FINANCE AND COMMERCE

Press, Volume LXIX, Issue 20987, 16 October 1933, Page 11

FINANCE AND COMMERCE

COMMERCIAL SUMMARY Optimism in Great Britain PRICES HIGHER MANV HOiM.il 1 SIGNS iKiC , ;m , (..,,,,.,..- !.-. 3.20 u.m ■ LC'N'DuN. October 14. -,-p. Stuck Exehs: r ;c Lonthuicw to be and cheermi. The gilt-edged .Vtioa « ft™. succe=,a:! flotations of ♦U» 'arse Dominion, loans m a tortr'nht bavins had an excellent effect. i"° the'"industrial marl.el is showing .':'; greatest strengm. Tms i, bceom- ..:„ iao ,- c prev.ounceu :.ud more rotable, when il.c >to.-|.uo-: of the ,- e in prices in recent months is wu■.:d„red." According 10 the share > -.-o'lieiei- of one financial newspaper. ■•.r.cr'h'takcf. the basic: figure of 100 as ■ -r,i-eseiilii)S average \ nines in 1930. i.;-;iich industrials n,.w stand at 100.0. , ,'mpared with 7!V! m mid-September. and 63.U in mid-September. I:>o 1. .speccho by tin Chancellor of the I.xdiecjuer 'Mr Nc\ itle Chamberlain < ;"; d other Ministers all indicate that ■. !e long period oi depression, i.- now t'aisißS- Excellent revenue returns. '■■iiich'encourngc the hope of reduced taxation, good Board of Trade return*, \w reduction in unemployment, and •:ie improvement in railway traihe are ;..! factors contributing to make m- • c-nors confident. The unemployment ! ; "ures arc particularly encouraging. :'-Jr the decrease in seme staple huhis•Vcs is substantial, notably the wool>n 'industry. Since January the number of unemployed in the woollen trade lias been reduced by 52 per ■•ent.. in hosiery 50 per cent., in the .-neta! manufacturing trades 30 per cent., in iron and steel trades 30 per rent, and in general engineering 20 per cent. Wheat Prospects Poor. The persistent sagging ol wheat trices is disheartening traders, who •dc no signs of recovery. A writer in the "Evening Standard," discussing the question, says that the nosition at the moment appears to be that granaries are full and millers amply stocked. Crops are good, especially in Europe, and as a result it is estimated that Europe will require to :.i:D<>rt onlv 257,000.000 bushels, against last year. Consequently I'-hioments from North America are becoming less. The statement that the LV.itcd Stales Treasury has allocated rioncy to subsidise the export of .''.5.000.000 bushels to the Orient does :o' help matters much. It merely weans that a corresponding amount of Australian wheat wi'l be diverted .'rem Oriental to Ei,ro;--e-m markets, '.nil the principal adverse m/luenee at the moment is the abundance of wheat available. The estimated su-nlus or'

".'.: exporting: countries for the" r.easoi; ■WMP34 is 91G.000.000 bushels, chile :he requirements of importers for the >3me period are estimated at not mo-e I riir.il 552,000.000 bushels. Those figur- ' 1 explain the present apathy of the market. Australian Primes. The latest Australian food product lo make an appearance on British markets is prunes from New South Tales, A parcel carried in cool slor;:?e has juo't arrived in excellent condition and met a ready market. The prunes were packed in two different containers, 23-pound boxes and sevenpound tins. The latter had a very attractive appearance and sold readily. Importers are hopeful of establishing a sood trade if the quality of the present parcel L-, maintained. The fruit is dtitv tree, whereas foreign primes pay 10s (id per cwt. DAIRY PRODUCE LONDON QUOTATIONS hie Ne.v Zealand Dairy Produce •"■"jard has received the following Market report from its London office. C:ated October u , prices for the pre-v-ous week aie given in parentheses): Sutter.-Kew Zeiuand, salted i)6s;«Js to 102s (965-102S-.. uncalled 10**:£'°.HOs 9Gs-100s equals "?l , £c U 7 , ? tcljr U ' 4,id i -°- b -- Australian, ■-ed &rs-]oos •Ms-10-s'.. unsalted •J-a-lOfc UO-ls-IOuV.; market quiet: Uu- n • ? rctaU I> rici - unchanged. ■34 ir- w n ' SOs Lo - b -> 1063-IOSs spot 118- rm?h' : Dutch - unsalted 112s'i4- f " llf>s; : 88s-91s (00s'irsallMMr'; " tlcd 90s-91d f9os-92.3>, Sfe-Dls (90s-?)2sV Siberian, 82s- ; ib4s-oGk»: Ukranian. 80s r&Js'i; ."w U !l lan .-, oßs -91-: (U0:-=-02.o : mark* l:;2ci u " h rttail Pi'JCvJ unchanged, .v.>! C f* c -~ iN ; cw Zealauci. white 495-50s, i ml ?■ coloured 475-48s. ■ ? s -5 Australian, white i •(■VI« « - < ; olourc ' d Canadian, ■:';, (V -;P ki coloured 53;- ~;;: c.i.i. ; , i s market ■ od: Eiu.lish. lines! farmers '-<"''• f;nn f7f;s-:;t,.. | ■ .'?- e Suat". Du ., ; , A -.uciafio:-.. | ;;;■-. nud received me following irnri r ..:: lt -Po!'i ii'wn the New Zealand Proi 8,',"^ 001 / 1110 "- i ■l<-■■■ London:— ;j^' T yiLci: e,.- K),,, to II,!,. £-W to Dljs. <,; : i;^7 Ciuict: '■'■• hit,. His. colouved I A ' 1L ' r! -'i-niHill and Com- i ;d , Co - Ud.. the following! i Dan -1 \ daU:ri October 13:-- ! H I .;:;>ioo.<. t,.; ( : j:: ; 1 ' 0 ?- - Ch C r. V p ~„ . I ihr t f r , • L - market is 0t; „,.. ' " c J "AWKE'SBAY I.AMBLNGJ i "'till PIIC( I'MAlit: ! lamun,s w"*«& of : Lav Ulat yortiotj uf the llavvke'6 i hv' p Vmc '- Pm'-'racing the Ilawke's 'Vai Da ngut;i - and : "«im''rrn^' nti( r' is shov -" the s atenti'f; turn - Laal S -' 1E0:) the fl)ia - w,^ 1 ' y3 ' Th< -' P seaI ' ,! * °n r ?| l,t "' lh " n1 ' :l '' 11Vour '

