FINANCE AND COMMERCE.

Press, Volume LXIX, Issue 20773, 6 February 1933, Page 10

FINANCE AND COMMERCE.

TRADE SUMMARY. KAFFIR BOOM WEAKENS GILT-EDGEDS. NO SIGN OF LIFE IN THE BUTTER MARKET. (i'MTW MESS ASSOCIATION—BI ELBCTKIC TELEGRAM—COPVBIGHT.) (Received February 5, 7.33 p.m.) LONDON, February 4. Interest on the Stock Exchange during the last few days, has centred on South African gold mines. Yostcrday there was a real boom in them. Business began in tho street an hour before the Stock Exchange opened, and when tho Ilouso closed, was resumed in the street, with buyers active till 7 o'clock. Orders flowed in from all over Great Britain and from many parts of the Continent, and even from Australia. Jobbers found it physically impossible to boost bargains. At tho height of tho business, two of them collapsed, and one had to bo taken to hospital. Prices for practically all Kaffir shares advanced materially and profit-taking »alea had no oftiect. Ono result of the activity in Kaffirs was a weakening in other stocks, many peoplo selling in onlur to buy South African. Australian Strength. Some gilt-edgeds gave way slightly, but Australians maintained the positron. Commonwealth Si per cent, bonds touched £lOl. Thijs stock replaced the maturing-5 J per cont. New South Wales bonds, issued last October at £97 10s. Its advance affords a striking illustration of the complete rehabilitation of Australian credit. Discussing tho trade outlook in its business forecast, tho Federation of British Industries says that tho general impression both hero and in America is that the worst is over. This may bo true, as tho additional setback in prices last year, compared with 1931, was primarily due to the financial crisis of the previous year, and if wo may assume that there will bo no further major crisis, then tho lowest point of the depression has passed; but oven if the outlook in finance is sufficiently clear tr* rttlo out the possibility of a further major financial breakdown, recovery must be & very slow and fitful process. A condition of concealed inflation ex- ' lata in many countries, which may, at any moment, become open inflation. This may easily give rise to unjustifiable optimism, leading to reaction later. It cannot bo too strongly urged that no permanent recovery can be affected by monetary means until production is brought Into its proper relation to consumption. This is likely to be more easily achieved • inside limited areas, protected from external interference, than by international action. Butter Market Weak. The butter market shows no improvement as far as prices are concerned, and importers see no signs of , recovery. Although production in Australia and New Zealand is declining, thcro is a largo shipment afloat, and according to the Empire Marketing Board, stocks in cold storage on January 31 were 038,200 boxes. The only Rood feature of the trade i» that tho demand reimains excellent, and multiple shops are selling large quantities at lOd per lb. The cheese market is very dull, with only a poor demand. This is difficult to account for, as stocks of Australian nnd New Zealand are 10,000 crates • lower, and of Canadian about 20,000 boxes lower, than a year ago. Another fortnight will see the close of the Australian egg season, and considering that arrivals are very large—nearly three times greater than two Masons ago—results are fairly satisfactory. Prices naturally fluctuated with the weather, and at the present moment ilio turn to warmth makes importers anxious regarding prices the two final shipments will realise. Regarding next season's, it may bo ' pointed out that the duty on foreign egg® has materially reduced the • quantity coming from Denmark, Holland, Poland, and the Irish Free State, as compared with 1931. There is unlikely to bo any increase in imparts next season, but British production will probably show considerable increase.

TIMARU WOOL SALE. OFFERING FOR TO-DAY. The second wool sale of the season in South Canterbury will be hold in tho Theatre Koyal, Timaru, commencing at 8 o'clock this morning. The total catalogue to bo offered comprises 20,408 bales, which is slightly over the allocation. The wool has opened up in fairly good condition, and a good ealo is expected. The following are the individual offerings of brokers, in the order of selling: Bales. New Zealand Loan and Mercantile Agency Company, Ltd. 1011 National Mortgage and Agency Company of New Zealand, Ltd. .. .. 5473 Paigety and Company, Ltd.' .. 4273 Pyne, Gould, Guinness, Ltd. .. 4867 Canterbury Farmers' Co-opera-tivo Association .. 4784 Total .. .. 20,408 LONDON SALES. PRICES REMAIN STEADY. (MSITED PBBSB ASSOCIATION—B!£ ELECTRIC TZLEQBAPU—COi'KRIOHT.) LONDON. February 3. At the wool sales, 7234 bales were olfcrcd, including 1105 from Now Zealand, and 5258 were sold to Homo and Continental buyers, at steady prices. New Zealand greasy crossbred, Blackarakihi, realised 10.1 top price, 9|d average. SALE OF MARLBOROUGH FARM. A farming property sain of some interest tiolt place at. auction at Blenheim on Friday, *■■(>«» the farm nt tho Wairau Bar, with stock, plant, and furniture in bomeKlead, wag disposed ot on behalf n! M il! th « ""late of Mr W. 8. AloriOffe. There wit , a fair attendants at Bidding started at £7OO, and the W«wrty was flnallj knocked down to Messrt i. Mow J. Htsffar, of Blenheim, at £740. * '* * **** ul<! and well-known property,

