FINANCE AND COMMERCE.

Press, Volume LXIX, Issue 20772, 4 February 1933, Page 12

FINANCE AND COMMERCE.

SHARE MARKET.

WEEKLY REVIEW. A REDUCED TURNOVER. During the past week there was a decided falling off in the volume of business done in almost all sections of the market, but the recorded turnover was nevertheless a fair weekly average. Prices moved irregularly, but on the whole were in favour of buyers, and there was good enquiry for a wide range of stocks. The gold mining section showed more activity, but the bulk of the dealings were in low priced shares. The following is a comparison of the recorded volume of business on the local market lor the past fortnight:

An analysis of this week's turnover results as follows —last week's being given for purposes of comparison:

Four and a half per cent. Stock and Bonds, due 1038, cased to £95 10s and £95 12a 6d, and the 1939 issues to £9<> 12s 6d; 4J per cent. Bonds, 1941, had dealings at £95 15s and £95 lft»; 5| per cent. Stock, due February, 1987, ranged from £lOl 5s to £IOO 10s; the Bonds were unaltered at £lOl 6a;' 5* per cent. 1937, September, Stock was firm at £lOl, and the Bonds were steady at £lOl 2s 6d. Obristchurch Trams 51 per cent debentures, due 1944, changed hands at £97; Auckland Gas 6 per cent, 1942, at £lOl 10s j Hamilton Borough 4i per cent., 1941, at £88; and Wellington Barbour SI per cent., 1940, at £lOl ss. Banks. Commercial of Australia cum dividend, which closed at 15s last week, had dealings at 15s, 14s . lOd, and 14s lid; the preference were firm at £B, and dealings ex dividend were recorded at £7 16a and £7 15s; in all 750 shares changed hands on the local market. Commercial of Sydney shares . were placed st £ls 10s and late unsupported sellers are. offering at that price. E., 8., and A. changed hands at £4 9s Od and £4 9s compared with £4 10s 6d to *4 12s last week, and more are wanted at £4 7s—the local .turnover was 300 shares. National of Now Zealand advanced to £3 lis. New South Wales, cam dividend of 5s a share, decline.] t rem. £2B 10s to £2B, recovering at the close to £2S 7s 6d. New Zealand ranged from 43s 4jd to 44s (last week 4% to 43s fid) and closed stronger with buyers at 44a 3d. Union Banks, ex dividend of 2s a share, dropped to transactions at £7 6s 6d, £7. Bs, and £7 9s (last week's. range cum dividend was from St Uss to £8). . Insurance and Loan znd Agency. National Insurance were fractionally firmer at 14s 3d. . New Zealands, cum dividend at 45s and 45s 6d, were on a par with closing transactions last week. South British rose Is to 53s od. Goldsbrough Morts were fractionally weaker at 24s and closed easier with netlers at 23s lOd. New Zealand Guarantee Corporation were firmer at 4s fld and more are wanted at that price, sellera at ss. United Building are'-fmn with buyers at 14s 9d. Shlnjxlag, Frosem Meat, Woollens, Coal, and Gas, Markets for Shipping and Woollen Company shares wore dull and inactive. Gear Meats were firm at 293. ' New Zealand Refrigerating 10s• paid- were fractionally weaker at .3s lOd, 3s Sd, and 3s 9d—on .the local market 1350 shaves changed hands. North Canterbury Freezing realised 2s. Pukemiro Colli*eie*were a shade stronger at 22s Weatports remained unaltered at 10s 5d and' more are'available at 10s 6cl. Taupiri ordinary moved up to 11 a 3d. Auckland Sas, cum dividend, declined to 308 3d. Christchurch. cum dividend, wcrs firmer at 23s 9d. and Tato offers of 23s 90" failed to attract sellers. Breweries. Carllom eased 6d to business at 345. New Zealands changed hands at 275. 27* Bd, and 27s 6d, as against 29s 7d to 27s 5d last week, and closed with huycrs at 27a 6d. booth's declined from 34s fld to 34j, closing at 34s Id. ' Miscellaneous. In lliu miscellaneous investment .-.ctiuii, Australian Glass moved up u> ■ids Jit. British 'l'ubaccub weie easier as prices ranging- rroin 31s 4d to 31s lid. Colonial fcjugars lluccuutud from i:sl 12a Od to £49 10s to £sl 10s. l/imlop Rubbers were fractionally vieaker at 17s. Electrolytic Zinc ordinary had dealing* at 16s lOd and 16s xu\ \ tho preference dropped from 28a ■*& to 27a. Farmers' Co-op. Auctioneering "A" preference rculised 14s. Henry Jones Co-op. cased to 35s 7cl. Motuio:i Oil changed hands at 4s od, 4s 7d, and 4a Bd. ' Mount Lyells relapsed to dealings at - prices! ranging from 20s Od to 20s. New Zealand Drugs were tirm with dealings at 56s and 56s 6d. New Zen fund Paper Mills showed little variation at 21s 43d and 21s 6d. Union Oil, Soap, and Candle changed hands at - 235. Woolworths, *X.il.) preference had business at 295. Wilson's Cement wore firmer at prices ranging from 29s io 28s. ' Gold Mining. The local turnover of 13,200 shares was made up us follows:—Cornish Point, 300; Hlaukwater, 300; Golden Uawu, 200; Golden Point. 7500; Golden Sands, 350; King Solomon, 500; Mahakipawn, 1500; Nokomai, 000; Ukarito, 800; Waihi, 1850. Alexander contributing, fell to 14s *id. Mack waters were easier, with dealing* at 20s od and 20s 3d. Cornish , Points realised 3d. Golden Point " iliowed :i hardening tendency at 3jd e.»d >ld. Golden Dawn declined to 4s. tioJden Sands changed bands at 3s and, 3a 9d. Ktldarcs remained unalWftlA at 3s. King Solomons were firm at 2* Jd and 2s 2d. Nokomai..showed little variation at 5s 9d and 5s 10.jd. Oltaritntcwcrc firm at 0s Id and 9s 2d. HmJoW Point moved up to 5s 100. W*#fr fluctuated between 21s and 31*. 6d. a* against ,22s to 21s 3d last J**iv' QranavTunc-itonß recovered to 3& M.'-flVaitnbu 3s fid paid '»ere 9faeVj}>ft .

AUCKLAND.

DUNJEDIN.

YESTERDAY'S TRANSACTIONS. There was a moderate turnover, on tall yesterday with the bulk of the dealings in Industrials and Gold Mining shares. Transactions, exclusive ol vestibule business, were: 110 Commercial Bank of Australia (pret'., ex div.). 14 Bank of New south Wales (cum div.). 100 south British Insurance. 201) New Zealand Breweries. 100 Tooth's Brewery. 5 Colonial Sugar. 200 Electro. Zinc (ord.). 200 Electro. Zinc. (pret'.). 300 Cornish Point. ICO Golden Dawn. 40C0 Golden Point. 1500 Mahakipawa. 200 Nokomai. 50 Waihi. Commercial Bank of Australia, preference Share 3. ex dividend, changed hands at £7 16s and £7 15s, market closing £7 15s buyers. £7 17s sellers —the ordinary were offered at 14s Bd. inivers at 145." National of Australasia, fully paid, were firmer on buyers' offers £ll 15s, sellers at. £l 2—buyers of the partly paid raised their bids to £5 lis Gd, sellers at £5 14s. New South "Wales, cum dividend, of 5s per share, realised £2B, and £2B 7s 6d, and more were wanted nt £2B 2s 6d. seller-* at £2B 7s 6d. Bank of New Zealand shares were firmer on buyers' offers. 44s 3d, sellers at 45s 6d. Other Shares. South British insurance advanced to oiis tiu, anu mure wore ottered at oo* yd, buyers at 6ds. isew Zealuuu Breweries had dealings at 2/a ou, buyers staying in at that figure, sellers at 27s /d. looth's Brewery shares moved up a point to 84s Id, and tnere were further buyers at 345, sellers at, 34s (fd. Colonial Sugars recovered to ■>-•-'-• 10s, closing quotations £sl buyers, &o2 10s sellers. Electrolytic Zinc, ordinary shares, were fractionally weaker at 16s lOd and L6s 9d—the preference had dealings at 27s—and closed stronger with buyers at 27s 4d, sellers at 27s 6d. Cornish Point Gold Mining shares were firm at 3d, Golden Dawns were easier with sellers and business at -is, buyers at Ss 9id. Golden Points remained unaltered at 4d. Mahakipawas changed hands at 2d, and more were offered at that figure, buyers at Ud. Nokomais remained unaltered at 6s 9d. Waihis moved up to 21s 6d, buyers staying in at that price, sellers at 225.

[THB PKESS Sjeci«J Service.] AUCKLAND, February 3. There was a general easing in the volume of business on the Auckland Stock Exchange during the week, the smaller turnover being accentuated by the fact that there was one day's less trading owing to the Anniversary Day holiday on Monday. Values of a number of leading investments have shown a slightly easier tendency. The restriction. placed upon the transfer of fund- 1 from Australia has been one of the chief influences in the market, and trading has been confined to domestic requirements. Attention to Government loans was chiefly centred in, 4$ per cents. These met with a very strong markets Dealing was considerably quieter in hanks. Commercials of Australia fell back 4d on sale to 14s lOd. English, Scottish, and Australians shaded 2s 6d to £1 9s Od. Nationals of New Zealands and New South Wales were firmer at £3 12s and £2B 10s respectively. New Zealands also maintained their' strength in transactions at <l3s 6d and 43s 9d, finally advancing to 44%. ■•'■:■ .-■■..■ Tho Insurance section was the brightest of the market, values remaining very firm on a wide range of enquiry. New Zealands were steady at' 45s 6d, while South British moved np Is to 58s 6d, shading at the close to 58s 3d. Colonial Sugars changed handstwice,, recovering after a decline to £sl 12s 6d to the previous week's level of £52. sfiold mining shares continued in popular request with outstanding activity in Waihis. Values were steady, eight transactions taking pliice'hetween 21a 3d and 21s 6d. •Tbo demand for Australian mining scrip was slight. Two parcels of .Mount Lvells found acceptance at £1 Os/l-J'd and 21s respectively.

