FINANCE AND COMMERCE

Press, Volume LXXII, Issue 21728, 10 March 1936, Page 11

FINANCE AND COMMERCE

I&ilf. OF. TO-DAY OF WOOL I MARKET

SALES IN NEW ZEALAND

(1T 0118 COMMERCIAL BDITOR.)

feeenness of the world's consum„,,ntries to obtain wool is clearly fcg countries gQf in New compiled by Dalgety and 26 nv Ltd for this season. Sales COffl Ceight months ended. February period last year ** Significant than these figures are Mor sSr3T showing the amounts ofthe amounts sold in the # red JSnris Last year, 88 per cent. %f Si offered was sold, but this d whe total has risen to 96 per cent., y ea / 9 s the season has progressed there 3,1(5 !« to have been in every centre »P pe ?i«icv among growers to meet the 8 fkefevermore fe readily than they ffZt the beginning of the selling did at w» market has actually sea i remarkably steady in New ZeaK For thethree seasons before I?Present one there has been a slack*ft?Bvalues after the February eI VT h»t this year there has been a ««nS of the market, and reoverseas, and the trend of P ?M Australia do not indicate that Pu"« vrfll be any departure from the SS tone that has ruled throughout, iff Sydney sales, have shown a proJessive rise in prices, andas the Ausffii»n selling season will be considerwiv shorter than usual, there is every "ulUe of merinos increasing further f ha * c fce The close of the Sydney «les on March 12 may throw a greater St of buying into the New Zea--3 market. The whole tone of the X throughout the world has this Sn been very healthy. ManufacfMrers have refused to pay unduly high Irices and in most countries have Cn content to carry on with very much smaller stocks than usual. Sough there has been no disposition to build up stocks, wool has gone rapTdW and steadily into consumption, and prices have been well maintained.

LONDON WOOL SALES

RISE IN PRICES EXPECTED BRADFORD STOCKS LOW bKITSD PRESS ASSOCIATION—COPYRIGHT.) LONDON, March 8. There is no doubt that there will be !he keenest demand for merinos at the London wool sales. Bradford stocks are *|ow and it is generally expected that fvalues will show a 5 per cent, advance on the January series. Part of such j advance is already made in Bradford, where consumption continues good, tending to stimulate keenness in London. Supplies of crossbreds are regarded as small for the time of the year, and importers consider it unlikely that they will be able to buy New Zealand wools any cheaper than present prices. On the contrary, an advance of 5 per cent, is forecast for fine crossbred types. Medium and low crossbreds will probably advance from 5 to 7J per cent. ~ ~ , ~.,, A substantial demand for slipes is expected, as stocks are low in Yorkfhire. Fair quantities have been bought in London since the January rales. The disposal of the New Zealand clip is obviously proceeding at a faster rate than last year. SYDNEY SALES

COMPETITION GENERAL VALUES REMAIN FIRM

SYDNEY. March 9. At the wool sales, 13,994 bales were offered. 11,740 were sold at auction, and 1799 privately. There was good general competition for all descriptions, with values firm it the closing rates of last week. Greasy merino made to 22] d. The average price a bale last week *as £lB 12s Id, and 15.9 d per lb.

' AUSTRALIAN WOOL SEASON

SALES TO CLOSE EARLY RAPID ABSORPTION OF SUPPLIES (MOM OVR OWN COanESPONDENT.) SYDNEY, February 21. The results achieved during the curfent wool-selling season have been so that the sales in Sydney, Wing to lack of supplies, will close «n March 12, instead of April 2, as figjnally planned and more than six weeks earlier than the normal finish, bales to the end of January in Sydney Runted to 886,345 bales, an increase « 119,988 bales compared with the period of last year. The ;. ve rage price of wool has steadily pen from about Is per lb at the openM of the season to Is 4d per lb. Simi«r clearances and prices have been ««ueyed in all the other Australian i **Mttllin* centres. en *uf rts here ' Dasm S their judgment "" this season's experiences, and the J«ent to which manufactures have ■?hs *l° ld in most countries, believe ■ .'VJi the depression "complex" which if so long afflicted the trade, has *» overcome. The halt in sales of {""products has not occurred, which '-sujted in the fall of values from ftary. 1934. to March, 1935. Rarely, staM' have five months provided such »«•!« SB , llin S conditions as those exVs,f"i :ed f rom September to January. £„„ ! B°ns of prices have been conWtou n vel 'y n a ™ow limits - The y cc»!. tl ! lat low wool prices have be* Past history. If world wool profit u Was lar B er . they say, values BrcvL somewhat lower, unless imin hj«, conditions in Europe resulted but 4 er cons "mptlon in that quarter, of d '.f r ' which was largely the cause %iDDe Sed n)nrkets - seems to have p i. Heavy Purchases mitt P rfi,, a ¥ s so far thi s season have adjoin* L en heav y- but the WOQI is this d^;^ C( ? nsum P tion rapidly and TheS and 1S n °t likely to slacken, a vert ? ese - action, which has played tions ß S 0 ., rtant ? art in bu y Jn « °P er 2." Vorbhi™ no Sl^n of slackening off,- *» Su , and Continental competition fitate u e] l the United W f«* as bought free] y f° r the first ttin nSn, many y ears - and Australia^ "Wan t\ are ,S ivin g ver y helpful wS 4 La , tel y there has been an in> fk especially for lines "* & «Sr e avera £e quality. The end ' !»•* h ß vl m ?u scawn in si ght, : Sff' son the Prospect of a longer - *hin« u2?°\ than usual - with some- ; ~'thfti * Kln . to a wodf* famine before iC- ■ "" w C »P comes oti'td-the market.

