FINANCE AND COMMERCE

Press, Volume LXXII, Issue 21707, 14 February 1936, Page 15

FINANCE AND COMMERCE

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rtUjfj <J jar T ESTIMATES

35 BUSHELS

:j' fei^ m s ?2? s N thatVe ar /ollow J“rtSSSd a TS ig'tor th“ S” RS?h.?bJin MmpUed Iron \ 1935*36 ;bave e inspector; . “ , ' Agricul,ur ' d i h 5w n „t the Dominion.— Bus hels an Acre. .Wheat. Oats. Barley 1 , • 9Q oo jjorth Bland ■■ g 29 30 SHU* '■ f 5 « § gUw - g 37 39 sS? d (esti- 39 ■ ' *S«« for ,he 35 43 38 S«“ 0 fy 3 C 2 l, bLheTs ra S t s y 35X total be approximately «, £A against an ac tua 5,933. 24 a bushels lor the sea fe 93 £oa from which oats wer< Me xro» seasons ending , l#L a a infer that crop. Assum tos area unu. „ propor t lon 1: ‘ this year, the total yield o, W^iKe y approximat e ly 3,160,001 oata; Sho«ld gctual yie id o ife bushels for the season 1934-35 1,890,14? Bwsneis on in regard t( (Mf should be ap bushels, as agains ggayiM °t bushels 101 jjjeseason

THE FIXED trust movement

PROGRESS IN BRITAIN

{SERVICE TO SMALLER INVESTORS

Commenting on the report of the committee of the London Stock Exrhanee' which' investigated the nxea trust movement, the London Times itates that’ the most important conclu--5 rSed is that the public interest dSSflemand the suppression of the 6 A which meets, a genuine 1 Sc demand, but that it is necessary Sefed the public from exploita- , ijok Obviously the more successful ?Movement of this kind the greater becomes the danger of undesirable oersons participating in it. P The committee has drawn up diaft reflations which they believe would X to remove the evils which might rjit from the uncontrolled continual of the Axed trust movement. TOe the. Stock Exchange authorities thefcselves could exclude from the Stock Exchange market those trusts whfch failed-to comply with the propoffld" regulations, such a protection „ wcSa he Inadequate from the public t point of view, since non-members are not amenable to Stock Exchange canto! The full measure of protection to which, in the oponion of the committee,! thepubiic is entitled, can oi)ly be ■ acl&Vtf by legislation. . .. . Mxalv trust movement, which stafle&in Britain in 1031, has just favourable year; and Tit is now estimated that fully £45.000,000''0f, savings, mostly of the smil investor, have been subscribed to Them. Although there, are sharp differences of opinion on the value of the movement, there is no doubt that it has met the wants of a very large number of small private investors.. It haS( undoubtedly saved many of them from falling into the traps set by the , ‘bucket shops.” The attractions to the small investor of the fixed or flexible trust are; that he can with one certificate hold an interest in 20 or more securities, that the divdends from these are passedito him in one dividend warrant eacfr- half-year, that the underlying*securilS)BS «e in the!safe custody of a leading -bank or insurance company, and that the management of his invqstjwaitala in the hands, of, experts position to give daily attention to, them. It is true that an investor has to pay 10 or 12 per cent, i more for the certificate than he would (have te pay if 1 he bought and held the 'himself, but this is recognised to be the price he pays for the additional facilities and conveniences be receives. *

| A PLEA FOR MORE :/ ADVERTISING

j; MR F. GOLDBERG’S ADVICE 'it Frank Goldberg, governing di- , teener of. the Goldberg Advertising [ Agency,- Ltd, who is at present paying » brief business visit to the Dominion, •poke'on,- advertising in Australia, in an interview given at Auckland. . ‘‘New Zealanders do not advertise ®ough,’* stated Mr Goldberg at one •tage. . “Fortunes await those firms who wll take their courage in both hands and advertise with the boldness that J? now a characteristic of the Austra--5*5 merchant and manufacturer. In i“7nney and Melbourne, for example, tpeat firms have built up mammoth businesses and secured more sales per jnphaiVthan in any other country of me world. • thrustful advertising,” the weaker continued, “makes the people great spenders. In turn they bea»nntive and want to earn more—do, as the basic wage of Austhe highest in the world. J** has only to see the average puiy paper in Sydney—3s pages of adhave been, printed on many o^ c Pr*to realise what can be done. firms regularly take double pag& spreads and some, of them take eight pages to tell their stories. toJfc-J? ü ß e buildings of David Jones, SzJ Foys, Myers Emporium, and ofJw 8 * 31-6 th e proof of the success iathJJr Policy, and the crowds that an rf5L? n( * er their respective roofs are 2 ea^^°P® ner to the newly-arrived New HesJFm a^v ice to New Zealand busito mil.® 15, therefore, is to spend more * w Ufi Tnnva w

FROZEN MEAT

KILLINGS IN NEW ZEALAND

PROGRESS FIGURES

The New Zealand Meat Producers’ Board has supplied the following particulars of killings of meat for export at all works during the 1935-36 season, from October 1, 1935, to January 31, 1936. The corresponding figures for last year are given:—

SMITHFIELD LAMB VALUES

In regard to prices for New Zealand lamb delivered to Smithfield market, the New Zealand Meat Producers Board supplies the following table, giving equivalent New Zealand parities after deducting all costs, including selling, commission, interest, and one month’s Storage in London. The costing is calculated from the point of view of a farmer shipping on his own account. It is based on to-day s estimated skin values, and change at current rates. The basis of calculation is a prime, woolly lamb weighing, say, 341b, delivered at freezing works: — „ „ If price delivered N.Z. over-all to Smithfield is: panK delivered at works. ■ (approximately). Cd. per lb.) (d. per lb.) 8 88 3 73 8.53 * 7i 8.23 71 7.94 7 7.64 In the above estimate the cost of killing, freezing* and placing on board steamer is based on a charge of .528 d cer ib.

