FINANCE AND COMMERCE.

Press, Volume LXIX, Issue 20921, 31 July 1933, Page 11

FINANCE AND COMMERCE.

■WOOL PUICES.

FIXATION PROPOSAL CRITICISED. EFFECT OF MR LANG'S POLITICS. OSITED PR* 39 ASSOCIATION—BY Et,ECTBIC TELEGRAPH COTYEIGHT.) (Received July 30, 7.15 p.m.) SYDNEY, July 29. Mr Andrew Williamson, at the annual meeting of the Australian Estates Mortgage Company, quoted extensively from the Wool Enquiries Investigation Committee's costs of wool production. He welcomed the wise decisions against the suggested attempt to fix wool prices. He said that any artificial measures seeking to raise nrices by withholding offerings would be extremely dangerous. The idea of arbitrarily fixing selling prices was economically unsound. There should be three objectives in the efforts to restore Australia's key industry. First, to cut all controllaWe costs to a minimum consistent v.-i'h efficiency, while Dressing the governments in their own interests to reduce their expenditures; second, encouragement of research relating to pastures and standards of flocks; third, to continue to accept market prices. „.,.., , The sacrifices Australia had made to adjust internal conditions to the catastrophic fall in prices deserved the highest praise. Referring to the high interest tm Australian loans awaiting conversion in London, Mr Williamson said that this might have been done profitably in 1930 if it had not been for Mr Lang's attitude advocating repudiation. In this way alone Australia had had ,o pay an additional four or five millions yearly in the last three years.

MEAT EXPORT.

PROGRESS OF KILLINGS

Killings for export at all works during the 1932-33 season, from October 1 to July 15, are reported by the Meat Producers' Board as follows, the figures for the corresponding period last season being also provided:—

THE SALES TAX

YIELD OF £200,000 A MONTH. (THE PEBBB Special Senrice.J WELLINGTON, July 29. The Minister for Finance (the Bt. Hon. J. G. Coates) questioned regarding features of the last quarter's public accounts was unable to give final •figures, but he provided an interesting indication as to how the newest tax is assisting revenue. It was estimated that the sales tax should produce about £200,000 monthly and the quarter's figures will show that the estimate was approximately right. "I have no reason to believe that it will be below or much above it, explained Mr Coates. "The figures ■will cover the slackest period, but v. c are approaching the best part of tne business year."

FURTHER EXEMPTIONS

Further exemptions from the provisions of the sales tax, notified in the Gazette, are as follows: Strawboard, cut to sizes specially suitable for the manufacture of fruit cases, as approved by the Minister, provided that a declaration is delivered to a collector that it will be used only for packing fruit; annatto; medals to be presented by the New Zealand Jersey Cattle Breeders' Association, _or by similar associations or societies approved by the Minister; hand sheepshears; tags or labels for affixing ij carcases; zinc shavings: goods whether manufactured in New Zealand or imported, which if imported would t>e included under the following items oi the Customs Tariff: 287. Emery-paper, emery-cloth, and glass-paper, cut into shapes, in rolls, or in sheets. 351 u> Bnery and similar grinding machines, tuiery and similar wheels.

CALIFORNIAN FRUIT.

I'o'Oß TRICES REALISED. A small part of the shipment of freah fruit from California landed in New Zealand by the Makura, arrived in the Ciristchurch markets last W«ek. About 130 cases of the fruit— Plums, auricots, and cherries-were Offered for sale in Christchurch, but Very poor prices were realised, ine #ums and japricots were in fair conation, cherries were almost ;. '©saleable. iThia wa 's the second shipment of : jMi fmit from California this year. !'■ fit according to merchants it is not >*:; Wg&y that a nreat deal, if any more, imported during the season.

WORLD CONFERENCE ON GRAIN.

