FINANCE AND COMMERCE

Press, Volume LXX, Issue 21087, 12 February 1934, Page 11

FINANCE AND COMMERCE

BUILDING FUNDS POSITION OB 1 COMPANIES AND SOCIETIES MARGIN BETWEEN BORROWING AND LENDING The margin between the rate building companies and societies pay for money and that at which they are authorised to charge for loans was the subject of interesting comment by Sir Harold Beauchamp, a director and former managing director of the Equitable Building and Investment Company of Wellington, Ltd., at the annual meeting of shareholders of that company held in Wellington on February 9. "A further call of £1 a share has been made, and this, without .income from investments, will nearly wipe out our overdraft altogether," Sir Harold said. "That being so, it is the intention of the board to create a fund, which, pro tanto, will be applied to paying off such of our depositors who require their money when the moratorium will be lifted in 1936. Meanwhile, all depositors are receiving their interest promptly at the rate of 44 per cent, per annum. Considering the low rates now obtainable for investments of every description. I think our depositors will be quite satisfied with the return they are now getting. "It seems to me that on the lifting of the moratorium many depositors will be quite willing to extend their deposits with this company for a further term. If that be so, there is no reason why the company should not resume its business as a borrowing and lending institution. Result of Government's Action. "Owing to the action of the Government, it is true that there is only a very narrow margin between what we are permitted to pay for money and what we are authorised to charge for loans. To carry on properly there ought, in my opinion, to be a margin of at least 1£- per cent, to 2 per cent, per annum. I dare say a number of you will have noted the great expansion in the business of building companies and building societies in Great Britain since the close of the war. This has enabled them to lend money throughout the United Kingdom for the erection of thousands of homes. In Wellington no doubt the population is increasing at a much greater ratio than the erection of homes, and if building companies and societies are not faced with governmental influence and/or control, there is no reason, why there should not be a wide field for their activities in this country. Until we are in a position to still further strengthen our finances, we are, more or less, in a moribund, but, I claim, safe position financially," he concluded. i

FOREIGN EXCHANGES (sumsii oj-Fieivc wikjiuss.) RUGBY, February 9. Par. Feb. S. .Feb. 9. Paris, fr to i'l 12-1.2 1 77 29-32 77 25-82 Xc»- York-, dol. to £L 4.50« S.Oli 5.02 Montreal, dol. to i'J 4.SUO 6.0S 5.05J Brussels, bclgas In S-l Mi 22.0S 2 1.994 Geneva, fr. I" i'l 25.22 15 15.86 1K.831 Amsterdam, fl. to .fl 12.107 7.62J 7.62 Milan, lire «.-. i'l 92.46 :-.8 58 3-16 Berlin, roicbinnrkcn to A.l 20.48 13 12.964 Stockholm, Ist. to AM 18.159 3 9.394 19.59J Copcriliagon. kr. (oil IS. 159 22.40 22.40 Oslo, kr. to i'l. 15.169 19.90 19.90 Vienna, sell BR. to A I 34.585 2*4 254 Prague, kr. to fl 164.25 103J 103J IU-liirifilors, marks to £l. 193.2.". 226 j 2264 Madrid, pesetas toil 25.2215 37* 37 1316 Lisbon, eacndos to Al 111) 1091 |O»S Alliens, draeli to it 3 75 S3ll .-,:',(> (sellers) (sellers; Bmliaiol. lei to i'l So 1.6 515 515 Belgrade, dinar* 25.22 15 23.0 22.8 Rio de Janeiro, pence, to milreis . . 4.592 4i I i, (official; voflk-ial) Buenos Aire.*, pence to dol. 45.577 364 364 (Official) (official) Montevideo. pence to dol. 5 1 .37} 87J (official; (official) Bombay, penes to rupee t« IS S :i2 IS 3,32 Shanghai, ponce t-o dol. • 1«S 16{ liaas Koiijr, pence to-dol. * IS IS Yokohama, ponce to yen 24.57 14 9 32 149-32 Warsaw, par ■/lotTs to JTI 43.5« 27.50 Bala via. guilder 12.107 7.60 7.56 ' Determined by price of siWer. METALS MARKET ( Hc.-cived February J I. 8.40 p.m.i I.ONDO.V. February 10 -

THE AMERICAN PROBLEM j DEPRECIATING THE DOLLAR H , '♦ BISK IN I'HK E LEVELS SOUGHT I(3r*CUU.T WRIT! EM TOR THE PRESS.) ||! : , UoKKli'l' A. WILSON.] I The announcement on February 1 | that America had established the gold | standard on a basis of 59 per cent, of | t.ie old valuatio'n of the dollar is S juolt-.cr s'cp in President Roosevelt's \ plan <0 rc-lorc the old price level in j America. 8 To understand his plan a short his- | or y 0 f tli-"• position is necessary. '! In the decade ending 1929, Ameri- ;? C an business activity took no heeci 5 0 f the struggles and disasters of the outside world, and Americans thought they had discovered the secret of per-' petual orospcrity. At the end of 1929, '. however, the collapse of the Stock Exchange boom .vas the commencei me nt oi' i; recession in business. This developed into a slump which comi peter.t observers said exceeded any depths reached ir. other countries, a.jd <:ome Americans despaired of ever } reaching even moderate prosperity ■ a?ain. Up to last year when America went off the gold standard, she was the i c:ly country of any importance (cx- ,; cept Holland) v/herc the gold stand- .! ard obtained at the old valuation. The .: continual fall in the- world price level as measured in gold had forced of)' all other countries in turn. This rise i jn the price of gold of course rej fleeted itsel! in America in the rise of the exchange value of the dollar, but for some time the American price Jevel (insulated as it was from the full effect of the drop in prices by the American tariff wall preventing imports) remained comparatively unaffected. America's external trade was of course seriously altered, but as it was only a small portion of her total trade, she did not at first feel much effect from her drop in exports. As the rise in the value of the dollar proceeded, however, the fall in the price level gradually permeated through the American price structure and all the dire social effects of the fall and the injustice as between the lender and the borrower that are so i familiar in the story of other countries became evident in America. The smooth working of the social system of the present day depends on a « profit accruing from the ordinary ! operations of commerce and with a severe fall in the price level, the profit vanishes. Until conditions are changed a/id a profit restored, unemployment 's rife, and dire misery is inevitable. j A Reversal Theory

