FINANCE AND COMMERCE.

Press, Volume LXIX, Issue 20757, 18 January 1933, Page 10

FINANCE AND COMMERCE.

MINING.

GOLDEN SANDS, LTD. The mine manager, Golden Sands,. Ltd., reports that as the result of 64 houre' sluicing 13*oz of retorted gold has been obtained while opening out the paddock for the installation of the main elevator, for which purpose the small temporary plant and only half the tables have been in use. BULOLO DREDGE PRODUCTION. Production of the two dredges of the Bulolo Gold Dredging, Ltd., for the four weeks ended January Ist, compares with that of the previous periods as follows: . Period ended, f■ >, Kov. 7. Dec. S. Jan. 1. i " yards .. 298,'JC0 471,000 422,500 ' .. 5,371 9,083 B,«C Valatsr GoM' dollars 72.5C8 122,620 114,600. Gold blfis (PM) £14,919 £23,230 £23,600 FVr cul*c yard /13.33 /12.53 /13.41 1 Au«t. curfsney £27,970 £47,161 «£43,120 I Per cubis|rnrd /24.93 ,'24.03 .'24.30 ! The company reports that working I rests to date, excluding royalty, avcr- [ age under six gold cents a yard, or ! under /2.06, grid basis, and /5.41 Ausj trallan currency. 1 MOUNT ISA DIFFICULTIES. Mr J. V. 15. Webster, a director of ' Mount Isa Mines, Ltd., and of the Mining Trust, Ltd., London, which owns a controlling interest in Mount Isa, stated in Brisbane that, with the price of lead at present low levels, it was an open secret that Mount Isa was not malting ends meet, despite drastic economies. The main cost item was transport, and Mount Isa was now furnishing railway traffic which brought in about £280,000 per annum to the Queensland railways. With Mount Isa * operating at a loss, the company would find it difficult to carry on much longer, unless relief was obtained by an increase in exchange and a substantial decrease in transportation costs. For the week ended Saturday ore milled at the mine totalled 17,478 tons, for & production of 1115 tons lead bullion, and 1315 tons of the latter were sent to the coast.

N.Z. INSURANCE CO.

INTERIM DIVIDEND. (mess isaocuTio* tilegsam.) AUCKLAND, January 17. Tho directors of the New Zealand laiurance Company, Limited, have declared an interim dividend of Is a •hare for the half-year ended on November 30, 1932. The dividend of Is is the same as in 1930 and 1931.

NEW TRUST COMPANY.

AN AUCKLAND ENTERPRISE. (Beceived January 17, 7.55 p.m.) SYDNEY, January 17. The registration in New South Wales was announced to-day of the Southern British National Trußt, Limited, the object! of -which are to deal with all forms of securities and investments. Tho company has a nominal capital of £500,000, in 400,000 preference shares of £l, and 400,000 ordinary 5s shares. The Bubscribers, who are all Aucklanders, are William Pilkington, Owen Hope, Herbert Pollard, Harold Glasson, Madge Gregory, Riehard Glover Clark, and John W. McArthur. The last is managing director.

WHITE STAR LINE.

LARGE DEBIT BALANCE. The White Star Line, Ltd., reports a working surplus of £68,051 on the operation of the fleet for the year ended December 31, 1931, but after charging interest and providing for two exceptional losses there is a debit balance of £301,704, which, added to the former debit, and after writing off commission on the preference issue, leaves a debit #f £596,507 to be carried forward. The directors, in their report, admit that the book value of the fleet and of the shares held in subsidiary companies are both in exeess of present-day values. The insurance collected on the steamer Terndalo was insufficient to cover the book value of the vessel. Provision had been made for the resulting loss. The Aberdeen and Commonwealth fleet's book value was £2,218,244, which admittedly, the report states, was in excess of the present value. The auditors state that no provision has been made from depreciation of the Aberdeen Commonwealth line for two years.

DORMAN, LONG. AND CO.

DETAILED ACCOUNTS. Accounts of Dorman, Long, and Co., Ltd., for the year ended September 30 show trading profits of £258,324, compared with £340,905 for tlic previous year; profits on bridge contracts, excluding the Sydney Harbour Bridge, amount to £81,792, and £73,357 is derived from dividends from investments. Adding £10,375 brought forward and £219,344 of surplus transferred from taxation reserve, there is £543,817, from which idle plant charges and writingdown on stock values, £269,494, are deducted. After meeting interest charges on debenture stock and overdrafts, a debit of £140,768 remains, which is added to the loss of £247,000 incurred on the Svdney Harbour Bridgo contract. A debit of £387,768 is carried forward. The net loss on operations for the year, including the Harbour Bridge contract, is £517,488, compared with a loss of £407,220 for the previous year.

