FINANCE AND COMMERCE

Press, Volume LXXII, Issue 21940, 14 November 1936, Page 20

FINANCE AND COMMERCE

MINING ; 1

I BRADFORD TOPS t MARKET

BANK OF ENGLAND RETURN

INVESTMENT VALUES LOWER WOOL FIRM AT BRADFORD Values for investments have generally declined substantially on the Stock Exchanges of New Zealand this week, many Australian market leaders having been written back considerably from the high points touched last week. Banks have been firm, and Woolworths shares have risen sharply. The Bradford market continues very firm, and.values for all classes, according to a cable message, have firmed appreciably. Topmakers are sold far ahead. ' Butter has improved slightly in London, New Zealand selling at up to 110 s.

SHARE MARKET REVIEW

CHAIN" STORES RISE SHARPLY GOOD DEMAND FOR LOANS (EV Ol'K EDITOR.) Because of the holiday there were calls on four days only on the Christchurch Stock Exchange this week, but the volume of business was excellent, particularly early in the period. It was not of course, nearly as big as the record turnover last week, but was nevertheless very satisfactory. Prices for most investments were erratic, but there was a marked appreciation in the value of the Woolworths issuer, and loans were considerably stronger. The high prices for base metals overseas had their effect'at the beginning of the period, and many issues connected with metals firmed rapidly. Metal prices fell again later, and the exchange followed the downward trend. Business day by day was:— , This week, Last week. £ £ Saturday .. Monday .. 10,475 10,327 Tuesday .. 10,889 8.893 Wednesday .. 7,260 16,370 Thursday .. 9,382 11,481 Friday .. Total .. £38,006 £80,555 Business in the different sections Was: — Shares. Value. No. £ Government .. Debentures .. Banking .. 1,627 4,030 Insurance .. 250 235 Loan and Agency 1,005 2,477 Refrigerating .. 1,300 804 Breweries .. 1.090 2,908 Miscellaneous .. 6,093 17.883 Mining .. 10,020 7,152 Government Government- loans had a rather weaker market earlier, but more attention was paid to them at the end of the week. The 4 per cent., 1937, was done at £IOO 10s and £IOO 15s. The 1946 and 1949, 4 per cents., were both done at £lO3 ss, a decline of 5s on last week, but there were buyers at higher prices later. Banking shares had a fairly active week. Commercial of Australia. 10s shares, did not hold the rise of last week, and had lost 2d to 18s lOd at the finish. A sale of Commercial of Sydney was made at £2O 15s, an advance of 15s, and National of Australasia were also slightly firmer. At £35 10s, New South Wales were 10s dearer. New Zealand remained at last week’s level, with a number of sales at. £2 Is 6d. Some attention was paid to Insurance shares, and National were done, at 18s ICd, an advance of 2d. In the loan section, Dalgety’s had a strong and active market, and rose 12s 6d above last week’s price to a sale at £9 17s 6d on Thursday. Goldsbrough, Morts opened with a sharp drop on the high prices paid at the end of last week, but regained some cf the lost ground to finish about 7d Shove the opening price of last week. New Zealand Refrigerating were fairly actively traded at prices which for both issues were a little below the average of last week. New Zealand Breweries had an active market throughout the week, and turnover in this stock was large. Prices were erratic, but the average rate for the week was a few pence above that of the previous period. Several of the Australian issues which rose so markedly last week reacted this week and lost ground. Both Broken Hill issues were distinctly cheaper, the Proprietaries losing a shilling on the reduced price ruling at the end of last week. The contributing shares were also easier, but not so markedly. G. J. Coles came back rathc-r sharply, and with sales at £3 17:.* 3d on Thursday, were 2s 3d below the finishing price of last week. Dunlops also continued the downward movement of the end of the previous period and lost 3d. Electrolytic Zintfs came back to lose about 2s. Hume Pipes h£td an active market, but the price was erratic. After a sharp rise on Tuesday and Wednesday, the price came back about 9d. Woolworths Dearer The Woolworths issues were traded actively at prices which advanced steeply throughout, the period. The New Zealand issue made 11s 9d on last week’s closing rate, and with sales on Thursday at £6 16s showed a gain of 15s in a fOrtpight. The Sydney issue' gained 12s over last week, but the Western Australian were 19s 6d dearer. Among mining shares. Mount Lyells were by far the busiest and accounted for the bulk of the business in this section. The price declined steadily throughout the period, and finished about a shilling lower. Mount Morgans had a fairly busy time, and after rising at mid-week, sagged again to about the level of the end of last week. Rawang Tin were sought actively, the price rising from 9s 8d to 11s* on the base metal reports, but slipping at the end to 10s 9d and 10s lOd. AUCKLAND [THE PRESS Special Service.] AUCKLAND, November 13. Following the buoyancy of recent weeks, there was a severe setback in the investment market on the Auckland Stock Exchange this week. Australian issues, were the chief sufferers and substantial losses were registered on the record high levels established by some issues. During the last few weeks it has been felt that values have advanced too rapidly, and more than one important warning, had been issued that values were dangerously high. The return on many leading industrials at current values is out of step with the yield on gilt edged securities, particularly in Australia where the latter investment is returning about 4 per cent with a hardening tendency. A considerable amount of recent buying of industrials has been done with a view to the prospects offered, but in many cases it has become obvious that the increased earning power of many companies has been fully a P - ,