LONDON RETAIL PRICES

-The board' has been advised by its London manager that the Rowing retail prices were being quoted for New Zealand lamb and muttonretailedin London during January, 1936. These prices represent a fair average of tne prices quoted, by the better class shops in London for the best quality of New Zealand lamb and mutton:— New, Zealand Lamb—Legs, 12d per lb; shoulders, Hd; loins, lid; necks, 6d; breasts. 3d; forequarters. 8d; hindqUNewrS’Zeafand Mutton (wethers)—, Legs, 9d per lb; shoulders, 8d; loins. 8d; necks; 3d; breasts. 2d.

v. iHUME PIPE DIVIDEND

■ & -*S ss association telegram.) , February 13. ® x change Association has a cgWegram that the direct- • fctiSi ume 'Pipe Company; (Aus'AtotSh Ltp.. have declared an interim the six months ended Deat the rate of 5 per cent payable on March 30. dividend of 2 per cent. March last, the full distrlyear being 4 per cent.l

®fORTS OF .-TALLOW

: compiled by Dalgety and IfßEggt. Ltd./ show that for Janu--112?i tons of tallow were New Zealand. The iwß«aS£wdgs 850 tons to Europe, 10 tons to the United MKygßd six tons elsewhere.

WOOL SALES

SYDNEY PRICES FIRMER

AMERICAN SUPPORT

(VKITiD F£Saa ashocutiok—<?OPT»lO«T,) (Received February 13, 9.20 p.m.) SYDNEY, February 13. At the wool sales, 12,179 bales were offered IUI9 were soil at auction, and 1323 privately. ■ . Very keen competition prevailed, with increased support from America. The. market ruled definitely in sellers favour. Greasy merino made to 24Jd.

SALES IN NEW ZEALAND

Figures compiled by Dalgety and Company, Ltd., Christchurc > f that in January. 1 036 - 152 il 52 i 47°216 sold wool were offered, and 147,21b som. The total sold for the seven months ended January was 307,575 bales, compared with 200,207 bales for the correslading period last year, Eworts ol wool in January ™fre 120JW0 bales. For the seven months ended January, 1936 302,568 bales were shipped, compared with 186,459 bales for the corresponding period last season.

CURRENCY MOVEMENTS

ACTIVITY DURING LAST YEAR

An English survey of foreign_ex-arts-ssr Kr/- wS a considerable spread between the highest and lowest points. Wide movements were largely c toed to the first nine months and thereafter rates showed a steadier was weakest in March, wtefV sold gently touched their lowest points. March onward the year witnessed a series of currency crises in the Continental gold bloc countries. In May the franc was the storm centre, while In July the guilder became the weakest currency. A. rally in nental gold currencies occurred in August when the highest point of the dollar exchange was reached. Later, fresh weakness developed in the Continental gold currencies. The severity of the strain upon the countries forming the gold bloc is shown by the reduction in their gold stocks. - The major factors influencing the course, of the exchanges during the vear were not the normal international trading and commercial payments, but flights from drte currency to another as a result of fears of devaluation and other non-commercial causes. Speculation in the foreign exchanges, was greatly reduced during the year, partly as a*result of the decision’of the large hanks not to enter dntp forward contracts xkcCpt ft* genuine commercial vm> - ~ “• -

BEEF SHIPMENTS TO BRITAIN

AGREEMENT ON DOMINION

TOTAL

PRIME MINISTER’S STATEMENT

(PRESS ASSOCIATE* TELEGRAM.)

WELLINGTON, February 13,

' The following statement on the meat agreement between the * British and New Zealand ’ Governments was made to-day by the Prime Minister. Mr M. J. Savage:— “The New Zealand Government has now completed its negotiations with the United Kingdom Government regarding the quantities of New Zealand beef to arrive in British ports during the first six months of 1936. Under the arrangements made, New Zealand will be able to ship 392,000cwt of all classes of beef, including frozen and chilled beef, and veal. The amount of chilled beef which can be included in this quantity amounts to 120,000cwt. “The United Kingdom Government, through the High Commissioner, has cabled expressing appreciation of the helpful co-operation received from the New Zealand Government during these negotiations. “The total of 120,000cwt of chilled beef agreed upon is quite satisfactory, showing a substantial increase over the quantities which were shipped for the same period last year, namely, 52,000 cwt. Since the inception of our export trade in chilled beef, considerable development has taken place, and the facilities for treating and loading chilled beef in New Zealand have been increased and improved. Also a larger amount of shipping accommodation is now available, as shipping companies have provided ships more specially fitted for the trade. The condition, of our chilled beef on arrival in the United Kingdom has been very satisfactory, and the development which has taken place is proving most helpful to the export trade of the Dominion.”

RESERVE BANK FIGURES

WEEKLY STATEMENT ASSETS AND LIABILITIES (miss iaaocuTio» tbliobau.) WELLINGTON, February 13. A gazette issued to-night contains the following statement of the assets and liabilities of the Reserve Bank of New Zealand as at the close of business on February 10: — LIABILITIES £ s. d. (1) Paid up capital 500,000 0 0 (2) General Reserve fund ... .. 1,000,000 0 0 (3) Bank notes .. 9,963,762 0 0 (4) Demand liabilities — (a) State • • 5,130,290 4 7 (b) Banks .. 10,484,256 5 5 (c) Other .. 74,562 19 1 (5) Time deposits .. (6) Liabilities in currencies' Other than New Zealand currency . • 124,000 0 0 (7) Other liabilities .. 125,357 6 1 Total .. 27,402,228 15 2 ASSETS (8) Reservefa) Gold . • 2,801.733 0 0 (b) Sterling ex- „ / change, t} • '•. Me) Gold exchange • , —„ (9) Subsidiary coin 193,406 13 10 (10) Discounts—(a) Commercial and , agricultural bills (b) Treasury and local body bills (11) Advances—(a) To State or State undertakings • • “* (b) To other public authorities .. (c) Other .. “ . (12) Investments .. 1,776,060 4 4 (13) Bank Buildings (14) Other assets .. 32,567 610 Total • • 27,402,228 15 2 Proportion of reserve (No. 18 less No, 6) to notes and other demand liabilities, 98.531 per cent.

