FINANCE AND COMMERCE

Press, Volume LXXII, Issue 21972, 22 December 1936, Page 13

FINANCE AND COMMERCE

RUSH TO SELL WOOL B IG CATALOGUE FOR DUNEDIN SALE The first Dunedin 'wool sale opens this morning with a re- , cord offering of 30,446 bales. Advices from the south state that '..' the continued strength of the market is such that a large proportion of growers are inclined to doubt the staying power of wool,' and consequently there has been a frantic rush to get wool i into the first catalogues, which were originally limited to 26,000 % bales. The outlook for the sale is exceptionally good, and it is '■ reported that there is no reason why northern averages and peak values should not be surpassed. Russia is expected to be a keen enquirer for fine half bred s. With the Christchurch Stock Exchange due to close d<Jwn ■ this afternoon for the Christmas vacation, very little business ; w as recorded on call yesterday. There was a firm tone about the market, however.

DUNEDIN WOOL SALE .RECORD CATALOGUES OUTLOOK CONSIDERED GOOD [IHB PRESS Special Service.] DUNEDIN, December 21. The first Dunedin wool sale of the 1936-37 selling season will be held tomorrow, when record catalogues, totalling 30,446 bales, will be offered on a market which continues to be definitely in growers' favour. There is a great deal of gratification to be derived from a review of the selling jjason to date in the Dominion, so that it is not surprising to find lively anticipation among both growers and brokers in Otago at the present time. •The continued strength of the market js sUch that a large proportion of growers are Inclined to doubt the staying power of wool. Consequently there has been a franctic rush to get wool into the first catalogues, which, as listed to-day. ere greatly in excess oi expectations. Unfavourable weather suggested earlier in the month that there might be some difficulty in filling the allocation of 26,000 bales fixed by the New Zealand Wool Committee. Market cohditions, however, have strengthened the deter-ihation of vendors to meet the market and sell every pound possible at the earliest opportunity. The result has ,been an extension of the limit for the sale to 30,000 bales, Which figure has been exceeded by a further 448 bales. The outldofc for the sale is exceptionally good, and there is no reason why northern averages and peak values should not be surpassed. Specialty Orders Competition for particular descriptions will be increased, as the result of speciality orders from. Russia and America, which are expected to be filled to-morrow. Russia is expected to be a keen enquirer for fine halfbreds, and a section of the bench will be found bidding for crossbreds (round about 46's) for wood-pulping purposes. Japan and Germany appear to have widely varying requirements which In.' local clip should be able to satisfy si that the auction should be a good |!.The sale is timed to commence at 9 i.m., and it is probable that it will be ate in the evening before the catalogue is disposed of. It has been estimated by brokers that the average rate of sale at auctions to date has f nabout 350 lots an hour, as agains; pe, 450 an hour selling which characterised most sales last year.

MERINOS AND CROSSBRED

"PRICES NOT EXCESSIVE"

According to Winchcfombe, Carson, ud.s, latest survey of the wool situation, last season crossbred wools benefited less by advanced prices than n«inos. This year they have shared Wly in the improved values ruling, fme crossbred tops in Bradford have risen 30 per cent., and medium crossWeds 25 per cent, since the season opened.

. They have had three factors operating to produce more favourable results, states the report, the advanced cost of ttierinos Influenced many manulacturers to give more attention -to crossbreds.' The goods they produced "lust conform to certain price limits, ■na the use of lower costing crossbreds enabled them to meet that requirement, in 'addition, increased miliar equipment in almost every council) the world has given ah impetus » the consumption of crossbreds for «nMorm purposes. . span's increased purchases of them «> New Zealand and South America nave also exerted an influence on the narket. That development may eventually cause other consumers to nuy larger quantities of merinos durM.recent years owing to their in•M'iY to obtain usual supplies of "ossoreds. ..to a country similar to Australia, we chp of which is 83 per cent, me™p. the importance of crossbred? in worm trade is apt to be overlooked. £&. therefore, worthy of note that of */,000,00p1b of tops exported from r£ it. Brit ain, during the first nine 3m5«!5«. of tnis y ear « more than «.ouu,ooolb comprised crossbred types.

Japan's Low Stocks Though Japan has this season bought wool of various classes in countries ™*er than Australia, figures show that «je cessation of imports from the Commonwealth has resulted in a decrease "> her stocks of raw material. At the uuSLI* Jul y her reported stocks were Wo,ooolb less than at the end of ■wie. and a further considerable -re-

