FINANCE AND COMMERCE

Press, Volume LXX, Issue 21197, 22 June 1934, Page 13

FINANCE AND COMMERCE

I JAPAN'S WOOL | COMPETITION 1 J CONFERENCE SUGGESTS j ACTION j | PROTECTING STANDARDS OF j LIVING j ! (tsn«r. as.%oua..i»x tacißit i ICUEO n*;-u -COPT rich i .> :| i Received June 22, 1.10 a.m.' | ROME. June -1. j The liilcrnaiioiia! Wool Conference | unanimously ciec-idcd to appoint a j special commit Ice '.o stuc.y japane.se i competition, with a view to inducing governments to take international : itc .p S to protect standards oi living. A ' British delegate praised Japan's c-fii-ciency in productive and distributive organisations, which entitled her to some advantage in international trading The rest of the world, however, was entitled to protect itself against competition not based on efficiency, but low wages and state assistance. The conference also considered the „"»stion of genuine and fictitious ') trade marks, and decided to rcier tho .! ipatter to the executive to prepare a .J riossary of terms in general use which 1 Sirf"not constitute infringement. I Australian wool | PROSPECTS RIT.GEK CLIP EXPECTED | NEXT SEASON SYDNEY, June 20. The Australian wool clip lor the 1934-35 season is officially estimated at 3.146,000 bales. 17 per cent, of which will represent crossbred and other strong wool breeds. The remainder ■ will be merino. The 1933-34 clip was } approximately 2,995,686 bales. VIEWS OF CONFERENCE ON MARKETING ROME, June 20. The International Wool Conference has cabled to Australia that it will riot support Newcastle sales, secondary markets, or country buying. I SKIN SALE EASIER PRICES There was the usual attendance of buyers, and prices were again a shade cosier, dry skins being down id to ;;d per lb" and green skins were 9d to Is easier. Per lb. d. d. Pelts .. .. i to 2 : ; Crossbrcds — Faulty .. .. 2 to 41 Sound .. 4i to Oi Thrre-quartcrbred— Faulty .. 25 to 51 i Sound .. .. 35 to 7i Ilalfbred— Faulty .. .. 51 to 9 Sound .. .. 6 to 9; ; Lambs— Faulty .. .. to 6i : Sound .. .. 6 to 7 i Hogget— Faulty .. .. 5i to 7 Sound 6? to B.v Damaged and seedy 2] to 5 Abattoir Skins—Crossbreds, light Is j fid to 3s sd, heavy 3s 9d to 5s 10d: threc-quarterbred,- light 2s 6'd to 4s 2d, heavy 4s 6d to 5s 7d. extra heavy tc I 7s 3d; half'oreds, light 3s 6'd to 5s 3d. : heavy 5s 6d to 7s 9d, extra heavy 8s \ 3d to 9s 9d; hoggets 2s 5d to 4s sd, | extra heavy to 5s sd. TAX DEMANDS FROM AUSTRALIA SHAREHOLDERS I.N NEW ZEALAND COMPANIES ITHE PRESS Special Service.] AUCKLAND. June 21. Tax demands have now followed essessment notices received in connexion with the new Federal Government tax on dividends, based on a proportion of the profits earned by certain New Zealand companies in Australia. Most of the shareholders are at present making no move to meet the tax, which falls due at various dates in August and September. The possibility of a combined protest or of making a test case have been mentioned, but no indication of concerted action has yet been given. Approach has already been made to the Commissioner of Taxes in New Zealand, but he has replied that he is unable to take action. It is considered unlikely that any steps will be taken by the New Zealand Government. It is pointed out that if the tax jvere applied equitably, all New Zealand shareholders of the companies

concerned, those having head offices in New Zealand but trading partly in Australia, would be liable for payment. However, the Federal authorises appear to have exercised wise discretion, and are taxing only those shareholders deriving additional in- ' 9 0rr )e from Australia. Although the individual amounts involved in the Payment of the tax are small, '.he shareholders obiect to the principle of the tax. I'UICK OF GOLD (txilED I'Kx.ss association -■ st r.LEUTEic I Kl-KGRAPH—COI'TKIGHT.' LONDON, June 20. Gold (a fine ounce) is quoted: £ s. cl. June 20 .. 6 17 10.'. June 1!) .. .. (5 17 fU June 13 .. 617 9 June Ifi .. 6 17 9 June 15 .. ..6 17 B'. June 14 .. .. 6 17 8A PRICE OF SILVER LONDON, June 20. ouver (pence an ounce) is quoted:— 0 June 19. June 20. |P Qt 19 13-16 191 Forward 19| 19 15-16