HOLDING SURPLUS WHEAT. PROPOSAL DISCUSSED. WEST EYRETON FARMERS APPROVE. A large number of farmers attended a meeting of wheat growers held in the West Eyreton Hall on Saturday, convened by Messrs J. Cowens and A. M. Carpenter, representatives of the Rangiora district wheat growers to discuss the disposal' of the 1933 crop. Mr J. Cowena presided. Mr Carpenter, in explaining the proposals of the Wheat Purchase Board for tlio disposal of this season's crop, based on an estimated surplus of 2,000,000 bushels, said that the bulk of this wheat would be Tuscan and, taken under their scheme by April at 3s 4d, a bushel f.0.b., would leave 3s a bushel for the grower. The regulations of the Wheat Purchase Board provided for the price paid to the grower being lower than that charged to the miller, to provide for loss on export, and the prices terms, and conditions of sale of wheat would bo fixed by the Board from time to time, tho object being to obtain a homo value of 4s 3d to 4s 6d a bushel, and export value of up to 2s 6d a bushel. This price, based on Tuscan sold to April, procured a net return, to growers of 3s 5d a bushel, out of which had to be deducted tho Board's expenses of administration, which were a first charge on all wheat as well as on bran and pollard. Costly Handling Charges. Mr Carpenter considered that these prices, should cause the meeting to recommend to the Board a schemo for retaining a portion of the wheat on the farm. If the Board handled the surplus now, there - would bo threshing charges, railage, sacks receiving into store, and storage charges, a total of approximately 20d. However, if it was stacked on the farm it could be thatched down and insured for approximately Id a bushel. This should enable the Board to pay out at feast 4s a bushel for wheat purchased now, which would be nearer the price paid by tho miller and provided for by the sliding scale of duties. This was in accordance with a scheme brought forward by Mr C. A. Campion, of Highbank, and unanimously approved at Methven and Eakaia. Mr Campion had been invited to bo present that evening, though unfortunately he had been unable to come. Mr J. Cowens said it would be quite easy for the Board to make the adjustment. He did not think the Board's scheme could be carried out without some wheat being retained on the farm. Support from the Meeting. Mr H. Bnrgin, Swannanoa, said there might bo some difficulty in retaining wheat on the fann though none so great as growing wheat at 3s a bushel. Mr S. Smith, Cust, said it was quite an easy matter to hold wheat safely on the farm. Mr Devon asked what would be done with any surplus, and Mr Carpenter explained that some would be required for mixing with next season's crop to mill, and that till September the Board would not know what surplus there would be. Mildew and rust wore dealing with a lot of the surplus now, he added.

The following resolution was moved by Mr George Cowens, and seconded by Mr H. Tallott, Cust, who said he would rather have a higher price for the wheat he sold and rotain ,the surplus on the farm: "That it be a recommendation to the Wheat Purchase Board to investigate the possibility of growers holding 20 per cent, of their wheat on the farm, thus allowing the advance payment to be nearer 4s Bid f.o.b. until the Board has ascertained whether there is a surplus, as this meeting of wheat growers considers it to be more beneficial for growers to hold their wheat than to put it on the market." Mr C. Rands, in supporting the motion, explained the low cost of insurance. Mr J. Horrell,' Horrelville, said he would favour tho resolution though some growers had sold all their wheat. Mr Cpwens explained it could be retrospective. The motion was carried unanimously. WHEAT TRADING. CARGOES, PARCELS, AND FUTURES. (UNITED PCESS ASSOCIATION—BIf ; ELECTRIC TELEGEArH—COPTRIGHT.) (Received February 5, 7.33 p.m.) LONDON, February 4. Cargoes are quiet, with little change. Parcels are steadily held, with Manitobas occasionally threepence dearer, Australians art unchanged.' La Platas were offered at threepence lower. Futures are quoted:—

CHICAGO WHEAT FUTURES.

PRICE OF GOLD. (ONITEIf raESS ASSOCIATION—B7 BI.KCTMG TEI-EGBAPH —COPYRIGHT.) (Eeccivod February .5, 5.5 p.m.) LONDON, February 3. Gold (a lino ounco) is quoted as follows:

PRICE OF SILVER (BRITISH OFFICIAL WIUELE3B.) (Received February 0, 5.5 p.m.) RUOBY, February 3. Silver (pence an ounce) Is quoted:— Feb. 2 Feb. 3. Spot .. 161 UiJ Forward ~ 16 15-16 10 15-16

N.Z. REFRIGERATING COMPANY.

