FINANCE AND COMMERCE

Press, Volume LXX, Issue 21120, 22 March 1934, Page 11

FINANCE AND COMMERCE

WOOL VALUES Improved Australian Season SALES FINISH I REVIEW FROM SYDNEY ;r*OM or* vw» co«*iaH'sX>i*T.) SYDNEY. March 8. The main wool-selling season in Australia tor the year 1933-34 ended pn Wednesday last. There may be later c'.earing-up sales in ine chief centres, but mcst cf ihe buyers from overseas countries are now on their way home, l-aving left in Australia an amount that will awl fall very short of £55,000,000 in payment for wool, purchased in the Commonwealth. The tales still to be made may bring the total to £58.000,000. How the wool ciieoue barometer has risen and fallen jn recent years is seen from the following tabic: Wool cheque. Season. £ 1927-28 .. .. (>9,873.662 1928-2!) .. .. ri7.122.056 1929-30 .. 33,924,062 1930-31 .. .. 27,045,745 1931-32 .. .. 29,642,868 1932-33 .. .. 35,043.054 1933-34* . . 55.000.P00 'Estimate, approximate. Smaller Clip In Australian currency exports from ins Commonwealth during the tirs: seven months of the 1933-34 season represented. according fo the customs returns, £38.796.019, as compared with £21.161,745 for the July-January period in the previous season. This year the main selling season has closed much earlier than, usual because of the reduced quantity shorn. It was estimated at the outset that the clip would fall at least 257.000 bales below that of 1932-33. As the season progressed it

became evident, beyond a doubt, that the shrinkage would be greater and would not be less than 300,000 bales. It was also foreshadowed that in Australia. New Zealand, anil South Africa there would be a diminution of about 700.000 bales from the total obtained in 1932-33. and there is proof that the forecasts were not very far from accuracy.

Taking Sydney, which is the leadins wool-selling centre in the world, as a guide to Australian realisations, the opening level was higher than that registered in 1032-33. The average for the first week's sales in this market was it 16 l'Js 6d a bale, or 12.7 ci per lb. which compared with £lO 17s -Id a bale, or B.2Gd per lb recorded as the average at the opening week's saics in the previous season. As usual Britain has been the best customer for the £■_<: tr"!ian wool c'iu —judging by quantities exported. Japan was again an important factor in sustaining the keenest competition. Lists to the end (i January in th? 1033-34 and 1932-33 .masons show that exports to the folmvrinv; principal countries were:

More United States Business The United Stales, whore trade balance is invariably steeply against the Commonwealth, was a keener purchaser of our wool in the last reason just closed than in 1932-33. taking to the end of January last 12.74S bales, as against only :jsi)o bales. It is believed that the roduct.cn shown in shipments to France has been materially lessened during tne subsequent period, for which record.; are not yet available. Customs records reveal that during the first seven months of the season 1933-3 J. exports from Australia represented 381.260.000, a quantity which compares with 547.712.0001b shipped in the corresponding part of 1332-33.

For the Australian v. 00l grower, the season now ending proved financially much better than the several • which preceded it. More satisfactory returns in cheque form have enabled many to straighten up materially. It is eontended on behaif of sheep men generally, however, that a lot of leeway remains to be caught up before it can he said with justification that the wool grower has been restored to affluence. His margin of net profit is still precariously meagre, and his future must depend on maintenance—or betterment—of the prices which were recorded on average in 1933-3? or alternatively on a lowering of his costs. PROCEEDS OF WOOL SALES big increase ox last YEAR'S TOTAL TEISS ASSOCUTI'itf TEMIJRAM.) WELLINGTON, March 21. The gross proceeds from the -wool •old at the 27 roster sales held in the Dominion from November 27 to February 28 totalled £7.560.863, according to official figures issued by the Wool Brokers' Association. This exceeds the total for the whole of last season by £3.356.433. The total sold at roster sales to the end of last month was 433,038 bales. There are still 11 sales to be accounted for. so that a total return for the season of more than *•10,000.000 is a strong possibility.

NEXT AUCKLAND SALE ITHE PRESS Special Strrtce.j AUCKLAND, March 21. The third and final Auckland wool sale will be held on luesaay. It is expected that between 15,000 and t 18.000 bales will be offered, compared j vnth 14.463 bales at the corresponding j sale last year. The third sale is generally regarded ; 85 a "clean up'' one. and. as usual, a | J nixed assortment nt wools will be available. However, brokers have , been agreeably surprised at the quality ! wool available. most of the clip having opened up very favourably. Ine quality generally is stated to be ®oove the average for the third sale. CITY SHOP LEASE Messrs Sheppard and Smith. Ltd.. f? al estate agents, report having sold j "le lease of the shop. No. 138 Ar- ; |P a gh street to Messrs Wilkinson Bros.; ; caving sold the business situate the j j Cr Dyers Pass and Hackthornf ! Wads to Mr Coliville, and having let , *r° fine suites of offices at 133 Hereford i •freet. 5 I

AX ENCOURAGING REPORT IMPERIAL CHEMICAL INDUSTRIES GAUGE OF BRITISH TRADE RECOVERY \isi:::s3 wire:.*3^.; RUGBY, March 20. Busing and financial circles had awaited with great interest the report issued this evening by Imperial Chemical Industries, Limited. Ass the concern is one of the greatest undertakings in Britain, with interests in many branches of industry, the figures were regarded as in sonu> measure providing a criterion from which the progress made toward trade recovery in Britain could be judged. The figures show a gross income for the last year of £7.6(33,945, compared with £(>.415.423. After allocating £1.000.000 for a central obsolescence and depreciation l'und. and income ta.\", thci'j is a net income of £6,001.605. A tjp.al dividend is recommended of 5 per cent., making 7$ per cent, for the year, compared with the total distribution for the previous year of 6 per cent. A dividend of 1 rer cent, is also recommended on deferred .-Nick. (.'ii which nothing wits 1 i'-id last yc,<:\ One jr.illivn pound.- i<, p'aecd t.) v-nc r;1 n as ;t .«(><>! ' oOO.OO'J, and £s(jj,lJD is euiT.cd lur- 1 v. ard. ' The report was not issued until the; Stock Exchange had closed, but the • street nuirlret regarded the figures as very satisfactory and share prices ro.-'v

