FINANCE AND COMMERCE

Press, Volume LXXII, Issue 21808, 13 June 1936, Page 12

FINANCE AND COMMERCE

NEW ZEALAND BUTTER FIRM AT 113/- IN LONDON

caxtekbery markets

POTATOES STILL QUIET HOEAT OFFERINGS FI.KNTIFUL • r t'■ -■'« - a ' F.:t;ay Evening, week ' °” c:: an exceptionally ’.re cl:.;:’, and produce V 0... r-n-- having been SSSh'-y I-. »=optSff t0...1 pr ; cts un tho ; : ir-rcu piemi- ■ e-inn. Nt Statistician’s fully E-- published this vs. ~j - iVj thoughts of * o uai.tily that is likely JSam-adsblo th.s season. The bulk •ffL c f arc- of undergrade, d the u .. r; .,. ait very * C ? e .^d4-' : '' ; w!..le this can be SLtAgL ftiat.voiy cheap prices, there iina.l demand for good whole *2? vSue. have not slipped furiSr than the pom; reached at the of the week, but there is -T i• - iiT3rlc6t. /vi« continue to ccme in steadily, the offering is not large. Good ” imes are saleable at about the mmii ruling at the end of last week. fIT. noiatu market has this week jJimri no f.'r:-= of recovering from the SSaW’-’trt has affected it regally- Enquire-: frcni the north are be*.n. and when they ar- < ifet- a figure lower than here can induce farmers to Farmers are still holding for trucks, but the Auckland idea rf**ii»e is about £4 15s. Some busiZm tm been dene at this figure, but *lte main growers are content to Zm. in the meantime. Shipments have for a fortnight been small, ZZt it appears that northern buyers «il aocn have to ccme to the soutn tgm mmalits. Reports coming in apaiir totodjcate that the crop has been byte? means as badly damaged as it japeared earlier would be the case. •fcen have certainly been complete ip. seme districts, but to offset ihi*. other districts have had yields ii*i have not been known before. The fjraoexs h.jVc' btrun ktipt busy at tne urfi part.cularly with dirt, and more hue* men usual have failed *o pass. ' Tfce small seeds market remains in • Comatose state, and no great inv- • mvetr.ent ;■« looked for before the g-iiddic' of month, or early Au£U£t. Tbe ?... v. : r : re the prices quoted to beaa.T-:. on trucks, at country sidings, icneilie indicated: — Wr.tu; .'-1..,..";: crade for June de--4s Bd. Hunter 4s lOd. Kir. ' ■ : o : good whole fowl -ev y 4s 3d. f.0.b.: underi.TE'it' tv 4 • ,j i. f.o.b. Oat: - A Gartens to 2s 6d. B Cartons • . y- a...- to l’s Id, Duns 2s Gd. 'Rv’c-ra: P.-rcn.rt.al Is 9d to 2s. Italics 1; ‘■•d ‘ C li'/w s Gd to 7d. Akaroa •■3 to - f P* r ; - -4 u t‘> 5d per ib. STh.te Clover—rfei to lOd per lb. Chaff -£2 17s Gd, Beiiey— Feed 2.3 d to 2s 4d a bushel. Pcfiio* «■— £ 4 IG; *o £4 15s a ton. Oi-on ■ £5 P £5 19s, f.o.b. Pt'-t -4s 6J t ss. PoF, ,r ; - Lara • £G 15s a ton, small £7 it DUNEDIN •nmt *i»Cii»r-.o^ DUNEDIN. June 12. *T; nfor fowl wheat is in:7iun.:, and the local price .a vj _ ousi.'i-l, ex truck. Offerings v f . oats tr.rr. the country ace light. Ujcjv s,.:i .. emend from Canteraary for suitable for seed purposes, a ;0.. number of transactions aave taken p.acc in the Tapanui and Oar« d - ;.c.; for railing through to JSsU-roar an J North Otago. The shippm.'* .d mot very brisk and in uv c; ■:-.? cd prices being pe.c ai tne c .tintry, merchants have lalsed thtir f.c.0.. s.i.. quota lions, whicn a« r»ov. - 3. 2d £or A Cartons and 3s lor Bi. Buyer; are not responding to these pr.ccU. There should still be a air qusiit.ty of cats required for seed. Lisa in the country are worth 2s 9d. a»As extra, on trucks, for heavy Gartarn and t.-;-n. 2-; 4d lo 2s 6d for other grts-A. T;v demand for chaff conar.ui ■ -..0h the price for best quahlv : ;it tidy at £4 10s to £4 I— „ to: . c>. trucks. Supplies are oeur’ Ciav.ii 1 1 cm Canterbury, and nst-i ruj.c ;.:.-o been arriving from 0»?o c -.:;ct'. Some of the chaff is dacolqiirtd. and :s not readily saleable, and mm m be taken into store. Sties tie mostfv confined to small lots, f* more at £s*s-; a ton for best quality Sue •.< p«Pa'.A*« have been hard to *Sa: ,;u ; / values have, shown a du : . }.x-aTrr.arket has also *'tajco i J *-A quality Arran Chiefs **t 1 -rtn £5 5* a ton ex truck, with ling Edward • of sound quality worth » hisyier figure. The market for ail varieties of seeds » quiet, with practically no business Pteicg. During the week there has p**n an f-uounv for fescue and a few aks uave cm:: made for shipment. Ordinary ryegrass is still neglected, and the cx k foot market, although steady. Stem*!. The market for other seeds, •adi 8r whit- clover and ryegrass, is «i*e crime* ilrn Top seed is nefierad

SOUTHLAND m.TJ i: : , CIATIGN -IEI-EGRA*.* INVERCARGILL. June 12. O-ts—7:se market is still a healthy •a*, and ai! available stocks are movoff readily. Heavy sales have rnsGe tfrs sea c on to millers, and 1'.,. ,hipping market is also hilly aciAe, merchants’ stocks are low Current values to farmers 2s 4d ? - A grade, and 2s Id for E £n.dc- <v ; Turk". Wheat-L;nes suitable for milling «x-al£e at 4s 7d for Tuscan and itoma'i, 4 !m for Hunters and MonKing, a; •; 4; lid for Velvet, these fob. Bluff. Fowl wheat lines •*t scarce, and they are bringing close raildng prices. Chalf —Offerun;s have been free, but 25* * s °° shipping demand, and sup- #■** sre ample to meet local requireTlie value to farmers for chaff •lidod bright quality is about £3 10s • trucks. fßfegrass —The shipping demand is *"* disappointing. Offerings from 9®*r* this season have been much 55®* normal, but probably a good PM is still held by farmers in store • Invercargill. The lack of demand y* not encourage merchants to in--22# their which range from 2J# Is Id to Is 6d on trucks. The for crested dogstail is unyipd. values to farmers lor lines mill ranging from 6d to 6Jd, ■jt "Mf machine-dressed lines of exfgt fuality up to Bi<L -JWPmll lias changed hands between Values to farmers are un* ■P* at 5d for machine-dressed « export quality, and 4d for IMP Slade machine-dressed lines. mm. market for brown top is dull, MPM# is no imp rovement in values which are about Is 4d for ■■RMraicd certified seed, mod It ■HI wdriae-dreiied tmcertiflM

seed, both of export quality. Machinedressed lines of white clover are worth Sd to lid. Potatoes.—The market is at present quiet, and it is difficult to make sales lor shipment. As a consequence, values to farmers have eased, and today’s prices can be quoted at from £4 5s to £4 10s.

MELBOURNE MELBOURNE, June 11 Wheat—3s Bld. Flour—£9 12s 6d. Bran—£6 ss. Pollard—£6 10s. Oats—2s 4d. Barley—2s 8d to 2s lOd. Maize—ss 7d to 5s 7id. Potatoes —£6 10s to £8 5s Onions—£9 15s to £9 17s Gd.