duction has since been experienced. Approximately half the wool available for sale in Australia this season has now been sold. In New South Wales the larger part of the merino top-making types suitable for Japan have already found buyers. The greatest advantage in a resumption of Japanese purchasing lies in the more assured demand wnich more widely distributed competition provides. It Is a tribute to the strong selling position wool occupies that its sale has not been more affected by occurrences overseas. The absence of marked variation in prices wfiich had risen 20 per cent, to 25 per cent, in two months, offers evidence that consumers are not nervous, and do not find wool an over-costly raw material in terms of the depreciated currencies which now prevail. An average ranging up to 18d per lb has been recorded for a week's auctions in Sydney, but that figure is not a true market guide, as it incorporates a very large proportion of high-class wools. On existing values the general average for the Australian clip embracing all classes of the staple is approximately 15d in Australian currency and about Hid in English currency. Can wool be regarded as very dear at that figure? Admittedly its deamess or otherwise depends upon the ability of people to buy the goods made from it, but (says the report) we do not consider that the price level quoted is on a basis which will check trade. COMPANY NEWS WOOLWORTHS (VICTORIA), LIMITED NET PROFIT AGAIN HIGHER Woolworths (Victoria), Ltd., reports a net profit of £14,341 for the year ended September 30, compared with £13,605 the previous year, and £7396 for the 10 months before that. The 7 per cent, preference dividend requires £5600, and £SOOO is to be transferred in reduction of establishment charges, leaving £11,786 to be carried forward, against £8045 brought forward. During the year Woolworths. Ltd., acquired the business of Alfred Edments, Proprietary, Ltd., to give Woolworths (Victoria), Ltd.. certain desired locations to meet its expanding needs. The Victorian company is at present remodelling these stores, and since the close of the accounts the directors have called up the balance of 15s a share oh the 55.000 ordinary shares to meet the expense. The remaining stores of Alfred Edments Proprietary, Ltd., not required by Woolworths (Victoria), Ltd., were disposed of to a new company. Edments, Ltd., in which neither Woolworths (Victoria), Ltd., nor Woolworths, Ltd., has any interest.

AUSTRALIAN ALLOY STEEL

At the annual meeting of Australian Alloy Steel, Ltd., at Sydney last week, the chairman, Mr J. M. Deschamps, told shareholders that there were two different classes of business being conducted, one general jobbing steel foundry, making wearing parts for heavy industrial machinery in special steels, and another manufacturing small wearing parts for agricultural and similar machinery by the patented diecasting process, and also by manufacturing methods as related to steel castings. The tWo latter were new developments in steel foundry production in Australia. The difficulty in the past in using this high-grade steel had been the high cost of production, but the company was overcoming this problem. The value at which the patents asset appeared on the balance-sheet, he added, was, in the opinion of the board, only a small proportion of the actual value of the asset. "The acquisition by this company of all the shares in Hadfields (Aust., 1935), Ltd.," he continued, "will give it the control of Hadfields' business, btit will not mean any duplication of machinery, as it is intended that the Whole of the jobbing and general foundry work, for which Hadfields is well equipped, will be transferred to that business, while the existing premises and machinery will be used to cope with the rapidly increasing demand for implements and spares made by the new processes. Hadfields vvill be run as a separate company." Mr Deschamps said that the company intended to apply for the listing of its shares on the Stock Exchange early next year. A resolution was passed increasing the capital to £175,000 by creating 75,000 new £1 shares.

FOREIGN EXCHANGES

(BRITISB OFFICIAL WIRELESS.) RUGBY, December 20. Par. Dec. 18. Dec. 19. Paris fr. to £1 124.21 105 9-64 105 11-64 NeW do? r to£l 4.866 4.911-16 4.91 MOn dSl.\o £1 4.866 4aui 4.90J Bellas to £1 35 29.03 29.03 GeneV fr. to £1 25.2215 21.35 i 21.36 Amsterdam. £j Mllan ' lir t e o h £l 92.46 938 93.1 o £l 29.43 12.20J 12.20J Copenhagen. £i £i 18i59 1939 , wm Oslo. kr. to £1 13.159 19.90 19.90 Vienna, schgs. „ , to £1 34.585 2CJ 2bi

Prague, Helsingfois, „„„., marks to £1 193.23 22G3 226^ Madrid, pesetas to £1 25.221u U ' Sb ° n cios S to £1 110 110 3-16 110 3-16 Athens, drach to £1 375 550 547 J Bucharest. lei to £1 843.6 670 070 • Belgrade. dinars 25.2215 213 213 Rio de Janeiro, pence to mllreis .. 4.899 44 4,i Buenos Aires, pence to dol. 51 Montevideo, pence to dol. • 392 39 1 Bombay, pence ~ „„ to rupee 19 18 5-32 18 5-32 Shanghai, , „ „„ pence to dol. * 14 13-32 14 7-16 Hong Kong, pence to yen * 14 15-16 14 29-32 Yokohama, pence to yen * 13 31-32 14 Batavia, „„„, , guilders 12.107 8.97J 8.97J Warsaw, par zlotys to £1 43.36 * Determined by price ol silver.

"NOT OBEYED"