BANKING POLICY ENDORSED \IEWS Ol' I HA.MBEK OF COMMKIU'K .mi! .i.;.itiiii.: WELLINGTON, March 21. Endorsement i-f the evidence unciered before the Parliamentary Monetary Committee by the Associated Banks is contained in a report from a special committee set up by the Wellington Chamber of Commerce. The report states that the present banking structure and system in New Zealand were founded on the British tystem. and has, so far, resisted any departure from sound banking principle;. with the rc.-ult that it' enjoy.the conndence of the commercial community. The committee states that i; is not prepared to accept, in place of the present system, some other experimental fystem in which it mh;ht not be abii to place tiie same decree < f ivnlki.-tuv

TAXED TOBACCO '■ TRADK DII'FK ( I.HLS i Sir ihmo C'uriJ;iY-Uv. t -:i. Bart , pi esidim; at the .m;i:;d mertm"; t! f British-American Tuoarco in London, touched upon tiie 'ihtieuii ie- of triuhim rcsuMm-; irun ea la?:nii-.n. D;;rmu tae yciii' mine.- review, he said, th.--company had iiad two mam ditlicuit ie.i to contend with. The tir.-t is miscienti'ic taxation of tobacco and h. products, and the >ceond is the c!:;k,:existing in world •: xchamt.-:. "Under dne first heading I think 1 have told you or l a previous occasion that a tobacco manufacturer is—tn ail intent.-, and purposes —a tax uatherer. lie pays m the firs-t place th*» tax or excise imposed by Government j on the .Goods he sells ami charges it to theconsumer. lie do-s riot and ei.rnet pay any of the taxation himself. His interests and those of the taxahoi authorities in any particular coimtrv are really the sane. The taxation authority is interested in yettim* the largest possible revenue tint it can out of tobacco. The manufacturer is interested in sellint' the largest quantity of tobacco that he can.. The trallir will bear so much taxation, and that

taxation should be equitably divided between the various forms in which tobacco rocs to 11 it consume--.

i "Now. unfortunate!v, w? continual iv sutler from what I call unscientific taxation. Some taxing r.uthoritv some- : where or other ciefs it into his head ' that he can tax cigarettes much more i than cut tobacco. He puts a much • higher duty on cigarettes than on nit : tobacco, and his government ."lifters because the cigarette busine.T. on ' which ho tries to got increased taxa- ; tion decreases, added to which he inj creases unemployment, beer.use it i takes far more labour io manufacture ; cigarettes than it doer to cut smoking tobacco. In addition, and this has been indubitably proved in many r,t i your territories. When a smoker :s pre--1 vented from using what ho prel--J and is driven by taxation smoke • something he does not like as welt. Isi* i aggregate using of tobacco is substan- ; tiallv'less. and therefore his Govern- ! menf;; revenue is less than it could : have been, and the tobacco manufacturer's business is smaller. ! "The other main difficulty which confronts us and all persons, ooing a foreign business is the chaotic position of the world exchange. In many countries the exchange rate is nominal: in other countries you cannot reir.it at all. and in some countries you can ! only remit under the most stringent i Government regulations for the purS chase of supplies." i TOBACCO PRICES ! ! ; FIXATION DELAYED PENDIXO \ TARIFF RE VI-lON

; it is unlikely ihat lite lixation of 1 tobacco price?, provided for in legislation passed la--' session, will be settled until Parliament resumes, information received in Christehurch yesterday stated (hat action would probably be delayed uniil the Government and Parliament Ivad considered the report of the Tariff Commission arid the customs legislation arising from it. The tarilT amendments will probably have a bearing on the landed eoit-- of imported tobacco, and conscGuc'.tly prices tlvod at the prcsen! time v,ould have to be altered later, in the meantime, information is being touch', regarding the price-Jixatioii scheme in operation in England. DAIUY PRODLCH MARKET The New Zealand Farmers' Cooperative Association have received th" following cablegram from their I,ondon dairy principals. Messrs Lovell and Christmas:— Gutter —Tls, 725, exceptional 73. c ; market slightly easier. Cheese —White 43a 1o 43s 6d; coloured 43s «d to 445; market slow.

| MINING I SKIPPERS, LIMITED i i j In his fortnightly report to the directors of Skippers, Ltd., the mine manager, Mr R. D. Climie. states:— "We are making good progress with the laving of the fluming. and it may interest you to know that now that i we are hydraulicing the site for the flume through the deep portion of the I bank quite a lot of colour is being i seen. The advisory director, Mr Alf | Smith, docs not think, however, that i here is enough to warrant us putting in boxes at this stage. We are on the original false bottom, and apparently ihe old miners never worked this portion." GOLCOXDA REPORT The mine manager reports as fol-! lows: — | "During the week we cleaned up the { lace in the drive on the main reef, at the 70ft level, going towards the slide and resumed driving; advanced seven feet. The reef is as wide as the drive, and is now veering to the right. The quart?: is carrying a fair amount of mineral and a little zinc blende. The country on the hanging wall side is improving, being of a nice mild nature interlaced with quartz stringers. We continued a crosscut into the hanging wall country of the reef and advanced i ight l'ect. Three droppers were passed through, each being about three inches wide. In the first one we saw a few colours of gold. The country rock is ! of a good description, and further I quartz should be cut at any time." | IVKLI. UK.I SIJ I( IN(. ( OMI'AM I Since ihe wash-up en March t>. aC. i hours' bottom and 40 hours' top water j have been used on the face. It is now I necessary to beat back the top half oi'j the face, and this is now being con - | ion*.rated on. The lop pressure nozzle ; has been working very .-atlsfactorih j and with a good supply of water avail able w:ll act as a great assistance n .ei'.iiiic the i"p levels down. ( - ' I KK1.1.-kILGOI R MINING !

