FINANCE AND COMMERCE

Press, Volume LXXI, Issue 21534, 25 July 1935, Page 15

FINANCE AND COMMERCE

FROZEN PRODUCE LETTER L4f*p MARKET PROSPECTS MARKING IMPORTED MEAT (Fboii Oca Special CoaajgpoxDEK?.) LONDON, July 4. An awkward situation has just arisen on the home market in regard to imported lamb. Heavy Arrivals from Australia, at the commencement oC the season for New Zealand lamb, placed a tax upon the cold storage accommodation at Smithfield and other large wholesale centres. Unfortunately, the Australian lambs have been slow to move, and, in an attempt to clear stocks on hand, ,the importers stiffened the price of New Zealand carcases by Id per lb, to create a keener demand for the Australian sorts. As further justification for the experiment, it was pointed out that up to the beginning of July more than 7.000,000 carcases were expected to arrive at Smithfield from all sources, in store, alloat, and due to leave overseas ports, while heavy falls of Scottish, Irish, and English lambs are coming forward. Patagonia alone is sending 3,500,000 lambs to the United Kingdom, of which Smithfield expects to receive 1,250.000. While the importers' action in stiffening New Zealand prices may have been justifiable, the attempt has failed on account of the onset and continuation of hot weather having occasioned a further substantial decline in the demand for meat of all descriptions Tt was hoped that 2,000,000 Australian lambs would have left the hooks at Smithfield during the last four weeks: actually only about 800,000 have been cleared. It is doubtful whether the .small increase of id per lb, which was all buyers could be persuaded to advance for the best grades of New Zealand lamb, can be maintained. The problem is what to do later on with surplus stocks at present in store, particularly as some are already showing the effects, to a marked extent, of long storage.

Empire Beef Chilled beef from' Empire sources hag been very much in the public eye of late, and retailers are displaying more interest in this commodity, particularly in view of the recent agree- ; merit entered into by the Argentine Government with the Sansinena Meat Company, the Smithfleld and Argentine Meat Company, and the Co-oper-ative Wholesale Society. The Argentine Government has agreed to hand ever to these concerns the 11 per cent, of "free" beef under her quota arrangements, instead of making a pro rata division-among all the firms engaged in the South American meat trade. The term "free" beef is applied tci the proportionate quantity available for export which the Argentine Government retains for itself in C'tcipexion with the. Anglo-Argentine ' tr'jide the various meat works handling the cattle and preparing the beef for export on the Government's behalf., It is thought that the co-oper-ative societies will derive a big advantage over the ordinary retailei from the new arrangement, and that the fact that Argentina has made certain concessions in regard to her quota will occasion some shortage on ■ Smithfleld of the best grade of chilled beef. Addressing a leading body of butchers, a past-president of the National Federation of Meat Traders' Associations drew attention to this fear, and pointed out that the trade would have to turn more to Empire supplies..-"We all agree with Empire preference," he said, "but if we arc going to be thrown back upon the class of chilled beef that Australia, New Zealand, and South Africa have been sending, I am afraid we shall be getting into serious trouble with the consumer^' That seems to b" the general attitude 111 the trade, and it is declared on every hand that the Dominions have a good deal to learn from the Argentine before they can replace the South.] American commodity on the United Kingdom market. Most of tho Empire quarters are from aged, heavy cattle, although a recent shipment of chilled quarters from prize young heifers sent here from the Imlay works, represented the Empire's best effort yet, and quite on a par with Argentine beef so far as age, weight, and quality were concerned. Unfortunately, a good many of the quarters were too dark in the eye of the meat through insufficient resting prior to slaughter. In general, butchery in New Zealand, seems to have improved vastly- of late, although chines still require more accurate centring. South Africa's herds are also improving, but Rhodesia Is lagging far behind. There is evident need for the infusion of now blood in our overseas herds. Frozen Pork Loins The standing committee set up by the Minister for Agriculture in connexion with the Merchandise Marks Act has just issued a White Paper regarding the application made against the requirement for a mark denoting the country of origin to be stamped upon skinned leins and skinned shoulder cuts of frozen pork. The report:'states that the committee was informed that the trade in these joints ■was of a regular though fluctuating character. The high level of imports veaqhed last year was not likely to be maintained, and for various reasons trade representatives at a special enquiry stated that they anticipated that the imports of frozen pork would tend to decrease in quantity. Reference was made to the fact that at the moment the importation of frozen pork was subject to quantitative restrictions, and about one-half of the imports consisted of skinned joints. The joints in question were invariably •wrapped individually and packed in boxes containing 50.1b of meat, representing four to eight joints in a box. The loins, as well as some of tho shoulder cuts, bear a small inspection . mark placed on each joint by the appropriate government authority in the exporting country. In the case of the shoulder cuts, however, this mark was usually placed upon the boxes. It was macjc QJear by the importers that they we if not opposed to the imposition of a requirement that skinned loins and shoulder cuts of frozen pork should bear an indication of origin, but their sole concern was the manner of marking. They contended that the application of a mark to the joints would present considerable difficulty owing to the absence of fell or bark, while during the process of preparation for market not only was the skin removed from each joint, but also a part of the fat. As regards the main issue, the-com-mittee felt it was difficult to resist the argument that, on ail material points, there was little difference between' - the. question of marking skinned loins,' and shoulder cuts, of frozen pork and that of mai'kinf} rindless bacon and hams. The same manner of marking, viz., on . each container or wrapper, was equally suitable, and they recommended, accordingly, that the imported meat prder of 1934 should be amended on those lines.

