FINANCE AND COMMERCE

Press, Volume LXXII, Issue 21733, 16 March 1936, Page 13

FINANCE AND COMMERCE

LAMB MARKET WEAKER QUIET MORNING ON STOCK EXCHANGE The weekly advice received from London by the Meat Producers' Board shows that there has been a further weakening in the market for lamb in London, and that; the market for mutton is not as well supported as it has been recently. One of the reasons is that Lent has reduced the demand for meat, but there has also been a heavy supply of cheap chilled beef on the market. The fall in London may mean a further reduction of prices to the farmer in New Zealand. The Christchurch Stock Exchange had a very quiet morning on Saturday, when values were inclined to check the fall of the two previous days. The market was, however, by no means strong, and business was small.

The position of New Zealand butter and cheese in London still appears to be far from strong, and though the markets have steadied to some extent, they are as yet by no means encouraging.

SMITHFIELD MARKET LAMB PRICES DECLINE HEAVY SUPPLIES OF CHILLED BEEF The New Zealand Meat Producers’ Boprd advises that the following are the approximate average prices realised for the week, based on actual transactions of wholesale quantities of the descriptions of meal mentioned, and are for representative parcels of the goods offering during the week, being for business done on the basis of delivered to Smithfield Market and/or ex London stores:— (Prices for the two previous weeks are also shown.) * Mar. Mar. Feb, 13. 6. 28. Per lb. d. d. d. N.Z. SheepCanterbury & North Island selected crossbred wethers

Lamb Market-Prices have declined 1 owing to slackness in demand due to Lent and a continuance of very cheap I chilled beef and large supplies of home-killed meat. Mutton Market—Light-weight wethers unchanged, but tendency easier; other descriptions slightly weaker. Ewes: Market quiet and unchanged. Tendency of market is easier. Beef Market—Frozen beef nominal, owing to shortage of spot stocks. New Zealand Porker Pigs—Market easier, owing to continued heavy supplies of home-killed. New Zealand Baconer Pigs—Tendency of»market is"■ easier, owing to heavier supplies in sight. Bank of New Zealand Report The Plank of New Zealand has received the following advice from its London office as at the close of business last week;— 4 There is a weaker tendency for wether mutton. The market is firm for ewes. There is a good demand for light-weight lambs. Trade generally is slow, ’ Quotations:—Wethers, light, 43,1 tq Sfd per lb; heavy, 3Jd to 4d. Ewes. 2d to 44d. Lambs, 2’a, 6Sd to 7Jd; B’s. to 6Jd; '4’s; 6]d jd 6gd; seconds, 63d to ?d, . '

LONDON WOOL SALES

CROSSBREDS REMAIN FIRM MODERATE SELECTION IUEII (I 1 PSBSi ASSOCIATION —COPYRIGHT.) LONDON, March 13. At flic wool sales 8695 bales were tflered. including 4887 from New Zealand. A total of 7733 bales were sold. There was a moderate selection, with Hew Zealand crossbreds predominating. A good clearance was made, and there was active Home trade and Continental competition. Prices were very firm tor all descriptions, being 5 per cent, dearer than at the close of the last series New Zealand lots sold as follows; Greasy crossbred, Hautatara (top price I4d). average lljd. Bank of New Zealand Report The Bank of New Zealand has received the following advice from its London office, under date March 13;— Compered with the opening rates of the present sales, crossbreds are somewhat irregular, but coarser grades arc rather firmer. Compared with closing rates last series, merinos are about three farthings dearer. Current quotations are:—Merinos, super, 60-64’s, 17d to 18d per lb; ordinary, 60-64’s. 15d to 16d; inferior, 60-64’s, !24d to 13d. Halfbreds. 56-58’s, 13Jd to 14|d; 56’s, 12|d to 13d; 50-56’s, 10£ d to lid. Crossbreds, 50’s, 9jd to lOd: 48-50’s 8| to 9Jd; 46-48’s, Bid to 9d; 44-46’s. BJd to Bfd; 40-44’s, Bjd to BAd: 33-40’s. 8d to Bjd. STRONG DEMAND FOR MERINOS RISE IN CROSSEHEDS EXPECTED "The present selling year has undoubtedly been a merino wool season," staled a recent report from Winchcombe, Carson, Ltd., Sydney. “For months authorities In all parts of the world have been expecting fine and medium crossbreds to move upward to a more usual relative basis of prices, compared with merinos. Expectations in that respect have not fully materialised." The gap between the two classes of staple had not contracted but extended. continued the report. A preference existed lor soft handling merino fabrics which influenced the market to a considerable degree. The situation has also been accentuated by the fact that while supplies of merino wool bad lessened the year’s clip of crossbred would not show much change. In addition, carry-over stocks of crossbred wool were lairlv bulky, and those of merino negligible. New Zealand, by way of example, carried over 186,000 bales at June 30 last. * The experience raises the question whether it pays to curtail offerings and hob* over supplies when prices might not be considered acceptable. The very fact of liberal quantities of raw material being on hand puts a brake on values even if improvement in trade in goods develops abroad. Australia and other merino wool-growing countries fortunately started this season with warehouses practically clear of "old” wool, and they have certainly reaped full monetary benefit from the brighter business recorded in woollen fabrics. Yorkshire. Japan, and France were the three largest buvers of wool in Australia during the season, but the general world influence of America on business should not be overlooked. United States millmen bought supplies with greater freedom in the Commonwealth than for some years. In addition the purchase of products by America in Yorkshire and elsewhere stimulated turnover in those mills and gave their wool buying a fillip. A strong market seems assured for the small balance of the Australian din on hand, the renort stated. Millmen experienced a healthy trading season, and a stable market gave them a sound basis of working costs, eliminating the losses they suffered in other years through sharply receding values. BRITISH MARKETS WEAK (BRIITBB OFFICIAL WIRELESS.) RUGBY. March 13. The stock markets are still dominated by the European political situation. and the general tendency is weak. Uritkh Government stocks are lower. PROPERTY SALES The following sales are reported from Took:;, Norton, and Company:— On account of Mrs Cook, a building section in Hendon street, to a client; account of Mrs Page and others, a property in Sullivan avenue. Opawa. to a client; also, on account of Mr Dacre (and in conjunction with Homefinders), a property on the corner of Wynchcornbe and and Barrington streets, to Mrs Page. . Ford and Hadfleld, Ltd., report havmg sold a five-roomed bungalow. 51 Ngaio street, St. Martins, to Mr Cone Hutchinson, White, Ltd., report havsold on account Mr F. J. Twiss a two-storey bungalow at 352 Hereford street, to Mr L. Johnstone at a satisfactory price. Hutchinson, White, Ltd,, ‘ report having sold on recount, of :Mr W. Barlass a bungalow in Matipo street. Lower Riccarton, to Mr Wood, *t a satisfactory figure.