REGULATIONS ABOUT SALE OF ORANGES CLASSIFICATION AND RETAIL PRICES MINISTER ISSUES WARNING (PRBS3 ASSOCIATION TELEGRAM.) WELLINGTON, December 21. The Minister for Industries and Commerce (the Hon. D. G. Sullivan) made a statement to-day about the regulations which were recently passed under the Board of Trade Act fixing the prices of Australian and Jamaican oranges. The Minister said it had been brought to his notice that retailers in the centres covered by the regulations, Auckland, Wellington, Christchurch, and Dunedin, were generally speaking not complying with them. The regulalations provided for the assembly and classification by the retailer of all oranges for sale or exposed for sale according to the count of each case, and furthermore, provided for the marking of every lot of such assembled or classified oranges with its relative count a case, and the number of oranges which should be sold for one shilling. Retailers were not marking their oranges in the manner prescribed, and by failing to do so were committing a breach of the regulations and the Board of Trade Act, the Minister said. Comparatively few retailers, so far as he was aware, marked the count a case on each lot of oranges, and some had not even marked the price at which the oranges were being retailed. Department's Enquiries The Minister added that enquiries made by his department showed that not only were the retailers falling to comply, with the regulations in respeci of marking but they were also not complying with them in respect of tile actual prices at which the oranges were being sold. The maximum prices at which oranges might be retailed Were clearly set out in the regulations issued, and every retailer should make himself acquainted with them. For Australian oranges, the retail price fixed in Auckland, Wellington, Christchurch, and Dunedin should not exceed one shilling for four oranges of 126 count an export case, and 96 a bushel case; one shilling for five oranges of 150 count an export case, and 112 count a bushel case; one shilling for six oranges of 176 count an export case, and 128 count a bushel case; orte shilling for seven oranges of 200 and 216 count ah export case, and 140 and 154 count a bushel case; dne shilling for eight oranges of 252 count an export case, and 168 count a bushel case; one shilling for nine oranges of 288 and over count an export case, and 182 and over count a bushel case.

"Oranges are imported from Australia in both the standard export case, holding approximately one bushel and a-half, and also the ordinary bushel case, and it has of course beeh necessary to fix prices for each class on a comparative basis taking the count and size of the fruit into account," the Minister said. "The prices fixed for Jamaican oranges are as follows:—One shilling for four oranges of 150 count a case; one shilling for five oranges of 176, 200, and 216 count a case; one shilling for six oranges of 228 and 252 count a case; one shilling for seven cranges of 288 and 300 count a case." Penalty for Breaking Regulations The Minister said that failure to comply with the regulations rendered a person committing a breach liable, on summary conviction before a stipendiary magistrate to a fine not exceeding £2OO or to imprisonment for a term riot exceeding three months. The Minister did not want to bring any retailer before the court, but if the regulations were not complied with there would be no alternative but to do so. The Government had arranged, at the request of the fruit retailers, for the importation of additional supplies of oranges so as to avoid the possibility of any shortage before Christmas, and it was up to them to coni'ply with the prices that had been fixed by the Government. The Government was concerned to"see that the public obtained the fruit at the lowest possible price consistent with a reasonable margin of profit to the retailer, and in the interest and protection of the public he would not hesitate to bring any retailer before the court in the event of refusal to comply with the regulations. In view of the considerable amount" cf sickness at the present time it was essential that the public should obtain adequate supplies of oranges at prices fixed by the Government. He therefore desired that all retailers should make themselves familiar with the provisions of the regulations, and he furthermore desired to impress upon them the necessity for complying with the provisions of the regulations governing the assembly and classification into separate lots, according to count; the marking of each separate lot with a relative count a case; the number of oranges which shall be sold for one shilling; and otherwise. The Minister also wished to point out that the Government had framed the regulations to protect the public as much as possible and to prevent the public from being exploited. The Minister therefore relied on the public to see that the regulations were being complied with, and he said finally that in any case where they were not complied with immediate investigation into the matter would be made by his department and a prosecution ordered where it was justified. NIAGARA BRINGS BANANAS AND ORANGES (I'RESS ASSOCIATION TELEGRAM.) AUCKLAND, December 21. A consignment of 3000 cases of bananas arrived from Fiji by the Niagara, which also brought 1000 cases of Californian oranges sent by land to Vancouver because of the impossibility of shipping them from Los Angeles or San Francisco, because of the Pacific Coast strike. BANK'S WARNING TO INVESTORS Several of the leading English banks have already taken action to warn their customers of the danger of accepting invitations to invest in securities from unknown firms who are not members of a recognised Stock Exchange. The latest bank to take action of this sort is Martins Bank, which has issued a statement pointing out the risk to its customers. . x , The statement reads: "Believmg that further steps are necessary to protect the public from the attentions of unscrupulous share-pushers, and 'bucket shops.' Martins Bank, Limited, have now arranged that there shall be inserted in the passbooks of all its customers a notice reading as follows: 'Martins Bank, Limited, wishes to call the attention of its customers to the serious danger of accepting opportunities for investment offered by any companies, firms, or individuals unknown to them. Customers are strongly recommended before transacting any such business to take advantage of the facilities provided by the bank for obtain- | ing information regarding the parties by whom they have been approached."

DEALINGS COMPLETED

THE STOCK EXCHANGES

MARKETS CONTINUE FIRM

LITTLE BUSINESS RECORDED The markets continued firm on call at the Christchurch Stock Exchange yesterday, but the recorded turnover was small.

