FINANCE AND COMMERCE

Press, Volume LXXII, Issue 21708, 15 February 1936, Page 12

FINANCE AND COMMERCE

share market REVIEW

U QUIETER WEBI

NEW ZEALAND BANKS IMPROVE

Cbt ovb* couuucui, xdjtoju) The week on the Stock Exchanges of New Zealand has.been one of consolidation, and in most instances, while prices have been erratic, they have risen, though for the most, part slightly. Capital, in its never-ending search for more profitable outlets, turned its attention with some determination a fortnight ago to banks, but the price rose this week rather more than most investors were prepared to pay without close; consideration, and the consequence was that business in banks declined as buyers began to hesitate over the continually rising figures nominated by sellers. Industrials have continued to hold attention, and both Australian and New Zealand issues have come in for serious attention throughout the week at rising values. Apart from one or two rather sensational movements, the most interesting development On the local exchange has been the continued strength of the New Zealand banks. Investors, though they have had.no indication.at ali en the probable course of the Labour monetary programme, have apparently seen enough of tne new Government’s activities in other directions to realise that there will be no violent upset jn the economic organisation of the country The rises have not been spectacular, but they have been steady and prominent feature of, the trading of the week was the weakening in flour milling, the full significance ■ of the Government’s programme for the wheat industry became known. ..Losses have been heavy, especially in those more heavily capitalised holdings. The new scheme will actually be of benefit to investors, as in time it should prune away; a good deal of dead wood from the industry, - and though the; pruning process may be painful to individual holders, the body of . investors Will benefit from a healthier state in this section of the market. The business done day by day compared with last week was:— ■ ' This Last •. : , Week. Week. SSSS?.- :: its «:™ SSday •• 10,945 6,818 Wednesday .. 4,806 8,587 SB?*.: -.1... 55. *BS Total .. £40,101 £45.603 Business in the different sections Shares. Value.; No. £ A I Government .. J4OO Banking .. l.|T6 «.007 Insurance •• " S22"’ . i Loan .. .. I.°°° 1.522 I Refrigerating -V gjjj HSI I Breweries . . 1,425 Miscellaneous .. 14,672 20,11Mining .. • • 14*550 7,873 Government With a number of .industrial and, other Stocks fully valued-for the present, there was some returij of interest in Government loans, though at no time did this interest become very keen. Values rose a little: Sales made of tIMJ v 4 per cent. 1937-40 at £lOl 10s and £lOl 15s, a rise of about 17s 6d on last week. Banking There was a continuation of interest in the banking section, but buyers this week showed a certain caution, and were not disposed to follow yen-' dors blindly. Business was therefore quieter and a little more erratic, though the trend was still in favour of sellers, The 10s Commercial of Australia picked up an appreciable amount .of the loss made last wek, and finished with ,a gain of 5d at 19s 3d, E., S.,_and A. were easier than the high point of last week, but showed a distinct improvement. Both issues of National of Australasia were steady to slightly weaker. ’ The; most encouraging development • was the strength in the three New Zealand issues. National of New Zealand had several: dealings at prices showing an advance of more than 5S on the price a fortnight ago, and there appeared to be plenty ot buyers. New Zealand were also dearer in dealings overthe week, and showed a gain of 2s 6d from the price at the beginning; of the month. There were no sales, pf. Reserves* but late in the week a /sall®£ was quoted at a price a full 5s ahead * of recent business, and buyers moved up toward him. : . , . There was again interest in insurance shares. , and values; were inclined to rjse in sympathy with the better values for banks-, * ’ Loan ■' ■, Easily the most Interesting feature of the loan and agency section whs the increase in There were no sales, but the .quotation moved up day by day and reached the highest point for. many months. Goldsbrough, Mort were steadily dealt in, the price rising fractionally’ on the week. There Were no sales of Mortgage Corporation, but sellers remained St There were a number of both issues of New.Zealmid Regelating. which were erratic, but remained on the whole about where they* have been recently. Breweries Breweries were not particularly active, except /for New Zealand, which were dealt in consistently throughout the week. The price rose slightly. .Other issues remained steady. Miscellaneous Among general stocks, the sudden drop in die value of Woolwortbs CSydn<ey otdiiistey issuifi) W3US thfi AilOStllOtC** worthy movement. The- nave, had a good, market recendy. and rwe 10s from the beginning of the jyear. At the end of last week they reached £6 10s, but there wast a Weakening of Is 6d,this week till yerierday,. when the price dropped suddenly- t° £ 8. Kauri Timber had a cqnsistently good market, and in trading throughout the week. I rose about 4d, Tobacco continued their rising tendericy, and finished at £2 2s 2d; a gain of about 3d on the period. There was* good deal of Interest in both .Broken Rui issues, and both were a sdonger on the week. The active trading In G. J. Coles eontinued, end at mid-week they rose sharply by more than -s. They lost some of this gain later,, but still showed a sohd improvement There were a couple - of sales ot colonial Sugar at prices that were -a. little weaker than’ last week’s valuation. Dunlop Rubber and Electrolytic Zinc were both popular stocks, and showed a rising tendency on the week. Following the dividend announcement of Hume Pipe,-, there was a strengthening in this stock, which has rwSfllybaf a .good deal, of business. /U Apart; froih Mount Lyell «ujd Mount ' Mm I *, milpinfif atocks didmot have.a grS| Srflßan< there consistently, good and though prices wereerra-

AUCKLAND

DUNEDIN

YESTERDAY’S TRANSACTIONS There was an increased - turnover on call yesterday, the business was well spread;* and markets generally were firm at late rates. Transactions, exclusive; of vestibule business, were:— LISTED STOCKS Sales on 'Change

Banking National Bank of Australasia. £5 paid, changed hands at £7 11s 6d and £7’ ils, market closing £7 10s buyers, £7 12s sellers. National Bank of New Zealand were firmer at prices ranging from 77s 6d to 78s. buyers staying in at the highest price, sellers at 80s. Bank of New Zealand moved up to 7d, and there were further sellers at that figure, buyers at 19s sd. Goldsbrough, Morts were fractionally weaker, with buyers and dealings at 32s lid, sellers at 335. Dalgety and Company were firmer on buyers offer £9. . . , Unsupported sellers of New Zealand Refrigerating, fully paid ex dividend, reduced them limits to 21s sd. Kaiapoi Woollens, prexerence, had business at 17s 6d. Christchurch Gas were firmer at 36s 9d t . and more were wanted at 36s 6d. Sellers of New Zealand Breweries reduced their limits to 535. Buyers of Tooths raised their bids to 53s 7d, sellers at 54s 3d. Miscellaneous Anthony Hordern were steady with seU«s an y d business at 21s Id. buyers at 21s. Australian Glass were firmer on buyers’ offers, 87s 3d. British Tobaccos moved up to 42s 2d, ana more were wanted at that figure, sellers at . 42s 3d. Broken Hill Proprietary, contributing, advanced to 29s 4d, and there were further buyers at that price,' 'Sellers ■at 295, sd. Colonial Sugars were easier with buyers and business at £42 10s. Consolidated Brick were fractionally weaker at 10s Bd. market closing Id either way. Kauri Timbers changed hands at 24s 9d and 24s 7d. New Zealand Farmers Co-operative 4J per cent stock, due 1940, was firmer with dealings at £ 92, and’ further buyers at £9l 15s. Brian Boms were firm at 2|d. King Solomon had dealings at 3s 6d and 3s 6id, market closing 3s 5d buyers, 3s 6d sellers. Late sales of Mount Lyells on Thursday were reported at 23s Id sales were at 23s 2d, 23s 4d, and 23s sd, with further sellers at the highest price, buyers at 23s 4d. Skippers remained unaltered with sellers, and business at 3d, buyers at 2^d ‘ Unlisted Stocks Woolwortbs (Sydney), ordinary dropped to £6, and there were father sellers at that price, buyers at £5 19s 3d.

; ' [THE PRESS Special Service.] AUCKLAND, February 14. The Government’s action in taking over the output of the flour milling industry caused a flutter investment market this week, and tensifled the swing oh the Auckland Exchange, already noticeable, to Australian securities. The movement away from New Zealand issues is by no means clearly defined, mainly because recent events have given rise to a conflict, of opinion, with some investors thinking one thing, and others the opposite.' Market trends were apt to be contradictory, . However, it all means business for the brokers, who experienced one of the most active weeks this year. Only to-day was any indication Siven That the buying wave of the last few weeks had been checked. Naturally, .investors arc. asking “After flour nulls what? If the ’ Government’s • regimentation of industries continues, and it seems likely that it will, the question arises, which field will next be entered by the State? The milling industry was a . comparatively simple task as control wasi halfway ! there in any case. The cement industry looks to investors a likely objective, and the market has taken the precaution of marking down Wilson s Cement by Is 6d. . Retail meat and fertilisers are other industries mentioned, but it - is a case almost of as many opinions as there are men.” . At all events t6e future for thq.investment market canpt be regarded without some misgiving. Capital never been particularly enamoured .of Government interference in private enterprise. , Banks continued ; to show improvement. although the rate of advance slowed perceptibly. In the market for industrials, Australian issues revealed additional, strength. Broken Hills. Australian. Glass, and Kauri Timbers being in the forefront. Feature? of the New Zealand: market Were the sharp reverses in flour milling issues. Bycrofts and Northern. Roller, and the drop in cements. v . . , Plans for the hew newspaper in Christchurch caused a further weakness in New Zealand Newspapers, which have lOst 4s in little more than a week.

