FINANCE AND COMMERCE

Press, Volume LXX, Issue 21354, 22 December 1934, Page 12

FINANCE AND COMMERCE

SHAKE MARKET ANNUAL REVIEW COMPARISON OF VALUES The affiliated Stock Exchanges throughout New Zealand closed for the Christmas-New Year vacation on Friday, December 21, and do not resume until Tuesday, January 8, 1935. The approach of the holidays is usually marked by a falling-off in the volume of business, and this year was no exception. Recorded dealings during the closing week were decidedly below the average, but, although quieter, markets on the whole were lirm. Industrials, especially several Australian, were in strong demand, and prices of these and leading New Zealand ones were firmer. During the year a number of companies returned to the list of dividendpayers, and several companies increased their distribution of the previous year. Government Loans Prices of all issues reached peak levels during the year, and although they eased over the last two months, closing rates were better than those ruling 12 months ago. Opening Highest Closing price, price. price. •I p.c., 1940 102 7 6 loli 15 103 S 4 p.c., 1946 102 5 0 109 .10 105 10 4 p.c., 1949 101 10 0 111 10 106 10 4 p.c., 1955 100 15 0 113 15 110 Banks In this section prices fluctuated con•iderably and only a few stocks closed above opening rates. Distributions in all cases were maintained at the previous year's level, except the Bank of New Zealand, which reduced its dividend to 10 per cent. The following table compares prices ruling at the close of business with those of January this year:—

The highest and lowest points reached over the 12 months are as under: — Highest. Lowest. £ s. d. £ s. d. Australasia .. 13 10 0 11 0 0 Com. of Aust. 018 7 015 1 Com. of Aust. Cpf.) 10 1 6 9 2 6 Corn, of Sydney .. 18 0 0 16 12 6 E„ S., and A 5 8 0 4IS 0 Natl, of A/asia .. 13 11 0 12 3 0 Natl, of A/asia (£5 paid) 614 6 517 6 Natl, of N.Z. 4 8 6 310 0 New South Wales 35 3 6 30 5 0 New Zealand 212 9 2 5 6 Reserve 612 6 6 5 0 Union 10 8 0 814 6 Insurance In this group Mercantile Mutual and New Zealand increased their distribution, and A.P.A. has declared 21 per cent., compared with 1;1 per cent, last year. Prices for most of the regularly quoted stocks showed almost steady improvement, and figures for the four New Zealand companies are given hereunder: — _ January, December, 1934. 1934. £ s. d. £ s. d. National .. 018 6 1 l 6 New Zealand .. 217 0 3 8 9 South British .. 317 0 416 6 Standard .. 3 1 0 312 0 The highest recorded sales were 21s lOd, 70s 4d, 975, and 72s respectively, and the lowest 18s sd, 565, 73s sd, and 60s 3d. Loan and Agency The two leading pastorals, Dalgetys and Goldsbrougjis maintained their previous dividend rate, but prices were affected by the uncertainty of world prices for wool and produce Dalgetys opened at £lO 10s, reached £lO 12s 6d, eased to £8 15s in August, and closed around that level. Goldsbrough, Morts opened at 35s 6d, touched 37s 3d, reached their lowest point, 28s, in August and closed around 30s. New Zealand Guarantee Corporation shares proved popular—ss capital was returned to shareholders and the increased distribution on reduced capital caused a firming in the shares which closed at 6s. The shares are 3s fully paid. Frozen Meat The bulk of the recorded dealings in this section throughout the year was in Gears and New Zealand Refrigerating, and there were fairly wide margins in prices. Gears opened at 23s 6d reached 29s 2d in May, receded to 24s 6d in August, and closed around 255. New Zealand Refrigerating fully paid eased from 19s lid to 17s 3d in April, rose to 20s 7d in November, and closed at that price—the 10s paid limits were 7s 2d (April) and 10s 2d (November), and closing price 10s 2d. Shipping 1 , Woollens, Coal and Gas Apart from one or two stocks, at no period of the year did these sections show unusual activity. On the whole the most regularly quoted stocks closed above opening rates. Kaiapoi Woollens were fairly active and prices hardened from 9s for the 17s paid to as high as 16s Id. Mosgiels opened at £9 10s and reach £ll 10s. Westport Coals went from 14s 3d to 21s 3d. Auckland Gas moved between 24s and 27s lOd; Christchurch between 28s 9d and 35s 3d; and Wellington between 36s 6d and 435. Breweries In this group there were wide fluctuations in the prices of those stocks most actively traded in. Movements •were as under:— Jan., High- Low- Dec., 1934. est. est. 1934. N Z . 37/9 52/6 37/9 51/6 Staples 28/9 31/9 26/9 32/6 <7/6 pd.) 6/- 8/3 4/3 8/Tooths 45/10 51/9 41/9 50/3 Miscellaneous In this section there was steady and increasing demand for the best Australian and New Zealand securities. There was substantial trading in Australian Glass, Amalgamated Wireless, British Tobaccos, Broken Hill Proprietary, Burns Philp, Dunlops, Electrolytic Zinc. The New Zealand stocks most affected were Dominion Fertiliser, New Zealand Drugs, New> Zealand Newspapers, New Zealand Paper Mills, and Wilson's Cement.

* • Mining t: netto* IOSP 0 * 1 was by far the most " Btodra dealings in some heav y-. ln th ! a ® ve T three-quarters of ins the m fe nds '. Dur " companies were of new , the improved price of eoiH a it possible' for several ha ® made resrfully. several to operate sue-

The figures given hereunder are compiled from those supplied daily by the local Exchange, which is the only Stock Exchange in New Zealand tnat discloses the number of shares that change hands. Quarters _ t _ ended Mai". June. Sept. Dec. B S n e k cn g 26,735 19,947 21958 12.718 Insurance 6,675 4,125 6,650 4,580 Agency 14,032 13,205 18,057 11,740 Shipping 800 388 Frozen I Meat 23,527 31,432 9,750 22.421 Woollens 5,149 3,555 5,095 4,025 Coal 2,018 4,557 2,925 1,400 Gas 4,428 2,237 2,675 3,106 Breweries 27,402 15,855 18,299 18,835 Miscellaneous 42,657 43,302 44,430 38,37/ Gold Mining 249,756 797,181 555,8b0 311,517 The following were the most active stocks in each section: —Banks: Commercial of Australia and Bank of New Zealand. Insurance: A.P.A. and National. Loan and Agency: Goldsbrough, Morts, New Zealand Guarantee Corporation. Frozen Meat: New Zealand Refrigerating. Woollens: Kaiapoi. Coal: Westport and Westport-Stoclcton, Breweries: New Zealands, Timaru, and Tooths. Miscellaneous: Anthony Hordern, Beath and Co., Tobaccos, Broken Hill Proprietary, Dunlops, Electro Zincs. Quill Morris. Gold Mining: Bell Hooper, Bell Kilgour, Big River, Brian Boru, Gillespies, Glenroy, Golden Point, Goldfields Dredging, King Solomon, Maerewhenua, Mahikapawa, Mining House Concessions, Mounlf Lyell, Nevis Diesel, Nokomai, Skippers. Mahakipawa accounted for 338,425 of the total for the four quarters and Skippers 187,250. WEEKLY REVIEW For the closing week of the Stock Exchange year the share market continued firm, and there was a moderate turnover, with activity in several industrials. The affiliated exchanges closed at noon to-day and reopen on Tuesday, January 8, 1935. Government issues remained firm: 3J per cent., 1938-52, at £106; 4 per cent., 1940, at £lO3 5s and £lO3 10s; the 1946 at £lO5 7s 6d to £lO5 15s; and the 1955 at.£llo and £lO9 17s 6d. The following is the comparison of the daily recorded volume of business on the local market for the past fort-

