FINANCE AND COMMERCE

Press, Volume LXXII, Issue 21714, 22 February 1936, Page 12

FINANCE AND COMMERCE

SHARE MAEKET REVIEW

DOMINION STOCKS WEAKEN

AUSTRALIANS IMPROVE

(BT Otf» COlttlßKlll. KDItOB.)

The week has been a disturbed time ©n the stock exchanges of New Zealand. Investors have displayed a wide jiervousness of New Zealand issues, eince the wheat industry announcement and further announcements this tweek by the Minister for Industries end Commerce that the Government ;was determined to influence other industries have not restored the peace : of mind of the market. hy no means been a slide in values. Except in stocks directly affected by Jthe new wheat arrangements, but there has been a very definite marking down in a wide range of shares. The possibility of a guaranteed price system for bther products than wheat has led investors to scrutinise possibihties; very fclosely, as the general feeling Wven slight interference with the delicate mechanism of the export markets may force ths Government into sweeping reform? to prevent a collapse, investors have borne this in mind steadily and have also been influenced by the entire absence of any indication of She policy of the new Government on Mtal financial matters. The continued Strength of the markets through the Surprise of the election was due as Smuch as anything to the very surprise Sot the result. Nothing that could seriously alarm owners of money was said for some time, and the markets went ten as usual, except, of course, for khe marking down of New Zealand fcank shares. There have been Several indications lately that the programme £f the Government has been almost arranged, and that it will be made known teooh> and investors Jiave taken the precaution of marking down values till it $s seen what is actually to be done. AS: New Zealand securities have there has been a corresponding increase in the strength of [Australian stocks, most of which have fchown a rising tendency throughout the (period. Australians have, of course, ifceen extremely attractive recently, as khe Commonwealth has shown unmiskakeable signs of returning prosperity, fcut a considerable amount of capital is looking for a billet that it feels is safer tthan New Zealand, and has naturally selected Australia. The tecal exchange has reflected.the jgenerap >trend. % Turnover has been curtailed, "and the more speculative jtypes of stocks have been less in favour—with buyers at any rate. Australians have been *p*bpular, and have mostly increased in price. The business done day by day, compared with last week, was:— -. This ;/ ' ■ *Last :'!'■? Week. Week. * -■i. ■'■■■■ £ £' r Saturday .. 2,239 3,545 Monday ■:..-,* .5,38 ft 8,886 Tuesday .. 4,745 10,945 Wednesday .. 5,642 4.303 Thursday .. 7,462 5,873Friday ~ 7,716 6,046 Total .. 33,164 40,101 Business hi the different sections ;was as follows; — - - ' ,* Shares. .' Valued ' ]JJo. £ Government .. " Debentures .. Banking .. 2,581 8,480 Insurance .. 500 713 Loan .. ' 1,113 " 1,400 Refrigerating .. ' 500 403 Brewery .. 1,225 3,251 Miscellaneous .. 7,754 -14,111 Mining :.. 18,998 19,912Government* Government issues . came in for more attention than they have for come weeks, and as a general thing, rthe price hardened; ■ The 1937-40, issue was done on Thursday at £lO2 ss, a rise of 30s from the beginning of this month. There was another sale earlier <at £lO2 of the. same issue. The 4 per cent. 1949. issue was done ftt £lO4 and the 1943-46 at £lO4 12s 6d. Banking Business in the banking section was again brisk, with the price of most Australians rising steadily. The 10s ■Commercial of Australia rose sharply ■in the middle of the week to a high point of £1 0s 2d, but fell at the end 3o 19s lOd. which was still a gain of fed $n the week and a shilling in a fortnight. A sale of Commercial of Syd-, ney was made at £2O 12s 6d, an ad;vance of 5s on the last sale, and New South Wales at £34 17s 6d were dearer than recent business by 12s 6d. E., S., and A. and the £5 National \et Australasia were steady. Union 'wer/e done at £lO. an advance. New which strengthened last v/eek, sagged again, and a sale, was made at £2 7s 8d on Wednesday, a drop of 2s 4d from the high point'at the|end of last week. No sales were mage of Reserve Bank, but National of New Zealand had business at £3 19s.|.a strengthening of about a shilling/ .*.•....■ ■•.•'-•••. % Insurance Insurance shares attracted a little note attention, and the general trend wasi upward, though gains were slight. ' Loan-and Agency' Business in the loan and agency section was not brisk, but there was a. continued good enquiry for Dalgetys, which registered a gain of 12s on the price last week. Goldsbrough, Mort -. were steady, but there was a weakening in Mortgage Corporation* which lost 2d in a sale at 4s ?Bd. Refrigerating ..-.. There was quite a spectacular loss in New Zealand Refrigerating. The £1 paid went from £1 2s 5d to £1 0s 6d. and the 10s issue lost 9d to 10s, probably because the meat business will be one of the' most important affected by any change in the export orgf/isation of "the Dominion. Breweries New Zealand Breweries lost steadily throughout the week, the fall amounting to about a shilling. There was a good enquiry for Australian shares, and Tooths, which had steady business, gained almost 2s. Miscellaneous Kauri Timber was erratic, but maintained the recent advances. One of the few Australians to show a decline was G. J. Coles, which lost abput 2s 3d on the week, but, the majority of Commonwealth stocks were firmer. Both Broken Hill issues gained a little, and British Tobacco was also improved. Dunlop Rubber sagged continuously and finished 9d weaker. Investors have apparently been heartened by the maintained Hume Pipe (Aust.) dividend, and the price lias risen, though losses toward the end of the period have reduced the gain to 8d from lid. Following the rising trend of the metals market overseas, Electrolytic Zinc have shown a steady rise, the ordinaries making a gain of 1* 7d for the week. Woolworths (New Zealand) have bgen cheaper on the week, but the Sydney issue has shown • strength that has enabled it to .ffemin. almost the whole of the loss made, at the end of last. week. There ■was' business yesterday at £6 9s. Mining ■\ Ejwept for steady business in Mount ; XyeU and- Mount Morgan, the mining ifiuafeet has been dull again. Both tha Kg« wer* considerably dearer

YESTERDAY'S TRANSACTIONS Markets generally continued firm on call yesterday, and there was a moderate turnover with activity in a few stocks.. .Transactions, exclusive of vestibule business, were:— LISTED STOCKS Sales on 'Change ' £ s. d.

New Zealand Government 4 per cent. Bonds, due 1949, changed hands at £lO4. New Zealand. Refrigerating, 41 per cent, debentures, due 1940-45, had dealings at £lOl, and more were wanted at that price. Commercial Bank of Australia showed an easing tendency with dealings at 19s lid, 19s lOd. and 19s 9d, and further sellers at the lowest price. Buyers of Commercial Bank of Sydney moved up to £2O 18s, but sellers wanted £2l ss. National Bank of Australasia, £5 paid, were firm at £7 lis. National Bank of New Zealand remained unaltered at 795. Bank of New South Wales moved up,to £34 17s 6d, sellers staying in at that price, buyers at £34 15s. Reserve Banks were firmer on buyers' offers, £5 17s. Dalgety and Company were firmer with buyers at £9 10s. An odd parcel of United Building Society shares changed hands at 21s, and more were wanted at that price, sellers at 21s 6d. New Zealand .Refrigerating, fully paid, were firm with buyers and business at 20s 6d. Buyers of North Canterbury advanced their offers to 35s l6d. Miscellaneous Australian Glass were easier with sellers and business at 87s, -buyers at 86s 6d. Beath's rose to 28s and there were further buyers at that figure, sellers at 295. British Tobaccos were steady at 42s 6d, closing quotations Id on either side. Consolidated Brick were steady at 10s lOd, market closing Id either way. Buyers of Electrolytic •ordinary, cum dividend, were-stronger with buyers at 395, sellers at 39s 9d. G. J. Coles were firm at 72s 9d. closing quotations 3d on either side. Hume Pipe (Australia) eased to 18s 2d, and more were offered at 18s 3d, buyers at 18s. New Zealand Farmers' Cooperative, 10s paid, rose to business at Is, and more were wanted at that price! Woolworths (N.Z.), ordinary, .changed hands at £5 10s. market closing £5 8s 6d buyers, £5 lis 6d sellers. Mount Lyells dropped from 25s 5d to 255. Id and 255, sellers staying in at the ; lowest price, buyers at 24s lid. Mount Morgans were fractionally weaker v/ith sellers and dealings at 16s—the eased to 5s 4d and 5s 3d, and closed with unsupported sellers at 5s 4d. Skippers were a shade stronger at 3d. Unlisted Stocks Woolworths (Sydney), ordinary, advanced to £6 9s, sellers staying in at that figure, buyers at £6 8s 6d. White's Electric were firm at 6£d. AUCKLAND ITHE PRESS Special Service.] AUCKLAND, February 21. The exceptional buoyancy of Australian markets has continued to influence the investment market on the Auckland Stock Exchange this week. Australian banks and industrials moved to new high levels, at which there were indications of a steadying in prices. For instance, Commercial Banks and Broken Hills closed below their best. New Zealand issues, as a whole, remained poorly supported, and the total turnover for the week was lower. .„,,"• a - Since the beginning of the year, Australian stocks have maintained an upward movement under strong buying pressure. Such a prolonged advance is unusual, but it has been justified up to a point at least, by the evidence <sf improved conditions In the way of higher dividends. That point may have been reached or passed in the case of some of the leading industrials, and the slight hesitation now Seen is not surprising. The market for Government loans was practically a repetition of the previous week, with buyers more averse if anything to longer-dated issues. Overseas banks were quieter than in the previous week, and some issues lost strength at the close. The raising of Bank of Australasia final dividend may give a fresh impetus to the upward trend, but the lift is only i per cent. Its chief value will be in confirming the opinion that bank dividends have at last "turned the corner." Bank of New Zealands tailed to hoxd the recent rise and again dropped to near 47s 6d. It is not unusual for New Zealands to experience these fluctuations which are inexplicable to brokers. Insurance shares lost a good deal of support and there was a decline in value of New Zealand issues. In the loan and agency group, Dalgety's staged a rapid recovery, and a sale at £9 7s 6d established a gain of 12s in two weeks. '..-■.. • -< DUNEDIN [THE PRESS Special Service. I DUNEDIN, February 21. A fairly, large volume of business was recorded on the Stock Exchange during the last week. The market for good investment securities remained, for the most part, steady. Bank of New Zealands were dealt in at £2 8s 9d and £2 8s 3d, the market showing a weakening tendency at the close, when buyers offered £2 7s lid. Buyers of Reserve Banks offered the improved price of £5 15s 6d. but sellers were not interested. National Insurances were disposed of at 19s 7d, a closing seller at that figure being unanswered. There was no change in the market for P. and O. deferred stocks, and Union Steam preference shares. There was an easier enquiry for New Zealand Refrigeratings, buyers' best offer at the close of the week. being 9s 9d. Business at 10s was reported earlier. Mortgage Corporations were in slightly easier demand at 4s 7d, sellers' latest requirement being 4s 9d. Business at 4s 8d? was recorded. , „ , - . Anthony Horderns were dealt in at £1 Is Id, a closing seller at £1 Is 3d, remaining unanswered. Broken Hill Proprietaries were enquired for at £2 lfls 6d, but sellers were reticent. The contributing issue was disposed of at £1 10s, the market closing with Jellew at fil lis and no buyer* for-