PRICE OF SILVER.

(bsitish official wireless.) (Deceived January 17, 5.5 p.m.) BUGBY, January 16. Pilrer (pence an ounce) is quoted: — Jan. 13. Jan. 16. Forward .. 161 J6 £ Spot .. 16 15-16 1615-16

CANTERBURY MARKETS.

HIGH OATS YIELDS. (ET OOR COUMEBCIAL EDITOR.) Tuesday Evening. Move lines of oats have been offered during the week. The sample is good all through, being bright and weighing well. Values are inclined to ease, to-day's quotation being Is 4d to Is od on trucks for Algerians. A good line of Gartons forward sold at Is Gd on trucks. Reports of lower prices than Is 4d for Algerians have not been confirmed. Reports of high yields have como to hand, one farmer in JtticlCanterburv securing 88 bushels ot Algerians'to the acre. Another report of 100 bushels is unconfirmed. A number of lines of Italian ryegrass have been offered. The price remains at Is Gd a bushel on trucks. Potatoes are quoted nominally at 4os a ton on trucks, but no enquiry is coming from tlje north. Spread fowl wheat-Apnl-Septembci —is being offered at 33 7d f.0.b., but little business is being done. The following are quotations for new seapon's produce to bo paid to fanners, on trucks, free of commission, sacks extra, except where otherwise stated.: Wheat (interim payment)-luscan 3s 4d Hunters 3s 6d, Pearl 3s Bcl, all f.0.b.; fowl feed 3s 7d f.0.b., spread, April-September. bats—Algerian Is 4d to Is 5d a ryegrass-To Is (3d a bushel. Perennial ryegrasses Gd a bushel Totatoes (nominal)-£2 5s a ton on trucks. AUCKLAND. [THE PRESS Special Service] AUCKLAND, January 7. 1 The feature of the local grain and pro- : dnce markets is the glut of potatoes, which are so abundant that some farmers have come to the conclusion that they are not worth digging, and are leaving them to rot in the cround. Merchants are quoting them nominally at 4s a cwt through store, but very little business is coming their way, as growcrs from all quarters are pouring supplies direct to thp retail shops or to auction marts. Pukekohe quotations are 2s 9d a cwt on truck. . . Onions, too, are very cheap tor tins season of the year. Pukekohe merchants are quoting 5s to 5s 6d a cwt on trucks, and local dealers 2s 9d a sugar-bag through store. There are a few Canadians still m city stores, and for these holders are asking 10s a bag or case and taking the best offer. In spite of the recent substantial decline in the price of oats, the market Is lifeless. B Gartons are now quoted nt 3s Id a bushel. Chaff is unaltered at £7 15s n ton. New season's from Blenheim is expected next week. There is no change in the local wheat situation; but the southern market is weak and this should be reflected at nn early date in lower prices. Limited stocks' of Australian are still held and are Belling at 6s a bushel. The maize market is steady, with a fair demand, and Bay of Plenty is still supplying the bulk of local requirements. Bay of Plenty 5s 3d, African crushed 4s 6d a bushel. Local stocks of barley are low, but the position will be relieved when a shipment of new season's arrives in the Karepo, Which is due from Adelaide on January 23. Barley meal is quoted at 9s a 1001b lb. Stocks of pollard are scarce at the moment; but the shortage will bo mode up when the Gabriella arrives early next week from Melbourne.

STOCK SALES.