£12,552 £13,802 Auckland City 4} per cent, debentures, due 1944-47, changed hands at £lO6 10s; Christchurch Drainage 4£ per cent., 1944, at £106; Glaxo 6J per cent., 1945, at £102; Mount Roskill 53 per cent., 1940, at £107; and Milne and Choyce debenture stock at 20s. Banks Australasias advanced to £ll 10s. Commercial of Australia were firmer at 16s Id to 16s 4d; the preference had business at £9 18s 6d. New South Wales were easier at £3l 5s and £3l, but closed with local buyers at £3l 17s 6d. New Zealand fluctuated between 48s 9d and 495; the D Mortgage were firm at 32s and 32s 3d. Reserve Banks rose from £6 10s 6d to £6 lis 9d. Union Banks were steady at £8 19s. Insurance and Loan and Agency National Insurance showed an easing tendency at 21s 4d and 21s 6d. South British were firm at 96s 6d. Dalgetys changed hands at £8 13s 6d and £8 15s 6d. Goldsbrough, Morts, ex dividend of 2 per cent, were fractionally weaker at 29s 6d. New Zealand Guarantee Corporation moved up to 6s, United Building Society recovered to dealings at 21s—United Building Society (Auckland) eased to 20s 3d. Shipping, Frozen Meat, Woollens, CoaJ And Gas Huddart Parkers were steady at 36s 6d, and Northern Steam at 6s lOd. New Zealand Refrigerating were firmer with dealings in the fully paid at 20s 7d, and in the 10s paid at 10s Id to 10s 3d. Kaiapoi Woollens 7s paid had business at 5s Id. Pukemiro Collieries rose sharply to 255. and Taupiri Ordinary to 17s 6d to 17s 9d. Renown preference were firm at 2s and Stockton preference at 4s. Renown (ordinary) advanced to 5s and 5s 3d. Auckland Gas eased to 26s 3d. Wellington firmed to 435. Breweries Cai-ltons weakened to 52s 6d. Dominion were fractionally firmer at lis 4d. New Zealand moved steadily upward from 50s 5d to 51s 6d. Staples (last week 31s 6d), claimed buyers at 32s 6d. Timaru (7s 6d paid) were unaltered at Bs—the 10s paid had business at lis 6d. Miscellaneous Investment Section Australian Glass changed hands at 61s lid and 62s 3d. British Tobaccos were fairly steady at 40s 9d to 41s. Claude Neon (Sydney) were firm at 53s 3d. Colonial Sugar were easier at £42 12s 6d'and £42 10s. Dominion Fertiliser remained unaltered at 21s. D.I.C. (preference) were placed at 26s 6d. Dunlop Rubbers showed little variation at 19s lOd and 19s 9d. Electrolytic Zinc Ordinary ranged from 22s 6d to 23s sd. Farmers' Trading ordinary were steady at 7s, the "B" preference were fractionally weaker at 13s 3d and 13s 2d. New Zealand Drugs were firm at 79s 6d and 80s. New Zealand Paper Mills held at 345: Northern Roller Mills at 33s 3d; Taupo Totara Timber at ss; and Rotoiti Timber at 4s 6d. Sun Newspapers were easier at 2s lOd and 2s lid. Quill Morris were firmer at 3s lid and 4s. Wilson's Cement weakened to 32s 3d and 325. Gold Mining The local turnover of 22,650 shares was made up as follows:—Alexander 400, Big River 5600, Gillespie's Beach 2400, Hatter's Flat 400, King Solomon 200, Mahakipawa 800, Mount Lyell 450, Skippers 10,400, Waihi 50, Grand Junction 750, and Worksop Extended 1200. Big Rivers firmed steadily from Is Gid to 2s Id. Gillespie's Beach recovered to dealings at Is sd, Is 5Jd, and Is 6d. King Solomons remained at 3s 8d and 3s 9d. Alexander fully paid had business at 17s 6d; Bell Kilgour at l£d; Blackwater at 32s 6d; Golden Point at Id; Hatter's Flat at 3d: Goldfields Dredging at 9d; Kildare at 2s 7d; Bell Hoopers were firm at 3£d and 3d; Mahakipawa at BJd; Mataki at 2s and 2s Id; Okaritos at 8s 2d; Oxenbridge Shotover at 9£d; Skippers at 7Jd and 8d; Worksop at 2s lOd and 2s lid; Mount Morgan at 36?, and Waihi Grand Junction at 4s 9d and 4s 10a. Waihis were firmer at 37s 8d and 37s 9d; Waitahus at 2s 6d and 2s Bd.

YESTERDAY'S TRANSACTIONS Firm but quiet conditions prevailed on call yesterday morning, when the affiliated stock exchanges throughout New Zealand held their final call for the year. Recorded dealings were restricted to a few stocks. Transactions, exclusive of vestibule business, were: Sales on 'Change £ s. d. 150 N.Z. Breweries .. 211 6 300 Big River 0 2 1 1500 Skippers <3) 0 0 8 Sales Reported 50 N.Z. Breweries .. 2\\ 100 Timaru Brewery .. y" ® i 68 N.Z. Drug Co. •• « « » 1 '

UNLISTED STOCKS Sales on 'Change £ s. d. 400 Macetown •• ® 1 ? i 500 New River (4Jd pa.) 0 0 5 | Sales Reported 500 Argo Gold (9d pd.) .. 01 0J General New Zealand Breweries were fractionally firmer at 51s 6d and 51s sd, and late buyers at 51s 4d failed to attract sellers. Timaru Brewery 10s paid had business at lis 6d, <*nd the market closed with unsupported sellers at that price. New Zealand Drugs changed hands at 80s. Mining Big Rivers were firm, with buyers and business at 2s Id, sellers at 2s l|d. Alexander were firmer, with buyers at 17s 9d. Skippers were a shade stronger with dealings at Bd, and more were offered at that price, buyers at 7£d. Rawang Tin were firmer on buyers' offers Bs. Unlisted Stocks Argo Gold 9d paid were a shade easier with sellers and business at Is Old. Macetown had business at Is 3d, closing quotations id on either side New River 4£d paid recovered to sd, market closing Id on either side.

AUCKLAND

[THE PRESS Special Service.] AUCKLAND, December 21. A revival of interest in Waikato coal shares was the main feature in the investment market on the Auckland Stock Exchange this week. Gains were registered in Pukemiros, Taupiris, and Renowns, following an announcement at the end of the previous week that the companies were seeking to reach a five-year agreement. The market as a whole was fairly active, with operations well spread; and there was more business done in South Island mining shares. A firm demand was maintained for Bank of New Zealands and for insurance issues. The tone of the market for Government loans was quieter. Half the business in banks was done in New Zealands, which advanced in selling by 3d to 495, and dropped to 48s lOd, with more wanted at the latter price. There was a single sale in Reserve Banks, 3d dearer at £6 lis 9d. Buyers and sellers in Australian issues found it difficult to reach agreement. New South Wales were weaker; but more confidence was shown in Commercials, which were released finally at 16s 4d, a rise of 4d. The turnover in insurances dropped sharply; but the issues, nevertheless, were well supported. South British sold unchanged at 96s 6d, after which supplies were sought steadily at 965. No business was done in New Zealands, closing offers being fixed at 68s 9d, which was the last sale price. An announcement of a bonus issue in Queensland Insurance was responsible for a rise of 3s 6d to 77s in the offers. Shares to-day were "called" ex rights, and buying limits at 50s reflected the market adjustment. Uncertainty in the wool market discouraged business in loan and agency shares, and there was little movement in the levels for gas, shipping, and timber issues. Brewery shares attracted more attention. After selling up to 51s 3d, New Zealand Breweries closed in a sale of 51s, a gain of Is 9d. Dominion Breweries had a market 4d higher at lis 4d. Miscellaneous industrials were quiet, but there was further evidence of a swing away from Australian issues. Colonial Sugars sold twice at £4l 10s, a drop of 7s 6d. British Tobaccos were a shade firmer in a sale at 40s Id. Declines were recorded in sales of Wilson's Cement and New Zealand Drugs, other New Zealand issues being placed at current rates. In the mining market Waihis were inactive until to-day, when a parcel changed hands 6d higher, at 37s 9d. Waihi Junctions dropped Id in trading at 4s 9d, but recovered to 4s lOd in final business. After a quiet period Blackwaters were sold Is lower at 32s 6d, and Alexanders at 12s 6d.

DUNEDIN [THE PRESS Special Service.] DUNEDIN, December 21. The final meeting for the year of the Dunedin Stock Exchange was held this morning, the exchange being closed down from noon until January 8. The volume of business recorded during the week has been about normal, most of the transactions being confined to the miscellaneous and mining sections. Business was done in Bank of New Zealand long D shares at £1 12s 3d, and Reserve Banks were turned over at £6 10s 9d. The former shares are now on offer £ll2s 6d, and there is an unsupplied buyer of Reserve Banks at £6 lis. National Insurances were wanted at up to £1 Is 4d, but sellers remained firm at £1 Is 7d. Offers of £4 15s for South British shares failed to attract a seller. Paid-up New Zealand Refrigerating shares were wanted at £1 0s sd, and there is a buyer of the contributing shares at 10s 2d. A buyer of South Otago Freezing shares is offering £6 Bs. with no seller responding. . Westport Coal has continued in good demand up to £1 Is 4d, but sellers are reticent. Australian Glass shares changed hands at 32s 2d, and there was a sale of preferred D.I.C. shares at £1 6s 6d. At the close of the market the latter were on offer at £1 7s. Three parcels of Dominion Fertilisers were turned over at £ 1 Is, and final quotations were 3d either side of that figure There was business in Dunlop Rubbers at 19s 9d and 19s lOd. New Zealand Paper Mills, which were sold at £ 1 14s, are now on offer at Is more. The demand for Sydney Wool worths has continued to be firm, and there was a transaction at £4 Is 3d. Offers of £4 at the close of the market found sellers asking 2s 6d more. In the breweries section, there was business in New Zealands at £2 lis and £2 lis 4d, and in Timarus at 7s 9d The former shares had a buyer at £2 lis 3d at the close of the market, sellers then demanding £2 12s. Up to 8s is now being offered for Timarus. Electrolytic Zinc ordinary shares sold at £1 3s sd, further offers of £1 3s failing to attract a seller. In the mining section, Bell Hoopers changed hands at 3|d and 3d, and there was business in Bell Kilgours at lid Big Rivers were in strong demand, and sales were effected at Is 10d and 2s, the latter price being offered when the market closed, with sellers asking Id more. A sale of Gillespie's at Is 6d was followed by offers of Is sd, with sellers at Is 7d. Waitahus improved during the period, and sales took place at 2s 6d and 2s Bd. A final offer of 2s 5d found sellers firm at 2s 9d. Government loans were in steady demand, but no business resulted.

