FINANCE AND COMMERCE

Press, Volume LXX, Issue 21082, 6 February 1934, Page 11

FINANCE AND COMMERCE

SECOND DUNEDIN WOOL SALE

BIDDING LACKS ANIMATION PRICES FIRMER FOR FINE WOOLS 'nuiss issocrxnos- TELEcn«.M.i DUNEDIN, February 5. At the Dunedin wool sale to-day the total offering was 30.338 bales. At the outset it was noticeable that competition was r.ot so keen as at the first sale held here in December. The bidding l-'ckcd animation and the sale was a comparatively slow one. The catalogues contained a large proportion of line wools and the quality offered was exceptionally good, there being a number of standing station clips forward. For fine wools prices were firmer by nbout Id to L'.d on the December sale, but crossbreds. particularly the coarser grades, were from par to a shade easier. The main competition came from the Continent, chiefly on the German account, Bradford and Japan both being quiet and only picking up lots suitable for their requirements. When the super halfbreds came under the hammer' the local mills would not be denied, and they secured a largo portion of these wools. For pieces showing quality there was a particularly good demand from the I Continent, and super lines, when suit-1 able, were eagerly bought by local mills. Range of Prices. The official range of prices is as follows: — Merino d. d. ! Extra super .. .. - to 'Z'i'i Super .. .. 19 to 211 Average .. .. 174 to 18 : ; Inferior .. 10 to 17j Fine Half bred. 56 58s— Extra super . .. -- to 20V Super .. 21 ito 23} Average .. 19 to 21 Inferior .. 16 to 18 Medium Half bred, 50/sG's Extra super .. .. to 23* Super .. 20J to 22J Average .. 18$ to 20 Inferior . . 15J to 17?, Fine Crossbred. 48'50's— Extra super .. .. - to 20 Super . . 104 to 17? Average . 13 to 15 Inferior ll. 1 , to 12.'. Medium Crossbred. 46/4S's Super .. 12J to 14 Average 11 to 12' Inferior .. 10 to IDJ Crossbred. 44■ 40'sSuper .. 10.'. to 12 Average 9 to 10 Inferior 7? to B'. Halfbrcd Necks and Pieces— Good to super . . 19 to 22:1 Low to medium .. 14 to 17? Crossbred Necks and Pieces— Good to super 14 to 16 Low to medium .. 7 to 9-tj Halfbred BelliesGood to super .. 14 to .17 Low to medium . . 11?. to 13?. Crossbred Bellies— Good to super .. <H to 11 Low to medium .. 7" to 9 Criilchingv—• Medium to good .. 9 to 12'< Fair to seech- . . 5 to B'. LocksExtra good .. (.oil Medium to qood . . .V, to )!•'; Inferior '. . . . 4 Io r>" REVIEW OF THE AUCTION KEEN DEMAND FOR FINE WOOLS [THE PEESS Specinl Service.] DUNEDIN. February 5. The keen relish and lively interest with which the wool growers of Otago anticipated the second sale of the 193334 wool season in Dunedin to-day was not matched by the attitude of the buyers when they faced the auctioneer's rostrum. It was by no means a brisk auction, and at times it dragged to the point of dullness, but it was a matter of great satisfaction to the vendors that the gross proceeds of the sale exceeded those of the December auction out of all proportion to the difference in the offerings. It is estimated that as a result of to-day's sale a payment of more than £690,000 will be made to Otago wool growers on prompt day. There was a keen enquiry for all classes of fine wools at rates which were in excess of those ruling at tho December sale, and there was that in the steady demand from the Continent which suggested that these types of staple will command a ready sale at remunerative values for the rest of the season. Crossbred* Lower. The same could not be said of the crossbreds, however, the majority of which met with dispirited bidding and , lower values consequent on the restriction of the strictly defined limits ; under which the buyers were operating. Whereas fine wools were from Id to lid dearer, crossbreds were far from firm" at late rates, the general price . level being from par to a shade easier than in December. The total offering was 30.J08 bales, and when the sale commenced to-day there was a full representation of buyers, the Continent being in full force, with the usual buying strength from Great Britain. America, Japan, and < local mills. From the outset the sa e < lacked animation, and there was little ■ sign of improvement as the day progressed. The slow rate of selling was t exemplified by the fact that on the t average only '.'.10 lots were disposed of : an hour against 450 an hour a., the < first sale. : i Continental Demand. | ; In respect of fine wools, the Con- j tinental buyers called the tune, to which the entire bench danced. Ihey l actually controlled the market for | J 'his class of woo), taking fine pieces , as eagerly as the best fine I'cecci, setting the price level for such lo's, c especially necks, which could only be | drs.-ribcd as exceptional. The sale for crossbreds was disap- , Pointing, particularly as to-day's catalogues included tho finest crossbred j wool that the Dominion produces— j nne crossbreds of the lialfbred type ai id lines in which the crossbred char- j acter was predominant. For this latter , './pe of wool down to the coarser , crossbreds the demand was very poor, and the bidding lacked anything in the nature i»r spirit or keenness. The \ Bradford buyers who exhibited most interest in this type of wool, were obviously operating under very strict "nits, and as a result the genera! level of crossbred values was not up to that of the December sale. I" i

2™.w^Ki Ca ? es the va!ues showed a considerable increase on those ruling 1™ X f st , sale - but apart from the comparatively small proportion of crossbreds that remained firm at pa? the remainder sold at below the December rates.