MINING

ARGO RETURN (PRESS ASSOCIATION TELEGRAM.) ■ GREYMOUTH, March 15. The Argo dredge return for the week was 460z from 17.000 yards for 122 hours’ work. ‘ MOSSY CREEK (PRESS ASSOCIATION telegram.) GREYMOUTH. March 15. The Mossy Creek return was 270z Gdwt frem 8051 yards for 133 ho vs. The dredge is now working under the north terrace. .-■ < GILLESPIE’S BEACH (PRESS ASSOCIATION TELEGRAM.) DUNEDIN. March 15. The Gillespie’s Beach dredge return was 70oz 13dwt for 130 hours. TALISMAN DUBBO Talisman Dubbo report by telegram that 563 tons were treated at the Golden Dawn battery for an approximate realisation of £612. LUND I PROFITS A profit of £2200 was earned by Bundi Tin Dredging Company, Ltd., in the year ended December 31.' Current assets at the balance date amounted to £6489, and creditors were owed £3060 Directors, in their report, state that dredging began on the company’s gold property at Greymouth (New Zealand) on June 13, and to the end of the year 518,500 cubic yards were treated for a recovery of 22420z llgr gold bullion, which ‘ realised £18,862. The gold recovery was equal to 2.07gr a cubic yard, or 8.73 d (New Zealand currency), export duty to .65d a cubic yard, and working costs to 6.44 d a cubic yard, leaving a mine working profit of 1.64 d a cubic yard. The directors state that working costs since the opening out was completed have been reduced considerably. The average recovery was not equal to values disclosed by boring, as the place where the dredge was erected was a comparatively poor portion of the area. Originally it was intended to dredge to Chinaman's Flat, where values are highest, but further investigation proved such a course to be impracticable at present. The flat on which the dredge is now operating has an area of 200 acres, which should give at least a further five years’ profitable dredging. Prospecting licenses have been obtained over furj (her areas situated on New River, from which an additional 600 acres of dredging ground will be obtained. Mr G. F. Poole, the local director of the comI pany, indicates that the dredge should I dig at least 120,000 cubic yards a month, and even at the present rate of costs I and recoveries a profit of £17,500 a ! year should be earned. i ' • BLACKWATER SLUICING j COMPANY { (PRESS ASSOCIATION TELEGRAM.) i GREYMOUTH, March 15. A return of 20 ounces, covering intermittent operations in the last three weeks, is reported by the Blackwater Sluicing Gomp?.nj. BIG RIVER REPORT The report for the week ending March 12 states:— Repair work in the shaft is proceeding satisfactorily. Only three sets of timber remain out of position. Five centres of timber have still to be put in, which, with the guides and ladders, will complete the shaft repairs to No, 4 chamber. Some supporting timbers will also need to be hitched in the solid ground opposite No. 4 chamber, lo act as bearer sets to support the main shaft timbers above that point. No. 2 audit level. Some sets «>£ timbers have been renewed in this section, and the level will then be cleaned up from the shaft upwards to the portal. THE METALS MARKET (UNITED PRESS ASSOCIATION—COPTRIGUT.) LONDON. March 13. March 12. March 13,

PRICE OF GOLD (UNITED PRESS ASSOCIATION— ROPTRIGIIT.) LONDON, March 14. Gold is quoted at £7 Is Id a fine ounce. : ■ i PRICE OF SILVER (UNITED PRESS ASSOCIATION—COPYRIGHT.) LONDON, March 14. Silver, fine, is quoted at; Spot, 19 13-16 d; forward, 19 11-16 d a fine ounce. BRITISH TREASURY BILLS (BRITISH OFFICIAL WIRELESS.) RUGBY, March 13. The total amount applied for in tenders for £ 45.000,000 of Treasury bills was 70,375,000. The average rate per cent, for bills at three months was 10s 9.24 d. against 10s 5.08 d a week ago. LONDON PRODUCE MARKETS (UNITED PI’.ESS ASSOC! '.TION—COPYRIGHT ) LONDON*, March 14. Friday’s closing prices ■ were:— Cotton—Spot, 6.30 d her lb; April, 5.93 d. Rubber—Para, B£d per lb; plantation smoked, 7 13-32 d. Copra—April-Mayv South Sea, £l3 a ton; smoked, £l2'2s 6d;’plantation Habaul, £l3 15s. Linseed* Oil—£2B 15s a ton. Turpentine-- -£2 2s per cwt. The market for rabbits shows a weakening tendency, Fifst large, ex store, are worth 21s.

THE STOCK EXCHANGES

UNLISTED STOCKS All transactions in stocks quoted In this section are subject to a different rate of brokerage from listed stocks and are riot quoted on the official list

BUSINESS IN CHRISTCHURCH PEW DEALINGS ON SATURDAY Saturday rooming was a very quiet time on the Christchurch Stock Exchange. There were few dealings, and values were generally weaker, though a number of stocks remained firm at late rates.