I | INTERIM SHEEP 1 RETURN | INCREASE OF 79-1,804 "ON I I LAST YEAR i | | HEAVY SLAUGHTERING OF j FLOCKS ARRESTED j (.I'RESS 43S0UATJ0* TELKGF.Ay.) WELLINGTON, June 21. An interim return compiled by the Department oi Agriculture shows that on April 30 last there were 28,550,770 sheep in the Dominion, as against 27,755,966 on the corresponding day last yetsr. Despite this increase of 794,804, thij latest return is still below the figures for the four years preceding 1933. : An analysis of the returns for the j last few years indicates that the heavy I slaughtering of flocks during the dej pression has been arrested. Trends of this type arc typical of slumps, flockowners being forced into realisation on mature stock and lambs, in an attempt to find liquid cash. i Although there is a decrease of j 22,916 in the sheep in the Marl-borough-Nelson-West] and district, the greatest increase in numbers took place in the South Island, where sheep increased by 536,393 to 13,338,330. The largest individual increase for a dis--1 trict was in the Canterbury-Kaikoura area, the sheep there increasing by I ' 415,632 to 5.C07.015. In the North Island, the increase amounted to 253.411. and oi that number 162,247 were represented by extra, I sheep in the Wellington-West Coast; j district. According to the latest re-1 I turn, there are now 5.802,189 sheep nil i Ihi's district. ! " I ; SYDXKY SIIKKP j | SHOW j RECORD ENTRIES : TIM ART BREEDER'S SUCCESS L iCXiTKi' nsr.«s tssuciATtuN »* »i.ki.thc | IELEGHAIH -COi'YKIGFIT." i Received June 21. 8.20 pan.' SYDNEY, June 21. The annua! sheep show opened today on the Sydney Show Ground. The exhibits totalled 1200. which is a re- • cord. It is estimated that the sheep exhibited were worth quarter ot a million sterling. They came trom all parts of Australia and also from : I New Zealand. 1 ! The chief prize-taker in merinos was ■ '• W. T. Merriman. ! In the Border Leicesters the New : Zealand breeder. Donald Grant, won : the first prize for ram under one year; i ram special under two years, shorn | not earlier than six weeks before the | Jay of judging f first and second I prizes': ewe under one year; and reI serve grand champion, i The majority of the prizes in the Romney Marsh sections went to W. i Glasson and A. Carr; in Southdowns ; to J. McPhillarnv and W. McSweenev; f 1 and in Corrirdales to Prell Brothers n ' and Guthrie Brothers. o! | NATIONAL HANK OF | NEW ZEALAND I i FINAL DIVIDEND j irss.w; *s -ticuTioN rr:i.r.or;AM.i ! WELLINGTON, June 21. j A cable from London to the ! National Bank of New Zealand states I that the board of directors rccommsnd | a final dividend at the rate of 4 per I cent, per annum for the half-year ended March 31. making 4 per cent, for the year, free of tax. I; IThe final dividend in 1933 was 2 L per cent., or 4 per cent, for the year. 0 the same as this year. In 1932 it was I. 7 per cent., in 1931 10 per cent., in s 1930 12 per cent., and in 1929 14 per 1. cent. Net profit last year was £116,443. Reserves at the 1933 balance were I £2,114,742. Paid-up capital i : j £2!ooo!ooo.i ! DOMINION BREWERIES, LIMITED i j NET PROFIT OF £2136 i LTHB PKUSa Special Berrte«.l I ' AUCKLAND. June 21. i A net profit of £.'2436 is disclosed in j the fourth annual accounts of Dominion Breweries, Limited, for the year ended March 31. The profit was struck 1 after provision for all charges, bad y and doubtful debts, etc.. including i £2804 written off as depreciation on s brewerv buildings, plant, etc., and hotel furniture and effects. and compares t with a loss of £14.002 in the previous . year. The directors recommend that the profit be applied in the reduction . of the debit balance in the profit and t loss account. If this proposal is appi oved by the shareholders, the debit to be carried forward will be reduced I to £OI3O. The directors arc still of tne I opinion that the interests of the com--3 peny will not. be prejudiced in delayi in? the proposals for a reduction of capital. With the shareholders' ap-

: provai. inev propose id ucia ; , I until the result of the current years . I trading is known. The paid camtal of I i companv is unchanged at .C 75.207. ® i 1 ; ! AUSTRALIAN PRODUCE 5! SYDNEY MARKET - | :i-.srrr.p pkiw Asssoci.vrtojt --by rxwriuc | TBLBOKAPH—COPYRIGHT.) < Received June 2!, 8.30 p.m.) i SYDNEY, June 21. Wheat on country sidings is quoted: I 2s 2d bagged, 2s ljd bull;, equal 1o I 2s lliid and 2s lUd respectively ex' i trucks in Sydney. ; Flour —£7 15s. ! Bran—£4 ss. Pollard —£ 5. Potatoes—Tasmantan, £7 Ids to £9; ■ Victorian, £7. '■ Onions —Victorian Brown Spanish, , £0 10s. i Maize—Yellow 3s 3d, while .'1? 'ld. j ADELAIDE MARKET (Received June 21, 9.20 p.m.) ADELAIDE, June 21. Flour —Bakers' lots £7 17s 6d; wheat growers' lots, 2s 6'd. Bran—£s ss. I. Pollard—£s. Oats— Algerian 2s. 5 Bailey—2s 3d.