y Many JPassines. cro^rL^l 1 S f the P°°rer sale for mst™ dS^ to " day Was that in ™ny instances the growers' reserves were rS°«-i re !" ltin 8 a number of passings, the total being very much greater than was the case at the la<=t sale. It was estimated to-day that the passings over all the catalogues would average approximately 7i per cent., «i« i ng . lnto accoun t the private sales which were effected subsequent e 15.,;,?? 1 ? bemg o fl ered, and others e that will be effected to-morrow, it is ~ not anticipated that the carry-over it . , . be „ m ? re than 2J per cent, of the tola! offering. ? .JtV' lew of J he of the maris ket for crossbreds it was a good thing for the sale averages that there was ~ a much larger proportion of fine wools y S?if o n lhan at the December sale. c Fully 80 per cent, of the catalogues n were made up of halfbred and other fine wools, included in which were a y humber of outstanding clips, for j, Which local mills bid keenly, r The top price of the sale was 201 d, e which was paid for a line of extra e super lialfbred (53-58's), other notable e figures for haifbred being 252 d for a n u ,J£ e lot of hatred ewe, 24id for E> halfbred hogget, and 23* d and 22Jd for medium halfbred (50-56's). These fige ures compare very favourably with s the best at the December sale, when a the top price was 22Jd. The phenomr enal prices paid for halfbred bellies. " pieces, and necks are illustrated by the fact that a lot of super necks to- , day brought as much as the high-est-priced fleece wool at the December sale. Merino wool was dearer all _ round to-day, although the top price for this class of wool was only id in excess of the best figure in December. jj Average I'rice. J It is estimated that the avcra"e : ; price a bale to-day was at least 15;! d \ as compared with the actual average at the December sale of 13.89 d a bale, i i The average to-day has been estii mated at £23 IDs, compared with an actual average of £l9 3s 6d in December. On these figures, and allowing for the passings totalling 2i per }, cent, of the offering, the gross pro- \ ceeds from to-day's sale should be just more than £690,000, which, with V the £561,000 paid out on January 3, brings the Otago wool cheque for the season up to £1,250,000, compared ', with less than £500,000 for the two corresponding sales last year. ', The general condition of the wool at j to-day's sale was better than at the first sale. The staple was lighter in ; condition than at the corresponding I ; sale last year, and on the whole it j was better grown, thanks to the favour- j able conditions experienced during j the winter months. The wool was j > for the most part sound, with a smaller I proportion of tender and wasty wool i I than in previous years. There was no j i great percentage of old wool offered. | the proportion being lower than at i the December sale. It would appear l that the higher values ruling this sea- | son resulted in a fairly general clear- j ance of all carry-over stocks. j SYDNEY SALES | : MARKET GENERALLY UNCHANGED CONTINENTAL AND JAPANESE COMPETITION I vniiki* i [:r.ss isso'J \; r'.<: -- bv J .i..'.' w::>: i ci.Eiii: U'H -coi'vitiofn .• (Received February 5. 10.5 p.m.) SYDNEY. February 5. On the redumption of the wool sales 11,961 bales Were offered and 9910 were sold. 1588 privately. Compared with the closing January auctions the market generally was unchanged. Best descriptions of fleece wool were irregular, skirtings ruled very firm, and comebacks and crossbreds met a strong demand. Competition was principally from the Continental and Japanese sections, but there was limited support from Yorkshire. Greasy merino made 28d for 12 bale;! from Uralla. VICTORIA MALAY RUBBER COMPANY REHABILITATION IN 1933 Til? Victoria Malay Rubber Plan- ' tation Company. Ltd., has made a substantial recovery in the year ended September 30, 1933. and the company has been practically restored to a profitable basis. Losses on the year's operations amount to £l7 10s 9d, compared with £844 in the previous year, and tho credit balance carried forward amounts to £2419. Since the last report the price of rubber has increased by about 2d a lb. This has enabled the company to operate at a profit in the last six months of the period The weather has been most, unfavourable, and this, combine.! with an attack of a disease known as odium and labour dnh- . eidtici- is mainly responsible for the decreased vield. On the wnole. the outlook for the industry, with re- 1 striction plans well advanced, is more j hopeful than it was a year ago. If ( . th" present price is maintained opera- } tions tor the current year should re- |. nilt in a profit. The output for De- ■ ( oember \:-.\c 33,50C1b.. compared witii 29 50u!b in November. Balance-sheet I ( items for the la.d" throe years compare ■ ( as follows: -- ]().•; j. !93:<. 19.'— £ ■'• ~ ! Net lofs ~B+j '-P [ Rubber sales .. 5,800 ,i.r:a o.W- ---' Average .-•el)in" ~,,,,' price per ib 2.99 d I.BCd 2.JId ; Cost fall in) per lb 3.43 d 2.L9d -..-JU ; Liabilities--Capital- . .... ; Preference . s.liW J- 18 - a.IW O-dkiary 30,000 30,000 30.000 Reserves, etc. 0,201 j.41 < I Creditors. <*lc L 0.,3 :.a.i -&-♦ | T A'.sets— , Plantation;-. r etc. 39,202 38.0ja .n.Ool c Ca: '\ieTeu, :-200 'ISM 3.196 j ~o U(, : _ 42.49u"'-1"0785n' | J i CANNED FRUIT ] AUSTRALIAN EXPORT FIGURES [ The export of canned api icots. ■] L .-md pears from Australia for 0 peaches, ana pw" , , , f he year ended December ol las a i.,,i to the equivalent ol ° ??6°3 U 055 doz n 30oz tins, as compared * ',,! 1207042 dozen for the preceding W 'According to the Department e year. Actoru lUh , . enls comprised c of Commerce, slwpmen *> l 250.391 dozen apncots The t peaches, and 510330 destinations vvt c. dozen; p ,;.t)d, 45,150 dozen.

