FINANCE AND COMMERCE

Press, Volume LXX, Issue 21081, 5 February 1934, Page 13

FINANCE AND COMMERCE

MINING BELL HOOFER CROMWELL GOLD, LTD. The Bell Hooper return for the week ended February 2 was 340z Bdwt 21grs of gold. GOLDFIELDS DREDGING I'MESS ASSOCIATION TKI.EGHAU.) DUNEDIN, February 4. The secretary of the Goldfields Dredging Company reports that the dredge has passed through the gorge between the lower and upper Tucker beaches. During the last fortnight no wash-up has been made, as the ground through which the dredge passed had already been dredged on the downward iourney. The dredge is now making a direct line to the lower end of the rorie separating the little Tucker beach and the company's claim at the big beach.

GOLDEN DAWN, LIMITED

For the 15 working days ended Janu?ry *>2 280 lons of ore were treated for a return of £G63, exclusive of premium and exchange. The mill also treated 118 .tons of outside ore. The mine manager's report for the two weeks ending January 27 states: No. 4 level: Drive north on No. 1 reef cMcndc-d 10 feet, total 146 feet reef averaging 10 inches wide, values still low. The rise on No. 3 reef north of crosscut has been extended 33 feet, total 33 feet, ree'f averaging two feet wide and looking well. The ore byassay is very patchy, but in the last few feet values have improved. Drives from 30 feet up rise south of crosscut en No. 3 reef south drive driven 12 feet, total 12 feet, reef two feet wide; ore of fair value. Drive north extended 10 feet, total 10 feet, reef two feet wide; ore of fair value. No. 3 level: Drive north on east wall branch of No. 1 reef near winze! extended six feet, total 38 feet, reef 10 inches wide of very good value. Crosscut east, off last-named drive, has been driven 24 feet, total 24 feet. At 14 feet in a leader six inches wide was cut of fair value. Intermediate level: Drive" north on east: wall reef from crosscut east oil No. 1 reef driven 16 feet, total 38 feet. Reef averages two feet wide in ore of good value. Drive south on same reef driven 14 feet, total 24 feet. Reef averages two feet wide, in ore of very good value. No. 2 level: Rise on No. 1 reef from north end of stopes extended seven feet, total 21 feet, reef 18 inches wide, but ore is not at present payable. Stoping—No. 3 level: On No. 1 reef north in one block with machines working three shifts. Reef averages 12 inches wide in ore of very fair value. On No. 3 reef in one block with machines working three shifts. Reef averages 18 inches wide, in ore of very fair value. On .magazine reef in one block. Reef averages 10 inches wide in ore of good value.

SHEEP SKIN SALES Messrs Dalgety and Co., Ltd., have received the following cable message from their London office, dated February 2:—At yesterday's sheepskin sales 4590 bales were offered, and practically all were sold. The following is the range of prices realised:— Merino, three-quarter to full woolled, IOJd to 12£ d; quarter to half-woolled, 5d to lOd; short and shorn, 3d to 6Jd; crossbred, three-quarter to full woolled, fine, 9d to 13Jd; three-quarter to full woolled, medium and coarse, 6d to quarter to half-woolled, fine, 7ijd to 10|d; quarter to half-woolled, medium and coarse, 5d to 7Jd; short and shorn, 5d to 7d; lambs, 7d to lljd. AUCTION SALE Messrs N. H. McCrostie and Company, auctioneers and estate agents, 217 Manchester street, report having sold by public auction on Saturday in their land sale rooms, on account of Mr Robert Boulby, his modern bungalow of five rooms and all conveniences; together with 21 perches of land situate at 17 Albany street, to Mrs Alexandre. Also, on account of the same owner, his modern bungalow of five rooms with all conveniences, together with 19 perches of land situate at 19 Albany street, to Mrs Harris. Bidding was brisk for both properties which were sold at satisfactory figures. —7

new south wales gold Production of gold in New South Wales in 1933 was 29,2520z, an increase of lSllo?, as compared with 1932, and the highest yield since 1921. The value of the production for 1933 was £225,683 in Australian currency, an amount which has not been exceeded since 1919. METALS MARKET (Kcciivrd l'cbruary 'l, SAO p.m.) LONDON, February S. Quotations: Feb. 1. Fob. 2. A Inn. A ton. Cupper— '-• *. 'I- * s- dMandard, >:p"t "■:* « '■'• '•'<"' H luj Forward • . :i:: * !' ;ij 1-J '4 LlcclroMie . . Il'i . r > (I ti(i ]f> 0 io .. "ii in ii :;o 17 i> Wire bar* ■ . '■><> 1U 0 SO 17 0 American electrolytic: 8 cents iior lb. Lead Spot; . . II 7 fi 1112 « Forward. .. IJ. i:.i 0 11 18 0 Speller—spot. .. iti2 it it ion Fnnvard .. Io 0 0 15 G 0 Tin--.Soot . . 22f> 12 <\ 220 11 3 Forward . . 225 IS !) 220 1 3 SilverStandard, per u.:. IH7-IG<l 10M Kino, per oz. .. 21d 20j;d l'iC iron— Home trade . . —• .1 2 f> Export . . Antimony— J'.ritish .. loi-oisn . . Molybdenite .. THE CANTERBURY CO-OP. POULTRY PRODUCERS, LTD. 'J lie Canterbury Cooperative Poultry Producer;:, Ltd., report tlint heavy pcnniiigs of poultry eamc forward at their Wednesday's and Friday's sales, Buyers wcro again in full attendance and no trouble was oxpericured in cleariiii; all lines at prices staisfaetory lo tile sellers.

lloilers. medium In light, comprised the bulk of tlio yarding. Prices wcro on a par with last week, realising up to lis Ud Boilers, heavy, were in fair supply, ant] sold well ut prices up lo 3s Oil. Chicken, heavy, uro still scarce, and this line was well disposed of at prices up to 10s. Chicken, medium, were in short supply, and realised up tn 7s. Chicken, light, were in heavy supply and met with a fair demand, the prices realising up to .Is 3d a pair. Turkeys are bringing 3 o<l per lb. Ducks and ducklings are still coming to hand in fair quantities, values fur which' have siightlv eased.

