE.

SYDNEY WOOL SALES.

MINING.

WHEAT PURCHASE BOARD. MINISTER'S STATEMENT REPORT OF WELLINGTON SHORTAGE DENIED. PUBLIC NOT PENALISED. [THE PRESS Special Service.] WELLINGTON, January 12. A denial that there -was any shortage of fowl wheat in Wellington, such as was stated by a merchant yesterday to have been caused through the selling restrictions imposed by the new regulations, which were issued this week for the establishment of the Wheat Purchase Board, was made by the Minister for Industries and Commerce, the Hon. ii. Masters. The Minister denied statements that the market was starved of supplies, declaring also that the operations of the Board would not affect the price of bread in New Zealand, or hamper trade in any way. Moreover, he added, the public would not be penalised in any shape or form by regulation of selling and purchasing. "With regard to the position which has arisen relative to the shipment of wheat from Blenheim to Wellington," Mr Masters said, "it will readily be understood that the Government having decided to assist the wheat growing industry, and the regulations having been gazetted, the Wheat Purchase Board could not allow an indiscriminate sale of new season's wheat to take place and thus nullify the objects for which the Board was appointed." Board Meets in Christchurch. Mr Masters added that the Board had met in Christchurch on Wednesday, and the first business to which it attended was the sale of wheat from Marlborough. Merchants in Blenheim had been notified by telephone the same night that they were free to operate, so that in point of time there had been no restriction on their selling. It was not true that there was a shortage of poultry wheat in Wellington, for information received by the Department that day showed that there was enough wheat available, although there might be one or two merchants who were short owing to the fact that they had not received wheat orders in Marlborough, The reason why the merchants could not get wheat from Marlborough was that it had not been available there until the present, said the Minister. It was not right that the new Board or the regulations should be blamed. Had the merchants been reaily short, they could have received supplies from the south without waiting for Marlborough's new crop. Actually Wellington had received liberal supplies of fowl wheat during recent months, and between September 6 and December 13 of last year a total of 19,000 sacks of wheat had been landed at Wellington from Australia. It had to be remembered that this was all milling wheat in quality, as there was only one quality in Australia. In addition, supplies of New Zealand's wheat had been available from the South Island. Marlborough Supplies. In any event, the Minister added, although much, had been made of the Marlborough supplies, it should be pointed out that this district shipped a very small quantity. Between January and August, 1932, a total of only 142,330 bushels had been threshed in Marlborough, according to official statistics. "Only a few thousand bushels of this would go outside Marlborough, nor was the amount sent to other parts large in any season. Mr Masters denied the statements that the public would have to pay for the setting up of the Wheat Purchase Board, and that the price of bread would be affected. The wheat industry itself would do all paying if there were any to be done. Levy on Milling Wheat. "A levy will be placed on all f.a.q. (that is, milling) wheat grown in New Zealand for the purpose of meeting any loss which might be suffered through an abnormal crop necessitating export," he said; "As far as the price of bread is concerned, the position is exactly the same as it has been for the past two or three years since the sliding scale of duties first, became operative. The same scale of duties is operating to-day, and the same competition from outside sources is likely to be found, and local millers will meet with the same competition as far as pig raisers are concerned. The duties have not been altered in any way, and they are in exactly the same position. Regarding supplies of bran and pollard, one would have the right to assume, in view of the fact that there is every likelihood of abnormal crops by reason of the favourable season and the additional acreage planted (about 30,000 acres this season), that the proportion of fowl wheat will be equal to last year, while in the aggregate the amount should be greater. As fowl wheat is not under control, but is subject to open competition, the price will more than likely be less than that which ruled last year." .EMPHATIC PROTEST. AUCKLAND CHAMBER OF COMMERCE. (MESS ASSOCIATION TKLEGBAK-) AUCKLAND, January 12. The Council of the AuckLand Chamber of Commerce to-day passed a resolution emphatically condemning mo setting up of the Wheat Purcbapw Board. The resolution said : '•The Chamber fears it is futile to protest against the Government s continued cynical violation of the rights of the consuming public at the behest and for the benefit of tlie small producing minority which has so long been sheltered from the economic blast; but it warns the Government that its continual inter? ference with ordinary _ commercial and economic processes is intensifying the effects of the depression and hindering recovery. It also points out that it is extraordinary that the Board of Trade Act, designed to protect the New Zealand public against , monopolies, should be made the vehicle for creating the most complete monopoly this Dominion has yet seen." The president said the Chamber was thoroughly satisfied that the Government, under political pressure, had Wore regard to the interests of the wheat growers than those of the community as a whole.