CANADIAN WHEAT CROP DAMAGED BY RUST ' OTTAWA, July 23. Careful observations show that rust is taking serious toll of the prairie wheat crop. According to the Dominion crop report, only the threshing result will reveal the extent of the damage.

THE POTATO ! EMBARGO AN AUSTRALIAN OPINION LITTLE COMPETITION FROM DOMINION ft is hard to understand why the Commonwealth Government persists in keeping the embargo on New Zealand potatoes, as by doing so Australia loses a lot and gains nothing, says a v/riter in the Sydney "Morning Herald." Th; excuse for the embargo is to protect Australian potato growers from the competition of New Zealand potatoes, but investigation of the facts shows quite plainly that there is no need for such protection, as the costs on New Zealand potatoes are so high that there is no chance of importing them into Australia except in a year when local supplies are short and prices are abnormally high. Even at present, when prices are very high, it is impossible to import, as the landed costs of New Zealands would be over £l4 a ton, made up as follows: _ £ s. d. Cost f.o.b. New Zealand Ports .. .. 710 0 Duty .. „ 2 10 0 Primage .. .. 016 (5 Freight .. .. 1 .15 0 Sorting and stacking ..020 V/narfage .. ..040 Weighing and loading .. 0 1 0 Inspection -. .. 0 0 G Insurance and exchange 0 2 3 Sales tax .. .. 014 0 Loss in weight .. 0 7 0 Total .. ~14 3 3 It would be necessary to sell these at £ls a ton here to provide for 5 per cent, profit or selling commission, whereas similar quality Australian potatoes are offering at £ll to £l3 a ton. In most years, when prices are normal, the same quality only realises £4 to £6 a ton, which would not nearly cover the charges alone on New Zealands without allowing anything for the potatoes, so it can be readily seen that-if there were no embargo New Zealand potatoes could only be imported when prices were very high owing to Australian shortage of supplies, and in such a case our growers would not suffer through the importation. On the other hand, as a result of the embargo, New Zealand has retaliated by placing an embargo on Australian •onions, citrus _ fruits, passion fruit, and many other lines which has resulted in an annual loss of several hundred thousand pounds to Australia generally and to our fruit and onion growers in particular. At the present" time Mew, Zealand is short of onions and buying from Japan in preference to Australia on account of the embargo, which is an appalling state of affairs, seeing that Australia and New Zealand are both British. Protect the potato growers by all means, and help them as much as possible, but why sacrifice other growers by imposing an embargo which is of | no benefit to anyone? I

[ Queensland national BANK DIVIDEND RATE MAINTAINED The Queensland National Bank, Ltd., reports a net profit of £89,692 for the year ended June 30, compared with £67,411 the previous year. The dividend is maintained at 4 per cent., and requires £70,000, and £18,787 is carried forward, against £19,095 brought forward. The dividend is free of Queensland income tax and without deduction in respect of Federal income tax payable by the bank. The report states that a .slight improvement in the demand for accommodation has taken place during the year. The directors hope that it will continue, and enable them'to use to better advantage a portion of the funds now temporarily invested in Commonwealth loans. Total deposits have increased by £509,740, fixed deposits being higher by £10,679, and current accounts higher by £493,001 During the year £39,489 of the interminable inscribed deposit stock was purchased and cancelled. Referring to the breaking of the drought in Queensland, the report states that provided the sheep and cattle men are allowed to carry forward their losses for taxation purposes, with perhaps temporary relief in rentals, together with low interest rates, their industry should revive as it has in the past. The bank deos not anticipate making capital losses of any magnitude. G. .1. COLES' PROFITS After providing for taxation, accounts of G. J. Coles and Company, Ltd., subject to aud't, d'sclose net profit of £131,444 for the yi'ar to June 30 last, against £90,327 in the previous year. Payment of preference dividends at the rate of 8 per cent, and ordinary dividends of 10 per cent, per annum, plus a bonus of 2 ; ! per cent, paid in April last, took £101,699. It is intended to place £30,000 to general reserve, leaving £6ll to be carried forward, against £866 brought in.

SIR GEORGE JULIUS JOINS N.Z, DIRECTORATE (PKKSS ASSOCIATION MLruKAM.; TIMAKU, July 24. Advice has been received in Timaru , from Sydney that Sir George Julius, the eminent civil engineer of Sydney, has accepted a seat on the board of directors of the Whakatane Paper Mills, Ltd., PROPERTY SALES N. H. McCrostie and Company report having sold, on account of Mr Wool edge, his section, situate Heywood terrace, city, containing 28 perches, to a client, at a satisfactory figure. Messrs Ford and Hadfield, Ltd., report that following upon their having offered for sale by public auction on account of the mortgagees the nineroomed, two-storeyed residence situated 807 Colombo street, having sold same to a client. Binns, Barber, and Company report having sold on account of Mrs Gwatkin, her five-rootned residence with quarter-acre, situated Reeves road, Opawa; also, on account of Mr Cohen, his five-roomed house, situated Cecil street, Waltham.

COLOMBO TEA AUCTION (rasas association TELEOKia.) DUNEDIN, July 23. Mr L. M. Wright has received the following cable report on the Colombo tea auction, held yesterday:—"At yesterday's auction of 1,710,0001b, common teas, remained steady, while all other grades were dearer. The quality of offerings again showed improvement. At next week's auction, 1,510,0001b are catalogued for sale."