VEGETABLES AND FRUIT CHRISTCHURCH MARKET Fair supplies of vegetables have come forward during the week. Ruling values have been as follows: Cauliflowers, best 3s to 4s a dozen, others Is Gd to 3s a dozen; cabbages, best 2s to 3s 3d a dozen, others Is to 2s a dozen; celery, best 6s to 8s a dozen, others 3s to 6s; lettuce, best 2s to 4s a dozen, others Is to 2s; rhubarb, best, up to 7s a dozen; beet, 6d to 9cl a dozen; leeks, Is to 2s a dozen; radishes, 6d to 9d a dozen; spring onions, Gd to 9d a dozen; white turnips. 4d to 6d a dozen; spinach, hothouse, 2s to 4s a dozen: parsnips, 6d to 9d a dozen, Is 6d to Is 9d a sugarbag; carrots, 9d to Is a dozen, Is Gd to 2s a sugar-bag; swedes, Southland, Is 6d a sugar-bag, local Is a sugar-bag; potatoes, 2s 6d to 3s 6d a sugarbag, according to quality; onions 2s to 2s 6d a sugar-bag, with plentiful supplies, onions, picklers, 6d a tin. Is to Is 6d a sugar-bag; pumpkins, per Ib; marrows. Is to 2s a dozen; green peas, 2s 9d to 3s 2d per lb; beans, up to Is Id per lb. Fruit—Apples; Cox’s Orange, best 8s to 10s a case, others 6s to 8s; Jonathans, best 5s a case, others 3s Gd to 4s 6d; Delicious, best up to 7s 6d a case, others 3s to 6s; Stunners, best 4s to 5s 6d a case; Lord Wolseleys, 4s 6d to 5s a case, others 3s 6d to 4s. Pears; Dessert, choice 2s Gd to 3s a half-case, others Is Gd to 2s: cooking, Is 6d to 2s a half-case. Tomatoes; Extra choice uo to 7Jd per lb, others 2d to 5d per lb. Grapes, extra choice, up to Is 9id per lb; New Zealand lemons, 15s to 16s a case; New Zealand Poormans, 10s a case. . Imported Fruits—A shipment of Samoan and Niue bananas and v iu , kumeras. ex Maui Pomave, arrived during the week. American lemons, 50s a case; American Valencias 45s a case; bananas, Samoan, npes IGs to 20s a case for best quality. , r „ 1or , A shipment of Californian Valenrias and grapefruit is expected next week. also g a further shipment of apples. A small quantity of Inland oranges will also come to hand.

DUNEDIN IPBBSS A9SOCIATIO* TILIOEUM.) DUNEDIN. June 12. The market is fairly well supplied with apples from Central Otago, but only a limited quantity is of first grade. Quality cookers are also m fair supply. Consignments of pears are about finished for the season. A few lots of local and Kakanui hothouse tomatoes are still reaching the market New Zealand grown lemons are most plentiful, and prices have eased slightly. A small shipment of C 3ll ' fornian Valencia oranges is on board the Monterey, and should meet a ready sale, as the market is Quito bare of supplies. Grapes are aboutfimshed. for the season. Bananas, ex the Maui Pomare, arrived in Dunedin on Wednesday. The fruit was in excellent condition and should be ripened up early next week. Queensand pines arrived on Thursday, ex the Karetu.

PRICE OF EGGS Macfarlane and Company. Ltd., renorf that their prices for eggs are:— Hrirst grade Is lid to 2s; second grade Is 8d to Is 10d; duck eggs Is 7|d to Is 9d a dozen.

AN ACTIVE STOCK EXCHANGE

After a period in which New Zealand butter in London has been quiet at 112 s, latest cabled messages record that the market has advanced a shilling and is firm. The Stock Exchanges throughout the Dominion have been active throughout the week. Prices have in general been maintained, but some stocks have shown a sharp appreciation. Overseas advices show that the wool tops market at Bradford is sound, with a little more business at the slightly lower prices of last week. There has been some reaction in Australia to the lower prices at the Adelaide wool sales. The rights of mortgagees to consideration in the recent difficult and changeable times were mentioned by the chairman of the Perpetual Trustees Company in his address to shareholders yesterday.

SHARE MARKET REVIEW

HEAVY TURNOVER AGAIN INDUSTRIALS STILL THE MAIN ATTRACTION ,bt oca commercial editor.) Industrial issues again came in for the lion’s share of attention on the Christchurch Stock Exchange this week, and there were one or two brisk movements. The insistence on industrials follows the trend of other Dominion exchanges, and also on the 'Australian markets, though the underlying cause of the popularity, of this «i.« of holding differs materially between the Commonwealth and the Dominion. Australian stocks were most popular, though certain classes of Kew Zealand issues were dealt in consistently. A feature of the week was the heavy trading in one or two stocks in the unlisted section, stocks of which the prospects appear to thd investor to be considerably brighter than their performance so far. The outlook for Australian industrials is bright. The country is progressing rapidly along the path of recovery. the main primary products have this year returned good prices, the political sky is unclouded, and there exists a tremendous faith in the future. It is true that the results announced by the banks have not been as encouraging as was hoped, but the conviction that progress will be at least maintained has kept the Stock Exchanges busy, and values generally at a point which can be justified only by increased returns. . The outlook in New Zealand is at present clouded. It is certain on the one hand that with wages increases, higher values for exports, and a fairly heavy public works expenditure, industrial activity will be stimulated, with resulting increases in profit. On the other hand, it is not yet known how far Government persuasion of industry is to be carried. _ It is certain that increased wages will mean increased costs, and whether the stimulus to trade will allow these costs to be overtaken remains to be seen. The Christchurch exchange had a very busy week. Turnover was not far short of the total reached in the very heavy trading of last week, and with the exception of one or two sections interest was widely spread. Turnover day by day, compared

Government Rather more attention than has been usual lately was paid to Government Issues. The 1937-40 4 per cent, was steady with five sales, all at £lO2 12s 6d. half a crown lower than the price 'last week. The 1946 issue was done in sales at from £lO4 to £lO4 ss, an increase in price. Banking Banks were not given any great attention, though there was steady trading in Commercial of Australasia (10s). and New Zealand. On an average, Commercials were about a penny cheaper through the week, and New Zealands were showing a fractional weakening also towards the end. New South Wales were done at £32 10s and £32 ss, a loss of about ss. Australasia also showed a weakening. The only shares” in the insurance section to be given attention, were National, which were up to 2d stronger on the week at 18s Id. Miscellaneous Goldsbrough. Mort were stronger at the beginning of the period, though toward the end of the week they lost a little ground, and finished cheaper by a few pence than they have been for a fortnight. New Zealand Refrigerating improved their position, and gained about 6d to 9s 8d on the week. There were two sales of Christchurch Gas, both at £1 12s 9d, a gain of Is 9d over the price last New Zealand Breweries maintained last week’s prices at the beginning of the period, but toward the end lost about a shilling in sales at £2 13s to a few pence better. Australian Glass rose steadily, to gain Is 3d on the week. A sale was made at £4 13s 3d yesterday. Broken Hill Proprietary had steady dealing throughout the week at about 4s higher than last week. The contributing issue rosa sharply to a high point of £2 10s 6d, but lost a shilling in the last two days. G. J. Coles had a steady market, but were fractionally cheaper. Thore were fairly heavy dealings in Hume Pipe, which gained about a shilling on the week. In the unlisted section, Woolworths, Sydney, ordinary, and both Selfridges issues had a good turnover, and though both moved erratically, they improved their position. There was fair interest in the mining section, particularly in Mount Morgan, which finished higher than *ey have been for some weeks.