ward. Hume Pipes changed hands at 18s 4d, cum dividend, a closing buyer at 178 9d being unsupphed. Wilsons Cements were dealt in at £2 2s, buyers offering a similar figure at the close of the market, and sellers asking £Z 3s. There was a steady drop in the market for New Zealand Breweries, and sales were recorded at £2 16s. £2 12s fid, and £2 12s. . Mount Lyells were disposed £1 3s sd. £1 3s 9d, and £l,4s 6d, the market closing with a further improvement towards the close of the week, when buyers offered £1 5s 2d. There was little activity in New Zealand mining shares. Gillespie s Beach were disposed of at *s, and King Solomons were sold earlier in the week at 3s s£d and 3s 6d. Nokomais were also the subject of business at 2s 6d\ the market weakening slightly later. Okaritos changed hands at 4s 9d. The market for various issues of Government loans, showed no change. Business in 4 per cent, stock, 194346, at £lO2 10s, was reported. PUBLIC TRUST OFFICE BUSINESS IN JANUARY> Estates of a value of £729.564 were reported and accepted for administration by the Public Trustee during the month of January, 1936, compared with £405,229 for January. 1935. The total value of the estates under administration bv the Public Trustee on March 31. 1935. was £60,706,016, and the new business for the 10 months ended January 31, 1936. was £5.446.571,. compared with £5,007,121 for the corresponding period last year. Grants of administration made by the court in favour of the Public Trustee numbered 117 for the month. During the month 319 new wills appointing the Public Trust executor were deposited for safe custody by living testators and 236 existing wills were revised to provide for changes desired bv testators. The total number of wills now held in the Public Trust Office is 85,422. BANK OF AUSTRALASIA DIVIDEND LONDON, February 20. A final dividend of 4s 3d a share has been declared by the Bank of [lnterim dividend declared in August. 1935, was 3s 6d a share, making a total of 7s 9d for the year, or 7| cent. Last year's rate was 7£ per cent. The shares are £5 paid.] NORTH BROKEN HILL (PEE3S ASSOCIATION TELEGRAM.) WELLINGTON, February 21. North Broken Hill Ltd. has, advised the Stock Exchange Association that a dividend of 2s 6d a share, and a bonus of Is a share, have been declared. The dividend is payable in Melbourne on March 27. Transfer books will close on February 28. TA dividend of 1\ per cent, was paid in March last year, dividend for the full year being 40 per cent.] MILBURN LIME DIVIDEND (press association telegram.) DUNEDIN, February 21. At a meeting of the board of directors of the Milburn Lime and Cement Company to-day. an interim dividend of 3| per, cent, was declared for the half-year ended January 31. rA dividend of 33 per cent, was paid in March last year and a further 5 per cent, in September.] BRITISH WAR LOAN (UNITED PRESS ASSOCIATION- COPYRIGHT.) LONDON, February 20. British War Loan stock, 3i per cent., is quoted at £lO7 7s 6d. BRADFORD TOPS MARKET LONDON, February 20. The Bradford tops market is very firm, but the amount of business is small.

PROPERTY SALES Binns, Barber and Co., Ltd., report having sold for cash, the property owned by Mrs Boddington, situated 28 Mcßratney's road, Dallington, comprising a 5-roomed bungalow and half acre of land, to Mrs Stubley. N. H. McCrostie and Company, auctioneers, report having sold, on account of the trustee in the estate of Mrs G. A. Clark, a property at 22 Bordesley street, comprising a residence of six rooms with one rood 17 perches of land, to a client. Messrs Ford and Hadfield, Ltd., report having sold on account of Mr R. S. Taylor a bungalow of five rooms and kitchenette, with garage, in Snowdon road, to Mr Philp. H. G. Livingstone and Company report having held a successful sale on account of Miss L. and Mr L. P. Simpson on the premises, 25 Gloucester street, city west. There was a good I attendance, and the following prices were realised:— "Good-night," oil painting, by P. Van der Velden, 40 guineas; "Sante," black and white drawing, by P. Van der Velden, 5C guineas; water colour. M. Martino. 1-J guineas; oil painting, G. Blomfield £2 2s; water colours, Blythe Fletcher, £2 12s 6d, £2 2s, £2 2s. £1 2s 6d, £1 ss, £1 7s 6d, £1 ss, £2 2s 6d, £1 ss, £1 2s 6d; Axminster carpet and felt £2B; hall carpet £l2, pink Axminster carpet £l2 15s, stair carpet £8 10s, Axminster carpet and felt £7, Axminster carpet and felt £5 ss. Axminster vestibule rug £3 17s 6d, Axminster vestibule rug £2, hall runner £4, hearthrug £2 3s, Axminster carpet £3 7s 6d, reversible wool rug £1 15s, Brussels carpet £1 ss, carpet runner £1 Is, vacuum cleaner £6, and sundries selling at satisfactory prices. H. C. Smith, the City Market, reports the following sales of properties completed during the week:—On account of Mrs Sheedy, following the auction, five acres market garden land, with buildings, at 65 St. John's street, Woolston, to Mr Jardine; on account of the owners, a block of shops at Akaroa, to Mrs Bell; on account of Mr B. Crossen, following the auction, about 12 acres, with six-roomed dwelling, at 301 Harewood road. Papanui, to Mr J. McQueen; on account of Mrs Jones, bungalow at 252 Avonside drive, Avonside, to Mr Ward; by public auction on account of Mr Broadhurst, a proSerty at the corner of Bordesley and [arrow streets, Linwood, of a quarter of an acre, and dwelling of four rooms, etc., to a client.

COMPANY REGISTERED

The following notice of a company registration appears in the current issue of the Mercantile Gazette:— • Ailsa Stewart Tweeds, Ltd.—Registered February 8. Office: 176 Hereford street, Christchurch. Capital: £I2OO into 1200 shares of £1 each. Subscribers: Christ-church-J. H. Pickles, P. W.. Henderson, C. H. Perkins. E. J. Gait, H. A. Gait. W. W. Wade, E. G. Wade, 1 share each. Objects. To manufacture and deal in tweeds; textiles, clothing goods, materials and soft goods, and.general incidental.

VALUES ON STOCK EXCHANGE

CHRISTCHURCH RATES, FEBRUARY 21, 1936

DUNEDIN

AUCKLAND Sales on 'Change C s. d.