RANGIORA. The attendance at the weekly market at Rangiora. yesterday was small and the etocK entries were also much below the average. In the sheep jpens there were about 300 sheep. The average prices wero: Best fat lambs 12s 6d to 14a 10d, best fat owes 8s 9d, freeling j ewes 5s Gd to 6s 6d, two-tooth* tat ewes 12* 6d, store lambs 7s Id to 7s 3d, twoL tooth wethers 9s 3d, aged ewes 2s 6d to ■ 4» 10d - *., r, , There were 10 head of cattle. Oows in 1 profit made £2 5a to £2 153, bulls 20s to • SI 1b 5 In the pig pens there were CO small pigs- ; Store pigs -made 12s to 15s 6d, big weaners 3s to 10s, small pigs 6s to Bs. Poultry—Roosters sold to 8s » pair, hens " Is 6d to Ss, chickens Is 6d to 2s Gd, duckl lirgs 3s to 3s 6d, ducks 3s to 3s Gd. Produce—Chickwheat made 15s a bag, oats ' Ms to 14s, meal 5s Gd, peas 19s, oatshcaf ' chaff 2s 6d, straw chaff Is 3d, potatoes 2s ' a tin, carrots 3d a bundle, beetroot 3d, cabbages Id each, tomatoes 3d per lb, peaches 2s 6d a- case. . ... Skins, etc.-Halfbred sheep skins raised 3s 6d to is, crossbred 2s to 3s hogget Is Cd to 2s, pelts I<l to 3d, wool 5Jd. crutchmgs Hd, dead wool 3d, fat 3d, horaeb.au: la. ASHBURTON. »„ Wrpa&e of from Is 6d to 2s a head ' in fat sh"ep was recorded at the Ashburton I »lVy«tcrd.y. compared with .*e ja es r ruling at Tinwald last week. The tiding ' was much smaller, however. The market was ■ teoned by Mr J. M. Oakley, of Tinwald, who I fficd 14. 7d for a pen of five fat lambs r The best price for wethers was 12s 7d for t twelve sold on account of Mr G. Giles, ot i realised from 4s lOd to 5s Gd » for light-weights, and up to 7s 10d for good t medium quality, while prime ewes realised up ; to 8s lOd. ,-ii 4 „ Ha Fat wethers were sold from 7s Id to as ' 7d for light quality, up to'Os 4d for medium • weights, and up to 12s 7d for first-class r mutton. , ~ , From lis Id to 12s 7d was paid for ' light-weight lambs, up to 13s 4d for heavier quality, and up to 14s 7d for prime lambs. One fat heifer sold at £4 ss, and nni other at £2 12s Gd. LORNEVILLE. i ~ \ (PSESS ASSOCIATION TELEGRAM.) INVERCARGILL, January" 17. Small yardings were forward in both the cattle and fat sheep sections, while there was none on "offer in the store sheep section at Lorneville to-day. The small yarding andthe fact that a northern buyer was operating resulted in an increase of about Cs i" fat sheep prices. Fat cattle opened about 20s better than last week's' prices, but fell away after the first couple of races were offered, and the final race was down ' to the same basis as last week. ) Fat Cattle—A good quality yarding included some very fine bullocks and several pens of good heifers, with the usual number 3 of indifferent cows. Extra prime bullocks made up to £7 12s 6d; good medium weights from £5 10s to £6 10s, lighter sorts down to > £4. Best heifers up to £5 10s, good quality " medium-weights from £4 4 10s to £5, lighter . from £3 to £4. I Fat Sheep and Lambs—The yarding of fat lambs was much smaller than last week; but prices were just on a par as local freez--1 ing buyers were not operating, and butchers' - requirements were limited. Extra heavy butchers' lambs made from 15s to 16s, medium , sorts 12s 6d to 14s, lighter down to 10s. Best heavy wethers to 13s Gd, medium from 1 lis Gd to J2s, lighter down to 10s. Extra 3 prime ewes 7s to Bs, medium sorts from 1 5s 6d to 6s 6d, and best maiden ewes to 12s. Cattle—There was a fair yarding of two- ' year-old steers which made £2 10s. Year- , > lings made from 24s to 255, three-year-old , steers £1 19s to £2 lGs.

SALE OF FARM.

There was a good attendance of about 25 people at a sale of farm property conducted by the Commissioner of Crown Lands at the Lands and Survey Department's offices, Christchurch. Interest centred in a farm of 201 seres situated on the well-known Glenmark settlement. Waipara, which was ultimately sold to Mr Allan McLachlan tor J51150, ."25 above the "upset" price for goodwill and improvements. Thero w*s no bidding for the other property of 226 acres situated on the CoalgatcHororata ja»ia roftd.

CHRISTCHURCH STOCK EXCHANGE.