! The : ecretary of the .Deli Kihjou--[Mining Company, Ltd., advises receipt iff a report from the manager, dated March 17. reading as follows: - The main drive was advanced i;> feet, and then driven eight feet to connect with l!ie Boil Hooper boundar;. drive lor ventilation. A little coarse {.old was secured in the main drive, but values tfot. lower towards the boundary. We shall now put in test crosscuts to the west to try out tin advanced area. North-east block carried along a panel, parallel for 20 leet to main drive, for fair gold. South of 5a work was partly through old , working: good coarse gold was woi: Si.ut li-ca-1 bti.ck: Started takmi; oir i emaincU-r ot pillar to boimdarv; yx>ou f" !d was won. No. :■!; Joined south blanch with ho. 'J and then drove nine .uvt ahead. Kmc -,,] d m ai! this wash 'one shift'.

RETI'KN OF CAPITAL * O.MI'A.MKS To 1.1 (J 1' I DAT K S I l.i I'cilO idcl of i; U . .Si-.-nnty Tl'll.-t and Ii; \ i'; tine::! Company. I.united, and ■ - 1 1. niiary, la,; .-icur.ty I'inanct mid itini ai:!re Company. Li'v..t<d. . viiekland, liave decided to Hike the ' f-.v»-.snry step:, to return capital. p,.,tn companies have u:ml re.-cntiy paid i dividends. but last year's tie ■'■•'■ant.s snowed dimumhod profits, nnd ■ ■' a vrn! 'it the mo.' t pro!:i'.c sources of nn'om.e have t'ried up. As neither ; eomp.mv ha., any debts or liabilities. ; and their respet tive assets, are unen- ] ; cumbered, the liquidation is a volun- j ■taiy one, and will be carried through ! i at minimum expense with the advice j i and assistance ol a commi'tec com-ist- i im; ol i.DC of the ordinary shareholder.. and two of the preference shareholders. | T!ie special ro.oki; ions to carry tlm | into eflcct were finally continued a! | general meetings of shareholders ol i both companies held on Tb.urrday. Mr j h'. A. Si/in!i 'y was appointed liquidate ■ I of the Security Trust and Investment i I Company. Limited, and Mr J. B. Gil- | more liquidator of the Security Fi- 1 nance and Guarantee Company, Lim- j ited. The same committee was elected by both bodies of share-holders, and ' ; consists of Messrs C. It. Haines, G. < ; \\ . Thorpe, and C. J. Green.

j A CUIDE FOR ADVEUTISKKS ; YAH E OF NEW-PAPER PRESS DIRECTORY The New.-paper Pre;-: Directory. I published by I'. Mitchell and Co.. Ltd.. London, has made its eighty-ninth api pen ranee. Since KMC it has been ful- ; idling its useful purpose, in supplying a tumplete record of the news- : papers, naga/.ines, and tricie publica- ; tier. ; <•«' the Empire, together with ; t!io-o ot the principal foreign eoun- | tries. | As in previous issues, a consideri able amount ot' attention is given to tiade matters, and among the articles contained in the present volume is one on "In'.'r-lmjK . K'l Trade." Other articles of a similar nnture are "Import Trade of Australia." "'I ra.l-. 1 of New Zealand." "Trade of Smith j-tfrica," "Dominion of Canada." "Trade of India and the West Indies." Other welcome features of the 111'!! i-.s'e l ar" a resume of tiie advertising business under the title. "Things that Matter in Advertising," and a similar article upon the modern newspaper world. "The Trend of the Modern Press." The main features of the publication are. of course, as mentioned above, the , carefully compiled li ts of newspapers j and periodicals. Those are arranged i aeograohicaliy and topographically and classiiied appropriately. Included with the directory as a supplement is the newspaper map of Great Britain and Ireland, which has, a considerable sale apart, from the book. The volume, which contains more than 0,»0 pages ot valuable: information for the advertiser, the agent, and the journalist, is published by Me: sr C. Mitchell and Co., Ltd.. 1-2 Snow Hdl. London. E.C.I.

| I'OILTKY MARKET ! C. 11. Bradford, Lid., poultry and 1 cm; merchants, report very large >atd ing S of all varieties of poultry for the week's markets. Despite the quantity uf birds offered, the demand was keen and prices were maintained at week's rates. The following were the prices realised: — Chicken, light to ss, heavy to <s 6d, hens light to 2s Od to 3s 3d, heavy to 5s- pullets to Gs, ducks to 4s 9d, ducklings to 6s 3d: Turkeys, hens lis to 15s, gobblers 16s to 28s. There is a good demand for heavy hens and turkeys, and we advise clients to send in their Easter stock foi? next Wednesday's sale.

