FINANCE AND COMMERCE

Press, Volume LXXI, Issue 21386, 31 January 1935, Page 13

FINANCE AND COMMERCE

goQZEN PRODUCE • letter

HAWAWATU lambs f CHILLED BEEF u om Srscikh Corbespondznt.) LONDON, January 3. t«nbs from the Manawatu AgriculPastoral Show are invariably Staved at Smithfield, and are the of similar consignments parts of the Dominion. For r%M>a and because buyers can s?.i!Vfiauge from the first consigns *«fiat will be the general qual2f&the normal run of lambs to be & °L„> from New Zealand, the gfiaiu exhibits always attract conattention at Smithfield. Thib •ffSws were pitched on the stand StfMBS D- Messent and Sons, Ltd., lSe a remarkably good show, reSim great credit on the producers Longburn works. It has long i wsoSSed on the market that Tfiuar lambs come from New ZeaEJttum from Manawatu, and with rZ one exception, perhaps, the pens S2L hard to criticise. The carcases S* fadged by two experts who IStaSly awarded the first prize to fSfrom Mr L. B. Wall; second ZEmto Mr C. E. Vile; third prize to KV c Barnett, and fourth prize «TmTh. E. Green. The consignment JSUf** of a particularly level SSh with the Down characteristics STmSy marked, and the prize-win-consisted of three 26-pound-were surprisingly well finSi Smithfield could do with many ST carcases of this weight, conforStej. and finish. The fat was very 2£#y distributed, and there was no «are than the normal amount of Included with this consignment were 10 porkers from the same X* averaging 6511b. The first prize riZ csme from Mr M. J. Kirwan, the Seond prize pig came from Mr W. A. fwiffln and the third from the FeildAgricultural High School. Weight, mtdity. and dressing were ideal, and a great improvement on last year's standard was noticed. The main fault lay ia the colour, the carcases pos/ftping a darker shade than usual.

\Van»anui Beef After having been 44 days in transit, 141 hindquarters and forequarters of pyfmo New Zealand beef were pitched ob the Smithfield stand of Messrs Hayes, Paine, and Knowlden, Ltd. The beef came from the Wanganui Agricultural and Pastoral Show, and had frqm shipped by the New Zealand Refriferating Company, Ltd.. in the Waiwexa. in which vessel it was carried at 29deg to 30deg Fahr., in an atmcephere containing 10 per cent, carbon dioxide. There were no traces d mould or slime on arri\flal; bloom was excellent and colour was - very good. I&e quality and general standard d the beef created considerable attention, and the shipment was an eye-opener of the potential possibility of what the Dominion can accomplish in regard to chilled beef, several experts proclaiming the beef as good as that received from the Argentine. Unfortunately, the dressing was wry poor, and it was evident that the Dominions have yet a lot to learn of the art of treating cattle for the beef export trade. Knifie flays were quite common, and the splitting of the pelvis bone showed that more skill was required. Further, skinning was delayed too long after slaughter, as was evident' from the corrugated fat over the loins. Flaying needs to be done more promptly, before the fat begins to set. The beef was dressed at the Imlay freezing works, and the general opinion was that if the Dominian can send regular shipments of beef of that quality, from well-finished, smallboned cattle of from two to three years' cf age, she has not much to fear from other sources of Empire chilled beef. The Ice Cream Habit Not many years ago, the idea of an J<» cream exhibition would have been dismissed as freakish in England, and the thought of such an event in midwinter would have been regarded as an absurdity. But Great Britain has, strangely enough, become the leader ansong all European countries as an ice craim consumer, the annual allowance for the entire population, men, women, and children—the juvenile factor may be important, being three quarts per capita, or just a quarter of the Americwuf ice cream diet. It is estimated Out the average American consumer «at® 220 ices each year, and the Londoner 80. Rather more startling is the Jact that Aberdonians eat 115 annually. Hie industry behind all this new Wetite, so rapidly developed since the *w among a conservative people, is * large and growing one, and its process was well reflected in a big maefsiaery display at the third annual National Dairy and Ice Cream Exhibition in London in the first days of the ftew Year. This is the season when p® numerous and rapidly-increasing « cream factories provide themselves With plant for the coming hot season, •Da the extent of the business—dairy •od ice cream—was indicated by the Bomber of exhibits, 123 firms, representing 23 countries, and constituting 17 different trades, turning out over a ™®*and different products. The production of ice cream wafers in Great Britain is now six hundred millions ■snually, and the modern refrigerated ®°da fountain is a marvel of engineer's and equipment. Dry ice, or solidified carbon dioxide, is now used to transport hundreds of tons of ice cream Ell over the Kingdom, and the most modern development in ice cream is 8 special "slimming" variety, concoded to meet the latest feminine craze.

The exhibition featured the allontish ice, which is composed of "tame*! milk powder from Somerset, W mill: and cream from Buckinghamsugar from Norfolk beets, straw®®nes from the Kentish fields, and ©aatiae from Hereford herds. Anfcrm of gelatine, used to imP<W« ice-cream texture, was made «om carrageen, or Irish moss. SEDUCTION IN FREIGHT RATES CONFERENCE IN LONDON A reduction in the freight rates from the United Kingdom to New Zealand *i!l be the subject of a conference berepresentatives of the Australiß2 and New Zealand Merchants' Association, London, and the Imperial ■"lipping Company. The secretary of •J® New Zealand Importers' FederaWellington, has notified Mr J. r°y Smith, secretary of the Canterwity Chamber of Commerce, and other branch secretaries, that Mr F. W. wtaiv/ade, of Messrs Grimwade, Ridify and Company, Ltd., and chairPJMi of the association in London, has zjtti appointed on behalf of the New Federation to represent it in jgs discussions with the shipping comPBOPERTY SALE s£<isfrg ar. H. McCrostie and Comrgwjfeport having sold, on account of Kountree, his fine building site fa. , 3 quarter-acre in Newnham ijjwiee, Hlccarton, together with a 2225® bungalow of five rooms, to be thereon, —8 Blit ''rS