[THE PRESS Special Service.] DUNEDIN, February 14. Only a moderate amount of business was. transacted on the Dunedin Stock Exchange during the week, but the Healthy tone of the market for better investments was maintained.. Bank of New Zealand® were in better demand at £2 9s 6d, compared:with £2 8s last week, but sellers’ closing requirement was £2 10s. Commercial Banks were disposed of at 19s, -ex dividend,, the market showing a firming tendency at the close. A sale of National of New Zealand at £3, 17s 8d was reported, and National of Australasia changed hands at £ls 2s 6d and £ls 3s. Business in National Insurance at 19s was recorded during the period* and Standard Insurance also had business, at ..£a‘4«; : s.i. , Goldsbrough, Morts were disposed of at £1 12s 9a, .:the ■ market closing slightly easier, .- - < „„ MUbixrn Limes changed hands at £2 ss, the market closing firm. Ordinary moiworths CN.Z.), shires were dealt

prices of flour t and wheat

GOVERNMENT’S SCHEME APPROVED

A PROMINENT MILLER’S OPINION

(FEESS ASSOCUTIOJT TMJtOBAU.) OAMARU, February 14. Discussing the Government’s new wheat and flour stabilisation scheme, Mr Robert Milligan, a well-known member of the firm of Distributors, Ltd., and a prominent flourmiller, said that it was thoroughly sound and workable, and that the fiourmilling industry would be benefited by its introduction. • While the sliding scale of duties on wheat and flour did stabilise wheat prices, it had always been possible to defeat the, object, the stabilising of flour prices, by the erection of new mills, which, in fact, took place, resulting in price-cutting. “The'Government’s scheme has completed the stabilisation of both industries, making it effective,” said Mr Milligan. “As there is ample milling capacity in the Dominion, to contir*ie adding unnecessarily to production was a waste of capital, the cost of which sooner or later would be borne by the public.” • The new scheme had eliminated all that, for it could be assumed that no new mills could come into existence. As the Government’s scheme prevented undue profits, Mr Milligan said there was no ground for criticism. It was all to the good that importation of flour from overseas would cease, as more work for New Zealand people would thus be provided. A satisfactory feature, though a minor one, was that the staff of Distributors, Ltd., had been taken over for the purposes of the scheme, ensuring smooth working from the start. ,

BANK OF ENGLAND RETURN

(WITH* PHISB ASSOCIATION—COPT*IO*T.) LONDON, February 13. The following Is the Bank of England return for the week ending February 12:— ISSUE DEPARTMENT £ Notes in circulation •• 399,300,000 Notes In banking department 61,200,000 Other Government securities 245,000,000 Other securities .. 3-660,000 Silver coin .. •• 1.000.000 BANKING DEPARTMENT Proprietors’ capital ;; ;; 14.553.000 Public deposits .. • • H'222’522 Bankers' deposits .. .. 1P3,600,000 Other accounts .. •• 36.300,000 Government securities .. 79,200,000 Discounts and advances .. 13,400,000 Other securities .. .. 14,500,000 Notes and coin .. •• 61,900,000 Ratio of reserve to liabilities, 41.04 per cent.; Bank of England discount rate unchanged at 2 per cent.

GOVERNMENT SECURITIES

DAIRY PRODUCE

BUTTER MARKET STEADY

LONDON, February 13, Butter—Steady. Danish 128 s to 130 s. Choicest salted. New Zealand 965, Australian 955. Unsalted, New Zealand 103 s to 104 s; Australian, 99s to 100 s. Cheese—Steady. New Zealand, white 53s to 53s 6d, coloured 57s 8d; Australian white 51s to 525; coloured, 55s to 565. A. S. Paterson and Co. A. S. Paterson and Company, Ltd., advise that they have received the following cable advice from J. and J. Lonsdale and Company (London), Ltd.:— * Butter—Market slow. New Zealand, 95s 6d; Australian. 94s 6d; Danish — Market steady; 108 s, f.o.b. Cheese—Market quiet; buyers inactive. White, 535; coloured, 575; Australian, 51s 6d to 555, National Mortgage and Agency Co. The National Mortgage and Agency Company of New Zealand, Ltd., report having received the following cable from A. J. Mills and Company, Ltd., London: — Butter —Market is steady. Finest, 95s to‘ 965; firsts, 94s to 955; Danish, 1265; f.0.b.. 108 s; Australian, 955. Cheese —Market is steady. . White, 53s to 53s 6d; coloured, 57s to 57s 6d; Canadian, 60s to 625. N.Z. Loan and Mercantile Agency Co., Ltd. The New Zealand Loan and Mercantile Agency Company, Ltd., reports that it has received a cablegram from London dated February 12, as follows: Butter —New Zealand, choicest salted, 95s to 95s 6d. Market slow. Cheese—r White, 535; coloured, 575. Market quiet

BRITISH CAPITAL ISSUE

(BBITI3B OFFICIAL WIRELESS.) (Received February 14, 8.30 p.m.) RUGBY, February 14, The lists for the £3,500,000 Central Electricity 3J per cent, stock issue were closed within live minutes of the opening this morning.

in at £5 17s, but closed weaker. Business was recorded in New Zealand Breweries at £2 13s 3d. Big Rivers changed hands at 2s, the market showing an easing tendency at the end of the week, when a selling quotation of.ls lid was received, Gillespie’s Beach shares were disposed of at Is. sellers’ closing requirement remaining at the same figure. There was- no activity in Government loans, which were enquired for at prices that were on a level with those ruling for the last few weeks.

CHRISTCHURCH RATES, FEBRUARY 14, 1936

FORMER LEVELS COMPARED

OTHER QUOTATIONS

N.Z. Government Debentures Buyers. Sellers. £ s. d. £ s. d. 31 p.c. Ins., 1938-52 ~ 102 10 0 31 p.c. Ins., 1930-52 .. 102 10 0 4 p.c. Ins., 1937-40 .. 102 0 0 4 p.c. Ins., 1943-46 .. 103 0 0 4 p.c. Ins., 1946-49 .. 102 10 0 104.15 0 4 p.c. Ins!, 1952-55 .. 4 p.c. Bonds. 1940 ..102 2 6 103 0 0 4 p.c. Bonds. 1946 .. - 104 15 0 4 p.c. Bonds, 1949 • JO4 15 0 4 p.c. Bonds, 1955 ..

VALUES ON STOCK EXCHANGE

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.

AUCKLAND Sales on ’Change £ ?. d. Stock, 1940, 4 per cent. .. 101 15 0 Auckland Harbour, 1938, 41 . per cent. • • 101 10 0 Mount Eden, 1955-60, 4J per cent. ■. 105 0 0 Com. Bank of Aust, (prel.) .. 9 8 0 Natl. Bank of New Zealand .. 317 6 Bank of New Zealand .. 2 9 6 2 9 3 2 9 6 Reserve Bank .. 5 15 0 N.Z. Insurance .. 3 3-9 Goldsbrough, Mort .. 113 0 1 12 11' Mortgage Corp. .. 0 410 Renown Collieries .. 0 9 7 Tauplri .. 017 0 Taupo Totara .. 0 9 9 Australian Glass ..480 Aust. Iron and Steel (pref.) .. 16 0 Cons. Brick .. 010 10 Electrolytic Zinc (pref.) (2) 119 3 Northern Roller (2) 17 6 New Zealand Newspapers .. 116 9 N.Z. Crown Mines .. 0 2 3 Loloma ..150 Mount Morgan .. 0 18 1 Placer Development .. 5 7 6 WELLINGTON Sales on ’Change £ s. d. Ins. Stock. 4 p.c., 1940 .. 101-15 0 Wellington Harbour, 5i p.c., 1940 .. 104 0 0 Mount Eden, 4g p.c., 1960 .. 105 0 0 Auckland City. 4i p.c., 1946 ~ 103 17 6 Bank of A/asia (late Thurs.) 12 10 0 E., S., and A. Bank (late Thurs.) 6 5 6 Union Bank .. 919 6 Goldsbrough, Mort (2) 113 0 N.Z. Guaran. Corp.. 0 5 9 National Insurance .. 0 19 9 Kauri Timber ..1-4 9 Broken Hill Pty . ..219 9 Hume Pipe (Aust.) . .. 017 5 0 17 '7 Upper Watut .. 0 8-0 Unlisted Stock Macduffs (pref.) .. 12 6 DUNEDIN Sales on ’Change £• s. d. National Bank of A/asia .. 15 '2 6 15 3 0 Broken Hill Propy. (cont.) .. 19 2 N.Z. Breweries (late Thursday) 213 3

