FINANCE AND COMMERCE

Press, Volume LXXII, Issue 21729, 11 March 1936, Page 13

FINANCE AND COMMERCE

FKOZEN PRODUCE LETTER LONDON'S MEAT STRIKE DAIRY PRODUCE (rHQXI OLE OWN COEHESPONDEST.) LONDON, February 13. The recent strike at Smithfield market, which lasted just ovsr a week, may have a far-reaching effect upon the future of the market itself. The , 10,000 strikers *ho left work without any urgent grievance, in the hope of forcing the employers, through the public, into giving them better conditions of work and pay without negotiations, were under the impression that their actions would paralyse meat distribution. Instead, the strike paralysed Smithfield and undermined its importance in the life of London. Smithfield, Billingsgate, and Covent Garden markets have always been regarded as indispensable in the chain of food distribution for a population of 9.000,000. Tne ease with which Smithfield was "short circuited" came as a revelation to the retail trade, as well as to the public. During recent years—since the general strike, as a matter of fact—the big importing and wholesale firms have exploited depots in the suburbs, and from these depots retailers were able to obtain supplies without a hitch. Further, many of them found that dealing direct with the importers and cutting out the jobbers, who predominate on Smithfield market, possessed several advantages. Also, the importers found that the expense of transporting meat from their depots, cold stores, and' docks, direct to the shops was easily counterbalanced by the elimination of salesmen's commission and the heavy overheads and second-party profits normally incurred at the market. From long experience, and thanks to the more widespread application of refrigeration, the public has developed its own technique of dealing with strike dislocations and satisfies its requirements through other channels if one source of supply is put out of action. Already, those who have been agitating for the centralisation of all food distributive services, have seen the weakness of their goal. The demand for New Zealand lamb, ex depot, store, or steamer's hold, was as keen as ever, and prices remain unabated. Whether the amount of business to be done at Smithfield during the next few weeks can again loe xeUeA won. as reflecting the true condition of the meat trade in London is. open to doubt. It is hardly likely that the majority of retailers will desert immediately those emergency sources of supply which hav§ been just as convenient and more reliable. Indeed, most of the sales depots established at the docks and big cold stores during the strike are to be retained, for a week or two at least, and the ultimate period of their extension, to the detriment of the jobbers at Smithfield. will depend upon the measure at support they continue to receive from the retail trade. Me*t Transport Developments ' The latest form of meat transport in England, introduced to carry loads from Smithfield to retailers in the provinces, is a product of the Ford works at Dagenham. It has a doublelined body, the interstices between the linings being filled with kappc insulation. To prevent this material from sinking in the sides of the body, ledges are arranged at distances of 12 inches from : The?foiled %oo|f»' , 'atßos!H£dg with kapotf 4nd the < irmer7lhiit»g of the rides and roof is of zinc. Refriger-ator-type locks are fitted and an additional safetv catchris provided. An interesting feature of the body is that, in each compartment,/ vaned bunkers on the inside of the roof hold 251b blocks of solid carbon dioxide, or "dry ice." The refrigeration thus afforded enables the meat to be kept frozen for 72 hours. The floor of each compartment is insulated with four-inch thick cardboard, cornered with zinc, and gutters to carry away any water from condensation. Two lockers are arranged at the rear of the body for the carriage of cans of offals, etc. Another innovation of great value to frozen produce distributors, is the "green arrow" system introduced by the railway companies. Every consi«mment registered under this system is labelled with a green arrow, and its passage is "specially controlled by a trained staff at every stage of the ;r>urney. The registration fee for this r-rvicc is only 2s 6d. whether for a sinsle peckage or a train load, and the tystcm applies to meat, dairy produce, live stock, manufactured gpods, and all classes of merchandise This year's National Dairy and Ice Cream Exhibition, which has just concluded at the Crystal Palace, Sydenham, was not only a record event on account of the amount of business transacted, but it revealed the remarkable extent to which this confection is capturing the popular imagination in Great Britain. At least 30,000.000 gallons of ice cream were sold in this country last year, and some 65,000 re- t tailers are now engaged in the trade, one firm alone selling 2,000,000 portions a day. A notable advance during the year has been the increased use of fresh dairy products in the manufacture of ice cream, no less than 3.000,000 gallons of milk and cream having been used since last April. Negotiations are now in progress for a definite legal standard for ice cream to be set up and enforced by Government authority The development of refrigeration in the marketing and distribution of ice cream was reflected by a further increase in the number of exhibitors at the exhibition, more than 20 manufacturers and distributors of refrigerating equipment' being represented. Refrigerated ice cream, conservators were shown in a large variety of designs, freezers only, freezers with conservators combined in the Fame unit but operating at different temperatures, and the addition of a cold storage compartment for foods. Brine baths, for freezing eutectic inserts for tricycles, incorporated in the cabinet type of freezer-conservator, was an innovation, and "multitemp" installations are now greatly improved. Utilising waste heat from other processes to operate an absorption refrigeration system, one unit shown to the trade for the first time hardens ice cream bricks and cartons to minus 50 degrees Fahrenheit in 30 minutes. - ■ ■■ ' • LONDON MEAT PRICES EQUIVALENT NT".W ZEALAND VALUES In regard to prices for New Zealand lamb delivered to Smithfield market, the New Zealand Meat Producers' Board supplies the following table, giving equivalent New Zealand panties after deducting all costs, including selling commission, interest and one month's storage in London. The costing is calculated from the point of view of a farmer shipping on his own 1 account. It is based on to-day's estk mated skin values, and includes exchange at current rates. The basis of calculation is a prime woolly lamb weighing, say, 341b delivered at freezing works;— If price delivered N.Z. "overall" parte Smithfield is: ity delivered at (d per lb) works: (approximately) d per lb 8 9.00 Tj 8.70 74 8.40 ll 840 7 7.80 Note.—ln the above estimate the cost of killing, freezing, and placing on board steamer is based on a charge.or iZdperlb. ~..,.,

