FINANCE AND COMMERCE

Press, Volume LXXI, Issue 21391, 6 February 1935, Page 13

FINANCE AND COMMERCE

SYDNEY WOOL SALES FATISFACTORY CLEARANCE G f, ( )l> M.NLKAI. COMPETITION (rilllta 1 "■•>'' A3SOCJAIIOM —B! EHXTUO iLLIUiAi B—COPTBIOHT.) ij.v-, ■ ■ < n February 5. 11.20 p.m.) SYDNEY. February 5. v ';,(.- wi.f.l sales 10,869 bales were pffrrrd f'fi'i'j Miid. and 663 disposed pi p: . „u-i;\ There was good general {■rrvprii' "i:. iiiicfly from Yorkshire. Japar. and the Continent and satisl;ic!<y;> ■■ '"'•' '■'•■ 'anccs were effected. <; : r;; :.'.cr;no made to 19d. JM'NKDIX SALE fROSI'ECTS FOR AUCTION TO-DAY JUTTI.I-; \DV.\NCE KXPECTEI) [THE TKBSS Bp«cl»l Serried.J DUNEDIN. February 5. L;vie i',a> happened in the wool rruirkc. ether in New Zealand or ■ fiYci.-'ca-. during the last two months, in encourage the hope that values al | tc-mori'ow's auction will present any appreciable advance on the rates rul- ::■£ at the first Dunedin sale in Dercinbcr. Growers are entitled, however, to anticipate a lirmncss on late rate.-. Any improvement in the price Jcvcl will depend on the extent to which .-peculators, who were fairly active at Invcrcarsill last week, are prepared to uperatc. It is unfortunate for sellers that the activity of Continental operators, which was one of the features of the first Dunedin sale, has *incc diminished noticeably, leaving Bradford more or less to dominate the market. But Bradford even is operating within strictly defined limits. There is consolation, however, in the fact that the simultaneous offering of large supplies of wool in Australia. South Africa. London, the Argentine, and New Zealand, has not had i any serious ill-effects on the demand for the staple. The outlook for business en the Continent is still not very bright, but there are not lacking y;gns of a slight improvement. The current season, like most of the postwar years, has forcibly demonstrated to wool growers that their welfare not only depends on seasonal conditions and the production of a good clip. Influences on the industry extend from paddock and wool shed to circumstances existing among consumers in every corner of the world. t Average prices per lb and a bale, with the total sales and gross receipts, fit the December sale this season, were as follows: — Total bales sold. 15.799. Total proceeds, £168,017 19s Id. Average price per lb, 7.94 d. Average price a bale, £lO 12s Bd. The 1934 figures compare very significantly with those of the first sale of the 1933-34 selling season, which are as follows: Total bales sold, 29.294. Total proceeds, £561,734 lis 4d. Average price per lb. 13.89 d. Average price a bale, £l9 3s 6d. LONDON SALES PRICES FULLY STEADY (tMIIEO PRISS ASSOCIATION —BT ELECTRIC TELIOEAPH —COPTBIGHT.) LONDON, February 4. At the wool sales 7229 bales were offered, including 1297 from New Zealand, and about 3394 Australian and New Zealand bales were sold. There was Rood Home and Continental competition, and prices were fully steady. The series will close tomorrow. New Zealand sales: Scoured merinos, Oxford, top 19d. average 13,' d; greasy crossbred, Kapiti, lOd. •WHEAT MARKET CARGOES, PARCELS, AND FUTURES LONDON AND LIVERPOOL QUOTATIONS (cjhid r'tr.-ii association'—bt electric TELEGRAPH—COPTRIGHT.) 'Received February 5. 7.50 p.m.) LONDON. February 4. tChrpd cargoes and parcels arc ready. Fm'u.-ts arc quoted:- - Feb. 2. Feb. 4. s. d. s. d. London 'a quarter) February .. 20 1 20 1 April .. 20 1 20 1 June 20 10 20 10 Liverpool ' a cental) March .. 4 9! 4 9 Mav .. 5 Oi 5 04 J'/!v .. 5 2k 5 2

CHICAGO FITIKES NEW YORK. February 4. riixicr, futures arc:— Feb. 2. Feb. 4. Cents a bi'-hel. V.:,, .. 96! Ml .U:l- '.'. ..Ml 87.'. Sfpi.-mbpr •• 87 ' R6^ .Ww York < cash'i .. U5" 114 TRICE OF GOLD LONDON. February 4. C.nVj i ;) fine ounce* is quoted) - . j- s. d. February '1 • • ' L February 2 /.. 7 2 0 February 1 ' ..724 .January 31 * • .. 7 L 1 January 30 *" Z 7 L January 29 ..7 18* PRICE OF SILVER LONDON. February 4. Siivr 'pence an ounce) is quoted:— Jan. 29. Feb: 4. Ppr.t .. -'4 : . : 24 7-Hi Forward .. 24i 24 9-16