! KEEN DEMAND j CITY COUNCIL DEBENTURES •i LOAN OF £22,000 TAKEN IT ,) J No difliculvy has been experienced ■j by the Christciiurch City Council in j raising the supplementary reading ! j loan of £22.000 at 4 per cent. Owing ' to the dispute about lticcarton avenue : (.one of the work? to be paid for out of this loant the raisin;; of the money ! has been delayed, but now that the ! matters in dispute have been settled land the work in hand, the flotation of the loan will be completed shortly. If the City Council had needed the ! money early in January it could have I disposed of the whole issue of debentures to one applicant in Duncdin. I In the same month the applications re- | ceived for debentures to be reserved; ! equalled an amount two or three times [ in excess of the amount of the loan, j The rate of interest'. 4 per cent., is j J per cent, lower than the ratejixedi lor the conversion of local bod.f i.oans, j and also the maximum rate at which j local body loans may be raised. The debentures of the Christciiurch C;t\ Council are so much soue.hr after that ; they have been disposed of easily ut j 4 per cent. The whole issue has been allocated among about -0 applicants, and the debentures will be issued shortly. j Conversion of City's Loans j Tlie conversion of the city's loan, is j still receiving from t he | finance committee of the City Coun- | | cil, and the matter is to come before i the committee after Master. Some i | members of the committee think that.' j with rates of interest as low as they j j are at present little is to bo gained ] |by conversion on tV.c bar.."- of •'» i ,<-! j J c''! 1 1 j ! i

WHKAT TI!AI>INC I ( AK<iOKS. I'AKt i:i.S. AMI ITTIRKS KIMKI.S AMI I.IV i;urt)i >l. Ql O VATIONS • Xi'. si> n:r.ss '• " ' ie-.p.G«A:'B - I 'Received Mat'cti 21. p i'. 1 I.ON HON, Ma.vh VM. Wheal cargoes arc quiet. apart trum Miiall enquiry for Australians. which have a steadier Manitoba;- arc offered al lid t.. Hd d»vvt>. but Australians are unchanged. Paris i.| !• r ens cargo sold a! It's (id bu!k am' Australian at 19s 4{d ba? c . Parcels have quiet enquiry at I'd to 3d down. Parcel? ex ldorueneus told at 19s lid. Futures are quoted: Al.u . i:i. .M..■ Ji- , d . ti. l.u! iOi '! 1 'a q ■ : April Hi ;-'i 1 1 ! .June ' > ''J j; 'J ' {■iepteraber Liverpool 1 a cen\..' March ' - : - M. .. .. ' -'; -i •' )v\ 'I t ■! oct..i.-.-. .. i ' ■; ( IIICAt.O 11 I I Ki'.S , n,r <>..•:< \-• ■■ :»t; ■ ■ » '• ■r- ■■■ >."K\Y YoKK. M;i!ui L'h\i• .. v. heat fu'uriv sire qii'i'ol: C. ut a i.-.i -hcl Mar. !.'. .Mar. 20. .'liny ii". ■: Septcn;b<-. ' ,\nv Yorl: t»y% !>!•', VICTORIA NYAN/A j SUGAR CO. !

oLTi'ir 10 DATI: ■?rms i*ssa» : r. .tam.) WELLINGTON, Miirdi 21. Victoria Nynnza Co. report:lo the Stori; Ex-'hamie Associntion: Cablegram from plantations received to-day road?: Tons of earn crushed to March 17. JM.OOO tons; simamanufactured. 4."i18 process, 1"." lons. Weather conditions are improving. The locust situation is uncertain. there bcins no chan;:e.

THE HOTEL PROBLEM I A SYHNI-Y KXI'KIUKNC H j { "Tlie iv.-ult of' tile ;• i a:'.-' tradme, i ha.s been disappointing, and it lias been la matter of constant watchfulness on lour part to keep expenses down." :; iil j Sir Arthur Rirkard, chairman oi' j Hotel Sydney. Ltd.. in moving thr [adoption of the n port and b".'an.'cj sheet at the annual meciint; of that j company last week. The hotel i- ! opposite the central station and is familiar to New Zealand visitor.-. The property was a line on.-. Sir Arthur added, the service ecu Id not be questioned, and there v:;.:i no room tor complaint, but the company v, a.not Retting the traflic. Country people were not comiiif! to tiie city, and until times improved they would not. One pleasing feature, however, was that the overdraft wa> brie..'4 elc- | creased, and tho casli position had improved to the extent of 1000. The 1 fari'T of the hotel had been Mxce--.-sive;y reduced. Tlic full tin'. <>. j tlic company's sinking luml, hj" said. : was now .L 121.87.">. ! Several shareholders claim- ••! |!-.nt : the director.--' policy was no: -utlij eiently proxressivc. in eply. Sm Ar- | thur said Hint about one-third of the I hotel was occupied, two floor.: beim; ! closed, and the total number oi' unoccupied rooms was Hit). The question of letting this unocc-pied space for residential purposes had frequently been discussed by the directors, ar.d continued to occupy their attention.. 1 I METALS .MARKET I ! .UIIIRU rtz%* A K V.( lA i ! 11 >—> i ? ' i iLtcRAi-tt—.)

| CHRISTCHURCH STOCK | EXCHANGE i IYEST EH DAY'S TRANSACTIONS i I ; Markets were quieter on call yes- | terdav. and price levels generally were j firm at late rates. There was a mod- ! crate turnover, with activity in gold I mining shares and breweries. Transactions, exclusive of vestibule business, were:— Sales on 't'hansc