SYDNEY On the Sydney Stock Exchange yesterday the market, for front rank Industrials remained firm, although there w* a slight reaction here and there. Bank shares generally maintained their strength. Commercial of Australia reacted moderately after the recent advance. Brewery shares advanced, and Dunlop-Perdriau rallied a little. Morning Sales £ s. d.

BANK OF ENGLAND RETUftN

(TTRTZIt PBXBS MSOCIATIOK—COPTWORT.) LONDON, February 20. The following is the Bank of England return lor the week ending February 19:— ISSUE DEPARTMENT

FOREIGN EXCHANGES (BRITISH OFFICIAL WIRELESS.) RUGBY, February 20.

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 noticeBuying. Selling. London— * •

GOVERNMENT SECURITIES LONDON, February 20. The following are the latest quotations for Government securities compared with the prices ruling last week: — Feb. 13. Feb. 20.

———^^————<f— LONDON QUOTATIONS LONDON. February 20.

i|?^SP||^^

THE! TAVUA FIELD GEOLOGICAL SURVEY' COMPLETED [THE PRESS Special Serviee.] AUCKLAND. February- 51. A geological survey, o£ the Tavua goldfield in Fiji' has been, completed by Dr. J. Loftus Hills, a prominent mining engineer of- Sydney, and his staff. Dr.' Loftus Hills, who was a" passenger by the Mariposa, on his return to Australia, said very important conclusions as to the future of the goldfield had been deduced from his survey. '"Upon my arrival at-Sydney," he said, "I intend to make a public statement about the whole position of the Tavua goldfield, and the things that have happened in Australia about it It must be remembered that the Tavua field is only in its very early stages of development, although a very large amount of payable ore has already been proved." MOUNT MORGAN (PBESS ASSOCIATION TELEOBAM.) WELLINGTON, February 21. Mount Morgan, Ltd., has to-day cabled the Stock Exchange Association its production report for the'four weeks to February 19 as follows: Ore quarried 21,718 tons, concentrator treated 21,760 tons; assay, S.lldwt of gold, .75 per cent, copper; the concentrates produced 880 tons containing 3503 ounces of gold, and 138 tons copper. Total production was 3503 ounces of gold, and 138 tons of copper. WORKSOP EXTENDED (PRESS ASSOCIATION TELEGRAM.) REEFTON, February 21. The Worksop Extended return is:— 260 z for 133 hours and 9500 yards. KING SOLOMON RETURN (PRESS ASSOCIATION TELEOBAM.) INVERCARGILL, February 21. The return at the King Solomon mine this week was 470 z 18dwt THE METALS MARKET (UNITED PRESS ASSOCIATION—COPYRIGHT.) LONDON, February 2Q. Feb. 19. Feb. 20.

PRICE OF SILVER (tntrrxD mas amociatioit—corrßiavr.) LOIJDON, February 20! Silver is quoted at:—Spot/. 20d;' for-" ward, 19 13-16 d a fine ounce. MASTERTON RAM FAIR j GOOD DEMAND FOR SOUTHDOWNS j (PRESS ASSOCIATION TELEGRAM.) MASTERTON, February 21. I The demand for stud and flock Southdowns offered. at the Masterton Agricultural and Pastoral Association's annual ram fair to-day was in direct contrast to that prevailing for Romneys on the opening day, and the sale was highly satisfactory. Though the offering of flocks was up on last'year, there was no over supply, and passings were the exception. Bidding was well sustained from the opening to the close- of the catalogue, and for the better quality animals, buyers' limits became more elastic and some first class prices were paid.* H. J. Andrew, of Maheno, tdpped the market for flocks, securing 31 guineas, while a stud Southdown Tarn lamb offered on account of Sir William and R. M. Perry realised 85 guineas in a. sale to A. C. Vile (Bulls). N. J. Cullinane (Dannevirke) paid 77 guineas for a ram offered on account of H. J. Andrew. Twenty-five studs sold at an average of about 22 guineas, as compared with 17 guineas for 21 sold last year. The top price for a stud last year was 40 guineas. DAIRY PRODUCE BUTTER MARKET IRREGULAR (UVITXD FBBSS AiSOCIATIOH—COPTMOHT.) LONDON, February 20. The butter market is irregular. Quotations are:—Danish, 1265; choicest salted New Zealand, 935; Australian, 925; unsalted New Zealand, 100 s; Australian, 98s. Cheese is quiet. New Zealand white 51s 6d, coloured 55s 6d to 565; Australian white 50s 6d, coloured 545. Quotations are largely nominal. A. S. Paterson and Co., Ltd. A. S. Paterson and Company, Ltd., advise,that they have received the following cable advice from Messrs J. and J. Lonsdale and Company (London), Ltd.:— Butter—Market steadier at reduction which was necessary to protect the Is retail price, at which rate consumption equals the supply. New Zealand, 935; Australian, 925; Danish, market firm on German requirements, but English trade slow owing to high reaail, Is 3d, 108 s f.o.b. Cheese—Market steady on renewed demand at reduction: White, 51s 6d; coloured, 55s to 55s 6d. ' N.Z. Loan and Mercantile Agency i Co., Ltd. I The New Zealand Loan and MercanJiK £ gen( L y Company, Ltd., rejart that they have received a cablegram from their London office, dated February 19, giving the market quotations as below:— Butter: New . Zealand choicest salted, 935; market slow. Cheese: White 525, coloured. 565;. market quiet. DOLLAR MARKET RATES The Associated Banks (other than the £S, nk .< 0£ N i w , South Wales) quoted, the following dollar rates yesterday on subject to alteration without notice. U.S.A. Canada, dol. . dol. Selling— \ (Per «» «*■> , X"n ■*• ." ••■.•"»«" d.m - Buyhigl - •' * «»*. ■«?. v _°/?l «. 4.04 J 4.04JT

WEST COAST SHO LIVE STOCK DISAPPOINTING CHRISTCHURCH E SUCCESSFUL r (BPBCUL TO Vn PBKSS.) GREYMOUTH, F. " The West CoastAgr Pastoral and Industrial i—fourteenth annual show-was < Victoria Park torday in "- "There was a good attend previous years the exh: stock were disappointing main exception was in the sections War horses and dogs, powever, excellent; BS play of stock. ' v? " '--"-."-I The best bullock in the show wa»d exhibited by the estate of W. F. Died-^j IVT*!* iß »*•# m y lion for fat bullocks undef four years/The judge; Mr R. Maddren, s Winches-; ter, remarked that the bullock .wotrii; be a credit to any show; in the : ,T)o*» rainion and was a credit ' breeder. The* same exhibitor-' ijainaif the majority of successes in thrift*? cattle section. In the Jersey 'Catttejj section Messrs Minehan Bros.; Cob"""*" " were unbeaten, while Mr W. E. NO took similar, place:with Ayjrsbires; Guernseys. Mr Jt -Langridget the most successful Red-,Pbll>« bitor. The horse seetfdn>#-ew*jg entries, . Miss , H. - G. ; R3ch,V/ehi church, winning all the open cla for saddle horses. In. :the';iar horses Messrs -Kennedy'' mouth, won all classes' ception of -.the carriage best entire horse -was . shawm H. Langridge, Maher's. Creek. 7 - MrA Thomson won both classes and pacing horses. Honours ih\ cob and .pony section were shared';Miss Rich and Miss J.- Johnston, 6 Hari Hari. In the pig Ilton, Cobden, took the Berkshire, Yorkshire,- -and->-'Tai worth breeds, and ;Mr H. ;-Irridge, Maher's Creek, -. for - White breeds. Because - dislocation of - traffic on • the, X land line through floods,.a numbe exhibits in sheep and dog sections j£ not arrive. Judging, - as the"-; " will not be finished until to-m , The cup for the best Collie dog was won by Mr J, W_.:Bi The trophy for the best opposite',.' ful Christchurch exhibitors in! the! section were: Mr G. Gibson -ODal Bulldog bitches), .Mr W.., (puppy Bulldog bitch). . V: Gibson and the Derby Stakes W..G. Free. petition in the horticultural,. Mrs F. M. Dennehy won the;, Bakers' cup for aggregate point Miss C. Wilson trophy for the most outstandi hibit was won by Mrs R. T. Bushv most successful exhibitor in the. hi and dairy produce section was .Mrs D. Muir, Gladstone, while.the Bon* for fruit were shared by Misses Heaphy, and D. Burt, and Mr A;£ bilini. , , J The vegetable section was wf to the standard of previous./ awards being well divided. Mr L. Chapman had the best c. tion. The cooking section also large entries, Mrs A. J. .Smithed church, gaining five successes." Ju in the schools and fancy wbrk, : tions had an arduous task, number of exhibits being of formly high standard. will be held to-morrow. * ''■>. WHEAT MARKET? ENGLISH QUOTATIONS 1 m LONDON, February* Wheat cargoes have a soma steadier tone, and.parcels are Futures are quoted."— . *'- ~ Feb.l7.«F London {quarters)—. s.-d; v £, March -. 29 I*. >\ July .. "... 29 0. ,v! Liverpool (centals)- ' -& March .. 5 111 *, :$ May .. .. .6 0 ,j-r . July ■.: ' ... 6-l| r " ex ship 32s to 52s 6d. CHICAGO FUTUBJ^I Chicago! May' \. , "...