ATTACK ON POOLS. FEW NEW .MARKETS OPEN. (Received July 30, 9.40 p.m.; REGINA, July 28. At the World's Grain Conference today. Major H. G. L. Strange, of Alberta, a grain company statistician, declared that proposals for export quotas were only "a slightly camouflaged form of compulsory pool." He added that the pooling of wheat in Canada and the formation of the United States Federal Farm Board "have been disastrous failures, and have led to antagonism in European countries. Mr L. C. Brouillette, president of the Saskatchewan Wheat Pool, and Mr L. D. Nesbitt, of the Alberta Wheat Pool, registered their protests, claiming that the remarks about the pools were unjustified. The conference heard an outline of Australia's methods of marketing by the Minister of Commerce, Mr F. H. Stewart. Mr C. W. Petersen, a Calgary agriculturist, said he could see few new markets within the immediate future, with little prospect of the wheat demand overtaking production. The Orient could not be considered as a i new mn , ° ' for rrrny wars. Chinese, fn'.•"';::"■'■.■, ' > ;•' rv •" "ov soo'.iniT pro- ' ' .■•';(.'' • ..-.'.T.it Hv imporcn'r'n of j wheai, particularly from Australia: and Argentina. WORLD WHEAT SHOW. MANY PRIZES AVON BY CANADA. (Received July 30, 7.15 p.m.) REGINA, July 28. Seven Canadian provinces and three counties took all the 57 first place awards at the World's Grain Exhibition, including wheat, oats, barley, corn, rye, buckwheat, rice, millet, field peas, field beans, soy beans, flax, hemp, grasses of all kinds, and field roots. The competitive classes, all judged in the first week, show the winners as follows:—United States. 13; British Columbia, 12; Alberta, 9; Ontario, 7; Saskatchewan, 7; Manitoba, 3; New Brunswick. 2; Prince Edward Island, 1; Australia, 1: Northern Ireland, 1; Siam, 1. Australia scored in whitespring wheat. CHICAGO MARKET. LOWER QUOTATIONS. CHICAGO, July 29. Futures are quoted: Cents a bushel. Julv27. July 29. July .. ..104 94 September .. .. 107} 97J December .. .. 110-1 1001 May .. 1143 104} New York (cash) .. ALLOTMENT OF TREASURY BILLS. (BHITISH OFFICIAL SVITIEI.ZSSJ (Received July 30, 5.5 p.m.) RUGBY, July 28. Applications for Treasury Bills today totalled £81,475,000. The amount allotted at three months was £40,000,009 at an average rate per cent, of Cs 11.68 d, compared with 6s 5.42 d last week. BREWING TRADE. TAXATION CHARGES. At a meeting in Auckland of Dominion Breweries, Limited, a resolution providing for a reduction of capital from £250,000 in shares of £1 each to £IOO,OOO divided into 100,000 shares of 12s 6d each was submitted. The meeting was adjourned for a month. Referring to the loss of £14,002 for i the year, the chairman said a considi erable amount consisted of debit balances brought forward, and the directors thought it advisable to extinguish these accounts altogether. There was a debit balance in the appropriation account of £8566. "The turnover for the years shows a substantial increase over the preceding year, and April, May, June, and July of this year show an increase of about 20 per cent, over the same months of last year," said Mr Rentiers "However, the cost of obtaining any increase in turnover is heavy; while the margin of profit, owing to excessive taxation, is not sufficicntly large to counteract this increased cost. It is evident that with a return to anything like normal trading conditions] the company will reap the full benefit from the increase in turnover. Mr H J. Kelliher. managing diree- \ tor. said the hotel trade and brewing industry had to contend with abnormal conditions, over which the director had no control. The present unsaa*factory results were due to loss of the community's purchasing power the tremendous direct and indirect taxation suffered by the trade, and the difinvolved in establishing a large business. Had the _ company, during its three years of existence: •x----nerienced anything like normal tradfng conditions, there was every reason to assume that results would ha.e hr-ri highly satisfactory. "If there is the slightest improve„.V* in General condit ons and the Sf he" trade is justly entitled ta Kortune that we had to meet grout Acuities during the early stages ol our existence." NELSON'S OLDEST FIRM. CONTROL CHANGES HANDS. u . il£: ,s A-jaocivn,:: tei.kguam.i NELSON. July 2!). A change in the ownership of Nelson's oldest mercantile firm J- «• Cock and Co., established in 1842. is announced, the business passing mto the ' „,. of Ml - F S. Johns, manager of the busincbs director T STAncho 'Shying and Foundry Company All three new partners aie V.' ...„~ in a rlf» to Mr H. C L-OCK, sentation v,a- ma* o cord ial relaand tributes paid to the c t io n S wJ^^ d a * d W staff. Good tween Mr cock b • m r iS^ti«ment X Associated "with the his retirement d j JohnSi presentation wa * the „ rm in It Wellington. w h c ffs grandfather's 1879. inj^ r wiH retain his positime. Mr £<*£*,{ Sector of the Anc& Company.

MINING

AMALGAMATED KAWARAy COMPANY, Mr H. Credgington. director of the Amalgamated Kawarau Gold Mining! Company, Ltd., reports that the legal difficulties that had arisen regarding the amalgamation of the many subsidiary companies and syndicates had been overcome, and the 1 statutory meeting would take place in Dunedin on August IC. An office will be opened in Dunedin, which will eventually become the headquarters of the company. It is expected that the application list for shares in the new issue will be opened early in September. Preference will be given to applications from original claimholders and old shareholders. BROKEN HILL PROPRIETARY. (rEE33 ASSOCIATION TEI.BGBAM.) WELLINGTON, July 30. A message has been received by the Stock Exchange Association from the Broken Hill Proprietary Company, stating that subject to audit the net profit for the year ended May 31. 1933. is £313,617 3s 3d, after providing £300,480 13s Id for depreciation and £34,127 13s 6d for debenture interest. [The net profit for the preceding year was £103,720. after providing £252,590 for depreciation and £129.359 for debenture interest. The actual financial improvement on the 1931 year was .P. 282.285. The policy of the ).'■■ .vc: Ins V-:-n to redeem dob r :ntuves rather thvi paying a dividend, the company in any case being bound under the trust deed to pay off a certain amount of debentures every year. The last dividend (10 per cent.) was paid in 1929.J NEW OTAGO QUARTZ COMPANY. A new company is being formed in Dunedin to work the Barewood reefs on the Otago Central line, near Husdon. Mining commenced at Barewood in 1890, and continued under private control for some years, the recovery averaging from 7dwt to 17dwt a ton. After a break work was recommenced ii 1902, and in the three years to 1905 a five-stamp battery treated 7706 tons for a recovery of 46030z (valued at £3 17s 6d an ounce) £17.872. Dividends of £2BOO were paid in that time.