Miscellaneous j New Zealand Guarantee Corpora tion cum dividend remained unaltered ! nl 4s 2d. and there were further buyj er.s at that, price, sellers at 4s 4d. (Wright, Stephenson and Companv j preference had business at 18s 2d, and j more were wanted at 18s .'!d, but sellI (is were reticent. New Zealand Re- : lri?;eratin;; Hilly paid were t'raction- ■ BUy with buyers and business at 17s Od -the 10s paid were firm a; <s Id, market closing Id on either side. Stockton Coal preference scares Were firm with buyer.--' aad business : f t :; s (>cl. sellers at 4 . New Zealand Breweries. • hares mo\ ed I '> s( > 42s ;id. market closing 3d either V ;,v As.-oeialod Newspapers changed Ji-mcls at 22s Md. elu.sinfi quotations 22s od buyers, 22* Od sellers. Beath and l onipiiny were firmer on buyers' of- . fei s ,10s <)d. Broken Hill Proprietary bad dealings at -His Dunlon Rubberwere j; cn. with srllors and bu-mes-. M li)s .id buyers at l!)s Ul. A | a te sale ol Klectroly: ic Zinc ordinary or -'arch 20 was reported at 2<is 9d' and yesterday's quotations were Id on either

f-iiii'. Sellers of liciii'V Jones redur-ed their hnnis to ."is. Whitrombe ami ! "nibs !Mi.v< (I up .Mining Auiii: oi!',. 1,;,,) Uea.ii.j;.. j: ... <■<). II V; rk( ' ; "" r '.side, -■el Hoopers we.e a shade <r at • a "'j 11'-il. Ilnan Horus advanced ■ , ' ruim.im from .i.to .. (>d. and more wen; wanted ;t! ■ tellers si* Macrcwhonua a ea.,!cr. with seller;: and IOJ. Malmkipuw;* prrfV'it!> buyers and M :!(l ov:s Diesel Eh ,-trie '•maimrl unaltered a! iOd Okantos VJ v ' in ' t rnel ionall v ' ;, <rr ■'! !l - ■»! market elo<-nm <i ; :; d , I'd sollor . Rawan^ I't ijim dividend moved up to ~ .vl - M ,, ; s ( ", 1 ' ;u:ti With buyers .it <;• f.d, sellers at m ; Id. Waihis were ;nid business at ;k;--ei:,-■, at lid. I iilisie<l Stocks , >'•<■■■< l-ed! (id pa d eliammd harm, al m. ami Deep Lead Is paid at 12s. r.ATI'ST (|l OTATIONS

j DIM.'DIX SiUc on 'Chanse

i SYDNEY i j On tne i>\dnoy Stock Exchange ye.s- ---! lorciay operations covered a wide | ransc of . The majority of I sales wcie efi'eeted near previously listed prices--, but most 4 per cent. i bonus hardened a few points.

MELBOURNE £ >. d. ! Natioiuii Bank •£5 paid) GlO 6 ! Bank of Mew South Wales 34 15 0 i Australian Jre:i and Steel j *Pi ot. < .. .. 12 0| Howard Smith .. 016 0 dalgety and company LONDON. IV]arch 20. Uaigety .i!u! Company shares are quoted ai i_i.! lis 3d. and 4 per cent, debenture btoek at 101 10s !

| WAR LOAN STOCK I | i*»ii'ian orriciAt, ■witzixas.) RUGBY, March 20. ; British 3i per cent. War Loan stock | is quoted as follows:

FOREIGN EXCHANGES j (aflrnsn unMu wiulbss.:

(CONTINUED ON PAGE 14)

1933-:;!. Jv'y--iu:iu;ry. Biilo. JJnJc.-. "United Kingdom .1 ;0.727 G3!_\4t>9 Japan G:rmany i:93.30r> Bclgiv.r,; 173.5:: 1 H50.3X! Franco 1181.392 100.030 Italy 5! 4.081 13 T.3S0 Pciand 13X37 .".1,510

;.«>M M;;'. l't Mil. " 4 '- L'Cj.j.er ri. !'" o. Standard, *p»r : ! U i Forward ;:i 1 H n :'J fi Electrolytic . . r» ;;;, <> to r; 'i u pi o "Wire h.nrs . , '■;> o i> io <> American L:oi.tro!vtic: 6 icntfi I'Cr ' V Lead— Spot 1 ! <3 I I V t\ Forward .. 1 L 13 1 L l'A 9 Spelter— Spot M I ( ! 1 \ fi Forward 44 16 3 :u 1 L' (i Tin — [■'urvratd , . L i i J •J-.C y*\ Silver— Standard. jvsr (u„ ■4 o r. \ud V\ue. per o*.. „„ : ifid n I K<i

i X < d. 1 30 VVhiteombe and Tombs 3 11 6 | BOO Addison's Flat <7> 0 2 0 j 800 Bell Hooper *1, - pd.i 0 0 11 0 0 1U 250 Brian Born 1 13 3 1 13 (j I 14 3 i 2 i 1 14 6 1500 lMaerewhemui <2< 0 0 10 500 Mahakipawa tpf.» 0 0 :s 500 Nevis Diesel Elcc. . . 0 0 10 700 Tin (cum di\.> <3i 0 7 5 0 7 G 0 7 5 50 Wailn I 10 .•{ 50 Bank of N.Z 2 8 0 100 N.Z. Ref. i.\,l pel. • (1 17 U 100 Westpor! - Stockton Coal ipr.> 0 :( (i 350 N.Z. Breweries • :t 2 0 0 200 Tooths Brcwo y i3 > 2 2 3 100 Dunlop Rubber 0 19 3 Sales Ui'purtnl a:300 >:.>•. Govt. 1 p.i:. li:: .. 1 !)55 102 10 0 100 N.Z. Guar. Corp. icum div. i 0 4 2 200 Wright, Stephenson (pf-> 0 18 2 100 N.Z. Ref. (10'- pel.> 0 8 1 450 N.Z. Breweries <2i 2 0 0 :.'0(i As. oeiated \ew -nnpr: ! 0 3 151) Hl'ukci: 11 •, IV, i, (i -IM) KUvtjo. "/.)>.<■ 1 ord « 'laic sale :.'0i !i > ! t; !) 100 Okarito icum im > I) !» 5 N'ew Zealand < i<i\ eminent 4 ier lent, stork cine changed hand; at 4-102 Hi.;, markei r\,.sin^' JJ 102 10.I'll vers, mi sellers. li.mk oi \'e\\ Zealand w "irn w ith Ituyer.s and business al 4n l - sell at 4;;. hi