E-g .Market—Firm. Machine graded and tested, first grade :is :M a dozen, second grade Is Jd a dozen. ■ —o

MARKET SURVEY BOOM IN GOLDMINING AMERICAN MONEY POLICY PUZZLING FRUIT AND WOOL OUTLOOK (IMlKli IHE.S3 ASSOCIATION--!)* ELECTHIC TELEGRAPH—COPYRIGHT.) 'Received February 3, 6.30 p.m.) LONDON, February 3. •Stock Exchange business over the last few days has been mainly centred on the goldmining section, which has been under the influence of the meteoric rise in the price of gold. Goldmining has been enjoying another boom, especially Kaffirs, some of which have risen phenomenally. Australians also benefited considerably. Gild-edged securities have developed strength, owing to the favourable revenue returns, and as there is still much money seeking investment in them, the firmness seems likely to be maintained. Dominion stocks have been generally well maintained and good results are anticipated from the next Australian conversion loan, which cannot be far distant. Australian Loans. 'Che "Financial News" suggests that Australia might proceed at once to convert loans redeemable between 1935 and 1945. When these are out of the way there is a gap of five years before any more conversions can be carried out. Australia therefore might well feel that if she could make certain of converting £62,422,000 of 193545 issue she could look ahead to five clear years. She would have to offer some small inducement to holders to accept conversion now, and would of course, have to pay the full present interest to date when the loan becomes callable. Two Questions to Answer. The American gold policy is puzzling financiers. Nobody seems able to say what the result will be. As the "Daily Telegraph" says, there are two questions nobody in New York or London can answer. The first of these is: How Jong will President Roosevelt be content to draw gold to America? Clearly lie does not want it. To take gold to America is to take coals to Newcastle. The other question is whether the American rumours of imminent conversations between London and Washington by monetary authorities have any truth and, if so, whether there is any chance of a temporary agreement on that point. London opinion it? sharply divided on these questions. Fruit and Competition. Fruit traders generally are taking 1 . a fairly hopeful view of the forthcoming apple season, for although the latest information points to the total shipments from Australia and New Zealand again being not far off 6,000,000 boxes, there are several factors in the situation which seem to indicate that wc shall not see a repetition of last season's disastrous slump. i'i the first nlace about three-quarters of the expected Australian exports are scheduled for shipment by the end of April, so that they should arrive here before there is any risk of meeting the competition with our soft fruits which had such a serious effect on the market last year. Another satisfactory factor is the elimination of many poorer sorts of apples and plain grade fruit which have always had a depressing effect on the market. Another favourable point is that stocks of apples stored in America are considerably lighter than a year ago. "Healthy Reaction." Describing the wool outlook. Messrs H. Dawson and Sons, state that the slight reaction on the London sales from peak values is healthy. It should not cause any disturbance of confidence. The consumption of wool continues apace without any material alteration of the machinery activity of ihe consuming centres. Wool has been at an extraordinarily low figure for practically three years, and has definitely stimulated the demand for itself. The major proportion of the advance has been in a measure corrective, but it must be digested throughout all sections of the industry. The competitive power of other textile commodities, including silk, which dropped 4s a lb during the last six months, will be felt more keenly now that wool has reached a higher level. Botany tops are selling at eight times the value of American cotton, which, together with rayon, is produced on highly scientific lines at a steadily increasing pace. This places the manufacturer in a difficult and complex situation. The world's stocks of cotton total 41,000,000 bales, and the carry over of American cotton is almost •qual lo the full crop.

BUILDERS OF SYDNEY

BRIDGE

DORMAN, LONG, AND COMPANY

Trading operations of Dormari, Long, and Company, Limited, builders of the Sydney bridge, produced a profit of £226.084 for the year ended September 30. This compared with £253,324 in the preceding year. Allowing for a refund of income tax and deducting debenture interest and other charges, the net loss for the vear is £59,160, which, added to previous losses, brings trie total loss to date to £448,728. Dividends on 6 per cent, cumulative preference shares are in arrear from September. 1930. . .. , „ A plan for the reorganisation: oi * ne company's capital and the amaJKamation with the South Durham .Steel and Iron Companv. Ltd., nas been abandoned in its present form. Applications for the appointment oi a receiver on behalf of debenture stockholders in the company have been dismissed bv the court, and tne directors of the South Durham Company have intimated that they consider that th2 agreement tor mt. amalgamation has been terminated. The result of this has no effect upon the proposals for the reductioni oi capital, to which sanction was given bv several classes of snaie holders "in July. It is int . to prepare a new plan of reorganisation.

