FINANCE AND COMMERCE

Press, Volume LXXII, Issue 21715, 24 February 1936, Page 13

FINANCE AND COMMERCE

SMITHFIELD MARKET

lAMB PRICES EASIER MUTTON PRICES ADVANCE

The New Zealand Meat Producers' roard advises that the following are the approximate average price* realised J-i ft* "week, based on actual tfflnaof wholesale quantities of-the descriptions of meat mentioned, and are. ' fm" representative parcels of the goods rffering during the week, being tor ffiess done on the basis of delivered toSithfleld Market and/or ex Lon4°fpSs eS for the two previous weeks * e also shown., Feb . Feb . Feb. 21. 14. 7. Per lb. d. d. d.

Canterbury & North Island selected \ crossbred wethers and maiden ewes: . \ New Season's: 481b and under 51 53 5| 48 to 561b .. 51 54 5| 87 to 641b .. 4| 4| 4J 65 to 721b • • 4f 4f A\ North Island: Now Seasons; 48 to 581b .. 5* 5* 5| 57 to 641b •. 4| 4g 43 65 to 721b -. 4g .4i 4i Ewes— j 481b and„ under 41 44 3| 48 to 641b ..31 3J 3§ 85 to 721b .. 34 34 3 /T.Z. LambsCanterbury— New Seasons: . ■«■ 361b and under 78 71 37 to 421b .. 74 ?! 43 to BMb .. 7 74 Second quality: Average, about _^ North Island DownsNew Seasons: ■ 361b and under 71 K 8 ! 37 to 421b -.74 73 71 « 43 to 501b ..7 74 74 ' Second quality: / Average, about . 301b ... 7| 7| 7| North Island— First Quality; New seasons: 361b and under 74 73 7| .37 to 421b •. 7| 7j 7| Second Quality: Average, about 311b .. 74 . 71 74 Australian LambsVictorian: First quality: \ 381b and under B$ 7.7 37 to 431b .. 64 6f -0| Argentine LambsFirst Quality; 361b and under fig 63 6| 37 to 421b .6 61 6J N.Z. Frozen Beef— Ox hinds 145 to 2101b ..44 4 3| Ox tores. 145 to 21Qlb ~ 2| 2g 2i N.Z. CWled BeefOx hinds. 145 to 2101b ..4 4j 5} Ox fores. 145 to 2101b 24 3 3 Argentine Chilled BeefOx hinds. 145 to 2101b .. 41 58 6 Ox fores. 145 to 2101b ..3 34 31 Uruguayan Chilled Beef—- ■>, Ox hinds. 145 to 2101b '■ ... 4g • H 5i Ox tcven, 1451b to 210]b ..2,3 34. 31 E&zilian Chrled Beef— ' j Ox hinds 145 to jv...;,. >.,.>. ? . 2101b ~ 4 4J 5 : Ox fores. 145 to Vt, 2101b ..24 23 2J Australian Frczen Beef— Ox hinds. 145 to 210"h ~ 44 44 4 Ox crops, weights corresponding 2| 2J 23 Australian Chi'.led Eeef— Ox binds. 145 to 2101b .. - H Ox crops, weights corresponding Southern Rbodesian Chilled Beef- , ; Ox hinds, -145 to ; 2101b •..■ 3| 4g 4i Ox fore's, 145 to 2101b .. 2| 24 2| N.Z. Porker PigsFirst Quality: , 80 to 801b .. 84 6g 6f 81 to 1001b .. 6 64 6j lt „ 101 to 1201b ..5? 5? 5j N.Z. Prime Baconer Pigs—--121 to 1601b .. 5g 5| 5J Lamb Market—Weaker owing to heavier arrivals, but consumption satisfactory for the time of year. ' Mutton Market—Light-weight wethers hive advanced owing to steady demand and continued shrinkage of supplies. Heavy-weights steady and unchanged. Ewes have also advanced owing to shortening stocks. Seef Market—Frozen beef market firm at slightly higher.prices for hindluarters owing to short supplies. flew Zeajand Porker Pige—Market easier owing to heavier supplies landing and in sight, and large supplies of Hojne-kiiiid selling down to W. .New Zealand Baconer Pigs—Mar*et steady and unchanged. BANK OF NEW ZEALAND REPORT Th« Bank of New Zealand has rewived the following advice from its - London office a3 a t the close of business this week:— The demand and prices are steady vethers. Trade in ewes is slow. *h«re is a moderate demand for lambs; the market is weaker for heavyweights, and prices are expected to „, ' • Per lb. Wethers— d. d. Light „ 42 to 53 „ • Heavy '.. 34 to 41 fwes .. 23 to 44 *4mbs—2's .. 74 to 73 ' B's .. 74 to 74 if*' •. 6l to 7 ascends .. 74 to 7g r "?K OF AUSTRALASIA IN STERLING .Ths Inspector of the Bank of AusW in New Zealand advises that ■ f„^ v i<iend at the rate of 8J per cent. ttV n l! Un,; bcin S a distribution of 4s ' ■it^-S 1 ??*' less British income tax ,;*3>Pd In the £, has been declared i tw! c J ourt of diroctors. An interim raft d , 9f 3s 6d » shar «V »*■**, BrHi.£*-'P er cent - P cr annum, left 3P«* income tax at 4s 6d in the £, ' ' ttafal" October 4, 1935. This ' th»SL a attribution for the year, at; 'r ttftft 7 ' P er CCIJ t. ■' ; the Ban '< of Australasia in. • ' «Su? M, s nd &t the current rate of ;' the 3?4 8e f P r s te ht bills on London on ' ' Th?w of S'S^^o""i' «» rihi i w Zealand list of sbarehold(i PumSE on March 2 for the ;V. vufffif « the abovr dividend, which : ,' •SJW* on Ma "" 27. ? »'tollLr lß^lbution f °r the two prevife Sil p ? a P'tal • • • • 4,500,000 te?(S^ e * Und .. '2,475,000 - - 2 >OPQ.9Q° - . * raFwr' "' ' " ' -■ ,•''•WW' o^o Ki;S: >,: £13,475,000