MIXIXG BI'LOLO GOLD DREDGING RETURN Mr Fred. G. Dunn, attorney foi Clutha Development, Ltd., has received the following production report:— For the month of May the total gross production for dredges 1, 2, and i amounted to 11,249 ounces of bullion containing 7540 ounces of fine golc from 707,000 cubic yards. The esti mated working profit was 5176 ounce: of fine gold. The above productior is equivalent to £64,158, and workinj profit to £43,996, on the basis of £! 10s (Australia) a fine ounce of gold. MATAKI VALUES The return ot the Mataki dredge las week—3B ounces—was from. 13.001 yards treated. GOLDEN DAWN MEETING The annual meeting of shareholder: of Golden Dawn Gold Mines, Ltd.. wa: held in Auckland on Monday. Mr J Fan-ell. chairman of director, presided. Details of the accounts. whicl showed a profit of £7lB tor the halfyear ended December 31. 1933. havt already been published. The report and accounts were adopted. The retiring directors, Messrs D. B Patterson and B. M. Myers, were re elected. An amount of £l5O for directors' fees was voted for the year. The values of a number of assays o ore were published in the last repor of the mine manager. These value: were based on £4 an ounce. W Mill COMPANY'S RETURN, IS 26 OUNCES | THE rr.ESS Special Si-i ylch.J AUCKLAND. June 21. The following information lias ben cabled to the London office of tin Waihi Gold Mining Company. Lld.:For the period ended June 9, com prising 21 crushing days, 17,927 ton of ore were crushed for a result o 4326 line ounces of gold and 33,83: fine ounces of silver. This include 1506 tons mined from the Grand June rioti area, which yielded 433 fiii' f.'unees of gold and 129G fine ouuee of silver. Surface Level. School Drive—Tli next 24ft of driving assays 12s a tor The width of the lode is about on foot, and the course is now approxi matelv west. No. 4 Level, North Branch o Martha Lode. Driving West—The nex 33ft is ore of good grade, and th next 4ft assays 16s 3d a ton. The loci is about 4ift wide. No. 5 Level, North Branch ol Marih Lode, Driving South-west -The nex Ci3ft assays 7s 9d a ten. and the nex 4ft is a puggy seam, dipping 2-1 in 1 North Martha Lode, Driving West The next 14ft assays 4s a ton. At 7321 there is a blow of sulphide ore 2! high in the south wall, assaying 34 a ton, increasing at 790 ft to 3ft liigl by 3ft wide: at 796 ft. 4ft high by fit wid.j; and at 801 ft, 411 high by 81 wide. All ore is ol good grade. A ;:0411. the quart/, is oft high by 31 wide, and oxidised, the assay valu being 24s 3d a ton. The south wal IS in hand thruughou'. and is ciippin 1 in 3 south. No. (• Level -in cross-cut. at 1001 v.-isl, and at 3!llt north, we have niter seete'd quart:', lift wide, ai-saying 11 a ton. The course is 215 degrees tru and the dip i in 2.', north No. 7 Level. Reef at :U2il North west--We have driven to the west o this 31ft. The assay value is £1 4s (J. a ton. and width about 2ft. TRADE WITH CAN AD.' i i i COMPARISON ON VALUATION! Canada's total imports from Ncv Zealand during 1933 were valued a 2.013.392 dollars (about £402.073 a pan, against 355,723 dollars (jbou £171.145) in 1932. according lo figure c,noted by the Dominion Bureau o Statistics, published at Ottawa, ai. made available ov the Canadmn-Brilisl Traders' Association of New Zealand. The principal items imported wei butter,'wool, and hides and skins. Ii 1 1933, Canadian imports Hand butter were valued at 20-.9-4 dot Ir-rc against 9597 dollars m the pre vious year. The total value of import ; of butter into Canada during 19. .. wa ! ,;> 35 999 dollars, so that practically a. imports were from New Zealand. | Imports of wool compare as follow s. ! l-'i-iiir, >•./.- i U,,tl!H->. Dollars. "l!)-;':; .. -("O.I-JV I | .. '4J,T _t > , Soon rod — .... ! 1.-itj .. 1,7:; S. 1 '.i'i ' : .. UOV'fi" I -Slip"! - -, - it:' ;I:W i . . .»i •• j .. ww- ' Other oromincnt. shippers ol greas ! wool in 1933 were the United Kmgdeiv 172 815 dollars, and Australia, 23.a3 dollars. Tt is presumed that a larg portion of the quantity shipped fror the United Kingdom was of New Zed l&nd origin. A similar position is re vcaled with regard to the imports c scoured and sliped wool, the value c the imports from the United Kmgdor in 1933 being 999,513 dollars an 330.403 dollars respectively. . Canada's imports of hides and shin from New Zealand during the yea ended March 31. 1934, and m the pre vious two years, compare as follows.1. 1 Calf-ami kip* -- ... - , ■ C-vvV. O.SCI !!.-!:> 1 Dollars ■■ 10-i, l«."i ,., pi ! Mo! In i-i .. Mi. TOO 9,.'(Mi :: !>7. L.-

»noop<iKin«- 4lfi f ;.I 1.r,: I >ul tar? .. :«.78U UH.C.T(l)l j p " ,ls :. 1 y.s ID 17.1U 77.W r.iollnv- .. I 10.7 00 IVJ.I-t.-. In the 1933-34 year 2cwt of othf j hides, valued at 25 dollars, were ah j imported from New Zealand. FRUIT EXPORT I, O N1) O N QI OT A TIO N S i LONDON, June 20. i The Kangatira's New Zealand appl' ! sold as follows:— Granny Smiths lj jto 12s 6d, small Sturmers 7s to c I Pears: Three-quarters Barry lis to I.j ! Winter Nelis lis to 15s. ! PRICE OF SUGAR RAISED | The Colonial Sugar Refining Con ' pany advises that the prices of a grades cl raw and refined sugar golden syrup, and treacle have bee advanced by 10s a ton. The prices < tablet sugar and icing sugar rema: unchanged. It is understood that th alteration is not significant, and th it is merely one of several chang lhnt have been made recently.