OVERSEAS TRADE

NEW ZEALAND STATISTICS FIGURES FOR DECEMBER AND TWELVE MONTHS (FBXSB ABBOCUTIOX TZUSOSILU.) WELLINGTON, January 29. The figures for the overseas trade of New Zealand (excluding specie) for the • month of December and for the 12 months ended on December 31 last were as follow, compared with the corresponding periods of 1933 and 1932. For imports the recorded value is given, with the equivalent in New Zealand currency in parenthesis. For exports and balance, the figures arfe in terms of New Zealand currency:— December, 1934 £ Exports . • " 2,593,014 Imports .. • • 2,256,287 y (2,791,000) Excess of imports .. 198,000 December, 1933 £ Exports .. .. f 402 Imports .. .. 1,822,614 y (2,211,000) Excess of exports . • 1,904,000 December, 1932 £ Exports .. • • 3,216,333 Imports .. »• 2,039,729 y (2,182,000) Excess of exports .. 1,034,000 12 Months, 1934 £ Exports .. .. 47,342,847 Imports .. .. 25,719,266 (31,281,000) Excess of exports 16,062,000 13 Months, 1933 £ Exports .. .. 41,005,919 Imports .. •• 21,026,678 V (25,581,000) Excess of exports .. 15,425,000 12 Months, 1932 £ Exports .. .. 35,609,919 Imports .. • • 22,989,796 y (24,646,000) Excess of- exports .. 10,964,000 The value of specie, excluded from the above return, was: — Exports. Imports. £ £ Dec 1934 .. 676,800 100,000 »£&£! S3T.. 2,283,900 1,242,000 In official statistics imports from Australia are recorded in terms of Australian currency, and imports from other countries in sterling. , _____

I MEAT EXPOKT I j , PROGRESS KILLINGS Figures of killings for export at all works during the 1934-35 season, commencing on October 1, 1934, to January 15, 1935, are provided by the Meat Producers' Board as follows, .the figures for the corresponding period in the preceding year being also supplied: North Island 1934-35. 1933-34. .. 2 1 S 2,278,246 Porkers (carcases) 165,791 108,424 ascs) 50643 IS'S bee < :: « SS

South Island Beef (quarters) .. —- Wether (carcases) 53,585 7,512 Ewe (carcases) .. 36,716 Lamb • ■ 700,895 597,947 Porkers 7.132 5,062 Baconers .. 4,626 2,395 Sundries !! l£S ltis Dominion Total Beef (quarters) .. JO, 386 21,468 "Wether • * 256,125 148,662 Ewe -• 221,728 122,360: Lamb .. 2,915,249 2,876,193 Porkers .. 172,923 113,486 Raconers • • 61,752 53,038 Boneless beef .. 35?? 09 qqr Sundries .. 87,914 92,996 Stocks on Hand Stocks on hand in stores in the Dominion on January 15 were as follows: 1934-35. 1933-34. Beef (quarters) .. 20,749 22,037 Withers • # 115,523 07, it>o Ewes .. 144,576 77,405 Lambs .. 1,214,076 1,292,381 Porters .. 36,791 30,357 Baconers « 14,264 23,245 Boneless beef .. 15,389 35,374 Sundries •. 80,588 85,919 EXPORT OF BEEF SHIPMENT OF 1400 QUARTERS v NEXT WEEK (PEJ6SS ASSOCIATION TELEOBAM.) MASTERTON, January 30. A shipment, of 1400 quarters of chilled beef be made at the end of next week by Messrs T. Borthwick and Sons, Ltd., from the Waingawa works. The consignment will be carried by the motor-ship Imperial Star on her maiden voyage from Wellington. Encouraged by the success achieved by previous experimental shipments, the firm, which pioneered the industry in New Zealand about three years ago, decided about the middle of last year to forward consignments of chilled beef about every three months. This was carried out for some time; but towards the end of the year it was found possible to make monthly shipments. Reports received from Britain about the latest shipments, Mr P. J. Borthwick observed yesterday, were very good. The beef arrived in firstclass condition, and was the subject of much favourable comment by experts. Questioned as to the market for chilled beef, Mr Borthwick said: "The demand is very good, and there is undoubtedly a market in Britain for New Zealand chilled beef." The prices received, he added, were satisfactory. \ WHEAT TRADING CHICAGO FUTURES NEW YORK, January 29. Chicago futures are:--Jan. 28. Jan. 29. Cents a bushel. May .. -• 85| 954 July .. .. 881 87$ September .. .. 86| 86 New York (cash) .. 1154 114J

MINING

ADDISON'S FLAT (PBSSS ASSOCIATION TEIiEGBAM.) •WESTPORT, January 30. The Addison's Flat gold mining return for the fortnight ended on Saturday was 250z 9dwt of gold for 36 shifts. TALISMAN DUBBO RETURN Forty-three tons of ore were treated at the Golden Dawn battery for an actual return of £291, GREYMOUTH WARDEN'S COURT More than 30 applications were adjourned at the sitting of the Warden's Court at Greymouth on Monday. In most cases, the adjournment was necessary in order to allow time for compliance with the new mining legislation. The regulations provide that, in every case where a lease exists over the property in coiinexion with which an application is made, there must be something in writing from the lessee to state that compensation has been agreed upon, or (that no compensation is being sought. NEW CORNISH POINT MINES The mine manager reports as follows for the week ending January 26: For the last week the north level has been advanced 60ft without timber making the total distance 200 ft from the incline. The country passed through consisted of 2ft. of stoney wash on the bottom, the roof being more solid than usual, which enabled driving to be continued without timbering. Towards the end of the drive there was little wash showing in the face, the bottom rising up to the drift and values were poor. Work was suspended at this point and a crosscut started from the north level and continued in an easterly direction at a point 110 ft from the incline. There is 2ft of solid wash in this face (showing an improvement in .values as driving proceeds) lying on a favourable 20ft schist bottom.