SYDNEY WOOL SALES ENCOURAGING POSITION VALUES TEND TO KISK i i:r.i;c;";':A:"a —<:oi'\'?.ic;nT. - : SYDNEY, October 14. The weekly wool Letter in the '•Sydney Morning Herald" says competition at this week";; pales was more widespread. Any change in values was upward, bidding was more sustained, and displayed an improvement of up to o per cent. Selections contained few faulty lines. A better enquiry from France was lee most encouraging feature. French purchases, in the Commonwealth last season totalled 438.000 bales. The week's oJl'ering totalled 50.47-1 bales, of which 01 per cent, were sulci at auction. The following figures show the quantity of wool sold in the Commonwealth and the amount realised for the period from July 1 to September 30 in the last three scasuns. Bale.-'. Value in C. 1931 . . 362.1.71 2.545.312 1932 . . 370,202 4.445.298 1933 . . 395,091 7.193,319 These figures disclose that although the number of bales this season was only slightly greater, the actual realisation co.v.oarod with la<i ■ ■ ason was i em-iclerably highot HOPEFUL NOTE IN AUSTRALIA L\( KKASKD ENGLISH HKMAMI SYDNEY. October 5. li i., generally agreed that the statistical situation of the raw wool material appears lo be too strong for any decided set back in wool values io occur. However, the buying ; nlily of those who purchase woollen g'oods is an important factor that has to be taken into consideration. Increased prices are only now beginning to be passed on. and the react ion of the public will be watched with keen interest. Increased price.- are not popular these days, and the manufacturer knows that there is a point beyond which he must not go. The real test of present woo! prices will come later. A cheerful ana optimistic note concerning the outlook for the trade was struck by Mr C. Craven, general manager tor H. Dawson and Son and Company, on his return hist week from England. One of the chief reasons for the increased use of wool, he said, was the enormous amount of material purchased by the multiple shops. Tailors were making cheap suits of good quality at prices ranging' from 37s fid lo five guineas. The shops obtained the material direct from the manufacturers, and such targe quantities were bought that the prices oi the finished articles were wonderfully cheap. The price of wool had been such that it could compete successfully with the various other materials that had found their way to the markets.

WHKAT THAL)IX(i ; I CARGOES, PARCELS. AND FUTURES LONDON AND 1.1 YlUil'OOl. (H'OTATIONS 'Kecei\ed October 13, y.5 p.m.i LONDON, October 13. j Wheat cargoes are dull because of ' continued pressure to sell, all except ! Manitoba, which, owing to Governj merit support of the Winnipeg mar- ] ket, are comparatively steady. Quo- : tations arc lower, but buyers .ire i apathetic. Parcels are quiet, Plates ! 3d cheaper. Australians are steady. ! Futures arc quoted:— Sept. 21. Oct. i:; s. d. s. d. ! London i'u quarter'- - December . . 22 M 19 M February . 22 0 19 6 April - 19 JO Liverpool 'a cental'October -. 4 10; 4 *<. Dccembei- .. 5 U •' oi March . . f> 4i 4 tii May . . 3 0 4 9; BROWN, EWING AND COMPANY AN LMPKOYFD VKAK I THE PRESS Special Service. I DUNEDIN. October 14. : The annual report of the directors : of Urc.vji, Ev. ing and Co.. Ltd.. states ! tl'.at ':!:e Irading for the year shows a i net profit ot £742 12s Ud, compared i with losses for the two previous years. ' It would aypcai- that the corner has 1 now been turned. and with the : brighter outlook in conditions gener- [ ally, coupled with the interna) reor- ' ganisation in ihe business which has ' been accomplished, shareholders can : look forward move nopefully to the j future. A dividend on preference j shares will be paid at the rate of 5 per cent, per annum, but the directors [ regret that no dividend on ordinary ■ shaivt; can be recommended. iln 1932 a preference dividend of 5 per cent, was paid, but there was no distribution on ordinary shares. The capital of the company is £50,000. of v. hich £26,000 is in ordinary slock and £25.000 in cumulative preference snares. .Reserves i.t the 1932 balance were £2f-,2«V1 l*o[ I 'IKY /'KOnrc'FKS, LTD. Thr I ;.ii;f!'l)inr ; jm u\v Pmi.uy Pj-oduc-r.s, Ltd., n-pr.it t.liifl ein.ricM .if j.niil'■iy 10.' liitu- Wff.'iic.-J.-iy ;iud I'l-Uluy's 'wk-B -:li.j'."i.l :-. liwiiloil i neif-nsi: on thosi: o' tl;i-;u'i.'-.':iiiis '.•■'•:■.!:. 'l'Li- ir.riai-': ijmilifv wd? ;.'■ u.l, w/,.1 ,i (.jt.d rl.-.'inuifc m;uU- at satiHuU-tuL-;. pric.-s. -flic (lc;i!!in«l in,- «-. -=.. i quaht.- j-.-ih-.r* mi.) sunn? rliiukoi) «-.,* purt.ienJ..r!y kcui,, :iu.i tt.-.-w ]■<■■* ti.veit..-.! kr-on L-cni)'Otiticre Snii:!:; fhiflu'i) i:' in very f.1.0rl supplv, aiid fire;.: qii;iuliti<.-3 c;ui he nbsori.n-.i-J ijy Hid local market a; a rfiritini-i----ativo llguro to t!t<- nrvJiic-.-:'. I'l.ulti-v I'arni'.is »1'« - t auVfOiiiiL'.i of tlu; lii?U iiriccs Viilitij' for tij:"!i'.-:; chicle-a and ior-,v,avj tlioir i-ansiifiiiLit-iii.-! as i-m-iy a; po--;i:ili', ns -i t.I,P iii-iinrut •■■■<■ hie-- an unlhnilnl o-.ukt Th.; f..!i:.-v!n-' Die.-..-,; -aciv. !---al-=c-J -.. pair: I Ttoj.-in- cliickeu, l'e.'l I no to 7s fir!, lio-,.\-\-'o 12s Gd; 'iciia, ue to 5.-; Hid. lioa"y 03 Cd; rhu-.ldir.ffa. up lo 7! Gd; jreese, up to ii (i.l: ttirkr-y.s, I=, per !'i. —S Have you anything to sell—Do you wish to buy? If so a small advertisement in the classified section of "The Press" w' 1 ] be all you need. 11l words Is, three insertions 2s fid. —6