WHEAT GROWING. XII. PEARL AND VELVET. (By the Wheat Research Institute.) These two wheats are the same in nearly all their growth characters, and in their milling and baking quality. They are indistinguishable from a miller's point of view, and so they are always classified together. Pearl has smooth chaff, and so is sometimes called smooth-chaffed-Pearl while Velvet has a close velvety down upon the chaff, like Jumbuck, Bur bank, and solid straw Velvet. History and Distribution. Pearl was one of the very early introductions, and in the 'sixties shared pride of place with Hunters. Velvet was probably a somewhat later introduction and during last century seems to have been commoner in South Canterbury than further north. Both varieties suffered greatly from shaking, so that when more wind resistant varieties were introduced Pearl and Velvet largely declined. No records of the areas of varieties were collected until the war period, and even now these are not published in the Agricultural Statistics, but only in the threshing mill owners' returns." The Government Statistician has been good enough to supply these returns by' counties for the past six years, and from them the following information is drawn. The average area of Velvet and Pearl is now about 5 per cent, of the whole wheat area. The counties that grow most Pearl or Velvet are the following —taking the average of the six years 1927-1932:

Most of the counties grow 1 or 2 per cent.- of Velvet or Pearl, but in Waipara and Ashley only about one quarter of 1 per cent, of the wheat grown is of these varieties. Decline of Pearl. In examining the figures for the past six years it is seen that no county is noticeably increasing its area in Pearl wheat, while there are some serious deSonic of these are listed below, the figures being totals—not means—for three earlier, and three later years.

The position is somewhat accentuated by the fact that the 1932 figures were not quite complete, but there is no question that there is a serious decline in the growing of these old varieties. Yield of Velvet. Velvet is a good yielder in certain localities, and these are probably best indicated by the counties where it is most largely grown. At Lincoln it 'has been tried against Tuscan for the past 10 years and has averaged 3.8 bushels an acre less than Tuscan. In the Agricultural Department's trials at Ashburton in the years 1925-26-27, Velvet surpassed Hunters by just one bushel an acre, and the same was true whether ordinary seed, or a special strain from Ngapara" were used. At Ngapara itself Velvet in 1931, gave four bushels less than Tuscan, while on good land at Waimate in 1932, it gave 10 bushels more. In fact on suitable soil Velvet gives about the same yield as Hunters, and in some localities such as the Hakataramea Valley it is thought to be some bushels an acre better. Shaking. There is little doubt that the reason why Velvet and Pearl are not more grown is the fear of heavy shakes in nor'-westers. The yield may be good under normal conditions, but a heavy wind may ruin a crop. One case is on record in the 'seventies of a crop that was so severely shaken in one day, that the next day it was cut and used for thatch, without ever being threshed. Milling and Baking Quality. Velvet is a wonderful milling wheat. The skin is thin and tho flour is easily separated from it. On the experimental mill,' no wheat, even the best Canadians,'has approached Velvet in milling- yield. The average extraction has been 75Q per-cent., while Hunters has given only 72.1 per cent,, and Tuscan 69.7 per cent. It is this quality which has kept up the price, and the acreage of Velvet to its present level. As for baking quality, Velvet is good, but not so good as has been thought. It is practically equal to Hunters giving a score of 31.5 against Hunters 31.3. It is, however, better than Tuscan with an average score oi 29.2, although not nearly equal to Marquis with its 36.4, or Garnet with its 37.2. SYDNEY WHEAT MARKET. (TTKITED FRr.SS ASSOCIATION—BTf EMCTMO TELEGRAPH—COPYRIGHT.) (Received January 12, 8.30 p.m.) | ' SYDNEY, January 12. Wheat is steady,- bagged and bulked selling at 2s 10»d. Farmers' is selling briskly, with bagged and bulked at 2s 2Jd to 2s 3Jd on sidings, equal to about 2s 10£ d ex trucks. CHICAGO WHEAT FUTURES. ! (Received January 12,. 5.5 p.m.) : NEW YORK, January 11. 'Cents a bushel. Jan. 7. Jan. 11. May .. •• 49 49 * *£.. ...... 484 «J September •• m s°* New York (cash) . .57 08 HAWARDEN MARKET. j Because: of harvesting operations in the Hawarden- district there was only a small attendance at the market there yesterday. Only two pens of fat lambs and a bull were varded Of the former, 82 were sold at 1-s and a line of 28 was passed. The bull was not sold. There was a small offering of furniture and sundries. • • ■_