QUARTZ M.OUNTAIN (PAPUA), LIMITED The following radio report from Misima has been received regarding the operations of Quartz Mountain (Papua), Ltd.:—"The engine and generator have been erected, and power is available when required. All other construction work is proceeding satisfactorily. A full complement of native labour is maintained, and the health of the camp is good." BELL-KILGOUR REPORT The mine manager's report On January 26 is as follows: The north branch was advanced 22ft 6in for the week with a quartz grit floor running about level at 4ft above the tram rails. At 140 ft from the flat sheet a crosscut was started toi the west. This is now in Oft 6in. While the wash is still low grade there has been a general improvement i%, values over the period. In the east workings the north crosscut was advanced 25ft for the period. The wash floor, which is at present dipping to the east- had dropped slightly. The wash carries a fair amount of black sand and maoris and a little gold. The face of this crosscut is clay, so it looks as if there is deeper ground near. As the floor is dipping to the east the crosscut will be .turned to the north-east.

PRICE OF OYSTERS r" TEMPORARY BOYCOTT BY FISHMONGERS REASONS FOR ACTION EXPLAINED Further details of the reasons for the recently-formed Fish Retailers' Association's attempt to combat the rise in the wholesale price of oysters from Bluff for the coming season were given yesterday by a prominent official of the association. This official first expressed regret that notification of the proposed increase in price had not been received earlier, for this would have allowed representatives of the trade in Christchurch to go to Bluff and discuss the situation. The nearness of the first day of the oyster season increased the difficulties of the P °lt t was explained that the very low price of oysters last season, 4d a dozen in shell and 5d a dozen opened was due to the advent in Christchurch of a retailing firm, receiving supplies from an independent fisherman at Bluff, and able in consequence to undercut those Christchurch retailers who drew their supplies from the ordinary source. The present position apparently was that the fisherman had ceased operations, or had come to an agreement with the others engaged in the work at Bluff. This combine had evidently agreed to fix a price, and were demanding £1 a sack for oysters, as opposed to the 14s charged last y6 Local fish retailers are agreed that there was extremely little profit from oysters at last year's.prifces, and that the labour involved in opening them warranted more than a of Id between the price for opened and unopened. The suppliers, however were not conducting their business at a loss last year, and it is felt that the increase of 6s a sack is excessive. Retailers argue in addition that the oublic will be asked to pay a much higher price than they did last year, and in consequence the increased patronage which resulted prices will disappear. Christchuich fishmongers are hoping that . thei action in withholding all orders m the meantime will be supported by those in the trade in Wellington, Dunedm, and the surrounding districts which oicn draw their supplies from Bluff. The season will open on the oyster beds at midnight to-night, and the boats will leave Bluff to-morrow for the first catch of the season. In the ordinary course of events, oysters would be on sale in> Christchurch on Monday morning, after a rush journey .of 340 'hy the night express, leaving InSSXrgV oniff at «•« Marriving at Christchurch at 7.18 am on the following day. On week days, oysters come to Christchurch by a night goods tram arriving in Christ church about 9.24 a.rci. 9 COLOMBO TEA AUCTION (PBRSS ABBORIATIOK TELEGBAM.) DUNEDIN, January 30. Mr L. M. , Wright has received the following cabled report on the Colombo tea auction of January 29: "At yesterday's auction of 1,500,0001b, medium and good quality teas were firmer, while the market for common types remained about steady at last week's rates. Next week's sale is catalogued for li!710,0001b."

SYDNEY WOOL SALES

I MARKET VERY FIRM j GOOD SUPPORT FROM i CONTINENT " (UNITED PRESS ASSOCIATION —BT ELBCTBIO TELBOBAPH—COPTBIQHT.J (Received January 30, 11.25 p.m.) SYDNEY, January 30. At the wobl sales* 11,298 bales were offered, 10,454 sold and 852 disposed of privately. There was strong competition from Yorkshire and Japan, with good support from the Continent. The market was very firm. Greasy merino made to 17d. LONDON SALES ACTIVE COMPETITION AT STEADY RATES LONDON, January 29. At the wool sales 8812 bales were offered, including 5463 from New Zealand. About 7126 Australian and New Zealand bales were sold. There was active Home and Continental competition at steady rates. New Zealand greasy crossbred Maka brought IOJd top, 9id average, and halfbred lamb slipe Is and ll£a. Dalgety and Company, Ltd., have received the following cable message from their London office:— The wool market continues firm for all good greasy merino; scoured merino rather higher. Short greasy merino and faulty to wasty are irregular and rather easier. Crossbred is firm, except for fine crossbred, which is 5 per cent lower. The sales close on February 5. •

BANK OF NEW ZEALAND "D" MORTGAGE SHARES RUMOUR OFFICIALLY DENIED (PRESS ASSOCIATION TELEOBAM.) WELLINGTON, January 30. Owing to the sudden drop in the market price of Bank of New Zealand "D" long-term mortgage shares during the last few days, s\nd the apparent fear, as evidenced by recent contributions to the gress on the part of some of the holders of those shares, that there was a proposal on foot to repay shareholders at par, Mr Bucholz (president of the Stock Exchange Association of New Zealand) approached the general manager of the bank (Mr Dawson) to ask if there was any truth in the suggestion. Mr Dawson gave his assurance that there was not the slightest foundation for such a rumour and that no such suggestion had ever emanated from the board, nor had it even been discussed. The act empowering the issue of "p" long-term mortgage shares made it quite clear that if ever repayment were considered it would be a matter entirely in the hands of ordinary shareholders. Any resolution to this effect must be carried in the usual manner at a meeting of shareholders. A further protection to long-term shareholders provided that such a resolution must be confirmed by postal vote. Of the 467,750 "D" long-term mortgage shares issued to the public 400,415 were uc present held by oi shareholders themselves, stated Mr Bucholz, and no matter how large a holding an ordinary shareholder might have he could have no greater voting power than 2000 shares.