CANTERBURY MARKETS

GENERAL FIRMNESS (BV OCR COMMERCIAL EUITOB.) Tuesday Evening. There is an all round firmness in the grain and small seeds trade. Prompt fowl wheat has been sold at 4s Id, f.0.b.. s.e., and spread at 4s 3d. Auckland enquiry for forward potatoes continues, and some business has been done at £5 5s a ton, f.0.b., s.i., for April-June delivery. Growers are not keen about accepting the on truck equivalent (£4 a ton), and merchants are not anxious to operate in the general uncertainty that exists in the matter of crop returns. There is no interest in the oats market. Ryegrass is very firm, and cocksfoot is in the same position. The reduction of old season's stocks of ryegrass by export and the inclusion of some of this season's production has invested the ryegrass market with a healthy tone. Cocksfoot is also in firm demand, particularly Akaroa, which is ranging up to for 131b seed. Quotations The following are nominal quotations for new season's produce paid to farmers on trucks, free of commission, sacks extra, except where otherwise stated:— Wheat—New season's interim payments, for January-March (inclusive); Tuscan 4s, Hunters 3s 2d, Pearl and Velvet 4s 4d; fowl wheat, 4s Id prompt, 4s 3d March-September, f.0.b., s.e. Oats (new season's)— Algerians, Is 9d to Is lOd a bushel. Gartons: A's Is lid. B's Is lOd. Onions—£7 a ton for prompt. Potatoes —£4 a ton. Perennial Ryegrass—To 2s 3d a bushel. Italian Ryegrass—To 2s 3d a bushel. White Clover —5d to 8d per lb. Cocksfoot—7.;d to 7:; d for Akaroa; 6id for plains. "Flour—£l2 12s a ton, local; £ll 17s shipping. , . Bran—Large, local, £a: shipping, £4 a ton; small, local, £4 10s. Pollard—Large, local. £5 10s; shipping £4 15s; small, local. £6. AUCKLAND MARKETS SHORTAGE OF POTATOES [THE TEESS Special Service] AUCKLAND, February 5. The chief interest among grain and produce merchants is the shortage of potatoes due to the drought at Pukekohe, which usually supplies the bulk of the city's requirements at this time of the year. Prices have risen sharply and quotations to-day are about 7s a sugar bag. Enquiries for supplementary supplies have resulted in limited quantities being obtained from the Manawalu district, and for these the iocal price is 14s a hundredweight. It is understood that Hawke's Bay is also adding a quota with railings to the southern part of the Auckland province. The scarcity is rapidly becoming acute, and there is certain to be a keen demand for the Canterbury crop, which will be first marketed towards the close of next month. Onions, too, are firmer in price and merchants have advanced their quotations to 12s 6d a cental. The market for fowl wheat is very firm, though quotations are unaltered at 5s 6d a bushel. Fair quantities of ungraded lines are available at a discount of Id to 3d a bushel. Oats are Id dearer at 3s 5d a bushel for F? Gartons, and chaff is unchanged from £7 10s to £7 12s 6d a ton. The dry weather has brought about a keen demand for milling offals, and local mills are having some difficulty in coping with the unusual situation. Regular supplies of Australian pollard, however, are coming forward and make a welcome addition to the local offerings. Prices are unaltered in the meantime. ! LONDON MARKETS HIGH COMMISSIONER'S REPORT The Department Qf Agriculture has received the following cablegram, dated February 2. from the High Commissioner for New Zealand:— Tallow —Market firm with an upward tendency. Hemp Manila: Market easier. "K" grade for January-March shipment quoted sellers at £l3 ss. Sisal: Market quiet but steadier at the close. No. 1 grade for February-April shipment valued at £ls 2s 6d; April-June shipment sold at £ls ss. New Zealand: Nothing to report. Apples—Demand continues. Large stocks available are keeping prices moderate. British Columbian Jonathans, 9s 3d to 10s 3d; Newtown Pippin, lis 6d to 13s 6d; Oregon Newtown, 12s 9d to 14s 6d; Califorman Newtown, 12s to 12s 6d. Pears —American pears selling well. Winter Nclis, 15s to 15s 6d. Peas—Maples: Market has advanced on adverse crop reports for Tasmanian and New Zealand. About the beginning of the month "A" grade Tasmanian for February-March shipment sold at 43s 6d. Later up to 465. New Zealand: Recently offered at 46s for March-April shipment, and this is considered the present value.

I'ROi'ERTY SALES W. E. Simes and Company report having sold on account of Mr Ellis, his property at Hackthorne road, Cashmere Hills, comprising nearly a quarter of an acre, and a dwelling, to Mrs Scott. Messrs Ford and Hadfield, Ltd., real estate agents and auctioneers, 131-133 Worcester street. Christchurch, report having sold on account of the trustees in Candy's estate, a two-storey shop property and dwelling, together with 30 perches of land, situated at 262 Stanmorc road, to a client. METALS MARKET LONDON. (■•.■!.ni.ny •(. ,liiii.:;l. IVb. 4. £ s. (I. £ s. -i. L '"stam(M.-'l. M.i.i -- II "'i - ; < " 10i r„,-.v;ml .. -JT IS " -1 1* •!• ~;,,.,.,,.„h i i,. .. ::n L.i ii :s» 1" ° t„ * :;i ii " ■•■!> di ii Win. in.■•> . . :iL n n \nioriciiu electrolvtic: 0 cents per lb. Len st7 •• .ov „ io 3 p foi-wiinl 10 8 <.i 10 S 9 Sv s»r .. >•, , « <« i« -. Fni-wiir'l .. 1- (1 ° rJ ' •"' Tin _ . 0 Spnt •• ■■!■■•■■•> IT <> -•- 1! 2 - n -.'JS li» . " S ''k'','.'."""w,- m/ ■ - J I 7-Di.l -JIT-I'M SiiiKliM-:!. p.-.-"/. -'■-'! - ,: .-''