[ AUCKLAND GAS I COMPANY j DECREASE IN REVENUE ' FOR YEAR

[THE PBESS Special Service. I AUCKLAND, February 5. A decrease in revenue and also ii working expenses, excluding rates am taxes, was announced by the chairmai of directors (Sir George Elliot) at thi annual meeting of the Auckland Ga Company. Receipts from the sale o gas and residuals, together with tin balance of various accounts, amountet to £392,051. "This sum is £13.337 less than re cclpts of previous years, and repre sents a shrinkage of 3.28 per cent.,' said Sir George. "Actually th< revenue from gas has declined b; £1829, a reduction (.jr. .52 per cent, anc an amount which is not surprising ii view of the general depression pre vailing. The revenue from the sal', of residual products—coke, tar. anc ammonia—is down by £DG34. This latte'r reduction is caused chiefly by the fall in the price of tar, and by th( increase in its selling costs brough about by the intense competition o Imported bituminous materials. "Against the drop in revenue, how ever, it is pleasing to note that the working expenses, excluding rales anc taxes, have been reduced by £17,046 The payment of the income tax amounting to £30,075, is about th< same as that of last year, "The balance, after writing off the full amount allowed by the Income Tax Department for depreciation, is £71,979 Is 7d. It is proposed to allocate £IO,OOO of this sum to the income tax reserve account, to pay the same dividend as that of last year—--5$ per cent, per annum, 11 per cent of which was paid as an interim dividend—and to carry forward the balance of £lO5 14s 7d to next year"; account. Government and Taxation. "During the year representations have been made regarding the exemption from income tax of competitive State and local body undertakings, but I regret to say that no change has yet been made in the incidence of taxation," continued Sir George. "However, our representations have met with a certain amount of success. In fact, one Minister has assured us that there is no answer to thj justice ol our claims. The Government, by income taxation, customs duties, and other levies, is taking between onethird and one-half of our net revenue, and in the case of some gas companies more than half. It lias hitherto refused to give secondary products ot gas manufacture any protection whatever under the tariff, and it is, moreover, competing unfairly against this secondary industry by means of taxfree semi-State enterprises." The report was adopted unanimously. GOLD PRODUCTION INCREASE LAST YEAR 'IHf.St *SSO< lAT7OV TM'.Tir,ill.l WELLINGTON. February 5. Although the final returns have- yet io be checked, preliminary figures in the possession of the Mines Department indicate that the quantity of gold produced in New Zealand in 1933 exceeded the production for the previous yertr. Last year's production amounted to approximately 108,001 ounces, compared v/ith 100,354 ounces in 1932. Exports of newly-won gold in 1933 were .■mailer than in 1932, and, although there was an export duty of 12s fid an ounce, the value in New Zealand currency of the quantity sent abroad shoved a considerable increase sis a result of the appreciated exchange rate, which, on the basis of £0 a fine ounce, represented an advantage ot approximately 30s. In 1932 exports oi r>oJd , n aJJ r olJlls totalled 107,784 ounces, valued at £925,950, while in 1933 exports totalled 104.908 ounces, valued at £1,205.304. TRANSVAAL <.01.D OlTf'l I The Transvaal gold output lor the first 10 months or 1033 amounted to 9,224.071 line ounces, the declared value of which, including premium, was £56,400,000, compared with 5,504.230 fine ounces of standard value £40.753,097 fm- the corrc:ponding period of 1932. The basis if valuation wr,3 £6 9s a standard nince. Group profits for the vour 1933 to the end of October totalled £25.182,992, oomoared with £12,130,607 for the first 10 months jf 1932. SOUNDNESS OI TRADK POSITION WORLD'S WOOL MARKJiIS LONDON, Kebiuary 4. iUi W. Dcvereu.v. roprevenling .'he Australian Yvoolgrowers' Association, reports that easier tendencies have developed in mo:-,t wool markets, partly as a result of proiit-taking due to the inancial strain of early overseas pur.hascs and currency uncortaint.ie.'. The .rade position is sound. Bradford quotations for mermu lops ire somewhat, irregular, with very ittle new business. Crossbred yarns ire very quiet with prices a shade iasier. The continental futuies market-, a:e ■jy.ici. currency Hue)ualioir- lving a listurbin? factor. WORLD HIDE MARKETS lIM.IIEK I'ltK./li.S I ORL( AST Reviewing the hide market under iate December 28. W. "Weddel and Co., Ad., London, states:—"There is a firm narkct for raw hides at moi-t origins md on the bigger markets everything ippears indicative of an advance in iriccs New York reports that packer rdcs'have changed hands at higher >ric'e« while in the Uiver Plate the rh'orifico market is Ann and closely old up. In the two most important rarkets. with such a strong position xisting higher prices seem inevitable. low far the market will be taken on Ls upward trend will depend largely it the support given by the United Hates If North American tanners mv "regularly through the early births of 1934, we expect a very iteadily-improving market, on \t is lmost certain that Europe will coperate to some extent. The tanners re complaining that they have plenty f stocks and are not finding it easy d reduce them, although leather prices re fairly well maintained." A report from Australia states that -<ports of hides and skins from the loinmonwealth during the five months nded November, 1933, were valued at '2 418747 Australian currency), com'ared 'with £1,239.998 in the same eriod of 1932. Leather exported was alued at £301,823. against £1;>3,895.

