FINANCE AND COMMERCE

Press, Volume LXXII, Issue 21709, 17 February 1936, Page 13

FINANCE AND COMMERCE

C ,'iiilL rs PIiBMW

LONDON MARKET.

EUTTER qjfifatfi

The received the report from its Londbn office,,'dated Febru-, ary 14, 1986: , - Batter •■ j <. .... , New Zealand salted;' Sfii; >'ib; 96s (86a to weefe>; eqttala approximately ll.lßd.if.6jb..New Zealand unsalted. 102a^" i(J02s)::;-;. (Australian, salted. 94s 6d to 95s (95s to 965); Australian unsalted, 100s (100s). < . . -,'•'• > Market quiet, New Zealand retail price unchanged, Is, \, Argentine unsalted, 94s to 99s (82s to 975); Danish, 108s. io.b.. 126s to 128s spot (104s and 1255); Dutch unsalted, 97s to 113s (98s to 107s); Polish salted, 93s up to 96s (90s to 945); Polish unsalted. 94a to 99s f92s), Market quiet Danish retail price increased to Is 3d. , <,",■■ ' Cheese New Zealand white,. 534 to 53s 6a (53s to 53s 6d); equals approximately s.Bld,,f;^b f New Zealand coloured. 57s to 57s 6d (575.6 d to 583); equals approximately 6.35 d, f.o.b. \ Market quiet * New Zealand retail price unclianged 7d and M. Canadian white, 60s to 62s (59s to 625); coloured, 62s to 64s (62s to .84?): old season's white, 65s to 76s (65s'to 68s); old season's cold, 68s to 70s. English, finest farmers', 96s to 108s (96s to 106s);. English factory, 48s to 54s (48s to 54a). Market steady. Australian white and coloured cheese and South African white and coloured' cheese: Stocks practically cleared. The minimum f.o.b. prices for the period February 15, 1936, until further notice, are Unchanged at:~-Butter, lid, less li per cent, commission (89s Id, cii.e.); cheese, s|d, less 1J per cant commission (49s 7d, c.i.f.e.).

. MINING •,

MAORI GULLY RETURN

The Maori Gully return is 570z 5 dwt for. ,102 hours.

ARGO* RETURN

Lite following is the official return pf the Artfo Gold Dredging Company, Ltd., for the week ended February 15, 1936:—Yield, 36 ounces; hours dredged, 112; yards treated, 11,000.

. MOSSY CREEK RETURN

I : [ »*boul ro ma pbe-s.i > GRBYMOUTH, February 14. The Mossy Creek dredge return was 32 'ounces lldwt in 129 hours ■ from* 11,916 yards.

! MOONLIGHT RETURN

- The Moonlight Goldnelds Company, li,td., reports that the washup on February 15 was 320z for 150 hours* ing/"i ■ _____

j IVE WSPAPER * CHANGES HANDS

THE FEILDING "STAR"

(PBX3S ABSOCJATIOW TIXBOBAM.) FEILDING, February 15. , To-day the Feilding "Star" passed out of the hands of Pirani and Company, Ltd., to a new company, the Feilding Star, Ltd. The new company has Mr Edmund Gopdbehere as chairman of directors. The new editor is Mr George Stevens, formerly editor of the Fahiatua "Herald," who is also a director. . Mr Tom L. Mills, who has been editor for 28 years, has retired. He was formerly on the "Evening Post" Wel- , lington, and the "New Zealand Times." Mrs Ethel Pirani, who .has also retired, was the only woman to be chairman of directors of a newspaper company in the Dominion. z The Feilding "Star" has been publishing for 58 years.

CANADIAN WHEAT SALES

INVESTIGATION TO BE HELD

(XJtttrtD P«*4* i*»OCUTIO»—COMMOHTJ (Received February 16, 7.10 p.m.) OTTAWA, February 14. Allegations that wheat exporters at Winnipeg rushed to telephones to secure orders from Liverpool, to take ad. vantage of the Wheat Board regulations permitting shorts to be loaded up to the day that Argentina raised the minimum price by three cents, will be investigated by committee. Mr E. E. Perley, a Conservative, alleged that the Wheat Board had aided the traders who were caught in a "jam" by selling them 43,000.000 bushels overnight at a quarter of. a cent Increase, when it knew that the price would be up three cents the next day. It is alleged that only 6,000,000 bushels made their way overseas.' * '■■

BRITISH TREASURY BILLS

LONDON, February 14. The total amount applied for in tenders for £35.000,000 of Treasury bills was £70,010,000. The average rate oer cent, for bills at three months was 10s 4J2Bd, against 10s 4.27 d a week ago.

BRITISH WAR LOAN

LONDON. February 14. War Loan Stock, 3J per cent., is quoted at £lO6 15s.