THE RAILWAYS. LATEST REVENUE FIGURES. (press association tilegbam.) WELLINGTON, January 12. The railway working account for the four-weekly period, ended on December 10, 1932, is as follows: —

The total revenue from April 1 to December 10, 1932, was £3,902,438. The total expenditure was £3,582,734, and the net revenue was £319,704. The totals for the corresponding period last year were:—Revenue, £4,205,134; expenditure, £3,958,541; net revenue, £246,593. NAPIER WOOL SALE. OFFICIAL RANGE OF PRICES. (mess ASSOCIATION TSLEGRAM.) NAPIER. January 12. The following is the range of prices that ruled at the Napier wool sale as compared with the figures for the first sale here of the season:

VERY SPIRITED COMPETITION. (OMTED PRESS ASSOCIATION— BT ELICTSIO TILBGBAPH—COPYBIGKT.) (Keceived January 12, 9.15 p.m.) SYDNEY, January 12. At tho Sydney wool sales to-day 12,003 bales were offered and 10,874 wero sold, as well as 1006 disposed of privately. The weekly auctions closed under very spirited competition, values being firmly maintained. The finer quality wools were in keen demand, even Australian buyers bidding strongly. Greasy merino sold at 19£ d. WOOL PRICES. LOCAL MILLS AGAIN FORCE BIDDING. Time and again it has been demonstrated that our local Woollen Mills are an important factor in maintaining values at the New Zealand Wool Sales, when the lots offered are suitable for their requirements, and history repeated itself at the December sales held in Dunedin. Messrs Stronach, Morris and Co., Ltd., submitted eight bales of super merino on behalf of that well-known grower, Mr B.»Jopp, Moutere, Central Otago, and, after keen competition, it was secured by the Mosgiel Woollen Mills at 12-1 pence per lb—the highest price paid so far this season. In the light of the above incident, it is easy to understand why Mosgiel woollen goods attain such a high standard of quality. —6 PRICE OF GOLD. (UNITED TEESS ASSOCIATION—BK ELECTSIC TELEGBAPU —COPYRIGHT.) (Received January 12, 6.30 p.m.) LONDON, January 11. Gold (per fine ounce) is quoted as follows: — . ■ , £ s. d. January 11 <j \ »* January Q ... ...6 3 0 . January 7 ••• ••• » f * ■ January 6 ... ••• 6 o ij PRICE OF SILVER. (BRITISH OFJMCIAL WIBEIiESS.) (Received January 12, 5.5 p.m.) RUGBY, January 11. • Silver (pence an ounce) is quoted: Jan. 9. Jan. 11. Forward ... 16 13-16 165 Spot ... 16J 16 15-16

[ NEW ZEALAND PROBLEMS. LONDON COMMENT. POLITICS AND PRODUCTION COSTS. Under the heading of "The Great Dominions," the "Statist" (London), in its special banking supplement, gives a survey of economic conditions m New Zealand as they appear from the financial viewpoint of the City of London. The "Statist" finds it is impossible to describe those conditions as they exist, and to avoid the question v of politics. "Political conditions and the aims of a whole series of Governments in the Dominion (states this authority) have over the course ot years greatly increased the cost of production compared with the economic value of services rendered and capital employed assisted by the necessary labour. In the result, what we have oome to call 'cheap production,' is impossible in the Dominion. But, difficult as the problem has been which the New Zealand food producer —and it is principally food we get from New Zealand—lias had to face, he has shown himself quite capable of competing with the Home producer." The dairy industry is shown to be the most important of all activities in New Zealand., and it is stated that New Zealand sends products to Great Britain which are able, in spite ot the enormous distance, to compete successfully against the products ot British dairy farms. ''So successfully, in fact, have the New Zealanders competed in our market that the chairman of one of the great dairy companies in a recent speech said that if the Dominions continue to matte progress as they are doing at present it will cease to be an economic proposition to produce butter in this country at all." Debt and Taxation. Having described the geophysical features of New Zealand and their bearing on primary industries, the "Statist" passes to the public debt and the taxation of this Dominion, tiow difficult is the problem which the New Zealander has to face will be realised, it is stated, when it is considered that the Dominion is a country bigger than Great Britain and Northern Ireland combined, with a population of less than a million and a half, a debt exceeding £276,000,000. and a Budget between £24,000,000 and £25,000,000. "It will bo seen that the debt of the New Zealander is virtually as high per head as our own, and that his taxation is as high as that of Australia, practically as high as that ot the United States, and within about £9 a head of what the unfortunate taxpayer has to find every year in this country." Industrial Conditions. Reference is made to the urban populations of the Dominion, with its four chief cities and other centres. It is then taken as evident that, inasmuch as New Zealand is an essentially pastoral as distinct from an agricultural or industrial country, these important cities could not exist were it not lor a system of protection which virtually confers a monopoly upon the manufactures in which the New Zealander engagt'3. "W* aro endeavouring to bring tliese facts clearly home to the reader's mind to show tlici difficulties with which the New Zealand exporter is faced belore he can hope to earn any kind of profit or, indeed, for that matter, continue his industry. We in this country are interested economically in New Zealand as a producer of food, and it has to be borne in mind that wo in this country produce less than a quarter of the bread we oat, although wo supply ourselves with practically half ot our meat consumption. New Zealand . produces more than seven million bushels of wheat, that is, just enough to provide for home consumption and afford sufficient surplus tor seeding purposes. If the population of New Zealand became comparable in numbers with that ot similar areas in Europe, presumably New Zealand would be a wheat importer. "We have got to consider how we can adapt our industries to the new conditions, because it is evident that if we are to purchase from Imperial sources we shall have to pay a higher price than if we purchase from countries not burdened with the heavy charges with which nearly all the great Dominions are." Now Zealand is shown to be a most important source of supply of dairy produce and of mutton. Its trade, although distributed over a large part of the world, is largely with Great Britain. It imported in 1930 over £21,000,000 worth of Great Britain, and exported to that country more than £36,000,000 worth of various kinds of food, out of a total trade somewhat under £88,000,000.