CHRISTCHURCH GAS COMPANY ANNUAL MEETING The annual meeting of the Christchurch Gas, Coal, and Coke Company, Ltd., was held yesterday. In moving the adoption of the report and balance-sheet, the chairman expressed the opinion that shareholders would agree with him that the company was in a most satisfactory position. In the revenue account the sales of gas and residuals were £7362 17s in excess of those of last year, and although the item of material for manufacture of gas and renewal of plant was heavier by £3106 13s 4d, and they had written off an additional sum of £3250 2s 7d for depreciation, reductions in amount of taxation paid and interest enabled the directors to place £8737 2s 5d more to profit and loss appropriation account. Improved sales of gas and coke were greatly responsible for this increased profit. The decrease in quantity of gas sold which the directors had to announce in 1932 and 1933 had now stopped, and 1934 sales were greater by 7,250,000 feet, or an increase of 1.74 per cent, on 1933 sales. Sales of cookers and water storage heaters had been surprisingly good, and an intensive campaign organised in November and December had resulted in the sale of nearly 300 cookers. The total sales of cookers for the year were 713, and water heaters 136. Depreciation amounting to £16,730 4s lOd had been written off, and the balance of the revenue account (£27,347 18s 4d) had been transferred to the profit 'and loss apropriation account. This account, after deduction of interim dividend to June 30, showed a balance of £24,784 9s 4d, which the directors recommended should be dealt with as follows:—To payment of a further dividend of 3 per cent., making 6 per cent, for the year; to place £2774 10s 6d to reserve fund and £2OOO to renewal fund, making these funds £BO,OOO and £50,000 respectively, and to carry forward the balance of £9259 15s 2d. The paid-up capital, the chairman continued, had been increased by £2975, the amount of employees' shares becoming fully paid and allotted during the year, and the amount of deposits paid by employees against applications for shares had been decreased by £1823, bringing the balance of account to £IBB7 12s 6d, which would be further decreased during the current year, as more shares became fully paid. The dividend payment for the year was increased by £203 14s 3d by reason of the allotment just referred to, and sundry creditors showed a decrease of £1493 Cs. The debenture issue of £98,000 expiring on November 1, 1934, no longer appeared as a debit, as it was paid cfT on due date. In the balance-sheet of 1933 they had £50,000 on fixed deposit and £BI7O 12s 2d in current account, and further accumulations of cash during the year enabled the board to pay off the debenture issue and leave only an amount of £7233 12s Id owing to the bank and £IBOO owing on a deposit at call. This must be considered a most satisfactory position, as it eliminated the payment of the interest and tax on the debentures from the revenue account, the interest payable being free of tax. Ample provision had been made for depreciation oh plant and buildings, and although their stock of coal was greater by £1490 2s 4d, the stock of mains, meters, cookers, etc.. was less by £2410 0s Bd, as they did not have to hold large stocks of cookers, being able to obtain supplies in the Dominion as they required them. Cookers on nire purchase was less by £2798 14s lOd, and the rapid reduction of the amount owing under this heading accounted to a great extent for the fine cash position the company was in today. Sundry debtors wore more bv £312 17s Bd, but £10,442 Os 6d was not an excessive amount owing in a business such as theirs. If they referred to the revenue account and saw thai, their bad debts amounted to only £206 17s 9cl during the year they would realise that their debtors must be considered good. The works were in firstclass condition. Mr Belton had been engineer to the company for about 10 years, and he had been granted six months' leave of absence by the board, and was proceeding to England shortly. While there he would take the opportunity of seeing the latest in gas manufacture and utilisation of residuals, and he would report to the board on his return whether any of the innovations he saw in the Oid Country could be adopted for the furtherance of their company's business. During the year the company had lost the services of Mr Reed. Mr Ridley, and Mr Price, by reason of their having reached the retiring age fixed by the board. These gentlemen had respectively records of 51 years, 51 years, and 44J years' service with the company, and although the board parted with them with regret, the value of their services would be retained in great part in the work of their successors who had received such excellent training in their respective departments. The chairman, in conclusion, referred to what he considered the unjust treatment the company had received from the Government of the Dominion in allowing the board's competitor to trade free of taxation. He could see no valid reason for this, as if electricity was privately owned it would most certainly be taxed, and the fact that it was municipally owned should not be allowed to give it the privilege of competition with gas on such an unequal basis. The report and balance-sheet were adopted. Messrs.F .E. Graham and F. I. Cowlishaw (directors), who retired by rotation, were re-elected, and Walter J. Moore and Son and W. S. Newburgh and Company were re-elected auditors. AN EIGHT PER CENT. DIVIDEND WELLINGTON GAS COMPANY (I'HKSS ASSOCIATION TELEGRAM.) WELLINGTON, February 5. Shareholders at the annual meeting of the Wellington Gas Company today ratified the dividend of 8 per cent. The total of the directors' fees was increased from £BOO to £llOO a year. A resolution was also carried in view of the improved position of the company and of business generally, that the directors should take into favourable consideration the early restoration of the 10 per cent, salary cut. RUBBER STOCKS (united rnEss association—«t elbctbio TELIGRAPH COPYRIGHT.) LONDON. February 4. Rubber slocks at the end of January were as follows: —London, 82,160 tons; Liverpool, 66.429 tons. EGG SALE Messrs Harris Bros., Ltd., report that the usual weekly sale of "Feather Brand" guaranteed new-laid eggs was held yesterday afternoon. The prices realised were:—Hen eggs, first grade <2oz or over), Is 2d; hen eggs, second grade (under 2oz), Is Id. —8

MINING ALEXANDER MINES, LTD. (FRBSS ASSOCIATION TILIGBAM.) REEFTON, February 5. The Alexander Mines clean-up toi January was 234 ounces of melted gold from 427 tons of ore crushed, in the cyanide 307 tons of sands wei e treated for 690z 7dwt. The roastei produced 1350z 16dwt. . „ qnßn The total estimated value is tduou. In addition, 14.93 tons of concentrates were saved, valued at t» In estimating the above values gold is taken at 150s a fine ounce. BELL HOOPER COMPANY The secretary of the Bell Hooper Cromwell Gold, Ltd., advises that only sufficient men are being employed to maintain the mine in proper condition and safety and for development work Development work has indicated that a small section adjoining the claim is desirable for the lulier development of the company's area, and negotiations are in train to worK this area in conjunction with the main claim. TALISMAN DUBBO RETURN Fifty-four tons of ore were treated at the Golden Dawn battery last week for an actual return of £327. MACETOWN DEVELOPMENTS, LTD. The report for the period ended January 30 states that preparations for the sinking of a winze on the Homeward Bound new find are progressing rapidly. Ten samples were taken trom the prospecting tunnel over a distance of 30 feet and assayed from 3oz I2dwt a ton down to 19dwt 14grs. Another shoot of ore 250 feet in length has been trenched. Samples have not been assayed, but good dish prospects were obtained. Ihe toiai length of the shoots located at the surface is approximately 700 feet, these are independent of the shoots previously worked. Good progress is being made with the repairing of the Homeward Bound low level and 30U feet is now in excellent order. The object of this work is to eir.ble the old Homeward Bound ore shoot to be sampled, also to enable the new shoots to be intersected at this level, which is approximately 500 feet lower down and further west. Prospecting the Maryborough and Sunrise sections is in progress and four samples of ore assayed from lldwt 7grs down to sdwt sgrs. In the Sunrise section an assay went 2dwt 15grs. The low level of the Maryborough mine is out of alignment with the pitch of the ore shoot previously worked in the top levels. Approximated 150 feet of rlrivina west is required to correct this error.