LONDON PRODUCE MARKETS

< i( LONDON, February 15. ' Friday's closing,' pf>cea were:-- ~' Cotton-rSp'etT tfifld per lb;: March. ; B, Bubber-P^ra ( B*d per 1$; plantation - COTraSetouary-Marbh,; South' Sea Rabaul"«4 -15*." *, - '■•' - , r fwpegtfne—-£2 4s 3<t:perewt-.

sales

aide,, having Jin area pf, 24 and 28

lapSifferwooii

CONTINUES

FIRMER

*»" ISLINGTON, February 16. X . feature of the third of the 1935-38 '**ftS*** was the St f° ng vigorous competition from ! i&-3&< of th* trade. For the third >■ SSd. the total offering : . me JS tales, and there was a very Passings during the •??££• ** freQlient ' do " bt ' of growers' reserves be- "#*■«.*• high, but there. 1, fL clearance was excellent bales, 26,600 were y Kauctlon, passings being a shade cent. In most of the """Si* however, sales at auction ' ''*sE» 94 per cent upwards. One JfJLged only W bales in a total SSTof 1344 bales. ttSV***" generally flrm * on MM&lfto md to* total &oss pro " STS fo» «*ie will be well in excess 575£000/' Up to date, sales of wool I WeilfcftfOtt «» d throughout the Do- ' ZuEttt*** to™ 50 psr cent • grower than those • S toMffoading period last year. ■!W &e from 20 to ' 3O per cent 3&L W* W swne cases * ven mo * e " • Se Wowing is the official range of • flrice »,l those for the January sale at being shewn for compara-

; Wrtftt, Stephenson's Report J!* 8 ?? J Wrl * ht . Stephenson and ComWW, Ltd., in conjunction with Abra- ™& *»"* Williams, Ltd., report as !fe : r Tbere WBS a lar S« attendiitf^^SSP* 8 and widespread compeSrrT 0 ? 1 * representatives showed ■ WijW«t«r activity in securing good MffW wools than they have done wartime past. ,Thje Continent and ♦i2«YYe5 e much in evidence. StatisKJ? e 4 w 2° l PMition is sound, but £MsftL d £lP l,di on international vSs£f appear to mul■ffiL£S& than decrease. Moreover, '2Jfi? countri <* the ultimate conSLfePW and are only too ready MKftS * te WOOI artificial fabrics, of which continues to ■vSPLS go *S tn - realising the posiSiffi aot hai »Pered brokers by ffi£X e ! "ST** although crossStm relatively very cheap, SiM?*tß ßn « bel °w the cost o* WSSl*®? market can be quoted :Bfi£M*J£°° d Bt y le >. very firm: SEffifiP 0 * W to Jd up; ■HB&SmI 1 " 1 ?*' *>**> * ha bby hafi'Sffi£!^ to P- makin * wools, Jd Sfflffife* <low) ' P ar *o id up. *W*y!oQ}, very firm. ■a - fj

I SUBSTANTIAL INCREASE

pfcHJRN moM INVERCARGILL <\ ' //, '' SALE ,\"

. - .?7""» ,*MOCIATIO» TW.KJJWM.' . . Jffi^ CARGILL . February 15. M ?gWerable amount of money has ,ttff|.™ t0 circulation as a result of ai IrW wool sale on January 'afosEL? f m ofl ering of 26,069 bales, *ff«* s<Ad ' **» t o * 3 ! weight being nZM '»-? nd yielding an average 8?&8W » er 3b - or Is 4d a £3fl&M Tll !£_ aggregate: price: was represents an increase { '^fomf* ?n 50 per c:nt on the money fta av^L*** 6 ? the flrst sale last years Jb/op ?X £ lce ths n being 6-2 d per .P««9Prtd J 8 M « a bale - aggregate were £164,478.; V p saAßft OP TRADE returns ' ' * ■ill' #?F ARY figures ',; WJ&JL^ VP NDON - February' 14/ fffltoMi&tt* of Trade returns '• for 43S33L&&imports at £70,023,000. f«sKflfif ' and ""^P Ol^ increases,, compared PPj* last year, are:— fiEHSS^jSP 0 ' dairy pro-®;Pl-W; other food, £1,135,000; K|2™CAJd waste, £868,000. are;*r. " ',. KSlttllft»?«*» ■'■ '* ''' ''' .''Exparfo"': *'• *' BBffilwPPO;' wool, raw and waste,, yarns, and manuiac-

SMITHFIELD MARKET

Mm&-PRICES EASIER

s||jpos AND BEEF FIRMER

'OTOptffrfew Zealand Meat Producers* Advises that the following are the average prices realised sjfc.'''sofe week, based on actual trans,attioj3s of wholesale quantities of the descriptions of meat mentioned, and are for representative parcels of the goods offering during the week, being for business done on the basis of delivered Market and/or ex London stores:— -,,(Prices for the two previous weeks are alsa s'-iqwn.) - ~ rr Feb. Feb: Jan. 14! 7 31. Per lb. \d. d. d.

Lamb Market—Slightly easier owing to heavier arrivals, but consumption satisfactory for the time of the year. Mutton Market—Wethers and l&wes firmer owing to shortening spot stocks, excepting heavy-weights, which are slightly weaker. Beef Market—Frozen Beef firmer at slightly higher prices owing to more demand, due to colder weather. New Zealand Porker Pigs—Market slightly weaker with trade slow. New Zealand Baconer Pigs—Market shade easier owing to increased supplies on the spot and in sight Bank of New Zealand Report The Bank of New Zealand has received the following advice from its London office as at the close of business last week: — The demand and prices for wethers are steady. Smaller supplies of ewes have caused prices to harden. Trade in lambs is irregular, but trade generally is affected by abnormal conditions. Wethers, light 4|d to s|d per lb; heavy 3sd to 4*d; ewes, 2}d to 4d; lambs, 2's, 7id to 7jd, B's 7*d to 73d,, 4fr 7d to 7*d, seconds 7id to 7gd.