MILLING SHARES CHEAPER

AUCKLAND STOCKS DECLINE

EFFECT OF NEW SCHEME

[THE PRESS Special Service.] AUCKLAND, February 13. A fall of £72,500 in the aggregate market valuation of Bycroft and Northern Roller Mills shares has followed the announcement of Government control of flour mills output. On the Auckland Stock Exchange to-day, Bycrofts sold at 50s, a reduction of 3s 3d on the last sale price on January 17. The fall in Roller Mills was even greater, a parcel changing hands at 27s 6d, which is 5s below the price on Monday, Based on the issued capital of £IOO,OOO. the total loss in Bycrofts is £16,250. Northern Roller Mills issued ordinary capital is £225,000,. thus a 5s reduction means a total drop of £56,250.

LONDON MONEY MARKET

LONDON, February 12. Discount and short loan interest rates are as follows:Day to day loans, § per cent; fine trade bills, 3 months, 2 to 2i per cent; bank bills. 3 months, 9-16 per cent; bank bills. 6 months, § per cent.; Treasury bills, 2 months, i per cent. 3 months, J per cent.

ELECTRICITY BOARD STOCKS ISSUE ‘

(BRII'ISH OFFICIAL WIRELESS.) (Received February 13, 5.5 p.m.) RUGBY, February 12. ■ The prospectus, is published of an issue of £3,500,000 of 3J per cent, stock, 1974-94, of the Central Electricity Board at par. With this loj*n the board will have issued £53,500,000 of St The board is empowered to borrow £60,000,000, but the prospectus anticipates that expenditure, as far as the company cart foresee, will n °t tate ’ the issue of* further stock for some years.

BRITISH WAR LOAN

LONDON. February 12. '- War loan stock, per cent., is quoted at £106.12s 6d. i _ -

STOCKEXCHANGES

CHRISTCHURCH

YESTERDAY’S TRANSACTIONS

Markets were again quiet on call yesterday and the recorded, 'turnover, was below the recent average. Price levels on the whole were well maintained. Transactions, exclusive of vestibule business, were: — LISTED STOCKS Sales on ’Change £ s. d.

Banking Bank of Australasia shares advanced to £l2 10s. Commercial Bank of Australia were firm, with ouyers and business at 19s 3d, sellers at 19s sd. Sellers of the preference reduced their limits to £9 Bs, buyers at £9. National Bank of Australasia (£lO paid) appeared easier witn ousiness at £ls. but late offers at that price failed to attract sellers. The £5 paid were firm with business at £7 lis 6d, buyers staying in at that figure, sellers at £7 12s 6d. National Bank of New Zealand were firmer with buyers and business'at 77s 6d. Bank of New Zealand were firmer on buyers' offers 49s 10s. Union Bank of Australia remained unaltered at £9 19s. . . Buyers of National Insurance raised their bids to 19s sd, sellers at 19s lOd. Goldsbrough, Morts were fractionally firmer at 33s Id. New Zealand Guarantee Corporation moved. up to 5s 9d, and more were wanted at that price, sellers at 5s >.id. United Building Society were easier with sellers and business at 21s-3d. Miscellaneous Anthony Hordern were firm at 21s Id, market closing Id either way. Beath and Company changed hands at 28s 6d, sellers staying in .at that price, buyers at 27s 6d. British Tobaccos had business at 41s lid, and more were wanted at that figure. Broken Hill Proprietary remained unaltered with buyers and dealings at 59s 6d, seller's at 59s 9d. The contributing were firm at 29s Id and 29s 2d. G. J. Coles relapsed to 76s 3d, and the/e were further sellers at that price, buyers at 76s Id. Hume Pipe (Australia) cum dividend of 2& per cent., advanced to 17s 3d and 17s 6d, market closing 17s 4d buyers, 17s 9d sellers. Whitcombe and Tombs were steady at 755, closing quotations Is on either side. King Solomons were firm at 3s 6d. Mount Lyells were fractionally weaker with sellers and dealings at 23s Id, buyers at 235. Mount Morgans remained unaltered at 18s 3d and 18s 2d, market closing 18s Id buyers, 18s 4d sellers. Unlisted Stocks Canterbury Roller Flour changed hands nt ss. Woolworths (Sydney) ordinary declined to £6 8s 3d and £6 tfs, and closed weaker with sellers at £6 7s, buyers at £6 3s 6d.

LATEST QUOTATIONS

UNLISTED STOCKS

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

WELLINGTON Sales on ’Change £ s. d. Ins. Stock, 34 p.c., March, 193943 . .; •• 102 15 0 Bank of A'asia. .. .. 12 10 0 Bank of New Zealand .. 2 9 6 Auckland Gas (late Wed.) .. 15 8 Kauri Timber .. . . T 410 (2) 1 5 0 New Zealand Breweries .. 2 13 3 Staples Brewety .. .. 1 16 0 Broken Hill Pty. (late Wed.) .. 2 19 « Claude Neon (Victoria) .. 1 19 0 Consolidated Brick- (late Wed.) 010 10 Dunlop Perdriau .. • • 915 10 Henry Jones (late Wednesday) 206 Hume Pipe (Aust.) .. .. 016 11 (2) 017 1 Mount Morgan .. • • 018 3

SYDNEY Business in the investment market-bn the Sydney Stock Exchange yesterday was well distributed, with values generally firm. Toohey’s Brewery shares registered another sharp advance. Banks 'were more active, and Fijian gold concerns made an improved showing.