UNEMPLOYED PROSPECTING

At a meeting at Woodstock (near Kumara) last week it was decided to form a West Coast Prospectors' Association. Mr J. O'Brien, M.P., stated at the meeting, which was attended by about 70 miners, that there were about 250 miners receiving subsidy in the Grey district, and up to 100 in Westland. It was estimated that nearly 200 were digging for gold in the Grey district who were not receiving any subsidy, and it would be a conservative estimate to say that about 150 were digging in Westland who were not receiving any assistance. There were 40 rr-n on the Wataroa river and only 25 of them were subsidised. It was thus apparent that some 700 men were either getting a living, or attempting to get one, in the gold mining industryIt has been decided to establish a miners' camp at Winding Creek, near the King Solomon mine, at Waikaia. The Unemployment Board will not provide camping equipment for the men, but has made a grant towards the cost of mining equipment, this amount to be repaid out of gold won. The men will victual themselves and will receive an allowance from the board of 28s 6d per week. Ten per cent, of the value of the gold won will be taken by the board, but until .he cost of equipment has been repaid the board will take 50 per cent, of the returns. The men who have volunteered to join the camp have in most cases had experience in prospecting. Big quantities of gold were obtained in the early days by sluicing in this area. BELL HILL COMPANY. The Bell Hill Gold Sluicing Company's mine manager reports that a wadvup of 42J ounces has been made. LAWSOVS FLAT COMPANY. Following a complete reorganisation of the working of the claim, the directors have made arrangements with Mr George Linklater to take over the management, and he will commence his duties almost immediately. Me Linklater is well known as a mine manager. His experience extends over a period of 25 years, a large part of this time being spent in control of various sluicing operations on the West Coast.

LONG TRAIL COMPANY

The mine manager reports as follows for the week ending July 13: In surface drive sinking new winze beyond McNeil's winze have a further six feet to sink to get under and cut reef in solid country, from which we took rich ore in this drive. Low Level—Have carried up rise here on reef and holed through into intermediate level for ventilation. Reef continues about four teet wide, carrying gold. Very doubtful if this is the reef from which we took the rich ore in the surface drive. I can ascertain this only by putting up a rise to connect with Adams's winze on suriuce drive, and will start this as soon as two more men commence work next Monday. Can now start breaking quartz from low level for battery, which will start crushing as soon as we can haul quartz next week. All mine and battery materials and horse feed are now at the mine. Red Trail—Last week we dish-sam-pled leader in this claim and obtained fairly good prospects from the No. 3 drive. Given fair weather for haulage of cuarlz returns from the battery will shortly be available. PRICE OF GOLD. LONDON. July 28. Gold (a fine ounce) is quoted as follows: — £ s. d.

PRICE OF SILVER. (BFUTISK OmCUi, WIRBLSSS.) (Received July 30, 5.5 p.m.) RUGBY, July 28. Silver ipence an ounce) is quoted: July 27. July 28. Soot .. 18.1 10 « Forward .. 18 3-16 18 7-10

CHRISTCHURCH STOCK| EXCHANGE.

SATURDAY'S TRANSACTIONS. ! On the Stock Exchange on Saturday J there was a moderate turnover in a j. few stocks and markets were firm, j Transactions, exclusive o£ vestibule business, were: — j ( £485 N.Z. Govt. 4 p.c. Ins., 1940 ! £2OO N.Z. Govt. 4 p.c. bonds. 1940 , , £4OO N.Z. Govt. 4 p.c. Ins., 1948 ! £1365 N.Z. Govt. 4 p.c. Ins., 19.™ i , 300 Com. Bank ot Aust, (cum di\M '■■ 50 Com. Bonk of Sydney (ex div." 10 Natl. Bank of A'asia (£lO pdJ 400 N.Z. Guarantee Corporation ) 1100 N.Z. Refrig. (10s paid) j 300 New Zealand Breweries j 140 Beath and Co. | 200 uig River 300 King Solomon 500 Lawson's Flat (Is paid) £2OO N.Z. Farmers' Co-op. 4i P-c----stock, 1940 . New Zealand Government 4 per cent stock due 1940 changed hands at £IOO 15s; the 1946 at £lOl and £lOl as; the 1955 at £IOO 7s 6d and £IOO 10s, and | the 1946 bonds at £lOl ss. ', Commercial Bank of Australia, cum : dividend, were firm with dealings at j 16s (id and further buyers at that price. . Commercial Bank of Sydney, ex divi- : dend, were firm with buyer and busi- ■ ness at £l7. National Bank of Aus-. tialasia fully-paid shares had business; at £l2 19s, and more were wanted at j £l2 18s 6d, sellers at £l3. j Miscellaneous. i National Insurance shares were firmer , on buyers' oilers 17s. Buyers of South ) British Insurance shares raised '.heir > bids to 69s 6d without attracting ; sellers. New Zealand Guarantee Cor- | poration shares remained at 6s Bd, buy- j ers staying in at that figure, sellers at , 6s lOd. New Zealand Refrigerating 10s | paid shares were fractionally firmer at j 7s and more were offered at that figure, i buyers at 6s lid. j New Zealand Breweries were fractionally weaker with sellers and dealings at 33s sd, buyers at 33s 4d. Beath and Company shares were firm with buyers and business at 275, sellers nt 28s. Sellers of Electrolytic Zinc preference reduced their limits to 32s 3d and sellers of the ordinary came down to 22s 9d. Mount Lyell were easier with sellers at 22s Id. New Zealand Farmers' Co-op 4£ per cent, slock due 1940 changed hands at £63 10s. Big River Gold Mining shares were a shade easier at Is 6Jd, and more were offered at Is 7d, buyers at Is 5Jd. King Solomons were firm at 2s. Lawson's Flat, Is paid, remained unaltered with buyers and business at is 3d. Buyers of Waihi Gold Mining shares moved up to 23s without attracting sellers Unlisted Stocks. Bell Hoopers were firm with dealings at 9Jd and 9d. closing quotations B£d buyers, 9d sellers. I I ! LATEST QUOTATIONS. | i