AVONHOLME ESTATE

SUBDIVISION SALE TO-NIGHT

Avonholme, for many years the residence of Sir George Clifford will be submitted to auction to-night. This property has been one of the show places of the suburbs. It occupies 13 b acres, with frontages on Fendaltoii road and Wroxton terrace, and is near the well*known Mona Vale property and the residence of the late Mr George Humphries. The Wairarapa stream forms the west boundary. Sir George Clifford was a keen gardener and planted many fine trees, which are now a feature of the property. Some of them have been re-, moved to provide for a new roadway and others to provide building sites, but every effort ha 3 been made to retain as many trees as possible, and the flower beds and lawns are intact.. A 60-foot roadway is being constructed from Fendalton road to Wroxton terrace and the sewer is being laid down. In order to make disturbance of the newly-formed road surface unnecessary sewer connexions' have been taken to the -boundaries of the properties, tfhere the sewer is deep. The subdivision provides 37 building sites and the plan has been drawn to provide for the retention of as many attractive features of the property as possible. This is the largest subdivision in the Fendalton district for many years, and the rale- will be watched with special interest.

NATIONAL MORTGAGE DIVIDEND

LONDON, February 14. The National Mortgage and Agency Company Of New Zealand, Ltd, has announced anet profit of & 17,464.f0r the year ended-September last. It is proposed to pay. a ..dividend of 5 per cent ' [Net profit in tte previous year was £S?B6; and a dividend oj 5 per cent was paid.l '

?’" —Ty A. STOCK EXCHANGES

. CHRISTCHURCH

SATURDAY'S TRANSACTIONS

There was a moderate turnover on call on Saturday morning—price movements were irregular, but for the most part were in favour of holders. Transactions, exclusive of vestibule business, were:— . LISTED STOCKS

A late sale of New Zealand Government 4 per cent. Stock, due 1946, on Friday, was reported at £lO4 12s 6d. and buyers on Saturday offered £,102, ex interest, without attracting sellers. Commercial Bank of Australia were firmer, with dealings at 19s, 8d and 19s 7d, and further buyers at*the higher price. National Bank of; Australasia, £lO paid, and National Bank of New Zealand, were firmer on buyers' offers. Bank of New Zealand were easier with sellers at 49s 9d. Unsupported sellers of New Zealand Refrigerating, fully -paid, reduced their limits to 21s 3d. Buyers of Tooth's Brewery shares raised their bids to 545, but sellers wanted 555. Australian Glass were firmer, with buyers at 88s. Miscellaneous Broken Hill Proprietary advanced to 29s lid, closing quotations '2d on either side. Consolidated Brick were fractionally firmer, with buyers and business at 10s 9d, sellers at 10s lOd. Electrolytic Zinc, preference, * cum dividend, were firmer, with buyers at 39s 4d. G. J. Coles were easier with sellers and business at 74s 6d, buyers at 74s 3d. Hume Pipe (Australia) were firmer, with dealings at 17s lid and 16s, and further buyers at the higher price, sellers at 18s Id. Woolworths (New Zealand), ordinary, eased to £5 JOs 6d. Addison's Flat had business at 2s, the market closing 2d either way. Mount Lyells were firm, with buyers and dealings at 23s sd, sellers at 23s sid. \ Rawang Tin were fractipnally firmer, with buyers and business' at 8s Id. VVoikscp Extended eased to 2s, and more were offered at 2s Id, buyers at Is lOd. Unlisted Woolworths (Sydney), ordinary, recovered seme of iViday's lost ground with dealings at prices ranging from £6 Is 9d to £6 2s 6d, market closing £6 Is 6d buyers, £C$ 2s sellers.

LATEST QUOTATIONS

UNLISTED STOCKS

SYDNEY

THE METALS MARKET

PRICE OF GOLD

LONDON, February 14. Gold is quoted at £7 Os UJd a line ounce. ' PRICE OF, SILVER

LONDON, February 18. , Silver is quoted at: Spot 20d, forward' IDJd a fine ounce.

FRENCH AND AMERICAN EXCHANGE

LONDON, February Is. United States and French exchange closed to-day at: Dollars 4.99f, francs 74J to £1 sterlings.

DOLLAR MARKET RATES

The' Associated Banks (other than the Bank of New South Wales) quoted the following dollar rates on Saturday on a New Zealand currency basis. They are subject to alteration .without notice:— - U.S.A. Canada'. (Pfer £1 N.Z.) dol. dol. T.T. .. .. 4.001 ,; 3.991 O.D 4.001 4.00J Buyinp— O.D. ..4.05 4.041