OTHER QUOTATIONS J I N.Z. Government Debentures Buyers. Sellers. I £ 8. d. £ s- d. | i p.c. Bonds, 1937-40 .. 103 2 G - ( Other Debentures Glaxo, 6&' p.c., 1945 .. 101 0 0 Gisborne : Sheepfarmers, _ 6i p.c., .1941 •• 100 0 0 Shipping r. and O. def. stock 10 3 Woollens Kaiapoi (l's paid) •• 0 I,> i) Coal Stockton (l»ref.) •> 0-18 .. Gas iimaru •• 13 0 Breweries Tirnaru •- 0 11 6 Timaru (7s 6d paid) •. 0 7 9 Miscellaneous

UNLISTED STOCKS All transactions in stocks quoted in this section are subject to a different rate of brokerage from listed stocks and are not quoted on the official list:

PRICE OF GOLD LONDON, December 20. Gold (a fine ounce) is quoted:— £ s. d. December 20 ..70 December 19 .. 7 0 9g December 18 .. 7 0 9 December 17 .. 7 0 7 December 14 .. " « 9 PRICE OF SILVER LONDON, December 20. Silver (pence an ounce) is quoted:Dec. 19. Dec. 20. Spot .. 241-16 24 3-16 Forward •• 243-16 24 5-16

VALUES ON STOCK EXCHANGE

CHRISTCHURCH RATES, DECEMBER 21, 1934 FORMER LEVELS COMPARED

unless only one quote ia given.

WELLINGTON Sales on 'Change £ s. d. Ins. Stock, 4 p.c., 1940 .. 103 5 0 Bank of N.S.W. (late Thurs.) 31 0 0 Bank of New Zealand .. 2 8 11^ N.Z. Refrig. (cont.) .. 010 2 DUNEDIN Sales on 'Change a s. d. Big River •• '2) 0 2 0 SYDNEY The Sydney Stock Exchange has closed till January 7. Sales this morning were:— £ s. d. Commonwealth Bonds — 4 per cent., 1938 .. 103 5 0 Toohey's Brewery .. 1 9 6 Associated Newspapers .. 1 5 10£ Fairymead Sugar .. 119 0 Howard Smith . • 016 0 WAR LOAN STOCK I (BRITISH OFFICIAL. WIRELESS.) RUGBY, December 20. British 3£ per cent. War Loan Stock is quoted as follows: £ s. d. December 20 .. 107 18 9 December 19 .. 107 15 0 December 17 .. 107 16 3 December 14 ... 107 16 3 December 13 .. 108 0 0 December 12 .. 107 12 6 GOVERNMENT SECURITIES LONDON, December 20. Tli© following are the latest quotations of Government securities compared with the prices ruling last week: —

REILLY'S REPORT Reilly's Central Produce Mart, Dunedin, report by telegraph:—Tomatoes are short of requirements and prices advanced from 8d to Is 4Jd per lb, with every prospect of higher prices ruling during the holidays. Choice crate peaches realised 5d to Bd, and apricots 5d to 7d. Cooking peaches: Hard are making 3d to sd, and apricots 4d to sd. Cherry plums: Ripes 4d, others 2d to 3d lb. Gooseberries: Ripe choice 4Jd, bottling lid. Green peas: Choice quality 2d to 31d, inferior and stale unsaleable. Lettuce realised to 2s 6d. Black Currants 3d to 3Jd, red 2£d to 3Jd. Cherries advanced in price and choice realised as high as Is 2d, while small inferior were sold at 2d to sd. Apples are still meeting a good demand at prices ranging for Sturmers and Delicious 6s to 10s; new season's apples Irish Peach we expect to realise good prices. Honey pears realised 4Jd to 6d. Vegetables are in good demand. Raspberries: Pottles realised 7d to 9d and buckets from 5d to 7d per lb.

RICH ORE THE PAPAROA RANGE FIND £SOO WORTH OF GOLD (PRISS ASSOCIATION TELEGRAM.) GREYMOUTH, December 21. The subsidised prospectors, Messrs Fiddis and Meikle, have obtained in a fortnight more than 69 ounces of gold from a quartz leader in the Moonlight district, Paparoa Kange, near Blackball. Gold worth £SOO was brought here to-day. It is exceedingly coarse. Sixty pounds of quartz yielded most of it, but a dish of rubble gave only four ounces. The party expect the leader to continue into the main lode, which is already located, and so far it assays up to 21dwt to the ton. -Another party of prospectors have just rediscovered the lost "Taffy" leader in the Ten Mile creek, in the same district, a sample yielding lJoz to the ton.

REAL ESTATE REVIEW OF THE YEAR The year 1934 has proved one of the most puzzling and difficult years in the history of real estate, says the Canterbury branch of the Real Estate Institute of New Zealand. The optimism of 12 months ago, due to improved wool prices resulted in a revived condition of business, which it was hoped would gain impetus month by month. But as others of our main products failed to keep pace with the improvement in wool, these hopes proved somewhat disappointing, and the state of business, particularly during the middle part of the year, did not come up to expectations. This was a somewhat puzzling condition, as it was felt that with the increasing pressure of stagnant capital trade recovery would have been more apparent. It is realised that these conditions were purely due to persistent world-wide disturbances which had an adverse affect on trade generally. Despite these passing phases it is pleasing to be .able to record a more definite, if slow, recovery during the closing months of the year, and with the increasing surplus of bank deposits, coupled with a consistent reduction of interest rates, it is felt that 1935 can lbe anticipated with mo::e confidence and brighter days will be experienced.

The difficulty seems to have been that the man with confidence had no money, and the man with money had no confidence, but there does seem that there is an increase in public confidence.

MINING HATTERS FLAT COMPANY ANNUAL GENERAL MEETING At the first annual meeting of' shareholders in the Hatters Flat Mining Company, the chairman (Mr J. A. Neilson) occupied the chair. The chairman said that the directors regretted not being able to report the results which-had been confidently expected. The original method of working the claim was to be a combination of Saurmann drag for removing the top debris together with a power nozzle and gravel pump for handling the auriferous wash. In November, correspondence was received from Mr J. S. Langford with a View to altering the method of operation. The new method of working the claim was to be by one 1£ yard drag scraper and one half-yard diamond scoop, together with one sixinch Tangyo pump. With this plant, Mr Langford undertook to open up and deliver over the tables 25,000 yards of auriferous wash by a certain date. This has not been accomplished. Mr Langford's explanation as to the failure of the system was that excessive rainfall had caused an excess of "slurry" in the paddock, and whereas the drag scraper worked excellently in dry wasih, it was not efficient in "slurry." A further report on the method of working the claim was considered necessary by the directors, and Mr C. B. Mercer, M.l.Mech.E., was engaged to furnish an independent report. His report was In all phases particularly favourable to a lOin gravel pump being installed. As finance had almost run out, it was proposed that further shares to the extent of £3OOO be issued. Asked by a member if the values as set out in the prospectus were found, the chairman stated that Investigations, Ltd., put down two holes recently to check the original prospecting shafts, and these amply proved that the values as shown in the shafts were correct. The annual report and balancesheet were adopted. The retiring auditors, Messrs J. W. Smeaton and Company were reelected. Messrs J. A. Neilson and C. J. Kerr were re-elected directors. After discussion by members on the proposed new system of working the claim, it was decided tihat the gravel pump method be put into operation, and that the capital of the company be increased by the issue of 60,000 additional shares of Is each, being preferential shares as to capital distribution on winding up, and as to an 8 per cent, cumulative dividend, after that ranking pari passu with ordinary shares as to dividend. At a meeting of directors held after the annual meeting, Mr A. F. Foley tendered his resignation, and Mr R. S. Frapwell was appointed to fill the vacancy. MAHAKIPA W A RETURN The mine manager has advised that the washup for the week is 360z. The mine will be closed until January 5 for the Christmas and New Year holidays. The report for the period ended December 19, states that the blocking strip 60ft north of the turn-off to No. 2 shaft was taken out for another seven feet and stopped, the bottom having risen right up to the back. The blocking strip on the west side of No. 4 east crosscut has been advanced a further 22 feet in good grade wash, carrying heavy gold 18ft up from the bottom. A blocking strip was commenced off the south-west prospecting drive, about 20 feet from left No. 11 east crosscut. We drove for 10 feet in poor grade wash and stopped. A further strip is being commenced opposite the above. About two feet of soft bottom is now showing in the face and the wash contains a fair proportion of large stones, but is of low grade. No. 2 shaft—This has now been completely drained to approximately 106 feet from the surface, at which level the prospecting drive holed through. We have still a few feet to drive to complete the connecting of No. 2 shaft with the present workings. When this is done our ventilation will be much improved and we will have a second exit which is later to become the main haulage shaft. It is hoped that this will be connected up before the holidays.