INTERIM DIVIDEND

UNION BANK OF AUSTRALIA

The Union Bank of Australia has declared an interim dividend, tne amount being 2s a share (E n *u & " currency), and payable now i" shareholders on the New Zealand register at January 4, VjS*-

HEALTHY FINANCE SOUTHLAND FROZEN MEAT COMPANY ANALYSIS OF BALANCE-SHEET The balance-sheet accompanying the annual renort of the Southland Frozen Meat Company for the year ended December 31, 1933, shows that the net profit for the year was £51,085, as compared with £14,516 for 1932 and £14,358 for 1931. The profit shown for the year is equivalent to approximately 45 per cent, on the paid-up capital. The profit of £51,085 with £23,848 brought forward, gives £74,933 available for appropriation. The exDcnses were £11,882, including £IOOO for directors' fees, which are shown separately in this year's accounts for the first time. General charges (including directors' fees) amounted to £9861 last year, so that the greatly increased profit has been earned -\ ith the comparatively small increase of £2OOO in these items. The paid-up capital stands unaltered at £113,547. Sundry creditors, advances against shipments and provision for contingencies make up an item of £155,153 among the liabilities as compared with £97,259 last year—a large increase of £58,000. General Reserve Unaltered. The general reserve at £BO,OOO is the same as last vcar, and so is the reserve for *firc insurance, £25,000; but the reserve for building fund has been increased from £25,000 to £45,000, making an increase of £20.000 in the reserves and bringing the total to £150.0! or £36,500 more tnan the paid-up capital of the company. At £177,996 freehold and leasehold properties, buildings and plant stand in the books at £32,617 more than last year, an increase mainly accounted for, no doubt, by the substantial additions recently made to the company's Mataura works. There is also a large increase in the value of stocks and stores, which are shown at £47.747 as compared with £26,859 last year. London agents' balances amount only to £4415 as against £21,384 last year. Increased Liquid Resources. That the company has been able to carry out its building extensions and provide for increased stock and stores quite easily is shown by the fact that, with this heavy expenditure, its liquid resources have been greatly increased. Sundry debtors and mortgages arc shown at £61.188 as against £19,351 an increase of £41,837; investments stand at £142,080 as compared with £B7,6BB—an increase of £54,392—a total increase in those two items of £98,229. Against this there is the reduction of £16,969 in London agents' balances already referred to, and cash at the bank and on deposit has been reduced by £17,442 (standing at £00.043 as compared with £77,485). These decreases total £34,411. Deducting this amount from the increase of £96,229 in debtors, mortgages and investments, the net increase in the group of items amounts to £61,818. Comparison of Main Items. The following table shows the figures for the main items in the comnany's accounts for the years 1913. 1923. and 1933: 1913. 1923. 1933. £ £ £ Capital .. 68,283 113.539 113.547 Debentures 18.300 Overdraft . . 7.798

Creditors, etc. 3,004 42,406 155,153 Reserves .. 311,239 100.000 150,000 Property, etc. 120,710 128,095 177.996 Stocks, etc. 12,130 16,465 47,747 Debtors, etc. 8,391 13,661 61,183 Investments 400 78.478 142,080 Cash . . 0 32,992 60,205 Assets . . 150,788 287,827 493,634

The item among the liabilities shown as creditors, etc., appeared in li/13 simply as "creditors," but in 1923 it became "sundry creditors, taxation and contingent liabilities," and in 1933 the item was "sundry creditors, advances against shipments and provision for contingencies."

'The annual meeting is lo take place on February 10.

PROFITS FROM TOBACCO

BRITISH-AMERICAN COM PAN Y'S YEAR The directors of the British-Ameri-can Tobacco Company recommended a final dividend for the year ended September 30 last of 3d per £1 of ordinary stock, free of British income tax. The corresponding payment last year was at the same rate. The full dividend for the 12 mouths, with the four interim payments of lOd each, was 20 per cent., tax free, the same as for 1931-32.

The net profits for the year amounted to £5,4C3,055, a decrease of £35,107 on the previous year's figure. The balance was struck, as usual, after deducting all charges and expenses for management, etc., and providing lotincome tax. After paying the linal dividend, amounting to £780,123, the carry-forward was £2,071,179, an advance of £101,438. The directors also decided to pay on January 17 an interim dividend of lOd per £1 of ordinary stock for the year 1033-3 4, free of United Kingdom income tax.

NATIONAL BANK OF

AUSTRALASIA

The National Bank of New Zealand, Ltd., Wellington, is advised by cablegram from the National Bank of Australasia, Ltd. (head office). Melbourne, dated February 2 that Mr H. G. Darling has accepted an invitation to the seat on the board of directors rendered vacant by the ueath of Mr H. M. Strachan Mr A. F. Bell, CwLG., has resigned his seat on the board of this bank in order to accept the invitation ol the Prime Minister (Mr Lyons) to a seat on the Commonwealth Bank of Australia board. STANDARD TRUST, LTD. The Melbourne office of the Standard Trust, Ltd.. has received a cable message from the head office in London slating that it is intended to declare a dividend on slock m the company on February 10. The dividend will be payable as soon as possible Xr that date. On the 5 percent, nre/erencc stock a dividend of 2-2 per rent less British income tax of 4s fid in the £l, will be declared for h d e hall Sear ended December 1 and on the ordinary stock of 2 per cent less British income tax of 4s iua m the £, for the same period. RABBIT MARKET LONDON, February 2. grade large ex-store rabbits are quoted at 19s.