UNLISTED STOCKS. AIL transactions in stocks quoted in this section are subject to double rate of brokerage and are not quoted on the official list.

SATURDAY'S SALES. CHRISTCHURCH. Sales on 'Change.

Sales Reported. N.Z. Govt 4 p.c. Ins., 1950 100 15 0 N.Z. Govt. 4 p.c. bonds, 1946 .. 101 5 0 N.Z. Govt. 4 p.c. Ins., 1946 101 5 0 N.Z. Govt. 4 p.c. Ins., 1955 100 7 6 100 10 0 N.Z. Re/rig. (10s paid) .. 0 7 0 N.Z. Farmers' Co-op. 4J p.c. stock, 1940 " .. 63 10 0 AUCKLAND. Sales on 'Change.

WELLINGTON.

DUNEDIN. Sale on 'Change. £ s. d. Nokouiui .. .. 0 4 8 Sales Reported. Bank ci' New Zealand .. 2 9 '2 W'cstport Coal .. 0 13 3 Waihi . ..123 Union Bunk . . .. 9 7 0 Unlisted Stocks. Beli-Hoopcr .. .. 0 0 9 SYDNEY. Sales on the Sydney Stock Exchange on Saturday were:— £ s. d.

j WAR LOAN STOCK. I ! (Received Julv 30, 7.30 p.m.) j RUGBY, July 28. ', British 31 per cent. War Loan stock I is quoted as follows: 1 £ s. d. j July 28 .. .. SSIB 9 July 2G .. 98 18 9 I Julv 25 .. .. 09 1 3 j July 24 .. .. 99 0 0 . July 21 .. 93 12 6 ! July 20 .. 98 12 6 | LONDON MARKETS. LONDON, July 29. Closing prices were:— Cotton- Spot 6.47 d, August 6.13 d. nubber Para siid, plantation smoked 3 27-32 d. Jute-July and August, £l6 sf. Copra—Julv and August, South Sea £lO 12s 0d: plantation, Rabaul, £lO 15s. Linseed Oil—->; 22 10:-. Turpcnlinc—£2 8s 3d. POULTRY PRODUCERS, LTD. Tlii) I'miiirlMiry (loop. Poultry Producers, Ltd., report Unit large consignments of poultry came f'jrv. ar<l fur their fair?: on Wednesday and Friday, and bidding was particularly liof-n and all binln were disposed of at *ati.<f.'i<'tory prices. As National Week is fai-l approaching, clients aru advised to forward their consignments for this market in time fur next Wedncisday's sale. In the pabt it; has been customary for the majority of sellers to wait until tlio last day with a result that the buyers aro unable (o complete, their orders in time. Tlio following prices were realised a pair: Hens-, light to d.«, hoary to Ss; chicken, light to "is, heairy to Ps; ducklings to 7a 6d, ducks t,. (is (Id: gosling? to 7s 6d. geese to 6s 6d: turkey i, bans to lis, gobblers to 22s 6d. —6

FROZEN MEAT.

SMITHFIELD MARKET. The Xew Zealand Meat Producers' Board Has received a message from ite London office, dated July 38, advising that the following are the approximate average prices realised for the week baaed on actual transactions of wholesale quantities of the descriptions of meat mentioned and are for representative parcels of the goods offering during the week, being for business dono on the basis of delivered to Smilhfield market and/or os London Btores (prices for the two previous weeks aro also shown):

Per lb. July July July S3. 21. It. a. d. d.

120-1601b ..48 4J 4J Lamb Market—Steady, with good undertone. Mutton Market—Wethers: Steady, with /rood demand. Kwcb: Market dull. Beof Market—Trade slow owing to low prices of Argentine chilled boef. Now Zoaland Porker Pig*—Market dull, with very little business doing. Now Zealand Baconer Pigs—lfsrket steady and unchanged.