Comment has been frequently made in this column during the last eight or nine months on the monetary position. Conditions seem to point to the fact that the vast amounts of unemployed capital will, under national economic pressure, find their way into circulation again. Moreover, those acts of expediency which have been placed on the statute book in most civilised countries, while apparently justified for the sake of sectional advantages, are now proving in many cases to have been mere palliatives that have fallen short of the final solution of the problems they were created to meet. Many of the economical hurdles still remain to be overcome.

A factor which must have a permanent effect on the national finances is the proposed National Mortgage Corporation, which must undoubtedly have the effect of placing in the hands of a Government Department the bulk of the private financing of the country. From the official statements so far published it is evident that the fullest precautions will be taken against a repetition of the over-optimistic financing of the last 15 years. A small percentage will doubtless be provided for guarantee fund purposes and the net results should be for the ultimate benefit, particularly of the farming community. But it is obvious that very large numbers of mortgages will continue to be carried by the private mortgagee for the obvious reason that the reduced current value of the security will not enable the mortgagor to benefit by the Government finance.

City Properties Business for the year has included a very large number of city properties, varying from a few thousand pounds up to about £40,000. A recent sale recorded is that of a four shop property (two storied) in Manchester street, sold at a satisfactory figure, and another Manchester street block, subject to long leases, sold at auction under keen competition. These again demonstrate the confidence of investors in the permanence of city values. The business of the last two months has been remarkable for the increasing turnover in house properties. In the winter comment was made on the number of cottage properties which had changed hands, and this feature of the market continues to operate, the November-December period being responsible for the disposal of 15 cottage properties varying up to £4OO, while all districts are represented in 24 other moderate priced properties, varying from under £SOO, to the £6so— mark, three sales being £1350. £I6OO, and £2300. The Apartment House One matter that calls for attention is the development of the apartment house in Christchurch. This class of business has shown an increase and is represented by two or three substantial new buildings and others now in the course of erection. Whether this factor will have any appreciable influence on the housing situation remains to be seen, but it is very doubtful whether apartment house life will ever become very popular in a district like Christchurch, with its wide areas and moderate prices of suburban homes.

BEN LEDI REPORT The superintendent of the above company reports as at December 17 that the face being upon is 21 feet deep by two and a half chains wide, and after a few weeks' work this width will be considerably extended. Three to four chains ahead the deep face of 35 to 40 feet will be reached, and the material in this face is estimated to provide a long period of sluicing. The lay of the pine-line commands several faces. In spite of the dry season, ample water is available for the face now being operated, and with the surplus water it is intended to open out another face after the New Year. Since commencing operations this race has withstood one torrential downpour, and has given no trouble. Some of the subsidiary streams are being sealed to add to the supply in case of a dry autumn. Since opening out the new tail race, enabling the bottom wash to be treated, 14oz 15dwt was obtained from mostly top wash, working two shifts. This is equal to a return from seven days with three shifts—very satisfactory in preliminary operations, and with most of the bottom still to treat. The cost of running is from soz to 6oz a week. The extended gold saving appliances, which it was found were necessary on account of the nature of the gold, will be installed when operations are resumed after the holidays. The plant has reached the production stage in a very reasonable time in comparison with most other sluicing companies, and when the additional recovery equipment is installed there should be an uninterrupted run

In regard to the disposal of sections these have shown a considerable revival during the last 12 months. The sale of some 20 lots is recorded, prices varying from £55 up to £950.

TALISMAN DUBBO Sevent.v-hvo tons of ore treated at the Golden Dawn battery last week produced an actual return of £529. GOLDEN DAWN For 12 working days, ending December 10, 286 tons of ore were treated for a return of £832, with gold at £7 2s an ounce. OKARITO RETURN (PRI3S ASSOCIATION TELIGBAM.) DUNEDIN, December 21. The Okarito dredge closed down today for the holidays. The return was 28oz sdwt for 122 hours. GOLDFIELDS (PBISS ASSOCIATIO* TSLIGIAM.) DUNEDIN, December 21. The secretary of the Goldfields Dredging Company, Ltd., reports that the return for the week ended December 21, was 360z 14dwt for 124 hours' dredging.

The disposal of business propositions has not kept pace with the movement recorded during the winter. One old. established business, comprising premises and goodwill, has been sold for £3OOO, home-made cake shop for £SOO, and shops with dwellings for £6OO, £9OO, etc. Farm Sales There has also been revived activity in farms. Sales recorded during the last few weeks are four and a quarter acres at Belfast, 58 acres at Doyleston, 80 acres at West Melton, 20 acres at Burwood, 22 acres at Riccarton. and 92 acres and outbuildings, together with farm of 611 acres, mixed country, in North Canterbury. All of these changed hands at satisfactory figures. In the leasing of city properties and letting of houses there has been reasonable business done. In the letting section it is pleasing to note that rentals have been more easily collected during the last 12 months. There has been less default on the part of tenants, doubtless due to the improved employment situation. There is an unsatisfied demand For houses from 12s 6d to 20s rental value, and an increasing difficulty in securing modern places between 20s and 30s. It is unquestioned that if the employment situation continues to improve rapidly Christchurch I will be faced with a considerable housing shortage.

MOONLIGHT-NELSON CREEK REPORT The mine manager reports for th» week ended December 8 as follows: Sluiced throughout the week. I have now a small portion of the bottom stripped, equal to about a quarter of the paddock. The remainder being deeper will necessitate an extra box being put in to draw the wash. Gold picked up casually during sluicing operations was loz in small pieces. I have not started cleaning in any bottom yet Lack of water curtailed operations a bit, but this "to a certain extent has been now minimised on account of having the remainder of the paddock reduced. I think I can manage with the water available, which is about 13 heads, enough to work one nozzle. The report for the week ended December 15, is as follows:—Sluiced Monday, cleaned bottom Tuesday, advanced the branch race boxes Wednesday, then commenced to work in the bottom and continued this for the remainder of the week. All the bottom will be in by Wednesday next. Coming through the high reef from Moonlight, we unearthed a drivat probably one of 70 years ago. Through the irregular bottom a lot of the wash" has to be ftavvied out of the holes and barrowed into the boxes, and tihis not having had the action of the water, was muddy, thereby obscuring any gold. I am holding five ounces of picked up gold to date. FOREIGN EXCHANGES (xanisH orncuL wuinss.)

EXCHANGE RATES The Bunk of New South Wales, Christ* church, quoted the following rates yesterday for its sales and purchases of foreign exchange. The rates are subject to alteration without notice:—

WHEAT MARKET | CARGOES, PARCELS, AND FUTURES LONPOX AND LIVERPOOL QUOTATIONS ASSOCIATION—BT ELECTXIC rn'-tr, acopyright.) i.CXDON, December 20. cc/'Socs are dull and lower. p arc . : r;:*e easier. y.* u . ' Dec. 17. Dec. 20. tyj • a quarter) — s. d. s. d. P - .. 20 5 20 3 J..- i .. .. ?0 11 20 9 Jtir.e .. 21 3 21 1 t !-.■ -Ix,'; (a cental) — March .. • - 5 01 4 118 M: ~53| 5 ljj Jui'v .. 5 41 5 3| Soot trade is slow and mostly easier. Australian, ex-3hip, 24s 9d, 25s 3d. BIGGER WINTER CROP IN AMERICA OFFICIAL ESTIMATE (Received December 21, 10.20 p.m.) WASHINGTON, December 21. i With the acreage planted the greatest since 1931, the winter wheat yield for 1033 is estimated by the Department of Commerce at 475.000,000 bushels, an increase of 75,000,000 over !D34, but 157,000,000 below the 1927-31 average. ARGENTINE CROP FORECAST (Received December 21, 7.50 p.m.) BUENOS AIRES, December 20. The first official crop forecast for the 1934-35 wheat season is 6,830,000 tons. DAIRY PRODUCE LONDON QUOTATIONS LONDON, December 20. Butter—Danish, 120s; Dominions, rChoicest salted: New Zealand, 7C- 71s; Australian, 68s to 70s. Un-.ai-i d: ',Vv/ Zealand, 72s to 745; Aus--70? to 71s. (■ -to—Steady. New Zealand, v coloured, 41s; Australian, j ■ •- - o. i ; „i-rson and Company advise . / • r _ ave received the following L aJv.cs from their London princ aU Mo.-.rs J. and J. Lonsdale and i_ i London), Ltd, with regard i.. ui..ry produce markets: — utttr —Market tirm. New Zealand, <li; Australian, 70s; Danish, 98s,

i.o.b. Lnecse—White cheese, 445; coloured cheese. 445. Anticipate advance after the holidays.