AUCKLAND Sales on ’Change £ s. d.

WELLINGTON 1 Sales on* ’Change

DUNEDIN

LONDON QUOTATIONS (UNITED press association— copyright.) LONDON, March 13. £ s. d. Mount Lyell .. 0 19 0 New Guinea Goldfields .. 0 3 4J Bulolo, Ltd. 6 10 0 FOREIGN EXCHANGES (BRITISH OFFICIAL WIRELESS.)

FOREIGN EXCHANGE RATES The Bank of New South Wales, Christchurch, quoted the following rates as ruling on Saturday for its sales and purchases of foreign exchange. The rates are subject to alteration without notice:— Buying. Selling. London—

T.T. represents Telegraphic Transfer. O.D. represents On Demand. DOLLAR MARKET RATES • The Associated Banks (other than the Bank of New South Wales) quoted the following dollar rates on Saturday on a New Zealand currency basis. They are subject to alteration without notice , U.S.A. Canada! (Per £1 N.Z.) Selling— Dol. Dol, T.T. ~ ~ 3.98J 3.981 O.D. .. .. 3.98g 3.98J , Buying - O.D. ~ .. 4.03 4.03J . FRENCH* AND AMERICAN EXCHANGE (UNITED PRESS ASSOCIATION—COPVRIGHT.) LONDON, March 14. . United Slates and French exchange closed to-day at: —Dollars, 4,97£; francs, 74 13-16 to £1 sterling.

TAXATION ON;. BUSINESS

MAY IMPAIR EFFICIENCY AN AMERICAN VIEW “There is a real danger that the extension ,of governmental activities and the increase in public debts may result in a tax burden; that will ser.iously and permanently impair the productive ■ efficiency of our industrial system, 1 ’ states the Guaranty Trust Company of New York in a survey of the field of taxation in the United States. ■ The company quotes some extraordinary figures of taxation. If points out that a tak burden is measured, in so far as it can he measured mathe--matically, by the ratio of taxes to income. In the United States this ratio has risen since the beginning of the depression, and the peak was reached in 19"o. Between 1930 and 1932 the est : m .ted national income decreased by more than 40 per cent, Por the period from 1932 to 1934 the ratio averaged about 20 per cent., as against 10 to 12 per cent, in* the years prior to the depression. • “If it could be assumed that the tax burden on business would decline to something approximating the predepression average as recovery progresses. the figures for the last few years would afford ground for less concern.” states the company. “Unfortunately, no such can be made. The depression years have witnessed further extensions of governmental activity into new fields, with rising tax rates, and with a rapid growth of public debts. Both the new activities and the larger debts will irequire greater tax revenues than have been needed in the past. “What effect high taxes will have on business recovery and on the. productivity of our industrial system over a period of years is likewise beyond prediction. It is frequently pointed out that, from the point of view of a national economy as a whole, taxes do not represent a cost in the sense of a deduction from income, but a redistribution of income. This, of course, is true hs long as the governmental activities supported by the taxes are as useful and as efficiently conducted as the private industrial operations which they displace. “Another important consideration is that there cannot be adequate taxation unless there are profits to be taxed,” the company adds. “Recent legislation has tended to subject business management to an increasing degree of regulation, and to make it increasingly difficult to control costs to the extent that was formerly the case. At the same time, government com-, petition with private business has been increased and carried into new fields, levying on business what amounts to an indirect tax. In so far as the earning position of business is impaired by tins regulation and competition, the tax burden will be increased, and the ability of business to support Governments correspondingly reduced.”

AMERICAN FINANCE

ENDURING STRENGTH IN turmoil

The many people who are wont to think of the New York and other stock exchanges as centres of uncertainty and violent' fluctuations would do well to’ 5 consider carefully the course of the exchanges of the country during the last year (states the "Journal of Accountancy,” New York).

Wall Street and the rest of,;the finan-; cial centres of the United States are not so temperamental or mercurial as they had been thought to be. American business is a pretty substantial thing, come weal, come Woe. It is too big a thing'to be long tossed about by what must be purely temporary conditions. American wealth is too vast to be dissipated in panic fear. Such convulsions as those of October and November, 1929, were strong enough to destroy any ordinary fabric; but there have been many painful recessions in the market before and there probably will be others in the future, yet* underlying all there is the inherent and enduring strength of American business.

It Ig heartening to contemplate the whole scene. If one could detach himself entirely from the present and take a 'view in decades rather than In months, there would' be little cause for alarm. We have a population for the most part consisting of hardheaded and unemotional people. They Jaiow what they want; they have their individual ambitions to gratify; and in the long run they succeed. So in the realm of American finance there is a lasting confidence and a comfortable assurance that, whatever winds may blow, all is well. Accountants would be wise to bear these facts in mind and not to be misled by sudden and unexpected disturbances which threaten for a moment. Accountants are the men upon whose advice business increasingly depends, and if they will keep their feet upon the ground they can do a yeoman service to the whole business structure of the country. The ordinary man who is confronted by growing deficits can be ' forgiven a certain amount of nervousness; but his advisers, among whom accountants stand first, have no such excuse for pessimism. The future is not permanently dimmed. It will be a long pull back to the heights of prosperity, and there will be many politicians and others who will seek to impose theft immature will upon the country; but they cannot prevail. The astonishing strength of American finance through ail this turmoil is one of the most hopeful indications of the innate pouter and the natural prosperity of America DAIRY PRODUCE A. H. TURNBULL AND COMPANY’S REPORT A. H. Turnbull and Company, Ltd., report that they have received a cablegram dated London, March 13, as follows; • « Danish butter 1225; New Zealand fine 85s; Kangaroo 85s. New Zealand cheese, white 50s;: coloured 525; Canadian 645. The butter and cheese markets are quiet but steady. FAIRLIE EWE FAIR Prices exceeding vendors’ expectations in most cases marked the ewe fair at Fairlie on Saturday, when more than 22,000 ewes and ewe lambs were yafded. There was a large attendance of farmers, buyers attending from all parts of South Canterbury. Cast ewes made up to 27s 4d, two-tooth three-quarterbred ewes up to 40s, and ewe lambs to 23s 4d. Good s.m. three-quarterbred ewes sold,, at from 22s 6d to 27s 4d, medium at from 18s to 21s 7d, good s.m. halfbred ewes made to 255, f. and l.m. three-quarter-bred ewes made from 14s to 20s, fan. three-quarterbred ewes to 17s, aged ewes 7s 6d to 11s 7d; good two-tooth three-quarterbred ewes made from 35s to £2, medium from 31s 9d to. 33s Bd. and inferior from 24s 7d to 27s 9d; threequarterbred ewe lambs, 18s to 23s 4d, halfbred ewe lambs from 20s ■ to 23s 4d, small three-quarterbred ewe lambs from 15s ,to 17s 9d. four, six and eight-tooth thrtje-quarterbred ewes made to 245.