MELBOURNE

FOREIGN EXCHANGES

FOREIGN EXCHANGE BATES

THE METALS MARKET

FAT STOCK SALES .

FAIRLIE

The fortnightly stock saje was held , at Falrlle on Tuesday. There was a fair attendance ,of .farmers and" buyers. About 1506 sheep and lambs were yarded. Before: commencing, the sale Mr P. O’Connor made reference to the death of Mr J. H. Wyber, who had been regular attender at-the stock sales as a buyer for many years. Selling was adjourned for five minutes as a mark of respect. The following prices; were realised;— Fat lambs from 18s to'2ls ,3d. fat wethers from 19s to 21s, fat ewes from lls:-6d to 13s 6d, rape .lambs from # 14s to 18s 2d, two and four-tooth; wethers 12s 6d, twotooth ewes 21s 6d. halfbred wether, lambs 13s Bd.

GERALDINE

There was a good entry of fat and store lambs at the Geraldine stock'.sale. About 1000 fat lambs were yarded; ail exporters operating keenly, values being up to schedule. The sale of store lambs exceeded expectations, and In - some cases the excellent prices which were ruling at Pleasant Point were bettered; One line of .140 open-woolled lambs, big and In good condition, were sold at 20s. The sale of fat sheep was-about Isa head in advance of the previous sale at: Geraldine. -Pigs came forward in smaller numbers, the market remaining about the same. .

RABBITSKIN SALE

At the rabbitskin sale in.Dunedin on Tuesday, Dalgety and Company report that they offered a large catalogue, comprised -chiefly of summers, racks, and milky. There was a very keen demand on export account and priceswere practically on a par with values at the January sale. Prices for summer grades are higher now than they have, been for some years. , Prices realised' at the sale, compared, with those obtained at the corresponding sale last year, were:—

AUSTRALIAN PRODUCE MARKETS

SYDNEY

(vhtsd priss ' iuocutiov— oopnioart.} • SYDNEY, February 13. Wheat, country sidings, is qtioted at 3s OJd for both bagged and bulk.; This is equal to about 3s 7d, ex trucks, Sydney. • - Flour—£l2 2s 6d. Bran —£5 10s. Pollard—£6. Potatoes—Tasmanian, to £lO. Onions—Victorian,' £6. Maize— ss 9d.

ADELAIDE

' ADELAIDE; February 13 Wheat—Growers’ lots, 3s 4sd. Flour—Bakers’ lots, £l2. Bran and Pollard—£s 12s 6d. Oats—Algerian, to Is 9d. Barley—Best, Is lid.

DOLLAR MARKET RATES

The Associated Banks {other than the Bank of New South Wales) 1 quoted the following. dollar rates ■ yesterday on a New Zealand currency basis. They are subject to alteration - without -notice:—, tT.S<A. Canada.-: '(Per £1 NvZ.)” dol. dol. Selling— T.T. .. .. 4.004. 3.60J O.D. •. 4-002 4.00} Buying— ' " ' fie

DAIRY PRODUCE

BUTTER - MARKET" QUIET

The-South Island Dairy. Association', ’ , Ltd., has received the following; mhrket report from the New Zealand Produce Association, ,Ltd. r London,"‘dated" ! February 12: — , „' I Butter —Quiet. 95s .to 965; Danish, * 1265. . Cheese—Unchanged, ' .

FLOUR MILLS EMPLOYEES ‘

POSITION -IN AUCKLAND- -

- A , . [THE PEESS, Special-Servicc.l ■ AUCKLAND, Februpy 13. * ' J One important effect of the ; Govern* M menfs new policy of controlling the % output of flour mills will bethat .mills ■ 3 will no longer act as selling'carganisa- || tions,fromMonday, when the new:ar- X** rangement comes into-force. Auckland grocers, bakers and Anns bnying;flour will have to deal direct -with-the 1 office ■ | which, will be established, by the flour *- sub-committee of the. Government Wheat Committee. _ J 4 Government control ofthe distribu- -1 -lion, of the flour output means that the . -" services of travellers and some-of the clerical staff : at' present employed by -j: mills will not’ be it r-5 is notexpjected that any hardship will be caused to these employ eesrih Atidtland mills. f ---.. \'J The -manager of a flour milling -COm- ' « pany said that it was hoped ,-that most of me'travellers and clerical staff i-; would be absorbed by the-new. organis- s? ation; Skilled ,staff would still be required to enable the flour sub-commit- ’i tee to function, and the handling of orders and the:control, of credltA-was work that needed experience..'lt .was not possible- to-obtain,an-estimate : of ? the number of employees in'.the two .y Auckland mills who will 1 -, be iaflected . by the new cohditions, bnt .it isolated ;; to be comparatively small. ~ • • •;.v.- Si When' announcing' thfe Governments intention to take- control *-of; tbeflour £ output,' the Minister for Indsutries and Commerce, Mr D. G.' Sullivan, said ; that the new organisation would not result' in unemployment, and-; this - statement is -regarded -by those - connected with the flour industry * as being in the.nature.of a guarantee that the Government will make, some* ij provision . for. employees<.whose- vs vices will not berequired by'mills.