1 r.i > t Sol lei s i' <!. A. 'ii. N.Z. (.<nt. Dobcnturrs i :i - I"- fn>.. J 01 :» i; p.c. ii)::«-52 in I la ii p.c. in.-.. !h;s:m;j 101 ii ! 1 Pv. In.;., Ill HJ . . Ilk! 7 i; 102 12 (i 1 ' P C. I: . I 103 0 ii ! p. i'. Ins.. lO.V, and Ilk! in 0 | P-c. i iuiKis. pi 111 i 102 (j 102 12 Other Debentures • X.IMKT ! , ]..c.. i - •»:> i HivtT, : 100 0 0 ' in'., i v -n 101 10 0 , Hi-.;!!). Maode.tiaul. P.'-.. :< 1 0 n r.:j f) 0 Cktxo, lit p.e.. IiM.'i no u 0 X./.. Rcl'ii:;., li] 11 e ; I!«.") I V,V. .ptTt-S'.c.-. klivi ' 101 15 0 • c. ni, p .-.. ; i;; 0 0 !). r > 0 0 | Kinks Ariel;,..ie a 12 f! i; y 0 All ■ 1 1 ;ii;, I ram I.': 0 a i:; - 0 1 Co;;:, of Au-t. 0 n; n u 17 0 | C('li). of An -I. i p! i II !) ii 0 12 0 1 Com-, of S.Vill !iy, iV i:> 0 i;i 0 i 'A a ;. ■' i;i 0 •' 15 0 1 < U) p;,iti> ;;; i; i;; - 0 X;.:!. A a-!;,. 'iX) paid) ti o ii 11 0 i» ' 1 . Ill , /j . ti 0 •t ii Now South V,',.: -i J i,' 0 o 1 0 1 New Zealand ;< ii w New Zealand rl) Mor'.. .-hare- i :I Union of Ao-' ;u - 'i PI ■> 1; l ! Iii-iiiun< f 1 ! Meivunnle ?.iui. .. 1 National (j i ■: r) ti 11 ! Now Ziala'-.ii 1 7 0 1 l South f:r;f j ii i.; j < .. 1 ! S*a ncinn 1 '1 J :■! i United •i o! | I.IMIt .Ulli y j | lXil!;e; v and Co. If) 10 0 I i ii j Ciulil.sbroiiyii, Mi :rt ! 12 10 i 12 } [ Ai'itual Benefit 10 la (I N. ■' I. Mi,rt. ,-A' , (1 11 ■>, ■t 1) N.Z. riiiar. Coi'pn. 1 1j •:i die. > 0 ;» ;i .J X.X. ! ,oa; i ,'c I\It.. . 'ord ,'tk.i j.) 10 0 j!I 0 u IVrniiiffi,Juvosi. 7 7 (1 9 10 0 Utd'ed r,|ci.;. St.-. n.'Uin div.i II ! ii 9 I 0 I Wriirht. Stephen ;i,:: ;;;kI Co. tprrf.i . . 11 !;i " 1 ro/on Meal ' Xiiterijin y i oi ci. > !1 ii 0 10 11 0 Canterbury i pre!'.) Cit'iir ■"> ;; ti N.Z.' Itetr;:;. .11 1 ' () paid. II 17 li 0 17 u N.Z. Helri;:. ■ ] i'. I>aici i 0 a II 0 K 'J North Canteibii: \ Free/.. 0 in 0 i 0 0 ■S tu 11! i ]; i r n i 2 ( (i Wellington 0 • > () IVoollens Kioaptii i 1-75, paid') 0 Ill 0 1 1 r; Kaiapoi tpref.i .. 0 17 0 0 17 t; Coal Grey Valley 0 111 ti Wcstport 0 15 0 | Stockton <ord.> .. (1 1 1 0 .1 (> Stockton (pref.) .. 0 3 fi 0 1 0 C.a-s Auckland icon > II 1« 9 Christ church 1 Ii 1 0 Christchiu-ch i10jpaid i « W H 0 U 3 ;