FREEH TRADE DESIRED

AUSTRALIAN OPINION TRADE COMMISSIONER'S IMPRESSIONS Mr R. H. Nesbitt. Australian Trade Commissioner, returned to Wellington on Tuesday, from Australia, where he spent a few weeks partly on furlough and partly on official business. lie was engaged for some time in Melbourne and Sydney enquiring into the latest situation of certain contentious matters between the two countries. To a "Post" reporter he said that he discovered a genuine desire on the flovernment.nl side as well as amongst the commercial community for freer trade relationships with New Zealand. "An analysis of the articles which New Zealand could sell Australia disclosed that a very large percentage of these were also productions of Australia," he said. "Activities, therefore, would be mainly confined to goods which were not of kindred production. Building Activity '"ln Australia there is increased activity in the building trade, which will call for larger requirements of soft woods, these being drawn to a great extent .from New Zealand. It is pleasing also to find that Australia is much more interested in fish from ! New Zealand, and that there is a justified prospect of greater quantities beint; taken in the future. "The Question of the trade agreement between the two countries of course was one which was prominent in all the discussions: and the fact that the agreement has approximately only 12 months to run makes more important the projected discussion between members of the Ministry of both countries which it is anticipated will take place some time in the spring. "The fact that there is a heavy adverse balance in trade values as far as New Zealand is concerned is one which has to be faced; but it must be recognised that it is an impossibility to balance trade, at least in exports and imports, as far as ever}' individual country with which another trade is concerned. All countries find that in respect to their trading operations, there are some creditor and some debtor States. Economic Advantage "The problem, therefore, becomes one of a more equitable adjustment rather than an absolute balancing of trade figures. The fact will always remain that countries must trade where it is of most economic advantage. "Australia presents such an opportunity to New Zealand, and it is for this reason that New Zealand has been a big buyer from Australia in past years. The people of the Commonwealth, however, are very desirous that every facility should be given to New Zealand as far as the dispdsal of its goods in Australia is concerned. It is hoped, therefore, that the conversations which will ensue after the return of the Prime Minister and Mr Coates may be instrumental in bringing about such a state of affairs."

MIXING

Bi i.0i.0 gold dredging Mr Fred. G. Dunn, attorney for Ci uth:i Development, Ltd., ii.is receiver) the following Btilolo production report for June:—For month of June total gross production from dredges Nos. !, 2, 3. and 4 amounted to 13,021 ounces of bullion, containing 90G1 ounce.; of fine gold from 030,000 cubic yard:;. Estimated working profit, 5948 ounce,; of fine gold. The above production is equivalent to £79,283 15.;, and working profit to £52,0!"), on tin: besis of £3 los ( Australian) a fine ounce of gold. During June, No. 2 dredge wor.ked nine days practically without revenue, preparing a pond for deep digging dredge now being designed, and in this* period dredged (59,000 cubic yards of tailings. STAFFORD YIELD

For the week ended July 14, Stafford Gold':; dredge ran 120 hours, treating 12.519 cubic yards for 530z lOdwt smelted gold. PRICE OF TIN FLUCTUATIONS SUBJECT OF QUESTIONS 'BIUTXSU OFFICIAL V/1R1:1.E53.) RUGBY. July 23. In the metals market the cash price of tin was down to £233 a ton aftev yesterday's sudden rise to £245. Questions are to be asked in the House of Commons to-morrow regarding yesterday's events, and what action the Government proposed to take through its representation on the International Tin Control Committee

TRICE OF GOLD LONDON, July 23. Gold (a line ounce) is quoted:—

THE METALS MARKET i i-.m , AS.ioci.VNOX—. oi'VJiioin.)

DAIRY PRODUCE

I! UTTER MARKET FIRM Messrs A. H. Turnbull and Company, Ltd., report that they have received a cablegram from Messrs V/. Weddel and Company, Ltd., dated London, July 23, reading as follows: Danish butter 104s, New Zealand finest 925, kangaroos 88s. Market firm. New Zealand cheese, white and coloured, 435. Market quiet.