President Roosevelt, proceeding on Professor Irving Fisher's theory of the gold value of the dollar, decided to restore the old level of prices by the application of the opposite means ;hat had caused the fall. The appreciation of the dollar had caused the fail in prices, so he depreciated the dollar and expected a rise in the in- ' 1c" nal urice level to follow. ( So far observers have reported that mly a very slight rise has occurred, out in my view such rise should not ) ave been expected so soon. 11 was :c:vcral years before the effect of the Jail in world prices permeated through the American price structure, and it j -lay be several years before the depreciation of the dollar will have the ( fleet of raising the price level. In so complicated a structure as modern civilisation,- progress depends on co- ' ordinatcd effort, and no one section of the community can advance without the other. Some economists, however, deny the connexion between the exchange value of the dollar and the internal price level. Mr Sprague resigrted his oflice because he did not believe that Prcsii dent Roosevelt's plan would have the ; desired edect, and Sir Walter Layton. i editor of the "Economist," is very j doubtful of the effects. They are really the people who do not believe in Professor Gustav Cassel's purchas--1 ing power parity theory of foreign 1 exchange. This theory pre-supposcs ,' all prices linked together and being reflected in the exchange value. His opponents agree that prices of goods , dealt with in foreign trcde are so reflected, but deny that prices of goods only dealt with internally are so affected. While it is true, of course, that the internal price level may not reflect immediately the variation in the cx- - change value of the dollar, I believe i that in the long run it does, and that . we shall see President Roosevelt's I Plan vindicated by its success. I Stabilising' Exchange. I

The means by which Roosevelt can fix the exchange value of the dollar is the buying and selling of gold and dollars. The price fixed, 35 dollars a line ounce, .will keep the exchange about the present level, somewhere about five dollars to the pound ster- : J'lig, with sterling at its present level , in relation to other currencies. When ! President Roosevelt went off gold ] v there was a flight of capital from America which pushed down the value of (he dollar and aided his plan. The ; owners of floating capital were desir- i 'his of exchanging into other curren- 1 ties as rapidly as possible before any further depreciation took place. In Ihis uncertainty as to the price of the dollar, it reached as low as 5.50 dollars to the pound sterling. Of late, however, financial opinion has been that the price of the dollar was too low and the return of some of this capital to America caused a swing in the , other direction. President Roosevelt ; was therefore compelled to step in and l sell dollars to help the value from '<■ rising too high. He did this by buying ] Sold in London, and the cables report , llmt lately he has bought all the gold i offering there. ] President Roosevelt's action in Ame- < rica is similar to our New Zealand t /■jrocedure when our exchange was fi.;ed at 25 per cent, discount on sterling. It is interesting to note that while Roosevelt has fixed the new Parity ;,t 59 per cent, of the old, our parity in New Zealand is below 50 per cent, of the old. It is also notable Inat whereas in America the authorities, while they differ as to the efficacy of the process, agree that a rise in the ( Kice level is desirable, in New Zea- j -and the criticism was that the rise Jn exchange would cause the price level to rise immediately. New Zea- <■ land, of course, is dependent on her t exports to such an extent that a fall * \n the external value of the New Zea- j land pound would permeate through l her economic structure much more quickly than it would in America. INCOME TAX. The New Zealand Investment Trust ■will give its investors the benefit or expert services on the vexed question of Income Tax, allowable deductions, wife's separate income, non-assessable income, etc. In this way investors will pay the minimum tax to wnici s they are legitimately responsible, ask your lawyer, broker, or banker, tor full particulars, or write direct to The g Securities Corporation (N.Z.), lkj., , P.O. Box 703, Christchurch, branches at Wellington, Dunedin, and Auck-

WOOL DISPOSAL CLEARANCES GOOD FIGURES FOR SEVEN MONTHS Large clearances of wool continui to be made throughout the Dominion The latest returns, which include thosi for January, show that approximately 98 per cent, of the wool offered in th< Dominion has been sold, an increas( of approximately 10 pe'r cent, on th< previous season's clearances. Offerings of wool in the Dominior for the last seven months aggregates 320,357 bales, compared with 285 43( bales for the same period of 1932-33 The quantity sold this season wai 314,986 bales, against 253,415. The. January figures were 148,900 bales offeree and 147,717 bales sold. Exports of wool from New Zealanc during January totalled 141,114 bales of which 4987 bales were shipped froir Auckland and Opua. The total export: for the seven months of the curren season ended January were 347 70' bales, as against 231.372 bales for 'th« corresponding period of 1932-33. O this quantity 39,893 bales were shippec from Auckland and Opua, comparcc with 32,156 bales a year ago. EASIER TREND IN SYDNEY PRIVATE SALES BLAMED STOCKS OF I.'NSOU> WOOL SMAI.I. (CMiim rKr.s."< <«ir!in 'S- «v ri.r.i-i riu ■j ii.rr.mrß-corT*;r.n : > SYDNEY. February 10. The weekly wool letter in the "Sydney Morning Herald" .says that value; at this week's auctions showed ai easier trend. The fall in the Englis! tops market, is considered by some an thorities to be partially due to the sclh ing of tops made from wools purchaser, privately in the country in AustralU and elsewhere at figures below the auction market rates. The offer of semi-manufactures a: figures underselling the basis of auction purchases could prove a most disturbing influence. Growers who sole privately to purchasers shipping consignments direct abroad. therefore have probably not only injured theii own pockets, but also affected the woo! market generally. The French political situation, m addition, has not tended to maintain confidence generally. Fortunately, stock; of unsold wool are very small, and the absence of supplies should put a brake on the easier trend in values. Figures issued by the National Council of Wool-selling brokers of. Australia show that sales of wool in the principal marketing centres of the Commonwealth from July 1 to January 31 totalled 1.858,000 bales, which realised £37,417,133.