\TCar PRESS Special Serrlce.)- "■■-.; DUNEDIN, February 3. Apart ifrbm some transactions in the banking section and.one sale of government stock, all business recorded on the Stock Exchange during tho week concerned the mining section. On the whole markets were steady, there beiug no movements of outstanding note. ■ Bank of New Zealands. attracted considerable attention, no fewer than four parcels being turned over, each realisj ing £2 3s 9d. The market continued j steady, with a good demand. The closing offer was £2 3s 9d, sellers asking t3d more. There was business in | National Bank of New Zealand at £3 | lis, closing quotations being 2s on either I side of that figure. Commercial Banks ! are now quoted ex dividend and are on i offer at 14s lid, with no buyer forward. ■| Contributing Nationals, of Australasia i had enquiry at the close of the period, i £5 7s 6d being offered without attractj ing a seller. Insurance shares con- !• tinue to have a good demand but sellers i remain reticent.. Offers of 17s arc j boing made for Kaitangatas but no , seller has come into tho market. Golds- : brough, Morts have a buyer at £1 3s j 3d, but sellers want £1 3s 9d. .Offers j of £1 19s 6d for paid up Southland Frozen Meats found sellers firm at £2 Is 6d. There is an unsupplied buyer j of New. Zealand Breweries in the marj ket at £1 7b 3d. Three parcels of Waihis changed hands at £1 Is 3d, and another parcel realised £1 Is 2d. They are now being asfcod for at £1 Is 4d without meeting any response from sellers. Business was done in Kijdares at 2s. The closing quotations for these shares were Is 10d (buyer) and 2s 3d (seller). Paddy's Points first changed hands at 5s 8d and further business was done at 5s lOd. They are now being offered at 5s lid. A parcel of Golden Progress shares realised Is 9d, further offers of Is 6d finding sellers firm at Is lid. Wa'itahus have been steady. Business Was donts at 4s Bd. The latest offer was 4s sd, no sellers responding, Business in Nokoniaid at l>s.4od was followed by a- slight easing. ' They are now. wanted at 5s 6d, sellerir asMtij; 3d more. - ' A parceLirf, 5,}. per ccnt r stock (Soptembef; 1937) was turned over at £ 101. The demand for government loans is -less tbair has been the caoe-recently.

WHEAT PRICES.

PURCHASE BOARD'S SCHEDULE. THE MONTHLY INCREMENTS. The Whe&,t Purchase Board, under the Board of Trade (wheat) regulations, has issued the following buying and selling prices for f.a.q. milling wheat: Buying Prices. For all wheat grown in the South Island north of a straight line drawn from Waikouaiti to Quccnstown:—

ber. For all wheat grown in the South Island south of a straight lino drawn from Waikouaiti to Quccnstown: —

No further increments after October. The buying prices of wheat in those districts where the natural outlet is through Cromwell or Quecnstown shall be Id a bushel more than the prices as set out in No. 1 above. All above prices are f.o.b. grower's nearest port. Selling Prices. Wheat grown in South Island, with the exception of Marlborough, Lug-

Luggatc and Arrowtown Mills. The selling prices to Luggatc mill will be on the basis of 4s 2d a bushel for Tuscan, Januiry-February-Mnrch, delivered to the mill. The soiling prices to tho Arrowtown mill will be on the basis of 4s 4J per bushel for Tuscan, January-February-March delivered to the mill. In all, cas.es the buying arid selling prices of. Webb's Harvester variety shall be 2d a bushel less than the corresponding prices of Tuscan for the month of, delivery. , . '

WHEAT TRADING.

CARGOES, PARCELS, AND FUTURES. (UKITBf> PUBSS ASSOCIATION—BY ELECTRIC TEI.EGBAPH—COPYRIGHT.) (Received February 3, 5.5 p.m.) LONDON. February 2. Wheat cargoes are quiet, Austmlia.ns a turn ensicr. Tlie Rupert do Larrinitga's cargo sold at 23s 10Jd. Parcels are steadier, trading beinj.', small. Ex Barn dine 24s Gd. Spot trade* is slow, prices being mostly lower. Australian, ex ship, 25s 6d to- 275. Futures are quoted :

EXHIBITION OF N.Z. PRODUCE IN BRITAIN. ICKJTEtI PfiKSS ASSOCIATION—BX ELECTRIC TBIJBGKAPH—COrTKIGHT.) LONDON, February 1. The Now Zealand Government has concluded a fortnight's occupancy of the Enipiro Marketing Board's Cardiff shop, at which was exhibited meat and dairy produce. , Ten thousand samples of the latter were sold. Another show starts in Bradford on February G, and thence goes to Huddersfield and Halifax, in an endeavour to popularise Now Zealand dairy produce in.Yorkshire, which now is a Danish stronghold.

CHRISTCHURCH GAS CO.

ANNUAL MEETING. CHAIRMAN'S REVIEW OF OPERATIONS. The annual meeting of the Christchurch Gas, Coal, and Coke Company, Ltd., was held yesterday afternoon when the chairman of directors, Mr F. E. Graham, presided. Sir Charles Clifford and Mr C. I'. Agar, the directors who retired by rotation, were re-elected. Messrs Walter J. Moore and Son and W. S. Newburgh and Co., were reelected auditors. The annual report and balance-sheet were adopted. Review by Chairman. 'Although it has been necessary to reduce the dividend from 8 per cent, to 6 per cent, owing to reduced sales and consequently, profits, the results of the year must be considered satisfactory, taking into account the ">-.»- cult times and the reduced spending power of the general public," said MiGraham in his address. "Taking the revenue account, the sales of gas and residuals show a decrease of £9897 15s 7d, and with a decrease in cost of material, wages, and general overheads of £5695 Os id, there is left £4202 15s 6d less profit than in the preceding year. This loss of profit is almost entirely accounted for by the reduced sales of gas which amount to 33 per cent, on the 1931 sales, and this is the first year since 1924 in which the sales of gas have not shown a substantial increase. When one considers how the reduced spending power of tho public is reflected m every business, one cannot wonder thai our sales should be less, for big consumers such as factories, hotels, restaurants, etc.. are not doing as much business as formerly. Sales Show Good Figures. "Sales of cookers and storage water heaters have kept up surprisingly wel l . and as evidence of this, in nine months from April, 1932 to December, U—, we sold 516 cookers. I notice from a report recently issued that 127 electric cookers were sold by tho Municipal Electricity Department in the same poriod, and from this it would appear that we are more than holding our own. So taking everything into consideration, a decrease of 32 per cent.— or in actual gas, 1G,654,900 cubic "feet —must be considered satisfactory. "Depreciation amounting to £13,877 18s 9d has been written off, and the balance of £21,924 9s 7d has been transferred to the profit and loss account, which with the carry forward from 1931 shows a credit of £18,052 12s 4d after payment of interim dividend to June 30. Your Board now recommends a final dividend of 3 per cent., making 6 per cent, for the year, which will absorb £10,584 lis 4d, leaving £BO6B Is to be carried forward, or an increase of £Bl7 5s lid on the preceding year. L . Balance-sheet Analysed. "Turning to the balance-sheet, tli« paid-up capital liar been increased by £2OGS, the amount of employees-' shares becoming fully paid and allotted during the year, while the amount of deposits paid by cmployocs against applications for shares has been increased by £228 52s 6d, bringing this account to £4719 ss.

| "The final dividend payment is increased by £Ol 19s, by reason of tin; allotment referred to, an sundry creditors show-an increase of £2012 13s Id, mainly for coal and railage. On the assets side, freehold property is £12,000 more, as during the year we paid off.the balance owing on the Stafford building, and our stocks of coal aro increased by i £4473 10s 3d, and our mains and cookers aro less.by £2250 0s 4d. Cooker* and water-heaters under the hire-pur-chase/system are less by £59069s 4d, and as this is a reducing account', it accounts in no small degree for the fine cash position of the company. It is almost too good a cash position, as we have £30,000 on deposit with the bank, and £10,725 Is fd in current account, but our dividend payment and income tax will absorb a large proportion of this, and I think it is very desirable to have liquid cash to-day. ''Customers' payments keep up wonderfully well, and the bad debts incurred during the year, amounting to £659 14s lid, are a very small percentage on our turnover. Sundry debtors are less by £1621 Bs, and the total amount owing of £10,139 5s 3d is not excessive- in a business as big as ours. Extension of Scientific Research Work. "Gas-making is becoming more scientific each year, and our engineer, Mr Bclton, and his laboratory staff devote a great deal of time to chemical research in the utilisation of the residuals from the gas manufacture. After the tar and ammonia. have been extracted there are quantities of light oils which can be further refined to extract toluol for varnish-making, benzolo and tractol for power purposes, and weedkiller anl disinfectant, to name some of the byproducts, and naphthalene is obtained from the purification of gas, which when treated finds a ready market for the preservation of furs and rabbitskim. We have, since the fire, built up a good plant for the making of these by-pro-ducts, and as the staff are always seeking to find, other profitable by-products we hope for good profits in the future from this department. "The exchange position does not affect the company at the moment, as we have not many orders in .England, and as tho works are in excellent order, we do not anticipate any heavy capital payments for. plant'renewal," the-chair-man concluded. THOS. COOK AND SON (BANKERS), LTD. SATISFACTORY BALANCE-SHEET. ■ The balance-sheet of Thos. Cook and Son (bankers), Ltd., made up to October 31 last, reports "The Times" of January 20,' well' sustains the satisfactory record of this private banking company. Tne degree of liquidity revealed is indeed remark .ble, for it will be noticed that out of total assets of £3,246,092 no less than £2,100,000, or 70 per cent., consists oi cash with banks' remittances in transit and money at call and short notice. Further, the bank holds £328,000 of Indian Government Treasury bills, and £450,000 of gilt-edged securities. From the profits of the previous year full provision was made for writing down i.f the investments in tho balance-sheet to below market, value, the published reserve and internal reserves not disturbed. The provision then made ha,-> been more than recovered, and has been added to the internal reserves.