YESTERDAY’S TRANSACTIONS

Gevenunent New Zealand Government 4 per cent, stock due 1940, had business at £lO2 12s Gd, and there were further buyers at that price. , . , ~ Commercial Bank of Australia changed hands at 19s 3d and 19s 2d, and more were offered at the lower figure, buyers at 19s Id. Bank of New South Wales were firm at £32 ss. National Insurance were firm on buyers’ offers 18s 3d. Goldsbrough, Mort, cum dividend, appeared weaker, with dealings at 32s Id and 325, market closing 32s buyers. 32s 2d sellers. New Zealand Refrigerating, 10s paid, were firm at 9s Bd, closing quotations Id on either side. Kaiapoi Woollen, 7s paid, were fractionally weaker at 5s lid Christchurch Gas remained unaltered at 32s 9d. New Zealand Breweries, ex dividend, were easier, with dealings at 53s 2d, 53s Id, and 535, and further sellers at the lowest price. Miscellaneous A late sale of Australian Glass, cum dividend, on Thursday was Reported at 93s 9d; business yesterday was-at 93s 3d, closing quotations Id either way, Australian Iron and Steel preference were firmer at 25s 6d. Beath and Company were easier, with business at 26s 6d. British Tobacco were fractionally firmer, with buyers and business at 41s. Broken Hill Proprietary advanced to 725, and more were wanted at 72s Id; the contributing ranged from 48s 8d to 49s 10d, market closing 49s 9d buyers. 49s lid sellers. Dunlop Rubber were fractionally weaker, with sellers and business at 17s 9d. General Industries were firm at 19s 3d. General Motors-Holden’s moved up to 23s 6d. G. J. Coles were firm at 79s 9d. Hume Pipe (Australia) had dealings at 20s 3d, 20s 2d, and 20s 6d, sellers staying m at the highest price, buyers at 20s sd. Kauri Timber were firm at 23 s 6d, market closing Id either way. A late sale of United Provisions on Thursday was reported at 14s 3d. Mining King Solomon declined to 2s, sellers staying in at that price, buyers at Is 10a. Maori Gully were a shade easier, with sellers and business at Hid. Skippers had business at 3id. Waimumu Sluicing were steady at 6Jd, A late sale of Mount Lyells on Thursday was reported at 24s sd, and there was further business yesterday at that price. Mount Morgan were fractionally firmer at 15s 3d. 15s 3|d, and 15s 4d, market closing 15s 4d buyers, 15s 4Jd sellers. Unlisted Stocks Selfridges (Australasia, old) declined to 25s 3d and 255. Late sales of Woolworths (Sydney! on Thursday were reported at £5 10s and £5 10s 6d—business yesterday was reported at £5 14s, buyers staying in at that figure, sellers at £5 16s. Woolworths (West Australia) dropped to £5 ss.

PRICE OP SILVER LONDON, June 11. ’ Silver? spot and forward, is quoted at 19 13-ied a fine ounce.

AUCKLAND

[THE PRESS Special Service.] AUCKLAND, June 12. Buying interest on the Auckland Stock Exchange this week was concentrated in industrial and retail trading shares, and most other sections of the market were neglected. This is a reflection of conditions m Australia, where there has been a boom in these classes of stocks. Conditions were fairly quiet until Wednesday, when a strong demand developed, and values were raised to levels which made it attractive for sellers to operate. Consequently, some profit-tak-ing was evident, but the general upward tendency was maintained. Australian stocks practically dominated the market. The marked improvement in conditions in the Commonwealth makes the leading issues good buying, and surplus funds in the Dominion are finding an outlet in that direction "Wool shares have received a sharp setback following the Japan-ese-Australian trade impasse and the withdrawal of Japanese competition from Commonwealth wool sales. A striking example is the weakness in Goldsbrough, Mort, although the company increased its dividend, and profits were considerably higher. In breweries, Dominions were an active seller on a rising market. The company’s results this year exceeded the market expectations. Profits were sufficent to permit the payment of a dividend of 6J per cent., and the transfer of £IO,OOO to reserve. Buying on London account was responsible for a sharp rise in P. and O. deferred stock. There is a belief that a subsidy on mail lines will follow the British Government’s assistance to tramp shipping. A reaction from the recent *low levels was reflected in a sharp rise in Mount Morgan. Golden Crowns were active, but the mid-week rise was not held, Marthas and the Waihi issues were weak.

DUNEDIN £THB PRESS Special Service.] DUNEDIN, June 12. During the last week trading on the Stock Exchange has again been brisk, and the turnover fell just short of that for the preceding period, which was one of the busiest experienced for a considerable time. Practically all classes of shares came in for attention, a noticeable feature being the improved interest displayed in the banking section. A satisfactory turnover was recorded in Government securities. Australian issues again took a prominent position in the week’s trading, chain stores and Broken Hill Proprietary issues figuring particularly. Generally the markets showed few marked variations in values, and the distinctly satisfactory tone of recent weeks was maintained. A matter for comment is the low value prevailing during the week for Bank of New Zealand shares. The accounts of the bank published a while ago were highly satisfactory, although it has been suggested in some quarters that a slight reduction in dividend rate might have been preferable to using up the whole of the net profits, and a little more, for the annual distribution to shareholders; this must be regarded as a question of policy arther than of economic necessity. It is highly possible that a rise will take place in the value of these shares in the near future. With the exception of Nationals and Standards, little interest was displayed in insurance issues. Big selling orders towards the end of May drove the price down, but the shares have steadily improved in value. There was a decided improvement in contributing New Zealand Refrigerating shares, which a few weeks ago slumped to a buying quotation of 9s. Broken Hill Proprietaries were the outstanding issues in the miscellaneous section. The ordinary issue at the beginning of the week was sought at £3 Bs, but the price rose sharply, a sale being recorded at £3 10s 3d on Tuesday. The contributing issue experienced a similar rise, and whereas they were sought at round about £2 the previous week, sales were recorded during the period under review up to £2 10s. Chain store issues continue to be in popular demand with investors, and for the most part have shown a rising tendency.' Shillings, Ltd., shares, which were sought at 10s lOd at the close of the previous week, appreciated considerably in value, and sales were recorded during the period under review up to Hs 6d. Although there have been no sales. Selfridges were in good demand at £1 5s for both issues. Sydney Woolworths had a changeable market. They commenced the week with sellers at £5 15s, but on Tuesday holders were willing to quit at £5 11s, with buyers offering only £5 7s. To-day buyers had improved again to £5 12s 6d. Despite the announcement of a dividend, New Zealand Woolworths attracted no attention during the week.

DOMINION BREWERIES, LIMITED

GREATLY INCREASED PROFITS FIRST DIVIDEND DECLARED [THE PRESS Special Service.] AUCKLAND, June 12. A marked profit recovery is shown in the accounts of Dominion Breweries, Ltd., for the year ended March 31 Gross earnings increased from £36,451 to £62,648, and net profits were £7277 higher at £15,224, and with £lßl7 brought forward, £17,041 is available. The ordinary dividend for the year is per cent., absorbing £5083, and payment at the rate of 6£ per cent, per annum on the recently-issued preference capital requires £736. There is a transfer of £IO,OOO to the general reserve, and £1222 is carried forward. The dividend is the first paid by the company, which has been in existence for six years only. From 10s in 1934 the market value of the company’s shares advanced to 15s last year, and is now about 255, WHEAT MARKET ENGLISH QUOTATIONS LONDON, June 11. Wheat cargoes are steady and par-

CHICAGO FUTURES

The spot trade is quiet. Australian ex ship 30s Bd. Flour is easier. Australian ex store 22s to 22s 3d. NEW YORK TIN NEW YORK, June 11. Tin is quoted at 42.60 cents per lb.