! MINING OKARITO RETURN

: ' U'KESS ASSOCIATION" rEL£URA.M.i : DUNEDIN. February 5. The Oknrito return last week was | 41oz 18dwt for 112 J hours. LAWSON'S FLAT SLIT CI Mi l COMPANY 1 5 The mine manager of Dawson's Flat s Gold Sluicing Company reports that f since the tail-race was completed at ; No. I face, 137 hours' sluicing has 1 taken place, resulting in approximately 4500 vards being treated. The result of the wash-up on Saturday was - 250z lldwts of retorted gold. No. 2 ' face was not washed up, as moat of the time was spent on No. 1. 1 (;ii.i.i:sr , ii: , > reach wash-it* ir«r.£3 assoi.iatiok Tn:.!:osrM ; DUNEDIN, February 5. [ The Gillespie's Beach dredge wash- • up last week was 330z 2ciwt for 100 hours. i stajtokd sluicing, ltd. 1 At a meeting of directors of Stafford Sluicing, Ltd., held at Christchurch on ', January 24, it was decided to close ] the share list. The factors bringing about this decision are, first, that the ' crinital construction cc.-ts have been ' considerably below the Mir; e;-.iiin:ilo<l. end second, eonstrueiiuii is well ahead of schedule, and the claim should commence production in the latter half of February. In all 05,700 shares have • been allotted, including 12,000 vendors' shares. The contributing shares are ! called up to 9d a shore. IJKtAN BOKF I) UK DM', fftESS iiSOCIAUUk' lli.lDlill.' i GREYMOUTH, February 5. j The Brian Boru dredge return was j56 ounces 18 pennyweights for 118 i hours' working. j j GOLDEN SANDS ! l-RE.-ii uSaOL'IA r iOJI U',.!.GBja.' GREYMOUTH, February 5. The Golden Sands return was 'l4 j ounces 5 pennyweights for -1 shifts of i eight hours each. i RATKLT BASIN TIN CO. i FINANCIAL I'OSITION DISCI SSFD Addressing shareholders ot Katrul Basin Tin Dredging Company, Ltd.. at a statutory general meeting in ] January in Svdney, Mr G. Blakemore, chairman, said thai, in .Sydney and Penang. the company had £80,845 in cash, giving a surplus of about £(3000 over liabilities. The company's tin quota hud been :;old to the Takuapa Company, until the end of August. 1934. That quota gave Katrut an income of £IOOO to £llOO a month, less expenses of working. What the position would be aftei August next it was not i ossible to say. If the Siamese Government increased the quota, it might be possible to consider a further contract for sale of the quota. The Siamese Government, however, had agreed to abide by the restriction scheme until 1937. and it would probably be some lime before the company's quota would be increased beyond the present 172 tons a half-venr. About £SOO or £OOO a month was being spent on reconditioning the dredges. Expenses were being l-'eut down to a minimum. In reply to a shareholder, Mr Blakemore said that although tle> company had a cash surplus, it could not consider payment of a dividend, j as it was necessary to conserve rej sources. I'UITTKK I'KICKS A STATION KNT IJKNIKD NKWSI'AI'FJrS (Kl IK ISM rsOl/ I VS. OKX i. OR3KSK.:. Dt.« . ', ! j LONDON. December ■ At. a meeting of Ihe . Conservative parliamentary agricultural committee last week it was reported that someone had said thai: while New Zealand butter was solimg m the coun'ry at 7d per lb the price in New Zealand | was 2 s 3d. This mis-sUitcm'. u! e.a.- .'"'/i^/.; from the High Commissioner .-> Uincin the "Daily Telegraph.- and now trie .•ti'riculUira! correspondent o, tie "Dii : lv K-:press" takes the matier up ( still' more forrefulh The article .s j headed in larne black typo. ■) )-\ lAbout the Empire. butler . nces, ! Misquoted to Save Face... | r.ie nail a lie.' say-' ..lie culm- , : spondent. "ThK" he continue*, -si a tvoe of misinformed and mischievous | anti-Empire propaganda spread by i people who are evidently at. a loss .a II ' any other excuse for the terrible state of" the Home industry. But Now Zealand is not the only country aooiit | which this lie e-, snread. Australia j is -uflpring. too. The story i" that Australian butler is !)ci per lb m 'n.s country, but, 2s Gel in Australia. "Who is responsible lor the fs.se statements? Ido not know. I have tried,to find out. but so far no one is prepared to accept the responsibility for having made them. Such statements could not, have been made it troubic had been taken to investigate the true position. The real (acts have been given to me by official-: of the New Zealand Government and the Australian Dairv Produce Board. | "These are the Tacts. New Zealand j buiter is lid to Is 2d per lb m Bug- i land, according to the class ol shop. • Five weeks ai.'o. when Ihe price here j was higher, butter in New Zealand was being sold at lid to In per lb. The price of Australian butter in England varies from 9d to lid per lb. In | a Sydney newspaper of October 20 ■ the price is quoted at Is fo 1s 4c! per • lb. Since then prices have dropped | more than 3d per lb. j No Room for Foreigners. ! "The butter market in Great Britain is being damaged by cheap sales. That is because there are supplies from three sources —Britain, the Empire, and foreign countries. There is room in the market for Britain, and the Empire, but not fpr the foreigners, who ! are increasing their exports to us and i accounting for more than half of our j imports. "In 11 months Russia has increased her exports of butter to us to a figure six times as large as last year. Holland's figures are three times as large as last year. If foreign butter wore prohibited or dealt with by an adequate tariff there v/ould be four-and-a-half million cwts a year less on British markets. It would have the effect of raising Home and Empire butter prices to a remunerative level."

(CF' TSTCHURCH STOC* ' | EXCHANGE j YESTERDAY'S TRANSACTIONS i

j There was an increased turnover on t call yesterday, chiefly due to heav- ! icr trading in Government debentures. | The markets generally were Arm, with a hardening in several stocks. Transactions, exclusive of vestibule business, were:— Sales on 'Change. £ s. d. £655 N.Z. Govt. 34 p.c. Int., 1930-52 <odd lot) .. 101 0 0 £250 N.Z. Govt. 4 p.c. Ins., ]<MO .. .. 301 12 C £275 N.Z. Govt. 4 p.c. Ins., 1955 (odd lot; .. 101 10 0 400 Comm. Bank of Aust. 018 0 0 17 11. 200 A.F.A. Insurance 0 II 1 '■■ 200 N.Z. Refrig. (£1 paid, i ex cliv.i . . 0 IS 6 0 18 5 i 200 Tuobev's brewery i?.> 1 C 9 i 100 Kleclro. Zinc lord.) 1. (5 11 ! 200 Mount Lyell <2> 1 5 6 100 Blackwatcr Mines . . 1 10 0 1 17 0 200 Gillespie's Beach 0 2 5 300 King Solomon <3> 0 4 1 300 Mahakipawa (prcf.) 0 0 3 100 Okarito . .. 0 9 4 0 9 5 250 "Waihi <3) 1 10 6 Sates Reported. £2500 N.Z. Govt. 3J p.c. Ins., 1938-43 .. 101 17 6 £SOO N.Z. Govt. 3J p.c., Ins., 1938-52 .. 100 12 6 50 E., S., and A. Bank 515 6 100 Bank of N.Z. .. 1 10 6 200 A.P.A. .. 0 11 1 150 N.Z. Refrig. (£1 pd„ ex div.) .. 0 18 11 New Zealand Government 3j per i cent, slock due 1938-43 changed hands at £lOl 17s 6d—the 1938-52 at £lOl and £IOO 12s Gd: the 4 per cent. 1940 slock at £lOl 12s 6d, and that due 1955 at £lOl 10s. Commercial Bank of Australia were 1 iirm with dealings at 18s and 17s lid, I mid further sellers at the lower price, 1 buyers at 17s lOd. English, Scottish, j and Australian Bank shares remained j unaltered at £5 15s Gd. Bank of New Zealand rose to 50.s fid, and there were further buyers at 50s 4d, sellers at 51s. A.P.A. were steady with buyers and dealings at lis Id, sellers at lis 2d. Buyers of New Zealand Loan and Mercantile ordinary stock raised their bids to £6l 10s. sellers at £7O. New Zealand Refrigerating fully paid ex dividend changed hands at 18s Gd. 18s sd, and His lid, market closing 18s 3d buyers. 18s 9d sellers. | Miscellaneous. T'oohey's Brewery shares were dealt in at 2Gs 9d, and more were offered at that figure, buyers at 2Gs 7d. Elect roiytic Zinc ordinary shares were firm at 20s lid, buyers staving in at lhat price, sellers at 275. Mount l.yells were fractionally firmer with buyers and dealings at 25s Gd, sellers at 25s 7d.

