FINANCE AND COMMERCE

Press, Volume LXXIII, Issue 21986, 9 January 1937, Page 10

FINANCE AND COMMERCE

RESERVE BANK FIGURES CANTERBURY WOOL REALISATIONS The official returns for the first Christchurch wool sale disclose a gross realisation of £631,649, the average price a bale being £22 10s 2.557 d, as compared with £l4 16s 11.174 d for the opening sale of 1935. The .Christchurch average this season compares favourably with that of the first Timaru sale, which was £2l 15s 4d a bale. The Reserve Bank figures this week show a decrease of £ 140,195 in the note issue. Demand liabilities to the State are shown at £116,041 less, and. those to the banks at £495,175 ■less Other demand liabilities are lower by £5794. On the assets side, sterling exchange at £16,214,177 shows a decrease of £320 247 and coin a nominal increase. A decrease is shown in the amount advanced to the dairy , industry account, the figure having been* reduced by £392,438, and the only other fluctuation recorded is a reduction of £22,300 in ‘ other assets.

WOOL SALE RETURNS

FIRST CHRISTCHURCH AUCTION GROWERS TO RECEIVE £631,649 Figures for the first Christchurch wool sale o£ the season, held on December 14 last, which have been supplied by the Christchurch Wool Brokers’ Association, reveal that the average price a bale was £22 10s 2d, as compared with £l4 17s at the corresponding sale of the previous season. Wool growers in Canterbury will re ceive the largest distribution for several years, the total realisation at the December auction being £631,649. The following table gives a comparison between official returns for this season’s first sale and those of the first sale of the previous season, held on December 12, 1935; Dec. 12, Dec. 14, . 1 ■ - 1935. • 1936. Offered (b.) 22,586 . 28,547 Sold (bales) , 21,640 28,060 Value. .. £321,280 £ 631,649 Avge. price , , per lb 10.963 d 17.271 d Avge. price a bale £l4/16/11.174 £22/10/2.557 The total realisation from this season’s opening sale was greater by £310,369, or 96.6 per cent., than, the realisation for the first sale last season. The average price was 57 per. cent, higher, but the additional increase in the realisation .was caused by the higher total, of bales sold, namely, 28,060 this season, as compared with 21,640 the previous season.

SCARCITY IN AMERICA

HUGE IMPORTATIONS ' NECESSARY,.. BIG SHIPMENT.- FROM;/-, AUSTRALIA . V‘" (UNITED PRESS ASSOCIATION—COPYRIGHT BOSTON, January 7. A total of 31,000 bales of wool, one of the largest shipments in the history of the port, has arrived from Australia on board the Thermopylae. The ship-; ment amounts to about 10,000;0001b,‘ being part of 140,000,0001 b expected at: Boston during the year. ~ .V ■ , The Supply of domestic wool is exhausted, accounting for huge importations from foreign markets, which amounted to 17 per cent, of the total consumption during the first 11 months of 1936, compared with 5 per cent, in 1935. . BRADFORD TOPS MARKET ■*■■■■■ LONDON, January 7. . The Bradford tops market is very firm, - with improved enquiry and good consumption, . with rather .more business/., * - >: ... •■ 1 Quotations:— . . Dec. 24. . Jr.n. 7. ■; d. ‘ d. 70’s * ’ .. 1 \ ..> 28 * 42 • 64’s- .. f • 36 j -40 •: 60’s .. .. 35 39 58’s ~ .. 32J 34 ; sfi’s -> ... .. 30 30 5(V5,,46’5, and 44’s. are ail -unquoted; INTERIM DIVIDEND ~ ■, : s « • ~. . ‘ , “—1 ' AUSTRALIA (PBX 39 ASSOCIATION TELEGRAM.)- ' WELLINGTON, January 8. The Commercial Bank of Australia announces an interim dividend, for six months, on preference shares, at the rate of 4 per cent, per annum, and on ordinary shares at 6 2-3 per cent, per annum, payable Februaryin Australian currency. The transfer books /will close on January 20. V MACDUFFS LIMITED’S/ ; • DIVIDEND IPKESS ASSOCIATION TELEGRAM.) i WELLINGTON, January 8. MacDuft’s, Ltd., have declared an interim dividend of ,3 per cent, on preference shares, arid 4£ per cent, on ordinary shares, for the six months ended December 31. THE METALS MARKET

RESERVE BANK FIGURES

WEEKLY RETURNS ASSETS AND LIABILITIES (PRESS ASSOCIATION TELEGRAM,) ‘ WELLINGTON, January 8.A Gazette issued to-night contains the following statement of assets and liabilities of the Reserve Bank of New Zealand for the week ended January 4: — Liabilities £ (1) General reserve fund .. 1,500,000 (2) Bank notes ... • • 13,501,256 (3) Demand liabilities— Ca) State .. , •• 1 *M23,626 (b) Banks .. •• , 2?2 (c) Other .. •• 261,959 (4) Time deposits , .... •• (5) Liabilities in currencies other than New Zealand currencies •• •• (6) Other liabilities .. •• 128,264 Total .. •• •• 29.375.135 ■ Assets (7> Reserve — „ . ! (a) Gold : .... •• 2,801,790 (b) Sterling exchange .. 16,214,177 ' (c) Gold exchange •• r* „ (8) Subsidiary coin ... .• 113,243 (9) Discounts—(a) Commercial and agricultural bills ... . • (b) Treasury and local body bills ’ ■ • • • ■ (10) Advances—(a) To State or State undertskin^s*** (1) Dairy industry account ... 5.667,134 (2) For other purposes. ... .. 1,800,000 (b) To other public author!- ' ties ■ • • • -' ”' ' (c) Other • • • • (11) Investments •• 2,700,315 (12) Bank buildings .. ■ .. (13) Other assets . ...... 78,476 Total .. 29,375,135Proportion of reserve. (No. 7 less No. 5) to note and other demand liabilities 68.533 percent. •-V-'