North Island 1936. 1935. Chilled beef (qrs.) 37,098 11,680 Frozen beef (qrs,) ,21,241 57,180 Wethers (c/cs.) .. 274,254 340,047 Ewes (c/cs.) 54,676 348,064 Lamb (c/cs.) ' .. 2,387,666 2,798,558 Porkers (c/cs.) .. 158,930 195,124 Baconers (c/cs.) .. 114,179 67,932 Boneless beef (frt. c/cs) 92,376 14,677 Sundries (frt.c/cs.) 101,246 88.675 South Island Chilled beef ■ — , — Frozen beef — , — Wethers 32,626 67,072 Ewes 26,475 73,049 Lamb 1,050,408 1,141,049 Porkers 10,089 8,943 Baconers 7,704 5,825 Boneless beef 7,625 3,170 Sundries 30.247 23,364 Total Chilled beef , .. 37,098 11,680 Frozen beef 21,241 57,180 Wethers 308,880 407,119 Ewes 81,151 421,113 Lamb 3,438.074 3,939,607 Porkers 169,019 204,067 Baconers 121,883 73,757 Boneless beef 100,801 17,847 Sundries 131,493 112,039 Stocks on hand at January 31, 1936, and January 31, 1935, were:— 1936. 1935. Chilled beef 878 — Frozen beef 9,369 36,904 Wethers 125,234 202,696 Ewes 53,037 280,878 Lamb 1,349,488 1,883,612 Porkers 40,075 62,859 Baconei’s 35,973 21,288 Boneless beef 43,454 19,908 Sundries .. 73,109 89,550

20 Natl. Bank of A/asia. (£10 paid) 15 0 0 15 Union Bank of Aust. 9 19 0 100 Goldsbrough, Mort .. 1 13 1 100 N.Z. Guarantee Corp. 0 5 9 v 100 Anthony Hdrdern .. 1 1 1 50 British Tobacco 2 1 aa 200 Broken Hill Pty. (3) 2 19 6 300 Broken Hill Pty. (con.) 1 9 1 9 1 2 I 9 1 100 G. J. Coles (2) 3 16 3 500 King Solomon 0 3 6 250 Mount Lyell (3) 1 3 1 100 Mount Morgan 0 18 2 Sales Reported 30.Natl. Bank of A/asia. (£5 paid) 7 11 6 80 Bank of Australasia 12 10 0 100 Comm. Bank of Aust. 0 19 3 60 Natl. Bank of N.Z. .. 3 17 6 200 Beath and Co. 1 8 6 400 Hume Pipe (Aust., cum div.) 0 17 3 0 17 6 100 Whitcombe & Tombs (2] 3 15 0 500 King Solomon 0 3 6 100 Mount Morgan 0 18 2 100 United Bldg. Soc. .. 1 1 3 UNLISTED STOCKS Sales on'Change 50 Woolworths (Sydney) ord. ,(i 8 3 6 8 0 Sale Reported 400 Canter. Roller Flour 0 5 0

Buyers. Sellers. £ s. c 1. £ s. c I. N.Z. Govt. Debentures 3J p.c. Ins., 1938-52 .. 102 10 0 — 3i p.c. Ins., 1939-43 102 0 0 102 15 0 4 p.c. Ins., 1937-40 101 17 6 — 0 4 p.c. Ins,, 1943-46 104 0 0 105 0 4 p.c. Ins.. 1946-49 4 p.c. Ins., 19&2-55 — 104 15 0 — 104 17 6 4 p.c. Bonds, 1940 101 17 6 — 4 p.c. Bonds, 1940 104 5 0 — 6 4 p.c. Bonds, 1949 . < — 104 17 4 p.c. Bonds, 1955 — 105 0 0 Other Debentures Blenheim Boro., 3J p.c., 0 1/4/55 — 98 10 Malvern Elec., 41 p.c., 106 0 31/5/55 0 Sprlngs-Ellesmere Elec., 106 0 44 p.c., 1/12/51 — 0 Banks Australasia (£5) 12 5 0 13 0 0 Comm, of Aust. (10s) 0 19 3 0 19 5 Comm, of Aust. (£10) 9 0 0 9 8 0 Comm, of Sydney (£12 0 20 15. 10s) 20 5 0 E., S., and A. (£3 pd.) 6 4 6 6 5 0 National of A’sia (£10 15 paid) .. • • 0 0 — National of Aasia (£5 6 6 paid) 7 11 7 12 National of N.Z. (£2 6 4 0 10s) 3 17 0 New Zealand (£1) 2 9 10 2 U 0 N.Z. (Mort shares, £1) 14 9 1 10 6 Reserve (£5) 5 10 — Union of Aust. (£5) 9 18 6 0 0 Insurance National (6s paid) 0 19 5 0 19 10 Standard (cum div., 6 £1 paid) 3 4 0 3 5 South British (£1) .. — 4 16 3 Loan and Agency Dalgety and Co. (£5) 8 18 0 — Goldsbrough, Mort (£1) 1 12 10 1 13 3 Mort, Corpn. (5s pd.) 0 ■— • 0 4 10 N.Z. Guar. Corp. (3s) 5 9 0 5 11 United Building Society (£1) .. — 1 i 3 Shipping P, and O, Def. Stock 8 6 (£1) — X Frozen Meat Canterbury (£7 10s pd.) 10 0 0 11 6 0 N.Z. Refng. (£1‘ paid, ex div.) —- 1 2 0 N.Z. Ketrig. (10s paid, ex div.) •— 0 10, 3 Woollens Kaiapoi (pref., 17s) .. 0 17 0 — 'Mosgiel (£4) 10 5 0 Coal Grey Valley (£1) 1 3 6 1 4 0 Stockton (10s) — Q 1 v 9 Stockton (pref., 10s) .. — 0 2 8 Gas Auckland (£1) — 1 6 6 Auckland (contr., £1) — 6 0 19 6 Christchurch (£1) 1 16 — 9 Christchurch (10s pd.) 0 *? 2 0 17 Timaru (£1) — 1 3 0 Breweries Dunedin (£1) — 1 10 6 New Zealand (£1) 2 12 8 2 13 1 Staples (£1) 1 15 9 1 16 8 Timaru (10s) .. 0 12 3 — Timaru (7s 6d paid) 0 9 1 0 9 6 Tooths (£1) 2 12 9 2 13 6 Tooths (rights, £1) — 1 12 6 White Star (£1) — 0 10 0 Miscellaneous Allied Motors (10s) .. — O’ 3 6 Amalg. Wireless (con., 16 14s' paid) .. 1 14 6 1 3 Anthony Hordern (£1) 1 1 0 1 1 2 Aust. Glass (El) , 4 6 0 4 7, 9 Aust. Iron and Steel (£1) .. .. — 1 6 0 Beath and Co. (£1) .. 1 7 6 1 8 6 Beath and Co. (Is pd.) 0 5 9 0 7 0 Berlel (N.Z.) (£1) .. 2 17 6 British Tobacco (£1) .. 2 i ii 2 2 0 Broken Hill Prop. (£1) 2 19 6 2 19 9 Broken Hill Prop. (con., 3s 4d paid) .. 1 9 0 1 9 2 Cant. Saleyards (£1) .... 2 0 0 1 — Dominion Fert. (£1) .. 1 4 3 — 11 Dunlop Rubber (£1) . . Electro. Zinc (ord., 0 15 9 0 15 cum div., £1) • 1. — .1 15 11