.MIXING WAIHI RETURN iTIIE PRESS Special Serviced AUCKLAND, October 14. 'l'hc following information has been cabled to the London office of the Waihi Gold Mining Company, Ltd.:— For the period ended September 30, comprising 22 crushing days, .17.393 lons of ore were crushed for a result of 4770 fine ounces of gold and 28.020 tine ounces of silver. This includes 2258 tons mined from the Grand Junction area, which yielded 570 ounces of gold and 2345 ounces of silver. The report on the development work is as follows:--No. 5 Level —Driving west, on the north branch of the Martha lode; next 32ft is ore of good grade, the lode being about 3ft wide. Martha Lode—Driving west. Next 40ft assays 7s 3d a ton. At 170 ft the full width of the reef is 10ft and the assay value lis 3d a ton. No. Jl Level. Edward lode, sinking winze—-Next 15ft assays 20s 3d a ton. No. 12 Level. Royal loclc. driving west—South section lode, driving West —South section of lode has reduced (o Gin wide at 309 ft. and we are now crosscutting the Royal lode, driving east. The next 37ft assays 50s 9d a ton. At 251 ft the full width of the lode is lift, the assay value being 24s 3d a ton. Grand Junction. No. C> level, Royal lode, south-east prospecting crosscut— This is now out 290 ft. The country rock is not unfavourable, but is still disturbed by faults. GOLDEN DAWN 11EPOKT The following is the mine icpuri for ':he two weeks ending October 7:~ No. 3 Level —Drive north on west branch of No. 3 reef has been extended 7ft, total 115 ft. The reef here averages Klin wide. Ore by assay of very fair value. No. 3 Love! -Winze on No. 3 reef at Flat Sheet has been sunk sft, tola 1 23ft. The reef here averages 2ft wide, ore of very fail - value. Timbering of the winro and ladder-way is now completed. No. '■'< Level Under-hand sloping on No. 1 reef north of old win/.c is still being carried on. The reef here averages 13in, ore of very good value. No. 3 Level —Under-hand sloping is also being carried on on the hanging wall branch of No. .1 reef. The reef here averages 13 inches wide, ore of very good value. No. 3 Level —Sloping on the Magazine reef is being carried on. The reef averages 12in wide, ore of very good value. No. 3 Level Sloping has also been carried on in three blocks on No. 3 reef with machines working three shifts. The reef here averages 2ft wide, ore of good value. No. 2 Level —Stoping is also being carried cm in one block on No. 1 reef north. The reef here averages 20in wide, ore of very fair value. The pump in main shaft is working \-oiy well, and has the water down 1o 02ft. Good progress is being made with tiie main repairs to shaft and poppet head-. NOKO.MAI COMPANY The secretary of the Nokomai Gold Mining Company, Ltd.. reports that digging operations were begun on the new paddock a! micrnight on Sunday, October 8. after the shifting back of the machine had been completed. The whole of the work of shifting the excavator and belt conveyors, etc., occupied It clays, which was well within the period estimated before this work was commenced. The excavator has been moved well back from the face to give the bucket a longer haul and it is estimated that the circa of the paddock now being worked will be about one-third of an acre, and it is hoped to clean up

this area within the next six weeks. While the moving back oi' the machine was being carried through, the directors took the opportunity oi installing a hydraulic pump for the dewatering of the excavations. This pump is guaranteed to lift 10 heads of water to a height of 100 feet by vising six heads of water which will be delivered from the No. 1 race at a pressure of 0-10 feet to the jet. by an 13-inch diameter pipe line. The pump will more than deal with the maximum seepage and will al.-o keep the floor of the excavation dry while cleaning up is in progress.