praised in the market. In some cases it has been ‘ overvalued, as shown by the disappointment reflected in the market at the slight increases showin some recent net profits. Profit-taking became evident earlier this week, and under its influence values receded rapidly. The normal reaction, how- ! ever, was given an additional impetus by a sudden easing in metal prices following a sharp rise. Considerable activity developed in tin shares, particularly In Sydney, but at the same time industrials commenced to lose ground in Melbourne. There followed days of heavy trading on New Zealand exchanges at steadily declining value's. Because values have not risen to the same extent. New Zealand issues were not seriously affected. On the other hand there was a strengthening in some lines, caused no doubt by the lesser attraction of Australian investments. Banks provided the exception to the general trend and for the most pad were stronger. The announcement of Dalgety’s improved year took some time to affect the market, but strong support developed in Melbourne for the shares and rates touched £lO on the Auckland market at the close of the week, a gain of 15s. The principal loss among Australian industrials was incurred by Broken Hill Proprietaries which were secured 4s 6d cheaper at 80s 3d. Australian Glass lost Is tld. British Tobaccos Is, Dunlop Perdriaus 4d, and G. J. Coles 2s. DUNEDIN [THE PRESS Special Service,] DUNEDIN. November 13. Not for many years has such a heavy week’s trading been experienced on the Stock Exchange as during the six days ended to-day. The record turnover represented business to a value of about £23.500. The local market has been extremely active in all sections and not since the commencement of the depression has such widespread interest been displayed in all types of shares. The good tone of the market during the preceding period was more than maintained at the commencement of the last week, and in several instances new high levels were reached. A reaction set in towards the close of the week, due principally to profit taking, and several shares, particularly the higher priced Australian industrials and mining stocks, fell away substantially '6n Thursday and again to-day. Taken on the whole there was an improvement in New Zealand industrial shares, but there appears room for an even greater increase oL interest -in these .stocks. It is usually the case that when Parliament adjourns the Stock Exchange markets rapidly improve and this has certainly been the experience on this occasion.

In the banking section, New South Wales, English, Scottish, and Australian Banks, and Unions improved fairly substantially, but New Zealands and Commercials experienced a falling market. New South Wales were sold at £35 ss. whereas they were offered at £35 last Friday. New Zealands were 3d easier with a fair amount of business at down to £2 Is 3d, and Commercials also declined to a sale at 19s. The insurance section was steady, a fairly sharp rise in South British to sales at £4 13s being the most notable feature. Greater interest was taken in the shipping section, and P. and O. deferred stock rose Is 6d to buyers at £1 15s. Sales were being recorded in Howard Smiths at £1 Is 3d. The meat preserving section was not well supported, the contributing New Zealand Refrigeratings being the only shares to have business. The price for these improved a few pence as the week advanced and closed firm with three sales at 9s 3d.

Although prospects for wool have appeared even brighter during the week, Goldsbrough. Morts declined in value, for after reaching £1 17s lOd last week they fell away. Although there were two sales of Kaitangata Coals at £1 2s. Westports attracted most attention in the coal mining section.

Following the slump in industrials on the Australian markets, high-priced stocks, such as Broken Hill, Australian Glass, and British Tobacco experienced a sharp decline. Broken Hills were around £4 5s at the beginning of the week, but to-day a sale was reported at £4 Is, a similar fall being recorded in the contributing shares. Hume Pipes, after touching new high levels with a sale at £1 3s eased to-day to sellers at £1 2s lOd. There was a much greater turnover in New Zealand industrials than has been the case for some time. Dominion Fertilisers had business at £1 4s 3d, Dominion Rubbers at £1 6s 6d, Donaghy’s Ropes at £2 11s, and Drugs (odd lot) at £3 14s. Consolidated Bricks, due probably to the Government’s proposed housing scheme, rose, but eased slightly to-day. Following on the rumour that there is to be a further watering of shares the Woolworth group rose substantially, New Zealands changing hands at £6 15s 6d. Sydneys at £6 17s, and Western Australian at £6 15s, which show rises of about 12s 6d for each issue. Australian mining stocks fell sharply. Although the Mount Lyell Company announced a satisfactory dividend of Is 6d a share, the stock, after holding its own for a day. fell away to business at down to £1 15s to-day. Little of interest was taken in the New Zealand mining section. Waihi investments. with business at 11s and 11s 9d, experienced the most noticeable rise. A few small parcels of Government loans were offered during the week and six sales were recorded. Investors are still awaiting advice of the result of conversion of the 1937-40 loan. BRITISH STEEL PRODUCTION NEW RECORD OUTPUT BIG INCREASE EXPECTED FOR YEAR (BRITISH OFFICIAL WIBELESS.) RUGBY, November 12. Britain’s production of steel last month reached a new high level at I, tons. The output of ingots and castings exceeded the resord made n September by 33,500 tons. Activity in this industry is so great that it is almost certain that the output of steel for 1938 will be about 11, tons, far exceeding the re-, cord tonnage of 9,842,400 for 1935.