MOUNT DAVID. WASH-UP FOR A WEEK. [THE PRESS Special Service.] DUNEDIN, January 12. The secretary of the Mount David Sluicing Company, Limited (Mr F. R. Thompson) advises the receipt of a telegram from the manager, that the wash-up on Wednesday, January 11, yielded 37 ounces for seven days' intermittent sluicing. The secretary advises that Mr G. A. Wycherley has been elected chairman in place of Mr W. E. Reynolds, who has resigned from the board. MOUNT LYELL. A report issued by the Mount Lyell Mining and Railway Company, Limited, for the two weeks ended December 28 last, states that 4876 tons were extracted from the north Mount Lyell mine. Details of the amount extracted from other mines were: Crown Lyell mine, 2314 tons; Royal Tharsig mine, 1559 tons; Lyell Comstock mine, 3956 tons. During the fortnight 333 tons of cathode copper were produced, making a total of 2602 tons for the last year. Eefinery anodes made last year totalled 2092 tons. The concentrator mill treated 11,328 tons of ore, this producing 1169 tons of concentrates. NEW GUINEA GOLDPIELDS. The alluvial output for November of New Guinea Goldficlds, Limited, was 3278 ounces of bullion, compared with 3274 ounces in October. , } The estimated profit for the month of October was £9769, Australian currency. •' •'' ———— ' iy* '*—^ M —^^^?r—

CHRISTCHURCH STOCK EXCHANGE. YESTERDAY'S TRANSACTIONS. There was a moderate turnover on call yesterday. Several stocks were firmer. Government issues attracted more attention, and buyers were more in evidence than sellers. Transactions, exclusive of vestibule business, were: £2OOO New Zealand Government, per cent., Inscr., Feb., itWV. £ISOO New Zealand Government, 54 per cent., Inscr., Sept., J-93V. 200 Commercial Bank of Australia (cum div.). 200 Bank of New Zealand. 100 Goldsbrough, Mort. 100 British Tobacco. 100 Mount Lyell. 100 New Zealand Drug Co. 300 Mahakipawa. New Zealand Government, 5£ per cent. Stock, due February, 1937, advanced to dealings at £IOO ss, and £IOO 7s 6d, and there were further buyers at £IOO ss, no sellers —the September Stock rose to £IOO 7s 6d, sellers staying in at that price, buyers at £IOO ss. Buyers of -4-J per cent. 1938 and 1939 Bonds raised their bids to £94 without attracting sellers. Commercial Bank of Australia shares, cum dividend, were firm at 14s Id, closing quotations Id on either side. Bank of New Zealand hardened to business at 425, and more were wanted at 42s 3d, sellers at 43s t>d. Miscellaneous. Buyers of South British Insurance shares moved up to 54s 6d, but sellers were reticent. Goldsbrough, Morts were steady, with buyers and business at 2'2s, sellers at 2'2s Id. Buyers' offers of 10s 7d for the New Zealand Refrigerating fully paid shares and 3s ?d for the partly paids, indicated a hardening market. New Zealand Breweries had improved demand at 25s 3d, but sellers wanted 265. British Tobaccos realised 28s 9d, closing quotations 3d on either side. Electrolytic Zinc preference shares firmed to 25s 6d, and there were further buyers at that figure, sellers at 26s —buyers of the ordinary moved up to 15s 7d, sellers at 16s 6d. Mount Lyells were fractionally firmer at l ys sd, and more were wanted at 19s 7d, sellers at 19s Bd. New Zealand Urug Companv shares changed hands at 565, buyers staying in at that figure, sellers at 56s 6d. Mahakipawa Goldfields shares reaUsed 2sd, market closing 2d buyers, 2ld sellers. LATEST QUOTATIONS.