ANNUAL SPORTS

ROMAN CATHOLIC SCHOOLS MEETING -AT ADDINGTON RACECOURSE . Ideal weather favoured tire gaUierlngof the pupils of the Roman Catholic schools, of Christchurch at the annual sports meeting as a part of the St. Patrick's Day celebration, at the Addington , Show Grounds. There was an attendance of more than 1500 children, all of whom took part In the sports programme. A large number of parents and frierlas watched the races with great interest. Among those present were his Lordship Bishop Brodie and many of the local clergy. At 3 p.m. the grand parade of all the competitors took place. Bach school bor® its own banner, and the pupils, dressed in the distinctive uniform of their, schools, formed a very pleasing sight. The schools taking part were as follows:—Sac-c red Heart College, St. Mary’s College, Villa Maria, Marist Brothers, St. Joseph's Boys’ Home, Nazareth House Girls, St. Joseph's Girls’ School; Addington Convent. St. Mary’s School, Loreto Boys' College, Papanui Convent, Beckenham Convent, Woolston Convent. Sumner Convent, New Brighton Convent, and Dallington Convent. ■* ■ , ;

The cup winners were as follows: Girls’ Championship—"St. Mary’s Primary 1, Nazareth House 2, Sacred Heart 3. Boys’ Championship—Marist Brothers 1, St. Joseph’s Home 2, Addington 3. The results are as follows:

75 yards boys under nine—First heat: A. Smith (St. Joseph’s) 1, J. Odell (Addington Convent) 2. Second heat; P., Matthews (St. Joseph’s) 1, B. Hopping (St. Anne’s) 2. Final: P. Matthews 1, B. Hopping 2. J. Odell 3. . 75 Yards Girls under 9—First heat; P. Davies (St. Anne’s) 1, P. Johnstone 2. Second heat: E. Mercer (Addington Convent) 1, K. Hilton (St. Joseph's) 2.. Third heat: M. Woodley (Nazareth House) 1, M. McVicar (Nazareth House) 2. Final: M. Woodley 1, P. Davies 2, M. McVicar 3. 75 Yards Boys under 10—First heat: T. Stewart (Addington Convent) 1, G. Miles (Addington Convent) 2. Second heat: K. Sloan (Addington Convent) 1, P. Maguire (St. Mary’s) 2. Third heat: P. Matthews (St. Joseph's) 1, L. Bowman (Marist) 2; Final: B. Sloan 1, G. Miles 2, L. Bowman 3. (

75 Yards Girls under 10—First heat: I. Paget (Addington Convent) 1, O. Di Somma (St. Mary’s) 2. Second heat: M. Foote (Nazareth House) 1, E. Smith (St. Mary's) 2. Third heat: A. Taylor (Nazareth House) 1, E. Mercer (Addington Convent) 2. Final: A. Taylor 1, I. Paget 2, M. Foote 3.

75 Yards Boys under 11—First heat: K. O’Connor (St. Mary’s) 1, G. Gregory (St. Mary’s) 2. Second heat; K. Sloan (Addington Convent) 1, N. Murray (Addington Convent) 2. Third heat: W. Rivers (Marist) 1, M. Wemyss (St. Joseph’s) 2. Final: B. O’Connor 1, W. Rivers 2, K, Sloan 3-