Black-water Minos advanced to dealings at. 3(is and 375, closing quotations 3(i.s Bcl buyers, 37s 3d sellers. Gillespie's Beach remained unaltered with sellers and business at 2s sd. Kinc Solomons moved up a point to 4s Id" sellers staying, in at that price, buyf'is at .'i.s lid. (Jo'.,--, Sands were irrnci- on buyers' offers 2s 9d. Ivlahakipav.a preference remained unaltered at 3d. dosing quotations Ul on either side. Okaritos changed hands at as -Id and fl.s sd, and these were buyers' and sellers' closing quotations respectively. Waihis rose If) .iOs (id, and more were wanted at that price, seller-, at 30s 7rl. I.VIKSI tjl OT.VJIONS \./. Government Debentures. Buyers. Sellers. i- •■■■ d. i: s. d. •a p.c im.. i:i:-;a-.->2 too 1.7 o 101 10 o •1 p.c 1n.,., 1040 . . 101 12 fi 4 p.c. Jus., 194G 102 0 0 ■! p.c. Jus.. HWO . 101 t(l 0 4 p.c. Bonds, 1940 101 .15 0 4 p.c. Bonds. 1046 102 12 (> lO.s o 0 4 p.c. Bonds, i<)4g 102 5 0 4 p.c. Bonds. 11)55 101 10 0 Other Debentures. Rotorua Boro. fi P.c.. 1/7/ Cl m i 0 o Oliakuno JJoro. 6 p.c., l-4''44 - 102 i) 0 Eastbourne Boro. 4! p.c.. l'2'-il ;oi 0 0 Invercarsill C'i'v 5J p.c.. 1/4/49 .101 2 6 103 0 0 Invercarjjill City •">; p.c.. 1 '7'4'l ' 1u I .S 0 1fi:: 0 0 IVinks. I Adelaide u i, u -, n 0 Auslrala. :;, |■; 19 0 ]: ; -, 0 Cumin, ul An.-: 0 17 10 0 17 Jl Comm. of Sydn-.-v 17 (i 0 n 15 0 ''••• ; s - ; " ld A - ■'• H fi .=> ir< (i Natl, of N.Z. 4 3 fi 4 '! 0 \'e\v South Walcb 'cum tliv.) ,y:. ;;, u x; -.> (j X'ev.- Zealand V 10 4 ■ II 0 J Union 0!' An ' !i if, i) ;i| 1 0 IfISUIMIHC. ,V PA Oil! 0 ii 2 Nl.lv Zealand ~-..-,: . "'/■' , .2 s'6 0 :■ is 0 •■souili Briti-h .-{ 1, 0 Standard :; 1 t ; ' Loan and Agcii-cx. Cl..Ch. Bldg. Soc. 10 JO '0 Oalfteiy and Co. .. !0 7 6 10 j 0 0 Goldsbrongh. Mori, ill ■■> i 14 0 Mutual Benefit nj 0 n Natl. Mort. "A" icum div.) •>, i q N.Z, and V >,,■■■ Plate • ,'» « I -1 0! N.Z. Guar. Coro. ii 5 2 0 8 4| N'.Z. Loan & Mf.-r::. 'ord. stk.) t,| JO 0 70 1) 01 Permancnl fine:'. ;-'. 0 (l jl) f| Qi United Bldg. Sec. (1 10 ;> ] 0 3J Shipping. J lluciiuu-t Parker . . 1 i.''. 0 ! !•! 0i P. & O. Deterred Stock . 1 .! 0 J Union iprcf. 1 1 (i 0 i i frozen .\lral. j l.'niiU-rbm-y 9 5 0 fi 17 0 Canterburv cpi'. ■ .) 11 ri N.Z. Refriß. 1 £ 1 pel., c\- div.) 0 Hi 3 (i 10 9 N.Z. Refrijr. (LOs paid, on- div.) .. f) K 0 0 fi 10 N. Cant. Froez. . . 11 ?, 0 10 0 Woollens. Kaiapoi 'i7s paid) 0 10 fi 0 11 :) Kaiapoi (~ig paid l 0 2 0 0 4 0 Kaiapoi (pre!'.' . . 0 13 fi 0 12 0 Mos'.'iel 9 10 0 - - Coal. Gir;. Ynll-~.\ 0 12 6 West port 0 14 10 0 Hi 0 Stockton '.ord.' 0 0 fi Stockton 1 prof 1 11 2 3 ft I G Gas. Aucklur.u 'rum I div.) 14 1 I fi 0 Christchurch <IOs paid. cum div. 1 0 11 6 0 IS 7 'l'miaru 0 18 0 Breweries. Carlton 2 4 :-', 2 .i (J New Zealand 2 0 22 0 7 Staples 19 0 1 10 0 Timuru -- 0 10 0 Timai-u (7s Gel pd.) ■■- 0 6 0 Tooheys . . 16 7 16 9 Tooths . . 2 4 1 2 4 6 White Star . . 0 10 0 Miscellaneous. Ai\-,t. Paper and Pulp .. 1 15 0 Allied Motors 0 2 9 0 3 11 Amalg. Wireless 1 14 0 1 16 0 Amalg. Wireless feontr.l 12 6 Anthony Hordcrn 0 15 7 0 16 2