YESTERDAY'S TRANSACTIONS. The outstanding features on call yesterday were the activity in Banl* of New Zealand shares and the sharp rise in. New Zealand Breweries. Markets generally were firm, and dealings in gold mining shares att'ected a wider range of stocks. Transactions, exclusive of vestibule business, were:— £350 New Zealand Government, »i per cent., luscr., 1936. 500 Bank of New Zealand. 200 Goidsb'i'ough, Mort. 300 New Zealand Refrigerating (i^s paid). 200 New Zealand Breweries. 400 Electro. Zinc (pref.). 50 New Zealand Urug Co. 200 Big River. 200 Golden Dawn. 500 Mahakipawa. 300 Nokomai. New Zealand Government 5J per cent. Stock, due 1936, changed hands at £lOl ss, and there were further buyers at £lOl, no sellers; 4i per cent. 1938 and 1939 Stock and Bonds were firmer with buyers at £95 os. Buyers of 5* per cent,, February, 193/, issues raised their bids to £lOl ss, and the September Stock had improved demand at £lOl 2s Gd, with at £lOl 7s 6d. Buyers of the 1937 feeptember Bonds advanced their offers to £lOl without attracting sellers. Commercial Bank of Australia shares were fractionally firmer on buyers' offers 14s 4d, sellers at 14s sd. Bank of New Zealand shares changed hands at 42s 6d, 42s sd, and 42s 4d, and there were further sellers at 4-s Gd, buvers at 42s Id. Buyers ot National of Australasia fully paid shares moved up to £lO Bs, sellers at £ll 2s Gd. Miscellaneous. Standard insurance suares claimcu buyers at 435" 9d, but sellers were reticent. Goldsbrough, Molts were hrm, with dealings and further sellers at 22s buyers at 21s «d. New Zealand Refrigerating 10s paid shares remained unaltered with and buMness at 3s 9d, buyers at 3s 7d. New Zealand Breweries shares rose to 275, and 26s 9d, market closing 27s sellers, 26s 3d buyers. Australian Glass shares were hrmer with buyers at 39s 3d, sellers at, 40s Gd. There was a close market for Du«lop Rubbers, which were quoted los 2d buyers, 15s 4d sellers. Electrolytic Zinc preference shares had dealings fit 26s and 26s Id, closing quotations lid buyers, 26s 3d sellers. New Zealand Drugs were easier at 55s 6d. Unsupported sellers of Wilson's Cements reduced their limits to 27s Gd. Big River Gold Mining shares realised Is 3d, buyers staying in at that price, sellers at Is 4d. Golden Dawns were fractionallv weaker, with dealings at 4s 6d and 4s sd. market closing 4s 4d buyers, 4s 7-Jd sellers. M™ akl " pawas were a sliado ensier at 2d. Nokomais relapsed to 5s 6d. market closing 5s 5d buyers. 5s 8d sellers. LATEST QUOTATIONS. Buyers. Seller."!. £ a. d. £ s. <l.

UNOFFICIAL LIST. CHRISTCHURCH. AU transactions in shares in this list are ' 3ubject to double rate of brokerage and are not quoted on the official list. Quotations — Buyers. Sellers. £ B. d. £ b. d. Bell Hill ■.. .. 0 2 fi 0 4 3 Brian Boru .. .. 019 G 1 0 C British Foroign Concessions (10s paid) .. 011 3 National Tobacco .. 216 0 ■ N.Z. Perpetual Forests .. 115 0 . Paparoa Coal .. 0 8 0 ' Shotover Reeffl ... 0 4JO 0 8 G Sun Newspapers .. 0 3 .1 * V'oolworths (N.Z.) ... 2 7 C Sale — Brian Bom .. .. •• 10 6 1 * AUCKLAND. Quotations for shares and debenture* not quoted on the Auckland official list on Satur- * day -were:—

\ YESTERDAY'S SALES. ; CHRISTCHURCH.

Sales Reported—• Electrolytic Zinc (prof.) ... 1 ti O New Zealand Breweries ... 1 6 'J AUCKLAND.

WELLINGTON.

SYDNEY. On the Sydney Stock Exchange ycsterday, although tho investment market was without significant variation, prices and the general tone were strong, while the turnover covered a much wider range than last week. Commonwealth bonds underwent only a slight movement.

MELBOURNE.