COMPANY NEWS

CHAIRMAN OF MARTHA COMPANY [THE PRESS Special Service.] ! AUCKLAND, November 13.. 1 Cabled information has been received in Auckland that Lieutenant-Colonel E. H. L. Beddington has resigned from the position of chairman of the Martha Gold Mining Company (Waihi), Ltd., and Waihi Investment and Exploration, Ltd., although he will remain on the board of directors of both companies. Mr G. R. Mitchison has been elected chairman in place of Colonel Beddington. NATIONAL TIMBER [THE PRESS Special Service.] AUCKLAND, November 13. The National Timber Company, Ltd., ‘ has declared an unchanged interim divided of 2i per cent, for the half-year ended September 30. Payment will be made on November 25. WESTPORT COAL [THE PRESS Special Service.] DUNEDIN. November 13. The directors of the Westport Coal Company, Ltd., in their annual report, state that the profit for the year, after provision for bad and doubtful debts, depreciation, and all charges, amounted to £24,235 2s Id. to which must be added £11,138 5s 3d brought forward from last year, making a total of £35,373 7s 4d. Interim dividend of (id a share was paid for the half-year ended March 31, which amounted to £11,258. Out of the balance of •£24,123 7s 4d the directors propose to pay a dividend of 6d a share and to carry forward £l2 873 7s 4d. The report adds that the mines and plant have beeii maintained in the usual state of efficiency during the year. DAIRY PRODUCE BUTTER DEARER IN LONDON I j NEW ZEALAND AT 110/- j ■ LONDON, November 12. l Dairy produce quotations are;— Nov. 5. Nov. 12. s. s. s. s. Danish .. 122 to 124 125 to 120 New Zealand, choicest salted to 108 109 to 110 Australian .. —to 108 108 to 10!) THE SILVER MARKET PURCHASES BY UNITED STATES ENORMOUS STOCKS HELD The United States silver buying policy has been in operation for more than two years, and at the end of the second year that country had acquired probably the largest silver hoard the world has ever known. Yet no appreciable progress has been made towards the primary object of the Silver Purchase Act. which was to accumulate silver until it represented onefourth of the American metallic monetary stocks. At the end of the second year, the price of silver was approximately the same as when the act was passed, but in the meantime, far from having avoided the fluctuations which America was trying to mitigate, it had ranged from 45 cents to 8i cents an ounce. Finally, the policy which, its supporters said, would assist countries on the silver standard, forced China into a serious economic crisis, and finally off silver altogether. After forcing silver to its highest price for 10 years, the United States policy was suddenly modified in December last year, and largo amounts of the metal were left overhanging the market. The result was that the price fell by 23 per cent, in 15 days. It was clearly demonstrated, the trust company continues, that an artificial price structure had been created, and that the American purchases on a rising market had been the sole cause _ for levels which could only be maintained by the continued absorption of silver into the United States. Repeal Advised The Economists’ National Committee on Monetary Policy recently recoin-, mended to the United States Congress the repeal of the Silver Purchase Act, the discontinuance of all silver purchases under the President’s proclamation of December 21, 1933, the withdrawal of all authority for the establishment of bimetallism, and the disposition over a period of years, at the most advantageous terms possible, of the silver now held by the Treasury. “Only through such a programme, it is widely maintained.” the trust company states, “can the United Stales extricate itself from the troublesome position in which it now finds itself, and genuine order be re-established in the now artificial silver market. The maintenance of a false price by continued purchases would be only an illusory advantage, and in the long run would tend to circumscribe still further the natural outlets for silver which determine its real value.” FOREIGN EXCHANGES

AUCKLAND

WELLINGTON

Sales on ’Change

DUNEDIN Sales on ’Change i s. <l. Bank of New Zealand (3) 2 1 2 National Insurance • - 018 10 Howard Smith .. 113 Broken Hill Proprietary . . 4 10 Edmonts, Ltd. . . .. 2 17 6 Woolworths (N.Z.) .. . . 6 15 6 Mount Lycll .. .. .. 115 3 1 15 0 N.Z. Refrig, (con.) .. (3) 0 9 3 Mount Morgan . . . . 014 11Martha .. ■. ■. 0 19 6 0 19 4J Rawang Tin (late Thursday) (2) 010 9 Unlisted Stocks Woolworths (Sydney) . . 617 0 Woolworths (W.A.) .. .. 6 15 0 SYDNEY On the Sydney Stock Exchange yesterday there was an easier tone all round, and turnover was restricted.

Loloma .. . . 1 1 MELBOURNE Bonds continued easy in Melbourne, and industrials were a little irregular but steadier at the close. Barriers arid other metals were irregular. Sales: — Commercial Bank of Australia 019 4 National Bank (£5 paid) .. 711 0 Union Bank . ..' .. 10 0 0 Howard Smith •* 1 1 6

VALUES ON STOCK EXCHANGE

CHRISTCHURCH RATES, NOVEMBER 12, 1936

FORMER LEVELS COMPARED

Where no approximate price Is given return is worked on mid-market price, unless only one quote is given.

I ALL qualities dearer LONDON, November 12. Bradford is quietly firm. Topmakers have sold their output so far ahead that they are reluctant to enter commitments.

(r.Nm;ii chess assocutiun -corytumtT.) LONDON. November 12. The following is the return for the week ended November 11: ISSUE DEPARTMENT Notes issued— JIn circulation In banking department 6...000.000 £506.600.000 Government debt • . • • 11,000,000 Ollier Govl. securities .. 247,100,000 Other securities .. .. i,500,000 Silver coin . • • • 100 .(too Fiduciary issue ■ ■ * • 260,000,000 Gold coin and bullion .. 246,600,000 j £508,600,000 BANKING DEPARTMENT Capital .. 14,500,000 Rest ■ ' • • . • 3,200.000 Public deposits . . • ■ 14,900,000 Bankers .. ■ ■ 98.000,000 Other accounts ~ .. 41,600,000 £ 172,200,000 Goyernmcnt securities . . 80,400,000 Other securities — Discounts and advances .. 6,600,000 Securities . . 20,300,000 Notes and coin .. 62,900,000 £ 172,200,000 The ratio of reserves to liabilities is 40.73. The rate of discount is unchanged at 2 per cent. GOVERNMENT SECURITIES (UHITED P(l«8S 4SSOCIA.TIOK—COPtaiGHT.) LONDON, November 12. The following are the latest quotations for Government securities compared with the prices ruling last week; — Nov. 5. Nov. 12. E s. d. £ s. d.