LIQUIDATION OF HANK I'.VV.MENT TO CREDITORS By the end of February, creditors of the Primary Producers' Bank of Australia, Limited (in liquidation*, will have received 13s in the pound on admitted claims. A fifth dividend of Is 3d in the pound will be paid on February 20. The financial statement for the yeui ended September 28, 1933, was placed before an extraordinary meeting ol shareholders held at Brisbane at the end of January. This showed receipts at £273,518. including collections from debtors £223,218, and sale of premises £44,131. The amounts yielded from the various states were: —Queensland. £88,275; New South Wales ,X 99,654; Victoria. £18,(i9o; Western Australia, £34,343: South Australia. £29,870; and Tasmania. £217.9 A loss of £35.044 was shown on the sale of the Sydney bank premises. During the year assets were reduced by £1,030,190, and liabilities showed a decrease of £982,402. The Primary Producers' Bank was originally Land Credits, Limited, a company formed in Queensland in 1924. Suspension of payments was announced in August, 1931, and subsequently resolutions providing for voluntary liquidation were passed by shareholders. The bank was not a member bank of the clearing-house system. When the directors were forced to suspend payment the position of the bank was that deposits were £1,215,000, advances £1,539.000, and liquid assets £105,000. At a meeting of shareholders last year it was stated that the liquidators hoped to pay creditors in full, with a possibility of some return of capital to shareholders. N.Z. GUARANTEE CORPORATION

At a meeting of the directors of the New Zealand Guarantee Corporation, Ltd,, held last week, it was decided to close the corporation's books for repayment of capital as from February 12 to March 1, inclusive. The corporation will therefore be in a position to pay out on and after today on receipt from shareholders ot the scrip covering their full holdings. .MOUNT .MOKfJAN .SHARES A resolution that the existing £1 shares be divided into four shares of 5s each-was carried at an extraordinary general meeting of shareholders of Mount Morgan. Ltd. in Sydney on January 24. The subdivision will enable the company to be registered on the London Stock Exchange, and afford an opportunity for small investors to obtain shares. A confirmatory meeting will be held on February 14. BERLEI (N.Z.), LIMITED The annual meeting of shareholders of Berlie (N.Z.), Limited, was held last week, the chairman of directors Mr J. A. Gentles, presiding. The directors' report and the accounts, details of which were published in Inc. Press" on February 1, were adopted. The retiring directors, Messrs IN. L Brodziak and S. S. Scott, were reelected LONDON MARKETS a-*n-EO '•«-« issoci.vnos-By f.lecHllC tblegbapb—coi-vmoar.) LONDON, February 10. Friday's closing prices:— Cotton— Spot, 6.80 d; March. 6.44 d Subber-Para, 4Jd; plantation Sn j°u k te-March and April. £l6 ss. Copra-February and March, South Sea. £7 12s 6d; smoked ' £7; pl - nta ' fion, Rabaul. £3 5s Linseed Oil-£l& 15s. J Turpentine—£2 l? 9«- ■

FROZEN PRODUCE

PRIZE LAMBS AT SMITHFIELD MEAT MARKING* ENQUIRY (From Oua Special Cobmspo.xdeht.) . LONDON, January 4. Smithfield was keenly interested in j a display of prize lamb and porker xe i carcases from the last Manawatu Agrin I cultural and Pastoral show, held in se Falmerston North. The lambs and ly P'gs were judged alive in New Zeale land, and were judged in carcase form se upon arrival at Smithfield by Mr D. Ie Messent, of the firm of Messrs D. Messent and Sons. Ltd., at whose stand >n they were exhibited. In the opinion -d of expert salesmen, the consignment, 30 which consisted of 87 lambs, in pens l 3' of three, and 13 single porkers, repress sented a splendid effort. The lambs, ->- in particular, made an excellent dis;d play and were exceptionally good carcases, ideal in make and shape and ■° just the right type of lamb for the - s - London trade, the down cross being lrl j predominant. The dressing left nothts ing to be desired, and exemplified the ?' progress being made in the various meat works under the chain system. i 1?! The condition, bloom, and brightness _ , ■ of the lambs generally were excellent, ;jj i and it can be said that seldom has j there been a finer parcel of lambs on the hooks at Smithfield. Mr Mes--1 sent made his awards as follows: ! Mr L. B. Wail 1, Dr. A. H. E. Wall 2, | Mr E. C. Barnett 3, Mr J. Collis highly I commended. j The judge described the porkers as j"a very choice lot: generally of the I and weight most suitable for the i London trade. They are all good, | fleshy pigs and produce well propori tioned carcases. The condition is good, ' and shows that great care has been (taken in handling at the freezing works and in transit." The porker awards were as follows:--Cheltenham Dairy Company (weight 771b) 1, Mr A. Lasson (weight 781b) 2, Mr A. Golder (weight 731b> 3. Several carcases which topped the 80lb dead weight limit were too big for Smithfield, and verged on the cutter weights. The display was very creditable to all con- , corned and aroused much favourable com men I. in Meat Committee's Proposals ;!r "We recommend that an order-m- --- council should be made prohibiting the 1- importation or the sale, or exposure •d for sale, wholesale or by retail, of ia chilled beef, frozen mutton and lamb, ie and frozen pork, unless such meat hears an andication of origin." states at the final report of the' standing ■c- committee on meat which has just s- been published. The committee reId commends that each side of chilled i- beef should bear an indication of oric. gin branded or stamped in ink or ir stain in a continuous series of words o) including from the hock joint, to the I neck, and from the hind leg down the {. middle of the side. There should be !- lour similar marks on each side of £..- each carcase of mutton and lamb in ie letters not less than htlf an inch in Le height, and on each carcase of frozen pork. Where a piece of meat not bear- ,| ing such a mark is exposed for sale ;. the marking may be by a ticket or a ie label. The committee also recommends ie that the order-Ln-couneil should pro- [ Libit the importation of boneless beef „ and veal, salted beef, salted pork, and edible offals unless the container in which such meat is imported bears an indication of origin branded upon it r I indelibly in letters not less than half V-; an inch in height. The committee 'states that there is ;i considerable dei raancl for imported meat at prices ' lower than that charged for home- | killed meat, and there is also a large; and growing demand for home-killed and Empire meat in preference to for■oigii meat, and a desire that the pub-j s j lie should not be misled in regard to j ,f I the origin of their purchases. They ' recommend that the order should come '■into force six months after it is n I adopted, but the Government, of if course, have yet to accept the comimtlil tee's recommendations and even in [ ■ political circles there is by no means ,-1 agreement upon the necessity for the j tl | order. | '[j Empire Fruit j , c ! Describing the last year as one of ', the worst in the New Zealand and ,'f Australian apple trade, the annual rc- ' port of Messrs F. W. Moore and Co.. ', Ltd.. the well-known fruit agents and, I' importers, expressed the view that it : is doubtful whether even had people i 1* possessed more means, the British ! markets could have absorbed the huge ~ exports of apples from New Zealand ' ! and Australia, for the market was '* I crushed by continual supplies of cheap fruit, of which/ the public very naturI ally took full advantage. The report „! declares that many importers would ■ ibe content to see 1.000,000 less cases j a I coming forward. The firm considers i j it bad policy to send over small cook-: 15 ' crs and large desserts in a year of I '" ; unusual plenty, which in June were j " ' selling at prices which did not even j y j cover freight and charges. I a Unpopular and unwanted varieties! e should be eliminated, and other ele-j e ments which should disappear arc j " badly packed, badly graded, and comf mon-looking fruit. Referring to fruit '• research, the report observes that it is interesting to note that in the cold ;t storage experiments in the model '. s "ship's hold" at East Mailing thisj a season the Australian type of case is 0 being used. This is regarded as important, as the shape of the case, particularly the presence or absence of a . bulge, is probably a factor affecting the distribution of cold air among the stack, and hence the uniformity of temperature. An advance which might affect Ause tralian and New Zealand exports in !. the future is the expansion of commeri i cial gas-storage plants for home-grown - \ apples. The accommodation has jbcen rapidly doubled, and now amounts 'I to some 1750 tons. Another 1000 tons ; is planned, and there are expectations . ! that within a few years the gas-stor-f I age facilities will be increased tenfold. . This accommodation is additional to ''! the 8000 tons at present available for ' the ordinary cold storage of fruit. Meanwhile, it is interesting that gasstorage experiments with tomatoes I give encouraging results. The East Mailing experiments in connexion with apples prove that different varieties reciuire different treatment, clearly 1 indicating that commercial storage f must be preceded by carefully con- - trolled investigation. It has been i f established that Cox's Orange Pippins thus far have failed, over long periods I ' in gas-storage, to retain their charac- i * teristic flavour, but the Lane's Prince | : Albert variety, after nine months' storage, cooked and ate excellently, j i i