SYDNEY %

Fluctuations in industrial investment prices on the Sydney Stock Exchange yesterday balanced in favour of sellers. Values of Government securities continued to weaken. Australian Glass, shares hardened. Morning Sales Commonwealth Bonds—--3 p«r cent.» .. 9A 15 O 31 per cent., 1948 .. .. 99 7 6 3i per cent., 1942 ... .. 101' 0 0 4 per cent., 1938 .. .. ■ 102 0 0 4 per cent., 1941 .." .. 102 15 0 4 per cent., 1944 .. . .. 103 12 6 4 per cent., 1947 .. .. 105 0 0 4 per cent., 1959 ~ .. 105 2 6 Comm. Bank of Australia .. 019 7J Bank of New South Wales ... 34,17 6 Union Bank .. 10 5 0 Toohey’s Brewery .. .. 114 0 Tooth’s Brewery .. • 2 14 0 Tooth's Brewery (rights) .. 112 0 Associated Newspapers .. 13 3 Associated Newspapers (pref.) . 1 4 6 Australian Glass .. .. 4 8 6 Broken Hill Propty. (3s 4d pd-.) 19 9 Afternoon Sales Bank of New South Wales .. 34 17 6 Comm. Bank of Australia ..1 0 0 Union Bank .. .. 10 5 0 Bank of Adelaide .. .. 618■> 9 Automatic Toialisators .. 113 Adelaide Steam . . .. 113 0 Howard Smith .. .. 018 4J Burns, Philp .. . . 311 0 Australian Gas A .. .. 8 10 British Tobacco .. .. 22 6 Tooth's Brewery , ... ~ 215 3 Carlton Brewery .. .. 215 3 Australian Glass ... .. 4 86 Gbldsbrougfa, Mort .. . . 113 3 Greater J. D. Williams: .. 0 8 7 Henry Jones .. : ~ 206 Electrolytic Zinc (pref.) .. ' 1 19 9 Anthony Hordern (pref.) .. 15 9 General Industries .. ..' 1 1 3 Hume Pipe .. .. OIT 7J William Adams .. .. 010 9 Gash Orders .. .. 11l 4J Sargents .., .. 15 9 Peters Ice .. • .. 2 3 8 Garratte •• •• 0 7 8

MINING .' I*- * ' 1 li) *■

WORKSOP EXTENDED

truss Asaocunox telegram.) ’ REEFTON,- February 14. The Worksop Extended dredge return, Is 290 z for 108 hours and 7600 yards. , • -

KING SOLOMON RETURN

INVERCARGILL, February 14. The .return at the King Solomon mine this week was 570 z lOdwt

PROPERTY SALES

C. E. Jones, Ltd., report having' sold a property in Ensor’s.road, Opawa, comprising a new bungalow of five rooms and kitchenette, with a quarter of an acre,' to .a client.

STUD EWE FAIR ABANDONED

Because of the small support forthcoming, the stud ewe. fair which was to' have been held by the North Canterbury Stock Auctioneers' Association, has been abandoned. Breeders may offer ewes at the Christchurch ram fair or the Addington yards.

FOREIGN EXCHANGES

FOREIGN EXCHANGE RATES

The Bank of New South Wales, Christchurch, 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.2. to £1()0 stg. T.T. 124 124/10 ,i , 0.0, 123/10 124/8/9 Australia— ; £ A. to £IOO N.Z. T.T. 101' 100/10/ O.D. 101 100/10 Fiji—- £ F. to £IOO N.Z. T.T. 90/7/6 89 0.0.90/7/6 89 New York— Dol. to £1 N.Z. T.T. 4.034 3.99? • O.D, 4.04 g 3.99 J Montreal— Dol. to £1 N.Z. T.T. 4.02? 3.98 J O.D. 4.03 S 3.998 Austria— Schgs. to £1 N.Z. T.T. O.D. Belgium— Belgas to £1 N.Z. T.T. O.D. Czechoslovakia— Crowns to £1 N.Z. T.T. O.D. Denmark— Kroner to £1 N.Z. T.T. 18.203 17.893 OH. 18.263 17.903 France— Francs to £1 N.Z. T.T. 60.76 59.93 O.D. 61,21 59.97 Germany— Reichmarks to £1 N.Z. T.T. ‘ O.D. r-- 9.802 Holland — Florins to £1 N.Z. T.T. 5.951 5.801 O.D. 6.011 5.805 Italy— Lire to £1 N.Z. T.T.—O.D. Java— Florins to £1 N.Z. T.T. 5.929 5.769 O.D. 6.989 5.773 Norway— Kroner to £1 N.Z. T.T. 16.185 15.895 O.D, 16.245 15.905 Sweden— Kronor to £1 N.Z. T.T. 15.785 15.490 O.D. 15.845 15.500 Switzerland— Francs to £1 N.Z. T.T. 12.339 12.069 OH. 12.444 12.074 Noumea—;, Francs to £1 N.Z. T.T. 62.56 58.56 O.D. 63.01 58.62 Papeete— Francs to £1 N.Z. T.T. 82.56 58.71 O.D. 63.01 58.77 Hong Kong— N.Z. pence to dol. T.T. 18 25-32 2017-32 O.D. 1811-16 204 India and Ceylon— N-Z. pence to rup. T.T. 22 9-64 22 57-64 O.D. 22 3r64 22| Japan— - N.Z. pence to yen T.T. —/ 17 39-64 O.D. Shanghai— N.Z. pei.ce to dol. T.T. 1715-64 18 39-64 V; O.D. 17 3-64 18 19-32 N.Z. pence to dol. T.T. 34g 35 7-16 O.D. 34 3-16 3527-64 T.T. represents Telegraphic Transfers. OH. represents On Demand.

DOLLAR MARKET RATES

The Associated Banks (other than the Bank of New South Wales)' quoted the following dollar' rates i yesterday on a New Zealand currency basis. They are subject to alteration without notice:— O.S.A. Canada. (Per £1 N.Z.) _ dol. dol. SeHing—= T.T. .. .. 3.991 3.99 „ OD. .. .. 3.991 3.991 Buying— O.D. .. .. 4.041 4.031

MELBOURNE

LONDON QUOTATIONS -■■■■■.■. /' ■ LONDON, February 13. i .£ s. d. Mount Lyell ?. ,Gc ~ 018 6 New Guinea Goldfields ••’ 0 4 li

's^:M iJiipyS ?

BUSINESS IN 1935

GOVERNMENT, STATISTICIAN’S REVIEW

? Business activity, in December is considerably affected by the advent of the holiday season, says the Abstract of Statistics-for January,; and, as a result of this, the significance of many statistical series for that -month as indicators of changes in economic conditons is largely lost Banking statistics for December, 1935, show an abnormally high volume of bank debits, particularly in the week before Christmas, while the net note circulation was substantially higher than in December of the immediately preceding years. These evidences of increased spending in the holiday period indicate the advent of more prosperous economic conditions. Trade returns for December reveal a moderate increase on the preceding month in imports, and an exceptionally high' value of exports—l.2 per cent, higher than in November and as much as 51.3 per cent, higher than in December, 1934. Building activity was on a definitely lower scale than in November, judging by the value of building permitsissued in the larger towns. Notwithstanding this fall—a purely seasonal One—the Unemployment Board's statement of the total number of unemployed males on December 21 was slightly lower than the total a month previously. Sales tax collected in December (£223,970) constituted, a record for any month since this tax was initiated, the previous highest figure occurring in November, 1935, when the total was £223.808. Altogether it may be stated confidently that the close of the year witnessed an improving tone in business conditions generally.. During the calendar year 1935 business conditipns in the Dominion showed steady improvement, mainly in the direction of an internal expansion of The external trad- , ing situation, however, presented some interesting features. In the eany months of the year low wool prices and a lowered yield of butter-fat production resulted in considerably reduced returns from exports as compared with the corresponding months of 1934. The lowered value of exports combined with a continuation of the upward trend in commodity imports-which had become evident in the later months of 1934—resulted in a considerable diminution in the excess or commodity exports as compared with the position early in 1934. The seasonal slackening in exports was, however, less marked in 1935. than is normal. There was a longer dairy season, pasturegrowth continuing well into the winso that some of the leeway in dairy production was -made up. Again, wool prices rose sharply after the conclusion of the selling season with the result that a substantial proportion of the carry-over was shipped during the off-season months, buoying up trie value of exports in the winter ‘ and early spring montns. The value of commodity exports during the complete calendar year was £46,538,678, 1.7 per cent, lower than in 1934—a much smaller fall than seemed in prospect at the end of the first six months of 1935. Commodity imports continued to maintain an upward trend throughout the year, and there was a material diminution in the overseas funds of New Zealand banking institutions, indicating that the balance of payments over all external trading (commodity plus “invisible”) was temporarily adverse. The net overseas funds of banks (on account of New Zealand business) fell from £(N.Z.) 46,580,938 in May, 1935, to the - still considerable total of £(N.Z.)36,088,539 in December, 1935, However, only a part of this fall can! be attributed to the external trading?; situation. •’ ! ■'? -*■ ’ .Statistical Indications ’ The following statistical indications of a materially improved internal business situation during 1835 are of interest:— (1) The aggregate value of bank debits (excluding Government) was £ (m.) 686.5 in 1935, as compared with £ (m;) 676.2 in 1934, arid £(m)559.1 in 1933. (2) Hie total value of building per--mits issued iri • the larger towns was £4,452,997 in 1935, as compared with £3,529,703 in 1934. The number of permits issued for the erection of private dwellings totalled 3038 in 1935, as compared with 2006 in 1934. (3) The total value of New Zealand factory products in the 1934-35 production year was 10.5 per cent, higher than in 1933-34, employment in factories increasing by 9.2 per cent. (4) The value of land transfers registered in the calendar year 1935 was 23.1 per cent, higher than in 1934, while the value of mortgage registrations increased by 45.5 per cent. These increases are a significant indication of a revival of confidence in real estate as an investment. t. (5) Sales tax collected in the calendar year 1935 totalled £2,389.939. 12;9 per cent, higher than the total in 1634 (£2,116,573). indicating a substantial increase in wholesale transactions. (6) Returns issued by the Uneim ployment Board at four-weekly intervals disclose a decrease in the number of unemployed males. The.averages of the totals shown in the 13 returns compiled for each of the last three years were: 1933, 47,221 1934. 33,480 and 1935, 38,572. The 1935 figure is 18.3 per cent below that shown for ,1933.’ Attention should be directed to the fact that even a static position in the unemployment returns would denote a material increase in employment since the number of males attaining workipg-age exceeds by several thousands those reaching the end of_±heir span of working-life. Comprehensive statistical data are not available as to unemployment among women and juveniles, but such evidence as is available points to a marked improvement in 1935 in the employment situation for these classes of workers. Banking The weekly average value of bank debits to individual customers’ accounts with the trading banks during the month of December amounted ■ to £15,444,844, ,15.6 per cent, higher ' than in December, 1934, and 41.2 per cent higher than in December, 1932—the low point for a December month. The extent of the increase; since 1932 is a striking illustration of the progress which has been made towards recovery, since the volume of cheque transactions is a particularly significant indicator of business conditions. The average amount on deposit with the trading banks during December was £63,285.499, ,an increase of 3.6 per cent, on the November figures. Free deposits normally show an increase in December, but the increase on this occasion (£1,480,318) is even greater than would be expected in the light of previous experience. Deposits bearing interest increased slightly.' a somewhat unusual happening in a December month. , Advances decreased > slightly during the month, the ratio of advances to deposits falling from 77.29 per cent, in November to 74.09 ifer cent, in December. The average net ‘ note circulation reached the abnormally high figure of £7,321,840 during the month, as compared with £6.695,620 in December, 1934: Special interest attaches to the statistics of debits and note issue for the week ended on December 23 —as an indication of prospective holiday' expenditure,: The net note issue during l that week was £ 8,262,077, as compared with £7,597,348 in the Christmas week of 1934 while debits were also materi-' ally higher— £23,'B26,744, as compared with £21.872,835 in 1934. Banking statistics for the year 1935 | present many interesting features. •