TEADE

PROSPECTS AND PRICES The retail grocery trade has had Jher a. dull week, the weather mihr7w against regular trading, the Settled weather yesterday helped "Sderably, arid fair trading was rec°Sf the demand for sugar b-A P !*Pht very great, but supplies are, jTsreported. sufficient to cope With the situation. Java Exports same time ago mention was made # the control by the Dutch East Indies r vernment of kapoc, and now comes •rid that the government of the Battle !wfttry has taken control of the ex* SfrfiSanuto and coffee. In future Sfnses to export will be required d all oversea shipments will be Lr official control. When the conJfiiafpSed on kapoc, a small exU l duty was established on the & and the same-may sooner or Scome aboutm the coffee and Pea- . fftrade from Java. Dried Peats and Peaches are out from Australia AwSoh's dried two, Sw aridfour crown grades, The £2' grade sold here, three-crown, 18 Stll & Advance df/last year's prices. ThfSeVare offered in both choice 1 pack* and pnces ar6 m " ' Xted'peeled peaches are also quoted, .nKshne should attract retailers' Aion Cellophane packets can ffbe had at is dozen extra price over the bulk pack. > Almonds ' this week one London house Jn&s issued cabled quotations for both Valencia and Sicily almonds, advising fhatstotks are available from London. Mere is some doubt as to the posi- ■ tioVS Italian almonds imported from K'don, it is advisable for importers to see the customs authorities as to the position of their requirements of iffiian almonds and other lines imS from London stocks Naturally Ksicily and Valencia almonds are very high in price in London, and S the exchange added, the landed cost will come out exceptionally high. To show the increase in almond prices, it may be mentioned that present stocks of Jordan almonds are 38s cwt lower landed cost than will be the case" when Jordans afloat come to hand. , « Better Beans Fair quantities of this line have landed on the local market, and the cost was more than expected. Butter beans are finding increasing favour oa this market and, being the best auality available, sales should from now on increase. • Greaseproof Paper Newfc by mail is to the effect that th» Norwegian manufacturers have formed a ring with a view to controlling the export and fixing export tjrices. This seems to herald higher rarkets, as the formation of rings c"«sea»,is usually followed by price alterations. Tobacco ' A new brand, a fine-cut cigarette t,bacco, is being placed on this mar'Jt in flat tins. The line i* the prOact of one of the well-khbWn New; Isiltod factories. • ' }[ .. : ■ *' . "tea; ■'." '"■:''' ."";','!. Th'iie was a very small catalogue at 'ast week's tea sale of Indian teas HH in Calcutta. Quality was . the jsjftie- s« the former sale, and the demand was very spirited for all lines except stalky, common sorts. The interval, between the sales will now be knger, as the season is just about closed Average prices at this sale ran as follows: Broken Orange Pekoe—Common, 9 annas 9 pies; medium, 10 annas 6 pies; good, 14 annas. Broken Pekoe—Common, 9 annas 6 pies; medium, 9 annas 9 pies; good, 16 annas 3 pies. Fannings—Common, 9 annas 3 pies; medium, 9 annas 6 r4es; good went to 13 annas. . Colombo had a good tea sale last weekvwhen fairly high prices were obtaihed. The following are the cabled average selling rates: —Broken Orange Pekoe, common 59-62 cents, inedtum 85-95 cents, fine 1 rupee 10 ctats to 1 rupee 40 cents; broken «»je, common 56-61 cents, medium w» cents, fine 90 cents to 1 rupee; Woken teas, common 55-57 cents, medium 60-62 cents. Mowed Oil and Turpentine London cable advices name linseed Ml to weaker and down 10s a ton, *«o turpentine prices stationary at WWtous rates. ■ Glycerine J 5? of glycerine still ™WJ, and from all appearances this JWMWm is likely to remain so for some J™*" For some years Germany has a very large amount of glyjwwe, but the export from this county aas ceased, or very nearly so. • 155? seems no doubt that this coun- ' »L. , 2.'y sin S the line itself for the of explosives. With a j«»L amoum off the market that was nrt»»f,. past furnished by Germany, ten?* « ve hatdc ned to such an exPnoui now va lues are very high in England and America. / ' - . Cocoa -ttft ta* W ? rice list issued by one of Mp« ♦?^ t .5 ocoa Producers shows the ££. ?5 , the c °ming season on the toh«ii eVel ** la st year. This refers to a^J** 0 * onl y and does not refer ill thf ,„ n , y P r °Prietary lines packed usual small tins from lib down- { Prunes Atetr a S exion with the new cr °P htatt n pru . nes Packed in tins, word that S rec «ved that it is expected « 30 4ft! Wlll be a verv small pack an o a u- not to ° many in the book w'.*- ppers are prepared to *UhtKiKf J P rders for these siz^ *he sho»S ht fo S the bt, y er to cancel « should so desire later. LONDON QUOTATIONS » Mas* *»»ocutio»—copT«io«t.) ; : Kout 1* „^ D ? N ' February 20. ■>"quotM V& Australian ex store ■SSSfaiS/ 228 6d t 0 22s 9d- ''> **■ X& r oats - peas - and bea " s yi£f •■ 'MELBOURNE, : February 21, #l^pl : - (t *tobgS)--T0 £5 15s. '

CANTED

DAMAGE TO CROPS .' : YET /UNKNOWN. ■; ' POTATO PRICES HARDEN J-bt otr» (rouutkcuL IWhtojU .Friday Evening. The rain has to some extent disorganised, the grain and produce mar* kets, befeause it will be some days be* fore any accurate estimate of the amount' of damage dohe to crops still in the paddocks, and crops still standing, can be arrived at. Deliveries from the country have, of Course, ceased in the meantime. No idea Can yet be formed of the damage to wheat crops. Apart from the crops in some small localities Washed away by flood, the rain need not necessarily do any great harm. The weather of the next few days will be the deciding factor. A certain amount of wheat has already come in out of condition, mainly through too great A percentage of moisture, but the last storm need not have added greatly to this total. Fowl wheat remains firm for prompt quotations,, but for forward business there is a somewhat chary enquiry, because the probable amount of fowl wheat that will be available Cannot yet be known. The prompt position Will probably be strengthened, as no doubt much of the wheat now in stook will have to be stacked before it can be brought into condition for sale. This should ease off the offerings of fowl wheat. Prompt is still quoted firmly at 4s 6d, and some holders are mentioning 4s 7d» The Akaroa cocksfoot crop, it is generally thought, will not be .as badly damaged as might at first sight have been imagined, unless the weather continues to be wet and muggy. Estimates of the damage, from reliable sources, put the loss at only about one-tenth of the total crop. In the meantime there has been a rather more active enquiry, and the price has tended to harden, though the quote is still 6d to 7d. according to quality. The ryegrass crop will not, of course, be affected by the rain as it is mostly in. Quotations remain the same. With the fear that some crops might be damaged either by flood or by lying water, the potato market has taken a turn upward, and the quotation is now about 00s, f.O.b. though there are signs that this will weaken. The potato crop will come to practically no harm at all provided the water in the paddocks is given an opportunity to get away quickly. It does not improve the quality of potatoes to have them in waterlogged ground for too long. Onions remain about the same, with not a great deal of interest in the trade. DUftEDIN (PRtSS AtSOCUttOH TCLkOBAUJ DUNEDIN, February 21. Millers have been taking in wheat which was threshed early, but there have- been no fresh offerings during the last week. Only small quantities of southern-grown wheat have been threshed, and yields indicate that the total returns will be larger than those of last season. The quality of the wheat up to the present is also excellent. The wet weather, now being experienced willhaje a bearing on the quality of future offerings. , The fowl wheat market is quiet, with local merchants only buying from hand-to-mouth and securing their supplies ; from Canterbury. The current quotation is 4s 6d f.o.b. for prompt shipment. It would appear that there will be a considerable quantity of wheat this season which can only be graded as fowl wheat. ■ A quiet period is being experienced in the oat market. The few lines that have been offered in this district have been taken by millers at 2s 2d, sacks extra, on trucks. Yields so far have been good. Sales are now being made by farmers who last year only had sufficient supplies for There are few enquiries for oats for prompt delivery, but the forward position is slightly firmer. The weather is limiting supplies in the meantime. There have been some enquiries-for delivery April-September at 2s t ßd f.0.b., S.i, for A G-artons. This price is equivalent to 2s, sacks, extra, on 1 trucks. B's are not sought after to the same extent, but there have been buyers at 2s 5d f.0.b., s.i. The local demand for chaff is quiet. Supplies are being met with lots ex store. New season's chaff has been on offer from Ashburton at a reduced price on that ruling at this time last year. There have been sellers of this chaff at £2 15s, sacks extra, on trucks This price is equivalent to about £4 to £4 5s a ton, sacks extra, ex store. Old season's chaff is* selling at up to £5 10s a ton, sacks extra. The distributing* trade for potatoes is very poor, as householders are still drawing largely from their garden supThe weather has upset calculations in the seed markets. Lines of ryegrass are appearing on the market, but the break in sales has taken place owing to the difference of ideas of value as between merchants and growers. Growers arc not prepared to sell, and are holding their seed. As a consequence, there is a little' more firmness in the market, but on the other hand, merchants are not prepared to increase their limits owmg to the quantity that should ultimately be available. Offerings of cocksfoot have also been affected by the weather, and merchants are experiencing difficulty in buying from farmers. Odd lines have changed hands, but indications point to prices being higher than.was at first expected. SOUTHLAND <BP»CIAL TO 1U FttESS.) INVERCARGILL, February 21. Very few oats have been offering yet, but thev should begin to come to hand any time now. Most crops have been cut. There has been a slightly firmer tone lately in the forward shipping market for delivery spread AprilSeptember, but it is not sufficient to make an appreciable difference to, the prospect of prices. to farmers. It is anticipated that:they will be about Is lOd a bushel for A grade and Is 8d for B grade. Good Duns are in demand, values ranging from 2s. 3d to 2s 6d a bushel, the latter price being for exceptionally heavy weight dark coloured "so' far very little Southland wheat has appeared on the market, but it should be coming in shortly, and since the season has been a good.one, probably most of it will be taken up by There is a shortage of fowl wheat at present, and immediate requirements are being drawn from Canterbury. v Not a great deal of chaff is offering, but in the> absence of a shipping demand the enquiry is limited. It Is expected that values for the ion's chaff will be about £3 to £3 5s a ton, and therefore merchants are not as keen to bay old chaff as they have i been. Probably about £4 a ton is the best price available to farmers at present. . , - Ryegrass offering so far has oeen I light, and apparently low prices are causine farmers to be in no hurry to sell. The wholesale demand has been disappointing, and it is,unlikely that prlceT. to -fanners will improve. The present value id about Is 4d a busheL