YESTERDAY'S SALES.

CHRISTCHURCH.

UNOFFICIAL LIST. AUCKLAND QUOTATIONS Among the quotations on the Auckland Stock Exchange on Monday tor shares and debentures not quoted on the official list were the following: Auckland Farmers' Freezing Company, 20s paid, buyer }os, seller lis; Challenge Phosphate, 7i per cent., February, 1942, seller, £102; Dominion Brewery, buyer, os seller, 10s; National Tobacco, seller, 665; New Zealand Newspapers, buyer, 19s 6d, seller, 21s; Paparoa Coal, seller, 20s; United Building Society, seller, 18s; Waikato Carbonisation debentures, seller, £95; Weres, 5s paid, seller, ss. There were no transactions in the market in unlisted shares and debentures. All sales are subject to double rate of brokerage. SYDNEY. On the Sydney Stock Exchange yesterday the turnover improved without the market losing any of its general firmness. There was little alteration in Commonwealth Bonds.

MELBOURNE.

WAR LOAN STOCK. (BRITISH OFFICIAL WIBELKSS.) (Received January 12, 5.5 p.m.) RUGBY, January 11. British 3J per cent. War Loan Stock is quoted as follows: —

P. AND O. STOCK. LONDON, January 11. P. and O. deferred stock is quoted as follows:—

MOUNT LYELL QUOTATION. (VETTED I'RESS ASSOCIATION—BK IX«CT*'IO TELSGBAI'H ) (Received January 12, 5.5 p.m.) LONDON, January 11. Mount Lyell stock is quoted as follows:

RATE ON SOUTH AFRICA. (BRITISH - OFFICIAL WIRELESS.) RUGBY, January 11. The rate of exchange between South Africa and London is £95 to £9f> South African for £IOO sterling.

MARKETING OF BUTTER. IMPROVED METHODS NEEDED. A VISITOR'S OPINION. "Dairying in New Zealand is very much in advance, of what it is in England both in regard to the herds and the methods of producing, but I do not think you are getting to the British public as you should get to them.'' This opinion was expressed to a Press reporter last evening by r Fred Sugden, a visitor from Bradford, who is now in Christchurch. Mr Sugden is more interested in the wool side of the Dominion's production, but the dairying wealth had greatly impressed him. The prices at present were calamitously low, he said, but New Zealand's dairymen were not getting to the public as they should get to them. About the most profitable organisation in England at present was the Maypole Dairy Company, which owned scores of shops which sold nothing but butter. If the Maypole Company could do this why could not New Zealand with its huge production, secure a chain of shops and send the produce straight from the factory to the consumer. A goodwill would be created by owning such retail shops. The produce at present went through too many hands before it reached the and naturally each had to have somfething out of it. Under such a scheme as proposed the butter would be sold as "New Zealand butter" or "Empire butter," and a guarantee as such would be invaluable, said Mr Sugden. There would be no risk of it being mixed with inferior stuff and sold as New Zealand. The uniformity of New Zealand butter should give it a special appeal if the public knew absolutely that it was New Zealand. It was well enough in a way to post up bills exhorting the people to buy New Zealand butter; but the people wanted to know where to buy it and a guarantee that the butter was genuine New Zealand. The people in Great Britain were anxious to help all the Dominions, and given what *key wanted, would not fail to do so. Mr Sugden considered that the dairy industry was in an exceptional position to improve its marketing methods because the quality to offer would ensure a wide demand. DAIRY PRODUCE. LONDON QUOTATIONS. The New Zealand Loan and Mercantile Apeiicv Company, Ltd., advise having received a message from their London office giving the following information under date January 11: Butter—B2s. Firm. Cheese—White 47s to 483, coloured 56b to 575. Steadier. FOREIGN EXCHANGES. (BAITISH OFFICIAL WIEEU^S.) (Received January 12, 5.5 pJB.)