CHRISTCHURCH STOCK EXCHANGE YESTEKDAY'S Tit AN S ACTIONS Markets were more active on call yesterday, and there was an increased > turnover in sold mining shares ana Government issues. Bank shares wcie I weaker. Transactions, exclusive oi - vestibule business, were:— , Sales on 'Change 1 £ s. d. 3 200 Com. Bank of Aust. .. OHi 0 10U Nut. Bank of Aus'asia '«■>=*» ■ee g 100 Union Bank of Aust. <a) 9 1' " 200 N.Z. Refrig. 'los pd.) (2) 0 9 2 1 100 Tooth's Brewery (2) 22 1 100 Beath and Co. 1 l- o ' 100 British Tobacco 'cum d iv.) ■ ■ • ■ i, - 100 Dunlop Rubber 0 Jj. ;> | l,"> > U I / " 4700 Bell Hooper '.7.> 0 0 2, 500 Brian Boru .. ■■ <> 1 300 Central Shot. <9d pd.) 0 0 500 Golden Point ■ • 0 0 -» < 700 Mahakipawa '19:30'. pro:. .. 0 I ;; 5 300 Mount I .yell «-» Jjj * :!00 Nevis Diesel Elee. .. 0 0 4',; 100 Nokomai • ■ 0 1 100 Waitahu .. 0 4 •> , r )00 Skippers 0 011 - 1000 Stafford Sluicing <2> 0 1 b s Sales Reported • £I6OO N.Z. Govt. 4 p.c. Ins., IfJ4Ol f J4O .. <2> 100 0 0 £OIO N.Z. Govt. 4 p.c. Ins.. 1949 (late sale 20th). _ I odd lot • • 101) 1;> 0 1 £I4OO N.Z. Govt. 4 p.c. Ins.. 1955 ■ 10 M! I | 150 Bank of N.Z. - ;! | 200 N.Z. Refrig. 'los pd.) 0 9 3 100 Westport Coal . . 017 0 200 Dunlop Rubber .. 01' :i 100 N.Z. Farmers' Kert. 1 0 •_> ! 1200 Bell Hooper .. 0 0 a ; 0 0 51 ( 500 Central Sholovcr '9d ! paid) ■■ 0 011 ! 200 Kiim Sol on ion 0 •' 1 1 j 500 Mataki ..02 4 100 Mount IVlorrn" •• 1 :> 1 500 Nevis Diesel Klec. .. 0 0 ~ 500 Skippers 0 0 llj Hi Union Bank 9 1/ 0 Unlisted Sales on C'liaiise ' s 300 Golconda Holdings . . 0 1 i f ■> Stocks and Bank Shares New Zealand Government 4 per - cent, stock, due 1940. had dealings at ;• £lo.i. and there were further seller: at that price. A late sale of 4 per cent, stock, due 1949, on Wednesday, i. was reported at' £lO6 15s. and (here i were further sellers at £ 100 17s 01. A [i late sale of 4 per cent, stock, due 1 9..-> . on Wednesday, was reported at £lO7 and there were further sellers .•esterI' day at £IOO 17s fid. I Commercial Bank o! Australia were ~ fractionally weaker at His, market closing 111 either way. Sellers of Commercial Bank wl Svdney reduced 111', i' . limits to £l6 17s"(id. National lianl; j l' of Australasia '£s paid) were easier . with dealings at £6 2s and £i> Is • ><'. and further unsupported sellers at 0 " 2s. Bank of New Zealand were wtalter at 'llls lid and 48s 7d. Union Bank of ' Australia decline! to £9 17s I'xl and ,C 9 17s and more wre offered at !J 9 1 : Miscellaneous ( ! ! Dalyety and Company were easier . | ! with sellers at £9 10s and sellers of j ' j Goldsbrough. Moris reduced th«ir I j limits to 30s lid. New Zealand Refrig- \ , era' '"n 'Os paid showed an easinr. ten- ' ' ('ency witli dealings at 9s 3d and 9s 2d ai d "further sol lei's at the lower pric . Oliver., at 9s Id. Westpori Coal.- moved ; up' io 17.- (>d an I late offers of 17.; 4d " 1 kiiled io attract 'sellers *: Tooth's Brewery shares remained at 0 42s Id. market elosinu 41s 9d buyers. ■i2-. sellers. New Zealand Farmers' " ; Fertiliser moved up I" 20s .'id and! •J i more were wanted at 20s 2d. Mining; Hi-!l Hooper.- were ac'ive at 5d and : ,y,d, market closing 4'd buyers, ad, , 1 sellers. V | Brian Bonis were a shade firmer at ( Is 7id. market closing id either way. j Cenfral Shotover 9d paid moved up j to lid, closing quotations id on cither s i side. Golden Points were steady with 1 buyers and business at "id; Kin.u So'o- ; mons remained unaltered at 3s lid i Mahakipawa 1930 preferenee issue v j were fractionally tinner with buyers t and dealings at Is 3d. Mataki moved t |up a point Io 2s 4d. Mount Lvells ' j eased to 20s 3d and 20s 7J. buyers I staying in at the lower price, sellers at 0 j 20s lid. Mount Morgans were fracf tionally weaker with sellers and busi- :! ness ai 25s lid. Nevis Diesel Electric j :i changed hands at 4',d and 3id, market) closing 4d buyers, 4',d sellers. Nokoe mnis relapsed to 3s, and there were 1 further buyers at that linn re. Waiia- - bus were lirm at 4r. 3d. Skippers had - dealings at lid and Hid. and more . were offered at lid. Stafford Sluicing were steady at. Is Od. j Unlisted Stocks 1 Golconda Holdings. Is paid, showed little variation with buyers and busi--1 ness at ts 7d. sellers at Is 7 ; '. d. | | j LATEST QUOTATIONS j j Buvors. Sellers. I £ 's. d. £ s. d. j N.Z. Govt. Debentures j 3 p.c. Ins., 1938-43 100 0 0 3'. Pc Ins 1938-52 100 10 0 v 3.' pc Ins., 1939-43 106. 0 0 107 0 0 4 p.c. Ins., 1940 . . 105 10 0 106 0 0 5 4 p.c. Ins., 1949 . . 100 10 0 10(1 17 0 e 4 p.c. Ins., 1955 . . 100 12 0 106 17 0 n 4 p.c. Ins., 1940 .. 100 12 (i - 4 p.c. Bonds, 1955 100 15 0 4 p.c. Bonds, 1940 100 12 0 if ,f Other Debentures )i Booth, Maedonald d Oi p.c., 1937 .. 70 0 0 f2 0 0