THE METALS

■; (tmTM PEKS* LONDON, Feb, ll"pjSoHi Copper— '" £ s. Standard, spot 35 I ’ Forward ~ 35 8 Electrolytic 39 5 C|;;JhhlH ■to n .. 39 is • iaM Wife bars 7, 39 Lead— Spot 15 Forward .. 15 15 0 Spelter— r S-.WsmmSmmßm - 1 Forward 'l4 17; Tin— . : '-'■•■ ■ !fc pnrilWßl Spot .. 208 17. Forward <3 months).'., 20112 <T Silver— '' ' ' ' Fine, per oz. 19-1 Standard, per * - <isisS9H|H ,oz. • ■ '.- 31id , •• - ’ PRICE OF GQLBiM - : . - rj&Sgja^Mm i., • ■ .. ~« > J! *iv - > London: Gold is quoted at %7f!QraMHH| -fide: .ounsisy. bl/ *■ .1;,- * o^* f ii, Uiw PRICE’S Ofb BffiMHH j'j7ihn n - & K’)- 1 Ilf * 'i ■•55 ' \ ;-• T^WP^IiHaHW - Silver is quoted 1 - at: ward 19|d a fine oubfift. jew^asEnifr ’ FRENCff AND AIOBKM|H| < v.y- * IX3NDON.F^ffIMBi United States and closed 'to-day at: Dollars francs 741 to £1 sterling. PROPERTY SALBS-i^^H v - i-^ f -4* Ford and *Hadflel&| port having sold on aeeßaatfSdMHHW Barlass, his new ham road, just offMr Dixon. - '. •--■■’ COMPANIES RtoGisTEri^H *j / ► -*AT‘“ Sy^|S6fflHS The currentytasoe,,of Gazette: contains-the foliowtoE'TW^ClMm company- registrations'!—.- . '-y-jMileaiam! Keesing tW. Tl). private company, 145 a Palmerston street, £4OO into 400 sfaares-at-Westport—W.'T.Keeatag 3aw-E.JfcIWWWi 1. Objects: To a going coneerd.Tauainesft 'rihmßmKKHM tists formerly carried "op? Westport and generally'to fession of “dentistry m all Its tpmIMMHM Giles Terrace 'Sluicing' CdtfflP<ByawMi|B|H Registered December ■ 30. Wakefield street. Westport, .CapUaUffJjaailMjß shares at Is- each. Subscribers: WdiMHIW ~G. W. Head 3720, A. J. Greeo‘i«ai@SHi Bradley 2139, W, P. Scanlon 37», gan 3880; E. Skilton 4558. Jects: Mining purposes dentaL -■ - Dillmans -‘Sluicing Company. - gistered as a, private company, VUMMUHb Office; -Oxford Buildings. GcoitdAinQNssl Timaru. 'Capital* -int0.3200, -sbaffita-l of £l. Subscribers: TimanL-Jt fI&MHMBSBI 1500. Greymouth—T. Learmont 1204 J Hannan 200. Kumara—T. McGrrofeTJaSM L. Tomasi ; 200. . Objects:. Mining .WirJWHMRS

Bank debits-were, on thfrlßjWmSwHMl terially higher than in iMftiiMMMH the 1934 monthly totals instances higher. sonal slackening in. bank winter and. spring was much' jgftwHM than is usually .the .ease; wfaflej«aWffi»§ the seasonal increase. *tidi becomes somewhat evident'in -the; ter months of the year waf~'ydygHM| cided on this occasion. It s«cnac>J4wE;| parent that the effects of the-lwCtiSiaa volume of farm production.- JWwWHMi lower" wool- prices at were largely offset, in their egeca3q||| economic conditions generally. .-Wjfflßi definite internal' business Again, signs were' early the 1935-36 wool-selling show a degree of prices, while .the trend of, other export commodities ; waS-.'4jWW|| itely upward, despite- minor. seMSBEBija The total volume of. funds .op. dtiSißjpi in 1935 showed a. definite. compared with the situation. the monthly average £63.450,833. in 1934 to £6I~42MMMSMH! 1935. December was'thy only showing a higher weekly average JpS|||| the corresponding- month . of Vances moved substantially 1935,' the ratio' of to dQKHMi averaging 72.73 per‘cent, as ■cobqrßbKßl with 65.28 per cent, in 1934. Overseas.funds of all banks 9P9Mpj ing in New Zealand increased -wBSBB the early months of 1935—as woW figs I expected in the flush .of the eJtppgWßßa season—and have' since fallenj smN ally . below the totals, recorder months ago, the latest available (December 30) being New Zealand currency), with £40,528j614' 12 months'prwgtqßßw This fall was partly due to the IaWHHH excess of commodity exports,lectors also' Operated latterly—partial repayment ■of loon mopgjSaSßM London, These -statistics' only since August' 1034 ‘

lI^TERBUKY--teiirAKKETS

slightly dearer

jjxtle business in SEEDS

(JOB COMMJtaCULi BDITOB.I ‘ Friday Evening. f ind P ap e Sr 1 S * ' in the produce markets. “gSt has naturally not been cwn- • KSfreely in the last few days, but amount of fowl wheat is a Since the Government of the general price fa; ‘ been stimulated, Prices. Prompt fowl wheat is gjd at 45.6 d f.0.b., and spread is w ?j£ continues dull, Jh very little interest in any line, in not a great deal offering from the Farmers are at the moment SJwtonconed with their wheat than particularly JST A good deal of oats has gone trtack in'the meantime, and the & hardened sUghtl, b*. Sof the small offerings. The rise only temporary, as the fj&ment forecast of yields, pubiStbis morning, shows a very substantial increase in the crop, A GartS are-quoted at 2s 8d f.ob. for Spt with spread a penny cheaper, prompt B’s are worth 2s sd. There has been rather more interest i n the potato market, but all enquiries bflftng wade from the North. Island Sfflls of 75s f.ob., which is 2s 6d helow the ideas of the local market. a few sales have been made at the lower‘ figure, but they have all been of Very small lots. . . There has been no great enquiry for onion® which remain at £2 10s to £2 15a for prompt, and £2 10s for March. The- main crop is just beginning to ’ ccme in. and should be well under wSy by. t%end of the month.