REPORT OF INVESTIGATION COMMITTEE. The following circular, dated February 2, has been sent to the shareholders of the New Zealand Refrigerating Company, Limited, and is signed, for the Investigation Committee, by Messrs John Mac Gibbon, W. H. Clark, and W. Morley:— "In accordance with the resolution carried at the meeting of shareholders on December 15 last, in which it was an instruction to your committco that they confer with the directors and counsel for both sides, and report to an adjourned meeting to be held on the Ist inst., wo have to report that after a number of conferences between tho parties we made the following recommendations to tho meeting which was held yesterday, and the recommendations of your committeo were unanimously confirmed, viz.:— "(1) That all tho old directors resign, so that their places can be filled at tho next annual meeting to be held during this month. "(2) That Sir Francis Boys sever his connexion with the company, both as au executivo officer and as a director, suck resignation to take effect at tho annual meeting. "In terms of these arrangements, the directors and Sir Francis Boys have handed in their resignations. Tho two old directors, Messrs H. A. Knight and G. E. Mannering, resorvo the right to stand for re-election at.tho annual meeting, should they wish to do so. "(3) That Mr Campbell and Mr Turner agree to negotiate do novo with tho incoming board for fresh service agreements to supersede the existing service agreements. In tho event of no fresh service agreements being completed within threo months from tho date of tho annual mooting, the legal rights of tho company and of tho two officers concerned, whatever these legal rights may bo, shall bo determined under the existing service agreements. "As there has been some doubt in the minds of' certain shareholders regarding the method of paying bonuses to executive officers during • tho ten years during which your committeo had under review, we think it only fair to make tho statement that the matter has been investigated and we have found that no secret reserves havo been brought in in any year, during that 10-year period, in calculating tho bonuses to the executive officers, and that the said bonuses havo been estimated strictly in accordance with tho service agreements in force during the period. In arriving at tho above compromise, we feel it necessary to state that your committee was actuated by desire to conserve and further tho interests of shareholders, and we had no hesitation in recommending that it was advisable to avoid litigation of any kind if possible, as any such action would necessarily do untold harm to tho company through its business being made public in the Courts. "As a result of tho arrangements confirmed at' the meeting yesterday, shareholders will havo the right to elect four new directors at the annual meeting to be held later in this month, and your committco would be pleased to accept proxies for any members who cannot attend the annual meeting, and who have not already gives proxies to Mr Flint or Mr Morley. Two members of your committee, Messrs Mac Gibbon and Morley, have been asked by a number of shareholders to allow themselves to bo nominated for tho directorate, and to this they have consented. As you will judge, these two members have gained some considerable insight into tho affairs of tho company during recent months, which will be of much value to the deliberations of tho board in helping to steer tho company into smooth waters, should you elect tliem to the directorate."

Office of Auditor. In a circular to shareholders of tho company, Mr J. Roy Smith states that at the request of a largo number of shareholders ho has consented to accept nomination for the office of auditor. The circular states that for over eight years Mr Smith has been practising as a public accountant in Christchurch and, amongst other professional appointments, has occupied tho position of sec rctary of tho Canterbury Chamber of Commerce for the last five years, and for several years has also held offico as Dominion supervisor for important London interests in this country.

INVESTMENT EXECUTIVE TRUST. INCREASE OF CAPITAL. Ordinary shareholders of the Investment Executivo Trust of New Zealand, Limited, unanimously carried the following resolution at an extraordinary general meeting held at Auckland on January 26: — "That the share capital of the company be increased to £.100,000 by the 'issue of a further 225,000 ordinary shares of 2s each and 67,500 preference shares of £1 each, such new ordinary and preference shares to rank pari passu with the existing ordinary and preference shares respectively." The same resolution was carried by the preference shareholders. The managing director, Mr J'. "VV. S. McArthur, explained that the progress and expansion of the trust made the increase of capital desirable, and indicated that operations for the past , year had been successful.

BUTTER AND CHEESE.

LONDON REPORT. The Nun - Zealand Dairy Produce Board lias received the following market report from its London office, datod February 1033: BUTTER. New Zealand, salted 783 to SOs (last week "9b to SOs), linaalted 80s to 82s (SOs to 82s); 78s-Sos equals approximately 9.08 d f.0.b.; Australian, salted, 7'ls to 70s (75s to 78s), iinsalted 76s to 80s (78s to 82*). There was an improved demand at the end of the week, the Now Zealand retail price being generally llkl, some 0?T. Argentine, unsalted 7G3 lo 78s to 80s (76s to 7Ss); Danish, 88s f.0.b., 112s « t 3ot (!Ms, 114s lo 116s). The Danish rate of exchange is approximately 23s per cent, below sterling. Present rate 22J, kroner to pound sterling. Copenhagen quotation was consequently 17 kroner a 100 kilos higher last week. Tho Danish reiail prico lias been Is 2d in some districts, nut is now Is Id general. Market quiet. CHEESE. New Zealand, while 4os-4Gs to i7s (4£d 1.j.b.) (15s 13d lo 463), coloured 57s to 58u (6Jd f.o.b) (s?s to 595). Market firm. New Zealand retail price Sd. South African, white >146; Canadian, whito and coloured, 60s to G8» (60s to 6£s, 60s to 665); market quiet. The Boarci ba3 also received the following advice from its agents in Canada:—Butter: Now York 17J cents, Montreal 20$ cents.