DAIRY PRODUCE

LONDON MARKET

BUTTER QUIET

The New Zealand Dairy Board has received th* following market report from its London office, dated February 21:—

Butter—New Zealand salted, 92s to 83s ilauA week 955. to 965) (equals approximately 1,0.804, f,0.b.); New Zealand, unsalted, 100 a (102s); Australian salted, 91s 6d, 83s (04s 6d, 955); Australian unsalted> 98b aoos). Market quiet. New Zealand retail price unchanged, la, Argentine, unaalted. 88ft (84s, 995); South Africa, 80s, 01b ' (market quiet); Danish, 108s f.0.b., 128s spot (108s and 1265, 128s) (market steady).

Danish retail grice unchanged, Is 3d. Dutch, unsalted, 98s. 117s (975, 113s); Polish, salted, 90s up to 92s (93s up to 965); Polish, unsalted, j9ls, 94s (945, 955). Market quiet. Cheese—New Zealand, white, 51s, 52s (535, 53s* 6d) (equals approx. 5.59 d, f.0.b.); New Zealand, coloured, 55s up to 56s (575, 57s 6d) (equals approx. 6.08 d, f.0.b.). Australian, white, 495, 50s; Australian, coloured, 535, 545; Canadian, white, 60s, 62s (60s, .625); Canadian, coloured, 60s, 64s (625, 645); Canadian, old season's white, 675, 68s (655, 765); South African, white, 50s. Market steadier end of this week. New Zealand retail price unchanged, 7d, Bd. English finest farmers', 955, 103s (965, 106s) (market quiet); English factory, 48s, 56s (48s, 545). The minimum f.o.b. prices for the period February 22 until further notice are unchanged at:—Butter, lid, less 1J per cent, commission (89s Id, c.i.f.e.); cheese, 4Jd, Jess li per cent commission (49s 7d, c.i.f.e.).