LISTED STOCKS Sales on 'Change £ s. d. 200 Comm. Bank of Ausl. 019 2 0 19 1 £SOO N.Z. Loan and Merc. (ordinary stock) (2) 35 0 0 100 N.Z. Refrig. (10s pd.) 0 9 6 200 N.Z. Breweries (2) 214 0 100 Claude Neon (N.Z.) 113 0 100 Dunlcn Perdriau Rubber 0 17 7 25 G. J. Coles (cum div.) 419 5 300 Maori Gully .. 0 0 6 Sales Reported £6OO N.Z. Govt., 4 p.c. Ins., 1943-46 .. 102 10 0 300 N.Z. Breweries .. 213 10 2 14 0 100 Bartholomew Timber 018 3 100 N.Z. Drug Co. .. 315 9 200 Woolworths (N.ZJ, ord. •• 6 7 6 6 8 6 50 N.Z. Farmers' Co-op. ("B" pref.) .. 2 10 UNLISTED STOCKS • Sales Reported 24 Christchurch Press .. 8 ft 0

Government New Zealand Government 4 per cent. Stock, due 1046, changed hands at £lO2 10s. Commercial Bank of Australia had dealings at 19s 2d and 19s Id, and these were sellers' and buyers' closing quotations respectively. New Zealand Loan and Mercantile Ordinary Stock was firm at £35. South British Insurance were firmer on buyers' offers 93s 3d. iJew Zealand Relvi&eYating (10s paid) were fractionally Weaker at 9s 6d, market closing id on either side. Sellers of North Canterbury Frozen Meats reduced their limits to 395, buyers at 365. New Zealand Breweries had dealings at 53s lOd and 54s buyers staying in at the lower price, sellers at 555. Miscellaneous Bartholomew Timber had business at 18s 3d. Claude Neon (New Zealand) were dealt in at 335. Dunlop Perdriau Rubbers remained unaltered at 17s 7d, and more were wanted at 17s 6d, sellers at 17s 9d. Electrolytic Zinc were firmer on buyers' offers of 49s 8d for the Ordinary and 51s 8d for the preference. G. J. Coles were firm at 89s sd. New Zealand Drugs were steady at 75s 9d New Zealand Farmers' Co-op. "B" preference had business at 41s. Woolworths (New Zealnad) Ordinary had dealings at £6 7s 6d and £6 8s 6d, market closing £6 3s buyers, £6 8s sellers. Mining Maori Gully were a shade stronger with buyers and business at 6d, sellers at 7£d. Mount Lyells, ex dividend, were offered at 37s Bd. buyers at 375.

Unlisted Stocks Christchurch Press Company shares had business at £8 ss.

The Associated Banks (other than the Bank of New South Wales) quoted the following dollar rates yesterday, on a New Zealand currency basis. They are subject to alteration without notice: — U.S.A. Canada. (Per £1 N.Z.) Dol. Dol. Selling— T.T. .. .. 3.930 3.931 O.D. .. .. 3.94 A 3.93| Buying— T.T. .. .. 3.97 A 3.96| O.D. ; .. .. 3.98J 3.98

ALLUVIAL GOLD (OCEANIA), LIMITED

RANGIORA

TEMUKA

MINING MATAKI (PHIS 3 ASSOCIATION TBLEGBAH.) AUCKLAND, December 21. The Mataki return for the week ended December 20 was 31 ounces lor 129 hours' work and 8000 yards. BIG RIVER REPORT The report for the week ending December 14 states:— . No. 4 Level—South stopa is being filled in preparatory to taking off another stope on reef. In centre Slope, owing to values being too poor, work was suspended, and the men transferred to driving on reef-track, with stone one foot to 18 inches wide opposite the centre winze on the foot wail side of No. 4 level. No.--5 Level—Driving has been carried on on north and south reef tracks and in the main crosscut. South drive advanced 12 feet with reef showing on hanging wall side 18 inches wide at top of drive and tapering down 1o a point at the bottom. North drive advanced 14 feet through broken country carrying boulders and seams of stone, which are looking promising for an improvement. Main crosscut advanced four feet east, and there is a little water making in the face. Thirtysix tons of stone were delivered to the surface bins.