DISTRICT LAMB COMPETITION ■ SOUTH INLAND ENTRIES OX WAY TO ENGLAND ; South Island entries in the New Zca- ' land district fat lamb competition, promoted by the Meat Producers' Board, are likely to be judged at Smithfleld at the end of March. The Port Sydncv, due in London on March 19, is carrying the North Canterbury, Mid- 1 Cantcrburv. Southland, and East • Southland entries; the Zealandic, due • London March 16, is taking the Nelion entries; and the Kent, due London March 16. carries the South Canterbury entries. The Post and Telegraph Department , announces by advertisement in this issue that new or amended entries ; for the next issue of the telephone , directory to be published in April, . 19:14 should reach the Chief Post- , master, Christchurch, not later than February 19. . '

FROZEN MEAT

, SMITHFIELD MARKET The New Zealand Meat Producers' Board has received the following cable message from its London office, dated February 9, advising that the following are the approximate average prices realised for the week, based on actual transactions of wholesale quantil ties of the descriptions of meat . mentioned, for representative parcels of the goods offering during the week. ' being for business done pn the ; basis of delivered to Snuthfield Mar- : ket and/or ex Londqn stores:— , (Prices for the two' previous weeks are also shown.) „ I Per lb. I Feb. Feb. Jan. j ' P 2 2G. d. d. d. NZ. Sheep- I Canterbury & North I Island selected j crossbred wethers and maiden ewes: _ ! 48 to 561b 5i a; ok I 57 to 641b ■ ■ 5* T>i oi | 65 to 721b •• 5J sli 5 1 , North Island — 48 to 561b •• Si Si •■>» 57 to 641b .. 55 51 ;vl Co to 721b .. 55 5s a.j | ! Ewes— : i 48 and under .. 4J 4s 4s; i 48 to 641b ... 4i 4A 4 j 05 to 721b •• 3; 3j 33 , N.Z. Lambs-- > Canterbury, new ' season's: i 361b and under 7i 37 to 421b .. 7i New Season's: ! Selected North Island ! brands, including | Downs: 361b and under 7,; 7.| *& J, 37 to 421b . "I- 7i 7&j; Second quality: _. i. Average. 321b li; 6J <>; ; ( Other North Inland | ; brands— !, First quality: , ' i 361b and under 6; 7 •{;-. 37 to 421b . . 7i 7i 7jj| ■ Second quality: !: Average, 321 h . di fi« 6» j, " Australian Lambs- i'. Victorian: !, 1 First quality, new \\ season's-- i, :i6lb and under 5j .'■>» 5; | ' 37 to 421b .. «« Hi fi| j Argentine Lamb : j First quality: !: New season's: ■ ! 361b and under 6* .Hi Hj ■ 37 to 421b 6( 6s tig j; : New Zealand Beef-- j; Ox fores . '-'k '-' ~s j Ox hinds 3ji 34 3 : : Argentine Chiilcd Beef ] > Ox fores . 35 35 32 • Ox hinds . . st"5 t " 5J SJI' . Australian Frozen Beef— :' Ox crops, over i 1001b :'.ii :>i 25!: Ox hinds, over ! ICOlb 31 3j 3.1 I N.Z. Prime Porker Pigs . i ■ 60 to 801b «i li, 6.1 >: < 81 to 10011) 53 5.'. 5$ j: ; 101 to 1201b 5! a', oil; N.Z. Baconer Pigs I: ' 120 to 1601b . . 6i 6 5J h Lamb Market —Prices are slightly i; easier owing to heavier arrivals. Con- ; , sumption is satisfactory for the time of year, and the market is steady, j : with Australian second and third •'_ quality slightly dearer. I ; Mutton Market—Wethers ami ewes' are firm and again dearer on short j spot stocks. j Beef Market —Meeting better trade, j with slightly improved prices. J New Zealand Porker Pigs—Prices easier, owing to heavier arrivals. I Trade rather quiet. i New Zealand Baconer Pigs- Spot | slocks light and meeting good demand, , i with prices better. • i _. ; | The Bunk of New Zealand has re- j i ceived the following advice from its J London office as at the close of busi- i ness last week: — ! Frozen Meat—There has only been j limited business done in wether mut- j ton at nominal prices. The market for ( ewes is quiet and unchanged. Larger j I supplies of lambs have caused prices ! !to weaken. Trade is slow, owing to J heavy suppli'i; oi' fresh meat. Quoi tations arc:— Per lb. : Wethers d. d. Light .. 5.1 to 6 I Heavy .. .. 41 to 53 I Ewes .. .. 3J to 45 , Lambs—2's 7 to 71 fl's .. .. .. 7 to 7", 4's .. .. 7 to 71 : Seconds .. .. 6J to G:l ; - - - !