A. H. TURNEULL AND CO

; A. H, Turnbull and Company report as follows: ! Butter—Danish 128s, New Zealand finest 935, Kangaroo 925. New Zealand cheese, white 525, coloured 555, Canadian 635. Butter market is quiet and easier in tone, and the cheese market is quiet, but steady. DAIRY ASSOCIATION'S REPORT The South Island Dairy Association, Ltd., has received the following market report from the New Zealand Dairy Produce Association, Ltd., London, dated February 22: Butter—Quiet; 92s to 935; Danish ms to 128 a. . . Cheese— Steady after quiet week. White 51b to 525; coloured 55s to 565. SHIPMENT TO AMERICA RE-EXPORT FROM ENGLAND LONDON, February £l. Three hundred tons of New Zealand butter are Being shipped to. America Irom Englana to-muvow, owing to the New \ovx. price advancing 37 to 39 cents per lb. It is the first shipment for u*w*y a year, , . . [A cebie message in Tuesday's issue stateu that the commercial editor ox the "Daiiy Mail," referring to the riss or American butter prices because of a scarcity causaci by the cold wavo,.laid that a vise of a few cents more would be sufficient to show a fair margin of profit in sending New Zealand butter to America from Britain. If the weather continued cold in America such exports were likely.] MOUNT HUTT DAIRY COMPANY HALE OF PROPERTY An extraordinary general meeting of shareholdeis of tne Mount Hutt Cooperative jjairy Company, Lto„ was neld in the Metnven Town Hail on Jnday evening, There was an attendance of about 80, and Mr Jamesi Carr (cnairman qi directors; presided. The chairman exp*ainc« tnat the meeting was summoned *ur the purpose of considering a proposal to dispose of the assets and manufacturing license of the company, to the Ashburton Co-operative Dairy Company, Ltd. The offer received tor the company s assets and goodwill is as toUowaj--*-pr the goodwill, £1650, and in addition ths buildings and machinery, land,, end manager's residence, at valuation, u no price couid be agreed upon, Mr G, A. Duncan (Hawera) to be called "tKs cfiifmSi'outlined the history of the company from Us formation. Vvhen the company was first mooted, butterfat was worth 2s 6d per ib, but hy tna time manufacturing was commenced the price had fallen considerably, anwith a continued falling marKet many suppliers went out of dairying, witn the result that the output was considerably reduced. The slump in the butter market had resulted in severe losses to the company, and the subsequent failure to pay bonuses to supplies had resulted in further defections of some of the larger suppliers. „*„„♦«, The chairman described the efforts made to sacure a zoning system, so tnat the company could have tne whole supply ot the Mount Hurt district, wn.cn effort* met with no success, 'fne suaeestiPi? to dispose "t the assets of the company had been approved by the guarantors. It was necessary tnat the proposal should be earned by a thiee to one majority. Mr Carr said they all regretted the position that had arisen, and which made the proposal neces--Ba2r J- McAnulty (a director for the last 15 years) said he regretted the position, which had resulted largely from want of loyalty to the company. Mr JR. Daiton asked what would be tne financial position of the company if the. offer was accepted, The Chairman replied that'the £IBSO would liauidate the liabilities of the company and the buildings and plant would be additional. .■ _. ... 0 ..... The chairman moved; "That the directors of this company be authorised to accent and complete the agreement now submitted to members, executed on behalf of the Ashburton Co-opera-tive Dairy Factory, Ltd.. whereby this company agrees to sell and the Ashburton company agrees to buy, on the terms and conditions set out, the whole of the assets of this company, including property, plant, goodwill, and manuiacturing licensc'-This was seconded by Mr J. McAnulty, Mr G, A. Franks, speaking In favour of the resolution, paid a tribute to the Dtaff and directors for their efforts in trying to carry on under difficulty. —The resolution was carried unaniThe chairman then moved; "That the company be wound up voluntarily and that Mr w. S. Mac Gibbon be appointed liquidator''-This was carried as was a vote of tttanks to the staff for their work in the past, Mr J, Davidson moved a vote ofl thanks to the directors for their very good work.for many years. Mr J. w. M. Part seconded this, which was car.ried by acclamation. BRITISH WAR tOAN STOCK

STOCK EXCHANGES

CHEISTCHURCH

SATURDAY'S TRANSACTIONS

There was a moderate turnoyer or* call on Saturday morning, with the bulk bf the dealings in bank. shares and industrials. Transactions, exclusive of vestibule business, were:— LISTED STOCKS Sales on "Change £ s- d. 10 Com, Bank of Sydney 21 0 0 50 National Bank of „ .i A/asia (£5 paid) ... 7U. 0 ! 50 Broken Hill Prop. .. 3 0 7 200 Dominion Fert. (2) 15 0 50 Electro. Zinc, (pref., . cum div-X • • • • <? 1 u ,400 Mount Morgan <3) 016 Q 0 16 1 0 18 0

Sales Reportea 100 Com. Biank of Aust. .. 0 19. 9 50 Union Bank of Aust. 10 0 0 25 Woolworths (N.Z.), ord. 5 11 0 350 Mount Morgan (3) olg 0 0 18 1 200 Mount Lyell 19 1 UNLISTED STOCKS Sales an "Change £ s. d. 200 Wool worths (Sydney), ord. .. (6) 6 9 6 6 10 0