OTHER QUOTATIONS

VALUES ON STOCK EXCHANGE

CHRISTCHURCH RATES, JUNE 12, 193*3 FORMER LEVELS COMPARED

Where no approximate price is given return is worked on mid-market price, unless only one Quote , is given. unless omy of 6 per cent, per annum.

BANK OF ENGLAND RETURN

(united pbess association—copibight.) LONDON, June 11. The following is the Bank of England return for the week ending June 6:— ISSUE DEPARTMENT

FOREIGN ENHANCES (BRITISH OFFICIAL WIRELESS.)

FOREIGN EXCHANGE RATES The Bank of New South Wales, Christchurch, quoted the following rates as ruling yesterday for its sales and purchases of foreign exchange. The rates are subject to -alteration without notice; —

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:—

FRENCH AND AMERICAN EXHANGE LONDON, June 11. United States and French exchange closed to-day at:—Dollars 5.02, francs 764 to £1 sterling.

POSITION OF TRUSTEE COMPANIES DUNEDIN CHAIRMAN’S VIEWS (THE PRESS Special Service.] DUNEDIN, June 12. The difficulties which have been created by much of the recent legislation, especially in its effects on trustee companies, were emphasised to-day by Mr W. E. Reynolds in his address at the fifty-second annual meeting of the Perpetual Trustees Estate and Agency Company of New Zealand, Ltd.:“I feel justified in saying,” Mr Reynolds stated, ‘‘that for four years past we have been living through days of financial changes, and labouring under innumerable difficulties of an unprecedented character resulting from the drastic legislation which it was considered necessary to enact to meet the past and present day needs of the Dominion. As a result, many and varied have been the changes and. adjustments which we as a company have been called upon to meet. “To-day it would appear that we are to be subjected to still further farreaching legislation, the effect of which upon our company and its clients, both directly and indirectly, we cannot as yet estimate. Meanwhile the position warrants me, I think, in impressing upon both shareholders and clients alike, the fact that your directors, management, and staff cannot be held responsible for curtailment of powers or changes in conditions which may be enforced upon them by the prevailing conditions and by the Legislature. We can but endeavour to work with the curtailments and conditions so enacted to the best of our ability. “It is generally agreed,” Mr Reynolds continued, “that mortgagors, and farmer mortgagors in particular, have passed through difficult times, and that because of low prices for farm products, many farmers have been unable to meet their commitments. The great majority of mortgagees are conversant with the conditions that have prevailed, and are reasonably well disposed towards the farmer in his efforts to rehabilitate himself. We do not find mortgagees at all willing or anxious to exploit the position, but rather the reverse. Nevertheless, _it can safely be said that in some instances the mortgagee has not had the treatment he was justly entitled to, and that some portions at least of the mortgage legislation have inflicted injustices upon him. Investors have rights to protect and are entitled to have those rights reasonably safeguarded.” Messrs James Begg and E. G. Kerr (Timaru) were re-elected directors, and the appointment of the Hon. W. Downie Stewart to the board was confirmed.

BUTTER BOXES

DELAY IN ORDERING SUPPLIES DAIRY FACTORIES URGED TO ACT PROMPTLY [From Our Parliamentary Reporter.] WELLINGTON, June 12. Delay by butter-manufacturing companies in ordering supplies of butter boxes for the new season’s output is causing some apprehension among sawmillers and boxmakers, according to a statement made to-day by the Minister for Marketing (the Hon. W. Nash). “There are ample supplies of white pine,” the Minister said; “but time is required to cut and season the timber. The sawmillers are not in a position to cut the timber into required sizes until they know the needs of the boxmaking companies. The boxmakers cannot order, except in limited quantities. until the dairy factory companies have placed their orders for boxes. The attention of dairy factories was drawn to this earlier in the month, and the necessity of placing orders immediately was emphasised. Assurances were given to the Government by the New Zealand Sawmillers' Federation and the New Zealand Boxmakers’ Association that if the factories would order without delay, adequate supplies of boxes could be guaranteed. However, reports obtained from the boxmaking companies indicate that factory orders are coming forward only slowly. “In some cases, dairy factories have given as a reason for not ordering the fact that they are disinclined to do so until they know what the prices of the boxes will be. I desire to make it clear that the Government has arranged for the Department of Industries and Commerce to make an investigation into the costs of timber production and box manufacturing, and that all prices will be subject to adjustment when the department’s report is received. There need be no hesitancy on the part of dairy factories in placing their orders for boxes without further delay. In fact, if they do not do so promptly, there will be a shortage. I know that the directors of dairy factories will realise their responsibility to ensure that an adequate supply of boxes is available, and I trust that they will accept this responsibility by placing orders at once for their full requirements.”

GOVERNMENT SECURITIES (UNITED PEE 33 ASSOCIATION—COPYRIGHT.) LONDON, June 11. The following are the latest quotations for Government securities compared with the prices ruling last week:— June 4. June 11.

COMPANY REGISTRATION „ Th ® following company registration company June Ch***® sm? saa£s?Hivdinary, 75 preference Mdefe® cVm °B Smythe 125 ordlnarv sn _^J, ea • deterred. Objects; Morale? finance company builders and Inddentti? 6

DAIRY PRODUCE NEW ZEALAND BUTTER 113/LONDON MARKET REMAINS FIRM ■ [ (UNITED PRESS ASSOCIATION —COPYRIGHT.) LONDON. June 11. Butter is firm. Danish, 120 s. Choicest salted New Zealand, 112 s; unsalted, 112 s to 113 s. Australian, salted and unsalted, 112 s. Cheese is strong. » New Zealand, white 61s 6d to 625, coloured 625. No Australian is available. FIRMS’ REPORTS National Mortgage and Agency The National Mortgage and Agency Company of New Zealand. Ltd., report having received the following cablegram from A. J. Mills and Company, td., London:— Butter—Market is quiet. Finest Ills to 112 s; firsts 110 s to Ills; Danish 118 s; f.o.b. 100 s; Australian 110 s to Ills. Cheese—Market is quiet. White 6ls; coloured 625. N.Z. Loan and Mercantile The New Zealand Loan and Mercantile Agency Company, Ltd., report that they have received a cablegram from London dated June 9, as below: — Butter—New Zealand choicest salted Ills. Market steady. Cheese —White 61s to 625; coloured 61s to 625. Market steady. A. S. Paterson and Co., Ltd. A. S. Paterson and Company, Ltd., advise that they have received the following cablegram from J. and J. Lonsdale and Company (London), Ltd.:— Butter —Market quiet. New Zealand 112 s, Australian 110 s, Danish 90s, f.o.b. Cheese—Quiet White 61s, coloured 61s 6d. BRADFORD TOPS MARKET

THE METALS MARKET

PROPERTY SALES Dalgety and Company. Ltd., report having recently held a clearing sale on account of Mr Joshua Harrison, 0» Amberley. The sheep, which ware in good order, made the following prices: —Wether lambs 12s 6d. ewe lambs 24s 9d. falling-mouth ewes 15s 6d, two and eight-tooth ewes 26s to 29s 6d, medium sized wethers 19s. Dairy cows made from £3 10s to £4. Aged horses £22. Younger horses from £32 to £39. A full range of farm implements was also disposed of at satisfactory prices. Baker Bros., 166 Manchester street, report having sold, on account of Mr H. E. Parsons, a six-roomed bungs* low in Burnside road, to a client. N. H, McCrostie and Company * report having sold, on account of the owner, the property situate No. 4® Bowenvale avenue, Cashmere, compri** mg a residence and 1 acre 11 perche* of land, to Mr Jackson. Do you want to sell your home? Read and use “The Press” Classified . Advertisements. The Quickest route * between Buyer am Seller. 12 WOTW ta I*** 3 insertions 2s 6<L

with last week, was; — This Last Week. Week. £ £ Saturday 2.297 7,027 Monday 8,545 8,003 Tuesday .. < 14,274 13,660 Wednesday .. 13.632 11,829 Thursday 8818 10,877 Friday 8,460 6,853 Total .. £56,026 £58,249 Business in was:— the different sections Shares Value. No. £ Government .. 3,388 Banking .. 1,976 3,721 Insurance 650 . 587 Loan ., 1,800 1,296 Refrigerating .. 2,065 1.193 Breweries .. 3.614 9.601 Miscellaneous .. 16,385 31,928 Mining .. 12,300 4,466