RATE ON SOUTH AFRICA. (B3ITISH OWICIiZ. WIRELESS.) (Received January 17, 5.5 p.m.) EUGBY, January 16. The rate of exchange between South Africa and London (South African for £IOO sterling):— £ January 16 .. •• 95-96 January 13 .. ... 95-96 January 12 ..,.• •• 95-96 WAR LOAN STOCK. (BRITISH OHTCIiX TVIEBLZSS.) (Received January 17, 5.5 p.m.) RUGBY, January 16. British 34 per cent. War Loan Stock is quoted as follows: — 1 £ s. d. January 16 ~ 98 15 0 January 13 ~ 98 15 0 January U ~ 08 11 3 January .0 ~ 98 17 6 January 6 ~ 98 3 9 SYDNEY WOOL SALES. MARKET CONTINUES FIRM. (Received January 17, 10.5 p.m.) SYDNEY, January 17. At the Sydney wool sales 10,240 bales were offored and 9636 were sold, 346 being disposed of privately. The market continued firm and unchanged at the previous day's rates. Comebacks and crossbreds met a brisk demand, and sold readily at recently improved levels. There were satisfactory clearances. •Greasy merino sold to 16|d. The avcrago price of the wool sold last week was £ll Is 7d a bale, or 5.59 d a pound. FRUIT IMPORTERS. ANNUAL CONFERENCE. A conference of the New Zealand Fruit and Produce Auctioneers' and Importers' Federation was held in the Canterbury Chamber of Commerce buildings yesterday. Delegates were present from Auckland, Hamilton, New Plymouth, Napier, Wellington, Greymouth, Christehurch, Timaru, Oamaru, Dunedin, and Invercargill. Mr F. G. B. Gill (Wellington) presided. The whole of tho business was conducted in committee. The election of officers resulted as follows: President, Mr A. Jacobs (Wellington) ; vice-president, Mr F. G. B. Gill (Wellington); executive committee, Messrs H. Turner (Auckland), G. J. Williamson (Dunedin), A. L. Macfarlane (Christehurch), F. Bray (Invercargill); South Island correspondent, Mr H. F. Pay ton (Dunedin). STUD SHEEP SALES. (riIKSS A&SOCIATIOM I'ILEQRAK ) MASTEItTON, January 17. Trices in advance of expectations were realised at the Wairarapa sheep*br.efidcrs' annual stud ram and ewe sale to-day. Tliero was no demand for Lincolns or Southdowns, but choice lots of good conditioned Ilomneya elicited keen competition. Sir Wm. Perry received top price of 102 guineas for & splendid Itomney, purchased by Mr A. T; Hunter, of Wangamii. ; MARLBOROUGH TEAS FOR VICTORIA. As a result of a keen demand for Marlborough pca3 in Melbourne, a direct boat is to sail from Picton to Australia next month. This will be the first instance of direct loading lor Melbourne at Picton for many years, and recalls the hoy-day of the barley trade, when direct shipments of the famous Marlborough grain to Australia were common. Another familiar feature about tho present instance is the fact that the name of the vessel to call'at Picton is tho Wainui, but it is not, of course the "Express"), tho little old Wamm of the Picton-Wellington terry service. Ine boat is to load on February 10. FOREIGN EXCHANGES. (BRITISH OFFICIAL WIRELESS.) (Received January 17, 5.5 p.m)

METALS MARKET. (Received January 17, £.5 p.m.)

HIGH COMMISSIONER'S REPORT. Tho Department of Agriculture has received the following message, dated January 14, from tho High Commissioner for New Zealand,, London: — TALLOW. Market quiet. Spot quotations nominally unchanged, but somewhat easier 1 for shipment. „ HEMP. Manila —Market dull and easier. "K" grade for January/March shipment sold at £l6. Sisal—Market quiet. No. 1 good marks for December/January shipment sold £l4 10s. January/March shipment quoted sellers £l4 15s. New Zealand—Market unchanged, with no first-hand sales reported. POULTRY MARKET. G. H. Bradford, Ltd., report large yardings of poultry for the past week, which were cleared at high prices fo- good quality birds. Tho following prices .vere realised: —Hens, light, White Leghorns, etc., 2s 3d to 3s 9d; heavies, Black Orpingtons, crossbreds, etc., 3s 6d to 6s 6d; chicken, White Leghorns, etc., 2s 9d' to 6s, heavies and crossbreds 6s to 12s 6d; ducks, old, Runners 2s to 3s, whites and crossbreds 3s to 4s; ducklings, 4s 6d.to 7s 6d: goslings, 6s to 7s 6d; geese, 4s 6d-to 6s, all at a pair. Eggs—Firsts and, ducks' lOd, seconds 9d. At the City Market, H. 0. Smith had a good entry of poultry at -the weekly sale. Prices were as follows:—Leghorn cockerels to 4s Od, hens la 9d to 4s 2d, old Runner ducks 2s 6d, ducklings to 4s 9d, roosters Is 9d to Bs, odd pens of heavy breeds to 8s Sd small pullets 3s 3d to 4s 9d; cage birds Os. EGG SALE. Messrs Harris Bros., Ltd., report thai the usual weekly sale of "Feather Brand" guaranteed new laid eggs was h?ld yesterday afternoon. The prices realised were- Hin eggs, first grade <2oz or over), lOd; second grade (under 3oa), 9d, _ 6