MINING WEST COAST DREDGING RETURNS .., The following are the returns for last week of New Zealand owned dredges operating on the West Coast. The returns of other companies, owned by overseas interests, are'made intermittently or not at all, and are not included in the table;— 0%. dwt. Mossy Creek, 127 hours .. 63 8 Argo, 127 hours .. 57 0 Gillespie's, 133 hours .. 44 18 Mataki, 135 hours .. 34 0 Worksop, 132 hours .. 29 0 Maori Gully, 124 hours .. 27 8 Okarito, 105 hours .. 13 4 Total ■"',■:'.. .. 268 18 Average , .. •• 38 8 GREY RIVER.'ARGUS COMPANY PROFIT REPLACES LOSS • BRIGHTER PROSPECTS The accounts t>f the Grey River Argus Company, Ltd., which will be presented at the annual meeting to be held on March 14, show that a profit of £53 was made for the year ending October 31, as against a loss of £420 for the previous year. During the period, capital was increased by, £ 2000. The annual report states: — "After writing off more than £IOO of bad debts, we have come through the year with a small profit, and the future of, the company looks brighter. The advent of a Labour Government should also be of considerable assistance. Still, the help of every supporter is required in -order to give the company a "credit balance at the end of each year. It is due to the care exercised by the manager, Mr N. V. Lovell, that our machinery is lasting so well, but the time is hot far distant when some of it will have to be replaced. Therefore, we appeal to shareholders for increased support for the coming year." LIABILITIES

£ s. d. Capital .. .. .. 9,250 0 0 Grey Labour Paper Board .. 5,149 15 11 Runanga Co*p. Society ' <. 500 0 0 Bank of New Zealand (mortgage account) .. 1.000 0 0 'Bank of New Zealand (ordinary account) .. 108 13 10 Sundry creditors .. ... 170 13 1 Accrued wages . .. 154 13 3 16,333 16 1 ASSETS Land and building .. 1,225 8 6 Less depreciation .. 19 10 0 1,205 18 6 Plant and goodwill .. 5,265 7 5 Less depreciation .. 144 10 6 5,120 16 11 Furniture and fittings .. 133 12 8 Less depreciation .. 6 13 8 126 19 0 Insurances paid in advance 35 610 Stock 374 19 9 Sundry debtors .. ~ 3,967 12 10 Petty cash .. 10 0 0 P. and L. appropriation ac- . count .. ..5,492 16 1 16,333 16 1 Profit and Loss Account To stock, 31/10/34 .. 478 1 10 To printing ... .. 5,741 4 1 TO Press Association and telegrams / .. .. 1,381 4 7 To interest, stamps, exchange, and discounts .. .. 760 15 4 To lighting, power, repairs, and renewals and sundry charges .. 325 7 9 To insurance, rates, taxes, travelling expenses, and commissions .. 223 3 9 To freight and cartage, bad debts and depreciation .. ■ 424 17 5 9,334 14 9 To profit transferred to profit and loss appropriation account .. .. 56 0 4 9,390 15 1 By . stock 31/10/35 .. 374 19 9 By advertising, printing, and dailies ... ~ 9,015 15 4 ' 9,390' 15 1 Appropriation Account To balance 31/10/34 .. 5,548 2 7 5,548 2 7 By net profit .. 56 0 4 By balance carried forward .. 5,492 2 3 5,548 2 7

KEMPTHORNE, PROSSER DIVIDEND (PRESS A8SO(JUT10» TEI.BOBAM.) DUNEDIN, March 10. At a meeting of the directors of Kempthorne, Prosser and Company's New Zealand Drug Company, Ltd., this afternoon, a dividend of 41 per cent, was recommended, making 8 per cent, for the year. [The March dividend last year was 4i per gent., and> for the full year 8 per cent.] BRITISH MARKETS UNSETTLED WEAKNESS AFTER EUROPEAN DEVELOPMENTS (BRITISH Of FICIiL WIKELBBS.) RUGBY, March 9. The stock markets are somewhat unsettled. Leading British stocks are generally one-eighth of a point weaker. War Loan, per cent., is quoted at £lO6 15s. The city generally took the international crisis calmly. Some securities were marked down, but there was no panic selling. Markets, however, especially European bonds, closed on a weak note. PROPERTY SALES C. E. Jones, Ltd., report having held a sale of furniture at 76 Halton street, Papanui. There, was a good attendance, and among the. articles sold, the following Prices were realised:—Baby Austin car £9O, bedroom suite £2O, piano £ls, radio £l2, carpet £7. two leather chairs £l3, dining suite £l3 2s 6d, chesterfield suite £B, carpet £3 10s, mattresses £3 ss, standard lamp £1 10s. dinner set £1 16s, teaset £1 Is, stretcher £l, brass firescreen £l, down quilt £l, dowii quilt £l, blankets £1 Is, lawn mower £1 12s 6d; sundries sold at satisfactory White, Ltd., report having sold on account of Mrs Simpson a building site at the corner ofKotare and Woka. streets, comprising 30 perches, at a satisfactory price; also on account of Mr ,C. Woods, a section in' Buskin rtreet, to Mr J. M.: O'Connor, at,a satisfactory price.

STOCK EXCHANGES CHRISTCHURGH ; YESTERDAY'S TRANSACTIONS There was a moderate turnover on call yesterday, prices moved irregularly and several stocks dealt in showed an easing tendency. Transactions, exclusive of vestibule business, were:— . LISTED STOCKS Sales on 'Change £ s. d.