LONDON WOOL SALES

DECEMBER AND JANUARY RATES COMPARED (UNITED PRESS ASSOCIATION"—BY ELECTRIC TELEGRAPH —COPYRIGHT.) LONDON, February 2, At the wool sales 5305 bales were offered, including 2593 from New Zealand, and 4052 were sold. There was fairly good home and continental competition, and a steady tone. New Zealand sales:— d. Greasy crossbred, Paroa— Top .... JBJ Average .. .. 9| Halfbred lamb slipes, Eclipse— Top ..19 Average .. .. 18i Of the total bales catalogued at the second series, 123,842, those sold to home buyers totalled 53,200, and to the Continent 55,800, the hold-over being 15,000. Australian wool sold totalled 61,000 bales and New Zealand 42,000. The sales closed steady at the recent level. Quotations are dearer compared with the December rates, closing up as follows: Merino, greasy super, 10 per cent. Other fleece wools, 7£ per cent. Pieces. 15 per cent. Scoured wools, 10 to 15 per cent. Crossbred—Fine 15 per cent., medium 7i per cent, coarse 5 per cent. Slipes—ls to 20 per cent. Messrs Pync, Gould, Guinness, Ltd., report having received the following cablegram from their London wool brokers, dated February 2:— The January series of the London wool sales closed to-day. The approximate New Zealand offering during the series was 50,000 bales, and there was a good clearance of these wools. Throughout the series all sections of the trade were operating freely, especially German interests, but towards the close competition became rather slacker. There was a good selection of all New Zealand wools, except merinos and fine halfbreds. Compared with the closing rates of the November scries we would quote: Higher Halfbred (50-56's) .. 2ld-3d Three-quarterbred (48-50's) .. Id Crossbred (40-44's) .. old-ld0 l d-ld

As a range of current market rates wc can quote:— Fine halfbred (56-58's) f Super .. •• "on Average ■. .. 20 Halfbred (50-56's) Super .. ■ • • • 20 4 Average .. ■ • 18 Three-quorterbred 148-50'st Super "lii Average •■ ■• " s Fine crossbred (4(i-4S"s» Super •■ •• " cu Average J - Medium crossbred (44-43's) Super •• •• - «« Average . ' j Coarse crossbred (40-44 s and lower) — 0 , Super • ■ • • '-$ Average .. • • • • ' Scoured Merinos— _ Super .. •• " qi Average .. •• •• Scoured halfbreds (50-58 s) Super ■ • • • !J 7 '- Average ■ • • " Medium-length freezing works. Sliped halfbred (50-58 s) Average . • . ■ • • ' Medium-length freezing woiks. Sliped crossbred i44-48s> Average

Messrs Dalgcty and Co., Ltd., haie received the following message from their London office, dated February 2: The London wool sales closed active, with fairly general competition. France was rather quiet. As compared with closing rates of last scnes the •■• ritt,s wm>: ~ Higher, d. d. Greasy merino .. .. H l " 2 Scoured merino .. • • ;* J» jj Greasy halibreci . . - ° ■' Scoured half bred .. 4 to 5 Greasy Crossbred - Fine ■■ " i " T Medium ■ • • • J 1° ! Coarse • ■ • t l 0 ' Scoured crossbred .. li to 2* Slipe— „ , ... Fine .. 2 to Hi Medium and coarse .. 1J to 2 Lamos— Greasy • ■ 1 to . The following is the range of prices realised: — Halfbred, 50/58 d. d. Good to super .. ID to 23 Low to medium .. 16 to 184 50/56 Good to super .. 17 J to 21 Low to medium .. 14 to 17 Fine Crossbred. 40/50Good to super .. 12 to IS Low to medium .. 9£ to \\\ 4G/48— Good to super . . 10-i to 12£ Low to medium .. 8 to 10 Crossbred, 44/4fi--Good to super .. 9i to 11 Low to medium .. 7;j to 9 40/44 Good to super .. 9 to 10 Low to medium .. 7£ to 8i Coarse Crossbred, 36/40 — Good to super . . 8> to 9 Low to medium .. 7j to 8

The New Zealand Loan and Mercantile Agency Company, Ltd., has received a cablegram from its London office, dated February 2, giving the following report of the London wool sale: As compared with last sales closing rates prices are higher:— 2d to 24d per" lb for fine greasy crossbred, fine crossbred slipe, medium scoured crossbred.

Id to lad per lb for merino and crossbred Jambs, coarse scoured crossbred and greasy merino, and medium crossbred slipe. 2.! d to 3d per lb for scoured merino. id to Id per lb for medium greasy crossbred, coarse greasy crossbred. Id to lid per lb for coarse crossbred slipe. 3d to 4d per lb for fine scoured crossbred. The sales closed with a fairly firm tone to-day.

The New Zealand Farmers' Co-op-erative Association of Canterbury, Limited, Christchurch, have received the following cablegram from their London office, dated February 26: The London wool sales closed to-day and prices, as compared with Ihe close of the last series, are as follows—Greasy merinos, good to suoer, 7.'- per cent, to 10 per cent, higher; creasy merinos, low to medium, 10 per cent, to 15 per cent, higher; scoured merinos, good to super, 10 per cent, hieher- scoured merinos, low to medium 10 per cent, to 15 per cent, higher; greasy fine crossbreds, 15 per cent, to 20 per cent, higher; greasy medium and coarse crosbreds, scoured medium ~nd coarse crossbreds, 20 per cent, to 25 oer cent higher; medium and coarse siipcs, 10 per cent, to 20 per cent, higher.