BANK OF ENGLAND RETURN

' (UNITED rRES3 i ASSOCIATION—COPYRIGHT.) - • ■ LONDON. January ,7. The following Is'ithe return for. .the week ended January 6;— ISSUE DEPARTMENT. . •; Notes Issued— -.•>■ „„„ In circulation 462,700,000 In banking department 51,000.000 ■’?&" £313^700.000 Government debt ~ .. ii,000,000 .Other Govt, - securities . .. 188,000,000 Other securities .. ' 100,000 Silver coin .. .. Fiduciary - issue . . . .. 200,000,000 Gold coin ! arid bullion i. 248,700,000 v " £448,700,000 ‘ BANKING DEPARTMENT . i Capital ! 14,500,000 Rest .. .. - : 3,500,00 b Public deposits .. .. 13,500,000 Bankers .. .. .. 110,300,000 Other accounts 1 .. .. 38,400,0p0 £180,200,000 Government securities .. 93,300,000 Discounts and advances .. 14,400,000 Securities .. .. .. 21,100,000 Notes and coirf . .. 51,400,000 £180,200,000 The ratio of reserves to liabilities Is 31.71. The rate of discount is unchanged at 2 per cent. FOREIGN EXCHANGES (BRITISH OrnciAL WIRELESS.) \

zlotys toil 43.36 ... 'Determined by price of silver. DOLLAR MARKET RATES • The Associated-Banks (other than thi Bank of New South Wales) quoted the fol lowing dollar rates yesterday, on a Nev Zealand currency basis. They are subjec to alteration without notice:— U.S.A. Canada (Per £1 N.Z.) Dol. Dol. Selling— T.T. .. .. 3.931 3.931 0.D.: , -V, .. 3.941 3.94 Buying— T.T. .. ■ 3.971 3.96 J O.D. . .. .. 3.98 J 3.981 BRITISH WAR LOAN STOCK (British onuci*£*lwibkusss ■ RUGBY, January 7. British ,3* per,cent; War LoanvStocl is quoted at £lO5 12s 6d.

MARKETS CONTINUE FIRM

SHARP ADVANCE IN NEW ZEALAND BREWERIES Markets generally continued firm on call at the Christchurch Stock Exchange yesterday, and there was a moderate turnover in a wide range of stocks. The outstanding feature was the sharp advance in New Zealand • Breweries. LISTED STOCKS

1 E., S., and A. Bank had dealings at £5 17s 6d, market closing 6d either way Bank of New Zealand changed hands at 41s 7d and 41s 6d, market closing 41s 5d buyers, 42s sellers. Dalgety and- Company were firmer on buyers’ offers. £ll 2s 6d. Kaiapoi Woollens (7s paid) had business at 5s 2d. Carlton Brewery shares were firmer, with buyers at 655. New Zealand Breweries shares rose sharply to 575. and more were wanted at 57s Id. ’ Miscellaneous Australian Iron and Steel, preference, were fractionally weaker at 25s lOd. Broken Hill Proprietary were firmer, with buyers and business at 81s 3d. Dunlop Rubber changed hands at 17s lOd and. 17s lid, and these were buyers’ and sellers’’ closing quotations respectively. Electrolytic Zinc, preference, eased to 54s 9d, but closed firmer, with buyers at 555, sellers at 55s 6d. G. J.'Coles moved up to 89s 5d and 89s 4d, and more were offered at 89s 6d. buyers at 89s 3d. Buyers of Howard Smith raised their bids to 23s 3d, but sellers wanted 245. Wilcox Momm were dealt in; at 12s 2d and 12s 3d. Woolworths (New Zealand, ordinary) were firm, with sellers and dealings at £6 10s. ' MiningMount Lyells advanced to 40s. buyers staying in at that figure, sellers at 40s Id. Mount Morgans were fractionally weaker, with business ;at 16s 7d, and further sellers at 16s 6d. buyers ot 16s 5Jd. _ ’ Unlisted Stocks . Selfridges (Australasia), new, had business at 37s fid. A late sale of Woolworths, Ltd., on. Thursday was reported at £8- —dealings yesterday were at £8 and £8 0s 6d. buyers staying in at the higher nrice, sellers at £8 Is. Woolworths (Western. Australia) moved up tri £6 17s} market closing 2s either way. 1

, AUCKLAND >■) ' i /the PBBSS Speelil Setvice.l ? AUCKLAND, January 8. ) So little time has elapsed since the* investment market reopened this week after the Christmas and New Year I vacation that business has hardly settied down to its normal volume. Holi- ) day atmosphere dominated the first day’s calls on the Auckland Stock Ex- ) change on Thursday, and the turnover ) was the smallest ’ recorded for some > time. To-day there was ample evi- ! dence that brokers had larger and more widespread orders on which to l operate and substantial gains on De- ■ cember values, in a number of leading > issues, was a feature of the resump- ! tion of business. Australian stocks i principally benefited,’ but one or two New Zealand issues also participated. > The persistent upward movement in j metal prices over the vacation was mainly responsible, but the encouraging outlook in the industry, with a further appreciation in prices of\ the primary products of both New Zealand and Australia have also contributed to the > confidence with which investors view the future. ; GOVERNMENT SECURITIES ■ ’(touted press association— copyright.) LONDON, January 7. The following are the latest quotations, for Government securities compared .with the prices ruling last week;— Dec. 31. Jan. 7.

MANUFACTURE OF “DRY CELLS” CONTROLLED BY GOVERNMENT ■ . LICENSE ’ (PRESS ASSOCIATION TELEGRAM.) [ WELLINGTON, January 8. . ‘ According to a Gazette notice, the industry covering the manufacture of ■ batteries or cells, commonly known as “dry cells,” is brought under the Industrial Efficiency Act, and such industry can be carried on only under license issued under that act. HONEY CONTROL BOARD (PRESS' ASSOCIATION 1 TELEGRAM.) ' WELLINGTON; January 8. Mr Walter Watson has been, ap- : pointed hj member of a the 1 : Honey -Control Board.