75 Yards Girls’ under 11—First heat: P. Thompson (St. Joseph’s) 1, N. McVlcar (Nazareth House) 2. Second heat: P. Barrett (St. Mary’s) j, D. McCarthy • (St. Anne's) 2. Third heat: P. Frawley (Nazareth House) 1, M. Griggs (St. Mary’s) 2. Fourth heat; M. Giles (Addington Convent) 1, M. Hcoan (Addington Convent) 2. Final: P. Frawley 1, N. McVlcar 2, P. Thompsons. 75 Yards Boys’ under 12—First heat: J. Mullins (Marist) 1, M. Blackburn (St. Joseph’s) 2. Second heat: F. Sullivan (St. Joseph’s) 1, W. Kortegast (Marist) .2. Third heat: P. McDonald (Addington Convent) 1. F. Barnett (Addington Convent) 2. Fourth heat: D. Kotlowski (St, Joseph's) 1, D. Empson (Marist) 2, Final: D. KOtlowski 1. M. Blackburn 2, J. Mullins 3. 75 Yards Girls' under 12—First heat: E. Fagan (New Brighton) I,'N. Noonan (St. Mary’s) 2. Second heat; M. Prebble (Addington Convent) 1, S. Costello (Addington Convent) 2. Third heat: J. Ritchie (Sacred Heart) 1, N. Mahoney (St. ‘ Peter’s) 2. Fourth heat; A. Mercer (Addington Convent) 1, I. Gaff aney (St, Mary’s) 2. Final: J. Ritchie 1, N. Noonan 2, N. Mahoney 3. 75 Yards Boys' under 13—First heat: R. McKendry (Loreto) 1, L. Perkasky (Addington Convent) 2. Second heat: J. Manning (Marist) 1. P. Williams (St. Mary’s) 2, Third heat: B. Preston (Marist) 1, K. Tallott (Marist) 2. Final: B. Preston 1, L. Perkasky 2, R. McKendry 3. 75 Yards Girls’ under 13—First heat: B. Wimsett (St. Peter’s) 1, T. Wager (St. Mary’s) 2. Second heat: B. Sturgess (St. Mary’s). 1, K. Bonan (St.> Mary’s) 2. Third heat: E. Fagan (New Brighton) and N. Lawrence (St. Mary’s) 1. Final: B. Sturgess 1. N. Lawrence 2, E, Fagan 3. 100 Yards Boys under 14—First heat: R. McGovern (Marist) 1, L. Perkasky (Addington Convent) 2. Second heat; U. Kotiowski (St.- Joseph’s) 1. B. Pierce (St, Joseph’s) 2. Third heat: D. kiill (New Brighton) 1, B. Wilkins (Marist) 2. Final: I). Hill 1, D. Rptlowshi 2, JB. Wilkins , 3. 75 Yards Girls’ under 14—First heat: B. Sturgess (St. Mary's) 1. S. Brophy (Sacred Heart) 2. Second heat: S. Sheldon (Villa Maria) 1, E. McCurline * (Nazareth House) 2. Third heat: M. Daly (St. Joseph’s) 1, E. Fagan (New Brighton) 2. Final: o. Sturgess 1, E. Fagan 2, S. Brophy 3. TOO Yards Boys’ under 15— p. Thoms (Marist) I,P. Hurley (Marist) 2. Second heat: A. Guest (Addington Convent) 1. J. Adlam (Marist) 2. Final; P. Huney 1, A. Guest 2, P. Thoms 3. 75 Yards Girls’ under 15—tink heat. O. Murray (Sacred Heart) 1, P. R»vers (Sacred Heart) 2. Second heat: N. (t»t. Mary’s); 1, N. Btevens (Sacred Heart) 2. Third heat; B. Sturgess (fat. Mary s) 1. K. Ronan (St. Mary’s) 2. Final: B. Sturgess 1, 0. Murray 2. P. Rivers 3. 75 Yards Girls’ Secondary School Sack Race— B. McCarthy (Sacred Heart) 1, J. Aidagh (Sacred Heart) 2, S. Moriarty (St. Mary’s) 3. 100 Yards Boys under 12 Primary Schools' Championship—M, Blackburn (St. Joseph’s) i; J. Mullins (Marist) 2. D. Kotlowski (St. Joseph’s) 3,. 75 Yards, Girls under 12. Primary Schools’ Championship—J, Ritchie (Sacred Heart) 1, A. Mercer (Addington Convent) 2 P. Barrett (St. Mary’s) 3.. . 100 Yards.' Boys under 15, Primary Schools’ Championship—P. Thoms (Marist) 1, A. Guest (Addington) 2. P, Hurley (l re riS Yards, Girls under 15. Primary Schools’ Championship—B. Sturgess (St. Mary’s) 1, W. Lawrence (St. Marys) 2, E. Fagan (New Brighton) 3. . Relay Race. Boys under 12, Primary Schools’ Championship—St. Josephs (D. Kotlowski, B. Neilson, B. Prendegast. .M. Wemyss) 1, Marist (J. Mullins captain) 2, Addington Convent (L. Petcasky captain) 3,

Relay Race* Girls under 12, Primary Schools’ Championship—Nazareth House (P. Foote, P. Frawley, M. Wall, Z. Ludlow) 1, St. Joseph’s (C. Fanning captain) 2, St. Mary’s (E; Berry captain) 3. ‘ Relay "Race, Secondary School Girls—at. Mary’s A (M. Shanahan, V. Cotter, E. Ryan, M. Archer) 1, Villa Maria (V. Hogg captain) 2, St. Mary’s B (P. Keogh captainl;s. • ,~ • _ , „ „ ‘ 75 Yards, Boys' Siamese Race—G. Harper and R. McKendry (Loretto) 1. D. Hill and T. Perham Brighton) 2, I. Anderson and B. Noonan (St, Mary’s 3. 75 Yards Girls Siamese Race—J. Hanna and E, Ryan (St. Mary’s) 1, M. Archer and M. Shanahan (St. Mary’s) 2, ,N. Mercer and N. Coates (Sacred Heart) 3. Relay Race, Boys under 15, Primary Schools' Championship—Marist A (P. Hurley, P. Thoms, R. Huddlestone, J. A<Uam) 1. Marist B (E. Lindstrom captain) 2, St. Mary’s (J. O’Connor captain) 3. \ Relay Race, Girls under 15, Primary Schools’ Championship—St. Mary s (N. Lawrence, B. Sturgess, M. Knox. Noonan) 1, Villa Maria (V. Hogg captain) 2. Nazareth House (N. Cummings captain) 3 .■ Over and Under Ball Game, Boys—Marist A (K. Tallott captain), 1. Addington A (C. J ones captain) 2, Addington B (K. Sloan captain) 3. ;■ . Basketball Throwing Game, Girls—First heat; Addington Convent A 1, St. Storys A 2, St. Joseph’s 3. Second heat: Addington Convent B 1, St. Mary’s B 2. St. Peter’s 3. Final: SL Mary’s A (B. Sturgess, captain) 1. St. Mary’s B. (I. Murphy, captain) 2, Addington Convent A (M. Prebble, captain) 3. _ , Basketball- Throwing Game, Secondary School Girls—St. Mary’s A (E. Ryan, captain) 1. Villa Maria (I. Robinson) 2, St. Mary’s B (M. Gill) 3. ' 75 Yards Chariot Race. Boys’ Consolation—P. Percasky, B, McDonald, W. Brown (Addington Convent) 1, D. Paulsen, G. Mustchen, E. Falgar (Marist) 2, P. Kennedy, K. Poff, K. Loader (Marist) 3. 75 Yards Derby Race, Girls’ Consolation—First race: J. Ardagh and M. Ramsay (Sacred Heart) 1. A. McGahey and M. : Shanahan (St. Mary’s) 2, P. Walsh and O. Quigg (Sacred Heart) 3. Second race: R. Finnerty and O. Murray (Sacred Heart) 1, M. O’Sullivan and M. Foote (Nazareth House) 2, J. McNabb and M. Berry (Sacred Heart) 3. . Nazareth House Derby—R. McVicar and Z. Ludlow 1, N. Long and M, Woodley 2, A. Taylor and J. Kotlowski 3. St. Joseph’s Siamese—D. Kotlowski and B. Neilson 1. K. Kugener and N. Prendergast 2, P. Millar and, A. Hancock 3.