OTHER QUOTATIONS.

.VALUES ON STOCK EXCHANGE.

CHRISTCHURCH RATES, FEBRUARY 3.

FORMER LEVELS COMPARED

t Interim dividend passed ■ dividend at rate of 6 per lZl±t. * llrta dlrttoS "t ,«t. if «P« «*. 1>« «■»««; 5. »t«i» •"™ M at rate of 4 per cent, per annum. Where no approximate market is given, .return ifl worked on mid-market price, unless only one quote ia given.

SYDNEY.

There was moderate business on the Stock Exchange yesterday, with an irregular tendency in the market.

GOLD SHARES RISE.

SOUTH AFRICAN BOOM.

EXCITEMENT IN LONDON.

(UNITED TRESS ASSOCIATION—BT BLECTEIC TELEGRAPH—COPYRIGHT.) LONDON, February 2. A new Kaffir boom, reminiscent of that of 1895, has developed on the London Stock Exchange, and the volume of transactions has reached almost a record. Dealings continued in Throgmorton street after the house was closed. The crowd was the largest for many years and on the. floor were scenes of greatest excitement. Orders to buy Kaffir shares flooded the market. Central Mining and Rand Mines were prominent, the former finishing with a gain of 12s 6d at £ls. The big boom is due to the publication of the January mining returns, which met the highest expectations. A message from Cape Town says that the cold output, computed at £6 an ouncf, appreciated by £1,500,000- dming December. MOUNT LYELL QUOTATIONS. (UXIMD PMSS ASSOCIATION-BT KLBCTRIC TBLKORArH—COrVBIGHT.)

OYSTER SEASON OPENS. SUPPLIES NOW ON SALE IN THE CITY. The oyster season opened in Christchurch morning, the first supplies having arrived from tho J Huff on the previous evening. Yesterday morning all the fish shops in the City had stocks on sale, and the restaurants had added.oysters to their menus. A large consignment came up irom Bluff on Thursday evening.. and were reported to be in excellent coad.t on Retailers bought ™U from *e markets and ovsters, on tho shell ami n bottles, were on'sale throughout, the City when the shops opened jesterdaprices are the same a«.last season, 5d a dozen on the shell and ««i a dozen in bottles. Supplies come up from the south to Christchurch four times a wrric, m» that throughout the season it is always possible to buy fresh oysteis in the City.

GENERAL MERCHANDISE.

GROCERIES.* The exchange question is. the chief topic amongst the trade, as it is response for a tide of rising prices coming for all imported Hneß and many lines manufactured in the Dominion.- There is also a general belief that additional duty may go on sugar, and this has caused an extraordinary demand on merchants' Btocks. / _ •;, ~ 'Y r'ertain increase in the prices 01 tne i.»t arrives of "lea from Ceylon and .India has S3 heavy buying. The opinion ... held by- some, retailers that an extra duty will be imposed a little later on. Egg»The cee market has firmed during the last two weekl. and this is ..relief *•»»»?«£•}£ try stores who early in, January had difficulty in disposing of their surplus stocks. ■ Oatmeal. Owing to the abundant harvest and low prices ruling for oats, the general opinion is that oaten foods will come down m price and buying is therefore going on very cautiously. „■ ■ . ' Coconut. ■ Both desiccated and shredded , coconut havo made.an unexpected advance in price. Granted that recent quotations were low,, it was not expected that a rise of about 10 pci cent, would come along so soon. Tea. A catalogue of 42,100 chests of .tea, waa. offered at last week's tea auction of Indian teas at Calcutta. This was comprised ol 30,800 cheats of leaf tea and 11,300 chests of tannings. Assam grades includod_ a lair quantity of autumnal liquoring teas; Darjeelings, however, were scarce. A strong demand was evident as soon as the sale commenced, aud this continued right through. All grades of tea were in request, and generally prices advanced all round by about a quarter-anna. Good liquoring teaß sold well, buyers showing appreciation of quality improvement, which was very noticeable nt this sale. Average prices ruling ran: —•Broken orange Pekoe, common 4 annas 9 pies, medium 5 annas, good up to 10 annas; broken' Pekoe. common 4 annas 6 pies, medium 4 annas 9 pies, good up to 5 aqnas 3 pies; fannings, common 4 annas 6 pies, medium 5 annas, good up to 7 annas 6 pies. ' Last week's auction in Colombo of Ceylon tea disclosed that buyers were active, and there was a good clearance, no withdrawals being advised. The entry was 3,100,0001b. Quality showed an advance on the previous sale, and, as usual, prices followed accordingly. The sale produced a strong bench of buyers and prices advanced, gd for commons, lid for broken orange Pekoes, and 2d for the higher grades. This sale was the best, so far, from sellers' point for some months, and it is probably duo to the fact that the propoßod restrictions on production will eventually be signed and become operative. Up to. yesterday there was no cable news as to how the Java market for tea was ruling, but judging from news from India and Ceylon, the Java market is certain to be on the rise, as it always follows the movements of Indian and Ceylon tea. Hatches. One of the match companies operating in New Zealand has issued a new price list showing increased prices on slides, 250's, IOOO's, and plaids. This is stated to be due to extra cost of landing materials. An increase in tho landed cost of the next shipments of safety matches is announced owing to the exchange advance. Sugar. At present supplies of sugar are short of tho demand and small shipments from Auckland have not assisted the position. Shipments to land aro oversold before arrival, and there iB no doubt that, even allowing for the extra demand caused by the preserving season now on, a great many grocers are trying to buy sugar stocks, over and above their full requirements. When the original duty was put on sugar some time ago, many grocers who speculated in sugar made money out of the position, and the same procedure is being tried again at the present time. Dried Fruit. The Australian Dried Fruits Report Control Board has taken over the control of the distribution of Australian prunes as well ns apricots and peaches (dried). Prunes will not be available for New Zealand until March, but it is not expocted that the Australian prune will, be competitive with the Californian article. Acids. The New Zealand agents of a large London house exporting acids advises that the market for tartaric acid as well as citric acid is weakening, and offers at £5 a ton below ruling rates to-day would probably be accepted for Immediate shipment from France. PROPERTY SALES. Messrs Baker Bros.. 166 Manchester street, report having sold (in conjunction with Messrs Harris, Lawlor . and Co.), on account of Mr J. Duncan, a five-roomed residence in Caslicl street, to Mr Spiers. Also, on account of the owner, superior six-roomed rpsidencn in liiccarlon, to Mr Mai-Jin. *.' —0 Ford and HadfieW. Ltd., report bavins Fold on account of Mis? 13. M. Allen her residential properly "sit-tiute 61 Derby street, comprising six rooms, tugc'liur with R<> perches- of land. ■ .-. • ■ .'—»