MINING TALISMAN DUBBO

Talisman Dubbo Gold Mines, Ltd., i-eport on March 6 that 61i tons were treated at the Qolden Dawn battery for an approximate realisation of £SBO. * GOLDEN SANDS The approximate value of the gold produced, after deducting export duty and realisation costs, of the Golden Sands Company, in the last two returns,' is as follows: To February 22, 29oz.l8dwt at £7 an ounce, £209 6s; approximate mine expenditure, £9B. To March 7, 50oz 2dwt, £350 14s, approximate mine expenditure, £94 ss. OKARITO RETURN (PRESS AB3OCUTIOK TBLBORAM.) DUNEDIN. March 9. The Okarito return for the last week was 13pz 4dwt for 105 hours' dredging. MATAKI RETURN (PBE3S ASBOCIITIOH TELXORAU.) AUCKLAND, March 9. ' Mataki return for the week ending March 8 was 340z for 135 hours' work. PRICE OF SILVER " ' LONDON. March 8. Silver, fine, is quoted at:—Spot, 19 5-16 d; forward 19|dan ounce. PRICE OF GOLD LONDON, March 8. Gold is quoted at £7 Is OJd a fine ounce.

BUTTER MARKET LOWER

DEMAND FOR UNDERGRADE MEAT PRICES LIKELY TO RECEDE (T7WITIP HtISS AMOCUTJOW—COPYWOHT.) LONDON, March 8. The general tendency in the butter market is for lower levels, a feature of the week being the activity in undergrade butter, which is selling freely within 2s to 3s of top qualities. Danish also is lower. The aftermath of the Smithfield strike is still affecting meat. Heavy accumulated supplies of home-killed are still being cleared at lower prices, and the market is likely to recede further, as more than 1,000,000 New Zealand and Australian carcases are afloat.

EXPORTS OF TALLOW Figures compiled by Dalgety and Company, Ltd., show that in February, v 'ls3B, 1919 tons of tallow were exported from New Zealand. For the eight moi:ths ended February, 1936, total exports were 12,287J tons, against 10,508£ tons for the corresponding period last year. ■

Prospects generally for the balance of the current clip are regarded as excellent, and the trend of values is Ukely to be in growers' favour. Further, the world-wide improved consumption of the staple and the strictly limited supplies augurs well for next season's clip. From July 1 to December 31, shipments of wool from Australia totalled 1,459,053 bales, an increase of 241,591 bales, compared with the corresponding six months of 1934. Shipments to Japan showed the most remarkable increase, being 131,109 bales greater than the year before. Increases were also shown by the United States. 20,830 bales, France 32,422 bales, Belgium 18,733 bales. Netherlands 9483 bales. United Kingdom 12,491 bales, Germany 7497 bales, Czechoslovakia 14,161 bales. Italy was the only country to show an appreciable decrease. Shipments to that country showed a decrease of 23,424 bales, compared with last year, and of 120,085 bales, compared With 1933. United States Buying

GOOD SALE EXPECTED AT DUNEDIN

MUCH CROSSBRED COMES FORWARD £THE PRESS Special Service.J DUNEDIN, Mafch 9. It is felt that the wool growers of Otago have good reason to approach the third auction of the 1935-36 season in Dunedin with confidence. Indications point to good selling conditions, and close observers of the expect that the sale on Wednesday will be the best of the season. A total of 28,317 bales will be offered, and arrivals of buyers to date suggest that a full bench will bid. One of the most pleasing features of the market at present is the firmer demand for crossbreds, in respect of which buyers are operating on more elastic limits. Fine wools are still in lively demand, and rates remain encouragingly fi rm -. , . . It is possible that the net returns from this auction will be considerably lower "than those of the two preceding sales, but that will in no way alter the fact that the third Dunedin sale will be the best of the season. ..... The offering comprises a much higher proportion of crossbred wool than was the case in February and December. This will tend to bring down the average price, but the returns secured by growers of these descriptions of wool will be materially increased _ The wool displayed for this sale is generally not in as good order as pre■sf£w offerings. A great deal of it as vSv heavy in condition, as it ft/largely from later-shorn country clips. _