CLEARING SALE. iord and Hadfield, Ltd., report having held a successful ;ale by auction of the whole of the contents of the hostel, 54 Gloucester street, on account o! the trustees of the Girls' Friendly Society. A clearance was made of everything at very . satisfatcory prices. 6 (CONTINUED ON PAGE 12.)

County. Pearl Per cent. or Velvet. of total Bushels. Wheat. Wairuate .. 70,700 11 Waitaki .. 47,900 10 Marlborough 7,800 9 Ellesmere .. 18,600 5 Geraldine .. 17,300 5 Levels ,. 15,300 4 Eyre w . 13,000 4 Springs .. 4,300 4

Pearl in Pearl m County. 1927-23-29. Bushels. 1930-01-32 Bushels Marlborough Malvern .• 8,000 .. 47,000 3,000 28,000 Piparua Ashburton 16,000 .. 122,000 6,000 84,000 Eliesmere .. 72,000 39,000 Cf eraldirte • • .. 64,000 38,000 Levels • • .. 62,000 29,000 Waimate .. 239,000 185,000 licKenzie • > .. 18,000 10,000 Waitaki .. .. 190,000 99,000

© nditure. revenue. Section. t■D a> Kaihu 3i0 3o7 t-i' Gisborn© 1,376 1,274 10North Island main line and branches 250,193 215,289 34,lw» South Island main line and branches 149,435 147,232 2,20.5 Westport 3,975 4,526 tooi Nelson 759 1,523 T/iH Picton 2.113 1,801 312 Total railway operation ... 408,166 372,002 36,104 Miscellaneous services 49,314 25,635 23,67a Total 457,480 397,637 59,843 tMinus.

Jan. 11, Dec. (, 1933 1932. Southdown — d. d. d, d. Super 9 to 10 — Average 7 to 8 7-} to 92 Inferior 5 to 6* — Medium halfbred , 50-56- — Super 8 to 9-i 8 to 9-1 Average 7 to 8 6J to n Coarse halfbred, 48-50— Super 71 to 8* 7 to 81 Average 5j£ to 7 5* to 6} Inferior 4 to 51 2-J to 45 Fine crossbred, 46-48— Super 6 to 7 Si to 6 J Average 4A to 51 44 to 5i Inferior 3 to 4i 3 to 41 Medium crossbred, 44-4C !— Super 4| to 6 31 to 4* Average 34 to H 3 to 34 Inferior 2 to 3 1} to 3 Coarse crossbred, 40-44— Super — 3 to 4 Average 3 to 4 2 to 3 Inferior 1 to 2$ 1 to 2 Low crossbred, 36-40 — Super — — to 31 Average 2} to 34 — Hoggets— 50-56 7 to 9 74 to SJ 48-50 S* to 8 4i to 8 46-48 4 to 7 3 to 6iJ 46-50 6 to 9 — 44-46 — 24 to 5 40-46 4 to 6J — Pieces — Good to super 4J to 7 4 to oi Low to medium 2 to 4} H to 3 J Seedy and inf. 1 to 31 1 to 2 Necks 5 to n 4 to 7J Bellies — Good to super 34 to 4i 3 to 4>1 Low to medium I'l to 3} 1* to n Seedy and inf. 1 to 2 | to 2 Crutchings — Good to super 3 to 4-i 3 to 4 vi Low to medium Vj to Oft u 4, 1* to 23 Seedy and inf. i to U 4 to U Locks — Crossbred 1 to 2 1 to 1* Lambs — 46-50 , — 5 to 6 i 40-46 —' 4 to 61 Seedy and inf. — ■i to 3