■ ill ’ • - , \ *tl t ' , 4 * - * < Buyers:' Belters. 1 Electro.- Zinc (pref,, £ > .s.- c . E, s. o * ‘ cum. div„ £». 1 18 10 1 Id 1 General Industries (£1), 1 1 0 1 1 G. J. Coles (£1) .. 3 18 1 3 16 3 Greater Crystal Palace (£1) 5* ■ ... 0 9 6 0 10 8 Henry Jones Co.-op. (El) 1 19 6 2 0 6 Hay’s. Ltd.. (16s paid) 0 IS 3 0 16 9 Howard Smith (£1) .. _ O 18 9 Hume Pipe (Aust.) (£1) 0 17 4 0 17 9 Kauri Timber (2Ss> .. 1 4 8 1 6 0 Mason, iStruthers (10s paid) 0 8 0 Morris, Hedstrom (£1)‘ 1 4 0 — Myer Emporium (£1) .. — 113 3 N.Z. Farmers’ Co-op. (£2 10s paid) N.Z. Farmers' Co-op. 0 17 0 1 2 6 (10s paid) 0 0 9 N.Z. Farmers’ Co-op. (1st prel, £5) 3 12 6 N.Z. Farmers* . Co-op. (“A” pref., £4) 2 10 0 2 17 6 N.Z. Farmers’ Co-op. ("B” pref., £4) .. 1 16 0 2 5 0 N.Z. Farmers’ Co-op. , (4i p.c. Stock, 1939) (£100) .. .. 91 0 0 N.Z. Farmers’ Co-op. (41 p.c.. Stock, 1940) (£100) 91 5 0 92 10 0 N.Z. Farmers’ Fert. - (£1) .. 1 0 0 — N.Z. Newspapers (£1) 1 15 6 1 18 9 N.Z, Malay Rubber (pref., £1) 1 2 0 Northern Holler Milling (£1) .: 1 12 6 Northern Roller Milling (pref., £1) .. — 1 5 0 Procera Bread (10s) .. 1 10 0 Procera Bread (vendors’ shares, 10s) — 1 10 0 Quill, Morris (in iiqdn., .0 £1) .. .. 0 5 6 6 0 United Provisions (£1) — 0 14 11 Victoria Nyanza (£1) 0 8 6 0 11 0 Weeks, Ltd. (£5) 8 0 0 9 0 0 Whitcombe and Tombs (£2 10s paid) 3 14 0 3 16 0 Wilcox, Mofflln (£1) — 0 12 4 Wilson’s Cement (10s) — 2 7 6 Woolworths (N.Z. ord.. £1) 5 11 0 5 17 0 Woolworths (N.Z, pref., £1) — 1 18 6 Woolworths (Sydney) (2nd pref., £1) 1 5 0 1 6 0 Mining Alexander (15s paid) 0 9 0 0 12 6 Antonio's Hydraulic (9d paid) 0 0 7 0 0 9 Aotearoa (Is) 0 0 9 0 2 6 Bendigo Goldlights (Is) — 0 0 3 Big River (Is) 0 1 10 0 1 11 Brian Boru (Is) 0 0 2 0 0 2| Central Shotover (Is) 0 0 11 Deep Lead (Is) 0 0 44Gillespie’s Beach (Is) 0 0 104 0 0 114 Golden Dawn (Ss) .. 0 2 6 0 3 « Goldfields Dredg. (Is) 0 0 4 0 0 4i King Solomon (Is) .. 0 3 7 Lawson’s Flat (Is) .. 0 0 31 Maerewhenua (Is) .. 0 0 U 0 0 24 Mahakipawa (6d) 0 0 01 0 0 1 Mahakipawa (1929 pf., is) 0 0 23 Mahakipawa (1930 pf., Is) 0 0 24 Maori Gully (Is) 0 0 104 0 1 0 Mining House Concessions (Is) 0 0 04 0 0 6 Mossy Creek (Is) 0 1 5 Moonlight Goldfields (Is) 0 0 8 0 0 10 Moonlight Goldfields (vendors, Is) 0 0 8 Mount Lyell (£1) 1 3 0 1 3 1 Mount Morgan (6s) .. 0 18 1 0 18 4 Nevis Diesel Elec. (Is) 0 0 1 0 0 14 Nokomal (5s) 0 2 3 0 2 8 Okarito (5s) 0 5 3 Rawang Tin (10s) .. 0 S 10 0 9 2 Upper Watut (5s) .. 0 7 6 0 8 0 Skippers (Is) 0 0 23 0 0 3 Upper Shotover (lOd 0 paid) 0 3 Waimumu Sluic. .(Is) 0 0 21 0 0 5 Worksop Extend. (Is) 0 2 5