TEKAPO SHEEP FAIE

A KEEN SALE TWO TOOTHS TO 41/6 I The annual Tekapo sheep fair was held |on Saturday in beautiful weather, there being a large attendance of farmers from tnany parts of Canterbury and Otago. Slightly more than 28,000 head were offered, and practically all were sold at auction. Mid-Canterbury i buyers secured a heavy proportion of the cast ewes • The fair is the most important in the province for the offering of merino wethers, and these also sold well. Top price for two-tooth halfbred ewes was 41s 6d. and for ewe lambs 26s 9d. The top two-tooth price was obtained for a pen of 70 sold by Mount Hay Station. The prices were in all respects equal to those at the North Canterbury fairs. The range of prices was:— Extra good halfbred two-tooth ewes 38s 3d to 41s 6d, good 35s to 37s 6d, medium 27s 6d to 335; good four and six-tooth halfbred ewes 26s to 31s 2d, six and eight-tooth halfbred ewes to 24s Id. f. and f. mouth halfbred ewes 8s lOd to 20s according to age and quality; cast merino ewes, best 17s to 23s 6d, medium 10s to 19s 6d, aged 3s to 7s 6d. ha i fb red Small merino ewe lambs 13s 7d, haitprea ewe lambs, good 23s to 26s 9d. medium 17 k 8 t d ind 20 f'orward four to eight-tooth wethers 17s 7d to 21s: halfbred two-tooth wethers to 17s 3d;, halfbred sm. wethers lis 4d to 14s 6d; merino two-tooth wethers 14s 4d to 15s 9d: s.m. merino wethers lis to 14s: f. and f. merino wethers 3s 9d to 9s 3d; halfbred wether lambs, good lis ! to 14s, small 6s to 8s 6d; merino wether lambs, good 9s to lis Id, medium 6s 6d to 7s lOd. Representative sales were:— Glenmore Station: 193 two and threeshear wethers at 18s. 390 two-tooth wethers at 17s 3d, 523 halfbred wether lambs at 12s Id, 109 four-shear ewes at 18s, 134 four and •five-shear ewes at 18s lOd, 118 two-tooth halfbred ewes at 38s 3d,' 362 three and four-shear halfbred ewes at 26s 6d, -IJB two-tooth halfbred ewes at 33s 6d. . Birchwood Station: 156 merino ewes at 10s, 400 s.m. halfbred wethers at 14s Id and 14s 6d, 100 s.m. halfbred wethers at 7s Braemar Station: 183 two-tooth halfbred wethers at 16s 6d and 17s. 30 two-tooth halfbred ewes at 26s 6d, 340 f.m. merino wethers at 3s 9d, 175 merino ewesi at 5s lOd, 26 aged halfbred ewes at 4s 6d, 169 f.m. halfbred ewes at 16s Id, 301 f.m. merino ewes at 10s Bd. Simon's Pass Station: 450 two and fourtooth merino wethers at 15s 9d, 243 fiveyear ewes at 10s 3d. Godley Peaks Station: 100 Romney cross two-tooth ewes at 37s 6d. 750 merino wether lambs at lis 2d, 111 three-quar-terbred two-tooth ewes at 335, 207 f.m. ewes at 6s 9d. Sawdon Station: 300 f. and f. merino ewes at 14s, 500 s.m. merino ewes at 21s 3d. Richmond Station: 404 s.m. merino wethers at lis 10d, 302 four-tooth wethers at 12s 6d. 300 two-tooth merino wethers at 14s 4d. 500 merino wether lambs at 8s 6d, 250 halfbred wether lambs at 13s lid, 299 aged merino ewes at 3s. Streamlands Station: 297 two-tooth merino wethers at 15s lOd, 302 four, six, and eight-tooth wethers at lis 4d, fiveyear halfbred ewes at lis. , Lilybank Station: 216 five-year ewes at 13s, 212 merino wethers at 9s 3d. ■Tekapo Station: 270 f.m. merino ewes at 12s 6d, 50 two and four-tooth merino ewes at 20s 3d, 500 merino wether lambs at lis 'ld. Simon's Hill Station: 540 halfbred wether lambs at 12s 3d, 437 five-year halfbred ewes at 14s 3d, 234 five-year halfbred ewes at 16s 6d, 95 two-tooth halfbred ewes at 27s 6d. Balmoral Station: 350 five-year ewes at 8s lOd, 65 four and six-tooth halfbred ewes at 31s 2d, 128 two-tooth ewes at 33s 3d, 55 four, six, and eight-tooth halfbred wethers at 17s 7d, 33 s.m. halfbred ewes at 17s, four and six-tooth halfbred ewes at 27s 6d, 335 f.m. wethers at 8s 6d, SCO aged merino • ewes at 3s sd, 118 two-tooth halfbred wethers at 17s. Mount John Station: 712 halfbred wether lambs at 14s, 117 halfbred ewe lambs at 17s Bd, 366 five-year ewes at 10s, 138 halfbred wether lambs at 7s 2d, 153 four, six, and eight-tooth halfbred ewes at 24s Id, 185 two-tooth halfbred ewes at 27s 9d. Irishman' Greek Station: 95 halfbred ewes at 0s 6d, 588 halfbred ewes at 14s Id, 91 merino ewe lambs at 13s 7d, 114 halfbred ewe lambs at 20s lid. 214 merino wether lambs at 7s 4d. 1000 merino wether lambs at 9s 8d and 8s 7d. Glentanner Station: 624 s.m. merino ewes at 17s 7d, 000 s.m. wethers at 8s 2d and 8s 9d. Glenrock Station: 250 two-tooth halfbred ewes at 26s 3d, 35 two-tooth halfbred ewes at 18s, 429 halfbred wether lambs at 12s lOd, 288 five-year halfbred ewes at lis 6ti. Maryhill Station: 154 halfbred wether lambs at 14s. 485 halfbred wether lambs at 12s, 44 halfbred wether lambs'at 6s 6d. The Wolds Station: 287 three-quarter-bred ewe lambs at 26s 9d. 40 halfbred two-tooth ewes at 30s 6d, 178 three-quar-terbred wether lambs at 16s Id, 566 twotooth halfbred wethers at 17s lOd, 59 halfbred ewe lambs at 235, 389 five-year halfbred ewes at lis 2d and lis 9d. Mount Hay Station: 270 six and eighttooth halfbred wethers at 14s, 125 twotooth merino wethers at 16s 4d, 70 two- t tooth halfbred ewes at 41s 6d, 278 ewes at 16s 9d. ± nn Lochinvar Station: 100 ewe lambs at 23s Id, 65 two-tooth merino ewes at 15s 9d. Ruataniwha Station: 233 f.m. merino ewes at 5s 9d, 202 six and eight-tooth merino wethers passed at Bs, 39 halfbred wethers at 20s 3d. Pukaki Downs Station: 59 halfbred ewe lambs at 18s. 39 halfbred wether lambs at lis, 278 halfbred wether lambs at lis Id. 150 a.m. halfbred ewes at 20s. Guide Hill Station: 68 halfbred ewe lPtnbß at 21s. 116 f.m. merino ewes at 7s 6d, 18 f.m. merino withers at 7s 9d. Ben Ohau Station: 623 merino ewes at Mount Cook Station: 259 merino wethers at 14s, 57 four and six-tooth halfbred wethers at 21s, 33 four and six-tooth halfbred wethers at 20s 6d, 283 merino ewes at 23s 6d.