Buyers. Sclle; L". £ ». d. £ ». d. N.Z. Government Debentures — 4$ per cent. Inscribed, 1038 and 1339 93 15 0 — , 4J per cent. Bonde, 1938 and 1939 91 0 0 — 5i per cent. Inscribed, 1933 99 0 0 — 5i per cent. Inscribed, 1934 98 10 0 — 5J per cent. Inscribed and Bonds, 1933 .. 101 0 0 — iij per cent. Bonds. 1936 100 5 0 — 5J per cent. Inscribed, Feb., 1937 100 5 0 — 5£ per cent. BondF, Feb. and Sept., 1937 100 7 6 — 5J per cent. Inscribed, Sept., 1937 100 5 0 100 7 G Other Debentures — Now Brighton Borough, C per cent., 195S .. — ion o 0 Wcstport-Slocklon Coal, Gi per cent., 1933 .. — Go 10 0 Wcstpurt-Stockton Coal, 8 per cent., 1934 .. — 45 0 0 Golden. .Point, 8 per cent. (£5) — 5 0 0 Banks— Coram, of Aiut. {cum cliv.) ■ 0 14 0 0 14 2 Comm, of Anal, (prcf.. cum div.) 7 5 0 7 10 0 Comm. of Sydney 13 VI 0 13 0 0 E., S., and A. 3 13 6 4 2 0 National of Australasia (£10 paid) 10 3 0 — National of Australasia. (£5 paid) .. 5 2 0 5 9 0 National of N.Z. 3 2 G 3 7 0 Now South "Wales — 27 0 0 New Zealand 2 2 3 2 3 G Union of Au?t. (cum div.) G IS 0 7 5 0 InsuranceNew Zealand .. 2 1 0 _ South British 2 14 G — Standard 2 2 0 — Loan and Agency— Ooldsbroui-'h, Mort 12 0 1 2 1 N.Z. Guarantee Corpn. 0 4 0 o 4 8 United Building Society 0 14 3 0 13 1 Shipping— Huddart-Parkcr (prcf.) 0 17 G — P. and 0. Deferred Stock 0 16 0 — Frozen Meat— Canterbury (ord.) 4 0 0 — N.Z. Refritr. (£1 paid) 0 10 7 0 12 0 N.Z. Rcfrig. (10s paid) 0 3 7 0 3 9 Coal— "Westport 0 JO 0 0 12 0 Stockton (ord.) 0 0 6 — Gas — Christchurch .. 1 2 G 1 5 0 Christchurch (10s paid) 0 10 7 0 11 3 Breweries — Carlton .. 19 0 1 10 G Montoith's .. 0 G 0 0 17 6 New Zealand .. 1 5 3 1 6 0 Tooheys — 0 19 G Tooths 1 10 0 — Miscellaneous — Australian Glass 1 19 0 2 0 0 Beath and Co. 10 0 1 4 0 Beath and Co. (Is pd.) 0 10 0 2 0 British Tobacco •1 8 G 1 9 0 Colonial Sugar 46 5 0 48 0 0 Dunlop Rubber 0 15 3 0 15 G Electro. Zinc (ord.) .. 0 15 7 0 16 G Electro. Zinc (pref.) .. 1 5 G 1 6 0 Greater Crystal Palaco 0 12 3 — Henry Jones Co-op. .. 1 12 0 1 14 0 Kauri Timber 0 9 0 0 12 0 Mount Lyell .. . 4 0 19 7 0 19 8 N.Z. Drug Co. 2 16 0 2 16 6 N.Z. Farmers' Co-op. (4J per cent. Stock, 1940 and 1945) 40 0 0 4G 0 0 N .Z. Farmers' Co-op. (ih per cent. Stock, 1937) .. — 4G 0 0 Taranaki Oil 0 10 — Whitcombo and Tombs 2 12 0 2 15 0 "Woolworths (N.Z.), pref. 18 9 — Mining— Big River o i ij 0 1 3 Blackwater 0 19 0 1 0 2 Gillespie's Beach 0 0 8J 0 1 0 Golden Sands 0 2 5 0 3 9 Cornish Point 0 0 2 0 0 5 Golden Dawn 0 4 G 0 5 0 Golden Point 0 0 35 0 0 41 Mahakipawa .. 0 0 2 0 0 2i Mahakipawa (pref.) .. 0 0 3 0 0 Gi Nokomai 0 5 3 0 5 8 Paddy's Point 0 5 0 0 5 9 Okarito 0 8 7 0 8 10 "Waihi 0 18 7 — Waihi Grand Junction ,0 3 0 0 4 0 Waitahu "0 3 S 0 3 10