STOCK EXCHANGES

CHRISTCHURCH YESTERDAY'S TRANSACTIONS Markets generally continued firm on j call yesterday, and there was a good volume of diversified business. Trans- (, actions (exclusive of vestibule business) were:— i : LISTED STOCKS Sales on. 'Change ; £ s. d. : 100 Comm. Bank of Aust. (cum div.) .. 0 1C 11 50 Natl. Bank of A/asia. (£5 paid) .. 0 9 9 50 Dalgety and Co. (2) 8 2 6 100 Goldsbrough, Mort. .. 1 10 2 200 N.Z. Refrig. (10s paid) .. .. 0 9 11 50 New Zealand Breweries . .. .. 2 13 1 250 Timaru Brewery (7s Od paid) .. . . 0 9 2 300 Anthony Hordern (2; 10 2 1 0 3 100 Consolidated Brick • • 0 110 200 Dunlop Rubber '2) 015 9 200 Electro. Zinc (ord. cum div.) .. 18 7 J. 8 !) COO Mount Lyell .. 10 1 (5) 10 2 Sales Reported 1000 Maori Gully .. QIC £2OO N.Z. Farmer's 1 Co-op. 41 p.c. Stock. 1940 . . 87 0 0 250 Timaru Brewery (7s (id paid ) .. 0 9 1 100 National Insurance .. 1 011 UNLISTED STOCKS Sales on 'Change • 50 Woolworths (Sydney) ord. . . 4 Hi G 4 17 0 Sales Reported 500 Argo Gold . . .. 0 14! 100 Westland Breweries 0 9 3 50 Woolworths (Sydney) ord. .. .. 4 10 0 4 10 6 Commercial Bank of Australia (cum divid :id) remained unaltered with sellers and business at His lid, buyers at His lOd. National Bank of Australasia (£5 paid) were fractionally weaker at £G 9s !)d, closing quotations J 3d on either side. ! Miscellaneous National Insurance were firmer with business at 20s Kd, and more were offered at that figure, buyers at 20s Ci. Unsupported sellers of New Zealand Insurance (cum dividend) reduced their limits to 07s 9d. Dalgety and Company were easier at £8 2s Go. Goldsbrough, Morts changed hands I at 30s 2d. and there were further buyers at 30s sd. sellers at 30s fid. New Zealand Refrigerating (10s paid) were firm with sellers and business at 9s Id, buyers at 9s lOd. Kaiapoi Woollens (fully paid ordinary) were firmer on buyers' offers 16s 3d. New Zealand Breweries were fractionally weakef at 53s Id, market closing 53s buyers, 53s 3d sellers. Timaru Brewery changed hands at 9s 2d and 9s Id. closing quotations 9s 2d buyers, 9s 4d sellers. Anthony Horderns were fractionally Inner at*2os 2d and 20s 3d, and there ' were further buyers at 20s 2d, sellers ■ at 20s 4d. Buyers of Australian Glass j •raised their bids to 72s Od, sellers at . 75s (id. Consolidated Brick had busi- | aess {il. lis. market closing Id either j way. Colonial Sugar were firmer on \ buyers' offers £44 10s. Duniop. Perd- j 1 rlau Rubbers moved up a point to j 15s 9d, and closed firmer with buy- i ers at. 15s lOd. Electrolytic Zinc I (ordinary cum dividend) rose sharply | fo 28s 7d and 28s 9d, market closing I 28s 8d buyers, 29s sellers. New Zealand Fanners' Co-op. 4', per cent, j Stock, due 1940, were dealt in at £B7, | closing quotations £1 on either side, j Mining j" Maori Gully were a shade stronger | at Is (id. Mount Lyells had dealings , at 20s Id and 20s 2d, market closing ! 20s Id buyers, 20s 3d sellers. Mount | Morgans appeared easier, with sellers j at B(is 9d. Unlisted Slocks Argo Gold were tinner, with buy- , ers and business at is 4id. sellers at j is sd. Woolworths (Sydney; ordin- I ary rose sharply to dealings at prices \ ranging from 96s to 975. I

Woollens Kaiapoi (17s paid) 0 1G 3 0 16 (3 Kaiapoi (7s paid) 0 0 4 0 6 9 Kaiapoi (pf.) (17s) 0 19 (! 0 19 7 Coal Westport (10s> ~ 12 0 ■— Stockto.i (ord.) (<os> .. 0 2 (i Stockton (pf.) (10s) 0 3 0 0 3 8 Gas Auckland (cum div.) (£1) .. j. V 0 .1 8 ti Ch.Ch. (cum div.) (£1) J 16 2 1 16 5

Buyers. Sellers. £ s. d. £ s. d. Ch.Ch. (10s pd.) (cum div.'i .. 0 17 6 Timaru (£1) .. 12 3 Wellington (ord.) (£1) ..2 0 0 Wellington (pref.) (£1) ..146 Breweries New Zealand (£1) 213 0 213 3 Staples (cum div.) (£1) .. 113 10 115 0 Timaru (10s) .. 0 12 3 Timaru (7s 6d pd.) 0 9 2 0 9 4 Tooths (£1) .. 214 4 214 9 Melbourne Co-op. <10s) .. 22 0 2 4 6

UNLISTED STOCKS

All transactions in stocks quoted in this section are subject to a different vale of brokerage from listed stocks and are not quoted on the official list.

AUCKLAND Sales on 'Change £ s. d. Stock, 1939-43. 3?. p.c. .. 105 0 0 Stock, 1946, 4 p.c. . . 108 12 0 Ainali;. Brick (Wellington), 194*1, 11 p.c. .. 10! 0 0 Bank of N.S.W. <2) 32 10 (J Union Bank .. .. 9 2 0 Bank of N.Z. ... 2 11 (J N.Z. Insurance .. 3 7 0 National Insurance .. .1 (> 9 South British Ins. (2) 4 IB 3 North Auckland Farmers (B prof.) .. 0 12 0 Dominion Breweries .. 0 15 0 Anthony Hordcrn 10 3 British Tobacco .. .. 2 0 3 Cons. Brick .. .. 0 11 0 Farmers' Trading 0 7 2 Morris. Hedstrom 12 0 N.Z. Newspapers 1 18 6 Golden Dawn . „ ~ 0 2 9 Mount Lyell .. „, 10 0 Placer Development .. 32 0 0 Unlisted Stocks Astral Products (£1 pd.) 12 6 Golden Crown (Is pd.) .. 0 7 0 N.Z. Perpetual Forests ►. 2 10 Q