LITTLE RIVER EWE FAIR

FLOODS CAUSE POSTPONEMENT The annual ewe fair at Little River, which was to have been held yesterday, was postponed oh account of the floods. At a meeting of stock auctioneers later in the day it was resolved to hold the fair next Monday. Early in the morning it was apparent that the yards would be surrounded by water, and as the arrival of sheep from the adjoining districts was hampered by the flood, and the rain was steadily becoming heavier, there was no recourse but to postpone the sale. Before midday there was from three feet to four feet of water on the main road on which the sheep would have had to travel to and from the yards. • . • ' The sheep which had arrived m the morning for the fair were trucked for Addington market to-morrow. • A stocK train, which was sent out from Christchurch to lift sheep at Little River for Addington, was held up at Kaituna, and it had little chance of reaching Little River yesterday unless the flood waters at the township receded P.v two to three feet, and provided, of course, the railway was still intact. At a late hour yesterday it was intended to hold the Waiau fair to-day, as advertised. The sheep are all forward or on the road, but in any case, with the acute shortage of trucks the transfer of the sheep to Addington by to-morrow would be impossible. Although there has been heavy ram in the Waiau district, and the creeks were reported to be rising yesterday afternoon, it is highly improbable that the flood waters will impede traffic to tne same extent as at Little River.

PROPERTY SALE Ford and Hadfield, Ltd. report having sold on account of Mr Booth a new bungalow of four rooms in Opawa road to Mr Ormsby. _