The Bank of New Zealand has received tho following advice from ita London offica, as at the close of business last wetlc: Frozen Meat—There- is a good demand for light-weight wether mutton. The market for ewes is affected by heavy supplies, cheaper meut being available from other oourcos. There is a little better demand for lambs. The market is steady and no material change is expected yet. Trade is affected by hot weather. Wotbers— d. < j > Jj'Sht .. .. 3*B to 5* Heavy .. .. „. 3 to 38 , Kw es .. .. .. 2J to 3i Lain os—- ~,' 3 61 to 68 f," •• -. .. 68 to 63 4 i • • • • .. 6 to 6J Seconds .. .. 5J to 6 FOREIGN EXCHANGES. (BRITISH 07MCZAL WIBJSLIS9.) (Received July 30, 3.5 p.m.) RUGBY, July 28. Par. July 27. July 28. Pans, fr. to £1 .. 124.21 85 1-32 85 11-32 Now York, dol. to £1 4.866 4.58$ 4.64J Montreal, dol. to £1 4.866 4.88J 4.K3 Brussels, bolgas to XI 35 23.85 Q3.0 J Uuneva, fr. to £1 .. 25.2215 17.16J 17.26J Amsterdam, fi. to £1 12.107 8.04 8.27 Milan, lire to £1 .. 5.6-1 63 3-32 631 Berlin, reichmarken to £.» .. .. 20.43 ~ 13.05 Stockholm, kr. to £1 18.159 13.371 19.874 Copenhagen, kr. to £1 18.159 22.40 22.40 Oslo, kr. to £1 .. 18.359 19.90 192 Vienna, *chge. to £1 34.585 CO c/j fnom.) (nom.) Plague, kr. to £j .. 164.25 -• 112J Helsiugfois, marks to £1 .. .. 193.29 226 i 220} Madrid, pesetas to £1 .. .. 15.2215 s9l 40 Lisbon, cßcudos to ±1 .. ..110 110 UO Athens, orach to il 876 687J 6S7A Bucharest, lei to £1 318.6 56S 560 Belgrado, dinars .. 25.2215 245 245 Rio de Janeiro, pence tc milreia .. 4.802 4j 4g (official) (official) Buenos Aires, pence to del. .. 53.577 42 42 (official) (official) Montevideo, i.euce to dol. .. .. :•: 3* 34 <nota.) (nofia.) tiombay, pence to rupeo .. ..19 i 8 5-64 18 561 Shanghai, pence to dol ' 15 3-16 15 3-10 lions? Kong, pence to dol * 1613-16 17J Yokohama, ponoa to yen .. .. 24.53 14 J 142 Warsaw, par rlotys to £1 .. iCM 29.52 Butavia, guilder .. 12.107 832 8.23 j "' Determined by price of silver.

METALS MARKET.

HIDES AND SKINS SALE.

WELLINGTON PRICES. At the usual fortnightly sale of hides and skins at Wellington on Friday, good catalogues of sheepskins and hides were offered to a large attendance of buyers, and the competition was animated. Sheepskins, in sympathy with the easier tendency of crossbred wools, showed a decline of jd to id per lb. Hides were well competed for, but the tanning section was not as keen to secure lots as at the last sale, and prices eased off slightly, cow hides being 3d to id per lb easier, and ox hides, with the exception of medium weights, showed a similar decline. Medium-weight ox hides sold at the level of last sale. Kip and yearling skins were very firm, light-weights showing a slight advance and medium and heavy-weight kip remaining at par. Calfskins were in strong demand at slightly better figures. Tallow showed a hardening tendency, and an advance in price of up to Is per cwt was obtainable for good lots. The range of prices was as follows: Dry Sheepskins—Halfbred, 6Jd to 7Jd per lb; fine crossbred, 4}d to 7d; medium, 4d to 6d; coarse, 2d to sd; halfwools, 3d to 6{d; quarter wools, 2}d to 4Jd; pelts, lid to 3Jd. Salted skins: Halfwools, 3s 6d each; three-quarter wools, 3s 6d to 4s 2d. Hides: Ox, 331b to 441b, sgd to 6d per lb; 451b to 521b, 5d to 6id; 531b to 591b, 5d to 6gd; 601b to 691b, sid to 6sd; 701b and over, 5Jd to 6jd: cow, 331b to 391b. 4|d to 6d; 401b to 481b, 2?d to 6id; 491b and over, 2Jd to 6d; kip. 251b to 321b, ljd to 7|d; 171b to 241b, Id to BJd; yearling, 111b to 161b, Id to BiSd; calf, 91b to 101b, 6ld to Bgd; 61b to 81b, 5d to 12Jd; lib to 51b, 64d to 12d. Tallow—ln casks. 17b 9d to 19s 3d; in tins, etc., 8s to 15s 6d. Sundries—Cow tails, 6Jd; horse hair, 12Jd to 14d.

RABBITSKIN SALES,

The fourth rabbitskin sale of the season was held at Wellington on Friday before the usual attendance of buyers and exporters. There was an absence of American orders on the market, and in sympathy-with recent southern sales, prices eased slightly on last sale rates. Prime and first winter bucks sold up to 77d, and prime and first winter does up to 41d; first incoming to 35d, outgoing bucks to 26d, and outgoing does to 15Jd. The following is the range of prices:—Runners, 4d to 4Jd per lb; light racks, 8d to BJd; prime racks to Bid; early autumns, to 16Jd; late autumns, 20d to 22d; autumns, 12d to 12jd; downy autumns, to lid; first incoming. 30d to 35d; first early winter, 4.5 d to 48d; prime bucks, 76Jd to 77d: first bucks, 75d to 76d; prime does, 40d to 41d; first does, 30d to 34} d; outgoing bucks, 24Jd to 26d; outgoing does, to 15jd; milky, 8d to BJd; summers, to 5Jd; spotted winter, to 24d; hareskins, 5Jd to 6Jd; late winters, to 32d; winter weevily, 6d to 7d.