VALUES ON STOCK EXCHANGE

CHRISTCHURCH RAT ES, JANUARY 8, 1937 FORMER LEVELS COMPARED

OTHER QUOTATIONS

AUCKLAND

CANTERBURY MARKETS

FIRST OF NEW SEASON’S WHEAT SOLD'

PRICE ANNOUNCEMENT AWAITED (by our commercial editor.) Friday Evening. The Canterbury grain and produce markets have not yet settled down to normal trading, after , the customary vacation, business throughout the week having been very quiet. ,F° W 1 w h®" remains firm at ss, with Tittle business passing,, stocks being fairly well cleaned up. Pending the arrival of the new season’s crops on the market. oats and barley and the like, and small seeds, are largely lifeless, and quotations are unchanged. , . The total quantity of milling wheat handled by the Wheat Committee to date—and there is nothing to speak of outstanding—is 6,793,000 bushels, compared with approximately 5,000,000 bushels for the previous season. There is sufficient carry-over to meet milling requirements until the new season s wheat is available. Two or three lines of the new season’s wheat have come on the market in Marlborough and have been sold. This particular wheat was header-har-vested, and was of good quality. The yield was much better than last year, being about 40 bushels to the acre. It was sold subject to the : new season’s price for milling wheat, whenever it is fixed. Before the holidays the Mm- . ister for Industries and Commerce (the Hon. D. G. Sullivan) foreshadowed an increase in the price to be paid to growers, and at the same time he indicated the possibility of fowl wheat being also controlled. Hence, farmers and merchants and others interested in the grain trade are anxiously awaiting the Ministerial .pronouncement, which, as the new season’s wheat is now coming on the market, cannot be much longer delayed. Grain circles also hold the view that if fowl wheat is to be controlled reasonable notice should be given to the trade by the Minister; otherwise all trading is held in abeyance. . Quotations The following are the prices quoted to farmers, on trucks, at country sidings, unless otherwise indicated:— Wheat—Milling grade, Tuscan 4s 9id, Hunters 4s Hid, Pearl 5s l£d. good whole fowl wheat, prompt, to 5s f.0.b.: under grade, to 4s lid, f.o.b. Oats—A Cartons to 3s, B Gartons 2s lOd, Algerians to 2s 6d, Duns 3s 6d. Ryegrass—Perennial 2s 3d; Italian to Is 9d; Cocksfoot—Plains 6d to 7d, Akaroa 7d to 8d per lb } Cowgrass—6d per lb. White Clover—7d to 8d per lb. Chaff —£3 a ton. Barley—Feed 2s 6d a bushel. Peas—4s 6d to ss. Bran—Large £4 15s, small £5 ss. Pollard—Large £6 5s a ton, small £6 15s. ASHBURTON The Jfshburton grain, seed, and produce market still remains quiet. Owing to the continuous rain, all crops will be later than usual. There is still a good demand for fowl wheat from the North Island. Oats are quiet but firm at late rates. A few lines of new Algerians have been offered during the week, and one line is reported to have been sold at 2s 5d a bushel on trucks There is still a good demand for rape and turnip seed, and all small seeds are firm at recent quotations. The potato crop is looking well, but ■ blight is reported in some districts. The following are the prices quoted to farmers, on trucks, at country sidings. unless otherwise indicated: — _ Wheat—Milling grade. Tuscan 4s 10d, Hunters ss. Pearl 5s 2d. good whole fowl wheat, prompt. 4s 6d. under grade to 4s 3d. . „ _ / Oats—A Gartons to 3s. B Gartons 2s TOd, Algerians to 2s 6d, Duns 3s 6d. Ryegrass— Perennial 2s 3d; . Italian to Is 9d. Cocksfoot—7d to 8d per lb. Cowgrass—6d per lb. White Clover—7d to 8d per lb. Chaff—£3 a ton. .. „ , , Barley—Feed 2s fid a bushel. ; Peas—4s 6d to ss. OTAGO [THE PRESS Special Service.] DUNEDIN, January 8. The grain and seed markets _ have not yet opened up after the holidays. The chief concern at present among farmers is the wet weather being experienced throughout the South Island. The rainfall in all districts is well above the average, and this is now commencing to have its effect on crops, especially where they are nearing the harvesting stage, and a spell of fine weather is needed, if crops are to be saved in anything like good condition. IT is apparent that the wheat and oat harvest will be later than usual. As regards transactions in milling wheat, there is little, if any business going through, consequent on no lines being available. The fowl wheat market is firm, the current quotation being 5s 6d a bushel, sacks extra, ex truck, Dunedin. It is expected that higher prices will be ruling before the new season’s wheat is available. Little interest is being shown in the oat market, and stores are now depleted of stocks. The chaff market shows ho alteration, and the demand is limited. Best quality is worth £5, ex store. The seeds markets are quiet and merchants are inclined to hold their stocks and await the results of the season’s harvest. It is thought that heavy undergrowth will result in a larger percentage of weeds than usual being in evidence in the seed crops This, of course, will increase the cost of dressing. SOUTHLAND INVERCARGILL, January 8. The Southland oats market is practically bare of supplies, as merchants •have found it necessary to clear their stores of stocks to make room for wool. What small stocks are still available, however, are meeting with a ready.demand from the North Island. Most farmers’ supplies have been sold, but the higher prices have tempted them to sell some small lots, which otherwise would have been retained for their own use. The value to farmers for good quality oats is approximately 3s on trucks. Business in wheat is confined to the sale of fowl wheat to satisfy the local poultry trade, for which supplies are mainly being drawn from Canterbury. The chaff market is dull. There is no business being done for shipment and the local demand is small. It is if farmers could secure at the present time £3 5s a ton for . good, bright quality chaff. There has been a more active demand for Southland ryegrass and, although there has not been any great improvement in values, the demand is having the effect of clearing surplus stocks remaining after the local seed season. The value to farl mers for good quality lines, off the ! mill, is up to 2s,i and for machine- • dressed lines up to 3s. As with ryegrass, there has been more demand for crested dogstail. At prices ruling recently the value to farmers runs from 5d to 7d per lb. Browntop remains dull, but, as most of, the growers have disposed of their supplies, prices for the last season’s product are of little interest. It is doubtful if growers will secure, more than Is per lb for certified seed, or 9d to lOd for machine-dressed. Machine-dressed white clover is worth lOd to Is. In potatoes, business is confined to the . supply of early lots to meet the local demand. It will be some time yet before .main, crop varieties are available for shipment, : and it is too early to , indicate values. ■ ■