MINING.

BELL HILL COMPANY. The damage caused by the recent abnormal flood to the Bell Hill Goldmining Company's main dam is fairly oxtensive, according to information supplied in Grcyinoutli. Over 50 feet of the embankment was carried away, serious damage was done to the gauge box, and, in addition, 20 or 30 chains of fluming were displaced. The approximate cost of repairs will be £3OO. WAIHI COMPANY'S RETURN. Tho following information has been cabled to tho Loudon office of tho AVaihi Goldmining Company, Limited: For the period ended January 2i, comprising 14$ crushing days, 3.1,780 tons of ore were crushed for a result of 3502 line ounces of gold and '21,01-i fine ounces of silver. This includes 1441 tons mined froirt the Grand Junction area, which yielded 587 ounces of gold and 4041 ounces of silver. No. 3 Level—North branch Alartha lode: Driving west the next 15 feetassays 73s 9d a ton; width of the lode varied from two to four feet. Driving east the next 23 feet assays 19s a ton. The width of the lode is about 4J feet. No. 11 Level —Edward lode: At 70 feet up Berryman rise we have driven north 113 feet and the assay valuo is 38s 3d a ton. The lode varies from two to five feet wide. BIG RIVER GOLD MINES. The report for the month ending January 31 is as follows: — No. 3 Level —Rise on Jones's Reef above north-west branch drive, at 108 ft from shaft: Advanced in hard broken country 13ft, total 52ft. Work was delayod owing to the men being ongaged on shaft repairs for portion of the time (five days altogether). North-east branch drivo oil main cast, level, at 153 ft from shaft —Advanced 24ft, total 117 ft. As the lode track did not improve, and less quartz was showing, driving was suspended. South Drive off main east level at 197 ft from shaft —Advanced 26ft, total 112 ft. The lode has been somewhat unsettled, and two small faults wero encountered. The stone has varied trom 3ft to Ift Cin in width, tho face at present being disturbed, owing to the presence of the last of the two faults. Fair gold has been seen in tho stone broken. South Drivo off main cast level, nt 145 ft from shaft —Opened out to further prospect a gold-bearing track on which a little work was done by the old company. Advanced 7ft. Face not yot reached. General—All plant and machinery is in good working order. MURRAY CREEK GOLD MINE. Resumption of work at the Murray Creek Gold Mine (Reefton) will take place as soon as a larger boiler, recently purchased, has been installed to supply power for tho winding plant. ■ No award governing rates of wages has been signed or broken by the now company, which commenced operations three months ago. The rate of lCs a day, which the company was paying its workmen is tho same rate as that being paid by tho Blriekwater Mines, Ltd., at Waiuta, and was accepted without demur by the men employed up to last Christmas.

KAWAItAU GORGE CLAIM. Mr J. L. Stewart Wright, Cromwell, as agent for Mr E. J. Mitchell, reports the sale at a satisfactory figure to Mr G. W. Stanilanil, Forbury road, Dunedin, of a third share in the sluicing claim of Messrs 801 l and party at Scotland's Beach, Kawarau Gorge. Thid claim adjoins that of Messrs Coil and Kilgour, and tho prospects of shortly striking the same run of gold look at present particularly sanguine. GOLDEN DAWN GOLD MINES. Tho following is tho mine report tor two weeks ending January 28: No. 3 Level.—Drive north on No. 3 reef from the north end of old stopes has been extended 10 l'eet ; total 184 feet. Tho reef here is split into two branches about three feet of mullock botween the branches; each branch at present averages over 12 inches wide, and the ore by assay is of payable value. The country rock is at present fairly hard, but still of a good class for carrying gold-bearing reefs. No. 2 Level. —Drive north on No. 3 reef from crosscut east has been extended seven feet, total 16 feet. The reef hero averages 12 inches wide, ana the ore of good value. The country here at present is also very hard, but still of a good class. No. 3 Level: Stoping.—Stoping has been carried on in two blocks on No. 1 reef with machines working three shifts. The reef here averages two feet wide, and ore broken of very fair value. No. 2 Level. —Stoping has also been carried on in two blocks on No. 1 reef with machines working three shifts. The reef here averages two feet six inches wide, and the ore broken of fair value. No. 3 Level. —Stoping is also carried on in three blocks on No. 3 reef with machines working three shifts. The reef here averages two fv,et six inches wide, and tho ore of very fair value. Filling of the stopes from the surface rise is still being carried on.

LONDON MARKETS. COTTON, RUBBER, JUTE, AND COPRA. (Received February 5, 7.13 p.m.) LONDON, February i. Friday's cloßing prices wore: Cotton —Spot, 4.94 d; March, 4.73 d. Rubber—Para, 4.id; plantation bmokod, -|d. Jute—i'cbnuiry and March, £l-1 12s 6d. Copra—February and March, Soulli Sea, il!2 ss; pluntation, Rabaul, £l2 7s Gd. Linseed Oil —£17. Turpentine—£3 5s 9d. CANTERBURY CO-OP. POULTRY PRODUCERS, LTD.