i PRICE OF GOLD | ; i i ■ | LONDON, February 10. | ! Gold (a fine ounce) is quoted:— ! £ s. d. i February 10 .. 617 1 February 9.. .. Cl 7 4 February 8 .. . . 6 Hi 9 February 7.. .. 61C !> , February 6.. .. 619 .3 ' February 5.. .. 7 0 U February 3 .. ~. 6 18 3 I 1 I RECORD PRICE PAID IN i AUSTRALIA MELBOURNE, February 10. j The Electrolytic Smelting Company, Port Kembla, this week secured the highest price ever paid in Australia ( for gold—a net return of £8 12s 5d a » fine ounce;—to a few fortunate pro- - ducers. PRICE OF SILVER I

! ~ : ID.TITISH OFFICIAL. V.'Uir.USS.) RUGBY, February 9. I Silver (pence a*i ounce) is quoted:—j Feb. 3. Feb. .0. I Forward .. 192 ]0 1 3' 16 I Spot .. ..19 13-16 19' j j MOCNT I.YKLL QUOTATIONS j i . I (Received February 11, 5.5 p.m..i j j LONDON, February 10. I j Mount Lyell stock is quoted as ( i follows: . £ s. d. l February 10 ..100 February 8 .. ..019 10J <= February 1 .. .. 019 4A January 25 . . ..100 I 1 January 23 .. .. 019 4A January 13 .. .. 0 19 0 January 11 .. 0 18 3 li I FARMERS' SALEYARDS I II The Farmer*' Saleyurd.-, St. .\saph street. report the following price'? at ilie opening auction sale on i'vidaj. The entry of horses 2< was "0 in all, and the enquiry for good, active sorts ivas particularly keen, while old and inferior horses were harder to soil, j. Auction and private sales include: One bav gelding. svrs, i-j8: J hay mare. (iyrs. , £-J{); 1 liny raarc tiyrf. £33: 1 bay geld.. a .til; J. aged gelding, 10s: pony mure, £t>: bay mare, aged. £7 10s; 1. .lerser heifer. £3: 1 Jersey Cow, due now, i'-l 15s, l do. 50s; small cockerels. 7d pair, cockerel* 1o 5s 3d pair, pullets (small) 5s 3d to 6s 3d a pair; tip dray £lO 10s, trap £3. double-furrow plough £l2, 1 do. £l6 10.?, net four-leaf harrows £5 10s, set P. and D discs £l3, hillside plough £5 10s, cultivator 27s 6d. 100 sacks at 7d, 'I 12ft gates £•» ss. " ladders 30s. plough 10s, clippers 7s 6d, 1 dr. collar £1 7b Od, C.H. and W. £2 7s 6d, separator 87s 6d. 1 pr. wheels and axle 30s. wringer 7s, set harness "ss, wheelbarrow 255. Wheat lis to !•■% fid, n.u«i Rs fid (n i:<s. straw Is. chaff 3». —7 i

CHRISTCHURCH STOCK EXCHANGE

SATURDAY'S TRANSACTIONS There was a moderate turnover on call on Saturday, and prices of several stocks showed an easing tendency. Transactions, exclusive of vestibule business, were: Sales on 'Change £ s. d. 200 Bank of N.Z. 2 9 3 r2> 2 9 4 200 Goldsbrough, Mori (2) 113 0 i £2OO N.Z. Loan and MerI cantile (ord. stock) (2> 65 10 0 | 300 Beath and Co. (Is 1 paid) .. (2) 0 8 0 I 100 Dunlop Rubber 10 4 I 100 Electro. Zinc (ord.) 17 5 I 400 Mount Lyell .. 15 0 ! 15 1 • 15 2 I 100 N.Z. Farmers' Fert. .. 018 0 ! 300 Big River .. .. 0 011 | 1000 Gillespie's Beach .. 0 2 20 2 11 100 King Solomon 0 4 2 100 Peninsular Tin 0 18 2 200 Waihi Grand Jun. >2> 0 4 11 50 Waitahu 0 5 6 | Sales Reported -, £ s. d. j 50.Bank of N.Z. 2 9 6 \ £3OO N.Z. Loan and Mer- i cantile (.ord. stock) 66 I) 0 \ 100 United Building Soc. 019 10 250 N.Z. Breweries CI) 2 0 3 300 Beath and Co. <ls paid) .. 0 8 0 £SOO N.Z. Govt. 4 p.c. Ins., 1946 .. .. 103 0 0 New Zealand Government 4 per cent, stock, due 1946, changed hands at £lO3, and there were further unsupported sellers at that price. Bank ol New Zealand shares had dealings at 49s 6d. 49s 3d, .and 49s 4d, market closing 49s 3d buyers, 49s 5d sellers. Goldsbrough. Morts were fractionally weaker at 335, closing quotations 32s lOd buyers, 33s Id sellers. New Zea- j land Loan and Mercantile ordinary stock changed hands at £66, £65 10s, I and £65 15s. United Buildirfg Society j shares were easier at 19s lOd, and j there were further sellers at 20s, buyers at 19s 7d. New Zealand Brew- I ei ics relapsed to dealings at 40s 3d, ! and more were wanted at; 40s 2d, ; sellers at 40s 6d. Staples were easier with sellers at 28s Gd. Beath and | Company. Is paid, advanced to Bs, sellers staying in at that price, buyers at 7s 1 Id. Dunlop Rubbers were fractionally firmer with buyers and business at 20s 4d, sellers at 20s sd. Electrolytic Zinc ordinary moved up to 27s sd. market closing Id on either side. Mount Lyells were firmer with dealings at 255, 25s Id, and,2ss 2d. and further buyers at 25s Id, sellers at 25s 2d. New Zealand Farmers' Fertilisers realised 18s, and more were offered at 18s 3d. Big River Gold Mining shares wero firm at lid. Gillespie's Beach showed an easing with dealings at 2r> 2d and 2s lid, and further sellers at 2s ljd, buyers at 2s Id. King Solomons were a shade firmer with sellers and business at 4s 2d, buyers at 4s Id. Peninsular Tin changed hands at 18s 2d. Waihi Grand Junction were firm with buyers and dealings at 4s lid, sellers at ss. Waitahus were fractionally weaker with sellers and business at 5s 6cl. buyers at 5s 2d.