N.Z. Government Debentures ■ — 4J per ccDt. Inscribed, 1036 95 6 0 97 O 0 4J per cent. Inscribed, 1930 95 5 0, £C 15 0 4J per cent. Bonds, 1928 and 1939 95 5 0 — '4i per cent. Bonds, 1941 95 0 0 — 61 per cent. Inscribed, 1937 .- 96 0 0 ' —• 51 por cent. Inscribed, 1934 99 0 0 — SJ per cent. Inscribed, 193C 101 0 0 — , Sh per cent. Bonds, law 101 7' 6 — 5i per cent. Inscribed, Fob., * 1937 ' 101 5 0 101 10 0 5J per cenr. Bonds, Feb., 1937 101 6 0 — 5J per cent. Inscribed, Sept., 1937 101 2 C 101 7 c ■ 5J per cent. Bonds, Sept., 1937 101 0 0 —

Other DebenturesNew Brighton Borougb, 6 per cent., 105S .. — 100 0 0 Cliristchurch City, fit per cent., 1AC3 — 9fi 10 0 N.Z. Rcfrig., 6J per cent., 1935 — 93 0 o Westporl-Stoekton Coal, G4 per cent., 19S."» .. — 70 0 0 Westport-Stockton Coal, 8 per cent., 1034 .. "™" SO 0 0 Banks— Comm. of Aust. (cum div.) 0 14 i 0 14 5 Comtn. of Aust. (pref., cum div.) 7 1 0 7 8 0 Comm. of Sydney 14 2 C 14 17 G K., S., and A. I 0 0 i 4 0 National of Australasia (£10 paid) 10 8 0 11 2 6 National of Australasia 065 paid) .. 5 2 0 5 S 9 "National of N.Z. is 2 0 r, 7 0 New South Wales co 7 G 27 0 0 New Zealand .. 1 1 2 2 G Union of Aust. .• C 19 0 7 4 0

Insurance — A.P.A. 0 5 G — National 0 13 7 — New Zealand ., .. 2 2 0 2 4 0 South British 3 14 G 2 17 G Standard 2 3 9 — Loan, and Agency— Daltrety and Co. .. 6 17 (1 7 5 0 GoldsHrough, Mort 1 1 9 1 2 0 N.Z. Guarantee Colpn. 0 i 0 ' 0 4 9 United • Building Society 0 14 3 0 15 0 Shipping— Hudda-rt-Paikcr. . (pref.) . 0 19. 0 '— P. and 0. Deferred Stock 0 17 0 — Union (prof.) 1 0 0 — Frozen Meat— Canterbury (ord.) 4 0 0 — Canterbury (pref.) ■ « 37 G — N.Z. Itefrig. (£1 paid) 0 10 9 0 11 4 N.Z. Refrig;. (Ms paid) . 0 3 7 0 3 9 Coal— Wcslport 0 10 0 — 'Stockton (ord.) 0 0 G 0 1 0 Stockton (pref.) •• 0 1 0 — G-as— Auckland 1 0 G — Christchurch 1 -2 0 1 4 0 Christchurch (10s paid) 0 10 G 0 11 4 Wellington (pref.) 0 15 0 — Breweries— Carlton ' 1 0 0 1 11 0 New Zealand ..' 1 G 3 1 . 7 0 Staples .. ■ 1 1 3 — Timaru (7s Cd i:<oid) . • — 0 4 0 Tooheys. ... 0 18 0 — Tooths 1 11 2 1 11 9 White Star — 0 10 0 Miscellaneous — Allied Motors 0 0 9 — Amalgamated Wireless (contr.) 1 0 0 1 2 G Australian Distillery .. — 0 18 0 Australian Glass 1 19 3 2 0 G Beath and Co. 0 19 0 — Beath and Co. (Is paid) — 0 2 0 British Tobacco 1 7 10 1 8 9 British- Tobacco (pref.) 1 3 0 — Colonial. Sugar 4G 12 G 49 0 0 Dunlop. Rubber 0 15 2 0 15 4 Electro. Zinc (ord.^ 0 IG 2 0 10 G Electro Zinc (nref.) 1 5 H 1 6 3 Greater Crystal Palace 0 12 3 — Henry .Tones Co-op. • 1 12. 4 1 13 3 Kauri -Timber 0 10 G 0 14. G Mount . liyell .0 19 3 . 0 19 G N.Z. Drug Co. 2 15 6 2 IG 3 - N.Z. Farmers' Co-op. (ii per cent.' 'Stock, 194(1 and 1945^ 40 0 0 4G 0 n N.Z.. "Farm err,' Fertiliser 0 13 G 0 15 (i N.Zi Paper Mills 1 0 3 1 2 3 Taranaki Oil 0 1 — Victoria Nvanza Sugar 0 G fi 0 14 n Weeks, Wd. . ■ 5 0 0 7 0 0 Whitcombn and Tombs 2 12 0 — Wilson'3 Cement -- 1 7 r> Woolwortha (N.Z.), pief. 1 8 6