VEGETABLES AND FRUIT

CHRISTGHURCH MARKET

Fair supplies of vegetables have been coming forward durmglhe Week. Vegetables— Ruling values have been as follows:—Cauliflowers, best 5s to 7s 9d a do2en; Others; 3s to 5s a dozen: cabbages, best, 2s to 3s 3d a dozen, others, Is to 2s a dozen; smaller 6d to Is a dozen; celery, best, 5s to 7s 6d a dozen; others, 2s to 4s; lettuce, best, 16 to is 6d a dozen; others, 4d to Is; rhubarb, best, is to Is 6d a dozen; beet, 6d to Is a dozen; white tiirnips, 3d to 6d a dozen; spinach, Is 3d to Is 6d a dozen; parsnips, 6d to Is 2d a dozen; carrots, 6d to 9d a dozen; 2s a sugar-bag; swedes, local, 9d to Is a sugar k bag; potatoes, 2s 6d to 3s a sugarbag; new potatoes, id to id per lb; onions, Is 9d to 2s a sugar-bag; pieklers, Is to 2s a pumpkins, id per lb (plentiful supplies); marrows, Is to 2s a dozen (plentiful supplies); green peas, 6d to 9d per lb, week-end price Is to Is Bd, on account of wet weather; beans* Jd per with an oversupply; cucumbers, outside, Is a box.

Fruit—Apples, Cox's Orange, best, 5s to 7s 9 case; cooking, best. 5s a casej pears, dessert, choice, 2s 6d to 3s a half case; tomatoes, hothouse, to 3jd per lb; outdoor, Id to 24d per lb, aceofd-, ing to quality; apridots, dessert, best 5s to 7s 6d a case; peaches, dessert, best, 2d to 3d per lb; nectarines, des» sert, best, l|d to 3Jd per lb; plums, dessert, best, ljd to 2Jd per lb; greengages, dessert, best, 2d to 4Jd per lb; strawberries, 8d to Is 2d a pununet; grapes, extra choice, 8d to Is Id per lb; New Zealand lemons, to 10s a ease, according to condition. Imported Fruits—Two shipments of Jamaican oranges arrived at the be* ginning of the week, also a few grape* fruit These were in very good condition. A shipment of Samoan and Niue bananas, ex Maui Pomare, also came to hand on Wednesday. Oranges, Jamaican, 22a 6d to 27s 6d, according to counts; grapefruit, Jamai-1 can, 22s 6d to 245; bananas, Samoan,' greens, 21s a case; ripes, to 24s 6d a case. A shipment of American navels, lemons, and grapefruit is expected next week. DUNEDIN (PRESS ASSOCIATION MLBa&AU.) DUNEDIN, February 21. Business in the fruit marts has been affected seriously by the wet weather; and auctioneers have had dragging sales. Cox's Orange Pippins are now in full supply from Nelson. Gravensteins of choice quality have a good enquiry, but inferior are hard to place at low prices. Prices for tomatoes have been erratic, being dependent on the quantities coming forward daily. The quality of Christchurch outside grown tomatoes is not up to the standard of previous years. Supplies of choice quality are arriving from Central Otago. Plums are in over supply and inferior grade are very hard to place. Choice quality dessert on the other hand realise good values. A special line of Purple King, grown at Heathcote, realised 5d per lb. A few apricots and raspberries are still coming forward. Nectarines are in full supply and prices are low. Bon Chretien pears are plentiful, and some lines coming to hand in ripe condition have had to be sold at low rates. The greater proportion of the supplies are from Central Otago. Cultivated blackberries have a good demand. A shipment of Samoan bananas arrived on Wednesday railed from Lyttelton, and a shipment >of Tcngan, transhipped at Auckland. A shipment of Jamaican oranges arrived during the week. A supply of Californian navels, lemons, and grapefruit is due to arrive in the middle of next week, transhipped ex the Monterey at Auckland. English greengages have the better enquiry. REILLEY'S MARKET Owing to unfavourable weather conditions there has been poor demand for most lines of fruit and vegetables. Consequently prices were low. Quotations:— Apples, dessert 6s to 8s 6d; cooking 4s 6d to 5s 6d; Williams Bon Chretien pears 4s to 6s; peaches 2d to 3Jd; plums ljd to 2id; nectarines ljd to 2Jd; tomatoes ljd to 3d; beans Id to l*d; peas 2d to 3d; garlic 4d; cucumbers Is to Is 3d a case; pumpkins 8s; marrows 48 6d; onions 7s. —6 FIJI TRADING CONCERN PURCHASED SYDNEY, February 21. For approximately £BO,OOO, W. R. Carpenter and. Company. Sydney, have acquired a controlling interest, in the form of ordinary shares, in Brown and] Joske, Limited, general merchants and commission agents, of Fiji. Sir Walter Carpenter states that control of the other company's business will be taken over by his company immediately. EGG PRICES Messrs Macfarlane and Company, Ltd., report that their prices for eggs are:—First grade, to Is 4Jd; second grade, to Is 3Jd; duck eggs, to is 4d a. doten. mmmmmmmmmmmmmm^mmmmm _ m ,

The market for other small seeds is fairly dull because of the lack of a shipping demand. The best value offering to farmers for best quality fescue showing a small percentage of loss is 5d per lb. For crested dogstail and browntop, both of which are usually bought dressed from the farmer, values for export quality dressed seed are about 6d and 9d per fb respectively. It is expected that a good deal of Southland white clover will be coming on to the maritet this year, and tip general opinion is that the Y? lu i *? farmers tot dressed seed of thej>est auality only will be about lOd per lb. Apparently low prices are ruling for potatoes for forward delivery and in the face of this it is anticipated that the opening prices for the main land «op%rhen it avaUable in a month or two vrfU not exceed £3 to £3 5s a - -'-

£500N.Z. Refrig., 4* M-; n 1940-45 .. . ( 2) 101 0 0 €00 Com. Bank of Aust. Kit 0 19 11 (2) : 0 19 10 0 19 9 25 Nattl: Bank of A/asia (£5 paid) .. .. 7 11 0 100 N.Z.'Rtefrig. (£1 pd) 10 6 50 Aust. Glass .. 4 7 0 500 British Tobacco (7) 2 2 6 100 Consolidated Brick .. 0 10 10 150 G. J. Coles .. (3) 3 12 9 100 N.Z. Farmers' Co-op. (10s. paid) .. ,„ .. 0 10 50 Woolworths (N.Z.), ord. .. (2) 5 10 0 200 Mount Lyell 15 1 15 0 200 Mount Morgan (2) 248 Mount Morgan 0 16 0 "rights" .. ( -. 0 5 4 0. fr 3 0 5 4 Sales Eeported 28 Bank olf"N.S.W. (cum div.) "•.. <2) 34 17 6 503 United Building Soc. •■ (odd lot) .. .-•.-. 1 10 100 Beath and Co. ... 1 8 0 100 Hume Pipe (Aust.), cum div. .. 0 18 2 150 Mount Lyell . .. 1 5 5 200 Mount Morgan (2> 0 16 0 2000 Skippers ... . 0 0 3 200 Natl. Bank of N.Z. .. 3 19 0 £880 N.Z. Govt. 4 p.c. Bonds, 1946-49 (3) 104 0 0 UNLISTED STOCKS Sales on 'Change 25 Woolworths (Syd.), ord. 6 9 0 500 White's Electric 0 0 6J Government