DUNEDIN

DUNEDIN, February 14. Up to the present, only a few lines of jvhcat-have been on transfer, from Otago growers. It will be a few weeks yet- before any quantity of Otagogrown wheat will be In the market. In the meantto© millers are taking delivery of wheat purchased from Canterbury. The quality of the wheat so far delivered from all districts is particularly good, much better than last season Deliveries of the grain are heayier and yields are considerably higher. In anticipation of a heavy yield of fowl wheat, prices are inclined to esse. There are sellers for delivery from Canterbury at 4s sd, f.0.b., sacfcs extra. There is not a great deal of fowl Wheat 1 available in this district, andprices are nominally quoted at roipid about 5s a bushel, sacks extra, ex store, for small lots. A few lines of cany sown Carton oats have appeared on the market, and toe have been purchased by millers at 2s 2d a hushel, sacks extra, on fairs; This price, however, is only, available for early delivery, and it is ejected that prices will be lower kter cii. Yields from the crops alr.a:.y threshed indicate that there will b; high returns in Otago. The irtcrerssd quantity of cate available will i.icui that posa bly an export market will have to be found. During the kst few seasons' there has not been mueh’-dsnoand from "the North Island ior South Island grown oats. The market for forward delivery has been slightly firmer during the week with buyers.-at 2s f.0.b., s.i., for A’s. there is, however, not much business going through even cn this basis, as growers would have to accept well below 2s on trucks to meet the market - Stocks of- chaff are light, the space m the stores being required for wooL ije, demand is negligible. Local merchants are taking delivery ooft f truck ° ad li rom Canterbury as they are WflUwKi, ■ Potatoes are in full supply, and the demand Is weak. Many householders awjatiu drawing; on their own gardens. for. their requirements. Yields gaserally promise to be good. . present little business has seen transacted in any lines of seeds as, merchants are inclined to hold off ♦L a £^R atio ? °£ lower prices.' In the* meantime; offers to farmers are not being accepted. A fair quantity “Lriyss has been threshed, but of opinion regardvalues as between merchants and frOwers, no sales are taking place. Fescue and dogstail are_also appearwlL® 1 and there is like? e ritant market in these, variea PP ear to be good crops -frsCue and dogstail, . and the «to£et is expected to ease. ‘■ooksfoot market has not yet nfily opened, as it is too early for the Ateroa crop. Reports state that yields fignt, and that prices will be weds!' Wlan for otiler vari eties of

SOUTHLAND

' {THE PRESS Special Service.] , February .14. Although one or two early lots of "jja oats have appeared, there has w« y ®r ° een any general offering, harvesting is now in lull swing, and J2"“ 8S wet weather causes a delay, onenngs should be more general before im of the m °nth. Although there ohquiry for • oats for forwara delivery, spread from April to Sf® 1 * I ®. buyers have been indicataA^out 2 s 6d to 2s 7d for A’s and as low at 2a 3d to 2s 4d for B’s. Local rawchants are not attempting to ln«r 9 • in shipping business at such low prices. , ne w season's wheat has yet appeared on the Southland market, and nmlu meantime supplies for the local C^itSbiny^ 6 816 hemg drawn from on hand are sufficient demand. There is no ? lng on'iniry, and probably about Pnn1 j 3 a ton is the best that farmers for good bright quality thA s chaff. It is expected that £o price will be about £3 53 a ton on trucks. crW? * ear J y hnes of ryegrass have • st ?. re > hut most farmers are mviT? x 1 v the meantime. Offerings canfa * been plentiful, probably, benot know that values wilt ■ in 1 .fV ery enticing and they are not diamoi seU * Prospects are re P or ted that machinefor late delivery has been as to,™ * or _ sa ie from other centres at Se*^ as ? s 8d a bushel f.o.b. The , Qualffw to farmers for > good pprvL se ? d 18 about Is 4d on trucks, briwu ec^s f° r Chewings fescue, , Safe and crested dogstkil areexdisappointing. Values to fescue are about Sd to Sd a i o * undressed seed, and ’of «J?^i n d for machine-dressed seed ■ For crested dogsdtriffi .y&w to farmers fbr machine--1 ab out 6d a pound, and for browntop about,od a quality: iu both cases. ■s in potatoes Is of a hand-to-dure, and is limited to the • early lots to fill local rets, It Is expected that the falui for main crop varieties ng via be about £3 to £3 Si

VEGETABLES AND FRUIT

CHRISTCHURCH MARKET

su PPUes of vegetables are available, and ruling, values for the week have been as follows:—Cauliflowers, best quality 5s to 7s a dozen, others 3s to 5s a dozen; cabbages, best quality 2s 6d to 3s 6d a dozen, others Is 6d to 2s 6d a dozen; celery, best quality ss: to 7s 6d a dozen, .others 3s to ss; lettuctf best quality Is to Is 6d a dozen; others 6d to Is; rhubarb, best quality. Is 6d to 3s a dozen; beet. 0d to 9d a dozen; spring onions, 9d to Is a dozen; white turnips, 4d to 8d a dozen: spinach. Is 3d to Is 7d a dozen;.parsnips, 9d to,ls,a dozen; car--rots. 6d to 9d a dozen; swedes, local Is to la 3d a sugar bag; new potatoes, Jd to id par lb (with plentiful supplies); omona 2s to 2s 6d a sugar bag (with plentiful supplies); onions, picklers, Is a “ n * ,*? a sugar bag; pumpkins, id to 3d per lb; marrows. Is to 2s a dozen; green peas. 6d to 9d per lb, with plentiful supplies; betuis. 4d to 6d a box. with plentiful supplies; cucumbers. outside. 6d to Is 6d a box. „ Fruit—Apples: Gravensteins 4s 6d to 6s 8d a case, according to quality; Worcester Pearmains. 4s to 5s 6d a case, according to quality; pears. Bon Chretiens, up to 7s 9d a case.' Tomatoes (hothouse), extra choice. Sid to 4Jd per lb. others Id to 3d per lb according to quality; apricots, dessert, best to Sid per lb, others 3id to 4Jd per lb; peaches, dessert, best up to 3Jd per lb, others 2d do 3d; nectarines. dessert; best up to 44d per lb, others 2d to 3id per lb; plums, dessert, up to 44d per lb, others lid to 3d per lb; greengages; dessert, best 2id to 4d per lb; strawberries, lOd to Is 4id a punnet, according to quality; raspberries, to Hid .a ‘punnet; grapes, extra choice. Is to Is Id per lb, others 8d to lid per lb; New Zealand lemons, 10s to 14s a case. Imported Fruits—American grapefruit, 30s a case; American navels, 35s to 37s 8d a case; bananas. Cook Islands, ripes 25s 6d a case. A shipment of Jamaican oranges was expected yesterday, and also a further shipment early next week. Samoan and Niue bananas, ex Maui Pomare, are expected on February 19.

DUNEDIN

(pssss saaocumoK tbliosau.) DUNEDIN, February 14. Good supplies of Gravenstein apples are still arriving from Nelson. Cox’s Orange Pippins are now beginning to come forward from Nelson. Tomatoes are in heavier supply, and the market is easier. Christchurch, outside grown, are so far of poor quality, but they should improve as the season advances. The colder nights are preventing an over supply of tomatoes. Choice quality peaches and nectarines are meeting a sound demand. Plums and greengages were in over-supply towards the end of the week, with sales hard to effect even at low prices, and apricots are practically finished for the season. Raspberries are still coming in from Waimate and Pine Hill, but the demand has eased off. Bon Chretien pears are in full supply. A shipment of Tongan bananas will arrive on Tuesday next, transhipped at Auckland. The Samoan Shipment is hot expected until Friday. The quantity of Samoans allotted to the Dominion is less*than usual, and it is reported that bajnknas are likely to be in short supply in the next three or four months. Oranges are again in short supply, but further supplies of Californian navels are expected towards the end of next week.

REILLY’S REPORT

Large consignments of stone fruit are arriving; Better enquiry for choice apples and W.B.C. pears, and a drop in tomato values. Apples, dessert 4s to 8s 6d; cookers, 4s to ss; W.B.C. pears 6s to 7s. Peaches, 2|d to 4d. Apricots, 4d to sd. Dessert plums, 2d to 3d, Tomatoes, 2Jd to 4d. Nectarines, 2£d to 4d. Beans, IJd, garlic s£d. Cucumbers, 3s to 4s case; pumpkin, 8s; marrows, ss; onions, os to 6& per cwt. —8

STOCK SALES

ST. ANDREWS

isracui. to tiß mu.) WAIMATE, ‘February 14. The good prices ruling during the week for fat sheep, fat lambs, and store lambs were maintained at the fortnightly, stock sale at St. Andrews yesterday. The fat cattle were not of good quality, and bidding was sluggish, the sale being on a lower basis than at the previous St. Andrews sale. Pigs were slow to sell, some pens not being disposed of, but the sale of store lambs was satisfactory to vendors, the prices realised being fully the equal of other markets this week. Prices for sheep were:—Pat sheep: Six and eighttooth wethers 18s 4d to 22s 7d; fat ewes, best 12s 4d to 13s Id, medium 10s lOd to 11s lOd; fat lambs. 21s 7d to 23s 4d. Store sheep: Failing-mouth ewes, 8s 3d; s.m, ewes, 19s 3d; rape lambs, 10s 3d to 18s 6d; wether lambs (medium), 14s lid to 15s 7d; ewe lambs (small), 14s 9d; m.s. lambs (medium), 19s 6d to 15s 7d; cull lambs, 10s 3d; medium two-tooth wethers, 14s to 16s; six and eight-tooth wethers, 18s 6d.

LEESTON

On account of the pressure of harvest work, the attendance at the Leeston stock sale yesterday was well below the average, and the total yarding of stock was small. A sharp rise in the price of store pigs was due mainly to farmers having an abundant supply of seconds of grain, particularly barely. The only sheep sales were: Twenty-seven two-tooth wethers at 18s, 6 lambs at 10s 6d, 33 fat ewes at 12s 4d. Bacon pigs made up to 55s 3d, porkers 28s 6d to 45s od, large stores 29s to 28s od, medium from 18s Cd, small from 14s 6d, weaners from 12s.