Messrs H. Irwell and Company, woolbrokers. London, have cabled the following report and quotations at the closing of the present series:— Market easier: prices for fine wools are lower by 10 per cent., while medium and coarse are 10 to 15 per cent, lower The following are the ruling D r ices--58\s. 19d; SB's, 17Jd; 50's, 13d: 48's 10d- 46's. BJd: 44's, Bd. New Zealand slipes without quotable change, but prices favouring buyers.

SALE OF CITY RESIDENCE

Messrs C. E. Jones, Ltd., Auctioneers and Estate Agents, 174 Manchester street report having sold, on account of Miss Bowen, the property situate 349 St. Asaph street. City, comprising a residence of 4 rooms and conveniences, together with 20 perches of land, fa a client. —»

FROZEN MEAT

SMITHFIELD MARKET The New Zealand Meat Producers' Board has received the following cablegram from its London office, dated February 2, advising that the following are the approximate average prices realised for the week based on actual transactions of wholesale quanu tip* of the descriptions of meat mentioned being for represmteUve parcels of the goods offering during the week, for business done on the basis of delivered to Smithfield Mar ket and/or ex London stores:— (Prices for the two previous weeks are also shown.) per lb Feb. Jan. Jan. 2. 26. 19. d. d. d.

NZ. Sheep— Canterbury & North Island selected crossbred wethers and maiden ewes: 48 to 561b .. 31 2* 57 to 641b .. 54 5 ? 5k 65 to 721b .. 51 5 4 i> North Island— _, 48 to 561b .. 51 55 51 57 to 641b .. 5* 5J 5J 65 to 721b .. 51 51 5 Ewes — .. 481b and under 48 4), n 48 to 641b . . 41 4 4 65 to 721b ..31 3} 3J N.Z. LambsNew Season's: Selected North Island brands, including Downs: „ 3 361b and under 71 vg <» 37 to 421b .. 7£ 7g 7;, Second quality: Average, 321b .. 6$ 62 65 Other North Island brands — First quality: _ 361b and under 7 «J <i 37 to 421b .. 71 78 7| Second quality: Average, 321b . . fii 6? 6;5 Australian Lambs — Victorian: First quality, new season's — 361b and under 52 5J 6 37 to 421b .. 64 6j 61 Argentine LambFirst quality: New season's: 361b and under 6] 61 6.| 37 to 421b . . 68 63 6jj New Zealand BeefOx fores .. 2 24 2J Ox hinds .. 3 J 3 3 Argentine Chilled Beef Ox fores .. 33 33 3.1 Ox hinds .. 5J 5| 5J Australian Frozen Beef— Ox crops, over 1001b ..2S 2& 21 Ox hinds, over 1601b .. 38 31 34 N.Z. Prime Porker Pigs—--60 to 801b . . 61 (« 65 81 to 1001b .. 54 55 5? 101 to 1201b ..5J 54 54 N.Z. Baconer Pigs— ! 120 to 1601b .. 6 53 58 Lamb Market —Prices have eased slightly, ov/ing to heavier arrivals, but the tone of the market is good and consumption satisfactory. Mutton Market—Wethers and owes continue very firm, with better prices, owing to extremely short spot stocks. Beef Market; Consumption still continues good. New Zealand Porker Pigs—Prices easier, owing to heavier arrivals and increased supplies from the United States of America. New Zealand Baconer Pigs—Firm, with better prices—demand good.

The Bank of New Zealand has received the following advice from its London office, as at the close of business last week:— The demand and prices for wether mutton are steady. There is a moderate demand for ewes and prices are firm. The market for lambs is inclined to become weaker, supplies are more than sufficient to meet the demand. Trade generally is slow. Wethers, light 5Jd to 6d per lb; heavy, 4.jd to sgd per lb. Ewes, 38d to 4gd per lb. Lambs, 2's, 7Jd to 7jjd per lb; Bs, 7|d to 7.Jd per lb; 4's, 7.Jd to 7£d per lb; seconds, 6Jd to 6Jd per lb.

BUTTER AND CHEESE

LOW MARKET REPORT The New Zealand Dairy Produce Board has received the following market report from its London office, dated February 2, 1934: Butter—Now Zealand, salted, February 2, 1934, 60s, 67s to 68s (last week 67s to 68s), equals approximately 7£d f.0.b.); unsalted 72s to 74s (72s to 745); Australian, salted 63s to 64s (64s to 655), unsalted 66s to 67s (66s to 68s). The market was firm at the end of this week. Argentine, unsalted C2s to 66s (62s to 645); Danish, 64s f.0.b., 86s to 87s spot (675., 89s to 90s); Latvian, unsalted 74s (75s to 775); Dutch, unsalted 88s to 92s (88s to 925); Siberian, 60s to 62s (60s to 625). Market steady. Retail prices unchanged, New Zealand 9d. Danish lid. Cheese—New Zealand, white 425, 435, to 44s (4.46 d f.0.b.) (41s to 425), coloured, 445, 45s to 46s (4.72 d f.o.b) (43s to 445); Australian, white 41s to 41s 6d, coloured 42s to 43s (425). There was an improved demand at the end of this week. The market is firm, New Zealand retail price unchanged, 6d. Canadian, white and coloured, 50s to 525, extra 54s (46s to 525); English, finest farmers', 90s to 94s (90s to 945). The market is quiet. Cheese gradings for week ended January 27, 1934—26,906 crates white, 12,045 crates coloured.