I DAIRY PRODUCE i BUTTER MARKET QUIETER A. H. Turnbull and Company are in receipt of a cablegram from their principals, Messrs W. Weddel and Company, Ltd., date London, January 29, as follows: — „ „ , , Butter —Danish 116s, New Zealand finest 88s, Kangaroos 87 s. Butter market quiet. Cheese—New Zealand, white 47 s, coloured 465. Cheese market quieter. NEW DAIRY BOARD ELECTION OF FACTORIES' REPRESENTATIVES (rilE39 ASSOCIATION TEUSQBAM.) WELLINGTON, January 30. Some confusion appears to exist among the directorates of a number of dairy factories regarding the operation of the recently gazetted regulations setting out the procedure for the election of three representatives of dairy companies to the New Zealand Dairy Board under the Agriculture (Emergency Powers) Act. The position is that the rolls for the three wards close to-moAow, these rolls having been compiled by the returning officer from the register of owners of manufacturing dairies, kept by the Department of Agriculture. The impression appears to exist that it is necessary for companies to appoint their voting representatives by tomorrow. That is not so, for the regulations definitely state that the name of a voting representative may be entered Tn the roll at any timet whether before or after the closing of the roll. It should be made clear, however, that a voting representative is only a person appointed to make a nomination. As the nominations of candidates for election to the board elope on February 18, those companies wishing to exercise the right of nomination will h£*ve to see that their voting representatives are appointed in sufficient time to allow of the Completion of the nomination paper, and its dispatch to the returning officer, so as to reach him before the hour fixed for the closing of nominations. MILK PRODUCERS PLIGHT IN AUCKLAND (PBBSS ASSOCIATION TELEGRAM.) AUCKLAND, January 30. The abnormally dry weather has created a situation which the president of the Whole Milk Producers' Association to-day described as desperate. At a meeting to-day it was decided that a special committee should collect production cost data for presentation to the Milk Council with a view to securing an increase in price immediately. One speaker said it would be difficult to ascertain costs, because even now farmers were mortgaging their winter feed, and very few, had supplies of maize and turnips. All they i had was a crop of white butterflies.

STOCK EXCHANGES

CHRISTCHURCH YESTERDAY'S TRANSACTIONS There was a good volume of diversified business on call yesterday, and price levels generally were well maintained. The outstanding feature was the activity in several gold mining shares. Transactions, exclusive of vestibule business, were:— Sales on 'Change £ s. d. £2OO N.Z. Govt. 4 p.c. Ins., 1937-40 .. .. 103 5 0 300 Comm. Bank of Aust. (cum div.) .. - (3) 016 6 100 Bank of N.Z. .. 2 10 3 100 Bank of N.Z., "D" Mortgage .. .. 18 6 100 Dalgety and Co. (3) 812 6 100 N.Z. Breweries .. 211 0 50 Australian Glass .. 3 3 9 2500 Big River .. (6) 0 2 5} 3300 Golden Point .. 0 0 0J (2) 0 0 0J . (4) 0 0 0£ 500 Maori Gully .. 0 15 100 Mount Lyell 0 16 4 200 Mount Morgan .. 2 0 3 50 Okarito .. .. 0 7 9 500 Rawang Tin (2) 0 8 0 3500 Skippers .. (4) 0 0,6 Sales Reported £4OO N.Z. Govt. 4 p.c. Ins., 1937-40 .. .. 103 10 0 50 Bank of N.Z. .. 2 9 9 200 Bank of N.Z., "D." Mort. shares .. 18 9 100 N.Z. Insurance (cum div.) .. .. 3 11 3 100 Wellington Gas .. 2 4 0 100 Australian Glass (2) 3 4 0 100 Dominion Fertiliser (late sale Tuesday) 1. 1 5 1000 Big River .. .. 0 2 5& 500 Gillespie's Beach .. 0 18 100 Mount Morgan .. 2 0 0 150 Waihi Grand June. .. 0 4 9| UNLISTED STOCK Sales on 'Change 50 Woolworths • (Sydney), ord. .. 410 6 Bonds and Bank Shares New Zealand Government 4 per cent, stock, due 1940, changed hands at £lO3 5s and £lO3 10s. Commercial Bank . of Australia shares were fractionally firmer with buyers and dealings at 16s 6d. Bank of New South Wales were firmer on buyers' offers £3l 7s 6d. Bank of New Zealand changed hands at 50s 3d and 49s 9d, and closed with buyers at 50s 3d—the "D" mortgage shares had dealings at 28s 6d and 28s 9d, market closing 28s 5d buyers, 28s 8d sellers. Union Bank of Australia, ex dividend, were stronger with buyers at £9 Is. New Zealand Insurance, cum dividend, had business at 71s 3d, but late sellers offered at 71s, buyers at 70s 9d. Dalgetys were firm with dealings at £8 12s 6d, sellers staying in at that figure, buyers at £8 lis 6d. Buyers of Gear Meats raised their bids to 22s 6d without attracting sellers. Wellington Gas rose to 445, and there were further buyers at 43s 9d. New Zealand Breweries remained unaltered at 51s, market closing Id either way. Australian Glass advanced to 63s 9d and 645. A late sale of Dominion Fertiliser on Tuesday was reported at 21s sd, and sellers yesterday wanted 21s 6d, buyers at 21s 3d.

Mining Big Rivers were steady with sellers and dealings at 2s s£d, buyers at 2s 5d Gillespie's Beach had business at Is Bd, buyers staying in at that price, sellers at Is Bid. Golden Points had dealings'at id and id, market closing id buyers, :]d sellers. Maori Gully were steady at Is sd. Mount Lyells were fractionally firmer at 16s 4d. Mount Morgans advanced to 40s and 40s 3d, market closing 40s Id buyers, 40s 5d sellers. Okaritos were firmer with sellers and business at 7s 9d, buyers at 7s 6d. Rawang Tins changed hands at Bs, and more were wanted at that figure. Skippers remained unaltered with sellers and dealings at 6d. Waihi Grand Junction had business at 4s 9Jd. Unlisted Stocks Woolworths (Sydney), ordinary, recovered to 90s 6d, and late offers at that price failed to attract sellers. LATEST QUOTATIONS Buyers. Sellers. £ s. d. £ s. d.