Bank Shares

Commercial Bank of Australia were firm ,witti 'sellers and business at I*>» 9d, buyers at 19s Bd. Commercial Sank cf Sydney advanced to £2l, buyers staying in at that price, sellers at £2l 10s. National Sank of Australasia, £lO paid, wen: firmer on buyers* offers, £ls 6s—the £5 paid were steady at £7 lis, closing quotations fid on either side. Union Bank of Australia were firm, with seller? and business at £lO, buyers at £9 17s fld. Buyers of Dalgety and Company shares raised their bids to £9 10s, sellers at £lO 2s 6d. Carlton Brewery were firmer on buyers' offers, 56d, Broken Hill Proprietary were firmer with buyers and business at 80§ ?d, sellers at 60s Bd. Buyers' offers for, Berlei (N.Z.), British Tobacco, DunJop Rubbers, and G, J. Coles revealed firmer markets, Dominion Fertiliser moved up to 255, and more wer& wanted at 34s lid. sellers at 25s fld. Electrolytic Zinc, preference, cum dividend, advanced to 41s, sellers staying in* at that price, buyers at 408 IQd, Woolworths (N.Z.), ordinary, wer6 firmer, with sellers and business at £8 Us, buyers at £5 9s 3d. Mining Mount Lyells'had business at 25s In, market closing 25s 2£d buyers, 25s 3d sellers. Mount Morgans showed Uttle variation with dealings at 10s and Ifls Id, closing quotations lfla buyers, 16s 2d sellers, Unlisted Stocks Woolw-irths (Sydney), ordinary, were flrmtr with dealings at £6 9s 6d and £8 10s, and further buyers at £6 03 tie. sellers at £6 10s. LATEST QUOTATION? N.Z. Government Pebenturf* Buyers. Sellers. £ s. 4, £ §• d. 3i p.c. Ins., 1038-43 • • 101 0 0 3J p.c. Ins.. 1039-43 ..10 M p.c. Ins.. 1030-52 .. 101 10 0 - JK-Rtsss •■■•*.':§ | Oth*r Debentures Malvorn Rlpotric, 44 . n n p.c, 31/5/53 ■ - 105 10 0 Talcapuna, 41 P-C. , , 0 1/7/49 ~~ * Booth. 61 q q _ "froSt"".? PC V 100 0 0 102 0 0 Bunks Australasia (cum div. „ Qw 0 0 cSim. of Aust. (10s) 019 3 019 9 Comm. of Aust. <pf. giq o gl2 e Co rn. of Sydney (£l2 2 , fl „ 21J0 0 PS and A" (63) .. 6 4 0 6 5 6 NaAA/asia'mW) J» { 0 16 • J Nat. of A/asta (9jp4.) ? " £ 7 u e Nat. of N.Z. (£2 10s) 318 0 3JO 6 N X S °S Wa,eS,CUm 34 15 0 34 17 6 Reserve (£3) t ,_ •• 0 5 IS fig 1 0 Union of Aust. (£5) 9 17 6 10 o o

Insurance National (7s) • • „ New Zealand (£1) •• 3 3 0 Standard (cum div„ £1) 3 * 3 3 8 a

Loan and Agency palgety and Co. <*s) 915 0 10 2 6 Goldsbrough, Mart (*l) I » » » W » N.2 Ouar. Corp. (3s) 1 » } J United Build. Soc. (81) i i 0 * l 9

Shtpping

Huddait-Parker («) - l W 9 p. and Q. def. Stock (£1) • ■ ' • rr ~ ' Union (pref., £1) •• 18 0-

Frozen Mqat

Cantpy. (ord., £7 10s) = Wls 0 wTbISIb iiop pd.) 0 0 6 0 9H ■Si 882' iff p& «• ■• \v\ North Canterbury (£3) 1 W « <* " °

Woollens Oampru (15s) •• 111 n~6 5 Kalapoi (7s paid) .. 0& g uo a Kaiappi (pre*.. 17s), • Q\% 9 ° « 8 Mosglel (£4) • • 10 10 e

Auckland (con £1) ••'-„■ Jl7 0 chrirteburch («) ,\- 'H? 2 017 io Chrlstchurch (10s Pd.) ° " ° \ l l *2 Tlmaru (£D •• . ~ l l "

Breweries

Carlton (£1) - gjjj jj 2 * ■ « Dominion (£1) •• °»» ° ~ - Monteith's (10s) •• ~ , }, « New Zealand (£» •• « ° *g « Staples («? tJ4 •• 11ll l l I _ Timaru (7/6 paid) •• « \ » ~, g Tooths (tt) Ift .. •• \g J Zl l 6 Tooths (rights, 10s) .. 1 U ■*

MisoeDttneou*

Amaig, Wireless I contr,, (£1) .. •• i W 6 1 16 3 AnthQW Hordern (£1) 10 1J J ] J Aust. Glass (£1) ' • • 4 6 6 4 7 0 Aust. Iron and Steel _i 6 0 Beffanrco. (£1) V. 1■ jj - Berlei (N.Z., «> .•• »• gg l l g •* ; 3 ? * Br (fon n J 1 Pr ° P ' HO IHO 9 cSI Sugar (£23) 42 12 6 43 2 6 Consoj. Brick (£1 •• 010 ,0»1I Dom. Build. SUP- doe) 05 0 ~ ■ Domin. Fert. (£1). ■• 1 4 « l 5 ° U S° P (n) rdrlaU 01 5 1 015 2 EJectro. Zinc (ord., cum jjg ; Electro. Zinc (pref. cum div.. £1) •- 2 01" 2 10 O. J. Coles (£1) ■• 313 3 313 8 Gr«ter Crystal Palace qfl fl fl w fl Hay", Ltd. USs paid) - 016 9 Howard Smith■■■(«) •• . 0 » e ° l3 fl Hufltie Pipe (Aust.), 1B „ (cum dtv.. £1) ,-. 0W 1 018 3 Kauri Timber (255) • • 1 \ \ l _f ° Morris, Hedatrom (£1) 14 6 ~ n N.SS, »rug Co, (M) •■ 315 0 4 1 0 N-Z. Farmers' Co-op. nig (10s paid) .. Q 1 0 0 1 9 N.Z. Farmer*' Co-op. n (Ist pre*., m „ ... ■ 3» .0 .-, N.Z. Farmers' ...Co-0p... „ n ("A" pref,, £4) .*, 210 0 Jo p N,3. Farmera' Co-op. ("B" pref., £4) .. 117 0 —. N-Z, Farmers' Co»op. BtOOk. IB40 ; _ e215 Q N («i) F * rra * rs ' - iio N.Z. Newspapers («j' ■»« • \ J jj Procera Bread (10s) ~ *. « » Procera, Bread (van- „ ft . 40r, 108) •' 0 » P * ■ ' Qu«l, Morris (in liqui* datlon, £1) '22? nTT hj Victoria Nyanza (£1) 0 7 6 011 J Weeks. Ltd. (£5) •• 85 0 815 0 Wilson's Cement (10s) 22 0 i b » Whltcombe and Tomba ({a io«) .. a is o Woolwprths(N.Z,)(ord, g f fiJ