N'KW !SKNl)l<;<) IUiI'OUT ' A report trum the New Bcndigo mine I states that operations are now in full j swing. With a iirst-class plant funcItioning excellently and the miners j working full time, constant progress | is being maintained, and, in spite of | the extreme hardness of the rock ; which has been encountered. 110 feet !of the new low-level adit have been ! driven. Reports from the mine seem to indicate that the tunnel Is nearly 1 through the extremely hard rock and easier going should be experienced shortly when a better footage might | reasonably be expected. Already a ' likely-looking reef has been struck, a ; sample from which is now being asj sayed. This reef is very small, but ■ its presence on the company's property is encouraging. 1.0. Nt; TRAIL COMPANY ; The mine manager's report for the i week- ending October C slates: - I "In the No. 2 level which is being 1 driven aho;.:l with two shifts, the reef I has just split up with rather poor i values, but work i« being continued so as to get under the run of rich ore we are on in the intermediate level I above. We expect the change of values I to come in shortly, as the same conditions appeared in the intermediate bc~ ; fore we struck the rich pay ore there. ! It is intended to start one shiit on a j-ise above this level to get ready for stoping out the block between this No. 2 level and the intermediate level above us, and continue to drive ahead the face as well. "In the intermediate level wo have driven and heavily timbered the bottom of Aciams's winze with two shifts. The same good values continue in the face of the drive, and we should carry them with us through to the bottom of the vertical winze sunk by me in ihe change of country which .seemed to puzzle the previous management. This winze bottom is about 30 feet ahead of us yet, so that there will be la fine block of ore to slope out once (we get ahead of the present face to allow of a leading stopc lo be started. We have hauled some six tons of good crushing ore from this level, and wnj start the battery crushing as soon as the hoppers arc full. The present outlook is very hopeful." SOl 111 AFRICAN MIMNi; A substantial surplus is anticipated by the South African Government ul the end of the financial year, due to the gold mining industry, from which £0.000,000 has been drawn in taxation. This sum, it is expected, will completely wipe out the accumulated deficits of the past years. It is expected that reductions in taxation will be made, and income tax go back to the old basis:, whereby married men earning less than £HOO will be exempted.

| CHRISTCHURCH STOCK | EXCHANGE SATURDAY'S TRANSACTIONS l Markets were quiet on call on Sat--I urday morning, and recorded dealings Jwere restricted to a few stocks. j Transactions, exclusive of vestibule | , business, were:— j Sales on 'Change. i x. s. ci. ; 20 Natl. Bank of A asia. ' "'£lo paidl .. 13 10 0| 300 N.Z. Refri-'. Oos paidl | i'Bi 0 9 8j 100 N.Z. Breweries . 117 8 i , 100 Howard Smith 0 14 3 £2OO N.Z. Farmers' Co-op. f4l p.c. stock, 19401 65 0 0 j ' 2000 Bell Hooper <T)ct paid) f4i o l J j 1000 New Cornish Point j i'6d paid'i .. 0 0 6! National Bank of Australasia £lO paid shares were firm at £l3 10s, and late offers of £l3 9s failed to attract : sellers. Sellers of Union Bank of Aus- ( itraiia reduced their limits to £lO 5s j Gd. buyers at £lO -Is. 1 Buyers of Daigely and Company; shares raised their bids to £ll. yesterday's business figure, sellers at £ll 10s. i , Canterbury Frozen Meat claimed buy-j ers at £lO, but sellers wanted £lO 2s i : 6d. ; N.Z. Refrigerating 10s paid shares re-j covered to 9s 3d. buyers staying in at! (hat price, sellers at 9s 4d. , Miscellaneous. I New Zealand Breweries had busi- : ness at 37s Bd, sellers staying in at that j price, buyers at 37s 7d. Howard Smiths ! declined to 14s 3d, closing quotations Id on either side. N.Z. Farmers' Co-op. 41 per cent, stock, due 1940, changed hands at £OS. and there were further buyers at £6l. no sellers ofl'erin.t;. Bell Hoopers 9d paid were firm at :1s Id, closing quotations Id on either side. New Cornish Point,"6d paid, reIraained unaltered at 6'ci, and there were ; further sellers at that price, btivers at i aid. Unlisted Stocks. Brian Bonis bad dealings at 25s Id. and more were wanted at 25s 2d. seller.at 25s 9d. National Tobacco had business at 05s. and late odors of 0 Is 9d failed to attract sellers. Smith Wyllie changed hands al 14s. !8s 9d. and 13,s (id. buyers staying in at i the lowest price, no sellers. j LATEST QUOTATIONS j Stivers. Seller.;. £ s. d. £ s. d.| N.Z. (jovt. Debentures. j B', p.c. Ins.. 1938-48 101 2 6 1 31 p.c. Ins.. 1938-52 101 0 0 31 p.c. Ins., 1939-43 | and 1989-52 .. 101 0 0 \ 4 p.c. Ins.. 1940 .-. 101 15 tl 103 0 0 4 p.c. Ins.. 19-16 .. 101. 10 0 4 p.c. Ins., 1049 . . J 02 15 0 I A p.c. Bonds, 1940 102 2 6 j 4 p.c Bonds, 1046 101 .10 0 4 p.c. Bonds, 1949 103 0 0 Other Debentures. ; Chch. Trams 6'. p.c. 1 10 34 " . . 101 15 0 Gisborno Boro., f>! p.c, 80'6 '47 99 0 0 Gicv Electric 51 p.c. 1.4 00 .. 98 .10 0 N.Z. Rclrig., 61 p.c 1935 " . . 101 (l 0 102 17 6 N.Z. Hel'rig.. s', p.c. 1935 . . 101 0 tl 102 0 0 liank^. Australasia . . 12 15 0 13 2 6 Corn, of Aust. . . 0 lti 10 0 17 0 'Coin. of Sydnev 18 6 6 10 10 0 , F... S.. and A. . . 5 15 0 6 0 0 'Nat. of A asia '£lo ; paid' . . .13 9 0 ! Nat. of A 'asia ' £5 paid' . . 0 116 6 14 0 New South Wale.-; 31 7 6 34 12 6 New Zealand . . 37 3 2 7 5 Union of Aust. . , 10 4 0 10 5 (i Insurance. Merc. Mutual . . 0 19 11 10 9 National . 0 18 3 'New Zealand . . 2 14 0 2 15 0 .Queensland . 2 II 0 South British . . 8 14 0 Standard .. 8 10 Loan and Agency. B-algelv and Co. 11 0 0 11 10 0 I Goldsbrough, Mort 10 0 19 3 j Natl. Mortgage < At 2 12 0 3 0 0 ! Natl. Mori ease <Bi 1 8 0 ' United Bldg. Soc 0 17 7 0 18 8 Shipping. Huddai't Parker . . 1 11 U . ; P. and O. Del. i Stock 13 6 Union ipref. > i 4 0 1 5 0 Frozen Meat. Canterburv .. 10 0 0 10 2 6 N.Z. Rcfrig. o;l. paid 1 0 19 8 0 19 9 N.Z. Rcfrig. i 10s \ paidi U 9 8 o 9 4 Woollens. ■. Kaiapui <l7s paidl 0 8 6 0 all ; Kaiapoi <7s paid) 0 15 0 19 . iKaiapoi fpref. i .. 0 15 8 0 16 6 ; Coal. ■Grey Valley . . 0 18 9 1 0 0 jWcstport . . 0 13 6 0 15 0 Gas. . Christchurcb .. 18 0 | I Chch. i'lOs pd.i .. 0 13 8 0 13 9 :! Wellington ipref.t 116 15 0 Breweries. ■ .Carlton .. 2 0 0 /New Zealand .. 1 17 7 1 17 8 ■ ' Staples ISO 190 Timaru . - 0 10 0 Timaru Cs bdpd.> 0 5 0 0 6 4 Tooths .. 22 6 2 8 2 Miscellaneous. Anthony Hordern 0 13 5 0 13 9 Aust. Paper and Pulp fctim di\\> 1188 : Amalg. Wireless (cont.. ex div.l 1 0 0 Australian Glass 2 18 0 ; : Bcath and Co. .. 17 7 19 6 . j Beath and Co. Ms ■' paid) .. 0 6 0 0 6 6 ; j British Tobacco .. I 17 8 1 17 9 MBrit. Tobacco fpt.'i 15 0 • I Broken Hill Prop. ; i (cum div.'i . . 119 6 2 1. 0 ' ! Burns Philp . . 2 12 6 2 13 (i ■i Colonial Sugar .. 59 5 0 ■Dominion Fertiliser 0 13 0 0 .14 9 i ! Donaghy's Rope ' | and Twine 2 ] ii sj Dunlop Rubber 0 l!) u 0 19 1 Electro Zinc ford.) 15 0 10 9 '. ' Electro. Zinc. (pi'.. cum div.) . ! 14 ti 1 15 6 : j Howard Smith 0 112 0 14 4 • iHume Pipe (Au»t.) 0 13 10 0 14 6 . i New Colosseum .. 110 0 2 0 0 tjMt. Lyell 1 8 6 1 i 0 : N.Z. Farm. Co-op. i i 141 p.c. stock, t | 1940 & 1945 .. 61 (I (i i I Wilsons Cement ~ 1 6 0 l 7 9 i Mining'. : 'Alexander .. 0 16 0 1 2 U : j Alexander ''lßs (id ' 1 paid) .. 0 15 4 o 16 8 • I Bell Hill 0 3 3 I I Bell Hooper <9d j paidi .. 0 1 01 0 I U ; Bell Hooper 'is. i j paid i ..01201 31 Bell Kilgoui- . . 0 1 4 0 ,1 71 Big River " 1 51 0 1 61 Blackwater . . 11-18 2 0 0 Centra) ShotoveiI <9d pd.i .. 0 11 0 1 8 Consolidated ~ --- 10 0 Fresh ford 0 0 5 0 0 6 Gillespie's Beach 0 2 0 0 2 3 Golconda CSdpd.i 0 0 4 0 10 ' Golden Dawn .. 0 2 0 0 3 0 ' Golden Point .. 0 0 2 0 0 21 King Solomon .. 0 3 21 0 3 41 • Lawson's Flat .. 0 0 4" 0 0 7 Mahakipawa .. 0 0 1 0 0 2 Makahipawa (pf.i 0 0 li 0 0 3 New Cornish PL (Is paid) . . 0 0 111 0 1 0 New Cornish Pf. (Gd paid) 0 0 51 0 0 6 • Nokomai .. 0 2 10 0 3 2 Okarifo .. 0 10 6 0 10 9