FOREIGN EXCHANGE RATES

' ■' ,; ■ Jan., 1936. Feb., 1936. ?BF-' , «P« -to 183 d. .d. 15* to 16 134 to 143 'S3T.r •• ~ tO 13 A«JJJ vv ■*> *5 — to 13 mttwbttd sa-58-FgttF «*» 174 to 18 — to 16 ■•' 13 to16 * — to 15* SR- :■:. lWtoiii 12| to IS 10 to 124 Av«age :'. 104 to 124 — to 14* /tySSr ... 83 to 10* 10* to 10J Extra Mae Crossbred, 48-50— r sSST* .. Hi to us ii* to 12 - Avettge •' • ■ 83 to 11 8* to 11 Inferior* .. 71 to 84 7 to 84 fli In mi WBcriVMaHMBR4 a tai> .4 m kV?Wr4V>' AvertgC f .. « xo »4 Inferior - .. . 7 to 8 6 to 8| Medium Crossbred 44-46— •Superb .. OJtolOi Average-... 7} to 9 9* to 104 75 to 9 m WL*Wm\*jR[y) f Coarse Crossbred 40-44— ! Super 1 • .. 8} to 10* 9 to 10 Avenge .» 7J, to 84 7} to 8| Marios .. 6 to 7* • 7 to 7i Lav? ©oisprq* 88-40— . Supftf •«•';. — 8| to 93 ■ s Averfage 71 to 8J 8 to 81 iS| MarJor... .. — 7 to Tt f-Hoggets-i... Super 48-50 84 to Hi m to 114 *'Fine4Wf .. 8* to 10? 8 to 11 Medium. 44-46 7 to 94 7* to 10 Coarse 40-44 6 to 9* - 74 to 9J Unr'IMr.; - 74 to 9 . tainted ' - DpW 50-53 .. 9i to 101 ?ine 44-50.. 8* to 124 *• 94 to 133 Medium 40-44 7* to 10 — Seedy end inteter"":.r 4$to 8j~ 54.to 82 , Bellies and pieces— M«rinojf good to super .. I0i to 13* 10* to 14 „ Merino, low to . taedium .. 71 to 9| ._ , Hslfbred, good' to super ,. 74 to 103 9 to 103 ' HaHbred. low . ■ to medium 72 to 8 6 to 64 - Crossbred, good 'to super 7 to 9* 61 to 8{ Crossbred, low 3J to 6* 4| to, 7"! S*>." 6Jt0 7 * _ £?%"?. ••, M to 5* crottbrea .. 'alto 5* 54 to 64 4| to 64

N.Z. Sheei3— ; . Canterbury & North Island {selected ?■■ crossbred wethers and maiden ewes: New. Season's: '• ■,.-,.. ■ , • 481b and under 5g 5 I 52 48 to 561b H5| 5i 57 to 641b H 4| 42 , 65 to 721b .. 4» 4$ 4£ Ndrth, Island: t; New Season's: ; :48 to 561b .. 54 51 5t 57 to B41b 4? 43 43 65 to 721b 4i ..41 4j .. Ewes-^- • : ' 48-b arid under 4* M 3| : V ' 48 to 641b 3i 39 •34 ; v 65 to 721b 3i 3 3 N*Z. Uambs-r-Cahterbury— New Season's: 361b under 75- — — 37 to 423b .. 73 '■: """. — 43.to 501b'..Y' .. 71 " *—'' ■ ~~ Second quality: f Average, about •;?*'.' . ■— . '.•*— North Island DownsNew Season's: 381b and under 7 i 8 8 37 to 421b '.■■■;■;■ 7| n ■■■-■; 7| 43 to 501b .. 7i n ' : 7* Second quality: Average, about ■■, 301b \ -v ■7|,'". - : % : -■■; 71 North Island— ■. i ' i <. First Quality: '.' ■' * • New season's: 361b and .under 7|-;.'-''73' 7f 37 to-421b ki &'■■' 7 i 73 Second Quality: .r .-a v. Average, about 311b .::■•,;■ 'ii'> X-" -7i Australian Lambs— ;, * Victorian: , ,. , First quality: 36lb and under 7. 'T "- 7 37 to 421b .. fl 2 ? . 6 * 61 Argentine Lambs— First Quality: 381b and under en 6| 6i 37 to 421b .... «*v 8i 84 N.Z. Frozen Beef- '<■ '" Ox hinds 145 to 2101b A : :M . 31 Ox fores. 145 to 2101b 21 24 24 N.Z. Chilled Beef-■■-i Ox hinds, 145 to 2101b 43 ..':'*■'■ 4| Ox foreS, 145 to 2101b ;. 3 *" 3.:' 2 2 Argentine Chilled Beef — "; ' Ox hinds. 145 to 2101b 93 6 53 , Ox fores, -145 to '■''.■,''-•■!■';■ ■'■ 2101b Yv 31 38 3 Uruguayan Chilled Beef— . Ox hinds, 145 to ■■•' i2101b ■ ■•..:•. 54 54 5 Ox fores. 1451b to 2101b 34 .34'' 23 Brazilian Chilled BeefOx hinds 145 to 2101b 42 5 42 Ox fores, 145 to 2101b 2 * 2| 24 Australian Frozen Beef Ox hinds, 145 to 1 2101b 44 4 4 Ox crops, weights corresponding. n .; 23 2S Australian Chilled Beef- —.■ Ox hirids, 145 to, 2101b ,— 54 44 Ox crops, weight* . corresponding — ■ 3 23 Southern Rhodesian Chilled BeefOx hinds, 145 to 2101b 48 42 41 Ox fores, 145 to 2101b 2b 21 24 N.Z: Porker PigsFirst Quality: i 60 to 801b 6§ 61 63 81 to 1001b 64 64 6 i 101 to 1201b 31 51 52 N.Z. Prime Baconer Pigs— 121 to 1601b 5| 51 53