VARYING BUTTER PRICES

HKJH CONTINENTAL VALUES

An interesting comparison of wholesale prices for butter in 20 different countries has been compiled by the Swiss Farmers' Association. The prices, which are for September, 1933, are compared in English money as follows: —Switzerland, 2s 6Jd a lb; France. 2s 3£d; Holland, Is lljd; Germany, Is 9d, Belgium, Is BJd; Czechoslovakia, Is 7d; Austria, Is 4d; Italy, Is 3£d; Latvia, Is 3d; Yugoslavia, Is 2\d; Norway, Is 2id; Sweden, Is ljd; Danzig, Is Id; Hungary, Is OJd; Great Britain, Is Oid; Poland, Is; Finland, ll£d, Bulgaria, lljd; United States of America, lljd; and Denmark, lOd. The high prices in many Continental countries are due to the prohibitive import duties imposed and to controlled imports. Many countries, mainly France and Germany, which do not export butter, have been pursuing a policy of self-sufficiency in order to encourage domestic production and reduce imports generally. One result has been an overloading of the British market, thus affecting prices for New Zealand produce.

LONDON MARKETS (Received February 4, 6.30 p.m.) LONDON, February 2. Friday's closing prices:— Cotton—Spot 6.29 d, March 6.10 d. Rubber—Para 4Jd; plantation smoked 227-32 d. Jute—March and April £l6 2s 6d. Copra—February and March, South Sea £7 12s 6d, smoked £7 ss; plantation Rabaul £B. Linseed Oil—£l9 15s. Turpentine—£2 7s 9d.

CHRISTCHURCH STOCK EXCHANGE

SATURDAY'S TRANSACTIONS. The markets were quiet but firm on the call on Saturday morning, and recorded dealings were restricted to a few stocks. Transactions, exclusive of vestibule business, were:— Sales on 'Change. £ s. d. 100 Comm. Bank of Aust. (ex div.) .. 0 18 0 100 Bank of New Zealand 2 10 0 150 New Zealand Breweries 2 0 6 2 0 5 200 Gillespie's Beach .. 0 2 5 200 King Solomon .. 0 4 0 300 Mahakipawa .. 0 0 3 150 Waihi 1 10 2 I 10 3 Sales Reported. £ s. d. 300 Morris Hedstrom .. 0 18 4£ 100 Mount Lyell .. 15 5 100 Zinc (ord.) .. 17 0 50 E. S., and A. 5 15 6 Commercial Bank of Australia, ex dividend, were firm, with buyers and business at 18s. Sellers of Bank of New South Wales, cum dividend, reduced their limits to £33, buyers at £32 12s 6d. Bank of New Zealand moved up to 50s, buyers staying in at that price, sellers at 51s. E., S., and A. Bank shares had business at £5 15s 6d. New Zealand Refrigerating, fully paid, ex dividend, had buyers at 18s 3d for the fully paid and at 8s la for the partly paid. Miscellaneous. New Zealand Breweries were easier, with dealings at 40s 6d and 40s sd, and further sellers at 40s sd, buyers at 40s 3d. Morris Hedstrom changed hands at 18s 4£d. Mount Lyells were easier with sellers and business at 25s sd, buyers at 25s 4d. Electrolytic Zinc, ordinary, were firmer at 275. Gillespie's Beach were firm at 2s sd. King Solomon were fractionally firmer at 4s, market closing 3s lljd buyers, 4s sellers. Mahakipawa, preference, had business at 3d. and late otters of 2}d failed to attract sellers. Waihis moved up to 30s 2d, and 30s 3d, and these were buyers' and sellers' closing quotations respectively. Unlisted Stocks. Goldfields Dredgings, Is paid, changed hands at Bd, and Skippers, Limited, 9d paid, at 7d and 7£d.