BLENHEIM

There was a large entry at this week’s Blenheim stock sale, the total being 9333. There was an Increase In prices in the fat section of up to 2s for wethers and from Is to Is fid for ewes. In the fat’ section 471 ewes were yarded, for which prices were firm. Seven outstanding sheep fetched 13s 9d, and another 21 of similar quality 13s fid. There was a short supply of wethers, the top price being 22s 7d. One pen only of lambs was entered, and the four were disposed of at 20s SkL The store sheep section contained 2350 lambs In good condition which sold at very satisfactory prices.

OXFORD

At the Oxford sale on Thursday there was a. yardihg of 1500 fat lambs and sheep and 1300 stores. The quality throughout was good, some prime, sorts being penned. The top price for lambs was 25s for a pew of 80 sent In by H. Campbell.

METHVEN

As harvesting Is in full swing, there was a small entry of stock, and- a small, attendance at Thursday’s' sale at Methven. The entry .of ..fat sheep .was of quite good quality, and a good sale resulted. Top price for lambs , was 23s 2d for a line of 76 on account of J. W.. M. Dart. Several pens of store 1 lambs were offered, and these all. told at prices ranging to IBs 4d, JPlgs were yarded in small numbers, and weaners made from, jU)s to 138.

GROCERY TRADE

PROSPECTS AND PRICES

“Very good” was the report from city retailers yesterday when asked as to the state of the retail grocery trade. There is a good demand for all general grocery lines, and luxury articles are selling more freely. The fresh egg market is still firm, and likely to remain so, according to reports. There has been some speculation in butter, and the situation is being keenly watched as far as the present conversations go between the Government and the Dairy Board. Pepper - Cables from Singapore, this week show the white pepper market as up jd. Prices are at present exceedingly low, and the figure of last week before the id rise notified above, was the. lowest for some time. Even now the price is id per lb below what it was several weeks ago. The London stocks are believed to be still very large, and as long as this is the case, a cheap-market in Singapore for white pepper must prevail Flour Following the fixation of flour prices by the Government, a new price list has been issued showing the selling price by millers for the various sizes as under: —2001 b £l3 12s a ton, 1001 b £l4 12s Gd a tort, 501 b £l4 17s 6d a ton, 251 b £ls 7s 6d a ton. These prices operate as from February 10, and the only discount off the list rate is 14 per cent in seven days. Sago and Tapioca The price this week in Singapore for both the above lines shows no alteration, the market being featureless at present. Sulphtg The operation of sanctions against Italy has caused a marked alteration in the sulphur figures .of the world. Outside the United States, Italy in the past has supplied 35 per cent, of the world’s sulphur requirements, exporting 346,000 tons per annum. The exports are now stated .to be down to such a level that the present year’s figures, it is expected, will not exceed, if they even reach, 285,000 tons. United States shippers have been shipping to British Empire and other sanction imposing countries, and although Japan can produce 150,000 tons per annum, nearly all of this is required for domestic use. An advance in the sulphur market seems imminent, and the longer the sanctions are in operation against Italy the higher the price may rise. Soap Following the recent advances in soap values, one well-known line of toilet soap has been advanced and new price lists are now available. ■ Tea Last week’s Indian tea auction was, as expected, quite small, only 7700 chests being entered, for which there was a good general demand. Quality disclosed end of season conditions, but prices nevertheless remained firm and up to last week’s standard. At this auction the following prices ruled:—Broken orange pekoe, common 9 annas 6 pies;, mediun\ 10 annas, good 13 annas 6 pies;, broken pekoe, common 9 annas 3 pies; medium, 9 annas 6 pies, good 10 annas; fannings, common 9 annas, medium 9 annas 3 pies, good 13 annas. Canned. Whole Peaches A New Zealand pack of whole peaches will be available this season, at slightly below the price ruling for the usual halves pack. The advantage of whole pack is that the fruit retains the flavour better. This line should attract attention when quotations are available. Pineapple Advices from Queensland state that thfe new pack of pineapples is selling exceedingly well, which looks like an early shortage of stocks there. From Singapore, this week’s report states that there has been no price movement in Singapore pines. Asparagus New season’s Australian canned asparagus is meeting with heavy demand, and one packer has already disposed of his total pack of tips. The Australian demand is so strong that orders to be sent from New Zealand should not be delayed,, if they are not already in. - Butter Although no foundation exists at present for the report, some grocers are of opinion that the next movement by the Government by way of price fixation will be in butter. It is understood that in some quarters purchases have been made, so as to be "on the right side” in case any such movement takes place. The opinion is that should any Interference take place in the butter market it will be toward higher prices. Currants and Sultanas Up to last evening there was no news from Australia as to the prices of new season’s Australian, sultanas and currants (and other vine fruit products). Quotations were expected by the trade, and mail advices from Australia just to hand make no mention of any prices having been issued even for the Australian merchants, who sometimes are furnished with new season’s fruit quotations before the New Zealand quotations are released. Dried Apricots Grocers will be pleased to hear after the acute shortage of dried apricots that new season’s pack is now afloat for Lyttelton, and delivery is expected next week. Brazil Kernels There have been two advances recently in the price of Brazil nuts in shell, but .up to the present j ßrazil kernels have not been advanced. With a very firm market for Brazil unshelled nuts, as is the case at present in London, an increase in the price of shelled Brazils cannot from present appearances be much longer delayed. Ground Almonds A cable message a few days ago from London states that further advances are expected in the market for ground almonds. One shipper is prepared to contract (as far as his present stocks go) for delivery up to August, which looks a favourable offering, provided the present sanctions against Italy are continued by the British and Dominion governments.

WHEAT MARKET

ENGLISH QUOTATIONS

LONDON, February 13. Cargoes and parcels are firm. Futures are quoted:— _ ' , ' Feb. 10. Feb. 13. London (quarters)- s. d. s. d. March .. 1 .. 29 2 29 5 July .. - • 29 2$ 29 *44 Liverpool (centals)— Marph .. .. 60. 60| May .. •• 6 0 6Of July .. .. 6,18 6 12 The spot trade is quiet Australian ex ship 32s to 82s ; 6d.

CHICAGO FUTURES

NEW YORK. February 13. Chicago futures are quoted:— Cents a bushel. Feb. 10. Feb, 13. Mav .. .. 974 984 July .! .. 884 884 September •• 874 884 ■

BRADFORD TOPS MARKET LONDON, February 13. The Bradford lops market la quiet, but very firm. Quotations are:— ■ Feb. 6. Feb 13. Merinos— d. d. 70*s .. .. 34J 84J 64's .. .. 33 33 00’s .. .. 32 32 58’s .. 25A 25J 56’s ..... 20J 20J 50’s . .. 16i 161 46’s .. .: 14* 14} 44 r s >.. ...134 134

SALE OF FURNITURE

N. H. McCrostie and Company report having held a sale of furniture at 283 Bealey avenue, on account of the trustee in the estate of Joseph Charles Baker. There was a large attendance, and the bidding was spirited. The following were some of the prices:—Axminster carpet £l7, hall carpet £2, chesterfield £6 Ss, H.M.V. radio £8 15s, oak china cabinet £3 10s, Axminster carpet £S, Hoover cleaner £5 15s, carpet £4 15s, brass firescreen £3, rug £2 15s, easy chair £2, dining chairs £3 6s, gramophone £2 Ss, duchesse £2 15s, wardrobe £4, small table £2 2s 6d, kapoc mattress £2 Ss, oak duchesse £2, single oak bedstead £3 2s 6d, chest of drawers £1 15s, sideboard £2 10s, lino. £1 15s, rug £2 2s 6d, wringer £1 Is, lawnmower £1 12s, shotgun £2 15s, tapestry curtains £2 7s 6d, chair £1 12s 6d, chair £1 12s fid, quilt £1 12s fid, brass candlesticks £1 Is, tea set £1 10s, oak settee £1 12s 6d, seagrass chair £1 10s, secretaire £1 12s fid, woodbox £1 Is, clock £1 10s, brass warming pan £1 15s. and dozens of sundries at satisfactory prices.

PRICE OF EGGS

Macfarlane and Company report that their prices for eggs are:— First grade, Is 4d; second grade, Is 3d; duck eggs, to Is 3d a. dozen.