WELLINGTON Sates on 'Change £ s. d. Cli.Ch. Drainage Board, 4J p.c., 1937 .. 101 10 0 Dunedin City, 4i p.c., 1953 110 0 0 Bank of A'asia (Jate Tues) (2) 11 0 0 National Bank of N.Z. .. 3 8 9 Bank of N.S.W. (late Tues) (3) 32 10 0 (2) 32 10 0 Nat. Bank of A'asia .. 13 0 0 Nat. Bank of A'asia (£5 , 1 pd.) .. .. 6 10 0 Bank ox N.Z. (3) 211 6 Reserve Bank -. .. 6 9 6 Union Bank ... .. 9 2 0 South British Ins. .. 4 18 0 Kaiapoi Woollen (pf.) .. 0 19 3 Wellington Woollen (ord.) 6 5 0 Anthony Hordern (late Tues) 10 3 . (3) 1 0 2 Aust. Iron and Steel (pf.) 14 5 Big River .. .. 0 2 1 King Solomon .. .. 03 10

DUNEDIN Sales on 'Change £ s. d. Kaiapoi Woollen (cont.) .. 06 6 Mount Lyell .. (2) 10 3 Sales Reported Bank of N.Z. (2) 212 6 Standard Insurance .. 3 12 9 N.Z. Rel'rig. (cont.) (2) 0 9 11J Upper Watut (3s paid) .. 0 410 4 p.c. Stock, 1952-55 .. 112 0 0 Ch.Ch. Drainage Board Debs., 4' p.c., 1965 .. 109 0 0 Unlisted Slocks National Tobacco . - 3 J! 0 SYDNEY The Sydney Stock Exchange to-day was buoyant with firmer tone generally. . Morning Sales

MELBOURNE Com. Bank of Australia i prcf.) . . ft Hi 0 National Bank (£5 paid) C 13 0 Bank of New South Wales 33 0 0 Geldsbrough, Mori . . 1110 Australian Glass (prcf.) 2 19 Herald and Weekly Times 3 0 G Mount L.vell .. .. 10 3 MERCANTILE STOCKS LONDON, July 23.

l'O!'I/J'KY AND EGGS H. C. Smith, of the City Market, reports larger entries at Wednesday's nr i Friday's weekly auctions. A line of 130 pullet;; made 4s 3d to 2s 9d, •;he prices having receded due to high price of wheat and a falling in eggs. Good country lines for killing are in ;sood demand, and lop prices mentioned are for these consignments. Prices: —Pekin ducks, to 7s 6d; runners, 3s3dto4s;3d; cockerels, medium ana erossbreds, 4s d to Gs; heavy breeds, to 9s; hens, Leghorns, to 4s; odd pens of yearlirigs, to 4s 6d; Black Minorcas, to 5s 9d; geese, to 6s 6d. More turkeys are now available. Turkeys. hens, to 14s 6d; gobblers, 15s 6d to 28s; Muscovees, to 7s 9d; breeders, '..0 os each. Eggs, Is Id to Is 2d.

A letter and a cablegram from Singapore requesting particulars of the Wanganui Harbour Board's steam salvage tug Kahanui were read at the ' zt meeting of the board by the managing secretary, Mr W. J. Gardner. The letter stated that a firm of Chinese were requiring a tug similar to the Kahanui, and asked that the board submit a price! for delivery at Castlecliff or Chinaj ports. Mr Gardner reported that he*! had cabled to Singapore stating that the price of the- Kahanui was ,£22,000", delivered at Castlecliff.

FOREIGN EXCHANGES

FOREIGN EXCHANGE RATES The Banl: of New South Wales, Christchurch, quoted tlio following rates as ruling yesterday for its purchases and sales of foreign exchange. All rates ore subject to alteration without notice: —

DOLLAR MARKET RATES

Tho Associated Banks (other thap the Bank of New South Wales) quoted the following dollar rates yesterday on a New Zealand currency* basis. They are subject to alteration without notico:—

FURNITURE SALE Messrs C. E. Jones, Ltd., report having held a successful sale of furniture and effects, etc., in their sale room yesterday. There was a large attendance, and among the articles sold the following prices were realised: Piano £l9, office safe £6, gun £6, Axrnmster carpet £5, ditto £4 15s, oak duchesse £2 12s 6d, oak carvers chair £2, rimu bedstead £1 10s, ditto £1 7s 6d, oak duchesse £2 10s, oak duchesse £2 2s 6d, sideboard £3 17s 6d, dining table £2 16s, secretaire £2 ss, cheval duchesse £2 10s, Singer machine £2 2s 6d, bedstead £1 7s 6d, bedstead £1 5s chesterfield £3 ss, china cabinet £3 ss, dining table £3, lawnmower £1 10s, gent's bicycle £1 15s. Sundries sold at satisfactory prices.

£ s, d. July 23 7 0 r> July 22 .. 7 0 Ci July 19 .. 7 1 Oi July i<; 7 0 11'. July 17 .. 7 o n July 1G .. 7 O 21V July 15 .. 7 O !)i July 12 .. 7 11

' 7 ,on rx LN, Jul- 2:;. J uly 22. July 22. a ton. .'i ton. Co !»]>»• r - .2 d. i; n. <1. Standard, P t >i •» I i 7 * > ;u in mi Forward :r.2 r> '52 0 2 30IrM:!.roly lie .. 2 5 O l) 2 5 0 0 f-.« .. :; r > 15 a 1 r> 0 V/irv- ?ian< .. v,r> L5 0 n;» 15 £ American oi ctroly tk: 0 eentjj per lb. L^,d-~-Spo', .. 1 r, <) 1 r. n :: Forward . * ir, 5 o 15 t; ;> SpWf.er— Spof. r i 10 (j 14 12 !) For^ar-i . . 1112 0 11 15 0 Tin — Spo' . . 1VA o <> J22 i;> 0 F(i;-u- ;i r d . 221 1G 2 Silvw - .rin»', p' i- o' . . 20 ;M6d " 1) 2-1 r t( { Standard, ;m r or, 22 0- ICd 22 9-l'Jd