LATEST QUOTATIONS N.Z. Govt. Debentures. Buyers. Sellers. £ s. d. £ s. d. 3} p.c. Ins., 1938-43 4 p.c. Ins., 1940, and 1949 .. 101 10 0 4 p.c. Ins., 1946 102 10 0 4 p.c. Ins. and Bonds, 1955 .. 101 0 0 Banks. Adelaide 6 2 6 615 0 Australasia 13 0 0 Com. of Aust. (ex div.) 018 0 018 1 Com. of Aust. (pf., ex div.) .. .9 3 0 910 0 iE., S., and A. .. 515 3 516 0 Natl. of A/asia (£5 paid) .. 610 0 Natl, of N.Z. .. 4 3 6 New South Wales (cum div.) .. 32 12 6 33 0 0 New Zealand 210 0 211 0 Union of Aust. (cum div.) 9 18 0 10 1 6 Insurance. A.P.A. .. 011 1 011 5 National 018 4 018 11 Standard .. 3 19 and Agency. Dalgety and Co. .. 10 7 6 10 10 0 Goldsbrough, Mort 114 4 114 8 Mutual Benefit .. 10 12 0 N.Z. and River Plate 10 6 14 6 N.Z. Guar. Corpn. 0 8 1 0 8 4 N.Z. Loan & Merc. (ord. stk.) .. 61 0 0 65 0 0 United Bldg. Soc. 019 3 Shipping. Huddart Parker .. 113 0 1 14 0 P. and O. def. stk. 116 Frozen Meat. Canterbury 9 7 6 10 0 0 N.Z. Refrig. (£1 pd., ex div.) .. 018 3 019 0 N.Z. Refrig. (10s pd., ex div.) .. 0 8 1 0 9 0 N. Cant. Freez. .. 0 8 0 015 0 Southland (cum div.) 3 2 6 Woollens. Kaiapoi (17s pd.) 010 7 011 8 Kaiapoi (7s pd.) 0 2 4 0 3 3 Kaiapoi (pref.) 0 16 0 Mosgiel 9 10 0 Coal. Grey Valley .. 0 110 Westport .. 014 10 Stockton 0 0 6 0 010 Gas. Auckland (cum div.) 14 2 15 6 Ch.Ch. (10s pd., cum div.) .. 0 14 3 Breweries. New Zealand .. 2 0 3 2 0 5 Timaru 0 6 9 0 9 9 Timaru (7/6 pd.) 0 5 9 0 6 0 Tooheys .. Miscellaneous. Amal. Wireless .. 1 14 0 Amal. Wireless (contr.) .. 0 15 4 0 15 9 Anthony Hordern 015 4 015 9 Aust. Iron and Steel (pf.) .. 10 9 Beath and Co. . . 1 11 C British Tobacco 116 9 117 0 Broken Hill Pty. 22 6 2 4 0 Burns Philp 213 0 214 0 Colonial Sugar .. 62 0 0 65 0 0 Dominion Fert. .. 017 0 017 6 Dunlop Rubber .. 1 010 111 Electro. Zinc (ord.) 16 9 1 611 Electro. Zinc (pi, cum div.) .. 115 0 115 3 General Motors Holden's (pf.) .. Henry Jones Coop. .. 1 13 0 1 13 9 Kauri Timber .. 017 0 Milburn Lime 110 6 112 0 Moturoa Oil 0 16 0 4 0 Mount Lyell 15 4 15 5 N.Z. Paper Mills 17 6 N.Z. Newspapers 110 0 112 6 Victoria Nyanza Sugar 0 19 0 Whitcombe and Tombs 3 8 3 312 6 Wilson's Cement 17 6 Woolworths (N.Z.), pref.) 116 4 2 0 0 Woolworths (N.Z.). ord. Mining. Alexander 0 16 0 Alexander (13s 6d paid) 0 16 0 Aotearoa 0 0 64 0 0 11 Bell Hill 0 2 4 0 3 0 Bell Hooper (Is paid) .. 0 0 9 0 011 Bell Kilgour 0 0 Si 0 0 10 Bendigo Goldlights <9d pd.) 0 0 6 0 0 8J Big River 0 010 0 1 0"

Blackwater 1 14 6 1 15 6 Central Shotovcr (9d paid) 0 0 9 0 0 11 Consolidated 0 17 3 0 18 9 Freshford 0 0 H 0 0 3 Gillespie's Beach 0 2 4| 0 2 5 Glenroy (6d pd.) 0 0 5 0 0 6£ Golconda (8d pd.) 0 0 2 0 0 8 Golden Dawn .. 0 12 0 18 Golden Point .. 0 0 2J 0 0 3 Golden Sands 0 2 6 0 2 9 King Solomon .. 0 3 11J 0 4 0 Lawson's Flat 0 0 2J. 0 0 6 Maerewhenua 0 0 10 0 0 104 Mahakipawa 0 0 2 0 0 21 Mahakipawa (pf.i 0 0 2* Mount Morgan .. 3 10 0 3 14 0

Buyers. Sellers. £ s. d. £ s. d. Nevis Diesel Electric 0 o 114 0 1 0 New Cornish Point (Is pd.).. 9 1 li 0 1 3 New Cornish Point <6d pd.) 0 0 8 0 0 9 Nokomai .. 0 2 0 Okarito 0 9 0 0 9 4 Oxenbridge Shotover (9d pd.) 0 0 6 0 0 8 Waihi 1 10 2 1 10 3 Waitahu .. 0 5 9 Wetherstones 0 14 0 2_3 UNLISTED STOCKS All transactions in stocks quoted in this section are subject to a different rate of brokerage from listed stocks, and are not quoted on the official list, j Buyers. Sellers. £ s. d. £ s. d. Andersons, Ltd. (pref.) .. 0 15 0 0 19 0 Deep Lead, Ltd. (2s paid) .. 0 3 0 0 4 6 Goldfields Dredging (Is pd.) .. 0 0 8J Hatter's Flat 0 0 8 0 1 0 j N.Z. Perp. Forests 2 5 0 j Reece, Ltd. (pf.) 0 2 6 j Skippers, Ltd. (9d pd.) 0 0 7 0 0 8 Worksop Extended (9d paid) 0 0 7* 0 0 9 Sales. £ s. d. 1000 Goldfields Dredging (Is paid) (2) 0 0 8 1000 Skippers, Ltd. (9d pd.) 0 0 7 0 0 74 AUCKLAND Sales on 'Change. Bank of New Zealand .. 2 9 9 2 10 0 Union Bank .. 10 0 0 A.P. Assurance .. 0 10 11 Bycroft .. 22 3 Waihi Junction .. 0 4 8 WELLINGTON Sales. £ s. d. E., S., and A. Bank 5 15 0 (3) 5 15 6 Bank of New Zealand (late Friday) .. 2 9 8 (2) 2 10 0 2 9 9 2 10 0 Dalgety (late Friday) .. 10 9 0 N.Z. Guarantee Corp. (2) 0 8 3 Wellington Gas ..1 17 3 1 17 6 Mount Lyell .. 15 6