£ s. d. 55 Nath Bank of A/asla 7 11 7 11 6 0 (£5 paid) .. 60 Natl. Bank of N.Z. .. 3 18 0 100 National Insurance .. 0 19 7 100 Christchurch Gas (10s 0 17 paid) 3 100 Anthony Hordern .. 1 1 1 . 50 British Tobacco 2 2 2 100 Broken Hill Propty. (cohtr.) ...... 1 9 4 4 Colonial Sugar 100 Consolidated Brick 42 10 0 0 10 8 200 Kauri Timber 1 4 1 4 9 7 £400 N.Z. Farmers’ Co-dn. (4J p.c, Stock, 1940) (3) 92 0 0 1000 Brian Boru 0 0 2f 800 Mount Lyell 1 3 1 3 2 4 1 3 5 (4) 1 3 4 300 Skippers : 0 0 3 Sales Reported 150 Natl. Bank of N.Z. .. 3 17 6 3 18 0 3 17 8 100 Bank of N.Z. (2) 2 10 0 300 Goldsbrough, Mort (2) 1 12 11 200 Kaiapoi Woollen (pf.) 0 17 6 300 Christchurch Gas .. 1 16 9 1000 King Solomon 0 3 6 0 3 6J 200 Mount Lyell (late sale Thurs.) .. (2) 1 3 1 UNLISTED STOCKS , Sale on ’Change 23 Woolworths (Syd.), ord, . 0 0 0 Sales Reported 75 Woolworths (Syd,), ord. .. (2) 6 0 0

K LONDON, February 13. The following are the latest quotations for Government securities compared with the prices ruling last week:— Feb. 6. Feb. 13. £ s. d. £ S. d. British— Consols Funding Loan, 4 85 10 0 85 10 0 per cent. 118 10 0 118 10 0 War Loan, 4 p.c. 106 10 0 106 10 0 Con. Loan, 31 p.c. Victory Bonds. 4 108 0 0 108 0 0 per cent. Commonwealth—*, 116 15 0 117 0 0 S p.c., 1945-47 .. 110 15 0 in 2 6’ 31 p.c., 1936-37 .. 102 16 9 103 2 6 4 p.c., ll<43-48 104 13 9 105 2 6 3J p.c., 1948-53 .. 103 11 3 103 15 0 31 p.c., 1938-61 .. 99 15 0 99 17 6 New South Wales— 31 p.c., 1939-50 .. 101 5 0 101 1 3 41 p.c., 1933-45 .. 101 11 3 101 13 9 5 P.c.. 1935-55 .. 102 8 9 103 8 9 Victoria— . . 3 p.c., 1930-40 .. 98 15 0 98 3 9 41 p.c., 1940-60 .. 104 11 3 105 16 3 4 p.c., 1945-75 110 10 0 110 15 0 Queensland— . . 3 p.c., .. 98 15 0 98 1 3 5 p.c., 1940-60 103 7 6 108 12 6 South Australia— 3 p.c., 1916 or after 89 10 0 89 13 9 a p.c., 1945-75 .. 110 10 0 111 0 0 Western Australia— 4 p.c., 1942-62 .. 102 16 3 102 17 6> Tasmania— 31 p.c., 1920-40 .. 102 5 0 103 1 3 4 P.c., 1940 50 >. 102 15 0 103 0 0 New Zealand— 41 p.c., 1948-58 .. 108 0 O' ' 108 16 3 31 p.c., 1940 102 8 9 103 2 6 3 P.c.. 1940 .. 102 2 6 102 6 3 6 p.c., 1936-51 .. 102 0 * Ex Interest. 0 102 2 6

Return ■■ Ain’t. Approx. Approxmarket .« . Dlv. on investpalcl ■ : ■ .;■■■ a market . price. price a year, •.*6 ; _:; : 'able; meat at approx. Companies. sh’e. Buyers. Sellers. ago. > . a J O n Knancec price. £' £ s. d. £ s. d. £ s. d. £ s. d._ £s,d. Banks— Australasia Comm, of Aust 5 10s 12 4 ■ 0 19 0 4 12 10 0 19 0 5 12 10 0 19 0 4 11 12 0 16 6 5 7i 55-6 Feb.-Aug., Oct.-Mch, 3 0 0 3 0 4 Comm, of Aust. (pref.) Com. of Sydney E., S., and A. .. Natl, of A’asia TO 9 5 0 9 10 0 9 8 0 9 17 6 4 Oct.-Mch. 4 5 1 m 3 10 6 *3 15 2 6 0 6 4 15 10 9 0 20 7 6 4 15 2 6 6 6 16 12 5 0 13 2 6 0 6 5A . 5 5 Jan.-July Nov.-May Nov.-May 3 1 4 2 8 2 3 6 1 Natl, of A’asia (cont.) Natl, of N.Z. .. New Zealand .. N.S.W. Reserve Union . •• 5 2i 1 20 5 6 7 10 3*18 2 9 34 0 | 5 15 9 18 0 0 3 0 0 0 7 12 4 0 2 10 34 12 6 0. 10 0 0 0 0 6 0 0 . 7 11 3 18 2 10 34 10 5 15 io 0 6 0 0 0 0 0 6 7 3 9 2 9 30 15 6 10 9 0 0 6 9 0 0 0 5 4 10 5 9 5 Nov.-May Jan.-July Dec.-Jun. Jan.-July June Jan.-July 3 6 0 2 11 3 4 0 0 2 17 11, 4 6 11 2 10 0 InsuranceNational New Zealand... South British .. Standard 7s 1 1 1 0 19 3 ~4 5 6 0 19 4 16 3 5 7 3 6 0 19 3 3 4 16 3 4 7 6 0 6 1 3 3 8 4 17 3 12 0 3 3 6 10 5-7 10 2/8 12i May-Nov. Feb.-Aug. Apl.-Oct. Mch.-Sep . 3 16 7 3 2 11 2 15 8 3 17 6 Loan and Agency— Dalgety and Co. 5 Goldsbroygh, M. 1 Mortgage Corp. 5s United Building 1 9 0 1 12 I 0 4 : 1 1 0 11 9 0 9 4 0 113 0 0 4 10 116 9 0 0 1 13 0 1 0 .4 10 113 8 12 1 8 1 2 6 3 3 5 6 4i 5 May-Nov. Dec.-June July Oct.-Apr. • 2 15 6 3 12 8 4 13 1 4 14 1 Frozen MeatGear N.Z. Refrig. .. 10s 1 — 1 1 5 1- 1 1 1 9 3 1 2 0 19 0 6 71 5i July-Oct. Feb. 3 8 11 5 3 6 N.Z. Refrig. (con.) 10s 0 9 9 0 10 2 0 10 0 0 9 5* 5i Feb, 5 10 0 Gas— Auckland Auckland (con.) Christchurch .. Ch.Ch. (con.) .. Wellington 1 15s 1 10s 1 1 18 0 17 6 1 1 6 0 19 1 17 0 17 3 6 9 9 1 5 0 19 1 16 0 17 2 1 9 0 9 3 3 1 7 1 0 1 15 0 16 2 0 6 0 0 9 3 Si 6i 7 7 8 July-Feb. July-Feb. Aug.-Feb. Aug.-Feb. Aug.-Feb. 4 5 5 4 6 10 3 16 2 4 1 1 3 17 10 Shipping— Huddart-Parker P. and 0. Def. Union (pref.) .. 1 1 1 1 19 0 1 8 0 2 0 1 6 1 6 0 0 6 1 17 1 1 1 7 6 6 6 7 ~5i Sep.-Mch. May-Dec. May-Dec. 3 10 0 4 1 0 Coal— Taupiri Westport , .. 1 10s 1 *3 4 0 17 1 3 0 6 0 17 1 2 6 0 10 Nov.-May May-Nov. 4*5 .1 Breweries— .Carlton New Zealand .. Staples Tooheys Tooths 1 1 1 16s I 2 12 1 18 1 12 2 13 7 0 0 7 2 13 1 10 2 14 0 0 3 2 14 2 13 1 16 2 13 0 0 0 9 2 15 2 10 1 12 1 9 2 8 0 6 0 0 3 9 7 5 7i 10 Oct.-Mch. Jan.-July Aug.-Feb. Mch.-Sep. May-Nov. 3 6 7 2 12 9 2 15 6 3 15 0 3 14 5 Miscellaneous— Aust. Glass - .. Beath and Co. 1 1 4 7 1 7 3 0 4 8 1 8 6 0 4 7 1 8 6 0 3 1 1 12 6 6 13 8 Dec.-June Mch.-Sep. 2 19 5 5 14 3 Beath and Co. (con.) British Tobacco Broken Hill Pty. Burns, Phllp .. Colonial Sugar Dorn. Fertiliser Dunlop Rubber Elec. Zinc, (ord.) Elec. Zinc (pf.) Henry Jones .. Kauri Timber .. N.Z. Drug Co, Mount Lyell • • Farm. Fertiliser N.Z. Newspapers Whit, and Tombs Wilson's Cement Is 1 1 1 20 1 1 1 1 1 25s 2 1 1 1 21 10s 0 5 6 2 2 2 2 19 8 42 10 0 1 4 4 0 15 7 1 15 7 1 18 11 1 19 6 1 4 6 13 4 10 3 1 16 3 2 *4 6 0 6 9 2 2 3 3 0 3 42 17 6 0 15 10 1 16 1 1 19 6 2 0 3 1 4 9 13 5 116 1 19*0 3 16 0 2 6 9 2 2 2 2 19 9 3 10 6 42 10 0 1 4 6 0 15 10 1 16 0 1 19 0 2 0 0 14 0 4 0 9 13 4 10 6 1 18 6 3 15 0 2 6 31 0. 8 1 18 2 18 3 2 41 0 1 1 0 18 1 2 1 14 1 17 0 19 3 19 0 17 0 19 2 1 4 5 1 14 3 3 6 6 0 6 4 0 0 0 3 0 9 0 0 0 6 8 6 10 10 61 4 5 8 8| 5 8 2i 5i 5 6 13J Mch.-Sep. March Nov.-May Nov.-May Nov.-May June Apl.-Oct. Mch.-Sep. Mch.-Sep. June-Dee. June-Dee. Sep.-Apr. June Dec. August Nov.-May Mch.-Oct. Nov.-June 2 16 11 3 0 11 2 16 8 2 18 9 3 5 3 12 15 6 4 2 0 4 7 6 5 10 3 19 3 2 2 10 5 7 3 2 11 11 4 0 0 2 19 5 Where no approximate price Is given return is worked on mid-market price. unless only one quote is given. Of 6 A: Interim dividend rate per cent per annum.