Operations of Alluvial Gold I (Oceania), Ltd., of which the whole of the £IO,OOO capital is held by Alluvial Gold, Ltd., were confined mainly to properties in New Zealand during the year ended June 30. Kanieri Gold Dredging, Ltd., and Arahura Gold Dredging, Ltd., each with a capital of £205,000, were formed, and dredge construction Is now in progress. After boring, options over the main sections of a property on, the Teremakau river have been exercised. Prospecting and testing account is credited with £10,469 receivable from the Kanieri Company and £IO,OOO from the Arahura Company, against .which is expenditure and depreciation of £12,511. The debit balance is thus reduced to £8535 from £16.543. Profit and loss account shows a credit balance of £9097 Shares held in Gold Mines oi Papua, Lid., are valued at £14,000. Payments made on account of the Arahura transaction amount to £51,756, including £IO,OOO recoverable testing expenditure. The company is indebted to associated companies in the sum of £56,211. NEMONA The Ncmona return is 31oz 6dwt for 135 hours' work, and 12,600 yards dredged. MOSTY CREEK The Mossv Creek return is 240z 14dwt for 127 hours' work and 8600 yards dredged. WAIRAPA BEACH The Waipapa Beach return is 220z 13dwt fcr 135 hours' work. STOCK SALES ASHBURTON The quality of the fat sheep yarded at the Ashburton double market yesterday was the best for some considerable time. The market had a strong tone except for the heavier ewes, which were in excess of reaulrements. There was a fall of about is a head for heavy ewes, when compared with last week's sale at TinWald, but wethers arid lambs held to recent rates. Fat ewes sold from 16s 7d to 23s 7d. the latter price being obtained for five sold for W. J. Early (Mayfield). Woolly ewes realised from 26s Id to 30s lOd Wethers ranged from 21s Id to 273 7d, the latter figure being obtained by George Tait (Lowcliffe), for five. Ten lambs from a client realised from 32s lOd to 35s Id. The sales were:— „ _ _ „ Fat Ewes—On account of G. Farreu (Hihds) 10 at 18s lOd to 20s 4d; R. G. Simpson (Ealing). 13 at 19s lOd to 22s Id; R. Pawsey (Seafield), 5 at 16s lOd; E. B. Newton (Ashburton), 18 at 16s lOd to 19s Id; Mrs W. Butterick (Wakanui), 6 at 18s 4d to 19s 4d; F. R. Sides (Lauriston). 15 at 20s 4d to 21s 7d; S. Thompson (Winchmorc). 12 at 21s Id to 22s 7d; W. Giddings (Ealing), 5 at 20s 4d to 22s 3d; James Bruce (Seafield). 32 at 18s lOd to 2ls 7d; F. Hydes (Greenstreet), 2 (woolly) at 30s lOd; Watts' Estate (Tinwald), 8 at 16s lOd to 18s 4d; H. Abbott (Lowcliffe). 24 at 16s'4d to 21s 4d; W. Brown (Dromore), 3 (woolly) at 26s Id; W. J. Early (Mayfield). 5 at 23s 7d; P. H. Read (Eiffelton), 4 at 16s 7d; D. M. Bruce (Lowcliffe). 6 at 20s 4d; W. Wells (Greenstreet). 11at 19s 7d to 20s'4d; Adams' Estate (Longbeach), 5 at 17s Id to 21s 9d; W. C. L. Blake (Cher.tsey). 5 at 19s id; Derrylin Estate (Pendarves), 5 at 18s lOd; R. Hawke (Lowcliffe), 21 at 17s lOd to 20s lOd: C. Kennedy (Waterton). 9 at 18s 10d; Mrs M. A. Ash ton (Lismore), 4 at 16s lOd to 18s 9d; A. Copland (Dromore), 17 at 19s Id to 21s 4d; A. Dunlop (Coldstream), 15 at 18s 4d to 21s Id; P. G. Rickard (Riverside), 6 at 22s 4d; R. Frisby (Willowby), 6 at 18s Id; Mrs N. H. Kermode (Winchmore), 6 at 19s 7d to ,23s 7d; R. Oakley (Mayfield), 4 at 22s 4d; L. A. Oakley (Mayfield), 6 at 18s Id; W. Buchan (Ashburton), 1 at 20s; estate E. Llll (Greenstreet), 73 at 17s Id to 18s 7d. Fat Wethers—On account of R. G. Simpson (Ealing), 7 at 25s Id to 25s lOd; F. R. Sides (Lauriston), 8 at 25s lOd; client, 4 at 22s 9d; W. Glddings (Ealing).' 27 at 21s Id to 22s lOd; G. Giles (Wakanui), 5 at 24s 4d; client, 4 at 22s lOd; H. E. A. Lock (Methven). 20 at 25s Id to 25s 7d: M. Far-i-ell (Hinds). 4 at 22s lOd; Derrylin estate (Pehdarves), 3 at 25s 4d; A. Copland (Dromore), 9 at 20s lOd; W. Marshall (Ashburton). 2 at 25s Id: George Tait (Lowcliffe), 5 at 27s 7d; G. Giles (Wakanui). 9 at 24s 4d to 25s lOd.

Fat Lambs—Oh account of P. H. Read (EHTelton). 13 at 21s 4d to 24s 7d; Mrs R. W. Baxter (Llsmdre), 2 at 26s 7d; client, 10 af32s lOd to 33s 16; J. Shearer (Winchiriore). 34 at 25s lOd to 23s lid; R. A. Jackson (Seafield). 19 at 23s 4d to 25s Id; Miss E. Eden. 1 at 24s 9d; R. Hawke (Lowcliffe), 14 at 26s 7d to 29s lOd; J. C. Heseltine (Wiuehmore), 5 at 27s 7d; Adam's estate (Longbeach), 30 at 24s 7d to 26s lOd; A. D. Todd (Wlnchmdre), 20 at 255; W. Withell (Winchmore), 9 at 28s 7d to 29s lOd; Mrs S. M. Hume (Eiffelton), 8 at 30s: Mrs N. H. Kermode (Winchmore), 3 at 24s Id; J. M. Oakley (Willowby), 9 at 26s lOd to 34s lOd; W. Buchan (Ashburton), 5 at 26s 4d.

Store Sheep—On account of W. Marshall (Ashburtoiv), 32 wethers at 19s 7d. Cattle—Fat cows. £3 10s to £8 2s 6d.

Although it was the last for a fortnight, the weekly stock market at Rangiora yesterday was a poor one, largely because Tuesday is the usual sale day in the town. Only a few buyers were present and most classes of stock did not realise full value. Entries were small.