' CANTERBURY "II ; ;' MARKETS/ ' '!■

HEAVY OFFERINGS OF OATS'|B (by our commercial motor.) ','lsH -Friday Evening, »'j|B Offering* of oats are increasing, bnj jH with little outlet developing chants are not inclined to operate t« Wm any extent. The sample generally" i» '.||| particularly good, the oats being !<■ bright and heavy. Algerians at»* JM quoted at Is 2d to Is 4d on trucks and Gartons at up to Is sd. % |1« Fowl wheat is being offered fr«/I|JB various parts of the province. Prompt „, ! |n delivery'has'weakened to 3s 6d, f.o.b. g ~ JjSjß ,« e For spread delivery the quota* ,fa tion. is from 3s 3d to 3s 4d. ;|H There has been a little milling when* MB offered. The effects of mildew hav« 9M been greater in some of the crops thaa, t ' , M their appearance when standing sag." * M gosted. " " u 8 Chaff has been offered, but with no |' : outlet merchants are disinclined to jrf' operate. Some very low prices hav« "p; been offered. ~'-•', V." Ryegrass is being offered very freely,; J, There is a good deal of variation in it* the sample. Both perennial and*"|>' r '' Italian are quoted at Is 3d to ls-6d,, V the latter for the best quality only. , if Some samples of white clover na»r','?>' boon shown merchants, but the prioa* JkV asked are higher than trade ideas. \'; - A little cocksfoot is offering, prices offered are discouraging. Quota-; ■ , tions for Peninsula range from 3d t»- ''[ Sid ner 1!., and for Plains to 3d. ' '•; Information from England hold* ' '|i out little prospect of an export trad* \s. in small seeds. The crops in England . "£* and on the Continent have been soo3. "/-i^f, The verv low prices quoted for knbo potatoes—2s 3d to 2s 6d. f.o.r! a"7*J cut—are not stimulating northern in. tercst in southern potatoes, and ward business has been negligible. Thii*is rnins have brightened the crons, which' Vv rjivo promi«r> of yielding wr>U. Nora,., '-• inal quotations are about £2 to £2 2»; - s Cd to farmers. |\, Quotations. * The following -ire quotations for , produce to bo paid to farmers, ok "' trucks, free of commission, sacks ex* -J tra, except where otherwise stated:— ' 4 Wheat (interim 3s 4d, Hunters 3s 6d. Pearl 3s Bd,»fl ' ; j f.0.b.: fowl feed, to 3s 4d, f.0.b.,-s.e., .-',/ spread, April-September; spread, 3s &' 56. s ~";;' Oats —Algerian, 3s 2d to Is 4d * " j bushel. ' ',, ',i ( Italian ryegrass—ls 3d to 1b 6d » - ' bushel. ' ', Perennial ryegrass—ls 3d t/> Is 6d a bushel. Potatoes (nominal) —£2 to £2 5s a .',,» ton. , *<v > '*£, ASH BURTON MARKET. , „v'ft '"■Fftf" Merchants Teport that large offering! Jp oats and grass seeds hare been made, but V'*sJ» only a limited amount" of businesa has been l**.' transacted. ' . .'iV There still appears to t>e a plentiful supply -" ) ; of most varieties of oats, but sales are dim- * ; ' cult to make. The same remarks apply f# ', . Italian and Western AVolths, which are being ■ offered at prices ranging from la 3d to 1b id | jj-' J. a bushel. ' .-s!> Odd lines of wheat have been on offer ~ & and have been readily accepted by miller* at ';Sp[s scheduled prices, • , ?$.„ A small amount of business haa beeft »• v\3i ; ; corded in fowl wheat at 8» 4d f.0.b., s.e.. ■»*&■ The following are prices to be paid to farmers, on trucks, country stations, sacks extra:—Wheat: Tuscan Ss 4d, Huntera 6d, Pearr 8s Bd, fowl wheat 3s 4d (all f.o.fe.)ifc~,fej! Oats: Algerians Is 3d to Is M. a Gartons Is 2d to Is 4d. Grass seeds: Italian",. tfj and Western Wolths Is 3d to Is 4d; ehnia.l Is 8d to Is fid. i M(h . . ■','■■'. ' '. 'i ; s„: DUNEDIN. , /-Ir ■ fTHIi PRESS Special Service.] «?{* DUNEDIN, Febrwry-S. Heports from the north are to fhe effect »Mt •„' that, the cutting of the wheat ciop has been" '• $* * ; general. The price to farmers as an ad* ;, •',■ i vance payment is 3s 4d f.o.b. for Tuscan, ' 8s 6d for Hunters, and 3s 8d for Velvet. These prices will continue until the end of \''' April, after which will be an increment '•'~j. ;" for later ' There is now vcqr -,, , little wheat held locally. No milling y \*- have yet been offered, and the only trans- __ ; actions that have taken placo are m small .I' lots of fowl wheat which aic selling up U» 4s 3d, s.e., ex. store. _ -"/^S^ The oats market continues to drag with *{ £,, ] very little interest being displayed d l '< buyers. Unfortunately millers are carrying >* > v "?fe'H!' very heavy stocks of last season's oats. The ~''yc.f oatmeal trade has been disappointing f«t« ~ A some tiine, with a result that the same qti&tt- >' tity' of oatß ha? not been milled us in pre* vious years. The demand for local oatmeal ~,--i^'/ [ lias Been affected to some extent by Ua.' • iff v •' portations. These, however, will cease fo* I j, ) ,* r ; the coming season with the low prices for ■ '• . oats in fNew Zealand. Present quotations .f K , J are on the basis of 2s Id f.0.b., s.i., for A '■•,. i Gartons, wilh lower prices for B grade and ' • under grades. Up to the present no have been offered in this district, but 'fe' 1 -""' " will not be long before some will comq «B,f« : the market. _ __ ■"' y?h. * The chaff maiket continues quiet with *_ s |', f , t downward tendency. Several arrived during the week and buyers fof> ,'•' , these have been difficult to find. " >{' <' . Although excessive quantities of potatoee" „' , - | ' ; ace not arriving, the market continues te> ;*, ; be slow with veiy little demand. Th» ' i",i nominal value •of new potatoes is £3 tff V -i' £Z 10s a ton, bags included. The future position of the potato market is very un* '' ;■ i certain. ."Reports frotai all growing district! "i" ,\ show that a good crop will be obtainable ' . throughout the South Island. Jn view of ! ; this, it will be difficult to know where l to -' ' -find an outlet, and low prices are expected -"V to rule all through the season. The thrash- . ■'}' , ing of seeds has now started, and Southland grown ht,3 appeared in the market, both. ! ',-,- perennial and Italian. The market unfof* * w „" tunately js very depressed and price* . . offered growers aie low. With the con* ' i'ftinued demand now for certified seeds, mer* > n • chants are cbary about stocking ryegiass ,' of the old-type. OXFORD MARKET. "r The entry at the Osfoid market on Thurs- " [ o.ay comprised 3330 sheep, of which about 1789 ' ( . v • vero fat, 12 cows, six pigs, and several ~,- \ lairscs. IToi fat sheep the range of price* vas: Lambs 12s 4d to 18s fid, ewes 6a lOd ; tu as 2d, "wethers Us 8d to 13s. The prinw- '■; *"! ]-al sales weie:—Sixty-five lambs at 14s, 69 «t 13s 3d, SI at 133 9d, 36 at 12s lid, 25' at \ 1 lis 4d, 43 at 14s 3d, 37 at 13s 6d,,130 at 12» ' f . SI, 173 at'Ms, 112 at 14s 6d, 71 at 15s Bd, VI at 13s 2d, 75 at 16s 6d, 49 at IBs 7d, 2t> K nt 6b 2d, 14 at 15s (id, 35 at 13s Sd, 17 at 15s 3d, 30 at 18s «d, 40 at Jss 3d, 54 at . h l:ih 6d, 31' ot 14s Gd, 222 at 12b 4d, 93 at Us 9d, 10 at 13s 6d. Ewes: 11 at 7s, 18 s n't 7s, 13 at 8s 3d. 30 at 8s 6d, 23 at 6b lOd. -i Wethers: Eia-lit at 13s 6d, 24 nt 13s, 15 at Us 8d - ' ' ~«*"' Store Lan'bs—Twentv-three at lis sd, 70 v^ tit 10s 9d, 25 at lis, 121 mixed -ex at 5s •' ■ 9d, and 454 mixed sex at 10s 4d. Store 1 owes: 482 sound-mouth made lis, 249 sixtooth 14s sd, 103 six, «iirht, and full-month __ .'. 6s od. Twenty rams sold from 4s to £l. Dairy cows realised £1 to £5 and pigs 12§ to £l. _ . METHVEN STOCK SALE. There was a tmall altendancc at the Melh* .ven sale on Thursday. The entry w«s small. What fats were offered brought fall rates. One pen of ealtle was offered, bat failed te find a buyer. A pen of 500 store lambs sold at lis. The yarding of pigs exceeded the demand, and prices were down. A quantity bt household effects sold at ful! rates. Sales recorded were:— - ' Sheep—S3 fat lambs at 14s 7d, 56 at 18s' 2d, 23 fat ewes at 7(. Id, 10 at 8s 10d. 4 store lambs at fis Id, 300 three-quarterbred rape lambs at lis. , Pigs—'Two poikers at 17s, 6 weaners front . . 7s to 10s, 6 from Ss to 8s «d. 9 weaners !r from 10s'to 11". 4nt Ss, 2«( 7k-6d. . f