LATEST QUOTATIONS N.Z. Government Debentures uuyei's. Sellers, t £ s. d. £ s. d. j 3: |j.c. ins.. 1938-43 ioi 10 o -- i ,'!i p.c. Ins.. 1938-52 -- 101 15 0 . 4 p.c. Ins.. 1940 .101 0 0 101 13 0 | 4 p.c. 7ns.. 7946 . . 703 0 0 ( 4 p.c. Bonds, 1940 101 15 0 ! 4 p.c. Bends. 1946 102 15 0 J Other Debentures I West port Coal o.'. ' p.c. 1938 - 9C 0 0 i | Banks j Australasia 13 0 0 14 0 0 j Conim. of Aust. . . 017 4 017 T I Comm. of Sydney 17 10 0 77 15 0 I E.. S„ and A. 514 6 51« 9 I Natl, of N.Z. 4 7 0 1 New South Wales ; (cum div.) 33 2 6 33 7 6 ! Now Zealand 2 9 3 2 9 5 j Union of Aust. . . - 10 I 0 i Insurance A.P. A. 0 110 Mercantile Mutual ■-■• 1 4 0 National 0 IB 6 South British •-• 3 17 0 Standard -- 3 2 C Loan and Agency Dalfjety and Co. .'. 10 3 6 70 7 0 Goldsbrough, Mori tl2 10 113 ] N.Z. Guar. Corp. 0 8 2 0 3 6 N.Z. Loan & Merc. (ord. stock) .. 64 15 0 05 10 0 Permanent Invest. 8 14 0 10 0 0 United Build. Soc. 079 7 10 0 Shipping: Muddarl. Parker (cum div.) . . 1 12 0 Union (pref.) 1 0 0 Frozen Meat Canterbury 9 15 0 9 17 6 N.Z. Refrig. (£1 paid) 018 2 018 4 N.Z. Refrig. (10s paid) 0 710 0 8 1 North Cant. Frcez. 0 9 0 015 0 Woollens Kaiapoi (17/- paid) 0 116 Kaiapoi (pref.) 0 18 0 Mosgiel .. 9 12 6 Coal ! Wcstporl . . 014 9 015 3 Stockton (ord.) .0 0 9

. j I> NUNES and CO., ! JL V • | Slock and Sharebrokers. : Offer for sale free of brokerage:— £ s. d. 20 Associated Motors .. TOR 100 Smith. Wylie 0 12 6 250 Perpetual Forest Us paid) .. 0 16 0 j ' 25 Permanent Invest. .. 10 0 0 200 Dominion Fert. 0 17 6 53 National Mortg. .. 3 3 0 200 N.Z. Refrig. . 0 8 2 ( 600 Timaru Breweries <7s 6d paid) 0 6 1 100 N.Z. Breweries .. 2 10 Mining:— | 750 Glenroy .. 0 0 6? 500 Golden Point.-: .. 0 0 3i 100 Cornish Points .. 0 12 600 Hatters Fiat 0 1 0 1000 Bendigo Goldlight (9d paid) .. 0 0 9 i 2000 Sandhills .. 0 0 9 A. 500 Nevis Diese) .. 0 1 0£ : 1000 Skippers .. 0 0 8 150 Shoto\er Reef 0 2 0 1 100 Blackwater .. .. 1 17 3 300 Nokomai .. .. 0 111 250 Deep Lead .. 0 4 3 1000 Goldflelds Dredging .. 0 0 9 500 Addison's Flat .. 0 3 0 100 Brian Boru .. 16 6 1000 Bell Hooper .. 0 0 11 400 Wetherstones .. 0 4 3 500 Snowy River .. o*2 2 N.Z. Mines, Ltd. . 10 0 0 2000 Oxenbridge Shotover 0 0 9 rOO N.Z. Mining Invest. .. 0 0 11-i 500 Upper Shotover 0 1 7 A 1000 Central Shotover 0 10 For best results consult the independent Brokers. K. NUKES & CO., ; 281 High street, Christchurch. ! 'Phone 36-193. P.O. Box 778. Telegraphic Address: PERNUI. Brokerage Rates, sellers only: s. d. Up to Is .0 01 is to 2s .. 0 0J 2s to 5s ..0 1 5s to 7s 6a .. 0 1i : 7s 6d to 15s ..02 i Over 15s, 1 per cent ' Government and Local Body Stock, i £ per cent. N6776 ; wmmmmmmmmmmmmmm