£240 N.Z. Govt., 4 p.c. Ins., 1943-46 102 10 0 90 Mortgage Corporation 0 4 6 200 Kaiapoi Woollens (17s paid) •• ..0 14 9 0 15 0 100 N.Z. Breweries \ 2 12 5 100 Anthony Hordern .. 10 3 50 Broken Hill Propty. 219 7 109 Dunlop Perdriau Rubber .. •• 014 9 150 G. J. Coles 3 12 6 (2) 3 12 3 500 Skippers .. 0 0 2f Sales Reported 100 Comra. Bank - of Aust. 10 6 50 Ccmm. Bank of Aust. (pref.) .. 9 9 9 10 Bank of New South Wales .. 34 12 6 300 N.Z. Refrig. (£lpd.) 10 5 50 N.Z. Breweries .. 2 12 6 1000 Mahrkipawa (late sale Monday) .. 0 0 1 100 Mount Morgan .. 0 16 2 1000 Skippers . .. 0 0 3 300 Comm. Bank of Aust. 10 5 UNLISTED STOCKS Sales on 'Change 150 Woolworths, Sydney (ord.l (4) 614 6

6 15 ( Government New Zealand Government, 4 pe cent. Stock, due 1946, was firm, wit buyers and business at £lO2 10s. Con mercial Bink of Australia were fra< tionaliy firmer at 20s 6d and 20s 5< and closed with sellers at 20s sd, buj ers at 20s 4d—the preference wei easier, with business at £9 9s 9d, an further unsupported sellers at £9 9 Bank of New South' Wales were fin with sellers and business at £34 V. 6d, buyers at £34 10s. Sellers of Ban of New Zealand came down to 4' Id. Union Bank of Australia wei easier, with sellers at £9 16s. Mortgage Corporation were fra< tionaily weaker at 4s 6d, and thei were further unsupported sellers i 4s 7d. New Zealand Refrigeratin: fully paid shares, had business at 2( sd. Kaiapoi Woollens. 17s paid, change hands at 14s 9d and 15s, and moi were offered at the higher price. New Zealand Breweries moved u to 52s sd. and 52s 6d. buyers stayin m a\ -iVifc YkYgVves Tpsice. se.ll.ess. at 52s Qi Miscellaneous Anthony Hordern were fractional weaker at 20s' 3d, closing quotatioi 2d on either side. Australian Gla were firmer on buyers' offers 83s 6 Broken Hill Proprietary eased to 5! 7d, market closing 59s 3d buyers. 5! 9d sellers. Dunlop Perdriau Rubbe: were weaker, with business at 1' 9d, and there were further sellers i 14s lOd, buyers at 14s 7d. G. J. Col< dropped to 72s 6d and 72s 3d, an there were further sellers at the low< price, buyers at 71s lid. Mount Morgans were fractional] firmer at 16s 2d, and more wei offered at that price, buyers at 16s. late sale of Mahakipawa on Monda was reported at Id, and there wei further unsupported sellers at ths price yesterday. Skippers were dealt i at 2£a and 3d. Unlisted Stocks Wool worths (Sydney), ordinary, ac vanced to £6 14s 6d and £6 15s 6< buyers staying, in at the/lower pric< sellers at £6 16s. LATEST QUOTATIONS

FOREIGN EXCHANGE RATES

DOLLAR MARKET RATES The Associated Banks (other than the Bank of New South Wales) quoted the following dollar rates yesterday on a New Zealand currency basis. They are subject to alteration without notice:— U.S.A. Canada. (Per £1 N.Z.) Selling— Dol. Dol. T.T. .. ... 3.99 3.994 O.D. .. .. 3.99J 3.991 Buying— O.D. .. *.. 4.031 4.04 FRENCH AND AMERICAN EXCHANGE LONDON, March 9. United States and French exchange closed to-day at: Dollars, 4.963, francs 75 to £1 sterling. BRITISH WAR LOAN LONDON, March 9. War Loan, 3k per cent., is quoted at £lo6g, , THE METALS MARKET (UNITED rRBSS ASSOCIATION—COPWQHT.)

PRICE OF GOLD LONDON, March 9. Gold is quoted at £7 Is a fine ounce. PRICE OF SILVER LONDON, March 9. Silver, fine, is quoted at: Spot, )19 7-16 d, forward 19& d. NEW YORK TIN NEW YORK, March 9. Tin is quoted at 49.30 cents per lb. LONDON QUOTATIONS LONDON, March 9. ■ • s. d. Mount Lyell .. :'... 18 9 New Guinea Goldfields , .. 35 4J V