Fat lambs made from 26s to 31s and four-tooth wethers from 18s 9d to 20s. Dairy cows realised from £5 to £8 ss. In the pig section, baconers brought to 565. porkers to 355. stores to 275, and weaners from 14s to 235.

The yardings for the fortnightly stock sale at Temuka yesterday comprised 2500 lambs, 180 cattle, and 50 pigs. Prices were on a par with, or above the level of, the last sale. The entry of heifers in the cattle section was of high quality. Fat lambs sold well, the fat sheep market being on a par with the previous sale. Fat cattle prices held their own and were firm on last week's sales A small yarding of store cattle sold firmly. Prices were:—

Lambs—Extra prime, to 31s Id: medium, 23s lOd to 27s lOd; prime, 25s 7d to 28s; fat wethers, in the wool 35s to 38s Cd. shorn 25s to 27s Id; light, 22s to 24s 7d; ewes, shorn to 245; light. 17s to ISs lOd. Cattle—Fat heifers, £5 17s 6d to £lO 17s Od; fat cows. £3 7s 6d to £8 12s 6d; fat steers. £7 to £ll 7s 6d; dairy cows.

LOKNBVILLU

£5 12s 6d to £6 2s 6cn runners, to £5 7s fld; vealers, 19s to 30s.

Pigs—Prime weaners, 10s to 21s; medium weaners. 13s 6d to 18s; store pigs, 23s to 30s; baconers, to £3 10s.

U'IiESS ASSOCIATION TKLEORAM.) INVEHCARGILL, December 21. The last Lorneville stock market for the year attracted to-day very .small yai dings, possibly because some vendors were not aware that the sale had been advanced a day. There will not be anolher sale until after the New Year, and the shortage of offerings resulted in bright sales for the stock. Fat sheep of all classes improved by 2s to 3s a head, and beef prices were better by from 15s to £1 a head.

Fat Cattle—Good quality bullocks brought from £lO to £ll. medium from £9 to £9 15s, and lighter down to £B. Prime quality heifers made up to £9, handy-weights from £6 15s to £7 10s, and lighter down to £3. Good quality cows sold up to £7 10s, medium from £6 to £6 15s, and others from £4 15s to £5 10s. Runners brought up to' £3 2s 6d and vealers from £1 10s to £2 10s. Fat Sheep—Prime heavy shorn wethers brought 28s to' 30s, good quality froni 26s to 275, and medium from 24s to 255. Good quality woolly ewes made from 25s 6d to 28s and medium quality from 23s to 245. Prime shorn ewes brought from 20s to

225. good quality from 18s to 19s. mediura from 16s 6d to 17s 6d. and aged and u»Bnished down to 12s. Extra prime heavy lambs brought up to 35s 6d. prime quality from 31s to 32s 6d. good quality iro-.v. ZBs to 29s 6d. medium from 25? to 26.- tki a::i light and unfinished down to —- ritlCE OF SILVER IBIUTISH OFFICIAL WIHEI.t.-V RUGBY. Deceir.b.i- V-' Silver is quoted at 21 Id a fine e.nce for spot, and 21 5-16 d for forward