NEVIS SLUICING CLAIMS The directors of Nevis Sluicing Claims. Ltd., visited the claim on February 1. when an inspection of the race proved that an excellent job had been made, and it was capable of carrying all the water required tor both top and bottom claims. Schoolhouse Creek is at present carrying between 40 and 50 heads, and work will not be hampered for lack of water The plant is a good.' efficient one, and has been well asembled. Six weeks' sluicing on the top claim produced 320z, the gold being from fine to lldwt nuggets. A face is being opened out on the lower claim with two nozzles operating with a pressure of 300 feet.

FOREIGN EXCHANGES (BRITISH orrP'iAi. v. irei.e-;-?.) I.TUiV. Fcl.ni.iry 1. Par. l'Yl.. -• I'''l>- 1. Pari.-, fr. 1.. . 1 1 -_•-! .21 7 1 'J ■:■.-• 7 I 9-32 New York, dol. In CI 1.800 4,57 i -I.S7JJ Montreal, dol. ,„ .:) l.soo -1.57.1 -).S7^ Brussels. l.clsiis in «-| ::r. 21.01 c 2 1 fli'iievii, fr. In '•i 2.7 u_; i:. 1.7.1 i ■'. 17.1 U Amsterdam, il. ~, il 12.107 7.2 I', 7.2-1 i .Milan, lire In si ;t::.-4 7 r.Tj 77:; Berlin, mm markcn tn vi 'jii.i;i 12.21 i-- 1 Stockholm, kr. t» .ci ih.i.v.i i!i.:i!>L iti.uoi Cnpenhar.,',,. kr. tn .11 I R.1.V1 22.3!>i 22...9.. Oslo, kr. in CI 18.1.79 l!l.!)Hi J'.l.lMli Vienna. «rhi:s. In CI 3-1.585 'Jl'. 1 , 21',.', J'nißiip, kr. i„ CI Hil.CO 1171 I 17.1 Jielsinufurs, murks In ci 193.2:1 vj-Jii-l --'"'i Madrid pcselas m .ci 25.22 :i."> 27"2 :;.".« Bisoon, escii(lns to CI 110 1 10.1 1 10.1 A linns, drarh tn .CI ST.7 .7 1.7 .7 1.7 P.ucliarrsl. l-i K. .CI «IS.(I -ts7i ■l'iTi Belgrade. dinar.-. 2.7.22 1.7 2 1.0 2 1.0 Kio fin .laneiru. pence to milri'is .. 4.892 -1.1 'II Buenos Aires. i/uiicc lo dol. 57 39J 393 Montevideo. ponce In dol. .77 39 : | 39:',' Bombay,'pence lo rupee 111 IS ■"> 32 '* ">-32 Shanghai, pence. to dol. * i~'i 17S JI One; KiillK> n0,,,.,, lo dol. * 21 .7 10 215-10 Yokohama. pence In von, * M 14 Warsaw, par zloi.vs in } i ■t:;.r.r, Biiluviii. guilders 12.107 * Determined hy price of silver. EXCHANGE RATES The. Hank of New South Wall's. Christchurch, nolilied (he, followiiic rate, as ruling yesterday for ils purchases and sales of i'oreigu exchange: Buying. Selling. New- York Dnl. to il N.Z. T.T. 3.95; 3.891 O.I). IJ.'Hii 3.90 Montreal Dol. to XI N.Z. 'I'.T. 3.9 I i 3.90 A 0.0. 3.95:! 3.91. Francs to .CI N.Z. T.T. r>o.:i:: 59.03 0.1). 00.03 59.08 Noumea— Francs lo £ 1 N.Z. 'J'.T. 6 1.28 .75.28 0.1). UJ .(iS 58.33 Papeete--Francs In £ 1 N.Z. T.T. 0 1.28 58.28 0.1). (jl.os .78.:;:) Belgium Belgas to £1 N.Z. T.'l'. 17.2.7!, 10.57!) O.D. 17.250 10.571 Kcirlmmrks lo £1 N.Z. T.T. !).o(i2 O.D. Italy— Lire to il N.Z. T.T. 0.1). Switzerland — Francs to £1 N.Z. T.T. 12.35.7 11.085 O.D. J 2.-100 11.993 Holland Florins to £1 N.Z. T.T. 5.i11.7 5.0!)0 0.1). 6.008 .7.712 JavaFlorins toil N.Z. T.T. 5.915 5.600 O.D. 5.965 5.694 Japan N.Z. pence to yen T.T. ■ —■ 17 21-32 O.D. Shanghai— N.Z. pence to dol. T.T. 20 11-32 22 O.D. 20 7-82 21 15-16 India and Ceylon— N.Z. pence to ruvj. T.T. 22 7-16 22 25-32 O.D. 22 516 22 23-32 Hong Kong— N.Z. pence to dol. T.T. 25.11-32 27 1-32 O.D. 25 27-32 26 31-32 Singapore— N.Z. pence to dol. T.T. 3 17-10 3.72 O.D. 31 5-16 35 5-16