MINING. GOLDEN POINT CO. Messrs GL W. Thomson (mining engineer) and K. Barrance (mine manager, Mahakipawa), who were engaged by the Golden Point Gold and Scheelite Company to report on the condition and prospects of the company's mine and the requirements of the recovery plant, have issued their report. The more salient features of the report, which is very detailed, are as follows: The mine is in a good condition to start development, i.e., there is no urgent need of repairs, but from the development point of view it is very much behind and it is this backward yUitc of development that has been the cause of the limited amount and lowgrade value of the ore that it has been possible to deliver to the mill. The mill plant is very inconveniently arranged, and, additionally, the particular design of the stamps is bad, and Iris been the cause of inefficient work and costly repairs, and it is extremely questionable whether these stamps arc necessary. By the elimination of the stamps and substitution of a ball mill, you have the necessary space and fall for a much better and more convenient arrangement. Cost of Development. The coat of the development required includes management, accident insurance, fuel, wages to power-house attendants, also eo*t of*extension to tramline and pipe-line services, ar><! to a limited extent mine timber and ventilating pipe. We consider that this development work should be set in hand and that no other work be done (such as remodelling the mill) for at least three raonthE, at the expiry of which, with demonstrated values, the rearrangement of the mill can be done with assuranc?. We consider that the ball mill (with the elimination of the stamps) could be worked up to an output of 50 tons per 2i hours, or as much in a week as you have treated in a month during the last fifteen months. The shipment of concentrates could be continued for the meantime whilst experiments are being conducted for the possible cyaniding of this product at the company's plant. The estimate of money required in development is:—Overhead at mine, £500; No. 3 reef, £610; home reef, £510: mill (new engine and motor), sav £750; rearranging plant (under), £500; cyanide plant (?), £looo— contingencies, 10 per cent, (approximately), £330; total: £4IOO. For the development work, it may bo possible to get Government subsidy, which will reduce the amount of money to bo found by the company. The chief cause of the variation m the value of the ore treated is due to the backward state of the mine development, which did not 'permit the management to control their working faces. A contributory cause ha 3 been the effort to keep the mill going, with the result that a considerable quantity of waste and unpayable low grade material was fed to it. The cost a ton of ore treated bas been in the neighbourhood of 34b. The wajses figures are unduly high, and indicate that work was not done to the company's advantage. Your average tonnage broken was 375.5 tons » month, equivalent to 0.92 tons » man underground. It is usual to have several tons broken for every miner on the pay-roll, even in mines working a flat reef. We have gone into these figures, not with any intention of carping criticism, hut in order to find out where the trouble lies, and having ascertained that we may then have Mime basis for constructive suggestion. Wages should generally be under 50 per cent, of the total cost, whereas tjhejr'have been 70 per cent. There is a fair quantity of what may be described as "Ore that may reasonably be expected to he found on dcvelopmqjiV or, more shortly, "probably orw." We think the value of the probable ore is: No. 3 vein (6000 tons) about 9dwts; home reef (1000 tons), Taking gold at £1 per oz. there is a (jross probable value of £IO,BOO in the No. 3 vein, and £I2OO in the home reef, or a total gross value of £12,0U0 that may reasonably be expected to be found on development. Beef Faults. There are two mam lines of faults shown on your mme plan. Uu consider that those are quite uuunuor unt, and although requiring atteuuou, wheu driven through have practically no displacement, or so little that tney can almost be ignored. The vein persists on either side of these eo-canoii faults, . and on meeting one, work should carry straight on. The vein pinches frequently, but with carelui supervision theso peculiarities neeu cause no uneasiness. The surtace indications point to a long extension of the vein formation, and this pinching is of very local occurrence. Conclusion. We consider that the miue is worth further developing, and that provided the recovery can ue raised to IK) per cent, or bettter, there is no reasuii why, with the present high price oi gold, it should not be made to pay. Enquiries are being made in America concerning a cheap, mechanically operated cyanide plant. The profitable operation ot the mine hinges on your ability to raise the present percentage of 52 per cent, recovery to 90 per cent. There is no doubt that this can bo done, but inchest method has yet to be determined. There are two main methods, viz., with the" ball mill crushing fine, followed by amalgamation and flotation, as against coarser crushing, amalgamation, concentration and cyanidation of the sands.

WETHEKBTONES G.M. CO. "iloriuji operations in cuunoxion with tlio tests which are being carried out ■,%t. the present time to determine the depth of tHO cement deposit at WcthcrstoiiCH, and lor the purpose of securing general information regarding the r at which .it dip 3 into the flat have been progressing satisfactorily. A depth of slightly over 3(30 feet has now been reached, and it is anticipated that it may be ucceu&ary to continue the bore to a depth of 500 feet i*eforo the bottom of the cement is toadied. An indication of the fact that the cement is gold-bearing throughout is contained in the fact, that washings of thu core of the bors have revealed slight traces of gold. No ■ attempt to calculate the return for each ftihic yard at the various depths has '.vet been made, but when the bore has been completed the amount of jrold recovered will be compared with the cubic content of tlio core disponed during boring operations, :ind by this means it will be possible to xhtiin a l'nijrlv accurate: estiiuato of the value '?) the cement from top to bottom. .Specifications for the mniii incline shaft, hv mean.i of which it is proposed t<i work the dsDOsifc. are already being prepared, and it is intended to call for tfsideni for the work before the end »f this month.

ALEXANDER MINES, LTD. (SPECIAL TO THE FKBSS.) ! REEFTON, February 3. The Alexander Mines, Ltd., in January crushed 421 tons of ore for a yield of 2430z 12dwt of melted gold. By the cyanide process 272 tons of sands were treated for a return of 960z 6dwt of bullion. The estimated value of the gold was £1276, and £77 exclusive of the premium on the sale of gold abroad and the premium on exchange. GOLCONDA COMPANY. The mine manager's report for the week ending January 31 is as under: The leader cut last week has opened out to a reef about 18in in width. A few colours of gold have been seen in it and it is carrying a fair amount of zinc blend. It is running across the drive at a very long angle. There is a big How of water issuing from the reef and the pump is nearly at full capacity. We intend to let it drain off to-night, as there is a lot of gas coming out, and we cannot wind and pump and keep down the gas at die same time. The men will work in the winze at the tunnel level while this is draining off. I would recommend that 4in pipes be connected with the pump, as it should bo an advantage, as I don't think we can increase th.'j speed of the compressor with safety and the din pipes should take off a lot of friction. MARUI'A MINING. The Maruia Prospecting Company, Ltd., Murchison district, is about to install another steam excavator, in addition to that already working. This company holds five miles of river beach situated in the Lower Maruia river, and tenders are now being called for two light dredges. On the Big Plains claims approximating 900 acres are, now be-, ing tested by means of shafting and drilling. The drilling options arc held by Mining Trust, Auckland. Already much money has been spent in testing these claims, which have been held for four years, the 1920 earthquake putting a stop to such activities. Investors have again taken up the enterprise, and with gold at its present value it is expected to prove successful. The Buller Plains, near Longford, have been taken up by investors, and this is expected to prove a most interesting dredging experiment. The Mangles river flows directly into the Buller river, from which the distinctive "cucumber" gold is derived. This gold has the appearance of cucumber seed and is easily distinguished .from any other class of gold. A steam .■ excavator is about to be installed, and will be used for shafting and excavating in order to arrive at the' values- to- depth and an eight-inch drilling plant plaeed in operation. Mr John A. engineer, reports as above, and adds that one of tnc engineering operations the deviation of the river from the upper areas so as to recover gold in the shallow riverbed. An option has been taken of the ' f old racecourse," a reputedly rich area which ad joins the river claims.

GILLESPIE'S BEACH

Reports indicate that good progress is being made with the construction of the Gillespie's Beach dredge. The transport is a considerable undertaking, but it is being carried out satisfactorily. The machinery is picked up at the rail terminus at Boss, and carried to Cook river. From this point the material is transported down the rivcr-bed and round the bluff to the dredge side along' the sea beach. About half the material has now been delivered on the ground. Apart from the special baulk* of timber for the dredge hull, all tho timber for the pontoon is being cut ou the ground, a sawmill having been erected for the purpose. The pontoon is aboutJ)s feet long and some 35 feet wide, and good progress is being made with the building.. Shortly the work in connexion with the- excavation .of the dam will be put in band." The pontoon is expected, to be ready for launching about Easter time. The contractors, Messrs Corry, Wright: and Co., of ■Wellington, are pushing on the work in connexion -with the electrical installation'.' The transmission lino is being cleared from the' power site on-Cook? Flat, and the tunnel for water-power supply is advancing, steadily. For. the latter work three shifts a;day are work: ing to accomplish the distance of about 25. chains as quickly as possible. The water will be obtained, from Lake Lyttle, which has a high elevation. The outlet of the • tunnel is about 700 feet. The length of the transmission line will be eight or nine miles. It is expected the dredge will be operating in the coming winter. p FRESHFORD GOLD DREDGING COMPANY. . *> The directors of the Freshford Gold Dredging Co., Ltd., report .having closed tho sale of; shares itv the. company with a capital of'£9ooo. As the company now lias ample capital, the directors have decided ; ;not to sell any further shares. After paying for the dredge, the first block of 20 acres of land, and all the expenses to date, the 'company will have over £IO3O m cash as a reserve. Tho company has applied to the Tnvercargill Stock Exchange to list its shams, and this will be completed in the next few days. Tho dredge is practically completed and dredging operations are expected; to start about the third week in: February. The building pf the; dredge has been very carefully inspected throughout tho operations, and the! directors aro satisfied that the ma-; chinojs as good as a new dredge. Any: parts that, were'in 1 any'way .worn lui,vc; been replaced by new part's, which include a completely hew bucket line.; links, -arid pins. Tho bucket line is comprised of 32 six-foot buckets. Tho, dredge is- : larger and more .powerful; thahv,ras suggested in the ,prospecj;i,is.j contract provided 1 for '4ftj 6 but it- was found Vfcurifcj the 1 , dredge''was actually larger tha.hj tho - original eontraoi .provided .for,' and that the,, engine.-,was more"power-; fnl. The directors therefore 'decided; to ;fit six-foot bnekcts,,instca'd of'4ft. Gin Jrnclsels. i Tliis- will ■ very coiisiderabl.y increaso the lunoiinb'of. wash; which will, be treated, 1 and ; . should naturally give increased returns. A new water-race has been cut from the creek to the dredge area, and no difficulty .should be experienced with regard to water. It is not anticipated that bis; ret lints will bo received for the first two or thrco weeks, as there it QDenLae out. work to ha done, and

LONDON WOOL SALES.