N.Z. Government Debentures 3* p.c. Ins., 1938-52 106 0 0 4 p.c. Ins., 1937-40 103 0 0 104 0 0 4 p.c. '. Ins., 1946-49 106 10 0 108 0 0 4 p.c. Ins., 1952-55 108 10 0 109 5 0 4 p.c. Bonds, 1937- „ „ 40 .. .. 103 0 0 104 0 0 Rural Bonds .. 103 0 0 Other Debentures Makerua Drainage, 4f p.c., 1/8/46 .. Ch.Ch. City 4| p.c., - 1/10/46 .. Ch.Ch. City 51 p.c., 5/7/05 .. - 105 10 0 Banks Adelaide .. 5 17 6 Comm. of Aust. (cum div.) .. 0 16 6 0 16 7 E., S., and A. .. 5 10 5 19 Natl, of A'asia. (£lO paid) .'. 12 19 0 13 6 0 Natl, of A'asia. (£5 paid) ' .. 6 5 6 6 8 0 New South Wales 31 7 6 31 15 0 New Zealand .. 2 10 3 2 10 9 New Zealand ("D" Mort. shares) .. 1 8 5 1 8 8' Reserve .. 6 12 0 6 13 0 Union of Aust. (ex div.) ... 9 1 0 9 5 0 Insurance A.P.A. (cum div.) 0 10 11 0 11 4 National .. 12 6 13 3 New Zealand (cum div.) .. 3 10 9 3 11 0 South British .. Standard .. 3 11 6 3 13 6 Loan and Agency Dalgety and Co. .. 8 11 6 8 12 6 Goldsbrough, Mort 19 6 19 8 National Mortgage ("A"' cum div) 2 10 0 National Mortgage ("B," cum div.) 1 11 0 N.Z. Guar. Corpn. 0 5 10 0 6 1 N.Z. Loan and Merc. (ord. stk.) 43 0 0 49 0 0 N.Z. Loan and Merc. (pf. stk.) 75 0 0 United Build. Soc. 113 Shipping P. and O. Del Stk. 110 1 10 0 Union (pref J .. 17 0 1 8 6 Frozen Meat Canterbury .. 10 5 0 11 0 0 Canterbury (pref.) 5 16 0 Gear .. 12 6 N.Z. Refrig. (£1 paid, cum div.) 1 0 10 111 N.Z. . Refrig. (10s paid, cum div.) 0 10 0 0 10 1 Woollens Bruce .. 014 0 Kaiapoi (17s paid) 0 15 6 Kaiapoi (7s paid) 0 5 0 0 5 5 Kaiapoi (pref.) .. 0 17 9' 0 18 6 Coal Westport .. 1 1 11 13 6 Stockton (pref.) .. 0 3 0 0 4 6 j Gas I Auckland (cum div.) .. Christchurch (cum div.) .. 1 15 9 Christchurch (10s paid, cum div.) 0 16 9 Timaru Wellington ... 2 3 9 2 4 0

Breweries Buyers. Sellers. £ s. d. £ s. d. New Zealand .. 210 11 211 1 Staples (cum div.) 112 0 114 3 Timaru .. 012 0 014 0 Timaru (7s 6d pd.) 0 8 3 0 8 9 Tooheys .. 19 9 Tooths .. 210 3 211 0 Miscellaneous Amal. Wireless „ (contr.) .. 2 1 0 22 9 Anthony Hordera 019 0 019 3 Aust. Glass .. 3 3 0 3 5 6 Aust. Iron and Steel (pref.) .. 13 9 14 3 Beath and Co. (Is ■ „ paid) .. 0 9 6 British Tobacco .. 119 0 119 2 Broken -Hill Prop. 213 0 213 9 Claude Neon (Syd- _ _ ney) .. 2 10 2 19 Dominion Builders' Supplies .. 0 310 Dominion Fert. .. 113 116 Dunlop Rubber .. 019 6 019 8 Evans Atlas Flour 111 0 2 10 Henry Jones .. 115 9 Howard Smith .. 016 10 Hume Pipe (Aust.) —' ~ 017 0 Kauri Timber .. 018 9 019 3 Milburn Lime .. 22 0. National- Electric N.Z. Drug Co. .. New Colosseum 1 7 '0 N.Z. Farmers' Coop. (Ist pref.) 117 6 215 0 N.Z. Farmers' Coop. (A pref.) .. N.Z. Farmers' Coop. (4£ p.c. Stock, 1940) .. 82 0 0 86 0 0 N.Z. Farmers' Coop. (4£ p.c. Stock, 1945) ... N.Z. Farmers' Coop. (4J p.c. Stock, 1942) .. N.Z. Farmers' Fert. 018 3 OJ9 3 N.Z. Newspapers 113 6 116 0 N.Z. Malay Rubber (ord.) .. 0 12 6 N.Z. Paper Mills 113 0 114 6 Quill, Morris (in liquidation) .. 0 3 9 0 4 4 Sun Newspapers 0 4 0 0 4 5 Whitcombe and Tombs .. 4 2 0 Wool worths (N.Z.), ord. .. 8 15 0 10 1 0 Woolworths (Syd.) 2nd pref. .. 18 6' Woolworths (Vic.) pref. ..

Mining; Alexander .. 017 1 019 0 Alexander (15s paid) / .. 016 0 018 0 BeU Kilgour .. 0 0 1 0 0 1} Bendigo Goldlights 0 10 Big River .. 0 2 5 0 2 5J Brian Boru 0 0 6 0 0 8 Central Shotover 0 0 10 Charleston ■ 0 0 10 Deep Lead .. 0 1 6 0 22 Gillespie's Beach 0 18 0 1 8J Glenroy .. 0 0 9 Golden Point .. 0 0 0£ 0 0 0$ Golden Sands .. 0 2 3 0 2 9 Goldfields Dredg. 0 0 8J 0 0 9J King Solomon ..0 3 5 0 3 6J Maori Gully .. 0 14 0 15 Lawson's Flat .. 0 0 3 0 0 3} Maerewhenua .. 0 0 4 Mahakipawa .. 0 0 10| 0 011 Mahakipawa (pf.), 1929 issue 0 12 0 16 Mahakipawa (pf.) 1930 issue .. 0 12 0 15 Mossy Creek .. 0 2 1 0 2 4J Mount Lyell .. 016 3 016 4 Mount Morgan .. 2 0 1 2 0 5 Nevis Diesel Elec. 0 0 2 0 0 3 New Cornish Pt. 0 0 3 0 0 8 Nokomai .. 0 .2 9 Okarito .: 0 7 6 0 7 9 Peninsula Tin (15s paid) .. 10 0 15 0 Rawang Tin .. 0 8 0 0 8 1£ Sandhills Gold .. 0 0 4 Skippers .. 0 0 5J 0 0 6 Stafford Sluic. .. 0 0 7 0 1 2 Talisman Dubbo Upper Shotover (10d paid) .. 0 0 1 0 010 Waihi .. 119 0 2 0 0 Grand Junction 0 4 9 0 5 0 Waitahu .. 0 2 0 0 2 6 Worksop Ext. .. 0 210 0 3 2