CANTERBURY MARKETS VERY QUIET TRADING <BV OUR COMMEBCIAL EDITOB.I Tuesday Evening. The storm at the week-end has again upset ■ the {markets, and very little business is being done in any line. Nobody is anxious either to buy or sell till it is seen how much damage has been done to the various crops by the continued rains. ' Even potatoes, in which there has been a certain amount of interest, were lifeless yesterday, and merchants appeared to be very chary of giving any indication of their ideas of the market. Practically no business has been done since the week-end, and the quotation is nominally about 100s f.o.b. Few comprehensive reports of damage, have yet been received, but it would appear from what news has already come in that the crop has been rather seriously damaged on the heavier land. There has been no movement in ryegrasses, but cocksfoot is a little weaker. s Red clover is being quoted from Blenheim, the price for machinedressed farmers' lots being 6Jd to 7d f.o.b. Blenheim. Few lines of white clover have yet been threshed, and it appears as though the wet weather has reduced further an already small supply. The southern markets for fescue and dogstail are weaker. Fescue is quoted at Bd, and dogstail at 6Jd to 7d. The browntojS crop is expected to be heavy in the south, and this has not improved the local outlook. The quotation is lOd.for machine-dressed, uncertified seed, and Is for machinedressed, certified seed, .both prices being f.o.b. - » The following are the prices quoted to farmers, on trucks at country sidings, unless otherwise indicated:— Wheat —Milling grade for JanuaryMarch delivery, Tuscan 3s sd, Hunters •*s 7d, Pearl 4s 9d. Good whole fowl wheat, prompt, 4s Id. Oats—A Gartons 2s 2d, B Gartons Is lid, Algerians Is 9d, Duns 2s 3d to 2s 6d. „ . . ■ Ryegrass—Perennial, Italian, and Western Wolths, Is 9d. Cocksfoot —Plains 7d to B£d, Akaroa Bd. • Peas—4s 3d. Potatoes—£3 15s a ton. Onions—£2 10s a ton. AUCKLAND [THE PRESS Special Service.] AUCKLAND, March 10. Since the last report, there has been a slight easing in the price of pollard in Australia and as a consequence, a continuity of supply from that source may be anticipated with greater confidence. Fair supplies are due by the l Kartigi on Thursday, and are being quoted at.£B 15s a ton, ex ship, or 2s 6d more through store. Local mill prices are .unchanged, but supplies from this source are still being severely rationed. There is no change in bran. The limited demand for horse feed is maintained at late quotations. Wheat is still quoted at 6s Id a bushel for graded lines, but merchants report considerable difficulty in getting even small orders fulfilled. The maize trade is still unsatisfactory, as stocks are practically unobtainable. The position will be relieved next week when a shipment is due to arrive from South Africa. The potato market is still being supplied from local surces and merchants' share in the business is comparatively smalL There has been no marked chansre since last report. Onions, too are unaltered. ' LONDON; PRODUCE MARKETS HIGH COMMISSIONER'S REPORT The Department of Agriculture has received the following cablegram, dated March 7, from the High Commissioner for New Zealand, London:— Tallow—Poor demand continues; prices nominal. Hemp—Manila: Market quiet and easier. Closing values for March-May shipment £2l 10s: Sisal: Market quiet' but steady. February-April shipment sold at from £2B 10s to £2B 12s 6d. May-July shipment quoted, sellers at £2B 12s 6d. New Zealand: Market nominally unchanged. No first-hand sales reported. Apples—Good demand. Calif ornian Newtown and Washington Jonathan, 8s to 10s; Oregon Newtown, 9s to 12s 6d; British Columbian Delicious, 9s to 10s. Pears—Poor demand; prices lower. Calif ornian Winter Nelis, 8s to 13s; Washington Winter Nelis, 5s 6d to 8s Sd; South African Buerre Bosc, 8s to 8s 3d; South African Keiffer, 6s to 6s 6d. Peas—Maples: Market well supplied. Little business reported. Few Tas- j manian offered. "A" grade Tasmania for March-April shipment sold at from 53s to 53s 6d. No. 1 New Zealand for March-April shipment sold at 48s. Prices inclined easier; sale reported 47s 6d down to 475. Blues: Shippers asking £l2 10s for "A" grade Tasmania March-April shipment, but prices are out of range. WHEAT MARKET ENGLISH QUOTATIONS LONDON, March 9. Developments in, the European political situation have caused sellers of Canadian and Australian description to raise their limits by 6d to 9d, but buyers were not responsive. Parcels closed firm. . •

CHICAGO FUTURES * NEW YORK. March 2. Chicago futures are quoted:— Cents a bushel. ' Mar, 6 Mar. 0. May .. .. 100J 99 July .. ... 893 89 September .. 88| 88 RABBITSKIN PRICES FIRMER RISE OF 100 PER CENT. IN YEAR (PRESS ASSOCIATION TELEUBAM.) DUNED% March 10. Striking evidence of the commercial value of the rabbit is afforded by the increased number of skins sold at auction to-day. On March 12 last year, 37,4831b of skins were sold. To-day the figure rose to 88,092, and the price is 100 per cent, higher than that a year ago. T\o you want to sell your home? •O Read and use "The Press" Classified Advertisements. The quickest route between Buyer and Seller, 12 words Is. 3 insertions 2s 6dL —6

SYDNEY VALUES FIHM GOOD GENERAL COMPETITION (UNITZD PRESS ASSOCIATION—COPTKIQHT.) SYDNEY, March 10. At the wool sales, 12,009 bales were offered, 9829 sold at auction, and 1949 privately. There was g*od all-round competition, and prices were firm for all descriptions. Greasy merino made to 21Jd. BRADFORD VERY FIRM USERS BUYING STRENUOUSLY LONDON, March 9. The Bradford market is exceedingly firm. Users are making strenuous efforts to cover themselves before the opening of the London wool sales, when Bradford values are expected to be confirmed. FAT STOCK SALES RANGIORA Prices at the weekly stock market in Rangiora yesterday showed little alteration, compared with the ruling rates at the previous sale. Entries in the sheep and cattle sections were small, but there was a fairly good yarding "of pigs. Fat ewes brought from 13s to 21s 6d, and store ewes from 13s 9d to 275. Fat wethers made 22s 3d lambs 19s, and store lambs 15s. Large store pigs sold at 255, medium stores went from 15s to 18s 6d, good weaners brought 14s, and medium . weaners made from 10s to 12s 6d. Other lines of weaners went for 10s. In the cattle section, fat cows sold at prices ranging from £3 to £4 10s. and a bull made £2. WAIHAO FORKS (SPICUL TO THX PEISS.) WAIMATE, March 10. A good yarding was forward at today's ewe fair at Waihao Forks, and excellent prices were realised throughout the sale, inferior sorts making remarkably good prices. Practically the whole of the big yarding was cleared under the hammer. Fat ewes made 16s lOd, and a line of 15 fat lambs fetched 20s Id. Among the store sheep one line of ewes made 25s 3d. Two-tooths made from 13s 9d to S4s 3d, M«l -five-yeas-oIA ewes -sold «t 21s, 20s 9d, 20s, and down to 18s 3d. Full and failing-mouth.ewes made from 14s 3d to 16s 6d. A line- of small halfbred ewe lambs made 16s 6d. Cull wether lambs made' 8s 4d, and cull ewes 8s 4d to 12s. Fat and forward ewes made 215.. ASHBURTON