Quotations are: — Feb. 13. Feb. 20 Merinos — d. d. 70's .. 34| 34i 64's .. 33 33 60's .. 32 32 58's .. 25* 25* 56's .. 20J 20} 50's .. 16J 16i 46*s .. Hi Hi 44's .. 13i '13J

FORMER LEVELS COMPARED ■.' ___ __ — _ —• —: 1 Return Am't. Approx. Approx. market t Mv. .■; on investment at approx. market price. paid a market price. price c a year payable. Companies. sh'e. Buyers. Sellers. ago. £ . O K £ £ s. <.. £ s. d. £s. d. £ s. d, £ s.d. Banks— Australasia 5 12 8 0 13 0 0 12 10 0 11 10 0 71 Feb.-Aug. 3 0 0 2 19 0 Comm. of Aust. 10s 0 19 8 0 19 9 0 19 9 0 16 3 55-6 Oct.-Mch. Comm. of Aust, O 14 e a 4 Oct.-Mch. 4 4 7 (pref.) Com. of Sydney E., S., and A. .. Natl, of A'asia 10 121 3 10 9 7 20 18 6 4 15 3 6 0 0 0 » JL4 «j » a u in » 21 5 0 21 0 0 16 7 6 656 65 0 50 0 15 9 0 (15 5 0 12 17 6 5A 5 5 Jan.-July Nov.-May Nov.-May 2 19 6 2 8 0 3 5 6 Natl, of A'asia. (con.) 5 7 10 6 7 11 o 7 11 0 6 6 0 5 Nov.-May 3 6 2 Natl, of N.Z. .. 21 3 18 3 3 19 6 3 19 0 3 9 6 4 10. 5 5 5 Jan.-July Dec.-Jun. 2 10 7 4 3 9 New Zealand .. N.S.W. Reserve Union 1 20 5 5 34 15 5 17 9 18 0 0 6 34 17 6 0 10 1 6 34 17 0 5 17 0 10 0 9 6 6 0 2 9 30 5 6 10 8 15 6 0 0 0 Jan.-July June Jan.-July 2 17 4 4 5 1 2 10 0 InsuranceNational New Zealand .. I s 0 19 « 0 19 3 3 4 6 1 2 3 6 9 10 5-7| May-Nov. 3 10 Feb.-Aug. n an Anl .net 3 17 7 3 2 11 •>. 1ft a South British .. Standard 1 1 3~4 9 3 7 0 4 14 3 5 6 0 4.15 3 12 0 6 4b fO 12J gWJBgWyRfil Loan and Agency— Dalgety and Co. 5 Goldsbrough, M. 1 Mortgage Corp. 5s United Building 1 9 10 1 12 0 4 1 1 0 10 0 8 1 13 7 0 4 0 11 0 0 9 6 9 10 1 12 0 4 1 1 0 9 7 3 8 12 1 8 1 2 6 9 6 5 6 41 5 May-Nov. Dec-June July Oct.-Apr, * 12 7 3 13 3 4 18 2 4 14 1 Frozen MeatGear N.Z. Refrig. .. 1 10s 1 1 0 i 6 1 1 1 1 9 6 1 1 1 0 9 6 1 2 0 19 0 6 71 51 July-Oct. Feb. 3 8 11 5 7 3 N.Z. Refrig. (con.) 10s 0 9 7 0 9 10 1 0 9 101 0 9 1 51 Feb. 5 11 10 Gas — Auckland Auckland (con.) Christchurch .. Ch.Ch. (con.) .. Wellington 1 15s 1 10s 1 0 17 1 1 6 0 19 1 17 0 18 3 2 0 0 1 5 0 19 1 16 0 17 2 1 9 1 7 0 10 6 1 15 6 0 16 3 2 0 6 0 0 9 3 51 6i 7 7 8 July-Feb. July-Feb. Aug.-Feb. Aug.-Feb. Aug.-Feb. 4 5 5 4 6 10 3 16 8 4 0 0 3 17 10 Shipping— Huddart-Parker P. and O. Def. Union (pref.) .. ' 1 1 1 i"s 0 1~7 3 1 19 1 6 1 6 6 0 6 1 18 1 0 1 7 0 6 6 7 51 t Sep.-Mch. May-Dec. May-Dec. 3 10 10 4 3 0 Coal— Taupirl Westport 1 10s 1*3 5 0 17 1 3 3 5 0 17 1 1 6 9 10 Nov.-May May-Nov. 4*5 4 Breweries — Carlton New Zealand .. Staples Tooheys Tooths 1 1 1 16s 1 2 15 2 12 1 15 2 14 6 1 0 9 2 16 2 12 1 16 2 15 9 3 0 3 2 12 1 16 1 12 2 15 3 0 0 0 2 15 2 10 1 11 1 8 2 8 0 0 0 0 0 9 7 5 71 10 Oct.-Mch. Jan.-July Aug.-Feb. Mch.-Sep. May-Nov. 3 4 3 2 13 7 2 15 6 3 15 0 3 12 8 Miscellaneous— Aust Glass Beath and Co. 1 1 4 8 1 8 6 0 4 7 1 9 0 0 4 7. 1 8 0 0 2 18 1 12 0 6 13 8 Dec-June 12 19 9 Mch.-Sep. 5 14 3 Beath and Co. (con.) Is 1 < 2 2 5 0 7 2 2 0 7 2 2 6 0 8 1 17 6 9 8 6 Mch.-Sep. March 2 16 5 jsriusn x oDatLu Broken Hill Pty. Burns, Philp .. Colonial Sugar Dom. 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 1 1 20 1 1 1 1 25s 2 1 1 1 21 10s 3 0 5 3 0 — 43 0 15 0 — 0 14 11 0 15 1 19 0 1 19 2 0 4 2 1 14 8 15 3 15 0 4 1 1 4 11 15 — 11 1 16 0 2 0 — 3 16 2 19 2 4 8 0 2 9 0 0 0 0 0 0 0 9 3 0 3 10 43 P 1 5 0 15 1 19 2 0 2 1 1 4 4 0 1 5 1 0 1 16 3 15 2 2 6 2 18 6 3 1 0 41 0 0 1 1 0 0 18 3 1 1 6 1 14 0 1 14 9 0 19 9 4 0 0 0 17 3 0 18 6 2 1 0 4 5 0 | 1 14 6 0 0 0 6 9 6 0 6 0 9 9 0 0 0 10 Nov.-May 10 Nov.-May 6\ Nov.-May 4 June — Apl.-Oct. 5 Mch.-Sep. 8 Mch.-Sep. 81 June-Dec. 5 June-Dec. 8 1 Sep.-Apr. 21 June-Dec. 51 August 5 Nov.-May 6 Mch.-Oct. 13J Nov.-Juhe 3 6 1 2 16 8 2 18 1 3 4 0 2 10 11 3 19 0 4 5 4 5 10 3 19 3 2 0 0 5 8 7 2 14 9 4 0 0 3 5 5 Where no approximate price 1* tiven return is worked on mid-market price. unless only one quote is given A: Interim dividend rate of 6 per ceni . per annum