Mortgage and Agency Companv of New Zealand, Ltd., adv ■:-> bi.ving received the following c-ic-V-ram from their principals, r.; r -si-r- A. J. Mills and Company, Ltd., l' - 'T.. Dii'ti-r—Market js firm. Finest, 70s; firs'.-. 03s; Danish. 1245; f.0.b.. 100s; Australian, 03s to 70s. Cheese —Market is Arm. New Zealand, 43s 6d; Canadian, 52s to 535. PRODUCE MARKETS MELBOURNE, December 21. Quotations are:— Wheat—l2s B}<L Flour —£7 2s 6d. Bran—£4 15s. Pollard—£s. Oats —Is lid to 2s. Barlev—English, 3s to 3s 2d. Potatoes—Old. £8 10s to £9; new, £lO to £lO 10s. Onions are firm, Spanish, £5 to £5 6s; Globes, £7 to £7 ss. LONDON QUOTATIONS deceived December 21, 5.5 p.m.) LONDON, December 20. Flour is Quietly steady. Australian ex store—l9s 6d, 19s 9d. Oats were barely maintained and peas and beans were quiet. POULTRY AND EGGS MACFARLANE AND COMPANY'S REPORT Macfnrlcr.e and Company report as tc'.'.ows cn the egg market yesterday: I'.r.i "•■a•> 10' d dozen, second grade lCu a o. IOMIJ LGG AND POULTRY COMPANY Z.~ ; of all classes of birds w _ j marketed on Wednesday and ioi- the Christmas poultry iaioi. Buyers were chiefly interested :n i.t.v.-y chicken, duckling, gosling, end turkeys. The best sale for chicken was a lino c£ Sussex, which realised !3„ Cd a pair. Turkeys were of good o.uility and sold at Is 2d per_lb live Tiie majority of gosling and d': ;!2 were short of finish, and ordy those in prime condition aroused ar.v c.mDetition. A splendid line of Mu-covy'duckling sold at lis 6d a pair. The average prices realised for poultry during the week a pair are as low:-:--Roasting chicken—Light, to 4s 6d; medium, to 7s Gd; heavy, to 13s 6d. Hens—Light, to 3s 6d; heavy, to 7s. Duckling: to 6s. Goslings, to Us 6d. Turkeys, 1? 2d per lb live weight. Pullet:, f to 12 weeks old, 5s to 8s 6d. LONDON EGG PRICES LONDON, December 20. The market is depressed. Quotation::: Australian 14's 10s 3d to 10s Bd; 15's, 10s 9d to lis; 16's, Us 6d to lis 3d.

CANTERBURY MARKETS LITTLE BUSINESS IB* OUB COMUZSCIAL RDITO2.) Friday Evening. The interest of merchants is concerned mostly with the prospects of the ensuing harvest. The pessimism expressed as to the results of the dry weather was not warranted up till a week ago, but the hot sun this week is bound to affect yields unless rain comes with little delay. Oats now ripening will be bleached in some districts, and spring-sown wheat is likely to be seriously affected. The bulk of the autumn sown area of wheat is looking quite well and requires only a good shower to ensure satisfactory yields. Quite a large acreage of wheat is at a critical stage. A fortnight more of the present weather will seriously affect it, so that there is a good deal of anxiety at the moment. There is no enquiry for oats. A good deal of reaping is now in progress. The potato crop is looking well. It is yet too early in the season for the weather to affect it adversely. .Reports from the Peninsula are that the exposed faces have been burnt up by the drought, and a promising cocksfoot yield of two months ago will not be realised. The crop is still looking fairly well on the dark faces. The acreage of ryegrass closed up for seed is likely to be less than estimated some weeks ago. Farmers have had to graze some of their fields originally destined for seed. Quotations The following are quotations for produce paid to farmers on trucks, free of commission, sacks extra, except where otherwise stated:— Wheat—Milling (interim payment), Tuscan 3s lid, Hunters 4s Id, Pearl 4s 3d, all f.0.b.; fowl wheat, 3s 9id a bushel, f.0.b., s.e. Oats—A Gartons to Is 9d, B Gartons to Is 6d. Chaff—£2 2s 6d a ton. Italian Ryegrass (nominal) —To2s6d a bushel. Perennial Ryegrass (nominal) —To 2s 6d a bushel. Cocksfoot (nominal)—7d per lb for Akaroa. White Clover—9d per lb. Cowgrass (nominal)—7d to 8d per lb. Flour—£l2 12s a von, local; £ll 17s shipping. Bran—Large, local, £5; shipping, £4 a ton; small, local £4 10s. Pollard—Large, local, £5 10s; shipping, £4 15s; small, local, £6. DUNEDIN (PRESS ASSOCIATION TELEGRAM.) I DUNEDIN, December 21. The weather being experienced in Otago and Southland is very hot. but an occasional light shower has fallen in some districts. The effect of the dry conditions is being felt by wheat, oats, and seed crops particularly, and in most localities these are showing into head. As a consequence there will be light yields in these three commodities. A heavy rainfall would help the crops materially; but it must come quickly, otherwise it will be too late. The outlook for farmers if rain does not come soon cannot be considered very promising. So far as the produce markets are concerned there is very little business going through. A holiday tone now prevails and nobody is much concerned for the time being in operations in the markets. Merchants prefer to wait until after the holidays and see what further effect the dry spell will have on growing crops.

ASHBURTON MARKET Merchants report a. fnir'y quiet week in most sections of the seed, and produce trarte. 7ho continued drj weather had an adverse effect on growing crops. These hiro ripened off too rapidly, and are consequently on the light side. .Host lines of milling wheat have been cleared up for the season. There is still a good enquiry for pracie fowl wheat. A small amount of forward business has heen transacted. The following prices are quoted to be paid to farmers on trucks at country stations, sacks extra, unless otherwise stated: Wheat—New season's interim payment Tuscan f.a.q. milling 33 lid, Hunters Jb Id, Velvet 4s 3d, f.o.b. Fowl wheat 3s, wheat seconds 2s 6d. Oats—Algerians la 9d to 13 10<f } e:ood heavy dark Duns Is Sd to 2s, Gartons, A grade 23 3d, B erad* Is Bd. Grass Seed—Perennial 3s 3d to 3s ffd, Volths and Italian Ss to 3s 6d, cocksfoot lid to 8d for rood quality seed. Clover—Red Td to 30d per lb, white lCd to la Id per lb. Chaff —Good bright oatsheaf £2 5s a ton. Peas—No. 1 partridge 4s fid, f.a.q. 4s. Potatoes —Dakotas £l, whites £l. SECOND CHRISTCHURCH WOOL SALE HEAVY STOCKS IN STORES The long spell of dry weather has enabled shearing to be carried on uninterruptedly, almost since it commenced, and it will be completed much before the usual time. One North Canterbury station has had an unchecked period of seven weeks shearing, which is unprecedented in the history of the property. The result of this condition of affairs is that wool has been pouring into the Christchurch stores for the second sale, to be held on January 28. It is estimated that at present there are more than 30,000 bales held in the stores, and as the allocation for the sale is 25,000 bales, it is obvious that wool coming forward from now on will have a very remote chance of being included in the catalogue. The position has been developed to some extent by clips withheld from the first catalogue, when the offering was approximately 18.500 bales in an allocation of 25.000. The probabilities are that the catalogue will be closed before the advertised date, which is January 21.

BRADFORD TOPS TRADE LONDON, December 20. The Bradford tops trade is steady, without much business. Quotations are as follows: —

FRUIT MARKET CHKISTCHURCH The market report for the week ending December 21 is as follows: Vegetables-Plentiful supplies of all classes of vegetables are available, and ruling prices are as follows:—Cauliflowers, best quality 4s to 7s a dozen, others 2s to 4s; cabbages, best quality 4s to 5s 2d a dozen, others 2s to 4s; spring onions, 6d to 9d a dozen; beetroot, Is to Is 5d a dozen; white turnips, Is to Is 7d a dozen; carrots, 6d to Is a dozen; radishes, 6d to Is a dozen; lettuces, best quality Is 6d to 2s 3d a dozen, others 4d to Is; rhubarb, Is to 2s a dozen. Potatoes Cold), 6d a sugar bag; new, best quality Jersey Bennes lj-d to ljd per lb; other varieties, Id to Ud per lb. Green Peas —Supplies have been verv plentiful during the week, ruling prices being from 6d to lid a peck. To-day, prices showed a big improvement, best quality lines realising from Is 9d to 2s 6d a peck. Onions —Brown Spanish, 2Jd per lb. Cucumbers, local hothouse 5d to 6d per lb; North Island. 7s 6d to 8s a case Fruit—Apples; Steady supplies are coming forward, and ruling values are as follows:

Delicious, 5s to 7s 6d a case, according to quality; Sturmers, 4s to 7s a case, according to quality; cooking apoles, 5s to 6s a case. "Tomatoes —Good supplies coming forward, and prices have advanced considerably compared with the early part of the week. To-day's values were choice lines lOd to 11 Jd per lb, ethers 6d to 9d per lb, according to quality. Cherries —Steady supplies coming forward, extra choice realising from Is to Is 3d per lb, choice 9d to Is, inferior lines 6d to 8d per lb. Raspberries: Supplies are very plentiful, and values arc from 3Jd to 6d a punnet, according to quality. Strawberries: Local supplies very scarce, extra choice realising up to Is 7Jd a punnet, others Gd to Is, according to quality. Gooseberries, l|d to 2Sd per lb, according to quality. Apricots and Peaches—Supplies are very scarce, and they are meeting with an extremely good demand. Values are as follows: Peaches, choice 5d to 7;Jd per lb, others 2Jd to 4Jd, according to quality. Apricots, choice dessert up to per lb, others 3d to sd, according to quality. Grapes—Small consignments of local hothouse grapes are coming forward, to-day's price being 2s lid per lb. Black currants, 2d to 3d per lb, according to quality; red currants, 2|d to 3id per lb, according to quality. Imported Fruit—A shipment of Queensland pines came to hand today, and values were from 15s to 245, according to quality. Owing to the extreme shortage of oranges, values are very high. Small supplies of Australian Valencias and Jamaican oranges are available, and realised, today, 39s to 41s 6d a case. A shipment of Samoan bananas came to hand early in the week, "greens" realising 24s to 25s a case. DUNEDIN (PRES3 ASSOCIATION TELEGRAM.) DUNEDIN, December 21. Heavy supplies of stone fruit have been arriving from Central Otago, and this has affected the prices of strawberries and cherries. Small lots of dessert apples are still arriving from Nelson. Cookers are coming forward from Canterbury. The latter are of medium quality only. Pears are finished for the season. Bananas have solid enquiry, and prices range round 30s a case. Californian and Jamaican oranges about sold out of wholesale hands. Choice peaches and apricots in crates have good enquiry, but cased fruit of moderate quality has a fair demand only. Cherries of good, quality are bringing payable prices, but inferior grade are hardly saleable. The demand for strawberries has been affected by the early arrival of stone fruits, rnd the market is easier. Prices are lower than has been the case for this time of the year for many years. Black and red currants have good enquiry. Raspberries are on the market earlier than usual, and supplies are coming forward from Beaumont, Outram, and local growers.

REMOVAL OF CITRUS FRUIT EMBARGO SOUGHT ITItESS ASSOCIATION TELEGRAM.) DUNEDIN. December 21. The South Island Fruit and Produce Brokers' Association has forwarded a communication to the Prime Minister (the Rt. Hon. G. W. Forbes) and the Minister for Finance (the Rt. Hon. J. G. Coates) expressing the hope that before next March the Government will see the wisdom of removing the embargo on Australian citrus fruit. BANK OF ENGLAND RETURN LONDON, December 20. The following is the Bank of England return for the week ending December 20:— ISSUE DEPARTMENT £ £ Notes Issued— Govt, debt 11,015,100 In circula- Other Govt, tion 401,990,743 securi--1„ bank- t ics -45,553,675 in-dept. 50,225,875 Other secu- ° ' rities 550.216 Silver coin 2,531,009 Fiduciary issue 260,000.000 Gold coin & bullion 192,216,618 Total 452,216,618 Total 452,216,618 BANKING DEPARTMENT £ £ Proprietors' Govt, secucapital 14.55:!.0H0 nties 5,,941,413 The rest 3,378,320 Other secuPublic de- r '? ies— , posits "31.512 Discounts Other deposits— » n,! a(I " Bankers' 71i2,532 van;ps Other acs 37,C'J0,474 Securities 12,406,094 Seven-day Not" 50,225,375 and other Gold and jy:jl s silver com 506,029 Total 15-1,054,174 Total 154,054, Ij4 Proportion of reserve to liabilities, 57.30 per cent., short-dated bills, 31*32 per cent.; three months' bills, 17-32 per cent The fidweiarv issue of £260.000.000 consists of the "following l : —Government debt, other Government securities, other securities, and silver coin. The expansion of note circulation, to the highest on record is due to Christmas shopping - demands.

STOCK SALE AT METHVEN Considerable interest was taken in the fortnightly stock sale held at Methven on Thursday, as it was the first sale when any sized yarding of fat lambs was offered. Thero was a full muster of freezing works representatives, as well as a lart?o attendance of farmers. The yarding of fats totalled about 1100, the bulk of which were lambs. Owing to the dry weather and probably also to the large amount of private buying the offering was not up to the usual standard. Most of the lambs were showing a want of finish and in consequence the market, although practically on schedule rates, was not by any means an animated one. The top price for lambs was 10s lOd. Several small pens of store sheep were offered. Cattle were yarded only in small numbers, while pigs brought about the same rates as two weeks ago for the few that

GENERAL MERCHANDISE 1 GROCERIES The week has been one of exceptional activity in both the wholesale and retail trade. There is a marked improvement in the demand for better class, goods, one noticeable feature being the way Malaga muscatels, which are fairly dear, have sold as against the much cheaper Californian line. Last year the position was reversed. Retailers report record sales for canned fruits, dried fruits, cordials and jellies, as well as tinned provisions. It is stated in one quarter that the sales this season of the above lines are the best for the last eight years. There is no doubt that Christmas shopping this year will be ahead of last season, the weather being more favourable, as well as the fact that there is more money being spent by the public. Canned Fruits All lines of canned fruits, including pines, are at present very short in ihe city, some houses being completely out ot stock. No is in sight until the new season's pack of peaciies, apricots, and pears is ready. Enquiries in Australia disclose the same position there, and supplies cannot be obtained by some importers. As regards pines, it will be late January before supplies land again from Singapore by direct boat. Supplies can be obtained 1 ' Singapore, via Sydney, but this method is too dear, as trans-shipping charges and extra freight are excessive.

Acids For some unexplained reason there has been a sharp advance in the pi'ice of acids in London, citric jumping lad per lb and tartaric is also reported to be on a rising market. Eggs Fresh eggs are selling very freely, and the market is firmer, owing to the Christmas rush. After New Year prices look like falling, and the position will now require careful watching by country stores, who buy and then send into the city for sale on their own account. Between the buying and selling period in previous years prices have dropped suddenly, and fair losses have been made. A cablegram from London yesterday advised that the egg market there was over supplied and prices had fallen. The 141b pack is down to 10s 6d and 161b to lis 9d. This represents Is OJd and Is 2d a dozen respectively, and is sad news for many Canterbury poultry men who are interested in recent shipments to London, hoping to catch a favourable market for the Christmas period. Singapore Markets There is nothing of importance to mention regarding the markets at Singapore, except that pepper still continues to climb slowly up in price, an advance of ?d per lb having occurred early this week. Sago is standing as previously, and some houses are not quoting tapioca, as supplies of this line are short in Singapore and Penang. Pineapples remain as before, with slight fluctuation as between different brands and different shippers. Sheep Tongues This line is reported in some quarters to be rather short, and one packer is not delivering further supplies until after New Year. Honey New season's honey is now coming in and supplies look like being plentiful. Quality is up to the usual standard, and prices are favourable for buyers. Butter Beans February shipment for butter beans is now quoted from London at 2s 4d a cwt advance on prices issued last month. It is stated by one agent for a London shipper that the harvest this year in Madagascar will be below expectations, and consequently supplies will be less than expected. Fresh Fruit

A very marked advance has taken place in the prices of tomatoes, cherries, and peaches. These lines jumped in the last few days to fairly high levels. The risv. i ; ; only temporary, and prices are bound to recede after New Year.

Holidays | Retailors :-l>ould not forget that merchants' warehouses will be closed on Christmas tA-e for the usual holidays over New Year. Coods required between the period of Christmas and New Year will need to be ordered before the holidays if delivery is required before January 3, on which date the warehouses will open again. Dates Early shipping advices as to the cargo on the Waikouaiti from Australia did not mention amongst the cargo any dates, but when this ship arrived in New Zealand it was found that she had on board new season's dates transhipped at Melbourne. These should be delivered in the city to-day, and although very late the line is nevertheless very welcome, as the market is very bare of dates of all sorts. Tea Last week a catalogue of 24,300 chests of Indian teas were offered for auction at Calcutta. Quality showed slight improvement in the better grades, but commons and low mediums were irregular, and in some cases a trifle easier in price. There were again fairly large withdrawals, especially When bidding ran 3 to 6 pies below last auction values. Tippy teas sold well, and were in keen demand. Average prices obtained at this sale ran as follows: Broken Orange Pekoe, common, 8 annas 6 pies; medium, 9 annas; good, up to 13 annas. Broken Pekoe, common, 8 annas 3 pies; medium, 8 annas 6 pies; good, up to 9 annas 6 pies. Fanning, common, 8 annas; medium, 8 annas 6 pies; good went up to 12 annas. A Java cablegram advises that there has been a reversal of buying activity in the tea market there, and buyers are fairly active, especially for good liquoring teas, which are quoted as very firm at previous rates. Last week's auction of Ceylon teas, held in Colombo, disclosed a weaker , market for common and low mediums, which declined slightly in many instances. The better grades, which in some cases disclosed improvement in quality, sold well, and held to previous levels. Average prices ruling ran:—Broken Orange Pekoe, common, 51 cents; medium, 70-73 cents; fine, 75-78 cents. Broken Pekoe, common, 50-51 cents; medium, 60-62 cents; fine, 65-68 cents. Broken teas, common, 50 cents; medium, 51 cents. ,