Other Debentures Blenheim Boro., 3| p.c.* 98 10 1/4/55 0 Malvern Elec., 41 P-c., 106 0 31/5/55 0 Booth, Macdonald, 6i 70 0 p.C., 1937 .. 0 — Insurance 0 1 15 0 Merc. Mutual (16s pd.j 1 9 Loan and Agency 8 0 6 N.Z. Guar. Corp. (3s) 0 5 0 Shipping N.Z. (pref., £10) 11 5 0 Frozen Meat 11 0 Canterbury (£7 10s pd.) 10 0 0 0 Woollens Manawatu Knit. (£1) 2 0 0 Kalapol (17s paid) 0 14 0 — Kaiapol (4s paid) .. 0 9 4 Kaiapol (pref., 17s) '.. 0 17 0 — Mosglel (£4) 10 9 0 Coal Grey Valley (£1) 0 8 0 — 9 Stockton (10s) —' 0 1 Breweries Dunedin (£1) 0 19 1 10 6 Dominion (£1) 0 1 1 0 Montelths (£1) 0 17 3 0 18 3 Timaru (7s 6d paid) 0 9 4 — White Star (£1) — 0 10 0 Miscellaneous Amalg. Wireless (con., 1 14 6 14s paid) — Anthony Hordern (£1) 1 1 0 1 1 1 Aust. Iron and Steel 9 (£1) 1 4 — Berlel (N.Z.) (£1) .. 2 19 0 — Cant. Saleyards (£1) 2 5 0 — Claude Neon (N.Z.) 6 2 8 (£1) 2 2 0 Claude Neon (Sydney) 2 18 6 (£1) .. i. — Cons. Brick (£1) 0 10 7 0 10 9 D.I.C. (pref., £1) — 1 5 0 General Industries (£1) — i i 6 Hackshalls (£1) — — 9 0 18 3 G. J. Coles (£1) 3 13 3 16 0 Greater Crystal Palace 0 10 6 (£1) —* 9 Howard Smith (£1) .. 0 17 — Hume . Pipe (Aust.) 0 17 6 (cum div., £1) 0 17 10 Mason. Struthers (£1 0 13 paid) .. •• 0 — Mason, Struthers (10s paid) — 0 7 2 Morris Hedstrom (El) 1 4 0 — Myer Emporium (£1) 1 11 3 1 12 3 N.Z. Farmers’ Co-op. 0 17 6 1 2 (£2 10s paid) 0 N.Z. Farmers’ Co.-op. 3 (10s paid) .. 0 0 — N.Z. Farmers’ Co-op. 3 12 6 (1st pref., £5) .. — N.Z. Farmers’ Co-op. ("A” pref., £4) 2 10 0 2 12 6 N;Z. Farmers’ Co-op. 1 15 (“B” pref., £4) 0 2 1 0 N.Z. Farmers’ Co-op. (4i p.c. Stock, 1940) 91 IS 94 0 (£100) .. 0 0 N.Z. Farmers’ Co-op. (4) p.c. Stock, 1945) 91 9 92 0 (£100") 0 0 N.Z. Malay Rubber (£1) — 1 7 6 Procera Bread (10s) .. 1 7 0 1 10 0 Procera Bread (vendor shares) (-10s) .. — 1 10 0 North Canterbury Co0 10 op. Flour (10s) 6 — Northern Roller Mill1 10 ing (£1) 1 0 0 0 Quill. Morris (in liqui6 dation) (£1) 0 5 — Victoria Nyanza (£1) 8 2 6 0 11 5 Weeks (£5) 8 15 0 Wilcox, Mofflin (£1) —• 0 12 7 Woolworths (N.Z.), (ord., £1) 5 10 0 5 15 0 Woolworths ‘ (N.Z.). 1 10 1 8 6 (pref., £1) 0 W oolworths I 10 (pref., £1) —* 0 Mining Alexander (15s pd.) .. — 0 12 6 Aotearoa (Is) 0 0 10J 0 2 0 Big River (Is) 0 1 9 0 1 11 Brian Boru (Is) 0 0 21 0 0 3i Broken Hill South (£1) 5 5 0 6 0 0 Bundl (25s) — 0 IS 0 Deep Lead (Is) 0 0 4i — Gillespie’s Beach (Is) 0 0 10J — Golden Point (6d) — 0 0 3 Goldfields Dredg. (Is) 0 0 3| 0 0 4| Kildare (2s) — 0 2 7 King Solomon (Is) .. 0 3 5 0 3 6 Lawson's Flat (Is) .. 0 0 31 0 0 5 Maerewhenua (Is) 0 0 11 0 0 2 1 Mahaklpawa (6d) — 0 0 1 Mahakipawa (1929 pi:. 23 Is) , . —• 0 0 Mahakipawa (1930 pf., 2i Is) — 0 0 Maori Gully (Is) - — 0 1 0 Mining- House Con. (Is) 0 0 01 — Mt. Morgan (2s 6d 0 18 paid) 0 0 18 2 Nevis Diesel Electric (Is) , 0 0 1 0 0 U Nokomai (Ss) —- 0 2 6 Okarito (Is) — 0 5 3 Placer; Development (Idol.) - 5 0 0 — Rawang Tin (10s) 0 8 9 0 8 11 Upper Watut (5s) 0 7 0 — ' Skippers (Is) 0 0 21 — Upper Shotover (lOd paid) —. ’ 0 0 3 Waihi: Invest. (2s) .. — . 0 17 0 Walmumu Sluic. (Is) 0 0 3 0 0 5 Worksop Extend. (Is) 0 1 10 0 2 4 Martha (5s) • * — 1 1 6

I £ juy s. ers. d. & £ >em s. •rs. d Anderson’s, Ltd. (pf.) 0 16 0 0 19 9 Argo Gold Dredging 0 1 3 0 i 4i Assoc. Motorists Petrol 8 (pref.) 1 5 0 1 0 Ben Ledi (Is paid) Cantby. Roller Flour 0 0 1 0 0 0 7 3 6 Christchurch Press .. 7 17 0 8 17 6 Emperor Fiji (10s pd.) — 0 16 0 8 Macetown — 0 U National Tobacco 3 7 0 — Si New River (Is. paid) 0 0 6 0 0 N.Z. Mining Invest. — 0 0 8 N.Z. Perpetual Forests 3 3 4 — J. J. Niven (17s paid) 0 3 6 Waimta Gold (5s paid) 0 4 10 — Westland Breweries 6 (10s paid) . 0 10 MM Woolworth (Sydney), 3 (ord.) • • S 19 6 p 0 » Woolworth (West 9 . ! .. Australia) White's Electric 7 6 — 8 0 0 6 0 0

, (BRITISH OTFICIAL WIRELESS.), RUGBY, February 13. Par. Feb. 12. Feb; 13. Paris, fr. to £1 New York, 124.21 74 57-64 74 61-64 dol. to £1 Montreal, dol. 4.866 , 4.99 7-164.98 3-16 to £1 Brussels, 4.866 4,932 4.972 ; « belgas to £1 35 29,37 29.371 Geneva, fr. to £1 Amsterdam. 25.2219 15.14 15.15 fl. to £1 Milan, lire 12.107 7481 7402 to £194.26 Berlin, telch622 62 3-16 marken to £1 40.43 . 14.491 1449 Osio,« kr to £1 Stockholm, 18.159 — kr. to £1 Copenhagen, 18,159 19 9-16 19 9-16 . kr. to El Vienna, schgs. 18.159 22.391 22491 to £1 Prague, kr. 34.585 261 261 to £1 Helsingfors, 164.25 119 119| , marks to £1 Madrid, pesetas 19343 227 227 to £1 Lisbon, escu254215 361 3611-64 dos to £1 Athens, drach 110 110! 110! to £1 Bucharest, 875 518 517 *■ lei to £1 Belgrade. 818.8 — ■' dinars 25 2215 21.7 21.7 Rio de Janeiro, pence to milreis Buenos Aires, 4.899 41 42 pence to dol. Montevideo, 4749 — “■ pence to dol. Bombay, pence 51 391 391 to rupee Shanghai, 19 181 , 181 pence to dol. Hong Kong, • 141 141 pence to dol. Yokohama, • 151-32 15 1-32 pence to yen Batavia. 14 141-64 guilders Warsaw, par 12.107 7451 . 744} zlotys to £1 4348 — 26.18 •Determined by price of silver.

W. R. Carpenter £ 2 s. 4 d. 6 Cumberland Paper 1 13 3 Richardson, Wrench .. 1 8 6 Woolworths (second pref.) 1 6 6 Wool worths (N.Z. delivery) 1 6 r4J Woolworths, ord. (sellers) 6 7 6 Mount Morgan .. 0 18 li Broken Hill Proprietary 3 0 9 South Broken Hill 5 IS 0 Zinc Corporation 3 13 3 Kuala Kampar Tin «r 0 15 0 Rawang Tin .. • 0 9 3 Tavua ... 0 2 H

Comm. Bank of Australia £ 0 s. 1!> d. 9 Goldsbrough, Mort .. 1 13 6 Australian Glass 4 8 9 Electrolytic Zinc , 1 16 3 G. J. Coles 3 15 G Herald and Weekly Times 3 6 0 Australian Iron and Steel (pf) 1 5 6 Emperor .Gold . ; 0 J4 0 Loloma .. 1,4 6 Enterprise ... 3 10 0