Prices for fat sheep at the Ashburton stock sale yesterday showed a firm tendency when compared with the prices at Tinwald last week, and a slight increase was noticeable for the best lines. The sheep yarding showed an improvement in size, but there were few, cattle entered; The top price for the sale went to a client who sold six fat lambs at 25s lOd. 'He also received 24s lOd for « pen of nine lambs. H. J. Anderson (Ruapuna) headed the fat ewe section with a pen of five at 22s Id. Prices ranged from 13s lOd to 16s Id for light weights, to 18s lOd for middle weights, and up to 22s Id for best lines. Top price in the - wether section was gained for a pen of four sold on account of P. G. Bickard (Riverside) at 25s Id. There was a fair entry, and prices for the balance ranged from 18s lOd to 24s 3d. J. Bland (Winchmore) sold a line of 130 fat lambs at 23s 4d. The best price, 25s 9d, ■ was s received by F. Waddell (Ashburton) > for one fat lamb. The range of prices was from 22s to 25s 9d. Fat cows sold ' from £3 10s to £6 17s 6d, and a runner for £1 17s 6d. j DUVAUCHELLE

There was a large yarding of cattle on Friday at Duvauchelle, with a good attendance and a good brisk market. Values were.—Fat steers £7 10s to £ll, fat heifers £5 5s to £7 12s 6d, fat cows £6 to £7 2s 6d, springers £4 15s to £7 15s, calves 25s to 37s 6d, bulls up to £5, old cows 30s to £2 10s. A line of yearling steers realised £2 15s. . . LORNEVILLE

m ■ INVERCARGILL, March 10. There was an exceptionally heavy yarding of sheep at the Lorneville stock sale to-day, and although there have been bigger yardings, this was the biggest for 15 years. The total was 11,000, comprising 9000 stores and 2000 fats. Fat sheep of quality made good values which were on about a par with last week's sale. The market for stores was very steady, although it eased slightly. Best butchers' wethers made from 24s 6d to 26s 6d, medium 22s to 235, light-weight 20s; prime heavy ewes 16s 6d to 17s 6d, medium 14s to 15s, and freezing ewes 10s 9d to 12s 6d.

Prices for fat lambs dropped in accordance with the reduced freezing schedule. Extra prime heavy lambs made from 26s to 28s 6d, prime quality 23s 6d to 255. and fair quality 21s 6d to 22s 6d. ' There was a smaller yarding of fat cattle than last week, with no quotable change in values. Good quality bullocks realised from £9 to £l9. handy-weight £7 10s to £8 10s, lighter £6 to £7, and unfinished down to £5; good quality handyweight heifers £4 10s to £5 ss, lighter £3 10s to £4, prime cows up to £4 15s, fair quality £3 10s to £4 ss. aged and unfinished down to £1 ss.

N.Z. Govt. Debentures Buyers. Selle £ s. d. £ s. 3} p.c. Ins., 1939-52 .. 102 0 0 — 4 p.c. Ins., 1937-40 .. 101 15 0 — 4 p.c. Ins., 1943-46 102 10 0 — 4 p.c. Ins., 1952-55 .. 103 0 0 — 4 p.c. Bonds, 1937-40 .. 101 15 0 — 4 p.c. Bonds, 1943-46 .. 102 12 6 — 4 p.c. Bonds, 1952-55 .. 103 10 0 — Other Debentures Oxford County, 4i p.c, 1/4/1957 — 108 0 Booth, Macdonald, 6} p.c, 1937 71 0 0 95 0 Banks Australasia (cum div., £5) — 12 10 Comm. of Aust. (10s) 1 0 4 1 0 Comm. of Aust. (pref., £10) — 9 9 E., S., and A (£3 pd.) 6 3 6 6 5 Natl, of Aus'asia (£10 paid) 15 6 0 15 9 Natl, of Aus'asia (£5 paid) 7 12 0 7 13 Natl, ♦of New Zealand (£2 10s) — 3 18 New South Wales (£20) 34 10 0 34 12 New Zealand (£1) .. — 2 7 Reserve (£5) 5 16 6 5 19 Union of Aust. (£5) — 9 16 Insurance National (6s paid) 0 18 3 0 18 Queensland (£1) 2 12 6 — South British (£1) .. — 4 13 Standard (£1 paid) .. — 3 4 General Accid. Fire, and Life (£1) 1 6 0 — Loan and Agency Dalgety and Co. (£5) 9 9 0 9 11 Goldsbrough, M. (£1), 1 12 8 1 13 Mortgage Corpn. (5s paid) — 0 4 National Mort. ("B") (£1) •• •• 1 11 0 — N.Z. Loan and Mercantile (ord. stk.. £100) 29 0 0 — Wright, Stephenson (pref., £1) — 1 0 Shipping New Zealand (pref., £10) 11 5 0 — Frozen Meat N.Z. Refrig. (£1 paid) 1 0 0 1 0 N.Z. Refrig. (10s paid) 0 9 8 0 9 North. Canty. Freezing (£3 paid) 1 10 0 — Woollens Manawatu Knit. (£1) — 'l 17 Kaiapoi (17s paid) .. — 0 15 Kaiapoi (7s paid) 0 5 7 0 6 Kaiapoi (pref., 17s) .. 0 17 G 0 19 Mosgiel (£4) 10 10 0 — Coal Wcstport (10s) • — 1 2 Stockton (pref., 10s) — 0 2 Gas Auckland (£1) — 1 0 Christchurch (£1) — 1 15 Christchurch (10s paid) — 0 17 Timaru (£1) — 1 2 Breweries Dominion (£1) 1 0 6 — Dunedin (£1) — 1 11 Monteith's (£1) — 0 18 New Zealand (£1) •• 2 12 6 2 12 Timaru (7s 6d paid and 2s 6d called) .. 0 11 9 — Toohey's (£1) 1 12 0 — Tooths (£1) 2 13 0 — Tooths ("rights," £1) 1 11 0 — Miscellaneous Anthony Hordern (£1) 1 0 1 1 0 Aust. Glass (£1) 4 3 6 4 4 Aust. Iron and Steel (pref., £1) „ •• 1 4 9 1 5 Beath and Co. (£1) .. 1 8 7 1 9 British Tobacco (cum dlv., £1) 2 1 5 2 1 Broken Hill Prop. (£1) v 2 19 3 2 19 Broken Hill Prop. (con., 3s 4d paid) .. — 1 16 Consolidat. Brick (£1) 0 10 3 — Dominion Builders* ' Supplies (10s) .. 0 5 6 ' — Dunlop Perdriau Rubber (£1) . •• 0 14 7 0 14 Electro. Zinc (ord.. cum div., £1) 1 18 9 1 19 Electro. Zinc (pref., cum div., £1) 2 1 0 2 1 G. J. Coles (£1) ... 3.11 11 3 12 Greater Crystal Palace 0 9 6 0 10 Henrv Jones Co-op. (£1) 1 18 9 — Hume Pipe (Aust.) (cum div., £1) 0 16 11 0 17 Kauri Timber (25s) .. 1 3 10 1 4 Mason. Struthers (£1 paid). ,'- 0 14.0 ~~ Mason, Struthers (10s 0 7 3 18 paid) -',<•' Morris Hedstrom (£1) 13 9 N.Z. Prug (£2) """ N.Z; Farmers' Co-op. (£2 10s paid) .'■-.. 0 18 0 •MM