Sales on 'Change £ s. d. 200 Comm. Bank of Aust. 0 19 -6 0 19 7 100 Broken Hill, Propty. (Contr.) „ 100 Consolidated Brick .. 100 G. J. Coles 200 Hume Pipe (Aust., cum div.) •• 1 9 11 0 10 9 3 14 6 0 17 11 0 18 0 25 Woolworths < (N.Z., ord) ,' .. 200 Addbon's Flat •.<•• 400 Mount Lyell (4) 50 Rawcng Tin 200 Worksop Extended ,. 5 10 6 0 2 0 1 3 5 0 9 1 0 2 0 Sales Reported £300 N.Z. Gov., 4 p.c. Ins., 194S-46 (cum interest) (late sale Feb. 14) .. 104 12 6 UNLISTED STOCKS . Sale on 'Change 25 Woolworths (Sydney, ord.) 6 2 6 Sale Reported 25 Woolworths (Sydney, ord.) • .. 6 2 6 Government

N.Z. Government Debentures Buyers. Sellers. • £ s. d. £ s. d. 3£ p.c. Ins., 1838-43 .-. 101 0 0 .. — 3i p.c. Ins., 1833-52 .. 102 0 0 r-» 3i p.c. Ins., 1939-43 .., 101 0 0 — 31 p.c. Ins., 1939-52 .. 102 0 0 .— 4 p.c. Ins., 1937-40 102 0 0 102 10 p 4 p.c. Ins., 1943-48 (ex int.) 102 0 0 4 p.c. Ins., 1940-43 .. _ 104 17 8 4 p.c. Ins., 19S2-S5 ■ — 104 17 6 4 p.c. Borids, 1940 102 0, 0 — 4 p.c. Bonds, 1949 —' 105 0 0 4 p.c. Bonds, 1995 . — 104 17 6 Other Debentures Malvern Electric, 41 p.c. 31/5/55 — 108 0 0 Banks Australasia (£5) 12 3 0 ' — Comm. of Aust. (10s) .. 0 19 7 0 19 8 Comm. of Aust. (pf. £10) 9 6 0 9 9 6 E., S., and A. (£3 pd,) 6 4 0 6 4 6 Nat. of A/asia (£10 pd.) 15 3 0 15 7 6 Nat. of A/asia (£5 pd.) 7 10 0 7 12 6 Nat. of N.Z. (£2 10s) 3 18 3 4 0 0 New South Wales (cum div., £20) 34 12 6 New Zealand (£1) 2 9 1 2 9 9 Reserve (£5) 5 15 0 6 0 0 Qnlon (£&) 9 18 6 — Insurance National (6s paid) 0 19 6 0 19 8 Standard (cum div., £1 paid) 3 4 6 3 5 6 Loan and Agency Dalgety and Co. (£5) 9 0 0 _ Goldsbrough. Mort (£1) 1 12 0 1 13 0 Mortgage Corp. (5s pd.) 0 4 8 0 4 9 United Build. Soc. (£1) — 1 1 6 Shipping Huddart Parker (£1) 1 19 0 ■ .; N.Z. (pref., £10) H 5 0 P. and O. def. Stock (£1) 1 5 0 1 8 0 Frozen Meat Cantby. (£7 10s paid) '_ 10 17 6 Gear (10s) —• 1 1 9 N.Z. Refrlg. (£1 pd.) — 11 3 N.Z. Regrig. (10s pd.) 0 9 10 0 10 2 Woollens Manawatu Knit. (£1) — 2 0 0 Kaiapoi (17s paid) .. 0 14 3 ■_ Kaiapoi (pref., 17s) .. 0 17 0 — : Coal Grey Valley (£1) .. 0 8 0 — Westport Stockton (10s) , — 0 1 10 Gas Auckland (con., £1) .. _ 0 19 3 Christchurch (10s paid) 0 17 0 0 18 0 Timaru (£1) :.; v. '. "~ 13 0 '■'.''':.,;. Breweries' Dominion (£1) 0 19 4 _ Dunedin (£1) • .. . ~ 1 10 6 Monteith'S (£1) ,'•'.'. —- 0 18 6 New Zealand (£1) .. ; 2 12 6 2 13 3 Staples (£1) 1 16 0 1 18 1 Timaru. (10s) , 0 12 3 '.— Timaru (7s fld paid) .. 0 9 4 0 9 9 Tooths; (£1) ....v.2 14 0 2 15 0 Tooths (rights, £1) .. 1 11' 9 Y.:,ii. : White Star (£1) '. *- oio 0 Miscellaneous « Amalg. Wireless (contr.. ■ ,■''■': 14s; paid) 1 14 6 '— '■' Anthony Horden (£1) 11 0 i i ■,2 Aus. Glass (£1) .. 4 8 0 4 10 0 Aus. Iron and Steel (prei,, £1) 1 5 0 16 0 Berlei (N.Z.), (£1) .. 2 18 0 3 5 0 British Tobacco (£1) 2 2 1 2 2 3 Broken Hill Pty. (£1) 2 19 8 30; >*. Broken Hill Prop. ■■•■■■ -. ■'-''' (con., 3s 4d paid) 1 9 9 110 1 Colonial Sugar (£20) __ 42 17 6 Consol. Brick (£1) .. 0 10 9 0 10 10 Domin. Fert. (£1,) ... 1 4 5 ...i;,*-: 9 Dunlop Rubber (£1) .. 6 15 8 0 15 9 EJectro. Zinc <—*.., cum div., £1) 1 15 10 1 16 ;'4 Electro. Z >vef. cum div 1 19 4 1 19 9 G J. Coles .: 3 14 3 3 14 6 Henry Jr.- op, (£1) ■;.- 1 19 6 2 0 0 Hay's, Ltd. uos pd.) 0 15 3 . —.. Howard Smith (£1): .. . .. — 0 18 6 Hume Pipe (Aust.), (cum div., £1) 0 18 6 o 18; 1 Kauri Timber (25s) .. 1 4 f :; -''-l'-';4i; 8 Morris Hedstrom (£ 1) 1 4 0 ■•""*. N.Z. Drug (£2) .. 4 0 0 ._ ■'■ .--.■ N.Z. Farmers' Co-op. (£2 10s paid) .. 0 17 o ' I _ J_ N.Z. Farmers' Co-op. (lOs'tjaid) .. 0 0 }&: : ' -" :~' : N.Z. Farmers' Co-op. (1st pref.,.£5) •• 3 12 « '.-:■ *T"' .V N.Z. Farmers' Co-op. ("A" pref.,; £4) 2 10 6 "■■:? 17.' < ,: 6 N.Z. Fanners' Co-op. ("B" pref., £4) .. ''/ijtf: p .^2/ : <r ! 6 N.Z.' Farmers' .Cb-opv "'■•■:':' V 1, $■/:'■'? (41 ?p.c. Stock. 1840, ' £ioor; y\\>^:i,;,vi-. ■ : -'*fti6.> v 6\ ■•W?bj '/,0 N.Z, Newspapers ; (£1) /'■;ij = iji; :p.> '-■ '»i;j«.i 9 Procera: Bread r; (10s)i' ■;■■;.:'.''-'rrr,* : : rMQvi ■# Quill Morris (in liiqui-; •■■■.'' '^4aMmp^^W;-' ;^e:-P^ • : y(K*; M ffawriaki Oflfields f£lf) yjQ-:^ ;'4> 'si; l i'r±' ymotmisyw&MW W$K Wi : 11 : ; i«