Markets continued firm and active on call yesterday, and there was a good volume of diversified business with activity in some industrials. Transactions, exclusive of vestibule business, were: — LISTED STOCKS Sales on ’Change d. £ s. £200 N.Z. Govt. 4 p.c.. Ins., 12 1937-40 .. 102 6 100 Comm. Bank of Aust. 019 2 200 Goldsbrough, Mort 12 (cum div.) 1 1 1 12 0 300 N.Z. Refrig. (10s pd.) 0 8 (2) 9 100 Kaiapoi Woollens (7s 5 11 paid) 0 100 Christchurch Gas 1 12 9 200 N.Z. Breweries (ex div.) 2 13 2 (2) 2 13 1 2 13 0 50 Australian Glass (cum div.) 4 13 3 100 Aust. Iron and Steel 6 (pref.) 1 5 100 Beath and Co. 1 6 6 100 British Tobacco (cum 0 div.) .. • • e 2 1 350 Broken Hill Propty. 8 9 (contr.) 2 2 8 8 2 8 9 2 9 6 2 9 10 250 Broken Hill Propty. (5) 3 12 0 100 Dunlop Perdriau Rub0 17 ber 9 100 General Industries .. 0 19 3 75 G. J. Coles 3 19 9 100 Hume Pipe (Aust.) 1 .0 3 100 Kauri Timber 2 3 6 500 King Solomon (2) 0 2 0 500 Maori Gully 0 0 Hi 300 Skippers 0 0- 3J 650 Mount Morgan 0 15 3 0 15 4 (2) 0 15 3 0 15 34 0 15 4 Sales Reported ' 300 Comm. Bank of Aust. 0 19 2 0 19 3 5 Bank of New South Wales 32 5 0 300 N.Z. Refrig. (10s pd.) 0 8 (3) 9 100 Aust. Glass (cum div., 13 late sale Thurs.) .. 4 9 50 Broken Hill Propty. 9 0 (contr.) 2 300 General Industries (3) 0 19 3 100 General Motors-Hold-6 ens (pref.) 1 3 200 Hume Pipe (Aust.) .. 1 1 0 0 2 6 100 United Provisions (late sale Thurs.) .. 0 14 3 300 King Salomon 0 2 0 1600 Waimumu Sluicing 0 0 64 (2) 100 Mount Lyell (cum 1 div., late sale Thurs.) 4 5 100 Mount Lyell 1 4 5 300 Mount Morgan (3) 0 15 3 UNLISTED STOCKS Sales on ’Change 50 Woolworths (West 0 Aust.. ex rights) .. 5 5 Sales Reported 400 Selfridges (Australasia. old) <3) 1 5 3 (2) 1 5 0 75 Woolworths (Sydney, ord., ex rights, late 10 0 sale Thurs.) 5 5 10 6 50 Woolworths (Sydney, ord., ex rights) .. 5 14 0

cels are easier. June 8. June 11. London (qr.)— s. d. s. d. July . 26 0 26 5 h November . 25 11 26 4 h Liverpool (cental) — July . '5 71 5 October . 5 61 5 n December . 5 5| 5 m

NEW YORK, June 11. June 8. June 11. July .. 84& 85| September .. 84i 85| December .. 86i 88

Return , Approx. (0 on Am’t. Approx. market o Div. investpaid market price • payment at a price. a year able. approx. Companies. sh’e. Buyers. Sellers. ago. > <3 market price. ■> £ £ s. a. £ s. d. £ S. d. £ s. d. | 1 £ s. d. Banks— 5 11 5 o‘ 11 0 0 73 1 | Feb.-Aug. | 3 5 10 Comm, of Aust. 10s 0 19 1 0 19 2 0 19 2 0 15 4 5 5-6 1 Oct.-Mcti. Comm, of Aust. (pref.) Com. of Sydney E., S., and A. .. Natl, of A’flsia 10 12i 3 10 6 4 0 1 6 5 0 9 5 20 2 6 4 14 17 0 6 6 6 9 10 17 11 1 5 1 I 12 12 0 0 0 6 i 1 4 5A 5 51 1 Oct.-Mch. j Jan.-July 1 Nov.-May 1 Nov.-May |465 13 2 1 12 8 2 | 3 10 7 Natl, of A’asia (con.) Natl, of N.Z. .. New Zealand . N.S.W. Union 5 2i 1 20 5 7 32 4 0 6 C i 7 1 2 j 32 1 9 l 6 5 15 14 0 3 0 0 7 5 3 11 | 2 5 |32 5 1 9 14 0 6 0 0 0 1 6 4 3 7 2 10 131 0 9 0 6 6 0 0 0 51 4 1 10 1 5 5 1 Nov.-May 1 Jan.-July 1 Jan.-July | Jan.-July I Jan.-July | 3 12 4 | 2 15 11 | 4 8 10 |3 2 0 | 2 11 6 1 InsuranceNational New Zealand .. South British .. Standard 7s 1 1 1 0 3 3 18 3 2 3 0 9 |° 3 18 10 / 0 0 18 1 3 3 [ 4 10 3 3 3 0 9 0 1 1 3 9 4 16 3 12 0 | 10 5-7i May-Nov. 61 10 I Feb.-Aug. 6 | 2/8 | Apl.-Oct. 6 1 12i | Mch.-Sep. 1 |4 2 2 |3 3 5 | 2 17 10 | 3 19 4 1 Loan and Agency— Dalgety and Co. 5 Goldsbrough. M. 1 United Building 1 8 1 1 15 12 1 1 0 1 9 0 1 01 1 0 12 2 0 2 0 9 0 1 12 1 1 0 0 6 8 5 1 9 1 2 0 3 9 I 5 7 5 | May-Nov. 1 Dec.-June j Oct.-Apl. 1 1 | 2 15 6 | 3 15 0 |476 I Frozen Meat— Gear N.Z. Refrig. .. N.Z. Refrig. con. 10s 1 10s 0 1 o 19 9 9 I 1 7 I 0 1 9 0 ? 1 0 0 19 1 0 9 0 9 8 1 1 0 19 j 0 9 0 8 0 1 7i J.July-Oct. 1 5i I Feb. i 5i Feb. 1 1 1 3 15 0 | 5 11 4 1 5 13 9 1 | Gas— Auckland Auckland (con.) Christchurch .. 1 15s 1 1 12 6 i 13 6 1 5 0 19 1 12 0 16 2 1 9 3 9 6 0 i ; 1 0 1 16 0 0 6 q I 51 ] July-Feb. i 5i ) July-Feb. 7 Aug.-Feb. 7 Aue.-Feb. 1 | 4 5 5 14 5 8 | 4 5 5 | 4 4 10 Ch.Ch. (con.) .. Wellington 10s 1 - 2 1 0 8 J Aug.-Feb. | 3 18 0 1 Shipping— Huddart Parker P, and O. Def Union (px*ef.) •• 1 1 1 1 1 5 6 0 0 i 7 0 1 16 1 5 1 6 0 { 1 17 9| 1 1 3 117 1 v 9 6 3 7 51 | May-Dec. 1 May-Dec. | May-Dec. 1 j 3 17 9 (439 i Coal— 1 10s 0 17 1 1 o 0 16 9 5 | Nov.-May 5 17 8 Taupiri Westport 1 1 4 - 6 1 1 0 | 10 1 May-Nov. 1 | 4 13 0 1 Breweries — 1 612 8 0 | 2 12 9 1 1 13 6 | 1 8 0 | 2 12 1 3 10 1 j Oct.-Mch. js 9 6 Carlton New Zealand .. Staples Tooheys Tooths 1 i 16s 1 2 1 2 12 14 11 10 1 6 I 9 2 13 0 2 13 1 14 1 11 2 12 2 0 6 6 7i 5 71 121 ‘ Jan.-July Aug.-Feb. Mch.-Sep. May-Nov. | 2 16 7 | 2 17 6 1 3 16 2 | 4 16 1 1 Miscellaneous — Aust. Glass Beath and Co. British Tobacco Broken Hill Pty. Burns, Philp .. Colonial Sugar Dom. Fertiliser Dunlop Rubber Elec. Zinc (ord.) Elec. Zinc (pf.) Henry Jones .. Kauri Timber .. N.Z. * Drug Co. Mount Lyell Farm. Fertiliser N.Z. Newspapers Whit, and Tombs Wilson’s Cement 1 1 1 1 1 20 1 1 1 1 1 25s 2 1 1 1 n 10s 4 1 2 3 3 41 0 1 1 1 1 1 1 2 3 13 5 1 12 11 10 17 17 19 19 3 4 1 1 9 2 0 0 1 0 0 7 9 11 9 5 3 0 6 0 4 13 1 7 2 1 3 12 42 10 0 17 1 18 2 0 2 0 1 3 4 0 1 4 2 2 3 11 2 6 4 0 1 3 0 9 3 2 9 7 0 5 6 0 0 4 13 1 6 2 1 3 12 3 12 41 15 1 5 0 17 1 18 2 0 2 0 1 3 4 0 1 4 1 1 2 2 3 10 2 5 3 6 0 0 0 i 0 3 9 1 0 1 0 6 1 6 0 5 9 6 0 6 3 8 1 9 1 18 2 14 3 1 41 10 1 1 0 16 1 6 1 15 1 15 1 0 4 2 0 19 1 0 2 0 4 2 1 18 0 0 9 6 0 0 9 3 0 3 9 2 6 8 6 6 0 6 15 8 6 10 10 61 41 5 8 82 5 8 21 51 6 6 15 Doc.-June Mch.-Sep. March Nov.-May Nov.-May Nov.-May June Apl.-Oct. Mch.-Sep. Mch.-Sep. June-Dee. June-Dee. Sep.-Apr. June-Dee. August Nov.-May Mch.-Oct. Nov.-June | 3 4 4 | 6 0 9 1 2 18 6 | 2 15 6 1 2 15 6 | 2 19 11 13 11 3 | 2 12 7 [4 0 0 4 6 5 5 6 44 0 0 2 0 9 |511 | 2 16 5 )4 5 8 |3 5 11