Q .,...•/...-.' Buyers. Sellers. O. ■■'■(.. ".'-■' :''-''.' . „ > : :t,s.:-A. £ s. d. N.Z. Farriers' Co-op. ' . 0 1 9 (10s paid) . . ..009 N.Z. Farmers' Co-op. (A pref., £4) ..■..; 2.9 0 3 0 0 N.Z. Farmers' Co-op. (B pref.. £4) .. 2 0 0 N.Z. Farmers' Co-op. op.. 41 p.c. Stock, 3 1939, £100) •• 91 10 0 N.Z. Farmers' Co-op. (41 p.c. Stock. 1940.. . £100) ■ '• 91 0 0 92 5 0 on N.Z. Farmers' Co-op. u(41 p.c. Stock. 1944. in £100) .91 0 0 N.Z. Newspapers (£1) 1 17 0 1 18 0 cN.Z. Paper Mills (£1) — 1 10 0 17 6 ss, Procera Bread (10s) — Quill Morris (1936), Ltd. (£1) .. 0 17 6 0 19 9 Taupo Totara Timber ,• (10s) •• 0 8 10 — l_ ' Whitcombe and Tombs (£2 10s paid) .. 3 12 0 ~~ Wilson's Cement (10s) 1 19 6 ~~ 0 Woolworths (N.Z.), 6 (ord., £1) ,.560 5 10 0 Woolworths (N.Z.), 1 18 0 9 (pref., £1) •• — 0 5 Woolworths (Sydney) $15 6 (2nd pref., £1) ... — 3 Mining 7 Addison's Flat (Is) .. 0 17 0 1 11 Alexander (15s paid) — 0 12 0 9 6 Antonios Hydraulic (Is) .. — o 0 0 10 3 Argo Gold. (Is) .. 0 13 0 15 2f Barry town (£1) .. — 14 0 0 1 10 0 0 3 Big River (Is) .. 0 16 Brian Boru (Is) .. — 6 Central Shotover (Is) — 0 0 3 Golden Point (6d) .. 0 0 OJ 0 0 1 Golden Sands (Is) .. 0 2 2 — 9 Goldfields Dredg. (Is) 0 0 4J 0 0 43 Kildare (5s) '.. — 0 2 9 6 King Solomon (Is) .. 0 3 1 0 3 3 5 Lawson's Flat (Is) .. — 0 0 3j 6 Maerewhenua (Is) .. 0 0 11 — Mahakipawa (6d) .. — 0 0 1 Mahaklpawa (pref., 1 1929 issue, Is) .. — 0 0 1 2 Mahakipawa (pref., 3 1930 issue, Is) .. — 0 0 2J 5 Maori Gully (cum div., Is) .. .0 0 11 0 10 Mossy Creek (Is) .. — 0 17 Mount Lyell (£1) .. 14 6 14 9 Mount Morgan (5s) .. 0 16 0 0 16 2 Mt. Morgan (.first in6 stalment paid) .. 0 7 9 — 6 Nevis Diesel Electric ,. (Is) .. 0 0 01 0 0 U Okarito (5s) .. .— 0 5 0 er Rawang Tin (cum div.. th and bonus, 10s) .. 0 .9 0 0 9 6 nSkippers (Is) .. 0 0 2 0 0 3 cStafford Dredg. (5s >d, paid) .. 0 16 — Waimumu Sluic. (Is) 0 0 3 0 0 EJ y~ Wetherstones (5s) .. 0 10 0 14 re id Worksop Extend. (Is) 0 19 0 2 1 9s. m 2s UNLISTED STOCKS lk 7s All transactions in stocks quoted in this re section are subject to a different rate of brokerage from listed stocks and are not quoted on the official list. cBuyers . Sellers. re £ s. d. £ s. d. at Arthur's Point. .. 0 0 6 — ig, Os Andersons, Ltd. (pf.) 0 18 6 0 19 6 Assoc. Motorists' Pet. (pref.) .. 15 6 17 0 Aust. Invest. Trust ed (£1 paid) .. 0 4 3 — re Cant. Roller Flour .. 0 5 0 0 9 0 Christchurch Press .. 8 17 6 11 5 0 Macetown .. — 0 0 8 up National Tobacco .. — 3 12 6 ng New River (9d paid) — 0 0 10 Id. N.Z. M,tcu Invest. _ 0 0 5 0 0 8 N.Z. Perpetual For. . . — 3 0 6 M.K. Millinery .. 1 16 6 — Liy Scales t"C" pref.) .. 0 2 7 — ns Were's Invest. Trust 0 5 5 — )SS Woolworths (Sydney) Jd. (ord) .. 6 14 6 6 16 0 >9s >9s ;rs 4s White's Electric .. — 0 0 7 AUCKLAND at Sales on 'Change es £ s. d. nd Govt. Bonds, 1949, 4 per cent. 103 15 0 er Govt. Bonds, 1955, 4 per cent. 103 15 0 Auck. Harbour, 1959, 44 p.c. .. 108 0 0 City of Auckland, 1953, 41 iy per cent. - - 106 15 0 re Com. Bank of Aust. (3) 10 5 A Com. Bank of Aus. (pref.) 9 9 0 ay Mort. Corp. (2) 0 4 7 re Westport Stockton 0 13 at Auckland Gas 1 5 6 Dominion Breweries 1 1 3 in Anthony Hordern .. 10 6 Broken Hill (10s paid) 1 15 9 Hume Pipe (Aus.) 0 17 0 Martha 0 19 5 dSkippers 0 0 23 d, Waihi Junction 0 3 9 'e, Mount Lyell WELLINGTON 1 4-7 £ s. d. Sales on 'Change Ins. Stock. 4 per cent., 1937-40 (late Monday) 101 15 0 Ins. Stock, 4 p.c. 1949 103 15 0 Ins. Stock, 4 p.c, 1955 103 15 0 rs. Com. Bank of Australia (pf.) 9 9 9 d Com. Bank of Sydney ; Bank of New Zealand (late 21 0 0 Monday) 2 7 0 2 6 9 Bank of N.Z. (D mort.) (late Monday) -,. 19 3 Kaitangata Coal 12 3 Taupiri Coal (2) 0 17 3 Dominion Breweries (2) 1 1 4 N.Z. Breweries (late Mon.) 2 12 3 0 Tui Brewery (late Monday) .. 2 2 9 Broken Hill Prop, (late Mon.) 3 0 0 0 General Industries 110 G. J. Coles 3 12 9 Brian Boru (late Monday) .. 0 0 23 Mount Lyell (odd lot) 14 6 0 5 Mt. Morgan (late Monday) (2) 0 16 2 Unofficial List 0 Woolworths (Sydney) (3) 6 13 6 b' 6 14 9 0 0 DUNEDiN £ s. d. 0 1 Sales on 'Change Bank of New Zealand (late G Monday) . 2 7 0 1 2 7 0 0 Bank bf New South Wales .. 34 12 6 0 U.S.S. (pref.) 1 6 3 N.Z. Refrlg. (con.) 0 9 9 11 Kaitangata Coal (2) 12 4 Kaiapoi Woollen (ord.) 0 14 9 6 Anthony Hordern 10 4 0 Broken Hill Prop. 2 19 6 Stock Exchange Prop. 2 0 0 Milburn Lime (ex div.) 2 4 0 Hume Pipe 0 17 2 6 0 7 Timaru Brewery (call paid) .. 0 11 10 SYDNEY On the Sydney Stock Exchange yesterday, international developments and rising interest rates brought a feeling oi hesitancy into the investment market. o Business was transacted at mostly lowered prices. Commonwealth loans underwenl a further easing, but banking shares were firm. Base metal interests were quietly steady. Morning Sales 4 £ s. d. 10 Commonwealth Bonds— 33 per cent. 1949 96 13 9 4 per cent.. 1938 101 13 9 4 per cent., 1941 102 0 0 4 per cent.. 1944 102 5 0 8 4 per cent.. 1947 103 2 6 0 4 per cent.. 1957 102 0 0 3 4 per cent.. 1961 103 0 0 10 Bank of Australasia 12 10 0 Bank of New South Wales 35 12 6 Australian Gas A • .. 7 13 0 0 6 Tooth's BreWery 2 13 9 Anthony Hordern 1 0 41 Broken -Hill Prop, (new issue) 1 16 6 Burns, Philp (South Sea) 19 0 9 Dunlop Rubber 0 14 10 41 Howard Smith ,.. 0 17 1J 3 Lustre. Hosiery 1 16 0 6 Afternoon Sales Bank of New South Wales 35 12 6 Commercial Bank of Sydney .. 21 10 0 o Commercial Bank of Australia 10 9 6 National Bank (£1Q paid) 15 10 0 g National Bank (£5 paid) 7 15 0 Union Bank 10 0 0 Bank of Adelaide 7 1 0 Colonial Sugar 43 7 6 South British Insurance 4 13 0 . Howard Smith 0 17 0 Huddart-Parker 1 18 0 Burns, Philp (South Sea) 1 9 0 5 Australian Gas A 7 13 0 3 British Tobacco 2 1 6 Tooth's Brewery 2 13 9 8 G J. Coles .. .. 3 13 0 9 Drug Houses of Australia 1 9 41 Australian Iron and Steel (pf.) 2 5 1J 9 Dunlop Rubber .. 0 14 9 9 Henry Jones 1 19 71 Farmers 19 6 0 Anthony Hordern 10 2 Anthony Hordern (pref.) 15 3 Hume Pipe .. 0 17 0 United Provisions 0 13 9 Gordon and Gotch 2 7 6 10 J. Fielding 3 17 6 Beard Watson 0 17 6 , 3 Mount Morgan .. .. 0 16 11 Broken Hill Prop. 3 0 0 6 Loloma Gold 10 3 3 Emperor Gold 0 12 1 6 Tavua .. 0 3 2 MELBOURNE £ s. d. 3 Commercial Bank of Australia, 1 0 9 5 Com. Bank of Australia (pref.) 9 8 6 National Bank (£10 paid) ... 15 11 0 Australian Glass .. 4 4 3 Electrolytic Zinc .... .. 1 19 3 0 Electrolytic Zinc (pref.) . 2 16 G. J. Coles .. 3 12 6 6 Herald and Weekly Times 3 5 6 Mount Lyell .. 1 4 71 1 Lolama .. .. 1 0 0