•.-' _ £sw$¥$$ ■* I ■» • ■ ■.-,- •.•-.* ■. ,.' <■ Buyers... ' V 0 1' "•" '"' f**<«.''' Week's, Ltd. (£6) , k „. 8 2 6, Whftcombe tand Tombs' " . Setters* ,ai5,o (£2 10s paid) . . .. , a i* .o. sir;b Wilson's Cement ilOs) Woolworths (N-Za) (ord., 2 0 0, 2 6 6 £D . . ■* ■: ;. 5 5 0 5 14 0 Woolworths:,! ,.dt&:). , (pref.. Alt', /. 1 i«r o ' 1 15. B Woolworths , (Vict), , (pref., £1) .; * —'''. i io o MlttOj Addison's Flat (Is) ., 0 110 0 2 2 Alexander (£1) '.. — 0 18 6 Antonio's HydratiUaOd ' paid) . 0 0 74 0 O 101 Aotearoa (Is) ' ' 0 0 91 0 2 6 Big River (Is) 0 19 0 1 10 Brian Boru (Is) 0 0 2 i — Broken Hill Sth. (£1) 5 16 _ Bundi (25s) 016 0 Goldflelds Dredg. (is) 0~0 3] 0 0 43| King Solomon, (Is) .. 0 3 5 0 3 6 Lawson's Flat (Is) Maerewhenua (Is) .. 0 0 31 0 0 ll — 0 0 21 Mahakipawa (6d) 0 0 01 0 0 1 Maori Gully (Is) 0 0 11 0 10 Mossy Creek Us) — '0' 1 5 Mount LyeU (£1) .. 13 5 1 3 51 Mount Morgan (ex rights, £5) 0 16 2 0 16 10 Nevis Diesel Electric (Is) - 0 0 01 0 0 u Nokomai (5s) . .. 0 2 3 0 2 6 Okarito, (5s) __ 0 5 3 Rawang Tin (10s) .. 0 9 1 0 9 3 Upper Watut (5s) .« 0 7 6 0 8 0' Skippers (Is) 0 0 2] 0 0 3 Stafford Sluif. (Is) .. 0 0 01 0 0 51 Stafford Dred. (5s pd.) 0 10 0 4 0 Upper Shotover (10d paid) — 0 0 3 Watmumu Slulc . (Is) 0 0 2 0 0 6 Wetherstone's (Is) .. — 0 2 0 Worksop Extend. (Is) 0 1 10 , 0 2 1