The holiday season will cause a postponement of the auctions in Ceylon, and the first sale after the holidays will be on January 8.

were yarded. The sales recorded are as follows: — Fat Lambs—36 at 19s lOd, 53 at 19s 9d, 26 at 19s 9d, S3 at 17s 4d, 52 at 16s lOd, 141 at 18s 7d, 120 at 18s Id, 75 at 18s, 34 at 19s. 69 at ISs 6d, 82 at 19s 9d, 8 at 18s 7d, 29 at 17s 4d, 46 at 19s 7d, 30 at 19s sd. Fat Ewes —7 at 12s, 9 at 13s 9d, 8 at 12s 6d, 10 at lis lOd, 2 at lis, 25 at 12s Id, 8 at 12s lOd, 7 at 12s Id, 30 at 12s 6d, 2 at 12s, 18 at lis Id, 16 at 12s. Fat Wethers—l at 15s, 2 at 18s 3d, 54 at 18s, 2 at 16s. Store Sheep—6B two-tooth three-quarter-bred ewes at 20s, 80 three-quarterbred ewes and lambs at lis lid, 35 ewes and lambs at lis 4d. Pigs—2 weaners at 16s. 2 at 12s, 4 at 16s, 1 at 13s, 2 at 21s ,6d, 3 at 14s, 2 at ISs, 2 at 14s 6d. The sale of cocksfoot cutting rights on the Mount Hutt district roads made £ls.

January, December. 1934. 1934. £ s. d. £ s. d. Australasia 12 10 0 11 10 0 Com. of Aust. 0 17 9 0 16 4 Com. of Aust. (pf.) 9 4 3 9 18 6 Com. of Sydney .. 17 11 0 17 10 0 E., S., and A. 5 0 0 5 2 6 Natl, of A'asia 13 7 6 12 12 6 Natl, of A'asia (£5 paid) 6 14 6 6 2 0 Natl, of N.Z. 4 0 6 3 13 0 New South Wales 32 12 6 31 7 6 New Zealand 2 8 3 2 9 0 Reserve *6 6 0 6 11 0 Union of Aust. .. 10 0 0 8 19 0 *July 23.

night:— Last This Week. Week. £ £ . Saturday 657 1,120 Monday 2,179 805 Tuesday 1,818 4,602 Wednesday 3,547 3,087 Thursday 3,554 1,083 Friday 797 , 3,105

Arn't. paid a Companies. ah'e. Buyers. Sellers. Approx. market price. Approx. market price a year ago. a-3 © 01 ' ® cS M . »a 3 £ Div. payable. ieturn on investment at approx. market price. Banks — Australasia Comm. of Aust. Comm. of Aust. (pref.) Comm. of Sydney H., S., and A. Nat. of Aus'asia Nat. of Aus'asia (cont.) National of N.Z. New South Wales New Zealand Union Reserve £ 5 103 10 m 3 10 5 24 20 1 5 £ a. 11 2 0 16 9 14 1-2 8 6 1 31 7 2 8 d. 6 3 0 0 0 C 11 £ B. 0 16 17 12 12 18 32 0 9 0 6 11 a. 6 6 0 0 0 o £ 6. 11 10 0 16 9 18 17 10 5 2 12 12 6 2 3 13 31 10 1 9 8 19 6 11 d. 0 3 6 0 6 6 0 0 0 0 0 0 £ a. 12 5 0 17 9 2 17 9 5 12 13 7 6 9 4 1 32 5 2 7 9 15 d. 0 9 6 0 6 C 0 C 0 3 0 £ 7| 5 5 5 5 5 5 4 5 10 S 5 Feb.-Aug. Oct.-Mch. do. Jan.-July Nov.-May Nov.-May Nov. May Jan.-July Quarterly lF.,M., A. Dec.-June Jan.-July « a. d. 3 5 2 3 16 4 0 7 3 11 5 2 11 6 3 19 2 4 1 11 2 14 9 3 3 5 N.) 4 17 2 15 10 3 16 A Insurance — National New Zealand South British Standard 78 1 1 1 1 1 3 11 6 0 1 2 0 1 1 3 8 4 IS 3 12 6 9 6 0 0 18 2 17 3 17 3 1 9 0 0 0 9d 124 2/8 12* May-Nov. Feb.-Aug. Apl.-Oct. Mch.-Sep. 3 9 9 3 12 8 2 15 3 3 9 5 Loan and Agency— Dalgety and Co. 5 Goldsbrough, M. 1 Guarantee Corpn. 3s United Building 1 1 9 7 9 0 1 10 0 6 0 5 3 S 15 1 10 0 6 1 1 0 0 0 0 10 7 1 14 0 8 0 18 6 9 4 3 5 6 11-9 May-Nov. Dec.-June Mch.-Oct. Oct.-April 2 17 1 4 0 0 5 11 1 4 15 2 Frozen Meat — Gear N.Z. Refrig. .. N.Z. Regfrig. (con.) 103 1 10S 1 0 0 10 5 1 1 0 11 0 10 4 1 5 1 0 0 10 0 9 3 1 2 1 0 0 9 C 0 8 7i B 5 June-Oct. Feb. Feb. 3 0 0 4 16 4 4 17 6 GasAuckland Auckland (con.) Christchurch Chiistchurcli (con.) 1 15s 1 10s 0 16 10 1 6 0 19 1 15 0 1G 3 6 0 6 1 4 0 18 1 8 0 13 0 0 6 9 51 51 6 6 July-Feb. July-Feb. Aug.-Feb. Aug.-Feb. 4 8 9 4 4 7 3 8 6 3 12 8 Shipping— H udda rt-Parker P. and 0. Def. Union (pref.) • • 1 1 1 1 0 3 2 1 16 1 0 1 7 6 0 6 1 12 1 0 1 i 6 0 6 5 54 Sep.-Mch. May-Dec. May-Dec. 2 14 9 4 0 0 Coal— Tnupiri Westport 1 ICS 1 0 0 - 0 17 1 1 8 6 0 35 0 14 6 0 10 Nov.-May May-Nov. i 13 0 Breweries— Carlton New Zealand Staples Tooheys Tooths 1 1 1 16s 1 2 11 1 12 4 6 1 16 0 ■2 12 2 U 1 12 2 10 R 6 6 3 2 3 1 17 1 6 1 3 2 3 0 4 9 9 9 8 7 5 64 8J Oct.-Mch. Jan.-July Aug.-Feb. Mch.-Sep. May-Nov. 3 0 11 2 14 4 3 1 6 3 15 7 Miscellaneous — Aust. Glass .. Beatb and Co. Beath & Co. (con.) British Tobacco Colonial Sugar Burns, Philp • ■ Dominion Fert. Dunlop Rubber Electro. Zinc (ord.) Electro. Zinc (pf.) Henty Jones Kauri Timber .. N.Z. Drug Co. Mount Lyell • • Farm. Fertiliser AVliit. & Tombs Wilson's Cement 1 1 is 1 20 1 1 1 1 1 1 25s 2 1 1 2* 10s 1 12 2 0 3 0 1 3 1 12 3 19 0 17 4 0 1 11 0 3 0 1 0 0 9 0 0 0 9 11 2 10 13 3 0 19 6 3 2 1 12 0 9 2 1 42 12 3 1 1 1 0 19 1 3 1 13 1 15 0 18 4 0 0 17 0 18 4 1 1 12 0 6 11 0 6 0 0 9 3 0 0 6 0 It 9 0 0 2 8 1 9 0 6 1 17 63 10 2 14 0 17 0 19 3 6 1 18 1 14 0 15 8 14 0 19 3 9 1 6 6 0 9 4 0 6 6 10 3 9 0 6 0 0 0 3 9 S 8 (i 61 10 3 5 4 8 74 3 n 5 6 10 Dec.-June Mch.-Sep. Mch.-Sep. March Nov.-May Nov.-May June Apl.-Oct. Mch.-Sep Mch.-Sep. June-Dec. June-Dec. Sep.-April June-Dec. August Mcn.-Oct. Nov.-June 2 18 0 4 18 5 1 18 6 2 18 7 3 5 6 2 17 1 5 13 3 8 9 4 16 11 4 5 8 4 1 0 3 15 0 5 6 8 3 14 0 3 2 6