VEGETABLES AND FRUIT

CHRISTCHURCH MARKET The following is a report of the fruit and vegetable market for the week ending January 8: ■ , Vegetables—Plentiful supplies of .all varieties are coming forward and values are lower compared with lasi week Only the best quality lettuce is saieable. y New potatoes; Plentifm supplies are coming forward, and values are 2s 6d to 3s a J;Ose. Peas. Increased quantities are coming lor ward, and yesterday’s values were. Is to Is 5d a peck, according to tjuality. Cucumbers: Hothouse 4d to 6d per. lb. North Island up to 6s a box : . • . Fruit—Apples: A few Delicious and Sturmers are still available, and values are:-—Delicious 9s to Us pu, Sturmers up to 8s; new seasons Irish Peach are now coming forward, values being from 3d to s£d per lb. according to quality. Tomatoes: Supplies are very plentiful at the present time, and today's* values were lower than lor trie earlier part of the week. Strawberries: Supplies practically finished; a few extra choice realised up to Is a punnet. Raspberries: Plentiful supplies coming forward, values from 4d to 6£d per lb, according to quality. Cherries: Steady supplies coming forward, extra choice' lines realising ,up to Is 3d per lb; others 4d to 9d according v to quality. Stone Fruits—Plentiful supplies are available, but owing to excessive rain the bulk of the lines deteriorate rapidly, with the result that low .prices are ruling. Apricots: a few extra choice dessert up to 4d per lb. Others from 2s to ss-a case. Peaches: Extra choice up to 4£d per lb; others up to 3s a case. Plums: Id to 3d per lb, according to quality. New Zealand lemons: Supplies arc very scarce, to-day’s values for bea. quality lines being up to 36s a case. Imported fruits: Plentiful supplies of Jamaican oranges are 'now available, also grapefruit.. Ripe bananas: During the week supplies, were very scarce, with the result that high prices were ruling, but yesterday fresh shipments of Cook Islands and Samoans arrived showing colour, so there will be plentiful supplies for the weekend. ' * Shipments arriving: A shipment of Samoan bananas, ex Maui Pomare, is due on Monday next. DUNEDIN FRUIT MARKETS \' ' ■ (THE PRESS Special Service.] DUNEDIN, January 8. A shipment of Australian oranges arrived, to-day, ex Waipahi, being transhipped at Wellington. The market is bare of supplies, and the fruit is badly wanted. New season’s apples are now arriving from Central Otago, and Nelson cherries are in heavy supply, but the demand is easier and prices are lower than those ruling at Christmas time. Strawberries- are in short supply, and high prices are ruling. The tomato market has been erratic,* with prices varying from day to day, according to ’ quantities on offer. The cold weather conditions have affected. the sale ■of stone fruit. Peaches have been offering at prices which cannot show growers a margin of profit. The quality of apricots is improving, and the fruit is having a better demand. Plums have been in heavy supply, with low prices ruling. Supplies were easier towards the end of the week. Lemons are in very short supply and vegetables ' have been in heavy supply, with high prices ruling. Potatoes are in heavy supply. Green peas have a. sound demand and supplies have been irregular.

COMPANY NEWS

‘ NEW REGISTRATIONS \ . ' , Registration in Christchurch of the following companies is notified in the “Mercantile Gazette”:— Hefford (G.) and Co.. Ltd., registered as a private company December 11. Office: East street, Ashburton. Capital: £IO,OOO into, shares of £1 each. Subscribers: Ashburton, G. D. A. Hefford 5001, H. B. Hefford 1999, G. Hefford 1000, R. D. Hefford 1000, E. L. Hefford 500. Dunedin, H, M. Paul 500. Objects: Clothiers and mercers incidental. Cambridge Service, Ltd., registered as a private company December 17. Office: Cambridge terrace and Cashel street, Christchurch. Capital: £750 into 750 shares of £1 each. Subscribers: Christchurch, N. C, Walker 375, F. L. Murray 375. Objects: Garage proprietors and incidental. Southern Cross Seed Company, Ltd., registered as. a private company December 21. Office: 2 Gwynfa avenue, Christchurch. Capital: £999 into shares of £1 each. Subscribers: Christchurch, W. J. Love 666, A. P. - Foster 333. Objects: Grain, seed, produce merchants, and incidental. Motor Patents, Ltd., registered as a private company December 21. Office: 89 Gloucester street, Christchurch. Capital: £IOO into 200 shares of 10s each. Subscribers: Manaia, M. E. Oliver 5; Christchurch, G. -A. Lye 120, D. R. Lye 75.' Objects: Purchase or otherwise acquire letters patent and incidental. Tench (George) and Co., Ltd., registered as a private company December 22. Office: 118 Tuam street, Christchurch. Capital; £IOOO into shares of £1 each. Subscribers: Christchurch, H. Hill 325, R. H. Hill 325, G. W. Tench 250, W. M. Wilson 100. Objects: Motor and mechanical engineers, garage proprietors, etc.

DAIRY PRODUCE

BUTTER MARKET FIRM PRICES IMPROVE (UNITED PEBS3 AASOCIATION—COPYRIGHT.) LONDON, January 7. The butter market .is firm. Quotations: — Danish, 106 s. Choicest Salted —New Zealand, 98s; Australian, 98s. Unsalted—New Zealand, 995; Australian, 98sr CHEESE LONDON. January 7. The .cheese market is lower. Quotations:— New Zealand white and coloured, 57s 6d; Australian, 55s to 565.