STOCK EXCHANGES CHRISTCHURCH YESTERDAY'S TRANSACTIONS There was a moderate turnover on call yesterday, with the bulk of the dealings in gold mining shares. Markets generally were firm at late rates. Transactions, exclusive of vestibule business, were:— Sales on 'Change £ s. d. 20 Bank of N.S.W. (cum div.) .. (2) 31 7 6 200 Timaru Brewery (7s 6s paid) .. .. 0 8 6 50 Australian Glass .. 3 4 6 100 Dominion Fertiliser .. 116 3000 Brian Boru 16) 0 0 8 500 Maori Gully .. .. 0 14 400 Mossy Creek (2) 0 2 4 500 Worksop Extended .. 0 2 lOi Sales Reported 2500 Skippers . . (2) 0 0 6i 250 Okarito .. .. 0 8 2 600 Big River .. .. 0 2 6 £3OO N.Z. Farmers' Co-op., 4i p.c. Stock, 1945 .. 82 10 0 100 Dominion Fertiliser .. 116 50 Milburn Lime 2 3 0 UNLISTED STOCKS Sales on 'Change 1200 Macctown .. (3) 0 14 Sales Reported 25 Woolworths (Sydney), ord., late sale Feb. 4 4 11 9 200 Woolworths (Sydney), ord. . . 4 119 4 11 6 Bank Shares Bank of New South Wales had dealings at £3l 7s 6d, market closing £3l 5s buyers, £3l 12s 6d sellers. Reserve Banks were easier, with sellers at £6 12s 3d, buyers at £6 10s 6d. New Zealand Breweries were firmer on buyers' offers 525, sellers at 52s 4d. Timaru Brewery, 7s 6d paid, were fractionally firmer at 8s 6d, sellers staying in at that price, buyers at 8s sd. Australian Glass advanced to 64s 6d, and more were wanted at 64s 3d, sellers at 65s 6d. Dominion Fertilisers were firm, with sellers and dealings at 21s Od, buyers at 21s sd. Milburn Lime were firm at 435. New Zealand Farmers' Co-operative, 4i per cent. stock, due 1945, changed hands at £B2 10s. Buyers of New Zealand Newspapers raised their bids to 34s 9d, sellers at 35s 3d. Sun Newspapers advanced to 4s lOd, and more were offered at 4s lid, buyers at 4s 6d. , Mining Big Rivers moved up a point to 2s Cd, sellers staying in at that figure, buyers at 2s 4d. Brian Borus relapsed to Bd, market closing id either way. Maori Gully were a shade easier at Is 4d, closing quotations Id on either side. Mossy Creek weakened to 2s 4d, and there were further sellers at that figure, buyers at 2s. Okarilos were firmer, with sellers and business at 8s 2d, buyers at Bs. Skippers remained unaltered, with sellers and dealings at 6id, buyers at 6d. Work-s-op Extended had business at 2s lOjd, market closing 2s 8d buyers, 2s lid sellers. ' Unlisted Stocks Macctown had dealings at }s 4d, and ] there were further sellers at that price, buyers at Is 2d. A late sale of Woolworths CSydney), ordinary, on February 4, was reported at 91s 9d, and dealings to-day were at 91s 9d and 91s Gd, with further buyers at 91s 3d. sellers at 91s 9d. LATEST QUOTATIONS N.Z. Government Debentures Buyers. Sellers. £ :•-. d. £ s. d. 4 p.c Ins.. 1937-40 102 15 0 • 4 p.c. Ins., 1943-46 100 10 0 107 0 0 4 p.c. Ins., 1952-55 108 15 0 3 : ; p.c. Ins., 1941 . . 4 p.c. Bonds 1937-40 4 p.c. Bonds 1943-46 106 10 0 ' 4 p.c. Bonds 1952-55 108 10 0 ] Rural Bonds . . -- 105 0 0 Other Debentures Glaxo. (V, p.c. 1945 102 0 0 Gisborne Sheepfarmers. 6'. p.c. 1941 " . 102 0 0 Banks Adelaide .. 5 17 6 Australasia <cum div.) 11 5 0 11 15 0 Comm. of Aust. (cum div.) 0 16 7 0 16 10 Comm. of Aust. (prcf., cum div.) 9 18 (i 10 5 0 Comm. of Sydney 16 11 0 17 0 0 E„ S., and A. . .■ 5 10 5 2 6 Natl. of A/asia. (£lO paid) . . 13 0 6 Natl, of A/asia. (£5 paid) .. 6 8 0 6 10 6 Natl, of N.Z. . . 3 110 3 13 0 N.S.W. (cum div.) 31 5 0 31 12 6 New Zealand .. 2 10 8 2 11 0 New Zealand ("D" Mort. shares) .. 1 11 9 1 12 2 Reserve 6 10 6 6 12 3 Union of Aust. . . 8 15 0 9 2 0 Insurance A.P.A. (ex div.) 0 10 7 National .. 12 7 13 3, N.Z. (cum div.) .. Loan and Agency Dalgety and Co. .. 8 11 0 8 19 0 Goldsbrough, Mort 19 2 19 9 Natl. Mort. "A" (cum div.) . . 2 13 0 N.Z. Guar. Corpn. 0 5 10 N.Z. Loan Ki. Merc. (ord. stk.) .. 46 0 0 49 10 0 United Bldg. Soc. 116 119 Shipping P. and O. Deferred Stock .. 10 0 13 0 Frozen Meat Canterbury . . Gear .. 119 13 0 N.Z. Refriu. (£1 paid, cum div.) 10 0 110 N.Z. Rcfrig. (10s paid, cum div.) 0 10 2 0 10 3 Woollens Bruce .. 0 14 0 Kaiapoi (17s pd.) • 0 15 6 Kaiapoi (7s pd.) .. 0 5 0 0 5 5 Kaiapoi (prcf.) . . 0 18 0 Coal Westport - Stockton (ord.) . . 0 2 9 Westport - Stockton (pref.) .. 0 3 6 0 5 0 Gas Auckland (ex div.) 16 6 17 6 Ch.Ch. (cum div.) 1 15 3 1 15 9 Ch.Ch. GOs pd., cum div.) .. 0 16 4 0 17 0 Gisborne .. 0 15 0 Timaru .. Wellington (cum div.) .. 2 3 0 Breweries New Zealand .. 2 12 0 2 12 4 Staples (cum div.) 1 12 6 1 13 9 Timaru (7s 6d pd.) 0 8 5 0 8 6 Tooheys .. 1 10 6 Miscellaneous Amal. Wireless (contr.) .. 2 16 22 9 Anthony Hordern 0 18 7 0 19 0 Aust. Glass .. 3 4 3 3 5 6 Aust. Iron and Steel (pref.) 13 3 14 0 Beath and Co. (Is paid) .. 0 9 6 British Tobacco .. 1 18 9 1 19 3 Broken Hill Prop. 2 12 1 2 13 0 Claude Neon (Sydney) . . 22 6 2 9 6 Colonial Sugar .. 41 5 0 41 17 6 Consolidated Brick 0 9 3 0 9 10