OTHER QUOTATIONS N.Z. Government Debenture* ■ Buyers. Sellers. £ s. d. £ s. d. 3J p.C. Ins., 1938-43 .. 101 0 0 — 3i p.c. Ins.. 1939-43 .. 101 0 0 — 31 p.c. Ins., 1939-52 .. — 103 15, 0 i p.c. Ins., 1943-46 .. 102 0 0 — 4 p.c. Ins., 1947-49 102 10 0 104 0 0 4 p.c. Ins., 1952-55 .. 102 5 0 104 0 0 4 p.c. Bonds. 1946 102 0 0 102 5 0 4 p.c. Bonds, lt)49 102 10 0 — 4 p.c. Bonds. 1955 103 0 0 104 5 U Other Debentures Malvern Elec. 41 p.c, 31/5/55 — 105 10 0 Takapuna 41 p.c.. 1/7/49 ■• — 103 15 0 Booth, Macdonald, 6} p.c, 1937 71 0 0 85 0 0 N.Z. Refrlg., 41 p.c, 1940-45 101 0 0 101 10 0 Insurance Merc. Mutual (16s pd.) 1 9 0 - — Loan and Agency N.Z. Guar. Corp. (3s) 0 5 10 0 6 0 Wright, Stephenson 110 (pref., £1) ~ Frozen Meat Canter. (£7 10s pd.) 10 2 6 10 15 0 Nth. Canter. Freezing (£3 paid) 1 15 6 2 16 Woollens Oamaru (£1) 1 0 0 — Kaiapoi (17s paid) .. 0 14 0 0 6 6 Kaiapoi (7s paid) 0 5 6 Mosgiel (£4 paid) 10 10 0 -"" Bruce (pref., £1) 1 0 0 *-_ Coal Stockton (pref., 10s) — 0 2 9 Gas Timaru (£1) — 12 9 Breweries Dominion (£1) 0 19 6 110 Timaru (10s) .. 0 12 3 *— Timaru (7s 6d paid) .. 0 9 0 0 9 7 White Star (£1) *- 0 10 0 Miscellaneous Amalg. Wireless (con., 14s paid) —• 1 16 3 Anthony Hordern (£1) 1 0 11 112 Berlei (N.Z.), (£1) •• 3 2 a — Consol. Brick (£1) .. 0 10 9 0 10 11 Dom. Builders' Supplies (10s) G. J. Coles (£1) 0 5 3 12 3 6 3 13 0 Greater Crystal Palace (£1) Hay's, Ltd. (15s pd.) - 0 10 6 0 16 9 Howard Smith (£1) .. •<— 0 18 3 tiume Pipe (Aust.) (cum div., £1) 0 18 0 0 18 3 "Morris Hedstrom (£1) 1 4 6 -~ i<i.Z. Farmers' Co-op. (£2 10s paid) 0 17 0 13 0 N.Z. Farmers' Co-op. (10s paid) 0 1 0 0 2 0 N.Z. Farmers' Co-op. (1st pref., £5) •• 3 18 6 4 4 6 N.Z. Farmers" Co-op. ("B" pref., £4) .. 1 19 0 ~~ N.Z. Farmers' Co-op. (41 p.c. Stock, 1940) (£100) -. 92 0 0 92 5 0 Northern Roller Milling (pref., £1) 1 1 0 14 0 Procera Bread (10s) .. — 18 6 Procera Bread (vender shares, 10s) 0 18 0 19 0 Quill, Morris (in liquidation) (£1) 0 5 6 — United Provis. (£1) .. 0 13 0 0 14 3 Victoria Nyanza (£1) 0 8 6 0 11 6 Week's, Ltd. (£5) .. 8 5 0 8 15 0 Woolworths (N.Z.), (ord., £1) . •• 5 8 6 5 11 6 Woolworths (N.Z.). (pref., £1) ~- 3 18 6 Mining Addison's Flat (Is) .. — 0 2 0 Antonio's Hyd. (9d paid) - •• 0 0 7i 0 0 91 Aotearoa (Is) 0 0 10 — Big River (Is) 0 1 8 —' Brian Boru (Is) 0 0 n 0 0 3 Broken Hill South (cum div., £1) — 5 18 41 Gillespie's Beach (cum div., Is) 0 0 lui 0 10 Golden Dawn (5s) .. 0 2 6 0 3 6 Golden Point (6d) .. — 0 0 2 Goldfields Dredg. (Is) 0 0 4 0 0 41 King Solomon (Is) .. 0 3 3 0 3 4 Lawson's Flat (Is) .. 0 0 31 0 0 41 Maerewhenua (Is) 0 0 U 0 0 21 Mahakipawa (6d) .. 0 0 01 0 0 1 Mahakipawa (1929 pf:, Is) — 0 0 21 Maori Gully (Is) 0 0 11 0 10. Mossy Creek (Is) — 0 15 Moonlight Gold. (Is) 0 0 7 0 0 10 Moonlight Gold, (vendor, Is) 0 0 5 — Mount Morgan (5s) .. 0 15 11 0 16 0 Mt. Morgan (rights). (2s 6d paid) r— 0 5 4 Nevis Diesel Electric (Is) 0 0 02 0 0 1 Nokomai (5s) 0 2 4 0 2 6 Rawang Tin (10s) .. 0 9 0 0 9 3 Upper Watut (5s) 0 7 0 0 7 6 Skippers (Is) 0 0 22 0 0 3 Stafford Sredglng (5s paid) v .. 0 1 0 0 5 0 Stafford Sluic, (Is) .. — 0 0 6 Upper Shotover (Wd paid) —*- 0 0 3 Waihi Invest. (2s) .. — 0 17 0 Waitahu (5s) 0 2 4 — Wotherstone's (5s) — 0 1 3 Worksop Extend. (Is) 0 1 10 0 2 1 UNLISTED STOCKS . All transactions in stocks quoted in this section are subject to a different rate of brokerage from the listed stocks. and are riot quoted on the official list. Buyers. Sellers. £ s. d. £ s: d Anderson's. Ltd. (pf;)' 0 15 0 0 19 9 ArgO Gold Dredging 0 1 21 0 1 31 Assoc Motorists Petrol ; (pref.). ;■ .'■■■;:**'- : 1 * Q 1 7 0

Aust. Invest. Trust .. 0 4 7 0 9 0 Christchurch Press .. 7 10 0 8 IS 0 Dr. McBride;s Manuf. — 0 17 9 Macetown — 0 0 8 National Tobacco 3 8 0 — New River (Is paid) 0 0 6 0 0 9 N.Z. Mining Invest. 0 0 4 0 0 6 N.Z. Perpetual Forests 3 0 0 3 4 0 J. J. Niven (17s pd.) 0 6 0 0 8 6 Smith Wylle 0 9 0 ■ 0 12 9 Scales. Ltd. ("C" pf.) 0 2 0 — Timaru Lime (£1 pd.) — 0 19 0 Woolworth (Sydney), (ord.) 6 8 6 6 9 0 Woolworth (West Australia) 9 1 0 11 0 0 White's Electric 0 0 6 0 0 71

Amal. Brick (Auck.). 1944,71 p.c. 104 0 0 National Bank of N.Z. 3 18 6 Bank of N.S.W. <3J 34 17 « Bank of N.2. 2 7 9 Union Bank 10 0 0 Goldsbrouph, Mort 1 12 10J Auckland Gas 1 9 10 National Timber 0 13 10 British Tobacco ?. 9 « Australian Glass 4 7 8 Broken Hill Pty. 3 0 K Consolidated Brick 0 10 9 G. J. Coles 3 12 9 New Auckland Laundry 110 Wilson's Cement (3) 9. •» •! 2 2 3 Wool worths (N.Z.) .. ,. b l\j o Mount Lyell 1 5 7J Mount Morgan (rights) .. 0 5 0 Unofficial List Woolworths (Sydney) (2) 6 9 0

WELLINGTON d. Sales on 'Change £ s. Ins. Stock, Si p.c, 1939-43 102 IS 0 National Bank of New Zealand (late Thursday) (2) 3 18 3 19 9 0 Bank of New South Wales 34 17 R j3ank of New Zealand Late Thursday 2 7 9 (3) 2 7 6 - 2 7 9 Union Bank (2) 10 0 0 Wellington Trust Loan (2) .5 5 0 Huddart Parker 1 19 6 Kauri Timber (2) 1 4 9 British Tobacco •• 2 2 2 2 6 5 Claude Neon (N.Z.) 2 2 6 Cunlop Perdriau .. 0 14 11 Wilson's Cement 2 3 " 0 Hume Pipe (Aust.) 0 18 31 Unofficial List John Fuller Debentures .. 90 0 0

£ s. d. Sales on 'Change Dunlop Rubber (late Thurs.) 0 15 1 G. J. Coles (2) 3 13 0 N.Z. Breweries 2 12 0

Commonwealth Bonds, 4 p.c, 1944 1M s 0 National Bank (£10 paid) 15 10 0 Australian Gas A 7 17 0 Tooth's Brewery 2 16 0 British Tobacco 2 3 0 Broken Hill Prop. .. 3 1 :< Howard Smith 0 18 3 James Stedman .. O 1'-' 1"H Winchcombe. Carson .. 1 13 0 Afternoon Sales Colonial Sugar .. 43 12 6 Bank of N.S.W. (London delivery) 35 10 0 Com. Bank of Sydney ... 21 6 0 National Bank (£5 .paid) 7 14 0 United Insurance 12 1 0 Associated Newspapers 1 3 0 Associated Newspapers (pf.) .. 1 4 3 Howard Smith • • 0 18 3 Burns, Philp (South Sea) 1 9 0 Australian Gas A 7 18 6 Berlei 1 15 9 British Tobacco (London deliv.) 2 3 0 Tooth's Brewery , ■ • •• 2 16 0 Tooth's Brewery (rights) 1 14 6 Toohey's Brewery 1 14 0 Dunlop-Perdriau .. .. 0 15 4$ Goldsbrough, Mort 1 13 3 Winchcombe. Carson 1 13 0 Wilcox. Mofflin 0 11 9 Morris. Hedstrom 1 6 0 Greater J. D. Williams 0 8 5 Henry Jones 2 1 0 Electrolytic Zinc 2 0 0 Electrolytic Zinc" (pref.) 2 1 3 Farmers , • • 1 9 li General Industries 1 1 3 Mount Morgan ■•'■•• 0 16 0 Mount Morgan (rights) 0 5 4 Broken Hill Prop. 3 1 3 Broken Hill Prop. (1st instalment paid) .. 1 10 n Larut Tin Oil 3 Placer Development ... 5 6 0 James Stedman ... ... 0 17 101 Com; Bank of Australia v 10 3 Com. Bank of Australia (pf;) .. 9 14 0 E, S„ and A. Bank .. 6 6 0 Adelaide Steam .i . *. 1 12 3 Huddart-Parker .. .. 18 6 Mount Lyell .15 6 Emperor Gold .. 0 13 0 Koroere . | .. ft 5 0 Loloma .. ■ ■ ,„._tj iii-j_i. : »» ■ s -•. -•• 11 9