STOCK EXCHANGES CHRISTCHURCH

YESTERDAY'S TRANSACTIONS There was a good volume of diversified business on call yesterday, withthe bulk of thedealings in bank shares and industrials. Price levels generally were well maintained. Transactions, exclusive of vestibule business, were: LISTED STOCKS Sales on 'Change £ s. d. 100 Com. Bank of Aust. 10 5 34 Bank of N.S.W. .. 34 15 0 « 34 12 6 34 13 6 (3) 34 12 6 200 Goldsbrough, Mort (2) 113 0 100 Anthony Hordern .. 10 4 150 Broken Hill Propty. (3) 219 9 200 Consolidated Brick 0 10 8 0 10 6 100 Dunlop Perdriau Rubber 0 14 10 300 Mount Lyell (2) 14 6 14 5 " 400 Mount Morgan (2) 016 1 (2) 016 0 • Sales Reported £2OOO N.Z. Refrig., 4J p.c, 1940-45 •.. .. 101 0 0 20 Bank of N.S.W. . .. 34 12 6 34 10 0 34 12 6 20 Com. Bank of Sydney 21 0 0 50 Union Bank of Aust. (2) 916 6 UNLISTED STOCKS Sales on 'Change 50 Woolworths (Sydney), ord. .. .. 613 6 6 14 3 Debentures A parcel of New Zealand Refrigerating 4i per cent, debentures due 194045 changed hands at £lOl. Commercial Bank of Australia were fractionally firmer at 20s sd, closing quotations Id on either side. Commercial Bank' of Sydney had business at £2l. Bank of New South Wales changed hands at prices ranging from £34 15s to £34 10s, buyers staying in at the lowest price, sellers at £34 12s 6d. Union Bank of Australia were firm with sellers and dealings at £9 16s 6d, buyers at £9 15s. Goldsbrough, Morts were firm at 335. Tooth's Brewery shares were firmer on buyers' offers 5Ss 4d. Miscellaneous Anthony Hordern moved up a >oint to v 2os 4d, market closing Id either way. Buyers of Beath and Company shares raised their bids to 28s 10d, sellers firm at 30s. Broken Hill Proprietary were steady with sellers and dealings nt 59s 9d, buyers at 59s 6d. Consolidated Brick appeared easier with dealings at 10s 8d and 10s 6d and further sellers at 10s Bd, buyers at 10s 4d. Dunlop Perdriau Rubbers were fractionally weaker at 14s lOd, closing quotations Id on either side. Mount Lyells were fractionally firmer at 24s 6d and 24s sd, and these were sellers' and buyers' closing quotations respectively. Mount Morgans showed an easing tendency with dealings at 16s Id and 16s and further sellers at 16s Id, buyers at 15s lid. Unlisted Stocks Woolworths (Sydney) ordinary rose sharply to £6 13s 6d and £6 14s 3d, and more were wanted at £6 14s, sellers at £6 14s 6d.

CITY LICENSING ELECTION

POLLING TO-DAY i SIX CANDIDATES FOR FIVE SEATS ON COMMITTEE Polling in the election for the Christchurch Licensing Committee will take place from 9 a.m. to 7 p.m. to-day. The district comprises the electorates of Christchurch. North, Christchurch South, and Christchurch East. Five members are "required to be elected. Six candidates have been nominated, as follows: Messrs William Dobbs, Henry Holland, Henry Herbert Holland, George Milton Julius, Walter Edwin Simes, and Henry Hamilton Wauchop. Messrs Dobbs, H. Holland, H. H. Holland, Simes, and Wauchop were members of the old committee. The following are the polling places: Barbadoes street. Hibernian Hall. Barrington street, Spreydon Library. Bealey avenue, Knox Schoolroom. Colombo street, St. David's Hall. Durham street, St. Michael's schoolroom. ; Edgeware and Caledonian • .roads corner, St. Matthew's schoolroom. Lawson street, Sydenham Football Club's Hall. ; Madras street, Otley's timber yard, marquee. Manchester street, City Council offices, marquee. Rugby street, Methodist schoolroom. Shakespeare road. Waltham Hall. Strickland street and Crescent road, marquee. Election in Hurunui An election will also be held in the Hurunui district. There are eight candidates for the five teats on the committee. The candidates are as follows: Messrs Marmaduke Bethell, Samuel Frew, Ellis Porter Shier William Smith, Henry Robert Taylor, James William Thompson, Charles William Tyler, and Lancelot Watson. In the Lyttelton, Avon, Kaiapoi, Mid-Canterbury, and Timaru districts elections are not necessary. Licensing committees are elected after every general election at which a licensing poll is held. (

SHOPS AND OFFICES WILL OPEN

NO TIME OFF FOR EMPLOYEES A statement was issued last evening by the Canterbury Chamber of Commerce, that after communicating with the authorities, the chamber had been informed that for the Christchurch Licensing Committee elections to-day it will not be necessary for shops and offices to close; nor will it be necessary for the employees of shops, offices anri factories to be, allowed time off to vote. All hotels in the Christchurch Licensing District, which comprises the electorates of Christchurch North, church South, and Christchurch East are required to close from noon today.

The buying on behalf of the United States has made a remarkable spurt. In addition to the increased quantity mentioned above, 35,000 bales were bought on behalf of that country in the first six weeks of 1936. During the whole of 1935, 42,000 bales were bought. The American buyers, as a rule, only seek the classiest fine wools that Australia produces, and this season's clip has been particularly suitable for them. The enhanced prices for the season's wool are reflected in the aggregate amounts and averages of the July-De-cember periods of the last four years. The comparative figures are:— Average Year. Bales Amount Price sold. realised, per lb. 1932 .. 1,434,738 £16,380,085 8.77d 1933 .. 1,500,095 £28,574,692 15.02d 1934 .. 1,255,582 £15,795,333 9.75d 1935 .. 1,473,091 £25,127,119 13.64d