I AUCKLAND | Sales on 'Change. £ s. d. N.Z. Government Stock, 4 per cent., 15/1/40 .. 101 10 0 Amalgamated Brick (Auckland). 74 p.c., 1/3/44 .. 93 0 0 Commercial Bank of Australia 0 17 It E., S.. and A. Batik .. 5 15 6 National Bank of N.Z. 4 5 6 Bank of New Zealand 2 10 9 Australian Provincial Assurance 0 111 National Insurance 0 IS 8 Renown Collieries mow, prel.) .. o 0 10 Westport Coal .. 0 15 0 Auckland Fire Board 6 per cent., 20/6/39 .. 102 5 0 Huddart Parker (pref.) .. 16 0 N.Z. Breweries .. 2 0 3 Farmers' Trading .. 0 3 9 Bell Kilgour .. .. 0 0 10£ Blackwater .. .. 1 15 o Maerewhenua .. .. 0 0 10£ Talisman Dubbo .. .. 0 6 3 Waihi Junction .. .. 0 4 9 Mount Lyell .. .. 15 6 Gillespies Beach .. .. 0 2 5 Unofficial List. | Inveslmnet Exec. Trust (B> 102 0 0 j Goldfields Dredging ~ 00 84 i t WELLINGTON £ s. d. N.Z. Govt. 34 p.c. Stock, 1938-52 .. .. 101 0 0 101 5 0 4 p.c. Stock, 1940 .. .. 101 15 0 (Both late Saturday) 101 12 6 Bank of New South Wales (late Saturday) .. 33 0 0 N.Z. Guarantee Corpn. .. 0 8 3 Wellington Investment and Agency .. .. 0 7 0 Bell Kilgour (late Saturday) .. .. 0 0 10 Consolidated Goldfields (late Saturday) 0 17 0 i ! SYDNEY i ! j , Sydney Stock Exchange business | yesterday was moderate, and price j movements showed only a slight j variation compared with last week, , although gold shares were active and i firmer. | Morning Sales. ! £ s. d. Commonwealth Bonds. 4 per cent—--1938 .. .. .. 105 0 0 1935 .. .. 107 0 0 1961 .. 108 5 0 Bank of New South Wales 33 0 0 Tooth's Brewery .. .. 2 4 6 Associated News ~ .. 113 British Tobacco .. .. 117 44 Dunlop Perdriau .. .. 1 0 10J Electrolytic Zinc .. .. 17 0 Howard Smith .. 0 15 6 Lustre Hosiery .. 13 0 Wilcox Mofflin .. 0 13 5 Winchcombe Carson ~ 112 0 Closing Sales. Bank of New South Wales 33 0 0 Comm. Bank of Sydney .. 18 0 0 Union Bank .. .. 10 5 0 Bank of Australasia .. 13 15 0 Colonial Sugar 64 10 0 Mercantile Mutual Insur. 13 3 ; Australian Provincial As- | surance .. .. 0 11 5 Howard Smith .. 0 15 7 Huddart Parker (N.Z. delivery) .. .. 1 14 3 British Tobacco .. .. 117 4& Tooth's Brewery .. .. 2 4 3 I Toohey's Brewery .. 18 3 Toohey's Brewery (N.Z. delivery) .. .. 18 41 Dunlop Perdriau .. 10 9" Dunlop Perdriau (pref.) .. 116 (5 Henry Jones .. ~ 1 13 6 Wilcox Mofflin .. 0 13 6 Commonwealth Wool ~ 12 0 John McGrath .. 18 3 Hume Pipe . .. 013 11 Anthony Hordern ~ 016 0 Standard Cement .. 018 6 Electrolytic Zinc . . .."173 Lustre Hosiery .. .. 13 0 Mount Morgan ~ 3 15 0 South Broken Hill .. 312 9 G. J. Coles .. 22 6 MELBOURNE £ s. d. Adelaide Steam .. 16 0 Gordon and Goleh ~ 22 0 Howard Smith 0 15 9 Herald and Weekly Times 211 6 Mount Lyell .. ~ 15 0' PRICE OF GOLD i j BRiriSß OFFICIAL WIR*IJtoS.) RUGBY, February 3. Quotations for gold a fine ounce up ' to date are:— £ s. ci. ; February 3 . .. 618 3 February 1.. ~ 615 fi , January 31 .. .. 6 13 1 January 30 ~ .. 612 10 t January 29 .. .. 612 5J January 27 .. .. 6 12 3 I January 26 .. ..6123 January 25 . . .. 612 1 ' PRICE OF SILVER E . lIRiUSH OFFICIAL WIEBL'JI&S.J RUGBY, February 3. Silvei ipence an ounce) is quoted.— Feb. 2. Feb. 3. Forward . 19j 19 15-16 Spot .. 19', 19 15-16 CANADIAN LUMBER EXPORTS v Canada now ships more than 90 per 2 cent, of the lumber imported from j the Pacific Coast of America into Aus- 6 tralia. The monthly letter of the Royal Bank of Canada states that the « Australian market is becoming of increasing importance to the Canadian t lumber industry owing to the trade * agreement recently concluded. Be- r fore 1929, Canada never obtained more 3 than 20 per cent, of the total orders for lumber from the Pacific Coast to a Australia. In 1931, Canada shipped' approximately 30 per cent, of the total a of 115,000,000 feet imported. In 1932 and 1933, Canadian shipments accounted for more than 90 per cent, of the total. At present British Columbia enjoys a practical monopoly of Australia's purchases of this class of J lumber. Exports to Great Britain J during the first nine months of 1933 \ showed an increase of more than 100 per cent, over those for 1932, while shipments to China and South Africa { also showed increases. Lumber ex- % ports from British Columbia to points ' n outside America are now 35 per cent. greater than ever before. 1