: Buyers. Sellers. £ s. d. £ s. d. Dominion Builders' Supplies .. 0 4 0 Dominion Fert. 115 116 Dunlop Perdriau Rubber 019 0 019 7 Electro. Zinc (ord.) Electro. Zinc (pref., cum div.) .. 1 13 3 Evans Atlas Flour 1 19 0 Hume Pipe (Aust., cum div.) .. 014 0 017 0 Kauri Timber .. 018 9 018 11 Natl. Electric (ex dix) 010 0 013 6 N.Z. Drug Co. .. 317 6 319 6 N.Z. Farmers' Coop. (Ist pref.) .. 117 6 N.Z. Farmers' Coop. "A" (2nd pf.) 012 6 17 0 N.Z. Farmers' Coop. (4i p.c. Stk., 1945) .. 80 0 0 83 15 0 N.Z. Newspapers 114 9 115 3 Quill. Morris (in liquidation) .. 0 311 0 4 4 Sun Newspapers .. 0 4 6 0 411 Woolworths (N.Z.), ord. ..900 Woolworths (N.Z.), pref. .. Woolworths (Syd.) Ist pref. . . 18 0 110 6 Woolworths (Victoria), pref. .. 1 10 0 Mining Alexander .. 0 18 0 0 18 9 Alexander (15s paid) .. 017 0 018 0 Bell Hooper .. 0 0 1 0 0 3S Bell Kilgour . . 0 0 3 Bendigo Goldlights .. 0 010 0 10 Big River .. 0 2 4 0 2 6 Brian Boru .. 0 0 7J 0 0 8J Euratha .. 0 5 6 0 7 0 Charleston .. 0 0 9 Deep Lead .. 0 19 0 22 Gillespie's Beach 0 1 6J 0 1 8 Glenroy .. 0 0 8 Golden Dawn .. 0 2 6 0 2 7 Golden Point .. 0 0 0i 0 0 l.i Golden Sands 0 22 0 2 9 Goldfields Dredg. 0 0 9 0 0 9£ King Solomon . . 0 3 7 0 3 9 Maori Gully .. 0 13 0 15 Lawson's Flat .. 0 0 2J 0 0 4 Maerewhenua .. 0 0 1 0 0 3 Mahakipawa .. 0 0 9! 0 0 10 Mahakipawa (pf.), 1929 issue .. 0 11 0 1 5J Mahakipawa (pf.), 1930 issue .. 0 10 0 15 Mataki .. 0 16 0 2 3 Moonlight Nelson Creek .. 0 0 \\ Mining House Concessions .. 0 0 4 Mossy Creek .. 0 2 0 0 2 4 Mount Lyell 017 5 0 17- 8 Mount Morgan .. 119 6 2 0 0 Nevis Diesel El. 0 0 1-3003 New Cornish Pt. 0 0 2£ 0 0 6 Nokomai .. 0 2 1 0 2 7 Okarito 0 8 0 0 8 2 Peninsula Tin (15s paid) .. 10 0 14 0 Rawang Tin .. 0 7 9 0 8 1 Sandhills Gold .. 0 0 4 Skippers .. 0 0 6 0 0 6i Upper Sholover (lOd paid) .. 0 0 1 0 010 Grand June. .. 0 4 8 0 4 9 Waitahu .. 0 2 6 Worksop Extend. 0 2 8 0 211 Kuala Kampar .. 013 6 015 0 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. £ s. d. £ s. d. Assoc Motorists Petrol (pf.) .. 13 6 Alliance Advance (£1 paid) .. 012 0 Ben Ledi 0 0 3 0 010 Argo Gold GOid paid) .. 0 14 0 1 5J Barrytown (10s paid) 12 0 19 0 Carbonic Ice .. Golden Gully .. 0 0 9 Moonlight Goldfields .. o o in o 2 o Macctown .. 0 12 0 14 N.Z. Mining Inv. 0 0 7 0 1 01 N.Z. Perpetual Forests . . 2 5 0 2 7 6 Mount Morgan Development 0 3 5 0 3 9 Para Rubber (15s paid) . . 0 15 9 Procera Bread UOs paid) 013 3 014 3 E. Reece, Ltd. (pref.) .. 0 4 0 Regent Theatre Build. (Ch.Ch.) 0 5 0 0 7 3 South Seas Fish. 0 8 0 Snowy River 0 0 1£ Upper Watut (2s paid) 0 6 9 0 7 3 Were's Invest. » Trust .. 0 4 0 Woolworths (Syd.), ord. .. 411 3 411 9

AUCKLAND £ s. d. Sales on 'Change 4 per cent. Bonds, 1940-44 103 10 0 National Bank of A/asia. (eon.) .. ..680 Bank of New Zealand (2) 2 10 11 N.Z. Insurance (2) 3 9 9 3 9 6 South British Insurance .. 4 17 3 N.Z. Guarantee Corpn. .. 0 6 0 Auckland Gas (ex. div.) .. 16 9 Taupo Totara Timber .. 0 5 4 New Zealand Breweries .. 2 12 0 Electro. Zinc .. .. 116. N.Z. Newspapers .. 1 15 0 Wilson's Cement ■ 1 13 6 Big River .. .. 0 2 4 Brian Boru .. .. 0 0 8 Golden Dawn .. .. 0 2 6 Goldfields Dredging ..0 0 9} King Solomon .. 0 3 9 Waihi Junction .. 0 4 8 Sales Reported Woolworths (Sydney) .. 4 116 Golden Crown (2s paid) .. 0 4 0 DUNEDIN Sale on 'Change £ s. d. King Solomon .. 0 3 8 Sales Reported National Insurance .. 1 2 10 Dominion Fertiliser .. 116 Timaru Brewery .. 0 8 8 Bendigo Goldlight .. 0 0 11 Okarito .. .. 0 8 2 4 per cent. Bonds, 1949 ..107 0 0