Buvers. Sellers. £ s. d. £ s. d. Oxenbridge- Shotover 03d paid) ..009 0 010 Paddy's Point .. 0 4 3 Waihi (cunt div.) 16 6 1. 6 9 Waihi G. Junction 0 4 3.'. 0 4 (5 Waitahu . . 0 6 8 0 6 10 Ula Yan 0 13 6 UNLISTED STOCKS \ i All transactions m stocks quoted in this section are subject to double rate of brokerage ami are not quoted on (he official list:--Buvers. Sellers. £ s. d. a s. d. Brian Born 13 2 15 9 Charleston Sluicing 0 2 4 Hatter's Flat Gold Us paid) ii u 0 (i 1. I) Hatter's Flat Gold (6d paid) 0 0 1 Invest. Exe. Trust (B debs. > .. [i2 5 0 yy 0 0 Invest. Exe. Trust, (pref/) . . 017 t> Maerewhenua <9u paid) .. o () 91 .0 0 101 Mining House 'ad paid'i , ■• - o u 8-1 Moonlight Nelson Creek f9d pd> un 6 0 on ■ Premie)- Tobacco Oos pd.i . . 0 16 National Tobacco :•; -J si N.Z. Per. Forests 2 5 U 2 6 9 K.Z. Mining Investments ii 0 K 0 010 Procera Bread (7s 6d paid) ui-io i i:{ y Procera Bread < lUs paid) Uls 0 1 0 0 Skippers, Ltd. "„id paid i . o 0 2'. 0 0 31 Smith Wyllie .. 1113 6 Sun Newspapers 0 3 6 Were's Investment Trust .. 0 1 0 Woolworlhs (Vict.) prel'. .. 14 0' Woolworths (Syd.) pref. .. 415 (i .'") in ii [Worksop Extend. 0 0 6 u 1 0 Sales. £ >. d. 100 Brian Bom >:>.> 1 .i ! !00 National Tobacco . . 3 5 0 300 Smith Wvllje .. 0 14 u 0 13 !l '3/ li 13 6 ; AUCKLAND Sides on '('lianstc. i JL .-, ii. ! .Insci. slock, 10-10, 4 p.c. . . 101 .15 0 i Inscr. stock, 1955, 4 p.c. .. 101 10 0 j Com. Bank of Aust. oK.il! I Nat. Bank of A/asia. (con.i 612 6 j Bank of New Zealand ~ 2 7!) Toohcys .. .. 1 ft 0 Waihi .. 16 4 WELLINGTON ! Sales on 'Change. j: .-. d. N.Z. Guarantee Corpn. ..0 o 3 Staples Brewcrv Mate Friday) . . 1 H !> Truth and Sportsman ''pref. t 1 1 3 DUN ED IN Sales on 'Change. £ s. d. Contra! Sholover <2' 0 J 2 Otago Daily Times i late Fi-iday > ~256 ! SYDNEY \ Sale.-, o'i the Sydney Stock Ex- : change on Saturday were: ; £ sd. 1 Commonwealth Bonds 4 per cent.. 1055 .. 105 30 0 Bank of Nov/ South Wales 34 7 6 Australian Gas. A ..7 (i 0 Tooth's Brewery . . 22 1) Associated New.-paocrs .. 10 9 Associated News (pref.) .. 1 0 101 (Australian Glass .. 2 12 0 ! Broken Hill Prop. .. 2)0 Colonial Sugar . . 00 0 0 J Dunlop Pcrdriau <pref. > .. 11l C I Lustre Hosiery .. 017 1 \ iMeggitts .. 12 0 I \Vincheomb.\ Carson . . 13 3 TAXATION RELIEF i AUSTRALIAN TKADK STIMULI'S i The prospective taxation reductions in Australia were described by Sir James Murdoch, chairman of Murdochs. Limited, outfitters, Sydney, at the annual meeting of shareholders recently, as the greatest stimulus to trade that had been experienced in the last three years. So far as the company was concerned, he stated that in the lirst two months of the present financial year there had been a decided improvement in turnover, j and (lie position looked, to his mind, | particularly fortunate