Buyer*, SallenK Wooiworths (N.Z.),. . „ . , „ « (pwf., «) .. no < J« « Wooiworths (Viet.), . , „ n

-Mining Addison's Flat (Is) "....• I 0 »,J Ul Alexander («» pd,) ,- -* „g»2 f Antonio's HydravOJo (I?) 0 0 71 0 0 XH Brian Boru (Is) ~ o © * 0 03 Peep Le«d (Jo) .. Gillespie's Peach (eum Golden Dawn <ss) •• o' f Golden Point (is) .. - o o 2 Goldfleld Predg, Us) 00410 0«1 Lawson's Plat lis) .. o o si o MS Maerewhenua <is) .. o oil o 0 « Mahakipawa (3d) •• o, o oj Q Q J Mahakipawa (1989 pi., -„,,«-. Is) , ~ .. 0 0 J 0 0 2|

Mahakipawa (1930 pf-. _ . „. -Is) •• •• D 0 ZJ Maori Gully (Is) .. 0 011 0 l pi Mount Lyell (£1) ... 1 SJi 1 6 3 Mount Morgan (2s «d) 016 Q 2*S 2 Ml, Morgan (rights) 0 3 3 Q 8 3 Nevis Diesel Electric (is) ■:...■■ .. 0 0 OJ 0 0 1 Okarito (ss) ... ,0 4 0 0 3 0 Rawang Tin'(los) .. 0 9 3 Upper Watut (10s) ~ o ' o -- Skippers (Is)- .. H J} 0 0 3 Stafford Predg.(Gspd.) o l 6 Stafford Slutc, (Is) .. 0 0 8 Waihi Grand Jime. (3s) 0 4 0 Waitahu (3s) 0 2 4 Worksop Extended (Is) 0 1 9 *~

UNLISTED STOCKS

AW transactions in stoeks quoted in this section are subject to a different rate ot brokerage from the, listed stocks, «nd « e not quoted on the official list. Buyers. Sellers, £ s. d. * s. d, Andersons, Ltd. (pre*) 013 7 019 8 Argo Gold Predging 0 1 2) 0 1 S| Assoc. Motorists Petrol (pre*,) .. Christehurch Press ~ 710 0 810 0 Emperor Fiji (10s pd,) 010 0 Macetown . 0 ob National Tobacco .. 3 8 0 3 10* 0 Smith, Wylie ~ 0 12 9 Scales, Ltd. ("C" pf.) 0 2 0

Were's Invest, Trust o 5 l Wool worths (Sydney) (ord.) .. 6 9 9 610 0 Wooiworths (W- Aust.) 9 5 0 White's Electric .. 0 0 8

AUCKLAND Sales on 'Change £ s. d. N.2. Insurance .. ~.333 South British Insurance .. 418 6 Goldsbrough, Mort > .. ~ 1 18 10 Renown Coal .. .. 0 9 9 Auckland Gas .. .. 1 510