LATEST QUOTATIONS N.Z. Govt. Debentures Buyci "S. Sellers. £ s. i d. £ s. d. 3J p.c. Ins,, 193A-48 (March) J .. 3i p.c. Ins., 1939-43 — 101 12 G (September) — 101 15 0 3£ p.c. Ih3.. 1038-52 (May) 102 0 0 3J p.c. Ins., 1941 102 0 0 4 p.C Ihs., 1937 102 5 0 4 p.c. Ins, 1943-46 101 12 6 4 p.c. Ins.. 1947-49 101 10 0 4 p.c. Bonds, 1943-46 .. 102 7 6 102 15 0 4 p.c. Bonds, 1946-49 .. 101 15 0 4 p.c. Bonds, 1952-S3 .. 101 15 0 — Other Debentures North Canty. Hospital 44 U.c, 1/11/1941 .. 101 0 0 102 15 0 Quill, Morris, 4 p.c, 1946 — 100 0 0 Banks Cotmn. Of Aust. (10S) 0 19 1 0 19 2 Com. of Aust. (pf.. £10) 9 1 0 New South Wales '£20) 34 5 0 New Zealand (£1) .. 2 0 6 2 2 0 tJnion of Aust. (£3) 10 3 0 10 7 6 Insurance National (7s pd.) 0 18 2 0 18 4 New Zealand (£1) 3 0 1 3 2 0 South British (£1) 4 13 3 . Standard (£1) — 3 0 d Loan and Agency Dalgety arid Co. (£5) 10 12 6 Golcisbrough, Mort (ex diV.. £1) 1 15 3 1 16 0 Natl. Mortgage A (£2) 2 10 0 2 15 0 N.Z. Guar. Corpn (3s) 0 5 2 N.Z. Loan and Mercantile (old. stk., £100) 34 10 0 36 0 0 United BUild. Soc. (£1) ■ — 1 0 0 Shipping P. and 0. Def. Stock (£1) — 1 16 9 Frozen Meat Canterbury (ord., £7 10s paid) — 9 13 0 Gear (10s) — 0 16 9 N.Z. Refrig. (£1 paid) — 1 0 6 N.Z. Refrig. (10s paid) 0 9 5 0 9 7 Not th Camy. freezing (cum div., £3 paid) 1 16 0 1 lfl 0 Waitaki (£1) 4 0 0 — Woollens Kaiapoi (17s paid) 0 14 0 0 14 3 kaiapoi (7s paid) 0 5 0 — Kaiapoi (prel., 17s) .. — 0 17 0 Manawatu (£1) — 1 19 9 Oamaru (cum div., £1) .—. 1 1 0 Wellington (pf., £1) .. — 6 5 0 Coal Westport (10s) 1 1 3 — Stockton (ord., 10s) .. 0 1 6 0 1 9 Stockton (pf., 10s) 0 3 3 0 3 8 Gas Auckland (£1) 1 2 6 Cluistchurch (£1) 1 8 0 Christchurch (10s pd.) — 0 13 6 Breweries Dominion (ex div., £1) 2 0 0 New Zealand (£11 2 13 10 2 15 0 Melbourne Co-op. — 2 15 0 Miscellaneous Bartholomew Tim. (£1) 0 18 0 Amalg. Wireless (coht., 14s paid) . — 2 3 6 Anthony Htirdern (£1) 0 13 9 0 19 1 Aust. Iron and Steel (pref., £1) . — 1 6 0 Beath and Co. (£l) .. 1 3 3 — Beath arid Co. (pf., £1) 1 2 6 1 5 0 Booth, Macdonald (pf.. £1) 0 2 4 — British Tobacco (cum div., £1) .. 2 7 5 2 7 11 Broken Hill Prdpty. (£1) 4 1 6 4 2 i Broken ' Hill Prdpty. (contr.) 3 9 6 3 10 3 Burns, Philp (£1) 3 13 0 — Claude Neon (N.Z.) (£1) 1 10 0 1 15 0 Consol. Brick (£1) — 0 11 0 D.I.C. (10s paid) — 0 15 10 Dominion Build. Sup-. plies (10s) .. — 0 4 0 Dunlop Perdriau Rubber (£1) 0 17 G 0 17 9 felectro. Zinc (ord., £1) 2 9 8 2 l0 3 Electro: Zinc (pref., £1) 2 11 8 2 11 II Evans Atlas Flour (10s) 1 2 6 G. J. Coles (cum div.. £1) 4 8 9 G. J. Coles (1st call pd.) 3 8 0 Howard Smith (£1) .. 1 2 6 Hume Pipe (Aus.) £1) 1 0 3 1 0 9 Kauri Timber (25s) .. 1 3 0 1 3 6 Millaquin Sugar (£1) 2 2 6 N.Z. Drug (£2) 3 15 0 N.Z. Farmers' Co-op. (10s paid) N.Z. Farmers' Co-op. 0 1 0 ("A" pref., £5) 2 0 6 2 7 6 N.Z. Farmers' Co-op. ("B" pref.. £4) 1 18 6 2 2 0 N.Z. Farmers' Co-op. <4J p.c, Stock, 1940, £100) 92 0 0 94 0 fi N.Z. Farmers' Co-op. <4J p.c. Stock, 1941, £ 100) _ 94 0 0

Buyers. Sellers £ s. d. £ s. d. N.Z. Malay Rub. (£1) 0 12 6 — N.Z. Malay Rub. (pf.. £1) 0 15 0 — N.Z. Newspapers (16/8) 2 0 0 2 4 0 N.Z. Paper Mills (£1) 1 5 9 — Procera Bread (10s) .. — 1 9 0 Quill, Morris, 1930 (£1) 0 17 9 — Robinson Ice Cream (£1) 1 1 3 — Victoria Nyanza Sugar (cum div., £1) 0 14 6 — Urlwins (pref., £1) .. — 1 3 0 Whitcoir.be and Tombs (£2 10s) — 3 3 3 Wilcox Moflflin (Us) .. 0 11 0 — Wilson's Cement (10s) 1 17 0 — Wool worths (N.Z.) (ord., £1) 6 3 0 6 8 0 Woolworths (N.Z. pref.. £1) — 1 17 6 Woolworths (Vic, pre!'., £1) — 1 10 0 Shillings, Ltd. (£1) 1 0 9 1 1 3 Waldas Shoes (£1) .. — 1 15 0 Mining Alexander (£ 1) 0 17 1 Alexander (15s paid) — 0 16 6 Antonio's Hyd. (Is) .. 0 0 1 0 0 6 Argo Gold (ex div., Is) 0 1 H — Gillespie's Beach (Is) 0 1 4 0 1 6 Golden Dawn (3s) .. 0 1 9 — Goldflelds Dredg. (Is) — 0 0 31 Maerewhenua (Is) 0 0 o — Maori Gully (Is) 0 0 6 0 0 7 i Mossy Creek (ex div., Is) 0 1 1 0 1 3 Nernona (Is) 0 1 7 0 1 8 Nokomai (5s) 0 2 8 Okarito (Is) 0 4 9 Skippers (Is) 0 0 3J 0 0 3| Waimumu Sluicing (5s) 0 0 3 0 0 9 Waitahu (5s) 0 2 0 Worksop Ext. (culn div.. Is) 0 1 8 0 1 9 Australian Mining Mount Lyell (ex div.) 1 17 0 1 17 8 Mount Morgan 0 15 5 0 15 7 Rawahg Tin — 0 11 0