pER R Y AN D NUN E S 1 SHARE EXCHANGE. For Sale:—Banks. X s. d. 100 Coinm. Bank of Aus!. 016 11 25 Union of Aust. .. 10 0 0 100 New Zealand ~ 2 7 4 Frozen Meat. 8 Canterburv .. „. 10 0 0 100 N.Z. Rcfrig. .. 0 9 4 Breweries. 500 Viking Lager (£1 pd.i 016 0 100 V/cstlund (10s paid) „. 010 0 Miscellaneous. 100 British Tobacco .. 1 .17 G 200 Premier Tobacco ilOs ''paid) . . .. 0 10 100 Dunlop Rubber „. 019 0 100 Mount Lyell .. 14 0 Mining. -5 Alexander (I.Bs \Ja pd.i 0.16 4 500 Bell Kilgour .. 0 1 7 1000 Golden Poin! 0 0 21 500 Lawson's Flat . 0 0 61 1000 Nevis Diesel 0 0 111 1000 Oxenbridge Sholover 0 0 i>:; 1000 Charleston Sluicing (3 months forward) .. 0 2 :> 2000 Maerewhenua .. il 010 1000 Moonlight Nelson C 0 0 101 25 Waitahu. . . ~ 0 7 3 suo Worksop Intended (3d paid) .. 0 0 ill 50 Blackwater .. 2 0 0 si;o Hatters Flat <ud paid'' (I 0 6:; 500 Central Shotover ... 0 1 2 500 Gillespie's Beach .. 0 2 21 Special Notice. Certain Rumours have come to our oars that Perry and Nunes only deal in Mining Shares. We here wish to definitely state that Perry and Nunes buy and sell every class of stock, shares, or debentures. Special attention is given to Clients residing out of Christchurch, and every transaction, whether large or small, is given meticulous care. The highest market prices are obtained and our charges are the lowest in the Dominion. JV'e are prepared to overhaul clients' holdings and give our criticism !ree of charge. You will not bo asked to bin. oi sell, but your instructions will be promptly carried out. BROKERAGE RATES: Shares— d. Up to 1 - .. i 1'- to 2 - .. .. i 2 '- to 5 - .. ..1 5 '- to 7/6 .. ~11 7 '6 to 15 - .. .. 2 Over 15 - - .. J't. Same Listed or Unlisted Stocks. Government or Local Body Slocks l r /o. For Service, Efficiency, and Integrity Consult PEKRY & XUNES STOCK AND SHAREBROKERS, TRIANGLE CHAMBERS, 281 High street, Christchurch. 'Phone 36-193. P.O. Box 778. Telegraphic Address- PER NUT. P0776