GROCERY TRADE

PROSPECTS AND PRICES The retail shops closed on Thursday night after a very busy week’s trading. At the moment matured cheese is difficult to obtain, and very little is available either at the factories or in merchants’ hands. Kapoc The kapoc market in Java is re Ported to be very much firmer, and orders placed in future must expect to meet an advancing market. Onions After advices were received that no further supplies of onions from Canada were expected this season, news is now to hand that parcels were placed on the Aorangi and on the Waiotapu, both now afloat for New* Zealand, and both due before the end of the month. It is now stated positively that no further supplies will be shipped from Vancouver this season to New Zealand markets. 1 Jelly Crystals Jelly crystals have started to sell exceedingly well, despite the recent price advance due to the extra cost of gelatine. As the labour involved in packing jelly crystals is fairly heavy, and takes time, buyers should 'place their orders ahead to obviate the chance of delayed delivery for next month’s re- j quiremehts. i Pineapples * ; The outlook for the coming summer pack of Queensland pineapple is not promising. The weather has been against the fruit, and the latest report is that the pack is not expected to come up to last season’s. This will mean in all probability that as soon as stocks are available they will be speedily ] booked up. and leave the market bare of supplies before the next winter. pack is ready. Eggs , The local egg market has hardened. and with a very large demand this i week prices have advanced. On Thursday the city stores were paying for supplies to producers and farmers Is for firsts, lid for seconds, and Is for ducks’, all prices net without commission deducted. Sardines British pack sardines Vs and 1-I6’s have been quoted at favourable prices and the line is worth buyers’ attention; i’s are also quoted, but somehow or other this size pack of British sardines has never properly caught on in this market, the public preferring the Jib pack in Norwegian brands. Figs Some new season’s figs have arrived and the sample is excellent. These were brought by the steamer Orion, and it has now been discovered that she left quite a quantity behind in the Mediterranean. Some importers have been fortunate enough to land practically all their orders, whilst others received none by this vessel. The short-shipped lines w’ere carried to Sydney by boat and they should be here toward the end of next week. Dates Cable advice from Busrah states that the steamer Nardana, carrying new season’s dates for New Zealand (for transhipment from Australia) left Busrah on November 2. She is due in Sydney early in December, but so far the actual scheduled date of arrival has not been notified. This late dispatch from Busrah will mean that given favourable connexion at Sydney for transhipment to Lyttelton, the dates cannot arrive here much before Christmas week. The market locally for stoned dates is practically bare, and wdth no relief until December, it looks like a famine in the meantime. Endeavours to obtain supplies in Australia have unearthed the fact that stocks here are practically sold out. Muscatels New season’s'Californian muscatels have arrived, having come by mail steamer, as the shippers wei;e afraid that the goods would be subject to delay through the present strike in San Francisco. The extra freight and charges on the muscatels just landed will represent about Id per lb. Pilchards Due to a short pack, the delivery of , pilchards from Canadian canneries this season will be reduced by 30 per cent, for orders already booked, and no further orders can be accepted as stocks ■ have already been oversold. * Tea The Calcutta tea market has opened' again after the Pujah holidays, and last week’s sale produced a catalogue of just under 3,000,0001 b. Quality was fair average for this period of the season, many lines showing good liquoring value. There was an attractive entry df Dooars. The demand was classified as good all round, and this caused broken grades to advance 2 to 3 pies, with 3 pie advance in many leaf types. A very strong demand for tippy teas was once again a feature of the sale.