FOREIGN EXCHANGES (BWTI8H OFFICIAL WIBILE3S.) RUGBY, March 9. " Par. ' Mar. 7. Mar 9. PSrie, tr. to £1 12421 74 57-64 7431-32 New York, dol. to £1 4.866 4.923 4.97J Montreal, dol. to £1 4.866 4.981 4.98 Brussels, belgas to £1 25 29.27 29.30 Geneva, fr. to £1 25.2215 15.14 15.151 { Amsterdam, fl. to £1 12.107 7.261 7.27 Milan, lire to £1 94.26 621 621 Berlin, reichmarken to £1 20.43 12.31 12.32 Oslo, kr ; to £1 18.159 '. —" Stockholm, kr.'to £1 18.159 193 193 Copenhagen, kr. to £1 18.159 22.39J 22.391 Vienna, schgs. to £1 34.585 261 261 Prague, kr. to £1 164.25 119g . 1191 Helsingfors, marks to £1 193.23 227 227 Madrid, pesetas to £1 25.2215 36 11-64 36 3-16 Lisbon, escudos to £1 110 1085 1082 Athens, drach to £1 875 517 517 Bucharest, lei to £1 818.6 .669, 669 Belgrade, dinars 25.2215 21.6 21.6 Rio de Janeiro, pence to milreis 4.899 4i 41 Buenos Aires, \ pence to dol. 47.59 —L Montevideo, pence to dol. 51 39} 391 Bombay, pence to rupee 19 18i 181 Shanghai, pence to dol. • 14 7-16 141 Hong Kong, pence to dol. • 15| 15g Yokohama. pence to yen * " 14 1-64 14 1-64 Batavia, guilders 12.107 7.23J 7.231 Warsaw, par zlotys to'£l 43.38 — — * Determined by price of silver.