GOOD CLEARANCE EFFECTED. IVNITED F&E3S ASSOCIATIOH—BY ELBCTBIC TRLSGBAFH— COFTBIGHT.) LONDON, February 2. At the wool sales 6934 bales were offered, including 4104 bales of New Zealand, and 5206 bales" were sold. There was a good clearance to the Home and Continental demand. Fine merinos and crossbreds were firm. Lower grades, especially crossbreds, showed some irregularity and weakness compared with the last closing rates. Scoured merinos are now par to 5 per cent, in advance, grcasics 5 per cent, to 7 per cent., fine crossbreds and slipes par to 5 per cent, up, medium and coarse crossbreds unchanged. New Zealand lots sold as follows: Crossbred —Mako (top price 10id), average B£d. Slipe—T Bands/Canterbury (12d), lOjjd. Bradford topmakers are maintaining their quotations, but users are reluctant to pay the prices asked. RESTRICTION ON MEAT EXPORTS. NEGOTIATIONS WITH BRITISH GOVERNMENT. [From Our Pakliamentaky Reporter.] WELLINGTON, February 3. Asked whether the restriction on the export of New Zealand mutton and lamb imposed in November and December would be extended, the Et. Hon. J. G. C'oates, who was the leader of the New Zealand delegation to Ottawa, said this evening that he was not yet in a position to give an answer. Mr Coates explained that he was awaiting confirmation of a suggestion made in that connexion to the British Government, and hoped to make an announcement shortly. i

CHILLED BEEF. TRIAL SHIPMENT MADE. (I'BESS ASSOCIATION TEM3ORA.U ) WELLINGTON, February 3. The first shipment of chilled beef from New Zealand to London was loaded yesterday into the C. and D. Line motorship, Port Fairy, at Wellington. On her last voyage the Port Fairy took an experimental shipment of chilled beef from Sydney to London, where the meat was marketed in excellent condition. The present shipment was arranged for by Thomas Borthwick and Sons, and the killing was done last week at Waingawa, near Mastcrton. A total of 330 hindquarters and 270 forequartcrs, chilled at the works, were sent to Wellington in specially insulated railway waggons, and special accommodation was provided.for their reception aboard the Port Fairy. Great interest was evidenced in the loading of the shipment, which was witnessed by the Governor-General (Lord Blcdisloe). ' „ The Meat Producers' Board is cooperating with Borthwick and Sons, and ,in £hc event of any loss, has undertaken to bear half up to a liability by the Board of £SOO. PRICE OF GOLD. : lUSITED IT.ESS ASSOCIATION-BT ELICTKIO TELEGHApH—COPTaiOHT ) (Received February 3, 5.5 p.m.) LONDON, February 2. Gold (a fino ounce) is quoted as follows : £ s. d.

PRICE OF SILVER. (BRITISH OFFICIAL WIKELr.SB.) (Received February 3, 5.5 p.m.) RUGBY, February 2. Silver (pence an ounce) is quoted : .."''., Feb. 1. Feb. 2. Forward .... 17 IG-J Spot ' ... 17 1-16 ■l6 15-16 - FEILDING RAM FAIR. (PRESS ASSOCIATION TELEGRAU.) FEILDING, February 3. The Earn Fair was continued to-day, Southdowns being offered. The sale was quiet, and lacked spirit. • The flock rams sold ' averaged 2£ guineas, the highest price being 11 guineas for one sold on behalf of E. M. Hare. The highest price for a stud ram was 25 guineas, which was paid Vy the .Buakura State Farm for one bred by James Knight.

RANGIORA HORSE SALE. At the monthly horas sale at Kangiora yesterday there was an entry of 22 broken draughts, and two unbroken. There was a, fair demand for good draughts, but poor stuff was unsaleable. Tho following was the rango of prices:—Best draughts £'2B to £<Si, ■ono extra , good four-year-old gelding made £3B, medium••• draughts made from £l6 to £iQ, aged draughts £i to; £3, . one light draught unbroken two-year-old filly made SA, one light two-year-old unbroken colt-made £1 10s, and- one' pony £1- 53.

ho doubt a few: adjustments will rcqitiro to be made to tho machinery. At tho present price of gold the directors consider . that' 10 ounces a week will' more than cover the whole cost of working the dredge. OPERATIONS AT NOKOMAI. ~. Operations •in • connexion with the erection of the drag-line* excavator tower, by means of which the Nokomai Gold; 'Mining Company proposes to work its claim at Nokomai, and which' is, the, first machine of .its kind to be erected in New Zealand,. are now. al-; most' completed. .Tho excavator has bebn, given a trial, and has proved itself, very suitable for the class of work: fdr T jvliieh i,t is required, but certain pdjustfuents of the : machine, yet 'remain to be made, and tlie r "runningiif". of the plant will take some-time.; It is; therefore, not expe'eted'that digging, will bo commenced in'earnest for; several, weeks, nm\ the official opening will probably hot., talc© place until the begin uing -of March. •■',••■"' KING SOLOMON DEEP LEAD. (PHSS3 ASSOCIATION TELEGRAM.) INVERCARGII..L, Februarys. The King Solomon wash-up yielded 620z 17dwt.

THE PROPERTY MARKET

REPORT FOR JANUARY. Tho following report on the property market during January is supplied by the Christchurch branch of the Real Estate Institute; — The slightly improved business activity -which, marked the spring and early summer was naturally brought to a standstill owing to the Christmas vacation. However, with the advent of the new year, business has shown a reviving tendency, though the turnover represeats only a fraction of what would have been expected two#or three years ago. Sellers show an increasing tendency to meet current conditions, and where they are prepared to do so sales are becoming much more frequent. Among sales reported are two residences at £SOO and £525, the latter being a cash transaction, while several bungalows of mostly four and five rooms changed hands at £7OO, £750, £BSO, and £950. A Merivale villa was also disposed of for £I2OO on a cash basis. The demand for properties which would assist the owner to make a living has become much more manifest during the last two years, and is reflected in the sale of a poultry farm at Woolston and a block of three acres with dwelling in Shirley, both transactions being on a cash basis; while a block of 75 acres with dwelling at Kaituna was also disposed of, a substantial amount being found in cash. Other holdings sold include 5} acres at Woolston and 15 acres at Governor's Bay. The leasing of several small holdings of from one to 10 acres is also reported, while the reviving optimism, doubtless due to the improved outlook of primary products, is reflected in the leasing of several shops, mainly for periods of about three, years, and large factory premises at satisfactory figures. The sale of the freehold of a leading private hotel at Akaroa at a satisfactory figure is also announced. Owing to the current harvest conditions, the demand for farm properties of all descriptions is naturally slack, though some agents report ' improved enquiry for various classes of rural holdings from prospective purchasers, who consider it wise to get in at presentday prices, anticipating that the improved returns from wool and stock will furnish the much-needed impetus for primary products. Tho auction department, which naturally slackens off after the middle of December, is now showing rapid signs of revival, and .auctioneers report that sales that have been held have produced encouraging results.

N.Z. MANUFACTURERS.

NATIONAL HEADQUARTERS SET UP. (rRESS ASSOCIATION - TELEGRAM.) WELLINGTON, February 3. According to a recent decision, t!-e New Zealand Manufacturers' Federation is to strengthen its organisation. A new national headquarters for manufacturers has been established in Wellington, and it is announced that Mr A. E. Mander has been appointed general secretary. The announcement made on behalf of the Federation, states that an intensive campaign will be undertaken to strengthen the organisation of manufacturers. It is stated that tho strongest measures will bo taken to resist "the attack which there is reason to believe is about to be launched against tho Dominion's manufacturing industries." The statement adds: "The executive of the Federation is convinced that in the present difficult times any change prejudicial to New Zealand manufacturers would involve disastrous consequences." COMPANIES REGISTERED. The registration of tlie following new companies is recorded in the current issue of the "Mercantile Gazette": — . Barrytown Gold Sluicing Co., Ltd —Registered January 25, 1933. Capital: £12,000, in 48,000 shares ot 5s each. Subscribers — Auckland: 0. L. Martelli, I. L. Souter, R. H. Stanley, B. H. Rod, M. L. Bateman, C. J. M. Clark, H. G. Rose, ono share each. Objects: Mining, etc., and incidental. New Zealand Publications, Ltd. —Registered as a private company January 23, 1933. Office: Commerce Buildings, No. 187 Hereford street, Christchurch. Capital: £IOOO, in 1000 shares of £1 each. Subscribers: J. B. M. Paton 25, T. H. Undrill 25, Fuller Bros., Ltd., •50, E. Smith 200. M. Melow 50, S. Melow 50, A. O. Familton 25, L. H. Buchanan 575. Objects: Newspaper proprietors and publishers, bookbinders, and manufacturers. Paper Products (N.Z.), Ltd.—Registered as a private company January 28, 1933. Office: 196 a Hereford street, Christchurch. Capital: £IOOO. in 1000 shares of £1 each. Subscribers —Christchurch: E. E. C. Hyde 451, R. J. Hyde 250, E. E. Hyde 200, E. M. H. Hyde 33, R. J. Hyde 33. J. E. Hyde 33. Objects: The manufacture of paper bags and paper products and incidental. Velvoe Aero Auto Massage Co., LTD. — Registered as a private company January 20, 1933. Office: Auckland. Capital: 22500, in 2500 shares of £1 each. Subscribers —Auckland: J. Parrell 200, S. W. House 350. M. E. Goldstein 50, J. H. Naylor 1350, D. Duncan 100. L. C. H. Dawson 17, B. O.Moodie 33, P. MY Shortt 50, W. N. Brown 100, R. L. Fnrrell 50, N. C. Adams 50. Timaru: H. G. Naylor 100. Motueka: L. Stanton 50, C. J. Skelton 50. Sydney: D. J. Bush 50. Objects: To exploit invention, etc., and incidental. Mortgage and General Security Co., Ltd.— Registered January 31," 1933.' Capital: £IO.OOO, in 400 shares of £25 each. Subscribers—Auckland: G. R. Hart four, <T. Crisp four, H. W. Rider four, G. W. Plowman four. A. A. Ross four, H. A. Purser four, T. Hosking four. Objects: Loan and Finance Co., and incidental. Increase of Capitnl—South Westland Estates, Ltd. Capital increased to £25,000 by creation of 22,500 additional shares of £1 each. Registered January 17.