LATEST QUOTATIONS Buyers. Sellers. £ s. d. £ i'. d. N.Z. Government Debentures p.c. Ins., 1938-52 107 15 0 ..... V, p.c. Ins., 1939-52 108 0 0 1 p.c. Ins.. 1946-49 109 0 0 4 p.c. Ins., 15)52-55 112 5 (i 3.7 p.c. Ins., 1941 . . 102 7 6 4 p.c. Bonds, 1943-46 108 10 0 ..._ 4 p.c. Bonds, 194(j-4 ( J 109 0 0 4 p.c. Bonds, 1952-55 112 7 G — Other Debentures Glaxo, GA p.c., J 945 102 10 0 — iJanlcs Comm. of Ausl. (cum div.) (10s) o if; 10 0 10 Jl Comm. of Anst., pre!'., cum div. (£10) 9 12 0 10 0 0 Comm. of Sydney (£12 10s) 19 0 0 E., S.. and A. (£3 paid) 5 4 0 5 !> 0 Natl, of A/asia. (£10 paid) 13 0 G 13 12 G Natl. of A/asia. < £5 paid) G 9 0 G 10 0 Natl, of N.Z. (£2 10s) 3 8 0 3 9 0 N.S.W. f £20) 32 2 (i 32 12 c N.Z. (£1) 2 11 2 2 11 7 Reserve (£5) 6 9 3 G 10 0 Union of Aust. (cum div.) (£5) .') 0 0 9 0 0 Insurance A.P.A. (10s) 1 3 «J 1 2 6 Merc. Mutual (cum div.) (.JGs pd.) . . l t; 0 1 15 0 National (7s pd.) 1 0 y 1 0 11 N.Z. (cum div.), CGI) — :J 7 9 Loan and AReiicy Abraham and Williams (pi'., £5) 5 2 0 DalRety and Co. (£5) S 1 0 3 5 0 Goldsbrough, Mort. (£1) 1 10 5 1 10 8 N.Z. Guar. Corn. Cis) 0 5 n N.Z. Loan and Merc. (ord. stk.) (£100) 42 0 0 Wright. Stephenson & Co. (ord.) (£.1) 1 0 0 Wright, Stephenson & Co. (pf.) (£1; 0 18 0 Pernetual Trustees (18s) 3 6 0 Shipping i P. & O. Def. Stk. f £ 1) 1 J . _ Union (pref.) (£1) 1 7 (J — Frozen Meat N.Z. Refrig., (£1 paid) 1 0 8 1 1 0 N.Z. Refrig., UOs paid) 0 9 10 0 9 li North Cant. Freezing (£3 paid) .. 0 16 3