MALTING BARLES

SYSTEM OP MINISTER’S ANNOUNCEMENT; (PRESS ASSOCIATION WELLINGTON. January*?.}! “In my -recent statement - outlinmj price arrangements for malting barfej, operative for the coming ■ harvest,'*!, indicated the personnel of a- commit tee which was neing set up., to ftnaej-; late a system of grading, for cases-in which there was a dispute henna grower and buyer. This conunitte has now reported to me the- resuSs of its deliberations, and the stanpatfe the committee has set up have ha adopted by the Government,” stat'd the Hon. W. Lee Martin (Minister or Agriculture) to-day. “Five grades have been set up, am schedules setting out in detail’ ffei grades adopted are available 'from- fat various "’ branches ■ of the Farms? 1 Union, or. from the (Department .at Agriculture at Dunedin and ■ Christ church. .The grading standards adqfriw take cognisance of general caompai freedom from disease, flinpm sprouted grains, foreign matter. eS. bushel weight, and percentage s skinned and broken grains. Ptioi; ® grading, all barley- shall- be senna through a6A screen. The naxuana amount of screenings permitted .fit malting barley. shall be 20 per- prescreenings under 20 per cent to J* subject to dockage at the rate Qfjfl a bushel for every, 2. per cent oyay per "cent. On tares and round.s«» left in the screened sample "vet shall be a dockage deduction on-’a weight percentage, basis, at them* of Jd a bushel. A 1 per centfinto*. mum districts price is payable -in respect of No.’ 1 ■ grade The price for N 1 grade is Id-* bushel lower. The price for No.-* grade is 3d a bushel lower. ana- j» price for No. 3 grade is- 6d a buafi lower; and the price for No. is 9d a bushel lower than the rasp mum district price in each case. “I should like to emphasise. these grading standards will app*JLßofficial grading only. Anv grower satisfied with the price offered «y buyers’ representative, and wishing-** submit his barley for official gradnft makes application to the fields supOTfc tendent for- his district, filling. application' form obtainable of the department’s offices.' S-JR mein barley-growing districts,", m forwarding with his application ■ “I mittancefor 10s as a ’grading fee.; j r STOCK SALES ' LEESTON f-: -tj’J There were small entries of both sj*®?; ind pigs at the Leeston yards. -The yarding of store pigs was responsime a rise in values. The range of prices”.. as follows: —Baconers £3 7s, P°, 1 Sd to 40s, weaners 18s to 23s,'storp/g to 30s, large stores 355, sows in to £5. Two-tooth wethers realised-®*. . and 235, and inferior- cows £2 to £3 lus - ; i. A ’’ ' • ?** EANGIORA HORSE FAIR. - % About 75 horses were entered monthly horse fair at Rangiora yestOTwj. For. most classes the market was sjiRW, sasier than usual, but animals ol »“* standing quality sold well. , Following is the range of prices Exceptionally good draughts £SO *°.rs ?ood draughts, four to seven year?. "5 to £4O, eight to nine years £23 to £32r**®J. Iraughts, £5 to £2O; half-draughts..£»? •22;. hacks, £3 to £l2: unbroken four-y**" aids, to £42 10s; unbroken :o £2B. DUTY ON COPRA .. WELLINGTON, January A regulation issued to-night : .po“J ;he Cook Islands Act, prescribes Wt from December 31 last duty shah Jr... aayable upon copra exported frorniw. af the Cook Islands, other than it the rate of 20s a ton. (Other commercial news will.** found on page 1.).

( BRITISH OKICUl WIRELESS.) RUGBY January 7. CopperStandard, spot . Jan. £ s. 48 18 6. ’ d. U Jan. , £ s 49 10 7. d. 7iForward 49 3 9 49 14 4J Electrolytic 53 15 0 54 5 0 to 54 10 0 54 17 6 Wire bars 54 10 0 54 17 6 LeadSpot 26 11 3 27 7 6 Forward 26 8 9 27 ; 5 0 Spelter— Spot 18 8 9 19 6 3 Forward 18 15 0“ 19 12 6 TinSpot 229 0 0 230 17 6 Forward 230 0 0 231 12 6 SilverFine, per oz. 21 3-16d 21 5-16d

RUGBY, January, :7. Par. Jan. 6. ' Jan. 7 Paris, fr. ’ to £1 New York, 124.21 .105 9-64 105S-'3 dol. to £1 4.866 4.91 3-16 4.91J Montreal,. , ( .... ; . 'i dol. to Brussels, El 4,866 ‘ 4.91 4.91 belgas to £1 Geneva, 35 29.13j 29.131 fr, to £1 Amsterdam, 25.2215 21.372 21.371 fl. to £1 Milan, lire " 12.107 8.971 8.971 to £1 Berlin, relch92.46 93 9-32 93 5-16 rnarken to £1 Copenhagen, 29.43 12.21 / 12.20 kr. to £1 Stockholm, ; 18.159 22.40 22.40 • kr., to £1 18.159 19.31 19.31 Oslo, kr. to £1 Vienna, schgs. 18.159 19.90 19.90 to £1 Prague, 34.585261 261 kr. to £1 Helsingfors, 164.25 1402 1402 ; marks,to £1 193.23 2262 2262 ; .Madrid, pese- ■ tas {o' £1’ Lisbon, escu25 £215 ‘yr’ dos to £1 Athens, drach 110 • 110 3-16 110 3-1 to £1 Bucharest,375 > 5471 ■ • 5471 lei to £1 Belgrade, .r .483.6 . 670 ' 670 dinars RiodeJanelro,;pence to 25.2215 213 213 milrels Buenos Aires, - 4.899 41 41 pence to dol. 51 _ ' Montevideo, i, pence to dol. Bombay.pence 392 392 to rupee Shanghai, ■ 19 18 5-32 18 5-32 pence to dol. Hong Kong, • 141 141 pence, to yen Yokohama,. • 14 15-16 14 15-1 • pence .to .yen Batavia,' - * r.!..13 9-64 13 9-64 guilders 12.107 8.971 8.971 Warsaw-, par i

Sales on ’Change £ s. d. 100 E.. S.. and A. Bank (2) 5 17 6 200 Bank of New Zealand 2 1 7 * (2) 2 1 6 100 Kaiapoi Woollens (7s paid) 0 5 2 100 N.Z. Breweries 2 17 0 50 Broken Hill Propty. 2 1 3 100 Dunlop Rubber 0 17 10 50 Electro. Zinc (pf.) 2 14 9 100 G. J. Coles (cum div.) 4 9 5 4 9 4 200 Wilcox. Mofflin 0 12 2 0 12 3 100 Wool worths (N.Z.), ord. (2) 6 10 0 600 Mount Lyell (7) 2 0 0 100 Mount Morgan Sales Reported 0 16 7 100 Aust. Iron and Steel (pref.) 1 5 10 100 Dunlop Rubber 0 17 11 UNLISTED STOCKS Sales on ’Change 125 Woolworths (Syd.), ord. 8 0 0 (3) 8 0 6 25 Woolworths (W.A.) .. 6 17 0 Sales Reported 20 Woolworths (Syd.), ord. (late sale Thursday) 8 0 0 50 Woolworths (Syd.), . . ord. 8 0 0 100 Self ridges (A/asia), new 1 17 0 Banks