DUNEDIN Sales on 'Change £ s. d. National Insurance . . 0 19 0 j Maerewhenua 0 0 8 Sales Reported Bank of N.Z. (D» .. 1 13 9 N.Z. Refrig. (paid) 0 19 6 N.Z. Breweries <3> 22 6 Nokomai <2) 0 3 2 4 p.c. Stock, 1955 '2) 107 0 0 SYDNEY On the Sydney Stock Exchange yesterday industrial trading shares continued quiet, and weaker, but the mining market recovered from the | nervousness of the day before, and ; buying enquiry for ntany market i leaders was strong. Indeed, the whole gold group was firmer. Morning Sales £ s. d. | Commonwealth Bonds — 4 per cent., 1930 .. 104 12 0 4 per cent., 1941 . . 106 16 3 4 per cent., 1944 .. 107 18 9 4 per cent., 1950 . . 109 12 6 4 per cent., 1959 .. 109 7 6 4 per cent., 1901 .. 109 17 6 Bank of New Zealand .. 2 9 0 Tooth's Brewery . . .. 22 0 Anthony Hordern .. 013 11 Associated Newspapers .. 1 1 0 | Goldsbrough. Mori .. 1 11 0 i Wilcox, Mofflin 0 II 7 i Afternoon Sales j Bank of New South Wales 30 2 0 Com. Bank of Sydney . . 17 0 0 Bank of New Zealand . . 2 9 6 Associated Newspapers 1 1 4i, Associated Newspapers J (pref.) .. 12 9 Tooth's Brewery . . 22 0 W. R. Carpenter (paid) .. 2 0 6 Amalgamated Textiles .. 0 10 7 Dunlop, Perdriau .. 0 17 9 Anthony Hordern .. 0 14 0 ! David Jones .. 1 16 9 j Winchcombe. Carson .. 19 0; I Mount Morgan .. 1 0 4i j I Broken Hill Proprietary . . 2 4 0; Euralha Gold .. .. 0 11 D ! Kuala Karnpar .. 0810 j ; Malim Nawar .. .. 015 6 Tongkah Harbour .. 1 0 0 Rawang Tin .. .. 0 3 10 I Taranaki Oil .. .. 0 110 | IMtOHIBITION OF "TIME ! j BARGAINS" j .. VKSTIBI'LIi BUSINESS' j EXCLUDED i Received .lime 21. 10.40 p.n;.' SYDNEY, June 21. On the Stuck- Exchange to-day the chairman, Mr F. Steel, announced that "time bargains" would until further notice be prohibited, except those transacted in the vestibule. A large part of the business in I mining shares recently has been on the basis of forward delivery, and while sharebrokers regard the new edict as drastic, it is believed to be the outcome of (he Tullamore disclosures. MELBOURNE j £ s. d. ! Herald and Weekly Times 210 0 ; National Bank f£s paid) .. 6 5 0 j Electrolytic Zinc 15 0 Electrolytic Zinc fpref.i 1 13 3 ; Goldsbrough, Mori 110 9 i Mount I.vell 10 6 WAR 1,0 AN STOCK j : i KKI 1 I -II OFi»l' IM. Wl aKl.es.'-. I RUGBY. June 20. j British 3i per cent. War Loan stock l is quoted as follows: j: s d June 20 . . .. 102 12 6 June 19 ~ .. 102 12 0 June 18 .. ..102 12 0 I June 10 .. .. 102 12 6 ! June 13 .. .. 102 H 9 ; June 12 .. .. 102 5 0 : i j MEAT EXPORT I Tll K SOI I'll LAND SKASON J ;j ; The Southland Frozen. Meat Comj panv's total sheep and lamb killings j this season at the Malaura and MakaI rewa works, up to last Saturday, ! numbered 673.000 head. Bast season j the total was 709,000. or 36,000 more. I The two works will close down for j the season on June 29. | LENDING RATES i I | BANKS IN DKI-T'NCF. ! j Many interesting aspects of banking were dealt with by the vice-chairman of the board of directors of the National Bank of Australasia ("Sir Frank Clarke) at the annual meeting in Melbourne. On the controversial question of "releasing credits" Sir , Frank Clarke pointed out that in the ; absence of a wider buying demand necessitating an expansion of productive industry the only way the banks could further extend credit would be ; by reducing the margin of security to | an unsound extent, or by lending for ! unproductive purposes, and he was I emphatic that the bank would take neither of these courses. It is a misI take to consider that lending rates of I interest by banks are the most imporI tant factor in the development of ini dustry, but at the same time Sir Frank Clarke declared that these rates are now as low as they have ever been in modern times, and he contended that they would not deter anyone from extending sound operations In paying a well-merited compliment to hard-working primary producers Sir Frank Clarke directed attention tt the fact that in the last three years the National Bank had no record ol | having taken proceedings io evict anj

j Victorian farmer, and that in les: than a dozen cases had it been obligee to enter into possession of abandonee i properties. I "It has always been the eonsiderec. ! policy of the banks," he said, "'to keej i entirely apart from polities, but then i seems to be an increasing and regretj table tendency 011 the part of poli ! ticians to drag them in. It can onl} be said that this is to your directors ; i most unwise development, and tha 1 I the system which alike in Englanc | and Australia has kept the finance: sound in a time of unexampled stres, should not be altered by inexperiencec I men without very much greater causi j than any which has up to now beei 5 put. forward." I Sir Frank also said that any down t ward movement of the exchange rati ! would be necessarily slow. If Aits I tralia's oversea accumulation becam* 1 j unduly heavy the situation would teni Ito correct itself of its own weight i Meanwhile primary producers wer I anxious that there should be no reduc tion from the £125 rate without du cause. A poultry sale of specially selecte \ breeding stock will be held in the Re i Comb Egg and Poultry Company's pre mises, Tuam street, to-night. A dc monstration of the most up-to-dat , method of grading eggs will be givei also a demonstration of plucking an preparing table poultry for the mai ket. The proceeds of the sale will g to ihe New Zealand Utility Poultr 1 Club,

INCREASED DAIRY I PRODUCTION J N.Z. CO-OPERATIVE DAIRY CO. j i AKS.'XUTKIN rELtOKAM.) | ! HAMILTON. June 21. j j Assisted by the generally favourI able weather, a substantial increase in I production is recorded by the New I Zealand Co-operative Dairy Company tor the year. « | The dairy produce manufactured I reached a record of 61,280 tons, an increase of 4854 tons on last year. The suppliers to the company now total 10,139. DAIRY PRODICE j The Soutl} Island Dairy Association, j Ltd.. has received the following market report from the New Zealand ProI ducc Association, Ltd.:— ! Butter —Dull: 78s to 795: Danish, 84s to 86s. Cheese—Quiet, unchanged, j A, H. Turnbull anu Co.. Ltd., are in receipt of a cablegram from their principals, Messrs \V. Weddel and Company, Ltd., datc.i London June 20. as lollows: —Danish butter, 86s; New land finest, TVs to 795: Kangaroos, TMs to 745. Butter market quiet. New Zealand cheese, white 49s 6d to 50s; New Zealand cheese, coloured 475. The New Zealand Loan and Mercantile Agency Company, Ltd., advises that it has received a cablegram from its London oflice, dated June 21. giving the market quotations as below:— Butter—7Bs to 795. Cheese—White 495, coloured 475. Markets are slow. " DAIRY COMMISSION SITS AT STRATFORD i ' r«ES< ASSOCIATION TELeGBAM.; STRATFORD, June 21. The Dairy Industry Commission commenced a 10 days' sitting here today, under the chairmanship of Mr Justice Frazer. The whole day was taken up with the evidence of Mr W. J. Poison, president of the New Zealand Farmers' Union. STATISTICS OF TIN WORLD POSITION IMPROVES In spite of recent increases permitted in production, the world statistical position of tin continues to improve. Stocks at the end of May had i fallen to 16,788 tons, and it is recog- ! nised that about 15,000 tons is a miniI mum stock needed to meet the demands of consumers. Consumption in recent months has been about 8000 tons, and the monthly production quotas fixed for April to October this year are equal to 8063 tons. With all important producers in agreement in supporting the restriction plan, the fut .ire course of prices for tin depends largely upon consumption. The United States consumes normally 50 per cent, or more of world' production, and figures there have shown a substantial improvement. Estimated production of motor-car units in April was 400.000, compared with 189,284 units | for April, 1933, and production of tin- ! plates was placed at 4.000,000 boxes, -1 compared with 2.250,000 boxes for 5 ■ April. 1933. In the meantime prices for tin have been fairly steady, and at the present level of prices produc- ' tion by most of the producing com--1 panics is on a profitable basis. THE LIQUOR TRADE SCOTCH WHISKY OITPIT