WELLINGTON Sales on 'Change £ s. d. Rural Bonds, 5 p.c. 1947 (2) 104 15 0 Bank of N.Z. <D Mort.) .. 1 12 3 Christchurch Gas (cum, div.) .. .. 1 15 6 New Zealand Insurance .. 310 0 Union Steam (pref.) .. 17 6 Taupo Totara / 0 5 3 Tooth's Brewery .. 2 110 Sydney Ferries (late Mon.) 0 9 2 Gear Meat .. 12 4 Colonial Sugar (2) 41 17 6 Broken Hill Pty. .. 212 6 Sales Reported Woolworths, Ltd. (ord.) (3) 411 6 SYDNEY On the Sydney Stock Exchange yesterday, the investment market continues fairly strong in the case of high priced issues, but lower-priced issues were weaker. Bonds 'were quiet as also was banks, but stronger buying interest was displayed in gold and tin shares. Morning Sale £ s. d. Commonwealth Bonds — 4 per cent., 1941 .. 105 17 6 4 per cent., 1944 .. 107 15 0 4 per cent., 1947 .. 109 12 6 4 per cent, 1950 ..111 7 6 4 per cent, 1961 ..111 7 6 Australian Gas, A ..820 Tooth's Brewery .. .. 2 110 Anthony Hordern , 0 19 li Anthony Hordern fpref.) 16 3 Associated Newspapers .. 14 0 British Tobacco .. .. 1 19 3 Broken Hill Proprietary .. 2 13 3 Colonial Sugar .. .. 41 17 6 Dunlop Rubber .. .. 019 6 Afternoon Sales Commercial Bank of Sydney .. .. 17 1 0 Colonial Sugar .. .. 42 0 0 Associated Newspapers . 14 0 Burns, Philp (South Seas) 1 7 6 Australian Gas, A ..820 British Tobacco .. .. 1 19 3 Tooth's Brewery .. .. 211 0 Toohey'r Brewery .. 1 10 3 Dunlop Perdriau .. .. 0 19 6 Dalgety's .. .. 8 12 6 Goldsbrough, Mort .. 1 9 U Wilcox Mofflin .. .. .0 10 0 Moms Hedstrom .. 0 18 6 Henry Jones .. .. 1 17 3 Electrolytic Zinc .. l i 74 W. R. Carpenter .. 2 5 6" General Industries .. 0 15 0 General Industries (pref.) 17 0 G. J. Coles .. .. 2 16 3 Standard Cement .. 10 101 Anthony Hordern .. 019 0" David Jones .. .. 2 0 0 Euratha .. ~ 0 6 5 Mount Morgan .. ~ 2 0 0 Mount Lyell .. .. 018 0 Rawang .. .. 0 8 2 Larut .. .. 0 12 7 Placer Development .. 28 0 0 MELBOURNE £ s. d. Commercial Bank of Australia .. .. 017 1 Australian Glass (pref.) .. 22 6 Herald a.od Weekly Times 217 6 Huddart Parker .. .. 1 18 0 Howard Smith .. .. 0 17 0 South Broken Hill .. 317 0 North Broken Hill .. 5 0 0

WAR LOAN STOCK (BUTISB OMICHX WIMLISS.) RUGBY, February 4. British 3i per cent. War Loan stock is quoted as follows: £ s. d. February 4 .. .. 108 15 0 February 1 .. .. 108 16 3 January 29 .. .. 108 17 6 January 23 .« .. 109 3 9 January 21 .. .. 109 8 9 January 15 .. .. 109 7 6 RANGIORA MARKET There was a good attendance at the weekly market yesterday, and the stock entries were iin increase on recent sales. Although the dry spell is affecting the green feed, store lambs are still selling well. The following was the range of prices:— Fat lambs made from 19s to 19s Bd, fat ewes made from lis to 13s Id, store lambs lis 3d to 14s Bd, forward wethers 14s to 18s 6d, and aged ewes 4s lOd. There was a yarding of 14 head of cattle. Dairy cows made from 20s to £4. ss, store cows 10s to 15s, bulls up to 255. In the pig pens prices were slightly easier. Porkers made from i'l 17s Cd to £ll9s (3d. big stores 25s 6d to 30s (id, small stores 23s to 225, good weaners 14s 6d to 17s, small weaners 8s to lis. TINWALD SALE There was a good entry of fat sheep at the Tinwald sale yesterday, the yarding consisting chiefly of ewes. Values in this section showed a drop of about 2s a head, due chiefly to the fact that one of the leading export firm's buyers was not operating. This was stated to be due to the recent (juota restrictions placed on the number of sheep to be killed for export purposes. The best price received was 15s Id for a yen of seven ewes sold on account of Mrs L. Fleming, Methven. There was keener competition for fat lambs, which showed an advance of about Is a head on last week's values. The sales were as under:— Fat Ewes—On account of G. \V. Ross (Ruapuna), 5 at lis lOd; C. L". Ross (Lagmhor), 12 at 12s Id, 15 at lis; C. J. Johnstone (Ruapuna), 10 at lis; Selma Estate (Chertsey), 7 at 13s Id, 33 at lis lOd; C. L. Hansen (Hinds), 5 at 13s 4d, 13 at 12s 4d. 7 at 12s Id, 10 at Us lOd; H. Lamb (Yaletta). 54 at 9s 10d. 30 at lis lid, 35 at 12s 4d; R. A. Jackson (Seafield) (5 at 9s 4d; A. V. Barrett (Mavfield), 8 at Us lOd; X. S. Murdoch (Mavfield). 9 at Us 10d, 11 at 13s 4d, 10 at I2s 4d; .1. Taylor (r.ongbeach), 3 at lis lOd: Mrs I/. Fleming (Methven), 7 at 13s Id. 7 at 12s