and maiden ewes: 481b and under ■5,1 5,1 51 48 to 531b 5:1 5J 5,3 57 to 641b 43 45 63 to 721b 1 . 4g 41 43 North Island; 48 to 561b 5p 52 57 to 641b 4| 43 45 65 to 72'.b 41 43 43 Ewes— 481b and under 4i 42 43 48 to 641b 3| 31 3$ 65 to 721b 3* SJ 31 N.Z. Lambs — Canterbury— 1 361b and under 7 71 73 37 to 4"lb 6i . 7 71 43 to 501b 6 g 6| m Second quality: 1 about 1 311b G| , 7 u Other South Island— 361b and under 7 37 to 421b 63 — — 43 to 501b 6il — — North Island Downs— 361b and' under U 71 37 to 421b m 7 71 43 to 501b ci 6| 63 Second quality: Average, about 301b 75 71 7J 71 North IslandFirst Quality: 361b and under 61 7 37 to 421b 6* 6J 75 Second Quality: Average, about 311b 61 6| 7 Australian Lambs— Victorian: First quality; 381b and under 6* 6i 63 37 to 421b 6 6J 61 Argentine Lambs— . First Quality: 361b and under 61 63 61 37 to 421b 5f 5| 6 N.Z. Frozen BeefOx hinds, 145 to 2101b 4 h 4| 41 Ox fores. 145 to 2101b iM CO 23 22 N.Z. Chilled BeefOx hinds, 145 to 2101b 33 3.3 Ox fores, 145 to 2101b 21 2| 25 Argentine Chilled Beef Ox hinds, 145 to. 2101b 4i 4i 4g Ox fores. 145 to 2101b 3 3 31 Uruguayan Chilled Beef— 1 Ox hinds, 145 to 2101b .. 4 4* 4] Ox fores, 1451b.to 2101b 2J 2f 3 Brazilian Chilled BeefOx hinds. 145 to 2101b 31 33 "S 2} Ox fores, 145 to 2101b 2J 2\ Australian Frozen Beef Ox hinds, 145 to 2101b 41 41 41 Ox crops, weights corresponding 23 21 23 Australian Chilled BeefOx hinds, 145 to 2101b .. 32 33 Ox crops, weights corresponding 2| 23 Union of South Africa Chilled BeefOx hinds. 145 to ‘ 2101b oa 3,3* Ox lores, 145 to 2101b 23 22 Southern Rhodesian Chilled BeefOx hinds, 145 to 2101b .. 3i 31 3i Ox lores, 145 to 2101b 2 21 22 N.Z. Pprker Pigs— First Quality: 60 to 801b 5i 5| 31 81 to 1001b 5| 51 51 101 to 1201b 52 5A 5-4 N.Z. Prime Baconer Pigs— 121 to 1601b .. 5| 52 52

Copper— £ s. d. £ s. d. Standard, spot 36 3 U 36 3 U Forward 36 4 4£ 36 11 3 Electrolytic .. 40 5 0 40 5 0 to 40 15 0 40 15 0 Wire bars 40 15 0 40 15 0 Lead— Spot > 16 12 6 16 12 6 Forward 16 13 9 16 15 0 Spelter— Spot 15 17 6 15 16 3 Forward 16 2 6 16 1 3 Tin— Spot 215 10 0 215 15 0 Forward (3 months) .. 205 5 0 205 12 6 Silver— Fine, per oz 192 d 1913-16 Standard per oz. 2115-16d ’ 21gd Mar. 7, Mar. 13. £ s. d. £ s. d. Pig iron British . 3 10 0 3 10 0 Export _ .. . 3 10 0 3 10 0 Antimony— British . 72 10 0 72 10 0 Foreign . 46 10 0 , 50 10 0 Molybdenite . 1 15 A unit 6 1 15 6 Wohram . 1 14 3 1 14 3