The Bank of New South Wales , Christchurch, quoted the ! following rates as ruling yesterday tor its sales and purchases of foreign exchange. The rates are subject to alteration without notice:— , Buying. Selling. London— £ N.Z. to £100 stg. T.T. 124 124/10 O.D. 123/10 124/8/9 Australia— £ A. to £100 N.Z. T.T. 101 100/10 O.D. 101 100/10 Fiji— £ F. to £100 N.Z. T.T. 90/7/6 89 O.D. 90/7/6 89 New York— Dol. to £1 N.Z. T.T. 4.021 3.99 O.D. 4.044 3.99i Montreal— Dol. to £1 N.Z. T.T. 4.02g 3.99J O.D. 4.032 3.99g Austria— { Schgs. to £1 N.Z. T.T. — ' 20.68 O.D. — 20.70 Belgium— Belgas to £1 N.Z. T.T. — 23.406 » O.D. — 23.417 Czechoslovakia— Crowns to £1 N.Z. T.T. — 94.90 O.D. — 94S& 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. 60.76 59.93 O.D. 61.21 59.97 Germany— Reichmarks to £1 N.Z. T.T. — 9.826 O.D. — 9.831 HollandFlorins to £1 N.Z. T.T. 5.941 5.791 O.D. 6.001 5.795 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. 16.183 15.893 O.D. 16.243 15.903 Sweden— Kronor to £1 N.Z. T.T. 15.785 15.490 O.D. 15.845 15.500 Switzerland— Francs to £1 N.Z. T.T. 12.349 12.079 O.D. 12.454 12.084 Noumea— Francs to £1 N.Z. T.T. 62.56 58.56 O.D. 63.01 58.62 Papeete— Francs to £1 N.Z. T.T. 62.56 58.71 O.D. 63.01 58.77 Hong Kong— N.Z. pence to dol. T.T. 18 13-16 20 9-16 O.D. 18 23-32 20 17-32 India and Ceylon— N.Z. pence to rup. T.T. 22 9-64 22 57-64 O.D. 22 3-64 222 Japan— N.Z. pence to yen T.T. — 17 37-64 O.D. — 17 9-16 Shanghai— N.Z. pence to dol. T.T. 17 5-16 18 11-16 O.D. 174 18 43-64 Singapore— N.Z. pence to dol. T.T. 348 35 7-16 O.D. 34 3-16 35 27-64

LONDON, March 9. March 7. March 9. Copper- £ s. d. £ s. d. Standard, spot 36 3 li 36 5 7i Forward 36 10 74 36 13 U Electrolytic 40 10 0 40 10 0 to 40 15 0 41 0 0 Wire bars 40 15 .0 41 0 0 Lead — Spot 16 11 3 16 11 3 Forward 16 15 0 16 15 0 Spelter— Spof 16 2 6 16 3 9 Forward 16 7 6 16 8 9 TinSpot 213 15 0 214 10 0 Forward. <3' months) 204 12 6 204.16 3 SilverFine, per* oz. 19 l-16d 19 ll-16d Standard, per oz. 20 9-16d 213 d

Futures are quoted:- — Mar. 6 Mar. 9. London (quarters)— s. d. s. d. March 29' 0 24 6£ July29 5 29 9 Liverpool (centals)— March J. 5 111 6 03 May 6 n 6 2£ July . 6 n - 6 4 The spot trade is slow. Australian (ex ship), 31s 9d.