The Canterbury Co-op. Poultry Producers, Lid., report that heavy yardings of poultry were offered at their Wednesday's and Friday's Baloa, before a satisfactoiy attendance of buyers; bidding was lie an and prices were on a par with our previous sale. Tho bulk of tile offerings, was comprised of boilers. Good heavy chicken are Etill in short supply. A number of pullets was offered and mot with a ready sale. Tlio following prices were realised per pair:—Chicken, light to medium ss, medium to 8s; hens, li?ht Ja Gd to Cs 6d, heavy 3s to 4h 6d: ducklings, to ss; pullets, to 75.—7 Egg Market—A seasonable rise hag eventuated during the paßt week, and this has been accentuated to a large extent by a keen demand from the North Island. However, the North Island requirements have evidently now been filled, and at tho moment there is no further enquiry. The following prices have been realised: First grade la 3d, second gr&do Is Id.

' CHRISTCHURCH STOCK I EXCHANGE.

SATURDAY'S TRANSACTIONS. Markets wero quiet but firm on call on Saturday morning, and the recorded turnover was unusually small. Markets for woollen and coal company shares were bare. Transactions, exclusive of vestibule business, were: — 100 New Zealand Breweries. 100 Tooth's Brewery. Buyers of National Bank of New Zealand shares again raised their bids to £3 9s 6d, sellers at £3 13s. Bank of New South Wales, cum dividend, were firmer, with buyers at £2B 7s 6d, sellers at £2B 12s 6d. Buyers of Canterbury Frozen Meat ordinary shares raised their bids to £1 12s' 6d, but sellers were reticent. Ohristehurch Gas shares, ex dividend of 3 per cent., claimed buyers at 225, no sellers offering. New Zealand Breweries shares were firm at 27s Gd, closing quotations 3d on either side. Tooth's Brewery shares were fractionally firmer at 34s 3d, and there were further buyers at 34s 2d, sellers nt 34s ud. Australian Glass shares were firm, with buyers at 44s 9d, sellers at 46s 3d. Buyers of Colonial Sugars raised their bids to £sl 7s Gd, sellers at £52 10s. Henry Jones were firmer on buyers' offers, 365, sellers at 375. Blackwziter Mines wero weaker, sellers offering at 19s lid, buyers at 18s 3d.

LATEST QUOTATIONS,

SATURDAY'S SALES

CHRISTCHURCH

RATE ON SOUTH AFRICA. (BRITISH OFFICIAL WIRELESS.) (Received February 5, 5.5 p.m.) RUGBY, February 3. Tho rate of exchange between South Africa and London (South Africa for

FOREIGN EXCHANGES. (BRITISH omCIAL WIHBLISa.) (Received February 5, 5.6 p.m.)

MEAT EXPORT.

REDUCTION IN PRICES.

There has been & reduction in the export schedule for this week for both, lamb and mutton, due to a weakening of the market in England. This week's schedule is as follows: — Lambs—Up to 361b, fi>id a lb; 37-42 lb, 4id; over, 3*d; second quabty 4*d. Wether muttun—Under 4«i b 49-561b, 3id; 57-641b,. 3d; 65,721b, 2fid, over 721b, 2d; seconds, 2jd. Ewe mutton—Up to 481b, lfd; 49-ob lb, lid; 57-641b, lid; over 641b, Id It has been suggested by an exporter that the decline in the prices for lamb was attributable to: a great extent to the falling-off m consumption owing to the outbreak of influenza in England. When this suggestion was referred last evening to Mr V. Jones, chairman of the M eat ducers' Board, he stated that the ad vices of the Board from London received by cable on Saturday, were that the consumption of lamb was satisfactory for the time of the year. There was a pressure to soil by some exporters who had bought atveryJow prices in both Australia and New 4ealand, and who would still make, » handsome profit, snid Mr Boavd had no advice that the m fluenza outbreak had had any serious effects. SMITHFIELD PRICES. The New Zealand Meat Producers' Board has received a message from its I<ondon office, dated February 3, advising that the following are the approximate average prices realised for the week, based on actual transactions of wholesale quantities of the descriptions of meat mentioned, for representative parcels of the goods offering during the we<"k being .for business done on tbo basis of" delivered to Smithflcld haricot and/or ox London stores. (Prices for the two pre vious weeks are also shown);

Lamb Market—Easier owing to heavier arrivals from all sources, and owing to pres--Buro to sell from both Australia and New Zealand. Consumption satisfactory. Mutton Market—Wethers easier owing to competition from heavy Australian lamb at lower prices. Ewes also easier. _ New Zealand Beef—Meeting with less enquiry because of lower prices of Argentine chilled beef. New Zealand Porker Pigs—Prices slightly lower owing to increased supplies of Home killed. New Zealand Baconer Pigs—Nominal. The Bank of New Zealand has received tliov foiowing advice from its London office as at the close of business last week:— Frozen Meat—The market is short of supplies of wether mutton and prices are nominal. The market for ewes is dull." Large supplies of lambs due shortly are . having a weakening effect on tho market. Quotations: Per lb.