DAIRY PRODUCE.

LONDON QUOTATIONS. The New Zealand Dairy Produce Board has received the following market report from its London office dated July 28: — ButtcT —N ew Zealand, salted 83s to 84s (last week 78b to 79b). 82s to 848 equals approximately 9id f.o.b. Unßalted, 80b to 86b (80s to 83b), first whey 76s (74s>, wcond whey 74s (72e). Australian, salted 81s to 83s (77s to 795), unsalted 80s to 84s (80s to 82b). Argentine, unsalted 77s to 80* (76s to 78a). Danish, 80a f.0.b., 98a to 100 a spot (755, 955, to 975). Dutch, unaaltod Ma to 98s (92s to 965). Estbonian, 73s to 74s (72s to 735). Latvian. 73s to 745, to 76s (72s to 73e). Siberian. 72s to 74s (70s). UVranian, 70s (68b). Lithuanian, 78a to 74a to 76s (70s to 78s). Market Arm. Retail prices unchanged. Cheese—New Zealand, whlto 49b to 40a 6d (51d f.0.b.) (48a 6d to 4B»), coloured «• to 52s (5Jd f.0.b.) (51s to 52s>. Market steady Retail price unchanged. Canadian white 67a to 68s (64s to 698), new season's ■whit* 51s to 56s (51s to 58s), coloured 54s (52s to 58s) c.i.f. 68s 6d (555). English, finest farniß 58b to 65s (58i to 65s>. Market quiet. PROPERTY SALE. Ford and Hadfleld, Limited, report that the property situate at No. 13 Mayfleld avenue, fit. Albans, comprising a bungalow of Ave rooms, together with 80 parches of land, which they were to offer for galo by auction on behalf of the ownuer, Mr M. M. Wright, has been sold by them privately to Mr T. G. Oakman. The property iB accordingly withdrawn from sale. —6

North Island. 1932-33. 1931-32. Beef quarters .. 426,353 170,750 Wether mutton .. 923,146 1,309,519 Ewe mutton 548,360 906,738 Lamb 4,180,026 4,189,798 Porkers 255,685 124,860 Baconers 51,732 19,663 Boneless beef .. 344,180 286,002 Sundries 132,195 111,528 South Island. 1932-33. 1931-32. Beef 1,234 8 Wethers 157,561 126,558 Ewes 376,591 535,761 Lamb 4,595,493 4,574.042 Porkers 2,130 661 Baconers 1,534 1,348 Boneless beef .. 62,212 34,606 Sundries 63,607 59,224 Total for Dominion. 1932-33. 1931-32. Beef 427,587 170,758 Wethers 1,080,707 1,436,077 Ewes 924,951 1,442,499 Lamb 8.775,519 8,763,840 Porkers 257,815 125,521 Baconers 53,266 21,011 Boneless beef 406,392 320,608 Sundries 195,802 170,752 Stocks on Hand. Stocks on hand at July 15, compare as follows v.-ith the preceding season:— 1932-33. 1931-32. Beef 181,229 69,636 Wether mutton .. 288.322 319,954 Ewe mutton 292,287 458,526 Lamb 940,167 1,192,009 Porkers 115.300 38.910 Baconers 8.935 5,164 Boneless beef 87,082 143,818 Sundries 45,049 4i,a6Ji

July 28 .. 0 4 3 July 27 .. fi 4 G July 26 .. 6 3 9 July 2.1 .. fi 3 0 Julv 24 .. 6 3 (i July 20 .. 6 4 0