Broken Hill .. .. 3 0 8 Claude Neon (N.Z.) .. 22 6 Consolidated Brick .. 0 10 8 New Auckland Laundry .. 110 Northern Roller Mills .. 16 0 Wilson's Cement .. 22 0 22 9 Mount Lyell '.. .. 18 2 Mount Morgan (righti) .. 0 6 8 WELLINGTON Bales on 'Change £ s. d. Unl6n Bank .. (2) 10 0 0 N,Z, erewories (late Friday) (2) 212 0 Cons, Brick (late Friday) (2) 010 10 Unofficial List Wool worths (Sydney) •• « 9 9 ° John Fuller debentures (2) 50 0 0 DUNEDIN Sates on 'Change £ s. d. Union Bank .. . • *o o o Broken Hill Prop 3 o 8 N.Z. Breweries •• 212 0 SYDNEY Sales on the Stock Exchange on Saturday morning were:— Commonwealth Bonds—--3 per cent, IMB S ,2 8 ag per cent., 1949 .. •. 98 « Q 3? per cent., 1942 .. .. 100 17 6 4 per cent,. 1938 .. •• 10] 15 0 4 per cent., 1844 .. .. 104 0 0 4 per cent., 1030 .. .. 103 6 0 4 per cent.. 1A53 .. .. JO3 8 fl 4 per cent.. 19S8 . • •. 103 U « 4 per cent., 1959 .. .. 104 5 0 4 per cent. 1691 .. .. 105 0 0 Commercial Bank of Sydney .. 81 7 0 Commercial Bank of Australia 10 3 National, Bank <£fi paid) 7 14 0 Tooths .. < ■ „ v • • ?*S -2 Associated Newspapers ipf.) .. 1 * J British Tobacco .. 2 3 0 Broken Hill Propty. (first in- ■ ■■ stalmwt paid) •• \}»' l\ Dur*lops 2i? Henry' 'Jones 2 1 3 Howard Smith .. • • 018 6 Lustre (pref.) ~ ■• 1 8 0 Morris, Hedstrom .. .. 10 6 INVESTMENT AND LOAN ASSOCIATION DOiMINION'S MONETARY POUCY The sixty-fifth annual general meeting of -shareholders and members of the Permanent Investment and Loan Association of Canterbury was held at the association's offices on Friday, the chairman (Mr H. D. Andrews) presiding. In moving the adoption of the report and balance-sheet, already published, the chairman recalled his remarks made 12 months ago on the manner In which the business of the association was being hampered by the mortgagors' relief legislation, and the anxiety which the directors had as to the «f------feet any new legislation might have, and said that lending institutions were i all waiting for the time when things would settle down and the old relations between mortgagor and mortgagee might be resumed with more fairness to the mortgagee than wajrmauvj tained at the present time. He re-j ferred to the present unsettled posH tion of the country generally, and more | especially that of the institutions and persons holding mortgages and other investments whilst awaiting the disclosure of the details of any change in monetary policy. While there was no doubt that the country at the last election gave an unmistakable mandate for some sort of change and put the present Government in power to give effect to such mandate (continued the chairman), there existed, and must exist, amongst all business circles a certain amount of anxiety until the details of any proposed changes became known. The Government was faced with a position of great difficulty in m&hv directions, and it was therefore entitled to have all the time required for working, out its financial and other policy. It must be given full credit for the evidence that it had already afforded of its desire to consider and weigh every step in the details of its pgligy. When the directors next met the shareholder* they would be in a position to know and to tell the latter what effect, if any, the new policy had had on the business of the association. At present they could only wait until the details of the new policy became known, but they could not look forward to the new year without some anxiety, which they hoped might prove to be unwarranted, The retiring directors—Messrs A. H. Glasgow and L. X), again elected, and Messrs S. W. Jameson and J. B. Beckett were appointed auditors for the ensuing year,A hearty vote of thank* to the directors and staff for their services during the last year was carried unanimously, HUDDART, PARKER COMPANY (PRUSJ ASaOCUTIOK TBUPOJWM.) WELLINGTON, February 23. Huddart. Parker, Limited, fcas advised the Stock Exchange Association that, subject to' audit, a dividend will be paid on preference shares of 3 per cent,, and oh ordinary shares, 3$ per cent, on March 21. m • The registers will close from March 12 to 21 inclusive, TREASURY BILL ISSUE BUGBY, February 21, The total amount applied for in tenders for £34.000.000''i& thw* month Treasury bills was £70,740,000, The maximum amount war wlottea at an average rate of 10s *4M per cent-