Feb . 2. Feb. ■ L a. a. s. a. London (a quartcr)I'obruary 20 "i, 20 2 April 20 2~i 20 o Liverpool (a cental) — March ;. 4 81 4. 7 S May 4 8* 4 n July 4 9-i 4 9

(Received February 5, 7.28 p.m.) CHICAGO, February 4. Cents a bushel. Feb. 2. Feb. 4. May ... ... 47£ 4Gi July 47$ 47 September ... 483 485 New York (cash) ... 56J 533

£ 3. (1. February 3 G 1 3 February 2 .. 6 1 February 1 .. .. 6 1 2-i .Tauuary 31 .. . .. '<> .1 January 30 .. f. .1 5

Buyers. Sellers. £ s. d. £ s. d. N.Z. Government Debentures — per cent. Inscribed, 1938 95 7 0 96 0 0 4i per cent. Bonds, 1938 and 1939 95 10 0 — 6J per cent. Inscribed, 1933 100 0 0 — 5i per cent. Inscrri'>ed, 1937 97 0 0 — 51 per cent. Inscribed, 1934 99 0 0 — 61 per cent. Bonde, 193G — 102 0 0 5i per cent. Bonds, Feb.' and Sept., 1937 100 0 fl — Otlier Debentures — New Brighton Borougb, 6 per cent., 1958 .. — 100 0 0 Chriatehurch Drainage, 5i per cent., 1938-73 — 98 0 0 Chriatcburcli City, Si per tent., 1954 — 93 10 0 Waimakariri River Trust, 52 per cent., 197G —' 100 0 0 Tolapa Bay, 0 per cent., 0 1944 — 100 0 Banks— Adelaide — 5 15 0 Australasia — 9 15 0 Comm. of Aust. 0 14 4 0 14 7 Comm. of Aust. (pref.) 7 16 0 7 18 o Comm. of Sydney 15 0 0 15 10 0 E., S., and A. 4 8 0 4 10 G National of Australasia (£10 paid) 11 15 0 12 0 0 National of Australasia 5 14 0 (£3 paid) 5 11 0 National of N.Z. 3 9 6 3 13 0 Now South "Wales (cum div.) 28 7 6 28 12 G Union of Aust. 7 8 G 7 10 6 New Zealand .. 2 4 1 — *■ Insurance— Mercantile Mutual — 0 17 ■j National 0 14 0 — Now Zealand (cum div.) 2 .5 0 2 5 G South British 2 18 0 2 18 C Loan and Agency— Dalgety end Co. 7 0 0 7 8 0 Goldsbrough, Mort .. 1 3 7 1 3 10 N.Z. Guarantee C'orpn. 0 4 9 0 5 3 United Building Society 0 14 G — Shipping— Huddart-Parkor (pref.) t) 18 0 — Frozen Meat— Canterbury (old.) 4 12 G _ N.Z. Tlefrig. (£1 paid) 0 10 G — 11 N.Z, Itofri-. (10s paid) 0 3 fi 0 3 Gas— Autklund (cum div.) .. 1 0 3 — Ghiifltchurch (ex div.) 1 3 0 — Breweries — Carlton 1 13 0 — New Zealand ... .■ 1 7 3 1 7 9 Staples 1 1 0 1 3 0 Tooths 1 14 2 1 14 3 White Star — 0 8 0 Miscellaneous — Amalgamated Wirclces (coritr.) 1 1 0 — Australian Glass 2 4 9 2 6 3 Bcatb and Co. 0 19 0 1 4 0 Bealli and Co. (Is paid) — 0 2 3 British Tobacco 1 12 0 1 12 4 Colonial Sugar 51 7 G 52 10 0 Dominion Fertiliser 0 9 0 0 11 G Dunlop Rubber 0 1G 6 — Electro. Zino (ord.) .. 0 1G G 0 1G 11 Electro. Zinc (pref.) .. 1 7 4 . 1 7 7 Glenmore Brick and Tilo — 0 15 0 Greater Crystal Palace 0 12 3 — Henry Jones Co-op. .. 1 1G 0 1 17 0 Herald and Weekly Times 2 14 0 — Kauri Timber 0 11 0 . 0 14 3 Mason, Struthers (£1 paid) 0 5 0 ■ — Mason, Stiuthers (14s paid) •• — 0 7 0 Moturoa On 0 3 10 0 4 s Mount Lyr.ll 0 19 11 1 0 3 N.Z. Paper Mills 1 1 G — Taranaki Oil 0 1 0 0 2 !) • Wilson'a Cement 1 6 9 1 9 0 Woolworths (N.Z.), pref. , 1 8 G — Mining— Consolidated 0 9 0 Alexander (contr.) 0 15 G 0 17 0 Big River — 0 1 2 Blackwatcr 0 18 S 0 19 11 Gillespie's Beach 0 1 0 0 1 1 Golden Dawn 0 3 8 0 i 0 Golden Point 0 0 3 0 0 4 Golden Sands 0 2 9 0 3 0 King- Solomon . — 0 2 3 Mahakipawa .. .. 0 0 U 0 0 o Mahakipawa (prof.) '.. 0 0 2 0 0 5$ Nokomai * 0 5 8J 0 5 95 Okarito 0 8 10 0 9 1 Waiht 1 1 G 1 1 11 AVaihi Grsnd Junction 0 3 7 0 3 11 Waitalui 0 4 4 o r, 0