FROZEN MEAT ! SMITHFIELD MARKET | The Nc.v Zeciand Meat Producers'! Board has received the following j cable message from its London office, j dated October 13, advising that the, following are the approximate average prices realised for the week based on . actual transactions of wholesale quan-1 tities of the descriptions of meat men-! lioneel, and are for representative par- j eels of the goods offering during the J week, being for business done on the [ basis of delivered to Smithfield Market and,'or ex London stores:--- I (Prices for the two previous weeks' are also shown, i Per lb. Uct. Oct. Sept. d.' d. "d. N.Z. Sheep- - Canterbury & North ; Island selected crossbred wether.- j and maiden ewes: I 48 to 561b . . d.; 4i 4:; J 57 to 641b .. 4i 4i 4',. 65 to 721b . . 2 : ; 3; 31 North Island - 48 to 561b 4.'. 4-. 4i 57 to 641b . 4 4 4i 65 to 721b 3v 3-; 3; j L'wes I 4c'.Jb and under 3.'. 31 3s 48 to 641b '. . 3.; 3: 3;; 05 to 721b . . ii 3 511 N.Z. LambsCanterbury: | 301b and under "i i 7! 7!, 37 to -121b . li;, 6.' 7 I 48 to 501b . . 6; o; 6', j Second ciuaht.\: ! Average. 82]b 0 : ; 6; 7 j Other South Island brands — 361b and under 7! 7i 7£ 37 to 421b .. CI <>l " 43 to 501b . ■ O'i- 6i 0 ; ; Selected North Island brands, including Downs: 301b and under 7 A 71 71 87 to 421b . . 7 7 7i -13 to 501b . . 6i 61 6j Second quality: Average. 321b . 6-; <n Other North Island brandsFirst quality: 301b avid under 7 7 i j 37 10 421b . . «i «'.' <>t j Second quality: Average, 321b . 6, 6'i ti; 1 Argentine Lamb ■- j "'First quality: Now Season's: 301b and under 6t 6, '„ 87 to 421b .. 61 6i 6.,New Zealand Beef— t os Ox fores .. _2i 2i •■£ Ox hinds . 8.4 3 S "s Argentine Chilled Beef—• Ox fores .. 3i 3i 2; Ox hinds .. 5:; o'i a* Australian Frozen BeetOx crops, over 1001b . 21 2 : ; 2.( Ox hinds, over 1601b ■ . 3i 8i 3* N.Z. Prime Porker Pigs—--60 to 801b . . 0;': 6! 6 81 to 1001b . . r>; Sa I'. 101 to 1201b . . 51 a i J'i N.Z. Baconer Pigs—--120 to 1601b -. 6 6 6 Lamb Market—Firm for good qualitv light-weight, with heavy-weight and second quality slightly easier. Home killed supplies are still heavy, reducing our consumption. Mutton Market—Wethers and ewes steadv, witli prices unchanged. Beef Market—Trade .slow. New Zealand Porker Pigs—E mnei, and meeting with good demanc. New Zealand Baconer Pigs—Mantel quiet but strong. 'i he Ban': of No .v Zealand has received the following advice from its London oOice, as at the close of business last week:--Frozen Meal-Weaker values arc rulin--' for wether mutton, owing to lack " of demand. The market for ewes is quiet and unchanged. The market for lambs is firm. j Per lb. j Quotations - d - d - Wethers- r Liglif .. •• .. 8; to o Hoaw : j i lu ±i Ewes ' 2i to 31 Lanibs - „, •>-.. 7,i to 7 f ' : \'z ' 6 : i to 7 4's .. ..0 to (j.i Seconds .. .. ■• VI to 7 MLTHVLN STOCK SALK •]i,.. f,,,-.,.:_] -!y .'-Ui.-k !-iilo v.'iis liclj. in i!,<- Mi-t!;\i'ir -.-u'rvavils when there was a ■,,,-■,- 1.-irt-.- .•iticn.ljin.'O. Only n few Tens „t 1i,,-,-]. ■.■.•'!•.• varil.-d, iii"fl!y l.utelior?' ewes/ , K „;,.], -,,1,1 v , 11. voro ontpri'il in lurgo iniiul..-': -. :.i:4 tin- -,>!<• lor tlicso was a (rood i,n,.. Tlif; main ilcins vncurdoj Vt-re oiTr'r.'il i,ii a.'.-funt Hi' tlio trustees in the e-nui' ci tin: l.Ut.' Mr .1,-is. l'etrie, nntl nil the t-i'»-s and sundries were in goi'd condition ui-il all eer.imandei.l a ready Bale. The. ], ri „,i,, ;i l ,al,s r.'crded wf .rc:_-Hici'l,-M.'ven fat cv:<is nt -JO?, 2 at --S titl, 1 at ic,s 3.1. 1 at -:>s, :i lit -Is, ... v.-rtho-s lift 17s, it owes mid ii lambu at, 3s lid tail ,-MiMtetll. -I v.-othrr-i 3( J'is 6<l. 1 f.'vv r,i. 'JL's '.id, :; fat eive»: 'JL\i Gd, ti at 'J~>s, 12 "at •:•!.- M. ~.,,,!..—«>.,0 (-..»• at M :>±, 1 ill Xii 1 ■"'?.. 1 at .:■•! )"-, I at AC, -)-■. I at io, 1 at .S:;i in-. _' at ,'-1 t"-. ': at i'-l Jl's, 1 at i::J o:i, .1 at ..-•:! .j-, 1 at it, 1 l'nt n«\v at ,S7 iW, 1 fat, li.'iin- at. it -Js t'.d. I fat. Etcer at i"). 1 r.s. t heifer at s:t -Js (id. I empty of.w :it .:'". J Diiv ai .tJ :10s, 1 heifer iu pi'olit