grain and produce markets

DUNEDIN {FOSS ASSOCIATION TSUtOAA*.) ! DUNEDIN* November 13* i Fowlwh6?tSl&oly»‘^ n^ & a bushel ex store. An 'S for Garton ©ate has set m aw to ber of North Is^ d t ff t r %w lin« are more an indication Island ports ofterins from other P dethan that there is an stores r D d u„eSs e^s fng Cartons is 3s a bushel on tni'-ks^ wfth A Srade worth 2s lOd y tricts Some lines of good Quauty arc hp in» secured from Canterbury. Medfum qualify, which is fairly plentiful, if worth £3 15s to £4 a ton. and bet!er quality £4 10s ex truck and £3 in old potatoes with holders anxious to quittheir stocks. There is now no prospect oi any recovery in values as potatoes at this time of year deteriorate rapidly Seed lines are a drug on the market and are being sold at low rates to quit. Round about £4. a ton can be quoted as the ruling price for tables. q Little change is to be recorded in the qpeds market. Enquiries are stlu being received from overseas buyers for dogstail, ryegrass. c °wgrass, and .fescue, but business is and is confined to small quantities. Values for these lines and also for cocksfoot and white clover remain steady with prices unchanged. INVERCARGILL [THE PRESS Special Service.] INVERCARGILL, November 13. A few sales of surplus oat stocks have been made in the last few days for shipping and milling, and merchants are now fairly well cleaned out. Farmers’ supplies also are very nearly exhausted so that there can be very little further business until the new season’s supplies are available. Values to farmers for A grade have been ranging up to 2s 9d a bushel. There is practically no business in wheat except for the supply of the local poultry trade for which the main part of the requirements is being drawn from 1 northern centres. The market is supplied with chaff. There is no shipping demand and the local demand seems to have decreased, with the result that the outlet is limited. It is doubtful if farmers could get more than £3 5s for good, bright quality. The ryegrass shipping market has I quietened to some extent and alI though occasional sales have been made, the demand is not very active. Values to farmers range to 2s a bushel for lines from the mill, and to 3s for machine 'dressed lines. There has been a fairly extensive enquiry for crested dogstail and lair quantities have been ! shipped overseas. The market continues firm, values to growers for dressed seed ranging from 5d to "d a pound. The fescue market is firm but growers’ stocks are all disposed at. There is still no demand for browntop, the maximum value to growers for dressed seed being Is a pound for certified, and 9d to lOd lor uncertified. All interest in the potato market has ceased. It is apparent that no further supplies are required by the .northern market, and the local market is well supplied. Potatoes will probably be handled on consignment until the new season’s crop is available. BRITISH WHEAT MARKET I LONDON, November 12, Wheat cargoes are dull and unchanged and parcels are quiet. Futures are quoted:— Nov. 9. Nov. 12. London (qr.)— s. d. s. d. November . 38 3 37 5 January .. March 39 0 38 8 Liverpool (cental) — I December .. 80J 7 11$ March . 7 9 7 8 May ~ .. 7 8 7 7} CHICAGO FUTURES CHICAGO, November 12. i Cents a bushel. December ■ • HSJ 115 i May .. .. H2« 113 i juiy m m PRICE OF SILVER i LONDON, November 12. I Silver is quoted at 20 13-16 d a fine ! ounce for both spot and forward.

Average prices ruled as follows; Broken orange pekoe, common 9 annas 9 pies, medium 11 annas, good 14 annas. Broken pekoe, common 9 annas 3 pies, medium 9 annas 6 pies, good 9 annas 9 pies. Fannings, common 9 annas, medium > 9 annas 3 pies, good went to 12 annas ( 6 pies. At the weekly auction of Ceylon tea held in Colombo last week, the following prices were ruling;— Broken orange pekoe, common 68 cents, medium 75-81 cents. Broken pekoe, common 61-62 cents, medium 67-72 cents. Broken tea, common 59-60 cents, medium 62 cents. Canned Fruit The present outlook for canned fruit is for a general shortage before the new pack is available. Sales during the last nlbnth or so have been phenomenal on this market, and in some cases stock which were expected to last till after Christmas have already been sold out, causing a hunt for fresh supplies. Stocks in Australia are reported to be very low, with some lines sold out completely. The Australian packers this year again shipped huge quantities of canned fruit to England, where a duty against Californian fruit has helped Australian packers to capture a fair portion of the British market. This situation has enabled some Australian cannbrs to quit, their whole output a few weeks after packing, thus making stocks difficult to procure at the present time. Resin Late cables from New York advise a very firm market for resin, with a further rise in prices of 15s a ton. The shippers also advise that they are aprehensive about shipping because of the present maritime strike in the United States. Brazil Kernels Brazil nut kernels are at present commanding a good market in London. and due to the Christmas demand prices have advanced again this week. It is expected that values will, however, weaken again after the New Year. COMPANY REGISTERED j | The following company registration is notified in the current Issue of the “Mercantile Gazette”: — Taylors Service Station, Ltd. Registered as a private company October 31. Office: 19 Liverpool street. Christchurch. Capital; £SOO into shares of £1 each. Subscribers: Christchurch—R. R- Taylor 300, F. H. Brown 200. Objects: To acquire and carry on business of petrol and oil resellers, and general service station proprietors now carried on by “Taylor’s Oasis Service Station," together with assets and liabilities. “The Press” Classified Advertisements are read at the breakfast table, and are sure to deliver results during the day—l2 words Is. 3 insertions 2s 64. ’Phone 33-358. —6

WAIMUMU RETURN ((IKS ASSOCIATION tNLNONAII.) , GORE, November IS. The Waimumu return wa» 31 om Vjj 8 pennyweights for 288 hours' shd*> - ing. KING SOLOMON V '* (PUSS ASSOCIATION tVMCBIN.) ' sft INVERCARGILL, November 23. | The return at King Solomon mint ; this week was 250 z 6dwt. . THE METALS MARKET

• 1 NEW YORK TIN NEW YORK, November UL Tin is quoted at 52.50 cents per lb. j PRICE OF GOLD ** t LONDON, November 12. Gold is quoted at £7 2s fid a flat , ** ounce. DUNEDIN FRUIT MARKET "I" ' (PAMS IgSOCIiTXOX TTT.BOIUAJ DUNEDIN, November 13A busy time was experienced in tbjyy| fruit. marts during the week. HeaVTiSi supplies of green peas, new pototosft|Hß and other classes of vegetables hay ; j||| been reaching the market and meet* Jig ing a good sale. A large shipment <*|H fruit arrived by the Wmgatm Wednesday. The 1000 cases bananas on the vessel arrived to ni jfl condition and the prices obtained show a loss to shippers. The new [)■ shipment of Samoan bananas wl «r~ « rive ex Maui Pomare on MwJy jjm week. A small shipment of Ciip» W dian apples was readily taken up 0% retailers. Small lines of grapmtmt * and Californian lemons arrived by Wingatui. Tomatoes are in good saWw from Christchurch and local hothowek' The market is firm with prices rangnK.-Iji from Is 2d to Is 6d per lb, acaroj:i.» to quality. Small lines of chcrnK are arriving from Central Otago, J|| the condition of the fruit Is not particularly good. Prices are factory. Strawberries are coramwwfr ■jag ing to reach the market from Centra* ,£m Otago and Waimate. jl