Miscellaneous Amaljj. Wirele ss (conlr.) f 17s pd.) 1 13 G 2 0 0 Anthony Hordern (£1) 3 0 2 1 0 4 Assoc. Newspapers (£1) 12 1 12 9 Aust. Glass (£1) 3 12 6 3 15 6 Aust. Iron & Steel (pf.) (£1/ .. 1 4 5 1 4 8 Beath and Co. (£1) 1 10 3 1 12 0 Beath and Co. (Is paid) 0 9 G 0 10 6 Booth, Macdonald (pref.) (£1) 0 16 British Tobacco (£1) 2 0 0 2 10 Broken Hill Propy. (£3) 2 17 0 2 19 0 Claude Neon (Syd.) (£1) 2 12 G Colonial Sugar (£20) 44 10 0 45 0 0 Consol. Brick (£1) 0 10 11 0 11 1 Dominion Builders Supp. (cum div.) (lCs) 0 5 3 0 6 G Dominion Rubber (£1) 18 0 — Dunlop Perdriau Rubber (£1) .. 0 15 10 0 15 11 Electro. Zinc, (ord.. cum div.) (£1) 18 3 1 9 0 Electro. Zinc, (pf.. cum div.) (£1) 1 15 3 1 15 9 General MotorsIlolden's (pf.) (£ 1) —- 12 9 Greater Crystal Palace (£1) .. —. 0 12 3 Hays, Ltd. (15s pd.) 0 30 9 0 19 0 Howard Smith (£1) 0 1(3 0 — Hume Pipe (.Aust.) (£1) 0 14 (i 0 15 0 Kauri Timber (25s) 1 2 0 1 2 1 Mason, Struthers (£1 paid) 0 J 2 <> Milburn Lime ( £1) 2 5 9 2 7 3 Morris* Hedstrom < € 1) 1 2 0 Natl. Electric (£1) 0 12 3 0 12 11 N.Z. DruK' Co. (£2) 4 2 6 4 4 3 Manawatu Knitting Mills (£1) 1 17 3 1 1!) 0 N.Z. Farmers' Coop. (1st pf., £5) 3 o 3 9 C N.Z. Farmers' Coop. ("A" pref.) (£4) i i r> o 2 2 G N.Z. Farmers' Coop. ("B" pre!'.) (£4) 1 12 o N.Z. Farmers' Coop. (47. p.c. Stk., 1,940) (£100) f;t; o o o o N.Z. Farmers' Coop. (4'» p.c. Stk., 1945) t. £ 100) .. 86 0 0 — N.Z. Farmers' Fert. (cum div., £1) .10 0' — N.Z. Newspapers (£1) i j.8 g 1 19 0 N.Z. Paper Mills (£1) 1 14 3 Victoria Nyan/.a j Sugar (£1) 0 5 2 0 G 0 Wilson's Cement ! (10s) l 18 3 1 19 0 j Woolworths (N.Z.) lord., £1) 12 7 (j 12 10 0 Woolworths (.N.Z.) (pf., £1) 2 3 3 i Woolworths (Syd.) (2nd pf., £1) .. . 1 7 (J —- Woolworths C Vic.) (pf., £.1) 1 3 (J 1 11 U Mining' Addison's Hat (Is) 0 0 !) 0 2 0 Alexander £ J. > 0 15 G Alexander (55s pd.) 0 12 0 0 13 0 Bell Hooper (Is) 0 0 0} — Bendigo Gold- . lights (Is) 0 0 7i ' ( 0 31 Bis River (Is) .. 0 1 10 I 2 2 Brian Boru (Is) 0 0 21 0 3 Central Shotover Us) 0 0 H ....... Charleston Sluic. Ms; ( 0 5 Deep Bead Us) 0 1 47, 0 1 9 Gillespie's Beach (Is) (1 i r> ! Golden Dawn <:}s) 0 2 0 0 3 0 Golden Point (Oci) 0 0 1 Golden Sands (Is) 0 2 4 0 2 11 Goldtields Dredging Us) 0 0 27. — King Solomon 'Is) 0 3 a 0 3 9 Lawson'.s Flat Us) 0 o 4: | Maerewhenua 'Is) 0 0 I-; 0 0 2'. iVI a h a kip a w a (6 d) 0 0 5 0 0 57 Mahakipawa (pf.. 1 92!) issue) Us) 0 0 11 Mahakipawa 'pf., 1930 issue) Us) — 0 1 0 Maori Guily (Is) 0 1 5| 0 1 G Mount Lyell (£1) 10 1 1 0 3 Mataki (2s) 0 1 90 2 0 Mount Morgan ■ (5s) 1 1G 0 1 1G 9 Okarito <5s) . . 0 5 31 Hawaii)', Tin UOs; o 7 :t o 7 11 Skippers Us) 0 0 2 0 0 27; Waihi Grd. June. (2s) 0 4 2 Worksop Ext. (Is) 0 2 2 0 2 G

£ s. d. £ s. d. Andersons, Ltd. (pref.) 0 ia 0 1 0 0 Avgo Gold 0 i 0 1 5 Associated Motorists Petrol (pf.) 1 G 5 1 G 11 Ben Lcdi 0 0 1 0 0 CoulLs, Sornerville and Wilkio 0 15 0 Jones Nevis 0 0 0 0 10 New River (9d paid) 0 0 5 0 0 fi', N.Z. Dry Cell .. — 0 17 0 N.Z. Mining Investment 0 0 3 0 0 9 N.Z. Perpetual Forests 2 8 0 — N.Z. Perpetual Forests (4s pd.) 0 10 3 — Procera Bread (10s paid.) 1 18 (j 2 iO 0 Procera Bread (vendor shares) 1 15 0 2 5 0 Scales, Ltd. (pf., 2s 2d pd.) Upper Watut (3s pd) 0 1 9 0 . fl 3 Were's Investment Trust ... 0 5 2 Westland Breweries 0 7 C 0 9 6 Woolworths (Sydney) (ord.) 4 1(5 0 4 18 6 Woolworths (West Australia) 7 2 6 7 10 0

Commonwealth Bonds— £ s. d. 4 p.c., .. 105 3 9 4 p.c., 1955 . . • .. 105 3 9 4 p.c.. 1957 105 5 0 4 p.c., 1959 105 7 6 4 p.c,, 1961 106 7 6 National Bank (£10 pd.) 13 7 0 Aust. Gas A 8 3 0 Anthony Hordern 1 0 4| Associated Newspapers 4i fpref.) ,, I 4 British Tobacco 2 1 0 Broken Hill Prop. 2 19 6 Dunlop Rubber 0 16 li Wilcox Mofl'Jin 0 11 11 Afternoon Sales Bank of New South Wales <N.Z. delivery) 33 5 0 Com. Bank of Sydney .. 13 15 0 National Bank (£10 pd.) 13 7 0 Colonial .... 45 2 6 United Insurance 12 10 c> Associated Newpapers .. 1 3 0 Associated Newspapers 41 (pref.) 1 ? Adelaide Steam 1 11 3 Howard Smith 0 16 7* Burns Phiip 3 . 4 9 Australian Gas, A 8 3 0 British Tobacco 2 1 0 Tooth's Brewery 2 15 3 Carl)on Brewery 2 14 3 Mcggitts 1 2 0 Dunlop Perdriau 0 16 li Winchcombe Carson 1 8 3 Morris Hedstrom 1 2 9 Henry Jones 1 17 3 David Jones 2 1 9 Anthony Hordern 1 0 li General Industries 1 0 6 Sarficnts 1 0 10J> Mount Morgan 1 16 ti Mount Lyell 1 0 9 North Broken Hill 6 18 0 Broken Hill Prop. 2 19 6 Placer Development _ 32 0 0 Commonwen)tb Bonds — » 4 p.c., 193ii 103 10 0 4 p.c.. 1941 1.04 0 0 4 p.c., 1950 107 2 6 4 p.c., 1953 105 5 8 4 pc., 1055 305 3 9 4 p.c. 1957 105 5 0 4 p.c., 1959 105 1 6 '1 p.c., 1961 106 6 3