l-i-js—One -,, v- at, SI .Is. !. at ?.7s lid, 1 l.ar.-.r.or at 11.'.5. .1 l-'iav at 7s lid, 10 ■.veaners at I'.'s lid, S at 14.-. 8 at TJs Gd, i at l'J-. .1 al l-'s. C at 12s. 4 at t'Js, '1 sturo |iins at -Us. 2 at. '-!2s. 2 weaiie.rs at IL'.-. <id, 1 at :"is lid. '-' at lit?. 'J at 12?, '! nt. lis fill, (i at T.'s. lid, 2 at lis 6(1. 0 nt tL's. 'J at J lie, 1 ai. 12s, a at 10s, 7 at os. flnrse-- -One fnir-year-old draught mare at -via I>>. Imj.lemetas et.~. -- llrimimoinl harrows .VS. fi.iirleaf liarnivs .i I H's, l.indoi- St ;., drill -V-12, 11-tiiif Piui.-aii STiililier .'-'l7, roller .CIS ins, iwn-l'iirritw t'loic-li ±;{\, tli-e plough .ill! 3 us. ill-av and frame .v;i. harness, etc.. £a, llale.J Imv i:i. ■■■'< sacks cats at !'s 11 il a -nek. ;. sar-l:- vli.al, ills, stuei, oaten sheaves vl-. ,-'lalees t.-. lis a^fac KAIKOUKA STOCK SALE \;. the .-'...e1. l:,:0 in-kl .< : Kali,,,ma, mi TnesJav ilieri.. was an entry of tlu »i,'S and -,eas avera.V". ">»111- l.nyev.-; \M-re net keel!. Some very attiaeiivc lines el heifers and eii'.vs v.'ere suijuiilti-'d. I'uf lainiers ivere rein,.taut ),■> hnv ee.vinu' (o the shortness of •"■■,(..)• 'and tl'iahf aUvit iiiture su[,plies of I-eed. 1 lei'ers sold at Si 7s f;,l, .V-l os. ,v:i -,, -J h.s. and as fr.v as .;.! -U. Cov.-.- „,,;,!,: „,, ... .v-l :..--. one Me, v .' 1 I "s. fh".)'.. ~.,.-,.s (is Hi! In 1--' lid. -V lino m -nrnhaes si'.l.l' at s,.li>-faet.-.ry vii'i'V

CHILLED BEEF | ! EXPORTS FROM NEW ZEALAND I PROSPECTS CONSIDERED ! BRIGHT | The prospects for developing a pro- j .Citable trade in chilled beef with Great Britain are considered very bright by | Mr David Jones, chairman of the New j Zealand Meat Producers' Board, who returned to Christchurch on Saturday morning after having been absent in j Great Britain for many months ar- j ranging shipping contracts for the Do- f minion's frozen meat. In an interview j witli a representative of "The Press" he reported tire encouraging results obtained by the second trial ship- J ment, which he inspected on its ar-.j rival in England. He considered the j success of the trial, very satisfactory, although the trade from New Zealand j in chilled beef could never assume very great proportions, as the best beef j lands were closely settled or used fori dairying. Mr Jones said that the second trial shipment of New Zealand chilled beef by Thomas Borthwick and Sons, Ltd., on which a loss was anticipated, arrived in London in excellent condition. The first experiment with carbon dioxide gas was made with the consignment, and the experiment was carried out by the Department of Scientific and Industrial Research in conjunction with the Cambridge (England) Low Temperature Research Sta- | tion. The supply of gas was scarcely j sufficient for the voyage, and it was difficult to say if its use was responsible for the success of the shipment, j Tire shipment showed a slight profit. Mr Jones added. The price obtained I was considerably less than for Argentine beef because, although the New Zealand consignment looked well, it was regarded as purely experimental. Mi- Jones had a joint of the meat cooked, and he found the flavour and the eating quality first-class. The Argentine beef was extremely tender; but Mr Jones thought the eating quality of the New Zealand beef: was belter. Faith in Future Success. { The meat was widely distributed in | the provinces as well as at Smith field, j and wholesalers also agreed that the j eating quality was first-class. "I am satisfied, after seeing the result of this, and another shipment of Australian beef that was S3 days on the voyage, and arrived in excellent condition, that the chilled beef trade can be developed in New Zealand. Certain structural alterations at the works will be required and they are under consideration. They will improve the carrying quality o£ the meat. One advantage that chilled beef has over frozen beef is that you can sell it on its arrival. Sometimes the price may be low, but the meat will sell while frozen meat is not greatly in demand. While waiting for a favourable market storage charges are incurred, and as it is low-priced frozen beef cannot stand much extra charge," Mr Jones concluded. ; OPOSSUM MARKET ; DLNEDLN SALES DaJgety find Company, Dunedin, report as follows on Friday's sale:— Four thousand skins were offered, our proportion being 2300. The best grades were firm, but others were one to two shillings lower. PROPERTY SALES IMPROVED DEMAND CONTINUES Messrs Evans and Bull, 63 Cathedral square, report having sold during last week: 33 Acres at Mandeville, on account of Mrs Hide, to Mr A. Atkinson, also, on account Mr H. C. Church, 10 acres heavy dairying land with bungalow G rooms, semi-bun-galow 5 rooms, and a full range of outbuildings at Styx, to Mi White also on account Estate Isaac Waiting, 4J acres heavy market gardening land with 4 roomed residence and outbuildings at Styx, to Mr G. W. Morris; also on account Mr Wm. Sutherland, house of 5 rooms, with all conveniences, at Rangiora, to Mrs Palmer; also on ac-j count Mr R. Y. White, a modern bungalow of 4 rooms and kitchenette with all latest conveniences, at Tomes road, I Papanui, to a client. They also report j having arranged a lease of Mr J. Johnston's' agricultural and grazing farm of 336 acres at Methven, to Mr J. A. Wightman. in addition to having let a number of house properties. —1 SALE OE HILLS PROPERTY i I Messrs C. E. Jones, Ltd., auctioneers and Estate Agents, 174 Manchester! street, report having sold by public auction on account of the owner, the; property situate Huntsbury Hill, Huntsbury, to a client, at a satisfactory figure. —Bl