Gas | £ s. d. £ s. d. I Buyers. Sellers. Christchurclv 19 3 Christchurch (10s paid) 013 1 014 3 Timaru .. 10 0 Breweries New Zealand .. 2 0 22 0 6 Staples 16 0 18 6 Timaru (7/6 pet) 0 6 0 0 6 2 Tooths 2 4 3 Miscellaneous. Aust. Paper and Pulp ~ 134 3 116 3 Allied Motors ~. 0 3 9 Amalgam. Wireless 1 16 0 Anthony Horderti 015 6 016 0 Australian Distillery Beath and Co. . 19 1 110 0 Beath and Co. Us paid) 0 711 0 8 0 Burns, Philp v 213 0 213 9 Colonial Sugar . . 62 5 0 63 0 0 Dominion Fertiliser fflfi i) 017 6 Dunlop Rubber . 10 4 10 5 Electro. Zinc (ord.) 17 4 17 6 Electro. Zinc (pf„ cum div.) 115 3 115 5 Henry Jones Co-op. 1 13 3 Hume Pipe (Aust.) 012 6 014 6 Kauri Timber 0 16 0 - . Milburn Lime 110 0 112 0 Mount Lyell . . 1 5 I 15 2 ] N.Z. Drug Co, . 315 0 317 0 N.Z. Farmers' Co- ! op. ("A" pref.i 0 5; 0 ! N.Z. Farmers' Co- \ \ op <"B" pref.) ■■- 1 1 10 oi N.Z. Farmers' Co- 1 ! j op. (41 p.c. Stock. ' i \ 1940 and 1945) . . 74 0 0 j Wilson's Cement 1 7 4 --- ! Woohvorths (N.Z. i j (pref.) 116 6 2 0 0 • Woolworths (N.Z.) (ord.) 4 2 6 5 2 6 Mining: Addison's Flat .. 0 16 0 3 0 Alexander 016 0 10 0 Alexander (13s 6d paid) 014 II 015 2 Bell Hill 0 2 0 0 3 0 Eell Hooper 'ls paid) 0 10 Bell Kilgour 0 0 lOi BendigoGoldlight ! i (9d paid) .. -- o o 9A i Big River .. 0 010 0 0 111 I I Biackwater .. 114 6 116o" j j Brian Born 13 9 16 0 1 Central Shotover | j i9d paid) 0 0 11' 0 1 0 I I Charleston Sluiv. ! ! (cum dightsi 0 J 9 0 2 0 i ; Freshford 0 0 2 (I () ij' Gillespie's Beach 0 2 1 0 2 1}! I Glenroy <6d pd.) 0 05£ 0 0 6.J ! Golden Point. .. 0 0 2£ 0 0 3 i Golden Sands .. 0 3 0 0 3 3 King Solomon . 0 4 1 0 4 2 Lawson's Flat . 00 2$ 0 0 6 Mahakipawa 0 0 2 0 0 2.1 Maerewhenua 0 0 10J 0 0 11~ Mahakipawa (pi. > 0 0 2 Peninsula Tin 0 17 9 Mining House Concessions. .. 0 0 2£ 0 (I 3i Mount Morgan . . 312 0 315 0" Nevis Diesel Electric .. 0 10 0 11 Kokomai 0 10 0 2 0 Okarito 0 9 3 0 9 5 New Cornish Point (112 New Cornish Point (6d paid) 0 0 7 0 0 7i Oxenbridge Shotover (9d paid) 0 0 6 0 0 9 Waihi _. 1 10 9 Waihi Grand J. 0 41! 0 5 0 Waitahu 0 5 2 0 5 6 Upper Shotover (Is paid) 0 10' Upper Shotover (9d paid) 0 16 0 17 UNLISTED STOCKS

i i All transactions in stocks quoted in j tliis section are subject to a different rate of brokerage from listed stocks, , and arc not quoted on the official list: \ £ s. d. £ s. d. i Andersons, Ltd. j (pref.) .. -- 019 9 IBrunner Collieries Canterbury Roller Flour (£1 paid) 0 15 0 Claude Nt'oi i ! Lights I Deep Lead, Ltd. ! (2s paid) 0 3 0 0 4 6 Goldfields Dredging (1/- paid) 0 0 7 0 0 8 Hatter's Flat Gold ! (l/-paid) 0 0 9 0 11 1 Hatters Flat Gold ; <9d paid) 0 0 9 ] Invest. Exec Trust "B" debts, 2nd j issue i Invest. Exec. Trust ("B" debs.) . . Moonlight Nelson , Creek (Is paid) ■-• 0 10 Para Rubber 0 14 0 Skippers, Ltd (9d paid) 0 0 7i 0 0 8 Smyth, Wyllie 0 12 3 Snowy River 00 1| 0 0 2! Sun Newspapers 0 4 6 0 5 0 Tru-Color Films (12/- paid) 012 0 10 0 Wcrc's Investment Trust 0 4 4 0 4 9 Wool worths (Vict.) (pf.) Worksop Extended (9d paid) .. 0 0 8 0 0 9J, < WELLINGTON Sales on 'Change Bank of New Zealand .. 2 911 ( (Late Friday.) Standard Insurance .. 3 2 0 Taupo Totara Timber 0 3 0' Gillespie's Beach (2) 0 2 3' Unofficial List Skippers .. 0 0 7J ' ! DLNEDIN j Sales Reported £ s. d. Central Shotover (late Friday) (2) 0 010 (Saturday .. fl 0 101 SYDNEY

On the Sydney Stock Exchange on ' Saturday the market was active and ' there was heavy trading in mining shares. Sales £ s. d. Commonwealth 4 p.c. Bonds—--1938 .. 105 1 3 1941 .. 106 2 6 19G1 .. 108 10 0 Bank of New South Wales 33 7 6 , Commercial Bank (pref.) .. 9 7 0 j Huddart, Parker .. 114 0 < British Tobacco 1 17 4t i Burns, Philp 2 14 I)" ' Colonial Sugar .. 63 5 0 '' Associated Newspapers ' (pref.) .. .. 1 2 1A- J Broken Hill Prop. ~ 2 4 9, Dunlop .. ..104! 10 41 ; Goldsbrough, Mori .. i 12 10A s Lustre Hosiery .. .. 1 2 9 i Meggitts .. .. 0 4 110 5 0' Bulolo .. ~ 618 0 ' Mount Morgan .. 3 15 9 New Guinea Goldflelds . 0 7 4* 0 7 30 7 4 WAR LOAN STOCK '.BRITISH OrFHlsl. WIRKi.BS-r.'l RUGBY. February 9. British 3A per cent. War Loan stock i.~ quoted as follows:--j: .--. ci. February 5* . . 102 0 0 February 7 101 17 0 February 6 .. 101 15 0 February 5 .. 101 13 9 January 31 .. 101 10 0 January 29 .. 101 6 3 January 26 .. 101 5 0 Havo you anything to sell—Do you wish to buy? If so a small advertisement in the classified section of "The* Press" will be all you need. 12 words Is, three insertions 2s 6d. —6 '