Anthony Hordern Aust. Paper and Pulp Aust. Iron and Steel (pf.) Claude Neon (Sydney) •• P.I.C. (pref.) Hay's, Ltd. (15s paid) Hume Pipe (Aust.) New Colouseum N.Z. Farmers' Co-op. (lat pref.) N.Z. Farmers' Co-op. ("A" pief.) N.Z. Farmers' Co-op. (4£ p.c. stock, 1940) N.Z. Farmers' Co-op. (41 p.c: stock, 1915) N.Z. Newspapers Quill. Morns (in liquidation) Sun Newspapers Woolwoiths (N.Z.), pref. Wool worths (Syd.), 12nd Woofworths (Vic.), pref. 0 18 1 16 1 2 2 9 1 5 0 15 1 7 2 0 0 12 63 10 63 10 1 12 0 3 0 2 2 0 1 8 6 8 0 8 0 0 0 6 0 0 9 8 9 9 0 1 3 2 14 1 7 0 17 0 18 1 10 84 0 1 13 0 4 0 3 1 10 3 0 0 0 0 0 9 6 3 0 Mining Addison's Flat (ex div.) Alexander Aotearoa Bell Hooper .. Bendigo Goldli gilts Big River .. • • Brian Born Gillespie's Beach Golconda (lid paid) .. Golden Foint .. Golden Sands .. Goldfields Dredging Hatter's Flat Lawson's Flat Maerewbenua Mahakipawa Mahakipawa (prsf), 192i» and 1930 Issues Mining House Con. Mossy Creek Mount Lyell Nevis Diesel Electric .. Nokomai Okarito Rawang Tin Skippers • ■ • ■ Upper Shot. (lOd pel.) Waihi Grand Junction Worksop Extended 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 1 17 0 0 1 0 0 0 0 1 1 17 0 7 8 0 17 4 2 6 9 22 1 5 1 84 2 8 1 9 9 3 L0 0 6 9 9 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 3| 1 4 2 11 0 10 0 3 3 0 o iq 0 3 0 4 0 9 0 5 2 3 0 4i 8 2 8 9 0 8 0 10 5 0 3 3

Associated Motorists Petrol (pref.) Argo Gold (9d paid) .. Ben Ledi .. Golden Gully (Is paid) Macetown Mining Research Maori Gully (Is paid) Jf.Z. Mining Invest. (cum div.) .. • • Procera Bread (10s pa.) Opitonui Developments Smith, Wylie "Woolworths (Syd.), ord. Buyer:-. Sellers. £ s. d. £ s. d. 1 1 G — 0 10 0 1 Oi _ 0 0 11 o o n o o 9S 0 1 2J 0 1 0 0 5 0 0 7 0 1 4 0 1 55 _ 0 12 0 13 6 0 16 0 10 0 — _ 0 10 3 _ 4 2 0 AUCKLAND Sales oil 'Change Com. Bank of Aust. Renown Coal £ s. 0 16 0 5 0 5 0 17 2 11 2 11 3 19 0 12 1 17 0 4 d. 4 3 0 Taupiri Coal N.Z. Breweries 6 3 0 N.Z. Drug •• Alexander Mines <15s pd.) Waihi Waihi Junction 6 6 9 10 Unlisted Stocks K.D.V. Box (10s pd.) Silknit .. 0 15 2 0 6 0

Dec. 20. Dec. 13. £ s. d. £ 6. d. British— Consols 90 10 0 90 17 6 Funding Loan 4 p.c. 119 10 0 119 10 0 War Loan, 3$ p.c. 107 15 0 107 15 0 Con. Loan, 35 p.c. 110 0 0 110 0 0 Victory Bonds, 4 p.c. 117 10 0 117 10 0 Commonwealth — 5 p.c., 1945-75 . . D p.c., 1935-45 . . 112 12 6 112 12 6 101 10 0 101 6 3 4 p.c., 1943-48 . . 106 5 0 105 15 0 3$ P-C., 1948-53 104 10 0 104 0 0 3J p.c., 193G-37 103 5 0 103 1 3 New South Wales— 3 p.c., 1935 101 15 0 101 15 0 3£ p.c., 1930-50 100 3 9 100 7 6 4J p.c., 1935-45 101 1 3 100 18 9 5 p.c., 1935-55 . . 103 1 3 103 0 0 Victoria-— 3 p.c., 1929-49 . . 99 1 3 98 18 9 4% p.c., 1940-60 106 3 9 106 0 0 5 p.c., 1945-75 . . 112 5 0 112 7 6 Queensland — 99 0 0 3 p.c., 1922-47 . . 99 1 3 5 p.c., 1940-60 . . 108 12 6 108 12 6 South Australia— 3 p.c., 1916 or after 90 15 0 90 15 0 5 p.c., 1945-75 .. 112 5 0 112 0 0 Western Australia — 3 p.c., 1915-35 .. 101 0 0 101 0 0 4 p.c., 1942-62 . . 103 15 0 103 0 0 Tasmania—* 3J p.c., 1920-40 101 5 0 101 5 0 4 p.c., 1940-50 . . 103 15 0 103 8 9 New Zealand— 4£ p.c., 1948-58 111 2 6 110 15 0 35 p.c., 1940 103 .11 3 103 5 0 8 p.c., 1945 100 15 0 100 15 0 6 p.c., 1936-51 . . 108 0 0 107 18 9

RUGBY, December 20. Par. Dec. 19. Dec. 20. Paris, fr. to S.1 124.21 74 27-32 74? New York, dol. to £1 4.866 4.94?; 4.94 5-1$ Montreal, do!. to £1 4.866 4.891 4.895 Brussels, belgas to £1 05 21.10 21.12 Geneva, fr. to £1 25.2215 15.24 15.25 Amsterdam, fl. to £1 12.107 7.30^ 7.30J Milan, lire to £1 92.46 S7f 57? Berlin, reichmarken to £1 20.43 12.29 12.29J Stockholm, kr. to £1 18.159 19.395 19.395 Copenhagen, kr. to £1 18.159 22.39?, 22.395 Oslo, kr. to £1 IS.159 19.90$ 19.90 J Vienna, schgs. to £1 34.585 263 2G-J Prague, kr. to £1 164.25 118J 118 Helsingfors. marks to £1 193.23 22GJ 228 i Madrid, pesetas to £1 25.2215 391 365 Lisbon, escudos to £1 110 110| 110J Athens, drach to £1 875 517 517 Bucharest, lei to £1 818.6 ' 4921 4921 Belgrade. dinars 25.2215 21.8 21.8 Rio de Janeiro pence to milreis 4.S92 4$ ii Buenos Aires, pence to dol. 57 39, 395 Bombay, pence to rupee 19 IS 1-16 IS 1-16 Shanghai, penco to dol. * 165 165 Hong Kong, pence to dol. * 20 i 205 Yokohama, pence to yen 24.57. 14 1-64 14 1-64 Warsaw, par zlotys to £1 43.36 — 26.12 Batavia. guilders 12.107 7.27A 7.27i *Deterinined by price of silver.

France — Francs to XI N.Z. Noumea— Francs to £1 N.Z. Papeete— Francs to £1 N.Z. Belgium— Belgas to £1 N.Z. Germany—Reichmarks to £1 Italy— Lire to £1 N.Z. Switzerland— Francs to £1 N.Z. Holland— Florins to £1 N.Z. Java— Florins to £1 N.Z. Japan— N.Z. pence to yen Shanghai—« N.Z. pence to dol. India and Ceylon— N.Z. pence to rup. Hong Kong— N.Z. pence to dol. Singapore— N.Z. pence to dol. Buying. Selling. T.T. 60.78 59.48 O.D. 61.08 59.53 T.T. 61.73 58.73 O.D. 62.13 58.78 T.T. 61.73 58.73 O.D. 62.13 58.78 T.T. 17.336 16.639 O.D. 17.436 16.651 T.T. — 9.670 O.D. — 9.675 T.T. — 45.75 O.D. — 45.79 T.T. 12.466 12.068 O.D. 12.541 12.076 T.T. 6.002 5.7*3 O.D. 6.052 5.756 T.T. 5.963 5.738 O.D. 6.013 5.742 T.T. — 17 21-32 O.D. — — T.T. 19 29-32 21 7-32 O.D. 19 25-32 21 5-32 T.T. 22 9-32 22 g O.D. 22 5-32 22 9-1# T.T. 25 1-32 26 3-32 O.D. 24 29-32 26 1-32 T.T. 34 7-16 353 O.D. 34 5-16 35 5-18 METALS MARKET LCOJDON, December 20. Dc-;. 10. Dec. 20. „ A ton. A ton. Copper— o 3. d. •£ s- dStandard, spot .. 28 1 10 1 . 27 IS 1? Forward .. 28 10 25 6 Electrolytic .. 31 10 0 31 5 0 .. .. 32 o 0 31 15 0 Wire bars .. 32 0 0 31 15 0 American electrolytic: 'J cents per lb. Lend— .. .. 10 5 0 10 5 o iorward .. 10 10 0 10 8 9 Spelter— ot •« .. 11 12 fi 11 12 6 Tin— War<3 .. 11 18 9 11 18 9 |? ot •• .. 22S 3 9 227 2 6 Silver— '■ " 8 11 3 - 2i 6 3 Fine per oz. .. 24 ll-l&l 24 o-ied Standard, per oz. '25 15-lGd 2C4<I

Nov. 29. Dec. 6. Dec. 13. Dec. 20. d. d. d. d. 70's .. 27J 27 28 28 64's 60's 56's 50's 46's .. 25 24 i 25 25 .. 23 23 23J 234 .. 18* 18$ m 18£ .. 14 .. 10? 14 10? 14 102 14 lOf 40's .. 9i 91 9 >