UNOFFICIAL LIST CHRISTCHURCH. All transactions in stocks quoted in this list are subject to double rate of brokerage and are not quoted on the official list. Buyers. Sellers. £ a. d. £ s. d. Bell Hill Sluicing 0 1 0 0 3 0 I>aparoa Coal 0 10 0 10 0 AUCKLAND. on the Auckland Stock Exclianffo on Thursday for shares and debentures not quoted on the official list are:— Buyajrs. Sellers. £ s. d. £ B. d. Auckland T.C, (deb.) .. t>6 0 0 90 0 0 Auckland Trust Company — 3 15 0 British and Foreign Concessions . — 0 15 6 Brunner Collieries (deb.) — SO 0 0 Brunner Coll. (shares) — 0 12 6 Dominion Brewery 0 G 6 — Loyal Tobacco — 0 13 0 Mamaku Forests — 0 12 G Matakana Kadiata — 10 0 0 N.A.T. Motors — 0 5 6 Napier Brewery 0 1G 0 — National Tobacco Co. (ex div.) 2 13 G 1 1 0 Xew Zealand Newspapers o ia 9 Pacific Fovcfls — 0 12 6 Paparoa Coa! --f 0 7. « .— Kodwood Forests (deb^ — 22 10 0 Southern Cross Aisurame n o n 0 2 G Southern Cross Investment arid 31 nra.1 Development. Society .. — n G 0 Sun . Newe-papers 0 2 G 0 4 0 Tauralign. Tobacco — 0 10 0 Weres, 5s paid n 3 0 0 4 0 Wilton Collieries 0 1 0 0 6 0 Woohvorlhs (N.Z.) 2 5 n — \V. B. Cooks — 0 6 0

Sales oil 'Change— d. £ 8. New Zealand Breweries ... 1 7 G Tooth's Brewery 1 14 3 AUCKLAND. £ S. d. Sales on 'Change— N.Z. Government Stock, 1938, 44 per cent. 9a .10 0 Commercial Bank (pref.) .. 7 15 0 Bank of N.S.W. 28 5 0 Bank of N.Z. 2 4 9 South British .. 2 18 6 N.Z. Drug 2 16 G Wilson's Cement 1 8 0 Black water . (2) 1 0 0 Golden Point 0 0 3i Waihi 1 1 6 Waihi Junction . • 0 3 9 AUCKLAND. Sales Reported- £ s. d. Grand Junction 0 3 y Waihi 1 1 Blackwater 1 0 0 Bank of New Zealand 2 4 y Kempthorne, Prosser 1 16 0 South British ... ••• 1 18 (> Commercial Bank (pref.) 7 15 0 Bank of New South Wales 28 5 0 Government Stock, 4$ per 95 10 0 cent., 1938 ... WELLINGTON. Sales Reported (all late Friday)— Inscribed Stock, 5i per £ s. < a. 90 0 0 cent., 1930, ox interest New Zealand Breweries ... 1 7 L 7 6 9 DUNEDIN. Sale Reported:— a. £ 5. Golden Progress 0 2 0 DIVIDENDS DUE. JJ'is Majesty's Arcade —Pref., 5 1-5 p.c. p.a., ord. 6 p.c. Feb. p.a. 3 British Tobacco —Pref., qrty., Feb. p.c. p.a. 3 Farmers' Co-op. Auctioneering—Interim, A and B Feb. prefs., 6 p.c. p.a. 3 Commercial Bank of Australia —Interim, pref., 2 Feb. p.c.; ord., 2£ p.c. 3 Christchurch Gas —Final, 6 Feb. 3 p.c. p.a. Auckland Gas—Final, 2i p.c. Feb. 7 Wellington Gas—Final, 8 p.c. p.a. Feb. 7 New Zealand Insurance —InFeb. terim Is a share 8 Broken Hill South—Interim, Feb. 10 Is a share Queensland National Bank Feb. Interim, 4 p.c. p.a. 16 •Commercial Bank of Sydney —Interim, 5 p.c. p.a.