Buyer <t. Sellers. | £ s. d. £ s. d.! N.Z. Government Debentures. V, p.c. Ins.. 1938-43 — 100 5 n 4"p.c. Ins., IP-JO . . 100 12 6 101 S o. 4 p.c. Ins., 1946 and 1949 101 0 0 — 4 p.c. Ins., 1955 100 7 6 100 10 0 4 p.c. Bonds, 1940 and 1946 .. 101 0 0 —- 4 p.c. Bonds, 1949 101 2 (5 4 p.c. Bonds, 1955 100 7 6 100 15 0 Other Debentures. Wright, Stephenson, 5 p.c. Perpetual — B7 10 0 Banks. Adelaide 5 15 0 Australasia 11 12 6 12 15 0 Com. of Aust. (cum div.) 0 1G 6 0 16 7 Com. of Aust. pref., cum div.) 0 16 0 8 13 6 Comm. of Sydney (ex div.» 17 0 0 —- E., S, and A. 5 4 0 5 G 6 Natl. of A'sia. (£10 paid) 12 13 C 13 0 0 Natl, of A'asia (£5 paid) 6 2 6 G 7 0 Natl, of N.Z. 4 2 6 4 7 G New South Wales (cum div.' 32 0 0 32 2 G New Zealand 2 9 1 2 9 G New Zealand ("D"' Mort. shares) .. 1 11 3 — Queensland National 5 7 G — Union of .Aust. (cum div.) 9 G 0 9 10 0 Insurance. National 0 17 0 -- New Zealand (cum div.) 2 11 8 South British 3 9 (i Standard 2 14 0 — Loan and Agency. ChCh. Build. Soc. 10 16 0 Dalgety and Co. .. — 9 7 G Goldsbrough ,Mort 1 6 6 1 7 0 Mutual Benefit 8 8 0 — Natl. Mortgage B 1 5 0 i N.Z. Guar. Corpn. 0 f. 8 0 6 101 Permanent Invest. 7 10 0 I United Build Soc. 0 17 6 0 13 3 Shipping. Huddart. Parker .. 1 10 o P. and O. def. stk. ! I 0 1 4 6 Frozen Meat. Canterbury 8 15 0 9 1 0 Canterbury (pref.) 5 2 6 5 10 0 Gear 1 12 0 1 13 o N.Z. Refrig. (£1 paid) 0 15 9 0 16 3 N.Z. Refrig. <10s paid) 0 6 11 0 7 0 Woollens. Kaiapoi <I7, - pd.) 0 7 G Kaiapoi <7s paid) — 0 2 G Kaiapoi (pref.) 0 12 0 0 1G 0 Coal. Grey Valley 0 13 3 Westport 0 13 ? - — Gas. Christchurch (cum div.) 1 7 0 — Ch.Ch. (10s paid. cum div.) 0 J 3 4 Timaru 1 0 0 -— Breweries. New Zealand 1 13 4 1 13 5 Staples 1 6 2 1 G 6 Timaru (7/6 paid) 0 5 0 0 5 Tooth's 1 13 3 1 19 o Miscellaneous. Aust. Paper and Pulp 1 11 6 1 13 3 Amal.ca. Wircles.j (cont.) 1 2 0 — Aust. Distillery .. 0 10 (I I 0 0 Australian Glass .. 2 7 0 — Death and Co. 1 7 0 1 8 0 Beath and Co. 'Is paid) 0 5 7 0 5 9 Ecnth and Co. <prcf.) 1 2 0 1 5 0 British Tobacco .. 1 14 3 1 15 0 British Tobacco (pref., cum div.) 1 2 0 — Broken Hill Pty. 1 17 0 1 17 9 Colonial Surar .. 57 7 G 57 17 6 Dominion Pert. .. 0 12 I) 0 13 8 Electro Zinc 'ord.> 1 2 4 1 2 9 Electro. Zinc 'pref.) t 11 (5 1 12 3 Dunlop Rubber o in 0 0 13 2 Gordon and Gotch 1 12 0 — Grentcr Crystal Palace 0 16 0 1 4 0 Henry Jones Co-op. 1 17 3 1 13 G "Herald" and "Weekly Times" 2 2 0 2 G 0 Howard Smith .. 0 9 G 0 10 0 Mount Lyell 1 2 0 1 2 1 N.Z. Drug Co. 3 5 6 3 8 0 N.Z. Farmers' Cood. 4J p.c. stock, 1940 and 1945 .. 60 0 0 — N.Z. Paper Mills 1 6 0 1 7 6 N.Z. Newspapers — 1 6 3 Northern Roller Milling 1 6 3 •— Victoria Nyanza Sugar 0 12 6 0 15 0

Buw ers. Sellers. il s. d. £ s. d. Whitcombe and Tombs 3 3 0 3 5 0 Wilson's Cement .. 1 13 3 1 13 8 Woohvorths (N.Z.K pref. — 1 16 9 Wool wort hs (Victoria), pref. I 3 6 1 4 3 Mining. Big River 0 1 5 J 0 1 7 Alexander (losGd paid) — 0 19 9 Beil-Kilgour 0 1 25 0 ' " 1 3 Biackwater 1 7 0 1 7 6 Central Shotover (9d paid) 0 1 0 0 1 2 Consolidated 0 11 9 — Cornish Point .. 0 0 6 — Fresh ford 0 0 10 0 1 0 Gillespie's Beach. (Is p;;id> 0 1 11 0 2 0 Golconda ' 7d pd.i 0 0 1C\ 0 1 o.\ Golden Dawn .. 0 2 4 0 2 9 Golden Point, 0 0 H 0 0 2 Mount David 0 T 0 0 2 ( 6 Mount. Morgan .. 1 17 0 1 19 6 Kildare — 0 2 9 Ninji Solomon .. 0 1 ii 0 2 0-i Lawson's Flat Gs paid) 0 1 3 — Mahakipawa 0 0 1 0 0 2 Mahakipawa (pref.) 0 0 2J 0 0 5 Nokomai 0 4 9J 0 4 104 Okarito 0 10 10 0 10 11 Waihi 1 O 0 — W a i h i Grand Junction 0 3 8 0 3 10 Waitahu t'5s pd.) 0 7 1 0 7 3 Kuala Kanipar .. „.. 0 7 3 Ulu Van 0 15 0