FOREIGN EXCHANGES (larrisn OFTHIAL WIEILISS.) (Received lfebruary 5, 5.5 p.m.) RUGBY, February 3. Par. Feb. 2. Feb. 3. Paris, fr to £1 .124.2 1 77 17-82 77 23-3t, New York, dol. to II -1.860 4.90J 4.93J Montreal, dol. to £l. 4.566 4.95 4.98 Brussels, belgastoil 3:> 21.58 2 1.94 Geneva, fr. to il 25.221.j 15.76 .10.80 Amsterdam, rt. to JCI 12 107 7.594 V.OIJ Milan, lire to £l. 92.46 58 310 uSi Berlin, reiclimarkenfco.tl 20.48 )2."55i 12.90 Stockholm, kr. to £1 18.139 19.396 19.39J Copenhagen. kr. toil 36.159 22.40 22.40 0«!o, kr. to il 18.159 19.90 19.90 Vienna, sc.hgß. to i'l. 34.58 a 284 2.S Prague, kr. to £1 164.25 .103 103 j Helsingfors, marks to £1 193.23 226.J 2264 Madrid, pesetas to ill 25.2210 3J| 37 27-MJ Lisbon, escudos to £1 110 1091 109» Athens, drach to i'l 375 525 525 (sellers) Bucharest, lei to i'l MS.6 510 SI.7J Belgrade, dinars 25.2215 22.5 22.41 ;ifrtcial) Rio do Janeiro, pence to ffiilreis .. 4.592 4i • official) Buenos .Aires, pence to dol. 45.577 36A 38 (official! (ufrici&l) Montevideo, pence to do!. 5 I 38; oiiieial) Bombay, pence to rupee Jo 1 s 3.3 Jig z-9t Shanghai, pence to dol. ' ic 3in ir>i Hong Koiifr, pence to dol. » 171 17 16-1* Vokoliama, pence to yen 24.57 141 14 9-81 Warsaw, par alotys to £1 43.36 Balavia, Ruilder 12.107 "Defermined by price of silfer, SALE AT AMBERLEY The fortnightly sale was held at Ambfriey ye-itcnla.v. The jardimj comprised 279 fr.t lamb-, inn I'm eve*. 22 fnt wethers,' 222 store ewpt, and 137 storo lambs. A very fino yen of fat lambs sold on account of H. 11, Busch realised the top price o£ 23s 3d. Tha sales recorded were:— Fat Lambs—H. Weir, 22 at 21s 4d, 16 a» 21s 7d: S. Wornall, 17 at 20s 2d; R. Hnnter, 29 at 20s; G. A. McLean, 12 at 21« lOd, 20 at 22s sd; .1. J'arquW. 27 at 22t 6d; L. A. Payne. .16 at 2s Sd: H. llurlev. 29 at 22s lid; Wilson Bros., 37 at 20s 7d; H. H. Buscli. 35 at 23s 3d; N. Conk, 6 at 01s Id: A. H. Busch, IS at 22s lOd. Fat Ewes—Wilson Bros., 28 at«l4s 6d; V. Cook, 15 at 13s 4d: A. H. Bu»rh;'l7 at 14s 7d; W. Antill, 5 at 14s; D. Gardiner, 19 at 14s; H. Hurley. 8 at 13s 6d; F.. ,\. Payne, 9 at 14s 4d: J. Karquhar. S n(; lis Id. Pat Wetbcrs—J. Russell, '.) at 21s yd. 1J at 20s Od. Storo Sheep—Kwes, 01 s.t:i. at 21s Od, 38 at 16s. 7 at 19s (id. 116 »t 13s Id. Lambs—Eighty-four at 15s 9d, 75 wilier* and lambs at 13s 2d. Statistics show that i.'ie numbor "f visitors to Franco in 1932 was 944,000. This is about 1,000.000 fewer than in 1931, and it is expected that the figure for this year will be lower still. Cardiff's first municipal hospital, the foundations cf which were laid 21 years afio, and which was completed at a cost, of £387.000 this year, has born opened. There arc nearly 1000 beds.