LATEST QUOTATIONS N.Z. Govt. Debentures Buyers. Seilers. £ S d £ s. d 4 d.c. Ins., 1937-40 .. 101 10 0 — 4 b.c. Ins., 1943-46 .. 102 5 0 — 4 p.c. Ins., 1952-55 .. 103 0 0 — 4 p.c. Bonds, 1940 .. 101 15 0 — 4 d.c. Bonds, 1946 102 10 0 — 4 p.c. Bonds, 1955 103 5 0 104 — Rural Bonds — 0 0 Other Debentures Booth, Macdonald, 6i 90 0 p.c., 1937 71 0 0 0 N.Z. Refrig., 44 p.c., 13 101 1940-45 100 0 2 6 ' Banks Australasia (cum div., £5) . • — 12 12 6 Comm, of Aust. (10s) X 0 4 1 0 6 Comm, of Aust. (pref.. 12 0 £!0) .. •• — 9 Comm, of Sydney (tl2 20 0 10s) 0 — 6 E., S., and' A. (£3 pd.) 6 3 6 6 4 Natl, of Aus’asia (£10 paid) •• • 15 5 0 — Natl, of Ausasia (£5 14 paid) 7 12 6 7 0 Now South Wales 12 6 (£20) 34 10 0 34 Union Of Aust. (£5) 9 15 0 9 16 6 New Zealand (£1) — 2 8 0 Insurance National (6s paid) 14 0 0 19 0 Queensland (£1) 2 — G South British (£1) .. — 4 13 Standard (£1 paid) — 3 5 0 Loan ami Agency Dalgcty and Co. (£5) 0 10 0 9 12 6 Goldsbrough, M. (£1) — 1 13 1 Mortgage Corpn. (5s 0 Paid) •• ... 0 4 b 4 7 National Mort. ( B ) 11 5 0 8 (£1) N.Z. Guar. Corpn. (3s) 1 0 0 5 11 N.Z. Loan and Mcr0 cantilc (ord., £100) 29 0 — Wright, Stephenson 0 (pref., £1) — 1 6 Shipping Huddart-Parker (cum div., £1) — 1 13 0 New Zealand (pref., 11 0 £10) 5 — Frozen Meat Canterbury (£7 10s pd.) — 10 15 0 Canterbury (pref., £5) 1 — 5 19 0 N.Z. Refrig. (£1 paid) 0 2 0 N.Z. Refrig. (10s paid) 0 9 8 9 10 North. Canty, Freezing 10 6 17 (£3 paid) 1 1 0 Woollens Bruce (pref., £11 1 1 6 — 0 Kaiapoi (17s paid) — 6 0 15 Kalapoi (7s paid) 0 5 U 6 6 Kaiapoi (pref., 17s) .. 0 17 6 0 IB 1 Coal Grey Valley (£1) 0 9 6 — 3 Tauplri (£1) — 0 17 Westport (10s) — 1 2 10 Stockton (pref, 10s) — 0 z J Gas Auckland (£1) 1 5 6 1 5 9 Christchurch (£1) 1 12 3 115 0 Timaru (£1) 0 18 0 L 2 6 Timaru (5s paid) — a 6 0 Breweries Monteith’s (£1) — 0 18 6 New Zealand (£1) 2 12 2 2 12 8 Timaru (10s paid) 0 12 1 —- Timaru (7s 6d paid and 2s 6d call) 0 H 6 — Tooths (£1) 2 13 4 2 13 10 White Star (£1) — 0 10 0 Miscellaneous Anthony Hordern (£1) 1 0 3 1 0 5 Aust. Glass (£1) 4 2 9 4 3 9 Beath and Co. (£1) 1 8 10 1 10 0 Berlei (N.Z.) (£1) .. 3 2 6 — British Tobacco (cum div., £1) 2 1 6 2 1 8 Broken Hill Prop. (£1) 2 19 6 19 9 Broken Hill Prop. 9 • (con., 2s 6d paid) .. — 1 15 Consolidated Brick (£1) Dominion Builders’ 0 10 4 0 10 8 6 Supplies (10s) 0 5 8 0 6 Dunlop Rubber (£1) 0 14 9 0 14 11 Electro. Zinc (ord., cum div., £1) 1 18 10 1 19 2 Electro. Zinc (pref., cum div., £1) 2 0 0 General Industries (£1) — 1 1 8 G. J. Coles (£1) 3 12 6 3 13 0 Greater Crystal Palace 6 (£1 paid) 0 9 0 10 6 Henry Jones Co-op. 19 19 9 (£1) 1 0 1 Hays, Ltd. (£1 paid) .. 1 0 6 Hays. Ltd. (15s paid) — 0 16 9 Hume Pipe (Aust.) (cum div., £1) 0 17 0 0 17 5 Kauri Timber 1 3 7 1 3 11 Mason, Struthers (£1 paid) 0 13 6 — Mason, Struthers (10s 6 paid) — 0 6 N.Z. Drug (£2) N.Z. Farmers’ Co-op. — 3 18 6 (£2 10s paid) N.Z. Farmers’ Co-op. 0 17 0 (10s paid) 0 0 10 0 1 9 N.Z. Farmers’ Co-op. (A pref., £4) N.Z. Farmers’ Co-op, — 3 0 0 (B pref., £4) ,2 0 0 •— N.Z., Newspapers (£1) 1 17 0 1 18 0 Procera Bread (10s) — 1 7 6 United Provisions (£1) 0 13 0 0 14 1 Whltcombe and Tombs 1 (£2 10s paid) 3 12 0 — Wilson’s Cement (10s) 1 18 6 — Woolworths (N.Z., ord., £1) S 5 6 S 10 0 Woolworths (pref., £1) — 1 18 0 Woolworths (Sydney) 6 (2nd pref.. £1) .. — 1 5 Addison’s Flat (Is) .. 0 1 7 0 2 0 Alexahder (15s paid) —■ 0 12 0