DEALINGS COMPLETED LISTED STOCKS Sales cn ’Change 5 Bank of New South Wales 34 5 0 •• 50 New Zealand Brew'.■cries . .. 2 12 9 100 Broken Hill Propty. (2) 2 17 t> 100 G.J. Coles (2) 3 9 0 100 Mount Lyell 1 2 8 Sale Reported 100 Mount Lyell 1 2 9 UNLISTED STOCKS Sales Reported 75 Woolworths (Sydn.y). ord. 0 15 (5 6 .14 G Bank of New South Wales d eclined to £34 5s. and there were further unsupported sellers at £34 10s. Goldsbrough, Morts wci c weaker, with sellers at 31s 8d. buyers at 30s. New Zealand Breweries had business at 52s 9d. and more were offered at 52s lOd. buyers at 52s 6d. Sellers of Staples Brewery shares reduced their limits to 34s 9d, buyers at 32s. Broken Hill Proprietary were firm, with buyers and dealings at 57s 6d, sellers at 57s 9d: buyers of the contributing raised their bids to 34s 3d, sellers at 34s 9d. G. J. Coles changed hands at 69s, and there were further buyers at that figure, sellers at 69s 3d. Mount Lyells dropped to dealings at 22s 8d and 22s 9d, market closing 22s 7d buyers, 22s 9d sellers. Unlisted Stocks Woolworths (Sydney), ordinary, were easier, with dealings at £6 15s 6d and £6 14s 6d, and more were offered at £6 15s, buyers at £6 13s. LATEST QUOTATIONS N.Z. Govt. Debentures Buyers. Sellers £ s. d. £ s. d. 4 p.c. Ins., 1943-46 .. 102 10 0 — 4 p.c. Bonds, 1943-40 102 12 6 102 15 0 Other Debentures Booth, Macdonald, 6J p.c.. 1937 .. .. 71 0 0 82 0 0 N.Z. Refrig., 4| p.c., 1940-45 .. — 101 10 0 Banks Australasia (cum div.. £5) ., .. _ 12 8 0 Comm, of Aust. (10s) 1 0 2 1 0 3 iNatl. of Aus'asia (£5 paid) .. .. 7 11 0 7 12 6 New South Wales (£20). .. .. — 34 10 0 New Zealand (£1) .. 2 2 0 2 5 0 Reserve (£5) .. 5 5 0 5 15 0 Union (£5) .. .. 9 15 0 9 15 6 Insurance New Zealand (£1) .. — 3 3 0 Queensland (£1) .. 2 10 0 South British (£1) .. — 4 12 6 Standard (£1) .. — 3 3 0 Loan and Agency Dalgety and Co. (£5) — 9 10 0 Goldsbrough, Mort (£1) 1 10 0 1 11 8 Mortgage Corpn. (5s) 0 4 6 0 4 7 United Build. Society (cum div., £1) . .. — 1 1 6 Shipping Devonport Ferry (£1) — 113 Huddart-Parker (cum div., £1) .. — 1 18 0 Frozen Meat N.Z. Refrig. (£1 paid) — 1 0 3 N.Z. Refrig. (10s pd.) — 0 9 0 North Canterbury (£3 paid) , . .. ..1 10 0 118 0 Woollens Kaiapoi (7s paid) 0 5 6 Coal Westport-Stockton (pf., • / 10s) .. _ 0 2 5 Breweries Carlton (£1) .. 2 10 0 2 13 0 Momeiths (tl) .. — loo New Zealand (£1) .. 2 12 6 2 12 10 t» tuples (£1) .. .. i 12 0 1 14 9 lunaru Uus) .. .. 0 12 0 Lmaru (7s 6(1 paid • and 2s 6d call) .. 0 12 0 . Tdoths (£ i) .. a 10 9 2 12 3 white Star (£lf ... — 0 10 0. Miscellaneous

Anthony Hordern (£1) 0’ 18 0 0 19. 4 Aust. Glass (£1) 4 1 6 4 2 3 Aust. iron and Steel (£1) 1 4 0 1 5 0 Seutn and Co. . (cum dlv„ £1) 1 3 0 1 7 9 Beath and Co. (Is paid, cum div.) . _ 0 6 0 BiiUsn Tobacco (cum div.. £1)' .. _ 1 19 9 Broken Hill Pty. (£1) 2 17 6 2 17 9 aroKen Hill Prop. (con., 3s 4d pd.l .. 1 14 3 1 14 9 Colonial Sugar (£201 41 0 0 .43 0 0 Dunlop Rubber (£1) .. 0 13 9 0 13 11 liiectio. Zinc (ord.. * cum div., £1) 1 16 3 Electro. Zinc (pref., cum div., £1) 1 19 3 2 1 0 G. J. Coles (£1) 3 9 0 3 9 3 uenry Jones Co-op. (£.1) 2 0 0 Hay’s, Ltd, (£1 paid! Howard. Smith (cum ■ 1 1 0 div., £1) .. __ 0 10 6 Kauri Timber* (25s) .. 1 3 8 1 3 11 Mason. Struthers (10s * paid) 0 G 4* Morris, Hedstrom (£1) 1 3 0 1 5 6 N.Z. Drug (cum div.. £2) 3 18 6 N.Z. Farmers’ Co-op. (£2 10s paid) N.Z Farmers’ Co-op. 0 17 0 _ (10a paid) .. 0 1 0 0 2 0 N.Z. Farmers' Co-op. 41 p.c. Stock. 1940 (£100) .. . 92 5 0 N.Z. Newspapers (£1) 1 17 0 1 18 0 Prccera Bread (10s) .. 1 6 0 Quill, Morris (1936) (£1) 0 17 3 0 19 4 Wilson’s Cement (10s) 2 0 6 Woolworths (N.Z.), (ord., £1) . . 5 5 6 5 96 Woolworths (Sydney) (2nd pref., £1) 15 .3’ Woolworths (Victoria) (pref., £1) .. — 1 10 0 Mining Addison’s Flat (Is) . . 0 1 7 0 1 10 Alexander (£1) 0 16 6 Alexander (15s pd.) .. 0 1 6 0 11 6 Antonio’s Hydraulic (Is) _ 0 0 9 Argo Gold (Is) 0 1 3 0,1 3J Big River (Is) . 0 1 4J 0 1 84 Brian Boru (Is) 0 0 u 0 0 3 Deep Lead (Is) 0 17 Goldfiields Dredg. (Is) 0 o 4 0 0 43 King Solomon (Is) .. 0 3 n 0 3 3 Lawson’s Flat (Is) ... 0 0 4 Maerewhenua (Is) .. 0 0 u 0 0 2) Mahakipawa (6d) 0 0 0) 0 0 03 Mahakipawa (pref., 1930 issue. Is) o 0 n 0 6 2T Maori Gully (cum div.. Is) .. 0 0 104 0 T .0 (£1) 1 2 7 12 9 Mount Morgan (2s 6d) 0 15 6 0 15 11 Nevis Diesel Electric (Is) 0 0 03 0 0 1 Rawang Tin (10s) ..* 0 8 7 0 9 0 Upper Watut (5s) .. _ 0 7 0 Skiopers (Is) 0 0 2i 0 o 23 Stafford Sluic. (Is) .. ■ ■' 0 0 9 Waimumu Sluic. (Is) 0 0 3J Worksop Extend. (Is) 0 1 6 0 2 0