£100 sterling) is:— £ b. d. February 3 .. 99 17 G to .. 100 17 6 February 1 • • .. 99 17 « to .. 100 17 6 January 27 .. 99 17 6 to .. 100 17 6 January 26 .. 99 17 0 to .. 100 17 6 January 23 .. 09 7 '.6 to _ 100 17 6 January 22 .. .. 99 17 6 to .. 100 17 6 MOUNT LYELL quotations" (UNITED Hi ess association —BY ELECTRIC TELEGRAPH —COPYRIGHT.) LONDON, February 3. Mount Lycll stock is quoted as f.ollows:— s d. February 3 ... 16 6 February 2 .. 16 14 February 1 .. 10 3 January 31 .. 1(5 4 January 26 ... 16 101 'January 20 .. 16 10* P. AND 0. STOCK. (CHITEB TRESS . ASSOCIATION—BY ELECTRIC TELEGEArH —COPYRIGHT.) LONDON, February 3. P. and 0. deferred stock is quoted as follows: — s. d. , February 3 . .. 16 10* February 1 . .. 16 6 January 31 ' .. 16 6i : January 30 ... .. 16 7i January 28 ' 16 i v January 26 16 6

RTJGBY, February 3. Par. Feb. 2. Feb. 3. Paris, £r. to £1 124.31 87 S7 New 5forlc, dol. to £1 4.866 3.39S 3.39 11-16 Montreal, dt>l. to £1 4.8G6 4.02 4.02 Brussels, belgas to £1 35 24 13-32 24.44J Geneva, fr. to £1 .. 25.2215 17.361 17.G1J Amsterdam, fl. to £1 12.107 8.45 8.45 Milan, lire to £1 93.43 66 7-16 66 7-16 Berlin, reichmarken to £1 20.43 14 9-32 14.29i Stockholm, kr. to £1 18.169 18.44J 18 15-32 Copenhagen, kr to £1 18.159 22.40 22.40 Oslo, kr. to £1 18.169 19J 19'j Prague, kr. to, £1 .. 161.25 114J 114 Warsaw, par " zlotys to £1, . .. 43.38 30.31 — Vienna, sctigs. to £1 34.583 29J 29i (nom.) (nom) Hclsingfors, marliB to 227 ; 227 £1 193.23 Madrid, pesetaB to £1 25.2215 ' 41g 417-16 Athens, drach to £1 375 600 600 Lisbon, escudcs to £1 . ... 110 " 130 110 Bucharest, lei to £1 813.6 570 575 Pt'lgrade, dinars 23.2215 250 250 Tlio de Janeiro, pence to milreis 5.892 53 53 (nom.) (nom.) Buenos Aires, pence to dol. ... . .. 47.37T 415 413 (official) (ofiiciaD Montevideo, pence 16 dol .. r-i 31 34 (nom.) (nom.) Ralavia (guilder) .. 12.107 .8.43* — Bombay, pence- to riroeo . . . ■ IS 18 5-32 IS 5-32 Shanghai, pence to tael ■ » 00 3-16 20| Hon" Kong, pence to dol. * 158 1SJ Yokohama, pence to yon 34.56 14 15-16 * Determined by price of silver.

" Feb. Jan. Jan. ' 3. 27. 20. . . Per lb. , d. d. d. K.Z. Sheep — • ' ' ' . ' .. ' " Canterbury and North Island selected crossbred wether* ( aDd maiden ewes— 48-56W ' " V ' f! 42 41 57-64lb • •• .M 5 5 05-7-21b •• -• *2 5 5 North Island — 48-56lb .. 4£ *i 57-641H .. •• 5 5 C5-72lb -• •• 4 2 5 S Ewes — _ R 48lb and under .. 3i 3J 48-64lb .. » 3 34 65-72lb ... >• 2| 25 -8 N.Z. Lambs— ' Canterbury— 1 Second Quality: 45 5i Average 30l!> .. _ •• , New Season's Selected Ifcortli Island Brands (including Downs) — 7i 861b and under .. 74 37-42lb -• .. 6i 71 7£ Second Quality: 64 64 Average SOlb • • Other North Island brands — First Quality: 71 36lb and under ,. 7 37-421b .. "6 Ci Second Quality: ' 6i 61 Average 30lb . • 5j Australian Lamb* (new ■sea son's) — Victorian— First quality: 6 Sfilb and under .. 5g 37-42lb .. .. 4| 6 Argentine Lambs (new season's) — First quality: ' 861b and under .. 5|". 51 54 87-421b ..6. 5 Si N.Z. Beef34 3 Ox fores ... .. S| Ox hinds „. .. 3J si 3f Argentine Chilled Beef— ~ a 4i Ox fores .. . ■ 3J Ox hinds .. v. .S| : 6 6 Atstraliar. Frozen Beef— • 33 Ox crops, over 1001b .. 3f 'n Ox hinds, over 1601b' .. * 3| .,31 35 N.Z. Prime Porker Pigs— 61 6i 6Q-80lb .. •• 81-lOOlb •• 53 58 Si 101-1201V .. M '61 51 N.Z. Baconer Pigs— 120-1601b .. .- 5 5 S

Wethersd. d. Light .. 4} to 6 Heavy .. .. 4 .to 4$ E-wes .. 2| to 8g Lambs— • 2'fl .. . .... ? to 7J S'S ... . .. 6| to 6| I's ., * .. 6 to 6i Seconds .... ...6,to6i