£ s. d. £ s. d. Arthurs Point (Is pd.) 0 0 3 0 0 8 Argo Gold Dredg. .. 0 1 3 0 1 4i Assoc. Motorists Petrol 1 5 8 1 8 6 Ben Led! (Is paid) .. 0 0 1 0 0 3 Cant. Roller Flour .. 0 2 6 0 9 0 Aust. Invest, Trust (£1 paid) 0 4 0 _ Emperor FIJI (10s paid) .. 0 14 3 0 14 9 Carbonic Ice — 1 3 6 Macetown .. 0 0 8 National Tobacco 3 7 6 — New River (Is paid) 0 0 6 0 1 0 N.Z. Mining Invest. — 0 0 8 Para Rubber (15s pd.) 0 10 0 0 14 0 TiprofI Seal — 2 15 0 Walmia Gold 0 4 10 — Warner’s, Ltd. — 3 7 10 0 Were’s Invest. Trust 0 5 0 5 11 Westland Breweries (£1 paid) .. .. Westland Breweries (10s paid) _ 1 2 3 0 10 6 0 11 2 woolwovths (Sydney), ord. j. 6 3 6 6 7 0 Woolworths (W. Aust.) 9 10 .0 10 9 0 White’s Electric 0 0 7 0 0 8

AUCKLAND Sales on 'Change £ s. d. Bonds, 1937-40, 4 p.c. .. . 101 10 0 Bonds, 1934-48, 4 p.c. •• 105 0 0 Bonds, 1952-55, 4 p.c. .. • 104 15 0 Stock, 1938-52, 3} p.c. 103 5 0 Stock, 1937-40, 4 p.c. .. 101 15 0 Stock, 1943-46, 4 p.c. .. (2) 104 17 6 Stock, 1952-55, 4 p.c. .. (2) 104 10 0 National Bank o£ N.Z. 3 17 6 3 17 3 Bank of New South Wales 34 10 0 Bank of New Zealand 2 9 9 Union Bank (3) 9 19 6 South British Insurance 4 16 0 Goldsbrough, Mort Traders’ Finance (con.) . 1 13 0 • 0 4 0 Auckland Gas . 1 5 8 Kauri Timber 1 4 9 Taupo Totara 0 9 10 Dominion Breweries .. (2) 0 19 3 Australian Glass • 4 7 6 Broken Hill Proprietary •• 2 19 2 19 3 9 Bycrofts, Ltd. .. (2) 2 10 0 Consolidated Brick > 0 10 9 Farmers’ Trading Farmers’ Trading (B pref.) (2) 0 10 0 8 7 2 * 0 15 9 New Auckland Laundry .. 1 1 0 Northern Roller Mills Wilson’s Cement . 1 7 6 » 2 6 3 King Solomon 0 3 6 Loloma Mount Morgan Development • 1 5 0 0 4 0 British and Dominion Investments 0 8 0 Woolworths (Sydney) .. 6 8 0

Morning Sales £ S. d. Commonwealth Bonds— 4 per cent., 1938 .. 102 i 3 4 per cent., 1941 102 18 9 National Bank (£5 paid) . 7 12 6 Toohey’s Brewery 1 13 9 Anthony Hordern 1 i li Burns, Phllp .. 3 10 6 Dunlop Rubber 0 16 0 Afternoon Sales Commercial Bank of Sydney . 20 13 0 Commercial Bank of Sydney (N.Z. delivery) 20 12 0 Commercial Bank of Aust. 0 19 10i E., S., and A. Bank .. 6 7 6 National Bank (£5 paid). 7 12 6 Bums, Phllp .. 3 10 B British Tobacco 2 2 6 Toohey’s Brewery 1 14 0 Newcastle Gas C 0 13 9 Australian Gypsum 1 0 0 Drug Houses of Australia 1 10 7J Australian Glass .. 4 8 9 Dunlop Perdrlau (pref.) 1 14 104 Electrolytic Zinc 1 16 6 Electrolytic Zinc (pref.) 1 19 9 Standard Cement 1 3 6 Peters Ice ; .. 2 3 3 United Provisions 0 14 9 Hume Pipe .. i-. 0 17 44 Gordon and Gotch 2 7 9 Amalg. Wireless (con.) (N.Z. .delivery) , . .. 1 16 0 Victoria Nyanza . . 0 10 0 Clifford Love 2 12 0 General Industries 1 1 3 -Mount Lyell ... 1 3 3 Kuala Kampar Tin, .. Q 14 9 Rawanz Tin .. .. 0 9 0 Larut Vin ..' .. 0 11 0 Tongkah Harbour -Tin r .0 6 Loloma 'jl'- . 1'- '* .5 U

£ , s. d. Comm. Bank jo£ Aust. (pref.) 9 14 0 iuddart-Parker 1 19 0 British Tobacco 2 2 6 Australian Glass 4 8 0 Australian Iron and Steel (pf.) 15 6 Adelaide Steam 1 13 0 Australian Cement 1 13 4i Snterprise .. 3 10 0 Smperor .. ., 0 14 5 Loloma .. .. 1 5 0