: Buyers Sellers. l i a s. d. X ; s. d. j Aus;. Iron and Sieel (pref.) .. 1 0 6 1 2 0 : Beath and Co. .. 1 9 0 1 10 3 Beath and Co. (Is paid) 3 7 0 0 3 0 Booth, Mactionald — • 0 I 9 British Tobacco 1 16 10 1 17 1 Burns, Philp — 2 4 6 , Cumberland Paper 10 0 I 5 0 Colonial Sugar . 62 10 0 G4 10 0 Dominion Builders' Supplies ) 3 1 0 3 8 i Dominion Fertiliser ) 17 0 0 17 6 2 Dunlop Rubber . . L 0 3 1 1 1 Electro. Zinc Cord.) 1 6 11 1 7 0 Electro. Zinc (pf., cum div.) I 15 0 1 15 3 Kenry Jones Co-op. 1 13 1 1 13 8 Howard Smith .. 3 13 9 0 15 9 Milburn Lime I 10 0 1 12 0 Kauri Timber — 0 17 9 Moturoa Oil ) 1 3 0 3 C Mount Lyell 5 6 1 5 7 N.Z. Drug Co. .. 5 14 0 — N.Z. Farmers' Coop., 4A p.c. Stock, 1945 70 0 0 N.Z. Farmers* Fertiliser 0 19 0 N.Z. Paper Mills 7 3 1 10 0 Northern Roller Milling 3 0 Wilson's Cement 7 (j Wool worths (N.Z.) pref.) 16 3 2 0 0 Woolworths (N.Zj ord. 5 2 6 JVIining Addison's Flat .. 0 1 6 0 2 11 Alexander 0 16 0 1 0 0 Alexander (13s 6d paid) 0 15 9 0' 17 0 Bell Hill 0 2 6 0 3 0 Bell Hooper (Is paid) 0 0 10 0 1 0 Bendigo Goldlights (9d paid) 0 0 6£ 0 1 0 Bell Kilgour .. 0 0 8 0 0 101 Big River 0 0 11 0 1 2 Blackwater 1 10 0 1 17 3 Brian Boru 1 3 0 1 6 0 Central Shot over (9d paid) 0 0 9 0 1 1 Charleston Sluic. _-.. 0 1 9 Freshford 0 0 2 0 0 3 Consolidated 0 19 8 1 0 0 Gillespie's Beach 0 2 4 0 2 5 Glenroy (6d pd.) 0 0 5 0 0 64. Golconda (8dpd.> 0 0 1 0 0 3 Golden Dawn . 0 .1 4 0 1 8 Golden Point 0 0 3 0 0 34 Golden Sands 0 2 9 0 3 0 King Solomon - . 0 3 11 0 4 1 Kuala Kampar • — 0 15 0 LaWson's Flat 0 0 24 0 0 6 Maerewhenua .. 0 0 10 0 0 11 Mahakipawa 0 o a 0 0 2k Mahakipawa (pf.) 0 0 2& 0 0 3.} Mining House Concessions .. 0 n u 0 0 3A Mount Morgan .. 3 10 0 3 15 0 Nevis Diesel Elec. 0 1 0 0 1 1 New Cornish Point (Is pd.) 0 1 2 0 1 3 New Cornish Point <6d pd.) 0 0 7 A 0 0 81 Nokomai 0 I 0 0 2 0 Okarito 0 9 4 0 9 5 Oxenbridge Sholover <6d pd.) 0 0 (i - - Waihi 1 10 G 1 10 7 Woihi Grand .1. 0 4 7 0 4 11 Upper Shotover — 0 2 0 Upper Shotover (9d raid) 0 1 4 0 I 8 Wait ami 0 5 11 UNLISTED STOCKS All transactions i 1 t tocks quoted in this section are subject to a different rate of brokerage from listed stocks. £ s. d. £ s. d. Anderson:-, '-''d. < pf.; 0 15 3 1 0 0 Brunner Collieries 0 fi 0 Afforestation. Lid. (£25) 23 9 0 C la u d c Neon Lights 2 fi :) Deep Lead, Lid. (.'.' - pd.) 0 2 5 0 4 2 Invest. Exec. Tru.-t. (pf.) 1 2 U Kiwi Dairy 0 2 6 0 10 0 Moonlight Nelson Creek Cl.'-pd.) 0 0 (> 0 1 0 National Tobacco 3 ;> 0 N.Z. Mining Invest. 0 0 0 0 0 11 N.Z. Mining Reserve (1/- pd.' 0 o e N.Z. Perp. Forests (4/- pd.) 0 IS 3 N.Z. Woolpael->-0 J 7 0 Para Rubber (13.- - pd.) — 0 16 0 E. Reece. LUi (pf.) 0 2 6 Regent Pictures (Ch.Ch.) 0 11 6 0 14 6 Skippers. Ltd <l)d pd.) 0 0 7 0 0 7i Smith. Wyllie 0 12 3 Snowy River 0 0 .1 0 0 4 Sun 'Newspapers 0 4 6 0 5 0 South Cant. Brick do'- nd.) t 2 6 Trn Color Film* H2'- pd.) 0 17 (i 1 8 0 Warners. Ltd. 7 0 0 Woolworths < Vict ' 'pf.i 1 7 0 <9d pd.i 0 0 8 J 0 0 91 i)L.\i;i)iN Sales on Change. J" ri Kins Solomon b "■* 0 F„. S.. and A. Bank Southland Prorrn Me?.' 3 16 0 < piiid i cum di\ Sales Reported. 8 0 Southland Frozen Meat (paidi cum div. :i 7 6 King Solomon 0 4 1 K. %l: -!^ and CO.. j 1 Siock and S! larebroke ■s. 1 ;,o Brokerage cha ■ge s 16 Bi 1 lycrs. ; Offer .:'oi' sale free ef broke ■ag s. d. .'0 Associated Mo'. Ji'S 1 0 6 1 100 Smith. Wylie 0 12 6 | 250 Perpetual Forest, > 4s paid) 0 16 0 23 Perrr.aneni Inv :•( '.. 0 0 0 200 Dominion Fort. 0 17 9 i 53 National Mori. 3 3 6 200 N.Z. Refrig. 0 9 2 100 N.Z. Breweries 2 1 6 000 Timnru Breweries (7s fid paid) 0 6 2 20 Christchurch Bui ding 1 5 0 raining: — 1000 Nevis Diesel 0 1 0 GOO Hatters Flat 0 1 0 1000 Skippers 0 0 7 A 150 Shotover Reef 0 2 0 •00 Blackwater .. 1 17 3 I 400 V/aitahu 0 6 1 300 Nokomai 0 1 11 230 Deej) Lead 0 4 3 H00 Glenroy 0 0 7 100!) Goldlields Drad Sin « 0 0 9 500 Addison's Flat 0 3 0 ! 100 Brian Boru 1 « C 100 Alexander 0 16 6 1000 Bell Hooper 0 0 11 1000 Freshford 0 0 2.'. 50(1 Moonlight Nelson cvk. 0 0 11 400 Wetherstones 0 4 3 500 Snowy River 0 0 31 2 N.Z. Mines 0 0 0 2000 0>:enbridgc S lotovcr 0 0 SI, 200 N.Z. Mming In 'OS t. .. 0 0 11-J 1000 Upocr Shotovai 0 1 8J .1000 Gillespie's 0 2 5 150 Golden Points 0 0 3 For bt'St results consult the ndepen-[ dent Brokers. K. NUNES & CO.. 1 231 High street, Christchureh. , 'Phone 36-193. P.O. Box 778. Telegraphic Addres. : PERNUI. 1 Brokerage Rates, s ellers only: Up to Is .. 0 8* Is to 2s .. 0 0 2 2s to 5s .. 0 1 5s to 7s 6d .. 0 1 i 7s 6d to 15s .. 0 o Over 15s. 1 per cent . Government and Local Bod} - Stock 1 N877$ \ per cent.