MINING MOSSY CREEK RETURN inpicui, to ras run,) GREYMOUTH, February 23. The Mossy Creek dredge return las* week ww 50oz 18dwts from 9884 cubic yards in 120 hours. MAORI GULLY lI>RXSt ASSOCIATION TKLEOHAU.) GREJYMQVTH, February 22. The Maori Gully return was 490z pdwt for 123 hoyrg, GILLESPIE'S BEACH DUNBPIN, February 22. The Gillespie's Peach return was 48ox 14dwt for 135 hours. HOLDEN SANDS GREYMOUTH, February 22. The Golden Sands return, is 20oz JSdwt (or 264 hours, ADDISON'S PLAT WESTPORT, February 22. The Addison'a Flat return lor the fortnight ended February 15 was 2Qo? 6dwt for 20 shjjcte. TALISMAN DUBBO Talisman Dubbo report by telegram that 61 tons were treated at the* Golden Dawn battery for en approximate reaU* sation of £571. BIG RIVER REPORT The report for the .week ending Feb'' ruary 20, states: Shaft repairs have continued satisfactorily, There still remains 30 feet of shaft below No. 4 level, to be straightened, No further movement in No, * chamber has taken place. Some repairs to No. 3 and* No, 4 levels have been carried out. THE METALS MARKET (UNITS!) pases association— coprjuasT,} LONDON, February 22. Feb, 20. Feb, 31. Copper"- • £s. d. £s. d. Standard, spot 35 18 4* 35 18 10* Forward .. 36 444 36 1 10J Electrolytic .. 40 0 0 40 0 Q to .. 40 10 0 40 10 0 Wire bars ../ 40 10 0 40 1Q 0 L fpoT .. 16 17 G 16 10 .0 Forward .. 16 13 9 16 12 6 Spelter— TSppt .. 15 13 0 15 15 0 Forward '.. 16 0 0 16 I 3 Tin-*-Spot .. 207 10 0 207 13 0 Forward (3 months) ..'203 0 0 201 15 0 Silver— " ' Fine, per oz. 20d- 193 d Standard, per oz . 21H6d 217-164 Feb. 14. Feb-21, Fig Iron— £ s, a, £ 8, d< British .. 310 0 310 0 Expert. .. 310 0. 310 0 Antimony— British ~ 72 10 0> 72 10 0 Foreign .. 50 10 0 40 10 0 A unit Molybdenite .. 114 6 114 6 Wolfram ~ 1 15 0 115 0 DOLLAR MARKET RATES ■■ - : ■«► ■, The Associated ©ante (other than the flank of New (South Wales) quoted the following dollar rates on Saturday on a New Zaaiand currency basts, They are subject to alteration without notice, U.S.A. Canada, doi. doi. ;.-*s*» «IN.Z.) Sellw*~ f.T; ... ...'- >•„ 3.89J 3,881 OJ&. •• «. 4-OOi 4.00 SUy aST ~ ~ 4.941 4.04|

FOREIGN EXCHANGES | (BRITISH OFVICUL WUUSUiBS.) RUGBY. February 31. Par. i Feb. 20, Feb.ai. Paris, tv. to £1 124,2.1 7454-64 9447.64 New York. dol, to £1 4.896 4,08? 4.99 Montreal, dpi. to £1 4.866 498? 4.984 beigastosi 35 88.a7i89.80J Geneva. . ' fr, tp £\ 35.2215 15,10 i; IS.WJ Amsterdam. fl. to £1 U. 107 7.26J 7.?7 Milan, lire _ to *l 84.28 831*16 624 Berlin rcichn marken to £1 120.43 12.28 12.28J Oalq, kr. to £1 18.159, Stockholm. kr. to £1 18.159 19 9-16 199-16 Copenhagen. ;• *kr to £1 W. 159 83.391 28.894 Vienna, 6chgs. to £1 34.585 364 264 Prague, kr. to *l .164,25 ÜBS HO, Heisingfors, .-•■■■ marks to £1 193.23 227 227 Madrid, pesetas to £1 25.2215 36 3-32 36 5-64 Lisbon, escuT dos to £1 110 1101 1103 Athens, drach , ■ to £1 875 515 515 Bucharest, lei to £1 818.6 668 668 Belgrade, i dinars 25,2215 31,7 31.7 Rio de Janeiro, penoe to milreis .. 4,889 41 4t Buenps Aires, pence to doi. 47.59 —■: ■.' «■ Montevideo, pence to dol, 51 30$ 392 Bombay, penee pence tP rupee 19 184 JB4 Shanghai, penee to dol. • 144 144 Rong Kong. pence to dol. * 15? 152 Yokohama, pence to yen • Ml-33 141*33 fjatavia, guilders J2.107 7JJ44 7J4J Warsaw, par tfotys to £1 43,38 26.15 26.15 •determined by price of silver. FOREIGN EXCHANGE BATO The Banfe Of New South Wales, Chris> church, quoted the following rates U ruling on Saturday fpr its sales and pur« chases of foreign exchange- The are subject to alteration without notice:*™ 3uying. senmg. London— .„. „i £ N.Z. to £IOO stg, T.T. m W4/W O.Q/123/10 124/8/9 A £ t A! 1 t a o~£loo N.Z. T.T. 401 100/lf ' 0.D.101 IOQ/10 n £Tr. to £IOO N.Z. T.T. 30/1/6 89 O.D. 80/7/6 89 YQ to"~£1 N.Z. T.T. 4.031 3.991 OX). 4.04g 4.00g Montreal — '•-«,' Dolt to £1 N.Z. T.T. 4.03 3.994 O.D. 4,044 4.00 Austria— M „ Schgs. to £1 N.Z. T.T. - 20.73 Q.D. - 30.75 Belgium-^-Belgas to £1 N.Z. T.T. - 33.397 * 0.8. - 33,408 Crowns to £1 N.Z. T,T, O.P. r* . 94,62 CfGinnflrk*— ~ * ■ i' Kroner to £1 N.Z. T.T. 18.203 17.893 . o,p- m<® wm

France:— ■_„ Francs to £1 N.Z. T.T. 60,59 59,76 O.D. 61,04 59,80

Germany^ Reictunarks to „ £1 N-Z, T.T. —. 9801 O.D.