I'lilUTIRIl OFFICIAL RUGBY Par. Paris, fr. to £1 124.21 (VI8ELESK.) November 12. Nov. 11. Nov. 12. 105 11-04 105 9-64 New York, dol. to £1 4.860 4.88 1-16 4.87? Montreal, dol. to £1 4.SCO 4.83:1 4.871 Brussels, belgas to £1 35 28.844 28.84 Geneva fr. to £1 25.2215 21.23 21.224 Amsterdam. fl, to £1 12.107 « 9.061 9.06 Milan, lire to £1 92.46 92 23-32 92 7-16 Berlin, reichmarken to £1 29.43 . •■12.134 12.124 Oslo, kr. to £1 18.159 19.90 19.90 Copenhagen, kr. to £1 18.159 22.40 22.40 Stockholm, kr. to £1 18.159 19.394 19.394 Vienna, schgs to £1 34.585 264 264 Prague, kr. to £1 164.25 137? 137? Helsingfors, marks to £1 193.23 2261 2261 Madrid, pose- . tas to £1 25.2215 _ Lisbon, escudos to £X 110 110 3-16 110 3-16 Athens, drach to £1 375 550 540 Bucharest, lei to £1 843.6 667 670 Belgrade, dinars 25.2215 214 213 Rio de Janeiro, pence to milreis 4.899 4i 4i Buenos Aires, pence to dol. 51 _ Montevideo, pence to dol. . 39? 39? Bombay, pence to rupee 19 184 184 Shanghai, pence to dol. » 14 63-64 14 17-32 Hong Kong, pence to yen * 15 15 Yokohama, pence to yen • 14 1-32 14 1-32 Batavia, guilders 12,107 9:034 9.02J Warsaw, par zlotys to £1 43.36 25.90 • Determined by price o£ silver.

Sales on 'Change t fc. d stock. 15/3/39-43. 3i p.c. 102 0 0 Stock, 15/2/46, 4 p.c. 102 10 0 Stock. 15/4/49, 4 p.c. 12) 102 12 6 Commercial Bank of Ausl. 0 19 0 K., S., and A. Bank <i 3 0 Bank of Now South Wales 35 10 0 Bank of New Zealand 2 1 3 South British Insurance 4 13 0 Goldsbro'ugh, Mort 1 16 0 Australian Steel (prof.) 1 6 6 Broken Hill Proprietary 4 0 6 Broken Hill Proprietary (con.) 3 10 0 Dunlop Pcrdriau 0 17 9 Farmers’ Trading (2) 0 19 7 G. J. Coles 3 17 0 K.D.V. Boxes (con.) 0 5 0 Wool worths (N.Z.) 6 15 0 6 13 0 Wool worths (N.Z.) (prof.) 1 17 6 Martha , 0 19 6 0 19 4 Walhi Investment „ 0 11 8 0 1) 6 Mount Lyell 1 15 3 Rawang Tin 0 10 9 Unlisted Stock SeU'ridge's (A’asia.) (new) 1 15 fi Wool worths (Sydney) . 0 17 6 0 16 6 6 15 0

C s d Hank of N.Z. (late Thursday! South British Insurance (laic 2 1 13 3 Thursday) 4 0 Toohev's Brewery (late Thors.) 1 13 7 G. J. Coles (late Thursday) .. 3 17 6 Woolworths (N.Z.) (late Thurs.) Woolworlhs, Ltd. (2nd pi.) (late 6 13 6 Thursday) 1 ;> J5 (> Ins. Stock. 4 p.c., 15/1/1937 100 0 National Bank of NZ. 3 0 3 0 NZ Guarantee Con oration (2) 5 5 P. and O. Dcf. Stock 1 15 0 Toohcy's Brewery 1 13 7 Broken Hill Proprietary 4 n 3 Colonial Sugar 43 2 0 Consolidated Brick 0 11 Farmers’ Trading 0 19 8 G. J. Coles 3 17 0 Woolworths (N.Z.) J> i» 15 13 6 i> 14 (< Unlisted Stocks Woolworths, Ltd. (Sydney) (late (> 13 0 Thursday) (2) u I(i c (4) () 17 0 (2) c 13 (1 Selfridgc's (old) 1 1(1 (1 Woolworlhs (Sydney) 6 17 0 (1 18 0 (odd lot) (1 17 0