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. Buyers. . Sellers. £ s. d. £ s. d. Andersons Ltd. (pref.) .. Assoc. Motorists Petrol (pf.) .. 12 9 Argo Gold (IOJd paid) .. 0 15 0 1 5J Ben Ledi .. 0 0 6J 0 0 10 Barrytown (10s paid) .. 12 6 1 12 6 Carbonic Ice (£1 paid) . .. 1 1 6 Golden Gully .. 0 0 9 Mining Research 0 0 8 New River (6dpd.) 0 0 (JJ Macetown .. 0 1 3| N.Z. Mining Investment .. 0 11 Mount Morgan Development .. 0 3 3 0 4 0 Prudential Bid. .. 0 15 0 Procera Bread (10s paid) .. 0 12 6 E. Reece, Ltd. (pf.) 0 4 0 Regent Theatre Bldg. .. 0 7 6 Smith, Wylie ' .. 0 10 3 Warners, Ltd. .. Woolworths (Syd.) ord. .. 4 10 6 ~ AUCKLAND Sales on 'Change £ s. d. Stock, 1946, 4 per cent. .. 106 2 6 Stock, 1949, 4 per cent. .. 106 10 0 E., S., and A. Bank .. 5 2 0 Bank of New S.outh Wales 31 5 0 Bank of New Zealand .. 2 10 6 (3)' 2 10 3 Bank of N.Z. (D. mortgage) 1 8 11 New Zealand Insurance .. 3 10 6 Pukemiro Collieries .. 16 6 Auckland Gas .. 16 9 New Zealand Drug. .. 3 19 0 N.Z. Farmers' Fertiliser 0 18 6 Sanford, Ltd. (pref.) 0 11 6 Waihi .. 1 19 3 Waihi Junction .. 0 4 9 0 4 8 Moupt Lyell .. 0 16 3 Mount Morgan .. 2 0 6 Unlisted Stocks Auckland Trotting Club, 1939-44, 6& p.c. ..106 0 0 Loyal (pref.) .. 1 0 6

WELLINGTON Sales on 'Change £ s. d. Rural Bonds, 5 per cent., 1947 .. .. 104 7 6 Wellington Harbour, 5J per cent, 1940 .. 105 10 0 E., S., and A. Bank .. S 2 9 Bank of New Zealand (3) 210 0 Bank of New Zealand (late Tuesday) .. .. 210 1 (2) 210 3 Bank of New Zealand (D, long term) (3) 18 9 Gear Meat .. (3) 12 6 P. and O. Deferred Stock 119 Pukemiro Collieries .. 16 6 Kauri Timber (2) 019 4 Sydney Ferries .. .. 0 9 3 Big River .. (4) 0 2 5 Okarito .. .. 0 7 3 Waihi .. .. 1 19, 1J Grand Junction .(2) 0 4 10 Mount Morgan .. 119 9 Unlisted Stock Frozen Products .. .. 0 11 0 DUNEDIN Sales on 'Change £ s.. d. Bank of New Zealand (long term, D) .. .. 18 3 Sales Reported N.Z. Refrig. (cont.) .. 010 1 Milburn Lime .. .. 2 3 0 National Electric (cum div.) 010 10 Australian Glass .. 3 4 0 Woolworths (Sydney) 4 9 0 N.Z. Breweries .. 210 10 Mount Morgan „ 2 0 0 . SYDNEY On the Sydney Stock Exchange most of the activity was confined to Commonwealth Bonds, and mining ventures. Price fluctuations were within narrow limits. Morning Sales £ s. d. Commonwealth 4 p.c. Bonds — 1938 .. .. .. 104 10 0 1941 .. .. 106 5 0 1944 .. .. .. 107 15 0 1947 .. .. ~109 15 0 1950 11l 11 3 1953 110 10 0 1955 110 10 0 1957 .. .. .. 110 12 6 1961 .. ' .. .. 11l 10 0 Commercial Bank of Aust. 017 0 Tooth's Brewery Si .. 211 0 Anthony Hordern ~ 019 4£ James Stedman .. 017 3 Lustre Hosiery .. 1 8 3 Winchcombe Carson .. 1 8 4J Afternoon Sales Bank of New South Waies 31 7 6 Com. Bank of Australia .. 0 16 10£ Union Bank (ex div., prompt) .. 9 0 0 Colonial Sugar .. 41 5 0 United Insurance „ .. 12 10 0 Associated Newspapers 1 4 1J Howard Smith .. 0 17 3 Australian Gas A M 8 2 6 Tooth's Brewery .. 2 110 Toohey's Brewery .. 1 10 6 Dunlop Perdriau .. 0 19 10J Morris Hedstrom .. 019 0 David Jones . ..206 Standard Cement .. 10 0 Henry Jones .. 116 9 Drug Houses of Australia 16 0 Meggitts ' ..123 Aust. Iron and Steel (pf.) 1- 4 4$ General Industries (pf.) .. 16 6 Mount Morgan .. 2 0 0 Broken Hill Prop. .. 2 14 6 South Broken Hill .. 315 6 Rawang .. 0 8 1 Larut .. 0 11 3 i Tongkah Harbour .. 14 9 Katu Tin .. 1 16 0 Peninsula Tin .. 110