Sales on 'Change — £ s. d. 6J per cent., Inscr., September, 1937 100 7 6 Goldsbrougn, Mort l a 0 British Tobauco 1 8 9 Mount Lyell 0 19 5 New Zealand Drug Co. (2) 2 1« U Mahakipawa U 0 2£ Sales Beported — 5J per cent., Inscr., February, 1937 100 5 O 100 7 6 5J per cent., Inscr., September, 1937 100 7 6 Commercial Bank of Australia (cum div.) (2) 0 H 1 Bank of New Zealand 2 2 O Electro. Zinc (pref.) 1 5 b* AUCKLAND. Sales on 'Change — £ s. d. Stock, 1937, 5i per cent. (September) 99 10 0 99 15 0 Commercial Bank of Australia 0 U 1 Kempthorne, Prosser (2) 2 16 0 Alexander Mines (13s 6d paid) 0 18 3 Golden Dawn 0 4 11 Waihi Grand Junction 0 3 4 0 3 3 "Unofficial List — New Zealand Newspapers 1 0 0 WELLINGTON. Sale on 'Change- £. s. d. Bank of New Zealand 2 1 9 Sales Beported — Inscribed Stock, 5-J per cent., Sept. 1937 (2) 100 0 0 5i per cent., 1933 99 12 6 Union Bank 7 1 0 New Zealand Drug (2) 2 17 0 Mount Lyell 0 19 6 Waihi Grand Junction 0 3 2 DUNEDIN. Sales Reported — & s. d. 51 per cent. Stock (Feb., 1937) 100 5 0 5i per cent. Stock (Sept , 1937) 100 0 O Bank of New Zealand 2 -2 0

Sales— £. s. d. Federal 4 per cent. Bonds — 1938 101 17 6 1941 102 7 6 1944 102 7 6 1947 102 11 3 1950 103 1 3 1953 .. ' 103 7 6 1957 102 2 6 1961 103 0 0 Bank of New South Wales 30 6 0 Commercial Bank of Sydney 16 2 6 Colonial Sugar 53 0 0 Dalgety's 7 16 6 British Tobacco 1 11 7* Australian Gas A 6 17 6 British Tobacco (pref.) .. 1 7 0 Dunlop Perdriau 0 17 3 Tooth's Brewery 1 15 U Toohey's Brewery l'-' 1 0 Goldsbrough, Mort 1 5 o Australian Glass 2 5 0 Morris, Hedstrom 0 18 3 Electrolytic Zinc 0 18 0 Nestlc's (pref) 1 11 3 Broken Hill Proprietary .. 1 6 74 Winchcombe, Carson 1 3 3

Dunlop Perdriau Herald and Weekly Times Electrolytic Zinc 0 17 3 2 17 6 0 18 3

£ s. d. January 11 ... 98 11 3 January 9 ... 98 17 6 January 6 ... 98 3 9 January 5 ... 98 2 6

s. d. January 11 .. 16 9 January 10 .. .. 16 4* January 0 .. 16 3 January 5 .. 16 6 January 4 .. 16 4i

s. d. January 11 .. 16 8.V January 10 .. 16 <> January 9 .. 16 41 December 22 ... ... lfi 3

RUGBY, January 11. | Par. Jan. 10. Jan. 11. [ Paris, fr. to £1 124.21 851 as New York, dol. vo £1 4.866 3.85* 3.36* Montreal, dol. to £1 4.866 3.77 3.77* Brussels, belgas to £1 35 24.16 24.20* Geneva, fr. to £1 .. 25.2215 17.40* 17.42* Amsterdam, fl. to £1 12.107 8.33* 8.35 Milan, lire to £1 91.43 66 7-16 65 7-16 Berlin, reichmarken to £1 .. 20.43 14.12* 14.12J Stockholm, kr. to XI 18.1S9 18.S2 18.32* Copenhagen, kr. to £1 18.159 19.29* 19,29* Oslo, kr to £1 .. 18.150 19.30* 1913-32 J Prague, kr. to £1 .. 164.25 113 113* Warsaw, par ilotys to £1 .. 43.38 — — Vienna, schgs. to £1 34.585 28* (nom. ) (nom.) Helsingfors, marks to £1 193.23 227 227 Madrid, pesetas to £K •• • -• 25.2215 41 411-16 Athens, drach to £1 375 625 625 Lisbon, escudos to £1 110 110 110 Bucharest, lei to £1 813.6 565 565 Belgrade,. dinars 25.2215 24.7J. 25.0 Bio de Janeiro, pence to milreis 5.892 6i Si (nom. > (nom.) Buenos Aires, pence to dol. .. 47.577 42J 42* (official) (official) | Montevideo, pence to dol 51 30 SO (nom. ) (nom.) Batavia, guilder 12.107 Bombay, pence to rupee L .. 18 18 3-16 18 3-16 Shanghai, pence to tael ■ • 20 1-16 20 5-32 Hon<; Kong, pence to dol Yokohama, pence to « 15J 16* yen 34.56 14 13-16 14f * Determined by price of silvei