Morning Sales .s. d. Commonwealth Bonds — 34 per cent., 1948 .. 95 1 3 4 per cent., 1944 .. 101 17 6 4 per cent., 1950 102 2 6 4 per cent., 1957 102 5 0 4 per cent,, 1959 100 17 6 Bank of New South Wales 35 7 6 Anthony Hordern 0 19 9 Associated Newspapers 1 4 3 Australian Iron and Steel (pf.) 1 7 0 Broken Hill Proprietary 4 1 G Colonial Sugar 43 15 0 Electrolytic Zinc 2 6 6 Afternoon Sales Bank of New South Wales 35 7 6 Commercial Bank of Sydney 21 7 0 Union Bank 9 16 0 Associated Newspapers 1 4 4i Associated Newspapers (pf.) 1 4 0 British Tobacco 2 7 3 Tooth’s Brewery 2 18 0 Toohey’s Brewery 1 13 6 Queensland Brewery 1 5 3 Australian Glass 4 13 0 Dalgetys 10 2 0 Goldsbrough, Mort 1 17 44 Henry Jones 2 6 6 Uustre Hosiery 1 3 10i Mauri Brothers 3 13 6 Gordon and Gotch 2 12 6 Kandos Cement 1 3 3 Meggitts . , 1 9 6 United Provisions 0 9 11 Standard Waygood 0 7 6 Waldas Shoes 1 15 9 Mount Lyell 1 15 4i Broken Hill Proprietary 4 3 0 Broken Hill Pty. (N.Z. dellvex'y) 4 3 0 North Broken Hill 11 17 0

1 Return Am’t. i Approx. market . p.c. am’t. a re. Div. on Invest* paid a Approx. market price a year payable. | ment at approx. Companies. sh’e Buyers. Sellers. price. ago. > €6 So'Si ) market price. £ h s. d. i £ s. d. £ s. d. 1 £ 1 s. d. i 1 1 I { £ s.d. Banks — 5 ■» 1 0 12 8 0 12 2 6 i i 11 7 0 Ti 1 ' Feb.-Aug. 3 3 11 Comm, of Aust. 10s 0 18 9 0*18 11 0 18 10 0 16 6 5 5-6 Oct.-Mch. 3 1 11 Comm, of Aust. (pref.) 10 0 5 .0 — 9 5 0 9 12 6 4 Oct.-Mch. 4 6 5 Com. of Sydney m 20 10 0 20 17 6 20 15 0 17 17 6 6 Jan.-July 3 12 3 3 6 1 9 6 2 3 0 1 9 5 6 9 ■ 5 Nov.-May 2 9 Natl, of A’asia 10 — — 14 18 0 13 17 6 54 Nov.-May . 3 10 5 Natl, of A’asia (con.) •5 7 7 0 7 7 6 7 7 6 6 13 0 5.1 Nov.-May I 3 11 2 Natl, of N.Z. .. 2! 3 2 6 3 5 0 3 2 9 3 13 0 4 Jan.-July 1 3 3 3 New Zealand .. 1 2 1 5 2 1 3 2 10 9 10 Jan.-July 4 16 11 N.S.W. 20 35 5 0 35 10 0 35 10 0 33 5 0 5 Jan.-July Union 5 9 15 0 10 5 0 9 15 0 9 10 0 5 Jan.-July 2 11 ° Insurance— May-Nov. 4 0 0 National . 7s 0 18 7 0 18 11 0 18 9 0 19 6 10 5-7 New Zealand .. i 3 0 0 3 2 0 3 2 0 3 3 6 10 Feb.-Aug. 3 4 South British .. i 4 13 6 4 13 0 4 12 9 2/8 Apl.-Oct. 2 17 4 Standard i 3 0 0 3 2 0 3 1 0 3 7 6 124 Mch.-liep. 4 1 Loan and Agency— May-Nov. 3 0 0 8 0 Dalgety and Co. 5 10 0 0 10 10 0 10 0 0 8 2 6 Goldsbrough, M. 1 1 16 6 1 16 8 1 16 6 1 11 3 7 Dec.-June 5 0 United Building I — 1 0 6 1 0 0 1 1 6 5 Oct.-Apl. Frozen Meat— July-Oct. 4 8 Gear 10s 0 17 0 1 2 « 74 * N.Z. Refrig. 1 0 18 10 0 19 3 0 19 2 1 2 3 5£ Feb. 5 14 N.Z. Refrig., con. 10s 0 9 2 0 9 3 0 9 3 0 10 11 5J Feb. Gas— Auckland 1 1 o 0 1 5 6 51 July-Feb. 5 0 5 6 0 Auckland (con.) 15s — 0 15 6 0 19 3 51 July-Feb. Christchurch .. , 1 1 0 0 1 7 8 1 7 6 1 15 0 7 Aug.-Feb. 5 0 0 Ch.Ch. (con.) .. 10s 0 14 0 0 16 9 7 Aug.-Feb. Wellington 1 — — 1 17 0 1 19 0 8 Aug.-Feb. Shipping— Huddart-Parker 1 1 1 15 0 - 1 1 17 15 6 0 1 1 18 2 6 0 7 May-Dec. May-Dec. 3 14 8 0 Union (pref.) .. 1 — _ 1 6 6 1 7 6 54 May-Dec. 4 3 Coal— Taupii i Westport 1 10S - 0 1 16 3 9 0 1 17 3 0 0 5 10 Nov.-May May-Nov. 6 3 4 7 0 10 Breweries — 1 3 5 0 3 5 0 fy 10 6 10 |»Oct.-Mch. 3 1 6 Now Zealand .. 1 2 12 10 2 13 0 13 0 2 13 6 71 Jan.-J uiy Aug.-Feb. Mch.-Sep. 2 10 Staples 1 Ids 1 14 6 1 35 9 1 1 15 13 6 6 1 i 13 10 9 0 5 74 3 11 7 Tooths 1 -- — 2 17 0 2 18 « 124 May-Nov. 4 7 8 Miscellaneous— 1 4 12 0 4 15 0 4 15 0 4 3 0 15 Dec,-June 3 3 i 1 2 0 1 2 9 1 8 0 5 Mch.-Sep. 4 I I 2 • 5 0 2 6 1 2 6 0 2 0 0 6 March 2 12 Broken Hill Ply. Burns. Philp .. 1 1 20 * 42 1 15 3 0 4 43 2 15 9 0 4 3 43 2 14 0 9 9 0 2 3 42 17 6 0 3 0 0 124 10 Ci Nov.-May Nov.-May Nov.-May j 0 2 13 2 18 3 14 5 6 1 1 1 4 3 1 4 6 44 June 2 Dunlop Rubber 1 0 17 9 0 17 10 0 17 9 0 16 1 5 Apl.-Oct. 5 12 4 5 0 1 2 5 6 2 C 9 2 G 9 1 14 3 10 Mch.-Sep. F.lcc. Zinc (pi.) Henry Jones 1 A* 2 7 4 9 6 2 1 9 4 0 9 2 2 T 9 6 4 0 0 7 1 1 1 18 17 4 0 6 0 10 10 5 Mch.-Sep, June-Dee. June-Dee. 4 1 4 6 5 1 7 11 8 N.Z. Drug Co. 2 3 13 0 3 10 0 3 14 0 3 18 0 8 Sop.-Apr. June-Dee. 4 0 1 8 4 3 1 1 15 4 1 15 0 1 15 4 1 1 « 2 \ Farm. Fertiliser N.Z. Newspapers Whit, & Tombs 1 10/8 2i 3 1 0 3 4 0 1 1 3 0 19 3 6 0 0 2 3 19 1 15 6 6 0 54 6 6 August Nov.-May Mch.-Oct. 5 I 2 10 4 15 n 2 Wilson's Cement 10s — 1 15 3 2 6 0 15 Nov.-June