£ s d. £ s. d. British— 84 10 0 Consols 84 12 6 Funding Loan. 4 116 0 per-cent. 116 5 0 0 War Loan, 3 p.c. 105 7 6 105 12 6 Con. Loan, 3£ p.c. . 106 7 6 106 10 0 .Victory ■'Bonds,. 4 per cent. 114 11 3 114 15 0 Commonwealth — 5 p.c., 1945-75 109 10 0 109 5 0 3 p.c., 1955-58 101 0 0 101 0 0 4 p.c., 1943-48 104 7 6 104 2 6 32 p.c., 1943-53 .. 103 5 0 103 7 6 3i p.c.> 1936-37 .. .100 0 0 99 17 6 41 p.c., 1959-60 ;. 96 15 0 96 15 0 New South .Wales — , 4i p.c.. 1935-43 . . 100 5 0 100 5 0 Victoria — 3 p.c., 1929-40 99 18 9 98 15 0 43 P.c.. 1940-60 .. 104/11 3 104 5 0 > 4 p.c., 1945-75 109 2 6 108 17 6 Queensland— : 3 p.c., 1932-47 .. 98.13 9 98 16 3 5 p.c.,. 1940-60 .. 107 7 6 107 2 6 South ' Australia— 1(19 4 p!c., 1942-62 7 6 109 1 3 3 p.c., 1945-75 ... 90 12 6 90 15 0 Western Australia— 4. pic., 1942-64 .. 101 16 3 101 12 6 Tasmania— 1 ■“ 3 h p.c., 1928-40 -.. 101 16 3 102 0 0 4 p.c.. 1940-50 .. 101 5 0 101 7* 6 New Zealand— 4J p.c., 1948-50 .. 107 5 0 107 2 6 3| p.c., 1.940 101 8 9 101 6 3 4 p.c., 1945 , 100 0 0 100 0 0

Return Ain't. Approx. <3 Div. on investCompanies. paid a ' sh’e Buyers. Sellers. Approx. market price. price a year ago. ' d B6 > C3 Q On payable. ment at approx, market price. £ 1 £ s. d. £ 5. d. £ s. d. £ s. d. £ s. d. Banks— Australasia Comm, of Aust. - 5 10s 12 0 3 19 0 5 0 19 V J ■ 1?, 5 0 1 11 10 0 19 6 1 0 19 0 0 72 5 5-6 Feb.-Aug. Oct.-Mch. 3 3 2 19 3 11 Comm, of Aust. (pref.) 10 Com. of Sydney * 124 E.. S., and A. .. 3 Natl, of A’asia. 10 9 20 5 , 10 17 6 0 0 9 21 5 10 5 18 0 0 0 9 5 0 2l 0 0 5 17 6 9 12 118 12 5 16 14 5 6 6 0 0 4 1 6 5 54 Oct.-Mch. Jan.-July Nov.-May Nov.-May 4 6 3 11 2 11 5 5 0 Natl, of A’asia 1 6 54 Nov.-May — Natl, of N.Z. .. New Zealand .. N.S.W. Union 24 1 3 2 112 1 20 134 15 5 1 10 1 i 0 5 0 6 3 2 10 5 2 6 0 0 0 3 3 0( 3 10 2 1 6 | 2 7 35 0 0133 5 10 5 Oi 9 15 9 9 0 0 4 10 54 ■ 54 Jan.-July Jan.-July Jan;-July Jan.-July 3 3 4 16 3 0 2 9 5 4 0 0 Insurance — National New Zealand .. South British .. Standard 1 7s 1 1 1 2 1 1 4 1 1 1 19 10 9 0 3 3 2 ”l 6 0 0 18 3 3 0 3 4 13 0 2 18 6 0 19 3 2 4 11 3 6 5 0 0 0 10 5-7 10 2/8 124 May-Nov. Feb.-Aug. Apl.-Oct. Mch.-Sep. 4 2 3 61 2 17 4 5 1 4 4 5 I.oa n and Agency— Dalgety and Co. 5 Goldsbrough, M. 1 United Building 1 11 1 0 2 17 19 6 4 3 11 1 1 6 17 0 6 7 6 115 0 1 17 6 10 0 8 9 1 12 1 1 6 0 0 1 6 I 5 May Nov. Dec.-June Oct.-Apl. 2 13 5 0 4 0 Frozen Meat — Gear N.Z. Refrig. N.Z. Refrig. con. . 10s 1 10S 0 0 19 9 6 6 0 1 0 16 0 9 9 9 8 0 16 8 0 19 10 0 9 7 1 1 1 2 0 11 ■ 1 9 I 7i 0 | 54 0 | 54 1 July-Oct. Feb. Feb. 4 10 5 10 5 14 0 10 9 Gas— * Auckland Auckland (con.) Christchurch .. Ch.Ch. (con.) .. Wellington 1 15S 1 10s 1 1 6 6 1 8 0 13 6 0 16 3| 17 6 0 13 6 117 0 1 6 0 19 1 16 0 17 2 0 6 9 1 6 0 6 54 54 1 7 7 8 July-Fcb. July-Feb. Aug.-Feb. Aug.-Feb. Aug.-Fcb. 4 13 5 1 5 1 5 3 4 6 7 6 9 8 5 Shipping— Huddart-Parker P. and O. Def. Union , (pref.) .. 1 1 1 E 1 1 18 19 G 0 16 6 T 18 1 4 1 7, 6 6 3 7 4 . 54 May-Dec. May-Dec. May-Dec. 3 12 2 1 4 3 8 0 0 Coal— Taupiri ;. Westport 1 10s 1 i 9 1 5 0 0 15 9 12 0 0 16 12 3 6 5 10 Nov.-May May-Nov. 6 6 4 10 11 10 Breweries— Carlton New Zealand .. Staples Tooheys Tooths 1 1 1 16s 1 3 2 1 1 2 5 17 17 14 15 0 1 6 0 0 3 7 2 18 1 19 2 16 0 0 6 6 ,360 2 17 3 1 19 0 1 14 0 2 16 0 2 14 2 14 1 15 1 12 2 17 0 0 9 0 6 10 74 5 74 10 Oct.-Mch. Jan.-July Aug.-Feb. Mch.-Sep. May-Nov. 3 0 2 12 2 11 3 10 3 11 7 4 3 7 5 Miscellaneous— Aust. Glass. Beath and Co. British Tobacco Broken Hill Pty. Burns, Philp .. Colonial Sugar 1 1 1 1 1 20 4 1 2 4 42 11 2 8 1 10 6 3 6 3 0 4 2 4 43 12 8 1 5 3 9 9 0 4 12 0 12 6 2 8 6 4 16 3 14 0 43 0 0 4 2 1 7 2 1 2 19 3 4 43 7 0 6 0 0 3 6 15 5 7 124 10 64 44 5 10 10 10 5 Dec.-June Mch.-Sep. March Nov.-May Nov.-May Nov.-May , 3 5 4 8 2 17 2 14 2 18 3 15 10 8 6 1 0 Dorn. Fertiliser Dunlop Rubber Elec. Zinc (ord.) Elec. Zinc (pf.) Henry Jones .. 1 1 1 1 1 1 0 2 2 3 17 12 15 9 10 11 0 0 2 2 2 17 13 15 8 11 6 6 0 0 17 11 2 13 0 2 15 0 2 7 3 0 16 1 15 1 19 1 17 9 3 0 6 9 0 Apl.-Oct. Mch.-Sep. Mch.-Sep. June-Dee. 5 11 3 15 3 12 4 4 5 2 7 5 8 7 0 Kauri Timber .. N.Z. Drug Co. 25s ■ 2 1 3 2 14 9 6 1 3 3 16 3 6 3 15 9 2 0 0 0 19 0 2 0 6 4 1 8 ID Sep.-Apr. 4 4 5 0 5 0 Mount Lyell .. Farm. Fertiliser N.Z. Newspapers 1 1 16/8 2 2 0 0 0 3 2 2 0 5 1 0 1 0 2 1 3 15 0 3 54 6 6 August Nov.-May 5 15 2 9 4 15 9 4 2 Whit. & Tombs 24 — 1 18 6 15 Nov.-June 3 17 11 Wilson’s Cement 10s 1 16 0 — Where no approximate price Is, given return Is worked on mid-market price. unless only one quote Is given.