SHRINKS Thai Scottish whisky distillers would benefit appreciably from the repeal of prohibition in the United States is not the view of the Government committee appointed to enquire into the supply of and demand foi Scottish barley for use by Scottish distilleries. "It is not possible," the committee states in its report, "to estimate accurately the output for 1933-34, but there will be a considerable increase on the figures of 1932-33. "The increase is due in the first place to the very small production in 1932-33, and second to a hope, which so far has been only very partially realised, that surplus stocks would be reduced owing to the repeal of prohibition in America. It is impossible to foretell the future, but there is n< reason, under present conditions, tc doubt that the downward trend ir production will next year be resumed." METALS MARKET i Rft-eivpif .(uTip 21. :>0 p.m. i ) LONDON, .hinc 20. ; Quotations; ■llino I .luup '2O A ion. A ton. , Copper— i'. s. ri. - s. il, i Standard. "put '"> :: 1 1° 1 Forward .. H 1" •: 8 il I | j Wir,° I>. •• 15 " ! j Lead Spot M 1 :: 1 1 1 ■! ■ I Forward . . II ■'><'' M !) Spelter— Spot . . 11 n n I l <> i> 1 Forward ..!<:>'! II :i l» t. Tin— I Spot .. -■ l'J -yir. •> 5 Forward .. 17 i: 'J-Jii S , Silver — 4 Standard, per <>/. Ki-lt>ri Hliid * Kin?. pt*r or.. . . '-1J -1 7 I'ld - _

LONDON TALLOW MARKET The Bank of New Zealand has received the following advice from its London office, under date June 20:— Tallow—The demand is poor. Cur--1 rent quotations: Good mutton, 20s 6a to 21s per cwt; good beef, 17sto l'» 6d; good mixed, 16s 9d to 1/s; gut, 14s 6d to 15s 6d. geraldine stock sale The following prices were realised at fortnightly Stock sals at Geraldme::— Pat Lambs —8 at 21s, 21 at ISs 104. 8 at 16s Bd, 29 at 19b 2d, 13 at 20s -d, ' 52 at 19* 9d, 96 at 19s 2d, 37 at 20s 3d, - 31 at 20b 2d. 6 at 23s 3d, 17 at 21s lOd, 18 at 21s Bd, 43 at 21s. 69 at 19s 7d._ j Fat Ewes —25 at 14s. lat 12s. 35 at *J 4s 1 0d, 12 at Bs, 21 at 13s 6d, 6at Ss " 3d. 14 at 13s 6d, 10 at 13s, 2 at 13s. - at 13s 6d, 23 at 14s, 12 at 15s, 7 at 14j. - 25 at 14s. 4 at 13s, 6 wethers at 21s lori. i Store Slieep—7o ewe lambs at 15s 7d. > 59 wether lambs at 12s 3d, 75 ewe I»Wl'' at 15s 6d. 70 ewes at 17s 6d, 53 at 13s Id. J Tigs—4 at ss, 2 at- 4s 6d. 1 1 > OXFORD SALE s i j About 700 sheep were forward at th« , Qsford market yesterday, the bulk of tli? entry being fat. lambs, for which recent 1 values were maintained. A small yardinc S of cattle and a few pigs sold at current g rates. A three-year-old draught filly made I £23 10s, and an eight-year-old three-quarter draught gelding £l7 10s. The following were anion; the sales of - fst sheep:—Lambs: 100 at 19s, 33 at ISs 9d : s 33 at 19s 6d, 9 at 18s, 14 at 18s 4d. 15 i at 17s 3d, 20 at 16s 4<l. 40 at 38s 2d. 34 - at 175 9d, 52 at 17s 2d. Ewes: 8 at l:U . Gil, 6 at 13s, 9 at 15s. 4 at 12s 3d. 11 at lis 9d. 10 at 14s Sd, 15 at 13s. 10 a* lis 9ii. Twenty fat wethers made 2"s. FAIRLIE STOCK SALE At che foruiightiy sale 2333 sheep wert* yarded, 1123 being fats and the balance stores. Prices were firm at late ratei. The attendance was good. AH export companies were operating and bidding was keen. Prices were:— Fat Sheep-—3 wethers at lGs, 3 nt 17s, 5 3at 20s, 44 at 245. 11 ewes at 13? 6d, p 22 at 14s 4d, 10 at lis Id, 5 at 15s. 8 at , .15s 9d, 29 at 14s lOd. 28 at IGs 6d, eO at 16s 3d, 11 lambs at 10s 3d, 21 - 17s 3d, 14 nt 17s 4d. 32 at 17s lOd. 1* 6 ai 195= sd. 5G at 19s 2d, 27 at 21s 4d, r 78 wethers at 27s Gd. Store Sheep—74B comeback wethers from lis io 13s 9d. 75 ewe lambs at. 15s sd, 0* m.s. lambs at 12s 3d, 48 wether lambi ® at 12s 3d, 57 wether lambs at 12s Sd, 87 it hnlfbred ewes at 21s 6d. 29 f.m. ewes at e i7s. Pigs—.Large stores to 2.")5. small srora* ;t from Jos io'.l7s, weaners 8s Gd. n y FIHMTIKE SALE e q Messrs Hutchinson. White. Ltd.. aueq tionoers, Victoria square, report having held q a successful clearing sale of furniture and effects on the premises. No. 24 Brougham street. Sydenham. There was a large attnndaure of the public, good prices being obtained, and a complete clearance effected. Principal prices were:—Bedroom suite <l9 10s, Axnrinster carpet 9 i 12 £3. three-pie--* oak bedroom suite £9 10s, bedding 12s. high-back chairs 3 2s, single wood bed and wire £1 2s 6d. oak seat 15s. wood kerb i:Js, three-piece chesterfield suite £lO 10*. 2 oak carver chairs 16s, oak palm stand 18*. Ilwbank cleaner £l. hurnpty 3s, seagras« chair 3 2s, ditto 3 os. oak table £S pedestal ss. extension table 19s. lino. £1 3a. clock lis, bench 9s, s.w. bed and wire 13a. t man's bicycle £1 ss, do. £1 7s 6d, woman*! bicyclo £2, juvenile bicycle £1 15s, mats and rugs 15s. lcitchcn sundries £3 14s 9d, lawn mower 19s. vices lis Gd, garden tools 10s, ornaments find vases 35s 3d.