(BRITISH OFFICIAL W1HELES8.) BUGBY, February 12. Par. Feb. 11. Feb. 12. Paris, fr. to £1 124.21 7457-64 7457-64 New York, . . dol. to £1 4.866 5.00 5-164.99 7-16 Montreal, dol. to £1 4.866 4.99S 4.982 Brussels, belgas to £1 33 29.38 29.37 Geneva, ■■ •' • £r. to £1 25 £215 15.15 15.14 Amsterdam, • fl. to £1 12.107 7.282 788} Milan, lire to £1 94.26 62 3-16 621 Berlin, reichmarken to £1 20.43 v 12.29 1289} Odd; kr 18.15? — —- ■ ' Stockholm, kr. to £1 18.159 10 9-16 199-16 Copenhagen* kr. to £1 18.159 22.39} 22.39} Vienna, schgs. to £1 34.585 26} 26} Prague, kr. 1191 to £1 164.25 119} Helsingfors, marks to £1 193.23 227 227 Madrid, pesetas to £1 25.2215 36 9-64 36} Lisbon, escudos to 110 110} 110} Athens, drach ' to £1 875 518 SIS Bucharest, lei to £1 818.6 / ~ — ■■ Belgrade. dinars 258215 21.7 21.7 Bio de Janeiro, pence to 41 mllreis 4.899 41 . puenos Aires, pence to dol. 47.59 —• t Montevideo, pence to dol. 51 39} 39} Bombay, pence to rupee 19 18} 18} Shanghai, pence to dol. • 14} 14} Hong Kong, 131-32 pence to dol. • 15 1-32 Yokohama, pence to yen •; *' 14 14 Batavia, guilders 12.107 7.25} 7,25} Warsaw, par zlotys to £1 43.38 •— •Determined by price of silver.

The Bank of New South Wales, .Christ-! church, quoted the following ; rates .as ruling yesterday for its sales and purchases of foreign exchange. The rates are subject to alteration without notice :-- Buying. Selling. London— £N.Z.to£100stg. T.T. 124 124/10 OJD. 123/10 124/8/9 Australia— £ A. to £100 N.Z. T.T. 101 100/10 Fiji— £ F. to £100 N.Z. O.D. 101 100/10 T.T. 90/7/6 89 OJD. 90/7/6 89 New York— Dol. to £1 N.Z. T.T. 4.04 4.00J O.D. 4.051 4.00| Montreal— DOL* to £1 N.Z. T.T. 4.031 3.992 O.D. 4.04J 4.00J Austria— Schgs. to £1 N.Z. T.T. — ' 20.77 ' OD. — 20.79 Belgium— Belgas to £1 -N.Z. T.T. — 23.454 O.D.-' 23.465 Czechoslovakia — Crowns to £1 N.Z. T.T. — 94.98 O.D. — 95.03 Denmark— Kroner to £1 N.Z. T.T. 18503 17.893 O.D. 18.263 17.903 France— Francs to £1 N.Z. T.T. 60.71 59.88 O.D. 61.16 59.92 Germany— Reichmarks to £1 N.Z. T.T. — 9.805 O.D. — 9.810 HollandFlorins to £1 N.Z. T.T. 5.955 5.805 OJD. 6.C15 5.809 ■ Italy— • Lire to £1 N.Z. T.T. — OJD. — — . '■ . JavaFlorins to £1. N.Z . T.T. 5.921 5.761 O.D. 5.981 5.765 NorwayKroner to £1N.Z. T.T. 16.185 15.895 OJD. 16545 15.905 Sweden— Kronor to £1 N.Z. T.T. 15.785 15.490 O.D. 15.845 15.500 SwitzerlandFrancs to £1 N.Z. T.T. 12.337 : 12.067 0,D. 12.442 12.072 Noumea— Francs to £1 N.Z. T.T. 62.51 58.51 O.D- 62.96 58.57 Papeete— Francs to £1 N.Z. T.T. 62.51 58.66 O.D. 62.96 58.72 Hong Kong— N.Z. pence to dol. T.T: 18 15-16 20 11-16 OJD. 18 27-32 2021-32 India and Ceylon— N.Z; pence to rup. T.T. 22 9-64 2257-64 O.D. 22 3-64 225 Japan—-'' N.Z. pence to yen T.T. — * 17 37-64 Shanghai— N.Z. pence to dol. O.D.— 17 9-16 1839-64 OJ>^I73-64 1819*82; Singapore— N.Z. pence' to dol. •■'T.T; ;: 34S|:^': ;; - ''3S-7-16:' OJD. 34S-16 35127r64 '. : T.T. : representf.' ■ ■ W009^l^yp^wW*'V ! !'^t m ?, 'JK?mi.-:JS1 '"SWf

(OTiren pb*s« isaocunov—coptwokt.) LONDON, February 12. . Feb. 11. , Feb. 12. Copper— £ s. d. ' £ s. d. • Standard-spot 35 1 10i Forward V. 35 10 0 35 1 10i 35 9 4* Electrolytic .. 39 5 0 39 5 0 to. .. 39 15 0 39 15 0 Wire bars .« 39 15 0 39 15 0 Lead- {“ 15 12 6 Spot - .. ~15 13 '■ 9 Forward .. 15 16 -3 15 15 0 SpelterSpot . .. 14 126 ,14 12 6 Forward .. .14 12 6 Tin— 1 14 17 i 6 - Spot .. 206:15 0 208 17 6 Forward t3 months) ,. 200 * 0 ■ 0 - 201 12 6 Silver— 19 ll-16d Fine, pear, oz. 19id Standard, per ,2l jd : oz, .. 21 5-16d .

Feb. 11, Feb.12, . 1836. 1935. per lb. per lb. Light racks .. 31| 143 Summers .. 30 12 Milky .» 30 Hi Summer broken 27* Hi Runners .. 26 10* Small .. 15* 0* Summer blacks ... 12 . n Summer fawns .. 12 7 Horsehair .. 18 13*