AH 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. Buyers. Sellers. .' " ■ ■ •'•'' . ' -■.■■■ '.'' £. 8. d. £ s. d. Andersons, Ltd. (pf.).< 0 15 9 0 19 0 Argo Gold Dredging 0 1 3 0 1 31 Assoc. Motorists Pet- • ■■ . '• • ' ". rol (pref.) • .. ■ •.«''■' 0 I^fi-'-i Cant. Roller Flour ...'• 0 4 6 0 6 6 Christchurch Press v. 7 10 0 8 7 6 Aust. Invest. (£1 pd.) 0- 4 6 0 6 4 Emperor Fiji (10s pd.) . . _ . 0 14 10 Macetown «, — 0 0. 8 N.Z. Mining Invest. 0 0 4 0 0 8 N.Z. Perpet. Forests 3 3 10 3 5 0 J. J. Nlven (17s paid) '-—•' 0 7 6 Tiproff Seal .,: ;■•'■ ■■ — '■ .';■. ,• 2 19 0 Walmea Gold (5s pd.) 0 4 11 ,-i.T r ' , Westland Breweries (10s paid) : .. 1 0 10 7 oil 3,; Westland Breweries :■■,-'• (£1 paid) ; ..( — 1 2 8 Woolworths (Sydney). (ord.) .. 616 6 2 0, Woolworths (W' AUSt.) — 10 8 0 White's Electric .., 0 0 6J 0 0 81 AUCKLAND Sales on fChange £■'.'*..'*;■ 1 Bank of New Zealand 2 i9 .3 Westport Coal 1 3 B Auckland Gas 1 5 9 Kauri Timber 1 4 10 Anthony Hordern 112 Colonial Sugar 42 15 0 Farmers" Trading 0 8 3 Farmers' Fert. 10 3 1 Northern Roller 17 6 Woolworths (N.Z.) (2nd pref.) 15 9 King Solomon (2) 0 3 7 Martha 1 0 3 Mount Morgan Development 0 4 1J Tavua 0 2 11 WELLINGTON \. Sales on 'Change £ S. d. Bank of New Zealand. 2 9 6 Mortgage Corporation 0 4 10 Colonial Sugar . 42 17 6 Hume Pipe (Aust.) 0 17 9 Martha Mine ., 1 0 4 Unofficial List Woolworths (Sydney) • •; 6 10 6 16 6 2 0 Westland Breweries (cont.) .. 0 110, (late Friday) John Fuller First Mort. Deb. 90 0 0

DUNEDIN King ' ; sales Reported {*>. 0 0 s. 3, 3

Sales oh the Sydney Stock Exchange oh Saturday were:— £r s. d. Commonwealth Bonds— 3 per. cent.. 1048 .. 94 IB 0 3J,per cent.. 1948 7.. 99 5 0 3g per cent., 1949 .. 98 15 0 4 per cent., 1941 ... .. 1C2 18 3 4 per cent., 1963 .. ..104 2 6 4 per cent.; 1959 ..105 2 6 4 per cent., 1981 ..108 17 6 Tooths Brewery, ■..'•■:• .. 2 15 8 British tobacco '■..' 2 2 8; Colonial Sugar ....'' .. 43 5 0

(UHtTED PBESS igaOCUTIOV—COPT«I<I«t.) LONDON, February 14. Feb. 13. Feb. 14. Copper— £ s. d. & s. d. Standard, spot 35 3 4i 35 10 7* Forward 35 15 7* 35 18 4J Electrolytic .. 3D 5 0 39 10 6 to 35 15 0 40 0 0 Wire bars 39 15 0 40 0 0 Lead- ■'■■■'.'■ • Spot 15 15 '9 13 18 9 Forward 15 16 3 i ; Id 1 3 Spelter- - ■ ■ . ,* ■-. ■ ■ ..- Spot 15 12 e 14 13 9 Forward ;. 14 17 6 . 15 1 3 TinSpot, 208 2 6. 207 5 6 B'orward (3 months) ■■-. . 201 7 8 20li 7 6 i Silver- ■ •■ .'• ■ ' ■ . Fine, per bz. 19?d 20 Standard, per •■■.•■•. •,-,•,-.•. •«••» oz. 21 7-16d ' 21 9-16d 1 Feb. 7, Feb. 14, | Pig Iron- £ 8. d. :■ £•..«.■'«• British 3 10 0 3 10 0 I Export 3 1 6 3 10 0'■'! AntimonyBritish * .. 72 10 0 72 10 0 Foreign 47 15 0 50 10 0 A unit Molybdenite .. 1 14 6 1 14 8 * Wolfram 1 15 0 : -, :,,, 1 15 0 1