DUNEDIN Sales Reported. £ s. d. Gillespie's Beach .. 0 2 5 (Late Friday) SYDNEY Sales on the Sydney Stock Exchange on Saturday were:— £ s. d. Commonwealth bonds, 4 p.c.— 1938 .. .. 105 5 0 1941 .. .. 106 7 6 1944 .. .. 106 18 9 1947 .. .. 108 0 0 1950 .. .. 108 0 0 1953 .. .. 107 0 0 Associated Newspapers .. 1 1 4J Associated Newspapers (pf.) .12 0 British Tobacco .. .. 2 7 4| Broken Hill Propy. .. 2 4 3 Colonial Sugar .. .. 64 10 0 Lustre Hosiery .. 12 9 Wilcox Mofflin .. .. 0 13 5 Winchcombe .. .. 111 6 PRICE OF SILVER (BRITISH OJTICIAL WIHELESS.) RUGBY, February 2. Silver (pence an ounce) is quoted:— Feb. 1. Feb. 2. Forward .. 19 7-16 19} Spot .. 19 7-16 19J FOREIGN EXCHANGES (BRITISH OFFICIAL WIBJBLKSS.) < Kcceived February 4, 5.5 p.m.) RDOBY, February 2. Par. Feb. I. Feb. 2. Paris, £r t« £1 124.21 77 27-32 77 17-32 New York, dol. to £1 4.866 4.97J 4.90J Montreal, dol. to £1 4.866 5.00 4.95 Brussels, belgas to £1 35 21.98J 21.86 Geneva, fr. to £1 25.2215 15.81 15.76 Amsterdam, A. to £1 12.107 7.64 7.594 Milan, lire to £1 92.46 58i 58 3-16 Berlin, reichmarkentoXl 20.48 32.894 12.851 Stockholm, kr. to £1 38.159 19.394 19.394 Copenhagen, kr. to£l 18.159 22.40 22.40 Oslo, kr. to £1 18.159 19.90 19.90 Vienna, Bchgs. to £1 34.585 29 284 Prague, kr. to £1 164.25 103 J 1 0:t Helsingfore, marks to £1 193.23 2264 2264 Madrid, pesetas to £1 25.2215 87 29-32 375 Lisbon, escudos to £1 110 110 109 i Athens, drach to £1 375 530 525 (sellers) Bucharest, lei to £l. 81 8.6 520 510 Belgrade, dinars 25.2215 22.7 22.5 Rio de Janeiro, pence to milreis . . 4.392 4i tj (official) (official) Buenos Aires, pence to dol. 45,577 .'!fij 36J (official) (official) Montevideo, pence to dol. 51 371 ">B3 iofficial) (official) Bombay, pence to rupee 19 3 8 3-32 18 3-32 Shanghai, pence to dol. * 161 16 316 Hong Kong, pence to dol. * 18 174 Yokohama, pence to yen 24.57 14 9-32 Iti Warsaw, par zlotysto£l 43.36 27.75 Batavio. jruilder 12.107 76.1 i * Determined by price of silver.

MANUFACTURE 0* AMMUNITION PIONEER NEW ZEALAND INDUSTRY (Contributed.) Few New Zealand industries can oast a prouder or longer record ol evelopment than the ammunition inustry, and its history of practical chievement is not without romance. In the year 1884, under the cloud oi Russian war scare, the New Zealand Government approached the late lajor Whitney to commence the lanufacture of ammunition in New Zealand. The major acceded, and lanufacture was commenced at lount Eden, Auckland, in the same ear. Luckily the war clouds disersed, but not before the residents oi Luckland, at least, had received a svere fright. Late in 1884 the noise f the Tarawera eruption boomed out. he pioneer population thought thia 'as the sound of guns and that the .ussians were upon them. The Growth of the Industry. The embryo industry, beset with le difficulties and complaints comion to infant years, grew in time tc isty maturity. To-day. 50 yean iter, the shot tower of one of our lost progressive industries rears its ead as a landmark at Mount Eden 3 be seen from miles away. Th« allant major, his life's work com' leted and having built a monumeni ) himself in the form of a greai mmunition works, went to his wellarned rest last year. His son, Mr C l. Whitney, and his two grandsons lessrs John C. and William C. Whit' ey, carry on the tradition oi loroughness which characterised th< fe of their forbear at the ivyovered plant at Mount Eden. In the early years of the companj ; manufactured Martini-Henry, Snier, and Lee-Enfield ammunition. Pro' uction of .303 was at its height dur< lg the world war, when, by dint o: forking day and night and with 25( f a staff, the plant was producing early 1,250,000 rounds of ammunitior month. It is a matter of pride tha' f the huge total not one round o: mmunition was rejected. Skill of New Zealanders. The manufacture of shotgun load: id not commence until later, but th( ame thoroughness of operation is aparent. Dominion-made ammunition ias been able to more than hold its wn with the best imported. The reorts of overwhelming success in ational championships, year after ear, tell their own significant story, Jo greater tribute could be paid tc tie skill of New Zealand workmen nd New Zealand management. CHICAGO WHEAT FUTURES NEW YORK, February 2. Chicago wheat futures are quoted:— Cents a bushel. Feb. 1. Feb. 2. Mnv .. 917 OilJuly .. .. 90J 90 September .. 91 i 90J New York (cash) • 101