July 9. July 23. £ s. d. £ s. d. Dalgcty and Co., 101 10 0 '4 p.c. debs. 102 10 0 Dalgcty and Co., 6 5 0 shares 6 7 6 Goldsbrounh, Mort 5 p.c. B deben1 3 4i tures 1 3 9 Golrisbrough, Mort ord. shares — — Peninsular and Oriental, del. ytock 0 18 % 0 18 U

(Bnrraa ornaux, m$xix8»<) 3MJOBT, July 88. Par. July 21. Jnly 88. Paris, fr. to £1 124.21 74 59-64 74 59-64 New fork, dol. to .11 4.860 4.90J 4.90 8-16 Montreal, dol. to £1 4.866 4.962 4.90} Brussels, 35 29.39 29.8$i Geneva, £r. <o £1 25.2215 15J.6J 15.17$ AmstcrdaA, fl. to £1 12.107 7.3SS 7.84S Milan, lire to £1 80.47 60 8-16 61 11-16 Berlin, reicbmarkon to £1 .. 20.48 12.8S 12.83 Stockholm, kr. 1 to £1 18.159 19.90& 19.90J Copenhagen, kr. to £1 18.159 22.89J 23.89J Oslo, kr. to £1 18.159 19.901 19.905 Vienna, ncSige. to £1 34.585 26 26 Prague, kr. to £1 164.25 119| 1191 IIeIsin?;fors, marks to £.1 193.23 2205 226ft Madrid, pesetas to .'51 25.221G 3Gi 36i Lisbon, escndos to £1 1X0\ *110i 110| f Athens, drach ' ' to £1 375 515 515 Bucharest, lei to £1 818.6 485 487J Belgrade, dinars 25.2215 21.6 «.1.8 Rio de Janoiro, pence to miireis .. 4.692 4jJ 45 Buenos AircB, -s pence to dol. 47.62 29 3-1G -9 3-16 Montevideo, pence to dol. CI 394 Bombay, pence to rupee 19 1SJ ltfl Shanghai, „ pence to doL * \ 184 loi H °p n ence K noU » 25 9-10 25 9-16 Yokohama, _ pence to yen * 14* *«» Batavia, . guilders 12.107 7.231 7.281 Warsaw; par «,*■.<» zlotys to £1 43-36 ~6.13 ♦Determined by price of silver.

Buying. SellingLondon — - £ N.Z. to iUOO stg\ T.T. 124 124/10 O.D. 123/10 124/8/9 Australia — "<•$ A. to £100 N.Z. T.T. 101 100/10 O.D. 101 .100/10 riji— £ F. to £100 N.Z. T.T. 90/7/0 89 O.D. 90/7/G 89 New York — 4.01fl Pol. to £1 N.Z. T.T. 3.978 O.D. 4.02S 3.981 Montreal— T.T. 3.98J Pol. to £1 N.Z. 4.02 O.D. 4.03J 3.983 ■ Austria— T.T. O.D. 20.52 20.54 tScbgs. to £1 N.Z. Belgium— Belgas to £1 N.Z. T.T. O.D. — 23.312 2$.327 Cr. echo Slovakia — T.T. 85.34 Crowns to £1 N.Z, — O.D. — 95.39 Denmark — Kroner to £1 N.Z. T.T. 18.208 17.878 O.D. 18.248 17.888 France— _ Francis to £1 N.Z. T.T. 60.80 59.56 O.D. 61.16 59.61 Germany— Reichmarks to T.T. O.D. £1 N.Z. — 9.699 9.704 Holland — 6.038 6.088 5.788 5.792 Florins N.Z. T.T. O.D. Italy— Lire to £1 N.Z. T.T. 48.95 O.D. — 48.99 Java — i Florins Co £1 N.Z. T.T. G.971 5.746 O.D. C.021 5.750 Norway— Kroner to £1 N.Z. T.T. 16.200 15.870 O.D. 16.240 15.880 Sweden — Kroner to £1 N.Z. T.T. 15.790 15.460 O.D. 15.830 15.470 Switzerland — 12.413 J2.018 Francs to £1 N.Z. T.T. O.D. 12.488 12.028 Noumea — Francs to £1 N.Z. T.T. 61.81 58.91 O.D. 62.21 Papeete— Francs to £1 N.Z. T.T. 61.81 58.81 O.D. 62.21 58.86 Hong Kong— 32,9-10 N.Z. pence to dol. T.T. 315 O.D. f»13 ' 32i | India and Ceylon— N.Z. penco to rup. T.T. O.D. 22 23-32 22 21-32 Japan— N.Z. pence to yen T.T. — 17 13-10 O.D. — — Shanghai— N.Z. pence to dol. T.T. O.D. 22 11-16 22 9-10 24 23 15-16 Singapore — N.Z. penco to dol. T.T. O.D. 84 5-32 34 1-32 36 3-32 35 1-32 T T represents Telegraphic Transfers. O.D. represents on demand.

U.S.A. Canada. Dol. Dot (Per J£1 N.Z.) Selling— T.T. 3.97g 8.085 O.D. 8.98J 8.98g Buying— O.O. 4.02$ 4.03|