FOREIGN SCHAN<lEg (isit tsa ofttcittimuutu.) r«i : | . :.- • ' -'■ ■ ■■'' ■ : :Par...i,.feb.ja. Feb. 44, Paris, ir. to sfil. umui %61-rM 7451-&4 New York. ■ : .'■ '■ '-'l dol. to £1 AM • 4JS3-M *J»1 | Montreal, dol. V'- ■ ■'■- -,.' a ■*';••; ■-;■::.. to £1 4.8W ■4.(Wa:,V; 4,884': ife! Brussels,. ■>r ,' ! ■' ■ ".;•.•''•>'.'■■■ ■'■! .-." belgas to £1 ; fe : :7:SY 2fii.3li 29.344 j Geneva, • ■:•■". ..•■' .''",: ; \ "■■'•, ft. to et 25.2215 :is.i5.;\; 13.12}[ Amsterdam, fl. to £1 12.107 tjatbi :: : :\ ;: 7.27i*; Milan, lire to £1 ki»': ; :'-.- m •••■': 623*i«r Berlin, retch- ■ - > ■'-■:> ■■:. ' -'/-■■■ '•;''■'■• ,-', mdrken to £1 ao.4s .'iiaift'-'r-1249 Oslo, kr to £1 18.159 .'r—./, '/., ,-•-*' .' Stockholm, / kr. to £1 48.169 5 199*16 199-W Copenhagen, ;.'. ■■'.' k f[f, ' ■) <<i ■;■[:* :]■<■■ kr. to £1 18.159 22.391 84.394 Vienna, schgs. .. ■.-■■■ ,vito/.*x^ ■ 34,585'^ :-aei':v-.v : ' ;.!•■' Prague, kr. to £1 MM,-., •«*!•:'>; -vj 1193-lfl HelsihgfOrs, '" '■■"~>i<- *' rharks to £1 193*JS3 ■•>?^'-'' : . ":22?''- ; vi,' Madrid, pesetas to £1 86 5215 :.:38'3i32'.' Lisbon, escur > . ; r ::-<H'i' '»" " ','■ -' ■■ > '■''■ ";■ dos to £1 110 .'•■iiioi:: ■>;-.'; r; iioi-;;;. r v Athens, drach ■■'--,■•'■ .•.-•■" -,' to £1 'iH' '\-- 'viijrii;?^:^ si?.•' v; Bucharest, ' lei to £1 818.6 ■■ — '■■('.'•,' ,"■' "~~:;,-.,' <''v'. Belgrade, ..''■■.:. '!.,!:.>.' dinars 352215 :.2l.7:' : .^y jiaivr;;;;!'Rio de Janeiro, . pence to mllreis .. 4.899 ' : H':.-'i::-:--.: -,44-":^i:V Buenos Aires, pence to dol. 47J59 •__ -. ;.-—' ;: '' ■'■-"'■' Montevideo, ■■. •-,,'-■•■ '•' '■(',.:. .'::■:' pence to dol. SI :.;39t/-:.; r ';3»4;.^ Bombay, pence • .-''i : -i ?','■■ to rupee ,i» : -'" v .' v 1*4 ! 184 "'-Si. Shanghai, • ■' . : .''. !','•'' pence to dol. • |V ' ' v $£:- ; '-''' yl41,> tr -'C,-: Hong Kong, '1 ■ .'.:. -.... );■..< r .., r ■■■;■;;;■ .'li-' pence to dol,; '•'• : V- '■ 181^32: • i6ivv:'; ; i Yokohama, ■' pence to yen *.'/ 141-64 !'iflr% Batavia, .' ■ ■< : -.'<>A'.V" i ; ;- ■ ; - "1= i^- ; ■•■•'■' guilders 12107 ■;7ii|-s"-J.::' Warsaw, par i ■ i'f:'t"'- ; -'--.r tlotys to £1 43.38 : : 26;i8; : ; : ;.' ■;*61bYw; •Determined by price of Stiver.; ; ij

I[mn .,»„_ j The Bank of New South Wales, Christchurch, quoted the following rates as rui« lng on Saturday for its 'sales and purchases o* foreign exchange. r The rates are subject to alteration without notice:-** , Buying. Selling. London— £N.Z.to £100stg. T.T. 124 124/10 OX>. 123/10 124/8/9 Australia— £ A. to £1Q0 N.Z. T.T.,101 100/10/ Op, 101 100/10 Fiji— £ F. to £100 N.Z. T.T. 00/7/6 89 003. 80/7/e ,80 ,,,. New York— • i' Dol. to £1 N.Z. T.T. 4.03J *Mh • O.D. 4.06 . 4.00|, Montreal— <. , Col. to £1 ' N>Z. X.T. 4.031 ''8,901":, O.D, 4.04| 4.001 Austria— ' Schgs. to £1 N<Z. O.D. — . 20!75 Belgium— .• - • '< Belgas to £1 N.Z. T.T.' — 28.488 O.D. — 23.449 Czechoslovakia— ■ ■ Crowns to £1 N.Z. T.T. — 94.90 , ,r' ,' ' ' O.D. — 8405 - Denmark— " '. Kroner to £1 N.Z. T.T. 18203 17493 O.D; 18.203 ,17.903 France— !• ' ". Francs to £1 N.Z. T.T. 60.84 • -59.81 ' O.D. 61.09 59.85 Germany— , , . Relchmarks to • £1 N.Z. T.T. — 9.797 Holland— Florins to £1 N.Z. O.D. — ' 9.802 T.T. 6.955 ■ 5.805 > O.D. 6.015 5409 Italylire to £1 N.Z. T.T. — - .' i OJO. — - — JavaFlorins to £1 N.Z. T.T. 5.921 5.761 OJD. 5.981 N , 5.755 NorwayKroner to £1 N.Z. T.T. 16.185 15.895 O.D. 16.245 , 15.905 , Sweden— , Kroner to £1 N.Z. T.T. 15.785 15.490 - ,> OJ3. 15.845 15.500 ' SwitzerlandFrancs to £1 N.Z. T.T. 12423 12.053 O.D. 12.428 12.058 , Noumea—' Francs to £1 N.Z. ' T.T. flS.44'" 58.44' , O.D, 62.89 58.50 Papeete— * Francs to £1 N.Z. T.T. 62.44 58.69 O.D. 62.89 58.65 Hong Kong— i , N.Z. pence to dol. T.T. 18 57-64 2041-64 Iridia and Ceylon— O.D. 1851-64 2Q 39-64 N.Z. pence to rup. T.T. 22*8-64 22571*4 ' i O.D. 223*64 221 Japan— f . . N.Z. pence to yen T.T. — 17 39-64 O.D. — 1719-32 ,■ / Shanghai— - N.Z, pence to dol T.T. 1717 JB4 18 41-64 ■ O.D. 175-64 18| ,■ Singapore— * *■ '., i Kr.Z,, pence to dol T.T..34I '357-16 < O.D. 348-46 3527-64 T.T. represents Telegraphic Transfers. OJX represents On Demand. ' ',.