Notes in circulation •>.- 396.900.0P0 Notes in banking department 63.700,000 Other Government securities 249.600,000 Other securities .. ■"..•■ 2,300,000 Silver,coin ... . ■„.'■• 1,100.000 BANKING DEPARTMENT Proprietors" capital .".■■' 14353.000 Rest ; ■•"■ .. ■•- .. ■' ..■''■•'.. ■ 3,700,000 Public deposits ■..•' .. f 11.100.000 Bankers' deposits .. 107,600,000 Other accounts .. .. 36,000,000 Government securities -. 78,700.000 Discounts and advances 11,700,000 Other securities ;. .. 18,100.000 Notes and coin .. .. 64.400,000 Ratio of reserve to liabilities . 41.65 per cent.; Bank of England discount rate unchanged at 2 per cent.

Par. Feb. 19. Feb. 20. Paris, fr. to £1 12421 7447-64 7454-64 New York. dol. to £1 4,866 4.99| 4.98J Montreal, dol. to £1 4.866 4.99 4.931 Brussels, belgas to £1 35 29.30 29271 Geneva. ■' fr. to £1 252215 15.011 15.10 Amsterdam, fl. to £1 12.107 727 7261 Milan, lire to £1 9426 62i 621-16 Berlin, reichmarken to £1 120.43 1228} 12.28 Oslo, kr. to £1 18.159 — — * Stockholm, kr. to £1 18.159 19 9-16 19 9-16 Copenhagen, kr. to £1 18.159 22.391 22.391 Vienna, schgs. to £1 34.585 261 261 Prague, kr. to £1 18425 11913-16 118} I Helsingfors, marks to £1 193.23 227 227 Madrid, pesetas to £1 252215 363-32 36 3-32 Lisbon, escudos to £1 110 110] 110J Athens, drach to £1 875 507 515 Bucharest, lei to £1 818.6 669 668 Belgrade, dinars 252215 21.7 21.7 Rio de Janeiro, pence to milreis 4.899 44 41 Buenos Aires, pence to dpi. 47.59 . _ — Montevideo, pence to dol. 51 39( 39} Bombay, pence to rupee 19 18J 181 Shanghai, pence to dol. • 14 9-16 141 Hong Kong, pence to doL • 153 152 Yokohama. pence to yen • 141-32 14 1-32 Batavia, guilders 12.107 7241 724} Warsaw, par . zlotys to £1 43.38 — 26.15 •Determined by price of silver.

£ N.Z.to£100stg. T.T. 124 124/10 OB. 123/10 124/J/9 Australia — £ A. to £100 N.Z. T.T. 101 100/10 OD. 101 100/10 Fiji— £ F. to £100 NJ5, T.T. fl0/7/6 89 OS3. 90/1/6 89 New York— Dol. to £1 N.Z. T.T. 4.03J 3.99J O.D. 4.05 4.00J Montreal— Dol. to £1 N.Z. T.T. 4.03J 3.992 O.D. 4.042 4.004 Austria— Schgs. to £1 N.Z. T.T. — 20.68 O.D. — 20.70 Belgium— Belgas to £1 N.Z. T.T. — 23.389 O.D. — 23.400 Czechoslovakia— Crowns to £1 N.Z. T.T. — 94.65 OX). — 94.70 Denmark— Kroner to £1 N.Z. T.T. 18.203 17.893 O.D. 18.263 17.903 France— Francs to £1 N.Z. T.T. 60.56 O.D. 61.01 59.73 59.77 Germany— Reichmarks to ; £1 N.Z. T.T. — 9.797 O.D. — 9.802 HollandFlorins to £1 N.Z. T.T. 5.937 5.787 O.D. 5.997 5.791 ItalyLire, to £1 N.Z. T.T. — O.D. — — Java— Florins to £1 N.Z. T.T. 5.913 5.753 O.D. 5.973 5.757 Norway— Kroner to £1 N.Z. T.T. 16.185 15.885 O.D. 16.245 15.905 Sweden— Kronor to £1 N.Z. T.T. 15.785 15.490 O.D. 15X45 15.500 Switzerland— Francs to £1 N.Z. T.T. 12.952 12.682 OH. 13.057 12.687 Noumea— ' Francs to £1 N.Z. T.T. 62.36 58.36 O.D. 62.81 58.42 Papeete— Francs to £1 N.Z. T.T. 62.36 53.51 O.D. 62.81 58.57 Hong Kong— N.Z. pence to dol. T.T. 18 15-16 20 11-16 O.D. 18 27-32 20 21-32 India and Ceylon— N.Z. pence to rup. T.T. 22 9-64 22 57-64 O.D. 22 3-64 22g . Japan— N.Z. pence to yen T.T. — 17 39-64 OD. — 17 19-32 Shanghai— NiZ. pence to dol. T.T. 17 5-16 18 11-16 O.D. 17i 18 43-64 Singapore— N.Z.' pence to dol. T.T. 348 35 7-16 .'■•'»( V. OD. 343-16 35 27-64 T.T. represents Telegraphic Transfer. O.D. represents On Demand.

£ s. d. £ s. d. BritishConsols 85 10 0 85 12 6 Funding Loan, 4 per cent. 118 10 0 118 15 0 War Loan, 4 p.c 106 10 0 107 7 6 Con. Loan, 3} p.c. 103 0 0 108 12 6 Victory Bonds, 4. per cent. , , .. 117 0 0 118 15 0 Commonwealth— 5 p.c., 1945-47 .. 111 2 6 111 10 0 3J p.C, 1936-37 .. 103 2 6 103 0 0 4 p.C, 1943-48 105 2 8 105 5 0 33 p.c, 1948-53 .. 103 15 0 104 3 9 31 p.c, 1936-61 .. 99 17 6 99 17 6 Npw Sfruth Waies— 3$ p.c, 1939-50 .. 101 1 3 101 5 0 4J p.c, 1933-45 .. 101 13 9 101 12 6 5 p.C, 1935-55 .. 103 8 9 102 8 9 Victoria— 3 p.c, 1930-40 .. 98 3 9 99 6 3 4| p.c, 1940-CO .. 105 16 3 106 2 6 4 p.c, 1945-75 .. Queensland— 3 p.c, 1922-47 .. 110 15 0 111 6 3 98 1 3 99 5 0 5 p.c, 1940-60 108 12 6 109 13 9 South Australia— 3 p.c, 1916 or after 89 13 9 89 10 0 5 ■p.c, 1945-75 .. 111 0 0 111 0 0 Western Australia— 4 p.C, 1942-62 102 17 6 103 5 0 Tasmania— 31 p.c, 1920-40 .. 103 1 3 102 17 6 4 p.c, 1940-50 .. 103 0 0 103 7 6 Nov SSealanci4J p.c, 1948-58 .... 108 16 3 109 7 6 3J p.c, 1940 103 2 6 103 7 > 6 3 p.C., 1940 102 6 3 102 5 > 0 6 p.c, 1936-51 .. 102 2 6 102 1 3

'■■'■ . ■":'.;' : .''■-'■•• /'-*/.■ • ' ■ ''«'- *;■,. d. MGuiit Lyell .. .. :i 0 « New Guinea Goldfields .. 0 3 71 Bulolo, Ltd. .. ..8 15 71

Copper— & 8. d. £ s. d. Standard, spot 35 16 3 35 18 M Forward ., 36 3 li 36 4 44 Electrolytic 40 0 0 40 0 0 to 40 10 0 40 10 0 Wire bars # # 40 10 0 40 10 0 LeadSpot # # 16 8 9 16 17 6 Forward .. 16 10 0 16 13 9 Spelter— Spot a . 15 6 3 15 13 9 Forward 15 11 3 16 0 P TinSpot 207 12 6 207 10 0 Forward (S* months) -••. 200 11 3 203 0 0 SilverFine, per oz 201-16d 20d Standard, per oz. ■ .. 21{d 219-16d