N.Z. Government Debentures Buyers. Sellers. £ s.. d. £ s. d. 32 p.c. Ins., 1941 — 102 0 0 4 p.c. Ins., 1943-46 103 5 "0 103 15 0 4 p.c. Ins., 1946-49 102 12 6 103 10 0 4 p.c. Ins., 1952-55 101 17 6 103 0 0 4 p.c. Bonds. 1946 103 10 0 104 10 0 - Other Debentures Ch.Ch. Drainage Board, 44 p.c., 30/6/65 — 108-10 0 Booth, Macdonald, 5 p.c.. 1/6/47 ,. — CO o 0 Quill, Morris, 4 p.c.. « 1946 .. ‘ ' .. “ 100 0 0 Loan and Agency N.Z. Guar. Corpn. (3s) 0 5 4 0 5 6 N.Z. Loan and Merc. (ord.. £100) 35 10 0 — Australian Securities 0 8 10 — Frozen Meat North Cant’y Freezing (cum div., £3 pd.) ; — 2 0 0 Woollens Kaiapoi (7s paid) .. : 0 5 1 0 5 4 Manawatu (£1) — 1 18 8 Wellington IpreL, £5) — 6 2 6 Coal Stockton (10s) 0 1 6 0 1 9 Stockton (pref., 10s) .. 0 3 0 0 3 8 Gas Timaru (£1) — 1 1 9 Breweries Ward (in llqdn.) — ' 0 2 0 Miscellaneous Anthony Hordern (£1) 0 19 5 0 19 * 8 Aust. Iron and Steel (pref.. £1) — 1 6 0 Booth, Macdonald (pf.. £1) 0 2 5 6 3 3 Claude Neon (N.Z.) (£1) — 1 18 0 Dominion Build. Supplies (10s) , — 0 5 6 Evans Atlas Flour (10s) — 1 3 6 General industries 0 18 5 0 19 1 G. J. Coles (cum div.. £1) 4 9 3 4 9 6 Howard Smith (£1) .. 1 3 3 1 4 0 Hume Pipe (Aust.) (£1) 1 0 6 1 0 9 Morris, Hedstrom (£1) 1 7 0 — Morts Dock (10s) .. 0 12 11 0 13 9 Millaquin Sugar (£1) — 2 3 9 Meggitts 1 13 0 — N.Z. .Farmers’ Co-op. (10s paid) .. ..' 0 0 6 0 0 10 N.Z Farmers’ Co-op. (B pref., £4) ., — 2 2 6 N.Z. Farmers’ Co-op. (44 p.c. Stock, 1939, £100) 93 0 0 — Quill. Morris (1936), (£1) 0 18 0 — Robinson Ice Cream (£1) 1 1 6 — T. J. Richards 2 3 0, — United -Provisions .. — 0 12 0 Victoria Nyanza (£1) , 0 15 9 Urlwins (pf., various) - , 1 3 3 Wilcox. Mofflin (11s) .. 0 12 3 0 12 4 Woolworths (N.Z.) • (ord., £1) 6 9 6 6 10 0 Woolworths (N.Z.) (pref., £1) 1 17 6 Shillings, Ltd. (£1) .. 1 0 5 1 1 0 Waldafe Shoes — 1 16 0 David Jones 2 7 0 . — Mining Alexander (15s pd., ex div.) ; .. 0 16 0 Blackwater (£1) — 1 11 6 Brian Boru (Is) — 0 0 3 Gillespie’s Beach (Is) 0 1 4 0 1 6 Golden Dawn (5s) .. 0 2 0 — King Solomon (Is) .. 0 0 6 — Maerewhenua (Is) .. 0 0 *4 0 0 24 Maori Gully (Is) 0 0 b 0 0 74 Martha (5s) .. — 1 0 6 Mossy Creek (Is) .. — 0 1 4 Nemona (Is) 0 1 7 0 1 84 Okarito (5s) .. 0 5 0 Skippers (Is) 0 0 32 0 0 4 Waimumu Sluic. (Is) 0 0 6 Waitahu (5s) .. — 0 2 0 Worksop Extend. (Is) 0 1 7 0 2 0 Sandhill* (Is) — 0 0 4 Australian ' Mining Broken Hill South .. 2 7 9 2 10 0 Kuala Kampar 0 19 10 1 1 0 Mount Lyell 2 0 0 2 0 1 Mount Morgan 0 16 5J 0 16 6 Rawang Tin 0 11 3 0 11 5 Upper Watut 0 1 8 0 2 3 Tongkah Harbour(25s . paid) 1 3 i 3 1 4 6 , UNLISTED STOCKS All,transactions in stocks quoted in this section are subject to a different rate of brokerage T from'-'listed stocks -nd are not quoted on the official list. Buyers. Sellers. £ s; d. £ s. d. Andersons, Ltd. (pref.) 0 19 0 ' Associated Motorists Petrol (pref.) - . . 1 14 6 Ballins Breweries (10s, paid) ' ' 0 9 0 Canty. Roller Flour .. 0 5 0 0 6 0 Macetown .. — 0 0 3 National Tobacco (cum , div.) — 3 1 0 New River 0 0 44 0 0 74 ■N.Z/ Mining Invest. .. — ■■ 0 0 54 N.Z. Perpetual Forests ■ 2 8 0 — N.Z. Perpetual Forests (4s-paid) .. 0 12 0 — E. Reece,-Ltd. (pf.) 0 1 9 0 2 3 Selfridges (A’asia.) (old) ,. .. • — 1 18 0 Self ridges {A’asia.) (new) .. .. 1 10 1 1 17 6 Scales, Ltd. (C pf.) .. 0 2 3 — Westland Breweries £1 paid) 1 9' 5 Westland Breweries (10s paid) .. - - 0 15 . 5 — White’s' Electric — 0 0 6J Woolworths (Sydney) ord. v. 8 0 6 3 1 0 Woolworths (W.A.) .. 6 15 o 6 19 0