Buyers. Sellers. £ t, . d. £ a. d. MiningBig: River :... . 0 1 S 0 14 Blackwater ,. • . 0 18 6 10 3 Consolidated . 0 7 G 0 10 6 Gillespie's Beach . 0 0 9 0 10 Golden Sands . o a 8 0 8 4 Alexander (contr.) . 0 13 0 0 17 0 Cornish Point . 0 0 2i 0 0 5 Golden Dawn < . 0 4 4 0 4 7J Golden Point . 0 0 8 0 0 4 King Solomon 0 2 a 0 2 2i Mah&kipava .. . . 0 0 2 0 0 2* Mahakipawa (pref.) . . 0 0 8 0 0 6£ Nokomai 0 5 5 0 5 8 Paddy's Point . 0 6 1 — Okavito . 0 8 0 0 8 11 Waihi . 0 18 11 0 19 0 Waitahu . 0 3 6 —

Buvcrs. Sellers. 1 ' £ 8. d. £ s. d . Auclt. TrotlinR Club (deb.), 1934 8 86 0 0 93 0 0 • British and For1 eign Concessions (10s pd.) 0 11 0 — ! Brun. Col., 30/3/38, ' ■ 8 — 87 0 0 ' Ditto (20s paid) — 0 15 0 1 Dominion Brewery 0 4 0 — >■ Edlin Stewart (N.Z.) — 1 0 0 John Fuller, 1049. Gi — 80 0 0 Majestic Theatre, 16/12/43, 7J — 05 0 0 JTamaku For 1 . (£1 1 Pd.) — 0 12 6 N.A.T. Motors — 0 10 0 Napier Brewery . . - 0 35 0 — ; National Tobacco Co. 2 10 0 ■— t, N.Z. Newspapers . . 0 19 0 1 1 0 1 Paparoa Coal — 1 0 0 Pacific For. (20.i pd.) .. — 0 12 6 - Roberts' Stabiliser — 1 0 0 South. Crdss Aseur. — 0 2 G S.C. Invest. and ' Rural Devclopm't * Society — 0 7 fi Sun Newspapers . . 0 2 0 0 4 . United Bid?. Soc'v — 0 IS 0 ; WaiUato Carb. (deb.) — 95 0 0 > Williams' Rotary . . 0 1 0 .—. - Wcrcs (5s paid) . . 0 2 7 — , Woolworths (N.Z.) 2 2 c —

Sales on 'Change— & d. 0 (i 4 0 9 0 1 « (> ; o-i per cent. Inscr., 1936 ... - Brink of New Zealand (<l) 101 2 2 5 2 2 ■ (2) - Goklsbyougu, Morfc (2) ; New Zealand Koi'rigerating (10s paid) New Zealand Breweries ... Electro. Zinc (pref.) New Zealand Drug Co. ... Big River Golden Dawn 2 1 0 1 1 2 0 0 0 0 0 2 2 3 7 0 15 1 4 Mahakipawa Nokomai 0 5 2 6

£ s. a. Salc3 on 'Change— War Bonds, 1939, 4} per cent. 95 0 0 Stock, 1937, 5i per cent. (September) .100 10 0 City of Invercargill, 1948, 5J per cent. (Sep.) .. 99 0 0 Commercial Bank 0 14 4 Bank of New Zealand (2) 2 2 6 E., S., and A. .. 4 0 0 Goldsbrough, Mort 1 2 . 0 Kauri Timber 0 11 0 British Tobacco .. 1 8 fi H.M. Arcade (pref.) 0 16 0 Wilson's Cemont 1 6 9 Waihi Grand Junction 0 3 2

Sales on 'Change— £ s. d. Inscribed Stock, 5* per cent., Sept., 1937 100 15 *0 Commercial Bank of Australia (ord.) 0 14 3 Bank of New Zealand (2) " 2 6 Gear Meat 1 6 6 New Zealand Breweries .. 1 6 6 Sales Eeported— Inscribed Stock, 5 J per cent., Sept., 1937 101 0 0 City Debentures, 5-J per cent., 1943- .. 97 0 0 National Insuranco 0 13 10} Britisli Tobaccos (ord.) .. 1 8 6 Waihi .. • • 0 19 0