MELBOURNE Com. Bank of Australia .. 017 0 British Tobacco .. 1 IS 6 Herald and Weekly Times 218 0 Electrolytic Zinc <pf.) .. 114 0 Mount Lyell .. 016 4 WAR LOAN STOCK ______ ■■ j (JBJUTISH OniOULl. WIKIUSS.) RUGBY, January 29. British 31 per cent. War Loan stock is quoted as follows: £ s. d. January 29 .. .. 108 17 6 January 23 ~ ~ 109 3 9 January 21 .. .. 109 8 9 January IS , . .. 109 7 6 January 14 .. .. 109 10 0 January 11 .. .. 109 11 3 January 9 .. 109 17 6 BANK AND MERCANTILE STOCK LONDON, January 29. i Jan. 15. Jan. 29. Banks — £■ s. d. £ s. d. Australasia. .. 9- 3 1$ 9 13 N.S. Wales . . 23 10 0 24 0 0 Union of Australia .. 6 15 71 6 15 73 National Bank •of N, Zealand 214 101 215 3 Bank of Now Zealand shares 2 4 0 2 5 0 English, Scottish, and Australian Bank .. 4 10 0 4 10 0 Mercantile Stocks—• N.Z. Loan and Mercantile 4 p.c. debentures 93 0 0 93 0 0 N.Z. Loan and Mercantile ord. Stock .. 37 10 0 87 10 0 FURNITURE SALE Messrs 0. E. Jones, Ltd., report having held a sale o£ furnituie and effects in their sale room yesterday. The following prices were realised:—Piano £35, 2 hampers £5, couch and 2 chairs £7 10s, rag £4 5s,_ ninner £7 10s, radio £6, radio £4 ss, 4 dining chairs and table .£5 10s, clock £4 ss, duchcsse £2 2s 6d, cupboard £2, 6 chairs £2 2s, organ £3 10s_, 2 3ft bedsteads £4, 1 bedstead £1 10s, wardrobe trunk £4 15s, ditto £4, gramophone £3, duchesse £1 13s, desk £2, roller £1 12s 6d, office table £2 2s 6d, ditto £1 12s 6d, 4 chairs £2 14s, 2 chairs £1 12s, ■wringer £1 Bs, lawn mower £1 7s 6d, books £3 3s, stretcher and bed £1 14s, 5 chairs £2, fireside chair £1 12s 6d, bicycle £1 3s, carpet) sweeper £1 6s, cupboard £1 15s, bookcase £1 3s. —8

PRICE OF GOLD LONDON, January 29«. Gold (a fine ounce) is quoted:— £ s. d. January 29 ~ 7 1 8J January 28 ..716 January 26 7 1 8 January 25 7 1 4J January 24 ..714 PRICE OF SILVER LONDON, January 29. Silver (pence an ounce) is quoted:Jan. 26. Jan. 29. Spot „ 2411-16 24} Forward .. 2413-16 24}

.WOOL SALES TO GERMANY TRADE AGREEMENT ADVOCATED STATEMENT MADE BY WOOL BUYER [THE PEESB Special Service.] WELLINGTON, January 30. Regret that no trade arrangement had been made between New Zealand and Germany under which the products of one country could be exchanged for the goods of the other was expressed by Mr Ewald _ Schlundt, of Leipzig, Germany, who is at present in Wellington. Mr Schlundt is a wool merchant, and until last year was a fairly large buyer and importer ot New Zealand wool, having his own buyer stationed in the Dominion. In an interview he pointed out that under the existing circumstances and the new regulations in Germany, any buying from this country was now imP °Mr b Schlundt said that those interested in growing or selling wool in New Zealand must, no doubt, ana ought to be aware that other woolproducing countries like the Argentine, South Africa, and to some extent Australia had come to some trade arrangement with Germany, by which Germany took wool from these countries, in exchange for goods delivered. The result was, for instance, that m the Argentine, which produced wool very similar to New Zealand, woo* sold at much higher prices there than in New Zealand because of German competition. A few days ago Mr Schlundt received a cable message from his firm in Leipzig advising him that crossbreds in the Argentine compared with the same qualities of New Zealand wool were bringing fully 15 to 20 per cent, higher than the prices ruling here. He added that it was regrettable that New Zealand could not see its way also to come to some similar arrangement with Gerfnany, as the other three countries he nad mentioned, in order to have German competition again, which without doubt _ would help to improve the wool prices general competition. Drop in Sales In support of his argument Mr Schlundt mentioned that last season his own organisation had purchased 26,000 bales in New Zealand, but this season next to nothing. Mr Schlundt is accompanied by Mrs Schlundt, and for the last four weeks they have been touring in the North and South Islands, visiting iftost of the places of interest, including Rotorua, Wairakei. Waitomo Caves, Taupo, Bay of Islands, and National Park. They will leave Wellington by the Marama lor Sydney to-morrow, and intend to spend two months in Australia before returning to Germany. Both Mr and Mrs Schlundt are delighted with the beautiful and varied scenery in' New Zealand, and are convinced that this country would be overrun by tourists if it were not so far away from Europe. Mr Schlundt was very .impressed with the Waitomo Caves. They were, he faid, absolutely unique, and he did not know of anything similar anywhere else in the world. The visitors are full of praise for the kindness and great hospitality they have received fpm people in New Zealand.