HollandsFlorins to £1 N.Z. T,T, 6.941 5.781 O.D. 6.001 5.795 It ßr7 to £1 N.Z. T.T. O.D.

Java — Florins to U N.Z. T.T. 5.913 3.753 O.D. 5.973 9,757

Norway— Kroner to if J N.Z. T.T. 16.185 15.895 O.D. 16.24S 15.905 Sweden — Kronor to £1 N.Z. T.T. 15.785 15.490 O.D. 13.945 15,500 Switzerland — « Francs to £1 N,Z. T.T. 12.309 WW O.D. 12,414 12A44 Noumea-^-Frapoa to £1 N.Z. T.T. 62,39 ~ 58.38 O.D. 62.84 58,45 . Papeete*Francs to £1 N.Z- T,T. 82.39 JB.M O.D. 62.84 58.60 Hong Kong— N.Z. pence to dol. T.T, WJIB-sa 2911.33 O.D. m 2Q5-18 India and C«yion— N.Z. Panoe to rup, T.T. 22 9-64 2257*64 O.D. 2J3-64 2?J Japan--N.Z. pence to yen T.T. o.d. rUJWfI

SlnKaDore— N£. pence to doL t.t. m| 33 mb * 0.D.348.W 858T-64 T,T- represents Telegraphie TrensfeF- , OX), represents On Depiand. MARKETING OF LOCAt HONEY SYSTEM OF PRICE CbtfTRQL ♦,—»«- ! ' • Plans for. a system of branding and price-control over honey sow • wHmn the Dominion were considered at a conference held in Auckland lasv week between the Executive Commit sion of Agriculture ana reproaatß« tives of organisation* in the industry. While honey for export is strictly graded and branded, there is fto surala.- control over that sola on the local market end brands Md'descriptions have no official authority behind them, The secretary of the Dominion Beekeepers' Association <Miss M. A. Shepherd, of Rangiora) has been advised that the conference, which was held in camera, mede.good progress, but before a final decision was made the commission would meet a group of» South Jsiand producers in Chrwt« church, It » scheme of control is agreed upon, legislation will be required to make it operative. HIDES AND SKINS WELLINGTON PRICES The usual sale of sheepskins, hides, tallow, and sundries was held by. the Wellington woolbrokers on Friday be* fore a representative attendance of buyers. There was an exceptionally keen demand for all grades and descriptions of sheepskins, exporters taking the bulk of the catalogues offered. As compered with late" rates prices were fully id to Jd dearer, and in some capes fd. For an extra special lot of lialfbreds and fine crosspreds 12£ d and l2Jd was paid respectively, Salted skins were enquired for, values showing a corresponding rise, There was excellent competition for all weights of hides, prices advancing on previous auotations, Ox heavies sold at id to id dearer, mediums id, while lightweights were fully firm. Cow, all weights, were about id tlearer, while kip and yearling tuled' firm at last sale's valuej, Cajjf soldi well at prices Jd better,' Weights of. 6/Bib sold up to t3*d and l/slb 138 d,! Prices, for tallow were slightly \ easier—good mined selling -to 27s per cwt. i Quotations—Hides: Ox, 331b to 44ib, i 5f d to fijd per lb; 451b to 521b, 6d to 7idj! f.3lb to 591b, 6fd to 8d; 601b to 691b. I 6§d to Bid; 701b and over, 7Jd to B|d.l Cow, 3Slb to: 301b, s|d to 6|d; 401b to! 481b, Ahd to 6|d; 401b and over, SH to eld, Kip, 2filb to 321b, 3fd to Sid; 171b to 241b, s|d to Bd, Yearling, lllb to 161b, 7Jd to Od. Calf, 91b to 101b, (id to 9§d; 61b to 81b, lid to 13|d; lib to 51b, B|d to 13Jd.. Sheepskins: Halfbred, 7d .to 12Jd;| fine crossbred, I2id; medium, Bfd to j ]od; coarse, 9d; hall wools, 6|d to B|dj quarter wools, 64d to 9Jd; pelts 5d to i 7id. Peita, as to Ss 64 each. Quarter, wools, 4s 9d; half wools, 4s,' lambs,: 3» 7d. I Tallow; In casks, etc, 91s 6d to 27s per-Qwt; in tins 18s 6d to 19s. Cowtails, 12d per, lb; horse hair, 18Jd. TESTING OF WHEAT DEMANDS ON RESEARCH INSTITUTE ! The rain during the harvest has very much increased the normal work asked for from the Wheat Research Institute, and it is to be expected that the more recent rains wIU considerably increase this demand, Up to the week-end 267 samples of wheats have been received for milling end baking, and more than 300 sample* lor the, testing of moisture. Even before the Hurt rein* the moisture iwmjtf w Jin lor testing wtire aJwst M ss& m