BEET SUGAR QUOTATION. (UNITED PKESS ASSOCIATION—BY ELECTHIC ' TET/EMAPH—COPYRIGHT.) LONDON, February 2. Beet sugar is quoted, March 4s' lOd. TIN QUOTATION. NEW YORK,. February 2. . Tin, February, 22.75 cents per lb. LONDON EGG MARKET. LONDON, February 2. At the beginning of the week the egg; mar* ket was very firm. Quotations: Fifteens, 12s 3d to 12s 6d; sixteens, 12s 9d to 13s. The return of warmer weather has caused a slump, and Quotations are now nominal. RED COMB EGG AND POULTRY COMPANY. ' The market report for -eggs and poultry for the week is as follows: ; .-,.".'...'. . Full, yardinss were to be -Keen at. both Saturday's, and Wednesday's sales. , A keen de : mand !.is, still 'in evidence for boilers, which enmo forward in'fairly large quantities. The marketing of unfinished chickens and, ductlings resulted in these birds realising comparatively, low prices. T)cmand is still fairly keen for finished chickens, very few ot which came forward. A few pens of goslings and geeso were offered and realised satisfactory prices for this time of the year. A good, number of pullets and yearling hens were penned and competition was keen. The average price realised for poultry during the week a pair were:— TJoasting chicken, light up to ss, heavy up to 10s; ducklings, up to ss; ducks, up to -is; hens, light up to 3s, heavy up to 5s 6d; yearling hens, up to 3s !>d; pullets, up to 10s. goslings, up to 6s. Kjgs—Tied Comb brand, machine graded, tested, guaranteed fresh eggs: First, grade 1? 2d, second rrnd<j Is Id per doz.

This Week. X 1 I.aat Week Saturday Monday Tuesday Wednesday Thursday Friday x> ... 1,173 ... 2,801 ... 3,958 ... 3,887 ... 3,838 ... 2,893 5,199 ■ 5,812 12,298 8,238 5,094 6,514 £18.553 ■ £43,155

This Week. £ Last Week. £ Debentures .. 2.400 15,(550 Banks .. 5,837 9,601 Pastoral 238 2,797 Breweries .. 2,738 3,919 T.yells 304 1.048 Gold Mines .. . 1,746 2,287

Pearl and" Tuscan. Hunters: ' Velvet. s. d. s. (1. s. d. January .. a 4 3 6 3 8 February .. ' 3 4 3 6 3 8 March ..?> 4 3 6 3 8 April ..3 5 3 7 3 9 May .. 3 6 3 8 3 10 June .. 3 7 3 9 3 11 July .. 3 8 3 10 ■■' 4 0 August . . 3 8J 3 10 i 4 OJ September .. 3 9 3 11 4 1 No further increments after Septcm-

Pearl and Tuscan. Hunters. Velvet. s. d. s. d. S. (1. January .. p. 4 p. (i P, S 'February .. p> 4 :> G 3 8 March ..'.'} 4 p. (i 3 8 April .. 3 4 3 (i 3 8 May . . 3 .") o 7 3 0 June .. .1 ft :; s P. 10 July .. p. 7 ;; n P. 11 August. .. P. 8 p. 10 4 0 September ... p. 8i 3 105 4 0J October ..3 9 3 11 4 1

gate, and Arrowtown: Pea r] and Tuscan. Hunters. Velvet. s. d. s. d. s. d. January 4 74 4 94 4 114 February .. 4 74 4 94 4 114 March 4 74 4 94 4 114 April 4 ' 81 4 104 • r > 04 May 4 9J 4 Hi f> 14 June 4 10-1 5 04 5 - 1 July 4 Hi f. 14. r> 34 August 5 0 '5 2 5 4 September .. 5 01 5 24 ' ■ 5 41 Above prices arc f.o.b. grower's nearest port. (a) Wheat grown in Marlborough Province (if sold in South Island): Pearl and Tuscan. Hunters. Velvet. s. d. s. • (1. 8. d. January 4 11* r» 14 February .. 4 114 5 14 5 31 March 4 111 n 14 5 34 A pril 5 0} 5 21 5 41 May . - r> 14 5 31 .I 51 June 5 24 5 44 5 (i 1 July r, 3i r, ->l 5 7 J August 5 4 r» 6 5 8 September .. 5 41 5 •. 6h 5 81 Above prices aro f.o.b. Blenheim. Wheat grown in-Marlborough Province (if sold in North Island) Pearl and Tuscan. Hunters. Velvet. S. (1. s. d. s. d. January , .. 4 74 4 91 4 11? February '.. 4 74 4 9Ji 4 11? March 4 74 4' 94 ' • 4 114 April 4 8A 4 104 5 01 May ' 4 94 4 114 5 14 Juno. •• 4 104 ~> OJ 5 °* July 4 114 5 14 n 34 August 5 0 5 2 5 4 September .. 5 04 5 24 5 44 Above price s arc f.o.b. Blenheim.

Jan. 30. Feb. 2. s. d. s. d. London (per quarter)— February ...• 20 3 20 2' April ... ... 20 3 20 2i Liverpool (per cental) — March ,.. 4 8J 4 8', Mav ... ... 4 n 4 8J July ... ... 4'10-i 4 0; CHICAGO WHEAT FUTURES. (UNITED , 1'KfiSS ASSOCIATION— FY ELECTRIC TELEGRAI'H—COrVRlGHT.) (Received February 3, 5.5 p.m.) CHICAGO, February 2. Cents ; a bushel. Jan.31 . Feb. 2. May ' ..." 475.47* July ... 47* 47* September ... 48 1 483 New York (i cash) ... 5GJ 565

— 1 Appr ox.! i-i Keturn price Am't market s s Div. on ps pe Companies sh dd ifcjpprox. 1 market | price a year pay- . able. investment at 'e. Buye rs. Sellers. price. _[ ago "J 5 o approx. market £ £ «. £ e. d. £ B. d. £ i. d. Banks— 5 10s 10 10 0 14 0 9 0 0 b9 Oct.-Mch. 2 17 1 Australasia. Comin. of Aust. 0 H 0 8 0 14 6 0 14 6 o . Oct.-M.ch. a 8 ii Conim. of Auet. (pref.) Comrn. of Sydney E., S., and A. .. Nat. of Aus'asia 10 m s 10 ■ 7 16 4 9 11 15 0 0 0 7 17 15 10 4 10 0 0 6 7 16 15 10 4 B 12 0 0 0 0 0 6 5 15 G 4 6 10 10 0 0 6 0 4 .6* 5 6 Feb.-Aug. Jan.-July May-Nov. Nov.-May 5 2 6 4 8 8 3 7 4 5 0 0 Nat. of Aus'asia (contr.) National of N.Z. New South Walc3 .5. 20^ E 11 3 8 28 2 6 0 6 5 14 3 15 28 7 0 0 6 5 12 3 10 28- 7 6 0 6 5 0 3 10 26 5 0 0 0 6 a8 Nov.-May Jan,-July Quarterly (F., M„ A. 5 6 8 2 17 1 3 10 5 ,N.) New Zealand Union 1 E . 2 4 7 8 3 0 2 5 7 11 G 0 2 4 7 7 6 0 2 5 7 9 0 0 14j 4 Dec.-June Jan.-July 6 8 10 2 13 8 Insurance — National New Zealand .. South British ... Standard 7s .1 1 1 O 14 2 6 2 18 0 0 0 0 15 2 5 2 18 0 9 9 0 14 2. 5 2 38 2 10 ' S 6 6 0 n 18 ■2 0 2 12 2 3 0 0 6 0 9 10 2/8 12$ May-Nov. Feb.-Aug, Apl.-Oct. Mch.-Sep. 5 6 3 4 7 10 4 11 2 5 0 0 Loan and Agency7 0 0 7 10 . n 7 5 0 7 12 6 5 May-Nov. 3 8 11 Dalgety and l<o. Goldabrough, M. 1 ' 1 3 0 4 0 14 n 9 1 3 10 1 3 0 4 . 9 9 1 3 0 5 0 0 2i 4} Dec.-June Mch.-Oct. 2 2 1 7 0 4 Guarantee Corpn. United Building 8s 1 ' - 0 14 9 0 14 3 5 Oct.-Apl. 6 15 7 Frozen Meat — Gear N.Z. lief rig. N.Z. Eefrig (con.) 1 . 1 9 0 1 7 9 2J June-Oct. 1 1* 5. 1 10s 0 10 0 3 3 6 0 11 0 3 G 8 0 11 0 3 .0 8 0 11 0 4 6 8. 5 5 Feb. Feb. 9 19 Gas1 0 0 j ] 3 1 0 6 1 2 0 b7 July-Feb. 5 17 0 Auckland 1 0 15 0 0 1G 6 b7 July-Fob. 6 0 0 Auckland (contr.) 15b " 1 3 9 1 G 0 6 Aug.-Feb. 5 10 OhriBtchurch 1 1 3 0 ~~ 0 11 o 0 12 3 6 Aug.-Feb. 5 0 1 Christchurch (con.) 10s 0 10 3 Shipping— 1 i 0 5 Sep.-Mch. Huddnrt - Parker 1 0 18 6 1 5 0 May-Dec. — P. and 0. Dei. 1 1 0 G 1 0 0 6J May-Dec. 5 7 3 Union (pref.) 1 Coal — 0 11 3 0 18 0 5 Nov.-May 8 17 9 Taupiri Weatport 1 10 0 10 0 0 10 6 0 10 G 1 3 0 7* May-Nov. 7 2 10 Breweries — 1 13 1 7 1 1 o 1 It 0 1 7 0 8 Oct.-Mch. 4 14 1 Carlton 1 6 1 1 7 1 5 G c8 Jan.-July 5 1 'J New Zealand 1 1 s 0 1 2 6 1 5 0 a8J Aug.-Feb, 4 8 10 Staples 0 1G 0 6J Mch.-Sep. — Tooheys Tooths 16s 1 1 14 0 1 14 6 1 14 3 1 3 9 8 May-Nov. 4 13 5 Miscellaneous— 2 4 0 10 9 0 2 6 „ r 3 1 8 9 n Dec-Juno 3 6 3 Auet. Glass 1 1 1 0 0 19 0 8 Mch.-Sep. 7 12 4 Beath and Co. . • 1 0 1 9 0 1 0 8 Mch.-Sep. — beath & Co. (con.) British Tobacco Is 1 1 11 10 1 1 12 2 1 12 2 6 0 0 1 6 1 13 6 0 6 10. March Nov.-May 8 15 0 4 6 G Bums, Philp ■ • 1 20 SI o 0 1G 0 18 o 52 10 0 51 10 0 38 0 0 Ml Nov.-May 4 17 1 Colonial Hxipat 6 0 17 3 0 17 0 0 11 0 3 Apl.-Oct. 3 10 ? Uunlop llubber 1 G 0 17 2 0 16 9 0 17 3 — Mch.-Sep. — • Electro. Zinc .. 4 0 1 7 6 1 7 6 1 0 9 8 Mch.-Sep. 5 16 4 Electro. Zinc (pref.) 1 1 15 1 17 0 1 16 0 1 4 0 82 June-Dec. 4 17 2 Henry Jones 0 10 6 June-Dec. — Kauri Timber .. N.Z. "Drug Co. 2Ss 2 2 15 0 2 16 G 2 16 2 ■ a a 3 7J | Sep.-April 5 6 9 1 0 ,0 13 o 1 0 n 1 0 0 1 0 3 5 Juno-Dec. 5 0 0 Mount Lyrll Farm. Fertiliser 1 1 6 0 15 0 0 14 ° 15 0 o 0 12 2 15 6 0 5 6 August Mch.-Oct. 7 2 10 5 9 1 Whit. and Tombs Wilson's Cement -i, l" 1 G C 1 9 0 1 l 8 6 1 12 0 10 Nov.-June 6 4 1