N.Z. Government Debentures Buyers. Sellers. £ s d. £ s. d. 3} p.c. Ins., 1939-43 .. — 103 0 0 34 p.c. Ins., 1939-52 — 103 0 0 4* p.c. Ins., 1937-40 102 12 6 103 0 0 4 p.c. Ins., 1943-46 104 0 0 — 4 p.c. Bonds, 1940 102 15 0 104 — 0 4 p.c. Bonds. 1946 104 2 6 5 4 p.c. Bonds, 1949 104 0 0 106 — 0 4 p.c. Bonds, 1956 — 5 Other Debentures N.Z. Refrig., 44 p.c.. 1940-45 — 101 10 0 Loan and Agency Invincible Building So0 ciety (£5) — 5 0 N.Z. Guarantee Corpn. 6 (3s) 0 5 4 0 5 N.Z. Loan and Merc. 35 (ord., £100) — 0 0 Wright, Stephenson (pref., £1) — Shipping Illawarra (£1) 1 18 0 — Frozen Meat Canterbury (£7 10s pd.) 9 0 0 9 7 6 Canterbury (pref., £a) 5 15 6 — Woollens Oamaru (cum div., 1 £1) — 1 7 Kaiapoi (17s paid) .. 0 14 10 0 15 6 Kaiapoi (7s paid) 0 5 10 0 6 3 Kaiapoi (pref., 17s) .. 0 its U — Bruce (£1) 0 13 9 — Coal Stockton (10s) 0 1 6 0 2 0 Stockton (pref., 10s) .. 0 2 3 0 4 0 Gas Timaru (£1) — 1 2 0 Breweries Dominion (cum div.. £1) 1 4 0 — 0 Dunedin (£1) — 1 12 Timaru (10s) 0 14 7 — Queensland (£1) 1 9 9 0 — 0 White Star (£1) — Melbourne Co-op. (£1) 2 5 6 2 9 0 Miscellaneous Amalg. Wireless (£1) — 2 15 0 Amaig. Wireless (cont., 1 15 0 14s paid) — 6 Anthony Hordern (£1) 0 18 2 0 18 Aust. Iron and Steel (pref., £1) 1 5 0 1 6 0 C.F.C.A. (£1) 0 10 0 — C.F.C.A. (pref., £1) .. 1 5 0 — Consolid. Brick (£1) 0 10 4 —' Dom. Builders Supplies 6 (10s) •• 0 5 7 0 0 Drug Houses of Aust. 11 (£1) — 1 0 Farmers’ Trading (£1) — 1 0 6 General Industries (£1) 0 19 2 0 19 5 General - Motors-Hol-0 den’s (pref., £1) 1 3 19 G. J. Coles (£1) 3 19 6 3 9 Greater Crystal Palace 6 (£1) — 10 0 10 Howard Smith (£1) 0 18 — 6 Hume Pipe (Aus.) (£1) 1 0 5 I 0 Mason, Struthers (£1 paid) .. •• 0 14 0 — Milburn Lime (£1) .. 2 1 0 — Morris Hedstrom (cum div., £1) 1 5 0 — Morts Dock (£1) N.Z. Farmers’ Co-op. 0 9 5 0 9 11 (£2 10s paid) 0 19 0 — .N.Z. Farmers' Co-op. 6 (10s paid) 0 0 10 0 1 N.Z. Farmers’ Co-op. (A pref., £4) N.Z. Farmers’ Co-op. 2 10 0 — (44 p.c. Stock, 1940, £100) 91 5 0 — N.Z. Paper Mills (£1) — 1 10 0 Procera Bread (vendors shares, 10s) Quill, Morris (1936, £1) — 1 15 0 0 17 6 0 18 3 United Provisions (£1) 0 14 0 0 14 4 United Pictures (£1) 0 19 0 — Wilcox Mofflin (£1) .. 0 11 3 0 11 8 Woolworths (N.Z. ord.. cum div., £1) 8 14 0 — Woolworths (pref., £1) — 1 16 0 Mining Alexander (15s paid) 0 13 9 0 14 0 Antonio’s Hyd. (Is) — 0 0 10 Aotearoa (Is) 0 0 1 0 0 6 Argo Gold (Is) 0 1 7 0 1 84 Barry town (15s) 0 17 6 1 5 0 Big River (Is) 0 2 0 0 2 04 Blackwater (cum div.. £1) — 1 16 9 Brian Boru (Is) 0 0 34 0 0 4 Gillespie’s Beach (Is) 0 1 1 0 1 3 Golden Point (6d) .. 0 0 1 0 0 3 Golden Sands (Is) .. 0 2 1 0 2 6 King Solomon (Is) .. 0 1 10 0 2 0 Maerewhenua (Is) 0 0 24 0 0 3 Mahakipawa (6d) 0 0 04 0 0 03 Maori Gully (Is) 0 0 11 0 0 114 Mataki (5s) 0 1 4 Mossy Creek (cum div., Is) 0 1 4 0 1 54 Okarito (5s) — 0 3 7 Skippers (Is) J 0 34 0 0 33 Stafford Dred. (5s pd.) — 0 6 0 Waimumu Sluic. (Is) 0 0 6 0 0 64 Worksop Extended (cum div., Is) 0 1 9 0 2 0 Australian Mining Mount Morgan (2s 6d) 0 15 4 0 15 44 Rawang Tin (10s) ., 0 8 9 0 9 2 Irowat (2s 6d) 0 3 0 0 3 10 UNLISTED STOCKS Ail transactions in stocks quoted in this section are subject to a different rate Of brokerage from listed stocks, and are not quoted on the official list. Associated Motorists Petrol (pref.) 1 7 3 1 9 0 Aust. Invest. Trust .. 0 3 0 Canty. Roller Flour ., 0 5 0 0 6 0 Christchurch Press .. 7 15 0 9 2 0 Emperor Fiji 0 12 0 Nemona 0 0 84 0 1 1 Macetown — 0 0 7 New River — 0 0 10 N.Z. Mining Invest. 0 0 3 0 0 7 Pacific Forests 0 15 0 Smith, Wylie — 0 12 9 South Seas Fishing 0 7 0 •—