! MINING i

WARNING FROM ENGINEER COMMENT ON OTAGO GOLDFIELD i I The necessity for the public to be on its guard against unduly optimistic reports concerning the development of New Zealand's goldfields was emphasised by Mr J. M. Stewart, a! mining engineer, of Dunedin, during ■' a visit to Auckland last week. Extensive prospecting work has j been carried out by Mr Stewart in tho Molyneaux Valley and other Otago areas, including the Manuherika Valley, of which the statement was recently made that it was believed its returns would surpass those of the Rand. In his opinion values are likely to be found only round the fringes of this area, it yet having to be proved that they exist to any great depth. It was true, he said, that much work was done in the early days on the reefs which dip at an angle of 45 degrees or more, the limit of depth obtainable being about 100 ft. Recent attempts had been made to drive out the ground at St. Bathan's district and Naseby, but the nature of the ground was very unsuitable for deep boring and considerable difficulties had been ! experienced. Until much more know- { ledge of the area was possessed, Mr i Stewart held grave doubts of the jus-1 I tilication of any comparison between ! I it and the Rand. I

GOLDEN DAMN, LTD. The following telegram has been received from the superintendent of Golden Dawn Gold Mines, Ltd.:— j Downward extension of Magazine reef has been located 70 feet below intermediate level in cross-cut 19 feet west from No. 3 reef. Width 30 inches. j Value, £l2 19s 8d a ton. jBELL HOOPER CROMWELL, LTD. j i i i • i i The return for Bell Hooper Crom- I i well Gold. Ltd.. for the week ended ! ■ February 9 was 28oz lldwt. I ALEXANDER, LTD. j"

' 1 The following report for the month ' of January hag. been supplied by the secretary for Alexander Mines, Ltd.: — ] No. 3 intermediate drive north: Driv- * ing has been continued to a point 165 < feet north of the cross-cut, nearly all of this footage being on stone. The face shows stone three feet in width and lying between two ivell-defined walls. Average value for period, 7dwt llgrn., width 31. inches. No. 4 north ! drive: This face is now out 96 .feet north of cross-cut on stone varying in widths. The lode narrowed down to two feet at one period, but has now widened again to four feet. The country carries a lot of water. Average value, Bdwt 21grn; width, 43 inches. Sloping: Sloping has been carriep! on above, the intermediate and No. 4 backs. The reef in No. 4 backs is improving in width, one face showing over six feet in width of stone. Waterrace: Considering the unfavourable weather, fair progress has been made with the water-race and a few more . days should see it completed with the exception of by-passes and overflows. A good deal more timbering was required than anticipated. "Work taken in hand and partially completed is the construction of penstock, clearing for pipe line and excavation for upper and lower power stations. Furnace: The brick and concrete work for furnace has been completed, the machinery for same having not yet come to hand. Battery: During the period 358 tons were crushed for a return of 188oz lldwt melted gold. The cyanide plant treated 203 tons of sands for 430z 14dwt of bullion. Total estimated value, £I3BO. In addition, 8.6 tons of concentrates were saved, valued at £217. In estimating the above values, gold has been taken at 120s a fine ounce. BUTTER AND CHEESE LONDON REPORT The New Zealand Dairy Produce Board has received the following market report from its London office dated February 9, 1934: Butter—New Zealand, salted 69s to 70s, equals approximately 7.85 d f.o.b. ( (last week 66s to 675); unsalted, 72s to I 74s (72s to 745). Australian, salted 64s to 65s (63s to 645). unsalted 66s to 67s (66s to 675). Danish, 67s f.0.b., 88s spot (645, 86s to 87s). Dutch, unsalted 88s to 92s (88s to 925). Lithuanian, unsalted 725. The market is steady. Retail prices are unchanged. Danish lid. New Zealand 9d. The Empire Marketing Board's estimated stocks of all butters: 631,490 boxes (last year 762,059 boxes). Cheese—New Zealand, white 43s to 43s 6d, 4.55 d f.o.b. (42s to 435), coloured 45s 6d to 465, 4.86 d f.o.b. (44s to 455). Australian, white 42s to 42s 6d (41s to 41s 6d), coloured 43s to 44s (42s to 435), Canadian, white and coloured 50s to 54s (50s to 525). The market is steady. New Zealand retail price unchanged, 6d; English finest farmers 90s to 94s (quiet) (90s to 945). MINIMUM PRICES FOR BUTTER (riIESS ASSOCIATION TELEGBAU.) WELLINGTON, February 10. The minimum prices at which Australian butter may be sold for forward shipment in the coming week is and 7Jd. CANTERBURY CO-OP. POULTRY PRODUCERS, LTD. Tlie Canterbury Co-operative Poultry Producers, Ltd., report that lor their Wednesday's and Friday's sales heavy yardings of poultry were auctioned to a large and representative gathering of buyers. Bidding was keen, and all linos were disposed of at satisfactory prices. Boilers, as is customary at this time of the year, predominated, and realised: Medium up to 3s 6d. heavy up to Gs. Chicken: Heavy are still short of supply, and realised up to 10s a pair; medium were in fair supply, and sold well at prices up to 7s; light were in good supply, the majority of which were in poor condition, and realised up to ss. Turkeys and goslings were in fair supply, and prices, being on a par with last week, realised: Ducks 3s Cd, ducklings 5s 3d. Eggs—Machine graded and tested, first grade Is 2d, second grade Is Id. —j

I'fh. 8. Feb. 10. I A ton. A Ion. C'ODper £ s. il. X p . <j Standard, >P"I 3.1 13 rt .",;; 13 J 4 " Forward . S3 IS 1J 33 14 4k 1 1'Jeclrolylir .. ,'ifi j,', o nfi 5 0 ' tn . . 3 7 ft r> 36 IS 0 Wiro bar,, . . .17 ft (i 36 15 0 American elocii'Olytic.: S cents per lb. Lend-- - S P<" • • I I j.S it II 1.-, n . 1'onvarrl . . .12 I 3 1113 1 Spelter- j snot 15 1 n 1', 1 •■■ 1 Tii y°J w «rd .. 1ft « 3 Ift 7 (i ( Spol ..2*6 I S 22B S « 1 lorward .. 2 -& 13 9 -26 IS 9 Silver— ( Standard, per oz. :103d I9 1316d Pi! Ton- •• 215 - le ' 1 21 U I Homo trade . . S 2 fi ■{ •• c ' Kxport . . a 18 fi 2 ) 8 tt Antimony— t Brili.vh .. nil 10 ( , 3!) J0 „ < iort'iRii . . 2'J 5 0 -j 2 ]2 0 £ Alolybrfeni.e .. 2,,, , V"o' ( 1