liujeri. Seller?. £ »• d. £ 8. d. N.Z. Government Debentures— ■ '1\ per * cent. Inscribed, 1033 — 90 0 0 4i per cent ,."■ Bonds, 1933 Ci 0 0 — 61 -por cent. Inscribed, 1033 100 0 0 — Si per cent. Inscribed, 1937 97 0 0 — 51 pel- cent. Inscribed, 1901 99 0, 0 — 5i per cent. Inscribed, 1911 9C 0 0 99 0 0 5i per cent. Inscribed, Feb., 193 1 ; — 101 76 5.V per cent. Inscribed, 1951 — 100 0 0 51 per <xnt. Inscribed, Sept., 1937 99 10 0 101 2 G 5i per cent !. Bonds, Sept.,. 1937 99 10 0 ~ Other Dsbentures — Cbristckurck City, 51 per cent., 1951 — 96 0 0 Ckristchuich Drainage, 5J per cci it., 1938-73 — • 9fi 0 0 Waimakariri Itiver Trust, 5-jj 1976 per cent., ' 100 0 n

Miscellaneous— Amalgamated Wireless (contr.) l 1 .0 — '1.10 . Australian Distillery .. — Glenmore Brick and Tila — 0 IS 0 Greater Crystal Palace 0 12 G — ' Henry J ones Co-op. .. 1 16 0 1 17 0 Horald. and Weekly Times 2 1.1 0 — Moturoa Cil 0 4 0 0 4 8 N.Z. Ferniors' Co-op. (di per cent. Stock, . 19401 4'2 0 0 — N.Z. Fanners' Co-o,i. (1J per cent. Stock, 1915) •■ 42 0 0 52 0 0 Taranaki Cil 0 1 3 0 2 9 "Victoria Nyanza Sugar . — 0 10 0 Woolworths (N.Z.), pref. I 8 6 —.. Mining— Consolidated 0 8 0 0 9- 3 Alexander (conlr.) (1 11 3J 0 15 0 Big River .. 0 0 ltl 0 1 2 Blackwater .. 0 19 " - - - A J. u a Cornish Point 0 0 2£ 0 0 4 Golden Dawn 0 3 94 0 4 0 Gillespie's Beach 0 1 0 0 1 li Golden Point 0 0 3J 0 0 ( Golden Sax.ds 0 2 6 0 3 0 Golden Progress 0 1 10 0 2 0 King Solomon 0 11 ;o 021 Mahakipawa .. 0 0 li 0 0 2 Mahakipawa (pref.) .. 0 0 2 0 0 6.', Nokomai 0 5 8J 0 5 n Okaiito 0 S 11 0 !) 1 Waihi .. 1 1 6 12 0 Waihi Grand Junction 0 3 6 0 3 10 Wait ah« . ■ ■ • . 0 4 6 0 5 0 UNLISTED STOCKS. All transactions in stocks quoted in Una list are subject to double rates of brokerage ami arc not quoted on tl: le official list. Buyc is. Sellers. Stocks. £ ». d. £ s. d. Bell Hill Sluicing 0 1 G — Brian Boru .. . .. 0 19 6 1 0 G New Zealand Newspapers 0 19 6 — Paparoa Coal ... 0 10 0 10 0 Tteeco, Ltd. (pref. E) — 0 2 0 Sun Newspapers — 0 5 0 Woolworths (N.Z.) 2 10 0 — N.Z. Perpetual Forests .. 1 10 0 — National Tobacco 2 19 6 — YESTERDAY'S SALES. CHRISTCHUKCH Sales on 'Change— £ s. d. Commercial Bunk of Australia (pref., ex div.) 7 16 I) Bank of New South Wales 28 0 0 New Zealand Breweries (2) 1 7 (i Tooth's Brewery .1 14 1 Colonial Sugar ... 51 10 O Electro. Zinc (ord.) 0 16 10 Electro. Zinc, (pref.) (2). 1 7 0 Cornish Point 0 0 3 Golden Dawn 0 4 0 Golden Point ... (6) 0 0 4 Mahakipawa (3) 0 0 '1 Nokomai 0 5 !> Waihi 1 ' 1 () Sales Reported— South British Insurance 2 18 ti Commercial Bank (pref., ex div.) 7 15 0 Bank' uf New South Wales' . cum, div.) .. •• 2H 7 (i Electro. Zinc, (ord.) o ig y

AUCKLAND. £ s. d. Sales on 'Change— 4J per cent. Bonds, 1938 95 10 0 4* per cent. Stock, 1938 (2) 4| per cent. Stock, 1939 ... 95 10. 95 12 0 6 National Bank of New Zealand ..... .I---. 3 12 0 Bank of New Zealand ... 2 4 0 South British ... 2 18 2 18 6 3 Taupiri Coal .... 0 11 3 Colonial Sugar ... 52 0 0 Henry Jones 1 15 7 Union Oil 1 3 0 Wilson's Cement 1 8 0 Nokomai ... . ••• 0 5 lUi Waihi ... . ... 11" 1 l 5 (2) 1 1 (i Waihi Junction 0 3 8 WELLINGTON. Saleer Reported — . £ s. d. I'jr per. cent. Stock, .1939 95 12 6 Hank of Australasia 9 5 0 Waihi 1 1 1 1 3 6 DUNEDIN. Sale Reported — £ s. il. Golden Progress ... 0 1 y

Morning Sales — 9 £ s. d. Commonwealth Bonds, 1 per cent.-— 1938 102 16 3 . 1941 102 12 6 1959 102 12 (i 1961 103 0 0 Bank of New South Wales (New Zealand delivery) 30 2 6 Australian Provincial Assurance 0 8 7 Australian Gas, "A" 7 3 6 Toohey's Breweries 1 0 7i Colonial Sugar ... ... 53 10 0 Afternoon Sales — Commonwealth Bonds, 4 per cent.— 1938 ' ... 102 17 6 1941 102 13 y 1944 102 17 6 1947 103 12 H 1950 103 7 6 1953 102 0 0 1955 102 5 0 1957 . 102 10 0 1959 "102 15 0 1961 103 0 0 Bank of New South Wales 30 0 0 Commercial Bank of. Sydney 15 19 0 Colonial Sugar ... 53 17 6 (New Zealand delivery) ... 54 0 0 54 2 «■ Broken Hill Proprietary ... 1 6 7i South Broken Hill 2 6 0 Toohey's Breweries 1 0 9 Tooth's Brewery ... 1 1.5 li Australian Gl^ 2 6 9 British Tobacco ... 1 13 0 Wincheombe. Carson 1 3 lO.'i Morris Hedstrom 0 17 9 Dunlon Perdriau ... 0 17 6 New Guinea Goldfiplds. ... , 0 5 1 MELBOURNE £ '«. d. Electrohtic Zinc 1 8 6 "Herald" and "Weekly Times" 2 17 0 Commercial Bank of Australia (pref.1 8 0 0 P. AND 0. STOCK. (Received Fehninrv 3. 5.5 p.m.) LONDON, February 2 P and. 0. .deferred stock is quoted ».s follows.:: — s.'- d. February .2 ....... . T6, 7 February.1 , 16 6 January rtl 16 6J January. 30 16 7j i

LONDON, February 2. Mount Lyell stock is quoted as follows: — s. d. February 2 February 1 January 31 January 26 January 20 ... 10 11 ... 10 3 ... 16 4 ... 16 10J ... 16 10i

February 2 ... li I 3i February 1 ... 6 1 2| January 31 ... 6 1 3i January 30 ... 6 1 5