s Banks 0 Australasia 11 15 0 12 0 0 . Com. of Aust. 0 IT) 11 6 1 ti 1 0 Com. of Aust ipf.) !) 11 9 10 10 Com. of Sydney .. 16 VI (> 17 6 1 E., S., and A. .. 4 17 (j 5 1 0 Nat), of A/asia. 12 12 0 ■1 (.£10 paid ) VI 2 ti Natl, of A/asia. (i <; .. < £5 paid) 10 2 Natl, of N.Z. 0 4 0 0 7 New South Wales :;o 10 0 .'SO 12 6 ■1 New Zealand 2 8 G 2 !) 0 r> N.Z. ("D" Mort. 0 shares) l i:; Hi ti 1 9 1.0 1!! Union of Aust. 0 0 2 Insurance National 0 K; 11 0 19 9 r New Zealand 0 3 1 19 0 0 South British 1H ;i 6 Loan and Agency Dalgety and Co. . . 9 5 0 9 Hi 0 Goldsbrough, Mort, <eum div.1 1 10 5 1 10 11 Mutual Benefit 10 0 0 0 — N.Z. Guar. Corpn. 0 4 4 4 5 Permanent Invest. 7 10 0 — 11 United Bldg. Soey. 1 1 4 l 1 Wright. Stephenson 0 < p re t.) 0 19 — Frozen Meat Xs N.Z. lief rig. fJtl 6 s. paid) . • 0 19 1 0 19 N.Z. Kef rig. <10.-; 0 9 2 paid) 0 9 1 Woollens Kaiapoi (17s paid) 0 10 4 0 11 4 ( 0 Kaiapoi < 7s paid) 0 3 18 6 0 Kaiapoi <pref.) .. 0 0 _ iCoal 11 Taupiri 0 0 14 0 i». Westport 17 4 — n Stockton lord.) 0 2 6 0 — - Dl' Stockton fpref.) . . 0 2 11 3 11 Gas it Christehurch 1 11 a 1 11 11 ChrislchureTi (10s 17 paid) 0 11 (i 0 £