Breweries i Buyers. Sellers. | £ s. d. £ s. d. j Carlton — 2 5 6 ' New Zealand 2 0 2 2 0 4 Staples 1 6 0 17 0 : Timaru — 0 8 6 | Timaru (7s 6dpd> 0 4 11 0 5 0 i Tooheys 1 7 0 — ! Tooths 2 2 0 2 2 6 I t Miscellaneous ! Allied Motors 0 2 3 0 3 3 j Amalg. Wireless ; (con. cum div.) i :> si 1 G 0 j Anthony Hordern 0 14 0 0 13 5 jAust. Paper and 1 Pulp i i r. :? 1 17 6 Aust. Distil. 1 4 0 Aust. Glass 2 10 3 2 12 y Aust. Iron and Steel (pref.) l l r> Beath and Co. (cum div.) 1 10 9 i 12 y Beath and Co. (Is paid) 0 7 11 0 8 6 British Tobacco (cum div.) 1 18 1 1 18 3 Broken Hill Prop. 2 5 7 2 5 11 Burns. Philp 2 US 0 2 17 2 Colonial Sugar — 61 10 0 Domin. Builders Supplies 0 4 1 0 5 0 Dominion Pert. .. 0 18 0 Dunlop Rubber . . 0 19 1 0 1!) 3 Electro. Zinc tord.> i « a 1 (i 10 Electro. Zinc (pi . i 1 13 11 1 14 0 Henry Jones Cuop. 1 13 (1 114 0 Howard Smith (cum div.) 0 1-! 10 0 15 7 Kauri Timber 0 17 t> 0 1 il 0 Mason Struther-, 0 12 ti ! 0 0 Mount Lyell 1 4 0 1 4 ti N.Z. Drug Co. icum div.) 3 ! 5 f> — Associated Nov, . - papers <ord.» .. i 2 ;; I 2 (i N.Z. Farmers' Cuop. ("A" prel'.i 0 7 0 1 5 0 N.Z. Farmers' Coop. (4J p.c. stock. 1040) 76 0 0 79 0 0 N.Z. Farmers' Co.op. (4J p.c. stock. HH5) 7 fi 0 0 s .) 0 II K.Z. Fanner:' Fn", II hi 0 i\.X. Paper Alii" ! in Nortiicni l!olIt i M i 11 in t; 110 ti Whitcombe and Tombs ; ID 6 ' i 1 li Wilson's Cement 1 2 0 1 t> II Woohvorths (N.Z ' lord.) i ! 2 6 S 0 (1 Woohvorths iN.Z.' 1 prof. > 116 0 l 11! Voohvori h.~- 'Sydney i 1 2nd pf 1 1 5 0 ti (I Milling | Addison's Hut .. (i 2 5i 0 2 li; Alexander 1 0 'il' Bell Hill It 1 0 0 2 b Bell Hooper (1 s paid) (i 0 III 0 I 2] Bell Kilgour 0 0 8 0 0 9 Bcndigo Goldliyhts <9d pel i 0 0 6 II ft :) Bi;; River 0 0 8 0 0 in Brian Boru i 14 4 1 i 5 0 j Central Shotover ii)d paid) t) 1 0 0 1 1 j Charleston 0 I ti 1) 1 !J ; Freshford II 0 OA II (i r i Gillespie'.; Beach 1) 2 2 11 2 3 1 Glenroy did pit ) (1 n 9 II (1 HI j Golden Dawn 0 0 II '. :• ; Gulden Point 11 0 2 0 0 2 li j Goldtields Diedi? It 0 !V, n 1 I) 1 Golden Sands (1 2 15 0 2 1) ! Hatter's Flat f!s i paid) n 0 10'. Kildare 0 1 3 0 i :» Kin;; Solunu': <cum div.i (1 4 i!. 0 4 2Kuala Kampar 0 14 10' 0 1.1 10 I.awson's Flat II 0 2 0 0 4 IHaerewhcnua 0 0 fi.4 0 (1 10 Mahakipawa (1 0 Ih 0 0 3 ' Mahakipawa »pJ > (1 o :f 0 0 3 ' Mataki 0 1 U i Miiiin.:; House Cmv. i iGd paid) 1) li 3 II o i ; Ml. Morgan ictim i div.) ! 1 I) - - ' Moonlight Nelson ! Creek 0 1 II ! 3 Nevis Diesel Eler I) 0 10 0 1) IIP. New Cornisii Point tls paid) 0 0 11 0 I 1 New Cornish Point <tid paid.) 0 0 f> 0 o t; Nokomai II 1 (i 0 2 3 Okarito i euni tip. • 0 9 3 0 0 !) Oxeiibridye Shotuvcr <!>d paidi 0 0 3 (1 0 ill Rawain; 'I'm 'cu:a div ' 0 7 3 0 3 1 i Waihi 1 16 3 1 10 11 ! Wailu Gd. June. 0 4 8 (1 4 11 , Waitalui 0 4 8 0 r> 0 : Skipper.-, Ltd. i i .j (>aid i 0 1 0 0 1 1 I Skipp"rs. Lid. did i paid> 0 (I ;i> (t 0 10 :

INLlSTbD i STOCKS , All transactions in slocks cjuotid mi ; this section arc subject to a different : ] ate of brokerage from lis ted stocks i and are not quoted on the iflieial list. 1 Buyers. Sellers. ii s. d . JC s. d. ■ Andi'i'Miu.--, Ltd. | nirt'f.l o r. 0 0 18 0 i Amberlcv Girls' ! College ii (i 2 | Ben Led! i(id pti. I 0 (I 3 .004 1 Brunner Colls. 0 (j 0 : Claude Xeou ; Lights 2 t; 2 r; o , Canty. Holler Flour (10s pd.i _ 0 1U 0 ; Deep Lead I,td. 1 i Is paid" o l ;; (i 2 ;> ' Industrie:;. I.Id. i M2s Cd paid ... 0 ■! 0 j lUnlyncux Electric t2spaid> o 2 « jN.Z. Mining I; - ' vest. (Is paid> 0 i) 11 ; N.Z. Drv Cell and Batterv i i i) : F. Recce, Ltd. < pf.» U 1 (j 0 2 0 1 Sandhills Gold ' ils paid* l) 0 0 0 2 0 , Smith Wyllic (1 H 2 1) 12 2 i Snowy River 0 U 1 \ 1 Sun Newspapers (10s paid) 0 .) (1 0 ;> 2 South Seas Fish.. 0 (i (i : TemuUa Flour <i 17 n 1 2 C ! \'i ,il;ii-.t Fire 1 Alarm l) U « 0 2 (i ; Wonlworths v \'ic > j tpref.i i r> ,'i 1 0 2. : Woohvorths (Syd.i i lord, cum uiv.> r> i n a :> i v, t; ! Worksop Ext. 'Is 1 paicn 0 1 t» ■ Worksop Ext. i U'.d l.a:cH u ; ' .1 >alcs ii. ..■GO Deep Lead. Lui. Mr, p.n n 2 u 209 Ben Lcdi (fid paid* 0 0 ■! ■ A I < Kl AM) Salrs on 'Change * ' t- . J A:.nji;iau(i Harbciir Board, • % ■ I 1 • '1 p.('„ ll)3(i 100 0 (1 Lain,. Auct. iB p f .' (1 19 0 Dvvonport Ferry i i <; Tooth's Brewery 2 1 !1 N.Z. Newspapers l ;i 0 Taranaki Oil o -j 0 Wilsons Cement 1 0 0 Woolworths, N.Z. tpf. i i it) i) Colconda (9d pd > 0 0 5 Kinc Solomon f) 4 1 Okarito o !) i; Talisman Dubbo o a ; Waihi 1 L' I iio <; Waihi Junction i2 i (i 4 in Waitahu (1 5 (I Kuala Kanipar U 14 !> 'Lin 0 7 7' L'liofiieial I.ist Invest. Lxec. Tru- t ipf.t 1 111 0 W 1-LLINGTON .Sales on Change ; ins. stock, 4 p.c., 1940 102 in o Bank of N.Z. 12 > 2 8 0 Bank of N.Z. (late Tuesday) 1 2) « o [ 2 8 0 ! <2> 2 8 1 Abtaham and Williams (pf.) 4 8 0 N.Z. Guar. Corpn. 0 4 1 Timarn Brewery (cont.) 0 5 0 Bell Kilgour o o n Waihi (late Tuesday* i !G n 1 17 l > 1 1(1 (1 1 16 fi i in 9 waiW Grand Junutiaa CJ®, 0 i 10