£ s. d. £ s. d. Aolearoa Gold Prospecting 0 I 3 0 2 3 Bell Hill 0 4 6 0 4 9 Bell Hooper 0 0 8i 0 0 9 Brian Born 0 16 0 0 18 0 Charleston Sluic. _0 1 105 0 i ml Investment Executive Trust (B debentures* 90 10 0 100 0 0 Investment Executive Trust (prcf.t 1 0 0 1 5 0 Maerewhenua (6d paid) 0 0 4 Mining House Concessions i.'Jd paid) 0 0 5 '-'id p<i) 0 0 2 0 0 3 Smith Wyllie 0 12 G 0 15 0 Snowy River 0 3 2 0 3 6 Sun Newspapers 0 3 9 0 4 G Were's Investment Trust — 0 4 9 Wetherstones, Ltd. (4s paid) 0 3 0 0 3 9 Wool worths (N.Z.), ord. 4 0 0 — Sales. £ s. d. 2500 Bell Hooper 0 0 9£ (4) 0 0 9

Govt. 4 p.c. Ins., 1946 101 0 u. 0 Commercial Bank of Australia fcum div.) (3) 0 16 6 Commercial Bank of Sydney (ex div.) (4) 17 0 0 National Bank of Australasia (£10 paid) 12 19 0 N.Z. Guarantee Corpn. (3) 0 C 8 New Zealand Breweries (3) 1 13 5 Eeath and Co. 1 7 0 Ei» River 0 1 6i King Solomon 0 2 0 Lawson's Flat (Is paid) .. 0 1 3

£ s. . d 4 per cent, stock, 1935 100 10 0 Newmarket Borough, 1944, 5'i per cent. 102 5 0 U'lion Bank 9 7 6 National Insurance 0 17 0 South British Insurance .. 3 10 0 Renown Collieries (new, pref.) 0 0 9 Golden Dawn 0 2 6

Sales Reported. £ s. d. N.Z. Insurance 2 12 3 South British Insurance :> 10 0 Farmers' Trading (B prel'.)' 0 9 6 Huddart-Parker 19 6 Gillespie's Beach 0 1 1H Okarito 0 11 0

Commorr.vcalth A. per cent. Bonds— i t 1938 .. 102 16 3 1!).")() ..105 0 0 1961 .. 105 13 9 Australian Glass ..2 9 6 Dunlop Perdriau .. 0 18 4', Morris Hcdstrom .. 0 18 9

tv./.. bliocp Canterbury and Kortb Island selected crossbred wothera and maiden ewes: 48-5PIb *i i'i 4g 57-641b .. 3S r.a 8S G5-721b .. 3fi n 34 North Island— 48-56Ib .. .. *i 41 44 57-64)b .. 3g n 3R 65-72lb .. 34 84 sa Ewes— 481b and under .. sg SJ 3 J 48-6411) .. 3 3 3 6o-72Ib .. 22 -2 2$ Jf.Z. Lambs— Canterbury: 3Glb nnd under 6'i 68 65 ::7-42!l) fii «R 62 43-EOlb 6 6i 62 Second quality: Average 321b 52 hi 55 Other Routh island Branda — ::Clb and under 65 68 6B 37-421b «i eg 6E 43-501b .. 6 61 65 Selected North Island brands, Down*— 80!b and under .. 68 63 02 87-42IH 62 fill 6 a 43-501!) 6 64 cy Second iitiu.ity: Average 321b 52 52 6 Other North Island Brandt — x ii'fl * q 1 1 a 1 i t y : 3611) and under 6J 68 61 37-421b 63 64 6J Second quality : Average 821b .. 52 5" 52 Australian LambB— Victorian: First quality: 861b and under .. .— —- 6 37421b .. — 5i Argentine Lamb— First quality: 361b and und;r 5jJ I* 5£ 37-421b 62 6S 5i X.Z. Beff— Ox fores .. 2i 3i 2i Ox binds . . 2J 2S 28 Argentine Cliillud Beef — Ox fores 2i "!i 23 Ox hinde . . .. 43 5 2 54 Australian Frozen Beef—■ Ox cropB, ovcrlOO .. 3) 25 2& Ox hinds, ever 160 .. 21 28 22 N.Z. Primv I'orker Pigs— 60-801b .. 4S 44 43 81-]001b 45 43 44 101-120!b a a 44 tf.Z. Baconcr I'iga—

i'received Jii" !y DO, 9.10 p.fia.) LOXDOIT, July -29. Quotations: — July '27. July 29. A. ton. A. ton. Copper— S B. d £ b. d. Standajd. spot .. 38 14 41 87 1 10J Forward 36 16 14 57 1 10J Blectrolytic 41 0 0 41 0 0 to .. 41 13 0 43 0 0 Wins tun 41 15 0 43 0 0 American clectvoly tic: 9 cent 3 per 10. LeadSpot IS 2 6 33 6 3 Fonrard 13 5 0 13 8 9 Spelter— Spot 17 6 17 7 G Forward 17 8 9 17 10 0 TinSpot ci.; jc S 216 2 6 Forward 234 IS 9 216 7 6 Silver— Standout, per ok. 18 3-H M lSJd Fine, p«r oz. 19S<3 19 1S-1G.1 Pip Iron— £ b. d. TTon'.e trade :t 2 c K:;pOrt — 2 12 6 Antimony— British .— 39 10 0 Foreign — 23 D 0 (a unitl Volvhdonile — 9 1 0 Wolfram .... 0 17 0