Buyers. Sellers. £ s. d. £ s. d. N.Z. Mining Invest. .. 0 0 5J 0 0 9 Were's Invest. Trust 0 5 5 — Woolworths (Sydney) (orcl.) .. 6 13 0 6 15 0

4 per cent. Stock, 194? 103 10 0 Bank of New Zealand 2 4 0 Mortgage Corporation 0 4 7 Traders’ Finance (con.) 0 3 11 Well Invest. Trust (10s paid) .. 0 9 3 (Veil Trustee Loan (£5 paid) .. 5 4 0 Kaiapoi (pref .) . . .. • 0 17 6 Electrolytic Zinc (pref.) 2 1 0 Morris, HedStrom 1 4 7 Wilson’s Cement .. ' 1 19 9 Mataki 0 1 10 Mount Morgan .. 0 16 0

£ s. d. Mortgage Corporation 0 4 6 Waitaki Frozen Meat (late Fri.) 4 0 0 Dental Medical Supply .. 0 11 9

Sales on 'Change £ s. d. 34 p.c. Stock, 1939-43 .. .. 102 15 0 Commercial Bank (late Friday) 1 0 4 N.Z. Breweries (late Friday) .. 2 13 0 Were’s Trust .. 0 5 6

RUGBY, March 13. Par. Mar. 12. Mar. 13. Paris, fr. to £1 124.21 74 57-64 74 57-64 New York, dol. to £1 4.866 4.97 11-16 4.96 11-16 Montreal, dol. to £1 4.866 4.98 4.981 Brussels, belgas to £1 25 29.29} 29.30 Geneva, fr. to £1 25.2215 15.13J 15.13J Amsterdam, fl. to £1 12.107 7.264 7.26| Milan, . lire to £1 94.26 621 621 Berlin, relchmarken to £1 20.43 12.281 12.29 Oslo. kr. to £1 18.159 Stockholm, kr. to £1 18.159 191 191 Copenhagen, kr. to £1 18.159 22.39} 22.39} Vienna, schgs. to £1 34.585 264 26} Prague, kr. to £1 164.25 1191 119} Helsingfors, marks to, £1 193.23 227 227 Madrid, pesetas to £1 25.2215 36 5-16 36 5-32 Lisbon, escudos to £1 1.10 CO o 108} Athens, drach to £1 875 518 517 Bucharest. lei to £1 818.6 669 669 Belgrade, dinars 25.2215 21.6 21.7 Rio de Janeiro. pence to milreis 4.899 4i 41 Buenos Aires, ■ pence to dol. 47.59 — — Montevideo, pence to dot. 51 394 39} Bombay, pence 19 181 to rupee 181 Shanghai, pence to dol. * 144 14 9-16 hong Kong, pence to dol. • 15 31-32 151 Yokohama. 14 1-64 pence to yen * 141-64 Batavia. guilders 12.107 7.234 7.23} Warsaw, par zlotys to £1 43.38 — 26.21 • Determine by price of silver. ,

£ N.Z, to £100 stg. T.T. 124 124/10 O.D. 123/10 124/8/9 Australia— E A. to £100 N.Z. T.T. 101 100/10 p.D. 101 100/10 Fiji— ' £• F: to £100 N.Z. T.T. 90/7/6 89 O.D. 90/7/0 89 New York— Dol. to £1 N.Z. T.T. 4.011 a.m O.D. 4.022 3.988 Montreal— Dol. to £1 N.Z. T.T. 4.013 3.988 O.D. 4.022 3.988 Austria— Schgs. to £1 N.Z. T.T. — 20.73 O.D. — 20.75 Belgium— Belgas to £1 N.Z. T.T. — 23.399 O.D. — 23.410 Czechoslovakia— Crowns to £1 N.Z. T.T. — 94.90 O.D. - 94.95 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. 60.72 59.89 O.D. 61.17 59.93 Germany— Reichmarks to £1 N.Z. T.T. — 9.805 O.D. — 9.810 Holland— Florins to £1 N.Z. T.T. £.939 5.789 O.D. 5.999 5.793 Italy— Lire to £1 N.Z. .. T.T. - — O.D. - _ JavaFlorins 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. 12.333 12.063 O.D. 12.438 12.068 Noumea— Francs to £1 N.Z. T.T. 62.52 58.52 O.D. 62.97 53.58 Papeete— Francs to £1 N.Z. T.T. 62.52 58,67 O.D. 62.97 58.73 Hong Kong— N.Z. pence to dol. T.T. 18 57-64 20 41-64 O.D. 18 51-64 20 39-64 India and Ceylon— N.Z. pence to rup. T.T. 22 9-64 22 57-64 O.D. 22 3-64 221 Japan— N.Z pence to yen T.T. — ‘ ' 17 9-16 O.D. ,— 17 35-64 Shanghai— N.Z. pence to dol. T.T. 17 17-64 18 41-64 O.D. 17 5^64 183 Singapore— N.Z. pence to dol. T.T. 34g 35 7-16 O.D. 34 3-16 35 27-64