Mining .Buyers. Sellers. £ s. d. £ s. d. Antonlos Hydraulic (Is) .. . — • ■ 0 0 9 Aotearoa (Is) .•— ■ 0 1 3 Bendigo Gold. (Is) — 0 0 4 Big Kiver (Is) —. 0 1 10 Brian Boru (Is) 0 0 23 0 0 3 Central Shotover (Is) 0 0 11 0 0 4 Gillespie's Beach (cum div., Is) '— 0 1 0 Goldflelds Dredg. (Is) 0 0 4 0 0 4J Kildare (5s) ,— 0 2 9 King Solomon (Is) .. 0 3 2 0 3 3 Lawson's Flat (Is) .. 0 0 3 0 0 3J Maerewhenua (Is) ,. 0 0 11 0 0 2£ Mahakipawa (6d) 0 0 0i 0 0 1 Mahakipawa (1929 pf.. is) .. -— 0 0 23 Mahakipawa (1930 pf.. it is) 0 0 1 — Maori Gully (cum div., Is) .. 0 0 10 0 10 Mossy Creek (Is) .. 0 1 41 0 17 Moonlight Goldflelds (Is) —1 0 0 10 Mount Lyell (£1) .. 1 4 5 14 6 Mount Morgan (5s) .. 0 15 11 0 16 1 Nevis Diesel Electric (Is) 0 0 03 0 0 11 Okarito (5s) 0 3 6 0 4 11 Kawang Tin (cum div.. and bopus, 10s) .. 0- 9 0 0 9 5 Upper Watut (5s) .. 0 6 11 — Skippers (Is) 0 0 23 0 0 3 Stafford Sluic. (Is) — 0 0 3 Stafford Dredg. (5s paid) 0 1 6 /' — Waimumu Sluic. (Is) Waitahu (5s) — 0 0 6 — 0 2 9 Worksop Extend.' (Is) — 0 2 2 Martha (5s) — 0 19 9

UNLISTED STOCKS All transactions in stocks quoted in this section are subject to a different rate of brokerage from listed stocks and ar§ not quoted on the official list. Buyers. Sellers. £ s. d. £ s. d. Argo Gold Dredging 0 1 3 0 14 Assoc*. Motorists' Pet. (pref.) ■ — 17 0 Aust. Invest. Trust (£1 paid) 0 4 0 0 5 0 Cant. Roller , Flour .. 0 4 6 0 10 0 Arthur's Point 0 0 6i — Emperor, Fiji 0 10 0 0 13 0 Dr. McBride Manu. — 0 17 0 M.K. Millinery 1 5 0 — National Tobacco 3 0 0 — N.Z. Perpetual For. 2 10 0 3 0 3 J. J. Niven (17s pd.) 0 7 0 — Scales, Ltd. ("C" pref.) 0 2 6 — Were's Invest. Trust 0 5 6 — Woolworths (Sydney) (ord.) 6 14 0 6 14 6 White's Electric — 0 0 7 South Seas Fishing 0- 6 6 —

AUCKLAND Sales on 'Change £ s. d. Govt. Bonds,' 1940, 4 p.c. . 102 5 0 Ins. Stock, 1938-52, V 2 p.c. . . 103 2 6 Ins. Stock. 1939-52, 3i p.c. . .103 2 6 Ins. Stock, 1946, 4 p.c., . 102 10 0 Ins. Stock, 1949, 4 p.c. . 103 10 0 Natl. Bank of N.Z. • . . 3 15 6 E„ S., and A. Bank 6 4 0 Bank of New South Wales . 34 15 0 Bank of New Zealand . 2 7 0 2 6 6 Bank of N.Z. (D mort.) . 1 9 0 Union Bank . 9 17 0 United Bldg. (Auckland) . 1 0 0 Dominion Breweries . 1 1 3 N.Z. Breweries ' . 2 12 3 Broken Hill Pty. . 2 19 3 Farmers' Trading . 0 8 6 Gear Meat . 1 0 6 Henry Jones . 1 19 9 Farmers' Fertiliser . 1 0 6 N.Z, Refrig. . 1 0 3 Unofficial List Woolworths (Sydney) . 6 13 6