cent, per annum. Buyers. Sellers. £ s. d. f s. a. Selfridges (A’sia, new) 14 0 1 5 0 Selfridges (old) .. 14 6 1 5 6 Shillings, Ltd. (7s 6d paid) • ■ • • 0 115 0 n fi Tiproff Seal • • 2 5 0 2 14 0 Tru-Color Films (pf.) 1 6 0 * Were’s Invest. Trust 0 5 8 — Westland Breweries (£1 paid) 15 0 — Westland Breweries (10s paid) .. • - 0 110 e 15 0 White’s Electric .. 0 0 7i 0 0 82 Woolworths (Sydney) (ord., ex rights) .. 5 14 0 5 16 0 Woolworths (W. Aust.) (ex rights) ■ • 5 2 6 AUCKLAND Sales on ’Change £ s. d. 4 p.e. Stock, 1949 104 2 6 4 p.c. Stock. 1955 106 0 0 Comm. Bank of Aust. (2) 0 19 2 Bank of N.Z. (cum div.) 2 5 0 Bank of N.Z. (D mort., ex div.) •• (2) 1 8 9 National Insurance 0 18 1 N.Z. Guarantee Corpn. 0 5 5 P. and O. (Def. stock) 1 5 9 Dominion Breweries 1 5 6 1 5 9 Australian Glass 4 13 9 Broken Hill 3 11 9 3 12 0 Bycroft, Ltd. (cum rights) 2 11 0 Consolidated Brick 0 10 6 Electrolytic Zinc 1 18 0 Electro. Zinc (pref.) 2 0 0 (2) 2 0 3 G. J. Coles .. (2) 3 19 101 Hume Pipe 1 1 0 o 3 fi Milne and Choyce 0 16 0 N.Z. Newspapers 2 1 9 Wilson’s Cement 5 0 Woolworths (N.Z.) 9 0 0 Golconda Holdings 0 0 10 Skippers 0 0 33 Waimumu (2) 0 0 61 Mount Lyell (2) 1 4 b Mount Morgan 0 15 2 0 15 3 Upper Watut 0 7 2 Unlisted Stocks Selfridges (A’asia), old issue .. 1 5 4) Self ridges (new) (2) 1 5 3 . Woolworths (Sydney) 5 14 15 0 Alluvial Holdings 0 i 7 WELLINGTON Sales on ’Change £ S. d. 4 p.c. Govt. Stock, 1937-40 (late Thurs.) 102 12 6 Comm. Bank of Aust. (late Thurs.) 0 19 2 Tooth and Co. (late Thurs.) 2 12 1) G. J. Coles (late Thurs.) 4 0 0 Wilson’s Cement (late Thurs.) 2 5 0 Brian Boru (late Thurs.) 0 0 3J Big River (late Thurs.) (2) 0 2 0 4 p.c. Govt. Stock, 1952-55 .. 106 0 0 Christchurch Gas 1 12 9 Union S.S. Co. (pref.) 1 6 2 Australian Glass 4 13 6 4 14 0 G. J. Coles 3 19 9 (2) 4 0 0 Wilson’s (N.Z.) Cement 2 5 0 Woolworths (N.Z., ord., cum div.) 9 0 0 Big River 0 2 0 Mount Morgan 0 15 4 0 15 6 Comm. Bank of Aust. 0 19 0 Unlisted Stocks Shillings, Ltd. (late Thurs.) 0 11 4 Woolworths, Ltd. 5 10 0 Woolworths (late Thurs.) (3) 5 10 6 (2) 5 12 6 5 15 0 Metters (N.Z.) 0 11 0 Shillings, Ltd. 0 11 5 0 11 6 • DUNEDIN Sales on ’Change £ s. d. Bank of New Zealand 2 5 3 E„ S., and A. Bank 6 4 0 South Otago Freezing . 7 15 0 Broken Hill Pty. (cont.) (2) 2 9 0 Dominion Fert. (late Thurs,) 1 5 3 Dunlop Perdriau (late Thurs.) 0 17 10 Hume Pipe 0 17 10 N.Z. Breweries (ex div.) 2 13 5 2 13 0 Gillespie’s Beach (odd lot) 0 1 1 4 p.c. Bonds, 1940-49 104 10 0 Unlisted Stocks Cox Brothers, Ltd. 2 4 9 Woolworths (Syd.) 5 13 0 SYDNEY The continued steady demand for industrial shares on the Sydney Stock Exchange yesterday was responsible for price rises over a wide range Of issues. Government bonds remained quiet. Morning Sales £ s. d. Commonwealth Bonds— 4 per cent., 1938 102 15 0 Commercial Bank of Sydney .. 20 1 0 Commercial Bank of Australia 0 19 6 Broken Hill Prop, (new) 2 10 0 Dunlop Perdriau 0 18 0 G. J. Coles 4 0 6 Howard Smith 0 19 4i Afternoon Sales Commercial Bank of Sydney .. 20 0 0 Queensland National Bank 5 7 6 Union Bank 9 15 0 Colonial Sugar 42 2 6 Associated Newspapers 1 2 0 Associated Newspapers (pref.) 1 2 6 Adelaide Steam 1 9 9 Howard Smith 0 19 4J Australian Gas A 7 12 0 British Tobacco 2 1 3 Tooths Brewery 2 12 6 Carlton Brewery 2 17 0 G. J. Coles 4 0 9 Drug Bouses of Aust .. 1 11 n

Notes in circulation £ 433,000,000 Notes in banking department 35,500,000 Other Government securities .. 248,000,000 Other securities 200,000 Silver coin 800,000 banking DEPARTMENT Proprietors' capital 14.553,000 Rest 3,300,000 Public deposits Bankers’ deposits 13,500,000 86,500,000 Other accounts 37.200,000 Government securities 97,800.000 Discounts and advances 6,200,000 Other securities 14,600,000 Notes and coin 36,400,000 Ratio of reserves to liabilities, 26.55 per cent: Bank of England discount rate unchanged at 2 per cent.