Quotations: - Last Last veui - . week. Nov. 12 d. d. d. 70’s .. 33 36 3GA ’ (J4\s .. 31 34 35 (JO's . 29i 32' 34 50's . . 25 28 294 56’s . . 20’. 23 i 25 i 50's ,. 15 17J 18i 40‘s . . 12 i --

British— 10 85 10 0 Consols 85 0 Funding Loan, 4 118 0 per cent. 117 15 0 0 War Loan, 3 p c. 106 12 6 106 12 6 Con. Loan, 3J p c. 108 0 0 108 0 0 Victory Bonds, 4 0 H6 0 per cent. 116 0 0 Commonwealth — 113 5 p.c., 1945-75 113 3 9 0 0 3 p.c., 1955-58 101 0 0 101 2 6 4 p.c., 1943-48 10b 10 0 105 7 6 32 p.c., 1943-53 105 12 6 10b 11 3 31 p.c., 1936-37 100 2 6* 100 3 9 31 p.c.. 1958-60 95 13 9 95 15 0 New South Wales15 4J p.c., 1935-43 Victoria — 101 18 9 101 0 3 p.c.. 1929-40 99 17 6 99 17 6 42 p.c., 1940-60 107 3 9 107 2 6 4 p.c.. 1945-75 112 17 6 112 15 0 Queensland — 15 99 12 3 p.c., 1932-47 99 0 6 5 p.c., 1940-60 107 8 9 107 8 9 South Australia— 4 p.C., 1942-62 112 17 6 112 12 6 3 p.c., 1945-75 91 0 0 91 5 0 Western Australia4 p.c., 1942-64 104 3 9 104 2 6 Tasi’nania — 16 3 31 p.c., 1929-40 103 0 0 102 4 p.c., 1940-50 103 10 0 103 12 6 New' Zealand — 41 p.c., 1948-50 108 2 6 108 2 6 31 p.c., 1940 103 5 0 103 3 9 4 p.c., 1945 100 10 0 100 0 0 •Ex nterest. ■ £ S, d. British Tobacco 2 7 0 Carlton Brewery 3 2 6 G. J. Coles 3 18 6 Drug Houses .. 1 5 0 Australian Glass 4 13 6 Dunlop Perdrlau 0 17 9 Dunlop Perdriau (pref.) 1 13 9 Electrolytic Zinc 2 6 3 Electrolytic Zinc (pref.) 2 9 0 Mount Morgan 0 14 11 Mount Lyell 1 15 b Broken Hill Proprietary 4 3 0 South Broken Hill 7 6 6 Emperor Gold 0 16 0 Loloma 1 Melbourne Electric Stock G. J. (rights) .. 0 1 19 17 3 0 Kauri Timber .. 1 b 0 Sllverton Trams • , I 18 0 Yarra Falls .. »» • 2f i 0

LONDON November UL VNov. 10. Nov. 12. * CooperStandard, spot £ s. 43 12 d. 6 £ & 42 18 8. 3 Forward 44 0 0 43 S u Electrolytic to 48 49 10 0 0 0 47 0 48 0 • ' • - t Wire bars •• 49 0 0 48 0 • LeadSpot Forward 21 5 0 20 18 8 21 6 3 20 18 t SpelterSpot 16 1 3 15 S 9 I Forward 16 3 9 15 15 9 * t TinSpot Forward 232 229 5 0 0 0 235 13 232 17 8 • % Silver — Fine, per oz. 227-16d 2013-1M Standard, per 1 - oz. 243-16d 23 7-1M