lOd, G at lis lOd, 7 at Us Id; .1. M. Oakley (Tinwald), a at 12s 6d, 5 at lis 4d; T. H. Chapman (Willowbv), 21 at Us 10d, 12 at 10s; H. Dolman (Willowby). 12 at 13s Id, 8 at 12s Id; E. ilerrin (Tinwald), 1 at 17s 3d; H. Miller (Lapmhor), 8 ;u Us lOd, S at l-.'s 4d, 7 at 10s -Id, !) at 12s 4d, 9 at 10s 4d, 10 at 2ls Id, 11 n; at Us 7d, 10 at 10s 4d. 9 at 10s 7d: T. C. O'lirady (Willowby), 9 at 12s Id. 9 nc Ids 4d; A. Adams (Loweliffe), 6 at 12.; Id, 10 at Us 4d, 9 at 10s lOd, 13 at 9-. 4d; W. l.angdon (Valetta), 8 at Us 7d, 7 at 12s Id, 7 at Us lOd, 6 at 10s 7d, IS at. Us lOd, 7 at 12s 4d. 10 at Us 4d. li at 12s Id 4ti at Us; \V. J. .Allan (Ruapuna.l, 7 at 12s Id, 3 at Us 4d; J. Papworth (Willowby), 11 at lis 4d, 62 at Us 4d; H. Askin (Ealing). 7 at lis lOd JO at Us 4d; E. C. and H. White (Eiffeltoni, U at l'Js 7d, 8 at l'Js Id, 14 at Us 6d, i:t at 12s Id; V. W. Wright (Lagmhor), i:i at 12s 7d, 15 at 12s 4d, 11 at 12s 4d; I. F. Kead (Eiffelton), 9 at 12s 7d • P H. Read (Eiffelton), 10 at 12s 7d, 7 at 12s Id, 43 at 10s lOd; K. Weston (Waterton), 6 7 at 9s Id; H. Askin (Ealing). 29 at 8s lOd. Fat Wethers—On account of G. W. Ross (Kuapuna). 3 at 23s 4d, 5 at 19s Id; S Murdoch (May-field), 3 at 21s 4d; K. C.'ami H. White (Eeiffelton), 7 at 22s Id; I. F. Read (Eiffelton), 7 at 21s, 5 at 20s 7d. Fat Lambs—On account of C. J. Johnstone (Kuapuna), 65 at 19s 7d; J. Taylor (Longbeach), ;: at 22s lOd; R. A. Jackson (Seafield). 5 at 20s 4d. 4 at 18s 7d; J. St. Oakley (Tinwald), 61 at 21s 4d. 5 at 18s; 1 at 26s 6d; \V. Merriii (Eagmhor). 1 at 21s; T. H. Chapman (Willowby), 142 at 17s lOd; A. Adams (Lnwcliffe). 24 at 20s; !.. Brown (Tinwald), 1 at 255; R. Cror (Ashton). 12 at 15s 4d: P. H. Read (Eiffelton), 9 at 22s 7d; I. F. Read (Eiffelton). 20 at 22s lOd. Store Sheep—l 79 lambs at 10s, 92 at 14s 100 at 15s 9d, 73 at 10s lffd, 47 at 14s lOd. 88 at 10s 4d. Cattle—On account of W. Giddings (Ealing). 1 fat bullock at £7 2s 6d: J. Kane (Willowby), 2 fat steers at £7 2s 6d. Other sales: Fat cows, 2 at £3 ss. 2 at £2 10s, 1 at £3, 2 at £4 15s. 1 at £4. 1 at £3 ss; cow, due second calf in a week. £3. j,,,]] 15s, fat heifer £4 7s fid. 3 calves at ss, cow and runner £4 7s fid.

LORNEVILLE STOCK SALE (?*ISS ASSOCIATIOX TILIftmAM.) IXVERCARGILL, February S. Tliore was a large yarding: of fat sheep at the Lorneville stock sale to-day, hut wethers were in short supply, and price? improved in consequence. .Store cattle were in smaller yarding, Forward attendance was poor and competition petition indifferent. A truck-load of speyed Hereford cows realised £2 Is, empty wellgrown heifers £1 Is to JCI ' 10s. yearling steers £1 17s, and well-grown calves 12s. Store Sheep—Practically the total entry in this section was comprised of store lambs, and the sale was quite a good one, due no doubt to the increased fat lamb schedule which operates from to-morrow. Best forward rape lambs sold at 19s Id, good rape lambs 16s to 17s 6d, with average sorts from 14s 6d to 15s 6d. Cull lambs made from 8s 6d to lis 6d, and aged ewes 7s 6d to 9s. Fat Sheep—There was a full yarding of fat sheep, made up almost entirely of ewes, and there were hardly sufficient wethers forward for butchers' requirements, owing to the short supply. Wethers showed an increase, and ewes were hardly as firm as in the previous week. Good quality wether values reached up to 265, medium 23s to 24s 6d, lighter and unfinished down to 21s. Prime quality young ewes made up to 17s 3d, good quality sorts 15s to los 6d, anil freezing ewes from 13s 6d to 14s 6d, according to quality. There was also a good entry of fat lambs and prices improved in accordance with ths recent alteration in the export scheduln. Prime heavy lambs made up to 26k, prime liPHvy freezing weights from 23s 6d lo 24s lid, good quality 22s to 235, and unfinished down to 20s. Fat Cattle—As was the case last week. the fat cattle yarding consisted mostly of cows, only about two tnirk-lnnds of bullocks being included. There was little change in prices. WEEK'S MARKET H. C. Smith, the City Market, report the following sales privately and at auction last week:—Bay gelding £5 10s, do. £5 15s, bay mare £2 10s, bay gelding £3, black pony £3 ss, bay mare £5, brown gelding £7 13s, black and white heifer £3 15s, Jersey heifer £5, Jersey cow £3 10s, hand chaffcutter £2 ss, one-horse grass mower £ll, set harrows £2 15s, double-furrow plough £lB, singlefurrow plough £2 15s, gig £4 10s, gig harness £2 10s, part set harness £2 10s, draught collar £1 15s, winkers 12s 6d, riding saddle £2 15s, rubber-tyred gig £7 17s 6d. five tanks £27, round tank £2 15s, open firo boiler £1 12s 6d, bath £1 ss, windmill £4, lathe £2, range £4, .do. £2, do. £4 10s, copper cylinder £2 ss, two windows £2, van hood £2 ss, double window £2 2s fid. separator £4 10s, meat safe £1 ss, electric motor ,±'2 ss. do. £1 15s, bicycle £1 15s, do. £2 15s, do. £3 los, do. £3 10s, do. £3, do. £2 ss, do. '£3, do. £2 ss. do. £2 2s 6d. carpet £3, duchesse chest £2 I2s 6d, armchair £1 ss, double wood bed and wiro £3, hearthrug £1 17s 6d, mirror £1 2s 6d, pushchair £1 ss, carpet runner £2 15s, wardrobe £2 ss, do. £2 los. couch £3 2s fid, set shop scales £8 ss. hcarthug £2 7s 6d, six chairs £2 13s, double wood bed and wire £2 17s fid, couch and squab £2 12s 6d. | colonial couch £3, duchesse chest £2, dining I table £4 15s, four-piece suite £l2 ss, d.l. table £3, extension table £1 17s 6d, carpet