Paris, fr. to £1 RUGBY, June 11. Par. June 10. June 11. 124.21 73 3-16 76 17-64 New York, dol. to £1 4.866 5.01s 5.02 Montreal, dol. to £1 4.866 5.02^ 5.03 Brussels, belgas to £1 35 29.68 23.71 Geneva, fr. to £1 25.2215 15.505 15.53 Amsterdam, fl. to £1 12.107 7.421 7.43 Milan, lire to £1 92.46 635 635 Berlin, reichmarken to £1 20.43 12.451 12.47 Oslo, kr. to £1 18.153 19,90 19.90 Stockholm, kr. to £1 13.159 22.391 22.391 Vienna, schgs. to £1 34.535 2C5 26J Prague, kr. to £1 164.25 1211 121g Helsingfors, marks to £1 193.23 229 229 Madrid, pesetas to £1 25.2215 36 25-64 36 13-16 Lisbon, escudos to £ 1 110 108 7-16 108 7-16 Athens, drach to £1 875 533 533 Bucharest, lei to £1 818.6 676 677 Belgrade, dinars 25.2215 22.1 22.2 Rio de Janeiro, milreis 4.899 41 41 Buenos Aires, pence to dol. 51 Montevideo, pence to dol. 51 37 1 37 1 Bombay, pence to rupee 19 181 181 Shanghai, pence to dol. * 14 13-32 14 13-32 Hong Kong, pence to yen « 15 7-16 15 7-16 Yokohama, pence to yen. • 14 5-64 14 5-64 Batavia, guilders 12.107 7.33 , 7.39 Warsaw, par zlotys to £1 43.36 • Determined by price of silver.

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. 4.061 4.024 O.D. 4.074 4.03 Montreal— Dol. to £1 N.Z. T.T. 4.064 4.03g O.D. 4.08i 4.034 Austria— Schgs. to £1 N.Z. T.T. — 20.88 O.D. — 20.90 Belgium— Belgas to £1 N.Z. T.T. - - 23.731 O.D. — 23.742 Czechoslovakia— Crowns to £1 N.Z. T.T. — 96.51 O.D. — 96.56 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. — 61.00 O.D. — 61.04 Germany— Reichmarks to £1 N.Z. T.T. — 9.946 O.D. — 9.951 Holland — Florins to £1 N.Z. T.T. — 5.921 O.D. — 5,925 Italy— Lire to £1 N.Z. T.T. — — O.D, — — Java— Florins to £1 N.Z. T.T. — 5.878 O.D. — 5.882 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. — 12.379 O.D. — 12.384 Noumea— Francs to £1 N.Z. T.T. — 59.63 O.D. — 59.69 Papeete— Francs to £1 N.Z. T.T. — 59,78 O.D. — 59.84 Hong Kong— N.Z. pence to dol. T.T. 18 7-16 19 15-16 O.D. 18 11-32 19 29-32 India and Ceylon— N.Z. pence to rup. T.T. 22 9-64 22 57-64 O.D. 22 3-64 224 Japan— N.Z. pence to yen T.T. — 17 21-32 O.D 17 41-64 Shanghai— N.Z. pence to dol. T.T. 17 5-32 18 17-32 O.D. 16 31-32 18 33-64. Singapore— N.Z. pence to dol. T.T. 34 7-16 354 O.D. 341 35 31-64 T.T. represent Telegraphic - Transfer. O.D. represents On Demand.

U.S.A. Canada, (Per £1 N.Z.) dol. dol. Selling— ♦ T.T. .. 4.024 4.03J O.D. .. 4.03 4.04 Buying— .. 4.071 . 4.081 O.D.

Australian Iron and Si.eel (pf.) 1 5 n Australian Glass 4 14 6 Dunlop Perdriau (pref.) 1 14 3 Goldsbrough, Mort 1 12 41 Farmers 1 11 0 David Jones 2 6 6 Lustre Hosiery 1 5 9 General Industries 0 19 41 Australian Gypsum 0 19 9 Australian Guaran. Corp. 1 6 0 W. H. Soul 3 16 0 Hume Pipe 1 0 10J New South Wales Monte de Piete 1 12 6 W. R. Carpenter 2 3 0 Goodyear (pref.) 1 11 0 Amalgamated Wireless (con., N.Z. delivery) I 16 6 Broken Hill Prop. 3 13 0 Broken Hill Prop, (new) 2 10 n North Broken Hill 8 1 0 Zinc Corporation 4 1 6 Placer Development 5 12 6 MELBOURNE £ s. d. Commercial Bank of Australia 0 19 5 Electrolytic Zinc 1 18 6 G. J. Coles 4 0 6 Herald and Weekly Times 3 9 9 Goldsbrough, Mort 1 12 7 1 South Broken Hill 5 13 6 Mount Lyell 1 4 41 Emperor 0 13 3 Loloma ,, 0 18 3

THE RIGHTS OF MORTGAGEES

£ s. d. £ s. d. British— Consols 84 0 0* 85 0 0 Funding Loan, "4 per cent. 116 5 0 116 10 0 War Loan, 34 p.c. 105 5 0 105 15 0 Con. Loan, 3J p.c. 106 5 0 107 0 0 Victory Bonds, 4 per cent. 114 10 0 114 15 0 Commonwealth— 5 p.c., 1945-75 109 15 0* 101 12 6 3 p.c., 1955-58 98 12 6 101 12 6 4 p.c., 1943-48 103 17 6 104 0 0 3| p.c., 1948-53 102 8 9 108 8 9 34 p.c., 1936-37 . 101 15 0* 98 17 6 34 p.c., 1956-60 93 15 0 93 18 3 New South WalesSJ p.c., 1930-50 100 0 0* 100 5 0 44 p.c., 1935-45 100 13 9* 100 12 6 Victoria— 3 p.c., 1929-49 . * 98 1 3* 97 17 6 4 % p.c., 1940-60 106 15 0* 105 0 0 5 p.c., 1945-75 Queensland— 109 15 0* 109 12 g 3 p.c., 1922-47 97 15 0* 97 17 6 5 p.c., 1940-60 108 2 6 107 17 g South Australia— 3 p.c., 1916 or after 87 11 3* 87 7 g 3 p.c,, 1945-75 Western Australia109 7 6* 109 7 6 4 p.c., 1942-62 Tasmania— 101 17 6* 101 17 6 34 p.c., 1920-40 102 7 6* 102 2 g 4 p.c., 1940-50 New Zealand101 17 6* 101 7 6 44 p.c., 1948-50 108 10 0 108 11 3 34 P.c., 1940 102 10 0* 102 7 g 4 p.c., 1945 6 p.c., 1936-51 100 15 102 13 0 9 101 2 102 12 6 6 •Ex interest.

(UNITED FBESS ASSOCIATION —COPTBIGHT.) LONDON, June 11. There is a slightly improved enquiry, but business is small. Quotations are:— June 4. June 11. d. d. 70's .. 34 34 64's .. 32 32 / 60*s .. 31 31 ' 58's .. 24£ 24* 56's .. 20£ 20* 50's .. 16 16 46's .. 14 14 44's .. 131 13*

(BRITISH OFFICIAL WIB1LES3.) RUGBY, June 11. June 10. June 11. Copper- £ s. d. £ s. d. Standard, spot 36 110i 36 1 10, Forward 36 8 li 36 8 U Electrolytic .. 40 7 6 40 0 0 to 40 10 0 40 10 0 Wire bars 40 10 0 40 10 0 LeadSpot 15 6 3 15 3 9 Forward 15 8 9 15 6 3 Spelter— Spot 14 2 6 14 2 6 Forward 14 7 6 14 7 6 TinSpot 183 12 6 184 7 6 Forward 181 12 6 182 17 6 SilverFine, per oz l&id 19 13-16d Standard, per oz. . 217-16d 21id