Sales — £ s. d. Bank , of New South Wales 30 12 0 t 1 Commercial Bank of Sydney 16 2 0 1 j Bank of New Zealand 2 7 44 National Bank, £5 paid .. 5 18 0 Union Bank 8 5 0 . Colonial Sugar 54 0 53 17 0 0 Mercantile Mutual Insurance 0 17 0 Dalgcty's 7 15 0 Burns, Philp 2 7 0 I Adelaide Steam . 1 1 10* Goldsbrough, Mort 1 5 0 Tooth's Brewery 1 15 6 Teohey 's Brewery 1 0 9 > British Tobacco 1 12 C > Electrolytic Zinc 0 18 3 Henry Jones 1 17 6 > Gordon and Gotcli 1 13 0 Morris Hedstrom .. 0 18* 3 , Australian Glass .. 2 5 0 Greater J. D. Williams 0 5 0 Broken Hill Prop. 1 »C 9 North Broken Hill 3 11 0 Australian Gas "A" 6 18 6 3 Commonwealth Bonds— ] 4 per cent., 1938 102 2 6 ' 4 per cent., 1941 102 8 9 } 4 per cent., 1944 102 13 9 ) 4 per cent., 1953 101 17 0 4 per cent., 1959 i 102 10 0

& 8. d. ; Dunlop Perdriau .. 0 17 2 3 Com. Bank of Australia .. 0 16 0 South Broken Hill 2 6 0 i . ;—--. ■--■■-

KUGBY, January 1G. Par. Jan. 13. J%n. 16. Paris, fr. to £1 121.21 Sol 8G Now iTork, dol. to £1 4.800 3.33i 3.33J Montreal, dot. to £1 4.6G6 3.78i 3.80^ Brussels, bclga3to£l Geneva, ir. to £1 • ■ 33 2-3.2215 24.10i 17.42^ 2.4.24 17 7-10 Amsterdam, fl. to £1 12.107 8.3,3 8.E5i Milan, luo to £1 •■ 31.43 Go 7-16 05 9-10 Berlin, reichmarken to £1 •■ 20.43 14.10* 14.12* Stockholm, kr. to £1 18.159 18 5-10 183 Copenhagen, kv. to £1 18.150 19 13-1G 20 3-32 191 Oslo, kr. to £1 18.150 19 7-10 Prague, kr. to £1 .. 1G4.25 113 113i Warsaw, par zlotys to £1 ■• 43.3S — — Vienna, Fchgs. to £1 31.585 28J 26i ) (nom.) (nom. Hclsingiors, marks'to £1 193.23 9274 22,7* Madrid, pesetas to £1 2.J.2215 41 4 IS Athons, drach to £1 375 625 625 Lisbon, cscudos to £1 no 110 no Bucharest, lei to £1 813.6 570 570 Belgrade, dinars 23.2215 23.0 24.9 Rio de Janeiro, pence to rnilreis . 5.89 2 5| 52 (nom.) (nom.) Buenos Aires, penc ;c to do 1 -. .- 47.577 <-h 42"i (official) (official) pence to dol. 51 30 .".0 (nom. ) (noin.) T5atavia, guilder 12.107 — — Bombay, pence to mrxjo 18 IS 3-16 18 3-1G Shanghai, pence to ttiel * 19 29-32 20 3-1G lions? Ivonj, pence io dol * .15 15-32 . 15^ Yokohama, penca to yen 31.56 •MS U% * Determined hi r price of silvoi

LONDON, January 1G. Quotations: — Jan. 12. Per ton. Jan 16. Per ton. Copper — Standard, spoi Forward • • Electrolytic £ s. d. t .. 29 6 n .. 20 11 10J .. 34 5 0 £ e. d. 28 9 ih 28 15 7J 33 0 0 to .. 34 13 n 34 0 0 Wire bars American elec .. 31 15 0 trolytie: 6 cents 34 0 0 per In. Lead— Spot Forward .. .. 10 32 r» .. 11 1 5 10 10 0 10 18 9 Spelter— Spot .. Forward ••• .. 14 12 G ., 14 18 9 14 fi ?. 14 11 3 TinSpot Fonvard .. .. 147 1 n Hi 6 3 .. 147 13 9 144 17 C S i I vc r— Standard, P^J c ok. 10 J3-16d 1 GJd Fine, per oe. .. 184d 18 3-16d