Breweries Buyers. Sellers. £ s. d. £ s. d. Carlton — 2 3 o N.Z. (cum div.) .. 2 2 2 2 2 6 Staples —• 1 9 3 Timaru < 7s Gd pd.i 0 6 1 Tooths 2 1 9 2 2 0 Miscellaneous Anthony Hordern 0 13 5 0 13 11 Aust. Paper and 15 G Pulp 1 14 9 1 Aust. Glass (cum div.) — 2 11 0 Aust. Iron and Steel fprel> 1 0 7 1 1 13 3 Beath and Co. . . 1 12 0 1 0 Beath and Co. (Is paid) 0 9 3 0 10 0 British Tobacco (cum div.) 1 16 9 1 17 0 Broken Hill Propy. 2 3 3 2 4 3 Colonial Sugar GG 0 0 G D.I.C. (prof, i . . . 1 4 0 1. 5 Dominion Builders' Supplies 0 4 !) 0 19 9 Dominion Fert. 0 18 6 Dunlop Rubber 0 17 6 0 17 7 Electro. Zinc ord.i 1 5 13 Electro. Zinc (pi'.i 1 8 Kauri Timber 0 16 2 0 17 0 Mason, Struthers 0 (£1 paid) 0 15 0 1 0 N.Z. Drug Co. . . 3 17 0 4 0 0 N".Z. Malay Rubber 0 7 0 N.Z. Malay Rubber (pref.) l 2 6 . 0 Evans Atlas Flour 2 1 i! 2 5 N.Z. Farmers' Coop. (4i p.c. stk.. 5 0 1940) HI N.Z. Farmers' Fertiliser 1 0 2 — N.Z. Newspapers 1 U) 0 N.Z. Paper Mills 1 10 0 — Northern Roller Milling 1 10 0 — Whitcornbe and 13 0 Tombs 3 — VVoolworths (N.Z.i. 0 i prel.) 2 0 0 2 5 Woolworths (Syd0 ney) 1st pre!'. . . 1 17 3 1 19 Mining Addison's Flat . 2 10 0 Alexander 0 7 0 0 18 6 Alexander G3 G 0 paid t 0 14 1 0 15 0 Aotearoa -- 0 9 Bell Hill 0 2 3 Beii Hooper (Is 0 (l paid i 0 0 4 5 Bell Kilgour 0 0 3 0 0 5 Bendigo Goldlighls 0 8'. ifld paid) 0 0 7i 0 Big River 0 o itn 0 0 1 Blaekwator div. i 1 13 3 1 lf> 0 Brian Bop i ' 1 8 paid) 1) 1 7 0 (1 (1 1 Buiolo 7 Deep Load 'Is paid) 0 I (i 0 2 2 Central S h o 1 - 11.', ovei (9d paidi 0 0 10'. 0 0 Gillespie's Beach 0 i a. 1 . 0 1 10 Glenroy (Is pd.i 0 1 0 0 1 3 11 Golden Dawn . 0 i (i 0 1 Golden Point 0 0 2.1 0 (1 2 Goldhelds Dredging II 0 9 0 li 11 KilcJaiv 0 2 0 King Solomon 0 3 1 0 4 0 Lawson's Flat I) 0 3.'. 0 0 !) Maerewhenua 0 0 8 Mahakipawa 0 0 10 0 I) 10J Mahakipawa (pi. i. 0 8 1029 issue 0 1 2'. 1 Mahakipawa ' pf 0 1930 issue 1 3 1) 1 3', Mataki 0 2 2 0 2 (i Mining House Concessions 0 o 0 0 (i I Mount Lyell 1 0 7 1 0 8 Mount Morgan 1 :> i) 1 .') 11 Murray Creek 0 2 0 0 11 0 Moonlight Nelson Creek 0 0 fi 0 0 G', Nevis Diesel Ele<\ 0 0 4 0 0 41 New Cornish PI. 'Is paid) 0 0 1 0 l 0 ! New Cornish Pt. I 'Gd paid) 0 0 ! 1 0 0 5 1 Nekomai 0 3 0 0 3 2 j Okarito 0 7 1 0 8 0 j Ovenbridge Shot- ! over Ms paid' 0 0 7'. 0 0 11 Uawang Tin 0 « 0 K 10;, Upper Shot over if)d paid.) 0 o t; 0 1 8 Waihi 1 1 1 0 1 12 9 Waihi Gd. June. 0 4 (1 0 4 111 Wetherstones 0 1 0 0 3 Waiiahu 1) !i 0 4 3 j Worksop 0 i fi 0 1 7 Skippers 0 0 10', 0 0 11 1 Stafford Sluicing 0 l fi 0 1 G 1 Mossy (..'reek 0 i it 0 1 8 | Eu rat ha '"is pd.i 0 12 0 0 12 9 ! rNLISTKD STOCKS | All 1 nilisactioiis 11 ; locks CI IH it l l in tins section are subject to ; different j rate of brokerage Irom listed stocks. ' and are not quoted on the OHicial 1 ,ist. j Buvcrs. Sellers. . £ s. d e s. d. Canterbury Roller Flour 0 10 0 j Golconda Holdings ! (Is paid > 0 1 7 0 1 7'. | Long Trail 0 1 8~ National Tobacco 3 4 9 3 8 0 | National Tobacco 1 (pref'.) 1 10 0 2 n 0 j N.Z. Dry Cell and Battery 1 5 0 ' N.Z. Perp. Forests '4s paid) 0 8 (i N.Z. Woolpackx 0 12 9 1 1 0 Proeera Bread (10s paidi 0 12 ft 0 13 3 K. Reece. Ltil.. ' pref. i 0 1 3 j Regent Pictures | (Chr istchurch ) 0 !) 0 0 12 6 Sun Newspapers GOs paid) 0 4 0 0 4 3 Standard Optica i 1 10 0 Vigilant Fire Alarm 0 1 <> Woolworths (Vicj toria) pref. 1 5 fi 1 fi 11 ! AUCKLAND ] Sales on 'Change 1 £ s. d. Rural. , r > per cent. 1947 . . 103 0 0 Stock. 4 per cent.. 1940 .. lOfi 0 0 Com. Bank of Aust. 0 1 1.', Bank of N.Z. ("D" pref.) . . 1 13 G N.Z. Insurance i o) 0 0 South British Ins. 19 3 Westport. Coal 0 17 G Auckland Gas <2 > I 6 G Bycroft, Ltd. 2 8 0 Milne and Choyec deb. .. 0 18 6 Farmers' Fert. I 0 3 j N.Z. Paper Mills 1 10 0 N.Z. Refrig. (10s pd.) 0 9 3 Sanford. Ltd. 0 2 0 Waihi Junction 0 4 2 Unlisted Stocks Harvey Turbine 0 19 0 : Silknit 1 0 6 WELLINGTON Sales on 'Chancy £ H d. Comm. Bank of Aust 0 1G 1 Union Bank . . (5 i 9 17 G Wright, Stephenson <' pref.) 0 1.9 9 Wellington Gas 1 IS) 0 Wellington Woolle i i pre).) 0 Kauri Timber 0 1G 9 Mount. Lyell 1 u 9

FOREIGN EXCHANGES 1 i j tEfilTISH | Paris, fr. i" ! xt ' New York. 1 dol. to Xt ! Montreal. d«M , 10 - 1 : Druss* 1*. 1 belsas to A 1 : Geneva, (r. t«» < \ OFFICIAL WIRELESS.) RTGBY, Junp 20. .p ar . June 19. June 20J24.21 76 13-32 76 13"3 4.860 5.04 13-1« 5-04S 4 SHli 4.97? 4.9,-i 2:> 2l.fi0 2 1.50 25.2215 i:..52 15-U ! Amsterdam, ft. ; Jo £1 12.10. 1 Milan, live lo ! *1 92.16 ■ Berlin, reiclimarket) j 10 n • • 2 0.4" ! Stockholm, kr. ! to xi i8.i;>9 I Copenhagen, j kr. to XI 18.159 ! Oslo, kr. to j £ 1 IS.150 j Vienna, schgs. J to XI 34.58-> I I'rague. Ivi". i«» j XI 164.25 ! Ilelsingfors. j marks to XI 193.2.-> j Madrid. Desei tas to XI 2.V22!."> ! Lisbon. eseu- ! dos to X ] 3 l ( i i Athens, drach ; to XI *75 Bucharest. lei to X I £ i *.6 £?rlgrade. dinars 25.2 2 1 ■■> Iiio He Janeiro, pence to inilreis . . -4.2 Buenos Aires. pence to dol. 4.<,o < « Montevideo. pence to dol. •"> I Bombay, pence to rupee 19 Shanghai, pence to dol. * Uong Koiis. pence to dol. * Yokohama. pence to yen 2 4.5 . Warsaw, par zlotys to £1 4".?6 Batavia, guilders 12.107 * Determined by 7.4-$ 58 7-ltf I ". < > 3 9.40 22.39s 1 9.90 i 12 1; 1 Ml 5 0 *> n 3S* 18 :i tu 1-5 1 7i .14 9 -2 price of 1. i'o 1 ■v ; 5 1.5.231 1 'J.-tO 2-J.39J • 1!>.90| ISli -•fit 11* .■>3T :>«» 12.$ <i s«i 3 31 IS 3-8* 15? ITi 14 9-39 7.(1 silTer.