Sales on ’Change C s. d. Bonds, 15/2/52-55. 4 p.c. 101 15 0 Bank of New Zealand 2 i 7 South British Insurance 4 14 s Auckland. Gas . • • . •• Aust. Iron and Steel - (pref.) •• i i 6 6 2 0 Berlei (N.Z.) • • •• 3 3 4 5 0 0 Broken Hill Pty. •• •• 4 0 10 11 6 Woolworths (N.Z.) 6 0 Walhi Investments 0 12 9 Mount Lyell . • • . 1 Unlisted Stocks 11 Rawang Tin '.. • • 0 Woolworths (Sydney) • • A*/ V IV 8 0 0 8 1 0 8 1 9 Self ridge’s (old) .. 1 18 0 WELLINGTON Saids on ’Change £ s. d. G. 3. Coles (late Thursday) .. 4 9 6 Dunlop Perdrlau (late Thurs.) 0 18 0 3i p.c. Stock, 3/39-43 .. 101 0 0 4 p.c..Stock.. 1949 102 0 0 Bank of New Zealand (2) 2 1 6 Auckland Gas 1 3 6 N.G. Guarantee Corpn. 0 5 4 New Zealand Breweries 2 15 6 Broken Hill Proprietary 4 1 1 7i 7i 1 Dunlop Rubber 0 18 0 17 11 G. J. Coles 4 y 6 4 10 0 (odd lot) 4 10 0 4 9 9 4 9 9 Unlisted Stock Woolworths (Sydney) (2) 8 8 0 1 0 9 DUNEDIN Sales on ’Change £ s. d. Comm. Bank of Aust. 0 19 6 Dunlop Rubber .. (2) 0 17 11 General Industries (late Thurs.) 0 19 0 4 p.c. Bonds, 1946-49 102 10 0 4 p.c. Stock, 1952-55 101 10 0 Woolworths (Sydney) 8 0 0 SYDNEY ' The Svdnev Stock Exchange was busy vesterdav. but prices generally underwent little change. Broken/ Hill ,improved as the result of the general rise in metal prices overseas. Sales: — Morning d. £ s. Commonwealth Bonds — 101 0 4 per cent., 1938 .. 0 4 per cent., 1947 .. 101 7 6 4 per cent., 1953 .. . • 100 11 3 4 per cent.. 1955 .. 100 10 0 4 per cent., '1957 .. 100 11 3 4 per cent., 1961 .. 100 15 0 Associated Newspapers 1 4 0 British Tobacco 9 6 Broken Hill Proprietary . .. 4 2 0 Colonial Sugar .. •• 43 7 6 Electrolytic Zinc .. 2 13 9 Goldsbrough, Mort .. 1 18 Howard. Smith 1 3 9 Afternoon Bank of New South Wales 35 15 0 Commercial Bank of Sydney .. 21 10 0 Commercial Bank of Australia 0 19 ~B Associated Newspapers 1 3 10£ Adelaide Steam ... 1 Huddart-Parker (N.Z. delivery) 1 17 0 Berlei ' .. • • 1 18 6 British Tobacco .. ‘ • • 2 9 9 Tooheys■' 11* 3 Australian Glass .. . • • Goldsbrough, Mort ... i 18 0 Wilcox. Mofflin .. •; 0 12 9 Wilcox, Mofflin (N;Z. delivery) 0 12 8 Millaquin Sugar ... 2 4 3 W. H. Soul 4 Stedman .. 0 17 Malleys 1 5 * Morts Dock .. .. 0 13 6 Commonwealth Wool .. i 0 3 Australian General Insurance .. 0 IS 3 Woolworths (ord.), buyer 8 1 0 Woolworths (ord), seller 8 2 i 0 Woolworths (N.Z.), buyer 6 15 0 Woolworths (N.Z.), seller 6 10 0 — 6 15 0 Woolworths (W.A.), buyer 6 10 0 Selfridge’s, sales .. .. 1 17 9 1 18 0 Mount Lyell .. .. .. 2 0 3 Bulolo Gold .. 7 14 0 Kuala Kampar .. 1 0 6 Malim Nawar 0 12 6 Emperor 0 19 0 MELBOURNE Bonds and investments were steady, and Dalgety shares were in demand on, the Melbourne Stock Exchange yesterday. Barriers moved up sharply. Sales:— 9 £ s. d. National Bank (£5 paid) 7 11 0 Howard . Smith 1 3 8 British Tobacco 2 9 9 Carlton Brewery 3 5 9 G. J. Coles .. 4 11 0 Australian Glass .. 4 13 0 Dunlop Perdriau ., .. 0 18 1 Electrolytic Zinc 2 14 0 Electro. Zinc (pref.) .. 2 15 9 Mount Morgan 0 16 8 Mount Lyell 2 0 3 Broken Hill Proprietary 4 3 0 North • Broken Hill 3 19 3 South Broken Hill .. 2 8 6 Emperor .. 0 19 1 Loloma .. .. 1 3 3 Yarra Falls .. .. 2 1 0 General Motors ,. . ,, 1 3 S