ELDER, SMITH AND COMPANY INTERIM DIVIDEND UPBKSS ISSOCUTIOa tZLZGSASI.) WELLINGTON, January 30. The Stock Exchange Association has been advised by Elder, Smith and Company, Ltd., that an interim dividend at the rate of 5 per cent, per annum was declared to-day, payable on March 1. The books close on February 19 to March 1 inclusive. The dividend paid for the year ending June 30, 1934, was 6 per cental per cent, interim in March and 3f per cent in September. The dividend for some yeprs previously was 4 per cent. The "net profit last yesr was £148,623.1 CANTERBURY SALEYARDS COMPANY THE YEAR'S OPERATIONS The directors of the Canterbury Ealeyards Company, Ltd., in the report to shareholders to be presented at the annual meeting on February 12, stated that 646,352 sheep, 42,495 pigs, and 45,442 cattle passed through the yards during the year, an increase of 47,740 sheep, 149 pigs, and 4890 cattle compared with the previous year. The profit and loss statement for the year shows a balance of profit of £2699 14s 7d. From this £702 16s 8d has been written off to delapidation, leaving a net profit of £1996 17s lid. With the addition of the balance brought forward from the previous year, £ll6O lis 3d, and after the deduction of the dividend declared last February, £IOOO, and the interim dividend paid last July, £IOOO. there remains £1157 9s 2d at credit of profit and loss account. ! The directors recommend that this be appropriated by uie payment of a dividend at 5 per cent, on the paidup capital, making a total of 10 per cent, for the year, £IOOO, and by carrying forward £157 9s 2d. Messrs E. Hay and D. W. Westenra Tetire by rotation from the board of directors, but, being eligible for j-e-election, offer themselves accordingly. The balance-sheets for the last three years are as follows: — LIABILITIES 1932. 1933. 1934. £ £ £ Capital .. 20,000 20,000 20,000 Delapidation account .. 20,000 20,019 21,000 Bank of Australasia .. 378 484 249 Sundry creditors 2,298 1,368 1,821 Profit and loss account .. 1,028 1,100 1,157 ASSETS 1932. 1933. 1934. £ £ £ Freehold pro- * perty .. 10,000 10,000 10,000 Yards, building, sheep-dip, plant 10,000 10,000 10,000 Investments .. 21,627 21,063 21,869 Sundry debtors 2,077 1,968 2,358 The gross earnings at £7539 are higher than the previous year's figures of £6967, chiefly caused by the increase in revenue from yards fees. Interest, dividends, and rents show aa Improvement of only £22. The balance-Sheet has expanded £1196 on the previous year's figures. The following table shows the results for the last tliree years:— 1932. 1933. 1934. £ £ £ Grow earnings 7,326 6,967 7,539 Net profit 1,974 2,132 1,997 Dividend .. 10% 10% 10%] Afflgntnt .. 2,000 2,000 2,000 aw/

FOREIGN EXCHANGES

(BEITISB . omCUI WIBJSLEBS.) - . i ■ RUGBY, January 29. Par. Jan. 28. , Jail. 29. Paris, fr. to £1 124.21 74 21-32 74 9-32 New York, dol. to £1 4.1366 " 4.861 4.57 i Montreal, dol. . _■ - to £1 4.866 4.86J 4.871 Brussels, „ belgas to £1 35 21.10 a 21.02 Geneva, 'fr. to , £1 25.2215 115.21 i 15.14J Amsterdam}, fl. to £1 12.107 7.27J 7.241 Milan, lire to £1 93.47 57 11-16 57g Berlin, reichmarken to £1 .. .20.43 12.245 12.20 Stockholm, kr. to £1 18.159 19.39 i 19.39S Copenhagen, kr. to £1 18.159 22.39J 22.39 J Oslo, kr. to , £1 18.159 19.90 J 19.90J Vienna, schjjs. to £1 34.535 261 26i Prague, kr. to £1 164.25 Helsingfors, marks to £l. 193.23 2261 2261 Madrid, pesetas to £1 25.2215 36 116 35i Lisbon, escudos to £1 110 1101 1101 Athens, drach to £1 875 516 516 Bucharest, lei to £1 818.6 490 490 Belgrade. „ dinars 25.2215 31.7 -1.7 Rio de Janeiro, pence to • milreis . . 4.892 4£ 4$ Buenos Aires, pence to dol. 57 36J 364 Montevideo. pence to dol. 57 39| 39^ Bombay, pence to rupee 19 IS 5-32 18 o-3-j Shanghai, pence to dol.* 173 172 Hong Kong, pence to dol. * 21| *ll Yokohama, pence to dol. * 13 3-64 14 Warsaw, par zlotys to £1 43.36 Batavia. guilders 12.107 —■ * Determined by price of silver. EXCHANGE RATES The Bank of New South Wales, Christchurch, quoted the following rates as ruling yesterday for its purchases and sales of foreign exchange: — Buying. Selling. France— Francs to £1 N.Z, T.T. 60.33 59.03 O.D. 60.03 59.08 Noumea — Francs to £1 N.Z. T.T. 61.28 58.28 O.D. 61.68 58.33 Papeete— Francs to £1 N.Z. T.T. 61.28 58.28 O.D. 61.68 58.33 Belgium— Belgas to £1 N.Z. T.T. 1.7.239 16.559 O.D. 17.359 16.574 Germany— Reiehmnrks to £1 N.Z. T.T. O.D. ItalyLire to £1 N.Z. T.T. O.D. Switzerland — Francs to £1 N.Z. T.T. 12.389 11.989 O.D. 12.464 11.999 Holland — Florins to £1 N.Z. T.T. 5.958 5.708 O.D. 6.008 5.712 Java — Florins to £1 N.Z. T.T. 5.923 5.698 O.D. 5.973 5.702 Japan— N.Z. pence to yen T.T. O.D. Shanghai— N.Z. pence to dol. T.T. 218 2- 15-16 O.D. 213 222 India and Ceylon— N.Z. pence to mp. T.T. 22 13-D2 221} O.D. 22 9-32 22 11-16 Hong Kong— N.Z. pence to dol. T.T. 26 9-32 27 O.D. 26 5-32 27 9-32 Singapore— N.Z. pence to dol. T.T. 34 7-16 3ojJ O.D. 34 5-16 35 5-16

METALS MARKET LONDON, January 29. Jan. 28. Jan. 29. £ 8. d. £> B. d. Copper— Standard, spot 27 18 li • 27. II- 3 Forward . • 28 4 4J 27 18 15 Electrolytic ..31 0 0 30 5 0 to . . 31 10 0 31 0 0 American electrolytic: 9 cents per lb. Lead— Forward ..1089 1089 Spot .. 10 7 6 10 10 0 Spelter— Spot .. 12 3 9 12 3 9 Forward ~ 12 3 9 12 1 3 Tin— Spot .. 232 0 0 232 8 9 Forward •. 228 18 9 228 18 9 Silver — Fine, per oz. . . 243 d 242 d Standard, per oz. 26 11-16 20 11-16 d