WELLINGTON > Sales on 'Change £ s. d. ' 4 p.c' Ins. Stock, 1955 Comra. Bank of Australia Bank New Zealand (long term) Tauplrl Coal (2) Farmers' Fert. (late Saturday) Wilson's Cement Brian Boru Unofficial. List 104 6 1 0 1 9 0 17 1 0 2 0 2 0 0 0 o' 5 3 3 6 3 0 2J Woolworths (Sydney) 6 13 0 DUNEDIN Sales on 'Change £ s. d. Bank of New Zealand (late Saturday) 1 Brown, Ewing (ord.) 4 p.c. Ins. Stock 1952-55 Timaru Brewery (call paid) ... 2 7 2 7 0 13 103 10 0 11 2 3 0 0 2

SYDNEY On the Sydney Stock Exchange yesterday the Rencral tone of the market was steady, with greater activity In Government securities. Morning Sales £ s. d. Commonwealth Bonds, 4 p.c.', 1961 103 10 0 Comm. Bank of Sydney 21 8 0 Toohey's Brewery 1 13 3 Tooth's Brewery 2 14 0 Anthony Hordern 1 0 6 British Tobacco 2 19 Broken Hill South .. 5 17 6 Henry Jones 1 19 9 Howard. Smith 0 17 3 James Stedman 0 17 7J Afternoon Sales • Bank of New South Wales .. 35 12 6 Comm. Bank of Sydney 21 9 ,0 Comm. Bank of Australia 1 0 9 National Bank (£10 paid) 15 10 t) Colonial Sugar 43 7 6 Assoclated Newspapers 1 2 9 Associated Newspapers (pref.) 1 3 9 Australian Gas A 7 13 6 British Tobacco 2 1 6 Tooth's Brewery 2 14 0 Toohey's Brewery 1 13 3 Carlton Brewery 2 13 6 G. J. Coles 3 13 0 Sargent's 1 5 0 New South Wales Fresh Food 0 13 10 J. Stedman 0 17 0 Australian Glass 4 3 9 DUnlop-Perdriau 0 14 11 Wilcox, Mofflin 0 11 6 Greater J. D. Williams .; 0 8 0 Mlllaquln Sugar 1 17 9 Henry Jones 1 19 9 Electrolytic Zinc 1 17 9 Electrolytic Zinc (pref.) 2 16 Standard Cement 12 9 General Industries 1 1 6 Amalgamated Textiles 0 10 3 Commonwealth Wool 10 0 Kandos Cement 14 0 United Provisions 0 13 10 Gordon and Gotch ., 2 7 6 Loloma 10 4} Tavua 0 3 a

MELBOURNE Comm. Bank of Australia £ s. d. 10 9 National Bank (£5 paid) 7 15 6 Herald and Weekly Times .. 3 4 9 Mount Lyell 14 6 Loloma . 10 3 Goldsbrough, Mort 1 13 0 Mount .Morgan 0 16 2 FOREIGN EXCHANGES (BRITISH OFFICIAL WIMLESS.) I. RUGBY, March 7. Par. Mar. 6. Mar. 7. Paris, fr. to £1 124.21 74 51-64 74 57-64 New York, dol. to £1 4.866 4.99J 4.923 Montreal, dol. to £1 Brussels, 4.866 4.98? 4.98Z belgas to £1 25 29.254 29.27 Geneva, • fr. to £1 25.2215 15.11J 15.14 Amsterdam, fl. to £1 12.107 7.26 7.28J Milan, lire to £1 94.26 62 3-16 '621 Berlin, reichmarken to £1 20.43 12.274 12.31 Oslo, kr. to £1 18.159 Stockholm, ' kr. to £1 18.159 193 19| Copenhagen, kr. to £1 18.159 22.394 22.394 Vienna, schgsi to £1 34.585 26J 26 J Prague, kr. to £1 164.25 1194 119g Helslngfors, marks to £1 193.23 227 227 Madrid, pesetas to £1 25.2215 36 3-32 36 11-64 Lisbon, escudos to £1 110 108J 108J Athens, drach to £1 875 516 517 Bucharest, lei to £1 818.6 669 669 Belgrade, dinars 25.2215 21.6 21.6 Rio de Janeiro, pence to milreis 4.899 4J 44 Buenos Aires, pence to dol. 47.59 — — Montevideo, pence to dol. 51 39 9-16 394 Bombay, pence , to rupee 19 18i m Shanghai, pence to dol. • 144 14 7-16 Hong Kong/ pence to dol. *. 151146 15g Yokohama, pence to yen * 141-64 141-64 Batavia, guilders 12.107 7.23J 7.234 Warsaw, par zlotys to £1 43.38 26.21 ■■ — •Determined by price of silver.