L s d Bank it N.Z. - s 0 Sales Reported Wright. Slcphe:::-on (pf, > (') IS 0 0 IS 1 N.Z. Brcwwirt 2 0 0 Bel! Kilpour 0 () 8 Af.'ocjati-ci Nev.>j»upor>: 1 ()

.Morning Sales wealth Bonds — 3; p.c., 1 :>»12 : 4 p.c., 193J1 ! ! 4 PC., 194' ! 4 p.e., HI4-1 4 p.c., 1947 ] 4 p.c.. 1950 i 4 p.c.. I!).".:! j 4 p.c., l:>5r> 4 p.c., 19.Y7 4 p.c., HKil ; Tooth's Brewery .. Associated Newspapers Associated Newspapers ! < prof.. Wundci'licJi JL. 10:1 104 104 10.) 107 10.1 10G 10G 10(5 106 107 106 i i i 0 a 6 0 c « 7 12 12 0 5 ■> •> -> 4 d. 0 0 3 0 6 3 3 6 fi fi 0 0 6 3 n 0 Closing Sales Bank of Now South Wales Comm. Lank of Sydney Dank of Adelaide Australian Provincial Assurance United Insurance Associated Newspapers Australian Gas <A> Tooth's Brewery Toohcy's Brewery Adelaide Steam Burns, Philp IJunlop Perdriau GoldsbrouRh, Mort ! Winchconibe Carson .] Wilcox Mofilin Electrolytic Zinc .! David Junes Lustre Hosiery Henry Jones General Industries General Industries iprcf.> Goodlet and Smith G. J. Coles Newcastle Gas- <B. '!■ Victoria Nyanxa -Mount Morgan Broken Hill Propiv. Som!i Broken mil Kuala Kanipar (New Zealand delivery i Bu!o!<> Deposits * :M 18 G 0 10 1 2 1 1 0 1 I 0 1 1 1 1 0 1 0 0 0 1 3 0 0 15 4 2 10 0 17 3 7 5 17 19 T3 10 14 7 19 4 14 12 1 19 5 13 10 1 5 10 15 •> „ : .0 0 3 6 0 41 6 « 3 6 0 0 0 C i c 6 0 6 6 6 0 0 ' 0 ! 6 i 3 ; si

£ s. d. ) March 20 .. 103 16 o i March 13 .. 103 11 3 ; March 16 .. 103 10 0 ' March 15 .. 103 8 9 j March 14 .. 103 11 3 j March 13 .. 103 3 9 1 March 12 .. 103 10 0

\ ] t'GBY, March. CO. \ Par. Mar. 13. Mar. j rar.s, fr. <o | il 1 2 1 "J L 77 17 3 : 77 10 a | New York, * doL toil 4.80ti .Vinj i'.l li j Montreal, doJ. | to XI •1. £ b 6 .Vlui ; m j Brussels, I btlgas to .£1 - 1.67 I .' 2 | Geneva, ir, to ! il 1'5 22 15 15 7 j L~ -1 | Amsterdam, il. I to £ 1 12.10? 7 55 7 i ; Milan, lire U« i xl 9J.40 5- t Berlin, reioli* j marten to i'I 2' j i * u : : ; Stockholm, kr. ! to XI 1 5.1V* j i-> ::?i Copenhagen. kr. ?o il Jo IbO 22.3C»i ;:v,9A i Oilo, kr. to 11 is.1:0 l'.t/JO IIVGO i Vienna, 6ches. ! toil c -1. Z< r j — * | Prague, kr. i to ii J G 4 *2 j 1-Ji l--i i IIcNincfore, ' marks to £ I J 'j J. C 3 - Jti *.J6i ! Madrid, pes* - jas to £i 2-1 7 i J 2 - LiiJ.on, cscudoa to il 3 10 309 j Athens, drach to i 1 67S "■ '1 > :■tl Bucharest. Pi to XL : J BclTvadi-, dinars _ 5 -J -! 'J J r . .. S Ivio dfl Janeiro to milreis 4 53. '* k «* oSn.a. - ofliciail) Burnos pence to dM. 17^77 ZC 3 86 j -• tfici< i i \ £tcia. i Montevideo. pence to do!. i i.nj ; ;ofii«iai < Bombay, pence to rjpte 1 '* i * 1-1*5 is Z ZJ Shanghai, pfi.ee t-> dol. * ! : * .v ; * IIon£ Konjr. pfnre to dol. ' h I Bi Yokohama, penre to t^-7 2 1 j 7 '4 L'«i€ ii : it Warsaw, par a-'otys toll 4S.it, _ _ Batavia, puilder s J.' 167 - __ * D c t f- r m: d fc y ; rl-.# cf a v t . . . .