UNLISTED STOCKS All transactions in stocks quoted in this section are subject to a different rate Of brokerage from listed stocks, and 1 are ; not quoted on the official list.— Buyei ;s. Sellers. £ s. d. £ s. d. Andersons, Ltd (pref.) 0 19 0 Assoc. Motorists (pf.) 1 15 0 Ballins Brewery (10s paid) .. • 0 8 0 Alloy Steel (Aust.) .. 1 2 1 Canty. Roller Flour .. 0 5 0 0 6 0 Carbonic Ice 1 3 0 Christchtircli Press .. 8 15 0 Macetown 0 0 3 National Tobacco (cum div.) 3 1 0 New River \. 0 0 4 N.2. Mining Invest. .. 0 0 5i N.Z. Perpet. Forests 2 5 0 2 12 0 E. Rfece, Ltd. (pref.) Westlanti Breweries 0 1 9 0 2 3 (£1 paid) 1 9 9 Westland Breweries (10s paid) 0 15 1 White's Electric 0 0 7 Woolworths (Sydney, ord.) 7 9 0 7 18 0* Woolworths (W.A.) .. 6 13 0 6 16 0

AUCKLAND Sales Oh 'Change £ s. d. Stock, 15/2/43/46. 4 p.C. 102 2 6 Auck. Harbour Bd.. 9/7/52, 4i per cent. 103 0 0 Coram. Bank of Aust. 0 19 0 Bank of New Zealand 2 1 0 Union Bank 10 6 0 N.Z. Insurance 3 0 3 (odd lot) 3 0 0 United Building (Auckland) 1 0 6 Renown Collieries .. (2) 0 10 9 Bartholomew Timber 0 IB 0 Broken Hill Pty. (2) 4 2 0 Colonial Sugar 43 5 0 Farmers' Trading (B pref.) 1 0 0 G. J. Coles 4 9 4 9 6 3 Northern. Roller Mills (3) 0 19 6 Mount Morgan 0 15 6 Unlisted Stocks Selfridge's (A'asja) (new) 1 18' 3 Woolworths (SydHey) 7 17 0 7 16 6 7 16 0 WELLINGTON Sales on 'Change £ s. d. 4 p.c. Stock, 1955 .. (2) 101 5 0 4 ri.e. Stock. 1946 102 7 6 Broken Hill Pty. .. (2) 4 2 0 r 4 2 6 Colonial Sugar 43 5 0 O. J. Coles .. (3) 4 9 6 Woolworths (N.Z.) 7 8 6 Mount Morgan (late Sat.) 0 15 7 DUNEDIN Sales on 'Change £ s. 2 1 d. 0 Bank of New Zealand Mount Lyell (cum div.) 1 18 0 1 17 9

SYDNEY Electrolytic Zinc shares again moved forward, on the Sydney Stock Exchange yesterday. Banking shares were mos itly weaker. The volume of business was heavy. Sales:— £ s. d. Bank of New South Wales' 35 15 0 Colonial Sugar 43 10 0 United Insurance 10 1G 0 British Tobacco 2 8 6 Tboheys 1 14 41 Associated Newspapers (pref.) 1 3 9 Dunlop Perdriau 0 18 0 tioldsbrougli, Mort 1 16 (3 lyiorris Hedstrom 1 7 6 Fairymead Sugar 1 19 6 Electrolytic Zinc 2 11 0 Electrolytic Zinc (pref.) 2 12 6 David Jones 2 8 9 Lustre 1 3 6 Meggitts 1 10 0 t'nited Provisions ..« 0 10 4 Mauri Brothel;; 3 12 3 Mark F6y 1 10 3 Wunderlich 1 4 6 Gordon and Gotch 2 13 6 Cumberland Paper 1 10 0 Australian Gypsum 1 2 0 Mount Morgan 0 15 9 Mount Lyell 1 17 6 South Broken Hill 2 3 6 North. Broken Hill 3 11 G Zinc Corporation 7 3 0 Kuala Kampar 0 18 6 Mataki 0 2 6 Austral-Malay 3 12 0

MELBOURNE The market generally was steady but quiet on the Melbourne Stock Exchange yesterday. Sales:— £ s. d. National Bank (£5 paid) 7 8 0 British Tobacco 2 8 :s G. J. Coles 4 10 3 Drug Houses 1 5 9 Australian Glass 4 10 9 Dunlop Pcrdriau 0 17 10 Dunlop Perdriau (pref.) 1 13 9 Goldsbrough, Mbrt 1 IG 3 Electrolytic Zinc 2 10 6 Electrolytic Zinc (pref.) 2 12 9 Mount Morgan 0 16 1 Mount Lycll 1 18 0 Broken Hill Prop. 4 3 0 North Broken Hill 3 11 9 South Broken Hill 2 3 a Emperor 0 18 10 Loloma 1 3 3 Melbourne Electric Stock 0 18 3 Sulphide (ordinary) 0 17 0 DOLLAR MARKET RATES